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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
1930
WITH APPENDICES
UNITED STATES
GOVERNMENT PRINTING OFFICE
'
WASHINGTON: 1931
For sale by the Superintendent of Documents, Washington, D. C.
Price $1.50 (cloth)
TREASURY DEPARTMENT
Doeument'No. 3024
Secretary
150
CONTENTS
Page
Summary of the year
Budget results
Receipts
Expenditures
Surplus
,
The public debt
General review of operations
Cost of Government borrowing
Credit conditions ^
:
_
Treasury bills...
...Cumulative sinking fund
.
Three and one-half per cent Treasury notes
.
Two per cent Consols of 1930. J
....
Debt payment
...
...
Condition of the Treasury
...
.
General fund of the Treasury
The currency trust fund and the gold reserve-fund
...
Gold held for the Federal Reserve Board
Business conditions and Federal revenue
Changes in the volume of industrial production
Changes in trade and distribution
Price changes of commodities and securities
Corporate and individual incomes
.
i
Estimates of receipts and expenditures
Income taxation
.
^.
Recommendations for legislations
.
_-Amendments to the second Liberty bond act
...
Railroad obligations
Avoidance of international double taxation
Income tax administration
'
The Income Tax Unit
The Board of Tax Appeals
The settlement policy
Conclusions
The tariff act of 1930
Available funds for public debt retirement
.
Cumulative sinking fund
Receipts from foreign governmentsEstate taxes paid in bonds or notes
Franchise tax receipts from Federal reserve banks and Federal intermediate credit banks
.
Forfeitures, gifts, etc
Surplus of receipts
Reduction in the net balance in the general fund
\
III
1
2
2
8
11
13
13
17
18
22
24
24
25
26
28
28
29
30
30
31
32
32
33
34
38
38
38
40
44
44
46
49
51
52
53
56
56
59
60
60
61
61
62
IV
CONTENTS
Agreement with Germany
Army costs
Mixed claims
Treasury administration of alien and mixed claims
Claims against Germany
War claims arbiter
,
Austria
Hungary
Obligations of foreign governments^
Austria
__..
.
Czechoslovakia
France
.
Currency
Small-size currency
Discontinuance of the coinage of the quarter-eagle
Branch, group, and chain banking
Federal public building program
Authorizations
Construction, contracts, and expenditures
Sites....
.
Contracts for outside professional services
Porto Rican Hurricane Relief Commission._
Coast Guard
.
Bureau of Customs...
Prohibition law enforcement
Narcotic law enforcement
Public Health Service
.
Federal Farm Loan Bureau
National farm loan associations
.
Loans
Real estate
Securities markets and interest rates
Relations with the Federal Farm Board
Receiverships of three j oint stock land banks
.
Legislation
"
^
.
'.
.
.
.
..... —
Page
63
64
65
66
66
70
72
73
74
75
76'
76
77
77
78
78
80
80
81
82
82
83
84
87
90
92
92
98
99
99
100
100
101
102
104
ADMINISTRATIVE REPORTS OF BUREAUS AND DIVISIONS
Accounts and Deposits, Office of the Commissioner of
Railroad obligations...
.
Section 204
Section 209
.
.
Section 2 1 0 . . . . .
....
Securities owned by the United States Government
Trust funds administered by the Treasury
Adjusted service certificate fund
Civil service retirement and disability fund
District of Columbia teachers' retirement fund
Foreign service retirement and disability fund
Library of Congress trust fund
United States Government life insurance fund
Division of Bookkeeping and Warrants
Receipts
Appropriations and expenditures
...
.....
...
.
109
109
109
110
110
111
112
112
113
114
116
117
120
121
121
122
Accounts and Deposits, OflSce of the Commissioner of—Continued.
Division of Bookkeeping and Warrants—Continued.
Financial reports
•
Duplicate checks, outstanding liabilities, etc
Budget matters and special deposit accounts
Miscellaneous
Division of Deposits
.
Amount of deposits
Number and classes of depositaries
Interest on deposits
...
Actuary, Government
Appointments, Division of
Employees of the Treasury Department
Section of surety bonds
.
Budget and improvement committee
.
'Chief clerk and superintendent, office of
Housing of Treasury activities
Improvements, painting, etc
Treasury Department telephone exchange
Sites for public buildings
l
^.
Seville exposition
.
Coast Guard
.
...i
Protection to navigation
Enforcement of customs and other laws
Communications
Equipment
^
The academy, stations, bases, repair depot, etc
Personnel
.
.
Awards of life-saving medals
.
Appropriations, expenditures, and balances
Comptroller of the Currency.
National banks organized, consohdated, insolvent, in voluntary
liquidation, and in existence
Condition of national banks
^.
Banks other than national
All reporting banks
Customs, Bureau of
.
Reorganization and expansion of bureau
.
Receipts
Volume of business
...
Weighing
Appraisement of merchandise
..._
Districts and ports
L
Miscellaneous
Disbursing clerk
I
Engraving and Printing, Bureau of
Enrollment and disbarment of attorneys and agents, committee on
Federal Farm Loan Bureau
Operations of Federal land banks
Operations of joint stock land banks
...
Operations of Federal intermediate credit banks
Financial and economic research, section of
General Supply Committee
.
Page
123
124
126
127
128
128
130
131
132
133
133
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139
139
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160
163
163
167
170
175
175
176
177
182
183
189
191
191
192
194
197
199
VI
CONTENTS
Internal Revenue, Bureau of.^_..
.
General..
i
Internal revenue receipts
.
Refunds and additional assessments.
...
Cost of administration
Income Tax Unit
Examination of returns
,
Additional revenue
..
Reduction in number of 60-day letters mailed as related to appeals
filed....
Claims and overassessments
.
Prior year returns pending
The audit in the
field
.
Production statistics
.
Personnel
Special advisory committee
^
...
Miscellaneous Tax Unit
L
.
Estate taxes
,
.
/Miscellaneous taxes..
Tobacco taxes
Appeals and review section
Accounts and Collections Unit
'.
Collection accounting division
Collectors' personnel, equipment, and space division
^
Disbursement accounting division
General Counsel's Office
Appeals division
Interpretative division
Civil division
....
.
-.._
Penal division
.
...
Review division
,
—
Administrative division
Mint Bureau
...
Institutions of the mint service.:
Coinage
.
Gold and silver operations
Lindbergh medal
.Refineries
.
.
Additions and improvements
1
•
Gold and silver in the United States
—
Appropriations, expenses, income, etc
.,
—
Personnel classification officer
Appeals and classification sheets
Efficiency ratings
'
Prohibition, Bureau of
Organization and procedure
Activities
.
Personnel
; Narcotics
......
Public Debt Service
Division of Loans and Currency
Issue and retirement of securities
—
Individual registered accounts activities
^
Page.
202
202
202
202
204
204
204
204
205
206
206
207
207
207
208
209
209
210
212
213
213
213
215
216
216
216
217
218
219
219
220
221
221
221
222
222
223
223
224
225
226
226
226
228
228
229
233
234
236
236
236
237
CONTENTS
Public Debt Service^—Continued.
Division of Loans and Currency—Continued.
Claims,..
-.-i
Safe-keeping of securities
Mutilated paper and redeemed currency
_.
Publicity.
.
.
.
Register of the Treasury..^
Division of Public Debt Accounts and Audit
—
Division of Paper Custody.
.
Destruction Committee..
,Public Health Service...
_
-_._..._
Division of Sanitary Reports and Statistics
Division of Foreign and Insular Quarantine and Immigration
Division of Domestic Quarantine
.. — . . .
Division of Scientific Research. .
^
Division of Marine Hospitals and Relief
:
Division of Venereal Diseases
Narcotics Division (Division of Mental Hygiene)
Division of Personnel and Accounts
Secret Service Division
Supervising Architect, Office of the
Federal public building program
_.
Keyes-Elliott Act
.
.
.._..._.
General authorizations
'
Specific authorizations of projects
Contracts
..
Expenditures and outstanding contract obligations
Sites.
Contracts for outside professional services
c--Remodeling and enlarging public buildings
Annual appropriations for maintenance, repairs, etc., of public
buildings
.
Miscellaneous work
.
Total expenditures, liabilities, and unencumbered balances
.
Supply, Division of
...
Expenditures from various appropriations
.
Stationery supplies —
.
.
—
Printing and binding
.
Department advertising
_.._
Engraving work
Treasurer of the United States
War Finance Corporation.
VII
Page
237
238
238
238
239
241
243
244
245
245
246
249
251
253
254
255
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259
261
261
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261
262
262
263
264
264
264
264
264
265
267
267
269
271
273
273
274
280
EXHIBITS
THE PUBLIC
DEBT
Issues of December, 1929
Exhibit 1. Offering of certificates of indebtedness. Series TS-1930 (3J^per
cent) (press release, December 6, 1929, with Department Circular No.
419) . - - Exhibit 2. Subscriptions and allotments, certificates of indebtedness.
Series TS-1930 (from press releases, December 10, 1929, and December
11, 1929)
.
283
285
VIII
CONTENTS
Page
Exhibit 3. Inviting tenders for Treasury bills dated December 17, 1929,
and maturing March 17, 1930 (press release, December 10, 1929)
Exhibit 4. Acceptance of tenders for Treasury bills dated December 17,
1929, and maturing March 17, 1930 (press release, December 14, 1929) -
286
287
Issue of February, 1930
Exhibit 5. Inviting tenders for Treasury bills dated February 18, 1930,
and maturing May 19, 1930 (press release, February 11, 1930).__
Exhibit 6. Acceptance of tenders for Treasury bills dated February 18,
1930, and maturing May 19, 1930 (press release, February 15, 1930)...
287
288
Issue of March, 1930
Exhibit 7. Offering of certificates of indebtedness, Series TD-1930 (3}i
per cent) (press release, March 7, 1930, with Department Circular No.
422)
Exhibit 8. Subscriptions and allotments, certificates of indebtedness.
Series TD-1930 (from press releases, March 11, 1930, and March 13,
1930, revised)
289
290
Issue of April, 1930
Exhibit 9. Inviting tenders for Treasury bills dated April 15, 1930, and
maturing July 14, 1930 (press release, AprU 7, 1930)
Exhibit 10. Acceptance of tenders for Treasury biUs dated April 15, 1930,
and maturing July 14, 1930 (press release, April 12, 1930)
291
292
Issue of May, 1930
Exhibit 11. Inviting tenders for Treasury bills dated May 19, 1930, and .
maturing August 18, 1930 (press release. May 12, 1930).
292
Exhibit 12. Acceptance of tenders for Treasury bills dated May 19, 1930,
and maturing August 18, 1930 (press release. May 16, 1930)
293
Issue of June, 1930
Exhibit 13. Offering of certificates of indebtedness. Series TJ-1931
(2 7/8 per cent) (press release, June 7, 1930, with Department Circular
No. 424)
Exhibit 14. Subscriptions and allotments, certificates of indebtedness,
Series TJ-1931 (from press releases, June 11, 1930, and June 13, 1930..
294
296
Issue of July, 1930
Exhibit 15. Inviting tenders for Treasury bills dated July' 14, 1930, and
maturing September 15, 1930 (press release, July 7, 1930)
Exhibit 16. Acceptance of tenders for Treasury bills dated July 14, 1930,
and maturing September 15, 1930 (press release, July 11, 1930)
296
297
Issue of August, 1930
Exhibit 17. Inviting tenders for Treasury bills dated August 18, 1930, and
maturing November 17, 1930 (press release, August 11, 1930)
Exhibit 18. Acceptance of tenders for Treasury bills dated August 18,
1930, and maturing November 17,1930 (press release, August, 15, 1930).
298
299
CONTENTS
IX
Issue of September, 1930
Page
Exhibit 19. Offering of certificates of indebtedness. Series TS-1931 (2Ji
per cent) (press release, September 8, 1930, with Department Circular
No. 427)
....
Exhibit 20. Subscriptions and allotments, certificates of indebtedness.
Series TS-1931 (from press releases, September 11, 1930, and September
12, 1 9 3 0 ) . . . - . . - .
.
....
..
Issues of October, 1930
Exhibit 21. Inviting tenders for two issues of Treasury bills dated October
15 and 16, 1930, and maturing December 16 and 17, 1930, respectively
(pressrelease, October 7, 1 9 3 0 ) . . .
Exhibit 22. Acceptance of tenders for two issues of Treasury bills dated
October 15 and 16, 1930, and maturing December 16 and 17, 1930,
respectively (pressrelease, October 11, 1930)
;
299
301
302
303
Legislation and regulations concerning Treasury hills
Exhibit 23. Regulations governing the sale and issue of Treasury bills
(Department Circular No. 418)
Exhibit 24. An act providing certain exemptions from taxation for Treasury bills (Public No. 376, 71st Cong., H. R. 12440)
Exhibit 25. Amended regulations governing the sale and issue of Treasury
bills (circular letter dated June 30, 1930, with Department Circular
No. 418, as amended)_..
303
308
309
Miscellaneous
Exhibit 26. Announcement that Consols of 1930 will not be caUed for
redemption on April 2, 1930 (press release, December 12, 1929)
Exhibit 27. Notice of call for redemption of Treasury notes of Series
A-1930-32 and B-1930-32 (press release, September 10, 1930, with
Department Circular No. 428)
„
316
315
OBLIGATIONS OF FOREIGN GOVERNMENTS
Austria
Exhibit 28. Agreement for the funding of the indebtedness of Austria to
the United States
^^
Exhibit 29. Statement of Secretary of the Treasury MeUon concerning the
agreement for the settlement of the relief indebtedness of Austria to the
UnitedStates (pressrelease, May 8, 1930)
Exhibit 30. Expression of appreciation of Austria in concluding the
funding agreement between Austria and the United States (press release.
May 8, 1930)
_....
316
322
323
France
Exhibit 31. Statement by Undersecretary of the Treasury MiUs before the
Committee on Ways and Means, December 10, 1929, relative to the bill
providing for the settlement of the indebtedness of France to the United
States
.
Exhibit 32. An act to authorize the settlement of the indebtedness of the
French Republic to the United States of America (Public No. 24, 71st
Cong., H. R. 6585)
324
328
CONTENTS
Exhibit 33. Balance paid by France on account of the annuities under the
funding agreement of April 29, 1926 (press release, December 27, 1929) Exhibit 34. Statement of Secretary of the Treasury Mellon concerning
the funding of the indebtedness of France to the United States (press
release, AprU 15, 1930)
:
329
330
° General
Exhibit 35. Statements of the Treasury covering payments received from
the several foreign governments on account of their indebtedness to the
United States (press releases, December 16, 1929, and June 16, 1930)..
331
MIXED CLAIMS
Exhibit 36. Statement of Acting Secretary of the Treasury Mills relative
to a proposed agreement covering payments by Germany to the United
States on account of army costs and mixed claims (press release,
December 29,1929)
334
Exhibit 37. Statement of Undersecretary of the Treasury Mills before the
Committee on Ways and Means, March 10, 1930, relative to the bill to
authorize the settlement of the indebtedness of Germany to the United
States on account of the awards of the Mixed Claims Commission,
United States and Germany, and the costs of the United States army
of occupation
^
334
Exhibit 38. An act to authorize the settlement of the indebtedness of the
German Reich to the United States on account of the awards of the
Mixed Claims Commission, United States and Germany, and the costs
of the United States army of occupation (Public No. 307, 71st Cong., .
H. R. 10480)
.
..,
340
Exhibit 39. Agreement between Germany and the United States, signed
June 23, 1930, providing for the final discharge of obligations of Germany
to the United States in respect of the awards of the Mixed Claims
Commission, United States and Germany, and the costs of the United
States army of occupation
341
Exhibit 40. Statement of Secretary of the Treasury Mellon, June 23, 1930,
announcing the signing of the agreement between Germany and the
United States providing for the final discharge of the obligations of Germany to the United States in respect of the awards of the Mixed Claims
Commission, United States and Germany, and the costs of the United
.
States army of occupation (press release, June 23, 1930)
347
Exhibit 41. Joint resolution extending for two years the time within which,
American claimants may make application for payment, under the
settlement of war claims act of 1928, of awards of the Mixed Claims
Commission and of the Tripartite Claims Commission, and for one year
the time within which claims may be filed with the Alien Property
Custodian (Public Res. No. 48, 71st Cong., S. J. Res. 109)
348
Exhibit 42. Joint resolution authorizing the immediate appropriation of
certain amounts authorized to be appropriated by the settlement of war
. claims act of 1928 (Public Res. No. 77, 71st Cong., H. J. Res. 328)
348
Exhibit 43. An act to carry out the recommendation of the President in
connection with the late-claims agreement entered into pursuant to the
settlement of war claims act of 1928 (Public No. 411, 71st Cong.,
H. R. 8881)--^349
CONTENTS
•
XI
Page
Exhibit 44. Regulations No. 4;—Payments on account of the tentative
awards of the war claims arbiter on account of ships (Department Circular No. 425)
Exhibit 45. Statement of Secretary of the Treasury Mellon concerning the.
funding of the indebtedness of Germany to the United States on account
of the awards of the Mixed Claims Commission and the costs of the
United States army of occupation (press release, November 7, 1930)
Exhibit 46. America's Separate Agreement with Germany, an address bv
Undersecretary of the Treasury Mills at the meeting of the Academy of
Political Science, New York City, November 14, 1930
349
354
354
TAXATION
Exhibit 47. Statement of Undersecretary of the Treasury Mills before the
Committee on Ways and Means, December 4,. 1929, relative to the joint
resolution to reduce rate of income tax for the calendar year 1929
Exhibit 48. Joint resolution reducing rates of income tax for the calendar
year 1929 (Public Res. No. 23, 71st Cong., H. J. Res. 1 3 3 ) . . . . . Exhibit 49. Outline of the Federal tax system as of June 30, 1930.
Exhibit 50. International Double Taxation, an address by Undersecretary
of the Treasury Mills before the Conference on International Double.
Taxation, Washington, D. C , February 14, 1930
.
Exhibit 51. Statement of Secretary of the Treasury Mellon before the
Committee on Ways and Means, February 28, 1930, relative to the bill
> to reduce international double taxation
Exhibit 52. Statement of Secretary of the Treasury Mellon relative to tax
refunds (press release, October 31, 1930). _
358
364
366
374
376
380
P R O H I B I T I O N AND NARCOTICS
Exhibit 53. Statement of Secretary of the Treasury Mellon before the
Committee on Expenditures in the Executive Departments of the House
of Representatives, January 22, 1930, relative to the bill providing for
the creation of a Bureau of Prohibition in the Department of Justice
and for the transfer to that department of certain functions in the
administration ofthe prohibition act
^
^Exhibit 54. An act to transfer to the Attorney General certain functions
in the administration of the national prohibition act, to create a Bureau
of Prohibition in the Department of Justice, and for other purposes
. . (Public No. 273, 71st Cong., H. R. 8574)
-Exhibit 55. An act to create in the Treasury Department a Bureau of
Narcotics, and for other purposes (Public No. 357, 71st Cong., H. R.
11143)
....
...
Exhibit 56. Joint resolution to amend the act entitled ''An act to create in
- the Treasury Department a Bureau of Narcotics, and for other purposes," approved June 14, 1930 (Public Res. No. 96, 71st Cong., H. J.
Res. 367)
....
._
Exhibit 57. Order signed by Secretary of the Treasury Mellon, July 1,
1930, prescribing the duties and powers of the Commissioner and other
officers and employees of the Bureau of Narcotics, including the field
service
PUBLIC
381
383
386
389
389
BUILDINGS
Exhibit 58. The Public Building Program, a radio address by Assistant
• Secretary of the Treasury Heath, February 20, 1 9 3 0 , , . , - , _ - _ . 391
XII
CONTENTS
Page
Exhibit 59. Statement of Secretary of the Treasury Mellon regarding the
present status of the governmental building program (press release,
March 23, 1930)
....
Exhibit 60. The Public Building Program, an address by Assistant Secretary of the Treasury Heath before the Michigan Bankers Association,
Grand Rapids, Mich., June 11, 1930
PUBLIC
399
HEALTH
Exhibit 61. An act to provide for the coordination of the public health
activities of the Government, and for other purposes (Public No. 106,
71st Cong., H. R. 8807)
Exhibit 62. An act to establish and operate a National Institute of Health,
to create a system of fellowships in said institute, and to authorize the
Government to accept donations for use in ascertaining the cause, prevention, and cure of disease affecting human beings, and for other purposes (Public No. 251, 71st Cong., S. 1171)
DISCONTINUANCE
397
OF COINAGE
O F T H E $2.50 GOLD
402
406
PIECE
Exhibit 63. Letter from Secretary of the Treasury Mellon to the President
of the Senate, dated January 17, 1930, transmitting draft of proposed bill
to provide for the discontinuance of the coinage of the $2.50 gold piece..
Exhibit 64. Ari act to discontinue the coinage of the $2.50 gold piece (Public No. I l l , 71st Cong., H. R. 9894)
406
407
MISCELLANEOUS
Exhibit 65. Order signed by Secretary of the Treasury Mellon, November
1, 1929, directing the General Supply Committee to report directly to the
Assistant Secretary in charge of public buildings and miscellaneous
Exhibit 66. Special deposits of public moneys under the act of Congress
approved September 24, 1917, as amended (Department Circular No.
92, revised October 1,1928, and supplemented December 15,1929)
Exhibit 67. Regulations governing deposit of public moneys and payment
of Government checks and warrants (Department Circular No. 176,
amended and supplemented)
—
Exhibit 68. An act to provide for the classification of extraordinary
expenditures contributing to the deficiency of postal revenues (Public
No. 316, 71st Cong., S. 3599)
.Exhibit 69. Excerpt from a letter of the Postmaster General to the
Secretary of the Treasury, dated October 18, 1930, certifying extraordinary expenditures contributing to the deficiency of postal revenues
for the fiscal year ended June 30, 1930, in pursuance of Public Act'No.
316, 71st Cong., approved June 9,1930 (40 Stat. 5 2 3 ) . - - - .
Exhibit 70. Description Of change in form of exhibiting the analysis of
receipts and expenditures in the Daily Statement of the Treasury, July 1,
1930
liixhibit 71. Joint resolution to authorize additional appropriations for the
relief of Porto Rico (Public Res. No. 33, 71st Cong., S. J. Res. 118)
hixhibit 72. Federal aid to States—Statement listing the appropriations
providing for Federal aid to States, and presenting by class of appropriation the reference to the organic or first appropriation act, the last
appropriation act, and summaries of the bases of allotments and expenditures
-
408
408
413
432"
432
433
436
437
CONTENTS
Exhibit 73. Stateinent of Undersecretary of the Treasury Mills before the
Committee on Interstate and Foreign Commerce, April 24, 1930, relative
to the bill to regulate the entry of persons into the United States, to
establish a border patrol in the Coast Guard, and for other purposes.
.
Exhibit 74. The Customs Service, an address by Undersecretary of the
Treasury Mills, February 19, 1930, ,at a dinner of the Customs Field
Service, Washington, D. C
Exhibit 75. Accomplishments of the Treasury Department during 1929, a
radio address by Secretary bf the Treasury Mellon, December 4, 1929-Exhibit 76. Some recent accomplishments of the Treasury, a radio address
by Assistant Secretary of the Treasury Hope, July 14, 1930
XIII
447
451
455
459
TABLES
RECEIPTS AND EXPENDITURES
General tables
Table 1. Receipts and expenditures for the fiscal year 1930, classified according to funds (revised daily statement basis)
-_Table 2. Comparison of detailed receipts for the fiscal years 1929 and 1930
(warrant basis)
Table 3. Comparison of detailed expenditures chargeable against ordinary
receipts for the fiscal years 1929 and 1930 (checks issued basis)
Table 4. Summary of ordinary receipts, expenditures chargeable against
ordinary receipts, and surplus or deficit, for the fiscal years 1916 to 1930
(daily statement basis)
Table 5. Ordinary receipts, expenditures chargeable against ordinary receipts, and surplus or deficit for the fiscal years 1916 to 1930 (daily statement basis)
'
Table 6. Receipts and expenditures for the fiscal years 1791 to 1930
(warrant basis)
Table 7. Summary of ordinary receipts, expenditures chargeable against
ordinary receipts, and excess of receipts or expenditures, by months,
from July 1, 1927, to October 31, 1930 (daily statement basis)
Table 8. Expenditures, by months, classified according to departments
and establishments, for the fiscal year 1930 (daily statement basis)
469
471
480
488
489
494
506
508
Specific receipts and expenditures
Table 9. Comparison of detailed internal revenue receipts for the fiscal
years 1929 and 1930 (collection basis)
Table 10. Internal revenue receipts, by sources, for the fiscal years 1916 to
1930 (collection basis)
Table 11. Internal revenue receipts, by months, total, and by present
major sources, July, 1928, to September, 1930 (collection basis)
Table 12. Internal revenue receipts, by States and Territories, for the
fiscal years 1929 and 1930 (collection basis)
Table 13. Expenses of the Internal Revenue Service for the fiscal year
1930 (checks issued basis)
:
Table 14. Customs duties (estimated), value of imports entered for consumption, and ratio of duties to value of dutiable imports and to value
of all imports, for the years 1867 to 1929 (on basis of reports of the Bureau of Foreign and Domestic Commerce)
512
513
516
517
519
523
XIV
CONTENTS
Page
Table 15. Customs duties (estimated), and ratio of duties to value of
dutiable imports, by tariff schedules, for the years 1890 to 1929 (on basis
of reports of the Bureau of Foreign aiid Domestic Commerce)
- . . ^ 525
Table 16. Customs statistics, by districts, for the fiscal year 1930 (coUection basis)
:
530
Table 17. Customs receipts, by districts, for the Jiscal year 1930 (warrant
basis)
534
Table 18. Panama Canal receipts and expenditures for the fiscal years 1903
to 1930 (warrant basis)
_.
535
Estimates of receipts and appropriations
Table 19. Actual receipts for the fiscal year 1930 and estimated receipts
for the fiscal years 1931 and 1932 (on basis of reports from the Bureau
ofthe Budget)
t
Table 20. Appropriations for 1931 compared with estimates of appropriations for 1932 (on basis of reports from the Bureau of the Budget)
Table 21. Appropriations for the fiscal years 1916 to 1931, including
estimated permanent and indefinite appropriations and deficiencies
for prior years
Table 22. Accountability statement of appropriations, by acts of Congress, placed upon the books of the Treasury Departinent during the
fiscal year 1930
Table 23. Appropriations, expenditures, amounts carried to surplus fund,
and unexpended balances for the fiscal years 1911 to 1930 (warrant basis).
PUBLIC
536
543
545
548
550
DEBT
Public deht outstanding
Table 24. Public debt outstanding June 30, 1930, by issues
Table 25. Description of the public debt issues outstanding June 30, 1930.
Table 26. Principal of the public debt outstanding at the end of each
fiscal year from 1853 to 1930
Table 27. Interest-bearing debt outstanding June 30, 1930, classified
according to kind of security and callable period or payable date
551
554
560
561
Transactions in the public debt during the fiscal year 1930
Table 28. Public debt retirements chargeable against ordinary receipts during the fiscal year 1930, and cumulative totals to June 30,1929 and 1930Table 29. Summary of transactions in interest-bearing and noninterestbearing securities during the fiscal year 1930
Table 30. Summary of transactions in interest-bearing securities during
the fiscal year 1930
Table 31. Transactions in noninterest-bearing securities, by issues, during
the fiscal year 1930
1
Table 32. Treasury notes, certificates of indebtedness, and Treasury bills
issued through each Federal reserve bank and the Treasury Department
during the fiscal year 1930
..
562
565
568
570
573
Transactions in public deht securities from dates of issue .
Table 33. Transactions in interest-bearing securities outstanding, by
issues, June 30, 1930, from dates of. issue, showing reconciliation of
account of the Treasurer of the United States with security account
575
CONTENTS
XV
Page
Table 34. Summary of operations in Liberty loans having conversion
features, from dates of issue to June 30, 1930
579
Transactions in the public debt by years
Table 35. Transactions in the public debt for the fiscal years 1927 to 1930.
Table 36. Net increases ( + ) and net decreases (--) in the public debt, by
issues, for the fiscal years 1918 to 1930 (warrant basis)
Table 37. PubUc debt issues between AprU 6, 1917, and June 30, 1930,
rates, dates of isue, call and/or maturity, and amounts issued.
Table 38. Public debt retirements, by issues, for the fiscal years 1927 to
1930 (warrant basis)
...
Table 39. Reconciliation of public debt issues and retirements with (1)
public debt retirements, by sources, (2) balance in the general fund,
and (3) outstanding public debt, for the fiscal years 1918 to 1930 (revised
daily statement basis)
^
Table 40. Sources of debt increase ajid decrease for the fiscal years 1916 to
1930 (daily statement basis)
580
581
584
589
590
592
Cumulative sinking fund transactions
Table 41. Cumulative sinking fund transactions during the fiscal year 1930.
Table 42. Cumulative sinking fund transactions for the fiscal years 1921
to 1930.
.
—Table 43. Securities retired through the cumulative sinking fund, par
amount and principal cost, to June 30, 1930
593
593
594
Interest on the public debt
Table 44. Interest on the public debt payable, paid, and outstanding
unpaid for the fiscal year 1930
.
Table 45. Interest paid on the public debt, by issues, for the fiscal years
1918 to 1930 (warrant basis) — - . .
Table 46. Rates of interest payable on outstanding public debt
594
595
596
CONDITION OF THE TREASURY EXCLUSIVE OF PUBLIC DEBT
LIABILITIES
Table 47, Current assests and liabilities of the Treasury at the close of the
fiscal years 1928, 1929, and 1930 (revised daily statement basis)
Table 48. Net balance in the general fund at the end of each month, from
October, 1915, to September, 1930 (daily statement basis)
Table 49. Securities owned by the United States Government, June 30,
1930
.--
597
598
600
TRANSACTIONS WITH RAILROADS
Table 50. Obligations of carriers acquired pursuant to section 207 of the
transportation act, 1920, as amended
Table 51. Payments to carriers from July 1, 1929, to June 30, 1930, under
the guaranty provided for in section 209 of the transportation act, 1920,
as amended, and payments by carriers to the United States under the
same section
Table 52. Loans to carriers under section 210 of the transportation act,
1920, as amended, and repayments on such loans from July 1, 1929, to
June 30, 1930, together with cumulative total, and amounts outstanding
June 30, 1929, and June 30, 1930
602
602
603
XVI
CONTENTS
STOCK AND CIRCULATION OF MONEY IN THE UNITED STATES
Page
Table 53. Stock of money, money in the Treasury, in the Federal reserve
banks, and in circulation at the end of each fiscal year from 1913 to
1930
Table 54. Stock of money, classified by kinds, at the end of each fiscal
year from 1913 to 1930
.....
Table 55. Money in circulation, classified by kinds, at the end of each
fiscal year from 1913 to 1930
'...
Table 56. Money in circulation, classified by kinds, June 30, 1930...
604
605
606
607
MISCELLANEOUS
Table 57. Principal of the funded and unfunded indebtedness of foreign
governments to the United States, the accrued and unpaid interest
thereon, and payments on account of principal and interest, as of
November 15, 1930
^
Table 58. Money cost of the World War to the United States Government
to June 30, 1930
1
Table 59. Insular and District of Columbia loans outstanding and
changes during the fiscal year 1930
.
Table 60. Estimated amount of wholly tax-exempt bonds outstanding,
by years, on June 30, 1913 to 1928, and at the end of each month,
from January, 1929, to August, 1930, classified by type of obligor
Table 61. Partially tax-exempt United States securities outstanding, by
years, on June 30, 1917 to 1928, and at the end of each month, from
January, 1929, to August, 1930
Table 62. Federal aid to States—Net disbursements for Federal aid to
States, on basis of warrants issued, during the fiscal years 1920 to 1930,
inclusive; and amounts appropriated for the fiscal year 1931, classified
by appropriations from which direct payments are made to States and
by the more iinportant appropriations providing for expenditures by
the Government in cooperation with States, municipalities, or other
civil organizations for investigative, regulatory, protective, or construction work
.
Table 63. Federal aid to States—Expenditures made by the Government
as direct payments to States under cooperative arrangements during the
fiscal year 1930__-_
-
608
609
613
615
616
617
623
PERSONNEL
Table 64. Comparison of the number of employees in the departmental
and field services of the Treasury On June 30, 1929, and August 31,
1930
Table 65. Number of persons retired, or eligible for retirement, retained in
the departmental and field services of the Treasury under the civil,
service retirement act, August 31, 1930^
Table 66. Number of employees in the departmental services of the
Treasury in Washington, by months, from June 30, 1929, to August
31, 1930
.
..
626
626
627
APPENDICES TO REPORT ON THE FINANCES
Report of the Treasurer:
Page
Receipts and expenditures for the fiscal years 1929 and 1930
631
Pay warrant transactions
631
Foreign currencies purchased
,
632
Collection items
633
District of Columbia securities
' 634
Checking accounts - 634
Boston, Cape Cod & New York Canal Co. bonds
634
Investments for the trust fund, relief and rehabUitation, longshoremen's and harbor workers' compensation act
635
Panama Canal
635
Payment of coupons from United States securities
'.
635
Payment of interest on the registered securities of the United States..
635
Transactions on account of the Post Office Department
635
District of Columbia teachers' retirement fund...:.
636
Transactions in the public debt
.
636
Statement of the Treasury of the United States. 642
The general fund
" 642
Net available cash balance
643
The gold reserve fund
,
644
Gold fund. Federal Reserve Board
644
Gold in the Treasury
645
Securities held in trust
645
Securities held to secure postal-savings funds, June 30, 1929, and
June 30, 1930, and changes during 1930
_-646
Withdrawal of bonds to secure circulation
647
Special trust funds
...
647
Depositaries of the United States-_:
..^
650
Public moneys in depositary banks
^
650
Interest on public moneys held by depositary banks
651
Restoration of depositary balances
652
Coin and gold bar shipments or transfers
L
652
Recoinage of gold, subsidiary sUver, and minor coins
653
Purchases of gold bullion at the mints and assay offices
653
Stock of metallic money in the L nited States
654
Redemption of Federal reserve and national currenc}^
_655
Shipments of paper currency from Washington
:
657
Paper currency
658
Issue of new small-size currency
.
664
United States paper currency, by denominations, held in reserve.._.
664
United States paper currency prepared for issue and amount issued,
by fiscal years from 1921
'
665
United States paper currency issued, by months, during the fiscal
years 1929 and 1930
..
---_..
665
12101—31
2
XVII
XVIII
CONTENTS
Report of the Treasurer—Continued.
Page
Lnited States paper currency redeemed, by months, during the fiscal
years 1929 and 1930
--666
United States paper currency issued, redeemed, and outstanding for
the fiscal year 1930
666
United States paper currency outstanding, by months, during the
fiscal years 1929 and 1930
666
Ratio of small denominations to aU paper currency outstanding
667
Paper currency outstanding June 30, 1929 and 1930
667
Legal tender qualities of U nited States currency
671
General account of the Treasurer of the U nited States
672
Tables from the report of the Treasurer:
No. 1. General distribution of the assets and liabilities of the Treasury,
June 30, 1930...
676
No. 2. Available assets and liabilities of the Treasury at the close of
June 30, 1929 and 1930.._677
No. 3. Distribution of the General Treasury balance, June 30, 1930.
678
No. 4. Assets of the Treasury other than gold, silver, notes, and certificates at the end of each month, from July, 1927
678
No. 5. Assets of the Treasury at the end of each month, from July,
1927
.-679
No. 6. Liabilities of the Treasury at the end of each month, from July,
1927
680
No. 7. United States" notes of each denomination issued, redeemed,
and outstanding at the close of the fiscal years 1927, 1928, 1929, and
^ 1930
-681
No. 8. Gold certificates of each denomination issued, redeemed, and
outstanding at the close of the fiscal years 1927, 1928, 1929, and
1930
£
.
682
No. 9. Silver certificates of each denomination issued, redeemed, and
outstanding at the close of the fiscal years 1927, 1928,. 1929, and
1930
-.
.
683
No. 10. Treasury notes of 1890 of each denomination issued, redeemed,
and outstanding at the close of the fiscal years 1927, 1928, 1929, and
1930
-—
684
No. 11. Amount of United States notes, gold and silver certificates,
and Treasury notes of each denomination issued, redeemed, and outstanding at the close of the fiscal years 1927, 1928, 1929 and 1930685
No. 12. Federal reserve banks and branches, general, limited, insular,
special, and foreign banks designated as Government depositaries
of public moneys, with the balances held June 30, 1930- .
686
No. 13. Old demand notes of each denomination issued, redeemed,
and outstanding Jiine 30, 1930..
687
No. 14. Fractional currency of each denomination issued, redeemed,
and outstanding June 30, 1930
..
688
No. 15. Compound-interest notes of ea'ch denomination issued, redeemed, and outstanding June 30, 1930
688
No. 16. One and two year notes of each denomination issued, redeemed, and outstanding June 30, 1930
688
No. 17. Seven-thirty notes issued, redeemed, and outstanding June
30, 1930
.
..
688
No. 18. Refunding certificates, act of February 26, 1879, issued, redeemed, and outistanding June 30, 1930
• 689
No. 19. Public debt obligations retired during the fiscalyear 1930
.
689
CONTENTS
Tables from the report of the Treasurer—Continued.
No. 20. 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 1921
.
No. 21. Principal of obligations of the insular governments paid during the fiscal year 1930
---No. 22. Coupons from obligations of the insular governments paid
during the fiscal year 1930, classified by loans
No. 23. Checks issued and paid by the Treasurer for interest on registered bonds of the insular governments during the fiscal year 1930.
No. 24. Coupons from United States obligations paid during the fiscal
year 1930, classified by loans
--_
No. 25. Checks issued by the Secretary and paid by the Treasurer for
interest on registered obligations of the United States during the
fiscal year 1930-.
No. 26. Money deposited in the Treasury each month of the fiscal
year 1930 for the redemption of national-bank notes
No. 27. Amount of currency counted into the cash of the National
Bank Redemption Agency and redeemed notes delivered, by fiscal
years from 1921 to 1929, and by months during the fiscal year 1930.
No. 28. Currency received for redemption by the National Bank Redemption Agency from the principal cities and other places, by
fiscal years, from 1921, in thousands of doUars
No. 29. Mode of payment for currency redeemed at the National
Bank Redemption Agency, by fiscal years, from 1921^
No. 30. 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 1921-No. 31. Deposits and redemptions on account of the retirement of
circulation, by fiscal years, from 1921
._No. 32. Expenses incurred in the redemption of National and Federal
reserve currency, by fiscal years, from 1921
No. 33. Amount of national-bank notes redeemed and assorted during
the fiscal year 1930, and the assessment for expenses of redemption.
No. 34. Amount and number of pieces of Federal reserve notes and
Federal reserve bank notes redeemed during the fiscal year 1930,
and the assessment for exp^enses of redemption
No. 35. General cash account of the National Bank Redemption
Agency for the fiscal year 1930, and from July 1, 1874
No. 36. Number of pieces of currency, by kinds and by denominations,
redeemed and delivered by the National Bank Redemption Agency
during the fiscal year 1930, by months
No. 37. Average amount of national-bank notes outstanding and the
redemptions, by fiscal years, from 1875
No. 38. 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,
by fiscal years, from 1916
No. 39 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 last day of each month from July 1928
No. 40. Total amount expiended on account of the Panama Canal, on
basis of warrants drawn, the receipts covered into the Treasury, and
the proceeds of sales of bonds to the close of the fiscal year 1930
XIX
Page
692
693
693
694
695
696
696
697
698
698
698
699
699
700
700
701
702
704
704
705
705
XX
CONTENTS
Report of the Director of the Mint (abridged):
Page
Institutions of the mint service
.
707
Coinage
'
^..
707
Gold operations
708
Silver operations
^
708
Refineries
.
708
Additions and improvements
708
Lindbergh medal
709
Stock of coin and monetary bullion in the United States
709
Production of gold and silver
710
Industrial consumption of gold and silver.
.
710
Import and export of domestic gold coin
710
Revision of statistics on consumption of gold in industrial arts, also
reconciliation of gold statistics, 1914-1928
710
Appropriations, expenses, and income
711
Deposits of gold and silver, income, expenses, and employees, by
institutions, fiscal year 1930
712
Domestic coinage
712
Coinage by the United States for other countries
713
Issue of fine gold bairs for gold coin and gold buUion
713
Receipts and disbursements of gold bullion and balances on hand
714
Purchase of minor coinage metal for use in domestic coinage
715
Minor-coin distribution costs
715
Minor coins outstanding
715
Operations of the assay departments
.
716
Proof bullion
.
716
Operations of the melting and refining and of the coining departments,
fiscal year 1930
716
Refining operations
.—.
718
Ingot melts made
719
Fineness of melts for gold and sUver ingots
720
Commercial and certificate bars manufactured..
720
Bullion gains and losses
.
722
Wastage of coinage metal, and loss on sale of sweeps
, 722
Engraving department
723
Medals sold
:...
723
Employees
.—
724
Work of the minor assay offices
724
Gold receipts at Seattle
725
Laboratory, Bureau of the Mint
.
725
Assay Commission's annual test of coin
.
727
Excerpts from the addenda to the report of the Director of the Mint—
Deposits and purchases of gold during the fiscal year ended June
30, 1930
730
Deposits and purchases of silver during the fiscal year ended June
30, 1930....
..
.
.
732
Deposits of gold at United States mints and assay offices since
1873
734
Deposits of silver at United States mints and assay offices since
1873
--735
Authority for United States coinage, by denominations, with
standard weight and fineness, and total coined
736
Coinage of each mint, by value, with grand total pieces, since
organization to close of business December 31, 192^
739
CONTENTS
Report of the Director of the Mint—Continued.
Excerpts from the addenda to the report of the Director of the
Mint—Continued.
Coinage of each mint during the past 10 calendar years
Combined gold coinage of the mints of the United States, by
denominations and calendar years, since their organization
Combined silver coinage of the mints of the United States, by
denominations and calendar years, since their organization __.
Combined minor coinage of the mints of the United States, by
denominations and calendar years, since their organization. _
Total gold, sUver, and minor coinage of the United States, by calendar years
.
Stock of domestic coin in the United States, June 30, 1930
Bullion in mints and assay offices, June 30, 1930
Basic metallic stock, June 30, 1925 to 1930
Location, ownership, and per capita circulation of United States
money, June 30, 1930
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
^
Stock of money in the United States, December 31, 1929
Location, ownership, and per capita circulation of United States
money, December 31, 1929
Monetary stock of gold in the United States since 1873
ReconcUiation of gold statistics (United States), 1914-1928
Average price of an ounce of gold in London and United States
equivalent since 1870
1
.
Average commercial ratio of silver to gold each calendar year
since 1687, with gold considered as of legal monetary value
Ratio of silver to gold, as affected by World War
^
Values of foreign moneys, October 1, 1930
Monetary stock of the principal countries of the world, end of cal<
»
endaryear 1928
.
Monetary stock of the principal countries of the world, end of calendar year 1929
World production of gold and sUver, 1928 and 1929
Production of gold.and silver in the world since 1860
Production of gold and silver in the world since the discovery of
. America
.
j
Report of the Comptroller of the Currency (abridged):
Legislation recommended-^
Amendments to the national bank act
Amendments to the laws of the District of Columbia
Organization and liquidation of national banks
....
Branches
._
National banks in the trust
field
National bank failures
Bank failures other than national
National bank circulation
Redemption of national and Federal reserve bank circulation
National banks of issue
'
Condition of national banks at date of each call during the year
National bank liabilities on account of bills payable and rediscounts-Loans and discounts of national banks..^
.
XXI
Page
740
744
746
748
750
752
752
752
753
754
755
756
757
758
780
781
781
782
786
790
794
797
798
801
811
813
814
819
827
835
835
837
837
838
842
843
XXII
CONTENTS
Report of the ComptroUer of the Currency—Continued.
... page
Comparative changes in demand and time deposits, loans and discounts, United States Government and other bonds and securities
owned, and the amount of reserve of national banks with Federal
reserve banks since June 30, 1926
.
848
United States Government securities owned by national banks in
reserve cities and States
849
Investments of national banks
~ 851
Per capita demand and time and savings deposits in all reporting
banks—
.
.
856
Earnings, expenses, and dividends of national banks
864
National banks classified according to capital stock
877
National bank examiners
878
Convictions of national bank officers and others for violations of the
national banking laws during the year ended October 31, 1930---.
883
Federal reserve banks—
Assets and liabilities
889
Federal reserve bank discount rates
891
Discount rates prevailing in Federal reserve bank and branch
cities
891
Rates for money in New York
893
New York clearing house
895
Clearing house associations in the 12 Federal reserve bank cities and
elsewhere
.
895
Banks other than national—
State (commercial) banks
:
898
Loan and trust companies-900
Stock savings banks
.
902
Mutual savings banks.
904
Savings depositors and deposits in mutual and stock savings
banks
906
Private banks
909
Resources and liabilities of all reporting banks other than ^
national
..
911
National banks
915
All reporting banks in the United States and possessions
919
Banks in the District of Columbia—
Earnings, expenses, apd dividends of banks other than national.
932
Building and loan associations
933
Building and loan associations in the United States
..,..,....
934
Money in the United States
..
937
Imports and exports of merchandise, gold, and silver
938
Federal land banks
939
Joint stock land banks
..
940
Federal intermediate credit banks
.
942
National agricultural credit corporations
943
, United States postal savings system
.
944
School savings banking
950
Savings banks in principal countries of the world
951
Resources of leading foreign banks of issue
953
Expenses of the Currency Bureau
954
CONTENTS
XXIII
Report of the Commissioner of Internal Revenue (abridged):
Page
Collections . 955
Cost of administration
'.
957
Income Tax Unit___
:
957
Examination of returns
957
Analysis of production
-957
Additional revenue. _.
957
Claims and overassessments
958
Reduced cost of personneL..
• 959
The pending job
959
Tax years 1917 to 1928, inclusive
.
959
Cases reopened
960
Current years
960
Audit in Washington
'.
961
Excess-profits tax years
.
961
Tax years 1922 to 1926
961
Reduction in the number of 60-day letters mailed as related to
®
appeals
filed..962
The audit in the
field
962
Changes in policy and procedure
964
Present organization
967
Field procedure division-967
Field divisions
....
967
Audit review division
969
Valuation division
971
Clearing division
972
Claims control section
973
Statistical section
973
Records division
974
Personnel section
975
Rules and regulations section
976
Service section
.
976
Personnel.
977
Special Advisory Committee
978
MisceUaneous Tax Unit
981
Personnel and pay roU
981
Taxes coUected
981
Appeals and review section
98.2
Estate tax division...
.
982
Miscellaneous division
^
984
Tobacco division
988
Accounts and Collections Unit
990
Collection accounting division
990
Collectors' personnel, equipment, and space division
992
Disbursement accounting division
993
Office of the General Counsel
994
Appeals division
994
Interpretative division.
997
Penal division
999
CivU division
1002
Review division
1005
Administrative division
.:
1008
Bureau and field personnel
1008
XXIV
CONTENTS
Report of the Commissioner of Internal Revenue—Continued.
page
Tables from the report of the Commissioner of Internal Revenue—
Summary of monthly internal revenue receipts for years ended
June 30, 1929 and 1930, by sources..
^
. 1010
Summary of internal revenue receipts, years ended June 30,1929
and 1930, by sources
. . 1022
Summary of internal revenue receipts, years ended June 30, 1929
and 1930, by coUection districts
1023
. Summary of internal revenue receipts, year ended June 30, 1930,
by States
.
.
1025
Summary of income tax receipts from corporations and individuals, year ended June 30, 1930, by States
1026
Summary of receipts from income tax, years ended June 30, 1928,
1929, and 1930, by States, with per cent of increase or decrease
in 1930 compared with 1929
1027
Total internal revenue receipts, years ended June 30, 1863-1930. _ 1028
Internal revenue tax on products from Philippine Islands, years
ended June 30,1929 and 1930, by articles taxed
. . . . ''1028
Internal revenue tax on products from Porto Rico, years ended
June 30,1929 and 1930, by articles taxed
.
. 1028
INDEX
1030
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.
Term of service
Secretaries of Treasury
IfromSept.
Feb.
Jan.
May
Feb.
Oct.
Oct.
Mar.
Mar.
Aug.
May
Sept.
July
Mar.
Sept.
Mar.
July
Mar.
Mar.
July
Mar.
Mar.
Dec.
Jan.
Mar.
Jan.
Dec.
May
Feb.
Oct.
Oct.
Mar.
Mar.
June
May
Sept.
June
Mar.
Sept.
Mar.
May
Mar.
Mar.
July
Mar.
Mar.
Dec.
12.1860 Jan.
15.1861 Mar.
7,1861 June
11,1789
3,1795
1,1801
14.1801
9,1814
6,1814
22.1816
7,1825
6,1829
8,1831
29,1833
23,1833
1,1834
6,1841
13,1841
8.1843
4.1844
8.1845
8,1849
23,1850
7,1853
7,1867
Presidents
To—
31,1795
31.1800
13.1801
9,1814
5.1814
21,1816
6,1825
5.1829
20,1831
28,1833
22.1833
25.1834
3,1841
11,1841
1,1843
2.1844
7,1845
5,1849
22,1850
6,1853
6,1857
8.1860
14,1861
6.1861
30,1864
Alexander Hamilton, New York
Oliver Wolcott, Connecticut
Samuel Dexter, Massachusetts
Albert Gallatin, Pennsylvania '
George W. Campbell, Tennessee
Alexander J. Dallas, Pennsylvania..
Wm. H. Crawford, Georgia
Richard Rush, Pennsylvania *
Samuel D. Ingham, Pennsylvania 8..
Louis McLane, Delaware
Wm. J. Duane, Pennsylvania
Roger B. Taney, Maryland *
Levi Woodbury, New Hampshire«..
Thomas Ewing, Ohio ^
Walter Forward, Pennsylvania^
John C. Spencer, New York 8
Geo. M . Bibb, Kentucky..
Robt. J. Walker, Mississippi»
Wm. M . Meredith, Pennsylvania...
Thos. Corwin, Ohio
James Guthrie, Kentucky
Howell Cobb, Georgia lo
Philip F . Thomas, Maryland
John A. Dix, New York.
Salmon P . Chase, Ohio "
Washington.
Washington, Adams.
Adams, Jefferson.
Jefferson, Madison.
Madison.
Madison.
Madison, Monroe.
Adams, J. Q.
Jackson.
Jackson.
Jackson.
Jackson.
Jackson, Van Buren.
Harrison, Tyler.
Tyler.
Tyler.
Tyler, Polk.
Polk.
Taylor, Fillmore.
Fillmore.
Pierce.
Buchanan.
Buchanan.
Buchanan.
Lincoln.
* While holding the office of Secretary of the Treasury, Gallatin was commissioned envoy extraordinary
and minister plenipotentiary Apr. 17,1813, with John Quincy Adams and James A, Bayard, to negotiate
peace with Great Britain. On Feb. 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 Apr. 21,1813, to Feb. 9,1814.
* Rush was nominated Mar. 5,1825, confirmed and commissioned Mar. 7, 1825, but did not enter upon
the discharge of his duties until Aug. 1,1825. Samuel L. Southard, of New Jersey (Secretary of the Navy),
served as ad interim Secretary of the Treasury from Mar. 7 to July 31,1825.
• Asbury Dickens (chief clerk), ad interim Secretary of the Treasury from June 21 to Aug. 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 Mar. 4 to 6,1841.
• McClintock Young (chief clerk), ad interim Secretary of the Treasury Sept. 12,1841.
' McClintock Young (chief clerk), ad interim Secretary of the Treasury from Mar. 1 to 7,1843.
• Spencer resigned as Secretary of the Treasury May 2,1844; McClintock Young (chief clerk), ad interim
Secretary of the Treasury from May 2 to July 3,1844.
• McClintock Young (chief clerk), ad interim Secretary of the Treasury from Mar. 6 to 7,1849.
i * Isaac Toucy, of Connecticut (Secretary of the Navy), acted as Secretary of the Treasury ad interim
*
from Dec. 10 to 12,1860.
" George Harrington, District of Columbia (Assistant Secretary), ad interim Secretary of the Treasury
from July 1 to 4,1864.
XXV
XXVI
SECRETARIES OF T H E TREASURY
Secretaries of the Treasury and Presidents under whom they served—Continued
Term of service
Secretaries of Treasury
From—
July
Mar.
Mar.
Mar.
June
July
Mar.
Mar.
Nov.
Sept.
Oct.
Mar.
Apr.
Mar.
Feb.
Mar.
Mar.
Feb.
•Mar.
Mar.
Mar.
Dec.
Feb.
Mar
5,1864
9,1865
12,1869
17,1873
4.1874
7,1876
10,1877
8,1881
14,1881
25,1884
31,1884
8,1885
1,1887
7,1889
25.1891
7,1893
6,1897
1,1902
4,1907
8.1909
6,1913
16,1918
2.1920
4.1921
Presidents
ToMar. 3,1865
Mar. 3.1869
Mar. 16,1873
June 3,1874
June 20,1876
Mar. 9,1877
Mar. 3,1881
Nov. 13,1881
Sept. 4.1884
Oct. 30,1884
Mar. 7.1885
Mar. 31,1887
Mar. 6,1889
Jan. 29.1891
Mar. 6,1893
Mar. 5,1897
Jan. 31,1902
Mar. 3,1907
Mar. 7,1909
Mar. 5,1913
Dec. 15,1918
Feb. 1.1920
Mar. 3.1921
Wm. P. Fessenden, Maine "
Hugh McCulloch, Indiana " "
,
Geo. S. Boutwell, Massachusetts
Wm. A. Richardson, Massachusetts,
Benj. H. Bristow, Kentucky »
»
Lot M. Morrill, Maine
-.
John Sherman, Ohio ^o
Wm. Windom, Minnesota "
^
Chas. J. Folger, New York i 8 . . .
Walter Q. Gresham, Indiana
Hugh McCulloch, Indiana »*
.,
Daniel Manning, New York
Chas. S. Fairchild, New York:
Wm. Windom, Minnesota >' lo
Chas. Foster, Ohioz
John G. Carlisle, Kentucky
Lyman J. Gage, Illinois
L. M. Shaw, Iowa
George B. Cortelyou, New York
Franklin MacVeagh, Illinois.
W. G. McAdoo, New York
Carter Glass, Virginia
David F . Houston, Missouri
,
Andrew W. Mellon, Pennsylvania-
Lincoln.
Lincoln, Johnson.
Grant.
Grant.
Grant.
Grant, Hayes.
Hayes.
Garfield, Arthur.
Arthur.
Arthur.
Arthur, Cleveland.
Cleveland.
Cleveland, Harrison.
Harrison.
Harrison, Cleveland.
Cleveland, McKinley.
McKinley, Roosevelt.
Roosevelt.
\".
Roosevelt.
Taft.
Wilson.
Wilson.
Wilson.
Harding, Coolidge,
Hoovisr.' , ,
1 George Harrington (Assistant Secretary), ad interim Secretary of the Treasury from Mar. 4 to 8,1865.
2
" John F. Hartley, of Maine (Assistant Secretary), ad interim Secretary of the Treasury from Mar. 5
to 11, 1869.
1* Hugh McCulloch was Secretary from Mar. 9,1865, to Mar. 3,1869, and also from Oct. 31,1884, to Mar.
7, 1885.
1 Charles F. Conant, of New Hampshire (Assistant Secretary), ad interim Secretary of the Treasury
5
from June 21 to 30 (July 6), 1876.
1 Henry F . French, of Massachusetts (Assistant Secretary), ad interim Secretary of the Treasury from
8
Mar. 4 to 7, 1881.
1 William Windom was Secretary from Mar. 8,1881, to Nov. 13,1881, and also from Mar. 7,1889,-to Jan.
7
29,1891.
18 Charles E. Coon, of New York (Assistant Secretary), ad interim Secretary of the Treasury from Sept.
4 to 7,1884; Henry F . French, of Massachusetts (Assistant Secretary), ad interim Sept. 8 to 14,1884; Charles
E. Coon ad interim Sept. 15 to 24,1884.
.
1 A. B. Nettleton, of Minnesota (Assistant Secretary), ad interim Secretary of the Treasury from Jan.
9
30 to Feb. 24, 189L
UNDERSECRETARIES OF THE TREASURY AND PRESIDENTS
AND SECRETARIES UNDER WHOM THEY SERVED
Term of service .
Undersecretaries i
From—
Secretaries
Presidents
To-
July 1,1921 Nov. 17,19!^3
Nov. 20,1923 Jan. 31,1927
Mar. 4,1927
Harding, Coolidge.
S. Parker Gilbert, jr., New Jersey...... MeUon
Coolidge.
Garrard B. Winston, Illinois . .
. . Mellon
Ogden L. Mills, New York
Mellon.—— Coolidge, Hoover.
I Office established act June 16,1921.
ASSISTANT SECEETABIES OP THE TBEASURY
XXVII
ASSISTANT SECRETARIES OF THE TREASURY AND PRESIDENTS AND SECRETARIES UNDER WHOM THEY SERVED
Term of service
Assistant Secretaries i
FromMar.
Oct.
Nov.
Mar.
12,1849
10,1849
16,1850
14,1853
Mar. 13,1857
Charles B. Penrose, Pennsylvania
Allen A. Hall, Pennsylvania
William L. Hodge, Tennessee
Peter G'. Washington, District of
Columbia.
Jan. 16,1861 Philip Clayton, Georgia
Oct.; 9,1849
Nov. 15,1850
Mar. 13,1853
Mar. 12,1857
Mar. 13,1861 July : 11,1865
Mar. 18,a864
June 15,1865
Jan.
5.1865
Nov. 30,1867
July 11,1865
May 4,1875
Dec. 2,1867
Mar. 20,1869
May 31,1868
Mar. 17,1873
Mar. 8,1873 June 11,1874
July
1,1874
Secretari^
Presidents
Meredith..
Meredith, Corwin.
Corwin, Guthrie..
Guthrie, Cobb
Taylor.
Taylor, Fillmore.
Fillmore, Pierce.
Pierce, Buchanan.
To-
Apr.
3,1877
Mar. 4,1875 June 30,1876
Aug. 12,1876 Mar. 9,1885
Apr. 3,1877
Dec. 9,1877
Apr. 10,1880
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
Cobb, Thomas,
Dix.
George Harrington, District of Chase, Fessenden,
McCulloch.
Columbia.2
Maunsell B. Field, New Y o r k . . . Chase, Fessenden,
McCulloch.
William E. Chandler, New Fessenden, McCulloch.
Hampshire.
McCulloch, BoutJohn F. Hartley, Maine
well, Richardson, Bristow.
Edmund Cooper, Tennessee..... McCulloch
William A. Richardson, Massa- Boutwell
chusetts.
Frederick A. Sawyer, South Caro- Richardson, Brislina.
tow.
Charles F. Conant, New Hamp- Bristow, Morrill,
shire.
Sherman.
Curtis F. Burnam, Kentucky
Bristow
Henry F. French, Massachusetts. Morrill, Sherman,
Windom, Folger, Gresham,
McCulloch,
Manning.
Richard C. McCormick, Arizona. Sherman...
Sherman
John B. Hawley, Illinois
WinJ. Kendrick Upton, New Hamp- Sherman,
dom, Fogler.
shire.
Folger
...1.,
John C. New, Indiana
Charles E. Coon, New York..... Folger, Gresham,
McCulloch,
Manning.
Charles S. Fairchild, New York.. Manning
William E. Smith, New York... Manning
Hugh S. Thompson, South Caro- Manning, Fairlina.
child, Windom.
Isaac N. Maynard, New York...-. Fairchild, Windom.
George H. Tichner, Illinois
Windom
George T. Batchelder, New York Windom
A. B. Nettleton, Minnesota
Windom, Foster..
Oliver L. Spaulding, Michigan... Windom, Foster,
Carlisle.
Lorenzo Crounse, Nebraska...
Foster.-John H. Gear, Iowa
._
Foster.-Genio M. Lambertson, Nebraska. Foster, Carlisle...
Buchanan.
Lincoln, Johnson.
Lincoln, Johnson.
Lincoln, Johnson.
Johnson, Grant.
Johnson.
Grant.
Grant.
Grant, Hayes.
Grant.
Grant, Hayes,
Garfield, Arthur,
Cleveland.
Hayes.
Hayes,
Garfield,
Arthur.
Arthur. ^
Arthur, Cleveland.
Cleveland.
Cleveland.
Cleveland, Harrison.
Apr. 6,1887 Mar. 11,1889
Cleveland, Harrison.
Apr. 1,1889 July 20,1890
Harrison.
Apr. 1,1889 Oct. 31,1890
Harrison.
July 22,1890 Dec. 1,1892
Harrison.
July 23,1890 June 30,1893
Harrison, Cleveland.
Apr. 27,1891 Oct. 31,1892
Harrison.
Nov. 22,1892 Mar. 3,1893
Harrison.
Dec. 23,1892 Apr. 3,1893
Harrison, Cleveland.
1 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.
» Act July 11,1890, provides for an additional Assistant Secretary.
ASSISTANT SECRiiTARIES OF T S E fMAStJUY
XXvllt
Assistant Secretaries of the Treasury and Presidents and Secretaries under whom
they served—Continued
Term of service
Assistant Secretaries i
From—
Secretaries
Presidents
To—
Apr. 12,1893
Apr.
Apr. 13,1893
Mar. 31,1897
Charles S. Hamlin, Massachu- Carlisle, Gage..
setts.
William E. Curtis, New Y o r k . . . Carlisle, Gage..
July
1,1893
May 4,1897
Scott Wike, Illinois..
Carlisle, Gage..
Apr.
Apr.
7,1897
7,1897
Mar. 10,1899
Mar. 4,1903
William B. Howell, New Jersey.
Oliver L. Spaulding, Michigan..
Gage
Gage, Shaw.
7,1897
June 1,1897
Mar. 13,1899
Mar. 5,1901 Frank A. Vanderlip, Illinois. .
June 3,1906 Horace A. Taylor, Wisconsin.
Gage
Gage, Shaw.
Mar. 6,1901
Apr. 15,1903
Gage,. Shaw.
Mar. 5,1903
May 27,1903
Mar. 5,1905
Mar. 5,1905
Jan. 21,1907
Nov. 1,1909
Milton E. Ailes, Ohio..
Robert B. Armstrong, Iowa
Charles H. Keep, New York
James B. Reynolds, MassachU'
setts.
John H, Edwards, Ohio
Arthur F. Statter, Oregon
Beekman Winthrop, New York..
Louis A. Coolidge, Massachusetts-
Cleveland,
McKinley.
Cleveland,
McKinley.
Cleveland,
McKinley.
McKinley.
McKinley, Roosevelt.
McKinley.
McKinley, Roosevelt.
McKinley, Roosevelt.
Roosevelt.
Roosevelt.
Roosevelt, Taft.
Shaw
Shaw...
Shaw, CortelyoU;
MacVeagh.
July 1,1906 Mar. 15,1908
Shaw, Cortelyou.. Roosevelt.
Roosevelt.
Jan. 22,1907 vFeb. 28,1907
Shaw
Roosevelt.
Apr. 23.1907 Mar. 6,1909
Cortelyou
Mar. 17.1908 Apr. 10,1909
Cortelyou, Mac- Roosevelt, Taft.
Veagh.
Apr. 5,1909 June 8,1910 Charles D. Norton, Illinois
MacVeagh
Taft.
Apr. 19.1909 Apr. 3,1911 Charles D. Hilles, New Y o r k . . . MacVeagh
Taft.
Nov. 27,1909 July 31,1913 JamesF. Curtis, Massachusetts.. MacVeagh, Mc- Taft, Wilson.
Adoo.
June 8,1910 July 3,1912 A. Piatt Andrew, Massachusetts. MacVeagh
Taft.
Apr. 4,1911 Mar. 3,1913 Robert 0 . Bailey, Illinois
MacVeagh
Taft.
MacVeagh, Mc- Taft, Wilson.
July 20,1912 Sept. 30,1913 Sherman P. Allen, Vermont
Adoo.
Mar. 24,1913 Feb. 2,1914 John Skelton Williams, Virginia. McAdoo..
Wilson.
Aug. 1,1913 Aug. 9,1914 Charles S. Hamlin, Massachu- McAdoo
Wilson.
setts.
Oct. 1,1913 Oct. 1,1917 Byron R. Newton, New York.... McAdoo
Wilson.
Mar. 24,1914 Jan. 26,1917 William P. Malburn, Colorado... McAdoo
Wilson.
Aug. 17,1914 Mar. 15,1917 Andrew J. Peters, Massachusetts. McAdoo
Wilson.
Apr. 17,1917 Aug. 28,1918 Oscar T. Crosby, Virginia
McAdoo
-. Wilson.
June 22,1917 Nov. 20,1919 Leo S. Rowe, Pennsylvania
McAdoo, Glass... Wilson.
Oct. 5,1917 Aug. 26,1921 James H, Moyle, Utah
McAdoo, Glass, Wilson, Harding.
Houston, Mellon.
Oct. 30,1917 July 5,1920 Russell C. Leffingwell,* New McAdoo, Glass, Wilson.
York.
Houston.
McAdoo, Glass... Wilson.
Dec. 15,1917 Jan. 31,1919 Thomas B. Love, Texas
McAdoo, Glass, Wilson.
Sept. 4,1918 June 30,1920 Albert Rathbone, New York
Houston.
Houston...
Mar. 5,1919 | Nov. 15,1920 I Jouett Shouse, Kansas..
I Glass, Houston...I Wilson.
Glass, Houston
Nov. 21,1919 June 14,1920 Norman H. Davis, Tennessee
Wilson.
Houston, Mellon.. Wilson, Harding.
June 15,1920 Apr. 14,1921 Nicholas Kelley, New .York
Mellon..!
July 6,1920 I June 30,1921 | S. Parker Gilbert, jr.. New Jer- Houston, Mellon.. Wilson,.Harding.
sey.»
Dec. 4,1920 I May 31,1921 1 Ewing Laporte, Missouri..
I Houston, Mellon..! Wilson,Harding.
Dec- 4,1920 I Mar. 4,1921 | Angus W. McLean, North Caro- | Houston..
'. Wilson.
lina.
1 Office established act Mar. 3, 1849; appointed by the Secretary, Act Mar. 3, 1857, made the office
presidential.
«Act Oct. 6,1917, provided for two additional Assistant Secretaries for dura.tion of war and six months
after.
» Became Undersecretary July 1,1921.
ASSISTANT SECRETAHIES 01^ THE TREAStJltY
XXIX
Assistant Secretaries of the Treasury and Presidents and Secretaries under whom
they served—Continued
' Term of service
Assistant Secretaries i
From—
Mar.
May
Dec.
Mar.
July
July
Apr.
Dec.
Aug.
Nov.
16,1921
4,1921
23,1921
3,1923
9,1923
1,1924
1,1925
28,1926
1,1927
7,1927
Presidents
.Secretaries
ToMar.
July
July
July
Nov.
Nov.
July
June
31,1925
9,1923
25,1922
13,1926
19,1923
5,1927
31,1927
25,1929
Aug. 31,1929
June 26,1929
Nov. 21,1929
Eliot Wadsworth, Massachusetts.
Edward Clifford, Illinois
Elmer Dover, Washington..
McKenzie Moss, Kentucky
Garrard B. Winston, Illinois « —
Charles S. Dewey, Illinois
Lincoln C. Andrews, New York..
Carl T. Schuneman, Minnesota..
Seymour Lowman, New York...
Henry Herrick Bond, Massachusetts.
Ferry K. Heath, Michigan
Walter Ewing Hope. New York..
Mellon...
Mellon
Mellon
Mellon . .
Mellon
Mellon
Mellon
Mellon
Mellon
Mellon
Mellon
Mellon
Harding, Coolidge.
Harding.
Harding.
. . Harding, Coolidge.
Harding, Coolidge.
Coolidge.
Coolidge.
Coolidge, Hoover.
Coolidge, Hoover.
Coolidge, Hoover.
-. Hoover.
Hoover.
» Office established act Mar. 3, 1849; appointed by the Secretary. Act Mar. 3, 1857, made the office
presidential.
"« Became Undersecretary Nov. 20, 1923.
ASSISTANTS TO THE SECRETARY OF THE TREASURY ' AND
PRESIDENTS AND SECRETARIES UNDER
WHOM THEY SERVED
Term of service
Assistants to the Secretary
From—
Sept. 11,1789
Mar. 6,1917
May 8,1792
Mar. 4,1921
Secretaries
Presidents
To—
Hamilton
Tench Coxe, Pennsylvania
George R. Cooksey, District of Columbia. McAdoo, Glass,
Houston.
Washington.
Wilson.
1 Office established Sept. 2,1789; abolished act May 8,1792; reestablished act Mar. 3,1917. Appointed
by the Secretary.
XXX
PRINCIPAL ADMINISTRATIVE AND STAFF OFFICERS
PRINCIPAL ADMINISTRATIVE AND STAFF OFFICERS OF THE
TREASURY DEPARTMENT AS OF NOVEMBER IS, 1930
OFFICE OF T H E SECRETARY
Andrew W. Mellon
Ogden L. Mills
Ferry K. Heath
Seymour Lowman
.
>
Walter Ewing Hope
John Kieley
W. Norman Thompson
Charles R. Schoeneman
H. R. Sheppard
Francis C. Rose
Frank A. Birgfeld...
W. R. Stark
Joseph S. McCoy
W. H. Moran.
James E. Harper
Thomas L. Lawrence
L. C. Spangler
Robert Le. Fevre
John L. Summers
-... Secretary of the Treasury.
Undersecretary of the Treasury.
- . . Assistant Secretary of the Treasury
Assistant Secretary of the Treasury.
Assistant Secretary of the Treasury.
Assistant to the Secretary.
Executive Assistant to the Undersecretary.
Assistant to the Undersecretary.
Assistant to Assistant Secretary.
Assistant to Assistant Secretary.
Chief Clerk and Superintendent.
Chief, Section of Financial and Economic Research.
Government Actuary.
Chief, Secret Service JDivision.
Chief, Division of Appointments.
Chief, Section of Surety Bonds.
Chief, Division of Supply.
Superintendent of Supplies, General Supply Committee.
Disbursing Clerk.
SPECIAL STAFF ASSISTANTS
David E. Finley
B..H. Bartholo\7—r
Albert G. Redpath
Leo C. Martin.. . - . - . - .
Edward J. Cunningham
John G. Harlan
-
Special Assistant to the Secretary.
Special Assistant to the Secretary In matters of legislation.
Special Assistant to the Undersecretary.
Special Assistant to Assistant Secretary. '
Member of the War Loan Staff.
Assistant Member of the War Loan Staff.
CONSULTING A R C H I T E C T U R A L SPECIALISTS
Edward H. Bennett, Chairman.
Louis Ayres.
Arthur Brown, jr.
William A. Delano.
Clarence C. Zantzinger.
Louis A. Simon.
John Russell Pope.
PUBLIC D E B T SERVICE
William S. Broughton
S. R. Jacobs
Rene W. Barr
E.E.Jones
Frank A. DeGroot.
Marvin Wesley
Melvin R. Loafman
Maurice A. Emerson
-
Commissioner of the Public Debt.
Assistant Commissioner of the Public Debt.
.- Deputy Commissioner ofthe Public Debt.
Register of the Treasury.
Assistant Register of the Treasury.
Chief, Division of Loans and Currency.
Chief, Division of Accounts and Audit.
Chief, Division of Paper Custody.
OFFICE OF T H E COMMISSIONER OF ACCOUNTS AND DEPOSITS
Robert Q. Hand
Daniel W. Bell
Edward F. Bartelt
Edward D. Batchelder
Commissioner of Accounts and Deposits.
Assistant Commissioner.
Chief, Division of Bookkeeping and Warrants.
Chief, Division of Deposits.
OFFICE OF THE COMPTROLLER OF THE CURRENCY
J. W. Pole
F. G. Await
Eugene H. Gough
I. L. Proctor
W. P. Folger
I. E. Fonts
George R. Marble
Comptroller of the Currency.
Deputy Comptroller.
Deputy Comptroller.
Deputy Comptroller.
Chief, National Bank Examiners.
.-.- Supervising Receiver, Insolvent National Bank Division.
. „ Chief Clerk.
-
PRINCIPAL ADMINISTRATIVE
AND STAFF OFFICERS
OFFICE OF T H E TREASURER OF T H E U N I T E D BTATES
Walter O. Woods
-..
George O. Barnes..-.—-..J. O. Wallace
Treasurer of the United States.
Assistant Treasurer.
Chief Clerk.
,
OFFICE OF T H E COMMISSIONER OF I N T E R N A L R E V E N U E
David Burnet
Harris F . Mires
J. C. Wilmer
George J. Schoeneman
R. M. Estes
Pressly R. Baldridge
A. R. Marrs
L. C. Mitchell
Clarence M. Charest
Commissioner of Intemal Revenue.
Assistant to the Commissioner.
Deputy Commissioner.
Deputy Commissioner.
Deputy Commissioner.
Special Deputy Commissioner.
Assistant Commissioner.
Assistant Commissioner.
General Counsel.
BUREAU OF INDUSTRIAL ALCOHOL
James M . Doran
B. R. Rhees
J . J . Britt
h
—
'
Commissioner of Industrial Alcohol.
Deputy Commissioner of Industrial Alcohol.
1. Chief Counsel.
BUREAU OF NARCOTICS
Harry J. Anslinger
Vacant
Commissioner of Narcotics.
Deputy Commissioner of Narcotics.
BUREAU OF CUSTOMS
Frank X. A. Eble
Frank Dow
H. A. Benner
Thomas J. Gorman
Joseph D. Nevius.---
Commissioner of Customs.
Assistant Commissioner of Customs.
Depilty Commissioner of Customs.
Assistant Deputy Commissioner of Customs.
General Counsel.
>
M I N T BUREAU
Robert J. Grant
Mary M. O'Reilly
Director of the Mint.
Assistant Director.
FEDERAL F A R M LOAN BUREAU
Paul Bestor
John H. Quill
Louis J. Pettijohn
Albert C. Williams—
George R. CookseyFloyd R. Harrison
Chester Morrill
Leo H. Paulger
-
Farm Loan Commissioner.
— Member.
Mernber.
Member.
Member.
Member.
Secretary and General Counsel.
Chief, Division of Examination.
BUREAU OF ENGRAVING AND P R I N T I N G
Alvin W. Hall
Clark R. Long
Jesse E. Swigart
Director of the Bureau of Engraving and Printing.
Assistant Director (Administration).
Assistant Director (Production).
BUREAU OF THE PUBLIC HEALTH SERVICE
Hugh S. Cummtng
Taliaferro Clark
C. C. Pierce
L. R. Thompson
F . C. Smith
W. F . Draper--.Francis A. Carmelia
Ralph C. Williams
Walter L. Tread way
P . S. Masterson
Surgeon General.
Assistant Surgeon
Assistant Surgeon
Assistant Surgeon
Assistant Surgeon
Assistant Surgeon
Assistant Surgeon
Assistant Surgeon
Assistant Surgeon
Chief Clerk,
General.
General.
General.
General.
General.
General.
General.
General.
XXXI
XXXII
PRINCIPAL ADMINISTRATIVE AND STAFF
OFFICERS
U N I T E D STATES COAST GUARD
Rear Admiral F . C. Billard
Capt. B. M. Chiswell
E. L. Hutchison
Oliver M. Maxam..
Commandant.
Assistant Commandant.
Chief Clerk and Chief, Division of Finance.
Chief, Division of Operations.
OFFICE OF T H E SUPERVISING A R C H I T E C T
James A. Wetmore
Henry G. Sherwood
George 0 . Von Nerta
Acting Supervising Architect.
Executive Officer.
Technical Officer.
STANDING DEPARTMENTAL COMMITTEES
B U D G E T AND I M P R O V E M E N T C O M M I T T E E
S. R. Jacobs, Chairman.
W. N . Thomspon.
D. S. Bliss.
F . A. Birgfeld.
L. C. Martin.
D.W.Bell.
J. H. Schaefer.
Arthur E. Wilson.
M. E. Slindee.
F . J. Lawton.
J. Greenberg, Secretary.
C O M M I T T E E ON E N R O L L M E N T AND D I S B A R M E N T OF A T T O R N E Y S AND AGENTS
S. R. Jacobs, Chairman.
James B. Corridon, Vice Chairman,
H. C. Armstrong.
P. R. Baldridge.
p . V. Emery.
J. E. Harper.
Lawrence Becker, Attorney.
Lee Brock, Secretary.
C O M M I T T E E ON P E R S O N N E L
F . A. Birgfeld, Chairman.
J. E. Harper.
S. R. Jacobs.
C O M M I T T E E ON CIVIL SERVICE R E T I R E M E N T
F. A. Birgfeld, Chairman.
J. E. Harper..
W. N . Thompson.
Frank Dow.
C O M M I T T E E ON S I M P L I F I E D OFFICE P R O C E D U R E
F. A. Birgfeld, Chairman
W. T. Sherwood.
J. L. Nuber.
A. W. Starratt.
' 12101—31
3
XXXIV
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ORGANIZATION OF T H E TREASURY DEPARTMENT
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09
(4
ANNUAL REPORT ON THE FINANCES
TREASURY DEPARTMENT,
Washington, D. C , November 20, 1930.
S I R : I hiave the honor to make the following report:
The finances of the Federal Government for the fiscal year 1930
continued the favorable record of recent years. Receipts exceeded
expenditures and a further substantial reduction was made in the
public debt. Ordinary receipts amounted to $4,177,941,702, expenditures chargeable against ordinary receipts to $3,994,152,487, and
surplus receipts to $183,789,215. The gross public debt was reduced
by $745,889,448,. and stood on June 30, 1930, at $16,185,308,299.
The year closed with approximatiely the same surplus as the fiscal year
1929, an increase in receipts being offset by a corresponding increase
in expenditures chargeable against these receipts. The surplus figures
for 1930, however, were not strictly comparable to 1929, since certain
foreign interest payments were made in cash rather than in securities,
thus diminishing public debt retirements chargeable against ordinary
receipts and increasing the surplus by a corresponding amount. This
method of payment was a departure from the practice of a number of years of making payments with obligations of this Government. Had the former practice been employed, these pa^^ments,
as in the past, would automatically have constituted public debt
retirements chargeable against ordinary receipts and the surplus would
have been approximately $110,000,000 instead of $183,789,215.
The increase in ordinary receipts over 1929 was due in the main to the
effect of active industry and trade on the major source of revenue—
taxable incomes for the calendar years 1928 and 1929—and to increased receipts on foreign indebtedness. Larger expenditures reflected the increased amounts for general governmental activities and
also the net amount loaned from the agricultural marketing fund
established under the authorization of the agricultural marketing act
approved June 15, 1929. As in preceding years the major part of
the reduction in the public debt was through the sinking fund and
through other regular debt retirement operations. The public debt
operations were conducted at the most favorable rates in recent years,
owing to the low money rates which prevailed throughout most of
the fiscal year.
Of special importance to the finances of the year was the income
tax reduction for corporations and individuals enacted by Congress
in December, 1929. The reduction applied to income taxes for the
calendar year 1929 payable for the most part in 1930. Consequently,
1
2
EEPORT ON TSJE FINANCES
the revenue collected in the fiscal year 1930 was about $80,000,000
less than it would have been at 1928 tax rates. Owing to the uncer-,
tain prospect of a surplus for the fiscal years subsequent to 1930,
this tax reduction was made applicable only to taxes payable on the
income for 1929. This is the first instance in which income tax rates
have been reduced for a single calendar year in order to relieve individuals and corporations from taxes when a surplus of receipts was
anticipated without assurance that this surplus would continue for
more than one year. During the calendar year 1930 the income tax
reduction afforded relief to both individuals and corporations during
a period of unfavorable business developments.
Of further special interest in 1930 is the financing conducted by
the Treasury through the new Treasury bills provided for in the act
of June 17, 1929, which was amended by the act approved June 17,
1930. This new instrument of financing is now established as a
valuable supplement to certificates of indebtedness in the conduct
of short-term borrowing operations.
BUDGET RESULTS
Receipts
,
The total ordinary receipts of the Federal Government during the
fiscal year 1930 were $4,177,941,702, an increase of almost $145,000,000 over the fiscal year 1929. The change from 1929 to 1930 in the
5,000
A L L OTHER
F0RE.rON OBLIGATIOrSS
3,000
INCOME. A N O
PROFITS T A X t S
1923
1924
1925
1926
1927
1926
1929
1930
CHART 2.—Principal sources of ordinary receipts for the fiscal years 1923 to 1930
receipts from each of the major sources of revenue is shown in the
table following; and the trend, by major sources, as compared with
preceding years, is shown in Chart 2. During the past year there
SECEETARY OF THE TREASURY
was an increase in the receipts from each of the major sources of
revenue with the exception of customs duties.
Ordinary receipts classified according to major sources for the fiscal years 1929
and 1930^
[In millions of dollars]
1929
Classes of ordinary receipts
Receipts from taxation:
Customs
Internal revenueIncome t a x e s Current corporation
Current individual _ _. .
Back taxes 2
602.3
.
_
_
_.
^
Total income tax...
Miscellaneous internal revenue-^
Tax on small cigarettes
All other tobacco taxes
Stamp tax on capital stock transfers
Stamp tax on bonds and capital stock issues, e t c . . . .
Estate tax
_
All other internal revenue 2
Total miscellaneous internal revenue
Total receipts from taxation
Miscellaneous receipts:
Proceeds from Government-owned securitiesForeign obligations
.
Another
All other receipts, including trust funds. . . _.
Total miscellaneous receipts
Total ordinary receipts
1930
Increase Decrease
587.0
15.3
1,075.3
1,019.0
236.4
1,117.8
1,060.9.
. 232.3
42.5
41.9
2,330. 7
2,411.0
80.3
341.9
92.6
37.6
17.9
61.9
56.5
359.8
90.6
46.7
22.6
64.8
43.9
17.9
607.3
628.3
21.0
3,640.3
3,626.3
86.0
199.1
22.6
271.3
239.5
20.3
291.8
40.4
9.1
4.7
2.9
20.5
492.9
551.6
4,177.9
2.0
11.6
'
2.2
58.7
4,033.2
4.1
144.7
1 On basis of daily Treasury statements (unrevised) supplemented by reports of the Commissioner of
Internal Revenue.
* Includes adjustment to basis of daily Treasury statement (unrevised).
Receipts from taxes increased $86,000,000 and from other sources
$58,700,000. Receipts from taxation, strictly speaking, represent
that portion of the Government reven.ue which is derived from
authorized levies upon the people primarily to secure funds for the
conduct of governmental activities. Nontax receipts are composed
of amounts received by the Government incidental to the performance
of its various functions; among these receipts are included the proceeds of Government-owned obligations, fees (including consular,
passport, and patent fees), fines and penalties, rents and royalties,
the immigration head tax, the tax on the circulation of national
banks, seigniorage on coinage of subsidiary silver and minor coins,
and receipts of trust funds which are invested as specified for the
particular trust. The changes in receipts from specific sources are
considered in detail in the following paragraphs.
Considerably more than half of the ordinary receipts are derived
from taxes on the income of individuals and corporations. These
receipts were $2,411,000,000 in 1930, as compared with $2,330,700,000
4
REPORT ON T ^ E
FINANCES
in 1929, or an increase of $80,300,000. The collections from income
taxes due in prior years, or back taxes, decreased from $237,000,000
in 1929 to $232,000,000 in 1930,' or about $5,000,000. Back taxes
include additional assessments, penalties, and interest, on returns
for prior years determined as a result of audit, and the payments
on delinquent returns. Smaller receipts from back taxes are due
to the reduced volume of additional assessments oti returns of recent
years, as compared with the volume of such assessments on the
returns for war years. The present status of the audit of income
tax returns is summarized on pages 44 to 53. Receipts from current
income taxes increased $84,400,000 in 1930, from $2,094,300,000 to
$2,178,700,000, reflecting changes in the taxes on incomes returned
for current years as considered below.
In December, 1929, Congress made special provision to reduce the
tax rates on incomes for the calendar year 1929. I t was then apparent
that the tax yield at 1928 rates would be more than sufficient for
budget requirements in the fiscal year 1930, including the regular
retirements of the public debt chargeable against ordinary receipts.
This was due primarily to the increase in incomes of both corporations
and individuals during the years immediately preceding, especially
in the calendar year 1928. Accordingly, provision was made to reduce
by 1 per cent t h e normal rates on individual income and the rate on
corporation income applicable to incomes reported for the calendar
year 1929. This tax reduction affects for the most part receipts during the calendar year 1930, therefore affecting both.the fiscal 3^ears
1930 and 1931. According to the Treasury's estimates, corporation
income tax receipts during the calendar year 1930 would be reduced
by about $90,000,000 and individual income tax receipts by about
$70,000,000, distributed approximately equally over the fiscal 3^ears
1930 dnd 1931. The tax reduction would pertain to the entire taxable
net income of corporations and to the net income of individuals
subject to normal tax rates.
Current income tax collections from corporations V e r e $1,117,800,000 in the fiscal year 1930 as compared with $1,075,300,000 in
the preceding fiscal year, an increase of $42,500,000. In general, this
increase reflects the growth in corporate income for the calendar
years 1928 and 1929 which more than offset the reductions in tax
rate from 13K per cent to 12 per cent for 1928 incomes, and from 12
per cent to 11 per cent for 1929 incomes.
Current income tax collections from individuals increased almost
as much as those from corporations, from $1,019,000,000 to $1,060,900,000, or $41,900,000. All of this increase, however, was due to
collections from July to December, 1929, on the unusually large individual incomes for 1928. During the last sixmonths of the fiscal
4 These figures for back tax collections are before adjustments made in data in the table on page 3.
SECRETARY OF THE TEEASURY
5
year, collections, which were largely on incomes for the calendar year
1929, were more than $100,000,000 below the preceding year, in part
due to the special reduction of 1 per cent in the normal rates of tax
on 1929 incomes and in part due to the effect on taxable incomes of
the precipitous decline in security prices in the latter part of 1929.
In spite of this decline, however, individual incomes were, with the
exception of the 1928 incomes, at new high levels reflecting largely
the effect of active industry and trade on the growth of income from
certain sources, such as salaries, interest, and dividend payments.
Receipts from miscellaneous internal revenue taxes increased from
$607,300,000 to $628,300,000 or $21,000,000. The changes for the
major sources are summarized graphically in Chart 3. In contrast to
income taxes, most of these taxes are due currently and so reflect
MILLION
DOLLARS
I, OOO
ALL OTHE.RS
ADMISSIONS AND DUtS
DOCUMC.NTARY STAMPS
INCLUDING PLAYING CARDS
::':A'}i:
400
p.
•^mx.
ESTATE. TAX
V%
^
TOBACCO TAXE.3
200
. 1923
1924.
1925
1926
1927
1928
1929
1930
CHART 3.—Principal sources of miscellaneous internal revenue collections for the fiscal years 1923 to 1930
current changes in the sources to which they relate. Over 90 per
cent of the miscellaneous internal revenue comes from three groups
of taxes—tobacco taxes, documentary stamp taxes, including playing cards, and the estate tax. Increases in receipts from these three
sources of about $32,000,000, as compared with 1929, were offset
somewhat by decreases in receipts from other taxes, mainly from
delinquent taxes under repealed laws. During the fiscal year 1929
collections were largely completed on these delinquent taxes resulting in smaller receipts in 1930, particularly for the tax on manufacturers' sales bf automobiles, repealed in the revenue act of 1928,
and fcir the corporation capital stock tax repealed in the revenue act
of 1926.
The tobacco taxes constitute not only the major source of internal
revenue other than income taxes, but also the source which has been
least effected by changing business conditions. Collections during
b
REPORT ON T H E FINANCES
1930 were $450,300,000 as compared with $434,400,000 in the preceding year, an increase of about $15,900,000. The increase during 1930
was relatively small in comparison with recent years and especially
in comparison with the unusual increase of $38,000,000 in the fiscal
year 1929. The tax on small cigarettes showed an increase of $17,900,000 while the taxes on all other tobacco products decreased by
$2,000,000. Although the collections on small cigarettes failed to
increase as much as in 1929, oi* even as much as the average for recent
years, the total collections reached a new high level of almost
$360,000,000 which represents tax-paid withdrawals of about
120,000,000,000 cigarettes. The volume of cigarettes consumed each
year is now considerably more than double that of 10 years ago. In
contrast, the decrease in collections from taxes on tobacco products
other than cigarettes indicates the effect on the consumption of other
tobacco products of the increasing use of cigarettes. The tax-paid
withdrawals of cigars and of smoking and chewing tobacco have
declined about 20 per cent during the past 10-year period.
Collections from documentary stamps, representing largely taxes
on capital stock transfers and capital issues, increased $13,600,000 to
a total of almost $78,000,000, as a result of the unusual situation in
the security markets. The revenue from documentary stamps thus
exceeded any preceding year except 1920, notwithstanding the reductions in the number of these taxes and in the rates of tax in the
revenue acts subsequent to the war. The stamp tax on the unusual
volume of capital stock transfers is primarily responsible for the
large receipts. The unprecedented activity in the stock market was
refiected in increased collections during the first part of the fiscal year
so that by the end of November receipts from the capital stock
transfer tax were almost $11,000,000 larger than the record receipts
for the same period in the previous fiscal year. The volume of
transfers continued large for the remaining months of the fiscal year
1930 and collections for the year as a whole, at $46,700,000, were
$9,100,000 larger than the year before and almost double the receipts
from this tax (luring the fiscal year 1928. There were also increased
collections from stamps in the group including taxes on issues of
bonds, capital stock, etc., and the total for the year for this group
was almost $5,000,000 larger than the preceding fiscal year.
Estate tax collections were only slightly larger, $64,800,000, as
compared with $61,900,000 the preceding year, but the increase is
significant in view of the marked revision in these taxes in the 1926
revenue act, involving increase in the amount of the gross estate
exempt from tax, decrease in the rates of tax, and increase, to 80
per cent of the Federal tax, in the credit allowed for State inheritance
taxes paid. The continued high level of collections is due in part to
the additional assessments determined as a result of the audit of re
SECRETARY OF T H E TREASURY
7
turns filed and in part to the increase in the value of estates in recent
years. The value of total gross estates filed during the calendar year
1929 was $3,844,000,000, or $341,000,000 more than in returns filed
during the calendar year 1928.
Customs receipts were $587,000,000, or $15,300,000 less than in
1929. The unusual tariff and trade conditions during the year resulted in wide fluctuations in the monthly receipts. During the
first part of the year, July to October, inclusive, collections were in
record volume. Beginning November, however, they reflected the
general depression in trade and to a certain extent the effect on imports of the prolonged tariff discussion. Collections for January to
April, inclusive, were at the lowest levels under the 1922 act, so low
in fact that the cumulative receipts from the beginning of the fiscal
year, which in October showed an increase of $11,000,000 over the
preceding year, were at the end of April $38,000,000 smaller than the
year before. The closing months of 1930 witnessed an abnormal increase in the imports of those dutiable commodities affected by the
upward rate revisions in the tariff act of 1930, then in its final stages.
Collections during these months reached new record totals. Over
$72,000,000 of duties were received in June, as compared with
$52,000,000 the preceding June.
Miscellaneous receipts from nontax items increased from $492,900,000 in 1929 to $551,600,000 in 1930, or $58,700,000. Almost
half of these receipts are derived from Government-owned securities.
Small amounts are derived from a wide variety of minor sources.
The most important change during 1930 was in the receipts from
foreign obligations which were $239,500,000, or $40,400,000 larger
than in the preceding year. Receipts from France were about
$37,000,000 more than in 1929. The debt funding agreement with
France was approved by Congress, December 18, 1929, effective as
of June 15, 1925. Payments during 1930 included not only the
amount of $35,000,000 due for that year under the agreement but
also the additional amount of about $22,000,000 to put on a current
basis the annuity payments, due under the agreement, as shown on
page 50 of the annual report for 1929.
The Treasury's estimate of total tax receipts for the fiscal year 1930
compared very satisfactorily with the results. Total tax receipts of
$3,626,000,000 were $11,000,000 less than the estimated receipts of
$3,637,000,000 as adjusted for the income tax rediiction. Income
taxes were estimated at $2,480,000,000 before the tax reduction
for 1929 was enacted. Taking into consideration the effect of the
tax reduction applicable to collections due in the last half of the fiscal
year, the estimate is reduced to $2,400,000,000, which is $11,000,000
less than the actual receipts, a relatively small discrepancy in
8
REPORT ON THE FINANCES
view of the large volume of receipts involved and the unusual conditions affecting incomes derived in 1929 from the sale of securities.
Back tax collections were $12,000,000 larger and current collections
on incordes $1,000,000 smaller than anticipated. The collections
from both corporations and individuals were very close to the estimates. Miscellaneous internal revenue receipts of $628,000,000
were $7,000,000 less than estimated, a difference accounted for by
offsetting discrepancies for various items. Tobacco taxes failed by
almost $15,000,000 to reach the anticipated figure of $465,000,000
due to slower growth than anticipated in cigarette collections, especially during the latter part of the fiscal year. This decUne was offset
in part by collections on documentary stamps, about $8,000,000
in excess of the estimates. Customs duties, including the tonnage
tax, were estimated at $602,000,000, or $15,000,000 in excess of the
final results. The unusual conditions during the year, as mentioned
previously, account for this discrepancy.
Expenditures
Total expenditures chargeable against ordinary receipts amounted
to $3,994,152,487 for the fiscal year 1930 as compared to $3,848,463,i90 for 1929, an increase of $145,689,297, or 3.8 per cent. Of
this total, ordinary expenditures (i. e., the amount expended exclusive
of public debt retirements chargeable against ordinary receipts)
amounted to $3,440,268,884 during this fiscal year as compared to
$3,298,859,486 last year, an increase of $141,409,398. Public debt
retirements chargeable against ordinary receipts were $553,883,603
this year compared to $549,603,704 in the preceding year, an increase
of $4,279,899. Comparisons between expenditures for 1929 and 1930
are presented in the following table.
SECRETARY OF THE TREASURY
Expenditures chargeable against ordinary receipts, classified according to major
groups, for the fiscal years 1929 and 1930
[On basis of daily Treasury statements (unrevised). In millions of dollars]
Classes of expenditures
Ordinary expenditures:
General expendituresLegislative
——
Executive proper
State Department
Treasury Department..i
War Department
Department of Justice.Post OflQce Department
Navy Department
Interior Department.
:..
Department of Agriculture
'..
Department of Commerce
Department of Labor
Veterans' Bureau
_
Other independent oflfices and commissions..
District of Columbia and unclassifled items.
Total
.^.
other ordinary expenditures:
Interest on public debt
Refunds of tax receipts
Postal deficiency
Shipping Board
Agricultural marketing fund, net..
All other, including trust funds...
1929
1930
Increase Decrease
17.5
.5
13.3
200.4
416.9
28.9
43.1
364.6
301.1
171.2
40.0
11.3
417.3
40.3
40.1
20.0
.7
14.2
193.1
453.5
32.5
.1
374.2
290.0
177.6
54.3
10.6
446.9
49.5
45.5
2,106. 5
2,162. 7
678.3
212.6
94.7
16.9
659.3
158.0
91.7
31.7
150.0
15.8
i5o:o
85.2
190.9
Total.
1,192.4
1,277. 6
Total ordinary expenditures
3,298.9
2.6
.2
36.6
3.6
43.0
6.4
14.3
'ii.'i
.7
9.2
5.4
56.2
19.0
54.6
3.0
4.0
3,440.3
Public debt retirements chargeable against ordinary receipts..
549.6
553.9
4.3
Total expenditures chargeable against ordinary receipts.
3,848.5
. 3,994.2
145.7
The increase of $145,700,000 in total expenditures chargeable
against ordinary receipts reflects an increase of $56,200,000 in the socalled general expenditures for operating the Federal Government
and an increase in all other expenditures of $89,500,000. General
expenditures for operating the various Government departments,
including the legislative and executive branches, increased over 2.6
per cent and all other expenditures increased slightly over 5.1 per cent
compared with 1929.
The increased expenditures for general government reflect largely
increases of $36,600,000 for the War Department, $29,600,000 for the
Veterans' Bureau, and $14,300,000 for the Department of Commerce;
the latter represents largely increased expenditures in connection
with the work of the Bureau of the Census. These increases were
partly offset by declines of about $43,000,000 for.the Post Office
Department, $11,100,000 for the Interior Department, and $7,300,000
for the Treasury Department. In this connection it shciuld be noted
that nonrecurring expenditures of the Post Office Department
were exceptionally large in 1929, owing to the compensation to
railroads during that year for mail transportation service rendered
in earlier years. This payment made in 1929 explains in large
10
REPORT ON T H E FINANCES
measure the decline of $43,000,000 in the amount expended for the
department in 1930 compared with the previous year.
The increase in other expenditures chargeable to ordinary receipts
is accounted for primarily by loans from the fund established by the
agricultural marketing act approved June 15, 1929, in the net amount
of about $150,000,000 for the fiscal year. Increases in expenditures
were partly offset by a decline of $19,000,000 in interest payments on
the public debt and by a reduction of $54,600,000 in the refunds of
internal revenue and customs receipts.
Chart 4 shows the trend of total expenditures chargeable against
ordinary receipts since 1923. Two tendencies are noticeable: The
BILLION
DOLLARS
St-
ar.
WW.
ALL OTHER
PUBLIC DEBT
SINKING FUND RETIREMENTS
'^Xhi
INTEREST ON PUBLIC DEBT
ig?.'^
I09A
1925
192^^
1927
I92d
1929
1930
CHART 4.—Principal classes bf expenditures chargeable against ordinary receipts for the fiscal years
1923 to 1930
proportion of general expenditures to total expenditures has remained fairly constant, varying between 51 per cent and 55 per
cent, and the proportion of interest payments has consistently
declined from 28 per cent of total expenditures in 1923 to 17 per
cent in 1930. The amounts expended for general government have
varied between. $2,974,000,000 and $3,440,000,000. The increase
in these expenditures over the period reflects in considerable measure growth in the responsibilities which devolve upon the Federal
Government for many types of supervisory, developmental, and
research activities. The decline in interest payments on the public
debt is the result of reduction both in the public debt outstanding
an(i in the average annual rate of interest.
11
SECRETARY OF THE TREASURY
Surplus
The surplus of ordinary receipts for the fiscal year 1930 over
expenditures chargeable against these receipts was $183,789,215,
according to the daily Treasury statement, unrevised. The entire
surplus was applied during the year to retirement of the public
debt. A summary of ordinary receipts, expenditures chargeable
against ordinary receipts, and the surplus fop the past nine years is
presented in the accompanying table:
Ordinary receipts, expenditures chargeable against ordinary receipts, and surplus,
for the fiscal years 1922 to 1930
[On basis of daily Treasury statements (unrevised)]
Total ordinary
receipts
Fiscal year
1922
1923
1924-_
1925
1926
1927-_
1928
1929
1930
L . :
-.
.....
-
---.
•
-
--____-_
-
---.
-
-
-
$4,109,104,151
4,007,135, 480
4.012.044.701
3,780,148,684
3,962,755,690
4,129, 394, 441
4,042, 348,156
4,033, 250,225
4.177.941.702
Expenditures
chargeable
against ordinary
receipts
$3,795,302, 500'
3,697, 478,020
3,506,677,715
3,529, 643, 446
3,584,987,873
3,493,584, 519
3, 643, 519,875
3,848, 463,190
3,994,152, 487
Surplus
$313,801,651
309,657,460
505,366,986
250,505,238
377,767,817
635,809,922
398,828,281
184,787,035
183,789,215
Compared with expenditures, the surplus indicates that ordinary
receipts were only 4.6 pier cent in excess of the Government's requirements. As stated in my last report, the management of Federal
finances so as to accomplish such a close adjustment of receipts to
expenditures is considered by the Treasury to be very satisfactory,
especially in view of the fact that sinking fund and other debt
retirement operations are adequate to retire the public debt at a
reasonably rapid rate.
The surplus receipts were larger than anticipated. The estimated
surplus shown in the Secretary's annual report for 1929 was $225,,i581,534. This amount was subsequently redueied to $145,581,534
:*:to allow for the income tax reduction authorized by Congress in
.December, 1929. The surplus receipts were about $38,000,000 in
iexcess of this adjusted estimate. The major variations between the
actual results and the estimates are summarized in the following
table:
Principal variations in ordinary receipts and expenditures chargeable against
ordinary receipts, as compared with estimates for the fiscal year 1930
[In millions of dollars]
^ ,.
. ,
Ordinary receipts:
Tax receipts.--Miscellaneous receipts
T o t a l ordinary receipts
^•Afteriadjustmeot for 1929 tax reducf ion.
Actual greater
(+) or less (-)
than estimate
_---_-_---_
i —10. 7
+19. 4
„,^,
,,„,^„^^^^-,_-,__-___Mh8/7
12
REPORT ON THE FINANCES
Principal variations in ordinary receipts and expenditures chargeable agains
ordinary receipts, as compared with estimates for the fiscal year 19SO—Con.
[In millions of dollars]
Expenditures chargeable against ordinary receipts:
Actual greater
r\ ^'
J -.t
(+) or less (-)
Ordinary expenditures—
than estimate ,
General expenditures
—31.7
Agricultural marketing fund (net)
+75. 0
Other
+3. 7
Total ordinary^expenditures
+47. 0
Public debt expenditures chargeable against ordinary receipts.—76. 5
Total expenditures chargeable against ordinary receipts
—29. 5
Surplus
1 +38.2
Total ordinary receipts were substantially as estimated. Tax
receipts failed by $10,700,000 to reach the estimated figure, but this
loss was more than offset by the fact that miscellaneous receipts
were $19,400,000 in excess of expectations. Ordinary expenditures
were $47,000,000 more than anticipated. Although general expenditures for Government departments were $31,700,000 under the estimates, other ordinary expenditures exceeded the estimates by
$78,700,000 due principally to the amounts loaned from the agricultural marketing fund.
Notwithstanding the increase in ordinary expenditures, as compared
with the estimates, the surplus exceeded the estimated $145,581,534.
This was due to the fact that public debt retirements chargeable
against ordinary receipts were about $76,500,000 less than anticipated
chiefly as a result of foreign payments made in cash instead of in
securities. In the Budget it was assumed that payments by foreign
governments would be made in United States obligations. Under the
various acts relating to foreign indebtedness, payments of interest
and principal may be made in United States obligations. The securities so received have been canceled, automatically reducing the.
public debt, and such retirements have been included in the public
debt retirements chargeable against ordinary receipts. As explained
on page 37, it has been the practice of foreign governments in recent
years to make practically all payments, in securities. Accordingly,
it has been the Government's practice to include among the estimated
public debt retirements chargeable against ordinary receipts amounts
approximately equal to the prospective receipts from foreign governments. In June, 1930, however, payments by foreign governments
of principal and interest were made in cash. Of these cash payments
the entire amoimt on account of interest, and that part of payments
of principal on account of surplus war and relief supplies sold on
credit (as described on page 59), are not required by law to be used for
debt retirement. Therefore public debt retirements from these receipts
'. } Aftei* adjustment for 1929 tax reduction.
13
SECRETARY OF THE TREASURY
could not be included in retirements chargeable against ordinary
receipts for 191^0.
In order to facilitate the interpretation of Government accounts
and of the surplus in the future, a revision was made in the analysis
of receipts and expenditures included in the daily Treasury statement, effective July 1, 1930, whereby the operations of special funds
and trust funds are shown separately from the operations of the
general fund. The description of this revised statement appears as
Exhibit 70, page 433.
THE PUBLIC DEBT i
General review of operations
Fiscal year 1930.—During the fiscal year 1930 public debt receipts
on all accounts aggregated $3,722,970,170.85 and expenditures,
$4,468,859,619. 27. Accordingly the gross debt of $16,931,197,747.60
outstanding at the beginning of the year was reduced to $16,185,308,299.18 at the end. The net reduction in the debt was $745,889,448.42,
of which amount $553,883,603.25 was discharged from ordinary
receipts through the cumulative sinking fund and other established
debt retirement accounts. The balance of the reduction was effected
chiefly through retirements from surplus. The total interest-bearing
debt was reduced $717,049,029.35, the matured debt on which interest
has ceased was reduced $19,036,029, and the debt bearing no
interest was reduced $9,804,390.07. The reduction in the interestbearing debt was almost wholly confined to the short-term issues, a
net total of $703,682,019.35 being retired, including $627,994,000
3 K per cent Treasury notes.
The following comparison of the various classes of debt outstanding
on June 30, 1929, and on June 30, 1930, indicates the character of the
changes effected during the year, which, as stated above, are confined
almost entirely to the short-dated debt.
Changes in the public deht outstanding June 30, 1929 and 1930, hy classes
June 30, 1929
Interest-bearing debt:
Regular issues—
Pre-war bonds
._-_
Liberty b o n d s . . . . . .
Treasury bondJL...
Total bonds
Treasury notes.
Certificates of iadebtedness
Treasury bills
Treasury savini^s certiflcates
.—
Total regular issues
Special issues Treajiury notes (trust funds)...
Total interest-bearing debt
..
Matured debt on which interest has c e a s e d . . . „ .
Debt bearing no interest...
Total gross debt.
... .
June 30, 1930
$770,207,310.00
8,217,508,450. 00
3,136,986,600.00
12,124,702,360.00
2,254,109, 500. 00
1,640,199,500.00
+$2,337, 540. 00
$772,544,850.00
8,201,803,900.00
-16,704,550. 00
3,136,986,600.00
12, 111, 335,350.00
—13,367,010.00
1,626,115,500. 00 -627,994,000.00
1,264,354,500.00 —375,845,000.00
155,916,000. 00 -1-155,916,000.00
13,028,019.35
-13,028,019.35
16,032,039,379.35 15,157,721,350.00 —874,318,029. 35
606,902,000.00
764,171,000. 00 -f 157,269,000.00
16,638,941,379.35 15,921,892,350.00 -717,049,029.36
31,715,370.26
50, 751,399. 26
-19,036,029.00
-9,804,390.07
231,700,678.92
241,504,968.99
16,931,197,747.60 16,185,308,299.18 —746,889,448.42
1 Amounts under this heading are on the basis of daily Treasury statements (revised).
Increase (+) or
decrease (—) .
14
REPORT ON THE FINANCES
In the course of the year six regular issues of Treasury certificates
of indebtedness, in the aggregate amount of about $2,100,000,000,
matured on quarterly tax-payment dates. There was the custoniary
concentration in the Treasury's receipts around these dates, As is
usual under such circumstances, the Treasury's requirements on a
given quarterly tax-payment date were determined on the basis of the
estimated excess, over current receipts, of maturing Treasury obligations and of ordinary expenditures for the subsequent quarter. Until
the mid-December financing in 1929, it had been the practice to
provide for the full quarterly requirements, so determined, through
an issue of certificates of indebtedness, the proceeds of which were left
on deposit with the purchasing banks until required by the Treasury
to meet its current expenditures. This procedure was followed in
providing for requirements for the quarter beginning September 15,
1929, but thereafter certificates were not invariably issued to meet the
total estimated requirements between quarterly tax-payment dates.
Instead they were issued in somewhat sinaller amounts and were
supplemented by subsequent sales of Treasury bills for cash. Four
regular issues of Treasury certificates of indebtedness, in the aggregate amount of $1,814,062,000, and four supplementary issues of
Treasury bills, in the aggregate ainount of $312,024,000, were made
during the fiscal year.
The Treasury's requirements for the quarter beginning September
15 were met through an issue of 4% per cent certificates of indebtedness. Series TJ-1930, dated September 16, 1929, with a 9-month
maturity on June 16, 1930. Subscriptions aggregating $1,480,696,500
were received and a total of $549,707,500 was allotted and issued.
Particulars concerning this issue were given in the report for 1929.
For the quarterly financing necessary to meet the payments due on
December 15, 1929, including about $700,000,000 of maturing certificates, and to place the Treasury in funds for meeting the greater
part of its requirements up to the next tax-payment date on March 15,
1930, subscriptions were invited on D^xember 6, 1929, for an issue of
3}^ per cent certificates of indebtedness. Series TS-1930, dated December 16, 1929, with a 9-month maturity on September 15, 1930.
Subscriptions aggregating $722,552,500 were received, and a total of
$351,640,500 was allotted and issued.. Supplementing this issue of
certificates, and for immediate cash requirements, tenders were
invited on December 10 for an issue of $100,000,000 of Treasury bills,
dated December 17,1929, with a 90-day maturity on March 17,1930.
This was the initial offering of Treasury bills, the new type of shortterm security issuable on a discount basis under competitive bidding
and designed to supplement regular issues of certificates of indebtedness as a part of the short-term financing. For this issue tenders
aggregating $223,901,000 were received. The highest bid receivecl
SECRETARY OF THE TREASURY
15
was 99.310, equivalent to a bank discount rate of 2.76 per cent, and
the lowest bid accepted was 99.152, equivalent to a bank discount
rate of 3.392 per cent. The average price received for the issue was
99.181, equivalent to a bank discount rate of 3.276 per cent. The
Treasury's requirements for the same quarter were further supplemented by a second offering of Treasury bills announced on February 11, 1930, tenders being invited for 90-day bills, dated February
18,1930, to mature on May 19,1930, to the amount of $50,000,000, or
thereabouts. Tenders aggregating $186,183,000 were received, and a
total of $56,108,000 was accepted at prices ranging from 99.250 down
to 99.125, the average price being 99.173, equivalent to a bank discount rate of 3.306 per cent.
On March 7,1930, subscriptions were invited for an issue of 9-month
3% per cent certificates of indebtedness of Series TD-1930, dated and
bearing interest from March 15, 1930, and maturing on December
15,1930. For this issue subscriptions aggregating $1,290,990,000 were
received, and a total of $483,341,000 was allotted and issued. Following the precedcint and procedure established in the preceding C[uarter,
this regular issue of certificates of indebtedness was supplemented and
followed by iss;ues of Treasury bills when needed for the Tresasury's
further requirements up to; the next tax-payment date on June 15.
Two issues wei'e subsequently made as a part of the quarter's financing. On April 7, 1930, tenders were invited for bills dated April 15,
1930, with a 90-day maturity on July 14, 1930, to the amount of
$50,000,000 or thereabouts. Tenders aggregating $132,377,000 were
received, and a total of $51,316,000 accepted at prices from 99.315
to 99.250, the average price accepted being 99.267, equivalent to a
bank discount rate of 2.933 per cent. For the other issue tenders
were invited on May 12, 1930, for bills dated May 19, with a 91-day
maturity on August 18,1930, to the amount of $100,000,000, or thereabouts. Tenders aggregating $275,674,000 were received, and
$104,600,000 were accepted at prices from 99.400 to 99.331, making the
average price for the issue 99.357, equivalent to a bank discount rate
of 2.544 per cent.
The final offering of short-term securities for the year was announced
on June 7, 1930, when subscriptions were invited for an issue of 12month 2% per cent certificates of indebtedness. Series TJ-1931,
dated and bearing interest from June 16, 1930, and maturing
on June 15, 1931. Subscriptions aggregating $2,398,792,000 were
received, and a total of $429,373,000 was allotted and issued.
Department circulars and public announcements covering the
above issues will be found in the appended exhibits except for those
covering the issue of certificates on September 16, 1929, which will
12101—31
4
16
REPORT ON THE FINANCES
be found in report for 1929. Some further consideration of Treasury
bills appears later in this report.
First quarter, 1931.—The issue of certificates of indebtedness of
June 16 was supplemented after the close of the fiscal year 1930 by
two issues of Treasury bills to complete provisions for the quarter
ended September 15. On July 7, 1930, tenders were invited for an
issue of $50,000,000, or thereabouts, the bills to be dated July 14 and
to mature on September 15, 1930, a 63-day term. Tenders were
received in the aggregate amount of $328,968,000, and $50,920,000
were accepted at prices from 99.720 to 99.660 and averaging 99.672,
the average rate on a bank discount basis being 1.876 per cent. On
August 11, 1930, tenders were invited for an issue of about $120,000,000, the bills to be dated August 18 and to mature in 91 days, on
November 17, 1930. Tenders to the total amount of $397,162,000
were received, and a total of $120,000,000 was accepted at prices
ranging from 99.593 to 99.473, with the average price 99.505, making
the average rate 1.960 on a bank discount basis.
For the Treasury's requirements on the September 15, 1930, taxpayment date, an issue of 12-month 2% per cent certificates of
indebtedness of Series TS-1931, to the amount of $325,000,000, or
thereabouts, was offered for subscription on September 8, 1930,
with certificates dated September 15, 1930, to mature on September
15, 1931. Although the interest rate was the lowest ever offered by
the Treasury on a regular short-term issue, subscriptions aggregating
$1,237,502,500 were received, the issue being about four times oversubscribed. A total of $334,211,000 was accepted.
The official circular governing the certificate issue, and all public
announcements concerning that issue and the two issues of Treasury
bills after June 30, 1930, will be found in the appended exhibits.
Summary of issues.—Summary data regarding the certificates of
indebtedness issued from September 16, 1929, to September 15, 1930,
and the Treasury bills issued from December 17, 1929, to August
18, 1930, are presented in the following tables:
Issues of certificates of indebtedness, September 15, 1929, to September 15, 1930
Issue
Date of issue
Date of
maturity
Rate
Amount
issued
J
Series TJ-1930
Series TS-1930 „
Series TD-1930.
Series TJ-1931
Series TS-1931
Sept.
Dec.
Mar.
June
Sept.
16,1929
16,1929
15,1930
16,1930
15,1930
June
Sept.
Dec.
June
Sept.
16,1930
15,1930
15,1930
15,1931
15,1931
Per cent
$549, 707,600
351,640,500
SH 483, 341, 000
SV, 429,373,000
2H 334, 211,000
m
SECRETARY OF THE TREASURY
17
Issues of Treasury hills, December 17, 1929, to August 18, 1930
Date of
issue
Days to
maturity
Dec. 17,1929.
90
Feb. 18,1930.
90
Apr. 15,1930.
90
May 19,1930.
91
July 14, 1930.
63
Aug, 18,1930.
91
Date of
maturity
Price (per
$100)
Rates corresponding to indicated
prices
Bank
True
discount discount
Av.
H.
L.
May 19,1930 Av.
H.
L.
July 14,1930 Av.
H.
L.
Aug. 18,1930 Av.
H.
L.
Sept. 15,1930 Av.
H.
L.
Nov. 17,1930 Av.
H.
L.
Mar. 17,1930
$99.181
99. 310
99.152
99.173
99. 250
99.125
99.267
99. 315
99. 250
99.357
99. 400
99. 331
99.672
99. 720
99. 660
99.505
99. 593
99. 473
Total amount Face (maturity)
value, total
received
issue
Per cent Per cent
3.276
3.350 $99,180, 780. 45 $100,000,000. 00
2. 818
2.760
3. 392
3. 469
3.306
3.380
55, 644, 231. 50
56, 108,000.00
3.065
3.000
3. 580
3.500
2.933
2.996
50,939, 735. 00
51,316,000.00
2. 797
2.740
3.065
3.000
2.544
2.596 103,927, 282. 00 104, (500, 000. 00
2.374
2.421
2.647
2.701
1.909
1.876
60, 752, 788. 70
50,920, 000. 00
1.627
1.600
1.977
1.943
1.960
1.997 119,405,468. 74 120, 000,000. 00
1.639
1.610
2.125
2.085
Cost of Government borrowing
The cost of Grovernment borrowing during the year was sulDstantially below that of the preceding year, due chiefly to the unusually
low rates at which new securities were issued. An additional factor
was the use of Treasury bills as a supplement to the regular financing
through certificates of indebtedness.
The rates at which new issues of Government securities can be
marketed are dependent upon conditions in the money market, as
evidenced in part by current market quotations on loans of similar
character and maturity. As outlined in succeeding paragraphs,
short-term money rates in 1929 reached the highest levels in recent
years and subsequently dropped to new postwar low levels. Rates
on new Government issues during the period show similar striking
changes. Rates of 5% and 4% per cent on certificates issued on June
15 and September 16,1929, respectively, represented the highest rates
at which Govei-nment securities have been marketed since 1921.
The issues of June and September, 1930, carried rates of 2% and 2?^
per cent, respectively. Prior to the June issue, the lowest rate carried
by comparable Government securities was 2% per cent, the rate on
certificates issued in June and September, 1924. Furthermore, on
July 14 and October 15 and 16, 1930, funds were obtained through the
sale of Treasury bills at still lower rates, the average bank discount
rate on these issues being approximately 1% per cent. The steady
decline in rates of debt issues after September 15, 1929, is shown in
the summary data above for these issues.
The range in rates on certificates of indebtedness issued during the
fiscal year 1929 was 4^ to 5% per cent, while during 1930 rates on
18
REPORT ON THE FINANCES
similar issues range from 2% to 4% per cent, with these issues after
September 16,1929, at or below 3K per cent. The highest rate on any
debt issue after September 16,1929, was slightly over 3}^ per cent, as
compared with 4^ per cent, the lowest rate in the preceding fiscal year.
The special use of the Treasury bills as a supplement to the usual
method of short-term financing further reduced the cost of borrowing. Funds secured in February, April, and May through the issue
of Treasury bills would otherwise have been borrowed in the regular
issues of certificates of indebtedness on the quarterly tax-payment
dates, that is, in December for the February issue and in March for the
April and May issues. Costs were thus lowered somewhat through
the reduction in the period for which credit was extended to the Government prior to its use. Furthermore, in the case of the latter two
issues of Treasury bills the Treasury was able to borrow at lower
rates than at the preceding quarterly tax-payment date owing to the
rapidity of the decline in open market money rates during the period
Credit conditions
During the year ended June 30,1930, banking and credit conditions
in the United States went through a complete readjustment. Money
rates, which at the beginning of the period were at a higher level than
at any time since 1920, began to decline rapidly about the middle of
November, 1929, and by the summer of 1930 were at the lowest levels
of postwar years. Factors accounting for both the advance and the
subsequent decline in the cost of credit were dominated largely by
conditions in the security market.
For several years prior, to the autumn of 1929, particularly after
1926, security prices rose continuously and rapidly and the volume of
trading showed unusual expansion. By September, 1929, security
prices were at an unprecedentedly high level and the volume of trading had grown to record proportions. The speculative movement
in this country and the consequent high rates for money were attracting funds from all parts of the United States and from abroad and
were exerting a disturbing influence on business and credit conditions
throughout the world.
Rapid growth in the volume of loans made for speculative purposes
caused the Federal reserve system as early as 1928 to adopt a firm
money policy. This policy was expressed at first in permitting gold
exports, which were in larger volume at the time, to exert their customary firming influence on credit conditions, anci later in sales of
United States securities and in successive increases in discount rates
from a level of 3K per cent at the end of 1927 to 5 per cent at the
beginning of 1929, together with increases in buying rates on acceptances. As a result of gold exports and open-market operations of the
SECRETARY OF THE TREASURY
19
reserve banks, and notwithstanding the rise in discount ra,tes, the
volume of member bank discounts increased rapidly during the first
half of 1928 and was close to a billion dollars during most of the following year, a volume not exceeded since the early postwar years. In
these circumstances money conditions became increasingly firm and
there was a definite slackening in the growth of member banli credit,
including loans extended by member banks to brokers and dealers in
securities. Continued growth in the demand for credit ftrom the
security market, however, was met by large increases in loans to
brokers made by corporations and other nonbanking lenders. At the
beginning of 1929 it was evident that conditions leading to the adoption of the reserve system's firm money policy still continued. In
February the Federal Reserve Board issued to the reserve banks and
to the public a statement pointing out that in the prevailing circumstances the granting of additional security loans or the maintenance
of a large volume of such loans by member banks that were heavily
or continuously in debt to the Federal reserve banks constituted an
improper use of Federal reserve facilities.
During the spring of 1929 there was a reduction in the volume of
member bank loans and investments, the decline representing a
decrease in loans on securities and in investment holdings, offset in
a measure by a partly seasonal increase in so-called other loans. In
June, however, loans on securities advanced again and so-called other
loans continued to increase.
Renewed increase in speculative activity in the security market,
after the temporary slackening in the spring, was reflected in further
demands for funds to finance operations in securities^ and by midsummer of 1929 money rates were at the highest level in more than
seven years. The greatest increase occurred in open-market rates,
and particularly in rates for money used to finance stock market
transactions. Open-market rates on time loans on securities at 8 to
8K per cent in June were about 2}^ per cent higher than a yeai* earlier.
Rates on bankers acceptances at 5K per cent were about Iji per cent
above the level of the year before, and rates on commercial i)aper at
6 per cent were 1% per cent higher, while rates on bank loans to
customers were on the average about one-half of 1 per cenf: higher
than a year earlier.
Attracted by the prevailing high level of money rates and by
opportunities for speculative profits, funds flowed into this country
from abroad during most of 1929. This led to an inward movement
of gold, which added about $270,000,000 to the country's stock of
monetary gold between January and October of that year. The
increase in gold stock was, however, not reflected in a reduction of
member bank discounts at the reserve banks, but was taken ui> largely
in the liquidation of reserve bank acceptance holdings, which carried
20
REPORT ON T H E FINANCES
a higher rate than discounts, and in part by further sales of United
States securities by the reserve banks.
At the commencement of the agricultural harvesting and marketing
season, in July and August, reserve bank buying rates on acceptances
w^ere reduced from a level of 5}i per cent for various maturities to 5}^
for the same maturities, and on August 9 the discount rate at the
New York Reserve Bank was advanced from 5 to 6 per cent. The
establishment of lower rates on acceptances, as compared with the
New York discount rate, encouraged the sale of acceptances to the
reserve banks as the season progressed and the volume of acceptances
drawn and outstanding increased. As a consequence, bill holdings of
reserve banks increased more rapidly than the seasonal demand for
additional reserve bank credit, so that discounts for member banks
in New York City declined and conditions in the money market
became easier.
During the last half of 1929 very marked changes occurred in the
business and credit situation. Industrial production, which had
reached record high levels at the middle of the year, commenced to
decline in July. The outlook for corporation profits was adversely
affected by continuing evidence of decreasing business activity and
actual reports of reduced earnings. In the security market, notwithstandingfc»omeeasing in the money situation, rates on collateral loans
continued at a high level. Security prices commenced to decline in
September. At the same time the volume of loans to brokers
continuecl to increase with exceptional rapidity, a fact which, in the
face of declining security prices, was evidence of a movement of securities from holders with large equities to holders with smaller equities,
or from stronger into weaker hands. The position of the security
market was further weakened by the occurrence of a conspicuous
failure in the British market and by withdrawals of foreign funds from
this country. On September 26 the Bank of England, following recurrent declines in its reserves, increased its discount rate from 5^ per
cerit to 6K per cent. These developments, coming at a time when
industry was reacting from an earlier overstimulation in important
lines, culminated in October and November in violent declines in
security prices. Despite some recovery during the last month of the
year, stock prices at the end of December, as measured by the Standard Statistics index of 404 stocks, were about 35 per cent below the
high point whicii was reached in September.
The break in security prices was accompanied by a liquidation of
loans on an unprecedented scale. Total reported loans to brokers in
New York City declined from about $8,550,000,000 at the beginning
of October to about $4,000,000,000 at the end of the year. This
decrease of about $4,550,000,000 reflected chiefly the withdrawal of
funds from the market by lenders other than rnember banks. In its
SECRETARY OF THE TREASURY
21
initial stages this withdrawal of funds resulted in New York City
member banks taking over the loans of these other lenders. By the
end of the year, however, loans to brokers by member banks in New
York City also declined, averaging lower in December than in August
and September. Notwithstanding some increase in member bank
loans on securities to others than brokers, the net liquidation of
reported loans on securities amounted to about $4,000,000,000 for
the period.
During the first half of 1930 loans to brokers in New York City by
nonbank lenders continued to decline, and there was considerable
shifting of brokers' loans to member bank account, chiefly at member
banks in New York City. By the end of June, however, security
loans of all member banks were about $150,000,000 larger than at the
end of 1929 and about $340,000,000 larger than at the beginning of
October of that year. This growth in the security loans of loaember
banks was not as large as the liquidation of loans by nonbanking
lenders, and total reported loans on securities declined further during
the first half of 1930, bringing the net reduction for the nine months
ended June 30, 1930, to nearly $5,000,000,000.
During the first week of heavy liquidation in the security market,
when loans to brokers by member banks in New York City were
sharply increased to offset the withdrawal of funds from the market
by nonbank lenders and out-of-town banks, there was a corresponding increase in member bank deposits, and consequently in the required reserves of member banks. With the passing of the speculative situation, however, the Federal reserve policy which, for about
two years had been directed toward firm money, was reversed and
became favorable to easier money conditions. During the week ended
October 30 the reserve banks bought $150,000,000 of United States
securities in the open market, reducing by that amount the need for
additional ruember bank borrowing and so facilitating the process
of liquidation which was in progress. In November and Descember
the reserve banks made additional purchases of securities. By the
beginning of 1930 their security holdings amounted to about $500,000,000, compared to about $150,000,000 during the summer of 1929.
Subsequent purchases brought the total to about $600,000,000 in
September. Federal reserve rates were also reduced. Beginning
with the reduction in the discount rate at the New York bank from
6 per cent to 5 per cent on November 1, 1929, there were successive
reductions at all reserve banks, and by the end of Septembeir, 1930,
the rate was 3 per cent at Boston, 2K per cent at New York, and
3K per cent at all other reserve banks. Buying rates on acceptances
were also reduced and on October 1,1930, ranged from 1% per (3ent for
maturities up to 75 days to 2% per cent for four to six month bills.
22
REPORT ON THE FINANCES
The decline in money rates in this country in the autumn of 1929
had resulted in an outward movement of about $100,000,000 of gold
before the end of the year. Beginning in January, however, there
was a net inflow of gold, reflecting chiefly imports from South America
and the Orient,, and by the end of June the country's stock of gold
was higher by $200,000,000 than a year earlier. In July and August
gold moved outward again, chiefly to France and Canada, biit these
gold exports did not result in firmer conditions in the money market,
since their effect was counterbalanced in July by a decline in the
domestic demand for currency and in August by open market purchases of securities by the reserve banks. In the autumn member
bank indebtedness at the reserve banks, at a level below $200,000,000,
showed a decrease of about $800,000,000 from the year before.
Reflecting decline in the demand for credit in the security market
and also in the demand by trade and industry, together with an inflow
of gold from abroad and the easy money policy of the Federal reserve
system, money rates in the summer aad early autumn of 1930 were at
the lowest levels of the postwar period. At the end of September
the open market rate on 90-day bankers' acceptances was 1% per
cent and on prime commercial paper 3 per cent, compared with 5%
per cent and 6}{ per cent, respectively, a year earlier, and 2 per cent
and S-SVi per cent at the low point in the middle of 1924. Open
market rates on time loans secured by stocks and bonds as collateral
were quoted at 2}^-2% per cent, compared to 9-9% a year before,
and an average of 2.6 per cent for the last week of July, 1924. Rates
charged customers were on the average about 1 ji per cent below the
high point reached in October, 1929, and at the lowest level since
1921.
Treasury bills
Reference has already been made in this report to the initial issue
of Treasury bills as a part of the financing for the quarter beginning
on December 15, 1929. Some discussion of this new type of shortterm security was presented in my report for 1929, and the general
circular fixing the terms of the bills and the conditions of their issue
was included in that report. On December 10, in announcing the
initial issue to be made on December 17, 1929, the following statement was made:
This offering will constitute the first issue of Treasury bills, which are a new
form of Government security authorized by a law enacted by the last Congress.
While the law authorizes the issuance of Treasury bills with a 12-month maturity, generally speaking they will be issued, as in the case of this offering, with a
90-day maturity or with a maturity not in excess of three months. Issued from
time to time as the current financial needs of the Government may dictate and
with frequent and convenient maturities, they should furnish an attractive
medium for short-term investment. They are intended to supplement rather
SECRETARY OF THE TREASURY
23
than to supplant Treasury certificates of indebtedness, which, with maturities
usually ranging from 6 to 12 months, have up to the present time constituted the
principal medium of short-term Government financing.
Treasury bills offer certain advantages as compared with Treasury certificates.
Their issue can be timed to coincide almost exactly with the needs for funds as
compared with the existing practice of borrowing four times a year on fixed dates
through certificate offerings; they will not be sold at par with an interest rate
fixed by the Treasury but at a discount rate fixed by the subscribers through
competitive bidding; their maturities can be timed to correspond closely to the
actual collection of income taxes instead of falling on the nominal date of tax
payment; and, finally, the Treasury should be able to take advantage of periods
of seasonal ease for short-term borrowing instead of being compelled to offer a
large issue of securities during a temporary stringency and high money rates.
The Treasury Department believes that Treasury bills will prove l/O be an
efficient and economical additional medium through which the short-terra financing of the Government may be conducted and hopes that they will receive a
favorable reception on the part of the. public.
I t will be recalled that under the act approved June 17, 1929,
authorizing their issue. Treasury bills were exempt as to piincipal
and interest from all taxation (except estate or inheritance taxes),
but that gains from the sale or other disposition of Treasury bills
were subject to income tax and losses were deductible. As a practical matter, little or no revenue could be realized from taxing gains on
Treasury bills. This follows from the fact that gains and losses in
practically all cases would offset each other and, in any case, would be
inconsequential because of the short term of the bills and the narrow
range within which their prices fluctuate. Furthermore, the bookkeeping records required in order to calculate gains, as differentiated
from exempt interest, were so complicated that a very real sales
resistance resulted. The situation was brought to the attention of
the Congress, which provided a corrective measure through t;he act
approved June 17, 1930. This act provided that capital gains on
Treasury bills should be exempt from taxation and that losses should
not be deductible. This new provision of law required a clia.nge in
the terms of Treasury bills thereafter to be issued and a change in
the method of showing on tax returns the income received on such
bills. In consequence of these changes an amended Department
Circular No. 418 and Treasury Decision 4292, both dated June 25,
1930, were issued. Treasury Decision 4292 is incorporated in the
amended circular, which will be found as Exhibit 25, appearing on
page 309 of this report.
By the close of the last fiscal year Treasury bills were successfully
established as one of the important means for short-term financing;
and except for the disability just referred to, which had been removed by the act of Congress approved June 17, 1930, they were
fully meeting the Treasury's expectations. Issues of Treasury bills
offered subsequently were subject to the amended law.
24
REPORT ON THE FINANCES
Cumulative sinking fund
For the fiscal year 1930 the appropriation for the sinking fund was
as follows:
Unexpended balance from 1929
$29. 18
Initial credit
.
253,404,864. 87
Secondary credit:
Derived from retirements prior to July
1,1930
.
$123,905,360.28
Derived from retirements during 1930-_
5, 615, 313. 86
129, 520, 674. 14
Total, including unexpended balance
382, 925, 568. 19
In response to a public offer made on July 11 and closed on July
16, 1929, Federal reserve banks purchased for the sinking fund, on
tenders by holders, $75,864,950 face amount of 3K per cent Treasury
notes. Series A-1930-1932, at 98 and accrued interest. In connection
with the issue of 4% per cent 9-month certificates of indebtedness
dated September 16, 1929, $100,000,000 face amount of 3K per cent
Treasury notes of the three outstanding series was acquired for account of the sinking fund through receipt at a fixed price of 98 and
accrued interest in part payment for the certificates. From time to
time additional amounts of 3K per cent Treasury notes were purchased at the market, a total of $202,354,000 face amount being so
acquired at a principal cost of $200,545,125, an average price of
slightly over 99%2. In addition, $150,000 face amount of first 4's
were purchased at 95 and interest, and $10,000,000 face amount of
fourth 4M's were purchased, $2,500,000 at 982%2 and $7,500,000 at
^ ^ 2 and interest. Debt aggregating $388,368,950 in face amount
%%
accordingly was retired at a principal cost of $382,925,400.49.
A statement concerning the operations on account of the cumulative sinking fund from its inception to the close of 1930 will be found
on page 593 of this report.
Three and one-half per cent Treasury notes
On September 10, 1930, a call was issued for the redemption on
March 15, 1931, of all outstanding 3^ per cent Treasury notes of
Series A-1930-1932 and Series B-1930-1932. These two series of 3K
per cent Treasury notes were issued in connection with the refunding
of the second Liberty loan. Series A-1930-1932, in total amount
$1,360,456,450, was issued on March 15, 1927, in exchange for second
Liberty loan 4}^ per cent bonds, and Series B-1930-1932, in total
amount $619,495,700, was issued on September 15, 1927—$368,973,100 in exchange for second Liberty loan 4}^ per cent bonds and $250,522,600 against cash subscriptions. Each series carried a 5-year
maturity, but was made subject to call, on six months' notice, on any
SECRETARY OF THE TREASURY
25
interest-payment date on and after three years from date of issue.
Series A accordingly became subject to call on March 15 and Series
B|on September 15, 1930. Up to the date of the call on September
10 there,had been retired $711,380,100 of the original issue of Series
A and $119,192,000 of Series B, or an aggregate total of $830,572,100.
The following table summarizes the operations in these securities:
Transactions in Sji per cent Treasury notes of 1930-1932, Series A and B, from
date of issue to September 10^ 1930
Issued:
Amount
Series A-1930-1932
Series B-1930-1932
1
$1, 360, 456, 450
619, 495, 700
Total
1,979,952,150
Retired:
Sinking fund
Payments from foreign governments^
Surplus receipts
.
Miscellaneous...^
Total
:
-
__-.
Outstanding, September 10, 1930:
Series A-1930-1932....
Series B-1930-1932
Total
366, 614, 150
275, 990,150
145, 000, 000
42,967,800
830, 572, 100
.
.
-
649, 076, 350
500,303,700
1, 149, 380, 050
. A third issue of similar notes. Series C-1930-1932, was made on
January 16, 1928, in total amount $607,399,650, all in exchange for
third Liberty loan 4}^ per cent bonds as a part of the refunding of
that loan. A total of $451,722,450 remains outstanding. These
notes will mature on December 15, 1932, but may be called for
redemption, on six months' notice, on any interest-payment date on
and after December 15, 1930.
Department Circular No. 428, dated September 10, 1930, calling
the notes of Series A-1930-1932 and Series B-1930-1932 for redemption, and the public announcement on September 10, concerning the
call, will be found as Exhibit 27, page 315.
Two per cent Consols of 1930
The 2 per cent Consols of 1930 were issued under authority of the
act approved March 14, 1900, in refunding of certain other outstanding bonds at higher rates of interest. They were dated April 1, 1900,
and the law provided that they should be payable at the pleasure of
the United States after 30 years from the date of their issue. The
terms were fixed accordingly and the bonds given an indeterminate
26
ilEt>OllT ON TH:fi FINANCES
maturity after April 1, 1930. On December 12, 1929, the following
public statement was issued:
In view of the many inquiries received at the Treasury with respect to the
2 per cent Consols of 1930 which, by their terms, are redeemable at the pleasure
of the United States after April 1, 1930, Secretary Mellon to-day announced that
these bonds would not be called for redemption on April 2, 1930, which is the
earliest date the option reserved to the United States may be exercised.
The Panama 2's likewise are now subject to call, but have fixed
maturities, one series in 1936 and the other in 1938. These three
issues of 2 per cent bonds are the only outstanding bonds of the
United States bearing the so-called circulation privilege, and on June
30, 1930, a total of $666,219,750, of an aggregate total of $674, 625,630
outstanding, was on deposit with the Treasurer of the United States
as security for the issue of circulating notes by national banks.
Debt payment _
The reduction in the war debt commenced in the fiscal year 1920.
During the 11 full fiscal years from the beginning of that fiscal year
on July 1, 1919, to the close of the last fiscal year on June 30, 1930,
more than $9,296,000,000 of the public debt was retired—about 36^
per cent or more than one-third. It will be recalled that the Congress provided for the liquidation of the war debt through two definite provisions—(1) the cumulative sinking fund, and (2) the application of any repayments of the principal of loans to foreign governments under the Liberty bond acts. Each year's budget makes
full provision for the execution of these two basic provisions for
debt payment. In addition, the Congress has directed the application of certain miscellaneous receipts to debt reduction, and has
authorized the receipt of interest-bearing obligations of the United
States for any amounts due from foreign governments on account of
principal or interest under the debt settlements, which authority has
largely been availed of by foreign governments. The aggregate of
the several accounts makes up what has been termed *Hhe permanent debt reduction program," and all expenditures for such accounts
are chargeable against ordinary receipts. In recognition of the soundness of making early progress in the reduction of war-time indebtedness when prosperity and productive taxes have yielded receipts
in excess of expenditures, surplus receipts have also been applied
to the retirement of outstanding debt. The following summary
shows the principal accounts through which the war debt has been
discharged, with the percentage of each to the total retirements
indicated. A more detailed description of the funds for debt reduction appears on pages 56 to 63.
27
SECRETAUlf OF I H E O^KEAStTBY
Summary of reduction in gross debt, from June SO, 1919, to June 30, 1930
[On basis of daily Treasury statements (revised)] i
Per cent
Amount
Gross debt outstanding:
June 30,1919
June 30, 1930
-- $25,482, 034,418.49
16,185, 308, 299.18
..-
9,296,726,119.31
Total reduction
Debt reduction:
Chargeable to ordinary receiptsCumulative sinking fund
Received from foreign governments$376,904,500
Cash repayments of principal _
Bonds, etc., received as principal.
205,446,800
Bonds, etc., received as interest
.- 906,369,150
Total from foreign governments
MiscellaneousFranchise tax receipts$146,620,599.09
Federal reserve banks
2,409,863.31
Federal intermediate credit b a n k s —
66,171,200.00
Federal e^itate taxes...
....
15,224,281.75
Gifts, forfeitures, etc
3,187,468,300.00
34.29
1,488, 720,450. 00
16.01
230,425,944.15
2.48
4,906,614, 694.15
52.78
From surplus of receipts.-
913, 382, 020.>23
3,476,729,404.93
9 82
37.40
Total reducition
9, 296, 726,119.31
100.00
Total miscellaneous
Total chargeable to ordinary receipts...
Through reduction in general fund balance. . $1,226,164,935.26
Balance June 30, 1919
. . • 312,782,915.03
Balance June 30, 1930
1 Figures on basis of daily Treasury statements (unrevised) appear in Table 40, p. 592.
The course of the interest-bearing debt outstanding and of the
computed rate of the interest charge on that debt, for a period of
years, is shown in the accompanying chart:
BILLION
DOLLARS
3 0
/^ \
1
V.J
0
I N T E R L 5 T - B L / USING
>EBT
eo
^
COMPUTED
.X
irg T E R E S T
^-\__
RAT
- ~
_
PER
CENT
4.5
'-
->-.^-^_
10
y
^
^
•
1920
I9ZI
1923
19Z4
1925
192.6
1927
1928
19e9
1930
C'bait 5,—Interest;-bearing public debt outstanding and ratio of the computed annual interest charge
to the interest-bearing public debt, by months, from Deceraber. 1918, to June, 1930
28
BEPORT ON THE EINANCES
Between June 30, 1919, and June 30, 1930, the annual interest
charge, computed on the basis of the interest-bearing debt outstanding on those dates, was reduced from $1,054,000,000 to $606,000,000,
or almost $450,000,000, and the average rate was reduced from
4.178 on the former to 3.807 per cent on the latter date. The effect
on the budget of reduced charges for interest is in part offset, since
any reduction in interest through sinking fund retirements results
in an increase in the sinking fund appropriation in like amount, the
amount in this respect as estimated for 1931 being $138,747,000 of a
total available appropriation of about $392,152,000.
CONDITION OF THE TREASURY
On June 30, 1930, the gross pubhc debt of the United States Government amounted to $16,185,308,299, and the net balance (cash)
in the general fund of the Treasury on the basis of daily Treasury
statements (revised) was $312,782,915. These figures represent a
decrease of $745,889,449 in the public debt, and a decrease of $11,723,936 in the net balance (cash) of the Treasury in the fiscal year 1930.
Bullion and coin amounting to $2,134,486,728 on June 30, 1930,
held in trust by the Treasury against United States currency outstanding, showed an increase of $124,075,049 during the fiscal year.
Bullion and coin, amounting to $1,796,239,234 on June 30, 1930,
held in trust by the T ^ a s u r y for the Federal Reserve Board, showed
an increase of $233,813,655 during the fiscal year.
General fund of the Treasury
All cash receipts of the Government, except as otherwise authorized
by law, are credited to the general fund and all expenditures are made
therefrom. This fund shows the assets in the Treasury in the form
of cash and deposit credits and certain current liabilities set off against
such assets. The net balance of this fund represents the working
cash balance required in connection with the receipts and expenditures
of the Government. The net change from the close of the previous
fiscal year is accounted for as follows:
Summary of the net changes in the general fund balance between June SO, 1929,
and June SO, 1930, on the basis of daily Treasury statements {revised)
Net balance per daily Treasury statement, June 30, 1929
$326,713,002.63
Deduct net excess of expenditures over receipts in June reports subsequently received
2, 206,151.80
Net balance June 30, 1929 (revised)
$324, 508,850. 83
Excess of ordinary receipts over expenditures chargeable against ordinary receipts in the
180.281,909.37
fiscalyear 1930
Total to be accounted for
504, 788, 760. 20
Public debt retirements:
Surplus revenue (this is additional to $553,883,603.25 sinking fund and other debt retirements chargeable against ordinary receipts)
180, 281,909. 37
Reduction in net balance in general fund
11, 723,935. 80
Net balance per daily Treasury statement, June 30, 1930
$318,607,168.11
Deduct net excess of expenditures over receipts in June reports subsequently received..
5,824, 253.08
Net balance June 30, 1930 (revised)
_._".
312, 782,915.03
Total..
504,788,760.20
SECRETARY OF THE TREASURY
- 29
General fund of the Treasury, June 30, 1930 {revised figures)
In Treasury offices:
Gold
—
Standard silver dollars
United States notes
Federal reserve notes
Federal reserve bank notes
National bank notes.
Subsidiary silver coins
Minor coins
Silver bullion (at cost)
Unclassified (collections, etc.)
$51,254,731.39
6,599,227.00
2,847,706.00
283,720.00
52,165.00
55,806.50
5,233,513.12
4,177,685.07
6,622,158.31
869,693.92
_
-
In Federal reserve banks:
"To creditof Treasurer of United States
Intransit
—.
In special depositary banks: Account of sales of certificates of indebtedness
In general, limited and insular depositary banks:
To credit of Treasurer of United States
To credit of other Government officers
Intransit
—
$77,996,406. 31
26,524,266.32
1,612.080.40
6,957,078.78
18,914,649.46
1,455,539.23
27,327,267.47
In foreign depositary banks:
To credit of Treasurer of United States
To credit of other Government officers
Intransit
:...
In treasury of Philip]3ine Islands:
To credit of Treasurer of United States
Intransit
Total current a s s e t s . . . . . .
Deduct current liabilities:
Federal reserve note 5 per cent fund (gold).
Less notes in pro(;ess of redemption
28,136,346.72
296,623,336.64
293,071.47
1,319,067.67
880,681.77
225,627.14
276.53
^
2,492,820.91
225,903.67
432,802,081.72
$36,675,622.56
1,442,350.00
35, 233, 272. 56
National bank note 5 per cent fund
28, 226,376. 32
Less notes in pro cess of redemption
19,263,897.00
8, 962,479. 32
Treasurer's checks outstanding
645,381.46
Post Office Department balance
9,846,556.48
Board of trustees, postal savings system, balances
9,142,427.03
Balance to credit of postmasters, etc
54,463,085.01
Retirement of additional circulating notes (act of May 30, 1908)
1,900.00
Uncollected items, exchanges, e t c . . .
1,724,064.83
Balance in Treasury June 30,1930
120,019,166.69
312,782,915.03
The currency trust fund and the gold reserve fund
The respective amounts of gold coin and bullion and silver dollars
held in the Tieasury on June 30, 1930, against equal amounts of outstanding gold certificates, silver certificates, and Treasury notes of
1890, were as follows:
Gold coin and bullion..
Silver dollars
-_..
Silver dollars, against Treasury notes of 1890
Total
$1, 489, 989, 479
487, 198, 111
..
1, 260, 050
1,978,447,640
On June 30, 1930, the gold reserve against United States notes and
Treasury notes of 1890 was $156,039,088. The United States notes,
for which thiis reserve is held, are outstanding in the amount of
$346,681,016, a sum which is fixed by law. When such notes are
received they are reissued. The Treasury notes of 1890, for which this
gold reserve is also held, were outstanding on June 30, 1930, in the
iamount of $1,260,050. When such notes are received they are not
reissued.
30
REPORT ON THE FINANCES
Gold held for the Federal Reserve Board
The Treasury also holds in trust a large amount of gold for the
account of the Federal Reserve Board. This is known on the books
of the Treasury as ^^Gold fund. Federal Reserve Board," and
amounted on June 30, 1930, to $1,796,239,234, an increase of $233,813,655 in the fiscal year. The fund is an aggregate of net deposits
of gold made by the Federal reserve banks, principally for the purpose of effecting clearance settlements among themselves, and by the
Federal reserve agents of gold received by them as part of the security
against outstanding Federal reserve notes.
Against the gold in the general fund, amounting on June 30, 1930,
to $51,254,731, there was a liability of $36,675,622 for the Treasurer's
5 per cent gold redemption fund for Federal reserve notes ($1,442,350
notes in process of redemption are a charge against this amount).
This gold is part of the gold received by Federal reserve agents as
security against outstanding Federal reserve notes.
BUSINESS CONDITIONS AND FEDERAL REVENUE
The Federal revenues consist, in large part, of receipts of taxes on
the incomes of corporations and individuals. These, as well as other
sources of revenue, such as customs receipts, are primarily dependent
upon changes in business conditions. An examination of available
information regarding developments in industry and commerce,
particularly those which bear most directly upon the course of incomes,
is therefore essential to the consideration of Federal revenues.
The extent to which changes in taxable income can be related to
statistics of current business conditions is limited not only by the
multiplicity of factors affecting income, but also by the fact that
many corporations and individuals engage in operations that, are
not adequately reflected by available measures of industrial and trade
activity. This is particularly true of such corporations as public
utilities and banking and financial organizations. Individual and
partnership incomes, although responsive to change in the general
economic situation, contain certain elements, such as wages and salaries, interest, rents, and royalties, and in a measure dividends, which
tend to be less completely and less promptly affected by current
changes in basic conditions than are other forms of income.
Changes in corporation and individual incomes are not immediately
reflected in changes in Federal income tax collections, nor are conditions prevailing in any calendar year fully effective in income tax
collections for a single fiscal year. This follows from the fact that
the bulk of both corporation and individual incomes is reported on a
calendar year basis, the tax being paid in the succeeding year. Thus
Federal income tax receipts in the fiscal year 1930 reflected changes
SECRETARY OF THE TREASURY
31
in incomes for two calendar years; collections during the last six
months of 1929 were based chiefly on 1928 incomes and collections
during the flrst six months of 1930 on 1929 incomes.
The factors which exert a basic influence on incomes in general,
together with the more important special factors affecting certain
classes of income, are disclosed by a review of industrial production,
trade and distribution, and the price movements both of commodities and of securities.
Changes in the volume of industrial production
During the first half of 1929 the physical volume of industrial
production increased from the high level of 1928 and by mid year
was in record volume. After June, 1929, production began to decline,
at first gradually, and after October very rapidly, so that at the end
of the year it was at about the same level as that reached at the lowest
point of the 1927 recession, a decline of about 22 per cent from the
^midsummer peak. The greatest decline occurred in such principal
industries as those producing iron and steel, automobiles, and rubber
tires. In certain other important industries, as in the food, tobacco,
leather, and oil industries, the decrease was much less drastic. In
spite of the sharp decline in the latter half of 1929, the average volume of production for the year was the largest on record, about 7 per
cent larger than for 1928.
During the first three quarters of 1930, production continued at low
levels, averaging lower than in any year since 1924. After some
recovery during the first quarter of the year, there was further sharp
decline in subsequent months to levels in the third quarter considerably lower than at the close of 1929. Reduction in the volume of
industrial production between the middle of 1929 and September,
1930, of over 29 per cent was almost as large as that experienced
during the early postwar decline between January, 1920, and April,
1921.
Construction activity, not covered by customary measures of industrial production, had been at a relatively high level during 1928, but
in the first half bf 1929 the total volume of contracts declined somewhat, reflecting a marked decrease in the volume of residential
building. During the last half of the year the total volume of construction declined further and for the year as a whole was smaller
than in any other year since 1924. In the flrst three quarters of 1930
an increase in contracts awarded for public works and utilities offset
in a measure the declines in residential, commercial, and industrial
building, but the total volume of contracts awarded during the period
was about 20 per cent smaller than during the corresponding period
in 1929.
12101—31
5
32
REPORT ON T H E FINANCES
Changes in trade and distribution
During most of 1929 trade and distribution were at a high level.
Measures commonly used, such as freight carloadings, and department store sales reached high levels in 1929. During the latter half
of that year, however, as in the case of production, both lines of activity began to decline, freight carloadings after the second quarter and
department store sales after the third quarter. Further decline in
trade and distribution occurred during the first three quarters of 1930.
From their peaks in 1929 freight carloadings showed a decline in
September, 1930, of approximately 20 per cent and department store
sales, a decline of nearly 13 per cent, after allowance for seasonal
changes.
Foreign trade presents somewhat similar comparisons. During
1928 and 1929 the monthly average value of exports was at the highest
level of recent postwar years, and of imports was larger than in any
year except 1926. By the end of 1929, however, recession in industry
and trade both here and abroad was reflected in declines in the vol-^
ume of foreign trade, which continued during most of the first three
quarters of 1930. This decline was a factor in the general business
situation, affecting in a measure the course of corporate and individual
incomes. Moreover, the decline in dutiable imports has been reflected
in reduced customs collections, which are an important item of Federal
revenue.
Price changes of commodities and securities
Changes in the prices of commodities and securities are also major
factors affecting corporate and individual incomes, particularly when
the changes are as marked as those which occurred during the
past year.
Subsequent to the severe decline in wholesale commodity prices
from their exceptionally high levels of 1920, the combined average of
selected wholesale prices had fluctuated in a relatively narrow range
through the flrst half of 1929. In August, 1929, however, prices
began a decline that continued at an accelerated rate through the
first half of 1930, and in September the average showed a decrease
of more than 14 per cent from the high point of the year before.
Although the decline was by no means as severe as that experienced
in. 1920 and 1921, it was the most drastic decline that has occurred
since that time and brought the average to the lowest level for the
last decade. Changes in the level of wholesale prices were not confined to any one class of commodity, but represented the combined
effect of movements of individual commodities. Declines have been
greatest, however, in the prices of raw materials in which production
is not readily adjustable to conditions of supply. Consideration of
SECRETARY OF THE TREASURY
33
prices classified according to three major groups—farm products and
their manufactures, mineral and forest products and their manufactures, and raw imports and their manufactures—indicates that all
three groups Iiave participated in the recent dechne in the average.
By July, 1930, farm products and their manufactures showed a
decrease of more than 17 per cent from the high point of 1929; there
were some price increases during the third quarter of 1930, and by
September thci average for this group^had risen approximately 2^ per
cent from the low of July. Between June, 1929, and September, 1930,
mineral and forest products and their manufactures declined by
nearly 10 per cent. Raw imports and their manufactures declined
approximately 24 per cent from January, 1929, to September, 1930.
Prices of securities, especially of common stocks, fluctuated violently during 1929 and the flrst three quarters of 1930. Following
several years of sustained, and at times rapid, increases the prices of
common stocks advanced sharply during the third quarter of 1929
to unprecedentedly high levels. During the last quarter of 1929
they dropped to about two-thirds of their value at the peak. Following some recovery during the early part of 1930, stock prices
began to decline in April, and by the middle of October, 1930, were
below the low levels of the autumn of 1929.
These developments in the security market during 1929 and 1930
have exerted an important influence on both individual and corporate incomes. Profits from the^sale of securities while security
prices were rising resulted in increasing amounts of both individual
and corporate incomes. Furthermore, increase in incomes arising
from this source, as well as from activity in trade and industry, was
reflected in marked growth in the demand for goods, particularly for
certain class(is of luxury articles. Industry, in turn, increased its
scale of operations to meet the increased demand for products and,
encouraged by favorable conditions in the security market, undertook
flnancing for plant improvement and expansion.
The drop in security prices since the autumn of 1929 undoubtedly
has had a direct adverse effect on incomes. Moreover, readjustment
in consumer demand in consequence of reduced incomes has been a
factor in the decrease in business activity, affecting particularly
industries that had been most stimulated duiring the period of speculative activity by unusual increase in demand for luxury goods.
Corporate and individual incomes
Income tax receipts during the flscal year 1930, as already noted,
were dependent chiefly upon incomes reported for the calendar years
1928 and 1929. Incomes for the latter year also underlie collections
during the first half of the flscal year 1931, collections for the last
half of that fiscal year being determined chiefly by incomes for 1930.
34
REPORT ON THE^ FINANCES
Both corporate and individual taxable incomes were unusually large
in 1928. The taxable net income of corporations reporting net income for 1928 was about 17 per cent larger than for the precediug
year, larger, in fact, than for any other postwar year. Individual
net income showed an increase of about 12 per cent in 1928 as compared with 1927, and was larger than for any other year on record.
Complete data from income tax returns for the calendar year
1929 are not yet available, but tax collections indicate that the taxable
net incomes of corporations were about 9 per cent larger for 1929 than
the amount reported for 1928. The indicated increase in taxable
incomes is smaller than that shown by available published earnings
reports of corporations. Figures for a sample of corporations publishing earnings reports, combined and weighted according to their
probable relationship to all the corporations reporting net income for
tax purposes, show an increase in net income of over 19 per cent for
the calendar year 1929 compared to 1928.
The combined published reports of these corporations for the flrst
three quarters of the calendar year 1930 show marked decreases
from the flrst three quarters of 1929. I t should be noted again that
these flgures are only in a general way indicative of the corporate
incomes reported for tax purposes, since they are based on a small
and, in some respects, an unrepresentative group of corporations,
and since statutory net income reported for tax purpose's frequently
differs materially from published net income. Nevertheless, the
published net income flgures provide a valuable indication of the
direction of change and, to a limited extent, evidence of the magnitude
of change in taxable corporation income.
According to the available information, the incomes for the calendar
year 1929 reported by individuals for tax purposes were slightly
smaller than those reported for the calendar year 1928. Conditions
during the flrst three quarters of 1930, particularly in the security
market, indicate that these incomes will be still smaller for 1930. I t
may be noted, however, that dividend and interest disbursements,
which constitute an important item of individual taxable income,
increased during 1929, and that this increase apparently continued
during the first half of 1930. Since then, however, disbursements of
dividends appear to have declined as compared with 1929.
ESTIMATES OF RECEIPTS AND EXPENDITURES
The following table presents ordinary receipts, and expenditures
chargeable against ordinary receipts, for the fiscal year 1930, on the
basis of daily Treasury statements (unrevised), with corresponding
estimates for the fiscal years 1931 and 1932. Ordinary receipts
include all receipts other than those arising from public debt transactions. Ordinary expenditures exclude all expenditures for the
35
SECSETAEl' OF THE TREASURY
retirement of the public debt. Expenditures chargeable against
ordinary reci^ipts include ordinary expenditures and the retirements
of the public debt from the sinking fund and from special receipts
described in detail on pages 56 to 61. Expenditures chargeable
against ordinary receipts do not include retirements of the public
debt from the surplus and from a reduction in the general fund balance.
The estimates in the table are on the basis of the latest information
received from the Bureau of the Budget.
Receipts and expenditures for the fiscal year 1930, on the basis of daily Treasury
statements {unrevised), and estimated receipts and expenditures for the fiscal years
1931 and 1932
1930
1931
1932
RECEIPTS
Ordinary
Customs.. -
$587,000,903. 25
Internal revenue:
Income tax
Miscellaneous internal revenue
$502,000,000.00
$612,000,000. 00
2,410,986,977. 53 2,190,000,000. 00
628, 308,035. 85
623,000, 000. 00
3,039, 295,013. 38 2, 813,000, 000. 00
Miscellaneous receii)ts:
Proceeds of Government-owned securitiesForeign obligationsPrincipal
Interest
,
Railroad securities
.....
All other seourities
Proceeds sale of surplus property
Panama Canal tolls, etc
...._.
Other miscellaneous
2, 260,000,000. 00
676,000,000.00
2,936,000,000.00
97,634, 287. 76
141,931, 519. 26
11, 485, 514.81
8, 785,657. 61
15,830,586.97
28,253,127. 75
247, 725,091. 20
551, 645,785.1
Total ordinary receipts
4,177,941, 701.!
51, 597,841. 00
184, 531, 210. 00
3, 559, 907. 00
10,018, 918. 00
15,126, 512. 00
27, 655, 435. 00
227, 375, 420. 00
519,865,243. 00
62,349,946.00
184, 260, 4'M. 00
• 8,924,3J0.00
10, 532, 2B8. 00
15, 303, 075. UU
27, 648, 000. 00
228,101, 814. 00
537,119,927. 00
3,834,865, 243.00
4,085,119,927.00
30, 554,100. 00
417, 200. 00
16,488, 100. 00
263, 249,700. 00
477,074, 600. 00
45,946, 700. 00
75, 000. 00
374, 627,500. 00
77,815, 500.00
203,814, 900.00
61,430, 200. 00
11,899, 800. 00
748, 242,600. 00
53,861, 900. 00
46,859, 900. 00
28,733, 700. 00
468, 700.00
16,460, 100. 00
240,152, 300. 00
452,851, 100.00
51,311, 500. 00
75, 000.00
375,555, 000. 00
87,195, 600. 00
229,162, 900.00
64,825, 400. 00
13,408, 500. 00
789, 623,100. 00
60,049, 600. 00
46, 750,000.00
EXPENDITURES
Ordinary (checks and warrants paid, etc.)
General expenditunss:
Legislative estal)lishment..Executive proper
State Department
Treasury Department
War Department
Department of Justice...
Post Office Department
Navy Department
Interior Department
Departinent of Agriculture
Department of Commerce
Department of Labor
Veterans' Admi;aistration
Other independent offices and commissions .
District of Columbia
Total
Add unclassified items
Total
Interest on public debt
Refunds of receipts:
Customs..1
Internal revenu6i
Postal deficiency.
Panama Canal
.-.
J
:
..^
Footnotes at end of table.
19, 986,820. 64
690,263. 00
14, 170,408. 87
1193, 114, 012. 63
2 453,524,973. 41
3 32,483,080. 31
58,198. 91
374, 165,638. 55
<290, 027,905. 76
177, 580, 581.10
54, 299,106.12
10, 654, 405. 63
1446, 955, 630. 33
49, 495,746. 47
45, 079, 613. 67
2,162, 286,385. 40 2,412,357,700.00
422, 550. 04
.._..._...
2,446, 622, 500. 00
2,162, 708,935.44 2,412. 357, 700.00
603,000,000. 00
6 659,347,613. 07
2, 446,622, 500.00
581,000,000.00
24,091,809.24
133,852,182. 70
91, 714.450.89
11,328, 541. 69
20,265, 500. 00
98, 511,000. 00
111, 202, 200. 00
11, 697,300. 00
20,815,500. 00
96,531, 500. 00
114,041,000. 00
11,905, 700. 00
36
REPORT ON THE FINANCES
Receipts and expenditures for the fiscal year 1930, on the basis of daily Treasury
statements {unrevised), and estimated receipts and expenditures for the fiscal years
1931 and 1932—Contmued
1930
1931
1932
EXPENDITURES—continued
Ordinary (checks snd w a r r a n t s p a i d , etc.)—Con.
Operations in special a c c o u n t s :
Railroads
W a r Finance Corporation
Shipping B o a r d . Agricultural m a r k e t i n g loan fund (net)
Alien p r o p e r t y f u n d s . .
Adjusted service certificate fund
Civil service r e t i r e m e n t a n d disability 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 r t t life i n s u r a n c e fund
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
Foreign Service r e t i r e m e n t f u n d .
General railroad c o n t i n g e n t fund
Total ordinary expenditures
..
.
P u b l i c d e b t r e t i r e m e n t s chargeable against ord 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
debt settlements
Received from estate taxes
P u r c h a s e s from franchise tax receipts (Federal
reserve b a n k s a n d Federal i n t e r m e d i a t e
credit b a n k s )
Forfeitures, gifts, etc
7 $4,795,787. 55
' 58,838.54
31, 695,159. 06
149,958, 273. 55
968,985.50
8112, 312, 726. 75
8 20, 433,867. 39
7 $1,460,000.00
"50,000.00
47, 585, 000. 00
100, 000, 000. 00
7 500, 000. 00
112, 000, 000. 00
20,850,000.00
$76, 450. 000. 00
75, 000, 000. 00
7 600, 000. 00
112, 000, 000. 00
20, 850,000. 00
43, 469,104.81
516, 706.13
« 313, 282.13
2, 411,871. 58
35, 621, 200. 00
640,000. 00
216, 000. 00
. 2,500,000.00
27,888,100.00
690,000. 00
215, 000. 00
2, 500, 000. 00
3, 440, 268,883. 84
3,574,435,900.00
3, 586,009,300.00
391, 660,000. 00
48, 246,000. 00
409,410, 600. 00
57, 749, 300. 00
4,455,000.00
60, 703. 25
400, 000. 00
200, 000. 00
1,150, 000.00
. 200,000.00
553,883, 603. 25
440, 506, 000. 00
468, 509,900. 00
T o t a l e x p e n d i t u r e s chargeable against ordinary receipts. _
_ 3, 994,152, 487. 09
4.014,941,900. 00
4, 054, 519, 200. 00
Total
.
.
Excess of o r d i n a r y receipts over total e x p e n d i t u r e s
chargeable against o r d i n a r y receipts (see n o t e ) Excess of e x p e n d i t u r e s chargeable against ordin a r y receipts over o r d i n a r y receipts (see note) .
388, 368,950.00
51,135. 000. 00
109, 790, 850. 00
73,100. 00
30,600,727.00
183,789, 214. 90
180,076,657.00
NOTE.—If trust fund receipts and expenditures are excluded on the basis of figures used in the Budget,
the surplus for the fiscal year 1930 would be $186,480,561.44; for 1931 the estimated deficit, $178,995,657; and
for 1932 the estimated surplus, $30,685,281.
1 See note 3.
2 See note 5.
» Since July 1,1930, figures opposite the caption "Department of Justice" include expenditures on account
of the Bureau of Prohibition. Prior to that date such payments were included under the caption "Treasury
Department."
* See note 5.
5 Prior to Aug. 1, 1930, figures opposite the caption "Veterans' Administration" represent payments
made for account of the Veterans' Bureau only. After that date they include payments for account of the
Veterans' Bureau and also those of the character formerly made by the Bureau of Pensions and for account
ofthe National Homes for Disabled Volunteer Soldiers previously included under Interior Department and
War Department, respectively.
8 Includes $523,090.98 accrued discount on war-savings securities of matured series.
7 Excess credits, deduct.
8 The difference between amounts of above charges and amounts appropriated are due to working balances
required for use in making authorized payments from the fund. Receipts on account of this fund are
credited against expenditures.
8 Includas $216,000 on account of appropriation from the general fund and $97,282.13 on account of salary
deductions and earnings. Beginning with the fiscal 5'ear 1931 this item will represent only the amount
appropriated from the general fund, the receipt from deductions and earnings being used as credits against
(deductions from) expenditures.
The present estimate of total ordinary receipts for 1931, at $3,834,865,243, is nearly $400,000,000 smaller than the one which was submitted to Congress in my previous annual report. The earlier
estimate did not take into consideration the 1 per cent income tax
reduction and was made at a time when it was impossible to appraise
the severity of the business depression then in its early stages.
Reduction in that estimate was made necessary by subsequent
developments in industry and commerce, as well as in the security
SECRETARY OF THE TREASURY
37
market, whicii indicated that both corporation and individual incomes
would be smaller than had been anticipated; and by the effect of such
developments on the volume of foreign trade and the customs receipts.
Exclusive of the $80,000,000 tax-reduction item the principal reductions in estimated receipts are as follows: income tax, $190,000,000,
and customs, $100,000,000.
It will be observed that in both the fiscal years 1931 and 1932
interest received from foreign governments on account of their
obligations ti3 the United States, funded in accordance with the
debt settlement agreements, is treated as general fund receipts available for current expenditures, including interest on our own debt.
The Liberty bond acts, under the terms of which funds were advanced
to those associated with us in the World War, provide that all repayments on account of principal should be applied to the reduction
of our public debt. No similar provision was made covering interest
payments. The various debt settlement agreements provide that if
the debtors so elect, both principal and interest payments may be
made in securities of the United States issued since April 6, 1917,
with the exception of unmatured Treasury bills, such securities to
be accepted at par and accrued interest. When any United States
Government securities may be acquired at a discount, it is obviously
to the advantage of our foreign debtors to acquire these securities
and make payment therewith at par; whereas, when the United
States Government securities may not be acquired except at a premium, it is equally obvious that it is to their advantage to pay in
cash. Up to the last fiscal year the privilege of paying in securities
was availed of to a very large extent. When these securities were
received by the Treasury Department they were canceled and
automatically retired and the public debt reduced accordingly.
Inasmuch as during the entire period since the debt settlements
were effected the Government has closed each fiscal year with an
ample surplus, as a practical matter it was immaterial whether
foreign interest payments were earmarked for debt retirement
or treated as available for current expenditures. As a matter of
fact, when paid in securities they have been listed as public debt
retirements (chargeable against ordinary receipts. But had they
not been so treated, they would simply have served to increase the
surplus, and, since the surplus was applied to debt retirement,
they would in either event have been apphed to the reduction of the
public debt.
When interest has been received in cash, it has automatically
been available for current expenditures. When interest has been
received in seicurities, the Treasury up to the present time has automatically diminished the debt by that amount. The securities once
received could not be reissued^ and the amounts were not needed for
38
REPORT ON THE FINANCES
current use in a period of ample revenues and annual surpluses.
The policy consistently pursued by the Treasury Department has
been to reduce our war debt as rapidly as possible in days of plenty.
This, of course, implied as a corollary that in periods of depression,
when the Government revenue is restricted, the rate of debt reduction should be slowed up, but not to the extent of infringing on the
statutory requirements.
In so far as the fiscal year 1931 is concerned, it is reasonably
certain that December interest payments on account of foreig:n
debts will be paid in cash, and it is quite possible that this may be
equally true in June. So far as the fiscal year 1932 is concerned,
it is impossible to forecast what method of payment foreign debtors
will elect, though it is entirely possible that part of the interest
payments will be made in securities. Should this be done, the
securities received must, as a practical matter, be canceled and
retired; however, should the current cash requirements of the
Government require the issuance of an equivalent amount of new
securities this equivalent amount should not be looked upon as
indicating an increase in the public debt or an unbalanced budget.
INCOME TAXATION
In recommending last year a 1 per cent decrease in the normal tax
rate applied to individual and corporation incomes for the calendar
year 1929, the Treasury pointed out that whether the decrease could
be continued or not would depend entirely upon the revenue prospects
at the time the Congress met in December, 1930. I t was stated that
under the circumstances prevailing at the time, ''while a surplus
justifies some measure of tax relief and while the taxpayer should
receive the fullest possible benefits from the prosperous condition of
the Treasury during the given fiscal year, it is impossible to assure
the permanency of the reduced rates."
The above stated estimates of receipts and expenditures indicate
that the temporary decrease can not be continued during the current
year. The budget for the fiscal year 1932 is barely balanced, while
during the fiscal year 1931 it is now estimated that expenditures will
exceed current receipts by about $180,000,000. This anticipated
deficit may be covered in part at least by drawing on the general
fund balance.
RECOMMENDATIONS FOR LEGISLATION
Amendments to the second Liberty bond act
The second Liberty bond act, as amended (Sec. 752, title 31,
U. S. C.) authorizes the Secretary of the Treasury, with the approval
SECRETARY OF THE TREASURY
39
of the President, to issue bonds in an amount ''not exceeding in the
aggregate $20,000,000,000.'' A total of $18,107,942,750 in bonds has
been issued under authority of that act, leaving a balance issuable
thereunder at the present time of $1,892,057,250.
, A total of $1,933,545,750 of first Liberty loan bonds,, $536,290,450
of which bear 4% per cent interest, $5,004,950 4 per cent interest,
and $1,392,250,350 3 ^ per cent interest, are callable in June, 1932.
A total of $6,268,241,150 of 4:% per cent fourth Liberty loan bonds
are callable in October, 1933. While it is impossible to forecast at
this time what form future refunding operations will take, it is obvious
that the orderly and economical management of the public debt
requires that the Treasury Department should have complete freedom
in determining the character of securities to be issued and should
not be confronted with any arbitrary limitation which was not intended to apply to these circumstances. Moreover, it is highly
desirable that the authority be provided well in advance of actual
needs.
I t is recommended, therefore, that additional authority be given
for the issue of $8,000,000,000 in bonds under the provisions of the
second Liberty bond act, as amended. .
In this connection I renew the recommendation contained in my
annual report for the fiscal year ended June 30,1928, that the Congress
consider a further amendment to the second Liberty bond act, as
amended, authorizing the Secretary of the Treasury to exempt further
issues of securities from the surtax as well as the normal tax. In the
act pf June 17, 1929, Congress modified the second Liberty bond act,
as amended, by providing that all certificates of indebtedness and
Treasury billsi issued thereafter should be exempt both as to principal
and interest from all taxes, except estate and inheritance taxes. I
renew my,recommendation that this exemption be extended td bonds.
Special legislation is not required in the case of notes, since the Secretary of the Treasury is authorized by existing law to make this
exemption applicable to notes.
Some time ago the Treasury Department earnestly recommended
the adoption of a constitutional amendment permitting the Federal
and State Governments, respectively, to tax securities to be issued
in the future, which under present constitutional provision are not
taxable. There appears, however, to be no immediate prospect of
such an amendment being adopted. Pending its adoption, there is
no reason why the Treasury Department, in marketing securities,
should be at a disadvantage as compared with States and their subdivisions, or why there should be discrimination against individual
investors who desire to acquire United States Government securities.
I t is idle to argue that the issuance of United States tax-exempt
securities would furnish convenient means of income tax avoidance.
40
REPORT ON T H E FINANCES
As long as the States and their political subdivisions continue to issue
securities which are wholly tax exempt at the rate of $1,000,000,000
a year, there is at all times an ample supply of gilt-edge securities
available to those desiring to escape income-tax payment through
investment in tax-exempt securities. Limiting the Federal Government to the issuance of securities exempt only from the normal
income tax does not result in increased income tax collections, but
simply in a higher interest cost to the Government.
In so far as individual iuvestors are concerned, the present situation
gives rise to discrimination as between them and corporations. Corporations being only subject to the normal tax. United States securities in their hands are completely tax exempt, whereas practically all
such securities in the hands of individuals are subject to surtaxes.
The yield on United States securities for many individual investors
does not, therefore, compare favorably with the yield on similar securities held by corporations, nor does it compare favorably with the
yield on State and iriunicipal securities, which are usually wholly free
from all taxation.
Railroad obligations
Under the provisions of the Federal control act, approved March 21,
1918, and of the transportation act, 1920, the Government of the
United States acquired obligations of railroads in the aggregate
principal amount of over $985,000,000, bearing interest at the rate of
6 per cent per annum. The carriers have repaid over $930,000,000 of
this amount, leaving a balance due as of June 30, 1930, of about
$55,000,000. In addition, the carriers have paid to the Government
as interest on these obligations the sum of about $209,000,000.
At the time that the Government made loans to the carriers or
acquired their obligations as a result of indebtedness previously incurred, we had just emerged from the World War; the state of the
money market and the financial condition of the carriers did not
permit the carriers to borrow suJS&cient funds in the market to carry
them through the reconstruction period. As a result of this situation
it became necessary for the Government to make loans to the carriers
to help them out of their difficulties and in addition to fund their
indebtedness to the Government incurred during the period of Federal
control.
The rate of interest was fixed by law at 6 per cent. Since this rate
was higher than that ordinarily paid by the Government for borrowed
funds and also higher than most of the carriers would be required to
pay under normal conditions, it was desirable for the carriers to
refinance their obligations as soon as economic conditions permitted
in order to save interest costs. In consequence of this relatively high
rate the Government was able to sell certain of the obligations at
par and accrued interest.
SECRETARY OF THE TREASURY
41
As we passed out of the reconstruction period the earnings of the
carriers improved, the money market became easier, and consequently som(5 of the carriers began to refinance their obligations
through theii: bankers at lower rates of interest, thus effecting a
substantial saving in interest costs and at the same time enabling
them to repay substantial amounts of their obligations to the Government. The improved financial situation also enabled the Government
to sell at not less than par and accrued iuterest some of the obligations
acquired under the Federal control act and under section 207 of the
transportation act. The Government likewise had opportunities to
sell obligations acquired under section 210 of the transportation act.
However, the Attorney General advised the Secretary of the Treasury
that there was no authority to sell or dispose of the obligations acquired under section 210 of the transportation act, 1920 (33 Op.
Atty. Gen. 423, ,34 Op. Atty. Gen. 151), although he interpreted
the statute as permitting the sale of obligations acquired under the
Federal control act and section 207 of the transportation act (33 Op.
Atty. Gen. 151).
Of the $55,000,000 principal amount of obligations of carriers still
held by the CTOvernment, about 50 per cent Mall probably be collected
in full. The financial condition of the carriers obligated on the
remainder indicates that the Government may not be able to collect
the full amount due. Some of these carriers are already in receivership. Since, with regard to the obligations acquired under section
210 of the transportation act, the Government is unable to make any
adjustments either in principal or in interest due on them from the
embarrassed carriers, the diflSiculties in readjusting the carriers'
finances are greatly increased and in some cases reorganization plans
are frustrated. With respect to the carriers in receivership it is
believed that the Government should be in a position to cooperate
fully with the receivers, bondholders' committees and others in any
reorganization plan which may be approved by the court haying
jurisdiction. If the Government is not permitted to carry its share
of the burdens which must be borne by all the security holders in
a reorganization plan, the difficulties and delays resulting therefrom
will not only impair the value of the Government's claim but will also
jeopardize tlie service which the carrier can tender the public. In
addition to the Government's being in the position of preventing a
reorganization, it will be forced to share with other security holders
in the liquidating value obtained at a forced sale of the properties.
In this connection the following statement shows the names of the
carriers which are in receivership at the present time, the amount of
the indebte(].ness owing to the Government, and the face amount of
collateral held in each case.
Railroads in receivership, indebtedness to the United States, and collateral held, October 28, 1930
Collateral
Indebtedness
Carrier
Principal
Accrued and
unpaid
interest
to
Total
Type of security
Face amount
Section 202
Wichita Northwestern Ry. Co
Receiver's equity in $600,000 first consolidated bonds deposited
as collateral under sec. 210.
$50,000.00
$50,000.00
Section 207
1,250,000.00
Minneapolis & St. Louis R. R. Co
$562, 500.00
1,812, 500.00
$1,500,000.00
. Section 210
Fort Dodge, Des Moines & Southern R. R. Co
Gainesville & Northwestern R. R. Co
Georgia & Florida Ry., Receiver of the
200, 000.00
.75,000.00
11,155.93
33, 569. 53
792,000.00
47, 520. 00
Minneapolis & St. Louis R. R. Co
1,382,000. 00
599,987. 00
Missouri & North Arkansas Ry. Co
3, 500,000.00
1,131,641.66
Salt Lake & Utah R. R. Co .
872, 600.00
314,080.80
Virginia Southern R. R. Co . . .
Wichita Northwestern Ry. Co
38, 000. 00
381, 750. 00
13,039. 56
148,882. 50
..'
Sections 209 and 212
Minneapolis & St. Louis R. R. Co
Missouri & North Arkansas R. R.
Total
Refunding and extension mortgage 5 per cent^bonds. Series A,
of the carrier.
400,000.00
75,000. 00
f
839,520.00 1 1,100,000.00
800,000.00
2,377,000. 00
1, 981,987.00
First mortgage 5 per cent gold bonds of the carrier.
First mortgage 6 per cent gold bonds of the carrier.
First mortgage 20-year 6 per cent gold bonds of the Georgia &
Florida R. R.
Receiver's certificates. Series B.i
Refunding and extension mortgage 5 per cent bonds, Series A, of
the carrier.
4, 631, 641. 66
5,000,000.00 First mortgage 6 per cent bonds of the carrier.
f
830,300. 00 First mortgage 6 per cent gold bonds of the carrier.
1,186, 680.80 \
500,000. 00 7 per cent cumulative first preferred stock of the carrier.
I
500,000. 00 7 per cent cumulative preferred stock of the carrier.
51, 039. 56
76,000.00 First mortgage 6 per cent gold bonds of the carrier.
600,000.00 First consolidated mortgage 6 per cent bonds of the carrier.
530, 632. 50
211,155.93
108,569. 53
Overpayments
. ..
292,022. 23
41, 375. 41
: . 8,874, 747. 64 2,862,376.98
292.022. 23
41,375. 41
670,000.00
100,000.00
11, 737,124. 62
14, 528,300.00
Surety bonds.
Do
1 Receiver's certificates not yet received but their deposit as additional collateral has been ordered by court having jurisdiction (United States District Court for the Southern
District of Georgia).
o
H
O
>
a
Ul
SECRETARY OF THE TREASURY ,
43
The indebtedness due under sections 202 and 207 of the transportation act includes receivers' certificates and notes, respectively,
acquired by the Director General of Railroads.
The indebtedness due under sections 209 and 212 represents overpayments made by the Treasury on certificates of the Interstate Commerce Commission under that section of the law known as "Guaranty
to carriers after termination of Federal control."
Section 210 of the transportation act authorized the Secretary
of the Treasuiy to make loans to carriers on certificates of the Interstate Commerce Commission. The commission specified in its
certificates the collateral which each carrier was required to deposit
with the Secretary of the Treasury as security for the loans made.
At the time the loans were made the collateral usually had a market
value not less than 25 per cent in excess of the amount of the loan
made by the Government and hence was considered sufficient. Subsequent events, however, which forced some of the carriers into
receivership have resulted in such a depreciation of the collateral
that if the collateral were liquidated to-day the proceeds would be
insufficient to discharge in full the Government's claim.
During the last session of the Congress bills were introduced
(S. 4254, H. R. 12601, 71st Cong., 2d sess.) authorizing the Secretary
of the Treasury with the concurrence of the Interstate Commerce
Commission, in cases where carriers were in receivership, to compromise claims or to exchange evidences of indebtedness arising out
of advances raade under section 210 of the transportation act. In
order to enable the Government to cooperate in such plans for reorganization as appear to be in the best interest of the Government,
and to permit the maintenance of the carrier as a public convenience
and necessity, I believe that some such authority should be vested
in the executive branch of the Government. I t seems to me desirable
that the Government retire as soon as practicable from participation
in the financing of railroads. I t is recommended, therefore, that legislation be enac;ted which will authorize the Secretary of the Treasury,
with the concurrence of the Interstate Commerce Commission, to
compromise claims or to cooperate in connection with any reorganization plan or to make such other arrangements as he may deem
for the best interests of the United States for the repayment of the
indebtedness of carriers incurred under sections 209 and 210 of the
transportation act. The Secretary of the Treasury should also be
given authority to sell at not less than par and accrued interest
obligations acquired from carriers under section 210 of the transpor' tation act.
I t is further recommended that a reduction may be made in the
interest rate being paid on advances under section 210 of the transportation act, in those cases in which the Secretary of the Treasury,
44
REPORT ON THE FINANCES
with the concurrence of the Interstate Commerce Commission,
considers that such a reduction will assist the carrier in avoiding
receivership, provided that the interest rate shall not be less than 3K
per cent.
Avoidance of international double taxation
In my annual report for the fiscal year ended June 30, 1929,1 summarized the important developments in the movement to eliminate
international double taxation and mentioned the studies on this subject which were being made by the Treasury Department. During
the past year several more double taxation conventions have been
added to the 18 already concluded between various European countries, the latest being that signed by France and Italy.
The developments in other countries were considered in the preparation of H. R. 10165, introduced in the House of Representatives
on February 21, 1930, by Chairman Hawley, of the Ways and Means
Committee. The principles contained in this bill are sound, and I
again recommend its enactment with certain amendments which subsequent studies have shown to be advisable.
A number of important governments will probably be able and
willing to meet the provisions in the proposed legislation by means of
reciprocal legislation. Many European countries, however, prefer
treaties, which are considered to be less susceptible to change than
legislative enactments. In the case of some countries, reciprocal
legislation is impossible because our tax system and theirs differ
fundamentally. In order to meet these situations, the appropriate
executive oflacials should be empowered, within limits defined by
Congress, to enter into written agreements based on the principles of
the proposed legislation.
INCOME TAX ADMINISTRATION
The Bureau of Internal Revenue has had two major objectives in
income tax administration during the past three years. The first
is the reduction in the volume of unclosed returns for early years,
especially the war years. The second, which has been less spectacular,
is the development of an efficient as well as a rapid audit of the large
number of returns filed each year, so that returns will be closed
within a reasonable period prior to the end of the period of limitation on assessment, with only a minimum kept open by appeals to
the Board of Tax Appeals. The attainment of both objectives is essential if the accumulation of cases before the Board of Tax Appeals
is to be further relieved and accumulation prevented.
For returns for 1928 and subsequent years, the law prescribes
in general (1) that the tax must be assessed within two years after
the return is filed and (2) that a refund must be allowed or made
SECRETARY OF THE TREASURY
45
within two years from the time the tax is paid, unless during that
period a claim for refund is filed. Accordingly, in the bureau's program the requirement is stressed that every effort be made to reach
agreements with taxpayers as to their tax liabihty promptly and
within the 2-year period. Otherwise, either waivers must be accepted extending the period of limitation on assessment, resulting in
an accumulation of unclosed returns; or 60-day deficiency notices
must be sent before the expiration of the statutory period in cases
where there appear to have been underpayments of tax, with an inevitable increases in the appeals taken by taxpayers to the Board of
Tax Appeals and an accumulation of new cases before that body.
At the beginning of the fiscal year 1930 the income tax returns
before the Bureau of Internal Revenue for closing included:
(1) Original returns before the Income Tax Unit for audit and
new and reopened returns, totaling 270,447;
(2) Other returns, totaling about 3,500,000, filed and unaudited,
practically all for 1928, with respect to which the administrative
procedure which precedes audit had not been completed;
(3) Returns, totaling 2,246, awaiting action of the taxpayer after
the sending of 60-day deficiency notices; ^ and
(4) Returns with respect to which 18,301 appeals were pending
before the Board of Tax Appeals on June 30,1929.
The first two groups of returns mentioned include those original
returns on which the bureau had not finished its work of determining
the tax and the reopened and new returns, while the last two groups
comprise the returns with respect to which the bureau had completed
its work and had sent 60-day notices of the deficiencies in tax determined, to wiiich the taxpayers had not agreed. Since agreements
with taxpayers are impossible with respect to some of the returns
which iiivolv(5 unsettled questions of law, or of law and fact, an independent body, the Board of Tax Appeals, has been established to settle
the differences in these cases, to which the taxpayers may appeal from
the 60-day deficiency notices. However, if the board is to function
properly, the appeals to that body must be kept at a minimum.
During the fiscal year 1930 there were about 5,000,000 tax returns
filed with the bureau. Only about half of these, however, are destined for au(]it by the Income Tax Unit. The balance, comprised
mainly of ret:urns of individuals showing small income, remain in the
collectors' ofiices for audit and are usually closed within a year after
they are filed.
1 If an agreement can not be reached with the taxpayer as to his tax liability, a 60-day notice of deficiency
in tax proposed is sent to the taxpayer. If no appeal from the notice is taken to the Board of Tax Appeals
within the 60-day period provided by law the deficiency is assessed, and the return recorded closed. If an
appeal is taken to the board, the assessment is not made (and the return is not recorded closed) until the
action of the board becomes final.
46
REPORT ON T H E FINANCES
There has been a steady increase from year to year in the number
of the more important tax returns being filed with the bureau, as
shown by the table below:
Number of income tax returns filed by individuals with net income of $5,000 and
over and by corporations, 1921 to 1928
Individual r e t u r n s
w i t h n e t income of
$5,000 a n d over
Corporation r e t u r n s
T a x year
Number
1921
1922
1923
1924...
1925
1926
1927
1928
:
.-
P e r cent
increase
over preceding year
525,606
594, 211
614,403
697,138
830, 670
894,868
913, 597
1, 010, 887
13.1
3.4
13.5
19.2
7.7
2.1
10.6
Number .
P e r cent
increase
over preceding year
356,397
382,883
398,933
417, 421
430, 072
455, 320
475, 031
495,892
7.4
4.2
4.6
3.0
5.9
4.3
4.4
There were only 525,606 individual returns showing net incomes in
excess of $5,000 filed for 1921, as compared with 1,010,887 for 1928,
an increase in eight years of 92.3 per cent. The number pf corporation income tax returns filed increased from 356,397 for 1921 to
495,892 for 1928 or 39.1 per cent.
The Income Tax Unit
During the fiscal year 1930 the Income Tax Unit received 2,133,478
original returns for audit (approximately two-thirds of which were
for 1928 filed for the most part prior to the opening of the fiscal year
and about one-third for 1929 filed after January 1, 1930) and 115,953
new returns and reopened returns for tax years prior to 1928. (It
should be noted that the Income Tax Unit does not receive, during
the same fiscal year in which they are filed, all of the returns to be
audited by it, since the greater portion of the returns are filed in
March, and the administrative procedure in the collectors' offices and
ih Washington, which precedes audit, is not completed by the end of
the fiscal year.) The unit thus had before it for closing during the
year a little over 2,500,000 returns.^ The result of the work upon
these returns, as compared with that for the fiscal year 1929, is
summarized in the table below. Through its own offices, that is,
without an appeal having been taken to the board, the unit assessed
the final tax and thus closed 2,291,896 returns. Of the remaining
227,982 returns, 221,893 were returns on hand at the end of the year
for original audit or as reopened returns, 2,282 were awaiting action
' This total does not include returns with respect to which 60-day deficiency notices had been sent prior
to the beginning of the year.
47
SECRETARY OP THE TREASURY
of the taxpayer after the sending of 60-day deficiency notices, and
3,807 were involved in appeals to the board. In other words, 91
per cent of the returns before the unit for the determination of. tax
were closed during the year, and only one-sixth of one per cent of
the returns audited by the Income Tax Unit were involved in appeals
to the board. This percentage would, of course, be substantially
less if all th(i returns filed with the bureau, including those audited
in the collectors' offices, were taken into consideration.
Summary of work of the Income Tax Unit for the fiscal years 1929 and 1930
Number
1929
1930
328,186
270,447
226,431
1,915,144
115,953
2,133,478
Total..._
2,141,575
2,249,431
Total to be disposed of...
2,469,761
2, 619,878
159,948
124,124
4,474
14,410
2,900
7,761
178,832
134, 786
1,683
63, 708
1, 947,161
1,850
49,038
2,106,223
2,191, 374
2,291,896
270,447
2,246
221,893
2,282
Returns on hand, in Washington and in field, at beeiTininff of vear i
Returns received during year:
Reopened and new
Original
Returns closed during year: 2
Additional assessment except jeopardy—
Before 60-day deficiency notice
After 60-da3r deficiency notice 3—
AgreementDefault
Total
Jeopardy assessment
Certificate of overassessment
No change
_.
Total closed »
Returns not closed during year:
Reopened or OD. hand for audit in Washingi.on and in field at end of year
Awaiting action of taxpayer after the sendin g of 60-day deficiency notice
Involved in appeals to Board during year, on 60-day deficiency notices sent
during year *
6,694
3,807
278, 387
Total not clofied
227,982
1 This total does not include returns with respect to which 60-day deficiency notices were sent prior to
the beginning of thu year.
J Excludes returns closed through decision of Board of Tax Appeals.
3 Includes some rciturns with respect to which 60-day deficiency notices were sent prior to the beginning
of the year.
* These figures dO' not agree with the number of returns with respect to which appeals were taken during
the year since many of such appeals were from determinations set forth in 60-day deficiency notices sent
prior to the beginning of the year. The number of these returns with respect to which appeals were taken
were 8,144 and 5,810, respectively, for 1929 and 1930.
Progress in tax agreements.—The effectiveness of the bureau in
reaching agreements with taxpayers as to their tax liability is shown
first by the increasing proportion of final assessments of tax made
without the use of the 60-day deficiency notice. Of the total returns
closed by the Income Tax Unit during the year with additional tax
(other than returns closed by jeopardy assessment and by decision
of the Board of Tax Appeals), agreement was reached without the
use of the 60-day deficiency notice on 92 per cent of the number of
returns as compared with 89 per cent of the number of returns during
12101—31
6
48
REPORT ON T H E FINANCES
the fiscal year 1929. Correspondingly, the number of 60-day deficiency notices issued declined^ from 16,980 in the preceding fiscal
year to 13,658 and the number of returns with respect to which appeals
were taken to the board from 5,694 to 3,807.^ The decrease in the
use of the 60-day deficiency notice is even more striking in comparison with a total of 38,537 60-day deficiency notices issued in the
fiscal year 1928.
With this report of substantial progress, the bureau is ready to
face a year of work of unusual volume. In January, February, and
particularly March, 1931, the period of limitation on assessment
expires for taxes on incomes returned for both the calendar years
1927 and 1928 as a result of the cutting down, by the revenue act
of 1928, of the limitation period from three years for 1927 to two years
for 1928. Therefore, the bureau must complete its work on the
returns of two years during the coming fiscal year, while, under a
normal schedule, the statute of limitations would run on the returns
of a single calendar year during each fiscal year. However, at the
beginning of the fiscal year 1931 the number of unaudited returns had
been reduced to a new low level, and a substantial portion of the
1927 and 1928 returns had been audited and closed.
Audit of returns for earlier years.—Further reductions were made
during the year in the number of original returns for 1921 and prior
years awaiting determination of tax by the Income Tax Unit. The
number was reduced during that period by one-half, that is, from 307
to 153.
The number of original returns awaiting action by the unit should
not be confused with the returns for the same years which are now
before the unit as the result of the development of new returns and
the reopening of old returns. These returns for 1921 and prior years
totaled i,158 and are shown in the table below, by years, in comparison with the number of original returns awaiting action.
Returns for 1921 and prior years before the Income Tax Unit , June SO, 1930
Raturns
Tax year
Original
1917
1918
1919
1920
1921
. . .
-
Total
New and
reopened
Total
12
24
36
44
37
135
198
234
323
268
147
222
270
367
305
153
1,158
1,311
As a result of the fihng of claims for refund and of the discovery
of dehnquent taxpayers, a certain number of new returns and of
reopened returns is normally to be expected from year to year.
1 See note 4 to table on page 47.
49
SECRETARY OF THE TREASURY
The fact that some of these returns remain unclosed in no sense
indicates a failure by the bureau to determine expeditiously the
tax on original returns filed. It is to be noted that there'were
only 115,953 new returns and reopened returns during the fiscal
year 1930 as compared with 226,431 for 1929.
Returns for certain years subsequent to 1921 must also be included in ccnsidering the bureau's problem of closing returns for
earlier years. In fact, all the returns as to which the period of
limitation on assessment would normally have expired must be
considered as belonging in the category of "returns for earher years"
to be closed as promptly as possible. On June 30, 1930, returns for
the years 1922 to 1926 were in this category, since the period of
limitation on assessment expired by March, 1930, in the case of the
returns for the latest year mentioned, 1926. These returns are
shown in the table below:
Returns for 1922 to 1926, inclusive, before the Income Tax Unit, J u n e 30, 1930
Returns
Tax year
Original
Total
_._
.-
1922
1923
1924
1925
1926-Total
New and .
reopened
-
93
164
726
1,084
3,164
373
590
1,102
1,472
2,650
466
754
1,828
2,556
6,814
..
5,231
6,187
11,418
--
The Board of Tax Appeals
The work of the Board of Tax Appeals has continued along the
encouraging lines described in the annual report for last year. That
year witnessed the first substantial decline in the large volume of
appeals awaiting action which had accumulated steadily since 1924.
There was a further substantial decrease in 1930, as shown below:
Number of appeals pending before the Board of Tax Appeals on J u n e SO, 1925-1930
T
ork
J u n e 30—
1925
1926
1927
Number
of appeals
--.- 3,494
12,048
18,481
T
nn.
J une oU—
1928
1929
1930
-
Number
of appeals
21,639
18,301
16,035
The significance of this decline with relation to the Treasury's
program for the more effective closing of current tax returns is
apparent.
During 1930 the number of appeals disposed of by the board again
exceeded the number filed, and the total number on hand was consequently reduced by 2,266. The monthly disposals compared with
50
REPORT ON T H E
FINANCES
appeals filed are shown in the chart below. This reduction is especially^ gratifying to the Treasury in view of the fact that a marked
decline again took place in the number of new appeals taken to
the board.
\9iZ'?
192.6
19a7
1926
1929
1930
Chart 6.—Number of appeals docketed, formal decisions rendered, 'and total number of appeals
disposed of by the Board of Tax Appeals, from December, 1924, to September, 1930
The total number of appeals disposed of by the board during the
fiscal year 1930 was 6,991. Of these disposals^ 4,467 (63.9 per cent)
were the result of stipulations or agreements effected between the
Government and the taxpayers without the necessity of a formal
board trial; 1,533 (21.9 per cent) were the result of formal trials;
and 991 (14.2 per cent) were the result of dismissals. The bureau,
through the special advisory committee and the review division
of the general counsel's office, made it possible for the board to dispose of this large number of the appeals upon stipulation. The work
of the special advisory committee and of the review division, in
connection with the appeals considered by them, is summarized in
the table below, which shows that stipulations were effected in about
60 per cent of such appeals.
Appeals considered hy the special advisory committee and the review division of the
general counsel's ofiice duriiig ihe fiscal year 1930
Appeals considered
Stipulated
Defense recommended
Total...
Special
advisory
committee
2,856
1,751
Review division of
counsel's
office
Total
690
523
3,546
2,274
1,213
5,820
51
SECRETARY OF THE TREASURY
A comparison of the total appeals disposed of by the board with
the appeals disposed of upon stipulation is shown in the chart below.
1925
19a6
1927
l9^6
I9a9
l<»3 0
Chart 7.—Output of the Board of Tax Appeals, the Special Advisory Committee, and the Review
Division of the General Counsel's Oflice
However, the board's problem in disposing of appeals involving
disputed tax questions of considerable legal importance is by no means
solved. Although striking progress has been made in the last few
years with respect to the number o t appeals disposed of, the seriousness of the board's task in connection with remaining large cases
involving issues of considerable difficulty is apparent. The average
amount of tax involved in appeals pending increased from $35,517 on
June 30, 1929, to $37,213 on June 30, 1930.
I t is encouraging to note that the board is steadily reducing the
amount in dispute in the cases involving the war years, as is indicated
by the changes from 1929 to 1930 in the distribution, between the
war and the subsequent years, of additional assessments made as a
result of board decisions. Of the total number of returns closed by
the Income Tax Unit during 1930 as a result of the board's action,
28.9 per cent were for 1921 and prior years as c()mpared with 49.7
per cent in 1929. Of the total additional taxes including penalty
and interest, assessed in accordance with the board's decisions, 61.2
per cent related to the war years in 1930 as compared with 81.0 per
cent in 1929.
The settlement policy
In the summer of 1927 the Treasury was confronted with the
possibility of an impending breakdown in the system prescribed by
statute for the collection of tax deficiencies; in order to remedy the
situation, the policy was inaugurated, where satisfactory agreements
52
REPORT ON T H E FINANCES
as to tax liability could be reached, of the settlement of tax cases
administratively—that is, without litigation. A most thorough
survey of the situation had proved conclusively that if the income
tax was to be retained as the major source of revenue, the disputes
relating thereto, except in relatively few cases, would have to be
determined and settled nqt by litigation but under the flexible,
speedy, and economical procedure of the administrative agency
primarily charged with that duty. The Treasury plans were
explained in detail to the appropriate committees of Congress, and
the success which has followed fully justifies their approval.
As has been frequently pointed out, the settlement policy is applicable whether a deficiency in tax or an overpayment in tax is involved.
Under the Federal tax system, overpayments and deficiencies are
inevitable. Overpayments must be adjusted by refunds or credits
to the taxpayer, and deficiencies must be adjusted by additional payment on the part of the taxpayer. These adjustments must be made
promptly and at the least possible cost to the taxpayer and the
Government. To compel taxpayers to resort to the courts to obtain
refunds of amounts admittedly overpaid would not only be unfair,
but would be detrimental to the effective administration of the
revenue laws. An income tax can not survive if several years of
litigation must intervene after the taxable income has been earned
and reported before the proper liability has been finally determined
and the appropriate adjustment has been made, whether resulting
in a refund or credit or the payment of an additional tax. Litigation
does not provide a satisfactory medium for determining the innumerable complexities involved in difficult and complicated income tax
cases which frequently require the services of accountants, engineers, and other experts. Certainty of liability can be gained within
a reasonable period after the close of the taxable year only through
administrative action. Litigation is necessary only when a taxpayer
is unwilling to accept the decision of the administrative officials.
The Treasury is confident that the procedure it has established,
with the many independent reviews and checks, fully protects the
interests of the Government and at the same time affords to taxpayers an opportunity for final determinations which are reasonably
prompt. The Treasury proposes to continue its present policies in
this respect.
Conclusions
There has been a substantial accomplishment by the bureau during
the fiscal year 1930 in its efforts to develop an efficient and rapid
audit of the returns being filed currently, as shown by the large percentage of such returns promptly closed without appeal and by the
SECRETARY OF THE TREASURY
53
marked reduction both in the 60-day deficiency notices issued and
in the appeals taken to the Board of Tax Appeals.
Further progress has been made toward relieving the congestion of
cases pending before the Board of Tax Appeals. Although the number of appeals on the board's docket is still large, it is believed that
it has been reduced to manageable proportions. In fact, any case
actually ready for trial may now be assured of an early hearing.
The experi<3nce of the year lends further justification to the policy
of the settlement of cases wherever possible by administrative action
without resorting to litigation and calls for the continued application
of that policy.
The removal of the bureau to its new building was effected at the
end of the fisical year with a minimum of interference with its work,
and the assembling of the various divisions under one roof should
contribute materially to greater operating efficiency.
Th'e bureau has exerted its full effort during the year, while fully
protecting the interests of the Government, to establish a better
relationship between the taxpayer and the bureau, and to insure to
the taxpayer a full hearing and fair treatment. I t is believed from
various expi'cssions received that encouraging progress has been
made along this line.
THE TARIFF ACT OF 1930
The tariff act of 1930 was approved by the President on June 17,
1930, and became effective on the following day.
The new act provides for numerous changes in rates. An analysis
made by th(i United States Tariff' Commission indicates that of the
.3,296 items specifically mentioned as dutiable in either the tariff act
of 1922 or the present act, the rates on 1,125, or 34 per cent, were
changed. Of these changes 890 were increases, including 50 transfers
from the iree to the dutiable list, and 235 were decreases, including 75
transfers from the dutiable to the free list. The more significant rate
increases pertained primarily to agricultural and related products.
The tariff act of 1930 contains improved provisions for a flexible
tariff system which permit more prompt correction of inconsistencies
and inaccuracies in rates which operations under the act may disclose.
I t also provides that the Tariff Commission shall conduct investigations of costs of production and report on the need for rate revision.
In the act of 1922 responsibility for instituting investigations by the
Tariff Commission was imposed upon the President, whereas under
the present act the Tariff Commission will conduct its investigations
upon the request of the President or of either or both houses of the
Congress, or upon its own motion or when in the judgment of the
commission there is sufficient reason therefor, upon application of
any interested party. The commission is charged with the duty of
. 54
REPORT ON THE FINANCES
reporting its findings to the President and specifying changes in
rates for his approval or disapproval.
Many of the administrative changes embodied in the new tariff act
were recommended by the Treasury Department, as a result of the
administration of earlier tariff laws. In general, these changes enlarge
the discretionary power of the department in admimstrative matters,
safeguard the revenue, simplify procedure, and remove certain difficulties formerly resulting in hardship and injustice to importers.
The more important of these changes are summarized below.
Of great importance from the point of view of the revenue is the discretionary power given to the Secretary in the new act to require from
importers such bonds or other security as he may deem necessary
for the protection of the revenue. Other important changes looking
specifically to the safeguarding of the revenue include the reinstatement in the new tariff act, at the recommendation of the Treasury,
of a provision, repealed in the 1922 act, which authorizes search by
customs employees of property (other than a dwelling) of any person
whomsoever; and the new provision requiring the entry of antique
furniture at ports specified by the Secretary where officers, qualified
to judge,of these articles, are stationed; and the further provision for
the payment of an additional duty or penalty of 25 per cent on any
such article imported for sale if rejected as unauthentic in respect to
the antiquity claimed as a basis for free entry.
Important new provisions designed to remove certain sources of
inconvenience and hardship to importers under the 1922 act include
the following:
(1) Regulations for the entry of goods have been made more
flexible. The 1930 act allows the entry of merchandise on the original
bill of lading, or the duplicate therieof, or on the carrier's certificate,
thus obviating the inconvenience of filing the original bill of lading or
giving bond therefor, as required under the former act. I t is further
provided that the collector shall return the original bill of lading with
the notation of entry of goods. Also, merchandise can be released
only to or upon the order of the carrier, and the collector is thus relieved
of considerable responsibility in the delivery of merchandise to consignees. Furthermore, it is now within the discretionary power of the
department to make such exceptions to the requirement of a certified
invoice as are deemed necessary. Under the old law it was necessary
to require large numbers of invoices, or bonds therefor, which were
never used by the customs. As recommended by the Treasury, the
Secretary is now empowered to make such exceptions, as he deems
advisable, to many specific details formerly required in every invoice.
The new provisions afford an opportunity by regulation to relieve
many importers from administrative details and also greatly to
decrease the work of the Bureau of Customs.
SECRETARY OF T H E TREASURY
^55
(2) An important change in the 1930 act permits either party in
any case to appeal from the Court of Customs and Patent Appeals
to the Supreme Court, without the consent of the other, as formerly
provided.
(3) Merchandise not conforming to sample or specification may
now, under certain safeguards, be exported with refund as drawback
of duties. Furthermore, provision is made for the substitution of
domestic or nonduty-paid sugar or nonferrous metals for similar
duty-paid imported materials in the claim for drawback of duties
under certain specified conditions. Under this new provision drawback may be claimed under the specified conditions on exports of
manufactures of sugar and nonferrous metals, even where no dutiable
sugar or nonferrous metal appears in the exported article.
(4) The appraisal value of merchandise is now specified by law
as the basis for determining the rate to be imposed. Formerly court
decisions varied as to whether the appraised or entered value should
be taken as the basis for applying ad valorem rates.
(5) The new law extends the time within which an appeal for reappraisement may be taken by the consignee or his agent from 10 to 30
days after notice of such appraisement.
(6) The new law provides that in the absence of protest or fraud,
final action with reference to the reliquidation of an entry—that is, the
redetermination of the duties thereon—is limited to 60 days. This was
desirable in order that the importer may be assured that he is in no
danger of further demand for duties on such merchandise. The period
allowed the collector for review, upon protest of the liquidation of an •
entry, has been extended to 90 days. The purpose of the longer period
is to prevent appeal to the Customs Court of well-founded protests
because of insufficient time for consideration by the collector. Furthermore, the new act contains a provision to prevent an importer
from keeping an entry from final liquidation indefinitely by protesting
one item of ihe entry after another.
(7) Uncertified checks. United States notes, and national bank
notes have been made legal payment for duties.
The most important provisions extending the discretion of the
Secretary, in addition to provisions already mentioned, include the
following:
(1) The settlement of claims for abatement or for refund of duties
due to loss of, or damage to, merchandise while in the custody of the
Government has agaui been transferred to the jurisdiction of the Secretary in accordance with recommendations of the department. This
restores the procedure in effect prior to the tariff act of 1922.
(2) As recommended by the Treasury, the net amount of foreign
bounties or grants may now be estimated, instead of definitely ascertained, as a basis for imposing the additional tax equal in amount
56
REPORT ON THE PINANCES
to the bounty. Definite information on foreign bounties has been
very difficult to obtain.
(3) As recommended by the Treasury, the Secretary has been given
discretionary powers in making regulations to obviate the difficulties
which developed in a literal interpretation of the provisions for
" m a r k i n g " imported merchandise.
(4) Provisions concerning the licensing of customhouse brokers,
which formerly did^ not provide sufficient regulation, now increase
greatly the powers of the Secretary and include the right of appeal to
the Customs Court.
AVAILABLE FUNDS FOR PUBLIC DEBT RETIREMENT
Inquiries received by the Treasury from time to time, indicate
that the funds available for retirement of the public debt are not
clearly understood. The following statement has been prepared to
meet such inquiries.
There are seven sources of funds for debt retirements:
I. Chargeable against ordinary receipts:
1. Cumulative sinking fund.
2. Receipts from foreign governments.
3. Estate taxes paid in bonds or notes.
4. Franchise tax receipts.
5. Forfeitures, gifts, etc.
I I . Other:
1. Surplus of receipts.
2. Reduction in net balance in general fund.
The amounts of debt retired during the period from June 30, 1919,
to June 30, 1930, from each of these sources, on the basis of daily
Treasury statements (revised), are summarized on page 27 and are
shown by years, on the basis of daily Treasury statements (unrevised),
in Table 40, page 592. Figures shown below are on the latter basis.
Cumulative sinking fund
The sinking fund was established by the provisions of section 6 (a)
of the Victory Liberty loan act approved March 3, 1919, as amended,
and is applicable to the retirement of bonds and notes issued under
authority of the first, second, third, fourth, and the Victory Liberty
loan acts, and to bonds and notes issued under these acts for refunding
purposes. The appropriation made each fiscal year for the sinking
fund by the Victory Liberty loan act [sec. 6 (a)l is:
(1) Two and one-half per cent of the aggregate amount of Liberty bonds and
Victory 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 July 1,
1920 ($253,404,864.87).
(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,
SECRETARY OF THE TREASURY
57
Further provisions of the act prohibit the purchase or redemption
of the bonds or notes for sinking fund account at an average cost
above par and accrued interest, and require all bonds or notes so
acquired to be canceled and not reissued. I t is apparent, therefore, that the sinking fund is not a " f u n d " in the sense of an amount
of cash or investments set aside in a special account. I t is, in fact, a
permanent and indefinite appropriation made each fiscal year, is
available until expended, and may be used only for the purpose and
within the limits specified.
The definite sum appropriated each fiscal year under (1) above is
$253,404,864.87. To illustrate the cumulative feature, assume that
the amount available the first year (fiscal year 1921) was used in the
purchase at par of $253,404,850 face amount of Aji per cent Liberty
bonds. Assume also, for the sake of simplicity, that the amount available each year is used to purchase outstanding obligations at the beginning of the year (except for small unexpended balances) and not
throughout the year as in the actual operation of the fund. The
amount available for purchases at the beginning of the second year
would be $253,404,864.87 plus interest on the purchases made during
the first year at the rate of 4% per cent per annum, amounting to
$10,769,706.13, or an aggregate of $264,174,571. If like purchases
of $264,174,550 were made during the second year, the amount available at the beginning of the third year would be $253,404,864.87 plus
interest at 4% per cent per annum on previous purchases aggregating
$517,579,400 ($253,404,850 plus $264,174,550) amounting to
$21,997,124.50, or an aggregate of $275,401,989.37. These figures
are not, of course, actual transactions, but are given merely to illustrate the principle involved.
The cumulative feature of the Government's sinking fund is similar
in principle to sinking fund provisions commonly made in connection with bond issues by the larger corporations, in which a specified
sum is required to be paid annually to a trustee for investment,
through market purchases or otherwise, in the bonds of the debtor
for the retirement of which the sinking fund was created. As the
coupons on these investments mature they are presented by the
trustee to the debtor for payment and thus provide additional funds
for like investment. In that manner the amount of the sinking fund
available to the trustee increases gradually each year by the amount
of the interest charge on the bonds so purchased. The amount
to be paid each year in order to retire the debt at maturity depends
on the amount of the bonds issued, the period covered, and the
interest rate. For example, annual payments of $28.80 -I- invested at
the beginning of each year at 5 per cent compound interest payable
annually will amount to $1,000 in 20 years. At 4 per cent compound
interest, annual payments of $32.29+ will amount to $1,000 in 20
years.
58
RE.P0RT ON T H E
FINANCES
There is given below a practical illustration of the operation of
a sinking fund on the basis of an interest rate of 4.44 per cent payable
semiannually, which, in final totals, gives approximately the same netresult as the Government's sinking fund transactions to the close of
the fiscal yesiY 1930. The interest rate in this instance is somewhat
higher than the 4j^ per cent Liberty bond rates, due primarily to the
earlier purchases in substantial amourits of the 4% per cent Victory
Liberty loan notes, including refunding issues for such notes. As
above indicated, the sinking fund law provides that purchases may
not be made at an average cost above par; consequently, it is necessary for the Government, in its refunding operations, to arrange
maturities so that sufficient obligations will be available at par for
the sinking fund purchases. As is well known, the refunding operations have been made at a substantially lower average rate of interest
than was carried by the Liberty loans. For example, sinking fund
purchases during the fiscal year 1930 were confined almost exclusively
to the 3K per cent 3-5-year Treasury notes issued as part of the refunding operation for the second Liberty loan which was called for
payment on November 15, 1927, and with respect to which all but
twenty-one millions face amount bore interest at the rate of 4%
per cent per annum. As more purchases are made of bonds and notes
issued at rates substantially below 4K per cent, the average interest
rate on sinking fund purchases should decrease to less than 4^4
per cent.
Operations over a 10-year period for a n assumed sinking fund established by a n n u a l
payments of $253,4-00,000, made i n the middle of each fiscal year, and bearing
interest at the rate of 4-44 P^f cent per a n n u m , payable semiannually, together
with comparative figures for actual expenditures made for account of the Govern^
menVs sinking fund
[In millions of dollars]
Annual additions to the fund
Amount in
fundat
beginning
of year
Year
1
2
3
4
5
6
7
.
_.
•
8
9...
10
Total
259.0
529.6
812.4
1,107. 9
1,416. 6
1, 739. 2
2,076. 3
2,428. 5
2, 796. 5
Interest on
Fixed
fixed
amount
amount to
(mid-year end of year
payment) ^ (6 months)'
Interest on
amount in
fund at beginning of
year
Total
Amount
expended
each year
for sinking fund
account
253.4
253.4
253.4
253.4
253.4
253.4
253.4
253.4
• 253.4
253.4
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.6
11.6
23.8
36.5
49.7
63.6
78.1
93.2
109.0
125.5
259.0
270.6
282.8
295.5
308. 7
322.6
337.1
352.2
368.0
384.5
254.8
274.5
284.1
294.9
306.7
321.2
336.9
355.1
370.2
382.9
2, 534. 0
56.0
591.0
3,181.0
3,181.3
1 In actual practice operations for the sinking fund are conducted throughout the year; for purposes of
simphcity it is assumed that the fixed annual addition to the sinking fund is made at the middle of the
year. In consequence interest on the payment is computed for the balance of the year.
SECRETARY OF THE TREASURY
59.
Receipts fi'om foreign governments
Under the provisions of section 3 of the first Liberty bond act and
section 3 of the second Liberty bond act, as amended and supplemented, the Secretary of the Treasury is authorized to apply any
payments made by foreign governments on account of the principal
of their obligations given for cash advances under authority of those
acts to the redemption or purchase of bonds issued under said acts at
not more than par and accrued interest. If, such bonds can not be so
redeemed or purchased, he shall apply such payments to the redemption or purchase of any other outstanding interest-bearing obligations
of the United States which may at such time be subject to redemption
or which can be purchased at not more than par and accrued interest.
All payments on account of the principal of loans made under
authority of the Liberty loan acts must be applied to debt reduction.
Payments on account of interest on such loans are not specifically
required by law to be used for debt retirement, but may be used to
meet expenditures chargeable against ordinary receipts.
In each of the foreign debt settlements as approved by specific
acts of Congress, provision is made whereby the debtor government
can, at its option, make payment of the principal and interest due
thereunder in any obhgations of the United States issued since April
6, 1917, in the form acceptable under general regulations of the
Treasury Department governing transactions in United States obligations, which shall be accepted at par and accrued interest to the
date of payment, irrespective of the maturity dates of such obligations. The act approved June 17, 1929, excepted unmatured Treasury bills from the class of obligations of the United States available
for this purpose. When foreign payments are made in obligations of
the United States, the obligations are canceled and the debt reduced
accordingly. Generally speaking, obligations of the United States
will not be used in making the payments unless they can be purchased below par and are still quoted in the market at or below par
when the required 30 days'^advance notice is given to the Treasury
with respect to the form of the payment next due. Out of $1,438,000,000 aggregate payments received to June 30, 1930, on account of
principal and interest due under the debt settlements, $1,112,000,000
has been made in obligations of the United States, $94,000,000 in
cash applicable under the law to debt retirement, and $232,000,000
in cash not applicable to debt retirement.
Included in the debt settlements with Belgium, Czechoslovakia,
, France, Rumania, and Yugoslavia are amounts due not only on
account of cash advances under the Liberty loan acts, but also on
account of other indebtedness to the United States from sources such
as the sale on credit of surplus war materials by the War and Navy
Departments, of relief supplies by the American Relief Administration
60
REPORT ON THE FINANCES
and by the United States Grain Corporation and of services by the
United States Shipping Board. When payments are received on
account of the principal of the indebtedness under any of these five
debt settlements, the amount required to be used for debt retirement is the percentage of the total principal payment that the
indebtedness on account of cash advances included therein bears to
the total indebtedness as funded. No indebtedness on account of
cash advances is included in the debt settlements with Austria,
Estonia, Finland, Hungary, Latvia, Lithuania, and Poland, and
consequently payments received from these seven countries are not
required by law to be used for debt retirement.
Estate taxes paid in bonds or notes
The second Liberty bond act as amended provides that any bonds
or notes of the United States bearing interest at a higher rate than
4 per cent per annum 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, shall, under rules
and regulations prescribed by the Secretary of the Treasury, be
receivable by the United States at par and accrued interest in payment of any estate or inheritance taxes imposed by the United States,
under or by virtue of any present or future law upon such estate or
the inheritance thereof. When bonds or notes are received in payment of estate taxes under this authorization they are canceled and
the debt is reduced accordingly. Generally speaking, estate tax payments will not be made in these obligations unless they are quoted
at a discount on the market. The total receipts from this source to
the close of business June 30, 1930, aggregate $66,000,000, of which
amount all but $142,150 was received prior to the fiscal year 1925.
Franchise tax receipts from Federal reserve banks and Federal intermediate credit banks
Section 7 of the Federal reserve act, as amended, provides that in
the case of each Federal reserve bank, after necessary expenses have
been paid or provided for and after provision is made for an annual
dividend of 6 per cent on the paid-in capital stock, the net earnings
shall be paid into a surplus fund until this fund amounts to 100 per
cent of the subscribed capital stock of such bank and thereafter
10 per cent of such earnings shall be paid into the surplus, and
that the net earnings over and above the provisions for these payments shall be paid to the United States as a franchise tax. It is
further provided that receipts of this franchise tax by the United
States shall, in the discretion of the Secretary of the Treasury, be used
to supplement the gold reserve against outstanding United States
SECRETARY OP THE TREASURY
61
notes (greenbacks) or shall be applied to the reduction of the outstanding bonded indebtedness of the United States under regulations
prescribed by the Secretary of the Treasury.
The total amount received on this account to June 30, 1930, aggregates $147,100,000, of which about 80 per cent was received in the
fiscal years 1921 and 1922. Under the requirements for application
of these receipts, only a comparatively small amount has been added
to the gold reserve against United States notes, the greater part having
been applied to reduction of the interest-bearing debt.
Section 206 (b) of the agricultural credits act of 1923 provides
that after necessary expenses of each Federal intermediate credit
bank have been paid or provided for, the net earnings shall be divided
into equal parts, one-half to be paid to the United States and the
balance to be paid into the surplus fund of the bank until this fund
shall amount to 100 per cent of the subscribed capital stock of such
bank and thereafter'10 per cent of the net earnings shall be paid into
the surplus. I t is further provided that after these requirements are
met the balance of the net earnings shall be paid the United States as
a franchise tax. Further provisions of this act require the application of receipts of this franchise tax, as in the case of similar receipts
from the Federal reserve banks, to the gold reserve against outstanding United States notes (greenbacks) or to reduction of the bonded
indebtedness of the United States. The total amount received to
June 30, 1930, on account of franchise tax payments from the Federal
intermediate credit banks aggregated $2,400,000, which has been
applied in the manner above indicated for application of like receipts
from the Federal reserve banks.
Forfejbtures, gifts, etc.
Debt reductions from this source arise principally from Government obligations received by the Treasury on account of forfeitures
of bail bonds of aliens, gifts made to the Government by individuals,
and bonds taken by other departments of the Government for various
purposes, etc. When these obligations are presented to the Treasury
in settlement of accounts and are, for the most part, unmatured, they
are canceled and credit given as receipt items for the principal amount
and the matured coupons attached thereto. The total retirements
from this source since 1919 aggregate ^$15,000,000, which, however,
includes $4,800,000 of fractional currency written off the debt on
December 31, 1920, on account of that amount estimated to have
been lost or destroyed in circulation.
Surplus of receipts
Section 2 of the act approved March 3, 1881, authorizes the application of the surplus receipts to reduction of the public debt. The
62
REPORT ON T H E FINANCES
surplus represents the amount of ordinary receipts for each fiscal
year in excess of the amount of expenditures chargeable against
them. The total of surpluses from the fiscal year 1920 to the fiscal
year 1930, both inclusive, aggregates $3,459,000,000, all of which
has been applied to reduction of the debt. In this connection it is
estimated that about one-half of these surpluses was due to realizations on war assets such as sales of surplus war property, sales and
payments of railroad obligations acquired under the provisions of
the Federal control act and of the transportation act, 1920, and collections of back taxes largely under the high rates prevailing during
and immediately after the war period, etc. The surplus is applied
to the reduction of the debt either through open-market purchases or
through decreased borrowings on the quarterly tax-payment dates.
The greater part of the reduction above mentioned has been effected
under the latter procedure. Through prompt application of the
surplus to retirement of the debt at the time the surplus accrues, the
maximum saving is made in interest costs and also the accumulation
of a large idle general fund balance is avoided. The figures representing the surplus for any particular fiscal year, therefore, do not
indicate an equivalent amount of increased cash in the Treasury.
On the contrarjT-, only a sufficient amount of cash is k ^pt in the general fund to meet requirements from one quarterly tax-payment date
to the next.
Reduction in the net balance in the general fund
Prior to the World War the annual expenditures of the Government were about $750,000,000. In the fiscal year 1919 the expenditures were about $18,500,000,000. This large increase, paid out of
borrowings for the most part, made necessary the carrying of a
large increase in the net balance in the general fund, supplied from
borrowings, which on June 30, 1919, was $1,251,000,000. In the
fiscal year 1920 the expenditures decreased to about $6,500,000,000,
and on June 30, 1920, the general fund balance was $357,000,000, a
reduction of $894,000,000 from the preceding June 30, which had
been apphed to debt reduction in that fiscal year. Up to the close
of business on June 30, 1930, the net amount of additional reductions in the net balance aggregates $39,000,000, making an aggregate debt reduction from this source since 1919 of $933,000,000.
Variations will always occur in the net general fund balance at the
close of one fiscal year as compared with the preceding fiscal year,
as it is not possible to fix the amount at a definite sum. The amount
of the balance at the close of any fiscal year is determined, as nearly
as possible, by the cash needs to the next quarterly tax-payment
date in September following, after taking into consideration the
SECRETARY OF THE TREASURY
63
probability of additional borrowings in the interim through sales of
short-term Treasury bills.
AGREEMENT WITH GERMANY
The indebtedness of the German Government to the United States
is on account of the costs of the American army of occupation and
the awards entered by the Mixed Claims Commission, United States
and Germany, in favor of American citizens and the United States.
The payments from Germany on account of this indebtedness up to
September 1, 1929, have been made under the provisions of the
army cost agreement of May 25, 1923, and of the Paris agreement
of January 14,1925. The so-called Young plan became effective as of
September 1, 1929, and superseded all previous agreements and
arrangements covering payments by Germany on account of its
obligations growing out of the war. Since the United States did not
become a party to the so-called Young plan, it became necessary
to negotiate a separate agreement with Germany for the satisfaction of American claims. An agreement was reached with the
German Government under the terms of which there are to be paid
to the United States an average annuity of 66,100,000 reichsmarks
for a period of 37 years and a flat annuity of 40,800,000 reichsmarks
for 15 years thereafter.
These annuities are divided under the agreiement so as to provide
an average annuity of 25,300,000 reichsmarks for a period of 37 years
in full satisfaction of our claim against Germany on account of army
costs, and a flat annuity of 40,800,000 reichsmarks for 52 years in payment of the awards of the Mixed Claims Commission, United States
and Germany. This agreement was submitted to the Congress with
the recommendation that the Secretary of the Treasury, with the
approval of the President, be authorized to execute it. The bill introduced for this purpose passed the Congress and was approved by the
President on June 5, 1930, and the agreement therein authorized was
executed on June 23, 1930, by the German ambassador to the United
States on behalf of his Government and by the Secretary of the
Treasury with the approval of the President on behalf of the United
States. The German Government had, by appropriate legislation,
previously authorized the conclusion of the agreement. The bonds
of the German Government provided for in this agreement representing the indebtedness were delivered to the Treasury under date of
November 7,1930. Germany has paid in full the bonds that matured
March 31 and September 30, 1930.
While the Young plan became effective as of September 1, 1929,
it did not actually come into operation until May 17, 1930. I t was
therefore necessary during the period September 1, 1929, to May 17,
1930, to continue in force and effect the agreements and a r r a n g e
12101—31
7
64
REPORT ON T H E FINANCES
ments made under the Dawes plan.. The agent general for reparation payments was authorized and directed to make payments to the
creditor governments in the same manner as under the Dawes plan,
but on the basis of the annuities stipulated in the Young plan. The
United States continued to receive monthly payments as usual, with
the understanding that any payments so received during the interim
period would be applied to the bonds first maturing under the agreement to be concluded between the United States and Germany.
A copy of the statement issued to the press under date of December 29, 1929, a copy of the statement made by Undersecretary of
the Treasury Mills on March 10, 1930, before the Ways and Means
Committee on the bill to authorize the settlement of the indebtedness
of the German Government to the United States, a copy of the act
of Congress approved June 5, 1930, a copy of the agreement concluded June 23, 1930, and a copy of the statement issued to the press
at the time the agreement was executed will be found as Exhibits 36
to 40, pages 334 to 347 of this report.
Army costs
On September 1, 1929, there was due from Germany on account of the costs of the American army of occupation the sum
of $193,936,765.20, as compared with the original amount of $292,663,435.79. The agreement with Germany contemplated a reduction
of 10 per cent in the total amount of the army costs originally due the
United States, France and Great Britain having accepted a similar
reduction under the Young plan. This meant a reduction for the
United States of $29,266,343.58, leaving a balance due as of September 1, 1929, of $164,670,421.62. The agreement concluded with
Germany provides that this sum shall be paid over a period of 37
years on the basis of an average annuity of 25,300,000 reichsmarks,
or about $6,000,000. The total payments on this account will aggregate over the 37-year period approximately $249,000,000, the difference of approximately $85,000,000 representing in effect the interest
the United States will receive for the army costs payments, the receipt
of which is postponed from 15 years to 37 years. The army costs
account as of October 1, 1930, stood as follows (excluding the 10 per
cent reduction mentioned above):
SECRETARY OF THE TREASURY
65
Total army cost charges (gross), including expenses of Interallied Rhineland High Commission (American department). $292, 663, 435. 79
Credits to Germany:
Armistice funds (cash requisition on
German Government)
$37, 509, 605. 97
Provost
fines
159, 033. 64
Abandoned enemy war material
5, 240, 759. 29
Armistice trucks
1, 532, 088. 34
Spare parts for armistice trucks
355,546.73
Coal acquired by army of occupation
756. 33
44,797,790.30
247, 865, 645. 49
Payments received:
Under the army cost agreement of May
25, 1923, which was superseded by
agreement of Jan. 14, 1925
__Under Paris agreement of Jan. 14, 1925.
Under debt agreement of June 23, 1930.
14, 725, 154. 40
39, 203, 725. 89
9, 031, 468. 94
62, 960, 349. 23
Balance due as of Oct. 1, 1930
184, 905, 296. 26
Germany has paid to the United States the sum of $9,031,468.94,
representing the principal of bonds Nos. 1 and 2, due March 31 and
September 30, 1930, in the respective amounts of 25,100,000 reichsmarks and 12,750,000 reichsmarks, on account of army costs under
the agreement of June 23, 1930.
Mixed claims
The agreement concluded June 23, 1930, with the Government of
Germany provides for the payment to the United States of 40,800,000
reichsmarks ($9,700,000) on March 31, 1930, and 20,400,000 reichsmarks ($4,850,000) on September 30 and March 31 each year thereafter up to March 31, 1981. The Government of Germany has paid
under this agreement on account of the awards of the Mixed Claims
Commission the sum of $14,608,903.36, representing the principal of
bonds Nos. 1 and 2, due March 31 and September 30, 1930, in the
respective amounts of 40,800,000 reichsmarks and 20,400,000 reichsmarks. The total payments made by Germany on account of mixed
claims up to September 30, 1930, aggregated $46,791,964.23.
I t is not possible at this time to furnish an accurate statement of
the amount of payments to be made on account of the awards of the
Mixed Claims Commission for the reason that the commission has
not yet completed its work. I t is hoped that the work of the commission will be in such.condition bv this time next vear that a full
66
REPORT ON THE FINANCES
statement of the amount due on account of these awards can be
presented in the annual report.
TREASURY ADMINISTRATION OF ALIEN AND MIXED CLAIMS
The settlement of war claims act of 1928 authorized the Secretary
of the Treasury to make payments on account of (1) awards of the
Mixed Claims Commission, United. States and Germany, for claims
of American nationals against the Government of Germany; (2)
awards of the Tripartite Claims Commission for claims of American
nationals against the Government of Austria and Hungary; and (3)
awards of the War Claims Arbiter for claims of German, Austrian,
and Hungarian nationals against the Government of the United
States.
During the past year the settlement of war claims act of 1928 was
amended so as to extend the time in which application may be filed
with the Secretary of the Treasury for payment on account of the
awards of the Mixed Claims Commission and the Tripartite Claims
Commission from two years to four years from March 10, 1928. It
was also amended so that the sums to have been appropriated after
the date on which the awards of the war claims arbiter are certified to
the Secretary of the Treasury for payment are now authorized to be
appropriated at any time but not to be available until after such
Awards are certified for payment.
In accordance with a recommendation of the President the act was
further amended so that the one-half of 1 per cent deducted by the
Secretary of the Treasury, as authorized by the act, from the payments
made on account of the awards entered by the Mixed Claims Commission under the agreement of December 31, 1928, should be made
available to the German Government for defraying such expenses as
may be incurred by that Government in connection with the adjudication of those claims. The German Government has been requested
to furnish the Treasury with a statement of its expenses applicable to
the adjudication of such claims. Upon receipt of that statement the
deductions thus far made or so much as may be required will be paid
over to the German Government to apply on account of such expenses.
The amendments referred to may be found as Exhibits 41 to 43,
on pages 348 to 349 of this report.
Claims against Germany
During the past year the Treasury has continued to make payments on account of the awards of the Mixed Claims Commission,
United States and Germany. Thie payments made during the past
year have been for the most part on account of the awards entered
under the agreement of December 31, 1928, and on account of the
SECRETARY OF THE TREASURY
67
awards entered under the agreement of August 10, 1922, which exceed
$100,000 in amount. Of the last-mentioned class of awards, a payment of 9 per cent of the remaining unpaid principal was made on
December 16, 1929, a payment of 7 per cent was made on March 31,
1930, and a payment of 12 per cent was made on September 30,
1930. The funds available for this purpose were the receipts from
Germany, earnings on investments, and the proceeds of investments
made by the Alien Property Custodian in 5 per cent participating
certificates under section 25 of the trading with the enemy act,
as amended (20 per cent of the value of the property of German
nationals temporarily withheld).
Up to October 1, 1930, the Treasury has made payments in the
aggregate amount of $114,501,453.66 on account of the awards of
the Mixed Claims Commission, from which there was deducted
$572,507.98, representing one-half of 1 per cent for reimbursement
to the United States on account of expenses incurred, making net
payments to claimants of $113,928,945.68. The following summary
statement shows by class the number and amount of awards certified
to the Treasury by the Secretary of State, the amount paid on account,
and the balance due as of October 1, 1930:
Number and amount of awards of the Mixed Claims Commission, United States and Germany, certified to the Secretary of the Treasury by the
Secretary of State; and the amount paid and balance due, by class, as of October 1, 1930
'
Class II
Class I
Total
numAwards on
NumAwards of
ber of Total amounts Numaccount of
ber of
$100,000 and
ber of
awards
death
less
awards personal and
injury awards
Awards certified
1. Amount due on account:
Principal of a w a r d s Agreement of Aug. 10,1922 . _
Agreement of Dec. 31, 1928-__
-
4,503 $114,121,253. 74
3,361,211. 30
2,081
_
415
94
$3,468,437.75
464,625. 00
3,791
1,981
$14,669,283.07
2,205,252. 02
Class III
Number of
awards
297
6
Awards over
$100,000
$95,983, 532. 92
691,434. 28
117,482,465.04
118,313.03
Total due claimants
_..
2. Payments made on account up to Oct. 1, 1930:
Principal of a w a r d s Agreement of Aug. 10, 1922
_
_
Agreement of Dec. 31, 1928..
_.
Interest to Jan. 1, 1928, at rates specified in awards—
_
Asfrppmpnf of D P P 31 1928
Interest at 5 per cent per annum from Jan. 1, 1928, on total amount payable as of Jan. 1,1928, to date of payment, as directed by the settlement
Total payment to Oct 1 1930
Less one-half of 1 per cent deduction from each payment—
Affreement of Auc 10 1922 navable to United States
Agreement of Dec 31, 1928
Net pa^nnents made to claimants up to Oct. 1,1930
16,826, 522. 59
96,604,666.67
728,426.13
96,786. 62
6,639,075.12
860, 725. 20
42,909,294.61
322,105. 61
4,758,175.60
24,326,322.91
139,836,066.79
96,674, 967. 20
. 70,300. 53
o
%
o
H
. 13,589,638.29
4,161
1,965
163,872.12
1,075,414.44
12,350,351.73
182,510,203.49
:
__
3,932, 962. 76
168,920,565.20
Total payable to Jan. 1, 1928 .
. . . .
Interest thereon to date of payment or if unpaid to Oct. 1, 1930, at 5 per
cent per annum, as specified in the settlement of war claims act of 1928.
16,874,636.09
48,012. 50
50,276,795. 86
1,279,617.33
Interest to Jan. 1, 1928, at rates specified in a w a r d s Agreement of Aug. 10, 1922
Agreement of Dec. 31,1928.
3,932,962. 76
117,364,152.01
Less amounts paid by Alien Property Custodian and others
C^
00
4,922,047.62
25,401,737.35
152,186,418. 62
>
o
14,428,940.45
2,074,176. 24
184,065,745.51
662,730. 72
Ul
101,960,623. 71
3,183,930. 96
7,286,487. 81
897,703. 68
413
88
3,466,837.75
447,025. 00
727,884.41
93,140. 38
3,748
1,877
6,558, 603.40
804,563. 30
1,172,807.50
160,538. 35
1,012,269.15
114,501,453. 66
4,894,425.89
24,878,661.54
550,153. 01
22,354.97
21,471.12
3,000.99
113, 928,945. 68
4,869,953.78
108, 352. 79
16,040.33
24,754,158.42
84,728,476. 23
420,329.10
3,313. 65
84,304,833. 48
HH
3. Balance due on account:
Principal of awards—
Agreement of Aug. 20, 1922
Agreement of Dec. 31,1928
_
Interest to Jan. 1, 1928, at rates specified in the a w a r d s Agreement of August 10, 1922
__
Agreement of Dec. .31, 1928
_.._
Accrued interest at 5 per cent per annum from Jan. 1, 1928, on total
amount payable as of Jan. 1,1928, to Oct. 1,1930
^
'
Balance due claimants as of Oct. 1, 1930.
342
116
54,951,711.61
499,385. 86
2,600.00
17,500. 00
81,013. 44
69,808.14
641. 72
3,646.24
43
104
192,330.12
131,076.78
297
6
54,766,781. 49
360,809.07
80,471.72
56,161. 90
12,416,830.79
3,333. 77
63,145. 29
12,360,351.73
68,008,749.83
27,621.73
623,185. 81
67,457,942.29
1 Payments on this class of awards are first applied on account of the total amount payable as of Jan. 1,1928, as directed by the settlement of war claims act of 1928, until total of
all payments on the 3 classes equals 80 per cent of the amount payable Jan. 1, 1928. This amount represents payments of $100,000 and additional 30 per cent, 10 per cent, 7 per cent,
9 per cent, 7 per cent, and 12 per cent, respectively, on account to each claimant (less one-half of 1 per cent). Payment of accrued interest since Jan. 1, 1928, on this class qf claims
deferred in accordance with act.
Ul
O
o
>
Ul
o
o
70
REPORT ON T H E FINANCES
War claims arbiter
Under the settlement of war claims act of 1928, it is the duty of
the war claims arbiter, within certain limitations, to hear the claims
of the German, Austrian, and Hungarian nationals and to determine
the fair compensation to be paid by the United States for ships
seized by it, a radio station sold to the United States, and patents
sold or used by the United States.
On June 5, 1930, the arbiter entered tentative awards for 94
merchant ships belonging to German nationals, together with certain
property contained therein, in the aggregate amount of $74,243,000,
including simple interest thereon at 5 per cent per annum from July 2,
1921, to December 31, 1928, and certified them to the Secretary of
the Treasury for payment under dates of June 13 and 16, 1930. The
Treasury immediately prepared regulations covering such payments
and issued them, together vidth a form for makuig application for
payment, to the claimants under date of June 23, 1930. The Secretary of the ^Treasury determined on the same date that, of the
$25,000,000 reserved from the appropriation of $50,000,000 made in
May, 1928, for payments on account of the tentative awards of the
arbiter, the sum of $20,000,000 should be paid on account of the
tentative awards entered by the arbiter on account of ships and
property contained therein. Each claimant, therefore, received
26.935152525 per cent of his tentative award. Substantially all of
the payments on this account were made on July 18, 1930. The
arbiter has not certified to the Secretary of the Treasury any awards
on account of the claims other than the tentative awards covering
ships and property contained therein.
Under the amendment of the settlement of war claims act referred
to above, which authorized the appropriation of additional funds at
any time to pay the awards of the arbiter, but which are not to be
available until such awards are certified to the Treasury for payment,
there was appropriated in the second deficiency appropriation act
of June 3, 1930, such additional amounts as may be necessary to pay
the aggregate of the awards of the arbiter, to be immediately available
after the date on which such awards are certified for payment and within the limit of $100,000,000 authorized for the claims of German nationals against the United States and the limit of $1,000,000 for the claims
of the Austrian and Hungarian nationals against the United States.
The Treasury is therefore in a position to make immediately such
additional payments on account of the final awards of the arbiter as
will equal 50 per cent of the total amount of the awards entered in
favor of German nationals and to make payment in full of the awards
entered in favor of the Austrian and Hungarian nationals as authorized by the settlement of war claims act, and thus save interest at
SECRETARY OF THE TREASURY
71
the rate of 5 per cent per annum. The remaining 50 per cent of the
appropriation made available for the awards of the arbiter in favor
of German nationals will be used, as authorized by the settlement of
war claims act, to make payment of the awards of the Mixed Claims
Commission in favor of American nationals. The balance due on
account of the awards in favor of German nationals will be paid, as
and when funds are available for that purpose, in accordance with
the priorities estabhshed by the settlement of war claims act.
A copy of department circular No. 425, of June 23, 1930, contaiuing
the regulations covering payments on account of the tentative awards
of the arbiter for ships and the form of application for payment will
be found as Exhibit 44, page 349 of this report.
The foUowing statement shows the funds deposited in the German
special deposit account and the payments made therefrom up to
October 1,1930:
Statement showing ihe funds deposited in the German special deposit account and the
payments made therefrom up to October 1, 1930
Receipts:
Unallocated interest fund.
$25, 000, 000. 00
Appropriation for ships, patents, and
radio station
50, 000, 000. 00
Receipts from Germany—
2}i per cent of
Dawes's annuities available for
reparations
(Paris agreement
of Jan. 14,1925). $32, 183, 060. 87
Under GermanAmerican agreement June 23,
1930
14, 608, 903. 36
46,791,964.23
Investments of Alien Property Custodian under section 25 of trading with
the enemy act, as amended.
14, 751, 252. 38
Earnings and profits on investments.^_.
3, 627, 531. 69
=—'•
— $140, 170^748, 30
Payments:
On account of the
awards of the Mixed
Claims Commission
as shown in above
statement—
Under agreement
of Aug. 10,1922.$109, 480, 279. 28
Under agreement
of Dec. 31,1928..
4,448,666.40
113, 928, 945. 68
72
REPORT ON THE FINANCES
Payments—Continued.
On account of tentative awards, war
claims arbiter, for ships
$19, 999, 786. 94
One-half of 1 per cent deduction from
payments (total deductions $550,153.01, of which $37,044.38 has not
yet been covered into miscellaneous
receipts)
_-_.__
513, 108. 63
One-half of 1 per cent deduction from
payments on account of awards under
new agreement ($22,354.97 held to pay
expenses of German commission, act
of June 21, 1930).
Advances for i expenses of Treasury
(limited to $25,000 per annum). .
17,175. 00
Advances to war claims arbiter for expenses...
96, 900. 00
.
$134, 555, 916. 25
Balance available in German special
deposit account (including investments).—
-.
Made up as follows (principal cost)—
$5,267,950 face amount of fourth Liberty loan 4:%
per cent bonds
Cash balance
._
5, 614, 832. 05
5,435,087.09
179,744. 96
5,614,832.05
Of the above-mentioned balance the sum of $5,000,000 is reserved
to make payments on account of tentative awards of the war claims
arbiter for patents and a radio station belonging to German nationals
and seized by the United States during the war. The remaining
balance will be used to make payments on account of awards of the
Mixed Claims Commission. In view of the fact that the agreement,
concluded June 23, 1930, with Germany, providuig for the payments
on account of these awards, stipulates that such payments shall be
made on March 31 and September 30 of each year, it will be the policy
of the department hereafter to distribute such funds to the claimants
on or about those dates. When the war claims arbiter enters final
awards in favor of the German nationals on account of their claims,
50 per cent of any additional appropriation over and above the
$50,000,000 first appropriated will be available for payment on
account of the awards of the Mixed Claims Commission entered in
favor of American nationals.
Austria
Section 25 (g) of the trading with the enemy act, as amended by
the settlement of war claims act of 1928, authorized and directed
the Alien Property Custodian to transfer to the Secretary of the
SECRETARY OF THE TREASURY
73
Treasury for deposit in the Austrian special deposit account all
money and the proceeds of aU property, including aU income, dividends, interest, annuities, and earnings accumulated in respect
thereof owned by the Austrian Government or any corporation all
the stock of which is owned by or on behalf of the Austrian Government. The Alien Property Custodian transferred to the Secretary
of the Treasury under dates of December 7, 1928, and August 22,
1929, the sum of $1,449,119.29, which belonged to the Austrian Government, including earnings on the principal of such funds after
March 4, 1923. The Alien Property Custodian was not, however, at
the time of the transfers of these funds able to determine what earnuigs had accumulated in the so-called unallocated interest fund
account prior to March 4, 1923, which belonged to the Austrian
Government. Since that time he has determined that these earnings
amounted to $311,473.94, together with a further sum of $115.32,
representing principal, which have been transferred and deposited
in the Austrian special deposit account. In so far as these funds are
not needed to make payment on account of the awards of the Tripartite Claims Commission against Austria they have been returned
to the Austrian Government through the Austrian minister at Washington. The sum of $1,122,814.70 was returned under date of August
22, 1929, and $311,589.26 un;der date of September 26, 1930.
In last year's annual report the Austrian special deposit account
showed a balance of $7,714.87, representing funds reserved by the
Treasury to pay the awards for which proper applications had not
been received from the claimants. Since that time additional
payments have been made, and the balance in the account has now
been reduced to $1,441.52. There still remain 12 unpaid awards
representing the above balance.
Hungary
There has been no change in the situation with respect to the
awards entered by the Tripartite Claims Commission against Hungary. As set out in last year's annual report, the Treasury received
from the Government of Hungary the amount of $8,250 in partial
satisfaction of these awards. The commissioner of the Tripartite
Claims Commission has not yet certified to the Treasury any of the
awards entered against the Government of Hungary.
These awards may not be certified to the Treasury for payment
until the Hungarian Government has deposited sufficient funds
with the Treasury to pay such awards, as the commissioner is
directed by the settlement of war claims act to certify to the Secretary of the Treasury that the funds so deposited by the Hungarian Government are sufficient to pay the awards entered by the
commission.
74
REPORT ON THE FINANCES
It appears that the Hungarian Government is prepared to provide
the United States with sufficient funds to meet the payments on
account of the awards entered against it, but there is a question, because of certain ''most favored nation'' clauses in its respective debt
agreements with the Governments of France and Italy, as to whether
it can make such payments without making similar payments to those
governments. While the payment to the United States would involve
no more than $180,000, the payments to the other countries would
amount to millions of dollars. The United States Government has
approached these governments with a view to having these ''most
favored nation" clauses waived in this case, but no definite answer
has yet been received. It is hoped, however, that some way can
be found whereby Hungary can make payment on account of the
awards in the near future.
OBLIGATIONS OF FOREIGN GOVERNMENTS
During the fiscal year 1930 the Treasury received from foreign
governments on account of their indebtedness to the United States
the sum of $239,565,807.02, of which $97,634,287.76 was for account
of principal and $141,931,519.26 was for account of interest. Of the
total payments received, the sum of $129,006,255.78 was made in
cash and $109,790,850 was made, in at^cordance with the options
granted in the various funding agreements, in obligations of the
United States Government issued since April 6, 1917, which were
accepted at par and accrued interest to the date of payment, the
accrued interest amounting to $768,701.24. This represented a
material. change in the form of payment as compared with previous
years. During the past few years it has been advantageous for the
foreign governments to make payment on account of their indebtedness in obligations of the United States because they could purchase
such obligations in the market at, a discount and receive credit for
them at par. This condition prevailed in the first part of the fiscal
year 1930, during which time the Treasury received payments aggregating $121,378,776.78, of which $109,790,850 was received in obligations of the United States. During the latter part of the year,
however, money market conditions underwent a decided change so that
prior to the June, 1930, payments all obligations of theUnited States
were quoted in the market at a premium. Thus, it became unprofitable for foreign governments to make their payments in United
States securities, and payments aggregating $118,187,030.24 during
the last half of the fiscal year were all made in cash.
The followiQg statement shows the total payments received on
account of principal due under the funding agreements up to the end
pf the fiscal year.
SECRETARY OF THE TREASURY
75
Aggregate payments of principal to June 30, 1930, under funding, agreements
I n U n i t e d States obligations
Cash
Country
Accrued inFace a m o u n t terest to d a t e
of p a y m e n t
Austria
Belgium
.
Czechoslovakia
Finland
France
_
Great Britain
Greece
Hungary
Italy
Lithuania
Rumania
Yugoslavia
.
.
-
-- -
.
...
1
. . . .
.
__
.
.
Total
. .
-
..
$576,112.00
7, 660,042.81
10, 600,434.32
191,084.98
147,932,079.04
35,744.29
497,000.00
62, 240. 50
15,000, 029. 75
197, 258.00
2,000,000.00
1,000,000.00
185,641,026.69
$5,342,900
4,482,150
148,850
11,971,100
173, 545, 200
$57,-067.19
17. 415. 68
1, 065. 02
. 96,820.96
419,065. 71
9,956, 600
43,370.25
205, 446,800
634, 784.81
T o t a l principal
payments
$675,112.00
13,050,000.00
15,000,000.00
341,000 00
160,000,000.00
174,000,000.00
497,000. 00
62, 240.60
25,000,000. 00
197, 258.00
2,000 000 00
1,000,000.00
391,722,610.50
The following statement shows the total payments received on
account of interest due under the funding agreements up to the end
of the fiscal year:
Aggregate interest payments to June SO, 1930, under funding agreements
I n U n i t e d States obligations
I n b o n d s of
d e b t o r governments
Country
Belgium .
Estonia
Finland
Great Britain
Greece
Hungary
Latvia
Lithuania
Poland . . .
Total
. .
...
$43, 556. 50
402,465. 00
446, 020. 50
Cash
T o t a l interest
p a y m e n t s , inAccrued in- cluding accrued
Face a m o u n t terest to d a t e interest funded
of p a y m e n t
$6, 241,0§9. 67
725,015.87
1,442,438.46
116,151,419.84
* 482,660.00
336, 284. 65
306,000.00
611,144. 04
10,137, 391.12
$4,947,060
123,900
645,150
897,618,400
46,000
94,050
2,995, 600
4,374. 77
$11,240,000.00
850,000.00
1,990,425.00
1,017,360,000.00
482, 660.00
379,840.15
350 000 00
1,107, 659.04
13,137,365.89
136,432,443.66
906, 369,150
3, 650,336. 93
1,046,897,950.08
$51,860.33
1,084.13
2,836. 64
3, 590,180.16
A statement showing the principal of the funded and unfunded
indebtedness of foreign governments to the United States, the accrued
and unpaid interest thereon, and the payments on account of principal and interest as of November 15, 1930, will be found as Table 57,
page 608 of this report.
Austria
Under date of May 8, 1930, an agreement for the settlement of the
relief indebtedness of the Government of Austria to the United States
was executed by the Austrian Minister to the United States on behalf
of his government and by the Secretary of the Treasury, with the
approval of the President, on behalf of the United States. This
agreement was authorized by act; of Congress approved February
76
REPORT ON T H E FINANCES
4, 1929, and the conditions under which it was made were fully explained in the annual report for the fiscal year 1929. The terms of
the settlement agreed upon are the same as those offered by Austria
and accepted by all of its other relief creditor governments. The
bonds of Austria have not yet been delivered to the Treasury, although
Austria has made the payments as they became due.
A copy of the agreement, a copy of the statement issued to the
press by the Secretary of the Treasury at the time of the execution
of the agreement, and a copy of the statement issued by the Austrian
Minister on the same date will be found as Exhibits 28 to 30, on
pages 316 to 323 of this report.
Czechoslovakia
The Government of Czechoslovakia has not yet ratified the funding agreement concluded on October 13, 1925, and for that reason
has not delivered bonds as provided for under the agreement in
exchange for the obligations now held. Czechoslovakia has, however,
continued to make payments regularly under the funding agreement.
France
The debt-funding agreement concluded April 29, 1926, with the
Government of France for the settlement of its indebtedness to the
United States was authorized by an act of Congress approved December 18, 1929. Upon approval of this act the agreement became
immediately effective, as the Government of France had formally
ratified it on July 27, 1929.
As stated in previous annual reports, it was understood that all
payments made by the French Government since June 15, 1925, as
of which date the indebtedness was funded, on account of interest
on the indebtedness for surplus war material and on account of
principal of the indebtedness for cash advances, would, upon final
ratification of the agreement, be applied toward the annuities first
due under that agreement. The French Government had paid the
sum of $112,932,065.37 on these accounts up to December 18, 1929.
The annuities due and payable up to this date under the agreement
aggregated $125,000,000, leaving a balance of $12,067,934.63, to be
paid by France. This balance was paid to the United States on
December 26, 1929, which placed bhe annuities due under the agreement on a current basis.
Under date of April 15, 1930, gold bonds of the French Government were delivered to the Treasury in exchange for the obligations
held, thus finally completing the funding of the indebtedness of the
French Government to the United States.
SECRETARY OF THE TREASURY
77
A copy of the agreement wiU be found on page 236 of the annual
report for 1926. A copy of the statement made by Undersecretary
of the Treasury Mills before the Ways and Means Committee on
December 10, 1929, in connection with the bill then pending authorizing the settlement of the indebtedness of France to the United States,
a copy of the act of Congress approved December 18, 1929, a copy
of the statement issued December 27, 1929, concerning the payment
made December 26, 1930, by France to the United States, and a copy
of the statement issued April 15, 1930, concerning the exchange of
obligations, wiU be found as Exhibits 31 to 34, pages 324 to 330 of this
report.
CURRENCY
Small-size currency
The issue of the new, small-size currency was inaugurated July 10,
1929. At that time there was outstanding a total of $4,997,000,000
old-size currency, about 823,000,000 pieces. For the first six months
after the initial issue replacement of the old-size currency with the
new was gradual and largely governed by the redemption of old-size
^currency unfit for further circulation. Since January 1, 1930, the
old-size currency has been canceled as received and all currency
issued has been of the new, small size. Although it had largely disappeared from actual circulation, yet on June 30, 1930, there remained
outstanding a total of $1,056,000,000 old-size currency, about 126,000,000 pieces. This had been further reduced on October 31, 1930,
to nearly $860,000,000, or about 108,000,000 pieces.
The issue of the new, small-size currency followed a long period of
preparation, which had been preceded by an exhaustive study covering
all phases of the currency product, as a result of which study it had
been concluded to reduce the size and to formulate wholly new designs
on a denominational basis. These were the most important changes
made in the currency product since the first issue early in the Civil
War period.
In prior reports a full account of the new currency has been given,
and it is now necessary only to report its successful issue and the
realization of the department's expectations. The reduction in size
has brought about a more convenient currency for the use of the public. It has resulted in lower production costs. It makes it possible,
if required, to print greatly increased quantities without materially
increasing the physical plant. It results in economy in handling and
storing currency, as the bulk is about one-third less, which economy
extends to every bank throughout the country. The new designs,
formulated on a denominational basis, with every possible simplification but with all essential safeguards and characteristics, have
eliminated confusion and uncertainty. It is now possible for one to
78
REPORT ON THE FINANCES
become familiar with the outstanding features of each denominational
design and so more readily detect alterations of denominations.
Further details regarding amounts of new currency issued and
amounts of new and old currency outstanding will be found on page 279
of this report.
Discontinuance of the coinage of the guarter-eagle
Upon the recommendation of the Treasury, the coinage and issue
of the $2.50 gold coin was discontiuued by an act of Congress
approved on April 11,1930. That this coin was not well adapted for
use in circulation, owing to its smallness, has been demonstrated
over a period of years. Moreover, the coins were iu demand almost
exclusively for use at the Christmas season and generally were returned'
to the reserve banks and the Treasury or disappeared from circulation soon after their issuance. The existing supply of these coins
was inadequate to meet the holiday requirements and the gold which
would have been required to manufacture an adequate supply was
needed for other more important purposes. I t did not seem desirable,
therefore, to continue the issuance of a coin which served no business need and which consumed gold and mint coinage capacity needed
to meet other requirements more in the public interest.
BRANCH, GROUP, AND CHAIN BANKING
In my last annual report I referred to the recent growth in branch
and group banking, to the influences which lie back of this growth,
and to the need for thorough study of the situation. Active investigation of the subject is now in progress.
The status of bi^nch-operating and multiple banking systems at
the present time is indicated by data conipiled by the Federal Reserve
Board. According to the board's statistics, on June 30, 1930, 817 of
the 23,852 banks of all classes ^ in the country were operating 3,618
branch offices, as compared to 818 banks with 3,440 branches at the
end of June, 1929. On the same date 2,144 banks were reported as
affiliated in chain or group systems, as against 1,802 so reported a
year earlier. Although the number of branch bank systems decreased
by one during the year 1.930, 68 banks which were previously nonbranch-operating organizations established branches. This addition
to the number of branch-operating banks was offset mainly by
decreases resulting from mergers and suspensions. The banks that
were operating branches at the end of June, 1930, included 165
national banks with a total of 1,041 branches; 169 State member
banks of the Federal reserve system with 1,308 branches; and 483
nonmember banks with 1,269 branches.
Exclusive of private banks not under State supervision.
SECRETARY OF THE TREASURY
79
The loans and investments of branch-operating banks aggregated
$25,161,000,000 on June 30, 1930, or about 43 per cent of the loans
and investments of all banks ia the country, which totaled $58,108,000,000 on that date. Branch-operating banks numbering 575, with loans
and investments of about $20,613,000,000, were located in States
which permit branches only in the city in which the parent bank is
located or in contiguous or immediately adjoining territory, while 218 ^
branch-operatiug banks with loans and investments of about $4,047,000,000 were reported from banks in the nine States and the District of Columbia which permit state-wide branch banking.
The area in which branch banking existed on June 30, 1930,
comprised the District of Columbia and all States except Colorado,
Connecticut, Florida, Idaho, Illinois, Iowa, Kansas, Missouri, Montana, Nevada, New Mexico, Texas, Utah, and West Virginia, in
which States the establishment of branch offices is prohibited, and
North Dakota, Oklahoma, South Dakota, and Wyoming where no
legislation respecting branch banking has been enacted. Very few
branches existed, however, in some of the States included in the
branch-bankiag area, in fact, 4 of the States had a total of only 7
branches. Moreover, in 8 of the States hi which 1 or more branches
were in operation in June 1930—Alabama, Arkansas, Indiana, Minnesota, Nebraska, Oregon, Washington, and Wisconsin—the establishment of additional branches is prohibited. State-wide branch banking is permitted in 10 States: Arizona, California, Delaware, District
of Columbia, Maryland, North Carolina, Rhode Island, South Carolina, Vermont, and Virginia.
Problems raised by the recent increase in the number of branch,
group, and chain banking organizations are now the subject of investigation. During the past year a committee of Congress has conducted
a broad inquiry of the subject, obtaining testimony from many leading banking authorities. The subject is also being studied by the
Comptroller of the Currency and by the Federal Reserve Board.
These and investigations by various private groups, should provide a
valuable fund of information by which to judge the relative advantages
and limitations of various forms of banking organizations, and should
indicate the character of such legislative measures as may be necessary to insure the orderly development of our banking structure
along the lines best suited to meet the varying and expanding needs
of the country's industry and commerce. In view of the great importance to the Nation of a strong and efficient banking system organized
to provide for the requirements of the smallest as well as the largest
users of credit, commitments regarding legislation governing the opera1 Of the remaining branch-operating banks, 23 were in States where the establishment of new branches
Is prohibited, and 1 was in New Hampshire where State legislation contains no provision relating to
branch banking.
12101—31
8
80
REPORT ON THE FINANCES
tion of branch, group, and chain systems should await the completion
of investigations now in progress.
FEDERAL PUBLIC BUILDING PROGRAM
The Federal building program under the direction of this department grew out of a nation-wide survey by the Secretary of the Treasury and the Postmaster General. I t includes in the District of
Columbia sites and construction of the following:
Authorized projects:
Administration building. Department of Agriculture
Extension, Government Printing Office
Internal Revenue Building.
.
Commerce Building
Extensible building, Department of Agriculture
Archives Building^
.
Additional stories. Liberty Loan Building
.
Economics Building (purchased building)
Supreme Court site
Water mains
.__.-Projects submitted to Congress to be specifically authorized under
authority of Keyes-Elliott Act, approved Mar. 31, 1930 ^ are:
Post Office Department Building
Interstate Commerce or General Accounting Office
Department of Labor Building
Connecting wing between Labor and Interstate Commerce
Buildings
..
Department of Justice
__-.
Public Health Service Building.
_.__
State, War, and Navy Building, remodeling
Landscape work
'
Extension and remodeling of power plant, Department of Agriculture
.
Limit of cost
$2, 000, 000
1, 250, 000
10, 000, 000
17,500,000
5, 750, 000
8,750,000
375, 000
350, 000
1,768,741
225, 000
10,300,000
4, 500, 000
4, 750, 000
2, 000, 000
10, 000, 000
865,000
3, 000, 000
60, 000
85,000
Over the country at large, it includes post offices, customs buildings, inspection stations, courthouses. Federal office buildings, marine
hospitals, quarantine stations, immigration stations, and assay offices.
Authorizations
At the time my report for the fiscal year 1929 was submitted, the
Congress had made general authorizations of $290,000,000 for the
Federal building program, including $25,000,000 for the triangle site
in the District of Columbia, with total specific authorizations of 334
projects, 325 involving $192,487,010.80 for the country at large, and
9 projects, involving $47,943,741 for the District of Columbia. As a
result of reclassification of some projects, the number authorized was
336 on June 30, 1930, the total amount of specific authorizations
remaining at $240,430,751.80. In addition $21,680,000 had been
1 This authorization was amended in certain particulars by the Keyes-Elliott Act, but the limit of
cost remained the same.
> These projects were authorized by act of Congress, July 3,1930.
SECRETARY OF THE TREASURY
81
specifically appropriated for the triangle site in the District of Columbia, making total specific authorizations and specific appropriations
of $262,110,751.80.
The Keyes-Elliott Act, approved March 31, 1930, increased the
general authorizations to $568,000,000, including $48,000,000 which
it is expected will be realized from the sale of Government-owned
properties. Of the total amount authorized, $378,000,000 is for
projects in the country at large and $190,000,000 for projects in the
District of Columbia. Previous to the passage of this act, existing
legislation requiied that the amounts authorized be expended over a
period of 10 years at the rate of $35,000,000 annually. This act
increased the permissible annual expenditure to $50,000,000 ($35,000,000 in the country at large and $15,000,000 in the District of Columbia) and represents an extension of the period of expenditure to 11
3^ears.
Specific projects in addition to the 336 previously mentioned were
not authorized, however, until July 3, 1930, just after the close of
the fiscal year, when 221 projects for the country at large and 10 projects for the District of Columbia were specifically authorized, involving approximately $130,000,000 in limit of cost. Of these 39 are
modifications or augmentations of previous authorizations; thus the
total number of authorized projects for the country at large is 509 and
for the District of Columbia, ^19.
Construction, contracts, and expenditures
In the country at large 80 projects had been completed and 57
were in course of construction on June 30, 1930; in the District of
Columbia 4 had been completed, 1 was nearing completion, the Department of Commerce Building was about two-thirds completed, and the
extensible Agricultural Building was started. Under the specific authorizations and appropriations amounting to $262,110,751.80, as of
June 30, 1930, a total of $105,026,686.23 had been expendedfor
obligated for expenditure on that date. Of this amount $68,296,390.60 had been expended, leaving a balance of outstanding contracts
amounting to $36,730,295.63, $24,248,665.59 contracts in the country
at large, and $12,481,630.04 in the District of Columbia. Of the
total expenditures, amounting to $68,296,390.60, the amounts
expended during the fiscal year 1930 were $16,808,905.76 in the
country at large and $24,675,613.01 in the District of Columbia.
The obligations undertaken duiing the fiscal year 1930 for construction in the country at large amounted to $32,104,441; and among the
contracts awarded were those for the following large projects, the
amounts indicating the limits of cost.
82
REPORT ON THE FINANCES
Post office, Baltimore, Md
Post office, Milwaukee, Wis
Post office, Brooklyn, N. Y
Marine hospital, New Orleans, La
Federal and Territorial building, Juneau, Alaska
Post office, Tampa, Fla
Post office, Lima, Ohip
$3, 300, 000
1, 850, 000
2, 700, 000
2,000,000
795, 000
550, 000
475, 000
In the District of Columbia a contract was awarded for the extensible building. Department of Agriculture, amounting to $5,688,000.
The total obligations for construction in the country at large and in
the District of Columbia undertaken during the fiscal jehr 1930
amounted to $37,792,441. In addition $7,032,762.85 was obligated
for the triangle site in the District qf Columbia.
Sites
In the country at large the cost of sites is included in the total
limit of cost. In the District of Columbia, where the cost of sites is
included in only a few specific projects, a total of $40,000,000 has
been authorized for the purchase of land, of'which $21,680,000 had
been appropriated to June 30, 1930. The following was the status
of sites on June 30, 1930:
In the country at large, at the commencement of the fiscal year
1930, 68 sites had been acquired at a cost of_
$13, 198, 806. 08
During the fiscal year 1930, 67 sites were acquired at a cost of__
9, 328, 214. 86
Proposals for 38 sites have been accepted in the amount of
3, 587, 216. 66
Nineteen sites have been selected and the Attorney General
requested to institute condemnation proceedings, involving
approximately
7, 195, 620. 00
In the District of Columbia at the commencement of the fiscal
year 1930, expenditures for sites amounted to
4, 003, 108. 04
Expenditures during the fiscal year 1930 amounted to
6, 447, 552. 60
Sites in process of acquisition, either by negotiation, or condemnation, will bring the total amount to approximately
18, 000, 000. 00
In line with President Hoover's policy of increased construction
as a means of relieving unemployment and aiding business recovery,
the Treasury is accelerating its immediate building program to the
limit of the annual permissible expenditures. The Treasury Department has mapped out a program for putting under way during the
fiscal year 1931 approximately $100,000,000 of public building work,
$75,000,000 of which is for the country at large to be handled by the
Office of the Supervising Architect, and $25,000,000 for projects now
being handled by private architects both in the District of Columbia
and the country at large.
Contracts for outside professional services
Under the Keyes-Elliott Act, w^hich authorized the employment of
private architects to the extent deemed necessary by the Secretary
SECRETARY OF THE TREASURY
83
of the Treasury, contracts have been entered into with architects for
drawings and specifications for a number of large and important
buildings aggregating in cost about $100,000,000. The following
buildings in the District of Columbia, with the limit of cost in each
case, are included in this total:
Department of Justice
.
.
$10, 000, 000
The group of buildings comprising the Department of Labor, Interstate Commerce (or General Accounting Office), and connecting
building
11, 250, 000
Post Office Department
10, 300, 000
Office of the Public Health Service
865, 000
Remodeling State, War, and Navy Building
.
3, 000,000
Archives Building
.
8, 750, 000
The Treasury has other building projects under its supervision
which are not stiictly part of the so-called public building program;
for example, the Coast Guard Academy at New London, Conn.,
and the Narcotic Farm at Lexington, Ky.
In addition to the total of construction work under the direction
of the Treasury, there are other building projects contemplated or
in course of construction in the District of Columbia, including a new
building for the Supreme Court, the Arlington Memorial Bridge, office
buildings and additions for the Senate and House of Representatives,
and the so-called municipal center, which will house the administrative
activities of the District of Columbia.
There are also building projects in contemplation or in course of
construction in the country at large and in foreign countries, under
the supervision of other Government departments, such as the reformatory at Chillicothe, Ohio, under the Department of Justice, and
legations and consular establishments in various foreign countries
under the State Department, for which the Office of the Supervising
Architect is rendering partial service.
Furthermore, the Office of the Supervising Architect has charge of
many projects of remodeling and enlarging public buildings and the
maintenance and repairs of all buildings under the supervision of the
Treasury. These activities are described in detail in the administrative report of this office, page 261 of this report, where complete
data with reference to the public building program are also shown.
THE PORTO RICAN HURRICANE RELIEF COMMISSION
The Porto Rican Hurricane Relief Commission established by an act
of Congress approved December 21, 1928 (Public Resolution No. 74,
Seventieth Congress), is composed of the Secretary of the Treasury,
the Secretary of War, and the Secretary of Agriculture, the Secretary
of War being designated chairman. To date the amount authorized
by Congress to be appropriated for use by the commission aggregates
84
REPORT ON THE FINANCES
$11,150,000, of which amount $9,150,000 has already been appropriated. Of the amount already appropriated, $6,000,000 was for loans
to individual Porto Rican farmers, $2,000,000 for ^Hhe rebuilding and
repair of schoolhouses damaged or destroyed by the hurricane in the
small towns and rural districts of Porto Rico and for the employment
of labor and purchase of materials for repairing insular and rural
municipal roads," $1,000,000 ^^for the employment of labor and the
purchase of supplies, materials, and equipment for repairing and
constructing insular roads," and $100,000 for ^Hhe purchase and distribution within the devastated area of Porto Rico of seeds and seedlings * * *." Two million dollars was appropriated during the
fiscal year 1930.
During the year the commission carried forward its rehabilitation
program initiated last year and described in the last annual report.
The $6,000,000 appropriated for loans has either been expended or
obligated, under loan contracts by which the borrowers receive the
advances in monthly installments. This practice, coupled with a
rigid inspection service, promotes the use of the most approved rehabilitation methods. To September 30, 1930, there had been received about 4,600 eligible applications for loans, of which somewhat
more than 3,075 in the aggregate sum of approximately $5,800,000
have been approved. A few of the loans have already been repaid.
The department detailed from the Supervising Architect's Office
draftsmen and construction engineers to assist in the planning and
supervision of the work of repairing and rebuilding the schoolhouses
damaged or destroyed by the hurricane. All the repair work, involving about 400 schools, was completed in April, 1930, at a total cost
of approximately $300,000. The reconstruction of 330 schools was
undertaken at a cost of about $1,000,000 and of these, 260 had been
completed by November 1, 1930, and a large number of the remaining
70 were in such an advanced stage as to require only one or two
weeks' work to complete them.
The program for the repair of municipal and insular roads has gone
steadily forward and has been of great assistance to the farmers in
enabling them to reach their markets, and, of course, has been of
inestimable aid in the general rehabilitation work of the entire island.
COAST GUARD
The following is a summary of the principal operations of the
Coast Guard for the fiscal year 1930, in which comparisons vath the
preceding year 1929 are indicated:
85
SECEETABY OF THE TREASURY
1929
1930
6,004
4,375
Lives saved or persons rescued from peril
Persons on board vessels assisted._
_.
_.
18,725
29,079
Persons in distress cared for
879
924
87, 033
80,263
Vessels boarded and papers examined
2,671
2,441
Vessels seized or reported for violations of law
,
$424, 725
$438,765
Fines and penalties incurred by vessels reported.
Regattas and marine parades patrolled
,
104
137
5,241
4,419
Instances of lives saved and vessels assisted
4, 867
6,960
Instances of miscellaneous assistance
Derelicts and other obstructions to navigation removed or destroyed
267
233
$38, 200
$30,905
Value of derelicts recovered and delivered to owners
$49,128, 375 $49,018,073
Value of vessels assisted (including cargoes)
4,271
3,992
Persons examined for certificates as lifeboat men
Increase
(+) or decrease (—)
+1,629
+10,364
+45
+6,770
-130
+$14,040
' +33
+822
+1,093
-34
-$7,295
-$110,302
-279
During the fiscal year 1929, 5 of the 10 cutters authorized by the
act approved June 10, 1926, were completed and placed in commission. Appropriation having been made, contract was entered into
on March 16, 1929, for the construction and equipment of 3 more of
the 10 cutters. Appropriations were also made to commence and to
complete the ninth of the cutters, and contract was entered into on
November 18, 1929, for its construction and equipment. The work
on the four cutters is progressing satisfactorily. Appropriation has
been made to commence the tenth cutter, the last of the lot, and
design plans are under way.
An act approved May 15, 1930, made provision for additional
patrol boats and their equipment to be constructed or purchased in
the discretion of the Secretary of the Treasury. Design work has
been undertaken with regard to these boats.
An act approved April 18, 1930, authorizes the Secretary of the
Treasury to construct and equip one Coast Guard cutter. The
second deficiency act, approved July 3, 1930, appropriates $450,000
for commencing the cutter. Preliminary studies have been undertaken looking to the preparation of designs for this cutter.
During the year one cutter and two harbor cutters were taken out
of service.
In pursuance of the act approved February 16, 1929, funds for the
construction and equipment of the new Coast Guard Academy,
which was discussed in my previous report j have been appropriated,
and plans, drawings, etc., are in course of preparation.
On June 30, 1930, there were on the active list of the Coast Guard
365 regular commissioned officers, 39 temporary commissioned officers,
97 cadets, 76 chief warrant officers, 514 regular warrant officers,
278 temporary warrant officers, 10,762 enlisted men, and 267 civilian
employees in the field, of which 227 were per diem civilian employees
at the Coast Guard depot, Curtis Bay, Md. During the year there
were 8,565 applicants for enlistment, of which number 1,828 were
enlisted. The percentage of men reenlisting upon expiration of
86
REPORT ON T H E FINANCES
enlistment has increased during the past four years from 72 per cent
to 86 per cent, which is an encouraging sign and indicates the
prevalence of a commendable service spirit.
The Secretary of the Treasury, under the provisions of law, awarded
during the year 28 hfe-saving medals of honor (5 gold and 23 silver)
in recognition of bravery exhibited in the rescue or attempted rescue
of persons from drowning.
With respect to the law. enforcement work of the Coast Guard for
the prevention of smuggling of liquor into the United States from
the sea, no material change in general conditions since last year's
report has taken place. Determined efforts are constantly being
made to smuggle liquor into the country. There is no doubt that
the smuggling interests are highly organized and are bending every
effort, including the expenditure of large sums of money for the most
modern and efficient equipment, to circumvent the operations of the
Coast Guard, and there are undoubtedly some illegal landings of
liquor. I t is believed that the Coast Guard is now doing all that can
possibly be accomplished with its existing strength in personnel and
equipment afloat and on shore.
Smuggling operations on the Great Lakes have been very active.
I t is yet too early to determine with any degree of certainty the
permanent effects of the recent Canadian law forbidding clearance
of liquor cargoes for the United States from Canadian ports.
Coast Guard officers continue to serve as captains of the port to
enforce the regulations at a number of ports throughout the country.
As can be appreciated, this, work is of the greatest importance to
the maritime interests in the larger ports of the country, especially,
for example, in the great port of New York, The demands upon
the captains of the port to perform various functions in the interest
of the smooth operation of shipping are constantly increasing.
Federal rules and regulations regarding the use of anchorage grounds
have been prescribed for the harbor of Annapolis, Md.
The airplane reporting system, established in 1929 along the Atlantic seaboard, has continued to observe and report the passage of all
passing planes. Thousands of planes have been reported during the
year; no plane using the system has been lost, and many planes, due
to accident or stress of weather, have been assisted by the Coast
Guard stations.
Three telephone lines operated by the Weather Bureau for some
years have been transferred to the Coast Guard. Appropriation was
allowed for the reconstruction of two of these lines, and the work is
now in progress, but it is not expected that the funds available will
permit the complete reconstruction.
The renewing of approximately 40 miles of submarine cable along
the Florida coast, for which appropriation has been made, will be
carried on and brought to a conclusion during the fiscal year 1931.
87
SECRETARY OF THE TREASURY
During the year improvements have been made throughout the
seryice in the radio material, both aboard ships and at shore stations,
so as to bring about a higher state of efficiency in handling communications by radio. A Coast Guard radio schoo! is in operation at the
receiving unit at New London, Conn., for the training of men to
become radiomen to fill vacancies throughout the service. Sixtythree men were graduated from this school during the year.
International ice patrol was carried on, as customary, by the Coast
Guard in the vicinity of the Grand Banks of Newfoundland along
the trans-Atlantic steamship lanes where icebergs constitute a menace
to navigation. Icebergs were reported off the eastern edge of the
Grand Banks at an unusually early date in 1930. On February 7 a
berg was reported almost on the westbound tracks then in effect
between Europe and the United States. The number of icebergs
that drifted south of Newfoundland between January 1 and June 13,
1930, is estimated to have been about 440. Although this number
is considerably greater than is normally the case, ice conditions were
not as severe as in the season of 1929.
BUREAU OF CUSTOMS
Customs receipts, although slightly smaller than during the preceding fiscal year, did not decline in the same proportion as did the
value of imported goods; the value of imports was 10 per cent less than
in 1929, while customs duties fell oft' only about 2}i per cent. In view
of the fact that the trend of prices was downward during the period,
this diff'erence in the rate of decline may be attributed in part to a
decline in the value of some of the leading dutiable imports on which
specific duties are levied, notably sugar and wool, without a corresponding decrease in collections; and in part to lower values for some
of the important classes of duty-free goods, notably coffee, raw silk,
and crude rubber. Foreign trade and customs collections are summarized in the following table:
Merchandise exports and imports, the trade balance, and customs collected for the
fiscal years 1924 to 1930
[In millions of dollars]
Exports
Year
Imports
4,312
4,866
4,753
4,968
4,877
6,373
4,694
3,654
3,824
4,465
4,252
4,147
4,292
3,849
Excess of
exports Customscolover
lected
imports
N
1924
1925
1926
1927
1928
1929
1930
-
-
.
.
.-
758
1,040
289
716
730
1,082
•845
545
649
680
606
568
603
587
88
_
REPORT ON T H E FINANCES
The proportion of free to dutiable goods remained the same
as during the preceding, fiscal year, free goods constituting
65.6 per cent of the total imports for consumption. Duty-free imports
have constituted a remarkably steady proportion of the total during
each of the past five years, remaining between 64 and 66 per cent, as
compared with less than 60 per cent during 1924 and 1925, the preceding years under the tariff effective for the period outlined in the
table.
For each of the first five months of the past fiscal year, imports
exceeded those of the corresponding nionths of the previous year by
a substantial margin. The slowing ap of trade, accompanying the
stock market collapse, resulted in a sharp decline in imports in
December, and the continued business depression manifested itself
in a smaller volume of imports during each of the remaining months
of the fiscal year as compared with the corresponding months of the
previous year. Imports were also affected by the uncertainty attending the extended consideration of the tariff bill. Instead of exceeding
the record level of 1926, therefore, as might have been expected on
the basis of the volume of imports early in the year, total imports
during 1930 were smaller than during any of the preceding four years
and exceeded those of 1925 by less than 1 per cent.
All of the classes of imports declined during 1930 as compared with
the previous fiscal year, the total decrease amounting to $443,000,000,
or 10.3 per cent. Manufactured foodstuffs showed the largest proportionate decline—16.2 per cent—and the rates of decrease for crude
materials and crude foodstuffs (13.3 per cent and 12 per cent, respectively) also exceeded the rate of decrease for all imports. Almost
half of the decrease in imports was due to the recession of $201,000,000
in the value of imports of crude materials, large decreases in value of
the leading crude commodities, such as crude rubber, raw wool, and raw
silk contributing to this total; unmanufactured tobacco, while slightly
higher in price, was imported in so much smaller quantities that the
decline in its total value amounted to almost $15,000,000.
The smallest amount, as well as percentage of decline in imports,
occurred in finished manufactures, which were only 4.5 per cent less
than in 1929. Semimanufactures also decreased at a more moderate
rate, their value being 7.6 per cent smaller than during the previous
fiscal year.
Looking at imports from the viewpoint of Government revenue,
the six leading sources are cane siigar, unmanufactured tobacco, raw
wool, wool manufactures, cotton manufactures, and silk manufactures.
The tariff on these items produces half the customs receipts, although
the imports of these commodities constitute only from, 10 to 15 per
cent of the total imports. The changes in imports of these chief
89
SECRETARY OF THE TREASURY
customs-producing commodities during the fiscal year
compared with 1929 are shown below:
Commodity
Quantity (in million pounds)
1929
Cane sugar
.
Tobacco, unmanufactured
Wool and mohair _._ . . . _ _ . _ _ . . _
Wool manufactures, including yarns
Cotton manufactures, including yarns
Silk, manufactured
9,505
79
271
1930
7,282
63
220
Value (in millions)
1929
1930
$212.6
55.8
86.5
80.1
71.6
40.2
$158. 6
47.6
59.4
. 62.5
60.6
31.9
1930 as
Per cent decrease
Quantity
23.3
20.3
18.6
Value
25.4
14.8
31.3
21.9
16.4
20.6
Because of the short period intervening between the approval
of the tariff act on June 17, 1930, and the close of the year the duties
collected thereunder constitute such a small fraction of the total
customs receipts of $587,000,903 for the fiscal year 1930 as to preclude an analysis of the eff'ects of the new act on commerce.
Considerable time was spent by departmental and customs officers
during the jesiT assisting committees in Congress in preparing the
administrative provisions of the tariff' act.
The number of entries filed during 1930 exceeded by 25,180 the
number filed during 1929. The number and appraised value of
seizures made during the fiscal year 1930 exceeded those made during
the preceding fiscal year by 4,717 and $2,072,390, respectively.
There was a decided increase in international highway traffic,
728,751 more automobiles entering the United States during the year
than during the fiscal 5^ear 1929. Travel by airplane is meeting with
increased popularity and there are now two more air fields designated
as airports than existed during the preceding fiscal year and 26 more
air fields have been designated temporarily as airports.
Following a complete survey of the needs of the service. Congress
appropriated funds during the fiscal year for 90 additional employees
in the bureau, consisting of administrative officers, attorneys, accountants, and others.
The legal activities of the bureau, formerly under the direction of a
deputy commissioner, were reorganized and placed under the direction
of a general counsel, with two assistants, one in immediate charge of
the legal divisions and the other in charge of a corps of special attorneys. The former reviews decisions prepared in the legal divisions,
approves and forwards to the general counsel for further review those
which are satisfactory and refers to the assistant in charge of the
special attorneys for further research all doubtful cases and cases of
exceptional importance. This procedure provides a thorough and
complete review of all cases and safeguards the Government's interests
as well as those of commerce and industry.
90
REPORT ON THE FINANCES
The divisions of the bureau concerned with the business administration of the service were organized into an administrative unit
which was placed in charge of a deputy commissioner, an additional
deputy having been authorized by the tariff act of 1930.
The files of legal correspondence consisting of approximately
300,00.0 subjects and the administrative files are being reorganized
under the most modern system. The work on the personnel files has
been completed and that on the legal files is still in progress.
Under the tariff act of 1930 certain duties of the Treasury Department with regard to the United States Customs Court, such as the
appointment and fixing of the compensation of clerks and other
employees, the official records, paper and equipnicnt, together with
the unexpended balance of certain appropriations, were transferred to
the Department of Justice.
PROHIBITION LAW ENFORCEMENT
The prohibition reorganization act, which became effective on
J u l j 1, 1930, provided for the creation of a Bureau of Prohibition in
the Department of Justice, for the transfer to the Attorney General
of duties incident to the enforcement of the penal provisions of the
national prohibition act, and for joint action of the Secretary of the
Treasury and the Attorney General in prescribing regulations relating
to permits. The Bureau of Prohibition in the Treasury became
the Bureau of Industrial Alcohol, retaining jurisdiction over the
administration of the permissive provisions of the national prohibition act. The functions of the Bureau of Industrial Alcohol thus
comprise chiefiy the direct supervision of production of industrial
alcohol under restrictions designed to avoid the diversion of such
alcohol to illegal uses and, in conjunction with the Attorney General,
the control of permits. On July 1, 1930, the transfer of appropriate
personnel, records, etc., from the Bureau of Prohibition in the Treasury to the Bureau of Prohibition in the Department of Justice was
effected. Appropriations pertaining to enforcement activities were
also transferred to the Bureau of Prohibition in the Department of
Justice in the amount of $9,000,000. Inasmuch as the reorganization act did not become effective until July 1, 1930, the administration and enforcement of the national prohibition act continued
under the full jurisdiction of the Secretary of the Treasury during
the past fiscal year.
Agents of the Bureau of Prohibition made 68,173 arrests, and
seized 8,633 automobiles valued at $3,290,830.88, and 64 boats
valued at $687,480. Federal agents also furnished the evidence to
the State authorities in many cases prosecuted in the State courts.
The administration of the act relating to industrial alcohol and
liquors for medicinal purposes entails the supervision of the operation
SECRETARY OF THE TREASURY
91
of the largest chemical and drug manufacturers in the country whose
productions are essential materials in almost every line of commercial
activity. The manufacture of varnishes, paints, lacquers, smokeless
powders, artificial silk, dyes, essential medicinal alkaloids, and coaltar derivatives illustrates the broad field covered. In the medicinal
field the supervision covers the use of alcohol and medicinal liquors
by hospitals, sanitariums, institutions for medical research, physicians,
and others having.professional uses for alcohol. In the research and
educational field the supervision covers the procurement and use of
alcohol by universities, colleges. Government and State institutions.
The bureau supervises also the production and use of ethyl alcohol,
a very important industrial product. Supervision of the production
and distribution of wine for sacramental purposes is also a function
of the Bureau of Industrial Alcohol. The extent of the scope of the
activities of the bureau is easily understood when it is seen that on
June 30, 1930, there were 167,830 permits in force throughout the
United States and the territories. Of this number 9,402 permits
were for the manufacture of alcohol, manufacture and use of denatured
alcohol, and for hospitals and schools to obtain alcohol tax free.
Doctors, dentists, and veterinarians held 110,319 permits for the use
of alcohol and liquors in their profession.
The amount of legally manufactured whisky in bond has been
reduced to a point where it will barely be sufficient for a 5-year supply.
Whisky is required by law to be 4 years old before it may be bottled
in bond. Permits were therefore granted during the year for the
manufacture of approximately one year's supply for storage in bond.
In the Prohibition Bureau laboratory continual research and experimentation were carried on to develop improved denaturing formul2e
which will better meet the requirements both of industry and of
prohibition enforcement. During the year the discontinuance of a
previously used denatured-alcohol formula has practically eliminated
the diversion of alcohol by recovery from lacquer thinners and varnish.
A permit was granted to a chemical concern for the production on
a commercial scale of alcohol from ethylene gas. This plant is now
operating and producing a large quantity of ethyl alcohol, and
apparently the mechanical difficulties of producing synthetic ethyl
alcohol from ethylene have been solved. This probably represents
the most interesting development in the industrial-alcohol trade that
has occurred for many years.
Under a special appropriation for the purpose, five factual monographs were published and distributed relating to law observance and
enforcement, as follows: The Training of Enforcement Personnel,
Industrial Alcohol, State Cooperation, Public Cooperation, and
Padlock Procedure. The reaction of the press and public to these
monographs was distinctly favorable. Their distribution throughout
92
REPORT ON THE FINANCES
the States proved of value in strengthening cooperation with the
Federal Government in law enforcement and in bringing about a
more sympathetic understanding of the problems and objectives of
the Government.
The process of placing the entire personnel of the Bureau of Prohibition in the classified civil service, as provided by law, was completed during the year. It has brought about a marked improvement
in the personnel of the prohibition service.
The instruction of agents and inspectors in law and criminal investigation was continued. Courses including written lectures or lessons
on constitution and law and on criminal investigation were made
available to agents and other employees. There were 1,875 employees who took advantage of these instruction courses.
NARCOTIC LAW ENFORCEMENT
Narcotic drugs only in the form of crude opium and coca leaves
may be lawfully imported into the United States, and the quantities
imported are limited to the amounts ascertained to be necessary for
medicinal and other legitimate uses. The control of narcotic drugs
legally imported, inanufactured, and distributed is in the main
reasonably effectual. The quantity of such drugs diverted to
illegal uses is comparatively small. The principal enforcement
problems are concerned with the smuggling and subsequent illegal
distribution of opium, morphine, heroin, and cocaine.
On June 30, 1930, there were 287 persons registered under the
Harrison narcotic law, as amended, as importers and manufacturers,
1,725 as wholesale dealers, 53,118 as retail dealers, 148,079 as practitioners, and 127,594 as dealers in and manufacturers of untaxed
narcotic preparations, or a total of 330,803 registrants.
During the year ended June 30, 1930, a total of 9,270 cases of
criminal character was reported by Federal narcotic officers. There
were 4,962 convictions in such cases for which the courts imposed
sentences aggregating 11,832 years, 6 months and 29 days, and fines
amounting to $235,791.81. There were 1,114 cases compromised, the
aggregate amount collected being $57,086.81. Narcotic drugs and
preparations amounting to 23,948 ounces were purchased or seized
as evidence in connection with the enforcement of these acts.
The Porter bill was approved June 14, 1930, under which the
enforcement of the narcotic laws was separated from the Bureau of
Prohibition, and a Bureau of Narcotics created to take over these
activities on July 1, 1930.
PUBLIC HEALTH SERVICE
The health record of the year ended June 30, 1930, was exceptionally good not only in the United States but throughout the world
where vital statistics are available. Cholera and yellow fever did
SECRETARY OF THE TREASURY
93
not appear in continental United States during the year. However,
constant vigilance is still necessary to protect the country from these
scourges which still constitute a real danger.
Cholera appeared at Manila and on several islands in the central
and south central part of the archipelago in May, 1930. At the end
of the year the number of cases was increasing. The disease has
appeared in these islands frequently in recent years, but the epidemics
have not assumed the devastating proportions which formerly characterized this disease in the Philippines.
During the year plague appeared in all of the grand divisions of
the world except Australia. No human case of plague was reported
in the United States or its possessions, but plague-infected squirrels
were found in California, where they have constituted a menace for
many years, and plague-infected rats were reported from the district
of Hamakua, on the Island of Hawaii. While these foci of infection
exist and plague continues to be prevalent in many of the ports with
which we have commerce, precautions against this disease are
necessary.
In the United States there were no widespread epidemics during the
fiscal year. Meningococcus meningitis, which had been increasing
in this country for several years, declined somewhat during the spring
of 1930, at least below the high prevalence of 1929.
An outstanding illustration of the value of public health work is the
decrease in the prevalence of diphtheria. The calendar year 1929
registered another low mark for this disease. Only 71.5 cases per
100,000 population were reported to the Public Health Service by 44
States, and the diphtheria death rate in these States was 6.5 per
100,000 population. During the first five years of the present century
the annual diphtheria death rate averaged 29.6 per 100,000 population.
The reduction in the death rate shows a saving of 28,000 lives in 1929
which would have been lost from diphtheria if the death rate of 1901 to
1905 had continued. Even this wonderful improvement, would be
bettered if people generally realized the advantages of timely protection against diphtheria.
Another disease which can be easily prevented is smallpox. It is
not creditable to the people of the United States that during the year
1929 about 42,000 cases of smallpox were reported to the Public
Health Service—more cases of the disease than were reported by any
other country except British India.
The birth rate in the United States has been steadily decreasing
since 1915, when comparable annual statistics first became available.
The average annual birth rate for the five years 1915 to 1919 was 24.3
per 1,000 population; from 1920 to 1924 it was 23.1 per 1,000; and
from 1925 to 1929 it was 20.2 per 1,000 population. The birth rate
94
REPORT ON T H E FINANCES
for the calendar year 1929, based on preliminary figures, was 18.8 per
1,000 population.
The death rate in the United States has been declining since the beginning of the present century. The annual death rates per 1,000
population since 1900 are as follows:
1900 to
1905 to
1910 to
1915 to
1904
1909
1914
1919..
'.1
16. 5 1920 to 1924
15. 4 1925 to 1929
14. 2 1929 (provisional)
14. 6
.
._
12. 1
11.9
11.9
Much of the improvement in the death rates in the last 30 years
has resulted from better control of the communicable diseases, the
prevention of deaths of infants, and general improvement in sanitary
and living conditions. The annual averages of deaths of infants
under 1 year of age per 1,000 live births suice the establishment of the
birth registration area are as follows:
1915 to 1919
1920 to 1924
.
97
77
1925 to 1929
1929 (provisional)
69
67
During the year ended June 30, 1930, at the suggestion of the
Surgeon General of the Public Health Service, the Government of
the Uiiited States entered into a special agreement with the Government of Canada, under the provisions of articles 56 and 57 of the
International Sanitary Convention of Paris, 1926, providing for
the reciprocal recognition by either country of quarantine practice
granted by the other country to vessels from foreign ports entering
the international waters of the Great Lakes and St. Lawrence River
or Puget Sound and its tributaries. This agreement, concluded in
October, 1929, has proved of considerable benefit to maritime commerce entering these international waters destined to ports in both
countries.
The rapid increase of international aerial transportation, from the
standpoint of the transmission of communicable diseases, has become
a matter of serious interest, not only to this country but also to the
countries of Central and South America and the countries of Europe,
Africa, and Asia. As a consequence, a preliminary draft of a proposed
international agreement for the sanitary control of international
aerial navigation was prepared by a special international commission
known as the Quarantine Commission of Air Navigation, which met
in Paris on March 11, 1930, and was submitted to the permanent
committee of the Office International d'Hygiene Publique during its
May (1930) session. The Surgeon General of the Public Health
Service, who represents this Government on that committee, was
requested to ascertain the views of the Pan American countries with
reference to any technical changes deemed advisable in the proposed
draft, and the subject will probably be a major one for discussion at
the meeting of this committee in Paris in Ootober, 1930.
SECRETABY OF THE TREASURY
95
In November, 1929, there began to be reported in various sections
of the United States the occurrence of an unusual sickness with a high
mortality rate. Investigations revealed that the disease was psittacosis and that these cases were associated with recently imported
parrots. Executive Order No. 5264, dated January 24, 1930, w:as
issued restricting for the time being the introduction of parrots into
the United States until the identity of the causative organism and
the unknown means of the transmission of the disease could be
studied in order that it might be prevented or controlled. Epidemiological studies were undertaken at the beginning of the outbreak of
psittacosis, and laboratory studies are now in progress. Eleven laboratory infections occurred among the personnel at the Hygienic
Laboratory, one of which proved fatal.
The special regulations of the Secretary governing the transportation
of passengers iTom oriental ports to United States ports, prescribed in
accordance with Executive Order No. 5143, dated June 21, 1929,
continued in force during the fiscal year and have proved effectual
in attaining the essential control of the danger theretofore presented
by the introduction of epidemic meningococcus meningitis into the
United States from oriental ports.
After detailed studies, legislation was introduced during the year
which would authorize 24-hour quarantine inspection service at all
United States ports. Any extension of the present sunrise-to-sunset
hours of duty will require additional funds for the employment of
additional personnel. Furthermore, the provisions of existing law
require all ports to be treated on a basis of equality as regards quarantine matters. Therefore the extension of quarantine inspection beyond the hour of sunset at any port should be conditioned upon the
need for similar service in the majority of ports.
Measures for the prevention of the interstate spread of disease are
being carried out by the Public Health Service with increasing effectiveness. Through the active cooperation of State and municipal
health agencies, 81 per cent of the 2,526 sources of drinking water
used by railroads, and 78 per cent of the 282 sources used by vessels
are now under sanitary supervision and control.
Through a reciprocal arrangement between the Public Health Service and the Department of Pensions and National Health of Canada,
similar methods of certifying water supplies and inspecting drinkingwater systems of vessels plying between the two countries on the
Great Lakes are in operation, and an exchange of certificates for the
drinking water taken on board in the respective countries is regularly
made. A similar arrangement is in force regarding shipments of shellfish between the United States and Canada. These reciprocal
arrangements have worked out to the entire satisfaction of the health
authorities of both countries.
12101—31
^
9
96
REPORT ON T H E FINANCES
Due in considerable part to the demonstration work in rural sanitation and the studies which have been made in this field, public health
administrators are now generally agreed that local official health
service under the direction of local whole-time health officers is the
most essential element in the development of an adequate system of
effective and economical public health service in the United States.
State health departments in increasing numbers are obtaining authorization and appropriations to enable them more nearly to do their
proportionate part in the development and maintenance of such
whole-time local health service.
Plague still exists in ground squirrels in California. These infected
rodents are distributed over large areas in the central and coast
counties. The squirrel eradication activities of the Public Health
Service and the county horticultural commissioners, whUe reducing
the spread of the infection, are not on a sufficient scale to produce
lasting results.
The act of Congress approved April 9, 1930, authorized the establishment of additional divisions at the Hygienic Laboratory, allowing
greater specialization in research. This act also changed the name
of the advisory board for the Hygienic Laboratory to the national
advisory health council, enlarged its functions, and authorized the
appointment of five additional members from representatives of the
public health profession.
By the act of Congress approved May 26, 1930, the name of the
Hygienic Laboratory was changed to the National Institute of Health,
with liberal provisions for reorganization and expansion. The general
purposes of the act are to provide increased facilities for investigations
of the diseases of man and matters pertaining to the public health;
to encourage research and the training of individuals in this field; to
permit the Government to accept bequests to the institute; and to
enable it to cooperate with scientific institutions in research work.
In connection with the outbreak of the so-called Jamaica ginger
paralysis, involving over 10,000 persons in this country, according to
the Director of Prohibition, studies were undertaken to identify
chemically the toxic material in the suspected ginger extract.
During the fiscal year the epidemiological studies of trachoma which
were begun during the spring of 1926 were completed.
The marine hospitals and other relief stations of the Public Health
Service continued to furnish hospital care and out-patient treatment
to seamen from American merchant ships and other legal beneficiaries.
Relief stations were operated in 155 ports of the United States, Alaska,
Porto Rico, Virgin Islands, Philippine Islands, Honolulu, and the
Canal Zone.
Attention was directed last year to the organization of the
committee on research in syphilis and to the development of a
SECRETARY OP THE TREASURY
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program, through the cooperation of the committee and the Public
Health Service with leading universities and research institutions in
the United States, for studies of the various aspects of syphilis and
its control. I t is believed that the Pubhc Health Service in developing this plan has been instrumental in inaugurating the most important research program in the field of venereal disease control
ever attempted in this country. Throughout the fiscal year 1930 at
five of the leading clinics in the United States there has been in progress a joint special inquiry into the results of treatment of syphilis.
Special studies in the treatment of gonorrhea and the transmission
of syphilis, previously inaugurated by the Public Health Servic^e,
have been continued.
The campaign undertaken by the Public Health Service in 1928 to
enlist the cooperation of the shipping industry in a movement toward
prevention of venereal diseases among seamen in the merchant marine
has been continued. The response of many of the leading companies
has been exceedingly gratifying and reports of results obtained in a
number of instances have been most encouraging.
The building program has made satisfactory progress. The new
marine hospitals at Detroit and Cleveland have been completed and
occupied and the new out-patient office in Philadelphia will shortly
be ready for occupancy. Construction has begun on the new marine
hospitals in San Francisco, New Orleans, and Galveston, and plans
are in course of preparation for those at Baltimore, Stapleton, and
Seattle, for which appropriations are available. Other projects are
contemplated to improve facilities at the marine hospitals in Boston,
Buffalo, Chicago, Evansville, Louisville, Memphis, Mobile, Pittsburgh, Key West, Norfolk, Portland, Me., Fort Stanton, N. Mex.,
and Carville, La.
The year has been characterized by additional legislation seeking
to coordinate and crystallize the functions of the Narcotics Division
of the Public Health Service. At the close of the year, the functions
of the division included the administration of the two United States
narcotic farms authorized in the act of January 19, 1929; studies,
investigations, and dissemination of information as to the nature of
drug addiction and the best methods of treatment and rehabilitation
of persons addicted to the use of habit-forming drugs; cooperation
with State and local jurisdictions in this field; the furnishing of
medical and psychiatric service in Federal penal and correctional
institutions; studies of the quantities of such drugs necessary to supply
the normal and emergency medicinal and scientific requirements of
the United States; and, lastly, studies and investigations of the
causes, prevalence, and means for the prevention and treatment of
mental and nervous diseases.
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REPORT ON T H E FINANCES
The act approved April 9, 1930, not only provided for the coordination of important public health activities of the Federal Government,
but also definitely fixed the pay, allowances, and periods of service
required for promotion of commissioned officers of the Public Health
Service on a parity mth those provided by law for officers of the
Medical Corps of the Army. Under this legislation it is also possible
to offer commissions to qualified dental, sanitary engineer, and pharmacist personnel. It is felt that these provisions in the act will go
far toward building up an efficient, highly trained organization for
future public health needs.
As stated in my report of last year, however, difficulty is^still experienced in securing and retaining the services of qualified young
medical officers in the entrance grade of assistant surgeon. During
the fiscal year just closed, exaiminations were held on three occasions
at Washington, New Orleans, Chicago, San Francisco, and New York.
The examinations were widely announced through medical journals
and at hospitals and medical schools, yet during the year only 40
candidates for commission passed all of the examinations, and 2 of
those who passed subsequently declined their commissions. These
additions were offset by 14 resignations during the year, 13 of which
were in the grade of assistant surgeon, with the result that only partial
progress has been made in filling the number of positions authorized
by appropriations during the past three years. The extension,
to consulates in Canada and Mexico, of the work of examining intending immigrants, which is desired by the State Department,
has for this reason been delayed.
FEDERAL FARM LOAN BUREAU
The Farm Loan Board has carried forward its program of close and
constant supervision of the farm loan system, with the result that the
progress and improvements in the activities of the Farm Loan Bureau
and in the conduct of the business of the banks, discussed in my last
annual report, have been continued during the past year. While
agricultural conditions in some parts of the country, and to some
extent the unusual situation iii the money and securities markets
during the first half of the fiscal year, have made, the task more difficult, the banks generally have been in a position to handle their
problems on a sound and efficient basis. This has been due in some
measure at least to the policy of the Farm Loan Board in cooperating
with the directors of the banks in reorganizing and strengthening
their management wherever necessary. In some cases, at the request
of the banks concerned, the chief of the division of examinations of
the bureau, has made, under the direction of the board, what may be
called ''management examinations," following which recommendations have been made to the directors regarding the personnel and
SECRETARY OF THE TREASURY
99
organization. The results attained have been exceedingly beneficial,
particularly in connection with banks faced with difficulties.
National farm loan associations
Much attention has been given by the board during the past year
to national farm loan associations, of which there are 4,659. Thorough
examinations, which are being made of the associations regularly,
have resulted in material improvements. The secretary-treasurer is
the active executive officer of each association and, whenever any
delinquency on his part is discovered, the board and the Federal land
bank of the district cooperate with the directors of the association
in remedying the situation.
The question of adequate compensation for secretary-treasurers has
continued to receive the consideration of the board and the banks.
Eleven banks, with the approval of the board, have made special
arrangements for paying secretary-treasurers in their districts for
their cooperation in connection with the collection of aniortization
installments and of taxes and insurance premiums which have been
advanced by the banks for the protection of their loans. The twelfth
bank has not provided a special plan because the rate of compensation received by the secretary-treasurers from the dividends paid to
the associations by the bank and new business obtained made this
unnecessary.
Progress has been made also in the classification of associations in
accordance, with their financial condition, taking into consideration
any indebtedness to the banks and their ability to meet their obligations currently. These classifications are made by the banks periodically. They form the basis upon which the banks determine
whether the proceeds of stock in the bank held as security for a loan,
which stock is retired when the loan is paid, shall be paid to the association or applied in whole or in part on any indebtedness owed
the bank by the association. In addition, the Federal land banks are
cooperating with the associations in their respective districts by entering into agreements with them for the purpose of minimizing losses
and of obviating, as far as possible, the necessity of taking deficiency
judgments against associations in connection \i^ith defaulted loans for
which they are liable by reason of their indorsements. Under this
procedure, the associations' interests, as well as the banks', are protected, and acquired real estate is handled and disposed of in an orderly
manner.
Loans
The volume of loans closed by the land banks continued to decline
during the past year. This is a result in large part of the falling off
in the volume of applications received, although lending operations
100
REPORT ON THE FINANCES
of the joint stock land banks, particularly, have been affected by an
unfavorable bond market.
The Federal land banks generally report that they have accepted
all the good eligible loans offered. The repayments of Federal land
bank loans amount to nearly $50,000,000 annually, and this sum has
been practically sufficient to meet the demand for loans from these
banks.
The volume of credit extended by the Federal intermediate credit
banks during the last fiscal year was the largest in the history of the
banks, as will be shown more fully below.
Real estate
The Farm Loan Board has encouraged the land banks which have
accumulated real estate to create efficient organizations to handle and
dispose of the properties on a satisfactory basis as soon as possible.
This has brought gratifying results in many instances. In spite of the
difficulties inherent in the situation, sales of acquired properties were
made in relatively large volume, total sales by the 12 Federal land banks
during the fiscal year aggregating $8,571,348, as against $8,113,721
in the previous year, and by 49 joint stock land banks $8,207,375
compared with $5,713,241 in the previous year. While total acquirements exceeded total sales, the net amount of real estate, after deducting charge-offs and reserves, represented a relatively small proportion
of the total assets of the banks. At the close of the fiscal year, the
net carrying value of real estate owned outright and subject to redemption by the 12 Federal land banks was only 1.4 per cent of the
total assets of the banks. In the case of the joint stock land banks,
10 included no real estate or sheriffs' certificates, judgments, etc.,
in their assets, having disposed of or charged off all that were acquired,
while a total of 26, or more than one-half, either carried no such realestate items or the net amounts included constituted less than 2 per
cent of their total assets.
Securities markets and interest rates
I t was pointed out in nay last annual report that, in view of the
developments in the money market, the Federal land banks had
endeavored to avoid in so far as possible the issuance of long-term
bonds at high rates of interest and to meet their requirements for
loan funds primarily through repayments and installment payments
on loans and such temporary financing as seemed to be desirable and
necessary. This policy has been continued during the past fiscal
year. Out of a total of $20,700,000 of bonds issued, $2,450,000
represented long-term financing. Of the balance, one short-term
issue of $9,500,000 of 5 per cent bonds was made in October, 1929.
SECRETARY OF THE TREASURY
101
• 0
In February, 1930, $8,750,000 of 4^ per cent short-term bonds were
issued, all of the October issue having been either retired, or refunded
by the February issue. As previously indicated, the repayments on
loans were sufficient to meet the major requirements of the Federal
land banks in this connection. During the fiscal year, seven of the
banks advanced their interest rate on loans to 6 per cent, the other
five remaining at 5K per cent. By the end of the year, however,
five had reduced their rate again to 5K per cent.
The unsatisfactory conditions that prevailed in the general bond
market extended, of course, to the bonds of the joint stock land banks.
In addition, the market for the latter securities has been depressed
by the fact that three of the banks had been placed in the hands of
receivers, which tended to affect adversely securities issued by joint
stock land banks, notwithstanding the fact that each bank should be
considered by investors on its individual merits. During the year,
joint stock land banks issued bonds aggregating $3,310,000, all of
which represented long-term financing. Of the total, $1,050,000 carried an interest rate of 4^ per cent, $1,000,000 a rate of 4% per cent,
and the balance a rate of 5 per cent. The loans of most of the banks
were made at 6 per cent.
During the year the Federal intermediate credit banks issued debentures aggregating $163,105,000. This was the largest amount issued
in any year in their history and reflected the increase in the volume of
their business referred to above. Both the interest rates and maturities of these securities were affected by money market conditions.
The interest rate on the debentures issued during October, 1929,
averaged 5.22 per cent, the highest monthly average during the fiscal
year. After that the. rates declined steadily, arriving at a low point
in June, when the average was only 3.30 per cent. During that
month one $2,000,000 issue of debentures was placed at 3 per cent
and since the close of.the fiscal year the debentures have carried a
3 per cent interest rate. Maturities likewise reflected the changes in
money market conditions, the maturities tending to be shorter in
October, when the average was about 3K months, but increasing thereafter until they reached an average of 5.9 months in June. The decline
in cost of funds in the latter part of the year, of course, was followed
by a lowering in the rates of interest on both loans and discounts.
Relations with the Federal Farm Board
During the past year the Federal Farm Loan Board and the 12
Federal intermediate credit banks have cooperated with the Federal
Farm Board in the conduct of their respective loaning operations.
Each of the Federal intermediate credit banks executed a memorandum of understanding with the Federal Farm Board providing, in
102
REPORT ON THE FINANCES
0
general, for an exchange of information relating to cooperative marketing associations assembled by the banks or the Federal Farm Board,
and for making available to the Farm Board the facilities of the banks
for the closing of its loans. The banks, therefore, afford a medium
through which the Federal Farm Board frequently is able to obtain
necessary documents, credit information, advice as to provisions of
local State laws, and other matters. When requested to do so, the
banks also hold notes or other documents for the account of the
Federal Farm Board, and, when authorized, they receive collections
and disburse funds for the same account. Through the cooperative
marketing associations the Federal Farm Board has aided in establishing agricultural credit corporations which make loans to individual
farmers, rediscounting the paper with the Federal intermediate credit
banks. One of the difficulties experienced by the banks in extending
their facilities to meet the demands of agriculture has been the lack
of sufficient financing institutions with adequate capital to handle the
financing of individual farmers. The establishment of credit corporations with a sufficient paid-in capital to enable them to function
properly, will permit a substantially greater amount of credit to be
extended b}^ the banks.
Receiverships of three joint stock land banks
The three joint stock land banks in receivership have required much
of the time and thought of the board. In connection with the
receiverships at Kansas City and Milwaukee, negotiations have been
carried on by the bondholders' and stockholders' committees looking
to the development of plans for terminating the receiverships through
reorganization or otherwise, and numerous conferences have been
held. In the case of the Kansas City receivership these negotiations
have resulted in a definite proposal by A. O. Stewart, of San Francisco, which has been embodied in a plan adopted by the bondholders'
protective committee and approved by the stockholders' protective
committee, which is to become operative if 95 per cent of the bondholders, or such less number as may be acceptable to Mr. Stewart,
agree. The board has indicated that a reorganization pursuant to
this plan, or any satisfactory modification, will meet with its approval.
The plan contemplates the formation of a strong new joint stock land
bank with Missouri and Kansas as its loan territory, and that the
assets of the present bank which are not to be used for the purpose
of creating the new joint stock land bank shall go into a separate
liquidation corporation. The plan has been published and distributed and is now under consideration by the bondholders. I t has not
appeared to be feasible to develop any plan for the reorganization or
early liquidation of the Ohio Joint Stock Land Bank which, however,
has only a relatively sm^^ll amount of assets.
SECRETARY OF THE TREASURY
103
One liquidating dividend from the proceeds of pledged assets of,
the Bankers Joint Stock Land Bank of Milwaukee, amounting to
15 per cent of the principal of the outstanding bonds of the bank as
of July 1, 1927, and the accrued unpaid interest thereon to that date,
has been declared, and since then the receiver has accumulated a
sufficient amount of additional cash, which has been invested in
Government securities, to enable the payment of another dividend
whenever the situation with respect to the powers of the board or
the development of plans for the liquidation of the bank through a
sale of its assets has been clarified. Two liquidating dividends of
10 per cent each of the amount of the principal of the bonds outstanding of the Ohio Joint Stock Land Bank as of September 1, 1927,
and the accrued unpaid interest thereon to that date, have been declared, and the declaration of further dividends is lilcewise being
held in abeyance.
The receivers are liquidating the assets in their control in an
orderly way without sacrifice of their value, and substantial progress
is being made in that direction, but, of course, without the intervention of acceptable plans for the sale of the assets of these banks in
bulk, the process necessarily will consume many years.
Since June 30, 1929, previous reports by the receivers have been
supplemented by reports published as follows: Kansas City, January 31, 1930; Milwaukee, August 31, 1929, and December 31, 1929;
and Ohio, December 31, 1929. The board has continued its practice
of including in its quarterly printed publication and in its annual
report periodical statements of the condition of the banks as reported
by the receivers upon the basis of their books.
A material factor in the situation affecting the administration of
the three receiverships has been the litigation involving the power of
the Federal Farm Loan Board and its receivers to enforce the statutory double liability of stockholders created by the Federal farm
loan act. This litigation resulted in a decision of the Supreme Court
of the United States on November 4, 1929 (Wheeler v. Greene,
receiver of the Bankers Joint Stock Land Bank of Milwaukee, 280
U. S. 49), that such power was not possessed by the board and its
receiver, but that the statutory double liability "is a liability to
creditors which the creditors may be left to enforce." As a result
bondholders of all three banks instituted proceedings in court to
enforce the liability. Prior to this decision it had been the belief of
the board, supported by three unanimous decisions of the circuit courts
of appeals of the seventh and eighth circuits, that the duty to enforce
this hability devolved upon the board under the Federal farm loan
act. The decision of the Supreme Court made it apparent that it
was desirable to obtain a clarification of the powers of the board in
order to permit it to proceed with the liquidation of the receiverships
104
REPORT ON THE FINANCES
in a satisfactory manner. Accordingly, the board and the Secretary
of the Treasury recommended to the Congress the enactment of a bill
which would make it clear that the board possessed all necessary
powers, on a basis comparable to those of the Comptroller of the
Currency in national bank receiverships. Such a bill (S. 3444) passed
the Senate and a corresponding bill in the House of Representatives
(H. R. 9433) was reported favorably by the House Committee on
Banking and Currency with an amendment which was satisfactory to
the board. These bills now await action in the House of Representatives.
Legislation
During the past fiscal year two amendments were added to the
Federal farm loan act. Both were signed by the President on June
26, 1930, just at the close of the second session of the Seventy-first
Congress.
Early in January, 1930, in my reply to a request froria the chairman
of the Senate Committee on Banking and Currency for an expression
of the views of the Treasury Department regarding a proposed bill,
it was stated, in part, ' ' * *, * the suggestion has been made that
it would be reasonable in the public interest to limit the assessments
made against the banks under section 3 of the Federal farm loan act
to the salaries and expenses of the employees of the Federal Farm
Loan Bureau engaged in its division of examinations. This view of
the matter appeals to the Federal Farm Loan Board and this department as meriting the favorable consideration of the Congress
* * *." I t was further explained that the expenses of the employees engaged in the division of examinations approximated 42 per cent
of the total expenses of the Farm Loan Bureau.
Following this suggestion a bill (S. 4028) was introduced during
March, providing that beginning July 1, 1930, and thereafter, the
assessments to be made under section 3 of the farm loan act against
the banks of the system, should be the amount of the ''expenses and
salaries of the employees engaged in the work of the division of
examinations of the Federal Farm Loan Bureau." This bill was
accepted by both Houses and signed by the President, as indicated
above.
The second amendment to the farm loan act came as a result of
a bill introduced during April, 1930. This bill (S. 4287) provided
for two changes, as foUows:
(1) I t permits the Federal intermediate credit banks to make
loans or advances direct to eligible financing organizations, which
formerly were permitted only the rediscount privUege with these
banks. As stated in my letter to the chairman of the Senate Committee on Banking and Currency regarding this feature of the bUl,
SECRETARY OF T H E TREASURY
105
it was " t h e view of the Federal Farm Loan Board that such an
amendment would sirnplify and facUitate the business transactions of
the Federal intermediate*credit banks with eligible financing institutions without in any respect departing from the fundamental purpose
of the law, as it would permit Federal intermediate credit banks to
accept as security for the bUls payable of such institutions the same
paper that may now be discounted or purchased."
(2) The second provision of the bUl permits the Federal intermediate credit banks to make loans and to discount paper, under the
conditions stated in the law, having a maturity of less than six
months, which was formerly the minimum. The removal of this
limitation seemed desirable, since in the course of orderly marketing
cooperative marketing associations usually require commodity credit
for shorter periods than six months, as well as for periods extending
beyond six months. Other agencies, country banks, agricultural
credit corporations, and livestock loan companies eligible to do
business with the Federal intermediate credit banks also find it
desirable at times to discount agricultural paper which has a maturity
at the time of discount of less than six months. In the circumstances, the removal of the 6-month limitation, it is believed, makes
it possible for the banks to serve the needs of marketing and production credit more satisfactorily and adequately without departing
from or impairing the fundamental purposes of the system. This
bUl was likewise accepted by both Houses and became effective
June 26, 1930, upon signature by the President.
Attention is invited to the attached reports of the various bureaus
and divisions of the Treasury Department and to the exhibits and
tables accompanying the report on the finances.
Secretary of the Treasury.
To the PRESIDENT OF THE SENATE.
ADMINISTRATIVE REPORTS
OF BUREAUS AND DIVISIONS
107
ADMINISTRATIVE REPORTS OF BUREAUS AND
DIVISIONS
OFFICE OF THE COMMISSIONER
OF ACCOUNTS AND DEPOSITS
Railroad obligations
The total receipts during the fiscal year on account of railroad
securities amounted to $11,485,583.81, of which $8,113,475.47 was on
account of principal and $3,372,108.34 was on account of interest.
The railroad securities have been gradually reduced each year until
the principal of the obligations on hand at the close of the fiscal year
under review amounted to only $54,792,274.87. The following
statement shows the total amount of railroad obligations by classes
originally held by the United States Government, the amount held
on June 30, 1930, and payments received on account:
Railroad obligations held originally by the United States Government, amount held
June 80, 1930, and total payments of principal and interest received
Principal
amount originally held
Federal control act:
Equipment trust notes
Section 7
Transportation act:. '
Section 207
Section 210
_.Total
Principal
amount held
on June 30,
1930
Total payments received
Principal
Interest
$346, 556, 750. 00
93,401, 755.00
$168,000.00
$346, 388, 750.00
93,401,755.00
$45,262,896.93
23,354 495 32
-
254, 334, 891. 00
290,800, 667.00
5,219, 300.00
49,404,974.87.
249,115, 591. 00
241,395, 692.13
54,109,147.35
86, 646,625.62
-
985, 094,063.00
54, 792, 274. 87
930, 301, 788.13
209,373,165. 22
During the year the equipment trust notes as shown by the above
table were reduced by payments received from the Minneapolis &
St. Louis Railroad Co. Reductions were also made in the obligations acquired under section 210 of the transportation act, 1920, as
amended, principally due to payments, amounting to $6,943,979
received on account of the obligations of the Chicago Great Western
Railroad Co. and the Boston & Maine Railroad. For detailed
statements of the obligations held and payments made on account of
principal, see Tables 50 to 52, pages 602 and 603.
Section 20^.—This section provides for reimbursement of deficits
of the so-called short-line raUroads during Federal control. No
payments were made by the Government to carriers during the fiscal
year on this account. The total payments to June 30, 1930, were
109
n o
RtiPOM ON a?HE I^INANCES
$10,967,801.80, of which $9,046,412.99 was paid to carriers direct
and $1,921,388.81 was paid to the Director General of Railroads on
account of amounts certified to be due from the carriers to the
President as operator of the transportation systems under Federal
control.
^
Section 209.—This section provides for the guaranty of net raUway
operating income during the six months' period immediately following
the termination of Federal control on March 1, 1920. During the
fiscal year there was paid to carriers on this account the sum of
$108,217.02, which, after deducting repayments of $59,288.44 made
during the fiscal year by carriers on account of overpayments under
this section, brings the net payments to $531,756,045.71 between
March, 1920, and June 30, 1930. The following carriers are still
indebted to the United States on account of overpayments made
under the provisions of paragraph {g) of this section:
Great Northern Railway Co
$1, 329, 785. 98
Minneapolis & St. Louis Railroad Co., receiver
292, 022. 23
Missouri & North Arkansas Railroad Co., receiver
41, 375. 46
Oregon Electric Railway Co. (subsidiary Spokane, Portland &
Seattle Railway Co.)
.
25,741.83
Spokane, Portland & Seattle Railway Co
104, 273. 48
Total
.
.
1, 793, 198. 98
In some cases these claims are in litigation and the others have
been placed in the hands of the Attorney General of the United States.
For a detailed statement showing partial and final payments to
carriers and amounts received from carriers on account of overpayments, see Table 51, page 602.
Section 210.—This section established a revolving fund of
$300,000,000 to be used for loans to raUroads under the conditions
set forth in a certificate of the Interstate Commerce Commission
authorizing each loan, and also for paying judgments, decrees, and
awards rendered against the Director General of RaUroads. No new
loans are being made because the time for making application therefor
has expired. The expenditures by the director general during the
fiscal year for this purpose amounted to $172,562.82, making net
expenditures by him on this account to June 30,1930, of $33,823,448.82.
For a statement showing the principal amount of obligations held
as of June 30, 1929 and 1930, on account of loans made, see Table 52,
page 603.
The following statement shows the amounts of principal and interest
due from carriers in default as of June 30, 1930, on account of their
obligations for loans under this section:
111
SEOREfAUY OF THE TUEASUEY
Principal and interest due from carriers in default on June 30, 19S0, on account
of loans under section 210
Principal in
default
Name of carrier
Aransas Harbor Terminal Railway
Des Moines & Central Ralroad
_
Fort Dodge, Des Moines & Southern Railroad Co..
Georgia & Florida Railway
...^
_,
Gainesville & Northwestern Railroad C o . .
Minneapolis & St. Louis Railroad Co
Missouri & North Arkansas Railway Co
,
Salt Lake & Utah Railroad Co
Shearwood Railway Co
.._
Virginia Blue Ridge Railroad Co
•.
Virginia Southern Railroad Co
Waterloo, Cedar Falls & Northern Railway Co
Wichita Northwestern Railway Co
Total
$45, 693.17
(0
0)
(')
75, 000. 00
(0
(0
Interest in
default
Total in
default
$133,035. 00
5,157. 34
23, 760.00
20, 966. 65
568, 527.00
1,039, 970. 47
287, 902.80
78, 500. 00
1, 906.76
106, 000. 00
(0
(0
(0
307,099.93
25, 440. 00
11,899. 56
635,073. 57
148,882. 50
2, 900, 614.89
$45,693.17
133, 035.00
5,157.34
23, 760.00
95, 966. 65
568, 527.00
1,039, 970.47
366, 402.80
1, 906. 76
131, 440.00
11,899. 56
635,073. 57
148,882.50
3,207,714.82
1 Principal not yet due.
Securities owned by the United States Government
The aggregate amount of securities owned by the Government on
June 30, 1930, as compiled from the latest reports received, was
$11,639,563,681.44 as against $11,115,050,159.87 on June 30, 1929,
an increase of $524,513,521.57. A summary comparison of the
holdings at the end of the last two fiscal years is as follows:
Summary of securities owned by the United States on June 30, 1929 and 1930
June 30,1929
Security
Foreign obligations:
Received under debt settlements
Aiiother -
--
Total
.
:
Capital stock of war emergency corporations
Railroad obligations
•
_
Capital stock of Panama Railroad
_.Capital stock of Inland Waterways Corporation .
Capital stock of Federal land banks
Capital stock of Federal intermediate credit banks
Miscellaneous securities received by War and Navy Departments and U. S Shipping Board
Total
:.
-
--
June 30,1930
$7, 257, 927, 794. 93 $11,086,120,082. 43
3, 639, 636, 271. 90
320, 787,222.80
10,897, 564,066.83
42,143,894.39
62, 698, 691, 99
7,000,000. 00
7,500,000. 00
383,028. 75
30, 000,000. 00
67, 760, 477. 91
11,116,050,159.87
11, 406, 907,305. 23
47, 569,880. 40
54, 792,274.87
7,000, 000.00
9,000,000.00
292, 519. 25
30,000,000.00
84,001, 701. 69
11, 639, 563, 681. 44
There was a substantial increase in the foreign obligations, amounting in round figures to $509,000,000, due principally to the exchange
of funded bonds of the Government of the French Republic for the
old bonds held, pursuant to the debt agreement of April 29, 1926.
The total amount of the funded bonds received amounted to $4,025,000,000 and the obligations surrendered in exchange for these bonds
amounted to approximately $3,340,000,000, the difference representing the accrued and unpaid interest funded into bonds. This
increase was partially offset by the payments received on account
of principal during the year under the various debt settlements.
12101—31
10
112
REPORT ON THE FINANCES
Other increases comprise about $16,200,000 in miscellaneous securities due almost entirely to additional securities acquired by the United
States Shipping Board; $1,500,000 in the capital stock of the Inland
Waterways Corporation, which was called during the year, pursuant to
the authority contained in the act of May 29, 1928, to give the corporation greater working capital; and $5,000,000 in the capital stock
of war emergency corporations. The increase in the capital stock of
war emergency corporations was the result of the procedure of offsetting the deposits made by the corporations with the Treasury
against their liabilities to the Treasury on capital stock account. The
cash balance in the Treasury tb the credit of the United States
Shipping Board at the close of the fiscal year showed a decrease of
about $7,000,000, and the cash balance to the credit of the United
States Housing Corporation showed an increase of about $2,000,000
as compared with the balances of last year, making a net change of
$5,000,000.
A detailed statement of the securities held on June 30, 1930, will
be found as Table 49, page 600.
Trust funds administered by the Treasury
Adjusted service certificate fund.—Investments for the account of the
adjusted service certificate fund were made during the fiscal year
1930 in special issues of Treasury notes bearing interest at the rate
of 4 per cent per annum in accordance with the procedure outlined in
the Annual Report of the Secretary of the Treasury for the Fiscal
Year 1925.
Investments made during the year amounted to $137,800,000, of
which. $112,000,000 represented funds appropriated by Congress,
$5,700,000 represented the proceeds of maturing notes reinvested, and
$20,100,000 was derived from interest on investments. Redemptions
during the year provided funds for authorized payments amounting
to $15,900,000, on which interest amounting to $352,175.31 was paid
to the date of redemption.
A statement of the condition of the fund as of June 30, 1930, is as
follows:
Adjusted service certificate fund, June SO, 1980
FUND ACCOUNT
Appropriations:
To June 30, 1929
Available Jan. 1, 1930._.
Interest on investments
., $560, 000, 000. 00
112, 000, 000. 00
60, 455, 164. 90
^
Veterans' Bureau checks paid by Treasurer, United States
Balance in fund June 30, 1930
.
732,455,164.90
101, 988, 900. 53
" 630, 466, 264. 37
_
SECRETARY OF THE TREASURY
113
FUND ASSETS
Investments:
4 per cent Treasury notes—
Dated
Jan. 1, 1926
Mar.5, 1926__._
Jan. 1, 1927
Jan. 1, 1928
Jan. 1, 1929
Jan. 1, 1930
Maturing
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
1, 1931>.-__
1, 1931
1, 1932
1, 1933
1, 1934
1, 1935
$46, 900, 000. 00
. 70,000,000.00
123, 400, 000. 00
123,400,000.00 '
127, 700, 000. 00
137,800,000.00
$629, 200, 000. 00
Balance to credit of disbursing officers of the Veterans' Bureau.
1, 266, 264. 37
Total fund assets June 30, 1930
630, 466, 264. 37
Civil service retirement and disability fund.—During the year the
Treasury continued to make investments for account of the civil
service retirement and disabUity fund in special issues of Treasury
notes bearing interest at the rate of 4 per cent per annum in accordance with the procedure outlined in the Annual Report of the Secretary
of the Treasury for the Fiscal Year 1926.
Total credits to the fund during the fiscal year amounted to
$58,929,623.60, of which $29,048,108.65 was on account of deductions
from basic compensation of employees and service credit payments,
$9,381,514.95 represented interest and profits on investments, and
$20,500,000 was appropriated by Congress for the purpose of continuing to finance the liabUity of the Government in connection with the
fund. Of the increase representing interest and profits on investments,
$3,482,257.53 represented interest due June 30, 1929, but owing to
the fact that such date was Sunday, this amount was not credited in
the fund until July 1, 1929. Deducting this amount from the total
credits on this account leaves $5,899,257.42 as interest and profits on
account of investments in the fund applicable to the fiscal year under
review. Expenditures on account of refunds to employees, annuities,
etc., amounted during the fiscal year to $18,147,216.91 as compared
with $16,043,373.24 for the previous year. The total earnings and
profits on investments to June 30, 1930, amounted to $23,557,198.44.
The following statement shows the status df the fund as of June 30,
1930:
Civil service retirement and disability fund, June SO, 1930
Credits:
On account of deductions from basic compensation of employees and service credit payments from Aug. 1, 1920,
to June 30, 1930
.
$199, 900, 551. 92
Appropriations:
To Jurie 30, 1929
.
$19, 950, 000
Available July 1, 1929
. 20, 500, 000
40,450,000.00
Interest and profits on investments
23, 557, 198. 44
263,907,750.36
114
REPORT ON THE FINANCES
Less disbursements on account of annuities and refunds:
Total
-
.
$106, 996, 802. 33
156, 910, 948. 03
Assets:
Face amount
Principal cost
$22, 695, 050 fourth Liberty loan 4){ per
cent-$22, 399, 454. 01
31, 200, 000 4 per cent special Treasury
notes payable June 30,
1931
- . - 31, 200, 000. 00
14, 400, 000 4 per cent special Treasury
notes payable June 30,
1932
14, 400, 000. 00
47, 800, 000 4 per cent special Treasury
notes payable June 30,
1933
47, 800, 000. 00
35, 800, 000 4 per cent special Treasury
notes payable June 30,
1934
35, 800, 000. 00
4, 900, 000 4 per cent special Treasury
notes payable June 30,
1935
4, 900, 000. 00
156, 795, 050
Unexpended balances:
Disbursing account
On books of the Secretary of the Treasury _
156, 499, 454. 01
364,528.61
46, 965. 41
411, 494. 02
Total fund assets as of J u n e 30, 1930
156, 910, 948. 03
District of Columbia teachers^ retirement fund.—The act of January
15, 1920, as amended by the District of Columbia appropriation act
of June 5, 1920, vested the administration of this fund in the Commissioners of the District of Columbia, except that it was directed that
such funds shall be held and invested by the Treasurer of the United
States. A further amendment of June 11, 1926, created a reserve
fund as a result of annual appropriations and authorized the investments on account of such fund to be held by the Treasurer of the
United States separate from the investments on account of contributions of teachers. During the fiscal year 1930, the Treasurer
purchased for account of the deductions fund $329,000 face amount
4)i per cent Federal farm loan bonds at a principal cost of $306,814.63
and for account of the Government reserves fund $269,000 face
amount of 4}^ per cent Federal farm loan bonds at a principal cost of
$243,549.18.
The following statement shows the status of the combined funds
as of June 30, 1930:
SECRETARY OF THE TREASURY
115
District of Columbia teachers' retirement fund, June 30, 1930
Credits:
o
On account of deductions from basic compensation of
teachers from January 15, 1920, to June 30, 1930--$2, 540, 439. 98
Appropriations—
To June 30, 1929
$1, 068, 456. 03
Available July 1, 1929400, 000. 00
1, 468, 456. 03
Interest on investments. _:
531, 028. 12
4, 539, 924. 13
1>201, 987. 80
Less disbursements on account of annuities and refunds
Balance in fund June 30, 1930-
3, 337, 936. 33
Assets:
Deductions fund—
Face amount
Principal cost
$26, 850 4J4 per cent first Liberty loan
converted
$27, 529. 64
735, 750 4>^ per cent fourth Liberty loan.
704, 371. 27
10, 000 4}4 per cent Treasury bonds of
1947-52
10,000.00
55, 320 4 per cent Federal farm loan
bonds_-_
54, 660. 95
1, 073, 880 4:}i per cent Federal farm loan
bonds
1,050,733.10
417, 440 4)^ per cent Federal farm loan
bonds
426,788.96
91, 380 4% per cent Federal farm loan
bonds
94,627.91
1,000 5 per cent Federal farm loan
bonds
1,030.00
182, 000 4>^ per cent Philippine Islands
bonds.-..
197, 669. 56
2,593,620
2, 567, 4 n . 39
Government reserves fund—
215, 640 4 per cent Federal farm loan
bonds
. 535, 600 4:}i per cent Federal farm loan
bonds
100 4% per cent Federal farm loan
bonds
761, 340
Accrued interest paid in 1930, repayable in 1931
Unexpended balances:
On books of Secretary of.the Treasury
Treasurer, United States, disbursing account.
208,050.78
509,910.94
IOL 64
718, 063. 36
= = = = =
3,285,474.76
809. 16
51, 277. 67
374. 86
61,652.43
Total fund assets June 30, 19»0
3,337,936.33
116
REPORT ON THE FINANCES
Foreign service retirement and disability fund.—Investments for
account of the foreign service retirement and disability fund were
made duriug the fiscal year 1930 in special issues of Treasury notes
bearing interest at the rate of 4 per cent per annum ia accordance
with the procedure outlined in the Annual Report of the Secretary of
the Treasury for the Fiscal Year 1927.
Credits to the fund during the year aggregated $441,419.27, of
which $167,293.86 was on account of deductions from basic compensation of employees and service credit payments, $58,125.41 represented interest and profits on investments, and $216,000 was appropriated by Congress for the purpose of continuing the financing of the
liability of the Government in connection with the fund. Of the
amount credited to the fund on account of interest and profits on
investments, $18,223.45 represented interest which was due on
June 30, 1929, but owing to the fact that that date was Sunday the
ainount could not be credited to the fund until July 1, 1929. After
deducting this amount from the total credits on account of interest
and profits, there was credited to the fund on this account as applicable
to the fiscal year under review $39,901.96. Net advances to the
disbursing officer of the State Department for the payment of
annuities and refunds, etc., amounted during the fiscal year to
$129,142.59, as compared with $90,923.51 for the previous year.
The total interest and profits credited in the fund to June 30, 1930,
amounted to $99,706.17.
The following statement shows the status of the fund as of June
30,1930:
Foreign service retirement and disability fund, June 30, 1930
Credits:
On account of deductions from basic compensation and service
credit payments of employees subject to the foreign service
act
.
Appropriations—
To June 30, 1929
$213,000
Available July 1, 1929
: . . . . . 216,000
Interest and profits on investments
.
-
$939,225.67
429,000.00
99, 706. 17
1, 467, 93L84
Less net advances to disbursing officer of the State Department
for the payment of annuities and refunds
._
Balance in fund June 30, 1930
-
515, 853. 93
952,077.91
117
SECBETARY OF THE TKEASUBY
Assets:
Face amount
Principal cost
$79,150 4}i per cent fourth Liberty loan
$81, 069. 85
385,000 4 per cent special Treasury notes, due
June 30, 1933
385, OOO 00
454,000 4 per cent special Treasury notes, due
June 30, 1934
454,000.00
32,000 4 per cent special Treasury notes, due
June 30, 1935
.....
32,000.00
950, 150
"
$952,069. 85
Unexpended balance June 30, 1930, on books of the Secretary of
the Treasury
._
__.
Total fund assets June 30,.1930
8. 06
952, 077. 91
Library of Congress trust fund.—Under the act of March 3, 1925, as
amended, a Library of Congress Trust Fund Board, consisting of the
Secretary of the Treasury, the chairman of iuhe Joint Committee on
the Library, the Librarian of Congress, and two persons appointed
by the President, is authorized 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 moneys or securities given or bequeathed to the board are
required to be receipted for by the Secretary of the Treasury, who is
authorized to invest, reinvest, or retain investments as the board may
determine. In accordance with the pohcy adopted by the board,
investments and reinvestments of the trust funds are made in interestbearing securities of high rating.
The following statement shows the earnings collected on account
of each donation:
Library of Congress trust fund earnings to June SO, 1930
Income account
Donation
Beethoven
Benjamin
Bowker
_._
Carnegie
."
Coolidge
Guggenheim
Huntington..
Wilbur
-
:.
._
_
^
Total
Total collected to
June 30,
1929
_
_._
_
.:.
_. _
_
Collected
during
fiscal year
1930
Total collected to
June 30,
1930
8,073. 75
6,772. 22
$219.09
3,282. 60
84.30
3,733.00
8,748.05
1,531. 25
6,675. 00
7,963. 72
$219.09
11, 245.00
361.49
9, 208.13
31,684.82
1, 531. 25
14, 748. 75
14, 735.94
51,497. 56
32, 236. 91
83,734.47
$7,962. 50
277.19
5,475.13
22,936.77
118
REPORT ON THE FINANCES
The following statement shows the priucipal cash accounts for each
donation:
Library of Congress trust fund—Cash receipts, cost of investments, and unexpended
balances for fiscal year 19S0
Donation
Beethoven
Carnegie
Coolidge
Guggenheim..
Hungington..
Wilbur
Total.
Unexpended Cash receipts Cash avail- Cost of invest-] Unexpended.
balance
able for
during fiscal
balance
ments
June 30,1929
investment
year 1930
June 30,1930
$70. 75
2, 640.90
993.75
3,705.40
$9,900. 00
44, 066. 66
$10,000. 00
70.75
17,427.18
75, O O 00
C.
993. 75
44, 066. 66
143,852.94
147,658. 34
137,857.00
$10,000.00
14, 786. 28
. 75,000. 00
9, 927.00
74. 250. 00
$100. 00
70.75
7, 500.18
750.00
993.75
43, 780. 00
9,701.34
Substantially all of the unexpended balances above mentioned were
invested shortly after the close of the fiscal year.
The board received during the past year a gift from the Beethoven
association to be known as the Sonneck memorial fund, the income
from which is to be devoted to the aid and advancement of musical
research. This sum was invested in $10,000 face amount of Canadian
National Railway 5 per cent guaranteed gold bonds, due October 1,
1969, at a principal cost of $9,900.
The board received on account of the securities held in the donation made by Mrs. Elizabeth Sprague Coolidge, subscription rights
to bji shares of common stock of the Commonwealth Edison Co.;
8M shares of common stock of the Public Service Co. of Northern
lUuiois; and 28}^ shares of stock of the American Telephone & Telegraph Co. The subscription rights were sold on the market for
$9,536.28. There was also received on account of this donation the
sum of $500, representing 10 per cent payment on account of $5,000
face amount of Chicago Railw:ay 5 per cent bonds; $750 through
the sale of the bonds of the Potosi Rio Verde Railway Co.; and $4,000
received from the American Ship Building Co. as a payment m connection with the reduction of its capital stock. A part of these funds
was iavested in $7,000 face amount of Canadian National Railway
5 per cent guaranteed gold bonds due October 1, 1969, at a principal
cost of $6,930, and in $3,000 face amount of the same bonds due
July 1, 1969, at a principal cost of $2,997.
The board received also from the Daniel Guggenheim Fund for
the Promotion of Aeronautics (Inc.), a gift of $140,000 for the establishment of a chair of aeronautics, to provide for the assembling of a
complete aeronautical library for research purposes, and the collection of aeronautical historical material. Of this sum, $75,000 was
stipulated as ah endowment in the Library of a ''chair of aeronautics,"
the income from which is to be utihzed for the chief of the section in
119
SECRETARY OF THE TREASURY
addition to any stipend he may receive from the Government. The
balance of the fund is to provide salaries for the director or chief
of section for a period of two years, and for acquiring a collection of
aeronautical historical material, subject, however, to the condition
that Congress shall provide certain appropriations for carrying on
this work. That part of the fund donated as an endowment for a
chair of aeronautics was invested in $75,000 face amount of Harbour
Commissioners of Montreal 40-year 5 per cent first mortgage guaranteed gold bonds, at a principal cost of $74,250.
The board received on account of the Wilbur donation subscription
rights to 16Q% shares of the common stock of the Public Service Co.
of Northern Illinois, which were sold on the market for the sum of
$43,846.66. This sum was invested in $44,000 face amount of Canadian National Railway 5 per cent guaranteed gold bonds, due October
1, 1969, at a principal cost of $43,780.
The following statement shows the securities held by the board for
account of each donation as of-June 30, 1930. The securities are all
held in safe-keeping by the Treasurer of the United States, subject to
the order of the Secretary of the Treasury, for account of the board.
Library of Congress trust fund board securiiies held June SO, 1930
Name of security
Face amount Rate per
cent
Class of security
Elizabeth Sprague Coolidge donation
Canadian National Railways Co_
Chicago Railways Co
Great Northern Ry. Co
Houston Home Telephone Co
Missouri Pacific R. R. Co
New England Telephone & Telegraph
Co.
Public Service Co. of Northern Ilhnois.
Rio Grande Southern R. R. Co
-..
Utah Power & Light Co
Jacob M. and Tillie Fine and Charles
and Birdie Fine.
American Ship Building Co
American Telephone & Telegraph Co..
American Window Glass Co —
Board of Trade Building Trust of
Boston.
Commonwealth Edison Co..
Elgin National Watch Co
1
Mexican Northern Ry. C o . . .
Public Service Co. of Northern Illinois.
$10,000.00
4, 500.00
10,000.00
100.00
2,000. 00
16, 400.00
13, 000.00
1,000.00
10,000.00
10,000.00
b
Guaranteed gold bonds.
5
b
First and refunding mortgage bonds.
First mortgage bonds.
5 1 First mortgage bonds.
General mortgage bonds.
7 1 First mortgage bonds.
i'Al
b
b
5H
First and refunding mortgage bonds.
First mortgage bonds.
Do.
Promissory note.
6,000. 00
17,100. 00
2, 500. 00
700. 00
Common stock.
Do.
Do.
Do.
12,400.00
9, 375.00
800.00
5,000.00
Do.
Do.
Do.
Preferred stock.
6
Carnegie donation
Commonwealth Edison Co
Missouri Pacific R. R. Co
New England Telephone & Telegraph
Co.
52,000.00
5,000. 00
25,400.00
4V^
b
i'A
First mortgage collateral bonds.
First and refunding mortgage bonds.
First mortgage bonds.
Archer M. Huntington donation
Central Pacific Ry. Co.__
Missouri Pacific R. R. Co
105,000. 00
49, 500.00
4
5
First and refunding mortgage bonds.
Do.
100,000.00
7
Preferred stock.
James B. Wilbur donation
Public Service Co. of Northern Illinois.
William E. Benjamin donation
Standard Oil Co. of California
33,150,00
Common stook.
120
REPORT ON T H E FINANCES
Library of Congress trust fund board securities held June SO, 1930—Continued
Face amount Rate per
cent
Name of security
R. R. Bowker donation i
Detroit Edison Co
.
German Government.i
Japanese Government
Austrian Government
Harry F. Guggenheim donation
Harbor Commissioners of Montreal
. Beethoven Association donation
Canadian National Railways
Total . . - . . - -
_.
$5,000.00
2,000.00
2,000.00
1,000.00
5
7
m
Class of security
First mortgage bonds.
German external loan.
Sinking fund gold bonds.
Sinking fund bonds, guaranteed loan.
7
Guaranteed gold bonds.
75,000.00
5
10,000.00
595,925.00
Guaranteed gold bonds.
5
1 Life interest in six-sevenths of income retained under terms of donation.
United States Government life insurance fund.—Under the provisions
of section 18 of the act approved December 24, 1919, as amended
March 4, 1923, the Secretary of the Treasury is required to invest
in interest-bearing obligations of the United States or in bonds of
the Federal land banks all moneys received in payment of premiums
on converted insurance in excess of authorized payments. Due to
the act approved March 3, 1927, authorizing the Director of the
United States Veterans' Bureau to make loans to veterans upon their
adjusted service certificates out of the United States Government
life insurance fund, the funds available for other investments during
the past year have been very small. Practically all of the funds
available during the fiscal year under review were used to make
loans to veterans, but whenever the accumulated funds temporarily
exceeded the requirements for this purpose and the authorized
payments, the excess was invested in United States securities. During
the year the total Government securities decreased $37,000,000 face
amount. The Director of the Veterans' Bureau reported total
loans to veterans to June 30, 1930, aggregating $279,723,856.44
Monthly reports are made by the Treasury to the Veterans' Bureau
of all securities in the fund and the principal cost thereof as the
result of investments made by the Secretary of the Treasury, and
periodic verifications of the security holdings are made through
reports rendered to the director by the safe-keeping offices.
The investments as of June 30, 1930, were as follows:
Government life insurance fund, June SO, 1930
Par value
Fourth Liberty loan i}4 per cent bonds of 1933-1938
4 ^ per cent Treasury bonds of 1947-1952
Total...
4/^ per cent Federal farm loan bonds
4 ^ per cent Federal farm loan bonds.
. .
. . .
Total investments made by the Secretary of the Treasury...
Loans to veterans as reported by the Director of the United States
Veterans' Bureau
Total investments in the fund
Principal cost
$25, 741, 800. 00
49,173, 200. 00
74,915,000.00
32,550,000.00
69, 200,000. 00
176, 665,000.00
$25,196, 795. 03
49, 201,905. 28
74,398,700. 31
32,477, 590.04
69, 742,644. 40
176,618,934.75
279,723,856. 44
456,388,856.44
279,723,866.44
466,342.791.19
SECRETARY OF THE TREASURY
121
Division of Bookkeeping and Wa^rrants
The Division of Bookkeeping and Warrants issues, in the name of
the Secretary of the Treasury, all warrants on the United States
Treasury, and under section 10 of the act of July 31, 1894, keeps the
official accounts relating to the receipt, appropriation, and expenditure of the public money covering all departments and establishments
of the Government.
A summary of the receipts and expenditures of the Government for
the fiscal year ended June 30, 1930, is given below on the basis of
daily Treasury statements, revised. The details may be found on
pages 469 to 471 of this report.
Receipts
Expenditures v
Surplus
$4, 174, 051, 545. 77
3, 993, 769, 636. 40
180, 281, 909. 37
The work of the division, which has many other duties not particularly related to the foregoing, may be classified as follows:
(1) Receipts..
(2) Appropriations and expenditures.
(3) Financial reports.
(4) Duplicate checks, outstanding liabilities, etc.
(5) Budget matters and special deposit accounts.
(6) Miscellaneous matters.
Receipts.—Title 31, section 495, of the United States Code, requires
public depositaries to issue duplicate receipts for moneys of the United
States deposited with them, transmitting the original forthwith to the
Secretary of the Treasury and delivering the duplicate to the depositor;
and title 31, section 147, of the United States Code, provides that all
receipts for moneys received by the Treasurer of the United States
shall be indorsed upon warrants signed by the Secretary of the Treasury, without which warrants, so signed, no acknowledgment for
money received into the Public Treasury shall be valid. Certificates
of deposit are forwarded daily to the Secretary of the Treasury
by depositary banks through the Treasurer of the United States,
with daily transcripts of their accounts. After the certificates of
deposit have been cleared by the Treasurer, they are transmitted
to the Secretary of the Treasury, Division of Bookkeeping and Warrants, for covering into the Treasury. Here the certificates are
examined, segregated, classified according to executive departments
and independent establishments, and then covered into the Treasury.
The original warrant is transmitted to the Treasurer of the United
States; one copy is retained in the files of the Division of Bookkeeping and Warrants, and the other is sent to the General
Accounting Office for its permanent files.
1 Includes $553,883,603.25 public debt retirements chargeable against ordinary receipts.
1^2
RJEPORT O N T H E FINANCES
A cumulative record is maintained of all deposits covered into the
Treasury, classified according to source of revenue and each separate
head of appropriation. The division also maintains a cumulative
record of the deposits made by each depositing officer. A departmental deposit list is used as a means of notifying the administrative
office concerned of the fact t h a t the deposits referred to therein have
been formally covered into the Treasury as required by law.
Under the present system of covering money into the Treasury,
warrants are written from original certificates of deposit. The system
furnishes not only a complete description of each deposit on covering
warrants but also provides an absolute check upon the accuracy of
the postings of the d-eposits to accounts of depositors, revenues, and appropriations. I t also enables the division to keep the covering work in
a current status, facilitates the audit of fiscal officers' accounts, and
provides an improved method of reporting figures to the Treasurer
for use in daily Treasury statements.
During the fiscal year ended June 30, 1930, the sum of $8,025,104,850.86 was received and covered into the Treasury by warrant.
There were no uncovered moneys on June 30, 1930.
Appropriations and expenditures.—The duties of the division
relating to the appropriation and expenditure of public money are
based upon article 1 of the Constitution, which provides that no
money shall be drawn from the Treasury except in consequence of
appropriations made by law, and upon title 31, section 47, of the
United States Code, which provides that the Treasurer of the United
States shall disburse the moneys of the United States only upon
warrants drawn by the Secretary of the Treasury.
The warrants issued under the several classes during the fiscal year
1930 are summarized below:
Number
Covering warrants 2
Investment warrants (debits)
Investment warrants (credits)
Appropriation warrants
Accountable warrants
Settlement warrants
Transfer-appropriation w a r r a n t s
(debits)
Transfer-appropriation w a r r a n t s
(credits)
Transfer warrants (debits)
Counter warrants (credits)
Surplus-fimd warrants
Total
Ordinary
Public debt i
Total
8,790 $4,481,114,102. 86 $3, 543,990, 748. 00 $8,025,104, 850. 86
207, 974, 364. 89
118
21,717, 000. 00
229, 691, 364. 89
50, 705, 364.89
118
229, 691,364. 89
178,986, 000. 00
587 3, 539,870, 527. 20 4,468, 860, 515. 63 8, 008, 731,042. 83
21,031 3,456, 039, 834. 36 4,447,149,196.42 7,903,189,030.78
25, 372
76, 901,951.48
76,901, 951.48
• 361
87, 604,162. 92
548, 601, 503. 88
636, 205,666.80
361
595
595
47
87, 604,162. 92
3 826,407, 913.08
8 826,407, 913. 08
583,261, 099. 76
548, 601, 503. 88
14,383, 308.80
14,383, 308. 80
636, 205,666.80
840, 791, 221. 88
840, 791, 221. 88
583,261,099.76
56,900
14,223,891,397.44
13, 786, 673,085.41 28, 010, 564,482. 86
1 Includes public debt retirements chargeable against ordinary receipts.
2 Includes both revenues and repayments to appropriations.
3 Issued principally on account of Army account of advances and general account of advances (Navy).
A detaUed description of the classes and functions of the several
warrants issued by the division is set forth on page 106 of the Secretary's annual report for 1929.
123
SECRETARY OF THE TREASURY
Under the act of June 29, 1922 (42 Stat. 669), the Treasury is required to keep a special account of receipts and expenditures of the
District of Columbia. The transactions in this account during the
fiscal year 1930 on warrants-issued basis are as follows:
General funds
Special funds
T r u s t funds
Total
B a l a n c e J u n e 30,1929
R e v e n u e s , fiscalyear 1930
i$14,969,790.12
8 29, 572, 209. 47
$488, 782. 87
3, 319, 217. 81
2 $390, 238. 69
4 2,303,169.17
$15, 848, 811. 68
35,194, 596. 45
E x p e n d i t u r e s , fiscal year 1930..
4.4, 541,999. 59
5 29, 873, 582. 60
3,808,000. 68
6 3,133, 609. 26
2, 693,407. 86
2, 340, 617. 36
51,043,408.13
35, 347, 809. 22
674,391.42
352, 790. 50
15, 695, 598. 91
B a l a n c e J u n e 30,1930
14, 668,416. 99
^ Exclusive of $4,000 transferred from "Teachers' retirement appropriated fund, D. C , 1929," to
"Teachers' retirement fund, Government reserves, D. C. (trust fund)," for investment.
2 Includes $4,000 transfer referred to in note 1.
8 Exclusive of $444,040.20 general revenues of the District of Columbia covered into the Treasury to credit
of" Policemen and firemen's relief fund (trust fund)" under the act of Sept. 1,1916 (vol. 39, p. 718, sec. 12),
to meet deficiencies in said fund.
• Includes $444,040.20 referred to in note 3.
« Exclusive of $9,000,000 payable from revenues of the United States.
9 Includes $53,469.40 for "Purchase and maintenance of traflSc lights, D. C , 1927 and 1928" (special
fund), carried to surplus fund of Treasury under provisions of act of June 20,1874 (18 Stat. 110, 111, sec. 5).
Financial reports.—This division compiles (1) the annual combined
statement of the receipts, expenditures, balances, etc., of the Government; (2) the annual digest of appropriations; (3) financial tables on
receipts, expenditures, and appropriations for inclusion in the annual
report of the Secretary of the Treasury, and (4) statistical data relating to the receipts, appropriations, and expenditures of the Government such as may be requested by Congress, executive departments,
research institutions, and the general public.
The combined statement of receipts and expenditures is a financial
report (consisting of about 440 pages) required to be submitted to
Congress annually under section 15 of the act of July 31, 1894. I t is
a transcript of the warrants, ledgers, and registers maintained in the
appropriation-bookkeeping, and receipts sections of this division. In
accordance with the requirements of the act, the receipts are classified,
in so far as practicable, by ports, districts, and States, and the expenditures by each separate head of appropriation. The receipts and
expenditures are also classified according to funds; i. e., general,
special, trust, and District of Columbia. Under each separate head of
appropriation is shown:
1. Unexpended balance at beginning of year:
(a) On books of Treasury.
(6) To credit of disbursing officers.
2. Appropriations.
3. Expenditures:
(a) Warrants-issued basis.
{b) Checks-issued basis.
, 4. Amount carried to surplus fund.
5. Unexpended balance at close of year,
(a) On books of Treasury.
(6) To credit of disbursing officers.
124
REPORT ON THE FINANCES
The Digest of Appropriations contains a digest of each appropriation, together with legislation pertaining thereto, classified according
to departments and official appropriation titles as carried on the books
of the Treasury. The document is published for administrative,
disbursing, and accounting officers of the Government for use in
connection with the preparation, examination, and approval of
estimates, disbursements, accounts, vouchers, settlements, and
warrants relating to or affecting the appropriations made by Congress
covering the period for which the report is made. The preparation
of this document, which consists of approximately 700 pages, requires
an examination and analysis of appropriation acts and aU legislation
affecting appropriations.
The financial tables prepared by this division for the Secretary's
report have for their basis, principally, the figures contained in the
annual combined statement of receipts and expenditures and the
annual digest of appropriations, but are presented in a more summarized form. The statistical data prepared by this division have
for their basis, principally the figures contained in the combined
statement of receipts and expenditures, and the annual digest of
appropriations. Examples of these data are statements on Federal
aid to States, and relief legislation provided by Congress on account
of catastrophes, such as earthquakes, cyclones, drought, etc.
Duplicate checks, outstanding liabilities, etc.—This division has
supervision of the issuance of duplicate disbursing officers' checks
for the whole Government service and the certification of claims to
the General Accounting Office for the proceeds of checks which have
been covered into the trust fund known as outstanding liabUities; and
also has administrative supervision of the appropriations for ^^Contingent expenses, public moneys," covering the transportation of
paper currency and coin between Federal reserve banks, their
branches, the mints, and the Treasury, and the appropriation for
recoinage of gold, silver, and minor coins.
When an original check is lost, stolen, or destroyed, disbursing
officers and agents of the United States are authorized, under section
3646 of the Revised Statutes, as amended, to issue a duplicate check
within three years after the date of the original check. Upon receipt
of a satisfactory bond of indemnity, and affidavit proving ownership
and loss of the original check, a duplicate check is approved by the
Chief of the Division of Bookkeeping and Warrants for the Secretary
of the Treasury.
Under the provisions of sections 306 to 310 of the Revised Statutes,
disbursing officers' checks which have remained outstanding and
unpaid for three years are deposited and covered into the Treasury
to the credit of a trust fund known as outstanding liabilities. At the
close of each fiscal year the General Accounting Office reports to the
SECRETARY OF THE TREASURY
125
Division of Bookkeeping and Warrants all checks drawn by United
States disbursing officers which have remained outstanding and
unpaid for three full fiscal years. The Secretary of the Treasury,
through the Chief of the Division of Bookkeeping and Warrants,
instructs the Treasurer to transfer the ariiounts of these checks from
the official checking accounts of the disbursing officers concerned to
the credit of the trust fund ^'Outstanding liabilities." Certificates
of deposit issued by the Treasurer of the United States in accordance
with these instructions are examined and the amounts thereof
covered into the Treasury by warrant. A full description of each
check is entered in a register of outstanding liabilities, the amount of
the check being placed to the personal credit of the payee, subject to
claim therefor. In connection with each claim there must be filed
with this office either the check itself, or, if the check is lost, a satisfactory bond of indemnity, with proof of ownership and loss of the
check. , After an administrative examination has been made by this
office, the case is certified to the General Accounting Office for the
issuance of a certificate of settlement, upon the receipt of which
a settlement warrant is issued by this division in favor of the payee,
and a charge made against the credit previously entered in the outstanding liabilities register. The undelivered checks remaining in
the hands of public officers for three full fiscal years are transmitted
to this office for file.
The appropriation '^Contingent expenses, public moneys" covers
the payment of postage on mutilated United States paper currency
shipped from the Federal reserve banks and branches to Washington
for redemption; insurance on new currency sent from Washington
under frank to Federal reserve banks and branches; expenses of coin
shipments between Federal reserve banks, the mints, and the
Treasury; and also the purchase of coin bags, fiber boards, webbing
straps, and telegraph service incident to the foregoing. The work
requires the usual administrative examination and approval of
vouchers, and their certification to the disbursing clerk of the Treasury Department for payment, and the keeping of administrative
accounts, including records showing the movement of the various
kinds of currency and coin.
Appropriations for the recoinage of gold, silver, and minor coins
cover the difference between the. actual value of such coins and their
value after recoinage. Reimbursements are made to the Treasurer of
of the United States for adjustment of his accounts upon vouchers
submitted to this office by the mints.
This division also has jurisdiction over the deposit of forfeited bonds,
donations, and amounts received for the so-called conscience fund
and the deposit and transfer of disbursing funds, and gives instructions relative to the issuance of second original checks of disbursing
officers issued in favor of governmental agencies.
126
REPORT ON THE FINANCES
Budget matters and special deposit accounts.—Section 214 (a) of
the Budget and Accounting Act, approved June 10, 1921 (42 Stat.
23), provides for the designation by the head of each department of a
budget officer, whose duty it is to prepare the departmental estimates. In pursuance of the above-mentioned act the Undersecretary of the Treasury has been designated budget officer of the Treasury Department. The budget work of the Division of Bookkeepiug
and Warrants involves the preparation of circulars of instructions
relating to estimates of receipts, appropriations, and expenditures of
the Treasury Department; apportionments of appropriations; reserves, etc.; the editing and assembling of the estimates in proper form
for submission to the Bureau of the Budget; the preparation of correspondence and reports thereon and the maintenance of statistical
records relating thereto; the submission of certain reports to Congress;
the preparation of economy reports; the handling of certified claims
and claims for damages under the act of December 28, 1922, etc.
This division also handles the work in connection with the special
deposit accounts of the Secretary of the Treasury, which cover offers
in compromise under the provisions of section 3489 of the Revised
Statutes, involving all departments and establishments, and deposits
by public building contractors and other matters; maintains accounts
with alien property trust funds in the Treasury and makes a semiannual audit of alien property trust fund earnings; preaudits payments of awards under the settlement of war claims act of 1928,
which provides for the settlement of World War claims of American
nationals against Germany, Austria, and Hungary, and of nationals
of those countries against the United States; and makes an annual
administrative examination of balance sheets and profit and loss
statements of Federal reserve banks and Federal intermediate credit
banks submitted in connection with payments by these banks of
franchise tax due the Government.
Under the act of October 6, 1917, and the settlement of war claims
act of 1928, approved March 10, 1928 (44 Stat. 254), the Secretary
of the Treasury held on June 30, 1930, for account of the Alien Property Custodian securities in the face amount of $58,205,300. During
the year the following transactions were made in this account:
Securities:
Held June 30, 1929
Purchased and exchanged
Sold dr redeemed
Held June 30, 1930
..
.__
$93, 515, 300
46, 964, 000
140, 479, 300
82, 274, 000
58, 205, 300
The above sales included $1,000,000 of securities sold on July 15,
1929, and $1,100,000 of securities sold on June 25,1930, the proceeds
SECRETARY OF THE TREASURY
127
of which, together with $650,000 face ainount of Treasury notes, were
transferred to the German special deposit account.
Under decision of the Supreme Court of the United States, dated
May 24, 1926, in the case of Max Henkels, appellant, v. Howard
Sutherland, as Alien Property Custodian, and Frank White, as
Treasurer of theUnited States, and opinions of the Attorney General,
dated August 25, 1926, and July 7, 1927, rendered in connection
therewith, there has been paid by the Treasury to eligible claimants
upon determination of the Attorney General to September 1, 1930,
the sum of $5,278,994, and to the Alien Property Custodian for administrative expenses the sum of $70,361.71. Further payments of
this character, except as to those which were not completed by the
Treasury at the time of the enactment of the settlement of war claims
act of 1928, are made by the Alien Property Custodian under the
provisions of section 26 (b) of said act. In connection with these
cases the sum of $155,745.41 was withheld from. claimants by the
Treasury pending determination of their income tax liability, if any.
Of the amount so withheld $116,308.01 has been refunded or paid to
the Commissioner of Internal Revenue, leaving a balance in this
account of $39,437.40.
The total amount paid during the fiscal year 1930, upon authorizations of the Alien Property Custodian and the Attorney General, was
$41,458,825.76,
i
Miscellaneous.—In addition to the foregoing, the following matters
are handled under the.immediate supervision of the Chief and Assistant Chief of the Division of Bookkeeping and Warrants: Requests of
disbursing officers (a) to carry cash at their own risk and to receive
advances of funds from the Treasury in excess of the penalties named
in their bonds, under the provisions of section 3620 of the Revised
Statutes and Treasury Department Circulars Nos. 195, dated January 24, 1921, and 316, dated December 21, 1922, and (6) for waivers
of delinquency in rendition of accounts and permission to merge
accounts, under the provisions of section 12 of the act approved July
31, 1894 (28 Stat. 209); the making of reports to committees of Congress on proposedor pending legislation; the certification to Congress
of judgments against the Government in district courts and the
Court of Claims; requests for decisions of the Comptroller General
of the United States and opinions of the Attorney General; court
subpoenas on the Secretary of the Treasury; claims under private
relief acts; and the preparation of correspondence relating to receipts,
appropriations, expenditures, claims, contracts, etc., from the organization of the Government to the present time,
121Q1—31
11
128
REPORT ON T H E FINANCES
Dhision of Deposits
The Division of Deposits is charged with the administration of
matters pertaiuing to the designation and supervision of Government
depositaries and the deposit of Government funds in such depositaries.
The function of the depositary system, aside from the special depositaries, is to provide facilities for all receiving and disbursing
officers of the Government and for the safekeeping and prompt remittance of all public moneys or other funds deposited by Government
officers. Depositaries are designated and maintained only where
required to provide necessary facilities.
Amount of deposits.—The following statement indicates the Government deposits held by depositary banks on June 30, 1929 and 1930:
Government deposits held by depositary banks on J u n e SO, 1929 and 1930
Type of depositary
June 30, 1929
June 30,1930
Federal reserve banks and branches
Special depositaries!
.
Foreign depositaries:
To credit of Treasurer of the United States
To credit of other Government oflicers
.
.
Member bank depositaries:
To credit of Treasurer of the United States _
. .
To credit of other Government oflQcers
...__
Insular depositaries:
To credit of Treasurer of the United States
_
To credit of other Government officers.-.
._
Philippine treasury, to the credit ofthe Treasurer of the United States. .
$35,891, 389.40
356,841,912.95
$26, 524, 266. 32
296, 623,336. 64
309, 331.85
1,290,288.40
293,071. 47
1,319, 067. 67
7,145.973. 07
18, 653,092. 02
6,924,196.97
17, 344,168. 50
56,857.12
147,106.94
1, 001,055.41
32,881. 81
1, 570,480. 96
225, 627.14
421, 337,007.16
350,857,097.48
Total
-
--
The foregoing deposits fall into the following general classes: (1)
Deposits with Federal reserve banks and branches which are not
fixed in amounts but fluctuate broadly from day to day throughout
the year as a result of receipts and disbursements of the Government
or of transfers between this and other classes of depositaries. (2)
Fixed balances to the credit of the Treasurer of the United States
maintained with general member bank depositaries in the United
States and with depositaries in foreign countries and insular possessions of the United States as a basis for the transaction of some
essential business of the Government. These deposits are subject
to withdrawal on demand and to adjustment from time to time in
proportion to the amount and character of the busiaess transacted.
(3) Deposits carried with general and hmited depositaries in the
United States and with foreign and insular depositaries in the form
of official accounts of Government officers other than the Treasurer
for safekeeping and to facilitate current disbursements. In the
United States proper these deposits, with few exceptions, are maintained by the United States district courts and their officers or by
postmasters. The Treasury does not control such deposits directly.
SECRETARY OF THE TREASURY
. 120
but designates and supervises the depositaries and has custody of
the collateral to secure the deposits. (4) Deposits in special depositaries designated under the Liberty loan acts. These are not
direct deposits made by the Treasury, but are the result of the
subscription of banks to current offerings of Government securities
for which, under the terms of the offering, qualified depositaries
may make payment by credit. Such deposits are subject to withdrawal on demand and, as a general rule, are withdrawn, in installment
calls, over a comparatively short period.
During the past fiscal year there has been no change in the weiiestablished policy of the Treasury with respect to the designatioA of
depositaries and the carrying of Government deposits therewith.
Adjustments within the system were in part attributable to the
changed demands of the Government for depositary facilities in
certain localities, and in part to the unusually large number of consolidations, mergers, liquidations, etc., of member bank depositaries.
As a result of the continued close supervision given to general depositary accounts, the additional depositaries of this class designated,
and the increases granted in the depositary accounts, were more than
offset by the discontinuance of existing depositaries and reductions
in excess deposits. During the year 21 general depositaries, authorized to carry an aggregate of $742,000 to the credit of the Treasurer
of the United States, were discontinued; and fixed balances of other
general depositaries were reduced by $35,000. Fifteen general
depositaries with fixed balances aggregating $240,000 were designated,
and the balances of seven were increased by $405,000. There was
therefore a net decrease of six in the number of general depositaries
and of $132,000 in the total fixed balances during the year.
An important feature of the work of the Division of Deposits
during the year was the checking of reports received from all national
banks (approximately 7,400) through the Comptroller of the Currency
in the form of sworn statements as to the amount and character of
Government deposits on the books of such banks. As a result of
the check, about 100 new limited depositaries were designated,
approximately 300 additional Government accounts are being reported to the Treasury, and the important fact was established that
all major Government accounts carried with national banks are
collaterally secured. These additions also resulted in an increased
revenue to the Government from the collection of interest upon the
depositary accoimts.
The special depositary system was adopted as a war measure and
has continued to function successfully during the postwar period of
debt reduction. The trend in this system during recent years, however, both as to the number .of depositaries and the balances held
by them, has been downward. The average daily deposits with all
130
REPORT ON THE FINANCE^
special depositaries during the fiscal year 1930 was $132,611,994, as
compared with an average balance of $195,496,324 during the preceding year, and was the lowest point reached since the establishment
of the system. This situation is, in part, due to the sale during the
year of Treasury bills for cash on a discount basis, which, of course,
carried no deposit privilege in contrast to issues of Treasury certificates of indebtedness.
Incidental to the administration of Government depositaries and
the deposit of Government funds therein, the division supervises the
liquidation of Government claims against insolvent depositary
banks. During the year six depositary banks were declared insolvent. At the time of closing, these banks were indebted to the
Government on their depositary accounts in an amount aggregating
$37,256.33. Four accounts were settled in full prior to June 30, 1930,
one has been liquidated subsequent to that date, and one case'involving $6,692.76 remains unsettled to date.
The Division of Deposits during the year also handled matters
relating to the issuance of instructions to receiving and disbursing
officers, the acceptance and release of collateral pledged by banks
to secure Government deposits, questions pertaining to the recovery
on lost and uncollected checks in payment of obligations to the
United States, and many correlated details.
During the year the regulations governing the deposit of public
moneys were revised, and appear in Department Circular No. 176,
as amended and supplemented, published as of September 2, 1930.
A copy of this circular is attached hereto as Exhibit 67, page 413.
Number and classes of depositaries.—The following statement shows
the number and classes of depositaries maintained by the Treasury
and changes during the fiscal year 1930:
Number and changes in each class oj depositaries during the fiscal year 1930
Class of depositary
Federal reserve banks (including branches) .
General
Limited
Insular (including Philippine treasury)
Foreign
Special-.
Total-
June 30,
1929
Discontinued
Designated
June 30,
1930
12
322
972
7
9
2,249
376
3
221
12
316
1 1,035
3
12
2 2,094
3,671
462
363
3,472
15
124
1 In addition, 159 branch banks are carried on the depositary list of the Treasury under the designation
of the parent banks.
2 833 special depositaries held deposits on June 30,1930.
With respect to the limited depositaries, 107 by pledging additional
collateral qualified to accept increased amounts of deposits made by
postmasters and United States courts and their officers for credit in
their official checking accounts. In 54 cases reductions were made
SECRETARY OF THE TREASURY
131
in the maximum qualifications as a result of the withdrawal of
collateral.
Insular depositaries were maintained in the Canal Zone, Porto
Rico, and the Philippine Islands. During the year two depositaries
were transferred to the foreign list.
Foreign depositaries were maintained in the following countries:
Belgium, 1; China, 2; England, 2; France, 3 (1 designated during
year); Haiti, 1; Italy, 1; and Panama, 2.
Of the 2,094 special depositaries on June 30, 1930, 1,287 were
national banks and 807 were State banks and trust companies.
Interest on deposits.—With the exception of Federal reserve banks,
all Government depositaries are required to pay interest at the rate
of 2 per cent per annum upon daily balances. This interest during
recent years has constituted a material source of revenue to the
Treasury. The interest received upon deposits with special depositaries during the fiscal year 1930 was $2,652,239.88, and the total
received from this source from AprU 24, 1917, to June 30, 1930, was
$84,537,149.82. Interest received from all other depositaries during
the year was $518,817.15, and the total amount received from June
1, 1913, when the requirement became effective, to June 30, 1930,
was $20,467,580.83.
GOVERNMENT ACTUARY
During the fiscal year 1930 the office of the Government actuary has
kept a record of the daUy market prices of all outstanding securities of
the United States. The investment value of these securities, based
upon their prices in each case, has been computed. These statistics
have been embodied in circular form, printed, and issued as ^'Government Actuary, Form A." Form A, dated June 1, 1930, covered 13
different classes of bonds and three series of notes. Of all the securities
so listed, only three were pre-war issues.
In addition to circular Form A, the investment value of certain
United States bonds and of the notes and certificates outstanding,
based upon their closing New York market price, has been computed
daily upon receipt of such quotations from the Federal Reserve Bank
of New York, by wire, immediately upon the close of the New York
Stock Exchange.
Estimates of the population of the United States have been prepared
as of each month of the year, and also estimates of the population as
of the 1st of July, 1930, for each State, Territory, and possession of
the United States.
Numerous estimates as to the revenues of the United States have
been made. Tables have been prepared, such as a statement of the
profit or loss on national bank circulation and interest tables. Computations of other offices and amortization tables have been verified.
Extensive studies have been made of the finances of the Government, especially as to the revenues. The conclusions derived therefrom were for the use of the department and of the Congress.
. Statistics of various kinds were furnished upon request during the
year to committees. Congressmen, various Government offices, and
other inquirers.
The actuary, as one of the board of actuaries connected with the
civil service retirement law, has attended the conferences of the board
and has appeared, before congressional committees as a member of
this board in connection with the annuities of retired employees as
affected by pending legislation. The annual report of the board was
approved by this office.
During the sessions of Congress that prepared and enacted the tariff
act of 1930, the actuary was detailed to the Finance Committee of
the Senate for work thereon.
132
DIVISION OF APPOINTMENTS
Employees of the Treasury Department
Number.—The total number of employees in the Treasury Department in Washington on August 31, 1930, was 946 less than on June
30,1929. In July, 1929, the Bureau of Engraving and Printing dropped
approximately 600 temporary employees. The principal reductions
in the regular force during the period covered by the report occurred
in the Division of Ijoans and Currency, the Bureau of Engraving and
Printing, the Bureau of Internal Revenue, and the Office of the Register of the Treasury. There has been a considerable increase in the
personnel of the Bureau of Customs due to a reorganization of the
functions of the bureau and a broadening of the scope of work. There
was also a large increase in the Office of the Supervising Architect,
made necessary by the building program authorized by Congress. The
other bureaus and offices of the department show small increases or
decreases in the personnel.
The number of employees in the departmental service of the Treasury, classified according to bureaus and offices at the end of each month
from June, 1929, to August, 1930, is shown in Table 66, page 627 of
this report. A comparisDn of the number of employees in the departmental and field services of the Treasury on June 30, 1929, and August
31, 1930, is contained in Table 64, page 626.
Retirement.—From September 1, 1929, to August 31, 1930, 158
persons were retired from the departmental seryice of the Treasury
Department, 27 of whom were four years or more beyond the retirement age and 10 were retired by their own option. During the same
period 386 persons were retired from the field services of the Treasury
Department, 189 of whom were four years or more beyond the retirement age and 10 were retired by their own option. At the present
time 95 persons above the retirement age are retained in the Treasury
Department in Washington and 372 in its field service. By reason of
their expert knowledge and special qualifications the CivU Service
Commission has approved the continuance in the service of two
employees, one in the departmental service and one in the field service,
who were more than four years beyond the age of retirement.
Table 65, page 626, shows the number of persons retired and the
number retained in the departmental andfieldservices of the Treasury
under the provisions of the retirement act.
133
134
REPORT ON THE FINANCES
Section of surety bonds
On June 30, 1930, there were 90 companies holding certificates of
authority from the Secretary of the Treasury under the act of Congress of August 13, 1894, as amended by the act of Congress of
March 23, 1910, to quahfy as sole sureties on recognizances, stipulations, bonds, and undertakings permitted or required by the laws
of the United States, to be given with one or more sureties. Six of
these companies were branches of foreign companies, authorized to
act only as reinsurers. Changes in the outstanding certificates of
authority during the period ended August 31, 1930, are indicated
in the following table:
Companies authorized as of June 30, 1929
Changes during the year ended June 30, 1930:
Certificates issued
:
Certificates terminated—
Companies ceasing business
Company voluntarily ceasing business with United States_
Company in process of dissolution
87
8
3
1
1
—-
5
3
Companies authorized as of June 30, 1930
Further changes to August 31, 1930:
, Certificates issued
Certificate terminated, company voluntarily ceasing fidelity and
surety business
90
2
1
1
Companies authorized as of August 31, 1930
91
Application pending
Company in process of merging
1
1
The extent of the business activities and financial resources of 89
of the companies authorized as of June 30, 1930, as shown by their
financial reports for the year ended December 31, 1929, are briefly
tabulated as follows:
Total
Total
Total
Total
Total
Total
net premiums written
net losses paid___
net fidelity and surety premiums written
net fidelity and surety losses paid
admitted assets,
liabilities, exclusive of capital funds
._ $559, 749, 444. 64
251, 491, 202. 15
•.. 102, 113, 467. 86
37, 102, 328. 72
962, 014, 894. 85
586, 978, 364. 68
Capital, surplus, and reserves available for
protection of policyholders and obligees:
Capital
$145, 310, 693. 33
Surplus-.
206, 534, 154. 10
Voluntary contingent reserves
23, 191, 682. 74
375, 036, 530. 17
SECRETARY OF THE TREASURY
135
The capital funds available for the protection of policyholders and
obligees of the 89 reporting companies, were increased during the
year 1929 by the aggregate amount of $10,625,236.98, as shown by
the following tabulation:
Summary of operations of 89 reporting companies for the year ended December 31,
1929
Net interest and rents earned..$34, 695, 176. 42
Less:
Net losses from investment profit and loss
items—
$14, 767, 511, 94
Net losses from underwriting
18, 762, 696. 56
33, 530, 208. 50
Net profit from operations
Net surplus paid in by stockholders
Less:
Cash dividends declared. $20, 384, 059. 35
Remittances to home
offices
by
foreign
branches
3, 404, 377. 13
1, 164, 967. 92
26, 834, 937. 21
23,788,436.48
—
Net cash capital paid in by stockholders
Increase in surplus available for protection of policyholders and obligees
3,046,500.73
6, 413, 768. 33
10, 625, 236. 98
The losses on investments are particularly noticeable when compared with the previous year. Substantially the same 89 companies
show a net profit of $1,813,855 during 1928 as against a net loss of
$14,767,511.94 duriag 1929. This unusual difference is clearly the
result of the exceptional decline in security values during the year
covered by this report. While the effect of this decline has been felt
by some of the companies, it has apparently not seriously affected
the operations or financial status of those companies that were
adequately reserved in all their departments with special reserves to
care for fiuctuations in security values.
The volume of surety and casualty premiums has developed rapidly
in recent years, with the result that many competitive companies have
entered that field. Some of these recently organized companies were
formed with minimum capital and surplus requirements, and it is
these companies with limited resources that have found it difficult to
go forward on a successful basis. Many of the old-line, well-established companies found it necessary to increase their resources by the
creation of new capital and surplus funds.
These established facts are strong reasons for renewing the department's previous recommendations for a higher capital and surplus
. requirement of surety and casualty companies authorized to write
136
REPORT ON THE FINANCES
bonds in favor of the United States. It is hoped that this matter
will have the careful and early consideration of Congress.
There is now pending in the Senate legislation suggested by the
Treasury which has had the approval of the House of Representatives
on two occasions, abolishing the mandatory requirement for the
'renewal of official bonds every four years as provided by the act of
Congress of March 2, 1895, and providing for the optional renewal of
such bonds in the discretion of the officers whose duty it is to take
and approve them. Practically all official bonds are now executed by
corporate sureties which are under the jurisdiction of the Treasury
and which make quarterly reports of their financial condition to it.
The requirement for the quadrennial renewal for the purpose of determining the sufficiency of sureties is no longer necessary as to practically all bonds, and involves considerable expense and clerical work.
In accordance with the act of Congress approved March 8, 1928,
postal officers and employees have been relieved from the requirement
to renew their bonds every four years, and the pending legislation if:
enacted will apply uniformly to the entire Federal service with
resulting economy and improvement in administrative procedure.
BUDGET AND IMPROVEMENT COMMITTEE
The budget and improvement committee is responsible, under the
direction of the Undersecretary and budget officer, for the preparation and examination of Treasury estimates of appropriations and
for the improvement of administrative methods and procedure within
the Treasury Department. In addition to examining all estimates,
the committee makes inquiries as to the reserves which may be set
up under the various appropriations and considers other matters
affecting expenditures of the department. I t makes inquiries along
various lines with the purpose of improving methods and procedure,
and from time to time, under special instructions, makes a detailed
examination of some particular office or service of the department.
Its reports and recommendation's thereon are submitted to the
Secretary of the Treasury, through the budget officer of the department.
The Director, Bureau of the Budget, requested that estimates
for the fiscal year 1932 be in his hands not later than July 15, 1930,
instead of September 15, 1930, as required by law. This necessitated the preparation of such estimates during the months of May
and June. Heads of bureaus and offices submitted estimates, exclusive of interest on and retirements of the public debt payable
from ordinary receipts and the amounts for the support of the Bureau
of the Budget, aggregating $312,626,751, which included $160,778,867 for ordinary annual appropriations, $26,847,884 for permanent and indefinite appropriations and special funds, $60,000,000
for refunding internal revenue taxes illegally collected, $60,000,000
for public buildiags construction under the act of May 25, 1926, as
amended, and $5,000,000 for acquisition of land in the so-called
triangle in Washington, D. C. These estimates were given an exhaustive examination by the budget officer, with the assistance of
the committee, and as a result thereof and based on his recoinmendations, the Secretary of the Treasury approved deductions aggregating $8,459,153 and submitted the remainder to the Bureau of the
Budget with his approval. The following statement shows the
amounts appropriated for 1931; the amounts of the estimates submitted by heads of bureaus and offices, deducted by the Secretary,
and approved by the Secretary; and the increase or decrease as compared with the appropriations for 1931:
137
138
REPORT ON T H E FINANCES
Appropriations for 1931 and estimates for 1932
Estimates for 1932
,
Appropriations for
1931
Submitted
by bureaus
and offices
Disapproved
by Secretary
Approved
by Secretary
Ordinary annual appropriations... $146, 000, 741 $160, 778,867 $8,409,153
Permanent and indefinite appropriations and special funds
26.847, 884
50,000
26, 429, 935
Refunding: taxes illegally collected
60, 000, 000
130, 000, 000
Public buildings construction, act
60, 000, 000
May 25, 1926, as amended
48, 000, 000
Acquisition of Triangle properties.
. 5, 000, 000
9,000.000
$152,369,714
8,459,153
304,167,598
Total
1 359,430,676 •312,626,751
Increase or
decrease in
approved
estimates
for 1932 as
compared
with appropriations for
1931
+$6,368.973
26, 797, 884
60, 000, 000
+367,949
— 70 000 000
60, 000, 000
5, 000, 000
+ 12, 000, O O
Ol
- 4 , 000, 000
—55,263,078
1 Exclusive of automatic increases under the Brookhart Salary Act of July 3, 1930.
During the fiscal year 1930 supplemental and deficiency estimates
were submitted aggregating $41,331,160. After examination by the
budget officer, with the assistance of the committee, these estimates
were revised and reduced to $36,879,860.
At the beginning of the fiscal year 1930 general reserves amounting
to $923,300 were set aside from appropriations for that year to meet
extraordinary or emergency demands that might arise. Subsequently
additional reserves of $286,653.37 were added and reserves amounting
to $752,812.50 were released, leaving a balance of $457,140.87 in the
general reserve at the close of the fiscal year.
For the fiscal year 1931, heads of bureaus and offices recommended
reserves amounting to $693, 869. After examination by the committee, $388,400 was added, makiag a total for the year of $1,082,269.
In accordance with the instructions of the President, dated July
29, 1930, the department was systematically canvassed with the
purpose of determining what reduction could be made in the various
items of estimated expenditures for the fiscal year 1931. After examination of the reports from heads of bureaus and offices it was determined, as of July 1, 1930, that by the exercise of rigid economy in
detailed expenditures and by deferring expenditures where practicable
the estimated cash withdrawals from the Treasury for account of the
Treasury Department might be reduced by $18,590,990, of which
amount $1,575,140 was under ordinary annual appropriations. As
a result of the survey, $4,505,855 was added to the general reserves
under ordinary annual appropriations already set up.
The budget and improvement committee was appointed July 8,
1922. It has examined estimates for the budgets of 1924 to 1932,
inclusive, as well as supplemental and deficiency estimates. As a
result of its examinations and on its recommendations, items aggregating $89,606,312 have been disapproved and deducted from said estimates before they were transmitted to the Bureau of the Budget.
OFFICE OF CHIEF CLERK AND SUPERINTENDENT
Housing of Treasury activities
During the fiscal year the Bureau of Customs and the Bureau of
Prohibition were moved from C BuUding, one of the temporary
structures located at Sixth and B Streets SW., to 1300 E Street NW.,
a buUding formerly occupied by the Southern Railway Company.
The Public Buildings Commission assigned the first three floors of
that building to the Bureau of Prohibition, and the fourth floor to
the Bureau of Customs. A part of the force of the Office of the Supervising Architect was transferred from the Albee Building at Fifteenth
and G Streets NW. and the fourth floor of the Treasury Building to
the sixth floor of the building at 1300 E Street NW.
Near the close of the fiscal year the Bureau of Internal Revenue
moved from its several locations in the Treasury Building, Annex
No. 1, Press Building, Walker-Johnson Building, Temporary Building
C, Temporary Building No. 5, the Architect's Building, and 462
Louisiana Avenue NW., to the new buUding constructed at Twelfth
and B Streets NW. The United States Board of Tax Appeals,
occupying space in the Earle Building at Thirteenth and E Streets
NW., and the United States Court of Customs and Patent Appeals,
occupying space in the National Savings & Trust Building, Fifteenth
Street and New York Avenue NW., were moved into the new Internal
Revenue Building.
The space vacated by the Bureau of Internal Revenue in the
Treasury Building was assigned to certain offices already located in
the Treasury Building in order to relieve a very congested condition.
Upon approval of the Public BuUdings Commission, the following
activities were assigned space in Treasury Annex No. 1: The Solicitor
of the Treasury, previously in the Walker-Johnson Building; the
photograph gallery of the Office of the Supervising Architect, previously in the Walker-Johnson Building; the Coast Guard, previously
in the Darby and G. A. R. Buildings; the Bureau of Narcotics,
previously in 1300 E Street NW.; the Secretary's files, previously in
1418 to 1420 Pennsylvania Avenue NW.; and the Treasury Department cabinet shop and files belonging to the War Finance Corporation, Farm Loan Board, Federal Reserve Board, Solicitor of the Treasury, and the Division of Bookkeeping and Warrants, previously in
the basement of Poll's Theater.
139
140
REPORT ON THE FINANCES
•
Improvements, painting, etc.
During the year the following contracts for improvements, etc.,
were awarded:
Repairing skylight over south portico, $1,445.
Repairing area walls at the Auditor's Building, $2,541.
Installing new window sashes in the north and south courts
of the Treasury Building, $11,895.
Repairing ceiling of roof in south portico of the Treasury
BuUding, $5,998.
Constructing skylights over center and northeast portions of
Treasury Building to provide more adequate light and
ventilation for the technical forces of the Office of the
Supervising Architect, $13,257.36.
Alterations to small building in north courtyard to provide
necessary space for the sample room of the Office of the Supervising Architect, $7,687.25.
Considerable work had to be accomplished in both the Treasury
Building and Annex No. 1 in the way of painting, renovating, and
partition work before the new activities could be moved in.
Treasury Department telephone exchange
On May 31, 1930, the Chesapeake & Potomac Telephone Co.
completed a new private branch dial exchange to serve the entire
Treasury Department in the District of Columbia, except the Public
Health Service. The change from manual to dial was coincident
with the occupancy of the new Internal Revenue BuUding and
replaced a former 3-position manual switchboard in the general
counsel's office, Walker-Johnson Building; a 2-position manual switchboard in the Bureau of Engraving and Printing; and a 10-position
manual switchboard in the Treasury BuUding.
A 7-position manual switchboard is operated in the Treasury
Building in conjunction with the dial system now handling special
calls, toll calls, trouble calls, and all incoming calls where the„ person
calling either has no dial equipment or is uncertain as to the proper
number of the telephone on which to locate certain officials and
employees. Some 2,200 direct lines are in use at the present time.
I t is anticipated when everyone becomes famUiar with this new system that the annual saving wUl amount to between $15,000 and
$20,000 over the expense incident to the operation of the three old
manual switchboards.
SECRETARY OF THE TREASURY
141
Sites for public buildings
Agreements were made and rents collected from 87 tenants occupying property on the Supreme Court site for a portion of the fiscal
year to May 1, 1930, when notices to vacate, in order to enable the
demolition of the buildings to make way for construction work,
were effective.
The chief clerk as custodian of sites also caused the vacating of
properties located on the block between B and C Streets and Thirteenth and Linworth Place SW., as rapidly as the property was
purchased by the Government in order that the buildings might be
razed and the site cleared for construction work for the Department
of Agriculture Building. As certain properties in the block bounded
by B and C, Linworth, and Fourteenth Streets SW., were purchased,
rental agreements were entered into in cases where the Department
of Agriculture did not desire to occupy the buildings. I n other
cases the occupants were requested to vacate in order that the
Department of Agriculture might move its forces in and thus save
the expense of renting quarters elsewhere.
The purchase of property also continued in the so-called triangle,
and in most instances the property purchased was immediately
rented for a fair consideration.
The total rentals collected during the fiscal year amounted to
upwards of $200,000.
Seville exposition
The international exposition held at Seville, Spain, was officially
closed June 21, 1930, and immediate steps were taken by the Treasury
Department representative to pack and ship the Treasury exhibit.
From reports made by the commissioner, as well as the Spanish
officials, the exposition was very successful and the Treasury Department's participation greatly appreciated.
COAST GUARD
The following is a summary of the principal operations of the
Coast Guard for the fiscal year 1930 in which comparisons with the
preceding year 1929 are indicated:
Lives saved or persons rescued from peril
Persons on board vessels assisted
..Persons in distress cared for
.-..
Vessels boarded and papers examined
_.
Vessels seized or reported for violations of law
Fines and penalties incurred by vessels reported
_.
Regattas and marine parades patrolled
Instances of lives saved and vessels assisted
Instances of miscellaneous assistance.
_-.
Derelicts and other obstructions to navigation removed
destroyed
j..
Value of derelicts recovered and delivered to owners..
Value of vessels assisted (including cargoes)
Persons examined for certificates as lifeboat men
Increase
(+) or decrease (—)
1930
1929
4,375
18, 725
6,004
29, 079
879
924
80,263
2,571
$424, 725
87,033
2,441
$438, 765
104
137
4,419
4,867
5,241
5,960
267
233
$38,200
$30,905
$49,128, 375 $49, 018, 073
4,271
3,992
+1, 629
+10, 354
+45
+6. 770
-130
+$14, 040
+33
+822
+1, 093
-34
-$7,295
-$110, 302
-279
The persons saved or rescued from peril during the year numbered
6,004, being 1,629 in excess of the year 1929, and the largest number
on record. The total number of last ances of assistance rendered was
11,201, as against 9,286 in the year 1929, also a record never before
attained in the history of the service. There was an appreciable
increase in the year in the number of persons on board vessels assisted
by the Coast Guard. The accompanying table also indicates increasing activity of the service units in boarding and examining vessels
in the interests of the enforcement of the laws of the United States.
Assistance in various ways was rendered by the Coast Guard to other
branches of the Federal Government in 421 instances during the year.
The operations of the service throughout and the service discipline
continued to be very satisfactory. The number of desertions has
materially decreased in the past several years, as has also the number
of early discharges arising from various causes. The percentage of
men reenlisting upon expiration of enlistment has increased during the
past 4 years from 72 per cent to 86 per cent, which is an encouraging sign and indicates the prevalence of a commendable service
spirit. Every reasonable effort is made to guard against the enlistment or retention in the service of undesirable persons to the end that
the existing high standard of service morale may not be impaired.
Protection to navigation
International ice patrol.—Thi^ patrol is carried on annually by the
Coast Guard in the vicinity of the Grand Banks of Newfoundland
along the trans-Atlantic steamship lanes where in the spring and
142
SECRETARY OF THE TREASURY
143
early summer icebergs form a menace to navigation. Its purpose
is to find and keep in touch with icebergs and field ice, and to report
their presence and location to the Hydrographic Office of the Navy,
and to broadcast the information by radio for the protection of shipping. The patrol for the season of 1929 was discontinued on August
3, 1929.
Icebergs were reported off the eastern edge of the Grand Banks at
an unusually early date in 1930. On February 7 a berg was reported
less than 60 miles northeast of the Tail, almost on the westbound
tracks then in effect between Europe and the United States. The
Tampa was dispatched from Boston, Mass., on February 11 to make
an ice-observation cruise, and, finding that ice conditions were
unusually far advanced for the date, an immediate inauguration of
the ice-patrol work was necessary. The Mojave relieved the Tampa
of ice-patrol duty on February 27, 1930. Thereafter, during the
season, the Mojave and the Modoc, basing on Halifax, Nova Scotia,
alternately kept up the patrol in 15-day periods, with the Tampa as
the stand-by vessel. Although the number of icebergs that drifted
south of Newfoundland between January 1 and June 13, 1930, was
considerably greater than is normally the case, ice conditions were not
nearly so severe as they were in the season of 1929.
During the season, 67 oceanographic stations were occupied for
the purpose of continuing the annual study of currents and subsurface oceanographic conditions. Salinities of all water samples
taken at the stations were obtained by the electrical conductivity
method before the discontinuance of the patrol, and the stations
were at once dynamically calculated in accordance with formulas
in Coast Guard Bulletin No. 14. The other main features of the
scientific program consisted in taking soundings with the fathometer
and in constructing numerous isotherm charts.
During the season, cooperating vessels sent in by radio 6,097
water-temperature reports. These values, combined with those
taken from the logs of the patrol cutters themselves, permitted the
construction of weekly isotherm charts as well as the usual one for
each 15-day patrol cruise. These surf ace-temperature charts are of
great importance to the patrol. I t can now be quite definitely
stated that they are the best practicable means that the patrol
possesses for predicting the movements of the ice and for determining
its location.
•
Radio communications were more voluminous than in any other
year except 1929, which had a larger and a very much heavier ice
season. As in previous years, the most gratifying cooperation by
radio was had from ship and shore stations.
12101—31
12
144
REPORT ON THE FINANCES
A commissioned officer of the Coast Guard, as is usual, was
detailed to accompany the cutters throughout the patrol as oceanographer. The patrol, which covered a period of 117 days, was discontinued for the season on June 10, 1930.
Winter cruising.—In order better to safeguard shipping, the
President annually designates certain Coast Guard vessels to perform
special cruising on the coast in the season of severe weather, usuaUy
from December 1 to March 31, to afford aid to distressed navigators.
On November 7, 1929, the President, upon the recommendation of
the Secretary of the Treasury, designated the following-named
Coast Guard cutters to perform this duty: Ossipee,.Mojave, Tampa,
Acushnet, Champlain, Seneca, Gresham, Mendota, Manning, Carrabasset, Modoc, and Yamacraw. The Mojave and the Modoc were
withdrawn and assigned to the international ice patrol.
These cutters cruised more than 58,000 miles; afforded assistance to
25 vessels whose values, including cargoes, amounted to nearly
$2,050,000, and on board which there were 211 persons; removed 3
derelicts; and boarded and examined 409 vessels in the interests of
the enforcement of United States laws.
Anchorage and movements of vessels.—The rules and regulations
governing the anchorage and movements of vessels at the larger
ports of the country, and at other places where Federal regulations
are in effect, continued to be enforced by the Coast Guard during
the year. Federal rules and regulations regarding the use of anchorage
grounds have been prescribed for the harbor of Annapolis, Md.
Coast Guard officers continue to serve as captains of the port to
enforce the regulations at a number of ports throughout the country.
As can be appreciated, this work is of the greatest importance to the
maritime interests in the larger ports of the country, especially in
the great port of New York. The demands upon the captains of
the port to perform various functions in the interest of the smooth
operation of shipping are constantly increasing.
Enforcement of- customs and other laws
The duties of the Coast Guard having to do with the general
enforcement of the customs laws and the navigation and motor
boat laws of the United States were carried on satisfactorily during
the year. These general duties in connection with the enforcement
of the customs laws are supplemented by the assignment of harbor
cutters and harbor launches of the Coast Guard at the principal
ports to assist the customs authorities in boarding incoming vessels
and in performing other customs work. Assistance is also annually
rendered by the Coast Guard to other branches of the public
service in the enforcement of the Federal laws intrusted to their
jurisdiction.
SECRETARY OF THE TREASURY
145
Liquor smuggling.—With respect to the law enforcement work of
the Coast Guard for the prevention of smuggling of liquor into the
United States from the sea, there is no material change in general
conditions since last year's report. There is no doubt that the
smuggling interests are highly organized and are. bending every
eft'ort, including the expenditure of large sums of money for the
most modern and efficient equipment, to circumvent the operations
of the Coast Guard, which is most earnestly and actively patrolling
the seas at all seasons and in all weathers. Considering the manifold
difficulties of the problem, the results accomplished are very satisfactory. I t is believed that the Coast Guard is now doing all that
can possibly be accomplished with its existing strength ia personnel
and equipment afloat and on shore.
Smuggling operations on the Great Lakes have been very active.
I t is yet too early to determine with any degree of certainty the permanent effects of the recent Canadian law forbidding clearance of
liquor cargoes for the United States from Canadian ports.
Cruises in northern waters.—T^he regular annual patrol of the waters
of the North Pacific Ocean, Bering Sea, and southeastern Alaska,
was conducted for the season of 1929 by the Coast Guard cutters
Chelan, Unalga, Haida, Northland, and Snohomish. The primary
purpose of this patrol is to enforce 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 sea
otter and of game, the fisheries, and fur-bearing animals of Alaska.
In the performance of their duties these cutters cruised 55,000 mUes,
assisted 13 vessels, afforded medical and dental aid in 419 instances,
transported 325^ persons, and boarded 102 vessels in the interests of
the enforcement of the laws of the United States.
In addition to their primary duties, numerous helpful and useful
offices inuring to the benefit, health, and well-being of the inhabitants
of the regions visited are extended by the Coast Guard vessels constituting this annual patrol. Other Federal agencies are assisted,
transportation is afforded Government officials, school-teachers and
others, persons found in need are succored, medical, surgical, and
dental aid is furnished the natives, food and other supplies and freight
are delivered to isolated settlements, mails are transported, justice is
administered, vessels in distress are assisted, and numberless other
ministrations extended.
o
. The patrol for the season of 1930, in progress at the close of the
fiscal year, is being conducted by the Coast Guard cutters Chelan,
Unalga, Haida, Northland, and Snohomish.
Northern Pacific halibut fishery.—The Coast Guard cutters Unalga,
Snohomish, and Chelan were assigned in the fiscal year 1930 to the
annual duty of patroUing certain waters off the coast of Washington
146
REPORT ON THE FINANCES
and southeastern Alaska in the enforcement of the law with respect to
halibut fishing, which work is performed in behalf of the Bureau of
Fisheries, Department of Commerce. These cutters were engaged on
this duty at various periods.
Communications
The communication service is concerned with the provision, construction, maintenance, and operation of all communication facilities
of the Coast Guard, the design and development of materials, and the
instruction and training of the personnel connected therewith. The
methods of communication in the Coast Guard are, in general, the
telegraph, telephone, radio in its various applications, underwater
sound signals, and visual signals. The facUities of communication
are so appointed and coordinated that the duties devolving upon the
system may be transacted in the most efficient and expeditious
manner.
Telephone and telegraph lines and cables.—The Coast Guard owns
and operates a coastal communication system consisting of a telephone and telegraph line system of approximately 1,419 miles of pole
line, 2,177 miles of open wire aerial circuits, 29 miles of aerial and
underground cables, and 569 miles of submarine cable, all divided
into 187 separate and distinct telephone aiid telegraph lines. Through
these facilities telephone and telegraph service is furnished to 298
Coast Guard units, including the Coast Guard (life-saving) stations,
160 lighthouses, and 46 other Government stations. The greater
part of these lines is connected with the central offices of commercial
telephone systems, thus affording local and long-distance telephone
and telegraph service for all the units connected.
^
In addition to the general routine overhauling and repairing of the
telephone and telegraph lines, an extensive rebuilding project was
begun during the year along the New Jersey coast, and the submarine cable between the mainland and Egmont Key, Fla., at the
entrance to Tampa Bay, was renewed.
The Chief Coordinator was instrumental in effecting the transfer
from the Weather Bureau to the Coast Guard of three telephone lines
which were operated by the Weather Bureau for some years. They
consisted of 135 miles of pole line between Cape Henry, Va., and Cape
Hatteras, N. C , 91 miles of pole line between Port Angeles and
Tatoosh Island, Wash., along the soyth shore of Puget Sound, and
33 mUes of submarine cable between Charlevoix and Beaver Island,
Mich. Appropriation was allowed for the reconstruction of the first
two lines named, and the work is now in progress, but it is not expected
that the funds available will permit the complete reconstruction.
The renewing of approximately 40 miles of submarine cable along
the Florida coast, for which appropriation has been had, will be carried
on and brought to a conclusion during the fiscal year 1931.
SECRETARY OF THE TREASURY
147
The system of aircraft checking by Coast Guard stations which
was put in operation during the fiscal year 1929 calls for the most
expeditious means of communication along the coast. This activity
is proving of great importance, and showing increasing usefulness,
but the present telephone facilities are not wholly adequate to meet
the necessities of the situation.
The scope of the program inaugurated toward a more scientific
study and investigation of all telephone circuits with the view of
improving the quality of transmission and increasing the distances
over which reliable communication can be had, to which matter reference was made in last year's report, has been enlarged and extended
during the present year. The continuation of such investigation is of
interest and importance to the service.
Radio.—It was stated in last year's report that the program for modernization of the radio equipment of vessels and other units, begun a
few years ago, was completed during that year. A similar program
was of necessity undertaken by all organizations, commercial as well
as governmental, due to the transition from the so-called spark method
of radio transmission to the modern method of employing the vacuum
tube. This produced a complete change in the radio art. 'A little
more than six years have passed since the first modern radio equipment
was installed on a Coast Guard unit. I t is essential to keep abreast
of rapid changes in the field of radio in order that the Coast Guard
may not be in the unfortunate position of interfering with or becoming
involved with commercial and other Government radio stations, all
of which are keeping abreast of radio development. Until the time
arrives when the radio situation throughout the world becomes more
stable than it is at present, it will be ne.cessary to provide more fre^
quent replacements of radio equipment with newer and more recently
developed apparatus than would be the case were the radio art more
stabilized.
During the year improvements have been made throughout the
service in the radio material, both aboard ships and at shore stations,
so as to bring about a higher state of efficiency in handliag communications by radio. No major projects were undertaken.
An officer of the Coast Guard continues to represent the Treasury
Department on the Interdepartmental Radio Advisory Committee,
which committee coordinates certain governmental activities and acts
in an advisory capacity to the Secretary of Commerce. This officer
has also been representing the Treasury Department on the interdepartmental committee in preparation for the international radio
conference to be held at Madrid in 1932.
Training of communication personnel.—Special training for communication personnel has continued throughout the year. Two radio
electricians (warrant officers) of the Coast Guard and six radio men
148
REPORT ON THE FINANCES
(enlisted men) were graduated from appropriate radio schools operating under the Navy. A Coast Guard radio school is in operation at
the receiving unit at New London, Conn., for the training of men to
become radiomen to fill vacancies throughout the service. Sixtythree men were graduated from this school during the year.
Eguipment
Floating eguipment.—On June 30, 1930, there were in the Coast
Guard in commission 20 cruising cutters of the first class and 15 of the
second class, 18 Coast Guard destroyers, 35 harbor cutters and harbor
launches, thirty-three 125-foot patrol boats, thirteen 100-foot patrol
boats, one hundred and ninety 75-foot patrol boats, 16 other patrol
boats, 75 cabin picket boats, and 30 open picket boats. The abovementioned floating equipment does not include the primarUy lifesaviag boat equipment attached to Coast Guard vessels and stations.
During the fiscal year 1929, 5 of the 10 cutters authorized by the
act approved June 10,1926, were completed and placed in commission.
Appropriation having been made therefor, contract was entered into
on March 16, 1929, with the General Engineering & Dry Dock Co.,
Oakland, Calif., for the construction and equipment of 3 more of the
10 cutters. Appropriations were also made to commence and to complete the ninth of the cutters, and contract was entered into on
November 18, 1929, with the above-named company for its construction and equipment. The work on the four cutters is proceeding
satisfactorily. Appropriation has been made to commence the tenth
cutter, the last of the lot, and design plans are under way.
An act approved May 15, 1930, makes provision for additional
patrol boats and their equipment, to be constructed or purchased in
the discretion of the Secretary of the Treasury. Design work has
been undertaken with regard to these boats. This act also provides
for repairing, altering, equipping, and placing in commission vessels
or boats transferred from the Navy Department to the Treasury
Department for the use of the Coast Guard. In pursuance of this act
it is the purpose of the Navy Department to transfer several destroyers
to the Treasury Department to take the places of certain destroyers
that have outlived their usefulness.
An act approved April 18, 1930, authorizes the Secretary of the
Treasury to construct and equip one Coast Guard cutter, to be' of
appropriate design and construction suitable for service in assisting
shipping on the waters of Lake Michigan, and provides that the total
cost of construction and of original equipment of said cutter shall not
exceed $650,000. The second deficiency act, approved July. 3, 1930,
appropriates $450,000 for comraencing the cutter. Preliminary
studies have been undertaken looking to the preparation of designs
for this cutter.
SECRETARY OF THE TREASURY-
149
During the year the cutter Manning and the harbor cutters Tioga
and AB-11 were placed out of commission. The two harbor cutters
have been sold and the Manning is to be sold.
Some of the steel repair work on the cutter Ossipee, which was overhauled and reconditioned at the Coast Guard depot, had to be done
by private parties under contract because of the lack of docking
facilities at the depot. Routine repairs to cruising cutters were made
during the year under contract.with navy yards and private parties.
Contracts have been let for the construction of a number of smaU
motor boats.
Aviation.—During the fiscal jesiv 1930, Coast Guard aircraft cruised
a total of 67,655 miles and searched over an area of 801,067 square
'miles. The airplanes were in the air 907.5 hours, and over 3,100
vessels were identified.
On 18 occasions the airplanes were called upon to search for lost
boats, persons, and various kinds of property. Searching the ocean
for lost fishermen and disabled small boats has become an important
duty of Coast Guard airplanes. In the winter months, in the North
Atlantic, lost boats must be found quickly or the occupants will perish
from exposure. Airplanes can search over large areas quickly and
notify surface craft by radio of the location of the boat.
The airplane reporting system established in 1929 along the Atlantic
seaboard has reported the passage of thousands of planes during the
year. No plane using the system has been lost; and many planes
have been assisted by the Coast Guard stations. Reporting of passing airplanes is of inestimable value to passenger air-transport lines.
The system operates without cost either to the owners of the aircraft
or to the Government.
During the year, plans and specifications were prepared for the
replacement of the present aircraft equipment of the Coast Guard.
This equipment, purchased in 1927, has proven the necessity for airplane operation in the service and has indicated the type of airplane
that is required. The new planes, designed to meet the particular
requirements of the Coast Guard, will be contracted for during 1931.
Ordnance.—The year has been, a very satisfactory one with respect
to ordnance and gunnery. Changes have been effected tending to
increase efficiency in the maintenance of equipment, and excellent
progress has been made in the training of personnel along gunnery
lines.
All the destroyers in active commission held short-range battle
practice, day-spotting practice, long-range battle practice, and smallarms target practice. About 75 per cent of the cutters held the prescribed gunnery exercises and more than half of the vessels of this
class conducted small-arms target practice. Reports of battle practice have been received from all but one section base, representing
150
^ REPORT ON THE FINANCES
76 per cent of all 75-foot patrol boats, and every base except one has
held small-arms target practice. While only one life-saving district
has submitted a small-arms target practice report, there is every indication that interest in small-arms training is increasing at Coast Guard
stations as well as at other units of the service.
On Egmont Key, off St. Petersburg, Fla., an excellent small-arms
range accommodating 20 targets has been constructed. Plans have
been made for the enlargement of the target range on Ediz Hook at
Port Angeles, Wash., to accommodate 20 targets in order that better
facilities may be avaUable for the training of units of the northwestern division.
While the Coast Guard now has its own ranges at Cape May,,
N. J., Virginia Beach, Va., Egmont Key, Fla., and Ediz Hook in the
State of Washington, there is stUl ,great need for ranges and they wUl
be constructed as fast as funds avaUable wUl permit. The Marine
Corps ranges at Quantico, Va., and Parris Island, S. C , also various
National Guard ranges, have been placed at the disposal of the Coast
Guard for the trainuig of personnel and this privUege of utUizing the
facUities of other organizations has been of great benefit to the
service.
During the year 15 men were given the course for small-arms
coaches at the Virginia Beach rifle range. These men were then
assigned to the various districts to iastruct the men at stations in the
use of small arms. Two men were given the armorer's course at the
Marine Corps depot at PhUadelphia, Pa., this instruction being given
in order to provide the service with men specially trained in the repair
and upkeep of small arms.
Two classes, a total of eight men, were given three months' instruction at the Naval Gun Factory, Washington, D. C. Nearly all
the warrant gunners of the Coast Guard have now had this training
in the repair and upkeep of guns and mounts, adjustment of sights
and testing for alignment, the principles of optical equipment, care
and adjustment of short-base range finders, and other matters
tending to increase efficiency and lower maintenance costs.
The Army, Navy, and Marine Corps have most generously assisted the Coast Guard in the furnishing of equipment and in the
training of personnel. The interest and cooperation of these services
have been of great benefit, and grateful acknowledgment of their
help is made.
The academy, stations, bases, repair depot, etc.
Coast Guard Academy.—There were 96 cadets under instruction at
the Coast Guard Academy, at New London, Conn., at the close of
the fiscal year, and 1 cadet, first class, in the hospital at Fort Stanton,
N. Mex. The resignations of 14 cadets were accepted and 1 cadet
SECRETARY OF THE TREASURY
151
was dismissed duruig the year. In May, 1930, 27 cadets were graduated and commissions were issued to them as ensigns. Entrance
examinations of candidates for cadets were held beginniag June 18,
1930, and as the result of these examinations 53 appointments have
become effective.
The practice cruise for cadets for 1929 was carried on by the
Coast Guard cutters Champlain and Mendota. The cruise began on
July 5, 1929, and uicluded visits to Atlantic and Gulf coast ports,
extending from Gardiners Bay, L. I., to Galveston, Tex., and was
concluded on August 25.
These same cutters composed the practice cruise for 1930, and left
New London, Conn., on June 9. The itinerary includes calls at the
folio whig foreign ports: Funchal, Madeira; Casablanca, Morocco;
Antwerp, Belgium; Danzig, Germany; Gdynia, Poland; Stockholm,
Sweden; Copenhagen, Denmark; Oslo, Norway; Glasgow, Scotland;
and also Gardiners Bay, Long Island. The cruise was in progress at
the close of the fiscal year.
These annual practice cruises are made with the object of affording
the cadets practical training in the theoretical subjects they pursue
at the academy and of instructing them ih their professional duties.
They also provide an excellent opportunity to observe the cadets and
to instill into them the traditions and standards of the service at sea.
Funds for beginning the construction and equipment of the new
academy, in pursuance of the act approved February 16, 1929, have
been appropriated since the report of last year which discussed the
subject, and the plans, drawings, etc., are in course of preparation by
the Office of the Supervising Architect.
Stations and bases.—On June 30, 1930, there were 253 Coast Guard
(hfe-saving) stations in an active status. There were 1 floating section
base, 16 shore section bases, and 1 subbase established for law enforcement purposes. The service craft attached to these bases operate
primarily against smuggling activities.
Rebuilding, repairs, alterations, additions, and improvements,
extensive and minor in character, were completed during the year at
154 Coast Guard (life-saving) stations, 15 section bases, 5 Coast Guard
divisions, 3 radio stations, the academy, the depot, and 3 miscellaneous
units. Contracts were awarded or work was begun within the year
for rebuilding, alterations, and improvements at nine Coast Guard
(life-saving) stations, the depot, academy, and two radio stations.
Repair depot.—The Coast Guard cutter Ossipee underwent major
repairs and a thorough overhauling and reconditioning during the year
at the Coast Guard repair depot at Curtis Bay, Md. The Coast
Guard cutter Tallapoosa was at the depot undergoing simUar repairs,,
overhauling, and reconditioning, at the close of the year. Routine
repairs and overhaul of a number of cutters and their equipment were
also performed by the depot.
152
REPORT ON THE FINANCES
During the year the boat-building shop at the depot constructed 59
standard boats for distribution to various units of the Coast Guard.
Among these were eight 36-foot 6-inch motor lifeboats of the new type;
Personnel
On June 30, 1930, there were on the active list of the Coast Guard
365 regular commissioned officers, 39 temporary commissioned officers, 97 cadets, 76 chief warrant officers, 514 regular warrant officers,
278 temporary warrant officers, 10,762 enlisted men, and 267 civilian
employees in the field, of which 227 were per diem civilian employees
at the Coast Guard depot, Curtis Bay, Md.
Recruiting.—The recruiting service of the Coast Guard on June 30,
1930, comprised 10 main stations and 33 substations. During the year
there were 8,565 applicants for enlistment of which number 1,828
were enlisted, 2,099 rejected for physical disability, and'4,638 for
other disabling causes, The large number of rejections for causes
other than physical defects was due largely to the thorough manner
in which applicants for enlistment were investigated. No pains are
spared to enlist only those men who are wholly desirable.
Recruits enlisted during the year were trained at the Coast Guard
receiving unit. New London, Conn. On June 14, 1930, a receiving
unit was established at Goat Island, San Francisco, Calif.
Welfare.—In pursuance of an established policy, every effort has
been made to so expend the recreation and welfare funds that the
greatest possible good would accrue to the enlisted personnel of the
service. Due to exigencies which arose during the year, a part of the
allotment originally allowed for recreation had to be withheld, to be
utilized for other purposes. However, by using the general fund
reserved for expenditure by the commandant to purchase larger items
of equipment, many additional units have been equipped witli radio
receiving sets, motion-picture projectors, and similar articles.
The Coast Guard Institute, established at New London, Conn.,
has had a most successful year. On June 30, 1930, the school had
1,314 enlisted men enrolled for various correspondence courses, and
in addition 7 commissioned officers and 48 warrant officers had availed
themselves of the opportunity to pursue courses through the institute
by paying the cost thereof. During the year 16,515 papers were
graded by the institute, 108 students were awarded International
Correspondence School diplomas, and 290 received certificates upon
the completion of rating courses. At the close of the year there was a
long waiting list due to the fact that funds were not avaUable for
the purchase of the necessary textbooks and other material needed
for additional students. The instructors not only carried on
the regular work of marking and grading papers, but have also
assisted in the compilation of examinations for enlisted men for
SECRETARY OF THE TREASURY
153
advancement to higher ratings and have graded many of these
examination papers. The institute has proved to be a project which is
of great value to the service, and the enlisted men generally are looking upon it as a stepping stone to self-betterment. It is, therefore,
hoped that the scope of the enterprise may be enlarged.
The Bureau of Navigation, Navy Department, has cooperated to
the fullest extent in supplying rating courses for enlisted men and
in furnishing film service to units of the Coast Guard. It is desired
to acknowledge this generous assistance and to express grateful
appreciation of it.
The means of recreation and the opportunities for education which
have been made avaUable to the enlisted men have done much to
raise the standard of morale and increase the general efficiency of
the service.
Awards of life-saving medals
The Secretary of the Treasury, under the provisions of law, awarded
during the year 28 life-saving medals of honor (5 gold and 23 sUver)
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.
Appropriations, expenditures, and balances
The appropriations avaUable for the Coast Guard for the fiscal
year 1930, the expenditures thei^efrom, and the balances are as follows:
Title of appropriation
Expended
Appropriation and obligated Unobligated
balance
$292, 992.07
$4,562.93
$297, 555. 00
Salaries, oflQce of Coast Guard, 1930
81,238.85
19,367, 000. 00 19, 285,761.15
Pay and allowances, Coast Guard, 1930
.
52, 712. 66
2,395, 000. 00 2, 342,287.34
Fuel and water, Coast Guard, 1930
1,934, 082. 61
65,917.39
2,000, 000.00
Outfits, Coast Guard, 1930
11,753. 88
413, 246.12
425, 000.00
Rebuilding and repairing stations, etc., Coast Guard, 1930.-27,178.72
322, 821.28
350, 000.00
Mileage, etc., Coast Guard, 1930.
1, 234. 23
16, 765.77
Draft animals, Coast Guard, 1930
18, 000. 00
3,187. 59
96, 812.41
Communication lines, Coast Guard, 1930
^
100, 000. 00
2,420. 21
87, 195.79
Civilian employees, Coast Guard, 1930
89, 616. 00
1,902.85
268, 097.15
Contingent expenses. Coast Guard, 1930
270, 000.00
36, 770. 52
2, 083,229.48
Repairs to Coast Guard vessels, 1930..-2,120, 000.00
15,039.83
Construction and equipment of Coast Guard cutters, 1930..- 2, 200,000. 00 2,184,960.17
100, 000. 00
Construction and equipment of Coast Guard cutters, 1930-31..
100, 000. 00
Coast Guard Academy.'
9, 950.89
9, 950. 89
000. 00
144,000.00
Seaplanes, Coast Guard, 1929-30
144, 400. 69
6, 399.04
4,001. 65
Establishing Coast Guard stations, 1929-30
10, 000.00
67, 629.15
82, 370.85
Repairs to Coast Guard vessels, 1930-31
150, 000. 00
250,110. 70
9,889.30
Motor boats. Coast Guard, 1930
260, 000.00
9, 500. 00
20, 500. 00
Communication lines, Coast Guard, 1930-31
30, 000. 00
24, 683.93
825,316.07
Coast Guard Academy, 1930-31
850, 000.00
1, 500. 00 2, 648, 500.00
Additional vessels, Coast Guard, 1930-31
2, 650,250. 00
29, 355.00
140,895.00
Retired pay, former Life-Saving Service, 1930-31
170,
COMiPTROLLER OF THE CURRENCY
National banks organized, consolidated, insolvent, in voluntary liguidation, and in existence
From the inauguration of the national banking system in 1863 to
June 30, 1930, charters have been issued to 13,479 national banking
associations, of which 7,311 are in existence. By reason of liquidations, consolidations, and failures, 6,168 associations have been
terminated.
•
The authorized capital of the banks in existence on June 30, 1930,
was $1,753,765,629, an increase during the fiscal year of $118,456,714.
While charters were issued during the year to 133 associations, there
was a net decrease of 276 in the number of banks—that is, from 7,587
to 7,311—by reason of voluntary liquidations, receiverships, and
consolidations.
Summaries of operations during the last year relating to the number
and capital of national banks organized, increases and reductions of
capital, with number of national banks organized under various acts
of Congress and number closed for various reasons during the existence
of the system, together with the number organized, consolidated,
failed, liquidated, and in existence in each State and geographical
division, are shown in the statements following:
Organization, capital stock changes, %nd liquidations of national banks during the
fiscal year 1930
Total
Number
of banks
Charters granted
Increases of capital (282 banks 0Restored to solvency
Voluntary liquidations
Receiverships 2
Decreases of capital (16 banks)
Closed under consolidation act of Nov. 7, 1918, and
capital decrease incident thereto.
Net decrease in banks
Net increase in capital
Charters in force June 30, 1929, and authorized capital..
Charters in force June 30, 1930, and authorized
capital
Capital
.....
133
$19,600,000
156, 796,564
250,000
268
87
46,842,900
7,390,000
1,950,000
Number
of banks
136
2,556,950
«419
Capital
$176,646,564
» 68,739,850
276
118,456,714
"7,'587" 1,635,308,915
7,311
1,753,765,629
»Includes 20 increases aggregating $32,255,700, which were effected as a result of consolidations under
the actof Nov. 7,1918 and 31 increases aggregating $62,432,600, incident to the consolidation of State banks
with national banks under the act of Feb. 25,1927, and 81 increases by stock dividends aggregating $8,216,630.
2 Includes 7 banks with aggregate capital of $550,000, which had been previously reported in voluntary
liquid'.ition.
154
155
SECfeETARt OF T S E d?fefiAStJB,Y
Number of national banks organized since February 25, 1863, passed out of the
system, and in existence June 30, 1930
Organized under—
Act of Feb. 25, 1863
456
Act of June 3, 1864
8, 317
Gold currency act, July 12, 1870_
10
Act of Mar. 14, 1900
4, 696
Total number of national banks organized
Voluntary liquidations
Expirations of corporate existence.Consolidations under act of Nov. 7, 1918
Receiverships, exclusive of those restored to solvency
13, 479
4, 346
208
309
1, 305
Total number passed out of the system
6, 168
Number now in existence
7, 311
Number of national banks organized, consolidated under act of November 7, 1918,
insolvent, in voluntary liquidation, and in existence on June SO, 1930, by States,
etc.
Consolidated
Organized u n d e r act I n s o l v e n t I n liquidation
N o v . 7,
1918
States, etc.
Maine...
New Hampshire
Vermont
Massachusetts
R h o d e Island
Connecticut
.
_
T o t a l N e w E n g l a n d States
T o t a l E a s t e r n States
.'.
_
. .
.
T o t a l S o u t h e r n States
. . .
. ...
59
13
23
175
51
47
62
56
45
152
10
62
26
36
368
377
44
13
30
1
4
52
10
56
1
2
4
300
62
223
13
48
10
558
297
848
16
77
12
2,681
.
4
8
16
2
6
954
382
1,157
30
128
30
...
2
1
1
16
2
. 4
807
•..
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
South Carolina..
Georgia
^...
Florida..
Alabama
Mississippi
Louisiana
Texas—-1
;
Arkansas
Kentucky
Tennessee
I n existence
92
125
656
1,808
236
164
130
113
172
123
166
71
86
1,065
125
233
195
12
5
4
5
6
1
1
2
2
15
1
9
5
9
12
18
27
25
31
21
4
8
78
16
7
11
58
35
44
42
66
36
43
30
43
376
40
83
80
167
112
64
39
75
55
101
35
33
596
68
134
99
2,879
68
267
976
1,568
113
74
77
359
65
119
156
REPORT ON THE FINANCES
Number of national hanks organized, consolidated under act of November 7, 1918,
insolvent, in voluntary liquidation, and in existence on June 30, 1930, by States,
etc.—Continued
Consolidated
I n liquiOrganized u n d e r act I n s o l v e n t d a t i o n
N o v . 7,
1918
s t a t e s , etc.
I n existence
315
212
474
126
155
265
248
126
.
638
403
723
269
242
464
607
276
20
7
9
4
7
6
4
9
42
30
46
19
14
68
101
19
•
. 3, 522
66
339
1,196
1,921
.
254
213
381
437
191
67
205
79
718
3
1
1
.4
2
11
75
62
53
60
64
12
29
24
60
63
53
IM
138
62
20
53
29
365
113
97
173
245
63
25
120
26
282
2,535
26
429
937
1,144
213
139
499
108
38
16
30
16
1
• 12
32
14
"27
27
4
2
3
60
31
254
40
13
4
13
105
93
206
41
19
10
14
T o t a l Pacific S t a t e s .
1,043
31
109
415
488
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 . -
5
6
1
1
4
1
4
1
Ohio
Indiana
Illinois
Michigan.Wisconsin
Minnesota
Iowa__
Missouri:!
.
.
._
- .
.
T o t a l M i d d l e W e s t e r n States
North Dakota
South D a k o t a
Nebraska
Kansas
Montana
Wyoming
Colorado
N e w Mexico
Oklahoma
. . .
j
•
:
T o t a l W e s t e r n States
Washington
Oregon
California
Idaho
Utah...
Nevada
Arizona
1
. .
T o t a l Alaska a n d island possessions
T o t a l U n i t e d States a n d possessions
3
2
1
12
309
6
1
13,479
261
164
194
120
66
125"
164
122
1,306
5
4,554
7,311
157
SECEETABY OF T H E TREASTJBY
Condition of national banks
A summary of the resources and liabUities of national banks in the
continental United States, Alaska, and Hawaii on June 30, 1930, as
compared with June 29, 1929, is as follows:
Summary of condition of national banks on J u n e 29, 1929, and J u n e SO, 1930
[Dollars in thousands]
June 29,
1929
Classification
Number of banks...
7,636
June 30,
1930,
7,252
Increase.
(+) or decrease (—)
-284
RESOURCES
Loans and discounts (including rediscounts)....
Overdrafts
_
Investments
Banking house, furniture and
fixtures
Real estate owned other than banking house
Cash in vault..
Reserve with Federal reserve banks or other reserve agents.
Other amounts diie from banks
Exchanges for clearing house and other cash items
Other resources..
• Total
..
$14,801,130 $14, 887, 752
9,462
' 10,193
888,171
6, 666i 635
787, 750
747, 684
124, 684
118, 839
342, 507
298,003
421,676
1, 344,951
353, 669
1,854,187
297, 487
785, 006
003,491
823, 700
27,440, 228 29,116,639
+$86,622
-741
+231, 636
+40, 066
. +5,745
+44, 504
+76, 725
+499,482
+512,481
+179, 791
+1, 676, 311
LIABILITIES
Capital stock paid in
1, 627, 376
Surplus
1,479, 062
487, 504
Undivided, profits—net
Reserves" for dividends, contingencies, etc
80,832
Reserves for interest, taxes, and other expenses accrued and unpaid
73,968
National bank circulation
649,452
Due to banksi
2,176, 932
Certified and cashiers' checks and cash letters of credit and travelers'
checks outstanding.
,
372, 550
Demand deposits...
10, 604, 268
Time deposits (including postal savings)'
8,317,096
United States deposits
_.
228, 243
'",• Total deposits
21,698,088
Billsjpayable and rediscounts
714, 507
Agreements to repurchase securities sold
49,660
Acceptances executed for customers
392, 623
Other liabilities
•...
287,167
Total
^
Riatio of loans and discounts to total deposits (per cent)
1,743,974
1, 591,339
545,873
94,962
79,129
662,339
2, 679,821
+116, 599
+112, 287
+58, 369
+14,130
+5,161
+2,887
+603,889
738,327
10,926, 201
8,762, 671
171,964
+365,777
+421,933
+435,476
-66, 279
2S, 268,884
. 229,033
8,173
511, 007
• 391,826
-\-l, 670,796
-485,474
-41.487
+118, 384
+104, 669
27,440, 228 29,116, 539 +1, 676, 311
68.63
63.98
-4.55
158
REPORT ON T H E FINANCES
The resources and liabilities of the national banks on the date of
each report since June 29, 1929, 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 29, 1929
.. (Dollars in thousands]
Classification
Number of banks.
June 29,
1929
7,536
Oct. 4,
1929
7,473
Dec. 31,
1929
7,408
Mar. 27,
1930
7,316
June 30,
1930
7,252
RESOURCES
Loans and discounts (including redis$14, 801,130 $14,961,877 $15,150,046 $14,648,753 $14,887,762
counts) L-^-.
9,452
10,193
16,533
9,943
10,181
Overdrafts
United States Government securities
2,753,941
2,803,860 2,704,874 2,612,087 2.722,843
owned
Other bonds, stocks, securities', etc.,
4,134,230
3,852,675 3, 741,014 3,845,756 3,832,829
owned
619,530
509, 433
397,333
484,728
617, 616
Customers' hability account of acceptances.
747, 684
765,866
746,419
787,750
766,193
Banking house, furniture and fixtures .
Real estate owned other than banking
121, 684
124, 584
118, 839
125,823
123, 613
house
1,421, 676
, 344,961 1,320,427 1,348,046 1,363, 651
Reserve with Federal reserve banks
342, 607
347,362
393,330
350, 641
298,003
Cash in vault..
---.3,579,892
!, 569,098 2,970,190 3, 413,047 2,507,770
Due from banks.-71,264
69,921
93,034
45,106
70,095
Outside checks and other cash items
Redemption fund and due from United
32,821
32,854
32,928
32,740
33,025
States Treasurer--Acceptances of other banks" and bills of
244,100
203,966
164,866
188,925
230,961
exchange or drafts sold with indorsement.
17,696
18,000
20,186
21,929
26,985
Securities borrowed
199,641
200,752
208,575
196,573
218,761
Other resources.......:...
27,348,498
29,116,639
1, 627,375 1, 671,274 1,704,473 1,704, 408
Capital stock paid in
1, 479,052 1,516,241 1,548,376 1, 653,644
Surplus
541,195
497,043
487,604
655,873
Undivided profits—net
91,911
79,467
80,832
61,759
Reserves for dividends, contingencies, etc..
Reserves for interest, taxes, and other ex71,931
88,759
73,968
86,476
penses accrued and unpaid
649,703
646,420
649,452
641,104
National-bank notes outstanding
2,648, 482 2,829,960 3,146,301 2,762, 093
Due to banks 2
10,504,268 10, 568, 012 11,089,432 10,163,225
Demand deposits
Time deposits (including postal savings)... 8,317,095 8, 301,761 8, 434,442 8,514,864
200, 796
202,274
103,318
228,243
United States deposits
21,598,088 21,901,997 22,778,493 21,640,978
Total deposits
/Agreements to repurchase United States
10,123
31,981
41,690
49, 660
Government or other .securities sold
225, 664
657,572
545,687
714, 507
Bills payable and rediscounts.
Acceptances of other banks and bills of
203,966
188,925
230,961
164, 866
exchange or drafts sold with indorsement
626,497
523,194
392, 623
479,931
Acceptances executed for customers
Acceptances executed by other banks for
11,304
12, 638
20,618
18, 648
account of reporting banks
18,000
26, 985
21,929
20,186
Securities borrowed
.
98,203
79, 922
74,287
83,467
Other habihties
1,743,974
1,691,339
645,873
94,962
27,440,228
Total
27,924,310
28,882,483
LIABILITIES
Total
27,440,228
27,924,310
28,882,483
27,348,498
79,129
652,339
3,418,148
10,926,201
8,752, 671
171,964
23,268,884
8,173
229,033
244,100
511,007
15,644
17,696
114,586
29,116,639
1 Includes customers' habihty under letters of credit.
2 Includes certified and cashiers' checks, and cash letters of credit and travelers' checks outstanding.
159
SECRETARY OF THE TREASURY
Banks other than national
A summary of the resources and liabilities of reporting banks other
than national in the continental United States, Alaska, and insular
possessions, on June 30, 1930, as compared with June 29, 1929, is as
follows:
Resources and liabilities of banks other than national on June SO, 1930, compared
with June 29, 1929
[Dollars in thousandsl
Classification
June 29,
1929
Number of banks
June 30,
1930
Increase
(+) or de
crease (—)
16, 827
RESOURCES
Loans and discounts, including rediscounts
Overdrafts
Investments,.
.
Banking house, furniture, and fixtures
Real estate owned other than banking house
Cash in vault
Reserve with Federal reserve banks or other reserve agents..
Other amounts due from banks
Exchanges for clearing house and other cash i t e m s . . .
Other resources
Total
526, 675,139 $26, 572,918 -$1,002,221
46, 664
-6,678
39,986
10, 692, 203 11,056, 657
+364, 354
+15,837
1, 006, 770 1, 022, 607
+28, 590
271, 977
300, 667
621,925
523,463
+ 1 , 538
1, 847, 249 2, Oil, 426
+164,177
1, 713, 338 1,640, 656
-72, 682
906, 766 1,587,148
+6,80, 382
-1,989
1,160, 246 1,148, 267
44, 732, 277 44,903,585
+171,308
LIABILITIES
Capital stock paid in
Surplus
Undivided profits—net
Reserves for dividends, contingencies, etc...
Reserves for interest, taxes, and other expenses accrued and unpaid.
Due to banks
Certified and cashiers' checks and cash letters of credit and trav
elers' checks outstanding
Demand deposits..
Time deposits (including postal savings)
United States deposits
Deposits not classified
Total deposits
Bills payable and rediscounts
Agreements to repurchase securities sold
'....
Acceptances executed for customers.
Other liabilities
12101—31-
-13
2,145,445
3,377,660
608, 931
173,314
43, 608
1, 667, 299
-24,158
+245,014
-951
+92, 663
-26, 200
+204, 034
464,880
876, 950
845, 896 13,172, 315
470, 522 20, 712, 790
57, 869
41, 768
117,199
20,121
36, 312,663 36,678,311
436, 784
916,196
39, 606
5,863
74,962
57, 294
378,781 1,425,066
+412, 070
-673, 681
+242,268
-16, 111
+97, 078
+266,768
-479,412
+33, 642
+17, 668
+46, 284
44, 732,277
Total
169, 603
132, 646
609,882
80, 661
68, 808
453, 265
+171,308
44,903, 685
160
REPORT ON THE FINANCES
All reporting banks
(National, State (commercial), savings, and private banks, and loan and trust
. companies)
Reporting banks on June 30, 1930, numbered 24,079, which included 7,252 national banks and 16,827 banks other than national.
A comparison of the resources and liabUities of all reporting banks
on June 29, 1929, and June 30, 1930, follows:
Resources and liabilities of all reporting hanks on June 30, 1930, compared with
June 29, 1929
[Dollars in thousands]
June 29,
1929
Classification
Number of banks
...
26,330
June 30
1930
24,079
Increase
(+) or decrease (—)
-1,251
RESOURCES
Loans and discounts (including rediscounts)
Overdrafts
Investments
Banking house, furniture, and fixtures
Real estate owned other than banking house
Cash in vault
Reserve with Federal reserve banks or other reserve agents
Other amounts due from b a n k s . . . . .
Exchanges for clearing-house and other cash i t e m s . . .
Other resources
TotaL
$41, 376, 269 $40,460, 670 -$915, 699
56,857
- 7 , 419
49, 438
348,738 17, 944, 728
+695,990
754,454
+55, 903
1, 810, 357
390, 816
+34,335
425,161
819, 928
+46,042
866, 970
192, 200 3,433,102
+240, 902
567, 625 3,994,325
+426, 800
691, 772' 2, 884, 635 +1,192, 863
973, 946 2,151, 748
+177, 802
72,172, 606 74, 020,124 + 1 , 847, 619
LIABILITIES
Capital stock paid in
Surplus
Undivided profits—net
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued and unpaid.
National bank circulation
Due to banks
.,
t.
-.
Certified and cashiers' checks and cash letters of credit and travelers'checks outstanding
Demand deposits--Time deposits (including postal savings)
United States deposits
-Deposits not classified
Total deposits
-^..
Bills payable and rediscounts...
Agreements to repurchase securities sold
Acceptances executed for customers
Other liabilities
Total
796,978
611, 698.
097,386
161,483
142, 776
649,462
629,197
3,889,419
4, 968, 999
1,154, 804
268, 276
122, 737
662, 339
4, 337,120
+92,441
+357,301
+67,418
+106, 793
-20, 039
+2, 887
+707, 923
1, 615, 277
837,430
+777, 847
360,164 24, 098, 516
-251, 648
787, 617 29,465, 361
+677, 744
286,112.
213,722
-72,390
20,121
117,199
+97,078
910,641 69,847,196 +1,936,664
630,703
665, 817
-964, 886
65, 523
47,678
- 7 , 845
449,917
685, 969
+136, 052
665, 948 1,816, 891
+150, 943
72,^172,505
74,020,124
+ 1 , 847. 619
161
SECRETARY OF THE TREASURY
The following statement shows the number of national banks
June 30, 1930, in each State, with the amount of capital and total
resources, in comparison with similar information for all reporting
banks:
Number, capital, and resources of national banks, and all reporting banks, June 30,
1930, hy States i
All b a n k s , including n a t i o n a l
banks
National banks
States, etc.
Number of
banks
52
Maine
56
New Hampshire
45
Vermont .
152
Massachusetts
•..
Rhode Island
10
62
Connecticut
T o t a l N e w E n g l a n d States
377
NewYork.556
N e w Jersey
297
Pennsylvania.
845
Delaware. _
16
M a r y l a n d ._
77
12
D i s t r i c t of C o l u m b i a
T o t a l E a s t e r n States
1,803
Virginia -.:
157
West Virginia
111
North Carolina..
64
South Carolina.36
Georgia
75
Florida--..
56
Alabama
101
Mississippi
36
Louisiana
31
Texas
693
Arkansas
...
67
Kentucky.133
Tennessee . 99
Total Southern S t a t e s . . . .
, 1,556
Ohio
308
Indiana
210
Illinois-. 462
Michigan
..126
Wisconsin
155
Minnesota-_ .
263
Iowa
•
_
241
Missouri
125
T o t a l M i d d l e W e s t e r n S t a t e s . _. 1,890
North Dakota
112
96
South Dakota
Nebraska..
171
Kansas
245
Montana
. . .
63
Wyoming
. 25
Colorado 120
N e w Mexico
26
Oklahoma
_ .
278
Total Western States.
1,135
Washington.
105
Oregon..
93
California
^
.
206
Idaho
41
Utah
18
Nevada
10
Arizona
.
. . . .
14
486
T o t a l Pacific States
Alaska
4
T h e T e r r i t o r y of H a w a i i
1
P o r t o Rico
Philippines
6
T o t a l possessions
T o t a l U n i t e d States a n d posses7,262
sions
_
Capital
(000
omitted)
NumT o t a l resources (000 ber of
banks
omitted)
$7,370
5,726
5,160
113,283
4,520
21,412
$160,048
90,860
77,932
1,811,601
60,986
318,219
157,470
436,009
56, 610
165,087
1,648
13,109
10,776
683, 238
29,319
13,890
11,476
5,825
19, 395
15, 785
18,270
5, 470
9,126
. 80,678
6,090
18, 833
24, 409
. 25b, 464
68, 665
33,333
105,040
32,090
33,145
38,485
21,470
36, 225
367,453
5,496
4, 786
14,866
17, 577
4,985
2,270
12, 600
1,910
26,470
2,519,645
7, 657, 389
1,040,789
3, 236,964
24,094
262,226
172,894
Capital
(000
omitted)
$13,960
6,955
8,011
162,773
16,425
49,708
257,832
962,006
143,363
384,446
13,112
42,223
23,928
1, 659,078
68, 899
32,174
33, 652«
15, 663
39, 395
26,618
28,806
16,164
34,481
115,103
20, 403
49,861
44,117
3,550
463
290
391
173
398
207
321
316
222
1,293
396
662
479
5,500
989
916
1, 683
765
936
1,015
1,262
1,235
8,800
366
374
773
1,061
185
83
270
63
598
•
$474,738
325,946
277,153
4,920,463
696,846
1, 519, 210
8,114,346
23, 297,812
2,800,499
6,968,476
189,632
1,003, 671
324, 684
34, 584, 774
614, 226
131
121
103
449
36
253
1,092
1,122
560
1,541
61
226
40
12, 3 9 i 356
382, 231
199, 651
136,493
85,797
280, 290
212,991
230, 547
92,350
130,087
1,063, 605
85,017
278, 583
335, 328
3, 612,970
873, 390
469,668
1, 718,002
651,123
534, 361
673,896
342,920
• 551, 866
6,815,116
84,483
81,009
265,105
264,435
96, 505
40,938
270, 661
38,060
423,092
T o t a l resources (000
omitted)
1,043, 518
10,026
11, 620
30, 537
40,260
10, 765
4,240
17,938
3,020
33, 505
6,440,620
3, 394,085
1,178,355
4,882,319
2,388,842
1,109,114
1,118,267
964,739
1, 628,332
16,664,043
128,428
168,906
451,078
503,607
176, 674
71, 341
341, 589
52, 692
616, 545
194,867
76, 666
338, 703
125,693
71,317
61,488
63, 657
112,148
663, 460
415,821
448, 564
205, 324
435,631
306,841
334,693
264,431
527,061
1,362, 782
253,376
643,432
579, 324
90, 947
26,100
13,496
143,957
2,676
3,300
1,600
1,960
192,977
1, 553,178
346,776
240,309
2, 528,059
46,076
59,842
22, 377
34,708
3,763
333
228
437
137
102
36
' 45
161,891
40,947
21,266
231,384
6,043
11, 626
3,317
6,861
2,409, 660
583, 560
325,338
4, 236,459
100,715
196,640
48,473
97, 694
3,277,146
275
3,150
5,338
38,790
320,434
915
11,312
6,971
13, 242
3,426
44,128
1,317
17
20
19
11
67
32,440
6, 587,879
14,511
122,003
53, 605
128, 783
318,802
1, 743,974
29,116, 539
24,079
3,8JB9,419
•74,020,124
'
Resources and liabilities of all reporting banks, June SO, 1924 to 1930
to
[Dollars i n t h o u s a n d s ]
Classification
N u m b e r of b a n k s . .
1924
1926
1926
1927
29,348
28,841
$31, 427,717
56,334
14,228, 746
6,121,093
.1, 590, 259
1,992,370
911, 500
816,672
J $33, 883,733
50,259
16, 400,113
6, 774,392
1, 736, 586
2, 181,137
951,286
079, 632
67,144,690
62,067,037
64,893,362
68,132, 568
114, 203
967,359
971,730
169,711
173,334
007, 439
3,273,303
3,471,968
1,063,171
3,376, 498
3, 764,627
1,131,206
6 64,618
651,155
656,649
48,882,296
187,827
4,330,605
6 70,326
660,946
1,119,943
51,132,554
194,024
4, 289,337
28,146
1928
1929
1930
26,213
25,330
$39, 542,067
$37,270,378
43, 450
60,407
17, 255,093
18,771,814
6,900,402
6,722, 248
1,979,578
2,067,663
2,181,167
1,753,098
1,007,896
887,846
1 1, 494, 594
1,779,186
$41,376, 269
56,867
17,348,738
6,759, 725
2,145,270
1,691,772
819,928
1,973,946
$40, 460,670
49,438
17,944,728
7,427,427
2, 235, 508
2,884,635
865,970
2,151,748
71, 574,328
72,172, 606
74,020,124
3, 525, 522
4,145, 529
1, 226,361
3,889,419
4,968,999
1,154,804
268,276
122,737
652,339
1,615,277
53,563,877
213,722
4,337,120
117,199
3,116,365
74,020,124
27,061
24,079
RESOURCES
Loans and discounts (including rediscounts)..
Overdrafts
Bonds, stocks, and other securities
Due from other banks and bankers 2
Real estate, fm*niture, etc.3.
Checks and other cash items *
Cash on h a n d . .
other resources
TotaL.
$36,233, 490
49,470
15,815,141
6,769,061
1,851,967
2,037, 561
996,520
1,140,152
O
O
LIABILITIES
Capital stock paid in
Surplus fund
Undivided profits—net
-...
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued and unpaid .
Circulation (national banks)
Certified checks and cashiers' checks..
Demand and time deposits
United States deposits
Due to other banks and bankers
Deposits not classified
Other liabilities ?
'
Total..
2,015,049
2,312,770
2, 403,197
3, 530,941
3,796,978
4,611,698
1,097,386
161, 483
142,776
649,462
837, 430
63,137,781
286,112
3, 629,197
20,121
3,802,091
62,057,037
64,893,362
68,132, 568
71, 574,328
72,172, 606
(5)
(5)
(5)
6 60,078
648, 494
698,861
765,942
147, 220
370,909
729,686
664,867
954,121
152,302
928,292
1,662,140
67,144,1
1 Includes acceptances reported by national banks.
2 Includes lawful reserve with Federal reserve banks.
3 Includes real estate owned other than banking house.
* Includes exchanges for clearing house.
6 Included in undivided profits.
6 For national banks only; figures for banks other than national included in undivided profits.
' Includes bills payable and rediscounts.
(«)
(5)
(5)
6 83, 763
649,095
864, 685
53, 244,698
222,816
4,081,028
o
teJ
CD
BUREAU OF CUSTOMS
The function of the Bureau of Customs is to enforce the tariff law,
which, in the language of the tariff act of 1922, the act in force during
all but 13 days of the fiscal year 1930, is an act ^Ho provide revenue,
to regulate commerce with foreign countries, to encourage the industries of the United States, and for other purposes,'' to which has
•been added by the tariff act of 1930, approved June 17, 1930, *Ho
protect American labor.'' In addition to these duties, the Customs
Service enforces all other customs laws and assists in the work of
other departments and activities, such as the collection and accounting for head tax, fines, and other receipts for the Immigration Service,
tonnage tax for the Departnient of Comm:erce, fines and other receipts for the Public Health Service; the enforcement of plant and
animal quarantine, pure food, motor boat, and other laws; and the
disbursement of funds at various points for the Coast Guard, Public
Health Service, and the Supervising Architect.
These tasks require an organization of approximately 10,000 officers
and employees, distributed throughout 48 'customs districts; extensive equipment for the weighing, measuring, sampling, and handling
of imported merchandise; warehouses, labdratories, and other facilities for its examination and appraisement; and automobiles and
boats for the patrol of over 5,000 miles of international border lines
on land and rivers. To supervise and direct this extensive organization, with its varied and complex activities, there was avaUable in
the bureau a total of only 92 employees, including everyone from the
messengers to the commissioner, a force fojund to be inadequate to
properly control and direct the field force. :
Reorganization and expansion^ of bureau
A survey undertaken to determine the needs of the bureau, both as
to personnel and organization, developed facts on the basis of which
appropriations were secured to increase its; force by 90 employees.
Of this number 19 are attorneys; 43, clerksi in the division of mails
and files; and the remaining 28, officers and derks distributed through
the several activities of the adininistrative unit.
The additional attorneys will provide a legal staff capable of
promptly handling the volume of work, yet allowing sufficient time
to permit the careful analysis and mature deliberation required to
properly prepare decisions in the many intricate and difficult cases
submitted to the bureau, frequently involving large sums of money.
Danger to the revenue and the possibility ojF domestic manufactures
being placed at a disadvantage in competition with foreign commodities through erroneous interpretations of the tariff law are further
eliminated by providing a more adequate review of decisions than
163
164
PuEP0.RT ON THE FINANCES
I
could be given by the deputy commissioner in charge of the legal
divisions, who formerly was without an assistant.
Ofiice of General Counsel.—The reorganization plan provides for a
general counsel and two assistants in lieu of the one deputy commissioner in charge of legal activities. One assistant general counsel
will have immediate supervision over the legal divisions and the
other over a staff of special attorneys of broad experience in customs
law and procedure. Decisions prepared in the legal divisions will
be reviewed by the assistant general counsel in charge of these divisions, who will forward to the general counsel those which meet with
his unqualified approval and refer to the assistant general counsel
in charge of the special attorneys those which, in his opinion, are of
doubtful soundness or are of such exceptional importance as to require further study and research.
The general counsel will review the approved cases forwarded to
him and, if satisfied with the decisions, will approve and forward them
for signature. If he disagrees with the conclusions reached, he will
refer the cases to the assistant in charge of the special attorneys for
further study and research. Cases of unusual complexity a^nd those
involving exceptionaUy large sums of money, or which may have
important and far-reaching efl'ects on commerce and industry, may
be referred for study and research direct to the assistant general
counsel in charge of the special attorneys.
This plan of procedure will afford far greater protection, both to
the Government and commerce, than was formerly possible with the
limited personnel available.
Division of Appeals and Protests.—Provision is made also for the
organization of a new legal division to be known as the division of
appeals and protests to which wUl be assigned the following subjects:
1. Appeals and protests:
American labor.
American producers.
2. Allowance for loss (casualty).
3. Bonds.
4. Countervailing duties, bounty grant.
5. Discrimination by foreign countries.
6. Dumping.
7. Port examination reports.
8. Prohibited importations:
Convict-made goods.
Copyrights.
Immoral articles.
Trade-marks.
9. Unfair practices.
This will relieve congestion in the four other legal divisions and do
much to expedite action in these cases, as well as provide for their
more thorough study.
^
Division of Mails and Files.—Forty-three of the additional employees
wiU be assigned to the division of maUs and ffles, the legal correspondence and records of which cover departmental action under the tariff
laws of 1897, 1909, 1913, the emergency act of 1921, and the intricate
tariff act of 1922, and comprise approximately 300,000 subject files.
SECRETARY OF THE TREASURY
165
These records contain many important precedents of great value to
the attorneys but, through lack of sufficient personnel and modern
filing methods, they have not been properly iassembled, protected, and
made available for ready reference. An expert, detaUed from the
department, is devising a system for their classification and filing.
Thirty employees detailed to the bureau from the division of loans
and currency completed the work on the personnel ffles, which are
now in satisfactory condition.
In' 1914 the bureau received an average of 154 pieces of mail per
day, which increased to 550 pieces in 1930. i
Deputy Commissioner.—The business administration of the service,
formerly under the direct supervision of the Commissioner and Assistant Commissioner of Customs, exerc^ised through the several division
chiefs, was organized into an administrative unit the head of which
exercises immediate supervision over thisi branch of the bureau's
activities. Upon the passage of the tariff act of 1930, pursuant to
authority contained therein, this officer was appointed a deputy
commissioner.
{
This organization now places an administrative officer in immediate
charge of each of the three distinct lines of customs activities, namely,
the general counsel in charge of the legal unit, a deputy commissioner
in charge of the administrative unit, and a; deputy commissioner in
charge of the investigative unit. The accompanying administrative
chart shows the organization of the bureau and the lines of supervision
over the several activities and divisions.
i
Classification of ofiicers and field employees:,—The bureau, during the
year, lost a chief of one of the legal divisions, an assistant chief of
another legal division, and two attorneys holding responsible positions, because of more attractive salaries and opportunities in other
activities. The training of attorneys in customs law a;nd procedure
requires considerable time, and these losses severely handicapped the
proper functioning of the legal staff.
It was apparent that the grades and salaries of executive officers,
chiefs of divisions, and the more responsible positions of attorney must
be raised in order to retain experienced officers and employees in the
service and to attract to the service, by providing an incentive for
advancement, the higher grade and better qualified employees.
Under the classification act, however, it was impossible to raise the
grades of the officers concerned because the commissioner's salary
was fixed in the highest grade provided under the classification act
and the subordinate officers each placed one grade below, in their
respective positions, which brought chiefs of divisions and most
responsible attorneys to a grade below that which provided an
attractive salary for employees of the experience and ability required.
COMMISSIONELR.
ASSISTANT COMMISSIONER.
EXECUTIVE
ASSISTANT
SPECIAL ASSISTANT
TO THE COMMISSIONER
TO THE
COMMISSIONER
ADMINISTRATIVE
LE:C,AU
GENERAL
ASSISTANT
GENERAL COUNSEL ~
SECRtTARIE*
INVESTIGATIVE
UNIT
UNIT
U N \ T
ASSISTANT
"IciENERAL COUNSEL
D I V I S I O N OF
TARIFF
CLASSIFICATION
DIVISION OF
DRAWBACK
AND BONDS
DIVISION o r
XNTRY AND
APPRAISEMENT
- D E P U T Y COMMISSIONER
ASSISTANT
DEPUTY COMMISSIONER
DEPUTY COMMISSIONtll
ASSISTANT TO T H E
DEPUTY COMMISSIDNEH
COUNSEL i
D I V I S I O N OF
FISCAL
ADMINISTRATION
DIVISION OPS T A T I S T I C S AND
RESEARCH
HEADQUARTERS
PORTS
( F I E L D SERVICE)
BALTIMORE
BOSTON
JUNEAU
LOS
ANGELES
BRIDGEPORT
BUFFALO
LOUISVILLE
MEMPHIS
C H A R L E S T O N , S.C.
CHICAGO
CLEVELAND
DENVER
DES MOINES
DETROIT
MILWAUKEE
MINNEAPOLIS
DULUTH
EL PASO
GALVESTON
GREAT
FALLS
HONOLULU
NORFOLK.
INDIANAPOLIS
DIVISION OF
ENGINEERING
AND WEI&HINQ
PORTLAND, ME.
PORTLAND, ORE.
PROVIDENCE
ROCHESTER
ST.
ALBANS
ST.
LOUIS
MOBILE
ST.
N E W ORLEANS
N E W YORK
NOGALES
S A L T LAKE C I T Y
SAN A N T O N I O
OGDENSBURG
OMAHA
PEMBINA
PHILADELPHIA
PITTSBURGH
PORT A R T H U R
THOMAS,V.I.
SAN DIEGO
SAN FRANCISCO
SAN J U A N , P a..
SAVANNAH
SEATTLE
TAMPA
WILMINGTON, NC
DIVISION OF
APPEALS AND PROTESTS
CHART S.—Organization of the Bureau of Customs
D I V I S I O N OF
PERSONNEL
CUSTOMS
SERVICE
SCHOOL
•
DOMESTIC
HEADQUARTERS r
BALTIMORE
BOSTON
CHICAGO
EL
PASO
NEW ORLEANS
NEW
YORK
ST P A U L
3AN FRANCISCO
SEATTLE
TAMPA
CUSTOMS
INFORMATION
EXCHANGE
FOREIGN
OFFICES
BERLIN
KOBE
LONDON
MILAN
MONTREAL
PARIS
PRAGUE
SHANGHAI
WINNIPEG
SECRETARY OF THE TREASURY
167
Upon presentation of the facts to Congress the situation was
promptly remedied. The commissioner was placed in a higher
grade by law and on the same basis as the Commissioner of Internal
Kevenue. This permitted the moving up of subordinate officers by
one grade, thus fixing a higher standard which makes possible the
employment and retention in the service of a force of well-qualified
and experienced officers and attorneys.
i
During the year, the bureau continued its study of the classification
of the field service. Tentative allocations were made of approximately 10,000 field positions to specific grades fixed by the Personnel
Classification Board in its preliminary specifications. These aUocations were made for use as a basis by the'board in formulating its
report to Congress.
^
Legislation.—The bureau cooperated closely during the year with
committees of Congress in framing provisions covering administrative
procedure in the new tariff act. The act itself was in force for a
period of only 13 days during the fiscal year- so that a statement concerning its effect on the customs revenue and the import business
generally can not be made.
An act authorizing the furnishing of heat, light, and living quarters
to officers and employees stationed in foreign countries, and a provision in the tariff act of 1930 authorizing the payment of traveling
expenses of the famUies of customs officers transferred to and from
foreign stations or between foreign posts of jduty will be very helpful
in conducting the Customs Foreign Service.*
Legislation was also enacted authorizing the use of the customs
appropriation for the construction of small buUdings for border activities, rio project to exceed $3,000 in cost. This will make possible the
provision of much better facUities for inspection.
Considerable work was done in the bureau on the revision of the
customs regulations in anticipation of the passage of the new tariff'
act. This work, however, could not be completed before the close of
the year because of the short time intervening between the enactment
of the law and the close of the year.
'
Conference of customs officers.—A conference of customs field administrative officers was held in Washington in February, at which
were discussed many important problems jof customs law and procedure, business administration, and ways and means to improve
the service so as to attain a maximum of efficiency with a minimum
of expenditure.
Receipts
Customs collections foUowed a somewhat unusual course during
the year as a result in part of the extended consideration of rate
revisions to be enacted into the pending tariff act. While this
legislation was pending the import situation was affected by the
168
REPORT 0 ^ T H E FIITANCES
hesitancy of some importers to place orders abroad without definite
knowledge of the tarifl' rates which might prevail when the merchandise reached the United States. At times, particularly toward the
end of the fiscal year, there was a tendency to hold certain classes of
merchandise in bonded warehouses pending developments in regard
to changes in tariff rates; and when the tariff act reached the final
stages large quantities of merchandise affected by rate increases were
withdrawn from bond and entered for consumption. Collections
were also influenced to a very important degree by the decline in
business activity which became pronounced by the end of 1929 and
continued throughout the balance of the fiscal year. The decrease
in collections for the fiscal year as a whole, however, was less than
had been anticipated, chiefly as the result of heavy collections on
withdrawals of merchandise from warehouses and on cargo entered
in the last few days before the tariff act, approved June 17, 1930,
went into effect.
At the port of New York, during the period intervening between
the passage of the act and its signing by the President, withdrawals
from warehouses of bonded merchandise subject to rate increases
under the new act brought the payments of duties to amounts unprecedented in the history of the port. The statement below shows
these extraordinary receipts for the four days preceding the effective
date of the act:
June 13
June 14
$2, 259, 708
. _ . 11, 242, 137
June 16
June 17
$5,987,074
2, 130, 210
These receipts, amounting to more than $20,000,000 for the four
days, compare with an average of $47,000,000 for the entire month of
June during the preceding five years.
On the other hand, certain goods dutiable under the old law but
placed on the free list in the new act, were retained in warehouse
untU the provisions of the new act became effective. An outstanding instance of this kind occurred at Chicago, where warehouses were
fflled to capacity with chicle, dutiable at 10 cents per pound under
the old act but free under the new act. The Government lost approximately one and one-half million dollars in duty on this commodity
alone at Chicago by its being held in warehouse untU the tariff act of
1930 went into effect.
The customs receipts for the fiscal year 1930, which include duties
and tonnage tax, amounted to $587,000,903, only $15,819,253 less
than the receipts for the previous fiscal year which, in the circumstances, is a very favorable showing when consideration is given to
the fact that the receipts for the fiscal year 1929 were the highest in
the history of the Government, with the exception of those for the
fiscal year 1927.
169
SECRETARY OF .THE TREASURY
The duties collected under the increased^ rates of the tarift' act of
1930 are not materially reflected in the total receipts, as the new act
was in effect for only 13 days of the year and the volume of imports
during this short period was below normal. •
Miscellaneous customs receipts also were lower than for the fiscal
year 1929 by $58,782. This difference is due to a decrease of $10,164
in the proceeds from the sale of unclaimed and abandoned merchandise, $13,333 in proceeds from sale of seizures, $31,153 in fines, and
$4,132 in miscellaneous items.
The total number and appraised value of seizures for 1930 exceeded
those for the previous year but the more extensive patrol operations
required the withdrawal of a greater number of forfeited automobUes
and boats from sale and their assignment for official use. While this
results in a reduction in the proceeds from sale, it is an advantage to
the Government, as by this means patrol equipment is provided at
very low cost, the only expense incurred being that connected with
the seizure and forfeiture and any necessary repairs to put the equipment in serviceable condition.
The statement below shows in detaU all collections, refunds, and
net proceeds from all sources for the fiscal years 1929 and 1930:
1929
Collections:
Duties
MiscellaneousSale of unclaimed merchandise and abandoned goods . _
_ . . -._
Sale of seizures
Fines __ .
-_. _ .
All other customs receipts
._
1930
$587, 000,903
$602, 820,156
$21,743
133,493
2, 095,980
84,840
$31,907 !
146,826
2,127,133
88,972 ,
o onA pop
Total
--.
Refunds:
Refunds of excessive duties
Drawback payments..
_ . . . _ .
' 605, 214,994
8,284,205 '
13,244,760 i
9, 710, 252
14,444,625
Ol cop q c c
Net cUvStoms receipts from all sources^
, 583,686,029
o
ppc
fXCC
589, 336,959
OA 1CA
P77
565,182,082
The proceeds from the sale of unclainied and abandoned merchandise and seizures do not represent the total amount received from
such sales and deposited in the Treasury since the amount of duties
accruing on such merchandise is deducted; and deposited as duties.
The amounts in the foregoing table, therefore, show only the balances
remaining from the proceeds of sale after; deduction of duties and
expenses connected with the sale.
j
170
•REPORT ON" T H E
FUSTANCES
Volume of business
Entries.—While there was a decrease in the customs receipts,
there was an increase of 25,180 in the number of entries filed. The
number of entries of all classes for the fiscal years 1929 and 1930 is
shown in the comparative statement below:
Number of entries
Class of entries
1929
Consumption:
Free
Dutiable
Informal
Mail
Baggage
_.
Warehouse and rewarehouse
Immediate transportation without appraisement.
Transportation and exportation..
Warehouse withdrawals, duty paid
Warehouse wit hdrawals, all ot her
All other entries
.,.
Drawback notices of intent....
Drawback entries
^—
1930
264,194
501,705
214,503
838, 228
397,823
65,773
146,714
124, 064
264, 593
37,660
24, 200
265,888
29, 799
3,176,144
Total entries..!
270,038
484,131
220, 689
848, 643
437,969
66, 637
143,094
105,470
276, 612
33,752
30,805
251, 268
31, 616
3, 200,324
A steady increase in entries during the past five years is shown in
the following summary of the total number of entries of all classes:
•
Number
of entries
Fiscal year
1926
1927.
1928
.-
2,861, 513
3,000,859
3,079,732
Number
of entries
Fiscal year
1929
1930
^
3,175,144
3,200, 324
Vessels.—With the exception of the number of vessels cleared for
domestic ports, the number of entrances and clearances of vessels for
the year was less than for the preceding year. The number of
vessels cleared for domestic ports increased by 1,099, but the total
number of all entrances and clearances decreased by 15,224.
The detaU of the entrances and clearances of vessels for the fiscal
years 1929 and 1930 is shown in the following comparative statement:
Vessels
Number entered:
From foreign ports—
In ballast
Bulk cargo...
General cargo
From domestic ports
Number cleared:
For foreign ports
For domestic ports
1929
^
1930
20,422
13,494
17,159
40, 382
17,142
13,410
15,408
33, 255
49, 744
45, 663
42,440
41, 341
171
SECRETARY OF THE TREASURY
Highway trafiic.—The international traffic by highway, with the
construction of more improved roads and the continued more general
use of the automobUe, maintained its decided increase of past years.
The number of vehicles which entered the United States during the
fiscal year 1930 exceeded the number entered during the previous
fiscal year by 728,751. The greatest increase in traffic was over the
mtern.a tional bridges at Detroit and Buff alp.
The table below shows the vehicular traffic by customs districts for
the fiscal years 1929 and 1930:
N u m b e r of a u t o m o b i l e
entries
N u m b e r of a u t o m o b i l e
entries
Customs district
Custorhs district
1929
Alaska
.
Arizona
Buffalo
Dakota
Duluth
El Paso
Los Angeles
Maine
Minnesota
. .
16, 925
1,229,811
2, 387,998
117, 626
86, 230
946, 802
1 2, 636, 722
1, 256,436
1, 076,146
..L..
1929
1930
21, 338 M o n t a n a . .
.. .. .
J
1, 331, 203 O h i o
2,561,761
Rochester.!
.
119, 098 S t . L a w r e n c e
99, 633 S a n A n t o n i o
.. .
1, 052,888 S a n D i e g o .
.1
1 2, 287, 087 V e r m o n t
1,161, 786 W a s h i n g t o n
1, 526, 981
72 1
Total
64, 964
3,310
470
328, 013
985,869
1930
460,697
237,999
89,244
3,181
476
352, 056
1,030,197
1 52, 835
518, 397
267,637
11,736.008
12, 464, 769
1 All of the border ports in southern California were formerly included in the Los Angeles district. Just
before the close of the year this district was divided and the border ports placed in the San Diego district.
Air trafiic.—International travel by airplane has greatly increased
since last year. At Detroit, 349 planes entered during the fiscal year
1930, as against 24 the preceding year. In the Florida district the
first commercial line of airplanes between the United States and
foreign countries was established between Miami and Habana, Cuba,
on September 15, 1928. By April, 1930, this service was extended to
the Canal Zone, South and Central America, Porto Rico, and the
British West Indies. Other international iair lines were established
until Florida is now the northern terminus j and aircraft center for all
West Indian, South and Central American,air routes.
The following table, showing the number of airplanes and passengers
leaving and entering the Florida district ifor the fiscal years 1928,
1929, and 1930, emphasizes the increase iri popularity of this means
of travel:
.
;
A i r p l a n e passengers
Airplanes
Year
Entering
1928
1929--.
1930
-
176
1,190
1,948
Departing
176
1,190
1,962
Entering
438
2,819
4,980
Departing
437
2,819
6,020
Other statistics indicating for the several districts the expenditures,
volume of customs transactions, values of! imports and exports, the
cost of collection, etc., are published in Table 16, page 530 of this
report, j
.
172
REPORT ON THE FINANCES
Passengers.—The 12,464,759 automobiles and other vehicles which
crossed the borders into the United States during the year carried
37,089,175 passengers; 10,029,942 passengers arrived by boat and
1,973,201 arrived by train. Almost four times as many passengers
entered the United States by highway as by boat and more than
three times as many as the combined number that entered by boat
and railroad.
Baggage examination.—The work of examining the baggage of
millions of passengers is a task of large proportions. This is made
more difficult by the fact that during the tourist season the number
greatly exceeds that at any other period of the year. From August 15
to October 15 is the height of the season of returning tourists at New
York and this period presents an exceptionaUy difficult inspection
problem. For example, on Monday, September 9, 1929, there arrived
at New York 8,689 passengers, of whom 5,665 were landed on the piers
between 8.15 a. m. and 10.20 a. m. On Monday, September 23, 1929,
10,117 passengers arrived, and of this number, 5,637 were landed
from seven ships from 8.35 a. m. to 10 a. m. These passengers were
distributed on piers more or less distant from one another, and the
work of examining their baggage severely taxed the force of inspectors,
as at the same time there was the usual volume of work relating to the
inspection of cargo merchandise.
The congestion in the handling of baggage at New York during the
height of the tourist season was relieved this year to a great extent
by detaihng experienced inspectors from other ports who were utilized
solely in the examination of passengers' baggage. Four inspectors
were detailed from Baltimore and eight from Boston for a period of 40
days, and six from. Philadelphia for 43 days. The, success of this
experiment justifies an annual arrangement of this kind.
A committee of 25 representative business men was appointed to
study the problem of efficiently handling passengers' baggage at
New York and to make recommendations for the improvement of
the service to the public, the protection of the revenue, and the
enforcement of the customs laws. As a result of conferences of customs officials with this committee, seven specially qualified customs
officers were detailed on experimental voyages for the purpose of
obtaining first-hand. information for the Treasury Department for
use in preparing a booklet of instructions to the traveling public;
also to assist passengers in the preparation of their baggage declarations. These officers conferred with ships' officers and passengers,
consular officials, and managers of tourist agencies, and furnished
information and assistance to all of them singly and in groups.
They also reported various criticisms and suggestions, many of them
helpful and constructive.
173
SECRETARY OF T H E TREASURY
Seizures.—In enforcement of customs laws during the past year, a
decided improvement has been shown in many phases due to the
greater familiarity on the part of the public with what is required by
law and to the cooperation of those actively engaged in commerce.
The number of seizures made for violations of the customs laws,
classified by groups of commodities and the appraised values of such
seizures, for the fiscal years 1929 and 1930, are listed in the following
table:
1930
1929
Class of commodities
Number pf Appraised Number of Appraised
value
value
seizures
seizures;
Furs
Jewelry and precious stones -.
Livestock and farm products
Wearing apparel
..
Miscellaneous
Total
Narcotics
.
..
9,891
.
.
.
Alcohol
.
..
.
Liquors
Ale and beer
._ .
Automobiles
Boats
Airplanes
Horses and horse-drawn vehicles .
.
7,636
5, 479.136
482,781
142
126. 417
,
.
3,896,818
136
. .
.
$61,509
1,657,958
19, 422
426,798
3.313, 449
$36,164
623,256
11,033
217,005
3,008,360
..
208.491
.
.
167,034
(1)
.
0)
625, Oil
1, 231,322
39.660
8,618
570,100
426,756
.
10,762
Total
24,368
1,216,109
31,435
2. 061,645
Grand total
34,395
5, 694,708
39.112
7,667.098
.
.
i No appraised value reported, as commodity is a prohibited importation and has no sale value.
The number of gallons of liquors and alcohol seized and the number
of vehicles, etc., used in transporting liquors seized are listed in the
following table:
Vehicles
Gallons
Items
items
1929
Alcohol.
Liquors
Ale and beer..
Total
59,478
283,480
269. 678
.
:.
23.230
286.920
262,046
602. 636
661,196
1929
1930
Automobiles
Boats
Airplanes ' . .
Horses
and
vehicles...
Total
2,236
671
.
.
horse-drawn
-
1930
2,354
951
22
200
216
3,106
3,543
The total increase in the appraised value of seizures over that for
the preceding year is $2,072,390. This increase is made up largely
by the increase in seizures of jewelry and precious stones, wearing
apparel, and boats, these increases amounting to $1,034,702, $209,793, and $804,566, respectively. The seizure of 22 airplanes during
the year just closed indicates that this means of transportation is
coming into use in connection with smuggling operations, as no such
seizures were made during the preceding year.
174
REPORT ON THE FINANCES
In connection with the seizures made, there were 2,816 arrests,
conviction being obtained in 1,412 cases, or an increase of 563 convictions as compared with the previous year. The fines collected in
the criminal cases amounted to $185,333, while the imprisonment
imposed approximated 650 years. The remaining cases are still
pending or have been prosecuted under laws other than the customs
laws.
Kecords have been kept this year for the first time of the number
of seizures made by the several branches of the customs service and
other governmental agencies for violations of the customs laws, and
of seizures made by customs officers for other governmental organizations. Thctotals of this statement, by activities, published below,
vary somewhat from those in the preceding consolidated table of all
seizures. In the table of consolidated seizures, the appraised value
bf alcohol, $157,000, is included in the total appraised values of the
seizures but is omitted in the table of seizures classified by activities.
With this item eliniinated, the variations in totals are not material and
are possibly due to duplications where seizures have been made jointly
by several activities. Steps have been taken to prevent a recurrence
of such duplications.
Seizures made by the Customs Service and other governmental agencies for violations
of the customs laws during the fiscal year 1930
Merchandise
Narcotics
Liquor
Boats
AlcoNumBeer, hol,
NumBranch of service by which Number
ber
ber
gallons gal- Numseizure was made
of
of
of Gallons
lons ber
Value
Value
seisei-'
seizures
zures
zm-es
Customs patrol-.
Customs agents
Customs Service, exclusive
of patrol and agents
227 $16,087 2,723 70,044 101,007 3,970
429 4,252,455
3,613
71 4,306
8
138,887 7,187 1, 209,574 27,830 72,891 67, 577 10,641
Entire Customs Service
Coast Guard
Immigration
....
Customs assisted by other
oflacers
Local officers
143 141,399 7,843 5,478,116 30,624 147,241 172,097 14, 619
1,252
10
273 102,338 63,174 3,998
502 548 8,457 22,806
904
28
Grand total.
$1,650
862
135
44
7
6
126
72
Automobiles
Horses, etc.
Value
Number Value
ber
Customs patrol
Customs agents
Customs Service, exclusive of patrol and agents
1,139 $316,831
46 23,692
Entire Customs Service..
Coast Guard._
Immigration.
Customs assisted by other officers
Local officers
1,711 532,940
6,385
15
227 49,337
5,864
32
120 43,520
202
638,046
224
644
13,906
5,480,049 31,643 267,000 272,625
146
Branch of service by which seizure
was made
Grand total.
6,493
2,471
526
2,105
Airplanes
ber
Value
189
50
Value
437 $440,749
58 74, 710 •
200,452
583
279
66
716,911
508,890
6,393
2,350
2,370
1,235,914
Total Total
num- numTotal
ber appraised
ber
vehi- seivalue
cles zures
161 $4^ 616
3
400
$13,110
16,750
1,741 2,959 $793,042
118
603 4,368,868
6,913
29,860
3,500
2,800
4,000
2,511 38,610 6,905,138
295
283 520,027
316
576
59,427
38
135
8,371
131
79
49,967
40,160
3,291 39,683 7,642,930
192,417
662 35,148 1,743,228
395
15
25
7,348
175
SECRETARY OP THE TREASURY
Seizures made by customs ofiicers and transferred to other governmental organizations
during the fiscal year 1930
Number
Number of persons Numof
appre- ber of
seizm'es hended boats
Branch of service to which transfer
was made
Narcotic division
Immigration.......
Prohibition
Justice
Commerce
AgricultureMunicipal authorities
23
.
Total
123
5
11
237
60
1459
10
643
103
7
Gallons
Liquors
Alcohol
Beer
4
'
3
§"
37
3
4,941
200
57
10
66
829
Number
of
automobiles
11
96
6
3
54
5,037
205
60
» Seizures other than boats, automobiles, liquors, beer, and alcohol not listed by commodities.
Two different attempts to smuggle narcotics on a large scale in
passengers' baggage were frustrated at the port of New York. The
guilty parties in both cases were arrested, found guilty, and sentenced
to prison for attempted smuggling.
i
Weighing
Notable progress has been made in the past year in providing new
weighing equipment which will permit handling larger volumes of
merchandise at a reduced cost to both the Government and to importers. The installation of a number of dormant automatic scales
on steamship piers on which wool and burlaps are handled, to replace
portable beam scales, now permits the weighing of these commodities
in direct transit from the piers to the cars, instead of requiring
rehandling for the purpose of weighing.
The application of automatic scales to the weighing of tobacco, on
which commodity the rate of duty is high, should result in an appreciable increase in revenue, due to the eliniination of the personal
error which is ever present in manual weighing.
Four special automatic weighing and recording scales, designed in
the bureau for the weighing of raw sugar in transit on a monorail
system, were installed as an integral part of the importers' conveyor
system and permit weighing without labor cost to the Government.
Cattle scales have been provided at several border ports at which
it was necessary in the past to estimaite the weight of such
importations.
Appraisement of merchandise
The new appraiser's warehouse at New York, completed during the
fiscal year 1929 and described in some detail in the annual report for
that year, was utilized to the fullest extent during the present year.
With the modern and complete facUities of this warehouse, it is now
possible to make a thorough examination, appraisal, and delivery of
merchandise, on an average of not more than 48 hours per case, and
12101—31
14
c
176
REPORT ON THE FINANCES
the facUities and equipment for loading and unloading trucks on the
first floor have eliminated all congestion in the streets surrounding
the warehouse.
The last session of Congress made appropriation for a similar
modern appraiser's warehouse at Chicago, but less extensive as to
space.
During the fiscal year 1930, 876,185 examination packages were
received in the various appraisers' stores, as shown in detaU by ports
in the following table:
St. Louis
Cleveland
Los Angeles
Boston
New York
Seattle
Buffalo
San Francisco
_.__
10, 981
9, 245
37,028
58, 996
496, 791
30,118
3, 801
85, 535 |
Philadelphia
New Orleans
Portland
Detroit
Chicago____
Baltimore
Total
_,
.
.
48, 033
10, 589
8, 799
9, 862
43,391
23, 016
__- 876,185
After several years of intensive work, evidence of violation of the
antidumping act in importations of butyl acetate from Germany
was developed, as a result of which, dumping and additional duties
amounting to approximately $4,000,000 were found to be due at
New York alone.
The importation of spurious antiques has reached considerable
proportions, especially in furniture and glassware. Over $300,000 in
duties were coUected at the port of New York on furniture alone,
which had been entered free as antiques and found upon examination
to be of modern construction. Expert antique examiners have been
sent from New York at different times to other ports and as a result
of their appraisement the Government collected thousands of dollars
on furniture and glassware alleged to be antique.
Districts and ports
Under the authority contained in the sundry civU act of August
1, 1914, the customs district of San Diego was established, in which
are included the border ports of southern California and San Diego,
the latter port being designated as the headquarters of the district.
Five new ports of entry were established, namely, Carbury, N. Dak.,
Reidsville, N. C , OrovUle, Wash., Fort Pierce, Fla., and San Luis,
Ariz. Two ports, Souris, N. Dak., and Lewiston, N . Y., were
abolished.
Two more airports of entry—Ajo, Ariz., and Brownsville, Tex.—
are now avaUable for international air travel. A number of air fields,
hsted below, were also designated during the year as temporary:
airports:
Alhambra (Los Angeles), Calif., Western Air Express Terminal.
Bellingham, Wash., Bellingham Airport.
SECRETARY OF THE TREASURY
177
Detroit, Mich., Ford Airport.
Derby, Vt., Canadian Gateway Airport.
Douglas, Ariz., Douglas International Airport. .
Eagle Pass, Tex., Eagle Pass Airport.
;
El Paso, Tex., Municipal Airport.
Great Falls, Mont., Great Falls Municipal Airport.
Glendale (Los Angeles), Calif., Grand Central Air Terminal.
Havre, Mont., Havre Municipal Airport.
'
Juneau, Alaska, Juneau Airport.
i
Ketchikan, Alaska, Ketchikan Airport.
!
Laredo, Tex., Laredo Airdrome.
1
Malone, N. Y., Malone Airport.
I
Miami, Fla., Curtiss-Wright Flying Service Base,! Marine Division
Miami, Fla., Dinner Key Seaplane Base.
Palm Beach, Fla., Curtiss Flying Base.
Pembina, N. Dak., MuniciparAirport.
Portal, N. Dak., Portal Airport.
Port Angeles, Wash., Port Angeles Airport.
;
Port Townsend, Wash., Port Townsend Airport.
Plattsburg, N. Y., Mobodo Airport.
Scobey, Mont., Scobey Airport.
San Diego, Calif., San Diego Muncipal Airport (Lindbergh Field).
Spokane, Wash., Felts Field (Spokane Municipal Airport).
Watertown, N. Y., Watertown Muncipal Airport.
Miscellaneous
\
I
Investigative activities .—The investigative! branch of the Customs
Bureau, under the supervision of a deputy cohamissioner, has a normal
strength of 150 agents in the United States and 25 attaches abroad.
The agents employed in this country conduct all classes of major
investigations in connection with violations of the customs laws,
make periodic examinations of the accounts and procedure in the
various customs collection districts, and perform such other duties as
may from time to time be assigned to them. The attaches abroad
are engaged chiefly in investigations to determine market values
of exported merchandise and develop information of attempted
smuggling of merchandise into the United S|tates.
Port examinations.—The customs agents assigned to the port examination commission made examinations of the accounts and procedure
in nine customs collection districts during the year. As a result of
these examinations substantial progress was made in establishing
uniformity in the transaction of the customs business in the various
districts. The agents' reports enabled the bureau to supervise
more effectively the operations of the Customs Service and to adjust
such differences as must arise from time to time because of the
geographical dissimilarity and varying local conditions of its constituent units.
Undervaluations.—Large numbers of undervaluation cases were
developed by customs agents during the year in connection with the
178
REPORT ON THE FINANCES
importation of a wide range of commodities. This class of fraud
usually originates abroad in connection with the preparation of consular invoices which are used in making entry of the merchandise
upon its arrival in the United States. By constant vigUance and
intelligent effort customs agents performing this class of work are
able to safeguard the customs revenue as well as protect honest
merchants in the conduct of their businesses.
Invaluable service is rendered by the attaches stationed abroad
in getting first-hand data which are useful in proving undervaluation.
The investigations by the attaches undoubtedly also prevent many
frauds.
Compromises offered in cases where undervaluations were detected
by customs agents during the year aggregated nearly $102,000.
Baggage seizures.—Through sources of information developed by
them, customs agents were able to make many seizures from passengers arriving in the United States who faUed to declare all purchases
made by them abroad.
In the month of December, 1929, in one district, seizures for
failure to declare, on information furnished by customs agents,
totaled in value $150,142, penalties in the amount of $137,775 were
assessed and paid, and merchandise with an appraised value of
$67,258 was forfeited. The total revenue derived from the activities
of customs agents on this class of work during the year exceeded
$612,000.
False invoicing and entry.—At one of the principal ports certain
merchandise carrying a high rate of duty was invoiced and entered as
other merchandise dutiable at a low rate. The merchandise was
seized, large sums were assessed and collected as civil penalties, and
the conspirators prosecuted and convicted.
Smuggling.—The source of a great portion of the narcotics unlawfully sold in the United States was discovered by customs agents
who uncovered an extensive scheme of smuggling and transportation
to inland ports.
With the constant improvement in the methods of liquor, smugglers, customs agents have as promptly improved their own methods
in effecting the apprehension and conviction of this class of violators
of the customs laws. Many customs agents are devoting their time,
largely to the development of criminal and conspiracy cases against
smugglers after seizures have been made.,
During the year there was put into effect and successfully carried
out an arrangement whereby every major seizure was made the subject of immediate investigation by customs agents to fully develop the
criminal feature of the case. In all such cases customs agents interrogated the prisoners, sought and secured additional witnesses who
SECRETARY OF THE TREASURY
179
could testify in the Government's behalf, presented the cases to United
States commissioners, drew up proper criminal case reports to United
States attorneys, assisted in the presentation of the cases to grand
juries, cooperated with United States marshals in locating and insuring the presence of defendants and witnesses at the trials, and collaborated with United States attorneys in the presentation of testimony
during the proceedings in Federal court.
In addition thereto, aU civil matters in connection with such seizures
including petitions for mitigation, remission, and relief from fines,
penalties, and forfeitures, which required investigation, were inquired
into and reported on by customs agents. !
As an evidence of the volume of the work performed in the above
connection, during the year in one district alone 273 such criminal
cases were investigated and reports thereon made to United States
attorneys involving 423 defendants, and ' 165 civil petitions were
investigated and reports thereon addressed to the referring officers.
None of these activities are disclosed in the statistical table appended
to this summary of activities.
Information of contemplated violations of the customs laws and
related statutes transmitted to the enforcement division of the collectors' forces and to other interested agencies made possible many
seizures of a major character during the year.
As a result of the thorough investigation by customs agents of
applicants for positions as customs patrol inspectors at Detroit and
the schooling in customs laws and procediire given them after appointment, the patrol force was brought t o a high state of efficiency
and the traflicking in liquor across the Detroit River and contiguous
waters was greatly reduced.
i
Investigations were promptly made by customs agents of all seizures, proper case reports were submitted ito the United States attorneys, and many convictions and salutary sentences were obtained.
Customs information exchange.—The customs information exchange
carried on its activities as the clearing house for information respecting
market values and classifications for the entire customs service.
In this capacity the following work was performed by the customs
information exchange during the year:
j
:
Appraisers* reports of value received
Appraisement appeal reports received
Advanced value reports received
Changes in value circulated
Requests for investigation abroad-
Number
;
17, 166
5, 103
5, 499
4, 751
1, 304
In addition to the documents indicated: in the above
customs information exchange prepares and distributes,
index cards of Treasury Decisions. There is disseminated,
circular giving the sailing dates of vessels from foreign
table, the
monthly,
weekly, a
ports for
180
REPORT ON THE FINANCES
America, and the dates they are due to arrive at various ports in the
United States for the use of appraising and other ofiicers throughout
the Customs Service.
In connection with the criminal investigative work performed by
the customs agents, a system of circularization of pertinent data
relative to the criminal (such as name, description, offenses charged,
etc.) has been instituted and is carried on through the medium of the
customs information exchange. In this manner it is possible to have
at hand in every customs office information as to whether smugglers
arrested in their districts have been charged with similar offenses
in other districts.
Drawback.—The number of drawback investigations made by customs agents showed a general increase throughout the country.
These investigations require the ascertainment of the manufacturing
processes of almost every line of industry using imported merchandise,
the rendering of assistance to manufacturers in the formulating of a
system of records whereby the identity of the imported merchandise
can be maintained from the time of importation, throughout the
manufacturing process, to the exportation thereof. The importance
of this work is indicated by the fact that the total drawback payments
predicated upon customs agents' reports during the year amounted to
$14,444,625.
WhUe the foregoing is descriptive of the tangible results of the
efforts of the investigative arm of the Customs Service during the
year, it is not possible to gauge accurately the effectiveness of this
branch because its primary function is the prevention of frauds on
the customs revenue. No precise estimate can be made as to the
saving to the Government through this protection afforded the
revenue.
Summary.—The foUowing statistical statement is an indication of
the work and the results accomplished by the investigative branch of
the service during the j^ear, in so far as direct results are susceptible
of measure in dollars and cents or by count of individual cases:
Number
Ports examined-Drawback investigations
Foreign investigations made
ArrestsConvictions
-__Acquittals
Failures to indict
Indictments pending
Seizures made
Seizures appraised
Seizures released or pending
Appraised value of seized merchandise
.
191
1, 856
1, 953
_
706
.
594
139
39
212
945
809
191
Amount
. - $2, 963, 014. 09
__
SECRETARY OF T H E TREASURY
;
181
Amount
Fines, penalties, and forfeitures incurred, exclusive of court fines._ $1, 421, 986. 06
Proceeds of sale of seized merchandise
115, 969. 24
Increased and additional duties collected^
[
101, 911. 75
Amount deposited in offers of compromise
^
612, 062. 56
Fines imposed by United States Courts
'
82, 430. 00
Bail forfeited
152, 050 00
Total fines, penalties, forfeitures, etc_-__
2, 486, 409. 61
The actual recoveries and penalties assessed as the result of the
activities of the customs agents during the past fiscal year aggregated
$2,486,410. The total cost of operating the unit during the same
period, in this country and abroad, amounted to less than $970,000.
The service is not only self-supporting but shows a substantial profit
from its operations.
^
DISBURSING CLERK
The following is a summary of the work performed by the office of
the disbursing clerk during the fiscal year 1930:
Number
Disbursements:
Checks (salaries, expenses, supplies, etc.)
Cash (salaries)
_..
Checks (refunding taxes illegally collected)
Total
Collections on account of rents, sales, etc
Vouchers paid
Schedules of claims for tax refunds
Appropriations under which disbursements were made.
Amount
323, 698
182, 620
117,147
$61, 569,237. 02
16, 216,629.18
107,126,476.70
623, 365
184, 902, 342. 90
5i730
1,901,948.81
7,066
634
The cash payments and the checks for salaries, expenses, supplies,
etc., cover disbursements for all bureaus and divisions of the Treasury
Department in the District of Columbia (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 Bureau of Prohibition, the Federal Farm Loan Board,
the Comptroller of the Currency, the Coast Guard, the Secret Service,
the Bureau of Customs, and the Public Debt Service.
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.
182
BUREAU OF ENGRAVING AND PRINTING
Following the completion on; June 30, 1929, of the printing of the
initial supply of new small currency, which was placed in circulation
on July 10, 1929, a general readjustment took place during the year,
as the various departments of the bureau gradually settled down to
a normal operating basis. The latter part of the fiscal year 1929 was
marked by a tremendous increase in currency production, necessitating the employment of additional help and considerable overtime. A sharp decline in the demand for currency, which immediately followed the issuance of the initial supply of the new-size notes,
required not only the immediate disposition of the temporary personnel engaged in the unprecedented production of the last half of
the fiscal year' 1929, but also an adjustment of the permanent force
to meet the new production program. The services of the temporary
force were discontinued on July 6, 1929, while the surplus help employed in a permanent capacity was absorbed through the restoration
of the rotating furlough system.
Deliveries of all classes of work (currency expressed in 12-subject
sheets) during the year amounted to 338,541,969 sheets, as compared with 346,406,035 for the previous year, a decrease of 7,864,066,
or 2.27 per cent. There was a decrease of 8,058,556 sheets of currency, customs, revenue, and postage stamps and misceUaneous
items and an increase of 794,490 sheets of bonds, notes, and certificates. In addition to the printing of the delivered sheets, the bureau
printed, at the request of the Federal Reserve Board, a reserve stock
of 2,125,000 sheets of backs and 2,125,000 sheets of backs and faces
of Federal reserve notes for the various Federal reserve banks.
The average number of persons employed during the year was
4,741, as compared with 4,920 during the previous fiscal year, a
decrease of 179 persons, or 3.64 per cent.
There was expended during the year a total of $9,806,803.11 as
compared with $10,603,971.77 in the fiscal year 1929, a decrease of
$797,168.66, or 7.51 per cent. It wiU be noted that, although the
deliveries decreased 2.27 per cent, the expenditures, including the
cost of the reserve stock of 4,250,000 sheets of unfinished Federal
reserve notes, decreased 7.51 per cent, and the average personnel
employed during the year decreased 3.64 per cent.
As a result of the announcement, on January 12, 1929, of the inclusion of national bank notes in the small note program, steps were
taken immediately to accomplish this change, and by the end of
the fiscal year 1929 the designing and nearly aU of the engraving
!
183
184
.REPORT ON THE FINANCES
were accomplished. Only 10,519 sheets, however, had been printed
and delivered in that year. The balance, 4,424,269 sheets, of the
initial orders for the conversion of old size to new size national bank
notes, were printed and delivered in the first four months of the
fiscal year 1930. In order to complete this work during the time
allotted it was necessary to employ 12 temporary pressmen and 7
temporary compositors, which enabled the surface printing presses
to be operated in two 8-hour shifts during that period.
Through the reduction in size of national bank notes it was found
practical to print them on power presses, eliminating the use of the
old-style hand presses. Consequently, the only remaining section of
the plate-printing division equipped with hand presses was closed
during the early part of the fiscal year. The presses were removed
and sold and the fioor space assigned to another division.
Since fewer employees are required to produce the annual supply
of the new small notes, it became necessary either to consider a
reduction in the permanent force, or to operate the bureau on a
rotating furlough system. After careful consideration, keeping in'
mind the interests of both the employees and the department, the
latter course was adopted. Every operating division was placed on
a rotating furlough basis from October 1 to the end of the fiscal year.
The number of days taken ranged from one to six days a month,
depending upon the quantity of work performed in each division.
During several of the months, the furlough was partially relieved by
the transfer of some of the surplus employees to the national bank
redemption agency of the Treasurer's Office, and to the office of the
Comptroller of the Currency, which offices required additional employees in connection with the work of retiring old-size notes.
The work of changing the substation from 25-cycJe, 6,600 volts,
to 60-cycle, 13,200 volts, made satisfactory progress during the year.
On June 30, 1930, the project was approximately 95 per cent completed. Practically all of the equipment has been installed and two
of the four rotary converters and the power transformers have been
connected and are in regular service.
The following is a statement of the percentage of spoilage, based on
the number of sheets delivered, since 1918:
Per cent
1918
19191920
1921
1922
-^
-_
4.63
6.48
5.44
7.39
6.63
Per cent
1923
1924.1
1925
1926
1927
7.11 1928
12.69 1929
5.80 1930.-_._3.70
2.11
Per cent
2.02
J-
2.68
4.16
In addition to the reduction in the size of the sheets of distinctive
paper, referred to last year, from 13% by 17}^ inches to 13% by 16%
inches, it was found that a further reduction could be made to 13 by
16K inches. More accurate registration of faces on backs is being
SECRETARY OF THE TREASURY
185
obtained in the printing and a substantial annual saving will hereafter be made to the public debt service in the cost of paper.
The experiments conducted in 1929 with an automatic feeder for
use on currency-trimming machines proved successful. As a result a
contract for 25 machines of the new design was awarded. On June 30,
1930, 13 of these machines had been delivered and were in operation.
An additional order for 25 machines was also placed. I t is estimated
that 50 machines will meet all production requirements. The feature
of the new machine is that it feeds the sheet and operates the trimming device automatically, thereby dispensing with the old process
of feeding by hand and operating by pedal. The improved machines
not only insure uniform margins, but greatly relieve employees from
physical strain.
I
The experiments referred to last year with an electric drying attachment to fiat-bed power plate-pirinting presses continued throughout
the year. After a practical trial for a period of several months, the
attachment was removed to permit several electrical and mechanical
improvements to be made. The tests made thereafter showed satisfactory results and another machine is now being built.
Among the major mechanical improvements accomplished during
the year were the installation of an electric furnace in the hardening
room of the engraving division, replacing the old-style gas furnace;
the installation of a plate-graining machine in the engraving division,
through the use of which better and more durable surface printing
plates have been produced; the installation of vacuum pumps to
operate the automatic feeders on various machines throughout the
plant; and the installation of unit heaters in the inclosure leading from
Fourteenth Street to the east entrance of the building. A machine
for wetting large sizes of paper for plate printing was completed during the year, and a separator for removing moisture from the compressed-air system was purchased and installed.
Studies carried on during the year consisted of a continuation of
the research work in developing a currency paper more durable than
the paper now in use and of establishing an automatic temperature,
control on gumming boxes attacbed to rotary presses on which postage
stamps are printed. Further experiments were also made with a view
to a possible improvement in the adhesive qualities of postage-stamp
gum. The study in connection with the enhancement of the value
of macerated pulp also continued throughout the year.
The Ibero-American Exposition at SeviUe, Spain, was officially
closed on June 21, 1930. The bureau exhibit, which was on display
during the entire period of the exposition, and which was in charge
of an experienced plate printer, was dismantled and returned to this
186
REPORT ON T H E FINANCES
plant. The bureau representative stated that this display was one of
the best patronized exhibits of those entered by the United States
Government.
A history of the bureau, which was prepared and printed last year
for distribution to libraries, schools, and the general public, proved
to be a popular public document. During the first 14 months the
history was placed on sale, approximately 12,400 copies were sold.
The usual annual inventories of plates and securities were conducted by the several committees charged with those duties. . In each
instance the auditors' reports indicated that the securities and plates
on hand were in agreement with the records established in the audit-,
ing offices, as well as those maintained in the bureau.
A comparative statement of appropriations, receipts, and expenditures for the fiscal years 1929 and 1930 follows:
1929
1930
Increase
Decrease
•
Appropriated by Congress:
Salaries
Compensation of employees
Plate printing
•Materials and miscellaneous expenses
Reimbursements to appropriations from other
bureaus for work completed:
Compensation of employees
Plate printing
Materials and miscellaneous expenses '
$684, 345.00
3,266,916.00
1,630, 000.00
895,000.00
2,152,190.29
666,142.19
1,226,634.91
2,025,249. 20
650,289.02
1,030,022.09
10,831,990.39
Total
$674,825.00
3,461,178.00
1, 762,020.00
1,000,000.00
10,081,820.31
$9,620.00
126,941.09
16,863.17
195,612.82
9,620.00
769,690.08
760,170.08
Net
Expended:
Salaries
Compensation of employees
Plate printing
Materials and miscellaneous expenses ^
674,749.16
5,274,706.82
2,096,619.82
1,860,728.31
92.49
10,603,971.77
Totals
674,656.67
6,559,873.55
2,287,869.34
2,181,572.21
9,806,803.11
92.49
286,167.73
191,249.62
320,843.90
797,261.15
797,168.66
Net
Unexpended balance:
Salaries
_
Compensation of employees
Plate printing
_
Materials and miscellaneous expenses
Total
Net.
$184,263.00
132,020.00
106,000.00
.-.-.
168.33
43,494.74
140,292.85
44,062.70
9,695.84
17,458.38
183,669.20
64,293.78
228,018.62
276,017.20
9,427.51
43,376.35
20,231.08
73,034.94
26,036.36
26,036.36
46,998.68
1 An additional amount of $12,680.64, received from sale of by-products and useless property, was deposited to the credit of the Treasurer of the United States as miscellaneous receipts.
2 Includes $15,000 transferred to Bureau of Standards for research work.
8 Includes $281,014.86. and $276,641.02 transferred to retirement fund in the fiscal years 1929 and 1930,
respectively.
187
SECRETARY OF THE TREASURY
A comparative statement of deliveries of finished work in the fiscal
years 1929 and 1930 follows: !
Sheets
Face value,
1930
Classes
1929
Currency (12-subject sheets):
United States notes
Silver certificates
Gold certificates
National bank currency..
Federal reserve notes
Total..
Bonds, notes, and certificates:
Pre-war bonds...
L
Liberty bonds.
Treasury bonds
Treasury notes
L
Certificates ofindebtedness
L
Treasury bills
'.
Insular bonds—
;
Philippine Islands
L
Porto Rican.._
I
Farm loan bonds
i
Collateral trust debentures
i
Philippine treasury certificates
i
Interim transfer certificates for postal savings;
bonds
1
Interim certificates for Philippine Islands;
bonds...
_._
!
Interim certificates for Porto Rican bonds...Bonds evidencing indebtedness of foreign
governments to the Government of the
United States
SpecimensTreasury bonds
,
Treasury notes
_
Certificates of indebtedness
j
Treasury bills
j
Insular b o n d s Philippine Islands
Porto Rican
Farm loan bonds
C ollateral. trust debentures
_
Bonds evidencing indebtedness of foreign
governments to the Government of the
United States
_
Total..
5,886,3331-^
54,996,666%
2,466,000
4,986,331%
23,335,000
9,044,000
44,722,000
6,992, 000
8,676,302%
20,342,137
$437,052,000
536,664,000
1,976,880,000
942,215,920
3,092,496,000
91,668,33m
88,675,439%
6,985,307,920
5,255
218,143%
208, 516%
3,026
195,925
16,626
192,141%
3,750
3,850
93.200
6,464
117, 749,440
810, 590, 000
41,000,000
480,000,000
3,402,500,000
745,806,000
2,000
3,138^
140,425
6,662
3,250
3, 3301^
46.201
17,167
1,898,600
3,250, 000
750,000
48,675,400
687,840,000
11,002,750
712, 000
1,000
1,000
500
873
2,125
4,750
678
186
IH
1
I
1
iH
1,498,1671M2
Stamps:
Customs
!.
54,500
125,000
Customs for Philippine Islands
Internal revenue—
United States (includes opium)
_
88,116,2455J68
Philippine
.._
145, 608%
Porto Rican
191,700
Specimens, United States (includes
opium)
._
_
12
Postage s t a m p s 151,176,203
United States
_
United States, surcharged "Hawaii,
69,7978^00
1778-1928"
United States, surcharged "Canal Zone".
77,904
Canal Zone
._
Philippines
546,936
SpecimensUnited States
-.338^00
United States, surcharged "Hawaii,
1778-1928"
2^00
3,127
Postal-savings stamps
Total.
1930
240,606,374iiiM700
4
314
6
2,292,657^2
60, 000
88,761,876iOHo2
142, 645
533,900
24
146, 614, 762
6,249,163, 590
Subjects, 1930
2,100,000
8,749,672,628
17,384,880
63,390, 000
12
16,496, 570,060
3,656
34,368
5,372
355,600
3,436,800
537,200
56
3,639
2,810Mo
235,159,3694^10
281,010
25,323,631,829
188
REPORT ON T H E FINANCES
Sheets
Face value,
1930
Classes
1929
Miscellaneous:
Checks
Drafts.
Warrants
Commissions
_
'Certificates
Transportation requests
Liquor permits
Other miscellaneous
Blank paper..
Specimens
Total...-
1930
6,444,8181^
6,825
47,341
34, 092
1,163,172 H
347,490
4,484,991%
192,627 i%o
. 10, 464
1,339
-
7,191,206
10, 7621^
60, 332
234, 720
1, 731,4994^
199, 987
2,848,900
136,939i6H80
60
96%
12, 733,161 Ho
Grand total
$36, 021,655
22, 525
297, 532
125,437
4,139, 010
999,935
n, 791, 200
2, 544,887
12,414, 503 iH 80
346,406,035871^550
740
65,942,921
338, 541, 96935^530
The following statement shows total deliveries made, total expenses,
and average number of employees engaged by the bureau since 1878:
Fiscal
year—
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
Total
number
of sheets
delivered
13,098, 756
21, 394,030
23,438,798
26, 017, 661
31,112,484
33, 330, 746
• 30, 206,865
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
56, 616,961
70,886, 033
86, 050, 695
86,174, 766
92,979,478
112,161,122
116,909,423
121, 658, 291
139,167, 359
155, 743, 691
169,918, 061
Expenditures
Average
number
of employees
$538,861. 33
814, 077. 01
883,171.95
901,165. 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, Oil, 702. 01
2, 393,494. 26
2,967, 091. 74
3,136, 477. 73
3,159,940. 69
1 Currency expressed in 12-subject sheets.
Fiscal
year—
522
1906
804
1906
905
1907
958
1908
1,011
1909
,1,173
1910
1,193
1911
1,133
1912
886
1913
840
1914
895
1915
917
1916
992
1917
1,161
1918
1,358
1919
1,333
i920
1,380
1921
1,427 1 1922
1,519 1 1923
1,605
1924.
•1, 623 1925
1,903
1926
1,999
1927
2,364
1928
2,672
1929
2,850
1930
2,928
Total
number
of sheets
delivered
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
482, 307,106
490,264, 868
483,455,932
629, 742, 699
1 338, 541,969
Expenditures
$3, 292, 217 06
3, 355,186 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
6, 039, 204.80
5, 066, 048 72
6, 324,118 70
9, 086, 303 90
11, 571,186.10
11,854,171.45
13,965, 233. 57
10,812, 756. 38
10,106, 320. 28
9,401,925. 68
10,041,457.46
10,483, 674. 68
10,415,742. 42
9, 734,996.41
10, 603,971. 77
9,806,803 11
Average'
number
of e m ployees
3,002
3,084
3,437
3,572
3,977
3,964
3,814
3,899
3,920
3,932
4,119
4,048
4,221
6,214
7,508
6,912
7,097
6,416
5,535
4,980
5,098
5,173
5,097
4,979
4,920
4,741
COMMITTEE ON ENROLLMENT AND DISBARMENT OF ATTORNEYS
AND AGENTS
The committee on enrollment and disbarment of attorneys and
agents, created by Department Circular No. 230, dated February 15,
1921, is responsible tor the examination of applicants wishing to
practice as attorneys, agents, or other representatives before the
Treasury Department or offices thereof, and receives complaints,
conducts hearings, and makes inquiries concerning violations of the
regulations by enrolled practitioners. The conclusions of this committee in each case are submitted as recommendations to the Secretary of the Treasury.
During the fiscal year 1930,12,481 applications for enrollment of
attorneys and agents were apprcived and 26 were disapproved. Since
the organization of the committee in 1921, 27,836 applications have
been approved and 456 disapproved. Some 8,600 persons were
enrolled prior to the organization of the committee and many of them
are now in active practice. ^
A large part of the committee's work arises from complaints filed
with the committee charging violations by enrolled practitioners of
the regulations governing practice before the department. All such
complaints are carefully investigated, and, if found sufficient to
warrant action, a formal complaint is prepared by the committee's
attorney, to which the respondent is required to answer under oath.
If the answer is accepted as satisfactory, the complaint is dismissed;
otherwise a formal hearing is held by the committee, at which the
respondent may appear in person and be represented by counsel. A
respondent in any such disbarment proceedings is entitled to a trial
according to ^'due process of law"; therefore all such hearings before
the committee are conducted with practically the same formality
and under the same rules of law which apply to trials in civil actions.
After the hearing, the committee reports to the Secretary its finding
of facts, and if the complaint has been proven the committee recommends that the respondent be disbarred from further practice before
the department, suspended from practice for a definite period, or
reprimanded.
On June 30, 1929, complaints against 93 individuals were awaiting
final disposition. During the past year 56 new complaints were filed.
In 12 cases the answer of the respondent was accepted as sufficient
and the complaint was dismissed. In 62 cases formal hearings were
held by the committee on 47 days; in 17 cases it was found that the
charges were not proven and the complaints were dismissed; and in
189
190
REPORT ON THE FINANCES
45 cases the charges were found proven in whole or in part and the
Secretary imposed penalties as follows: 15 were disbarred from further
practice before the Treasury Department, 11 were suspended from
practice for various periods, and 19 were reprimanded. At the close
of the year there were 75 complaints awaiting final disposition. Since
the organization of the committee in 1921, 84 practitioners have been
disbarred, 97 have been suspended for various periods, and 125 have
been reprimanded.
It is the policy of this committee to give an attorney or agent
opportunity to show cause why formal disbarment proceedings should
not be instituted against him; 15 such cases occurred during the year.
\
FEDERAL FARM LOAN BUREAU
Operations of Federal land banks
During the year 1930 the Federal land banks cTosed 12,825 loans,
amounting in the aggregate to $47,159,800. These brought the total
credit extended by these banks from organization to June 30, 1930,
to 506,358 loans m an amount of $1,631,420,564.87. On June 30,
1930, the net amount of mortgage loans outstanding was $1,192,719,716.81 and the farm loan bonds of Federal land banks outstanding,
including $10,100 of bonds matured or caUed for redemption but not
including $1,833,580 held by banks of issue, were $1,179,255,260.
The combined capital stock of all Federal land banks on June 30,
1930, amounted to $65,939,366.75, of which $64,818,652.50 was
owned by national farm loan associations; $129,855 by borrowers
through agents; $345 by individual subscribers; $697,995 by individual
subscribers through the Porto Rico branch, and $292,519.25 by the
Federal Government. This latter figure was decreased from $383,028.75 during the year througli retirement in the manner provided
by the farm loan act. The 12 banks reported legal reserves totaling
$13,279,474.59, and undivided profits of $4,632,334.29. In addition
to the legal reserves, they had special reserves against real estate,
delinquent installments, etc., and other reserves aggregating $17,151,736.50.
.
:
National farm loan associations decreased in number from 4,664 to
4,659.
The loan rates of each bank at the beginning and end of the year,
and the changes made during that period are shown in the table below:
Loan rates o/ Federal land banks during the fiscal year 1930
Changed to—
June
Name of bank
Springfield
Baltimore
Porto Rico .
Columbia
Louisville...
New Orleans.
St. Louis
St. Paul
Omaha. .
. . .
Wichita
Houston
Berkeley
.
Spokane
30, 1929
Rate
Percent Per cent
bH
5
6
614
51^
6H
6H
bH
5
bH
5
bH
51.^
. . .
.—
6
bH
bH
bH
6
634
Date
July 15
Nov. 1
do
Sept. 2
Aug. 19
Sept. 1
' Oct. 16
6
61^ Oct. 21
bH July 9
6
Oct. 16
bH July 16
July 1
bH
Changed to—
Rate
Date
Changed to—
Rate
Date
Per cent
Per cent
6
6
Nov. 1
Nov. 4
61^
Feb. 10
bH
6
6
Feb. 16
Nov. 1
Oct. 21
bH
Mar. 1
bH Feb. 16
bH - . . . d o . . _ .
June
30, 1930
Per cent
bH
6
QH
6
51-^
51^
bH
bH
bH
bH
bH
bH
The following table shows the net mortgage loans and total assets,
together with principal liabUities of each Federal land bank, on June
30, 1930:
12101—31
15
191
192
REPORT ON TB:E FINANCES
Principal assets and liabilities of Federal land hanks on June 30, 1930
Name of bank
Springfield. _.
Baltimore
Columbia
Louisville
New Orleans..
St. Louis
St. Paul
Omaha
Wichita
Houston
Berkeley
Spokane
TotaL.
Total assets i
$55, 293, 592
73, 782, 652
71, 641, 207
128,937, 427
121, 052, 574
112, 672, 021
137,907, 333
174,310,976
95, 739, 415
158, 016,897
, 56, 614,931
106, 418,804
1, 292, 387,829
Net mortgage
loans
$49,800,063
69,029, 703
59, 875, 242
122,470, 610
109,793, 600
107, 629,460
120, 635, 802
167,570, 745
88,940, 085
151, 590, 065
51,880,5'40
93, 503,802
1,192,719,717
Bonds outstanding 2
Capital
stock
$50, 626, 280 $2,988, 612
67,450, 560 3,846, 775
66, 067,400 3,306, 385
117,113, 620 6,677, 240
111, 149,980 6,184,415
103,991, 820 5,871, 270
127,067, 000 6,727,625
158, 560, 860 9, 057, 055
87, 663,740 4, 777,805
142, 638,460 8, 202, 715
. 51,709,620 3,082,432
95, 305, 820 5, 217, 038
1,179, 246,160 65,939,367
Reserves
and undivided
profits 3
$464, 062
797,258
741, 502
2,758,674
1, 277,352
774,078
1,089,357
3, 248,193
1,493, 461
4, 595,617
674, 336
3,806
17,917, 695
1 Total assets have been decreased by the amount of special reserves set up against particular assets.
2 Bonds on hand and bonds matured or called but not yet presented for payment are not included.
3 Special reserves set up against particular assets not included.
Operations of joint stock land banks
There was no change during the year in the number of joint stock
land banks, which comprised 48 banks in operation, 1 in process of
voluntary liquidation, and 3 in receivership. As stated elsewhere in
this report, a plan for the reorganization of the properties and affairs
of the Kansas City Joint Stock Land Bank, one of the three in receivership, has been agreed upon by the bondholders' protective committee
and the stockholders' protective committee and has been submitted
to the bondholders of the bank for their acceptance.
Loans numbering 1,322 and amounting to $8,345,538.45 were made
by the joint stock land banks during the year, bringing the total
closed by these banks since organization to June 30, 1930, to 128,588
loans, in an amount of $891,046,808.66.
The combined capital stock of 49 joint stock land banks on June
30, 1930, as shown by reports submitted by them to the Farm
Loan Board, was $41,743,060.24. Legal reserves were $5,551,059.69
and surplus paid in, surplus earned, and undivided profits were
$6,890,213.82. I n addition, they reported special reserves against
real estate, delinquent installments, etc., and other reserves totaling
$3,534,821.56. Five joint stock land banks reported deficits aggregating $2,422,133.91. On June 30, 1930, the net amount of mortgage
loans outstanding was $569,363,240.98 and the amount of farm loan
bonds of joint stock land banks outstanding was $557,728,900, including $3,600 bonds matured or called for redemption but not including
$6,440,700 held by banks of issue. In addition, the three banks in
receivership had $39,061,396.75 of mortgage loans outstanding.
The aggregate amount of bonds of these three banks outstanding
on the respective dates on which they were placed in receivership was
$61,517,400. The Federal Farm Loan Board has authorized the
payment of a liquidating dividend from proceeds of pledged assets of
the Bankers' Joint Stock Land Bank of Milwaukee of 15 per cent of
193
SECRETARY OF THE TREASURY
the principal of the bonds of that bank outstanding when it was placed
in receivership and of the unpaid accrued interest thereon to that date.
The board has also authorized the payment of two hquidating dividends from the proceeds of pledged assets of the Ohio Joint Stock
Land Bank of Cincinnati; each dividend being 10 per cent of the
principal of the bonds of that bank outstanding when it was placed
in receivership and of the unpaid accrued interest thereon to that date.
The following table shows the net mortgage loans and total assets,
together with principal liabUitiek of each bank, as of June 30, 1930:
Principal assets and liabilities of joint stock land banks ^ on June SO, 1930
Name and location of bank
Total
assets 2
347,837
Atlanta, Atlanta, Ga
098,389
Atlantic, Raleigh, N. C .
_
753, 394
Burlington, Burlington, Iowa
273, 227
California, San Francisco, Calif.
646,464
Chicago, Chicago, 111
907, 729
Dallas, Dallas, Tex
988, 633
Denver, Denver, Colo
_
135, 501
Des Moines, Des Moines, Iowa...
180, 944
First Carolinas, Columbia, S. C.._
659,627
First, Fort Wayne, Ind
290, 375
First, Montgomery, Ala
353, 399
First, New Orleans, La
969, 046
First Texas, Houston, Tex
586, 958
First Trust, Chicago, 111
659, 548
Fletcher, Indianapolis, Ind
353, 246
Fremont, Lincoln, Nebr
_.
739,776
Greenbrier, Lewisburg, W. Va
241,420
Greensboro, Greensboro, N. C
_
341,798
Illinois, Monticello, 111
024, 250
Illinois Midwest, Edwardsville, 111
864,157
Indianapohs, Indianapolis, I n d . . .
850, 022
Iowa, Sioux City, Iowa
255, 640
Kentucky, Lexington, Ky
_
597, 034
Lafayette, Lafayette, Ind
637, 974
Lincoln, Lincoln, Nebr..
329,188
Louisville, Louisville, Ky__
716, 766
Maryland-Virginia, Baltimore, Md
027,338
Minneapolis Trust, Minneapolis, Minn
512, 524
Mississippi, Memphis, Tenn.
_.
247, 300
New York, Rochester, N. Y
039, 249
North Carolina, Durham, N. C__
105, 491
Northwest,.Portland, Oregon
307, 558
Ohio-Pennsylvania, Cleveland, Ohio
431, 981
Oregon-Washington, Portland, Oreg
..822, 865
Pacific Coast, Portland, Oreg
827, 658
Pacific Coast, Salt Lake City, Utah
129,455
Pacific Coast, San Francisco, Calif
-..
922,973
Pennsylvania, Philadelphia, Pa
651, 246
Potomac, Washington, D. C
483,441
St. Louis, St. Louis, M o . . .
_.._._
655, 353
San Antonio, San Antonio, Tex
241,907
Southern Minnesota, Minneapolis, Minn
837, 888
Southwest, Little Rock, ilrk
879,517
Tennessee, Memphis, Tenn
066, 253
Union, Detroit, Mich
__
237, 526
Union, Louisville, Ky
_
_.:.
611, 056
Union Trust, Indianapolis, I n d . . .
_..
264,179
Virginia-Carolina, Elizabeth City, N. C
736, 830
Virginian, Charleston, W. Va
Total..
_
624,631,930
Net mort- Bonds outgage loans standing 3
$5, 615,013 $5, 771, 000
16, 205, 326 14,177, 000
3, 361,478 3, 374, 500
14, 389,308 14,409,000
44, 266,195 48,018,600
39, 963, 834 38,166, 000
614,143, 372 12,712, 500
10, 253,413 12,175, 000
.10, 548,927 11, 007,000
8,120,615
7, 690,100
8,724,379
8,433,000
3,982, 953 3, 924,000
7,338,628
7,149,000
8 73,640,869 67, 991, 000
15,698, 313 14, 720, 600
8, 585,781 . 8,077,000
2, 587, 206 2, 373, 000
4, 777,459 4, 694, 000
7,122, 987 6, 711, 000
5, 689, 907 5, 260, 000
704, 055
682, 500
7,069,892
6,892, 600
11,093, 976 11, 088, 000
9, 097, 995 8, 790, 200
35, 030, 755 33, 392, 000
6, 875, 240 6, 668, 000
2, 628, 720 2, m , 000
4, 854, 402 4, 239, 000
4,129, 511 3, 872, 000
13,108, 934 12, 704, 000
13,496, 886 13, 539, 000
30, 840
13,477, 727 12,876, 000
3,079, 534 3, 021, 000
7,463, 532 6,925, 000
4, 637, 943 4, 300, 000
20,713,645 18,042,000
6,469, 985 6, 237, 000
9 6, 209, 210 6, 849, 500
19, 767, 836 19, 312,000
18, 588,928 17, 538,000
16, 646, 309 22, 580, 700
4, 616,904 4,331, 600
3, 680, 351 3,472, 000
9, 227, 545 8, 904, 500.
2, 689, 709 2,906,000
160,000
460, 740
6, 696,014 6,4.65, 000
14, 211, 260 13,904,400
Capital
stock
Surplus,
reserves,
and undivided profits <
$350,000
$136,484
907, 500
436,478
6 56, 232
250, 000
678,399
916, 000
4, 000,000
(«)
2, 571, 200
835, 537
1,184, 800
619,049
1,150, 000
785, 000
(«)
400,000
(5)
550,000
490, 329
250, 000
162,751
650,000
114,559
4, 600, 000
165, 245
750, 000
907,150
850, 000
909, 287
250,000
273,709
250,000
69,137
450,000
205,092
350, 000
99,897
250,000
117, 608
500, 000
14,486
650, 000
357, 696
300,000
250,811
2, 711,400
410, 258
500, 000 ' 873,957
250, 000
55, 978
450,000
136,306
350, 000
296,419
800, 000
153, 056
700, 000
251, 301
. 87,160
459, 8li
770, 000
16, 817
250, 000
316,986
450,000
52,008
300, 000
261, 930
1,400, 000
93, 765
418, 500
582, 016
400,000
110,004
1,430,000
179,187
1, 226, 500
379,406
3, 000, 000
399, 576
285,000
(5)
250, 000
95,916
600, 000
92, 028
250, 000
230, 207
250, 000
36, 291
400, 000
92,189
1,160,000
246, 506
394,434
569,363,241 557,726,300 41,743,060 13,116,296
1 Joint stock land banks in receivership not included.
2 Total assets have been decreased by the amount of special reserves set up against particular assets.
3 Bonds on hand and bonds*matured or called but not yet presented for payment not included.
< Special reserves set up against particular assets not included.
5 These banks had deficits as follows: Burlington, $12,496; Chicago, $1,039,599; Des Moines, $498,338;
First Carolinas, $57,468; Southern Minnesota, $814,232.
8 Before deducting a reserve of $11,826.
;
1 Before deducting a reserve of $106,181.
8 Before deducting a reserve of $502,439.
;
» Before deducting a reserve of $6,026.
194
REPORT ON THE FINANCES
Operations of Federal intermediate credit ba^nks
During the fiscal year these banks made original loans to cooperative marketing associations of $51,883,676.53 and granted renewals
of $10,160,377.37. These amounts brought the original advances
from organization to June 30, 1930, to $322,431,341.25 and the
renewals to $180,274,217.48. The loans outstanding on that date
were $27,024,837.56.
Original discounts closed during the year amounted to $64,281,119.44 and renewals of discounts to $34,875,936.74, bringing the
total original discounts closed from date of organization to June
30, 1930, to $327,521,452.42 and the discounts renewed to $160,894,052.68. The total discounts outstanding on that date were
$64,640,504.89.
Under the law, 50 per cent of the net earnings of the Federal
intermediate credit banks each year must be paid into the Treasury
as a franchise tax. The amount of net earnings for the calendar
year 1929, after providing reserves of $1,035,096.17, was $344,461.12 and the amount of franchise tax paid into the Treasury was
$172,230.57. This compares with earnings of $516,173.02, after
deducting reserves of $469,221.66, and a franchise tax of $258,086.51
during the calendar year 1928.
On June 30, 1930, the surplus, reserves, and undivided profits of
11 banks aggregated $3,478,519.43. The remaining bank had a
deficit of $715,281.92, as compared with a deficit of $912,214.61 at
the close of the preceding fiscal year.
The loan and discount rates charged by each bank at the beginning
and end of the year, and the changes made during that period are
shown in the table following.
195
SECRETARY OP THE TREASURY
Loan a7id discou7it rates of Federal intermediate credit hanks during the fiscal year
I 1930
Changed to—
June 30,
1929
Name of bank
Springfield:
Loans.Discounts
Baltimore:
Loans.
Discounts
Porto Rico: Discounts
Columbia:
Loans
Discounts
Louisville:
Loans.Discounts^„. . . . . .
New Orleans:
Loans _
Discounts
St. Louis:
Loans
Discounts
St. Paul:
Loans
..
Discounts.
Omaha:
Loans..
Discounts .
Wichita:
Loans
Discounts
Houston:
Loans
Discounts.
Berkeley. £.Loans ._
Discounts
Spokane:
Loans
Discounts
iDate
Rate
P.ct.
5
6
Changed to—
Rate
Rate
Changed t o Rate
Date
6
5
6
6
6
Mar. 15
-.-do
.j.do
4 ^ June 16
4M ...do
Nov. 20
-.-do
51^
6M
61/2 Dec. 16
6 ^ ...do.....
bH Jan.
bH ...do
2
bH Oct. 15
bH Nov. 16
5
6
Feb. 16
...do
6
5
Mar. 16
...do
i H Apr. 16
i H ...do
6
6
6
5
bH
5H
6M
5
6
6
6
Dec. 16
5H . . . d o
6
6
63^ . . . d o
-.-do
5M .J.do
5M - . d o
6
Nov. 10
6 .J-do
63^
Feb. 15
Aug. 15
b H Dec. 27 . 6
5
bH . . . d o . . . .
bVi Dec.
Do.
t^ May 15
Rate
6
6
Jan. 28
...do
i
Feb. 15
i A June 16
i A ...do
Dec. 31
...do
5
5
Feb. 15
—do..-,.
Apr. 15
Do.
bH ...do
b H ...do
6
6
Feb. 7
i H Apr. 30
Do.
iH
bVi Dec. 16
bY2 . . . d o . . . . .
5
5
Dec. 31
—do.....
i H Apr. 15
iH
Date
P.ct.
Changed to—
Rate
Date
Changed to—
Rate
Date
.
iA
iA
5
Mar.
ti —do 27
4H May 15
41^ ...do
i H June 16
i H ...do
.—.___
.
—
—
.
\ti .June 16
do
......
.
.
June 30,
1930
P.ct.
4
4
P.ct.
P.ct.
_
—
-
Mar 27
Do.
May 16
...do
5
5
i Changed to—
. . .
Jan. 15
Do.
May 15 . 41/2 June 16
.J.do
41/2 ...do
bH *6i^ Dec. 11
.J.do
bH
6
6
b
6
iVi June 2
i'A . . . d o
Nov. 21
-..do
6H
6M
.
Date
P.ct.
P.ct.
P.ct.
P.ct.
May^ 16
June 18
i H Apr. 16
i
i ...do
i H ...do
i'A -..do
Name of bank
Springfield:
ifOans.
Discounts
Baltimore:
Loans
_
Discounts . . .
Porto Rico: Discounts
Columbia:
Tioans
Discounts
Louisville:
Loans
Discounts
New Orleans:
Loans
Discounts
St. Louis:
Loans
Discounts
St. Paul:
Loans
Discounts
Omaha:
Loans
Discounts.
Wichita:
Loans
Discounts
Houston:
Loans
• Discounts
Berkeley:
Loans
Discounts
Spokane:
Loans
Discounts.,
Date
Changed to—
iH
iH
iA
iA
ti
^'
iA
iA
iA
iA
5
i i'A May 15
[ i A — do
5
o
>
,.._
.
May 16
—do
1
.
..
<
:
. do
P. .June 16
iA
i'A
iH
iH
i H June 16
i H ...do
iH
iH
i A May 15
........
^
1 iA . . . d o
^'A
i'A
....
196
REPORT ON T H E FINANCES
The following table shows the loans and discounts and total assets,
together with principal liabilities of each Federal intermediate credit
bank, on June 30, 1930:
Principal assets and liabilities of Federal intermediate credit banks on June SO, 1930
Name of bank
Total assets
Springfield...
Baltimore--.
Columbia
Louisville
New Orleans.
St. Louis
St. Paul
Omaha
Wichita
Houston
.
Berkeley
Spokane
$14,044,050
5, 773,934
11,216,441
Total..
133, 214,853
5, 397, 671
13, 383, 630
6, 358, 637
15,927,116
10,171,878
6,112,468
17,425,184
16,350,925,
13, 052,917
Loans and
discounts
707,142
823, 379
640, 662
591, 096
182, 874
956, 785
282, 296
913, 208
941, 941
028, 926
953, 914
643,120
91, 665, 342
Debentures
outstanding
Surplus, reserves, and
Paid-in
capital stock undivided
profits
10, 200, 000
4, 650, 000
500, 000
11, 600,000
10, 000, 000
6,800,000
$2, 000,000
2, 000,000
5, 000, 000
2, 000, 000
2, 000, 000
2, 000,000
2, 000, 000
2, 000, 000
2, 000, 000
2, 000, 000
5, 000, 000
2, 000, 000
64,445, 000
30, 000,000
$8, 500,000
350,000
6,450,000
6,395,000
1 Debentures held by banks of issue and debentures matured are not included.
2 Deficit of $716,282.
$318, 746
401,195
(2)
394, 06-1
233, 043
268, 655
363, 625
359,912
407,741
441, 334
290, 209
3,478, 519
SECTION OF FINANCIAL AND ECONOMIC RESEARCH
The section performs a combined research, editorial, and service
function for the Treasury, largely in the field of finance. Upon
request or on the initiative of the section, studies and investigations
in taxation, public debt, and other subjects in or related to the field
of public finance are conducted.! These projects, the results of which
are for the most part for confidential use within the department, are
undertaken with a view to providing information for the use of Treasury officials in formulating the policies of the department and in
improving Treasury methods and records. Information on business
and financial developments is made available currently to Treasury
officials.
;
The specific tasks performed during the year were as follows:
(1) The customary estimates of tax receipts for the two succeeding
fiscal years were prepared. These, together with forecasts of other
Treasury agencies, were the basis of the Treasury's regular estimates
of Federal revenue.
(2) Under the general supervision' of the Undersecretary of the
Treasury, the Annual Report of the Secretary of the Treasury for
1929 was outlined, assembled, edited, and indexed, and part of the
material in the body of the report prepared.
(3) The section also assisted in editing the statistics of income
compiled from income tax returns for 1928, published by the Bureau
of Internal Revenue, and in editing and revising several other publications of the Treasury.
(4) Articles discussing various phases of our public finance
appearing in periodicals, encyclopaedias, etc., under Treasury authorization, together with material for public use by Treasury officials,
were prepared i n p a r t or in whole in the section.
(5) The financial, economic, and bibliographical information service to Members of Congress and to the general public was continued,
and a diversified correspondence, dealing with problems of public and
general finance, was conducted.
(6) An estimate was issued each month of the tax exempt securities outstanding, including total outstanding State,local. Territorial,
and insular indebtedness.
. (7) During the sessions of Congress a digest of the progress of
financial and other economic legislation was made and distributed
daily.
i
197 .
198
REPORT ON THE FINANCES
(8) One hundred and twenty-three volumes, ten periodicals, and
two services, besides a large number of valuable reports and pamphlets, were added during the year to the general Treasury library
and to the Ubrary of standard and recent books and of important
domestic and foreign periodicals, both a part of this section, for the
use of the entire Treasury staff. The index of material in current
periodicals and other publications on subjects of interest to the Treasury was continued.
GENERAL SUPPLY COMMITTEE
A summary of the transactions of the General Supply Committee
for thefiscalyears'1928, 1929, and 1930, will be found in the following
table:
Summary of transactions of the General Supply Committee for the fiscal years 1928,
1929, and 1930
1928
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 contractors
R e c e i p t s from disposition of s u r p l u s
property:
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 a c t i v i t i e s . .
Total.
Grand total
1929
$8,835,799.40
$9,299,289.41
96,739.80
47,141. 73
44,267. 72
188,149. 25
9,023,948. 66
46,323.47
90,329.12
16,804. 39
153,456. 98
9,452.746.39
1930
1930 compared
w i t h 1929, increase ( + ) or
decrease (—)
$11,869,481.51 +$2,570,192.10
43,601.04
134, 653. 66
15, 507.98
193, 662. 57
12,063,144. 08
—2,722. 43
-f 44,224.43
-1,296.41
+40,205. 59
+2,610,397.69
Value of purchases reported by executive ^departments under contracts negotiated hy
the Secretary of the Treasury through the General Supply Committee for the fiscal
years, 1926 to 1930, hy classes
!
Class N o . i
1_.
_
2
3
4
5
6_—
7
8 —.
9
10
11
12
13
14
15
16
17
.:
18
19
20
21
.—
Total
_
1926
1927
1928
$860,650.96
134,354.67
314,542.71
106,719.49
118.689.42
186,063. 50
233,224.35
233,761.49
764,243.65
576.136.43
124,608.39
254,731.02
4,312. 42
20,649.20
718,717.03
1,613.03
486,911.78
666,294.70
463,593.34
459,893.87
$1,061,239.13
159,282.15
227,621.29
82,147.46
82,866. 60
245,273.92
319,628. 68
258,115.25
986,628.60
618, 680.39
119,322.63
324,734.73
3,946.66
17,198.46
742,668.22
1,698.92
486,966.63
930,683.00
462,719.66
477,801.43
$869,388.99
246,242.94
260,920.31
90,996. 39
87,355. 32
297,926.12
349,708.43
396,046. 01
963,672.00
733, 671.30
139,800. 50
287, 600.93
3,144.17
26,270. 63
740,061.64
972.47
1,041,051.47
1.158,713.99
639,039. 86
615,416.93
6,726, 600.35
7,606,923. 41
8, 835,799. 40
1929
$1,093,098.34
359,602.36
432,863. 78
166,371. 37
126,069. 69
408,281. 44
459,862. 27
408,643.81
1,157,423. 72
823,467.41
227,388. 86
370,126. 38
3,887.27
22,892.21
805,192.60
569.62
387,604. 58
996,039.78
528,493. 58
503,256.92
18,363. 62
9,299,289.41
1930
$1,362,880. 04
354 009 77
431,402. 76
207.586 93
125? 571.73
373,224.34
490,798. 61
538, 672 00
1, 636,752.64
1,013,956. 79
161,432.33
413,913.64
3,060.14
23,951.29
949,410.13
644.90
633,659.69
1,962,665.09
716,769.36
659,125.25
10,104.08
11,869,481. 51
Class No.—
1 Class No.—
11. Feed, forage, and seed.
1. Stationery, paper and paper articles, draft12. Photographic supplies, meteorological apparaing supplies, and school supplies.
i
2. Hardware, metals, brief cases, hand bags, tus,microscopes, surveying instruments, and meatinspection supplies.
leather goods, and shoe findings.
13. Engraving, printing, and lithographic sup3. Dry goods, flags, wearing apparel, boots,
plies (excluding supplies for the Government
shoes, slippers, window shades, and cordage. ;
Printing OfBce and the Bureau of Engraving and
4. Drugs, medicines, and chemicals.
Printing). '
5. Laboratory apparatus, hospital appliances,
14. Ice.
and surgical instruments.
15. Incandescent electric lamps.
6. Electrical, engineering, a n d p l u m b i n g
16. Incandescent gas-lamp supplies.
supplies.
17. Automobile and motor cycle accessories, motor
7. Lumber, millwork, excelsior, sawdust, packcycles, tires and tubes.
ing boxes, building materials, slag, stone, and
18. Computing, addressing, dictating, duplicating,
asphalt, oil, and tar for road building.
folding and sealing machines; labor-saving devices;
8. Brushes, glass, lubricants, fuel oils, paints,
typewriting machines, exchange allowances, repair
and painters' supplies.
parts, and equipment.
9. Furniture and floor coverings.
19. Electric service.
10. Groceries, provisions, cleaner, floor machines
20. Telephone service.
and vacuum cleaners, floor wax, polish, scour21. Athletic supplies andplay ground equipment.
ing compound, soaps, soap dispensers, meat, fish,
lard, oleomargarine, and household supplies.
NOTE.—The value of purchases, by classes, for earlier years is shown in the following reports: 1913 to 1918,
in 1921 report, p. 488; 1919 to 1925. in 1928 report, p. 234.
199
200
REPORT ON THE FINANCES
Receipts from surplus and salvaged materials disposed of by the Ge7ieral Supply
Committee for the fiscal years 1921 to 1930
Auction
sales
Fiscal year
1921.
1922.
1923.
1924.
1925.
1926.
1927.
1928.
1929.
1930.
Contract
sales 1
$20, 186. 32
79, 595.35
114, 492. 74
179, 613.00
63, 112. 81
83, 310. 32
66, 258.13
739. 80
323. 47
601.04
Transfers
$3,230. 45
138,129. 25
130,390.40
165,972. 77
130,929.07
79,190.92
47,141.73
2 90,329.12
2 134, 663. 55
Total
$989,234.26
686; 097. 35
324,376. 77
150,002. 96.
78,028. 61
48,450.84
33,086. 62
44,267.72
16,804. 39
16.507.98
, 009,420. 57
767,923.15
576, 998. 76
460,006. 36
307,114.19
262, 690. 23
177,534. 67
188,149. 25
153,456. 98
150,061. 53
1 Includes estimated amounts of $75,000 in 1923 and 1924 and $80,000 in 1926, and actual amounts of
$50,633.58 in 1926, $29,704.41 in 1927, and $23,029.36 in 1928, received from the sale of waste paper from the
various departments; the receipts for which do not pass through the General Supply Committee but are
paid direct to the selling services and deposited in the Treasury by them.
a Includes amount collected for waste paper by the District of Columbia.government—$849.65 in 1929
and $878.87 in 1930.
Number of specifications mailed by the General Supply Committee, bids received,
contracts entered into, items on which awards and no awards were made, and
samples received and retained for the fiscal year 1930
Contracts
Sets of
specificaBids
tions
received
mailed
Class No.i
1
2
..„
si::.-!
4
5
_
6
7
8
9.
10
11
12
13..
14
15
16
17
18
19
20
21...
_
-
—
-.
.
-
-.
Total
1 See titles of classes on p. 199.
Samples
received
4,839
1,094
2,195
115
918
587
156
604
423
4,138
26
160
74
51
276
114
188
44
73
94
43
98
68
690
40
68
9
3
6
1
74
51
1
1
8
8,000
1,830
1,162
466
966
175
224
319
206
405
390
2,701
164
130
45
9
19
6
439
134
Number
Award
items
Samples
retained
No award
items
2,645
2,601
2,017
- 1,410
1,183
1,792
863
773
1,642
927
613
1,913
46
31
108
54
234
1,607
50
123
66
1,029
414
441
23
369
106
32
60
254
897
8
66
34
91
161
80
124
135
121
137
23
44
145
15
119
5
84
19
21
4
31
215
164
74
105
36
47
73
35
59
39
356
30
45
9
3
4
1
47
46
1
1
5
64
7
16,803
1,170
20,198
3,890
1,263
220
39
201
SECRETAEY OF THE TREASURY
Statement of surplus property received and issued by the General Supply Committee, by departments and establishments, for the fiscal year 1930
Issues
Department or establishment
Cost 1
Balance on hand
;.
Agriculture Department
L
Botanic Gardens
.-.
L
Commerce Department
^..-L
District of Columbia
'.
Federal Farm Board....
.'.
Federal Power Commission
L
Federal Trade Conimission....
General Accounting Ofiace
1.
George Washington Bicentennial Commission..
Government Printing Oflice
L
House of Representatives
'.
Interior Department
-:.
Interstate Commerce Commission
..1.
Justice Department
->
Labor Department
•.
Library of Congress
.
.
National Advisory Committee for Aeronautics;.
National Guard, District of Columbia
L
Navy Department
..:
;.
Panama Canal
'.
Post Office Department
Public Buildings and Public Parks
.
L
Smithsonian Institution
;.
State Department
j .
Treasury Department...
L
U. S. Board of Mediation
.;.
U. S. Civil Service Commission...
J..
U. S. Court of Customs and Patent Appeals...
U. S. Railroad Administration
J.
U. S. Senate
..
U. S. Shipping Board
j.
U. S. Tarifl Commission
J.
U. S. Veterans' Bureau
J.
War Department
J.
Total
Serviceable Unserviceable
property, property,
junk
Charge 2 for reissue
812.90
12.60
641.03
916.71
11.15
4.00
285.06
$2,137.32
9.50
408. 51
2,817.42
9.65
3.00
964.80
67.60
572. 60
166. 25
040. 20
493. 06
636. 20
590. 90
67,50
432. 00
1,142.75
866.45
395.61
636. 20
451. 71
.25
32.00
425.40
31.80
102. 69
88.00
94.35
316. 98
!, 394. 52
.25
24.00
392.13
26.85
77.89
84.75
76.72
308. 94
2,001.66
16.00
36.25
107. 60
.12
45.60
, 652.44
809.60
107.60
.12
45.37
1,348.69
658.50
18,202. 25
J..
15.00
27.19
16,607.98
$29,406.72
$9,000.00
76,339.13
198. 38
11.00
72,176. 07
800.00
1,430. 81
550. 00
12,883. 50
1,656.84
4, 693.78
100.00
36,642.99
739. 21
59.60
1, 467. 55
200.00
1,047. 00
130. 75
10,621. 41
28. 36
46.10
1,499. 92
361. 75
2,812. 21
18.25
18,065.84
9,448.41
1,038.00
10,631.61
18,952.08
22,396.91
113,737. 26
231,406.82
1 Original cost of surplus property as shown by transfer invoices from departments.
2 Transfer price of surplus property issued to| departments.
Recapitulation of surplus property stores account of the General Supply Committee
for the fiscal year 1930
Balance of stores as of June 30, 1929
$38, 406. 72
Transferred to the General Supply Committee during the fiscal
year 1930
-1
- - - 306, 736. 35
I
Total...-
!-
•
•
-
345, 143. 07
Net sales to departments and estatjlishments
___
_
15, 507. 98
Discounts allowed on above
\
2, 694. 27
Net proceeds from auction sales...;
^
.
28, 837. 23
Reimbursements to departments and expense account of auction
sales
.
14,763.81
Difference between invoiced value ^nd proceeds from auction sales. 201, 495. 53
Balance on hand June 30, 1930-__'..
81,844. 25
345, 143. 07
Net decrease in "stores during the fiscal year 1930,^^ ^^^.^«^-.,---- 204, 189. $0
BUREAU OF INTERNAL REVENUE
General
Internal revenue receipts.—Receipts* from internal revenue taxes
during the fiscal years 1929 and 1930 were as follows:
Summary of internal revenue receipts for the fiscal years 1929 and 1930
[On basis of reports of collections, see p. 468]
1929
Sources
Income tax:
Corporation ^
Individual
Total
$1,235,733,256. 24 $1,263,414,466.60
1,096,541,172.40
1,146,844,763.68
-.
Estates of decedents
_
Tobacco manufactures, etc
Other miscellaneous taxes'
Receipts under national prohibition laws
Internal revenue collected through customs offices.
Total
Grand total
Increase
1930
$27,681, 210.36
51,303,591. 28
2,331,274,428.64
2,410,259,230.28
78,984,801. 64
61,897,141.48
434,444,643.21
110,706,776.99
727,006.93
4,479.18
64,769,625.04
450,339,060.50
113,657,469.64
1,105,171.74
15,186.07
2,872,483.56
15,894,517. 29
2,950,682. 56
• 378,165.81
10,706. 89
607,779,946.79
629,886,502.89
22,106,666.10
2,939,054,376.43
3,040,145,733.17
101,091,357.74
1 Includes income tax on Alaska railroads (act of July 18, 1914) amounting to $13,517.52 for 1929, and
$15,346.36 for 1930.
»Includes $11,942,548.29 for 1929 and $2,607,604.84 for 1930, delinquent taxes collected under repealed laws.
In this summary tax receipts are classified according to the administrative organization for the audit of returns, as between the Income
Tax Unit, the Estate Tax Division, the Tobacco Division, and the
Miscellaneous Division. A statement of collections by taxes in detail
appears in Table 9, page 512.
Refunds and additional assessments.—In the foregoing statement of
receipts no deductions have been made on account of refunds, which
during the fiscal year 1930 were paid from the several appropriations
as follows:
Refunding taxes illegaUy collected, 1928 and prior years
Refunding taxes illegally collected, 1929 and prior years
Refunding taxes illegally collected, 1930 and prior years
Total
$3, 986. 95
22, 170, 741. 33
104, 661, 604. 94
126, 836, 333. 22
* 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 represents 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.
202
203
SECRETARY OF T H E TREASURY
In addition to the above amount there were certain repayments as
provided under specific appropriations which were not refunds of
taxes erroneously paid under' our present internal revenue laws.
The redemption of stamps represents the return to the Government
of stamps purchased by the taxpayer in excess of his requirements.
The stamps so redeemed during the fiscal year, including interest,
totaled $744,239.85. Repayinents under the appropriation acts
'^Refunding legacy taxes, act of;March 30,1928,^' and '^Repayment of
taxes erroneously collected under the act of June 13, 1898,'^ totaling
$44,934.84 relate to claims uncier repealed tax laws, the interpretation of which has been changed by court decision.
Number of schedules and claims, amount refunded, and interest allowed on each^lass
of tax during the fiscal year 1930.
Appropriation and class of tax
Schedules Claims
"Refunding taxes illegally collected," for the'fiscal
years 1928 and prior years, 1929 and prior years, and
1930 and prior years:
I
Capitalstock....
_
i
Estate
I
Income
Miscellaneous
i
Sales
.-.
Spirits-narcotics
Tobacco
^
Total
Amount refunded
Interest included
52
1,234
5,733
36
76
57
17
126,836,333.22
3,010
189
6
Total
Refunding legacy taxes, act of Mar. 30, 1928J
Repayment of taxes erroneously collected under
the act of June 13,1898
119,891
146
30
13
.
Repayments (not refunds) of taxes erroneously collected:
Redemption of stamps:
Miscellaneous
Spirits-narcotics..
_
i
Tobacco
:
$429,627. 90
$89,574. 70
, 6,686,277.97
1,118,201. 34
118,203,238.31 36,516,874.99
16,763.35
131,080.52
228,178.41
1,458,824. 72
3,096.95
26,147.14
21.99
1,136. 66
7,205
1
332
1,616
116,479
133
796
504
31
3,761
133
618
18
3
.
3
37,971,711. 73
385,520. 33
2, 717.46
356,002.06
13,483. 28
21.15
744,239. 85
13,664.18
13,504.43
31,370. 66
20,044. 26
Offset against these tax refunds are the additional assessments
resulting from office audits and field investigations which amounted
to $303,055,026.98^ as follows::
Additional assessments made during the fiscal year 1930, by class of tax^—
Class of tax
'
Income-Estate--.Gift
Capital stockSales
Miscellaneous
Tobacco
.-__
4
—-1..
.
Amount
.--.
$264, 302, 130. 16
27, 656, 938. 96
92, 554. 94
2, 522. 50
809, 434. 64
10,095,377. 74
96, 068. 04
.
--
.--_
303, 055, 026. 98
.
-
-
Total
<%
-
•
•
1 This total includes for income taxes, $208,429,063.16 from the Income Tax Unit and $55,873,067 from the
Accounts and Collections Unit; for miscellaneous internal revenue, $29,101,355.82 from the Miscellaneous
Tax Unit and $9,661,541 from the Accounts and Collections Unit. The assessments of the Income Tax
Unit include $36,124,266.65 made under the jeopardy provisions of sections 279 and 280 of the revenue act of
1926 and section 273 of the revenue act of 1928.
204
REPORT ON THE FINANCES
If the tax refunds during the year on account of erroneous or illegal
collections for 1930 and prior years, amounting to $126,836,333.22,
were deducted from the gross collections of $3,040,145,733.17, the net
collections for the fiscal year would be $2,913,309,399.95. The gross
collections, however, are used for comparative purposes in this report.
It is interesting 'to note that the $1,254,317,890.62 of refunds of
taxes erroneously or illegally collected which were made during the
past 14 years are approximately 23 per cent of the $5,345,202,277 of
additional assessments resulting from office audits and field investigations made during the same period. The ratio of the total refunds to
the total internal revenue receipts amounting to $44,032,371,357.94
duqng the period is approximately 2.8 per cent.
Cost of administration.—The amount expended and obligated in
administering the internal revenue tax laws for the fiscal year 1930
was $34,352,063.41. This does not include the amount expended for
refunding taxes illegally or erroneousl}^ collected, which is in no sense
an administrative expense. The aggregate receipts of internal revenue
were $3,040,145,733.17, which makes the cost of operation for. the
fiscal year 1930 $1J3 for each $100 collected as compared with $1.17
for the fiscal year 1929.
Income Tax Unit
The Income Tax Unit has charge of the auditing and closing of all
income tax returns except certain returns of small incomes for which
the auditing problems are not difficult. The latter are settled in the
collectors' offices under the administration of the Accounts and Collections Unit. For its work, the Income Tax Unit has an organization
of auditors in Washington and a field force throughout the country.
Examination of returns.—The number of returns examined and
closed during the year by the Washington and the field organizations
of the unit was 2,297,351, of which 1,872,268 were filed by individuals
and partnerships and 425,083 by corporations. The number closed,
during the preceding fiscal period was 2,198,695.
Additional revenue.—The total additional revenue made available
for collection was $172,304,836.51 as compared with $260,227,744.14
for the previous fiscal year. These additional revenues are classified
below to show the amounts involved as additional tax, penalties, and
interest, and also the agreement procedure involved in reaching a
settlement with the taxpayer.
205
SECRETARY OF THE TREASURY
Additio7ial revenue made available for collection during the fiscal years .1929 and
1930, classified according to the tax, penalty, and interest, and the agreement
procedure involved
\
1929
Amount
I. Tax, interest, and penalty:
Tax..
Interest
Penalty..-
1930 .
L... $206,832,643.54
i
33,150,045.30
'---.
1,823, 704.63
Total additional revenue
'.
Per cent
79.5 $140, 350,442. 57
12.7 25,586,805.26
.7
1, 379,428. 62
81.5
14.8
8
92.9
7.1
167, 316, 676.45
4,988,160.06
97 1
2.9
260, 227, 744.14
100.0
172,304,836.61
100 0
39,309,376.89
16.2
31,421, 761. 70
18.8
86, 360,630.13
35.3
65,021,641.98
32 9
16,426,074.62
43, 754,229.66
6.8
18.1
9, 604,125.30
20,868,302.79
5; 7
12.4
Total
L... 241,806,393.47
Rejected claims for abatement and credit...L... 18,421,350.67
II. Agreement procedure involved in settlement:
Mimeograph 3552 i
Regular procedureAgreements executed by taxpayer without 60-day letters
'
Agreements executed by taxpayer and
filed subsequent to 60-day letters.....
Appeal not filed within 60-day period..
Entered after decision by Board of Tax
Appeals
'-
Amount
Per cent
66,967,083.17
23.6
60,600,844.68
30 2
241,806,393. 47
Total
100.0
167,316,676.45
100.0
1 The effect of mimeograph 3552 is to shorten the interest period when the additional tax is agreed to by
taxpayer and field force. The abovefigurescover assessments made during the periods June 1, 1928, to
May 31,1929 and June 1,1929, to Apr. 30,1930. ;
In addition to the amount of revenue thus made available, additional taxes were also assessed;under the jeopardy provisions of the
several revenue acts, as follows:
Additional revenue assessed under the jeopardy provisions of revenue acts during the
fiscal years 1929 and 1930
1929
Under bankruptcy and dissolution procedure.i.
Return believed to be fraudulently rendered ...L
Total assessed
Interest
Penalties
1
• Grand total..-.
'.
i
L
1930
$22,680,189.76
14,088,768.77
.
$19,822,481.57
6,786,822.13
36,668,958.53
6,687, 329.38
8, 509,137.67
26,609,303,70
5,669,651. 79
3,946,271.16
.50,866,425.58
36,124,226.66
Reduction in number of BO-day letters mailed as related to appeals
filed.—During the year the Income Tax Unit issued 13,658 60-day
letters as compared with 16,980 and 38,537 for 1929 and 1928, respectively. The issuance of the OO-day letter represents the final audit
action of the Income Tax Unit on cases concerning which the bureau
and the taxpayer fail to reach an agreement. A decrease in 60-day
letters indicates that more cases are being closed within the bureau by
agreement with taxpayers and fewer cases are being appealed to the
Board of Tax Appeals. This, of course, is the objective toward which
the efforts of the bureau are directed.
206
REPORT ON T H E FINANCES
The number of appeals filed during the year with the Board of Tax
Appeals was 4,113, including 5,810 taxable years. During 1929 and
1928, 5,139 and 9,908 appeals were filed, including 8,144 and 16,376
taxable years, respectively. Petitions were filed with the Board of
Tax Appeals, including proposed assessments of $83,255,660.93, and
penalties totaling $2,637,280.03. The amount petitioned during the
previous year, including penalties, was $151,017,846.34.
Claims and overassessments.—The following table shows the number of refund claims adjusted and the certificates of overassessment'
issued, together with the amounts of overassessment involved during
the fiscal years 1929 and 1930:
Refund claims adjusted and overassessments determined during the fiscal years 1929
and 1930
1929
Claims:
Pending at beginning of year
Filed during year
Total to be adjusted...
Allowed in full or in part
.
Rejected
Total adjusted
Adjusted and awaiting action in,General Counsel's Office
Pending at end of year
°
Certificates of overassessment issued when no claim had been filed...
Amount of overassessments determined on all claims settled b y Abatement
Credit
.
. . .
_
Refund
Total
Interest
Grand total
.
.
.
1930
Number
12,818
60,299
63,117
34,736
16,386
60.120
253
13,250
42,329
Amount
$176,398,377.68
36,535,245.42
126,695,318. 51
339,628,941. 61
38,768,622.33
378,297,563.84
Number
13,250
41,346
54,596
31,317
12,849
44,166
2,382
12,812
36,969
Amount
$124,019,819.63
35,819,633.37
81,687,363.32
241,626,816.32
36,616,874. 99
278,042,691.31
NOTE.—The amount involved in claims filed during the year was $299,619,106.17, as compared with
$613,052,371.28 the preceding year. Of the claims adjusted during the year, the amounts rejected totaled
$164,093,902.48 as compared with .$237,573,989.16 the preceding year.
There were adjusted during the year 16,881 coUectors' claims (included in the foregoing), in 15,395 of which abatements or credits
were recommended and in 1,486, refunds. These claims were largely
of the multiple-item type, i. e., each covering several returns, and
involved 18,867 returns for abatement or credit and 72,062 for refund.
Prior year returns pending.—The total number of returns pending
on June 30, 1930, before the several audit sections of the Washington
office for the tax years 1917 to 1927, inclusive, was as follows, classified by original returns and by reopened or new returns:
Returns pending on June 30, 1930, hy tax years
Tax year
1917
1918
1919..
1920.
1921
1922
1923
Total
134
204
241
325
261
404
613
Original Reopened
or new
12
24
36
44
37
93
164
122
180
206
281
224
311
449
Tax year
1924
1925
1926
1927-
Total
Original Reopened
or new
1,663
2,166
4,608
12,391
Total........
726
1,084
3,164
11,137
827
1,081
1,444
1,264
22,899
16,621
6,378
SECRETARY OF THE TREASURY
207
The audit in the field.—During the year revenue agents and auditors
in the office of internal revenue agents in charge submitted recommendations for the closing of 449,784 returns. Thorough audits in
the field were made of 204,077 returns, while for 124,212 returns, the
audit involved investigation of specific items which, to be allowed as
deductions, etc., demanded further consideration and support. For
121,495 returns the field forces concluded, after a second survey, that
the returns should be accepted without field audit.
Of the returns audited in the field, deficiency taxes were proposed
on 115,153, overassessments on 35,943, and no change on 177,193.
Agreements were secured in the field as to 120,673 of the 151,096
changed returns. The amount of the deficiency taxes involved in
cases where agreements were secured by the field forces was
$59,242,248.78.
During the fiscal year 1931 the field divisions will conduct field or
office investigations in 145,992 returns for 1928 and prior years and
in approximately 400,000 returns for 1929.
Production statistics.—^As a part of income tax administration during the year, 326,977 individual and 103,306 corporation returns were
forwarded to revenue agents and 186,583 individual returns to collectors for investigation. Thqre were received and routed to the
proper destination for audit review 336,715 reports. Of the total
number of reports received, 297,728 were forwarded by revenue
agents in charge and 38,987 by collectors of internal revenue. There
were returned from collectors aiid agents 278,526 returns, which upon
review in the field required no examination. In answer to requests
from the office of the general counsel, there were furnished 16,182
returns and other documents. Approximately 33,000 bankruptcy
and dissolution cases were forwarded to the office of the general
counsel and other offices of the bureau.
There were received and sorted 8,235,265 information reports of
salaries, interest, and dividends, and 2,100,000 forms showing names
and addresses of taxpayers, a total of 10,335,265. There were
5,976,150 reports forwarded to-the several collectors for comparison
with individual returns on Form 1040-A, and for the discovery of
delinquent taxpayers. Information reports were compared with
1,567,850 individual returns. Form 1040, of the ^^accepted'' class on
file in Washington, which disclosed apparent understatements of
income by approximately 35,000 taxpayers.
Personnel.—The personnel of the departmental and field forces of
the Income Tax Unit was reduced by 149 employees during the year.
12101—31
16
208
REPORT ON T H E
FINANCES
Number of employees i n the Income Tax Unit on J u n e 30, 1929 and 1930
June 30,
1929
June 30,
1930
Increase(-f-)
or decrease
(-)
Departmental force:
Techjiical
Clerical
Total
Field force:
Technical
Clerical...
Total
Grand total— . . . .
.1
900
1,314
2,214
870
1,240
2,110
_
2,630
749
3,379
6,593
2,583
751
3,334
6,444
. ..
. ..
..
—30
-74
-104
-47
+2
-45
-149
Special advisory, committee
The function of the special advisory committee is to consider cases
pending before the bureau, the Board of Tax Appeals, or the courts,
for the purpose of attempting to reach settlement thereof without
litigation. I n those cases for which settlement is reached, the final
responsibility therefor rests with the committee, with the approval of
the commissioner. The work of the committee over a period of
approximately three years has proved conclusively the assertion of the
Bureau of Internal Revenue that Federal taxation is and should be a
matter of administration and not litigation.
The activities of the committee in the disposition of cases handled
have been orderly, so that the result in each case disposed of by the
committee shall have been consistent with the proven facts and the
law thereto applicable. Every endeavor has been made to maintain
the completed work on the highest possible standard of excellency.
During the three years of its existence the committee has considered
20,771 cases, involving 33,786 tax years. Of this number, settlements were effected in 13,276, or 63.9 per cent, of the cases considered
to a conclusion. The remainder, or 7,495 cases, were recommended
for defense, no basis for settlement having been reached. Further
statistics of the committee show that, of the cases included in the
latter group and decided by the board to date, the bureau has been
sustained in 71.6 per cent of total deficiencies involved. Of the remaining 28.4 per cent of the total deficiencies not affirmed by the
board, it was found that the board's decisions in part covered issues not
acquiesced in by the commissioner on prior cases and issues raised
before the board b u t not raised before the committee.
During the ensuing fiscal year the committee will be given additional
jurischction of cases appealed to the Board of Tax Appeals w\n.eh
involve law issues and the settlement of estate taxes. This is in line
with the commissioner's policy of concentrating the settlement work
of the bureau in one organization. Heretofore, the committee's
jurischction has been confined to considering proposals for settlement
of cases involving questions of fact or mixed questions of law and fact.
209
SECRETARY OF THE TREASURY
Under the proposed plan such limitation will be removed and cases
involving strictly issues of law and questions involving estate taxes,
heretofore submitted to the review division of the office of the general
counsel, will be referred to this committee for consideration of proposals for settlement as submitted by taxpayers.
Miscellaneous Tax Unit
The Miscellaneous Tax Unit;is charged with the administration of
air taxes other than income taxes. The unit is composed of the estate
tax division, the miscellaneous division, the tobacco division, and an
appeals and review section, which is attached to the office of the
deputy commissionei: in charge. The personnel of the unit was
reduced during the year, in part in the miscellaneous division due to
the completion of the work in connection with repealed taxes,.and in
part in the estate tax field force due to the effect on administrative
work of the increase in the specific exemption of estates from $50,000
to $100,000, as provided in the revenue act of 1926, and also tc) more
efficient methods employed in the field work.
Estate taxes.—Estate tax collections amounted to $64,769,625.04
compared with $61,897,141.48 for 1929. These collections include
payments on original returns filed and payments of additional taxes,
penalty, and interest assessed as a result of the audit of returns by the
estate tax division. The anticipated decrease in collections as a result
of the 80 per cent credit for State inheritance taxes failed to materialize this year due to a general increase in values of gross estates and
to the collection of a large amount of back taxes through stipulation
and final agreement.
There were filed during the year 10,308 estate tax returns showing
tax of $39,024,268.66, compared with 9,719 such returns showing tax
of $26,161,918.60 in 1929. The administrative work involved in
auditing returns during the year is summarized below:
Summary of audit of estate tax returns for the fiscal years 1929 and 1930
'
Major tax reports submitted by field force
Returns audited in Washington
1
Returns on hand for audit at end of year:
In field for investigation
. . .
In Washington for audit
L
Total
1929
. . . . .
9,482
12,970
1
On hand at end of year
Deficiency taxes assessed
——
.
."._..
3,501
1,467
2,768
1,206
3,974
162
1,744
._
10,092
13, 949
4,968
.
•
Protest letters of taxpayers as a result of tax determined by audit:
On hand at beginning of year
i
Received during year
-. Total to be disposed of
Disposed of
1930
80
1,898
1,906
1,826
1,978
1,864
80
..
.
124
$20,802,610.78
$20,169 289 96
210
REPORT ON THE FINANCES
The estate tax field force, operating under the direction of the deputy
commissioner through internal revenue agents in charge, submitted
610 more major tax reports during the year than in 1929, with a 4
per cent reduction in personnel. During 1930, 178 final closing agreements with estate taxpayers were approved by the Secretary of
the Treasury under section 606 of the revenue act of 1928, and 240
estate tax cases were adjudicated by the United States Board of Tax
Appeals.
The overassessments and abatements allowed during the year on
estate and gift taxes totaled $40,249,653.65. The amounts allowed
and the claims disposed of during the year are classified by refund
and by abatement claims in the following table. It should be noted
that the 80 per cent credit for State inheritance taxes paid, allowed
under the revenue act of 1926, is in some cases claimed as a refund or
abatement after the tax return has been filed.
Summary of administrative work during the fiscal year 1930 on claims against estate
and gift taxes paid
Estate tax
Refund
Number of
cases
Aniount
C l a i m s filed:
O n h a n d J u l y 1,
1929
1...
360 $13, 643, 787.10
Received during
8,070, 346. 20
year
. 1,193
T o t a l t o b e disposed of
-_ 1, 553
Gift t a x
Abatement
Number of
cases
Amount
Refund
Number of
cases
Amount
Abatement
Number of A m o u n t
cases
31 $305, 760. 74.
185
$990,413. 61
3,121
21,145,148. 99
22
161,712.36
2
$1,428.15
21,714,133. 30
3,306
22,135, 562. 60
63
467,473.10
2
1,428.15
970
200
4,920,670. 53
6, 502, 703. 46
3,146
28
21, 647, 508. 25
44, 273. 44
22
23
91,942.11
248, 640. 63
2
1,428.16
T o t a l disposed of. 1,170
O n h a n d J u n e 30,
383
1930
11,423, 373.99
3,174
21,591, 781. 69
45
340,482. 74
10, 290,759. 31
132
543, 780. 91
8
126,990. 36
461, 267. 67
1.482
12,073,094. 34
6
4
41, 344. 94
Allowed
Rejected
N o claims filed—overassessments a l l o w e d - .
I n t e r e s t o n claims
allowed . .
T o t a l a m o u n t allowed
including interest- .
618
1,093,465. 50
6,465,403. 70
4,196. 32
24, 735.84
33,620,602.59
120,874. 27
42, 773.09
Miscellaneous taxes.—Total collections of taxes under the administration of the miscellaneous division amounted to $113,406,994.42 for
the year compared with $110,175,145.39 for 1929. These are shown
by specific taxes in the following table:
211
SECRETARY OF T H E TREASURY
Miscellaneous taxes collected during the fiscal years 1929 and 1930
1929
Miscellaneous s t a m p a n d special taxes:
B o n d s o f i n d e b t e d n e s s , capital stock issues, e t c
C a p i t a l stock sales or transfers
Sales of produce for future delivery _ .
P l a y i n g cards
.
Oleomargarine special a n d s t a m p taxes
...
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.
^.
1930
$17,868, 372.17
37, 595,927. 33
3,333,427.14
5,375,804.20
3, 611,153. 44
$22, 611,274. 96
46,698,226. 86
3, 599,875. 58
4,819,292.50
3,919, 387. 75
Increase ( + ) or
decrease (—)
-f $4, 742,902. 79
+9,102,299. 53
-F266,448. 44
— 556,511.70
-f 308, 234. 31
O t h e r miscellaneous taxes:
D u e s a n d initiation fees .
Admissions to theaters, e t c
i.......
Pistols a n d r e v o l v e r s _ .
-._
.
A u t o m o b i l e s 1.
-..
Corporations, on value of capital stock 2 __ ^_
Distilled spirits, fermented liquors, a n d narcotics-T o t a l other miscellaneous taxes . .
T o t a l miscellaneous taxes
.
I Tax repealed, effective May 29,1928.
12, 240. 53
11, 608.19
- 6 3 2 . 34
67, 796,924. 81
Total
81, 659, 665. 84
-M3,862, 741. 03
11, 245, 254. 65
6,083,055. 82
165, 684.14
5, 545,865. 90
5,956, 295. 57
13,382,064. 50
12, 521,091. 52
4; 230, 667. 99
344,389. 51
2, 320, 262. 83
46,966. 66
12, 283, 950. 07
42,378, 220. 58
31, 747,328. 58
-M, 275,836. 87
-1,852,387.83
-1-178,705. 37
—3, 225,603. 07
—5,909,328.91
-1,098,114.43
— 10,630,892.00
110,175,145.39 1 n3.4nfi.994. 42
-1-3, 231,849. 03
'
'
2 Tax due prior to July 1,1926.
The increase in the receipts from miscellaneous stamp and special
taxes is due chiefly to the large volume of trading on the various
stock exchanges during the last fiscal year and also to the increased
number of taxable issues of bonds and stocks. The increase in the
receipts from taxes on dues and initiation fees is attributed to the
growth in the number of clubs and club memberships. The reduction in the tax on admissions is probably due to the reduction in
prices of admissions to places of amusement, and to the increased
exemptions in the revenue act of 1928.
The administrative work on claims, additional assessments, and
oft'ers in compromise is summarized in the following paragraphs.
There were 7,467 claims received or reopened during the fiscal year
compared with 16,894 received or reopened during 1929. There were
7,531 claims adjusted compared with 21,742 adjusted during 1929,
leaving 1,065 on hand June 30, 1930, compared with 1,129 on hand,
at the close of the previous year. During the year there was allowed
$371,162.10 as interest accrued on taxes refunded compared with
$1,033,885.65 allowed durmg 1929.
A total of $205,228,270.59, representing 201,592 items, was approved by the commissioner on miscellaneous assessment lists,
which relate to assessments of all internal revenue taxes except
those admuiistered by the Income Tax Unit. These lists include all
assessments, original and additional, on the miscellaneous internal
revenue taxes which are not collected by the sale of stamps and the
additional assessments on the latter'group of taxes. There were included in the lists $30,723,223.76^ representing 20,883 additional
assessments, resulting from office audit and field investigations, and
interest totaling $2,670,836.53.
1 These figures are for the 12 months ended June 30, 1930, whereas the figures shown in note 1, page
203, are for the 12 months ended May 31, 1930.
212
REPORT ON THE FINANCES
A small amount of tax liability incurred in connection with sales,
tobacco, capital stock, estate, gift, spirits, narcotics, and miscellaneous
stamp and special taxes is compromised with the taxpayer. The
offers in compromise received and disposed of during the year and
the amounts involved are summarized in the following table:
Offers in compromise received and disposed of during the fiscal years 1929 and 1930
1929
Number
.
4,275
20,735
._
Total to be disposed of
^
Amount
3,390
22,100
$652,242. 00
1, 758,257. 98
•
Total disposed of
_ ..
_
2,029,126. 69
25, 490
2,410,499.98
20,822 1,233,895. 63
142,789. 06
786
200. 00
12
22,006
569
45
1,928,369. 34
76, 720. 42
6, 534.13
21,620
1,376,884.69
22,620
2, Oil, 623. 89
3,390
_.
On hand at end of year
$495,734.42
1, 533, 392. 27
25,010
On hand at beginning of year.
Received during year.
Accepted
Rejected
Withdrawn
1930
Number
Amount
652, 242, 00
2,870
398,876. 09
Tobacco taxes.—Collections from tobacco taxes continued their
steady upward trend, amounting to $450,339,060.50 for the yeair, a
new high level which is an increase of $15,894,517.29, or 3.66 per cenb,
compared with 1929. These collections represent more than 71.5 per
cent of-the miscellaneous internal revenue in the fiscal year 1930 and
exceed total internal revenue receipts from all sources for any j^-ear
prior to 1916. A comparison of collections from various sources for
the fiscal years 1929 and 1930 follows:
Tobacco tax collections for the fiscal years 1929 and 1930
Source
1929
$341,951, 551. 22
61,159,178. 09
22, 548, 667. 59
7,126,908. 99
1,179,625. 53
323,258.73
• 82,508.77
73, 044. 29
434,444, 543. 21
Small cigarettes
Chewing and smoking tobacco.
Large cigars
Snuff..
Cigarette papers and tubes
Small cigars.
Large cigarettes
-..
Miscellaneous collections
..
Total
Increase (-I-) or
decrease (—)
1930
$359,816,274. 69
60,098,186. 23
21,141,016.19
7, 542,105. 43
1,323,885.12
301, 512. 05
65,100. 49
50,981. 30
450,339,060. 50
+$17,864,723.47
-1,060,991.86
-1,407,552.40
+415,196. 44
+144, 359. 59
- 2 1 , 746. 68
-17,408.28
-22,062.99
+15,894,517.29
In the seven States shown below, the tobacco tax collections
amounted to $411,183,280.28, or 91.29 per cent of the total tobacco
tax collections.
Tobacco tax collections from seveii States during the fiscal year 1930
state
North Carolina
Virginia
Kentucky.. .
New York
Amount
$256,729,938.33
77, 598,461. 52
20,592,005. 73
16, 092,218. 04
15,090,231.68
Per cent
of total
tobacco
tax collections
57.00
17.23
4.57
3.67
3.35
state
California
Ohio
Total
Amount
._
Per cent,
of total
tobacco
tax collections
$13,668,198.88
11,412,226.10
3.04
2.53
411,183,280. 28
91.29
SECRETARY bF THE TREASURY
213
Appeals and review section.—^The appeals and review section holds
hearings in cases arising under the various tax laws administered by
the Miscellaneous Tax Unit, renders on request from the heads of
divisions opinions on law questions arising in connection with the
administration of such tax laws, and reviews the action taken by the
divisions on all claims for refund or abatement allowed for amounts
in excess of $500. The majority of the hearings are held in connection with estate taxes, although a large number involve the various
taxes, such as documentary stamp, excise taxes, and taxes on admissions and dues, etc. During tjhe year the appeals and review section held 497 hearings, prepared 516 formal opinions on cases in which
hearings had been held or on which formal opinion had been requested
by heads of divisions, and reviewed 4,101 claims for refund and abatement and estate and gift tax ciases resulting in certificates of overassessment.
'
There were 34 cases on hand at the close of the year awaiting hearings scheduled for future dates; 29 cases in the hands of members of
the section awaiting further evidence from taxpayers; 10 cases in the
hands of members awaiting supplemental reports from the field; 24
cases under consideration where all evidence had been submitted;
and 6 cases finally acted upon which awaited attention of the securities section of the bureau.
Accounts and Collections Unit
The Accounts and Collections Unit, which is the central administrative organization for the 64 collection districts, is divided into three
divisions—the collection accounting division; the collectors' personnel,
equipment, and space division; and the disbursement accounting
division.
Collection accounting division.—The collection accounting division
is charged with the following duties: The construction of accounting
systems for use in collectors' offices; the preparation of instructions
to collectors of internal revenue on office and field activities; the
preparation of the procedure for the intensive audit of the individual returns on Form 1040-A and a number of the smaller individual returns on Form 1040; the auditing of collectors' revenue
accounts current and collectors' special deposit accounts current for
offers in compromise, surplus proceeds in distraint sales and sums
offered for the purchase of real estate; the issuing of internal revenue
stamps; and the compiling of statistics for officials of the Treasury
Department and the public. The division is charged also with the
duty of preparing, in conjunction with the Income Tax Unit, the
procedure for the preliminary examination in collectors' offices of
about 2,500,000 corporation and individual income tax returns. The
activities of the field force of supervisors of accounts and collections
214
REPORT ON THE FINANCES
and the force of internaj revenue agents on sales and miscellaneous
taxes are controlled and directed by this division under the general
supervision of the deputy commissioner.
During the year the policy of calling on collectors of internal revenue
for assistance in auditing the individual income tax returns on Form
1040 was continued. Approximately 185,000 returns on Form 1040 for
the year 1928 filed in 1929 were assigned to collectors' offices for audit.
At the end of the year there were 13,559 of these cases remaining on
hand in collectors' offices.
The supervisors of accounts and collections submitted 129 reports
covering their examinations of the accounts of the various collectors'
offices compared with 110 reports submitted during 1929. Every
collector's office was examined at least once and most of them twice
during the year. The supervisors installed six new collectors and
four acting collectors, and made 46 transfers of collectors' offices
under renewal bonds.
After having/taken the necessary administrative action in connection therewith, collectors of internal revenue transmitted to the
Bureau of Internal Revenue, or otherwise disposed of, 125,500 claims
as compared with 135,408 duruig 1929, a reduction of 9,908. The
number of claims on hand at the close of the year 1930 was 758,
compared with 928 at the close of the previous year. There were
filed in collectors' offices during the year 5,912,907 tax returns, compared with 5,818,901 for the previous year, an increase of 94,006.
Of the total tax returns filed in 1930, 5,288,373 were income tax returns
compared with 5,199,916 income tax returns filed during the previous
year, an increase in this class of returns of 88,457.
A total of 8,817,283,716 stamps, valued at $548,026,321.75, was
issued to collectors of internal revenue and the Postmaster General,
compared with 8,587,114,720 stamps, valued at $523,786,177.88,
issued during the year 1929.
Internal revenue stamps returned by collectors of internal revenue
and by the Postmaster General and credited in their accounts amounted
to $2,649,497.93, compared with $2,848,738.90 for 1929. The returned stamps were of various kinds and denominations, including
partly-used books and stamps for which there was no sale.
During the year 55,680 warrants for distraiat were served by
deputy collectors of internal revenue, which resulted m the collection
of $33,093,710. An average of 1,588 deputy collectors made a total
of 245,151 revenue-producing investigations, iucluding the serviug
of warrants for distraint. The total amount collected and reported
for assessment by field deputy collectors was $65,524,608. The
average number of inyestigations made per deputy and the average
amount of tax collected and reported for assessment were 156 and
$41,280, respectively.
SECRETARY OF THE TREASURY
215
The special force of internal revenue agents working under the
direction of the accounts and collections unit collected and reported
for assessment $1,175,908, an average of $128,280 per agent.
During the year 148,671 income tax returns were investigated and
5,863,678 information returns on Form 1099 were verified. At the
close of business June 30, 193,0, there were outstanding in the 64
collection districts for field investigation 5,025 income tax returns
for 1928 and prior years and 1,530 for the year 1929, making a total
of 6,555, compared with a total of 5,726 as of June 30, 1929. On
June 30,1930, there were 11,422 warrants in the hands of the collectors'
field forces for collection, compared with 12,781 as of June 30, 1929.
Special attention has been given by collectors of internal revenue
to the discovery of the various classes of delinquent taxes. That
this work has been highly productive of revenue is evidenced by the
fact that the tax collected and reported for assessment as the result
of these investigations during the fiscal year 1930 amounted to $21,130,933. This is by far the largest amoimt of delinquent tax disclosed
for any one year since this office began in 1923 to maintain a classified
record of the revenue produced by collectors' field forces.
Collectors^ personnel, eguipment, and space division.—The division
of collectors' personnel, equipment, and space is charged with the
consideration and granting of allowances to collection districts
covering the employment of personnel and miscellaneous operating
expenses and the keeping of adequate records thereof. The division
passes upon collectors' requisitions for nonexpendable supplies,
mechanical equipment, and office furniture, and the procurement of
space for collectors' offices and branch offices is also handled by this
division.
;
At the beginning of the year there was in the internal revenue
collection service a total authorized force, including collectors, of
5,068 employees, at an annual' salary rate of $10,657,340. At the
close of the year there was a total authorized force, including collectors, of 4,883 employees, at an annual salary rate of $10,391,480.
I t will be observed that duruig the year there was a net reduction of
185 in the total number.of positions and $265,860 in annual salary
rate. This reduction in personnel was brought about gradually by
devising and inaugurating unproved procedures and methods and
the more efficient coordination of the work in the various collection
districts. The reductions in most instances were made by not filling
vacancies occurring on the regular force.
During the year a total of $117,235.14 was expended for the employment of temporary help in collectors'. offices, compared with $113,597.44 during the preceding year, or an increase of $3,637.70.
During the year the sum of $289,245.24 was expended for the rental
of quarters for collectors' offices and branch offices, compared with
216
REPORT ON THE FINANCES
$287,951.91 during the preceding year. The increase of $1,293.33
was due to the necessity for renting commercial space for branch
offices in certain localities as well as slight increases in the rental
rate of quarters leased for certain offices.
Disbursement accounting division.—The disbursement accounting
division is charged with the duty of keeping the accounts in connection with expenditures from appropriations made available by
Congress for the use of the Internal Revenue Bureau and service.
The division is charged also with the responsibility and supervision
of the administrative examination required by law of the disbursing
accounts of 64 collectors of internal revenue and 38 internal revenue
agents in charge, including internal revenue salary payments made
by the collector of customs at San Juan, P. R., 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.
The disbursement accounting division administratively examined
and recorded 1,228 monthly accounts of collectors of internal revenue
and internal revenue agents in charge, including internal revenue
salary payments made by the collector of customs at San Juan, P. R.,
together with 47,486 supporting vouchers, in addition to which 3,043
expense vouchers of employees and 8,118 vouchers covering passenger
and freight transportation and miscellaneous expenses were audited
and passed to the disbursing clerk of the Treasury Department and
General Accounting Office for payment. The monthly pay rolls of
the bureau were examined and recorded currently.
General CounseVs Ofiice
The activities of the general counsel's office which embrace the
whole field of Federal taxation, are divided into six divisions—appeals,
interpretative, civil, penal, review, and administrative.
Appeals division.—The appeals division, as in previous years, is
charged with the defense of proposed deficiencies in income, profits,
estate, and gift taxes before the Board of Tax Appeals. The work
of the special advisory committee in the bureau and the review
division of this office are reflected in the number of cases closed by
stipulation. After contested cases are tried and decided by the
board, the appeals division prepares and submits, for the approval
of the general counsel and the Commissioner of Internal Revenue,
recommendations as to whether or not the commissioner should
acquiesce in any adverse decision of the board or prosecute petitions
for review to the circuit courts of appeals or the Court of Appeals for
the District of Columbia. Petitions for review when approved by
the general counsel and the commissioner and authorized by the
217
SECRETARY OF THE TREASURY
Department of Justice are prosecuted before the courts by the appeals
division in cooperation with the latter department, and petitions for
review brought by taxpayers are defended with the same cooperation;
similar responsibility and procedure obtained in all cases of petitions
for certiorari to the Supreme Court of the United States. I t became
necessary during the year to increase by five the number of attorneys
giving their entire time to appellate court work. The number of
attorneys and assistants engaged in hearings work before the board
continued substantially the same as in the previous year.
A summary cif the work of the General Counsel's Office during the
fiscal years 1929 and 1930 is shown in the following table:
Board of Tax Appeals cases received and disposed of during the fiscal years
1929 and 1930 \
1929
1930
Cases
Number
On hand at beginning of year
Filed
.
Number
Amount
. .
21,639
6,458
$697,366, 659. 34
172,865,159. 63
18,301
4,360
$650,000,424. 62
98,007, 598. 43
27, 097
9,105
„
Total to be disposed of.—
Closed
On hand at end of year
Amount
870,231,718. 97
220,231,294.35
22, 661
6,991
748,008,023. 05
161,292, 620.39
18,301
650,000,424.62
16,036
596, 715, 402. 66
I t will be observed that the number of cases disposed of exceeded
the number of new cases filed. Duruig the year 991 appeals were
dismissed for nonprosecution, failure to pay filing fees, lack of jurisdiction, and other misceUaneous reasons.
Forty-six field division hearings were held by the Board of Tax
Appeals in 34 cities during the year, at all of which the commissioner
was represented by attorneys from the appeals division.
A total of 1,192 appeals from decisions of the Board of Tax Appeals
to courts of appeals and to the United States Supreme Court has been
filed since the enactment of the revenue act of 1926, which established this appellate procedure; of this number 682 appeals were pending at the close of the current fiscal year, 510 having been previously
closed. As taxpayers become more familiar with the appellate procedure for court review of board decisions, some increasing litigation
in that respect may be anticipated. Thirteen attorneys were giving
their exclusive attention to this work on June 30, 1930.
Interpretative division.—The interpretative division considers questions of law arising under the several revenue acts imposing uicome,
profits, estate, gift, legacy, admissions and dues, capital stock,
tobacco, oleomargerine, special, stamp, telegraph and telephone, and
transportation taxes; and matters relating to real estate acquired by
the United States under the provisions of the internal revenue laws.
218
REPORT ON T H E FINANCES
I t also considers questions of procedure in connection with the administration of internal revenue laws, including the preparation of
the regulations under such statutes and of most of the Treasury decisions amending these regulations. This division also passes finally on
all matters proposed for publication in the Internal Revenue Bulletin.
Specific questions are submitted for opinion by other branches of
the bureau and by outside correspondents, which are answered in the
form of memoranda or letters. Letters, proposed mimeographs, and
memoranda, prepared elsewhere in the bureau, are submitted for
review and comment.
The following table shows the work of this division for each of the
last five fiscal years:
Jacketed cases
On hand at beginning of year.
Received during year
Disposed of during year
On hand at end of year
1926
236
894
813
317
1927
1928
1929
317
316
422
1,623
1,624
2,221
2,115
1,961
2,071
316
422
312
1930
312
2,224
2,150
386
Taking the number of attorneys employed into consideration,
there was an increase in per capita production of about 6 per cent.
The number of cases disposed of is greater than for any year in the
history of the division.
Civil division.—The civil division, in cooperation with the Department of Justice and the various United States attorneys, handles all
civil internal revenue cases arising in the Federal district courts, the
United States Court of Claims, and the Supreme Court of the District of Columbia, together with a limited number of cases originating
in State courts.
WhUe the Department of Justice and the United States attorneys
acting under its jurisdiction are charged with the responsibility for
the conduct of this litigation, they welcome and encourage the assistance of the General Counsel's Office in the preparation of pleaduigs,
the assembling of evidence, the preparation of briefs, and "the actual
trial or argument of cases in court.
The number of civil internal revenue tax cases decided by the Federal courts during the year 1930 was 382. Of these, 257 were decided
for the Government, 118 against the Government, and 7 partly for
the Government and partly for the taxpayer.
The number of civil cases pending on July 1, 1930, was 3,963 compared with 3,776 on July 1, 1929. During the year 1,783 new civU
cases were received and 1,596 civil cases were closed. Offers in compromise of pending suits received during the year numbered 126.
Compromise cases disposed of, including those pending at the beginning of the fiscal year, numbered 111, of which 71 were accepted and
219
SECRETARY OF THE TREASURY
40 rejected. The total amount of taxes claimed, in these compromises was $5,608,280.35, and $256,795.10 was accepted in lieu thereof.
In order to bring about closer cooperation with the United States
attorneys, collectors of internal revenue, and revenue agents in the
handling of Federal tax matters, the burea^ has established branch
offices of the General Counsel's Office in the field. At the beginning
of the fiscal year legal representatives of the bureau were permanently
assigned to New York, Chicago, Pittsburgh, Boston, Miami, Los
Angeles, Seattle, and St. Paul.
Penal division.—Cases handled by the penal division are classified
as (1) interpretative, and (2) law cases. These are subdivided so
that under each classification there are {a) income tax cases, and (6)
miscellaneous tax cases, the latter involving a large variety of taxes,
such as estate, gift, tobacco, admissions, and excise taxes.
The following table shows the work of the division during the last
two fiscal years:
Cases received and disposed of by the penal divisiori during ihe fiscal years 1929
and 1930
Cases
Pending at beginning of year
Received
.^
Under consideration
Disposed of
_.
,
Pending at end of year
1929
1930
Increase
(+) or decrease (—)
699
1,971
1,211
1,180
+512
-791
2,670
1,459
2,391
1,257
-279
-202
1,211
1,134
-77
The division continued to handle an additional class of work,
namely. Board of Tax Appeals cases involving fraud penalties. Special effort was made during the year finally to dispose of the older
cases, both those which had been in the division longest and those
involving the earlier tax years. This effort has been successful and a
considerable number of the older cases have now been closed. However, certain cases of this character, such as those in litigation, can not
finally be. disposed of until the litigation ends.
Review division.—During the entire fiscal year the work of this
division consisted of two distiuct classes; one, the review of refunds,
credits, and abatements of various kinds of internal revenue taxes
where the amounts exceeded $20,000 for the purpose of preparing the
public decisions required by Treasury Decision 4264 and the reports
to the Joint Congressional Committee on Internal Revenue Taxation
required by section 710 of the revenue act of 1928; and the other,
the review of cases pending before the Board of Tax Appeals for the
purpose of recommending settlement or defense. The first class of
220
REPORT ON THE FINANCES
work was handled by the claims section and the second by the adjustment section of this division.
During the year 1,603 cases were disposed of and in such cases
recommendations were made for the approval of certificates of overassessment totaling $203,470,459.47. In 108 of. the cases in which
overassessments were prepared, reductions were effected, totaling
$7,942,613.63.
Duruig the year public decisions under Treasury Decision 4264
were promulgated in 991 cases and memoranda submitted to the
joint congressional committee under the provisions of section 710
of the revenue act of 1928 in 144 cases.
During the year, the adjustment section considered and disposed
of 1,373 cases, of which 1,213 were disposed of on their merits. Of
these 1,213 cases, 690 were recommended for settlement and 523 were
recommended for defense. Deficiencies proposed in cases settled
were in excess of $36,000,000 whUe in the cases recommended for
defense the deficiencies proposed were in excess of $63,000,000.
I t has been the consistent practice of this division to hold conferences with the taxpayers and in a great majority of the cases such
conferences were held. The taxpayer is always afforded an opportunity to be heard before this division and in those rare instances
where it has been impracticable to hold a conference questions
presented in the case are considered on the briefs.
Administrative division.—The activities of the adininistrative division include the review of offers in compromise and the holding of
conferences on protested cases. The division is charged with the
supervision of the personnel, library, manuscripts, maU, and records,
and devises and inaugurates methods of office procedure, assembles
and reviews efficiency ratings, interviews applicants, and performs
other varied and miscellaneous duties pertaining to the work of the
General Counsel's Office.
MINT BUREAU
. Institutions of the mint service
During the fiscal year 1930, 10 mint service institutions were in
operation—coinage mints at PhUadelphia, 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, Seattle, and Salt Lake City.
The six last-named institutions are, in effect, bullion purchasing agencies for the large institutions and also serve the public by making
assays of ores and buUion. Electrolytic refineries are operated at the
New York, Denver, and San Francisco institutions.
Coinage
Continued large demand for 1-cent and 5-cent coins, with the usual
output of subsidiary sUver coins, featured the fiscal year 1930. Overtime operation was required at the Philadelphia mint to meet this
demand^ but of shorter duration than during the prior fiscal year
because of improvements made in operating processes. The only
gold coinage was made at Philadelphia and consisted of $1,330,000 in
quarter eagles ($2.50 pieces) to meet the usual Christmas demand.
Most of these smaU gold coins quickly return to vaults after Christmas.
Their undesirabUity for circulation purposes, demonstrated through
a series of years, resulted in legislation (act of April 11, 1930) discontinuing both their coinage and issue by the Treasury after the date of
the act.
Total domestic and foreign coinage amounted to 402,952,200 pieces
as compared with 408,301,350 pieces for the preceding year.
Domestic coinage executed during the fiscal years 1929 and 1930
1930
Gold...
-.Subsidiary silver
Nickels
Cents.-
$1,330,000
9,177,500
2,864,460
2,906, 230
16, 278,180
• 399,467, 200
Total amount
Total number of pieces.
$39,945,000
• 7,488, 700
1,438, 700
2, 786, 650
51, 669,050
361, 650, 350
Foreign coins were executed at the PhUadelphia mint and amounted
to 3,485,000 pieces as compared with 46,651,000 pieces in the fiscal
year 1929.
Foreign coinage executed during the fiscal year 1930
[Number of pieces]
Total
Silver
Nickel
Bronze
Nicaragua..
Venezuela
Costa Rica.
1,060,000
425,000
2,000,000
210,000
425,000
100,000
Total.
3,485,000
635,000
100,000
750,000
2.000.000
221
2, 750, 000
222
REPORT ON T H E FINANCES
Gold and silver operations
Gold receipts and transfers, as summarized in the following table,
totaled $457,045,562.62 for the fiscal year 1930, compared with
$503,702,578.14 for 1929.
Gold receipts and transfers during the fiscal years 1929 and 1930
Acquired by mint service institutions..
U. S. coin received for recoinage
Transfers between mint oflaces
$315,607,366.83 $249,716,846.02
1, 663,787. 66
2, 589, 765. 56
139, 774,408.13 251, 395,967. 56
Total receipts and transfers by mint service institutions.
457,045, 562. 62
503, 702, 578.14
Receipts of purchased silver during the fiscal year 1930 totaled
^4,491,615.09 fine ounces, the average cost of which was 46.69-1- cents
per ounce, total cost being $2,097,304.94. Of the 4,491,615.09 fine
ounces, 1,483,691.88 fine ounces were sUver contained in gold deposits.
SUver receipts, as summarized in the following table, totaled
$10,035,781.97 for the fiscal year 1930, compared with $9,465,390.36
for 1929.
Silver receipts and transfers during the fiscal years 1929 and 1930
[In fine ounces]
1930
Purchased
Received in exchange for bars bearing Government stamp
U. S. coin received for recoinage
Deposited in trust by other governments
Transfers between mint service institutions
Total receipts and transfers by mint service institutions
4,491,615.09
1,763, 551.62
2,853,484. 77
136, 624.29
790, 506. 20
10,036,781.97
1929
2,469,942. 50
1,401,825. 65
2, 524,217. 27
1,433,334.62
1,636,070.32
9,466,390.36
The New York market price of silver during the fiscal year 1930
averaged $0.46291; the lowest price was $0.33250 on June 21, 1930,
.the lowest ever recorded, and the highest price $0,535 on July 19,1929.
Lindbergh medal
By the act approved May 24, 1928, Congress authorized the presentation of a gold medal to Col. Charles A. Lindbergh to commemorate his flight in the Spirit of St. Louis from New York to Paris, May
20 to 21, 1927. The obverse of the medal shows the head of Colonel
Lindbergh wearing the helmet of an aviator. The reverse shows a
flying eagle, typifying the airplane, and the sun and stars, syrnbolizing the flight through day and night. The medal was designed by
Mrs. Laura Gardin Fraser, sculptress, New York City.
SECRETARY OF T H E TREASURY
223
Refineries
The mint service refineries that are operated at New York, Denver,
and San Francisco produced 2,755,400 fine ounces (94.47 tons) of electrolytically refined gold during the past fiscal 3^ear, which compares
with 98.37 tons in the prior year; and 3,156,096 fine ounces (108.2
tons) of electrolytically refined silver, which compares with 113.5
tons during the prior year.
The stock of gold and silver in unrefined bullion on hand at the
end of the fiscal year was 440 tons, an increase of about 28 tons as
compared with the prior year reduction of about 19 tons. The Denver refinery operated only during the last half of the fiscal year,
as during the prior year.
Additions and improvements
The following new and improved machinery and devices and
improved operating methods were introduced in the mint institutions
during the fiscal year under review.
New and improved molds for minor coinage ingots were adopted
in the melting and refining department of the mint at Philadelphia.
The lock on these molds has a two-bearing surface, which permits
the mold to be tightly locked, and eliminates, to a great extent, fins on
the ingots. The shape of the molds has been changed. The long
tapering point has been reduced to a taper of one-half inch instead of
the wedge shape. The device permits an increase of about 2 pounds
in the weight of the ingot, and effects a material saving in scrap.
While the crucibles now being purchased are superior in quality
to those available in recent years, experiments made to test the life of
the crucibles resulted in obtaining 25 per cent greater service than
heretofore.
I t has also been demonstrated that the use of powdered coke
instead of charcoal on nickel melts prevents oxidation, stays on. the
melt better, and in general is more satisfactory than charcoal.
The grinding device, built in the Philadelphia mint shops, for
grinding rather than filing the edges of silver ingots, has proved to be
so satisfactory that hand filing has been: discontinued. This improved method has been used fpr grinding minor coinage ingots for
some years past, but many changes had to be made in the method
before applying it to silver, to safeguard the silver filings.
In the mint at Denver the structural steel hood erected over the
melting furnaces of the refinery melting room in connection with
improvements in flues and dust setthng devices has proved efficient
in saving metallic values.
12101—31
17
224
REPORT ON T H E FINANCES
The new type of melting furnaces installed, using natural gas, insulation against radiation of heat, and preheating of air from waste heat,
has resulted in economy in the use of fuel in the increased production
of ingots. The melting time has been reduced and the service life
of furnace linings has been increased.
Rectangular precipitating and washing tanks have been replaced
with round tanks of Oregon cedar, impregnated with paraffin, which
prevents leakage and improves service conditions.
Chrome-nickel alloys are now used in the cast iron ingot molds,
producing fine grain castings, free from blow holes.
An improved reviewing belt, designed and constructed in the
machinery department of the Denver mint, has been installed in the
coin press room of that institution.
Gold and silver in the United States
Stock of coin and monetary bullion in the United States.—On June 30,
1930, the estimated stock of domestic coin in the United States was
$2,473,244,452, of which $1,496,305,505 was gold, $539,959,520
standard silver dollars, $310,978,375 subsidiary silver coin, and
$126,001,052 minor coin.
The stock of gold bullion in the mints, assay offices, and Federal
reserve banks on the same date was valued at $3,038,560,201, an increase during the year of $122,098,265; the stock of silver bullion in
the Treasury was 11,129,557.07 fine ounces, an increase of 697,727.14
fine ounces.
Production of gold and silver.—Domestic gold production during the
calendar year 1929 was $45,651,400, as compared with $46,165,400
in 1928. The output has declined to about 45 per cent of that for
the record year 1915, when the total was $101,035,700.
Silver of domestic production during 1929 totaled 61,327,868
ounces/valued at $32,687,754; this compares with 58,462,507 ounces,
valued at $34,200,567, for 1928, and with the record production of
1915, 74,961,075 fine ounces, valued at $37,397,300.
Industrial consumption of gold and silver.—Gold consumption in
the industrial arts during the calendar year 1929 is estimated at
$56,903,667, of which $24,873,136 was new material.
Silver used in the arts is estimated at 42,359,082 fine ounces, of
which 30,977,559 fine ounces was new material.
As compared with the prior year, silver consumption was about
6,810,000 ounces more, and gold consumption increased about
$323,000.
Net import and export of domestic gold coin.—The net import of
domestic gold coin during the fiscal year 1930, was $92,264,082;
during the prior fiscal year there was a net import of $45,065,099.
225
SECRETARY OF THE TREASURY
During the 16 fiscal years 1915-1930, since the opening of the World
War, there has been a net export of $1,022,629,070. Since 1870 the
net export of domestic gold coin has been $1,900,278,134.
Appropriations, expenses, income, etc.
Appropriations available for mint service during the fiscal year 1930
totaled $1,710,040 and reimbursements to appropriations for services
rendered amounted to $37,025.69, making a total of $1,747,065.69.
Expenses amounted to $1,709,164.49, of which $1,640,286.24 was
chargeable to appropriations and $68,878.25 chargeable to income.
The income realized by the Treasury from the mint service aggregated $8,461,402.73, of which $7,495,396.37 was seigniorage. The
seigniorage on subsidiary silver coin was $3,121,940.33; on nickel coin,
$2,390,200.61; and on bronze coin, $2,433,255.43.
Summary of appropriations, expenses, and balances, fiscal year 1930
Salaries and
expenses
Item
Transportation of
bullion
Total
$20,000. 00
$1,710,040.00
37, 025. 69
20, 000. 00
14,891.11
1, 747, 065. 69
1, 640, 286. 24
101, 670. 56
Total available
Expenses
_.
$1,690,040. 00
37,025. 69
1, 727, 065. 69
1, 625, 395.13
Appropriations
Earnings credited to appropriations
5,108.89
106, 779.45
Unexpended balances
The number and value of deposits, transfers, gross income, and
expenses for the fiscal year 1930, and the number/ of employees on
June 30, 1930, at each institution, are shown in the following table:
Deposits and transfers of gold and silver, income, expense, and employees, by
institutions, fiscal year 1930
Number of
deposits
of gold
and
silver
Institution
Number of Coining v a l u e
mint
of gold a n d
service silver deposits
t r a n s - a n d transfers
fers
•
Gross income
Gross
expense
Excess of income ( + ) or of
expense ( - )
Employees,
June
30,1930
Philadelphia..
San Francisco
Denver
New York _
N e w Orleans
Carson City
Boise
Helena
Seattle
Salt L a k e C i t y . .
6,875 22,966 $147, 614,448.10 $5, 360, 302. 87
8,902
917 168, 945, 226. 72 1, 626,143. 73
2,266
105 13, 244, 796.04 1, 203,839.05
750 130,166, 324. 03 271,031.33
15, 290
295
387,863. 30
515. 57
180
108, 576. 01
349. 63
226
348,464. 39
959. 34
130
60, 608.18
525. 56
1,648
14
8, 739, 229. 92
4, 210. 52
49
21,906. 30
296. 51
$758,116. 93 + $ 4 , 602,185. 94
285,909. 53 + 1 , 340, 234. 20
+986, 815.14
217,023. 91
- 7 4 , 328. 28
345, 359. 61
-13,761.25
14, 276.82
- 5 , 727.16
6, 076. 69
- 6 , 8 7 0 . 95
7, 830. 29
-6,036.11
6, 561. 67
- 2 3 , 8 0 4 . 25
28,014. 77
- 4 , 0 2 0 . 70
4, 317. 21
291
114
83
120
7
3
4
3
11
2
Total
B u r e a u of t h e M i n t
35,861 24, 752 469,637,442.99 8,468,174. 01 1, 673,487. 43 + 6 , 794, 686. 58
- 4 2 , 448. 34
42,448. 34
638
14
35,861 24,752 469, 637,442. 99 8,468,174.01 1,715, 936. 77 + 6 , 752,238. 24
652
36,461 41,841 512, 544,444.96 5, 724,868. 92 1, 761,385. 30 +3,963,483. 62
659
G r a n d total,
year 1930
Fiscal year 1929
.
fiscal
PERSONNEL CLASSIFICATION OFFICER
Appeals and classification sheets
The activities of the personnel classification officer during the
fiscal year 1930 are summarized as follows:
Number Number
of persons
of appeals i n v o l v e d
Carried over from fiscal year 1929
P r e s e n t e d d u r i n g fiscal year 1930:
Individual...
Group.
175
T o t a l t o b e disposed of
372
276 648
1,048
•
T o t a l acted on:
1929
1930
._
Carried over to flscal year 1931:
1929
1930
.
.
-
-
.
-
181
7
4
.
124
44
137
Disapproved:
1929
1930
603
47
77
Approved:.
1929
1930
Canceled:
1929
1930-
400
372
56 428
11
98
218
316
215
364 579
77
210 287
185
284 469
49
99
148
108
261 369
58
4
62
During the past fiscal year approximately 2,850 classification sheets
were received in the office of the chief clerk. These sheets represented
requests for increase in grade, change in duties, reassignment of duties,
reorganization, and new assignment. They also represented in part
new appointments to the service and, in some instances, requests from
the Personnel Classification Board for description of duties to agree
with those shown on appeals then pending before the board. In each
case the necessary examination was made to determine that an accurate job description was given and in those cases where an increase in
grade was requested a desk investigation was made in order that the
sheets could be forwarded to the board with appropriate recommendations.
Efiiciency ratings
The average efficiency rating of .8,899 employees of the Treasury
departmental service as of May 15, 1930, was 88.4 per cent.
Special instructions were issued to the heads of bureaus and offices
and chiefs of divisions. Secretary's office, concerning the preparation
226
SECRETARY OF THE TREASURY
227
of efficiency ratings and the necessity for the exercise of the greatest
care in the preparation of graphic rating sheets, especially in view of
the department's policy of giving first consideration in the matter
of promotion to those ^'furthest removed from their eligible salary
according to the most recent efficiency rating." The attention of
review boards was particularly invited to the necessity for great care
in ^merging groups of employees in order that the employees in one
section or division of an office would not be placed too high or too
low as related to the employees in the balance of the organization.
BUREAU OF PROHIBITION
Organization and procedure
During the year two laws were enacted affecting the Bureau of
Prohibition in the Treasury Department. The Porter bill, approved
June 14, 1930, separated the enforcement of the narcotic laws from
the Bureau of Prohibition and created a Bureau of Narcotics to take
over these activities. The Williamson bill, approved May 27, 1930,
created a Bureau of Prohibition in the Department of Justice, and
imposed upon the Attorney General the duty of enforcing the penal
provisions of the prohibition laws, of acting jointly with the Secretary of the Treasury in prescribing regulations relating to permits
and in acting upon applications for permits under the national prohibition act. The Williamson bill changed the designation of the
Bureau of Prohibition in the Treasury Department to the Bureau of
Industrial Alcohol. Both bills became effective on July 1, 1930.
Since it was determined that the supply of medicinal spirits in
bonded warehouses on January 1, 1930, was not sufficient to meet
the requirements for the next five years; and inasmuch as the United
States Pharmacopoeia and the act authorizing the bottling of spirits
in bond require whisky to be 4 years old before it is bottled, permits
were'issued for the manufacture during the permit year ending
December 31, 1930, of 2,104,000 proof gallons of whisky and also
50,000 proof gallons of brandy and 50,000 proof gallons of rum for
medicinal and general nonbeverage use.
The manufacture of whisky was aUotted to 12 concentration warehousemen who were distillers or successors to distillers, and 7 distilleries. were operated during the year, producing 1,998,947.6 tax
gallons. These were the first spirits produced for medicinal purposes
since January, 1922.
A division of public relations, functioning under a special appropriation made by Congress, was established during the year for the purpose
of gathering and disseminating official information relating to law
observance and enforcement. An extensive survey of bureau activities was made as a basis for the publication of official monographs
of interest to the public and of special value in Federal and State
official channels. The five monographs published since January 1
are as follows:
Copies
Tlie training of enforcement personnel
Industrial alcohol- _..
State cooperation1
Public cooperation
Padlock procedure
228
125, 000
75, 000
150, 000
100, 000
50, 000
SECRETARY OF THE TREASURY
229
The monographs were distributed to officials of every rank throughout the Federal service, particularly to those Federal agencies having
duties closely coordinated with those of the Treasury Department
and the Department of Justice; and to State officials, from the
governor down through leading judicial, county, municipal, and en|orcement circles. The information was given further broad distribution through public and private groups, and the press.
The instruction of agents and inspectors in the field was continued
as during the previous year. Two lecturers visited the districts and
instructed assembled officers; by February 1 they had covered the
entire country, and every inexperienced agent, as well as others, had
received the instructions. The results were highly gratifying. An
esprit de corps was developed; administrative officials noticed a
marked improvement in the quality of work; and district attorneys
commented on the better preparation of cases for prosecution.
Having aroused a spirit of professionalism toward the work and a
desire for more intensive instruction, the third step in the instructional
program was taken. Correspondence courses in Constitution and
law and criminal investigation were instituted. These courses produced excellent results in the training of the personnel, 1,875 of whom
were taking them for the 4-month period ended June 30, 1930.
Activities
Prohibition agents made 68,173 arrests during the fiscal year 1930,.
and seized 8,633 automobiles valued at $3,290,831, and 64 boats
valued at $687,480. As the result of the work of such agents, prohibition cases against 72,673 individuals were terminated in Federal
courts, resulting in 54,085 convictions, of which number 22,405 were
given jail sentences. The average jail sentence based pn total number
of convictions was 94.3 days and the average sentence for each man
sent to jail was 227.7 days. The courts imposed sentences aggregating
14,172 years and fines amounting to $6,678,733. In addition to these
sentences the courts suspended, paroled, and probated sentences
amounting to 5,305 years and $237,912.
Federal prohibition agents also made the arrests or assisted in
obtaining the evidence in a large number of cases against individuals
prosecuted in State courts. Complete reports showing the total
number of such cases have not been received. Reports which have
been received coyer 10,493 such cases. There were 8,499 cases terminated, and 7,609 convictions obtained. Sentences amounting to
1,563 years in prison and $734,891 in fines were imposed. As a result
of the prohibition cases prosecuted in Federal courts the sum of
$4,709,852 was collected in fines and penalties and covered into the
Treasury.
230
REPORT ON THE FINANCES
The legal work of the bureau has been affected within the past year
by a number of important and far-reaching decisions of the United
States Supreme Court. On May 26, 1930, five decisions were rendered by the Supreme Court on cases involving the renewal or continuation of certain classes of permits. They provide, in effect, that
where there are words of indefinite continuation inserted in the body^
of a permit such permit cannot be withdrawn by regulations, or by
administrative action, or in any other way, save by the surrender of
the permit by the permittee, or for failure to maintain a supporting
bond, or by revocation for violation of the national prohibition act or
regulations made pursuant thereto, and in the way provided by
sections 5 and 9 of the national prohibition act. These decisions will
have the effect of putting into the continuing class a number of permits
that should belong to the annually renewing class. B u t since these
permits are subject to revocation for cause, no serious harm will be
done to prohibition enforcement.
..
The prosecution of the work in asserting, collecting, and bringing
suit for internal revenue taxes and penalties where there are violations
of the national prohibition act has been somewhat retarded during
the year by a decision of the Circuit Court of Appeals for the Fifth
Circuit. This decision practically declares section 35 of the act unconstitutional in that it holds that no civil suit for taxes and penalties
may be brought where there has been a prosecution for a criminal
offense. This suit is pending appeal in the United States Supreme
Court, and will probably be decided at the next term.
The technical division conducts the chemical work of the Bureau
of Prohibition as well as work of this character for the Bureau of ,
Internal Revenue in Washington and supervises generally the activities of the chemical laboratories of the Bureau of Prohibition in the
field. I t has supervision also of work relating to the permissive use
of intoxicating liquors under the national prohibition act. The
administration of certain features of the general internal revenue
laws relating to bonded warehouses and the work in connection with
the concentration of distilled spirits in accordance with the provisions
of the act of February 17, 1922, are under its jurisdiction.
The modification of the formulas for specially denatured alcohol,
which is of greatest importance to both industry and the enforcement
of the national prohibition act, was studied continuously in the
Washington laboratory.. Substantial and important results were
obtained in eliminating weaker formulas from certain lines of industry,
thus reducing diversion and assisting the legitimate industry to
secure denatured alcohol better adapted to its needs. The modification of specially denatured alcohol Formula No. 44-A during the
past year has practically eliminated the diversion of lacquer thinners
and solvents. Research work is being contuiued with the hope of
SECRETARY OF T H E TREASURY
231
further strengthening the specially denatured alcohol formulas not
only with the view to safeguarding the alcohol but also for the purpose of making these formulas more adaptable for use in the arts
and industries. The policy of exercising extreme care in approving
preparations manufactured with specially denatured alcohol has also
substantially reduced the illegal distiUation of alcoholic preparations
for the purpose of obtaining potable alcohol.
There are at present only two completely denatured alcohol
formulas authorized and the reports received from the field officers
throughout the fiscal year indicate that practically no completely
denatured alcohol is being diverted for Ulegal purposes. The policy
of withdrawing certain specially denatured alcohol formulas and the
substitution of others for use in certain lines of industry has continued
to benefit the industriies involved and to reduce substantially diversion
to Ulegal purposes.
After considerable research during the past year a petroleum distUlate known as calol ethatate was required as a denaturant for
ethyl acetate. This denaturant, in conjunction with restrictive
measures relative to the sale and distribution of ethyl acetate, has
practically eliminated the diversion of this product for illegal purposes.
The policy of limiting the production of industrial alcohol to the
actual need of legitimate industry, initiated January 1, 1928, has
proved to be successful. Each industrial alcohol plant is allotted a
fixed quota of the total alcohol to be produced, with a provision that
only 40 per cent of the total quota for the year can be produced
during the first six months of the calendar year provided that legitimate industries do not require an excess pf that quantity. This
program during the past fiscal year has been of great benefit to the
alcohol industry and the trade by preventing an overproduction
of alcohol and thus avoiding unstable conditions in the trade in
regard to their raw material, and has reduced the diversion of
industrial alcohol for illegal purposes by eliminating stocks in excess
of legitimate requirements.
There has been a substantial increase during the year in the quantity of completely denatured alcohol manufactured, which can be
accounted for largely by increase in the number of automobiles
registered in the United States, together with climatic conditions
during the past winter, which required additional completely denatured alcohol for antifreeze purposes. There has been a considerable
decrease in the production of specially denatured alcohol during the .
year, due largely to the business depression and to better supervision
over the manufacture and use of specially denatured alcohol.
During the latter part of the fiscal year, a permanent permit was
granted to a large chemical corporation for the production on a
commercial scale of synthetic ethyl alcohol from ethylene gas. Under
232
REPORT ON THE FINANCES
this permit the company has already produced a large quantity of
ethyl alcohol. The synthetic ethyl alcohol is sufficiently pure to be
used in practically 90 per cent of the preparations and processes now
using ethyl alcohol produced by the fermentation of blackstrap
molasses or grain. If necessary, it could be sufficiently purified to
be used in any preparations or processes now using alcohol produced
by fermentation. . The cost figures of production are not known, but
the mechanical difficulties of producing synthetic ethyl alcohol from
ethylene apparently have been solved. This is probably the most
interesting development in the industrial alcohol trade that has
occurred for ipany years.
During the fiscal year 1930 there were produced 191,859,342.42
proof gallons of alcohol, a decrease of 8,972,708.66 proof gallons, compared with the quantity produced during the preceding year. This
decrease is attributable to the business recession in those industries
using alcohol as a raw chemical, and to the bureau's policy of limiting
production to actual needs of industry. There were withdrawn from
warehouse on payment of tax, 8,250,482.34 proof gallons of alcohol,
a decrease of 641,765.43 proof gallons, compared with the 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 184,760,197.83 proof gallons of alcohol, a decrease
of 890,710.58 proof gallons compared with the preceding year.
There were withdraAvn tax paid from distillery, and general and
special bonded warehouses, 1,471,881.2 taxable gallons of distilled
spirits (including brandy) other than alcohol, a decrease of 144,776.9
taxable gallons compared with the preceding year. There were two
rum distilleries operating during the year, producing a total of
982,781.7 taxable gallons of ruin; 5,825.2 gallons of this amount were
produced for medicinal purposes and 976,956.5 gallons were produced
for denaturation and exportation, a decrease of 250,457.4 taxable
gallons compared with the previous year.
Twenty-five fruit-brandy distilleries operated during the year,
producing a total of 416,043 taxable gallons of brandy; 50,214.9
gallons of this amount were produced for medicinal purposes and
365,828.1 taxable gallons were produced for the fortification of wines,
which is a. decrease of 828,464.1 taxable gallons compared with the
previous year. This decrease is attributable to the large decrease in
the production of wine during the year.
There were 105,787,537.72 wine gallons of denatured alcohol produced, of which 58,141,740.88 wine gallons were completely denatured
and 47,645,796.84 wine gallons were specially denatured, compared
with 106,960,458.07 wine gallons of denatured alcohol produced during
the previous year, of which 52,405, 451.92 wine gallons were completely
denatured and 54,555,006.15 wine gallons were specially denatured.
SECRETARY OF T H E TREASURY
233
During the year 436 wineries and storerooms were operated, compared with 509 such premises operated during the preceding year.
There were 61 premises discontinued and 10 premises established, a
net decrease of 51 premises. The total production of wine amounted
to 3,154,866.47 gallons, a decrease of 8,227,123.96 gallons compared
with the preceding year. This large decrease in the production of
wine was due largely to overproduction during the previous year, a
smaller grape crop in California in 1929 than in 1928, and to restrictions imposed during the year to prevent diversion of wine withdrawn for the manufacture of wine tonics and vinegar.
Personnel
The past fiscal year brought to practical completion the process
of placing the entire field service of the bureau in the classified civil
service subject to competitive examination as provided by the act of
March 3, 1927. While it has taken some time to complete this
undertaking, due to the unusual character of the civil service examin ation program which involved an exhaustive investigation into the
character and fitness of each competitor, the marked benefits which
have accrued through stabilization of the seryice, and a higher standard and morale, have more than justified the efforts and expense
involved and fulfilled the expectation of those 'interested in the
improvement of personnel in the prohibition service.
The closing month of the year was largely concerned with the task
of separating the personnel of the Bureau of Prohibition in accordance
with the provisions of the act of Congress approved May 27, 1930,
which transferred to the Department of Justice the enforcement of
the penal provisions of the national prohibition act and created ih
that department a Bureau of Prohibition. An actual survey of the
field service was conducted by representatives of the Department
of Justice and the Bureau of Prohibition, Treasury Departinent, in
accordance with this act, which provided that the apportionment of
personnel should be made by joint agreement between the Secretary
of the Treasury and the Attorney General. This surve}^ provided
the basis for the reallocation of personnel on July 1, 1930, between
the Bureau of Prohibition, Department of Justice, and the Bureau
of Industrial Alcohol.
By act of Congress approved June 14, 1930, the narcotic division
of the Bureau of Prohibition, Treasury Department, was abolished
and officers and employees thereof transferred on July 1, 1930, to the
new^ Bureau of Narcotics, Treasury Departinent, created by the act.
The transfer of these employees was a simple problem for the reason
that the narcotic division had been administered as a separate unit,
and, with the exception of a few employees in the central office in
234
REPORT ON THE FINANCES
Washington whose work was not wholly concerned with narcotic
administration, it was possible to transfer the division as an integral
unit.
At the close of the fiscal year there were 339 permanent and 21
teniporary employees on the bureau rolls in the office at Washington
and 4,361 permanent and 37 temporary employees in the field service
of the bureau, making a total of 4,700 permanent and 58 temporary
employees on the rolls of the Bureau of Prohibition on June 30, 1930.
Of this total 2,668 employees were transferred to the Bureau of Prohibition, Department of Justice, on July 1 and 425 employees to the
Bureau of Narcotics, Treasury Department, on the same date, leaving
a force of 1,665 employees in the Bureau of Industrial Alcohol.
Narcotics
On June 30, 1930, there were 330,803 registrations under the Harrison narcotic law, as amended, 287 as importers and manufacturers,
1,725 as wholesale dealers, 53,118 as retail dealers, 148,079 as practitioners, and 127,59,4 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.
During the year 127,187)^ pounds of opium and 244,705^ pounds of
coca leaves were imported, while during the previous year, 144,925^
pounds of opium and 242,834 pounds of coca leaves were imported, a
decrease of 17,738 pounds of opium and an increase of 1,871K pounds
of coca leaves. In this connection attention is invited to the fact that
only narcotic drugs in the form of crude opium and coca leaves may
lawfully be imported or brought into the United States, and then only
in such quantities as are found to be necessary for medicinal and other
legitimate needs. Exports of narcotic drugs of all kinds amounted to
6,742 ounces in 1929 and 6,466 ounces in 1930, a decrease of 276 ounces.
The net aggregate quantity of pure drugs of all kinds contained in
products sold by manufacturers to domestic purchasers during the
fiscal year 1930 amounted to 406,038 ounces. The drugs exported involved 88,134 taxable ounces of products, and those sold to domestic
purchasers involved 4,522,044 taxable ounces of products. 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 quantity exceeding the statutory
exemption is taxed the same as the pure drug.
The foUowing table shows the number of cases of violation by
registered and nonregistered persons of the narcotic laws, including
the act of January 17, 1914, which regulates the manufacture of smoking opium; and the cases disposed of during the year:
SECRETARY OF THE TREASURY
235
Violations of the narcotic laws and the cases disposed of during the fiscal year 1930
U n d e r narcotic laws
other t h a n t h e act of
J a n . 17,1914
Cases
Under
Actof J a n .
. 17, 1914
Registered
persons
Nonregistered persons
1,775
2,222
2,483
7,044
55
4
3,997
9,527
59
4,756
160
16
2,264
4
4
.
202
9
1,098
1,090
T o t a l disposed of
2, 399
.7,196
27
P e n d i n g J u n e 30, 1930.
1,598
2, 331
32
P e n d i n g J u l y 1, 1929
R e p o r t e d d u r i n g 1930
.-_
-.
T o t a l to be disposed of
ConvictedAcquitted
Compromised
Dropped
.
-.
'.
_
.
-_
1..
__
19
There were 3,373 cases dropped and 3,961 cases were pending at the
close of the year.
A total of 4,962 convictions under the narcotic laws including the
smoking opium act was made, for which the courts imposed sentences
aggregating 11,832 years, 6 months, and 29 days. Fines imposed
amounted to $235,791.81. There were 1,114 cases compromised,
the aggregate amount collected being $57,086.81. A total of 9,270
cases of criminal character was reported, and 23,948 ounces of narcotic
drugs and preparations were seized or purchased as evidence through
enforcing these acts. "
The number of agents and inspectors in the narcotic field force
averaged 271. Certain improvements have been made during the year
in the procedure in field offices looking to increased efficiency and
greater enforcement results. A reorganization of the narcotic service,
both field and bureau, was begun,April 1, 1930, and was no.t fully
completed at the close of the fiscal year. Certain changes were made
in the headquarters offices and the territorial extent of some of the
field divisions, and a system for the more complete accounting for
all narcotic drugs seized or purchased as evidence was instituted.
The control of legal importation, manufacture, and distribution
appears to be reasonably effectual. The quantity of narcotic drugs of
domestic manufacture which is diverted to Ulicit use is comparatively
negligible. Smuggling and the subsequent illegal selling of opium,
morphine, heroin, and cocaine continue to be the principal enforcement
problem.
PUBLIC DEBT SERVICE
Division of Loans and Currency
This division is the active agent of the Secretary for the issue of
all public debt obligations of the United States and for conducting
transactions in such obligations after issue. It is also responsible for
the issue of bonds or other obligations of Porto Rico and the Philippine Islands, for which the Treasury Department acts as fiscal agent.
The division undertakes the safekeeping of public debt and insular
loan securities for certain Government offices. It also counts and
delivers to the destruction committee United States currency canceled as unfit and mutilated paper (spoilage, etc.) received from the
Division of Paper Custody and.the Bureau of Engraving and Printing.
Issue and retirement of securities.—The following is a summary of
the activities during the fiscal year in connection with the issue and
retirement of securities conducted through this division. Complete
details of all transactions in public debt securities are presented in
formal statements elsewhere in the report.
(Par value)
Registered
stock shipments to Federal reserve banks:
For exchange transactions
Allotment for original issue
Original issue by the division..
Securities issued on exchange..
Total securities issued and shipped.
Nonregistered
Total
$1, 620,104, 800. 00 $1, 620,104, 800. 00
1 3, 371,832,000. 00 3, 371,832,000.00
2 $1,568, 682,100.00
463,147,850. 00
4, 991,936, 800.00
10,071, 940. 00
38,088,950.00
4,991,936, 800.00
1, 578, 754, 040. 00
501, 236,800. 00
2, 031,829,950. 00
5,040,097,690. 00
7, 071,927, 640. 00
231.036,900. 00
2 1,428,157,965. 00
270,199.900.00
3,441,470. 50
501, 236,800. 00
1,431,599,436.60
RETIEEMENTS
Securities retired on exchange.
Securities cleared for redemption ^
Securities retired on other accounts (i. e.,
claims, credit, and exchange authorization
retirements)--.
Total securities retired
371,409,920. 00
13,120. 00
371,423,040. 00
2,030, 604,785. 00
273, 654,490. 50
2,304, 259, 275. 60
6, 231,322,440. 00
7,206, 698,140.00
108,147.000. 00
108,147,000.00
995, 629, 200. 00
1,001,644,925.00
•STOCK ACTIVITIES
Securities received from Bureau of Engraving
and Printing
'..
Securities restored to stock by Federal reserve
banks
_
•
Stock canceled and delivered to Register of
Treasury:
Securities
Detached matured coupons (5,643,260
pieces)
.:
.
2 1, 974,375, 700. 00
6, 015,726. 00
268, 587,044. 34
1 Includes Treasury bills available for either original issue or exchange.
2 Includes $1,387,500,000 special 1-day certiflcates of indebtedness,
s Represents face value of securities redeemed. .
236
268, 587,044. 34
237
SECRETARY OF THE TREASURY
Individual registered accounts activities.—In connection with public
debt registered issues, individual accounts are maintained and interest
is paid periodically in the form of checks. The accounts open June
30, 1930, were as follows:
Number
of
accounts
Interest-bearing loans:
Pre-war loans.._
_
Liberty and Treasury loans
Treasury notes...
Principal
13,458 $750,913, 250
891,190 2, 608,025,400
13
764,171,000
..-.
904,661 4,123,109,650
10, 261
2, 630,350
Noninterest-bearing loans. Liberty and Victory loans
Total open accounts
914,922
4,126, 640,000
There were 88,137 individual accounts closed for registered Liberty
bonds. Victory notes, and Treasury bonds, and 19,639 accounts were
decreased, representing the retirement of securities amounting to
$486,308,000 par value. In connection with the same loans, 76,363
new accounts amounting to $342,953,900 principal were opened.
Thirty-two thousand and sixty-eight changes of address for the maUing of interest checks were made on the registered accounts during
the year.
Interest on registered Liberty and Treasury bonds was paid on due
dates in the form of 1,784,547 checks, amounting to $109,789,599.51.
On registered securities of the pre-war: loans, 44,623 checks for
$15,635,185.50 were issued and there was certified to the Treasurer
interest payable amounting to $25,114,239.67 on registered Treasury
notes. There were receivecl from the Bureau of Engraving and
Printing 1,849,000 checks as stock, and there were canceled and
delivered to the destruction committee .stock consisting of 7,827
checks.
Claims.—Claims for relief on account of lost, stolen,, destroyed, and
mutilated securities handled by the division during the fiscal year
were as follows:
Number
Number of securi- Par amount
ties
of claims
of securities
(pieces)
Received
Settled:
By reissue or redemption of securities
By recovery of securities
By disallowance of claims
By other disposition (not dainis treatment)
Total settled
3,120
7,552
$984,749.39
1,783
181
138
4, 212
2,020
755
703
477, 404. 64
813, 635.00
32,115.00
3, 268. 00
3,071
7,690
1, 326,422. 64
238
RFPORT ON T H E FINANCES
Safe-keeping of securities.—^At the beginning of the year there were
securities amountuig to $738,689,600 in safe-keeping for various
Government offices, against which formal audited receipts were
outstanding. Throughout the year securities amounting to $274,642,800 were received for safe-keeping and receipts therefor issued,
and securities amounting to $152,343,300 were delivered from safekeeping upon the surrender bf outstanding receipts, leaving a balance
of securities amounting to $860,989,100 in safe-keeping June 30, 1930.
Mutilated paper and redeemed currency.—Mutilated paper verified
and delivered to the destruction committee consisted of 21,049,511
sheets and coupons, of which 20,809,212 sheets and coupons were
received from the Bureau of Engraving and Printing and 240,299
sheets from the Division of Paper Custody.
Redeemed currency counted and delivered to the destruction
committee during the year amounted to 815,553,186 pieces, representing $3,531,152,347.62, detailed as follows:
Number of
pieces
Face value
Old series currency retired from circulation m unfit
Total
67,035, 882
374, 918, 623
55, 030, 660
4,112
4,644
-
1, 773, 700, 591. 62
24, 000
73,000
67,819
.
$275,917, 325. 00
383,899, 019. 00
1,113,858,700.00
24, 500. 00
1, 047. 62
496,993,821
United States notes
Silver certificates
Gold certiflcates
Treasury notes
Fractional currency
1, 200, 000. 00
639, 500, 000. 00
678,190, 000. 00
Old series cmTency, reserve stock
United States notes
Gold certificates—
Gold to order certificates
Total.
.
.:
Total, old series
164, 819
1, 318, 890, 000. 00
497,158, 640
.-..•
3, 092,590, 591. 62
25,164, 549
288, 846, 007
4, 383,990
91, 678, 875. 00
288, 843, 931. 00
58,038,950. 00
New series currency retired from circulation as unfit
United States notes
Silver certificates 1
Gold certificates
__
_
.
Total, new series (unfit)
Grand total
.
_
..
. . . .
318, 394, 546
438, 561, 756. 00
815, 553,186
3, 531,152, 347. 62
1 Slight e.Kcess of pieces is due to redemption of exact half notes at half value.
Publicity.—The division maintains a maUing list, in addition to its
list of holders of registered securities, for the purpose of placing new
public debt offerings, notices of redemption, and such matters before
the public. Approximately 800,000 printed circulars were distributed
to the public during the year by this means.
239
SECRETARY OF THE TREASURY
Register of the Treasury
The function of retiring securities surrendered to the Treasury
Department is vested in the office of the Register of the Treasury.
I t is the Register's duty to certify regularly to the Comptroller General
as to the credits due the Treasurer of the United States for amounts
expended in the redemption of securities and also to establish the
credits due the Federal reserve banks and the Division of Loans and
Currency for securities forwarded by them for retirement on account
of exchanges, replacements, transfer of registration, etc.
In addition to the audit of securities and the maintenance of
accounts and records relating thereto, the register's office maintains
numerical registers which enable the department to furnish the public
with essential information relative to securities retired. Each bearer
security is recorded by its serial number, coded to give a complete
history of that document's retirement. Inquiries received from the
general public and the various agencies of the Federal Government
and answered during the fiscal year 1930 aggregated over 62,000
items.
The foUowing comparative statement sets forth by class of security,
number of pieces, and face value, the securities received, examined,
and filed during the fiscal years 1929 and 1930:
Securities received, examined, and filed in the register's ofiice during the fiscal years
1929 and 1930
1929
1930
Class of security
Pieces
Pieces
Amount
REDEEMED
Bearer
United States securities:
Pre-war loans
Libertyloans
Treasury bonds
Treasury notes
_.
Certificates ofindebtedness..
Treasury bills...
Treasury (war) savings securities
Interest coupons
_.
Securities not affecting public debt.
District of Columbia loans
Total-
77
$45, 610. 00
3, 358,468
957, 564,400. 00
1,403
12, 695,000.00
9,614
184, 950.050. 00
231, 712 1,861,026,700.00
348, 598
24,610,267
169
119, 993
$119, 770. 00
27,502,100.00
30,413
628, 201,900. 00
314, 537 2,191,467, 700.00
5,305
156,046,000. 00
252, 551
667,478. 68
461,780.50
610, 021,107. 62 1 19,203,476 1 494, 385,437. 36
1,050. 00
28,560,139 I 3,526,970,346.30
19,926,447
3,498,185,737.86
24
63,420.00
659, 298
290,159,700.00
174
16,527,000.00
90 2, 379,000,000.00
830,948
141,178, 650. 27
10
94.64
91
16,194
207
89
106,919
82,090. 00
3,373,550.00
21, 717,000.00
1,387,600,000.00
15,635,015. 38
Registered
United States securities:
Pre-war loans
Libertyloans
Treasury notes..
Certificates of indebtedness
Treasury (war) savings securitiesInterest checks (Liberty loans)
Total
1,490,644
Total, redeemed.
Footnote at end of table.
12101—31
2,826, 928,864. 91
123, 500 1,428,307, 655. 38
30,050, 683 6, 353, 899, 211. 21 20,049,947
^18
4,926,493, 393. 24
240
REPORT ON T H E FINANCES
Securities received, examined, and filed i n the register's ofiice during the fiscal years
1929 and 1930—Continued
1929
1930
Class of security
Pieces
Amount
Pieces
R E T I R E D ON ACCOUNT OF EX^CHANGES FOR
OTHER SECURITIES, ETC.
Bearer
U n i t e d States securities:
Pre-war l o a n s .
Libertyloans.
Treasury bonds
T r e a s u r y notes
First ZH per cent L i b e r t y loan i n t e r i m
certificates
—
S t a n d a r d full-paid i n t e r i m certificates...
Certificates o f i n d e b t e d n e s s .
T r e a s u r y bills
_
T r e a s u r y (war) savings securities
Securities n o t affectihg p u b l i c d e b t , insular possessions loans
631
687, 717
44, 010
34,758
$414, 380.00
666,993, 650. 00
149,418,000. 00
329,023, 700.00
1,158
621,161
53,417
71, 347
$704,950.00
448,152, 750.00
132, 342,000.00
495,974, 500.00
61
3, 800. 00
126, 376
1,462, 372,100. 00
49
2
97, 015
35
-1
3, 550. 00
2,100,000.00
959, 260, 500.00
2, 240,000. 00
-5.00
3,422
3, 345, 600. 00
2,134
2,134, 000.00
896,975
T o t a l . __
2, 510, 571,130.00
846, 317
2, 042, 912, 245.00
9,931
163, 575
9,399
5
737
55, 696, 650. 00
254,091, 650.00
47, 432, 650. 00
20, 517,000.00
186,425. 00
14, 887
166,181
12, 208
3
-16
85,901,000.00
414,907, 700. 00
68,026, 750. 00
30,000,000. 00
-76.00
Registered
U n i t e d States securities:
Pre-war loans
Liberty l o a n s . .
_.
Treasury bonds
T r e a s u r y notes
T r e a s u r y (war) savings securities
Securities n o t affecting p u b l i c d e b t ,
insular possessions loans
T o t a l , retired on account of exchanges,
etc
u
--
1,191
2, 503,000.00
2,031
3, 573,000. 00
184,838
Total.
380,427, 375. 00
195, 296
602,408, 375.00
1,081,813
2,890,998, 505.00
1,041,612
2, 645, 320. 620.00
158,639
893,522
146,284
86,275,850.00
215, 542, 700.00
886,248,700.00
-3,000.00
204,503,200.00
1,301,263,000.00
148,198,000.00
35.00
303,187,126.78.
U N I S S U E D STOCK R E T I R E D
Bearer
U n i t e d S t a t e s securities:
P r e - w a r loans
:..
Libertyloans
Certificates of i n d e b t e d n e s s
T r e a s u r y bills
T r e a s u r y (war) savings securities..
I n t e r e s t coupons
9,092,090
248,352,059.72
10,290,536
1,436,419,309.72
6, 739,141
1,957,148,361.78
148,688
462,872
43
1
20,568
703,220,800.00
2,066,443,700.00
81,200.00
N o value.
6,858,600.00
25
107
1
215,100.00
127,150.00
50,000.00
17,235
3,437,476.00
1,103
2,319,000.00
960
2,186,000.00
633,275
Total.
-4
341,495
244,158
16,609
7
6,136,876
2,777,923,300.00
18,328
6,015, 725.00
10,923,810
4,214,342,609.72
6,767,469
1,963,164,086.78
159,347
4,939, 707
45,413
, 44,372
86,735,840.00
1,739,100,750.00
162,113,000.00
613,973,760.00
1,323
1,082,649
63,417
101,760
821, 720.00
680,158,050.00
132,342,000.00
1,124,176,400.00
61
3,800.00
49
3, 550.00
Registered
U n i t e d S t a t e s securities:
P r e - w a r loans
Libertyloans
Treasury bonds
T r e a s u r y notes
T r e a s u r y (war) savings securities!
Securities n o t affecting p u b l i c d e b t , i n s u l a r
possessions loans
TotaL...
T o t a l u n i s s u e d stock retired."
RECAPITULATION
Bearer
U n i t e d S t a t e s securities:
P r e - w a r loans
Libertyloans
Treasury bonds
T r e a s u r y notes
F i r s t ZH per cent L i b e r t y loan i n t e r i m
certificates
241
SECEETARY OF THE TBEASURY
Securities received, examined, and filed in the register's ofiice during the fiscal year
1929 and 1930—Continued
1929
1930
Class of security
Pieces
Pieces
Amount
RECAPITULATION—continued
jBeorer—C ontinued
United States securities—Continued.
Standard full-paid interim certificates.
Certificates ofindebtedness
Treasury bills
Treasury (war) savings securities
Interest coupons
Securities not affecting public debt:
Insular possessions loans
District of Columbia loans
2
$2,100,000.00
655, 710 4,451,991,200.00
306,484,000.00
21, 949
667,478. 68
461,810. 50
252,557
768,373,167.34 1 25,340,362 1 797,572, 564.14
$4,209,647, 500.00
348,598
33, 702,357
3,345,500.00
2,134
2,134,000.00
1,050.00
7,473,960, 786.02
27,611,906
7,498,246,344. 64
168,643
758,980,870.00
1,285,745 2,609,695,050.00
9,442
47, 513,850.00
37,044,000.00
180
90 2, 379,000,000.00
148,223,675.27
852,253
94.64
10
15,003
182,482
12,209
210
89
124,139
86,198,190.00
418,408,400.00
68,076,750.00
51,717,000.00
1,387, 500,000.00
19,072,415.38
3,422
Total.
Registered
United States securities:
Pre-war loans
. Libertyloans
Treasury bonds
Treasury notes
Certificates ofindebtedness
Treasury (war) savings securities
Interest checks (Liberty loans)
Securities not affecting public debt, insular
possessions loans
4,822,000.00
2,991
5,985,279,539.91
337,123
2,036,731, 755. 38.
42,056,306 13,459,240,325.93
Grand total.
2,294
2,308,657
Total
27,849,028
9,534, 978,100.02
6, 759,000.00
1 Includes figures for the June, 1930, settlement month which is in process of audit, and 41 District of
Columbia interest coupons amounting to $37.41.
Division of Public Debt Accounts and Audit
This division maintains administrative control accounts over all
official transactions in the public debt, including those conducted by
the Division of Loans and Currency, the office of the Register of the
Treasury, the office of the Treasurer of the;United States, and the
Federal reserve banks as fiscal agents of the United States, and also
over, transactions involving the manufacture, receipt, custody, and
issue of distinctive and nondistinctive paper used for printing public
debt securities. United States currency, national bank notes. Federal
reserve notes. United States postage stamps, internal revenue stamps,
and other miscellaneous securities and documents in the Bureau of
Engraving and Printing. Numerous administrative audit functions
are performed in connection with the foregoing. The division also
maintains control accounts over various classes of unissued currency
in reserve stocks of the Treasurer of the United States and the Comptroller of the Currency, and conducts administrative examinations
and physical audits of such unissued stocks of currency, of cash balances in custody of the several divisions of the Treasurer's office,
and also of collateral securities held in trust by the Treasurer to
secure national bank currency circulation, postal savings deposits,
postal investments, evidences of the debt of foreign governments, etc.
242
REPORT ON THE FINANCES
Physical audits conducted in the offices of the Public Debt Service
during the fiscal year covered securities of various classes held in
custody as unissued stocks, held as unclaimed or in safe-keeping, and
surrendered securities retired or in process of retirement, registered
interest checks, accounts of registered bondholders, nunierical records
of retired securities, and various security records, et(). The securities involved in these audits totaled over 14,000,000 pieces and
$10,000,000,000 in face value. Eleven mUlion items were checked in
examination of numerical records. A force of 13 auditors and audit
clerks was continuously engaged on this work throughout the year.
Audits in the Bureau of Engraving and Printing during the year
consisted of at least one audit in each division of the bureau with
respect to each class and denomination of distinctive and nondistinctive paper. These audits embraced over 70,000,000 sheets of paper,
approximately 57 per cent of which was sheet counted. The work was
conducted by a force of five auditors regularly assigned to this work,
augmented in some of the larger audits by additional auditors, and
assisted by groups of counters detaUed for that purpose from tbe
Bureau of Engraving and Printing.
In the office of the Treasurer of the United States audits were conducted of all reserve stocks of unissued currency, of the cash balances
in the cash division, the redemption division, and in the national bank
redemption agency, and of collateral securities held in trust in the
securities division. . Audits in the office of the Comptroller of the
Currency covered all reserve stocks of national bank notes and Federal reserve notes. The face value of the currency and securities
covered by the audits in these two offices exceeded $16,000,000,000.
During the fiscal year this division determined and certified credits
to the cumulative sinking fund and amounts in the sinking fund
available for expenditure from time to time, interest on all classes of
public debt securities which became due and payable on their respecT
tive interest payment dates, and the amount of each form of public
debt securities and unpaid interest outstanding each month. I t
prepared estimates of interest to become payable on public debt
securities in future fiscal years and expenditures to be made on account
of retirements for the sinking fund and other special accounts, and
prepared a statement showing the accountabUity of Federal reserve
banks for public debt securities for the use of Federal Reserve Board
examiners in their periodical examinations of those banks. Numerous data pertaining to public debt transactions for various interested
offices and individuals were also compUed.
The character and scope of the accounts maintained in this division, as well as the volume of transactions to which they relate, are
indicated in a measure by the public debt tables appearing elsewhere
in this report which were prepared from those accounts.
243
SECRETARY OF T H E TREASURY
Division of Paper Custody
Operations of the Division of Paper Custody during the fiscal year 1930
On hand
J u l y 1,1929
Kind
On hand
J u n e 30,
1930
Receipts
Issues
Sheets
108, 561,122
30, 50.0
325, 500
85, 651,000
3,127,000
1, 683, 440
Sheets
105,491, 222
20, 505
365, 751
86, 752, 002
2, 667,000
1,463,000
Sheets
26, 601,033
9,995
4,959,011
23,936, 269
1,098,000
896,440
331, 213
2,134, 731
246, 240
3, 798,995
265, 352
544, 293
200,000
87,000
58, 352, 931
202,044, 506
201,003,715
59, 393, 722
1,156
392
9,436
282
9,231
403
1,361
271
D i s t i n c t i v e p a p e r for U n i t e d S t a t e s c u r r e n c y , 'Federal
reserve n o t e s , a n d national b a n k currency, n e w
Sheets
series, t y p e B , 12 subjects
23, 531,133
B a n k note paper, experimental
..
United States bond paper
4, 999, 262
25,037, 271
Internal revenue paper
638,000
Postage s t a m p paper
676,000
Check paper
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
" paper
180, 379
2, 208, 557
Miscellaneous p a p e r
Philippine Islands:
684, 278
D i s t i n c t i v e p a p e r for P h i l i p p i n e c u r r e n c y
165,000
Internal revenue paper
22,051
P o s t a l card
211,000
Porto Rican internal revenue paper
:
TotaL
Rolls, postage s t a m p p a p e r
Rolls, i n t e r n a l r e v e n u e p a p e r
'ii2,'6oo"
684,278
• 278,000
22,051
99,000
N O T E . — B l a n k distinctive p a p e r c o u n t e d J u l y 1, 1929, to J u n e 30, 1930, 104,613,212 sheets.
Custody of Federal reserve notes
OLD
On hand July
1,1929
F e d e r a l reserve b a n k
Boston _
New York
Philadelphia
Cleveland.
Richmond
_
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
-.San F r a n c i s c o .
-_...
.-_
-.- - _-
_-
Total
SERIES
Received
$39,120,000
78,080,000
42, 220,000
13, 740,000
56, 600,000
32, 78u, 000
25, 740, 000
13, 280, 000
16, 620, 000
20.140.000
19, 560,000
19,140,000
'
377,020,000
Issued
On hand June
30,1930
$39,120,000
78,080,000
42, 220,000
13, 740,000
56, 600,000
32,780,000
25, 740,000
13, 280,000
16, 620, 000
20,140,000
19, 560,000
19,140,000
1 377,020, 000
1 I n c l u d e s $268,100,000 delivered to special c o m m i t t e e for d e s t r u c t i o n .
NEW
Boston
New York
Philadelphia...
Cleveland
.Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas C i t y . . .
Dallas
San Francisco..
Total
SERIES
$118, 720,000
274, 520,000
218,140,000
223, 600,000
21, 960,000
139, 860,000
123, 720,000
32, 720,000
10, 400,000
93,800,000
143, 560,000
1, 406,000,000
$320, 280, 000
751, 740,000
208, 680,000
253,140,000
176,940,000
129, 780,000
768, 336,000
116, 520,000
57,900,000
103.920,000
61,680,000
143, 580,000
3,092,496,000
$218,800,000
410, 400, 000
189^ 600,000
187, 420,000
25, 340,000
103, 320, 000
233,800,000
65, 360,000
11, 500,000
44, 600,000
65; 920,000
165, 420,000
1,721,480,000
$220, 200,000
615, 860,000
237, 220,000
294, 320, 000
173,560,000.
166, 320,000
658, 256, 000
83,880,000
46,400,000
69, 720.000
89, 560, 000
121, 720,000
2, 777,016,000
244
REPORT ON T H E FINANCES
Destruction Committee
Securities received and destroyed during the fiscal year 1930 were
as follows:
Securities received and destroyed during the fiscal year 1930
•
Number of
pieces
Paper currency (canceled, redeemed, unfit obsolete, etc.):
United States currency..
:
National bank notes
_. .
.
Federal reserve notes
..-
818,880,411 $3, 542, 781,797.62
87, 644, 721
810,037, 253. 50
230,824,001 2,922, 979, 460.00
1,167, 349,133
Internal revenue stamps (obsolete)
Mutilated printing (sheets)
._
Unissued stock (canceled, obsolete) bonds, coupons, etc
Photostats
^^(1^^
?
Face amount
21,049,612
8,063, 795
137
7, 275, 798, 511.12
3,146, 688. 27
3,437,913,002.30
PUBLIC HEALTH SERVICE
Division of Sanitary Reports and Statistics
The Public Health Service acts as a clearing house for information
concerning diseases dangerous to the public health. During the
fiscal year reports as to epidemics and the prevalence of diseases were
received from officers of the Public Health Service stationed in foreign
countries and in the United States, from State and local health
departments, from American consuls in all parts of the world, from
foreign governments, the International Office of Public Hygiene, the
Pan American Sanitary Bureau, and the health section of the League of
Nations. This inforraation was abstracted or tabulated and sent to
health officers and other sanitarians by telegraph, letter, or in mimeographed or printed form.
The Public Health Reports was issued each week, part 2 of
volume 44 and part 1 of volume 45 being published during the year
ended June 30. This publication contains articles on subjects
pertaining to public health, current statistics of the prevalence of the
reportable diseases, current reports of mortality, and other information of interest to health officers and sanitarians.
Two volumes of Federal and State laws and regulations pertaining
to public health were issued during the year, and work was continued
on a compilation of IState laws and regulations on the reporting of
communicable diseases with an analysis and judicial decisions on this
subject.
The preparation a.nd dissemination of news articles and radio
lectures on health subjects were continued during the fiscal period
under review. Upori. the invitation of the Public Health Service,
leading specialists in the United States prepared lectures to be sent
out by radio. In this way it has been possible to reach many thousands of persons with helpful information relative to the preservation
of health and the prevention of disease.
One hundred and twenty-seven new service publications were issued
during the year, not including those of the division of venereal
diseases, and 366,690 copies of publications were distributed. More
than two-thirds of th(ise publications were sent in response to individual requests.
Many requests foi: moving-picture films and stereopticon slides
for use in educating the public in matters pertaining to health could
not be complied with owing to lack of funds, but about 1,800 slides
were lent to universities, health officers, and others.
245
246
REPORT ON T H E
FINANCES
An appropriation of $2,500 has been made by Congress, available
July 1, 1930, for the preparation of exhibits designed to demonstrate
the cause of diseases dangerous to the public health, the measures for
preventing their spread, and the means which can be used to avoid
these diseases. This will enable the Public Health Service to respond
to many rec[uests for such material.
Division of Foreign and Insular Quarantine and Immigration
Qua7'antine transactions.—Quarantine officers
vessels and 3,361,729 persons during the year.
inspected
25,571
Inspections by quarantine ofiicers during the year ended J u n e SO, 1930
Vessels
At stations in continental United States...
At insular stations
.._
At foreign ports prior to embarkation
Total
.
Passengers
17,619
3,026
4,926
914,878
141,416
514, 590
1,163,915
216,326
410.604
25, 571
1,670, 884
1, 790,845
Seamen
Of the passengers who embarked at European ports, 56,115 were
vaccinated and 74,509 were deloused under the supervision of medical
officers of the service and their clothing and baggage, amounting to
96,381 pieces, were disinfected.
A total of 5,189 vessels were fumigated either because of the occurrence of disease on board or for the destruction of rodents; 14,047
of tihe dead rats were examined for plague infection.
During the year only five cases of smallpox and no cases of plague,
cholera, yellow fever, or typhus fever arrived at quarantine in the
United States. However, toward the latter part of May, 1930, an
outbreak of cholera occurred in the Philippine Islands. This outbreak
principally involved rural communities, centering in the south central
part of the PhUippine Archipelago. The situation attained threatening proportions. The southern Philippine port of Cebu had become
infected, b u t Manila remained uninfected in the port proper, although
several isolated cases had occurred in the adjacent countryside.
Interisland quarantine has been declared against Cebu, but no quarantine measure of this character is practicable of enforcement against
the small native fishing boats which travel among the islands. The
situation became so threatening that on July 7, 1930, a maritime
quarantine was put into effect against the Philippine Islands as a
measure of protection against the transmission of the infection
particularly through oriental steerage passengers to the Hawaiian
Islands and the Pacific coast ports of the United States.
Health conditions as regards yellow fever, reported during the year
from the port of Para at the mouth of the Amazon River and several
A
SE<3RETARY OF T H E TREi^SURY
247
interior Brazilian ports, were such as to warrant the issuance of a
quarantine declaration against Para and an advisory warning notice
of the possibility of infection of other Brazilian ports from outbreaks
occurring in the interior. The mosquito which carries and spreads
yellow fever has been reported exceedingly prevalent in the South
Atlantic and Gulf coast territory of the United States and the undetected entry of a single case of yellow fever would result in a serious
outbreak. This disease continues to be reported also from the Gold
Coast of Africa, one case having occurred in Liberia where an officer
of the Public Health Service has been especially detailed for duty in
connection with the control of the disease.
The restriction of the transportation of passengers from oriental
ports to United States ports, in accordance with the special regulations
of the Secretary of the Treasury prescribed in acc()rdance with Executive Order No. 5143, dated June 21, 1928, continued in force during
the past year. While these regulations admittedly are exacting,
requiring readjustment of existing maritime practice respecting the
carriage of steerage ])assengers and unavoidably resulting in some
inconvenience and increased costs, their proper observation is by
no means impossible. These regulations have proved effectual in
attaining the essential control of the danger heretofore presented by
the introduction of epidemic meningococcus meningitis into the
United States;.since their adoption only a few cases from the Orient
have arrived at Pacific coast ports, the tcital number of which was
well within the capacity of the avaUable quarantine facilities. From
time to time during the year, as changpd conditions warranted,
amendments to the special meningitis regulations were issued upon
the recommendation of the Surgeon General, modifying the regulations
in so far as consistent with effectiveness and thus removing as'soon as
practicable unnecessary restrictions upon iharitime commerce.
In November, 1929, the occurrence of an unusual sickness, resembling influenza and typhoid fever, with a high mortality rate, began to
be reported in various sections of the United States. Investigation
revealed that these cases were associated with recently imported
parrots. Inasmuch as the parrots involved were not confined to one
species and had been imported from various parts of the world, and
in the absence of other definite knowledge concerning the disease, it
was deemed advisable to stop the importation of all species of parrots
from all countries until the disease could be studied. As a result,
Executive Order No. 526.4, dated January 24, 1930, was issued and,
in accordance with this order, the Secretary of the Treasury, upon the
recommendation of the Surgeon General, issued regulations under
date of February 3, 1930, governing the importation of parrots into
ports of the United States or its possessions.
248
REPORT ON THE FINANCES
During the past year the Public Health Service made the necessary
arrangements for the performance of quarantine and immigration
medical examinations in connection with the establishment of airports
of entry in a number of ports. These arrangements were completed
at Ajo, Douglas, and Nogales, Ariz.; El Paso, Laredo, and Eagle
Pass, Tex.; Portal, N. Dak.; Port Angeles and Bellingham, Wash.;
Newport, Vt.; Malone, N. Y.; Scobey and Havre, Mont.; Detroit,
Mich; and San Pedro, Calif. Information has been received of
the designation of airports of entry at Pembina, N. Dak.; Spokane,
Wash.; Watertown and Plattsburg, N. Y.; Minneapolis, Minn.; and
Great Falls, Mont.; but as there is no medical officer of the Public
Health Service stationed in or near these ports, and as funds for the
employment of additional medical personnel are not avaUable, it was
impracticable to make suitable arrangements for the required quarantine and medical immigration examinations incident to the arrival
of aircraft at these ports from foreign ports. To date a total of 23
airports have been designated airports of entry at which quarantine
and medical immigration inspections are required to be made by the
Public Health Service.
The remarkable development of aerial transportation has brought
with it international sanitary and public health problems of major
importance. Regular lines of aircraft have been established providing direct and rapid communication between areas in Africa, Asia, and
South America (which have long been endemic centers of various
,pestilential diseases, such as cholera, plague, and yellow fever) and
noninfected but infectible territory in Europe, North America, and,
in fact, almost all the remainder of the world. The journey by airplane from most of the endemic centers of these pestUential diseases is
usually'*less than the incubation period of these diseases, excepting
journeys from endemic centers of cholera.
The whole problem of sanitary control of aerial transportation has
been a matter of serious interest not only to this country but to the
countries of Latin America and of Europe, Africa, and Asia. As a
consequence, a preliminary draft of a proposed international agreement for the control of aircraft was prepared by a special international
commission known as the Quarantine Commission of Air Navigation
which met at Paris on March 11, 1930, and was submitted to the permanent committee of the Office International d'Hygiene Publique
during its May, 1930, session. The Surgeon General, who represents
this Government on that committee, was requested to ascertain the
views of the Pan American countries with reference to any technical
changes deemed advisable in the proposed draft, and the subject will
probably be a major one for discussion at the meeting of this committee in Paris in October, 1930.
SECRETARY OF T H E TREASURY
249
Medical inspection of aliens.—There were 1,211,796 alien passengers
and 988,759 alien seamen examined by medical officers at the various
stations in accordance with the act of Congress, approved February
5, 1917; 25,659 passengers and 1,797 seamen were certified to the
immigration officials as being afflicted with, a mental or physical
defect. The most important causes of certification of alien passengers
were trachoma, 380; tuberculosis, 135; feeble-mindedness, 163; insanity, 114; syphilis, 163; gonorrhea, 386. Ofthe alien seamen, 37 were
certified for trachoma, 21 for tuberculosis, 264 for syphilis, 339 for
chancroid, and 611 for gonorrhea.
Examination of alien passengers abroad.—^There were 156,370 applicants for immigration visas examined by medical officers abroad.
Of this number 2,645 were reported to the consular officers as affiicted
with one or more of the diseases listed in class A as mandatorily excludable; 17,522 were reported as affiicted with a disease or condition
listed in class B as liable to affect their ability to earn a living; all of tbe
applicants reported in Class A and 5,963 of those reported in class B
were refused immigrsttion visas by the c(3nsular officers because of
the findings of the m(3dical examination.
Of 147,762 aliens who had been given a preliminary medical examination abroad and to whom visas had been issued, only 23 were
certified upon arrival at a United States port as being afflicted with
class A diseases, resulting in mandatory deportation.
There has been no material change during the past year in the
system of making medical examinations of applicants for immigration
visas in their countries of origin. This system of the examination of
intending immigrants has proVen so satisfactory that it has been
proposed that it be extended to additional foreign countries as soon as
trained medical officers are available for that purpose.
Division of Domestic Quarantine
Cooperative demonstration projects in rural sanitation were carried
on in 202 counties in 24 States. On January 1, 1930, 505 of the 2,500
counties or comparable districts in the United States in which the
local health unit plan is applicable were provided with whole-time
local health service, as compared with 467 on January 1, 1929.
Experience indicates that the best foundation for rural health
service in the United States is the county health department under
the direction of the qualified whole-time county health officer. I t
becomes increasingly evident to tbose with practical experience in the
public health field that agencies concerned with the promotion of
specialized health activities, such as typhoid fever prevention, hookworm control, tuberculosis prevention, malaria control, venereal disease prevention, or cliild and maternity hygiene, can perform most
250
REPORT ON THE FINANCES
effectively and economically by conducting their specific activities
as a part of a comprehensive program of local official health service
under the direction of qualified whole-time local health officers. Over
76 per cent of our rural population is as yet unprovided with official
local health service approaching adequacy. As a consequence, there
is a sacrifice of the health, lives, and material resources of our people
which is needless because preventable, and preventable by measures
readily within our means and demonstrated to be in the highest
sense economical.
In addition to the routine measures for insuring sanitation of
interstate carriers, both trains and vessels, including sanitary supervision and control of drinldng water supplies, an appreciable, amount
of public health engineering work has been conducted in cooperation
with other governmental agencies. Of particular interest in this
connection is a design for a sewage-disposal plant prepared for the
valley floor of Yosemite National Park.
The extent and character of professional services which are being
rendered to other branches of the Government upon request are indicated by the following:
^
National Park Service: Sanitary surveys; designs for water and
sewage-disposal systems; plans for garbage disposal; antimosquito
measures; plans for miscellaneous sanitary projects.
Bureau of Indian Affairs: Sanitary surveys of Indian reservations;
plans and recommendations regarding sewage-disposal and watersupply systems.
Office of the Supervising Architect: Surveys and plans for sewagedisposal and water-supply systems at' border stations.
Bureau of Prisons: Surveys, advice, and plans regarding sanitary
projects and pasteurization of milk.
District of Columbia: A study of the causes of disintegration of a
concrete sewer.
Bureau of Efficiency: Assistance in the preparation of a plumbing
code.
Post Office Department, Forest Service, Lighthouse Service, Coast
Guard, and Veterans' Bureau: Inspections of buUdings and surveys
of sanitary conditions with recommendations.
Trachoma eradication work has been continued in cooperation
with State and local authorities in trachomatous regions. Small
hospitals for the treatment of trachoma patients have been maintained at Rolla, Mo., Knoxville, Tenn., and Richmond, Ky. In
addition, numerous field clinics have been held in the surrounding
country and field nurses have been employed in locating cases, inducing them to apply for treatment, aiid insuring proper follow-up
care after discharge from the clinics and hospitals. At the request
of the State authorities, surveys to determine the prevalence of
SECBETARY OF T H E TREASURY
251
trachoma were made in Decatur County, Ga., and in certain counties in southern Illinois. A considerable prevalence of the disease
was found to exist in both cases, and methods of control were outlined.
Antiplague activities were continued in California. The work
consists of the determination of foci of plague infection in ground
squirrels, with intensive eradication measures around infected areas
and of general control measures over large areas for the reduction of
squirrel infestation.
Rat surveys conducted in San Francisco and Oakland, Calif.,
revealed no evidence of plague infection among the rodents in these
places. The Public Health Service laboratory in San Francisco for
the examination of rodents to determine plague infection was operated as in preceding years. No case of human plague occurred in
the United States during the year.
At the request of their respective State and local health authorities, public health surveys were made of the health departments of
the State of Iowa, Augusta, Ga., Alameda County, Calif., and Pine
Bluff and Fort Smith, Ark., to determine the effectiveness of existing
regulations and methods for preventing the spread of infectious
diseases, in order that recommendations might be submitted for
measures for improvement.
The twenty-eighth annual conference of State and Territorial health
officers with the Public Health Service was held in the National
Museum BuUding at Washington, D. C , June 18 to 20, 1930, and
was attended by representatives of 37 States, the District of Columbia, and the Territory of ^Hawaii.
Division of Scientific Research
At the cancer investigation station work was continued on the
action on tissue cells of oscillating currents of very high frequency,
particularly the thermal action of ultra high frequency currents.
Furthermore, it has been shown that the apparent resistance to reinoculation found in mice which had recovered after treatment is
apparently due to an immunity reaction caused by the growth of the
tumor itself and not to the method of treatment.
At the leprosy investigation station effort was made to individualize
in the observation and care of patients with the particular object of
removing possible contributing causes of aggravations and recrudescences. Efforts have been made to cultivate in vitro the bacillus of
human leprosy and that of rat leprosy. The Rontgenologic study of
the early bone changes in leprosy has been continued.
The continuous county-vdde dusting study, using Paris green as an
anopheline larvicide, whicii was under way ^at the end of the last
fiscal year, was carried on during the present fiscal year. It is
252
REPORT ON THE FINANCES
expected that a minimum of two years will be required before an
accurate evaluation of results can be made. However, it is interesting
to note that the malaria rate found by blood examination in 17 rural
schools in Dougherty County, Ga., which before the work commenced had been 40.4 per cent, fell to 25.3 per cent when taken 12
months later. Flotation experiments designed to make Paris green
effective for a greater length of time when blown over the surface of
water have shown that when Paris green is mixed with calcium and
aluminum stearates its effectiveness is prolonged about 6 days. This
is sufficient to reduce the dusting interval and will result in a considerable saving where large areas are being treated.
The pellagra studies consisted principally of the testing of individual
foodstuffs.
The demand for the Rocky Mountain spotted fever vaccine has
increased each year since its first use in 1925, and a surprising degree
of confidence in its preventive value has been developed. Epidemiologic data collected over a considerable period indicate a quite
definite northward and southward extension of the area in which
Rocky Mountain spotted fever is endemic. During the year cases
have been reported in Saskatchewan, Canada, and New Mexico for
the first time. I t is gratifying to record that Surg. R. R. Spencer
was awarded the gold medal by the American Medical iissociation at
the annual session in June, 1930, for original work in the preparation
of a vaccine against Rocky Mountain spotted fever.
During the past year, investigations at the Hygienic Laboratory
have shown that psittacosis^—the disease associated with parrots—
is due to a filterable virus; a new strain of the meningococcus meningitis organism was isolated; and the probable cause of the so-called
Jamaica ginger paralysis was found. Undulant fever was reported
officially or unofficially in every State of the United States during the
calendar year 1929. A general survey of the disease was made in 20
States, and 109 cases investigated epidemiolbgically by the officer in
charge of studies of this disease. ,
The States of Washington and Massachusetts were added to the
area of distribution for tularsemia, which now comprises 43 States.
Serum from human cases occurring in Canada and Norway have been
found positive for tularsemia.
«
Two acts bearing upon the work and expansion of the Hygienic
Laboratory were passed during the fiscal year. By the act approved
April 9, 1930, authorization was given for the establishment of additional divisions in the laboratory. The name of the advisory board
for the Hygienic Laboratory was changed to the National Advisory
Health Council, the appointment of five additional members was
authorized, and the functions of the board were broadened to include
advice to the Surgeon General in respect to general pubhc health
SECRETARY OF THE TREASURY-
253
activities in addition to the strictly laboratory problems to which it
had been limited. By the act of May 26, 1930, the name of the
Hygienic Laboratory was changed to the National Institute of Health,
additional buildings were authorized, and provisions were made for
the acceptance of donations for the study of fundamental problems of
the diseases of man and. the establishment of fellowships.
The office of industrial hygiene and sanitation was engaged in
studies of natural and artificial ventilation, the practical efficiency of
ventilating devices, thes investigation of the health of workers in
dusty trades, the hazards in the radium dial-painting industry,
natural illumination in factories, schools, and hospitals, the loss of
light due to smoke, industrial poisons, and statistical investigations
relating to industrial hygiene.
Three new research projects in connection with child hygiene were
inaugurated during the year as follows: Studies in the mental hygiene
of childhood, dental hygiene, and the mental status of children of
various types of birth.
During the year the office of milk investigations made complete
milk sanitation surveys of 405 cities located in 22 States.
Statistical investigations have included studies of influenza and
other respiratory diseases, the collection of comparable morbidity
statistics for a rural area and for a moderate sized manufacturing
city, and the collection and publication of monthly mortality statistics.
A resurvey of the pollution and natural purification of the Ohio
River between Cincinnati, Ohio, and Louisville, Ky., was undertaken
for a comparison of past with present conditions,; and to determine
the limit of probable future permissible increase in pollution and the
rates of natural purification.
Division of Marine Hospitals and Relief
The marine hospitals were operated to capacity at all seasons,
although the National Leper Home at Carville, La., where, on an
average, 309 lepers were treated, has a small reserve of vacant beds.
Approximately three-fourths of the hospital patients, of whom there
was a daily average of 4,238, are seamen from American merchant
vessels. There were 1,120 deaths during the year. A total of 402,059
persons applied to the marine hospitals and |other relief stations for
medical service, of whom 286,167 were beneficiaries applying for
treatment, while the remainder received physical examinations not
related to treatment; 871,780 out-patient treatments were given. A
new color vision test has been introduced to eliminate borderline
cases in original applicants for pilot's license, iable-bodied seamen, and
Coast Guard men. This will not affect ship's officers and others
already holding licenses under the less rigid tests for color vision previously employed. A ^jeneral phywsical examination has also been
254
REPORT ON THE FINANCES
introduced at the request of the Steamboat Inspection Service, and
instruction and examination in first aid are given to all licensees.
The Public Health Service continues to furnish all medical services
and medical supplies to the Coast Guard personnel, approximately
13,000 on active duty and retired. The medical facilities of all relief
stations are available and 24 medical and dental officers are detailed
for duty on cruising cutters and at important shore stations. In addition, 109 part-time medical officers are assigned to life-saving stations
and other isolated units. The Coast Guard may also incur emergency
expenses for treatment abroad and at other places where there is no
formal provision for relief.
At the request of the Director of the Veterans' Bureau increasing
numbers of patients from that bureau have been admitted to marine
hospitals in ports where the construction of special hospitals was
thus made unnecessary. The Public Health Service continues to be
the principal medical agent for the Employees' Compensation Commission, and it also made 22,682 physical examinations for the
Civil Service Commission. In addition to operating the marine
hospital at Ellis Island, primarUy for the treatment of detained
immigrants, aliens are admitted at the request of the Immigration
Service to any of the marine hospitals, and these institutions have
also been available for personnel from the Military and Naval establishments, upon official request.
Division of Venereal Diseases
Continuing its work along lines previously established, this division
during the fiscal year 1930, directed its attention chiefly to three
major activities: Scientific research, cooperation with State and local
health authorities, and the dissemination of information concerning
the cause and prevention of the venereal diseases.
'Research projects carried on included further investigation into
the infectivity of cases of syphUis in the late stages of the disease;
a study looking to the evaluation of methods now in general use in
the treatment of syphilis; and further search for a biological product
which might prove efl'ective in the treatment of gonorrhea. A new
project undertaken was concerned with the possible effect of mass
treatment of syphUis, on a community-wide scale, in preventing the
spread of the disease through the removal of sources of infection.
Cooperation with State, local, and other agencies in the conduct of
prevalence surveys was continued, and resurveys were undertaken
in a number, of communities previously studied for the purpose of
obtaining data which might indicate the present trend of venereal
infections in the United States. As in the past, cooperative activities
included the detaU of trained personnel to several States to assist
in developing venereal ^disease control work, and the collection and
SECRETARY OF THE TREASURY
255
dissemination of information concerning the prevalence of syphUis
and gonorrhea. Educational work was continued, through the publication and distribution of literature, the presenting of popular
lectures and scientific papers by various members of the division
staff, and the lending of moving picture films to numerous agencies
and institutions in difl'erent parts of the country.
In the fiscal year 1930, 44 State departments of health reported
374,909 cases of the venereal diseases, an increase over 1929 of 5.1 per
cent. Of this total number, there were 213,309 cases of syphilis,
155,875 cases of gonorrhea, and 5,725 cases of chancroid, representing
an increase in syphilis of 9.1 per cent, a very slight decrease in gonorrhea of four-tenths of 1 per cent, and an increase in chancroid of 20.2
per cent over the preceding year. During this same period there
were admitted to the 477 cooperating clinics operating under the
State departments of health, 124,842 new cases of venereal disease, of
which 73,805 were syphilis, 48,230 gonorrhea, and 2,807 chancroid.
The total number of treatments given in these clinics was 2,440,626.
The States distributed 880,726 doses of arsphenamines for the use
of the clinics and private practitioners, and their laboratories reported 1,632,083 Wassermann tests and 349,259 microscopic examinations for the gonococcus.
Narcotics Division {Division of Mental Hygiene)
The year 1930 was characterized by additional legislation seeking
to coordinate and crystallize the functions of the Narcotics Division
in the office of the Surgeon General of the Public Health Service.
Pursuant to a recommendation of the department, an act of Congress,
approved AprU 9, 1930, authorizes the officer detaUed as chief of
the Narcotics Division to be entitled to the rank, pay, and allowances
of an assistant surgeon general.
The site for the first United States narcotic farm, authorized in
the act approved January 19, 1929, was selected near Lexington,
Ky., on March 13, 1930. The detaUs incident to the selection of
this site were studied by a subcommittee representing the three
departments concerned, and plans are under way for the development of the institution for the care and treatment of persons addicted to the use of habit-forming drugs.
During the year, legislation has been approved and plans have
been perfected whereby the Public Health Service is authorized to
furnish medical service in the Federal penal and correctional establishments under the control of the Department of Justice. This
work wUl be inaugurated during the early part of the next succeeding
fiscal year.
12101—31
19
256
REPORT ON THE FINANCES
Plans were perfected for assembling a suitable medical staff by
the Public Health Service at the United States Penitentiary annex
(United States Disciplinary Barracks), Fort Leavenworth, Kans.,
used for segregating all Federal prisoners addicted to the use of
habit-forming drugs, thus affording opportunities to utUize the
material avaUable in that institution as a training center for field
studies and investigations incident to the establishment of the
narcotic farms. A supplemental appropriation for the pay of personnel was requested for this purpose.
The act approved June 14,1930, changed the name of the Narcotics
Division of the Public Health Service to the Division of Mental
Hygiene, transferring all of the authority, powers, and functions
exercised by the Narcotics Division to the Division of Mental Hygiene.
Plans were inaugurated on July 1, 1929, for the collection of
detaUed information concerning the personal and social characteristics
of all persons coming within the purview of the Federal narcotic
laws. These reports have been tabulated and the results of these
epidemiological studies have been published from time to time in
the Public Health Reports. Studies have also been made during
the past year of the former experiences of States and local jurisdictions pertaining to their attempts to solve the medico-social problem
of drug addiction. A review of the evolution and present status of
narcotic laws has been completed and wUl be published during the
early part of the following fiscal year.
Division of Personnel and Accounts
Personnel.—On July 1, 1930, the regular commissioned corps of the
Public Health Service consisted of the Surgeon General, 30 medical
directors, 31 senior surgeons, 102 surgeons, 33 passed assistant
surgeons, and 59 assistant surgeons—a total of 256 officers. Of this
number, 2 medical directors, 14 senior surgeons, 6 surgeons, and
2 passed assistant surgeons were on waiting orders.
The number of reserve officers on active duty on July 1, 1930, was
57. This number included 1 medical director, 1 senior dental surgeon,
8 surgeons, 15 dental surgeons, 12 passed assistant surgeons, 8 passed
assistant dental surgeons, 5 assistant surgeons, and 7 assistant dental
surgeons.
The following tabulation shows the entire personnel of the service
on July 1, 1930, including part-time employees, all persons paid on a
fee basis, and all w:ho are paid per diem rates when actually employed.
It does not include 4,575 appointees designated as collaborating
epidemiologists and assistant collaborating epidemiologists, who serve
at nominal compensation, and who assist in the coUection of statistics
257
SECRETARY OF THE TREASURY
relating to the prevalence of communicable diseases, being for the
most part officers or employees of State and local health organizations:
Commissioned medical officers, regular corps
Commissioned officers, reserve corps
Acting assistant surgeons
Attending specialists and consultants__^
Contract dental surgeons
Internes
^
Scientific personnel, general
Scientific personnel, National Institute of Health.
Pharmacists_
Administrative assistants
L__
Druggists
Nurses
Aides.
Dietitians
Laboratorians
Pilots
1
Marine engineers _
Clerks
All other employees
:.
•
.
Total
--
._
.
.,.__
^
.
256
57
671
316
38
84
24
32
30
23
13
475
34
23
31
35
37
474
2, 664
5, 317
Financial statement.—Following is a statement of appropriations
and expenditures for the fiscal year 1930:
Appropi.iation title
Salaries, oflBce of Surgeon General...
Pay, etc., commissioned oflScers and pharmacists.
Pay of acting assistant surgeons
Pay of other employees.
Freight, transportation, etc
Maintenance, Hygienic Laboratory
Books
Pay of personnel and maintenance of hospitals...
Quarantine service
Preventing the spread of epidemic diseases
Field investigations of public health
Interstate quarantine service
Studies of rural sanitation
Control of biologic products
Expenses, division of venereal diseases
Narcotic farms.
Total
Appropriated
Expended
$318, 956.00
1,284, 500. 00
345, 840.00
1,090, 850.00
29, 000.00
43, 000. 00
500. 00
1 6,423,897. 60
460, 000. 00
400, 000.00
315, 940.00
68, 620. 00
346, 000.00
46, 620. 00
73, 780.00
2 9,044.70
$318,- 351. 64
1,262, 964.99
346,547.92
1,089,534. 34
28,661.90
42,717.74
497.46
6,406,459.15
456,890.09
276,636.97
313,414.14
67,742. 55
334,203.97
46, 260.47
72,950. 67
8,466.11
11,266,447.30
11,069,289.10
»Includes $787,544.60 reimbursem<mt for care of Veterans' Bureau patients.
> Balance available from $10,000 aippropriated for fiscal years 1929 and 1930.
258
REPORT ON THE FINANCES
The revenues derived from operations of the Public Health Service
during the fiscal year 1930 and covered into the Treasury as misceUaneous receipts are as follows:
Source of revenue:
Amount
Inspection, fumigation, and disinfection of vessels at national
quarantine stations
$561, 649. 87
Care and treatment of pay patients in hospitals and at relief
stations (other than Veterans' Bureau patients)
46, 055. 45
Sale of rations
13, 416. 79
Sale of obsolete, condemned, and unserviceable property
9, 434. 40
Sale of livestock and livestock products
1, 004. 39
Commissions on pay telephones installed in service buildings _
1, 150. 73
Other revenues
2, 972. 07
Total
-
635, 683. 70
SECRET SERVICE DIVISION
Eleven hundred and seventy-four persons were arrested by agents
of the Secret Service E^ivision or by their direction, during the fiscal
year 1930 on charges involving counterfeiting of the obligations of the
United States and forgery, as well as miscellaneous offenses against
the Federal statutes nslating to the Treasury Department and its
several branches. Of the total number taken into custody, 347 were
note counterfeiters and note passers, 129 were note raisers and passers
of altered currency, 208 were coin counterfeiters and passers; 329
were check forgers, 10 were apprehended for negotiating stolen or
forged bonds, and 62 were held for violations of the adjusted service
compensation act.
Sixteen new counterfeit note issues appeared during the year,
warranting the distribution of descriptive warning circulars, while ^
approximately a scores of unidentified counterfeit productions of
varying types of manufacture circulated in different sections of the
coimtry for short periods, some being photographic and hand-drawn
specimens of extremely crude workmanship. Counterfeit notes
aggregating $509,078.30, including fractional currency, and altered
notes aggregating $33,484 were captured or seized during the year
by operatives of the service, and counterfeit coins aggregating
$27,506.67 were also confiscated in connection with raids and subsequent arrests. Of the total amount of counterfeit notes captured,
agents in raids on several plants seized $145,081 before the counterfeiters were able to phice their product in circulation. Agents also
seized or captured 722 plates and glass and film negatives for printing
counterfeit obligations and securities, 163 molds for counterfeiting
coins, IK dies, togethei- with a large quantity of misceUaneous materials and paraphernalia.
Of the total number of persons arrested during the year, 653 were
convicted and sentenced, 42 were acquitted, and 289 are awaiting
action of the courts, while others were variously disposed of, some
being committed to insane asylums and others delivered to military
or police authorities.
During the year agents investigated 1,275 check cases, 86 bond
cases, and 12 war-savings stamp cases; and in check case investigations, received and transmitted to the department in restitution the
sum of $5,404.78.
259
260
REPORT ON THE FINANCES
Investigation of violations of the adjusted service compensation
act, involving altered adjusted service certificates and loans fraudulently obtained, resulted in 62 arrests by agents in 207 cases warranting inquiry.
Three cases involving violation of the farm loan act were investigated by the service, and reports were furnished by field agents in
answer to 133 requests received from the General Supply Committee
for information concerning prospective bidders on Government
supplies.
OFFICE OF THE SUPERVISING ARCHITECT
Federal public building program
The so-called Feder&J public building program under the direction
of this department giew out of a nation-wide survey by the Secretary
of the Treasury and the Postmaster General.
Keyes-Elliott Act
The Keyes-Elliott Act was passed on March 31, 1930. The prin-'
cipal provisions of this act were: (1) An increase in the general authorizations as indicated in the foUowing table; (2) an increase in the
limit of annual expenditures from $35,000,000 to $50,000,000; and
(3) authority permitting the Secretary of the Treasury to employ
private architects for i'ull professional services in lieu of the hmited
service authorized in prior acts.
General authorizations
Total general autho»rizations of the Congress under the Keyes
Elliott and earlier acts covering this program are shown in the
following table. Thes(i general authorizaiions include authorizations
for buildings and sites.
General authorizations for public building program
Total general authorizations for all buildings, extensions, etc., up
to June 30, 1929, including all land authorizations outside of
the District of Columbia and certain ones in the District of
Columbia
.
.
$265, 000, 000
Authorization for purchase of triangle site in the District of Columbia
j.
25, 000, 000
Total general authorizations to June 30, 1929
290, 000, 000
Total increases in authorizations for building and land sites during the fiscal year 1930 under the act of March 31, 1930 (includes
$48;000,000 expected to be realized from the sale of property
now owned by the Government)
263, 000, 000
Authorization for purchase of certain additional sites in the District of Columbia
___
15, 000, 000
. Total general authorizations during the fiscal year 1930. _ 278, OOQ, 000
Total general authonzsitions to June 30, 1930
568, 000, 000
261
262
" REPORT ON THE FINANCES
Specific authorizations of projects
The part of the above general authorizations which have been
authorized or appropriated for use in specific projects by the Congress
at a definite limit of cost for each project up to June 30, 1930, is
shown in the following table:
Number and amounts of specific authorizations for buildings and land, and appropriations for land purchases up to June SO, 1930, under the public building
program
Number of
projects
Amount
Authorizations for specific projects outside the District of Columbia up to
June 30,1930, including all land site authorizations
Authorizations for specific projects in the District of Columbia including
certain, but not all, land site authorizations up to June! 30, 1930
327
$192,487,010.80
9
47,943, 741. 00
Total specific authorizations exclusive of certain land site appropriations in the District of Columhia to -Tune 30, 1930
Specific appropriations for certain additional land sites in the District of
Columbia . ....
.
...
,..,..-,
336
240,430, 751.80
21,680,000.00
Total specific authorizations and appropriations for buildings and land
sites to June 30,1930
. ..
262,110,751.80
Under authority of the Keyes-Elliott Act the department submitted
to Congress through the Bureau of the Budget 231 specific projects,
which included 39 modifications or augmentations of previous
authorizations, involving approximately $130,000,000. These were
authorized just after the close of the fiscal year, by the act of
July 3, 1930, and are in addition to the above.
Contracts
Contracts authorized by the acts of July 3, 1926, March 5, 1928,
May 5, 1928, May 29, 1928, March 4, 1929, and March 26, 1930,
awarded for the construction of new buildings, the remodeling or
extension of existing buildings, and for the purchase of land sites
both within and outside the District of Columbia up to June 30, 1930,
are as follows:
Contracts awarded up to June 30, 1929:
Outside District of Columbia
In the District of Columbia
___
Total
,
Obligations for triangle site in District of Columbia, assumed
up to June 30, 1929
Total contracts awarded and land obligations assumed to
June 30, 1929
Contracts awarded during the fiscal year 1930:
Outside the District of Columbia
In the District of Columbia
Total
_
_
$24, 435, 909. 89
31, 471, 734. 85
55, 907, 644. 74
4, 293, 837. 64
60, 201, 482. 38
32, 104, 441. 00
5,688,000. 00
_____
37, 792, 441. 00
SECRETARY OF THE TREASURY
263
Obligations for triangle sii;e in District of Columbia, assumed
during the fiscal year 1930
_..
$7, 032, 762. 85
Total contracts awarded and land obligations assumed
during the fiscal year 1930____
44,825, 203. 85
Contracts awarded to June 30, 1930:
Outside District of Columbia_.
In the District of Columbia
_
Total
.
Obligations for triangle site in District of Columbia, assumed
up to June 30, 1930
56, 540, 350. 89
37, 159, 734. 86
93, 700, 085. 74
11, 326, 600. 49
Total contracts awarded and land obligations assumed
up to June 30, 1930
105,026,686.23
Balance specifically authorized but yet to be placed under contract
,
146, 730, 666. 06
Balance specifically approj^riated but yet to be obligated for
purchase of sites in District of Columbia
10, 353, 399. 51
Total amount unobligated for land and buildings
157, 084, 065. 57
Of the above contracts awarded during the fiscal year 1930, the
most important, together with total limits of cost, are listed below.
Limit of cost
Baltimore, Md., post office
$3, 300, 000
Milwaukee, Wis., post office
1,850,000
Brooklyn, N. Y., post office
2,700,000
New Orleans, La., marine hospital
;
2, 000, 000
Juneau, Alaska, Federal and territorial building
795, 000
Tampa, Fla., post office
550, 000
Lima, Ohio, post office
'.
'.
475, 000
Washington, D. C , Department of Agriculture extensible building. 5, 750, 000
Expenditures and outstanding contract obligations
Of the $262,110,751.80 specifically authorized and appropriated as
of June 30,1930, $105,026,686.23 in the aggregate, had been obligated
to that date as indicated in the table above. Expenditures had been
made under these obligations to the amount of $68,296,390.60, including expenditures for the fiscal year ended June 30, 1930, amounting to $41,484,518.77, of which $16,808,905.76 referred to the
country at large and $24,675,613.01 to the District of Columbia.
The balance of outstanding contract obligations as of June 30, 1930,
consequently amounted to $36,730,295.63, of which $24,248,665.59
referred to contracts in the country at large and $12,481,630.04
to the District of Columbia.
264'
. REPORT ON THE FINANCES
Sites
The situation with reference to land sites may be summarized
separately as follows:
Status of sites as of June SO, 1930
Sites
Number
Outside the District of Columbia:
Acquired previous to July 1, 1929
Acquired during the fiscal year 1930
Proposals accepted
Selected, condemnation proceedings instituted
.•
Total
J
1
In the District of Columbia: i
Expenditures to July 1, 1929
Expenditures during the fiscal year 1930
Total
In process of acquisition either by negotiation or condemnation proceedings
(approximate)
Total (approximate)
1
Amount
$13,198, 806. 08
9, 328, 214. 86
3, 587, 216. 66
7,195, 620. 00
192
53,309,857. 60
4, 003,108. 04
6,447, 552. 60
10,450, 660. 64
7,649,339. 36
18,000, 000. 00
1 Since sites in the District of Columbia are purchased in small parcels, it is not feasible to indicate the
number of sites purchased.
Contracts for outside professional services
Under the authority of the Keyes-Elliott Act, contracts for architects^ plans have been entered into with architects outside the Treasury
for a number of large and important buildings aggregating in cost
about $100,000,000.
Remodeling and enlarging public buildings
Under the $350,000 annual appropriation for remodeling and enlarging public buildings, 82 buildings received attention under a total
obligation of $348,537, the limit of expenditure for any one building
being $25,000. In 34 of the projects the contracts ranged from
$1,350 to $24,943 and amounted to $334,971.98. The total space
gained under these operations was 58,089 square feet at approximately $6.00 per foot, which is considered very reasonable.
Annual appropriations for maintenance, repairs, etc., of public buildings
The 1930 appropriations for operating force, operating supplies,
repairs and preservation, mechanical equipment, furniture and
repairs to same, and vaults and safes, aggregated $14,080,000. The
Office of the Supervising Architect has charge of 1,383 completed
courthouses, post offices, customhouses, etc., and 58 quarantine
stations and marine hospitals, ,making a total of 1,441 buUdings
throughout the country, to which new buildings and extensions are
added every year. The expenditures under these appropriations
increase accordingly and practically the entire appropriations have
been expended.
Miscellaneous work
Besides the work connected with the public building program, the
Office of the Supervising Architect performed the following services:
265
SECRETARY OF THE TREASURY
Prepared drawings and specifications for the Coast Guard Academy,
New London, Conn., involving approximately $2,000,000.
Made sketches for one narcotic farm, involving approximately
$3,750,000.
Prepared for the State Department, Foreign Service Bureau, drawings in various stages I'or the legations and consular establishments at
Shanghai, China; Mukden, China; Rio de Janeiro, Brazil; Aden,
Arabia; Bluefields, Nicaragua; Santiago, Cuba. Reviewed the drawings and specifications prepared by private architects for the Foreign
Service building at Yokohama, Japan.
Checked for the Depiartment of Justice drawings and specifications
for the reformatory at Chillicothe, Ohio, involving approximately
$3,000,000 and made contracts with private architects for several penal
institutions.
A considerable number of inspections of buildings in the District of
Columbia were made, and a few outside the District of Columbia,
to ascertain the safety of buildings and bearing capacity of the fioor
construction.
Total expenditures, liabilities, and unencumbered balances
The total expenditures of the Office of the Supervising Architect
during the fiscal year 1930, contract liabilities charged against appropriations, and unencumbered balances, in connection with the public
building program as well as miscellaneous building activities, were
as follows:
Expenditures, contract liabilities charged against appropriations, and unencumbered
balances, fiscal year 1930
Expenditures
S t a t u t o r y roll
Sites a n d a d d i t i o n a l l a n d
C o n s t r u c t i o n of n e w b u i l d i n g s
Extensions to buildings
Miscellaneous special i t e m s . .
U n a l l o t t e d a p p r o p r i a t i o n ( l u m p siim)__
R e m o d e l i n g a n d enlarging p u b l i c buildings
H o s p i t a l construction. P u b l i c H e a l t h Service
L a n d s a n d o t h e r p r o p e r t y of t h e U n i t e d States
Repairs and preservation
Mechanical equipment
...J...
V a u l t s a n d safes
O p e r a t i n g supplies
General expenses
F u r n i t u r e a n d repairs
A d d i t i o n a l lock-box e q u i p m e n t
R e n t of t e m p o r a r y q u a r t e r s
O u t s i d e professional s e r v i c e s . . .
Relief of contractors, etc., for p u b l i c b u i l d i n g u n d e r Treasury Department
O p e r a t i n g force
Total..
1 I n c l u d e s $5,000 reserve, 1929; $5,000 reserve, 1930.
2 I n c l u d e s $25,000 reserve, 1929; ;525,000 reserve, 1930.
C o n t r a c t liabilities charged
against a p p r o priations
$380,026.08
17,954,471. 56
22,388,108.92
2,078, 637.42
79,142. 04
$69. 66
6,978,434.34
26,013,426.09
6,769,002.26
22,606.72
541,810. 62
32,122. 35
2,500. 00
8.40
367,172.15
107,123. 83
74,997. 62
377,369. 29
• 105, 540.31
23i, 268. 49
566:00
148,337. 62
9, 775. 65
6.20
1, 532,215.46
680,438.61
130,135. 94
2,892,721. 55
1,499,084.42
956,291.89'
63, 799. 79
712.280. 31
399,459.34
Unencumbered balances, J u n e
30,1930
$4,259. 26
13,296,522.85
18,039,954.08
1,762,026.25
44,633. 75
19, 647,000. 00
3,533.30
1,086. 40
19,251.06
8,309.72
1 47,035. 60
1 205,264. 20
2 363. 655.44
1 7,763. 83
311. 05
387,297. 68
972,663.14
54,848.37
7, 602,244. 54
669,996.14
177,000. 76
69,745, 622. 96
41,910,216.91
54,886,267.26
266
REPORT. ON T H E FINANCES
The following statement, prepared pursuant to the act approved
June 6, 1900 (31 Stat. 592), shows the public buildings under the
control of the Treasury Department, by classes, and the aggregate
expenditures to June 30, 1930, in connection therewith:
Aggregate expenditures to June SO, 1930, for buildings under the control of ihe
Treasury Department, and the unencumbered balance of appropriations
Extensions,
alterations,
and special
items
Construction
Post - office, courthouse, customhouse
buildings, etc
$108,354, 794.73
Courthouse buildings
914, 983.67
Customhouse buildings
23,117, 341. 60
Marine hospital buildings
.
5,975, 174. 70
^ Post-office buildings
91,451, 521.15
Quarantine station buildings
3,096, 488. 50
Veterans' hospital buildings
493, 356.47
Miscellaneous buildings
61,587, 698.54
Total
284,990,258.26
Total.
Total expenditures to June
30, 1930
18,141,815.04 $18,669,049.62 $146,165, 669. 29
1, 545, 644.06
434,973.07
195, 687. 42
3,481,901. 29 2,498,717.30
29,097,960.19
3, 651,013.16 3,462,351.00
13,088,638.86
5,190,747. 85 10, 740,246. 04 107,382,515. 04
2,350,535. 82 1,574,361. 68
7,020,386.00
104,010. 20
369,076. 52
966,442.19
4,741, 640.21 5,862,467. 32
62,191,696.07
38,122,417. 31 43,336,166.13
Cost of sites
Post-office, courthouse, customhouse buildings, etc...
Courthouse buildings
Customhouse buildings
Marine hospital buildings
Post-office buildings
Quarantine station buildings
Miscellaneous buildings
Unallotted appropriation (lump sum)
Annual repairs
530. 52
900, 834.69
3,786, 822. 33
799, 238.97
33, 608.906. 61
308, 837. 60
36,536,022. 94
102,932,193. 66
366,448,841.70
Outstanding liabilities chargeUnencumable against appropriations
bered balance
of appropriations
Bmldings
Sites
! 179,165. 83 $9,904,968.87 $8,912,459.
,
102,141. 97 2,112,152.
104, 687.
916,834. 68
"ioo,'ooo.'6o"
3,864, 628.11
676,911.
2,996,866. 66 6,443,676. 54 8,749,697.
36,506.00
31, 699. 51
156,286.
1,666,906. 86 11,660,985.38 12,424,342.
19,647,000.
6,978,434.34
32,804,936.06
52,683,636.93
DIVISION OF SUPPLY
The Division of Supiply, in the ofl&ce of the Secretary, is the central
procuring or purchashig agency of the Treasury Department, and, as
such, does the purchasing for all local and field activities, with the
exception of those from appropriations for the Bureau of Engraving
and Printing .(which are exempted bylaw), the Coast Guard, and, to
some extent, the Bureau of the Mint. It is charged also with certain
duties closely related to purchasing, such as accounting for funds appropriated or allotted to it; supervision over printing and binding for
the Treasury Departnient and engraving work by the Bureau of Engraving and Printuig for all departments and establishments, unless
money, bonds, or stamps are involved; control over newspaper and
periodical advertising' for the department; routing of all freight,
express, and parcel-post shipments; and warehousing and distribution pf stationery andl. miscellaneous supplies, including blank books
and forms, to WashiiiLgton and field ofl&ces of the Treasury Department. The appropriations to the department for purchases of
stationery, and for printing and binding, are under its administrative
control.
Expenditures from various appropriations
The total cost of purchases made by the Division of Supply during
each of the past five* fiscal years from specified appropriations from
which allotments were made to the division to cover expenditures
made by it, and also purchases chargeable to appropriations from
which no allotments ^^^ere made, are shown in the following table:
Expenditures by Division of Supply for the fiscal years 1926 io 1930, by appropriations
Bureaus and offices, and titles of appropriations
Chief clerk and superintendent:
Contingent expenses, Treasury Department..
Carpets and repairs
File holders and cases
Freight, telegrams, etc
^
Fuel, etc
Furniture, etc
Gas, etc
Motor vehicles
,
M iscellaneous items
,.
Newspaper clippings and books....
Rent
Labor-saving machines
Operating expensesTreasury Department Annex..
Darby Building
Library
Total..
1929
$498. 93
3, 966. 87
9, 856. 30
18,396.30
4,480. 25
18,144. 52
6,976. 42
12, 769.81
986.16|
14,660. 00
13,799. 36
$496.'57
4, 974. 21
9,904.; 21
18,002.161
7,462.
18, 392.51
9,351.86|
11,439.41
997.: 28|
12, 500. 00
13,924.13
11,988.66
3, 560. 03
11,877.40
3,824.36
1,999.76
120,102.51
125,146.'53
$130, 767.06
$929.75
7, 966. 61
35. 00
19,169.44
6,104. 62
1,079. 65
23,426."
10,946. 331
934.49
$977. 83
7,969. 07
52. 81
16,115.60
6, 513.62
922.89
24, 288. 56
11, 649.10
981. 57
39,016.44
31,475.24
2,224. 25
1,466.56
1,000. 00
3,167.60
1, 634.44
990. 63
3.75
114,298. 72 106,638.76
131,760.81
267
268
REPORT ON T H E FINANCES
Expenditures by Division of Supply for the fiscal years 1926 to 1930, hy appropria. tions—Continued
Bureaus and offices, and titles of appropriations
Division of Supply:
Stationery, Treasury Department
Printing and binding. Treasury Department
•
Postage, Treasury Department
General Supply Committee:
Transfer of office materials, supplies,
and equipment
Salaries
• Salaries and expenses
Total
Division of Bookkeeping and Warrants,
contingent expenses, public moneys
Bureau of Customs:
Collecting the revenue from customs...
Equipment, appraisers' stores, New
York
Total
1926
1927
1928
1929
1930
$368,948. 86 $468,666.67 $446,043.39 $432,741.00 $435,810.15
2 788,641. 70 2 892,136. 93 2 792,634.46 2 802,883. 72
1,000.00
1,000.00
986.76
999.96
41,339. 73
77,188.71
114,706.20
115,683.68
128,215.82
133,110.00
487,477.30 1,363,881.86 1,463,885.62 1,354,578.03 1,372,803.83
1,269.92
2,643.23
2,875.39
4,478. 23
1,849.14
233,483.02
271,196.76
216,122.10
395,473.19
598,229.68
69,161.48
233,483.02
216,122.10
271,195.76
454,634.67
598, 229. 68
Public Health Service:
Pay of personnel and maintenance of
hospitals
1,632,874.69 1,670,880.71 1,794,610.31 1, 766 715. 261,980,768.61
Quarantine service
. . ..
296,458.24 311,630.66 276,242. 06 292,784.45 318,214.44
759. 76
Interstate quarantine service
2.463.23
474.99
6,247.36
3, 520. 65
Interstate quarantine service, 1925-26.7,115.34
Maintenance bf Hygienic Laboratory.
34,115. 92
33,959. 64 33,589. 88 34,250. 06 33,287.36
Field investigations
15,600. 72 20,901.09 23,851.61 27,077.31 20,937.79
Preventing the spread of epidemic diseases
21,704.93 33,845.46
32, 711.21 35, 597.34
36,957.06
Preventing the spread of epidemic diseases, 1925-26
25,165.13
Expenses, division of venereal diseases.
2,. 302.06
4, 672.22
3,040.74
3,937.09
4, 373. 97
Control of biologic products
22, 671. 28 18,087.66
16,482.83
19,663.41
19,815.91
Books
493. 24
434.15
494.66
448. 24
497. 96
Studies of rural sanitation
40.00
72.75
Marine hospital, Savannah, Ga
7,641.33
Marine hospital, New Orleans, La
886.26
Survey of salt marsh areas, South At1,734.84
lantic and Gulf States
1, 610. 29 " 1, 083.94
•
Total
2,067,386.85 2,000,813.66 2,195,203.53 2,176,731.38 2,414,561.77
Supervising Architect (account public
buildings):
Repairs and preservation
.
101,089.89 109,039.01 104,692.86 119,680.30 111, 615. 06
96,140. 22 91,730.90 101,009.61 105,392.15 116,102.97
Mechanical equipment
70, 980. 62 49,196.71 100,310.02 84,689. 83 93,424. 59
Vaults and safes
13, 567. 6« 27,625. 56 33,705.64
General expenses
.
46,924.19 65,949.34
Furniture and repairs
664, 956. 75 534,303.43 619,069.99 874,740.96 860,967.47
1,161, 803. 46 1,100, 269.29 1, 097, 299.341,114, 359. 98 1,068, 265. 90
Operating supplies
Total
Bureau of Internal Revenue: Collecting the
internal revenue. . . . .
.
Bureau of Prohibition: Enforcement of
narcotic and national prohibition acts 3...
Public Debt Service:
Expenses of loans (act Sept.. 24, 1917,
as amended and extended)
Public Debt Service .
. . .
Total
1, 998, 537. 621, 912,164. 902,056,087.46 2,345,787.41 2, 316, 225.33
194,899. 85 194,086.16
235,890. 74 194,449.29
133,092. 76 212,828.37
225, 267. 08 lib, 194. 94 144, 512.10
274.423.27,
7, 214.13
33, 621.26
3,632.68 . 27,182.47
36, 506.44 23, 066.11
3,168. 57
28, 224.80
1,913.66
16, 577. 68
40, 735. 39
40.139.12
31,393. 37
18,491.24
50, 248. 58
Total appropriations and allotments . 5, 276,985.12 6,122, 899. 486, 549, 879.12 6, 813,886. 08 7,272,857.17
Purchases from appropriations from which
no allotments were made ^
.
132,147. 66 41,269.26 107,144. 50 96,593.86 213,788.89
Grand total
5,409,132. 78 6,164,168. 74 6,657, 023.62 6, 910,479. 94 7,486,646.06
* Appropriation accounting not done by Division of Supply.
2 Includes receipts from sales of customs forms (reimbursed to the appropriation) and certain expenditures for printing and binding from appropriations other than printing and binding.
8 Under supervision of Commissioner of Internal Revenue prior to fiscal year* 1927.
« Appropriation accounting for these purchases was done by bureaus and offices for which the purchases
were made.
269
SECRETARY OF THE TREASURY
The foregoing expenditures involved the examination and audit of
vouchers for payment through the disbursing clerk of the Treasury
Department, and the writing of purchase orders.
Number of vouchers audited and purchase orders written, and the amount saved in
cash discoimts during the fiscal years 1926 to 1930
1926
1927
1928
1929.
1930
Purchase
orders
written
Vouchers
examined
Fiscal; year
84,465
87,982
94,402
103, 243
116,100
:
_
34,967
38,886
40,700
42,171
»48,571
Amount
saved in
cash discounts
$10,856.87
12,142.9i
19, 288.15
30, 672.99
30,715. 78
^ Exclusive of 4,792 quarterly and. annual contracts made to purchase ice, wood, coal, fuel oil, subsistence
stores, etc.
During the last five years the number of vouchers increased 37K
per cent and the num.ber of purchase orders increased 39 per cent.
The purchase orders in 1930 required the preparation of 8,432 sets of
specifications and the chculation of 63,883 invitations to dealers to
submit quotations, as compared with 7,272 sets of specifications in
1929.
The total amount of cash discounts offered and not taken during
these five years was $1,604.95, or approximately IK per cent of the
total offered. The discounts lost were due generally to failure of
vouchers requiring certification by field oflFicers to reach the division
in time for approval for payment within the discount periods.
The traflBc section furnished 31,201 routings for transportation in
the most economical manner of supplies purchased by the division
and also for shipm.ents made by other activities of the department.
Stationery supplies
The appropriaiions, reimoursemenis, ana expenditures for articles
i n e appropriations, reimbursements, and expenaii
f stationery for the past five years are summarized in the following
of sta*
table:
Appropriations, reimbursements, and expenditures for stationery for the fiscal years
1926 to 1930
1926
Appropriation.
Reimbursements
_.
.
Available Credits
Total expenditures
..
Balance
1927
1928
1929
$437,760.00
67,440.62
$480,000.00
16,110.04
$470,000.00
16,166.25
$420,000.00
13,011.00
$425,000.00
11,431.15
505,200. 52
436,405.17
496,110.04
458, 656. 67
486,166. 25
446,043.39
433, Oil. 00
432,741.00
436,431.16
435,810.15
68,796.35
36, 563.47
40,122.86
270.00
621.00
1930
The value of stationery supplies issued to each bureau, ofl&ce, and
service of the departnient during each of the last five fiscal years is
shown in the following table.
270
REPORT ON T H E FINANCES
Issues of stationery supplies to bureaus, ofiices, and services of the Treasury Department for the fiscal years, 1926 to 1930
Bureau, office, or service
1926
1927
1928
1930
Secretary, Undersecretary, and Assistant
$939, 53 .
$1, 630. 22 $1, 617.03 $1,042. 38 $1,026. 37
Secretaries
430. 62
446. 27
474. 80
675. 62
626. 39
Appointments Division
162. 82
5, 209. 33
3,452. 37
136. 60
Board of Tax Appeals
1,064.49
1,718. 68
614. 77
. 481. 67
1,096. 25
Division of Bookkeeping and Warrants
7,187.14
4, 985. 83
7, 863.68
8, 227.46
6,924. 79
Bureau of Engraving and Printing
534.12
543. 57
667.36
643. 20
358. 28
Bureau of the Budget
2,919. 40
2,886. 27
2,914. 29
2,358.03
6,885.96
Division of Supply
1,119. 27
1,198. 97
936.56
707.76
1,020.76
General Supply Committee
1, 654. 20
1,386. 36
1,364.34
1,629. 29
1, 757. 38
Chief clerk and superintendent..-.
596.27
117. 29
430.76
643.24
1,027.06
Division of Accounts and Deposits
11,056. 61
6,712.82
7,821. 33
8,641. 22
6,429. 24
Comptroller ofthe Currency
...
99.00
54.08
50.33
36.56
61.41
Contingent expenses, national currency
1,391.16
1,407. 81
2,031. 57
1,732. 77
1, 627. 69
Custodians of public buildings
67,099. 34 63,138. 35 72, 030. 83 66,426. 69 77, 260.11
Customs Service
722. 90
797. 00
806. 85
Collector, San Juan, P. R
651.19
778.48
6U.04
571. 29.
Disbursing clerk
723. 61
155.36
Division of Deposits
2,914. 25
2,282.42
2,422.03
3, 681. 73
3, 979. 86
Federal Farm Loan Board
2, 736.30
3,647.07
4, 209. 53
3,977. 02
4, 249.95
Federal Reserve Board
23.36
9.58
23.48
15.38
14.15
Government actuary
884.05
680. 28
919. 66
1, 017.80
1,023. 77
Insolvent national bank fund
233,878.04 203, 234.04 195,135. 01 191, 611. 70 172. 558. 02
^ Internal Revenue Bureau
102. 71
Federal Farm Board
176.85
Customs Service, St. Thomas, V. I
962.96
921. 76
943. 91
1, 284.48
1,134.70
Mint Bureau
1, 767. 22
1,414. 68
1, 737.42
1,473. 24
1, 316.10
National bank examiners
1, 560.04
1,689.97
1,303. 31
1, 686.13
National Bank Redemption Agency
1, 666.92
177. 79
Printing division
(0
(0 .
(0
(0
27, 738. 50
Prohibition Bureau
60,420:09 46, 973. 39 45, 798.86
23, 608.17 48,058.81 20, 581.34 20,025.07
Public Debt Service
12,726.03
25,583.17
Expenses of loans
2, 564. 77
33.20
203.06
16,443. 31 16, 344.10 22,120. 62 21, 70'3.45 22,178. 21
Public'^Health Service
688. 82
823. 61
. Secret Service
_
929. 27
1,220.15
1,001.47
4, 755. 34
7,426. 29
Supervising Architect.
6, 338. 75
10, 347.03
8,481.09
10,395.03
8,791. 39
Treasurer of the United States
9, 678. 39
7,173. 37
8,176.
25,172. 03 26,909.04 25, 640.16 27. 709. 67 33, 266.00
Coast Guard
58
50.69
6.00
War Finance Corporation
12.84
21. 73
14.67
Expended for transportation (partly estimated)
20,000.00
20,335. 68 20,010. 70 19, 500. 00
Total...
.Reimbursed from other appropriations..
Total charged to stationery appropriation
1
453, 224. 24 463, 666. 67 468, 534. 43 451,326. 27 440,922.03
67, 440. 52 15,110.04
16,166. 26 13, Oil. 00 11,431.15
385, 783.72
448, 556. 63 452, 368.18
438,315. 27 429,490.88
1 Included in Division of Supply.
A summary of changes in the value of stocks of stationery supplies
for the past five fiscal years is shown in the following table:
Changes in value of stocks of stationery supplies, for the fiscal years 1926 to 1930
1926
1928
1929
1930
$162,070. 26 $157, 399. 28 $162,367.96 $132,742. 06 $131,665.37
On hand at beginning of fiscal year
436,405.17 458,656. 57 446,043. 39 432, 741.00 435,810.15
Purchased during year
Total
18,475.43 615,955.86 608,411.35 566,483.06 667.476.52
Add value of stationery articles received
from various divisions as surplus for reissue
9,861.13
16,438.42
17,385.40
20,993.69
Less value of stationery articles transferred
to General Supply Committee as surplus
Value available for issue
Issued during year
On hand at end of year
608,326. 56 633,341.25
3, 519.08
1,41L 35
686,476. 65 583,913.94
880.00
153.69
604,807.48 633,341. 25 607. 631. 35 586,476. 65 583, 760. 25
463, 224. 24 463,666.67 468, 634.43 461,326.00 440,922.03
161, 683. 24 169,674. 58 138,996.92
135,150. 65 142,838.22
161,683. 24 169,674. 58 138,996.92
167,399.28 162,367.96 132,742.06
135,150. 65 142,838. 22
131,665.37 143,404.14
Inventory value June 30»
Inventory value July 1^
Inventory values are readjusted July 1 of each year in accordance with new prices on contracts effective
on that date, and invoices are based on replacement costs at dates of shipments.
271
SECRETARY OF THE TREASURY
Shipments of stationery and miscellaneous supplies from the warehouse of the Division of Supply in Washington to field offices were as
follows:
Shipments of stationery supplies for the fiscal years 1928 to 1930
1930
1928
Packages
Stationery and miscellaneous supplies:
Freight and express...
Parcel post
Franked parcels
Blank books and forms by mail
Weight
10,479
2,046
5,408
81,410
Total shipments
Weight
1,284,289 11,883
24, 657 1,566
16,224 7,367
895,395 57,805
343
Government bills of lading used for J'reight and
express shipments
^...
Pack-
2,220,666
Pack-
1,372, 772 11,977 1,306,362
. 552
9,077
21,555
22,101 4,278
17, 483
711,045
-783, 725 92, 408
78, 621 2,200,153 109,215
3,393
Weight
2. 043,967
3,342
3,549
Printing and binding
The appropriation for printing and binding for the fiscal year 1930
was $715,000, of which $708,686.46 was expended and $6,313.54
reverted to the Treasury. To these expenditures should be added
$42,586.14 reimbursed from sales of customs forms and $51,611.12
expended from other appropriations. Thus there were total expenditures of $802,883.72 for all classes of printing and binding handled
through the Division oi: Supply.
Expenditures for printing and binding, by bureaus, ofl&ces, and
services for each of the last five fiscal years are shown in the following
table:
Appropriations, expenditures, and reimbursements for printing and binding for the
fiscal years 1926 to 1930 "
^
SUMMARY
1926
1927
1928
1929
1930
Appropriation, printing and binding,
Treasury D epartment
2 $834,760.00 2$835,000.00 $820, 000. 00 $715,000.00 $716,000 00
R e i m b u r s e m e n t s from sales of cuutoms
42, 616.51
43, 573. 85
44,085.18
forms
46, 639.19
42 586 14
E x p e n d e d from o t h e r a p p r o p r i a t i o n s
36,129. 43
30,495. 85
62,097.88
34, 895.98
61,611.12
Balance _ .
913,495.94
884,276.95
909,069. 70
788, 641. 70
926,183.06
892,095. 22
795, 535.17
792, 634. 45
809,197.26
802,883. 72
29,219.99
Total available.". .
T o t a l expenditures _
120,428.00
34,087. 84
2,900.72
6 313 54
1 Figures subject to slight variatic»ns, due to necessary delays in receiving bills from the Public Printer
for certain items until pending work is completed after the close of each fiscal year.
2 Exclusive of $82,500 available for 1926-27 (44 Stat. 868), which was not expended.
12101—31-
-20
272
REPORT ON THE FINANCES
Appropriations, expenditures, and reimbursements for printing and binding for the
fiscal years 1926 to ^550—Continued
E X P E N D I T U R E S FROM APPROPRIATION FOR PRINTING AND
BUREAUS. OFFICES, AND DIVISIONS
1927
1926
Secretary, U n d e r s e c r e t a r y , a n d A s s i s t a n t
Secretaries
Appointments Division...
B o o k k e e p i n g a n d W a r r a n t s Division
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
B u r e a u of P r o h i b i t i o n 3
Chief clerk a n d s u p e r i n t e n d e n t
.-.
Coast G u a r d :
Bureau
Service...
Commissioner of A c c o u n t s a n d D e p o s i t s . .
C o m m i t t e e on e n r o l l m e n t a n d disbarm e n t of a t t o r n e y s a n d agents
C o m p t r o l l e r of t h e C u r r e n c y
C u s t o d i a n s of p u b l i c b u i l d i n g s
Customs:
Bureau
."
Service
.*
Special agency
D i s b u r s i n g clerk
Division of D e p o s i t s
Division of S u p p l y
General S u p p l y C o m m i t t e e
Government actuary
Internal Revenue:
Bureau
P r o h i b i t i o n enforcement
Service
•.
Loans and Currency Division'
Mint:'
Bureau
Service
N a t i o n a l b a n k depositaries
P r i n t i n g division
P u b l i c D e b t Service «
Public Health:
Bureau
Service
Register of t h e T r e a s u r y 6
Secret S e r v i c e . .
Supervising Architect
T r e a s u r e r of t h e U n i t e d States
M a t e r i a l s for b o o k b i n d e r
Miscellaneous
Total-.
$10,084.21
674. 29
8, 957. 94
6,454. 77
Total.
1930
1928
$13, 737. 30
1, 210. 78
11,541.61
6, 723. 40
71, 316. 06
1, 641. 78
BY
$11, 899. 00
. 946.43
23, 747. 91
7, 763.40
50, 888. 98
1,006. 28
$11,472.45
1, 569. 68
11, 530. 20
6,891. 55
75,107. 76
1, 531. 08
1, 382. 57
$12,964. 76
1, 457. 94
18, 919. 53
7,185. 81
59, 277.14
1, 331. 46
11, 985. 41
22,160.93
61.31
14,677. 24
18,477. 33
123. 39
23, 824. 35 [4 25,717.73
22, 378.10
82.96
123. 55
* 36, 634.42
123. 53
49.16
24, 356. 31
1, 259. 27
28,922. 67
1, 806.13
27, 952. 32
1, 002. 08
23, 764. 88
1, 393. 35
25, 709. 69
1, 592.19
6,481.10
42, 563.90
839. 81
712. 29
44.48
4, 618. 44
, 27,147. 50
1, 719.19
5, 531. 28
34,089. 02
1, 389. 86
630. 36
29.96
7, 728. 87
29, 885.11
1, 570. 86
4, 066. 58
35, 968. 64 ^5 34,622.88
434. 69
649. 69
230. 49
64, 794.81
54, 241. 58
341, 576. 22
2,435.43
65, 991. 04
86, 777. 77
179, 002. 79
2, 640. 68
211, 310. 33
2, 814.17
3,406. 92
2, 584. 86
3, 273. 00
516. 39
20, 361. 39
3,337. 25
2, 516. 82
2,120. 98
180.22
24, 036. 20
76,854. 90
4, 359. 27
713.08
296. 33
2, 765. 24
11,167. 76
256. 48
46, 374.47
103, 650. 52
4,182.11
88,129. 44
8,107. 57
327. 95
5, 876.49
11, 908. 81
382. 91
3, 041. 80
12, 966.83
62, 902. 52
63, 847. 64
75, 787.48
57, 500. 05
805, 530. 01
714, 572. 00
786, 912.16
712, 099. 28
708, 686. 46
30,141. 79
36, 005. 28
1, 652. 28
(«)
s 48, 045.10
454.46
(«)
(«)
17,162.10
27, 691. 01
1, 603. 24
10,014. 65
30, 967. 56
1, 614. 27
4263,655.90
REIMBURSED AND EXPENDED FROM
Agricultural C r e d i t C o r p o r a t i o n
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 . . . . . . .
Collecting t h e r e v e n u e from c u s t o m s .
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 »
E x p e n s e s of loans (act Sept. 24, 1917, as
amended and extended)
Expenses, s e t t l e m e n t w a r claims act 1928..
F e d e r a l farm loan b a n k s . . .
F e d e r a l F a r m L o a n B u r e a u (miscellaneous e x p e n s e s ) - . .
I n s o l v e n t n a t i o n a l b a n k fund
Mixed Claims Commission
N a t i o n a l b a n k examiners
_
N a t i o n a l B a n k R e d e m p t i o n Agency
N a t i o n a l Sesquicentennial E x h i b i t i o n
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 s i o n . _.
E n f o r c e m e n t of narcotic a n d n a t i o n a l
p r o h i b i t i o n acts
BINDING,
4246,533.00
3, 662.18
2, 940.12
2, 561. 64
* 5, 761. 94
2,019. 04
« 7, 733.48
1, 982. 53
20, 000. 68
16, 848. 86
(«)
( « ) •
(8)
(«)
12, 637. 85
n02,264.76 «101, 084.19
503.93
6, 668. 29
11,109.45
(8)
493.14
5, 938. 80
12, 624. 83
(8)
OTHER
APPROPRIATIONS
$20.65
2,803.68
$340. 06
749.14
42, 616. 61
1, 254. 59
43, 573.85
$1^ 582. 99
17. 56
3, 562.08
44, 085.18
$2,398.39
56.60
666. 76
46, 639; 19
$2, 806. 86
428. 30
4, 597. 38
42, 686.14
5, 828. 91
24, 249. 84
3,117. 63
136.13
1, 646. 04
91.28
10, 564.91
1, 601. 33
161. 39
12,130. 68
3, 930. 61
9, 819. 28
1, 668. 97
671. 69
687. 32
3, 734. 37
2, 247.05
2, 737. 36
3,166.02
6, 440.16
2, 393.18
12, 404. 44
11, 202. 82
1, 629. 61
10, 337.13
2, 620. 42
12,182. 61
11, 630.46
20.00
3, 614. 05
39.00
666.08
78, 745.94
74, 069. 70
106,183. 06
18, 065. 77
9,048. 82
142. 66
3,448.43
80, 535.17
94,197. 26
3 I n c l u d e d u n d e r B u r e a u of I n t e r n a l R e v e n u e prior to 1927.
4 I n c l u d e s b u r e a u a n d service.
8 I n c l u d e s b u r e a u , service, a n d special agency.
6 C o m b i n e d w i t h C o m m i s s i o n e r of A c c o u n t s a n d D e p o s i t s .
7 P u b l i c D e b t Service includes Register of t h e T r e a s u r y for 1927,1928,1929, a n d 1930, a n d t h e greater p a r t
of L o a n s a n d C u r r e n c y D i v i s i o n for all y e a r s .
8 I n c l u d e d in D i v i s i o n of S u p p l y .
9 R e i m b u r s e d to p r i n t i n g a n d b i n d i n g a p p r o p r i a t i o n *
273
SECBETARY OF T H E TREASURY
Department advertising .
Authorizations to publish advertisements were issued to 3,823
newspapers and periodicals in the fiscal year 1930, compared with
3,207 in 1929, an increase of 616, while expenditures thus authorized
increased from $24,363.67 in 1929 to $31,062.92 in 1930, an increase
of $6,699.25.
Engra7)ing work
A total of 53,397,294 engraved forms were approved by this
ofl&ce for execution by the Bureau of Engraving and Printing for the
several departments and establishments of the Government during
the fiscal year 1930, compared with 55,937,976 in the preceding year.
The following table gives the quantity of each class of forms constituting these totals:
Class
Certificates .
-^
Checks
Commissions .
Drafts
Liquor perriiits . . . .
Transportation requests
Warrants
.
Total
1929
1930
3,143, 569
32, 246, 905
36, Oil
14,800
18, 635, 700
1, 737,450
223, 541
i, 139,010
36,021,656
.125,437
22,625
11,791,200
999,935
297,632
55, 937,976
53,397,294
TREASURER OF THE UNITED STATES
A comparison between total ordinary receipts from all sources,
exclusive of postal revenues, and cash expenditures chargeable against
ordinary receipts, for the fiscal years 1929 and 1930, on the basis of
daily. Treasury statements, revised, is shown in the following table:
1929
Ordinary receipts, exclusive of postal revenues.
Cash expenditures chargeable against ordinary receipts
Surplus.
1930
Increase (+) or
decrease (—)
$4,036, 218,918. 67
$4,174,061,545.77
-t-$137,832, 627.10
3,848,413, 287.11
3, 993,769,636.40
-M45,356, 349. 29
187,806,631. 56
180, 281,909.37
-7, 523,722.19
The abc)ve figures include receipts from tolls, etc., covering movements of tonnage through the Panama Canal, amounting to
$28,271,643.03 for the fiscal year 1930 and $28,131,447.24 for the
previous year, as well as disbursements on account of the canal,
exclusive of fortifications, on the basis of warrants drawn amounting
to $10,247,935.33 for the fiscal year 1930 and $9,970,913.25 for 1929.^
The postal revenues deposited in the Treasury and credited to the
account of the Post Ofl&ce Department amounted to $689,432,702.87.
The receipts and expenditures on account of the principal of the
public debt during the fiscal year 1930 are shown in the following
statement:
Receipts on -account of—
Treasury bills
$312, 024, 000. 00
Certificates of indebtedness
3, 201, 562, 000. 00
Treasury notes (foreign service retirement fund series) _
. 486, 000. 00
Treasury notes (adjusted service series)
137, 800, 000. 00
Treasury notes (civil service retirement fund series)
40, 700, 000. 00
Treasury savings securities
550, 428. 35
Postal savings bonds
2, 337, 540. 00
Deposits for retirement of national bank notes (act of
July 14, 1890)
27, 510, 202. 50
Total
3, 722, 970, 170. 85
Expenditures on account of—
Treasury biUs
.
156, 046, 000. 00
Certificates of indebtedness
3, 578, 967, 700. 00
Treasury notes (foreign service retirement fund series) _
117, 000. 00
Treasury notes (adjusted service series)
21, 600, 000. 00
Treasury notes
628, 201, 900. 00
War savings securities. .^
:
41, 986. 50
1 These figures do.not include dividends on capital stock of the Panama R. R. owned by the United
States, or payments to the Government of Panama under the treaty of Nov. 18,1903, which are included
in the figures presented on page 535.
274
SECRETARY OF THE TREASURY
275
Expenditures on account of—Continued.
Treasury savings securities
,
First Liberty bonds
Second Liberty bonds...
.
.
Third Liberty bonds
...
Fourth Liberty bonds
Victory notes
Other debt items
.
National bank notes and Federal reserve bank notes. _
Total
.
Excess of expenditures
$15, 530, 061. 65
5, 596, 550. 00
4, 092, 850. 00
10, 787, 850. 00
10, 108, 000. 00
290, 400. 00
202,907.62
37, 276, 413. 50
4, 468, 859, 619. 27
l..._
745, 889, 448. 42
The retirements of the debt were effected as follows:
From—
'
Cumulative sinking fund
_
"
.
$388, 368, 950. 00
Purchases and retirements from foreign repayments
61, 135, 000. 00
Amounts received from foreign governments under debt
settlements
109, 790, 850. 00
Amounts received for estate taxes
73, 100. 00
Purchases and retireraents from franchise tax receipts
(Federal reserve 2\,nd Federal intermediate credit
banks)
.
.
4, 455, 000. 00
Forfeitures, gifts, e t c . .
.
.
60, 703. 25
Total...
1
Public debt retirements (Out of surplus and general fund
balance
..,
Total
....1
553, 883, 603. 25
192, 005, 845. 17
745, 889, 448. 42
There was a considerable increase in the gold holdings of the Treasury during the fiscal year due chiefiy to ah excess of imports over
exports. The amount of such holdings on June 30, 1929, on the
basis of daily Treasury statements, revised, was $3,278,368,764.49,
and on June 30, 1930, $3,493,522,532.98, a net increase of $215,153,768.49. The total imports of gold during the year, as reported by
the Department of Commerce, were $342,340,519, and the exports,
$119,195,491. The gold was held on June 30, 1930, on the following
accounts:
For redemption of gold certificates outstanding.'..^
Gold fund, Federal Reserve Board
.
Gold reserve..,
...
.
Gold in general fund
Total
.__
. . $1, 489, 989, 479. 00
1, 796, 239, 234. 56
156, 039, 088. 03
51, 254, 731. 39
3, 493, 522, 532. 98
Of the amount showia in the general fund; $36,675,622.56 was held
for,the redemption of I'ederal reserve notes.
The balance in the gold fund of the Federal Keserve Board at the
close of the fiscal year 1929 was $1,562,425,579.40^ The balance on
June 30, 1930, was $1,796,239,234.56.
276
REPORT ON THE FINANCES
Public moneys on deposit in designated Government depositaries
on June 30, 1930, exclusive of items in transit on that date, amounted
to $350,857,097.48, as shown by the following figures for classes of
depositaries:
In
In
In
In
In
In
In
Federal reserve banks and branches
special depositary banks (war loan deposit accounts)
foreign depositary banks (general and limited)
insular depositary banks (general and limited)
other general depositary banks
other limited depositary banks
treasury of the Philippine Islands
Total
.
$26, 524, 266. 32
296, 623, 336. 64
1, 612, 139. 14
1, 603, 362. 77
13, 131, 335. 12
11, 137, 030. 35
225, 627. 14
350, 857, 097. 48
During the year interest accrued on balances held by general and
limited depositary banks (including insular and foreign) amounting to
$518,817.15, and on balances in special depositary banks arising from
the sales of certificates of indebtedness amounting to $2,652,239.88,
making a total of $3,171,057.03.
Funds aggregating $122,584,559 were transferred by wire through
the Federal reserye banks and branches to general depositary banks
and to the treasury of the PhUippine Islands during the year to restore
balances depleted by the cashing of Government checks and warrants,
as against $120,293,170 during 1929.
United States bonds to the amount of $666,219,750, pledged to
secure national bank note circulation, were held in the custody of
the Treasurer at the close of the fiscal year 1930. United States
bonds and other securities/held by the Treasurer to secure public
deposits in depositary banks (not including special depositary banks)
amounted to $46,705,050, and securities held for the safe-keeping of
postal deposits in postal-savings depositaries amounted to $204,148,422. Under the provisions of law, or by direction of the Secretary
of the Treasury, the Treasurer of the United States is custodian of
additional bonds and other obligations pertaining to several special
trust accounts totaling $11,799,179,393.54%. The aggregate of all
custody holdings is $12,716,252,615.54%.
Interest coupons from United States obligations cashed by the
various Government depositaries during the year and paid, examined,
and verified by the Treasurer numbered 19,203,441 and amounted to
$494,385,830.60. Improved redemption methods connected with
the honoring of interest coupons were put into effective operation
during the past year with the result that errors in coupon assortment
and errors in the invoices submitted by the banks concerned have
been detected and corrected much more promptly and with much
less inconvenience to the banks than was the case prior to the change
in the verification plan. The improvement was accomplished without
any additional cost.
SECRETARY OF THE TREASURY
277
Improved methods relating to the assessment and collection of the
semiannual duty due from national banks on account of their currency
circulation were put into operation during the past year and brought
about a more accurate assessment and a more prompt payment of the
tax. The amount coUected has been subjected to a more painstaking audit which hais resulted in an increase in revenue above the
increas^ed cost incident to the change in method. The increase in
revenue, as a result of the improved procedure, has aggregated about
$9,500.
Checks issued by the^ Division of Loans and Currency, Public Debt
Service, in payment of interest on the registered obligations of the
United States and cashed by the various Government depositaries
were paid and verified by the Treasurer to the namber of 1,805,162,
amounting to $125,271,624.25. Checks in payment of interest on
registered bonds of the insular governments were issued by the
Treasurer to the number of 8,384, amounting to $1,631,420. The
payment of such checks numbered 7,638 and amounted to $1,547,397.50.
The proceeds of currency counted into the Treasurer's cash by the
National Bank Redemption Agency amounted to $750,098,601.45. Of
this sum $730,603,182 was in national bank notes, $415,100 in Federal
reserve bank notes, $18,758,870 in Federal reserve notes, and $321,449.45 in United States currency.
Payments for currency redeemed were made as follows: In Treasurer's checks, $433,084.31; by credits to banks for direct receipts in
Treasurer's ofl&ce, $26,024,937.50; by credits to Federal reserve banks
and branches in genei-al account as transfers of funds for direct
remittances, $723,583,759, and for remittances by member banks,
$51,620.64; and by credits in other accounts, $5,200.
Canceled and uncanceled Federal reserve notes amounting to
$2,621,760,100 were received from Federal reserve banks and branches
for credit of Federal reserve agents. Such notes are settled for
between the Federal reserve banks and Federal reserve agents and
are, therefore, not taken into the Treasurer's cash in the National
Bank Redemption Agency.
United States paper currency (gold certificates, silver certificates,
and United States notei;) issued during the year numbered 882,500,600
pieces with a valuation of $2,409,706,200, as against 626,016,600
pieces with a valuation of $1,346,716,000 for the preceding year.
The redemptions of the three classes of currency numbered 843,655,404
pieces with a valuation of $2,261,755,550, as against 637,184,002
pieces with a valuation of $1,949,925,150 for the prior year, leaving
644,986,084 pieces,with a valuation of $2,364,826,838 outstanding at
the end of the year. Treasury notes of 1890 are no longer issued
and the amount outstanding is gradually being redeemed.
278
REPORT ON T H E FINANCES
United States paper currency shipped from the Treasury in Washington to Treasury offices. Federal reserve banks and branches, and
others amounted to $2,006,728,788 as against $1,597,485,441 for the
previous year. These amounts include unissued stock shipped as
reserve for joiut custody account amounting to $980,000 and $436,-'
470,000, respectively. Only two shipments of currency were made
for joint custody account during the fiscal year 1930, and tAe currency held in these accounts has all been released.
During the year the Treasurer's office authorized and directed shipments or transfers of gold bars and of current gold, silver, and minor
coins, in an aggregate amount of $51,390,094.72, to or from the Treasury, the mints, the assay office in New York, and the Federal reserve
banks and branches for use in public disbursements and exchanges
and for special purposes. Shipments of uncurrent coins to the mints
from the Treasury in Washington and from the Federal reserve banks
and branches were authorized in the amount of $9,068,898.99.
Funds were advanced to United States disbursing officers by accountable warrants issued in an aggregate amount of $2,825,310,604.83. Warrants aggregating $5,128,565,099.22 were also issued
covering public debt principal, interest, and premium payments by
the Treasurer. Treasurer's checks aggregating $76,901,951.48 were
issued on settlement warrants in payment of claims settled by the
Comptroller General; this amount includes claims settled in foreign
currencies, for which drafts were purchased at a total cost of $17,155.27.
Drafts in foreign currencies were also purchased for other departments and bureaus of the Government in the amount of $82,004.06.
Checks drawn on this office by Government disbursing officers
were paid to the number of 33,192,836, a decrease of 465,162 checks,
as compared with the previous year. Balances to the credit of disbursing officers and Government agencies in 3,067 accounts on June
30, 1930, amounted to $270,112,251.36, a decrease of $62,357,651.97
from the total of such balances in 3,062 accounts on June 30, 1929.
The decrease in balances was due largely to the transfer of the checking balance of the United States Railroad Administration to the credit
of the revolviug fund created by section 12 of the Federal control
act of March 21, 1918, as amended. The decrease in the nuniber of
checks resulted, in part, from the reduced number of pensioners and
the fewer redemptions of public debt obligations in 1930.
Payments to correct irregularities in the negotiation of checks were
made to the number of 1,124, amounting to $69,350.72, while in the
previous year the number of cases was 1,003 for $74,286.10. Duphcate checks to the number of 9,545 were requested by payees or indorsees as compared with 8,489 during the previous year, the original
check in each case having been lost, stolen, or destroyed.
279
SECmETARY OF T H E TREASURY
Replacement of the old series paper currency with the new series,
which was begun in July, 1929, has gone steadily forward, as indicated
in the following table:
Issues of new paper currency to June 30, 1930, and old and new series outstanding,
by class and denomination, on June 30, 1930
O u t s t a n d i n g J u n e 30, 1930
Ne\^' serie.3 issued t o
irune 30, 1930
Old series
N u m b e r of
piecies
Amount
N u m b e r of
pieces
Amount
N e w series
N u m b e r of
pieces
Amount
CLASS
U n i t e d States notes
Gold certificates
Silver certiflcates
T r e a s u r y notes of 1890. . .
F e d e r a l reserve notes
N a t i o n a l b a n k notes
F e d e r a l reserve b a n k notes
99, 3,:)6, 000 $393, 544, 000 1 18,279,830 1 $60,039,391 70,221,248 $286, 641, 625
71, 8!)5, 400 1, 299, 970,000 12, 420, 942 299,964,469 66,339, 608 1, 225, 586, 2f 0
751,1!)2,000 751,152,000 49, 708,625
62, 839, 644 427,493,919 427,493,919
492, 642
1, 261, 550
217, 013, 212 2,148, 700,980 28,977,341 468,198, 756 118, 516, 443 1, 278, 302,130
71, 4:{5,100 621,169,940 13, 656, 236 160,176, 788 60, 528, 626 544, 223,580
3,260,042
2, 347, 000
Total
1, 210,81)1, 712 5,214,536,920 125, 782, 616 1, 055, 740, 629 743,099,744 3,762, 247, 504
P e r cent of t o t a l o u t s t a n d ing...
78
22
85
16
DENOMINATION
$1
.._..
$2
$5
$10
$20
$50..
$100
$500
$1,000.. .
$5,000
$10,000 .
. . .
Fractional parts
Total
751, ir.2,000 751,152,000
34,41.2,000
68,824,000
210, 8CiO, 064 1,054, 300, 320
147, 0(i6,830 1,470, 668,300
60,855, 630 1, 217,112, 600
4, 2^1:7,054 212,352, 700
2, 075, 820 207, 582,000
8.3, 260
41, 630, 000
86, 290
86,290,000
4,603
23,015, 000
81, 610,000
8,161
65,064,995 427, 493,919 427,493,919
65,064,995
42,976, 410
15,818,066 21,488, 206
7,909,028
21,994, 738 109,973, 691 133, 584, 616 667,923,080
21, 298,777 212,987, 757 105, 744,194 1,067,441,940
16,179,069 323,681,366 49,315,130 986,302,600
97,620,490
3,495, 085 174, 754, 250
1,952,410
1,806,423 180, 642, 300
1, 256, 997 125, 599, 720
39, 213,000
78,426
55, 941 • 27, 970, 500
80, 995,000
69,487,-500
80, 995
69,488
23,005,000
' 4,165,000
4,601
831
13,420,000
81, 500,000
1,342
8,150
5
61, 554
1, 210, 851, 712 5, 214, 536,920 1125, 782, 616 1 1,065,740,629 743, 099, 744 3, 762, 247,504
1 Excluding $1,000,000 estimated as destroyed in the Chicago fire in October, 1871.
The substitution of the small-size currency for the large size has been
a task of the past year that has not only been an addition to the normal
duties of the Treasurer's Office but has been one that added heavily
to the clerical efforts. On June 30, 85 per cent of the 870,000,000
large-size certificates and notes had been retired. The exchange of
the gold certificates, silver certificates, and United States paper
currency (greenbacks) was accomplished without any additional
clerical expense. The (exchange of national bank notes, the expense of
which is reimbursed by the banks concerned, was provided for by an
appropriation of $179^175. Of that amount about $139,366 was
expended; the balance of $39,809 stands unexpended.
WAR FINANCE CORPORATION
(In liquidation)
The liquidation of the War Finance Corporation, which began on
January 1, 1925, was continued during the fiscal year 1930. By
the act approved March 1, 1929, the liquidation of the corporation's
assets remaining at the close of April 4, 1929, and the winding up
of the affairs of the corporation thereafter were transferred to the
Secretary of the Treasury, who, for such purpose, was given all the
powers and duties of the board of directors of the corporation under
the War Finance Corporation act of AprU 5, 1918, as amended. To
carry out the program of liquidation, the Secretary of the Treasury,
pursuant to authority contained in the law, assigned to a liquidating committee the exercise and performance, under his general superyision and direction, of all powers and duties vested in him by the
act approved March 1, 1929. The liquidating committee consists of
two officials of the Treasury Department who serve without compensation from the corporation.
Only $10,000 of the corporation's original capital of $500,000,000
is outstanding, $4^9,990,000 of capital stock having been canceled
and retired at par. The corporation has paid into the Treasury
$64,352,768.79 on account of earnings.
The amount advanced by the corporation for all purposes, from
its creation, was $690,431,100, of which $688,409,720 has been repaid.
The amount carried on the corporation's books on October 15, 1930,
was $244,500, of which $170,480 represented war loans and $74,020
agricultural and livestock loans (including expense advances of
$2,165). During the year ended October 15, 1930, no expense
advances were made. The total repayments during this period were
$122,920 on account of the corporation's agricultural and livestock
loans (including $100 on account of expense advances), of which
$46,768 was repaid by banking institutions, and $76,152 by livestock
loan companies.
280
EXHIBITS
281
EXHIBITS
THE PUBLIC DEBT
Issues of December, 1929
EXHIBIT
1
Ofiering of certificates of indebtedness, Series TS-19S0 (S)i per cent)
{press release, December 6,1929, with Department Circular No. 4.19)
The Treasury is to-day offering for subscription, at par and accrued
interest, through the Federal reserve banks, an issue of 9-month
3K per cent Treasury certificates of indebtedness of Series TS-1930,
dated and bearing interest from December 16, 1929, and maturing
September 15, 1930. The amount of the offering is $325,000,000, or
thereabouts.
Applications will be received at the Federal reserve banks. The
Treasury will accept in payment for the new certificates, at par,
Treasury certificates of indebtedness of Series TD-1929 and T D 2 1929, both maturing December 15, 1929. Subscriptions for which
payment is to be tendered in certificates of indebtedness maturing December 15, 1929, wUl be given preferred allotment up to
$200,000,000.
Bearer certificates wUl be issued in denoniinations of $500, $1,000,
$5,000, $10,000, and $100,000. The certificates wUl have two interest
coupons attached payable March 15, 1930, and September 15, 1930.
In addition to the offering of certificates of indebtedness, the
Treasury wiU on December 10 offer about $100,000,000 of 90-day
Treasury bills, to be sold on a discount basis to the highest bidders.
Details as to this offering will be made public on the morning of
December 10.
About $700,000,000 of Treasury certificates of indebtedness and
nearly $97,000,000 in interest payments on the public debt, become
due and payable on December 15, 1929.
The text of the official circular giving the terms of the offering of
certificates of indebtedness follows:
[Department Circular No. 419]
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 TS-1930, dated and bearing
interest from December 16, 1929, payable September 15, 1930, with
interest at the rate of 3}^ 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 wiU have two interest
coupons attached, payable March 15, 1930, and September 15, 1930.
283
284
REPORT ON THE FINANCES
The certificates of said series shall be exempt, both as to principal
and interest, from all taxation (except estate and 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.
The certificates of this series will be accepted at par 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, 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 December 16, 1929, or pn 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 certificates of indebtedness of Series TD-1929 and Tp2-1929, both
maturing December 15, 1929, will be accepted at par, in payment for
any certificates of the series now offered which shall be subscribed for
and allotted, with an adjustment of the interest accrued, if any, on the
certificates of the series 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,
December 6, 1929.
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.
285
SECRETARY OF THE TREASURY
EXHIBIT 2
Subscriptions and allot7nents, certificates ofindebtedness, Series TS-1930
. (from press releases, December 10, 1929, and December 11, 1929)
Secretary Mellon announced that subscriptions for the issue of
Treasury certificaties of indebtedness, dated December 16, 1929,
series TS-1930, 3)^ per cent, maturing September 15, 1930, closed at
the close of business on Saturday, December 7, 1929.
The reports from the 12 Federal reserve banks show that for the
offering, which was for $325,000,000, or thereabouts, total subscriptions aggregate $722,552,500. Of these subscriptions, $185,381,500
represent subscriptions for which Treasury certificates of indebtedness
of Series TD-1929 and TD2-1929, both maturing December 15,1929,
were tendered in payment, all of which were allotted in full. Allotments on other subscriptions were made as follows: All cash subscriptions in amounts not exceeding $1,000 for any one subscriber
were allotted in full. Cash subscriptions iu amounts over $1,000 but
not exceeding $50,000 were allotted 70 per cent, but not less than
$1,000 on any one subscription; cash subscriptions in amounts over
$50,000 but not exceeding $100,000 were allotted 60 per cent, but not
less than $35,000 on any one subscription; cash subscriptions in
amounts over $100,000 but not exceeding $1,000,000 were allotted
40 per cent, but not less than $60,000 on any one subscription; cash
subscriptions in amounts over $1,000,000 but not exceeding
$25,000,000 were allotted 20 per cent, but not less than $400,000 on
any one subscription; and cash subscriptions in amounts over
$25,000,000 were allotted 10 per cent, but not less than $5,000,000 on
any one subscription.
The subscriptions and allotments were divided among the several
Federal reserve district's and the Treasury as follows:
Federal reserve district
Boston
New York .
Philadelphia
Cleveland
Richmond
. .
._.
Atlnntfl
Chicago
St. Louis
_
-.
Total subscriptions
received
Total subscriptions
allotted
$19,290,000
309, 386, 500
42,122, 000
25,930,500
24, 839, O O
O
27. 876, 000
66, 685, 000
7, 096, 500 .
$7,028. 000 Minneapolis
189,531, 500 Kansas City
16, 500, 000 Dallas
11, 891, 000 San Francisco
13, 659, 000 Treasury
14, 284, 500
Total.
45,141, 000
5,176, 000
Federal reserve district
Total subscriptions
received
. Total subscriptions
allotted
$3,396,000
10,208,500
28,452,000
157, 012, 500
258,000
$1,963,000
6,097,000
14, 009, 500
26,174, 000
196,000
722, 552, 500
351, 640, 500
EXHIBIT 3
Inviting tenders for Trea.sury bills dated December 17,1929, and maturing
March 17, 1980 {jpress release, December 10, 1929)
The Secretary of the Treasury gives notice that tenders are invited
for Treasury bills to the amount of $100,000,000, or thereabouts.
The Treasury bills will be sold on a discount basis to the highest
bidders. Tenders will be received at the Federal reserve banks, or
the branches thereof, up to 2 o'clock p. m., eastern standard time, on
Friday, December 13, 1929. Tenders wUl not be received at the
Treasury Department, Washington.
286
REPORT ON THE FINANCES
The Treasury bills will be dated December 17, 1929, and wUl
mature on March 17, 1930, and on the maturity date the face amount
will be payable without interest. They will be issued in bearer form
only, and in amounts or denominations of $1,000, $10,000, and
$100,000 (maturity value).
I t is urged that tenders be made on the printed forms and forwarded
in the special envelopes which wUl be supplied by the Federal reserve
banks or branches upon application therefor.
No tender for an amount less than $10,000 will be considered.
Each tender must be in multiples of $1,000. The price offered must,
be expressed on the basis of 100, with not more than three decimal
places, e. g., 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in investment securities. Tenders from others must be
accompanied by a deposit of 10 per cent of the face amount of Treasury bills applied for, unless the tenders 'are accompanied by an
express guarantee of payment by an incorporated bank or trust
company.
Immediately after the closing hour for receipt of tenders on December 13 all tenders received at the Federal reserve banks or branches
thereof up to the closing hour wUl be opened and public announcement
of the acceptable prices will follow as soon as possible thereafter,
probably on the following morning. The Secretary of the Treasury
expressly reserves the right to reject any or all tenders or parts of
tenders, and to allot less than the amount applied for, and his action
in any such respect shall be final. Those submitting tenders will be
advised of the acceptance or rejection thereof. Payment at the price
offered for Treasury bills allotted must be made at the Federal reserve
banks in cash or other immediately available funds on or before
December 17, 1929.
The Treasury bUls wUl be exempt, both as to principal and interest
(discount), from all taxation, except estate and inheritance taxes.
The amount of discount at which the Treasury bills are originally
sold by the United States shall be considered as interest for tax
exemption purposes.
Department Circular No. 418, dated November 22, 1929, and this
notice as issued by the Secretary of the Treasury, prescribe the terms
of the Treasury bUls and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal reserve bank or
branch thereof.
This offering will constitute the first issue of Treasury bills, which
are a new form of Government security authorized by a law enacted
by the last Congress. While the law authorizes the issuance of
Treasury bUls with a 12 months' maturity, generally speaking, they
will be issued, as in the case of this offering, with a 90-day maturity
or with a maturity not in excess of 3 months. Issued from time to
time as the current financial needs of the Government may dictate
and with frequent and convenient maturities, they should furnish an
attractive medium for short-term investment. They are intended
to supplement rather than to supplant Treasury certificates of
indebtedness, which with maturities usually ranging from 6 to
12 months, have up to the present time constituted the principal
medium of short-term Government financing.
SECRETARY OF THE TREASURY
287
Treasury bills offer certain advantages as compared with Treasury
certificates. Their issue can be timed to coincide almost exactly
with the needs for funds as compared with the existing practice of
borrowing four times a year on fixed dates through certificate offerings;
they will not be sold at par with an interest rate fixed by the Treasury
but at a discount rate fixed by the subscribers through competitive
bidding; their maturities can be timed to correspond closely to the
actual collection of income taxes instead of falling on the nominal
date of tax payment; and, finally, the Treasury should be able to take
advantage of periods of seasonal ease for short-term borrowing
instead of being compelled to offer a large issue of securities during a
temporary stringency and high money rates.
The Treasury Depa-rtment believes that Treasury bills will prove
to be an efficient and economical additional medium through which
the short-term financing of the Government may be conducted, and
hopes that they will receive a favorable reception on the part of the
public.
EXHIBIT 4
Acceptance of tenders for Treasury bills dated December 17, 1929, and
maturing March 17, 1930 {press release, December 14^ 1929)
The Secretary of the Treasury announced to-day that the tenders
for $100,000,000, or thereabouts, of Treasury bills which were offered
on December 10, 1929, were opened at the Federal reserve banks on
December 13, 1929. The total amount applied for was $223,901,000.
The highest bid made was'99.3.10, equivalent to an interest rate of
about 2% per cent on an annual basis.' The lowest bid accepted was
99.152, equivalent to an interest rate of about 3% per cent on an
annual basis. In order to avoid exceeding the total required, only
about 80 per cent of the amount bid for at the latter price was accepted.
The total amount of bids accepted Was $100,000,000. The average
price of Treasury bills to be issued is 99.181. The Treasury is informed that these securities in so far as rate of discount is concerned
wUl be dealt in on the same basis as bankers' bills. The average
annual rate on a bank discount basis is about 3% per cent.
Issue of February, 1930
EXHIBIT
5
Inviting tenders for Treasury bills dated February 18,1930, and maturing
May 19, 1930 {press release, February 11, 1930)
The Secretary of the Treasury gives notice that tenders are invited
for Treasury bills to the amount of $50,000,000, or thereabouts. The
Treasury bills will be sold on a discount basis to the highest bidders.
Tenders will be received at the Federal reserve banks, or the branches
thereof, up to 2 o'clock p. m., eastern standard time, on February 14,
1930. Tenders will not be received at the Treasury Department,
Washington.
The Treasury bills will be dated February 18, 1930, and will mature
on May 19, 1930, ^nd on the maturity date the face amount will be
J2101—31
^21
288
REPORT ON THE FINANCES
payable without interest. They will be issued in bearer form only,
and in amounts or denominations of $1,000, $10,000, and $100,000
(maturity value).
I t is urged that tenders be made on the printed forms and forwarded
in the special envelopes which will be supplied by the Federal reserve
banks or branches upon application therefor.
No.tender for an aniount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be
expressed on the basis of 100, with not more than three decimal places,
e. g., 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated
banks and trust companies and from responsible and recognized dealers
in investment securities. Tenders from others must be accompanied
by a deposit of 10 per cent of the face amount of Treasury bills applied
for, unless the tenders are accompanied by an express guarantee of
payment by an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on February 14, all tenders received at the Federal reserve banks or branches
thereof up to the closing hour will be opened and public announcement
of the acceptable prices will follow as soon as possible thereafter,
probably on the following morning. The Secretary of the Treasury
expressly reserves the right to reject any or all tenders or parts of
tenders, and to allot less than the amount applied for, and his action
in any such, respect shall be final. Those submitting tenders will be
advised of the acceptance or rejection thereof. Payment at the price
offered for Treasury bills allotted must be made at the Federal
reserve banks in cash or other immediately available funds on February 18, 1930.
The Treasury bills will be exempt, both as to principal and interest
(discount), from all taxation, except estate and inheritance taxes.
The amount of discount at which the Treasury bills are originally sold
by the United States shall be considered as interest for tax exemption
purposes.
Department Circular No. 418, dated November 22, 1929, and this
notice as issued by the Secretary of the Treasury, prescribe the terms
of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal reserve bank or
branch thereof.
EXHIBIT 6
Acceptance of tenders for Treasury bills dated February 18, 1930, and
maturing May 19, 1930 {press release, February 15,1930)
The Secretary of the Treasury announced to-day that the tenders
for $50,000,000, or thereabouts, of Treasury bills which were offered
on February 11, were opened at the Federal reserve banks on February
14, 1930.
The total amount applied for was $186,183,000. The highest bid
made was 99.250, equivalent to an interest rate of about 3 per cent
on an annual basis. The lowest bid accepted was 99.125, equivalent
to an interest rate of about 3}^ per cent on an annual basis. The total
amount of bids accepted was $56,108,000. Th§ average price of
Treasury bills to be issued is 99.174. The average annual rate on a
bank discount basis is about 3.30 per cent.
SJ^ICRETARY OF THE TREASURY
289
Issue of March, 1930
EXHIBIT 7
Ofiering of certificates of iiidebtedness, Series TD-1930 {3}i per cent)
{jpress release, March 7, 1930, with Department Circular No. 4^2)
The Treasury is to-day offering for subscription, at par and accrued
interest, through the Federal reserve banks, an issue of 9-month
3)4 per cent Treasury certificates of indebtedness of Series TD-1930,
dated and bearing interest from March 15,1930, and maturing December 15, 1930. The amount of the offering is $450,000,000, or thereabouts.
Applications will be received at the Federal reserve banks. The
Treasury will accept in payment for the new certificates, at par.
Treasury certificates of indebtedness of Series TM-1930, maturing
March 15, 1930. Subscriptions for which payment is to be tendered
in certificates of indebtedness maturing March 15, 1930, will be given
preferred allotment up to $150,000,000.
Bearer certificates will be issued in denominations of $500, $1,000,
$5,000, $10,000, and $100,000. The certificates wiU have two interest
coupons attached, payable June 15, 1930, and December 15, 1930.
About $404,000,000 of Treasury certificates of indebtedness and
nearly $47,000,000 in interest payments on the public debt become
due and payable on March 15, 1930, and $100,000,000 of Treasury
bills become due and payable on March 17, 1930.
The text of the official circular follows:
[Department Circular No. 422]
The Secretary of t;he Treasury, under the authority of the act
approved September 24, 1917, as amended, offers for subscription, at
par and accrued interesst, through the Federal reserve banks, Treasury
certificates of indebtedness of Series TD^1930, dated and bearing
interest from March 15, 1930, payable December 15, 1930, with
interest at the rate of 3^4 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 wiU have two interest
coupons attached, payable June 15, 1930, and December 15, 1930.
The certificates of said series shall be exempt, both as to principal
and interest, from all taxation (except estate and 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.
The certificates of this series will be accepted at par 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 laaturity 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, to make reduced allotments upon, or to reject.
290
REPORT ON THE FINANCES
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 March 15, 1930, 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. Treasur}^ certificates of
indebtedness of Series TM-1930, maturing March 15, 1930, wiU be
accepted at par, in payment for any certificates of the series now offered
which shall be subscribed for and allotted, with an adjustment of the
interest accrued, if any, on the certificates of the series 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. M E L L O N ,
Secretary of the Treasury.
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
March 7, 1930.
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.
EXHIBIT 8
Subscriptions and allotments, certificates ofindebtedness. Series TD-1930
(/ro?n press releases, March 11,1930, and March 13,1930, revised) ^
Secretary Mellon announced that subscriptions for the issue of
Treasury certificates of indebtedness. Series TD-1930, 3}^ per cent,
dated March 15, 1930, maturing December 15, 1930, closed at the
close of business on March 8, 1930.
Reports received from the 12 Federal reserve banks show that for
the offering, which was for $450,000,000, or thereabouts, total subscriptions aggregate $1,290,990,000. Of these subscriptions, $66,481,500 represent subscriptions for which Treasury certificates of
indebtedness of Series TM-1930, maturing March 15, 1930, were
tendered in payment, all of which were allotted in full. AUotments
on cash subscriptions were made as follows: All subscriptions in
amounts not exceeding $1,000 for any one subscriber were allotted
in full. Subscriptions in amounts over $1,000 but not exceeding
$50,000 for any one subscriber were allotted 80 per cent, but not
1 Revised Mar. 14. 1930.
291
SECH^ETARY OF T H E TREASURY
less than $1,000 for any one subscriber; subscriptions in amounts
over $50,000 but not exceeding $500,000 for any one subscriber were
allotted 60 per cent, but not less than $40,000 for any one subscriber;
subscriptions in amounts over $500,000 but not exceeding $1,000,000
for any one subscriber were allotted 50 per cent, but not less than
$300,000 for any one subscriber; and subscriptions in amounts over
$1,000,000 for any one subscriber were allotted 20 per cent, but not
less than $500,000 for any one subscriber.
The subscriptions and allotments were divided among the several
Federal reserve districts and the Treasury as follows:
F e d e r a l reserve
district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Total subscriptions
received
$80, 688,500
613,192, 500
88, 843, 500
54, 626, 500
58, 278, 000
57,478,000
98,116, 500
14,116,000
Total subscriptions
allotted
Total subscriptions
received
F e d e r a l reserve
district
$27, 427, 500 M i n n e a p o l i s .
184, 840, 500 K a n s a s C i t y
35.520,000
Dallas
25, 313, 000 San F r a n c i s c o .
35.067,500. J T r e a s u r y
34, 692. 500 1
55,976,600
Total
9, 523,500
.
. .
Total subscriptions
allotted
$6,850, 500
17,849,000
39, 295, 500
161, 670, 000
85, 500
$4,634,500
7,156,500
22, 892, 000
40, 215,- 000
82,000
1, 290, 990, 000
483, 341, 000
Issue of April, 1930
EXHIBIT 9
Inviting tenders for Ti^easury bills dated April 15, 1930, and maturing
July 14, 1930 {jpress release, April 7, 1930)
The Secretary of the Treasury gives notice that tenders are invited
for Treasury bills to the amount of $50,000,000, or thereabouts.
The Treasury bills will be sold on a discount basis to the highest
bidders. Tenders will be received at the Federal reserve banks, or
the branches thereof, up to 2 o'clock p. m.,; eastern standard time,
on AprU 11, 1930. Tenders wiU not be received at the Treasury
Department, Washington.
The Treasury bills will be dated April 15, 1930, and wiU mature on
July 14, 1930, and on the maturity date the face amount will be
payable without interest;. They will be issued in bearer form only,
and in amounts or denominations of $1,000, $10,000, and $100,000
(maturity value).
I t is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by the Federal
reserve banks or branches upon application therefor.
No tender for an aniount less than $1,000 will be considered.
Each tender must be in multiples of $1,000. The price offered must
be expressed on the basis of 100, with not more than three decimal
places, e. g., 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in investment securities. Tenders from others must be
accompanied by a deposit of 10 per cent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an
express guarantee of payment by an incorporated bank or trust
company.
292
REPORT ON THE FINANCES
Immediately after the closing hour for receipt of tenders on April 11
all tenders received at the Federal reserve banks or branches thereof
up to the closing hour will be opened and public announcement of
the acceptable prices will follow as soon as possible thereafter, probably on the following morning. The Secretary of the Treasury
expressly reserves the right to reject any or all tenders or parts of
tenders, and to allot less than the amount applied for, and his action
in any such respect shall be final. Those submitting tenders will be
advised of the acceptance or rejection thereof. Payment at the price
off'ered for Treasury biUs allotted must be made at the Federal reserve
banks in cash or other immediately available funds on April 15, 1930.
The Treasury bills will be exempt, both as to principal and interest
(discount), from all taxation, except estate and inheritance taxes.
The amount of discount at which the Treasury bills are originally
sold by the United States shall be considered as interest for taxexemption purposes.
Department Circular 418, dated November 22, 1929, and this
notice as issued by the Secretary of the Treasury, prescribe the terms
of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal reserve bank or
branch thereof.
EXHIBIT
10
Acceptance of tenders for Treasury bills dated April 15, 1930, and
maturing July 14 j 1930 {^ress release, April 12, 1930)
The Secretary of the Treasury announced to-day that the tenders
for $50,000,000, or thereabouts, of 90-day Treasury bills which were
offered on April 7, were opened at the Federal reserve banks on
AprU 11.
The total amount applied for was $132,377,000. The highest
bid made was 99.315, equivalent to an interest rate of about 2?^
per cent on an annual basis. The lowest bid accepted was 99.250,
equivalent to an interest rate of 3 per cent on an annual basis. The
total amount of bids accepted was $51,316,000. The average
price of Treasury bills to be issued is 99.267. The average annual
rate on a bank discount basis is about 2.93 per cent.
Issue of May, 1930
EXHIBIT
11
Inviting tenders for Treasury bills dated May 19, 1930, and maturing
August 18, 1930 {jpress release. May 12, 1930)
The Secretary of the Treasury gives notice that tenders are invited
for Treasury bills to the amount of $100,000,000, or thereabouts.
The Treasury bills will be sold on a discount basis to the highest
bidders. Tenders will be received at the Federal reserve banks,
or the branches thereof, up to 2 o'clock p. m., eastern standard time,
on May 15, 1930. Tenders will not be received at the Treasury
Department, Washington.
SECRETARY OF THE TREASURY
293
The Treasury bills wUl be dated May 19, 1930, and wiU mature
on August 18, 1930, and on the maturity date the face amount will be
payable without interest. They will be issued in bearer form only,
and in amounts or denominations of $1,000, $10,000, and $100,000
(maturity value).
I t is urged that tenders be made on the printed forms and forwarded
in the special envelopes which will be supplied by the Federal reserve
banks or branches upon application therefor.
No tender for an araount less than $1,000 will be considered.
Each tender must be in multiples of $1,000. The price offered must
be expressed on the basis of 100, with not more than three decimal
places, e. g., 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in investment securities. Tenders from others must be accompanied by a deposit of 10 per cent of the face amount of Treasury
bills applied for, unless the tenders are accompanied by an express
guarantee of payment by an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on May
15, 1930, all tenders received at the Federal reserve banks or branches
thereof up to the closing hour will be opened and public announcement
of the acceptable prices will follow as soon as possible thereafter,
probably on the following morning. The Secretary of the Treasury
expressly reserves the right to reject any or all tenders or parts of
tenders, and to allot less than the amount applied for, and his action in
any such respect shall be final. Those submitting tenders will be
advised of the acceptance or rejection thereof: Payment at the price
offered for Treasury bills aUotted must be made at the Federal reserve
banks in cash or other immediately available funds on May 19> 1930.
The Treasury bills will be exempt, both as to principal and interest
(discount), from all taxation, except estate and inheritance taxes.
The amount of discount at which the Treasury biUs are originally
sold by the United States shall be considered as interest for tax
exemption purposes.
Department Circular No. 418, dated November 22, 1929, and this
notice as issued by the Secretary of the Treasury, prescribe the terms
of the Treasury biUs and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal reserve bank or
branch thereof.
EXHIBIT
12
Acceptance of tenders for Treasury bills dated May 19, 1930, and
maturing August 18, 1930 {press release, May 16, 1930)
Acting Secretary of the Treasury Mills announced to-day that the
tenders for $100,000,000, or thereabouts, of Treasury bills dated
May 19 and maturing August 18, which were offered on May 12,
were opened at the Federal reserve banks on May 15.
The totah amount applied for was $275,674,000: The highest
bid made was 99.400, equivalent to an interest rate of about 2)^, per
cent on an annual basis. The lowest bid accepted was 99.331,
equivalent to an interest rate of about 2% per cent on an annual
basis, The total amount of bids accepted was $104,600,000. The
294
REPORT ON T H E
FINANCES
average price of Treasury bills to be issued is 99.356.
rate on a bank discount basis is about 2.54 per cent.
The average
Issue of June, 1930
EXHIBIT
13
Ofiering of certificates of indebtedness, Series TJ-1931 {2% per cent)
{press release, June 7, 1930, with Department Circular No. 424)
The Treasury is to-day offering for subscription, at par and accrued
interest, through the Federal reserve banks, an issue of 12-month
2% per cent Treasury certificates of indebtedness of Series TJ-1931,
dated and bearing interest from June 16, 1930, and maturing June 15,
1931., The amount of the offering is $400,000,000, or thereabouts.
Applications will be received at the Federal reserve banks. The
Treasury will accept in payment for the new certificates, at par.
Treasury certificates of indebtedness of Series TJ-1930, maturing
June 16, 1930. Subscriptions for which payment is to be tendered in
certificates of indebtedness maturing June 16, 1930, will be given
preferred allotment up to $150,000,000.
Bearer certificates will be issued in denominations of $500, $1,000,
$5,000, $10,000, and $100,000. The certificates wiU have two interest coupons attached payable December 15, 1930, and June 15,
1931.
These certificates will be exempt, both as to principal and interest,
from all taxation, except estate and inheritance taxes.
About $550,000,000 of Treasury certificates of indebtedness and
about $95,000,000 in interest payments on the public debt become
due and payable on June 16, 1930.
The text of the official circular follows:
[Department Circular No. 424]
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-1931, dated and bearing
interest from June 16, 1930, payable June 15, 1931, with interest at
the rate of 2% per cent per annum, payable on a semiannual basis.
Applications will be received at the Federal reserve banks.
Bearer certificates wUl be issued in denominations of $500, $1,000,
$5,000, $10,000, and $100,000. The certificates wiU have two interest
coupons attached, payable December 15, 1930, and June 15, 1931.
The certificates of said series shall be exempt, both as to principal
and interest, from all taxation (except estate and 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.
The certificates of this series will be accepted at par during such time
and under such rules and regulations as shall be prescribed or approved by the Secretary of the Treasuiy, 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.
SECRETARY O F THE
TREASURY
295
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 tc» make allotment in fuU upon applications for
smaller amounts, 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 wall be final. Allotment notices will be sent out promptly
upon allotment, and the basis of the allotment wUl be publicly
announced.
Payment at par and accrued interest for certificates allotted must
be made on or before June 16, 1930, 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 certificates of indebtedness of Series TJ-1930, maturing June 16, 1930,
will be accepted at par, in payment for any certificates of the series
now offered which shall be subscribed for and allotted, with an adjustment of the interest accrued, if any, on the certificates of the
series 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,
June 7, 1930.
To the investor:
Almost any banking institu.tion 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 a.ttention 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 gifter 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
14
Subscriptions and allotments, certificates of indebtedness, Series TJ-1931
(from press, releases, June 11, 1930, and June 13, 1930)
Secretary Mellon announced that subscriptions for ^ the issue of
Treasury certificates of indebtedness, dated June 16, 1930, Series
TJ-1931, 2% per cent, maturing June 15, 1931, closed at the close of
business on June 9, 1930. The reports received from the 12 Federal
reserve banks show that for the off'ering, which was for $400,000,000,
or thereabouts, total subscriptions aggregate $2,398,792,000. Of
these subscriptions, about $265,000,000 represent subscriptions for
296
REPORT ON T H E FINANCES
which 4% per cent Treasury certificates of indebtedness of Series
TJ-1930, maturing June 16, 1930, were tendered in payment, of
which $148,938,000 were accepted.
Allotments on other subscriptions were made as follows: All cash
subscriptions in amounts not exceeding $10,000 for any one subscriber were allotted. 50 per cent, but not less than $500 on any one
subscription; cash subscriptions in amounts over $10,000 but not
exceeding $100,000 were allotted 40 per cent, but not less than $5,000
on any one subscription; cash subscriptions in amounts over $100,000
but not exceeding $1,000,000 were allotted 20 per cent, but not less
than $40,000 on any one subscription; cash subscriptions in amounts
over $1,000,000 but not exceeding $25,000,000 were alloted 10 per
cent, but not less than $200,000 on any one subscription; and cash
subscriptions in amounts over $25,000,000 were allotted 5 per cent,
but not less than $2,500,000 on any one subscription.
The subscriptions and allotments were divided among the several
Federal reserve districts and the Treasury as follows:
Federal reserve district
Boston.
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapohs..
Kansas City..
Dallas
-
Total cash
Total subscrip- Total exchange subscriptions
tions received subscriptions
allotted
allotted
Total subscriptions allotted
Ban Francisco.
Treasury
$188,935,000
1,310,951,000
149,359,500
99,049, 500
74,155, 500
74, 703, 000
128, 275, 500
32, 285, 500
6, 318,'000
17, 613, 500
47, 273, 500
269, 826, 000
46, 500
$806, 500
129, 255,000
262, 500
880,000
286,500
105, 500
13, 506, 000
1,172, 500
304, 500
647, 600
267, 500
1, 362, 000
22, 000
$23,408, 000
107, 038, 500
29,837, 500
19,162, 500
20, 562, 500
20, 738, 500
16, 573, 500
6,118, 000
1, 515, 500
2, 940, 000
12, 557, 000
19,977, 500
6,000
$24, 214, 500
236, 293, 500
30,100, 000
20, 042, 500
20, 849, 000
20, 904, 000
30,079, 500
7, 290, 500
1,820,000
3, 587, 600
12,824, 500
21,339, 500
28,000
Total--.
2, 398, 792, 000
148,938, 000
280,435,000
429,373, 000
Issue of July, 1930
EXHIBIT
15
Inviting tenders for Treasury bills dated July 14, 1930, and maturing
September 15, 1930 {press release, July 7, 1930)
The Secretary of the Treasury gives notice that tenders are
invited for Treasury bills to the amount of $50,000,000, or thereabouts. The Treasury bills will be sold on a discount basis to the
highest bidders. Tenders wUl be received at the Federal reserve
banks, or the branches thereof, up to 2 o'clock p. m., eastern standard
time, on July 10, 1930. Tenders will not be received at the Treasury
Department, Washington.
The Treasury bills wUl be dated July 14, 1930, and will mature on
September 15, 1930, and on the maturity date the face amount will
be payable without interest. They wUl be issued in bearer form only,
and in amounts or denominations of $1,000, $10,000, and $100,000
(maturity value).
Particular attention is invited to the fact that by the act of Congress
approved June 17, 1930, Treasury bills were given an additional
tax exemption feature. T h a t act provides that any gain from the
sale or other disposition of Treasury bUls issued after June 17, 1930,
SECEETARY OF THE TREASURY
297
shall be exempt from all taxation, except estate or inheritance taxes,
and that no loss from the sale or other disposition thereof shall be
allowed as a deduction, or otherwise recognized, for the purposes of
any tax now or hereafter imposed by the United States or any of its
possessions. Accordingly, these Treasury bills wUl be exempt, as to
principal and interest, and any gain from the sale or other disposition
thereof will also be e:s:empt, from all taxation, except estate or
inheritance taxes.
I t is urged that tenders be made on the printed forms and forwarded
in the special envelopes which will be supplied by the Federal reserve
banks or branches upon application therefor.
.
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be
expressed on the basis of 100, with not more than three decimal
places, e. g., 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in investment securities. Tenders from others must be accompanied by a deposit of 10 per cent of the face amount of Treasury bills
applied for, unless the tenders are accompanied by an express guaranty
of payment by an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on July 10,
1930, all tenders received at the Federal reserve banks or branches
thereof up to the closing hour will be opened and public announcement
of the acceptable prices will follow as soon as possible thereafter,
probably on the following morning. The Secretary of the Treasury
expressly reserves the right to reject any or all tenders or parts of
tenders, and to allot less than the amount applied for, and his action
in any such respect shall be final. Those submitting tenders will be
advised of the acceptance or rejection thereof. Payment at the
price offered for Treasury bills allotted must be made at the Federal
reserve banks in cash oi' other immediately available funds on July
14, 1930.
Treasury Department Circular No. 418, as amended, dated June
25, 1930, and this notice as issued by the Secretary of the Treasury,
prescribe the terms of the Treasury bills and govern the conditions
of their issue. Copies of the circular may be obtained from any
Federal reserve bank or l^ranch thereof.
EXHIBIT
16
Acceptance of tenders for Treasury bills dated July 14, 1930, and
maturing September 15, 1930 {jpress release, July 11, 1930)
Acting Secretary of the Treasury Hope announced to-day that
the tenders for $50,000,000, or thereabouts, of Treasury bills dated
July 14, 1930, and maturing September 15, 1930, which were offered
on July 7, 1930, were opened at the Federal reserve banks on July
10, 1930.
The total amount applied for was-$328,968,000. The highest
bid made was 99.720, equivalent to an interest rate of about 1.60
per cent on an annual basis. The lowest bid accepted was 99.660,
equivalent to an interest rate of about 1.94 per cent on an annual
298
REPORT ON THE FINANCES
basis. The total amount of bids accepted was $50,920,000. The
average price of Treasury bills to be issued is 99.672. The average
rate on a bank discount basis is about 1% per cent.
Issue o * August, 1930
<
EXHIBIT
17
Inviting tenders for Treasury bills dated August 18, 1930, and maturing
November 17, 1930 {press release, August 11, 1930)
Acting Secreta.ry of the Treasury Hope gives notice that tenders
are invited for Treasury bills to the amount of $120,000,000, or
thereabouts. The Treasury bills will be sold on a discount basis
to the highest bidders. Tenders will be received a t . t h e Federal
reserve banks, or the branches thereof, up to 2 o'clock p. m., eastern
standard time, on August 14, 1930. Tenders wiU not be received at
the Treasuiy Department, Washington.
The Treasury bills will be dated August 18, 1930, and will mature
on November 17, 1930, and on the maturit}^^ date the face amount
wiU be payable without interest. They will be issued in bearer
form only, and in amounts or denominations of $1,000, $10,000, and
$100,000 (maturity value).
I t is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by the Federal
reserve banks or branches upon application therefor.
No tender for an amount less than $1,000 will be considered.
Each tender must be in multiples of $1,000. The price offered must
be expressed on the basis of 100, with not more than three decimal
places, e. g., 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in investment securities. Tenders from others must be accompanied by a deposit of 10 per cent of the face amount of Treasury
bills applied for, unless the tenders are accompanied by an express
guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on August
14, 1930, all tenders received at the Federal reserve banks or branches
thereof up to the closing hour will be opened, and public announcement of the acceptable prices will follow as soon as possible thereafter, probably on the following morning. The Secretary of the
Treasury expressly reserves the right to reject any or all tenders or
parts of tenders, and to allot less than the amount applied for, and
his action in any such respect shall be final. Those submitting
tenders will be advised of the acceptance or rejection thereof. Payment at the price offered for Treasury bills allotted must be made at
the Federal reserve banks in cash or other immediately available
funds on August 18, 1930.
The TreasiLf^y biUs will be exempt, as to principal and interest,
and any gain from the sale or other disposition thereof will also be
exempt, from all taxation, except estate and inheritance taxes. No
loss from the sale or other disposition of the Treasury bills shall be
allowed as a deduction, or otherwise recognized, for the purposes of
SECRETARY OF THE TREASURY
299
any tax now or hereafter imposed by the United States or any of its
possessions.
Treasury Department Circular No. 4.18, as amended, dated June
25, 1930, and this notice as issued by the Secretary of the Treasury,
prescribe the terms of the Treasury bills and govern the conditions
of their issue. Copies of the circular may be obtained from any
Federal reserve bank or branch thereof.
EXHIBIT
18
Acceptance of tenders for Treasury bills, dated August 18, 1930, and
maturing November 17, 1930 {press release, August 15, 1930)
Secretary of the Treasury Mellon announced to-day that the tenders for $120,000,000., or thereabouts, of Treasury bills dated August
18, 1930, and maturing November 17, 1930, which were offered on
August 11, 1930, were opened at the Federal reserve banks on August
14, 1930.
The total amount applied for was $397,162,000. The highest
bid made was 99.593 equivalent to an interest rate of about 1.61
per cent on an annual basis. The lowest bid accepted was 99.473
equivalent to an interest rate of about 2.08 per cent on an annual
basis. The total amount of bids accepted was $120,000,000. The
average price of Treasury bills to be issued is 99.504-1-. The average
rate on a bank discount basis is about 1.96 per cent..
Issue of September, 1930
EXHIBIT
19
Ofiering of certificates of indebtedness. Series TS-1931 {2% per cent)
{press release, September 8, 1930, with Department Circular No.
427)
The Treasury is to-day offering for subscription, at par and accrued interest, through the Federal reserve banks, an issue of 12month 2% per cent Treasury certificates of indebtedness of Series
TS-1931, dated and bearing interest from September 15, 1930, and
maturing September 15, 1931. The amount of the offering is
$325,000,000, or thereabouts.
Applications will be received at the Federal reserve banks. The
Treasury will accept in payment for the new certificates, at par.
Treasury certificates of indebtedness of Series TS-1930 and Treasury
bills'dated July 14, 1930, both maturing September 15, 1930, but
such subscriptions will not be given preferred allotment. •
Bearer certificates will be issued in denominations of $500, $1,000,
$5,000, $10,000, and $100,000. The certificates wiU have two interest
coupons attached paj^able March 15, 1931, and September 15, 1931.
These certificates will be exempt, both as to principal and interest,
from all taxation, except estate and inheritance taxes.
About $350,000,000 of Treasury certificates of indebtedness, about
$51,000,000 in Treasury bUls, and about $35,000,000 m uaterest
300
REPORT ON THE FINANCES
payments on the public debt become due and payable on September
15, 1930.
The text of the official circular follows:
[Department Circular No. 427]
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 TS-1931, dated and
bearing interest from September 15, 1930, payable September 15,
1931, with interest at the rate of 2% 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 wiU have two
interest coupons attached, payable March 15, 1931, and September
15, 1931.
The certificates of said series shall be exempt, both as to principal
and interest, from all taxation (except estate and inheritance taxes)
now or hereafter imposed by the United States, an}^ State, or any of
the possessions of the United States, or by any local taxing authority.
The certificates of this series will be accepted at par 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 ceirtificates. The
certificates of this series will be acceptable to secure deposits of
public moneys, but wUl 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, 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 wUl be final. Allotment notices wUl 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, 1930, 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 wUl 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 certificates of indebtedness of Series TS-1930 and Treasury bUls dated
July 14, 1930, both maturing September 15, 1930, will be accepted,
at par in the case of the certificates and at maturity value in the case
of the Treasury bUls, in payment for any certificates of the series
now offered which shall be subscribed for and allotted, with an
adjustment of the interest accrued, if any, on the certificates of the
series so paid for.
As fiscal agents of the United States, Federal reserve banks are
authorized and requested to receive subscriptions and to make allot-
301
SECRETARY OF THE TREASURY
ments on the basis and up to the amounts indicated by the Secretary
of the Treasury tp the Federal reserve banks of the respective districts.
A. W.
MELLON,
Secretary of the Treasury.
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
September 8, 1930.
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 jssue after the subscriptions close, or
certificates of any outstaading issue, you should apply to yout own bank, or if
it can not obtain them for you, to the Federarreserve bank, of your district,
which will then endeavor to fill your order in the market.
EXHIBIT
20
Subscriptions and allotments, certificates ofindebtedness, Series TS-19S1
{from press releases, September 11, 1930, and September 12, 1930)
Secretary Mellon announced that subscriptions for the issue of
Treasury certificates of indebtedness, dated September 15, 1930,
Series TS-1931, 2 ^ per cent, maturing September 15, 1931, closed at
the close of business on September 9, 1930. The reports received
from the 12 Federal reserve banks show that for the offering, which
was for $325,000,000,, or thereabouts, total subscriptions aggregate
$1,237,502,500. As previously announced, subscriptions in payment
for which Treasury certificates and Treasury bills maturing September 15, 1930, were tendered were treated as cash subscriptions.
Allotments on subscriptions were made as follows: All subscriptions in amounts not exceeding $1,000 for any one subscriber were
allotted in full; subscriptions in amounts oyer $1,000 but not exceeding $50,000 were allotted 70 per cent, but not less than $1,000 on any
one subscription; subscriptions in amounts over $50,000 but not
exceeding $100,000 were allotted 60 per cent, but not less than
$35,000 on any one subscription; subscriptions in amounts over
$100,000 but not exceeding $500,000 were allotted 40 per cent, but
not less than $60,000 on any one subscription; and subscriptions in
amounts over $500,000 but not exceeding $1,000,000 were allotted
30 per cent, but not less than $200,000 on any one subscription;
subscriptions in amounts over $1,000,000 were allotted 15 per cent,
but not less than $300,000 on any one subscription.
The subscriptions and allotments were divided among the several
Federal reserve districts and the Treasury as follows:
Federal reserve dis- Total subscriptions received
trict
Boston
New York.
Philadelphia
Cleveland.Richmond
A tlontn
Chicago
St. Louis
$56,950, 000
674,087. 000
107, 711, 500
61,028, 000
52, 321, 000
60, 320, 500
160,184, 500
18,779, 000
Total subscriptions
allotted
Federal reserve dis- Total subscriptrict
tions received
$24.502,000
108, 557,000
25,939, 500
23, 531,000
26,137.000
29, 753,000
44,409,000
8,447,000
Minneapolis
Kansas City
Dallas
i
San Francisco
Treasury.Total
.
$4,137,000
20,662.000
60,072.000
71, 233, 500
16, 500
1, 237, 502, 500
Total subscriptions
allotted
$2, 244,600
5, 873, 000
21,200,000
13, 605, 500
12, 500
334,211,000
302
REPORT ON THE FINANCES
Issues of October, 1930
E X H I B I T 21
Inviting tenders for two issues of Treasury bills dated October 15 and 16,
1930, a.nd maturing December 16 and 17, 1930, respectively {jpress
release, October 7, 1930)
The Secretary of the Treasury gives notice that tenders are invited
for Treasury bills to the amount of $100,000,000 or thereabouts.
They will be 62-day bills, and will be sold on a.discount basis to the
highest bidders. Tenders will be received at the Federal reserve
banks, or the branches thereof, up to 2 o'clock p. m., eastern standard
time, on October 10, 1930. Tenders will not be received at the
Treasury Department, Washington.
The Treasury bills will be issued in two series, $50,000,000, or
thereabouts, to be dated October 15, 1930, and maturing on December
16, 1930, and $50,000,000, or thereabouts, to be dated October 16,
1930, and maturing December 17, 1930. Bidders will not be required
or permitted to bid for a particular series, but the Treasury will
apportion each accepted bid equally between the two series in so far
as.the minimum denomination of $1,000 will permit. At maturity
the face amount of the bills will be payable without interest. The
bills will be issued in bearer form only, and in amounts or denominations of $1,000, $10,000, and $100,000 (maturity value).
I t is urged that tenders be made on the printed forms and forwarded
in the special envelopes w^hich will be supplied by the Federal reserve
banks or branches upon application therefor.
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be
expressed on the basis of 100, with not more than three decimal
places, e. g., 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated
banks and trust companies and from responsible and recognized
dealers in investment securities. Tenders from others must be
accompanied by a deposit of 10 per cent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express
guaranty of payment by an incorporated, bank or trust company.
Immediately after the closing hour for receipt of tenders on October
10, 1930, all tenders received at the Federal reserve banks, or branches
thereof, up to the closing hour will be opened and public announcement of the acceptable prices will follow as soon as possible thereafter,
probably on the following morning. The Secretary of the Treasury
expressly reserves the right to reject an}^ or all tenders or parts of
tenders, and to allot less than the amount applied for, and his action
in any such respect shall be final. Those submitting tenders will be
advised of the acceptance or rejection thereof. With respect to
bidders whose tenders have been accepted, such advice will state the
amount of each series allotted. Payment at the price offered for
Treasury bills allotted must be made at the Federal reserve banks in
cash or other immediately available funds on October 15, 1930, for
the bills allotted bearing that date of issue, and on October 16, 1930,
for bills allotted bearing the latter date of issue.
The Treasury bills will be exempt, as to principal and interest, and
any gain from the sale or other disposition thereof will also be exempt.
SECRETARY OF THE TREASURY
303
from all taxation, except estate and inheritance taxes. No loss from
the sale or other disposition of the Treasury bills shall be aUowed
as a deduction, or otherwise recognized, for the purposes of any
tax now or hereafter imposed by the United States or any of its
possessions.
Treasury Department Circular No. 418, as amended, dated June
25, 1930, and this notice as issued by the Secretary of the Treasury,
prescribe the terms of the Treasury bills and govern the conditions
of their issue. Copies of the circular may be obtained from any
Federal reserve bank or branch thereof.
E X H I B I T 22
Acceptance of tenders for two issues of Treasury bills dated October 15
and 16, 1930, and maturing Decemher 16 and 17, 1930, respectively
{press release, October 11, 1930)
Acting Secretary Mills announced to-day that the tenders for
$100,000,000, or thereahouts, of 62-day Treasury bills which were
offered on October 7, 1930, were opened at the Federal reserve banks
on October 10, 1930. The Treasury's earher announcement provided
that the bills would bc issued in two series, $50,000,000, or thereabouts, dated October 15, 1930, "and/maturing December 16, 1930,
and $50,000,000, or thereabouts, dated October 16, 1930, and maturing December 17, 1930, the accepted bids to be apportioned by the
Treasury equally between the two series, in so far as the minimum
denomination of $1,000 will permit.
The total amount applied for was $360,964,000. The. highest bid
made was 99.736, equivalent to an interest rate of about 1.53 per cent
on an annual basis. The lowest bid accepted was 99.671, equivalent
to an interest rate of about 1.91 per cent on an annual basis. The
total amount of bids accepted was $102,525,000, of which $51,262,000
have been apportioned to the series dated October 15, 1930, maturing
December 16, 1930, and $51,263,000 ha've been apportioned to the
series dated October 16, 1930, maturing December 17, 1930. The
average price of Treasury bills to be issued is abput 99.680. The
average rate on a bank discount basis, is about 1.85 per cent.
Legislation and regulations concerning Treasury bills
EXHIBIT
23
Regulations governing the sale and issue of Treasui'y bills {Department
Circular No. 418)
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,
Washington, November 22, 1929
1. The Secretary of the Treasury is authorized by section 5 of the
second Liberty bond act, as amended,^ to issue Treasury bills on a
1 The statute appears in T. D. 4270, on pages 3 and 4 of this circular.
12101—31
22
(See p. 306 of this report.)
304
REPORT ON THE FINANCES
discount basis and payable at maturity without interest, and to fix
the form, terms, and conditions thereof, and to offer them for sale on
a competitive basis, under such regulations and upon such terms and
conditions as he may prescribe. Pursuant to said authorization, the
Secretary of the Treasury, by public notice, may from time to time
offer Treasury bills for sale and invite tenders therefor, through the
Federal reserve banks. The Treasury bills so off'ered and the tenders
made will be subject to the terms and conditions and to the general
rules and regulations herein contained and also to the terms and
conditions stated in the public notices as issued by the Secretary of
the Treasury from time to time in connection with particular oft'erings.
DESCRIPTION OF TREASURY BILLS
2. Treasury bills are bearer obligations of the United States,
promising to pay a specified amount without interest on a specified
date. They are to be issued on a discount basis. Each Treasury
bill, prior to its issue, must be validated by a Federal reserve bank as
fiscal agent of the United States, and the date of the original issue
thereof, and the amount of discount at which the. bill is then sold by
the United States will be stated thereon. All Treasury bills of the
same maturity, irrespective of the issue date or the amount of discount at which sold, will constitute a single series which will be designated by the due (or maturity) date. Treasury bills will be payable
at maturity upon presentation to the Treasurer of the United States
in Washington or to any Federal reserve bank.
3. Treasury bills will be issued in denominations (maturity value)
of $1,000, $10,000, and $100,000. Exchanges of Treasury bills of the
same series from' higher to lower denominations will be permitted at
Federal reserve banks, but not from lower to higher.
4. Treasury bills will be exempt, both as to principal and interest,
from all taxation (except estate and 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. The
amount of discount at which Treasury bills are originally sold by the
United States, which will be stated on the face of each bill, shall be
considered to be interest for tax exemption purposes. (The method
of apportioning the discount among successive holders of the bills,
for tax purposes, is prescribed in Treasury Decision 4276, copy
annexed.)
5. Treasury bUls will be acceptable at maturity value to secure
deposits of public moneys, but they will not bear the circulation privilege. Treasury bills will be acceptable at maturity, but not before,
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 Treasury bills. Notes secured
by Treasury bills are eligible for discount or rediscount at Federal
reserve banks by mernber banks, as are notes secured by bonds and
notes of the United States, under the provisions of section 13 of the
Federal reserve act. Treasury bills will be acceptable at maturity,
but not before, in payment of interest or of principal on account of
obligations of foreign governments held by the United States.
SECBBTARY OF THE TREASURY
305
PUBLIC NOTICE
6. When tenders are to be invited, public notice thereof will be
given by the Secretary of the Treasury prior to the date of issue of
the Treasury bills. In ;3uch public notice there will be set forth {a)
the amount of the Treasury bills for which tenders are then invited,
(6) the date or dates of issue, (c) the date or dates when such bills
will become due and payable, {d) the closing hour and date for the
receipt of tenders at the Federal reserve banks, and {e) the date or
dates on which payment for accepted tenders must be made.
TENDERS
7. Tenders, in response to any such public notice, will be received
only at the Federal reserve banks, or branches thereof, and unless
received before the hxed time of closing will be disregarded. No
tender will be accepted for an amount less than $10,000 (maturity
value), and each tender must be for an amount in multiples of $1,000
(maturity value). The price or prices offered by the subscriber for
the amount or amounts (at maturity value) applied for must be stated,
and must be expressed on the basis of 100, with not more than three
decimal places, e. g., 99.125. Fractions must not be used.
8. I t is urged that tenders be submitted on the prescribed forms
and inclosed in special envelopes, securely sealed. On application,
the forms and special envelopes will be supplied by the Federal
reserve bank of the district in which the subscriber is located. If
special envelope is not available, the inscription '^Tender for Treasury
bills'' should be placed cn the envelope used. The instructions of the
Federal reserve banks with respect to the submission of tenders should
be observed. Tenders will be accepted without cash deposit from
incorporated banks and. trust companies and from responsible and
recognized dealers in investment securities. Tenders from others
must be accompanied by a; 10 per cent payment of the face amount of
the Treasury bills applied for; provided, however, that such deposit
will not be required if tlie tender is accompanied by an express guaranty of payment in full by an incorporated bank or trust company.
The forfeiture of the 10 per cent cash deposit may be declared by the
Secretary of the Treasury if payinent in full is not made, in the case
of accepted tenders, on the prescribed date.
9. The time of closing wUl be specified in the public notice. At the
time fixed for closing, all tenders received by the Federal reserve banks,
or branches, will be optened. The Secretary of the Treasury will
determine the acceptable, prices offered and will make public announcement thereof as soon as possible after the opening of bids, probably
on the following morning. Those submitting tenders wUl be advised
by the Federal reserve banks of the acceptance or rejection thereof,
and payment on accepted tenders must be made on the date specified
in the public notice.
10. In considering the acceptance of tenders, the highest prices
offered will be accepted in full down to the amount required, and if
the same price appears iin two or more tenders and it is necessary to
accept only a part of the amount offered at such price, the amount
accepted at such price wUl be prorated iri accordance with the
respective amounts applied for. However, the Secretary of the
Treasury expressly reserves the right on any occasion to reject any or
306
REPORT ON THE FINANCES
all tenders or parts of tenders; and to award less than the amount
applied for; and any action he may take in any such respect or respects
shall be final.
11. Any payments which may be due on account of accepted tenders must be made to the appropriate Federal reserve bank in cash
or other funds that will be immediately available on the due date
specified. Following any such payment, delivery of definitive Treasury bUls (or interim receipts) will be made without cost to the subscriber.
12. Federal reserve banks as fiscal agents of the United States are
authorized to perform such acts as may be necessary to carry out the
provisions of this circular and of the public notice or notices issued in
connection with any offering of Treasury bills.
DESTROYED, MUTILATED, OR DEFACED TREASURY BILLS
13. No relief will be granted on account of the loss or theft of
Treasury bills issued hereunder. Relief will be granted on account
of the destruction, mutilation, or defacement thereof under the
conditions and in accordance with the procedure prescribed in paragraphs 80. and 81 of Treasury Department Circular No. 300, dated
July 31, 1923, so far as applicable.
GENERAL
14. The Secretary of the Treasury reserves the right to withdraw,
amend, or supplement this circular at any time, or from time to time.
A. W.
MELLON,
Secretary of the Treasury.
(T. D. 4276)
Income tax—Exemption of Treasury bills
TREASURY DEPARTMENT,
OFFICE OF COMMISSIONER OF INTERNAL R E V E N U E ,
Washington, D. C.
To Collectors of Internal Revenue and Others Concerned:
Attention is invited to the act entitled '^ An act to amend section 5
of the second Liberty bond act, as amended," approved June 17, 1929
(Pub. No. 11, 71st Cong., H. R. 1648), which, among other things,
authorizes the Secretary of the Treasury to issue Treasury bills on a
discount basis, payable at maturity without interest. T h a t act
amends section 5 of the second Liberty bond act, as amended, to read
as follows, the tax provisions being contained in subdivision (b)
thereof:
SEC. 5. (a) That in addition to the bonds and notes authorized by sections 1
and 18 of this act, as amended, the Secretary of the Treasury is authorized to
borrow from time to time, on the credit of the United States, for the purposes
of this act, to provide for the purchase or redemption before maturity of any
certificates of-indebtedness or Treasury bills issued hereunder, and to meet public
expenditures authorized by law, such sum or sums as in his judgment may be
necessary, and to issue therefor (1) certificates of indebtedness of the United
States at not less than par and at such rate or rates of interest, payable at such
time or times as he may prescribe; or (2) Treasury bills on a discount basis and
SECRETARY OF T H E TREASURY
307
payable at maturity without interest. Treasury bills to be issued hereunder
shall be offered for sale on a competitive basis, under such regulations and upon
such terms and conditions as the Secretary of the Treasury may prescribe, and
the decisions of the Secretary in respect of any issue shall be final. Certificates
of indebtedness and Treasury bills issued hereunder shall be in such form or forms,
and subject to such terins and conditions, shall be payable at such time, not
exceeding one year from the date of issue, and may be redeemable before maturity
upon such terms and conditions as the Secretary of the Treasury may prescribe.
Treasury bills issued hereunder shall not be acceptable before maturity in payrnent of interest or of principal on account of obligations of foreign governments
held by the United States of America. The sum of the par value of such certificates and Treasury bills outstanding hereunder and under section 6 of the first
Liberty bond act shall not at any one time exceed in the aggregate $10,000,000,000.
(6) All certificates of indebtedness and Treasury bills issued hereunder (after
the date upon which this subdivision becomes law) shall be exempt, both as to
principal and interest, from all taxation (except estate and 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; and the amount of
discount at which Treasury bills are originally sold by the United States shall be
considered to be interest within the meaning of this subdivision.
(c) Wherever the words ''bonds and notes of the United States," or "bonds
and notes of the Government of the United States," or "bonds or notes of the
United States" are used in the Federal reserve act, as amended, they shall be
held to include certificates of indebtedness and Treasury bills issued hereunder.
The statement of the managers on the part of the House which
accompanied the conference report (Rept. No. 17, 71st Cong., 1st
» sess.) accompanying H. R. 1648, shows that Congress intended that
the original discount rate at which a Treasury bill is issued should
be regarded in the same way as the interest rate fixed by the security
itself in the case of an interest-bearing obligation, and that the amount
of the discount should be apportioned among the holders according
to the periods of their holdings just as the interest on an interestbearing obligation is apportioned. (See Sol. Op. 46, C. B. 3, p. 90.)
Accordingly, in the case of an original purchaser from the Government who holds a Treasury bill to maturity, the entire amount of
the discount at whicii the bUl was issued is exempt from income tax.
If a bill is sold before maturity, each respective holder is entitled to
treat as exempt from income tax that proportion of the amount of
the discount at which the bill was issued which the number of days
(computed on an actual calendar day basis) the bill was owned
by him bears to the total number of days (computed on an
actual calendar day basis) from the date of the issuance of
the bill to the date of its maturity. In other words, the amount
of the discount at which the bill was issued is to be apportioned among the holders according to the periods of their holdings.
The gain from the sale or other disposition of a Treasury bill (that
is, the excess of the amount realized therefrom less discount from
the date of acquisition to the date of its disposition over the cost
or other basis of the bill) is taxable as ordinary income. A loss from
the sale or other disposition of a Treasury bill (that is, the excess
of the cost or other basis of the bill over the amount realized therefrom less discount from the date of acquisition to the date of its
disposition) is allowable as a deduction. There wUl be stated on
each Treasury bill the amount of the discount at which it was issued.
The foregoing principles may be illustrated by the following
examples:
Example 1.—A 90-day Treasury bill is issued to A on March 17 for $9,900
The bill has a maturity value of $10,000 on the following June 15. A holds the
bill to maturity. He maj^ treat the entire amount of the discount, or $100, as
tax exempt interest.
308
REPORT ON THE FINANCES
Example 2.—A Treasury bill is issued to A as in example 1. A holds the bill
until April 11 (25 days), on which, date he sells it to B for $9,927.78. B holds
the bill to maturity (i. e., for 65 days). A is entitled to treat twenty-five ninetieths of the amount of the discount, or $27.78, as tax exempt interest, that
amount being the proportion of the discount which the number of days A owned
the bill (25) bears to the total number of days for which the bill was issued (90).
Likewise, B is entitled to treat sixty-five ninetieths, or $72.22, as tax exempt
interest.
Example 3.—A Treasury bill is issued to A as in example 1. A holds the bill
until May 1, when he sells it to B for $9,962.50. B holds the bill to maturity.
A is entitled to treat forty-five ninetieths of the amount of the discount, or $50,
as tax exempt interest. A realizes a taxable gain of $12.50 in the transaction,
computed as follows:
The amount A realizes from the sale is $9,962.50, Avhich includes $50, representing discount to him. Therefore, $9,962.50 less $50, or $9,912.50, is the
amount A realizes from the sale in addition to the discount treated as tax exempt
interest. Since the bill cost A $9,900, the amount of the gain is $9,912.50 less
$9,900, or $12.50.
B is also entitled to treat forty-five ninetieths of the amount of the discount,
or $50, as tax exempt interest. B sustains a deductible loss of $12.50 in the
. transaction, computed as follows:
The amourit B realizes upon the maturity of the bill is $10,000, which includes
$50, representing discount to him. Therefore, $10,000 less $50, or $9,950, is
the amount B realizes upon the maturity of the bill in addition to the discount
treated as tax exempt interest. Since the bill cost B $9,962.50, the amount of '
his deductible loss is $9,962.50, less $9,950, or $12.50.
Example ^.-^A Treasury bill is issued to A as in example 1. A holds the bill
until May 1, when he sells it to B for $9,937.50. B holds the bill to maturity. •
'
A is entitled to treat forty-five ninetieths of the a,mount of the discount, or $50,
as tax exempt interest. A sustains a deductible loss of $12.50 in the transaction
computed as follows:
The amount A realizes from the sale is $9,937.50, which includes $50 representing discount to him. Therefore, $9,937.50 less $50, or $9,887.50 is the
amount A realizes from the sale in addition to the discount treated as tax exempt
interest. Since the bill cost A $9,900, the amount of his deductible loss is $9,900
less $9,887.50, or $12.50.
B is also entitled to treat forty-five ninetieths of the amount of the discount,
or $50, as tax exempt interest. B realizes a taxable gain of $12.50 in the transaction, computed as follows:
The amount B realizes upon the maturity of the bill is $10,000, which includes
$50 representing discount to him. Therefore, $10,000 less $50, or $9,950, is
the amount B realizes upon maturity of the bill in addition to the discount
treated as tax exempt interest. Since the bill cost B $9,937.50, the amount of
the gain is $9,950Jess $9,937.50, or $12.50..
This Treasury decision is applicable only to the treatment of
discount in the case of Treasury bills.
R O B T . H . LUCAS,
Commissioner of Internal Revenue.
Approved: November 22, 1929.
A. W.
MELLON,
Secretary of the Treasury.
E X H I B I T 24
[PUBLIC—No. 376—71ST CONGRESS—H. R . 12440]
An act providing certain exemptions f7-'om taxation for Treasury bills
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That section 5 of the second
Liberty bond act, as amended (Public, Numbered 11, Seventy-first
Congress, June 17, 1929), is amended by adding at the end thereof
a new subdivision to read as follows:
SECRETARY OF THE TREASURY
309
'' (d) Any gain from the sale or other disposition of Treasury bills
issued hereunder (after the date upon which this subdivision becomes
law) shall be exempt 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; and no loss from the sale or other disposition of such
Treasury bills shall be allowed as a deduction, or otherwise recognized, for the purposes of any tax now or hereafter imposed by t h e
United States or any of its possessions."
Approved, June 17, 1930.
EXHIBIT
25
Amended regulations governing the sale and issue of Treasury bills
{circular letter dated June 30 1930, with Department Circular No,
418, as amended)
J U N E 30,
1930.
S I R : There is inclosed for your information and future reference
copy of an amended Treasury Department Circular No. 418, dated
June 25, 1930, relating to Treasury bills.
The original Treasiury Department Circular 418, dated November
22, 1929, has been changed in one very important respect by this
amended circular. The change occurs in paragraph 4, to which your
attention is invited, and was occasioned by the fact that by the act
of Congress approved June 17, 1930, Treasury bills were given an
additional tax exemption feature.
By that act any gain from the sale or other disposition of Treasury
bills issued after June 17, 1930, will be exempt from all taxation
(except estate or inheritance taxes), and no loss from the sale or
other disposition thereof shall be allowed as a deduction, or otherwise recognized, for the purposes of any tax now or hereafter imposed by the United States or any of its possessions.
This circular is not a specific offering of Treasury bills, but is a
general circular governing the sale and issue of Treasury bills when
offered. Public notice, describing the particular offering, will be
given from time to time by the Secretary of the Treasury when
Treasury bills are off'ered for sale.
Very truly yours,
A.
W.
MELLON,
Secretary of the Treasury.
[Department Circular No. 418, as amended]
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,
Washington, June 25, 1930.
1. The Secretary of the Treasury is authorized by section 5 of the
second Liberty bond act, as amended,^ to issue Treasury bills on a
discount basis and payable at maturity without interest, and to fix
the form, terms, and conditions thereof, and to offer them for sale
on a competitive basis, under such regulations and upon such terms
1 The statute appears in T. D. 4292 on pages 3 and 4 of this circular.
(See p. 313 of this report.)
310
REPORT ON THE FINANCES
and conditions as he may'prescribe. Pursuant to said authorization,
the Secretary of the Treasury, by public notice, may from time to
time offer Treasury bills for sale and invite tenders therefor, through
the Federal reserve banks. The Treasury bills so offered and the
tenders made will be subject to the terms and conditions and to the
general rules and regulations herein contained and also to the terms
and conditions stated in the public notices as issued by the Secretary
of the Treasury from time to time in connection with particular
offerings.
DESCRIPTION OF TREASURY BILLS
2. Treasury bills are bearer obligations of the United States,
promising to pay a specified amount without interest on a specified
date. They are to be issued on a discount basis. Each Treasury
bUl, prior to its issue, must be validated by a Federal reserve bank
as fiscal agent of the United States, and the date of the original issue
thereof will be stated thereon. All Treasury bills of the same maturity, irrespective of the issue date, will constitute a single series
which will be designated by the due (or maturity) date. Treasury
biUs wUl be payable at maturity upon presentation to the Treasurer
of the United States in Washington or to any Federal reserve bank.
3. Treasury bills will be issued in denominations (maturity value)
of $1,000, $10,000, and $100,000. Exchanges of Treasury bills of the
same series from higher to lower denominations will be permitted at
Federal reserve banks, but hot from lower to higher.
4. (a) Treasury bills issued prior to June 17, 1930, will be subject
to the tax exemption provisions stated in Department Circular No.
418, dated November 22, 1929. Gains from the sale or other disposition of such Treasury bills are taxable, and losses from the sale
or other disposition thereof shall be deductible, in the manner prescribed in Treasury Decision 4276, annexed to that circular.
(6) Treasury bills issued subsequent to June 17, 1930, will be
exempt, as to principal and interest, and any gain from the sale or
other disposition of such Treasury bills shall also be exempt, 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; and no loss from
the sale or other disposition of such Treasury bills shall be allowed
as a deduction, or otherwise recognized, for the purposes of any tax
now or hereafter imposed by the United States or any of its possessions.
However, taxpayers making income tax returns are required to report
in their returns, for information purposes, the number and amount
of obligations and securities of the United States owned by them
and the income received therefrom. In reporting in their income
tax returns the amount of Treasury bills (issued subsequent to June
17, 1930) owned by them and the income received therefrom, taxpayers will be governed by the provisions of Treasury Decision 4292,
which appears on pages 3 and 4 of this circular. I t will be noted
from that Treasury Decision that (1) the '^ amount of such obligations and securities" to be so reported is the face or maturity value
of the Treasury bills, and that (2) the 'income received therefrom"
to be reported is the net excess of the amount realized during the
taxable year from the sale or other disposition of the bills over the
cost or other basis thereof, no separate computation of discount
SECRETARY OF T H E TREASURY
311
being necessary. In such cases, and pending revision of the income
tax forms, taxpayers making income tax returns and owning any
such Treasury bills should submit the information required in the
form of a rider attached to the returns.
5. Treasury bills will be acceptable at maturity value to secure
deposits of public moneys, but they will not bear the circulation
privilege. ^ Treasury bills will be acceptable at maturity, but not
before, and under such rules and regulations as shall be prescribed
or approved by the Secretary of the Treasury, in payment of inconie
and profits taxes payable at the maturity of the Treasury bills.
Notes secured by Treasury bills are eligible for discount or rediscount
at Federal reserve banks by member banks, as are notes secured by
bonds and notes of the United States, under the provisions of section
13 of the Federal reserve act. Treasury bUls will be acceptable at
maturity, but not before, in payment of interest or of principal on
account of obligations of foreign governments held by the tJnited
States.
PUBLIC NOTICE
6. When tenders are to be invited, public notice thereof will be
given by the Secretary of the Treasury prior to the date of issue of
the Treasury bills. In such public notice there will be set forth (a)
the amount of the Tieasury bills for which tenders are then invited,
(6) the date or dates of issue, (c) the date or dates when such bills
will become due and payable, {d) the closing hour and date for the
receipt of tenders at the Federal reserve banks, and {e) the date or
dates on which payment for accepted tenders must be made.
TENDERS
7. Tenders, in response to any such public notice, will be received
only at the Federal reserve banks, or branches thereof, and unless
received before the fixed time of closing will be disregarded. No tender will be accepted for an amount less than $1,000 (maturity value),
and each tender must be for an amount in multiples of $1,000 (maturity
value). The price or prices offered by the subscriber for the amount
or amounts (at maturity value) applied for must be stated, and must
be expressed on the basis of 100, with not more than three decimal
places, e. g., 99.125. Fractions must not be used.
8. I t is urged that tenders be submitted on the prescribed forms
and inclosed in special envelopes, securely sealed. On application,
the forms and special envelopes will be supplied by the Federal reserve
bank of the district in which the subscriber is located. If special
envelope is not available, the inscription '^Tender for Treasury bills",
should be placed on the envelope used. The instructions of the
Federal reserve banks with respect to the submission of tenders
should be observed. Tenders will be accepted without cash deposit
from incorporated banks and trust companies and from responsible
and recognized dealers in investment securities. Tenders from others
must be accompanied by a 10 per cent payment of the face amount of
the Treasury bills applied for; provided, however, that such deposit
will not be required if the tender is accompanied by an express guaranty of payment in full by an incorporated bank or trust company.
The forfeiture of the 10 per cent cash deposit may be declared by the
312
REPORT ON THE FINANCES
Secretary of the Treasury if payment in full is not made, in the case
of accepted tenders, on the prescribed date.
9. The time of closing will be specified in the public notice. At the
time fixed for closing, all tenders received by the Federal reserve
banks, or branches, will be opened. The Secretary of the Treasury
will determine the acceptable prices offered and will make public
announcement thereof as soon as possible after the opening of bids,
probably on the following morning. Those submitting tenders will
be advised by the Federal reserve banks of the acceptance or rejection thereof, and payment on accepted tenders must be made on the
date specified in the public notice.
10. In considering the acceptance of tenders, the highest prices
offered will be accepted in full down to the amount required, and if
the same price appears in two or more tenders and it is necessary to
accept only a part of the amount offered at such price, the amount
accepted at such price will be prorated in accordance with the respective amounts applied for. However, the Secretary of the Treasury
expressly reserves the right on any occasion to reject any or all
tenders or parts of tenders; and to award less than the amount
applied for; and any action he may take in any feuch respect or
respects shall be final.
11. Any payments which may be due on account of accepted tenders must be made to the appropriate Federal reserve bank in cash
or other funds that will be immediately available on the due date
specified. Following any such payment, delivery of definitive Treasury bills (or interim receipts) will be made without cost to the
subscriber.
12. Federal reserve banks as fiscal agents of the United States are
authorized to perform such acts as may be necessary to carry out the
provisions of this circular and of the public notice or notices issued in
connection with any offering of Treasury bills.
DESTROYED, MUTILATED, OR DEFACED TREASURY BILLS
13. No relief will be granted on account of the loss or theft of
Treasury bills issued hereunder. Relief will be granted on account
of the destruction, mutilation, or defacement thereof under the conditions and in accordance with the procedure prescribed in paragraphs 80 and 81 of Treasury Department Circular No. 300, dated
July 31, 1923, so far as applicable.
GENERAL
14. The Secretary of the Treasury reserves the right to, withdraw,
amend, or supplement this circular at any time, or from time to time.
,
A. W.
MELLON,
Secretary of the Treasury
SECRETARY OF THE TREASURY
313
(T. D . 4292)
Income tax—Exemption of Treasury bills
TREA-SURY DEPARTMENT,
OFFICE OF COMMISSIONER OF INTERNAL R E V E N U E ,
Washington, D. C
To Collectors of Internal Revenue and others concerned:
Attention is invited to the act entitled '^An act providing certain
exemptions from taxation for Treasury bills," approved June 17, 1930
(Pub. No. 376, 71st Cong., H . R.. 12440), which amends section 5 of
the second Liberty bond act, as amended (Pub. No. 11, 71st Cong.,
June 17, 1929), by adding at the end thereof a new subdivision known
as subdivision (d). This new subdivision provides that any gain from
the sale or other disposition of Treasury bills issued after the enactment of the act approved June 17, 1930, shall be exempt from all
Federal, State, and local taxation (except estate or inheritance taxes),
and that no loss from the sale or other disposition of such Treasury
bills shall be allowed as a deduction, or otherwise recognized, for the
purposes of any tax imposed by the United States or any of its possessions. Section 5 of the second Liberty bond act, as so amended,
reads as follows, the tax exemption provisions being contained in
subdivisions (b) and (d) thereof:
SEC. 5. (a) That in addition to the bonds and notes authorized by sections 1
and 18 of this act, as amended, the Secretary of the Treasury is authorized to
borrow from time to time, on the credit of the United States, for the purposes
of this act, to provide for the purchase or redemption before maturity of any
certificates of indebtedness or Treasury bills issued hereunder, and to meet
pubh'c expenditures authorized by law, such sum or sums as in his judgment may
be necessary, and to issue therefor (1) certificates of indebtedness of the United
States at not less than par and at such rate or rates of interest, payable at such
time or times as he may prescribe; or (2) Treasury bills on a discount basis and
payable at maturity wii.hout interest. Treasury bills to be issued hereunder
shall be offered for sale on a competitive basis, under such regulations and upon
such terms and conditions as the Secretary of the Treasury may prescribe, and
the decisions of the Secrejtary in respect of any issue shall be final. Certificates
, of indebtedness'and Treasury bills issued hereunder shall be in such form or
forms and subject to such terms and conditions, shall be payable at such time,
not exceeding one year Irom the date of issue, and may be redeemable before
maturity upon such terms and conditions as the Secretary of the Treasury may
prescribe. Treasury bills issued hereunder shall not be acceptable before maturity
in payment of interest or of principal on account of obligations of foreign governments held by the United States of America. The sum of the par value of
such certificates and Treasury bills outstanding hereunder and under section 6
of the first Liberty bond act shall not at any one time exceed in the aggregate
$10,000,000,000.
(6) All certificates of indebtedness and Treasuiy bills issued hereunder (after
the date upon which this; subdivision becomes law) shall be exempt, both as to
principal and interest, from all taxation (except estate and 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; and the amount
of discount at which Trefisury bills are originally sold by the United States shall
be considered to be interesst within the meaning of this subdivision.
(c) Wherever the words "bonds and notes of the United States," or "bonds
and notes of the Government of the United States," or "bonds or notes of the
United States" are used in the Federal reserve act, as-amended, they shall be
held to include certificate's of indebtedness and Treasury bills issued hereunder.
{d) Any gain from the sale or other disposition of Treasury bills issued hereunder
(after the date upon which this subdivision becomes law) shall be exempt from
all taxation (except estat(3 or inheritance taxes) now or hereafter imposed by the
314
REPORT ON THE FINANCES
United States, any State, or any of the possessions of the United States, cr by
any local taxing authority; and no loss from the sale or other disposition of such
Treasury bills shall be allowed as a deduction, or otherwise recognized, for the
purposes of any tax now or hereafter imposed by the United States or any of
its possessions.
The report of the Committee*on Ways and Means (Rept. No. 1759,
accompanying H. R. 12440) shows that it is the purpose of the act
approved June 17, 1930, to obviate the necessity, which existed
under the law prior to its amendment by such act, of keeping a complicated system of bookkeeping records in order to ascertain gain or
loss from the sale or other disposition of Treasury biUs as differentiated
from the discount received on such bUls.
Attention is also invited to section 22 (b) (4) of the revenue act of
1928, which provides in part as follows:
SEC. 22. * * * ( & ) Exclusions from gross income * * *. The following
items shall not be included in gross income and shall be exempt from taxation
under this title: * * * (4) '^ * *. Interest upon (A) the obligations of a
State, Territory, or any political subdivision thereof, or the District of Columbia;
or (B) securities issued under the provisions of the Federal farm loan act, or under
the provisions of such act as amended; or (C) the obligations of the United
States or its possessions. Every person owning any of the obligations or securifies
enumerated in clause (A), (B), or (C) shall, in the return required by this title,
submit a statement showing the number and amount of such obligations and
securities owned by him and the income received therefrom, in such form and
with such information as the commissioner may require. In the case of obligations of the United States issued after September 1, 1917 (other than postal
savings certificates of deposit), the interest shall be exemp.t only if and to the
extent provided in the respective acts authorizing the issue thereof as amended
and supplemented, and shall be excluded from gross income only if and to the
extent it is wholly exempt to the taxpayer from income taxes.
Article 81 of Regulations 74 promulgated under the revenue act
of 1928 provides that ^^Every person owming obligations of a State,
Territory, any political subdivision thereof, or the District of Columbia; securities issued under the provisions of the Federal farm loan
act or of such act as amended; or obligations of the United States
or its possessions, must, however, submit in his income tax return
a statement showing the number and amount of such obligations and
securities owned and the income received therefrom." '
Under the above-quoted provisions of the revenue act of 1928 and
Regulations 74, in the case of Treasury bUls issued after June 17,
1930, (1) the '^amount of such obligations and securities" is their
par (maturity) value, and (2) the ^^income received therefrom" is
the net excess of the amount realized during the taxable year from
the sale or other disposition of the bills over the cost or other basis
thereof, no separate computation of discount being necessary. In
such cases, and pending revision of the income tax forms, taxpayers
making income tax returns shall submit the statement required by
section 22 (b) (4) and article 81 in the form of a rider attached to the
return.
R O B T . H . LUCAS,
Commissioner of Internal Revenue.
Approved: June 25, 1930.
A. W.
MELLON,
Secretary of the Ireasury,
SECK.ETARY OF THE TREASURY
315
Miscellaneous
EXHIBIT
26
Announcement that Consols of 1930 will not be called for redemptiori on
April 2, 1930 {press release, December 12, 1929)
In view of the many inquiries received at the Treasury with respect
to the 2 per cent Consols of 1930 which, by their terms, are redeemable at the pleasure of the United States after April 1, 1930, Secretary
Mellon to-day announced that these bonds would not be called for
redemption on April 2, 1930, which is the earliest date the option reserved to the United States may be exercised
EXHIBIT
27
Notice of call for redemption of Treasury notes of Series A-1930-32 and
B-1930-32 {press release, September 10, 1930, with Department Circular No. 428)
The Secretary of the Treasury announces that all 3}^ per cent
Treasury notes of Series A-1930-32 and Series B-1930-32 have been
called for redemption on March 15, 1931, on which date the principal
of any such notes then outstanding will be payable, together with
interest then accrued thereon. Accordingly, interest on all 3K per
cent Treasury notes of Series A-1930-32 and Series B-1930-32 wiU
cease on said redemption date, March 15, 1931.
The Series A-1930-32 3}2 per cent notes were issued on March
15, 1927, and were made redeemable on six months' notice on any
interest payment date on and after March 15, 1930. Of the $1,360,456,450 originally issued, there were outstanding as of September 1,
$649,076,350. The Series B-1930-32 notes were issued on September 15, 1927, and were made redeemable on six months' notice on
any interest payment date on and after September 15, 1930. Of the
$619,495,700 originally issued, there were outstanding as of September 1, $500,303,700.
Particular attention is invited to the fact that the 3K per cent
Treasury notes of Series C-1930-32 are not included in this call for
redemption and to the further fact that the notes which have been
called for redemption should not be presented for redemption until
March 15, 1931, or shortly prior thereto.
The text of the ofiicial circular calling the notes for redemption
follows:
[Department Circular No. 428]
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,
Washington, September 10, 1930.
To holders of 3% % Treasury notes of Series A-1930-32 and B-1930-32:
1. Call for redemption.—Public notice is hereby given that, in accordance with the terms of their issue and pursuant to the provisions
of Treasury Department Circulars Nos. 379 and 387, dated March 8,
1927, .and September 6, 1927, respectively, all of the 3K per cent
Treasury notes of Series A-1930-32, which by their terms were made
316
REPORT ON THE FINANCES
redeemable on and after March 15, 1930, and all of the 3K per cent
Treasury notes of Series B-1930-32, which by their teims were made
redeemable on and after September 15, 1930, are called for redemption on March 15, 1931, on which date the principal of any such notes
then outstanding will be payable, together with the interest then accrued thereon. Interest on all 3K per cent Treasury notes of Series
A-1930-32 and Series B-1930-32 will cease on said redemption date,
March 15, 1931.
2. Presentation for redemption at or after March 15, 1931.—All
3K per cent Treasury notes of Series A-I93O732 and Series B-1930-32
should be presented and surrendered for redemption to any Federal
reserve bank or branch, or to the Treasurer of the United States at
Washington, D. C. The notes must be delivered in every case at
the expense and risk of the holder, and should be accompanied by
appropriate written advice.
Facilities for transportation of the notes by registered mail insured
may be arranged between incorporated banks and trust companies
and the Federal reserve banks, and holders may take advantage of
such arrangements, when available, utilizing such incorporated banks
and trust companies as tneir own agents. Incorporated banks and
trust companies are not agents of tne United'States under this circular.
3. Interest coupons.—Interest coupons dated Marcn 15, 1931,
should be detached and collected in regular course when due. Coupons dated September 15, 1931, and all coupons bearing dates subsequent thereto, must be attached to the notes w^hen presented. In
the event that any notes are presented for redemption with the
September 15, 1931, or any subsequently dated coupons detached,
the notes will nevertheless be redeemed, but the full face amount of
any such missing coupons will be deducted.
4. Any further information which may be desired as to redemption
of Treasury notes of Series A-1930-32 and B-1930-32 may be obtained from the Treasury Department, Division of Loans and Currency, Washington, D. C , or from any Federal reserve bank or
branch. The Secietary of the Treasury ma}^ at any time or from time
to time prescribe supplemental or amendatory rules and regulations
governing the matters covered by this circular.
A. W.
MELLON,
Secretary of the Treasury.
OBLIGATIONS OF FOREIGN GOVERNMENTS
AUSTRIA .
E X H I B I T 28
Agreement for the funding of the indebtedness of Austria to the United
States
AGREEMENT
Made the 8th day of May, 1930, at the city of Washington, District
of Columbia, between the Federal Government of the Republic of
Austria, hereinafter called Austria, party of the first part, and the
Government of the United States of America, hereinafter called
the United States, party of the second part
317
SECRETARY OF THE TREASURY
Whereas Austria is indebted to the United States as of Janaury 1,
1928, upon an obligation designated as bond No. 1, Relief series B of
1920 in the principal amount of $24,055,708.92, together with interest
accrued and unpaid thereon; and
Whereas Austria desires to liquidate said indebtedness to the United
States, both interest and principal, through the issue of bonds to the
United States, and the United States is prepared to accept bonds from
Austria 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
liquidated is $34,630,968.68, which has been computed as follows:
Principal of relief obligations$24,055,708. 92
Accrued and unpaid interest from September 4, 1920, to
January 1, 1928, at 6 per cent per annum
10, 575, 259. 76
Total indebtedness as of January 1, 1928.----
34, 630, 968. 68
2. Payment.—In order to provide for the liquidation of the indebtedness, Austria agrees to pay and the United States to accept the sum
of $33,428,500, to be paid in twenty-five equal annual installments of
$1,337,140 each, on the first day of January, 1943, and on the first day
of January of each of the subsequent years to 1967, inclusive. In lieu
of these twenty-five payments Austria may, at its option, issue to the
United States, at par, bonds of Austria in the aggregate principal
amount of $24,614,885, dated January 1, 1928, and maturing serially
on the several dates and in the amounts fixed in the following schedule:
January 1:
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939-_-"_
1940__
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
-
--
$287,556
287,556
287,556
287,556
287, 556
460, 093
460, 093
460, 093
460,093
460, 093
460, 093
460, 093
460,093
460, 093
460, 093
743, 047
743, 047
743, 047
743,047
743,047
743,047
743, 047
January 1:
1951-1952_.
1953_1954
1955
1956_.
1957_1958_1959_1960
1961
1962
1963__
1964_.
1965
1966
1967
1968
._
.__
$743, 047
743,047
743,047
743,047
743,047
743,047
743, 047
743, 047
743, 047
743, 047
743, 047
743, 047
743, 047
743, 047
743, 047
743, 047
743, 047
743,047
24,614,885
Provided, however, That if Austria shall exercise this option, the
obligation of Austria to pay annuities during the years 1929 to 1943
will in the case of each annuity not arise if the trustees of the reconstruction loan of 1923 prior to the preceding December first have raised
objection to the pa37^ment of the annuity in question on the due date.
To the extent, if any, that any such annuity is not paid by reason of
such objection on the part of the trustees, the amount thereof together
with interest at 5 per cent per annum compounded annually to December 31, 1943, shall be repaid together with further interest at 5
318
REPORT ON T H E FINANCES
•
per cent per annum by twenty-five equal annuities on January 1 of
each of the years 1944 to 1968, inclusive. Austria shall issue its bond
to the United States for each of the twenty-five annuities simUar in
form to the bonds first to be issued hereunder, but bearing interest at
the rate of 5 per cent per annum, and maturing serially on January 1st
of each of the years 1944 to 1968, inclusive.
Austria agrees that no payment shall be made upon or in respect
of any of its obligations issued to the relief creditor nations, to wit,
Denmark, France, Great Britain, Holland, Italy, Norway, Sweden,
and Switzerland, before , at, or after maturity, whether for principal
or for interest, unless a similar and proportionate payment shall
simultaneously be made upon the relief indebtedness of Austria to
the United States as set forth above.
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 Austria by its
duly authorized representatives. The, bonds to be dated January
1, 1928, and maturing January 1, 1929, and annually thereafter to
January 1, 1943, inclusive, shall be substantially in the form set forth
in the exhibit hereto annexed and marked ^'Exhibit A," and shall
be issued in fifteen pieces with maturities and in denominations as
here nabove set forth and shall bear no interest except that in the
event that any bond is not paid on the date of its maturity, interest
shall be paid as specified in paragraph 2 above. The bonds to be
dated January 1, 1928, and maturing January 1, 1944, and annually
thereafter to January 1, 1968, inclusive, shall be substantially in the
form set forth in the exhibit hereto annexed and marked ^^Exhibit B , "
and shall be issued in twenty-five pieces with maturities and in
denominations as hereinabove set forth and shall bear no interest.
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 Austria,
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 Austria 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 Trasury 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
maturit}^, 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 Austria
or any political or local taxing authority within Austria.
6. Security.—Austria represents that the Reparation Commission,
pursuant to the powers conferred upon it, has recognized that the
SECRETARY OF THE TREASURY
319
bonds to be issued under this agreement shall enjoy the same security
as the bonds of relief series B of 1920, and shall be a first charge
upon all the assets and revenues of Austria, and shall have priority
over costs of reparation under the treaty of Saint-Germain, or under
any treaty or agreement supplementary thereto, or under any
arrangements concluded between Austria and the Allied and Associated Powers during the armistice signed on November 3, 1918, and
the Austrian Government agrees that nothing in this agreement
shall prejudice or afl'isct the provisions contained in the bonds of relief
series B of 1920 constituting such bonds a first charge upon all the
assets and revenues of Austria (without prejudice, however, to the
lien enjoyed by the reconstruction loan of 1923), so that if the Government of Austria should at any time without the assent of the United
States pay or attempt to pay any sum whether in respect of reparation or by way of compensation for any non-fulfilment of the obligations of Austria under article 184 of the said treaty, the amount
owing under the terms of bonds No. 1, relief series B of 1920 for principal moneys and for any arrears of interest thereon at 6 per cent per
annum, compounded semi-annually from September 4, 1920, to January 1, 1925, and thereafter at 5 per cent per annum, compounded
annually shall forthwith be paid in cash by the Austrian Government in priority to any such payments under the said treaty.
7. Compliance with legal requirements.-^Austrisi 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 have been completed as required by the laws
of Austria and in conformity therewith.
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 Austria to be issued hereunder, together with
satisfactory evidence of authority for the execution of this agreement
by the representative of Austria and for the execution of the bonds to
be issued hereunder by the representatives of Austria, the United
States wUl cancel and surrender to Austria at the Treasury of the
United States in Washington, the relief obligation of Austria now 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 Legation of Austria in Washington
or at the office of the Ministry of Finance in Vienna; and any notice,
request, or election from or by Austria shall be sufficient if delivered
to the American Legation in Vienna 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. Counterparts.—This agreement shall be executed in two counterparts, each of which shall have the force and effect of an original.
In witness whereof Austria has caused this agreement to be executed on its behalf by its duly authorized representative at Wash12101—31
23
320
REPORT ON THE FINANCES
ington, and the United States has likewise caused this agreement to
be executed on its behalf by the Secretary of the Treasury, with the
approval of the President, pursuant to the act of Congress approved
February 4, 1929, all on the day and year first above written.
T H E FEDERAL GOVERNMENT OF T H E
R E P U B L I C OF AUSTRIA,
By EDGAR PROCHNIK,
Envoy Extraordinary and Minister Plenipotentiary.
T H E GOVERNMENT OF T H E
U N I T E D STATES OF AMERICA,
By A. W. M E L L O N ,
Secretary of the Treasury.
Approved:
H E R B E R T HOOVER,
^
President.
EXHIBIT
A
(Form of bond 1929-1943)
The Republic of Austria gold bond
Relief series B, 1920, No.
, January 1, 1928. (Renewal bond) due
January 1, 19—
The Republic of Austria, hereinafter called Austria, for value
received, promises to pay to the Government of the United States of
America, hereinafter called the United States, or order, on January
1,
, the sum of
dollars ($
). 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 Austria,
upon not less than thirty days advance notice of 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. Nevertheless, the obligation of Austria to pay this bond shall
not arise if the trustees of the reconstruction loan of 1923 have, prior
to the first day of December preceding the maturity date of this bond,
raised objection to the payment of this bond on the due date. If
this bond is not paid on its due date by reason of such objection on
the part of the trustees, the amount thereof, together with interest
at 5 per cent compounded annually to December 31, 1943, shall be
repaid, together with further interest at 5 per cent per annum in
twenty-five equal annual installments on the first of January of each
of the years 1944 to 1968, inclusive.
This bond is payable as to both principal and interest without
deduction for, and is exempt from, any and all taxes and other charges,
present or future, imposed by or under authority of Austria or its
possessions or any political or local taxing authority within Austria.
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.
SECRETARY OF T H E TREASURY
321
This obligation is one of a series of obligations of simUar tenor but
in different amounts and payable in different currencies, designated
as ^'Relief series B of 1920 (renewal bonds)."
Austria agrees that no payment wUl be made upon or in respect of
any of the obligations of the '^Relief bond series B-1920 " due on January 1, 1925, or upon or in respect of any of the obligations '^Relief
series B of 1920 (renewal bonds)" or of any other obligations issued
by Austria in renewal of the said '^Relief bonds series B-1920"
before, at, or after maturity, whether for principal or for interest,
unless a simUar payment shall simultaneously be made upon all the
obligations of '^Relief series B of 1920 (renewal bonds)" issued by
Austria in proportion to the respective obligations of said series.
The payment of this obligation is secured in the same manner and
to the same extent as the obligation of Austria in the principal
amount of $24,055,708.92, designated as bond No. 1, relief series B
of 1920.
.
Austria agrees that if at any time it should pay or attempt to pay
any sum whether in respect of reparation or by way of compensation
for any non-fulfilment of the obligations of Austria under Article 184
of the treaty of Saint-Germain, the amount owing under the terms of
bond No. 1, relief series B of 1920 for principal moneys and for any
arrears of interest thereon at 6 per cent per annum, compounded
semiannually, from September 4, 1920, to January 1, 1925, and
thereafter at 5 per cent per annum, compounded annually, shall
forthwith be paid in cash by the Austrian Government in priority to
any such payments under the said treaty.
This bond is issued under an agreement dated May 8, 1930, between
Austria and the United States, to which this bond is subject and to
which reference is made for a further statement of its terms and
conditions.
In witness whereof Austria has caused this bond to be executed on
its behalf by its duly authorized representatives at the city of Vienna,
as of January 1, 1928.
T H E FEDERAL GOVERNMENT OF THE
R E P U B L I C OF AUSTRIA,
By
.
EXHIBIT
B
(Form of bond 1944-1968)
The Republic of Austria gold bond
Rehef series B-1920, No.
, January 1, 1.928.
Due January 1, 19-^
(Renewal bond),
The Republic of Austria, hereinafter called Austria, for value
received, promises to pay to the Government of the United States
of America, hereinafter called the United States, or order, on January 1,
, the sum of
dollars ($). 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 Austria, upon not less than thirty days' advance notice to the
United States, in any obhgations of the United States issued after
322
REPORT ON T H E FINANCES
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 charges, present or future, imposed by
or under authority of Austria or its possessions or any political or
local taxing authority within Austria. 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 obligation is one of a series of obhgations of similar tenor but
in dift'erent amounts and payable in dift'erent currencies, designated
as ^^Relief series B of 1920 (renewal bonds)."
Austria agrees that no payment will be made upon or in respect of
any of the obligations of the ''Rehef bond series B-1920" due on
January 1, 1925, or upon or in respect of any of the obligations
''Relief series B of 1920 (renewal bonds)," or of any other obligations
issued by Austria in renewal of the said "Relief bonds series B-1920 "
before, at, or after maturity, whether for principal or for interest,
unless a similar payment shall simultaneously be made upon all the
obligations of "Relief series B of 1920 (renewal bonds)" issued by
Austria in proportion to the respectiye obligations of said series.
The payment of this obligation is secured in the same manner
and to the same extent as the obligation of Austria in the principal
amount of $24,055,708.92, designated as bond No. 1 relief series B
of 1920.
'
Austria agrees that if at any time it should pay or attempt to
pay any sum whether in respect of reparation or by w^ay of compensation for any nonfulfilment of the obligations of Austria under
Article 184 of the treaty of Saint-Germain, the amount owing under
the terms of bond No. 1, relief series B of 1920 for principal moneys
and for any arrears of interest thereon at 6 per cent per annum,
compounded semiannually, from September 4, 1920, to January 1,
1925, and thereafter at 5 per cent per annum, compounded annually,
shall forthwith be paid in cash by the Austrian Government in
priority to any such payments under the said treaty.
This bond is issued under an agreement dated May 8, 1930, between Austria 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 Austria has caused this bond to be executed
on its behalf by its duly authorized representatives at the City, of
Vienna, as of January 1, 1928.
T H E FEDERAL GOVERNMENT OF THE
R E P U B L I C OF AUSTRIA,
By
.
EXHIBIT
29
Statement of Secretary of the Treasury Mellon concerning the agreement
for the settlement of the relief indebtedness of Austria to the United
States {press release. May 8, 1930)
An agreement for the settlement of the relief indebtedness of the
Government of Austria to the United States was executed to-day by
the Austrian minister to the United States on behalf of his Govern
SECRETARY OF T H E TREASURY
323
ment and by the Secretary of the Treasury with the approval of the
President on behalf of the United States.
The United States holds an obligation of the Government of
Austria designated as Bond No. 1, Relief Series B of 1920, in the
principal amount of $24,055,708.92. The agreement provides that
Austria will pay to the United States in liquidation of this indebtedness the sum of $33,428,500 in 25 equal annual installments of
$1,337,140 each, beginning on the 1st day of January in each of the
years 1943 to 1967, inclusive. The date of the initial payment is
explained by the fact that the time of payment of the principal and
interest of the original obligation of Austria was extended to 1943
under the authority of the Lodge resolution of April 6,1922, in order to
provide for our cooperation with the other relief creditor governments
in permitting the flotation of the Austrian reconstruction loan of 1923.
Subject to the right of the trustees of the reconstruction loan to
object, Austria is given the option of liquidating her relief indebtedness by the following payments beginning January 1, .1929: Five
installments of $287,556 each; 10 installments of $460,093 each; and
25 installments of $743,047 each, or a total over the 40 years of
$24,614,885. The present value on a basis of 5 per cent per annum of
the 25 payments of $1,337,140 each, beginning January 1, 1943, is
practically the same as the present value on the same basis of the
payments provided for under the option. Austria has advised the
United States that it intends to exercise the option and has already
made payments due under the agreement for January 1, 1929, and
January 1, 1930, of $287,556 each.
The settlement compares favorably with the settlements made b}^
the United States with the Governments ^ of Greece, Italy, and
Yugoslavia.
The terms of settlement agreed upon with the United States are
the same as those offered by Austria and accepted by all of its other
relief creditors, viz.: Denmark, France, Great Britain, Italy, The
Netherlands, Norway, Sweden, and Switzerland.
EXHIBIT
30
Expression of appreciation of Austria in concluding the funding agreement between Austria and the United States {press release. May 8,
1930)
Upon the execution to-day of the debt funding agreement between
Austria and the United States, the Austrian minister on behalf of his
Government expressed to the United States through the Secretary of
the Treasury the sincere appreciation of Austria for the friendly spirit
of helpfulness shown by the^ United States in concluding this arrangement which will make a most favorable impression upon the public
opinion of Austria. The Austrian minister further said:
It is one of the most important steps in the long process of my country's
financial and economic reconstruction. Without the sympathetic understanding,
of Austria's intricate problems and the readiness to assist, which were found in
the United States, our efforts in rebuilding our heavily damaged country would
have been futile. The agreement just signed paves the way for my Government
to proceed toward its goal of full rehabilitation and the reestablishment of normal
conditions in our country's national life.
324
REPORT ON THE FINANCES
Austria sincerely appreciates the helping hand stretched out by its sister
republic over the sea and this feeling of gratitude cannot fail to strengthen the
most friendly relations happily existing between our two countries.
France
EXHIBIT
31
Statement by Undersecretary of the Treasury Mills before the Committee
on Ways and Means, December 10, 1929, relative to the bill providing
for the settlement of the indebtedness of France to the United States
The bill now before you for consideration provides for the approval
of the agreement for the settlement of the iadebtedness of the French
Government to the United States arising during the World War and
the years immediately succeeding its termination, made by the duly
authorized representatives of the French Republic, on the one hand,
and by the World War Foreign Debt Commission, on the other, and
approved by the President.of the United States. The agreement was
signed on April 29, 1926, and is set forth in Senate Document No. 102,
Sixty-ninth Congress, first session. The bill was reported by the
Ways and Means Committee on May 29, 1926, and passed the House
of Representatives on June 2, 1926. I t was not acted on by the
Senate of the United States.
Under date of July 27, 1929, the French ambassador officially notified the Secretary of State that the debt funding agreement with the
United States had been ratified by France. I t remains, therefore,
but for the Congress of the United States to give its approval for this
agreement to become effective.
Under the authority of the Liberty bond acts and the act of July 9,
1918, the Government of the United States extended loans and credits
to the Government of the French Republic, the principal amount of
which, together with the accrued and unpaid interest thereon, totaled
approximately $4,230,000,000 as of June 15, 1925, the date as of
which the debt is to be funded under the terms of the agreement
signed AprU 29, 1926. Of this total $2,933,000,000 represents the
principal of the obligations acquired for cash advanced, less any repayments made on account; $890,000,000 represents accrued and unpaid
interest at 5 per cent, the rate borne by the obligations prior to funding, up to June 15, 1925; and $407,000,000 represents the principal
amount of obligations acquhed in connection with the sale on credit
of surplus war material. On this last-mentioned principal amount
interest has been paid currently up to the present time.
The basis of the proposed settlement is as follows: All unpaid and
accrued interest on obligations other than those given for the war
supplies purchase was figured at 4 J^ per cent up to December 15, 1922,
and at 3 per cent from that date until June 15,1925. The 43^ per cent
rate is the rate applied in our settlement with Great Britain to the
indebtedness of Great Britain up to the date of settlement. The
3 per cent rate is the rate applied to the indebtedness of the Belgian
Government from December 15,' 1922 (up to which point in that case
hkewise a 43^ per cent rate had been applied) to the date of settlement.
I t may be added that the 3 per cent rate is the rate paid by the British
SECRETARY OF THE TREASURY
325
on its funded debt for the first 10 years, which furnishes an additional
reason for fixing this rate on the unfunded indebtedness of other
countries during this interim period.
In so far as the obligations given for surplus war supplies are concerned, it is provided that interest thereon shall be fixed at the rate
of 3 per cent from December 15, 1922, to June 15, 1925, with the
proviso, however, that any interest actually paid during that period
in excess of the 3 per cent rate should be applied on account of the
total sum owed, principal and interest, as of June 15, 1925.
The above-described terms of settlement result in fixing the net
indebtedness as of June 15, .1925, at $4,025,386,686.89, made up as
follows:
Principal of obligations held for cash
advanced under Liberty bond acts
$2, 933, 405, 070. 15
Accrued and unpaid interest at 4J^ per
cent to Dec. 15, 1922
445, 066, 027. 49
Principal of obligations given for surplus war supplies purchased on credit.
Interest at 43^ per cent from the last
- interest payment date prior to Dec.
15,1922, to Dec. 15, 1922
$3, 378, 471, 097, 64
407, 341, 145. 01
6, 324, 940. 79
Total indebtedness as of Dec. 15, 1922
Accrued and unpaid interest at 3 per cent per annum on this
amount from Dec. 15, 1922, to June 15, 1925
Total indebtedness as of June 15, 1925
413, 666, 085. 80
3, 792, 137, 183. 44
284, 410, 288. 75
4, 076, 547, 472. 19
CREDITS
Payments received on account of interest between Dec. 15, 1922, and June
15, 1925
Payments on account of principal since
Dec. 15, 1922
Interest pn principal payments at 3 per
cent per annum from date of payment
to June 15, 1925
$50, 917, 643. 13
230,171.44
:
12, 970. 73
:
Net indebtedness as of June 15, 1925
Paid in cash upon execution of agreement
Total indebtedness to be funded into bonds _ _
51, 160, 785. 30
4, 025, 386, 686. 89
. 386, 686. 89
4, 025, 000, 000. 00
The agreement provides that there is to be paid in cash upon its
execution the sum of $386,686.89, which was actually paid, leaving a
total indebtedness to be funded of $4,025,000,000, which wiU be funded
into bonds under the terms of this agreement.
There is attached to this statement a schedule showing the total
annual payments to be made by France. Generally speaking,
France pays $30,000,000 a year the first two years, $32,500,000 a
year the third and fourth years, and $35,000,000 the fifth year.
The annuities increase each year, reaching $125,000,000 in the
seventeenth year, thereafter continuing at that figure, except for the
sixty-second year, when the payment is approximately $118,000,000.
Thus under the agreement the total principal of the funded debt—
includuig $685,000,000 accrued interest—will be repaid in full, with
326
REPORT ON T H E FINANCES
interest on the funded principal, as follows: After the first 5 years
and for the next 10 years, 1 per cent per annum; for the succeeding
10 years, 2 per cent per annum; for the succeeding 8 years, 2K per
cent per annum; for the succeeding 7 years, 3 per cent per annum;
and for the remaining 22 years, 3K per cent per annum.
The total payments to be received from France on account of the
$3,340,000,000 originally loaned are $6,847,674,104.17. The presentday value of these payments on a 4K per cent basis is $1,996,509,000,
or practically 50 per cent of the debt funded and something over
47 per cent of the total amount due as of June 15, 1925.
During the 4-year period from June 15, 1925, to June 15, 1929,
the French Government has paid us $102,748,536.74, as compared
with the sum of $125,000,000 which would have been payable under
the terms of the funding agreement. The sum paid is largely accounted for by payments of approximately $20,000,000 a year due
in interest on the war supplies obligations, but in the fiscal years
1927 and 1928 the French Government paid us additional sums
which bring the total amount paid during these fiscal years up to
approximately the amount due for those years under the terms of
the settlement. Such a procedure would unquestionably, I believe,
have been followed last June had it not been.for the fact that the
proposed agreement was coming up in the French Parliament for
final disposition one way or the other in July. The payments so
made since June 15, 1925, are to be applied towards the annuities
first due under the funding agreement when ratified.
Since June 15 the French Government has paid us $10,183,528.63,
leaving $12,067,934.63 still due under the terms of the agreement,
which will become immediately payable as soon as the Congress has
given its approval to the agreement. I mention this fact so that the
Congress will appreciate that if the agreement is to receive its
approval, and if other public business permits, prompt action is
desirable with a view to saving the interest on the sum of $12,000,000.
This committee has devoted so much thought and study to this
particular problem and is so thoroughly familiar with all of its
phases, and with the protracted negotiations that finally led to an
agreement and ultimately to ratification by the representatives of
the French people by a narrow margin, that I deem it unnecessary
to enter upon a discussion of the reasons which led the members
of the World War Debt Commission to fix these terms of settlement,
and two Presidents of the United States and the House of Representatives to give them their approval other than to say that the
terms, in my judgment, while generous to the French people, give
due consideration to the rights of our own. citizens. The Treasur}^
Department indorses the pending bill and recommends its adoption.
327
SECRETARY OF T H E TREASTJRY
Statement of amounts payable to the United States on account of the proposed
refunding bonds to be issued by France
TO.'iryni-nrti
X6r
Jrrincipai
cent
A n n u a l interest
payments
$4,025,000,000.00
3,995,000,000. 00
3,965,000,000.00
3, 932, 500,000. 00
3,900,000,000.00
3,865,000,000.00
f
3,863, 650,000. 00
3,852, 286, 500. 00
3, 830,809,365. 00
3,794,117,458.65
1
. 3,752,058, 633. 24
3, 699,579, 2l9. 57
3,636,575,011.77
3, 567, 940,761. 89
3,493,620,169.51
3,413.556,371.21
f
3,361', 827,498. 63
3,304,064,048.61
3,245,14.5,329. 58
3,185,048,236.17
J
3,123, 749, 200. 89 1 ^ 1
(
3,061, 224,184. 91
2, 997,448, 668. 61
2,932,397,641.98
2, 866, 045, 594. 82
I
2,798,366, 506. 72
f
2, 743, 325, 669. 39
2, 686, 908, 811.12
2, 629, 081, 531. 41
1
2, 569,808, 569. 70
1
2, 509, 053, 783. 94 I
2, 446,780,128. 54
2,382,949,631.75
I
2, 317, 523,372. 54
r
2, 262,049,073. 72
2,204,910,545.93
2,146.057,862. 31
2,085, 439, 698.18 1 ^
2,023, 002. 786.13
1,958, 692, 869. 71
I
1,892,453,655.80
f
1, 833, 689, 533. 75
1, 772. 868, 667.43
1, 709,919, 070. 79
1, 644,766, 238. 27 1
1, 577,333, 056. 61
1, 507, 539, 713. 59
1,435,303, 603. 57
1, 360, 539, 229. 69
1, 283,158,102. 73
1, 203,068, 636.33
I
1,120,176.038. 60 3 H \
1, 034, 382,199. 95
945, 585, 576.95
853, 681,072.14
758, 559,909. 66
660,109, 506. 50
558, 213, 339. 23
452, 750,806.10
343, 597,084. 31
230,622,982.26
113, 694, 786. 64
i
M
'
$38,"650,'000.'00 1
38, 636, 500. 00
38,522,865.00
38, 308,093. 65
37, 941,174. 59
37, 520,586. 33
36,995,792. 20
36,365.750.12
35, 679,407. 62
34,936,201. "0
68,271,127. 42
67,236, 549.-98
66,081,280.97
64,902,906. 59
63, 700,964. 72
62,474,984.02
61,224,483.70
69,948,973.37
58,647,952.84
57,320,911.90
69,959,162. 67
68, 583,141.73
67,172, 720. 29
65,727,038.29
64,245,214. 24
62,726,344. GO
. 61,169, .503. 21
59, 673,740. "9
69, 525, 701.18
67,861,472. 21
66,147.316.38
64, 381, 735. 87
62, 563,187. 95
60, 690,083. 58
58,760, 786. 09
66, 235, 877.95
64-, 179,133. 68
62,050,403. 36
59, 847,167.48
57, 566,818. 34
55, 206, 656. 98
52, 763,889.98
50, 235, 626.12
47, 618, 873. 04
44,910, 633. 60
42,107,402. 27
39, 206,161. 35
36, 203, 377. 00
33, 095, 495.19
29, 878,837.52
26, 549, 596. 84
23,103, 832. 73
19, 637,466. 87
15,846, 278. 21
12,025,897.95
8, 071, 804. 38
3,979, 317. 63
2, 822, 674,104.17
Annual principal
payments
$30,000,000.00
30,000,000.00
32,500,000.00
32,500,000.00
35,000,000.00
1,350,000. 00
11,363,600.00
21,477,135.00
36,691,906.35
42,058,825.41
62,479,413.67
63,004,207. 80
68, 634,249. 88
74, 320,692. 38
80,063,798.30 1
51,728,872. 58 1
57,763,460.02
68,918,719.03
60,097,093.41
61, 299,036. 28
62, 625,015. 98
63,775, 516. 30
65,051,026. 63
66,352,047.16
67, 679,088.10
65,040,837.33
66,416,858.27
57,827,279.71
59,272,961.71
60, 754,785. 76
62, 273, 656. 40
63,830,496.79
65, 426,259. 21
65,474, 298. 82
67,138, 627.79
58,852, 683. 62
60, 618, 264.13
62,436,812. 05
64, 309,916. 42
66, 239, 213.91
58,764,122.05
60,820,866. 32
62, 949, 696. 64
66,152,832. 62
67,433,181. 66
69,793, 343. 02
72,236,110.02
74,764, 373. 88
77, 381,126.96
80i 089,466. 40
82, 892, 597. "3
86, 793, 838. 65
88, 796, 623. 00
91, 904,504. 81
95,121,162. 48
98,450,403.16
101,896,167. 27
105,462, 533.13
109,153,721.79
112,974,102. 05
116,928,196. 62
113,694,786, 64
4,025,000,000.00
Total annua,!
payments
Fiscal
years
$30,000,000.00
30,000,000.00
32,500,000.00
32,500,000.00
35,000,000.00
40,000,000. 00
50,000,000.00
60,000,000.00
75,000,000.00
80,000,000.00
90,000,000.00
100,000,000.00
105,000,000.00
n o , 000,000.00
116,000,000.00
120.000,000.00
125,000,000.00
125,000,000.00 1
125,000,000.00
126,000,000.00
125,000,000. 00
125,000,000. 00
126,000,000. 00
125,000,000. 00
125,000, 000. 00
125,000, 000.00
125,000,000.00
125,000,000. 00
126,000,000. 00
125,000,000. 00
125,000,000. 00
125,000,000. 00
125,000,000. 00
125,000,000. 00
125,000,000. 00
125,000,000. 00
126, 000, 000. 00
125, 000,000. 00 '
125,000, 000. 00
125,000,000.00
125,000,000. 00
126,000,000. 00
125, 000, 000. 00
125,000,000. 00
125,000, 000. 00
125,000,000. 00
125,000,000. 00
125, 000, 000. 00
125, 000,000. 00
125, 000, 000. 00
125,000,000.00
126,000, 000. 00
126, 000, 000. 00
125,000,000. 00
125,000,000. 00
125, 000,000. 00
126, 000,000. 00
126, 000, 000. 00
126,000, 000.00
126, 000,000. 00
126, 000,000. 00
117, 674,104.17
6,847,674,104.17
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
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
328
REPORT ON T H E FINANCES
EXHIBIT
32
[PUBLIC—No. 24—71ST CONGRESS—H. R . 6585]
An Act To authorize the settlement of the indebtedness of the French
Republic 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 French Republic 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 102, Sixty-ninth Congress,
first session, is hereby approved in general terms as follows:
The amount of the indebtedness to be funded, after allowing for
certain cash payments made by France, is $4,025,000,000, whicii has
been computed as follows:
Principal of obligations held for cash
advanced under Liberty bond a c t s . . $2, 933, 405, 070. 15
Accrued and unpaid interest at 4J^ per
centum to December 15, 1922
445, 066, 027. 49
Principal of obligations given for surplus
war supplies purchased on credit
Interest at 43^ per centum from the last
interest payment date prior to December 15, 1922, to December 15, 1922..
$3, 378, 471, 097. 64
407, 341, 145. 01
6, 324, 940. 79
413, 666, 085. 80
Total indebtedness as of December 15, 1922
3, 792, 137, 183. 44
Accrued and unpaid interest at 3 per centum per annum on
this amount from December 15, 1922, to June 15, 1925. _
284, 410, 288. 75
Total indebtedness as of June 15, 1925..
4, 076, 547, 472. 19
CREDITS
Payments received on account of interest between December 15, 1922,
and June 15, 1925.-__Payments on account of principal since
December 15, 1922
Interest on principal payments at 3 per
centum per annum from date of payment to June 15, 1925
.
$50, 917, 643. 13
230, 171. 44
, 12, 970. 73
51, 160, 785. 30
Net indebtedness as of June 15, 1925
Paid, in cash upon execution of agreement
4, 025, 386, 686. 89
386, 686. 89
Total indebtedness to be funded into bonds
. 4, 025, 000, 000. 00
The principal of the bonds shall be paid in annual installments on
June 15 of each year up to and including June 15, 1987, on a fixed
schedule. France will pay the following annual principal installments
during the first five years:
June
June
June
June
June
15,
15,
15,
15,
15,
1926
1927
1928
1929...
1930
,-.-
.
$30, 000, 000
30 000, 000
32, 500, 000
32, 500, 000
35, 000, 000
SECRETARY OF THE TREASURY
329
The amount of the principal installment due the sixth year shall
be $1,350,000, the subsequent annual principal installments increasing
until in the sixty-second year of the debt funding period the final
principal installment shall be $113,694,786.64, the aggregate principal installments being equal to the total principal indebtedness
to be funded into bonds. France,, at its option, upon not less than
ninety days' advance notice to the United States, may postpone so
much of any payment on account of principal and/or interest falling due in any one year after June 15, 1926, and prior to June 16,
1932, as shall be in excess of $20,000,000 in any one year, to any
subsequent June 15 or December 15 not more than three years
distant from its due date; and upon like notice France, at its option,
may postpone any payment on account of principal falling due after
June 15, 1932, to any subsequent June 15 or December 15 not more
than three years distant from its due date, but any such postponement shall be only on condition that in case France shall at any
time exercise this option as to any payment of principal and/or
interest, the payment falling due in the third succeeding year cannot be postponed at all unless and until the payment of principal
and/or interest due three years, two years, and one year previous
thereto shall actually have been made. All such postponed payments shall bear interest at the rate of 4}^ per centum per annum,
payable seminanually.
France shall have the right to pay off additional amounts of principal of the bonds on June 15 and December 15 of any year upon
ninety days' advance notice.
The bonds to be issued shall bear no interest until June 15, 1930,
and thereafter shall bear interest at the rate of 1 per centum per
annum from June 15, 1930, to June 15, 1940; at the rate of 2 per
centum per annum from June 15, 1940, to June 15, 1950; at the
rate of 2K per centum per annum from June 15, 1950, to June 15,
1958; at the rate of 3 per centum per annum from June 15, 1958,
to June 15, 1965; at the rate of 3K per centum per annum after
June 15, 1965, all payable semiannually on June 15 and December
15 of each year.
Any payment of interest or principal may be made at the option
of France in any United States Government obligations issued after
April 6, 1917, such obligations to be taken at par and accrued interest.
Approved, December 18, 1929.
EXHIBIT
33
Balance paid by France on account of the annuities under the funding
agreement of April 29, 1926 {jpress release, December 27, 1929)
The Treasury Department received yesterday from the Government of France the sum of $12,067,934.63, being the balance due on
account of the annuities under the funding agreement of April 29,
1926. As authorized by the terms of the agreement, the payment
was made in obligations of the United States which were accepted
at par and accrued interest to date. The obligations tendered in
payment of the amount due were $10,572,500 face amount 3}^ per cent
Treasury notes; $1,398,600 face amount first Liberty loan Z% per cent
330
REPORT ON T H E FINANCES
bonds, due in 1947; $96,820.96 accrued interest on the obligations;
and a cash adjustment of $13.67.
Under date of December 18, 1929, the President approved the bill
authorizing the settlement of the indebtedness of the Government of
France to the United States. The French Government having
ratified the settlement in July of this year, the Mellon-Berenger
agreement of April 29, 1926, has now been approved by both governments.
The Government of France since June 15, 1925, the date as of which
the debt is funded under the funding agreement, has paid on account
of the principal of the obligations given for cash advances and on
account of interest due on the obligations given for surplus war material purchased on credit, the sum of $112,932,065.37. I t has been
understood that upon ratification of the debt funding agreement by
both governments, any sums paid by France since June 15, 1925,
would be applied on account of the annuities first due under the funding agreement. The annuities due up to June 15, 1929, aggregated
$125,000,000, thus leaving a balance due of $12,067,934.63. The
amount which the Treasury received yesterday, therefore, places
the annuities on a current basis. The next annuity, amounting to
$35,000,000, wiU be due and payable on June 15, 1930.
The obligations of the United States accepted in connection with
the' payment have been cancelled and retired and the public debt
reduced accordingly.
EXHIBIT
34
Statement of Secretary of the Treasury Mellon concerning the funding of
the indebtedness of France to the United States {press release, April 15,
" 1930)
Final steps were taken to-day in connection with the funding of the
indebtedness of the French Republic to the United States. Mr. Paul
Claudel, ambassador extraordinary and plenipotentiary of France at
Washington, and Mr. Robert Lacour-Gayet, financial attache to the
French Embassy in Washington, delivered to the Treasury gold
bonds of the Government of the French Republic in the principal
amount of $4,025,000,000, receiving in exchange the original obligations given by their government in connection with cash advances
made by the Secretary of the Treasury and surplus war material sold
on credit by the United States Liquidation Commission (War Department) in the aggregate principal amount of $3,340,129,356.83.
Of the gold bonds dehvered to the Treasury, Nos. 1 to 4 in the aggregate principal amount of $125,000,000, having been paid by the
French Government, were marked / ' P a i d ' ' and returned to the
French ambassador.
The act approving the French settlement was signed by the
President on December 18, 1929. The debt settlement has likewise
been approved by the French Government.
SECRETARY OF
THE TREASURY
331
General
EXHIBIT
35
Statemerits of the Treasury covering payments received from the seve7'al
foreign governments on account of their indebtedness to the United
States {press releases, December 16, 1929, and June 16, 1930)
D E C E M B E R 16,
1929.
The Treasury to-day received payments amounting to $98,657,973.52 from, the following foreign governments on account of their
funded indebtedness to the United States, of which $97,819,750 was in
obligations of the United States, accrued interest thereon of $671,
880.28, and $166,343.24 in cash:
GREAT BRITAIN
The fourteenth semiannual payment of interest and the seventh
annual installment of principal on the funded indebtedness of Great
Britain to the United States under the terms of the debt settlement
approved by the act of February 28, 1923. The total payment
amounted to $93,795,000, of which $66,795,000 was for interest and
$27,000,000 for principal, and as authorized by the terms of the
settlement, v^as made in obligations of the United States which was
accepted at par and accrued interest. The obligations were $500,000
face amount 3K per cent First Liberty loan bonds due in 1947;
$18,282,500 face amount 3K per cent Treasury notes, Seiies.C-1930-32,
maturing December 15, 1932; $74,358,250 face amount 3K per cent
Treasury notes, Seiies B-1930-32, maturing September 15, 1932;
accrued interest thereon, $654,229.33, and cash adjustment of $20.67.
BELGIUM
The ninth semiannual payment of interest on the post-armistice
funded indebtedness of the Government of Belgium due the United
States under the terms of the debt settlement approved by the act of
April 30, 1926. The payment amounting to $1,375,000, as authorized
by the terms of the settlement, was made in obligations of the United
States, which were accepted at par and accrued interest. The obligations were $891,000 face amount of 3H per cent Treasury notes,
Series B-1930-32, maturing September 15,1932; $467,000 face amount
3}^ per cent Treasury notes. Series C-1930-32, maturing December 15,
1932; accrued interest thereon, $16,011.82, and cash adjustment of
$988.18.
CZECHOSLOVAKIA
The ninth semiannual installment of principal on the funded indebtedness of the Governm.ent° of Czechoslovakia due the United
States under the terms of the debt settlement approved by the act
of May 3, 1926. The payment amounting to $1,500,000, as authorized by the terms of the settlement, was rnade in obligations of the
United States, which were accepted at par. The obligations were
$1,500,000 face amount first Libert}^ loan bonds due 1947.
332
REP0.RT ON T H E FINANCES
ESTONIA
The eighth semiannual payment on account of the funded indebtedness of the Government of Estonia to the United States due
under the terms of the debt settlement approved by the act of April
30, 1926. The payment amounted to $125,000 and was made in
cash. The balance will be funded in accordance with the option
given the Government of Estonia in the debt settlement agreement.
FINLAND
The fourteenth semiannual payment of interest and the seventh
annual installment of principal on the funded indebtedness of the
Government of Finland due the United States under the terms of
the debt settlement approved by the act of March 12, 1924. The
total payment amounted to $183,680, of which $130,680 was for
interest and $53,000 for principal, and as authorized by the terms
of the settlement, was made in obligations of the United States, which
were accepted at par and accrued interest. The obligations were
$182,000 face amount 3}^ per cent Treasury notes. Series B-1930-32,
maturing September 15, 1932; accrued interest thereon of $1,601.30,
and cash adjustment of $78.70.
HUNGARY
.
The twelfth semiannual payment of interest and the sixth annual
installment of principal on the funded indebtedness of the Government of Hungary due the United States under the terms of the
debt settlement approved by the act of May 23, 1924. The total
payment amounted to $40,218.40,.of which $28,973.40 was for interest and $11,245 was for principal. The payment was made in
cash.
LATVIA
The eighth semiannual payment on account of the funded indebtedness of the Government of Latvia to the United States due
under the terms of the debt settlement approved by the act of April
30, 1926. The payment amounted to $45,000, and as authorized by
the terms of the settlement, was made in obligations of the United
States which were accepted at par. The obligations were $45,000
face amount of 3K per cent first Liberty loan bonds due in 1947.
The balance will be funded in accordance with the option given the
Government of Latvia in the debt settlement agreement.
LITHUANIA
The eleventh semiannual payment of interest on the funded indebtedness of the Government of Lithuania to the United States
under the terms of the debt settlement approved by the act of December 22, 1924. The payment amounted to $94,075.12, and as
authorized by the terms of the settlement, was made in obligations
of the United States, which were accepted at par. The obligations
were $94,050 face amount of 3K per cent first Liberty loan bonds due
In 1947, and a cash adjustment of $25.12.
333
SECRETARY OF T H E TREASURY
POLAND
The tenth semiannual payment on account of the funded indebtedness of the Government of Poland to the United States under the
terms of the debt settlement approved by the act of December 22,
1924. The payment amounted to $1,500,000, and as authorized b}^
the terms of the settlement, was made in obligations of the United
States, which were accepted at par and accrued interest. The
obligations were $1,495,650 face amount of 3K per cent first Liberty
loan bonds due in 1947; $4,300 face amount of 3K per cent Treasury
notes, Series B-1930-32, maturing September 15, 1932; $37.83 accrued interest on Treasury notes; and a.cash adjustment of $12.17.
The remainder due will be funded in accordance with the option
given the Government of Poland in the debt settlement agreement.
The obligations of the United States in the face amount of $97,819,750, accepted in connection with the payments, have been canceled
and retired and the public debt reduced accordingly.
J U N E 16,
1930.
The Treasury has received payments amounting to $117,141,598.24,
due June 15, 1930, from the following foreign governments on account
of their funded indebtedness to the United States, of which $45,786,467.50 was for account of principal and $71,355,130.74 for account
of interest. All payments were received in cash.
Principal
Belgium
Czechoslovakia._ __
Estonia
Finland
France
Hungary
Italy
Interest
$3,450,000. 00 $1,375,000.00
1, 500,000. 00
150,000.00
129,885.00
35,000,000.00
66,390,000. 00
28,804. 73
5.000,000.00
Principal
Latvia
Lithuania
Poland
Rumania
Yugoslavia
_.
$36,467.50
600,000.00
200,000. 00
Interest
$50,000.00
94,075.12
3,137,365.89
45, 786, 467. 50 71,355,130.74
I t will be noted that all payments were made in cash, as compared
with the practice which has prevailed for a number of years of making
payment of a greater part of the amount due in United States securities, as permitted by the debt funding agreements. In so far as
foreign interest payments are concerned, their payment on June 16
in cash rather than in United States securities will have the effect of
increasing the surplus for the current fiscal year. When the Budget
figures were made up it was thought that June foreign interest payments would be made in securities thus automatically reducing the
national debt by that amount. However, as surplus funds in any
given fiscal year are apphed to debt retirement in accordance with the
well-established practice of the Treasury, the payment of interest in
cash rather than in securities will not affect the total reduction of the
national debt as contemplated for the current fiscal year.
In so far as payments of principal are concerned, their payment in
cash or securities does not substantially aft'ect our budgetary position,
since under the terms of the Liberty bond acts all cash payments on
account of principal of obligations originally acquired under those
acts must be applied to debt retirement. On this occasion that portion of the principal payments on account of such obligations (which
represents approximately 90 per cent of the total principal payments
334
REPORT ON THE FINANCES
received) has already been applied to the retirement of Treasury
certificates maturing to-day.
MIXED CLAIMS
EXHIBIT
36
Statement of Acting Secretary of the Treasury Mills relative to a proposed
agreement covering payments by Germany to the United States on
account of army costs and mixed claims (^ress release, December 29,
1929)
The State Department and the Treasury Department have for
some weeks past conducted conversations with the German Government with a view to drafting a proposed agreement covering payments by Germany to the United States on account of army costs
and mixed claims in the annual amounts recommended by the Young
committee of experts. The two Governments are in accord as to the
form and terms of such an agreement, but it cannot be definitely
concluded until the executive branch of the Government has been so
authorized by the Congress. The purpose of the negotiations was
to enable the executive branch of the Government to submit to the
Congress in definite form an agreement acceptable to the German
Government so that the Congress before granting the necessary
authority would have before it the form of the agreement.
The schedule of payments conforms to the annuities proposed by
the Young committee for the United States. From each of the annuities to be received, 40,800,000 reichsmarks are to be allocated to the
satisfaction of mixed claims and the balance to the satisfaction of our
Government's claims on account of army costs. This is substantially
in accord with the program outlined at the White House conference
of May 19, 1929, which was attended by a number of the leaders of
both Houses of Congress.
The form of the agreement and the provisions in respect of postponement, generally speaking, follow the agreements heretofore
negotiated for the settlement of the debts owed the United States by
foreign governments. The execution of this agreement is contingent,
of course, upon the coming into effect of the Young plan. In the
meanwhile the United States retains all of its existing rights.
EXHIBIT
37
Statement of Undersecretary of the Treasury Mills before the Committee
on Ways and Means, March 10, 1930, i^elative to the bill to authorize the
settlement of the indehtedness of Germany to the United States on account
of the awards of the Mixed Claims Commission, United States and
Germany, and the costs ofthe United States army of occupation
The bill now before you for consideration authorizes the Secretary
of the Treasury, with the approval of the President, to enter into an
agreement with Germany as set out in general terms in the bill,
providing for the complete and final discharge of the obligations of
Germany to the United States in respect of the awards of the Mixed
SECRETARY OF THE TREASURY
335
Claims Commission, United States and Germany, and the costs of
the United States army of occupation.
Under the terms of the armistice convention signed November 11,
1918, and of the treaty restoring friendly relations signed at Berlin
August 25, 1921, which incorporated by reference certain provisions
of the Versailles treaty, Germany is obligated to pay tb the United
States the costs of the United States army of occupation and to satisfy
claims of the American Government or its nationals who have suffered
loss, damage, or injury to their persons or property, directly or
indirectly, since July 31, 1914, through the acts of the Imperial
German Government or its agents.
ARMY COSTS
The total costs of the United States army of occupation amount to
$292,663,435.79. Except for cash requisitions on the German Government for the use of the army of occupation aggregating $37,509,605.97
and certain other items, such as provost fines, abandoned enemy war
material, etc., amounting to $7,288,184.33, the United States Government received no payments on account of army costs up to May 25,
1923. On that date the United States and the principal allied powers
signed the so-caUed Wadsworth agreement which provided that our
army costs should be divided into 12 annual instalments, and should
be, during the first 4 of the 12 years, a first charge on cash payments
received from Germany after the expenses of the Reparation Commission and the current expenses of the allied armies of occupation,
but during the last eight years should be an absolute prior charge on all
cash payments, except for the costs of the Reparation Commission.
Ratifications of the Wadsworth agreement were never exchanged, but
we received a payment under it of $14,725,154.40 in January, 1925.
The agreement was superseded by the so-called Paris agreement of
January 14, 1925, which also covered awards of the Mixed Claims
Commission. This latter agreement was concluded at a meeting of
representatives of the creditor powders, including the United States,
called for the purpose of making distribution of the annuities provided
for under the terms of the Dawes plan, which had been adopted in
1924. Under the provisions of the Paris agreement the United States
was to receive on account of its army costs, beginning September 1,
1926, the sum of 55,000,000 gold marks, or about $13,100,000 per
annum, which payments were to constitute a first charge on cash made
available for transfer by the transfer committee out of the Dawes
annuities after the provision of the sums necessary for the service of
the 800,000,000 gold mark German external loan of 1924 and for the
costs of the reparation and other commissions. Under the provisions
of the Wadsworth agreement our army costs should have been
liquidated by the end of 1935. Under the Paris agreement the payments would extend over a period of about 18 years, beginning
September 1, 1926.
Up to the 1st of September, 1929, the United States had received
on army cost account $39,203,725.89 under the Paris agreement.
As oi' September 1, 1929, there was still due on accoimt of army
costs $193,936,765.20.
12101—31
24
336
REPORT ON THE FINANCES
MIXED CLAIMS
By virtue of an agreement entered into on August 10, 1922, by the
United States and Germany, there was set up a Mixed Claims Commission charged with the duty of passing upon the claims of American
citizens arising siuce July 31, 1914, in respect of damage to or seizure
of their propert}^, rights, and interests and upon any other claims for
loss or damage to which the United States or its nationals have beeii
subject with respect to injuries to persons or to property, rights, and
interests since July 31, 1914, as a consequence of the war, and including debts owing to American citizens by the German Government or
by German nationals.
The first meeting of the commission was held on October 9, 1922.
Up to August 31, 1929, awards had been certified to the Treasury for
payment which with iaterest to August 31,1929, aggregated $172,703,083.71. I t is estimated as of August 31, 1929, that the principal
amount of awards yet to be entered and certified, together with
interest to that date, amount to $53,000,000, and in addition awards
to the United States Government with interest to August 31, 1929,
amount to $64,934,794.41. In other words,^ as of August 31, 1929,
it is estimated that the total awards of the Mixed Claims Commission
made and to be made aggregated with interest $290,637,878.12.
'No provision for the payment of the awards of the Mixed Claims
Commission was made until the Paris agreement of January 14, 1925.
The Paris agreement provided that the United States should receive
2}^ per cent of all receipts from Germany on account of the Dawes
annuities available for distribution as reparations, provided that the
annuity resulting from this percentage should not in any year exceed
the sum of 45,000,000 gold marks. Up to September 1, 1929, the
United States had received from Germany under the Paris agreement
for account of mixed claims, $31,831,472.03, which with earnings and
profits on investments amounting to $2,149,692.70, made available
for distribution $33,981,164.73, and left $256,656,713.39 stiU to be
provided for. I t must be understood in this connection that the
figures relating to the total amount finally awarded by the Mixed
Claims Commission is necessarily only an estimate, since all of the
awards have not as yet been made.
In the meanwhile the Congress, in March, 1928, enacted what is
known as the ^^Settlement of war claims act of 1928." You gentlemen are too familiar with that act to make it necessary for me to
describe it in detail. Suffice it to say that it made provision for the
order of priority in which mixed claims should be paid, for the retention of part of the German property held by the Alien Property
Custodian ahd part of the funds to be received on account of awards
made by the arbiter to German nationals until a certain pei centage
of the American claims had been paid, and then for the ultimate
return of the German property and funds to their owners. The act
also covered the rate of interest to accrue on claims until their final
liquidation. Any estimate of the total amount due from Germany on
account of mixed claims must depend, therefore, not only on the
awards of the Mixed Claims Commission but on the terms of the
settlement of war claims act.
It will be observed that the amounts received up to the present
time, both on account of army costs and mixed claims, have been
paid, not by virtue of any agreement with Germany looking to the
SECRETARY OF THE TREASURY
337
liquidation of its treaty obligations, but by virtue of an agreement
with the creditor powers, under the terms of which they undertook
to assign to the satisfaction of our claims a portion of the payments
received through the agent general for reparation payments. This
is an anomalous situation. In view of the fact that the other creditor
powers have now reached an agreement with Germany for the final
liquidation of their claims, the time has come for the United States
to do likewise. Two courses were open to us. We could either join
with the other creditors in a general settlement or rely on a separate
agreement with Germany for the satisfaction of our claims. The
course of events which led to the necessity for such a decision on our
part was as follows:
THE YOUNG PLAN
In 1928 the principal creditor powers agreed to set up a committee
of independent financial experts to be intrusted with the task of drawing up proposals for the complete and final settlement of the reparation problem. The so-called Young plan is the report which this
committee rendered under date of June 7, 1929. As a result of the
Young committee's reappraisal of Germany's capacity to- pay, it
recommended annuities smaller than the standard annuity of 2,500,000,000 gold marks ($595,000,000) in force under the Dawes plan.
Beginning with 742,000,000 reichsmarks ($176,000,000) in the seven
months ending March 31,1930, which are considered as the first Young
plan year, the annuity is 1,707,900,000 reichsmarks ($406,000,000)
in the year ending March 31, 1931, and increases gradually to the
maximum of 2,428,800,000 reichsmarks ($578,000,000) in the year
ending March 31, 1966, or an average of 1,988,800,000 reichsmarks
($473,000,000) for 37 years, and continues at about 1,600,000,000
reichsmarks ($381,000,000) to 1,700,000,000 reichsmarks ($405,000,000) for an additional 22 years.
I t is obvious that the reduction in the annuities to be paid by
Germany necessitated a scaling-down of the amounts allocated to
each of the creditor powers under the Dawes plan and the Paris
agreement. The Young plan undertakes not only to fix the annuities
to be paid by Germany but to allocate those annuities among the
several creditor powers. The United States was allocated annuities
averaging 66,100,000 reichsmarks ($15,700,000) for the first 37 years
and a fixed annuity of 40,800,000 reichsmarks ($9,700,000) for 15
years thereafter.
The Young plan, with some modifications, which do not affect our
position, was formally adopted by representatives of all the interested
powers, with the exception of the United States, at The Hague in
January, 1930, and the settlement there reached is now awaiting
ratification by the governments and the enactment of certain necessary legislation by the German parliament.
Two questions present themselves for decision: First, are the annuities provided for the United States acceptable to us, and in the
second place, should we become parties to the Young plan agreement
and receive payments through the machinery provided therein, or
should we rely on a direct agreement with Germany for the satisfaction of our claims?
While it is true that under the so-called Dawes plan and the Paris
agreement we were to receive on both accounts ah annuity of 100,000,000 gold marks ($23,800,000) as contrasted with an average of
338
R^EPORT ON THE FINANCES
66,100,000 reichsmarks ($15,700,000) suggested under the Young
plan, it should be pointed out that the so-called Dawes plan was a
temporary measure and that no period was fixed during which the
aforesaid annuities were to be paid. In other words, there was no
assurance that we would continue to receive 100,000,000 gold marks
a year until the claims on account of army costs and mixed claims
had been completely discharged. Perhaps a better method of approach to the problem is to ascertain whether the proposed annuity
involves any essential sacrifice in the satisfaction of our outstanding
b
claims against Germany. In so far as mixed claims are concerned
if, as is provided in the bill now before you, 40,800,000 reichsmarks
per annum are assigned to their payment, it is estimated that that
amount will be adequate to discharge the mixed claims obligation in
full over the period of years provided for, with interest at 5 per cent on
unpaid amounts including the United States Government's claim.
Whatever sacrifice is involved as compared with the Dawes annuity
is in the time element. In other words, it is estimated that it will
require 52 years to pay all claims—about 35 years to pay all of the
private claims awarded to American citizens, including the return of
the unallocated interest fund belonging to the German claimants, and
about 17 years additional to liquidate the claims allowed the Government of the United States. On the basis of the 45,000,000 gold
marks received under the Paris agreement, it was estimated that it
would have required 30 years to pay off private claims and 14 years
additional to pay off the Government claims.
If an average annuity of 25,300,000 reichsmarks ($6,000,000) for
30 years be allocated to army costs, as the proposed agreement provides, it will liquidate that claim in 37 years, after reducing the amount
originally due on this account by 10 per cent, a sacrifice similar to
that being made by France and Great Britain under the Young plan..
The 55,000,000 marks received under the Paris agreement would have
discharged our army costs claim in about 15 years from September 1,
1929, whereas the annuities proposed under the Young plan will
liquidate the balance due after deducting the 10 per cent in 37 years
and allow interest on all deferred payments at a rate of about 3%
per cent. I t can fairly be said, therefore, that except for the time
element, w^hich is not of vital importance in view of the fact that
interest is to be paid, no sacrifice is demanded of us other than a
10 per cent reduction in our original claim for army costs, that is as
compared with the situation existing under the Paris agreement,which carried with it no assurance as to continuing payments.
The Treasury Department is of the opinion that the annuities
proposed are acceptable. In urging their acceptance, I think I
should point out to you that as a practical matter our refusal to
accept them would almost inevitably involve a readjustment of the
shares to be received by all other creditors, since the report of the
Young committee, which has now been formally accepted, definitely
fixed the limits of the total amounts to be paid by Germany and any
claim on our part to increase our share must occasion a readjustment
of the shares to be received by others.
This brings me to the second question of whether, as a matter of
policy, we should have joined the other creditor powers by becoming
parties to the Young plan and availing ourselves of its provisions and
machinery for the satisfactionjof our claims. The Executive branch
of the Government believed that it was wiser and more consistent
SECRETARY OF THE TREASURY
339
with our established policy for us to refrain from such a course and
to look to Germany directly for the payment of the amounts due us.
The United States has not participated in the determination of the
total reparations payable by Germany under the treaty of VersaUles
or in the collection or distribution of reparation payments heretofore
received. There appears to be no justification at this late date for
involving our country in the responsibilities for collecting, mobilizing,
and distributing reparation payments which the adoption of the
Young plan and participation in the organization and management
of the agency created under that plan would necessitate. Very
obviously we could not properly avail ourselves of the machinery
provided for by the Young plan and at the same time refuse to accept
any of the responsibilities. The course which we advocate is logical,
consistent, and sound, even apart from the question of linking
reparation and debt payments, which, as we have consistently maintained, have no relation in origin, principle, or in fact.
Moreover, without even suggesting the probability of such an
event taking place, suppose at some future date Germany finds itself
unable to continue the conditional payments. If at that time we are
officially represented on the board of the Bank for International
Settlements, or upon the so-called advisory committee to be appointed
by the governors of central banks of issue of the principal countries
concerned, we, because of our comparatively small interest in the
general settlement, might find ourselves in the position of an arbiter
called upon to settle and decide a controversial and difficult European
question.
It may be urged that our failure to become parties to the Young
plan involves an element of sacrifice on our part, since we thereby
forego the claim for a share in the so-called unconditional annuities
which we could very justly have advanced in view of the priority
enjoyed by army cost payments under the terms of the Paris agreement. But aside from the fact that the Young plan did not allocate
to the United States any share of the unconditional annuities and
that, judging by events, they could not have been obtained without
the most serious kind of controversy, it seems to me that the terms
of the agreement which we have submitted to you for approval
amply protect the interests of the United States and of its nationals.
Under its terms Germany makes an unqualified and unconditional
promise to pay. The only proviso which in any way limits that
obligation is the one which is found in all of our debt settlement
agreements and which permits the debtor to postpone payments
for a limited period of time, with interest on the postponed payments.
The Treasury Department, therefore, recommends the passage of
the bill under consideration granting to the Secretary of the Treasury,
with the approval of the President, the authority to enter into the
agreement the terms of which are set forth in Senate Document No.
95, Seventy-first Congress, second session.
In brief, the agreement provides that Germany agrees to pay
40,800,000 reichsmarks per annum for the period September 1, 1929,
to March 31, 1930, and the sum of 40,800,000 reichsmarks per annum
from AprU 1, 1930, to March 31, 1981, in satisfaction of mixed claims,
and beginning September 1, 1929, an average annuity of 25,300,000
reichsmarks for 37 years in full liquidation of our army costs. As
evidence of this indebtedness Germany is to issue to the United
States, at par, bonds' maturing semiannually. Germany, at its
340
REPORT ON THE FINANCES
option, upon not less than 90 days' advance notice, may postpone
any payment on account of principal falling due to any subsequent
September 30 and March 31 not more than 2K years distant from its
due date, but only on condition that if this option is exercised the
two payments falling due in the next succeeding 12 months can not
be postponed more than 2 years, and the two payments falling due
in the second succeeding 12 months can not be postponed more than
1 year unless the payments previously postponed have actually been
made. All postponed payments on account of mixed claims are to
bear interest, at 5 per cent, the rate provided in the settlement of
war claims act, and all payments postponed on account of army
costs are to bear interest at the rate of 3^^ per cent. While the annuities are stated in terms of reichsmarks, payments are to be made in
dollars, either at the Treasury or at the Federal Reserve Bank of
New York. The exchange value of the mark in relation to the dollar
shall be calculated at the average of the middle rates prevailing on the
Berlin bourse during the half monthly period preceding the date of
payment. The German Government undertakes that the reichsmark
shall have and shall retain its convertibility into gold or devisen as
contemplated in the present Reichsbank law and that the reichsmark
shall retain the mint parity defined in the German coinage law of
August 30, 1924. This provision corresponds to the provision in the
Young plan settlement accepted by all of the other creditor powers.
I t was not felt, that the United States was justified in demanding
preferential treatment in this respect.
The Secretary of the Treasury will not, of course, execute any such
agreement until the Young plan has formally come into effect, thus
giving assurance that the whole reparations question is, in all human
probabUity, finally liquidated. What the proposed agreement does
in so far as the United States is concerned is to provide for a final
liquidation of her claims against Germany. I feel confident that it
will commend itself to your judgment.
EXHIBIT
38
[PUBLIC—No. 307—71ST CONGRESS—H. R . 10480]
An Act To authorize the settlement of the indebtedness of the German
Reich to the United States, on account of the awards of the Mixed
Claims Commission, United States and Germany, and the costs o-f
the United States army of occupation
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled. That the Secretary
of the Treasury, with the approval of the President, is hereby authorized to conclude an agreement for the settlement of the indebtedness
of the German Reich (hereinafter referred to as Germany) to the
United States of America under the terms and condition set forth
in Senate Document Numbered 95, Seventy-first Congress, second
session. The general terms of the agreement shall be as follows:
(1) M I X E D CLAIMS.—Germany shall pay in full satisfaction of its
obligations remaining unpaid on account of awards, including interest thereon, entered and to be entered by the Mixed Claims Commission, United States and Germany, an aggregate amount of 2,121,
SECRETARY OF THE TREASURY
341
600,000 reichsmarks to be evidenced by bonds of Germany which
shall be dated September 1, 1929, and except for the first which shall
mature March 31, 1930, shall be paid in semiannual installments
beginning September 30, 1930, and continuing up to and including
March 31, 1981, subject, however, to the right of Germany to make
such payments in three-year periods, any postponed payments, to
bear interest at 5 per centum per annum, payable semiannually.
The obligations of Germany hereinabove set forth in this paragraph
shall cease as soon as all the. payments contemplated by the settlement of war claims act of 1928 have been completed and the bonds
not then matured evidencing such obligations shall be canceled and
returned to Germany.
(2) ARMY COSTS ARREARS.—Germany shall pay in full reimbursement of the amounts remaining due on account of the costs of the
United States army of occupation an aggregate amount of 1,048,100,000 reichsmarks to be evidenced by bonds of Germany which
shall be dated September 1, 1929, and, except for the first, which shall
mature March 31, 1930, shaU be paid in semiannual installments
beginning September 30, 1930, and continuing up to and including
March 31, 1966, subject, however, to the right of Germany to make
such payments in three-year periods, any postponed payments to
bear interest at 3% per centum per annum, payable semiannually.
(3) In addition to the payment of the bonds maturing on March
31 or September 30 of any year Germany shall have the right on such
dates to make payments on account of any unmatured bonds of
either series under such conditions as to notice or otherwise as the
Secretary of the Treasury may prescribe.
(4) All bonds issued hereunder shall be payable in United States
gold coin in an amount in dollars equivalent to the amount due in
reichsmarks. Germany shall undertake for the purposes of the
agreement that the reichsmark shall have and shall retain a mint
parity of 1/2790 kilogram of fine gold.
Approved, June 5, 1930.
EXHIBIT
39
Agreement between Germany and the United States, signed June 23,
1930, providing for the final discharge of obligations of Germany to the
United States in respect ofthe awards of the Mixed Claims Commission,
United States and Germany, and the costs of the United States army
of occupation
AGREEMENT MADE THE 23D DAY OF JUNE, 1930, AT THE CITY OF
WASHINGTON, DISTRICT OF COLUMBIA, BETWEEN THE GOVERNMENT
OF THE GERMAN REICH, HEREINAFTER CALLED GERMANY, 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 Germany is obligated under the provisions of the armistice convention signed November 11, 1918, and of the treaty signed
at Berlin, August 25, 1921, to pay to the United States the awards,
and interest thereon, entered and to be entered in favor of the United
States Government and its nationals by the Mixed Claims Commission, United States and Germany, established in pursuance of the
agreement of August 10, 1922; and
342
REPORT ON T H E FINANCES
Whereas the United States is also entitled to be reimbursed for the
costs of its army of occupation; and
Whereas Germany having made and the United States having
received payments in part satisfaction on account of these two
obligations desire to make arrangements for the complete' and final
discharge of said obligations;
Now, therefore, in consideration of the premises and the mutual
covenants herein contained, it is agreed as follows:
1. Amounts to be paid.—{a) Germany shall pay and the United
States shall accept in full satisfaction of all of Germany's obligations
remaining on account of awards, including interest thereon, entered
and to be entered by the Mixed Claims Commission, United States
and Germany, the sum of 40,800,000 reichsmarks for the period of
September 1, 1929, to March 31, 1930, and the sum of 40,800,000
reichsmarks per annum from April 1, 1930, to March 31, 1981. As
evidence of this indebtedness, Germany shall issue to the United
States at par, as of September 1, 1929, bonds of Germany, the first
of which shall be in the principal amount of 40,800,000 reichsmarks,
dated September 1, 1929, and maturing March 31, 1930, and each
of the others of which shall be in the principal amount of 20,400,000
reichsmarks, dated September 1, 1929, and maturing serially on September 30, 1930, and on each succeeding March 31 and September
30 up to and including March 31, 1981. The obligations of Germany
hereinabove set forth in this paragraph shall cease as soon as all of
the payments contemplated by the settlement of war claims act of
1928 have been completed and the bonds not then matured evidencing such obligations shall be canceled and returned to Germany.
(6) Germany shall pay and the United States shall accept in fuU
reimbursement of the amounts remaining due on account of the
costs of the United States army of occupation, the amounts set forth
on the several dates fixed in the following schedule:
March 3 1 —
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
Reichsmark
25,100,000
12,750,000
12,650,000
12,650,000
9, 300, 000
9, 300, 000
9, 300, 000
9, 300, 000
8, 200, 000
8, 200, 000
9,300,000
9, 300, 000
12,650,000
12,650,000
- 12,650,000
12,650,000
12,650,000
12,650,000
12,650,000
12,650,000
17,650,000
17,650,000
17,650,000
_-- 17,650,000
17,650,000
17,650,000
17,650,000
17,650,000
March 31—Continued.
1958
1959
1960
1961
1962
1963
1964
1965-1966
September 3 0 —
1930____
1931-_.
1932
1933
S.
1934
1935
1936
1937
> 1938
1939
1940
1941
1942.
1943___
1944
1945
1946
1947.-.-.
Reichsmark
17,650,000
17,650,000
17,650,000
17,650,000
17,650,000
17,650,000
17, 650, 000
17,650,000
17,650,000
12,750,000
12,650,000
12,650,000
9,300,000
_. 9, 300, 000
9, 300, 000
___- 9, 300, 000
8, 200, 000
8, 200, 000
9, 300, 000
9, 300, 000
12,650,000
12,650,000
12,650,000
12,650,000
--- 12,650,000
12,650,000
..
12,650,000
SECRETARY OF THE TREASURY
September 30—Contd.
1948
1949
1950
1951
1952
1953
1954
1955
1956
Reichsmark
12,650,000
17,650,000
17,650,000
17,650,000
17,650,000
17,650,000
17,650,000
17,650,000
17,650,000
September 30—Contd.
1957.
1958
1959
_.
1960
1961
1962
1963
1964
1965
343
Reichsmark
17,650,000
17,650,000
17,650,000
17,650,000
17,650,000
17,650,000
17,650,000
17,650,000
17,650,000
As evidence of this indebtedness, Germany shall issue to the United
States at par, as of September 1, 1929, bonds of Germany, dated
September 1, 1929, and maturing on March 31, 1930, and on each
succeeding September 30 and March 31 in the amounts and on the
several dates fixed in the preceding schedule.
2. Form of bonds.—All bonds issued hereunder to the United States
shall be payable to the Government of the United States of America
and shall be signed for Germany by the Reichsschuldenverwaltung.
The bonds issued for the amounts to be paid under paragraph No. 1 {a)
of this agreement shall be issued in 103 pieces with maturities and in
denominations corresponding to the payments therein set forth and
shall be substantially in the form set forth in Exhibit A hereto annexed
and shall bear no interest, unless paj^ment thereof is postponed pursuant to paragraph No. 5 of this agreement. The bonds issued for
the amounts to be paid under paragraph No. 1 {b) of this agreement
shall be issued in 73 pieces with maturities and in denominations corresponding to the payments therein set forth, and shall be substantially
in the form set forth in Exhibit B hereto annexed and shall bear no
interest unless payment thereof is postponed pursuant to paragraph
No. 5 of this agreement.
3. Method of payment.—All bonds issued hereunder shall be payable
both principal and interest, if any, at the Federal Reserve Bank of
New York for credit in the general account of the Treasurer of the
United States in funds immediately available on the date when payment is due in United States gold coin in an amount in dollars equivalent to the amount due in reichsmarks, at the average of the middle
rates prevaUing on the Berlin Bourse, during the half monthly period
preceding the date of payment. Germany undertakes to have the
Reichsbank certify to the Federal Reserve Bank of New York on the
date of payment the rate of exchange at which the transfer shall be
made. Germany undertakes for the purposes of this agreement that
the reichsmark shall have and shall retain its convertibility into gold
or devisen as contemplated in section 31 of the present Reichsbank
law and that for these purposes the reichsmark shall have and shall
retain a mint parity of 1/2790 kilogram of fine gold as defined in the
German coinage law of August 30, 1924.
4. Security.—The United States hereby agrees to accept the full
faith and credit of Germany as the only security and guaranty for
the fulfillment of Germany's obligations hereunder.
5. Postponement of payment.—Germany, at its option, upon not
less than 90 days' advance notice in writing to the United States,
may postpone any payment on account of principal falling due as
hereinabove provided, to any subsequent September 30 or March 31
not more than two and one-half years distant from its due date, but
only on condition that in case Germany shall at any time exercise
this option as to any payment of principal, the two payments falling
344
REPORT ON THE FINANCES
due in the next succeeding twelve months can not be postponed to
any date more than two years distant from the date when the first
payment therein becomes due unless and untU the payments previously postponed shall actually have been made, and the two payments falling due in the second succeeding twelve months can not
be postponed to any date more than one year distant from the date
when the first payment therein becomes due unless and until the
payments previously postponed shall actually have been made, and
further payments can not be postponed at all unless and until all
payments of principal previously postponed shall actually have been
made. All payments provided for under paragraph No. 1 (a) of
this agreement so postponed shall bear interest at the rate of 5 per.
cent per annum, payable semiannuaUy, and all payments provided
for under paragraph No. 1 (b) of this agreement so postponed shall
bear interest at the rate of S% per cent per annum, payable
semiannually.
6. Payments before maturity.—Upon not less than 90 days' advance
notice in writing to the United States and the approval of the Secretary of the Treasury of the United States, Germany may, on March
31 or September 30 of any year, make advance payments on account
of any bonds issued under this agreement and held by the United
States. Any such advance payments shall be applied to the principal
of such bonds as may be indicated by Germany at the time of the
payment.
7. Exemption from taxation.—The principal and interest, if any,
of all bonds issued hereunder shall be paid without deduction for,
and shaU be exempt from, any and all taxes or other public dues,
present or future, imposed by or under authority of Germany or any
political or local taxing authority within Germany.
,
8. Notices.—Any notice from or by Germany shall be sufficient if
delivered to the American Embassy at Berlin or to the Secretary of
the Treasury at the Treasury of the United States in Washington.
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 German Embassy at Washington or at the office
of the German Ministry of Finance at Berlin. 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.
9. Compliance with legal requirements.—Germany and the United
States, each for itself, 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 have been
completed as required by the laws of Germany and of the United
States respectively and in conformity therewith.
. 10. Counterparts.—This agreement shall be executed in two
counterparts, each of which shall be in the English and German
languages, both texts having equal force and each counterpart having
the force and effect of an original.
In witness' whereof, Germany has caused this agreement to bt
executed on its behalf by its ambassador extraordinary and plenipotentiary at Washington thereunto duly authorized, and the United
SECRETARY OF THE TREASURY
345
States has hkewise caused this agreement to be executed on its behalf
by the Secretary of the Treasury, with the approval of the President,
pursuant to the act of Congress approved June 5, 1930, all on the
day and year first above written.
T H E GERMAN R E I C H ,
By F . VON PRITTWITZ UND GAFFRON,
Ambassador Extraordinary and Plenipotentiary.
T H E U N I T E D STATES OF AMERICA,
A. W. M E L L O N ,
By
Secretary of the Treasury.
Approved.
H E R B E R T HOOVER,
President.
EXHIBIT A
(Form of bond)
T H E GERMAN REICH
R. M.
• •
'
No.
—
The German Reich, hereinafter called Germany, in consideration
of the premises and the mutual covenants contained in an agreement
dated June 23, 1930, between it and the United States of America,
hereby promises to pay to the Government of the United States of
America, hereinafter called the United States, on
, the sum of
Reichsmarks (R. M.
). This bond is payable at the
Federal Reserve Bank of New York in gold coin of the United
States of America in an amount in dollars equivalent to the amount
due in reichsmarks at the average of the middle rates prevailing on
the Berlin Bourse during the half monthly period preceding the. date
of payment.
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 Germxany or any political or local taxing authority within Germany.
This bond is issued pursuant to the provisions of paragraph numbered 1 (a) of an agreement dated June 23, 1930, between Germany
and the United States, to which agreement this bond is subject and
to which reference is hereby made.
In witness whereof Germany has caused this bond to be executed
on its behalf by the Reichsschuldenverwaltung and delivered at the
city of Washington, District of Columbia, by its ambassador extraordinary and plenipotentiary at Washington, thereunto duly authorized,
as of September 1, 1929.
T H E REICHSSCHULDENVERWALTUNG, .
By
, President.
^ Member.
(For the German Reich.)
346
REPORT ON T H E FINANCES
EXHIBIT
B
(Form of bond)
THE GERMAN REICH
R. M.
No.
The German Reich, hereinafter called Germany, in consideration of
the premises and the mutual covenants contained in an agreement
dated June 23, 1930, between it and the United States of America,
hereby promises to pay to the Government of the United States of
America, hereinafter called the United States, on
, the sum of
reichsmarks (R. M.
—). This bond is payable at the
Federal Reserve Bank of New York in gold coin of the United States
of America in an amount in dollars equivalent to the amount due in
reichsmarks at the average of the middle rates prevailing on the Berlin
Bourse during the half monthly period preceding the date of payment.
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 Germany or any political or local taxing authority within Germany.
This bond is issued pursuant to the provisions of paragraph numbered 1 {b) of an agreement dated June 23, 1930, between Germany
and the United States, to which agreement this' bond is subject and
to which reference is hereby made.
In witness whereof Germany has caused this bond to be executed on
its behalf by the Reichsschuldenverwaltung and delivered at the city
of Washington, District of Columbia, by its ambassador extraordinary
and plenipotentiary at Washington, thereunto duly authorized, as of
September 1, 1929.
THE
By
REICHSSCHULDENVERWALTUNG,
— , President.
, Member.
(For the German Reich.).
Notes exchanged between Germany and the United States simultaneously
with the execution ofthe agreement for the complete and final discharge
of the obligations of Germany to the United States with respect to the
awards made by the Mixed Claims Commission, United States and
Germany, and for the costs of this Government's army of occupation
The German Government (the Government of the United States)
has the honor to set forth its understanding of paragraph No. 4 of
the agreement executed this day between the United States and
Germany in the following sense:
{a) In respect of the acceptance by the United States of the full
faith and credit of Germany as the only security and guaranty for the
fulfillment of Germany's obligations under the agreement, Germany
will be in the same position as the principal debtors of the United
States under the debt funding agreements which exist between them
and the United States.
(6) Nothing contained therein shall be construed as requiring the
United States to release any German property which it now holds
other than as heretofore or hereafter authorized by the Congress of
the United States..
SECRETARY OF THE TREASURY
347
The German Government (the Government of the United States)
also desires to expressly recognize, so far as the agreement executed
this day between the United States and Germany is concerned, the
prior rights of the holders of the bonds of the German external loan
as provided in the general bond securing the loan dated October 10,
1924.
Bonds No. 1 in the amounts of R. M. 40,800,000 and R. M.
25,100,000 to be delivered under paragraphs Nos. 1 {a) and 1 (6) respectively of the agreement executed this day between the United
States and Germany have been paid in full and when the bonds to be
delivered by Germany under this agreement are received by the
United States, bonds No. 1 wUl be canceled and marked ^^paid" and
returned to the German ambassador at Washington for delivery to
the German Government.
The United States has received the sum of R. M. 6,800,000 and the
sum of R. M. 4,250,000 on account of the bonds No. 2 to be delivered
under paragraphs Nos. 1 {a) and 1 (6) respec tively, of the agreement
executed this day between the United States and Germany. The
receipt of these amounts wUl be evidenced by an indorsement by the
United States on the bonds on account of which the sums were received.
The agreement executed this day between the United States and
Germany is substituted for the direct arrangement providing for the
realization by the United States of its 2)i per cent share in German
payments under the experts' plan of 1924.
EXHIBIT
40
Statement o^ Secretary of the Treasury Mellon, June 23, 1930, announcf
ing the signing of the agreement between Germany and the United
States providing for the final discharge of the obligations of Germany
to the United States in respect of the awards of the Mixed Claims
Commission, United States and Germany, and the costs of the United
States army of occupation {press release, June 23, 1930).
The Secretary of the Treasury announced the signing to-day of
the Agreement authorized by act of Congress approved June 5, 1930,
providing for the complete and final discharge of the obligations of
Germany to the United States in respect of the awards of the Mixed
Claims Commission, United States and Germany, and the costs of
the United States army of occupation.
In brief, the agreement provides that Germany agrees to pay
40,800,000 reichsmarks ($9,700,000) for the period September 1, 1929
to March 31, 1930, and the sum of 40,800,000 reichsmarks per annum
from AprU 1, 1930 to March 31, 1981, in satisfaction of mixed claims,
and for the period from September 1, 1929 to March 31, 1966, an
average ^ annuity of 25,300,000 reichsmarks ($6,000,000) in fuU
liquidation of our army costs. As evidence of this indebtedness
Germany is to issue to the United States, at par, bonds maturing
semiannually. Under the agreement the United States will receive
on account of army costs over a period of 37 years approximately
$250,000,000 and on account of mixed claims awards over a period
of 52 years, approximately $505,000,000. The payments to be
received on account of army costs include interest at the rate of aboii^t
348
REPORT ON T H E
FINANCES
3% per cent per annum on all payments deferred over a period longer
than would have been necessary to liquidate the army costs under
the Paris agreement. The mixed claims awards bear interest at the
rates specified in such awards up to January 1, 1928, and the settlement of war claims act specifies a rate of 5 per cent from that date
until paid.
.
The payinents to be received on this account include, therefore,
interest which will be paid on the awards. While the annuities are
stated in terms of reichsmarks, payments are to be made in dollars,
either at the Treasury or at the Federal Reserve Bank of New York.
The exchange value of the mark in relation to the dollar shall be
calculated at the average of the middle rates prevailing on the Berlin
bourse during the half monthly period preceding the date of payment.
The German Government undertakes that the reichsmark shall have
and shall retain its convertibility into gold or devisen as contemplated
in the present Reichsbank law and that the reichsmark shall retain the
mint parity defined in the German coinage law of August 30, 1924.
EXHIBIT
41
[ P U B L I C R E S O L U T I O N — N o . 4 8 — 7 1 S T C O N G R E S S — S . J. R E S . 109],
Joint Resolution Extending for two years the time within which American claimants may make applicatioiifor payment, under the settlement of
war claims act of 1928, of awards of ihe Mixed Claims Commission and of
the Tripartite Claims Commission, and for one year ihe time within
which claims may be filed wiih the Alien Property Custodian
Resolved by ihe Senate and House of Representatives of the United
States of America in Congress assembled. T h a t subsection (g) of section
2 and subsection (f) of section 5 of the settlement of war claims act of
1928 are amended, respectively, by striking out the words ^Hwo y e a r s "
wherever such words appear therein, and inserting in lieu thereof the
words''four years."
SEC. 2. Subsection (d) of section 25 of the trading with the enemy
act, as amended, is hereby amended by striking out the term ' ' t w o
years" in clause (1) of said subsection and inserting in lieu thereof the
term "three years.'*
Approved, March 10, 1930.
EXHIBIT
42
[ P U B L I C R E S O L U T I O N — N o . 77—71 ST C O N G R E S S — H . J. R E S . 328]
Joint Resolution Authorizing the immediate appropriation of certain
amounts authorized to be appropriated by the settlement of war claims
act of 1928
Resolved by the Senate and House of Representatives of the United
States of America in Congress assembled. T h a t the sums authorized by
subsection (p) of section 3 of the settlement of war claims act of 1928
to be appropriated after the date on which the awards of the war
claims arbiter under section 3 of such act are certified to the Secretary
of the Treasury, are hereby authorized to be appropriated at any
time, b u t shall not be available until after such date.
^ Approved, May 29, 1930.
SECRETARY OF THE TREASURY
EXHIBIT'
349
43
[PUBLIC—NO. 411—71ST CONGRESS—H. R . 8881]
An Act To carry out the recommendation of the President in connection
with the late-claims agreement entered into pursuant to the settlement
of war claims act of 1928
Be it enacted by the Senate and House oi Representatives of the United
States of America in Congress assembled, T h a t section 2 of the settlement of war claims act of 1928 is amended by adding at the end thereof
the following new subsection:
" (k) The amounts deducted under subsection (e) of this section
from payments on account of the awards of the Mixed Claims Commission, United States and Germany, rendered under the agreement
between the United States and Germany of December 31, 1928
(entered into under the authority of subsection (j) of this section),
shall be avaUable for reimbursing the German Government on
account of the expenses incurred in connection with the adjudication
by the commission of claims under such agreement, and the Secretary
of the Treasury is authorized and directed to pay the amounts so
deducted to such representative of the German Government as the
Secretary of State may designate."
Approved, June 21, 1930.
EXHIBIT
44
Regulations No. 4-—Payments on account of the tentative awards of the
war claims arbiter on account of ships {Departrhent Circular No'.
425)
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,
Washington, D. C , June 23, 1930.
Pursuant tb the provisions of the settlement of war claims act
of 1928, approved March 10, 1928, as amended, the following regulations governing payments in respect of the tentative awards of the
war claims arbiter, on account of ships, are hereby prescribed:
APPLICATION
1. (a) General provisions.—No payment of the amount payable on
account of a tentative award will be made unless application therefor,
on and in accordance with the form provided for the purpose, is
received by the Secretary of the Treasury before the expiration of two
years from the date the award is certified. The application must be
executed by each person on behalf of whom the tentative award was
made. Each such person must sign the application and verify it by
affidavit sworn to in the United States before a notary public, or, if
executed abroad, before a diplomatic or consular officer of the United
States. In the case of a corporation, partnership, or association the
application must be signed and verified by the person or persons
having authority to do so, as evidenced in the Commercial Register,
a certified extract from which must be attached to the application.
350
REPORT ON THE FINANCES
(6) Partnerships, associations, and corporations the existence of
which has been terminated.—In the case of a partnership, association,
or corporation the existence of which has been terminated, the application must be executed by the person or persons thereunto duly
authorized, as designated in the Commercial Register, a certified
extract from which must be attached to the application.
(c) Receivers and trustees.—If a receiver or trustee for a person
on behalf of whom the tentative award was made has been duly
appointed by a court in the United States or Germany, the application
must be executed by such receiver or trustee, or by a person duly
authorized by an order of the court, except that in the case of an
assignment by any such receiver or trustee an application for payment of the amount due under such assignment must be made by the
assignee.
{d) Persons deceased or under legal disability.—If any person who is
required to execute the application is deceased or is under legal
disability, the application must be executed by his legal representative, except that if the payment to be made is not over $500 an
application may be executed by such person or persons as are able
to establish proper authority and interest.
. APPLICANTS OTHER THAN CLAIMANTS
PROOF OF INTEREST
2. {a) In any case in whicii the application is executed by any
person other than the person on behalf of whom the tentative award
was made, there must be submitted with the application evidence
sufficient to prove the authority of the applicant and his interest in
the tentative award. The following will generally be sufficient:
. (1) In any case in which a receiver or trustee has been appointed
for a person on behalf of whom the tentative award was made, and
if the application is executed by such receiver or trustee, then a copy
of the order of court appointing such receiver or trustee and a certificate of the clerk of such court to the eft'ect that such receiver or
trustee has not been discharged;
(2) In any case in which a receiver or trustee has been appointed
for a person on behalf of whom the tentative award was made, and if
the application is executed by a person other than such receiver or
trustee, then a copy of the order of the court appointing such receiver
or trustee and of all orders of court and documents necessary to
prove the authority and interest of the applicant;
(3) In the case of a partnership, association, or corporation the
existence of which has been terminated, then such documents as may
be sufficient to prove the authority and interest of the applicant.
(6) All copies of documents and all copies of or extracts from
records must be properly authenticated by a consular officer of the
United States.
PAYMENTS
3. Payment will be made by check drawn by the Secretary of the
Treasury on the Treasurer of the United States against the German
special deposit account created by the act, to the order of the person
entitled thereto. Checks wUl be mailed to the payee, with a statement of account in each case, at the address given in the application,
or in accordance with a notice of change of address subsequently
received by the Secretary of the Treasury.
SECRETARY OF THE TREASURY
351
POWERS OF ATTORNEY
4. In view of the provisions of the act to the effect that payments
shall, except in certain specified cases, be made only to the person on
behalf of whom the tentative award was made, no power of attorney
to sign an application or to receive payment will be recognized, except
that in any case where the applicant wishes the proceeds of the check,
which is issued in payment on account of the tentative award, deposited to his credit with a bank or banker in the United States, a special
power of attorney authorizing such bank or banker to indorse a check
and deposit it to the credit of the applicant with such bank or banker
will be recognized. Such power of attorney must be executed on
the form which wUl be supplied to the applicant upon his request
therefor to the Secretary of the Treasury.
.
ASSIGNMENTS
5. Under no circumstances will an assignment be recognized, other
than an assignment by a receiver or trustee.
ADDITIONAL INFORMATION
6. Additional information or evidence may be required from time
to time from any person applying for payment hereunder.
RESERVATION OF POWER TO AMEND
7. These regulations may be amended from time to time.
A. W.
MELLON,
Secretary of the Treasury.
INoTE.—These regulations cover only the payment of tentative
awards on account of ships. When other payments are to be made
these regulations will be amended.]
Application for payment on account of tentative awards
of the war claims arbiter
(See regulations on page 1.^ Care in the execution of the application will expedite
payment.)
, 193
To the SECRETARY
OF THE
TREASURY,
Washington, D. C.
Application is hereby made for payment, pursuant to the provisions
of the settlement of war claims act of 1928, as amended, and the
regulations thereunder, of the amount payable as determined by the
Secretary of the Treasury on account of the tentative award of the
war claims arbiter hereinafter described. Each applicant declares
that he is entitled to the payment hereby applied for and makes the
following additional statements:
1. Docket number (s)
1 See page 349 of this report.
12101—31—25
352
REPORT ON THE FINANCES
2. (a) The name(s) of the person (s) on behalf of whom the tentative award wias made:
{b) The name(s) of ship(s) specified in the tentative award:
3. Address to which the check is to be maUed (see the note immediately hereunder and paragraph 3 of the regulations):
(Street)
(^City)
(State)
~
""(^Country)
NOTE.—Statement 4 should be filled out in lieu of statement 3, if the applicant
wishes the proceeds of the check, which is issued in " payment on account of
the tentative award, deposited to his credit with a bank or banker in the
United States.
4. Forward check to applicant in care of -_^
(Bank or banker in the United States)
located at
^
(Street)
(City)
/
(State)
and authorized by special power of attorney to indorse and collect
the check and to deposit the proceeds thereof to the credit of the
applicant with said bank or banker.
NOTE.—If this application is made by any person(s) other than the person(s)
on behalf of whom the tentative award was made, statement 5 must be filled
in. See regulations on page 1 ^ for evidence required.
5. Capacity in which applicant(s) make(s) application (executor,
administrator, guardian, conservator, heir, legatee, liquidator,
receiver, trustee, assignee of receiver or trustee):
Name of applicant
Capacity in which applicant makes application
NOTE.—Statement 6 must be filled out in every case where a partnership,
association, or corporation is named in the tentative award.
6. The existence of the
^
(Partnership, association, or corporation)
named in the tentative award
been terminated.
("has" " h a s n o t " )
7. The applicant(s) undertake(s) that no amount wUl be accepted
Ul respect of such tentative award or claim, except in accordance
with the provisions of the regulations.
8. Each applicant (if an individual) executing this application is
of legal age and is under no legal disabUity.
NOTE.—Each applicant must sign both in the space provided for signatures in
paragraph 9, immediately hereunder, and also in the affidavit below.
9. Signatures of applicants
Business addresses of applicants
(See 1 (a) of the regulations)
13ee page 350 of this report^
SECRETARY OF THE T.REASURY
353
Affidavit for partnership, association, or corporation
State of
-_-___
:.
County or country of
! ss:
'
and
being severally duly sworn, each for himself on oath states that he is
duly authorized to sign for. and on behalf of the
(Partnership, association, or corporation)
described in and which executed the foregoing application, that he
has read the said application and knows the contents thereof, and
that the same are true.
(Name and capacity)
(Name and capacity)
Subscribed and sworn to before me this
day of
,
193--, by the said
and
i
., personally known to
me and known to me to be the same persons whose names are subscribed to the foregoing application on behalf of the
^
^
.
(Partnership, association, or corporation)
which executed said application.
(Diplomatic or consular oflBcer of the United States
administering oath or notary public if executed in
the United States)
[OFFICIAL
SEAL.l
(Title
(No fees to be charged by diplomatic or consular officer of the
United States.)
Affidavit for individual
(If more than one applicant, attach additional affidavits in similar form)
State of
County or country of
1
j *
_, being duly sworn, on oath states that
--he is (one of) the applicant(s) in the foregoing application by h
subscribed, that ..he has read such application and knows the contents thereof, and that the same are true.
(Applicant)
Subscribed and sworn to before me this
'. day of
, 193-_, by the said
, personally
known to me and known to me to be the same person whose name is
subscribed to the foregoing application.
(Diplomatic or consular oflScer of the United States
administering oath or notary public if executed in
the United States)
[OFFICIAL
SEAL.]
(Title)
(No fees to be charged by diplomatic or consular officer of the
United States.)
354
REPORT ON T H E FINANCES
EXHIBIT
45
Statement of Secretary of the Treasury Mellon concerning the funding
of the indebtedness of Germany to the United States on account of the
awards of the Mixed Claims Commission and the costs of the United
States army of occupation {press release, November 7, 1930)
Final steps were taken to-day in connection with the funding of
the indebtedness of the German Reich to the United States on account of the awards of the Mixed Claims Commission and the costs
of the American army of occupation pursuant to the terms of the
agreement executed June 23, 1930. Mr. Rudolph Leitner, . first
secretary of the German Embassy at Washington, delivered to the
Treasury, bonds of the Government of the German Reich in the principal amount of Rm. 3,169,700,000, of which Rm. 2,121,600,000 was
on account of the awards of the Mixed Claims Commission and
Rm. 1,048,100,000 was on account of the costs of the American
army of occupation. Of the bonds so delivered to the Treasury,
Nos. 1 and 2 of the mixed claims series in the aggregate principal
amount of Rm. 61,200,000, and Nos. 1 and 2 of the Army costs series
in the aggregate principal amount of Rm. 37,850,000 having been
paid, were returned to the German Government.
The act approving the settlement was signed by the President
on June 5, 1930. The settlement has likewise been approved by the
German Government.
E X H I B I T 46
America's Separate Agreement with Germany, an address by Undersecretary of the Treasury Mills at the meeting of the Academy of
Political Science, New York City, November 14, 1930
On June 23, 1930, the United States and Germany executed an
agreement providing for the settlement of the claims of the United
States and its citizens against the German Government. The agreement may be briefiy summarized as follows:
I t provides that Germany is to pay 40,800,000 reichsmarks for the
period September 1, 1929, to March 31, 1930, and the sum of 4.0,800,000 reichsmarks per annum from April 1, 1930, to March 31, 1981, in
satisfaction of mixed claims, and beginning September 1, 1929, an
average annuity of 25,300,000 reichsmarks for 37 years in full liquidation of our Army costs. The combined annuities equal the annuity
allocated to the United States under the terms of the Young plan.
Germany at its- option, upon not less than 90 days' advance notice,
may postpone any payment on account of the principal falling due
to any subsequent September 30 and March 31 not more than two
and one-half years distant from its due date, a provision that accords,
generally speaking, with provisions relating to postponement to be
found in our other debt settlements. All postponed payments on
account of mixed claims are to bear interest at 5 per cent, the rate
provided for in the settlement of war claims act of 1928, and all payments postponed on account of Army costs are to bear interest at
the rate of 3^^ per cent. While the annuities are stated in terms of
SECRETARY OF T H E TREASURY
355
reichsmarks, payments are to be made in dollars, either at the Treasury
or at the Federal Reserve Bank of New York.
If we would understand the reasons which led up to the making of
a separate agreement with Germany, it is necessary to consider the
situation of the United States as compared with that of the other
creditor powers. At the time the Young plan came into existence,
the claims of the United States against Germany fell into two hmited
classes: First, those covering the reimbursement of our Government
for costs of our army of occupation; and, secondly, those relating to
the compensation of our citizens for damages sustained from acts of
war, as adjudicated by a joint tribunal set up by agreement with
Germany and popularly known as "mixed claims." On the other
hand, our Government had recognized two classes of claims by
German citizens against it, the first comprising the return in cash or
in kind of property of private persons seized by the Alien Property
Custodian; and the second covering compensation for ships, radios,
and patents seized by the United States Government for its own use.
The history of the Army costs and mixed claims items is as follows:
ARMY COSTS
The total costs of the United States army of occupation amounted
to $292,663,435.79. Except for cash requisitions on the German
Government for the use of the army of occupation aggregating
$37,509,605.97 and certain other items, such as provost fines, abandoned enemy war material, etc., amounting to $7,288,184.33, the
United States Government received no payments on account of Army
costs up to May 25, 1923. On that date the United States and the
principal allied powers signed the so-called Wadsworth agreement,
which provided that our Army costs should be divided into 12 annual
installments, and should be, during the first four of the 12 years, a
first charge on cash payments received from Germany after the
expenses of the Reparation Commission and the current expe ses of
the allied armies of occupation, but during the last eight years hould
be an absolute prior charge on all cash payments, except for the costs
of the Reparation Commission. Ratifications of the Wadsworth
agreement were never exchanged, but we received a payment under
it of $14,725,154.40 in January, 1925. The agreement was superseded by the so-called Paris agreement of January 14, 1925, which
also covered awards of the Mixed Claims Commission. This ] atter
agreement was concluded at a meeting of representatives of the
creditor powers, including the United States, called for the purpose
of making distribution of the annuities provided for under th e terms
of the Dawes plan, which had been adopted in 1924. Under the
provisions of the Paris agreement, the United States was to receive
on account of its Army costs, beginning September 1, 1926, t h e sum
of 55,000,000 gold marks or about $13,100,000 per annum, which
payments were to constitute a first charge on cash made available
for transfer by the transfer committee out of the Dawes annuities
after the provision of the sums necessary for the service of the
800,000,000 gold mark German external loan of 1924 and for the
costs of the reparation and other commissions. Under the provisions
of the Wadsworth agreement, our Army costs should have been
356
REPORT ON THE FINANCES
liquidated by the end of 1935. Under the Paris agreement, the
payments would extend over a period of about 18 years, beginning
September 1, 1926.
Up to the 1st of September, 1929, the United States had received
on Army costs account, $39,203,725.89 under the Paris agreement.
As of September 1, 1929, there was still due on account of Army
costs $193,936,765.20.
MIXED CLAIMS
By virtue of an agreement entered into on August 10, 1922, by the
United States and Germany, there was set up a Mixed Claims Commission, charged with the duty of passing upon the claims of American
citizens arising since July 31, 1914, in respect of damage to or seizure
of their property, rights and interests, and upon any other claims for
loss or damage to which the United States or its nationals had been
subject with respect to injuries to persons or to property, rights and
interests since July 31, 1914, as a consequence of the war, and including debts owing to American citizens by the German Government or
by German nationals.
The first meeting of the commission was held on October 9, 1922.
Up to August 31, 1929, awards had been certified to the Treasury for
payment which, with interest to August 31, 1929, aggregated $172,703,083.71. I t was estimated as of August 31, 1929, that the principal
amount of awards yet to be entered and certified, together with interest to that date, amounted to $53,000,000, and in addition awards to
the United States Government, with interest to August 31, 1929,
amounted to $64,934,794.41. In other words, as of August 31, 1929, it
was estimated that the total awards of the Mixed Claims Commission, made and to be made, aggregated with interest $290,637,878.12.
No provision for the payment of the awards of the Mixed Claims
Commission was made until the Paris agreement of January 14, 1925.
The Paris agreement provided that the United States should receive
2}i per cent of all receipts from Germany on account of the Dawes,
annuities available for distribution as reparations, provided that the
annuity resulting from this percentage should not in any year exceed
the sum of 45,000,000 gold marks. Up to September 1, 1929, the
United States had received from Germany under the Paris agreement
for account of mixed claims $31,831,472.03, which, with earnings
and profits on investments amounting to $2,149,692.70, made available for distribution $33,981,164.73, and left $256,656,713.39 stiU to
be provided for. I t must be understood in this connection that the
figures relating to the total amount finally awarded by the Mixed
Claims Commission were necessarily only an estimate, since all of
the awards had not as yet been made.
Turning, now, to Germany's claims against the United States, our
Government, in common with other nations engaged in the Great
War, had sequestered or seized for its own use the property of German
citizens. Once the war was over, it could have elected, as others did,
to retain that property and apply it to the satisfaction of its own claims
and those of its citizens, leaving the German owners to seek compensation from their own Government. Had the United States followed
this course in the first instance, it seems probable that at the time of
the adoption of the Young plan we would have been completely
SECRETARY OF THE TREASURY
357
out of the picture, and there would have been no occasion for either
a joint or a separate agreement.
However, in accordance with a time-honored tradition and what
we conceived to be sound public policy, we elected either to return
the property or to compensate the ovmers, the payments to extend
over a number of years, the total period for final liquidation corresponding in a general way to that required to discharge the obligations of our own citizens. This is a noteworthy fact, for it results in
the transfer of important sums to Germany during the period of payment to us. And what is even more significant, in the earlier years
dollar payments to Germany wiU exceed mark payments to the United
States. During the first three years of the life of the separate agreement we will receive some 198,000,000 reichsmarks, or about
$47,000,000; whereas we will place at the disposal of German citizens—I can give you but approximate figures—about $148,000,000 in
cash or property. This, as I understand it, is not true of other
creditor countries.
Moreover, it must be remembered that, in accordance with the
policy established by President Wilson, who as early as 1919 had said
that in his opinion we should claim nothing under the general reparation clauses, we had never presented a claim for general reparations;
we had not participated in the fixing of the sums to be paid by Germany or in the apportioning of those sums among the creditor powers;
we had never joined others in the collection of payments, and we had
never been represented on the Reparation Commission, which, after
all, came into existence to deal with an almost strictly European
problem.
I t appears,.then, that at the time the question arose as to whether
we should become parties to the Young plan, or rely on a separate
agreement with Germany, the position of the United States differed
in several important particulars from that of the other principal
creditors: First, our claims were of a limited character and, compared
with the total reparation bill, were comparatively small. We will
receive less than 3 per cent of the total Young payments. Second,
by reason of our policy of nonconfiscation and compensation of German citizens, mark payments to the United States will be offset to
some extent throughout the period of payment, and in the earlier
years more than offset by dollar payments to Germany, which
obviously facilitates bUateral transfers; and, third, we had never
joined our war associates in the assessments, collection, and distribution of general reparation payments.
The adoption^ of the Young plan, by our becoming a party to The
Hague conventions, would have involved official approval on our
part, not only of the total reparation bill presented to Germany, a
question in which we had no primary interest, but of the fairness of
the distribution of the amounts to be paid as between European
creditors, as to which we had no knowledge and no interest whatsoever. In addition, we would have had to assume in the future a share
of the responsibUity of collecting and distributing payments, for we
could not have accepted the benefits afforded by the Young-plan
machinery and have declined to bear any part of the burdens.
Clearly, our interests were not sufficiently important to justify our
plunging headlong into this troublesome European problem, and
358
REPORT ON THE FINANCES
reversing the policy laid down by President Wilson, and followed
since his day, particularly since, had we participated, it is probable,
should any difficulties arise in the future, that we, as a comparatively
disinterested party, would find ourselves in the position of arbiter,
called upon to settle and decide a controversial and difficult European
question.
But there is another controlling reason which made it inadvisable
and inconsistent for us to accept and become a party to the Young
plan. The plan apparently seeks to link and merge reparation payments by Germany with allied debt payments to the United States.
Here again President Wilson, on the very first occasion that this
attempt was made, took the position that the settlement and payment of the obligations to us, incurred by our associates, w^ere entirely
independent and unrelated to the reparation claims made against
Germany. He said the United States Government "fails to perceive the logic in a suggestion in effect either that the United States
shall pay part of Germany's reparation obligation or that it shall
make a gratuity to the allied governments to induce them to fix such
obligation at an amount within Germany's capacity to pay. This
Government has endeavored heretofore in a most friendly spirit to
make it clear that it can not consent to connect the reparation question with that of intergovernmental indebtedness," That policy has
been consistently adhered to by our Government.
I n short, when the question arose as to whether we should make a
separate agreement with Germany for the satisfaction of our relatively modest claims, or decide to pool them with the infinitely larger
claims of the European creditors, all of the arguments appeared to be
in favor of the first course. I t was simple, direct, entirely adequate
to protect American interests, and in accordance with estabhshed
policy; whereas the alternative involved not only abandonment of
the attitude steadfastly maintained toward both war debts and
reparation problems, but the assumption of responsibihties on our
part wholly disproportionate to the magnitude of our claims and relating to problems almost strictly European in character. While,
therefore, we were quite ready to accept the annuities allocated to us
by the Young plan, which involved some sacrifice on our part, it seems
to me that we would not have been justified in becoming participants,
and that we followed a wise and proper course in providing for the
satisfaction of our claims against Germany in a separate agreement.
TAXATION
EXHIBIT
47
Statement of Undersecretary of the Treasury Mills before the Committee
on Ways and Means, December 4, 1929, relative to the joint resolution to reduce rates of income tax for the calendar year 1929
The revenue bill introduced by Chairman Hawley and now before
this Committee for consideration has the approval of the Treasury
Department.
Its terms are so simple as to require no explanation. I t provides
that the normal tax on the taxable iucomes of individuals for the
SECRETARY OF THE TREASURY
359
calendar year 1929 shall be reduced from IK per cent to one-half of
1 per cent on the first $4,000 of taxable income, from 3 per cent to
2 per cent on the second $4,000 of taxable income, and from 5 per cent
to 4 per cent on the balance of taxable income; and that the tax on
the taxable incomes of corporations for the calendar year 1929 shall
be reduced from 12 per cent to 11 per cent.
The outstanding features of this measure are, first, that it limits
the new rates to the calendar year in question, which is a novelty in
the history of income tax legislation in this country; and in the second
place, that it gives some measure of relief to the maximum number of
income taxpayers, with relatively larger benefits to those with the
smaller incomes.
The reasons for the limited revision are not far to seek: The estimated surplus for the fiscal year 1930 is approximately $226,000,000,
and the estimated surplus for the fiscal year 1931 approximately
$123,000,000. These figures, to be sure, do. not indicate a very large
margin of safety in budgets of over $4,000,000,000, but the tax reduction of $160,000,000 which wUl result from the enactment of this bUl
is divided approximately equally between the two fiscal years. Looked
at from this standpoint, the margin of safety is reasonably adequate.
The Treasury Department feels, therefore, that the taxpayers should
receive the benefit of these prospective surpluses in the form of tax
reduction. This is all the more desirable since both budgets make
ample provision for retirement of our national debt in accordance
with our well-established policy. The estimated expenditures for
1930 and 1931 include, respectively, $630,000,000 and $635,000,000
for debt retirement chargeable against ordinary receipts.
A surplus may be recurring or temporary. In the one case, either
through expanding revenue or reduced expenditures, assured receipts
may have reached the point where they so exceed normal expenditures
as to create recurring surpluses. Such a situation justifies a more or
less permanent revision of our tax laws with a view to modifying tax
rates downward.
In the second case, the surplus may be of temporary character,
arising from an unusual increase in receipts or decrease in expenditures, or from conditions not extraordinary which may not have
existed for a sufficient period of time to permit a definite conclusion
as to their permanency. Such surpluses obviously call for different
treatment. This is particularly true of a revenue system which
places its chief reliance on one form of taxation, as we now do on the
income tax, which is subject to sweeping variations depending on a
variety of circumstances but principally on the upward and downward fluctuations of business. Under these circumstances, whUe a
surplus justifies some measure of tax relief and while the taxpayer
should receive the fullest possible benefits from the prosperous condition of the Treasury during the given fiscal year, it is impossible to
assure the permanency of the reduced rates.
The estimated surpluses for the fiscal years 1930 and 1931 seem to
fall into the second class.
Moreover, the problem of estimating future revenue is attended by
extraordinary difficulties at the present time due to the existence of
a number of factors the effect of which it is almost impossible to
foresee. The surplus of the fiscal year ending June 30 last and the
360
REPORT ON T H E FINANCES
current year's probable surplus was and wUl be due, to a very large
extent, to the unusual increase in taxable incomes reported by individuals, although corporations enjoyed a very prosperous year in
1928, and all reports indicate that their 1929 income wUl exceed that
of 1928. The income tax returned by individuals for the calendar
year 1927 was $830,000,000, and for the calendar year 1928 approximately $1,150,000,000. While • wages, salaries, dividends, etc.,
showed a substantial increase, the outstanding item in the increased
income returned was a gain of approximately $2,000,000,000 in profits
from the sale of capital assets, both within and without the 2-year
period. I t is the unusual increase in this one item and the impossibility of determining under existing circumstances what income wUl
be returned from this source for the calendar years 1929 and 1930,
that make estimating at this time so uncertain a proposition.
We are not only faced with the usual problem of determining the
business trend during the current calendar year and of forecasting
the business trend during the coming calendar year, but we are confronted with tlie difficult problem of determining what effect the
precipitous decline of security values recently witnessed will have on
the profits from security transactions, wmich unquestionably yielded a
very large income in 1928 and for the first eight months of the calendar
year 1929.
The pending measure solves the problem of giving to the taxpayer
tne benefit of tne surplus w^hich seems reasonably certain in the
fiscal year 1930 without running too great a risk of incurring a deficit
during the fiscal year 1931.
I t is estimated that the reduced rates will result in reducing income
taxes to be collected during tbe calendar year 1930 by $160,000,000,
of which approximately $90,000,000 represents the reduction in corporation taxes, and approximately $70,000,000 the reduction in individual income taxes.
Since all individual uicome taxpayers pay the normal tax, with
tne exception of those wnose entire taxable income is derived from
dividends, and since millions of stockholders in our corporations
indirectly contribute to the corporation tax, a reduction in the normal
rate applicable to individual incomes and a reduction of tne corporate
tax rate are the means of giving relief to the maximum number of
income taxbearers. In this connection, it should be noted that in
the fiscal year 1929 out of a total tax revenue of $3,540,000,000, including customs duties, income taxpayers contributed no less than
$2,331,000,000.
I have stated that the second outstanding feature of the proposed
measure is the relatively larger benefits which it brings to the people
with small, or relatively small, taxable incomes. This must, of course,
be so under a system of graduated surtaxes when the relief is limited
to a fiat reduction of the normal rate. And since incomes in the lower
brackets are in the main earned income derived from wages or salaries,
it is a fair conclusion that the chief beneficiaries of this measure will
be the wage-earning and salaried taxpayers.
The following table illustrates the reduction in taxes to be accorded
the taxpayers falling in different income classes.
Comparison of the total tax payable under the present law, and under the rates suggested for 1929, upon a single person, and upon a marrded
person without dependents
Married man, no dependents
Single person
Total net income
Normal
tax, present law
Normal
tax, proposed for
1929
R e d u c t i o n in t a x
Surtax
Total tax
T o t a l tax
p r e s e n t law [proposed foi
1929
Per
cent
Normal
tax, present law
Normal
tax, proposed for
1929
$5.63
16.88
28.13
39.38
56.25
78.75
101. 25
311.88
547.50
781.88
1,016.25
1,485. 00
1,953. 75
2,422. 50
2,891.25
3,360; 00
3,828. 75
4,328.75
11,828. 75
24,328. 75
49,328.75
$1.88
5.63
9.38
13.1'3
22.50
37.50
52.50
216. 25
405. 00
592. 50
780. 00
1,155.00
1, 530.00
1,905.00
2,280.00
2,655. 00
3, 030. 00
3,430.00
9,430. 00
19,430. 00
39,430.00
Surtax
R e d u c t i o n in t a x
T o t a l tax
T o t a l tax
p r e s e n t law proposed fori
1929
Pei:
- \ m o i m t cent
Ui
$4,000.:-.
$5,000
$6,000
$7,000
$8,000
$9,000
$10,000-...
$15,000.—
$20,000.-.
$25,000....
$30,000....
$40,000-...
$50,000..$60,000-.$70,000-.$80,000....
$90,000..$100,000...
$250,000...
$500,000--.
$1,000,000.
$9.38
$28.13
39.38
13.13
56.25
22.50
78.75
37. 50
101. 25
52.50
123. 75
67.50
153. 75
90.00
388.12
$56.88
277.50
622. 50
213.75
465.00
500.63
856.87
652. 50
091. 25
865.00
840.00
1, 768.75
560. 00
1,215. 00
2,925.00
028.75
1, 590. 00
4,312. 50
497. 50
1,965. 00
5,932.60
966. 25
2,340. 00
7,688. 75
435. 00
2,715. 00
9,540.00
903.75
3, 090. 00
403. 75
3,490. 00 11,440.00
903. 75
9,490. 00 41,440.00
403. 75 19,490. 00 91,440.00
403. 75 39,490. 00 191,440. 00
$28.13
39.38
56.25
78.75
101. 25
123. 75
153. 75
445.00
836.25
1,357. 50
1,956.25
3,328. 75
4,953.75
6,810. 00
8,898. 75
11,123.75
13.443. 75
15,843. 75
53,343. 75
115,843. 75
240,843. 75
$9.38
13.13
22.50
37.50
52.50
67.50
90.00
334. 38
678. 75
1,153.13
1, 705. 00
2,983.75
4, 515. 00
6,277. 50
8,272. 50
10,403. 75
12,630. 00
14,930. 00
50,930. 00
110,930. 00
230,930. 00
$18.75
26.25
33.75
41.25
48.75
56.25
63.75
110.62
157. 50
204.37
251.25
345.00
438.75
532.50
626.25
720.00
813.75
913. 75
2,413.75
4,913.75
9,913.75
66.66
66.66
60.00
52.38
48.15
45.45
41.46
24.86
18.83
15.05
12.84
10. 36
8.86
7.82
7.04
6.47
6.05
5.77
4.52
4.24
4.12
$56.88
213.75
500. 63
865. 00
1, 768. 75
2,925.00
4,312..50
5,932. 50
7,688. 75
9,540. 00
11,440. 00
41,440.00
91,440.00
191,440.00
$5.63
• 16.88
28.13
39.38
. 56.25
78.75
101. 25
368.76
761. 25
1,282. 51
1,881.25
3, 253.75
4,878.75
6, 735.00
8,823. 75
11,048. 75
13,368.75
15,768.75
53,268. 75
115, 768. 75
240, 768.75
$1.88
5.63
9.38
13.13
22.60
37.50
52.50
273.13
618. 75
1,093.13
1,645.00
2, 923.75
4,455. 00
6,217.60
8, 212. 50
10,343.75
12, 570.00
14,870.00
60,870. 00
110,870.00
230,870.00
$3.75
11.25
18.75
26.25
33. 75
41.25
48.75
95.63
142. 50
189. 38
236. 25
330. 00
423.75
517. 60
611.25
705. 00
798. 75
898. 75
2,398.75
4,898. 75
9,898. 75
66.61
66.65
66.65
66.66
60.00
52.38
48! 15
25.93 •
18.72
14.77
12.56
10.14
8.69
7.68
6.93
6.38
5.97
5.70
4.60
4.23
4.11
O
m
Ul
I t is a s s u m e d t h a t all i n c o m e n o t in excess of $10,000 is e a r n e d i n c o m e , a n d i n a d d i t i o n t h a t one-fourth of t h e income in excess of $10,000, u n t i l t h e l i m i t of $30,000 e a r n e d i n c o m e
is reached, is also e a r n e d .
T h e t o t a l n e t i n c o m e is a s s u m e d t o b e all t h e i n c o m e received, a n d t h e c o m p a r i s o n does n o t i n c l u d e i n c o m e in p a r t consisting of d i v i d e n d s , or c a p i t a l gains, or i n t e r e s t u p o n
Government bonds.
T h e c o m p a r i s o n covers t h e total tax, n o r m a l a n d s u r t a x . T h e n o r m a l tax r a t e s suggested are one-half of 1 per cent on t h e first $4,000 taxable, 2 per cent on t h e next $4,000, a n d
4 per c e n t on t h e r e m a i n d e r of t h e taxable n e t i n c o m e .
CO.
362
REPORT ON T H E
FINANCES
In S far as corporations are concerned, as pointed out in the 1927
O
report of the Secretary of the Treasury, they are, relatively speaking,
overtaxed, and whichever theory be adopted as to the incidence of
tne corporation income tax, it can hardly be denied that the way to
give the greatest Federal tax relief to the greatest number is tnrough
a reduction of the corporation rate. The number of individuals
contributing directly to the support of the Federal Government
through the Federal income tax has been strictly limited, and, of
those contributing, the vast majority pay but an insignificant amount
and at a very low rate. Of 2,434,000 individual returns showing
taxable income, 2,059,000 returned but $32,861,000 of income tax,
wnile 375,000 returned a tax of $1,109,000,000. The average rate
of tax on the net incomes of the 2,059,000 individuals was 0.42 per
cent, whereas these and other millions of individuals owning stock
in corporations are virtually paying taxes through the corporations
at 12 per cent on that portion of their income arising from the profits
of the business enterprises in which they were shareholders.
For the calendar year 1927, when the tax rate was 13K per cent,
all corporations reporting net income reported a net income (including
tax exempt interest) before all taxes, of $10,934,031,563. They paid
in taxes other than income tax $1,543,516,930, and reported income
tax of $1,131,000,000, makmg a total of $2,674,000,000. In other
words, 24.46 per cent of their net income was taken by taxes. In the
same year these corporations paid about $5,786,000,000 in cash
dividends, wnich was 52.92 per cent of their net income. For every
dollar paid in dividends, 46 cents were paid in taxes, li all corporations be included—that is to saj^, corporations reporting a deficit
as well as those reporting net income—the percentage of net income
paid in taxes is 34.84 per cent.
I am submitting herewith a table showing the receipts and expenditures for the fiscal year 1929, and estimated receipts and expenditures
for the fiscal years 1930 and 1931.
Receipts and expenditures for the fiscal year 1929, on the basis of daily T r e a s u r y
statements (unrevised), and estimated receipts and expenditures for the fiscal years
1930 and 1931
1929
1930
1931
ORDINARY RECEIPTS
Customs
$602,262,786.17 1 $602,000,000.00
- .-
Internal revenue:
Income tax . . _
Miscellaneous internal revenue
1 $602.000.000.00
, „ , . . , . 2,330,711,822.66
607,307,548.98
-
2,480,000,000.00
635,000,000. 00
2,460,000,000.00
640,000,000.00
2,938,019,371.64
3,115,000,000.00
3,100,000,000.00
38,790,660.67
160,340,908.23
15,473,795.82
7,031,516.21
97,6.14,913.00
141,936,095.00
4,708,600.00
6,699,275.00
51,579,059.00
184,564,640.00
11,213,360.00
6,985,640.00
63,641,113.08
9,398,732.44
28,046,704.23
180,244,636.56
492,968,067.24
46,750,000.00
7,139,800.00
28,218,660.00
199,197,091.00
532,263,434.00
39,670,000.00
4,604,300.00
28,060,600.00
197,160,277.00
623,727,666-00
.---.— 4,033,250,225.06
4,249,263,434.00
4,226,727,666.00
Miscellaneous receipts:
Proceeds of Government-owned securitiesForeign obligationsPrincipal
....
Interest
RaOroad securities
All other securities
Trust fund receipts (reappropriated for investment)
Proceeds sale of surplus property
Panama Canal tolls, ©tc
-•Other miscellaneous'
Total ordinary receipts
J Includes $2,000,000 estimated by.Department of dommerce for tbnnage tax, receipts on account of wUicb
are covered into the Treasury as custbius revenue.
363
SECRETARY OF THE TBEAStTRT
Receipts and expenditures for the fiscal year 1929, on the basis of daily Treasury
statements (unrevised), and estimated receipts and expenditures for the fiscal years
1930 and 1931—Continued
1929
1930
1931
ORDINARY EXPENDITURES
( C h e c k s a n d w a r r a n t s p a i d , 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
E x e c u t i v e proper
state Department
.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 _ n 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 offices '.md commissionsD i s t r i c t of C o l u m b i a
$17,646, 655.67
487, 250.03
13,284, 510. 33
200,447, 224.41
416,901, 646.42
28,891 620.32
2 43,090, 870. 27
364,561, 543.99
301,122, 596.27
171,147, 262.68
39,987, 346.45
11,311, 190.36
417, 280, 404.40
40,308, 719.63
40,116, 586.38
$21,702,000.00
476,100.00
13,411,400.00
239,340,900. 00
443,153,000.00
29,014,600.00
$28,879,500.00
410,700.00
16,821,300.00
209,301,500.00
439,215,900.00
31,752,000.00
384,900, 000. 00
288,759, 700.00
173.796, 300.00
68,478, 600.00
11, 269, 300. 00
434,451, 500.00
61,856, 400. 00
43,811, 200.00
385,000, 000.00
286,810, 000.00
167,068, 600.00
61,184, 000. 00
11,997, 400. 00
445,325, 000. 00
45,581, 300.00
45,415, 000.00
2,106,485,327.51
17,803.40
2,194,420,900.00
2,162,752, 200. 00
Total
_
2,106,603,130.91
I n t e r e s t on p u b l i c d e b t
3 678,330,399.60
Refunds of receipts:
21,826,435.69
Customs
190,727,887.12
Internal revenue.
2 94,699,744. 06
Postal deficiency
—
9,045,647. 29
Panama Canal.
.Operations in special accounts:
U , 857,633. 06
Railroads
..u...
4 611,414.95
War Finance Corporation.
_
15,889,059.12
S h i p p i n g Board
A g r i c u l t u r a l m a r k e t i n g , loan fund
* 1,345,327. 26
Alien p r o p e r t y funds
.--111,772,809.62
Adjusted service certificate fund *
19,955,190.64
Civil service r e t i r e m e n t a n d disability fund
I n v e s t m e n t of t r u s t funds:
52,160,111.83
G o v e r n m e n t Ufe i n s u r a n c e fund
503,158.37
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.
282,444.12
Foreign service r e t i r e m e n t fund
977,842.88
General railroad c o n t i n g e n t fund
2,194,420,900.00
656,000,000.00
2,162,752, 200.00
619,000,000.00
21,009,500. 00
151,541,000.00
84,000,000.00
10, 111, 000. 00
21,009,600.00
141,611,000.00
78,500,000.00
11,845,000.00
4 7,925,800. 00
4 50,000.00
30,447,700.00
75,000. 000.00
«500,000. 00
111,775,000.00
20.600,000. 00
1,790,000.00
• 50,000.00
59,417,000.00
200,000,000.00
4 500,000.00
111,775,000.00
20,850,000.00
46,110^000.00
685,000.00
292,000.00
1,000,000.00
37,830,000.00
585,000.00
290,000.00
1,000,000.00
3,298,859,485.88
3,393,316,300.00
3,467,614,700.00
370, 277,100.00
571,160.00
389,191,500.00
20,050,000.00
395,624,000.00
1,800,000.00
175,642,350.00
20,000.00
214,700,000.00
54,100.00
231,500,000.00
2,933,400.00
159,703.75
6,210,000.00
160,000.00
6,200,000.00
200,000.00
649,603,703.75
630,365,600.00
635,324,000.00
T o t a l e x p e n d i t u r e s chargeable against ordin a r y receipts
3,848,463,189.63
4,023,681,900.00
4,102,938,700.00
Excess of o r d i n a r y rieceipts over t o t a l exp e n d i t u r e s chargeable against o r d i n a r y
receipts
184,787,036.42
225,681,534.00
122,788,966.00
Total..-.
A d d unclassified i t e m s . .
Total ordinary expenditures .
P u b l i c d e b t r e t i r e m e n t s chargeable against ordin 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
debt settlements
-.
Received from e s t a t e taxes..—
P u r c h a s e s from franchise tax receipts (Federal
reserve b a n k s 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 s )
—
Forfeitures, gifts, e t c
Total
' I n c l u d e d in e x p e n d i t u r e s of t h e P o s t Office D e p a r t m e n t a n d also on a c c o u n t of postal deficiency for t h e
fiscal y e a r 1929 ( m o n t h of J u n e , 1929) are $42,997,089.50 a n d $8,999,996, respectively, representing p a y m e n t
of so-called b a c k r a i l w a y mail p a y to i n l a n d carriers u n d e r a u t h o r i t y of j o i n t resolution a p p r o v e d J u n e 6,
1929.
3 I n c l u d e s $774,912.65 accrued discoimt on war-savings securities of m a t u r e d series.
4 Excess of credits ( d e d u c t ) .
* T h e difference b e t w e e n a m o u n t s of above charges a n d t h e a m o u n t s a p p r o p r i a t e d for i n v e s t m e n t is d u e
t o w o r k i n g balance r e q u i r e d for use of V e t e r ^ s ' B u r e a u in m a k i n g a u t h o r i z e d p a y m e n t s from t h e fuod.
364
REPORT ON T H E FINANCES
EXHIBIT
48
[ P U B L I C R E S O L U T I O N — N O . 2 3 — 7 1 S T C O N G R E S S — H . J. R E S . 133]
Joint Resolution Reducing rates of income tax for the calendar year 1929
Resolved by the Senate and House of Representatives of the United
States of America in Congress assembled, That, in lieu of such rates
of income tax specified in the revenue act of 1928 (United States
Code, Supplement I I I , title 26, chapter 24) as are set forth in the
following table, which under such act are applicable to the calendar
year 1929, the rates applicable to such year shall be those set forth
in such table:
Sections of revenue act of 1928
Description of tax
Sections 11 and 161 [U. S. C. Sup. I l l , title 26,. Normal tax on indi§§ 2011 and 2161].
viduals and on estates and trusts.
Section 13 [U. S. C. Sup. I l l , title 26, § 2013]..- Tax on corporations.-.
Section201 [U. S. C. Sup. I l l , title26, § 2201]... Tax on life insurance
companies.
Section 204 [U. S. C. Sup. I l l , title26, § 2204]... Tax on insurance companies other than
life or mutual.
Section 211 [U. S. C. Sup. I l l , title26, § 2211].. Normal tax on nonresident aliens.
Sections 144 and 146 fU. S. C. Sup. I l l , title 26,
§§ 2144 and 2145].
'Withholding at source.
New rate applicable to calendar
year 1929
Rate under
1928 act
\ H o f l per cent.
2 per cent..u--[i per c e n t . . L . l l percent
11 percent
IH per centi
3 per cent.
5 per cent.
12 per cent.
12 per cent.
11 percent
12 per cent.
[Hot I per cent.
2 per cent
[4 percent
[J^ of 1 per cent-.
\i per cent
.11 percent
IH per cent.
3 per cent.
5 per cent.
IH per cent.
5 per cent.
12 per cent.
SEC. 2. This joint resolution shall take effect as of January 1, 1929.
Approved, December 16, 1929.
366
REPORT ON T H E FINANCES
E X H I B I T 49
Outline of the Federal tax system
Payment
(A, annual; s,
single)
Basis of tax
Measure of tax
Title II, Part II, Admissions—reve nue act of
1928; Title V, revenue act of 1926.
ActofJunel7,1930. Customs duties.
S
Admissions to any place, not
specifically exempt.^
Admission in excess of $3..
s
Importation of articles into the
United States as specified in
the tariff act.«
Title I X , revenue
act of 1926.
Distilled spirits.
s
Distilled spirits in bond, manufactured or imported.8
Per proof or wine gallon or
fraction thereof.
Title II, Part II,
revenue act of
1928; Title V,
revenue act of
1926.
Title I I , Part I,
revenue act of
1928; Title III,
revenue act of
1926.
Titles I and II, revenue act of 1928.
Dues
S
Annual dues or membership
fees and initiation fees to any
social, athletic, or sporting
club or organization.7
Estate
s
Transfer of estates of resident
and nonresident decedents.
Annual dues in excess of
$25; initiation fees in excess of $10 or when
annual dues in excess of
$25.
Value of gross estates less
deductions and specific
exemption as defined by
law.
Income tax:
Corporation.
A
Net income of foreign and do- Net income in excess of exemptions, as defined by
mestic corporations.*
law.
Individual.-
A
Net income of individuals,
citizens, and residents of the
United States, of estates and
trusts, and of nonresident
aliens.
S
Bonds, debentures, or certificates of indebtedness, etc..
issued by any corporation
and corporate securities
with interest coupons or in
registered form.io
Each original issue, whether
an organization or reorganization, of certificates of
stock, profits, interest in
property, or accumulation.io
Legal citation
Title of tax
Admissions to prize fights
of $5 or more.4
Value and/or quantity
do
-
.
Title II, Part V,
revenue act of
1928; Title VIII,
revenue act of
1926.
stamp taxes:
Bonds ofindebtedness.
Capital
stock,
issue.
S
Each $100 of face value or
fraction thereof.
do-...
Without face value: *
(a) Actual value less
than $100.
(6) Actual value more
than $100.
Capital
stock.
sales or
transfers.
Produce,
sales of.
on
exchange.
S
Passage
tickets.
s
Footnotes at end of table
S
Sales, agreements to sell, memoranda of sales, transfers of
legal title to shares, certificates of stock, etc.
Sales, agreements of sale or to
sell any products or merchandise on exchange, board
of trade, or similar place for
future delivery.
Passage tickets sold or issued
in the United States for passage by vessel to any place
not in the United States,
Canada, .Mexico, or Cuba.
Each $100 of face value or
fraction thereof.
No face value
Each $100 or
thereof.
fraction
Tickets costing more tlian
$10, according to price.
367
SECRETARY OF T H E TREASURY
EXHIBIT
49
as of J u n e 30, 1930 ^
Day of taxable
status or year of
report on which
tax is computed
Date return or information is due 2
Date tax is due
On or before last day of
month following sale.
On or before last day of
month following sale.
Date of arrival of At importation
importing vessel
within customs
port with intent
to unload.
Feb. 26, 1926, if in None required. __ . .
boujd; date of
mariufacture or
importation.
Date of receipt of On or before last day of
dues or fees.
month following receipt.
Prior to delivery of goods
to importer or his
agent.
Graduated 1 to 20 per cent
with credit for State inheritance taxes paid, not exceeding 80 per cent of Federal tax.
Day of death of
decedent.
Preliminary notice 2
months and return 1
year after day of decedent's death.
One year after day of
decedent's death.
12 per cent on net income in
excess of credit."
Year ending Dec. 16th day of third month
31, or defined
following end of acfiscal year, endcounting year.
ing with another
month.
dodo.. _
15th day of third month
following end of accounting year, or quarterly, beginning on
same date.
Do.
Rate of tax
U on each 100 or fraction there- Date of sale
Of.4
26 per cent.
Various, listed by schedules
in tariff act.
$1.10 and proportionate tax on
fractional parts.
10 per cent
.-
.
Normal tax rates IH to 5 per
cent on net income exclusive
of income exempt from normal tax and after personal
exemptions and credits for
dependents; surtax rates,
1 to 20 per cent on net income in excess of $10,000;
special rate 12^ per cent on
capital net gains as defined
by law, and tax credits for
earned income and capital
net losses, as defined by
law.8
5 cents
Date of issue
(when bonds delivered).
do
- Date of issue
(when subscription made and
accepted).
1 cent on each $20 or fraction
thereof.
do
5 cents on each $100 or fraction - — d o
thereof.
2 cents
None required
Date of issue.
do
Do.
do-.
Do.
do
Do.
Date of sale or agreement
to sell or transfer.
Date of sale or
agreement
to
sell or transfer.
2 cents per share. _
1 cent
„
On or before withdrawal
from bonded warehouse or customs custody.
On or before last day of
month following receipt.
"-IdoI-"I-I-IIII-II
Do.
Do.
---do-I"---$1 to $5
....do
Date of sale
12101—31-
-26
-
Date of sale.
368
REPORT ON T H E FINANCES
Outline of the Federal tax system
Legal citation
Title of tax
Title II. Part V,
revenue act of
1928; Title VIII,
revenue act of
1926—Contd.
Stamp taxes:
Playing
cards.
Title IV, revenue
act of 1926.
Tobacco taxes:
Cigars
Foreign insurance
policies on
property.
Payment
(A, annual; S,
single)
Basis of tax
Measure of tax
•
•
S
Playing cards manufactured
or imported, and sold or removed for consumption or
sale. 11
Per pack containing not
more than 54 cards.
S
Policies issued by foreign companies to, or for, or in name
of domestic corporation or
partnership or individual
resident ofthe United States
when not signed or countersigned as specified by law.
On each $1 or fractional
part thereof of premium
charged.
S
Manufactured or imported into the United States and sold
or removed for consumption
or sale.ii
Weighing not more than 3
pounds per thousand.
Cigarettes—
s
do
Manufactured tobacco and
snuff.
Cigarette paper.
s
do
Navgation laws of Tonnage tax-the United States.
s
s
Weighing more than 3
pounds per thousand, according to retail price.
Weighing not more than 3
pounds per thousand.
Weighing more than 3
pounds per thousand.
Per pound
Cigarette paper made into Per package, book, or set,
according to number of
packages, books, sets, or
papers.
tubes, made up in or imported into the United States Per 60 tubes or fract on
thereof.
and sold or removed for consumption or sale, n
Entry of vessel from foreign Net tonnage.
port.i2
MISCELLANEOUS
T A X E S OF U N I M PORTANT R E V E N U E
VALUE 13
s
Adulterated
butter and
process or
renovated
butter.
s
ActofAug.11,1916
(39 Stat. 476), as
amended.
Cotton futures
s
Sec. 900, revenue
act of 1926.
Alcoholic liquors.14
s
Act Of May 9,1902
(32 Stat. 193).
Per pound
thereof.
or
Adulterated butter manufactured or sold or removed
from place of manufacture.n
Process or renovated butter
manufactured or sold or removed from place of manufacture.ii
Contracts of sale of cotton for
future delivery, which do
not conform with regulations of the Secretary of
Agriculture.
Distilled spirits, nonbeverage.
manufactured or imported
and diverted for beverage
fraction
Per pound
Per proof gallon
do
Per proof or wine gallon
or fraction thereof.
Sec. 605, revenue
act of 1918.
s
Distilled spirits and wines rectified, purified, or refined.
Sec. 608, revenue
act of 1918.
s
Sec. 452, revenue
act of 1928.
s
Fermented liquors, brewed or , Per barrel containing not
more than 31 gallons and
manufactured, contain ng
fractional parts of a
one-half of 1 per cent or more
of alcohol.15
barrel as defined in sec.
3339, Rev. Stat.
Grape brandy or wine spirits Per proof gallon used in the fortification of
wines. 1
8
Sec. 600(c), revenue act of 1918.
•s
Footnotes at end of tablei
Perfume, imported, containing distilled spirts.
Per wine gallon or fract on
thereof.
369
SECRETARY OF T H E TREASURY
as of June SO, 1930 ^—Continued
Rate of tax
Day of taxable
status or year of
report on which
tax is computed
Date of removal
for sale or consumption, or removal from customs custody.
Dateof issue
10 cents.
3 cents-
Date of removal
for sale or consumption, or removal from customs custody.
do
i'-.
75 cents-
$2 to $13.50-,
Date return or information is due '
None required-
Date tax is due
Date of removal for sale
or consumption, or removal from customs
custody.
-do-.
Date of issue.
-do..
Date of removal for sale
or consumption, or removal from customs
custody.
.do..
Do.
.do..
.do.,
Do.
$7.20.—
..do-.
-do..
Do.
18 cents.
-do-.
..do..
Do.
H of 1 cent per 60 papers or
fraction thereof.
-do..
.-do.,
Do.
..do..
.-do-.
Do.
2 cents and 6 cents per net ton,
not to exceed in the aggregate 10 cents and 30 cents,
respectively, in any . one
year. 1
2
Entry of vessel
from foreign port
-do..
Entry of vessel from foreign port.
10 cents
Date of manufacture or sale or removal for sale.
do
.do.
Date of sale or removal
for sale.
2 cents.
Date of signing
contract of sale.
.do..
$6.40 and proportionate tax on
fractional parts less tax of
$1.10 if such has been paid
before diversion.
30 cents and proportionate tax
on fractional part, in addition to tax imposed on distilled spirits.
$6 and proportionate tax on
fractional parts of a barrel as
defined in sec. 3339, Rev.
Stat.
(^0-.
(")
(").
Date of withdrawal from bonded
warehouse.
None required.
Before withdrawal from
bonded warebouse.
(")
(")
(").
H of 1 cent..
10 cents
,
$1.10 and proportionate tax on
ractional parte.
-
The month in
which used in
the fortification
of wine.
Date of importation.
.do..
Do.
Date of signing contract
of sale.
At close of month, or 10 months from date of
upon completion of
notice that tax has been
' fortification for month.
assessed.
None required.
On or before withdrawal
from custom
370
REPORT ON T H E FINANCES
Outline of the Federal tax system
Legal citation
Title of tax
Payment
(A, annual; S,
single)
Alcoholic liquors.i^
S
Basis of tax
Measure of tax
MISCELLANEOUS
TAXES OF UNIMPORTANT REVENUE
VALUE 13—contd.
Sec. 451, revenue
act of 1928; sec.
611, revenue act
of 1918.
S
Sec. 613, revenue
act of 1918.
S
s
Act of June 6, 1896
(29 Stat. 253).
Filled cheese.-
ActofJunel3,1898 Mixed flour.-(30 Stat. 467), as
amended by act
of Mar. 2, 1901
(31 Stat. 949), and
act of Apr. 12,
1902 (32 Stat. 99).
ActofJunel7,1914 Narcotics
(38 Stat. 277).
Act of Dec 17,1914
(38 Stat. 785),
amended by revenue act of 1928,
Acts of Aug. 2,1886
(24 Stat. 209),
and Oct. 1, 1890
(26 Stat. 621), as
amended by act
of May 9, 1902
(32 Stat. 193).
Oleomargarine
s
s
s
s
s
s
s
Section 600, revenue act of 1926.
Pistols and revolvers.
s
s
Act of May 9, 1902 Special taxes.(32 Stat: 193).
A
Title VII, sec. 701,
revenue act of
1926.
Footnotes at end of table.
s
Wines: Still wines, including Per wine gallon according
to alcoholic content.
vermuth and artificial or
imitation wines and compounds sold as still wines,
produced, imported, or in
any winery in boad, etc.,
Feb. 24, 1919.16
Artificially carbonated wine. Per half pint or fraction
produced, imported, or in
thereof.
any winery, in bond, etc.,
Feb. 24, 1919.
Liqueurs, cordials, or similar
do
1
compounds, containing sweet
wine, fortified with grape
brandy, produced, imported.
or in any winery, in bond.
etc., Feb. 24, 1919.
do
Champagne or other sparkling
wines, produced, imported.
or in any winery, in bond.
etc., Feb. 24, 1919.
Filled cheese, manufactured
Per pound
Filled cheese, imported
Mixed flour, manufactured
and sold or imported."
Opium, manufactured for
smoking puriDoses.
Opium, coca leaves, and compounds salts, derivatives or
preparations thereof, produced or imported in the
United States and sold or
removed for sale or consumption.
Substances known as oleomargarine, etc., artificially
colored to look like butter,
manufactured and sold or
removed for consumption
or use.ii
do
.-
Per barrel of 196 pounds or
package containing 98196 pounds and fraction
barrels or smaller packages.
Per pound
Per ounce
thereof.
or
fraction
Per pound
thereof.
or
fraction
Oleomargarine free from any
do
artificial coloration that
causes it to look like butter.n
j Oleomargarine imported from
do
foreign countries.
i Pistols and revolvers sold or Price for which sold or
leased by manufacturer, proleased.
ducer, or importer. 1
7
Privilege of conducting business:
Manufactures, wholesale According to manufacand retail dealers in
tiire or type of dealer in,
adulterated butter and
per annum.
process or renovated butter.
Brewers, distillers, whole- Per annum..i
....—
sale and retail liquor
dealers, .wholesale and
retail ' dealers . in malt
liquors,, manufacturers
of stills, when carried
on contrary. to laws of
any State, Territory, or
1
District."
371
SECRETARY OF T H E TREASURY
as of June 30, 1930 ^—Continued
Rate of tax
4 cents to 26 cents:
Day of taxable
status or year of
report on which
tax is computed
Date of production or importation.
6 cents.
.do.
12 cents-
1 cent8 cents in addition to import
duties.
H of 1 cent to 4 cents
$300—
1 cent-
Date return or information is due 2
None required.
Date tax is due
When sold or removed
from bonded premises
for consumption or
sale.
-do-
Do.
-do.
.do.
Do.
.do.
-do-
Do.
Date of manufacture.
Date of importation.
Date of sale or removal for sale or
consump t i o n ;
date of importation.
-do-.
Date of manufacture.'
Date of sale or removal for sale or
consump t i o n ;
date of importation.
.do-.
Date of manufacture.
-do-.
Before sale or removal
for sale or consumption; before removal
from customs custody.
Before sale or removal
for consumption. or
sale.
.do.,
.do..
10 cents-
-do..
-do..
H of 1 cent.
.do..
.do..
Before removal for sale
or consumption.
Before removal from customs custody.
Before sale or removal
for consumption and
sale; before removal
from customs custody.
Do.
16 cents in addition to import
duties.
10 per c e n t . . .
Date of importation.
Date of, sale or
Before removal from cus-do-,
toms custody.
On or before last day of When return is due.
month for transactions
of preceding month.
$48 to $600..
On commencing
b u s i n e s s and
July 1 thereafter.18
Within calendar month
of liability for tax.
$1,000.
(1^)-
(is)-
Within calendar month
of liability for tax.
372
REPORT ON T H E FINANCES
Outline of the Federal tax system
Legal citation
Title of tax
Payment
(A, annual; S,
single)
MISCELLANEOUS
TAXES OF UNIMPORTANT REVENUE
VALUE 13—contd.
Sec. 3244, Revised
Statutes.
Basis of tax
Measure of tax
Privflege of conducting business:
Special taxes.
Act of June 6, 1896
(29 Stat. 253).
A
Brewers, manufacturers of
stills, rectifiers, wholesale and retail dealers in.
liquor and wholesale
and retail dealers in malt
liquors. 1
4
Manufacturers of filled
cheese.
Wholesale and retail deal. ers in filled cheese.
Manufacturers, packers,
and repackers of mked
flour.
Manufacturers and dealers in opium, coca leaves,
their salts, derivatives,
or preparations.
A
A
Actof June 13,1898
(30 Stat. 448).
A
Act of Dec. 17,
1914, as amended
by sec. 432, revenue act of 1928.
A
Act of Aug. 2,1886
(24 Stat. 209), as
amended by act
of May 9,1902 (32
Stat. 193).
Act of Apr. 9,1912 White p h o s p h 0 r u s
(37 Stat. 81).
matches.
A
A
S
-
According to type of manufacturer or dealer, per
annum.
Per factory, per annum....
According to type of dealer, per annum.
Per annum
._
Importers, manufacturers,
producers, or compounders, per annum.
According to type of dealer,
per annum.
Per annum
Manufacturers of oleomargarine.
According to type of dealDealers in oleomargarineer, per annum.
Manufactured, sold, or rePer hundred
moved for sale or consumption.
1 Certain taxes are omitted from this summary, collections on which are classified under "miscellaneous
receipts" instead of under "customs" or "miscellaneous internal revenue," These taxes are the head tax,
the tax on the circulation of national banks, the franchise tax on the earnings of Federal reserve banks and
Federal intermediate credit banks, and various taxes levied in the District of Columbia for expenses of
the government of the District of Columbia. Taxes (which now yield no collections) on the circulation,
etc., of banks, bankers, etc., other than national banking associations are also omitted.
2 Monthly returns of information which are not returns of tax liability or the basis for assessment are
not noted under this heading.
3 Exemptions are provided for admissions inuring to the benefit of certain rehgious, educational, or
charitable institutions, symphony orchestras, municipal improvement associations, persons at present or
formerly in the mihtary service of the United States, National Guard organizations and agricultural fairs,
members of police or fire department of any municipahty.
< Special rates are provided for the excess over the estabhshed price on tickets sold at places other than
the theater or sold by opera house operators for permanent box users and for places of amusement which
include refreshments.
fi Specified articles subject to customs duties are tax exempt (subject to drawback if tax paid on importation) if reexported either as imported or as used in the manufacture of products exported.
6 See note 14. Legal citations in this summary refer to the present tax rates. Distilled spirits for export
are taxed at an incidental charge to cover the cost of aflixing an export stamp, sec. 3330, Revised Statutes.
A special case stamp is provided for spirits bottled in bond, act of May 3, 1897 (29 Stat. 626).
7 Exemption is provided in the case of any fraternal beneficiary society, order, or association operating
under the lodge system, or college fraternal organization.
8 Certain organizations are exempt from tax, revenue act of 1928, sec. 103.
9 H. J, Res. 133, approved Dec. 16,1929, and effective Jan. 1,1929, reduced by 1 per cent the rate on corporation income and each of the normal rates on individual income for tbe calendar year 1929.
373
SECRETARY OF T H E TREASURY
as of June 30, 1930 »—Continued
Day of taxable
status or year of
report on which
tax is computed
Rate of tax
- - On commencing
business and
July 1 thereafter.18
$20 to $200
Date return or information is due 2
Date tax is due
Before commencing bus- Before commencing busi-^
iness, and thereafter
ness, and thereafter
within calendar month
within calendar mOnth
of liability for tax.
of liability for tax.
•
do
$400
$12, $250
do__.
,
do
$12
$24
.-
$1 to $ 1 2 . . . . . .
.- — . d o —
do
$600
do
$6 to $480
do
2 cents
Date of sale or removal for sale or
consumption.
Within calendar month
of hability for tax.
do
_
do
Within calendar month
of liability for tax.
Do.
Do.
For new registrants, For new registrants,
within calendar month
within calendar month
of liability for tax;
of liability for tax;
thereafter on or before
thereafter on or before
July 1.
July 1.
Within calen ar month Within calendar month
of liability for tax.
of liability for tax, .
Do.
None required _
...
Before sale or removal for
sale or consumption.
1 Exemptions include bonds, notes, or other instruments issued by the United States or any foreign
0
government or by any State or Territory or the District of Columbia, or local subdivision thereof, or
municipal or other corporation exercising the taxing power; or any bond of indemnity required to be filed
by any person to secure payment of any pension, allowance, allotment, rehef, or insurance by the United
States, or to secure a duplicate for, or the payment of any bond, note, certificate of indebtedness, warsavings certificate, warrant, or check issued by the United States; or stocks and bonds issued by domestic
building and loan associations substantially all the business of which is confined to making loans to members, or by mutual ditch or irrigation companies; or stocks and bonds and other certificates of indebtedness
issued by any farmers' or fruit growers' or like associations organized and operated on a cooperative basis
for the purposes and subject to the conditions prescribed in par. (12) of sec, 231 of the revenue act of 1928.
11 Except withdrawals for exportation and for use of the United States.
1 Certain vessels are specifically exempt from tax; also there are certain variations in the tax rate for
2
various classes of vessels. See United States Department of Commerce, Bureau of Navigation, Navigation
Laws, 1927, pp. 139-142.
1 Collections during the fiscal year 1930 totaled only about $5,800,000 or about 0.16 of 1 per cent of the
3
total customs and internal revenue.
H These taxes apply to distilled spirits and fermented hquors under the provisions of the national prohibition act. The production, custody, supervision, etc., of distilled spirits, alcohol, wines, fermented
hquors, and other such liquors and liquids were (June 30, 1930) administered by the Bureau of Prohibition
of the Treasury Department, but on July 1, 1930, the administration of the penal provisions of the
national prohibition act was transferred to the Department of Justice.
1 Liabihty for this tax was held (June 30, 1930) to be a penalty and was collectible only through the
5
United States courts (T. D. 3911). See note 14 concerning the administration of these taxes.
1 Except wines sold or removed for the manufacture of vinegar or the production of dealcohohzed wines
8
containing less than one-half of 1 per cent of alcohol, by volume.
1 Except sales for the use of the United States, any State, Territory, or possession of the United States,
7
any pohtical subdivision thereof, or the District of Columbia.
1 The tax must be paid in the first instance for the period from the 1st day of the month in which busi8
ness is commenced, to the 1st day of July following, at the proportional part of the annual rate.
374
REPORT ON THE FINANCES
EXHIBIT
50
International Double Taxation, an address by Undersecretary of the
Treasury Mills before the Conference on International Double Taxation, Washington, D. C , February 14, 1930
On behalf of the Secretary of the Treasury, I take pleasure in
welcoming you to this informal conference on the prevention of international double taxation. I think we all realize the fundamental
objections to double taxation in the domestic field, objections that
are based on our conception of what is equitably and economically
sound. With the growth of world trade and commerce, the expansion
of business of an international character, and the flow of capital for
investment purposes over international boundaries, these objections
apply with equal force, and sometimes greater force, to the taxation
of the same property or income by several countries. Not only is
such a practice inequitable, but subjection to taxation in two or more
jurisdictions constitutes a real barrier to the expansion of international
trade and investments with a consequent retarding of world production and growth of purchasing power.
In his annual report to the Congress the Secretary of the Treasury
called attention to the importance of this question under existing
world conditions and of its vital interest to the United States, and
stated that the Treasury Department proposed to submit its conclusions arid recommendations to the Congress during the present
session.
The purpose of our meeting to-day is to discuss the general features
of the proposed legislation and to get the benefit of your advice as to
the solution of some of the important technical problems.
Realizing the heavy burdens double taxation imposes on commerce
and the barriers it raises to the flow of investments into foreign
countries with high tax rates, our Government has already, beginning
with the 1918 revenue act, taken a liberal attitude with respect to the
income from trading or investments abroad. American industry
after the war was everywhere seeking outlets in foreign markets. The
high post-war tax rates in many countries, coupled with the heavy
rates in the United States, raised serious .barriers to the sought-for
expansion. In recognition of these conditions the United States took
the step of foregoing all or part of its tax in respect of income taxed
abroad. Thus double taxation was prevented and the expansion of
trade appreciably facUitated. Again, in the revenue act of 1921
Congress provided that the shipping profits derived in this country
by foreign enterprises be exempted, provided an equivalent exemption
was accorded to the shipping profits derived abroad by American
enterprises. Other countries soon enacted corresponding provisions,
with the result that the shipping profits of American companies are
to-day exempt from tax in practically all important maritime countries
and taxable only in the United States.
In the meantime other countries, recognizing that the cumulation
of high income tax rates often consumed most of the profits of international commerce and that estates spread over several countries
almost vanished after payment of their respective duties, took
measures to alleviate this double charge on their taxpayers. Something like 18 agreements between European countries regarding direct
taxes came into being, and during the course of the last few years
SECRETARY OF THE TREASURY
375
there have been a number of important international meetings
attended by experts from a number of countries, who have devoted
much thought and study to this extremely important problem.
Three model (Conventions have been prepared. The American section of the International Chamber of Commerce has drafted a uniform
code of principles for eliminating the double imposition of income,
property, and estate taxes, and this code was subsequently adopted
by the Congress of the International Chamber of Commerce at Amsterdam in July, 1929.
.
The Treasury Department has taken as a basis for legislation this
uniform code, which is the fruit of studies carried on over a number
of years. One of its principal underlying purposes is to facUitate the
flow of capital to the countries needing it for development purposes
by exempting the yield of this investment capital from taxation in
the country of investment and taxing it only in the country of residence of the investor. This result is to be brought about by applying
the principle of reciprocal exemption, as exemplified in the case of
shipping profits, to income from capital received in the form of
dividencis and interest. In so far as the United States is concerned,
any loss in revenue which might result from this reciprocal exemption
would be more than compensated for by the partial elimination of the
credit for foreign taxes provided for under existing statutes.
The program further contemplates a more equitable system of
taxation of international business by imposing taxes on the foreign
enterprise only if it has a permanent establishment within the taxing
country, thus exempting income from casual transactions or from
sales effected through a bona fide broker or commission agent.
In so far as those businesses having permanent establishments are
concerned, it is hoped that ultimately all income wUl be subject to
only one tax, the tax to be allocated on the basis of the profits realized
within the taxing country. But in the meanwhUe, since the treatment by a country of its own nationals or of corporations organized
under its laws is not properly the subject of international agreement,
the proposal is limited to restricting foreign countries from taxing
profits other than those earned within their borders under some fair
and well-defined rule of allocation. The establishment of a fair
rule of allocation or apportionment is a difiicult and technical question. For instance, when a corporation manufactures in one country
and sells in another through a permanent establishment, how are its
profits to be allocated? If it produces its raw material in one country,
processes in a second, turns it into manufactured articles in a third,
and sells them in a fourth, how much profit is to be allocated to each
country? There has recently been launched in practically all important countries with an income tax: a study of methods of allocating or
apportioning business profits with a view to devising uniform rules
or principles susceptible to general application. This is work of an
exceedingly difiicult nature. I t is of primary interest to such enterprises as those which you represent, and on the basis of your broad
experience it is hoped that you may render valuable assistance in the
finding of a solution. One of the main purposes in mviting you here
to-day was not only to obtain the benefit of your advice on the general
problem, but more specifically to obtain your collaboration in finding
a suitable and proper answer to this and other problems of a highly
technical character.
376
REPORT ON THE FINANCES
The Treasury Department appreciates exceedingly your willingness
to come here and tp participate in this discussion. We are hopeful
that the labors and studies of the last ten years are about to produce
results and that our country will take the lead in eliminating the tax
barriers that stand in the way of the growth of world trade and
industry, accompanied as they would be by an acceleration of productive energies and the attainment of higher economic standards.
No other country in the world is more directly interested in the
successful completion of such a program.
EXHIBIT
51
Statement of Secretary of the Treasury Mellon before the Committee on
Ways and Means, February 28, 1930, relative to the bill to reduce
international double taxation
In my annual report on the state of the finances for the fiscal year
ended June 30, 1929, I outlined the general movement to prevent
international double taxation and proposed to submit to you, during
the present session of Congress, recommendations as to the manner
in which this Government could participate in the world-wide effort
to remove this barrier to the expansion of foreign trade and investments. These recommendations have been incorporated in the bill
introduced by your chairman, Mr. Hawley.
The movement to mitigate the evils and burdens that arise from the
taxation of the same income, profits, or property by two or more
countries, has in recent years gathered considerable momentum, due
to the high postwar tax rates and to the growing realization that
double taxation of this character is unscientific and unsound. Since
1921 most of the European countries have entered into two-party
agreements under which they preclude the double taxation of all kinds
of income. These agreements embody reciprocal concessions. Instead
of one State bearing the entire burden of relief, as is done in the credit
provisions of the United States Revenue Act, each party to the
European type of agreement shoulders its share. Unfortunately,
these agreements differ widely in form and content.
While governments have been entering into various arrangements,
international committees of experts—for the most part high government ofl&cials—have been endeavoring to evolve a uniform scheme of
relief from double taxation. Dr. T. S. Adams has been the American
member of these committees.
The outcome of these efforts was the adoption, by the Congress of
the International Chamber of Commerce at Amsterdam, July, 1929,
of a uniform code of principles for eliminating double taxation. This
code was prepared by the double taxation committee of the American
section of the International Chamber of Commerce and embodies
those principles of taxation which are considered the most favorable
not only for American interests but also for world commerce in
general. I t represents a consolidation, in so far as possible, of the
model conventions for eliminating double taxation at the Geneva
Conference on Double Taxation, October, 1928, and embodies the
substance of the model convention proposed by Doctor Adams at
that conference. The principles contained in this code have been
followed in the proposed legislation.
SECRETARY OF THE TREASURY
377
As you gentlemen know, our revenue laws make partial provision
against the evils of double taxation by crediting, against our Federal
income tax, taxes paid in foreign countries, and in the case of shipping
profits, by offering to exempt the profits derived in the United States
by foreign companies if the country under the laws of which their
ships were documented grants an equivalent exemption in respect of
the shipping profits derived by American companies in its territory.
Argentina, Canada, Denmark, France, Germany, Great Britain and
northern Ireland, Italy, Japan, the Netherlands, Norway, and
Sweden are among the countries which meet the requirements for
reciprocal exemption. Thus, American ships to-day are exempt
from tax in many countries in which they embark passengers or
freight, and are, therefore, liable only to the income tax of this
country. The benefits assured the shipping industry by this legislation are of very great value, indeed. In so far as the credits for foreign
taxes are concerned, at the time the legislation was first enacted the
sacrifice involved was relatively unimportant, but as our foreign
trade and investments expand the credits claimed for foreign taxes
correspondingly increase, and in 1927 American citizens and corporations credited $26,534,807 in respect of the taxes imposed by other
countries. Even so, full relief is not afforded to American enterprises
abroad. Our credit for foreign taxes is limited. I t permits the foreign tax to be credited, in effect, only up to the amount of the American tax. Because foreign tax rates are in general higher than our
rates, Americans still pay,, despite the relief afforded by our credit,
a considerable tax to the foreign countries in which they do business.
There are, generally speaking, two lines of approacn to tbe somtion
of the double taxation problem:
The first is by treaty with one or more countries, which involves
mutual concessions in respect of the taxation of the nationals of the
treaty-making countries. The objections to this method appear to
me to be that the concessions are more likely to be based on bargaining than on sound principles of taxation, and that this method
results in the taxation by the United Stats^ of the nationals of different
countries on dissimilar bases.
The second basis on which avoidance of international double taxation may rest is exemplified by our present law covering the taxation
of shipping profits, which, as I have already s bated, authorizes the
exemption of foreign shipping profits providing the shipping profits
of American companies are exempt from taxation in foreign countries.
Tbis plan permits the adoption of sound principles in respect of the
taxation of income or profits taxable in different jurisdictions, and
the offer to all countries to apply these principles uniformly to the
taxation of their nationals providing they will apply the same principles to the taxation of American citizens in their respective jurisdictions.
While there are some obvious advantages in the treaty method, the
Treasury Department believes that what I may call the reciprocal
exemption method is the sounder of the two and more in accordance
with traditional American policy.
Broadly speaking, the measure now before you for consideration
divides income into two classes: {a) Certain items which are to be
exclusively taxed at the residence of the taxpayer and exempted at
source, and (6) other items which are subjected to the full tax of the
country of source. The items of income taxable at residence include
378
REPORT ON. THE FINANCES
interest, dividends, patent and copyright royalties, and a few other
items of minor importance which can be conveniently taxed only at
the residence of the taxpayer. Interest and dividends are made
taxable at the residence of the taxpayer primarily because that is
the only place where interest and dividends can be successfully subjected to progressive income tax. Our withholding provisions and
our collection at source (despite unusually good administration of
these provisions of our tax laws) do not work effectively as regards
interest and dividends paid to foreign taxpayers. Under the proposed
bill we should give up a tax which we do not collect successfully, for
a tax which we know we can collect. In addition, taxation at residence represents the sound principle of taxing interest. Where a tax
on interest is collected at source, it frequently must be borne by the
debtor.
To accomplish this end it is proposed to secure the exemption in
other countries of siich income derived by American investors through
offering a reciprocal exemption from the American tax.
The reciprocal exemption of the items of income mentioned should
not mean a sacrifice of tax revenues by the United States but should
afford a gain in the course of time. Under our present law we collect
no tax on dividends flowing to foreign corporations and no normal
tax on dividends derived by nonresident aliens. I t is true that nonresident aliens are liable to American surtax on dividends and other
income in excess of $10,000, but it is impracticable to collect surtax
from them because the collection of surtax is dependent upon the
fihng of a return, and as the alien is beyond the jurisdiction of the
United States, it is almost impossible to enforce any penalties for
failure to file the return. At the present time we know from information returns that $5,426,420 have been paid in dividends to nonresident aliens who have filed no surtax returns.
With regard to interest, in 1928 only $1,175,777.63 in tax were
withheld from interest paid to nonresident aliens. As you know, the
nonresident alien on filing a return is entitled to a $1,500 personal
exemption, which means that the Bureau of Internal Revenue after
sorting out all the ownership certificates filed by the nonresident
alien and checking his tax liability must refund the tax on $1,500 in
a considerable number of cases. Again, in respect of interest the
nonresident alien is liable to surtax if his total net income from American sources exceeds $10,000, but the difficulties in collecting surtax
from them are almost as great as in the case of dividends.
As only $590,515.13 were withheld from copyright and patent
royalties in 1928, the exemption of this type of income would be
well worth while if in return we obtain for American owners of patents
and copyrights the exemption by other countries of such income from
licenses in their territory.
The items of income subject to full tax at source include: (1) Income from a business, trade, or profession carried on within the
country through a permanent establishment; (2) compensation for
personal services performed within the country; and (3) income from
real estate, including rentals and royalties therefrom, gains from the
sale thereof, and interest on ordinary loans secured by such property.
If a foreign enterprise has a permanent establishirient in the United
States, such as a factory, sales ofl&ce, warehouse, or any other fixed
place of business, the United States levies its full tax thereon at the
corporation rate if the foreign enterprise is incorporated, at the com
SECRETARY OF THE TREASURY
379
bined normal and surtax rates if the foreign enterprise belongs to an
individual or partnership. I t is proposed to tax business income at
source primarily because we can not permit foreign business concerns
to compete with American concerns iri our market without subjecting
the foreign concern to the same tax which the American concern
must pay. Similarly, compensation for services rendered in the
United States by an alien individual, and income from real estate
situated in the United States are to be taxed at the usual rates.
If an American resident in the United States or a corporation
organized in the United States derives any of these types of income
from a foreign country, that country wUl levy its full tax thereon,
but such tax may be credited against the American tax in accordance
with the credit provisions authorized by section 131 of trie revenue
act of 1928. Consequently, under the proposed regime, residents,
American citizens, and domestic corporations, wUl stUl have the
benefits of the credit provisions in respect of income taxable abroad
and have the additional advantage of receiving their interest, dividends, and royalties from abroad without deduction of any tax in
the country assuring the reciprocal exemption.
As a consequence of the exemption in foreign countries there wUl
be no occasion to credit taxes in respect of dividends, interest, patent
and copyright royalties, and the other minor items of income thus
exempted, against the American tax, w^hich means that the United
States wUl collect full tax thereon. This should result in an increase
in revenues. I t is impossible to compute exactly the amount of taxes
on the above-mentioned items of income which have been credited
against the American tax,.but one may deduce from the ratio of income derived by Americans from foreign sources to the amount
derived by foreigners from American sources that the proposed enactment should not reduce our revenues, but rather increase them in the
long run.
The machinery for bringing the proposed regime into effect is
very simple. I t consists in extending the application of the principle
of reciprocal exemption, now observed in the case of shipping profits,
under sections 212 (b) and 231 (b) of the revenue act, to dividends,
interest, and other relatively unimportant items of income previously
mentioned. I t is hoped that other countries may meet this offer of
reciprocal exemption by means of corresponding enactments, just as
has been done in the case of shipping profits.
The opportuneness of the proposed bill is shown by the fact that
in the course of the last year this Government has received informal
advices from Canada, Great Britain, the Netherlands, and Switzerland
that they would welcome the possibUity of entering into reciprocal
understandings with the United States. A telegram has just been
received from the American Embassy at Paris stating that the French
Government wishes to conclude a double taxation arrangement. I t
is not improbable that this Government may in due time have occasion
to effectuate reciprocal arrangements with Germany, Denmark,
Sweden, and other countries. The proposed bUl offers a uniform and
simple basis for preventing double taxation as between the United
States and such interested countries.
'
380
REPORT ON T H E FINANCES
EXHIBIT
52
Statement of Secretary of the Treasury Mellon relative to tax refunds
{jpress release, October 31, 1930)
The statement of Congressman Garner on the subject of tax refunds
in this morning's press has been called to my attention. While the
facts have repeatedly been set forth, it is important that it should be
clearly understood why refunds are made and by what methods they
are determined.
The system prescribed by Congress for the collection of Federal
revenues is based upon the proposition that the needs of the Government demand the immediate payment of taxes. Any dispute over
the amount to be paid can not be permitted to postpone payment.
Any controversy can be considered and fairly determined thereafter.
Accordingly, under our system of income taxes, each taxpayer
prepares his own return and pays whatever tax he estimates to be due.
Thereafter, the Bureau of Internal Revenue audits his return and
examines the various elements involved. If the return is found to be
correct, the matter is closed. If the taxpayer has underestimated his
tax, an additional tax is assessed. If he has overestimated his tax,
he is entitled to the refund of the amount overpaid. If the taxpayer
is dissatisfied with the determination of the bureau, he is entitled to
a full hearing, or, at his option, he may have recourse to the Board
of Tax Appeals or to the courts.
Full precautions have been taken to see that the interests of the
Government are protected. A system has been set up which provides
adequate checks and review in all cases. Let me briefiy state the
various steps that are taken before any money is paid to a taxpayer
by way of tax refund:
First. There is a field examination and audit made by civil service
employees under the supervision and direction of a Treasury agent,
who himself is in the classified civil service.
Second. The facts as reported by the agent in the field are submitted to and carefully reviewed by the audit review division of the
Bureau of Internal Revenue in Washington, with the assistance of
the valuation division of the bureau, composed of technical experts,
all of whom are in the classified civil service.
Third. If the refund involved is less than $10,000, they report their
recommendation to the Commissioner of Internal Revenue for
approval or disapproval.
Fourth. If the amount is over $10,000, the proposed refund,
together with all data, is for\yarded to the ofl&ce of the General Counsel
of the Bureau of Internal Revenue. There a complete review is made
of each and every item, with the assistance, if necessary, of the technical staff of the Bureau of Internal Revenue.
Fifth. All refunds in excess of $75,000 are submitted in advance of
payment and passed upon by the Congressional Joint Committee on
.Internal Revenue Taxation, consisting of Senator Smoot, of Utah;
Senator Watson, of Indiana; Senator Reed, of Pennsylvania; Senator
Harrison, of Mississippi; Congressman Hawley, of Oregon; Congressman Treadway, of Massachusetts; Congressman Bacharach, of New
Jersey; Congressman Garner, of Texas; and Congressman Collier, of
Mississippi.
SECRETARY OF THE TREASURY
381
The suggestion that under any system such as this refunds for political or any other improper purpose are possible is simply preposterous.
By far the largest amount of refuncis is due to court decisions, or
other causes, over which the Treasury has no control. Furthermore,
the largest refunds in recent years have almost without exception
been attributable to the years of the war. At that time the Government was under the necessity of collecting more than $4,000,000,000
annually. The statute was new and complicated and understood by
few. There was no time to determine controversies, and in the emergency taxpayers generally paid large amounts into the Public Treasury the legality of which was in dispute. There was always, however,, the assurance that ultimately these payments would be analyzed, that correct interpretations would be applied, that justice would
be done, and excessive payments refunded.
To say that refunds should be made only by virtue of the decision
of a court is to delegate to the courts the entire administration of the
income tax law. I t is evident that what would apply to refunds would
be equally applicable to additional assessments. In effect all questions involving disagreement would have to be referred to the courts.
This would result in such interminable delay as to break down the
administration of our income tax system, and would place an intolerable burden upon our already overworked Federal courts. The
suggestion can not be intended seriously.
I t is significant to note that the bureau has collected far more in
additional taxes than it has paid out in refunds. During the past
14 years the total amount of additional assessments resulting from
ofl&ce audits and field investigations has been $5,345,202,277, while
the amount paid out in refunds during the same period has been
$1,254,317,890. During that period the total internal revenue
receipts have been $44,032,371,357, so that the amount refunded by
the bureau has been only approximately 2.8 per cent of the amount
collected.
PROHIBITION AND NARCOTICS
EXHIBIT
53
Statement of Secretary of the Treasury Mellon before the Committee on
Expenditures in the Executive Departments of the House of Representatives, January 22, 1930, relative to the bill providing for the creation
of a Bureau of Prohibition in the Department of Justice and for the
transfer to that department of certain functions in the administration
of the prohibition act
The provisions of H. R. 8574 now before your Committee for consideration may be briefly summarized as follows: ,
The bill provides for the creation of a Bureau of Prohibition in the
Department of Justice and for the transfer to that department of the
so-called enforcement functions of the present Bureau of Prohibition
in the Treasury Department, and the personnel, records, documents,
and available appropriations of the enforcement division. The
Bureau of Prohibition in the Treasury Department is to be known
hereafter as the Bureau of Narcotics and Industrial Alcohol and is to
be charged with the sp-oalle,d .regulatory functions under the revenue
and prohibition laws
382
REPORT ON THE FINANCES
The bUl meets with the approval of the Treasury Department.
The duty of enforcing the prohibition laws was vested originally
in the Commissioner of Internal Revenue who, prior to the adoption
of the eighteenth amendment, was charged with the duty of collecting
the excise taxes levied on alcoholic liquors sold for beverage purposes,
and administering the provisions of the denatured alcohol act of 1906
providing for the withdrawal of alcohol free of tax after denaturation
for use in the arts and industries. Presumably this was the reason
for placing prohibition enforcement in the Bureau of Internal Revenue.
I t was an Ulogical choice. There is no connection between the assessment and collection of taxes on beverages which it is legal to sell and
the enforcement of laws intended to prohibit their manufacture,
transportation, and sale. When the Congress created the I Buf eau of
Prohibition it formally recognized that there is no such relationship.
If this be so, prohibition is unrelated to the duties of the Treasury
Department and to the purposes for which that department was
created. The Treasury, generally speaking, is responsible primarUy
for managing the finances of the Nation, collecting the revenues, and
protecting the integrity of the revenue laws and of the currency, with
all incidental duties relating thereto. I know of no reason, therefore,
why the Treasury Department should be charged with the duty of
enforcing an unrelated penal statute. On the other hand, there is a
very sound basis for charging the law enforcement department of the
Government with this task. I t is the duty of the Department of
Justice, acting through United States district attorneys, to prosecute
violators of this and other Federal statutes, and its seems to me that
better results may be obtained if those who are to try trie cases are
in a position to control and direct investigations of violations of trie
law and the gathering of evidence necessary for their prosecution. As
the Wickersriam Commission well said:
It is an anomaly that the cases are investigated and prepared by agencies
entirely disconnected with and not answerable to those which are to prosecute
them. All experience of administration shows the importance of concentration
rather than diffusion of responsibility. If prosecution, the legal side of enforcement, is partitioned between two distinct agencies, the diffused, ill-defined,
nonlocated responsibility is sure in the long run to be an obstacle to efficiency.
No doubt in certain special situations, where t<echnical knowledge of a special
type is involved and where the number of prosecutions each year is very small,
it is consistent with a high degree of efficiency to have these few cases investigated
and prepared by some body of experienced men in some other department and
turned over to the Department of Justice for trial. But where the volume is so
enormous and the circumstances are so varied as in liquor prosecutions, this is not
expedient.
In so far as the so-called regulatory functions are concerned, it
can be argued with considerable force that there is no reason why the
Treasury Department should issue permits for the manufacture of
industrial alcohol and for the sale of such alcoholic spirits as can be
legally sold for certain specified purposes. At the same time it is
equally clear that these functions do not fall within the jurisdiction
and duties of the Department of Justice. In fact, they can fairly be
said to be entirely foreign to these duties and functions. And since
they are now being performed by the Treasury Department there is
no adequate reason for removing them unless it can be shown that
they logically belong elsewhere. Moreover, there are certain occupational taxes apphcabie to such permittees, as wholesale and retail
druggists, which it is the duty of the Treasury Department to collect.
SECRETARY OF THE TREASURY
383
as well as on certain of the commodities covered by permits which
can legally be sold, such as medicinal hquor or alcohol in a pure state
when sold for commercial purposes permitted by law. I do not say
the Treasury Department would not be in a position to collect these
taxes were the permit system administered by another department,
but the fact that it is administered by the Treasury Department makes
the collection of taxes somewhat easier from an administrative
standpoint.
I t may be urged that industrial alcohol and medicinal spirits constitute a potential source of supply for illegal beverages and that as
such should be within the control of the law enforcement agency.
The bill, I think, meets that objection by vesting in the Department
of Justice a full measure of joint control over the issuance of permits
and the making of regulations.
I recommend the enactment of the proposed legislation.
EXHIBIT
54
[PUBLIC—No. 273—71ST CONGRESS—H. R . 8574]
An Act To transfer to the Attorney General certain functions in the
administration of the national prohibition act, to create a Bureau of
Prohibition in the Department of Justice,, and for other purposes
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled. That this act may be cited
as the ^^Prohibition reorganization act of 1930.'^
SEC. 2. (a) There shall be in the Department of Justice a Bureau
of Prohibition, at the head of which shall be a Director of Prohibition. The Director of Prohibition shall be appointed by the Attorney General, without regard to the civil service laws, and shall
receive a salary at the rate of $9,000 per annum.
(b) The Attorney General is authorized to appoint, vdthout regard
to the civil service laws, an Assistant Director of Prohibition and
such attorneys as he deems necessary and, in accordance with the
competitive provisions of the civil service laws, such other ofl&cers
and employees as he deems necessary. The salaries of the Assistant
Director and of air such attorneys, officers, and employees shall be
fixed in accordance with the classification act of 1923, as amended
(United States Code, title 5, chapter 13; United States Code, Supplement I I I , title 5, chapter 13).
(c) The Attorney General is authorized to designate any officer
or employee of the Department of Justice to act as Director of Prohibition during the absence or disabihty of the Director of Prohibition, or in the event that there is no Director of Prohibition.
(d) The personnel of the Bureau of Prohibition shall perform
such duties, in the District of Columbia or elsewhere, as the Attorney
General shall prescribe.
SEC. 3. (a) The Secretary of the Treasury and the Attorney General by joint regulation shall, as soon as may be after the passage
and approval of this act, create an enforcement division in the
Bureau of Prohibition iri the Treasury Department and place in and
apportion to such enforcement division so much of the personnel,
12101—31
^27
384
REPORT ON THE FINANCES
appropriations, records, files, and property of said bureau as they
shall agree upon.
(b) All attorneys, officers, and employees of the enforcement division of the Bureau of Prohibition in the Treasury Department are
hereby transferred, without change in classification or compensation,
to the Bureau of Prohibition in the Department of Justice, but such
attorneys shall not be subject to the provisions of the civil service
laws: Provided, That all ofl&cers and employees of the Bureau of
Prohibition who the Attorney General finds have heretofore violated
or shall hereafter violate any penal provisions of the Federal prohibition laws shall be dismissed.
(c) All records, files, and property (including ofl&ce equipment)
of the enforcement division of the Bureau of Prohibition, and the
portion of the unexpended appropriations for the Bureau of Prohibition in the Treasury Department apportioned for the use of such
enforcement division, are transferred to the Bureau of Prohibition
in the Department of Justice.
(d) Appropriations transferred by this act shall be avaUable for
expenditure by the bureau to which they are transferred as if such
bureau had been named in the act making the appropriations.
SEC. 4. (a) The following 'duties are imposed upon the Attorney
General:
(1) The investigation of violations of the national prohibition act,
and violations of the internal revenue laws if a violation of such act
is involved, for the purpose of enforcing the penal provisions of such
act and laws.
(2) The apprehension and prosecution of offenders against such
act, and offenders against the internal revenue laws if a violation of
such act is involved.
(3) The making of all seizures and enforcement of all forfeitures
under such act, or under the internal revenue laws if a violation of
such act is involved; and the remission or mitigation under section
709 of the revenue act of 1928 (United States Code, Supplement
I I I , title 26, section 2709), of any such forfeiture under the internal
revenue laws; and
(4) The determination of liability for internal revenue taxes and
penalties if a violation of the national prohibition act is involved,
and the institution of suits upon, and compromise (before or after
suit is brought) of, any cause of action under such act or under the
internal revenue laws if a violation of such act is involved; but all
assessments and collections shall be made under the direction of the
Secretary of the Treasury, in accordance with existing law.
(b) The duty to make all investigations necessary in or incidental
to administrative action with respect to permits and bonds given in
connection therewith and the power to make seizures and arrests for
violations discovered in the course of such investigations shall remain
with the Secretary of the Treasury, but the Attorney General shall
make such investigations as he deems necessary to prevent violations
of, or for the purpose of enforcing the penal provisions of, the national
prohibition act.
(c) The power under section 34 of Title I I of the national prohibition act (United States Code, title 27, section 51) to require copies
of records and reports, the power to inspect records and reports kept
or filed under the provisions of such act, the power to swear out
SECRETARY OF THE TREASURE
385
warrants for offenders agairist such act, and offenders against the
internal revenue laws if a violation of such act is involved, and the
power and protection of section 28 of Title I I of such act (United
States Code, title 27, section 45), are conferred upon the Attorney
General, but such powers and protection shall also remain vested
in the Secretary of the Treasury.. All other rights, privileges,
powers and duties now conferred and imposed upon the Secretary of
the Treasury and the ofl&cers and employees of the Bureau of Prohibition in the Treasury Department incident to the performance of
the duties imposed upon the Attorney General by this act, including
the bringing of suits to enjoin nuisances under the national prohibition act, are transferred to and conferred and imposed upon the
Attorney General.
(d) The Attorney General is authorized to confer or impose any
of the rights, privileges, protection, powers, and duties conferred or
imposed upon him by this act upon any of the oflBcers or employees
of the Bureau of Prohibition or any other ofl&cer or employee of the
Department of Justice.'
SEC. 5. (a) The Attorney General and the Secretary of the Treasury shall jointly prescribe all regulations under this act and the
national prohibition act relating to permits, and the form of all
applications, bonds, permits, records, and reports under such acts:
Provided, That all regulations relating to the Bureau of Prohibition
in the Department of Justice shall be made by the Attorney General.
(b) Regulations in force prior to the effective date of this act shall
not be in force thereafter unless prescribed and issued in accordance
with the provisions of paragraph (a) of this section; but the repeal
of such regulations shall not have the effect of releasing or extinguishing any penalty, forfeiture, or liability incurred thereunder.
Nothing in this act shall affect the terms or conditions of any permit
or bond given prior to the effective date of this act.
SEC. 6. (a) The Attorney General shall prescribe regulations for
the filing by the Attorney General with the Secretary of the Treasury
copies of reports of violations of the national prohibition act, from
which civil liability for taxes and penalties has accrued under such
act or the internal revenue laws, or which may be the basis of action
with respect to any permit.
(b) Except as otherwise provided by regulations, the Secretary
of the Treasury shall file with the Attorney General complete reports
of all proceedings for revocation of permits and copies of all applications for permits to be issued for more than ninety days (including
renewals and amendments thereof to extend for more than ninety
days) under the national prohibition act and regulations promulgated thereunder; and, except as otherwise provided by regulations,
no such permit shall be granted, renewed, or amended within ten
days after copy of application therefor has been filed with the
Attorney General.
SEC. 7. The Attorney General may, if he considers it advisable;
act jointly with the Secretary of the Treasury in passing upon any
application for any permit or any renewal or amendment thereof,
which may be issued under the national prohibition act, and in such
cases no permit shall be granted, renewed, or amended without their
joint approval. In the event of a refusal of the permit, renewal, or
amendment, the applicant iriay have a review of the decision before
386
REPORT ON THE FINANCES
a court of equity as provided in sections 5 and 6, Title I I , of the
national prohibition act (United States Code, title 27, sections 14
and 16).
SEC. 8. The Bureau of Prohibition in the Treasury Department
shall hereafter be known as trie Bureau of Industrial Alcohol, and
the Commissioner of Prohibition in the Treasury Department shall
hereafter have the title of Commissioner of Industrial Alcohol.
SEC. 9. Section 2 of the act entitled ^^An act relating to the use
or disposal of vessels or vehicles forfeited to the United States for
violation of the customs laws or the national prohibition act, and
for other purposes,'^ approved March 3, 1925, is amended to read
as follows:
' ' S E C . 2. Any vessel or vehicle forfeited to the United States by
a decree of any court for violation of the customs laws or the national
prohibition act may, in lieu of the sale thereof under existing law,
be ordered by the court, upon application of the head of the department by which the seizure is made, to be delivered to the Department of Justice for use in the enforcement of the national prohibition
act, or to the Treasury Department for use in the enforcement of
such act or the customs laws.''
SEC. 10. When used in this act, the term ''National prohibition
a c f means the national prohibition act of October 28, 1919, and
;all acts amendatory thereof or supplementary thereto, and includes
any act for the enforcement of the eighteenth amendment.
^ SEC. 11. This act shall take effect on the 1st day of July, 1930.
Approved, May 27, 1930.
E X H I B I T 55
[PUBLIC—No. 357—71ST CONGRESS—H. R . 11143]
An Act To create in the Treasury Department a Bureau of Narcotics,
and for other purposes
Be it enacted by the Senate-and House of Representatives of the United
States of America in Congress assembled. That there shall be in the
Department of the Treasury a bureau to be known as the Bureau
of Narcotics and a Commissioner of Narcotics who shall be at the
head thereof. The Commissioner of Narcotics shall be appointed by
the President, by and with the advice and consent of the Senate,
and> shall receive a salary at the rate of $9,000 per annum. The
commissioner shall make an annual report to Congress.
SEC. 2. (a) The Secretary of the Treasury is authorized to appoint,
without regard to trie civil service laws, one deputy commissioner
and, in accordance with the civil service laws, such other ofl&cers and
employees as he deems necessary to execute the functions vested in
such bureau. The salaries of the deputy commissioner and of such
officers and employees shall be fixed in accordance with the classification act of 1923, as amended (U. S. C , title 5, ch. 13; U. S. C , Supp.
I l l , title 5, ch. 13). The deputy commissioner shall act as Commissioner of Narcotics during the absence or disabUity of such commisisioner, or in the event that there is no commissioner. In case of the
absence or disabUity of the commissioner and the deputy commis-
SECRETARY OF THE TREASURY
387
sioner, or in the event that there is no commissioner and deputy commissioner, the Secretary of the Treasury is authorized to designate
an ofl&cer or employee of the Treasury Department to act as Commissioner of Narcotics.
(b) In order to aid in the detection and prevention of the unlawful importation of narcotic drugs into the United States, and under
such regulations as the Secretary of the Treasury may prescribe, the
Commissioner of Narcotics may confer or impose upon such officers
and employees of the Bureau of Narcotics as he may designate any
of the rights, privileges, powers, or duties of customs officers and
employees, and may assign any of such officers and employees of
the Bureau of Narcotics to duty at ports of entry or other places
specified by such commissioner.
SEC. 3. (a) The Federal Narcotics Control Board established by the
narcotic drugs import and export act, as amended (U. S. C , title
21, ch. 6), is hereby abolished, and all the authority, powers, and
functions exercised by such board are hereby transferred to and shall
be vested in and exercised and performed by the Commissioner of
Narcotics.
(b) The Secretary of the Treasury is authorized to confer or impose
any of the rights, privileges, powers, and duties in respect of narcotic
drugs enumerated in subdivision (a) of section 4 of the act entitled
"An act to create a Bureau of Customs and a Bureau of Prohibition
in the Department of the Treasury,'' approved March 3, 1927 (U. S.
C , title 5, sec. 281c), upon the Commissioner of Narcotics, or any
officer or employee of the Bureau of Narcotics.
(c) The Secretary of the Treasury is authorized to transfer to the
Bureau of Narcotics such attorneys and other officers and employees
of the Bureau of Prohibition, except the deputy commissioner in
charge of narcotics (whose office is hereby abolished), the deputy
commissioner in charge of prohibition, the Commissioner of Prohibition, and the assistant commissioner, together with such records
and property (including office equipment), as may be necessary for
the exercise by the Bureau of Narcotics of the functions vested in it.
(d) All unexpended balances of appropriations under the control
of the Bureau of Prohibition for the enforcement of any laws relating
to narcotic drugs and available on the date this act takes effect
shall be available for expenditure by the Bureau of Narcotics in
the same manner and to the same extent as if the Bureau of Narcotics
has been directly named in the laws making such appropriations.
(e) AU orders, rules, and regulations in respect of any laws relating
to narcotic drugs which have been issued by the Commissioner of
Prohibition or the Federal Narcotics Control Board and which are
in effect on the date this act takes effect shall, after such date, continue in effect as though this act had not been enacted or until modified, superseded, or repealed by the Commissioner of Narcotics,
with the approval of the Secretary of the Treasury.
(f) All proceedings, investigations, and other matters pending in
or before the Bureau of Prohibition or the Federal Narcotics Control
Board in respect of the administration or enforcement of any laws
relating to narcotic drugs shall be continued and brought to final
determination before the Bureau of Narcotics.
SEC. 4. (a) The narcotics division in the office of the Surgeon
General of the United States Public Health Service in the Treasury
388
REPORT ON THE FINANCES
Department, as created by the act entitled "An act to establish two
United States narcotic farms for the confinement and treatment of
persons addicted to the use of habit-forming, narcotic drugs who
have been convicted of offenses against the United States, and for
other purposes," approved January 19, 1929 (U. S. C , Supp. I l l ,
title 21, ch. 8), shall be known as the division of mental hygiene.
The authority, powers, and functions exercised by such narcotics
division are hereby transferred to the division of mental hygiene.
The medical officer of the Public Health Service in charge of said
division shall hold the rank and receive the pay and allowances of
Assistant Surgeon General while so serving.
(b) The Surgeon General of the Public Health Service is authorized and directed to make such studies and investigations, as may be
necessary, of the abusive use of narcotic drugs; of the quantities of
crude opium, coca leaves, and their salts, derivatives, and preparations, together with such reserves thereof, as are necessary to supply
the normal and emergency medicinal and scientific requirements of
the United States; and of the causes, prevalence, and means for the
prevention and treatment of mental and nervous diseases. The Surgeon General shall report to the Secretary of the Treasury not later
than the 1st day of September each year the results of such studies
and investigations. The results of such studies and investigations
of the quantities of crude opium, coca leaves, or other narcotic drugs,
together with such reserves thereof, as are necessary to supply the
normal and emergency medicinal and scientific requirements of the
United States, shall be made avaUable to the Commissioner of Narcotics, to be used at his discretion in determining the amounts of
crude opium and coca leaves to be imported under the narcotic drugs
import and export act, as amended.
(c) The Secretary of the Treasury is hereby authorized to appoint
such professional, technical, and clerical assistants as may be necessary to carry out the provisions of this section.
SEC. 5. Any person, corporation, association, or partnership
aggrieved by any order, rule, or decision of the Commissioner of
Narcotics, or by his failure to rule upon or decide any matter presented to him by proper application, may appeal therefrom to the
Secretary of the Treasury, under such regulations as he may prescribe, who may affirm, reverse, or modify such action or direct such
action to be taken as he may deem equitable and just.
SEC. 6. In addition to the amount of coca leaves which may be
imported under section 2 (b) of the narcotic drugs import and export
act, the Commissioner of Narcotics is authorized to permit, in
accordance with regulations issued by him, the importation of additional amounts of coca leaves: Provided, That after the entry thereof,
into the United States all cocaine, ecgonine, and all salts, derivatives,
and preparations from which cocaine or ecgonine may be synthesized
or made, contained in such additional amounts of coca leaves, shall
be destroyed under the supervision of an authorized representative
of the Commissioner of Narcotics. All coca leaves imported under
this section shall be subject to the duties which are now or may hereafter be imposed upon such coca leaves when imported.
SEC. 7. The Secretary of the Treasury shall cooperate with the
Secretary of State in the discharge of the international obligations
of the United States concerning the traffic in narcotic drugs.
SECRETARY OF T H E TREASURY
389
SEC. 8. T h a t the Secretary of the Treasury shall cooperate with
the several States in the suppression of the abuse of narcotic drugs
in their respective jurisdictions, and to that end he is authorized (1)
to cooperate in the drafting of such legislation as may be needed,
if any, to effect the end named, and (2) to arrange for the exchange
of information concerning the use and abuse of narcotic drugs in
said States and for cooperation in the institution and prosecution
of cases in the courts of the United States and before the licensing
boards and courts of the several States. The Secretary of the Treasury is hereby authorized to make such regulations as may be necessary to carry this section into effect.
SEC. 9. This act shall take effect upon the expnation of thirty
days after the date of its enactment.
Approved, June 14, 1930.
EXHIBIT
56
[ P U B L I C R E S O L U T I O N — N o . 9 6 — 7 1 S T C O N G R E S S — H . J. R E S .
367]
Joint Resolution To amend the act entitled ^ An act to create in the Treasury
^
Department a Bureau of Narcotics, and for other purposes,^^ approved
June 14,1930
Resolved by the Senate and House of Representatives of the United
States of America in Congress assembled, T h a t subsection (b) of
section 2 of the act entitled "An act to create in the Treasury Department a Bureau of Narcotics, and for other purposes," approved
June 14, 1930, is amended by striking out the word "specific" and
inserting in lieu thereof the word "specified."
SEC. 2. Section 9 of such act of June 14, 1930, is amended to read
as follows:
" S E C . 9. This act shaU take effect on July 1, 1930."
Approved, June 26, 1930.
E X H I B I T 57
(T. D. 2)
Order signed by Secretary ofthe Treasury Mellon, July 1,1930,prescribing
the duties and powers ofthe Commissioner and other ofiicers and employees
of the Bureau of Narcotics, including the field service
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
Washington, D. C , July 1, 1930.
The act entitled "An act to create in the Treasury Department a
Bureau of Narcotics, and for other purposes," approved June 14, 1930,
as amended, provides as follows:
"An act to create in the Treasury Department a Bureau of Narcotics
and for other purposes. * * *." (See Exhibit 55, p. 386.)
In pursuance pf the authority conferred upon the Secretary of the
Treasury by the act entitled "An act to create in the Treasury Department a Bureau of Narcotics, and for other purposes," approved June
14, 1930, as amxcnded, it is hereby ordered as follows:
390
REPORT ON T H E FINANCES
I. TRANSFER QF PERSONNEL FROM THE BUREAU OF PROHIBITION TO THE BUREAU
OF NARCOTICS
There are hereby transferred from t h e Bureau of Prohibition to t h e Bureau of
Narcotics t h e officers, a t t o r n e y s , a n d employees, with their official title, classification, grade and compensation, whose names appear on a list entitled ' ' L i s t of
officers, attorneys, and employees, transferred from t h e Bureau of Prohibition t o
t h e Bureau of Narcotics, showing their official title, classification, grade, a n d
compensation," which is a t t a c h e d hereto a n d m a r k e d ' ' E x h i b i t A."
II. TRANSFER OF RECORDS, FILES, A N D PROPERTY F R O M T H E B U R E A U OF PROHIBITION TO T H E B U R E A U OF NARCOTICS
There are hereby transferred from t h e Bureau of Prohibition to t h e Bureau of
Narcotics all documents, records, files, forms, blanks, a n d all property (including
office equipment) necessary for t h e performance of t h e functions conferred or
imposed by this order upon t h e Commissioner of Narcotics or upon t h e officers
a n d employees of t h e Bureau of Narcotics, including t h e field service, as determined by t h e Commissioner of Prohibition a n d t h e Commissioner of Narcotics.
III. RIGHTS, P R I V I L E G E S , P O W E R S , AND D U T I E S CONFERRED AND IMPOSED UPON T H E
COMMISSIONER OF NARCOTICS
(1) There are hereby conferred a n d imposed upon t h e Commissioner of Narcotics, subject to t h e general supervision and direction of t h e Secretary of t h e
Treasury, all t h e rights, privileges, powers, and duties conferred or imposed upon
t h e Commissioner of I n t e r n a l Revenue (and which are transferred to a n d conferred
and imposed upon t h e Secretary of t h e Treasury by subdivision (a) of section 4
of t h e act of March 3, 1927) by t h e act of December 17, 1914, as amended, known
as t h e Harrison narcotic law, or by t h e act entitled " A n act regulating t h e m a n u facture of smoking opium within t h e United States and for other purposes,"
approved J a n u a r y 17, 1914, in so far as such rights, privileges, powers a n d duties
relate t o —
(a) T h e investigation a n d t h e detection and punishment of violations of either
of t h e above laws or any regulations issued thereunder.
(b) Exemptions from any of t h e provisions of t h e above laws.
(c) T h e books, records, a n d returns required to be k e p t or rendered under any
of t h e above laws.
(d) T h e prescribing of forms and order forms under any of t h e above acts.
(e) T h e m a n n e r in which t h e record of sales, exchanges a n d gifts of tax-exempt
preparations a n d remedies containing narcotic drugs shall be k e p t .
(/) T h e m a n n e r in which application shall be m a d e for confiscated narcotic
drugs.
(g) T h e a p p o i n t m e n t of a committee for t h e certification a n d disposition of
confiscated narcotic drugs.
(h) T h e compromise of any criminal or civil case arising under either of t h e
above laws, in accordance with section 3229 of t h e Revised S t a t u t e s of t h e United
States, a n d t h e determination, assertion, and compromise of liability for internal
revenue taxe^ and penalties under either of t h e above laws, except t h a t all moneys
shall be received a n d accounted for by collectors of internal revenue, under t h e
direction of t h e Commissioner of I n t e r n a l Revenue.
(i) Seizures, for violation of either of t h e above laws, of property, whether real
or personal (except under distraint w a r r a n t ) , a n d t h e custody, control, sale and
disposition of property so seized.
(j) T h e a p p o i n t m e n t of such officers and employees as m a y be necessary for
(the execution of t h e functions imposed upon t h e Bureau of Narcotics.
,(2) jFowerjis hereby conferred upon t h e Commissioner of Narcotics to prescribe
.such regqiations 9,s ihe m a y deem necessary for t h e execution of t h e functions
imposed upon hiiiijOr upon t h e officers or employees of t h e Bureau of Narcotics,
'biit all regulations a n d changes in regulations shall be subject to t h e approval of
jtlie Secretary of t h e Treasury.
T h e Commissioner of {Internal 'Ileyenue a n d t h e Commissioner of Narcotics
m a y , if t h e y are of t h e opinion t h a t itl^e good of jthe service will be promoted
•thereby, prescribe regulations relating to internal revenue taxes where no violation of t h e narcotic laws is inyolved, jointly, subject tp ^the _app.roval of t h e
Secretary of t h e Treasury.
•-->•; J
. ' --•-.-— •- •'—
SECRETARY OF THE TREASURY
391
iVi itiGHTS) iE^RiVILEGES, POWERS AND DUTIES CONFERRED AND IMPOSED UPON
THE OFI^ICERS AND EMPLOYEES OF T^HE BUREAU OF NARCOTICS, INCLUDING
THE FIELD SERVICE
There are hei*eby contered.and imposed upon the officers and employees of
the Bureau of Narcotics, including the agents, inspectors, and other employees
in the filed service, all the rights, privileges, powers, and duties conferred or
imposed upon the assistants, agents, and inspectors of the Commissioner of Internal Revenue (and which are transferred to and conferred and imposed upon the
Secretary of the Treasury by subdivision (a) of section 4 of the act of March 3,
1927) by any narcotic law in so far as such rights, privileges, powers, and duties
relate to any of the matters referred to in paragraphs (a) to (j), inclusive, of Section III of this order. All such officers and employees of the Bureau of Narcotics, including the agents, inspectors, and other employees of the field service,,
shall have, in the performance of their functions under the narcotic drug laws,
all the rights, privileges, and powers of internal revenue officers.
V. RIGHTS, PRIVILEGES, POWERS, AND DUTIES CONFERRED AND IMPOSED
THE COMMISSIONER OF INTERNAL REVENUE
UPON
There are hereby conferred upon the Commissioner of Internal Revenue all
the rights, privileges, powers, and. duties conferred or imposed upon such officer
(and which are transferred to and conferred and imposed upon the Secretary of
the Treasury by subdivision (a) of section 4 of the act of March 3, 1927) by any
narcotic law, except such rights, privileges, powers, and duties as are hereinbefore conferred or imposed upon the Commissioner of Narcotics.
VI. RIGHTS, PRIVILEGES, POWERS, AND DUTIES CONFERRED AND IMPOSED UPON
THE OFFICERS AND EMPLOYEES OF THE BUREAU OF INTERNAL REVENUE
There are hereby conferred and imposed upon the assistants, agents, and
inspectors of the Bureau of Internal Revenue all the rights, privileges, powers,
and duties conferred or imposed upon such assistants, agents, and inspectors (and
which are transferred to and conferred and imposed upon the Secretary of the
Treasury by subdivision (a) of section 4 of the act of March 3, 1927) by any narcotic law, except such rights, privileges, powers, and duties hereinbefore conferred
or imposed upon officers or employees of the Bureau of Narcotics including the
field service.
VII. GENERAL
PROVISIONS
Any proceeding pending on the effective date of this order may be maintained,
prosecuted or defended by the officer or employee on whom this order confers
or imposes the function oi maintaining, prosecuting, or defending a similar proceeding begun after the effective date of this order. Nothing in this order shall
be construed to affect the validity of any act done, power exercised, or order,
decision, or finding made, or to relieve any person from any liability incurred,
before the effective date of this order.
VIII. EFFECTIVE DATE OF ORDER
This order shall take effect 12:01 a. m. July 1, 1930. The right to amend or
supplement this order or any provision thereof, from time to time, or to revoke
this order or any provision thereof at any time, is hereby reserved.
A. W.
MELLON,
Secretary of the Treasury,
PUBLIC BUILDINGS
EXHIBIT
58
The Public Building Program, a radio address by Assistant Secretary
of the Treasury Heath, February 20, 1930
Very early one beautiful morning in mid-October, 1790, a lone
horseman left the inn in Georgetown and disappeared into the forest.
On his return that night the location of the capital of a great nation
392
R,EP0RT ON T H E FINANCES
had been decided. The horseman was the first President of the
United States of America, and the Capital was later named Washington. Two other great Americans, Thomas Jefferson and Alexander
Hamilton, had been responsible for placing the Capital near the
Potomac. They did this by obtaining an agreement in Congress
that if the Capital was so located, the funding bill would be.passed
placing the credit of all the States back of the Revolutionary War
debts.
The plans these men then made, far-reaching as they were, are
being carried forward beyond the founders' wildest dreams by the
present occupant of the White House, President Hoover, and his
Secretary of the Treasury, Andrew W. Mellon. Major L'Enfant,
a brilliant French engineer who was a friend of George Washington
and a soldier of the Revolutionary War, was chosen to lay out the
plan for the new Federal city, and, drawing on his knowledge of the
great capitals of Europe, he devised the beautiful scheme of a city
which is now so rapidly nearing realization. Time prevents discussion
of the vicissitudes of the L'Enfant plan, but, neglected and abandoned, it was finally rescued by the MclVIUlan Commission in 1901,
later aided by the efforts of such men as Roosevelt, Root, and Taft,
and, with modifications made by Burnham, St. Gaudens, McKim,
and Olmstead, so that the plan could be adapted to modern needs,
the dream city of L'Enfant is now taking form and substance.
Since George Washington assisted in laying the cornerstone of the
Capitol in 1793, this Nation, has been building public buildings.
With the enormous growth of the business of the Government, the
building program did not keep pace with our needs, either in the
country at large nor in the Capital. The result was and is a huge
payment of rents for totally inadequate quarters throughout the
country, working conditions that in many instances are a disgrace to
the nation, and the obvious need for some orderly procedure to meet
the problem. During the World War it was necessary to suspend all
construction work except such as was required for military purposes.
This suspension, taken together with the great increase in business
in consequence of the war, resulted in the occupancy of temporary
structures long beyond their usefulness, and a crowding of government buildings that would not be tolerated by any private business..
i n addition, priceless records were endangered which, if destroyed,
would be impossible of replacement. There was such unprecedented
demand in Congress for the authorization of construction work that
it proved impracticable to select meritorious cases from the thousands
of bills introduced.
This difficulty was not solved until 1926, when Congress authorized
the Secretary of the Treasury and the Postmaster General to conduct
a nation-wide survey to determine what projects should be undertaken.
Congress has shown a most constructive spirit in dealing with our
building needs, and although it is impossible to name all those who
have aided in the program, such men as Senators Smoot and Keyes
and Congressman Elliott have given ungrudgingly of their time and
effort.
The total amount required to meet the public building needs of
the country as determined by our survey was $588,000,000, divided
$190,000,000 for the District of Columbia, and $398,000,000 for the
country at large. To date Congress has authorized an expenditure of
SECRETARY OF T H E TREASURY
393
$338,000,000, $75,000,000 of which is for the purchase of land and the
construction of executive buildings in the District of Columbia.
There is now pending in Congress legislation which will increase the
amount already authorized from $338,000,000 to $568,000,000. The
division of this enormous sum is $190,000,000 for the IDistrict of
Columbia and $378,000,000 for the country at large.
Present legislation requires that the $338,000,000 now authorized
shall be expended over a period of 10 years, or at the rate of $35,000,000 a year. Should the pending Keyes-EUiott bill become a law, the
period of the program will be extended only one year, inasmuch as
the legislation increases the annual expenditure from $35,000,000 to
$50,000,000. Of the $50,000,000, $15,000,000 may be expended in
the District of Columbia and $35,000,000 in the country at large.
The survey covered nearly 2,000 places having postal receipts of
$20,000 or over, and necessarily consumed considerable time and
effort. After obtaining the required data the various places were
evaluated on such elements as population, postal receipts, congestion
in present quarters, and similar items, resulting in a list arranged in
preferential order for each State from which selection was made for a
certain number of projects for definite authorization and appropriation. This duty devolved upon an interdepartmental committee of
five members designated by the Secretary of the Treasury and the
Postmaster General. The recommendation of this committee was
approved, and projects to the extent of nearly $190,000,000 for the
country at large and $48,000,000 for projects for the District of
Columbia, or a total of $238,000,000, has been specifically authorized.
This covers 334 projects for the country at large.
In the District of Columbia seven building projects have been
authorized, of which five are under construction and two are awaiting
the acquisition of land.
The duty of carrying out this stupendous program falls under the
office of the Supervising Architect of the Treasury Department.
That office now employs over 300 architects, engineers, and draftsmen and nearly 100 field engineers, and steps are now being taken to
increase the force by 25 per cent. A number of private architects have
also been commissioned to prepare drawings and specifications for
some of the larger buildings.
In the country at large 112 projects have either been completed or
are in course of construction. How much work is involved in this
building program wUl be appreciated by a description of the various
steps that are required to produce one building. The first step is the
acquisition of a site. The direct purchase of a site by negotiation
consumes considerable time but if the property has to be acquired
by condemnation this may take a 3^ear or even more. In either case,
the title to the property has to be approved by the Department of
Justice.
Before a project can reach the drafting stage it is necessary to obtain an accurate boundary and topographical survey, and in a good
many cases test borings and test pits are necessary to ascertain the
bearing capacity of the soU.
. After this information is obtained the project is studied in all its
aspects, Juyolving outline, proportion, relation to adjoining buUdings,
• and m . tHe case pf a^ institution, such as a hospital, suitable grouping
of the various buUdings. In a building o,f importance a great man}^^
'Goverriment actiyities have to be provided for, and the interrelation
394
REPORT O.N THE FINANCES
between these activities has to be taken into account in laying out
the various floor plans; this involves voluminous correspondence and
not infrequently personal conferences. I t is not unusual to prepare
three and four sets of sketch plans and in one case it was necessary to
prepare eight such sets of a many-storied building before all the
occupants expressed themselves as satisfied.
All this is preliminary to the taking up of the working drawings
which are the instruments^ on which the contract for construction is
based. The development of the working drawings for a building of a
large size, say costing $5,000,000, consumes the time of 25 architects,
engineers, and draftsmen for from six to eight months, and in many
cases over 100 individual drawings are required, comprising architectural, structural, and mechanical-engineering layout. As all these
must be in conformity, the close cooperation of several divisions is
involved.
The architectural drawings, of course, are started first, and when
these are about 40 per cent completed the structural engineers obtain
prints, make the necessary computations for loads for the various
floors carried down from column to column, finally determining the
size of the footings proportioned to the bearing capacity of the soil;
they design the columns, girders, floor construction, and all other
structural details. The mechanical engineers lay out the various
facUities, comprising plumbing, heating, water supply, ventilation,
electrical work, elevators, and telephone systems.
After the completion of the drawings the specifications are prepared, which is individual work and can be performed only by two
engineers simultaneously, one for construction and one for mechanical
equipment. The writing of specifications for a large building and the
duplicating, by the mimeographing process, usually consumes from
four to five weeks. During the mimeographing process the drawings
are duplicated by blue printing and for a large building riow under
construction it was necessary to prepare over 40,000 prints.
The time allowed contractors to prepare proposals varies from four
to six weeks, depending upon the size of the building. Usually there
is keen competition with from 15 to 25 bids, and in case the lowest
bid is submitted by a responsible contractor, the award is invariably
made to that contractor.
From this description it will be seen that a large amount of preliminary work is required before a building can be commenced, and
even after the construction is started the work of the architect and
the engineer does not cease. Full-size drawings have to be prepared,
shop drawings checked, and samples of a great number of materials
passed upon.
During the erection a construction engineer is detailed to supervise
the work of the structure, and in buUdings of magnitude, such, for
instance, as the buildings now being erected in Washington, the construction engineer has several assistants. The building for the
Department of Commerce is the largest governmental building now
under construction, being over 1,000 feet in length and 350 feet in
depth, involving a cost of $17,000,000. I t takes two and one-half
years to construct such a buUding and it provides employment for a
great number of men not only on the job b u t for an even greater
riumber in producing and fabricating plants at various places, and a
few statistics of the amount of material required for such a;|briiUdiiri^
should be of interest.
SECRETARY OF THE TREASURY
395
As to the Department of Commerce building, at the present time
on an average of 800 mechanics and laborers are employed daily, and
it is expected that no less than 2,000 will be employed at the peak of
operations. There are 67,000 cubic feet of granite and more than
650,000 cubic feet of limestone required for the facing of the building;
for the backing of this stonework 12,000,000 bricks are necessary.
The item of structural steel is enormous, 16,600 tons being required.
No less than 5,200 metal windows will furnish light and air to the
building, and to glaze these windows 237,000 square feet of glass are
necessary.
The main interior partitions are built of hoUow clay tile and the
individual blocks required for the more than 2,000,000 square feet of
partitions if laid end to end would reach a distance of 400 miles. In
addition to the hollow tile partitions nearly 140,000 square feet of
steel and glass partitions will be necessary. The concrete in the
fireproof floor and roof construction would build 24 miles of road 6
inches thick and 20 feet wide. The plaster on the walls and ceilings
would cover an area of 48 city blocks. The item of roofing is of
interest, for, in addition to the hundreds of thousands of square feet
of roofing felt and tile required, 78 tons of sheet copper and 380 tons
of galvanized sheet iron will be necessary to protect the interior of the
building from storm, water, and snow. Many different types of
flooring wUl be employed, including stone, naarble, clay tile, hardwood,
mastic, cork tUe, heavy-duty wood block, etc. There will be no less
than seven 260-liorsepowfer boilers installed, about 94,000 square feet
of radiation will be necessary to heat the building, and 36 elevators
will be needed for the conveyance of passengers and freight.
It is not possible to trace the history of all of the products delivered
to the building to their source, viz, to the mines where the iron, copper,
lead, nickel, and other metals are found; to the quarries from which the
stone is procured; to the forests which furnished the wood for flooring,
etc.; and to the banks of the river bottoms where the sand and gravel
lie; but it wiU readily be seen what an enormous number of trades
are involved and that thousands of men are employed for long periods.
It must be remembered that in the expenditure of $17,000,000 for a
building in Washington, at least $10,000,000 of this amount is distributed in different sections of the country for labor and materials,
not to mention the outside labor brought into Washington to work
on the job. This is only one of many buUdings proposed for the District of Columbia, and somewhat comparable buildings will be built
in New York, Boston, Philadelphia, Baltimore, Detroit, Pittsburgh,
Chicago, St. Louis, Denver, San Francisco, and innumerable cities of
the country.
The development of the so-called triangle in Washington includes
12 buildings ranging in price from $3,500,000 to $17,000>000.
The Secretary of the Treasury is charged with the responsibUity of
the construction, and has to aid him the service of a special board of
architectural consultants comprising in its membership some of the
most eminent American architects.
The extended program includes a number of important buUdings in
other portions of the city, among them new buildings for the War and
Navy Departments, involving an expenditure of approximately
$26,000,000 and this wiU then permit the removal of the present
temporary buildings from the MaU.
^
396
REPORT ON T H E FINANCES
In addition to the construction work under the direction of the
Secretary of the Treasury, there are other building projects contemplated or in course of construction in the District of Columbia,
including a new buUding for the Supreme Court, the Arlington
Memorial Bridge, office buildings, and additions for the Senate and
House of Representatives, and the so-called municipal center, which
wUl be developed north of Pennsylvania Avenue and will house the
administrative activities of the District of Columbia. I t will be seen
that there is under way in Washington a magnificent and costly
development originally planned and devised by L'Enfant. While the
general buUding program of the Government in the country at large
contemplates the expenditure of over $375,000,000, which sum wiU
take care of the very pressing needs of the Government over the next
10 years, in all probability, as the years pass by, it wUl be deemed
advisable and necessary to augment this sum by several hundred
million dollars to properly care for Government activities throughout
the land.
If the people of the country can realize the enormous program under
way they wUl appreciate not only the difficulties of the departments
having the work in charge, but also the difficulties of their Representatives in Congress in attempting to obtain immediate action in
their local communities. The work is being pushed as rapidly as is
humanly possible, when consideration is given to the legal limits of
expenditure for each year.
WhUe Secretary of Commerce, President Hoover took the keenest
interest in the nation's buUding problern, as has Secretary Mellon.
In the President's inaugural address the attention of Congress was
called to the needs of the country, and, at the time of the threatened
business reaction last fall, an enlarged program was urged, not only in
order to meet our present governmental needs, but to assist labor
throughout the land. The House of Representatives has already
passed the Keyes-Elliott bill;^ and if it is passed by the Senate, a
nation-wide survey will be undertaken this summer to determine the
increased requirements.
During the 10 years' program over 1,200 beautiful and adequate
buUdings wUl be constructed. The bUl will allow a speeding-up of
the work all along the line, and it is hoped that a few years will find
governmental activities in dignified and effective structures, both in
Washington where all activities center and in the country at large
where the facUities are so badly needed. In the years to come the
occupants of the modest flivver or the great national parades will
start from the plaza at the Capitol, flanked as it wUl be by the Supreme
Court buUding, the Library of Congress, the enlarged Senate Office
BuUding, and the House Office BuUding with its new annex—sweep
down a new Pennsylvania Avenue past one of the most beautiful
architectural compositions to be found anywhere in the world, including the Archives, the Department of Justice, the Internal Revenue
Bureau, the Post Office Department, the great plaza with its Department of Commerce, Labor Department, and Department of Interstate
Commerce, past the Old Treasury, the White House and Monument,
the rehabUitatod State Department, and on to the Lincoln Memorial,
the great new memorial bridge across the Potomac, and to Arlington
and the Tomb of the Unknown Soldier. The MaU, dominated by the
Capi(x>l at its head, flanked by niagnificent governmental groups, cut
SECRETARY OF THE TREASURY
397
by tree-shaded drives, with gardens, fountains, reflecting pools, cascades, and terraces, will form a picture that will be enshrined in the
heart of every justly-proud American, the symbol of America—the
capital of our country.
EXHIBIT
59
Statement of Secretary of the Treasury Mellon regarding the present
status of the governmental building program {jpress release, March 28,
1930)
Accelerating its activities in line with President Hoover's policy
of increased construction as a means of relieving unemployment, the
Treasury Department has mapped but a program for putting under
way this year $92,000,000 worth of public buUdings in addition to
the $40,000,000 now under construction.
Prompt passage of the Keyes-Elliott public buUding bill by the
Senate would enable the department to speed up its plans much more
rapidly than at present besides making available for this and other
years an increased sum of money.
The contracts that have been or are to be awarded this year cover
every section of the country with the structures ranging in size from
village post offices to the enormous $14,000,000 building to be erected
in Chicago. This will be the largest post-office building in the world.'
This program wUl afford employment not only for many thousands of
men in the actual building construction but for many other thousands
in the quarries and factories.
Besides the Chicago building, other mammoth structures, the
contracts for which will be let this year, include a $6,500,000 structure
in Pittsburgh, a 21-story $6,000,000 structure in Boston, and a
$3,300,000 building which is to rise on the present site of the Federal
building in Baltimore.
Leaving out of the equation the $40,000,000 expenditure which will
be expedited by the passage of the Keyes-Elliott bill for this calendar
year, $10,000,000 worth of projects are to go on the market by June,
and approximately $35,000,000 worth between that time and October 1.
All of this projected work is outside the District of Columbia,
where nearly $30,000,000 in Federal construction is under way with
an additional $10,000,000 to be put under way this year under the
Keyes-Elliott bill, beginning construction on the Interstate Commerce and Public Health Service Buildings, and the remodeling of the
State, War, and Navy Building to make it conform to the architecture of the Treasury Department BuUding so that the White House
wUl be flanked by two similar structures as Congress originally
intended.
Buildings for which contracts have been awarded this year include a
$1,147,338 marine hospital in San Francisco; a $1,000,000 Federal
building in Scranton, Pa.; a $900,000 Federal building at Memphis,
Tenn.; a $585,000 immigration station at Seattle; an $830,000 buUd
ing at Denver; and smaller structures at Honolulu, McMinnville,
Tenn., Rushville, Ind., and Waynesburg and Tyrone, Pa.
398
REPORT ON THE FINANCES
Bids are now in for buildings in East Chicago, Ind., Pullman, Wash.,
and Sterling, Colo., and tenders have been asked for structures in
Milwaukee, Ottawa, 111., Price, Utah, and Scottsbluff, Nebr.
Treasury Department plans as now outlined call for the award of
contracts during this year for other new Federal building projects
as follows:
Massachusetts: Boston, two buildings—Federal office building and immigration station—Worcester, Lowell, Fall River, and Framingham.
Kansas: Wichita and Junction City.
Ohio: Toledo, and marine hospital at Cleveland.
New York: Assay office; parcel post and Government warehouse in Manhattan; Brooklyn, superstructure; Peekskill and White Plains.
New Jersey: Red Bank and Passaic.
Wisconsin: Racine and Marshfield.
Louisiana: New Orleans, two buildings—marine hospital and a quarantine
station—Bogalusa.
Virginia: Lynchburg, Roanoke, Alexandria, and Buena Vista.
North Carolina: Greensboro and Lenoir.
West Virginia: Morgantown and Parkersburg.
Oklahoma: Oklahoma City and Tulsa.
Georgia: Savannah.
Alabama: Sheffield and Union Springs.
Missouri: Kansas City and Sedalia.
Arizona: Prescott and San Luis.
Washington: Seattle, Federal office building; Blaine, inspection station.
Michigan: Benton Harbor and Flint.
Connecticut: New London, Coast Guard Academy.
Indiana: Lafayette.
Tennessee: Kingsport.
Iowa: Iowa City.
New Hampshire: Hanover.
Vermont: Highgate Springs, inspection station; Bellows Falls.
Oregon: Klamath Falls.
Texas: Galveston, marine hospital.
Minnesota: South St. Paul.
South Dakota: Vermilion.
North Dakota: St. Johns, inspection station.
Utah: Ogden..
Wyoming: Casper.
New Mexico: Albuquerque.
Idaho: Nampa.
Montana: Havre.
Rhode Island: Pawtucket.
California: San Bernardino.
South Carolina: Spartansburg.
Colorado: Canon City.
Arkansas: Eldorado.
Mississippi: Greenwood.
Maine: Houiton, inspection station.
This list of buildings does not include projects t h a t may be selected
under the authorization of $115,000,000 for the country at large
included in the Keyes-EUiott biU, and after the passage of that biU
it will be possible to expedite the construction of the Federal buildings
at Chicago, San Francisco, Pittsburgh, Portland, Oreg., Hartford,
and Springfield, IU., involving a total of approximately $30,000,000,
besides 10 other projects yet to be determined.
SECRETARY OF THE TREASURY
399
E X H I B I T 60
The Public Building Program, an address by Assistant Secretary of
the Treasury Heath before the Michigan Bankers Association, Grand
Rapids, Mich., June 11, 1930
Mr. President and members of the Michigan Bankers Association
and guests, a clause in the Constitution of the United States authorized the location and the buUding of a Capital for the Nation. Leningrad and Canberra, Australia, are the only other capitals which
were founded for this express purpose. The first building commenced under the first public building program of the Government
was the Capitol at Washington. Since then there have been buUdings constructed in all States of the Union, untU now there are some
1,400 Government-owned buUdings. Most of these have been built
haphazard, both as to architecture and public convenience, and have
been built under separate bills passed by Congress under the old
logrolling method.
Public buUding ceased in this country in 1917, and in 1926 it was
appreciated that, owing to the enormous growth of the country and
the pressing needs then evident, a buUding program conducted under .
the old scheme of things would prove entirely futile. I t was then
that Congress wisely adopted the present method of buUding our
public buildings and, in the law approved May 25, 1926, directed that
the Secretary of the Treasury and the Postmaster General should make
a nation-wide survey and report back to Congress as to the public
necessity.
In February, 1927, this report was sent to Congress, allocating
distribution of $100,000,000 that had been authorized at the time
the M a y bill was passed, and indicating that it would require $361,000,000 at least to provide for all the needs of the country outside
of the District of Columbia as of that date.
There were additional authorizations made amounting to another
$100,000,000 and to include also the proceeds of the sale of the old
buUdings and grounds, and it was estimated that the total amount
available would be $248,000,000. A report was sent to Congress in
February, 1929, indicating the aUocation of the entire $248,000,000.
About this same time $50,000,000 was authorized to be expended
for departmental buildings in Washington, and $25,000,000 for the
acquisition of land for the purpose. These buUding acts provided
that expenditure of this huge sum should be under the direction of
the Secretary of the Treasury, and consequently the Supervising
Architect's Office of the Treasury Department is in criarge of the
work and it becomes an integral part of Treasury activity.
WhUe Secretary of Commerce, President Hoover took a great interest in the development of the buUding plans of the Government,
and after he became President he inaugurated legislation that would
allow the expansion of the building program to more nearly comply
with the needs of the country, not only outside the District of Columbia but within the District, and there has recently been passed what
is known as the Keyes-Elliott bill which provides $115,000,000 additional for the Government program in the District of Columbia and
a like amount for the country at large.
12101—31—-28
400,
REPORT ON T H E FINANCES
I t is not possible to list the names of those in public life who have
been responsible for the sentiment in Congress which culminated in
this legislation. Thirty years ago McKinley, Root, Roosevelt, and
Taft, assisted by the constructive genius of Senator McMUlan of
Michigari, were very largely responsible for the inauguration of the
work. Of later years the President, Secretary Mellon, Senator
Fernald, Senator Smoot, Congressman EUiott, and Congressman
Cramton, of our own State, have carried on the work.
We therefore now have a buUding program authorized by Congress
which contemplates the expenditure of $363,000,000 outside the District and $190,000,000 in the city of Washington. The program is
carried on through what is known as the interdepartmental committee, which is composed of an Assistant Secretary of the Treasury,
an Assistant Postmaster General, the Supervising Architect of the
Treasury, and a secretar}'- to the committee. All projects throughout the country in which postal activities are housed are passed on
by this committee. In the case of customhouses, quarantine stations, assay offices, appraisers' stores, etc., as well as courthouses,
where there are no postal activities, the Secretary of the Treasury
is in entire charge.
On January 1 of this year we had $40,000,000 of contracts on hand.
Due to the extended program and the desire of the administration
to place as much work as possible on the market this year, we expect
to have $80,000,000 of contracts in force by the 1st of next January.
To carry on this enormous amoimt of work, the Supervising Architect's Office has a force of over 200 men working on sketches and
designs, plans and contracts, and we are expanding this force by
one-third as rapidly as is possible under the civU service rules.
Before an individual project is authorized by Congress an estimate
is made of the requirements and limits of cost are set by the Secretary
of the Treasury. These projects are listed by installments and sent
to Congress for specific authorization and appropriation. As soon
as the appropriations are made the sites are purchased in case the
Government does not own the site, and as soon as title has been
passed to the Government and approved by the Attorney General
plans are made for the buUding, specifications are written, bids are
asked for, and the contract awarded. This process takes very much
longer than sometimes seems necessary, because of innumerable
dela3^s which can not be obviated. To name a few, I might mention
site location disagreements in the various communities, flaws in the
title when sites have been decided, difficulty in pleasing the.various
departments whose approval has to be obtained before plans can be
completed, importunities of various producers and fabricators of
materials through their congressional delegation, and interferences
of various kinds which are bound to occur in a governmental project.
Of course, the greatest single project under the direction of the
Secretary of the Treasury is the rebuilding of Washington. As you
know, the First Congress delegated the authority for the selection of
a site for the -Federal city to George Washington, and, assisted by
Jeft'erson and Madison, he decided upon the present location of the
Capital. This first commission chose a young French engineer, M a j .
Pierre Charles L'Enfant, a friend of Washington in the Continental
Army, who set to work with enthusiasm and evolved the now famous
L'Enfant plan for the Federal city. L'Enfant was famUiar with the
SECRETARY OF THE TREASURY
401
work of LeNotre as his youth had been spent at Versailles, and you
will observe the influence of this greatest of. landscape architects in
the plan being followed to-day.
The Capitol was commenced in 1793 and soon afterwards work
began on the White House. In later years several notable public
buildings were constructed—the Treasury, the Patent Office, and
the District Courthouse—as examples. A half century ago the
authorities seemed to have been affected by a sort of architectural
gitters, and some of the monstrosities still standing in Washington
show what lack of standards of taste can do in blighting a beautiful
plan.
The World's Fair at Chicago seems to have brought about an
architectural renaissance in this country, and, in 1900, Burnham,
McKim, St. Gaudens, and Olmstead were called together by President
McKinley to discuss the Washington situation, and the so-called
McMillan plan of 1901 was evolved. From that time on Congress
has gradually been educated to a sense of the possibilities in Washington, as well as the necessities, and, under the new building act,
the L'Enfant plan is being developed by the Secretary of the Treasury,
adv ised by a board of consultants composed of some of the leading
architects of the country.
Briefly, the projects^ now in various stages of development include
a grand development of the Mall which stretches from the Capitol
to the Lincoln Memorial. As adjuncts to this great Government
park, bordered as it will be by magnificent departmental buildings,
will be the expansion of the Capitol grounds to the Union Station,
the additions to the Senate and House Office buildings, the new building for the Supreme Court, the great Arlington Memorial Bridge,
the new highway to Mount Vernon, and the drive from the Lincoln
Memorial to the Great Falls of the Potomac.
The Cramton park bill just passed, which has been sponsored by
Congressman Cramton of this State, provides the means for a great
development of the drives along the Potomac. The highway to
Mount Vernon will soon be completed, and, in a few years, there wUl
be a beautiful drive extending from Fort Washington to the Great
Falls of the Potomac, where a bridge is to be buUt and another highway extending from there all the way to Mount Vernon. I n addition to this the legislation provides for the extension of Rock Creek
Park into Maryland, so that all the very lovely country and great
natural beauties of the scenery in and around Washington wfll be
saved to the people for all time.
The development of this program will run over a period of possibly
8 or 10 years, but within three or four years most of it will have been
accomplished, or wUlbe well on the way.
In a few years visitors to Washington wUl leave the Union Station,
which, as you know, is a magnificent gateway to the city, step out
into the station plaza, drive past the great buUdings of the Capitol
group down a Federal avenue lined with the most magnificerit architectural composition to be found anywhere in the world;, the outlines of classical buUdings reflected in pools and cascades, beautiful
gardens on every side and shaded drives, until they pass the Washington Monument and arrive at the Lincoln Memorial. Its beauty
seems to grow with the years. From the memorial the great Arlington
402
REPORT ON THE FINANCES
Bridge leads you to the Tomb of the Unknown Soldier and the last
resting place of thousands of the defenders of the land.
The people of the country will have a Capital expressing and fulfilling their needs, which will become the great shrine of the Republic.
To paraphrase two Presidents, Washington will express the soul of
America and stand as the symbol of the Nation.
PUBLIC HEALTH
EXHIBIT
61
[PUBLIC—No. 106—71ST CONGRESS—H. R . 8807]
An Act To provide for the coordination of the public health activities of ihe
Government, and for other purposes
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled. T h a t upon the request of the head of an executive department or an independent
establishment which is carrying on a public health activity the
Secretary of the Treasury is authorized to detail officers or employees
of the Public Health Service to such department or independent
establishment in order to cooperate in such work. When officers or
employees are so detailed their salaries and allowances shall be paid
by the Public Health Service from applicable appropriations.
SEC. 2. (a) The Surgeon General of the Public Health Service is
authorized to detaU personnel of the Public Health Service to educational and research institutions for special studies of scientific
problems relating to public health and for the dissemination of information relating tq public health, and to extend the facilities of the
Public Health Service to health officials and scientists engaged in
special study.
(b) The Secretary of the Treasury is authorized to establish such
additional divisions in the Hygienic Lab^oratory in the District of
Columbia as he deems necessary to provide agencies for the solution
of public health problems, and facUities therein for the coordination
of research by public health officials and other scientists and for
demonstrations of sanitary methods and appliances.
SEC. 3. The administrative office and bureau divisions of the Public
Health Service iu. the District of Columbia shall be administered
as a part of the departmental organization, and the scientific offices
and research laboratories of the Public Health Service (whether or
not in the District of Columbia) shall be administered as a part of
the field service.
,
SEC. 4,. Hereafter, under such regulations as the President may
prescribe, medical, dental, sanitary engineer, and pharmacist officers
selected for general service in the regular corps of the Public Health
Service and subject to change of station shall be appointed by the
President, by and with the jad vice and consent of the Senate;
original appointments shall be made only in the grade corresponding
to that of assistant surgeon or passed assistant surgeon, except as
provided urider sections 5 and 6 of this act.
SECRETARY OF THE TREASURY
403
SEC. 5. The President is authorized to appoint, by and with the
advice and consent of the Senate, to grades in the regular corps not
above that of medical director, under such regulations as he may
prescribe, not to exceed a total of fifty-five medical, dental, sanitary
engineer, and pharmacist officers in the Public Health Service upon
the date of passage of this act (except commissioned officers of the
regular corps). Not more than four such appointments shall be in
a grade above that of surgeon. In making such appointments due
regard shall be had to the salary received by such officer at the time
of such appointment. For purposes of pay and pay period, said
officers shall be credited only with active service in the Public Health
Service and active commissioned service in the Army and the Navy.
SEC. 6. The Secretary of the Treasury is authorized to order
officers in the reserve of the Public Health Service to active- duty
for the purpose of training and of determining their fitness for appointment in the regular corps, and such active duty shall be credited
for purposes of future promotion in the regular corps.
SEC. 7. Whenever commissioned officers of the Public Health
Service are not available for the performance of permanent duties
requiring highly specialized training and experience in scientific
research, the Secretary of the Treasury shall report that fact to the
President with his recommendations, and the President, under the
provision of this section, is authorized to appoint, by and with the
advice and consent of the Senate, not to exceed three persons in any
one fiscal year to grades in the regular corps of the Public Health
Service above that of assistant surgeon, but not to a grade above
that of medical director; and for purposes of pay and pay period
any person appointed under the provisions of this section shall be
considered as having had on the date of appointment service equal
to that of the junior officer of the grade to which appointed.
SEC. 8. Any person commissioned in the regular corps of the
Public Health Service under the provisions of this act of an age
greater than forty-five years, if placed on waiting orders for disability incurred in line of duty, shall receive pay at the rate of 4
per centum of active pay for each complete year of service in the
Army, Navy, or Public Health Service, the total to be not more than
75 per centum.
SEC. 9. Hereafter commissioned officers of the regular corps of the
Public Health Service, after examination under regulations approved
by the President, shall be promoted according to the same length
of service and shall receive the same pay and allowances as are now
or may hereafter be authorized for officers of corresponding grades
of the Medical Corps of the Army, except that—
(a) For purposes of future promotion an officer whose original
appointment to the regular corps under the provisions of this act
is in a grade above that of assistant surgeon shall be considered as
having had on the date of appointment service equal tp that of the
junior officer of the grade to which appointed; if the iactual service
of such officer in the Public Health Service exceeds that of the
juriipr officer of the grade, such actual service not exceeding ten years
for a passed assistant surgeon, and fourteen years for a surgeon
shall be credited for purposes of future promotiori;
' (b) Pharmacists shall not be promoted to the grade of passed
assistant surgeon until after five years of service in the grade of
404
REPORT ON THE FINANCES
assistant surgeon and shall not be promoted above the grade of passed
assistant surgeon.
(c) When an officer, after examination under regulations approved
by the President, is found not qualified for promotion for reasons
other than physical disability incurred in line of duty—
(1) If in the grade of assistant surgeon, he shall be separated
from the service and paid six months' pay and allowances;
(2) I t in the grade of passed assistant surgeon, he shall be separated from the service and paid one year's pay and allowances;
and
(3) If in the grade of surgeon or of senior surgeon, he shall be
reported as not in line of promotion, or placed on waiting orders
and paid a t the rate of 2K per centum for each complete year of
active commissioned service in the Public Health Service, but in no
case to exceed 60 per centum of his active pay at the time he is
placed on waiting orders.
SEC. 10. (a) The President is authorized to prescribe appropriate
titles for commissioned officers of the Public Health Service other
than medical officers, corresponding to the grades of medical officers.
Hereafter officers of the Public Health Service in the grade of
Assistant Surgeon General (except those in charge of bureau divisions) shall be known and designated as medical directors. The limitation now imposed by law upon the number of senior surgeons and
Assistant Surgeons General at large of the Public Health Service
on active duty is hereby repealed.
(b) Hereafter the Surgeon General of the Public Health Service
shall be entitled to the same pay and allowances as the Surgeon
General of the Army; and a regular commissioned officer of the
Public Health Service who serves as Surgeon General shall, upon the
expiration of his commission, if not reappointed as Surgeon General, revert to the grade and number in the regular corps that he
would have occuped had he not served as Surgeon General.
(c) The officer detailed as chief of the narcotics division of the
Public Health Service shall, while thus serving, be an Assistant
Surgeon General, subject to the provisions of law applicable to
Assistant Surgeons General in charge of other administrative divisions of the Public Health Service.
SEC. 11. Hereafter the Secretary of the Treasury shall appoint,
in accordance with the civil service laws, all officers and employees,
other than commissioned officers, of the Public Health Service, and
may make any such appointment effective as of the date on which the
officer or employee enters upon duty: Provided, That any regulations
which may be prescribed as to the qualifications as to the appointment
of medical officers or employees shall give no preference to any school
of medicine.
SEC. 12. Hereafter officers of the Public Health Service when disabled on account of sickness or injury incurred in fine of duty shall
be entitled to medical, surgical, and hospital services and supplies
under such regulations as the Secretary of the Treasury may prescribe.
.
SEC.. 13. Hereafter the advisory board for the Hygienic Laboratory
shaU be known as the National Advisory Health CouncU, and the
Surgeon General of the Public Health Service, with the approval of
the vSecretary of the Treasury, is au thorized to appoint, from repre-
SECRETARY OF THE TREASURY
405
sentatives of the public health profession, five additional members of
such council. The terms of service, compensation, and allowances
of such additional members shall be the same as the other members
of such council not in the regular employment of the Government,
except that the terms of service of the members first appointed shall
be so arranged that the terms of not niore than two members shall
expire each year. Such council, in addition to its other function,
shall advise the Surgeon General of the Public Health Service in
respect to public health activities.
. .
Approved, AprU 9, 1930.
EXHIBIT
62
[PUBLIC—No. 251—71ST CONGRESS—S.
1171]
An Act To establish and operate a National Institute of Health, to create
a system of fellowships in said institute, and to authorize the Government to accept donations for use in ascertaining the cause, prevention,
and cure of disease afiecting human beings, 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 Hygienic
Laboratory of the Public Health Service shall hereafter be known
as the National Institute of Health, and all laws, authorizations, and
appropriations pertaining to the Hygienic Laboratory shall hereafter
be apphcabie for the operation and maintenance of the National
Institute of Health. The Secretary of the Treasury is authorized to
utihze the site now occupied by the Hygienic Laboratory and the
land adjacent thereto owned by the Government and available for
this purpose, or when funds are available therefor, to acquire sites
by purchase, condemnation, or otherwise, in or near the District of
Columbia, and to erect thereon and to furnish and equip suitable
and adequate buildings for the use of such institute. In the administration and operation of this institute the Surgeon General shall
select persons , who show unusual aptitude in science. There is
hereby authorized to be appropriated, out of any money in the
Treasury not otherwise appropriated, the sum of $750,000, or so
much thereof as may be necessary for construction and equipment of
additional buildings at the present Hygienic Laboratory of the Public Health Service, Washington, District of Columbia.
SEC. 2. The Secretary of the Treasury is authorized to accept on
behalf of the United States gifts made unconditionally by will or
otherwise for study, investigation, and research in the fundamental
problems of the diseases of man and matters pertaining thereto,
and for the acquisition of grounds or for the erection, equipment,
and maintenance of buildings and premises: Provided, That conditional gifts may be accepted if recommended by the Surgeon General
and the National Advisory Health Council. Any such gifts shall
be held in trusts and shall be invested by the Secretary of the Treasury in securities of the United States, and the principal or income
thereof shall be expended by the Surgeon General, with the approval
of the Secretary of the Treasury, for the purposes indicated in this
act, subject to the same examination and audit as provided for
406
'
REPORT Olsr THE FINANCES
'
appropriations made for the Public Health Service by Congress.
Donations of $500,000 or over in aid of research wiU be acknowledged permanently by the estabhshment within the institute of suitable memorials to the donors. The Surgeon General, with the
approval of the Secretary of the Treasury, is authorized to establish
and maintain feUowships in the National Institute of Health, from
funds donated for that purpose.
SEC. 3. Individual scientists, other than commissioned officers of
the Public Health Service, designated by the Surgeon General to
receive fellowships may be appointed for duty in the National Institute of Health established by this act. During the period of such
fellowship these appointees shall hold appointments under regulations promulgated by the Secretary of the Treasury and shall be
subject to administrative regulations for the conduct of the Public
Health Service. Scientists so selected may likewise be designated
for the prosecution of investigations in other localities and institutions in this and other countries during the term of their fellowships.
SEC. 4. The Secretary of the Treasury, upon the recommendation
of the Surgeon General, is authorized (1) to designate the titles and
fix the compensation of the necessary scientific personnel under regulations approved by the President; (2) in accordance with the
civil service laws to appoint, and in accordance with the classification act of 1923, and amendments thereto, fix the compensation of
such clerical and other assistants; and (3) to make such expenditures (including expenditures for personal services and rent at the
seat of government, for books of reference, periodicals, and.exhibits,
and for printing and binding) as he deems necessary for the proper
:administration of such institution.
SEC. 5. The facUities of the institute shall from time to time be
made available to bona fide health authorities of States, counties, or
municipalities for purposes of instruction and investigation.
SEC. 6. T h a t hereafter the Director of the National Institute of
Health while so serving shall have the rank and shall receive the
pay and allowances of a medical director of the Public Health
Service.
Approved, May 26, 1930.
DISCONTINUANCE OF COINAGE OF THE $2.50 GOLD PIECE
EXHIBIT
63
Letter from Secretary of the Treasury Mellon to the President of the
Senate, dated January 17,1930, transmitting draft of proposed bill to
provide for the discontinuance of the coinage of the $2.50 gold piece
JANUARY 17,
1930.
I am transmitting herewith draft of a
proposed bill to provide for the discontinuance of the coinage of the
$2.50 gold piece.
The $2.50 gold coin is one not used or required in commerce, and is
one for which there is no demand by the public, except during the
Christmas holiday season. The coins are in demand at that time
M Y DEAR M R . PRESIDENT:
SECRETARY OF T H E TREASURY
407
for use as gifts, but when so issued they very generally disappear from
circulation. While a total of $50,541,475 in $2.50 gold pieces has been
coined for the period from 1796 to December 31, 1929, a total of only
$170,307.50 of these coins remained on hand in the Federal reserve
banks and the Treasury offices as of December 31, 1929. I t is unlikely that a material amount of the coiris now in circulation will ever
be returned to the Treasury.
For some years the number of $2.50 gold pieces coined has been
grossly insufficient to meet the Christmas demand therefor, andl
much irritation is created each year by the distribution of an inadequate supply. If the supply were wholly cut off, no inconvenience
to business would be experienced. However, if, on the other hand,,
this coinage is to be continued, the.supply must be greatly increased,
in order to fully satisfy the Christmas demands therefor. The goldl
required for the manufacture of an adequate supply of these coins is.
needed, and can be utilized to better advantage, in the public interest,;
as a basis for credit and for other purposes.
Moreover, at the present time the capacity of the coinage mints is.
taxed to meet the requirements of business and comm'erce, and tO'
suspend or interfere with the manufacture of needed denominations •
of coins for the purpose of manufacturing coins which are used almost
entirely for gift purposes and which disappear from circulation after
being issued, is undesirable from a business and a practical standpoint.
Under the circumstances, I am very strongly of the opinion that
the coinage of the $2.50 gold piece should be discontinued, and
recommend that a bill along the lines of the attached draft be enacted
into law.
A draft of the attached proposed bill has been sent to the Speaker
of the House of Representatives.
Very truly yours,
A. W.
MELLON,
Secretary of the Treasury.
The
PRESIDENT OF THE SENATE.
A B I L L TO discontinue the coinage of the two and one-half dollar gold piece
Be it enacted hy the Senate and House of Representatives of the United States
of America in Congress assembled, That hereafter the two and one-half dollar
gold piece shall not be coined or issued by the Treasury.
EXHIBIT
64
[PUBLIC—No. I l l — 7 1 S T CONGRESS—H. R . 9894]
An Act To discontinue the coinage of the two and one-half dollar gold piece
Be it enacted, by the Senate and House of Representatives of the
United States of America in Congress assembled. That hereafter the
two and one-half dollar gold piece shall not be coined or issued by the
Treasury.
Approved, AprU 11, 1930.
408
REPORT ON T H E FINANCES
MISCELLANEOUS
EXHIBIT
65
Order signed by Secretary of the Treasury Mellon, November 1, 1929,
directing the General Supply Committee to report directly to the
Assistant Secretary in charge of public buildings and miscellaneous
NOVEMBER 1,
1929.
ORDER
On and after November 1, 1929, the General Supply Committee
will report directly to the Assistant Secreta,ry in charge of public
buildings and miscellaneous, instead of reporting through the Division
of Supply as heretofore.
A. W.
MELLON,
Secretary of the Treasury.
EXHIBIT
66
Special deposits of public moneys under the act of Congress approved
September 24, 1917, as amended {Department Circular No. 92,
revised October 1, 1928, and supplemented December 15, 1929)
[Department Circular No. 92, revised]
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,
Washington, October 1, 1928.
To Federal reserve banks and other banks and trust companies incorporated under the laws of the United States or of any State:
Department Circular No. 92, of April 17, 1919, is hereby revised
so as to provide as follows:
Any incorporated bank or trust company in the United States
desiring to participate in deposits of public moneys, as authorized
by the act of Congress approved September 24, 1917, as amended,
should make application to the Federal reserve bank of its district.
Applications for deposits of public moneys under said act must
be in Form H - 5 , hereto attached, and must be accompanied by a
certified copy of resolutions, duly adopted by the board of directors
of the applicant, in Form J - 5 , hereto attached.
Depositaries already qualified to a sufficient amount pursuant to
Department Circular No. 92, of November 1, 1927, will not be
required to file new formal applications or resolutions, but if they
desire to receive or retain deposits after November 1, 1928, must
so notify the Federal reserve bank of the district in which they are
located; and they will, by the acceptance or retention of deposits
after November 1, 1928, be conclusively presumed to have assented
to all the terms and provisions hereof, and to the retention of collateral security theretofore pledged as collateral security hereunder.
Depositaries heretofore designated, which have been wholly inactive
for a period of two years preceding the date of this circular, will be
discontinued, and, iu the future, the designations of all such depositaries which have not applied for deposits hereunder for a period of
SECRETARY OF THE TREASURY
409
two years will be automatically canceled. Depositaries so discontinued may be redesignated at any time, upon full compliance
with the terms of this circular and upon recommendation of the
Federal reserve banks. Depositaries, heretofore or hereafter designated, which, having subscribed to an offering of United States
bonds, notes, or certificates of indebtedness, and having in due course
received an allotment on their subscription, refuse to receive the
said allotment and make payment therefor, may be discontinued.
Depositaries so discontinued may be redesignated upon full compliance with the terms of this circular, upon recommendation of the
Federal reserve bank of their district, and upon the approval of the
Secretary of the Treasury.
In fixing the maximum amount of deposits for which it will apply,
the applicant bank or trust company should be guided by the amount
of the payments which it expects to have to make, for itself and others,
on account of bonds, notes, and certificates of indebtedness of the
United States issued under authority of said act, and income taxes,
as the case may be, and, as well, by any statutory limitations upon
the amount of deposits which the applicant bank or trust company
may receive from any one depositor. Any application may be rejected or the applicant may be designated for a smaller maximum
amount than that applied for. After receiving the recommendation
of the Federal reserve bank, the Secretary of the Treasury wiU
designate approved depositaries.
COLLATERAL SECURITY
Designated depositaries will be required, before receiving deposits
to qualify by pledging, as collateral security for such deposits, including interest thereon, securities of the following classes, to an amount,
taken at the rates below provided, at least equal to such deposits:
(a) Bonds, notes, and certificates of indebtedness of the United
States Government, of any issue, including interim certificates or
receipts for payments therefor; all at par.
(6) Bonds and debentures issued under the Federal faim loan act
as amended, bonds of Porto Rico, bonds and certificates of indebtedness of the Philippine Islands, and bonds of the Territory of Hawaii;
all at market value, not to exceed par.
(c) Bonds of any State of the United States, at market value, not
to exceed par; and approved notes, certificates of indebtedness, and
warrants issued by any State of the United States, at 90 per cent of
market value, not to exceed par.
{d) Approved bonds of any county, city, or political subdivision
in the United States; and approved notes, certificates of indebtedness,
and warrants with a fixed maturity issued by any county or city in
the United States, which are direct obligations of the county or city
as a whole, or which.are payable from general taxes levied on all
taxable property in such county or city; all at 90 per cent of market
value, not to exceed par; but not including any such bonds which are
at a market price to yield more than 5 per cent per annum, nor any
such other obligations which are at a market price to yield more than
5K per cent per annum, if held to maturity, according to standard
tables of bond values.
410
REPORT OK THE FINANCE^
{e) Approved bonds, listed on some recognized stock exchange,
and notes, of domestic railroad companies \yithin the United States;
approved equipment trust obligations of such domestic railroad companies; and approved bonds and notes of domestic electric railway and
traction companies, telephone and telegraph companies, electric light,
power, and gas companies, and industrial companies, secured (directly
or by the pledge of mortgage bonds) by mortgage upon physical
properties in the United States and listed on some recognized stock
exchange; all at 75 per cent of market value, not to exceed par; but
not including any such bonds or obligations which are at a market
price to yield more than 6}^ per cent per annum, if held to maturity,
according to standard tables of bond values.
(/) Commercial paper and bankers' acceptances having maturity
at the time of pledge of not to exceed six months, exclusive of days
of grace, and which are otherwise eligible for rediscount or purchase
by Federal reserve banks, and which have been approved by the Federal reserve bank of the district in which the depositary is located,
at 90 per cent of face value. All such commercial paper and Acceptances must bear the indorsement of the depositary bank or trust
company.
{g) Customers' notes, drafts, and bills of exchange indorsed by a
correspondent incorporated bank or trust company and rediscounted
by the depositary bank.or trust company, when approved by the Federal reserve bank of the district in which the depositary is located, at
75 per cent of face value. All such notes, drafts, and bills of exchange
must bear the indorsement of the depositary bank or trust company-j
{h) Notes and bills payable of a correspondent incorporated bank or
trust company secured by customers' notes, drafts, or bills of exchange
to at least an equal amount, when approved by the Federal reserve
bank of the district in which the depositary is located, at 75 per cent
of face value. All such notes and bills payable must bear the indorsement of the depositary bank or trust company.
No security shall be valued at more than par. No municipal bond,
obligation, or evidence of indebtedness, shall be accepted unless the
^municipality has been in existence for a period of 10 years. No state
,or municipal bond, obligation, or evidence of indebtedness shall be
^accepted if the State or municipality has made default in payment
(Of principal or interest during the past 10 years.
The right is reserved to call for additional collateral security at any
itime.
The approval and valuation of securities is committed to the several
Kederal reserve banks, acting under the direction of the Secretary of
t h e Treasury. The withdrawal of securities, the pledge of additinal
^securities, and the substitution of securities shall be made from time
•to time as required or permitted by the Federal reserve banks, acting
funder like direction.
CUSTODY OF SECURITIES
All securities accepted as collateral security for deposits hereunder
wcmst be deposited with the Federal reserve bank or branch of the
district in which the depositary is located, as fiscal agent of the
United States,
SECRETARY OF THE TREASURY
4X1
HOW DEPOSITS ARE TO BE MADE
Each qualified depositary will be required to open and maintain
or continue for the account of the Federal reserve bank of its district,
as fiscal agent of the United States, a separate account for deposits
to be made hereunder, to be known as the ^ War loan deposit account."
^
Qualified depositaries may, if and to the extent from time to time
hereafter authorized by the Secretary of the Treasury, be permitted
to make payment by credit, when due, of amounts payable on subscriptions made by or through them for bonds, notes, and certificates
of indebtedness of the United States issued under authority of said
act. In order to make payment by credit, tlie depositary must, on
or before tde date when such payment is due, notify the Federal
reserve bank of the district of such intention and issue a certificate
of advice to such Federal reserve bank, stating that a sum specified
has been deposited with such depositary for the account of such
Federal reserve bank, as fiscal agent of the United States, in the war
loan deposit account. Such certificate of advice must be substantially
in Form K-2, hereto attached.
Payment of income taxes can not be made by credit. Out of trie
unexpended casn proceeds, if any, arising from the payment of income
taxes, deposits may be made througn the Federal reserve banks, under
dnection of the Secretar^^ of the Treasury, with qualified depositaries
througnout trie United States, as may be hereafter announced by the
Secretary of trie Treasuiy.
All deposits and withdrawals will be made by the Federal reserve
banks by direction of the Secretary of the Treasury.
The amount deposited with any depositary shall not in the aggregate exceed at ony one time {a) the maximum amount for which it
shall have been designated as a despositary, nor (b) the aggregate
amount of the collateral security pledged by it taken at the rates
hereinbefore provided.
WITHDRAWAL OF DEPOSIT
All deposits will be payable on demand without previous notice.
Calls for withdrawals of deposits with special depositaries wiU be
made through the Federal reserve banks, and depositaries will be
required to arrange for payments of sucri calls in funds triat wiU
be immediate^ available on the paj^'ment due date.
INTEREST ON DEPOSITS
E^ch depositary will be required to pay interest at the rate of 2
per Dent per annum on daily balances.
The right is reserved to amend oi supplement or revise trie provisions of this circular at any time or from time to time.
A. W.
MELLON,
Secretary qf the Treasury.
APPLICATION FOR DEPOSITS
To the Federal Reserve Bank of
, fiscal agent of the United States:
The undersigned bank or trust company, in accordance with the provisions of
Treasury Department Circular No. 92, revised, of October 1, 1928, and pursuant
to due action of its board of directors, hereby makes application for the deposit of
412
REPORT o n THE FINANCES
public moneys with it from time to time under the act of Congress approved
September 24, 1917, as amended, the aggregate amount of such deposits not to
exceed at any one time $
; and assigns and agrees to pledge, from time to
time to and with the Federal Reserve Bank of
, as fiscal agent of the United
States, as collateral security for such deposits as may be made from time to time
pursuant to this application, secutities of the character and amount required
by said circular.
By " I " " " " " " ] i : " " i : " " I " " " " I " " _ _
(Street)
0 (City of town)
(State)
President (Vice President).
RESOLUTIONS AUTHORIZING APPLICATION FOR DEPOSITS
I hereby certify that the following resolutions were duly adopted at a meeting
of the board of directors of the below-named bank (trust company), which meeting was duly called and duly held on the
day.of
, 192__, a quorum
being present, and that the said resolutions were spread upon the minutes of said
meeting:
Resolved, That in accordance with the provisions of Treasur}?^ department
Circular No. 92, revised, of October 1, 1928, this bank (trust company) makes
application for the deposit of public moneys with it from time to time under the
act of Congress approved September 24, 1917, as amended, the aggregate amount
of such deposits not to exceed at any one time $
; and assign and agree to
pledge from time to time to and with the Federal Reserve Bank of
, as
fiscal agent of the United States, as collateral security for such deposits as may be
made from time to time, pursuant to such applications, securities of the character
and amount required by said circular; and
Resolved, That the president, or any vice president, or cashier, or assistant
cashier, or secretary, or assistant secretary, or treasurer, or assistant treasurer,
' of the undersigned bank (trust company) is hereby authorized to make application,
assignment, and agreement as aforesaid, and from time to time to deliver to and
pledge with said Federal reserve bank, or any custodian or custodians appointed
by it, securities of the undersigned bank (trust company) of a character and
amount at least sufficient to secure such deposits according to the terms of said
Treasury Department circular, and from time to time to withdraw securities and
to substitute other securities and to pledge and deposit additional securities.
In witness whereof I have hereunto signed my name and affixed the seal of
the
of
Cashier (Secretary).
CERTIFICATE OF ADVICE
(Title of bank or trust company.)
(Location.)
, 192
(Date.)
I hereby certify that there has been deposited this day with the above bank
(trust company), to the credit of the Federal Reserve Bank of
, as fiscal
agent of the United States, War Loan Deposit Account, to be held subject to
withdrawal on dernand, the sum of
dollars, consisting of payment for
r,^^ ,
fprincipal
$
aonas
laccrued interest
$
^ .
^principal
$
.
iNOtes
_
laccrued interest
$_
Certificates of indebtedness..{P^^j^^^^^^^^^^
Total $_
Cashier or Vice President.
(The depositary will forward this to the Federal Reserve BanR of
.)
SECRETARY OF THE TREASURY
413
[First supplement to Department Circular No. 92, revised]
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,
Washington, December 15, 1929.
To Federal Reserve Banks and other banks and trust companies incorporated under the laws of the United States or of any State:
Department Circular No. 92, revised October 1, 1928, is hereby
supplemented to include Treasury bills as collateral security for deposits of public mone3^s thereunder among the securities of the
United States Government specified in subparagraph {a) under the
caption COLLATERAL SECURITY, SO that such subparagraph will read
as follows:
^' {a) Bonds, notes, certificates of indebtedness, and Treasury bills
of the United States Government of any issue, including interim certificates or receipts for payment therefor; at par for bonds, notes,
and certificates, and face value in the case of Treasury bills."
Payment for Treasury bills riiay not be made by credit in war loan
deposit account, but must be made in cash or other funds that will
be immediately available on the specified payment date.
A. W.
MELLON,
Secretary of the Treasury.
EXHIBIT
67
Regulations governing deposit of public moneys and payment of Government checks and warrants (Department Circular No. 176, amended
and supplemented)
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,
Washington, September 2, 1930.
To the Treasurer of the United States, Federal Reserve Banks and
Branches, Member Bank Depositaries, Special Depositaries of Public
Moneys, Collectors of Internal Revenue, Collectors of Customs, Receivers of Public Moneys, Marshals and Clerks of Courts, all other
Officers or Agents of the United States engaged in collecting, depositing,
or transmitting public moneys, and others concerned:
I. D E P O S I T OF PUBLIC M O N E Y S
1. This circular governs deposits of public moneys with the Treasurer of the United States, Federal reserve banks and branches, and
member bank depositaries. All deposits of public moneys hereunder
shall be for credit to the account of the Treasurer of the United States,
except deposits with member bank depositaries to the credit of official
checking accounts of Government officers. The term ''Federal
reserve b a n k " where it appears in this circular, unless otherwise
indicated by the context, includes branch Federal reserve banks with
which deposits are authorized to be made. The term ^'member bank
depositaries" means national banks, and state banks and trust
companies which are members of the Federal reserve system, designated by the Secretary of the Treasury to be general or limited depositaries. This term where it appears in this circular, unless otherwise indicated by the context, includes both general depositaries and
414
REPORT ON THE FINANCES
limited depositaries. The term "general depositaries" means depositaries with authority to accept deposits for credit in the Treasurer's general account, and the term "limited depositaries" means
depositaries with authority to accept deposits only for credit to official
checking accounts of Government officers with such depositaries.
All collectors, receivers of public moneys of every description, and
other persons having public money to pay to the United States, are
hereiuafter sometimes called "depositors of public moneys."
GENERAL PROVISIONS AS TO DEPOSITARIES
2. Classes of depositaries.—In addition to the Treasurer of the
United States, the regular depositary system of the Treasury comprises Federal reserve banks (including branches) and member
bank depositaries. With the exception of deposits of cash with general
depositaries in accordance with paragraph 4 hereof, and deposits
with member bank depositaries to the credit of official checking accounts of Government officers, as hereinafter provided, all deposits of
public moneys hereunder are required to be made with Federal
reserve banks and branches or direct with the Treasurer of the United
States. Deposits of public moneys are maintained with the several
Federal reserve banks, pursuant to the provisions of section 15 of the
Federal reserve act, as amended, and the act approved May 29, 1920,
providing for the discontinuance of the subtreasuries.
General
depositaries of public moneys are designated and maintained only
at points where a depositary is necessary to meet the requirements of
Government offi'cers for cash for pay roll or other expenditures, or to
receive deposits of cash from depositors of public moneys for credit
to the account of the Treasurer of the United States, and then only
if there is no Federal reserve bank or branch located at or near the
point. The balances maintained with general depositaries to the
credit of the Treasurer of the United States are fixed in direct proportion to the amount and character of the essential Government
business transacted by such depositaries and are adjusted periodically upon that basis. General depositaries, when so authorized
by the Secretary of the Treasury, may also accept deposits to the
official credit of other Government officers. Limited depositaries of
public moneys are not authorized to accept deposits for credit in the
Treasurer's general account but are designated by the Secretary of
the Treasury for the sole purpose of receiving, up to specified maximum amounts, deposits made by United States courts and their officers, by postmasters, and, in special cases, by other duly authorized
Government officers, for credit to their official checking accounts
with such depositaries. Member bank depositaries must qualify,
before receiving deposits, by pledging as collateral security for such
deposits, including interest thereon, securities of the classes described
in paragraph 28 hereof, to an amount taken at the rates therein
provided, at least equal to the deposits. Member bank depositaries
are also required to comply with the terms of paragraphs 26, 27, 29,
30, 31, and 33 hereof. National banks are designated as depositaries
of public moneys under R. S. 5153, as amended (title 12, sec. 90,
U. S. C ) . State banks and trust companies, whicii are members of
the Federal reserve system, are designated under the act of Congress
approved May 7, 1928 (45 Stat. 492), appearing as title 12, section
332, United States Code.
SECRETARY OF T H E TREASURY
415
3. Special depositaries.—Any incorporated bank or trust company
in the United States desiring to participate in deposits of public
moneys arising from the sale of bonds, notes, or Treasury certificates
of indebtedness of the United States may make application for designation as a special depositary of public moneys to the Federal reserve
bank of its district, pursuant to Treasury Department Circular No.
92 of October 1, 1928, as from time to time amended and supplemented. Detailed regulations governing such depositaries are prescribed in said circular, to which reference is hereby made. The provisions of this circular do not apply to or govern special depositaries
under said circular, and such depositaries are not, by virtue of any
such designation or their qualification thereunder, authorized to
accept deposits hereunder from collectors or other depositors of
public moneys for credit to the account of the Treasurer of the United
States, or to the official checking accounts of Government officers.
GENERAL PROVISIONS AS TO DEPOSITS
4. Cash deposits.—All cash received by collectors of internal
revenue, collectors of customs, and other depositors of public moneys
shall be deposited, if the depositor is located in the same city with
a Federal reserve bank or branch, with such Federal reserve bank or
branch, and in other cases with the general depositary or depositaries
located in the same city or town with the depositor: Provided, however. That if there is no general depositary located in the same city
or town with the depositor, all cash shall be forwarded to the Federal
reserve bank of the district or the nearest branch thereof: And provided further. That depositors located in the District of Columbia
shall make deposits of cash direct with the Treasurer of the United
States. Payments made by postal or express money order shall be
handled, subject to collection, in the same manner as cash.
5. Checks and'drafts.—Checks and drafts received by collectors of
internal revenue, collectors of customs, and other depositors of public
moneys shall be deposited as hereinafter provided. All checks and
drafts received by any Government officer are received subject to
collection, and in the event that any check or draft can not be collected or is lost or destroyed before collection, appropriate action must
be taken by the depositor in the same manner as if the check or draft
had not been received. Payments made by check or draft are not
effective unless and until the proceeds of the check or draft have been
received in actually and finally collected funds. All such checks which
are deposi tied with or collected through a Federal reserve bank or
branch shall be collected in accordance with the regulations of the
Federal Reserve Board governing the clearing and collecting of checks
by Federal reserve banks. All checks and drafts received in payment
of obligations to the United States must be payable unconditionally
in money of the United States. Checks or drafts payable in exchange
at the option of the drawee will not be accepted. Drafts shall be
handled hereunder in the same manner as checks, and the term
"checks" where it appears in this circular, will, unless otherwise
indicated by the context, be deemed to include drafts.
6. Certificates of deposit.—Certificates of deposit shall be issued,
until further notice, on the following forms: Form 1 (revised), for
all departments and establishments on account of repayments to
appropriations, miscellaneous receipts, and public debt issues, unless
12101—31
^29
416
REPORT ON THE FINANCES
otherwise provided for; Form 3, for repayments of interest on the
pubUc debt; Form 4, for deposits by collectors of customs on account
of customs duties, and tonnage tax, including PhUippine Islands tariff
fund; Form 5, for deposits by collectors of customs on account of
miscellaneous receipts, internal revenue collections, and repayments
to appropriations; Form 12, for deposits on account of transfer of
funds; Form 15, for deposits on account of internal revenue collections [deposits by collectors of internal revenue on account of miscellaneous receipts and repayments to appropriations will be made on
Form 1 (revised)]; Form 5396, for deposits on account of proceeds
from collections (Treasurer of the United States); Form 6549, for
deposits on account of postal-savings funds; Form 6594, for deposits
on account of surplus money-order funds; Form 6598, for deposits
on account of surplus postal funds; Form 6599, for deposits with the
Treasurer of the United States for official credit of a disbursing officer
subject to his check, deposits for account of Secretary's special deposit accounts, and Panama Canal tolls to be placed to the official
credit of the collector, Panama CanaL
The act of Congress approved March 6, 1920, provides that all
patent fees shall be paid to the Commissioner of Patents, who shall
deposit them directly with the Treasurer of the United States.
Accordingly other depositaries must not accept deposits of patent
fees.
In every case certificates of deposit shall be dated by the depositary when issued and the date on the certificate shall be the same as
that of the transcript of the Treasurer's account in which the amount
is credited. Certificates of deposit generally should be prepared by
the depositor, and should be numbered and dated by the depositor
as of the date sent to the depositary when prepared by him. All
certificates must be signed by a duly authorized officer of the depositary over his official title. The original of each certificate of deposit
(unless other specific instructions are given) shall be transmitted to
the Treasurer of the United States, with the transcript on Form 17,
on which the credit appears. The other certificates of deposit in the
set should be disposed of in accordance with the instructions which
appear on the certificate (or in case the certificate contains no instructions, in accordance with the provisions of Department Circular No.
12, as amended and supplemented April 23, 1929), and one copy may
be retained by the depositary for its own records. Federal reserve
banks and branches and the Treasurer of the United States should
see that the face of each certificate in any set of certificates of deposit
covering in whole or in part items other than cash for which credit is
given in the Treasurer's account before actual collection, bears a
legend reading as follows: "This certificate of deposit issued subject
to deduction for uncollectible items." I t is of the utmost importance that certificates of deposit be properly issued, and in this connection depositors and depositaries should give special attention to
two points, viz: (1) The name and title (if any) of the depositor, as
John Doe, receiver of public moneys, or, in cases where the deposit
is made by one person for account of another person, John Doe,
receiver of pubUc moneys, through Richard Roe; and (2) the source
from which the funds are derived, as "Miscellaneous receipts, sale of
surplus property," giving symbol number prescribed in General
Regulations No. 67 of the General Accounting Office dated June 27,
SECRETARY OF THE TREASURY
417
1928, in order to enable the Treasury Department to classify the
deposit and credit the proper receipt account at the same time that
the depositary is charged with the amount of the deposit. Certificates of deposit on Form 15 must show deposits of "Income taxes"
separate,and distinct in each case from deposits of "Miscellaneous
internal revenue collections." It is not necessary to make any further
separation of classes of internal revenue deposits on the face of certificates of deposit on Form 15. In view of the large number of collections made by clerks of court on account of fines and costs, one set
of certificates only may be issued for all such deposits made in any one
day by such officers, provided the clerk furnishes a consohdated statement to be attached to the original certificate showing the court cases
with name and amount deposited in each case as fines and costs. In
no case shall a duplicate or second set of certificates be issued without special authority of the Secretary of the Treasury, unless and
until the entire original set has been canceled. But copies of any
certificate in a set may be furnished on request (except that the certificate bearing the printed word "Original" may not be used for this
purpose) provided each such copy is plainly stamped across the face
in large letters "Copy." If an error is discovered after the original
has been mailed, the Treasurer of the United States should be notified
at once in order that proper correction may be made.
7. Unauthorized receipt or use of public money.—Section 96 of the
act of Congress approved March 4, 1909 (appearing as sec. 182,
title 18, U. S. Code), provides the following penalties for the unauthorized receipt or use of public money:
Every banker, broker, or other person not an authorized depositary of public
moneys, who shall knowingly receive from any disbursing officer, or collector of
internal revenue, or other agent of the United States, any public money on
deposit, or by way of loan or accommodation; with or without interest, or otherwise than in payment of a debt against the United States, or shall use, transfer,
convert, appropriate, or apply any portion of the public money for any purpose
not prescribed by law; and every president, cashier, teller, director, or other
officer of any bank or banking association who shall violate any provision of this
section is guilty of embezzlement of the public money so deposited, loaned, transferred, used, converted, appropriated, or applied, and shall be fined not more
than the amount embezzled, or imprisoned not more than ten years, or both.
GENERAL PROVISIONS AS TO DEPOSIT OF CHECKS
8. Deposit of checks.—Unless and until otherwise directed by the
Secretary of the Treasury, all checks and drafts received by collectors
of internal revenue, collectors of customs, and other depositors of
public moneys (except checks for deposit in authorized official checking accounts maintained by Government officers with member bank
depositaries) shall be deposited pursuant to the following instructions:
9. Deposit of checks with Federal reserve banks and branches.—-Except
as otherwise hereinafter provided, all checks, whether certified or
uncertified, and whether or not drawn on banks or trust companies
located in the same city with the depositor, including checks for deposit to the official credit of the depositor with the Treasurer of the
United States, shall be forwarded for deposit each day (unless specific
instructions for different procedure are given with the approval of
the Secretary of the Treasury) to the Federal reserve bank of the
district in which the depositor's head office is located (or in case the
418
REPORT ON THE FINANCES
head office is located in the same city with a branch Federal reserve
bank, to such branch Federal reserve bank): Provided, however. That
depositors located in the District of Columbia shall, and in special
cases other depositors may, make deposits hereunder direct with the
Treasurer of the United States: And provided, further. That checks
drawn on the Treasurer of the United States for deposit in the
checking account of the depositor or of another disbursing officer
may in all cases be deposited direct with the Treasurer. Specific
instructions may be given by the Secretary of the Treasury in certain
instances for the deposit of checks with Federal reserve banks of
other districts, or with branch Federal reserve banks. Government
officers having deputies located away from the head office will make
the necessary arrangements for the deposit of checks received by such
deputies with the Federal reserve bank or branch with which the officer himself makes deposits hereunder, for credit in the name of the
officer for whom the deputy acts, unless otherwise directed by the
Secretary of the Treasury on requests of depositing officers in specific
cases, or, if there is a Federal reserve.bank or branch in the same city
with the office of the deputy, with such Federal reserve bank or branch
in like manner.
10. Classification of items for deposit.—Items forwarded to the Federal reserve bank or branch for deposit and collection in accordance
herewith should first be sorted into two principal groups as follows:
(a) Items drawn on banks and trust companies located in the same
city with the Federal reserve bank or branch with which the deposit
is made, and
(6) Items drawn on banks and trust companies located outside of
the city in which is located the Federal reserve bank or branch with
which the deposit is made.
Collectors of internal revenue will make further classification of
checks forwarded by them for deposit in accordance with paragraph
14 hereof.
The several groups shall each be accompanied by a separate letter
of transmittal describing the items or draft certificate of deposit (to
consist of a full set in proper form, to be dated by depositor as of the
date sent and dated and signed by the Federal reserve bank as of the
date credited in the Treasurer's account)/, and such letter of transmittal or draft certificate of deposit must, in all cases, specify the
account or purpose for which the deposit is received. (See special
instructions below to collectors of internal revenue, collectors of customs, and other depositors of public moneys, paragraphs 14, 17, and
20 hereof, respectively.)
11. Indorsement and transmission of checks for collection.—The
depositor should stamp on the face of each check deposited the words:
"This check is in payment of an obligation to the United States and
must be paid at par. N. P.," followed by the transit number of the
Federal reserve bank or branch in which the checks are deposited and
his name and title. The Federal reserve bank will make an effort
to collect every check on these terms. If the bank on which a check
is drawn for any reason does not pay it at par, it will be returned to the
depositor in the same manner as a bad check. A check is not paid by
the bank on which it is drawn until the proceeds thereof have been
received in actually and finally collected funds. All checks forwarded
SECRETARY OF THE TREASURY
4l9
by depositors to Federal reserve banks should be indorsed: " P a y to
the order of the Federal Reserve Bank of
(Insert name of city in whicii Federal reserve bank, not branch, is located.)
for credit to the Treasurer of the
UnitedStates,
,
(Date.)
(Signature or stamp, of depositor.)
(See special instructions to' collectors of internal revenue, paragraph 15.) The checks must in all cases be forwarded by registered
mail. Inasmuch as the indorsement is specific, it is not necessary that
checks be insured. Depositors must, however, retain a record of the
checks forwarded, so that if any check is lost payment may be stopped
immediately and a duplicate secured. Necessary expenses for postage
and registration charges should be borne by such appropriation as
may be available and must not in any event be deducted from the
amount of the deposit. (See special instructions to collectors of
internal revenue, collectors of customs, and other depositors of public
moneys, below.) If the depositor has no appropriation available
to pay such charges, he should make prompt report to the Secretary
of the Treasury, division of deposits, and request instructions.
When transmitting checks to a Federal reserve bank, the depositor
should request such bank to execute certificates of deposit on the
appropriate form and dispose of the certificates in the set in accordance
with instructions which appear thereon.
12. Uncollected and lost checks.—In the event that any check for
which a certificate of deposit has been issued is not paid for any reason
by the bank on which it is drawn, such check, if recovered by the
Federal reserve bank, will be immediately returned to the depositor,
who shall immediately give receipt therefor on the reverse of Form
5504 (see p. 16), showing the date, number, and amount of each
certificate of deposit in which the amount of the unpaid check (or
checks) was included, and the class of the deposit, as V'Income taxes,"
or "Miscellaneous internal revenue," etc. In case the unpaid check
is not recovered by the Federal reserve bank, the said bank shall
immediately notify the depositor who shall, nevertheless, upon
request of the Federal reserve bank, give receipt on Form 5504 as
above, making a notation of the circumstances on the reverse of the
form and indicating the reason why the check itself was not returned.
The depositor will in either case adjust his accounts accordingly and
proceed to collect the amount involved in the item as if no check had
been received. In case of failure for any reason to collect checks
forwarded for collection by the Treasurer of the United States, such
checks if recovered by the Federal reserve bank should be returned
to the cashier, office of the Treasurer of the United States, with duplicate debit voucher on Form 5315, and the original Form 5315 transmitted with the transcript in support of the charge for such returned
items in all cases where the Treasurer's account already has been
credited therewith. In case the unpaid check or checks are not
recovered by. the Federal reserve banks, a notation of the circumstances should be made on the reverse of Form 5315. In the event
that any check for which a certificate of deposit has been given is
reported lost after deposit, the Federal reserve bank will notify the
depositor, who will request the drawer to stop payment thereon and
420
REPORT ON THE FINANCES
forward a duplicate check. The depositor will give to the Federal
reserve bank a statement on the reverse side of Form 5504 (p. 16)
appropriately changed for the purpose, showing the date, number, and
amount of each certificate of deposit in which the amount of the lost
check (or checks) was included, the class of the deposit, and other
information required on the form. The depositor will then adjust
his accounts accordingly, and if a duplicate check is not received in
due course, he will proceed to make collection as if no check had been
received. When the drawer makes payment for either a bad check
or lost check, the depositor will treat it in his accounts as new business
and make deposit of the amount with the Federal reserve bank in the
usual manner.
FOR SPECIAL ATTENTION OF COLLECTORS OF INTERNAL REVENUE
13. Deposit of checks with Federal reserve banks and branches.—All
checks, whether certified or uncertified, and whether or not drawn on
banks or trust companies located in the same city with the collector,
received by collectors of internal revenue (hereinafter in this title
called collectors) and their deputies in payment of internal revenue,
including income taxes, shall be forwarded for deposit each day by
collectors, unless otherwise specifically instructed by the Secretary
of the Treasury, to the Federal reserve bank of the district in which
the collector's head office is located (or, in case the head office is
located in the same city with a branch Federal reserve bank, to such
branch Federal reserve bank) in accordance with paragraph 9 hereof.
Specific instructions may be given by the Secretary of the Treasury
in certain instances for the deposit of checks with Federal reserve
banks of other districts or branch Federal reserve banks. Collectors
will make the necessary arrangements for deposits by their deputies in
accordance with the provisions of this paragraph and of said paragraph 9.
14. Classification of checks for deposit.—Checks forwarded to the
Federal reserve bank in accordance herewith may be inclosed under
one outer wrapper, but must be separated into the following classes
in addition to the groups specified in paragraph 10:
{a) Checks received exclusively in payment of income taxes,
inclosed in a separate package containing an inner wrapper or label
plainly marked "Income tax checks only."
(6) All other checks received (in whole or in part) in payment pf
other internal revenue, inclosed in a separate package containing an
inner wrapper or label plainly marked "Miscellaneous internal
revenue collections."
^j Collectors of internal revenue should arrange each class of checks
so forwarded into groups pursuant to paragraph 10 hereof. Each
such group of checks must be accompanied by a draft certificate of
deposit (original, duplicate, and triplicate, in proper form, to be dated
by the depositor as of the date sent and dated and signed by the
Federal reserve bank, as of the date credited in the Treasurer's
account), and such draft certificate of deposit must, in all cases,
specify the amount of the deposit representing "Income taxes" separate and distinct from the amount representing "Miscellaneous
internal revenue collections."
SECRETARY OF THE TREASURY
421
15. Indorsement and transmission of checks for collection.—The
collector should stamp, indorse, and transmit such checks in accordance with paragraph 11 hereof, adding to the indorsement, the
notation "Income taxes" or "Miscellaneous internal revenue collections," as the case may be. Collectors are authorized by the Commissioner of Internal Revenue to incur any necessary expense for
postage and registration charges from the appropriation "Collecting
the internal revenue." When transmitting the checks to the Federal
reserve bank, the collector should request the Federal reserve bank to
execute certificates of deposit on Form 15 in his name, and to send
the duplicate and triplicate of the certificates of deposit to his office,
for disposition in accordance with the instructions which appear on
the margin of the certificate.
16. Uncollected and lost checks.—In the event that any check is
unpaid for any reason, or reported lost after deposit, the collector
will proceed in accordance with paragraph 12 hereof. If any taxpayer
should fail to make good any such check after demand, the collector
should proceed to collect the taxes by the usual methods, as though
no check had been received.
FOR SPECIAL ATTENTION OF COLLECTORS OF CUSTOMS
17. Deposit of checks with Federal reserve banks and branches.—All
checks, whether certified or uncertified, and whether or not drawn on
banks and trust companies located in the same city with the collector,
received by collectors of customs (hereafter in this title called collectors), shall be forwarded for deposit each day by collectors, unless
otherwise specifically instructed by the Secretary of ttie Treasury, to
the Federal reserve bank of the district in which the collector's head
office is located (or, in case the head office is located in the same city
with a branch Federal reserve bank, to such branch Federal reserve
bank) in accordance with paragraph 9 hereof. Specific instructions
may be given by the Secretary of the Treasuiy in certain instances
for the deposit of checks with Federal reserve banks of other districts
or branch Federal reserve banks. Collectors will make the necessary
arrangements for deposits by their deputies in accordance with the
provisions of this paragraph and of said paragraph 9. Checks forwarded to the Federal reserve bank in accordance herewith should be
arranged in groups as required by paragraph 10 hereof and each such
group of checks must be accompanied by a draft certificate of deposit (to consist of a full set, in proper form, to be dated by the collector as of the date sent and dated and signed by the Federal reserve
bank as of the date credited in the Treasurer's account). Form 4
should be used for deposit of customs duties and tonnage tax, including Philippine Islands tariff fund. Form 5 should be used for other
deposits by collectors not subject to their official checks. The reverse
of the original of Form 5 must be filled in as to account titles to
which the deposits are to be credited.
18. Indorsement and transmission of checks for collection.—The
collector should stamp, indorse, and transmit all checks in accordance
with paragraph 11 hereof. Collectors are authorized to incur any
necessary expense for postage and registration charges from the
appropriation "Collecting the revenue from customs." When
transmitting the checks to the Federal reserve bank, the collector
422
REPORT ON T H E FINANCES
should request the Federal reserve bank to execute certificate of
deposit and to make disposition of the certificates in the set in accordance with the instructions thereon.
19. Uncollected and lost checks.—:In the event that any check is
unpaid for any reason, or is reported lost after deposit, the collector
wUl proceed in accordance with paragraph 12 hereof.
OTHER DEPOSITORS OF PUBLIC MONEYS
20. All checks received by other depositors of pubhc moneys will be
stamped, indorsed, transmitted, and deposited with Federal reserve
banks and their branches in accordance with the provisions of paragraphs 8 to 12 hereof, inclusive.
FOR SPECIAL ATTENTION OF OFFICIALS OF UNITED STATES COURTS
21. The following instructions are issued for special attention of
officials of United States courts:
(a) Deposits with the Treasurer of the United States.—Public moneys
accruing to the United States from fines, penalties, forfeitures, fees,
forfeitures of recognizances or bail bonds given in criminal or Chinese
exclusion cases, debts due the United States, including interest
thereon, costs in civil and criminal cases, sales of public property,
unclaimed wages and effects of seamen that have remained in the
registries of courts more than six years. Unclaimed moneys remaining
in registries of courts five years or longer, or from any other sources,
except as stated below or otherwise specifically provided by law, shall
be deposited promptly with the Treasurer of the United States in
accordance with paragraphs 4 and 8 to 12 hereof, inclusive, with full
information as to the source of the receipt in each case, including
title of suit and the appropriate receipt title and symbol number as
provided by paragraph 1385 of the Attorney General's instructions
to United States attorneys, marshals, clerks, and commissioners,
dated October 1, 1929. Deposits to the credit of appropriations
should be made with the Treasurer of the United States under appropriation symbol numbers and titles, with proper fiscal year designations.
{b) Deposits with collectors of internal revenue.—Moneys collected
for violations of internal revenue laws, including costs, shall be paid
to the collector of internal revenue for the district in which the case
arose. (See U. S. Code, title 26, sec. 145.) Cases arising under the
so-called Anti-Narcotic Act (38 Stat. 785) are regarded as internal
revenue cases. Actions on forfeited recognizances or bail bonds in
internal revenue cases, or which are brought under section 240 of the
Criminal Code, or for violation of the national prohibition act, except
possibly a few cases under section 35 thereof, are classed as general
civil suits, and collections thereunder should be deposited with the
Treasurer of the United States.
{c) Deposits with collectors of customs.^M.ojiejs collected for violation of the following laws, including costs, should be paid to the collector of customs for the district or port in which the case arose, and
his receipt therefor on Form 14.should be sent promptly to the Attorney General: (1) Customs; (2) navigation, including regulation of
motor boat equipment and steamboat inspection; (3) smugghng
opium; (4) immigration and Chinese exclusion laws; (5) failure to
SECRETARY OF THE TREASURY
423
produce consular bills of health, or related cases under the pubhc
health laws.
{d) Deposits with fiscal agents of the Forest Service.—Moneys collected as damages on account of trespassing on the national forests
shall be paid to the fiscal agent of the Forest Service for the district in
which the case arose. Receipts for such moneys should be sent
promptly to the Attorney General on Form 15. The fines and costs
in such cases, however, should be deposited with the Treasurer of the
United States.
{e) Deposits with county ofiicers for public school funds.—Fines collected under sections 52 and 53 of the Criminal Code, for setting fire
to timber on public lands, or faihng to extinguish same, shall be paid
to the proper county officer for the pubhc school fund of the county
where the land is situated, but costs in such cases shall be deposited
with the Treasurer of the United States.
{f) Deposits with disbursing ofiicers and agents of Indian Service.—
Moneys collected in Indian suits involving rentals, leasing, damages,
etc., of Indian property, or allotments for use of the particular Indian
owners, shall be^ paid to the disbursing officer for the agency having
jurisdiction over them, and receipts for such moneys shall be sent
promptly to the Attorney General on Form 15. Costs in such cases,
however, shall be deposited with the Treasurer of the United States.
{g) Deposits with the Attorney General: Postal cases.—One half of aU
penalties and forfeitures for violation of laws affecting revenues or
property of the Post Office Department should be paid on order of
the court to the person informing and prosecuting for the same, unless
a different disposition is expressly prescribed. The remainder of such
moneys and all other fines in criminal cases for violation of the postal
laws, with costs, also all moneys collec^ted in civil post office suits for
claims should be transmitted directly to the Attorney General by
draft or check made payable to the order of the Treasurer of the United
States accompanied by a report on Form 10. Such moneys will be
desposited under the direction of the Attorney General and duphcate
certificate of deposit transmitted to the clerk of court. (See U. S.
Code, title 39, sec. 791.)
{h) Deposits with Bureau of Naturalization.—Fees received for services rendered in naturahzation proceedings shall be paid over to the
Bureau of Naturalization within 30 days from the close of each quarter.
No portion of these fees shall be retained as emoluments of the clerk's
office. When remitting funds to the Bureau of Naturalization.clerks
should furnish such reports as may be required by said bureau.
{i) Deposits with the passport division of the Department of State.—
The fee of $1 collected under the act of June 4, 1920 (41 Stat. 750), for
executing each application for a passport shall be retained by the
clerk of court and accounted for as an earning of his office, but the
additional fee of $9 for each passport issued shall be remitted directly
to the State Department (passport division) with the application for
passport, preferably by post-office money order purchased by and
at the expense of the applicant. In taking apphcations for passports
clerks should be guided by such instructions as may be issued from
time to time by the Secretary of State.
{j) Designation of account titles and symbols.—In. order to facihtate
the handhng of deposits in the Treasury Department officials of United
States courts are specifically requested to indicate upon certificates of
424
REPORT ON THE FINANCES
deposit (Form 1, revised), in substantially the following form, a brief
description of the acts under which collections are made and the
appropriate receipt symbols:
Crim. 1292, U. S. v. John Doe (Symbol 2530, fines, national prohibition act). $200
Crim. 1310, U. S. v. Tom Bond (Symbol 2850, sec. 37, P. C.)
500
Letters transmitting collections payable to various officials of the
Government, but not directly to the Treasurer of the United States,
should show the appropriate receipt title and symbol number.
FOR SPECIAL ATTENTION OF FEDERAL RESERVE BANKS
22. Collection and credit.—Federal reserve banks are expected to
give credit in the Treasurer's account on the date of deposit for all
items payable in Federal reserve funds or other immediately available
funds, and for all items classified in group {a) of paragraph 10 hereof,
which are received early enough to be cleared on the day of receipt.
In no case should credit in the Treasurer's general account be deferred
more than one day for items classified in group {a) of paragraph 10,
except that credit may be deferred for two days for/items which can
not be cleared in less than two days. Certificates of deposit for the
full amount of aU such items received from any depositors of public
moneys should be issued at the time of credit in the Treasurer's
general account.
Federal reserve banks are requested to give credit for items classified in group (6) of paragraph 10 hereof on the basis of the average
time of coUection, which should be agreed upon in each case between
the Federal reserve bank and the Treasury, and which should not
exceed four days. Certificates of deposit for such items should be
issued at the time of credit in the Treasurer's account. Any Federal
reserve bank instead of following this procedure may, by special
arrangement with the Treasury, credit the Treasurer's general account
each day for collections in accordance with its established time schedule, entering such credits in the transcripts of the general account.as
"unclassified receipts," until the last item of the deposit has been so
credited. The certificate of deposit should then be issued and the
total amount of the deposit credited, with corresponding charge in
the transcript against the "unclassified receipts" previously credited.
Federal reserve banks following this alternative procedure will be
expected to sort items received under group (6) in accordance with the
time schedules to be applied, and are requested to expedite to the
utmost collection and credit in order to avoid holding the accounts of
depositors in suspense.
Federal reserve banks are authorized to collect checks deposited
for credit to the Treasurer's general account, when properly stamped
as prescribed in paragraph 11 hereof, in accordance with the regulations of the Federal Reserve Board governing the clearing and collecting of checks by Federal reserve banks. The Federal reserve
banks will exercise due diligence in collecting such checks.
23. Uncollected and lost checks.—In the event that any checks for
which a certificate of deposit has been given are not paid for any
reason by the drawee bank, the check or checks, if recovered by the
Federal reserve bank, should be promptly returned to the depositor,
who will immediately give a receipt therefor on the reverse of Form
SECRETARY OF THE TREASURY
425
5504, page 16. This receipt must show the date, number, and amount
of each certificate of deposit in which the amount of the unpaid
check (or checks) was included, and the class of the deposit, as
"Income taxes," or "Miscellaneous internal revenue," etc. In case
the unpaid item or items are not recovered by the Federal reserve
bank the depositor will nevertheless upon request of the Federal
reserve bank give receipt on Form 5504, as above, making a notation
of the circumstances on the reverse of the form. In either event, the
Federal reserve bank, upon obtaining such a receipt from the depositor, will immediately charge the amount, with appropriate description, in its current transcript of the Treasurer's account on Form 17,
and forward therewith in support of the entry the receipt given by
the depositor with a debit voucher, both on Form 5504, a supply of
which may be obtained from the Treasury Department by each
Federal reserve bank for this purpose. In case of checks forwarded
for collection by the Treasurer of the United States which are not
paid for any reason by the drawee bank, the check or checks, if
recovered by the Federal reserve bank, should be returned to the
cashier, office of the Treasurer of the United States, with duplicate
debit voucher. Form 5315, and the original Form 5315 transmitted
with the transcript to support the charge in all cases where the
Treasurer's account has already been credited. In case the unpaid
item or items are not recovered by the Federal reserve bank a notation of the circumstances should be made on the reverse of Form
5315.
If a check credited in the Federal reserve bank's collection account
should be lost or returned unpaid, and no certificate of deposit has
been issued therefor, the amount thereof should be charged to the
collection account, and the check, if recovered by the Federal reserve
bank, returned to the depositor.
A check is not considered paid within the meaning of this circular
until the proceeds thereof have been received in actually and finally
collected funds. In case an exchange draft is tendered by the bank
on which a check is drawn and the draft is not paid in actually and
finally collected funds because of insolvency of the bank on which
the check is drawn, the draft should be retained by the Federal
reserve bank as the basis for a claim, and the Federal reserve bank
will be expected in ordinary course to file a claim thereon for account
of the Treasurer, though dividends on claims so filed should be
accepted only upon specific authority from the Secretary of the
Treasury. Immediately upon filing claim the Federal reserve bank
should notify the Secretary of the Treasury, division of deposits,
giving a full description of the items included in the claim.
In the event that any checks for which a certificate of deposit has
been given are lost after deposit, the depositor should be promptly
notified and he will have payment stopped thereon, as required by
paragraph 12 hereof. The depositor will state on the reverse of Form
5504, appropriately changed for the purpose, the date, number, and
amount of each certificate of deposit in which the amount of the lost
check (or checks) was included, the class of deposit, and other information required on the form. The Federal reserve bank, upon
obtaining such a statement from the depositor, will immediately
charge the amount, with appropriate description in its current,
transcript of the Treasurer's account on Form 17 and forward there
426
REPORT ON THE FINANCES
with in support of the entry the depositor's statement with debit
voucher, both on Form 5504.
24. CertiUcates of deposit.—Federal reserve banks are requested to
use great care to observe the depositor's classification of deposits
and to see that all certificates of deposit are duly executed in accordance with paragraph 6 hereof. The date inserted on the certificate
of deposit by the Federal reserve bank must, in all cases, be the same
as the date of the transcript in which the amount is credited. Certificates of deposit should be numbered by the depositor if prepared
by him, but in the event that the depositor fails to number the certificate the Federal reserve banks will supply a number. Certificates
of deposit on Form 15 for deposits of internal revenue collections
must specify on the face thereof deposits of "Income taxes" separate
and distinct in each case from deposits of "Miscellaneous internal
revenue collections." Certificates of deposit on Form 4 should be
used for deposit of customs duties and tonnage tax, including Philippine Islands tariff fund. Certificates of deposit on Form 5 should
be used for other deposits by collectors of customs not subject to
their official checks. The reverse of the original of Form 5 must be
filled, in as to account titles to which the deposits are to be credited.
All copies of the certificate of deposit (duplicate, triplicate, etc.)
must bear the same date and must not be delivered to the depositor
prior to such date.
25. Checks drawn on banks outside district.—Checks received by
Federal reserve banks in accordance with this circular which are
drawn on banks in other Federal reserve districts should be collected
in the usual manner and should not be charged in the Treasurer's
general account as transfers of funds to other Federal reserve banks.
FOR SPECIAL ATTENTION OF MEMBER BANK DEPOSITARIES
26. General provisions.—^General depositaries are not authorized to
maintain any collection account for deposits of public moneys, but
are required to give immediate credit in the Treasurer's account and
to issue certificates of deposit for the full amount of all public moneys
deposited with them for credit in the Treasurer's account ih accordance with this circular. Except pursuant to specific instructions to
that effect from the Secretary of the Treasury, no deposits of checks
or drafts shall be accepted hereunder by general depositaries for
credit to the account of the Treasurer of the United States, but
deposits of cash and postal or express money orders only may be
accepted in accordance with paragraph 4 hereof.
27. Excess balances.—Each general depositary, whenever it holds
funds to the credit of the Treasurer of the United States in excess
of its fixed balance, shall niake immediate transfer of such excess
funds to the Federal reserve bank of its district for credit to the
Treasurer's general account in funds available for immediate credit
by such Federal reserve bank: Provided, however, That such transfers
may also be made with the consent of the Federal reserve bank of
the district to a branch of such Federal reserve bank. Member
bank depositaries, whenever they hold funds to the credit of the
official checking accounts of United States courts or their officers
and of postmasters, pursuant to paragraph 29 hereof, in excess of
the collateral value of the security deposited therefor, shall promptly
SECRETARY OF THE TREASURY
427
report the facts to the Secretary of the Treasury, division of deposits,
and immediately deposit additional security with the Treasurer of
the United States to cover such deposits. Strict observance of this
regulation is required of all depositary banks.
28. Collateral security for deposits with member bank depositaries.—
Until further notice, securities of the following classes, and no others,
will be accepted as security for deposits hereunder with member
bank depositaries, and at the rates below provided:
(a) Bonds, notes, certificates of indebtedness, and Treasury bills
of the United States, of any issue, including outstanding interim
certificates or receipts for payments therefor; at par for bonds,
notes, and certificates and maturity value in the case of Treasury
bills.
(6) Bonds of the Federal land banks, bonds of Porto Rico, bonds
of the District of Columbia, and bonds and certificates of indebtedness
of the Philippine Islands; all at par.
(c) Bonds of the Territory of Hawaii at market value, not to
exceed par.
All securities to be pledged as collateral security for such deposits
must be deposited with the Treasurer of the United States, division
of securities, accompanied by a letter stating distinctly the purpose
for which deposited. When registered bonds or notes are to be
deposited as collateral security hereunder, such bonds or notes
must be assigned to the Treasurer of the United States in trust
for the bank by an officer of the bank, duly authorized by resolution
of its board of directors to make such assignment, and the assignment must be duly acknowledged pursuant to the regulations of
the Secretary of the Treasury governing assignments of registered
bonds and notes. A certified copy of the resolution of the board
of directors must accompany the bonds or notes when forwarded to
the Treasurer of the United States.
29. Court and post ofiice funds, etc.—Limited depositaries designated
for the sole purpose of receiving deposits made by United States
courts and their officers and by postmasters for credit to their official
checking accounts, are not authorized to receive deposits hereunder
for credit to the account of the Treasurer of the United States.
Such depositaries are required to forward to the Treasurer of the
United States, division of general accounts, at the end of each week,
reports on Form 7-B showing in detail the balances to the credit of
the local postmaster and United States courts and their officers.
General depositaries authorized to accept deposits by United States
courts and their officers and by postmasters for credit to their
official checking accounts are required to report daily to the Treasurer of the United States on line 12 of Form 17 the aggregate of
the balances in such accounts and to report on Form 7 at the end
of each week to the Secretary of the Treasury, division of deposits,
showing such balances in detail. Depositaries are required to
include in these reports all funds carried on their books to the official
credit of postmasters, including trust funds, and all funds to the
official credit of the United States courts and their officers, including
United States marshals. Funds of banlo-upt estates deposited by
referees or trustees in bankruptcy and postal savings deposits should
not be included in these reports.
428
REPORT ON THE FINANCES
30. Interest on deposits.—^Unless otherwise specified by the Secretary of the Treasury, each depositary will be required to pay interest
at the rate of 2 per cent per annum on daily balances, including
balances specified in paragraph 29 hereof. Interest will be calculated on an actual day's basis, and shall be paid semiannually on
January 1 and July 1 in each year, 1 per cent for each six months'
period. Reports on Form 5407 must be submitted to the Treasurer
of the United States not later than January 15 and July 15, respectively, accompanied by payment of the amount due, in the form
of a draft drawn in favor of the Treasurer of the United States
on the Federal reserve bank of the district in which the depositary
is located.
31. Restoration of depleted balances.—Whenever the balance to the
credit of the Treasurer of the United States in any general depositary
is reduced by the cashing of Government checks and warrants
below the amount fixed by the Secretary of the Treasury, the balance
wUl be immediately restored upon the receipt by the Treasurer
of the United States of a request from the depositary bank, either
by wire prepaid or by letter. Such requests must be in the form
and in accordance with instructions prescribed by the Treasurer of
the United States. (See Treasurer's circular letter G. A. 55 dated
March 1, 1926, copies of which will be furnished on request.) The
Treasurer of the United States will restore balances in either of
the following methods, as may be desired by the bank: (1) By
directing the appropriate Federal reserve bank by wire to credit
the bank's reserve account, or (2) by placing funds to the bank's
credit by wire with its correspondent in any city where a Federal
reserve bank or branch is located. Immediately upon making
such transfer the Treasurer wUl advise the bank, by wire prepaid,
and credit therefor must be given on the same date in the Treasurer's
account with the depositary bank and reported on Form 17 for
the same day. No funds will be transferred, however, to a depositary bank in advance of the actual reduction of the Treasurer's
balance or in anticipation of the future cashing of Government
obligations.
II.
PAYMENT OF GOVERNMENT CHECKS AND WARRANTS
32. Federal reserve hanks and branches.—Federal reserve banks and
branches will make arrangements to cash Government checks and
warrants drawn on the Treasurer of the United States for disbursing
officers of the War Department and Navy Department, and other
Government officers, provided that satisfactory identification of
the officers shall be furnished. The Treasurer will, upon special
request, advise Federal reserve banks and branches as to whether
the balances to the credit of disbursing officers are sufficient for
payment of the checks presented. Each Federal reserve bank
and branch will cash Government checks and warrants drawn on
the Treasurer of the United States when they are presented and
properly indorsed by responsible incorporated banks and trust
companies who guarantee all prior indorsements thereon, including
the indorsement of the drawer when the check is drawn in his favor.
Checks and warrants cashed by Federal reserve banks and branches
shall be charged to the account of the Treasurer of the United States,
SECRETARY OF THE TREASURY
429
subject to examination and payment by the Treasurer. Federal
reserve banks and branches v/ill not be expected to cash Government
checks and warrants presented direct to the bank by the general
public.
33. Member bank depositaries.—Each member bank depositary with
a fixed balance to the credit of the Treasurer of the United States will
cash Government checks and warrants drawn on the Treasurer of the
United States when they are presented and properly indorsed by
responsible holders who guarantee all prior indorsements thereon,
including the indorsement of the drawer when the check is drawn in
his favor. Checks and warrants so cashed may be charged to the
account of the Treasurer of the United States, subject to examination
and pa3?^ment by the Treasurer. Member bank depositaries are not
required, however, to charge Government checks and warrants cashed
by them in the account of the Treasurer of the United States, except
in special cases where checks drawn on the Treasurer of the United
States are deposited for the official credit of the drawer or the credit
of other Government officers in the account of the Treasurer of the
United States. When Government disbursing officers present official
checks to member bank depositaries to be cashed, the Treasurer of
the United States upon special request will advise such depositaries
as to whether the balances to the credit of the disbursing officers are
sufficient for the payment of the checks presented.
34. Payment by Treasurer.—The Treasurer of the United States
reserves the usual right of the drawee to examine, when received, all
Government checks and warrants cashed by Federal reserve banks
and branches and member bank depositaries, and to refuse payment
thereon. The Treasurer will handle all such items received by him
on the following basis:
(1) Immediate return will be made of any check or warrant, payment of which is refused on account of forged signature of drawer,
insufficient funds, stoppage of payment, or any material defect discovered upon first examination, in all of which cases the transit
account of the remitting bank w:ill be charged with the amount of the
returned check or warrant and the remitting bank will be expected
to give immediate credit therefor in the Treasurer's account; but if
the original check or warrant is required for use in connection with a
criminal investigation or legal proceeding, the original will be retaiued
for that purpose and a photographic copy of the face and back will
be forwarded to the remitting bank in Ueu of the original.
(2) In the event that any check or warrant which has been paid by
the Treasurer is subsequently found to bear a forged indorsement, or
to bear any other material alteration or defect which was not discovered upon first examination, a photographic copy of the check or
warrant will be forwarded to the remitting bank and its transit
account will be charged with the amount by the Treasurer. The
remitting bank, if a member bank depositary, will be expected to
give immediate credit therefor in the Treasurer's account; if a Federal
reserve bank or branch, it will be expected to demand restitution at
once from its prior indorser or indorsers, to maintain a close follow-up
on its demand, and to give credit in the Treasurer's account when
reimbursement has been made. In the case of checks paid more than
a year before reclamation is requested of the presenting bank, the
Treasurer may, in his discretion, treat the item as a coUection instead
430
REPORT ON THE FINANCES
of charging the presenting bank's account, with the understanding
that no rights of the Government as to ultimate recovery are waived
thereby.
(3) In cases of checks or warrants raised or bearing a forged signature of the drawer, not discovered upon first examination by the
Treasurer, and in other cases where the Treasurer's right to reclaim
is in question, the checks or warrants will be forwarded to the remitting
bank as collection items and taken up by the Treasurer when credited,
with no intermediate charge in the account of the remitting bank. A
photographic copy may be returned in lieu of the original if the latter
is required for use in connection with a criminal investigation or legal
proceeding.
In any case arising under this section in which a Federal reserve
bank or branch is unable to secure restitution within a reasonable
length of time, the facts should be reported to the Treasurer of the
United States in order that appropriate action may be taken by him.
Three years after the close of the fiscal year (ending June 30) in
which they are drawn. Treasurer's checks and disbursing officers'
checks are not payable by the Treasurer of the United States, but
should be sent to the Secretary of the Treasury, division of bookkeeping and warrants, for payment from the "Outstanding liabilities "
appropriation; postmasters' checks drawn on the Treasurer of the
United States, and Post Office warrants, bearing like dates, should be
sent to the Comptroller General of the United States for payment or
for indorsement authoriziug payment; provided, however, that the
3-year restriction does not apply to checks for interest on United
States bonds, Philippine, and Porto Rican bonds, or to checks drawn
by the Treasurer of the United States Soldiers' Home at Washington,
D. C , which are payable without limit as to time; and, provided
further, that checks drawn by a register, United States Land Office,
for return of public moneys, may be paid by the Treasurer within five
years after the close of the fiscal year in which they are drawn.
Checks drawn on the Treasurer of the United States by the Comptroller of the Currency, in payment of dividends of failed banks,
should be sent to the Comptroller of the Currency and not to the
Treasurer of the United States.
OTHER PROVISIONS
35. All previous regulations and instructions inconsistent herewith
are hereby superseded, including, so far as inconsistent herewith, the
provisions of Treasury Department Circulars No. 5, dated April 6,
1916, No. 105, dated December 27,^ 1917, and No. 144, dated May 20,
1919, and the provisions of the editions of this circular issued under
dates of December 31, 1919, and May 15, 1922.
36. Except as herein otherwise provided, nothiug contained in this
circular shall be deemed to affect deposits by postmasters to the credit
of their official checking accounts, the deposit of court funds by
United States courts and their officers, or the deposit of postal savings
funds, iu cases where such deposits are not for credit by the depositary
in the account of the Treasurer of the United States. Unless specifically extended thereto by the Secretary of the Treasury, nothing
contained in this circular shall be deemed to apply to or govern the
431
SECRETARY OF THE TREASURY
deposit of public moneys in Federal land banks or joint stock land
banks under the act approved July 17, 1916, as amended.
37. The provisions of this circular do not apply to or govern the
deposit of public moneys outside of the continental United States,
except to the extent specifically extended by the Secretary of the
Treasury from time to time. Reference is made to the provisions of
Treasury Department Circular No. 194, as amended and supplemented
May 4, 1922, for special regulations applicable to the Philippine
Islands.
38. The Secretary of the Treasury may withdraw or amend at any
time or from time to time any or all of the provisions of this circular.
A. W. M E L L O N ,
Secretary of the Treasury.
[Obverse]
Group as
paid checks
First sort
General ledger section
Second sort
Symbol
DEBIT VOUCHER
Treasurer's Office
-, 193._
(Name of Federal reserve bank or branch)
of
Debit has been made this day in transcript of Treasurer's general account for
uncollectible checks deposited by
in payment of
and returned to
the depositor as unpaid, as per receipt on reverse hereof (or lost or other checks,
as per description on reverse hereof) in the amount of $._'
Cashier.
NOTE.—Forward with transcript in support of entry.
[Reverse]
Received __.
, 193--, from
(Name of Federal reserve bank or branch)
{
uncollected checks
|„
^+-„^ +^
advice of lost checks
amoimting to
advice of uncollectible checks not recovered]
^"~'
Classification of deposit
which amount was included in certificates of deposit issued by said bank as follows:
Total amount of
certificate of deDate of issue posit in which
Certificate No. by depositary uncollectible
check or checks
were included
Income taxes, miscellaneous internal r e v e n u e ,
customs, miscellaneous receipts,
surplus postal
funds, etc.
OflScial checking
a c c o u n t a n d Amount of unsurplus money- collectible (lost)
order
f u n d s . checks included
Designate sym- in each certifibol
number
cate
which appeared
on original certificate of deposit
Total, $
District of
(Signature and title of depositor)
1 Make appropriate change, and for other than uncollected checks which are returned, state circum
tances and why checks not returned.
12101—31-
-30
432
REPORT ON T H E FINANCES
EXHIBIT
68
[PUBLIC—No. 316—71ST CONGKESS—S. 3599]
An Act To provide for the classification of extraordinary expenditures
contributing to the deficiency of postal revenues
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled. T h a t the Postmaster
General shaU certify to the Secretary of the Treasury and to the
Comptroller General of the United States, respectively, as soon as
practicable after the end of each fiscal year, the following:
(a) The estimated amount which would have been collected at
regular rates of postage on matter maUed during the year by officers
of the Government (other than those of the Post Office Department)
under the penalty privUege, including registry fees;
(b) The estimated amount which would have been collected at
regular rates of postage on matter maUed during the year by (1)
Members of Congress and (2) others under the franking privUege;
(c) The estimated amount which would have been coUected during
the year at regular rates of postage on publications going free in the
county;
(d) The estimated amount which would have been collected at
regular rates of postage on matter maUed free to the blind during
the year;
(e) The estimated difference between the postage revenue collected
during the year on maUings of newspapers and periodicals published
by and in the interests of religious, educational, scientific, philanthropic, agricultural, labor, and fraternal organizations, and that
which would have been collected at zone rates of postage;
(f) The estimated excess during the year of the cost of aircraft
service over the postage revenues derived from air maU; and
(g) The estimated amount paid during the year to vessels of
American registry for carrying the ocean mail in excess of what
would have been paid at pound rates if carried in vessels of foreign
registry.
And the amounts so certified shall be separately classified on the
books of the Treasury Department and the General Accounting Office,
respectively, in stating the expenditures made from the appropriation to supply the deficiency of postal revenues.
Approved, June 9, 1930.
EXHIBIT
69
Excerpt from a letter of the Postmaster General to the Secretary of the
Treasury, dated October 18, 1930, certifying extraordinary expenditures contributing to the defi^ciency of postal revenues for the fiscal
year ended June 30, 1930, in pursuance of Public Act No. 316, 71st
Congress, approved June 9, 1930 {40 Stat. 523)
In accordance with the provisions of the act of June 9, 1930,
embodied in section 81)2, Postal Laws and Regulations, the amounts
set forth below with respect to certain mailings duriug the fiscal year
ended June 30, 1930, are certified to you in order that they may be
SECRETARY OF THB
TREASUEY
433
separately classified on the books of the Treasury Department in
stating the expenditures made from the appropriation to supply the
deficiency of postal revenues:
(a) The estimated amount which would have been collected
at regular rates of postage on matter mailed during the year by
officers of the Government (other than those of the Post Office
Department) under the penalty privilege, including registry fees. $9, 347, 505. 00
(b) The estimated amount which would have been collected
at regular rates of postage on matter mailed during the year by:
1. IVEembers of Congress under the franking
privilege.
$718,060
2. By others under the franking privilege"
154, 545
.
872, 605. 00
(c) The estimated amount which would have been collected
during the year at regular rates of postage on publications going
free in the county
753, 263. 00
(d) The estimated amount which would have been collected
at regular rates of postage on matter mailed free to the blind
during the year
63, 779. 00
(e) The estimated difference between the postage revenue collected during the year on mailings of newspapers and periodicals
published by and in the interests of religious, educational, scientific, philanthropic, agricultural, labor, and fraternal organizations, and that which would have been collected at zone rates of
postage
414, 388. 00
(/) The estimated excess during the year of the cost of aircraft
service over the postage revenues derived from air mail
13, 863, 174. 10
(g) The estimated amount paid durmg the year to vessels of
American registry for carrying the ocean mail in excess of what
would have been paid at pound rates if carried in vessels of foreign
registry
,
14, 355, 004. 29
Total
_.
39, 669, 718. 39
EXHIBIT 70
Description of change inform of exhibiting the analysis of receipts
and expenditures in the Daily Statement of the Treasury, July 1,
1930
Beginning with this issue of the Daily Statement of the United
States Treasury, a new form of exhibiting the analysis of receipts and
expenditures according to general, special, and trust funds is shown
on page 3. It is not possible to furnish comparative figures for last
year on the new basis; consequently the analysis shown on page 2 in
the form heretofore published will be continued untU the close of the
fiscal year ending June 30, 1931. The aggregate of the receipts and
expenditures, respectively, in each analysis is the same. Beginning
with the fiscal year 1932, when comparative figures wUl have become
available on the new basis, the old form now appearing on page 2 will
be replaced by the new form appearing on page 3.
The analysis of the receipts and expenditures in the new form
enables the Treasury to exhibit the transactions in the general fund
free from restricted^ or earmarked receipts and the expenditures
therefrom. A brief general explanation of the different funds is given
below.
GENERAL FUND
The principal sources of these receipts are income tax, miscellaneous
internal revenue, and customs duties. Miscellaneous receipts shown
under the head of ''General fund" include proceeds of Government
434
REPORT ON T H E FINANCES
owned securities (except those which are applicable to public debt
retirement), sale of surplus and condemned property, Panama Canal
tolls, fees (including consular, passport, and patent fees), fines, penalties, forfeitures, rentals, royalties, reimbursements, immigration head
tax, sale of public land, tax on national-bank circulation, interest on
public deposits, seigniorage on coinage of subsidiary silver and minor
coins, etc. Moneys in the general fund may be withdrawn from the
Treasury only in pursuance of appropriations made by Congress.
There are four classes of appropriations payable from the general fund
of the Treasury, namely: {a) Annual, being those made each year
in the several departmental supply bills and limited for obligation
during the fiscal year for which made; (6) continuing (no-year), being
available until expended or until the object for which appropriated
has been accomplished, such as construction of public works; (c)
permanent-specific, being fixed amounts provided for each of a series
of years by permanent legislation without annual action of Congress;
and {d) permanent-indefinite, being indefinite amounts (so much as
may be necessary) provided by permanent legislation without annual
action of Congress, such as the indefinite appropriation to cover
interest on the public debt.
The analysis of receipts and expenditures under the caption ''General fund," therefore, is in the nature of a general operating statement
and gives a clearer picture of the relationship between the general
revenues of the Government and the operating expenditures (including
capital outlays and fixed charges) chargeable against them.
SPECIAL FUNDS
Special fund receipts may be generally defined as funds received
under special authorizations of law which may be expended only
for the particular purposes specified therein. Special fund receipts
are earmarked at the time of their deposit and may not be used for
the general expenditures of the Government. As indicated in the
headings under the caption "Special funds" on page 3, the most
important items, from the standpoint of amounts, are applicable to
the retirement of the public debt. The remainder, while somewhat
substantial in the aggregate, includes too many items to enable a
practicable and economical daily classification. Special fund expenditures, however, will be classified monthly by departments and establishments on page 4 of the Treasury statement for the 15th of each
month, beginning with the fiscal year 1932, which commences on
July 1, 1931.
The more important special funds other than those applicable to
debt retirement are the reclamation fund under the Department of
the Interior, funds received for river and harbor improvements.
Forest Service cooperative funds, proceeds from sales of ships, etc.,
by the United States Shipping Board available for construction loans,
assessments on Federal reserve banks for salaries and expenses of
the Federal Reserve Board, and assessments upon national banks
for expenses of examinations. There are many other special funds
of lesser importance.
In connection with the foregoing it will be noted that receipts on
account of principal and interest on foreign obligations appear under
both "General fund" and "Special fund" captions. Receipts.on
SECRETARY OF THE TREASURY
435
account of foreign obligations under the caption "General fund"
are not applicable to debt retirement and are available for general
expenditures of the Government. They represent cash payments
on account of interest and also cash repayinents on account of the
principal of that part of the indebtedness representing surplus war
and relief supplies sold on credit. Receipts from foreign Governments appearing under the caption "Special funds" represent the
face amount of United States obligations received from foreign
Governments on account of both principal and interest under debtfunding agreements and of cash repayments of principal in so far as
they represent repayments of cash advances under the Liberty bond
acts, such receipts being available for debt retirement.
Inasmuch as receipts and expenditures on account of special funds
are closely related to the receipts and expenditures under the general
fund, the aggregate of the transactions under these two classes is
exhibited under the separate caption "Summary of general and
special funds."
TRUST FUNDS
Trust funds represent moneys received by the Government for the
benefit of individuals or classes of individuals. They are excluded
from the summary of receipts and expenditures referred to above
because they do not enter into the cost of Government. Moneys
held in trust being payable to or for the use of beneficiaries only are
not available for general expenditures of the Government. There
are several classes of trust funds, the beneficiaries under which may
be either individuals or groups of individuals. The funds may represent (a) moneys received directly from or for account of individuals,
as in the case of moneys received from foreign Governments or other
sources in trust for citizens of the United States or others under the
act of February 26, 1896; {b) moneys collected as revenues and held
in trust, such as the proceeds of sales of Indian lands which are held
as interest-bearing funds for the benefit of Indian tribes; and (c)
proceeds of grants from the general fund of the Treasury in pursuance of treaty or other obligations such as the perpetual trust fund
created for the Ute Indians under section 5 of the act of June 15, 1880
Receipts on account of the municipal government of the District
of Columbia and expenditures therefrom are, for the purpose of the
new classification of receipts and expenditures in daily Treasury
statements, classified under the caption " T r u s t funds." The share
of the United States of expenditures on account of the District of
Columbia, which is payable " o u t of any moneys in the Treasury not
otherwise appropriated," is classified under the caption "General
,fund." In like manner expenditures under appropriations from the
general fund of the Treasury for account of certain trust funds, such
as the adjusted service certificate fund, civil service retirement fund,
and the foreign service retirement fund, will be classified under the
caption "General fund.". Variations in the working cash balances
under these funds due to variations between credits and charges
thereto are in the item of expenditures in the new form under the
caption " T r u s t funds—Other." The item of expenditures on page
2 under the subcaption "Alien property funds," representing variations in the working cash balance of said fund, are also included in
the new statement under trust fund expenditures.
436
REPORT ON THE FINANCES
A few minor changes in classification have been made in the new
form due in some cases to the decreased importance of items heretofore
shown separately under expenditures, and in other cases to changes
between funds, such as the following:
The expenditures shown on page 2 under the captions "Railroads"
and " W a r Finance Corporation" and such part of the expenditures
of the Shipping Board made from appropriations provided from the
general fund have been merged under the subcaption " G e n e r a l "
appearing as the first item under general fund expenditures. In the
case of the Shipping Board only $6,346,000 has been appropriated
from the general fund for the fiscal year 1931. Other expenditures
of the Shipping Board are made out of its receipts and, therefore, are
included under the caption "Special funds" but are not separately
classified. The item of expenditures on page 2 under the subcaption
"Alien property funds," is included in the new statement on page
3 under trust fund expenditures. The differences between the expenditure figures shown on page 2 of the old form on account of the adjusted service certificate fund and the civU service retirement fund,
and those shown in the new form, page'3, have already been explained.
The caption "Investment of trust funds" appearing on page 2 is
discontinued. Government life insurance fund investments, including
loans to veterans on adjusted service certificates, appear as a separate
item under trust fund expenditures. The District of Columbia
teachers' retirement fund is merged with District of Columbia expenditures under the caption " T r u s t funds." The Foreign Service
retirement fund is merged with trust fund expenditures under the
caption "Other," except expenditures made from appropriations
provided from the general fund, which is included under general fund
expenditures, as indicated above. Investments on account of the
general railroad contingent fund are merged with special fund
expenditures.
A.
W.
MELLON,
Secretary of the Treasury.
J U L Y 1,
1930.
E X H I B I T 71
[PUBLIC RESOLUTION—No. 33—71ST CONGEESS—S. J. R E S . 118]
Joint Resolution To authorize additional appropriations for the relief of
Porto Rico
Resolved by the Senate and House of Representatives of the United
States of America in Congress assembled, T h a t there is hereby,
authorized to be appropriated the sum of $1,000,000 for the purpose
of making loans to individual coffee planters, coconut planters, fruit
growers, or other agriculturists in the island of Porto Rico; the sum
of $2,000,000 for the rebuilding and repairing of schoolhouses damaged or destroyed by the hurricane in the small towns and rural
districts of Porto Rico and for the employment of labor and the
purchase of supplies, materials, and equipment for repairing and
constructing insular and rural municipal roads; in aU, $3,000,000, to
be made available immediately and to remain available until
expended.
SECRETARY OF THE TREASURY
437
SEC. 2. The sums hereby authorized to be appropriated shall be
expended in such manner and in such amounts as may be approved
by the Porto Rican Hurricane Relief Commission, established by
Public Resolution Numbered 74, Seventieth Congress, approved
December 21, 1928.
Approved, January 22, 1930.
EXHIBIT
72
Federal aid to States—Statement listing the appropriations providing for
Federal aid to States,^ and presenting by class of appropriation the
reference to the organic or first appropriation act, the last appropriation act, and summaries of the bases of allotments and expenditures.
[Information regarding the amounts^ involved is presented in Table 62, p. 617 of
this report]
CLASS I.
APPROPRIATIONS
FROM WHICH
DIRECT
PAYMENTS
ARE
M A D E TO STATES
INDEPENDENT OFFICES
Federal Board for Vocational Education
1. Cooperative vocational education in agriculture's—Cooperative vocational education in trades and industries—Cooperative vocational education, teachers, etc.—Permanent annual appropriations provided for
under act February 23, 1917 (39 Stat. 929-936).
Provisions of this act extended to Hawaii by act March 10, 1924
(43 Stat. 18); current appropriation of $30,000 for this purpose provided for fiscal year 1931 in act AprU 19, 1930 (46 Stat. 234).
Basis of allotments: Sums shall be allotted to the States in the
proportion which their rural population bears to the total rural
population in the United States, not including outlying possessions,
according to the last preceding United States census.
Basis of expenditures: Government expenditures conditioned upon
equal expenditures by State.
Cooperative vocational education in agriculture—Cooperative vocational education in home economics.—Act February 5, 1929 (45 Stat.
1151), providing for the further development of vocational education
in the several States and Territories, authorizes an appropriation for
the fiscal year 1930 of $500,000, and for each year thereafter for four
years a sum exceeding by $500,000 the sum appropriated for each
preceding year; current appropriation of $900,000, divided equally
between above cited titles, provided for fiscal year 1931 in act April
19, 1930 (46 Stat. 234).
Basis of aUotments: One half of sums appropriated shall be allotted
to the States and Territories in the proportion that their farm popu1 The records of the Treasury Department, in many cases, do not show the amount disbursed or allotted
to the several States and Territories under the respective appropriations shown in this statement, such
matters being under the control of the department or establishment of the Government that administers
the activity covered by the appropriation. However, this department has compiled, from the records of
the department, so far as possible, and in other cases from figures furnished by the other departments or
establishments of the Government concerned, an additional statement exhibiting by States and Territories
the amounts paid to each under the appropriations for Federal aid to States shown under Class I. (See
Table 63 p. 623.)
s See same heading Immediately following for later legislation relating thereto.
438
REPORT ON THE FINANCES
lation bears to the total farm population of the United States,
exclusive of the insular possessions, according to the last preceding
United States census, and shall be used for salaries of teachers,
supervisors, and directors of agricultural subjects in such States
and Territories; the remaiaing half to be allotted to States and
Territories in the proportion that their rural population bears to the
total rural population of the United States, exclusive of the iusular
possessions, according to the last preceding census, and shall be used
for salaries of teachers, supervisors, and directors, development
and improvement of home economics subjects in such States and
Territories.
Basis of expenditures: Government expenditures conditioned upon
equal expenditure by State.
2. Cooperative vocational rehabilitation of persons disabled in industry.—Annual appropriation authorized under act June 2, 1920 (41
Stat. 735-737) as amended by act June 5, 1924 (43 Stat. 430-432);
current appropriation of $900,000 for 1931 by second deficiency
act July 3, 1930 (46 Stat. 863).
Basis of allotments: Apportionment to the States computed on
basis of not to exceed $1,034,000; sums to be allotted to the States
in the proportion which their population bears to the total population
in the United States, not including Territories, outlying possessions,
and the District of Columbia, according to the last preceding United
States census.
Basis of expenditures: Government expenditures conditioned upon
equal expenditures by State.
Federal Power Commission
3. Payments to States under Federal water power act.—Special fund
appropriation of receipts provided for under act June 10, 1920 (41
Stat. 1072, sec. 17).
Basis of allotments: Act provides that 37K per cent of the receipts
arising from licenses under said act for the occupancy and use of
national forests, national parks, public lands, and national monuments, from development within the boundary of any State shall be
paid to such State.
Basis of expenditures: Wholly Government.
Interdepartmental Social Hygiene Board
4. Aid to States in protection of military and naval forces against
venereal diseases—Payments to States for prevention, etc., venereal diseases—Payments to universities, etc., for research in venereal diseases—
Payments to universities, etc., for research in educational measures in
venereal diseases.—Annual appropriations, acts July 9, 1918 (40 Stat.
886); July 19, 1919 (41 Stat. 178); June 5, 1920 (41 Stat. 888); last
appropriation act June 16, 1921 (42 Stat. 61).
Basis of allotments: Board created Chapter XV, section 1, and
appropriation of $100,000 provided under section 7, Army act July 9,
1918; certain balances under Army appropriations made available
by act July 19, 1919; first regular appropriation under above titles,
act June 5, 1920. Board was directed to adopt measures for purpose
of assisting various States in caring for civUian persons whose isola-
SECRETARY OF THE TREASURY
439
tion was found necessary for protection of military and naval forces
against venereal diseases.
Basis of expenditures: Wholly Government.
DEPARTMENT OF AGRICULTURE
5. Payments to States and Hawaii for agricultural experiment
stations.—(Title changed to include Hawaii in 1930.)
Annual
appropriation authorized under acts March 2, 1887 (24 Stat. 440);
March 16, 1906 (34 Stat. 63); February 24, 1925 (43 Stat. 970);
extended to Hawaii, act May 16, 1928 (45 Stat. 571), and to Alaska,
act February 23, 1929 (45 Stat. 1256); current appropriation of
$4,440,000 for 1931 by act May 27, 1930 (46 Stat. 394).
Basis of allotments: The authorizing acts above cited provide for
the payment of sums annually as shown below for the endowment
and support of agricultural experiment stations at colleges established in the States and Territories in accordance with the provisions
of act of July 2, 1862 (12 Stat. 503), "An act donating public lands
to the several States and Territories which may provide colleges for
the benefit of agriculture and mechanic arts." These grants of
money are made subject to legislative assent of the several States
and Territories to the purpose of said grants. The acts quoted
provide for quarterly payments to each State of not to exceed
$30,000 per annum for the fiscal years 1920 to 1925, $50,000 for 1926,
$60,000 for 1927, $70,000 for 1928, $80,000 for 1929, and $90,000
for 1930, and for each fiscalyear thereafter; act May 16, 1928, supra,
authorizes the following amounts for Hawaii: $15,000 for the fiscal
year ending June 30,1930; $20,000 for 1931; $22,000 for 1932; $24,000
for 1933; $26,000 for 1934; $28,000 for 1935; $30,000 for 1936; $50,000
for 1937; $60,000 for 1938; $70,000 for 1939; $80,000 for 1940; and
$90,000 for 1941, and thereafter a sum equal to that provided for
each State and Territory for agricultural experiment stations established under the act of March 2, 1887. Act February 23, 1929,
supra, provides that no appropriations shall be made for Alaska until
annually estimated for by the Secretary of Agriculture, such estimates
to be based upon ability of Alaska to make effective use of funds;
no appropriation for 1931.
Basis of expenditures: Wholly Government.
6. Cooperative agricultural extension work.—^Permanent annual and
regular annual appropriations authorized under acts May 8, 1914
(38 Stat. 372); May 22, 1928 (45 Stat. 711); extended to Hawan by
act May 16, 1928 (45 Stat. 575), and to Alaska by act February 23,
1929 (45 Stat. 1256) (no appropriation for Alaska for 1930); annual
appropriation for 1931 by annual act May 27, 1930 (46 Stat. 397),
$3,070,000, and second deficiency act July 3, 1930 (46 Stat. 870),
$1,000,000, total $4,070,000.
Basis of allotments: The authorizing acts above cited provide for
the giving of instruction and practical demonstrations in agriculture
and home economics to persons not attending the colleges established
under acts July 2, 1862 (12 Stat. 503), and August 30, 1890 (26 Stat.
417), such work to be carried on in cooperation between the colleges
and the Department of Agriculture. Under the act of May 8, 1914,
a permanent annual appropriation of $480,000 was provided, $10,000
to be paid to each State which by action of its legislature assented to
the provisions of the act, and an additional sum of $600,000 for the
440
REPORT ON THB FINANCES
first fiscal year, and for each year thereafter for seven years a sum exceeding by $500,000 the sum appropriated for each preceding year,
and for each year thereafter a permanent annual appropriation of
$4,100,000 in addition to the $480,000 above referred to. Such
additional sums are allotted annually to each State in the proportion
which the rural population of each State bears to the total population
of all the States as determiaed by the next preceding Federal census;
no payments to be made out of the additional sums untU an equal
amount has been appropriated for that year by the legislature of the
State, or contributed by other agencies.
By the act of May 22, 1928, the permanent annual appropriation
of $480,000 was increased to $980,000, the sum of $20,000 to be paid
to each State and the Territory of Hawaii, and the additional sum
of $4,100,000 was increased by $500,000, to be expended as set forth
above, with certain exceptions.
In addition to the permanent annual appropriations cited above.
Congress has made additional annual appropriations for the same
purposes, the two classes of appropriations for the respective years
being as follows:
For 1920, $3,080,000 + $l,500,000; 1921, $3,580,000+ $1,500,000;
1922, $4,080,000+ $1,500,000; 1923-1928, $4,580,000+ $1,300,000;
1929, $4,580,000+ $2,560,000; 1930, $4,602,936+ $3,060,000; 1931,
$4,602,936+ $4,070,000.
Basis of expenditures: P a r t wholly Government, and part conditional upon equal contributions by the State or other agencies, as set
forth above.
7. Payments to States and Territories from national forests fund.'-—
Special fund appropriation of certain receipts provided for under acts
March 4, 1907 (34 Stat. 1270); May 23, 1908 (35 Stat. 260); March
1, 1911 (36 Stat. 963); June 30, 1914 (38 Stat. 441).
Basis of allotments: Acts cited provide that 25 per cent of receipts
from each national forest shall be paid at end of each fiscal year to
State in which such national forest is situated, to be expended for
public schools and public roads of county or counties in which the
national forest is situated. When any national forest is in more than
one State or county the distributive share to each shall be proportional
to its area therein. There shall not be paid to any State for any county
an amount equal to more than 40 per cent of the total income of such
county from all other sources.
Basis of expenditures: WhoUy Government.
8. Payments to school funds, Arizona and New Mexico, national
forests fund.—Special fund appropriation of certain receipts provided
for under act June 30, 1910 (36 Stat. 557).
Basis of allotments: The act cited provides that at the close of
each fiscal year there shall be paid to each of the States of Arizona
and New Mexico, as income for its common-school fund, such proportion of the gross proceeds of all national forests within said States as
the area of lands granted to said States for school purposes which are
situated within said forest reserves may bear to the total area of all
the national forests within said States.
Basis of expenditures: Wholly Government.
9. Forest-fire cooperation—Cooperative distribution of forest planting stock.—Annual appropriations authorized under act June 7,
1924 (43 Stat. 653); current appropriations of $1,700,000 and $93,000,
respectively, for 1931, act May 27, 1930 (46 Stat. 411).
SECRETARY OF THE TREASURY
441
Basis of allotments:
.
Forest-fire cooperation—The act June 7, 1924, authorizes an annual
appropriation of not more than $2,500,000 for cooperation with
various States or other appropriate agencies in forest-fire prevention and suppression, and the protection of timbered and cut-over
lands in accordance with provisions of sections 1,2, and 3 of above
cited act.
l5,Cooperative distribution of forest planting stock—The act June
7, 1924, authorizes annual appropriation of not more than $100,000
for cooperation with the various States in the procurement, production, and distribution of forest-tree seeds and plants in establishing windbreaks, shelter belts, and farm wood lots upon denuded
or nonforested lands, within such cooperating States, under the
provisions of section 4 of above-cited act.
Basis of expenditures: Government expenditures in any State must
not exceed the amount expended by the State during any fiscal year.
10. Cooperative construction of rural post roads.—Annual appropriation authorized under act July 11, 1916 (39 Stat. 356), as amended
by Federal highway act, November 9, 1921 (42 Stat. 212); and Post
Office act June 19, 1922 (42 Stat. 660, sec. 4); current appropriation
of $75,000,000 for 1931, act May 27, 1930 (46 Stat. 426).
Basis of allotments: Above-cited acts provide that after deducting
not to exceed 3 per cent of the appropriation for any fiscal year the
Secretary of Agriculture shall apportion the remainder among the
several States in the following manner: One-third in the ratio which
the area of each State bears to the total area pf all the States; onethird in the ratio which the population of each State bears to the
total population of all the States, as shown by the latest Federal census ; one-third in the ratio which the mileage of rural delivery routes .
and star routes in each State bears to the total mileage of rural
delivery routes and star routes in all the States, at the close of the next
preceding fiscal year, as shown by the certificate of the Postmaster
General, which he is directed to make and furnish annually to the
Secretary of Agriculture.
Basis of expenditures: Share of United States shall not exceed 50
per cent of total estimated cost.
DEPARTMENT OF THE INTERIOR
11. Colleges for agriculture and mechanic arts.—Permanent annual
appropriations provided for under acts July 2, 1862 (12 Stat. 503);
August 30, 1890 (26 Stat. 417); March 4, 1907 (34 Stat. 1281).
Basis of allotments: Act March 4, 1907, amending previous acts
as to amount appropriated annually, provides that there shall be paid
annually to each State and Territory the sum of $50,000, to be applied
only for the purposes of the agricultural colleges as defined and limited
in acts July 2, 1862, and August 30, 1890, subject to legislative assent
of the several States and Territories.
Basis of expenditures: Wholly Government.
12. Payments to States from receipts under mineral leasing act.—
Special fund appropriation of receipts provided for under act February
25, 1920 (41 Stat. 450).
442
REPORT ON T H E FINANCES
Basis of allotments: The act cited directs that for past production
20 per cent and future production 373^ per cent of the amounts derived
from bonus, royalties, and rentals under the provisions of the act shall
be paid after the expiration of each fiscal year to the State within the
boundaries of which the leased lands or deposits are or were located,
said moneys to be used for construction and maintenance of public
roads or for support of educational institutions, as the legislature may
direct.
Basis of expenditures: Wholly Government.
13. Five, three, and two per cent funds to States.—Special fund appropriation of certain receipts from public lands provided for under acts
shown under section 3689, Revised Statutes, and separate acts for
certain States.
Basis of allotments: 5 per cent (2 and 3 per cent in certain cases)
of net proceeds of sales of all public lands lying within limits of the
States is payable to said States for education or public roads.
Basis of expenditures: Wholly Government.
14. Payments to certain counties of Oregon and Washington in lieu
of accrued taxes, 1916-1926, against Oregon and California land-grant
lands.—Indefinite appropriation provided under act July 13, 1926
(44 Stat. 915).
Basis of allotments: The act quoted above provides for the payment to certain counties in the States of Oregon and Washington of
amounts equal to the taxes that would have accrued against the
Oregon and California land-grant lands for the years 1916-1926,
inclusive, if the lands had remained privately owned and taxable;
later years payable from the special fund appropriation " T h e Oregon
and California land-grant fund." (See No. 16.)
Basis of expenditures: Wholly Government.
15. Coos Bay wagon road grant fund.—Special fund appropriation
of certain receipts provided for under act February 26, 1919 (40
Stat. 1180, sec. 5).
Basis of allotments: The act cited provides that moneys received
from or on account of lands and timber on the Coos Bay wagon road
grant, Coos and Douglas Counties, Oregon, shall be deposited in
the Treasury as a special fund, and authorizes an appropriation and
payment therefrom, after certain reservations, of 25 per cent of
moneys received from said lands to the treasurer o f t h e county in
which the lands sold are situated for common schools, roads, and
other public improvements.
Basis of expenditures: Wholly Government.
16. The Oregon and California land-grant fund.—Special fund appropriation of certain receipts provided for under act June 9, 1916 (39
Stat. 222, sec. 10), and supplemental acts.
Basis of allotments: The act cited provides that moneys received
from or on account of lands and timber pertaining to the Oregon
and California land grant, shall be deposited in the Treasury as a
special fund, and authorizes the appropriation thereof, and, after
certain reservations, the payment to the several counties of amounts
of money equal to the taxes that would have accrued upon said
lands (see also act July 13, 1926, 44 Stat. 915); further, that 25 per
cent of the remainder shall be paid to the State treasurer of the State
in which the land is located, to become a part of the school fund of the
SECRETARY OF THE TREASURY
443
State; and 25 per cent sliall be paid to the treasurer of the county for
schools, roads, and other public improvements.
Basis of expenditures: Wholly Government.
17. Payment to Oklahoma from royalties, oil and gas, south half of
Red River.—Special fund appropriation of certain receipts provided
for under public resolution of June 12, 1926 (44 Stat. 740).
Basis of allotments: The act cited provides that of the moneys
received from oil royalties on lands of the Kiowa, Comanche, and
Apache Indians in Oklahoma, south half of Red River, under the
provisions of act March 4, 1923 (42 Stat. 1448), 37}^ per cent shaU be
paid to the State of Oklahoma in lieu of all State and local taxes
upon such tribal funds.
Basis of expenditures: Wholly Government.
DEPARTMENT OF LABOR
18. Promotion of welfare and hygiene of maternity and infancy.—
Annual appropriation authorized under acts November 23, 1921
(42 Stat. 225); March 10, 1924 (43 Stat. 17, Hawau); last act February
15, 1928 (45 Stat. 108). Activities expired June 30, 1929.
Basis of allotments: The act of November 23, 1921, authorized an
appropriation of $240,000 annually for a period of five years to be
equally apportioned among the several States which complied with
the provisions of the act, and further authorized an appropriation of
$1,000,000 annually for five years. This additional appropriation
to be apportioned $5,000 to each State and the balance among the
States in the proportion which their populations bear to the total
population of the United States according to the last preceding census;
no payment out of the additional appropriation to be made in any
year until the State shall have appropriated an equal amount. Under
act of March 10, 1924, the provisions of the act of November 23, 1921,
were extended to Hawaii and the sum of $13,000 authorized for appropriation and apportionment. The last appropriation (fiscal year 1929)
provided that apportionments shall be computed on basis of not to
exceed $1,252,079.96.
Basis of expenditures: The larger part conditional upon equal appropriation by the State; balance wholly Government, as shown
above.
NAVY DEPARTMENT
19. State marine schools, act of March 4,1911.—Annual appropriation
authorized under act March 4, 1911 (U. S. Code, title 34, sec. 1122);
current appropriation of $100,000, act June 11, 1930 (46 Stat. 558).
Basis of allotments: The act of March 4, 1911, provides that a sum
not exceeding the amount annually appropriated by any State or
municipality for the purpose of maintaining a marine school or schools
for instruction of youths in navigation, steamship-marine engineering,
etc., is authorized to be appropriated for the purpose of aiding in the
maintenance and support of such schools, not to exceed $25,000 for
any one school. At present the States of New York, Massachusetts,
and Pennsylvania are the only ones maintaining these marine schools,
receiving $25,000 each for same (California included in appropriation
for 1931).
Basis of expenditures: Government expenditures shall not exceed
one-half cost.
444
REPORT ON THE FINANCES
TREASURY DEPARTMENT
20. Expenses, division of venereal diseases. Public Health Service.—
Annual appropriation authorized under act July 9, 1918 (40 Stat.
886). ^
Basis of allotments: The above-mentioned division was established
by act of July 9, 1918, and under the act of February 17, 1922,
(42 Stat. 381), it was provided that of the amount appropriated
$225,000 should be allotted to the States for cooperative work in
the prevention and control of venereal diseases. The last appropriation providing for the allotment to States was contained in act
AprU 4, 1924 (43 Stat. 76), under which $25,000 was made avaUable
for allotment.
Basis of expenditures: Wholly Government.
21. To promote the education of the blind.—Permanent annual and
regular annual appropriations authorized under act March 3, 1879
(20 Stat. 467), as amended by act June 25, 1906 (34 Stat. 460); current appropriation $65,000 for 1931, act May 15, 1930 (46 Stat. 358).
Basis of allotments: Under the authorizing acts cited, Congress
established a permanent trust fund of $250,000, the equivalent to
the interest on which at 4 per cent per annum, $10,000, is to be used
for aiding the education of the blind through the American Printing
House for the Blind. The total amount of books and apparatus
manufactured and furnished by this income each year is to be distributed among all the public institutions for the education of the
bhnd in the States and Territories, based upon the number of pupils
in such institutions.- Act August 4, 1919 (41 Stat. 272), authorized
an appropriation of $40,000 to provide additional aid, to be expended
as above. Act of February 8, 1927 (44 Stat. 1060), authorized an
increase in the supplemental annual appropriation to $65,000.
Basis of expenditures: Wholly Government.
WAR DEPARTMENT
22. National Guard appropriations.—Annual appropriations authorized under the act of June 3, 1916, national defense act of June 4,
1920 (U. S. Code, title 32, sec. 21); September 22, 1922 (U. S. Code,
title 32, sec. 22); current appropriations for 1931, act May 28, 1930
(46 Stat. 451, 452), as follows:
Arming, equipping, and training the National Guard
$15, 473, 376
Pay of National Guard for armory drills
11, 541, 168
Arms, uniforms, equipment, etc., for field service. National Guard.
5, 894, 598
,32, 909, 142
Basis of allotments: Under the act of September 22, 1922 (U. S.
Code, title 32, sec. 22), amending the national defense act, it is
provided that the appropriations for the support of the National
Guard shall be apportioned among the several States and Territories
under just and ecjuitable procedure to be prescribed by the Secretary
of War and in direct ratio to the number of enlisted men in active
service in the National Guard existing in States and Territories.
Expenses of officers and enlisted men of the Regular Army, transportation of supplies, etc., connected with the National Guard, however,
are a charge against the whole sum annually appropriated for support
of National Guard.
SECRETARY OF T H E TREASURY
445
Basis of expenditures: Wholly Government.
23. State and Territorial homes for disabled soldiers and sailors.—
Annual appropriation to carry out the provisions of the act of August
27, 1888, as amended (U. S. Code, title 24, sec. 134); current appropriation of $560,000 for 1931, act May 28, 1930 (46 Stat. 466).
Basis of allotments: Under the authorizing acts cited it is provided
that all States and Territories which have established, or which shall
establish. State homes for disabled soldiers and sailors of the United
States who served in the Civil War or in any previous or subsequent
war, shall be paid for every such disabled soldier or sailor admitted
and cared for at, the rate of $120 per annum, provided that no State
shall be paid a sum exceeding one-half the cost of maintenance of
each soldier or sailor by such State.
Basis of expenditures: Government expenditures shall not exceed
one-half cost.
CLASS I I .
APPROPRIATIONS FOR COOPERATIVE W O R K WITH STATES^
DEPARTMENT OF AGRICULTURE
24. Cooperative construction, etc., of roads and trails, national
forests.—Permanent annual appropriation authorized under sec. 8,
act July 11, 1916 (39 Stat. 358).
Basis of expenditures: Act cited provided an annual appropriation of $1,000,000 for fiscal year 1917 and each year thereafter up to
and including fiscal year 1926, to be available until expended under
the supervision of the Secretary of Agriculture upon request from
proper officers of State, Territory, or county for construction and
maintenance of roads and trails within or only partly within national
forests, when necessary for the use and development of resources
upon which communities within and adjacent to national forests are
dependent; provided that the State, Territory,.or county shall enter
into a cooperative agreement for such work upon a basis equitable
to both the State and the United States.
25. Federal forest road construction.—Permanent annual appropriation authorized under sec. 8, act February 28, 1919 (40 Stat.
1201).
Basis of expenditures: Act cited provided an annual appropriation
of $3,000,000 for the fiscal years 1919-1921, available until expended
by the Secretary of Agriculture in cooperation with the proper officials
of State, Territory, insular ;^ossession, or county in construction and
maintenance of roads and trails within or partly within national
forests, when necessary for the use and development of resources of
the same or desirable for the proper administration, protection, and
improvement of any such forest. Out of the sums appropriated the
Secretary of Agriculture may, without the cooperation of such officials,
perform the work specified if necessary for the improvement of such
forest.
2Q. Forest road development—Forest highways—Forest roads and
trails.—Annual appropriations authorized under sec. 23, Federal
highway act, November 9, 1921 (42 Stat. 218); par. 2 of Post Office
act June 19, 1922 (42 Stat. 660); act February 22, 1925 (43 Stat. 889);
3 The appropriations under Class II represent only a few of the more important cases where Congress
has made provision for cooperative activities in conjunction with States. Such cooperation is provided
for particularly under many of the appropriations of the Department of Agriculture in addition to those
shown in the statement.
446
REPORT ON THE FINANCES
act June 22, 1926 (44 Stat. 760); and act May 16, 1928 (45 Stat. 750);
current appropriations for 1931 under title "Forest roads and trails,"
act May 27, 1930 (46 Stat. 872), $7,500,000; second deficiency act
July 3, 1930 (46 Stat. 872), $3,500,000, total, $11,000,000.
Basis of expenditures: Section 23 of act November 9, 1921, provides
that {a) 50 per cent, but not to exceed $3,000,000 for any one fiscal
year, of appropriations shall be expended in survey, construction, etc.,
of roads and trails of primary importance for protection, maintenance,
and utilization of the national forests, or, when necessary, for the use
and development of resources upon which communities within or adjacent to the national forests are dependent, and shall be apportioned
among the several States, Alaska, and Porto Rico, by the Secretary
of Agriculture according to the relative needs of the various national
forests. The balance of such appropriations shall be expended in the
survey, construction, and maintenance of forest roads of primary
importance to the State, county, or communities within or adjacent
to national forests, and shall be prorated and apportioned for expenditures in the several States, Alaska, and Porto Rico, according to the
area and value of the land owned by the Government within the national forests therein; (6) cooperation of States, Territories, and civil
subdivisions thereof may be accepted but shall not be required by the
Secretary of Agriculture.
27. Cooperative fire protection of forested watersheds of navigable
streams.—Annual appropriation authorized under act March 1, 1911
(U. S. Code, title 16, sec. 563), last appropriation act June 5, 1924
(43 Stat. 457).
Basis of expenditures: Under act March 1, 1911, consent was given
by Congress to each State to enter into agreement with other States
or with the Government for conserving the forests and water supply
of such States, and an appropriation provided under which the Secretary of Agriculture was authorized to cooperate with States in protection from fire of the forested watersheds of navigable streams.
28. Cooperative farm forestry.—Annual appropriation authorized
under act June 7, 1924 (U. S. Code, title 16, sec. 568); current
appropriation of $70,000 for 1931, act May 27, 1930 (46 Stat. 398).Basis of expenditures: The act of June 7, 1924, authorizes an
annual appropriation of not more than $100,000 for cooperation with
appropriate officials of the various States, or with other suitable
agencies, to assist the owners of farms in establishing, improving, and
renewing wood lots, shelter belts, windbreaks, and other valuable
forest growth, and in growing and renewing useful timber crops
under the provisions of section 5 of above cited act. Government
expenditures in any State must not exceed the amount expended by
the State during any fiscal year.
TREASURY DEPARTMENT
Public Health Service
29. Preventing the spread of epidemic diseases .—Annueil appropriation to carry out the provisions of the act of March 27, 1890, and
amendatory acts (U. S. Code, title 42, sec. 95); current appropriation
of $400,000 for fiscal year 1931, act May 15, 1930 (46 Stat. 347).
Basis of allotments: The appropriation acts provide that the
President may aid State and local boards in preventing and sup
SECRETARY OF THE TREASURY
447
pressing the spread of certain contagious diseases in case only of
threatened or actual epidemic of such diseases.
Basis of expenditures: No proportion between Government and
States specified.
30. Interstate quarantine service.—Annual appropriations have been
provided beginning with an appropriation of $15,000 for the fiscal
year 1914 under sundry civil act of June 23, 1913 (38 Stat. 25);
current appropriation of $68,520 for fiscal year 1931, act May 15,
193'0 (46 Stat. 348).
Basis of allotments: The appropriation acts provide funds for
cooperation with State and municipal health authorities in the prevention of the spread of contagious and infectious diseases in interstate
traffic.
Basis of expenditures: No proportion between Government and
States specified.
31. Studies of rural sanitation.—Annual appropriations have been
provided beginning with an appropriation of $25,000 for the fiscal
year 1916 under the deficiency act of February 28, 1916 (39 Stat. 21);
current appropriation of $338,000 for fiscal year 1931, act May 15,,
1930 (46 Stat. 348).
.
Basis of allotments: The appropriation acts provide funds for
special studies of, and demonstration work in, rural sanitation; with
the provision that no part of the appropriation shall be available for
demonstration work in rural sanitation in any community unless the
State, county, or municipality in which the community is located
agrees to pay one-half of the expenses of such demonstration work.
Basis of expenditures: (50-50) Government expenditures shall not
exceed one-half cost.
EXHIBIT
73
Statement of Undersecretary of the Treasury Mills before the Coinmittee
on Interstate and Foreign Commerce, April 24, 1930, relative to the
bill to regulate the entry of persons into the United Staites, to establish
a border patrol in the Coast Guard, and for other purposes
Mr. Chairman and gentlemen of the committee, the bill (H. R.
11204) which you now have under consideration carries out, in the
opinion of the Treasury, the recommendations submitted in the letter
of the Secretary of the Treasury to the President, which was transmitted in the President's message to the Congress on January 14 of this
year (H. Doc. 252, 71st Cong., 2d sess.). The Secretary's letter states
briefly and succinctly the basis of its recommendations for the creation
of a unified border patrol. I t is as follows:
]VIr. PRESIDENT: The Treasury has been considering for some time the creation
of a unified border patrol, in order that the execution of the customs, immigration,
prohibition, and other laws regulating or prohibiting the entry into the United
States of persons and merchandise may be made more effective. The following
recommendations are submitted for your consideration and transmission to the
Congress if you approve:
(1) The entry into the United States of all persons should be prohibited except
at points of entry designated by the President.
(2) The present number of points of entry should be increased sufficiently to
permit uninterrupted and unhampered intercourse with our neighboring countries
over established and customary routes.
(3) A unified border patrol should be created to patrol the border and prevent
illegal entry.
12101—31
31
448
REPORT ON T H E FINANCES
(4) T h e unified border patrol should be p a r t of t h e Coast Guard.
A specific s t a t u t o r y prohibition of entry into t h e United States, of either aliens
or citizens, in any m a n n e r a n d with or without merchandise, except a t designated
points, is essential as a basis if t h e border patrol is to function efficiently, since it
will give the patrol a plain and simple rule to enforce, and relieve t h e m of any
necessity of interpreting and applying t h e customs, immigration, and other laws.
Customs, immigration, quarantine, and other oflficers will be stationed a t the designated points of entry, and the administration of t h e laws a t these points should
reniain, of course, under t h e jurisdiction of t h e present services.
T h e points of entry should be designated by the President, just as ports of
entry are now designated. They should be established a t t h e b o u n d a r y intersection of all established and customary routes and wherever intercourse with our
neighboring countries justifies. Flexibility is essential in order to permit an increase in t h e points of entry conformably with t h e growth of commerce and travel
and in order t o meet seasonal necessities and constantly changing conditions.
There should be a substantial increase, r a t h e r t h a n a decrease, in t h e present
number of customs and immigration stations.
I t is believed t h a t t h e proposed plan will promote materially t h e convenience
of t h e traveling public, as well as relieve those traveling on inland highways from
inspection. To-day, generally speaking, travelers m a y enter t h e United States
anywhere, b u t m u s t report a t a customhouse, which m a y well be entirely out of
their line of travel, a n d declare and enter their merchandise. Moreover, our
present patrol m u s t necessarily be maintained on interior roads a n d not along t h e
border, with t h e consequent necessity of stopping vehicles a n d pedestrians who
m a y never have left t h e country. Adequate provision should, of course, be m a d e
by regulation so as to meet t h e needs of farmers and others whose property extends
across t h e border or who are living along t h e border.
T h e unified border patrol should be charged with t h e enforcement of t h e
s t a t u t o r y prohibition—that is, it should be charged with t h e d u t y of guarding
t h e border between t h e designated points and preventing entry of all persons
and merchandise, over land and water borders, except a t t h e points of entry
specified, where t h e usual customs, immigration, quarantine, and other officers
will be stationed. T h e proposed unified border patrol will replace t h e patrols
now maintained by both t h e Customs Service and t h e Immigration Service on
our Mexican and Canadian boundaries, and will cover t h e same territory as those
patrols, t h u s complementing t h e work of t h e Coast Guard on t h e maritime
boundaries, eliminating duplication of effort, concentrating responsibility for t h e
protection of ail our borders, a n d bringing about a more effective coordination
of t h e work.
Preliminary surveys have established t h e practicability of t h e plan. An
actual physical examination of our entire border, however, will be necessary prior
t o t h e final designation of points of entry or t h e closing of trails and untraveled
roads. T h e work m u s t be done in harmonious cooperation with our neighboring
countries a n d their consent obtained as a m a t t e r of courtesy. I t is believed t h a t
a t least six m o n t h s will be required before t h e new border patrol can be organized
and t h e preliminary work completed.
T h e cost of maintaining t h e unified border patrol will exceed t h e present cost
of maintaining our customs and immigration patrols, and additional immigration
a n d customs stations will be required. Surveys upon which estimates of t h e
increased cost can be based are under way and should soon be completed.
Very sincerely,
A. W.
MELLON,
Secretary of the Treasury.
The
PRESIDENT,
The White House, J a n u a r y 13, 1930.
The proposed legislation is not strictly a prohibition measure.
Rather, it is proper primarily to improve the enforcement of the
customs, immigration, and other laws regulating the entry of persons
and property into the United States. At present there are two
separate border patrols, one in the Immigration Service and one in
the Customs Service. Their activities are not coordinated. The
functions of each are directed, and properly so at the present time, in
the interests of its particular service. Each patrol is engaged in
enforcing a very complicated body of laws. The pending bill proposes
SECRETARY OF THE TREASURY.
449
to create a unified border patrol, which will enforce a very simple
rule of law—"you can not enter the United States except at one of
the designated points of entry."
Under the existing law a citizen of the United States may cross the
boundary anywhere, and need not report his entry unless he has
merchandise. An alien coming into the country, except at an
immigration station in accordance with regulations, is subject to
arrest and deportation. A vehicle may cross the boundary anywhere,
but, whether or not it carries merchandise, must report to the nearest
customhouse. Merchandise brought in by pedestrians must also be
reported. The present regulations governing entry of persons and
inerchandise by aircraft will not be affected by the bill.
The new plan will not be a nuisance to travelers and a burden on
legitimate international intercourse'. Quite the contrary, it should
prove a convenience to the traveling public by giving them service
at the actual point of entry. An adequate number of points of entry
will be maintained, at which will be stationed customs, immigration,
public health, agriculture, and other officers to administer the various
laws applicable to entry into the country. Supervision and inspection
of vehicles, pedestrians, and merchandise will begin and end at the
border, which is the logical place. There will no longer be the liability
to interruption of travel on interior roads by the patrol now maintained
there. At the present time persons and vehicles that are several
miles from the boundary and may never have been out of the country
are subjected to this annoyance in the belief that they may have
entered the United States without compliance with the law. The
concentration of attention on the border wUl also have the result of
eliminating the evils which have arisen out of the attempts to detect
smuggling on interior roads. Examination of persons and property
at the designated border crossings can be careful, thorough, and
certain. In the very nature of things the accomplishment of this end
by scattered interior patrols is almost an impossible task, and it is not
surprising that errors and mis judgments of those officers have occasionally had unfortunate consequences, and that there have been many
protests against the working of such a difficult and uncertain method
of regulating entry into the country.
One of the essentials of an effective border patrol is that it be
organized upon a military basis, with an enlisted and commissioned
personnel, and with mUitary training and discipline. I t may be
admitted that it is difficult to place a unified border patrol logically
and properly in any one of the executive departments or establishments. After very thorough consideration, the Treasury is of the
opinion that a unified border patrol may best be established as a
unit of the Coast Guard. Nevertheless, it should be organized and
maintained as a distinctly separate organization. The Coast Guard
has other duties even more important than the prevention of smuggling on our land borders. In the performance of these functions, the
Coast Guard has established an enviable reputation. Patrolling our
land borders is essentially a police function. The Coast Guard proper
is a naval organization charged with the duty of protecting life at
sea and enforcing on our ocean boundaries the laws of the United
States. We do not propose to make policemen of our saUors. But
we do want to avaU ourselves of their central organization.
450
REPORT ON THE FINANCES
The proposed plan wUl cost the Government more than the present
system in two ways—increased appropriations wUl be required for the
customs and immigration stations, and the cost of the new patrol
will be greater than the combined cost of the present patrols. But
we should obtain infinitely greater efficiency, and an administrative
system adequate to meet present-day conditions on our land borders.
Surveys by the Bureau of Customs and the Bureau of Immigration
indicate that there will be required 203 new customs stations and 9
new immigration stations at points along the Mexican and Canadian
borders where the present stations are too far apart for convenient
entry. The estimate of the Customs Bureau represents the maximum
number of necessary stations. While it will in practice be necessary
to provide for the entry of both persons and merchandise at most of
these points, it does not follow that both services must maintain an
establishment at each. To do so at unimportant border crossings
would be a useless duplication of expenditure. Most of the new
customs stations can serve as immigration stations under the present
practice of having the customs inspector hold the office (without
pay) of immigrant inspector, or vice versa. The establishment of
these stations will involve an initial expenditure for the erection of
buUdings of $2,520,000 by the Customs Service. No estimate for
new buUdings has been furnished us by the Immigration Bureau;
however, the same buUding could house both services, and the customs
estimate is probably roughly sufficient to cover the needs of both.
The annual expenditures of the two services would be increased,
of course, by the amount necessary to maintain and operate these
stations. In the Customs Service this would amount annually to
$936,600 for salaries of 446 new inspectors and $105,000 for heat,
light, and maintenance of buildiags, or an annual total of $1,041,600.
The Immigration Bureau estimates that the cost of maintaining and
operating its nine new stations would be $22,500 a year. The total
increase in the annual expenditures of both services would thus be
$1,064,100.
A comparison of the cost of the present immigration and customs
border patrols with the estimated cost of the proposed patrol will
show the increase in annual appropriations necessary for that purpose.
The present customs patrol expends for salaries and other expenses
$2,045,946 annually. The annual appropriations for the immigration
patrol are $1,868,440. The total for both patrols is thus $3,914,386.
After the 2-year period necessary to complete the establishment of the
proposed unified patrol, the annual appropriation necessary for it
is estimated at $7,328,882. This is an increase over expenditures of
the present patrols of $3,414,496.
Initial expenditures in the establishment of the border patrol for
barracks, training stations, airplanes, automobUes, horses, and other
original equipment are estimated at $3,177,679. Two-thirds of this
will be required the first year and one-thhd the second. Since the
cost of maintenance and operation may be cut in half for the first
year, the actual appropriations necessary will be, first year, $5,782,896;
second year, $8,388,108; annually thereafter, $7,328,882, as compared
with $3,914,386 for both the present patrols.
Combining these increased costs, we find that the total increase for
all services after the plan is in operation will be an annual sum of
$4,241,779. The total of the initial costs of establishing the new plan
wUl be $5,697,679, to be required during the first two years.
SECRETARY OF THE TREASURY
451
The increase in personnel of the proposed border patrol over that
of the present patrols should not be given exaggerated weight.^ I t is
not proposed to set up a standing army on the borders. Considering
the stricter control which will be accomplished, only a reasonable increase of personnel over the existing organizations is required. The
customs patrol now employs 722 men and the immigration patrol 847
men, a total of 1,569. The number of men to be on border duty in the
proposed unified patrol is estimated at 2,495, an increase of 924.
In addition to the men on duty at the border, 230 officers and men
will be required for general courts, supervision and training, and
headquarters, as well as 51 civilian employees.
In considering this increase, it should be remembered that the proposed patrol is to maintain a continuous patrol of the border by operation in 8-hour shifts. The present organizations are compelled by
their small numbers to confine their efforts largely to captures of
smugglers of whose operations knowledge is obtained.
The increase in men and money is moderate, to obtain the advantages of a continuous preventive patrol, as compared with a system of
coping with smugglers which does not effectively shut out contraband
persons and property, which involves needless trouble and bloodshed,
and which had given rise to widespread dissatisfaction.
EXHIBIT
74
The Customs Service, an address by Undersecretary of the Treasury
Mills, February 19, 1930, at a dinner of the Customs Field Service,
Washington, D . C
The dinner this evening brings to a close the three-day conference
which was called to discuss the needs of the Customs Service. From
the point of view of the Treasury, the conference has already been productive of results. We have come to know each other better and to
understand, from first-hand reports, something of the problems which
confront us in different parts of the country. The advice which you
have given as regards the various plans which have been outlined before the conference will be invaluable in our efforts to bring about
improvements in the service.
. At the same time you who have come here from such distances and
at such expense of time and effort will carry back a better understanding of the service because you have been able to view it as a unit and to
realize how vast are its ramifications and how far they reach into the
life of the Nation. You have doubtless found that many of the
problems which you face are common to all sections and that no
collection district has a monopoly of troubles. But, in any event,
you can not fail to go back to your work encouraged by the knowledge
that plans are now under way which wUl greatly strengthen and
improve the service, and, to some extent at least, lessen the difficulties
which you face by reason of a personnel that is inadequate both
in numbers and in training for the work which it is called upon to do.
You have heard the plans which have been proposed to strengthen
the service. I shall not go into these proposals further than to say
that our present able and enthusiastic commissioner has the backing
of the Treasury in his determination to make of the Customs Service
452
REPORT ON THE FINANCES
the most efficient of all the Government's collection agencies. It is
important that this should be done, for no other agency of the Government, except possibly the Internal Revenue Bureau, comes into
closer contact with the public or can influence the citizen more
directly in his attitude toward his Government by reason of the
efficient and courteous service which he receives at the hands of his
Government's representatives.
But it is not only in the matter of courtesy that we of the Treasury
Department and the Customs Service must ever strive for higher
standards. Our primary object must always be the efficient administration of the laws entrusted to our care. The customs duties are
taxes, and as such they and their administration should conform to
sound tax principles, some of which are as true to-day as when they
were laid down by that great economist, Adam Smith. You will
remember that one of his maxims reads as follows:
The tax which each individual is bound to pay ought to be certain and not
arbitrary. The time of payment, the manner of payment, the quantity to be
paid, ought all to be clear and plain to the contributor, and to every other person.
* * . * The certainty of what each individual ought to pay is, in taxation, a
matter of so great importance, that a very considerable degree of inequality,
it appears, I believe, from the experience of all nations, is not near so great an
evil as a very small degree of uncertainty.
This is particularly applicable to the administration of customs laws
in a country whose total foreign trade aggregates about $10,000,000,000, and where uncertainty and delay must necessarily have unfortunate and far-reaching consequences on the normal flow of trade.
Desirable as is the prompt determination of income tax liabUity,
about which we have heard so much, it is nothing like as important
as the prompt and certain determination as to the value of a particular
class of goods for customs purposes, or of their proper classification.
I want to assure you that, through greater cooperation and better
liaison service, the bureau here in Washington is making a determined
effort to improve our standard of administration in this respect.
After all, in all of these administrative tasks there must be a constant striving for improvement, an unceasing effort toward the rendering of better service. In private business competition furnishes the
spur. In the public service that incentive is lacking, and nothing is
more certain than that satisfaction with things as they are will in a
comparatively short period bring retrogression and dry rot.
The Customs Service is one that is well worthy of pride, effort,
and loyalty. It is one of the oldest organizations of the Government.
It is older than the Treasury itself, having been established by the
First Congress in 1789, over a month before the act creating the
Treasury Department. It is interesting to note that during the first
year of its existence it brought in receipts of about $4,000,000, which
seems a comparatively insignificant amount as compared with the
$601,000,000 collected last year, and which constituted almost onesixth of the total tax receipts of the Government, aggregating about
$3,600,000,000. During this same year our total imports amounted
to $4,292,000,000, which doesn't look as if we had quite erected a
Chinese wall around the United States, as is sometimes charged.
In this connection it is worthy of note that, under the much maligned
Fordney-McCumber Act, our imports from Europe have actually
increased by half a billion dollars. There is much misconception in
SECRETARY OF THE TREASURY
453
regard to our tariff as a possible barrier to the growth of our international trade. After aU, 65 per cent of everything we import comes in
free, and a good part of the remainder is comprised of luxuries of one
sort or another, the importation of which seems to be very little
influenced by tariff rates. As Assistant Secretary Klein pointed out.
in a recent speech, and as has been repeatedly pointed out, modern
trade is not conducted through two-way movements. Trade moves
and trade balances are adjusted along very different lines, frequently
involving several countries. Again, to quote Mr. Klein, when you
consider the trade balance between England and the United States,
the margin against England of $499,000,000 appears formidable until
upon looking into the matter further, we flnd that we import some
$290,000,000 more than we export from India and the affiliated Malay
States, which Doctor Klein describes as "in the front yard of England,
commercially speaking."
In so far as international trade is concerned, the purchasing power
of a nation seems to me to be infinitely more important than its tariff
laws, and that is certainly true of the United States. What the United
States means to world production and world trade is exemplified by
figures which I used in a speech I recently made. The population of
the United States is 7 per cent of the total world population. Yet
that 7 per cent consumes approximately 48 per cent of the world's
total production of coffee, 53 per cent of all the tin, 56 per cent of the
crude rubber, 21 per cent of the sugar, 72 per cent of all the raw sUk,,
36 per cent of the coal, 42 per cent of the pig iron, 47 per cent of the
copper, 69 per cent of the crude petroleum, and, out of nearly 32,000,000 automobUes in the world on January 1, 1929, over 24,000,000
were owned in the United States. The fact that the 7 per cent of the
world's population, who live in the United States, should supply a
market for such large proportions of the world's total production of
principal commodities is a consideration of the greatest importance to
the world's commerce, industry, and employment of labor.
It is hardly necessary to emphasize to you gentlemen how increasingly complicated the administration of our customs laws has become,
due, of course, to the magnitude of the interests involved, the sweeping variety of our importations, and the complexities of our modern
industrial and commercial life. As conditions change we must constantly modify our administrative methods and machinery. For
instance, a few years ago travel by road over our land borders was
comparatively insignificant, and the chief duty of the Customs Service
on our land borders was to see that no illegal importations were made
by train, and, of course, to see that all goods imported by railroad
were properly entered and paid the duties imposed by law. Now,
however, millions of people and vehicles move backward and forward
over the international boundaries, immense bridges are being buUt
over international streams, and the extent of travel by motor has
created a new problem of administration. Under existing law vehicles
can cross the international boundary line at any point, though the
occupants are under an obligation to report to the nearest customs
station. This means that many people are put to serious inconvenience by being frequently compelled to make a wide detour from their
point of entry to the nearest customs station. Moreover, under
these conditions the Custom Service is obliged to maintain a force,
not on the border, but sometimes 15 or 20 mUes inland, to see that
454
REPORT ON THE FINANCES
people who have crossed the border comply with the law so far as
reporting is concerned. This, in turn, leads to much inconvenience,
misunderstanding, and sometimes worse, because many vehicles and
persons who have never been out of the country are stopped on the
inland highways in order to establish a check on those who have been
out of the country and faUed to report.
The department is now giving its attention to the development of
a plan under which entry into the United States will be limited to a
number of selected points. Customs stations wUl be established at
the border on all of the most frequented roads. Entry between these
points will be forbidden and the inhibition enforced by a patrol that
wUl truly be a border patrol, charged with the comparatively simple
duty of seeing that vehicles do not enter at unauthorized points.
Such a program should not only mean greater convenience to the
traveling public, but more efficient customs administration. I t is a
sensible and businesslike method of dealing with the customs problem
resulting from the colossal international motor traffic.
The impression seems to prevail that this measure was evolved
solely as a means of dealing more efficiently with liquor smuggling,
but, frankly, it is much more than that. I t is a simple and obvious
plan for performing the duties imposed upon the Customs Service
under present-day conditions, a plan that would probably have been
adopted irrespective of whether the United States had gone dry or
not. I cite this as rather a striking example of how it is necessary
to modify long-established practices to meet new situations.
Again, all manner of new problems arise in connection with the
constantly growing air traffic. What the situation may be 10 years
hence no man can foresee, but this much seems certain, that it is
essential in the early days of new and novel conditions to establish
a sound administrative foundation rather than to wait until we are
confronted with a full-grown administrative problem of the first
magnitude. I am glad that your conference has had the wisdom
and foresight to consider this subject. I think it would be well for
all of you to have it in mind and not to hesitate to make suggestions
so that our Customs Service may keep step with this new and growing
means of transportation.
May I make one suggestion in respect of the conference just closed?
I t is well to meet, exchange views and discuss problems, but if such
conferences are to bear full fruit, I think it would be well for the bureau
to take the various suggestions made, to analyze them, to classify
them, and eventually to send to all those who have attended the
conference a summary of the views expressed and the conclusions
reached.
But it isn't only in the matter of major reforms that we must
recognize the need for modification and improvement. Progress as a
rule is not achieved by spectacular advances, but through the slow,
arduous, and prosaic process of day to day improvement in the performance by the individual of the assigned task. What each of us
may accomplish singly may seem comparatively insignificant, but
the results of our collective efforts, when actuated by a common
purpose and ideal, are bound to be impressive. Such meetings as the
one which has occupied your time for the last three days can do much
by affording an opportunity for discussion of common problems, by
increasing the feeling of solidarity which should exist among all those
SECRETARY OF THE TREASURY
455
engaged in a common task, and by furnishing renewed inspiration
and strength. The department and the bureau can, should, and wUl
lead, coordinate, and direct your efforts, but in this huge country of
ours, separated as you all must be by vast distances, working frequently under entirely different conditions, and charged as you are
under our customs law with an extraordinary degree of responsibility
and executive authority, it is upon you men of the field seryice that
primarily depends the character and quality of service rendered by
the Customs Service to the people of the United States. .
EXHIBIT
75
Accomplishments of the Treasury Department during 1929, a radio
address by Secretary of the Treasury Mellon, December 4, 1929
Each year at the beginning of a new session of Congress members
of the President's Cabinet are required to make a report of the work
of their departments during the preceding year. To-night, for the
first time, the radio has made it possible for the Treasury to give a
condensed version of its report direct to the country.
Before entering upon the report itself, I would like to say a word
of the circumstances under which it has been made each year. When
the Treasury was established by the act of the First Congress, meeting
in New York in 1789, it was provided that, among other specified
duties, the Secretaiy of the Treasury should make reports to Congress
on matters pertaining to his department. Such reports were made at
irregular intervals but no annual report was made until it was provided in the act of May 10, 1800, that a report should be made to
Congress at the commencement of every session, "containing estimates of the public revenue and public expenditures and plans for
improving or increasing the revenues."
In accordance with this act we find Secretary Gallatin in December,
1801, submitting the first annual report. In it he estimates that for
the ensuing year the revenues wUl amount to ten and one-half million
. doUars, of which three and one-half mUlions will be required for ordinary expenditures of the Government and that the reniainder can be
applied in payment of interest and principal of the public debt.
To-day these amounts appear very small as compared with the
amounts now required to operate the Government. As the country
has grown in size and wealth, the volume of the public business has
increased, so that the Treasury report for 1929 is obliged to deal with
billions where the report of 1801 was concerned with only a very few
millions.
But in its essentials, the last report is much like the first. Both
have to do chiefly with such matters as receipts and expenditures,
debts, and taxes; and, in so far as the Treasury itself is concerned, it
still conforms, both in its organization and in its method of operation,
to its early traditions and in most important respects can show a
continuity in policy from the time when it was first established.
This is particularly true as regards its fundamental policy of keeping
expenditures always within receipts and applying the surplus either
to tax reduction or in payment of the public debt. The last fiscal
year has been no exception to this rule.
456
REPORT ON THE FINANCES
For that year, which ended June 30, 1929, total ordinary receipts
were $4,033,000,000 and expenditures chargeable against ordinary
receipts were $3,848,000,000, giving a surplus for the year of $185,000,000. This surplus has been applied to retirement of the public
debt.
During the year the gross debt was reduced from $17,604,000,000 to
$16,931,000,000, or a total reduction of $673,000,000. This latter
amount was brought about by the application of the sinking-fund
expenditures and other receipts earmarked for debt retirement and
by the surplus which I have just referred to.
I might add that the war debt, which reached a peak of $26,594,000,000 on August 31, 1919, has been reduced in the 10 years ending
August 31, 1929, to $16,805,000,000, or an average of nearly a bUlion
doUars a year for the 10-year period. The amount of interest saved,
due both to reduction of the principal of the debt and lowering of the
average interest rate over this period, is about $2,000,000,000.
Coming now to the question of taxes: The Treasury estimates that
for the next fiscal year—that is, for the 12 months ending June 30
next—there wUl be a surplus of $226,000,000 of receipts above expenditures and for the fiscal year 1931 a surplus of $123,000,000. A surplus may be recurring or temporary. In the one case, either through
expanding revenue or reduced expenditures, assured receipts may
have reached the point where they so exceed normal expenditures
as to create recurring surpluses. Such a situation justifies a revision,
more or less permanently, of our tax laws with a view to modifying
tax rates downward.
In the second case, the surplus may be of temporary character,
arising from an unusual increase in receipts or decrease in expenditures;
or the conditions, whUe not extraordinary, may not have existed for
a sufficient period of time to permit a definite conclusion as to their
permanency. Such a surplus obviously calls for different treatment.
This is particularly true of a revenue system which places its chief
reliance on one form of taxation, as we do on the income tax, which
is subject to sweeping variations depending on a variety of circumstances, but principally on the upward and downward fluctuations
of business. Under these circumstances, whUe a surplus justifies
some measure.of tax relief and while the taxpayer should receive the
fullest possible benefits from the prosperous condition of the Treasury
during the given fiscal year, it is impossible to assure the permanency
of the reduced rates.
The estimated surpluses for the fiscal years 1930 and 1931 seem to
fall into the second class. Having in mind all of these considerations,
the Treasury has recommended; first, that the normal tax rates on
the income of individuals for the calendar year 1929, payable in 1930,
shall be one-half per cent, 2 per cent, and 4 per cent, instead of the
existing rates of IK per cent, 3 per cent, and 5 per cent; and, second,
that the tax rate on the inconie of corporations for the calendar year
1929, payable in 1930, shall be 11 per cent instead of the existing 12
per cent.
This should result in a decrease of income tax collections during the
calendar year 1930 of approximately $160,000,000. This reduction,
it is hoped, wUl take the form of a joint resolution of Congress, thus
permitting prompt action by both Houses by avoiding a general
revision of the revenue law. The proposal has already been discussed
SECRETARY OF THE TREASURY
457
with the Republican and Democratic leaders of both Houses of
Congress, who have tentatively approved the proposed recommendations; and it is confidently expected that, early in the present session.
Congress will take action to give the taxpayers the relief indicated.
This wUl be the fifth reduction in taxes which the Federal Government has made within less than nine years. While the aggregate
amount of this last reduction may not be so great as formerly, the
reduction proposed should be of very real benefit to the taxpayers,
especially to those with earned incomes in the lower brackets. I t is
estimated that a married man with no dependents, who at present
pays a yearly tax of $5.63 on a taxable income of $4,000, will have his
tax reduced to $1.88; with a taxable income of $10,000, he will pay
$52.50, instead of, as now, $101.25; and on $15,000 he will pay
$273.13 instead of his present tax of $368.76.
In so far as the reduction of the income tax on the incomes of
individuals is concerned, under our system of graduated surtaxes the
reduction of the normal rate is of greater benefit to those with small
or moderate incomes than to those with larger incomes. Income from
dividends would receive no benefit, since dividends are not subject
to the normal tax; but those who receive dividends wUl, of course,
benefit indirectly from the reduction of the corporation tax rate.
Turning now to other matters: During the last year the Treasury, in
connection with its plans for financing the quarterly maturities of the
public debt and in addition to the usual certificate offerings, has
arranged for issuing a new type of security to be known as Treasury
bUls; and under legislation of Congress, approved by the President,
it is preparing to issue them from time to time on a discount basis
with maturities not exceeding 12 months, to be sold for cash under
competitive conditions at the lowest discount rates or highest prices
bid by prospective purchasers. This provides a new type of shortterm Government security for banks and other investors, while offering many advantages to the Government in its financing operations.
In July, the French Government ratified the agreement for funding
its war debt to this country, and this agreement will shortly come
before Congress for ratification. Settlement of the Austrian debt has
been authorized and the Greek debt has been settled, so that the
long negotiations for the settlement of the war debts have now been
concluded. The total amount funded is $11,579,000,000. During
the fiscal year 1929, the Treasury received from the yarious foreign
governments on account of their indebtedness to the United States
the sum of $199,000,000, of which $39,000,000 was for account of
principal and $160,000,000 for account of interest.
Taking up now the question of banking^policy: A review of the policy of the Federal Reserve Board during the past year shows that it
has endeavored to guard against an undue extension of credit through
speculative channels and to conserve the country's credit resources
for the purpose of meeting future requirements of industry and trade.
The strong position in which the Federal reserve system found itself
when the recent sharp decline in security prices took place, and also
the prompt action taken by the system, were important factors in
relieving the strain incident to this period of readjustment.
In banking, as in other enterprises of this country, there is increasing
evidence of a movement toward larger operating units. The number
of branches of banks in operation has increased, and more recently
458
REPORT ON THE FINANCES
there has been a growth also in the number of groups in which several
independent banks are operated more or less as a single system.
Both of these developments reflect changes in the underlying economic
situation. The time has come when it would seem wise to undertake
a thorough study of the situation wdth a view to determining the soundness of the present-day tendencies, and more particularly the limits
of the economic areas within which branch banking may be advantageously permitted. Hasty legislation, either to liberalize or to
constrict limitations now in effect, should be avoided, for our banking
structure is the product, of many years of dearly bought experience
and is part of an intricate economic fabric whose parts are closely
adjusted to one another. A too-rapid reorganization would be likely
to create serious and costly disburbances that would affect the entire
country.
The Treasury contains many activities of which only the briefest
mention can be made. During the last year the Bureau of Engraving
and Printing completed the revision of the paper currency designs,
with a reduction in the size of the currency. The enforcement of the
Federal narcotic laws has continued and has resulted in over flve
thousand arrests for violations of these laws during the year. The
Bureau of Customs, which collects a large part of our revenue, reports
a substantial increase in customs during the year. The Public Health
Service has done effective work in conserving health and cooperating
with the various States. The Coast Guard reports a total of 4,375
lives saved or persons rescued from peril during 1929, and, in addition
to its other activities, gave valuable aid in the disastrous Mississippi
floods during the spring of the year.
During the past year the reorganization of the Bureau of Prohibition has been completed in accordance with the act of March 3, 1927.
The operations of the Treasury Department in the enforcement of
prohibition are becoming stable and more effective. The activity
and cooperation of the several bureaus engaged in these operations
are making the business of violating prohibition laws more difficult
and hazardous.
There remains one more important Treasury activity of which
mention must be made. The Office of the Supervising Architect
which has charge of the erection of public buUdings, has proceeded'
with the work of remodeling and erecting buildings within Washington and tjiroughout the country under the Federal buUding
program which has been authorized by Congress. To date 334
projects have been authorized for the country at large with a total
authorization of $189,000,000. In the District of Columbia nine
projects have been authorized and work on some of the buUdings,
such as the new Department of Commerce and the Bureau of Internal
Revenue, is now under way. These buUdings will form part of the
monumental group of buildings on Pennsylvania Avenue and the
Mall, extending from the Capitol to the Treasury, and with other
plans now being made will add greatly to the beauty and dignity of
the Nation's Capital.
In so far as circumstances permit, the work on these buildings, both
in Washington and throughout the country, will be pushed as rapidly
as possible in order to carry out the President's sound and constructive policy for increasing building activity and so stimulating all
other lines of endeavor during the months immediately ahead.
SECRETARY OF THE TREASURY
459
Such, in brief outline, are some of the major activities of the
Treasury during the past year. They indicate that the Government's business is in sound condition and that the Government itself
is in position to do its part in helping the country to tackle and
solve the problems which are ahead—problems which, after all,
offer no insuperable difficulties to a people so well-equipped with all
the essentials of materials, organization, energy, and determination
to carry the nation forward to a development whose vast proportions
we are beginning only dimly to perceive.
EXHIBIT
76
Some recent accomplishments of the Treasury, a radio address by
Assistant Secretary of the Treasury Hope, July I4, 1930
I suspect there is a general disposition to regard any description
of the activities of the United States Treasury as rather complicated,
somewhat formidable, and therefore difficult to understand. The
repetition of statistics, particularly when they deal in the billions, is
apt to have a numbing effect on the human mind and the average
person is soon content to leave it to the experts and turn to something with more human interest.
And yet the subject is one which is of vital interest to every citizen
of the coimtry, in greater or less degree, and to the welfare of his
family, and there is no reason why the essential facts can not be
placed before him iu clear and simple fashion so that he may readily
understand and appreciate them. I t is not a question, for example,
whether he actually pays income tax or not. I t is a matter of direct
concern to him how the finances of the Government are conducted,
what are its revenues, receipts, and expenditures, and what efforts
are being made for the improvement of the service.
In government, as in business, it is well to stop occasionally and
take stock of what has been accomplished. The present moment,
following the adjournment of Congress, seems the logical time to
review what has been done, not only as regards legislation enacted
by Congress but also in respect to administrative achievements in
improviug the machinery of governnient and in meeting and solving
new problems that have arisen.
Until we review that record as a whole, it is impossible to assess
properly the value of what has been accomplished or the extent of
the progress that has been made during the last 16 months. For
this reason it may be worth while to review briefly the Treasury's
part in the making of that record and in the conduct of the public
business since the present administration came into power.
The Treasury has just closed its fiscal year on June 30, 1930.
For that year its records show a surplus of $184,000,000, curiously
enough almost exactly the same as the surplus of the preceding year.
This surplus was brought about notwithstanding the reduction in
income tax rates, to which I will refer again later.
During this period a further substantial reduction was effected in
the public debt. When the present administration began on March
4, 1929, the gross public debt of the United States Government
amounted to $17,345,000,000. On June 30, 1930, at the end of the
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REPORT ON THE FINANCES
fiscal year, the debt has been reduced to $16,185,000,000, or a reduction during the period of $1,160,000,000. At the present rate of
interest, this means a saving in interest payments of over $40,000,000
per year. I t means also that the Government has adhered strictly
to the sound and well-established pohcy of paying off the public debt
as rapidly as the revenues permit. You will no doubt recall that on
August 1, 1919, the debt amounted to $26,500,000,000. To-day it
is $16,185,000,000, which represents a reduction of $10,000,000,000
in a little over 10 years, an achievement of which any nation
might be proud. I t represents a saving in. interest of approximately
$350,000,000 per year. To-day the debt has been reduced to manageable proportions; and eventually, as the debt is further cut down,
this drain on our revenues will continue to be reduced, and we should
be able to look forward to a corresponding reduction in our taxes.
During the period since March 4, 1929, Congress has authorized
three debt settlements with foreign debtor nations. Settlements were
concluded with Austria, Greece, and France, thus completing the
funding of the indebtedness owed to us by foreign governments, with
the exceptions of Armenia and Russia, with which, for obvious
reasons, no settlements can be made at present. The total amount
funded is $11,577,000,000, on account of which the United States
will receive in payment of principal and interest, over the periods
specified in the agreements, the sum of $22,000,000,000. In addition
to this, a settlement was concluded with Germany on June 23, 1930,
for the indebtedness of that country to the United States on account
of the awards of the Mixed Claims Commission, United States and
Germany, and the costs of the United States Army of Occupation.
Under this agreement the United States will collect from Germany
over a period of years $250,000,000 on account of army costs, and
$500,000,000 on account of the awards of the Mixed Claims Commission to be distributed to American nationals receiving such awards.
Now, as regards taxes: On December 16, 1929, President Hoover
approved a joint resolution of Congress reducing rates of income tax
for the calendar year 1929. The effect of this reduction was to lower
the normal tax on the taxable incomes of individuals by 1 per cent
and similarly to reduce the tax on the taxable incomes of corporations
for the calendar year 1929 from 12 per cent to 11 per cent. An outstanding feature of this reduction was the relatively large benefit
afforded to taxpayers with relatively smaU taxable incomes, chiefly
those with earned incomes derived from salaries and wages. I t
was the flfth reduction in taxes which the Federal Government has
made within less than nine years. Its effects have been far-reaching
and have benefited all those paying income taxes to the Federal
Government.
In the collection of these taxes the Bureau of Internal Revenue has
effected many improvements during the last 16 months, while at the
same time bringing about a reduction both in the number of employees
and in the cost of collection. During this period substantial progress
has been made in establishing the work of the Income Tax Unit upon
a current basis. For example, on June 30, 1928, there were pending
in the Income Tax Unit 221,533 cases covering the years 1917 to 1927,
inclusive. In June, 1930, the number of cases on hand for these years
requiring investigation in the field had been reduced to 29,743. Its
efficiency will be further increased by the, transfer during the past
month of the Bureau of Internal Revenue to the new building which
SECRETARY OF T H E TREASURY
461
has been erected to house all its scattered activities, which have
hitherto been quartered in separate buUdings at some distance from
one another. The bringing of all divisions under one roof should
make possible better coordination and further economies of time and
expense.
In addition to its accomplishments in the way of reducing expense
and at the same time speeding up its work, the bureau has continued
its efforts to build up a better relationship with the tax-paying public.
It is at present engaged upon an endeavor to simplify the income tax
return with a view to reducing the difficulties and complications,
particularly of the smaller taxpayer. It has proceeded further upon
its policy of endeavoring to arrive at a just and equitable determination of disputes without resorting to litigation, with a result that is
fair to both parties. WhUe in a business of such magnitude controversies are inevitable, it is the belief of the department that the conduct of a tax system should be primarily an administrative problem,
with resort to the courts only when the taxpayer and the Government
can not agree upon a fair disposition. It is of course essential that
certain fundamental principles be determined by the courts, but as
these are decided from time to time, the necessity of resorting to
litigation, with all its attendant delay and expense, should steadily
decrease. In this connection the bureau has so advanced its work
that it expects at the end of this calendar year to dispense entirely
with the practice of requesting from any taxpayer a waiver extending
the time of expiration of the statute of limitations. As a matter of
fact, in the gi'eat majority of cases this practice has been for the benefit
of the taxpayer, but it has been the subject of some criticism in the
past, and in order to avoid any possible ground of complaint, the
bureau proposes that after December 31, 1930, no waivers will be
requested by the department and that waivers will thereafter be
executed only upon the request of the taxpayer.
Turning now to other matters: In the fiscal operations of the
Treasury certain improvements have been made as the result of
recent legislation. One of these is the issuing of a new form of shortterm public debt security known as Treasury bills, under authority of
the act of Congress approved June 17, 1929. These bills greatly
simplify the management of the public debt. They permit a new
and more flexible type of security; they supplement or add to the
system established for short-term financing; they enable the Treasury,
by competitive biddiug, to borrow for short periods at the lowest
rates consistent with current market conditions; and they provide
the banks and the investing public with a new instrument, having
frequent and convenient maturities, for the investment of temporary
surplus funds. Only last Thursday the Treasury sold its most recent
issue of Treasury bills consisting of $50,000,000, at an interest rate
averaging 1% per cent per annum. This constituted a record, being
the lowest rate at which the Government has ever been able to borrow.
Another improvement which has been put into effect is the reduction in the size of the currency. The actual issue of the new currency
was commenced on July 10, 1929. The reduction in size has resulted
in substantial savings in the cost of manufacture, as well as in the
handhng of currency. Notwithstanding the innovation, the new
currency was accorded a favorable reception from the start, and it is
remarkable how rapidly the old-size bills have disappeared from
ordinary circulation.
462
REPORT ON T H E FINANCES
An important change in the Treasury organization has been the
transfer to the Department of Justice of certain functions in the
administration of the national prohibition act, as provided in the act
approved May 27, 1930. Under this act a Bureau of Prohibition is
created in the Department of Justice and the Bureau of Industrial
Alcohol is retained in the Treasury, with provision for close cooperation between the two departments. Another change in organization
has been made by the creation in the Treasury Department of a
Bureau of Narcotics, under the act of June 14, 1930.
There are a number of other important activities which many people
are unaware are conducted under the supervision of the Treasury.
Included among these are the Public Health Service, the Coast
Guard, and the construction of public buildings.
The facilities of the Public Health Service have been extended and
its work in the study, prevention, and cure of disease has been made
more effective. The bill for the establishment of a National Institute
of Health, which was signed by the President on May 26, 1930, provides for the gradual building up of a large research institute, of which
the Hygienic Laboratory will serve as the nucleus. The bill authorizes the Secretary of the Treasury to accept private donations for use
in research work at the institute. I t further provides for the increase
.in the research staff by the establishment of fellowships permitting
individual scientists to contribute the benfits of their research to the
United States.
In the period since March 4, 1929, the Coast Guard has been enlarged and has greatly increased in efficiency. During the fiscal year
ended June 30, 1929, the number of lives saved or persons rescued
from peril by the Coast Guard was 4,375 and the value of vessels
assisted, including their cargoes, was $49,128,375. Plans are being
prepared and are nearing completion for the erection of a new Coast
Guard Academy at New London, Conn. Funds have been provided
which will greatly improve the aviation facilities of the service.
Few people appreciate the magnitude of the public building program whicii is being carried on under the supervision of the Treasury.
In order to conduct this program expeditiously, the Office of the Supervising Architect is being strengthened in its personnel; and in addition
the Treasury is employing private architects for some of. the large
projects and will employ more in the near future under the enlarged
authority recently granted by Congress. During the period since
March 4, 1929, the Keyes-Elliott bill has been passed by Congress,
adding $230,000,000 to the previous authorizations and making the
total amount now authorized for public building $520,000,000.
In the District of Columbia, the Internal Revenue Building, involving nearly $10,000,000, and the Administrative Building for the
Department of Agriculture, involving approximately $2,000,000, have
been completed and are now occupied. The extension to the Government Printing Office, involving $2,225,000, is nearing completion.
The Department of Commerce Building, involving $17,500,000, is
about half completed, and it is expected that the central portion will
be finished and ready for occupancy by the end of this calendar year.
Other buildings which it is expected will be started during the fiscal
year beginning July 1, 1930, are the Post Office Department Building,
involving slightly over $10,000,000; the building for the Department
of Justice, $10,000,000; the General Accounting Office, $4,500,000;
refacing and remodeling the State Department Building, involving
SECRETARY OF THE TREASURY
463
$3,000,000; and the administration building for the Public Health
Service at an approximate cost of $865,000. With the inauguration
of these important projects the long-awaited plan for the beautifying
of Washington and the restoration of the L'Enfant plan will be well
started on its way to accomplishment.
In the country at large there are now under construction 52 buildings, aggregating $26,000,000, and of these five exceed in cost $1,000,000 each. Twenty buildings are being advertised for bids, aggregating $11,000,000. In so far as circumstances permit, work on these
buildings in Washington and throughout the country is being pushed
as rapidly as possible in order to carry out President Hoover's sound
and constructive policy for increasing building activity and so stimulating all other lines of endeavor during the months immediately
ahead.
The Bureau of Customs has been completely reorganized during the
past year, its personnel strengthened, and a course of instruction instituted for representatives going abroad and others engaged in the
collection of duties on imports. Much study has been given to the
handling of passengers' baggage as a means of aiding American
travelers returning, from foreign countries. A committee of 25 prominent citizens has been appointed who will advise and recommend,
particularly with respect to conditions at the port of New York. A
new form of baggage declaration greatly simplified has been issued as
an aid to incoming passengers and a booklet of instructions clearly
outlining the necessary formalities is in course of preparation. Provision has been made by the Congress for the acquisition of 37 sites
on the Canadian and Mexican borders for the erection of customsimmigration inspection stations. These stations, when completed,
will greatly expedite inspection of highway traffic, affording proper
facilities for the inspection of baggage, and protecting the traveling
public from the elements during such inspection.
The Treasury has entire confidence in the financial stability both
of the Government and of the country. Even this brief and incomplete outline of the Treasury's activities indicates that the finances of
the Government are in sound condition and that the Government
itself, under the leadership of President Hoover, is in a position to
furnish the steadying influence necessary in any situation that may
arise. The unusual conditions through which we have been passing
are world wide in their application and are limited to no one country.
No country of any size or importance is immune from their effects.
Great economic changes are in process of taking place. Many of
these conditions are new and call for a different treatment than in the
past. We are fortunate in having at the head of the Government at
this time a man who by training and experience is equipped to meet
such a situation, a man of outstanding and demonstrated ability,
tireless industry, unquestioned integrity, and unselfish devotion to
duty and the public interest. He brings to his task a thorough understanding of the economic forces with which we must deal. The
problems which confront us are admittedly not easy of solution, but
we have faced worse in the past and emerged with success, and I am
confident that with a leadership characterized by brains, integrity,
and public spirit, backed by the natural resourcefulness and strength
of our people, we will again find the solution and presently press forward to even greater achievements.
12101—31
32
TABLES
465
EXPLANATION OF BASES USED IN TABLES OF RECEIPTS AND
EXPENDITURES
The receipts of the Government are published on four different bases, namely:
(1) Daily Treasury statements, unrevised (current): (2) daily Treasury statement, revised (actual); (3) warrants issued; and (4) collections reported by
collecting oflficers. The expenditures of the Government are published on the
first three of these bases, and also on the basis of checks issued.-:
Daily Treasury statements (unrevised).—The figures shown in the daily statement of the United States Treasury are compiled from the latest daily reports
received by the Treasurer of the United States, from Treasury oflficers, and
public depositaries holding Government funds. The daily Treasury statement,
therefore, is a current report compiled from latest available information, and,
by reason of the promptness with which the information is obtained and made
public, it has come into general use as reflecting the financial operations of the
Government covering a given period, and gives an accurate idea of the actual
condition of the Treasury as far as it is ascertainable from day to day. This
is known as ^^current cash basis,'' according to daily Treasury statements
(unrevised). Table 5 (p. 489) shows figures on this basis.
Daily Treasury statements (revised).—On account of the distance of some of
•the Treasury offices and depositaries from the Treasury, it is obvious that the
reports from all oflficers covering a particular day's transactions can not be
received and assembled in the Treasury at one time without delaying for several
days the pubhcation of the daily Treasury statement. It is necessar}^, therefore, in order to exhibit the actual receipts and expenditures for any given
month or fiscal year, to take into consideration those reports covering the transactions for the last few days of the naonth or fiscal year concerned which have
not been ^received in the Treasury until the succeeding month or fiscal year.
After taking into consideration these reports the revised figures indicate the
condition of the Treasury on the basis of actual transactions occurring during
the period under review. This is known as ''the basis of daily Treasury statements (revised)."
It is not practical to delay the publication of the daily Treasury statement dn
order to include the later reports, as the difference between the revised and the
unrevised figures is immaterial. The unrevised figures as shown in current
daily Treasury statements are the basis for the Budget estimates submitted
to Congress by the President. The revised figures are of no practical use except
to enable the use of a true general fund balance on the monthly statement of
the public debt of the United States and to bring the daily Treasury statement
figures into agreement with the figures based on warrants issued. Receipts and
expenditures on this basis are shown on page 469.
Warrants issued (receipts).—Section 305 of the Revised Statutes provides that
receipts for all moneys received by the Treasurer of the United States shall be
indorsed upon warrants signed by the Secretary of the Treasury, without which
. warrants, so signed,. no acknowledgment for money received into the Public
Treasury shall be valid. The issuance of warrants by the Secretary of the
Treasury, as provided by law, represents the formal covering of receipts into
the Treasury.
Certificates of deposits covering actual deposits in Treasury oflfices and-depositaries, upon which covering warrants are based, can not reach the Treasury
simultaneously, and for that reason all receipts for a fiscal year can not be
covered into the Treasury by warrants of the Secretary immediately upon the
close of that fiscal year. It is necessary to have all certificates of deposits before
a statement can be issued showing the total receipts for a particular fiscal year
on a warrant basis. The figures thus compiled will agree with the figures compiled on the basis of daily Treasury statements (revised). Tables 2 and 6 (pp.
471 and 494) show receipts on this basis.
Warrants issued (expenditures).—The Constitution of the United States provides that no money shall be drawn from the Treasury but in consequence of
appropriations made by law. Section 305 of the Revised Statutes requires that
the Treasurer of the United States shall disburse the moneys of the United States
467
468
REPORT ON THE FINANCES
upon warrants drawn by the Secretary of the Treasury. As the warrants are
issued by the Secretary they are charged against the appropriate appropriations
provided by law. Some of these warrants do not represent actual payments to
claimants, but are merely advances of funds to be placed to the credit of disbursing officers of the Government with the Treasurer of the United States for
the payment of Government obligations. The disbursing oflficer then issues his
check on the Treasurer in payment of such obligations. As far as the appropriation accounts are concerned, the warrants issued and charged thereto
constitute expenditures, but it will be observed that such expenditures necessarily include unexpended balances to the credit of the disbursing oflficers.
Under normal conditions these balances over a period of several years fluctuate
very little in the aggregate, and the difference between the total expenditures
on a warrant basis and a cash basis (revised) is immaterial. Statement of
the expenditures on a warrant basis is shown on page 498 of this report.
Checks issued.—This basis, more than any other, reflects the real expenditures
of the Government. Expenditures for a given fiscal year on the basis of checks
issued differ from the corresponding figures on the basis of warrants in that the
former include expenditures made by disbursing officers from credits granted
during the previous fiscal year, and exclude the amount of unexpended grants
remaining to their credit at the end of the fiscal year. The basis of checks
issued differs from the basis of the daily Treasury statement (revised) in that
the former includes checks outstanding at the end of the fiscal year, and excludes
unpaid checks outstanding at the beginning of the fiscal year. A detailed
explanation of the basis of checks issued will be found on page 89 of the Secretary's
report for 1927. Table 3, page 480, shows expenditures on this basis.
Collections reported by collecting officers.^Statements showing receipts on a
collection basis are compiled from reports received by the various administrative oflfices from collecting officers in the field, such as collectors of internal
revenue and collectors of customs. These reports cover the collections actually
made by these oflficers during the period specified. The collections are then
deposited in a designated Government depositary to the credit of the Treasurer
of the United States, which depositary renders a report to the Treasurer. The
reports of the collecting oflficers and the depositaries do not, of course, coincide,
for the reason that the collecting officers make collections during the last few
days of the fiscal year which are not deposited until after the close of the fiscal
year. On this account the two reports will not agree. The receipts are reported
on a collection basis merely for statistical purposes and to furnish information as
to detailed sources of revenue. Classification of such items on the basis of deposits
has been found to be impracticable and uneconomical. Tables 9 and 16 (pp. 512
and 530) show receipts on a collection basis.
TABLES
RECEIPTS AND EXPENDITURES
General tables
TABLE 1.—Receipts and expenditures for the fiscal year 1930, classified according
to funds
[On basis of daily Treasury statements (revised), see p. 467]
•
General funds
RECEIPTS,
Special
funds 1
T r u s t funds i
District of
Columbia
(act J u n e 29,
1922)>
Total
ORDINARY
Revenue receipts:
Customs
$684,769,604.35
$11,711.49
Internal revenue
3, 038, 266,373.29
416,908.74
Miscellaneous taxes
6,058, 604.42 4,455,461.63
Interest, exchange, and
dividends on capital
stock
88,032,370.68 69,491,376.22
Fines and penalties
10,224,862.02
607,460.14
16,894,343.09
Fees
360,183.91
Forfeitures
_
1,231,730.16
60, 700.00
Assessments
9,276,909.76
Reimbursements
2, 200, 665.89 5, 632, 667. 66
Gifts and contributions
23,277.76 6, 063,869. 32
Sales of Government property (products)..
4, 508, 873.89
27,760. 29
Sales of services
31,148, 646.07
297, 664.89
Rents and royalties
3,320,516.30 4, 308,105. 65
Permits, privileges, and
licenses
:.
1, 501, 350.83
784,129. 00
Mint receipts (profits on
coinage, bullion deposits, etc.)..
_
8, 321, 544.93
Forest reserve fund.
4, 614,126.97 2, 232, 287.87
Postal receipts, Panama
Canal
255,192. 68
United States revenues
from District of Columbia sources
48,184.95
Total revenue receipts . 3,801,410,168.17 103, 826,186. 35
Nonrevenue receipts:
Realization upon assetsRepayments of investments
...
Army costs from Germany
Sales of public lands
Sales of Government
property ._
Trust funds (exclusive of
District of Columbia)
District of Columbia,
revenues, taxes, trust
funds, etc
_
157,523,746.90
10,732,322.16
17,254, 527.00
1,292,430.16
9, 276,909.75
7,733,233.54
6,087,137.07
4, 536,634.18
31,446,310.96
7,628,621.85
2,285,479.83
8,321,544.93
6,846,414.84
256,192.58
48,184.95
3,906, 236,354.52
20, 221,917.16 92,828,802. 59
10,154, 350. 51
47,024.78
113,050,719.74
10,154,350.51
395,744.28
348,719. 60
5, 204,778.78 10, 636,858. 64
15,840,637.32
$94,186,524.30
(3).
Total nonrevenue receipts
__.
Decrease
in uncovered
moneys...
Transfers between funds
$584,771,315.84
3,038,682,282.03
10, 514,065.95
94,186,524.30
$35,194,596.46
36, 628,071. 22103,813, 380. 63 94,186, 624.30 35,194,596.45
35,194,596.45
268,822, 672. 60
3,837,038, 239.39 207, 639, 566.98 94,186, 624.30 35,194, 596.45 4,174,068,927.12
-7,381.36
- 4 , 1 6 7 , 800. 60 +3,977,206. 76
—7,381.35
+190,694.84
Total ordinary receipts. 3,832,863, 067.44 211,616, 772. 74 94, 377,119.14 35,194, 596.46 4,174,061, 645. 77
I Exclusive of District of Columbia special and trust funds.
ajncludes District of Columbia special and trust funds.
3 United States revenues from District of Columbia sources stated under revenue receipts above.
469
470
REPORT ON THE FIN'ANCES
TABLE 1.—Receipts and expenditures for the fiscal year 1930, classified according
to funds—Continued
[On basis of daily Treasury statements (revised), see p. 467]
General funds
EXPENDITURES,
Special
funds»
District of
Columbia
Trust funds i (act June 29,
1922)2
Total
ORDINARY*
General expenditures:
Legislative establishment.. $19, 600, 265. 80 $637, 290. 89
Executive ofl&ce
692,194. 08
Department of State
13, 770,172. 82
269, 287. 62 $127,096. 59
Treasury Department
190, 646, 374. 68 4,211,141.73
317,846.87
War Department...
450,137, 666. 23 1, 808, 675. 62 2,026, 710.03
Department of Justice
32,170, 775. 41
Post Office Department...
66,002.86
2, 651. 05
Navy Department
373, 370, 810. 21 1, 815, 036. 03 260, 272. 49
Department of the Interior. 260, 072, 363. 99 16, 263,142. 87 12, 541,658. 42
fi $500.00
Department of Agriculture 173, 464, 268. 39 3, 865, 310.02
Department of Commerce.
57, 056, 924. 91
Department of Labor
10, 611, 639. 99
1, 652. 22
U. S. Veterans' Bureau
408,131, 709. 70
46,179.44 35, 220, 604. 57
Other independent offices
and commissions.
46, 256,894. 64 2, 825, 373. 01
51, 668. 29
6 63,000. 00
District of Columbia
9, 214, 798. 42
35, 966, 406.13
$20,137, 656. 69
692,194. 08
14,156, 667. 03
194, 539, 669. 54
453, 973, 041. 88
32,170, 775. 41
58, 653. 91
375,446,118.73
288,877, 666. 28
177, 329, 678. 41
67, 056, 924. 91
10, 613, 292. 21
443, 306,134. 83
48,196, 935. 94
45,181, 204. 65
Total general expenditures
2,044, 252, 852. 13 31,543,381,62 49,910,163, 52 36, 029, 906.13 2,161,.736, 303. 40
Interest on the public d e b t . . 658, 602,154. 96
658, 602,164. 96
Refund of receipts:
Customs
24,126, 500. 69
17.85
24,126, 618. 54
127, 991, 942. 76 579, 609. 73
Internal revenue
128, 571, 552. 49
91, 714, 450. 89
91, 714, 450. 89
Postal deficiency
.
11, 264,438. 73
Panama Canal
11, 264, 438. 73
Operations in special accounts:
Railroads
4, 854, 874. 87
4, 854, 874.87
War Finance Corporation. .
61, 476. 60
61,476.60
Shipping Board.
11, 587, 409. 71 20, 037, 623. 72
31, 625, 033. 43
Alien property funds
13, 680. 24
355, 872. 27
342,192. 03
Agricultural m a r k e t i n g
fund (net)
..
148, 591,009.14
148, 591,009. 14
Adjusted service certificate
fund
. .
. . . 112, 000, 000. 00
112,142, 320. 76
142, 320. 76
Civil service retirement fund.
20, 350, 000. 00
150, 000. 00 20,412,661. 73
87,348.27
Investment of trust funds:
Government life insurance43, 940,422. 20
43,940, 422. 20
District
of
Columbia
teachers' retirement
550, 642. 98
550, 642. 98
Foreign service retirement.
216, 000. 00
312, 700. 00
96, 700. 00
General railroad contingent
. . .
2, 339, 225. 54
2, 339, 225. 54
Total ordinary expenditures
- 3, 245, 794,087. 78 54,499, 858.46 94, 344, 450. 24 36, 730,549.11 3,431, 368, 945. 69
PUBLIC D E B T R E T I R E M E N T S
CHARGEABLE AGAINST ORDINARY RECEIPTS
Sinking fund
Purchase and retirements
from foreign repayments...
Received from foreign governments u n d e r d e b t
settlements
Purchases and retirements
from franchise tax receipts (Federal reserve
and Federal intermediate
credit banks)
Forfeitures, gifts, etc
Estate taxes
Total public debt retirements chargeable
against ordinary receipts
388,368,950.00
388, 368, 950.00
51,135,000.00
51,135,000.00
109, 790,850.00
109, 790, 850.00
4, 455,000. 00
60, 703. 25
73,100.00
4,455, 000. 00
60, 703. 25
73,100.00
388, 368, 950.00 166, 614, 653. 25
653, 883, 603. 25
Total
3, 634,163,037. 78 220,014,611.71 94, 344,450. 24 36, 730, 549.11 3,986, 252, 548. 84
1 Exclusive of District of Columbia special and trust funds.
2 Includes District of Columbia special and trust funds.
< Amounts in italics, excess credits, deduct.
« Transfer from "Freedmen's Hospital,.District of Columbia, 1930," to "Contingent expenses. Department of the Interior, 1930."
«Transferred from "Administrative expenses, compensation to injured employees in the District of
Columbia, 1930," to "Salaries and expenses, U. S. Employees' Compensation Commission, 1930," $60,000,
and to "Printing and binding, U. S. Employees' Compensation Commission, 1930," $3,000.
471
SECEETAEY OF THE TEEASUEY
TABLE 1.—Receipts and expenditures for the fiscal year 1930, classified according
to funds—Continued
[On basis of daily Treasury statements (revised), see p. 467]
District of
Columbia
Trust funds i (act June 29,
1922) >
•
Special
funds 1
General funds
Total
PUBLIC DEBT RETIREMENTS
CHARGEABLE AGAINST ORDINARY RECEIPTS—contd.
Decrease in
checks' .
outstanding
+$8,617,087,56
+$8, 617,087. 56
Total expenditures
chargeable against
ordinary receipts._^. 3,642, 680,125. 34 $220,014,511.71 $94, 344,450. 24 $36,730, 549.11 3,993, 769,636. 40
Surplus of. ordinary receipts
over expenditures chargeable against ordinary receipts
190,182, 932.10 7 8,397,738.97
Public debt receipts
. . 3, 722, 970,170. 85
Total to be accounted
for
1- 3,913,153,102.95 7 8,397,738.97
Public debt expenditures
(exclusive of $553,883,603.25
chargeable against ordinary receipts as above)
3, 914, 976, 016. 02
Excess of all expenditures over all receipts.
General fund balance, June
30, 1929
1,822,913. 07
8, 397,738.97
32,668.90 71, 635, 952. 66 180, 281, 909. 37
3, 722, 970,170. 86
32,668.90
1,535,952,66 3, 903, 262,080. 22
3, 914, 976,016. 02
8 32,668.90 1, 536, 952. 66
11, 723,936. 80
131, 495, 810.43 98, 006, 900. 47 75, 696, 200.43 19, 308, 939. 50 324, 506, 850. 83
129, 672, 897. 36 89,609,161.50 75,727,869.33 17, 772,986. 84' 312, 782, 916. 031
Transfers between funds • . -17,036,121.40 +29,438,234.58 -12,402,113.18
General fund balance, June
30, 1930
112,636,776.96 119,047,396.08 63,325,756.16 17, 772, 986. 84 312, 782, 916. 03
1 Exclusive of District of Columbia special and trust funds.
2 Includes District of Columbia special and trust funds
7 Excess of expenditures over receipts.
8 Excess of receipts over expenditures.
5 Special deposit accounts heretofore classified as "General funds."
TABLE 2.—Comparison of detailed receipts for the fiscal years 1929 and 1930
[On.basis of warrants issued, see p. 467]
Receipts
1929
1930
Increase, 1930
Decrease, 1930
ORDINARY
Revenue receipts:
CustomsDuties
Tonnage tax
Total customs
$600,810,838.38
2,009, 318.04
$682, 754, 978. 72
2,016, 337.12
$7,019.08
602,820,156.42
584, 771, 315. 84
7,019.08
Internal revenueIncome tax.
2,331, 274,4M. 64
Miscellaneous internal revenue taxes..
..
608,135,036. 55
Collections under enforcement
of national prohibition a c t .
1635,020,90
Total internal revenue . 2, 940,044, 486. 09
--
^^=
'. ^ —
^
2, 410, 269,230.28
18,055,859. 66
78,984,801. 64
627,427,169.16
$18,056,859. 66
19, 292,132. 61
2 995, 882. 59
3,038, 682,282. 03
360,861. 69
98, 687, 795. 94
1 Additional collections under national prohibition act, amounting to $4,633,955.92 were made as follows:
Under miscellaneous receipts, 'fines, and penalties, $4,354,136.50; under forfeitures, $279,819.42, making
a total of $5,268,976.82 for the flscal year 1929. (See pp. 472 and 473.)
2 Additional collections under national prohibition act, amounting to $4,370,237.12, were made as follows.
Under miscellaneous receipts, fines, and penalties, p. 472, $4,201,775.22; under forfeitures, p. 473, $168,461.90:
making a total of $5,366,119.71 for the fiscal year 1930.
472
REPORT ON T H E
FINANCES
TABLE 2.—Comparison of detailed receipts for the fiscal years 1929 and 1930—Con.
[On basis of warrants issued, see p. 467]
Receipts
1930
Increase, 1930
Decrease, 1930
ORDINARY—continued
Revenue receipts—Continued.
MiscellaneousMiscellaneous t a x e s Franchise tax, Federal
reserve and Federal intermediatecreditbanks.
Immigration head tax
Tax on circulation of national banks
Taxes, licenses, fines, etc..
Canal Zone..
Interest, exchange, and dividends on capital s t o c k Interest on income of
Library of Congress
trust fund, investment
account
Interest on endowment
fund, preservation of
birthplace of Abraham
Lincoln
Interest on funds contributed for memorial to
women of World War...
Interest on advance payments to contractors..
Interest on deferred collections or payments..
Interest on bonds of foreign governments upder funding agreements.
Interest on unfunded obligations of foreign governments
Interest on public deposits
Interest on miscellaneous
obligations...
Discount on certificates
of indebtedness. Treasury notes and bonds
redeemed and purchased
.
Dividends on capital
stock of the Panama
Railroad owned by the
United States
Gain by exchange
Federal control of transportation systems (repayments td appropriations) 3
Loans to.railroads after
termination of Federal
control (repayments to
appropriations) 3
Military and naval insurance, Veterans' Bureau, 1929 and prior
years (repayments to
appropriations) 3
Fines and penalties—
Judicial
Customs Service
Immigration Service
Under enforcement of national p;-ohibition act
(judicial) <
Recovery of value of oil
in case of United States
against petroleum companies...
Navy fines and forfeitures
Other
* Items of this character represent
• See notes. 1 a n d 2.
$2,842, 745.01
2,885,238.00
$4,456,461. 53
2, 722,898.00
$1,612,716. 62
3,240, 307.81
3,248, 327.85
8,020.04
92, 311. 39
87, 378. 57
24, 923.12
32,236.91
2,040.00
$162,340.00
2,040.00
4, 932.82
7,313.79
10,966.46
12,441.46
1,485.00
83,450.63
80,448.26
3,002.37
92,805.49
66,930.12
25,875. 37
139,973.850.97
141,931, 519. 26
1, 957,668. 29
3,411,131. 86
3, 622,000. 26
210,868.41
1, 585, 612.17
1,893, 550. 72
307, 938. 56
680,'697. 29
5,459,401. 36
4, 778, 704.06
700,000. 00
920.20
700,000. 00
469. 33
460. 87
65,210. 95
44, 550. 34
20, 660. 61
3,085,137. 76
3, 327, 361.00
485,006.40
361,774. 35
626,860.11
2,182,845. 20
166,449. 06
626,102.04
2,086,908. 91
316,142. 91
4, 364,136. 50
4,201,776. 22
3, 509.19
675,005. 73
54,443. 09
2,906,484. 32
507, 460.14
88,448. 62
20,367,057.26
20, 367. 057. 26
.242,213.24
123, 232. 05
100, 241. 93
96, 936. 29
149,693. 85
152, 361. 28
2,902,975.13
"""34,"005.'53
cash receipts credited to appropriations.
<
473
SECEETARY OP THK TREASUEY
TABLE 2.—Comparison of detailed receipts for the fiscal years 1929 and 1930—Con.
[On basis of warrants issued, see p. 467]
Receipts
Increase, 1930
1929
1930
$26,476. 64
59,a63.05
$30,124. 06
47, 650.55
$3,647. 51
1, 647,392.20
1, 580,022. 33
32,630.13
66,718.39
7, 661, 946. 62
41, 564. 27
308,825.00
Decrease, 1930
18, 587.20
121,129.08
ORDINARY—continued
Revenue receipts—Continued.
Miscellaneous—Continued.
FeesAlaska game laws
•
.
Board of Tax Appeals
Clerks, United States
courts
Commissions on telephone pay stations in
Federal buildings and
rented post offices
Consular and passport^...
Copying
Copyright
Immigration (registration)
Indian lands and timber.
Fees and commissions,
Land Office
Marshals, Uriited States
courts
Naturalization
Navigation
On letters patent
Testing
Other
ForfeituresBonds of aliens, contractors, etc..
Bribes to United States
officers..
Customs Service
Judicial
Under enforcement of
national
prohibition
act*
Unclaimed moneys and
wages remaining in registry of courts
Unclaimed funds
Unexplained balances in
cash accounts
Other
Assessments—
On Federal reserve banks
for salaries and expenses, Federal Reserve Board
On Federal intermediate, credit and Federal
and joint-stock land
banks for salaries and
expenses. Federal Farm
Loan Board
Salaries and expenses,
national-bank examiners
_
General railroad contingent fund
Austrian, German, and
Hungarian
Government's moiety, expenses. Mixed and Tripartite Claims Commissions
Deposits for establishing
wool standards
Passage moneys collected
from steamship companies for return of deported aliens
Naval hospital fund.
Deposits by individuals
for expenses of surveying public lands
Other
< See notes 1 and 2.
$11,502. 60
275,442.43
75, 305. 59
7, 773,075. 60
41,028.10
331, 281. 00
145, 787. 32
278,466.18
461,215. 91
413, 927. 80
191, 932.85
907,483. 00
248, 846.41
3, 696, 925.87
76, 823. 26
41, 854. 06
191, 627.17
1,936, 820. 32
236,322. 72
4,023, 728. 52
79, 082. 54
70,278. 21
514,363.18
538,167.29
23,804.11
21, 064.95
173,940. 36
187,611.60
47, 618. 57
182,997.92
79,747.83
26,453. 62
9,067.56
279,819.42
168,461.90
176,300.76
4,608.62
241,667.47
7,938.84
726.13
61, 565.50
430.26
25, 610. 08
295.87
36,055.42
2,895,468.47
2,829,430.36
16,038.11
880,252.66
984,861.03
22,466.00
536.17
145, 787. 32
3,022. 75
47,288.11
305,68
1,029, 337. 32
326, 802. 65
2,259.28
28,424.15
""i2,'523.'69
107,763.77
111, 357.52
65, 356.71
3,430.22
104,598.47
1,874,133.89
2, 510,078. 56
635,944.67
977,719.29
2,411,850.13
1,434,130.84
18,030.00
17,422. 50
607.50
60,000.00
40,000.00
10,000.00
10,145. 59
490,906. 30
2,159.73
451,606.33
7,985.86
39,399.97
24,930.38
28,917.81
694.30
3,987.43
694.30
474
REPORT ON T H E FINANCES
TABLE 2.—Comparison of detailed receipts for the fiscal years 1929 and 1930—Con.
[On basis of warrants issued, see p. 467]
1929
1930
$53,971.91
Receipts
^$49,303.06
Increase, 1930
Decrease, 1930
ORDINARY—continued
Revenue receipts—Continued.
M iscellaneous—Continued.
ReimbursementsC o n s t r u c t i o n charges (Indian Service)
Coos B a y wagon road
g r a n t fund, t o cover
p a y m e n t s t o certain
counties of Oregon of
u n p a i d taxes to S o u t h ern Oregon Co
U n d e r grain a n d cotton
s t a n d a r d acts
M a i n t e n a n c e of D i s t r i c t
of C o l u m b i a i n m a t e s in
F e d e r a l p e n a l a n d correctional i n s t i t u t i o n s . . .
D i s t r i c t of C o l u m b i a , adm i n i s t r a t i v e expenses,
u n d e r e m p l o y e e s ' comp e n s a t i o n act,
fiscal
year
1929
decision
Comptroller General,
J u n e 10, 1929, A27423)..
D i s t r i c t of C o l u m b i a liability u n d e r civil service r e t i r e m e n t act, fiscal y e a r 1929 (decision
Comptroller General,
J u n e 10, 1929, A27423) .
R e f u n d on e m p t y containers
Gasoline S t a t e taxElectric-light charges b y
P o t o m a c Electric P o w er Co
R e d e e m i n g n a t i o n a l curr e n c y , expenses
Other expenses
Inspection of food a n d
farm p r o d u c t s
D e d u c t i o n s from a w a r d s
of Mixed Claims C o m mission, U n i t e d States
a n d G e r m a n y , to cover
r e i m b u r s e m e n t for expenses incurred
by
U n i t e d States in respect
thereof, s e t t l e m e n t of
w a r claims act of 1928..
Government
property
lost or d a m a g e d
Hospitalization charges
a n d expenses.
Expenses of i n t e r n a t i o n a l
service of ice observation a n d patrol
B y contractors for excess
of cost over contract
price
Cost from estates of deceased I n d i a n s
M a i n t e n a n c e charges, irrigation s y s t e m s , I n d i a n Service
• A p p r o p r i a t i o n s m a d e for
I n d i a n tribes
Settlement
of
claims
against various depositors
R e c l a m a t i o n fund (rep a y m e n t s to appropri ation)
Collections, r e c l a m a t i o n
fund
Auxiliary
reclamation
fund, Y u m a project,
Arizona
Other
$4, 668.85
1,049, 216. 65
1,049,216. 65
160, 526. 02
198,156.38
181, 554. 26
'
$47,630.36
122, 617. 89
68,936. 37
60, 000. 00
150, 000. 00
150,000.00
4, 350. 56
11,842.81
8, 086.14
60, 000.00
11, 842. 81
3,735. 58
55, 296. 71
56,296. 71
614,963. 62
14, 051.11
14,061.11
243, 382. 31
255,447. 79
12, 065. 48
379, 774. 65
86,105. 69
68, 962.10
83, 273. 02
157, 592. 31
149, 071.43
135, 647! 13
109, 846. 99
617,863.18
.
•
2,899.56
293, 668.86
14, 310.92
8, 520. 88
.
25, 800.14
36, 706. 09
89, 476.92
62,770. 83
58,047. 66
58, 603. 88
556. 23
469,658. 64
503,023.17
33,364. 53
114, 699. 24
109,107.13
5,692.11
562,454.67
66,686.84
495,767. 73
6,532,386. 76
6,532,385.76
4, 911,153. 51
69,139. 08
4,911,153.61
28,171. 31
157, 980.43
28,171.31
88,841. 35
475
SECEETARY OF THE TEEASUBY
TABLE 2.—Comparison of detailed receipts for the fiscal years 1929 and 1930—Con.
[On basis of warrants issued, see p. 467]
Receipts
1929
1930
Increase, 1930
Decrease, 1930
ORDINARY—continued.
Revenue receipts—Continued.
Miscellaneous—Continued.
Gifts and contributionsForest Service cooperaLibrary of Congress, gift
C ontributi ons to Libr ary
of Congress investment
Moneys received from
persons known and unDonations to the United
States
Donations,
National
Pan American Union
quotas
Contributions to International Water Commission, United States
and Mexico
Contributions for river
and harbor improveFor roads, bridges, and
$1,775,695.18
181,025. 22
289,266. 62
$108,241.40
1,615. 75
138,882. 94
137,367.19
14, 610.19
20,999. 94
6,389.75
20,100.10
16,891.25
31,146. 70
1,773,563.43
87,682. 73
72,583.21
15,099. 62
3, 500.00
1,400.00
2,100. 00
491,598.34
1,710,511.00
211,070.17
150,347. 64
Donations for restoration
of Old Fort Niagara,
NY
Contributions for paving.
Dry Valley Road,RossContributions for wharf
and walk, Jamestown,
Va
For memorial to women
of World War
Other
Sales of Government property (products)—
Scrap and salvaged materials, condemned
stores, waste paper, refuse, etc
Agricultural products,
including livestock and
livestock products
Card indexes, Library of
$54,862.68
$1,830,467.86
3,208. 86
1,742,416.73
1,218, 912. 66
60,722. 53
15,000.00
15,000.00
13,600.00
13,600.00
15,000.00
15,000. 00
210,634.30
. 123,035.06
7L00
2,622,347.41
2,369,013.17
71.00
87,599. 25
153,334.24
60,484. 72
70,304.14
120, 788. 86
193,846.15
247,572. 05
53, 725. 90
293,868.62
6 251, 248. 44
526, 446. 58
7 612,079. 61
232, 577. 96
360,831.07
26,109. 24
Seal and fox skins,, and
369,804. 24
288,246. 64
furs
Heat, light, and power
152,664.28
fCanitol Dower nlanf)
Occupational
therapy
110,994.02
64, 556.16
products
Subsistence (meals, ra20, 464.44
18,465. 54
tions, etc.)
47, 700.45
Water
. 52, 307.12
9,856. 66
Other
12, 967.17
Sales of services—
Fumigating and disinfecting (Department of
87,664. 50
70, 223. 00
Agriculture)
Laundry and dry-clean1,212,100.52
1, 259, 236. 66
incT oDerations
Overhead charges on sales
of services or supplies
100, 440. 88
101,053. 43
(War and Navy)
fi Heretofore stated as a trust fund.
6 Includes $185,310.80 for Dam No. 2, Muscle Shoals, Ala.
7 Includes $529,075.02 for Dam No. 2, Muscle Shoals, Ala.
25,109. 24
Public documents,
charts, maps, etc
Electric current
Electric current, power
plant, Coolidge Dam,
81, 557.60
162, 654. 28
46,437.86
1,988.90
4, 606.67
3,100. 51
17, 441. 50
47,135.13
612. 65
476
REPORT ON T H E FINANCES
TABLE 2.— Comparison of detailed receipts for the fiscal years 1929 and 1930—Con.
[On basis of w a r r a n t s issued, see p . 467]
Receipts
1929
1930
Increase, 1930
Decrease, 1930
ORDINARY—continued
Revenue receipts—Continued.
Miscellaneous—Continued.
Sales of services—Continued.
Operation of properties,
U . S. H o u s i n g Corporation..
Q u a r a n t i n e charges (including fumigation, disinfection,
inspection,
etc., of vessels)-Quarters, subsistence,
a n d l a u n d r y service
R a d i o service
Storage a n d other charges.
Profits from sale of ships'
stores. N a v y
T e l e p h o n e a n d telegraph
services
-.
Tolls a n d profits, P a n a m a Canal
W o r k d o n e for individuals, corporations, et a l .
Other...
Rents and royaltiesR e n t of p u b l i c buildings
a n d grounds
Rentals, Center Market,
Washington, D . C
Leases, A n n e t t e I s l a n d s
reserve, A l a s k a
Rentofland
R e n t of e q u i p m e n t
Receipts u n d e r mineral
leasing acts
Royalties on oil, gas, e t c . .
Moneys due Oklahoma
from royalties, oil a n d
gas, s o u t h half of R e d
River
P o t a s h deposits, royalties, a n d rentals (act
Oct. 2,1917, 40 Stat. 300)
R e n t of telegraph a n d
telephone facilities (U.
S. lines)
R e n t of water-power sites.
Other
Permits,
privileges,
and
licensesAlaska fund
Business concessions
Fishing and hunting
Immigration permits
Licenses u n d e r Federal
w a t e r power act
P e r m i t s to enter n a t i o n a l
parks
Pipe-line, water,
and
power transmission
rights
.:Purchases of A r m y discharges
Other
M i n t receipts: Profits
on
coinage, bullion deposits,
etc
Forest reserve fund
Postal
receipts,
Panama
Canal
U n i t e d States revenues from
District of
Columbia
sources..
Total
miscellaneous
r e v e n u e receipts
..
$298, 052.13
$270, 987.11
559, 612. 47
568,196.48
$8, 584. 01
80,929. 79
101, 390. 32
343, 606. 73
135,685.85
111,482.41
377,941. 46
54, 756. 06
10, 092.09
34, 334. 73
383, 409. 41
297, 664.89
336, 817. 59
333, 688. 07
27, 735, 516. 91
27, 810, 231. 77
74, 715. 86
71, 415.82
80, 525. 96
86,056. 01
54,171.01
14, 640.19
530,161. 58
632. 672. 70
102, 511.12
142, 919. 98
139, 820. 98
25, 000. 00
205,917 36
35,199. 61
85, 744. 62
3,129.52
26, 364. 95
3, 099. 00
25, 000. 00,
275, 347. 06
69,099. 90
69, 429. 70
33,900. 29
3, 706, 463. 32
2,486, 875. 65
4, 733, 529. 23
1, 611,939. 61
41, 784. 68
34, 306. 48
11,448. 75
13, 766. 76
2, 318. 01
10, 749. 53
56, 221. 33
25, 745. 01
23, 750. 34
67, 217. 72
37,171. 07
13, 000. 81
996. 39
11,426. 06
01
22
00
62
220, 689. 68
273, 642. 39
11,846.50
321,450. 85
21,021.17
175. 50
347,466. 81
476,818. 08.
129, 351. 27
533,423.83
663,870. 60
130, 446. 67
250,
252,
11,
363,
636.
521.
670.
703.
1, 027,065. 91
874, 936.04
7, 478.10
30,046. 33
'42,'252." 77
12, 298.16
15, 874. 25
3, 576.09
1, 248. 76
300, 000. 00
1, 488. 68
300, 000. 00
239. 82
6, 373, 407.13
6, 312, 463.49
8, 321, 544. 93
6, 846, 414. 84
150, 976. 08
255,192. 58
52,417.19
2, 948,137. 80
633,951. 35
104, 216. 50
48,184. 95
281, 983, 311. 73
281, 782, 756. .66
Total revenue receipts.. 3,824,847, 964. 24 3,905, 236, 354. 52
$27, 065. 02
4, 232. 24
31, 690,125.19
31,790,680. 27
130, 234,940. 21
49,846, 639.93
SECEETARY OF THE TEEASURY
477
TABLE 2.—Comparison of detailed receipts for the fiscal years 1929 and 1930—Con.
[On basis of warrants issued, see p . 467]
Receipts
1929
1930
Increase, 1930
Decrease, 1930
ORDINARY—continued
Nonrevenue receipts:
Army costs due the United
States from Germany..
$13,498, 356.38
$3,344,004.87
$10,154, 360. 51
Repayment of investmentsFederal control of transportation systems (repayments to appropriation) 3
36,600.00
133, 630.36
$97,030. 35
Loans to railroads after termination of Federal control, etc. (repayments to
appropriation) 8,_
7, 979, 817.12
3,896,839. 27
11,876,656.39
Farmers' seed-grain and feed
loans (repayments to appropriations) 8
10, 916. 92
10,916.92
Loans to farmers in storm,
drought and flood-stricken
areas (repayments to appropriations) 8
4, 360,152. 06
4, 360,162. 06
Construction loan fund, U. S.
Shipping Board (repayments to appropriation) 8_.
1, 306,131.67
65, 729. 00
1, 361, 860. 67
Funds deposited for construction loans under section 11, merchant marine
act, 1920
(«)
(«)
Return of advances made to
reclamation fund
1,000,000.00
1,000,000.00
Reimbursement on account
of representation of interests of foreign governments
growing out of hostilities
in Europe
157, 769. 39
157, 769.39
Reimbursement of relief
moneys furnished American citizens in Europe
366, 976. 62
366, 976. 62
Liquidation of capital stock.
Federal land banks.
. 90,509.50
82,161. 75
Principal of bonds of foreign
• governments under fund172, 671. 25
ing agreements
97, 634, 287. 76
58, 846, 549. 76
Principal of unfunded loans
made to foreign govern38, 787, 738. 00
ments
2, 922. 67
Principa . of Governmentowned securities (sale of
2, 922. 67
war supplies)
37, 868. 20
266, 250. 00
Construction costs of public
works in Colon and Pana304,118. 20
ma...
.
63,079. 68
35, 005. 91
98, 085. 59
Other
11, 620. 86
2, 448. 37
14,069. 23
Sale of public lands
395,744. 28
81,176. 85
314, 568.43
Sales of Government propertyCapital equipment, includes
trucks, horses, cars, machinery, furniture and fixtures, and other capital
equipment
1,109, 679.40
431,867. 77
677 821.63
Land and buildings
2,861,086.81
2,594,156.18
266,931. 63
Lands, etc., on account of
naval public works construction fund
484. 26
19,808.18
19,323. 93
Lands, etc., on account of
military post construction
fund
..
2,740, 520. 28
1,965,830.86
774,689. 42
Office material, etc. (General
13,951.91
18,278. 31
Supply Committee)
4, 326. 40
2, 584,489. 46
War supplies...
_ ...
1,950, 575.61
633,913.85
Coos Bay wagon road grant
fund.176, 718. 21
114,692.14
290,410. 35
The Oregon and California
land grant fund
752,328.47
523,289. 69
229,038. 78
Sale of ordnance material
(war)
92,726.87
« 5, 324. 51
98,061. 38
8 See note 3, p. 472. » Stated under "Sales of Government property" following^ »Debit item, deduct.
•
478
REPORT ON T H E FINANCES
T A B L E 2.—Comparison of detailed receipts for the fiscal years 1929 and 1930—Con.
[On basis of warrents issued, see p. 467]
Receipts
ORDINARY—continued
Nonrevenue receipts—Contd.
Sales of Government property—Continued.
Funds deposited for construction loans under section 11, merchant marine
act, 1920
Other
Trust f u n d s Contributions to Library of
Congress trust fund, investment account
Longshoremen's and harbor
workers' compensation act.
Government life insurance
fund...
Pension money, St. Elizabeths Hospital...
Personal funds of patients,
St. Elizabeths Hospital
Indian m o n e y s Proceeds of labor
Oil and gas leases, etc.,
Osage Reservation, Oklr.
Kiowa, Comanche, and
Apache Indians, Oklahoma, moneys due for oil
and gas, south half Red
River, act Mar. 4,1923...
Proceeds of sales and leases
of Indian lands, etc
Navy pension fund, principal.
Pay of the Navy and Marine
(Dorps deposit funds (repayments to appropriations) 8
_
_
Foreign service retirement
and disability f u n d Interest on investments
Deductions from salaries...
Pay of the Army deposit fund.
Proceeds from estates of
deceased soldiers
Soldiers' Home permanent
fund
Unclaimed moneys of individuals whose whereabouts
are unknown..
Miscellaneous trust funds
District of ColumbiaRevenue receiptsDistrict of Columbia share
(excluding trust funds)...
United States share
Nonrevenue receipts—
District of Columbia share.
District of Columbia trust
funds.
1929
$3,266, 668. 27
7,417.68
(11)
1 $8,060,508.40
0
14,897.81
Decrease, 1930
:, 793,840.13
7,480.13
CO
20,000. 00
29,654. 90
9,654. 90
79,932,866.88
80,870,496.86
937, 630.98
$66, 029. 07
139,322. 76
83,293. 68
166,062.10
167,914. 36
1,862. 26
2,889,232. 91
3,052,879.17
163,646.26
9,604,123.47
6,120,462. 34
69,640.98
1,350,569.91
6, 330. 92
1,483,671.13
47,228. 69
22,412. 29
6,587.88
1,631. 25
1,551,901.29
1,355,129.46
7, 018. 30
4, 659. 55
1, 687. 38
191,226. 61
191, 226. 61
68,125. 41
3,074.10
1,635, 967.12
51,537. 53
1,442.85
84, 065. 83
50, 047.84
40,885. 39
9,162. 45
831,687.14
459,110. 02
372,677.12
6,371. 07
16,261. 73
.6,498.99
57, 569. 90
127. 92
41, 308. 17
31,449,620. 00
32,891,420. 28
1,441,800. 28
(12)
(12)
916.00
7.00
2,079, 727.17
2,303,169.17
211, 370, 298. 43
Total, nonrevenue receipts..
Total, miscellaneous re493. 353, 610.16
ceipts..
Total
4, 036. 218, 252.67
Deduct uncovered moneys at
beginning of fiscal year
6, 716. 35
Add uncovered moneys at end of
year
Total ordinary receipts
Increase, 1930
1930
4,036,211,637.32
7, 381.36
4,036, 218,918.67
909. 00
223,442. 00
268, 822, 572. 60
71, 888, 534. 48
14, 436, 260. 31
550, 605, 329. 25
4,174, 058, 927.12
103, 478.. 659. 67
202,123, 474. 69
46, 226,940. 58
64, 282, 800. 24
7, 381. 35
666.00
4,174,061, 545. 77
202,122, 808.6
4,174, 061. 545. 77
202,122, 808. 69
64, 282, 800. 24
7, 381. 35
64, 290,181. 59
8 See note 3, p. 472.
1 Exclusive of $8,921,775.67 transferred on July 1, 1929, from the checking account of the United States
0
Shipping Board on the books of the Treasurer of the United States to the warrant account on the books of
the Secretary of the Treasury, and covered into the Treasury by miscellaneous receipt covering warrant
under the title, "Funds deposited for construction loans under section 11, merchant marine act, 1920,
special fund." This transfer of funds from checking account to warrant account is merely an adjustment
between accounts in this fiscal year of cash transactions occurring in prior fiscal years. Accordingly, the
item has not been included in either the receipts or expenditures of this report, inasmuch as it did not
affect the cash in the Treasury during the current fiscal year.
" Stated under "Gifts and contributions."
" Stated under "Revenue receipts" above.
479
SECEETARY OP THE TEEASURY
TABLE 2.—Comparison of detailed receipts for the fiscal years 1929 and 1930—Con.
[On basis of warrants issued, see p. 467]
Receipts
1929
1930
Increase, 1930
Decrease, 1930
PUBLIC D E B T
Certificates ofindebtedness (various series)
$4, 637,488, 200. 00
T r e a s u r y notes (civil service ret i r e m e n t a n d disability f u n d ) . .
33,000,000.00
T r e a s u r y notes (foreign service
r e t i r e m e n t fund) - ^
.
377,000.00
T r e a s u r y notes (adjusted service
series)
127,700,000.00
T r e a s u r y bills
T r e a s u r y (war) savings securities.
10, 016,227. 37
P o s t a l savings b o n d s
2,074,800. 00
B a n k - n o t e fund '
..
24, 643, 665.00
T r e a s u r y b o n d s of 1940-1943
359,042, 950.00
T o t a l p u b l i c d e b t r e c e i p t s . . 5,194, 341, 732. 37
T o t a l receipts
postal
40,700,000.00
$1,436,926,200.00
$7,700,000.00
486,000. 00
_
109,000.00
137, 800,000.00
312,024,000.00
550,428.35
2, 337, 540.00
27, 510, 202. 50
10,100,000.00
312, 024,000. 00
9,464, 799.02
262, 740.00
2,866, 647. 50
359,042,950.00
3, 722, 970,170. 85
333,062, 387. 60 1,804,433,949.02
9, 230, 560, 651. 04
7, 897, 021, 716. 62
636,186,196.19 1,868,724,130.61
696, 947, 577.69
705, 484, 098.15
9,927, 508, 228. 73
excluding
-
POSTAL R E V E N U E S . . .
T o t a l receipts
postal
$3.201, 562,000. 00
8, 602, 505, 814. 77
8, 636, 520. 46
including
543, 721, 716. 66 1,868,724,130,61
SUMMARY OF R E C E I P T S BY ORGANIZATION UNITS
Receipts
1929
1930
Ordinary:
$1,110,692. 52
Legislative
$1,760,469.28
433. 29
E x e c u t i v e Office
2, 309. 92
I n d e p e n d e n t offices
107, 509, 893. 71
111,902,016.33
9,172,095.13
D e p a r t m e n t of Agriculture
14, 224, 637. 77
D e p a r t m e n t of C o m m e r c e
4, 601, 600.00
4, 944, 562. 95
D e p a r t m e n t ofthe Interior
1 30, 567,929.90
2 27, 390,174.06
D e p a r t m e n t of Justice
7, 931,390. 66
7, 816, 970.40
D e p a r t m e n t of L a b o r
4, 661,435. 32
6, 746,105. 22
Navy Department
7, 615,916.05
8,276. 532. 20
P o s t Office D e p a r t m e n t
10,213. 65
21,415. 84
D e p a r t m e n t of S t a t e
7, 948,023. 31
7, 948, 848. 97
Treasury Department
3 3, 766, 674,091. 67 4 3, 897,407,149. 36
War Department
:
26, 700,409. 86
22,403, 310.40
Panama Canal
28,131,447.24
28,971, 643.03
D i s t r i c t of Columbia—
D i s t r i c t of C o l u m b i a reven u e s , taxes, etc
33, 530, 263.17
35,194, 696. 45
U n i t e d States revenues from
D i s t r i c t of C o l u m b i a
sources.
62,417.19
48,184. 95
4, 036, 218, 252. 67
Deduct uncovered
beginning of year
moneys
at
. -
6.715.35
4,174,058, 927; 12
Increase, 1930
Decrease, 1930
$649, 776.76
1,876.63
4, 392,122. 62
5,052, 542. 64
342, 962. 95
$3,177, 765. 84
114,420. 26
1,084, 669.90
660, 616.15
11,202.19
825. 66
130, 733.057. 68
4, 297,099. 46
840,195. 79
1, 664,333. 28
4, 232. 24
145, 434,182. 25
7,593,507.80
7,38L35
666. 00
4,174, 051, 545. 77
145, 433, 516. 25
7, 593, 607.80
T o t a l o r d i n a r y r e c e i p t s . . . : . 4, 036, 218, 918. 67
P u b l i c d e b t receipts
6,194, 341, 732. 37
4,174, 051, 545. 77
3, 722, 970,170. 85
145, 433, 516. 25
7, 600, 889.15
1,471,371,561. 62
T o t a l receipts in t h e general fund
P o s t a l 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
9, 230, 560, 651. 04
7, 897, 021, 716. 62
696, 947, 677. 69
705, 484, 098.15
9, 927, 508, 228. 73
8, 602, 505,814: 77
4. 036, 211, 537. 32
Add uncovered moneys at end
of year
_-
T o t a l receipts i n c l u d i n g
postal revenues
7. 381. 35
7, 381. 35
1,478,972,450. 67
8, 536, 520. 46
153, 970,036.71 1,478,972,450. 67
1 Includes $314,568.43 "Sales of public lands."
2 Includes $395,744.28 "Sales of public lands."
3 Includes $602,820,156.42 customs receipts and $2,940,044,846.09 internal-revenue receipts.
* Includes $582,771,315.84 customs receipts and $3,038,682,282.03 internal-revenue receipts.
12101—31
^33
480
REPORT ON THE FINANCES
TABLE 3.—Comparison of detailed expenditures chargeable against ordinary receipts
for the fiscal years 1929 and 1930
[On basis of checks issued, see p. 468. Excess credits are printed in italics]
1929
Expenditures
1930
Increase, 1930
Decrease, 1930
ORDINARY
GeneralLegislative E s t a b l i s h m e n t U n i t e d States Senate
H o u s e of R e p r e s e n t a t i v e s
Legislative, miscellaneous
Architect of t h e Capitol
Botanic Garden
L i b r a r y of Congress
G o v e r n m e n t P r i n t i n g Office
T o t a l Legislative
ment
$3, 310, 718. 96
8,339,493.88
128, 290. 41
2, 956, 686. 03
176,170. 92
2, 317, 844. 42
2, 908, 352. 08
1,671,385. 68
17, 865, 715. 31
20,137, 556. 69
2, 796,032. 24
488, 972. 27
692,194. 08
203, 221. 81
24, 736. 26
11,617. 33
E x e c u t i v e Office, salaries, expenses.
M a n s i o n a n d grounds
Commission of F i n e A r t s
E m p l o y e e s ' C o m p e n s a t i o n Commission
Federal B o a r d for Vocational
Education
Federal F a r m B o a r d
FpfJpral Oil Consprvafion Bnarfi
Federal R e s e r v e B o a r d
General A c c o u n t i n g Office
H o u s i n g Corporation
Interstate Commerce Commission
National Advisory Committee
for Aeronautics
Personnpl Clflssififation Board
P o r t o R i c a n H u r r i c a n e Relief
Commission
Office of P u b l i c Buildings a n d
P u b l i c P a r k s of t h e N a t i o n a l
Capital
Office of W a r Claims A r b i t e r
Railroad
administration
and
t r a n s p o r t a t i o n act
Smithsonian Institution
National Museum
U . S. Geographic B o a r d
U . S. Shipping B o a r d
U . S. S u p r e m e C o u r t B u i l d i n g
Commission
U . S. Tarifl Commission
W a r F i n a n c e Corporation
-.Miscellaneous
commissions,
b o a r d s , etc.—
George Rogers C l a r k SesquiGeorge W a s h i n g t o n Bicentennial Commission
International Trade Exhibition
Mount Rushmore
National
Mp.morial Commission
Perry's
Victory
Memorial
Commission
Protection
of . interests
of
Public Buildings C o m m i s s i o n O t h e r miscellaneous commissions, b o a r d s , etc
T o t a l i n d e p e n d e n t offices,
excluding U n i t e d States
Veterans' Bureau i
13,118. 93
67, 464.16
308,923. 75
171,155. 50
524,190.86
(?)
(?)
772, 202. 27
1, 324,106. 93
551, 904. 66
2, 368, 501. 86
243, 343. 00
698, 730. 38
214,883.12
1, 244, 639. 86
7, 695. 69
2, 749, 025. 08
183,022. 08
672, 777. 28
226,860. 97
1, 415,846. 86
9,149. 41
380, 623. 22
4,050,056. 45
4, 688,181. 20
538,125. 75
7, 763, 224. 70
8, 455, 770.12
731, 735. 55
692, 546. 42
731, 735. 65
(?)
60,320.92
25,963.10
11, 977. 86
171, 207. 00
1,453. 72
3, 749.18
29, 853. 77
7, 267. 28
9, 846. 39
132, 362.19
• 266,818.48
2, 905, 479. 71
1,166, 582. 44
4,131, 403. 83
477, 451.13
13, 695. 57
162, 215. 96
274, 085. 76
2,832,923. 52
1, 447, 667. 48
4,108, 591. 64
680, 417. 86
1 7,832, 513. 64
1 8,098,758. 45
266,244.81
607,123.15
73,318. 64
979, 691. 73
9, 346. 81
372, 568. 58
3,876,133.01
3, 609, 418. 62
3, 303,092. 34
1,170.86
367,364. 30
265, 714. 49
2, 935, 728. 04
72, 656.19
281,085. 04
22,812.19
102,966. 72
63,971. 83
1,170.86
(2)
(2)
408, 684. 37
739, 299. 35
4,499. 54
(?)
434,363. 41
736, 344. 52
9,016.14
26, 669. 04
2,954. 83
4, 516. 60
(2)
25, 000. 00
762,468. 64
(?)
24, 662. 35
51, 763. 39
337. 66
710, 695.15
(2)
37,266. 21
37, 212.14
15,117.28
15,117. 28
70, 227. 66
54.07
70, 227. 66
106,912.04
106,912. 04
14,196. 00
14,196.00
39,935. 30
38,441.89
67,127.81
30,722. 23
27,192. 61
198,384.66
5,971.88
40, 504,407.15
» Exclusive of related items shown on p. 487.
$285, 571. 21
Establish-
I n d e p e n d e n t offices— i
Alaska Relief funds
Alien P r o p e r t y C u s t o d i a n
American Battle
Monuments
Commission
Arlington M e m o r i a l Bridge C o m mission
B o a r d of M e d i a t i o n
B o a r d of T a x Appeals
B u r e a u of Efficiency
•
$359, 288. 99
456, 433. 92
$2, 951, 429. 96
7,883, 059. 96
413, 861. 62
1, 285, 300. 45
243, 635. 07
2,008, 920. 67
3, 079, 507. 68
48,196.935. 94
7,719.66
192,412.78
8,325,738.93
633,210.14
2 See operations in special accounts, p. 487.
481
SECRETAEY OF THE TEEASURY
TABLE 3.—Comparison of detailed expenditures chargeable against ordinary receipts
for the fiscal years 1929 and 1930—Continued
[On basis of checks issued, see p. 468. Excess credits are printed in italics],
Expenditures
ORDINARY—continued
General—C ontlnued.
Independent offices—Continued.
United States Veterans' B u r e a u Salaries and expenses
Adjusted service certificate fund
Adjusted service and dependent pay
Medical and hospital services.
Veterans' Bureau
Hospital facilities and services.
Veterans* Bureau
Military and naval compensation
Military and naval insurance
(appropriated fund)
Military and naval insurance
fsDecial fund^
Miscellaneous
Government life insurance
fund (trust fund) —
1930
1929
$40,655,063. 56
(?)
$41, 275, 772. 39
Increase, 1930
Decrease, 1930
$620, 708.83
(2)
6,466,440.40
32,464,424. 39
$3,326,926.84
3,129,513. 66
29, 345, 274. 95
3,119,149.44
4,044,349.46
8, 241,315. 08
4,196,965. 62
189,000,640. 49
199,366,300. 27
10,366, 669. 78
115, 693, 798.19
122,840,120. 36
7,146,322.17
5, 675,401.14
196,350. 35
76,519. 33
568,428. 67
372,078. 32
5,761,920.47
.
(2)
(2)
36, 041,470. 33
442,850,825. 72
455, 309.11
6, 994,856. 96
32,815,741.12
1,034,636.10
9,078,847.31
418, 534, 704. 92
443, 306,134. 83
33,850, 277. 22
9,078,847.31
Total independent offices i . . . 459,039,112. 07
Department of Agriculture—
Offioft of f.hp. RfiCrfttary
1,178,396.73
Office of information
1,067,802. 61
Library, Department of Agricul95,566.17
ture
. 4, 237, 207. 97
Office of experiment stations
1,948,442. 54
Extension service
Cooperative agricultural extension work
7,150,974. 82
Weather Bureau
2, 935,966.11
8,339,068.22
Bureau of Animal Industry
Meat inspection, Bureau of Animal Industry
5,660,907. 29
Bureau of Dairy Industry
543, 639. 95
. Bureau of Plant Industry...
4,659, 763. 38
Forest Service
11,618,983. 39
Cooperative work. Forest Service (special fund). .
1,814,827. 76
Payrnent to States and Territories from national forests fund
(special fund)
1,350,928. 95
Roads and trails for States, national forests fund (special
fund)
.419,167.15
Acquisition of lands for protection of watersheds and streams
1,146,882.99
Bureau of Chemistry and Soils
1,353,426. 94
Bureau of Entomology
2,354, 559. 64
Bureau of Biological Survey
1,337,962.42
418,854. 90
Bureau of Public Roads
Road construction
_
•95,080,617. 95
Bureauof Agricultural Economics
5,699,060. 68
Bureau of Home Economics
145, 885. 63
Plant Quarantine and Control
Administration.3,539,494. 74
Food, Drug, and Insecticide Administration
1,636,996.63
Loans to farmers in storm, flood,
and drought stricken areas
5, 604,816. 09
Miscellaneous
542,030.46
171,682, 218. 91
Special deposit accounts
8,496. 81
Total Department of Agriculture..
171, 673, 722.10
491, 603, 070. 77
42,176,016.15
9, 712,067. 45
1,187,010. 52
1, 273, 533. 41
8, 614. 79
205,730. 80
100, 502. 80
4, 725,092.17
1, 743, 942. 02
4,936. 63
487,884. 20
7,539, 786.13
3, 390, 235. 09
9, 676,857.12
388,811. 31
454,269. 98
1, 237, 788. 90
5, 552,496. 24
624, 640. 75
6,002, 563. 26
16,167,400.73
80,900. 80
342, 799. 87
4,638,417. 34
Expenses
Special deposit accounts
Total, United States Veterans' Bureau (exclusive of
•adjusted service certificate
fund and Government life
insurance fund investments)
28,046, 613. 37
419,113,931. 91
579,226.99
8,411. 05
83,844. 52
1, 730, 983. 24
1, 566,032. 06
214,103.11
84, 292. 76
603,469. 91
25, 229.42
1, 594, 907. 79
2,388,188.84
1,577,970. 53
3,509,324. 81
85,856, 790.11
5, 968, 516. 94
56, 292. 86
241,480. 86
33,629. 30
240,018.11
3,090,469.91
8, 804,966. 77
5,265,472.03
1, 553, 644. 99
269,456.36
1,121,653. 67
9, 223,827. 84
89, 692. 78
16, 648. 36
4,693,972.06
510,827. 05
177, 214,067. 60
115,610. 81
17, 205, 726.41
124,007.62
177, 329, 678. 41
17,329, 733. 03
1 Exclusive of related items shown on p. 487.
204, 500. 52
910,843. 03
31, 203.41
11, 673,876. 72
11,673,876. 72
:
2 See p. 487.
482
iElEPORT ON
THE
FIISTANCES
T A B L E 3.—Comparison of detailed expenditures chargeable against ordinary 'receipts
for the fiscal years 1929 and 1930—Continued
[On basis of checks issued, see p. 468. Excess credits are printed in italics]
Expenditures
1929
1930
Increase, 1930
Decrease, 1930
ORDINARY— continued
General—Continued.
Department of Commerce—
Office of the^Secretary
Aircraft in conimerce
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
Bureau of Mines
Miscellaneous
Special deposit accounts
Total Department of C ommerce
Department of the InteriorInterior, civil—
Office of the Secretary
•General Land Office
Bureau of PensionsSalaries and expenses
Army and Navy pensions
Civil service-retirement and
disability fund (see p 487)
Bureau of Reclamation
Geological Survey
National parks
Bureau of Education
Government in the Territories
Alaska railroad
Beneficiaries
Miscellaneous
$2,736,312.66
4,944,693. 79
$3,403,494.30
6,709,802. 64
$667,181.76
1,765, 208. 85
4,264,165. 09
2,173,399. 76
1,150, 294.13
333,473. 61
2,490,215.18
11,058,161. 06
2,551,526. 28
2,043,310. 64
3, 280, 296. 38
3,400,482.54
47,449. 24
4,751,108. 52
14,648, 226.82
1, 271,010. 58
379,408. 71
2,769,166.14
11, 525,957.49
2,864,825.44
2,438,808.12
3,679,014. 60
2, 613,928. 66
12,069.06
486,943.43
12,474,827.07
120, 716. 45
45,936.10
268,950.96
467,796.43
313, 299.16
395,497.48
398, 719. 22
40,473,679.24
37,508. 94
57,066,820.96
103. 95
17,405,076.90
821,934.18
37,404. 99
17,405,075.90
859,339.17
40,511,188.18
965, 569. 99
6, 502,797. 47
67,066,924. 91
1,075,883. 04
4,729,689. 44
$786,553. 99
36,380.19
110,313.05
773,108.03
111,133.33
10, 693,087.98
1,904, 563. 86 ^ 1,793, 430. 53
229, 549, 430. 04 218,956, 342. 06
412,462.00
10, 582,842. 20
2,140, 300. 75
6,324,607. 57
3,550,071.85
286, 698. 69
1,124,786.85
1, 599, 493. 93
45,283. 55
10,995,304.20
2,138,072. 33
9,618,293. 76
3,706, 531.03
218,925. 30
1,633, 271. 74
2, 296,044.18
4,357. 47
263, 576,346. 76
129,426. 21
267,165,146. 08
10,146.28
5,176,955. 56
11, 588,157. 23
139,671. 49
263,705, 772. 96
257,154,999.80
5,176,955. 56
11,727,728.72
1,407,248.77
1, 546,970. 63
139,721. 76
11,704. 35
7, 434, 246. 44
12,195.97
7,900,884. 68
491.62
466,638. 24
900, 250.82
856, 510.09
15,742,985.05
973,132.14
705,074.94
12, 571,386.90
72,881. 32
922,010. 77
7,006,045. 66
923,103. 26
7, 429,911.60
1,092. 49
423,866.94
34,281,001. 95
2,961,837. 48
32,062,659.02
339,993.64
1,104,691. 37
Special deposit accounts
3,323,034. 30
3,301,831.02
Total Indian Affairs.
37, 242,839. 43
31,722,665. 48
1,104, 691. 37
6,624,865. 32
300,948,612.39
288,877, 666. 28
6,281,646.93
18, 352, 594.04
Special deposit accounts
Total Interior, civil, including pensions, but excluding
ing civil service retirement
and disability fund (see
p. 487)
Indian AffairsSalaries and general expenses...
Expenses of Indian commissioners.
Education
._
General support and administration
Interest on Indian trust funds
Trust funds
FulfiHing treaty stipulations
and treaty supports
Aliscellaneous
Total Department of the Interior, including Pensions
and Indian Affairs, but excluding civil service retirement and disability fund
(seep. 487)
3, 293, 686.19
166, 459.18
508, 484. 89
696,550.25
2, 228. 42
67,673. 39
40,926.08
151, 435.15
3,171, 599.15
483
SteCBEtAEY OF THE TEEAStTEY
TAIBLE Z.—Comparison of detailed expenditures chargeable against ordinary receipts
for the fiscal years 1929 and 1930—Continued
[On basis of checks issued, see p. 468. Excess credits are printed in italics]
Expenditures
1929
1930
Increase, 1930
Decrease, 1930
ORDINARY—continued
G eneral—C o n t l n u e d .
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 Justice proper—
Salaries a n d expenses
Detection a n d ' prosecution of
crimes .
.
$2, 383,034. 90
2, 243,194. 33
2, 530,015.12
$286,820. 79
4,662; 858. 97
T o t a l D e p a r t m e n t of Justice
proper
. Judicial—
'
Salaries a n d expenses. S u p r e m e
Court
Salaries of circuit, district, a n d
retired judges
N a t i o n a l P a r k commissioners
C o u r t of C u s t o m s a n d P a t e n t
Appeals
C o u r t of Claims
Territorial courts
Expenses, etc.. U n i t e d States
courts
P e n a l a n d correctional institutions
Miscellaneous
$36,629.74
$2, 419, 664. 64
4,913,050.02
286,820. 79
36,629. 74
6,120. 23
327,062. 67
320,942. 34
1,921,405.13
14,022. 31
1, 930,883. 24
14,499. 68
9,478.11
477,37
94,759. 23
257, 310.89
172,632. 21
126, 725.83
261, 449. 72
177,833.36
31,966. 60
4,138.83
5,201.15
14,746,199. 54
15,832,441.83
1,086,242. 29
7,082,936. 75
7,031.22
8, 574,894.13
18,694. 20
1,491,957. 38
11,662.98
24, 623,359. 86
62,049. 24
27,258. 364. 33
638.94
2,641,124. 71
......
24,685, 409.09
27, 257, 725. 39
2,641,124.71
68,808. 41
T o t a l D e p a r t m e n t of Justice-
29, 348,268.06
32,170,775. 41
2,927,945. 50
105, 438.15
754,134. 36
353, 755. 20
7, 594, 326.16
848, 767. 51
1, 521, 571. 86
106, 492. 44
205, 308.80
12, 528. 56
797, 601.12
407, 706. 93
8,481, 444. 26
1,030,321.98
332, 776.96
• 115,018.11
215,923.02
7,158. 30
43, 466. 76
53,951. 73
887,118.10
181,654. 47
11, 396,884. 89
44,852.98
11, 387,950. 68
774,658.47
1,185,230.95
1,194,165.16
729,805. 49
11,352,031.91
10,613, 292. 21
1,185,230. 95
1,923,970. 66
2,877, 628.97
3,024,808. 24
147,179. 27
38, 946. 23
123, 900.45
37,834. 95
128,610. 71
4, 710.26
262, 746.11
7, 390, 773. 26
19, 993, 693.19
262,084.11
8,295, 761.16
20, 604,622. 91
27, 796,046.68
12, 652,281. 72
27,994,456. 54
13,070, 373. 97
199, 410.86
418, 092. 25
9, 634, 364.22
9, 670, 071. 37
8, 369,629.85
10, 014,254.11
444,182. 74
148, 307, 646. 22
293,413.89
3, 508, 517. 95
15,136,875.86
28, 372, 702.20
1,925,300.43
152, Oia 149. 56
4,'760, 648.88
3,440, 318.80
14,492,166.06
28, 597,522.86
2, 350,122.46
15,583,863.18
10,621,037.21
232,933. 51
16, 097,143.10
9,949.784.42
523,687.39
Special deposit accounts
Total judicial
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
Miscellaneous
Special deposit accounts
T o t a l D e p a r t m e n t of Labor
Navy DepartmentOffice of t h e Secretary
Office of N a v a l Records a n d Library
Office of J u d g e A d v o c a t e General
Office of Chief of N a v a l Operations
B u r e a u of N a v i g a t i o n
B u r e a u of Engineering
B u r e a u of C o n s t r u c t i o n a n d Repair
B u r e a u of O r d n a n c e
B u r e a u of Supplies a n d AccountsFuel and transportation
Maintenance
.
P a y , subsistence, a n d t r a n s portation. N a v y .
Other i t e m s
B u r e a u of Medicine a n d S u r g e r y .
B u r e a u of Y a r d s a n d D o c k s
B u r e a u of Aeronautics
Naval Academy..
Marine C o r p s Pay
General expenses
Other i t e m s
^.
.
6,120.23
62,688.18
1,188,794. 90
8, 525. 67
10,614. 22
5,370. 26
1, 111. 28
662. 00
.
904, 987. 90
610,929. 72
1, 264,734. 37
3, 702, 503. 34
4,467,234.99
68,199.15
644, 709.80
224,820.65
424,822. 03
513,279.92
671,252. 79
290.753.88
484
REPORT ON THE FINAISTCES
TABLE 3.—Comparison of detailed expenditures chargeable against ordinary receipts
for the fiscal years 1929 and 1980—Continued
[On basis of checks issued, see p. 468. Excess credits are printed in italics.]
Expenditures
1929
1930
G eneral— C o n t l n u e d .
Navy Department—Continued.
Increase of t h e N a v y Armor, armament, and a m m u nition
. Construction and machinery
Other i t e m s
Miscellaneous...
$10,948,993. 76
34.154,103. 63
1,372,350. 44
5, 303,364.88
$13,437,474.03
35,847,810. 93
494, 922. 80
1,403, 273. 93
$2,488,480.27
1,693, 707.30
366,100,544. 36
96,676. 78
12,236. 81
376,207,461. 76
277,863.46
39,206.49
16, 535,095. 38
182,186. 68
7,428,177.98
General account of a d v a n c e s
Special deposit accounts
366,183,984. 33
375,446,118. 73
16, 717, 282. 06
7, 455,147. 66
Increase, 1930
Decrease, 1930
ORDINARY—continued
Total N a v y D e p a r t m e n t . . .
$877, 427.64
3, 900,080. 95
26,969.68
P o s t Office D e p a r t m e n t Deficiencies in t h e postal revenues
Additional
compensation ' for
t r a n s p o r t a t i o n of mail b y railroad routes in accordance w i t h
rates fixed b y I n t e r s t a t e C o m merce Commission
Miscellaneous
8 42,997,089.50
51,106. 77
68,663.91
7, 547.14
T o t a l P o s t Office D e p a r t m e n t ,
exclusive of 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 nues
43,048,196. 27
68, 653. 91
7, 547.14
1, 578, 598. 03
1 l i , 741,947. 96
1. 593,896. 03
1 12,676,979. 44
15,298. 00
834,031. 49
13,320, 645. 98
37, 650. 59
14,169,875. 47
13,318.44
849,329. 49
13,358,196. 67
14,166, 557. 03
849, 329. 49
D e p a r t m e n t of S t a t e Salaries a n d expenses
Foreign intercourse
Special deposit accounts
T o t a l D e p a r t m e n t of S t a t e
Treasury D e p a r t m e n t Office o f t h e Secretary
Office of chief clerk a n d superintendent
Division of S u p p l y
Office of Commis-sioner of Acc o u n t s a n d Deposits
Division of Bookkeeping a n d
Warrants
P u b l i c D e b t Service
Division of A p p o i n t m e n t s . . .
Office of disbursing clerk
B u r e a u of C u s t o m s Collecting t h e r e v e n u e from
customs
Miscellaneous expenses
Refunds, debentm-es, d r a w b 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 Loan Bureau
Office of T r e a s u r e r of U n i t e d
States
Office of Comptroller of t h e C u r rency
. B u r e a u of I n t e r n a l R e v e n u e Collecting t h e r e v e n u e
Refunds, d e b e n t u r e s , d r a w b a c k s , etc
B u r e a u of P r o h i b i t i o n Enforcement of narcotic a n d
n a t i o n a l p r o h i b i t i o n acts
Refunds a n d d r a w b a c k s
(2)
(2)
"42,997,089. 50
42,997,089. 50
50,969.03
169,363.36
163, 726.44
691, 768. 76
1,428,007.23
721, 766. 41
1,463,379.34
60,969. 03
29,996.66
35,372.11
2,671. 56
86, 571. 93
89,243.49
764,113. 37
4,611,271.56
61, 758. 61
65,799.51
756,411.29
4, 071,987. 59
61,737. 69
53,549.13
20, 754,147. 63
423,401. 08
22, 074,488.19
523,359.69
5, 636.92
(^)
182,207.48
906,012. 78
(*)
7, 702. 08
539,283.97
20.82
2,250.38
1,320,340. 56
99,968.61
192, 235.94
949,462.84
10, 028.46
43,450. 06
176, 040. 91
1,638,429.22
1,814,470.13
2,710,403.04
2,892,433.68
182,030.64
33, 026,002.35
34,543, 745.63
1, 517, 743. 28
. 0)
13,314,338.11
(*)
(*)
15,401, 210.13
(0
2,086,872.02
1 Exclusive of related items shown on p. 487.
2 See p. 487.
3 An additional sum of $8,999,996 on account of back railway mail pay is included under "Postal defi
' (iency," see p. 392 of 1929 report.
* See "Refunds of receipts," p. 487.
485
SECEETAEY OE T H E TEEASTJEY
TABLE 3.—Comparison of detailed expenditures, chargeable against ordinary receipts
for the fiscal years 1929 and 1930—Continued
[On basis of checks issued, see p. 468. Excess credits are printed in italics]
Expenditures
1929
1930
$28,245,188.48
$29,286, 768. 74
6,678,119.62
533, 512. 98
10, 068,971. 59
1, 569,955. 51
6,218,448.03
577,102.49
10, 373,388. 78
1,600,128. 78
127,919, 344.09
133,828, 043. 33
11,901, 449.81
12,267,400.06
365,950. 25
3,649,692.81
5, 068,042. 74
1, 518, 349. 93
29, 566, 544.88
8, 700. 00
57, 383. 77
813,787.35
41,201,073. 77
36,867.80
41, 731.80
1,173,425. 72
11,634, 628.89
28,167.80
45,897,558. 62
69, 778,541.89
13,896,635. 24
75,000. 00
75,000.00
Increase, 1930
Decrease, 1930
0 RDiN ARY—continued
General—C o n t l n u e d .
Treasury Department—Contd.
Coast G u a r d
. .
B u r e a u of E n g r a v i n g a n d P r i n t ing
Secret Service Division
. .
P u b l i c H e a l t h Service
M i n t s a n d assay offices
. .
Office of Supervising A r c h i t e c t O p e r a t i n g expenses,
public
buildings
. .
R e p a i r s , e q u i p m e n t , etc., p u b lic buildings
Sites, construction, etc.—
P o s t offices, customhouses,
courthouses, etc
. . .
Inspection stations
Quarantine stations. . .
M a r i n e hospitals
Miscellaneous—
T o p r o m o t e t h e e d u c a t i o n of
t h e blind
Judgments,
United
States
C o u r t s , 'Treasury
O u t s t a n d i n g liabilities ( t r u s t
fund)
Other
$1,040,580.26
$459,671. 59
.
43, 689. 51
304,417.19
30,173. 27
6,923,266. 00
1,014, 565. 76
15,651. 97
359,638. 37
1,024,822. 78
15,651. 97
1, 024,822. 78
Special a c c o u n t s P a y m e n t of C a p e Cod
bonds
P u r c h a s e of obligations
eign g o v e r n m e n t s
P r e m i u m on t h e p u b l i c
• Subscription to capital
Federal intermediate
banks
280, 370.40
5,495. 57
410, 244. 27
661,471. 76
S28,712.64
581,874.98
285,865. 97
20,403. 22
1,024,822. 78
253,162. 44
306, 269.19
1,024,822.78
6,180,609.97
. .
466,663.66
61,941.12
971, 716. 03
Special deposit accounts
746,024.06
56,445.65
45,625. 00
Canal
6,134,884.9
of fordebt...
stock.
credit
12,167,000. 00
1,366,081.24
634,296.88
12,167,000. 00
731, 784. 36
679,921.88
24,033,669. 33
6,000,000. 00
24, 713, o91. 21
5,000,000. 00
T o t a l T r e a s u r y D e p a r t m e n t . 5199, 502, 209. 96 «194, 639,669. 54
War Department—
^
Military activitiesOffice of Secretary of W a r
General Staff Corps
A d j u t a n t General's D e p a r t ment..
Inspector General's D e p a r t ment
J u d g e A d v o c a t e General's D e partment
_
Finance Department—
P a y of t h e A r m y .
F i n a n c e service.
J u d g m e n t s , U n i t e d States
courts a n d C o u r t of C l a i m s .
Other
Quartermaster C o r p s A r m y transportation
Barracks and quarters and
other buildings a n d utilities.
C l o t h i n g a n d equipage
C o n s t r u c t i o n of buildings,
etc., a t m i l i t a r y posts
892, 696. 26
284, 756. 56
1, 712, 657. 98
1, 638,935. 79
27,185. 30
133, 609,946. 28
1,125,493.42
2,411, 583.81
1, 630, 911. 62
1,937, 659.04
1, 572, 572. 28
16, 641, 944.19
11, 437, 791.48
6, 650,427. 62
17,162, 290.18
O
12, 059, 985. 75
6, 657, 049. 61
7, 619, 659. 28
7, 237, 563. 57
2, 214. 28
73, 722.19
203, 536. 76
128, 378, 359.12
1,066, 204. 72
26,088,709.84
70,820. 54
27,186.47
223, 247.75
»Exclusiye of refunds of receipts, p. 487.
963, 516.80
282, 542. 27
21,126,169.43
L17
19, 711.00
5, 231, 587.16
60,288.70
473,924. 77
68, 339.34
520, 346.99
622,194. 27
93,378.01
•
382, ; Q 6 ; 7 1
486
REPORT ON T H E FINANCES
T A B L E 3.—Comparison of detailed expenditures chargeable against ordinary receipts
for the fiscal years 1929 and 1930—Continued
[On basis of checks issued, see p. 468. Excess credits are printed in italics]
Expenditures
, 1929
1930
Increase, 1930
Decrease, 1930
ORDINARY—continued
General—C o n t l n u e d .
War Department—Continued.
M i l i t a r y activities—Continued.
Quartermaster Corps—Contd.
C o n s t r u c t i o n a n d repair of
hospitals.I n c i d e n t a l expenses of t h e
Army
Regular supplies of t h e A r m y
Subsistence of tiie A r m y
Other.
.. .
Signal Corps
Air Corps
. .
Medical D e p a r t m e n t
B u r e a u of I n s u l a r Affairs
Corps of Engineers
Fortifications, etc., P a n a m a
Canal
Ordnance Department
Chemical Warfare Service
Chief of I n f a n t r y
Chief of C a v a l r y . . .
Chief of Field Artillery
Chief of Coast Artillery
Military Academy
Militia B u r e a u
Organized Reserves a n d milit a r y t r a i n i n g of citizens
N a t i o n a l B o a r d for P r o m o t i o n
of Rifle .Practice
A r m y account of advances
Special deposit a c c o u n t s
T o t a l m i l i t a r y activities
S u m m a r y of military activities
Regular accounts
A r m y account of advances
Special deposit accounts
Special funds
.
T o t a l m i l i t a r y activities
Nonmilitary activitiesFinance Department . . .
N a t i o n a l cemeteries
National military parks
i
Miscellaneous, Q u a r t e r m a s t e r
Corps 8 . . .
Signal Corps
Medical D e o a r t m e n t
Corps of Engineers, miscellaneous
-. .
Rivers a n d H a r b o r s I m p r o v i n g harbors
I m p r o v i n g rivers
Special deposit accounts
I n l a n d W a t e r w a y s Corporation
N a t i o n a l H o m e s for Disabled
Volunteer Soldiers
W a r claims a n d relief acts . .
T r u s t funds
Miscellaneous—:
Total nonmilitary activities..
S u m m a r y of nonmilitary activities
Regular accounts
Si)ecial deposit accounts
Special f u n d s . . . . .
T r u s t funds
T o t a l n o n m i l i t a r y activities
. T o t a l W a r D e p a r t m e n t , excluding P a n a m a Canal
$95, 216. 64
$1,053, 976. 58
$1,149,193. 22
3,8.59, 382. 09
10, 757,172. 78
24, 055, 624. 89
4, 608, 838. 05
2, 430, 690. 84
23, 491, 232. 34
1, 354,891. 53
80,822. 85
995, 674. 67
3,947, 309. 98
9, 802, 520. 88
24, 979, 617. 94
2, 730, 217. 72
3, 389, 206.03
28, 267, 7i2. 07
1, 775, 361. 47
81,140.'23
1; 681,858.10
943, 986. 31
12,143,938.89
1, 278, 926. 83
62,176. 79
19, 744. 22
23, 064. 92
461,139.38
2, 816,160. 82
33,160, 426. 90
999, 413. 77
12, 915, 649. 51
1, 405, 017.80
65,101.16
21, 769.83
27, 718. 00
367, 073. 84
2,759,815.24
32,132, 717. 54
55, 428. 46
771, 710. 62
126, 090. 97
2, 924. 37
2, 025. 61
4, 653. 08
10, 672,149. 78
11, 756, 471. 79
1,184, 322. 01
87,927.89
$954, 651. 90
923, 993. 05
1,878, 620. 33
958, 515.19
4, 776, 509. 73
420,469. 94
317. 38
686,183.43
94, 065. 54
56, 345. 58
1, 027, 709. 36
718,607.60
16, 601, 626. 20
325, 351, 791. 93
78, 626. 83
16, 601, 526. 20
325,430, 418. 76
1, 935, 975. 81 • 3, 778,325. 61
20, 379,851. 81
327,366, 394. 57
313, 853, 695. 70
80, 547. 66
1,842,349.80
26, 370. 95
312,118, 264. 51
325, 328,472. 39
78, 626. 83
1, 935,975. 81
23, 319. 54
327,366, 394. 57
11,474, 776. 69
5,400. 00
1,19.5, 821.91
301,927.19
32,492. 50
1,068, 536.17
349,815. 65
27,092. 50
3, 505. 35
I H , 455. 74
63,499. 61
1,013,214.15
153, 369. 75
69, 622.95
1,510,383.42
1, 341, 709. 52
393, 653.81
82,990,191. 53
4, 569.90
2, 500, 000.00
1, 000, 049.99
105, 357, 076.16
1,303.20
1, 500, 000. 00
606,396.18
22, 366,884. 63
9, 559, 370. 64
978, 500. 98
2, 059,104. 33
110, 687. 60
101,851, 072. 01
12, 507,005. 31
81, 346.45
2, 026, 710.03
117, 001. 88
126,606,647.31
2,947, 634. 67
98,130,675. 66
4, 569. 90
1,6^6,722.12
2, 059,104. 33
101,851, 072. 01
122, 795,884.40
1,303.20
1, 785, 356. 08
2, 026, 710. 03
126, 606, 647. 31
24,665, 208. 74
24, 793,842. 70
32, 394. 30
38, 267. 40
413, 969, 336. 62
453, 973, 041. 88.
47,407,894. 67
7,404,189.31
6,131,721.75
1,920. 83
3, 778,325. 61
3,051. 41
4, 972. 24
15,253,102.30
•
137, 285. 74
47,888.46
1,009,708.80
31,085. 99
16; 123. 34
168, 673.90
5,873.10
1, 000, 000. 00
897,154. 53
32, 394. 30
6, 314. 28
27, 028,042.86
2, 272,467. 56
6,873.10
128,633,96
6 Heretofore included under "Corps of Engineers, miscellaneous," nonmilitary.
1.5,012. 91
5,129,800.92
1, 920. 83
5,131,721.75
733, 620. 51
313,880, 066: 65
80, 547. 66
313,960, 614. 31
1,842,349.80
312,118, 264. 51
487.
SECEETAE.Y OF THE TEEASUEY
TABLE 3.—Comparison of detailed expenditures chargeable against ordinary receipts
for the fiscal years 1929 and 1930—Continued
[On basis of checks issued, see p . 468.
Expenditures
Excess credits are p r i n t e d in italics]
1929
1930
Increase, 1930
$411,984,371.36
80, 547. 66
1,837,779.90
1,683,093. 07
2,059,104. 33
$448,124,356. 79
78, 626.83
1,934, 672. 61
1,808,675. 62
2,026, 710. 03
$36,139,985. 43
413,969,336. 62
453, 973,041.1
40, 038,020. 56
Decrease, 1930
ORDiNAR-r—continued
S u m m a r y of the War Department
R e g u l a r accounts
A r m y account of a d v a n c e s .
Special deposit accounts
Special funds
T r u s t funds
Total War Department,
eluding P a n a m a C a n a l . .
District of C o l u m b i a Salaries, expenses, etc
$1,920.83
3, 772,452. 51
125, 582. 62
32,394. 30
45, 331, 204. 55
5, 612, 734. 47
2,107, 008, 016.01 2,161, 886,303. 40
T o t a l general expenditures
678, 980, 361. 20
I n t e r e s t on t h e p u b h c d e b t
658, .602,154. 96
Refunds of r e c e i p t s 24,126, 518. 54
21, 589,917.97
Customs
I n t e r n a l r e v e n u e (including pro128, 571, 552.49
191,416, 012. 86
hibition)
94,699, 744. 06
Postal deflciency '
_
91, 714,450. 89
9, 619, 432. 01
Panama Canal.
11, 264,438. 73
N e t operations in special a c c o u n t s 854,874.87
Railroads
..
1,804, 267. 75
61,476.60
W a r F i n a n c e Corporation
643, 631.30
Shipping B o a r d
16,053, 045.16
31, 625,033.43
Agricultural m a r k e t i n g fund
148, 591, 009.14
355,872. 27
Alien p r o p e r t y funds«
544x 904.86
112, 142, 320. 76
Adjusted service certificate fund 8
111, 758, 698. 96
9 20, 262, 651. 73
19,975, 087. 26
Civil service r e t i r e m e n t f u n d s
I n v e s t m e n t of t r u s t f u n d s 43,940,422.20
52, 069,885. 46
G o v e r n m e n t life i n s u r a n c e s
D i s t r i c t of C o l u m b i a teachers' re550, 642. 98
521, 557. 32
tirement 8
:.__
__
312, 700. 00
297, 800. 00
Foreign service r e t i r e m e n t s
2, 339, 225. 54
1, 050, 488. 92
General railroad contingent
182,026, 859. 77
34,315.13
39, 718,470. 08
T o t a l o r d i n a r y e x p e n d i t u r e s . . . . 3, 302, 047, 233. 29 3,431,368,945.69
127,147,672. 38
20,378,196. 24
2,536, 600. 67
62, 844,460. 37
2,985, 293.17
1, 645,006. 72
3,050,607.12
582, 154. 70
15, 571. 988. 27
148,691, 009.14
900, 777.12
383, 621.80
287, 564. 47
8,129,463. 26
085. 66
900. 00
736. 62
353, 857, 304. 84
224, 535,692. 64
PUBLIC DEBT R E T I R E M E N T S CHARGEABLE AGAINST ORDINARY RECEIPTS
Total public debt retirements
chargeable against o r d i n a r y
receipts
370, 277,100. 00
388, 868,950. 00
18,091,850.00
671,150. 00
51,135, 000. 00
60, 563,850. 00
176, 642, 350. 00
20,000. 00
109, 790,850! 00
73,100. 00
53,100. 00
2,933,400. 00
159, 703. 76
4,465,000. 00
60, 703. 26
549,603,703. 75
553,883, 603.25
70,230,400.00
66,960,500.50
3,851, 650, 937. 04 3,986,252, 548.84
Sinking fund
P u r c h a s e s a n d r e t i r e m e n t 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
under debt settlements
Received from 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 Federal i n t e r m e d i a t e credit
banks)
Forfeitures, gifts, etc
424,087,704. 84
290,486,093.04
Less n e t increase in o u t s t a n d i n g
10 8,617,087.56
3,237,649.93
c h e c k s . __.
T o t a l e x p e n d i t u r e s chargeable
3,848,413, 287.11 3,993,769,636.40
against o r d i n a r y receipts
66,851,600.00
1, 521, 600.00
99,000.60
11,754,737.49
435,842,444.3
290,486,093.04
^ F o r classification of e x t r a o r d i n a r y expenditures c o n t r i b u t i n g to t h e deflciency in postal r e v e n u e s for
t h e fiscal y e a r e n d e d J u n e 30,1930, see E x h i b i t 69, p . 432.
8 See p p . 112 to 120 for complete s t a t e m e n t s of accounts.
« Exclusive of $150,000 expended u n d e r D i s t r i c t of C o l u m b i a for its liability u n d e r civil service retirem e n t act, fiscal year 1930.
" Decrease in o u t s t a n d i n g checks.
488
REPORT ON T H E
TABLE 3.-
FINANCES
-Comparison of detailed expenditures chargeable against ordinary receipts
for the fiscal years 1929 and 1930—Continued
[On basis of checks issued, see p. 468. Excess credits are printed in italics]
1929
Expenditures
1930
Increase, 1930
Decrease, 1930
PUBLIC DEBT
Public debt payable from permanent
indefinite appropriations (exclusive of $549,603,703.76 in 1929 and
$553,883,603.25 in 1930 chargeable
$5,317,830,843.95 $3,914,976,016.02
against ordinary receipts)
Total expenditures on basis of
daily Treasury statements,
excluding Postal Service payable from postal revenues
9,166,244,131.06 7,908,746,652.42
$1,402,854,827.93
$436,842,444.33 1,693,340,920.97
POSTAL SERVICE
Expenditures for Postal Service from
postal revenues
.
696,947,577.69
705,484.098.15
Total expenditures, including
Postal Service, payable from
9,863,191, 708. 76 8, 614, 229.750. 57
postal revenues.-
8,636,520.46
444, 378,962. 79 1,693,340,920.97
TABLE 4.—Summary of ordinary receipts, experiditures chargeable against ordinary
receipts, and surplus or deficit, for the fiscal years 1916 to 1930
[On basis of daily Treasury statements (unrevised), see p. 467]
Expenditures chargeable against ordinary receipts
Year
1916
1917
1918
1919
1920
1921
1922.
1923..
1924..
1925..
19261927
1928
1929
1930
Ordinary receipts 1
$782, 534, 547. 77
1,124, 324, 795.02
3,664, 582, 864. 70
5,152, 257,136. 43
6, 694, 565, 388. 88
5,624, 932,960.91
4,109,104,150. 94
4,007,135,480. 56
4,012,044, 701. 65
3, 780,148, 684.42
- 3,962, 755, 690.14
4,129, 394,44L 10
4,042, 348,156.19
4,033, 250, 225.05
4,177.94L 701.99
Ordinary i
$734, 056, 202.00
1,977,681, 750. 52
12.696,702,471.14
18,614,879.965.03
6,403,343,841. 21
6,115,927,689. 30
3,372,607,899. 84
3, 294, 627, 529.16
3,048, 677,965. 34
3,063,105,332. 26
3,097, 611,822. 81
2,974, 029. 674. 62
3,103, 264,854.83
3. 298,859,485. 88
3,440,268,883.84
1 See Table 5, p. 489, for details.
Public debt i
•
Total
Surplus (+) or
deficit ( - )
$734,066,202.00
+$48,478,346. 77
1,977,681,750. 52
—853,356,955. 60
$1,134, 234.48 12,697,836, 705.62 -9,033,263,840.92
8,014, 750.00 18, 522,894, 705. 03 -13,370,637,668.60
78, 746, 350. 00 6,482,090,191. 21
+212,476,197. 67
422, 281, 500.00 5,538,209,189. 30
+86, 723,771. 61
422, 694,600.00 3, 795, 302,499.84
+313,801,661.10
402, 850,491.10 3; 697,478,020. 26
+309,667,460.30
457,999, 750.00 3,506,677,715.34
+505,366,986. 31
466, 538,113. 83 3, 529,643,446.09
+250,605, 238.33
487, 376,060. 69 3, 584,987,873. 60 ,
+377,767,816. 64
.619, 554, 844. 78 3.493, 584, 519.40
+636,809,921.70
540, 255,020. 30 3, 643, 519,875.13
+398,828, 281.06
549,603, 703. 75 3,848, 463,189. 63
+184, 787,035.42
653,883,603.25 3,994,152,487.09
+183,789,214.90
T A B L E 5.—Ordinary receipts, expenditures chargeable against ordinary receipts, and surplus or deficit for the fiscal years 1916 to 1930
[On basis of daily Treasury statements (unrevised), see p. 467]
(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 ff., 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 up to and including the fiscal year 1922, postal deficiencies, and items appropriated by Congress payable from the general fund of the
Treasury.)
1916 (revised)
ORDINARY RECEIPTS
Customs
1
Income and profits taxes. _ .
Miscellaneous internal revenue
Miscellaneous revenue, including
Panama Canal
Total ordinary receipts
1917 (revised) i
1918
1919
1920
1921
1922
•
$213,185,846. 63
124,937, 252. 61
387, 764, 776.17
$225,962,393. 38
359, 681, 227. 96
449,684,979.77
$179,998, 383.49
2, 314,006, 291.84
872,028,020. 27
$184,457,867. 39
3,018, 783, 687. 29
1, 296,601, 291. 67
$322, 902, 650. 39
3,944,949, 287. 76
1,460, 082, 286.91
$308, 564, 391. 00
3, 206, 046,157. 74
1, 390, 379, 823. 28
$366, 443, 387.18
2, 068,128,192. 68
1,145,126,064.11
56,646, 673. 36
88,996,193. 91
298, 550,169.10
652,514, 290. 08
966, 631,163. 83
719,942,588,89
539,407, 506. 97
782, 534, 547. 77
1,124, 324,795. 02
3, 664, 582, 864. 70
5,162, 257,136. 43
6, 694, 566, 388.88
5, 624,932,960. 91
4,109,104,160.94
13,807, 744. 77
501, 691. 39
6,307,385.19
71, 796,973. 36
164, 546,866. 95
10, 539, 385. 99
7, 271,835. 30
153,853, 567. 36
199,471,169. 84
27,970, 066. 27
11,438, 371. 68
3,608,433.96
15,092, 373.97
1,280,484. 85
6,169, 316. 41
84, 294, 313. 65
358,168, 361.12
10,566,401.25
1,895, 678. 21
239,632, 756. 63
216,416, 616.48
29,547, 234. 01
11,689,792.94
3,852, 111. 34
16,825, 606. 72
9, 662,847. 53
9,892,898. 09
152, 500,426. 63
4,860, 687,186. 88
12,964,628.18
4,173,103. 28
1, 278,840,486.80
244,566,893.96
42,870,188.28
12,833,808.82
6,469, 268.09
17, 090,106. 24
17,467, 352. 03
20, 766,400.14
227, 277, 657. 81
8,995,880, 266.18
15, 717,022. 36
2,412, 250. 05
2, 002, 310, 785. 02
288, 286, 627. 61
39, 246,464. 41
15, 589, 514. 30
12,942, 658. 76
19, 327, 708. 72
6, 675, 617.68
13, 586, 024.42
322, 316,627.43
1, 610,587, 380.86
17,814, 398.18
50, 049, 295. 07
736, 021,456.43
279, 244, 660.87
66,546,293.14
30, 010, 737. 76
5,415, 368.40
18, 982, 565.17
210, 056. 79
8, 780, 796.84
488, 636,833.10
1.101, 615, 013. 32
17, 206,418. 03
< 135, 359,108.17
650, 373,835. 68
357,814,893. 01
119,837,769.41
30, 828, 761. 56
8, 602, 509. 55
17, 088,112.87
218, 690. 36
9, 666, 571. 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. 67
5 376, 749, 664. 29
7,166,436. 47
13, 254,883.47
7,658,829. 88
13,681, 695. 39
12, 714, 740. 06
14,446,832.46
76, 376,809. 41
16, 014,105. 80
69,469, 305.17
19,987,898.41
119, 942, 616. 73
22, 715,158.60
43,871,656.40
23, 731, 562. 56
691, 533, 810. 90
6 991,950. 61
999,834, 666.13
6 160, 275. 43
6, 667,438,815. 68
6 26,469, 620. 31
11, 746, 375, 910.11
6 895, 060.84
3, 236, 051, 662. 43
4, 399,847. 00
3, 080,806, 226.86
922, 593.14
2,136, 636,474. 55
6 232, 088. 59
692, 525, 761.41
999,984,941. 66
6, 693,908,436.99
11, 747, 270,970.95
3,231,651,815.43
3, 079, 883, 632. 71
2,135,867, 563.14
22,900,868. 83
24, 742, 701. 68
189, 743, 277.14
619, 215, 669.17
1, 020,261, 622. 28
999,144, 731. 35
Ul
991, 000, 769. 24
o
ORDINARY E X P E N D I T U R E S 2
General expenditures:
Legislative establishment 3
__
Executive proper 3
State Department
.
Treasury Department
War Department.
Department of Justice
.
Post Office Department
..
Navy Department
Interior Department.
Department of Agriculture
Department of Commerce
Department of Labor
Veterans' B ureau »
Other independent offices and
commissions 3_
District of Columbia
o
W
Ul
Total..
Deduct unclassified iteins
Total general expenditures
Interest on public d e b t . .
Refunds of receipts:
Customs^
Internal revenue "
^
tes at end of table, r 493.
""IIIIIIIIIIII""
37,124,086.84
45, 702, 272.89
cl'
00
CO
T A B L E 5.—Ordinary receipts, expenditures chargeable against ordinary receipts, and surplus or deficit for the fiscal years 1916 to 1930- - C o n t d .
1916 (revised)
1917 (revised)!
1918
1919
H^
CO
• O
[On basis of daily Treasury statements (unrevised), see p. 467]
1920
1921
1922
ORDINARY EXPENDITURES—contd.
P o s t a l deficiency s
P a n a m a Canal
Pa3rment for W e s t Indies
Operations in special a c c o u n t s :
Railroads..
W a r F i n a n c e Corporation - .
Shipping Board
Alien p r o p e r t y funds *^
G r a i n Corporation
Food and Fuel Adrninistrations ,.
Sugar E q u a l i z a t i o n B o a r d
P u r c h a s e of obhgations of foreign
governments
P u r c h a s e of Federal farm loan bonds—
Subscription to stock. Federal l a n d
banks
....
Civil service r e t i r e m e n t fund i8
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 insurance fund ^ .
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 i'
T o t a l o r d i n a r y expenditures
PUBLIC DEBT RETIREMENTS CHARGEABLE AGAINST ORDINARY RECEIPTS
Sinking fund
P u r c h a s e s from foreign repa3Tnents .
Received for ejstate taxes
...
P u r c h a s e s from franchise tax receipts
(Federal reserve banks)
Forfeitures, gifts, etc
$18,629,671.76
$19, 782, 609. 32
25, 000, 000. 00
S u r p l u s ( + ) or deficit (—)
. . . .
120, 263,996.17
44,929,168. 38
770, 681, 550.83
358,795,274.60
' 302, 621,846. 92
1,820, 606,870. 90
3,479, 255, 265. 56
86, 580,427. 48
$16,461,409. 47
$64, 346, 234. 62
3, 025, 421. 32
87, 338, 207. 08
4, 738,029, 750. 00
65, 018, 296. 93
$11,365,714.01
9 1, 036,672,157. 53
13 228,472,186. 61
530, 565, 649. 61
15 350, 328,494. 70
10 730, 711, 669. 98 11 12 139,469,450.82
1122,028,452.12
94,428, 001. 01
130, 723, 268. 26
87, 205, 732.12
1,826, 643. 99
16 90, 353, 411; 42
17 32, 000, 000. 00
11 15, 279, 636. 52
- 886, 000, 000. 00
421, 337, 028. 09
29, 643, 546. 17
73, 896, 697. 44
16, 781, 320. 79
717, 834. 36
I
o
o
8,880, 316. 00
9, 283,138. 54
24, 599, 340. 52
H
W
230, 958. 69
734, 056, 202. 00
1, 977, 681, 760. 62
12, 696, 702,471.14
18, 514,879, 955. 03
6,403, 343,841. 21
5,115, 927, 689. 30
3, 372, 607, 899. 84
o
tel
1,134, 234.48
72, 669, 900. 00
3> 141,050. 00
261,100, 250. 00
$73, 939, 300. 00
26, 348, 950. 00
276 046 000 00
64 837 900 00
21,084,850.00
2, 922,450. 00
12,950.00
7,921, 700. 00
93, 050. 00
T o t a l public 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
T o t a l expenditures chargeable
against o r d i n a r y r e c e i p t s . . . . . .
$13,195, 522. 37
54,859,896.40
14, 291, 282. 96
$19, 268,099. 30
60, 724, 500. 00
22 168, 500. 00
60,333,000. 00
392, 850. 00
1,134, 234. 48
734, 056, 202. 00
1,977,681,760.52
+48,478, 345. 77
-863,356, 966. 60
8,014, 750. 00
78, 746,350. 00
22 422,281,500.00
422,694,600.00
12, 697,836, 705. 62
18, 522,894, 705. 03
6, 482,090,191. 21
6, 638, 2139,189. 30
3, 796,302,499. 84
-9,033,253,840.92 -13,370,637,568.60
+212,475,197.67
+86, 723, 771. 61
+313,801,651.10
OQ
1923
1924
1926
1926
1927
1928
1929
1930
$545,637,603.99
1, 842,144, 418.46
963,012,617. 62
$547, 661,226.11
1, 760, 537,823. 68
828, 638,067.90
$579,430,092.86
1,982,040,088. 58
865,699,289. 26
$606,499, 983.44
2, 224,992,800. 25
644,421, 541. 56
$568,986,188. 60
2,173, 962, 556. 73
621, 018, 665. 64
$602, 262. 786.17
2,330, 711,822. 66
607, 307, 548. 98
$587,000,903.25
2,410, 986, 977. 53
628,308,036. 86
ORDINAR'S' RECEIPTS
Customs.
— .
$561.928,866.66
• 1, 678, 607,428. 22
Income and profits taxes
Miscellaneous internal revenue945, 865,332. 61
Miscellaneous revenue, including Panama Canal
..
820, 733,863.07
Total ordinary receipts
4,007,135,480.56
671, 250,161. 68
643, 411,666. 73
645, 686, 219.44
664,480,115. 85
492, 968.067. 24
561, 646,786.36
4, 012,044, 701. 65
3, 780,148, 684.42
3, 962, 756, 690.14
4,129, 394, 441.10
4, 042,348,156.19
4,033, 250, 225. 06
4,177, 941,701. 99
16, 776, 230. 41
438, 768. 06
16, 521,348. 08
136, 578, 723. 67
355,072, 225. 92
23, 774,129. 23
96,388. 93
312,743, 409.81
•301, 759,049. 28
156-, 350, 432. 49
29,132,015.82
8, 644,899. 59
404, 692,185. 22
19, 678,326.13
612,197. 93
16, 497, 668. 60
151, 560, 333. 78
360,808, 776. 71
24,819,057. 70
189,037.77
318, 909,096. 28
302, 706, 745.19
156, 287, 304. 95
30, 939, 749. 02
9, 921, 644. 26
391,470,413.72
16, 402,048. 28
589,497.19
11, 607,071. 23
195, 648,941. 27
390, 640,803.49
27,600,264.81
276, 692. 81
331,335,491.98
298, 999, 534. 09
159, 914, 696. 27
34, 083,165.32
9, 821,480. 97
401, 324,833.17
17,546, 665. 67
487,250.03
13,284,510. 33
200, 447, 224. 41
416, 901, 646. 42
28,891, 620. 32
20 43,090,870. 27
364, 561, 543. 99
301,122, 596. 27
171,147, 262. 58
39, 987,346.45
11,311,190.36
417, 280, 404. 40
19,986,820. 64
690, 263.00
14,170, 408. 87
. 193,114,012. 63
463, 524,973. 41
32,483,080. 31
. 58,198. 91
374,165,638.65
290,027,906.76
177, 680,581.10
. 64,-299,106.12
10, 654,405. 63
446,956, 630.33
32,069, S56. 30
34,410, 707. 45
35, 442, 771.16
• 37,566,620.57
35,681.462.45
39,399, 622. 44
40,308,719.63
40,116, 586.38
49, 495, 746. 47
45,079, 613. 67
678,390, 745. 32-
ORDINARY E X P E N D I T U R E S 2
General expenditures:
14,165,243.89
Legislative e s t a b l i s h m e n t 3._
13,855, 664. 29
14,316,684.73
450,952.66
349,380.16
E x e c u t i v e proper •^-.. :.
411,898. 27
State Department
14, 669,466.89
15,463, 276. 30
16, 054,408. 68
145,016,859. 60
128, 232,421. 79
137, 411,205.17
Treasury Department
392,733,634.86
348, 629, 778. 65
361,887,888.84
War Department
23, 621,485. 79
21,134,228.10
D e p a r t m e n t of Justice
23, 495,738. 96
146,942.46
186,789. 2 9 .
Post Office D e p a r t m e n t
11 79,826.86
333,201,362. 31
346,142,001.44
332, 249,136. 67
Navy Department
354, 623,058. 88
Interior D e p a r t m e n t
302,440,633.08
328, 227, 697.11
164, 644, 283. 64
141.116,440. 69
128,745, 677. 33
D e p a r t m e n t of A g r i c u l t u r e . .
21,783, 508. 71
D e p a r t m e n t of C o m m e r c e . . .
25, 782,961. 39
21,429, 678. 93
7,241,466. 73
9,677,841. 30
6, 620,052. 66
D e p a r t m e n t of L a b o r
21 461, 719,433.83 21 409,120,863. 66 21 384,715,796. 72
Veterans' Bureau
O t h e r i n d e p e n d e n t offices
28, 712,285. 42
27,682,657. 28
28,261,981. 47
a n d commissions^
26,873,115.19
32,713,000. 67
• 24,053,706.47
D i s t r i c t of C o l u m b i a
Total
D e d u c t unclassified i t e m s . . ,
T o t a l general expenditures
..
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 of receipts: .
Customs ^
'
i n t e r n a l r e v e n u e ^P o s t a l deficiency 8
Panama Canal
1,961,477,321. 73
1,436.386. 81
1,829, 697,061. 65
1,234,150. 47
1,836,657,369. 20
6 347,106. 72
1, 826,959,870. 26
232, 946. 62
1,857,409, 642. 76
8 448,920. 63
1, 953, 525,595. 77
198, 554. 39
2,106,486,327. 51
« 17,803. 40
2,162, 286, 385. 40
6 422, 550. 04
1,950,040,934. 92
1,828,462,911.18
1,837,004,476. 92
1,826,726, 923. 74
1, 857, 858, 663. 39
1, 953, 327,041.38
2,106,503,130.91
940,602,912.92
881,806, 662. 36
831,937,700.16
787,019,578.18
731, 764,476. 30
678, 330, 399. 50
20, 666,638. 33
127, 220,151.47
12, 638,849. 76
8, 387,099.90
22,920,891. 05
147, 777,034. 05
23, 216, 783. 58
9, 092, 818.-69
27, 744, 697. 87
182, 220, 053. 01
39, 606,490. 29
9, 017, 719. 00
20, 320, 524. 37
117,412,172.61
27, 263,191.12
8, 305, 345. 04
21,856, 901.13
148, 286,060.13
32, 080, 202.46
10, 448,879. 83
21,826,436.69
190,727,887.12
20 94,699, 744.06
9,045, 647. 29
Ki
o
M
i
>
Ul
669, 347, 613. 07
28, 736, 711. 58
126, 279, 043.36
32, 526,914.89
4, 316,961. 30
i
2,162,708,936.44
1,065,923,689.61
o
24, 091,809. 24
133,852,182. 70
91, 714,460.89
11,328, 541.69
See footnotes at end of table, p.. 493.
CO
TABLE b.^Ordinary receipts, expenditures chargeable against ordinary receipts, and surplus or deficit for the fiscal years 1916 to 1930—Contd.
H^
[On basis of daily Treasury statements (unrevised), see p. 467]
to
.1923
1924
1926
1926
1927
1928
1929
1930
ORDINARY E X P E N D I T U R E S — c o n .
Operations in special accounts:
$114,144,654.12
Railroads
War Finance Corporation... 11 109, 436, 238.13
Shipping Board
57, 023,838.18
A gricultural marketing fund
(net)--l
-11 1,365,554.16
Alien property funds i^
2, 482,476. 33
Sugar Equalization Board...
Adjusted service certificate fund.
Civil service retirement fund is_. ' 8, 091,417.48
Investment of trust funds:
Government life insurance
26, 672,161. 78
fund?
District of Columbia teach190, 517. 91
ers' retirement fund i^
Foreign service retirement
General railroad contingent .
Total ordinary expenditures
. . .
. . .
3, 294, 627, 529.16
$35, 742,167. 74
11 52, 539,947. 20
85,491,368.71
$7, 204,992. 53
1142,901,758.13
30, 304,859. 54
$2, 725,800. 86
11 19,691,166. 28
23,043, 032. 04
11 1,160,576.16
4, 018,131. 65
8, 028, 336. 62
99,458, 769.16
9, 745, 622. 04
120.162, 238.11
10,815, 743. 02
30, 410, 378. 80
31,991,713.82
38,290,345.65
233, 420. 36
258. 006. 70
82, 568. 91
1,123,760.49
4, 684, 262. 92
3,515,999.58
. 297,036.87
100, 033. 44
1, 209,176. 55
3,048, 677, 965. 34 3, 063,105, 332. 26 3,097,611,822.81
$1,042, 746. 21
11 27, 065, 781. 61
19,011,397.11.
11 $619, 721. 67
11 3, 813, 040. 77
34, 881, 713. 16
11 $1,867, 633. 06
11611,414.95
15,889, 059.12
11 $4, 795, 787. 55
11 58,838. 54
31, 695,159. 06
11 496,117. 92
11 361,151. 52
11 1, 345, 327. 26
149,958. 273. 55
968, 985. 50
. 116, 219, 362. 30
11 425,194. 65
111, 817,839. 69
109,272. 28
111, 772, 809. 62
19, 955,190. 64
112, 312, 726. 75
20,433,867. 39
o
47, 315, 972. 70
61, 701, 668. 44
62,160, 111. 83
43,469,104. 81
O
289, 980. 43
87, 267. 50
870, 677. 84
513, 917. 75
80,938. 85
1,179, 957. 39
603,158. 37
282,444.12
977,842. 88
" 516, 706.13
313, 282.13
2,411,871.58
2,974,029, 674. 62 3,103, 264,854. 83
3, 298,859,485. 88
3,440, 268,883. 84
PUBLIC
DEBT
RETIREMENTS
CHARGEABLE AGAINST ORDINARY RECEIPTS
Sinking fund
P u r c h a s e s from foreign r e p a y ments..
Received from foreign governm e n t s u n d e r d e b t settlements_
Received for e s t a t e taxes
P u r c h a s e s from franchise t a x
receipts ( 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
banks)
Forfeitures, gifts, e t c
T o t a l p u b l i c d e b t retirements
chargeable
against o r d i n a r y receipts.
o
284, 018,800. 00
295, 987, 350. 00
306, 308,400. 00
317, 091, 750. 00
^333, 528, 400. 00
354, 741, 300. 00
370, 277,100. 00
388, 368,960. 00
32,140, 000. 00
38, 509,150. 00
386,100. 00
4, 393, 500. 00
19,264, 500. 00
19, 068, 000. 00
571,150. 00
61,135, 000. 00
68, 752,960. 00
110,878, 450. 00
158, 793, 500. 00
165, 260,000. 00
159,961, 800. 00
162, 736,050. 00
175, 642, 350. 00
6, 568, 560. 00
8,897, 050. 00
47, 560. 00
1, 500. 00
20, 000. 00
109, 790,850. 00
73,100. 00
10,816,300.00
664,891.10
3, 634, 550. 00
93, 200. 00
402,860,491.10
457,999, 760. 00
.
794,159. 88
208, 403. 95
567, 900. 69
62,900. 00
1, 231, 834. 78
5,578,310.00
618, 367. 05
3,089,803.25
2,933,400. 00
159, 703. 75
4, 455, 000. 00
60, 703. 25
466,538,113. 83
487, 376, 060. 69
619, 554, 844. 78
540, 265,020. 30
649, 603, 703. 76
553,883,603.25
Ul
T o t a l expendi tures chargeable against o r d i n a r y receipts
S u r p l u s ( + ) or deficit ( - )
3,697,478, 020. 26
3, 506, 677, 715. 34
3, 629,643,446. 09
3, 584,987,873. 50
3,493,584, 519. 40
3, 643, 519,875.13
3,848,463,189. 63
3, 994,162,487. 09
+309, 667, 460. 30
+505, 366,986. 31
+250,505, 238. 33
+377, 767,816. 64
+635,809, 921. 70
+398,828, 281. 06
+184, 787, 035. 42
+183, 789, 214.90
1 Figures for ordinary receipts and ordinary expenditures from Apr. 6, 1917, to June 30, 1917, are available in Table 4, pp. 444 and 446, of 1926 annual report.
2 The figm-es given for operations in special accounts are net figures and make allowance for receipts and deposits credited to the account concerned.
3 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.
* 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. Deposits of this payment by Railroad Administration resulted in decrease in expenditures
on account of "Federal control of transportation systems and transportation act, 1920," by a corresponding amount.
5 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 were made to the Treasury Department in the amount of $26,360,668.66, to the War Department in the amount of $4,866,383.40, and to the Navy Department in the
amount of $529,237.84, but expenditures under these allotments appear as expenditures of the respective departments and not of the Veterans' Bureau.
w
o
6 Add. .
I Included under Treasury Department prior to fiscal year 1922.
8 Included under Post Office Department prior to fiscal year 1922.
8 Includes $288,399,222.46 payments on certificates of indebtedness of Director General of Railroads, due July 15, 1919.
1 See note 4.
0
II D e d u c t , excess of credits.
1 The railroad expenditures during the fiscal year 1922 were reduced by $266,636,606.26, on account of deposits by the Railroad Administration, representing proceeds of sale of
2
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.
13 Deductexcessofcreditsresultingfromdepositsof War Finance Corporation representing proceeds of redemptions of its holdings of United States securities. (See note 2, p. 2,
daily Treasury statement for June 30,1920.)
1* 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 reflected in "Miscellaneous receipts for fiscal year 1920." (See note 1, p. 2,
daily Treasury statement for June 30, 1920.)
18 Net expenditures after taking into account credits and $100,000,000 applied to reduction in capital stock of United States Grain Corporation.
1 $26,000,000 of this amount represents reduction in capital stock of United States Grain Corporation effected Oct. 17, 1921, and is reflected in an increase of receipts in an equal
7
amount. (See note, p. 2, daily Treasury statement for Oct. 18, 1921.)
1 Established by act of May 22, 1920, and included under Interior Department prior to fiscal year 1922.
8
1 Included under District of Columbia prior to fiscal year 1922.
9
20 Included in expenditures of the Post Office Department and also on account of postal deficiency for the fiscal year 1929 (month of June, 1929) are $42,997,089.60 and $8,999,996,
respectivelj', representing payment of so-called back railway mail pay to inland carriers under authority of joint resolution approved June 6,1929.
21 Allotments for veterans' relief were 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, $61,250.
« Ordinary receipts and public debt retirements chargeable against ordinary receipts for 1921 exclude $4,842,066.45 written off the debt December 31, 1920. See Table 40, note 1.
1-3
O
W
Ul
d
Ki
CO
CO
TABLE 6.-
^ . ; . • ,r:d expenditures for the fiscal years 1791 to 1930
CO
lun basis of warrants issued, see p. 467]
O r d i n a r y receipts
Internal revenue
Year
Customs
Income and
profits t a x
1791
1792
1793
1794
1796
1796
1797
1798
1799
1800
1801
1802
1803
1804
1805
1806
1807
1808
1809.
1810
1811
1812
1813
1814
1816
1816
1817
1818
1819
1820
1821
1822
1823
.
'
. .
:..'.
•
$4,399,473
3,443,071
4,256,307
4,801,066
5,588,461
6, 567,988
7, 549,650
7,106,0626,610,449
9,080,933
10, 750,779
12,438,236
10,479,418
11,098,565
12,936,487
14, 667,698
15.845.622
16,363, 551
7,296,021
8, 583,309
13,313,223
8, 968, 778
13.224.623
6,998, 772
7,282,942
36,306,875
26,283,348
17,176,385
20,283,609
15,006,612
13,004,447
• 17,689,762
19,088,433
.
Miscellaneous
$208,943
337,706
274,090
337, 755
476,290
675,491
644,358
779,136
809,396
1,048,033
621,899
215,180
60,941
21,747
20,101
13,051
8,211
4,044
7,431
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
Sales of
public
lands
$4,836
83,541
11,963
444
167, 726
188,628
165,676
487, 627
540,194
. 765,246
466,163
647, 939
442,252
696,549
1,040,238
710,428
835, 666
1,135, 971
1,287, 959
1, 717,986
1,991,226
2,606, 565
3,274,423
1,635,872
1,212,966
1,803,582
916, 523
Surplus
postal
receipts
covered
into t h e
Treasury
$11,021
29,478
22,400
72,910
64, 500
39, 600
41,000
78,000
79,600
36,000
16,427
26, 500
21,343
41,118
3,615
38
86,040
- 35,000
46,000
136,000
149, 788
29, 372
20,070
71
6,466
517
602
111
Miscellaneous
. $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
1,126,469
286,422
770,816
601,357
- Surplus ( + )
or deficit ( - )
ordinary
Postal
revenues,!
receipts
exclusive of T o t a l o r d i n a r y covered into
s u r p l u s p o s t a l receipts a n d
the Treasury
receipts
postal r e v e n u e s c o m p a r e d w i t h
Total ordinary
covered i n t o
expenditures
receipts
the Treasury
chargeable
against ordin a r y .receipts 2
$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
16, 659,931
16,398,019
17,060,662
7,773,473
9,384,216
14,423, 529
9,801,133
14,340,410
11,181,626
16,729,024
47,677,671
33,099,050
21,585,171
24,603,376
17,880,670
14, 573,380
20,232,428
20,540,666
$91,739
67,443
93, 725
99,469
138,220
122,156
149,498
193,477
223,846
202,804
240, 942
292,044
335,395
362, 949
400,030
404, 987
475,147
-460, 564
506,633
551,684
587,208
564,168
668,164
685,370
908,065
811, 994
973,601
1,110,165
1,204,666
1,105,461
1,058,570
1,116,888
1,130,004
$4,610,662
3,737,403
4,746,648
% 631,374
6,252,754
8,499,686
8,838,279
8,093,973
7,770,659
11,051,553
13,176,273
16,287,838
11,399,493
12,189,256
13,960,723
15,964,918
16,873,166
17,621,226
8,280,106
9,935,899
15,010,737
10,365,301
15,008,564
11,866,995
16,637,089
48,489,666
34,072,661
22,695,336
25,808,041
18,986,131
16,631,950
21,349,316
21,670,670
+$149,886
—1,409,572
+170,610
—1,558,934
—1,425,275
+2,660,544
+2,556,147
+223,992
—2,119,642
+62,674
+3,540,749
+7,133,676
+3,212,445
+3,106,866
+3,064,459
+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
+11,265,230
+ 1 , 760,050
+3,139,565
-379,957
-1,237,373
+5,232,208
+5,833,826
o
o
H
W
l—i
>
Q
1824..
1826..
1826..
1827..
M 1828..
to 1829..
g 1830..
l i 1831..
=
I 1832..
CO 1833..
^ 1834..
1836..
1836..
CO 1837..
H^ 1838..
1839..
1840..
1841..
1842..
1843..
1844..
1845..
1846..
1847..
1848-.
1849..
I860..
1851..
1852..
1853..
1854..
1865..
1856..
1857..
1858..
1859..
I860..
1861..
1862..
1863..
1864..
1866..
1866..
1867..
1868..
1869..
1870..
1871..
1872..
1873..
1874..
17, 878, 326 1
20, 098, 71S
23, 341, 332 !
19, 712, 283 1
23, 205, 624
22, 681, 966
21, 922, 391
24, 224, 442
28, 466, 237
29. 032, 509
16. 214, 957
19, 391,311
23, 409, 941
11, 169, 290
16, 158,800
23, 137, 925
13, 499, 502
14, 487,217
18, 187,909
7,046, 844
26, 183, 571
528,113
27, 712,668
26, 747, 865
23, 757,071
31, 346, 739
28, 668,686
39,017,568
49, 339,327
47, 931,866
58,224,190.
64, 025, 794
53, 022,863
64, 875, 905
63, 789, 621
41, 565,824
49, 187, 612
53, 582,126
39, 056, 398
49, 059,642
69. 316,153
102, 928, 261
84, 046, 652
179, 417,811
176, 464,600
164, 048,427
180, 538, 374
194, 270,408
206, 370, 287
216, 089, 623
188, 103, 834
163,
For footnotes, see end of table, p. 505.
1
$2, 741,858
20, 294,732
60,979, 329
72,982,159
66, 014, 429
41,465, 598
34,791,856
37,776,874
19,162,651
14,436,862
6,062, 312
139,472
984, 418
34,663
1,216, 091
25,771
21, 590 1, 393, 785
1,495, 845
19,886
1, 018, 309
17,452
14, 603 1, 517,175
2, 329, 356
12,161
3, 210, 815
6,934
11, 631 2, 023, 381
.
2,769 3, 967, 683
4, 857, 601
4,196
10.459 14, 757, 601
370 24, 877,180
6,776,237
" 5,494
3.081,940
2,467
7, 076, 447
2,653
3, 292,683
1,682
1, 365,627
3,261
1, 335,798
495
897, 818
103
2, 059,940
1,777
2, 077, 022
3,617
2,694,452
2,897
2. 498, 355
376
3, 328,643
376
1, 688,960
1,859,894
2, 352,305
2, 043,240
1, 667,085
8, 470, 798
11,497,049
8,917,645
3, 829,487
3.513,716
1, 756, 687
1, 778, 558
870, 659
152, 204
167,617
34,898, 930
588, 333
89, 446,402
996, 553
148, 484,886
665. 031
236. 244, 654
200, 013,108 1,163, 576
1, 348, 716
149, 631,991
123, 564, 605 4, 020, 344
3, 350, 482
147,123,882
2, 388,647
123,935,503
2, 575, 714
116,205,316
108,667, 002 2,882, 312
102, 270, 313 1,852, 429
470
300
101
20
87
56
661
245
100
893
11
483, 806
499, 813
603,427
1, 738,249
622,325
613,896
580,153
1,084, 069
765,067
945,476
715,082
1, 269, 823
2, 539, 294
7,003,132
7,059, 355
1, 266, 824
2, 686,248
1,004,056
451,996
357,937
1,076, 086
361,454
289,960
249,174
649,690
1,172,444
2, 074,859
1,189,431
464, 249
988,103
1,105, 353
827, 732
1,116,191
1,259,921
1,352,029
2,163, 954
1, 098, 538
1, 057,146
2, 778,854
5,829, 244
61, 981,151
38, 325, 676
69,094,124
47^ 026, 086
48, 737,179
28, 618, 615
28,466,865
31, 666, 736
24, 518, 689
29,037,066
37, 612, 708
19, 381, 213 • 1,197,758
1,306,056
21,840,858
1,447,403
25,260,434
1, 624, 532
22, 966, 364
i, 659, 896
24, 763, 630
1, 707,331
24,827, 627
1,850,528
24,844,116
28, 526,821
1, 997, 260
31,865, 661
2, 268,325
33,948, 427
2,617, Oil
21, 791, 936
2,823, 649
35,430, 087
2,992, 663
60,826, 796
3, 408, 312
24,954,153
4,101,703
26, 302, 562
4, 238, 733
31,482, 749
4,484,657
19,480,115
4, 543, 522
16,860,160
4,407, 726
19, 976,198
4, 546,850
4, 296, 225
8, 302, 702
4,237, 288
29, 321,374
4, 289,842
29, 970,106
3,487,199
29, 699, 967
26,495, 769
3, 880, 309
35, 736,779
4, 555, 211
31, 208,143
4, 705,176
43, 603,439
6,499, 986
52, 559, 304
6,410,604
49,846,816
5,184,627
61, 587, 054
6, 240, 725
73,800, 341
6, 255,586
65,350, 576
6, 642,136
74,056,699
6, 920,822
68,965, 313
7,353, 952
46, 655, 366
7,486, 793
53,486,466
7,968,484
56, 064, 608
8, 618, 067
41, 509,931
8, 349, 296
51, 987,456 : 8, 299,821
11,163, 790
112, 697, 291
12,438, 254
264,626,771
14,556,169
333, 714,605
14,386.986
558, 032, 620
16,237, 027
490, 634, 010
16, 292, 601
405, 638, 083
17,314,176
370,943, 747
18,879, 537
411,265,477
20, 037, 045
383,323,945
21,915,426
374,106,868
22,996, 742
333,738, 205
26, 471, 072
304,978, 756
20, 678, 971
23,146, 913
26, 707,837
24,490,896
26,423,626
26, 534, 958
26, 694,644
30, 624,071
34,123,886
- 36,566,438
24, 615, 585
38, 422, 750
54, 235,108
29, 055, 856
30, 541, 295
36,967,406
24, 023,637
21, 267, 886
24, 523i 048
12, 698, 927
33, 558, 662
34, 259,948
33,187,166
30, 376, 078
40, 290, 990
35,913,319
49,103, 424
58,969, 908
55, 031, 343
66,827, 779
80, 055, 927
71, 992, 711
80,977, 521
76, 319, 265
54,142,159
61,454, 949
64, 582, 675
49,859, 227
60, 287, 277
123,861, 081
277. 065, 025
348, 270,764
572,419, 606
505,871,037
421,930, 684
388, 257, 923
430,135, 014
403, 360,990
396, 022, 294
366,734,947
331, 449,828
-945. 495
+ 5 , 983,629
+8,224,637
+6,827,196
+8,368,787
+9,624, 294
+ 9 , 701,050
+13, 279,170
+14, 676, 611
+10,930,875
+3,164,367
+17, 857, 274
+19,958, 632
-12,289,343
- 7 , 562, 497
+ 4 , 583, 621
-4,837, 464
- 9 , 705, 713
- 6 , 229, 563
- 3 , 666, 373
+ 6 , 983,803
+ 7 , 032, 698
+1,933,042
-30, 785, 643
- 9 , 641, 447
-13,843, 514
+4,059,947
+4,850, 287
+ 5 , 651, 897
+13,402, 943
+16, 755,479
+ 5 , 607, 907
+4,485, 673
+1,169, 605
-27. 629, 904
-15,684,512
- 7 , 065,990
-25, 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
+91,146, 757
+96,688,905
+43,392, 960
+2,344,883
m
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B
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Ul
ct
CO
Or
T A B L E 6.—Receipts and expenditures for the fiscal year 1791 to 1930—Continued
CO
[On basis of warrants issued, see p. 467]
O r d i n a r y receipts
Internal revenue
Year
Customs
Income and
profits tax
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...
1906
1906
1907
'.-.
.
.
.
$157,167, 722
148, 071, 985
130,966, 493 •
130,170,680
137, 250, 048
186, 622, 064
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, 685
219, 522, 205
177, 452,964
203, 355,017
131, 818, 531
. . . 162,158, 617
160, 021, 752
176,554,127
149, 575,062
206,128,482
233,164, 871
238, 686,456
264,444, 708
284, 479, 582
. .
261, 274, 666
261, 798,857
300. 251. 878
332, 233, 303
$233
588
98
3,022
65,628
77,131
Miscellaneous
$110,007,261
116,700,144
118,630,310
110, 681, 625
113, 661,611
124,009,374
135, 261, 364
146.497, 596
144, 720,369
121, 530,445
112.498, 72«
116,805, 936
118,823, 391
124, 296, 872
130, 881, 614
142, 606,706
145,686,250
163,971,072
161,027,624
147, 111, 233
14^ 344, 541
146, 762, 865
146, 688, 674
170,900, 642
273,437,162
296,327,927
307,180, 664
271,880,122
230,810,124
232, 904,119
234, 095, 741
249,160, 213
269, 666, 773
Sales of
public
lands
$1,413,640
1,129,467
976,254
1,079, 743
924, 781
1,016, 507
2,201,863
4, 753,140
7.966,864
9,810, 706
6, 705,986
5, 630,999
9, 254, 286
11, 202, 017
8, 038, 652
6,358,273
4, 029, 635
3, 261, 876
3,182, 090
1, 673, 637
1,103, 347
1,006, 523
864, 581
1,243,129
1,678,247
2,836,883
2,966,120
4,144,123
8,926, 311
7,453,480
4,859, 250
4, 879, 834
7.878,811
Surplus
postal
receipts
covered
into the
Treasury
'
Miscellaneous
$19,411,195
28,193,681
30,843, 264
15,931,831
22,090, 745
21,978, 666
25,166, 368
31,863, 784
30,904,^852
22,066,602
24, 014, 065
21, 097, 768
26, 038, 707
24, 676,012
24, 297,161
24,447, 420
23,374, 467
20, 261, 872
18, 264, 898
26, 751,916
28, 046, 783
30,352, 307
23, 614, 423
83, 602, 502
34, 716,730
36, 911,171
38,954, 098
32,009, 280
37, 664, 705
39,454, 921
43, 520,837
40, 702, 521
56,081,439
Surplus ( + )
or deficit ( - )
ordinary
Postal
receipts
revenues,!
exclusive of T o t a l o r d i n a r y covered into
s u r p l u s postal receipts a n d
the Treasury
postal r e v e n u e s c o m p a r e d w i t h
receipts
Total ordinary
covered i n t o
expenditures
receipts
chargeable
the Treasury
against ordin a r y receipts«
$26,791,314
$288,000,061
294,095,865 • 28,644,198
281,406,419
27, 531, 585
257, 763,879
29, 277, 617
273,827,186
30, 041,983
333,626,611
33, 315, 479
360, 782,293
36, 785, 398
403, 525,260
41, 876,410
398, 287, 682
46,608,693
348, 619,870
43, 326,969
323,690, 706
42, 560,844
33^, 439, 726
43, 948,423
371,403, 277
48, 837,609
379, 266,075
62, 695,177
387, 050, 059
66,175, 611
403,080,984
60,882, 098
392, 612,447
65,931, 786
354, 937,784
70, 930, 476
385,819,629
75, 896, 933
306,356,316
75, 080,479
324, 729,419
76, 983,128
338,142,447
82, 499, 208
347, 721,706
82, 665, 463
406,321,335
89, 012,619
616,960, 621
95, 021, 384
667, 240,862
102,354, 679
687, 685,338
111, 631,193
662,478, 233
121,848,047
661, 880,722
134, 224,443
641,087,085
143, 582,624
644, 274,685
152,826,685
694,984,446
167,932, 783
665,860, 386
183, 586.006
$314, 791, 366
322, 740, 063
308,938, 004
287,041, 396
303, 869,168
366, 842, 090
397, 667, 691
445,401,660
443, 796, 275
391, 845,829
366,251,650
380,388,149
420, 240,886
431, 961,252
443, 226,670
463,963,082
468, 544, 233
425, 868, 260
461, 716, 562
381, 435, 796
401, 712, 547
420, 641,655
430, 387,168
494, 333, 954
610,982, 005
669, 595,431
699, 316, 631
684, 326,280
696,105,165
684, 669, 709
697,101, 270
762,917,229
849, 445,392
+$13, 376,668
+ 2 8 , 994,780
+ 4 0 , 071,944
+20,799,552
+6,879,301
+65,883,663
+100, 069,405
+145, 543,810
+132,879, 444
+104,393,626
+63,463, 771
+93,956,687
+103,471,096
+111,341,274
+87,761,081
+ 8 5 , 040, 273
+26,838, 543
+ 9 , 914,453
+2.341.676
-61,169,965
—31, 466,879
— 14,036,999
— 18,052,464
—38, 047, 248
—89, 111, 558
+46,380,005
+63,068,418
+ 7 7 , 243,984
+44,874, 695
—42, 572,815
—23,004, 229
+24, 782,168
+86,731, 644
o
o
w.
o
tei
XIl!
1908.
1909.
1910,
1911.
1912.
1913,
1914.
1915,
1916,
1917,
1918.
1919.
1920.
1921.
1922.
1923.
1924.
1925.
1926.
1927.
1928.
1929.
1930.
286,113,130
300,711,934
333, 683,445
314, 497, 071
311,3i21,672
318, 891,396
292, 320, 014
209, 786,672
213,185,846
226, 962, 393
182, 758, 989
183, 428, 625
323,536,559
308, 025,102
357, 644, 713
562,189, 039
646, 012,115
648, 521, 795
679, 716, 611
605, 672, 465
568,156, 693
602,820,156
584, 771, 316
20, 961, 781
33, 616,977
28, 683,304
35, 006, 300
71, 381, 275
80, 201,759
124, 937,263
359, 681,228
2, 838,999,894
2, 600,762, 735
3, 956,936,004
3, 228,137,674
2 _^_ 918,466
1, 691,089, 635
1,841, 759,317
1, 761,669, 049
1, 974,104,141
2, 219,952,444
2,174, 573,103
2, 331,274, 429
2,410, 259, 230
261, 711,127
246, 212, 644
268, 981, 738
289, 012, 224
293, 028, 896
309, 410,666
308, 669, 733
335, 467,887
387, 764,776
449, 684, 980
867, 043, 691
1,239, 468, 260
1,442, 213, 241
1,361, 835,935
1,121, 239,843
936, 699, 604
952, 530, 768
827, 78,ei, 838
862, 667,640
648, 732,440
617, 620,008
608, 770,057
628, 423,052
601, 861,907
54, 306, 090
9, 731, 560
49, 695, 352 , 604,320, 498
7, 700, 668
676, 611, 716
45, 538, 964
6,355, 797
701, 832,911
69, 076,002
5, 731, 637
692, 609,204
64, 282, 536
6, 392,797
111,
• 724, 230
2,910, 205
67, 892,663
734, 673,167
2, 671,775 $3,800, 000
55, 940,370
2,167,136
697, 910,827
3,500,000
66, 787,373
1,887,662
782, 534.648
64, 759, Oil
1, 892,893 5, 200, 000
1,124, 324,795
81, 903,301
1, 969,465 48, 630,701 8 251,022, 526 4,180, 426,156,
1,404,706 89, 906, 000 8 539,410, 674 4, 654,380,899
1, 910,140 5, 213, 000 8 974,606,493
6,704, 414,437
1, 530,439
6,584, 617, 045
694, 987,895
81,494
896,391
636, 916, 625 4,103, 596, 631
411,097
3,847, 046,683
656,508
667,
3,884, 041,142
544, 216, 719
622, 223
052,948
3,607, 644,164
469,
623, 534
491, 214, 930 3, 908,467,576
754, 253
444,352
4,128, 422,888
621,187
653,
235, 612
384,661
10 677,501,157 10 4, 038,
218,918
039, 708 11 4,036,
314, 568
11 493,
395, 744
i< 560,202, 204 » 4,174, 061, 646
191, 478, 663
203, 562,383
224,128, 658
237,879,824
246, 744, 016
266,619, 526
284,134, 666
283, 748,165
312, 057,689
324, 626,116
340, 345, 261
346,333,126
431, 937, 212
463,491,275
484, 772, 047
632,827, 925
572, 948, 778
699, 691,478
669,819,801
683,121, 989
693, 633,921
696,947, 578
705,484,098
-57,334,413
793, 340, 670
-89,423,387
807, 882,881
-18,106,360
899, 640,373
+10,631,399
939, 712, 736
+ 2 , 727,870
939, 353,220
-400, 733
990, 730, 766
-408, 264
1, 018,807,733
. -62,675,975
981, 658,992
+40, 637,821
1,094, 692,237
-961, 717,309
1,448, 860,911
4, 520,770,417 - 9 , 611,482, 739
5, 000,714,025 -14,297,760,281
+562, 669,197
7,136, 361, 649
6,048, 008,320
+693, 241, 726
4, 688,368,578
H 4 8 5 , 558, 734
4,379, 873, 608
+199,370, 900
4, 456,989, 920
+479, 746,016
4, 207,235, 642
+676,936,988
4, 668,277,376
+390, 694,362
4,811,644,877
+607, 022,408
4, 731,869,433
+426, 580,600
4,733, 166,496
+163, 995, 936
4,879,635,644
+228,090,667
Ul
o
i
Ki
For footnotes, see end of table, p. 605.
o
teJ
H
>
Ul
d
CO
TABLE 6.—Receipts and expenditures for the fiscal years 1791 to .Z550—Continued
CO
00
[On basis of warrants issued, see p . 467]
Expenditures chargeable against ordinary receipts
Ordinary
Year
Civil and
miscellaneous 8
1791-.
1792..
1793-.
1794..
1795.1796179717981799..
1800..
1801..
1802..
18031804.180618061807.180818091810-.
1811-.
18121813..
18141815..
1816..
1817..
1818-1819-..
_18201821-1822..
FRASER
War Depart|ment (including rivers and
harbors and
Panama
Canal) *
$1,083,402
65-4, 257
472,461
- ,706,598
1, 367, 037
782,476
1, 256, 903
. 1,111,038
1, 039, 392
i, 337, 613
1,114, 768
1,462, 929
1, 842, 636
2,191, 009
3, 768, 599
2, 890,137
1. 697, 898
1,423,-286
. 1, .215,-804
1,101,-146
1, 367, 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
2,223,122
1, 967,996
Digitized for
$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
2,630,392
4,461, 292
3, 111, 981
Navy Department *
Indians
Pensions *
Postal deficiencies 8
Interest on
the public
debt
Total ordinary expenditures
Public debt
retirements
chargeable
against
ordinary
receipts ^
Total expenditures
chargeable
against
ordinary
receipts
Postal exTotal
penditures 1
exclusive of ordinary and
postal expostal dependitures
ficiencies
teJ
o
$570
53
61,409
410, 662
- 274,784
382, 632
1, 381,348
2, 858, 082
3.448, 716
2, 111, 424
915, 562
1, 215, 231
1,189,833
1, 597, 500
1, 649, 641
1, 722, 064
1,884, 068
2,427,759
1, 654, 244
1, 965, 566
3, 959. 365
6,446, 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, 224,469
$27, 000
13, 649
27, 283
13,042
23,476
113, 564
62, 396
16,470
20, 302
31
9,000
94, 000
60, 000
116, 500
196, 500
234, 200
205,425
213, 675
337, 604
177,625
151,875
277,845
167, 358
167, 395
530, 750
274, 512
319,464
.505, 704
463,181
315, 750
477,005
575,007
$175, 814
109, 243
80, 088
81, 399
68, 673
100,844
92, 257
104,845
95,444
64.131
73, 633
85,440
62, 902
80, 093
81,865
81,876
70, 500
82, 576
87,834
83, 744
75,044
91, 402
86, 990
90,164
69,656
188, 804
297, 374
890, 720
2,415,940
3, 208,376
242,817
1,948,199
$2, 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
4,412, 913
4.125, 039
3,848, 828
4, 266, 583
4,148, 999
3, 723,408
3, 369, 578
3,428,153
2, 866, 075
2,845, 428
2,465, 733
2,451, 273
3, 599, 456
4, 593, 239
5, 764, 569
7, 213, 259
6,389,210
6,016, 447
5,163, 538
5.126, 097
5,087, 274
5,172. 578
269,
079,
482.
990,
539,
726,
133,
676,
666,
7«6,
394.
862,
851,
719,
506,
803,
354,
932,
10,280,
156,
058.
280.
681,
720,
708,
586,
843,
825,
463,
260,
810,
000,
269, 027
079, 532
482. 313
990, 839
539,809
726, 986
•133, 634
676, 504
666, 455
786, 076
394, 582
862,118
851, 653
719, 442
506, 234
803, 617
354,151
932,492
280, 748
156, 510
058. 337
280,771
681,v852
720, 926
708,139
586, 691
843,820
825,121
463, 810
260,-627
810, 753
000, 220
$76, 397
54.530
72, 039
89, 972
117,893
131,571
150,114
179. 084
188, 037
213, 994
255,151
281, 916
322,364
337, 502
37/, 367
417, 233
453, 885
462, 828
498, 012
495, 969
499.098
540,165
681, Oil
727,126
748,121
804,022
916, 515
1, 035,832
1,117, 861
1,160, 926
1,165,481
1,167, 572
$4,345,424
.5.134, 062
4, 554,352
7, 080, 811
7, 657, 702
5,858, 557
6, 283, 748
7.855, 588
9,864, 492
11, 000, 069
9, 649, 733
8,144, 034
8,174,017
9, 056, 944
10,883, 601
10, 220, 850
8,808,03610, 395,320
10,778, 760
8, 652,479
8, 657,435
20, 820, 936
32,362, 863
35.448, 052
33,456, 260
31, 390, 713
22, 760, 335
20, 860, 953
22, 581, 671
19,421, 553
16, 976, 234
16,167, 792
o
teJ
o
teJ
Ul
1823
1824
1825
.
1826
1827
1828
1829
1830
1831...^.
1832.
18331834.
1835
1836
1837
1838
1839
1840
1841.
1842
1843
1844
1846
1846
1847
1848
1849
1850
1851
1862
1-863
1854
1855
1856
1857
1858.
1869
1860
1861
1862
1863......
1864......
1865
1866
1867
1868
1869
1870
1871
1872
1873
096, 924
2,022,094
340,940
.7,165,309
659,914
2, 748, 545
943,194
2, 600,178
938, 978
2, 713,477
145, 545
3, 676, 053
724, 211
3,101, 515
767,129
3,237,416
841, 836
3, 064, 646
446,035
4, 577,141
704, 019
5, 716, 246
696,189
4,404, 729
759,157
4, 229, 699
169, 227
6, 393, 280
682, 734
9,893, 609
897, 224
7,160, 966
916,996
5, 728, 203
097, 070
5, 996, 269
805, 565
6, 084, 037
6,788,853
6, Oil, 887
3, 203,163
2, 957, 300
5, 616,408
6, 179,220
5, 910, 028
5, 752, 644
6, 034, 324
10, 792,867
6, 201, 619
38, 305, 520
5, 620, 678
26, 601, 963
14,143, 278
14, 852, 966
14,920,119
9, 400, 239
. 18, 008, 594 11,.811, 793
16, 590, 773
8, 225, 247
947, 291
15,814, 840
9, 733, 629
26, 443, 374
11, 773, 826
22, 020, 924
14, 948,197
29, 310, 469
16, 261, 774
24,911,223
19, 485, 383
22, 256,130
25, 243, 823
18, 891, 737
23, 409, 767
18, 086,888
16, 981,150
18, 096,116
22, 368,407
17,846, 762
394,
.22, 507, 651 599, 298, 601
26, 505, 619 690, 791, 843
44, 516, 668 1,031, 323, 361
449, 702
41,115, 438
284, 224,416
68,406,906
95, 246, 648
65, 957, 827 123,
601, 991
52, 753, 231
78, 655, 676
64, 389,438
57, 799, 992
64, 367,461
35, 372,157
62, 708, 024
36, 323,138
72,943, 666
46,
2, 503,766
2,904, 582
3,049, 084
4, 218, 902
4, 263,877
3,918, 786
3, 308, 745
3, 239, 429
3, 866,183
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
6, 001, 077
8, 397, 243
3, 727, 711
6,498,199
6, 297, 245
6, 454, 947
7, 800, 636
9, 408,476
9, 786, 706
7, 904, 709
9, 006, 931
8, 962,801
10, 918, 781
10, 798, 586
13, 312,024
14, 091, 781
12, 747,977
13, 984, 551
14, 642, 990
11, 514, 966
12,420,888
•42,668,277
63, 221, 964
85, 726, 995
122,612, 945
43,324,118
. 31,034,011
25, 775, 503
20, COO, 758
21, 780,230
19,431, 027
21, 249, 810
23, 526, 257
For footnotes, see end of table, p. 605.
380, 782
429,988
724,106
743, 448
760, 625
705, 084
576, 345
622, 262
930, 738
1, 352,420
1,802, 981
1, 003, 953
1, 706, 444
4, 615,141
4, 348, 076
.5, 504,191
2, 528, 917
2, 331, 795
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
2,895, 700
2, 980, 403
3, 905, 745
1, 663, 031
2, 792, 552
2, 769,430
4, 267, 643
4,926,739
3, 625, 027
2, 949,191
2, 841, 358
2, 273, 224
3,154, 357
2, 629,859
5,116,837
3, 247, 065
4, 642, 532
4,100, 682
7, 042,923
3, 407, 938
7, 426,997
7,061, 729
7,951, 705
1,780,
1,499,
1, 308,
1, 556,
976,
850,
949,
1, 363,
1,170,
1,184,
4, 589,
3, 364,
1, 954,
2, 882,
2, 672.
2,156,
3,142,
2, 603,
2, 388,
1, 379,
843,
2, 030,
2, 396,
1, 810,
1, 747,
1, 211,
1, 330,
1, 870,
2,290,
2, 403,
1, 777,
1, 237,
1, 450,
1, 298,
1, 312,
1, 217,
1, 220,
1,102,
1, 036,
853,
1, 078,
4,983,
16, 338,
15, 605,
20, 936,
23, 782,
28,476,
28,340,
34, 443,
28, 533,
29, 359,
14,706, 810
20, 326,708
15, 857,229
17, 035,797
16,139, 168
16, 394,843
15,203, 333
15,143, om
15,247, 651
17, 288,950
23, 017, 55?
18, 627,569
17, 572,813
30, 868, 164
37,243, 496
33, 865,059
26,899, 1?8
24, 317, 579
- 26, 565,
873
25, 205,761
11, 858,075
22, 337,571
22, 937,408
27, 766,9? 5
57, 281,41?
45, 377,??6
45, 051,657
39, 543,49?
47, 709,017
44,194, 919
1
48.184, 1 1
58, 044,86?
59, 742,668
69, 571,0?6
67, 795,708
74.185, ? n
7
69, 070,977
63,130, 598
66, 546,645
474, 761,819
714, 740,7?5
865, 322,64?
??4
1, 297, 555,
520,809, 417
357, 542,675
377, 340,?85
322,865, ?78
309, 663,,561
292,177, 188
277, 617,963
290, 345,245
4,922, 685
4, 996, 662
4, 366, 769
3, 973,481
3, 486, 072
3, 098, 801
2, 542,843
1, 913, 533
1, 383, 583.
772, 562
303, 797
202,153
57, 863
$407, 657
53, 697
21, 303
810, 232
636, 299
22, 222
1,041,444
2,153, 750
3, 207, 346
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, 063,192
5,395, 510
4, 844, 679
5,131,250
5,176, 000
6, 490, 476
14, 997
399,834
174, 598
284, 978
773, 550
523, 595
1, 833,867
1, 040, 032
842, 723
1,119, 215
2, 3G0,825
3, 565, 578
3, 782, 331
3, 696, 721
4, 000, 298
3,665,833
3, 071, 017
2, 314, 376
1, 953, 822
1, 678, 266
1, 567, 056
2, 638, 464
3,177, 315
4, 000,174
13,190,325
24, 729,847
63,685,422
77, 397, 712
133, 067, 742
143, 781, 592
140,424, 046
130, 694, 243
129, 236, 498
125, 576, 566
117, 367,840
104, 750, 688
14,706,840
20, 326, 708
15, 857, 229
17, 035, 797
16,139,168
16, 394, 843
15, 203, 333
15,143, 066
15, 247, 651
17,288, 950
23, 017, 552
18, 627, 569
17, 572,813
30,868,164
37, 243,496
33, 865, 059
26, 899,128
24, 317, 579
26, 565,873
25, 206, 761
11, 858, 075
22, 337, 571
22, 937, 408
27, 766, 925
57, 281, 412
45, 377, 226
45, 051, 657
39, 543, 492
47, 709, 017
44,194, 919
48.184, 111
58, 044, 862
59, 742, 668
69, 571,026
67, 796, 708
74.185, 270
69, 070, 977
03,130, 598
66, 546, 645
" 474, 761, 819
714, 740, 725
865, 322,642
, 297, 555, 224
520,809,417
357, 642, 675
377, 340,285
322,865, 278
309, 653, 661
292,177,188
277, 517,963
290, 345, 245
1,156,995
15, 863, 835
1,188,019
21, 514, 727
•'086, 272
1, 229,043
17.
1, 366, 712
18, 402, 509
1,469, 959
17, 609,127
1, 689, 945
18, 084, 788
1, 782,132
16, 985, 465
1, 932, 708
17, 075, 774
1, 936,122
17, 183. 773
2, 266,171
19, 555,121
2, 930,414
25, 947, 966
2, 910, 605
21, 538,174
2, 757, 350
20, 330,163
2,841, 766
33, 709, 930
3, 288, 319.
40, 531, 815
4,430, 662
38, 295, 721
4, 636, 636
31, 535, 664
4, 718, 236
29, 035,815
4,092, 030
30, 657, 903
5, 617, 366
30, 823,127
4, 353, 541
16, 211, 616
4, 298, 628
26, 636,199
4, 326, 692
27, 264,100
3, 310, 286
31, 077, 211
3, 544, 829
60, 826, 241
49, 735, 464
4, 358, 238
4, 477, 664
49, 529, 321
44, 756, 737
5, 213, 245
53, 987, 727
6, 278, 710
50, 261, 025
6, 066,106
54, 013, 450
5, 829, 339
5,400, 940
63, 445, 802
6,890.178
66, 632, 846
7, 208, 750
76, 779, 776
7, 890, 787
75, 686, 495
7, 972, 714
82, 157, 984
6, 648, 954
75, 719, 931
9, 281, 060
"72,411, 658
977, 013
8, 430, 368
74, 326,0557, 564, 236
482, 297,826
10, 557,101
725, 165, 731
11,843, 089
877,
13, 388, 909 1, 310,944,133
130, 254
15, 320, 837
536, 235, 387
15, 692, 712
373, 125,042
18, 784, 757
396, 147, 681
18, 282,403
341, 786, 373
19,132, 812
328, 441, 736
19,264, 648
311, 007, 483
21,489, 520
299, 980,404
23, 635,159
313,
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TABLE 6.—Receipts and expenditures for the fiscal years 1791 to 1930—Continued
O
O
[On basis of warrants issued, see p . 467]
Expenditures chargeable against ordinary receipts
Ordinary
Year
Civil and
miscellaneous 8
1874..
1875..
1876..
1877-.
1878-,
1879-.
1880-.
1881..
1882-.
1883-.
1884-.
1885-.
1886..
1887-.
1888-.
1889-.
1890-.
1891-.
1892-.
1893-.
1894-.
1895-.
1900.,
1901..
1902.,
1903.,
1904.,
1905.,
FRASER
$81, 822, 622
63,859,057
68, 607,121
52, 766,194
47,424, 310
60,968, 032
54, 437,850
61, 581,934
67, 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
115,707,616
95, 790,499
97, 786. 004
93, 693,884
82, 263,188
77,916, 235
79, 262, 062
• 86,016.465
110,979,686
131, 689,466
131,976, 814
125,110, 662
133,072, 606
131,367, 260
127,968,472
War Department (including rivers and
harbors and
Panama
Canal) *
Digitized for
$42, 313, 927
41,120, 646
38, 070,889
37, 082, 736
32,154,148
40,425, 661
38,116, 916
40, 466,461
43, 570, 494
48, 911, 383
39, 429, 603
42, 670, 678
34, 324,153
38. 561, 026
38, 522,436
44, 435, 271
44, 582,838
48, 720,065
46,895,456
49, 641. 773
54, 567,930
51, 804, 759
60,830,921
48, 950, 268
91,992,000
229,841,254
134, 774, 768
144,616, 697
112,272,216
118, 629,506
165,199,911
126, 093,894
Navy Department *
Indians
Pensions *
Postal deficiencies fl
Interest on
the public
debt
Total ordinary expenditures
Public debt
retirements"
chargeable
against
ordinary
receipts '
Total expenditures
chargeable
against
ordinary
receipts
Postal exTotal
penditures 1
exclusive of ordinary and
postal expostal dependitures
ficiencies
tel
O
$30,932, 587
21,497, 626
18,963, 310
14,959, 936
17, 365, 301
15,125,127
13, 536, 986
15, 686, 672
15, 032, 046
15. 283,437
17, 292, 601
16,021, 080
13, 907, 888
15,141,127
16,926,438
21, 378, 809
22, 006, 206
26,113,896
29,174,139
30,136, 084
31, 701, 294
28, 797, 796
27,147, 732
34, 561,546
68, 823,985
63, 942,104
56,953,078
60, 606,978
67, 803,128
82. 618,034
102,956,102
117, 560, 308
$6, 692,. 462
8, 384, 657
5,966, 658
5, 277, 007
4, 629, 280
5, 206,109
5,945, 457
6, 514,161
9, 736, 748
7, 362, 591
6, 475, 999
6, 552,495
6, 099,158
6,194, 623
6, 249, 308
6, 892, 208
6, 708,047
8, 527,469
11,150,578
13, 346, 347
10, 293,482
9,939, 754
12,166, 528
13, 016,802
10,994, 668
12,805, 711
10,175,107
10,896, 073
10, 049, 585
12,935,168
10,438, 350
14, 236, 074
$29,038,416
29,456,216
28, 257, 396
27,963, 752
27,137, 019
35,121,482
66, 777,175
50, 059, 280
61, 345,194
66, 012, 674
56,429, 228
66,102, 268
63,404,864
75, 029,102
80, 288, 509
87, 624, 779
106.936.855
124,415, 951
134, 583, 053
159, 357, 558
141,177, 285
141, 395, 229
139,434, 001
141, 053,165
147,462, 369
139, 394,929
140,877, 316
139, 323,622
138, 488, 560
138, 425, 646
142, 559, 266
141, 773,966
$4, 714, 045 $107,119,816
7, 211, 646 103, 093, 645
5, 092, 640 100, 243, 271
6,170, 339
97,124,612
6, 753. 394 102, 500,875
105, 327,940
4, 773,624
95, 757,575
3,071, 000
82, 508, 741
3, 895, 639
71, 077, 207
59,160,131
74, 503
54, 578,379
51, 386, 256
4, 541, 611
50, 580,146
8,193, 662
47,741, 577
6, 501, 247
44, 715,007
3,056, 037
41, 001,484
3,868,920
6,875, 037
36, 099. 284
4, 741, 772
37, 547.135
4, 061,490
23, 378,116
5,946, 795
27, 264, 392
8, 250, 000
27,841,406
30,978, 030
11, 016, 542
35, 385, 029
9,300,000
37, 791.110
11,149, 206
37,585,056
10, 504, 040
39,896,925
8, 211, 570
40,160, 333
7, 230, 779
32. 342, 979
4,954, 762
29,108, 045
2,402,153
2, 768, 919
28, 656, 349
6, 502, 531
24, 646,490
24, 590, 944
15. 065, 257
274,
266,
241,
236,
266,
267,
260.
257,
265,
244,
260,
242,
267,
267,
299,
318,
365,
345,
383,
367,
356,
352,
365,
443,
605,
520,
524,
485,
517,
583,
567,
$302, 633, 873
274. 623, 393
265, 101, 085
241, 334,475
236, 964, 327
266, 947, 884
267, 642,958
260, 712, 888
257, 981,440
265, 408.138
244. 126, 244
260, 226,936
242, 483.139
267, 932,181
267, 924, 801
299, 288,978
318. 040,711
366, 773,904
345, 023, 331
383, 477,953
367, 525, 281
356, 195, 298
352, 179,446
365, 774,159
443, 368, 583
605, 072,179
620, 860,847
624, 616,925
485, 234, 249
617, 006,127
683, 659,900
567, 278,914
$27, 514, 935
26, 399, 988
28,198, 911
27,488, 602
28,429,152
28, 684, 392
33,466,433
35, 711, 718
40, 622, 487
43, 252, 837
47, 233, 016
45, 508, 605
42,823, 266
46.481. 381
53, 411, 606
58, 476, 796
69,407,825
68, 340, 624
72,989,962
75, 666,927
76, 807,994
76,197, 028
81. 643,410
• 82,947,836
87i 563,130
93,439,950
100, 634,158
110,657,952
122,407,064
136, 042,501
145,892,863
152,355,157
$330,148,808
301, 023,381
293, 299,996
268,823,077
265,393,479
295, 632, 276
301,109, 391
296,424,606
298,673,927
308,660,976
291, 359, 260
305,735,540
285, 306,405
314,413, 562
321, 336,407
357, 764, 774
377,448. 536
434,114, 528
418, 013, 293
459,144, 880
444, 333, 275
432, 392, 326
433,822, 856
448. 721,995
530,931, 713
698, 612,129
621, 395, 005
636. 274,877
607, 641, 313
653, 048, 628
729, 652, 769
719, 634.623
n
o
tei
a
tel
Ul
1906-.
1907-.
1908..
1909-.
1910-.
1911-.
1912-.
1913_.
1914-.
1915-.
1916-.
1917-.
1918-.
1919-.
1920-.
1921-.
1922:.
1923-.
1924..
1925-.
1926-.
1927-.
1928-.
1929..
1930..
137, 326, 066
131, 638,657
110, 474, 264
149, 775, 084
145, 641, 626
97, 128,469
175, 840. 453
162, 632, 368
118. 037,097
192, 486,904
167, 001, 087
115, 546, Oil
189, 823, 379
171, 580,830
123, 173,717
197, 199, 491
119, 937.644
173, 838.599
135, 591,956
122,
172. 256, 794 • J84, 793
202, 128, 711 133, 262,862
169, 802,304
208, 349, 746
139, 682,186
170, 530, 236
202, 160,134
141, 835,654
200, 533,231
182, 139, 305
155, 029,426
199, 555, 048
257, 166,437
1,153, 677, 360 459, 539, 678
6, 306,354,995 5, 705,136, 249 1, 368,642, 794
6,805, 124, 746 19, 265,325,159 2, 009,272, 389
3,097, 287, 728 1,100, 865,666
629, 893,116
580, 794,891
1, 809,786,432
647, 870.645
402, 058,450
9 989,915,977
458, 794,813
355, 722, 856
322, 532,909
1,169, 655, 294
348, 606, 247
324, 129,998
1, 047,269,579
326, 365,467
617, 637, 560 367, 967,420
358, 329, 076
311, 611,694
1, 233.838,954
361. 987,157
824, 086
322, 620, 723
1, 234,
337, 608, 086
101, 303,133, 042 400, 345, 219
364, 806, 678
111,493, 035, 007 427, 229,834
374, 052, 691
in, 548,747,647 466, 284,983
For footnotes, see end of table, p. 605.
12,746,859
15,163, 608
14,679,756
15,694, 618
18, 504,132
20,933, 869
20,134, 840
20, 306,159
20, 215, 076
22,130, 361
17, 570, 284
30,698, 094
30, 888,400
34, 593, 257
40, 516,832
41,470, 808
38, 500,413
45,142, 763
46, 754, 026
38, 755,457
48,442,120
36, 791, 649
36, 990,808
34, 086, 586
32,066,628
165, 802,431
24, 308, 576
570, 202, 278
670, 202, 278
12,673,294
141,034, 562
182, 647,654
.
679, 128,842
24, 481,158
679, 128,842
139, 309,514
7, 629,383
196, 500,901
659, 196, 320
21, 426,138
659, 196,320
153,892,467
12,888,041
201, 541,092
693, 743,886
21, 803,836
693, 743,886
161, 710, 367
19,601,062
221, 514, 628
693, 617,065
21, 342. 979
693, 617, 065
160, 696. 416
8,496,612
237, 660, 705
201,612
691, 201,612
21, 311,334
157,980, 576
. 881, 334 246, 961, 344
689, 881, 334
22, 616, 300
153, 590, 456 "'i,'568,'i95'
261, 081, 506
.
724, 611,963
22, 899,108
176, 085,450
724, 511,963
1,027,369
283. 568,103
735, 081,431
22, 863. 957
173,440, 231
735, 081,431
.
760, 586, 802
22, 902,897
164, 387, 942 '"6," 636," 593'
760, 686,802 291, 944,881
.
741, 996, 727
22, 900, 313
741, 996, 727 300, 728,453
6, 500, 000
159, 302, 351
,
24, 742,129 2, 086,042,104
2, 086, 042,104 319, 889,904
160, 318, 406
,
13. 791, 907,895 322, 628, 093
181,137, 754 ""2,'221,'095' 197, 526,608 13, 791,907,895
.
615, 867, 337 18.952, 141,180
18,952, 141,180 362, 160, 763
221, 614, 781
343. 611
6,141,745, 240 418, 607,441
213,344,204
35,813, 254 1, 024,024,440 6,141,745, 240
489, 506,490
676, 804 4,468,713, 469 15 $422,561,850 4,891,275, 319
260, 611,416
131, 502,473
481, 316, 005
485,410 3,195,684,847
252, 676, 848
64, 352,936
422, 362,950 3, 618,037, 797
524, 366, 214
264,147,869
32, 526, 915 1,055, 088,486 3, 244,717, 092 402,957, 691 3, 647,674, 783
574, 773, 905
295,127
740, 772 2,946, 401,027
12, 638,850
457,894,100 3,404.
938,
228, 261, 555
616, 119, 721
23, 216, 784 882, 014,950 2,464, 169, 062 466, 538,114 2, 930,707,176
218, 321,424
. 763, 213 640, 285, 691
469, 206 3,030, 387,162
39, 506, 490 831,
487, 376, 051 3, 617,
207,189, 622
687, 364,998
27, 263,191
519,563, 846 3, 521,400,480
787, 793, 764 3,001, 836, 635
230, 556, 065
.
32, 080, 202 731, 850, 074 103, 071,408,892 540, 246, 020 3,611, 654,912 693, 674.815
229,401,461
229, 781, 079 12 94, 699, 744 678, 980, 351 113, 322,619, 279 549, 603, 704 3. 872,222,983 13 687,709, 010
711, 985,635
553,883, 603 3, 945,960,989
91, 714, 451 658, 602,155 i<3, 392,077,386
220, 608,931
736, 004,709
761, 776,496
854, 697,221
896, 284,977
915, 131, 593
928, 862, 217
936, 842, 678
985, 593,469
1, 018,639, 534
1, 052,631, 683
1,042, 725,180
2,405, 932, 008
14,114,535,988
19.314,301.943
6, 560,352, 681
5, 380,781, 809
4, 099,353, 802
4,172.040, 997
3,979,069. 032
3, 546,826,897
4,168, 048,904
4, 208,765,478
4, 305,329, 727
4, 659,931.993
4,657, 946, 624
Ul
tel
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B
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Xfl
C
&?
K:
TABLE 6.—Receipts and expenditures for the fiscal years 1791 to 1930—Continued
O
[On basis of warrants issued, see p. 467]
P u b l i c d e b t expenditures (including refunding operations) chargeable against p u b l i c
d e b t receipts a n d s u r p l u s r e v e n u e
Public debt
retirements,
exclusive of
retirements
chargeable
against ordin a r y receipts
Year
1791
1792
1793
1794
_
1795
1796
1797
1798
1799
1800
1801
1802
1803
1804
1805
1806
1807.
1808.
1809
1810.
1811
1812
1813_
1814
1816
1816
1817...
1818
1819
1820. '
1821
FRASER
:_.
.
. .
\
Digitized for
$2,938,512
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
2,878,794
6,413, 966
3,407,331
3,906,205
3,220,891
. 5,266,477
2,938,142
6,832,092
3,686, 479
6,163, 477
6,643, 471
1,998, 350
7,606, 668
3,307, 306
0
6,874,354
17,657,804
19,041,826
15,279,756
2, 640,388
3, 602,397
3,279,822
Redemption
of n a t i o n a l
bank and
F e d e r a l reserve b a n k
notes
Total public
d e b t retirem e n t s chargeable against
public debt
receipts
and surplus
revenue
$2,938,512
4,062,038
3,047,263
2,311,286
2,895,260
2,640,792
2,492,379
937,013
1,410,689
1,203,665
2,878,794
6,413,966
3,407,331
3,905, 205
3,220,891
6,266,477
2,938,142
6,832,092
3, 586,479
6,163, 477
5, 643, 471
1,998, 360
7, 506, 668
3,307, 306
6,874, 364
17, 657,804
19,041,826
16,279,765
2, 540,388
3, 502,397
3,279,822
P u b l i c d e b t receipts (including
operations)
Publicdebt
r e c e i p t s , proceeds of b o n d s ,
and other
securities
$5,791,113
6,070,806
1,067,701
4,609,197
3, 305,268
362,800
70,136
308, 574
6,074,647
1,602,435
10,125
5,697
9,533
128,816
48,898
Deposits to
retire
national
bank and
F e d e r a l reserve b a n k
notes
refunding
Total pubhc
d e b t receipts
$5,791,113
5,070,806
1,067,701
4,609,197
3,305,268
362,800
70,135
308, 674
6,074,647
1,602,435
10,125
5,597
.
9,533
128,815
48,898
1,882
1,882
2,759,992
8,309
12,837,900
26,184,435
23, 377,912
35, 264, 321
9, 494,436
734, 543
8,766
2,291
3,040,824
5,000,324
2,759,992
8,309
12,837,900
26,184,435
23,377,912
35,264,321
9,494,436
734, 543
8,766
2,291
3,040,824
6,000,324
S u r p l u s ( + ) or
deficit ( - )
pubhc debt
receipts com-,
pared w i t h
pubhc debt
expenditures
(exclusive of
public debt
expenditures
chargeable
against ordin a r y receipts)
+$2,852,601
+1,008,768
-1,979,662
+2,297,911
+410,008
- 2 , 277,992
-2,422,244
-628,439
+ 3 , 664,068
+398,770
-2,868,669
- 6 , 4 0 8 , 369
-3,407,331
- 3 , 8 9 5 , 672
-3,092,076
- 5 , 217, 579
-2,938,142
-6,830,210
- 3 , 686, 479
-2,403,485
- 5 , 536,162
+10,839,550
+18,678,767
+20,070, 607
+28,389,967
-8,163,368
-18,307,283
-15,270,989
-2,538,097-461,673
+1,720, 502
R e c a p i t u l a t i o n of all receipts a n d expenditures
T o t a l of all
receipts
T o t a l of all
expenditures
Surplus ( + )
or deficit ( - )
of all receipts
as c o m p a r e d
w i t h all
expenditures
s
o
$10,301,765
8,808,209
6,814,349
10,140,671
9, 558,022
8,862,486
8,908,414
8,402,547
12,845,306
12,653,988
13,186,398
15,293,435
11,399,493
12,198,789
14,089,538
16,013,816
16,873,166
17, 623,108
8, 280,106
12, 695,891
15,019,046
23, 203,201
41,192,999
35, 244,907
51,901, 410
57,984,101
34,807,194
22, 704,102
25,810,332
22,026,955
20,632. 274
$7,283,936
+$3,017,829
9,196,100
-387,891
7,601, 615
-1,787,266
9,392,097
+748 474
10,552,962
-994,940
8, 499,349
+363 137
8,776,127
+132, 287
8, 792,601
—390,054
11,265,081
+ 1 , 680, 226
12,203,734
+450,254
+657 871
12, 528, 527
13, 568,000
+1,735,435
11, 581,348
-181,855
12,962,149
- 7 6 3 , 360
14,104,492
-14,954
15,487,327
+626, 489
11,746,178
+5,126,988
17, 227,412
+295, 696
14,366,239
-6,085,133
13,815,956
-1,120,066
14,100,906
+918,140
22,819,286 •
+383,915
39,868,631
+1,324, 468
38,755,357
- 3 , 510,460
40,330,614
'+11,570,796
49,048,617
+8,935, 584
41,802,161
-6,994,967
36,140,708
-13,436,606
25,122,059
+688, 273
22,923,950
-896,995
20. 256.056
+376.218
o
H
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•
"A
o
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31822
:1823
1824....
1825....
1826
-.
"1827......
.1828....
1829..
1830...^
1831
1832
1933
1834
1835
.
1836
.1837..
1838..
1839
.
1840..
1841
1842
.1843
1844
:
,1846
....
1846
1847
1848
1849
1850
.1861.
1852
.1863
1854
1855
1856
1857....
1868
1869 ..
1860
1861
.1862
1863
1864....
1865
1866....
1867.
1868
1869
1870
1871
1872.....
.....
2, 676, 371
607,332
11,571,832
7,728,576
7, 067, 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
2, 676,371
607, 332
11,571,832
7, 728, 576
7,067,602
6, 617, 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
10,718,154
3, 912, 016
5, 315, 712
7,801, 990
338, 013
11,158,451
7, 536,349
375,100
6, 596,068
13, 038, 373
12,804, 829
3, 656, 035
654,951
2,151,754
6, 412, 574
17, 574,145
6, 656, 066
3, 614, 619
3, 276, 606
7, 506, 251
14, 702, 543
14, 431, 350
18,142,900
96, 096,922
181,086,635
384,793, 665
691, 785,660
514, 094, 370
558,186,181
583,181, 259
115, 002,117
117, 572,653
177, 323,434
254,334, 064
21,823
5, 590, 724
10, 718,154
3, 912,016
5, 315, 712
7,801,990
338,013
11,158,451
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
17, 574,145
6, 656, 066
3, 614, 619
3, 276, 606
7, 505, 251
14, 702, 543
14, 431, 350
18,142, 900
96, 096, 922
181, 086, 636
384, 793, 665
591, 785, 660
514, 094, 370
658, 279, o n
683,783, 439
115, 460, 526
117, 775, 308
178, 630, 961
257, 708, 218
$92,830
602,180
458,409
202, 756
1, 307, 527
3,374,154
For footnotes, see end of table, p. 505.
5,000,000
6,000,000
6, 000,000
6,000,000
2,992,989
12,716, 821
3,857, 276
6,589, 548
13, 659,317
14,808,736
12,479,708
1,877,181
2,992,989
12, 716,821
3,857, 276
5, 589, 548
13, 659, 317
14,808,736
12, 479, 708
1,877,181
28,872,399
21, 256, 700
28, 588. 750
4, 045, 950
203, 400
46,300
16,350
3,298
800
200
3,900
23,717,300
28, 287,500
20, 776,800
41.861,710
629; 692,461
774, 683,362
1, 080.805,897
1, 456, 649,159
595,900, 534
455, 090,471
516,832,146
76, 359,939
8, 331,827
61, 249,107
• 142,173,811
28, 872,399
21, 256, 700
28, 588, 750
4, 045,950
203,400
46, 300
16,350
3, 298
800
200
3, 900
23,717,30028, 287, 500
20, 776,800
41,861,710
529, 692,461
774, 583, 362
1,080, 805,897
1,456, 649,159
595, 900, 534
455,171,961
517, 572,516
77,125. 659
9,117,987
64, 266,178
145, 646,915
$81,490
740,370
765,720
786,160
3, 017, 071
3, 473,104
-2,676,371
-607, 332
-6,571,832
- 2 , 728,676
-7,067,602
-6,517,597
- 9 , 064, 637
- 9 , 841,025
- 9 , 442, 216
-14,790,795
-17,067,748
r-l, 239, 747
- 6 , 974, 412
-328
+2, 971,166
+7,126,097
-6,860,878
+1, 677, 532
+8, 343, 605
+7,006,746
+12,141, 695
-9, 281, 270
-7,536, 349
-375,')100
+23, 276, 331
+8, 218, 327
+16, 783,921
+390, 915
-451, 551
-2,105, 454
-6, 396, 224
-17,570,847
-6. 655, 266
-3,614,419
- 3 , 272, 706
+16, 212, 049
+13, 584,957
+6, 345, 450
+23, 718, 810
+433, 595, 539
+593, 496, 727
+696, 012, 232
+864, 863, 499
+81, 806,164
-103,107,050
-66, 210, 923
-38, 334,867
-108,657.321
-114,364,783
-112,061,303
18, 844,163
+2,505,153
21, 349, 316
16, 471,167
,
+5,199,603
21, 670, 670
33, 086, 669
- 7 , 607, 588
25, 578,971
24, 814, 848
+3,332,065
28, 146, 913
+1,237,726
26, 470, 111
26, 707,837
+364,172
24, 126,724
24, 490,896
27, 149,425
26, 423, 626
-725,900
26, 534,958
-291, 532
26, 826.490
26, 694,644
+176, 665
26, 517,989
30, 524,071
-1,460,497
31, 974,568
34, 123,886
-2,498,983
36, 622,869
36, 565,438
+9, 377,726
27, 187, 713
24, 615, 585
-2,897,001
27, 512, 586
38, 422, 750
+18,092, 259
20, 330.491
+20,525,178
64, 235,108
33, 709, 930
32, 048,845
-8,504, 793
40, 553, 638
-628,329
43, 258,116
43, 886,446
-2,429,136
39, 824, 682
42, 253,818
29, 613,185
-3,334, 646
32, 947,831
-1,046,412
34, 927, 203
35, 973,615
+706,667
39, 331,784
38, 625,117
25, 078, 635
+8, 529,006
16, 549, 629
35, 435,843
-2,358,807
37, 794, 650
34, 269, 948
-540, 501
34, 800,449
+1, 734,855
33, 187,166
31, 452, 311
-7,173,832
59, 248,477
66, 422, 309
-1,226,147
61, 547, 690
62, 773,837
64, 502, 069
+2,167,919
62, 334,150
+4, 737, 602
411, 772
53, 149,374
48,
59, 173, 308
+4,530,630
64, 642,678
+2, 664,864
55, 077. 643
52, 412, 779
66, 844,129
+6,418,105
60, 426, 024
-960, 722
80, 059, 225
81, 019,947
-1,295,401
73, 288.912
71, 993,511
977, 721
+583,326
80, 394, 395
80,
-2,639,936
78, 963,101
76, 323,165
-11,803,776
89, 663,235
77, 859.459
-680,025
90, 422, 474
89, 742,449
-1,483,533
85, 359,475
86, 843, OOS
-1,398,976
91, 720, 937
93, 119.913
689, 979,738
+11, 556, 761
678, 422,977
-7,940, 018
. 898,444, 443
906, 384,461
959,396
1,357,870, 922
+95, 911, 526
1, 261,
1,804,919,923
-97,809,870
1,902, 729,793
1,168,320,140
1, 050,224, 624 +118,095, 516
961, 042, 998
+29, 528,600
931, 514, 398
939, 503, 200
-40,405, 281
979, 908, 481
465, 383, 582
+8, 776, 375
456, 608, 207
- 7 , 308, 680
446, 561,681
439, 253, 001
-22,445,629
467, 627,168
490, 072, 697
-16,046,492
541, 669, 209
656, 716, 701
Ul
tel
Q
tel
Kl
M
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Ul
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O
CO
TABLE 6.—Receipts and expenditures for the fiscal years 1791 to 1930—Continued
Cn
O
[On basis of warrants issued, see p . 467]
Public debt expenditures (including refunding operations) chargeable against public
debt receipts and surplus revenue
Year
Public debt
retirements,
exclusive of
retirements
chargeable
against ordinary receipts
Redemption
of national
bank and
Federal reserve bank
notes
Total public
debt retirements chargeable against
public debt
receipts
and surplus
revenue
Public debt receipts (including refunding
operations)
Pubhc debt
receipts, proceeds of bonds,
and other
securities
Deposits to
retire
national
bank and
Federal reserve bank
notes
Total pubhc
debt receipts
Surplus (+) or
deficit ( - ) •
public debt
receipts compared with
public debt
expenditures
(exclusive of
public debt
expenditures
chargeable
against ordinary receipts)
Recapitulation of all receipts and expenditures
Total of all
receipts
Total of all
expenditures
Surplus ( + )
or deficit (—)
of all receipts
as compared
with all
expenditures
tel
o
W
1873.
1874.
1876.
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
$61,822,216
136,070,505
114,537,836
137, 752,615
151,239,525
143,997,994
479,882,226
280,434,937
86,110,581
166,505,256
438,430,767
101,266,336
46,042,635
44, 583,843
127,959,368
74,862,213
121, 288,788
104,663,800
101,003,056
24,348,087
709,903
266,447
2,494,550
7,294,103
11,378,502
29,942,062
14,622,363
22,790,058
36,112,799
56,223,918
16,608,833
$3,241,778
1,374, 500
10,912,666
24,324,687
25,050, 755
12, 009,876
8,056, 701
6,401,916
12,344, 799
16,808,607
23, 652,280
26,857,690
28,462,225
29, 557, 588
37, 368, 289
50,163, 957
46,386,122
33, 633,889
25,329,028
16,232,721
9,037,652
10, 929, 636
13,068,369
11,223,150
11,092,356
16,990,460
16,649,276
17,909,793
18,626,438
20,085,276
26,272,086
$65,063,994
137,445,005
125,450, 502
162,077,302
176,290,280
156,007,870
487,938,927
286,836,853
98,455,380
183,313,863
461, 983,037
128,124,025
74, 504,860
74,141,431
165,327,657
125,026,170
167,674, 910
138,297,689
126,332,084
40,580,808
9, 747, 555
11,185,983
15,562,919
18,517,263
22,470,868
45,932, 622
31,271,639
40,699,851
54,739,237
76,309,193
42,880,919
$3,950,180
142,882,880
96,505,700
104, 553,050
141,134,650
198,850,250
617, 578,010
73,065,640
678,200
225,300
304,372,860
1,404,650
58,150
39,850
40,900
48, 650
24,350
21, 650
13,760
15,250
22, 900
60,014,250
81,165,060
131,168,800
3,250
5,950
199,201,210
117,770
3,700
2,370
2,050
$2,333,321
3,284,510
25,288,721
32,093,381
12,069, 755
8,816,027
9,856,249
14,143,476
26,164,037
20,718,477
22,663,461
30,067, 900
27,690,436
61,209, 962
75,112, 501
44,123,883
32,484,415
11,202,112
9, 728,060
2,977,838
2,937, 580
16,637, 784
12,066,173
5,966,684
15,448,970
22,024,970
21,973,510
17,240,290
12,882,869
32,735,436
24,270,925
$6,283, 501
146,167,390
121,794,421
136,646,431
153,204,405
207,666,277
627,433,259
87,209,016
26,832,237
20, 943, 777
327,026,311
31,472, 550
27,748, 586
51,249,812
75,153,401
44,172, 533
32,508, 766
11,223,762
9, 741,810
2,993,088
2,960,480
66,652,034
93,221,223
137,134,484
16,452,220
22,030,920
221,174,720
17,358,060
12,886,569
32,737,806
24,272,975
—$58, 780,493
+8,722,385
- 3 , 656,081
-25, 430,871
-23, 085,875
+51, 658,407
+139, 4 9 ^ 332
-199, 627,837
-71, 623,143
-162, 370,086
-134, 956,726
-96, 661,475
-46, 756,274
-22, 891,619
-90, 174,266
-80, 853,637
-135, 166,145
-127, 073,927
-116, 590,274
-37, 587,720
- 6 , 787,075
+55, 466,051
+77, 658,304
+118, 617,231
- 7 , 018,638
-23, 901,602
903,081
+189, 341,791
-23, 852,668
-41, 571,388
-43, 607,944
-18.
$363,018,448
477,617,218
436,585, 786
459,386, 494
462,142,409
494,707,673
931,302,427
454,061,106
424,399,928
466,345,437
770,822, 586
423,318,379
394,000,136
431,637,961
495,394, 287
476^133, 785
475,734,435
475,186,844
468,286,043
428,861,348
464,677,042
' 448,087,829
494,933, 770
667, 776,139
446,839,388
616,364,874
832,156, 726
686,953,491
712,203,100
717,064,086
720,378,140
$379,044,398 -$16,025,950
467, 593,813
+10,023,406
426,473,883
+10, 111, 903
456,377 298
+4,009,196
445,113,357
+17,029,052
421,401,349
+73,306,324
783, 671,203 +147,731,224
587.946.244 -133,895,138
394,879,986
+29, 519,942
481,917,790
-15,572,353
770,644,012
+178,574
419,483,285
+3,836,094
380,240,400
+13,759, 736
359,447,836
+72,190,126
479,741,219
+15,653,068
446,362,577
+29,771,208
625,439,684
-49, 705,249
515,746,225
-40,569,381
560,446,612
-92,160, 569
458,594,101
-29,732,753
468,892,435
-4,216,393
465, 519,258
-7,431,429
+46,^,78,525
447.955.245
452,340,109 +105.436,030
-25,353,465
471,192,853
-60,409,361
576,864,235
729,783,768 +102,372,967
662,094,866
+24,858,635
690,014,114
+22,188,986
683,950,506
+33,113,679
695,929,647
+24,448,593
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Ul
1904
1905,
1906,
1907,
1908,
1909,
1910.
1911.
1912.
1913.
1914.
1916.
1916.
1917.
1918.
1919.
1920.
1921.
1922.
1923.
1924.
192§.
1926.
1927.
1928.
1929.
1930.
18, 622. 731
30,936,971
49, 559, 702
605, 231
25,857, 368
26, 462, 599
244, 712
24, 724,136
24, 968,847
30, 373,043
25,454, 255
65,827, 298
34, 356, 750
39, 535,157
73.891,907
15, 434, 687
89, 562, 083
104. 996, 770
760, 925
32, 288, 771
33, 049, 696
246,496
34, 976,840
35, 223, 336
120, 616
28, 627, 712
28, 648, 328
102, 576
24, 089, 036
24,191, 611
109,127
26,862,200
26, 961, 327
47, 533
17, 206, 968
17, 253, 491
35, 903
24, 633, Oil
24, 668, 914
636, 980, 667
40, 664,116
677, 644, 783
7, 685, 267, 850 21, 611,225 7, 706, 879,076
15,813, 848,117
23, 717, 893 15, 837, 566, 010
17,013,020,107
23,424,165 17, 036,444,272
8, 721, 751, 533 37,460,631
8, 759, 212,164
6, 500, 584, 643 107,251,870
6, 607,836, 513
7,486, 747, 506
74,414, 564 7, 561,162, 070
2, 814, 718, 038 33.084,377
2,847,802,415
3, 361, 798, 909 68, 974, 392 3,420, 773, 301
3, 339, 670, 284 54, 400,183 3, 394, 070,467
5, 770,467, 337
28, 060, 775 6, 798, 528,112
7,193,291,479
27, 686,920 7, 220, 978,399
6, 293,484, 587
24, 356, 257 5, 317,830, 844
3, 877, 699, 602 37, 276,414 3, 914, 976,016
2,600
2,750
2,060
30, 005,100
40, 068,480
30, 000, 000
17, 641, 634
32, 817, 646
1,929, 840
3, 118,940
933, 540
1,803, 500
2, 390,724, 765
16, 964,609, 560
29, 053,331, 758
15, 835,273, 962
8, 824,738, 839
5, 910,931, 276
7, 259,180,899
2,178, 675, 627
3, 047,015, 791
2, 986,133,947
5.157, 265, 005
6,830, 219,119
5,169, 698,177
3, 695,459, 968
-23,146, 897
26,410, 205
26, 412,806
-3,901, 921
22,557,928
22, 560,678
35,132,672
+10,165,875
35, 134, 722
30,477,420
+ 4 , 655, 222
60, 482, 520
64, 333,137
104, 401,617
+30, 509. 710
46, 624,240
-29, 372, 530
75, 624, 240
31, 674, 293
-1,375,403
31, 674. 293
40, 232, 565
+22,650, 853
67, 874,189
+24,247, 683
62. 896,011
20, 078, 365
-790, 761
23, 400,850
21,471, 010
- 3 , 940,104
23, 021, 223
19, 902, 283
+ 5 , 233,464
21, 663, 415
22, 486,955
+33. 783, 489
56, 648, 903
68, 462,403
37, 293, 046 2,428, 017,800 + 1 , 750,473,017
10, 279, 650 16, 974,889,210 + 9 , 268,010,135
22, 644, 758 29, 075,976, 516 +13,238,410,508
1,184,098,322
17, 071, 988 15, 852,346, 950
40,186, 945 8. 864,925, 784 +105, 713, 620
017, 903
-589, 818, 610
107, 086, 627 6, 018,
-211,433,600
90, 547, 571 7,349, 728,470
28, 453, 567 2, 207,129,184
-640, 673, 231
-268, 310,138
105, 447, 372 3,152, 463,163
22, 223, 475 3,008, 357, 422
-386, 713, 045
27, 828,138 5,185, 083,143
-613, 444. 969
25,121, 697 6, 855,340, 716
-365, 637, 683
24, 643, 555 5,194,341, 732
-123,489,112
27, 510, 203 3, 722,970,171
-192,006,845
711, 082, 614
719, 661, 948
798, 051, 951
909, 927, 912
897, 742,187
883, 507,121
931, 314, 666
997, 686, 924
992, 249, 231
1,014, 131, 606
828, 956
1, 041,
1,004, 145, 947
1,163, 044, 640
3, 876,868, 711
21,495, 659, 627
34,076, 690, 641
22, 988,697, 599
14, 912,934,104
10. 606,386,481
11, 729,602, 078
6, 664,119,104
7, 359,698, 805
7, 576,634, 798
9. 996,628, 020
11, 587,210,149
9, 927,508,228
8,602, 505, 816
-68,029,951
779, 112,465
-26.435, 280^
746, 097, 228
760, 973, 556 +37, 078, 395
+92, 324,118
817, 603, 794
-30, 846, 941
928, 589,128
1,000, 281, 747 -116,774,626
-16.866,623
948, 181,289
964, 085, 653 +33, 601, 371
965, 491,006 +26, 758, 225
+4, 346,526
1, 009, 785, 080
- 3 , 771,905
1,045, 600,861
-66, 639, 227
1, 069, 785,174
+85, 650, 646
1, 067, 394, 094
3, 083, 476, 791 +793, 391,920
21,821, 415, 063 -325, 755, 436
36,151, 867,953 -1,075,177,412
23, 696, 796,953 -608, 099, 354
14,139, 993, 973 +772,940,131
10, 707, 190, 315 -100,803.834
- 3 , 600, 989
11, 733, 203, 067
6,826, 871,447 -162,762,343
6. 967, 600,198 +392.098, 607
119, 371 +24, 615, 427
7, 652,
10,007, 293, 590
-10,665, 670
11, 626, 308,126
+60,902, 023
+49, 745, 391
9,877, 762, 837
922,640
8,572,
+29,583,175
1 Postal revenues and expenditures, except surplus postal receipts covered into the Treasury and postal deficiencies paid out of the general fund of the Treasury, are based upon
reports of the Post OflSce Department. Postal expenditures include adjusted losses, etc.—postal funds—and expenditures from postal balances; but are exclusive of departmental
expenditures in Washington, D. C , to the close of fiscal year 1922, and amounts transferred to the civil service retirement and disability fund, fiscal years 1921 to 1926, inclusive.
For the years 1927,1928, 1929, and 1930, the 3)^ per cent salary deductions are included in "Postal expenditures," the said deductions having been paid to and deposited by the disbursing clerk of the Pension Bureau for credit of the retirement fund.
2 Surplus or deficit excludes postal receipts and expenditures therefrom but includes public debt expenditures chargeable against ordinary receipts, beginning with 1921.
3 Includes civil expenditures under War and Navy Departments in Washington, to and including fiscal year 1920, and unavailable funds charged off under act of June 3, 1922.
(42 Stat. 1592.)
• Exclusive of civil expenditures under War Department and Navy Department in Washington to and including fiscal year 1920.
fi Includes only Army and Navy pensions for service prior to World War, and fees of examining surgeons in Pensions Bureau, and is exclusive of payments made by the War
Risk Insurance Bureau and Veterans' Bureau to veterans of the World War, and salaries under Bureau of Pensions, which are included in civil and miscellaneous expenditures.
6 Exclusive of amounts transferred to the civil service retirement and disability fund (Interior Department) under act of May 22, 1920(41 Stat. 614), on account of salary deductions of 21^^ per cent, as follows: 1921, $6,519, 683.59; 1922, $7,899,006.28; 1923, $8,284,081; 1924, $8,679,668.60; 1925, $10,266,977.47; and 1926, $10,472,289.59. See Note 1.
7 At par.
8 Exclusive of estimated increased postage under act of Oct. 3, 1917 (40 Stat. 327), which is included in "Surplus postal receipts," as follows: 1918, $39,073,000; 1919, $71,906,000;
1920, $4,913,000.
« Exclusive of additional compensation, Postal Service, under joint resolution of Nov. 8,1919 (41 Stat. 350), which is included in "Postal deficiencies," as follows: 1920, $35,698,400;
1921, $1,374,014.56; 1922, $22,397.37.
10 Exclusive of $14,268,183.62 as referred to in note 20, p. 382 of 1929 report.
11 Exclusive of $64,352,768.79 referred to in note 4, p . 378 of 1929 report. Includes $42,997,089.60 shown on p . 388 of 1929 .'eport.
12 Includes $8,999,996 on account of back railway mail pay under joint resolution of June 6,1929. Exclusive, however, of $42,997,089.50 shown on p. 388 of 1929 report.
13 Exclusive of amounts referred to.in note 12, above.
i< Exclusive of $8,921,775.67 referred to in note 10, p. 478.
IS Ordinary receipts and public debt retirements chargeable against ordinary receipts for 1921 exclude $4,842,066.45 written off the debt December 31,1920. See Table 40, note 1.
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T A B L E 7.—Summary of ordinary receipts, expenditures chargeable against ordinary receipts, and excess of receipts or expenditures, by months,
from J u l y 1, 1927, to October 31, 1930
[On basis of daily Treasury statements (unrevised), see p. 467]
o r d i n a r y receipts
Month
Customs
I n c o m e taxes
.
.
E x p e n d i t u r e s chargeable against o r d i n a r y receipts
Miscellaneous Miscellaneous
internal rev- receipts, including P a n a m a
enue
Canal
Total
Ordinary
Public debt
Total
Excess of
receipts ( + ) ,
excess of expenditures (—)
i
Fiscal year 1928
$50,481, 464. 34
52, 982, 313. 81
54,409, 816. 69
56,616,692.32
47, 660, 301. 72
43,113, 297. 77
41, 976, 079. 78
...
42,129, 761. 77
. . 48, 276, 776. 31
45, 740, 261.43
41, 438, 275.44
44,162,157.12
July..
August
.
September.
October
November
D ecember
January . . .
February..
March
April
May
June . . . . .
Total
568, 986,188. 50
$33,170, 832. 74 $60, 238, 638. 66 $30, 078, 923. 66
39, 696, 283. 62
51, 026,146.19
58,478, 463. 77
52, 389, 079. 20
446, 004, 859. 97
37, 387, 790. 96
34, 577, 033. 72 ' 49,160,027.34
80, 851, 001. 09
30, 514, 669. 64
22, 065, 384. 56
49, 442, 376. 67
48, 937,879. 39 120, 696, 895. 24
439, 959, 999. 43
50, 951,893. 58
41, 577,105. 44
34, 336, 305. 20
42, 484,891.13 100, 498, 316. 81
43, 005, 290. 60
50, 016, 743. 87
515, 669,121. 66
27, 663, 545.14
47,417, 425. 84
46,276,082.76
30, 531, 217. 60
56, 419,146. 99
45, 399, 644. 57
21, 674, 762. 44
62, 534, 416. 79 114,128,138. 95
458,102, 632. 58
2,173,952,556.73
621, 018, 665. 64
678, 390, 745. 32
$173, 969, 859. 29
202,182, 207. 39
590,191, 546. 82 '
221,204, 764. 47
149, 682, 732. 59
652, 708, 071.83
168,840, 384. 00
228,118, 250. 31
641, 626,186. 98
169,964, 987. 63
164, 931, 829. 44
678,927,345.44
4,042,348,156.19
$194, 778, 559. 68
213,149, 501. 93
267,441, 698. 58
341, 231, 847. 78
203,317,991.02
256,179, 702.11
345, 514, 897. 88
172,815, 499. 48
248, 245. 010. 88
326, 706,159. 91
217, 070, 546. 78
316,813, 438. 80
$8,800, 000.00
46, 031, 650. 00
20, 000,100. 00
71, 988, 300. 00
203, 612, 250. 00
97, 998,200.00
3, 626, 867. 05
467, 403. 25
13,100. 00
. 2,700.00
20', 900. 00
87, 793, 550. 00
$203, 578, 559 68
259,181,151. 93
287, 441, 798. 68
413, 220,147. 78
406, 830, 241. 02
354,177, 902.11
349,141, 764. 93
173, 282, 902. 73
248, 258,110. 88
326, 708, 859. 91
217, 091,446. 78
404, 606. 988. 80
- $ 2 9 , 608. 700. 39
-66,998,944.54
+ 302,749,748.24
-192,015,393.31
-257,147, 508. 43
+298, 530,169. 72
-180,301,380.93
+54, 835, 347. 68
+393, 368, 076.10
-156,743,872.28
- 5 2 , 1 5 9 . 617. 34
+274, 320, 356. 64
:?. 103. 264. S.=i4. 83
540, 255, 020. 30
3,643, 619,876.13
+398,828, 281. 06
.
Total
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Fiscal year 19^9
July.
August
September
October
November
Deceraber
January
February .
March
April .
Mav._
June
O
..
44, 590, 783. 30
52, 797, 381. 04
50, 410,124.13
59, 741, 346. 03
48,436,078. 24
46, 802,924. 31
45, 549,050. 31
48, 651, 497.17
65,199,848. 26
50,404, 343. 90
48,-278,866.-74
52,400, 542. 74
602,262, 786.17
32, 603, 288. 56
34, 692, 556. 02
442, 984, 650. 97
38, 608, 797. 60
32, 204, 706. 23
431, 701, 592. 23
35,139, 212. 71
37, 265, 991. 26
601, 363, 804. 66
46, 052, 698. 71
42, 838, 015.15
556, 256, 508. 67
2,330,711,822.66
27, 663,195. 34
50, 001,279. 26
53, 472, 349. 31
32, 532, 339.87
46,377,897.94
17,625,234.72
55, 775, 894. 84
33, 501, 250. 43
49,891,897.11
14, 622,822.19
47, 917, 242. 78 123,683,443.16
51,630,089.47
31, 570; 792.97
44,822, 006. 64
28, 054,888. 22
50,704,097.09
29, 548,197. 73
47,944, 565. 56
29,106, 537. 69
54, 061,103. 88
21,553,815.34
54, 719,125.12 1 103,606,549.68
607, 307, 648. 98
492,968,067.24
154, 858, 546. 45
173, 494, 626. 24
557, 397, 907. 76
187, 627, 288. 80
145,155,503.77
649,105, 202. 48
163,889,145.46
158, 794, 383. 28
736, 815, 947.-74
173, 508,145. 85 ,
166. 721, 801.11
765, 881, 726.11
53, 058,050. 00
225, 561, 512. 39
221,867, «81. 47
86, 726, 350. 00
257, 048, 046. 52 225, 651,900. 00
364, 046, 682. 85
4, 606,100. 00
213, 628, 977. 84
286,924,921.19
97,094,350. 00
371, 570, 660. 26'
24, 703. 75
182, 560, 419. 00
2,933,400. 00
273, 874, 501.88
335, 552, 084.97
91,400. 00
224, 863, 962.84
404, 550. 00
341, 359, 834. 67
79,112,900.00
278, 619, 662. 39
308, 594; 231. 47
482, 599, 946. 52
368, 652, 782. 85
213, 628, 977.84
384, 019, 271.19
371, 595, 364. 01
185, 493,819. 00
273,874, 501. 88
335, 643,484. 97
225, 268, 512. 84
420,472, 734. 67
-123,761,015.94
-135,099,605.23
+74, 797,961. 24
-181,025,494.05
-68,473,474.07
+266, 085,931. 29
- 2 0 7 , 706,218. 65
- 2 6 , 699,435. 72
+462, 941,445. 86
-162,135,339.12
-58,646,711.73
+345, 408,991.44
549,603,703.75
3,848,463,189. 63
+184, 787,035. 42
4,033,260,225.05 1 3,298,859, 486. 88
Ul
Fiscal year 1930
July
August
September
October
November
December
January
February
March
April...
May
June...'
..
..
..
Total
52,144, 367. 48
56,427, 315. 23
62, 611, 720. 60
57, 606, 936. 77
44,126, 963. 42
39, 297, 853. 55
41, 277, 637. 03
35, 935,439.88
42,610,037.97
41, 071, 049.38
51, 722, 273. 92
72,170, 328.02
34,883, 553. 42
32, 210,379. 95
642, 279, 987. 37
31,162,187. 49
28, 281, 051. 95
516, 600, 700.16
29,133, 672. 33
38,182, 608. 68
559, 503, 703. 26
38,107,445. 90
34, 297, 750.89
526, 443, 936.13
54, 694,899. 85
54, 916, 662. 07
61, 647, 355. 35
56,180, 997. 66
50,489, 439. 61
50, 664, 274.17
53, 575, 605. 60
44,400,910. 61
50, 060, 095. 79
47, 752, 508. 21
56,474, 827. 63
57, 560,459. 50
27, 850, 634. 65
30,947,339.77
24,196, 709. 64
31, 047, 513. 96
20, 992, 934. 67
136, 478, 767. 98
27, 208, 385. 04
20, 021, 423. 55
22, 711, 935. 40
32,122, 000. 48
30, 747, 910.18
147, 320, 240.05
587, 000, 903. 25
2, 410, 986, 977. 63
628, 308, 035. 86
551, 645, 785. 36
169, 473,446. 40
174, 501, 697. 02
670, 735, 772. 96
175, 997, 635. 87
143,889, 379. 55
742, 941, 586. 86
151,195, 299. 90
138, 540, 382. 72
674, 875, 772. 42
159, 053, 003. 97
173, 242, 762. 62
803, 494, 963. 70
4,177,941,701.99
41, 452, 700. 00
349,824, 915. 36
210, 725, 446. 06
399, 068, 037. 77
364, 678,162. 00
218,407,354.28
443,190, 947.14
347, 351, 263. 53
236, 742, 233.24
362,220, 796. 79
414,146, 702.84
230, 997, 306.86
416, 799, 332.22
— 180,351,469.95
—36 223 748 04
+271, 667, 735.19'
-188,680,626.13:
—74, 517, 974. 73+299, 750, 638. 72
-196,165,953.63.
- 9 8 , 201, 850. 62
+312, 654,975. 63:
—255 093 698 87'
—57, 754, 644. 24
+386, 695, 631. 48
553, 883, 603. 25
3, 994,152, 487. 09
+183, 789, 214. 90
245, 950, 462.11
210, 720, 445. 06
266, 009,937. 77
356, 993, 812. 00
218, 204, 304. 28
303, 210, 497.14
347, 351, 253. 63
219, 705, 233. 24
290, 486, 296. 79
375, 292, 702. 84
230, 997, 306. 86
375, 346, 632. 22
103,874,453. 25
5, 000. 00
133, 058,100. 00
7, 684, 350. 00
203, 050. 00
139, 980, 450. 00
3,440, 268,883. 84
17, 037, 000. 00
71, 734, 500. 00
38, 854, 000. 00
July
August
September.
0 ctober __
T o t a l J u l y 1,
1930, to Oct.
31, 1930
UI-
tel:
o
Fiscal year 1931
^'
26,199, 749.33
32, 082, 588. 67
36, 654, 823.81
39, 319, 267. 33
29, 634.404. 90
26, 231, 319.11
498, 520, 395. 55
27, 876, 744.84
57, 576, 672. 34
51, 639,401. 45
47, 379,166.19
49, 930,119. 48
25, 330, 082. 03
17,434, 589. 24
20,257, 021. 26
30, 687, 086.18
138, 740, 908. 60
127, 387, 898. 37
602, 811, 406. 81
147,813, 207. 83
259, 278, 881. 28
224,116,889.85
268,191,187. 30
375, 244, 329. 62
134, 256, 419. 04
582, 262, 864. 40
206, 525, 359. 46
93, 708, 778. 71
1, 016, 753, 421. 61
1,126,831, 288. 05
25,031,000.00
40, 030, 000. 00
65, 061. 000. 00
284, 309, 881. 28
224,116, 889. 86
308, 221,187. 30
375, 244, 329. 62
— 146,568,972.68
- 9 6 , 728, 991.48
+294, 590, 219. 51
—227,431 121 79
1,191, 892, 288. 05
-175,138,866.44
tel:
Kl
1^
tel-
S
Ul
O
TABLE 8.—Expenditures, by months, classified according to departments and establishments, for the fiscal year 1930
Cn
O
OD
[On basis of daily T r e a s u r y s t a t e m e n t s (unrevised) ,^see p . 467.]
1930
Class of e x p e n d i t u r e
July
August
September
October
November
$1,816, 770.82
50, 193.13
1,319, 284.79
14, 636, 005. 46
40, 912. 770. 94
2, 671, 367.61
$1,515,980.36
43,424. 84
2,391, 941. 80
15,860,121. 09
44, 768,156. 07
2,115,180. 35
$2, 571,880.18
60, 618.49
897, 098. 63
15, 247, 786.23
41, 579, 443. 55
2, 317,875. 92
$1, 773, 330. 23
49,321. 80
1,478, 752.18
16, 736,413. 77
41,164, 035..32
2,805, 448.^01
$1,614,129. 67
44, 799. 97
649,115.10
15, 687, 703. 78
36,807,287. 63
2, 786,104. 30
$2, 037, 060. 77
42,151.14
915, 575. 08
16,260, 552. 60
40, 098,289.98
2, 692, 334.84
$1,203,913.14
55, 596. 96
1, 020, 308. 28
18, 270,168. 09
33,147,112.82
2, 773,832. 39
30, 216, 679. 30
24,972, 139. 55
17, 048, 655. 23
3,802, 784. 08
572, 115. 23
37,171, 180. 63
2,841, o03. 72
3,431, 043.13
31, 552,122. 48
26, .554, 571. 35
15, 340, 889. 59
3,805,120. 99
751, 703. 08
36,406, 073. 21
3, 002,115. 55
3,221,107.26
28, 727, 997. 08
24, 965, 485.83
13, 329, 650. 61
3, 339,100. 91
850, 556. 71
34,101,382.02
3, 382, 609.46
3, 725, 933.44
34, 631,865. 64
24, 073, 061.19
14, 696,201. 04
3,819, 036. 41
936, 693.11
37, 602, 037. 76
3; 881, 391. 08
4,365, 376. 76
28, 913, 732. 40
23, 935,262.49
14, 765,108. 04
3,803,874. 66
. 871,250.40
38.'355,489.17
3, 957, 351. 08
4,462,432. 34
34, 398, 216. 31
24, 000, 542. 67
17, 598,062. 56
3,862, 761. 67
1,179, 354.43
37, 609, 762.49
4,847,873. 91
4,124, 548. 95
34,110,486. 56
22, 790, 654.68
14,102, 619. 45
3,498, 381.82
710, 342. 44
36,878, 010. 63
5,909,115.92
263, 9, 232.99
December
January
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 Department
Treasury D e p a r t m e n t . . .
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 n i t e d States 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 offices a n d commissions..
D i s t r i c t of C o l u m b i a . .
TotaL
D e d u c t unclassified i t e m s .
T o t a l general expenditures
.'..
I n t e r e s t on p u b h c d e b t
R e f u n d s of receipts:
Customs
Internal revenue
P o s t a l deficiency
Panama Canal..
O p e r a t i o n s in special accounts:
Railroads
W a r F i n a n c e Corporation
Shipping Board
Agricultural m a r k e t i n g fund (net)
Alien p r o p e r t y funds
.
Adjusted service certificate f u n d . . .
Civil service r e t i r e m e n t 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 insurance
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 r a i k o a d contingent
T o t a l o r d i n a r y expenditures
O
n
o
K
181,462,293. 62 187, 328,418. 02 175, 097,419. 06 |187, 012, 964. 29 176,663, 640. 93
200,088.83
' 806,831.88
407,393.32 |
1594,789.26
180, 733. 32
189, 667, 087. 40 177, 739, 776. 07
138,367.19
175,897. 38
tei
262, 204. 79 188,135, 249. 90 174, 690, 025. 74 187, 607, 753. 54 176,472, 907. 61
3, 342, 584. 47 61,103,106.30 136, 567, 319. 53 14, 576,408.41
038, 677. 00
189, 491,190. 02 177, 778,143. 26
94, 864, 777. 01 34, 608, 503. 72
1^
751, 355. 62
103, 353. 99
1,811, ,^65. 22
10,337,041, 75
1, 030, 997. 71
909,842. 70
1, 591, 958. 21
6, 260, 876. 68
15, 000, 000. 00
1, 492, 458. 72
171,100. 62
2 21, 712. 97
3,117,227.96
2 830,568.82
2 8,663. 50
2, 920,465. 53
16,000. 00
29,141. 62
90,499. 71
2 233, 615. 22
4, 366. 52
2 3, 343.83
2, 663,826.94
171,600. 00
434, 393.18
192, 764.14
7, 834. 49
2 95, 084.19
2 183. 49
2,153, 612. 90
3, 328,857. 40
25, 775. 70
2 97,141. 92
133, 600. 48
2 37, 734. 05
215,914. 20
1,839,198. 43
5, 244,274. 77
414,804. 48
139,598. 65
21, 010. 64
2, 229, 637. 29
3, 574. 66
212,102. 33
700. 53
2,829, 927. 43
979,149.19
5, 933, 868. 63
5, 627, 539. 21
2 513, 719. 97
201, 317. 58
2 647,405.18 111,871,926.18.
2131, 876. 79'
2 99,166. 63
3,986,856. 41
224,106. 45
2 9,060.16
2,434, 626.24
2 34,206.86
2 248. 70
6, 301, 975. 47
45,044. 32
218,217. 65
21,446.13
1, 232, 060. 60
2 3,662.43
9,604. 67
132, 398.43
1, 054, 732. 74
83, 219. 60
2 8,248. 70
546, 603. 06
398,578.16
667, 625. 58
439,214.44
2162. 66
372, 752. 77
72,646.04
1,831,710.97
9, 376, 067. 76
10,000, 000. 00
834,122. 31
1, 547, 042, 55
5, 391,442.85
10, 000, 000. 00
1,262,874.16
245,960,462.11 210,720,445.06 266,009,937.77 3o6,993,812. 00 218, 204,304.28
1, 905,808. 75
8, 456, 902,44
1, 512, 635. 45
11,898,986.88
1, 296, 406. 02
783, 355.15
>, 989,486. 7569,129. 28.
210, 000. OO. 72,628.18-
303, 210,497.14 347.351,263. 53
>
o
tel.
Ult
PUBLIC D E B T R E T I R E M E N T S CHARGEABLE AGAINST ORDINARY RECEIPTS
Sinking fund
103,864,960.00
Purchases and retirements from foreign repayments
Received from foreign governments under debt settlements
Received for estate taxes...
9,000.00
Purchases and retirements from franchise tax receipts (Federal reserve
and Federal intermediate credit banks)
•
Forfeitures, gifts, etc
Total public debt retirements chargeable against ordinary receipts
103,874,463. 25
Total expenditures chargeable against ordinary receipts
133,000,000.00
7,650,000.00
26,350.00
40,100. 00
5,000. 00
5, 000. 00 133, 058,100. 00
7, 684, 350. 00
30,000,000. 00
189,600.00
109,790,860.00
4,000.^0
18,000. 00
203,050.00
6,000. 00
203, 060. 00
349,824,916. 36 210, 725,445.06 399,068,037. 77 364,678,162.00 218,407,354. 28
139,980,450.00
443,190,947.14 347, 361,253. 53
Ul
PUBLICDEBT
tel
Public debt retirements- chargeable against ordinary receipts (see
103,874,453.25
6; 000. 00 133,068,100.00
above)
23,183,374. 90 29,487,955.12 701, 925,384. 00
Other public debt expenditures (including refunding operations)
Total public debt..
Total pubhc debt..
203,050. 00
139,980,450. 00
1,203, 272.50 1,220, 745,154.36
21,428,936. 23
29,492, 955.12 834,983,484. 00
26, 031, 465.86
8,406, 322. 60 1,360, 726, 604. 36
21,428,936. 23
6, 096,350. 00 21, 930,050. 00 694, 654,600. 00
9,000.00
7,000.00
1, 500,000. 00
1,200,000. 00 1, 500,000. 00
25,300. 00 123, 012, 500.00
103,889,150.00
12,030, 600. 00
18, 000. 00
1,800, 000. 00
7,614,800.00
1,490,000. 00 1,211,315,600.00
10, 000. 00
8,000. 00
1, 500,000. 00
1,800, OGO. 00
13,100.00
134,778,450.00
7, 374,700. 00
10, 000. 00
6,900,000. 00'
15,600. 00
127, 057,828.15
Recapitulation, public debt:
Treasury bills
Certificates of indebtedness
Treasury notes (foreign service retirement fund series).
Treasury notes (adjusted service series)
Treasury notes
.
Treasury bonds
War savings securities.
,.
Treasury savings secmities
1
First Liberty bonds
Second Liberty bonds..
Third Liberty bonds
Fourth Liberty bonds..
Victory notes
Other debt items
National bank notes and Federal reserve bank notes...
2,993. 00
10, 976, 695.66
100.00
645, 900. 00
1, 738,650. 00
9,400.00
30,700.00
220. 00
2, 560, 669.60
127, 057,828.15
lAdd.
o
7. 684,360. 00
18,347,115.85
3,026. 00
479,108.00
2, 500.00
383,200.00
1, 328,200. 00
10,046,750. 00
31, 750.00
20,060.00
3, 621,890. 00
3, 756. 00
438,329. 00
160, 000. 00
356, 750.00
1,443,900. 00
34,350. 00
17, 250. 00
34, 630.85
2,189, 300. 00
29,492, 955.12 834,983,484.00
26,031,466.86
3, 378. 25
904,101. 00
5, 000.00
350, 500. 00
1,184, 600. 00
18, 000. 00
10, 740.87
3, 552, 385.00
4,072. 50
444,423. 00
- 2,713. 60
312, 644. 00
203,050. 00
375, 660.00
994,150. 00
3, 236. 00
1, 280, 773. 00
5,222,900. 00
397, 200. 00
836, 050.00
456,950. 00
826,200.00
29, 600. 00
44,170. 00
;, 431, 645. 00
25, 750. 00
33,380. 36
6, 024, 265.00
12,960. 00
.7-6
6, 386,040. 00
8,406,322. 50 1, 360, 725,604.3
%
O
tel
W
tel
H
>
Ul
ci
Ki
21, 428,936. 23
2 Excess of credits (deduct).
Cn
O
CD
TABLE 8.—Expenditures, by months, classified according to departments and establishments, for the fiscal year 1930—Continued
O
[On basis of d a i l y 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 ) , see p . 467]
1930—Continued
Class of e x p e n d i t u r e
February
ORDINARY
April
May
June.
T o t a l fiscal
y e a r 1930
Total fiscal
year 1929
.
'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 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 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
...
United States Veterans' B u r e a u . . .
O t h e r i n d e p e n d e n t oflfices a n d c o m m i s s i o n s .
D i s t r i c t of C o l u m b i a
Total
D e d u c t unclassified i t e m s . .
T o t a l general e x p e n d i t u r e s
.
:.
I n t e r e s t on p u b l i c d e b t
.
H 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...
W a r Finance Corporation
Shipping Board
...:...
Agricultural m a r k e t i n g fund (net)
Alien p r o p e r t y funds
Adjusted service certificate fund
C i v i l service r e t i r e m e n t f u n d ,
I n v e s t m e n t of t r u s t funds:
G o v e r m n e n t life i n s u r a n c e
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 c o n t i n g e n t .
Total ordinary expenditures
March
288,381. 50
73,300. 83
668,069.92
178,242. 61
254,377.88
693, 257. 45
774,039.03
031,185.19
504,352. 27
718,343.18
831,327. 22
706,043. 90
140,212. 20
658,165. 02
171, 619, 298. 20
1 171, 587. 41
171,690, 885. 61
3,338,615.43
$1, 504,261. 76 $1, 514,613.98
87, 890. 24
74,106. 30
1,106, 062. 07 1, 245,172.28
16, 633, 657. 28 16, 097,258. 39
30,876,158. 65 35, 748,052.17
886.24
2, 621,816. 40 3,116,
33,021.99
30,868,834.57 29, 710,?5Zx>. t H :
23,636, 529.92 22,857, 314.00
12,881,122.45 14,837, 037.90
4, 517,985.81
4, 697,451.92
491, 634.47
1, 337, 936. 91
40,302,122.71 38,052, 263. 67
3,017, 243. 62 6,826, 195.85
3, 610,524.59
3,893,534.11
$1,490, 006. 30
66, 271.24
1,093, 711. 98
15,635, 145. 88
34, 732, 053. 90
3,022, 327. 17
23, 376. 92
Oi, 6110, 0 0 1 . 24
22,012, 525. 36
14,886, 020. 74
6,856, 41L 57
. 935, 458.92
37, 371, 982. 67
5,794, 470.19
3,400, 231.17
173, 270, 372. 56 177,926,140. 63 177, 625,855. 25
44,405.36
1 211,877. 30
^ 215, 704. 30
173,064, 668. 26 177,881, 735. 27 177, 837, 732. 55
46,178, 872. 96 132, 519, 256.01 15, 739,873. 06
820.64
$17, 546, 655. 67
$1, 656, 582. 03
487, 250. 03
690, 263. 00
42, 588. 06
13, 284, 510. 33
1,385, 315. 76
14,170, 408. 87
200, 447, 224.41
193,114, 012. 63
15,870, 957. 45
416,901, 646.42
463, 524,973.41
40,437, 234.50
28,891, 620. 32
32,483, 080. 31
2, .866 649.63
3 43,090, 870. 27
68, 198. 91
. 1 800. 00
26, 954, 981. 90
374,166, 638. 55 364, 561, 543.99
28,199, 633. 63
290, 027,905. 76 301,122, 596: 27
171,147, 262. 58
12, 590, 861. 22
177, 580,581.10
9, 577, 863.10
39, 987, 346.45
54, 299, 106.12
1,186, 032.71
11,311, 190. 36
10, 654,405. 63
38, 399, 281.67
417, 280, 404.40
446, 956, 630. 33
3,895, 863. 89
40, 308, 719. 63
49,495, 746.47
3, 917, 483. 92
40,116, 586. 38
45,079, 613. 67
186,983,119. 37 2,162, 286,385. 40 2,106,485,327. 51
1 17,803.40
176, 680. 48
1 422, 550. 04
186,806, 438. 89 2,162, 708, 935.44 2,106, 503,130.91
98, 569, 619.18
659,347, 613. 07 678, 330,399. 50
1,378, 025. 52
7,192, 354.18
10,000,000. 00
695, 226.76
2, 812, 080. 51 2,796,339. 69
26,138,027. 36 10, 799,366. 24
10, 000, 000. 00 10,074.870. 66
706, 755. 07
653, 504. 03
2,401,893.19
6,474, 681. 74
10, 000,000. 00
907, 794. 09
2, 751, 393. 66
19,423. 080. 83
16, 639, 580. 23
756, 204. 99
24,091, 809. 24
133, 852,182. 70
91, 714,450. 89
11, 328, 541. 69
21,826,435. 69
190, 727,887.12
3 94,699,744.06
9, 045,647. 29
2 940,684.01
2 2,686.89
319, 015.10
23, 701,758. 67
2 772,806.39
2 398,100. 75
164, 163. 51
2 645, 691. 55
2 50, 517.12
1,642. 35
791. 02
1, 679,994.43 1, 354,789. 51
25,741,879.03 33,438,382.69
2 225,769. 04
755. 218.18
271,071. 74
392, 247.45
134, 300.39
218,446. 52
2 204,448. 43
1, 701. 06
2, 701,963. 99
9,918, 638. 66
98, 286. 62
2 91, 605. 58
2 116,954.36
59,536.11
888. 71
9,135,987. 65
36, 838,474.49
2 24, 259. 52
190.194.15
2 73, 587. 00
2 4, 795, 787. 55
2 58,838. 54
31, 695,169. 06
149, 958, 273. 55
968,985. 50
112,312,726.75
20,433, 867. 39
2 1,857, 633. 06
2 611,414.95
15,889,059.12
3, 325,848.61
23, 618. 00
000.00
. 2 10,
219,705,233. 24
3,301,894.09
5,446,666.80
39, 684. 20
20, 540. 51
2 10,000. 00
2 14,300.00
1, 999,371.99
136, 273. 07
290,486, 296.79 375, 292, 702.84 230,997,306.86
3, 727,082. 71
19, 068.92
2 3, 000.00
21, 345,327. 26
111,772,809.62
19,955,190. 64
52,160, 111. 83
43,469,104.81
503,158.37
516, 706.13
282,444.12
313, 282.13
977,842. 88
2,411,871.68
375,346,632. 22 [3,440, 268,883.84 3, 298,859,485.88
0
4, 229, 763. 05
30, 316. 80
14,000. 00
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PUBLIC D E B T R E T I R E M E N T S CHARGEABLE AGAINST ORDINARY
RECEIPTS
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Sinking fund....;
Purchases and retirements 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 public debt retirements chargeable against ordinary
receipts
1
17,000,000.00
58,000,000. 00
9,264, 600.00
38,854,000.00
388,368,960.00
51,135,000. 00
109, 790,850.00
73,100. 00
370, 277.100. 00
671,150. 00
175,642,360.00
20,000.00
200.00
4,456,000.00
60, 703. 26
2,933,400.00
159, 703. 75
41,462, 700. 00
663,883,603. 25
41,462, 600. 00
15,000.00
4,456,000.00
37,000.00
17,037,000.00
Total expenditures chargeable against ordinary receipts... 236, 742,233. 24
71, 734, 500. 00
38,854,000.00
362, 220,796. 79 414,146,702. 84 230,997,306.86
549, 603, 703. 75
416,799,332.22 3,994,152,487.09 3,848,463,189.63
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PUBLIC D E B T
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Public debt retirements chargeable against ordinary receipts
71, 734, 500. 00 38,864,000.00
(see above)
17,037,000.00
Other public debt expenditures (including refunding operations). 5,986,646. 75 1, 046,091,833. 60 12,446,846. 23 102,316,081. 75
Total public debt
Recapitulation, public debt:
Treasury b i h s . . . .
Certificates of indebtedness
Treasury notes (foreign service retirement fund series)..
Treasury notes (adjusted service series).
Treasury notes
Treasury bonds
War-savings securities
Treasury savings securities
First Lij^erty bonds
Second Liberty bonds
Third Liberty bonds..
Fourth Liberty bonds
...
Victory notes
Other debt items
National bank notes and Federal reserve bank notes...
Total public debt..
23,023, 646. 75 1,117,826,333.60
549, 603, 703. 75
41,452, 700. 00
653,883, 603. 25
724,810,717.48 3,914, 972,317. 77 6,317, 835,648.46
61,300,846. 23 102,315,081. 76
766, 263,417. 48 4,468,865,921,02 5,867,439, 352. 20
166,046, 000.00
97,000.00
300. 00
656, 985, 300. 00 3, 678,963,100. 00 4, 240,031,
27,000. 00
117,000. 00
18,000.00
000.00
16, 600,
21,600,000.00
1, 200,000. 00
184,950,050. 00
628, 201,900.00
106, 021,000.00
000. 00
12, 695,
66,548. 25
2,988. 26
41, 988.25
140,998,163. 45
99, 368.00
16, 630, 061. 65
5,250. 00
5, 696, 650. 00
213,900. 00
23,141,700. 00
4,093, 800.00
437, 600. 00
208,396,150. 00
10, 786, 900. 00
050.00
15, 684,
10,108, 000. 00
497,950.00
40,460. 00
291, 300. 00
109,944.00
621. 23
202, 907. 62
256.50
24, 346,
37, 276, 413. 60
2,147,190. 00
1,452, 600. 00
10,000.00
900,000. 00
17,031,400.00
99,868, 000. 00
955,479,400. 00
3,000. 00
900,000. 00
68,026, 200. 00
35, 000. 00
8,326,900.00
10,000.00
900, 000. 00
38, 861,600.00
66, 046,000. 00
1,827,300.00
14, 000. 00
1,600,000. .00
40,012,800.00
4,719.75
200, 735. 00
. 3,000.00
242,450. 00
659, 500. 00
12, 500. 00
21,860. 00
1, 693.00
2, 683, 299. 00
3,36L60
181,052. 00
10,000. 00
267, 300. 00
611,100. 00
5,000. 00
23, 700. 00
43, 280. 10
2, 504,960. 00
3,316. 75
131,688.00
4,436. 75
81, 246.00
253,150:00
497,300.00
251,960.00
429, 760. 00
19,100.00
1,220.48
2, 261, 570.00
20. 300. 00
12,990. 00
2,114,310. 00
23,023,646. 75 1,117,826,333.60
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51,300, 845. 23 102, 315,081. 75
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766, 263,417. 48 4,468,865,921.02 5,867,439,352.20
lAdd.
2 Excess of credits (deduct).
,
'
3 Expenditures of the Post Office Department for the fiscal year 1929 (month of June, 1929) include $42,997,089.60 and expenditures on account of postal deficiency for the
fiscal year 1929 (month of June, 1929) include $8,999,996, representing payment of so-called back railway-mail pay to inland carriers under authority of joint resolution approved
June 6, 1929.
Ox
512
EEPORT ON T H E FIN'ANCES
Specific receipts and expenditures
T A B L E 9.—Comparison of detailed internal revenue receipts for the fiscal years
1929 and 1930
[On basis of reports of collections, see p. 468]
Source of revenue
1929
Income tax:
Corporation i
, Individual
Total
/.
2,331,274,428.64
2,410,259,230.28
+78,984,801.64
61,897,141.48
Distilled spirits:
Distilled spirits (nonbeverage)
Distihed spirits (beverage)
Rectified spirits or wines..
Still or sparkling wines, cordials, etc
Grape brandy used for fortifying sweet wines...
Rectifiers, retail and wholesale liquor dealers;
manufacturers of stills, brewers, etc. (special
taxes)
Stamps for distilled spirits intended for export..
Case stamps for distilled spirits bottled in bond.
Miscellaneous collections relating to distihed
spirits
64,769,626.04
+2,872,483.56
11,589, 582. 74
150.40
10, 502.18
292,649.93
267,749.87
10,717,262.01
241.02
9,265.28
239,383.68
124,281.19
-872,320.73
+90.62
-1,236.90
-63,166.25
-143,468.68
528,457.46
409. 20
54,439.18
526,173.32
344.60
42,413,90
.-2,284.13
-64.60
-12,025.28
+3,015.16
-1,081,460.79
21,141,015.19
301,512.06
66,100.49
359,816,274.69
7,542,105.43
60,098,186.23
1,323,885.12
50,981.30
-1,407,652.40
-21,746.68
-17,408.28
+17,864,723.47
+416,196.44
-1,060,991.86
+144,369.69
-22,062.99
434.444,543.21
, Total
Revenue acts of 1926 and 1928:
Documentary stamps, etc.—
Bonds of indebtedness, capital stock issues,
etc
Capital stock sales or transfers
Sales of produce (future delivery)
Playing cards
Manufacturers' excise t a x Pistols and revolvers.Opium, coca leaves, including special taxes,
etc
Admissions to theaters, concerts, cabarets,
etc
Dues of clubs (athletic, social, and sporting).
35,902.67
11,695,267.67
22,648,567.69
323,258.73
82,608.77
341,951,651.22
7,126,908.99
61,159,178.09
1,179,525. 53
73,044.29
Tobacco:
Cigars Qarge)...
Cigars (small)
Cigarettes (large).
Cigarettes (small)__.
Snufl of ah descriptions
Tobacco, chewing, and smoking
Cigarette papers and t u b e s . . .
Miscehaneous collections relating to tobacco
32,.887.51
12,776,728.46
Total
460,339,060.50
+16,894,517.29
17,868,372.17
37,596,927.33
3,333,427.14
6,375,804.20
22,611,274.96
46,698,226.86
3,599,876.58
4,819,292. 50
+4,742,902.79
+9,102,299.53
+266,448.44
-656,611.70
165,684.14
344,389.61
+178,706.37
605,336.04
588,682.40
-16,663.64
,
6,083,055.82
11,246,254.65
4,230,667.99.
12,521,091.62
-1,852,387.83
+1,275,836.87
82,272,861.49
Total
Miscehaneous:
Adulterated and process or renovated butter,
filled cheese, and mixed flour.
Oleomargarine, colored
Oleomargarine, uncolored
:
Oleomargarine manufacturers and dealers
(special taxes)
CoUections under prohibition laws
Internal revenue cohected through customs
. offices
Other miscellaneous receipts, including delinquent taxes collected under repealed laws 2...
Total
Increase (+) or
decrease (—)
$1,236,733,256.24 $1,263,414,466.60 +$27,681,210.36
1,095,541,172.40 1,146,844,763.68 +61,303,591.38
Estates: Transfer of estates of decedents
, Grand total
1930
95,413,601.32
+13,140,639.83
12,240.63
1,288,959.16
803,400.80
11,608.19
1,370,021.61
824,718.61
-632.34
+81,062.46
+21,317.81
1,518,793.49
727,005.93
1,724,647.53
1,105,171.74
+206,854.04
+378,165.81
4,479.18
15,186.07
+10,706.89
12,033,793.07
2,617,694.61
-9,416,098.46
7,669,048.36
-8,719,623.79
16,388,672.15
, 2,939,054,376.43
3,040,146,733.17 +101,091,357.74
1 Includes $13,517.62 for 1929 and $15,346.36 for 1930, income tax on Alaska railroads (act of July 18,1914)*
> Includes $6,646,866.90 from automobiles and $6,966,295.67 from corporation capital stock for 1929 and
$2,320,262.83 from automobiles and $46^966.66 from corporation capital stock for 1930.
TABLE 10.—Internal revenue receipts, by sources, for the fiscal years, 1916 to 1930^
[On basis of reports of cohections, see p. 468]
Distilled
spirits a n d •
fermented
liquors 3
I n c o m e a n d profits 2
Fiscal year
Estates
Indi-vadual
1916
1917
1918
1919
1920
1921
1922...
1923
1924
1925
1926
1927.
1928...
1929
1930
Corporation
.
....
:.-..
.
$845,426,352
879,124,407
911,939, 911
882, 727,114
1,095, 541,172
1,146,844, 764
$916, 232,697
1,094,979,734
1, 308,012, 533
1, 291,845, 989
1, 235,733, 256
1, 263,414,466
Total
$124,937, 253
387, 382, 344
2,852, 324,866
2, 600, 783, 903
3, 956,936,004
3, 228,137, 674
2, 086,918,465
1, 691,089, 636
1,841, 759,317
1, 761,669,049
1,974,104,141
2, 219, 952, 444
2,174, 573,103
2, 331, 274, 428
2, 410, 259, 230
$6,076, 575
47,452, 880
82,029, 983
103, 635, 563
154,043, 260
139,418,846
126, 705, 207
102,966, 762
4 108, 939,896
4 119, 216, 375
100, 339,852
60,087, 234
61,897,141
64, 769, 625
.
$247,453,544
284,008, 513
443,839,645
483,050,854
139,871,150
82,623,429
45,609,436
30, 358,086
27, 585,708
25,904, 775
26,452,029
21,195,552
15, 307,796
12, 776, 728
11, 695, 268
Tobacco 3
$88,063,948
103, 201, 592
156,188,660
206.003,092
295,809, 355
255, 219, 385
270, 759,384
309,015,493
325,638,931
345,247, 211
370,666,439
376,170, 205
396,450,041
434,444, 543
450, 339,061
Documentary
stamps
$38,110, 282
8,254, 342
21,874, 734
3,751, 340
1,259, 366
69,864,073
5, 919,044
61,490,152
58, 526,017
46,068, 399
49,800,825
32, 603,083
43,818,496
58, 797, 727
72,909,377
Playing
cards
$819,654
820,897
1, 276, 505
2,091, 791
3,088,462
2,603, 941
2,787,921
3,385, 227
3, 731, 637
3,183, 385
4,213,414
4,742,469
6,010, 712
5,375,804
4,819, 293
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1 For figures for 1863 to 1915, see annual report for 1929, p. 419.
2 Includes receipts from munitions manufacturers' tax, 1917, $27,663,940; and 1918, $13,296,927. Separate figures for corporation and individua lincome taxes not available prior to
!5
1925 .
8 Includes special taxes on manufacturers and dealers, except for tobacco taxes for 1927 and foUowing years.
«Includes gift tax as foUows: 1925, $7,518,129; and 1926, $3,175,339.
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T A B L E 10.—Internal revenue receipts, by sources, for. the fiscal years, 1916 to 1930^ -Continued
•4^
[On basis of reports of collections, see p. 468]
Fiscal year
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929_.
1930
Admissions
Dues
-
1
...
. . .
$26,367, 339
60,919,608
76, 720,555
89, 730,833
73, 384,956
70,176,147
77, 712, 524
30,907,80923,980,677
17,940,637
17, 724,952
6,083,056
4, 230,667
$2,259,057
4,072,549
5,198,001
6,159,818
6,615,634
7,170, 731
8,009,861
8, 690, 588
10,073,838
10,436,021
10, 352,990
11,245,256
12, 621,092
Sales of
manufacturers
and
dealers'
$4,218,979
775,078
36,636,607
79,400,266
267,968,579
229,397,837
174,361,288
185,117,058
200, 921, 721
140,877,326
150,220,488
66,850,109
61,951,694
5, 723, 791
2, 676, 261
Nonalcoholic
beverages,
soft d r i n k s ,
etc.
$2,215,181
7,182,219
57,460,956
58,676,973
33,604,284
10,131,897
10,418,866
Special taxes
Corporation
capital stock
$10,471,689
24,996,206
28,775,760
93,020,421
81, 525,663
• 80,612,240
81,567, 739
87,471,692
90,002, 596
97, 385, 766
8,970, 231
8,688, 602
6,966,296
46,967
All other e
$6,908,108
5,237,044
2,691,687
4,721,298
9,913,281
8,585,640
8,662,760
8,035,583
7,814,414
5,811,658
4,546,978
7,967
9,763
Transportation,
telephone, a n d
telegraph
$70, 736,650
237,839, 572
289,348, 087
301, 612,414
198, 790, 249
30, 380, 784
34,662,429
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1 For figures for 1863 to 1916, see annual report for 1929, p. 419.
«Includes collections from taxes on sales under act of Oct. 22,1914, "Excise taxes" under the war revenue and subsequent acts, and also special taxes on the sale of and the
manufactures of and dealers in adulterated and process or renovated butter, filled cheese, and mixed flour,
fl Excludes coUections on special taxes referred to in notes 3 and 5.
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Insurance
Fiscal year
1916...
1917
1918
1919
1920
1921..
1922
1923
1924
1925
19261927
1928
1929...
1930
:..
.
-
$6,492,025
14, 508,881
18, 421, 764
18, 992, 094
10, 855, 404
.
.. .
. .
.
..
-
....
.
Oleomargarine 8 .
$1,485,971
1, 996, 720
2, 336, 907
2, 791,831
3, 728, 276
2,986, 466
2,121, 080
2,254,531
2,814,104
3, 038,928
3, 070, 218
3,164, 219
3,407, 600
3, 611,153
3, 919, 388
Opium and
narcotics 3
$245. 072
277, 165
185, 359
726,137
1,514, 230
1,170, 316
1, 269, 090
1, 013, 736
1,057. 341
1, 090, 933
981,739
797, 825
690,432
605, 336
588, 682
Receipts under
the national
prohibition act
o
$641, 029
2,152, 387
1,979, 587
729,244
855, 395
560,888
416,198
502,877
925, 252
727, 006
1,105,172
MisceUaneous 7
$480,477
892, 681
1, 091,814
1, 601,004
3, 045,183
1, 975,968
3,881, 416
3,125, 078
4, 232, 637
12,166, 929
870, 777
2,.009, 640
1, 536, 969
536, 111
265, 651
Total
$512, 723, 288
809, 393,640
3,698,956,821
3,850,160,079'
5, 407, 680, 252
4, 595, 357,062
3,197, 461, 083
2,621,745,228
2, 796,179,257
2, 584,140, 268
2, 836,999,892
2,866, 683,130
2,790, 635, 538
2,939, 054, 375
3,040,145, 733
3 Includes special taxes on manufacturers and dealers.
7 Includes receipts as follows: (a) For 1919, 1920, and 1921 receipts which remained unclassified at the time the statistical tables were compUed; (b) internal revenue collected
through customs offices for 1921 and following years; (c) delinquent taxes collected under repealed laws, except delinquent coUections on automobiles for 1929 and 1930, included
under "Sales of manufacturers and dealers," and on corporation capital stock for 1927 to 1930, inclusive, included under "special taxes"; (d) penalties for 1916, $458,773; 1917, $871,606;
. and 1918, $985,220; after 1918, all penalties are included with other receipts from the respective taxes to which they relate.
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T A B L E 11.—Internal revenue receipts, by months, total, and by present major sources, J u l y , 1928, to September, 1930
[On basis of reports of collections, see p. 468]
[In thousands]
I n c o m e taxes
Month
Corporation
Fiscal year 1929
July
August
September.
October
November
December
January
February...
March
AprU
May
June
Total.....
.:
..^.
. . . .
. .
..
.
Individual
Tobacco
Estates
Total
...
Admissions
$4,130
3,341
3,926
4,892,
5, 346
6,010
5,888
6,608
5,909
6,508
5,507
6,109
$1,162
453
392
359
407
683
524
457
476
655
365
360
61,897
64.174
3,123
3,073
3,353
3,220
6,228
10,085
6,841
4,149
4,625
4,876
9,773
5,623
64,769
6,382
6,866
6,983
7,811
8,358
5,664
6,285
6,582
4,845
6,317
6,652
5,.984
11, 695
40, 200
41,138
39, 038
42, 296
34, 551
30,764
38,011
32, 335
34, 738
35, 921
38, 638
42, 709
460, 339
978
856
806
42, 982
39,178
38,226
4, 557
4,815
3,947
$10,012
8,686
195, 299
6,021
9, 372
187,-558
11, 487
20,970
313,899
23,325
17, 543
291,369
1, 095, 541
$36, 351
31,105
443, 661
38, 348
32,112
431, 605
36, 911
43,195
595, 987
46, 417
43, 487
552, 205
2, 331, 274
$1,136
1,011
877
1,160
1,002
1,042
1,363
1,068
1,033
1,081
891
1,113
12, 777
$36, 645
40, 399
35, 296
38, 893
33,458
28,681
38,005
31, 023
33, 536
36, 558
41, 688
40, 363
434,445
21, 626
22,100
273. 005
21, 339
21, 542
265, 452
19, 200
21, 793
280,831
20, 623
20, 414
275, 589
1, 263, 414
13,110
10,664
269, 061
9,220
7,056
260,628
11.841
19, 501
274, 913
18,104
15, 445
247, 502
1, 146, 845
34, 736
32, 664
542. 066
30, 559
28,598
515, 980
31, 041
41,294
555, 744
38,627
35,869
523, 091
2, 410. 259
1.166
1,027
908
1,092
918
857
1,197
912
926
916
850
937
20, 294
19,952
262,429
9,405
6,786
234,860
29,699
26,738
497,289
•
Fiscal year 1931
July
August
September
Documentary stamps,
including
playing
cards
$5,780
2,979
3,457
4,285
6,641
7,260
6,343
4,916
3,004
6,020
6,399
5, 814
$26. 339
22,419
248, 252
32, 327
22, 740
244,047
25, 424
22, 225
282, 088
23, 092
25,944
260, 836
1, 235, 733
Fiscal year 1930
July
August
September
October.
November
December . .
January
February..
March...
AprU
May
June
Total.
Distilled
spirits 1
•
Dues
Total
internal
revenue 2
6,083
$813
1, 076
668
736
926
773
697
1,294
807
922
1,391
1.142
11, 245
$91,026
81,445
490,114
93,681
80,971
477, 049
90, 641
89, 203
643,149
96, 481
100, 303
605,091
2, 939, 054
77,729
404
152
273
346
412
607
216
549
396
364
309
303
4,231
1,098
1,357
866
843
1,130
818
668
1,307
932
955
1,342
1,205
12, 521
89,819
.87, 033
593,983
86, 774
80, 738
565,106
84, 630
86, 926
602, 446
88,394
93, 683
580, 615
3, 040,146
6,311
3,875
3 ; 676
296
203
129
960
1,169
814
86,054
77,174
545,136
* Includes special taxes relating to manufacture and sale.
2 Includes collections on taxes shown separately in this table and also on all other taxes not classified therein. Under the revenue acts of 1926 and 1928 all other taxes include
pistols and revolvers, opium and narcotics, oleomargarine and process butter, etc., collections under prohibition laws, internal revenue collected through customs offices, delinquent
taxes collected under repealed laws, and various other miscellaneous receipts. These collections amounted to $17,159,692 for 1929 and $8,602,120 for 1930.
tel
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T A B L E 12.—Internal revenue receipts, by States and Territories, for the fiscal years 1929 and 1930 ^
[On basis of reports of coUections, see p. 468]
Income tax 2
Total
Miscellaneous internal r e v e n u e s
States a n d Territories
1929
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
Missouri..
Montana
Nebraska.
.
Nevada
New Hampshire
New Jersy.
_
.
.
. . .
^
_
.. .
."
$7,599,048. 23
166,628. 77
2, 310,604. 70
3, 557,299.13
130, 224, 046. 62
11,037,690.14
40, 259,009. 66
28,166,915. 74
15,677,962. 08
12,859,209 91
13,499, 794. 24
5,473,247. 80
1,048,671. 55
217,401, 526. 49
26,461,642. 74
12,836,666.97
17,269,608. 89
15,197,634. 84
12,985,416. 66
8, 386,602.64
31, 331, 988.04
109,722,875. 87
140,484, 483.11
27,668, 271. 41
2,325, 743. 89
61,632, 868. 82
3,048, 669. 22
6, 856, 729. 27
1,076, 806. 28
3,363, 349. 62
93,922,103.69
1929
1930
$6,656. 679. 87
137, 604.18
2,826,937. 67
3,037,942. 90
126,883,479. 78
12,048,415. 24
45,455,009.09
39,103,447.39
14,784,495. 31
11,083, 543.67
12,145, 703. 93
6, 297,866.60
827, 520.24
223,375,181.25
23, 340,083. 40
12,842,980.11
16, 668,215. 26
14,946,102. 36
10, 569,453. 72
7,927, 776.96
35,964,364. 87
109,682,905. 39
127,674,886. 68
28, 698, 449. 69
2,045, 860. 55
60, 541,909. 08
2, 530, 660.18
5,308, 927. 51
1,321,422. 00
3, 286, 648.18
94, 812,132.61
.
$664,631. 56
1,107. 64
88,273. 66
116,016.34
24,405,096. 26
601, 544. 38
1,966,109.19
2,142,612. 33
1,416,767.01
8, 528,962. 41
556,125. 67
133,267. 68
40,946.69
20,826,238. 66
2, 635, 630.12
696,024. 83
666,097. 75
11,466, 316.89
2,095, 284. 65
302, 370. 91
3,314, 781. 59
5,796, 744. 72
10,938,968.64
1,401,139.63
190, 425. 98
14,218, 743. 99
1,379,113.28
322,930. 98
64,695.10
624,955. 84
27, 524, 703. 60
1930
$604,376.06
1,062.13
138, 772. 44
118, 564. 44
23, 404, 829. 06
420,035. 53
2,936,380. 26
1,041, 874. 61
940,180.41
6,651,792.13
374,914. 61
218,048.85
40, 647.28
23, 762,466.63
2,958, 458. 90
625, 686. 37
465, 620. 98
17,432,081. 60
1,630, 219. 22
743,036.14
2, 529.687.12
6,059,689.16
9,401,313. 06
1,840, 216. 62
54,054. 61
11,481,982.31
80,189.14
396, 852. 30
558,186. 88
472,425.07
29,136,308. 70
1929
$8,163, 579. 79
157, 736. 31
2,398, 878. 36
3,673. 315. 47
.154,629,141.77
11, 539, 234. 52
42, 215,118. 85
30,309, 528. 07
17,094,719.09
21,388,162. 32
14,055,919. 91
5,606, 515. 38
1,089,618. 24
238, 227,764.15
28, 097,172. 86
13,430,691. 80
17,934,706. 64
26, 662,960. 73
15,080, 701. 21
8,688,973.55
34,646. 769. 63
115, 519, 620. 69
161,423,46L65
29,069,411.04
2, 516,169. 87
66,851,612. 81
4,427, 782. 50
6,179,660. 25
1,140, 501. 38
3,978,305.36
121,446,807. 29
1930
$7,161,054. 93
138,656. 31
2,965, 710. 01
3,156, 607. 34
149, 288,308. 84
12,468,450. 77
48, 391,389. 35
40,145,321. 90
15, 724,675. 72
16,735,335. 80
12, 620,618. 64
5, 516,914.46
868,067. 62
247,137,637. 88
26, 298,542.30
13,368,665. 48
17,133,836. 23
32, 378,183. 96
12,199,672.94
8,670,813.09
38, 484,051. 99
115, 742,694. 64
137,076,199. 64
30, 438,666.11
2,099,916.16
62,023,891.39
'2,610,739. 32
5, 705,779. 81
1, 879,608. 88
3,768,973. 25
123,948,441. 31
Increase
( + ) or decrease (—)
P e r cent
-12
-12
+24
-14
-3
+8
+16
+32
-8
-22
-11
-2
-20
+4
-6
(*)
-4
+21
-19
Ul
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tel
Pi
K
l
O
tel
H
W
tel
(0
+11
(*)
-9
+6
-17
-6
-41
-8
+66
-6
+2
>
Ul
c\
w
Ki
NOTE.—For additional information, see published report of the Commissioner of Internal Revenue for the year ended June 30, 1930.
1 Internal revenue receipts are credited to the districts in which the collections are made. Receipts in the various States do not indicate the tax burden of the respective States,
since the taxes may be eventually borne by persons in other States.
2 Includes income tax on Alaska railroads (act of July 18, 1914), amounting to $13,617.62 for 1929 and $16,346.36 for 1930.
3 Includes coUections through customs offices, amounting to $4,479.18 for 1929 and $16,186.07 for 1930.
* Less than one-half of 1 per cent.
Ol
TABLE 12.—Internal revenue receipts, hy States and Territories, for the fiscal years 1929 and 1930 ^—Continued
00
[On basis of reports of collections, see p. 468]
Income tax 2
Miscellaneous i n t e r n a l r e v e n u e 3
Total
States a n d Territories
1929
N e w Mexico
NewYork
N o r t h Carolina
North Dakota
Ohio
Oklahoma...
Oregon
Pennsylvania
Rhode Island
South Carohna
South Dakota
Tennessee
.
Texas
Utah
VermontVii*ginia. . .
Washington
W e s t Virginia
Wisconsin
Wyoming
...
Philippine Islands
Total
_
.
.
..^
.
.
.
i
._
.
_
,._
..
$933,541.91
744, 781,797. 29
20,066, 795. 21
665,134.02
121,821,512. 04
17, 671,605.34
5, 902, 572. 60
208,989, 644. 38
13, 595, 817. 59
3,500, 396.48
793,687.11
13, 760, 645. 54
. 37, 703, 786. 74
3, 478, 962. 25
2, 308,989. 26
20,177,390. 67
13,424, 220. 27
11,348, 725. 27
37, 507, 776. 59
1,110,323.26
2,331,274,428.64
1930
1929
$867,926. 60
830,165,401.16
16, 981,344. 25
524, 081.49
126,149, 812. 07
17, 871, 762. 23
5, 376, 369. 59
213,043,915.72
13,862, 736. 50
2, 801, 619. 53
839, 792. 55
12, 294,322. 82
36,963, 243. 66
3,121, 739. 87
2,145,858.64
18, 691, 562. 25
13,643, 704. 92
9,450,806. 64
34,133, 678. 46
723,267.08
$31,812. 61
98,764,406. 36
234,427,672. 30
44,761.29
- 20,675, 705. 76
368,907. 92
282,739.33
28,587,012.22
5i8.690.39
156,929. 92
44,017.46
4, 224, 268. 48
1, 762,153. 76
89,205.81
64, 389. 82
67,306,896. 72
596,067. 66
2,912, 523.12
1, 709,943. 51
66, 667. 22
371,869. 57
2,410,269, 230. 28
607, 779,946. 79
1930
$66, 720. 91
98, 78.9, 620. 01
257,276,180. 96
32, 210. 94
19, 479,961. 94
207,807. 20
368, 426. 20
17,169,148. 60
1,444, 757. 66
216, 684. 77
47, 819. 33
4,184, 370. 96
1, 921, 277.35
103, 954. 55
83, 557.19
78,102, 576. 63
659, 575. 39
2, 689, 013. 73
1,379,117.69
29, 077. 47
324,816. 00
629,886,502.89
1929
1930
Increase
( + ) or decrease (—)
$965,354. 52
843,636,203.65
264,494,467. 61
709,886.31
142,497,217. 80
17,940, 613. 26
6,185, 311.93
237, 676, 656. 60
14,114, 507. 98
3,657, 326. 40
837, 704. 67
17,984,914. 02
39,465,939. 50
3, 568,168. 06
2,363,379.08
87,484,287. 39
14,020, 287. 92
14, 261, 248. 39
. 39,217,720.10
1,166,890. 48
371,869. 57
$924,647. 61
928,965,021.17
274,257,525.21
566,292.43
145,629, 774. 01
18,079,569.43
5,744,794. 79
230, 203,064. 32
16,307,494.16
3,018,204.30
887,611.88
16,478, 693.78
38,884,521.01
3, 226,694. 42
2,229,415. 73
96,694,138. 88
14,303, 280. 31
12,139,820.37
35,512, 796.16
762,334.65
324,815. 00
P e r cent
—4
+10
+8
-22
+2
+1
-7
-3
+8
—17
+6
-S
-1
-10
-6
+11
+2
-15
-9
-36
-13
2,939,054,375. 43
3,040,145, 733.17
+3
NOTE.—For additional information, see published report of the Commissioner of Internal Revenue for the year ended June 30, 1930.
1 Internal revenue receipts are credited to the districts in which the collections are made. Receipts in the various States do not indicate the tax burden of the respective States
•since the taxes may be eventually borne by persons in other States.
a Includes income tax on Alaska railroads (act of July 18, 1914), amounting to $13,517.52 for 1929 and $15,346.36 for 1930.
I Includes coUections through customs offices, amounting to $4,479.18 for 1929 and $15,186.07 for 1930.
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a
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Ul
T A B L E 13.—Expenses of the Internal Revenue Service for the fiscal year 1930
A. D I S B U R S E M E N T S B Y C O L L E C T O R S O F I N T E R N A L R E V E N U E i
[On basis of checks issued, see p . 468]
District
Alabama..
Arizona.,
Arkansas
California:
First district..
Sixth d i s t r i c t . .
Colorado..
Connecticut
Delaware
Florida..
Georgia.
Hawaii..
Idaho.
Illinois:
F i r s t district
E i g h t h district..
Indiana
Iowa..
Kansas
Kentucky
Louisiana
Maine..
Maryland
Massachusetts
Michigan...
Minnesota
Mississippi
Missouri:
First district..
Sixth district..
Montana
Nebraska
Nevada
New Hampshire..
Salaries of
collectors,
deputies,
clerks, etc.
T r a v e l expenses
[, 318.21
I, 716.50
), 681.70
$4,344. 74
4,335.34
14, 239. 09
302, 796.33
316. 166.90
118, 415.64
165. 139; 71
41, 393."71
163, 149. 63
105, 709.66
42, 378.81
46, 803.58
11,085.98
13,970. 71
7, 229. 73
2,486. 20
492.83
13, 296.60
6, 288. as
1,507.55
3, 964.16
624, 232. 01
140, 672.84
167, 884.56
179, 391.78
108, 030.66
156. 781.64
118, 782.32
78, 154.50
275, 712. 26
605, 935.17
322, 289.34
207, 940.78
63, 423.44
7, 075. 65
9,892. 40
5,339. 66
11,946.84
18,138.96
-12,459.08
5,360.55
3,296.34
6, 660.21
7,665. 01
11, 616. 01
8,849. 25
6,462.80
160, 639.76
102, 184. 26
77. 516. 56
116, 605.78
31, 883.83
333.44
4,389.20
3, 044.13
8,240.08
6, 674.72
2, 666.63
3,827.75
Rent
Telegraph
Telephone
Supplies
and equipment
Miscellaneous
Total
$4, 200. 00
5, 000. 00
$3.28
5.04
12.91
$244.62
192. 60
506.25
$497.34
886.59
466.88
$110.85
580. 23
80.75
$99,519.04
59,916.30
108,875.58
13, 250.00
3.15
10.89
15.72
.96
29.80
16.29
13.96
6.76
2,113.13
2, 261. 21
977.97
902.94
283.97
1, 233.63
679.28
448.40
- 318.36
2,185. 58
2, 519.84
924.93
601.94
899.81
1, 616.67
263.45
206.36
54.75
207.86
171. 65
175.03
194. 80
77.84
1,340.16
58.65
16.00
133.51
318,392. 03
335,101.10
127, 738.92
182, 676. 54
43,148.16
193, 666. 28
113, 006.31
44,571.07
54, 401.10
3.61
4.90
2.30
7.25
11.88
3.67
6.66
.26
1.50
1.08
7.63
4.98
7.07
2, 598. 73
716. 22
1,474.37
996.82
1, 012.19
1,864.15
683.36
312.78
2,986. 70
2,309. 73
1,382.52
1,827. 05
295.24
6, 553.95
657.42
452:17
3,880.20
632. 20
1, 039.83
988.86
157.46
1,962.73
2,604.36
6. 018.97
2,004.39
268.51
773.33
197.00
169.48
1, 608.13
230.63
247.17
111.29
74.49
1, 719.73
168.91
2, 225.31
217.68
302.82
641,398. 68
164, 789. 28
175, 612.54
198, 231.02
133,466.62
171,385. 64
126,933. 03
81,995.82
288,943.13
650,584.25
382,748.64
220,844.13
77,414.44
521.36
1.277.41
162.06
253.55
326.90
1,185.87
108.69
56.37
88.99
53.64
71.06
137.75
166,376. 79
107, 059.41
91,334.47
123, 870.00
38, 047.60
74,815.20
'i2,'890."6o'
3,120.00
Ul
tel
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i
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tei
1^
161.50
12,848. 60
300. 00
400.00
5, 500. 00
32, 000. 00
39, 209. 76
6, 654.56
4,800.00
"3,"000."00'
.45
5.69
1.88
13.13
717.88
496. 79
521.09
380.43
96.05
330.39
W
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Ul
cl
N O T E . — F o r a d d i t i o n a l information, see published r e p o r t of t h e Commissioner of I n t e r n a l R e v e n u e for t h e y e a r e n d e d J u n e 30,1930.
1 F r o m t h e a p p r o p r i a t i o n "CoUecting t h e i n t e r n a l r e v e n u e , 1930."
Ox
CO
TABLE 13.—Expenses of the Internal Revenue Service for the fiscal year 1930—Continued
Ox
to
o
A. DISBURSEMENTS BY COLLECTORS OF I N T E R N A L REVENUE»-Continued
[On basis of checks issued, see p. 468]
District
New Jersey:
First district
Fifth district
New Mexico...
New York:
First district
Second district
Thu-d district
Fourteenth district
Twenty-first district...
Twenty-eighth district
North Carohna
.
North Dakota
9hio:
First district
Tenth district
..^.
Eleventh district
,
Eighteenth district
Oklahoma
Oregon
Pennsylvania:
First district
Twelfth district
Twenty-third district.,
Rhode Island
South Carolina
South Dakota
,
Tennessee
Texas:
First district
..,
" Second district
.,
Utah....
Vermont
,
Virginia.
Washington
West Virginia
Wisconsin..
:
Wyoming
,
Total
.,
Salaries of
collectors,
deputies,
clerks, etc.
Travel expenses
Rent
$78,842. 06
260,993. 05
43, 682.04
$1,841.52
3,554.50
5,211.83
$25,000.00
3,300, 00
332,172. 05
464,878.20
358,981.62
206, 232.46
144,206.71
207,177. 03
137,155. 02
50,253.49
6,179.72
1,139.60
2.198.63
10, 023.19
6,880.56
4,116.38
10, 022.64
4, 317.19
136,444.40
103,941.56
86,904.26
296,847.48
127,805.15
109,296.08
3,141.50
6,975. 66
2, 704.88
7,149.88
10, 266. 01
4, 775. 21
372,256.36
119,978.94
318, 690.96
83,381.92
67. 714.31
69,116. 33
109, 636. 71
6.417. 65
3, 072.42
7, 231.90
113.93
4,860. 61
4,636.87
4,368.18
159, 710.34
160,4U.72
69, 265.39
52,814.35
146. 645.98
179,817.13
105, 604.11
251,307.50
49,181.45
15,151. 68
13, 290.90
3, 794.12
2, 651. 24
8,317.52
6, 920.42
7,175.30
13, 240. 09
4,622.46
10,481,810.26
421, 998. 06
Telegraph
$16.42
34,399.92
Supphes
Telephone and equipment
Miscellaneous
Total
$687. 02
2,850.48
166.80
$1,089.54
3, 648.81
415.62
$380.23
1, 600.95
143.10
$82, 840.37
297. 647.79
62,833.81
2. 726. 56
6,905.96
3.261.43
1, 046.19
671.37
1, 699.79
797.44
208.15
1,104.46
571.22
1,260.44
482. 02
200.02
204.64
1. 732. 34
416.76
377, 776.24
474, 889.66
407,957.24
221,123. 58
153, 022.10
214, 385.81
151,137.16
60, 017.65
40,000. 00
2,220. 00
600.00
2.48
3.93
.66
.96
240. 00
4, 600. 00
6.24
2.16
1,193.63
1,392.21
2, 251.19
1.120.17
662.49
1,187.97
1,183.48
319.90
1.56
.25
.91
3.25
9.36
L93
682.36
693.90
589.90
2,302.63
962.90
460.26
1, 654.15
1,389. 07
233.16
3, 095.21
1,399. 58
3, 772.77
73.83
98.00
134. 74
82.26
136. 79
87.24
141,997.80
112.098.33
90, 567.86
309, 480.71
140, 569.79
118, 405.49
.48
.60
L51
2,333.40
698.36
757.03
659.92
279. 05
167.60
592.15
6, 356.97
1,391.93
394.79
463.29
420.97
103.81
714. 78
682.12
91.66
861.10
92.85
149.17
278. 21
6L55
389, 375.88
126, 233.81
327, 866.29
84,7n.91
73, 424.66
69, 097.45
115,367.98
904.38
1, 047.10
608.80
499.36
860.37
1,180.84
332. 40
1,671. 03
206.20
62,427.90
1.479.27
831.60
678.80
76.75
1,124.69
2,169.27
123.91
2, 301.34
813.30
94,999. 69
260.79
77.18
112.76
99.22
1,486.28
402.65
212.34
388.26
100.41
178, 382.66
176, 668.36
74,259.87
56, 042.97
171,986.34
190,491.96
113, 449.64
268,912.89
58,886.17
12.00
1,330. 00
39.00
4,800. 00
.55
4.63
4.61
850.00
11, 000, 00
26.30
9.86
13,660.00
3,960.00
19, 245.24
2.06
1.50
11.66
L68
4.67
323.81
25, 745.08 11,376,649.94
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B. DISBURSEMENTS BY I N T E R N A L R E V E N U E AQI^NTSi
[On basis of checks issued, see p. 468]
Division
. Atlanta
Baltimore
Boston
Brooklyn.
Buffalo
Chicago...
Cincinnati
Cleveland
Columbia
Dallas
Denver
Detroit.:
Greensboro
Honolulu
Huntington
Indianapolis
Jacksonville.
Los Angeles 2
Louisville
Milwaukee
Nashville
Newark..
New Haven...
New Orleans
New York:
Second di vision .
Upper division.Oklahoma City
Omaha
Philadelphia...
Pittsburgh.
Richmond
Salt Lake City
San Francisco ^
Seattle.Springfield
St. Louis
St. Paul
Wichita
Total
Salaries of
|agents, clerks,
etc.
Travel
expenses
Rent
Telegraph
$107, 983.32
326, 171.84
668, 120.36
429,813.13
256, 334.81
577, 197.04
175, 190.43
268, 662.48
64, 442.95
349, 047.33
132, 763. 52
286, 377.82
101, 084.75
49, 734.90
106,028.71
159,463.22
199,769.43
265, 398.66
108, 865. 66
170, 974.93
169,636.45
349, 892.78
248, 898.94
149, 608. 78
$7,446.87
12.133.21
23,866.48 $16,730.00
4,106. 58 21,999.96
13,440.00
17,877.45
7,553. 71 12,478. 32
10,262. 34
21.681.22
11, 590.20
7,842. 06
32, 654. 73 'i2,'i93.'42'
21,572.84
19,989. 45 "i3,"643."52"
10,201. 78
2,454. 20
11,350.65
6,922.43
24,492.41
6,420.00
11, 594.48
6, 870.00
6,618.93
8, 357.88
16,051. 22
14,863. 84 11,951.33
1,912. 56
9,094.23
16,179.11
$13.74
.25
2.10
937, 487.73
862, 299. 06
185, 876.89
223, 445.51
614, 002. 78
336, 781.14
141, 802.86
119, 968. 31
675, 391.56
273, 006.82
105, 019.37
298, 284.54
195,461. 59
93, 550. 73
2, 823. 73
1,862. 30
9. 387. 62 38,799. 96
22,449.11
8,010. 00
16, 299. 94
13, 538.97
17, 356.87
12, 202.81
8, 800. 00
13,080. 38
6, 603.00
13,037. 73
2, 340. 00
26, 313.11 21,517.00
16,818. 58
8, 220.00
12,759. 55
8,010. 83
1,999.92
12,781. 48
9, 250.13
'2,'500."00'
516,639. 97 242,420.46
10,781,810.01
Supplies
Telephone and equipment
$362.75
132.00
2,238.12
1, 670.43
790.14
1,009.44
566.98
1,353.84
154.65
1,191.34
196.90
MisceUaneous
5.60
2.08
63.99
14.09
2.59
1.51
26.65
2.39
L26
48.70
1,105. 68
91.60
173.16
284.03
238.30
410. 63
919.86
230.90
610.70
595.40
1,968.09
1,135.63
154.45
$268. 58
1,169.06
877.93
578.03
704.13
940. 36
696.68
1,212.01
347.60
1,412.87
711. 59
907.21
436.85
113.80
159. 98
741.30
648.13
2,023. 55
361.30
296.44
516.53
792. 57
509. 63
161. 69
$228. 76
221.85
687. 74
779.08
521.16
2, 365. 60
295.08
881.27
122.29
869. 50
176. 59
662.34
317.89
21.00
285.10
202.49
661.62
664.00
176.00
442.14
476.50
1.078.93
362. 73
24L26
.60
8.59
26.36
6.92
2.69
2.50
14.31
9.10
94.37
23.74
13.14
2.05
6.66
1.40
627. 60
1, 347. 70
3,361. 36
425. 36
401.71
2,013.18
843. 70
318. 66
140. 80
2, 779. 63
912.18
184.50
418. 55
272.85
80.20
30,876.19
3, 604. 61
4,259. 22
951. 74
443. 60
1,464. 02
1, 709.81
852.46
425.10
2,107. 01
748.10
213.92
810. 32
2,055.69
234. 00
36,467.10
4,416. 30
1,469. 71
396.05
141.08
684.64
1,055.87
369. 27
183.92
5.70
3.35
4.64
9.67
3.03
63.74
28.36
n.39
12.65
1.316.94
456.14
304.10
292. 26
480. 37
83.96
24, 288.41
NOTE.—For additional information, see published report of the Commissioner of Internal Revenue for the year ended June 30,1930.
» From the appropriation, " Collecting the internal revenue, 1930."
^ A number of employees transferred to Los Angeles division.
2 Los Angeles division established February 1,1930.
Total
$116,304.01
338,828.21
712,522.72
468,847.21
289,673.38
601,547.71
187,016.06
305,290.69
72,912.48
397,322.93
166,449.80
322,597.41
112,146.42
62,497.06
118,114.07
167, 669.82
232,456.21
286,484. 64
116,254. 28
180,583.60
187,301.76
380,549.93
261,914.97
166, 393.99
961, 541.87
919, 576. 52
218,134.51 •
240,737. 66
649,053.06
360,395.83
163,040.83
136,104.96
729, 519. 61
300,184. 56
118,494. 58
309,818.47
211,048. 64
105, 700. 42
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11,632,918. 74
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T A B L E 13.^—Expenses of the Internal Revenue Service for the fiscal year 1930—Continued
C. D I S B U R S E M E N T S BY T H E DISBURSING C L E R K O F T H E TREASURY D E P A R T M E N T AND D I R E C T S E T T L E M E N T S T H R O U G H T H E O F F I C E
OF T H E C O M P T R O L L E R G E N E R A L , CLAIMS DIVISION i
[On basis of checks issued, see p. 468)
Travel expenses
Salaries
Total
$9,488,116.11 $514,422.41
_
Rent
Telegraph
Telephone
$235,936.33
$8,339.64
$29,864.28
Stationery,
Supphes.
office sup- and equipplies, and
ment
printing
$1,216.90
$131,189.84
Express
and
freight
MisceUaneous
Total
$2,489.90
$77,669.97
$10,489,134.28
D. RECAPITULATION!
'
Travel
expenses
Salaries
Total
-
o
Rent
$421,998.06 $289,245:24
616,639.97 242,420. 46
Collectors
_
_
______ 4 $10,481,810.26
Agents
«10,781,810.01
Disbursing clerk, Treasury Department and General Accounting
6 9,488,116.11
Office
—
-
pt
Telegraph
Telephone
Supplies
and
equipment
$323.81
627.60
$62,427.90
30,875.19
$94,999. 59 $25,745.08
36,457.10
24,288.41
514,422.41
235,936.33
8,339.64
1,452,960.44
30,761,736.38
to
to
767,602.03
9,190.95
Miscellaneous
Total
o
H
$11,376,649.94
11,632,918.74
132,406.74
80,049.87
10, 489,134.28
123,167. 37 263, 862.43
130,083.36
33,498,602.96
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29, 864.28
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CLAIMS APPROVED FOR P A Y M E N T F R O M THE REFUNDING APPROPRIATIONS, BY APPROPRIATIONS
Ul
1928 and
prior years
Appropriation
Amount approved
_
_..
1929 and prior
years
1930 and prior
years
1931 and
prior years
$3,986.95
$22,170,741.33
$104,661,604.94
None,
NOTE.—For additional information, see pubhshed report of the Commissioner of Internal Revenue for the year ended June 30, 1930.
1 From the appropriation, "Collecting the internal revenue, 1930."
5 $374,681.82 retirement deductions included.
4 $83,136.01 retirement deductions included.
«$312,019.17 retirement deductions included.
Total
$126,836,333.22
TABLE 1^.—Customs duties {estimated), value of imports entered for consumption, and ratio of duties to value of dutiable imports and to value
of all imports, for the years 1867 to 1929
[On basis of r e p o r t s of t h e B u r e a u of Foreign a n d D o m e s t i c C o m m e r c e ; dollars in t h o u s a n d s ]
V a l u e of i m p o r t s entered for c o n s u m p t i o n
Estimated duties
R a t i o of d u t i e s to
v a l u e of—
Y e a r ended—
Total
Ordinary
Additional
Total
Dutiable
Free
R a t i o of
free to
total
Dutiable Free and
imports dutiable
imports
June 30:
1867.
1868,
1869.
1870,
$168,504
160,633
^176,558
191,514
$168,504
160,310
176,116
191.222
$223
443
292
$378,159
344,809
394,449
426,346
$361,126
329,661
372,757
406,132
$17,033
15,148
21, 692
20,214
P e r cent
4.50
4.39
5.50
4.74
P e r cent
46.66
48. 63
47.26
47.08
P e r cent
44.56
46.56
44.76
44.92
1871,
1872.
1873.
1874.
1875
1876.
1877.
1878
1879,
1880
202,447
212,619
184, 929
160,622
154,655
145,179
128,428
127,195
133, 395
182, 748
201,986
212,031
184,656
160,186
154,272
144,983
128.223
127,016
133,159
182,415
461
588
373
337
283
196
205
180
236
333
500,216
660,419
663,147
667,444
626,261
464,586
439.829
438,422
439,292
627,555
459,597
512,735
484, 747
416,749
379,795
324,025
298,989
297,083
296,742
419,506
40,619
47,684
178,400
151, 695
146,466
140,561
140,840
141,339
142,550
208,049
8.12
8.51
26.90
26.73
27.83
30.26
32.02
32.24
32.45
33.15
43.95
41.36
38.07
38.63
40.62
44.74
42.89
42.75
44.87
43.48
40.47
37.94
27.89
28.29
29.37
3L26
29.20
29.01
30.37
29.12
1881,
1882.
1883.
1884
1886.
1886.
1887
1888
1889
1890
193,801
216,139
210,637
190,283
178,152
189,410
214,222
216,042
220,677
226,540
193,661
215,618
209,660
189,845
177,320
188,379
212,032
213,610
218, 702
225,317
660,619
716, 214
700.830
667,575
579,580
626,309
683,419
712,249
741,432
773,675
448,062
505,492
493, 917
456, 295
386,668
413,778
450.325
468,144
484,857
507,672
202,567
210,722
206,913
211, 280
192,912
211,531
233,094
244,105
256,576
266,103
31.13
29.42
29.62
31.65
33.28
33.83
34.11
34.27
34. 61
34.39
43.20
42.66
42.45
41.61
45.86
45.63
. 47.08
45.61
46.11
44.39
29.79
30.18
30.06
28. 50
30.74
30.29
31.35
30.33
29.76
29.28
1891.
1892
1893
1894.
1896
1896
1897
1898
1899
1900
216,886
174,124
199,144
129,559
149,451
167,014
172, 760
145,438
202,072
229,361
215, 791
173,098
198,374
128,882
117,901
156,105
171,779
144,258
200,873
228,365
854,519
813,601
844,456
636,615
731,162
759, 694
789,251
687,164
686,442
830,519
466,455
355,527
400,283
257,646
354,272
390, 797
407,349
296,620
386,773
463.769
388,064
458,074
444,172
378, 969
376, 890
368,897
381, 902
291,534
299,669
366,760
45. 41
66.30
52.60
69.63
51.65
48.56
48.39
49.65
43.72
44.16
46.26
48.69
49.56
50.02
41.76
39.95
42.17
48.80
52.07
49.24
25. 38
2L40
23. 68
20.35
20.44
20.67
21.89
24.77
29.48
27.62
240
621
977
438
832
1,031
2,190
2,532
1,875
1, 223
1,095
1,026
770
677
1,549
909
981
1,180
1,199
TABLE 14.—Customs duties (^estimated), value of imports entered for consumption, and ratio of duties to value of dutiable imports and to value
of all imports, for the years 1867 to 1929—Continued
Cn
[On basis of r e p o r t s of t h e B u r e a u of F o r e i g n a n d D o m e s t i c C o m m e r c e ; dollars in t h o u s a n d s ]
V a l u e of i m p o r t s e n t e r e d for c o n s u m p t i o n
Estimated duties
R a t i o of duties to
v a l u e of—
Y e a r ended—
Total
J u n e 30:
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
D e c . 31:
1918 (6 m o n t h s )
1919.
1920
1921
1922
1923
1924
1926
1926..
1927
1928
1929
Ordinary
Additional
Total
Dutiable
Free
R a t i o of
free to
total
Dutiable Free and
imports dutiable
imports
$233,666
251,453
280,752
258,222
258,426
293,910
329,480
282,683
294,667
326,562
$232,641
250,550
279, 779
257,392
257,898
293,558
329,122
282, 273
294,377
326,263
$915
903
973
830
528
352
358
310
290
299
$807,763
899,794
.1,007,960
981,835
1,087,118
1,213,418
1,416,402
1,183,121
1,281,642
1,547,109
$468,670
503,262
670,669
527,682
570,045
664,722
773,449
657,416
682,266
786,756
$339,093
396,542
437,291
454,153
617,073
548,696
641, 963
625,705
599,376
761,363
P e r cent
4L98
44.07
43.38
46.26
47.56
45.22
45.35
44.43
46.77
49.21
P e r cent
49.64
49.79
49.03
48.78
46.24
44.16
42.66
42.94
43.15
41.52
P e r cent
28.91
27.96
27. 85
26.30
23.77
24.22
. 23. 28
23.88
22.99
21.11
309,966
304,899
312,510
283,719
205, 947
209, 726
221,659
180,590
309,582
304,597
312,252
283,512
205,755
209,523
221,448
180,197
384
302
258
207
192
203
211
1,527,946
1,640,723
1,766,689
1,906,400
1, 648,386
2,179,034
2,667,220
2,864,894
750, 982
759,210
779, 717
754,008
615, 523
683,153
814,689
747,339
776, 964
881,513
986,972
1,152,392
1,032,863
1,495,881
1,852,531
2,117,555
50.85
53.73
56.87
60.45
62.66
68.66
69.46
73.91
41.22
40.12
40.05
37.60
33.43
30.67
27.18
24.11
20.29
18.58
17.69
14.88
12.49
9.62
8.31
6.30
73, 928
237,467
326,646
292,397
451,356
566, 664
532,286
561,853
590,045
574,840
642,270
684,771
73, 907
237,403
326,636
292,359
451, 356
566,664
532,286
551,853
590,045
574,840
542, 270
584,771
1,452,961
3,827,683
5,101,823
2,556,870
3,073,773
3,731, 770
3,575,111
4,176,218
4,408,076
4,163,090
4,077,937
4,338,672
303,079
1,116, 221
1,985,865
992,591
1,185,633
1,566,622
1,456, 943
1,467,390
1,499,969
1,483,031
1,399,304
1,458,444
1,149,882
2,711,462
3,115,958
1,564,279
1,888,240
2,166,148
2,118,168
2,708,828
2, 908,107
2,680,059
2,678.633
2,880,128
79.14
70.84
6L07
61.18
61.43
68.02
69.-26
64.87
65.97
64.38
65.69
66.38
24.39
21.27
16.40
29.56
38.07
36.17
36.63
37.61
39.34
38.76
38.76
40.11
6.09
6.20
6.38
11.44
14. 68
15.18
14.89
13.21
13.39
13.81
13.30
13.55
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Ul
T A B L E 15.—Customs duties (estimated) ^ a n d ratio of duties to value of dutiable imports, by tarifif schedules, for the years 1890 to 192^
[On basis of reports of the Bureau of Foreign and Domestic Commerce: dollars in thousands]
SCHEDULE A.—Chemicals, oils,
and paints
Year ended—
Estimated
duties
June 30:
1890..
1891..
1892..
1893..
1894..
1895..
1896..
1897..
1898..
1899..
$7,006
6,086
6,960
6,430
. 4,649
5,575
5,619
5,440
6,147
7,010
Value of
dutiable
imports
SCHEDULE B.—Earths, earthen-
Ratio of
duties to Estunated
duties
imports
$21,865
20,052
18,981
. 20,973
13,952
, 18,624
19, 697
19,004
19,513
21, 571
Per cent
32.04
30.35
31.40
30.36
33.32
29.94
28.53
28.63
31.50
32.50
26,956
26,414
29,992
31,250
30,809
31,011
33,482
40,246
39,127
42, 937
30.36
28.07
28. 34
28.74
28.61
28,62
28.87
27.64
26.91
26.13
SCHEDULE C—Metals and manu- SCHEDULE D.—Wood and manu-
Value of
dutiable
imports
factures of
factures of
ware, and glassware
Ratio of
duties to Estimated
duties
imports
Value of
dutiable
imports
Ratio of
duties to Estimated
duties
imports
Value of
dutiable
imports
Ratio of
duties to
imports
$8,222
10,946
12,132
12,438
8,933
8,325
8,065
7,605
7,387
8,863
$14, 363
22, 717
23, 735
23,836
16,877
22,285
22,872
21,167
15,192
17, 244
67.24
48.19
51.11
62.18
52.93
37.36
35.26
35.93
48.63
5L40
$17,131
23,109
21, 508
27, 248
17, 792
14,929
13,232
8, .955
8,454
7,809
$48,460
68,788
42,449
47, 557
30,271
33,168
34,853
23,604
18,847
. 18,153
Per cent
35.36
33.59
50.67
57.30
58.77
45.01
37.97
37.94
44.86
43.02
$1,857
2,053
1,942
1,760
1,290
680
413
340
1,205
1,671
$9,874
12,074
11, 754
12, 245
9,393
3,218
1,795
1,486
6,341
7,568
Per cent
16.07
17.00
16.52
14.37
13.73
21.13
22.99
22.88
22.57
22.08
10,107
10, 301
11,365
13, 320
13,163
12,194
13, 749
15,350
13,251
10, 642
20,090
20,166
21,424
25, 735
24,704
23,126
26, 690
31,306
26,224
21,148
50.31
61.08
63.05
6L76
53.28
52.73
5L71
49.03
50.53
50.32
11,281
10,922
14,973
22,368
15, 682
14, 449
18, 770
21,882
16,004
15, 656
29,089
28,632
38,870
65,165
40, Oil
36,327
50,917
67,149
45,280
41,103
38.78
38.15
38.52
34.33
39.20
39.77
38.86
32.59
35.34
38.09
2,362
2,049
2,673
2,815
2,464
2,750
3,650
3,701
3,301
3,141
11, 711
10, 635
14,556
16,659
14,450
16, 708
22, 761
24,472
23,350
23,285
20.08
19. 27
17.67
16.90
17.05
16.46
16.04
15.12
14.14
13.49
Per cent
Ul
tel
o
g
O
tel
o
1900..
1901..
1902..
1903..
1904..
1905..
1906..
1907..
1908..
1909..
8,184
7,416
8,500
8,981
8,814
8,845
9,666
11,124
10,530
11,218
33.35
3,185
27,489
11.59
1L98
32.11
2,960
24, 710
12.46
34. 35
3,043
24,415
12.24
3L90
3,408
27,851
13.29
24.02
1,619
12,182
15.90
21.96
709
4,457
14. 40
18.98
660
4,583
14.62
20.75
756
5,207
14.41
20.51
636
4,412
1 The amount of customs duties is calculated in the Bureau of Foreign and Domestic Commerce on the basis of reports showing the quantity and value of merchandise imported.
Total estimated duties and total value of dutiable imports will be found in Table 14.
1910..
1911..
1912..
1913..
1914..
1916..
1916..
1917..
1918.,
11,072
12,564
12, 240
13,017
13,100
11,222
9,309
12,056
10, 507
42,022
48,869
47,236
49,387
60,314
54,098
52,806
65,614
66, 762
26.41
26.71
25.91
26.36
21.72
20? 74
17.63
18.37
15.98
12,468
12,669
11,156
11,385
10,187
6,805
4,677
4,614
4,707
24, 774
24,495
21,994
23,002
25, 222
18,142
13,024
13, 531
13,444
50.33
51.72
50.72
49.50
40.39
37.51
35.91
34.10
35.01
22,333
18,869
17,346
20,514
12,190
6,990
6,309
7,038
6,813
H
w
tel
tel
>
Ul
66,961
58,757
60,492
64,300
60, 743
31,836
33, 245
33, 914
33, 227
Ol
bO
(Ol
TABLE 15.—Customs duties (estimated) ^ and ratio of duties to value of dutiable imports, hy tariff schedules, for the years 1890 to 1929—Con.
to
. [On basis of reports of the Bureau of Foreign and Domestic Commerce; dollars in thousands]
S C H E D U L E A . — C h e m i c a l s , oils,
and paints
^
SCHEDULE B.—Earths, earthen
w a r e , a n d glassware
SCHEDULE C — M e t a l s and manu- SCHEDULE D.—Wood and manufactures of
factures of
Year ended—
Estimated
. duties
Dec. 31:
1918 (6 m o n t h s )
19191
1920..
1921
1922
1923 .
1924
1925 :
1926
1927...
1928...
1929.....
:
...:...
. .
...
..
$4,308
13,922
15, 335
14,144
22,102
26,989
24,492
27,465
28, 681
27,997
28,011
33, 910
V a l u e of
dutiable
imports
$27, 216
108,151
120, 319
64,753
88,471
90,123
77, 015
93,746
98,328
98, 312
92, 633
110, 452
R a t i o of
Estimated
duties to
duties
imports
P e r cent
15.83
12.87
12.75
2L84
24.98
29.95
31.80
29.30
29.17
28.48
30.24
30.70
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
$2,065
5,009
9,241
9,864
14,001
23, 526
22,098
24,529
28,908
28,217
25,865
27, 014
V a l u e of
dutiable
imports
$5, 783
14,933
30,257
28,591
40, 526
60,182
54,481
56,391
61. 089
58, 260
63.321
55,304
R a t i o of
Estimated
duties to
duties
imports
P e r cent
35.71
33.55
30.54
34.50
34.56
39.09
• 40.56
43.50
• 47.32
48.43
48.51
48.85
SCHEDULE F.—Tobacco and
m a n u f a c t u r e s of
$3,451
8,672
16, 677
13, 672
20,468
35,013
35, 240
38,961
48,528
47,179
46, 251
54,654
V a l u e of
dutiable
imports
$16,622
43,186
83,337
62,793
82,105
103,307
96, 768
113, 684
147,010
135,403
131, 921
154,022
R a t i o of
Estimated
duties to
duties
imports
P e r cent
20.76
20.08
20.01
21.77
24.93
33.89
36.21
34.27
33.01
34.84
35.06
36.48
SCHEDULE G.—Agricultural
p r o d u c t s a n d provisions
$218
852
1,979
1,546
2,373
4,001
4,161
4,164
4,307
4,535
4,191
4,301
V a l u e of
dutiable
imports
$1,675
6,090
13,367
9,894
13,174
18, 230
18,115
18, 670
18,004
19,879
16,917
17, 411
R a t i o of
d u t i e s to
imports
P e r cent
12.99
13.99
14.81
15. 63
18.02
21.95
22.97
22.42
23.92
22 81
24.77
24.70
SCHEDULE H.—Spirits, wines,
a n d o t h e r beverages
Y e a r ended—
Estimated
duties
J u n e 30:
1890.
1891..
1892
1893 .
1894
1895
1896.
1897.
1898..
1899...
.
.-.
..
-. . . .
$66,169
32,511
129
193
274
16, 601
29,910
41,346
29, 695
61, 661
V a l u e of
dutiable
imports
$87,613
43,058
659
1,329
1,955
39, 229
73,064
98,283
38,331
81, 227
R a t i o of
duties to
imports
P e r cent
62.97
75.61
19.56
14. 64
14.00
39.77
40.94
42.07
77.47
75. 91
Estimated
duties
$13,317
16,172
10,265
14,832
13,669
14,916
14,859
20,972
9,916
10.627
V a l u e of
dutiable
imports
$16.626
21,066
10,151
12, 589
11, 290
13, 672
13, 625
18, 783
8,225
9,372
R a t i o of
-Estimated
d u t i e s to
duties
imports
V a l u e of
dutiable
imports
P e r cent
80.10
76.77
101.13
117. 82
121. 08
109.10
109.06
111. 66
120. 55
113.40
P e r cent
$37, 298
28.55
46, 561
30.66
34,579
31.99
38,427
33.14
28, 422
33.64
37, 733
26.30
22.59
34,176
33, 717 •
25.65
• 29,853
38.88
32, 505
39.21
$10, 648
14, 275
11. 063
12, 735
9,562
9,926
7,722
8,614
11, 608
12,744
R a t i o of
d u t i e s to
imports
CTI
Estimated
duties
$8,667
9,548
8,838
9,435
7,063
7,068
6,859
8,136
6.027
7,490
V a l u e of
dutiable
imports
$12,499
13, 672
12, 717
13, 921
10,160
11,286
11,288
11,880
9,320
11,073
R a t i o of
duties to
imports
P e r cent
68 64
70.35
69 60
67 77
69.52
62 63
60.77
68 48
64.66
67.64
M
^5
O
^7"^
00
1
CO
Ci
1900
1901.
1902
1903.
1904....
1905
1906
1907
1908
1909
...
..,
1910............
19111912
1913
1914
1915
1916
1917
1918
Dec. 31:
1918 (6 months)
1919
1920
1921
1922
1923
1924.....
1925
1926
1927
1928
1929
67,823
63,089
63,041
63,626
58,152
61,442
52,649
60, 339
50,168
66,414
12,898
14,100
15,368
16,786
17,120
17,912
19, 669
23,083
21,420
23,382
68.45
67.61
68.73
69.39
70.71
70.05
71.22
70.69
71.02
69.05
19, 675
13,405
15, 551
13, 586
7,038
26, 316
20,355
0 20,731
22,372
21, 764
14, 393
17,330
18. 612
10, 563
71.65
84.99
83.98
87.05
90.40
93.14
89. 73
73.00
66.63
1,628
1,194
1,157
1,515
1,111
613
431
492
460
465
483
644
3,109
2,338
2,543
3,197
2,657
1,371
1,065
1,161
1,150
1,350
1,346
1,671
52.36
51.08
45.52
47.37
41.83
44.67
40.47
42.38
39.13
34.44
35.88
34.63
83, 627
93,479
71.48
72.45
86. 79
96.46
74.65
56.17
61.12
65.03
69.99
60.35
14, 382
16, 656
18, 756
21,892
21,176
22, 690
23,928
26,125
22,160
23, 269
13,597
15,056
16, 332
18, 299
17,876
20, 725
22, 917
29,959
26,495
27, 332
106. 77
110.63
114.85
119. 63
118.46
109.48
104.41
87.20
83.64
85.14
13,184
13,044
16,013
16,282
16,891
15,418
18,127
19, 204
21,619
23, 633
35,763
38, 567
43, 682
46, 221
49, 014
47, 570
53, 869
63, 721
69, 610
71, 719
36.86
33.82
36.66
35.23
34.46
32.41
33. 65
30.14
31.06
32.95
53,105
52,809
50,951
53,482
61,870
49, 608
55,876
55,471
49,093
101, 587
97,877
105, 745
91,448
108, 255
157, 571
205, 512
243, 354
240,380
52.28
53.95
48.18
68.48
67.16
3L48
• 27.19
22.79
20.42
24,124
26,160
25, 572
26, 748
26,892
24, 875
27, 581
29,837
21, 961
29, 581
29, 788
25,161
28,744
34,146
27, 755
24,817
18,036
16,164
17,916
14,595
84,873
105,974
87, 673
94, 635
132, 718
125, 360
29.64
27.12
29.01
27.81
20.29
20.57
17.08
13.50
11.64
18,114
17,299
17,410
19,476
32, 332
29,499
30,195
37, 300
31, 963
81.65
87.82
82.18
82.46
83.17
84.33
91.34
79.99
68.76
18, 250
68, 609
79, 536
71, 325
147,969
128,064
135, 906
139,103
146, 591
131,199
118, 572
131,190
87,180
387, 283
926,467
233, 451
232,941
353,873
337, 862
221, 347
205, 659
222, 703
174, 760
156, 232
20.93
17.72
8.58
30.56
63.52
36.19
40.23
62.84
7L28
58.91
67.85
83.97
12, 270
27, 563
33, 695
35, 950
31, 789
35, 831
33,941
35.428
38, 076
40, 016
39. 315
39,105
20, 309
51, 609
63, 816
66, 614
62, 415
64,881
67, 530
69,943
70,789
68, 632
62, 319
60.116
60.42
63.41
52.80
53.97
50. 93
55.22
60.26
50.65
53. 79
58.31
63.09
65.05
5,547
15,803
24,521
26, 206
42, 506
61, 578
60,093
60, 568
64, 373
64,072
64,140
68,056
49, 322
161,168
253,569
156,497
199,479
236,976
235,198
259,917
270,063
284, 253
282, 375
297,161
1L25
9.80
9.70
16.76
21.31
25.98
26.55
23.30
23.84
22.54
22.71
22. 90
80,891
87,079
61,116
65,959
77,898
91,577
86,133
92,784
31,116
32,438
117, 711
99,798
122,305
9,534
10, 562
11, 647
12,106
12, 548
14, 010
16, 318
15, 213
16,144
Ul
tel
o
i
i
o
tel
teJ
tel
>
Ul
F o r footnote, see p . 525.
OX
to
TABLE 15.—Customs duties (estimated) ^ and ratio of duties to value of dutiable imports, hy tariff schedules, for the years 1890 to 1929—Con.
[On b a s i s of r e p o r t s of t h e B u r e a u of F o r e i g n a n d D o m e s t i c C o m m e r c e ; doUars in t h o u s a n d s ]
SCHEDULE I.—Cotton manufactures
SCHEDULE J.—Flax, h e m p , and
j u t e , a n d m a n u f a c t u r e s of
SCHEDULE K.—Wool and manufactures of
S C H E D U L E L . — S O k a n d sUk goods
Y e a r ended—
Estimated
duties
J u n e 30:
1890.
1891..
1892
1893
1894
1895
1896
1897.......
1898
1899...
1900
1901...
1902
1903
1904
1905.
1906
1907
1908
1909...
19101911
1912.
1913
1914
1915.
1916
1917
1918Dec. 31:
1918 (6 m o n t h s )
1919-....
1920
1921.
V a l u e of
dutiable
imports
R a t i o of
duties to
imports
Estimated
duties
V a l u e of
dutiable
imports
R a t i o of
duties to
imports
Estunated
duties
V a l u e of
dutiable
imports
R a t i o of
duties to
imports
Estimated
duties
V a l u e of
dutiable
imports
R a t i o of
duties to
imports
$42,919
41, 410
42,096
44,608
21, 200
20,923
23,128
22, 703
13,067
17, 230
$70, 376
60, 307
53,497
55, 410
24,798
37,014
48, 353
48,903
18, 361
22, 342
P e r cent
60.99
68.67
78.69
80.51
85.49
56.53
47.83
46.12
7L12
77.12
$18,946
19, 369
16,966
20,310
12,824
14, 740
12,504
12,422
12, 232
13, 506
$38,247
37,300
31,442
37,920
24,161
31,023
26,628
26,517
22, 640
25, 027
Per cent
49.64
51.93
53.96
53.66
53.08
47.51
46.96
46.86
54.03
63.97
15, 712
20, 892
P e r cent
25.29
$48,326
38.77
38, 784
40,028
43.37
43,494
43.66
28,060
43.39
34, 875
40.32
29, 757
40.39
34,852
40.49
33, 705
46.62
44, 412 i 47. 04
5L08
49.65
49.33
47.15
47.07
47.26
46.12
44.84
43. 95
44.48
25, 701
26, 219
30, 695
33,191
32,898
33, 769
41, 777
49,891
41,922
42,145
. 4 , 733
5.
57, 669
68,133
71, 298
71,460
73,284
92,055
114,124
96,177
91, 210
46.96
45.46
45.05
46.55
46.04
46.08
45.38
43.72
43.59
46.21
21, 637
21, 575
26, 397
29,196
27, 252
33,078
37,969
36, 561
28,845
33, 366
30,657
30,728
35, 364
40, 560
39, 963
53,465
63, 265
62,832
45,822
62,814
70.68
70.21
74.64
71.98
68.19
6L87
60.02
58.19
62.95
63.17
15, 772
14,246
17,293
19, 277
16, 610
17,010
17,351
20,314
16,493
16,284
30,359
26, 836
32,242
36,048
31,483
31,823
32, 592
38,817
31, 756
31,001
51.96
53.12'
53.64
53. 47
52.76
53.45
53.24
52.33
61.94
62.53
28,311
26,204
24,358
25,067
32, 629
24,065
24,245
36,417
30,947
48.11
47.04
45.51
44.14
28.47
26.31
24.62
22.68
22.21
49,735
47,053
49,062
48, 912
19,913
8,795
8,619
8,209
7,200
106, 375
99,402
108, 698
116, 587
,56,471
30, 051
30, 944
29,130
26, 687
46.76
47.34
45.14
41.95
35.26
29.27
27.86
28.19
27.08
41, 905
28,983
27, 072
25,833
16, 957
9,912
6,129
7,081
8,956
70, 745
48,395
48, 361
45,336
39, 266
30, 438
18, 353
21,184
27,048
69.23
59.89
55.98
66.98
43.19
32.56
33.39
33.43
33.11
.17, 024
16, 053
13, 695
14,812
16, 377
9,810
11,928
14,656
10,067
32, 296
^ 30,994
26, 572
29,224
34,040
23,098
28,305
36,124
24,474
62.71
. 5L80
51.54
50. 68
45.17
42.47
42.14
41.72
41.13
13,622
33, 220
89, 275
68,414
22.80
23.23
23.74
26.09
2,682
6,553
13, 362
10,118
10, 873
27,187
52,926
36,828
24.67
21.10
25.25
27.47
2,962
6,696
16, 720
18, 307
9,827
18,128
49, 800
52,410
30.14
31.42
33.67
34.93
4,308
20, 276
21, 773
18, 576
10,749
49,684
65, 793
45,055
40.08
40.81
39.02
41.23
$11, 692
9,892
9,468
11,334
• 7,447
8,906
9,311
9,904
7,500
8,935
$29, 312
20,197
17, 053
20, 510
13,724
19,628
21, 276
22, 650
14, 663
17,003
P e r cent
39.89
18.98
55.52
55.26
64.26
. 45. 37
43.76
43.73
51.16
52.66
10, 566
9,716
10,423
11,944
11,035
10,409
12, 293
14,285
13,878
11, 666
20, 686
19, 568
21,129
25,332
23,412
22,027
26,656
31,857
31, 577
26, 228
13, 619
12,326
11,085
11,062
9,260
6,442
5,969
8,260
6,872
3,106
7,716
21,185
15,242
$12, 220
15,'035
17, 360
18, 989
12,174
14,060
12,018
14, 111
to
00
1922
1923
1924
1926
1926
19271928..
1929
-r
27.34
32.18
30.15
30.69
34.30
35.99
36.93
36.46
73,335
68,207
59,981
49,999
39,842
40,461
42,456
42,855
20,047
21,946
18,083
15, 347
13,666
14, 561
16, 681
15, 627
•
15, 999
24, 632
26,121
25, 684
26, 737
26, 525
25, 088
24, 600
25.19
20.34
22.28
17.87
18.42
20.96
18.48
19.01
63,605
121,126
117, 216
143,907
145,168
126, 524
136, 769
129,409
SCHEDULE M . — P u l p , paper, and
books
Y e a r ended
-
Estimated
duties
V a l u e of
dutiable
imports
R a t i o of
duties to
imports
48,225
91,466
62, 682
71,019
73,965
67, 219
57,172
61, 815
79,956
162,016
123,904
162,458
148,187
127, 707
115,181
121, 636
60.31
56.45
50.51
43.71
49.91
52.64
49.64
50.82
16, 622
21,692
17,629
21, 388
24,074
28, 815
27, 810
27,349
V a l u e of
dutiable
imports
46,35
53.18
63.05
53.07
54.54
56.18
57.06
58.00
Tea
SCHEDULE N.—Sundries
Estimated
duties
36,653
40, 794
33,234
40,304
44,138
61, 293
48, 73S
47,16e
R a t i o of
duties to
imports
V a l u e of
dutiable
imports
R a t i o of
d u t i e s to
imports
Ul
P e r cent
Estimated
duties
o
tel
J u n e 30:
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
.
.
.
.
.
: .
.
.
.
. .
:
Dec.31:
1918 (6 m o n t h s )
1919...
For footnote, see p. 526.
..
$65, 233
54, 680
51, 291
63, 390
38,820
47, 072
47, 748
41,184
56,868
68, 420
22.93
24.25
23.56
22.28
22.09
2L09
21.31
20.67
19. 76
19.39
$16,179
13, 693
13, 661
15,990
10, 602
10, 995
11, 203
10. 031
14,074
16, 272
18, 774
17,913
20,181
20, 843
18, 767
20, 771
26. 601
29,892
24, 475
26, 387
P e r cent
24.65
' 26.09
26.44
25.22
27.31
23.36
23.46
25.04
24.75
24.50
77,801
76,193
86, 668
98,423
78, 681
92, 513
119, 640
133, 093
94. 616
113,862
24.13
23.51
23.29
21.18
23.85
22.45
22.23
22.45
26.87
23.17
24,833
26, 111
22,828
24,899
13,999
9.386
6.491
8.036
6,368
2L28
21.62
21.41
20.45
22. 25
21.19
19.38
20.92
18.60
29,134
27,448
26, 932
30, 769
48, 539
37,159
39,496
40.286
30,568
120, 694
109, 050
108,953
128, 018
144,688
100,817
123,485
134.558
106,803
24.16
25.17
24.72
24.03
33.57
36.86
31.98
29.94
28.62
2,769
6,797
16.67
16.27
12, 653
54,433
44,035
206,447
28.73
26.37
$1,446
1,691
1,809
2,070
1,402
1,267
1.261
1,200
1,202
1,360
$7,480
7,399
7,191
8,680
6,761
5,443
5,666
6,319
4,684
6,224
P e r cent
19.33
22.86
25.16
23.85
24.34
23.10
22.26
22.56
25.67
25.84
1,766
1,703
1,896
2,221
2,379
2,526
3,021
4,136
4,416
4,412
7, 695
7,021
8,048
9.908
10.771
11,975
14,174
20. 006
22, 335
22, 765
5,285
5,645
4,887
6,091
3,114
1.989
1.268
1,682
1,186
460
1,106
Pt
tel
H
^
pt
o
$41
4.813
$76
6, 632
64.20
72.67
8,009
8.269
7,883
2,178
10,835
10, 005
10, 327
3,028"
73.91
82. 55
76.33
7L93
tel
H
W
tel
H
Pt
tel
f>
Ul
d
pt
Ki
Ol
to
CO
T A B L E 15.—Customs duties (estimated)^ and ratio of duties to value of dutiable imports, hy tariff schedules, for the years 1890 to 1929—Con.
[On basis of reports of the Bureau of Foreign and Domestic Commerce; dollars in thousands]
SCHEDULE M . — P u l p , paper, a n d
books
SCHEDULE
Ol
CO
o
Tea
N.—Sundries
Y e a r ended—
Estimated
duties
Dec.31:
1920
1921
1922
1923
1924
• 1925
1926
1927
1928
1929..
.
.
-
.
.
$1, 749
1, 672
2,776
4,667
4,813
4,416
5,241
5,417
7,881
6,099
V a l u e of
duitable
imports
R a t i o of
duties to
imports
Estimated
duties
16.68
18.78
2L67
24.29
26.70
23.64
24.42
24.47
30.42
25.32
$68,704
.54, 222
65,370
86,647
86, 695
83,288
86,448
88, 624
81,810
90,609
$10,488
8,902
12, 806
19, 217
18,729
18, 682
21,463
22,138
25,910
24, 089
V a l u e of
duitable
imports
R a t i o of
duties to
imports
$233,908
165,192
197, 513
226, 319
216,846
217, 279
229, 078
226,117
215, 657
241, 030
Estimated
duties
V a l u e of
duitable
imports
R a t i o of
duties to
imports
29.37
32.82
33.09
38.29
40.17
38.33
37.74
39.19
37.94
37.55
teJ
O
pi
H
O
tel
For footnote, see p. 625.
T A B L E 16.—Customs statistics, by districts, for the fiscal year 1930 ^
>
o
[On basis of reports of collections, see p. 468]
Receipts
Districts
Duties
Alaska (No. 31)....
Arizona (No. 26)
....
Buflfalo (No. 9)
Chicago (No. 39)
Colorado (No. 4 7 ) . . . .
Connecticut (No. 6)
Dakota (No. 34)
Duluth & Superior (No. 36)
El Paso (No. 24)
$22,022.07
1, 671, 658. 80
6,114, 975. 99
12, 930,176. 06
263, 002.17
1,027, 674.82
721,008. 31
350, 204.17
631, 500. 34
Tonnage tax
$3,155.68
2,067.86
478.10
605. 70
'230.'78
Head tax
$656.00
14,128. 00
74, 664. 00
33,136. 00
7, 240. 00
20, 768. 00
tel
Payments
All other
$9,466.90
16,084.01
118, 694.17
48,110.08
14, 704. 99
4, 382. 29
18, 384. 23
9, 731.83
32, 665. 27
Total
$35, 300. 65
1, 700, 870.81
6, 310,402.02
12,978, 763. 24
277, 707.16
1,032, 662.81
772, 528. 64
367,406. 78
684,933. 61
Ul
Excess duties Drawback paid
refunded
$36.47
1, 279.45
36,158. 90
258, 902. 36
2,936. 56
4,911. 24
11, 829. 56
17,020. 97
812. 62
$385. 76
42, 972.40
108,161. 35
11, 24L 19
""'345.'71
Florida (No. 1 8 ) . . .
G a l v e s t o n ( N o . 22)
Georgia ( N o . 17)1
H a w a u ( N o . 32)
I n d i a n a ( N o . 40)
I o w a ( N o . 44)
K e n t u c k y ( N o . 42)
. Los Angeles ( N o . 27)
M a i n e a n d N e w H a m p s h i r e ( N o . 1)
M a r y l a n d ( N o . 13)
_
Massachusetts (No. 4 ) . . .
Michigan (No. 3 8 ) . . . . .
M i n n e s o t a ( N o . 35)
MobUe ( N o . 19)
M o n t a n a a n d I d a h o ( N o . 33)
N e w Orleans ( N o . 2 0 ) .
N e w Y o r k ( N o . 10)
N o r t h Carolina ( N o . 16).
Ohio ( N o . 41)
O m a h a ( N o . 46)
Oregon ( N o . 29)
P h U a d e l p h i a ( N o . 11)
P i t t s b u r g h ( N o . 12)
P o r t o Rico ( N o . 49)
R h o d e Island ( N o . 5)
Rochester ( N o . 8)
Sabine ( N o . 21)
San A n t o n i o ( N o . 23)
San Diego ( N o . 2 5 ) 2 . . . .
San 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. L o u i s ( N o . 45)
Tennessee ( N o . 4 3 ) . . .
U t a h a n d N e v a d a ( N o . 48)
V e r m o n t ( N o . 2)
Virginia ( N o . 14)
W a s h i n g t o n ( N o . 30)
Wisconsin ( N o . 37)
Total-._
.^...
966, 635.96
010, 244. 60
702, 218. 65
784, 863.01
883, 353.47
86,59L01
622, 785. 30
796, 231. 79
099, 986. 71
092, 228. 92
418, 276. 53
838, 200.02
396, 770.03
665,998.25
210, 356. 47
26, 661, 641. 21
329, 088, 476. 35
9, 892, 972. 81
4, 799,161.11
312, 612.17
1, 430, 639. 04
47, 664,153. 59
4, 767, 006. 05
1, 904, 524. 68
1, 942, 415. 75
1, 957, 084.43
28, 999. 95
626,470.17
. 1, 763. 21
923, 536. 55
440,140.07
931,435. 57
010,180. 33
124, 921.49
65, 600. 79
724, 845. 72
719, 845. 63
884, 357. 66
771,198. 59
583, 878, 744. 26
65, 553. 68
109, 730. 20
11, 543. 22
54,832.42
28,000. 00
3, 360.00
104.00
22,816. 00
217, 893. 50
20, 630. 90
87, 640.14
158,104. 76
449. 98
33, 440. 00
67,912.00
744. 00
88, 076. 00
147,120. 00
•22,104.14
384. 00
15,136. 00
12, 850. 00
1, 829, 704. 00
164,
662,
5,
2,
946.
219.
226.
344.
34
58
82
34
304. 00
34,116. 94
96, 941. 26
66.00
1, 312. 00
21, 940.14
11, 506. 42
1,095. 76
29, 316. 72
7, 008. 66
128.42
85, 774. 98
11, 841. 20
•2,995.28
10, 384. 00
21, 576. 00
1,184. 00
112. 00
66, 456. 00
16.00
66, 592. 00
56.00
55,416. 00
2.36
27, 221. 74
125,444. 38
369.48
74, 264.00
112. 00
70, 736. 00
2, 035, 461. 88
2, 757, 814.00
854.89
262. 30
167.08
751. 70
567.43
570.08
992.64
144, 266. 65
78, 427. 32
136, 245.47
190, 556. 34
185, 345.06
7, 834.70
27, 818.09
15, 575.00
120, 577.12
2, 432, 506. 92
. 15, 723. 25
137, 222. 38
2, 779.17
21, 307. 97
159, 033. 92
8, 901. 61
61, 280.35
15. 718. 35
7, 456. 09
716. 95
391.97
447. 41
244, 134. 63
6, 655.81
140, 100. 72
29, 163.15
872.17
392. 66
95, 851. 76
63, 646. 39
269, 298. 09
12, 030. 21
4,162, 944. 52
8,161,597.00
7, 725,
032.95
263.13
1, 881,
884, 920. 90
87, 161.09
623, 777. 94
7,191,831. 84
2, 266,956.93
13, 316,858. 53
38, 855,013. 63
6,171,115. 06
1,403,604. 73
616, 304. 48
241, 067.47
26, 960,014. 67
334, 012,905.85
9,913, 922. 88
031.83
4, 939,
315, 391. 34
1, 486,119. 95
47, 921,440. 77
4, 775,907. 66
1, 988,129.17
1, 991,216. 52
820.28
1, 966,
67, 145. 62
779, 326. 80
2, 355. 04
14, 309,038.16
458, 693. 08
2,129, 947. 57
3, 039,
333.48
126, 793. 66
65, 993. 45
963. 84
1, 894,
825. 76
9, 810,
836.13
6, 349,
783, 598. 28
11, 217.
26, 258.
6, 163.
2, 589.
2, 856.
570.
1, 136.
111, 995.
8, 904.
.119, 457.
157, 625.
41, 908.
7, 859.
1, 127.
307.
72, 109.
7,445, 687.
315, 216.
56, 973.
1, 917.
14, 246.
469, 563.
21, 265.
682.
20, 764.
20, 242.
9, 781.
509.
6,165,657.47
693, 837, 677. 61
9, 685, 338. 62
113,
38,
11,
18,
1,
258,
1,
13,
63,
2,
6, 309. 50
9, 816.18
120, 639. 36
91,132. 35
97,162.
396, 238.
142, 395.
2, 702.
55
48
34
45
306, 675. 31
10, 657, 330. 84
Ul
113. 220. 76
g
22, 758. 84
1, 679, 756. 82
2, 986. 32
90.09
261. 51
9, 763. 93
tel
o
i
o
tel
669, i
;.68
tel
tel
>
6, 925.00
41, 875. 60
10,435. 58
Ul
cl
Kl
14, 466, 994.17
F o r footnotes ,see p . 633.
Ol
CO
Cn
CO
T A B L E 16.—Customs statistics, by districts, for the fiscal year 1930 ^- -Continued
to
[On t h e basis of reports of collections, see p . 468]
Vessels clearing from p o r t
District
.Alaska ( N o . 31)
,
Arizona ( N o . 26)
Buffalo ( N o . 9)
Chicago ( N o . 39)
Colorado ( N o . 4 7 ) . . .
C o n n e c t i c u t ( N o . 6)
D a k o t a (No. 34)
,
D u l u t h a n d Superior ( N o . 36)
E l Paso ( N o . 2 4 ) . . . .
,
F l o r i d a ( N o . 18)
G a l v e s t o n (No. 22)
Georgia ( N o . 17)
H a w a h ( N o . 32)
I n d i a n a ( N o . 40)
I o w a (No. 44)
K e n t u c k y (No. 4 2 ) . . . Los Angeles (No. 27)
..-,
M a i n e a n d N e w H a m p s h i r e ( N o . 1)
M a r y l a n d (No. 13)
—,
Massaichusetts ( N o . 4)
M i c h i g a n ( N o . 38)
..-.
M i n n e s o t a ( N o . 35)
--..
Mobile (No. 19)...
M o n t a n a a n d I d a h o ( N o . 33)
.-.
N e w Orleans ( N o . 2 0 ) . . - —
N e w Y o r k (No. 10)
N o r t h Carolina ( N o . 15)
Ohio (No. 41)
O m a h a ( N o . 46)
,
Oregon ( N o . 2 9 ) . . P h i l a d e l p h i a ( N o . 11)
P i t t s b u r g h ( N o . 12)_-..T o r t o Rico (No. 4 9 ) . . .
R h o d e I s l a n d ( N o . 5)
Rochester (No. 8 ) . .
,
-Sabine (No. 21)
^ a n A n t o n i o (No. 2 3 ) . .
,
Expenses
996. 33
160, 619. 68
672, 756.11
631, 478. 94
20, 433. 70
69, 259. 63
180, 312. 80
100, 248.90
217, 605. 96
450, 660.84
217, 070. 56
87, 461. 68
.151, 869.64
21, 405. 51
13, 533. 66
19, 841.60
504, U9. 37
406, 853. 27
594, 549.83
1, 517, 830. 43
249.95
1,000, 899. 48
67, 181. 78
64, 608. 30
169, 342. 95
712, 014.14
8, 569, 135. 26
46, 070. 53
197, 804.19
14, 224.18
126, 653. 23
1,108, 120. 21
59, 007. 87
317, 323. 52
47, 451. 86
118. 049.85
38, 999. 09
265,
Cost to
T o t a l numcollect
ber of
$100 .
entries
$186 00
9.40
8.30
4.00
7.30
6.70
22. 50
26.10
35.60
10.80
2.60
1.10
7.70
1.30
15.60
3.30
7.10
17.60
4.20
3.60
15.70
5.80
10.60
68.20
3.40
2.50
.30
3.90
4.20
5.40
2.10
1.10
18.00
2.30
6.00
56.60
32.80
1,618
14, 099
118, 323
138, 540
6,432
4,112
18, 876
12, 030
19, 638
71, 746
10,130
4.137
15, 532
2,056
953
3,523
71, 671
63, 766
70, 233
128, 777
118,488
43, 063
1,826
9,442
49, 083
1, 562, 716
8, 663
41, 702
2,464
13, 657
110,174
7,813
12,143
6,262
7,451
436
24,517
V a l u e of
imports
$1, 148,482
24, 460, 295
144, 396, 549
47, 628, 314
1, 117,144
6, 504, 787
24, 268, 792
25. 104, 591
6, 224, 207
30, 061,486
28, 427, 602
15, 280,139
9, 730, 205
1,889, 350
223, 620
1,067, 640
58, 903, 835
34, 108, 674
114, 463, 856
235, 729, 308
96, 359,100
6, 086, 376
12, 321, 099
3, 139, 459
169, 812,195
1,881, 327, 784
12, 076, 087
27, 434, 916
1, 211, 512
19, 871, 595
213, 515,138
10, 084, 372
10, 843, 050
8, 663, 260
.
7, 943, 996
2, 403, 050
.
- 6, 746,032
V a l u e of
exports
$665,041
13, 202,521
205, 304,337
8,149, 867
Foreign for
foreign
ports
Domestic
for
foreign
ports
Domestic
for
domestic
ports
173 129,437
9,480,634
68, 555, 275
36, 974, 991
285, 346,904
124, 230
54. 045,468
10, 413,169
340, 353, 241
, 698, 859,166
6,492,721
36, 245,384
59, 762,133
114, 636,761
4, 559, 018
181,124
14, 247,823
65, 434,112
95, 804.728
292
2,816
961
81
110
126
138
43
11
64, 959,112
43, 062,731
12,117,846
53, 878, 513
511,115,240
53. 849,656
2, 224,388
221
1
'275'
Pt
tel
o
Pt
H
"198"
O
601
872
124
90
2,207
466
76
146
391
tel
1,496
1,235
414
640
721
1,867
2,193
223
431
1,310
2,688
700
2,571 •
1.850
27
t2|
927
802
311
112
408
1,123
3,393
18
981
742
1,992
20
-2, 259
4,262
83
26
241
489
81
252
1,428
1,697
406
19
1, 677
177
37
676
230
50
297
177
M
a
tel
Ul
S a n Diego ( N o . 26) 2
S a n Francisco ( N o . 28).
S o u t h C a r o h n a ( N o . 16)
St. L a w r e n c e ( N o . 7)
St. Louis ( N o 45)
Tennessee ( N o . 43)
U t a h a n d N e v a d a ( N o 48)
V e r m o n t ( N o . 2)
Virginia ( N o . 14) -W a s h i n g t o n (No. 30)
Wisconsin (No. 37)
Parcel post
Totals
-
-..
.._
. . .
4,301. 52
921,611,00
23,487. 48
403, 357. 68
133, 294. 47
25, 267. 92
8, 226.14
428, 692. 82
176, 700. 23
632, 967. 48
58, 332. 29
178. 00
6.40
6.10
18. 90
6.20
20.00
5.10
26.80
L70
9.50
7.40
104
152, 977
736
51, 677
29, 695
1,759
4,558
35, 867
32, 919
79,189
14, 853
9,484
186, 095,385
8, 677, 482
92, 879, 277
11, 571, 880
568, 599
75, 421
52, 250,488
30, 835,802
161, 621, 621
4, 801,808
144, 752
180,525,405
19, 247, 384
72, 619,830
5
965
103
1,262
16
661
24
3,300
8
2,924
186
56
59, 697, 211
163,431, 953
129, 867,137.
1,907, 578
24,429,125
57
868
2,840
57
143
2,424
101
2,587
3,849
129
21, 308, 895. 99
3.50
3,188,181
3, 848, 864,144
4, 693, 845, 925
22, 365
22, 014
32,870
CQ
tel
Q
SUMAIARY
Total expenses paid from customs appropriation during the fiscal year 1930, as reported by collectors.._
Items not included in above total:
Salaries and expenses ofthe United States Customs Court
..• Salaries and expenses ofthe customs agency service
Travel, transportation, and miscellaneous expenses not reported by coUectors
-
$21,308,896.99
-
Total expenses paid from customs appropriation, including expenses incurred on account of enforcement of the navigation laws
Refunds to customs appropriation on account of reimbursable expenditures
.
$250,633. 84
969,292.00
381,399.44
-.
.
1,601,325.28
. . . 22,910, 221. 27
676,958. 61
Total
.
.22,233,262.66
Cost to collect $100 (based on total receipts from all sources and total expenditures, except reimbursable)..--—
3. 73
NOTE.—The duties and tonnage on the Treasury "cash basis" during the fiscal year 1930 amounted to $587,000,903.25. The figures in the above statement are based on reports
by collectors of receipts from all sources, and include estimated duties, duties and fines on mail importations, increased and additional duties, fines, penalties and forfeitures, and
sundry misceUaneous receipts, as well as coUections for the Department of Commerce and Labor.
> Customs receipts are credited to the districts in which the collections are made. Receipts in the various districts do not indicate the tax burden of the respective districts, since
the taxes may be eventually borne by persons in other divisions.
^
2 Last 9 days in June. Formerly included under Los Angeles.
3 Figures for Porto Rico not included in totals except those for import and export values.
tel
H
o
tel
W
tel
Ul
cl
Ol
CO
CO
534
REPORT ON T H E PINANCES
T A B L E 17.—Customs receipts, hy districts, fqr the fiscal year 1930
[On basis of w a r r a n t s issued, see p . 467]
District
Alaska ( N o . 31)
Arizona ( N o . 26)
Buffalo ( N o . 9)
Chicago ( N o . 3 9 ) .
Colorado ( N o . 47)
C o n n e c t i c u t ( N o . 6)
D a k o t a ( N o . 34)
D u l u t h a n d Superior ( N o . 36)
E l Paso ( N o . 24)
F l o r i d a ( N o . 18)
Galveston ( N o . 22)
Georgia ( N o . 17)
H a w a u ( N o . 32)
I n d i a n a ( N o . 40)
Iowa ( N o . 44)^_
K e n t u c k y ( N o . 42)
Los Angeles ( N o . 27)
Maine and New Hampshire (No. 1).
M a r y l a n d ( N o . 13)
M a s s a c h u s e t t s ( N o . 4)
M i c h i g a n ( N o . 38)
M i n n e s o t a ( N o . 36)
M o b i l e ( N o . 19)
M o n t a n a a n d I d a h o ( N o . 33)
N e w Orleans ( N o . 2 0 ) .
N e w Y o r k ( N o . 10)
N o r t h Carolina ( N o . 15)
Ohio ( N o . 41)
O m a h a ( N o . 46)
Oregon ( N o . 29)
P h i l a d e l p h i a ( N o . 11)
P i t t s b u r g h ( N o . 12)-_
P o r t o Rico ( N o . 49)._
R h o d e I s l a n d ( N o . 5)
Rochester ( N o . 8)
S a b i n e ( N o . 21)
S a n A n t o n i o ( N o . 23)
San Diego D i s t r i c t ( N o . 25)
San Francisco (No. 2 8 ) . - .
S o u t h Carolina ( N o . 1 6 ) . . .
St. L a w r e n c e ( N o . 7)
St. L o u i s ( N o . 45)
T e n n e s s e e (No. 43)
U t a h a n d N e v a d a ( N o . 48)
Vermont (No. 2 ) .
Virginia ( N o . 14)
W a s h i n g t o n ( N o . 30)
Wisconsin ( N o . 37)
Total..
Duties
$21, 959.51
1,663, 324. 86
6,116, 956. 23
12,891, 968.33
267, 199. 86
1, 034, 939.83
734, 907. 22
349, 033.44
632, 323.09
3, 975, 613. 03
7, 984, 689. 82
7, 716, 303. 40
1, 784, 863.01
609. 35
841. 21
622, 785.30
6, 795, 814.19
2,100, 671.10
13,075, 360. 64
38, 532, 981.60
6,838, 334.67
1,400, 343. 77
568, 233.12
215, 591. 80
26, 651, 151.62
329, 702, 817.56
9,840, 042.81
4, 799, 161.16
31-2, 375. 37
1,430, 639.04
47, 750, 336. 29
4, 767, 013.05
459. 96
1, 944,
1,958,056.87
29, 001. 28
626, 571.65
1,763.21
13,926, 979.31
440, 140. 07
805.90
1, 951,
3,021,470.39
124, 921.49
65, 929. 93
426.39
1, 739,
336.67
9, 737,
348.41
6, 869,
768, 582. 01
582, 764, 978.72
T o n n a g e tax
Total
$26,133.21'
1,663,324.86
6,119, 024.09
2, 067.86
463. 68 " 12,892,431.91
267,199.86
606. 70
1, 035,646.63
734, 907.22
349, 264.22
230. 78
632,323.09
4, 031,158. 73
65, 545. 70
8,094,420.02
109, 730.20
7, 728, 254. 80
11,951.40
64, 832. 42
1,839,695.43
884, 609.35
86,841.21
622, 785.30
217,893.60
7, 013, 707.69
20, 613.84
2,121, 284. 94
87, 588. 70
13,162, 949.34
157, 072. 26
38, 690,053. 86
449. 98
5,838, 784.65
1,400, 343. 77
22,104.14
590,337.26
215, 591.80
150, 759.08
26,801,910. 60
656, 707. 32 330,359,624.88
5,226.82
9,845,269.63
4,801, 505.50
2, 344.34
312,3/5.37
1,464, 755. 98
34,116. 94
47, 847,277.56
96, 941.26
4, 767, 013.06
. 22,032.16
22,032.16
1,955, 966. 38
11, 506.42
1, 959,152.63
. 1,095.76
29, 316. 72
58, 318.00
7,332. 32
633,903.97
128.42
1,891.63
85, 774. 98
14,012, 754.29
11, 841.20
451, 981.27
2, 996.88
1, 954,802. 78
3,021,470.39
124,92L49
65, 929.93
2.36
1, 739,428. 75
27,221. 74
9, 764, 558.41
126,299.16
6, 995, 647.67
369.48
768,951.49
$3,173. 70
2, 016,337.12
684, 771,315.84
SECRETAEY OF T H E TREASTJBY
535
T A B L E 18.—Panama Canal receipts and expenditures for the fiscal years 1903 to
1930
[On basis of warrants issued, see p . 467]
Expenditures
Receipts covered into t h e
Treasury i
Year
1903
1904
1906
1906
1907
1908
1909
1910
1911
1912
1913
. .
1914
1916
1916......
1917
1918
1919
1920
1921....
1922
1923
1924
1925
1926
1927
1928
1929...
1930
Total
..
.
..
Construction,
maintenance,
a n d operation 2
$9,986.00
60,164,500.00
3,918,819.83
$371,253.06
19,379, 373.71
380,680.10
27.198, 618. 71
1,178,949.85
38, 093,929. 04
1,083,761.49
31,419,442.41
705,402.42
33,911, 673.37
3, 214, 389.48
37, 038,994. 71
1, 757, 284.44
34, 285, 276. 50
2,982, 823.92
40,167, 866. 71
4, 070, 231. 27
31,702, 359. 61
698, 647.87
4,130, 241. 27 24, 677,107. 29
14, 888,194. 78
2,869,995. 28
16.199, 262. 47
6,150, 668. 59
13, 549, 762. 56
6,414, 570. 25
10,954, 409. 74
6, 777, 046. 56
6, 281, 463. 72
9, 039, 670.95
16, 480, 390. 79
11,914, 361. 32
3, 041, 035.40
12,049, 660. 65
3,870, 503. 37
17, 869,985. 25
7, 391, 711. 97
27,124, 513. 33
22,903, 732. 44 • 9,300,509.73
8, 669, 333. 57
24,291,917.87
7,863, 376. 03
25, 894,701.45
10,909,442. 27
28,834,345.42
10, 220,913. 25
28, 831,447.24
10,497,935. 33
28,971,643.03
280, 511,924. 79
522, 086,191. 87
Fortifications
$30,608.76
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
1,153, 322. 38
586, 043.94
1,165, 632. 63
943,986. 31
999,413. 77
39, 748,967.36
T o t a l general
expenditures
Interest paid
on P a n a m a
C a n a l loans
$9,985.00
3 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
41,991, 358. 03
35, 079, 260.46
29,444,712.67
17, 756, 536. 75
19, 512, 795. 02
21, 037, 624.92
12, 515, 774.48
9, 715, 056. 54
18, 568,398.45
. 3,937,362.85
4, 820, 692. 57
7, 786, 675. 34
10,173:199. 66
. 9,822,655.95
8,449,419.97
12, 076, 074.80
11,164, 898. 56
11,497,349.10
$785, 268. 00
1,319,076.68
1,692,166.40
1, 691,107. 20
3, 000, 669. 60
3, 201, 055.81
3,194,105.95
3,199, 385. 06
' 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
2,989, 598.76
2,991,988. 25
2, 987, 329.96
3, 002, 235. 80
2, 991, 375.23
561,835,159. 23
63, 309, 336.41
* Beginning with the fiscal year 1924, the amounts shown in this column have been revised to include the
sums received as dividends on capital stock ofthe Panama Railroad owned by the United States.
2 The amounts shown in this column have been revised to include the payments to the Governrnent of
Panama under the treaty of Nov. 18, 1903, of $250,000 per annum, the first payment being made during the
fiscal year 1913, and similar payments continuing each year since that date; but do not include the payments
to the Government of Colombia girowing out of the construction of the Panama Canal of $5,000,000 per
annum during the fiscal years 1923 to 1927, inclusive, an aggregate sum of $25,000,000, as provided for under
the treaty of Apr. 6, 1914.
3 This amount includes the $40,000,000 paid to the New Panama Canal Co. of France for the acquisition
of the property, and the $10,000,000 paid to the Republic of Panama in connection with the Canal Zone
as provided for under article 14 of the treaty of Nov. 18,1903.
536
REPORT ON T H E PINANCES
E s t i m a t e s of receipts and appropriations
T A B L E 19.—Actual receipts for the fiscal year 1930 and estimated receipts for the
fiscal years 1931 and 1932
[Estimates on basis of the latest information received from the Bureau of the Budget]
Ordinary receipts
Actual, 1930,
on basis of
daily Treasury Estimated, 1931 Estimated, 1932
statement (unrevised)
GENERAL FUND
Revenue receipts:
Customs 1
Income tax K.
Miscellaneous internal revenue 3—
Estate tax
Alcohohc spirits, etc
>
Tobacco manufactures..'.
Admissions and dues
Stamp taxes, including playing cards
Oleomargarine, process butter, etc
Miscellaneous, including prohibition and narcotic taxes, delinquent taxes under repealed
laws, etc
-•
Total miscellaneous internal revenue.
$586,989,191.76
$501,994,600. 00 $611,994,500.00
2,410,971,631.17 2,189,986,000.00 2,259,986,000.00
64, 696, 525. 04
11, 695,267. 67
450, Oil, 598.12
16, 751, 759. 51
77,728,669.90
3,930, 995. 94
3, 092, 667. 29
627,907.473.47
70, 000,000. 00
11, 000, 000. 00
459, 599, 500. 00
16, 000, 000. 00
60, 000, 000. 00
4, 000, 000. 00
2, 000, 000. 00
622,699,600.00
Miscellaneous <
—
Miscellaneous t a x e s Immigration head tax
2, 722,898. 00
2, 700,000. 00
Tax on circulation of national banks...
3, 248, 327. 85
3, 244,000. 00
Taxes, hcenses, fines, etc.. Canal Zone
87,378. 57
80, 000. 00
Interest, exchange, and dividends on capital
stockInterest on advance payment to contrac. tors
80, 448. 26
64,760. 00
Interest on deferred payments or collections.
66,930.12
49,714.00
Interest on bonds of foreign governments
under funding agreements
72, 475,919. 26 184, 531,210. 00
Interest on public deposits
3, 622, 000. 26
3, 672, 001. 00
Interest on miscellaneous obligations
1,893, 550. 72
2, 880,150. 00
Discount on certificates of indebtedness.
Treasury notes, and bonds redeemed
and purchased
5, 459,401. 35
Dividends on capital stock of the Panama
Railroad owned by the United States...
700,000. 00
700,000. 00
Gain by exchange
445. 02
600.00
Repayments, military and naval insurance, Vieterans' Bureau, 1929 and prior
years
361, 774. 35
Repayments, Federal control of transportation systems
44, 550. 34
13,080.00
Repayments, loans to . raUroads after
3, 327,351. 00
termination of Federal control
1, 706, 239. 00
Fines and penalties—
626,102. 04
Judicial
650, 009. 00
Customs Service
2,085,908. 91
2,174, 000. 00
Immigration Service
316,142. 91
200,000. 00
Enforcement of national prohibition act|
(judicial)
4, 201, 775. 22
4, 500,000. 00
Recovery of value of oil in case of United
2,906,484. 32
States against oil companies
88,448. 62
Other
74,100. 00
Fees30,124. 05
Alaska game laws
30,800.00
1,580,022.33
Clerks, United States courts
1,700, 000. 00
47,650. 55
Board of Tax Appeals
50, 000. 00
Commissions on telephone pay stations in
76, 306. 59
76, 065. 00
Federal buUdings and rented post offices.
53, 743.89
Fees and commissions (land offices)
60,000. 00
1 E.xclusive of special funds, 1930, $11, 711.49; 1931, $5,500; 1932, $5,600.2 Exclusive of special funds, 1930, $16,346.36; 1931, $15,000; 1932, $15,000.
3 Exclusive of special funds, 1930, $400,562.38; 1931, $400,500; 1932, $380,500.
< Miscellaneous receipts classified by departments and establishments on p. 542.
75,000, 000. 00
11, 000, 000. 00
489, 619, 500. 00
17,000, 000. 00
77, 000, 000. 00
4, 000, 000. 00
2,000, 000. 00
675,619,600.00
2,700,000. 00
3,244,000. 00
80,000. 00
44, 500. 00
184,260,434. 00
3, 672,001.00
4, 625, 600. 00
700,000.00
600.00
11,064. 00
2,805,896.00.
700,000. 00
2,174, 000. 00
200, 000. 00
4, 800, 000. 00
74,100. 00
31, 600. 00
1, 750,000. 00
50,000.00
76, 065. 00
58,000. 00
537
SECRETARY OF THE TREASUBY
TABLE 19.—Actual receipts for the fiscal year 1930 and estimated receipts for the
fiscal years 1931 and 1932—Continued
[ E s t i m a t e s on basis of t h e latest information received from t h e B u r e a u of t h e B u d g e t ]
O r d i n a r y receipts
A c t u a l , 1930,
on basis of
daUy T r e a s u r y E s t i m a t e d , 1931 E s t i m a t e d , 1932
s t a t e m e n t (unrevised)
GENERAL FUND—Continued
Revenue receipts—Continued.
Miscellaneous—Continued..
Fees—Continued.
Consular a n d passport
Copying
CopyrightI m m i g r a t i o n (registration)
:..
Indian lands and timber
M a r s h a l s , U n i t e d States courts
—
Naturalization
—
Navigation
_
—
On letters p a t e n t
—
Testing...
Other.....
ForfeituresB o n d s of aliens, contractors, etc
Bribes to U n i t e d States officers
C u s t o m s Service
Judicial
—
U n d e r enforcement of national prohibition act ( T r e a s u r y a n d Judicial)
U n c l a i m e d m o n e y s a n d wages r e m a i n i n g
in registry of courts
U n c l a i m e d funds
,
Unexplained balances in cash a c c o u n t s . . . .
Other.....
..,
Reimbursements—
C o n s t r u c t i o n charges ( I n d i a n Service)
Collections u n d e r grain s t a n d a r d s act
M a i n t e n a n c e of District of C o l u m b i a inm a t e s in Federal penal a n d correctional
institutions
1
District of C o l u m b i a liability u n d e r civU
service r e t i r e m e n t act, a n d a d m i n i s t r a t i v e expenses, u n d e r employees' compensation act, fiscal year 1929
Refund on e m p t y containers.Gasoline S t a t e tax
Expenses, miscellaneous
B y contractors for excess cost over cont r a c t price
--.___
Expenses of redeeming national currency.
Inspection of food a n d farm p r o d u c t s
D e d u c t i o n s from a w a r d s of M i x e d Claims
Commission, U n i t e d States a n d Germ a n y , to cover r e i m b u r s e m e n t for expenses incurred b y U n i t e d States in respect thereof, s e t t l e m e n t of w a r claims
act of 1928
G o v e r n m e n t p r o p e r t y lost or d a m a g e d
Hospitalization charges a n d expenses
E x p e n s e of international service of ice observations a n d p a t r o l . Costs from estates of deceased I n d i a n s
A p p r o p r i a t i o n s m a d e for I n d i a n tribes
S e t t l e m e n t of claims
_
Other
G ifts a n d c o n t r i b u t i o n s M o n e y s received from k n o w n a n d u n known persons..
D o n a t i o n s to t h e U n i t e d States
$7, 773, 075. 60
41, 028.10
331, 281. 00
145, 787. 32
278, 465.18
191, 627.17
1, 936,820. 32
236, 322. 72
4,023,728.52
79, 082. 54
70, 278. 21
482,
47,
182,
79,
967.
518.
997.
747.
29
57
92
83
$7, 680, 000. 00
34, 465. 00
346, 000. 00
240, 000. 00
280, 000. 00
225, 000. 00
3, 000, 000. 00
250, 000. 00
4, 900, 000. 00
82, 700.00
393, 500. 00
$7, 585, 000. 00
34, 526. 00
360, 000. 00
200, 000. 00
280, 000. 00
235, 000. 00
3, 000, 000. 00
250, 000. 00
656, 600. 00
46, 600. 00
184, 000. 00
684, 600. 00
46, 600. 00
184, 000. 00
87, 700. 00
387, 000. 00
168,161.90
160, 000. 00
180, 000. 00
241,457.47
7, 938. 84
430. 26
20, 510. 08
235, 000. 00
2,445. 00
60.00
94,100. 00
236, 000. 00
2,140. 00
60.00
94,100. 00
49, 303. 06
107, 836. 72
50, 000. 00
110, 000. 00
50, 000. 00
115, 000. 00
122, 617.:
130, 000. 00
210, 000. 00
4, 350. 56
11, 842. 81
14, 051.11
4, 355. 00
500. 00
10, 000. 00
4, 366. 00
600. 00
10, 000. 00
89,476. 92
514, 963. 62
255,447. 79
79, 500. 00
720, 700. 00
271,880. 00
79, 500. 00
960, 500. 00
292, 500. 00
86,105. 69
83, 273. 02
149,071. 43
250, 000. 00
77, 943. 00
146, 000. 00
60, 000. 00
78,443.00
148, 000. 00
109, 846. 99
58, 603. 88
109,107.13
66, 686. 84
157, 980.43
175,
58,
110,
56,
32,
00
00
00
00
00
147,000. 00
58, 000. 00
110,000.00
56, 500. 00
32, 796. 00
4, 320. 00
3, 000. 00
4,320. 00
3, 000.00
6, 389. 75
16,888. 00
000.
000.
000.
500.
796.
538
IlEl'ORT Oisr THE I^iJSTANOJBS
TABLE 19.—Actual receipts for the fiscal year 1930 and estirriaied receipts for ihe
fiscal years 1931 and 1932—Continued
[Estimates on basis of the latest information received from the Bureau of the Budget]
Ordinary receipts
Actual, 1930,
on basis of
daily Treasury Estimated, 1931 Estimated, 1932
statement (unrevised)
GENERAL FUND—Continued
Revenue receipts—Continued.
Miscellaneous—Continued.
Sales of Government property—productsScrap and salvaged materials, condemned
stores, waste paper, refuse, etc
,
Agricultural products, including livestock
and livestock products
Card indexes. Library of Congress..
Pubhc documents, charts, maps, etc
Electric current (Dam No. 2, Muscle
Shoals, Ala.)
Heat, light, and power (Capitol Power
Plant)
Seal and fox skins and furs
Occupational therapy products...
Subsistence (meals, rations, etc.)
Water
Ice._
Other
Sales of servicesFumigating and disinfecting..
Laundry and dry-cleaning operations
Overhead charges on sales of services or
supplies (War and Navy)
Operation of properties, U. S. Housing
Corporation
,
i
Quarantine charges (including fumigation,
disinfection, inspection, etc., of vessels.
Quarters, subsistence, and laundry service.
Radio service
Storage and other charges (Center Market, Washington, D. C.)
Telephone and telegraph
^
Tolls and profits, Panama Canal
.
Work done for individuals, corporations,
et al
_.
Other
Rents and royaltiesRent of public buUdings, grounds, e t c . . . .
Rentals (Center Market, Washington,
D. C.)
Rent of land
Receipts under mineral leasing acts
Royalties on oU, gas, etc
Rent of equipment
Rent of telegraph and telephone facUities-.
Rent of waterpower sites
Other
Permits, privileges, and licensesBusiness concessions
Fishing and hunting
Immigration permits
Licenses under Federal water power act..
Permits to enter national parks
Pipe-line water and power transmission
rights
,
Other
Mint receipts (profits on coinage, buUion deposits, etc.)..
Forest reserve fund...
Postal receipts, Panama Canal
United States share of District of Columbia
receipts
T o t a l miscellaneous r e v e n u e receipts..
T o t a l r e v e n u e receipts
$2,408, 447.00
$2,059,002.00
120,788.86
247, 572. 05
523, 795. 53
146,000.00
260,000.00
467,943.00
143,200.00
280, ooo! 00
460,443. 00
612,079. 51
587, 250.00
^ 697, 260.00
152, 654. 28
288, 246. 64
110, 994. 02
18,465. 54
52, 307.12
12,967.17
154,156. 00
171,000.00
100,600.00
18, 500.00
63,100. 00
60,000.00
• 31,800.00
, 178,000.00
99,900.00
100,600.00
18,600.00
60,100. 00
60,000.00
32,100.00
87, 664. 50
1,212,100.52
80,000.00
1,224,800.00
80,000.00
1,238,800. 00
100,440. 88
102,000.00
102,000.00
568,196. 48
135, 685. 85
111, 482. 41
662,000.00
140, 850.00
102,000.00
562,000. 00
140,850. 00
102, 000.00
377,941. 46
333, 688. 07
27,791, 716.49
286,005. 00
364, 615.00
27, 207,436. 00
236, 005.00
361, 616.00
27,200,000.00
86, 056. 01
54,171. 01
91, 220. 00
60, 766. 00
91,300. 00
60,766.00
632, 672. 70
794,025.00
783, 625.00
139,820. 98
275, 347.06
473,496. 92
1,611,939.61
69,099. 90
23, 750. 34
57, 217. 72
37,171. 07
70, 000. 00
264,350. 00
400,000. 00
1,546,000. 00
66, 000. 00
26,026. 00
67,000.00
117,036. 00
264,060.00
400, 000. 00
1, 546,000.00
66,000.00
26, 326. 00
67,000.00
16,000.00
273, 542. 39
11, 845. 50
321,450. 85
213,278. 76
663,870. 50
305,680.00
10,050.00
350,000.00
249,455. 00
750, 000. 00
345, 680.00
10,000.00
350,000. 00
208,812. 00
, 899,000.00
15,874. 25
1,488. 58
15,200.00
1, 700.00
15,200. 00
2, 250.00
8, 321, 544. 93
4, 614,126. 97
255,192. 68
4,876,500.00
4,160,000.00
260,000. 00
4,879,000. 00
4,660,000. 00
260,000.00
279,154,068. 00
277,075,951. 00
$2, 369,013.17
270, 987.11
48,184.96
178, 365,675. 26
3,804,233,971.65 3,593, 733,068.00 3,824,674,961.00
539
SECBETARY OF THE TREAStJR-?
TABLE 19.—Actual receipts for the fiscal year 1930 and estimated receipts for the
fiscal years 1931 and 1932—Continued
[Estimates on basis of the latest information received from the Bureau of the Budget]
Ordinary receipts
Actual, 1930,
on basis of
daily Treasury Estimated, 1931 Estimated, 1932
statement (unrevised)
GENERAL FUND—Continued
Nonrevenue receipts:
Army costs due the United States from Germany.
Repajnoaents of investmentsFederal control of transportation systems
(repayments to appropriations)
Loans to railroads after termination of Federal control, etc. (Repayments to appropriations)
Farmers' seed-grain and feed loans (repayments to appropriations)
Loans to farmers in storm, drought, and floodstricken areas (repayments to appropriations)
Return of advances made to reclamation fund.
Reimbursement of relief moneys furnished
American citizens in Europe
Liquidation of capital stock, Federal land
banks
Principal of bonds of foreign governments
under funding agreements
Principal of government-owned securities
(sale of war supplies)
,
Construction costs of public works in Colon
and Panama
'.
,
Other
Sales of pubhc lands
,
Sales of Government propertyCapital equipment, includes trucks, horses,
cars, machinery, furniture and fixtures, and
other capital equipment
Land and buildings
,
Office material, etc. (General Supply Committee)
.
,
War supplies
Coos Bay wagon-road grant fund
Other
,
Total nonrevenue receipts..
Total general fund receipts.
$10,164,360. 61
$6,061,331.00
$6,026,873.00
133,630.36
33,600.00
33, 600.00
7,979,817.12
1,806,988.00
6,073,830.00
3,916,500.00
1,000, 000.00
1,661,600.00
1,000,000.00
10,916.92
4, 360,152. 06
1, 000, 000.00
366,976.62
90,609. 60
47,200.00
46,200.00
6,167,346.84
3,361,817.00
4,600,641.00
37,868,20
227,868.00
37,868.00
63,079.68
11,620.86
47,024. 78
68,000.00
12,200.00
30,000.00
68,000. 00
12,200.00
30,000.00
431,867.77
2, 686, 233.41
181,649.00
799,150.00
181,649.00
6,319,226. 00
13,951,91
1,950, 575. 61
217,807. 76
6,362.32
10,000. 00
1,179,000.00
180,000.00
6, 500. 00
10,000. 00
i; 449,700. 00
180,000.00
6, 600. 00
36, 628, 071.22
17,901, 803. 00
27, 726, 787. 00
3,839,862,042.87 3, 611,634,87L 00 3,852,401,738.00
SPECIAL FUNDS
Revenue receipts:
CustomsPhilippine tariff fund duties
Philippine tonnage t a x . .
.
Internal revenue—income tax on railr.oads in
Alaska
Miscellaneous internal revenue t a x e s Philippine revenues __
^.
Estate taxes
Miscellaneous taxes—Federal reserve and Federal
intermediate credit banks franchise tax
Interest, exchange, and dividends on capital
stockInterest on income of Library of Congress
trust fund, investment account
Interest on endowment fund, preservation of
birthplace of Abraham Lincoln...
Pay, misceUaneous, Navy (gain by exchange).
Interest on funds contributed for memorial
to women of-World War
.
Interest on bonds of foreign governments
under funding agreements
1, 699.16 }
10,112.34
5, 500. 00
6,500. 00
15,346. 36
15,000.00
15,000.00
327, 462.38
73,100. 00
400,500.00
380,500.00
4,455, 461. 53
400,000.00
1,150,000.00
32, 236.91
35.950.00
36,960.00.
2,040. 00
14.31
2,040. 00
10.00
2,040.00
10.00
1, 486.00
I, 466, 600.00
540
REPORT ON T H E FINANCES
T A B L E 19.—Actual receipts for the fiscal year 1930 and estimated receipts for the
fiscal years 1931 and 1932—Continued
[Estimates on basis of the latest information received from the Bureau of the Budget]
Ordinary receipts
Actual, 1930,
on basis of
daily Treasury Estimated, 1931 Estimated, 1932
statement (unrevised)
SPECIAL FUNDS—continued
Revenue receipts—Continued.
Fines and penalties—Navy fines and forfeitures..
FeesFees ahd commissions (land offices)
On letters patent
ForfeituresBonds of aliens, contractors, e t c . .
Other
_
Assessments—
Passage monej^s collected from steamship
companies for return of deported aliens
Federal reserve banks for salaries and expenses, Federal Reserve Board
Federal and joint stock land banks, and Federal intermediate credit banks, salaries and
expenses. Federal Farm Loan Board
-.
Salaries and expenses, national bank examiners
.:
-.
General railroad contigent fund
.
Austrian, German, and Hungarian Governments' moiety, expenses. Mixed and Tripartite Claims Commission.
Naval hospital fund
-Deposits by individuals for expenses of surveying public lands
Deposits for establishing wool standards
Other
Reimbursements—
Under cotton standard act..
Maintenance charges, irrigation systems,
Indian Service
CoUections, reclamation fund.j
Auxiliary reclamation fund, Yuma project,
Arizona
Jiftsand contributions—
For memorial to women of World War
Contributions to Library of Congress investment account
Library of Congress gift fund
Forest Service cooperative work
Donations, National Park Service
Pan American Union quotas
Contributions to International Water Commission, United States and Mexico
Contributions for river and harbor improvements
Roads, bridges, and related works, Alaska
Donations for restoration of old Fort Niagara,
N.Y
Contributions for paving Dry Valley Road,
RossviUe, Ga
Donations to the United States
Other
Sales of Government property—productsElectric current, power plant, Coolidge Dam,
Ariz
-.Other
Sales of services, profits from sale of ships' stores.
Navy
Rents and royaltiesLeases, Annette Islands reserve, Alaska
Receipts under mineral leasing acts
c
Moneys due Oklahoma from royalties, oil and
gas, south half of Red River
Potash deposit royalties and rentals
Other
r.....
$507, 460.14
$500,000. 00
$475,000. 00
360,183. 91
315,000. 00
292,000.00
4,900,000. 00
55, 200. 00
5, 500. 00
60,000. 00
50,000. 00
2,159. 73
10,000. 00
10,000. 00
2, 829, 430. 36
2, 500, 700. 00
1, 609, 200. 00
984. 851. 03
391, 000. 00
2, 510, 078. 56
2,411,850.13
2, 600,000. 00
2, 500,000. 00
2, 600,000. 00
2, 500,000. 00
17,000. 00
450,000. 00
17,000. 00
450,000. 00
17, 422.
451, 506.
28,917.
40, 000.
694.
90, 319. 66
20, 000. O
U
50, 000. 00
85, 000. 00
20,000. 00
50,000. 00
85,000. 00
503, 023.
4.911,153.
420,000. 00
7, 90U, 000. 00
420,000. 00
i, 900,000. 00
28,171.
30, 000. 00
30, 000. 00
123,035.
138,882.
289,266.
1,775, 595.
1,773, 563.
72, 583.
232, 700. 00
1, 700, 000. 00
100, 000. 00
95, 000. 00
206,850. 00
1, 700,000. 00 •
100,000. 00
95, 000. 00
2, 600,000. 00
200,000. 00
3,450,000. 00
200,000. 00
26,109. 24
2,651. 06
100,000. 00
100,000.00
297,664.89
300,000.00
300,000.00
4, 260,032. 31
38, 040. 00
> 600,000. 00
25,000. 00
3,600,000. 00
35, 000. 00
15, 000.00
35, 000.00
15, 000. 00
1,400.00
1,710, 511. 00
150,347. 64
. 16,000.00
13, 600.
3.
7L
34, 306. 48
13,766. 76
541
SECRETARY OF THE TREASURY
TABLE 19.—Actual receipts for the fiscal year 1930 and estimated receipts for the
fiscal years 1931 and i55;^—Continued
[Estimates on basis of the latest information received from the Bureau of the Budget]
Ordinary receipts
Actual, 1930,
on basis of
daily Treasury E s t i m a t e d , 1931 E s t i m a t e d . 1932
Statement (unrevised)
SPECIAL FUNDS—continued
Revenue receipts—Continued.
Permits, privileges, and licensesAlaska fund
-Licenses under Federal water power act
Purchase of Army discharges
Forest reserve fund
Total revenue receipts
Nonrevenue receipts:
Realization upon assetsRepayment of investments—
Construction loan fund, U. S. Shipping
Board (repayments to appropriations)..
Principal of bonds of foreign governments
under funding agreements.
Sales of public lands
Sales of Government property—
Land and buildmgs
Lands, etc., on account of naval public
works construction fund
Lands, etc., on account of mUitary post
construction fund
Coos Bay wagon-road grant fund
Oregon and Cahfornia land-grant fund
Ordnance material (war)
Funds deposited for construction loans under section 11, merchant marine act, 1920..
Other
:
$220,589.68
263, 539. 32
300,000. 00
2, 232,287.87
2,240,000.00
2,240,000.00
103,826,186. 36
30,672,335. 00
34,642,238. 00
$250,000.00
368,895.00
$260,000.00
328,188.00
1,361,860.67
2,285,000.00
3,600,000.0
91, 466,941. 92
348,719. 50.
48,246,024.00
270,000.00
67,749,306.00
270,000.00
8,921.77
5,000.00
484. 25
1,000. 00
1,000.00
1, 965,830.86
72,602. 59
523,289.69
6,324.61
609, 213. 00
60,000. 00
600, 000. 00
70, 000. 00
760,000. 00
60, 000. 00
600,000. 00
70,000. 00
8, 060, 508. 40
9, 545. 49
11,600,000.00
26,000. 00
5, 746,000. 00
26,000. 00
Total nonrevenue receipts
103,813, 380. 63
63, 571,237. 00
68,676,305.00
Total special fund receipts
207, 639, 566. 98
94,143, 572. 00
103,317, 543.00
6,000.0
Total general and special fund receipts.. i, 047, 501, 609. 85 3,705, 778,443. 00 3,995,719, 281. 00
TRUST FUNDS
Government life-insurance fund
Pension money, St. Elizabeths Hospital
Personal funds of patients, St. Elizabeths Hospital
Indian moneys:
Proceeds of labor
Oil and gas leases, etc., Osage Reservation, Okla...
Kiowa, Comanche, and Apache Indians, Okla.,
moneys due for oU and gas, south half Red
River, act Mar. 4, 1923
Proceeds of sales and leases of Indian lands, etc
Pay ofthe Navy and Marine Corps, deposit funds (repayments to appropriations)
Foreign ser vies retirement and disabUity fund:
Deductions from salaries. Department of-State
Interest on investments
Pay of the Army, deposit fund
.
. ...
Soldiers' Home permanent fund...
Miscellaneous trust funds
District of Columbia
Total trust fund receipts
80,870, 496. 86
83, 293. 68
167,914. 36
78, 530,000.00
75, 000. 00
140, 000. 00
79,427,146. 00
80 000 00
160, 000. 00
3,052, 879.17
6,120,452. 34
3, 000, 000. 00
3, 000, 000. 00
47, 228. 69
1, 355,129.46
7, 500, 000. 00
6, 600, 000. 00
191, 225. 61
210, 000. 00
198, 000. 00
3, 074.10
58,125. 41
1, 635,967.12
459,110. 02
141, 627. 48
35,194, 596. 45
4,400.00
5. 000. 00
1, 300, 000. 00
463, 000. 00
111, 900. 00
37, 752, 500. 00
1, 300, 000. 00
463, 000. 00
112, 500. 00
39,066, 000. 00
129, 381,120. 75
129, 086, 800. 00
129,400, 646. 00
Total...
4,176, 882, 730. 60 3,834, 865, 243. 00 4, 085,119,927. 00
Adjustment between cash and warrant distribution...
1,058,971.39
Total ordinary receipts, exclusive of postal revenues.. 4,177,941,701.99 3,834, 865,243. 00 4, 085,119,927. 00
542
REPORT ON T H E FINANCES
TABLE 19.—Actual receipts for the fiscal year 1930 and estimated receipts for the
fiscal years 19S1 and 1932—Continued
RECAPITULATION
[Estimates on basis of the latest information received from the Bureau of the Budget]
A c t u a l , 1930,
on basis of
daily Treasury
statement (unrevised)
0
O r d i n a r y receipts '
General funds:
Customs
Interna] revenue.
. . .
Miscellaneous receipts
.
E s t i m a t e d , 1931 E s t i m a t e d . 1932
$686, 989,191. 76 $501, 994, 500. 00 $611, 994, 500. 00
3, 038, 879,104. 64 2, 812, 684, 500. 00 2, 935, 604, 500. 00
304,802, 738. 00
213, 993, 74.6.47
297, 055, 871. 00
....
3, 839,862, 042. 87 3,611,634,871.00 3,852,401, 738. 00
Special funds:
Customs
. . .
Internal revenue
Miscellaneous receipts .
.
T r u s t funds:
Aliscellaneous receipts
11, 711. 49
415, 908. 74
207, 211, 946. 75
6, 500.00
415, 500. 00
93, 722, 672. 00
6, 600. 00
395, 600. 00
102, 916, 543. 00
207, 639, 566. 98
.
.
94,143, 672. 00
103, 317, 543. 00
129, 381,120. 75
129,086,800.00.
129,400,646.00
4,176,882, 730. 60 3,834, 865, 243. 00 4, 085,119,927. 00
1, 058, 971. 39
A d j u s t m e n t b e t w e e n cash a n d w a r r a n t d i s t r i b u t i o n . .
Total
4,177,941,701.99 3, 834, 805, 243. 00 4, 085,11.9, 927. 00
S u m m a r y of general, special, a n d t r u s t funds:
Customs
.
Internal revenue
Miscellaneous receipts
687, 000, 903. 26
612, 000, 000.00
602, 000. 000. 00
3, 039, 295, 013. 38 2,813, 000, 000. 00 2, 936, 000, 000. 00
550,586,813.97
519,865, 243. 00 637,119,927.00
A d j u s t m e n t b e t w e e n cash a n d w a r r a n t d i s t r i b u t i o n . .
4,176,882.730.60 3,834,865, 243. 004.086,119.927.00
1, 058, 971. 39
Total
4,177, 941, 701. 99 3,834,866,243.00. 4, 085,119,927. 00
SUMMARY OF R E C E I P T S CLASSIFIED BY D E P A R T M E N T S AND E S T A B L I S H M E N T S
Legislative
Executive and independent offices.
Department of Agriculture
:
Department of Commerce
Department of the Interior
Department of Justice
Department of Labor
Navy Department
Post Office Department
Department of State
Treasury Department ^
War Department
Panama Canal.
District of Columbia. _
Adjustment between cash and warrant distribution...
$1, 361,455. 00
$1,760, 469. 28
$1, 375,850.00
111, 904,326. 25
104, 893,413. 00 •107,498, 047. 00
14, 224,637. 77
11,369, 050. 00
13, 378,030. 00
4,944, 562.95
6, 597,008. 00
5, 662,608. 00
24,911, 715. 00
27,390, 174. 06
27, 723,705. 00
8,416, 810. 00
. 7,816,970.40
8, 880,810. 00
6,804,975. 00
6, 765,075. 00
5,746, 105. 22
5,414, 328. 00
4. 827,828. 00
8, 276,532. 20
21, 415.84
19, 500. 00
19. 500. 00
7,948, 848.97
7. 796,325. 00
7,894, 725. 00
468.11 3, 571, 544,
056. 00
301. 00 3, 821, 061,
, 900,249,
22,403, 310.40
17, 615.663. 00
15, 644,458. 00
28. 348,000.00
28,953, 127. 75
28, 355,435. 00
39.056, 000.00
35,242, 781.40
37, 752,500. 00
4,176, 882, 730. 603,834.866,243.00 4, 085,119,927. 00
1,058,971.39
Total ordinary receipts, on basis of daUy Treasury statement (unrevised) exclusive of postal
4,177,941,701.
revenues
J Includes customs and internal revenue receipts.
3.834,865,243.00 4,086.119,927. 00
SECBETABY OF THE TBEASXJBY
543
TABLE 20.—Appropriations for 1931 compared with estimates of appropriations
for 1932
[On basis of the latest information received from the Bureau of the Budget]
Increase (-|-)
1931 appropriations, including 1932 estimates, (and decrease
including per-),
revised perma- manent annual mates1932 estiover 1931
nent annual
appropriations
$27,311, 267.68 $28.883,283.00 +$1,572.015.42
Legislative
422,320.00
473,400.00
+61,080.00
Executive Office
Independent offices:
American Battle Monuments Commission
304,250.00
1,000.000.00
-695,760.00
American National Red Cross Building
350,000. 00
-350,000.00
Arlington Memorial Bridge Commission
:
1,000,000.00
1,000,000.00
Board of Mediation
318. 546.00
328,380. 00
-9,835.00
Board of Tax Appeals..
654.460.00
650, 000. 00
+4,460. 00
Bureau of Efficiency...
201.470.00
224, 330. 00
-22,860.00
CivilService Commission
1,678,442.00
1, 642.952. 00
-1-135,490.00
Commission of Fine Arts
9,995.00
9,080. 00
-f916.00
Employees' Compensation Comniission
4, 210, 000. 00
4,736, 380.00
-1-526,380.00
Federal Board for Vocational Education
9,400.400.00
10,087,260.00
-1-686,860.00
Federal Farm Board
^
1,900. 000. 00 101,900,000.00 -f 100,000,000.00
Federal Oil Conservation Board
17, 220. 00
20.000.00
+2.780.00
Federal Power Commission
299,170. 00
319. 270.00
+20.100.00
Federal Radio Commission
450, 000. 00
466,820.00
+16.820.00
Federal Reserve Board
2, 560,336. 00
1, 609, 200.00
-951,136.00
Federal Trade Commission
1, 580, 000. 00
1,625,986.00
-H6,986.00
General Accounting Office.....
4,193, 600. 00
4,363,320. 00
+169,820.00
George Rogers Clark Sesquicentennial Commission
_
800,000.00
+800,000.00
George Washington Bicentennial Commission
362, 075. 00
338.196.00
-23,880. 00
Housing Corporation
48,960. 00
33.700.00
-16, 260.00
Interstate Commerce Commission.
,
11,976, 593.00
10,329,963. 00
+1,646,630.00
Mount Rushmore National Memorial Commission. _
.,
60,000.00
-60,000.00
National Advisory Committee for Aeronautics
1, 321,000.00
-267, 210. 00
1,053,790.00
National Capital Park and Planning Commission.
1, 000,000. 00
+3, 000, 000. 00
4, 000, 000. 00
Office of Public Buildings and Public Parks of
the National Capital
3, 939, 044. 00
5, 595, 685. 00 +1, 656, 641. 00
Personnel Classification Board
220,830.00
+220, 830. 00
Porto Rican Hurricane Relief Commission
2,000,000. 00
2, 000,000.00
Public Buildings Commission
125,000.00
100. 000. 00
+25,000.00
Smithsonian" Institution
1, 212,924. 00
1. 208,671. 00
+4,253.00
Tariff Commission.
786, 000. 00
1, 240,000.00
+465,000. 00
U. S. Geographic Board
15,760.00
9, 538.00
- 6 . 222.00
U. S. Shipping Board
6, 346, 000. 00
39,406,000.00 +33, 060,000.00
U. S. Supreme Court Building Commission
1,000,000.00
4, 250, 000.00 +3,250,000.00
U. S. Yorktown Sesquicentennial Commission...
8, 000.00
-8,000.00
Veterans' Administration i—
Army and Navy pensions
212, 500,000.00 222,000,000.00
+9, 500. 000.00
Military and naval insurance
120, 000, 000.00 121. 500,000.00 +1,500.000.00
Civil-service retirement and disability fund...
20,860, 000.00
20,860,000.00
Government hfe insurance fund
78, 530, 000.00
79,427,146. 00
+897.146.00
All others
404, 364,020.00 502, 612, 612.00 +98.148. 592.00
Protection of interests of United States in leases
and matters affecting oil lands in former naval
reserves
20,000.00
+20, 000.00
Indigent in Alaska, special fund
16, 000. 00
15, 000.00
Other items under independent offices
400,000.00
. -400,000.00
District of Columbia..
48,397, 432. 00
47.796.047.00
-601.385.00
Department of Agriculture
173,145,474. 50 225, 537,476. 00 +62. 392,001. 50
Department of Commerce
54. 619,485.00
64, 638,226. 00
+18. 741.00
Department of the Interior:
Civil 2
46,804, 344.00
50,929,300.00
+4,124,956.00
Indian Service
37,070,979.74
34,416,911. 73 -2,656,068.01
Department of Justice
45,395,922.00
51, 988,261.00 +6.592,339.00
Department of Labor...
_.
12, 230,170. 00
13,446,400.00 +1,216,230.00
382,505,193. 26 349,628,298.00 I -32,876,895.26
Navy Department
Post Office Department, postal deficiency, payable
from Treasury...
111, 202,200.00 114,041.000.00 +2,838,800.00
State Department...
17,816, 022.14
17,731,306.34
-84, 716. 80
Treasury Department:
Collecting the revenue ^
67, 998,640. 00
58.718.960.00
+720,320.00
Refunds, drawbacks, etc., of revenue
... 152. 526,500. 00
60.347.000.00 -92,179,500.00
Public buildings, construction, operating expenses,
repairs, equipment, etc
77,747,230.00
88,084,110.00 +10,336,880.00
Other items under Treasury Department *
71, 366,306.00
74,146,310.00 I +2,780.004.00
1 In addition to. the U. S. Veterans' Bureau, the appropriations shown under this heading include the
Bureau of Pensions, transferred from the Department of the Interior; and National Home for Disabled
Volunteer Soldiers, payment of annuities under acts of May 23,1908, and Feb. 28,1929, and artificial limbs,
appliances, and trusses for disabled soldiers, transferred from VVar Department.
2 E.xclusive of Bureau of Pensions, transferred to Veterans' Administration. (See note 1.)
3 Exclusive of U. S. Customs Court, transferred to Department of Justice.
< Exclusive of Bureau of Prohibition, transferred-to Department of Justice. .
12101—31
37
544
REPORT ON T H E FINANCES
T A B L E 20.—Appropriations for 1931 compared with estimates of
appropriations
for 1932—Continued
[On basis of the latest information received from the Bureau of the Budget]
Increase (+)
1931 appropriations, including 1932 estimates, (and decrease
including per-),
revised perma- manent annual mates1932 estiover 1931
nent annual
appropriations
War Department *
Interest on pubhc debt
Sinking fund
Other public debt retirements chargeable against
ordinary receipts
$456, 041, 951.00
603,000.000.00
392,152.200.00
. 48.846,000.00
$464, 645,806.00
681,000,000.00
409,410, 600.00
+$8,603,866.00
-22,000,000.00
+17,268,400.00
59,099, 305. 00 +10,253,305.00
Total, excluding Postal Service payable from
3,711,498,488.22 3,932,842,4n. 07 +221.343,922.85
the postal revenues
736, 003,057. 00 -102,043,240.00
Post Office Department payable from postal revenues. 837,046,297.00
Grand total.
4,648,644,786.22 4,667,846,468.07 +119,300,682.86
» Exclusive of National Home for Disabled Volunteer Soldiers, payment of certain annuities, and artificial limbs, appliances, and trusses for disabled soldiers, transferred to Veterans' Administration. (See
note 1.)
TABLE 21.—Appropriations for the fiscal years 1916 to 1931, including estimated permanent and indefinite appropriations and deficiencies
for prior years'^
Sessions of Congress
Sixty-third,
t h i r d , 1916
Sixty-fourth,
first. 1917
Sixty-fourth,
second, a n d
Sixty-fifth,
first, 1918
Sixty-fifth,
second, 1919
Sixty-fifth,
third, and
Sixty-sixth,
first, 1920
Sixty-sixth,
second. 1921
Sixty-sixth.
third, and
Sixty-seventh,
first (to J u l y
12, 1921) 1922
Sixty-seventh,
first (from J u l y
13. 1921), a n d
Sixty-seventh,
second (to J u l y
1, 1922) 1923
Ul
Legislative
E x e c u t i v e Office
I n d e p e n d e n t offices
District of C o l u m b i a
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 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 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 ury 2
P o s t Office D e p a r t m e n t a n d Postal Service
p a y a b l e from postal revenues *
D e p a r t m e n t of S t a t e
Treiasury D e p a r t m e n t
Interest on t h e public debt
S i n k i n g fund a n d other p u b l i c d e b t retirem e n t s chargeable against o r d i n a r y r e c e i p t s .
War Department
Increase of compensation (indefinite) estimated
$16, 865, 770. 34
$18, 571,306.
$14,034, 240. 33 $14, 640, 138. 33
221, 280. 00
218, 780.
213, 780. 88
210,440. 00
68, 395, 108. 61 1, 305,307, 260.87 3,061, 158,732.
7, 404, 650. 55
15, 687,936.43
14,044, 332.87|
16, 936,880.
12,893, 383. 21
66, 891, 234. 79
36,973. 191. 41
66, 420,066.
30,942,091. 04
12,452, 424.28
13, 687, 424.88
11, 269.145. 37
15, 310,850.
223, 294, 460. 59
210,848, 789. 26 210, 026, 630. 66
295, 777, 748.
12,016, 477.18
11, 662, 275. 87
10,889,181. 32
14, 974,858.
6,158, 364. 46
3, 724, 781. 79
3, 466, 717.13
11, 609, 642.
163,097,154. 46 320, 718, 084. 63 1, 606, 052, 674. 57 1, 793. 682,080.
1,849,979. 66
2, 007,187. 96
1, 986, 719. 98
$17. 637, 214. 67
221, 080. 50
!2, 246, 238, 467. 70
17, 202, 938.00
196,175, 393.18
30. 679, 124. 25
271, 567, 331.13
18,376, 751. 26
5,363, 896. 40
910,660, 128. 78
$18, 452, 670. 22 $18, 704, 639. 44
222, 880.00
228, 884. 00
931, 951, 812.18| 166, 732, 673. 40|
20, 749, 021.13
23,174, 963. 83
144, 796, 021. 64| 49,812, 678. 45
17,911, 419. 04
23,912, 398. 82
346,356, 959. 05 352, 396, 186. 33
17, 679, 748. 00
16,176, 965. 69
5,393, 019. 25
6,098, 739,86
453, 578, 251. 07 489, 651, 232. 99
1,994, 749. 67 3 38,068, 801. 61 fl 16,841, 282. 38 114, 338, 758.15
$15,164, 781. 72
361, 040.00
757, 412, 716. 01
26, 651. 609.12
145, 545. 265. 81
20, 784, 277. 56
328, 255, 752.96
20, 676, 443.10
8, 607, 395. 53
300, 613, 661.17
o
g
I
o
654, 288. 22
314, 245,638. 39
4, 906, 653. 04
65.462,815. 79
22,970, 000. 00
385, 712,029. 68 412, 628, 240.12 623, 468, 269. 65 701, 424,464. 76
336, 696, 345.12
326, 493,008. 82
672, 528,197. 64
31, 622, 435. 33
12. 762,191. 23
11,359, 760. 83
9, 970, 633. 09
11,021,902. 76
11,098,034.64
17, 569,844. 41
80, 080, 605.16 7, 336, 095, 502. 27 3, 418, 606, 750. 54 317, 690,154. 92 432,152,326. 94 359,327, 629. 00
243,844,996.14
241, 795, 323. 00
666,107,269. 00 1,052,300, 000. 00|1,017, 000. 000. OOl 922, 650, 000. 00 81,100,000,000. 00
23, 300,000. 00
I
60, 723,000. 00
189, 286,924. 64
288, 889,865. 00
60, 748, 000. 00
60, 727,000. 00
443, 082, 460. 66 7, 692, 813. 043. 98 16. 993, 818, 662. 39
Ul
26,000,000. 00
15, 000, 000.00
876, 464,936. 81
287, 600, 000. 00
494, 974, 977. "
265, 754,864. 87
459, 080, 356. 20
30,760,000. 00
36,000,000. 00
35, 000, 000. 00
(5)
330, 088, 800. 00
359,691,500.61
(«)
>
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K!
1,114,490, 704. 09|1, 628, 411, 644. 81 18, 881, 940, 243; 79|27,065,148,933. 02 |6,464, 596, 649. 56 4, 780, 829, 510. 35 3, 909, 282, 209. 46 4.248,140, 569, 99
Total
D e d u c t P o s t Office D e p a r t m e n t a n d Postal|
336, 696, 345.12
385, 712,029. 58 412, 628, 240.12 623, 468, 269. 65 701, 424, 454. 76
326, 493,008. 82
Service p a y a b l e from postal revenues < . . . . 314,245, 638.
572, 528,197. 64
T o t a l , exclusive of P o s t Office D e p a r t . m e n t a n d Postal Service p a y a b l e
from postal revenues 2
800, 245,066. 70 1,301,918, 635. 99 18, 546, 243,898. 67 26, 679, 436,903. 44 6,042,068, 409. 44 4,257,361, 240. 70 3, 207, 857, 754. 70 3, 675, 612, 372. 35
See footnotes o n p . 647
Ox
TABLE 21.—Appropriations for the fiscal years 1916 io 1931, including estimated permanent and indefinite appropriations and deficiencies
for prior years ^—Continued
Ox
Sessions of Congress
Sixty-seventh,
second (from
July 2, 1922),
and sixtyseventh, third
and fourth,
1924
Legislative...
Executive Office
Independent offices
District of Columbia
Department of Agriculture
Department of Commerce
Department of the Interior
Department of Justice
Department of Labor
Navy Department
Post Office Department payable from Treasury a
Post Office Department and Postal Service
payable from postal revenues *
Department of State
TreasiuT Department
Interest on the pubhc debt
Sinking fund and other pubhc debt retirements
chargeable against ordinary receipts.
War D e p a r t m e n t . . . . .
Increase of compensation (indefinite) estimated.
Sixty-ninth,
first, 1927
$14,786, 006. 69
497, 325. 00
622, 562,946. 69
26, 633.374.00
110,661, 561.06
22,116, 621.94
343, 518,583.31
23,846, 964.04
677. 95
7, 518,
325,322, 863.18
$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
$16, 719,806. 21 $20,159, 979. 29 .$16,479, 579. 56 $18, 969,912.87 $21, 337, 1.67 $29, 620,710. 26
628, 320.00
438. 460.00
593, 936.00
437, 180. 00
534, 180. 00
823, 710.00
596, 346.702. 32 639, 941,425. 65 620.040. 676. 30 648,088, 845. 56 661. 318,960.68 169, 249,797. 59
62,488, 230.45
41, 541,178. 77 42, 569,344.17
38, 919,860. 93
38,459, 259. 38
40, 209,376. 66
146, 714,807. 90 167, 571,650. 53 153,429, 535. 94 163,667, 683. 31 169, 659,636.84 220. 288,164. 96
61,300, 936.16
40, 712,898. 75 60. 507,857. 36
31, 526,372. 73 36,821, 839.14
25,143, 49L 11
87,150, 479. 46
274,825, 930. 95 270, 351,203.91 285,800, 112. 99 363, 331,839.17 334, 467,485.69
120.12
26,432, 106. 66
29,049,
30, 770,680. 25 42, 247,989.16
27, 209,414. 69
28,103, 687. 21
12,848, 751. 31
10,160, 396. 00
11,429, 283.35
11,181, 459. 67
10,183, 979.18
9, 338,003. 25
302. 21
324, 762,032. 96 326, 790,513.07 320, 465,998. 47 394, 736,344. 74 379,152, 028.58
441,826.65
173.449.43
17,934. 27
31, 995.10
Seventieth,
first, 1929
Seventy-first,
first and second,
1931
Sixty-eighth,
second, 1926
244,353. 02
Sixty-ninth,
second, 1928
Seventieth,
second, 1930
Sixty-eighth,
first, 1925
66, 896.12
27. 741.80
43, 074,847. 48
596,909,425. 24 629,198. 748. 71 661, 256,441. 65 842,419, 757. 54 755, 364,361. 33 776,974, 541.46 842,125, 220. 20 840, 271, 353. 70
18, 778, 462.43
15,896, 026. 53 15, 246,097. 09 18,187, 323. 23 17,818, 512. 78 12, 312, 353. 33 16, 608, 814. 27 15,825,941 ""
279,612, 266. 36 269, 354,848. 76 340, 914,931.81 339, 206, 570.99 345. 269,366.06 455, 474, 320. 61 427, 393,167. 75 372, 666,973. 56
940,000,000. 00 865,000, 000.00 830, 000,000. 00 795,000, 000.00 755,000,000. 00 675,000, 000.00 640, 000, 000.00 619,000,000. 00
507, Oil, 325.00 471,806,401.00 484, 766,130. 00 615, 583, 398. 44 563, 629, 660. 93 541, 941, 607. 32 553,067, 629.02 635,324,000.00
365, 210, 518. 60 341, 339,807. 89 364, 624,851. 63 367, 385, 646. 63 370,429, 310. 67 466, 795, 331.13 474, 990,186. ~" 477, 799, 374. 83
(10)
(10)
(10)
(10)
(10)
(10)
(?)
4.092, 644, 312.04 , 748. 651, 760. 35
4,161, 682, 049. 91 409, 463, 389.81
Total
4,
4,211.011,362.68 4, 633, 677, 973. 85 4, 665, 236, 768. 04
5, 071, 711, 693. 56
Deduct Post Office Department and Postal
696, 909, 425. 24 629,198, 748. 71 661, 256,441. 65 842, 419, 757. 54 755, 364, 361.
776, 974, 541. 45 842,125,-220. 20 840. 271, 353. 70
Service payable from postal revenues ^
•
(10)
Total, exclusive of Post Office Department and Postal Service payable from
postal revenues 2
3,
3,456,646,991.25 4,856, 603, 432. 4013, 823, 111, 547.4,231.440.339.8
84
3,495, 634.886.803,119. 453,001. 64 600, 426, 608. 26 567, 043, 632. 27
3.
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^
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> Amounts given in this table for a specified fiscal year differ from the actua lappropriations for that year since the former include deficiency appropriations for prior years provided in the session or sessions indicated, and exclude subsequent appropriations for that year pro-^ided as deficiency appropriations in subsequent sessions.
> These figures cover only those appropriations which have been specifically designated by 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 4 below.)
3 Includes $35,698,400 additional compensation, Postal Service.
* These figures include amounts which may be required under indefinite appropriations (payable from the Treasury) to supply deficiencies, if any, in the postal revenues.
« 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
fund beginning with the fiscal year 1921.
fl Includes $14,000,000 for deficit under Federal control of telegraph and telephone systems.
7 I n c l u d e s $11,063,081.92 certified claims.
8 Includes $125,000,000 of accumulated interest on war-sa-vdngs certificates, series of 1918, to be paid during the fiscal year 1923 though properly aUocable to the full five years of
their life and not simply to the fiscal year 1923.
• Definite amounts appropriated by Congress, which are included in this column as appropriations under the several departments and independent establishments.
" Absorbed by rates of pay included under the classification act approved Mar. 4, 1923.
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TABLE 22.—Accountability statement of appropriations, hy acts of Congress, placed upon the hooks of the Treasury Department during the
fiscal year 1930
1. Unexpended balances at beginning of year:
Appropriations..
.$1,197,989,780.60
D isbursing officers* credits (includes outstanding checks). ^
......
$278,389,083.37
Deduct.transfer of funds from disbursing account to warrant account (miscellaneous receipts) as
explained in note 10, page 478
:
8,921,775.67
269,467,307.70
Unpaid warrants
2,067,912.96
—
2. Appropriations:
Annual appropriation acts, 1930
3,072,873,162.46
Less immediately available appropriations under the foregoing acts set up during the fiscal year
1929, the unexpended balances of which are included under (1) above..
$177,803,131.37
Less amounts included in the annual appropriation acts for 1930 not payable from general fund of
the Treasury
831.926.438.36
1,009,729.669.73
Annual appropriation acts, 1931 (immediately available items)
Deficiency appropriation acts—
'
Second deficiency act, 1929, approved Mar. 4,1929
Less amounts not payable from general fund ofthe Treasury
6.035,007.01
3.400,000.00
First deficiency act, 1929, approved Mar. 4,1929.
First deficiency act, 1930, approved Mar. 26, 1930
Less amounts not payable from general fund of the Treasury
169,547,689.96
795,113.41
MisceUaneous acts—
Private relief acts
Public and private resolutions
Public acts
Permanent and indefinite appropriations, actual (various acts)
Amount reestablished from surplus fund for adjustment of fiscal officers* accounts.
3. Add receipts credited direct to appropriations
_
Total ordinary appropriations, exclusive of appropriations to cover amount of public debt redemptions chargeable against ordinary receipts
4. Add indefinite appropriations to cover amount of public debt retirements chargeable against ordinary
receipts
5. Deduct unexpended balances of lapsed appropriations carried to surplus fund..
6. Deduct unexpended balances at close of year:
Appropriations
,
Disbmsing officers' credits (includes outstanding checks)
Unpaid warrants..
Total to be accounted for as expenditures during fiscal year 1930 (see below)
$1,469,615,001.25
$2, 063,143.592. 72
148,969,360.00
.
O
^
168,752,676.65
i-3
^
y
290,179.11
42,989,027.31
151,916,917.68
957,669,663.62
424,390.48
18,046,911.01
663,884,499.61
583,261,099.76
_
_
g
g
g
H
H
G
2,635,007.01
2,000,000.00
>^
H
~^
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^
Q
^
C
O
3.656.726,605.49
779.378.796.92
222,777,116.19
939.458.08
^
^
1,003,095.370.19
4,110.611,105.10
6,680,126,106.35
1,686,356,469.95
3,993,769,636.40
THE GENERAL FUND OF THE TREASURY
7. Balance according to daily Treasury statement, June 30,1929 (unrevised)
Deduct net excess of expenditures over receipts in June reports subsequently received
Receipts, fiscal year 1930—
Ordinary
Publicdebt
326,713,002.63
2,206,151.80
4,174,061,646.77
3,722,970,170.86
324,606,860.83
7,897,021,716.62
8,221,628,667.45
8. Balance according to daUy Treasury statement, June 30,1930 (unrevised)
Deduct net excess of expenditures over receipts in June reports subsequently received
318,607,168.11
6,824,253.08
312,782,915.03
7,908,745,652.42
9. Deduct public debt expenditures
Less amount chargeable against ordinary receipts
^
O
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fe
4,468,869,619.27
663,883,603.25
3,914,976,016.02
t?
Total ordinary expenditures, according to daily Treasury statement (revised), chargeable against ordinary receipts
—
3,993,769,636.40
NOTE.—The detaUs of this statement are included in the combined statement of receipts and expenditures, balances, etc., of the United States for the fiscal year ended June 30,1930.
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TABLE 23.—Appropriations, expenditures, amounts carried to surplus fund, and unexpended balances for the fiscal years 1911 to 1930 ^
Unexpended
Fiscal year balances b r o u g h t
forward »
A p p r o p r i a t i o n s b y Congress, excluding a p p r o p r i a t i o n s
for Postal
Service from postal revenues a n d
r e d e m p t i o n s of t h e principal of
the public debt, b u t including
a p p r o p r i a t i o n s t o cover postal
deficiencies
T o t a l avaUable
appropriations
Entered on the
books d u r i n g t h e
respective fiscal
years
Permanent
a n n u a l a n d indefinite
$976, 266, 613.88
$79. 529,394.05
959,932,635.02
81,703.426.70
80.814.477. 27 1,023,250,147.77
73.282,480.02
993,332,769. 29
95. 251,877.48 1,048,299,652.42
77,227,202. 33
990,748, 667.41
95,063,791. 26 8,591,795,874.84
309,441,481. 56 21, 261, 583,426.94
783, 391,870. 92 31,978,206,789. 57
1. 266, 212,148.73 11,358,412,410.90
Ox
O
[On basis of warrants issued, see p. 467]
Expenditures,
excluding expenditures for t h e
Postal Service
p a y a b l e from
postal revenues
a n d principal of
the public debt
redeemed, b u t
including expenditures on account
of postal
deficiencies 3
Carried t o
s u r p l u s fund
$691. 201, 513. 22
689,881, 334.13
724,611,963.64
735,081,431.47
760, 586,801.33
740,980,416.47
2,085,894.308. 5813. 795, 287,290.39
18.952,075.836. 61
6.139,748,221. 24
$22,890,702.12
18,393,716.80
15. 523. 748. 99
12,434,658.71
17,229, 236.31
20.400. 442.40
23,217, 384.12
18.671.009.15
7. 234.326,874. 78
1, Oil, 050,482. 23
Unexpended
balances carried
forward 2
Postal expendiP r i n c i p a l of
t u r e s from
public debt
postal r e v e n u e s
redeemed n o t .
not included
included i n forein foregoing
going s t a t e m e n t <
statement
I
O
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
$235,617,807.63
262,174,298. 54
251,667,684. 09
283,214,435. 24
245,816.769.11
270,483,614. 78
229,367,708. 54
6,482,684,182.14
7,447,625,126.40
5,791,805,079.18
$661,119,312. 30
616,054,909.78,
690,778,086. 41
636,835,844.03
707,231.006.83
643,037,750.30
8,267,364,375. 04
14,469,457,762. 24
23, 747,189.792. 25
4. 300.396.182.99
1921
1922..
1923
1924
1926
1926
1927__
1928
1929
1930
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
921.758,080. 24
886,050,667. 67
1,142.696, 632. 73
1,167,364,775. 50
1,197,989,780.60
2,009.222,779.36,
2,006,563,919.93
2.031.149,639. 68
1,851,282,152.15
1,960,339, 660.72
2,022,201,707. 72
7 2, 338,849,914. 27
7 2,171,758.882.56
7 2, 423,978.123. 04
7 2,699,156,95L 87
5 2, 532.039,016.11
31, 778.043. 529. 33
51.778.723.282.47
51. 643,442,311. 33
« 1, 680,980,294. 44
51, 601, 516.916.80
51,532,107,645.04
5 1, 510,613,569.95
8 1,508,942,317.69
«1,511,464,163. 23
8,748,875,602.90
5,814,026,068. 27
5, 230,135,635. 62
4,941,087,006. 32
4,909, 221, 561.42
4. 545,476.704. 76
4, 757,008,216. 98
4,826,069,085. 24
6,100, 285, 216. 23
6,308,600,886; 70
6 4,880,049,960. 36
.6 3,615,733,139. 08
6 3,647,320,641. 76
6 3,402,732,714.39
6 2,930,706,986. 60
6 3, 517,785,852. 61
6 3, 521,377,810. 67
6 3, 625,922,782.82
6 3,872, 222,982.19
6 3,946,960,989.02
$262,174. 298. 64
$35,223,336. 36
251. 657,684.09
28,648,327.63
283, 214,436. 24
24,191,610.60
245,816,769.11
26,961,327.00
270,483,614.78
17,253,491.00
229,367,708. 64
24,668,913. 50
6,482, 684,182.14
677,644,782. 26
7,447,625,126.40 7,706,879,076.13
5,791,805,079.18 15,837,566,009.13
4,207, 613,707. 43 17,036,444,271.26
1,839,406,923. 53 2.029,418, 619.01
778,030. 215. 62 1,420, 262,713. 57
136.452,461.03 1,446, 362, 542.84
170.452, 585.67 1,367,901. 706. 26
1,056,756.494. 58
921,758,080.24
141, 640.194. 58
886,050,657.67
92,933,773. 58 1,142,696,632.73
31,781, 526.92 1,167, 364,775. 50
30,072,453.44 1.197,989. 780. 60
683,261,099.76
779,378,796.92
8,769,380,663.87
6.607.836.612.92
7, 661,162,069. 59
2.847,802,416. 22
3,420,733,301.16
3, 394,070,446.72
6,798, 528, 111. 74
7, 220,978,398.88
6,317,830,843.95
3,914,976,016.02
$237,660,706.48
246,744,016.88
262,108,874.74
283,668,102. 62
287, 248,165.27
306,228,462.76
319,889,904.41
324,849,188.16
362,504,274. 24
418,722,296.06
463,491,274. 70
484,863, 540.71
632,827,925.09
672,948,778. 41
699, 591,477. 69
669,819,801.08
683,121,988.66
693,633,921.46
696,947,677.69
705,484,098.15
1 For years 1885 to 1910 see annual report for 1926, p. 496.
2 Includes balances under annual, permanent, and continuous appropriations. Balances of annual appropriations are avaUable for use only in accordance with the provisions of
sec. 3690, R. S.
3 Net expenditures by warrants,
4 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; 1922,
$422,352,950; 1923, $402,957,691.10; 1924, $467,894,100; 1925, $466,638,113.83; 1926, $487,376,050.69; 1927, $519,563,844.78; 1928. $540,246,020.30; 1929, $549,603,703.76; 1930, $553,883,603.25.
9 Include appropriations for retirement of public debt chargeable against ordinary receipts.
6 Includes public debt redemptions chargeable against ordinary receipts. (See note 4.)
7 Includes repay warrants credited direct to appropriations—1927, $104,701,211.79; 1928, $174,306,891.12; 1929, $23,387,128.93; 1930, $18,046,911.01.
FRASER
Digitized for
%
o
fe
a
fe
Ul
PUBLIC DEBT
Public debt outstanding
TABLE 24.—Public debt outstanding June 30, 1930, hy issues
Detail
Amount issued
Amount retired
Amount outstanding
$646,250,150.00
64,631,980.00
30,000,000.00
50,000,000.00
28,894,600.00
19,224,720.00
$46,526,100.00
5,677,800.00
4,062,600.00
200,000.00
$699,724,060.00
48,954,180.00
26,947,400.00
49,800,000.00
28,894,500.00
19,224,720.00
1,989,455,660.00
66,903,200.00
INTEREST-BEARING DEBT
Bonds:
2 per cent consols of 1930
_
,
2 per cent Panama Canal loan of 1916-1936
2 per cent Panama Canal loan of 1918-1938
3 per cent Panama Canal loan of 1961
_
3 per cent conversion bonds of 1946-47
_
_
2H per cent postal savings bonds (first to thirty-eighth series)
First Libertyioan
3/^ per cent bonds of 1932-1947
•
Converted 4 per cent bonds of 1932-1947
Converted 4|^ per cent bonds of 1932-1947
Second converted 4)^ per cent bonds of 1932-1947
Fourth Liberty loan—
4 ^ per cent bonds of 1933-1938..
Treasury bonds—
4M per cent bonds of 1947-1952
4 per cent bonds of 1944-1954
3M per cent bonds of 194&-1956
Z% per cent bonds of 1943-1947
3 ^ per cent bonds of 1940-1943
Treasury notes:
3H per cent, Series A-1930-1932
3Hper cent. Series B-1930-1932..
3H per cent. Series 0-1930-1932
4 per cent adjusted service certificate fund—series 1931 to 1936
4 per cent civU service retirement fund—series 1931 to 1935
4 per cent Foreign Service retirement fund—series 1933 to 1935
-Certificates of indebtedness:
3>^ per cent. Series TS-1930
3M per cent. Series TD-1930
2% per cent. Series TJ-1931
. . _..
6,964,681,100.00
696,329,660.00
$1,392,266,260.00
6,006,460.00
632,798,600.00
3,492,160.00
Ul
$772,544,860.00
%
o
fe
1,933,652,360.00
6,268,251,560.00
763,962,300.00
1,047,088,600.00
494,898,100.00
494,854,760.00
359,042,950.00
4,978,000.00
10,254,000.00
6,811,000.00
1,817,000.00
768,984,300.00
1,036,834,600.00
489,087,100.00
493,037,760.00
359,042,960.00
1,360,456,450.00
619,495,700.00
607,399,650.00
686,376,600.00
119,184,000.00
156,675,700.00
6,600,000.00
1,626,115,500.00
629,200,000.00
134,100,000.00
871,000.00
8,201,803,900.00
674,079,860.00
600,311,700.00
451,723,960.00
635,800,000.00
134,100,000.00
1,015,000.00
351,640,600.00
483,341,000.00
429,373,000.00
144,000.00
361,640,600.00
483,341,000.00
429,373,000.00
fe
o
w
fe
W
fe
fe
Ul
3,136,986,600.00
d
S
2,390,286,500.00
1,264,364,500.00
OT
Or
TABLE 24.—Public debt outstanding June 30, 1930, by issues—Continued
Amount issued
DetaU
Ol
. .Amount outstanding
Amount Tetired
INTEREST BEARING DEBT—Continued
Treasury bUls (maturity value):
Series maturing July 14,1930
Series maturing Aug. 18,1930
Total interest-bearing debt outstanding
$51,316,000.00
^04,600,000.00
$61,316,000.00
104,600,000.00
.
$155,916,000.00
15,921,892,350 00
..
I
MATURED DEBT ON WHICH INTEREST HAS CEASED (PAYABLE ON PRESENTATION)
Old debt matured—issued prior to Apr. 1, 1917
. .
4 per cent second Libertyioan of 1927-1942
41^ per cent second Liberty loan of 1927-1942 .
..
i H per cent third Liberty loan of 1928..
3^1 per cent Victory notes of 1922-23
i% per cent Victory notes of 1922-23
Treasury notes, at various interest rates
Certificates of indebtedness, at various interest rates
Treasury bUls.
Treasury savings certificates
.
.
.
Total outstanding matured debt on which interest has ceased...
t^
1^
W
fe
fe
•
$346,681,016.00
166,039,088.03
Obligations that wUl be rethred 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
Thrift and Treasury savings stamps, unclassified sales, etc
..
o
• h-i
Obligations required to be reissued when redeemed:
United States notes
Less: Gold reserve
.
Total gross debt 1
pt
31,715.370.26
DEBT BEARING NO INTEREST (PAYABLE ON PRESENTATION)
Total outstanding debt bearing no interest
fe
•O
1,712.320.26
1,117,160.00
4,394,850.00
9,666,650.00
20,900.00
1,412,160.00
412,000.00
• 11,272,000.00
62,000.00
1,646,460.00
.
-.
. .
o
fe
Ul
190,641, 927.97
53,012.50
35,570,939. 60
1,990,612.42
3,444,186.63
231,700,578.92
16,185,308,299.18
Matured interest obligations, etc.:
Matured interest obligations outstanding
T.
Discount accrued on Treasury (War) savings certificates, matured series..
Settlement warrant checks outstanding.
Disbursing officers* checks outstanding
_
31,504,143.45
. 5,173,560.00
939,468.08
75,240,293.03
112,867,444. 56
Balance held by the Treasurer of the United States as per daUy Treasury statement for June 30, 1930
.
Deduct: Net excess of disbursements over receipts in June reports subsequently
received
.J
16,298,165.743.74
318,607,168.11
5,824,263.08
312.782,915.03
Net debt, including matured interest obligations, etc.2.
15.985,382,828.71
CO
fe
1 The total gross debt June 30,1930, on the basis of daUy Treasury statements, was $16,185,309,831.43 and the net amount of public debt redemptions and receipts in transit, etc.,
was $1,532.26.
2 No deduction is made on account of obligations of foreign governments or other investments.
O
i>
pi
o
fe
H
W
fe
H
Ul
d
pt
(Ox
Ox
CO
TABLE 25.—Description of the public debt issues outstanding June 30, 1930
Title and authorizing act
Date of loan
Ol
On
When redeemable Rateof Interest payment Average price Amount authorinterest
or payable
ized
received
date
Amount issued
Amount outstanding
$646, 250,150. 00
$599, 724,050.00
INTEREST-BEARING DEBT
CONSOLS OF 1930
Act of Mar 14,1900 (31 Stats. 48)
Apr. 1,1900... After Apr. 1, 1930.
Per cent
.2 Jan., Apr., July
and Oct. 1.
$100. 5116
$839,146,340.00
PANAMA CANAL LOAN
Acts of June 28,1902 (32 Stats. 484) and Dec. jAug. 1, 1906... After Aug. 1,1916;
21, 1905 (34 Stats. 5).
on Aug. 1, 1936.
INov. 1, 1908... After Nov. 1,1918;
on Nov. 1, 1938.
Acts of Aug. 6. 1909 (36 Stats. 117); Feb. 4, J u n e l , 1911... On June 1, 1961...
1910 (36 Stats. 192): and Mar. 2, 1911 (36
Stats. 1013).
2
2
3
Feb., May, Aug.,
and Nov. 1.
.....do
103. 513
102.436
102. 582
Mar., June, Sept:,
and Dec. 1.
[ 130,000,000.00
290, 569,000.00
j
54,631,980.00
48. 964,180.00
1
30,000,000.00
25. 947. 400.00
I
fe
50,000.000.00
49,800,000.00
pt
o
O
POSTAL SAVINGS BONDS
Act of June 26, 1910 (36 Stats. 817).
Jan. 1, July 1,
1911-1930.
On and after 1
year, 20 years
from issue.
23^ Jan. and July 1
Jan. 1, 1916
and 1917.
30 years from issue-
3
Par
Indefinite
19, 224,720. 00
19, 224, 720. 00
fe
CONVERSION BONDS
Act of Dec. 23, 1913 (38 Stats. 269)
FIRST LIBERTY
First 3M's, act of Apr. 24, 1917 (40 Stats. 36). June 16, 1917.. On and after June
16,1932; on June
15, 1947.
First 4's. act of Apr. 24, 1917 (40 Stats. 36), Nov. 15, 1917..
do
Sept. 24, 1917 (40 Stats. 292), as amended.
First iH's, acts of Apr. 24,1917 (40 Stats. 35), May 9, 1918...
do
Sept. 24,1917 (40 Stats. 292), as amended.
First and second iH's, acts of Apr. 24, 1917 Oct. 24, 1918-...
do
(40 Stats. 35), Sept. 24,1917 (40 Stats. 292),
as amended.
FOURTH
Act of Sept. 24, 1917 (40 Stats. 288), as
amended.
3^
4
Exchange at
par.
rPar
28,894, 500. 00
28,894, 500. 00
o
fe
6, 638, 945,460.00
1, 989, 455, 550. 00 1,392,256, 250.00
Conversion . 1, 989.455,650.00
J
>June and Dec, 15.. ) . . . .atopar.
d
1, 989,465, 650.00
568,318,450.00
5,005,450. 00
656, 212,300.00
532,798,500.00
- . . . d o . . . . . . . 1, 413, 566, 550.00
iH
3, 492,150.00
3,492,150.00
iH
LIBERTY LOAN
Jan., Apr., July,
and Oct. 1.
LOAN
Oct. 24, 1918... On and after Oct.
15,1933; on Oct.
15, 1938.
Apr. and Oct. 15.
iH
Par
12,016, 484, 950.00 6, 964, 581,100. 00 6, 268, 251,550. 00
Ul
TREASURY
BONDS
Act of Sept. 24, 1917 (40 S t a t s . 288), as
a m e n d e d : i H % B o n d s of 1947-52.
4 per cent b o n d s of 1944-54-.
M a r . 15. 1926.. O n a n d after
15.1946; on
16,1966.
J u n e 15, 1927.. O n a n d after
16,1943; on
16,1947.
J u l y 16, 1928... O n a n d after
15,1940; on
15,1943.
3M per cent b o n d s of 1946-5635i per cent b o n d s of 1943-47.
3?^ per cent b o n d s of 1940-43..
TREASURY
Oct. 16, 1922... O n a n d after
16, 1947; on
15,1962.
D e c . 15, 1924.- O n a n d after
15,1944; on
16. 1954.
Series B-1930-1932-.
Series C-1930-1932..
A d j u s t e d service certificate f u n d Series A-1931
Series B-1931..
288),
Mar.
Mar.
June]
June ^
]
June"
June
619,314,850. 00
144, 647.450.00
619,314,850.00
144, 647,450. 00
224,613,600.00
532, 420,300. 00
224,513, 500. 00
632,420,300. 00
290,154, 700. 00
494,898,100. 00
290,164, 700. 00
494, 898,100. 00
489,087,100.00
249, 598,300. 00
246, 256.450.00
249, 598, 300. 00
245, 256,450.00
• 493,037,750.00
251.621,400.00
107, 521, 550.00
251, 521,400.00
107, 521. 560. 00 • 359,042,950.00
do
768, 984. 300.00
1,036.834. 600. 00
as
M a r . 15. 1927.. After
M a r . 16.
1930; on M a r .
16. 1932.
S e p t . 15,1927.. After S e p t . 15,
1930; on S e p t .
15, 1932.
D e c . 16,
J a n . 16, 1928... After
1930; on D e c . 16,
1932.
J a n . 1, 1926.-..
M a r . 5, 1926..
Series A-1932..
J a n . 1, 1927...
Series A-1933-.
J a n . 1, 1928—
Series A-1934..
J a n . 1, 1929...
Series A-1935..
J a n . 1, 1930...
CivU service r e t i r e m e n t f u n d Series 1931
Dec,
Dec.
Par
Exchange at
par.
Par
Exchange at
June and Dec. 15..
par.
100.50
100. 50
Mar. and Sept. 15.
f
100.60
June and Dec. 16- ^Exchange at
I par.
Par
do
— {Exchange at
I par.
4M-
NOTES
Act of Sept. 24, 1917 (40 S t a t .
amended:
Series A-1930-1932
Series 1932.
Oct,
Oct,
M a r . 14, 1927.
J u n e 30. 1927.
3^
Mar. and Sept. 16- Exchange at
par.
1. 360,456, 450. 00
[Par
Exchange at
I 100.126.
June and Dec. 15.. Exchange at
par.
250, 622, 600.00
368,973.100. 00 }
After J a n . 1, 1927;
on J a n . 1, 1931.
After M a r . 5,1927;
on J a n . 1, 1931.
After J a n . 1, 1928;
on J a n . 1, 1932.
After J a n . 1, 1929;
on J a n . 1, 1933.
After J a n . 1, 1930;
o n J a n . 1, 1934.
After J a n . 1, 1931;
o n J a n . 1, 1935.
4
After
Mar.
1928; on J u n e
1931.
After J u n e
1928; on J u n e
1932.
14,
30,
4
30,
30,
4
Jan. I . L
do......
4
63, 500,000.00
4
do....
4
do
4
do
4
..J..do
Par
do
do
Not
exceeding
$7,500,000,000
outstanding a t a n y one
time.
451,723,950,00
46,900,000.00
70,000,000. 00
70,000,000.00
fe
o
pt
fe'
H
B
600,311,700.00
607,399, 650. 00
do
3H
674, 079.850. 00
Ul
W
>
Ul
123,400, 000. 00
123,400,000.00
d
123,400,000.00
123,400.000.00
pt
do.
127,700, 000.00
127,700,000.00
do
137.800, 000.00
137.800,000.00
June 30
do
31,200,000.00
31,200,000.00
.
do
14, 400, 000.00
14, 400, 000.00
.do
.....do
Ol
Ox
Ox
TABLE 25.—Description of the public debt issues outstanding June SO, 1930—Continued
Title and authorizing act
Date of loan
When redeemable Rate of Interest payment Average price] Amount authorized
interest!
received
or payable
date
Ol
(Ox
Amount issued
Amount outstanding
I N T E R E S T - B E A R I N G DEBT—Con.
TREASURY NOTES—Continued
Civil service retirement fund—Continued.
Series 1933
Series 1934.
Series 1935.
Foreign service retirement f u n d Series 1933
Series 1934..
Series 1935..
CERTIFICATES OF INDEBTEDNESS
Act of Sept. 24, 1917 (40 Stats. 288), as
amended:
Series TS-1930-Series TD-1930
Series TJ-1931
After one year
from date of issue; on June 30.
1933.
Various dates After one year
from date of isfrom July 1,
sue; on June 30.
1929.
1934.
June 30, 1930.. After one year
from date of issue; on June 30,
1936.
Various dates
from June
30, 1928.
P e r cent]
4
June 30..
.do..
.do..
After one year
from date of issue; on June 30,
1933.
Various dates After one year
from date of isfrom July 1.
sue; on June 30,
1929.
1934.
June 30, 1930.. After one year
from date of issue; on June 30,
1935.
Various dates
from June
30, 1928.
Dec. 16. 1929.. On Sept. 15, 1930..
Mar. 16. 1930..! On Dec. 15, 1930..
June 16, 1930.. On June 15, 1931..
.do..
Total interest-bearing debt-
36,800, 000.00
4,900,000.00
W
fe
fe
o
pt
o
529, 000.00
.do..
.do..
.do..
.do..
464,000.00
.do.
.do..
32, 000. 00
3
454, 000. 00
32,000. 00
a
fe
Ul
m
2J^
Mar. and Sept. 15. Par.
June and Dec. 15..
.do.
June and Dec. 15..
-do.
TREASURY BILLS ^
Act of Sept. 24, 1917 (40 Stats. 288), as
amended:
Series maturing July 14, 1930
Series maturing Aug. 18, 1930
Not exceeding
$7.600:000,000
outstanding at anp one
time.
$47, 800, 000.00
4,900,000.00
.do..
$47,800,000.00
35,800,000.00
r
Par..
Apr. 16, 1930.. On July 14, 1930.. 1 2. 933 July 14, 1930..
May 19. 1930.. On Aug. 18, 1930. 12.544 Aug. 18, 1930.
99. 267
99. 357
351,640, 500. 00
483,341,000. 00
429,373,000. 00
351, 640, 500. 00
483,341,000. 00
429,373,000. 00
61,316,000.00
104,600,000.00
51,316. 000. 00
104,600,000. 00
Not exceeding
$10,000,000,000
outstanding at
any one time.
15,921,892,350.00
M A T U R E D D E B T ON WHICH INT E R E S T HAS CEASED
OLD D E B T 2
Matured prior to Apr. 6,1917
1,267,340. 26
LOAN OF 1908-1918
Act of June 13, 1898 (30 Stats. 467)
On Aug. 1, 1918...
198. 792,660. 00
170,780.00
Feb. 1, 1895... After Feb. 1, 1925.
162,315,400. 00
274.200.00
LOAN OF 1925
Acts of July 14, 1870 (16 Stats. 272), as
amended; Jan. 14, 1876 (18 Stats. 296).
Ul
fe
Q
SECOND LIBERTY LOAN
Second 4's, act of Sept. 24,1917 (40 Stats. 288). Nov. 15, 1917.. Called Nov.
1927.
Second iH's, act of Sept. 24. 1917 (40 Stats. May 9, 1918.. . . . . d o 288) as amended.
4
3,807,866,000. 00
1,117,150. 00
iH
3, 707,936, 200. 00
4,394,850.00
4,175,650,050. 00
9, 665, 550. 00
O
fe
fe
THIRD LIBERTY LOAN
May 9, 1918..
On Sept. 15, 1928.
iH
Victory notes 3 H -
May 20, 1919.
3^
20,900. 00
Victory notes i H -
....do
Called June 15,
1922.
Symbols A to F
called Dec. 15,
1922; balance of
loan
matured
May 20, 1923.
iH
I
1,412,150. 00
Act of Sept. 24, 1917 (40 Stats. 288), as
amended.
VICTORY NOTES
TREASURY NOTES
June 15, 1921.. On June 15, 1924..
27, 700. 00
Treasury notes, series A-1924
311,191, 600. 00
5H
Sept. 16, 1921.. On Sept. 15, 1924.
15,100. 00
390, 706, 100. 00
Treasury notes, series B-1924
601, 699, 500. 00
Feb. 1, 1922... On Mar. 15, 1925.
44,000. 00
Treasury notes, series A-1925
iH
617, 769. 700.00
Mar. 16, 1922.. On Mar. 15, 1926..
17,900. 00
Treasury notes, series A-1926
iH
335,141, 300. 00
June 15. 1922.. On.Dec. 15, 1925..
Treasury notes, series B-1925
45, 700. 00
486,940, 100. 00
m\
Aug. 1. 1922... On Sept. 15, 1926..
Treasury notes, series B-1926
29,300. 00
469, 213, 200. 00
Dec. 15, 1922.. On June 15, 1925..
Treasury notes, series C-1925
32,800.00
iH
366,981, 500. 00
Jan. 15, 1923... On Dec. 15, 1927..
Treasury notes, series A-1927
51,400. 00
iV^
668,201, 400. 00
May 15, 1923.. On Mar. 16, 1927..
Treasury notes, series B-1927
148,100. 00
iy2
iH
1 Treasury biUs are noninterest-bearing and are sold on a discount basis with competitive bids for each issue. The average sale price of these series gives an approximate yield
on a bank discount basis as above indicated.
2 For detaUed information and amounts outstanding June 30, 1929, see Table 24 in annual report for 1929, p. 456. For amounts retired subsequent to 1929 of items outstanding
June 30, 1930, see Table 31, p. 670 of this report.
fe
>
Ul
d
Pi
Ol
Ox
TABLE 25.—Description of the public debt issues outstanding June 30, 1930—Continued
Ol
Ol
00
Title and authorizing act
Date of loan
When redeemable Rate of Interest payment Average price Amount authorinterest
received
ized
or payable
date
M A T U R E D D E B T ON W H I C H INT E R E S T HAS CEASED—Continued
Amount outstanding
.
CERTIFICATE OF INDEBTEDNESS
Various
Certificates of indebtedness
Amount issued
Various -.
Per cent
Various
$11,272,000.00
TREASURY BILLS i
Dec. 17, 1929.. On Mar. 17, 1930-- 1 3.276
Feb. 18, 1930.. On May 19, 1930-. 1 3.306
Series maturing Mar. 17, 1930. _
Series maturing May 19, 1930
$100,000,000.00
66,108,000. 00
66.000.00
7,000.00
TREASURY SAVINGS CERTIFICATES
Treasury savings certificates, issue of Dec. 15, Dec. 15, 1921.. 6 3'-ears from date SH-iH
1921.
of issue. Treasury savings (jertificates, issue of Sept. Sept. 30, 1922
do. 3-4
30, 1922,
do...
Treasury savings certificates, issue of Dec. 1, Dec. 1, 1923--.
SH-iH
1923.
138,288,376.20
223,560. 00
205,662. 045. 20
654,825.00
fe
31,715. 370. 26
Total matured debt on which interest
has ceased.
Detail
Authorized to be
Authorized to be Issues on deoutstanding at posits, mcluding outstanding at
one time
reissues
present time
Amount outstanding
OLD DEMAND NOTES
Acts of July 17, 1861 (12 Stats. 269); Aug 6, 1861 (12 Stats. 313); Feb. 12, 1862 (12 Stats. 338)
$60,000,000.00
3 $60,030, 000. 00
$53. 012.50
50,000, 000. 00
3 368,724,080.00
* 1,990,512. 42
FRACTIONAL CURRENCY
Acts of July 17, 1862 (12 Stats. 592); Mar. 3, 1863 (12 Stats. 711); June 30, 1864 (13 Stats. 220)
a
fe
Ul
NONINTEREST-BEARING D E B T
o
pt
o
768,076.00
169,511.791.25
I
fe
LEGAL-TENDER NOTES
Acts of Feb. 25, 1862 (12 Stats. 345); July 11, 1862 (12 Stats. 632); Mar. 3, 1863 (12 Stats. 710); May 31, 1878
(20 Stats. 87); Mar. 14, 1900 (31 Stats 45); Mar. 4, 1907 (34 Stats. 1290).
1-^
^
450, 000,000. 00
$346, 681, 016. 00
346, 681. 016. 00
NATIONAL BANK NOTES (REDEMPTION ACCOUNT)
M The act of July 14,1890 (26 Stats. 289), provides that balances standing with the Treasurer of the United
1
States to the respective credits of national banks for deposits made to redeem the circulating notes of such
C
O banks, and all deposits thereafter received for like purpose, shall be covered into the Treasury as a mis^
cellaneous 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 rel^
ported on the monthly public debt statement as debts of the United States bearing no interest.
00 Thrift and Treasury savings stamps, unclassified sales, etc.
35, 570, 939. 50
Indefinite.
3, 444,186. 63
Ul
Total noninterest-bearing debt
_
_
.
o
16,186,308,299.18
^ Treasury bills are noninterest-bearing and are sold on a discoimt basis with competitive bids for each issue. The average sale price of these series gives an approximate yield on a
bank discount basis as above indicated.
3 Including reissues.
* After deducting amounts oflacially estimated to have been lost or irrevocablj^ destroyed.
fe
16, 341, 347, 387. 21
166,039, 088. 03
Totaldebt
Less gold reserve
Gross debt as shown on statement of the public debt June 30, 1930
387, 739,666.96
_
o
fe
@
fe
I
Ul
d
Ol
Ol
CO
560
REPORT ON T H E FINANCES
T A B L E 26.—Principal of the public debt outstanding at the end of each fiscal year
from 1863 to 1930 i
June 30—
1853.
1854.
1855.
1856.
1867.
1858.
1859.
1860.
1861.
1862.
1863.
1864..
1865.
1866.
1867.
1868.
1869.
1870.
1871.
1872.
1873.
1874.
1875.
18761877.
1878.
1879..
18801881.
1882.
1883.
1884.
1885..
1886.
1887.
1888.
1889.
18901891.
1892.
1893.
1894.
1895.
1896.
1897.
1898.
1899.
1900.
1901.
1902.
1903.
1904.
1905.
1906.
1907.
1908.
1909.
19101911.
1912.
19131914.
1916.
19161917.
1918..
Interestbearing 2
642, 412
42, 044, 517
35, 418,001
31, 805,180
28, 503.377
44, 743. 256
58, 333.156
64, 083. 256
90',423. 292
365, 356. 045
707, 834, 255
360, 026, 914
217, 709, 407
322, 116, 330
238, 954, 794
191, 326,130
151, 495,065
035, 881,095
920, 696. 750
800, 794,100
696, 483.950
724, 930,750
708. 676,300
.696, 685,450
697 888, 500
780, 735, 660
887, 716,110
709, 993,100
625, 567, 760
449, 810,400
324, 229.150
212, 563, 860
182, 150, 950
132, 014,100
007, 692. 350
936, 522, 500
815i 853, 990
711, 313.110
610, 529.120
685, 029. 330
585, 037.100
635, 041. 890
716, 202,060
847, 363, 890
847, 365,130
847, 367,470
. 046,
,
048, 750
. 023,
,
478, 860
987, 141,040
931, 070, 340
914, 541, 410
895. 157,440
895, 158,340
895, 159,140
894, 834, 280
897, 503,990
913, 317,490
913, 317,490
915, 353,190
963j 776,770
965, 706,610
967, 953, 310
969, 759,090
971 562, 690
! 712;
,
549, 477
. 985,
,
882,436
Matured
$162, 249
199, 248
170, 498
168, 901
197,998
170,168
165, 225
160, 575
159,125
230, 520
171, 970
366, 629
2,129,425
4,435, 865
1, 739,108
1, 246, 334
5,112,034
3, 569, 664
1, 948,902
7, 926, 547
51, 929,460
3,216,340
11,425, 570
3,902,170
16, 648,610
6, 594,070
37,015.380
7.621. 205
6, 723.615
16. 260. 656
7. 831.165
19, 656, 955
4,100. 745
9. 704,195
6,114, 915
2,495, 846
1, 911, 236
1, 815, 565
1, 614, 705
2, 785,876
2,094, 060
1, 851,240
1, 721, 590
1, 630, 890
1,346, 880
1, 262, 680
1, 218, 300
1.176,320
1.415. 620
1.280, 860
1, 205, 090
1,970,920
1,370, 245
1,128,135
1, 086,815
4,130, 015
2, 883, 855
2,124, 895
1,879, 830
1, 760, 450
1, 659, 550
1. 552, 560
1, 507, 260
1,473,100
14, 232, 230
20, 242, 550
Noninterestbearing 3
$158, 591, 390
411, 767, 456
455,4.37, 271
458,090,180
429, 211, 734
409.474,321
390. 873. 992
388. 503.491
397, 002, 510
399.406,489
401, 270,191
402. 796,935
431, 785, 640
436.174. 779
430. 268,158
393,222, 793
373,088,695
374,181,153
373. 294, 667
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
393, 662, 736
380,403,636
374,300,606
380,004, 687
378, 989,470
373, 728, 670
378,081, 703
384,112, 913
389,433,654
238,761,733
233, 015, 585
245, 680,167
243, 659, 413
239,130,666
236. 828, 510
246.235. 695
251, 267.098
276. 066,398
232,114,027
231,497, 684
236. 751,917
228,301, 285
225.681. 585
218, 729, 530
219,997, 718
252.109. 878
248. 836.878
237, 603, 733
Total gross
debt
$59. 804, 661
42. 243, 765
36. 588,499
31. 974,081
28. 701, 375
44, 913,424
58. 498, 381
64, 843, 831
90, 582,417
524, 177, 955
1,119. 773,681
1,815,830, 814
2, 677,929, 012
2, 755,763,929
2, 650,168, 223
2, 683,446,456
2, 546,110, 690
2,436, 453, 269
2. 322.062,141
2, 209.990,838
2.151. 210.345
2,169. 932. 730
2,156. 276, 649
2,130. 845, 778
2,107, 759, 903
2,169, 418,316
2 , — 912, 643
2, 090,908, 872
2,019. 285,728
1,856. 915. 644
958. 918
1. 721,
1,625,307.444
1, 678,551,169
1. 555,659, 550
1,465,485, 294
1,384, 631. 656
470. 511
1, 249,
1,122, 396, 584
1,005,806, 561
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
416.913
1. 263,
1, 221,572, 245
1,178, 031, 367
1,159,406,913
1.136. 259. 016
1,132. 357,095
1,142, 522. 970
1,147,'178,193
1,177, 690,403
1,148, 315,372
1.146,939.969
1,153,984,937
1,193,838, 505
1.193,047, 746
1.188, 235,400
1,191, 264,068
1, 225,146, 568
2, 975,618, 586
12, 243,628, 719
Gross debt
per capita
$2.36
1.62
1.32
1.15
1.01
1.53
L93
2.06
2.83
16.03
33.56
63.33
77.07
77.69
73.19
69.87
67.41
63.19
68.70
54.44
61.62
60.47
49.06
47.21
45.47
45.37
47.05
4L69
39.35
35.37
32.07
29.60
28.11
27.10
24.97
23.09
20.39
17.92
15. 75
14.88
14.49
15.04
15.91
17.40
17.14
16.90
19.33
16. 56
1.5. 71
14.89
14.40
13.88
13.60
13.60
13.33
13.46
12.91
12.69
12.28
12.48
12.26
12.00
11.83
11.96
28. 57115. 65
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 public debt from 1791 to 1885," compUed from the ofBcial 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.
2 Exclusive of bonds issued to the Pacific raUways (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).
3 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 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 bullion was held in the Treasury.
561
SECEETAKT OP T H E TKEASURY
TABLE 26.—Principal of the public debt outstanding at the end of each fiscal year
from 1853 to 1930 i—Continued
Interestbearing 2
J u n e 30—
1919
.
1920-.
1921__.
1922
1923
1924
1925
1926
1927
1928
1929
1930
._.
.-
-
-
$25, 234,496, 274
24, 061, 095, 362
23, 737, 352, 080
22, 711, 035, 687
22, 007, 590, 754
20, 981, 586, 430
20, 210,906 251
19, 383, 770 860
18, 250, 943, 965
17, 317, 695, 097
16, 638, 941, 380
15, 921, 892, 350
Matured
$11,109,370
6,747,700
10,939, 620
25, 260, 880
98,172,160
30, 241, 250
30, 242, 930
13,327, 800
14, 707, 235
45,331,660
50, 751, 399
31, 715, 370
Noninterestbearing 3
$236,428, 775
230, 075. 350
227,958, 908
227, 792, 723
243, 924, 844
239, 292, 747
275,122,993
246, 084,419
244, 523,064
241, 263, 806
241, 504, 969
231, 700, 579
Gross d e b t
per c a p i t a
T o t a l gross
debt
$25,482,034,419
24,297,918,412
23.976, 250. 608
22,964,079,190
22,349, 687, 768
21, 251,120,427
20, 616, 272,174
19, 643,183, 079
18, 510.174, 266
17,604, 290, 663
16,931,197, 748
16.186, 308. 299
$240.09
228.33
221.82
209. 25
200. 86
188. 59
179.80
170. 04
158. 28
148. 73
141. 34
131.42
TABLE 27.—Interest-bearing ^ debt outstanding June SO, 1930, classified according
to kind of security and callable period or payable date
Security
Callable period or
payable date
July 1, 1930-Aug. 1,
1936.
July 1,1930-Nov. 1,
Do...
1938.
July 1, 1930-Jan. 1,
Postal savings.
1950.
Consols
After July 1, 1930...
Treasury biUs.
July 14,1930
Aug. 18, 1930
Do
Sept. 16,1930
TS-1930.-.^..TD-1930
Dec. 16, 1930
C-1930-32
Dec. 15. 1930-1932...
A-1930-32
Mar. 15, 1931-1932...
B-1930-32
Mar. 15, 1931-Sept.
16, 1932.
TJ-1931—June 15, 1931
First Liberty l o a n . . . . June 15. 1932-1947...
Fourth Liberty loan.. Oct. 15, 1933-1938....
June 15, 1940-1943...
Treasury bonds
June 15, 1943-1947...
Do
Treasury notes, ad- Finally 1944
justed service.
Treasury bonds
Dec. 15, 1944-1954..
Conversion bonds
Jan. 1, 1946-1947....
Treasury bonds
Mar. 15, 1946-1956..
Do
Oct. 16, 1947-1952...
Panamas
Junel, 1961
Treasury notes, civil
-.
service and foreign (')
service.
Certificates
of indebtedness and
Treasury
bUls
Total
Cumulative
total
$48,964,180
$48,954,180
$48,964,180
25,947,400
25,947,400
74,901,680
19, 224,720
Panamas.
Total.
Notes and
bonds
19, 224,720
94,126,300
699,724,050
51,316,000
104,600,000
361,640,500
483,341,000
451. 723,950
674,079,850
600,311,700
693,860,360
745,166,360
. 849,766,360
1,201,406,850
1,684,747,850
2,136,471,800
2,810,551,650
3,310,863,350
429,373,000
1,933.652,350 1,933.652,350
6,268,251,650 6,268,261, 560
369,042,950
359,042,950
493,037,750
493.037,750
629, 200.000
629, 200,000
3,740, 236,350
5,673,788, 700
11,942.040, 260
12,301,083,200
12,794,120,950
13,423,320,950
599,724,060
$51,316,000
104,600,000
351,640,600
483,341,000
451,723,950
674,079,850
600.311. 700
429.373,000
1,036,834,600
28,894,500
489,087,100
758,984,300
49,800,000
134,971,000
1,036,834,500
28,894,600
489,087,100
758,984,300
49.800,000
134,971.000
14,460,165,450
14,489,049,960
14,978,137,050
16,737,121,350
16,786,921,350
15,921,892,350
1,420,270,600 14,601,621,860 16,921,892,360
1 Matured debt on which interest has ceased amounted to $31,715,370, of which $5,612,000 was second
Liberty loan bonds and $9,665,650 was third Liberty loan bonds; and debt bearing no interest was $231,700,679.
2 Funds required during year are invested in short-term securities. Therefore, these issues in varying
amounts wUl be outstanding indefinitely.
Transactions in the public debt during the fiscal year 1930
Ol
o
TABLE 28.—Public debt retirements chargeable against ordinary receipts during the fiscal year 1930, and cumulative totals to June 30, 1929
and 1930
Face amount retired
DetaU
Coupon
Purchases and/or redemptions for cumulative sinking fund:
Cumulative total to June 30,1929
Fiscal year 1930—
Pur chasesFirst 4's
Fourth 4^'s
Treasury n o t e s Series A-1930-32
Series B-1930-32
Series C-1930-32
Total
Cumulative total to June 30,1930 .
Purchases and/or redemptions of bonds, etc., from cash repasnnents of principal by foreign
govermnents, being repayments of loans under the Liberty bond acts (received under ratified or unratified debt agreements):
Curnulative total to June 30,1929..^
Fiscal year 1930—
Pur chasesFirst 3K's
Fourth 4 ^ ' s .
RedemptionsCertificates of indebtednessSeries TM-1930
Seiies TJ-1930
Registered
Principal amount Accrued inpaid
terest paid
$2.644,856,150.00 $154, 243, 200.00 $2, 799,099,350. 00 $2,798,467,150.02 $25,190, 241. 25
fe
160,000. 00
10, 000,000.00
150,000. 00
10,000,000.00
142, 502.46
9,890,122. 03
311,145, 560. 00
25, 517, 300. 00
41, 556,100. 00
311,145, 660. 00
25, 517, 300. 00
41, 556,100. 00
306,983,469. 00
25,097,454. 00
40, 811, 853. 00
388,368,950.00
388, 368,960. 00
382,925,400.49
o
•pt
1, 900, 763. 64
47 785 25
417, 365.40
2, 650, 370. 67
2,147.64
182,308.74
O
3,033, 225,100. 00 154, 243, 200. 00 3,187,468, 300. 00 3,181, 392, 650. 61 27, 740,611.82
•
285,077, 200.00
48,614,000. 00
333,691,200.00
324, 706, 875. 27
392, 650.00
25, 360.00
392,660.00
25,360.00
389, 370. 41
25,025. 20
9, 264.600.00
41,452. 600. 00
9, 264, 600.00
41,452,600. 00
9, 264,600. 00
41,452,600. 00
Total
61,135,000.00
Cumulative total to June 30, 1930
336, 212, 200.00
Total
2, 845, 998. 93
3, 311.48
61,136,000. 00
48,614,000.00
51,131, 395. 61
3 311.48
384,826, 200.00
376,838, 270. 88
2,849 310.41
^
>
a
fe
Ul
Purchases and/or redemptions from franchise tax receipts:
Cumulative total to June 30,1929
Fiscal year 1930—
RedemptionsCertificates of indebtedness, series TM-1930.
Total
Cumulative total to June 30,1930..
Purchases and/or redemptions from net earnings derived from Federal intermediate credit
banks:
Cumulative total to June 30.1929
Fiscal year 1930—
RedemptionsCertificates ofindebtedness, series TM-1930.
Total
Cumulative total to June 30,1930..
Redemptions of bonds, etc., received as repayments of principal by foreign governments
under ratified debt agreements:
Cumulative total to June 30, 1929
Fiscal year 1930—
First 3H's
Treasury n o t e s Series A-1930-32.
Series B-1930-32.
Series 0-1930-32.
Total
Cumulative total to June 30,1930..
Redemptions of bonds, etc., received as interest payments on obligations of foreign governments under ratified debt agreements:
Cumulative total to June 30, 1929
Fiscal year 1930—
First 33^'s
Treasury n o t e s Series B-l 930-32..
Series C-1930-32.
Total
Cumulative total to June 30, 1930..
143,471, 833. 67
143.471,833. 67
142, 826, 316.32
4, 283,000.00
4, 283, 000.00
4,283.000.00
4, 283, 000. 00
4,283,000 00
4. 283.000.00
147,764,833. 67
147,754,833. 57
147,109,315.32
399, 384.12
2, 237,863. 31
2, 237,863.31
2, 229, 622.,30
3, 682.96
399, 384.12
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o
172, OOO 00
172,000.00
172, 000.00
172,000.00
172,000.00
172,000. 00
2,409,863. 31
2,409, 863. 31
2,401, 622. 30
3.682.96
165, 111, 650. 00
166.111,550.00
165, 111, 550. 00
349.172.61
3,042, 650.00
3,042, 560.00
3,042, 550. 00
1,479. 29
7,816,000. 00
23, 201,400.00
6. 276, 300. 00
7, 815, OOO 00
23, 201,40O 00
6, 276, 300.00
7,816, 000. 00
23, 201,400. 00
6, 276, 300. 00
77,070. 58
206, 990. 36
1,071.97
40, 335, 250. 00
40,335, 250. 00
40, 335, 250 00
286, 612. 20
205,446, 800.00
206,446,80O 00
206,446, 800. 00
634, 784. 81
836, 913, 660. 00
836,913,650 00
I
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fe
d
fe
r/3
3,167,246.89
836,013, 650.00
900,000. 00
1,990, 750.00
1,990,750.00
63, 978,150.00
13,486, 70O 00
53,978,150.00
13,486,700. 00
K}
1,990, 750.00
63,978,150.00
13.486, 700. 00
d
69,466, 600 00
906.469.160. 00
474,916. 54
8.172. 50
.69,455, 60O 00
900,000.00
69,456,600.00
483.089. 04
906, 369. 150.00
906, 369,160 00
3, 650,335.93
Ol
Oi
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TABLE
28.-
-Puhlic debt retirements chargeable against ordinary receipts during the fiscal year 1930, and cumulative totals to June 30, 1929
and 1930—Continued
Ol
c:)
F a c e a m o u n t retired
P r i n c i p a l a m o u n t Accrued inpaid
terest p a i d
DetaU
Coupon
R e d e m p t i o n s of b o n d s , etc., received for e s t a t e or i n h e r i t a n c e taxes:
C u m u l a t i v e total to J u n e 30.1929
-
Registered
Total
Total
C u m u l a t i v e t o t a l to J u n e 30,1930
R e d e m p t i o n s of b o n d s , etc., received as gifts, forfeitures, or from miscellaneous sources:
C u m u l a t i v e t o t a l to J u n e 30,19291
Fiscal y e a r 1930—
Gifts—thrift s t a m p s
ForfeituresF i r s t 3J^'s
F i r s t 43^'s
Second 4J^'s
Third 4K's
F o u r t h 4}^'s
T r e a s u r y notes—
Series A-1930-32
Series B-1930-32
Series C-1930-32
-
. .
.
.
_
..
Total
...
-
-
C u m u l a t i v e t o t a l to J u n e 30, 1930
Total purchases and redemptions:
C u m u l a t i v e t o t a l t o J u n e 30,19291
Fiscal year 1930...
C u m u l a t i v e t o t a l to J u n e 30,1930
Amounts exclude $4,842,066.45 written off the debt Dec. 31, 1920. See Table 40, note 1.
$66, 202, 650 00
$640, 499.88
5,000.00
53,100.00
10, OOO 00
6,000.00
16.000. 00
68,100.00
16,000.00
68,100.00
96.21
874 01
16, OOO 00
73, IOO 00
73,100.00
970. 22
7, 756, 650.00
66, 276,650.00
66, 276, 660.00
641,470 10
7,110,885.75
3, 210,626.30
10, 321,612.05
10, 321, 612.06
3.25
3.25
3,000.00
2,600 00
3,000 00
10,050.00
24, 650.00
3,000.00
2,600.00
3,000.00
10,060.00
24, 560.00
3, 000.00
2,600.00
3,000.00
10,06O 00
24, 650.00
7,000 00
7,000 00
3, 500. 00
7,000.00
7,000.00
3, 50O 00
7, 000.00
7,000.00
3, 500.00
60,700. 00
.
$66, 202, 550 00
58, 520,000 00
-
$7, 740, 650. 00
3.26
-
$58,461. 900.00
68,100.00
Fiscal y e a r 1 9 3 0 First4^'s
F o u r t h 43^'s
60, 700.00
60, 700.00
60,703. 25
60,703. 25
60, 703. 26
10, 382, 215. 30
10, 382, 215.30
4, 357, 049,408.93
553, 883, 603. 25
4,910, 933, 012.18
4, 346, 779,124. 96
548,436, 449. 35
4,895, 215, 574, 31
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7,171, 689.00
4,142, 340,932. 63
653,868, 603. 25
4, 696, 209, 635. 88
3,210,626.30
214,708,476.30
15, OOO 00
214, 723, 476. 30
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32, 696, 226. 64
3 323, 363 61
36,919,680.15
TABLE 29.—Summary of transactions in interest-bearing and noninterest-bearing securities during the fiscal year 1930
Bonds, notes, certificates of indebtedness, and Treasury bUls
Treasury (war) savings
securities
Total
Transactions
Amount
I. Transactions in interest-bearing securities (as affecting the outstanding public debt):
A. Interest-bearing securities outstanding June 30, 1929
_. $16,625,913,360.00
B. Interest-bearing securities issued during the fiscal year 1930—
1. Upon original subscription against cash received .
2. Upon exchange, etc., for securities of equal par value retired
3. Upon adjudicated claims for replacement . . .
.
..
.
.
..
4. Total securities issued
C. Total interest-bearing securities to account for (Items A and B-4)
D. Interest-bearing securities retired during the fiscal year 1930—
1. Account of redemption...
.
2. Account of exchange, etc., for securities of equal par value issued.
3. Account of loss or destruction (covered by insurance or bonds of indemnity)
4. Total securities retired _
E. Securities outstanding June 30,1930, which matured during the fiscal year...
F. Total interest-bearing securities outstanding June 30,1930
..
G. Total interest-bearing securities accounted for (Items D-4, E and F)
II. Transactions in interest-bearing securities and securities which matiued prior to
July 1, 1929 (as affecting the accountability of the Treasury Department and its
agents):
A. Securities on hand June 30,1929—
1. Unissued—
(a) Securities in Division of Loans and Currency
(6) Securities in Federal reserve banks and other Treasury agencies
(exclusive of the Di"vision of Loans and Currency)
2, Rp.tired and unissued securities.. ., .-.
„.. ...,,
3. Total securities on hand June 30,1929
B. Interest-bearing securities received from Bureau of Engraving and Printing
during the fiscal year 1930
3,694,909,640.00
2,638,884,060.00
262,300.00
Pieces
Amount
11,465,902
$13,028,019. 36
153,694
677,417
767
1 643,129.10
Pieces
$16,638,941,379.36
11,536,638
163,694
677, 417
767
6,334, 689,019.10
70,736
Amount
3,695,462,669.10
2,638,884,050.00
252,300.00
Pieces
831,868
6,334,046.890.00
831,868
643,129.10
22.969,959.250.00
12,297,770
13,671,148. 46
70.736
4,387,969,060.00
2,638,884.060.00
343,259
1,030,546
13,390,598. 45
69,226
4,401,349,648.46
2,638,884,050.00
fe
o
22,973,530,398. 45 12,368, 606
pt
K!
412,485
1,030,546
o
fe
w
252.300.00
758
252,300.00
758
7,027.095,400.00
10,971,600.00
16,921,892,360.00
1,374,663
6,644
10.917,663
13,390,698.46
180.660.00
69,226
1,610
7,040,486,998.45
11,152,060.00
15,921,892,360.00
1, 443,789
7,064
10,917,663
22,959,959,250.00
12,297,770
13,671.148. 45
70,736
22,973,630,398.45
12,368,506
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i
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d
pi
7.301,701,640.00
2 1, 555,656,250.00
6,677,863
3,437,475.00
476, 687
21.800.00
3 46.00
8,857,356,890.00
7,154,450
3.459,230.00
7,194,823,140.00
722,986
17,236
7,305,139,116.00
4,009
39
21,235
1,656,677,060.00
3 45.00
6,695,098
480,696
39
8,860,816,120.00
7,176,685
7,194,823,140.00
722,986
' Represents accrued discount credited as public debt receipts.
^ Includes $2,100,000, issue valuation of two standard full-paid interim certificates, originally received from the Division of Loans and Currency in blank form, issued this fiscal year.
3 Adjustment, deduct.
Zfl
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Ol
TABLE 29.—Summary of transactions in interest-bearing and noninterest-bearing securities during the fiscal year 1930—Continued
B o n d s , notes, certificates of ind e b t e d n e s s , a n d T r e a s u r y bUls
T r e a s u r y (war) sa"sings
securities
Ol
Total
Transactions
-Amount
I I . T r a n s a c t i o n s i n i n t e r e s t - b e a r i n g securities a n d securities w h i c h m a t u r e d prior to
J u l y 1,1929 (as affecting t h e a c c o u n t a b i h t y o f 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
agents)—Continued.
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 1930—
1. A c c o u n t r e d e m p t i o n —
(a) Interest-bearing securities (see I t e m I, D - 1 , above)
(6) Securities m a t u r e d prior t o J u l y 1, 1929
(c) Securities bearing no interest
.. .
2. A c c o u n t exchange, etc., for securities of e q u a l p a r v a l u e issued—
(a) Interest-bearing securities (see I t e m I, D - 2 , above)
(h) Securities m a t u r e d prior t o J u l y 1, 1929
3. A c c o u n t 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 nity)(a) Interest-bearing securities (see I t e m I, D - 3 , above)
(b) Securities m a t u r e d prior to J u l y 1, 1929
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 - 3 , B , a n d C-4)
Pieces
Amount
Amount
Pieces
Pieces
$4, 401,349,648. 46
30,712,992.18
42,608. 60
412, 485
266,350
168,568
1,030,646
6,110
2,638,884,050.00
469,160.00
1,030, 546
6,110
252,300.00
8,200.00
758
49
252,300. 00
8,200.00
7,056,623,810.00
. 1,624,461
16,095^, 139.13
369,405
7.071,718,949.13
1,883,866
23,107,803,840.00
9,401,897
19.554,369.13
380,640
23,127,368,209.13
9,782, 537
I
fe
758
49
$4, 387, 959,050.00
28,051,060.00
343,259
143,739
2, 638,884,050.00
469,150.00
$13,390,598. 45
< 2,661,932.18
42,608. 50
69,226
121,611
168,568
o
o
fe
fe
H-l
E . Securities issued d u r i n g t h e fiscal year 1930—
1. U p o n original s u b s c r i p t i o n against cash received—
(a) Interest-bearing securities (see I t e m I , B - l , above)
(6) Securities m a t u r e d prior t o J u l y 1, 1929
2. U p o n exchange, etc., for securities of e q u a l p a r v a l u e retired—
(a) Interest-bearing securities (see I t e m I , B - 2 , above)
\b) Securities m a t u r e d prior t o J u l y 1 , 1 9 2 9 . . .
3. U p o n a d j u d i c a t e d claims for replacement—
(a) Interest-bearing secmities (see I t e m I , B - 3 , a b o v e ) . . _
' (6) Securities m a t u r e d prior to J u l y 1, 1929
4. F o r specimen purposes
.
6. T o t a l securities issued
F . Secmities delivered t o Register of t h e T r e a s u r y - d u r i n g t h e fiscal year 1930—
1. A c c o u n t r e d e m p t i o n —
(a) Interest-bearing securities (see I t e m I I , C - l (a), above)
(6) Securities m a t u r e d prior t o J u l y 1, 1929 (see I t e m I I , C - l (6),
above)
.
(c) Securities bearing n o interest (see I t e m I I , C - l (c), above)
3, 694, 909, 640 00
153,694
«1,800. 00
«9
3, 694,909,640. 00
1, 800. 00
153,694
9
2, 638,884, 050. 00
469,150. 00
677,417
5,736
2, 638,884,050.00
469,160 00
677,417
6,736
252, 300. 00
8, 200. 00
160 00
757
42
2
252, 300. 00
8, 20O 00
160. 00
767
42
2
6,334,523,390 00
837,648
1, 800. 00
9
6. 334,525,190. 00
837,657
- 4,387,959,050 00
343, 259
13, 390, 598. 45
69,226
4,401,349,648.46
412,485
28, 051, 060. 00
143, 739
2, 661,932.18
42,608. 60
121,611
168,568
30, 712,992.18
42, 608.60
265, 350
168, 568
a
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Ul
2. A c c o u n t exchange, etc., for securities of equal par value issued—
(a) I n t e r e s t - b e a r i n g securities (see I t e m I I , C-2 (a), above)
(6) Securities m a t u r e d prior to J u l y 1, 1929 (see I t e m I I , C-2 (6),
above)
3. 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)—
(a) Interest-bearing securities (see I t e m I I , C-3 (o), above)
(6) Securities m a t u r e d prior to J u l y 1, 1929 (see I t e m I I , C-3 (6),
above)
4. U n i s s u e d securities (excess stock)—
(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 a n d other T r e a s u r y agencies (exclusive
of t h e 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 )
.. .
5. R e t i r e d a n d u n i s s u e d securities
6. T o t a l securities delivered to t h e Register of t h e T r e a s u r y
G. Securities on h a n d J u n e 30,1930—
1. Unissued—
(a) Securities in Division of L o a n s a n d C u r r e n c y
.
(6) 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
(exclusive of t h e 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 )
2. T o t a l securities on h a n d J u n e 30, 1930
H . T o t a l secmities a c c o u n t e d for ( I t e m s E - 5 , F - 6 , a n d G-2)
2, 638,884, 05O 00
1,030,546
2,638,884,050. 00
1,030,646
469,150. 00
6,110
469,150. 00
6,110
252, 300. 00
758
252, 300. 00
758
8, 200. 00
49
8, 200. 00
49
996, 021,450 00
504, 791
658, 335, 000. 00
97, 604
2,126,856
17, 235
999,458,926. 00
522, 026
3 45. 00
8, 709,980, 260. 00
3,437, 476. 00
39
658. 336, OOO 00
3 46.00
97, 604
39
19, 632, 669.13
376,631
8, 729, 512,829.13
2, 603,487
o
6,551, 262, 04O 00
6, 028, 382
1, 512, 038,150 00
409, Oil
8, 063, 300,190 00
6,437,393
20,000. 00
23,107, 803,840 00
9,401,897
19. 554, 369.13
6, 661, 262, 04O 00
6,028, 382
1, 512, 058,150 00
4,000
8, 063, 320,190. 00
6,441, 393
380. 640
23,127, 368, 209.13
9,782, 537
n
413, Oil
20,000. 00
4,000
3 .A-djustment—deduct.
* Represents matured Treasury (war) savings securities in amount $523,090.98 charged to interest and $2,138,841.20 charged to principal.
* Sales not previously reported.
zn
fe
o
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3
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Kj
01
TABLE 30.—Summary of transactions in interest-bearing securities during the fiscal year 1930
Ol
(X)
^ Account
I. Outstanding June 30, 1929 . . .
II. Issued during 1930:
A. Upon original subscription against cash
received _
.,
B. Upon exchange, etc., for securities of
equal par value retired—
1. Exchange—
(ff) Interim certifi Crates . . . . . .
(6) Coupon for registered.
(c) Registered for coupon . _ .
(d) Of denominations
(e) Temporary for permanent _
(/) Mutilated for perfect i _
2. Transfer of ownership .
C. Upon adjudicated claims for replacement..
D. Total issued during 1930
III.LRetired during 1930:
A. Account of redemption—
1. Purchases—
(a) Cumulative sinking fund
(6) Surplus money in the Treasury.
(c) Repayments of principal by
foreign governments . . .
2. Securities received for redemption—
(a) Gifts, forfeitures, or miscellaneous
(6) Estate taxes
(c) Franchise tax receipts. Federal reserve banks
(d) Franchise tax receipts, Federal i n t e r m e d i a t e credit
banks . . .
(e) Repayments of principal by
foreign governments
(/) Interest payments on obligations of foreign governments
(<7) Prior to call or maturity
Ql) At maturity
Pre-war bonds
Liberty bonds
and Treasury
bonds
Treasury notes
Certificates of
indebtedness
Treasury
Treasury bUls (war) savings
securities
$770,207, 310.00 $11,354,496,060.00 $2,861. Oil. 500.00 $1,640,199,500.00
2,337,540.00
178,986,000.00
85,893,100.00
7,900.00
3,550.00
265,816,200 00
406,795,760.00
313,612,650. 00
609,300.00
69,360.00
76,918.200.00
241,400.00
88,943,490.00
1,062,955.400.00
704,950.00
$13,028,019.35 $16,638,941,379.35
3,201. 562,000.00 $312,024,000.00
643,129.10
959,260,600.00
2,240,000.00
704, 960, 500.00 4,162,922,600.00
314,264,000.00
3,696,462,669.10
2,103,660.00
266,620,160.00
406,796,760.00
1, 771,083,850.00
509,300.00
60,150.00
192,811,300.00
262,300.00
2.100.000.00
495,970, 700.00
Total
800.00
30,000,000.00
3,000.00
643,129.10
fe
oH
O
6, 334, 689,019.10
fe
fe
10,150,000.00
388, 368, 950. 00
146, 000, 000.00
378,218,950.00
146,000,000.00
418.000.00
418,000.00
30,150.00
73,100.00
47,660.00
73,100.00
17, 500.00
4,283,000.00
4,283,000.00
172, 000.00
3.042,650.00
1,990, 750.00
172,000.00
37,292,700.00
60, 717,000.00
91.062,260.00
67,464,850.00
16,017,000.00
5,700,000.00
119,249,000.00
3,392,076,600.00
166,046,000.00
13,390,598.45
69,466,600.00
135,266.000.00
3.567,213,098.45
H-l
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zn
B. Account of exchanges, etc., for securities of
equal par value issued—
1. Exchange—
(a) Interim certificates
..
(6) Coupon for registered
(c) Registered for coupon
. .
(d) Of denominations
ie) Temporary for permanent
(S) MutUated for perfect»
2. Transfer of ownership
. .
C. Account of loss or destruction (covered by
insurance or bonds of indemnity)
D. Total retired during 1930 .
IV. Outstanding June 30, 1930
Deduct interest-bearing debt which matured
during the year
.
V. Outstanding June 30, 1930 (per public debt statement)
86,893,100.00
3. 560.00
266,816,200.00
406, 796, 750.00
313. 612.660.00
609.300.00
69.350.00
76.918.200.00
7,900.00
241.400.00
86,605,950.00
1,078.659,950.00
3,000.00
1,176,685,600.00 4,627,868,000.00
158,286,000.00
772,644,850.00
11,338,790,500.00
2,390. 286. 500. 00 1,275,264,000.00
156,978, O O 00
O
704,960.00
2,100,000.00
495,970,700.00
969,260,500.00
2,240,000.00
8oaoo
30,000,000.00
252,300.00
10.909. 600.00
772,644,850.00
11,338,790,500.00
2,103, 550.00
266.620.150.00
405.795.760.00
1,771.083,860.00
609,300 00
60,160.00
192,811,300.00
2,390,286,600.00
62,000.00
1.264, 354,500.00
155, 916,000.00
13,390,698.45
7,040,486,998.45
180,550.00
15,933, 044, 400.00
180,650.00
11,162,050.00
15,921,892, 350.00
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I Includes coupon error transactions.
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TABLE Zl.—Transactions in noninterest-bearing securities, hy issues, during the fiscal year 1930
Ox
o
Interest
rate
Title of issue
Outstanding
July 1,
1929
Issued account
of original
subscription
Retired account
of
redemption
Issued and
retired account
of exchange, etc.
Outstanding
June 30,
1930
MATURED D E B T ON WHICH INTEREST HAS CEASED
I. Pre-war bonds, etc.:
Compound-interest notes (1864-1866)
Funded loan of 1907 (refunrUng)
. . . .. . . . . . „ . ,
Refunding certiflcates (1879)
Loan of 1908-1918
Loan of 1925
_
^
All other issues 2.
Per cent
$166,920.00
347,700.00
9,050.00
211,000.00
435,300.00
754,210.26
$310.00
100.00
. 130.00
40,220.00
161,100.00
$156,610 00
347.600 00
8,920.00
170,780 00
274,200.00
754,210.26
1,914,180.26
201,860.00
1,712,320 26
4
iH
1,498,300.00
8,106,560.00
381,160.00
3,711,700.00
$125,150.00
48,300.00
1.117,160.00
4,394,850.00
iH
9,604,850.00
20,453,400.00
4,092,850.00
10,787,850.00
173,450.00
303,900.00
5.512,000.00
9,665,650.00
30,058,250.00
14,880,700.00
477,350.00
15.177,550.00
21,000.00
1,702,450.00
100.00
290,300.00
20,900.00
1,412,160.00
1.723.450.00
290,400.00
1,433,050 00
32.200.00
16.200.00
45.100.00
46.500.00
48,800.00
22,900.00
47,000.00
120,400.00
240,800.00
4,600.00
1,100.00
1,100.00
800.00
16,000.00
6,000.00
17,700.00
69,000.00
92,700.00
27, 700.00
16,100.00
44,000.00
45,700.00
32 800 00
17,900 00
29,300.00
51,400.00
148,100.00
619,900.00
207,900.00
412,000.00
16
4
4
3
4
Various
Total pre-war bonds
II. Liberty loan bonds:
Second Liberty l o a n Second 4 ' s . . .
Second iH's
.
-
- -
Total . .
Third Libertyioan...
Total Liberty loan bonds
III. Victory notes:
Victory 3^'s
Victory 4^'s
.
.
ti
Total Victory notes
IV, Treasury notes;
Series A-1924
Series B-1924
Series A-1925.
Series B-1925
Series C-1926
Series A-1926
Series B-1926
Series A-1927
Series B-1927
Total Treasury notes
bH
6M
iH
ti
i}4
iH
fe
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zn
Certificates of i n d e b t e d n e s s :
A. Tax i s s u e s Series A u g u s t 20, 1918..
Series T-10
Series TJ-1920
Series TD-1920
Series T M - 1 9 2 1 . . . . . . . .
Series T M - 2 - 1 9 2 1
Series TJ-1921
Series TS-1921
Series TS2-1921
Series T D - 1 9 2 1
Series T M - 1 9 2 2
Series T M 2 - 1 9 2 2
Series T J - 1 9 2 2 . . .
Series T S 2-1922
Series T D - 1 9 2 2
Series T M - 1 9 2 3
Series TS-1923
Series T M - 1 9 2 4
Series T M - 1 9 2 5
Series TJ-1926
Series TJ2-1926
Series T D - 1 9 2 6
Series TJ-1927
Series TS-1927
Series T M - 1 9 2 8
Series TM2-1928
Series TJ-1928
Series T D - 1 9 2 8
Series TD2-1928
Series TD3-1928
Series T M - 1 9 2 9
Series TM2-1929
Series TJ-1929
B. Loan i s s u e s Series M a r . 20, 1918....
Series 4-A
Series 4-B
,
Series 4-C
Series 4 - D . . .
Series G-1920
Series C-1921
Series E-1921
Series G-1921
Series H-1921
Series A-1922
Series B-1922
C . T o t a l certificates of i n d e b t e d n e s s -
000.
1, 0 0 0 .
4M
iH
iH
5M
6
6
5H
6
5H
5H
5H
4H
4H
iH
SH
iHt
4
3
SH
SH
SH.
SH
SH
3
SH
SH
SH.
4
3L
SH
4H
4H
4H
iH.
iH
5H
6
5H
5H
6H
3, 0 0 0 .
2, 000.
500,
1, 500.
4, 0 0 0 .
2, 000,
1, 0 0 0 .
2 . 500.
6, 500.
8, 000.
1, 0 0 0 .
1, 000.
3, 000.
1, ooo
500.
12, 000.
2, 500.
1, 000.
4. 000.
3, 500.
2, 000.
1, OOO
3 , 600.
15, 000.
17. OOO
62, ooo
6, ooo
107, 000.
150, 000.
48, 000.
1 2 , 3 4 7 , 20O
•500.
50O
1,000.
500.
1,500.
1,000.
1,600.
1,000.
3,000.
600.
1,000.
3,600.
12,832,700. 00
2,500.00
60O 00
1, 5 0 0 . 0 0
1. 000. 0 0
1.000. 00
3,500. 00
16, 000. 0 0
14, 4 0 0 . 00
4 2 , OOO 0 0
6, 0 0 0 . 0 0
105,500.00
146, 6 0 0 . 00
8,000.00
1,000.00
3,000.00
2,000.00
500.00
1.500.00
4,000.00
2,000.00
1,000.00
2, 500.00
3,000.00
8, OOO 00
1, 000. 00
1,000. 00
3,000. 00
1,000. 00
500.00
12, OOO 00
2,000. 00
1,000. 00
2, 500. 00
2,500.00
2, 000. 00
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Ki:
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12, 080, 3 0 0 . 0 0
fe
1.500. 00
3. 500. 00
600.00
266. 900. 00
I
500.00
500.00
1,000. 00
500.00
47,60O 00
2, 600. 00
10,000. 00
d
Ul
pi
1,600. 00
1,000. 00
""500." 55'
12, 470,200. 00
1,000. 00
1,600. 00
1,000. 00
2, 000. 00
500.00
1, 000. 00
3,000.00
362,500.00
O-l
1 Interest compounded.
2 Includes issues in which there were no transactions during the year; for amounts of these issues outstanding on June 30, 1929, see annual report for 1929 p. 478
TABLE 31.—Transactions in noninterest-bearing securities, by issues, during the fiscal year 1930—Continued
Interest
rate
Title of issue .
Outstanding
July 1,
1929
Issued account
of original
subscription
Retired account
Issued and
of
retired account
redemption
of exchange, etc.
Ol
Outstanding
June 30,
1930
M A T U R E D D E B T ON WHICH I N T E R E S T HAS C E A S E D — C o n t i n u e d
VI. Treasury (war) savings securities:
Issueof Dec. 15, 1921
Issue of Sept. 30, 1922
Issue of Dec. 1. 1923, series 1923
$465. 475. 00
2, 325, 769. 00
811, 675. 00
:
Total Treasury (war) savings securities
3,602,919.00
3 $1,800. 00
<6.00
* 16.20
1.822. 20
$243, 725. 00
1,557, 700. 00
337, 416. 20
$223,660.00
768,075.00
474, 275. 00
1, 465,900. 00
2,138.841.20
50, 761, 399. 26
1,668, 227,519. 35
VIIL Total matured debt June 30,1930
30,189. 901. 20
1,822.20
706, 358. 629.10 2, 363,434,098. 45
$477,360. 00
644.841,000.00
20, 663,320. 26
11,152,060. 00
1. 718,978, 918. 61
VII. Total matured debt July 1, 1929__.
Add interest-bearing debt which matured during the year
706, 360,461. 30 2, 393, 623, 999. 65
645, 318, 350. 00
31,715, 370. 26
United States notes (less gold reserve)
Old dprnand notes
,....,.
. -,
..
- ..
National and Federal reserve bank notes. .
. . . .
Fractional currency
Thrift and Treasury savings stamps (unclassified sales, etc.)
VI. Total debt bearing no interest.
:
.
..
5, 477. 05
37, 276, 413. 50
1,047. 62
42, 608. 50
190, 641,927. 97
63, 012.50
35,670, 939. 50
1,990,512.42
3,444,186. 63
27, 515, 679. 55
37, 320. 069. 62
231,700, 578. 92
190, 641,927.97
63,012. 50
45, 337.150. 60
1, 991,560 04
3. 481. 317.98
6 27,610, 202.60
241.504.968. 99
3 Sales not previously reported, $1,440; and accrued discount credited as public debt receipts, $360.
* Accrued discount credited as public debt receipts.
« Represents deposits account of retirement.
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D E B T BEARING NO I N T E R E S T
I.
IT.
III.
IV.
V.
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T A B L E 32.—Treasury notes, certificates of indebtedness, and Treasury bills issued through each Federal reserve bank and the Treasury Department during the fiscal year 1930
Amount (at par)
Date of issue
Title of issue
Date of maturity
Rate
Federal reserve district
Total
Boston
Treasury notes:
Adjusted service certificate fund, series
A-1935..
. . .
Civil service retirement fund:
Series 1934 . .
Series 1936
Foreign service retirement fund:
. Series 1934
Series 1935
Certificates of indebtedness:
Series TJ-1930
Series TS-1930
Series TD-1930
Series TJ-1931
Total tax issues
1.1930
Jan.
1,1935
Per cent
4
June 30,1934
June 30,1935
4
4
Richmond
Atlanta •
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July 1,1929
June 30,1930
June 30,1934
June 30,1935
4
4
pi
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35.800,000
4,900,000
454, 000
32, 000
Sept.
Dec.
Mar.
June
16,1929 June 16,1930
16,1929 Sept. 15,1930
15,1930 Dec. 16,1930
16,1930 June 16,1931
iH
1
Various.
Various.
17,1929 Mar. 17,1930
18,1930 May 19,1930
15,1930 July 14,1930
19,1930 Aug. 18,1930
Various.
1 3. 276
1 3. 306
1 2.933
1 2. 544
>
Pt
549,707,600 $27,218,000
7,028,000
351, 640, 500
483, 341, 000 27, 427, 500
24, 214, 500
429.373.000
1,814, 062, 000
Dec.
Feb.
Apr.
May
.-
Cleveland
$137,800,000
July 1,1929
June 30,1930
..
Special short-term issues
Treasury bUls:
Series Mar. 17, 1930.
Series May 19. 1930
Series July 14, 1930
Series Aug. 18, 1930...
Total Treasury bills
Jan.
New York Philadelphia
85,888,000
$217,362, 600 $51,105, 000 $44,753,000 $20, 001,600 $25,650,000
189,631, 600 16,500,000
11,891,000
13, 659, 000 14,284, 500
184,840, 500 35,620, 000 25, 313, 000 35, 067,500
34, 692, 500
236,293,500
30,100, 000 20, 042, 500 20,849,000
20, 904,000
828,028, 000 133,225, 000 101,999,500
89, 677, 000
96,531, 000
100,000
60,000
1,387, 600,000
O
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W
fe
fe
100, 000,000
66,108,000
51, 316, 000
104,600, 000
1,800, 000
60, 000
500, 000
6, 000, 000
92, 070, 000
61, 000, 000
45,750, 000
98,600, 000
2, 450, 000
1,500,000
1,000
60,000
312, 024, 000
7, 360,000
287, 320, 000
3, 951, 000
60.000
Ul
d
160,000
1 Rate on bank discount basis.
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CO
TABLE 32.—Treasury notes, certificates of indehtedness, and Treasury bills issued through each Federal reserve bank and the Treasury Department during the fiscal year 1930—Contmued
Ol
Amount (at par)
Title of issue
Date of issue
Date of maturity
Federal reserve district
Rate
Chicago
Treasury notes:
Adjusted service certificate fund, series
Jan. 1,1930 Jan.
A-1935 . . .
.
, CivU service retirement fund:
July 1,1929 June
Series 1934
Series 1935
June 30,1930 June
Foreign service retirement fund:
July 1,1929 June
Series 1934
Series 1935..
^
June 30,1930 June
Certificates of indebtedness:
Sept. 16,1929 June
Series TJ-1930
Dec. 16.1929 Sept.
Series TS-1930
Mar. 15,1930 Dec.
Series TD-1930
June 16,1930 June
Series TJ-1931
1,1935
Total Treasury bills
1 Rate on bank discount basis.
Minneapolis Kansas City
Dallas
San Francisco
Per cent
4
30,1934
30,1935
4
4
30,1934
30,1935
16,1930
15,1930
15,1930
16,1931
iH
SH
SH
2H
Treasury
$137,800,000
35,800. 000
4,900, 000
4
4
_. ...
454,000
32, 000
Various.
Dec.
Feb.
Apr.
May
17,1929
18,1930
15,1930
19,1930
$53, 914, 000 $14,167,500 $10.186,600 $17,320,500 $27,814, 000 $39,523, 000
45,141, 000
14,009, 600 26,174, 000
6,097,000
1,953, 000
6,176,000
55,976,500.
7,156, 500 22,892, 000 40,215, 000
4, 634,500
9, 523, 500
30, 079, 500
3, 587, 500 12.824,500 . 21,339,500
1,820,000
7, 290, 600
692,000
196,000
82,000
28,000
185,111,000
Total tax issues
Special short-term issues
Treasury biUs:
Series Mar. 17, 1930
Series May 19, 1930
Series July 14, 1930
Series Aug. 18, 1930
St. Louis
17,1930
19,1930
14,1930
18,1930
1 3. 276
1 3. 306
1 2.933
12.644
o
c
998,000
36,157.500
77. 640.000 127, 251, 500
18,594,000
34,161, 600
75, 000
36,000
200, 000
255, 000
100, 000
20,000
750, 000
185,000
1, 050, 000
1, 000, 000
600,000
111, 000
456, 000
870, 000
2, 736, 000
Various. Various
Mar.
May
July
Aug.
i
fe
fe
1,387,600,000
2,960, 000
2,102, 000
3, 000, 000
600, 000
25. 000
315,000
8, 662,000
340,000
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fe
zn
Transactions in public debt securities from dates of issue
TABLE 33.—Transactions in interest-bearing securities outstanding, hy issues, June 30, 1980, from dates of issue, showing reconciliation of
account of the Treasurer of the United States with security account
Account with Treasurer of the United States
I
Title of loan, series, or issue
Principal account
Issues
1. Pre-war bonds:
• 2 per cent consols of 1930
2 per cent Panama Canal loan of 1916-1936
2 per cent Panama Canal loan of 1918-1938
3 percent Panama Canal loan of 1961
3 per cent conversion bonds of 1946-1947
.
2)4 per cent postal savmgs bonds (first to thu"ty-eighth series)
Total pre-war bonds
2. Liberty bonds and Treasury bonds:
First liberty loan of 1932-1947
Fourth Liberty loan of 1933-1938..
Treasury bonds—
(a) i H per cent of 1947-1962...
(6) 4 per cent of 1944-1964
(c) SH per cent of 1946-1966
(d) SH per cent of 1943-1947....
(e) SH per cent of 1940-1943
Total Liberty bonds and Treasury bonds...
3. Treasury notes:
Series A-1930-1932
Series B-1930-iy32
Series C-1930-1932
Adjusted service certificate fundSeries A-1931
Series B-1931
Series A-1932
Series A-1933
Series A-1934
Series A-1935
Redemptions
Outstanding
O
$646, 250.150. 00
54, 631,980. 00
30, 000, O O 00
O
60, O O O O 00
O O
28, 894, 600. 00
19, 224, 720. 00
$46, 526,100. 00
6, 677,80O 00
4, 052,600. 00
200, 000. 00
$699. 724, 050. 00
48, 954,180.00
26,947, 400. 00
49,800,000 00
28,894, 600.00
19, 224, 720. 00
829, 001, 350. 00
56,466, 600.00
772, 644, 860. 00
i, 989, 466, 650. 00
6.964,581.100.00
65,903,20O 00
696.329, 550. 00
1.933, 662, 360. 00
6, 268, 261, 650. 00
o
fe
H
763.962,300. 00
1, 047, 088, 500.00
494,898,100 00
494,854, 750. 00
369, 042,950. 00
4,978, 000. 00
10, 254, O O 00
O
6,811,000 00
1,817. O O 00
O
758,984,300. 00
1, 036.834, 600.00
489, 087,100. 00
493, 037,750. 00
359, 042,960 00
12,113,883, 250. 00
775, 092, 750 00
674, 079,860 00
600,311, 700.00
461,723,960. 00
6,600,000.00
46,900, O O 00
O
70,000,000.00
123,400, 000.00
123,400,000.00
127,700, O O 00
O
137,800, O O 00
O
fe
11,338, 790, 500.00
686.376, 600. 00.
119,184, O O 00
O
155,675,70O 00
W
1, 360, 456,460. C
O
619, 496, 70O 00
607.399. 650 00
53,600,000 00
70, 000, O O 00
O
123.400, 000..00
123,400, 000. 00
127, 700, 000. 00
137,800, 000, 00
>
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O^
TABLE 33.—Transactions in interest-bearing securities outstanding, by issues, June SO, 1930, from dates of issue, showing reconciliation of
account of the Treasurer of the United States with security account—Continued
Account with Treasurer of the United States
Title of loan, series, or issue
Principal account
Issues
3. Treasury notes—Continued.
CivU service retuement fundSeries 1931
Series 1932 .
Series 1933
Series 1934
Series 1935
Foreign service retirement f u n d Series 1933
Series 1934
Series 1935
Total Treasury notes
4. Certificates ofindebtedness:
Series TS-1930
Series TD-1930
Series TJ-1931
-
.
.-
_-
- .
-
-
...
.
3, 358,266, 80O 00
...
- -
-
Total Treasury bills
_.
-
61.316,000 00
104, 600, 000. 00
-
166,916,000.00
-.-.
$144, O O 00
O
967,980,300.00
-.-
17,721,421,900.00
386, 000. 00
454, 000. 00
32, 000. 00
1. 264,364, 500. 00
—
1, 799, 529, 560 00
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o
pi
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2,390, 286, 600. 00
351,640, 500. 00
483,341, 000. 00
429.373, 000. 00
1, 264, 354, 500. 00 _
-
Outstanding
$31, 200, 000.00
14,400, 000.00
47.800, 000.00
36,800, O O 00
O
4,900, 000. 00
351, 640, 600. 00
483,341, 000. C
O
429,373, 000. C
O
.
.
Redemptions
$31, 200, O O 00
O
14,400 000. 00
47, 800, 000. 00
35, 800, 000. 00
4,900, O O 00
O
629, 000. 00
464, 000. 00
32, 000. 00
-
.-
5. Treasury bills:
Series maturing J uly 14, 1930
Series maturing Aug. 18, 1930
-
---
Total certificates of indebtedness
Total to June 30, 1930-
-
._.
•
61,316, 000. 00
104,600, 000. 00
155,916,000.00
15,921,892,350. 00
i2j
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Security account
Retirements
Issues
Title of loan, series, or issue
Original
subscriptions
1. Pre-war bonds:
2 per cent consols of 1930
2 per cent Panama Canal loan of 1916-1936--.
2 per cent Panama Canal loan of 1918 1938...
3 per cent Panama Canal loan of 1961
3 per cent conversion bonds of 1946-1947
2M per cent postal savings bonds (first to
thirty-eighth series)..
Total pre-war bonds.
2. Liberty bonds and Treasury bonds:
First Liberty loan of 1932-1947—
(a) Fu-st 3H's
(6) First 4's
(c) First 4M's
(d) First second iH's
Fourth Liberty loan of 1933-1938.
Treasury bonds—
(fl) i H per cent of 1947-1962..
(b) 4 per cent of 1944-1964
. (c) 3 ^ per cent of 1946-1956..
(d) SH per cent of 1943-1947..
(e) SH per cent of 1940-1943..
Exchanges, etc.,
for securities of
equal par value
retired
Total
Redemptions
Exchanges, etc.,
for securities of
equal par value
issued
Outstanding
Total
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O
$646, 260 160 00 $2,144, 296,950. C $2. 790, 646,100. C
136. 404, 640 00
64, 631,980 00
191, 036, 520 00
30, 000, 000. C
O
80 768,840 00
110, 768,840 C
O
60, 000, 000. 00
160,340,100. 00
210,340100 00
28,894, 600. 00
28,161, 000. 00
67, 056, 600.00
19, 224, 720 00
829, 001,350 00
13, 076, 200. 00
2, 663, 045, 630.00
$46, 626,100. C $2.144, 295, 950. 00 $2,190 822, 060. 00
O
136,404, 640 00
142, 082,340. 00
5, 677,800. 00
84, 821,440. 00
4, 062, 600. C
O
80, 768,840. C
O
160; 640,100. 00
200, C O 00 160 340, IOO 00
O.
28,161, 000. 00
28,161, 000. 00
1599, 724, 050. 00
48,954,180. 00
25,947,400. C
O
49,800, 000. 00
28, 894, 500. 00
13, 075, 20O 00
19, 224, 720 C
O
O
66,456, 500. 00 2, 563, 046, 630 00 2, 619, 502,130. C
772, 544,860 C
O
32, 299,920. 00
3,392, 046,980. 00
13, 075, 200. 00
pi
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fe
O
17,818,150.00 3,989,043.950 00 4, 006, 862.100. 00 1,392, 256, 250. 00
1, 989, 456, 550 00 3, 409. 662,800. C 5,399,118,350 00
647,822, 650 00
5, 005,450. 00
647, 822, 660. 00
642, 817, IOO 00
15, 671, 250. C
O 627,145,860. C
O
532, 798, 600. 00
1,627,310 700.00 1, 627, 310 700. C
994, 512, 200. 00
O 972, 098,40O 00
O 22,413, 800. C
3,492,150 00
10, 293, 050. 00
10 293, 05O 00
6, 800,900. 00
6, 800 900. C
O
O
O
O
6.964, 581,100. 00 14, 038, 235, 760. 00 21, 002, 816, 850 00 696, 329, 550. C 14, 038, 236, 750. C 14,734,665,300 00 6, 268, 251, 550 C
763, 962,30O C
O
1, 047, 088, 500. 00
494,898,100. C
O
494, 864, 750 00
359, 042, 950. 00
657. 794. 200. 00 1, 421, 756, 500. 00
706,942, 800. 00 1, 754. 031,30O 00
229, 922, 60O 00
724, 820, 600. 00
185, 738, 650. 00
680, 593, 400. 00
O
60 166, O O 00 419,198,950. C
O
4,978, 000. 00
10, 254, 000. C
O
6,811, 000. C
O
1,817, 000. 00
657, 794, 200. C
O
706,942,800. 00
229,922, 500. 00
185, 738, 650. 00
60 156, 000. C
O
662, 772, 200. C
O 768, 984,300. 00
O
717,196,800. 00 1, 036, 834, 50O C
489, 087,100. C
O
235, 733, 60O 00
493, 037,750. 00
187, 665, 660. 00
359, 042,950 00
60,166, 000. 00
fe
>
zn
d
pi
Total Liberty bonds and.Treasury bonds.. 12,113,883, 260 C 21,473, 879, 000. 00 33, 687, 762, 260. C 775, 092, 750. C 21,473, 879, 000. C 22, 248,971, 760. C 11,338,790 500. 00
O
O
O
O
O
3. Treasury notes:
Series A-1930-1932..
Series B-1930-1932..
Series C-1930-1932..
1,360456,450 00
619,495, 700. 00
607,399, 650. C
O
890 259. 360. 00 2, 250 716, 800. 00
472,916,950. 00 1, 092,412, 650 C
O
223, 773, 70O C
O 831,173, 350 00
686,376, 600. 00
119,184, 000. 00
166, 675, 70O C
O
890, 259, 350. 00 1,576,635,950.00
692,100,960. 00
472,916,950. 00
O
223, 773, 7C0 C
O 379, 449, 400. C
674, 079,850. 00
600, 311, 70O 00
461, 723, 950 00
OR
TABLE 33.—Transactions in interest-hearing securities outstanding, by issues, June 30, 1930, from dates of issue, showing reconciliation of
account of the Treasurer of the United States with security account—Continued
Ol
CO
Security account
Issues
Title of loan, series, or issue
Original
subscriptions
8. Treasury notes—Continued.
Adjusted service certificate f u n d Series A-1931
Series B-1931
.
.Series A-1932
Series A-1933
.
Series A-1934
Series A-1935
Civil service retirement f u n d Series 1931
Series 1932
Series 1933
Series 1934
Series 1936
Foreign service retirement f u n d Series 1933
Series 1934
Series 1935
$53,500 O O 00
O
70 000 000.00
123,400 COO. 00
123,400 000.00
127, 700, 000.00
137,800, 000. 00
Total Treasury biUs
Total to June 30, 1930
$20,000 000.00
-
Redemptions
Exchanges, etc.,
for securities of
equal par value
issued
Outstanding
Total
.
529, O O 00
O
454, 000. 00
32, 000. C
O
--
361, 640 60O 00
483,341. 000.00
429.373, 000. 00
1. 264,364,600. 00
$20, O O 000. 00
C
fe
fe
31, 200, COO CO
14,400 COO. 00
47, 800 000. CO
35, 800 OOO 00
4,900 000 00
617, C O 00
O
$46,900, O O 00
O
70, O O 000. 00
O
123,400,000.00
123,400, 000. 00
127, 700, 000. 00
137,800, 000. 00
O
pi
137, SOO, OOO CO
^
31,200 000 00
14,400 000.00
47,8C0 000. 00
35,80O 000. C
O
4,900 000 00
-
$73, 500 000. 00
70 000, 000. 00
123, 400 O O 00
O
123,400 000. 00
127, 700 000. C
O
31, 200, O O 00
O
14, 400, 000. 00
47,800 000. 00
35,800, 000.00
4,900, 000. 00
1-3
$6,600 000. 00
144, 000.00
1, 046, 000. CO
454, 000. 00
32, 000. CO
O
3,358,266,800. C 1, 607, 467, 000. C 4,965,733,800.00
O
Total certificates of indebtedness
5. Treasury bills:
Series maturing July 14,1930
Series maturing Aug. 18,1930
Total
pi
Total Treasury notes
4. Certificates of indebtedness:
Series TS-1930
Series TD-1930
Series TJ-1931
Exchanges, etc..
for securities of
equal par value
retired
Retirements
967,980,300.00
517, O O 00
O
$26,600 C O 00
O
661,000 00
385. O O 00
O
454, 000. 00
32, 000. C
O
1,607, 467, 000. 00 2, 675.447. 300. C 2, 390 286, 50O 00
O
493, 692, 500. 00
623, 824, 000. CO
472, 987, 50O CO
141,952, 000. 00
140 483, 000. C
O
43. 614, 500. 00
141,952.000. 00
140 483, 000. 00
43. 614, 600. 00
326, 049, 500. C 1, 690 404, OOO 00
O
326, 049, 600. 00
326, 049. 600. C 1, 264,354, 500. 00
O
610 O O 00
O
610 000.00
51. 316. 000. C
O
104,600, 000. 00
610 O O 00
O
610 000.00
166,916. 000. 00
141. 962, O O 00
C
140 483, 000. 00
43, 614, 600. 00
61,316. 000. 00
104,6C0 O O C
O O
610 O O 00
O
61, 316, 000. 00
106, 210 OOO 00
165,916, 000.00
610 000. 00
166, 626, 000. 00
"
351, 640 50O 00
483, 341, 000. C
O
429, 373, 000. C
O
O
17,721,421,900 00 25,971, 061,130.00 43, 692, 473, 030. CO 1, 799, 629, 650. C 25.971, 061,130. 00 27, 770 580 680. 00 15,921,892,360.00
O
K
fe
o
fe
zn
TABLE 3i.—Sum7hary of operations in Liberty loans having conversion features, from dates of issue to June 30, 1930
Retirements
Issues
Title of issue
First 33^'s
First 4's
First 4M's
First-second 43^'s-_
Second 4's
Second iH's
Victory 3M's
Victory i H ' s . -
Original issue
for cash
Retuement upon
conversion
Redemption
Outstanding
June 30, 1930
$679, 381,160
547, 641, 750
$17,818,150
15,671,250
22,413,800
3,806.747.850
3, 703,641. 350
1. 097,230 950
4, 326, 444, 650
3. 707,936,200
672, 585,100
3, 822,787, 900
3.707,936,200
424, 666, 750
505,068, 900
505,068,900
424, 666. 750
98,811, 660
3,703,641,350
592,162,060
3, 901, 777,900
$1, 392, 256, 250
6, 005,460
532, 798, 500
3, 492,150
1,117,150
4, 394, 850
20900
1, 412,150
10, 292, 693, 660
_
_
. _ - _ . . .
_
.
Total
$597,199, 300
663, 313,000
22,413,800
5, 764, 694, 750
14,116,890, 900
6, 764,694, 750
8, 352,196,150
1, 940, 497, 400
$1,989,455,550
Total
Issues upon
conversion
.
3,807,865,000
$568,318, 450
565, 212, 300
3,492,150
First iH's
First-second 4^'s
Second iH's
Victory 3M's
i
o
fe
Conversion transactions by issues: Retirements by conversion into—
Title of issue
Fust 4's
ZO
fe
o
Victory 4^'s
W
fe
First 33^'s
Fu-st 4's
Second 4's
Victory 3M's
Victory iH's
Total-.
.
.
.
.
.
-
$568, 318, 450
$7, 570,660
647, 641, 750
$3,707,936,200
$424,666, 750
-
668,318, 450
565, 212, 300
$605,068,900
I
506,068,900
zn
d
fe
. $3,492,160
3.492,150
3,707,936,200
424,666,760
>
Ol
CO
580
REPORT ON T H E
FINANCES
Transactions in t h e public debt by years
T A B L E 35.—Transactions in the public debt for the fiscal years 1927 to 1930 ^
Detail
1927
1928
1929
1930
Gross d e b t o u t s t a n d i n g (from
previous year):
Interest-bearing d e b t
$19, 383, 770, 860. 05 $18, 250, 943,965. 95 $17, 317, 695, 096. 45 $16, 638,941, 379. 36
M a t u r e d d e b t on w h i c h
45, 331, 660. 26
50, 761, 399. 26
14, 707, 236. 26
interest h a s ceased
13,327, 800. 26
D e b t bearing no interest
241, 263,806. 22
241, 604,968. 99
244, 523, 064. 89
246, 084,419. 38
(less gold reserve)
T o t a l gross d e b t
19,643,183,079. 69 18, 610,174, 266.10 17,604, 290, 562. 93 16,931,197, 747. 60
P u b h c - d e b t issues:
P r e - w a r issues
-_
Certificates o f i n d e b t e d n e s s .
T r e a s u r y bills
F i r s t L i b e r t y loan
Second L i b e r t y loan
T h i r d L i b e r t y loan
F o u r t h L i b e r t y loan
V i c t o r y L i b e r t y loan
T r e a s u r y notes
Treasury bonds
T r e a s u r y (war) savings
securities.....
N a t i o n a l - b a n k notes, deposits for r e t i r e m e n t s
T o t a l issues
Public debt redemptions:
P r e - w a r issues
Certificates o f i n d e b t e d n e s s .
T r e a s u r y bills
F i r s t L i b e r t y loan
Second L i b e r t y loan
T h i r d L i b e r t y loan
F o u r t h L i b e r t y loan
V i c t o r y L i b e r t y loan
T r e a s u r y notes
Treasury bonds
T r e a s u r y (war) savings
securities
N a t i o n a l b a n k notes, retirements
Fractional currency
Old d e m a n d notes
Increase of gold reserve
against U n i t e d States
notes o u t s t a n d i n g
Total redemptions
Gross d e b t o u t s t a n d i n g :
Interest-bearing d e b t
M a t u r e d d e b t on w h i c h
interest h a s ceased
D e b t bearing no interest
(less gold reserve)
T o t a l gross d e b t
A d d m a t u r e d interest obhgations, etc
Deduct:
B a l a n c e held b y U n i t e d
States T r e a s u r e r
P l u s n e t excess of receipts over disbursem e n t s i n J u n e reports
subsequently
' received
Less n e t excess of disb u r s e m e n t s over receipts i n J u n e reports
subsequently
received
N e t deduction
N e t debt . .
N e t d e b t decreased
689, 620. 00
3,145, 735, OOO 00
2,074,800.00
1, 582, 720.00
6, 419, 283, 700. CO 4, 637, 488, 200.00
2, 337, 540. 00
3. 201, 562,000.00
312.024,000. 00
161,077,000. CO
369,042,950. 00
178.986.000.00
1, 629,456,450. CO 1,365. 247,360. 00
27,063,100. 00
467, 801, 650. CO
13, 672,408.43
17,052,125. 61
10,015, 227. 37
550.428.35
27, 828,137. 50
5,185, 083, 265. 93
25,121, 597. 60
6,855, 340, 693. 01
24, 643, 655. 00
6,194,341, 732. 37
27, 510. 202. 50
3, 722,970,170. 86
213,240 00
2, 927, 254, 000. 00
88,050. CO
4, 867.363,000.00
109, 030.00
4,240,026,700.00
54,100.00
1, 798,148,050. 00
340, 607, 600. 00
27, 665, 500. 00
1,282,300.00
1,119, 511,900.00
10, 000,000.00
5,250. CO
4, 050.00
23,142, 650. 00
1,273,632,260.00
918,816, 250. 00 1, 208,395, 200.00
2, 862, 850. CO . 15,684,050.00
496, 950. 00
969,400.00
201, 477,050. 00
490, 215, 250.00
12,695,000.00
160, 000.00
201, 860.00
3, 678.967,700.00
156,046,000. 00
5, 696, 650.00
4,092,850. CO
10,787,850.00
10,108, 000.00
290,400. 00
649,918,900.00
64,161,961. 80
178, 826,999.45
141,055,497.20
15, 672,048.15
28,060, 776. 00
817. 94
27, 686,920. CO
909. 68
24,346, 256. 50
914.00
37, 276,413. 50
1,047. 62
1, 231,834. 78
6, 318,092, 079. 52
618,367. 05
7, 761, 224,296.18
6,867,434, 647. 70
4,468,869, 619. 27
18, 250, 943, 966. 96 17,317, 695,096. 45 16, 638,941,379. 36 15,921,892,350.00
14, 707,236. 26
45, 331, 660 26
50, 751, 399. 26
31, 715, 370. 26
244, 623,064. 89
241, 263,806. 22
241, 604,968. 99
231, 700, 678. 92
18, 510,174, 266.10 17,604, 290, 662. 93 16. 931,197. 747. 60 16,185, 308, 299.18
112,867, 444. 56
136.063.842. 90
144, 712, 313. 03
123, 606, 274. 98
18, 664, 886, 679.13 17, 727, 795, 837.91 17,067, 261, 590. 50 16, 298,166, 743. 74
. 234,057,409.85
265, 626,980. 79
326, 713,002. 63
1,459, 289. 37
5. 336, 649. 94
2, 206,161. 80
6, 824, 263.08
232, 698,120.48
260,190,330. 86
324,506,860 83
312, 782,916.03
18, 422,288,458. 66 17,467, 606, 607.06 16, 742, 764,739. 67 16,986, 382.828. 71
1,150,416.113.13
964, 682,951. 69
724,850. 767.39
1 For detail for the fiscal years 1917 to 1926, see Annual Report for 1927, p. 602.
318,607,168.11
757,371,910.96
TABLE 36.—Net increases (-f) and net decreases ( — ) in the public debt, by issues, for the fiscal years 1918 to 1930
[On basis of warrants issued, see p. 467]
Rate
Title
Outstanding
J u n e 30, 1917
1927
1918-1926 1
1928
1929
1930
Outstanding
J u n e 30, 1930
P R E - W A R LOANS
Per
cent
M a t u r e d prior to A p r . 6,1917
Consols of 1930
.
...
L o a n of 1908-1918
L o a n of 1926
.
1-year T r e a s u r y notes
P a n a m a canal loan of 1916-1936
P a n a m a canal loan of 1918-1938
P a n a m a canal loan of 1961
.P o s t a l savings b o n d s
3-per cent conversion b o n d s of 19461947 . . .
T o t a l pre-war loans
2
3
4
3
2
2
3
2H
3
$1, 509,782. 76
599,724,050. 00
63,946, 460. 00
118,489,900 00
27,362, COO 00
48, 964,180. 00
25,947,400. 00
50, 000,000.00
10,039, 760. CO
-$3,340.00
- $ 5 5 0 00
-13,800.00
-196,100.00
-6,300.00
- 8 1 , 200.00
-$7,390.00
- 8 , 640 00
- 9 3 , OOO 00
-$540. 00
- 4 0 , 220. 00
-161,100.00
$1,320,352.76
599, 724,050 00
170,780.00
274,200.00
+689, 620. 00
+ 1 , 582, 720.00
+2,074,800.00
+ 2 , 337,540 00
- 2 0 6 , 629,350 00
+476, 380.00
+1,494, 670. 00
+ 1 , 965, 770.00
+2,136, 680. 00
774,310,182 76
+ 2 , 500. 00
-1,500.00
+429,373,000. 00
r-16,000 00
+ 3 5 1 , 626, IOO 00
+483,287, 000. 00
-146,500.00
-1,000.00
- 4 7 , 5C0 00
- 1 0 6 . 0 0 0 00
429, 373,000.00
1,000. 00
351 643 100 00
483,353,500.00
3 500 00
2,000. 00
3,000. 00
500.00
11, 500. 00
+475,987,000 00 -475.510, 50O 00
+12,346, 20O 00 - 1 2 , 0 8 1 . 8 0 0 00
+760,003,000. 00 -769,368,600. 00
+8.192,000. 00
477, 500 00
289,400.00
637,000. 00
8,192,000.00
+404, 209,500. 00 - 4 0 2 , 603.000. 00
1, 606, 500. 00
•
28 894, 600 00
LOANS S U B S E Q U E N T TO APR. 6, 1917
Certificates o f i n d e b t e d n e s s
Do
Do
Do .
Do
:...
.-Do
Do
Do
Do
Do
.
„.-Certificates of i n d e b t e d n e s s , adjusted
service series
Certificates of i n d e b t e d n e s s
Do
Do
Do...
.
Do
Do.-
zn
feo
48,954,180 00
25,947,400. 00
49,800,000.00
19, 224, 720. 00
- 2 0 0 , 0 0 0 00
+ 2 , 500, 280.00
28,894, 600. 00
974,867,032. 76
-- -
- $ 1 7 7 , 6 1 0 00
- 6 3 , 7 0 5 , 7 2 0 00
-117,684,300.00
-27,362,000. 00
o
fe
H
W
2H
-1,000.00
T
74,081, 632. 00
-73,423,132.00
SH
211,651,100. 00
- 2 1 0 , 660,000.00
-646,500.00
+150, 618,000. CO
+534,519, 500.00
33/4
+452,883,000. CO
+1,279.000. 00
-452,797,000.00
SH
4
+ 4 1 , 6C0 00
- 1 9 , COO 00
+ 5 7 , 500. 00
- 1 4 7 , 8 1 3 , 3 0 0 00
- 7 2 , 0 7 2 , 600. 00
+360,947,000.00
- 1 , 2 3 0 , 6 0 0 00
-80,000.00
+211,784, OOO 00
+216,363,000.00
+ 3 0 , 400, OCO 00
+25,000. CO
+ 7 8 , 50O 00
+ 2 , 50O 00
-14,400,000.00
- 2 0 , OOO 00
-31,000.00
-16,000,000.00
-4,000.00
- 2 3 , 500.00
SH
4
4H
iH
iH
iH
5
5H
--.....
--
- 5 3 , 60O CO
- 2 , 787, 700. 00
- 4 6 3 , 3 8 1 , 5C0 CO
-360,797, OOO CO
- 4 6 , 500. 00
- 2 , 0 0 0 00
- 2 1 1 . 7 3 6 , 0 0 0 00
- 2 1 6 , 268, OOO 00
fe
H
Pt .
fe
>
zn
d
' For details for each fiscal year, see annual report for 1929, p. 489.
Ol
00
TABLE 36.—Net increases ( + ) and net decreases (—) in the public debt, hy issues, for the fiscal years 1918 to 1930—Continued
Ol
(X)
[On basis of warrants issued, see p. 467]
rN3
Title
Rate
Outstanding
June 30, 1917
1918-1926
1927
1928
-$10,000. 00
.-3,600.00
-6,000.00
-1,000.00
-2,100. C
O
- 1 , IOO 00
-60,90O 00
- $ 1 , 600.00
-2,600.00
-3,000. 00
-800.00
-50.00
-3,200.00
1929
1930
Outstanding
June 30,1930
LOANS SUBSEQUENT TO APE. 6, 1917—
Per
continued
cent
Certificates of indebtedness
SH
Do
bH
Do
bH
Do
6
First Liberty loan bonds
SH
First Liberty loan bonds (converted)..
4
First Liberty loan bonds (converted)..
4H
First Liberty loan bonds (second converted)
iH
Second Liberty loan bonds
4
Second Liberty loan bonds (converted).
iH
Third Liberty loan bonds
434
Fourth Liberty, loan bonds
iH
Victory Liberty loan notes
SH-iH
Treasury bUls
Treasury bonds of 1940-1943
3%
Treasury bonds of 1943-1947
.S%
Treasury bonds of 1946-1956
SH
Treasury bonds of 1944-1954
4
Treasury bonds of 1947-1952.
4H
Treasury notes (civU service retirement fund series)
4
Treasury notes (adjusted service series).
4
Treasury notes (foreign service series).
4
Treasury notes
SH
Do
iH
Do
iH
Do
iH
Do
iH
Do
bH
Do
bH
Treasury (war) savings securities
Total loans subsequent to Apr.
6.1917
$1. 466.335,094. 61
+$19.000.00
+22,000.00
+18,600.00
+16, O O 00
O
-68, 646,994. 61
+6,156,800.00
+632,874, 260.00
-$6,000. 00
-3,000.00
-2,000.00
-1,000.00
-200.00
-4,060.00
+3,492,150 00
-2,626,400.00
+20, 849, 700.00
-977,600 00
-16,847.400.00
+3,083, 678,100.00 -1,795,621,650.00 -1.267,784.850. 00
-22,166,06O 00
+2,488,272,450.00
-918,816,250.00 -1,208,395,200.00
-340, 607,600.00
+6,324,471, 960.00
-2,862,850.00
-27, 565.500. 00
-16,684,050.00
+4,462,100.00
-496, 950.00
-969,400.00
-1,282,300.00
+494,898,100.00
+1,047,087,500.00
+763, 948,300. C
O
+467,801, 660.00
- 3 , 686,000. 00
. -4,686,000 00
-1,628,000.00
+26,903,100.00
+173, 500, 000.00
+45, 600, O O 00
O
+123,400,000.00
+414,922, 30O 00
+586, 300.00
+356, 376, 900.00
. +671, 291,20O00
+237, 100.00
+141, 000.00
+363, 616, 963.47
+1,320,914, 650 00
-414, 616,800 00
-412,40O C
O
-413,30O 00
-664, 299, 200. 00
-161,100.00
-67,3C0 00
-50. 589. 553. 37
+14.800,000.00
+104,900,000. 00
+152,000. 00
+1.116, 733,900. 00
-222,100. 00
-85, 90O 00
-355,028,800. 00
-6,137,000. 00
-48,800.00
-31,200. C
O
-161,774,873.94
1. 751, 967.826. 61+16,880, 653,426.86
-1,132,019,903.37
-904,193,773. 94
+359,042,950.00
-1,667,000.00
-2.125,000. C
O
-6,567,000.00
-3,336,000.00
-$1,600.00
-2,600.00
-5,428,950.00
-150,000.00
. -17,600.00
-381,150.00
- 3 , 711,700.00
-10,787,860 00
-10,108,000.00
-290,40O 00
+166,978,000.00
$9,000.00
9,500.00
4,600.00
10,000.00
1,392, 256,250. 00
6,005,450. 00
632,798,600.00
I
fe
O
3,492,160.00
1,117,150. CO
4,394,850.00
9,665,660.00
6,268,261,560. 00
1,433,050.00
156,978,000. CO
359,042,960.00
493,037,760. 00
489,087,100.00
1,036.834.500.00
758,984,300.00
Pt
o
W
fe
+33,000,000. 00 +40, 700,000. C
134,100,000.00
O
o
O
+111, 200, C O 00 +116,200, O O 00
O
629,200,000. 00
fe
871,000. 00
+369, O O 00
O
+350, C O 00
O
Ul
-183,639,050 00 -627,994,000.00 1, 626,116, 600. CO
29,300.00
-17,70O 00
-36,400. 00
-41,600 00
46, 700. 00
-800.00
-766, 600. 00
84,200.00
-85,000. C
O
-646,200.00
210,000.00
-98,800.00
- 1 , IOO C
O
-11,000.00
15,100.00
- 4 , 50O 00
-10,30O 00
27,700. CO
5,090, 636. 53
-131,040,269.83 -16,021,619.80
-675,354,969.83 -738,267,869. 80 15,182, 794, 736. 53
. NONINTEREST-BEARING
DEBT
United States notes...
Fractional currency...
National bank notes and Federal reserve bank notes (old series)
National bank notes and Federal reserve bank notes (new series)
Total noninterest-bearing debt...
Total public debt outstanding
June 30,1917
Increase (net)
Decrease (net)
Total public debt outstanding
June 30,1930-
2193,701,990.37
6,846, 568.16
-1,209,860.67
-«10,300.04
-1,231,834.78
-817.94
-618,367.06
-909. 68
-914.00
-1,047.62
48,235,167.00
-397,355.00
-232,637. 50
-2,665,322.50
+297,298. 60
-16,496,133.50
3 190. 641,927. 97
1,990, 612.42
28,841,017.00
+6, 729,922. 60
+248,783,725.62
-1,617,615.61
6.729, 922. 50
228,203,379.89
-1,466,290 22
-3,184,699.23
+296,384.60
-9,767,258.62
1,133.008,813.69
906,883,703.17
673,092,816.33
746,889.448. 42
« 2,976,618,684.89
* 16,672,406,661. 26
16,186,308,299.18
O
2 After deducting gold reserve of $166,420,720.98 and referred to in note 4, below.
3 After deducting gold reserve of $166,039,088.03 and the sum of $4,842,066.46 referred to in note 4, below.
* Exclusive of $4,842,066.45 on account of fractional currency oflQciaUy estimated to have been lost or irrevocably destroyed and written off during the fiscal year 1921, this
amount being in addition to $8,375,934 previously estimated to have been lost or destroyed and written off prior to June 30,1917
O
fe
fe
Ul
d
Kj
Ol
(X)
OO.
584
REPORT ON THE FINANCES
TABLiE 37.—Public debt issues between April 6, 1917, and June 30, 1930, rates,
dates of issue, call and/or maturity, and amounts issued
Date of issue
Rate
Title
When redeemable or
payable
Issued»
Various...
$9,184,960.00
P R E - W A R BONDS
Postal savings bonds: Thirteenth to thirty-eighth P e r cent
series
2H Various
LIBERTY LOANS
First Liberty loan of 1932-47: !
SH per cent bonds
4 per cent
bonds.
converted
SH June 15,1917
4
Redeemable on or after
June 15. 1932; payable June 15, 1947.
568,318,460.00
Nov. 16, 1917
i H per cent converted
bonds.
i H May 9, 1918
i H per cent second converted bonds.
4H Oct. 24, 1918
1,989,456,650.00
._
do.
.
do
666, 212,300. 00
3,492,160.00
3,116,478.450. 00
Total
Second Liberty loanof 1927-42:
4 per cent bonds.
. .
i H per cent converted
bonds.
• Total
iH May 9, 1918
Redeemable on oi
after Nov. 15. 1927;
payable Nov. 15.
1942; called Nov. 15,
1927.
do
.-
Third Liberty loan bonds of
1928.
Fourth Liberty loan bonds
of 1933-38.
^H May 9, 1918
Sept. 16, 1928
4,175,650,050.00
i H Oct. 24, 1918
Redeemable on and
after Oct. 15, 1933;
payable Oct. 15,1938.
6,964,581,100.00
SH May 20, 1919
Redeemable June 15
orDec. 15,1922; payable May 20, 1923;
caUed June 15, 1922.
Redeemable June 15
or Dec. 15,1922; payable May 20. 1923;
notes with symbols
" A " to " F " called
Dec. 15. 1922; notes
with symbols " G "
to " L " matured
May 20. 1923.
1,097, 251,850. 00
Victory Liberty loan of 192223:
3 ^ p e r cent notes..:
i H per cent notes
Nov. 15, 1917
3.807,865,000.00
3.707,936,200. CO
7, 516,801,200.00
i H -.
do.
Total
4, 327,856,800. 00
6,425,108,650. 00
Total Libertv loans
27,197, 619,450. CO
TREASURY BONDS
Treasury bonds of 1947-52
4K Oct. 16, 1922
Treasury bonds of 1944-54.
4
Treasury bonds of 1946-56
SH Mar. 15, 1926
Treasury bonds of 1943-47....
SH June 15, 1927
Treasury bonds of 1940-43
SH July 16, 1928
Total Treasury bonds
Dec. 16, 1924
Reedemable on and
after Oct. 16, 1947;
payable Oct. 15,
1952.
Redeemable on and
after Dec. 15, 1944;
payable Dec. 15,1954.
Redeemable on and
after Mar. 16. 1946;
payable Mar. 15,
1956.
Redeemable on and
after June 15, 1943;
payable June 15,
1947.
Redeemable on and
after June 15, 1940;
payable June 15,
1943.
i
763,962, 300.00
1,047,088, 500. 00
494,898,100.00
494, 854, 750. CO
359,042. 950. 00
3,159,846.600,00
1
» Certain Liberty loan issues represent or include issues upon conversion; see Table 34, p. 579.
585
SECRETARY OF THE TREASURY
TABLE 37.—Public debt issues between April 6, 1917, and June SO, 1930, rates,
dates of issue, call and/or maturity, and amounts issued—Continued
Title
Rate
TREASURY NOTES
W h e n r e d e e m a b l e or
payable
\Per cent
1-year T r e a s u r y n o t e s .
3
D a t e of issue
J u l y 1,1918
Oct. 1,1918
J a n . 1,1919
[July 1 , 1 9 1 7 . . .
• Oct. 1,1917."
^
Ijan. 1, 1918
Total
bH
bVi
4M
4M
iH
iH
iH
iH
4M
J u n e 16, 1921
Sept. 15, 1921
F e b . 1, 1922
M a r . 15, 1922
J u n e 16, 1922
A u g . 1. 1922
D e c . 15,1922. _.^
J a n . 15, 1923
M a y 15, 1923
M a r . 15, 1927 .
SH
B-1930-32
Sept. 15, 1927
SH
C-1930-32
J a n . 16, 1928
SH
J u n e 16,1924.
Sept. 15, 1924...
M a r . 15, 1925-.
M a r . 15, 1926
.
Dec. 15,1925...
Sept. 15, 1926
J u n e 15, 1925
D e c . 16,1927
M a r . 16, 1927..
R e d e e m a b l e after M a r .
15. 1930; p a y a b l e
M a r . 15, 1932.2
R e d e e m a b l e after Sept.
15, 1930; p a y a b l e
Sept. 15, 1932.2
R e d e e m a b l e after Dec.
16, 1930; p a y a b l e
D e c . 15, 1932.
619,495, 700.00
607,399,650. CO
certificate
4
4
J a n . 1, 1926
4
M a r . 5, 1926
Series A-1932
4
J a n . 1, 1927
Series A-1933
4
J a n . 1, 1928.
Series A-1934
4
J a n . 1. 1929
Series A-1935
4
R e d e e m a b l e after J a n .
1, 1926; p a y a b l e on
J a n . 1. 1930.
R e d e e m a b l e after J a n .
1, 1927; p a y a b l e on
J a n . 1, 1931.
R e d e e m a b l e after M a r .
5, 1927; p a y a b l e on
J a n . 1, 1931.
R e d e e m a b l e after J a n .
1, 1928; p a y a b l e on
J a n . 1, 1932.
R e d e e m a b l e after J a n .
1, 1929; p a y a b l e on
J a n . 1,1933.
R e d e e m a b l e after J a n .
1, 1930; p a y a b l e on
J a n . 1, 1934.
R e d e e m a b l e after J a n .
1, 1931; p a y a b l e on
J a n . 1. 1935.
J a n . 1, 1925
J a n . 1,1930...
Series A-1931
..
50,000, COO 00
63, 500,000. 00
70,000. 000. CO
123.400,000.00
123,400. 000. 00
127,700,000. CO
137,800 000.00
685,800,000. CO
Total
CivU service r e t i r e m e n t fund
Series 1931
4
M a r . 14, 1927.
Series 1932
4
J u n e 30,1927
Series 1933
4
V a r i o u s dates
J u n e 30,1928.
from
Series 1934
4
Various dates
J u l y 1,1929.
from
Series 1935
4 j J u n e 30, 1930
Total
311,191, 600.00
390, 706,100.00
601, 590. 500 00
617, 769, 700.00
"335,141, 300.00
486.940,100. 00
469,213, 200.00
366,981, 500.00
668, 201,400.00
1,360,456,450.00
6,836,096, 200. CO
Total
Series B-1931
$4,786,000.00
6,064,000.00
9,301,000.00
19,150,000.00
3 to 5 year T r e a s u r y notes:
A-1924
B-1924
A-1925
A-1926
B-1925
B-1926
C-1925...
A-1927
B-1927
A-1930-32
A d j u s t e d service
fund:
Series A-1930
Issued
-.
On Sept. 10, 1930; called for redemption on Mar. 15. 1931,
R e d e e m a b l e after M a r .
14, 1928; p a y a b l e on
J u n e 30,1931.
R e d e e m a b l e after J u n e
30, 1928; p a y a b l e on
J u n e 30, 1932.
R e d e e m a b l e after 1
y e a r from d a t e of
issue; p a y a b l e on
J u n e 30, 1933.
R e d e e m a b l e after 1
year from d a t e of
issue; p a y a b l e on
J u n e 30, 1934.
R e d e e m a b l e after 1
year from d a t e of
issue; p a y a b l e on
J u n e 30, 1935.
31,200, OOO 00
14.400.000. CO
47,800,000. CO
35,800,000,00
4.900,000. 00
134,100,000.00
586
REPORT ON THE FINANCES
TA^BLE 37.—Public deht issues between April 6, 1917, and June SO, 1930, rates,
dates of issue, call and/or maturity, and amounts issued—Continued
Title
Rate
When redeemable or
payable
Date of issue
Issued
TREASURY NOTES—CODtlnued
Foreign service
fund:
Series 1933
retirement
P e r cent
4
Various dates
June 30, 1928.
from
Series 1934
Various dates
July 1, 1929.
from
. Series 1936
June 30, 1930.
R e d e e m a b l e after
year from d a t e
issue; p a y a b l e
J u n e 30, 1933.
R e d e e m a b l e after
year from d a t e
issue; p a y a b l e
J u n e 30, 1934.
R e d e e m a b l e after
year from d a t e
issue; p a y a b l e
J u n e 30, 1935.
Total.-
1
of
on
$529, COO 00
1
of
on
454, COO CO
1
of
on
32, OOO 00
1,015,000. CO
Total Treasury notes..
7,676,161, 200.00
CERTIFICATES OF INDEBTEDNESS
Loan issues, series:
Apr. 25. 1917...
MaylO, 1917...
May 25. 1917...
June 8. 1917
Aug. 9. 1917....
Aug. 28, 1917...
Sept. 17, 1917...
Sept. 26, 1917...
Oct. 18. 1917....
Oct. 24, 1917....
Jan. 22, 1918....
Feb. 8. 1918..-.
Feb. 27.1918...
Mar. 20, 1918...
Apr. 10. 1918...
Apr. 22, 1918...
IV-A.IV-B
IV-C
IV-D
IV-E
IV-F
IV-Q
V-A_
V-B
.
V-C
V-D
V-E_
V-F
V-G..
V-H....
.,
V-J
V-K
A-1920
B-1920.-..
C-1920
D-1920
E-1920
F-1920
G-1920
H-1920
..
A-1921
B-1921
C-1921
D-1921..
E-1921
F-1921
G-1921
H-1921
A-1922
B-1922
—
C-1922
D-1922
Total.
3
3
SH
SH
SH
SH
sy
4
4
4
4
4
iH
iH
iH
iH
4H
4^
4H
iH
iH
iH
iH
4M
43^
iH
^H
^H
4M
43^
4M
iH
4H
4H
iH
^H
4^
6
bH
bH
bH
bH
6
bH
bH
bH
bH
bH
bH
bH
iH
SH
A p r . 25, 1917..
M a y 10,1917..
M a y 26, 1917..
J u n e 8, 1 9 1 7 . . .
A u g . 9, 1 9 1 7 . . .
A u g . 28, 1917..
Sept. 17, 1917..
Sept. 26, 1917..
Oct. 18, 1917...
Oct. 24, 1917...
J a n . 22, 1918...
F e b . 8, 1918. __
F e b . 27, 1918._
M a r . 20,1918..
A p r . 10,1918..
A p r . 22, 1918.June26,1918..
J u l y 9. 1918. __
J u l y 23, 1918.A u g . 6, 1918.-.
S e p t . 3, 1918...
Sept. 17,1918..
Oct. 1, 1918....
Dec. 6,1918.-.
D e c . 19, 1918..
J a n . 2, 1919....
J a n . 16,1919...
J a n . 30,1919...
F e b . 13, 1919.F e b . 27, 1919..
M a r . 13, 1919..
A p r . 10, 1919..
M a y 1,1919...
A u g . 1, 1919...
A u g . 16, 1919..
Sept. 2,1919...
Dec. 1,1919...
Apr. 1,1920...
A p r . 15, 1920....do
M a y 17, 1920..
J u n e 15, 1920..
J u l y 16, 1920..
A u g . 16, 1920..
N o v . 16, 1920..
J a n . 15, 1921...
...do
F e b . 16,. 1921..
A p r . 16, 1921..
M a y 16, 1921..
Aug. 1,1921...
N o v . 1, 1921...
A p r . 15, 1922..
June 30,1917...
July 10,1917.-,
J u l y 30, 1917. _.....do
N o v . 16, 1917-..
N o v . 30, 1917...
D e c . 15, 1917.-do.__
N o v . 22, 1917...
D e c . 15, 1 9 1 7 . . .
A p r . 22, 1 9 1 8 . . M a y 9, 1 9 1 8 . . . .
M a y 28, 1 9 1 8 . . .
J u n e 18, 1 9 1 8 . . .
J u l y 9 , 1918
J u l y 18, 1918.-_
Oct. 24, 1918-...
N o v . 7, 1 9 1 8 . . - .
N o v . 21, 1918...
D e c . 6, 1918
J a n . 2, 1919
J a n . 16, 1 9 1 9 . . . .
J a n . 30, 1 9 1 9 . . . .
M a y 6, 1 9 1 9 . . . .
M a y 20, 1 9 1 9 . . .
J u n e 3, 1919
J u n e 17, 1 9 1 9 . . .
J u l y l . 1919.-..
J u l y 16, 1919.-_
.July 2 9 , 1 9 1 9 . . _
A u g . . 2 , 1919.1Sept. 9, 1919.-..
Oct. 7, 1 9 1 9 . . . . .
J a n . 2, 1920
J a n . 15, 1 9 2 0 . . F e b . 2, 1920
F e b . 16, 1 9 2 0 . . .
J u l y 1,1920
J u l y 15, 1 9 2 0 . - .
Oct. 15, 1920....
N o v . 15, 1920...
J a n . 3, 1921
J a n . 15, 1921..-.
A u g . 16, 1 9 2 1 . . .
M a y 16,1921...
Apr. 16,1921.-.
Oct. 16, 1921....
J u l y 16, 1 9 2 1 . . .
Oct. 15. 1921....
F e b . 16, 1922...
A u g . 1, 1 9 2 2 . . . .
A p r . 1, 1922.--.
Oct. 16, 1922....
268, 206, OOO 00
200,000, 000. CO
200.000, 000.00
200.000, OCO. 00
300,000, 000. CO
250, OCO, 000. CO
300,000, 000.00
400,000, coo do
385,197, 000. 00
685, 296, 000. 00
400,000. 000.00
500,000, 000.00
500, 000, OCO 00
543,032, 500.00
651. 226. 500. CO
517,826, 500.00
839, 646, 500.00
753, 938, 000. CO
584, 750, 600.00
575,706, 500. CO
639.493, 000.00
625, 216, 5C0 CO
641,069, 000.00
613,438. 000.00
572.494, 000.00
751. 684. 500.00
600,101. 500.00
687, 381, 500. 00
620, 678, 600. CO
532, 381, 500.00
54.2,197, 000. CO
646.025, 000.00
591, 308, ooo CO
633,801, 500.00
532,152, 000. CO
573,841, 500.00
162,178, 500.00
200,669, 500.00
83,903, OCO. CO
170, 633, 600.00
102,866, 000.00
176, 604, 000. CO
126, 783, 500.00
157, 654, 500.00
232,124, 000. CO
118, 660, coo CO
192.026, 500. CO
132,886, 60O CO
190, 511, 6C0 CO
256,170, COO 00
259,471, 600.00
51,796, 000.00
150,000, 000. CO
21,422,92.5, 500. CO
S E C R E T A R Y OF T H E
TREASURY
5.87
T A B L E 37.—Public deht issues between April 6, 1917, and J u n e SOy 1930, rates
dates of issue, call and/or maturity, and amounts issued—Continued
Title
Rate
Date of issue
When redeemable or
payable
Issued
CERTIFICATES OF INDEBTEDNESS—COntlUUed
Tax issues, series:
Nov. 30, 1917.....•
Jan. 2, 1918
.Feb. 15, 1918
Mar. 16,1918
Apr. 15, 1918
May 15, 1918
Aug. 20, 1918...
T-l.
T-2
T-3
T-4
T-5
T-6
T-7
T-8..
T-9
T-10
TM 3-1920.
TJ-1920....
TD-1920...
T M 4-1920.
TM-1921...
TJ-1921
TM 2-1921.
T M 3-1921.
TS-1921
T M 4-1921.
TD-1921...
TJ 2-1921 - TS 2-1921..
TM-1922....
TJ-1922
T M 2-1922.
T M 3-1922.
TS-1922
TS 2-1922..
TD-1922...
TJ 2-1922...
TM-1923...
TD 2-1922..
TJ-1923
TS-1923....
TD-1923...
T M 2-1923.
TS 2-1923..
TM-1924...
TD 2-1923..
T M 2-1924..
TJ-1924
TD-1924....
TM-1925.-.
T D 2-1924..
TS-1926-...
TD-1925...
TJ-1926
TJ 2-1926-TD-1926....
TJ-1927
TS-1927
TS 2-1927...
TM-1928-...
T M 2-1928.
TJ-1928
TD-1928...
TD 2-1928..
TM-1929.-..
TD 3-1928.T M 2-1929..
TJ-1929
TS-1929
TS 2-1929..
TD-1929...
TD 2-1929.TM-1930...
TJ-1930
TS-1930.....
TD-1930...
TJ-1931
Total.
Per cent]
4
4
4
4
4
4
.-...
4
4H|
4^
4H
4H
iH\
m
iHl
4H
iHl
iHl
iHl
4H
m
iHl
6
bH\
bH\
6
bH\
6
bH\
bH
bH,
bH\
bH\
bVA
iH]
iH\
iHl
SHI
SHl
SH\
4
SHl
iHl
iHl
4
iH
4
iH\
4
2H
2H
3
3
SH
SHl
SH\
SH
SHl
SH
3
SH\
SH
SH
SHl
4
SH\
iHl
iH
iH
iH
iH
bHl
iHl
SH\
SH
Nov. 30, 1917..
Jan. 2, 1918
Feb. 15, 1918.-.
Mar. 16, 1918..
Apr. 15, 1918...
May 15, 1918..
Aug. 20, 1918-.
Nov. 7, 1918...
Jan. 16. 1919...
Mar. 15. 1919..
June 3, 1919...
.do.
July 1, 1919...
do..-..-_.
July 16, 1919..
Sept. 15. 1919..
do
..
Dec. 1, 1919...
Dec. 15, 1919.Jan. 2, 1920....
Feb. 2, 1920--.
Mar. 15, 1920..
June 15, 1920..
.luly 15, 1920.Sept. 15, 1920..
do
Oct. 15, 1920...
Dec. 15, 1920..do.,
Mar. 15, 1921..
—do
June 16, 1921,.
Aug. 1, 1921...
Sept. 16, 1921..
do..
Nov. 1, 1921...
Dec. 15, 1921..
do
Mar. 15, 1922June 1, 1922...
do..
Sept. 15, 1922..
Dec. 15, 1922..
-do..
Mar. 16, 1923..
do...
June 15. 1923-.
Sept. 15, 1923..
Dec. 15, 1923..
.do..
Mar. 16, 1924..
•Tune 16, 1924..
Sept. 15, 1924..
Mar. 16,1925..
June 15, 1925..
Sept. 16,1925..
Dec. 15, 1925..
Sept. 16, 1926..
Dec. 15, 1926..
Mar. 15,1927..
.do..
Sept. 15 1927..
Nov. 16,1927..
Dec. 15,1927..
Mar. 15,1928..
do
June 16,1928..
.do..
Sept. 16, 1928..
Oct. 16,1928...
Dec. 15, 1928..
.do..
Mar. 16,1929..
June 15,1929..
Sept. 16,1929..
Dec. 16,1929..
Mar. 15,1930..
June 16,1930..
June 25, 1918.
do.dodo.do.,
do._
July 16, 1919.Mar. 15, 1919..
June 17, 1919..
June 16, 1919..
Sept. 15, 1919..
Dec. .1.5, 1919.Sept. 15, 1919..
Dec. 15, 1919.Mar. 15, 1920..
.....do.Sept. A5, 1920..
Mar. 15, 1920..
June 15. 1920..
Dec. 16. 1920..
Mar. 15, 1920..
Mar. 15, 1921..
June 15, 1921..
Mar. 16, 1921..
.do
Sept. 15, 1921-.
Mar. 16, 1921..
Dec. 16, 1921..
June 15, 1921..
Sept. 15, 1921..
Mar. 15, 1922..
June 15, 1922..
Mar. 16, 1922..
.do.
Sept. 15,
1922..
do...
1922..
Dec. 15,
June 15, 1922..
Mar. 16, 1923..
Dec. 15, 1922..
June 16,1923..
1923..
Sept. 15,
Dec. 15, 1923..
Mar, 15, 1923..
1923..
Sept. 15,
Mar. 15, 1924..
1923..
Dec. 16,
Mar. 15,1924..
June 16,1924..
Dec. 16, 1924..
Mar. 15, 1925..
Dec. 16, 1924..
1925..
Sept. 15,
Dec. 16, 1925.1926..
June 15,
do.
Dec. 15, 1926..
June 16, 1927..
Sept. 15,
1927..
.do..
Mar. 16,1928..
.....do..
June 15, 1928.
Dec. 15, 1928..
do.
Mar. 15, 1929..
Dec. 16,
Mar. 16, 1929..
June 16, 1929..
1929..
Sept. 16,
do.
Dec. 15, 1929..
.....do..
Mar. 16, 1930..
June 16, 1930..
1930..
Sept. 16,
Dec. 16, 1930..
June 16,1931..
$691,872,OOO 00
491,822,500.00
74,100,000.00
110,962,OOO CO
71,880.000.00
183,767,000.00
167, 652,
600.00
794,172,500.00
392,381,000.00
407,918, 500.00
526,139, 500. 00
238,711,500.00
326.468,000.00
611,444,000.00
323,074,500.00
101,131,500. CO
657.469,000.00
260, 322,000. CO
728,130,000.00
703,026,000.00
304,877,ooo 00
201,370,500. CO
242,.617,coo 00
74, 278,
000.00
106,626, 500.00
341,969, 500. 00
124, 252,500. 00
401,557,500.00
188,123,OOO 00
193,302,000.00
288,501,OCO. CO
314.184,ooo 00
no; 891. 000.00
124.672,000. CO
182,871,000. CO
179,691,600.00
243,644.OCO 00
. 64,903,
OCO 00
266, 250,OCO 00
200 000, ooo CO
273,000,o o o c o
227,000,coo CO
197,233,500. 00
113, 744,
50O CO
164, 252,ooo CO
321.196, ooo 00
189.833,600.00
249,750,50O 00
135,128,500 CO
214,149, 000. 00
400, 299,coo 00
193, 065,500. 00
391, 369,60O 00
219,462,ooo 00
124, 247,ooo CO
. 261,936,
000. CO
462,879, ooo 00
378.669,60O 00
229, 269,5C0 00
169,888,
314,408. coo 00
250,577,ooo 00
422,061,50O 00
O
261,761, 200. C
201,544.000.00
360,947,500.00
216,371,000.00
211,784,60O 00
549,310,000.00
O
308,806,700. C
209,918,ooo 00
310.245,000.00
475,998,500. Co
404, 209,
60O 00
649,707,60O 00
351,640,60O 00
483,341,600. C
O
429,373.000.00
ooo 00
23,110,992,400.00
588
REPORT ON THE FINANCES
TABLE 37.—Public debt issues between April 6, 1917, and June 30, 1930, rates,
dates of issue, call and/or maturity, and amounts issued—Continued
Title
Rate
CERTIFICATES OF INDEBTEDNESS—Continued
Adiusted service certificate
Per
fund:
Series A-1926
Series A-1927
Series A-1928
Total
CivU service retirement fund:
Series 1927
.
Series 1928
When redeemable or
payable
Date of issue
cent
i
Jan. 1, 1925 .
4 Jan 1, 1926
4 J a n . l , 1927
4
4
Various dates
Aug. 2, 1926.
Various dates
July 6, 1927.
Jan. 1, 1926
Jan. 1, 1927
Jan. 1,1928
Issued
$50,000,000 00
38,200,000.00
23,800 C O 00
O
112,000,000. 00
from
June 30, 1927
13, 700,000.00
from
June 30,1928
12, 600,000.00
26,300.000.00
Total
4 July 15,1927
147,000 00
Foreign service retirement
June 30,1928
fund, series 1928.
35, 452,902.158.63
Special short-term issues
Various
Varipus, Various
Miscellaneous issues:
112,091,700.00
Spanish pesetas
do
259,375,000.00
Pittman Act
2 " " "do ' - " " ' - " I "
do
.War Finance Corporation series—
Nov. 14, 1919
Apr. 1,1920
50.000,000.00
i H Nov. 14, 1919.20.000, O O 00
O
Jan. 2, 1920
Jan 2, 1920 .
_ do
10.000.000.00
.Tan. 17, 1920
Jan. 17, 1920
25.000, O O 00
O
Feb. 2, 1920
""do ""-"II"I"-II
i H Feb. 2, 1920 .
10,000, 000. 00
Mar. 15, 1920....
M a y l , 1920
4M Mar. 16, 1920
Apr. 1, 1920
6,388,60O 00
Do
i H . _ do
18,800,000.00
May 8, 1920
May 8, 1920
Aug 9, 1920.
5
May 19, 1920
94,000, 000. 00
Nov. 19, 1920
May 19, 1920
bH May 29, 1920.
155, 000, 000. 00
May 29,1920
Nov, 29, 1920 . .
32,864,450.00
Sept. 22, 1921
Sept. 21, 1920
bH Sept. 21,1920
6
421,042,950. 00
Total
AUen Property CustoJan. 15, 1921
37,500,000.00
bH Jan. 3, 1921
dian.
80,965, 276,708. 53
Total certificates ofindebtedness.
P.
T R E A S U R Y BILLS
Series maturing Mar. 17,1930. 3 3.276
Series maturing May 19,1930 3 3.306
Series maturing July 14, 1930. 3 2.933
Series maturing Aug. 18,1930 3 2.544 •
Dec.
Feb
Apr.
May
17, 1929
18. 1930
15, 1930....
19. 1930
Mar. 17, 1930
May 19, 1930
July 14, 1930
Aug 18, 1930
Total Treasury bUls
100.000,000.00
66,108,000. C
O
51,316, C O 00
O
104,600, O O 00
O
312,024. C O 00
O
T R E A S U R Y ( W A R ) SAVINGS
SECURITIES *
Thirft and Treasury savings
stamps.
Treasury (war) savings certificates:*
Series 1918
Series 1919
Series 1920
Series 1921
Total
Treasury savings certificates:«
Issue Dec. 15, 1921
Issue Sept. 30,1922
Issue Dec. 1, 1923
Total--.
Total Treasury (war)
savings securities.
8, 031.522. 28
Dec. 3, 1917, and Jan.
1, 1921.
'4
4
4
4
Dec. 3, 1917
Jan. 1, 1919
Jan. 1, 1920
Jan. 1, 1921
i H Various dates from
Dec. 15, 1921.
4 Various dates from
Sept. 30, 1922.
4H Various dates from
Dec. 1, 1923.
Jan.
Jan.
Jan.
Jan.
1, 1923
1, 1924
1,1925
1,1926
5 years from date of
issue.
do
do.
1,150,598,874. 45
114. 931,123. 72
48, 769,763. 77
25.363. 013. 07
1,339.662,776. 01
138,296,679. 35
205,662,045. 20
159,611,791. 25
603.470.616.80
1,851,164,813. 09
3 Average rate of yield on bank discount basis.
* Issues of Treasury (war) savings securities do not include $129,004,848.75 thrift and Treasury savings
stamps and $503,485.65 Treasury (war) savings and Treasury savings certificates of several series which
were originally sold for cash but were later retired in exchange for certificates of various series during their
period of sale and the latter reported as cash subscriptions. Rates shown represent approximate yields
if certificates were held to maturity.
«Include $148,618,959.60 accrued discount certified and set up in the interest account.
«Include $79,612,489.66 accrued discount charged to interest and credited as principal receipts.
589
SECRETARY OP THE TREASURY
TABLE 38.—Public deht retirements, by issues, for the fiscal years 1927 to 1930 *
[On basis of w a r r a n t s issued, see p . 467]
Rate per
cent
Issue
F i r s t L i b e r t y loan b o n d s
.
F i r s t L i b e r t y loan b o n d s (converted)
Do
F o u r t h L i b e r t y loan b o n d s
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. _
T r e a s u r y b o n d s of 1946-1956
T r e a s u r y b o n d s of 1943-1947
T r e a s u r y notes
.':
Old d e b t m a t u r e d , issued prior t o A p r . 1 , 1 9 1 7 . .
Second L i b e r t y loan b o n d s
i
Second L i b e r t y loan b o n d s (converted)
T h i r d L i b e r t y loan b o n d s . .
V i c t o r y L i b e r t y i o a n notes
T r e a s u r y notes, a t v a r i o u s i n t e r e s t r a t e s m a t u r e d
Certificates of i n d e b t e d n e s s , a t v a r i o u s i n t e r e s t r a t e s
matured
T r e a s u r y savings certificates
N a t i o n a l b a n k notes a n d F e d e r a l r e s e r v e b a n k notes
(old series)
Fractional currency
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
_
Gold reserve increase against t J n i t e d S t a t e s notes
1927
1928
$2, IOO CO
SH
1, COO CO
4
61, OOO 00
434
27,566,60O 00
4H
1,628, OOO 00
iH
4,686, OOO 00
4
3,686,000.00
SH
SH
39,641,80O 00
SH
213, 240.00
4
2,625, 350 00
434 1, 796, 622, 70O 00
340,607,600. 00
iH
1,282, 300.00
SH a n d 4%
1,079,970,100.00
2,927,264.000.00
64,069,764.06
$800.00
3,250.00
2,862,850.00
160,000.00
110,161,460 00
88, 060. 00
15,846,100. 00
1, 257, 786,160 00
918,816, 260. 00
969,400.00
380,063,800.00
4,867,363, OOO 00
178,748,676.20
28,060.776.00
817.94
102.074.75
1,231,834.78
Rate per
cent
Issue
F i r s t L i b e r t y loan b o n d s
F i r s t L i b e r t y loan b o n d s (converted)
Do
F o u r t h L i b e r t y loan b o n d s .
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 1944-1954
T r e a s u r y b o n d s of 194&-1966
T r e a s u r y b o n d s of 1940-1943.T r e a s u r y notes
T r e a s u r y notes, adjusted service series.
T r e a s u r y notes, Foreign Service series
T r e a s u r y bills
Old d e b t m a t u r e d , issued prior t o A p r . 1 , 1 9 1 7 . .
Second L i b e r t y loan b o n d s
Second L i b e r t y i o a n b o n d s (converted)
T h i r d L i b e r t y loan b o n d s .
V i c t o r y L i b e r t y loan notes
T r e a s u r y notes, a t various interest r a t e s m a t u r e d
Certificates of i n d e b t e d n e s s , a t various interest
matured
T r e a s u r y savings certificates
N a t i o n a l b a n k notes a n d F e d e r a l reserve b a n k
(old series)
N a t i o n a l b a n k notes a n d F e d e r a l reserve b a n k
(new series)
Fractional currency.
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
etc
Total..
33^
4
4H
iH
iH
4
SH
SH
SH
4
4
78,446.25
618,367.05
6,318,091,956.62
Total
27,686,920 00
909.68
7,761,224,419.18
1930
1929
$1,000.00
20O 00
4, 05O CO
16,684,050.00
3. 336,000.00
6, 667. O O 00
O
2,126, OOO 00
1.667, OOO 00
183.639,050.00
$5,428.950.00
150. OOO 00
17,600 00
10.108, OOO 00
109,030. CO
977,600 00
4
22,165, C50 00
iH
i H 1,208,395,2C0 00
496,960 00
[ and i H
17,938,000. 00
627,994, OOO 00
21, 600, OOO 00
117, OOO 00
156, 046, 000.00
201, 860.00
381, 150 00
3,711. 700.00
.10.787. 850.00
290. 40O 00
207, 900.00
4,240,026,700 00
140,998,280 45
3. 578,967,700.00
16,529,439. 66
24, 346, 256. 50
35.144, 263. 50
914.00
2,132,150. CO
1, 047. 62
rates
notes
notes
sales,
57,216. 76
42, 608. 50
5,867,434, 547.70
4,468, 859,619.27
' For detaUs for years from 1918 to 1926, see annual reports for 1924. p . 369. and for 1929, p, 495.
TABLE 39.—Reconciliation of public debt issues and retirements with (1) public debt retirements hy sources, (2) halance in the general fund,
and (3) outstanding public debt, for the fiscal years 1918 to 1930
[On basis of daUy Treasury statements (revised), see p. 467]
PART 1.—RECONCILIATION OF PUBLIC D E B T ISSUES AND R E T I R E M E N T S W I T H PUBLIC D E B T R E T I R E M E N T S BY SOURCES
1918-1924 1
$1,117,152,400.00
Sinking fund
Purchases and/or redemption
of bonds, etc , from cash repayments of principal by
foreign governments
290 017, 950.00
Obligations retired from Federal reserve bank franchise
139, 564, 034.48
tax receipts
..
ObUgations retued on net
earnings derived by the
United States frona Federal
intermediate credit banks . .
Redemption of bonds, etc., received as interest payments
on obligations of foreign gov156, 666,850. CO
ernments
Redemption of bonds, etc.,
received as repayments of
principal by foreign gov22,964, 650.00
ernments
-.
Redemption of bonds and
66,133. 500.00
notes from estate taxes
• 6 1,222,391.10
Forfeitures, gifts, etc
Total public debt retirements chargeable
against ordinary receipts
61,793,721,675.58
1,463,380,021.09
Surplus revenue for year »
Unapplied surplus resulting in
increase in general fund balance (deduct)
Public debt retirements resulting in decrease in net
balance in general fund 2
881,735,016.94
Total 4,128,836,713. 61
Public debt issues to cover
deficit in ordinary receipts.. < 22.409,180,622.00
Net increase in the pubi 18,280,343,908.39
lic debt - .
Net decrease in the public debt
1925
1926
1927
1928
1929
1930
$317.091,760. CO
$333, 528,400.00
$364,741,300.00
$370, 277,100. CO
$388,368,950.00
$3,187,468,300.00
386,100.00
4,393,500.00
19, 254,600.00
19,068,000.00
671,150.00
51,135,000. CO
384,826, 200.00
113, 646.58
59,310.83
818,160. 51
249, 691.17
2,667,100. CO
4, 283, 000.00
147,754,833 57
o
Total, 1918-1930
$306,308,400.00
Ox
CO
I
O
680,613.30
608,589.86
413,684. 27
368,>75.88
266,300. CO
172,000.00
2,409,863.31
o
136,970,500. do
136,260,000.00
134,961,800. CO
135,307,350.00
137, 747,050.00
69, 455, 600. C
O
906,369,160.00
w
22,823, OOO 00
29,000,000.00
26.000,000.00
27,428,700.00
37,895,300.00
40,335,260.00
205,446,800.00
47,660.00
208,403.95
62,900.00
5, 687,310.00
1,500.00
3.080.803.25
20,000. CO
159, 703. 76
73,100.00
60, 703. 26
66,276,660.00
10,382, 216.30
466,538,113.83
250,260,064.35
487,376,050.69
376,861,681.96
619,663,844. 78
634,915,010.86
540,246,020.30
393,229,893.24
649,603,703.76
187,806,631.56
553,883,603.25
180,281,909.37
4,910,933,012.18
3,476,734,212.43
^21,470,01^2.06
^27,692,210.37
^64,316,619.98
1,133,008,813.69
906,883,703.17
673,092,815.33
11,723,936.80
746,889, 448.42
806,981,616.65
9,194,648,841.26
>=1
a
Ul
18,050,073.92
734,848,262.10
8,851,362.39
873,089,096.04
22,409,180,622.00
734,848,252.10
873,089,096.04
1,133,008,813.59
905,883, 703.17
673,092,816.33
745,889,448.421
13,214,631,780.74
Total public debt issue
Total public debt retirements
—.^
J2
r
86,343,013,016.60
3,162,463,162.88 3,008,367,422.37
5,185,083.142.93 6,856,340,716.01 5,194,341,732.37
3,722,970,170.85 113,461,669,364.01
68,062,669,108.21
3,887,311,414,98
6,318,091,966.62
5,867,434,547.70
4,468,869,619.27 100,247,037,583.27
3,881,446,617.41
7,761,224,419.18
P A R T 2 . - R E C 0 N C I L I A T I 0 N OF PUBLIC D E B T ISSUES AND R E T I R E M E N T S W I T H T H E BALANCE IN T H E G E N E R A L F U N D
Balance in general fund at
beginning of period according to statement of the public debt of the United States. $1,119,764,631.68
18,280,343,908.39
Increase in the public debt
Decrease in the public debt
Sinking fund and specially
designated ordinary receipts
apphed to public debt retire1,793,721,676.68
ments
Surplus of ordinary receipts... 1,453,380,021.09
22. 647, 210,136.74
$238,029,514.74
$219,979,440.82
$211,128,078.43
$232,598,120.48
$260,190,330.86
$324,506.860.83
734,848,262.10
873,089,096.04
/, 133,008,813.69
906,883,703.17
673,092,816.33
745,889,448.42
466,638,113.83
260, 260.064.36
487,376.050.69
376,861,681.96
-519.563.844.78
634.916,010.86
540,246,020.30
393, 229,893. 24
549. 603.703. 75
187,805, 631.66
653, 883, 603.26
180, 281,909.37
4,910,933.012.18
3,476,734, 212.43
219,979,440.82
211,128,078.43
232,598,120.48'
260,190,330.86
324,506,860.83
312, 782,916.03
22,721,963,637.03
$1,119,764,631.68
|l3,214,631,780.74
Deficit in ordinary receipts
22,409,180,622.00
Balance in general fund at close
of period according to statement of the public debt of
238,029, 514. 74
the United States
219.979,440.82
211,128, 078.43
232,598,120.48
260,190.330.85
324,606.850.83
312, 782,916.03
219, 979,440.82
211,128,078.43
232, 698,120.48
260,190,330.85
324,606,860.83
312,782.915.03
22,721,963,537.03
g
312,782,915.03
22,647, 210,136.74
zn
o
22,409,180,622.00
o
1 For detaUs for each fiscal year, see annual report for 1924, p. 369.
' The amounts shown under the heading "Surplus revenue for year" are the actual surpluses for the fiscal years specified. Variations in net balance in general fund as between
fiscal years temporarUy affect public debt retirements from surplus of receipts. The general fund balance on June 30, 1917, was $1,119,764,631.68, as compared with $312,782,916.03 on
June 30, 1930, a decrease of $806,981,616.65.
8 Deduct.
* 1918. $8,703,979,320.43; 1919, $13,705,210,301.67; total, $22,409,180,622.
» 1918, $9,268,010,134.48; 1919, $13,238,410,506.62; total, $22,606,420,641.10; less decreases: 1920, $1,184,098,321.46; 1921, $316,848,229.68; 1922, $1,012,171,560.32; 1923, $614,391,290.24; 1924,
$1,098,667,331.01; net, $18,280,343,908.39.
fl Amount excludes $4,842,066.46 written off the debt December 31,1920. See part 3 of table.
PART 3.—RECONCILIATION OF PUBLIC D E B T ISSUES AND R E T I R E M E N T S W I T H OUTSTANDING PUBLIC D E B T
Total gross debt according to financial statement ofthe United States Government, June 30, 1917
$2,975,618,584.89
Total public debt receipts, 1918-30, inclusive, as above
-..
.
$113,461,669,364.01
Total public debt retuements, 1918-30, inclusive, as above
100,247,037,583.27
Excess of public debt receipts (issues) over public debt retuements, 1918-30, inclusive, as above
13,214,631,780.74
16,190,160,365.63
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 $8,376,934 previously estimated to have been lost or destroyed)
4,842,066.45
Total gross debt according to statement of the public debt of the United States, June, 30,1930
16,185,308,299.18
W
zn
Pi
^y.
^
I—^
592
REPORT ON T H E FINANCES
T A B L E 40.—Sources of deht increase and decrease for the fiscal years 1916 to 1930
[On basis of daUy Treasury statements (unrevised). see p. 467]
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
Year
Sinking fund
1918....
1919
1920
1921 . . . $261, ioo. 250.00
1922
276,046, OOO 00
1 9 2 3 . . . . 284, 018,80O CO
1 9 2 4 . . . . 296,987,360 00
1 9 2 5 . . . . 306,308,4C0 00
1926...
317, 091, 750 00
333,628,40O 00
1927
1 9 2 8 . . . . 354, 741,3C0 CO
1 9 2 9 . . . . 370, 277,100. 00
1930.... 388,368.950. 00
T o t a l . 3.187.468,30O 00
Received for
Foreign r e p a y - B o n d s received e s t a t e taxes in
under the debt
bonds and
ments
settlements
notes
$68,762,960 00
110,878.460 00
158,793, 50O 00
165,260, OOO 00
159,961,80O 00
162,736, 050. 00
175,642,350. CO
109,790,850. 00
384,826,20O 00 1,111,815.960 00
$93,050.00
3,141,050. CO
26,348.950 00
21,084,860 00
6,568, 550 00
8,897, 05O CO
47, 550. 00
1, 60O CO
20. 000. 00
73. IOO 00
2,922,450. 00
60,724,600 00
60,333,000 00
10,815,300.00
3,634,550 00
794,159.88
567,90O 69
1, 231,834. 78
618,367.06
2,933,4C0 00
4,455,000.00
$12,950 00
16,010,666.46
392,850. CO
554,891.10
93.20O 00
208.403.96
62,900.00
6, 578,310. 00
3,089,803.25
169,703.76
60,703. 25
66,275,650 00
160,164,696.88
16,224,281.76
Total public debt
returements charge- S u r p l u s of receipts Decrease in general
able against ordifund balance
n a r y receipts
:
_
. . .
.
-
Total
$48,478,346.77
8 863,356,965. 60
$1,134,234.48
3 9,033,253,840. 92
8,014,750 00 313,370,637,668.60
78, 746,350. CO
212,475,197. 67
t 427,123,566.46
86, 723,771.61
422,694,60O CO
313,801,65L1C
402,850,491.10
309, 657,460.30
457,999,750.00
505, 366,986. 31
466,538,113.83
260,606,238. 33
487,376,050.69
377, 767,816. 64
619, 664,844. 78
636,809,921. 70
540,255,020.30
398,828,281. 06
649,603,703. 75
184, 787,036. 42
563,883,603.26
183, 789, 214. 90
« $82,261,834.77
2 897,116,061.86
2 447,487,174.06
333,342,023.93
893,963,146. 31
i 191,976,423.63
277,572,693.13
2 98,833,608.45
135,527,639. 66
17, 575,749.43
7,833,705. 38
2 24,055,383.14
2 31,469,570.94
2 61,186,021.84
8.105,834.62
8 19, 749.257,444. 21
2160,465,387.32
4,916,775,078.63
1915
1916
1917
1918
1919
1920.
1921
1922
1923
1924
1925.
1926
1927
1928
1929
1930
Total.
Total debt reduction
T o t a l gross d e b t
4 $33,783,489. 00
* 1, 750,473, 017. 36
4 9,479,606,780.49
< 13, 029,280,794. 67
1,185,184,692.98
321,870,914.53
1,014,068,844. 23
613,674,342.95
1, 098,894,375.87
734, 619,101. 69
872,977, 572. 71
1,131,309,383.34
907,613,730.42
673,204,717. 33
745, 778,662. 67
Year
Miscellaneous gifts, forfeitures, etc.
$1,134,234.48
$7,921.70O CO
72,669.900. CO
73.939,300.00
64,837,900 00
32,140,000 00
38,609,150 00
386,100. 00
4,393,50O 00
19, 254, 50O 00
19, 068, OOO 00
571,150 CO
61,135,000. CO
Year
1916
1917 .
1918
1919
1920
1921
1922..
1923
1924
1925
1926
1927
1928
1929
1930
Franchise tax
receipts
$1,191,362,078. 63
1,225,145,567.53
2,975,618,584.89
12,456,225.365. 38
25.484.606.160 06
24,299, 321,467.07
23,977,460,552. 54
22,963,381,708. 31
22,349.707,365.36
21,250,812,989.49
20,516,193,887.90
19,643,216,315.19
18,511,906,931.86
17.604,293,201.43
16.931,088.484.10
16.186,309,831.43
General fund balance
$158,141, 780.79
240,403,616 56
1,137. 519,677. 42
1, 586,006.851.47
1.251.664,827.64
357.701,682.23
549,678,105. 76
272,105, 612.63
370.939,121.08
235.411,481. 62
217.835,732. 09
210,002,026.71
234.057,409.86
266, 526,980. 79
326.713,002.63
318.607,168.11
< 14,993,947, 762. 90
1 Includes $4,842,066.45 written off the debt Dec. 31,1920, on account of fractional currency estimated to
have been lost or destroyed in circulation.
2 Increase in net balance in general fund—operates as an increase in total gross debt.
8 Deficit.
• Increase.
593
SECRETARY OF THE TREASURY
TABLE 40.—Sources of debt increase and decrease for the fiscal years 1916 to 19S0—
Continued
RECAPITULATION
Retirements from—
Charges against ordinary receipts*
Surplus of receipts
$4,915,775,078.63
3,507,990,920 81
Total
8,423,765,999.44
Increase in debt on account of deficit in ordinary receipts and increase in general fund
balance
23,417,713,762.34
Net increase
Gross debt:
June 30,1916
June 30, 1930..-.
-..
14,993.947,752.90
1,191,362,078.53
16,185,309,831.43
.-
Net increase
1
14,993,947,762.90
* See note 1 on p. 692.
Cumulative sinking fund transactions
TABLE 41.—Cumulative sinking fund transactions during the fiscal year 1930
Unexpended balance July 1, 1929
Appropriation for 1930:
Initial credit
$253,404,864.87
(2H per cent of the aggregate amount of Liberty bonds and Victory
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 July 1, 1920.)
Secondary credit
129, 520, 674.14
(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.)
Total available 1930™
Securities retired in 1930:
382, 925, 539. 01
382,926,568.19
Par amount
First 4's
Fourth 434's
Treasury notes—
SH per cent. Series A-1930-1932.
SH per cent, Series B-1930-1932.
33.^ per cent, Series 0-1930-1932
Total...
$29.18
$150,000 00
10,000,000 00
Principal
cost
$142,502.46
9,890,122.03
311,145,550.00 306,983, 469.00
25,517, 30O 00 25, 097, 454. CO
41,666,100.00 40,811,853.00
-
388.368,950.00 382,925,400.49
382, 925, 400. 49
167.70
Unexpended balance, June 30,1930
TABLE 42.—Cumulative sinking fund transactions for the fiscal years 1921 to 1930
Year
1921
1922
1923
1924
1926
1926 .
1927
1928
1929
1930
Total
Appropriation
avaUable >
$256, 230,010. 66
274,616,965.89
284,156,439.19
294, 927, 023. 26
306,666,769.62
321,184, 677. 22
336,890,916.27
356,081, 401.18
370, 241, 327. 02
382.925.668.19
3,181,392, 718. 21
Debt retired (par
amount)
$261,250,250.00
275,896,000 00
284,018,800.00
• 295,987,350.00
306,308,400.00
317. 091,760.00
333.628,400.00
354,741, 300.00
370, 277,100.00
388,368,960.00
3,187,468,300. CO
Expended (principal cost)
$254,844,676.60
274. 481,902.16
284,149,764.16
294.927.019.67
306, 666, 736.01
321,184, 468.20
336,890,832.47
355, 080,663.11
370, 241,297.84
382,925.4C0 49
3,181,392.550.61
1 Unexpended balance each year included in appropriation available for next year, but excluded from
total. Unexpended balance $167.70 at end of 1930.
594
REPORT ON THE FINANCES
TABLE 43.—Securities retired through the cumulative sinking fund, par amount and
principal cost, to June SO, 1930
Par amount
Issue
Liberty bonds:
F i r s t 33^'s
F i r s t 4's
F i r s t 43.4's
Second 4's
Second 43'4's
Third iH's
F o u r t h 43'4's
Victory notes:
3^^'s-.
4M's
Treasury notes:
b H per cent,
i H per cent,
i H p e r cent,
43^ per cent,
i H per cent,
i H per cent,
i H per cent,
4^4 per cent,
SH per cent,
33-^ per cent,
33^ per cent,
P r i n c i p a l cost
$11.000.00
151,000.00
24,850.00
670,900.00
374,735,400.00
1.261,876,000.00
23,943,650.00
106,186,90O 00
610,584,160,00
series
series
series
series
series
series
series
series
series
series
series
B-1924
A-1925
B-1925
C-1925
A-1926
B-1926.--.-.
A-1927
B-1927
A-1930-1932.
B-1930-1932.
C-1930-1932.
Total
104, 642,256. 28
604,769,347.07
103,000, 000.00
101,000, OOO 00
11,315, 90O CO
113,199, 90O 00
1,018, 300. CO
9,564, 200. 00
26,798, 000.00
60, 217. 90O 00
316, 096, 850. 00
25,517, 300. 00
41,556, 100. 00
.....
$11, OOO 00
143, 503.09
24,855. 00
671,196. 27
374,988,667.88
1, 268,640,946. 97
23,757,185.28
103,028. 635. 62
101,004, 123.53
11, 279, 715. 38
113,196, Oil. 61
1,018, 300. 00
9, 485, 492. 59
26,880, 711.16
60,217, 90O 00
311, 823, 396. 78
25, 097, 454. CO
40, 811 853. CO
3,187,468,300.00
3,181, 392, 550 51
Interest on the public debt
TABLE 44.—Interest on the public debt payable, paid, and outstanding unpaid for
the fiscal year 1930
Title
P r e - w a r loans
Liberty and Victory l o a n 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 (war) savings securities ^
T r e a s u r y bills 2
Total1 I n c l u d e s accrued d i s c o u n t .
Outstanding
unpaid June
30, 1929
Due and payable d u r i n g
1930
Payments
d u r i n g 1930
$370,979. 04
26.974. 536. 97
2, 346.163. 42
979.175. 32
2,101,397. 09
5,697,400. 00
$16,290, 726. 28
338.419.190.58
120,827, 505. 30
102, 751,416.18
76.646, 689. 74
642,697.83
2,331,970.66
$16.333,293. 83
339,247, 034. 29
120, 734, 299.87
102, 726,257. 77
76.162.750. 71
1, 066, 647. 83
2, 331,970. 66
$328,411.49
26,146, 693. 26
2, 439, 368.85
1, 004,333. 73
1, 585, 336.12
5.173,650. 00
38,469,651.84
656,810,196.67
658,602,154.96
36,677.693.45
Outstanding
unpaid June
30, 1930
^ A m o u n t s r e p r e s e n t d i s c o u n t c h a r g e d as i n t e r e s t .
T A B L E 45.—Interest paid on the public debt, by issues, for the fiscal years 1918 to 1930
[On'basis of w a r r a n t s issued, p . 467]
Title
Consols of 1930
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 1946-1947.
P o s t a l savings b o n d s . . F i r s t L i b e r t y loan b o n d s
F i r s t L i b e r t y loan b o n d s ( c o n v e r t e d ) .
Do-.
F i r s t L i b e r t y loan b o n d s (second converted)
-..
F o u r t h L i b e r t y loan b o n d s
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
T r e a s u r y b o n d s of 1946-1966
T r e a s u r y b o n d s of 1943-1947
T r e a s u r y b o n d s of 1940-1943
T r e a s u r y notes
T r e a s u r y notCvS, adjusted service s e r i e s .
T r e a s u r y notes, civU service r e t i r e m e n t fund series
T r e a s u r y notes. Foreign Service series
Certificates of i n d e b t e d n e s s :
TS—1930
TD—1930...
T r e a s u r y bUls
Old d e b t m a t u r e d , issued prior t o A p r . 1,1917
Second L i b e r t y loan b o n d s . .
Second L i b e r t y loan b o n d s (converted)
T h i r d L i b e r t y loan b o n d s . . . . . .
Victory L i b e r t y loan notes
T r e a s u r y notes a t v a r i o u s interest rates
Certificates of i n d e b t e d n e s s at v a r i o u s interest rates
T r e a s u r y bills
.•
T r e a s u r y savings c e r t i f i c a t e s . Thrift a n d T r e a s u r y savings s t a m p s , unclassified sales, e t c .
Soldiers' a n d sailors' civU relief b o n d s
Rate
P e r cent
2
2
2
3
3
2H
SH
i
iH
iH
iH
iH
4
SH
SH
SH
SH
4
4
4
1927
1928
1929
i
iH
iH
SH&ndiH
* F o r detaUs for each fiscal year, see a n n u a l r e p o r t for 1929, p . 503.
2 D e d u c t excess of credits, collection of interest accruals, a n d c o u n t e r w a r r a n t a d j u s t m e n t s .
1930
$107,938, 844.50 $11,998,316. CO $11,997,016. 25 $11,993,301.20
978, 929. 60
494. 20
978, 534. 20
8,808, 665. 06
519, 272. 60
618, 333. 70
518, 981.80
4,670, 889. 36
1,488,663. 25
1,504,972. 50
1,494,472. 26
13,481, 761. 73
867, 247.50
7,799, 907.43
868, 828. 50
870. 179. 25
382, 135.13
339, 378.12
318; 189. 50
2,600, 267. 05
48,635.309. 56 49,905,134.12 48,878, 911. 80
445, 216, 544.48
217, 976.42
224, 079.82
230,
30,774, 698. 75
22,661,779.90
22,624,498. 63 22,667, 660. 96
162,694, 215.86
147. 352. 37
150, 129.84
1,096, 320.81
146. 758. 98
2,008,643, 005.88 269,755,849. 21 268. 207,403.06 267, 232,008. 60
32,404,136. 20 32,345, 038. 26
32,512,901.07
113,042, 839.42
57, 611, 836. 37 41.799,433. 79 41,826,937. 75 41,495, 970. 67
18,422,938. 61 18,376,652. 69
18,651,218.12
•2 2,474, 802.64
21, 248,121. 50 16,000,592. 23 16,691, 355.90
10,329, 202.24
345,990. 75 64, 700,194. 34 84, 214,893. 21
11, 904, 754. 36 16,072, 865.40
2,000,000. 00. 6,466,712.31
1,824,000. CO
369. 271. 23
975. 36
$12,013. 570. 05
978, 542.30
619, 216.18.
1,493,616. 76
867, 128.25
436, 927. 26
49,102, 456. 65
212,043.23
22,600, 176.02
149,443. 98
266,086, 143. 77
32, 234,593.08
41,461, 616. 72
18,308, 410. 96
16,651, 610.82
12,078, 168.29
73,740. 806. 81
20,600, 176.31
8,416,975.33
62, 622.63
2,687,005.19
3,794, 182.10
1,048,983.00
24, 293.05
64, 137. 30
217, 615.84
779, 996. 69
35, 120.81
16, 777.69
69,681, 663.42
1,282,987.66
643,466.85
523, 090.98
SH
Total.
1918-19261
10.121.80
40,855. 236.11
923,532. 06
150,098,666.30
1,030.648,864.18 133,780,686. 66
1,142,077,791.07^ 101,020,546. 06
118,467.76
609,916,047.28
67,300,730. 73
623.164,617.34
22,313,779.86
793,666.664.22
1,844.16
530, 645.87
31,543, 712.45
94,178,561. 51
90,623. 34
8,770,828.16
33,965,824.06
4,432. 26
100,746. 00
662,403.14
30,309,302.42
54,081.47
60,999.06
62,204,776. 26
13.666,114. 66
2,366,668.49
17,048.212. 70
1,340,340. 76
10,012,668.06
774,172. 66
38,349,432.90
138,332,933.47
2 2.26
7,530,894,013. 76 787,793,764. 08 731,850,073.89
678.980,351. 20
ZO
tel
o
i
o
tel
tel
Ul
d
658,602,154.96
Ox
CO
596
REPORT ON THE
FINANCES
TABLE 46.—Rates of interest payable on outstanding public debt
PART 1.—ANNUAL. AVERAGE OF T H E AMOUNT OF D E B T OUTSTANDING AT T H E
E N D OF EACH M O N T H AND OF T H E C O M P U T E D ANNUAL I N T E R E S T CHARGE
T H E R E O N , WITH T H E RATIO OF SUCH I N T E R E S T CHARGE TO T H E ANNUAL
AVERAGE OF T H E AMOUNT OF D E B T OUTSTANDING FOR T H E FISCAL YEARS
1917 TO 1930
Interest-bearing Annual interdebt outstanding
est charge
Year
1917
1918
1919..
1920
1921
1922
1923
1924
1926
1926
1927
1928...1929
1930
-.
:
...
.
$1,189,916,860
7,410 899.117
20 005. 722,380
26.312, 642.201
23,847,916. 719
23.249, 230 986
22,496. 660 838
21,615,366,432
20 773,287,427
19,986,491,227
18.957. 660 647
17,822,776,073
17,066.024,843
16,284,828,186
$30.411, 021
274, 016.374
823, 296, 718
1, 062, 330 640
1,023. 571, 837
1, 000,214, 731
948,964. 781
911,090.098
859,349, 066
819,434. 417
767.160 495
695.260 387
664,862,173
637, 777,888
Per cent
2.666
3.697
4.116
4.197
4.292
4.302
4.218
4.216
4.137
4.100
4.047
3.901
3.898
3.917
PART 2.—THE AMOUNT OF INTEREST-BEARING D E B T OUTSTANDING AT T H E E N D
OF EACH MONTH, T H E ANNUAL I N T E R E S T CHARGE C O M P U T E D T H E R E O N , AND
T H E RATIO OF SUCH I N T E R E S T CHARGE TO T H E AMOUNT OF D E B T OUTSTANDING, F R O M JULY, 1928, TO JUNE. 1930
End of month
1928—July
August
September.
October....
November.
December.
1929—January...
February..
March
AprU
May
June
July
August—
September.
October
November.
December.
1930—January...
February..
March
April
May
June
Interest-bearing Annual interdebt outstanding
est charge
$17.247, 941,662
17,375, 162,141
16,917, 646, 786
17,186, 986, 616
17.162, 767,915
16.990. 805,166
17, 080. 199,872
17, 053, 728, 643
16,946. 666,408
16,911, 191,862
16,886, 702. 630
16,638, 941,379
16, 647, 291, 090
16,626, 682, 090
16,432, 193, 340
16,423. 213,990
16.422, 300.940
16, 028. 670 990
16.161. 648,360
16, 200, 813,350
16,121, 826,860
16,134, 878,850
16,142, 612,850
15,921, 892,360
NOTE.—For monthly figures back to June, 1916, see 1929 report, p. 509.
$667.640 888
670,797, 699
662,903,609
666,248,842
665.386,487
663,163,616
666, 526.112
666, 499, 236
667,149, 223
665, 562, 794
664,424,416
656,664,311
653,424, 956
652, 471, 596
651, 280,144
650 956, 024
650,920 618
628,173,998
633,471,382
634,763,661
624, 399, 259
624, 688,932
623,976, 038
606, 031,831
Per cent
3,870
3.861
3.859
3.876
3.877
3.903
3.902
3.902
3.937
3.936
3.936
3.946
3.949
3.948
3.963
3.964
3.964
3.919
3.920
3.918
3.873
3.871
3.866
3.807
597
SECRETARY OF THE TREASURY
CONDITION OF THE TREASURY EXCLUSIVE OF PUBLIC DEBT
LIABILITIES
TABLE 47.—Current assets and liabilities of the Treasury at the close of the fiscal
years 1928, 1929, and 1930
[On basis of daUy Treasury statements (revised), see p. 467]
1928
1929
1930
GOLD
Assets:
Gold coin
Gold buUion
$695.926,465. 38 $734,639,949.36
2, 519,689,423. 54 2,643,828,815.13
3,215.615.888.92
Total
Liabilities:
Gold certificates
Gold fund, Federal Reserve Board
Gold reserve
Gold in general fund..
$734,970. 549. 54
2,768,551,983.44
3,278,368, 764. 49 3,493,522,632.98
1, 513,730,839. 00 1,384,335,199.00 1,489,989,479.00
1,387,650,413. 30 1,562,425, 579. 40 1,796,239,234.56
156,039,088. 03
156,039,088. 03
156,039,088.03
61,254,731.39
175,568,898.06
158,196,548,59
3,216, 616,888. 92 3,278,368,764.49
3,493,522,532.98
480,258,232.00
488,402,369.00
495,057,388. 00
471,726,701. 00
1,303,600.00
7,227,931. 00
468,753,942. 00
1,283,460 00
18,364,967. 00
487,198, 111. 00
1.260,050. 00
6, 599,227. 00
480,258,232.00
488,402,359.00
495,057,388. 00
158,195, 548. 59
7,227,931.00
3,021,104. 00
1, .590, 525. 00
101, 210 00
19, 526,096. C
O
2,691,642. 51
2,845,027. 66
7,782,476. 74
2, 207,454.98
175, 568,898. 06
18,364,967. 00
2,271,041. 00
1,108,120. 00
88,154. 00
15,303, 625. 00
2,341,685. 28
2,002,465. 78
6,747,458. 02
1,166.997. 26
61,254, 731. 39
6, 599,227. 00
2.847< 706. 00
1,726,070. 00
52,165. 00
19,319.703. 60
6,233.613.12
4.177,685.07
6,622.158.31
869.693.92
205,189,016. 48
Total
224,963,411.40
98.702,653.31
23, 647,738. 55
6, 276.634. 04
35,891,389.40
6,864,737.78
26,624,266. 32
1,612,080.40
SILVER
Assets: Silver dollars
LiabUities:
Silver certificates
Treasury notes of 1890
Silver dollars in general fund
.
Total
GENERAL FUND
Assets:
Gold...
Silver dollars
United States notes
Federal reserve notes.
Federal reserve bank notes
National bank notes
Subsidiary silver.Minor coin
SUver bullion at cost.
Unclassified..
-
.
.
-
-
--
-
Total in Treasury oflQces
In Federal reserve banks—
To credit of Treasurer of the United States.
In transit...
_
29.924,372. 69
42.756,127.18
28.136.346. 72
In special depositaries account of sales of Treasury bonds, notes, and certificates
246,730, 779. 32
366,841,912.96
296,623.336. 64
In general, limited, and insular depositary
banks—
To credit of Treasurer of the United States.
To credit of other Government oflacers
Intransit
6,786,348.93
18, 724,939. 58
2,666,978.76
7,202,830.19
18,800,198. 96
2,407,912.76
6,967.078. 78
18, 914,649. 46
1,455,539. 23
Total in Federal reserve banks. „
28,077,267. 27
28.410.941.90
27,327,267.47
In treasury, Philippine Islands—
To credit of Treasurer of the United States.
Intransit . .
. ..
871,176.73
933.38
1.001,055. 41
3,027. 79
225,627.14
276. 53
Total in treasury, PhUippine Islands
872.110 11
1,004,083.20
225.903.67
83,304. 52
288,807.58
370. 00
309,331. 85
1,290,288. 40
573.319. 91
293.071. 47
1,319,067.67
880,68L77
Total in depositary banks
In foreign depositaries—
To credit of Treasurer of the United States.
To credit of other Government oflQcers
In transit
Total in foreign depositaries
Total assets in general fund
.
. ..
372,482.10
2,172,940 16
2.492.820.91
510,166,027.87
656,149.416. 79
.453,508,328.72
598
REPORT ON THE FINANCES
TABLE 47.—Current assets and liabilities of the Treasury at the close of the fiiscal
years 1928, 1929, and 1930—Continued
[On basis of daUy Treasury statements (revised), see p. 467].
1928
1929
1930
$150, 632,176.90
$168,871,032. 57
$36,675,622.56
24,835,349.34
28,427,196.96
28.226.376. 32
2,430 00
7,776,161.89
1,950 C
O
8,689,130 29
1.900. 00
9,142.427. 03
183,246,108.13
. 205,989,309.82
74,046,325. 91
3.532.502. 23
3,800.213.02
8.851,108. 76
2,058,950 03
2,831,814.40
59,833,372.63
1, 724,064.83
645.381. 46
9.846.556. 48
GENERAL FUND-Continued
LiabiUties:
DepositsRedemption of Federal reserve notes (5 per
cent fnnd, gold)
--..._
Redemption of national bank notes (6 per
cent fund, lawful money)..
Retirement of additional circulating notes,
actof May 30,1908
Board of trustees. Postal Savings System.^
Total redemption and trust funds in the
general fund
Uncollected items, exchanges, etc
...
Treasurer's checks outstanding
Post OflQce Department balance .
Balance to credit of postmasters, clerks of
courts, etc .
.
60,929,119.18
54.463,085. 01
125,663, 256.14
324,506,860.83 .
66,679,087. 78
312, 782,916. 03
510,166,027.87
Total
60,645,764.88
66,729,588. 89
260.190,330 86
Total habihties, general fund
Balance in general fund ^
656,149,416. 79
453,508,328. 72
1 Balances in general fund for years 1791 to 1922 are shown in Table I of the annual report for the fiscal
year 1922.
TABLE 48.—Net halance in the general fund at the end of each month, from October,
1915, to September, 1930
[On basis of daily Treasury statements (unrevised), see p. 467]
End of month
1915—OctoberNovember.
December.
1916—January..February..
March
April
May
June
July
August
September.
October
November.
December.
1917—January...
February..
March
AprU
May
June
July
August
September.
October
November.
December.
1918—January....
February..
March
April
,
May
June
July
August
September.
Amount
$122, 249,096
116, 738,496
110, 681,973
111, 176,814
117, 170,216
124, 924,081
129, 628,249
133, 667,321
236, 879,691
229, 977,976
208, 287,666
181, 102, 712
163, 937,003
131, 435,335
114. 487,838
94. 209, 627
66. 606,399
92, 884,464
168, 629,343
230, 668,383
1,064, 086,261
490, 777,562
604, 886,067
470, 636,131
1,030, 817,405
1,837, 419,887
823, 061,969
891, 961,063
1,073, 494,200
1,012, 094, 761
929, 478, 628
1,483, 826,426
1, 686, 006,861
1,607, 281, 975
1,082, 605,200
960, 357,879
End of month
1918—October...
November.
December.
1919—January...
February..
March
April
May
June
July
August
September.
October...
November.
December.
1920—January...,
February.March
April
May
June
JulyAugust
September.
October
November.
December1921—January..-.
February—
March
April
,
May
June
July
August
September.
Amount
846, 739, 992
414,716,767
080.056,308
326,041,128
692.006,081
648,603, 949
052,633,837
316.199,327
251, 664,828
818,700,337
118,109,636
191, 738,500
888,032,621
666,107,672
987,416, 460
725,770,078
396, 782,697
251, 622,638
309,567,620
201,868,990
367,701, 682
206,161,916
267, 746, 628
434,961,060
203, 662,027
166, 627,097
604,951,394
345, 111, 086
301,022,616
614. 693,426
432,133,282
244,666,961
649,678,106
230, 714, 447
333,092,444
767, 675, 230
SECRETARY OF T H E TREASURY
599
T A B L E 48.—Net balance in the general fund at the end of each month, from October,
1915, to September, 1930—Continued
[On basis of daUy Treasury statements (unrevised), see p. 467]
E n d of m o n t h
1921—OctoberNovember,
December.
1922—January...
February..
March
April.
May
June
July
August—
September
October...
November.
December.
1923—January...
February.,
March
April.
May
June
July
August
September
October...
November,
December.
1924—January...
February..
March
AprU
May
June
July
August
September
October...
November.
December.
1925—January..February.,
March
April
May
June
July
August
September
October...
November,
December.
1926—January
February..
March
Amount
$226, 405,157
267, 341,863
487, 767,629
397, 081,272
480, 650,339
371, 401, 788
372, 335, 329
289, 396,863
272, 105, 613
252, 377, 343
336, 511, 204
266, 839, 729
412, 345, 640
338, 910, 280
637, 861,122
254, 646, 388
192, 250, 473
530, 124,298
393, 122, 964
301, 883, 908
370, 639,121
282, 853,796
252, 456, 238
422, 747,512
223, 042, 962
166, 773,847
324, 907,061
240, 935, 448
228, 425,031
444, 520,597
331, 725, 402
196, 837,515
235, 411, 482
226, 808,022
214, 793, 771
412, 683,886
335, 129, 674
247, 633,178
329, 078, 867
286, 900, 301
223, 333,648
490, 733, 698
329, 324, 999
248, 067, 423
217, 835, 732
148, 236,039
132, 369,355
331, 588, 908
198, 748,196
142, 902, 609
328, 707, 933
318, 178,262
340, 831.406
941,847
E n d of m o n t h
1926—AprU
May
June
July
August—
September
October...
November.
December.
1927—January..February..
March
AprU
May
June
July
August
September
October—.
November,
December.
1928—January..February..
March
April
May
June
July
August
September.
October...
November.
December.
1929—January..February..
March
April
May
June.-i.
July
August
September.
October—.
November.
December.
1930—January..February..
March
April
May
June
July
August
September.
Amount
771,867
263, 302,286
201, 002,027
218, 237,689
147, 569,311
411, 845,322
230, 660, 594
140, 162,490
227. 010,246
187, 872, 444
178. 689, 696
423. 336,088
236. 212, 774
126, 266, 987
234, 067, 410
164, 640, 961
70, 286, 709
490, 644,016
261, 588,850
13, 377, 447
272, 342,801
109, 376, 957
66, 272,231
444, 816. 761
198, 960. 521
64, 831. 703
265, 626. 981
116, 760, 284
190, 148, 218
209, 868,208
210, 237, 266
91, 026, 729
269, 543, 968
131, 445, 600
73, 846,143
427, 807. 235
226, 168,663
138, 227, 607
326, 713,003
150, 932, 766
88, 366, 247
407, 637,361
204, 612,841
123, 894,244
172, 996,078
98, 928,297
54, 262, 606
368, 767,816
166, 637. 720
104, 609,601
318, 607.168
188, 276.986
103, 667,155
331, 163, 294
600
REPORT ON T H E
FINANCES
TABLE 49.—Securities owned by the United States Government, June SO, 1930^
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, Dec.
22,1924, Apr. 28,1926, Apr. 30,1926, May 3,1926, Mar. 30,1928. Feb.
14,1929, and Dec. 18,1929:
Belgium
$404,730,000.00
Estonia
13,830,000.00
Finland
8.669.000.00
France
3,865,000,000.00
Great Britain
4,426.000,000.00
Greece
32,000,000 00
Hungary
1,920,315,00
Italy
2.017,000,000.00
Latvia
6,776,000.00
Lithuania
6,235,207. C
O
Poland
178,560,000.00
Rumania 2
64,560,560.43
Serbs, Croats, and Slovenes
61.850.000.00
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): 3
Czechoslovakia
Russia
TotalForeign obligations received from the Secretary of War op account of
sale of surplus war supplies: 3
Czechoslovakia
Nicaragua
Russia
TojtaL
Foreign obligations received from the American Relief Administration
on account of relief, pursu,ant to Act approved Feb. 26,1919:3
Armenia
Czechoslovakia
Russia
Total..
Foreign obligations received from the United States Grain Corporation
on account of final liquidation, given for relief pursuant to act approved Mar. 30,1920:3
Armenia
Austria
Czechoslovakia
^
Total
Capital stock of war emergency corporations:
Capital stock of the Emergency Fleet Corporation-.
Less cash deposit with the Treasurer of the United States to
the credit of the Corporation
$11,086,120,082.43
61.974,041.10
187,729,760.00
249,703,791.10
20,604,302.49
290,627.99
406,082.30
21,301,012.78
8,028,412.15
6,428,089.19
4,466,465.07
18,921,966.41
3,931, 505.34
24,056,708.92
2,873,238.26
,.
30,860,462.61
60.000,000.00
29,926,894.31
Capital stock of the United States Housing Corporation, issued-.
Less amount retired plus cash deposits covered into Treasury
under act approved July 11,1919
42,603,218.29
Capital stock ofthe United States Spruce Production Corporation.
War Finance Corporation (in liquidation)—
Capital stock outstanding
Offset by cash on deposit with Treasurer of United States
to credit of the corporation
20,073,105.69
297,039.24
Equipment trust 6 per cent gold notes, acquired by Director General
of Railroads jpursuant 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: * Minneapolis
& St. Louis Railroad Co
70,000,000. C
O
27.396. 781. 71
99,993.00
10,000.00
168,000.00
1 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).
2 Original amount ($66,560,660.43) included bonds aggregating $21,970,660.43 representing interest accruing
and remaining unpaid during first 14 years, payment of which, under the funding agreement, is extended
over the last 48 years.
3 The figures do not include interest accrued and unpaid.
* The notes are in series, which mature, respectively, on the 16th day of January in various years
up to 1936.
601
SECRETARY OE THE TKEASURY
TABLE 49.—Securities owned by the United States Government, June SO, 1930—
Continued
Obligations of carriers acquired pursuant to section 207 of the transportation act, approved Feb. 28,1920, as amended:
Chicago, Milwaukee, St. Paul & Pacific R. R. Co
Kansas, Oklahoma & Gulf Railway Co._
Minneapolis & St. Louis Railroad Co
Washington, Brandywine & Point Lookout Railroad Co
Waterloo, Cedar Falls & Northern Railway Co.
Total
Obhgations of carriers acquired pursuant to section 210 of the transportation act. approved Feb. 28,1920. as amended:
Alabama. Tennessee & Northern Railroad Corporation
Aransas Harbor Terminal Railway
Boston & Maine Railroad
Charles City Western Railway C o . . . .
Chicago & Western Indiana Railroad Co
Des Moines & Central Iowa Railroad, formerly the Inter-Urban
Railway Co.!
Fernwood, Columbia & Gulf Railroad Co
Fort Dodge, Des Moines & Southern Railroad Co
Gainesville & Northwestern Railroad Co
Georgia & Florida Railway, receivers of.
Greene County RaUroad Co.
Minneapolis & St. Louis Railroad Co
Missouri & North Arkansas Railway Co
National Railway Service Corporation
Salt Lake & Utah Railroad Co
Seaboard Air Line Railway Co
Seaboard Bay Line Co
Shearwood Railway Co
Toledo, St. Louis & Western Railroad Co., receiver of.
Virginia Blue Ridge Railway Co
Virginia Southern Railroad Co
Waterloo, Cedar Falls & Northern Railway Co
Wichita, Northwestelrn Railway Co
Wilmington, Brunswick & Southern RaUroad Co
Total
Capital stock of the Panama Railroad Co.
Capital stock of the Inland Waterways Corporation (acquired pursuant to the act approved June 3,1924)
Capital stock of the Federal Land Banks (on basis of purchases, less
repayments to date):
Springfield, Mass
Berkeley, Calif
'
Total
Capital stock of Federal Intermediate Credit Banks acquired pursuant
to the "Agricultural credits act of 1923," approved Mar. 4, 1923:
Springfield, Mass
Baltimore, Md
Columbia, S. C - . . .
—
Louisville, Ky
New Orleans, La
St. Louis, Mo
St. Paul, Minn
Omaha, Nebr
--.
Wichita, Kans
Houston, Tex
Berkeley, Calif
Spokane, Wash
Total-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
$3,207,000. C
O
212,300.00
1,260,000.00
50, O O C
O O
500,000.00
$.5, 219, 30O 00
165.250.00
46,693.17
13,943,000.00
140,000.00
6,510,000.00
633,500.00
20,000.00
200,000.00
75,000.00
792,000.00
12,000.00
1,382,000.00
3,500,000.00
2,502,387.10
872,600.00
14,443,887.84
2,002,000.00
11,906.76
278,000.00
106,000.00
38,000.00
1,260,000.00
381, 760.00
90,000. C
O
49,404,974.87
7,000,000.00
9,000, O O 00
O
148,947.50
143,67L 76
292, 519. 25
2,000,000 00
2,000,000.00
5,000,000.00
2,000,000.00
2,000,000.00
2,000,00000
2,000,000.00
2,000,000.00
2,000,000.00
2.000,000.00
5,000. O O 00
O
2,000,000.00
30,000,000.00
866,000.00
_
Grand total
6,673,771.00
77,672,930.69
11,639,663,681.44
MEMORANDUM
Amount due the United States from the Central Branch of the Union Pacific Railroad
on account of bonds issued (Pacific RaUroad aid bonds, acts approved July 1, 1862,
July 2, 1864, and May 7, 1878):
Principal
Interest
,
,
Total
1,600,000.00
1,796,649.02
3,396,649.02
602
REPORT ON THE FINANCES
TRANSACTIONS WITH RAILROADS
TABLE 50.—Obligations of carriers acquired pursuant to section 207 of the transportation act, 1920,, as amended
Receipts on
Receipts on account of ObhgationsObhgations account of principal outstanding
originally principal from July 1, June 30,
acquired
prior to
1929, to
' 1930
June, 1929 June 30,
1930
Carrier
Ann Arbor R. R. Co
..^
Baltimore & Ohio R. R. Co
Bangor & Aroostook R. R. Co
Boston & Maine R. R
•—-,
Central Vermont Ry. Co
,
Chartiers Southern Ry. Co
Chesapeake & Ohio Ry. Co.-Chicago & Eastern Illinois Ry. Co
Chicago Great Western R. R. Co
Chicago, Milwaukee & St. Paul Ry. Co. (now Chicago,
Milwaukee, St. Paul & Pacific R. R. Co.)
Chicago, Rock Island & Pacific Ry. Co
Delaware & Hudson Co
-Detroit, Toledo & Ironton R. R. Co
-.
Erie R. R. Co.
,
Gulf, Mobile & Northern R. R. Co
Hocking Valley Ry. Co
International & Great Northern Ry. Co., receiver
Kansas, Oklahoma & Gulf Ry. Co
Maine Central R. R. Co
,
Minneapolis & St. Louis R. R. C o . .
Missouri-Kansas-Texas R. R. Co
,
Missouri Pacific R. R. Co
Monongahela Ry. Co
New York, Chicago & St. Louis R. R. Co
. New York, New Haven & Hartford R. R. Co
New York, Susquehanna & Western R. R. Co
Norfolk Southern R. R. Co
Pennsylvania R. R. Co
Pittsburgh, Cincinnati & St. Louis R. R. Co
Seaboard Air Line Ry. Co
St. Louis-San Francisco Ry. C o . . .
St. Louis Southwestern Ry. Co
Texas & Pacific Ry. Co
Virginian Ry. Co
Wabash Ry. Co
Washington, Brandywine & Point Lookout R. R. Co..
Waterloo, Cedar Falls & Northern Ry. Co
Western Maryland Ry. Co
Wheeling & Lake Erie Ry. Co
Total.
$550.000
9,000,000
325,000
1,030,000
700,000
400,000
9,200,000
3,425,000
950,000
20.207,000
8,000, OCO
1,500,000
. 700,000
8,725, OCO
480,000
700,000
2,400,000
1, 622, 391
750,000
1,250,000
4,750,000
3,000,000
1,900,000
1,000,000
64,316,500
100,000
200,000
68,704,990
18,250,000
2,000,000
3,000,000
700.000
4.400.000
2.000,000
1,500,000
50,000
500,000
2,000,000
900,000
$550,000
9,000.000
325,000
1,030,000
700,000
400,000
9,200,000
3,425,000
950,000
$3,207,000
212,300
1,250, OCO
$100,000
50,000
600,000
1,000,
900,
261,185,881 245,866,581
100,000
5,219,300
TABLE 51.—Payments to carriers from July 1, 1929, to June 30, 1930, under the
guaranty provided for in section 209 of the transportation act, 1920, as amended,
and payments hy carriers to the United States under the same section.
Carrier
Advances
Partial
Nevada Northern Railway Co
Payments to June 30,1929
$263,935,874.00 $169,441,912.14
Payments to June 30, 1930
263,935,874.00 169,441,912.14
Less refund of overpayments by Fort
Dodge, Des Moines & Southern
R. R. Co
Total payments to June 30,1930.. 263,935,874.00
169,441,912.14
Final 1
$108,217.02
98,329,330.99
98,437, 548.01
Total
$108,217.02
631,707,117.13
531,815,334.16
69.288.44
69,288.44
98,378,259.67
631,766,045.71
1 Represent balances due and paid after taking into account advances and partial payments previously
made.
603
SECBETARY OE THE TREASURY
TABLE 52.—Loans to carriers under section 210 of the transportation act, 1920, as
amended, and repayments on such loans from July 1, 1929, to June SO, 1930,
together with cumulative total, and amounts outstanding June 30, 1929, and June
30, 1930
Carriers
Loans outstanding June
30,1929
Loans
Loans, fiscal . Repayments, standingoutJune
year 1930
fiscal year 1930
30,1930
Alabama, Tennessee & Northern R. R.
Corporation
_
$192,750.00
50,000.00
Aransas Harbor Terminal Ry
19,386,979.00
Boston & Maine Railroad
140,000.00
Charles City Western Ry. Co
1,600,000.00
Chicago Great Western R. R. Co
Chicago & Western Indiana R. R. Co
6,833,000.00
Des Moines & Central Iowa R. R. Co.
(formerly the Inter-Urban Ry. Co.)
633,600.00
Fernwood, Columbia & Gulf R. R. Co
20,000.00
Fort Dodge, Des Moines & Southern R.
200,000.00
R. Co
75,000. C
O
Gainesville & Northwestern R. R. Co
Georgia & Florida Ry. (receiver)
792,000.00
Greene County R. R. Co
18,000 00
Lake Erie, Franklin & Clarion R. R. Co..
6,250. 00
Minneapolis & St. Louis R. R. Co
1,382, O O 00
C
Missouri & North Arkansas Ry. Co
3,500,000.00
National Railway Service Corporation
account:
Minneapolis & St. Louis R. R. Co
289,461.75
Wheeling & Lake Erie Ry. Co
2,476,113.40
Salt Lake & Utah R. R. Co
872. 600.00
Seaboard Air Line Ry. Co
. . 14,443,887. 84
Seaboard-Bay Line Co
2,366.000.00
Shearwood Ry. Co
.
17,500.00
Toledo, St. Louis & Western R. R. Co
324,000.00
Virginia Blue Ridge Ry. Co
....
106,000.00
Virginia Southern R. R. Co..
38,000.00
Waterloo, Cedar Falls & Northern Ry. Co. 1,260,000.00
Wichita, Northwestern Ry. Co
381,760.00
Wilmington, Brunswick & Southern R. R.
Co
90,000.00
Total all companies...
67,384,791.99
Cumulative total, all companies, to
June 30, 1930
67,384,791.99 $360,600,667.00
$166,250.00
$27,500.00
45,693.17
4,306.83
6,443,979. C 13,943,000.00
O
140, OCO. 00
1,500, O O 00
O
323,000.00 6,510,000.00
633,600.00
20,000.00
6,000.00
6,250.00
200,000.00
75,000.00
792,000.00
12,000.00
1,382,000. C
O
3,500,000. C
O
261,932.28
2,240,454.82
872, 600. C
O
14,443,887. 84
354,000.00' 2,002,000.00
11,906.76
6, 693.24
278,000.00
46,000.00
106,000.00
38,000.00
1,260,000.00
381,750. C
O
27,629. 47
235, 658. 58
90,000.00
7,979,817.12
49,404,974.87
301,196,692.13
49,404,974.87
STOCK AND CIRCULATION OF MONEY IN THE UNITED STATES
O
TABLE 53.—Stock of money, money in the Treasury, in the Federal reserve banks, and in circulation at the end of each fiscal year fro7n 1913
to 1930 "
^
[000 omitted, except per capita figures]
Money outside of the Treasury
Money held in the Treasury
Stock of
money
June 30—
1913
1914
1916
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926.
1927...
1928
1929
1930
-
...
$3,777,021
3,797,826
4,050,783
4,541,730
5,678, 774
6,906,237
7,688,413
8,168,496
8,174,528
8,276,070
8,702,788
8,846,642
8, 303,632
8,428,971
8,667,282
8,118,091
8,638,796
8, 306, 664
Total 2
$1,834,112
1,846,670
1,967,665
2,356, 636
2,859,396
2,976.251
2,907,812
2,379,664
2,921,089
3.616. 583
3,821,846
4,248.438
4,176,381
4,210.358
4.159.056
3,725,660
3,789.886
4,021,937
Amount held
in trust
against gold
and silver
certificates
(and Treasury notes of
1890)
$1,475,783
1,607,179
1,619,429
2,067,409
2,063,391
1.407,694
906,673
704,638
919,643
1,000. 678
1,150.168
1. 628,139
2,069,799
2,139,770
2,096, 206
1,986,761
1,864,373
1,978,448
Reserve
against
Held for FedUnited
State notes eral reserve
(and Treas- banks and
agents
ury notes of
1890)
$150,000
150,000
152,977
152,979
162,979
152,979
152,979
152,979
152,979
152,979
152,979
162,979
153,621
164,189
166,421
156,039
156,039
156,039
$626,295
1,205,082
1,416,086
1,184,276
1,537,867
2,108,887
2,285,170
2,260 891
1,752,744
1,717,348
1,712,003
1,387,650
1.662,426
1,796, 239
In circulation
AU other
$208,329
188,391
196, 259
146.147
116, 731
210,496
432,074
337,771
310,610
263,139
233, 629
206.429
210.217
199,050
195,427
195.199
217,049
91,211
Total
$3,418,692
3,469,434
3,702,647
4,242,603
4,882, 769
5,337,681
5,687,275
6,483,470
6,173,082
6,761,065
6,031, 111
6,226,243
6,187,049
6,358,384
6,604,431
6,379,202
6,603,283
6,263,075
Held by Federal reserve
banks and
agents
$382,965
693,346
816,366
865,984
810,636
1,015,881
1, 262,089
1, 297,893
1, 207,836
1. 376,936
1,371.841
1,473,118
1,763,110
1,582,576
1,856,986
1, 741.087
Amount
$3,418, 692
3,459,434
3, 319, 582
3,649, 258
4, 066.404
4,481,697
4, 876,638
5,467, 589
4,910, 992
4,463,172
4,823, 275
4, 849,307
4,816, 208
4,886, 266
4,861,321
4, 796. 626
4, 746, 297
4, 521, 988
Population of
continental
United States
(estimated)
i
Per capita
$36.12
34.93
32.96
36.63
39.06
42.33
46.95
61.38
46.44
40.67
43.35
43.03
42.20
42.29
4L48
40.62
39.62
36.71
97,337
99,027
100,725
102,431
104,146
105,869
106,136
106,414
108,087
109,743
111, 268
112, 686
114,104
116,523
116,943
118,364
119,788
123,166
J The figures in this table differ from the monthly circulation statements for the following reasons: (a) Beginning June 30, 1922. the form of circulation statement was revised so
as to include in the holdings of the Federal reserve banks and agents, and hence in the stock of money, gold bullion and foreign gold coin held by the Federal reserve banks and
agents, and to include in the holdings ofthe Federal reserve banks and agents, and, hence, exclude from money in circulation, all forms of money held by the Federal reserve banks
and agents, whether as reserve against Federal reserve notes or otherwise. For the sake of comparability the figures in this table for earlier years have been revised to include these
changes. For full explanation of this revision, see annual report for 1922, page 433. (b) The form of the circulation statement was revised again beginning Dec. 31. 1927, so as to
exclude earmarked gold coin from the stock of money, and hence from money, in circulation; to include in the holdings of the Federal reserve banks and agents, and hence in the
stock of money, gold held abroad for the account ofthe Federal reserve banks; and to include in all categories, minor coin (the bronze 1-cent piece and the nickel 5-cent piece). Beginning on Dec. 31.1927, the circulation statement is dated for the end of the month instead of the beginning of the succeeding month, as was the practice theretofore. For the sake of
comparability the figures in this table for earlier years have been revised to include these changes, (c) The figures in this table are on the revised daily Treasury statement basis.
For figures for years prior to 1913, see annual report for 1928, pages 550-651, and for full explanation of revision of Dec. 31,1927, pages 70-71.
2 The amount of money held in trust against gold and sUver 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.
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TABLE 54.—Stock of money, classified by kinds, at the end of each fiscal year from 1913 to 1930 ^
[Dollars in thousands]
Gold coin
Silver dollars
a n d buUion*
J u n e 30—
1913
1914
1916
1916
1917
1918
1919
1920
1921..
1922
1923
1924
1925
1926....
1927 . .
1928
1929 . 1930..-..
-
$1,870,762
1,890.657
1,986,639
2,444,636
3,220, 242
3,162,808
3,113,306
2,865,482
3, 274, 730
3,784, 652
4,049, 554
4,488,391
4, 364,632
4,447,397
4, 587,298
4,109,163
4, 324, 351
4.534, 866
$568,273
668,272
668,272
668, 271
568,270
499, 616
308,146
268.857
288. 788
381.174
491,887
503. 755
522.061
533,491
537, 944
539,962
539,961
539,960
Subsidiary
sUver
$176,196
182,007
186,430
188,890
198,276
231,857
242,870
258,866
271,314
271, 211
269.186
277, 614
283,472
288, 923
295, 590
299,010
304.187
. 310,978
United
S t a t e s notes s
M i n o r coin
$346,681
346,681
346,681
346,681
346,681
346,681
346,681
346,681
346,681
346,681
346,681
346,681
346,681
346,681
346,681
346,681
346, 681
346,681
$56,951
59,636
61.327
63.909
69,688
78,146
82,909
92,479
98,522
98, 693
99,056
102,445
104,004
108,891
113. 296
116,689
120, 640
126, 001
National
F e d e r a l reserve F e d e r a l reserve
b a n k notes 8
notes 3
b a n k notes 3
$84,261
176,168
647,408
1,847, 680
2,687, 667
3,405,877
3.000,430
2, 655,062
2,676,902
2,339,048
1,942, 240
1.995,206
2,077,473
2,002.811
2,194,970
1, 746,601
$9,000
12,790
15,444
187,667
201,226
160,772
80,495
22,083
10, 596
7,176
6,713
4,854
4,166
3,711
3,260
$769,168
750,672
819, 274
744,176
716,420
724,206
719, 277
719,038
743,290
768,202
747,440
778,012
733, 366
702, 669
704,146
699,621
704,294
698, 317
Total
$3,777,021
3, 797,825
4,050,783
4, 541,730
6, 678,774
6,906,237
7,688,413
8,168,496
8,174, 628
8,276,070
8,702.788
8,846,642
8,303,632
8,428,971
8,667,282
8,118,091
8,638,796
8,306, 664
P e r c e n t a g e of
gold t o t o t a l
money
49.53
49.78
49.02
63.83
56.71
45.80
40.49
35.12
40.06
46.73
46.53
50.74
52. 56
62.76
52 93
50.62
50 64
54.59
J See note 1, p. 604. For figures for years prior to 1913, see annual report for 1928, pp. 552-663.
' Does not include gold bullion and foreign coin outside of the vaults of the Treasury, Federalreserve banks, and Federal reserve agents, except gold held abroad for the account
of the Federal reserve banks. Excludes earmarked gold coin and buUion. (See note 1, p. 604.)
5 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 $156,039,088 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; these notes are being canceled and retired on receipt. 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. 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.
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TABLE 55.—Money in circulation, classified by kinds, at the end of each fiscal year from 1913 to 1930 ^
O
[Dollars in thousands]
June 30—
1913.
1914.
1915.
1916.
1917.
1918.
1919.
1920.
1921.
1922.
1923.
1924.
1926.
1926.
1927.
1928.
1929.
1930.
Gold coin
Gold certificates 2
$608,401 $1,003,998
1,026,149
611,545
587,537
821,869
624,939
1,050,266
666,646
1,082, 926
637,230
611,190
474,876
327, 662
474,822
269,007
447,272
200, 682
416,937
173,342
404,181
386,466
393, 330
801,381
402,297
1,004,823
391,703
1,067,371
384,957
1,007,076
377,028
1,019,149
368,488
934,994
357, 236
994,841
Standard
silver
dollars
$72,127
70,300
64,499
66,234
71,764
77, 201
79,041
76, 749
65,883
67,973
57,262
64.016
64,289
51,677
48,717
46,222
43,684
38,629
SUver certificates 2
$469,129
478, 602
463,147
476,279
468.365
370. 349
163,445
97,606
158,843
266.336
364,258
364,414
382,780
377,741
376,798
384,677
387,073
386,915
l notes r j
' ' ? ^ of
1890 2
$2,657
2,428
2,245
2,098
1,970
1,851
1,745
1,656
1,576
1,510
1,460
1,423
1,387
1,356
1,327
1,304
1,283
1,260
Subsidiary
silver
$164,458
159, 966
159,043
171,178
193,746
216,492
229. 316
248.863
236,295
229,310
247,307
252,996
262,009
270,072
275,605
278,175
284,226
281, 231
1 See note 1, p. 604. For figures for years prior to 1913, see annual report for 1928, pp. 554-555.
2 For description of security held for redemption, see note 3, p. 605.
United
States
notes 2
Federal
reserve
notes 2
$337,215
337,846
309,796
328,227
311,595
291,859
274,119
278,144
269,170
292,343
302,749
297,790
282, 678
294,916
292, 206
298,438
262,188
288,389
$70,810
149,152
506,756
1,698,190
2,460,278
3,064,742
2, 699, 698
2,138,716
2,234,660
1,843,106
1,636,108
1,679,407
1,702,843
1,626,433
1,692, 721
1,402,066
Minor
coin
$54,954
67,419
68, 616
62,998
68,411
74,958
81, 780
90,958
91,409
89,167
93,897
96,952
100,307
104,194
108,132
111.061
115, 210
117,436
Federal reserve bank
notes 2
$1, 683
3,702
10,970
156,014
186,431
129,942
71,868
19,969
10,066
6,921
6,463
4,606
4,029
3,616
3,206
National
bank
notes 2
$715, 764
715,180
782,120
716,204
690,635
691,407
639,472
689, 608
721,421
727,681
711,076
733,836
681. 709
661,477
650,067
650,212
662,812
660, 779
Total
$3,418,692
3,459,434
3,319, 682
3. 649. 268
4. 066,404
4,481,698
4,876,638
5,467,688
4,910,993
4.463,172
4,823,276
4, 849,307
4,816,208
4, 885,266
4,861,322
4, 796,626
4, 746,297
4, 521,988
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TABLE
5 6 . --Money
i n circulation , classified by kinds, J u n e SO, 1930*
MONEY OUTSIDE OF T H E T R E A S U R Y
MONEY H E L D IN T H E TREASUKY
L
K i n d of m o n e y
Total amount i
Total
A m o u n t held
Reserve
against
in t r u s t
H e l d for F e d United
against gold
States notes eral reserve
and sUver
banks and
(and Treascertificates
agents
(and T r e a s u r y u r y notes of
1890)
notes of 1890)
I n circulation
AU other
Total
Gold coin a n d bullion
* 4 $4, 534, 865,706 $3,493, 522, 533 $1,489,989,479 $156,039,088 $1, 796, 239,235 $51, 254, 731 *$1,041,343,173
Gold certificates
1,489, 989,479
« (1,489,989,479)
S t a n d a r d silver doUars
44, 902,132
6, 599, 227
488,458,161
495,057,388
639, 959, 520
SUver certificates
487,198, 111
« (487,198,111)
T r e a s u r y notes of 1890
1,260,050
5 (1,260,050)
S u b s i d i a r y silver
305, 744,862
5, 233, 513
5, 233, 513
310, 978, 375
M i n o r coin
_. .
121,823,367
4,177, 685
4,177,685
126,001,052
2,847, 706
2,847, 706
U n i t e d States notes
346,681,016
343,833,310
1, 726,070 1, 744, 774,815
1, 726,070
Federal reserve notes
. .
1, 746, 500, 885
52,165
52,165
Federal reserve b a n k n o t e s .
3, 207,877
3, 260,042
19,319, 703
19, 319, 703
698,317,468
678, 997, 765
N a t i o n a l b a n k s notes
T o t a l J u n e 30, 1 9 3 0 . .
C o m p a r a t i v e totals:
M a y 31, 1930.
J u n e 30, 1929 *
October 31, 1920 8
M a r . 31, 1917 8
J u n e 30, 1914 8
J a n . 1, 1879
* 8,306,564,064 8 4,021, 936, 763 1,978,447, 640
8,325,418,198
8, 538, 796,192
8,479, 620, 824
5,396, 596, 677
3, 796,456, 764
1,007,084,483
6 4,009,071,208
6 3, 789,886,214
6 2,436, 864, 530
9 2, 952,020,313
6 1, 845, 575, 888
6 212,420,402
1,932,002,579
1,854,372,591
718,674, 378
2,681,691,072
1,507,178.879
21,602,640
Held b y Federal reserve
banks and
agents 2
Amount
$684,107,489 * $357,235,684
994,841,149
495,148,330
38,628,669
6,273,463
386, 915,280
100,282,831
1,260,050
24, 513,628
281,231, 234
4, 387, 792
117,435,575
55,444,084
288, 389,226
342, 708, 767 1,402,066, 048
2,207
3,205,670
28, 218,388
650, 779, 377
156,039,088 1,796,239,235 7 91,210,800 * 6,263,074, 941 1,741,086,979 *4, 521,987,962
156,039,088 1,832, 336,835
156,039,088 1,562,425,579
152,979,026 1, 212, 360, 791
152,979,026
150,000,000
mn nnn. nnn
"' —' —
88,692, 706
217,048, 956
352,850,336
117, 350, 216
188,397,009
90, 817, 762
6,248,349, 569 1,696, 881,635 4,551,467,934
6,603,282, 569 1,856, 986,007 4,746,296, 5G2
6, 761,430, 672 1,063,216,060 5, 698,214,612
5.126, 267,436
953,321, 522 4,172,945,914
3,458, 059, 755
3.458, 059, 755
816, 266, 721
816,266, 721
Per
capita 3
Population
of continental
United
States
(estimated)
$2.90
8.08
.31
3.14
.01
2.28
.95
2.34
11.39
.02
5.29
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36.71 3123,156,000
37.59
39.62
53.01
40.23
34.92
16.92
121,094,000
119, 788,000
107,491,000
103, 716,000
99, 027,000
48,231,000
* Differs from June 30 circulation statement because on revised daily Treasury statement basis. Changed figures indicated.
1 Includes United States paper currency in circulation in foreign countries.
2 Includes money held by the Cuban agency of-the Federal Reserve Bank of Atlanta.
3 Revised in accordance with 1930 census enumeration.
< Does not include gold bullion or foreign coin other than that held by the Treasury, Federal reserve banks, and Federal reserve agents. Gold held by Federal reserve banks
under earmark for foreign account is excluded, and gold held abroad for Federal reserve banks is included.
5 These amounts are not included in the total since the money held in trust against gold and sUver certificates and Treasury notes of 1890 is included under gold coin and bullion
and standard sUver dollars, respectively.
• 6 The amount of money held in trust against gold and sUver 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.
7 This total includes $36,675,623 gold deposited for the redemption of Federal reserve-notes ($1,442,350 in process of redemption), $28,226,376 lawful money deposited for the
redemption of national bank notes ($19,263,897 in process of redemption, including notes chargeable to the retirement fund), $1,900 lawful money deposited for the retirement of
additional circulation (act of May 30, 1908), and $7,691,499 lawful money deposited as a reserve for postal savings deposits.
8 Revised to conform to changes in form of statement effective June 30, 1922, and .Dec. 31, 1927. (See note 1, p. 604.)
NOTE.—For description of security held for redemption of paper currency, see note 3, p. 605.
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IVIISCELLANEOUS
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T A B L E 57.—Principal of the funded and unfunded indebtedness of foreign governments to the United States, the accrued and unpaid interest
thereon, and payments on account of principal and interest, as of November 15, 1930
Unfunded indebtedness i
F u n d e d indebtedness
Country
Total indebted-. Total payments
received
ness
Indebtedness
Armenia
Austria
Belgium
Cuba
Czechoslovakia3
Estonia
Finland
France
Great B r i t a i n .
Greece
Hungary..
Italy
Latvia
Liberia
Lithuania *
Nicaragua
Poland
Rumania 3
Russia
Yugoslavia
P a y m e n t s ) on account
Indebtedness
$18,421,141.34
24, 039, 773.00
404,730,000.00
Accrued in. terest 2
Principal
$575,112.00
.$24,039, 773.00
$575,112.00
404, 730,000.00
13,050,000.00
44,891,273.24
12,286, 751. 58
170,071,023.07
15, 304,178.09
15,000,000.00
170,071,023.07
16,375,440.32
13,830,000.00 $2,545,440.32
851,441.88
8,659,000.00
341,000.00
8,659,000.00
2, 640, 740. 27
3,865,000, 000.00
160,000/000.00
446,075,891.00 3,865,000,000.00
4,426,000,000.00 1, 751,438, 298.67 4,426,000,000.00
174,000,000.00
31, 760,000.00
31, 760,000.00
2, 616, 936.01
737,000.00
1,920,315.00
399, 278.19
62,240. 50
1,920,315.00
2,017,000,000.00
82, 963,171. 90 2,017,000,000.00
25,000,000.00
6,838,127. 75
5, 775,000.00 1,063,127.75
480,828. 95
36,471.56
197,258.00
6,235, 207.55
6,235. 207.00
903, 999.01
323, 627.99
168, 783.13
209,157,726.06
15,185, 590.17
178,560,000.00 30,597.726.06
64, 560, 560.43
2,000,000.00
64, 560, 560.43
4,061, 945.76
308, 566, 519.03
5 8, 748, 878.87
61,850, 000.00
61,850,000.00
2,363,771.69
1,000,000.00
•
Interest
$11,240,000.00
850,000.00
1,990,425.00
i, 5i7,365,555. bb
717,860.00
336,284.65
350,000.00
705,194.04
13,137,365.89
Principal (net)
Accrued interest
$11,959,917.49
Principal (net)
P a y m e n t s on account
$6,461,223.85
Principal
Interest
$2,557,635.37 $18, 543,642.87
2,286, 751. 58
10,000,000.00
304,178.09
1,441.88
309,315.27
64,689, 588.18 221,386, 302.82
202,181, 641. 56 357,896,657.11
2, 922.67
1,159,1.53. 34
753.04
364,319.28 57,598 852 62
130,828. 95
10,471 56
26,000.00
1, 546. 97
27 561 98
290, 627. 99
33,000.00
141,221.15
2,048,224.28
1, 798, 632.02
263,313 74
192,601,297. 37 115, 721, 644. 29
8,748,878.87
. 727,712.55
636,059 14
11,641, 508,460. 99 2,391,993,341.97 11,279, 990,878. 60 34,206,294.13 391,962,610. 50 1,046,687,129. 58 204,851,842.85 122,215,868.14 281, 989, 667. 78 671,353,934.11
1 Payments of governments which have funded were made prior to the dates of the funding agreements.
2 Accrued and unpaid interest on funded debts due to exercise of options to pay specified amounts over first 5 years in lieu of total amounts due, for which bonds similar to those
originally issued under funding agreement will be given upon expiration of the options for the full amount deferred.
3 Difference between principal of funded debt and amount here stated represents deferred payments provided for in the funding agreerhents, for which gold bonds of the respective debtor governments have been or will be delivered to the Treasury.
* Increase over amount funded due to exercise of options to pay one-half of interest due on original issue of bonds in bonds of debtor governments.
0 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 reply of
the Secretary of the Treasury dated June 2, 1922, in regard to loans to the 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 1922. as Exhibit 79, p. 283, and in the combined annual reports of the World War Foreign Debt Commission, Exhibit 2, p. 84.)
(X)
O
Pi
H
O
W
O
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zn
609
SECRETARY OE THE TREASURY
TABLE 58.— Money cost of the World War to the United States Government to
June SO, 1930
[Net expenditures of the United States Government after deducting the estimated value of certain assets
acquired]
Fiscal years 1917 to 1921
Expenditures
Receipts
Assets June 30,
1921 (partly
estimated)
Net war cost
EXECUTIVE
Relief, protection, and transportation of Arherican citizens in
Europe
National security and defense,
executive, various commissions.
Expenses, trading with the enemy act
$743,776. 21
$58,694.40
. $20.000.00
359,998. 53
$666,081.81
15,031,044.90
15, 031,044.90
359,908. 63
29.90
I N D E P E N D E N T OFFICES
Alien Property Custodian
Committee on Public Information
War Trade Board
War Industries Board
European Food Relief
CouncU of National Defense
National Advisory Committee for
Aeronautics
Vocational RehabUitation, including national security and
defense
Federal control of transportation
systems (revised to June 30,
1930)
Federal control of telegraph and
telephone systems...
Food and Fuel Administrations..
Capital Issues Committee
Exports Administrative Board..
Federal Reserve Board: Expenses, trading with the enemy
act
State, War, and Navy Department buUdings: National security and defense
Federal Trade Commission: National security and defense and
trading with the enemy act
Interdepartmental Social Hygiene Board: Protection of mUitary and naval forces and national security and defense
United States Employees' Compensation Commission: Expenses in France and national
security and defense
Railroad Labor'Board
2, 662, 729.41
2, 688. 22
1,363.17
2, 658, 678.02
2,452,152. 39
5,675,384.09
1,957, 774. 78
94,942, 644.91
1,924, 316.43
26, 001. 21
124, 902. 35
154, 010.17
2, 653. 65
7, 606. 74
3, 638.42
267, 243.90
23, 776.79
2 423,497. 63
5, 542,875.00
1,800 126.19
94,942, 644.91
1, 633, 296. 74
68.60
738,978.48
2, 000.00
135, 739, 203. 50
739, 037. 08
135, 745, 808. 09
4, 604. 59
2, 276, 872, 649. 03 1 585,831,026.35
13, 214, 266.47
107, 563. 44
21,092,024.77
7, 572, 642. 85
147,966. 09
5, 346. 49
250, 000. 00
2 61, 572, 087.88 1,629,469,534.80
13,106, 703. 03
13, 519, 381.92
142, 619. 60
250,000. 00
12, 495. 38
12, 495. 38
36, 907. 23
19, 604.00
17,303.23
759, 486.13
2,195.96
245.16
757, 045. 01
1, 028, 573.84
308.87
1,845. 69
1.026. 419.38
80 691. 57
430, 597. 84
46. 62
80, 645.96
430 597.84
WAR E M E R G E N C Y CORPORATIONS
United States Sugar Equalization
Board (Inc.)
* 36, 370, 621. 39
6, 000, 000. 00 30, 000 000. 00
3 11,370, 621.39
United States Housing Corporation
28, 695,182.49
66, 500, 000.00
7, 659, 294.11
« 30,145, 523.40
United States Shipping Board
Emergency Fle'et Corporation
(includes United States Shipping Board)
'..
3, 316,100, 269. 06
69, 212. 27 6 243, 504, 524.98 3,072, 526, 531. 81
War Finance Corporation (re• vised to June 30, 1929)
500, 000, 000. C
O
* 64, 577, 716. 68
7 564, 577,716. 68
United States Grain Corporation.
25,000, 000.00
500, 000 000. 00 , 455,555,555.55
8 25,000,000. 00
1 Receipts to June 30, 1930, after deducting expenditures since 1921.
2 Assets of June 30, 1930.
* Covered into Treasury on July 16, 1926.
* Credit, deduct.
8 Of this sum $22,438,834.31 was covered into the Treasury during the fiscal years 1922-1926.
* Credit, deduct.
9 Assets of June 30, 1930 (less continuing costs 1921-1930).
7 Of this sum $499,000,000 was covered into the Treasury during the fiscal year 1925, and $990,000 during
the fiscal year 1929, as a repayment of capital stock. In addition thereto $64,352,768.79 was covered into
the Treasury during the fiscal year as miscellaneous receipts "Earnings of War Finance Corporation."
If the Treasury made an interest charge against the corporation on net payments (advances) from the
Treasury the apparent profit of $64,577,716.68 would be practically wiped out.
8 The sum of $25,000,000 was covered into the Treasury during the fiscal year 1922; on account of the
remaining $25,000,000 of its capital stock the Grain Corporation turned over to the Treasury certain foreign
obligations received by it.
610
REPORT ON T H E
FINANCES
TABLE 58.—Money cost of the World War to the United States Government to
June SO, 1930—Continued
[Net expenditures of the United States Government after deducting the estimated value of certain assets
acquired]
Fiscal years 1917 to 1921
:
Expenditures
Receipts
Assets June 30,
1921 (partly
estimated)
Net war cost
INTERIOR D E P A R T M E N T
National security and defense,
war materials investigations,
etc., adjustment and payment
of mineral claims
$4, 316, 697. 94
$220, 652. 23
$4,096,045.71
POST OFFICE D E P A R T M E N T
National security and defense,
espionage, and trading with the
enemy acts
.
245, 266.89
245, 266.89
STATE D E P A R T M E N T
National security and defense and
other war appropriations
DEPARTMENT
OF
17, 063, 675. 94
24, 638. 42
$70,000.00
16, 969, 037.52
17, 378, 838. 42
1, 014, 346.71
949, 500. 00
15,414,991.71
7, 093, 658. 50
369.127. 20
1, 071, 500. 00
5,653,031.30
12,118, 716. 67
104, 359. 27
51, O O 00
O
11,963, 357.40
2,941, 688. 84
58,137. 20
96, 800. 00
AGRICULTURE
National security and defense,
procuring nitrate of soda, stimulating agriculture, etc
D E P A R T M E N T OF COMMERCE
National security and defense,
military research, etc
.
D E P A R T M E N T OF LABOR
National security and defense,
expenses interned aliens, war
employment service, etc
D E P A R T M E N T ' O F JUSTICE
National security and defense, expenses of aliens, etc
2, 786, 751. 64
TREASURY D E P A R T M E N T
Bureau of War Risk Insurance^..
Expenses of loans
Auditing accounts abroad
Expenses trading with the enemy
act
:
National security and defense
Collecting war revenue, tax on
estates, munitions,.excess-profits tax, etc
Hospital facilities, service, etc.
(Pubhc Health Service).
Hospital construction (Supervising Architect).Coast Guard (see Doc. No. 397,
65th Corp. 3d sess)
Other activities under Treasury
DepartmentSale of property, oflQce material,
etc. (all departments)
WAR
504, 773, 249. 00
74,769,610.47
1, 084, 546.99
504, 773, 249. 00
74,769,610.47
1, 084, 546.99
5, 019.10
4, 320 638. 55
5,019.10
8 4, 320 638. 55
69, 617,965. 39
69, 617,965. 39
73,109, 956.85
73,109, 956. 85
110, 000. 00
110. 000.00
8, 256,181. 00
8, 256,181. 00
4, 028, 493. 23
4, 028,493. 23
1, 838, 826. 68
3, 758, 000. 00
5, 596, 826. 68
DEPARTMENT
Quartermaster Corps:
2,819,195,163. 64
2,819,195,163.64
Pay of the Army.
General appropriation (supplies, services, and transportation; barracks and
quarters; construction and
repair of hospitals; horses
for Cavalry, Artillery, andEngineers; inland and port
storage and shipping facilities)
.
_ 6,873, 420,115. 48
6,873,420,115. 48
88, 737,158. 99
AU other
88,737,158. 99
9 This includes $4,465,301.58, representing cost of site and buUding now occupied by the Veterans' Bureau,
less certain credits.
SECRETARY OF THE TREASURY
611
TABLE 58.—Money cost of the World War to the United States Government to
June 30, 1930—Continued
[Net expenditures of the United btates Government after deducting the estimated value of certain assets
acquired]
Fiscal years 1917 to 1921
Expenditures
WAR DEPARTMENT—continued
Medical D e p a r t m e n t
Signal service:
Increase for aviation
_
AU other
Ordnance Department:
O r d n a n c e stores, supplies,
ammunition,
equipment,
etc
A r m a m e n t of f o r t i f i c a t i o n s . . .
M a n u f a c t u r e of a r m s , autom a t i c rifles, armored m o t o r
cars
Aiiother
Engineer D e p a r t m e n t : Bridges,
d e p o t s , electrical instaUations,
operations, fire control
N a t i o n a l G u a r d (Militia)
W a r misceUaneous (mUitary)
Sale of surplus w a r supplies a n d
surplus property
D u e from G e r m a n G o v e r n m e n t
account of a r m y of occupation
( J u n e 30, 1927)
Transfer of supplies, materials,
a n d e q u i p m e n t to other departm e n t s w i t h o u t cost J . _ .
Total War Department
Receipts
Assets J u n e 30,
1921 (partly
estimated)
N e t w a r cost
$316,653,619. 96
$316, 653, 619. 96
519, 099,186. 83
445,909,364. 65
519,099,186. 83
445,909 364.65
575,321, 328. 31
3, 203,479,956.17
575,321,328. 31
3, 203,479,956.17
469,919, 699. 99
189, 377, 285. 21
469, 919, 699. 99
189, 377, 285. 21
633, 271, 951.84
33,822,344. 47
115,362,044. 92
633, 271,951. 84
33,822, 344. 47
115, 362, 044. 92
$536, 571,711. 38
$294,401,819. 54
4 830,973,630 92
61,313,643.18
158, 000, OOO 00
4 219,313, 643.18
383,688, 380 35
- 1 383,688, 380. 35
981, 673,734. 91
16, 283, 569,220 46
452,401,819. 64 14,849, 593, 666. 01
NAVY D E P A R T M E N T
Ofl?ice of t h e Secretary:
Pay, miscellaneous...
.._
Aviation, N a v y
AU other
B u r e a u of N a v i g a t i o n : T r a i n i n g
stations, outfits,
recruiting,
t r a n s p o r t a t i o n , etc
B u r e a u of O r d n a n c e : A m m u n i tion,
armament,
batteries,
stores, torpedoes, e t c .
B u r e a u of Y a r d s a n d Docks
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 .
B u r e a u of Supplies a n d A c c o u n t s :
Freight.
Fuel a n d t r a n s p o r t a t i o n
Maintenance
P a y of t h e N a v y
Provisions
N a v a l s u p p l y account f u n d . .
Reserve material
B u r e a u of C o n s t r u c t i o n a n d Repair . .
. . . .
....
B u r e a u of S t e a m Engineering
Naval Academy.
.
M a r i n e Corps
Increase of t h e N a v y : Construction, m a c h i n e r y , a r m o r a n d arm e m e n t , torpedo b o a t s , destroyers, e t c . .
.
Increase of .compensation. N a v a l
Establishment
_
T e m p o r a r y concrete oflace buUdings, N a v y a n d W a r D e p a r t ments..
Sale of w a r supplies a n d s u r p l u s
property
Total N a v y D e p a r t m e n t . . .
29, 624,157. 85
185,301,332. 24
2,447,962.19
29,624,157.85
185, 301,332. 24
2,447,962. li>
•
95, 514, 379. 65
95, 614,379. 65
602,692,026.19
212,751,627. 78
37,694,883.16
502, 692,026.19
212,751,627. 78
37, 694,883.16
44,346, 599. 91
133,872,964. 01
54,100,822. 67
613,134,005. 34
205,314,07O 11
143, 276,476. 56
2,007,016. 51
44, 346, 599. 91
133,872,964. 01
54,100,822.67
613,134,005. 34
205,314,070.11
143, 276,476. 56
2, 007, 016. 51
144,014,058. 27
134,095,303. 94
9, 263,459. 90
165,049,397.04
144,014,058. 27
134,095, 303. 94
9, 263, 459. 90
165,049, 397. 04
10 731,900,271. 35
10 731,900, 271. 35
27, 205,433. 20
27, 205,433. 20
7,175,489. 45
7,176,489. 45
24,438,785. 7o|
3,480, 781, 737. 32
65,000,000. Oo|
24,438, 785. 7o|
55,000, OOO C0| 3,401, 342,951. 62
4 79.438,786. 70
< Credit, deduct.
1 Exclusive of approximately $400,000,000 expended under the act of Aug. : , 1916, which provided for
0
a 3-year buUding program.
612
REPORT ON T H E FINANCES
TABLE 58.—Money cost of the World War to the United States Government to
June 30, 1930—Continued
I Net expenditures of the United States Government after deducting the estimated value of certain assets
acquired]
Fiscal years 1917 t o 1921
Expenditures
Receipts •
Assets J u n e 30,
1921 ( p a r t l y
estimated)
N e t w a r cost
MISCELLANEOUS
Increase of compensation civUian
$147, 416, 619.18
employees
_. _. .
2,746, 640,992. 03
I n t e r e s t on w a r d e b t (1918-1921)
$2,
Foreign obligations ( J u n e 30,1930) 11 9,610,403, 675. 45 391,518,141.97 12 $7, 740,000,000.00
Total
40,033,806,942. 45 4.483,046, 569. 99
$147, 416, 619.18
2,746, 640,992. 03
< 521,114,566. 52
9,189,664,380.37 26,361,096,001.09
Fiscal years 1922 t o 1930
CONTINUING COSTS
Veterans' Bureau:
Salaries a n d e x p e n s e s . . .
Hospital facilities a n d services
Medical a n d hospital services.
M U i t a r y a n d n a v a l compensation
M U i t a r y a n d n a v a l famUy
allowance
' Vocational rehabilitation
M i l i t a r y a n d n a v a l insurance
Adjusted service, certificate
fund
Adjusted service, d e p e n d e n t
pay
.
_
$334,928,425. 98
44,116,846. 91
291, 600, 273. 29
$334,928, 425. 98
44,116,846,91
291, 600,273. 29
«
1, 395,388,899. 89
1,395,388,899. 89
943. 289. 64
494, 223, 604. 75
782,899,426.11
943,289. 64
494, 223,604. 75
782,899, 426.11
672, 000,000. C
O
c
672,000,000. C
O
13 39,100, 695. 77
39,100,695. 77
4
T o t a l V e t e r a n s ' B u r e a u . 1 4,055, 201, 462. 34
4,055, 201,462. 34
I n t e r e s t on w a r d e b t
H o s p i t a l construction (Supervising Architect)
S e t t l e m e n t of w a r claims, act of
1928
7, 390, 357, 640 57
7, 390,357,640 67
15 17,001, 442.13
17,001,442.13
16 50, 251, 953. 23
50, 251,953. 23
T o t a l m o n e y cost of t h e
World W a r t o t h e U n i t e d
States to J u n e 3 0 , 1 9 3 0 . . . . 61,546,619,440.72 $4,483,046,569.99 $9,189,664,380.37 37,873,808,499.36
* Credit, deduct.
. 1 Represents obligations acquired for cash advances under Liberty bond acts.
1
1 Payments to be received under the various funding agreements have been discounted so as to show
2
their present value on a basis of 4 per cent per annum. Obligations acquired in connection with the sale
on credit of surplus war material and relief supplies are included.
\
13 Fiscal year 1922, $339,497,266.18; 1923, $363,494,439.33; 1924, $397,948,626.55; 1925, $484,300,245.96; 1926,
$485,282,668.44; 1927, $498,176,009.40; 1928, $469,523,180.99; 1929, $496,432,727.91; 1930, $520,546,297.58.
1 Fiscal year 1922, $968,620,027.01; 1923, $1,034,178,428.77; 1924, $917,833,165.09; 1925, $862,158,336.50; 1926,
4
$815,307,516.39; 1927, $771,604,629.45; 1928, $715,657,257.91; 1929, $662,729,418.32; 1930, $642,268,861.13.
15 Fiscal year 1922, $8,204,064.49; 1923, $6,441,975.67; 1924, $1,976,148.77; 1925, $317,438.89; 1926, $50,333.29;
1927, $22,731.94; 1929, $11, 250.92 ( d e d u c t ) .
1 Fiscal year 1928, $50,000,424.16; 1929, $139,869; 1930, $111,660.07.
6
NOTE.—The President, under proclamation dated Nov. 14, 19'21, declared the end of the war with Germany to be July 2, 1921, the date on which the joint resolution of Congress terminating the state of war
was approved. The figures contained herein are on the basis of warrants issued. They make allowance
for estimated normal expenditures under the War and Navy Departments on a peace-time basis, receipts
on account of the sale of war supplies and surplus Government property, and assets held on June 30, 1921,
a large part of which has subsequently been converted into cash and covered into the Treasury, the remainder being estimated. NecessarUy some of the figures represent approximations, since no cost records
relating to the war were maintained.
613
SECRETARY OF T H E TREASURY
T A B L E 59.—Insular and District of Columbia loans outstanding, and changes
during the fiscal year 1930
Title of issue
Interest
rate
Issued
Issued
and
OutRetired
Outaccount account
retired standing
standing original
account June 30,
June 30, subscrip- redempexchanges,
tion
1929
1930
tion
transfers
etc.
Philippine Islands loans:
P. c .
Loans of 1904 (1914-1934), land purchase....
$473, 000 $456,000 $4, 644, 000
4- |.$5,117, 000
Public ImprovementLoan of 1905 (1915-1935), first series
4
1, 697, 000
70,000
154,000 1, 627, 000
Loan of 1906 (1916-1936), second series.
4
442, 000
14,000 = 424,000
18,000
Loan of 1909 (1919-1939). third series...
4
830, 000
64, 000
94, 000
736, 000
Loan of 1916 (1926-1946)
3, 263, 000
402, 000
260, 000 2,861, 000
City of Manila, sewer and w a t e r Loan of 1905 (1915-1935), flrst series...
565,000
496, 000
69, 000
58,000
Loan of 1907 (1917-1937), second series.
937, 000
997, 000
60, 000
66, 000
Loan of 1908 (1918-1938), third series...I
667,000
730, 000
63, 000
176, 000
City of Cebu loan of 1911 (1921-1941), sewer
and water
105,000
95, 000
7, 000
10, 000
Loan of 1920 (1930-1950), Manila port works
and improvements.
5, 779, 000
6, 580,000
199, ooo' 664,000
6H
City of Manila 1920 (1930-1950)
2, 750,000
2, 750, 000
bH\
Loan of 1921 (due 1941), public improvement
9,473, 000
469,000
bH 9,942,000
Loan of 1922 (due 1952)
4,881, 000
4,492, 000
. 6
389,000
Collateral loan of 1922 (due 1950)
2,628, con
2,430, 000
198, 000
Loan of 1922 (due 1952), irrigation and permanent pubhc works
10, 083, 000
732,000
iHl 10,815,000
Gold loan of 1922 (due 1952)
21,174, 000
19, 788,000
1,386,000
Gold loan of 1925 (1935-1955)
5
2, 978,000
3, 000 000
22, 000
Collateral loan of 1926 (1936-1956)
976, 600
4H| 976, 500
Collateral loan of 1926 (due 1956), Pangasinan
428, 500
428,500
Collateral loan of 1926 (due 1956), Occidental Negros
400, 000
iHl 400,000
Collateral loan of 1926 (due 1956), Ilocos
Notre.274,000
274, 000
274,000
Collateral loan of 1926 (due 1956), Marinduque
._
55, 500
55,-500
iHl
Collateral loan of 1927 (due 1957), Laguna..
98, OOO)
98, 000
CoUateral loan of 1927 (due 1957), Provincial
1,383, 000
22,000
4H 1 , 4 0 5 , OOOJ
Collateral loan of 1927 (1937-1957), Camarines Sur
111, 000
110, 000
1, 000
4HJ
CoUateral loan of 1928 (due 1958), La
Union
..1
110,000
110 000
4H|
Collateral loan of 1928 (due 1958), Manila..
500,000
500, 000
4^2
Cebu port w o r k s Loan of 1928 (due 1958), first series
750, 000
736,000
14,000
4H|
Loan of 1929 (due 1959). second series.
425, 000
750, 000
$750 000
4H
Loan of 1930 (due I960), third series._
50O 000
500 000
4M
Iloilo port w o r k s Loan of 1928 (due 19.58). first series
736, 000
14, 000
iHl 750, 000
Loan of 1929 (due 1959), second series.
500,000
275, 000
50O 000
Loan of 1930 (due 1960), third series..
925,000
925,000
City of Manila, loan of 1929 (due 1959),
first series, public improvement
600,000
5C0 000
500, OCO
4H|
Loan of 1929 (due 1959), Metropohtan
water district.^
1, 500,000
1, 500 000
4^2
m
m
m
Total.
Porto Rican gold loans:
San Juan Harbor improvementLoan of 1915 (1925-1946)...
Loan of 1917 (1927-1942)
Irrigation—
Loan of 1913 (1933-1943)
1.
Loan of 1913 (1944-1950), series A to G..
Loan of 1914 (1951-1954), serie^^ A to D . .
Loan of 1915 (1955-1958), series E to H . .
• Loan of 1916 (1959-1960), series I & J . . .
Loan of 1918 (1958-1959), series A and B
Loan of 1922 (1961-1962), series A and B .
Loan of 1923 (1929-1941), series A to M .
Loan of 1924 (1942-1949), series N to U .
Loan of 1925 (due 1963)
I
Loan of 1925 (19.39-1959), series V to EE |
Loan of 1927 (1939-1966), series F F to '
LL
81, 073, 500 4,175, 000 4, 705,000 3, 393,000 180, 643, 500
4
4
50, 000
80, 000
4
1, 000, 000
700 000
4
400 000
4
400, 000
4
200 000
4
200 000
4
250, 000
5
41^1 900, 000
600, 000
125,000
4H 750, 000
m
iH\
4HI
525,000)
25, 000
44,000
25, 000
36, 000
75, 000
80, 000 1,000,000
700,000
94,000
400,000
48,000
400 000
25, 000
5, 000 200,000
200, 000
250,000
825,000
119, 000
600,000
10, 000
125, 000
5, 000 750, 000
13, cool
525, 000
614
REPORT ON T H E FINANCES
T A B L E 59.—Insular and District of Columhia loans outstanding, and changes
during the fiscal year 1930—Continued
T i t l e of issue
Interest
rate
Issued
Issued
and
OutRetired
Outretired
s t a n d i n g account account
and ng
original r e d e m p - account s tu n e i30,
J u n e 30,
J
subscripexchanges,
tion
1929
1930
tion
transfers,
etc.
Porto R i c a n gold l o a n s — C o n t i n u e d .
Irrigation—Continued.
L o a n of 1927 (1939-1973), series M M to P . c .
SS4 H | $475,000
L o a n of 1927 (1959-1963), series A to E . . • i H
500,000
Public i m p r o v e m e n t L o a n of 1914 (192.5-1939)...
988, 000
4
L o a n of 1916 (1927-1930), series A to D . _
185,000
$175,000
4
L o a n of 1918 (1927-1930), series E to H . .
152,000
4
142,000
L o a n of 1919 (1931-1934), series I to L . _
1,000, cool
L o a n of 1920 (1937-1940), series A to D . .
1,000,000
L o a n of 1922 (1941-1944), series A to D - .
1, 000,000
5
L o a n of 1923 (1944-1948), series A to D . .
1,000,000
5
L o a n of 1923 (1943-1955), series .A to L . .
6,000, 000
5
L o a n of 1926 (1956-1959), series A to D . .
iH\ 2,000, 000
L o a n of 1927 (1960-1963), series A to D . .
iHl 2,000, 000
L o a n of 1914 (1923-1953), series I to V, refunding
430, 000
20 000
L o a n of 1915 (1919-1935), series A to Q, refunding m u n i c i p a l .
100,000
18,000
4
L o a n of 1920 (1930-1945), high-school building
4H| 300000
L o a n of 1920 (1930-1945), series A, house
construction...
250,000
L o a n of 1920 (1940-1942), series A a n d B ,
w o r k i n g m e n ' s house c o n s t r u c t i o n . iH 500, 000
L o a n of 1924 (1929-1938), series A to J,
Munoz Rivera Park
20,000
4H| 180, 000
L o a n of 1925 (1935-1948), series A to D ,
200, 000
target range a n d aviation field
L o a n of 1929 (1939-1954), San J u a n H a r 320,000
bor
_
•M u n i c i p a l i t y of Villalba, loan of 1927 (193135,000
6
1956)-.
M u n i c i p a l i t y of Ponce, loan of 1927 (1930650,000
1959)
4H
M u n i c i p a h t y of Ponce, loan of 1927 (19321961), series A to F . p o r t works
iH 600,000
M u n i c i p a l i t y of G u a y n a b o , loan of 1928
5
. 76,500
(1933-1965)..
L o a n of 1929 (1952-1970), Series A to S,
$750,000
Isabela irrigation
4H|
L o a n of 1930 (1931-1940), Series A to J,
4, 000, 000
funding
._
.
iH\
m
$10,000
402,000
988,000
10,000
1 10,000
1,000,000
75,000 1,000, GOO
70, 000 1. 000, 000
232,000 1,000,000
6,000,000
2,000 000
2,000,000
69,000
30,000
43, 000
14,000
26,121, 500 4, 750,000
District of C o l u m b i a 50-year funded loan of
1924 ( m a t u r e d )
3.65
103,950
410,000
82,000
300,000
31, 000
250,000
20,000
500,000
160,000
m
Total-
$475, 000
600 000
200,000
234,000
320,000
35,000
650,000
600,000
76, 500
685,000
760,000
4, 000, 000
611, 000 2,314,000 30,360,500
102,900
1 Represents $10,000 in securities retired in fiscal year 1930 b u t check issued in p a y m e n t n o t cleared t h e
same year, a n d carried in T r e a s u r y records as o u t s t a n d i n g J u n e 30, 1930,
SECRETARY OF THE TREASURY
615
TABLE 60.—Estimated amount of (wholly lax-exempt bonds outstanding, hy years,
on June SO, 1913 to 1928, and ai^ihe^end of each month, from January, 1929,
to August, 1930, classified by type of obligor ^
(Includes bonds of States, cities, counties, etc., insular possessions. United States Government, and
• Federal farm loan system)
[000.000 omitted]
States, counties, cities, etc.
Total
Date
June 30—
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
- -
Net out
standing
issues 2
715
773
829
914
1,069
1,250
1,391
1,528
1,601
1,684
1,863
2,034
2,190
2,309
2,487
$4,597
5,008
5,253
5,606
7,390
8,164
7,864
8,503
9,169
10, 389
11,507
12, 722
13,836
14,849
15, 770
16, 804
$4, 244
4,719
5,017
6,425
6,820
6,135
6,504
7,177
7,909
8,887
9,727
10,863
12,058
13,066
14, 031
16,158
714
772
828
913
1,010
1,111
1,224
1,341
1,458
1,577
1,752
1,933
2,113
2,295
2,474
$3, 596
4,005
4, 245
4,597
4,907
6,125
5,393
6,953
6,568
7,429
8,150
9,111
10,125
10, 953
11,736
12,684
19, 769
19,889
20,013
20,119
20,156
20, 243
20, 903
21, 043
21,108
21, 698
.
2,543
2,548
2,562
2,574
2,596
2,618
2,625
2,635
2,648
2,665
2,675
2,704
17,109
17,144
17, 207
17, 316
17, 417
17, 601
17, 531
17, 608
18,255
18, 378
18,433
18, 994
15,516
15, 656
16,631
15, 752
15,877
16, 988
16, 021
16,104
16, 213
16, 342
16,407
16, 556
2,633
2,538
2,562
2,563
2,585
2, 606
2,613
2,623
2,636
2,653
2, 663
2,692
12,983
13, 018
13, 079
13,189
13, 292
13, 382
13,408
13, 481
13, 577
13, 689
13, 744
13,864
21, 716
21,838
22,347
22, 475
22, 568
22, 545
22, 616
22,655
2,700
2,710
2,728
2,740
2,757
2,773
2,768
2,782
19, 016
19,128
19, 619
19, 735
19, 811
19,772
19,848
19,873
16, 580
16, 646
16, 775
16,849
16,890
16,984
17, 030
17,051
2,692
2,702
2,720
2,732
2,748
2,764
2,759
2,772
13,888
13,944
14,056
$5,246
6,723
6,026
6,435
8,304
9,233
9,114
9,894
10, 697
11, 990
13,191
14,585
15,870
17, 039
18,079
. 19, 29L
1929
January
February
March
AprU
May
June
July
August
September
October
November
December
January
February
March
AprU
May
June
July...
August
I
Held in
sinking
funds
Total out- owned or Net out- Total out- Held in
by
standing- United standing standing sinking
issues
issues
issues 2
funds
States
Govern
ment
19, 652
19, 692
.•
1930
14,117
14,142
14, 220
14, 271
14,279
1 For monthly data for 1927 and 1928. see annual report for 1928. p. 567, and for 1929, p. 633. Data from
December, 1912. to December, 1926, on a comparable basis except for the Federal farm loan securities,
appear in the annual report for 1927, p. 649; in that compUation stock of Federal land banks and intermediate credit banks was included but excluded in reports after 1927.
2 Includes the floating debt.
616
REPORT ON T H E
FINANCES
T A B L E 60.—Esti7nated amount of wholly tax-exempt bonds outstanding, by years,
on J u n e 30, 1913 to 1928, and at the end of each month, from J a n u a r y , 1929,
io August, 1930, classified by type of obligor ^—Continued.
(Includes bonds of States, cities, counties, etc., insular possessions, United States Government, and
Federal farm loan system)
/
[000,000 omitted]
V
U n i t e d States
Government
F e d e r a l farm loan s y s t e m
outstanding
issues 3 (total
outstanding
issues a n d n e t
Owned
outstanding
N e t outissues are T o t a l out- b y U n i t e d N e t outStates
standing
s t a n d i n g identical since s t a n d i n g
Governissues
issues securities p u r - issues
ment
chased for t h e
sinking fund
are canceled)
Territories, insular possessions, etc.
' Date
T o t a l out- H e l d in
s t a n d i n g sinking
funds
issues
J u n e 30—
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
.-
1929
January. .
Februarv
March
April
May
June
July
August
September
October
November . . .
December
.
1930
January
February
March
April May
June
July
August--
$36
36
39
38
44
45
46
48
60
83
119
131
135
164
160
168
$1
.
.
-..
6
9
12
17
14
13
$35
35
38
37
43
44
45
47
56
79
114
122
123
137
146
155
$966
968
970
972
2 440
2,955
2, 293
2,294
2,294
2 294
2 294
2 294
2 175
2,164
2 164
2 166
165
166
166
166
166
167
167
167
167
167
167
167
^--
10
10
10
11
11
12
12
12
12
12
12
12
156
156
156
155
155
155
155
155
155
155
155
.155
2
2
2
2
2
2
2
2
2
2
2
3
168
168
168
168
168
168
169
169
719
719
719
165
1 803
1,802
1,804
4,803
1,802
1,796
1,799
1 803
1 804
1,816
1,816
1,810
166
166
166
167
168
174
174
172
8
8
8
8
9
9
9
10
158
158
168
159
159
165
165
162
3 166
3 222
3 606
3 657
3 705
3 585
3 586
3,601
1,804
1,804
1,800
1,802
1,805
1 802
1,826
1,831
$98
271
375
°434
726
1,051
1,297
1,502
1,655
1 724
1,799
$68
138
166
183
. 139
102
102
89
60
"
$40
133
209
251
587
940
1,195
1,413
1,596
1.724
• 1.799
1,803
1,802
1,804
1,803
1,802
1,796
1,799
1,803
1,804
1,816
1,816
1,810
1,804
1,804
1,800
1,802
1,805
1,802
1,826
1,831
1 For monthly data for 1927 and 1928, see annual report for 1928, p. 567, and for 1929, p. 533. Data from
December, 1912, to December, 1926, on a comparable basis except for the Federal farm loan securities,
appear in the annual report for 1927, p. 649; in that compUation stock of Federal land banks and intermediate credit banks was included but excluded in reports after 1927.
3 Includes Treasury, certificates of indebtedness issued subsequent to the act of June 17, 1929, and
. Treasury biUs.f
~~~"~x
T A B L E Q l . \ P a r t i a l l y tax-exempt United States securities outstanding, by years,
on J u n e 3(j^l9,P7 to 1928; and at the end of each month, from J a n u a r y , 1929, to
August, 1930^
[000,000 omitted]
Year
June 30—
1917..
1918..
1919..
1920..
1921..
1922..
1923..
1924..
1925..
1926..
1927..
1928--
Amount
Year and month
Year and month
1929
1930
$14,912 January
$273 J a n u a r y . . . . . .
14,886 February
9,031 February
14, 779 March
22, 941 March
14, 743 AprU
21, 767 April
14, 718 May
21,443 May
14, 471 June
20,417 June
14, 378 July
19,714 July
14, 358 August
18, 688 August
13,713
18, 036 September...
13,704
17, 220 October
13, 704
16, 087 November...
12, 864
15,162 December
1 For monthly data for earlier years, see annual report for 1928, p . 669, and for 1929, p . 634.
$12,995
12,979
12,516
12, 478
12, 437
12,337
12,333
12,332
617
SECEETARY OF T H E TREASURY
T A B L E 62.—Federal aid to States—Net disbursements for Federal aid to States, on
basis of warrants issued, during the fiscal years 1920 to 1930, inclusive; and
amounts appropriated for the fiscal year 1931, classified by appropriaiions from
which direct payments are made to States; and by the more important appropriations providing for expenditures by the Government i n cooperation with States,
municipalities, or other civil organizations for investigative, regulatory, protective,
or construction work
[See explanatory d a t a in E x h i b i t 72. page 437, giving b y items as n u m b e r e d t h e references to organic or first
a p p r o p r i a t i o n act, t h e last a p p r o p r i a t i o n act, a n d s u m m a r i e s of bases of a l l o t m e n t s a n d expenditures]
A p p r o p r i a t i o n titles
1920
1921
1922
1923
I. APPROPRIATIONS FROM
WHICH
DIRECT PAYMENTS ARE M A D E
TO S T A T E S
INDEPENDENT
OFFICES
Federal Board for Vocational Education
Cooperative vocational education i n
agriculture
Cooperative vocational education i n
trades a n d industries
Cooperative vocational education,
teachers, e t c
Cooperative vocational rehabilitation
of persons disabled i n i n d u s t r y
$707,130.02 .$1,071,814.37
$1, 376, 359.96
$2.035,441.84
780, 096. 36
1,037, 711.46
1, 385. 054. 66
2,036,065.82
619, 656.42
798,8&7.96
965, 591. 66
1,262,907.68
469,819. 30
255. 711.15
503.188. 76
2.106. 782. 79
3, 378. 233. 08
3.981, 717.42
6,837, 604.09
365,482. 72
P a y m e n t s t o States for p r e v e n t i o n ,
etc., venereal diseases
1,000,000 00
P a y m e n t s t o universities, e t c . , for
research i n venereal diseases
98,900. 00
P a y m e n t s t o universities, e t c . , for
research i n educational measures
294,880.00
in venereal diseases
393.115. 82
186.056.63
12,444. 23
223, 676. 70
177,931. 06
33,638. 61
75.840.96
1 40.329. 60
23. 696. 71
153,490. 60
65,829.95
23.664.40
1, 759, 262. 72
846.123.98
388.487.04
93.443.85
Federal Power Commission
Payment to States under Federal
water power act
Interdepartmental Social Hygiene Board
Aid t o Staces i n protection of mUitary
a n d n a v a l forces against venereal
D E P A R T M E N T O F AGRICULTURE
P a y m e n t t o States a n d H a w a i i for
agricultural experiment stations
(formerly carried u n d e r titles:
" General expenses. States Relations
Service," for 1920-1923, " G e n e r a l
expenses, OflQce of E x p e r i m e n t Stat i o n s . " for 1924-1926, a n d " P a y m e n t
to States for Agricultural Experim e n t S t a t i o n s . " for 1927-1929)..
Cooperative agricultural extension
work
P a y m e n t s t o States a n d Territories
from t h e national forests fund
Paymentis t o school funds, Arizona
a n d N e w Mexico, national forests
fund..
Forest fire cooperation
:.....
Cooperative construction of rural
post r o a d s . . .
1,440,000.00
1, 440, 000. 00
1, 440,000. 00
1. 440, OOO O
C
4.471,693.71
6,031, 577.73
6,474, 049. 50
5, 810 349. 45
1,069,886. 88
1,180,063.13
1,023.083.81
846,442. 41
73, 229. 76
59.696.18
36, 761. 60
20,305, 622. 76 57,452,056. 48
91, 653,149. 69
72,147.882. 73
(See also i t e m s 24 t o 28 u n d e r I I . ) . 27,365,970. 66 65.176,927.09
99,649.879.18
80 280,436.19
2, 500, 000. 00
2,550000.00
1,806,806. 03
2, 304, 560. 38
36, 277. 62
25, 658. 91
78,867.32
DEPARTMENT OF THE INTERIOR
Colleges for agriculture and mechanic
arts
Payments to States from receipts under
mineral leasing act
5, 3, and 2 per cent funds to States
(public lands)
F o r footnotes, see p . 622.
2. 600.000. CO
2,500.000. 00
138.193.03
618
REPORT ON THE FINANCES
TABLE 62.—Federal aid, to States—Net disbursements for Federal aid io States, on
basis of warrants issued, during the fiscal years 1920 to 1930, inclusive, etc.—
Continued
1
Item
No.
Appropriation titles
1921 '
1920
1922
•
'^
1923
I . APPROPRIATIONS
FROM
WHICH
DIRECT PAYMENTS ARE M A D E
TO STATES—Continued
DEPARTMENT OF THE INTERIOR—COU.
14
Payments to certain counties of Oregon and Washington in lieu of
accrued taxes, 1916-1926, against
Oregon and Cahfornia ' land-grant
lands
. . ' .t
15 Coos Bay wagon road grant fund
16 The Oregon and California land-grant
fund - . .
.17 Payment to Oklahoma from royalties,
oU and gas, south half of Red River.
$2, 500 000. C $2, 638,193. 03 $4, 343,083.65
O
$4,880,219.29
217,138.58
602,037. 64
81, 260. 00
73,310. 64
DEPARTMENT OF LABOR
18
Promotion of welfare and hygiene of
maternitv and infancv
NAVY DEPARTMENT
19
State marine schools, act Mar. 4,1911.
176, 689. 36 .
76, O O 00
O
T R E A S U R Y DEPARTMENT
20
21
Expenses, division of venereal diseases, Public Health Service
To promote the education of the
blind (American Printing House
for the Blind)
.
190,654.99
30,000.00
30,000. 00
60,000.00
60,000. 00
50,000. 00
60, 000. 00
50, 000. 00
240, 654.99
WAR DEPARTMENT
22
23
National Guard appropriations 2
State and Territorial Homes for disabled soldiers and sailors
Total, Class I
2, 663,486. 27 7,987,892.98
20,813,843.20
1, 094, 684.44
966, 341. 66
763, 226. 07
3, 758, 069. 71 8,964, 234. 64 21, 577, 069.27
37,696, 775. 24 81,128, 711.82 130,288,626.14
24, 714,2n. 69
465, 380.80
25,179, 592.49
117,187, 299.18
II. APPROPRIATIONS FOR COOPERATIVE WORK WITH STATES
DEPARTMENT OF AGRICULTURE .
24
26
26
27
28
Cooperative construction, etc., of
roads and trails, national forests
Federal forest road construction
Forest road development
. . .
Forest highways
Cooperative fire protection of forested
watersheds of navigable streams
Cooperative farm forestry
^
1, 699, 043.82 1,224, 736. 77
2, 550, 513. 26 3,821,409. 75
950 637. 69
1, 669, 633. 62
524, 629. 83
286,006.91
785, 642.85
425, 226. 72
3, 071, 511. 59
2, 810, 544. 72
364,971.85
400 396.38
5,169, 513. 72
3, 785, 879.90
7,493, 322. 26
495,792.75
952,307.69
5,097. 70
25, 491.97
64, 527. 64
40,931.93
565,418. 09 1, 018, 731. 59
574,464.17
21, 353. 92
60, 871. 39
656, 689.48
336,862. 89
22,405.99
46, 849. 63
406,118. 51
4,901,861. 90 6,188, 245. 31 | 4,442, 569. 38
7, 899,440. 77
86,886. 73 . 123,367.20
4,336,443.81
TREASURY DEPARTMENT
Public Health Service
Preventing the spread of epidemic
diseases
..
30 Interstate quarantine service
31 Studies in rural sanitation
29
Total, Class II
Grand total
For footnotes, see p. 622.
42, 598 637.14 | 37, 316,957.13 1 731,194. 52 126,086, 739.95
134,
619
SECRETARY OF THE TREASURY
TABLE 62.^—Federal aid to States—Net disbursements for Federal aid to States, on
basis of warrants issued, during the fiscal years 1920 to 1930, inclusive, etc.—
Continued
Appropriation titles
1924
I. APPROPRIATIONS FROM WHICH
DIRECT PAYMENTS ARE M A D E
TO STATES—Continued
INDEPENDENT OFFICES
Federal Board for Vocational
Education
Cooperative vocational education in
agriculture
Cooperative vocational education in
trades and industries..
Cooperative vocational education,
teachers, etc
Cooperative vocational rehabilitation of persons disabled in industry
$1, 952,322. 68 $2, 418, 309.95 $2, 756, 075. 25
$2, 657, 540. 42
1, 900,815.15
2,461,434.64
2, .890, 573. 26
1, 000, 333. 09
1, 037, 307. 42
975,415.07
989, 517.17
558, 672. 48
556, 062. 31
548, 709. 35
566, 450 68
5, 412,143. 40
6, 473,114. 32
7,143, 745.16
7,104,081.53
1, 397. 81
2, 063. 07
4, 381. 14
2,863, 545. 49
Federal Power Commission
Payment to States under Federal
water power act
Interdepartmental Social Hygiene
Board
Payments to universities, etc., for
research in venereal diseases
1 696.52
DEPARTMENT OF AGRICULTURE
Payment to States and Hawaii for
agricultural experiment stations
(formerly carried under titles:
"General expenses. States Relations Service," for 1920-1923,
"General expenses, Ofl&ce of Experiment Stations," for 1924-1926,
and "Payment to States for agricultural experiment stations,"
for 1927-1929)
Cooperative agricultural extension
work
Payments to States and Territories
from the national forests fund
Payments to school funds, Arizona
and New Mexico, national forests
fund..:
Forest fire cooperation
Cooperative distribution of forest
planting stock
Cooperative construction of rural
post roads
(See also items 24 to 28 under IL)
2,400 000. 00
2,873, 784. 01
5,820,816.89
5,859,605.00
5,879, 083. 90
5,879,183.10
1, 321, 422. 66
1, 301,848. 22
1, 242, 953. 93
• 1, 285, 523. 44
50 127.49
44, 503. 87
28,321.76
556, 271. 32
O
1, 440, 000. C 1, 440, O O 00
O
13, 567. 25
738, 961. 84
32, 510 00
71, 392. 45
9, 376. 43 95, 336, 693. 12 38,479,975.75
82,801, 445. 95
, 601, 743. 47 103, .982, 650 21 98, 619, 116. 66
93,663,858.04
DEPARTMENT OF T H E INTERIOR
Colleges for agriculture and mechanic arts
Payments to States from receipts
under mineral leasing act
5, 3, and 2 per cent funds to States
(public lands)
Payments to certain counties of
Oregon and Washington in lieu
of accrued taxes, 1916-1926, against
Oregon and California land-grant
. lands
For footnotes, see p . 622
2, 550 000. 00
2, 550, 000. 00
2, 550 000.00
2, 550 000. C
O
2, 781, 004. 92
4, 656,157. 21
3,460 458. 37
3,172, 282. 63
17, 008.17
16, 547.11
13, 041. 79
29,461.98
6, 102,853. 49
620
REPORT ON T H E FINANCES
T A B L E 62.—Federal aid to States—Net disbursements for Federal aid io States, on
basis of warrants issued, during the fiscal years 1920 to 1930, inclusive, etc.—
Continued
Item
No.
1924
1926
1926
$5, 360, 466.90
$7, 223,165. 38
$6, 027, 005.48
12,141,182. 60
720 694. 79
884, 310 31
955, 320 09
1, 006, 428. 61
75, 000. 00
A p p r o p r i a t i o n titles
75. 000. 00
92, 842.11
23, 210 53
1927
I . APPROPRIATIONS FROM W H I C H
DIRECT PAYMENTS ARE MADE
TO S T A T E S — C o n t i n u e d
D E P A R T M E N T OF THE INTERIOR—COn.
16
16
17
Coos B a y wagon road g r a n t fund
T h e Oregon a n d California l a n d
g r a n t fund
..
P a y m e n t t o O k l a h o m a from r o y a l ties, oil a n d gas, s o u t h half of R e d
River
°.
$303, 004. 79
D E P A R T M E N T OF LABOR
18
P r o m o t i o n of welfare a n d hygiene
of m a t e r n i t y «.nd infancy
NAVY D E P A R T M E N T
19
S t a t e m a r i n e schools, act M a r . 4,
1911
75, OOO C
O
75, 000. CO
TREASURY D E P A R T M E N T
20 E x p e n s e s , division of venereal diseases. P u b l i c H e a l t h Service
21 T o p r o m o t e t h e e d u c a t i o n of t h e
blind (American Printing House
for t h e B l i n d )
50, 000. 00
50 000. 00
50, 000. 00
50, 000.00
142, 842.11
73,210 53
5 0 000. OO
5 0 000. 00
N a t i o n a l G u a r d a p p r o p r i a t i o n s 2.-... 24, 243,197. 54
S t a t e a n d - T e r r i t o r i a l h o m e s for dis854, 740. 00
abled soldiers a n d sailors . .
29, 230 405.34
29, 479, 734. 47
39,376, 477. 09
705, 852. 67
584, 077. 33
409, 304. 70
25, 097, 937. 54
29, 936. 258. 01
30 063, 811. 80
39, 785, 781. 79
126, 411, 529. 50 148, 649, 771. 83 142, 938, 380. 33
153, 826, 332. 57
882. 05
701. 87
321. 02
406. 84
65, 089. 91
38, 077. 53
1,134, 059. 67
1, 209,343. 71
6, 724, 602. 40
1 1, 530 63
76, 051. 01
2, 014.11
167. 60
9. 219, 578. 54
387. 907.90
386,992.33
68,131. 29
35,000 00
43, 857. 42
9,188, 851. 72
9. 994, 304.11
9, 274, 304. 51
9, 339,138. 05
316, 479. 26
18,497.31
42,121. 44
509, 537. 58
33, 972.17
67, 563.15
419, 259.42
54, 275. 63
84, 230. 86
216,497.89
66,380 34
67, 336. 29
WAR
22
23
DEPARTMENT
T o t a l , Class I
II.
A P P R O P R I A T I O N S FOR C O O P E R ATIVE W O R K W I T H S T A T E S
D E P A R T M E N T OF AGRICULTURE
24
25
26
27
28
C o o p e r a t i v e construction, etc., of
roads a n d trails, n a t i o n a l f o r e s t s . .
F e d e r a l forest road construction
F o r e s t road d e v e l o p m e n t
Forest highways
F o r e s t roads a n d trails
.
C o o p e r a t i v e fire protection of forested w a t e r s h e d s of n a v i g a b l e
streams
.
.
. _
C o o p e r a t i v e farm forestry..
1, 070 698.11
228, 595. 83
2, 824, 046. 29
4, 677, 603. 59
1, 443,
16,
2, 948,
5,198,
TREASURY D E P A R T M E N T
Public Health Service
29
30
31
P r e v e n t i n g t h e spread of e p i d e m i c
diseases
I n t e r s t a t e q u a r a n t i n e .service
S t u d i e s in rural s a n i t a t i o n
.
377, 098. 01
G r a n d total
For footnotes, see p. 622
. . .
611, 072,90
9, 565, 949. 73
T o t a l , Class I I
10 605, 377. 01
557, 765. 91
9, 832, 07O 42 |
135,977,479. 23 159, 255,148. 84 152,770 450 75
350 214. 62
9^ 689, 352. 57
163, 515, 686.14
621
SECRETARY OF THE TREASURY
TABLE 62.—Federal aid to States—Net disbursements for Federal aid to States, on
basis of warrants issued, during the fiscal years 1920 to 1930, inclusive, etc.—
Continued
Item
No.
A p p r o p r i a t i o n titles
1928
1929
1930
$2,835, 680. 93
$3,161, 339.81
$3, 487,000. 00
2, 942, 439. 51
2, 966, 295.12
3,060,000. 00
1,022, 790 68
1, 029,078. 43
1,100,000.00
248, 957. 29
450 000 CO
19313
I. APPROPRIATIONS FROM
WHICH
DIRECT PAYMENTS ARE M A D E
TO S T A T E S — C o n t i n u e d
I N D E P E N D E N T OFFICES
Federal Board for Vocational
Education
1
2
C o o p e r a t i v e v o c a t i o n a l e d u c a t i o n in
$2, 795,018.88
agriculture
C o o p e r a t i v e vocational e d u c a t i o n in
2, 920, 526. 92
trades and industries
C o o p e r a t i v e vocational e d u c a t i o n ,
1,015, 538. 91
teachers, etc
Cooperative vocational e d u c a t i o n in
h o m e economics
.
.
C o o p e r a t i v e vocational rehabilita612,817. 01
t i o n of persons disabled in i n d u s t r y .
680,867.10
736, 618. 96
900,000. 00
7,343, 901. 72
7, 481, 778. 22
8,121, 289. 61
8,997,000.00
15, 739. 76
7, 942. 73
12,875.14
3, 357,.056. 00
3, 840,000. 00
4, 335, OOO 00
4, 340, 000.00
5,878, 436. 62
7,162, 934. 44
7, 639, 786.13
8, 672, 936.00
1, 285, 216. 95
1, 350, 928. 95
1, 666,032.06
1, 60O 000. 00
26,198.94
944, 923. 74
36,854. 57
1, 266,159. 08
41, 243. 00
1,383,040.89
40, 000.00
1, 700,000. 00
Federal Power Commission
3
P a y m e n t to S t a t e s u n d e r
w a t e r power act . . .
Federal
4 11 250 C
O
D E P A R T M E N T O F AGRICULTURE
6
6
7
8
9
P a y m e n t t o S t a t e s a n d H a w a i i for
agricultural e x p e r i m e n t s t a t i o n s
(formerly carried u n d e r titles:
" G e n e r a l expenses. S t a t e s Relat i o n s S e r v i c e , " for 1920-1923,
" G e n e r a l expenses, OflSce of E x p e r i m e n t S t a t i o n s , " for 1924-1926,
- a n d " P a y m e n t to S t a t e s for Agricultural Experiment Stations,"
for 1927-1929)
'
C o o p e r a t i v e agricultural extension
-work
.
P a y m e n t s to States and Territories
from t h e n a t i o n a l forests fund
P a y m e n t s t o school funds, Arizona
a n d N e w Mexico, n a t i o n a l forests
fund
. .
Forest fire cooperation
C o o p e r a t i v e d i s t r i b u t i o n of forest
p l a n t i n g stock
C o o p e r a t i v e c o n s t r u c t i o n of r u r a l
post roads
(See also i t e m s 24 to 28 u n d e r I I )
83, 778. 90
73,827. 99
80,316. 09
93, 000. 00
82, 500 086. 72
84,001,054.04
77,887, 692. 53
75,000,000.00
94,075, 697.87
10
97, 730, 759.07
92,832,109. 70
91, 446, 936.00
DEPARTMENT OF THE INTERIOR
11
12
13
14
15
16
17
Colleges for agriculture a n d m e chanic a r t s .
P a y m e n t s to S t a t e s from receipts
u n d e r m i n e r a l leasing act
6, 3, a n d 2 per cent funds to S t a t e s
(public lands)
P a y m e n t s t o certain counties of
Oregon a n d W a s h i n g t o n in lieu of
accrued taxes, 1916-1926, against
Oregon a n d California l a n d - g r a n t
lands
Coos B a y wagon road g r a n t f u n d . . .
T h e Oregon a n d Cahfornia l a n d
g r a n t fund
...
P a y m e n t to O k l a h o m a from royalties, oU a n d gas, south half of R e d
River
2, 550, 000. 00
. 2, 550, OOO 00
2, 650,000. C
O
2, 650,000. 00
2, 499, 957. 95
1, 763,362. 46
1,387,838. 33
4 1, 500,000. 00
13, 893. 36
19, 245. 35
18, 291. 68
4 16, OOO 00
1,130, 072. 68
47, 813. 55
296, 961.16
6 34, 267. 92
186, 829. 46
6 43, 612. 97
4 35, OOO 00
6 35,195. 75
6 792, 558. 45
* 585,000. 00
66,876. 08
4, 755,898. 70
41, 777. 90
5,020, 908. 78
* 38, 000.00
4, 723,000. 00
38, 876.16
6, 280, 618. 70
For footnotes, see p. 622.
(»)
622
REPORT ON T H E FINANCES
T A B L E 62.—Federal aid io States—Net disbursements, for Federal aid to States, on
basis of warrants issued, during the fiscal years 1920 to 1930, inclusive, etc.—
Continued
Item
No.
Appropriation titles
1928
1929
1930
1931'
1. APPROPRIATIONS FROM WHICH
DIRECT PAYMENTS ARE M A D E
TO STATES—Continued
DEPARTMENT OF LABOR
18
Promotion of welfare and hygiene
of maternity and infancy
$972,123. 68 $1,139,104.72
8 $9, 522. 00
{'')
NAVY DEPARTMENT
19
State marine schools, act Mar. 4,
1911
75,00000.
. 75, O O 00
O
50, 000. C
O
75, 000. 00
75,000 00
75, 000. 00
$100 O O 00
O
TREASURY DEPARTMENT
21
To promote the education of the
blind (American Printing House
for the Blind)
75,000.00
WAR DEPARTMENT
22 National Guard appropriations 2
23 State and Territorial homes for disabled soldiers and sailors
32, 361,125. 90 33, 014, 768. 84 31, 987, 927. 34
564, 930 32
575, 206. 34
33, 067, 295. 24 33, 579, 699.16
32, 563,133. 68
706,169. 34
32,909,142. C
O
560, 000. C
O
33,469,142. 00
141,905,371.97 144, 845,182. 60 138, 684, 838. 91 138,821, 328. 00
Total, Class I
I I . APPROPRIATIONS FOR C O O P E R ATIVE W O R K
WITH
STATES
D E P A R T M E N T OF AGRICULTURE
' 24
25
26
27
Cooperative construction, etc., of
roads and trails, national forests..
Federal forest road construction
Forest roads and trails
Cooperative fire protection of forested watersheds of navigable
streams
Cooperative farm forestry. .
1 25, 394. 40
1, 313.96
7, 606, 006. 72 9, 405, 085. 91
1 109.99
55, 241. 64
7,961,031.77
11,000,000.00
52, 707. 66
58, 880. 69
9,457, 793. 57
8, 019, 912. 46
382, 817. 90
69, 943.17
81, 372. 76
264, 437. 68
67, 795. 48
317, 80O 00
273, 329. 98
71,117.32
345,159. 45
534,133. 83
28
650, 033.16
689, 606. 75
806, 520 00
8,171,191. 76 10 107,826. 73
8, 709, 519. 21
11,876,520.00
150 076,563.73 154, 953, 009. 33 147, 394, 358.12
150, 697,848. 00
7,637,057.93
70, O O 00
C.
11,070,000.00
TREASURY D E P A R T M E N T
Public Health Service
Preventing the spread of epidemic
diseases
.
;
30 Interstate quarantine service
31 Studies in rural sanitation
29
Total, Class I I
Grand total
400, 000. 00
68, 520 C
O
338, 000.00
1 Excess of repayments, deduct.
2 Includes certain administrative expenses under War Department, as provided for under national
defense act.
3 In addition to the amounts appropriated for the service of the fiscal year 1931, as shown in this column,
there are under many of the titles unexpended balances of appropriations provided for previous fiscal years,
which are available for expenditure during 1931 to meet outstanding obligations incurred in such previous
years.
* Indefinite (special fund) appropriation based on certain receipts—estimated amount for 1931, as.shown
in the Budget. '
'
5 Payments now chargeable against the special fund appropriation " T h e Oregon and California land
grant fund". (See item 16).
6 The portion of expenditures paid to States.
7 Activities expired June 30, 1929.
•
•
' ,
623
SECRETARY OF T H E TREASURY
TABLE 63.—Federal aid to States—Expenditures made by the Government as direct
payments to States under cooperative arrangements during the fiscal year 1930^
[The records of the Treasury Department, except in the cases mentioned in note at end of this statement,
do not show the amounts disbursed or allotted to the several States and Territories under the respective appropriations shown in this statement, such matters being under the control of the department
or estabhshment of the Government that administers the activities covered by the appropriations.
The Treasury, however, for general information, has compiled, from its records so far as available, and
in the other cases from figures furnished by the departments and establishments concerned, the following statement, exhibiting by States and Territories the amounts paid to each under the appropriations
for Federal aid to States shown under Class I in the preceding statement (Table 62). Any
discrepancies between this and the preceding table are due to unavoidable differences in the bases upon
which they have been compiled. The amounts in this table, derived from the accounts of various
departments and estabhshments, are not on the same accounting bases, and are consequently not
strictly comparable. This table includes only direct payments to States and does not include
amounts expended in cooperation with States, appropriations for certain of which are included under
Class II, Table 62]
U n d e r D e p a r t m e n t of A g r i c u l t u r e
State
Payments
Cooperat o States
t i v e agrifor agric u l t u r a l exc u l t u r a l extension
periment
work
stations
(1)
Alabama
Alaska
. . .
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
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 Mexico
N e w York
N o r t h Carolina .
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
P o r t o Rico
R h o d e Island
S o u t h Carolina
South Dakota
Tennessee
Texas
Utah.
1
.
Vermont
_
Virginia
Washington
W e s t Virginia
Wisconsin
Wyoming
Total
$90.000.00 $250, 874. 70
90,000. 00
90,000. 00
90,000. 00
90,000. 00
90,000. 00
90,000. 00
90,000. 00
90,000.00
16,000.00
90,000.00
90,000. 00
90, COO CO
90, 000. 00
90,000. 00
90,000. 00
90,000.00
90, 000. 00
90, 000. 00
90,000. 00
90,000. 00
90, 000. 00
90,000. 00
9 0 COO 00
9 0 COO 00
9 0 OOO 00
9 0 COO CO
90, OOO 00
90, OOO 00
9 0 OOO 00
90,000 00
90, OOO CO
90, OOO 00
9 0 OOO 00
90, OOO 00
9 0 OOO 00
90,000. CO
9 0 OOO 00
90, 000. 00
9 0 0 0 0 CO
90, OOO 00
90,000. do
90 OOO 00
9 0 000. 00
9 0 OOO 00
9 0 000. 00
9 0 000. 00
9 0 000. 00
9 0 000. 00
(3)
(4)
$188. 94
20,628. 89
56,021. 32
92,648. 56 $40,400.81
18,908.37
205, 573. 26
161, 832. 71 366, 606.10
88, 420.43 124, 715. 29
83, 288. 58
42,187. 67
100, 622. 35
7,889. 76
290, 228.98
3, 361.38
34, 019.40
68, 314. 99 156, 928.12
267, 220. 31
203,870. 99
213, 599.17
168, 287. 80
241,092.18
162,018. 31
86,267. 36
1,416.10
99, 696. 51
64, 276. 26
201, 386. 58
1,685. 38
186,462. 40
.7,126. 07
216, 238. 21
248, 267. 56
69,189. 23
65, 968. 89
137, 03O 60
2, 396. 21
37,465.47
23, 130 77
49, 617. 54
19, 532.11
106, 360 11
67,129. 36 • 34, 876. 87 . 842.10
244, 649. 02
278,488. 64
7, 654. 80
97, IOO 93
280,110 86
208, 827.22
1,142. 24
75, 724. 52 265, 025. 97
403,822. 77
1, 012. 22
62.48
22, 848. 98
196, 928. 56
i, 266. 88
94,222. 60 42, 988. 27
237, 398. 03
2, 980 78
408,427. 59
58, 084. 32
51, 287. 05
59,122.18
226,412. 76
9, 238. 26
98, 373. 22 167, 779. 28
161,489.45
1, 745. 31
196,659.69
45,999. 65
74,459. 40
(5)
(6)
(7)
$42,090. C $2,000. CO $1,092,685.93
O
1, 560,058. 27
650, 764. 79
797.00 3, 931, 822. 91
2,000.00 1, 402, 520 46
11, 262. 00 2,000.00
281,922. 76
919. 00 2, 000. 00
594, 597. 88
37,017. CO 1, 357.00
660,158. 48
40, 664.00 . 2,000.00
623,085. 28
2, 600.00
79,118.49
64,040. 00 • 899. 40
574,316. 68
2,179. 00
1,908, 477. 62
1, 700. 00 2,000. 00 2, 295, 346. 32
2,000.00 2, 604, 338. 70
2,000.00 2,541,954.83
12, 719.15 2, 000. CO 1, 537,194. 33
41, 530. 00 1,442.68
852, 639. 40
767.44 1,187, 526. 36
52, 965.00
10,169.00 2, 000. CO 466, 652. 87
29,417. 00 2,175.00 1, 646, 617. 26
81,410 00 2,100. 00 2,300,913.73
85,268. 00
2,192, 899. 80
33,021. 26
326.16
745, 258.17
7, 940 85 1,405. 24 3,436, 554.13
26, 369. 00 , 2,000 00 2, 571, 899. 09
2, 200. 00 1,980, 717.16
996, 033. 53
. 17,132. 00 2,100. 00
464, 211. 66
20,442. 00 2, 300. 00
629, 055. 00
2,181. 00
827, 764. 88
65, 201. 00 6, 000. 00 4, 078,108. 86
44, 757. CO 2, 000. 00
711, 610. 60
2, IOO 00 1; 236, 250 08
5,485. 00 2,150 00 2,455. 602. 56
14,429. 00 2, 000. 00 2, 080, 335. 52
703, 274. 47
86, 345. 00 2, COO 00
50,181. 00 2, 550 00 3,710,013. 31
2, 225. 00
171,477.02
1, 886. 00
18,196.43 2, 000. 00
926, 038. 22
1,162, 383.12
. 375.00
23, 619. 00 2, 005.40 1,459, 646. 34
6,292,484. 66
32, 661. CO
730. 519. 47
1, 3C0 00
7, 694. 00 2,20O CO
366, 821. 03
32, 814. CO 2,000 00. 1.090.622.55
93,479. CO 1,934. 90 1, 377,438.14
22, 733. CO
874. 504.14
699. 55
38, 527. CO 2, COO 00 3, 058, 505. 08
1,138. 60 958,322.93
93,627.00
4, 335, OOO 007, 561, 550 33 1,564,639.74 41,242.91 1, 252,444. 69 78,763. 36 75, 880, 862. 84
For footnote, see p . 624.
12101—31
(2)
Payments to
CooperaPayments
school
t i v e dis- Cooperative
to States
funds,
Forest fire t r i b u t i o n construction
a n d Terri- Arizona
tories from a n d N e w cooperation of forest of r u r a l post
planting
roads
t h e n a t i o n a l Mexico
stock
forests fund n a t i o n a l
forests
fund
42
624
REPORT ON T H E FINANCES
T A B L E 63.—Federal aid to States—Expenditures made by the Government as direct
payments to States under cooperative arra7igements during the fiscal year 1930 ^—
Continued
U n d e r D e p a r t m e n t of t h e I n t e r i o r
PromoPayments
tion of
Colleges for to States 5, 3, a n d P a y m e n t s
welfare
from re2 per cent to States
agriculture
and hyceipts
a n d m e - u n d r m i n - funds t o u n d e r cer- giene of
chanic a r t s eral eleasing States. t a i n special m a t e r funds 2
(lands)
nity and
act
infancy
(12)
(8)
(9)
(10)
(11)
State
Alabama
Alaska
Arizona
Arkansas
California
Colorado.-.
Connecticut .
Delaware.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
P o r t o Rico
R h o d e Island
South Carolina
South D a k o t a
Tennessee
Texas
Utah
Vermont
.
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Total
Under
Departm e n t of
Labor
State
marine
schools
(13)
...
. .
.
. . .
.
.
.
.
Under
Navy
Department
.
$50,000.00
$7,851.15
$173. 07
50, OOO 00
50,000. 00
1,941. 74
50,000. 00
244. 54
50,000. CO 240,838. 96 2, 069. 32
50, OOO 00 36,816.11
719.11
50, OOO 00
50, 000. 00
50, 000. 00
50,000. 00
... .
50, 000. 00
50,000. 00
1,123. 39 1,581. 90
50, 000. 00
50,000. 00
--- • 50,000 00
$6,50O 00
50,000. 00
50,000. 00
. .
50,000. 00
104. 51
50,000 00
50, OOO 00
.
50, OOO 00
^..
$26, OOO 00
50, OOO 00
579. 09
50, OOO 00
57.77
50, OOO 00
50 000. 00
50 000. 00
842. 39
42, 445.49
50 000. 00
50 88
50 000. 00
273. 75
864. 83
3, 022. 00
50 000. 00
.
50 000. 00
50 000. 00
16, 977. 45 1, 049.17
50, 000. 00
3 25, 000. 00
50 000. 00
...
50 000. 00
11, 404. 23
._
153. 26
50 000. 00
50 000.00
'...
77.78 $41, 777. 90
50 000. 00
1, 882. 99 1, 023,-000 87
50 000. 00
25, 000. CO
50 000. 00
L-50 000. 00
50 000. 00
50 000. 00
15.00
106. 63
50 000. 00
50 OOO 00
. .
50 000. 00
33, 332. 48 2, 717. 68
50 000. 00
50 000. 00
50 000. 00
407. 54
.
169. 33
50 000. 00
50 000. 00
547. 05
50 OOO 00 996, 590.99 2,120 43
2, 550, OOO 00 1, 387, 838. 33 18, 291. 68 1, 064, 778. 77 9, 522. 00 3 75,000.00
1 Columns 1 to 7, based upon figures furnished by Department of Agriculture; columns 8 to 12, and column
18, based upon warrants issued by Treasury Department; column 13, based upon figures furnished by the
Navy Department; column 14, based upon figures furnished by the American Printing House for the Blind;
column 15, based upon figures furnished by general treasurer. National Home for Disabled Volunteer Soldiers; column 16, based upon figures furnished by the Chief of the Militia Bureau, War Department; column
17, based upon figures furnished by Federal Board for Vocational Education. This statement does not
include appropriations made by Congress for relief on account of floods, hurricanes, fires, drought, etc.
2 Payments shown in this column were from following special fund appropriations:
Oklahoma—"Payment to Oklahoma from royalties, oil and gas, south half of Red
River"
. . - . $41,777.90
Oregon—
" Payments to certain counties of Oregon and Washington in lieu of accrued taxes,
1916-1926, against Oregon and California land-grant lands"
186,829.46
" Coos Bay wagon road grant fund"
43,612.97
" T h e Oregon and Cahfornia land grant fund"
792,558. 46
1,023, 000.87
3 Payment to State of New York for 1930 made not until fiscal year 1931.
625
SECRETARY OF THE TREASURY
TABLE 63.—Federal aid to States—Expenditures made by the Government as direct
payments to States under cooperative arrangements during the fiscal year 1930 ^—
Continued
Under
Treasury]
Department
Under War Department
Alabama
Alaska
Arizona
Arkansas
California
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 Mexico
N e w York
N o r t h Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
P o r t o Rico
R h o d e Island „."
S o u t h Carolina
South Dakota
Tennessee
Texas
Utah...
..:
Vermont
Virginia
Washington
1
W e s t Virginia ..
Wisconsin
_.
Wyoming
Total.
T o promote the
education of thei
blind
American
Printing
H o u s e for
t h e Blind
State and
Territorial
homes for
disabled
soldiers
a n d saUorsI
National
Guard
(14)
State
(15)
Under
Federal
Board for
Vocational
Education
(16)
186.
468.
941.
821.
833.
69
64
59 $103, 908. 00
44 11, 20O 00
88 25, 850 00
883. 67
, 580 64
311.15
758. 71
792. 23
767. 34
655. 33
369. 07
505. 97
306. 84
397. 78
924. 83
215. 40
933. 45
344.18
323. 60|
784.10
572. 52
331. 73
127. 78
974.61
448.06
684.03
941. 58
369. 07
111.02
8,
36,
8,
22,
13,
250
230
270
509.
750
00
00
00
33
00
42, 260 00|
30 379. 33
29, 030. OOl
7,140. 00
4,630. 00|
13,210. 67
3, 680 00
17,090.00
980. 00
1, 230. 00|
59,282. 67
5,420. OOl
10, 410.CO
24, 510.00
5,630. 00
331.731
448.06
825. 261
567.71
398.27
10,117.33
3,680. 00
344.18
157. 49
418. 85|
775. 47
PayCoopera- m e n t s to
tive vocaStates
tional eduunder
cation a n d Federal
rehabilitawater
tion
power
act
(17)
$607, 216. 821 $191, 377. 03
$2,066. 051
47,502. 67
12,350. 00
1,50O 00
Under
Federal
Power
Commission
150 045. 03
397,090.81
940 323. 36|
337, 990
685,050. 95|
122, 419. 40
141, 786. 32
435, 283. 59
530 536. 47
183, 587. 90
263, 644. 37
1, 453,137. 91
746, 795. 741
548, 757. 02
616, 369. 99
454, 043. 27
378, 400. 94
358, 230 08
567, 622.11
1, 575, 954.13|
759, 946. 46
945,847:^
278, 999. 331
776,937. 34
139,792. 84
231, 598.83
24,881.53
171,905.25
828, 534. 76
268,164. 60
3,391, 467. 63
537,342. 00
151, 234. 26
1, 433,843.
877, 466. 32]
529,850. 93
2,107,350. 23
190,024. 49
350,734. 93
312,519.84
212,727.41
499,004. 831
1, 524, 468. 37
283,330.84
142,061.24
607,348. 88
. 534,433.13
205,966
706,699.12|
150,374.14
39,310 11
141, 256. 29
268, 021. 32
71, 689. 29
92, 749. 69
27,162. "
74,421.
235,125. 321
30, 703. 70
44,176. 02
489,198. 27
227,426. 95
184, 722.15|
101,408.
177,801. 58|
143, 510 66
50, 263. 36
99, 803. 40
265, 232.19
286, 508. 20
187,189. 80|
155, 083.17
236, 430. 38|
43, 555. 34
106,051.08|
25, 564. 56
26,778.131
231,930.91
37,609. 621
770,674. 64
214,011.17
64, 272. 521
440,967.11
167,911.301
65, 527. 61
598,837.631
51, 542. 95
132, 277. 92
49,175.01
193,822. 65|
384, 274. 251
41, 586. 51
32,035. 91
181,729. 97
92, 559.15|
99,869.50
214,600 26
31,640 89
(18)
Total
(19)
$39. 381 $2,336, 563. 07
139. 45
70, 768. 34
135. 77 2,080, 748. 30
1, 555, 306. 70
6, 712. 76 6, 238, 501. 03
254. 87 2, 217, 147. 98
1, 322, 957. 86
929, 286. 23
141, 786. 32
1, 457, 633. 62
1,866, 572. 07
395, 029. 49
1, 416. 47 1,315, 001. 49
4, 300, 201. 82
3,627, 201. 23
3, 624, 193. 71
3, 585, 426. 88
2, 566, 219. 58
1, 721, 152. 47
1, 877, 425. 70
1, 387, 249. 73
3, 684, 229. 61
3, 807, 833. 60
9.90 3,-776, 106. 53
.56 1, 569, 860 30
4,856, 019.68
156.16 3,107, 172. 03
2,614, 039. 52
"34.'73 1,251, 271.17
894, 956.69
1,976, 285. 30
6.34 1,387, 932.12
8,727, 208.92
'36"59 1,938, 869. 41
1, 704, 193. 34
4,821, 126.11
3,541, 328.86
, 294.18 2,907, 705. 61
35. 25 7,069, 423. 43
242, 311.97
744, 119.88
1, 730, 559. 58
.1.87 1,712, 560. 30
2, 561, 202. 29
8,786, 883. 58
1, 342, 783. 85
753, 614. 36
11.54 2, 291, 522.14
367. 28 2, 555, 601.13
1, 508, 425. 48
4,372, 665. 48
2, 402, 147. 03
75,000. 00 660,000. 00 30, 669,143. 67 5,119,378.36 12,875.14 135,256,331.82
1 C o l u m n s 1 to 7 , b a s e d u p o n figures furnished b y D e p a r t m e n t of Agriculture; c o l u m n s 8 to 12, a n d c o l u m n
18, based u p o n w a r r a n t s issued b y T r e a s u r y D e p a r t m e n t ; c o l u m n 13, based u p o n figures furnished b y t h e
N a v y D e p a r t m e n t ; c o l u m n 14, based u p o n figures furnished b y t h e A m e r i c a n P r i n t i n g H o u s e for t h e B l i n d ;
c o l u m n 15, bas,ed u p o n figures furnished b y general treasurer. N a t i o n a l H o m e for D i s a b l e d V o l u n t e e r Soldiers; c o l u m n 16. based u p o n figures furnished b y t h e Chief ofthe M i l i t i a B u r e a u , W a r D e p a r t m e n t ; c o l u m n
17. based u p o n figures furnished b y F e d e r a l B o a r d for V o c a t i o n a l E d u c a t i o n . T h i s s t a t e m e n t does n o t
include a p p r o p r i a t i o n s m a d e b y Congress for r-elief on a c c o u n t of flgods, h u r r i c a n e s , fires, d r o u g h t , etc.
626
REPORT ON T H E
FINANCES
PERSONNEL
T A B L E 64.—Comparison of the number of employees in the departmental
field services of the Treasury on J u n e 30, 1929, and August 31, 1930
J u n e 30, 1929
and
Increase ( + ) or decrease (—)
A u g u s t 31, 1930
B u r e a u , oflace, or division
Departmental
Field
Total
12, 374
9,191
106
12, 524
9,272
229
.
3,566
14
8,851
646
12, 417
660
175
158
140
168
3,471
14
102
12, 665
9,607
107
1,499
8,497
619
329
4,357
25
9,319
152
6,455
12,840
9,765
247
1,667
11, 968
633
431
4,699
1,666
9,507
163
6,906
7, 384
1,485
193
11
562
6.526
31
9,781
157
6,736
13, 951
Total
Departmental
342
1,641
188
11
451
7,384
i
Total
150
81
123
Coast G u a r d - Customs
Federal F a r m L o a n
I n d u s t r i a l Alcohol
Internal Revenue
Mint
Narcotics
Prohibition
Public Debt
Public Health .
Secret Service
Supervising Architect
AU other
Field
51, 476
65, 427
13, 005
50, 028
Departmental
Field
Total
1,516
9,974
168
7,298
6,526
+291
+25
+77
+416
+17
+1
+168 + 1 , 499
-95
-354
-27
"+i02" +329
- 3 4 2 - 4 , 357
-156
+6
+5 + 4 6 2
+5
+281
-858
+316
+493
+18
+ 1 , 667
-449
—27
+431
—4, 699
— 150
+467
63, 033
- 9 4 6 - 1 , 448
- 2 , 394
"+iii"
+6
+392
-858
T A B L E 65.—Number of persons retired or eligible for retirement retained in the
departmental and field services of the Treasury under the civil service retirement
act, August 31, 1930
Retired
B u r e a u . oflSce, or division
DEPARTMENTAL
Appointments
Auditors
.i
Bookkeeping a n d W a r r a n t s
Chief clerk
Coast G u a r d
Comptroller of t h e C u r r e n c y . . . .
Customs
D i s b u r s i n g clerk
.
Engraving and Printing
.
I n d u s t r i a l alcohol
Internal Revenue
Loans a n d C u r r e n c y
Mint
Printing
Prohibition
.
^.
P u b l i c D e b t Service
.
Pubhc Health
Public moneys
..1
.
Register o f t h e T r e a s u r y
Secret Service
Secretary
Supervising Architect
.'
Supply
Treasurer.
W a r risk insurance
Total departmental
On
account of
age from
A u g . 20,
1920, to
A u g . 31,
1930
Retained
^
16
2
1
3
1
37
1«
8
5
1
. ..
1
1
...
10
.
8
95
On
account of
disability
from A u g .
20, 1920,
to A u g . 31,
1930
1
86
8
55
5
30
5
2
11
4
18
2
7
1
1
167
380
63
25
37
25
1
2
Granted
annuity
under
sec. 7
Total
number
2
1
1
13
6
5
3
2
3
15
6
3
4
1
20
22
5
• 72
14
805
2
11
2
72
1
394
24
1
114
187
1
2
1
1
5
98
12
74
7
37
6
1
660
105
60
1
2
6
6
7
4
35
6
2
34
7
144
15
1,223
FIELD
Coast G u a r d
Custodian.
Customs
I n d u s t r i a l alcohol
I n t e r n a l R e v e n u e . -M i n t a n d assay
Prohibition
Public Health
Subtreasury .
Total.field
.
103
196
16
. .
•
8
35
16
..
^
-
'
372
9
425
772
5
286
194
16
41
24
1,772
52
25
6
12
3
400
100
2
6
3
27
140
10
540
961
5
438
221
27
56
64
2,312
627
SECRETARY OF THE TREASURY
TABLE 66.—Number of employees in the departmental service of the Treasury in
Washington, by months, from June 30, 1929, to August 31, 1930 ^
B u r e a u , office, or division
Accounts and Deposits.
Appointments.B o n d Roll (miscellaneous)
Bookkeeping and Warrants
Budget
Chief clerk
-.
Coast Guard
C o m p t r o l l e r of C u r r e n c y
Customs
..
D i s b u r s i n g clerk
Engraving and Printing
Federal F a r m L o a n
Internal Revenue
Loans and Currency
Mint
P r o h i b i t i o n . . __
Public Debt
P u b h c D e b t Accounts and Audits
P u b l i c D e b t (miscellaneous)
Public Health
Register o f t h e T r e a s u r y
Secret Service
Secretary
Supervising Architect
^...
Supply
T r e a s u r e r o f t h e U n i t e d States
Total.-
B u r e a u , office, or division
Accounts a n d Deposits
Appointments
B o n d Roll (miscellaneous)
Bookkeeping and Warrants
Budget
Chief clerk
Coast G u a r d
Comptroller of C u r r e n c y .
Customs.
D i s b u r s i n g clerk
Engraving and Printing
Federal F a r m L o a n
I n d u s t r i a l alcohol
Internal Revenue
Loans and Currency
Mint
Narcotics.Prohibition
Public D e b t - :..
P u b l i c D e b t Accounts a n d A u d i t s . .
P u b l i c D e b t (miscellaneous)
Public Health
Register of t h e T r e a s u r y
.Secret Service.
Secretary
Supervising A r c h i t e c t . . . 2
Supply
T r e a s u r e r of t h e U n i t e d States
Total.
June
32
30
3
69
37
448
150
167
81
27
6.442
123
3,666
1.037
14
342
27
123
40
188
414
11
46
451
187
13,951
July
NovSeptA u g u s t e m b e r October e m b e r
32
31
3
68
39
441
156
189
81
26
4.797
124
3.570
1,030
14
339
27
123
40
188
412
11
46
448
182
977
31
31
3
68
39
442
167
191
82
. 26
4,798
126
3,575
1,024
14
337
27
122
40
190
410
11
46
452
180
31
29
3
67
39
442
159
187
86
26
4,783
126
13, 394
13, 420
February
March
31
31
3
67
39
444
160
209
32
31
3
68
38
446
163
176
4.657
126
AprU
December January
1,016
14
339
27
121
40
191
406
11
46
454
180
991
31
31
3
67
39
442
160
191
86
26
4,665
126
3,516
1,009
14
340
26
121
;
40
189
404
11
45
464
180
1,064
32
31
3
67
39
441
161
223
86
26
4,523
123
3,514
1,003
14
337
26
121
40
188
403
11
46
465
178
1,165
32
31
3
67
39
441
162
228
86
26
4.512
122
3,508
1,000
14
343
26
121
39
189
403
11
45
474
177
1,165
32
31
3
67
39
440
162
222
88
26
4,605
127
3,493
994
14
347
26
121
39
191
402
11
45
481
176
1,061
13, 355
13,289
13,266
13, 264
13, 243
May
June
July
3,642
August
Increase
(+)or
decrease
(-)
4,696
126
32
30
3
68
40
440
164
177
95
26
4,691
125
32
30
3
68
40
443
164
176
107
26
.,668
128
33
30
3
68
39
453
163
173
105
26
4,640
129
3,498
994
14
3,490
992
14
3,470
988
14
3,454
985
14
3,431
346
26
121
40
189
400
11
45
489
180
1,013
348
26
120
40
190
39911
44
488
192
959
354
25
120
40
190
395
11
44
502
192
890
355
26
120
40
191
391
11
44
.615
193
13, 247
13, 205
13,126
13,112
32
32
3
68
34
447
163
164
114
26
4,636
134
167
3,453
951
13
32
30
4
66
34
438
175
165
158
26
4,605
140
168
3,471
939
14
102
360
26
118
40
192
389
11
45
519
191
890
118
37
192
372
11
45
548
184
908
25
117
36
193
368
11
44
562
182
900
13, 067
12,976
13, 006
+1
-3
-3
-10
+26
-2
+77
-1
-837
,+17
2 +168
-95
2+102
2 -342
-2
-6
-4
+6
-46
-2
+111
-5
+4
-946
1 T h e figures in t h i s table s h o w t h e actual 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 period coveri ng t h e last half of each m o n t h .
2 R e s u l t e d from reorganization of B u r e a u of P r o h i b i t i o n .
APPENDICES TO REPORT ON THE FINANCES
REPORTS
OF THE
TREASURER
DIRECTOR OF THE MINT (abridged)
COMPTROLLER OF THE CURRENCY (abridged)
COMMISSIONER OF INTERNAL REVENUE (abridged)
629
Receipts and expenditures, by months, for the fiscal year 1930
ORDINARY RECEIPTS
i
i
July
August
September
|
October
November
December
January
February
March
April
May
$35,935,439.88
$42,610,037.97
$41,071,049.38
38,182,608.68
44,400,910.61
559,503,703.26
50,050,095.79
June
!
Ii
i
i
Customs
Internal revenue:
Income tax
Miscellaneous internal revenue
Miscellaneous receipts:
Proceeds Government-owned securitiesForeign obligationsPrincipal
Interest
Railroad securities
All others.
Trust-fund receipts (reappropriated for investment)
Proceeds sale of surplus property
Panama canal tolls, etc
Other miscellaneous
$52,144,357.48
$56,427,315.23
34,883,553.42
54,594,899.85
32,210,379.95
54,916,662.07
!
$57,606,936.77
$44,125,953.42
542,279,987.37 ;
51,647,355.35
31,162,187.49
56,180,997.66
28,281,051.95
50,489,439.51
40,632,179.63
25,000.00
70,093,728.52
406,697.05;
229,186.45
508,04a 90 i
177,336.40
1,137,952.24
3,131,243.21
48S, 104.34 1
183,761.94
2,403,924.98 ; 2,371,992.26
20,808,130.32 I 21,034,864.78
742,941,585.86 j 151,195,299.90
1
$52,611,720.60
j
16,666,656.66
308.651.73
125.222.74
4,210,961.86
2,211,801.06
2,260,346.84
11,830,355.54
3,233.30
218,903.03
2,400,319.38
613,250.61
2,913,969.29
18,047,034.03
884,651.77
504,111.32
5,345,573.66
380,929.03
2,519,777.43
21,412,470.74
201,000.00
407,509.06
1, 190,163.79
337,634.04
1,360,806.60
559,615.95
2,355,936.23
14,574,269.00
169,473,445.40
Total
25,000 n o
19,359.57
253,972.25
272,838.14
6,511,697.92
424,425.70
2,309,817.69
18,033,523.38
174,501,697.02
670,735,772.96
175,997,635.87
143,889,379.55
$39,297,853.55 j $11,277,637.03
516,500,700.16
29,133,672.33
50, 664,274.17 , 53, 575,605. 50
* Add.
* Due to the debt settlement with France, payments aggregating $10,183,528.63 received in the fiscal year and credited as interest were transferred to principal payments,
* Deduct.
12101—31.
(Face p. 631.)
No. 1
$51,722,273.92
$72,170,328.02
38,107,445.90
47, 752, 5aS. 21
34,297,750.89
56,474,827.63
526,443,936.13
57,560,459.50
1,244,733.87
699,545.90
3,349,466.51
653,294.94
1,551,321.62
12,523,060.71
»10,183,528.63
i '10,183,528.63
497,509.80
1,069,087.10
3,746,151.63
870,741.33
2,871,644.27
13,656,801.27
318,640." 58
3,728,678.09
5,602,479.38
377,819.93
2,292,596.79
19,801,785.71
781.112.00
45.786.467.50
239,320.00
71,355,130.74
5,675,882.36 .
466,191.86
131,945.14;
1,012,314.81
5,340,950.28
4,260,079.85
623,572.00 , 8,433,270.14
2,315,064.22 ! 2,086,736.13
15,640,064.18 ; 13,915,049.02
138,540,382.72
674,875,772.42
159,053,003.97
173,242,762.62 \ 803,494,963.70
t
t
i Deduct net
amount of
( moneys dei
posited in the
prior fiscal
year but
cleared in the
Total July 1,1929, current year Revised receipts
(actual)
over the
to June 30, 1930
amount deposited in the1
current fiscal
year but
cleared in the
subsequent
year
$587,000,903.25 $2,229,587.41
$584,771,315.84
1,244,535.67
i 631,80*. 32
2,409,742,441.86
2,410,986,977. S3
62S, 30*, 035.85
!
97,634,257. 76
141,931,519.26
11,485,514.81
169.00
8,785,657. 61
41,990.48
46,397,682.52
15,830.586.97 " " U , " 3 2 7 . 1 6 *
28,253,127.75
i 18,515.28
201,327,408.68 1,025,759.06
4,177,941,701.99
028,939, K40l 17
97.634.287.76
141,931,519.26
11,485,583.81
8,743,667.13
46,397,682.52
15.831.914.77
28,271,643.03
200,301,649. 62
3,890,156.22 j 4,174,051,545.77
Expenditures
G e n e r a l
e x p e n d i t u r e s :
L e g i s l a t i v e e s t a b l i s h m e
E x e c u t i v e p r o p e r
S t a t e D e p a r t m e n t
T r e a s u r y D e p a r t m e n t
W a r
D e p a r t m e n t
D e p a r t m e n t
o f J u s t i c e
P o s t O f f i c e D e p a r t m e n t
N a v y
D e p a r t m e n t
I n t e r i o r D e p a r t m e n t
D e p a r t m e n t
o f A g r i c u l
D e p a r t m e n t
o f C o m m e r
D e p a r t m e n t
o f L a b o r
U n i t e d S t a t e s V e t e r a n s
O t h e r i n d e p e n d e n t
o f f
D i s t r i c t o f C o l u m b i a
T o t a l
D e d u c t
$ 1 , 8 X 6 , 7 7 0 .
5 0 , 1 9 3 .
1 , 3 1 9 , 2 S 1
1 4 , 6 3 6 , 0 0 5 .
4 0 , 9 1 2 , 7 7 0 .
' 2 , 6 7 1 , 3 6 7 .
n t
3 0 ,
2 4 ,
1 7 ,
3 ,
6
1
6
7
1
3 7 , 1 7 1 , 1
2 , 8 4 1 , 3
3 , 4 3 1 , 0
t u r e
c e
' B u r e a u
i c e s a n d
c o m m i s s i o n s . .
2
9
0
8
5
1
7
4
0
7
6
2
8
2
2
,
,
,
,
,
7
3
5
8
1
8
0
4
9
9
5
1
5
0
3
3
8
1
7
4
9
6
$ 1 , 5 1 5 , 8 9 0
4 3 , 4 2 4
2 , 3 9 1 , 9 4 1
1 5 ,
8 6 0 , 1 2
4 4 ,
7 G 8 , 1 5
2 , 1 1 5 , 1 8 0
2
3
9
6
4
1
. 3 0
. 5 5
. 2 3
O S
. 2 3
. 6 3
. 7 2
. 1 3
3 1 , 5 5 2 , 1 2 2 .
2 6 , 5 5 4 , 5 7 1 .
1 5 , 3 4 0 ,
S 8 9
£ 0 5 , 1 2 0
3 ,
7 5 1 , 7 0 3 .
3 6 , 4 0 6 , 0 7 3 .
3 , 0 0 2 ,
1 1 5
3 , 2 2 1 ,
1 0 7
, 8
, 6
, 0
, 7
, 4
, 8
8
1
9
8
4
7
0
8
8
6
3
5
.
.
.
.
.
,
2 8 , 7 2 7 , 9 9 7 .
2 4 , 9 6 5 , 4 8 5 .
1 3 , 3 2 9 , 6 5 0 .
3 ,
3 3 9 , 1 0 0
8 5 0 , 5 5 G .
3 4 , 1 0 1 , 3 3 2 .
3 , 3 8 2 ,
G 0 9
3 , 7 2 5 , 9 3 3 .
5
9
9
1
5
6
1
4
6
2
5
9
8
9
3
3
5
2
$ 1 , 7 7
4
1 ,
1 5 , 7 3
4 1 ,
2 , 8 0
O
8 3
6 1
. 9
7
0 2
. 4
4 4
3 4 ,
2 4 , 0 7
1 4 ,
3 , 8 1
9 3
3 7 , 6 0
3 , 8 8
4 , 3 6
S
1
1
6
3 , 3 3 0 . 2
9 , 3 2 1
4 7 8 , 7 5 2 .
6 , 4 1 3 . 7
1 6 4 , 0 3 5 .
5 , 4 4 8 . 0
6
3
6
9
6
2
1
5
3 1
, 0
9 6
, 0
, 6
, 0
, 3
, 3
, 8 6 5
6 1 .
, 2 0 1
3 6 .
9 3 .
3 7 .
9 1 .
7 6 .
9 0 9 , 8 4 2 . 7 0
1 , 0 3 0 , 9 9 7 . 7 1
1 7 1 , 1 0 0 . 6 2
1
21,712.97
3 , 1 1 7 , 2 2 7 . 9 6
» 8 3 0
1 8
2 , 9 2 0
1 5
2 9
9 0
> 233,
5 4 6 , 6 0 3 . 0 6
3 9 8 , 5 7 8 . 1 6
2 0 , 6 6 7 , 6 2 5 . 5 8
6,439,21144
!
a
162.56
3 7 2 , 7 5 2 . 7 7
7 2 , 6 4 6 . 0 4
-
j
, 5 6 8
, 6 6 3
, 4 6 5 .
, 0 0 0
, 1 4 1
, 4 9 9
. 8 2
. 5 0
5 3
. 0 0
. 6 2
. 7 1
615.22
e i g n r e p a y m e n t s
u n d e r
d e b t s e t t l e m e n t s
r a n c h i s e t a x r e c e i p t s ( F e d e r a l
e d i t b a n k s )
j
a9,060.16
9
8
0
4
5
7
0
5
3
6
0
8
.
.
.
.
6 6 .
3.
2 H
O O .
9 3 .
6 4 .
8 3 4
2
6
0
7
1
1
8
0
2
5 2
S
9
0
1 8
1 4
. 4
j
.
*
a 1
1 , 8 3
5 , 2 4
4 1
1 3
1 1
2 1 8 , 2 0 4 , 3 0 1
i§,~66a6o
5 0 3 . 2 5
p r i o r f i s c a l y e a r
a g a i n s t
b u t
o r d i n a r y
u n r e v i s e d . .
c l e a r e d i n
t h e
R e v i s e d
t o t a l
t o t a l e x p e n d i t u r e s
o r d i n a r y
r e c e i p t s
c h a r g e a b l e
a g a i n s t
S u r p l u s
12101—31.
o r d i n a r y
c u r r e n t
y e a r
o v e r
l i k e p a y m e n t s
i n
t h e
c u r r e n t f i s c a l y e a r
b u t
c l e a r e d i n
t h e
No. 2
6
5
1
2
5
6
3
9
1
8
05.18
6 3
1 , 0 5 1
7 3 2 . 7 4
8 3 , 2 1 9 . 5 0
> 8 , 2 4 8 . 7 0
2
9
1 , 5 1 2 , 6 3 5 . 4 5
1 1 , 8 9 8 , 9 8 6 . 8 8
0 3 9 . 0 3
1 8 5 . 1 9
3 5 2 . 2 7
3 4 3 . 1 8
3 2 7 . 2 2
6 ,0 4 3 . 9 0
, 212.20
, 1 6 5 . 0 2
10,000,000.00
29
a
a 2
3 1 9
2 3 , 7 0 1
» 7 7 2
a
1 6 4
*
12,102.33
2 , 8 2 9 , 9 2 7 . 4 3
5 , 9 3 3 , 8 6 8 . 6 3
1
513,719.97
1 1 1 , S 7 1 , 9 2 6 .
1 8
1
131,876.79
2 , 9 8 9 , 4 8 5 . 7 5
6 9 , 1 2 9 .
2 8
, 6
, 0
, 7
, 8
, 1
940,684.01
8 6 . 8 9
1 5 . 1 0
5 8 . 6 7
0 6 . 3 9
398,100.75
6 3 . 5 1
,
,
,
,
,
,
,
,
8
5
1
9
9
1
2
5
3
2
2
8
3
2
4
3
.
.
.
.
.
.
7
2
5
1
1
1
. 6 2
. 1 1
6 5 3 , 5 0 1
1
1 , 6
2 5 , 7
7
3
a
7
4
5
9
9
1
5
2
,
,
,
,
7
9
8
2
2
0 3
645,691.55
9 1 . 0 2
9 4 . 4 3
7 9 . 0 3
1 8 . 1 8
4 7 . 4 5
18,446.52
3 , 7 2 7 , 0 8 2 . 7 1
1 9 , 0 6 8 . 9 2
a
3,000.00
3 , 3 2 5 , 8 4 8 . 5 1
2 3 , 6 1 8 . 0 0
2 10,000.00
* 10,000.00
6
3
8
1
3
0
1
9
10,000,000.00
6 9 5 , 2 2 6 . 7 5
7 8 3 , 3 5 5 . 1 5
a % 229,637.
,
,
,
,
,
a
1 , 3
3 3 , 4
a 2
2
1
3 4 7 , 3 5 1 , 2 5 3 . 5 3
2 1 9 , 7 0 5 , 2 3 3 . 2 4
3 0 , 0 0 0 , 0 0 0 . 0 0
1 8 9 , 6 0 0 . 0 0
1 0 9 , 7 9 0 , 8 5 0 . 0 0
1 7 , 0 0 0 , 0 0 0 . 0 0
2 9 0 , 4 8 6 , 2 9 6 . 7 9
58,000,000.00
9 , 2 6 1
3 9
6 6
8 7
5 5
. 6
. 2
0 .
. 0
50,5
1 , 6 4 2 .
5 4 , 7 8 9 .
3 6 , 3 8 2 .
25,769.
7 1 , 0 7 1 .
3 4 , 3 0 0 .
9
4
6 6
7
17
3
5
6
.12
5
1
9
04
7 4
3 9
5 , 4 4 5 , 6 6 5 .
S O
2 0 , 5 4 0 . 5 1
'10,000.00
3 7 5 , 2 9 2 , 7 0 2 . 8 4
9 8 1
3 .
1 .
3 .
2 .
1 .
3 .
3 .
3 7 4 ,
2 9 0 ,
1 7 7 ,
5 1 2
1 0 ,
4 4 6 ,
4 9 ,
4 5 ,
. 9 0
5 3
2 2
1 0
7 1
6 7
8 9
9 2
3 7
4 8
6
8
8
0
2
8
4
3
6
5
3
8
6
8
2 , 1 6 2 , 2 8 6 , 3 S 5 .
4 0
i
422,550.04
2,751,393.66
19,423,080.83
16,639,580.23
755,204.99
0 9
204,448.43
1 , 7 0 1 . 0 6
2 , 7 0 1 , 9 6 3 .
9 9
9,918,
i ,3S.
66
9 8 , 2 % .
6 2
a
91,505.58
a 1 1 5 , 9 5 1
3 6
*
2
1 3
9
1
59,536.11
SS8.71
9,135,987. C5
36,
474.49
a 24, 259.52
190,194.15
a 73,587.00
2 , 4 0 1 ,
S 9 3 . 1 9
6 , 4 7 1 6 8 1 . 7 4
9 1
8 4 . 2
11300
7 1 . 9
9 5 4 ,
1 9 9 ,
5 9 0 ,
5 7 7 ,
1 8 6 .
3 9 9 .
8 9 5 ,
9 1 7 ,
8 6 , 8 2 0 . 6 4
9 0 , 2 0 3 . 0 0
7 0 , 4 0 8 .
8 7
1 4 , 0 1 2 . 6 3
2 4 , 9 7 3 .
4 1
8 3 , 0 S 0 .
3 1
5 S ,
1 9 8 . 9 J
1 6 5 , 6 3 8 .
5 5
0 2 7 , 9 0 5 . 7 6
5 8 0 ,
5 8 1 . 1 0
9 9 , 1 < R
1 2
6 5 4 , 4 0 5 . 6 3
9 5 5 , 6 3 0 . 3 3
4 9 5 , 7 4 6 . 4 7
0 7 9 , 6 1 3 .
6 7
1 8 6 , 8 0 6 , 4 3 S .
8 9
| 2 , 1 6 2 , 7 0 S ,
9 8 , 5 0 9 , 6 1 9 . 1 8 j
10,000,600.00
3 , 3 0 1 , 8
3 9 , 6
a
1 , 9 9 9 , 3
5
0
3
1 8 6 , 9 S 3 r 1 1 9 .
1 7 6 , G i O .
1 7 7 , 8 3 7 , 7 3 2 . 5 5
1 5 , 7 3 9 , 8 7 3 . 0 5
9 0 7 , 7 9 1
$ 1 9 , 0
6
1 4 , 1
1 9 3 , 1
4 5 3 , 5
3 2 , 4
3
6
1,800. 00
2 6 ,
2 8 ,
1 2 ,
9 ,
1 .
3 8 ,
3 ,
3 ,
» 4 , 7
a
3 1 . (
1 4 9 , 9
9
1 1 2 , 3
2 0 , 4
4,229,763.05
30,316.80
14,000. 00
0 9
0
.00
9
3 8 , 8 5 1 0 0 0 . 0 0
9 3 5 . 4 4
6 5 9 , 3 4 7 , 6 1
, 0 9 1 , 8 0 9 .
, 8 5 2 , 1 8 2 .
, 7 1 1 4 5 0 . 8
, 3 2 8 , 6 4 1 . 6
9 5
5S
. 9
5 8
6 8
1 2
3 3
2 4
7 0
9
9
. 7 8 7 . 5 5
S3S.
54
5 , 1 5 9 . 0 6
, 2 7 3 .
5 5
, 9 8 5 ,
5 0
, 7 2 6 . 7 5
, 8 6 7 .
3 9
,
6 9 , 1 0 1 8
1 6 ,
7 0 6 .
1 3 ,
2 8 2 .
1 1 , 8 7 1 . 5
1
1 3
1 3
8
3 , 4 4 0 , 2 6 8 , 8 8 3 . 8 4
!
41,452,500.00 j
|
i
5 0 0 . 0 0
4
3
1
1
4 3 , 4
5
3
2 , 4
3 7 5 , 3 4 6 , 6 3 2 . 2 2
2 3 0 , 9 9 7 , 3 0 0 . 8 6
1 5 , 0 0 0 . 0 0
388,368,950.00
51,135, C00. 00
109,790,850.00
73,100.00
2 0 3 , 0 5 0 . 0 0
2 1 8 , 4 0 7 , 3 5 4 . 2 8
s u b s e q u e n t
1 7 , 0 3 7 , 0 0 0 . 0 0
1 3 9 , 9 8 0 , 4 5 0 . 0 0
i
4 4 3 , 1 9 0 , 9 4 7 . 1 4
3 4 7 , 3 5 1 , 2 5 3 . 5 3
I
2 3 6 , 7 4 2 , 2 3 3 . 2 4
1 4 5 5 , 0 0 0 .
0 0
0 0 , 7 0 3 . 2 5
200.00 I
3 7 , 0 0 0 . 0 0
7 1 , 7 3 4 , 5 0 0 . 0 0
3 8 , 8 5 4 , 0 0 0 . 0 0
3 6 2 , 2 2 0 , 7 9 6 . 7 9
4 1 4 , 1 4 6 , 7 0 2 . 8 4
4 1 , 4 5 2 , 7 0 0 . 0 0
2 3 0 , 9 9 7 , 3 0 6 . 8 6
|
4 1 6 , 7 9 9 , 3 3 2 . 2 2
!
5 5 3 , 8 8 3 ,
1 , 9 9 4 ,
y e a r .
€ 0 3 .
2 5
1 5 2 , 4 8 7 . 6 9
3 8 2 , 8 5 0 . 6 9
A d d .
* E x c e s s
Summary for fiscal year, 19S0
-
r e c e i p t s
6 , 3
9 , 3
1
6 , 7
1 3 6 , 2 7 3 . 0 7
7 2 , 6 2 8 . 1 8
3 0 3 , 2 1 0 , 4 9 7 . 1 4
2 , 7 9
1 0 , 7 9
1 0 , 0 7
7 0
!
I
9
2 . 0
0
. 7 0
.
4
.
5
6
.
3 , 9 9 3 , 7 6 9 , 6 3 6 . 4 0
o f
c r e d i t s
( d e d u c t ) .
$ 4 , 1 7 1
-
0 5 1 , 5 4 5 . 7 7
3 , 9 9 3 , 7 6 9 , 6 3 6 . 4 0
_
(Facejp. 831.)
4 .
0 .
9 .
9 .
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647,4
a 9 9 , 1 6 6 .
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8 3 1
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r e c e i p t s , r e v i s e d ^ .
1
R e v i s e d
2 8
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0
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3
1
1 1 0 , 4 S 6 .
7 9 0 ,
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5 , 9 0 9 , 1 1 5 .
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I'ooaoo
T o t a l
t h e
$ 1 , 6 5 6 ,
5 8
4 2 , 5 S S
1 . 3 8 5 . 3 1 5
1 5 , 8 7 0 , 9 5 7
4 0 , 4 3 7 , 2 3 4
2 , S C 6 , 6 4 9 .
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7 , 6 S 4 , 3 5 0 . 0 0
i n
1
j
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c h a r g e a b l e
9
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9
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7
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5 , 6 2 7 , 5
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0
3
7 7
8
5
3 4 ,
2 2 ,
1 4 ,
3 ,
4 , 0 0 0 . 0 0
1 3 3 , 0 5 8 , 1 0 0 . 0 0
o f p a y m e n t s
$ 1 , 4 9 0 , 0 0 ( 3 . 3 0
6 6 , 2 7 1 .
2 4
1 , 0 9 3 , 7 1 1 . 9 8
1 5 , 6 3 5 , 1 4 5 . 8 8
3 1 7 3 2 , 0 5 3 . 9 0
3 , 0 2 2 , 3 2 7 . 1 7
2 3 , 3 7 6 . 9 2
3 1 , 3 0 5 , 8 6 1 .
2 4
2 2 , 0 1 2 , 5 2 5 . 3 6
1 4 , 8 8 6 , 0 2 0 . 7 4
5 , 8 5 6 , 4 1 1 . 5 7
9 3 5 , 4 5 8 . 9 2
3 7 , 3 7 1 , 9 3 2 . 6 7
5 , 7 9 4 , 4 7 0 . 1 9
3 ,
" 4 0 0 , 2 3 1 . 1 7
r e -
3 9 9 , 0 6 8 , 0 3 7 . 7 7 .
e x p e n d i t u r e s
5
37,734
, 9 1 4 . 2
, 1 9 8 . 4
2 7 1
, 8 0 1 4
, 5 9 8 . 6
10.54
1,232,060.60
|
a
3,652.43
9 , € 0 1 5 7
I
132,398.43
!
7 , 6 5 0 , 0 0 0 . 0 0
2 5 , 3 5 0 . 0 0
5 , 0 0 0 . 0 0
T o t a l
5
9
4
8
9
7
8
4
2 8
9
7
4
9 9
4
0 0
0
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7
1 , 2 9 6 , 4 0 6 . 0 2
2 1 0 , 7 2 5 , 4 4 5 . 0 8
D e d u c t —
N e t
a m o u n t
4
9
2
5
6
2
3
4
$ 1 , 5 1 4 , 6 1 3 . 9
8 7 , 8 9 0 . 2
1 , 2 4 5 , 1 7 2 .
1 6 , 0 9 7 , 2 5 8 . 3
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3 , 1 1 6 , 8 8 6 . 2
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2 9 , 7 1 0 , 8 2 3 . 0
2 2 ,
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1 1 8 3 7 , 0 3 7 . 9
1 6 9 7 , 4 5 1 . 9
1 9 1 , 6 3 1 4
38,052,263.57
5,826,195.85
3 , 6 1 0 , 5 2 1 5
1 , 2 6 2 , 8 7 4 . 1 5
95,084.19
3 8 . 4 9
1 2 . 9 0
5 7 . 4 0
7 5 . 7 0
97,141.92
0 0 . 4 8
1
r e c e i p t s
7 6
3 0
0 7
2 8
6 5
4 0
2 , 8 1 2 , 0 5 0 . 5 1
2 6 , 1 3 8 , 0 2 7 . 3 6
,
o r d i n a r y
8
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7
2
7
3
1 .
6 .
2 .
7 .
8 .
6 .
1 , 3 7 8 , 0 2 5 . 5 2
7 , 1 9 2 , 3 5 1 1 8
103,874,453.25
a g a i n s t
3 0 , 8
2 3 , 6
1 2 , 8
4 , 5
1 , 3
4 0 , 3
3 , 0
3 , 8
1 2 6
, 1 0
, 0 6
, 6 5
, 1 5
, 8 1
1 , 9 0 5 , 8 0 8 . 7 5
8 , 4 5 6 , 9 0 2 . 4 4
3 4 9 , 8 2 4 , 9 1 5 . 3 6
c h a r g e a b l e
4
6
3
6
1
1 , 5 4 7 , 0 4 2 . 5 5
5 , 3 9 1 , 4 4 2 . 8 5
T o t a l . .
e x p e n d i t u r e s
$ 1 , 5 0
7
1 , 1 0
1 6 , 6 3
3 0 , 8 7
2 , 6 2
1 7 7 , 8 8 1 , 7 3 5 . 2 7
1 3 2 , 5 1 9 , 2 5 6 . 0 1
5 , 3 0 1 , 9 7 5 . 4 7
4 5 , 0 4 4 . 3 2
a
18,217.65
3
1,446.13
4o,"i65."oo"
5 , 0 0 0 . 0 0
3 2 , 7
2 2 , 0
1 5 , 5
3 , 7
5 0
S 3
. 9 2
6 1
8 8
4 5
1 7 3 , 0 5 1 6 6 8 . 2 6
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1 3 3 , 6
j
1 3 3 , 0 0 0 , 0 0 0 . 0 0
5
. 6
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9
9
8 , 3 8 1 .
3 , 3 0 0 .
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0 6 9
8 , 2 4 2 .
4 , 3 7 7 .
3 , 2 5 7 .
1 7 1 , 6 9 0 , 8 8 5 . 6 1
3 , 3 3 8 , 6 1 5 . 4 3
J
5 2 6 . 2 4
206.86
248.70
$ 1 , 2 8
7
6 0
1 7 , 1 7
3 3 , 2 5
2 , 6 9
177,778,143.26
I
3 1 5 0 8 , 5 0 3 . 7 2
J 1
2 , 1 5 3 , 6
3 , 3 2 8 , 8
2 5 , 7
9
. 1 4
9 6
2 8
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. 3 1
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. 6 7
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. 9 5
2 0 3 , 9 1 3
5 , 5 9 6 .
0 , 3 0 8 .
0 , 1 6 8 .
7 , 1 1 2 .
3 , 8 3 2 .
1 7 6 , 4 7 2 , 9 0 7 . 6 1
1 4 , 5 7 6 , 4 0 8 . 4 1
a
8 , 2 1 5
0 , 5 4 2
8 , 0 1 3 2
2 , 7 6 1
9 , 3 5 4
9 , 7 6 2
7 , 8 7 3
4 , 5 4 8
5
2
7
4
7
1 7 7 , 9 2 6 , 1 4 0 1 . 7 6 , 36 2 j 5 , 8 5 5 . 2 5
7
!
1
41405.36
211,877.30
10,000,000.00
9
0
9
6
7
0
4
2
, 0
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, 7
1 7 3 , 2 7 0 , 3 7 2 . 5 6
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10,000,000.00
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42,151.14
915,576.08
16,260,552.60
4 0 , 0 9 8 , 2 5 9 . 9 8
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1 8 9 , 6 6 7 , 0 S 7 . 4 0
1 7 5 , 8 9 7 . 3 8
0
2 1 2 06 6 , , 7 0 29 , 0 9 3 , 7 4. 7 47 5 . 0 3 6 5 0 , 9 9 3 , 8 1 2 . 0 0
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1 0 3 , 8 6 4 , 9 5 0 . 0 0 i .
t i r e m e n t s f r o m f o r
r e i g n g o v e r n m e n t s
t a x e s . —
e t i r e m e n t s
f r o m
f
a l i n t e r m e d i a t e c r
e t c
1
2 , 6
1
4
1
1
0
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2
7
7
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2 3 ,
1 4 ,
3,8
1 8 7 , 6 0 7 , 7 5 3 . 5 4
1 3 6 , 5 6 7 , 3 1 9 . 5 3
9
6
0
9
5
9
1
7
6
3
T o t a l J u l y
1 ,
1 9 2 9 , t o
J u n e
3 0 ,
1 9 3 0
June
M a y
1 7 6 , 6 5 3 , 6 4 0 . 9 3
1 8 0 , 7 3 3 . 3 2
1 7 4 , 6 9 0 , 0 2 5 . 7 4
6 1 , 1 0 3 , 1 0 6 . 3 0
, 5
, 2
, 0
, 4
.
.
.
.
.
.
A p r i l
0 1 2 , 9 6 4 . 2 9
594,789.25
I S S ,
1 3 5 , 2 4 9 . 9 0
3 , 3 4 2 , 5 8 4 . 4 7
1
6
1 5
1
, 1 2 9
, 7 9 9
, 1 1 5
, 7 0 3
, 2 8 7
, 1 0 4
March
F e b r u a r y
9 1 3 , 7 3 2 . 4 0
9 3 5 , 2 6 2 . 4 9
7 6 5 , 1 0 S . 0 4
03,874.66
871,250.40
3S,355,489.17
3,957,351.08
4,462,432.34
1 S 7 ,
1 , 8 1 1 , 5 6 5 . 2 2
1 0 , 3 3 7 , 0 4 1 . 7 5
4
4
9
7
7
6
January
. 6 4
1 9
. 0 4
4 1
1 1
7 6
0 8
7 5
1 7 5 , 0 9 7 , 4 1 9 . 0 0
4 0 7 , 3 9 3 . 3 2
1 , 7 5 1 , 3 5 5 . 5 2
1 2 , 1 0 3 , 3 5 3 . 9 9
Sinking fund
$ 1 , 6 1
4
6 4
1 5 , 6 8
3 6 , 8 0
2 , 7 8
3
S O
1 8
7
3 2
1
1 8 7 , 3 2 8 , 4 1 8 . 0 2
i
806,831.88
P u b l i c - d e b t r e t i r e m e n t 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 r e c e i p t s ?
a n d r e
f r o m
f o
f o r e s t a t e
a n d
r
d
F e d e r
, g i f t s ,
4 8
3
. 5
. 9
0 8
2
. 5
. 2
1
0
7
7
9
7
1 8 1 , 2 6 2 , 2 0 1
7 9
1 8 , 0 3 3 , 6 7 7 . 0 0
T o t a l o r d i n a r y -_
u r c h a s e s
e c e i v e d
e c e i v e d
u r c h a s e s
s e r v e a n
F o r f e i t u r e s
$ 2 , 5 7
6
8 9
1 5 , 2 4
4 1 , 5 7
2 , 3 1
. 3 6
. 8 4
. 8 0
1 . 0 9
6 . 0 7
. 3 5
receipts
D e c e m b e r
N o v e m b e r
1 8 1 , 4 6 2 ,
2 9 3 . 6 2
2 0 0 , O S S . 8 3
u n c l a s s i f i e d i t e m s .
T o t a l
I n t e r e s t o n p u b l i c d e b t
R e f u n d s
o f r e c e i p t s :
C u s t o m s I n t e r n a l r e v e n u e . P o s t a l d e f i c i e n c y
P a n a m a
C a n a l
O p e r a t i o n s
i n s p e c i a l
a c c o u n t s :
R a i l r o a d s
W a r
F i n a n c e C o r p o r a t i o n
S h i p p i n g B o a r d
A g r i c u l t u r a l m a r k e t i n g
f u n d
( n e t )
A l i e n p r o p e r t y f u n d s
A d j u s t e d
s e r v i c e c e r t i f i c a t e f u n d
C i v i l s e r v i c e r e t i r e m e n t f u n d
I n v e s t m e n t
o f t r u s t
f u n d s :
G o v e r n m e n t
l i f e i n s u r a n c e
D i s t r i c t o f 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 . .
F o r e i g n S e r v i c e r e t i r e m e n t
G e n e r a l
r a i l r o a d
c o n t i n g e n t
—
P
R
R
P
October
S e p t e m b e r
A u g u s t
J u l y
chargeable against ordinary
T
.
T
„
I S O ,
2 8 1 , 9 0 9 . 3 7
REPORT OF THE TREASURER
TREASURY OF THE U N I T E D STATES,
Washington, October 15, 1930.
SIR: A report covering the transactions of the Treasury of the
United States during the fiscal year ended June 30, 1930, is respectfully
transmitted herewith.
The total receipts and the total expenditures for the fiscal year,
classified according to the daily statement of the United States
Treasury, are given in the tables facing this page. The first section
of these tables shows the receipts for each month and for the fiscal
year on a daily Treasury statement basis and the total receipts for the
year adjusted to an actual deposit basis. The second section shows
the expenditures by months and the total for the fiscal year as reflected in the daily statement and the total expenditures for the year
adjusted to an actual payment basis.
The total ordinary receipts for the year, revised, amounted to
$4,174,051,545.77 as compared with $4,036,218,918.67 for 1929.
Of this amount $3,038,682,282. 03 was on account of internal revenue
and $584,771,315.84 on account of customs.
The total ordinary expenditures for the fiscal year, revise(i, amounted
to $3,439,886,033.15 and other expenditures chargeable against
ordinary receipts to $553,883,603.25, while the excess of total ordinary
receipts over total expenditures chargeable against ordinary receipts
was $180,281,909.37.
Pay warrant transactions
Article 1, section 9, of the Constitution provides that ^'no money
shall be drawn from the Treasury but in consequence of appropriations made by law.'^
Direct settlements by the General Accounting Ofiice of claims
against the Government are paid either by checks of the Treasurer of
the United States as authorized by settlement warrants, or by checks
of disbursing ofiicers from advances made by accountable warrants.
During the fiscal year ended June 30, 1930, Treasurer's checks issued
on settlement warrants in payment of such claims amounted to
$76,901,951.48 and advances to disbursing officers by accountable
warrants from the appropriations made by Congress for carrying on
the many activities of the Government amounted to $2,825,310,604.83.
631
632
REPORT ON T H E FINANCES
Warrants were also issued to reimburse the Treasurer for the payment of public debt principal, interest, and premium amounting to
$5,128,565,099.22. Details of these transactions are given below:
T r e a s u r e r ' s checks issued
on s e t t l e m e n t w a r r a n t s
Accountable warrants
Class
Number
War
Navy
Indians
. . .
Interior
Miscellaneous series
Treasury
Amount •
Number
Amount
'
$10,284,775. 76
1,486, 258. 62
1,810,719. 52
6, 302,946. 65
20,803, 804. 31
36, 213,446. 62
2,296
2,127
1,827
780
8,322
6,668
$504,493,246. 26
382,420,356. 96
32,037,060. 42
273,728,431. 03
1.316.901.763.24
315,729,746.92
76,901,951. 48
21,019
12
2, 825,310, 604. 83
1 5,128, 666,099. 22
25,372
:.
7,775
520
2,279
1,987
7,186
5,625
25, 372
.
_ .
76,901,951. 48
21,031
7,963,876,704.06
P u b l i c d e b t (principal, interest, a n d p r e m i u m )
Total
:
1 Includes principal and interest payments effected through the issuance of transfer warrants.
Foreign currencies ^purchased
Claims settled by the Comptroller General in foreign currencies
are paid by drafts purchased by the Treasurer througli the Federal
Reserve Bank of New York, and the Treasurer is reimbursed through
settlement warrants. During the fiscal year 1930 drafts were purchased to pay such claims at a total cost of $17,155.27. The facilities,
of the Treasury are also used by disbursing officers of various other
Government departments and bureaus to purchase drafts required to
pay in foreign currencies claims against their respective departments
and bureaus, the Treasurer being reimbursed by disbursing officers'
checks. During the fiscal year 1930 the cost of drafts purchased for
such disbursing officers amounted to $82,004.06.
The statement given below shows the various kinds of foreign currencies purchased and the cost in United States money for each kind.
F o r p a y m e n t of claims
settled in foreign currencies b y t h e C o m p troller General
K i n d of c u r r e n c y p u r c h a s e d
Amount
Belgas
Bolivianos
Crowns, Czechoslovakian.
Dinars
Dollars, C a n a d i a n
L
Dollars, C o l o m b i a n
Dollars, Straits S e t t l e m e n t s
Drachmas
J.
Finmarks
.
.
Francs, French..
•
.
F r a n c s , Swiss
L
Guilders, D u t c h
Kroner, Danish
i
Kroner, Norwegian
K r o n e r , Swedish
Lire
Local c u r r e n c y , P e i p i n g
Local c u r r e n c y , S h a n g h a L .
Local c u r r e n c y , T i e n t s i n
Milreis
. . ..
Pengo
Cost
F o r other d e p a r t m e n t s
a n d b u r e a u s of t h e
Government
Amount
Cost
$21. 35
.
-
.
.
18,119. 72
45'6.30
1, 231. 95
12.65
1, 249. 41
9.54
167.90
2,463.80
710. 92
88.31
496. 64
5.07
334. 58
2.55
45.07
129.05
204. 32
15.63
14.94
2.61
59.01
354. 59
35.20
97,033. 94
4,482. 26
4, 967. 98
.89
3, 808.37
866.49
1, 995. 70
1,455.14
284. 61
1,519.52
23, 647.45
2,114.10
481.12
389.18
76.08
407.81
1, 238.17
763. 49
173.04
954$300
17. 50
113.15
3.07
23.28
1.86
632.88
648. 03
47.00
.
$1.67
180. 24
176.88
24.00
3.26
41,150.00
12.00
493.80
3,353. 00
356. 82
153. CO
6,964.10
633
TEEASURER OF T H E XJNITED STATES
F o r p a y m e n t of claims
settled in foreign currencies b y t h e C o m p troller General
K i n d of c u r r e n c y p u r c h a s e d
203. 25
10.00
10.00
905/12/51^
. . .
. . . .
..
4,399. 83
. . .
6, 547. 74
.
.
. .
. . .
1,563.29
65/0/0
24/8/0
17.90
32/9/0
244.87
17, 845. 90
277. 38
19.99
8.88
6.50
11.77
34.59
8,142.19
136. 85
.*
Total
$1,366.53
8.60
40.83
3.04
167.16
166. 50
348.40
19.60
54,485.02
7.87
20.09
13,156. 40
.47
7.74
380. 62
65.99
2, 693. 61
246. 54
3.62
.
10,135.20
10.00
99. 70
25.15
348.18
357. 22
359. 84
3.90
11214/6/3
1/9/72
40.15
55,173.86
. .89
21.20
1053/7/0
467. 20
$25.15
8.66
3.95
7.60
. . . .
Cost
Amount
Cost
Amount
Pesetas.'...
Pesos, A r g e n t i n e gold
Pesos, A r g e n t i n e p a p e r
Pesos, Chilean p a p e r
Pesos, M e x i c a n gold.
Pesos, Mexican silver
Pesos, U r u g u a y a n gold
Pounds, E g y p t i a n . .
Pounds, English
Pounds, Peruvian
Pounds, Turkish
Reichsmark
Rubles .
Rupees, Baluchistan
Rupees, B u r m a n
Rupees, C e y l o n . . .
Rupees, Indian
Schillings, A u s t r i a n .
Taels, S h a n g h a i
Yen
Zloty
F o r other d e p a r t m e n t s
a n d b u r e a u s of t h e
Gpvernment
1,310. 71
27.74
82,004.06
17,155. 27
Collection items
To facilitate the transaction of Government business and to conform to commercial usage, personal checks, drafts, and postal and
express money orders are received by the Treasurer of the United
States and by the Federal reserve banks and branches for collection
and credit of the proceeds in the account of the Treasurer of the
United States.
All checks and drafts received by any Government officer are
accepted subject to collection, and in the event that any check or
draft can not be collected, or is lost or destroyed before collection,
appropriate action is taken by the depositor in the same manner
as if the check or draft had not been received. Such payments are
not effective unless and until the check or draft has been actually
collected and paid.
The class, number, and amount of collection items deposited with
the Treasurer of the United States in Washington for the fiscal years
1929 and 1930 are shown in the following statement, for comparison:
1929
•
1930
Class
N u m b e r of
items
C h e c k s a n d drafts i
.
Postal money orders.
V e t e r a n s ' B u r e a u , collection U;ems
.
N u m b e r of
items
Amounts
$162, 368, 662. 76
3, 394, 008. 08
.....
673,089 $206, 784, 070. 38
225, 769
1, 322, 505. 04
1, 824,450
39, 724, 214. 95
1,252,030
604, 641
2, 723, 308
15,171
Total _
Less u n p a i d checks
N e t total
Amounts
247,830, 790. 37
571,463.41
1,856. 671
14,411
155, 762, 670. 84
596,457. 72
2, 708,137
247, 259, 326. 96
1, 842, 260
155,166,213.12
(2)
(2)
1 Includes drafts deposited by Farm Loan Board in connection with sales of Federal land-bank bonds
and Federal intermediate credit bank debentures.
2 These items are now deposited with the Federal reserve banks and branches by field officers of the
bureau.
634
REPORT ON THE FINANCES
District qf Columbia securities
Of the 3.65 per cent bonds of the District of Columbia which
matured August 1, 1924, $1,050 were paid during the fiscal year 1930,
leaving $102,900 outstanding. Coupons amounting to $55.66,
representing past-due interest on bonds of this loan, were also paid
during this period.
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, certificates, and coupons,
$84,285, and board of audit certificates, $20,134.72. There is a cash
balance of $132.51 remaining in the District of Columbia contractors'
guaranty fund.
Checking accounts
Checks drawn on this office by Government disbursing officers were
paid during the fiscal year 1930 to the number of 33,192,836, a decrease of 465,162 checks as compared with the previous fiscal year.
Balances to the credit of disbursing officers and Government agencies
in 3,067 accounts on June 30, 1930, amounted to $270,112,251.36, a
decrease of $62,357,651.97 from the total of such balances in 3,062
accounts on eTune 30, 1929. The decrease in balances was due largely
to the transfer of the checking balance of the United States Railroad
Administration to the credit of the revolving fund created by section 12 of the Federal control act of March 21, 1918, as amended.
The decrease in the number of checks resulted in part from the reduced number of pensioners and the fewer redemptions of public-debt
obligations in the fiscal year 1930.
Payments to correct irregularities in negotiation of. checks were
made in the fiscal year 1930 to the number of 1,124, amounting to
$69,'350.72, while in the previous year the number of cases was 1,003
for $74, 286.10. Duplicate checks to the number of 9,545 were requested by payees or indorsees during the fiscal year 1930, as compared with 8,489 during the previous fiscal year, the original check
in each case having been lost, stolen, or destroyed.
Boston, Cape Cod & New York Canal Co. bonds
Pursuant to the provisions of the contract dated July 29, 1921,
executed by and between the Boston, Cape Cod & New York Canal
Co., and the Secretary of War on behalf of the United States, as ratified
by the act of Congress approved January 21, 1927, the Government
assumed liability for the payment of the principal of the entire issue
of $6,000,000 50-year first mortgage 5 per cent gold bonds issued by
the canal company, together with the interest thereon from the date
title passed to the Government on March 30, 1928. Accrued interest
having been collected from the company from January 1, 1928, to
March 30, 1928, payment of the coupons due July 1, 1928, and January 1, 1929, was made by the Treasurer. The entire issue of bonds
was called for payment on January 1, 1929, and all bonds and coupons
have been presented and paid and the account closed.
TREASURER OF T H E UNITED STATES
635
Investments Jor the trust fund, relief and rehabilitation, longshoremen^s
and harbor workers^ compensation act
The first investment by the Treasurer of the United States under the
provisions of section 44 of the longshoremen's and harbor workers'
compensation act approved March 4, 1927, was made on November 1,
1929. Fourth Liberty loan 4K per cent bonds in the total amount
of $49,600 were purchased during the fiscal year 1930 and held in
safekeeping on June 30, 1930. (See p. 468.)
Panama Canal
During the fiscal year 1930 the receipts from tolls, etc., for movement of tonnage through the Panama Canal amounted to $28,271,643.03. Receipts during the previous fiscal year amounted to
$28,131,447.24, a net increase of $140,195.79 for the current year.
The disbursements on the basis of warrants drawn were $10,247,935.33 for construction, maintenance, and operation; $999,413.77 for
fortifications; and $2,991,375.23 on account of interest paid on
Panama Canal bonds as against $9,970,913.25, $943,985.31, and
$3,002,235.80, respectively, for t h e prior year.
Payment of coupons from United States securities
Coupons from United States obligations paid during the fiscal year
1930 numbered 19,203,441 and amounted to $494,385,830.60.
Payment of interest on the registered securities of the United States
The division of loans and currency, office of the Secretary of the
Treasury, prepares and issues checks in payment of interest on the
registered obligations of the United States. These checks are drawn
on the Treasurer of the United States and each indicates the loan for
which it is issued and the annual rate of interest. They are cashed by
the Federal reserve banks and branches and other general depositaries
and by the Treasurer of the United States. Such checks are charged
in the daily transcripts of the Treasurer's account. The total amount
of such charges is included in the Treasurer's monthly requisition for
reimbursement. After payment the checks are forwarded to the
Comptroller General of the United States. The number issued during
the fiscal year 1930 was 1,829,199, amounting to $125,424,788.20, and
the number paid was 1,805,162, amounting to $125,271,624.25.
Transactions on account of the Post Office Department
Postal receipts deposited in the Treasury and credited to the account
of the Post Office Department during the fiscal year 1930 amounted to
$689,432,702.87. This amount includes transactions in the money
order fund account effected in both receipts and expenditures in
approximately the same amounts. Other receipts, amounting to
$598,040,761.20, were received and disbursed by postmasters as authorized by law without being deposited in the Treasury.
All receipts and disbursements of the Post Office Department are
under the exclusive control of the Postmaster General. All warrants
636
REPOET ON T H E
FliSTANCES
are issued by him on the Treasurer of the United States, and are
cashed by the Treasurer, Federal reserve banks and branches, and general depositary banks.
The transactions relating to the account with the Treasury during
the fiscal year 1930 are recorded in the following statement:
Fiscal year 1930
Balance J u n e
- 30, 1929
Balance J u n e
30, 1930
Receipts
Washington.
.
Receipts a n d d i s b u r s e m e n t s b y postmasters d u r i n g q u a r t e r ended—
Sept. 30, 1929
D e c . 31, 1929
M a r . 31, 1930
J u n e 30, 1930 . .
Total
Disbursements
$59, 833, 372. 53 1 $689, 432, 702. 87
$739, 419, 518. 92
148,969, 866. 87
155, 609, 372. 43
146, 602, 239. 36
146, 859, 282. 54
148, 969, 866. 87
155, 609, 372. 43
146, 602, 239. 36
146,859, 282. 54
1, 287, 473.464. 07
1, 337, 460, 280.12
59, 833, 372. 53
$9, 846, 556. 48
9,846, 556. 48
1 Includes deficiency appropriation of $91,714,4.50.89.
Dist7'ict of Columbia teachers^ retirement fund
Under the provisions of the act of January 15, 1920, as amended
and supplemented,, the Treasurer of the United States is charged with
maldng investments in the District of Columbia teachers' retirement
fund and the holding in safe-keeping of securities purchased for this
purpose. The purchases made during the fiscal year 1930 and a
description of the securities held for the fund on June 30, 1930,
appear in the following statement:
Deductions
T i t l e of securities
iya per cent first L i b e r t y loan converted .
4M p e r cent fourth L i b e r t y loan
4H per cent T r e a s u r y b o n d s of 1947-1952
4 per cent Federal farm loan b o n d s
iy^ p e r cent F e d e r a l farm loan b o n d s
iy> per cent Federal farrn loan b o n d s
4M per cent Federal farm loan b o n d s
5 per cent Federal farm loan b o n d s
iy^ per cent P h i l i p p i n e I s l a n d s b o n d s
Total...
•
G o v e r n m e n t reserves
Purchased
On h a n d
Held
during
J u n e 30,
J u n e 30,
fiscal year
1929
1930
1930
PurHeld
chased O n h a n d
J u n e 30,
d u r i n g J u n e 30,
1929
fiscal year
1930
1930
$26, 850
735, 750
10, 000
55, 320
• 744,880
4J7, 440
91, 380
1, 000
182, 000
$26, 850
735, 750
10, 000
55, 320
$329, 000 1, 073, 880
417,440
91, 380
1,000
182, 000
$215, 640
266, 600
2, 264, 620
329, 000 2, 593, 620
482, 340
_ _
$269, 000
100
$215, 640
535, 600
100
269, 000
751, 340
Transactions in the public debt
The public debt of the United States consists of various classes of
obligations and is divided into three principal parts: Unmatured
obligations bearing interest, matured obligations on which interest
has ceased, and obligations bearing no interest. The outstanding
matured interest on such obligations is also considered a part of the
public debt in arriving at the net debt of the United States.
At the close of the fiscal year 1929 the total gross debt amounted to
$16,931,197,747.60. Public-debt receipts during the year amounted to
$3,722,970,170.85 and public-debt expenditures to $4,468,859,619.27,
637
TREASURER OF T H E UNITED STATES
making the total amount outstanding on June 30, 1930, $16,185,308,299.18 as shown by the public-debt statement for that date. Of
the amount retired $553,883,603.25 was on account of the sinking fund
and other debt items chargeable against ordinary receipts, $180,281,909.37 was on account of retirements from surplus receipts over
expenditures, and $11,723,935.80 was retired out of a decrease in the
general fund balance at the end of the year below the balance at the
beginning of the year. The total net interest payment during the
year as shown by warrants issued was $658,602,154.96 as compared
with $678,980,351.20 for the fiscalyear 1929, a reduction of $20,378,196.24.
The first offering of Treasury bills which constitutes a new form of
security was made in an announcement by the Secretary of the
Treasury, dated December 10, 1929. Tenders were invited for $100,000,000 in Treasury bills to be dated December 17, 1929, maturing
March 17, 1930, on a discount basis to the highest bidders, such
tenders to be received at the Federal reserve banks and branches.
These bills,, generally speaking, are issued with a 90-day maturity
or less and are intended to supplement rather than to supplant
Treasury certificates of indebtedness with a longer maturity. During
the fiscal year there were four issues of Treasury bills with a maturity
value aggregating $312,024,000.
The total receipts and net expenditures on account of the principal
of the public debt for the fiscal years 1929 and 1930 are given for
comparison in the following statement:
1929
1930
Increase
Decrease
RECEIPTS
$312,024,000. C $312,024,000. C
O
O
Treasury bills.
Certificates of indebtedness
$4, 637, 488, 200.00 3, 201, 562,000.00
$1,435,926,200.00
Treasury notes (Foreign Service retirement fund series)
486,000.00
377,000.00
109,000.00
Treasury notes (adjusted service series)
127, 700,000.00
137,800,000.00
10,100,000.00
Treasury notes (civil-service retirement fund series)
33,000,000.00
7.700.000.00
40, 700,000. C
O
Treasury bonds.. .
359,042,950.00
359,042, 950.00
9, 464, 799.02
Treasury savings securities
...
550, 428. 35
10, 015, 227. 37
262, 740.00
Postal savings bonds
2, 337, 540.00
2,074,800.00
Deposits for retirement of national27, 510, 202. 50
bank notes (act ofJuly 14, 1890)
24, 643, 555.00
2, 866, 647. 50
5,194, 341, 732, 37 3, 722, 970,170.85
Total
•
1,471, 371, 561. 62
\
EXPENDITURES
Treasury bills
. .
Certificates of indebtedness
Treasury notes (Foreign Service retirement fund series)
Treasury notes (adjusted service series) . . . .
.
Treasury notes..
Treasury bonds .
War savings securities
Treasury savings securities
First Liberty bonds
Second Liberty bonds
_
Third Liberty bonds
.
Fourth Liberty bonds
Victory notes
Other debt items
National-bank notes and Federal reserve bank n o t e s . . , , .
Total . . .
Net public debt retirements
156,046,000. C 156,046,000.00
O
4, 240,026, 700.00 3, 578, 967, 700.00
27,000.00
16, 500,000.00
184,950,050.00
12, 695,000.00
56, 429. 75
140, 999, 067. 45
5, 250.00
23,142, 650.00
1, 208, 395, 200.00
15,684,050.00
496, 950. C
O
109, 944. C
O
24, 346, 256. 50
117,000.00
21, 600,000.00
628, 201. 900.00
41, 986. 50
15, 530,061. 65
5, 596, 650. C
O
4,092,850.00
10, 787,850.00
10,108,000.00
290,400.00
202, 907.62
37, 276, 413. 50
5,100,000. 00
443, 251, 850. C
O
6, 591, 300.00
92,963. 62
745, 889, 448.42
12, 695,000.00
14, 443. 26
125, 469, 005.80
19,049, 800.00
1,197, 607, 350. C
O
5, 576,050.00
206, 550.00
12.930,167.00
5, 867,434, 547. 70 4, 468.859, 619. 27
673, 092, 815. 33
661, 059,000.00
90,000.00
1,398, 574,928.43
72, 796. 633.09
638
REPORT ON THE FINANCES
Statement of the public debt of the United States, June 30, 1930
Detail
Amount
issued
Amount
retired
Amount outstanding
Interest-bearing debt
Bonds:
2 per cent consols of 1930
^
$646, 250,150. 00 |$46,626,100. 00 |$599, 724, 050. 00
2 per cent P a n a m a C a n a l loan of
1916-1936
-.
54, 631, 980. 00 5, 677,800. 00
48, 954,180. CO
2 per cent P a n a m a C a n a l loan of
1918-1938
30, OOOi 000. CO 4,052,600.00
25, 947,400. 00
3 per cent P a n a m a C a n a l loan of 1961. 50,000, 000. 00
49,800, 000. 00
200, 000. 00
3 per cent conversion b o n d s of 19461947
28, 894, 500. 00
28,894, 500. 00
2 H per cent postal savings; b o n d s
19, 224, 720. 00
(first to t h i r t y - e i g h t h series)
19, 224, 720. 00
$772, 544, 850. 00
.First L i b e r t y loan
_
1,989,455,550. 00 55, 903, 200. 00
3 H per cent b o n d s of 1932-1947...
1,392,256,250. 00
Converted- 4 per cent b o n d s of
1932-1947..
5, 005,450. 00
C o n v e r t e d i H per cent b o n d s of
1932-1947
532, 798, 500. 00
• Second converted i H per cent
3, 492,150. 00
b o n d s of 1932-1947.....;.
1,933,552,350. 00
F o u r t h L i b e r t y loan—
i H per cent b o n d s of 1933-1938. 16,964,581,100. (
696,329,550.00 16,268,251,550. 00
8,201.803,900.00
T r e a s u r y bonds—
i H per cent b o n d s of 1947-1952. 763, 962, 300. 00 4, 978, 000. 00 758, 984, 300. 00
1,047,088,500. 00 10, 254, 000. 00 1,036,834,500. 00
4 per cent b o n d s of 1944-1954
SH per cent b o n d s of 1946-1956. 494, 898,100. 00 5, 811, 000. 00 489,087,100. 00
SH per cent b o n d s of 1943-1947. 494,854, 750. 00 1,817, 000. 00 493.037, 750. 00
359, 042, 950. 00
SH per cent b o n d s of 1940-1943. 359, 042, 950.' 00
3,136, 986, 600. 00
T r e a s u r y notes:
3 K per cent series A-1930-1932..
SYi per cent series B-1930-1932..
SH per cent series C-1930-1932..
1,360,456,450. 00 686,376,600.00
619,495, 700. 00 119,184,000.00
607, 399, 650. 00 155,675,700.00
4 per cent adjusted service certificate fund—series 1931 to 1935
635,800, 000. 00
4 per cent civil-service r e t i r e m e n t
134,100, 000. C
O
fund—series 1931 to 1935.
4 per cent Foreign Service retire1,015, 000. 00
m e n t fund—series 1933 t o 1935..•_.
\, 600, 000. 00
674,079,850. 00
500,311,700.00
451, 723, 950. 00
1,626,115,500.00
629, 200, 000. 00
134,100, 000. 00
144, 000. CO
871, 000. 00
2, 390, 286, 500. 00
Certificates of i n d e b t e d n e s s :
SH per cent series TS-1930..
SH per cent series TD-1930^.
2 % per cent series T J - 1 9 3 1 . . .
351,640,500.00
483, 341, 000. 00
429, 373, 000. 00
351, 640, 500. 00
483, 341, 000. 00
429, 373, 000. 00
T r e a s u r y bills ( m a t u r i t y v a l u e ) :
Series m a t u r i n g J u l y 14, 1930..
Series m a t u r i n g A u g . 18, 1930..
51, 316, 000. 00
104,600, 000. 00
51,316, 000. 00
104, 600, 000. 00
1,264, 354,-500. 00
T o t a l interest-bearing d e b t o u t s t a n d i n g
,
155,916, 000.00
15, 921,892, 350. 00
M a t u r e d debt on which interest has ceased (payable on presentation)
Old d e b t matured—issued prior to A p r . 1 , 1 9 1 7 . . .
4 per cent second L i b e r t y loan of 1927-1942
i H per cent second L i b e r t y loan of 1927-1942
i H per cent t h i r d L i b e r t y loan of 1928
SH per cent Victory notes of 1922-1923
i H per cent Victory notes of 1922-1923
T r e a s u r y notes, a t various interest rates, m a t u r e d
Certificates of i n d e b t e d n e s s , at various interest rates, m a t u r e d
T r e a s u r y bills
T r e a s u r y savings certificates....
T o t a l o u t s t a n d i n g m a t u r e d d e b t on w h i c h interest h a s ceased. |
1,712,320. 26
1.117,150. 00
i, 394,850. 00
' 9,665,550. 00
20,900. CO
150.00
1, 412,
412,000.00
000. 00
11, 272,
62, 000. 00
450. 00
1, 646,
31,715,370.26
TREASURER OF T H E UNITED STATES
639
Statement of the public debt of the United States, J u n e SO, 1930—Continued
Amount outstanding
Debt bearing no interest (payable on presentation)
Obligations required to be reissued when redeemed:
United Statesnotes
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...
Thrift and Treasury savings stamps, unclassified sales, etc
$346, 681, 016. 00
156, 039, 088.03
190,641,927.97
53, 012. 60
35, 570, 939. 50
1, 990, 512. 42
3,444,186. 53
Total outstanding debt bearing no interest .
Total gross debt i
...:
Matured interest obligations, etc.:
Matured interest obligations outstanding
Discount accrued on Treasury (war) savings certificates, matured
series...
Settlement warrant checks outstanding
Disbursing officers' checks outstanding
$231,700,578.92
16.185,308,299.18
31, 504,143. 45
5,173, 550. 00
939,458. 08
75, 240, 293. 03
112, 857,444. 66
, 165, 743. 74
Balance held by the Treasurer ofthe United States as per daUy Treasury,
statement for June 30, 1930
318,607,168.11
Deduct": Net excess of disbursements over receipts in reports subsequently received
5,824, 253. 08
312, 782, 915. 03
Net debt, including matured interest obligations, etc.2
15, 985, 382,828. 71
1 The total gross debt June 30,1930, on the basis of daUy Treasury statements was $16,185,309,831.43 and the
net amount of public-debt redemptions and receipts in transit, etc., was $1,532.25.
2 No deduction is made on account of obligations of foreign governments or other investments.
12101—31-
-43
Detail of outstanding interest-bearing issues on J u n e SO, 1930
O.
Title
Interest-bearing debt
Bonds:
Consols of 1930
Panama Canal loan of 1916-1936.
Panama Canal loan of 1918-1938.
Panama Canal loan of 1961
Authorizing act
Mar. 14. 1900
June 28. 1902, and Dec. 21,
1905.
do...
Aug. 6,1909, Feb. 4,1910, and
Mar. 2, 1911.
Dec. 23, 1913
Conversion bonds
Postal savings bonds (first to thirty- ^June 25, 1910.
eighth series).
First Liberty loan—
33^ per cent bonds of 1932-1947
Apr. 24, 1917
Converted 4 per cent bonds of 1932- Apr. 24, 1917, Sept. 24,1917..
1947.
Converted i H per cent bonds of Apr. 24, 1917, Sept. 24, 1917,
as amended.
1932-1947.
do...
Second converted i H per cent
bonds of 1932-1947.
Fourth Liberty loan—
i H per cent bonds of 1933-1938
Sept. 24, 1917, as amended..
Treasury bonds—
i H per cent bonds of 1947-1952
do
4 per cent bonds of 1944-1954—
-do-
SH per cent bonds of 1946-1956.
.do.
SH per cent bonds of 1943-1947.
.do.
SH per cent bonds of 1940-1943.
Treasury notes:
Series A, 1930-32
.do.
.do.
Series B, 1930-32.
.do.
Series 0,1930-32.
.do.
Adjusted service certificate fund—series 1931 to 1935.
.do.
Rate
of
interest!
When redeemable or payable
Date of issue
Per cent\
2 Apr. 1, 1900..
2 Aug. 1, 1906
2
3
Redeemable after Apr. 1, 1930..
/Redeemable after Aug. 1, 1916.
IPayable Aug. 1, 1936
/Redeemable after Nov. 1, 1918..
IPayable Nov. 1, 1938
Payable June 1, 1961
Nov. 1, 1908.
J u n e l , 1911
3 Jan. 1, 1916-17
rjan. 1, July 1, 19112H| L 1930.
SH\ June 15, 1917
Nov. 15, 1917
4
May 9, 1918
4K Oct. 24, 1918
..
Jan. 1, Apr. 1, July 1, Oct.l.
[Feb. 1, May 1, Aug. 1, Nov. 1.
[
Do.
Mar. 1, June 1, Sept. 1, Dec. 1.
Payable 30 years from date of issue
Jan. 1, Apr. 1, July 1, Oct. 1.
Redeemable on and after 1 year from
date of issue.
J a n . 1, July 1.
Payable 20 years from date of issue
Redeemable on or after June 15,1932
J u n e 15, Dec. 16.
Payable June 15, 1947
Do.
....do.
.do.
Do.
.do.
O
o
Do.
/Redeemable on and after Oct. 15, 1933...
|\Payable Oct. 15, 1938
/Redeemable on and after Oct. 15, 1947...
i H Oct. 16,1922...
\Pa3'able Oct. 15, 1952
/Redeemable on and after Dec. 15,1944...
4 Dec. 15, 1924_.
IPayable Dec. 15, 1954
'/Redeemable on and after Mar. 15, 1946..
SH\ Mar. 15, 1926..
jlPayable Mar. 15, 1956
/Redeemable on .and after June 15, 1943..
June 15, 1927..
IPayable June 15, 1947
I/Redeemable on and after June 15, 1940. _
July 16, 1928..
IPayable June 15,1943
/Redeemable after Mar. 15, 1930...
Mar. 15, 1927..
IPayable Mar. 15, 1932
/Redeemable after Sept. 15, 1930
Sept.' 15, 1927..
'IPayable Sept. 15, 1932
/Redeemable after Dec. 15, 1930
SH\ Jan. 16, 1928...
IPayable Dec. 15, 1932
(Redeemable after 1 year from date of
Various dates from I issue...
4
1
-.
Jan. 1, 1926.
1 Payable fi^om 4 to 5 years from date of
L issue
4M .....do
Interest payable
Apr. 15, Oct. 15.
Do.
•June 16, Dec. 15.
Mar. 15, Sept. 15.
June 15, Dec. 15.
Do.
Mar. 15, Sept. 1.5.
Do.
June 15, Dec. 15.
Jan. 1.
w
>
a
tel
Redeemable after 1 year from
issue
Payable from 4 to 5 years from
issue.
Redeemable after 1 year from
Various dates from
issue.
June 30, 1928.
Payable from 4 to 6 years from
I issue
Payable Sept. 15, 1930
SH Dec. 16, 1929
Payable Dec. 15, 1930
SH Mar.-15, 1930
Payable June 15, 1931
June 16, 1930
Civil service retirement fund—series"
1931 to 1935.
Various dates from
Mar. 14, 1927.
Foreign Serv ice retirement fund1933 to 1935.
Certificates of indebtedness: •
Series TS-1930
Series TD-1930
Series TJ-1931...
Treasury bills:
Series maturing July 14, 1930...
Series maturing Aug. 18, 1930...
-do.
_do.
.do.
.do.
.do.
.do.
1 2. 933 Apr. 15, 1930
1 2. 544 May 19, 1930
Payable July 14, 1930
Payable Aug. 18, 1930
date of
date of
June 30.
date of
Do.
date of
Mar. 16, Sept. 15.
. June 15, Dec. 15.
Dec. 15, June 15.
July 14, 1930.
Aug. 18, 1930.
1 Treasury bills are noninterest-bearing and are sold on a discount basis with competitive bids for each issue. The average sale price of these series gives an approximate yield
on a bank discount basis as above indicated.
Public debt retirements chargeable against ordinary receipts
During the fiscal year 1930 the public debt retirements chargeable against ordinary receipts were as follows:
Purchases and
retirements
Purchases and Received from
from franchise
Purchases and
retirements
foreign govern- Received for
tax receipts Forfeitures,
redemptions for
ments under
the sinking fund from foreign debt settlements estate taxes ' (Federalreserve gifts, etc.
repayments
and Federal
intermediate
credit banks)
Loan
Total
o
d
"A
M
•
Certificates of indebtedness:
Series TM-1930
Series TJ-1930
Treasury notes:
Series A, 1930-1932
Series B, 1930-1932
Series 0,1930-1932
Thrift stamps _ . . . '
First Liberty loan bonds
Second Liberty loan bonds
Third Liberty loan bonds
Fourth Liberty loan bonds
Total . . .
. . . .
$9, 264, 500. 00
41,452, 500. 00
...
.
$311,145, 550.00
25, 517, 300. 00
41, 556,100. 00
.
150, 000. 00
.
.
...
.
.
10,000, 000. 00
i.
388, 368, 950. 00
$7,815,000.00
77,179, 550. 00
19, 763, 000. 00
392,650. 00
5, 033, 300. 00
25, 350. 00
51,135,000.00
$13, 719,500. C
O
41,452, 500. C
O
$4,455, 000. C
O
$7,000. 00
7, 000. 00
3, 500. 00
3.25
6, 600. 00
3, 000. 00
10, 050. C
O
24, 560. C
O
$15,000. 00
58,100.00
109, 790, 850. 00
73,100. 00
4, 455, 000. 00
318,967,550. 00
102, 703, 850. 00
61, 322. 600, 00
3. 25
5, 596,550. C
O
3,000. 00
10, 050. 00
10,108, 000. 00
60, 703. 25
553, 883, 603. 25
H
CQ
.
642 .
REPORT ON THE FINANCES
Statement of the Treasury of the United States
The total assets and liabilities of the Treasury from the revised
figures at the close of the fiscal year 1930 are set apart in the several
accounts as follows:
GOLD RESERVE FUND
Gold coin and bullion
$156,039,088.03
TRUST FUNDS
(Held for redemption of the notes and certificates for which they are respectively pledged)
Gold coin and bullion
$1,489,989,479.00 Gold certificates outstanding..... $1.625,650,709. 00
Silver dollars...
488,458,161.00 Less amount held in Treasury
offices
35,661,230.00
Net
1,489,989.479.00
Silver certificates outstanding
Less amount held in Treasury
offices
Net...
Net
1.978,447,640.00
TotaL
3,135,462.00
487,198, llL00
Treasury notes of 1890 outstanding
Less amount held in Treasury
offices
Total
490,333,563.00
1,261,550. 00
1,500.00
1,260,050.00
}...:.
1,978,447,640.00
GOLD FUND, F E D E R A L RESERVE BOARD
Gold coin and bullion
$1,796,239,234.56
The general fund
Every receipt from whatever source and every expenditure of
whatever nature affect either the assets or liabilities or both of this
fund, and the total amount of the assets over and above the total
amount of the liabilities represents the net balance in the general
fund available to meet Government expenditures.
The principal sources of these receipts are income tax, miscellaneous internal revenue, and customs duties. Miscellaneous receipts
include proceeds of Government-owned securities, sale of surplus and
condemned property, Panama Canal tolls, fees (including consular,
passport, and patent fees), fines, penalties, forfeitures, rentals,
royal ties,, reimbursements, immigration head tax, sale of public land,
tax on national-bank circulation, interest on public deposits, seigniorage, on coinage of subsidiary silver and minor coins, etc. Moneys in
the general fund may be withdrawn from the Treasury only in piirsuaince of appropriations made by Congress. There are four classes
of app^ropriations payable from the general fund of the Treasury,
namely: (a) Annual, being those made each year in the several
departmental supply bills and limited for obligation during the fiscal
year for which made; (b) continuing (no-year), being available until
expended or until the object for which appropriated has been accomplished, such as construction of public works; (c) permanent-specific,
being fixed amounts provided for each of a series bf years by permanent-legislation without annual action of Congress; and (d) permanent-indefinite, being indefinite amounts (so much as may be
necessary) provided by permanent legislation without annual action
of Congress, such as the indefinite appropriation to cover interest on
the public debt.
TEEAStntEH OF THE UNITED STATES
643
In the first part of the statement of the general fund given below
are shown the amounts of each kind of available cash actually held in
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. Following the Treasury office
assets are shown the amounts in Federal reserve banks, special
depositaries, general and limited depositaries (including insular), foreign depositaries, and the treasury-of the Philippine Islands to the
credit of the Treasurer of the United States and to the credit of
United States disbursing officers.
The second part of the statement shows the current liabilities
against the assets followed by the net balance.
In Treasury offices:
Gold
Standard silver dollars
United Statesnotes
Federal reserve notes
Federal reserve bank notes
National-bank notes
Subsidiary silver coins
Minor coins
Silver bullion (at cost)
Unclassified (collections, etc.)
..
$51,254,731.39
6,599,227.00
2,847,706.00
283, 720. 00
52,165.00
55,806. 50
5,233,513.12
. 4,177, 685.07
6,622,158.31
869,693.92
.
In Federal reserve banks:
To credit of Treasurer of United States
Intransit
28,136, 346, 72
296^ 623', 336'. 64
In special depositary banks: Account of sales of certificates of indebtedness
In general and limited depositary banks (including insular):
To credit of Treasurer of United States
To credit of other Government officers
Intransit
6,957,078.78
18,914,649.46
1,455,539.23
27, 327, 267. 47
In foreign depositary banks (general and limited):
To credit of Treasurer of United States
To credit of other Government officers
Intransit
In treasury of Philippine Islands:
To credit of Treasurer of United States
In transit
$77, 996, 406. 31
26, 524,266.!
1,612,080.40
293,071.47
1,319,067.67
880,681.77
2,492, 820.91
1
225,627.14
276.53
225, 903. 67
Total current assets
Deduct current liabilities:
Federal reserve note 5 per cent fund (gold)
Less notes in process .pf redemption
:
432,802,081.72
$36,675, 622. 56
1,442,350.00
35,233, 272. 56
28,226,376.32 .
19,263,897.00
8,962,479.32
Treasurer's checks-outstanding
........
645,381.46
Post Office Department balance
.
9,846,556.48
Board of trustees. Postal Savings System, balances
9,142,427.03
Balance to credit of postmasters, etc
64,463,085.01
Retirement of additional circulating notes (act of May 30, 1908)
1,900.00
Uncollected items, exchanges, etc
1, 724, 064.83
National-bank note 5 per cent fund
Less notes in process ofredemption
Balance,in Treasury June 30, 1930
...^
120,019,166. 69
312,782,915.03
The net excess of all disbursements over all receipts during the
fiscalyear 1930, including public-debt transactions, was $11,723,935.80.
This amount deducted from $324,506,850.83, the balance in the
Treasury on June 30, 1929, gives $312,782,915.03, the balance in the
Treasury on June 30, 1930.
Net available cash balance
The net available cash balance represents the difference between
the assets and the liabilities in the general fund and is the working
balance in the Treasury to meet Government expenditures.
644
REPORT ON T H E FINANCES
The balance at the end of each month from July, 1927, is given
in Table No. 6, and for. June 30 of each year since 1921 in the following statement:
Available cash balance {exclusive of the reserve fund) on the dates named
AvaUable cash
balance, general
fund
Date
J u n e 30—
1921
1922....
1923
1924
1925...
.°..
$532,898,329. 77
264,126, 935. 85
369,886,816.03
238,029, 514. 74
219, 979,440. 82
Available cash
balance, general
fund
Date
J u n e 30—Continued.
1926 . . . .
1927....
1928
1929
1930...
:.
$211,128,078. 43
232, 598,120.48
260,190, 330. 86
• 324, 506,850.83
312, 782, 915. 03
The gold reserve fund
The gold reserve represents a legal amount of gold set aside out
of the gold assets of the Government to pay United States notes
(greenbacks) and Treasury notes of 1890 when presented for redemption. The legal requirements are that when such notes are presented
for redemption in gold they shall be paid out of the gold reserve and
the reserve immediately replenished from the gold in the general
fund, after which the United States notes are reissued in order to
keep the full amount outstanding as required by law.
The act of March 14, 1900, fixed the amount of the gold reserve
at $150,000,000. The act of May 30, 1908, known as the AldrichVreeland Emergency Currency Act, provicied that taxes received
from national-bank circulation secured otherwise than by United
States bonds should be credited to the reserve fund for the redemption of United States notes. Also the Federal reserve act, approved
December 23, 1913, as amended, and the agricultural credits act,
approved March 4, 1923, provide that the net earnings of the Federal
reserve banks and the Federal intermediate credit banks after the
payment of necessary expenses, dividends, etc., shall be paid to the
United States as a franchise tax and that such ainount shall be used,
in the discretion of the Secretary of the Treasury, to supplement the
gold reserve, or shall be applied to a reduction of the outstanding
bonded indebtedness of the United States. Under the provisions of
these acts the gold reserve has been increased to $156,039,088.03.
Franchise taxes for the fiscal year 1930, however, were used to retire
outstanding Government obligations.
Gold fund. Federal Reserve Board
The gold fund of the Federal Reserve Board consists of the gold
settlement fund of the Federal reserve banks and the gold fund of
the Federal reserve agents and is a common fund of gold held in the
name of the Federal Reserve Board by the Treasurer of the United
States for the Federal reserve banks and agents, each bank and
agent owning a part. I t is in effect a clearance fund established
645
TREASURER OF T H E UNITED STATES
for the purpose of enabling the Federal reserve banks and settling
branches and the Federal reserve agents to settle their payments in
gold between themselves and with the Treasurer of the United States
without an actual physical transfer of money, and was created under
section 16 of the Federal reserve act, which provides that the Federal
Reserve Board may exercise the functions of a clearing house for the
Federal reserve banks.
The balance to the credit of this fund on June 30, 1929, was $1,562,425,579.40. During the fiscal year 1930 deposits made therein
amounted to $1,481,805,972.22 and withdrawals therefrom amounted
to $1,247,992,317.06, leaving a balance to the credit of the fund on
June 30, 1930, of $1,796,239,234.56.
Gold in the Treasury
The gold in the Treasury increased considerably during the fiscal
year 1930. The amount on hand on June 30, 1929, was $3,278,368,764.49 and the balance on hand on June 30, 1930, was $3,493,522,532.98, an increase for the year of $215,153,768.49. ,
The imports of gold for the year were $342,340,519 and the exports
$119,195,491, an increase of imports over exports of $223,145,028.
The total amount of gold in the Treasury on June 30 in each year
from 1921, set apart for the respective uses, is given in the following
statement:
Date
J u n e 30—
1921...
1922.__
1923...
1924...
1925...
1926...
1927...
. 1928...
1929...
1930...
Gold reserve
$152,979,025.63
152, 979, 025. 83
152,979, 025. 63
152,979, 025. 63
153, 620, 985. 51
154,188, 886. 20
155, 420, 720.98
156,039,088.03
156, 039, 088. 03
156, 039, 088. 03
F o r gold certificates in
circulation
Gold fund.
Federal Reserve
Board
$716, 532,989. 00 $1, 537, 856.895. 45
695, 000,469. 00
2,108, 886, 911. 43
737, 014,169. 00
2, 285,169, 645. 65
1, 218, 350, 659. 00
2, 260, 891, 035.12
1, 609, 687, 619. 00
1, 752, 744, 435.12
1,680,510,609.00
1, 717, 348, 235.12
1, 625, 278, 749. 00
1, 712,002, 935.92
1, 513.730,839. 00
1, 387, 650, 413. 30
1,384,335.109.00
1, 562,425, 579.40
1,489, 989, 479. 00
1, 796, 239, 234. 56
General fund
(including gold
redemption
fund for Federal
reserve notes)
$263, 015,170. 02
200, 336,149. 90
188, 577,114. 45
153,840, 269. 23
175,147,160. 94
161, 784, 563. 70
158,704, 029. 52
158,195, 548. 59
175, 568,898. 06
51, 254, 731. 39
Total
$2, 670, 384, 080.10
3,157, 202, 555. 96
3, 363, 739, 944. 73
3, 786, 060,988.98
3, 691, 200, 200. 57
3, 713, 832, 294. 02
3, 651,406,435. 42
3, 215, 615, 888. 92
3, 278, 368, 764. 49
3, 493, 522, 532. 98
Securities held in trust
The Treasurer is custodian of United States bonds pledged as
security for the circulating notes of national banks, of securities
pledged for the safe-keeping and prompt payment of Government
deposits of public moneys in national and other banks and of postalsavings funds placed in depositaries designated to receive such funds.
The amounts and kinds of securities held for the above-mentioned
purposes and the changes therein during the fiscal year 1930 are
recorded in the followins: tables.
646
REPORT ON T H E FINANCES
Securities held for national and other banks, J u n e SO, 1929, and J u n e 30, 1930,
and changes during 1930
K i n d of securities
Rate
Held June
30, 1929
Transactions during
1930
Deposited
Held J u n e
30, 1930
Withdrawn
TO SECURE CIRCULATION
U n i t e d States b o n d s :
Consols of 1930..
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 e r cent
2 $591, 819,100 $63, 351,450 $63,166,900 $592, 003, 650
48,575,900
7, 472, 980
48, 658, 520
7, 390, 360
2
4, 472, 950
25, 640, 200
25, 721, 520
2
4, 391, 640
666,199,140
Total
75,133, 450
75,112, 840
666, 219, 750
261, 000
8,000
18, 000
2, 039, 500
240, 000
45, 000
51, 000
183, 000
30, 000
183, 000
80, 000
255, 000
8,000
18, 000
2, 039, 500
190, 000
367,950
403, 850
59, 800
712, 000
3, 050
30, 000
15, 000
18, 050
• 1,709,350
998, 500
815, 300
1, 892, 550
TO SECURE PUBLIC DEPOSITS
Obligations of t h e U n i t e d States:
BondsConsols of 1930
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
P a n a m a Canal loan of 1961
Conversion b o n d s
F i r s t L i b e r t y loan—
SH per cent 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 i H per cent b o n d s of
1932-1947
Second converted i H per cent
bonds of 1932-1947
T h i r d L i b e r t y loan—
i H per cent bonds of 1928
F o u r t h L i b e r t y loan—
i H per cent b o n d s of 1933-1938....
T r e a s u r y bonds—
i H per cent b o n d s of 1947-1952....
4 per cent b o n d s of 1944-1954
SH per cent b o n d s of 1946-1956
SH per cent b o n d s of 1940-1943....
SH per cent b o n d s of 1943-1947
T r e a s u r y notes—
Series A-1930-1932
Series B-1930-1932
Series C-1930-1932
:
Certificates of i n d e b t e d n e s s Series TJ-1929
Series TS-1929
Series TS2-1929.
Series TD-1929
Series TD2-1929
Series TM-1930
Series TJ-1930.
Series TS-1930
Series TD-1930
Series TJ-1931
... .
Treasury b i l l s Series due J u l y 14, 1930
Other obligatio'ns:
Federal farm loan b o n d s
Philippine bonds
P o r t o Rico b o n d s . . .
.......
Hawaii bonds
Totals..
•
2
2
2
3
3
SH
4
iH
250
250
iH
2,500
iH
2,500
^H
14,449, 700
3, 584, 900
4, 643,950
13, 390, 650
iH
935, 600
6,153, 600
2, 680, 500
614, 300
2, 515, 350
550, 000
1, 704, 500
1, 012, 500
570, 500
913, 500
445, 000
2, 006,100
1, 686, 500
265, 500
1,127, 800
1, 040, 600
5, 852, 000
2, 006, 500
919, 300
2, 301, 050
SH
SH
4, 759, 250
1, 716, 750
1, 473, 400
1,126, 000
186, 000
206,400
988, 500
658,100
562, 900
4, 896, 750
1, 244, 650
1,116,900
iH
iH
iH
1,600
25, 000
4
SH
SH
SH
iH
III
200, 500
17, 500
2,000
SH
SH
2}i
5,000
1,000
20, 500
16, 000
4,500
3,000
270, 500
350, 000
1,600
25,000
5,000
201, 500
38, 000
18, 000
4, 500
3,000
270, 500
350,000
50, 000
50, 000
(')
(0
(0
(0
4, 623, 000
2, 048, 000
290, 000
903, 300
1,336,500
448, 000
161,000
590, 000
1, 044, 500
536, 000
90, 000
599, 500
4,915, 000
1, 900, 000
361, 000
893,800
48, 058, 700
14, 800, 900
16,154, 550
46, 705, 050
1 Various.
Securities held to secure postal-savings funds June 80, 1929, and June
30, 1930, and changes during 1930
Under a general authority in the postal-savings law (act of June
25, 1910, as amended) the trustees of the Postal Savings System
have taken over postal-savings bonds from bondholders who wished
to turn them back. The Treasurer of the United States held
111,839,320 pf 3ucb bp^d^ at the dose of the fiscal year 1930,
647
TREASXJRER OF THE TJNITED STATES
K i n d of securities
Rate
Held June
30, 1929
Transactions during
1930
Deposited
Withdrawn
O b h g a t i o n s of t h e U n i t e d States:
Bonds—
P e r cent
Consols of 1930
.'
.. 2
$119, 200
9,000
$1,000
P a n a m a C a n a l loan of 1916-1936
2
15,000
P a n a m a C a n a l loan of 1918-1938
2
8,000
3
P a n a m a Canal loan of 1961
1,126,000
i,000
39, 500
Conversion b o n d s .
3
100,000
50,000
, F i r s t L i b e r t y loan—
SH per cent b o n d s of 1932-1947....
840,100
102, 650
805,100
SH
C o n v e r t e d 4 per cent b o n d s of
1932-1947
15,100
51,150
150
C o n v e r t e d i } i per cent b o n d s of
1932-1947
.....
4,012, 450
650,150,
1,798,250
iH
Second converted i H per cent
10,000
43,850
b o n d s of 1932-1947
6,750
iH
F o u r t h L i b e r t y Loan—
i H per cent b o n d s of 1933-1938....
50, 238,100 22, 288,050 16, 523,000
iH
T r e a s u r y bonds— •
4M per cent b o n d s of 1947-1952....
2,670, 500
939,000
775,200
iH
4 per cent b o n d s of 1944-1954
• 13, 695, 200 i , 843, 500 3, 252,000
4
6,118,400
2,992, 000
SH per cent b o n d s of 1946-1956....
3,198,100
SH
1, 675, 350 2, 331, 550
3 H per cent b o n d s of 1940-1943....
1, 278, 400
SH
33^ per cent b o n d s of 1943-1947....
SH 6, 728,850 2, 337,150 1,981, 200
Treasury n o t e s Series A-1930-1932
SH 10,122, 900 3, 538,600 3, 088,900
Series B-1930-1932
5,182, 950
907, 400
1, 376, 200
SH
3, 741,800 1, 348, 650 1,024, 500
Series 0^1930-1932
SH
Certificates of i n d e b t e d n e s s 39, 500
Series TJ-1929
:
39, 500
iVi
251,000
341,000
Series TS-1929
90.000
iH
67, 000
122, 000
Series TS2-1929
55,000
iH
387, 500
439, 500
Series TD-1929
52,000
iH
360, 500
501, .500
Series TD2-1929
141, 000
iH
187, 000
694, 500
Series TM-1930
512,500
bH
799,500
Series TJ-1930
...:
847,000
iH
18,000
Series TS-1930
286,500
SH
30,000
Series TD-1930
3, 521, 500
SH
Series T J - 1 9 3 1 . 253,500
Other obligations:
752, 000
3,825,000
PhUippine bonds
603, 000
804,000
206,000
P o r t o Rico b o n d s
135,000
T e r r i t o r y of H a w a i i b o n d s
600,000
286,000
183,000
State bonds
15, 480,000 7,117, 400 4, 578, 250
19. 223, 472 2, 971,000 4,236,850
Municipal bonds
5,068,800
County bonds
1, 244, 600 1, 759,100
Miscellaneous b o n d s
4, 632, 200 1,193, 500
1,171, 700
Federal farm loan b o n d s
15,439,000
5, 781, 300 3, 384,900
J o i n t stock l a n d b a n k b o n d s
13, 494, 700 2,858,000
2, 553,000
Total.
Held June
30, 1930
$111,200
15,000
8,000
1,067, 500
150,000
1, 542, 550
36,200
5,160, 550
40,600
56,003,150
2, 506, 700
15, 286, 700
6, 324, 500
2, 728, 500
7,084,800
10, 572,600
5,651,750
4,065,950
5,000
47,500
268,500
3, 491, 500
253,500
3,676,000
733,000
49V,000
18,019,150
17,957,622
4, 554,300
4, 654,000
17,835,400
13,799,700
186, 349, 472 72, 583, 550 64, 784, 600 204,148,422
1 Various.
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 1930 under the provisions of section
18 of the Federal reserve act.
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 various trust
funds comprised of bonds and other obligations and of securities
placed in safe-keeping by various Government executive departments
and bureaus.
648
KEPORT ON T H E FINANCES
The kinds and amounts of obligations held in each account and the
transactions therein during the fiscal year 1930 are shown in the following statement:
Fiscal year 1930
Accounts and kinds
Held June 30,1U2U
Held June 30, 1930
Deposited
Withdrawn
State bonds belonging to the
Qnited States:
Louisiana State bonds
$37,000. 00
$37, 000. 00
North Carolina State bonds
58,000.00
(see note)
..
$58,000.00
Tennessee State bonds
335, 666. 66M
335, 666. 662^
Held for the District of Columbia:
Chesapeake & Ohio Canal
84, 285. 00
84, 285. 00
bonds
20,134.72
Board of audit certificates..
20,134. 72
/ District of Columbia teachers'
retirement fund:
2, 264, 620. 00
Deductions . . .
2, 593,620. 00
$329,000. 00
Government reserves
482,340. 00
751,340. 00
269,000. 00
Relief and rehabilitation, longshoremen's and harbor workers' compensation a c t . .
49,600. C
O
49,600:00
United States obhgations upon
which payment is withheld
pending proof of ownership
78.37
78. 37
/Held for the board of trustees,
/
Postal Savings System:
United States bonds
27, 824, 370. 00'
28, 616, 070. 00
691, 700. 00
Held for the Secretary of War:
Captured bonds of the
State of Louisiana
646,480. 00
646,480. 00
Obhgations belonging to
the Lincoln Farm Association
46,000. 00
46, 000. 00
Held for the Secretary of the
Treasury:
Loans to foreign governments, acts approved
Apr. 24, 1917, and Sept.
• 24, 1917, as amended and
supplemented.
3,194, 701,232.16
2, 911, 507, 904. 09 283,193, 328.07
Bonds of foreign governments received under
debt settlements, authorized by various acts
of Congress!.-..
7, 257,927, 794.93 4,025, 000, 000. 00 196,807, 712. 50 11,086,120,082.43
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, 1918).
428,642,157.79
21,301,012.78
407,341,145.01
Obhgations received from
American Rehef Administration and United
States Grain Corporation, acts approved Feb.
26,1919, and Mar. 30,1920.
49, 782,418. 92
49,782,418.92
Capital stock of the Inland
Waterways Corporation..
7,600,000. 00
1, 500,000. C
O
9,000,000.00
Capital stock of the War
Finance Corporation
10, 000. 00
10, 000. 00
Capital stock of Federal
land banks
383, 028. 76
326,983. 00
67,045. 75
. Stock certiflcates of Federal
intermediate credit banks
acquired under agricultural credits act of 1923. .
30,000, 000. C
O
30,000, 000. 00
Coos Bay wagon road grant
fund
20, 000. 00
20i 000. 00
Obligations held in custody
for Secretary of the Navy.
1,807,629. 20
64,110. C
O
37,868. 20
1,833, 771.00
Transportation act of 1920—
Notes
60,364, 313. 00
2,506,623.00
47,867,690.00
Collateral..
8,665, 551. 60
420,260. 00
8,246,301. 60
Account Director General
of RailroadsNotes.
1,900,000.00
100,000.00
1,800,000. 00
Collateral
700,000.00
1
700,000. 00
•
649
TREASURER OF T H E UNITED STATES
Fiscal year 1930
Accounts and kinds
Held June 30,1929
Held June 30, 1930
Deposited
Held for the Secretary of the
Treasury—Continued.
United States Government life-insurance fund.. $101,750,000. 00
Library of Congress trust
fund board
447, 238. 20
American Red Cross per° manent building fund
Miscellaneous obligations..
Held for the Secretary of the
Interior:
Custody account of Secretary of Interior
i..
589, 200. 00
Indian trust funds..
32, 328,900. 00
Held for the Comptroller of
the Currency:
Custody account of Division of Insolvent National
23,126,150. 00
Banks
5, 367,500. 00
Miscellaneous securities
Held for the Attorney General
369,150. 00
ofthe United States
Held for the Comptroller Gen3, 322,150. C
O
eral of the United States
Held for the Employees' Compensation Commission:
District of Columbia work164, 000. 00
men's compensation act..
Held for the Federal Farm
Board
_
Held for the Federal Farm Loan
Board
Held for the Interstate Commerce Commission
400, 000. 00
Held for the United States
Housing Corporation
Held for the treasurer of
United States Railroad Administration
139, 7.50.18
Held for the World War Memorial Commission:
Women of the World War
memorial fund
,
124,000. 00
Held for the Ahen Property
Custodian:
4, 096, 650. 00
Trust account
25, 000,000. 00
Investment account
United States securities held in
lieu of surety bonds under
provisions of Treasury Department Circular No. 164:
For contracts performed
, under internal revenue act|
. 822, 200. 00
For use of alcohol for non25, 850. 00
. beverage purposes
10,000. 00
For internal-revenue taxes.
For contracts with General
6, 900. 00
Supply Committee
3,000. 00
For Secretary of Labor
For Chenii cal Warfare Serv57, 000. 00
ice
For Commissioner of Indian
27,888,660.00
.Affairs
941, 300. 00
For Postmaster General
8,000. 00
For Secretary of Commerce
Total
Withdrawn
$101,760,000. 00
$86,650. 00
614,925. C
O
$18,963. 20
350,000. 00
4,000.00
350,000. 00
666.70
10,000. 00
967, 000. 00
69,700.00
3, 768, 300. 00
629, 500. 00
29, 527,600. 00
14,975, 350. 00
666, 000. 00
12, 618,350. 00
665,000. 00
25, 483,150. 00
5, 368,600.00
144,150. C
O
225, 000. 00
250. 56
3, 322,150. C
O
10, 000. 00
174,000. 00
4, 368, 500. 00
4,368,600.00
560, 000.00
560,000. 00
400, 000.00
50,000. 00
27, 299. 33
100, 589. 2P
66,460. 22
124, 000. 00
203, 900. 00
3, 759,050. 00
641,400. C
O
25, 000, 000. 00
617,950. 00
66,100. 00
1, 374,050. 00
500. 00
9, 800.00
10,000. 00
16,650. 00
2, 500. 00
4, 050. 00
4, 350. 00
3,000.00
8,161, 300.00
1,179, 300.00
11, 335, 650. 00
506,800. 00
8, 000. 00
28, 500. 00
.
28, 500. 00
24, 704, 300. 00
1, 613,800. C
O
11, 291, 088,411.11^ 4,060,133,988. 26 3, 652,043,005. 83 11, 799,179,393. 64^
NOTE.—By an act approved May 29, 1928, Congress appropriated the sum of $118,035.69 in settlement
of the indebtedness of the United States to the State of North Carohna foradvances during the War of
1812-1816, including interest, $167,339.88, and the proceeds of certain cotton seized by the United States
in 1865 and 1866, including interest, $96,835.81, a total of $264,175.69, less the amount due the United States on
account of $58,000 face amount of bonds of the State of North Carohna held by the United States and .
.$88,140 accrued interest thereon. Details relating to the settlement are set forth in Senate Document
No. 50,.Seventieth Congress, first session. In view of the above-described settlement, these bonds haye
been canceled.
650
REPORT ON T H E FINANCES
Depositaries of the United States
Definition of terms ^'general depositary'^ and ^4imited depositary.'^
The term '^general depositary^' means a Government depositary
with authority to accept deposits for credit in the Treasurer's general
account. I t may or may not be authorized to accept deposits for
credit in the official checking accounts of other Government officers
with such depositary.
The term "limited depositary" means a Government depositary with
authority to accept deposits for credit only in the official checking
accounts of Government officers with such depositary. I t is not
authorized to accept deposits for credit in the Treasurer's general
account. For the most part these deposits are postal funds and
funds under the jurisdiction of United States courts.
Foreign and insular depositaries may be either general or limited.
The wSecretary 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, for
the safe-keeping and prompt payment of the public money deposited
with them.
They are designated only at points where they are needed to meet
the cash requirements of Government officers for pay-roll and other
expenditures, to receive deposits of cash from depositors of public
moneys or deposits made b y United States courts and their officers,
and by postmasters, for credit in their official checking accounts
with such depositaries. The special depositaries receive deposits
of the proceeds of the sale of bonds,notes, and certificates of indebtedness. All of the depositaries, except the Federal reserve banks
and the treasury of the Philippine Islands are required to pay
interest at the rate of 2 per cent per annum on the average monthly
amount of public deposits held.
The number of depositary banks holding balances at the close of
the fiscal years 1929 and 1930 are here stated:
June 30,
1930
Federal reserve banks and branches
General depositary banks
,
Limited depositary banks.
Insular depositary banks (including Phihppine Islands)
Special depositary banks (under Liberty loan acts)
Foreign depositary banks
Total..1
*
2,395
Public .moneys in depositary banks
At the close of the fiscal years 1929 and 1930 the depositary banks
held public moneys as follows:
• Depositaries
June 30,1929
Deposits in Federal reserve banks and branches...
Deposits in general depositary banks;
To credit of the Treasurer of the United States
To credit of other Government oflicers
Deposits in limited depositary banks to credit of other Government
officers
-
$35> 891, 389. 40
$26, 524, 266. 32
7,145, 973. 07
7, 299, 055. 23
6, 924,196. 97
6, 207,138.15
11, 354, 036. 79
11,137, 030. 35
June 30,1930
651
TREASURER OF T H E UNITED STATES
J u n e 30,1929
Depositaries
D e p o s i t s in insular depositary b a n k s :
$56, 857.12
T o credit of t h e T r e a s u r e r of t h e U n i t e d States
147,106.94
T o credit of other G o v e r n m e n t oflBcers
D e p o s i t s in t r e a s u r y of t h e P h i h p p i n e I s l a n d s to credit of t h e T r e a s u r e r
1,001,055.41
of t h e U n i t e d States
D e p o s i t s in special d e p o s i t a r y b a n k s to credit of t h e T r e a s u r e r of t h e
356, 841,912. 95
UnitedStates
......
.
D e p o s i t s in foreign depositary b a n k s :
309, 331. 85
T o credit of t h e 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
.
. . .
. ..
1, 290, 288. 40
421, 337,007.16
Total-
J u n e 30,1930
$32, 881.81
1, 570,480.96
225, 627.14
296, 623, 336. 64
293, 071. 47
1,319, 067. 67
350, 857,097. 48
Interest on public moneys held by depositary banks
Interest was first collected by the Treasury under the provisions
of the act of May 30, 1908, on ail special and additional deposits of
public moneys in general depositaries and on all deposits of public
moneys in limited depositaries at the rate of 1 per cent per annum.
In accordance with instructions contained in the letter of the Secretary of the Treasury dated April 22, 1912, the rate of interest was
increased from 1 to 2 per cent per annum. Beginning with June 1,
1913, in accordance with the announcement of the Secretary of the
Treasury dated April 30, 1913, all Government depositaries were
required to pay interest semiannually at,the rate of 2 per cent per
annum on the average balances of all Government deposits held.
Interest has been collected, however, at higher rates on special or
temporary deposits.
Interest is now collected by the Treasurer semiannually from
general and limited depositary 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.
Interest at the rate of 2 per cent on the basis of 365 (leap year 366)
days to the year is also collected through the Federal reserve banks
on the war loan deposit account balances with special depositary
banks arising from the sales of Government securities.
During the fiscal year 1930 the interest accrued on ordinary
balances held was $518,817.15, and on balances arising from the
sales of certificates of indebtedness was $2,652,239.88 making a
total of $3,171,057.03.. The following revised statement shows the
total amount of interest accrued on depositary balances since May
30, 1908:
I n t e r e s t in balances arising from—
Fiscal year
T o t a l t o J u n e 30—
1920
1921
1922
1923
1924
1925
1926
1927
1928.
1929 .
.....
1930
. .
TotaL..
O r d i n a r y accounts
.
$13,446,489.64
2, 580, 746.84
865, 848. 30
584,192. 96
570,336.05
533,859.89
517, 342.11
519,328. 99
512, 586-07
506,384.19
518,817.15
21,156,932.19
Sales of b o n d s ,
notes, a n d .
certificates
Total
$43, 380,065. 36
$56,826, 555. CO
3, 512, 308. 02
6,093,054. 86
6, 957, 918. 35
6,823,766. 65
5,420,072.70
4,835,879. 74
3, 961,872. 51 • 4, 532, 208. 56
3,863,624.89
4,397,484. 78
4,439,408.87
3, 922,066. 76
4,731, 594. 06
4, 212, 265.07
4,841, 668. 83
4,328, 982. 76
4,079, 230. 34
4, 585, 614. 53
3,171,057.03
2, 652, 239.88
84,706,453.68
105,862,386.87
652
REPORT ON T H E FINANCES
Restoration of depositary balances
Whenever balances to the credit of the Treasurer of the United
States in general depositary banks, including insular and the treasury
of the Philippine Islands, are reduced below.the amounts fixed by the
Secretary of the Treasury, through the cashing of Government checks
and warrants, restorations are immediately made by telegraph, upon
receipt of a request from the depositary bank, directing the appropriate
Federal reserve bank or branch to credit the depositary bank's reserve
account, or to make payment to its correspondent, or where specifically authorized to ship currency and coin direct to the depositary.
During the last six fiscal years such restorations have been made as
follows:
Fiscal year
Number
1925..
1926..
1927..
1928..
1929..
1930..
3,734
3,727
3, 773
3,619
3,570
3,290
Amount
$126,139, 206122, 519,401
121,639, 768
117,456, 764
120, 293,170
122, 584, 559
Coin and gold bar shipments or transfers
During the fiscal year 1930 the Treasurer's office directed. shipments or transfers of gold bars and of current gold, silver, and minor
coins between the Treasury, Washington, United States mints. United
States assay office. New York, and Federal reserve banks and branches
for use in public disbursements and exchanges and also for special
purposes, aggregating $51,390,094.72, and shipments of uncurrent
goW, silver, and minor coins to United States mints from the Treasury,
Washington, and Federal reserve banks and branches to the amount
of $9,068,898.99. Statement covering the foregoing is as follows:
Treasury, Washington
Kind
C u r r e n t coins:
GoldBars
D o u b l e eagles. . .
..
Eagles..
Half eagles.
Q u a r t e r eagles
Silverstandard dollars..
Half dollars
...
Q u a r t e r dollars
Dimes
Minor—
Nickels....
...
Cents
Total
....
Shipped t o
Federal
reserve
banks and
branches
Shipped to
' Treasury,
Washington,
and to
Federal
reserve b a n k s
a n d branches
Received
from
Treasury,
Washington,
a n d from
Federal
reserve
banks and
branches
Shipments
between
Federal
reserve
banks and
branches
$30, 972, 684. 22
475,000.00
300,000.00
$200,000.00
$205,000.00
1,350,002. 50
$269, 655.00
805,400.00
644, 200.00
3,005, 500.00
2, 595, 300.00
511,700.00
148.50
45,000.00
50,000.00
680,000.00
1, 555, 755.00
2,172, 750. 00
43,876, 591. 72
$585,000.00
354,999. 50
153, opo. 00
712, 999. 50
U n c u r r e n t coins:
Gold..
Standard dollars...__
S u b s i d i a r y silver
Minor
Total.
^Includes lightweight at bulhon valuer
Received
from
Federal
reserve
banks and
branches
U n i t e d States m i n t s a n d
assay office. N e w Y o r k
1,700,000.00
2,631,000. CO
410,000.00
370,000. 00
28,000.00
781, 503. 50 ' .5,339,000.00
12,670, 977. 36
1, 665,650.00
4, 334, 775.34
397,496. 29
9,068,898.99
653
TREASURER OF T H E UNITED STATES
Recoinage of gold, subsidiary silver, and minor coins
The accumulations of lightweight and uncurrent coins at the
Federal reserve banks and branches and in the cash division of the
Treasurer's office are periodically forwarded to the three coinage mints.
All of the coins so received are recoined except the uncurrent standard
silver dollars which are held against silver certificates outstanding
and are melted only under specific acts of Congress. The losses
resulting from the recoinage process are reimbursable to the Treasurer
from limited appropriations in the cases of lightweight and uncurrent gold coins and uncurrent minor coins and from an indefinite
appropriation in the case of uncurrent subsidiary silver coins. During
the fiscal years 1929 and 1930 the funds appropriated to reimburse
the Treasurer for the losses on gold coins and on minor coins were
$3,000 and $15,000, respectively, each year.
The following table shows the face value of each denomination of
gold, subsidiary silver, and minor coins recoined during the fiscal
years 1929 and 1930 and the losses thereon;
Fiscal year 1929
Fiscal y e a r 1930
Denominations
Face value
D o u b l e eagles
Eagles
. :
Half eagles
Three-dollar pieces
Q u a r t e r eagles
One-dollar pieces
Total gold...
.•
.
. . . .
. .
. .
.
. .
. .
'.
T o t a l s u b s i d i a r y silver
3, 786; 123. 90
..-.
.-.
T o t a l rninor
Face value
Loss reimbursed
$439,120. 00
. 498,020.00
. 540, 740. 00
18.00
3, 325. 00
58.00
$2,998.63
1,531,350.50
1, 517, 859. 25
15.00
736,486.10
348. 40
64.65
.
Nickels
Three-cent pieces, nickel
T w o - c e n t pieces.
Gents
One-cent pieces, nickel
One-cent pieces, copper
Half cents
Aggregate
$908, 680.00
750,400. 00
800,850. 00
45.00
3, 285. 00
69.00
2, 463, 329. 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
1,481, 281. 00
$2,^999.48
1, 719,434. 00
1, 822, 562. 76
45. 20
792, 455. 60
216. 35
81. 09.
313,150. 66
218, 365. 35
97.62
127. 62
54, 646. 36
131. 08
100. 02
.16
4, 334, 794. 99
402, 509. 53
286, 966. 70
93. 03
82.82
29,164.97
87.66
40.90
.05
273, 468. 21
.
14,995. 79
316,436.13
14,999. 02
6, 522,921.11
331,145. 07
6,132, 512.12
420, 508. 03
Deposits in the amounts of $120.26 and $16.41 were made in the
Treasury as miscellaneous receipts during the fiscal years 1929 and
and 1930, respectively, on account of gains resulting from the recoinage of lightweight gold coins. Deposits in the amounts of $780.80
and $460.64 were similarly made on account of gains on uncurrent
minor coins recoined during those years.
Purchases of gold bullion at the mints and assay offices
The mints and assay offices are prepared at all times to purchase
gold bullion and issue in payment therefor checks drawn on the
Treasurer of the United States. These checks are payable on demand
654
REPORT ON T H E FINANCES
of the payees in gold coin or gold bars, but payment is usually made
through the Treasurer's account with the Federal reserve banks and
branches. Lightweight and uncurrent gold coins sent to the several
mints for recoinage are melted and included in the bullion given in
the following statement:
Office
. . . .
.^
. . .
.
.
. .
Total
. .
1928
1929
$13,116, 452. 49
92, 619, 038. 53
14, 971, 288. 66
98, 374, 393. 97
1,145, 541. 95
153, 096. 28
254, 796. 01
138,196. 91
1,101.46
6,151, 292.15
26, 373. 04
$19, 211,147. 01
34, 648, 045. 62
17,152, 662. 08
100, 665, 356. 64
1, 528, 059. 58
215,100. 42
194, 794. 83
227, 207.15
$17, 877, 723. 09
23, 312,117. 29
12, 677, 334. 43
197, 347, 046. 08
2,132, 744. 89
157, 735. 98
205, 692. 50
320, 401. 29
$14, 952,170. 95
157 125. 556; 10
10, 971, 381.44
112,908, 002. 54
359, 982. 53
89, 551. 86
52, 895. 42
341, 209. 36
6,114, 732. 81
34,121. 89
6,975, 973. 66
18, 664. 45
8, 690, 755. 81
20,930. 67
226,951, 57L 45
Philadelphia
San Francisco
Denver
NewYork
N e w Orleans
Carson
Helena . .
. .
Boise
Deadwood
Seattle
Salt L a k e C i t y . .
1927
179, 991, 228. 03
261, 025,433. 66
305, 512,436. 68
1930
The stock of metallic money in the United States
Gold coin and bullion.—The act of March 14, 1900, declares that
the dollar consisting of 25.8 grains of gold, nine-tenths fine, shall be
the.standard unit of value, that all forms of money issued or coined
by the United States shall be maintained at a parity of value with
this standard, and that it shall be the duty of the Secretary of the
Treasury to maintain such parity.
Gold coins are now minted in denominations of $5, $10, and $20,
known as half-eagles, eagles, and double-eagles, respectively. The
coinage value of a troy ounce of pure gold is $20.67183, and the
coinage value of a troy ounce of standard gold (nine-tenths fine) is
$18,60465.
:
The estimated amount of gold coin and bullion included in the
general stock of money in the United States on June 30, 1930, was
$4,534,865,706, of which amount there was held in the Treasury
,$3,493,522,533, and the balance outside of the Treasury was $1,041,343,173.
Standard silver dollars.—The standard silver dollar contains 412.5
grains of silver, nine-tenths fine. The coinage value in dollars of a
troy ounce of pure silver is $1.2929, and the coinage value of a troy
ounce of standard silver (nine-tenths fine) is $1.1636. The stock of
standard silver dollars at the close of the fiscal year 1930 was $539,959,520, of which amount $495,057,388 was held in the Treasury,
and the balance outside of the Treasury was $44,902,132.
Subsidiary silver coin.—The subsidiary silver coins are issued in the
denominations of half-dollars, quarter-dollars, and. dimes. The stock
of such coins at the close of the fiscal year 1930 was $310,978,375, of
which amount $5,233,513 was held in the Treasury, and the balance
outside of the Treasury was $305,744,862.
Minor corns.—The minor coins are issued in the denominations of
the 5-cent piece and the 1-cent piece. The stock of such coins at the
close of the fiscal year 1930 was $126,001,052, of which amount
$4,177,685 was held in the Treasury, anci the balance outside of the
Treasury was $121,823,367.
655
TREASURER OF T H E UNITED STATES
Redemption of Federal reserve and national currency
The proceeds of currency counted into the Treasurer's cash by the
National Bank Redemption Agency during the fiscal year amounted
to $750,098,601.45. Of this sum $730,603,182 was in national-bank
notes, $415,100 in Federal reserve bank notes, $18,758,870 in Federal
reserve notes, and $321,449.45. in United States currency. Comparative figures as to total redemptions in this and previous years are
contained in Table No. 27.
Payments for currency redeemed were made as follows: In Treasurer's checks, $433,084.31; by credits to banks for direct receipts in
Treasurer's office, $26,024,937.50; by credits to Federal reserve banks
and branches in general account as transfers of funds for direct
remittances, $723,583,759, and for remittances by member banks,
$51,620.64; by credits in other accounts, $5,200.
The notes of all issues counted and assorted amounted to $3,370,792,108.50, and were disposed of as follows:
Amount
National-b£mk notes:
Unfit for use, dehvered to the Comptroller of the Currency for—
Destruction and reissue—
Old series
$616,129,360.00
New series
78,854,176.00
Destruction and retirement—
Old series
New series....
$34,693,224.50
2,132,150.00
Total nationals
Federal reserve bank notes:
Unfit for use, dehvered to the ComptroUer of the Currency for destruction and retirement..
Federal reserve notes:
Dehvered to the Comptroller of the Currency for destructionUnfit for u s e Old series....
$10,014,660.00
New series...
7,757,350.00
Canceled and uncanceled, forwarded by Federal reserve banks and
branches—
Old series
$2,312,435,600.00
New series
.
309,324,500.00
$693,983,535.00
Per cent
94.96
36,825, 374. 50
6.04
730, 808, 909. 60
100.00
451,089. 00
17, 772,010. 00
2,621,760,100.00
Canceled and uncanceled Federal reserve notes amounting to
$2,621,760,100 were received from Federal reserve banks and branches
for credit of Federal reserve agents. Such notes are settled for between the Federal reserve banks and Federal reserve agents and are,
therefore, not taken into the Treasurer's cash in the National Bank
Redemption Agency.
The cost of redemption for the fiscal year, including salaries, transportation, and contingent expenses, is set forth in Table No. 32.
During the fiscal year 1930,, the agency was called upon to meet
exceptional conditions in the redemption of Federal reserve and
national currency due to replacement of the old series notes with the
new. series small notes, and a brief account follows of its methods of
caring for the vast increase in work which was suddenly placed
upon it.
The issue of new series Federal reserve notes began July 10, 1929,
and the first shipment of new series national bank notes was made by
12101—31-
-44
656
REPORT ON THE FINANCES
the Comptroller of the Currency in replacement of old series notes on
July J.5, 1929, under the department's program. Old, large-size notes
were'soon presented for redemption in greatly increased volume. The
number of notes redeemed and delivered by the agency during the
fiscal year, both old and new series, reached a total of 326,930,575, an
increase of 71.37 per cent over the number redeemed during 1929.
The department required that in all accounts, records, or statistics,
a separation be made as between the old and new series notes. This
regulation imposed upon the agency a duplication of assortment and
delivery, one for each of the series, and also the keeping of separate
redemption accounts.
To care for the vast increase in volume of work during the period
of replacement, the agency was compelled to employ a large temporary
force from July 10, 1929, to March 31, 1930. Including permanent
employees, the largest number on the roll at one time during the year
was 475, the force remaining practically stationary from November
25, 1929, to January 27, 1930, varying only from 466 to 475.
In order to meet the cost of additional personnel a supplemental
appropriation of $179,175 was procured to augment the regular annual
appropriation for 1930. Of this sum, there was expended for temporary employees $139,366, leaving an unexpended balance of $39,809.
The additional force was procured by reinstatements and by temporary
transfers of employees from the Bureau of Engraving and Printing.
The work had so far progressed by March 31, 1930, however, that
the services of all temporary employees were discontinued. The
additional expense is included in the amount assessed upon the national and Federal reserve banks for the fiscal year.
The agency quarters were inadequate for the increased force. For
a short period in October, certain tellers and counters worked at night
in the agency rooms, after which they were assigned to space which
had been fitted out in the Bureau of Engraving and Printing. Two
classes of work, the proving of Federal reserve half notes and the
second assortment of nationals, were performed at the bureau from
November 1, 1929, to March 8, 1930, inclusive. From November 22,
1929, to February 28, 1930, it was necessary that a corps of tellers
work at night in order to keep the money from accumulating in the
vaults.
The principal change adopted to facilitate the work of accounting,
and to minimize the overdrafts in the 5 per cent redemption fund of
national banks due to abnormal daily redemptions, was a temporary
telegraphic plan for immediate reimbursement utilized during the
period November 1, 1929, to April 15, 1930, inclusive. This plan
supplanted the regular but much slower procedure of notifying
individual banks by mail of redemptions of their notes and awaiting
their deposits to cover through their respective Federal reserve banks
before credit could be given on the books of the agency. Under this
temporary arrangement with the national and Federal reserve banks,
immediate reimbursement of the 5 per cent fund was secured by charges
made on telegraphic request of the Treasurer against the reserve
accounts maintained by the national banks with their Federal reserve
banks, the daily totals of such charges being credited in the Treasurer's
general account. Instead of advices of redemptions to banks, and in
TREASURER OF T H E UNITED STATES
657
due course acknowledgments of their deposits, averaging about a thousand of each daily, one advice was issued to each bank covering both
the charge for the redemption and the immediate credit in account.
The national banks which did not find it practicable to take part in
the temporary plan for.immediate reimbursement were very few, and
the general spirit of cooperation of the banks in the arrangement,
which was very beneficial to the Treasury, deserves the highest commendation. The banks which could not participate in the plan were
permitted to follow the regular procedure.
A temporary arrangement was also made with the Federal reserve
banks and branches effective during the peak period of redemptions
of old series national bank notes, under which such banks and branches
made a partial assortment of such notes before shipment to the
Treasury. The assistance afforded by the banks during the limited
time that this arrangement was in effect was of great value in that it
enabled the agency to keep the balance of notes in process of redemption within reasonable bounds and thereby curtail the amount of
Treasury funds necessary to advance in the redemption of such notes.
The new. series national bank notes are printed in sheets of six
.notes each, and in order that the Comptroller of the Currency might
issue to the banks full sheets and in exactly the amounts redeemed
by this office, it was found advisable in the best interests of all concerned that the National Bank Redemption Agency should make up
the redeemed notes for reissue in multiples of $60. While this imposed some additional work upon the agency force, it added smoothness to the mechanics of the system and is much more satisfactory
than the former method which required the Comptroller's Office
either to cut the currency sheets or make incomplete issues to the
banks.
At the request of the Federal Reserve Board, another change was
instituted on August 1, 1929, when the keeping of the Federal reserve
agents' gold redemption fund account was discontinued. The
necessity for this account which had been maintained with the
Treasurer of the United States since 1916, had practically ceased.
Each Federal reserve bank authorized the Treasurer to charge its
notes redeemed to the 5 per cent gold redemption fund of the bank,
and both banks and agents authorized the delivery of these notes
to the Comptroller of the Currency for account of the Federal reserve
agent concerned. On August 1, 1929, the balance in the agents'
gold redemption fund was transferred to the gold fund with the
Federal Reserve Board. The departmental authority for this
change stipulates that if necessary the fund shall be reestablished
on request of the Secretary of the Treasury, as provided in the
Federal reserve act.
Shipments of paper currency from Washington
The shipments of United States paper currency from the Treasury
in Washington to Treasury offices, Federal reserve banks and branches,
a n d . t o other banks and individuals during the fiscal year 1930
amounted to $2,006,728,788, a gain of $409,243,347 as compared
with those for 1929.
658
REPORT ON T H E FINANCES
The shipments for the past two fiscal years are compared in the
following statement:
' 1929
Where shipped
Number
of
packages
To Federal reserve banks and branches and Treasurv offices . .
.
•.
To other banks and to individuals
Aggregate
Amount
1930
Number
of
packages
Amount
207,190 1 $1,597,407, 000
78,441
76
151,139 2 $2, 006, 589, 000
139,788
83
207, 266
151, 222
1, 597,485,441
2, 006, 728, 788
1 Includes $436,470,000 of unissued stock shipped as reserve for joint custody account.
2 Includes $980,000 of unissued stock shipped as reserve for joint custody account.
Paper currency
The paper currency in circulation in the United States at the
present time consists of seven distinct classes: United States notes,
gold certificates, silver certificates, Treasury notes of 1890, Federal
reserve notes. Federal reserve bank notes, and national-bank notes.
I n addition to these classes, old demand notes and fractional currency issued by the Government during the Civil War are still outstanding in small amounts. Treasury notes of 1890 and Federal
reserve bank notes are no longer issued, and the amounts outstanding
are being redeemed as received at the Treasury. All notes and certificates shown as outstanding in the several tables in this report include
notes and certificates held in Treasury offices. The greater part of
these have been in circulation and are fit for further circulation, and
for that reason have not been^ actually redeemed so as to reduce the
amounts shown as outstanding.
United States notes.—United States notes (called greenbacks and
legal tenders) were first issued under authority of the act of February
25, 1862, which act authorized the issue of $150,000,000 in denominations of not less than $5, of which amount $50,000,000 were in
lieu of an equal amount of demand notes and could be issued only
as the demand notes were retired. United States notes are redeemable in gold coin, and the legal requirements are that when presented
for that purpose they shall be redeemed from the gold reserve and
then exchanged for gold in the general fund. When redeemed, they
are paid out again if fit for circulation; if unfit, they are canceled and
replaced by new notes. These notes are issued on the credit of the
United States and are carried as a part of the noninterest-bearing
public debt.
The act of July 11, 1862, authorized a second issue of $150,000,000
in such notes, part of which might be in denominations of less than
$5 and $50,000,000 of which was to be a temporary issue for the
redemption of a temporary loan. This loan was a deposit of United
States notes in exchange for a certificate of deposit bearing not to
exceed 5 per cent interest, which deposit could be withdrawn on 10
days' notice and presentation of the certificate. Another act was
passed on March 3, 1863, authorizing a third issue of $150,000,000
of such notes in denominations of not less than $1. Only notes of
the denominations of $2 and $5 are now issued under the authority
TREASURER OF T H E UNITED STATES
659
of this act. The above acts are embodied in section 401, title 31,
of the United States Code, which states that the United States notes
shall be of such denominations, not less than $1, as the Secretary of
the Treasury may prescribe. The above-named acts also provide
that such notes shall be a legal tender in payment of all debts, public
and private, within the United States, except duties on imports and
interest on the public debt. (U. S. C , title 31, sec. 452.) Under
section 648 of the tariff act of 1930 United States notes are receivable
in payment of customs duties.
The total amount of United States notes authorized to be issued
under the three acts mentioned above, including the temporary issue,
was $450,000,000; the largest amount outstanding at any one time
was $449,338,902 on January 30, 1864. The act of April 12, 1866,
provided that not more than $10,000,000 of the United States notes
outstanding might be retired and canceled within six months from
the passage of the act and thereafter not more than $4,000,000 in any
one month; this provision, however, was rescinded by the act of
February 4, 1868. (U. S. C , title 31, sec. 404.) The act of June 20,
1874 (U. S. C , title 31, sec. 402), provided that the amount of United
States notes outstanding should not exceed $382,000,000, and the
amount remained at this figure until the act of January 14, 1875
(known as the resumption act), which provided for a reduction to
$300,000,000 through redemptions. This process of redemption was,
however,.again stopped by the act of May 31, 1878 (U. S. C , title 31,
sec. 404), which required the notes to be reissued when redeemed.
At that time the amount outstanding was $346,681,016, and it has
remained at that figure up to the present time.
The act of March 14, 1900 (U. S. C , title 31, sec. 406), provides'
that, whenever silver certificates of a denomination higher than
$10 shall be retired and canceled and certificates of denominations of $10 or less substituted therefor, a like volume of United
States notes of denominations of less than $10 shall be retired and
canceled from time to time and notes of $10 and upward reissued in
substitution therefor. The act also directs the reissue of United
States notes when redeemed.
The act of March 4, 1907 (U. S. C , title 31, sec. 403),
directs that, whenever in the opinion of the Secretary of the Treasury
the silver certificates of the denominations of $1, $2, and $5 are
insufficient to meet the public demand he may issue United States
notes of these denominations and cancel and retire a like amount of
United States notes of a higher denomination.
Gold certijicates.—Gold certificates were first issued under authority
of the act of March 3, 1863 (U. S. C , title 31, sees.. 428
and 429), which authorized the Secretary of the Treasury to receive
deposits of gold coins and bullion in sums of not less than $20 and to
issue certificates therefor in denominations of not less than a like
amount, corresponding with the denominations of United States
notes. Under authority of this act the first certificates were issued
on November 1 5 , 1865; the last on or about January 1, 1875, when
the practice was.discontinued by order of the Secretary of the Treasury
in order to prevent the holders of United States notes from presenting
such notes for redemption in gold and redepositing the gold in exchange
for gold certificates, as duties on imports were payable in gold but
hot in United States notes.
660
REPORT ON THE FINANCES
Gold certificates were not issued again until the passage of the
act of July 12, 1882 (U. S. C., title, 31, sec. 429), which
substantially reenacted the provisions of the prior act with the additional provision that the Secretary of the Treasury should suspend
the issue of gold certificates whenever the amount of gold coin and
gold bullion in the Treasury reserved for the redemption of United
Stajbes notes dropped below $100,000,000.
Section 6 of the act of March 14, 1900 (U. S. C , title 31,
sec. 429), reenacts the provisions above referred to and provides
further that the Secretary may, in his discretion, suspend such issues
whenever and so long as the aggregate amount of United .States
notes and silver certificates in the general fund of the Treasury shall
exceed $60,000,000, and that at least one-fourth of the amount of
such certificates outstanding shall be in denominations of $50 or less.
The issue of certificates of the denominations of $10,000 payable to
order was also authorized by this act. None of these payable-toorder certificates have been issued since December 3, 1925. The
act of March 4, 1907 (U. S. C , title 31, sec. 429), amends section
6 of the above act by providing for the issue of gold certificates
in denominations of not less than $10. All issues of gold certificates
at the present time are made under authority of the act of March
14, 1900, as amended.
The act of March 2, 1911, further amends section 6 of the above
act by authorizing the Secretary of the Treasury to receive foreign
gold coins and gold bullion ^ under certain conditions and to issue
gold certificates therefor. This act is covered by section 429, title 31,
of the United States Code and is as follows:
That the Secretary, of the Treasury may, in his discretion, receive, with the
agencies designated under section 476 of this title [mint, assay office, or Federal
reserve bank] in New York and in San Francisco, deposits of foreign gold coin
at their bullion value in amounts of not less th^n $1,000 in value and issue gold
certificates therefor of the description herei:ii authorized; and provided further,
that the Secretary of the Treasury may, in his discretion, receive, with the
Treasurer or any agencies designated under section 476 of this title, deposits of
gold bullion bearing the stamp of the coinage mints of the United States, or the
assay office in New York, certifying their weight, fineness, and value, in amounts
of not less than $1,000 in value, and issue gold certificates therefor of the description herein authorized.
The act of June 12, 1916 (U. S. C , title 31, sec. 429), further
amends the above act by providing that the amount of gold
bullion and foreign coin so held shall not at any time exceed twothirds of the total amount of gold certificates at such time outstanding.
In other words, at least one-third of the gold held against gold certificates outstanding must be in the form of gold coins of the United
States.
Gold certificates payable to bearer on demand were made a legal
tender by the act of December 24, 1919 (U. S. C , title 31, sec.
451). There is no limit to the amount that such certificates
may be issued, except as controlled by the amount of the gold coin
and bullion owned by the Government not otherwise obligated.
Gold certificates payable to order are not a legal tender.
Silver certificates.—Silver certificates were first issued under authority of the act of February 28, 1878 (United States Code, titie 31, sec.
405), which authorized the issue of standard silver dollars and provided that any holder of such dollars might deposit th^ra in sums of
TREASURER OF THE UNITED STATES
661
not less than $10 with the Treasurer or any Assistant Treasurer of the
United States and receive therefor certificates of not less than $10
each, corresponding with the denominations of United States notes,
and that the coin deposited for the certificates should be retained
in the Treasury for the payment of the certificates on demand.
The act of August 4, 1886 (United States Code, title 31, sec. 406)
authorized the issue of denominations of $1, $2, and $5. Silver certificates are issued at the present time under authority of this act, but
only in the denomination of $1. They are receivable for customs,
taxes, and all public dues, 'but are not a legal tender.
The act of March 14, 1900 (United States Code, title 31, sec. 406),
provides that thereafter silver certificates shall be issued only in denominations of $10 and under, except that 10 per cent of the total
volume of such certificates may, in the discretion of the Secretaiy of
the Treasury, be issued in denominations of $20, $50, and $100, that
silver certificates of higher denominations than $10, except as herein
provided, sha;ll be retired and canceled and certificates of denominations of $10 or less substituted therefor, and that after such substitution a like volume of United States notes of denominations less than
$10 shall from time to time be retired and denominations of $10 and
upward reissued therefor.
Treasury notes of 1890.—Treasury notes of 1890 were first issued
under authority of the act of July 14, 1890, generally known as the
Sherman Act. This act directed the Secretary of the Treasury to purchase from time to time silver bullion to the aggregate amount of 4,500,000 ounces, or so much thereof as might be oft'ered in each month, at
the market price thereof, not exceeding $1 for 371.25 grains of pure silver, and to issue in payment for such purchases Treasury notes redeemable on demand in coin and a legal tender for all debts, public and
private, except where otherwise expressly stipulated in the contract
(United States Code, title 31, sec. 410). I t was also provided in the
act that when the notes should be redeemed they might be reissued,
but that no greater or less amount of such notes should be outstanding at any time than the cost of the silver bullion and the silver dollars
coined therefrom then held in the Treasury purchased by such notes.
Authority for the purchase of silver bullion under this act was repealed
by the act of November 1, 1893, up to which date the Government had
purchased 168,674,682.53 fine ounces at a cost of $155,931,002, for
which Treasury notes were issued.
Section 5 of the act of March 14, 1900 (United States Code, title 31,
sec. 411) provides that it shall be the duty of the Secretary of the
Treasury, as fast as standard silver dollars are coined under the
provisions of the acts of July 14, 1890, and June 13, 1898, from
bullion purchased under the act of July 14, 1890, to retire and cancel
an equal amount of Treasury notes whenever received into the Treasury, either by exchange in accordance with the provisions of this act
or in the ordinary course of business, and that upon cancellation of
the Treasury notes, silver certificates shall be issued against the silver
dollars so coined. Section 8 of this act provides that whenever any
silver bullion purchased under the act of July 14, 1890, shall be used
i n the coinage of subsidiary silver coin, an amount of Treasury notes
issued under said act equal to the cost of the bullion contained in such
coin shall be canceled and not reissued.
662
REPORT ON THE FINANCES
These notes are redeemable in gold coin or in standard silver dollars
and are canceled and retired when received at the Treasury. The
aggregate aniount of Treasury notes issued including reissues was
$447,435,000, of which amount slightly over $1,250,000 are outstanding at the present time.
Federal reserve notes.—Federal reserve notes are furnished to the
Federal reserve banks at the discretion of the Federal Reserve Board
through the Federal reserve agents upon application therefor and
deposit of the prescribed collateral security in gold and commercial
paper with such agents. (Sec. 16, Federal reserve act approved
Dec. 23, 1913, as amended.) The stock of such notes is shipped to
the agents by the Comptroller of the Currency.
Federal reserve bank notes.—Under authority of section 5 of the act
approved April 23, 1918, the Federal reserve banks were either permitted or required by the Federal Reserve Board, at the request of
the Secretary of the Treasury, to issue Federal reserve bank notes in
any denomination authorized by the board in an amount not to
exceed the amount of standard silver dollars melted or broken up and
sold as bullion under authority of this act, in order to prevent a contraction of the currency. Against these issues Treasury certificates
of indebtedness or 1-year gold notes were deposited with the Treasurer
as security. Section 6 of the same act provides that these notes shall
be retired as and when the standard silver dollars are coined out of the
bullion purchased thereunder. Under authority of the act of December 23, 1913, as amended, lawful money has been deposited to retire
all Federal reserve bank notes outstanding, and the remaining small
amount of such notes outstanding is now a part of the public debt and
is redeemed as presented.
National-bank notes.—National-bank notes are issued by the Comptroller of the Currency to the national banks after deposit of the
required security with the Treasurer, under authority of the act
approved June 20, 1874. The only eligible securities for national-bank
circulation under present law are the United States 2 per cent consols
of 1930, United States 2 per cent Panama Canal bonds of 1916-1936,
and United States 2 per cent Panama Canal bonds of 1918-1938.
Uiifit national-bank notes are accepted by the Federal reserve banks
and branch banks and are shipped as a transfer of funds to the
Treasurer for redemption.
Old demand notes.—The first paper currency issued by the Government of the United States was authorized by the act ofJuly 17,1861.
This act limited the amount to $50,000,000 in denominations less
than $50 but not less than $10, not bearing interest and payable on
demand. The act of August 5, 1861, authorized the Secretary of the
Treasury to fix the denominations of said notes at not less than $5
and the act of February 12, 1862, authorized an additional issue of
$10,000,000.
These notes were referred to in the acts above stated as Treasury
notes, but they were generally known as ' d e m a n d notes," due to the
fact that they were payable on demand at certain designated subtreasuries. They are now generally referred to in Treasury publications as *'old demand notes." They were receivable for all public
dues, and the Secretary of the Treasury was authorized to reissue
TREASURER OF T H E UNITED STATES
663
them when received, but the time within which such reissues might
be made was limited by the act to December 31, 1862. They were
paid in gold when presented for redemption and were received for
all public dues, which prevented their depreciation. All other United
States notes were depreciated in value from 1862 until the resumption
of specie payments in 1879.
The act of February 25, 1862, authorized an issue of $150,000,000
in United States notes, but provided that $50,000,000 of the amount
should be in lieu of the demand Treasury notes authorized by the
act of July 17, 1861, and that such demand notes should be taken
up as rapidly as practicable. Demand notes were not a legal tender
when first issued, but were afterwards made so by the act of March
17, 1862.,
Old demand notes have been issued, including reissues, to an aggregate amount of $60,030,000 in denominations of fives, tens, and
twenties., Redemptions to date have amounted to $59,976,987.50,
leaving $53,012.50 still outstanding. (See Table No. 13.)
Fractional currency.-^When specie payments were suspended about
January 1, 1862, all of the gold, silver, and minor coins in circulation disappeared as if by magic, due largely to the hoarding of the
coins which, it was thought, would be at a premium in the near future.
A relief from this condition was needed promptly and the first
came from individual enterprise. Merchants issued promissory notes
on small sizes of paper in amounts varying from 1 cent up and redeemable in goods at their places of business. Also, street-car
tickets, milk tickets, metal tokens, and anything having an apparent
value were pressed into service for making change. Postage stamps,
very naturally, quickly claimed recognition as a circulating medium,
but the adhesive back was a serious impediment. This trouble was
soon overcome, however, by pasting definite amounts on small slips
of paper which the Post Office Department readily agreed to redeem,
when worn or mutilated, with new stamps.
The convenience and definite value of the pasted stamps were so
readily apparent that the matter was at once taken up by Congress;
the regular issue of postage currency was authorized and the issuing
of tokens, memorandums, and other obligations by individuals for a
less sum than $1 intended to circulate as money was prohibited.
The postage currency was, less than a year later, succeeded by the
fractional currency which remained in use until the issue of small
coins again became a possibility. Fractional currency is not a legal
tender. I t was, however, receivable for postage and revenue stamps,
and also in payment of any dues to the United States leSs than $5
except duties on imports.
There were five issues of fractional currency aggregating $368,724,079.45, including reissues, in denominations of 3 cents, 5 cents, 10
cents, 15 cents, 25 cents, and 50 cents. I t is estimated that $32,000
in unknown denominations were destroyed in the Chicago fire in
October, 1871. Also, the public-debt statement for June, 1880,
shows a reduction of $8,375,934 in such currency estimated as lost
or destroyed by a committee appointed by the Secretary of the
Treasury. Again in December, 1920, the amount outstanding was
664
REPORT ON T H E FINANCES
reduced by $4,842,066.45, the amount estimated by the Government
actuary as irrevocably lost or destroyed. These amounts, together
with the redemptions to date of $353,483,566.88, leave $1,990,512.42
outstanding, as shown by the public-debt statement for June 30,
1930.
Issue of new small-size currency
The new size for the paper currency is 6%^ by 2^K6 inches. The
principle of denominational designs has been strictly followed. The
back designs are uniform for each denomination irrespective of kind.
The face designs likewise are characteristic for each denomination as
regards the important protective features, with only sufficient variation in detail to indicate the kind. Five kinds of paper currency are
now issued—United States notes, silver certificates, gold certificates.
Federal reserve notes, and national-bank notes. The new designs
will be applied to all issuable denominations of all these kinds.
The portraits assigned to the faces and the embellishments provided for the backs of the several denominations are as follows:
Denomination
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
Portrait on face
Washington
. Jefferson
Lincoln
Hamilton.
Jackson....
Grant
Franklin..
McKinley
Cleveland
Madison
Chase .
Embellishment on back
. . .
Ornate " One."
Monticello.
Lincoln Memorial.
United States Treasury.
White House.
United States Capitol.
Independence Hall.
Ornate "Five hundred."
Ornate " One thousand."
Ornate "Five thousand."
Ornate "Ten thousand."
The backs of the new currency are printed uniformly in green;
the faces are printed in black, and the Treasury seals and the serial
numbers are imprinted in the following colors:
Silver certificates
United States notes
Gold certificates
Federal reserve notes.
National-banknotes
:
.
Blue.
Red.
Yellow.
Green.
Brown.
For the reduced-size currency a new type of distinctive paper has
been adopted. The paper basically is of the type developed during
the past few years with a higher folding endurance, particularly in
the cross direction, than the paper formerly in use. The use of small
segments''of silk fiber as a distinctive feature has been retained, but
the segments are scattered tliroughout the sheet and not localized
in rows as formerly. The reason for the change is that as a test of
genuineness dependence may not be placed on an outstanding characteristic, whicii in itself inherently affords no protection.
United States paper currency, by denominations, held in reserve
United States notes, gold certificates, and. silver certificates' are
received from the Bureau of Engraving and Printing and held in the
reserve vault of this office until needed for issue.
The number of pieces and amount of each denomination held in
reserve at the close of the fiscal years 1929 and 1930 are shown in the
following statement:
665
TKEASUREB OF T H E UNITED STATES
H e l d J u n e 30, 1930
H e l d J u n e 30, 1929
Denomination
N u m b e r of
pieces •
Total value
328, 592, 000
18,184,000
li4,912, 000
15, 284,000
10, 052,000
104, 000
4,000
N u m b e r of
pieces
$328, 592, 000
36, 368, 000
124, 560, 000
152, 840, 000
201, 040, 000
5, 200, 000
400, 000
T o t a l value
.
.
000
000
000
000
149,892,000
18, 784, 000
32, 664, 000
10, 524, 000
12,916,000
940, 000
. 792,000
57,100
76,100
7,500
39, 900
3, 000
$149,892,000
37, 568,000
163,320,000
105, 240,000
258,320,000
47, 000,000
79, 200, 000
28, 550, 000
76,100, 000
37, 500,000
399,000,000
30, 000, 000
397, 284, 919 2, 205, 790, 000
One d o l l a r . . .
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
Order gold certificates...
226, 695, 600
1, 411, 690,000
9,100
18,100
54, 900
70, 819
..
Total
9,100,
90, 500,
549, 000,
708,190,
Unissued currency amounting to $1,334,989,800 (United States notes $1,200,000, gold certificates
$1,317,690,000, and silver certificates $16,099,800) was canceled and destroyed during the fiscal year 1930.
United States paper currency prepared for issue and amount issued,
by fiscal years from 1921
The number of pieces and amount of United States notes, gold
certificates, and silver certificates prepared for issue and the amount
issued during each fiscal year from 1921 are shown in the following
statement:
P a p e r currency issued
P r e p a r e d for issue
^ J u m b e r of
notes a n d
certificates
Fiscal year
1921
1922...
1923
1924
1925
1926
1927
1928
1929
1930.
311,320,000
483, 872,000
518,900, 000
599, 840, 000
642, 576, 000
704, 968, 000
755, 968, 000
756, 432, 000
760,164, 000
717, 096, 000
T o t a l value
Averr
age
value
$400,420,000
1, 236, 048, 000
980,376, 000
1, 498, 692,000
1, 561, 544, 000
1, 651,320, 000
1, 864, 828, 000
1, 589,908, 000
1, 356, 832, 000
2,950, 596, 000
$1. 286
^.554
1.889
2.498
2.430
2.342
2.466
2.102
1.783
4.114
N u m b e r of
notes a n d
certificates
318, 842,
463, 884,
549,143,
588, 719,
639, 517,
646, 267,
634,132,
697, 620,
626, 016,
882, 500,
004
578
803
005
305
503
800
300
600
600
T o t a l value
$557, 276, 000
944, 044, 000
1, 068,186, 000
1, 436, 668, 000
1, 645, 382,000
1, 575, 650, 000
1, 406,168, 000
1, 492, 540, 000
1, 346, 716, 000
2,409,706, 200
Average
value
$1. 747
2. 035
1.945
2.440
2.573
2.438
2.217
2.139
2.151
2.730
United States paper currency issued, by months, during the Jiscal years
1929 and 1930
The nuinber of pieces and amount of United States notes, gold
certificates, and silver certificates issued, by months, during the
fiscal years 1929 and 1930 are shown in the following statement:
Fiscal year 1929
Number of
notes and
certificates
Month
July...
August
September
October
iSovember
December..
January..
February
March
April.
May
June
.
:.
TotaL.
Per cent of increase over
preceding years
1
57, 968,400
58,116, 400
54, 098, 000
55, 295, 200
52, 796, 500
62, 600, 500
61, 824,100
47, 694, 000
59, 372, 000
47, 064, 000
27,408, 500
41, 879, 000
626, 016, 600
1 Decrease
1 10. 26
Total value
Fiscal year 1930
age
value
Number of
notes and
certificates
$116, 452, 000 $2. 008
89,172,000
127, 276, 000 2.190
104,875,100
112, 360,000 2.076
82, 544, 000
122,444,000
2.214
78,124, 000
103, 618, 000 1. 960
69, 942, 000
135, 064, 000 2.157
62, 382,900
115, 738, 000 1.872
61, 976, 800
114, 520, 000 2.406
56, 091, 000
115,156, 000 1.939
76, 249, 700
121, 880, 000 2.589 • 67,406,200
88. 928, 000 3.244
65, 711, 800
73; 380, 000 L752
68, 025,100
1, 346, 716, 000 2.151
19.77
882, 500; 600
40.97
Total value
Average
value
$160, 492, 000
189, 996, 000
162, 064. 000
164,192. 000
231,992, 000
249, 878, 000
160, 386, 200
248, 768, 000
278, 874, 000
189, 792, 000
185, 596, 000
187, 676, 000
$1. 799
L811
1.963
2.101
3.316
4. 005
2.587
4.435
3.657
2.815
2.824
2.758
2, 409, 706, 200
2.730
78.93
666
HEPORT ON T H E FINANCES
United States paper currency redeemed, by months, during the Jiscal
years 1929 and 1930
The number of pieces and amount of United States notes, gold
certificates, silver certificates, and Treasury notes of 1890 redeemed,
by months, during the fiscal years 1929 and 1930, are shown in the
following statement:
Fiscal year 1929
N u m b e r of
pieces of
U n i t e d States
notes. Treasu r y notes of
1890, a n d gold
a n d silver
certificates
Month
July
August
September
October
November
December
January
February
March
April
May
June
•..
._
Total...
P e r cent of increase over preceding year
Fiscal year 1930
T o t a l value
N u m b e r of
pieces of
U n i t e d States
notes. Treasu r y notes of
1890, a n d gold
a n d silver
certificates
T o t a l value
55,. 746, 288
61, 233, 040
50, 097, 917
61, 228, 992
55,115, 966
54, 664,442
64, 384, 357
59, 412. 589
62,196, 022
44, 866,146
38, 559, 808
39, 678,435
$131,369, 550
137, 462, 400
158,145, 350
130, 359, 350
118, 893,100
117, 250, 450
150,857, 200
125,490, 050
118, 844, 850
103, 381,100
660, 867,100
97, 004, 650
79. 083, 862
107; 186, 960
81, 362, 704
74,135, 520
62,856, 520
54, 674,169
66, 593. 748
50, 83i; 849
77, 613, 309
62, 465, 722
63, 589, 358
63, 261, 683
$190, 747,400
244, 256, 950
192, 401, 600
192, 276,150
174. 643, 750
173, 790, 350
248,445, 450
188, 613, 050
280,135, 600
123, 820, 050
124, 896,400
127, 728,800
637,184, 002
18.56
1, 949, 925,150
22.1
843, 655, 404
32.40
2, 261, 755, 550
15.99
1 Decrease.
United States paper currency issued, redeemed, and outstanding Jor the
Jiscal year 1930
The amounts of United States notes, gold certificates, silver certificates, and Treasury notes of 1890 issued, redeemed, and outstanding for the fiscal year 1930 are shown in the following statement:
T r u s t - f u n d obligations
United
s t a t e s notes
Gold certificates
Silver certificates
Treasury
notes of
1890
Total
$470, 900, 963
716, 364, 200
$1,286,050 $2, 215, 876,188
2,409, 706, 200
Total
R e d e e m e d d u r i n g fiscal year 1930
726, 673, 016 2, 710, 358,159 1,187, 265,163
696, 931, 600
379, 992, cop 1,184, 807,450
1, 286, 050 4, 625, 582, 388
24, 500 2,261,765,550
O u t s t a n d i n g J u n e 30, 1930 .
Less a m o u n t held in T r e a s u r y
346, 681, 016 1, 525, 550, 709
2, 847, 706
35, 561, 230
490, 333, 563
3,135,452
1, 261, 550 2, 363, 826,838
1,500
41, 545,888
343, 833, 310 1, 489, 989, 479
487,198, 111
1, 260, 050 2, 322, 280, 950
O u t s t a n d i n g J u n e 30, 1929
Issued d u r i n g fiscal year 1930
Net
$346, 681, 016 $1, 397, 008,159
. . 379, 992, 000 1, 313,350,000
United States paper currency outstanding, by months, during the Jiscal
years 1929 and 1930
The number of pieces and amount of United States notes, gold
certificates, silver certificates, and Treasury notes of 1890 outstanding,
by months (including $1,000,000 in United States notes, unknown,
667
TREASXJBEB OE T H E UNITED STATES
destroyed), during the fiscal years 1929 and 1930 are shown in the
following statement:
Fiscal year 1930
Fiscal year 1929
Month
Number of
pieces
July
August....
September
October...
November
December.
January...
February.
March
April
..
May
June
619, 530, 402
616, 413, 762
620, 413, 845
614, 480, 053
612,160, 587
620, 096, 645
617, 536, 388
605, 717, 799
612, 893, 777
615, 091, 631
603, 940, 323
606,140, 888
Total value
$2,
2,
2,
2,
2,
2,
2,
2,
2,
2,
2,
2,
Number of
pieces
Total value
616, 229, 026
613, 917,166
615, 098, 462
619, 086, 942
626,172,422
633, 881,153
629, 264, 205
634, 523, 356
633,159, 747
638,100, 225
640, 222,667
644,986, 084
$2,186, 620, 788
2,132, 359, 838
2,102, 022, 238
2, 073,938,088
2,131,286, 338
2, 207,373, 988
2,119,314,738
2,179,469, 688
2,178,208, 088
2, 244,180, 038
2, 304,879, 638
2, 364,
805, 167, 788
794, 981, 388
749, 196, 038
741, 280, 688
725, 905, 588
743, 719,138
708, 599, 938
697, 629, 888
693, 941, 038
712, 439, 938
240, 500, 838
216,
The distribution of the paper currency embraced in the foregoing
statement (exclusive of the $1,000,000 above referred to) is as follows:
1929
1930..
.
Amount outside of Treasury
Total outstanding
Amount held
in Treasury
$2, 215, 876,188
2, 363, 826, 838
$17,093,622
41, 545, 888
$2,198, 782, 566
2,322, 280, 950
147,950, 650
24,452, 266
123, 498, 384
Fiscal year
.
Increase..
Ratio oJ 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, 1921, may be
studied from the following statement:
Total amount
of paper currency outstanding
Date
Julyl—
1921
1922._
1923
1924-.
1926
1926-1927
1928
1929
1930....
.
.
.
.
$6, 247, 660, 669
5,037, 248, 618
6, 405,131,870
6, 564, 642, 603
. . 6, 686, 944, 967
6, 686,100, 814
6,715,031,442
6, 533, 878, 818
6,123, 966, 681
4, 818, 988,133
Denominations of $20 and less
$1
$2
$6
$10
$20
Total
Per cent Per cent Per cent Per cent Per cent Per cent
1.64
6.49
14.20
22.42 27.27
72.02
1.60
6.75
13.89 22.96 24.67
69 67
1.36
6.54
14.36 22.27 26.77
70.29
1.17
6.80
14.26 22.73 26.34
70 29
1.20
7.61
13.20 23.33 26.53
70 77
1.19
7.67
13.46 23.61 26.08
72 00
1.10
8.01
13.91 22.76 26.74
72.62
1.07
8.38
14.46
22. 60 26.04
72.64
1.22
8.86
16.86 26.74 28.26
80 94
L22
10.01
16.14 26.37 27.18
80.92
Paper currency outstanding June 30, 1929 and 1930
The total amounts by kinds and denominations of paper currency
outstanding at the close of the fiscal years 1929 and 1930 are shown
in the statements following.
Paper currency of each denomination outstanding June SO, 1929
QO
U n i t e d States
notes
Denomination
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 dohars
Fractional parts
...
. ...
.
i.
. .
..
.
.
$302, 592
183, 740
349, 208
270, 550
97, 210
2,750
44,000
36, 000
. _.
10, 000
Federal reserve
notes
$449, 877, 725
649, 620, 760
665, 340, 580
164, 315, 950
166, 859,400
22, 803, 000
61, 718, 000
5, 225,000
9, 210, 000
Federal reserve b a n k
notes
$2,133, 384
669, 222
517, 340
156, 655
218, 430
16,100
Nationalb a n k notes
$340, 937
162, 574
144,132, 725
285, 747, 050
226, 791,020
26, 698, 650
24, 355, 000
87, 500
21, 000
Gold
certificates
$362,150,135
645,508,244
96,449,880
141, 242,400
38, 893,000
90, 249, 500
24, 415,000
98,100,000
Silver
certificates
$443, 250, 708
4, 636, 316
18, 820, 433
1, 945,831
1, 245.070
834, 485
145, 620
9,500
13, 000
61, 491
Total
.
Deduct:
Unknown, destroyed
Held in Treasury offices
i
Held by Federal reserve banks and Federal reserve agents.
Redeemed but not assorted by denominations
Net
$8,221,835
56, 668, 378
250, 361, 975
19, 040,101
9, 045. 202
1, 285; 425
840,100
587, 000
1, 621, 000
Treasury
notes of ,
1890 '
f.
347, 681, 016
1, 286, 050
2,194, 970, 415
3, 711,131
2,600
1,108,120
501,140, 879
88,154
7,466
15, 303, 625
36,178, 605
4,103, 505
262,188, 339
1, 283, 450
1, 692, 721, 416
3, 615, 511
652,812,212
$454, 249, 456
62,320, 230
864, 059, 406
1, 318, 931, 082
1, 448, 245, 766
289, 603, 240
333, 486, 520
62, 380, 000
153, 658, 500
29, 640, 000
107, 320, 000
61, 491
470, 900, 963
5,123, 955, 681
12, 672, 960
449,341, 260
2,147, 021
81, 680,867
1, 000, 000
33, 593, 521
1,150, 570, 713
4,103, 505
934, 993, 939
387, 073, 075
o
%
3, 934, 687, 942
708,397,947 1, 397,008,159
1, 000, 000
2, 271, 041
82, 221, 636
Total
O
W
o
Paper currency of each denomination outstanding June SO, 1930
U n i t e d States
notes
Denomination
One dollar
T w o dollars
F i v e dollars
. . .•
T e n dollars
T w e n t y dollars
Fifty dohars
One hundrftfj flollars 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
Fractional parts
.
. . .
...
.
. .
.
Total
Deduct:.^^
U n k n o w n , destroyed
. . .
H e l d in T r e a s u r y offices
..
H e l d b y Federal reserve b a n k s a n d Federal reserve a g e n t s .
R e d e e m e d b u t n o t assorted b y d e n o m i n a t i o n s
Net
$6, 932, 498
53,.891, 430
265, 286. 760
13,126, 841
5, 066, 962
937, 425
781,100
543, 000
1,105, 000
Treasury
notes of
1890
$301,328
182, 534
343,978
261, 290
92, 270
2,250
42, 900
35,000
10, 000
Federal reserve
notes
$336, 759, 555
474, 008,040
567, 747,940
139, 711, 950
146,098, 900
22, 275, 500
52, 914,000
2, 805,000
4,180,000
Federal reserve b a n k
. notes
$1,951,192
580,160
423, 665
123, 345
167, 530
14,150
Nationalb a n k notes
$340,906
162, 548
165, 484, 800
306,068, 755
184,143, 950
27,105,850
20, 923, 500
87, 500
21, 000
Gold
certificates
$475, 075, 475
551, 662, 704
104, 267, 230
138, 527,800
44, 368, 000
96, 564, 500
24, 355,000
90, 730, 000
Silver
certificates
$473, 037, 990
3, 984, 794
9, 608,013
1, 818, 951
1, 092, 610
630, 885
137, 820
9,500
13, 000
$482, 563, 914
58,801, 466
777, 906, 771
1, 270, 482, 697
1, 309, 973, 966
272, 669, 740
306, 512, 020
67, 283, 500
150, 652, 500
27,160, 000
94, 920, 000
61, 559
i
490, 333, 563
4,818, 988,133
o
61,559
347, 681,016
1, 261, 560
1, 746, 500,885
3, 260, 042
704, 400, 368 1, 525, 550, 709
Total
1,000, 000
2, 847, 706
65, 444, 084
1, 500
1, 726, 070
342, 708, 767
52,165
2,207
19,319.703
28, 218, 388
6, 082, 900
35, 561, 230
495,148, 330
3,135, 452
100, 282, 831
1, 000, 000
62, 643, 826
1,021, 804, 607
6, 082, 900
288,389, 226
1, 260,050
1,402, 066, 048
3, 205, 670
650, 779, 377
994, 841,149
386, 915, 280
Ul
3, 727, 456, 800
Ul
Ul
CO
Statement showing by classes, series, and denominations, the aggregate amount of paper currency outstanding June SO, 1930
Classes
$1
U n i t e d States notes:
Old series
..
N e w series...
$2
$5
$6, 932, 498 $10, 915, 020 $21, 621, 545
42, 976, 410 243, 665, 215
6, 932,498 53,891, 430 266, 286, 760
Total
$10
$20
$50
$100
$13,126,841
. $5,066,962
$937,425
$781,100
13,126,841
5, 066,962
937,425
781,100
$500
$1,000
$543, 000 $1,105, 000
543, 000
1,105, 000
$5,000
$10,000
Miscehaneous
Unknown,
destroyed
$10,000 1 $1,000,000
10,000 1 1,000,000
Total
^:i
O
$60, 039, 391
286, 641,625
346, 681,016
Gold certificates:
Old series .
N e w series.
57, 710, 795
417, 364, 680
110,169, 584 30, 614, 480 47,179,600 13, 311, 500 29, 323, 500 $1,855, 000 9, 800,000
441,493,120 . 73, 652, 750 91, 348, 200 31, 056, 500 67, 241, 000 22, 500, 000 80, 930,000
299, 964,459
1, 225, 586, 250
Total
475, 075, 475
551, 662, 704 104, 267, 230 138,527,800 44, 368, 000 96, 564, 500 24, 355, 000 90, 730,000
1, 525, 550, 709
Silver certificates:
Old series
N e w series
. . . 45, 544,071 . 3, 984,794
427, 493, 919
9, 608, 013
1,818, 951
1,092,610
630, 885
137,820
9,500
13, 000
62,839, 644
427, 493, 919
473, 037,990
3, 984, 794
9, 608, 013
1, 818, 951
1,092, 610
630,885
137,820
9,500
13, 000
490, 333, 563
301, 328
182, 534
343, 978
261, 290
92,270
2,250
42, 900
35,000
1, 261, 550
55, 925, 685
280,833,870
86, 665, 570
387, 342, 470
146, 097, 200 54, 935, 500 65, 385,800 14,119, 000 39,160,000 2, 300, 000 3, 610,000
421, 650, 740 84, 776, 450 80, 713,100 8,156, 500 13, 754, 000
505, 000
570,000
336, 759, 555
474, 008, 040
567, 747, 940 139, 711, 950 146, 098, 900 22, 275, 500 52, 914, 000 2,805,000 4,180,000
Total
^
Total
N a t i o n a l - b a n k notes:
Old series
N e w series
• 340,906
Total
' Total .
1 Deduct.
162, 548 22. 060, 805
143,423, 995
53, 333, 965
252, 734, 790
60, 985, 210 10, 780,800 12, 342, 500
123.158, 740 16, 325, 050 8, 581,000
87, 500
21, 000
340,906
162, 548 165, 484,800
306, 068, 755
184,143, 950 27.105, 850 20, 923, 500
87, 500
21,000
423, 665
123, 345
...
Federal reserve b a n k notes:
Old series..
Recapitulation:
Old series
N e w series .
o
Hi
T r e a s u r y notes:
Old series
F e d e r a l reserve notes:
Old series
N e w series
o
1, 951,192
580,160
167, 530
14,150
468,198, 755
1, 278, 302,130
1, 746, 500,885
a
Fractional
parts
61,554
5
160,176, 788
544, 223, 580
61, 559
704,400, 368
3, 260,042
323, 671, 366 97, 915,490 125,869, 720 28, 070, 500 69, 657, 500 4,155, 000 13,420, 000
986, 302, 600 174, 754, 250 180,642, 300 39, 213, 000 80, 995, 000 23, 005,000 81, 500,000
1 938, 4461, 055, 740, 629
5 3, 762, 247. 504
482, 563, 914 58,801, 466 777, 906, 771 1, 270, 482, 697 1,309, 973, 966 272, 669, 740 306, 512,020 67, 283, 500 150, 652, 500 27,160,000 94,920,000
1 938, 4414,817, 988,133
55,069, 995 15,825,056 109, 983, 691 213, 040, 757
427,493, 919 42,976, 410 667,923,080 1, 057, 441, 940
W
Ul
TREASURER OF T H E UNITED STATES
671
Legal tender qualities oJ United States currency
LEGAL TENDER
Dejinition oJ the term ^^legal tender.'^—''Money of a character which
by law a debtor may require his creditor to receive in payment, in
the absence of any agreement in the contract or obligation itself.''—
Bouvier's Law Dictionary.
Gold coins.—The gold coins of the United States are a legal tender
in all payments at their nominal value when not below the standard
weight and limit of tolerance provided by law for the single piece,
and, when reduced in weight below such standard and tolerance,
are a legal tender at valuation in proportion to their actual weight.—
Act of February 12, 1873 (17 Stat. p. 426; R. S. sec. 3585).
Standard silver dollars are a legal tender at their nominal value
for all debts and dues, public and private, except where otherwise
expressly stipulated in the contract.—Act of February 28, 1878 (20
Stat, p.^ 25). ^
^
Subsidiary silver coin.—The silver coins of the United States of
smaller denominations than $1 are a legal tender in all sums not
exceeding $10, in full payment of all dues, public and private.—
Act of June 9, 1879 (21 Stat. p. 457).
Minor coin (coins of copper, bronze, or copper-nickel).—Minor
coins are a legal tender at their nominal value for any amiDunt not
exceeding 25 cents in any one payment.—Act of February 12, 1873
(17 Stat. p. 426).
United States notes (known as legal tender notes or greenbacks).—
They are a legal tender in payment of all debts, public and private,
within the United States, except interest on the public debt. Under
section 648 of the tariff act of 1930, United States notes are receivable
in payment of customs duties. Act of March 3, 1863 (12 Stat. p.
711; R. S. sec. 3588).,
Legal tender cases: Against constitutionality, Hepburn v. Griswold
(8 Wall., 603).
For constitutionality, Knox v. Lee (12 Wall.,
457); Parker v. Davis (12 Wall., 559).
Gold certijicates are a legal tender in payment of all debts and
dues, public and private.—Act of December 24, 1919 (41 Stat. p. 370).
Demand Treasury notes authorized by the act of July 17, 1861
(12 Stat. p. 259), and the act of February 12, 1862 (12 Stat. p. 338),
are lawful money and a legal tender in like manner as United States
notes.—(R. S. sec. 3589).
One and two year notes oJ 1863.—These notes, redeemable one year
from date and two years from date, bearing interest at 5 per cent
per annum, are a legal tender for their face value, exclusive of interest.—Act of March 3, 1863 (12 Stat. p. 710).
Compound interest notes.—These notes were payable at any time
after three years from date, and bearing interest not exceeding
7?(o per cent, payable in lawful money at maturity, or, at the discretion of the Secretary of the Treasury, semiannually; and such of
them as should be made payable, principal and interest, at maturity,
to be a legal tender to the same extent as United States notes for
their face value, excluding interest.—^Act of June 30, 1864 (13 Stat,
p. 218).
12101—31
45
672
REPORT ON T H E FINANCES
Treasury notes oJ 1890 are a legal tender in payment of all debts,
public and private, except where otherwise expressly stipulated in
the contract, and are receivable for customs, taxes, and all public
dues.—Act of July 14, 1890 (26 Stat. p. 289).
NOT LEGAL TENDER
Silver certijicates are not a legal tender. They are receivable for
customs, taxes, and all public dues.—Act of February 28, 1878 (20
Stat. p. 25).—Act of July 12, 1882 (22 Stat. p. 165).
National-bank notes are not a legal tender. They are receivable
at par in all parts of the United States in payment of taxes, excises,
public lands, and all other dues to the United States; and also for all
salaries and other debts and demands owing by the United States to
individuals, corporations, and associations within the United States,
except interest on the public debt, and in redemption of the national
currency.—Act of June 3, 1864 (13 Stat. p. 106; R. S. sec' 5182).
Act June 17, 1930.
Trade dollars are not a legal tender. By the act of February 12,
1873 (17 Stat. p. 424), they were a legal tender at their nominal value
for any amount not exceeding $5 in any one payment, but under date
of July 22, 1876 (19 Stat. p. 215), it was enacted that the trade dollar
should not thereafter be a legal tender.
Fractional currency is not a legal tender. Note: I t was receivable
for postage and revenue stamps, and also in payment of any dues to
the United States less than $5, except duties on imports.—Act of
March 3, 1863 (12 Stat. p. 711).
Foreign gold coins are not a legal tender in payment of debts.—Act
of February 21, 1857 (11 Stat. p. 163; R. S. sec. 3584).
Foreign silver coins are not a legal tender in payment of debts.—Act
of February 21, 1857 (11 Stat. p. 163; R. S. sec. 3584).
Continental currency.—The question has been raised and disputed
as to whether what was called the ''continental currency,'' issued
during the War of the Revolution by the old Government, was or was
not legal tender. The facts appear to be that while the Continental
Congress did not by any ordinance attempt to give it that character,
they asked the States to do so, and all seemed to have complied except
Rhode Island. The Continental Congress only enacted that the man
who refused to take the money should be deemed an enemy of his
country. (The National Loans, by Rafael A. Bayley, Treasury
Department; prepared for the Tenth Census.)
Federal reserve notes are not legal tender, but are receivable by the
Government for all public dues and are receivable on all accounts by
all Federal reserve banks, national banks, and other bank members of
the Federal reserve system. They are redeemable in gold coin of the
United States by the Treasurer and in gold or lawful money by any
Federal reserve bank.—Act of Decenaber 23, 1913 (38 Stat. p. 265).
Federal reserve bank notes are identical in all their attributes with
national-bank notes.—Act of December 23, 1913 (38 Stat. p. 267).
General account of the Treasurer of the United States
The duties that are required by law to be performed in the office
of the Treasurer are almost entirely of a fiscal nature and of wide
variety. The Treasurer, as custodian of the public funds, receives
TREASURER OF T H E UNITED STATES
673
and accounts for all moneys coming into the Treasury. Funds are
paid out of the Treasury by the Treasurer upon authority of warrants drawn by the Secretary of the Treasury and countersigned by
the Comptroller General of the United States. The Treasurer
renders appropriate receipts for all moneys coming into his possession, whicii receipts are indorsed upon warrants signed by the
Secretary of the Treasury, without which warrants so signed no
acknowledgment for moneys received into the Public Treasury is
valid. He renders his accounts quarterly or oftener when 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 custody.
All public moneys paid into any Treasury office, or other depositary, are placed to the credit of the Treasurer of the United
States and held subject to his order. The public moneys in the
hands of any depositary 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 may require.
The Treasurer is redemption agent for Federal reserve and nationalbank notes; is trustee for bonds held to secure bank circulation, public
deposits in depositary banks, and bonds held to secure postal-savings
deposits 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, for the collection of
semiannual duty on bank circulation, and for paying principal and
interest of bonds of the Philippine Islands and Porto Rico; and is
treasurer of the board of trustees of the Postal Savings System.
The fiscal year just closed has imposed some unusual tasks upon
the Treasurer's office. On July 10, 1929, the issue of the smallsize paper currency was begun and as the bulk of the large size,
consisting of about 900,000,000 pieces, was subject to replacement
n small notes the task was a heavy addition to the regular work.
The substitution task continued steadily and by April 1, 1930, the
receipts of currency, including the small size, of which a portion by
that date had become unfit, was almost down to normal. Although
about 17}^ per cent of the large size was still outstanding, the volume
was decreasing rapidly and it was considered that the redemption
task in its major aspects had been practically completed. The task
had progressed so far in fact that the extraordinary measures which
had been employed to meet the emergency were almost wholly
discontinued.
The replacement of old-size national-bank notes and Federal
reserve notes, which was an unusually heavy task for the National
Bank Redemption Agency, has been fully dealt with elsewhere in
this report.
Soon after the present Treasurer took office, it was observed that
local banks were depositing vast sums of currency daily for credit
to reserve accounts with the Federal Reserve Bank of Richmond,
also to be exchanged for new currency or for assorted used currency
fit for circulation. I t was found by careful analysis that a large
674
REPORT ON THE FINANCES
percentage of the currency deposited was fit for use and that particularly with respect to the currency deposited for exchange the
banks were imposing upon this office the burden of sorting the fit
from the unfit, a task which by all fairness and equity they should
perform at their own expense.
This feature of the process was taken up with local bankers through
contact with the chairman of their committee on Treasury relations
and an arrangement effected under which they have since made a
better assortment of their currency, depositing with this office in
so far as possible unfit notes. This has greatly reduced the volume
of notes which the redemption division is required to count and
sort. In effect, it also obviated the necessity for any appreciable
addition to the force required to handle the vast increase of redemptions due to the replacement of large-size notes. Therefore, the
replacement of the old-size United States currency, in so far as it
affected the redemption division of this office, has thus far been
accomplished without additional expense to the Government.
During the past year the procedure relating to the verification and
audit of interest coupons has been very materially changed. Formerly it had been the practice of this office to accomplish only one
verification and to leave entirely to the register's office the more
formal part of the audit task. The new method causes a second
verification to be accomplished here forthwith after the primary
count is completed, and practically all errors are eliminated before
the coupons are submitted to the register for verification.
The change effects a decided improvement as it causes immediate
notice of errors to be accorded the remitting banks, instead of numerous reports of errors that it was formerly necessary to make involving
a multiplicity of correction entries, letters, certificates, etc. I t
also obviates the necessity for certification of differences that formerly required the issue of correction warrants. The changed plan
not only saves clerical effort both here and at the banks, but in view
of the fact that the second verification made here supplants the first
of two audits formerly made in the register's office, the aggregate
cost is not increased.
A change has also beeri made during the .past year in the method of
verifying the returns from national banks to cover the semiannual
tax on circulation. I t was ascertained that a large number of the
banks were erroneously calculating the tax; a great many were certifying less and some were certifying more than the correct amount.
Through an arrangement with the Comptroller of the Currency, the
bank examiners are now required to report the daily average amount
of taxable circulation as disclosed by an inspection of the bank's
account for each 6-months' period ending June 30 and December 31.
The returns are now more nearly correct, but notwithstanding the
increased accuracy, the audit as now conducted causes the collection
of several thousand dollars annually in additional tax.
The Treasurer's office received from various sources for deposit in
Government accounts large numbers of commercial checks and postoffice money orders. Collection of these items through Federal
reserve banks is a task of considerable consequence.
During the past year the office has installed the Recordak system
in the collection of such items. This is a process by which each
check or item is photographed and a developed film covering each
TREASURER OF THE UNITED STATES
675
item in a collection letter is furnished the collecting bank in lieu of
the typewritten schedule previously furnished. This system has
proved very satisfactory by expediting the preparation of the checks
for transmittal to the collecting banks. I t has enabled the force to
function the maximum number of checks within regular office hours
and has accomplished a very material saving in clerical work.
The business of the office has been conducted, it is thought, with
gratifying results and it is a pleasure also to report that the employees
have given the management the benefit of their very best efforts at
all times and frequently under trying conditions. Their example of
loyalty and devotion to duty is deserving of commendation.
W. O. WOODS, Treasurer.
Hon.
A. W.
MELLON,
Secretary of the Treasury.
676
REPORT ON THE FINANCES
TABLES FROM THE REPORT OF THE TREASURER
No. 1.—General distribution of the assets and liabilities of the Treasury, June SO,
1930
Treasury,
Washington
Mints and
assay oflSces
Designated
depositaries
ofthe
United States
In transit
Total
ASSETS
Gold coins
$734, 970. 549. 64
$3, 288, 865. 94 $731, 681, 683. 60
Gold bullion
2, 758, 551, 983. 44
2, 758, 551, 983.44
Standard silver dollars
495, 057, 388.00
47, 458, 090. C 438, 649, 298. 00 1 $8, 950,000.00
O
Subsidiary silver coins
6, 050, 322. 52
5, 233, 513.12
183,190. 60
Silver bullion
6, 622,158. 31
6, 622,158. 31
United States notes
1, 767, 706. C
O
$1,080,000.00
2, 847, 706. C
O
Gold certificates
7,116,330.00
17, 845, 900. 00
10, 600,000. C
O
35, 661, 230. 00
Silver certificates
314, 352. 00
1,100. 00
2,820,000. C
O
3,135,452.00
Treasury notes of 1890
1, 600. C
O
1, 500.00
Federal reserve notes
1, 726,070.00
152, 390.00
1, 522, 350. 00
61, 330. C
O
Federal reserve bank notes.
62,165. 00
52,165. C
O
National-bank notes
15, 081, 497. 60
4, 238, 206. C
O 19, 319, 703. 50
Unclassified (cohections,
etc.)
869, 693. 92
26,464.48
48, 587.69
795, 651. 76
Minor coins
48, 732. 75
4,128, 952. 32
4,177, 685.07
Deposits in Federal reserve
banks
26, 624, 266. 32
26, 624, 266. 32
Deposits in special depositary banks (act Apr. 24,
1917)
296, 623, 336. 64
296, 623, 336. 64
Deposits in general and
limited depositary banks,
etc
27, 709,494. 52
27, 709,494. 52
Public moneys in transit
between Federal reserve
banks and to and from
depositary banks
3,948,677.93
3, 948, 677. 93
Total available assets. 76, 859, 234. 27 3, 962, 732, 375. 88 359, 807,097. 48 23, 633, 765. 68 4, 422, 932,473. 31
Minor coinage metal fund.
148, 342. 31
148, 342. 31
Treasurer's checks paid
but not cleared
159, 716. 54
159, 716. 64
Aggregate
76, 859, 234. 27 3, 962, 880, 718.19 359, 807,097, 48 23, 693, 481. 22 4,423, 240, 631.16
LIABILITIES
Outstanding Treasurer's
checks (including checks
• paid but not cleared)
Postmasters, clerks of
courts, disbursing oflacers, etc
Post Oflace Department
account
Board of trustees, Postal
Savings System
Redemption fund:
Federal reserve notes
• (gold)
National-banknotes...
Retirement of additional
circulating notes (act
May 30,1908)
Uncollected items, exchanges, etc..
805, 097.00
64,463,085.01
•
Total agency accounts
Balance to credit of mints
and assay offices
Balance to credit of gold
fund Federal Reserve
Board
Balance to credit of trust
funds (act Mar. 14,1900).
Balance in general fund
including the gold reserve
Aggregate
1 Held by Federal reserve bank and agent, joint custody account.
9, 846, 656.48
9,142,427.03
36, 675, 622. 56
28, 226, 376. 32
1, 900. 00
1, 724, 064. 83
140, 886,129. 23
148, 342. 31
1, 796, 239, 234. 56
2, 017,145, 822.00
1
468, 822, 003. 06
4,423, 240, 531.16
TEEASURER OF T H E UNITED STATES
677
N o . 2.—Available assets and liabilities of the Treasury at the close of J u n e SO,
1929 and 1930
J u n e 30,1929
J u n e 30,1930
ASSETS
Gold:
Coins
Bullion
-^
3, 278, 368, 764.49
488, 402, 359. 00
2, 341, 685. 28
6, 747, 468. 02
.
Total
Paper:
United States notes
Treasury notes of 1890
Federal reserve notes
Federal reserve bank notes
National-banknotes
Gold certificates.
Silver certificates
Unclassified (collections, etc.)
..
.
...
. . .
Total
Other:
Minor coins .
.
Deposits in Federal reserve banks
Deposits in general, limited, and special depositary banks
Public moneys in transit between Federal reserve banks and to
and from depositary banks
495, 057, 388. 00
5, 233, 513.12
6, 622,158. 31
506, 913, 059.43
2, 271, 041. 00
2, 600. 00
1,108,120. 00
88,154. 00
15, 303, 625. 00
12, 672, 960. 00
2,147, 021. 00
1,166, 997. 26
.
3, 493, 522, 532. 98
2, 847, 706. 00
1, 500. 00
1, 726, 070. 00
52,165. 00
19, 319, 703. 50
35, 561, 230. 00
3,135,452. 00
869, 693. 92
34, 760, 518. 26
.
$734, 970, 649. 64
2, 758, 551, 983. 44
497,491, 502. 30
Total
Silver:
Dollars
Subsidiary coins
Bullion
$734, 539, 949. 36
2, 543, 828, 815.13
63,513,520.42
2, 002, 465. 78
35, 891, 389.40
385, 445, 617. 76
4,177, 685. 07
26, 524, 266. 32
324, 332, 831.16
3, 948, 577. 93
358, 983, 360. 48
4, 243, 809, 256. 22
Aggregate
9, 848, 998. 23
433,188, 471.17
Total
4,422, 932,473. 31
LIABILITIES
Outstanding Treasurer's checks (including checks paid but not
cleared)
. ....
Postmasters, clerks of court, disbursing oflBcers, etc.
Post OflSce Department account
Uncollected items, exchanges, etc
Board of trustees. Postal Savings System
Redemption fund:
Federal reserve notes (gold)
...
National-bank notes
.
Retirement of additional circulating notes (act of May 30, 1908)
2,968,122.16
60, 929,119.18
59, 833, 372. 53
2, 058, 950. 03
. 8,689,130.29
805,097. 00
54,4.63,085. 01
9, 846, 556. 48
1, 724, 064. 83
9,142, 427. 03
168, 871, 032. 57
28, 427,196. 96
1, 950. 00
36, 675, 622. 56
28, 226, 376. 32
1, 900. 00
Total agency accounts
Less checks paid but not cleared
331,778,873.72
136, 307. 76
140, 885,129. 23
159, 715. 54
331, 642, 565. 96
140, 725, 413. 69
. . 1, 397, 008,159. 00
.
470, 900, 963. 00
1, 286, 050. CO
1, 562, 425, 579. 40
156, 039, 088. 03
324, 506, 850. 83
1, 625, 550, 709.00
490,333,563.00
1, 261, 550. 00
1, 796, 239, 234. 56
156, 039, 088.03
312, 782, 915. 03
3,912,166,690.26
4, 282, 207, 059. 62
..
Total
General account:
Gold certificates
..
Silver certificates
Treasury notes of 1890
.
Gold fund. Federal Reserve Board
Reserve fund
Balance i •Total
^
•
Aggregate..
1 Including credits to disbursing oflficers.
. . " . . . 4, 243, 809, 256. 22
4,422, 932,473. 31
678
REPORT ON T H E FINANCES
No. 3.—-Distribution of the General Treasury halance, June SO, 1930
Washington
Mints and assay oflfices: •
Philadelphia..
Denver
San Francisco
Carson City
New Orleans
New York
Boise
:....
Helena
Salt Lake City
Seattle
Federal reserve bank and agent, joint custody account
Federal reserve b£inks
Speoial depositary banks
General depositary banks (including insular)
Foreign depositary banks
Treasury of Phihppine Islands
Intransit
Total
Deduct:
Agency accounts on books of Treasurer of the United States
Gold fund. Federal Reserve Board
General account
Deduct: Trust funds, act Mar. 14, 1900.
Balance, including gold reserve
$76,859,234.27
818, 382, 702.92
441, 534, 728. 70
1,018, 762,706. 65
5, 264. 87
6,942,602.20
1,676,420,597.08
14,944.67
1,863.57
6,050.07
809,257.46
8,950,000.00
26,524, 266. 32
296, 623,336. 64
6,957,078.78
293,071.47
225,627.14
23,693,481.22
4,403,006,814.03
$120,799,754.41
1,796,239,234.56
.
1,917,038,988.97
.'....._ 2,485,967,825.06
2,017,145,822.00
468,822,003.06
No. 4..—Assets of the Treasury other than gold, silver, notes, and certificates at the
end of each month, from July, 1927
Month
1927—July
August
September
October...
November.
December.
1928—January...
February..
March
April
May
June
July
August
September
October...
November.
December.
1929—January...
February..
March
April
May
June
July
August
September.
October...
November.
December.
1930—January...
February..
March
April
May.
June
Minor coin
in
Unclassi- Depositsre- Deposits in
fied—col- Federal
serve and treasury of
lections, other deposi- Phihppine
etc.
Islands
tary banks
$2,783,173 $2,623,904 $192,368,722 $1,386,661
101,924,030
2, 783, 768 2,153,086
1,176,896
621,083,157
2, 664,836 3,458,494
941,228
286,892,977
2,608,304
2,831,462
1, 250,122
2, 093,413 2,653,208
67,087,181
1,171,948
1, 358,253 2, 670, 646 316, 628,367
680,146
166, 267,371
808,924
1, 532, 267 3,130,657
106,182,077
2,864,404
1,719.349
740,601
483,141,864
4,121,499
1,900,669
696,480
237,106,988
2, 242, 029 2,406,372
473,829
102,489,321
2,310,886
2,615,227
623,620
304,104, 901
2,845, 028 2,207,465
872,110
2,692,416
897, 436
3, 796, 451 151, 758, 727
2, 474, 560 1,845, 472 225, 074, 260
837,930
257,931. 882
2, 276, 246 3,986,155
983, 761
2,251,377
2, 958, 994 249, 769, 285
933,408
1,874, 371 2, 439, 937 123,140,650
949, 070
324, 473, 077
614,186
982, 287 1,784,427
166,154,418 . 805,122
3,857,924
1,111,562
1, 384, 346 2, 439, 727 103, 016, 884 1, 096, 209
472, 603, 734
212, 422
1, 702,990 2,562,806
921, 099
2, 057,800 2,499, 973 260, 619,429
176, 421, 429 1, 384, 954
1,976,494
2,480, 749
2, 002,466 1,166, 997 430,181, 922 1, U04, 083
2, 366, 257 179, 841,840
1,948,924
904, 566
2, 231, 779 1, 948, 042 113, 310, 517 1, 326, 523
2, 087, 204 2, 364, 097 420,679, 379
843, 966
2, 204, 532 1, 434,940 235,875, 658 1, 080, 315
2,135, 758 1, 345, 023 148, 017,172
930, 024
1,462, 093 2,129, 759 210, 434,859 1, 019, 734
497,900
1, 977, 759 1, 416, 051 128, 230,896
272, 624
79, 543, 407
2,439, 731 1,176, 081
415,711
2, 908,867 1, 743, 652 404, 393, 298
625, 336
3, 348, 738 1, 566. 781 187,998, 284
931, 249
3, 592,128 1, 576, 222 139, 377, 322
225,903
4,177, 685
869, 694 354, 579, 772
Total
$199,161,460
108,037, 779
628,147,716
293.682,865
63,005,750
321,237,412
171,739,219
111,496,331
489,860,492
242,229,218
108,039,064
310,029,494
159.045, 030
230, 232. 222
265,178,044
255, 913,064
128, 404,028
327,853, 977
171,929, 026
107, 937,166
477,081, 952
266, 098, 301
182,262, 626
434, 355,468
185, 061, 587
118,816,861
425, 974, 646
240, 595, 445
152,427, 977
215.046, 445
132,122, 606
83,431,843
409,461, 528
193,538,139
145,476,921
359,853,054
TREASURER OF THE UNITED STATES
679
No. 5.—Assets of the Treasury at the end of each month, from July, 1927
Month
1927—July
August
September
October
November.
December.
1928—January...
February.,
March
April
May
June
July
August
September.
. October...
November.
December.
1929—January...
February..
March
April
May
June
July
August..:.
September
October...
November.
December.
1930—January...
February..
March
April..
May
June
Gold (coin
and bullion)
$3,668, 316,964
3,677, 798,891
3,696, 042, 255
3,661, 128, 687
3, 535, 205,637
3, 602, 740, 397
3, 601, 241,348
3, 611, 918, 716
3,408, 285,290
3,414, 837,116
3.319, 022, 526
3. 216, 615,8^%
3,182, 050,133
3,187, 443,246
3,187, 496, 090
3,202, 065,477
3, 230, 808, 636
3, 205, 963,482
3,182, 176,182
3,209, 899, 796
3, 217, 888, 624
3,235, 696,192
3, 258, 858,353
3,278, 368, 765
3, 299. 611, 964
3, 312, 788, 855
3, 326, 032, 867
3, 341, 286, 014
3, 346, 296, 493
3, 331, 441, 530
3, 323, 562,932
3, 374, 098,102
3, 423. 236, 718
3, 454; 510,982
3, 477,
3,493, 741, 583
622, 533
Silver
(coin and
buhion)
Notes
(United
States,
Federal reserve, Fed- Certiflcates Other assets
(see prior
eralreserve (gold and
silver)
table)
bank, national
bank, and
Treasury)
Total
$488,173,438 $24,347, 266 $479,390,239 $199,161,460 $4,869,389,347
488,821, 691 26, 584,263 481,134, 637 108,037, 779 4, 782,377,261
488,130,877 28, 260,872 481,394,365 528,147,716 6,221,976,084
488,276,146 20, 567, 501 484,195,994 293, 682,865 4,947, 761,193
63,005, 750 4, 690,919,376
486, 276,195 23,283, 691 483,148,102
485, 689,886 27, 619, 687 484,161, 685 321, 237,412 4,821, 438, 966
486,871,330 26,634,807 485,406,970 171, 739,219 4,671, 893,674
487, 673,813 25, 079,458 486,470, 974 111, 496,331 4,622,639,291
488, 091, 517 22, 691, 680 487, 658,223 489,860,492 4,896,487, 202
489,445, 782 20,482,339 488,445,264 242,229, 218 4,665,439,718
491, 074, 648 23.963,834 486,106,919 108,039,054 4,428,206,880
490, 732,351 24,242,285 485,639,832 310,029,494 4,626, 259,861
491, 668,138 26,249,994 487,004,9i39 159,045,030 4,346,918,234
491,117,442 22,910,743 604,878,697 230,232,222 4,436, 682,349
490,488,473 23,734,948 602,220,069 265,178,044 4,469, 117, 624
491,299,888 22, 997, 662 604, 527,479 256,913,064 4,476,803,470>
490, 902,224 23,816, 586 .508,405,001 128,404,028 4,382,336,476
489, 745,821 21, 532,827 607,315, 770 327,853,977 4, 652,411,877
490, 642,162 26,398,010 510,993,677 171,929,026 4,382, 139,057
491,145, 228 23, 602,192 506, 572. 489 107,937,166 4,339, 156,870
491, 417,164 16,466, 284 503, 602,091 477,081,962 4, 706,456, 005
492, 294, 930 13,478, 723 505,435,475 266,098,301 4, 612,903,621
12, 608, 696 182, 262,626 3,966,398,813
496,326, 671 16,342,468
497,491, 502 18, 773,540 14,819,981 434,355,468 4,243,809, 256
497, 234, 357 35, 583, 348 69, 754, 357 185, 061, 587 4, 087,245, 613
498, 711, 609 22, 213, 313 67, 048, 218 118, 816,861 4, 019,578,856
498, 077,836 18, 302, 051 73, 224,855 425, 974, 646 4, 341,612, 245
242
501, 621, 569 21,448, 867 70, 776, 347 240, 595, 445 4,175, 728, 084
130,
152,427,
500, 592, 059 43, 734,136 51, 079, 419 215, 046, 977 4, 094,815, 721
445
502, 079, 617 45, 342, 044 46,906, 085 132,122, 606 4,140, 245,151
4, 053,
503, 741, 632 36,405, 433 57, 412, 548 83,431,843- 4, 048,971,401
504, 747, 699 25, 075,975 61, 617, 782 409,461, 528 4, 399,253, 973
505,158,105 24, 242, 448 37,155,174 193, 538,139 4, 218,
906, 208
506, 296, 650 23, 887, 954 40,672,483 145, 476, 921 4,184, 090, 245
506, 572, 789 25, 837, 339 28,461, 613 359,853, 054 4,422, 932,473
38, 696, 682
506, 913, 060 23,947,144
680
REPORT ON THE FINANCES
No. 6.—Liabilities of the Treasury at the end of each month, from July, 1927
Month
Gold and silver
certificates
and Treasury
notes
1927~July..'.....
August
September.
October...
November.
December.
1928—January...
February..
March
April
May
June
July
August
September.
October...
November.
December.
^929—January...
February..
March
April
May
June
July
August
September.
October.:.
November.
December.
VJO—January...
February..
' March
April
May
June
$2,671, 309,076
2,580, 464,026
2, 575, 214,422
2, 569, 742, 272
2,569, 859,072
2,575, 010, 672
2, 538, 923,472
2, 530, 669,122
2,520, 225,472
2, 514, 487,622
2,494, 894,072
2,472, 404,322
2,457, 486, 772
2,447, 300,372
2,401, 515,022
2,393, 599,672
2, 378, 224, 572
2,396, 038,122
2,360, 918,922
2,349, 948,872
2,346, 260,022
2,364, 758,922
1,892, 819,822
1,869, 195,172
1, 838, 939, 772
1,784, 678, 822
1,754, 341, 222
1, 726, 257, 072
1, 783, 605, 322
1, 869, 692, 972
1, 771, 633, 722
1, 831, 788, 672
1, 830, 527, 072
1, 896, 499, 022
198, 622
1, 957, 145, 822
2, 017,
Gold fund,
redemption
funds, etc.
Gold reserve
Net balance
in general
fund
$1,968, 118,589 $166,420,721 $164,540,961
165,420, 721
70, 286, 709
1,976, 205,806
165,420,721
490,644,016
2,000, 796,926
166,420, 721 261,688,850
1,960, 999,360
155,420,721
1,852, 262.135
13,377,447
166,420,721
1,818, 664, 772
272,342,801
156,039,088
1,867, 564,167
109,376,957
156,039,088
1,870, 758,850
66, 272, 231
156,039,088
1, 775,405,881
444,816, 761
166,039,088
1, 785,962,487
198,950,621
156,039,088
1, 722,
441,017
54,831, 703
156,039,088
1,637, 626,110
260,190,331
156,039,088
1,615, 642,090
116,750,284
156,039,088
1,643, 094,671
190,148, 218
156,039,088
1, 701,705,306
209,858,208
166,039,088
1, 716,927,446
210, 237,265
166,039,088
1, 757,046,086
91,026,729
156,039,088
1, 730,790, 699
269,643,968
166,039,088
1, 733,735,547
131,446,500
156,039,088
1, 759,322, 767
73,846,143
156,039,088 427,807,236
1, 776,348,660
166,039,088
1,766, 937,048
225,168,663
166,039,088
312,296
138,227,607
, 1,778,
166,039,088
324,606,861
1,894, 068,146
156, 039, 088 150, 932, 756
1, 941,333, 997
156, 039, 088
88, 365, 247
1, 990,495, 699
156, 039, 088 407, 637, 361
2, 023,594, 674
156,039, 088 204, 512, 841
919, 241
2, 088,
156, 039, 088 123, 894, 244
2, 030,591,430
156,039, 088 172, 996,078
1, 952,087, 583
156,039, 088
98, 928, 297
2, 026,644,044
156,039, 088
54, 262, 506
2, 006,881.136
156, 039, 088
2, 043,919, 998 156, 039, 088 368, 767, 816
2,009, 730, 378 156, 039, 088 156, 637, 720
1, 966,243,034
166,039, 088 104, 609, 501
312, 782, 915
1, 936,964, 648
Total
$4,869,389,347
4,782,377,261
6,221,976,084
4,947,751,193
4,590,919,376
4,821,438, 966
4,671,893, 674
4,622,639, 291
4, " '487, 202
439, 718
, 4, 656,
4,428, 206,880
4,526, 259,851
4,345, 918,234
4,436, 582,349
4,469, 117,624
4,476, 803,470
4,382, 336,475
4,552, 411,877
4,382, 139,067
4,339, 156,870
4, 706,455,006
4,612, 903,621
3,965, 398,813
4,243, 809,256
4, 087,245, 613
4, 019,578,856
4, 341,612, 245
4,175, 728, 242
4, 094,130,084
4,140, 816, 721
4,053, 245,151
4, 048,971,401
4, 399,253, 973
4, 218,906, 208
4,184,090, 245
4,422, 932,473
TREASURER OF THE UNITED STATES
681
No. 7.— United States notes of each denomination issued, redeemed, and outstanding
at the close of the fiscal years 1927, 1928, 1929, and 1930
Issued during
year
Denomination
T o t a l issued
Redeemed
d u r i n g year
Total redeemed
Outstanding
1927
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 b n n d r e d dohars
F i v e h u n d r e d dohars
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 dohars
.
$56,680,000
220,820,000
40,000
2,960,000
$1,236,604,160
716,011,048
2,408,171,760
2,182,631,240
650,622,400
156,616,200
197,104,000
226,276,000
467,628,000
20,000,000
40,000,000
$12,955,976 n , 224, 640,282.80
52,322,964
662,152, 932. 20
118,126,050 2, 205, 774,895. 00
73,176,360 2,136,008,809.00
624, 769,298. 00
.21,147,060,
153,530,276. CO
2,631, 700
196,186,800. 00
69,400
225,654,600. 00
61,500
120,000
465,375,000. 00
20,000,000. 00
39,990,000.00
$12, 063,877. 20
63,858,115.80
202,396,865. 00
46,622,431. CO
25, 753,102. 00
3,084, 925. 00
917,200. 00
721,600. 00
2,263, 000. 00
10,000. 00
8,301,663,808
280,600,000
7,963,882, 792. CO
1,000,000. 00
347,681,016.00
1,000,000. CO
8,301,663,808
280, 500,000
7,954,882, 792. CO
346,681,016. 00
1,236,604,160
773,695,048
2, 668, 051, 760
2,182,631,240
660,622,400
16a, 616,200
197,104,000
226,276,000
467,628,000
20,000,000
40,000,000
2,833,718
58,748,422
219, 362, 680
20,763,140
14,109,640
1,311,200
48,300
64,000
223.000
1, 227,374,000. 80
720,901,354. 20
2,425,137,575. 00
2,156, 771,949.00
638,878,838.00
154,841,476.00
196,236,100.00
225,618,600. 00
466,598,000.00
20,000,000. 00
39,990,000.00
9,230,159. 20
62,693,693. 80
242,914,185. CO
26,869,291. 00
11,643,662. 00
1,773,726.00
868,900.00
667,600.00
2,030,000.00
317,464,000
8,619,027,808
317,464,000
8,271,346,792.00
1,000,000.00
347,681,016. CO
1,000,000.00
317,464,000
8,619,027,808
317,464,000
8,272,346,792.00
346,681,016; 00
1,236,604,160
827,227,048
2,910,971,760
2,182,831,240
651,722,400
166,615,200
197,104,000
226,276,000
467,628,000
20,000,000
40,000,000
1,008,324
49,667,316
235,472,210
7,019,190
3,798,360
488,300
28,800
70,600
409,000
1,228,332,324.80
770,668,670. 20
2,660,609,785.00
2,163,791,139.00
642, 677,198.00
156,329,776.00
196,263,900.00
226, 689,000. CO
466,007,000.00
20,000,000.00
39,990,000. CO
8,221,836. 20
66,668.377. 80
250,361.975. 00
19,040,101.00
9,046,202. 00
1,285,425.00
840,100. 00
587,000.00
1,621,000.00
297,962,000
8,916,979,808
297,952,000
8,569,298,792. CO
1,000,000.00
347,681,016.00
1,000,000.00
297,962,000
Net
280,600,000
280,600,000
Total
U n k n o w n , destroyed
8,916,979,808
297,962,000
8,670,298,792.00
346,681,016.00
1, 236, 604,160
890,419, 048
3, 227, 771, 760
2,182, 831, 240
651, 722,400
156, 615, 200
197,104,000
226, 276, 000
467, 628,000
20,000, 000
40, 000, 000
1, 289, 337
65, 968, 948
301, 876, 216
5, 913, 260
3, 978, 240
348,000
59, 000
44,000
616, 000
1, 229, 671, 661. 80
836, 527, 618. 20
2, 962,485, 000. CO
2,169, 704, 399. 00
646, 655,438. 00
165, 677, 775. 00
196, 322, 900.00
225, 733,000.00
466,623,000.00
20,000,000.00
39, 990,000. CO
6, 932, 498. 20
63 891,429.80
265, 286, 760.00
13,126, 841. 00
5, 066,962. 00
937,425.00
781,100. 00
543,000.00
1.106.000. 00
379, 992, 000
9,296,971, 808
379, 992, 000
8, 949,290, 792.00
1,000,000.00
347, 681,016.00
1, 000, 000. CO
379, 992, 000
9, 296,971, 808
379, 992, 000
8, 950, 290, 792. 00
346, 681,016.00
1928
O n e dollar
T w o dohars
F i v e dollars
T e n dollars
T w e n t y dollars
F i f t y dohars
O n e h u n d r e d dollars ._ _
Five hundred d o h a r s . . .
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
Ten thousand dollars.. _
Total
U n k n o w n , destroyed
Net
57,684,000
259,880,000
10,000.00
1929
One dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars
Fifty dohars
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
Net.'
63,632,000
242,920,000
200.000
1,200,000
10,000.00
1930
One dollar
T w o dollars
..
F i v e dollars
T e n dollars
T w e n t y dollars
Fifty 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
Five thousand dollars..
T e n t h o u s a n d dollars
Total
U n k n o w n , destroyed
Net
63,192, 000
316, 800, 000
10,000. CO
682
REPORT ON THE FINANCES
No. 8.—Gold certificates of each denomination issued, redeemed, and outstanding at
the close of the fiscal years 1927, 1928, 1929, and 1930
Denomination
Issued during year
T o t a l issued
Redeerned
d u r i n g year
Total
redeemed
Outstanding
1927
3,000,000
$284,571.360
259,130,940
64,843,850
34,081,700
7,163, 600
12,799,000
576,000
16,150,000
$2,036,707,976
2,057,440,996
432,680, 620
466,942,100
151,142, 500
477,163, 600
821,830,000
3,766,190,000
$449,320,025
622,639,004
111,719,380
164,292,200
38,401, 500
85, 717, 600
83,210,000
647,690,000
12, 312,087,300
669,316, 350
10,209,097,691
2,102,989,609
254,960,000
249,440,000
23, 600,000
28,400,000
12, 600,000
27,000,000
1,000,000
2,740,988,000
2,929, 520,000
668,000,000
659,634,300
202,144, 000
589,881,000
905,040,000
4,313,880,000
319, 609, 220
264,970, 680
43,190,100
42,148, 600
11, 084,000
20, 608,000
470,000
1,030, 000
2,356,317,196
2, 322,411, 676
475,870,720
509,090,600
162, 226, 500
497,771,500
822,300,000
3,766,220,000
384, 670.805
607,108,324
92,129.280
160, 643,700
39,917,500
92,109,500
82, 740,000
547,660,000
597, 000,000
12,909, 087,300
703,110, 500
10,912, 208.191
1,996,879,109
216,040,000
208,080,000
40,600.000
34,400,000
8, 700,000
14,900,000
1,000,000
1,000,000
2,967,028,000
3,137.600,000
608,600,000
694,034, 300
210,844,000
604,781,000
906,040,000
4,314,880,000
238,660,670
269,680,080
36,279,400
43, 701,300
9,724, 600
16, 760,000
.59,325, 000
450, 660,000
2,594,877,866
2,692,091,756
612,150,120
652,791,900
171,951,000
514, 631, 500
881, 625,000
4,216, 780,000
362,160,135
645,508,244
96,449,880
141,242,400
38,893,000
90,249,600
24,415,000
98,100,000
624,720,000
Total
$2,486,028,000
2, 680,080,000
544,400,000
631,234,300
189, 64.4,000
. 562,881,000
906,040,000
4,312,880,000
603,420,000
T e n dollars
T w e n t y dollars .
Fifty d o l l a r s . . . .
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
13,433,807, 300
1,124, 690,950
12,036, 799,141
1,397,008,169
461,120, 000
462, 080, 000
83, 000, 000
95, 200, 000
31, 450, 000
77, 000, 000
22, 500, 000
81, 000, 000
3,418,148, 000
3, 699, 680, 000
691, 600, 000
789, 234, 300
242, 294,000
• 681,781,000
928, 540, 000
4, 395, 880, 000
348,194, 660
455, 925, 540
75,182, 650
97, 914, 600
25, 975, 000
70, 685, 000
22, 560, 000
88, 370, 000
2,943,072,525
3, 048, 017, 296
587, 332, 770
650, 706, 500
197, 926, 000
585, 216, 500
904,185, 000
4, 305,150, 000
475,075, 475
551, 662, 704
104, 267, 230
138, 527, 800
44, 368, 000
. 96, 564, 500
24, 355, 000
90, 730, 000
1, 313, 350, 000
14, 747,157, 300
1,184, 807, 450
13,221,606,591
1, 526, 550, 709
$258, 640,000
245, 680, 000
37,000,000
32,400,000
9,800,000
16,900,000
1928
T e n dollars
T w e n t y dollars.
Fifty dollars
One hundred dohars
F i v e h u n d r e d dollars
One thousand dohars
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
1929
Ten dollars.
Twenty dohars...
Fifty d o h a r s
. .
One h u n d r e d dollars
Five hundred dohars
One t h o u s a n d d o h a r s
Five thousand d o h a r s . . .
T e n t h o u s a n d dollars
Total
1930
T e n dollars
Twenty dollars...
Fifty dollars
One h u n d r e d d o h a r s . . . . .
Five hundred dohars
One t h o u s a n d dollars
Five thousand dollars...
Ten thousand dohars
Total
.
TREASURER OF THE UNITED STATES
683
No. 9.—Silver certificates of each denomination issued, redeemed, and outstanding
at the close of the fiscal years 1927, 1928, 1929, and 1930
Issued d u r ing year
Denomination
T o t a l issued
Redeemed
d u r i n g year
T o t a l redeemed
Outstanding
1927
One dollar
Two dollars..
. . .
F i v e dollars
T e n dollars
T w e n t y dollars
Fifty dolhars
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 d o l l a r s .
$522, 20S, 000
40,000
$5,491,135,600
1,196,748,000
.3,344,210,000
676, 594, 000
338, 306,000
1
129,850,000
1
81, 540,000
16, 650, 000
32,490,000
$486,978, 716 $5,048, 285,171.90
9,063,460 1,189,110,673.60
13,383,425 3,327,406, 647. 50
166, 960
674,449, 699. 00
220,440
336, 788, 050. 00
364,900
128, 580,316. CO
4,400
81, 380,980. 00
16, 640. 000. 00
32,476.000. 00
$442,850,428.10
7, 637,326. 40
16,803,352. 50
2,144, 301. CO
1, 517,950.00
1, 269, 685. CO
169,020. CO
10,000. 00
14,000. CO
622, 248, 000
11,307,523,600
610,182,300 10,835,117,637.00
472,406,063.00
678, 076,000
6, 069, 211, 600
1,196, 748,000
3,344,210,000
676, 594, 000
338,306,000
129,850,000
81, 540,000
16, 650, 000
32,490,000
569, 377,184 5,617, 662, 356. 90
2, 450, 576 1,191, 561, 249. 60
3, 880, 320 3, 331, 286,967. 50
122,860 •
674, 672, 559. CO
165,160
336,953, 210. 00
258,300
128,838,616.00
81, 389, 380. 00
8,400
16, 640, 000. 00
1,000
32,477,000. 00
461,549,244.10
• 5,186,760.40
12,923.032. 50
2,021,441.00
1,352, 790. CO
1,011,385.00
150, 620. 00
10,000. 00
13,000. 00
578,076,000
11,885, 699, 600
576, 263,800 11,411,381,337.00
474,218, 263. 00
515,664,000
6, 584, 875, 600
1,196, 748,000
3, 352, 590, 000
676, 594,000
338, 306,000
129,850,000
81, 540,000
16,650,000
32,490, 000
.
Total
1928
One dollar
T w o dollars
F i v e dollars
T e n dollars
Twenty dollars..
Fifty d o h a r s
One h u n d r e d dollars.
Five hundred dollars.
One t h o u s a n d d o l l a r s , . . .
Total
1929
O n e dollar .
Two dollars..
Five dollars.
T e n dollars
T w e n t y dollars .
Fifty d o h a r s
One h u n d r e d dollnrs
F i v e h u n d r e d dollars
One t h o u s a n d dollars
8, 380, 000
Total
624,044,000
12,409, 643, 600
715, 364, 000
200
1, 000, 000
7, 300, 239, 600
1,196, 748, 200
3, 353, 590, 000
676, 594, 000
338, 306, 000
129,850,000
81, 540, 000
16, 650, 000
32,490, 000
523,962, 536
550,434
2,482, 600
75,610
107, 720
176,900
6,000
500
6,141,624,891.90
1,192, 111, 683. 60
3, 333, 769, 567. 50
674, 648,169.00
337, 060,930. 00
129,015,515.00
81,394,380. 00
16, 640, 500. C
O
•32,477,000.00
443,250,708.10
4,636,316.40
18,820,432. 50
1,945,831. CO
1, 245, 070.00
834,485. 00
145, 620. CO
9, 500. CO
13,000. 00
527,361,300 11,938, 742, 637. 00
470,900,963. 00
6,827, 201. 609. 90
1,192, 763,405. 60
3, 343, 981, 987. 50
674, 775, 049. 00
337, 213, 390. 00
129, 219,115. 00
81,402,180. 00
16, 640, 500. 00
32,477, 000. 00
473, 037, 990.10
3, 984, 794. 40
9, 608, 012. 50
1,818,951.00
1, 092, 610. 00
630, 885. 00
137,820. 00
9,500.00
13, 000. 00
696, 931, 600 12, 635, 674, 237. 00
490,333, 563.00
1930
One dollar
T w o dollar's
F i v e dollars
T e n dollars
T w e n t y dollars
Fiftv dollars
One h u n d r e d dollars
Five hundred dollars.
O n e t h o u s a n d dollars
Total...
.
.
716, 364, 200
13,126,007,800
685, 576. 718
651, 722
10,212,420
126, 880
152, 460
203.600
7,800
684
REPORT ON THE FINANCES
No. 10.—Treasury notes of 1890 of each denomination issued, redeemed, and outstanding at the close of the fiscal years 1927, 1928, 1929, and 1930
ee
T o t a l issued dR e dn g m e d
uri
year
Denomination
Total
redeemed
Outstanding
1927
One dollar
...
T w o dollars
F i v e dollars
T e n dollars .
T w e n t y dollars
Fifty d o h a r s
One h u n d r e d dollars
One t h o u s a n d dollars
$64,704,000
49,808,000
120,740,000
104, 680,000
35,760,000
1,175,000
18,000,000
52, 668,000
32,000
446,107,196
1,327,804
64, 704,000
49,808,000
120,740,000
104,680,000
35,760,000
1,175,000
18,000,000
52, 568,000
934
700
•4,430
8,210
3,880
100
2,600
64,400,337
49,623,256
120,386, 567
104,400,730
35, 658,410
1,172,050
17,964, 700
62, 532,000
303,663
184,744
353,433
279,270
101, 690
2,950
45,300
36,000
20,854
446,128, 050
1,306,950
1,071
1,004
4, 226
8,720
4,380
200
1,300
64,401,408
49,624, 260
120,390,792
104,409,460
35,662.790
1,172,250
17,966,000
52, 532, 000
302,592
183,740
349,208
270,660
97,210
2,760
44,000
36,000
447,436,000
Total
$304,597
186,444
357,863
287,480
105,470
3,050
47,900
36,000
64,704,000
49,808,000
120, 740,000
104,680,000
36, 760,000
1,175,000
18,000,000
62, 568,000
. .
$64,399,403
49, 622, 656
120, 382,137
104,392, 620
35,654,530
1,171,950
17,952,100
52, 532,000
447,435,000
. . . .
$2, 688
"2,402
4,820
9,900
6, 240
650
3,300
2,000
447,435,000
.
20,900
446,148,950
1, 286,060
64, 704, 000
49,808, 000
120, 740, 000
104, 680, 000
35, 760, 000
1,175,000
18,000,000
52, 568, 000
1,264
1,206
5,230
9,260
4,940
500
1,100
1,000
64,402, 672
49, 625,466
120, 396, 022
104,418, 710
35, 667, 730
1,172, 750
17, 957,100
52, 533, 000
301, 328
182, 534
343, 978
261, 290
92, 270
2,260
42, 900
35, 000
447,435, 000
24, 500
446,173,450
1, 261, 550
1928
One dollar
._
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars.. •
Fifty d o h a r s . . . . . . .
One h u n d r e d dollars
One t h o u s a n d dollars
..
..
Total
1929
One dollar
T w o dollars
Five 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
One t h o u s a n d dollars
Total.
1930
One dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars
Fifty dohars
One h u n d r e d dollars
One t h o u s a n d dollars.
Total
_ . . .
.
_..
:
TREASURER OF THE UNITED STATES
685
No. 11.—Amount of United States notes, gold and silver certificates, and Treasury
notes of each denomination issued, redeemed, and outstanding at the close of the
fiscal years 1927, 1928, 1929, and 1930
Issued d u r i n g
year
Denomination
T o t a l issued
Redeemed
during year
T o t a l redeemed
Outstanding
1927
$522, 208,000
One dollar
..
66, 720, 000
Two dollars
220, 820, 000
Five dollars..
258, 680,000
Ten dohairs...
248, 640, 000
Twenty dollars
37,000,000
Fifty dollars
32,400, 000
One hundred dohars
9,800, 000
Five hundred dollars
16, 900, 000
One thousand dollars
Five thousand dollars...
3, 000, 000
Ten thousand dohars
$6, 792,443, 760
1,962,567,048
6,873,121,760
5,449, 933, 240
3, 704, 668,400
832, 040, 200
927,878,300
432,470, 000
1,116, 567, 000
925, 040,000
4, 352,880, 000
Total
Unknown, destroyed
1,406,168,000
32,368, 609, 708 1,460,029,-650 29,444, 206, 216. 00 2, 924,404,492. CO
1,000,000.00
1, 000, 000. CO
1,406,168, 000
32, 368,609, 708 1,460, 029, 650 29,445, 205,216. 00 2, 923,404,492. 00
Net
$499,937,379 $6, 337, 224, 867. 70 $456, 218, 902. 30
61, 388, 826 1, 900, 886,161.80
61, 680, 886. 20
131, 514, 295 6, 653, 563, 679. 60
219, 558,080. 50
357, 923, 570 4,951, 559, 003. 00 498, 374, 237. 00
280,504, 680 3,054, 652, 874. 00
650, 016, 626. 00
57, 741,100
715, 963,160. 00 , 116,077,040.00
34,158, 800
762,461, 980. 00
165,416,320. 00
7, 215, 000
393,337,000.00
39,133, 000. 00
12, 921,000 1,027,546,500.00
88,020, 600.00
575, 000
841,830, 000.00
83, 210, 000. CO
16,150, 000 3, 805,180,000. CO
547, 700, 000. 00
1928
One dollar
Two dollars. _
Five dollars..
Ten dollars...
Twenty dollars
Fifty dohars
One hundred dollars
Five hundred dohars
One thousand dollars
Five thousand dollars
Ten thousand dohars
„
678, 076,000
67, 584,000
259,880, 000
264, 960, 000
249,440, 000
23, 600,000
28,400, 000
12, 600,000
27, 000,000
1,000,000
7, 370, 619, 760
2,020,151,048
6,133, 001, 760
6, 704,893, 240
3, 964,108,400
865,640, 200
956, 278, 300
446, 070, 000
1,142, 567,000
926,040, 000"
4, 353,880,000
672,211,836
61,199, 698
223, 247,430
340, 503,430
279, 249, 260
44, 759, 700
42, 207,800
11,148, 000
20,832,000
470,000
1,030, 000
6,909,436,693. 70
1, 962,085, 869. 80
6, 876, 811,109. 50
5, 292, 062,433. CO
3,333, 902,134. 00
760, 722, 860. 00
804, 669, 780. 00
404, 485, 000. 00
1,048,378, 500. CO
842,300, 000.00
3,806, 210,000. 00
461,083,066.30
68,065,188. 20
256,190,650. 50
412, 830,807. 00
620, 206, 266. 00
94, 917, 340. CO
151, 608, 620. 00
40, 685, 000. 00
94,188, 500. CO
82, 740, 000.00
647, 670,000. 00
Net
1,492, 540, 000
33,861,149, 708 1, 696,859,164 31,041,064, 370.00 2,820,085, 338.00
1,000,000. 00
1,000,000. 00
1,492, 640, 000
Total..
Unknown, destroyed
33, 861,149, 708 1, 596,859,154 31,042,064,370. CO 2,819, 085,338.00
1929
One dollar...
Two dollars _
Five dollars...
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars
Five hundred dollars
One thousand dohars
Five thousand dohars. _ .
Ten thousand dohars
615,664,000
63, 632,000
251, 300,000
216, 240,000
209, 280, 000
40, 600,000
34,400,000
8, 700, 000
14,900,000
1,000,000
1,000,000
7,886,183, 760
2, 073, 783,048
6, 384, 301, 760
6,921,133,240
4,163, 388,400
896, 240, 200
990, 678, 300
453, 770,000
1,157,467,000
926,040,000
4,364,880,000
624, 971, 931
50, 208, 764
237, 959,035
245,664,190
273, 590, 640
36,944,800
43, 736,400
9, 795, 500
17,169,000
69,325,000
450, 660,000
7,434,408, 624. 70
2, 012, 294, 613. 80
6,114, 770,144. 50
6, 637,726,623.00
3, 607,492, 674.00
797,667, 660.00
848,406,180.00
414, 280, 600. CO
1,066, 647,500.00
901, 625,000.00
4,256, 770,000.00
451, 775,135. 30
61,488, 434. 20
269, 631, 615. 50
383,406,617.00
655,895, 726.00
98, 572, 540.00
142, 272,120.00
39,489, 500.00
91,919,500.00
24,416,000. 00
98,110,000.00
Net
1,346, 716,000
36,207,865,708 1, 949, 925,160 32,990,989,520. CO 2,216,876,188.00
1,000,000.00
1,000,000.00
1,346, 716,000
Total
Unknown, destroyed
35, 207,866, 708 1, 949, 926,160 32,991,989,620.00 2,216,876,188.00
1930
One dollar
Two dollars..
F i v e dollars
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 thousand dohars
Five thousand dollars...
T e n thousand dohars
Total
U n k n o w n destroyed
Net
715, 364, 000
63,192, 200
317,800, 000
461,120, 000
462, 080, 000
-83,000,000
95, 200, 000
31,450, 000
77, 000, 000
22, 500, 000
81, 000,000
8, 601, 547, 760
2,136, 975, 248
6, 702,101,760
6,382,253,240
4, 625,468,400
979, 240, 200
1,085,878,300
485, 220, 000
1, 234,467, 000
948, 540, 000
4,435,880, 000
686, 867, 319
66, 621,876
312, 092, 865
364, 244, 060
460,061.180
75, 734, 750
97, 982, 500
26, 019, 000
71, 202, 000
22, 560, 000
88, 370, 000
8,121, 275, 943. 70
2, 078, 916,489. 80
6, 426,863, 009. 50
5, 891, 970, 683. 00
4, 067, 553,854. 00
873,402, 410. 00
946, 388, 680. 00
440, 299, 500. 00
1,136, 749, 500. 00
. 924,185,000.00
4, 345,140, 000. 00
480, 271,816. 30
58, 058, 758. 20
275, 238, 750. 50
490, 282, 557. 00
557, 914, 546. 00
105, 837, 790. 00
139,489, 620. 00
44, 920, 500. 00
97, 717, 500. 00
24, 355, 000. 00
90, 740,000. 00
2,409, 706, 200
37, 617, 571, 908 2, 261, 755, 550 35, 252, 745, 070. 00 2, 364,826,838. 00
1,000,000.00
1, 000, 000. 00
2,409, 706, 200
37, 617, 571, 908 2, 261, 755, 550 36, 253, 745, 070. 00 2, 363, 826, 838. 00
686
REPORT ON THE FINANCES
No. 12.—Federal reserve banks and branches, general, limited, insular, special, a7id
foreign banks designated as Government depositaries of public 7noneys, with the
balances held June SO, 1930
FEDERAL RESERVE BANKS AND
BRANCHES
F e d e r a l Reserve B a n k , B o s t o n , M a s s
F e d e r a l Reserve B a n k , N e w Y o r k , N . Y
.
Federal Reserve B r a n c h B a n k of N e w Y o r k , Buffalo, N . Y
Federal Reserve Bank,, P h i l a d e l p h i a , Pa.^
Federal Reserve B a n k , Cleveland, Ohio
F e d e r a l Reserve B r a n c h B a n k of Cleveland, P i t t s b u r g h , P a
F e d e r a l Reserve B r a n c h B a n k of Cleveland, C i n c i n n a t i , Ohio
F e d e r a l Reserve B a n k , R i c h m o n d , Va
F e d e r a l Reserve B r a n c h B a n k of R i c h m o n d , B a l t i m o r e , M d .
F e d e r a l Reserve B r a n c h B a n k of R i c h m o n d , C h a r l o t t e , N . C
Federal Reserve B a n k , Atlanta, Ga
F e d e r a l Reserve B r a n c h B a n k of A t l a n t a , N e w Orleans, L a
...
F e d e r a l Reserve B r a n c h B a n k of A t l a n t a , Jacksonville, F l a
Federal R e s e r v e B r a n c h B a n k of A t l a n t a , B i r m i n g h a m , Ala
F e d e r a l R e s e r v e B r a n c h B a n k of A t l a n t a , Nashville, T e n n
F e d e r a l R e s e r v e B a n k , Chicago, 111
F e d e r a l R e s e r v e B r a n c h B a n k of Chicago, D e t r o i t , M i c h
F e d e r a l R e s e r v e B a n k , St. L o u i s , M o
^...
F e d e r a l R e s e r v e B r a n c h B a n k of St. L o u i s , Louisville, K y
F e d e r a l R e s e r v e B r a n c h B a n k of St. L o u i s , L i t t l e Rock, A r k
F e d e r a l Reserve B r a n c h B a n k of St. Louis, M e m p h i s , T e n n
Federal Reserve B a n k , Minneapolis, M i n n . . . .
F e d e r a l R e s e r v e B r a n c h B a n k of M i n n e a p o l i s , H e l e n a , M o n t
F e d e r a l Reserve B a n k , K a n s a s C i t y , M o . . .
"F e d e r a l Reserve B r a n c h B a n k of K a n s a s C i t y , D e n v e r , Colo
F e d e r a l Reserve B r a n c h B a n k of K a n s a s C i t y , O m a h a , N e b r
F e d e r a l Reserve B r a n c h B a n k of K a n s a s C i t y , O k l a h o m a C i t y , Okla
F e d e r a l Reserve B a n k , Dallas, T e x
F e d e r a l Reserve B r a n c h B a n k of Dallas, E l Paso, Tex
F e d e r a l Reserve B r a n c h B a n k of Dallas, H o u s t o n , T e x
F e d e r a l Reserve B r a n c h B a n k of Dallas. San A n t o n i o , T e x
•..
F e d e r a l Reserve B a n k , San Francisco, C a l i f . .
F e d e r a l Reserve B r a n c h B a n k of San Francisco, Los Angeles, Calif
F e d e r a l R e s e r v e B r a n c h B a n k of San Francisco, Seattle, W a s h
F e d e r a l Reserve B r a n c h B a n k of San Francisco, P o r t l a n d , Oreg
F e d e r a l Reserve B r a n c h B a n k of San Francisco, S p o k a n e , W a s h
F e d e r a l Reserve B r a n c h B a n k of San Francisco, Salt L a k e C i t y , U t a h
U n a v a i l a b l e f u n d s - p a y m e n t s m a d e w i t h o u t personal liability for counterfeit war. savings
s t a m p s . Series 1 9 1 9 . . .
T o t a l '.
$1,910,791.90
3,313,648.89
0
1, 391, 328. 53
1, 616, 594. 66
0
0
2,967, 642. 36
0
0
2,167, 271. 24
0
0
0
0
4, 293, 696. 93
0
2,043,734.47
'
0
0
0
1,079,188.22
0
2, 230,125. 42
0
0
\
0
1,172,012.68
0
0
0
2, 446,936.12
0
0
0
0
0
1, 295. 00
26,524, 266. 32
GENERAL, LIMITED, AND INSULAR DEPOSITARY
State
Alabama
Alaska
Arizona
Arkansas
Cahfornia
Colora;do
Connecticut
Delaware
D i s t r i c t of Columbia,
Florida...
Georgia
Hawau
Idaho
Illinois
Indiana.
Iowa
Kansas
Kentucky
Louisiana
Mainei
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
Number of
depositaries
22
6
6
14
191
23
19
5
4
18
26
1
8
72
60
45
29
26
8
11
12
52
37
31
16
20
9
26
1
A m o u n t of
public moneys on der
posit, collected funds
$232,051. 22
401.716.18
136, 275. 44
145. 332. 26
1, 366, 258. 90
210, 257. 98
422, 266. 77
74, 956.16
278, 758. 77
398,883. 30
367, 973. 61
1,275, 588. 29
134, 642. 28
1,151, 692. 79
669, 062. 38
576, 653. 24
498, 274. 72
186,658.97
604,876. 98
205, 053. 33
174,856. 09
934,180. 27
603. 795.10
414,010.18
327, 795.11
689, 541. 77
'120,611.90
164,147. 92
100,000.00
BANKS
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
South C a r o l i n a . . .
South D a k o t a
Tennessee
Texas
Utah
Vermont
Virginia
Washington
W e s t Virginia
Wisconsin
Wyoming
.
I n s u l a r depositaries (including P h h i p p i n e I s l a n d s ) :
C a n a l Zone
P o r t o Rico
Phhippine Islands
Total
Number of
depositaries
17
66
5
109
23
12
64
36
15
112
3
7
15
22
61
2
7
37
27
20
42
A m o u n t of
public moneys on deposit, collected funds
$238, 291. 83
956, 997. 44
113, 249. 84
2,163, 263. 53
319, 198. 04
103, 627. 88
1,000, 308. 35
472, 380. 02
.185, 206. 75
1,136, 684.15
301, 627. 79
241, 606.44
186, 384.95
291, 331. 08
958, 640. 24
21, 600.90
96, 236. 61
1,102, 841.83
611, 703. 70
463, 320. 93
561, 920.10
87, 372.16
163, 614.79
1,4a9, 747.98
225, 627.14
1,510
26,097,366.38
687
TEEASURER OF THE UNITED STATES
N o . 12.—Federal reserve banks and branches, general, limited, insular, special, and
foreign banks designated as Government depositaries of public moneys, with the
balances held J u n e SO, 1930—Continued
SPECIAL DEPOSITARY BANKS
[By Federal reserve districts]
Total balances in special depositary banks in each Federal reserve district arising from
sales of certificates of indebtedness, reported by the several Federal reserve banks as
fiscal agents of the United States
Federal Reserve
Federal Reserve
Federal Raserve
Federal Reserve
Federal. Reserve
Federal Reserve
Federal Reserve
Federal Reserve
Federal Reserve
Federal Reserve
Federal Reserve
Federal Reserve
Federal Reserve
To the credit of
the Treasurer
of the United
States, collected funds
$24, 157,160. C
O
110, 425,300. 00
31, 905,656.11
20. 219,000. 00
22, 033, 200. 00
11, 638, 477. 64
11, 102,038. 54
645,450.
18, 468, 748. 00
28
6, 668, 641. 05
1, 132, 750. 00
3, 949,858.12277, 058. 00
13,
21,
296,623,336.64
Bank, Boston, Mass
Bank, New York, N. Y
Bank, Philadelphia, Pa
Bank, Cleveland, Ohio
Bank, Richmond, Va
Bank, Atlanta, Ga
Branch Bank of New Orleans, La..
Bank, Chicago, Ih
Bank, St. Louis, Mo
Bank, Minneapolis, Minn
Bank, Kansas City, Mo
Bank, Dallas, Tex
Bank, San Francisco, Cahf
Total
FOREIGN DEPOSITARY BANKS
To the credit
of the Treasurer of the
United States •
and United
States disbursing oflacers,
collected funds
Title of bank
Brussels branch of the Guaranty Trust Co. of New York City, Brussels, Belgium..
Shanghai branch of the National City Bank of New York City, Shanghai, China
Tientsin branch ofthe National City Bank of New York City, Tientsin, China
London branch of the Guaranty Trust Co. of New York City, London, England
London branch of the National City Bank of New York City, London, England
Paris branch of the Bankers Trust Co. of New York City, Paris, France
Paris branch ofthe Guaranty Trust Oo. of New York City, Paris, France
Paris branch ofthe National City Bank of New York City, Paris, France
Banque Nationale de la Republique, Port au Prince, Haiti
Genoa branch of the National City Bank of New York City, Genoa, Italy
Panama branch of the Chase National Bank of New York City, Panama, Republic of
Panama
Panama branch of the National City Bank of New York City, Panama, Republic of
Panama
Total..
$484. 49
46,807. 42
10, 009. 06
17, 239. 91
8,425. 21
382,476. 86
34,820. 69
37,908.99
, 018, 727. 23
65, 240. 38
1, 612,139.14
RECAPITULATION
Federal reserve banks and branches
General, limited, and insular depositary banks (including Phhippine Islands)
Special depositary banks (by Federal reserve districts)
Foreign depositary banks
Total
.'
..:
$26,524,266. 32
26,097,355.38
296,623,336. 64
1,612,139.14
350,857,097.48
N o . 13.—Old demand notes of each denomination issued, redeemed, and outstanding
J u n e SO, 1930
Denomination
Five dollars
Ten dollars
Twenty dollars
Total issued
. .
12101—31-
Total
redeemed
Outstanding
-46
$21,800,000.00
20,030,000.00
18,200,000.00
$21, 778, 762.60
20,010,365.00
18,187,880.00
$21,247.50
19,646.00
12,120.00
60,030,000.00
Total
:
Redeemed
during year
69,976,987.60
63,012.60
688
REPORT ON THE FINANCES
No. 14.—Fractional currency of each denomination issued, redeemed, and outstanding June 30, 1930
Denomination
Total issued
Three cents
Five cents
Ten cents.. _
Fifteen cents
Twenty-five cents
Fifty cents
Redeemed
during year
$601,923.90
6,694,717.86
82,198,466. 80
6, 305, 668. 40
139,031, 482.00
136,891, 930.60
Total
redeemed
$511,766.41
$3.00
15.03
3,836,525.03
161.15 77,146,735. 78
15.00
6, 065,864. 6'0
401. 69 134,773, 684. 56
451. 75 132,148,990. 20
Outstanding
$90,167.49
1,858,192.82
5, 051,721. 02
239,703.80
4, 257,797. 44
3 742,940 30
368, 724,079.46
1
Net
Estimated amount lost or destroyed while in
circulation
Balance
1, 047. 62 353,483, 666. 58 15, 240, 612.87
32, 000. 00
32,000.00
368, 724,079. 46
1, 047. 62 353, 516, 566. 58 15, 208 612 87
368,724,079.46
Total
Unknown destroyed
1, 047. 62 366,733, 567. 03
13, 218, 000. 45 13, 218,000. 46
1,990, 612. 42
No. 15.—Compound-interest notes of each denomination issued, redeemed, and outstanding June SO, 1930
Redeemed
Total issued [during yearl Total redeemed Outstanding
Denomination
$23, 286, 200. C
O
30,125, 840.00
60,824,000. C
O
46, 094, 400. 00
67,846,000.00
39, 420,000.00
Total
$40.00 $23, 266, 530. 00
O
120. 00 30, 094,990. C
150. 00 60, 763, 500. 00
45, 062,800. 00
67,835, 000. 00
39,416, 000. C
O
$18,670. 00
30,850. 00
60, 500. 00
31, 600. 00
11, 000. C
O
4, 000. 00
266,696,440. 00
Ten dollars..
Twenty dollars
Fifty dollars
One hundred dollars.
Five hundred dollars.
One thousand dollars.
O
310. 00 266, 438, 820. C
156, 620. 00
No. 16.—One and two year notes of each denomination issued, redeemed, and outstanding June 30, 1930
Denomination
Total issued
-.
211,00.0,000
_
211,000,000
Net
$6,194,150
16,427,960
20, 932, 400
37, 788, 700
40,300, 500
89, 289,000
$6,200,000
16,440,000
20,946, 600
37,804, 400
40, 302, 000
89,308,000
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars . .
Five hundred dollars
One thousand dollars
Total
Unknown destroyed
Redeemed
during year Total redeemed Outstanding
$6,860
12,040
13,200
16, 700
1,600
19,000
210, 932, 710
10,690
67,290
10,690
210,943,300
66, 700
No. 17.—Seven-thirty notes issued, redeemed, and outstanding June 30, 1930
Issued
July 17,1861.
Aug. 16,1864
June 16,1866.
July 15,1866.
Total..
Redeemed
Total issued Iduring year Total redeemed Outstanding
$139, 999, 750
299,992, 600
331,000,000
199,000, 000
$139, 990. 460
299, 947,300
330,970,360
198, 966, 460
969,992,260
969,863,660
$9,300
45,200
29, 660
44,660
128,700
689
TREASURER OF THE UNITED STATES
No. 18.-—Refunding certificates, act of February 26, 1879, issued, redeemed, and
outstanding June SO, 1930
How payable
Total issued
Redeemed
Outstanding
during year Total redeemed
$68, 600
39, 954, 250
_
Total
$130
$58,480
39,945,350
$20
8,900
40,012, 760
To order
To bearer
130
40,003,830
8,920
No. 19.—Public debt obligations retired during the fiscal year 1930
M A T U R E D U N I T E D STATES PRE-WAR LOANS
Amount
Refunding certificates
Compound interest notes
4 per cent loan of 1907
3 per cent loan of 1908-1918....
Amount
Pieces
$130
310
100
40,220
13
13
2
77
Pieces
Total
$161,100
156
201,860
4 per cent loan of 1925
260
U N I T E D STATES L I B E R T Y LOAN BONDS
Matured
Title of issue
Purchased
Received as
from cash
repayments of repayments of
principal by principal by forforeign gov- eign governrnents
ernments
Purchased for
cumulative
sinking fund
Amount Pieces Amount Pieces Amount Pieces Amount
First Liberty loan, SH per cent
First Liberty loan, 4 per cent
Second Liberty loan, 4 per cent
$381,150
Second Liberty loan converted, i H
per cent
:
3,708,700
Third Liberty loan, i H per cent
10,777,800
Fourth Liberty loan, i H per cent.
Victory notes, SH per cent
100
Victory notes, i H per cent (A-F)
130,300
Victory riotes, i H per cent (G-L)...
166, 000
Total
•
Title of issue
3,288
32,053
90,729
1
1,362
1,648
$150,000
94
$392,660
10,000, C O 1,254
O
25,350
404 $3,042,650
7
411 3,042,550
Retired by spe- Received as
cial direction of payments on acthe Secretary count of estate
account forfei- or inheritance
tures, gifts, etc.
taxes
Total.
1,990,760 2,006
1 $5,000iOf this amount repaid Jan. 13,1930.
2,006
$3,000
2,600
11
$6,428,950
150,000
9 $16,000
3,166
Total
Amount Pieces Amount Pieces Amount Pieces Amount
First Liberty loan, SH per cent
$1,990,750
First Liberty loan, 4 per cent
First Liberty loan converted, 4M
per cent
. ..
Second Liberty loan, 4 per cent
Second Liberty loan converted, i H
per cent
Third Libertyioan, i H per cent
Fourth Liberty loan, 4M per cent..
Victory notes, SH per cent.
Victory notes, i H per cent (A-F) _ .
Victory notes, i H per cent ( G - L ) . .
3,156
I
15,163,050 129,081 10,150, C O 1,348 418,000
O
Received as interest payments
on obligations
of foreign governments
Piecee
Pieces
5,676
94
11
2 . 17,600
381,150 3,288
3,000
10,050
24,650
9
30
79
58,100
3, 711,700
10,787,860
28 10,108, 000
100
130,300
1 165,000
43,200
138
73,100
30 30,880,650 136,169
32,062
90,759
1,368
1
1,362
1,648
690
REPORT ON THE FINANCES
No. 19.—Public debt obligations retired during the fiscal year 1930—Continued
CERTIFICATES OF I N D E B T E D N E S S
F r a n c h i s e t a x - Franchise t a x F e d e r a l reserve i n t e r m e d i a t e
banks
credit b a n k s
P u r c h a s e d prior
to m a t u r i t y
Matured
T i t l e of issue
Amount
Certificates of i n d e b t e d n e s s :
i H per cent series IV-D-1918
b H per cent series G-1921
b H per cent series T M - 1 9 2 2 .
5 H per cent series B-1922
4 per cent series T M - 1 9 2 5 . . .
SH per cent series T J2-1926-.
SH per cent series T D - 1 9 2 6 . .
SH per cent series T S - 1 9 2 7 . .
3M per cent series T M - 1 9 2 8 3 per cent series T M 2 - 1 9 2 8 . .
SH per cent series T J - 1 9 2 8 . . .
SH per cent series T D - 1 9 2 8 SH per cent series TD2-1928.
4 per cent series T D 3 - 1 9 2 8 . . .
S H per cent series T M - 1 9 2 9 .
SVs per cent series TM2-1929
i}4 per cent series T J - 1 9 2 9 . . .
i H per cent series TS-1929. .
i H per cent series TS2-1929.
i H per cent series T D - 1 9 2 9 . .
i H per cent series TD2-1929b H per cent series T M - 1 9 3 0 4J^ per cent series T J - 1 9 3 0 . . i H per cent specials, 1929
3 p e r cent specials, 1929
3 per cent specials, 1930
2 per cent specials, 1930
Pieces
$1,600
1,000
2,500
500
500
1,500
1,000
1,000
3,500
15,000
14,400
42,000
6,000
105, 500
146, 500
47, 600
12,080, 300
276,898,000
178,465, 000
244,867, 500
416,399, 500
388,883,500
500,063,000
195, 500, 000
616,000, 000
562, 000,000
114, 000,000
3
1
3
1
1
3
2
2
4
2
25
23
2
19
112
29
13,653
67,455 $30,680,000
20,169 24,320,000
33, 528 6, 500, 000
49,930 15,000,000
76,932
65,124
16
38
34
1
Pieces A m o u n t
Amount
Pieces A m o u n t Pieces
1.862
971
93
195
$4,283,000
208 $172,000
146
3,111 4,283,000
208 172,000
145
Optional redemption
Purchased, f r o m
cash repayments
of principal by
foreign governments
Total •
Amount
Amount
3,404,546, 700 307,112 76, 500, 000
Total
Title of issue
Certificates of indebtedness:
4H per cent, series IV-D-1918.
5H per cent, series G-1921
5H per cent, series TM-1922.-.
bH per cent, series B-1922
4 per cent, series TM-1925
SH per cerit, series TJ2-1926.-.
SH per cent, series TD-1926...
SH per cent, series TS-1927
SH per cent, series TM-1928...
3 per cent, series TM2-1928
SH per cent, series TJ-1928
SH per cent, series TD-1928...
SH per cent, series TD2-1928..
4 per cent, series TD3-1928
SH per cent, series TM-1929...
SH per cent, series TM2-1929.i H per cent, series TJ-1929
i H per cent, series TS-1929
i H per cent, series TS2-1929...
i H per cent, series TD-1929...
i H per cent, series TD2-1929..
bH per cent, series TM-1930...
.43^ per cent, series TJ-1930
i H per cent specials, 1929
3 per cent specials, 1929
3 per cent specials, 1930
2 per cent specials, 1930
TotaL
Pieces
Pieces
Amount
$1, 600
1,000
2, 500
500
500
1,600
1,000
1,000
3,600
$21,358,000
21,391,000
42,749,000
1,456
1,913
3,369
16,000
14,400
42,000
6,000
105, 500
146,600
47,500
12,080,300
307, 578,000
202, 785,000
272,725, 600
451, 790,500
402, 603,000
541, 616, 600
195,500,000
516,000,000
562, 000,000
114,000,000
$9,264, 500
41,462, 500
221
460
50,717,000
681 3,578,967,700
Pieces
1
3
1
1
3
2
2
4
2
26
23
2
19
112
29
13,663
69,307
21,140
35,077
62,038
77,506
55,684
16
38
34
1
314,626
691
TREASURER OF THE UNITED STATES
No. 19.—Public debt obligations retired during the fiscal year 1930—^Continued
TREASURY NOTES
Received as repayPurchased for cumula- ments of principal
tive sinking fund , by foreign governments
Matured
Title of issue
Amount
Amount Pieces
Treasury notes:
bH per cent series A- •1924..
bH per cent series B- •1924..
i H per cent series A- 1925..
i H per cent series B- 1925..
4J^ per cent series C- •1926..
i H per cent series A- 1926..
i H per cent series Bi H per cent series' A-•1927
i H per cent series B- 1927
SH per cent series A- 1930-1932..
'SH per cent series B- 1930-1932..
SH per cent series C- 1930-1932..
10
7
2
4
43
10
13
152
200
Total.
Title of issue
Amount
Treasury notes:
bH per cent series A-1924
bH per cent series B-1924".
i H per cent series A-1925..
4 ^ per cent series B-1925
iHv&T cent series C-1925..
4 ^ per cent series A-1926
i H per cent series .B-1926..
i H per cent series A-1927..
4 ^ per cent series B-1927
3M per cent series A-19301932
SH per cent series B-19301932 . . .
$53,978,150
SH per cent series C-1930- - . - 1 9 3 2 . . . . - . - . - . . . - . . - . . . . .13,486,700
Total
67,464,860
Pieces
378,218,950
Purchased from
smplus money
Amount
Amount
$311,145, 550 17,843
25, 517, 300 2,178
41, 556,100
i,r-
207,900
Received as interest payments on
obligations of
foreign governments
Pieces
21,989
Retired byspe-.
cial direction of
the Secretary of
the Treasury
account forfeitures, gifts, etc.
Pieces -Amount Pieces
$7,815,000
23,201,400
6,276, 300
3,766
$7,000
697
,999
106
37,292, 700 2,702
Total
Amount
$4,600
1,100
1,100
800
16,000
5,000
17,700
69,000
92, 700
$145,000,000
Pieces
Pieces
10
7
2
4
43
10
13
152
200
14 463,967,550 22, 220
802
7,000
664
..__., .-3,500
6 . 61,.322,600 2, 74.4
17,^500
34 628,201,900 30,398
1,466 145,000,000
3,766
14 102,703,850
4,993
TREASURY BILLS
Title of issue
Series maturing Mar. 17,1930
Series maturing May 19, 1930
Total
Amount
-
'
Pieces
$99,945,000
66,101,000
3,763
1,552
166,046,000
6,306
692
REPORT ON T H E FINANCES
No. 19.—Public debt obligations retired during the fiscal year 1930—Continued
TREASURY (WAR) SAVINGS CERTIFICATES
Redemption
value
T i t l e of issue
War
War
War
War
savings certiflcates, series of 1918
savings certificates, series of 1919
savings certificates, series of 1920
savings certificates, series of 1921
Total.
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
savings
savings
savings
savings
savings
savings
$369,627.74
80,716.06
34,617.26
26,461. 32
-'.
Number of
stamps
and
pieces
74,069
16,164
6,927
6,292
1611,412. J
Total
T r e a s u r y savings s t a m p s . . .
Thrift s t a m p s
33
33
69
1,607
16,397
71,331
88,470
622. 00
41, 986. 60
series of 1919
series of 1920
series of 1921
issue of D e c . 16,1921.
issue of Sept. 30, 1922
issue of Dec. 1, 1923..
102,432
2 3, 300. CO
2 3,300. CO
2 5, 250. CO
243, 725. CO
1,657, 700.00
8 13, 729, 600.00
16,542, 775. 00
certificates,
certificates,
certificates,
certificates,
certificates,
certificates,
622
167,946
1 R e d e e m e d as interest p a y m e n t s a c c o u n t accrued d i s c o u n t (includes $91.80 series 1918 r e d e e m e d as principal a n d r e p a i d ) .
2 R e d e e m e d as interest p a y m e n t s account accrued d i s c o u n t .
8 $1,486.36 of this a m o u n t repaid d u r i n g t h e y e a r .
No. 20.—Number of hanks with semiannual duty levied, hy fiscal years, and number
of depositaries with bonds as security at close of each fiscal year, from 1921
Fiscal year
1921
1922
1923
1924
1926
1926
1927
1928
1929
1930
Number
of b a n k s
7,422 $963, 503,640
7,420
818,766,000
7,374
749, 648,690
7,332
750,868,930
6,982
666,061,330
6,775
666,616,390
6,610
666,991,130
16,413
666, 668, 650
1 6, 257 666,199,140
1 6,121
666,219, 760
1 P a r e n t b a n k s only included.
B o n d s held
to secure
circulation
Semiannual
d u t y levied
$4, 753,995.02
4,387,405.18
4,143. 764. 66
4,066,699. 20
4,052,849. 78
3,277,612.90
3,253.461. 97
3.234,240.29
3, 240,307. 81
3, 248,327.86
Number
B o n d s held
of deposito secure
taries. . deposits
718
1,186
1,257
1,254
1,221
1,317
1,311
11,296
1 1,291
1 1,365
$40,352,600
41,569,989
46,071,650
46, 242,660
47,266,160
46,824,050
46,741, 600
47,142, 250
48.058. 700
46, 705,050
Total bonds
held
$993,866,240
860,334,989
795, 720,340
796,101,480
712,317,480
712,440,440
713, 732,630
712,800,900
714,267,840
712,924,800
693
TREASURER OF THE .UNITED STATES
No. 21,—Principal of obligations of the insular governments
year 1930
during the fiscal
Title of loans
Porto Rico:
1923-1953, refunding, series 0
1919-1935, refunding municipal, second issue, series K
1927-1930, public improvement, series C
1927-1930, public improvement, series D
1927-1930, pubhc improvement, series G
1927-1930. public improvement, series H . . .
1929-1941, irrigation, series B
1926-1940, San Juan Harbor improvement
1927-1942, San Juan Harbor improvement
1929-1938, Munoz Rivera Park, series B
Pieces
12
18
7
32
2
68
67
25
36
20
511,000
Total.-
$20,000
18,000
36,000
140,000
2,000
140,000
76,000
25, 000
36,000
20,000
287
No. 22.—Coupons from obligations of the insular governments paid during the fiscal
year 1930, classified by loans
Title of loans
Phhippine Islands:
1936-1955 (loan of 1925).
1941, public improvement
1962 (4J^ per cent loan of 1922)
• 1962 (6 per cent loan of 1922)
1952, irrigation and public works
Collateral, 1950
Collateral, 1957, provincial
Collateral, 1937-1957, Camarines Sur.
Collateral, 19-58, La Union
1958, first series, Iloilo port works
1958. first series, Cebu port works
'.
Collateral, 1958, Manila
1969, public improvement, first series.
1959, second series, Cebu port works
1959, second series, Iloho port works
1959 (iH per cent loan 1929) metropolitan water district.
Porto Rico:
1927-1942, San Juan Harbor improvement
1940-1942, series A-B workingmen's house construction..
1925-1940, San Juan Harbor improvement
1931-1934, public iriiprovement, series I-L
1930-1945, high-school building
1943-1956, public improvement, series A - L . . .
1929-1938, Munoz Rivera Park, series A-J
1956-1969, public improvement, series A-D
1932-1961, municipality of Ponce, port works, series A-F
1960-1963, public improvement, series A-D
1931-1956, municipality of Vihalba
1930-1969, municipality of Ponce
1933-1966, municipality of Guaynabo
1939-1964, San Juan Harbor
Total
Number
6,966
19, 632
40, 793
9,399
20, 918
5,063
2,740
221
220
1,486
1, 480
1,000
999
425
250
1,600
151
944
100
2,004
620
11,931
360
3,945
1,188
3,969
140
1,269
306
625
139,624
Amount
$148,900. 00
639, 880. 00
917,842. 60
234, 976. 00
470, 666.00
113, 692. 60
61, 650. 00
4, 972. 60
4, 950. 00
33,435. 00
33, 300.00
22, 600. 00
22,477. 50
9,662. 60
5, 626.00
33,750. 00
3, 020.00
21, 240.00
2,000.00
46,090. 00
13, 950. 00
298, 275. CO
8,100.00
88, 762. 50
. 26,730. 00
89,302. 60
2,100. 00
28, 552. 50
3,825. 00
14,062. 60
3,303,177. 50
694
REPORT ON, T H E FINANCES
No. 23.—Checks issued and paid hy the Treasurer for interest on registered bonds of
the insular governments during the fiscal year 1930
Checks paid
C h e c k s issued
Title of loans
Nimiber.
Philippine Islands:
1914-1934, land purchase
1915-1936, first series, public improvements
1915-1935, first series, city of Manila, sewer and
water
1916-1936, second series, pubhc improvements
1917-1937, second series, city of Mamla, sewer and
water
1918-1938, third series, city of Mamla, sewer and
water
1919-1939, third series, pubhc improvements
1921-1941, city of Cebu, sewer and water
1926-1946, loan of 1916.
1930-1950, Manha port works and improvements...
1930-1950, citv of Manha
1936-1950, collateral...
Cohateral, 1956, Pangasinan
Cohateral, 1956, Occidental Negros....
Cohateral, 1956, Marinduque
Collateral, 1956, Ilicos Norte
Cohateral, 1957, Laguna
Porto Rico:
1933-1943, irrigation...
1944-1950, irrigation, series A-G
1951-1954, irrigation, series A-D
1926-1939, public improvements
1923-1953, refunding, series I-V
1955-1960, irrigation, series E-J
1919-1935, second issue, refunding municipal, series
A-Q
1927-1930, public improvements, wSeries A-D
1927-1930, public improvements, series E - H - . . . 1 . . .
1958-1959, irrigation, series A-B
1930-1945, house construction, series A
1937-1940, public improvements, series A-D
1941-1944, public improvements, series A-D
1944-1948, public improvements, series A-D
1929-1941, irrigation, series . 4 - M . .
1942-1949, irrigation, series N-U
1961-1962, irrigation, series A - B .
1940-1942, workingmen's house construction, series
A-B.......
1939-1959, irrigation, series V-EE
.1963, irrigation
1935-1948, target range and aviation field, series
A-D...
1939-1966, irrigation, series F F - L L
1939-1973, irrigation, series M M - S S .
1969-1963, irrigation, series A-E_
Total--.
-
Amount
Number
Amount
1,884
811
$195, 220. 00
66,480.00
1,436
812
$162,280. 00
67, 760. CO
254
265
21, 220. 00
17,320 00
255
179
22,190. 00
13,130.00
346
39, 280.00
260
30, 260. 00
251
603
71
797
1,259
4
2
2
2
4
2
12
28, 670. CO
31,320. CO
4,100.00
122,480. CO
312, 372. 50
151, 250. 00
43, 942. 50
19,282.50
18, 000. 00
2,497. 50
12,330. CO
4,410. 00
190
481
54
785
. 1, 241
4
2
2
1
2
2
6
21,950. 00
23, 980. C
O
3,150. CO
121,910.00
308,921. 25
151, 250. 00
43, 942. 60
19, 282. 50
9,000. 00
1, 248. 76
12,330.00
2, 206. CO
114
232
114
243
108
94
40,000. 00
28,000 CO
16, 000. CO
39, i)20. 00
16, 800. CO
24, 000. 00
114
224
114
244
109
95
40,000.00
28,140.00
16, 000 CO
39, 640.,00
17,000.00.
24,040. 00
55
26
17
40
72
142
150
154
109
70
24
3, 640. CO
6, 000. 00
6,000. 00
8, 000. 00
11, 250. CO
45,000. 00
60,000. 00
50,000.00
40, 500. CO
27,000. 00
12, 500. 00
55
26
18
41
73
143
151
156
110
70
24
3, 640. 00
6, 000. CO
6, 040. 00
8, 020. CO
12,376. 00
45,112. 50
50,125. 00
50,025.00
40, 612. .50
27, 000. CO
12,500.00
8
64
4
1,260.00
33, 750. 00
5, 625. 00
8
63
4
1,260.00
33,187. 50
6, 625. CO
' 2
32
16
36
9, 000. 00
23, 625. 00
21,376. 00
22, 500. CO
2
31
16
36
9, 000. 00
23,490. CO
21.376.00
22,600. 00
8,384
1, 631,420. 00
7,638
1,547, 397. 60
.
,
TREASURER OF T H E . UNITED STATES
695
No. 24.:—Coupons from United States obligations paid during the fiscal year 1930,
classified by loans
T i t l e s of loans
F i r s t L i b e r t y i o a n , S H per cent, 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, i H per cent, 1932-1947.-^
F i r s t L i b e r t y loan second converted, i H per cent, 1932-1947--F i r s t L i b e r t y loan, SH per cent, 1932-1947, converted a c c o u n t Second L i b e r t y i o a n , 4 per cent, 1927-1942
Second L i b e r t y loan converted, i H per cent, 1927-1942
T h i r d L i b e r t y loan, i H per cent, 1928
^
F o u r t h L i b e r t y loan, i H per cent, 1933-1938
i H p e r cent. V i c t o r y notes, 1922-1923
.
SH per cent. V i c t o r y notes, 1922-1923
i H per cent loan of 1947-1952
4 per cent loan of 1944-1954
SH per cent loan of 1946-1956
SH per cent loan of 1943-1947
SH per cent loan of 1940-1943
Consols of 1030, 2 per cent
P a n a m a Canal loan, 1916-1936, 2 per c e n t . . '
P a n a m a C a n a l loan, 1918-1938. 2 per cent
P a n a r a a C a n a l loan, 1961, 3 per cent
.
3 per cent conversion loan
21^ per cent postal savings loan, consolidated
2 H per cent postal savings loan, first series
2 K per cent postal savings loan, second series
2H per cent postal savings loan, t h i r d series
2 H per cent postal savings loan, fifth series
SH per cent certificates of i n d e b t e d n e s s
31^ per cent certificates of i n d e b t e d n e s s
s H per eent certificates o f i n d e b t e d n e s s
SH per cent certificates of i n d e b t e d n e s s
SH per cent certificates o f i n d e b t e d n e s s
4 per cent certific.ates o f i n d e b t e d n e s s .
i}4 per cent certificates o f i n d e b t e d n e s s
,...
i H per cent certiflcates of i n d e b t e d n e s s
i H per cont certificates o f i n d e b t e d n e s s
'.
4 ^ per cent certificates o f i n d e b t e d n e s s
b H per cent certificates o f i n d e b t e d n e s s
b H per cent certificates of i n d e b t e d n e s s
b H per cent certificates of i n d e b t e d n e s s
.-.
b H per cent T r e a s u r y notes, scries A - 1 9 2 4 . . •...
5 H per cent T r e a s u r y notes, series B-1924
i H per cent T r e a s u r y notes, series A-1925
i H per cent T r e a s u r y notes, series B - l f 2 5
i H per cent T r e a s u r y notes, series C-1C25
i H per cent T r e a s u r y notes, series A-1926. _
i H per cent T r e a s u r y notes, series B-1926
i H per cent. T r e a s u r y notes, series A-1927
i H per cent T r e a s u r y notes, series B-1927
SH. per cent Treasury, notes, series A-1930-1932
SH per cent T r e a s u r y notes, series B-1930-1932
SH per cent T r e a s u r y notes, series 0-1930-1932. _
j
4 per cent funded loan of 1907
4 per cent loan of 1925
.
3 per cent loan of 1908-1918...
'.
.
5 per cent funded loan of 1881
6 per cent five-twenties of 1862
5 per cent loan ten-forty of 1864
:
6 per cent loan of J u l y a n d A u g u s t , 1861
6 per cent Texas stock i n d e m n i t y b o n d s of ,1850
Consols of 1867, 6 per cent
Consols of 1868, 6 per c e n t . . .
Total.
Number
2, 526, 613
23. 701
1, 562, 216
7,455
Amount
29, 249
89, 561
345, 859
12, 057, 809
16,133
6
363. 027
268. 816
98. 939
226, 799
158. 078
3,238
326
33
20, 545
67, 702
4,894
6
5
12
6
23,267
25,476
169
4
91
5
61, 938
27, 500
165, 745
116, 295
158.481
4
6
36
7
6
11
121
71
.29
574
584
273, 821
233,819
242, 835
196
1,411
889
4
4
1
1
8
1
3
$33,188, 897. 92
99, 086. 68
17,010. 884. 21
120, 280. 04
203. 41
54, 614. 00
207, 069. 49
667, 113. 87
199, 341, 606. 84
33, 725.10
27.86
22, 672. 023. 34
35, 777, 408. CO
16. 906, 204. 86
12 896, 612. 58
11,226, 741. 09
030. 50
35 CO
8.10
137. 459. 25
501, 231. 00
10, 792. 50
1.50
1.25
15.00
7.60.
2, 687. 072. 32
3, 796. 216.69
3, 746. 71
37. 50
614.17
70.00
9, 531, 018. 62
562. 335. 06
22. 250. 654. 73
19. 732. 808.69
15,494, 122. 60
77.60
143. 75
747. 51
30.25
148.16
24.06
352.25
871. 66
74-1. 53
440. 28
b, 393. 06
33. 999. 271. 75
19,300, 975. 98
16,132, 238. 21
175.50
13, 937. 50
548. 70
4.38
6.00
12.60
1.60
200 00
1 50
6.00
19,203,441
494, 385, 830. 60
696
REPORT ON T H E FINANCES
No. 25.—Checks issued by the Secretary and paid by the Treasurer for interest on
registered obligations of the United States during the fiscal year 1930
Rate
of interest
Titles of loan
C h e c k s d r a w n b y t h e Secre- C h e c k s p a i d b y t h e Treasu r e r of t h e U n i t e d States
t a r y 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 C a n a l loan of 1918-1938
P o s t a l savings
Conversion
:
First Liberty l o a n . . .
First Libertyioan, converted..
Do
F i r s t L i b e r t y loan, second c o n v e r t e d . .
Second L i b e r t y loan
Second L i b e r t y i o a n , c o n v e r t e d
T h i r d L i b e r t y loan
F o u r t h L i b e r t y loan
V i c t o r y loan
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
T r e a s u r y b o n d s of 1946-1956
T r e a s u r y b o n d s of 1943-1947
T r e a s u r y b o n d s of 1940-1943
r cent
4
4
3
2
3
2
2
Amount
25, 657
4,886
3,395
2,030
8,277
378
28,140
14, 922
163, 545
1,267
$11,987,585. CO
1, 358,081. 26
979, 066.10
518, 944.40
426, 014. 25
365,494. 50
15, 988, 931. 00
108,482. 00
5, 602,479. 68
28, 900.43
1, 473, 700
66, 683, 614. 67
2H
3
SH
4
iH
iH
4
iH
iH
iH
iH
iH
27,482
13,420
2,945
34, 301
24, 854
4
SH
SH
SH
Total.
1, 829,199
9, 594, 423. 51
5, 729, 628. CO
1, 422, 517.49
3, 746,497. 79
884,128. 23
Number
3
51
240
25,460
4,723
3,233
2,016
7,801
363
27, 367
14, 829
150, 310
2,108
2,895
5,370
9,059
1,449,116
232
• 27,566
12, 897
2,922
34,649
21, 953
125, 424, 788. 20 1, 806,162
$7.50
197. 00
616. 33
12, 005,733. 50
1, 356,099. 00
978, 507. 30
519, 133. 08
426, 209. 50
365, 738. 25
16, 910,255. 96
109, 731. 33
6, 597,517. 29
29, 211. 78
8, 774. 00
22, 723.40
58, 271.41
66, 570,396.32
1, 575. 60
109. 25
• 9, 572,
6, 696,558. 00
1, 420,528. 07
3, 747,235. 56
594. 82
125, 271, 624. 25
No. 26.—Money deposited in the Treasury each month of the fiscal year 1930 for the
redemption of national-bank notes
Retirement account
5 per cent
account
• Month
Insolvent and liquidating
Old series
1929—July
August
September
October
November
December
1930—January
February
March
Aprh
May..
June
N e w series
$43, 043, 898. 78 $331, 550.00
72, 352,445.15
779, 500. 00
47, 094, 619. 63 2, 507,460. 00
39,184, 697.16 1, 935, 365. 00
70, 732, 914. 08
973, 050. CO
112, 064, 283. 69
434, 960. 00
120,142, 948. 73
926, 767. 50
50, 275, 634.14
154,130. 00
39, 229, 768. 80
418, 872. 60
32, 468, 620. 34
358,110. 00
34,474,404. 64 ' 197, 327. 60
37, 094, 997. 24
402, 200. 00 1,
Reducing
Old series
N e w series
$13,650. 00
13, 250. 00
63,450. 00
1, 302,115.00
1,199, 920. 00
714, 970. 00
1, 042, 750. 00
1, 691, 317. 50
881, 670. 00
$43, 791, 246. 28
74, 696,622. 65
50,332,882.13
41, 571, 819. 66
72, 035, 564. 08
113, 636,133. 69
123, 872, 633. 73
52, 590, 339.14
41,030,936.30
35, 056,172 84
37,176, 729. 64
39,985.452 24
T o t a l . . . 698,159, 232.38 9,419, 292. 50 1,948,980.00 9, 335, 935. 00 6, 913, 092. 60
725, 776, 532. 38
$5,600. 00
2, 300. 00
234, 810. 00
72,130. 00
326, 370. 00
40,150. 00
240, 340. 00
027, 280. CO
$415, 797. 50
1, 564, 677. 50
730, 802. 50
438,107. 50
310, 750. 00
1, 081,140. 00
1, 265, 992. 50
888, 525. 00
340, 955. 00
1,146, 542. 50
673, 340.00
579,305. 00
Total
697
TREASURER OF THE UNITED STATES
No. 27.—Amount of currency counted into the cash of the National Bank Redemption
Agency and redeemed notes delivered, by fiscal years from 1921 to 1929, and by
months during the fiscal year 1930
Delivered from T r e a s u r y
Federal
reserve
notes,
N a t i o n a l - b a n k notes
Fiscal year
C o u n t e d into
cash
For
return
to b a n k s
of issue
B o n d secured
Old series
1921L
1922
1923
1924.
1925
1926
1927
1928...
1929.
F o r destruction a n d retirement
•
F o r destruction a n d
reissue
N e w series
Dollars
Dollars
Dollars
Dollars
1,015,567,593.56 16,246,000 488,931, 357. 50
853,026,354.15 8,006,740 597, 684, 942. 50
679, 331, 727. 63 5,472, 300 521,085,337. 60
616, 690, 607.04 7,.447,200 519, 688, 222. 50
574, 891,707.83 1, 538, 000 486,212,802. 60
474, 929, 667. 50
646, 221, 750. 68
476, 227.847. 50
522,696, 266. 67
511, 654,962. 60
560,178,172. 45
461,898,160. 00
501,414,179. 71
.
Old series
New
series
Dollars
DoUars
18,302, 631. 00
16, 531,870. 00
16, 527,480.00
21, 780,047. 50
65, 554, 255. 00
52, 937, 297. 50
27, 201,865. 00
26,987, 300. 00
23,902, 769. 50
1929
July
Aug
Sept
Oct
Nov
Dec
67, 288, 356. 63
69, 729,060. 08
44,023, 923. 68
39,078, 231. 49
95, 224, 688. 50
117, 242, 602. CO
46, 458,380. 00
76, 477, 360. 00
43,840, 540. 00
35, 058, 520.00
69,424, 950. 00
111,492,300.00
111,663,352.38
44, 901.163. 38
42,808,601. 78
39,199,917.00
40, 214, 901. 50
38, 823, 903.13
117,852,780.00
40, 611,310. 00 7, 809, 266
29, 908,790. 00 9,073, 620
19,062, 680. CO14, 996,060
13, 601, 390. CO21, 470, 250
11, 340, 360. 00 25, 605, 980
6, 271, 070. 00
2,386, 520. 00
2, 224,820. 00
1,856, 290. 00
1,489,410.00
1,393, 260. 00
Total
750,098, 601. 45
Dollars Dollars
71,370 30,719,100
36,480
12, 600 5,860,000
9,735 7,966,000
4,005
851,800
675
1,235
400
480
2, 560, 669. 60
3,399,155. 00
3, 521,890. 00
2,189, 300. 00
3, 376, 526. 00
6,024,265.00
1930
Jan
Feb
Mar
Apr
May
June
Emergency
For
return
to b a n k s
of issue
615,129, 360. 00 78,864,176 34, 693,174. 60 2,132,160
50
196,600
214, 420
405, 280
661, 920
753, 930
60
Delivered from T r e a s u r y
Federal reserve notes
Fiscal
year
F o r reF o r det u r n to F o r de- struction
b a n k s struction
a n d reissue a n d reN e w seof
tirement
ries
issue
For destruction
Old series
1921
1922
1923
1924
1925
1926
1927
1928
1929
Federal reserve b a n k notes
Total
United
States
currency
deposited
in T r e a s u r y
Balance
•
Dollars
Dollars
Dollars Dollars Dollars
Dollars
Dollars
Dollars
232, 250 229,483, 400 19,168,000 1, 012, 954, 608. 50 11,829, 277. 00 16,817,228. 98
209,810, 500. 00
• 68, 273, 00090, 720,000 849, 932,132. 50 2, 661, 730. 50 17, 249, 720.13
68, 679,100. 00
6, 373, 316 57,887,084 664,436, 862. 60 16, 691, 655. 00 15,452,930.16
51, 218, 745. 00
302, 500 11,304, 330 600, 757, 995. 00 12,795,845.00 18, 589, 697. 20
32, 259, 960. 00
3, 420,137 572,668,999.50
15, 088, 000. 00
99, 201. 50 20, 713, 204. 03
1,462,885 548,382,455. 00
19,051, 930. 00
112,858. 00 18,439, 641. 61
858, 910 521, 245, 462. 50
17,955,606.00
171, 242. 00 19, 619, 203. 68
699, 620 659,117, 687. 50
19, 775.416. CO
173, 967. 00 20, 505,721! 63
443,487 506, 968, 711. 60
19, 713,815. 00
148, 320. 00 15, 812,869.84
1929
July
Aug
Sept
Oct
Nov
Dec
1, 564,450. 00
1, 648,100. 00
1, 097, 950. 00
1, 606,450. 00
345,000.00
1930
Jan
Feb
Mar
.
Apr
May
..
June
1, 280, 000. 00 1,160,000
1, 690, 960. 00 820,000
253,800.00 1, 307,400
1, 628, 260
627,950. 00 1, 612,950
1,328, 750
113,970
179
65,710
Total-
10,014, 660. 00 7, 767,360
451, 089
153, 230
55, 520
62, 980
60, 583,499. 60
81, 677,846.00
48, 460, 380.00
38, 754,270. 00
73, 201,495. 00
116, 516, 615. CO
6,971. 00 32 510, 766 97
29, 799. 00 20, 532,172.05
9, 674. 00 16 086,141. 63
24,409. 00 16, 385, 694.12
12,039. 00 38, 396, 748. 62
6, 866. C 39,116,869. 62
O
125, 677,820. CO
53, 614,834.00
43,048, 560.00
37, 947,660.00
39,326,850. 00
40, 322, 280.00
17, 514.00 24,984,888. 00
30, 654. 00 16,340, 563. 38
42,270. 00 16,058,335.16
82, 619. 00 17, 228,073.16
38,805.00 18,077,319.66
16,413.00 16, 562, 629. 79
749,032,008. 50
316, 933. 00
698
REPORT ON THE FINANCES
No. 28.—Currency received for redemption hy the National Bank Redemption
Agency from the principal cities dnd other places, hy fiscal years, from 1921, in
thousands of dollars
New
York
Fiscal
year
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
Boston
Phhadelphia
Baltimore
Chicago Cincinnati
New
Orleans
St.
Louis
$143,062 $47,236 $90,028 $13,376 $90,646 $47,449 $29,940
161,928 49,176 73,846 12,498 72, 232 20,432 30,930
130,414 46,222 32,706 19,276 66, 722 18,706 19,186
93,161 41,183 61,272 14, 209 68, 806 15,738 17,328
101,835 43,185 47, 397 10, 702 62,721 14, 294 13,957
88,470 40,107 40, 791 10,692 57, 778 15,032 16,049
101,749 34, 309 43,438
7,796 50,400
12, 619 16, 787
103,854 37,441 46,941
8,495 57, 590 13, 559 16, 641
78,659 33.107 36,350
7,006 46,893 12, 332 13, 644
106,088 49,084 69, 245 14, 504 88, 755 14, 783 24,143
Other
places
Total
$9,679 $545,338 $1,016,763
10,114 421,904
853,059
8,106 339,038
679,376
5,646 299,420
616,763
6,676 274,253
674,920
6,659 271, 666
546,244
6,895 • 248, 633
522,626
7,024 268, 654
560,199
7,629 265,916
501,436
10, 757 383, 772
750,131
No. 29.—Mode of payment for currency redeemed at the National Bank Redemption
Agency, hy fiscal years, from 1921
Fiscal
year
Treasurer's
checks
1921
1922
1923
1924.
1925
1926
1927
1928
1929
1930..
shver,
United States Gold,minor Credit in genand
eral account
currency
coin
$2,997, 601.43 $21,586,963.87
603,190.00
446,282.01
354, 690. 94
263, 547.46
419, 909. 79
340. 654.11
391.135. 65
345, 941.11
303. 671.49
433,084. 31
Credit in
redemption
account
Total
$989,478,454.43 $1,495,683.83 $1,016, 557, 593. 56
861,481,806. 29
853, 026, 354.15
596, 075.86
678, 864, 343. 39
679, 331, 727. 63
112,693.20
616, 690, 607. 04
616,416,611.49
10, 648.10
574,470,189. 04
674,891, 707.83
1,609.00
545,877,497.47
546, 221, 750. 68
3, 699. 00
522, 200, 574. 92
522, 596,266. 67
4, 556. 00
559,830,861. 34
660.178,172.45
1, 380. 00
501,109. 217.22
601,414,179.71
1,291.00
749,660, 317.14
6, 200. C
O 760, 098, 601.46
•
No. 30.—Deposits, redemptions, assessments for expenses, and transfers and repayments on account of the 6 per cent redemption fund of National and Federal
reserve hanks, hy fiscal years, from 1921
Fiscal year
1921
1922
1923
1924
1926
1926
1927
1928
1929
1930
_
Deposits
Redemptions
Assessments
Transfers and
repayments
Balance
$2,04.1, 796, 42L 11 $975,422,607. 60 $975,457.83 $1,046, 642,184.48 $286,972,455.81
742,643, 782. 60 1,113,761.64 1,193,172,412.12 216,294,522.00
1.866, 252, 022.45
987, 514. 91
1,053,910. 471. 84
472, 687,471. 78 206, 520, 308.65
590,009, 698. 60
771, 616.17
1,447,130,072. 50
914,041,328. 67 171,173, 553.91
567,663,882. 60
768.012.81
1, 315, 600, 769.16
793,906,012.43 188,419, 695.33
603,690,602. 50
690, 563.36
1, 278, 523, 397. 96 493, 981, 697. 50
793,832,969. 64 178, 637,962.88
650,405. 70
1, 210, 583, 574. 89 493.183. 452. 50
729,288, 699. 39 166,098,980.18
520, 917.02
1,300,634, 579. 99
759, 417,076. 59 176,366,199.06
631,430, 367. 50
619,814. 66
1,223, 619,674. 20
719, 646,063.74
197, 207,019.86
481,611,976.00
623,886. 66
993, 376, 765. 22 711, 765, 645. 00
413,937, 743. 21
64, 366,610. 22
699
TREASURER OF THE UNITED STATES
No. 31.- -Deposits and redemptions on account of the retirement of circulation, by
fiscal years, from 1921
NATIONAL-BANK NOTES
Deposits
Fiscal year
Balance
Redemptions
Insolvent and
liquidating
1921
1922
1923
1924....
1925
1926
1927
1928
1929....
1930
$10, 948,735. 00
5,368,756. 00
6, 689, 537. 60
13, 383,062. 50
7,464,182. 50
11,194, 207. 50
17, 232.862. 50
9,117,290.00
9.086, 702. 50
11, 368, 272. 50
Reducing
Total
$19, 267,016. CO
11, 670, 627. 50
19, 259. 787. 60
26, 511, 757. 50
105.447,372. 50
22, 223,476. CO
27,828,137. 60
25,121, 597. 50
24, 536,457. 60
27, 617,300. 00
$8,318,280.00
6, 211,872. 50
12, 670, 260. 00
13,128, 705. 00
97,993,190. CO
11,029,267.50
10, 596, 275. 00
16,004, 307. 50
16.450, 756.00
16, 249,027. 50
$30,610,154.00
25,612,431. 50
28,232,139.00
32,954,114.00
72,843, 226.50
42,128,729.00
42, 753, 766. 50
40,887,664.00
41,520.872. 00
32,312, 797. 60
$18,374,001.00
16, 668,350. 00
16,640, 080. 00
21,789, 782. 50
66, 668,260. 00
62,937.972. 50
27, 203,100. 00
26,987,700. CO
23.903, 249. 50
36, 825,374. 60
FEDERAL RESERVE BANK NOTES
Fiscal y e a r
Deposits
1921
1922
1923
1924
1925
1926
1927.
1928
1929
1930
Balance
Redemptions
$20, 920,000
96,616,000
71,287, 784
1,941,800
$1,762,000
6.558. OPO
19,958,700
10,696.170
7,176,033
6, 713,148
4,864, 238
4,164, 618
3,711,131
3, 260, 042
$19,158, 000
90,720,000
57,887,084
11,304.330
3,420,137
1,462,886
858,910
699,620
443,487
461,089
No. 32.—Expenses incurred in the redemption of National and Federal reserve
currency, by fiscal years, from 1921
OflQce of T r e a s u r e r of t h e
UnitedStates
Charges for
transportation
Fiscal ytjai
1921
1922
1923
1924
1926
1926.
1927
1928
1929
1930
Contingent
expenses
Salaries
$319,995.66
266,809.00
197,664.61
189.101. 40
143,992.03
148,429.91
140,792.69
143,822.38
130,677.23
159, 211. 91
OflSce of C o m p t r o h e r of
the Currency
$596,963.82
567,618.28
469.828.06
441,040.43
383,178.17
320, 265.16
311,333.91
304,011.98
321,493.64
458, 685.81
$117,183.19
117,129.58
78,885.64
73.112.04
67,903.99
62,918.16
61,121.68
48,649. 58
61,640.11
• 65, 778. 23
$74,336.21
31.687.36
14,967.31
18,890.01
11.069.42
16,536.32
10,885.15
17,049.52
10,066.20
31, 068. 70
A uiai
Contingent
expenses
Salaries
$6,668.27
3,111.61
1,627.89
1,693.64
2,262. 41
1,430.20
1,960.60
4,429.72
1,186.64
6,157. 53
$1,115,146.15
985,265.83
762,973.41
723.837.62
608.406.02
648,668.74
626,093.93
617,863.18
614,963.82
720,902.18
R a t e of expense
Fiscal
year
National-bank notes
Active
F i t for
use
1921.
1922
1923
1924
1926
1926
1927
1928
1929 _
1930
$1.04644
.96382
.96675
. 97308
.86690
.95990
.94229
.87394
.96034
.88760
Active
Retirement
Unfit
for use
$0.81738
.78670
.86319
.88838
.84488
F e d e r a l reserve b a n k n o t e s
$0.77429
.71244
.71936
.71887
.64682
.72888
. 72068
. 66403
.74449
.72494
F i t for
use
Unfit
for use
$0.81171
$0.97863
.91759
.82494
.97450
.
.
.
.
.
.
F e d e r a l reserve n o t e s
Retirement
From
b a n k s of
issue
$0.97863
.91759
. 82194
.97450
1.33362
3.61427
6.45060
1.08008
1.27360
L49339
$0.12009
.10062
.11326
.11123
.10646
.34109
.36850
.34821
.38973
.31108
F r o m other sources
F i t for
use
Unfit
for use
$0.64683
$0.47018
.46312
.47807
. 49402
. 44968
.76652
.76321
.69669
'
.81066
.84932
.63719
.68642
.63672
NOTE.—Prior to 1926 all rates were on the basis of $1,000. Beginning with 1926 the rates for Federal
reserve bank notes and Federal reserve notes are on basis of 1,000 notes redeemed.
700
REPORT ON T H E FINANCES
No. 33.—Amount of national-bank notes redeemed and assorted during the fiscal
year 1930, and the assessment for expenses of redemption
Amount redeemed
National-bank notes:
Redeemed out of 5 per cent fund, unfit for use
Redeemed on retirement account
Rate per
$1,000
$0. 88760055
.72494506
$693, 983, 536. 00
36,825, 374. 50
Total
Assessment
$615, 980.17
26, 696. 37
642,676:54
730,808, 909. 60
COSTS OF R E D E M P T I O N ASSESSED UPON ALL T H E NATIONAL BANKS
Amount of expenses
OflBce Treasurer United
States
(N. B. R. A.)
National-bank notes:
Redeemed out of 6 per cent fund, unfit for useSalaries
, Printing, binding, and stationery
Contingent expenses
;...
Express charges
Insurance
OflQce Comptroher of the
Currency
Total
$365,167. 36
9, 631. 50
16, 256. 86
5.12
27,359. 69
16, 512. 20
162,430. 73
4,459. 70
1, 386. 78
27, 722. 22
85,158. 01
$427, 588. 09
13, 991. 20
17, 643. 64
6.12
65,081. 91
101, 670. 21
434,822. 73
181,157.44
615, 980.17
19,376. 62
605. 78
862. 66
.27
1,451.81
876. 20
3, 312. 81
236. 65
73. 58
22, 689. 43
742. 43
936. 23
.27
1,451.81
876. 20
Total.
Redeemed on retirement account—
Salaries...
Printing, binding, and stationery..
Contingent expenses
Express charges....
Insurance
^
Postage
Total
23, 073. 33
3, 623. 04
26, 696. 37
457,896. 06
Aggregate.
184, 780. 48
642,676.64
No. 34.—Amount and numher of pieces of Federal reserve notes and Federal reserve
hank notes redeemed during ihe fiscal year 1930, and the assessment for expenses of
redemption
Amount
Federal reserve notes:
Received from sources other than Federal
reserve banks and branches
Received direct from Federal reserve banks
and branches, canceled and c u t . .
Federal reserve bank notes:
Received from all sources, including Federal
reserve banks and branches
. . . .
Total
Number of
notes
Rate per
1,000 notes
Assess-,
ment
$17, 772,010
1,638,893
$0. 84932536 $1, 391. 95
2, 621, 760,100
245, 775, 532
. 31108991 76,458. 29
451, 089
251, 373
••
1. 49339825
375.40
78, 225. 64
701
TREASURER OF T H E UNITED STATES
No. 34.—Amount and number of pieces of Federal reserve notes and Federal reserve
bank notes redeerned during the fiscal year 1930, and the assessment for expenses
of redemption—Continued
COSTS OF R E D E M P T I O N ASSESSED UPON ALL T H E F E D E R A L RESERVE BANKS
Amount of expenses
OflQce
OflQce
Treasurer ComptrolUnited
ler of the
States (N. Currency
B . R . A.)
Federal reserve notes:
Received from sources other than Federal reserve b a n k s Salaries
. . . .
Printing, binding, and stationery
Contingent expenses .
. .
$1, 300.13
33.94
57.88
Total
$1,300 13
33.94
67.88
-
Total
Federal reserve bank notes:
Received from all sourcesSalaries
Printing, binding, and stationery
Contingent expenses
Insurance
Postage
1,391. 96
1, 391 96
72, 652. 28
532.44
3, 273. 57
72, 652. 28
532. 44
3, 273. 67
76,458. 29
Total
Received direct from Federal reserve banks and branches, canceled and cut—
Salaries
. . .
.
.
Printing, binding, and stationery . .
•
Contingent expenses
..
.
76,458 29
Total amounts assessed against Federal reserve issues
$34. 69
.06
.77
339. 89
Total
199.42
6.20
8.88
12.93
113.46
35.61
375 40
78,190.13
35. 51
78, 225. 64
.
234.11
5.25
9 65
12.93
113. 46
No. 35.—General cash account of the National Bank Redemption Agency for the
fiscal year 1930, and from July 1, 1874
For fiscal year From July 1,1874
Balance from previous year..
Currency received for redemption.
"Overs"..
Total.
$15,812, 869. 84
760,131,420. 77 $18,817, 959, 796. 46
9, 508.16
2, 789,145. 44
765, 953, 798. 76 18,820,748,941.90
CE.
National-bank notes returned to banks of issue
National-bank notes delivered to Comptroller of the Currency:
Old series
.
:...
New series
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:
Old series
New series
Money deposited in Treasury
Packages referred and moneys returned
Transportation charges deducted
Counterfeit notes
Uncurrent notes returned or discounted
"Shorts"
Cash balance, June 30, 1930
Total.
2, 984, 091,186. C
O
649,822, 584. 50 13, 575, 541, 040. 60
80, 986, 325. 00
80, 986, 325. 00
3,419, 600. 00
757,183,878. 00
451, 089. 00
156, 209, 650. 00
10, 014, 660. 00
7, 757, 350. 00
316, 933. C
O
6.38
11.44
210. 00
• 26,179.65
15,920. 00
16, 562, 629. 79
960,336,097. 50
7, 767,360. 00.
199, 666,479. 23
76,434, 362. 24
144, 312. 98
112,868. 20
691, 251.13
1,812, 021. 23
16, 662, 529. 79
766, 953, 798. 76 18,820,748,941.90
No. SQ.—Numher of pieces of currency, by kinds and by denominations, redeemed and delivered by the National Bank Redemption Agency during
the fiscal year 1930, by months
$2
$1
.
$5
$10
$20
$50
$100
$500
$1,000
$5,000
$10,000
O
Total
Month
N a t i o n a l - b a n k notes
1929—July
August
September
October
November
December
1930—January
February
March
AprQ
May
June
..
..
2
28
3
11
1
..
.
.
..
.. .. .
'
.. .
30
Total
14
2,379, 688
4,055, 315
2,432, 650
1,983, 668
3, 621,055
5, 640, 361
6,074, 926
2, 616, 069
2, 067, 900
2,062,088
2, 272, 094
2, 634; 682
37,840,496
2,181,082
3, 573, 287
2,079,100
1, 606, 973
3, 274,424 "
6,280,731
4, 790,021
1, 976,087
1, 600, 367
1,423, 768
1, 531, 303
1, 574, 826
30, 891, 969
698,214
1,075, 791
634,444
487,396
989,468
1, 566, 510
1,892, 328
719,829
591, 604
465,007
422, 786
404,703
15,932
29,422
19,874
18,607
24,718
49, 392
82,649
42, 280
36, 680
26,705
22,087
22,134
5,489
8,801
7,256
5, 816
9,267
17,077
28, 700
16, 519
14, 624
11, 358
8,894
8,711
6,280,410
8, 742,655
5,173,324
4,102,458
7,918,932
12,554,071
12, 868, 624
5, 370," 784
4, 310,176
3,988,926
4, 257,164
4, 646,056
9, 948,079
389,480
142, 511
79, 212, 679
o
n
o
W
Federal reserve b a n k notes
1929—July
Aucust
September
October
November
December
1930—Januarv
February
March
April
May
June
Total
6,750
1,365
1,096
21
81,396
68,450
. 14,715
36,470
9,275
39,730
122
21,890
10,170
11
4,735
6,770
5
3,450
975
1
515
500
6
676
9
68,151
139
31,174
25,530
6, 625
2,760
475
375
3
34,768
182,192
44,531
18, 735
3,331
2,545
39
251,373
..
. . . .
46,745
o
Ul
F e d e r a l reserve notes
M
to
Q
l l
—
f
1.
CO
>
^
•<l
1929_July
August
September..
October...
November
December
1930—January
February
March
AprU
May.
June
5, 951, 300 . 6,666,380
10,311,840
7, 637, 270
6, 393,405
9, 374,870
22, 506, 640 14,186, 685
12, 744,000
6, 801, 740
8; 852, 370
6,440. 660
7, 793, 005
14, 203, 930
4, 233, 779
17,396,698
4,452, 535
13, 294,100
3, 945, 670
5,119, 700
3,420, 345
4, 932-, 560
3, 376.165
4, 842,960
...
.
.
.
.
Total
129, 530,968
-
75, 347, 639
54,463
98,463
107,149
146, 314
99,976
116,801
268,158
117, 773
420, 670
82, 533
65,179
59, 320
2,486
2,415
2,549
2,207
1,789
2,943
6,731
10,002
33, 674
5,362
3,247
3,947
3,136
2,667
2,559
2,818
1,998
2,863
5,600
7,089
22, 684
4,203
• 2,567
1,926
37,117, 729 3, 636, 628 1, 636,789
77, 352
60,110
1,906,290
3, 622,310
2,871,400
6, 200,355
2, 687, 305
3. 539,745
6,138, 730
2,806,129
3,483, 205
1, 694,685
1, 596,830
1, 570, 745
226, 871
287,100
238, 377
375, 632
234, 574
230,447
599,842
229,882
765, 737
150, 111
154,069
143, 986
9
10
35
9
3
69
281
2,711
331
12
600
7
4
. 8
9
3
4
27
149
2,620
300
8
1
14,810,932
21,962,079
18,990,352
42,420, 669
22, 671, 388
19,185.833
29,016, 092
24,801, 782
22,477, 936
11,002,895
10,174,817
9,999, 650
4,070
3,140
247,414,425
d
U n i t e d States c u r r e n c y
1929—July
August
September..
October
November
December
1930—January
February
March
April
May
June
Total
Aggregate
.
.
:..
.
..
31
488
267
64
65
115
614
216
34
156
19
768
2, 737
184, 959
5
13
1
5
2
3
5
9
3
4
3
30
788
2, 633
913
2,727
1,438
841
2,340
3,360
6,120
14,869
3,396
1,675
247
933
334
761
349
111
338
1,223
636
515
824
445
83
41,100
6, 716.
44, 628 167,431. 299 106, 249, 656
26
317
65
102
62
14
78
67
256
143
178
103
1,411
1
21
1,097
4,389
1,581
3, 680
1,917
1 086
3,281
4,876
7,052
15, 688
4,520
3,031
4
1
1
1
3
6
1
100
4
39
112
47,069, 764 4,026,186 1, 779,412
>
Ul
52,198
77, 352
60,110
4,070
3,140
c
tel
c\
"^
El
O
Ul
326,930,-575
Ul
O
00
704
REPORT ON THE FINANCES
No. 37.—Average amount of national-bank notes outstanding and ihe redemptions,
by fiscal years, from 1875 (the first year of the agency)
Redemptions
Redemptions
Year
Average outstanding
Year
Amount
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1886
1886
1887
1888
1889.
1890
1891
1892
1893
1894
1896
1896
1897
1898
1899
1900
1901
1902
$354,238,291
344,483,798
321,828,139
320,625,047
324,244,285
339,630,923
346,314,471
359,736,050
369,868,624
347,746,363
327,022,283
814,815,970
293,742,052
266,622.692
230,648,247
196,248,499
175,911,373
172,113,311
174,756,366
205,322,804
207,860,409
217,133,390
232,888,449
228,170,874
239,287,673
260,293,746
339,884,267
358,173,941
Average outstanding
Amount
Percent
$156,620,880
209,038,855
242,885,375
213,151,458
157,656,646
61,686,676
69,650,269
76,089,327
102,699,677
126,152,672
160,209,129
130,296,607
87,689,687
99,162,364
88,932,069
70,256,947
67,460,619
69,626,046
75,846,226
105,330,844
86, 709,133
108,260,978
113,573,776
97, 111, 687
90,838,301
96,982,608
147,486,678
171,869,258
43.90
60.68
76.47
66.48
48.62
18.13
17.22
21.15
28.63
36.27
45. 93
4L38
29.86
37.32
38.56
36.80
38.34
40.46
43.40
61.30
4L71
49.86
48.76
42.56
37.96
37.26
43.39
47. 98
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922...
1923
1924
1925
1926..
1927
1928
1929
1930
$383,173,196
428,886,482
468,285,475
638,065,426
589,445,699
662,473,554
680,666,307
707,919,327
724,911,069
739,940,744
750,906,777
755,598,359
943,887,520
770,598,250
724,305,232
719,159,694
722,275,127
722,934,617
729,728,404
748,385,215
762,185,656
773,595,367
763,321,196
710,446,757
700,359,909
701,377,044
699,472,663
696,598,982
$196,429,621
262,141,930
308,298,760
296,292,885
240,314,681
349,634,341
461,522,202
502,498,994
651,531,596
649,954,710
675.889.000
706,656,602
782,633,567
522,923,441
406,462,419
331,507,154
371,361,153
425,741,623
617,041,511
624,341,433
541,924,488
552,752,622
554,778,135
626,021,181
603,710,942
539,226,025
481,620,605
730.636.001
P e r cent
61.26
61.12
65.84
55.07
40.77
62.78
67.80
70.98
76.08
87.84
90.01
93.54
82.92
67.86
56.12
46.10
51.42
58.89
70.85
83.43
71.10
71.46
. 72.68
74.04
7L92
76.88
68.86
104.89
No. 38.—Federal reserve notes, canceled and uncanceled, forwarded by Federal
reserve hanks and branches, counted and delivered to the Comptroller of the Currency for credit of Federal reserve agents, by fiscal years, from 1916
Fiscal year—
1916
1917
1918
1919
1920...
1921
1922
1923
1924
1925
1926
1927
19281929...:
1930, Old series
New series
.
-
_-
.
.
$24,486,000
55,042,725
213, 730, 775
701, 857, 330
1, 722, 882, 472
1, 781, 861, 460
2, 127,406, 150
:
1,475,743,935
1, 466, 673, 540
___. 1, 296, 422, 050
1, 282, 686, 600
1, 370, 635, 100
1, 387, 941, 550
1, 262, 953. 400
$2,312,435,600
309, 324, 500
2, 621, 760, 100
__--
705
TREASUREE, OF T H B UNITED STATES
No. 39.—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 last day of each month from
July, 1928
[In thousands of dollars]
Money outside of the Treasury
Date
Total
1928
Held by Federal reserve
banks and
agents
In circulation
Amount
Population
of continental
United
States
(estimated)
Per capita
$6,418,015
6,402,521
6,415,018
6,426, 726
6,409, 309
6, 606, 554
$4, 700,535
4,802,820
4,846,198
4,806,230
4,990,115
4, 973,168
$39. 67
40.60
40.82
40.44
41. 95
41.76
118,483,000
118,601,000
118, 720,000
118.839,000
118, 967,000
119,076,000
1, 710,243
1, 645, 700
1, 626,131
1, 778, 205
1, 764, 907
1, 856, 986
1,917, 270
1, 748,103
1,735,234
1,725, 238
1, 760, 736
1,804,449
4,656, 617
4,698, 362
4, 747,683
4. 675, 647
4, 737, 636
4, 746,297
4, 716,862
4,839,859
4,819,275
4,838,186
4, 929,422
4,864, 824
39.07
39.38
39.75
39.11
39.59
39.62
39.34
40.32
40.11
40.23
40.95
40.37
119,194,000
119, 313,000
119,432,000
119, 550, 000
119, 669,000
119, 788,000
119,906,000
120, 025, 000
120,144, 000
120,264,000
120,381,000
120,500,000
6, 243, 597
6,272,333
6,203, 719
6,214,911
6,248,350
6,263, 075
1929
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July
August
.
September
October...
November
December
$1, 717,480
1, 599, 701
1, 568,820
1, 620,496
1,419,194
1, 633, 386
6, 366,860
6, 344,062
6, 372,814
6, 453, 852
6, 502, 543
6, 603, 283
6, 634,132
6, 587,962
6, 654, 509
6,563.423
6, 680,158
6,669,273
July 31
Aug. 31
Sept. 30
Oct. 31
Nov.30
Dec. 31
1,681, 569
1, 693, 825
1,654, 630
1, 738,844
1,696,882
1, 741, 087
4, 662,028
. 4, 578, 608
4, 549,189
4,476,067
4, 551,468
4, 621,988
37.82
37.92
37.64
37.00
37.59
36.71
1930
January
February
March..
April
May
June
120, 619,000
120,738.000
120,856,000
120, 975,000
121,094, 000
1 123,156,000
1 Revised in accordance with the 1930 census enumeration.
No. 40.—Total amount expended on account of the Panama Canal, on basis of
warrants drawn, the receipts covered into the Treasury, and the proceeds of sales
of bonds to the close of the fiscal year 1930
Construction,
maintenance,
a n d operation
Fortifications
Interest 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 30,1918 $416,106,166! 70 $24,704,434. 26 $27,351,686.60 $467,161,187.66 $36,008,899.29 $431,152,288.27
Fiscal year:
1919
' . . 10, 704,409. 74 1, 561,364. 74 2, 984.888. 33 16,250, 662. 81 6, 777,046. 56
8,473, 616. 26
6,031,463. 72 3,433, 592. 82 3,040,872.89 12, 505,929. 43 9,039, 670. 95 3, 466,258. 48
1920
16,230,390. 79 2,088,007. 66 2,994, 776. 66 21,313,175.11 11, 914, 361. 32
1921...
9, 398, 813. 79
2, 791,035. 40
896,327.45 2, 995, 398.41
6, 682, 761. 26 12,049,660.65 1 5,366,899. 39
1922
3, 620, 603. 37
950,189. 20 2,997,904. 81
7, 568,597. 38 17,869,985. 25 1 10, 301, 387. 87
1923
7,141, 711.97
393, 963. 37 2, 992,461.19 10, 528,136. 53 26,074, 513. 33 1 15, 646, 376.80
1924.
9,050, 509. 73
682,837. 07 2,988,918.80 12, 622,265. 60 22, 553, 732.44 1 9,931,466. 84
1925........
8,419, 333. 57 1,153, 322. 38 2,989, 598. 76 12, 662, 254. 71 23, 941,917. 87 1 11, 379, 663.16
1926
7, 613, 376.03
686, 043.94 2, 991, 988. 25 11,191,408. 22 25, 644,701.45 1 14, 353,293. 23
1927
10, 659,442. 27 1,165,632. 53 2, 987, 329. 95 14,812,404. 75 28,134, 345.42 1 13, 321, 940. 67
1928..
9, 970, 913. 25
943, 985. 31 3,002,235. 80 13, 917,134. 36 28,131,447.24 1 14,214, 312.88
1929
10, 247, 935. 33
999,413. 77 2, 991, 375. 23 14,238, 724. 33 28, 271, 643. 03 1 14,032, 918. 70
1930
T o t a l . . . . 617, 586,191. 87 39,459,114. 50 63,309,336. 68 620,354, 642.05 276,311, 924. 79 344,042, 717. 26
Deduct proc e e d s of
b o n d s sold . .
138,600,869.02
N e t balance expended out
of t h e general
fund of t h e
Treasury.. . .
1 Net receipts in excess of disbursements.
205,441,848. 24
REPORT OF THE DIRECTOR OF THE MINT (ABRIDGED)
TREASURY DEPARTMENT,
B U R E A U OF THE M I N T ,
Washington, D. C , September 20, 1930.
S I R : 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, 1930, being the
fifty-eighth 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 1929.
Institutions of the Mint Service
During the fiscal year ended June 30, 1930, 10 mint-service institutions were in operation; coinage mints at Philadelphia, San Francisco, and: Denver; assay ofiice at New York, which makes large
sales of fine gold bars; mints at New Orleans and Carson City conducted as assay ofiices; and assay offices at Boise, Helena, Seattle,
and Salt Lake City. The six last-named institutions are, in effect,
bullion-purchasing agencies for the large institutions and also serve
the public by making assays of ores and bullion. Electrolytic
refineries are operated at the New York, Denver, and San Francisco
institutions.
Coinage
Continued large demand for 1-cent and 5-cent coins, with the usual
output of silver coins below the dollar, featured the fiscal year ended
June 30, 1930. Overtime operation was required at the Philadelphia
mint to meet this demand, but of shorter duration than during the
prior fiscal year because of improvements made in operating processes.
The only gold coinage was made at Philadelphia and consisted of
$1,330,000 in quarter eagles ($2.50 pieces) to meet the usual Christmas demand. Most of these small gold coins quickly return to vaults
after Christmas. Their undesirability for circulation purposes,
demonstrated through a series of years, resulted in legislation (act
of April 11, 1930), discontinuing both the coinage and issue by the
Treasury of quarter eagles after the date of the act. The domestic
coinage of the fiscal year totaled 399,467,200 pieces, foreign coins
manufa;ctured totaled 3,485,000 pieces, giving a grand total of 402,952,200 pieces as compared with a grand total of the prior year of
408,301,350 pieces, consisting of 361,650,350 domestic and 46,651,000
foreign pieces. The face value of the domestic coinage totaled
$16,278,180, of which $1,330,000 was gold, $9,177,500 silver coins,
below the dollar, $2,864,450 nickels, and $2,906,230 cents.
707
708
REPORT ON THE FINANCES
All of the coins made for foreign governments were executed at
the Philadelphia Mint. For Nicaragua 210,000 silver pieces, 100,000
nickel pieces, and 750,000 bronze pieces were made; for Venezuela
425,000 silver pieces; and for Costa Rica 2,000,000 bronze pieces;
total 3,485,000 pieces.
Gold Operations
Gold acquired by the Government at the several mint-service
institutions during the fiscal year 1930 totaled $315,607,366.83;
United States gold coin received by the mints for recoinage amounted
to $1,663,787.66; transfers of gold between mint offices totaled
$139,774,408.13; the aggregate amount of gold received by the
several mint-service institutions during the fiscal year 1930 was
$457,045,562.62, which compares with $503,702,578.14 during the
prior year.
Silver Operations
Receipts of purchased silver during the fiscal year 1930 totaled
4,491,615.09 fine ounces, the average cost of which was 46.69+ cents
per ounce, total cost being $2,097,304.94. Of this amount 4,491,615.09 fine ounces, a total of 1,483,691.88 was silver contained in
gold deposits. Silver received in exchange for bars bearing the Government stamp totaled 1,763,551.62 fine ounces; United States silver
coin received for recoinage totaled 2,853,484;77 fine ounces, the
recoinage value being $3,944,682.59; silver deposited in trust by
other governments totaled 136,624.29 fine ounces; and transfers
between mint-service offices totaled 790,506.20 fine ounces, making
the aggregate quantity of silver received by the several mint-service
offices during the fiscal year 10,035,781.97 fine ounces, as compared
with 9,465,390.36 ounces during the prior year.
The New York market price of silver during the fiscal year ended
June 30, 1930, averaged $0.46291; the lowest price was $0.33250, on
June 21, 1930, the lowest ever recorded, and the highest price $0,535,
on July 19, 1929.
Rejineries
The mint-service refineries that are operated at New York, Denver,
and San Francisco produced 2,755,400 fine ounces (94.47 tons) of
electrolytically refined gold during the past fiscal year, which compares with 98.37 tons in the prior year; and 3,156,096 fine ounces
(108.2 tons) of electrolytically refined silver, which compares with
113.5 tons during the prior year.
The stock of gold and silver in unrefined bullion on hand was
increased during the past year by about 28 tons, to 440 tons, as compared with the prior year's reduction of about 19 tons. The Denver
refinery operated only during the last half of the fiscal year, as during
the prior year.
Additions and improvements
The following new and improved machinery and devices, and
improved operating methods, were introduced in the mint institutions during the fiscal year under review:
New and improved molds for minor coinage ingots were adopted
in the melting and refining department of the mint at Philadelphia.
The lock on these molds has a two-bearing surface, which permits
MEDAL AWARDED COL. CHARLES A. LINDBERGH
THE CONGRESS OF THE UNITED STATES
BY
DIRECTOR OF THE MINT
709
of the mold being tightly locked and eliminates, to a great extent,
fins on the ingots. The shape of the molds has been changed. The
long tapering point has been reduced to a taper of one-half inch
instead of the wedge shape. The device permits an increase of about
2 pounds in the weight of the ingot and effects a material saving in
scrap.
While the crucibles now being purchased are superior in quality to
those available in recent years, experiments made to test the life of
the crucibles resulted in obtaining 25 per cent greater service than
heretofore.
It has also been demonstrated that the use of powdered coke instead
of charcoal on nickel melts prevents oxidation, stays on the melt
better, and in general is more satisfactory than charcoal.
The grinding device, built in the Philadelphia mint shops, for
grinding rather than filing the. edges of silver ingots, has proved to
be so satisfactory that hand filing has been discontinued. This improved method has been used for grinding minor coinage ingots for
some years past, but many changes had to be made in the method
before applying it to silver to safeguard the silver filings. This has
been accomplished by covering the wheel with a hood and placing a
receptacle under the grinding wheel.
In the mint at Denver the structural steel hood erected over the
melting furnaces of the refinery melting room in connection with
improvements in flues and. dust-settling devices has proved efficient
in saving metallic values.
The new type of melting furnaces installed, using natural gas,
insulation against radiation of heat, and preheating of air from waste
heat, has resulted in economy in the use of f ael in the increased production of ingots. The melting time has been reduced and the service
life of furnace linings has been increased.
Rectangular precipitating and washing tanks have been replaced
with round tanks of Oregon cedar, impregnated with paraffin, which
prevents leakage and improves service conditions.
Chrome-nickel alloys are now used in the cast-iron ingot molds,
producing fine-grain castings, free from blow holes.
An improved reviewing belt, designed and constructed in the
machinery department of the Denver mint, has been installed in the
coin press room of that institution.
Lindbergh Medal
By act approved May 24, 1928, Congress authorized the presentation of a gold medal to Col. Charles A. Lindbergh to commemorate
his fiight in the Spirit oJ St. Louis from New York to Paris May
20-21, 1927. The obverse of the medal shows the head of Colonel
Lindbergh wearing the helmet of an aviator. The reverse shows a
fiying eagle, typifying the airplane; the sun and stars symbolize the
fiight through day and night; The medal was designed by Mrs.
Laura Gardin Fraser, sculptress, New York City.
Stock oJ Coin and Monetary Bullion in the United States
On June 30, 1930, the estimated stock of domestic coin in the United
States was $2,473,244,452, of which $1,496,305,505 was gold, $539,959,520 standard silver dollars, $310,978,375 subsidiary silver coin,
and|;$126,001,052 minor coin.
710
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 $3,038,560,201, an
increase during the year of $122,098,265; the stock of silver bullion
was 11,129,557.07 fine ounces, an increase of 697,727.14 fine ounces.
Production oJ Gold and Silver
Domestic gold production during the calendar year 1929 was
$45,651,400, as compared with $46,165,400 in 1928. The output has
declined to about 45 per cent of that for the record year 1915, when
the total was $101,035,700.
'
Silver of domestic production during 1929 totaled 61,327,868 ounces,
valued at $32,687,754; this compares with 58,462,507 ounces, valued
at $34,200,567, for 1928, and with the record production of 1915,
74,961,075 fine ounces, valued at $37,397,300.
Industrial Consumption oJ Gold and Silver
Gold consumption in the industrial arts during the calendar year
1929 is estimated at $56,903,667, of which $24,873,136 was new
material.
Silver used in the arts is estimated at 42,359,082 fine ounces, of
which 30,977,559 fine ounces was new material.
As compared with the prior year, silver consumption was about
6,810,000 ounces more, and gold consumption increased about
$323,000.
Import and Export of Domestic Gold Coin
The net import of domestic gold coin during the fiscal year ended
June 30, 1930, was $92,264,082; during the prior fiscal year there
\vas net import of $45,065,099. During the 16 fiscal years 1915-1930,
since the opening of the World War, there has been a net export of
$1,022,629,070. Since 1870 the net export of domestic gold coin
has been $1,900,278,134, as per tabulation by fiscal years, which
may be found in the report of the Director of the Mint.
Revision, of Statistics on Consumption of Gold in Industrial Arts,
also Reconciliation qf Gold Statistics, 1914-1928
A revised series of estimates of the consumption of gold in the
industrial arts for the period of the Federal reserve system, 19141928, appears in the table on page 39 of the report of the Director
of the Mint. This revision resulted from a study reconciling official
gold statistics, summarized briefiy in the following paragraphs.
The stock of monetary gold in the United States comprises the
gold holdings of the Federal reserve banks and the United States
Treasury as well as the domestic gold coin in circulation. Changes
in this stock are accounted for by the net movements of gold in or
out of the country and in or out of earmark, and the total gold production in the United States (less net consumption in the arts).
Gold exported abroad decreases our monetary stock; gold imported
from abroad increases it. These statements apply also to gold set
aside as earmarked and gold released from earmark. Gold produced
from mines in the United States, unless exported or consumed in the
industrial arts (i. e., manufactured into jewelry, dental supplies, etc.)
obviously adds to the gold monetary stock of the country.
711
DIRECTOR OF THE MINT
Published official annual statistics representing the movements and
transactions just mentioned should together, if complete, accurate,
and if all classifications are made on the same basis, equal and explain
the changes from year-end to year-end in the gold monetary stock
statistics. But this is not the case. Over the period of the Federal
reserve system, 1914-1928, the net changes in published statistics
representing imports and exports, changes in earmarked gold, production and consumption, differ from changes in published monetary
gold-stock statistics by the following amounts:
[In mhlions of dollars]
1914
1915
1916
1917
1918
1919
1920
1921..
9. 6
5. 9
-44. 9
30. 9
-5. 1
-5. 7
-15. 6
21. 5
1922
1923
1924_
1925
1926
1927
1928
21. 4
8. 6
25. 3
-11.6
16. 1
28. 8
20. 0
The varying size and direction of these discrepancies indicate disagreement sufficient to throw all the statistics involved into doubt,
unless the main sources of differences can be located and explained.
Gold statistics have consequently been carefully analyzed and examined in this study resulting in the approximately complete reconciliation
or explanation of the discrepancies just shown. Causes for the discrepancies have been found mainly in the figures representing the
imports and exports of gold, to a smaller degree in the estimates of
''consumption of new gold,'' and to some extent in the Treasurer's
stock figure, with small differences in still other items.
The conclusions of this study are given at length on pages 758 to
779 of this volume, where the detailed changes in the consumption
estimate are also exhibited and explained.
Appropriations, Expenses, and Income
Appropriations available for mint service during the fiscal year
1930 totaled $1,710,040, and reimbursements to appropriations for
services rendered amounted to $37,025.69, making a total of
$1,747,065.69.
Expenses amounted to $1,709,164.49, of which $1,640,286.24 was
chargeable to appropriations and $68,878.25 chargeable to income.
The income realized by the Treasury from the mint service aggregated $8,461,402.73, of which $7,945,396.37 was seigniorage. The
seigniorage on subsidiary silver coin was $3,121,940.33; on nickel
coin, $2,390,200.61; and on bronze coin, $2,433,255.43.
Summary of appropriations, expenses, and balances, fiscal year 1930
ItemsAppropriations
Earnings credited to appropriations.
Total available
Expenses
Unexpended balances
Salaries and
expenses
$1,690,040.00
37,025.69
1,727,066.69
1,625,396.13
101, 670. 56
Transportation of buhion
$20,000.00
Total
$1,710,040.00
37,025. 69
20,000. C
O
14, 891.11
1, 747,065. 69
1, 640, 286. 24
6,108. g
106, 779.46
712
REPORT ON T H E FINANCES
Deposits of Gold and Silver, Income, Expenses, and Employees, by
Institutions, Fiscal Year 1930
The number and value of deposits, transfers, gross income, and
expenses for the fiscal year 1930, and the number of employees on
June 30, 1930, at each institution are shown in the following table:
Num- Numb e r of
ber of
Coining v a l u e
demint
posits service • of gold a n d silof gold t r a n s ver received
and
fers
silver
Institutions
Excess of inGross i n c o m e Gross expense come ( + ) or of
expense ( - )
Employees
June
30,
1930
22,966
917
105
750
Total
B u r e a u of
Mint
24,752
35,861
ir
$147,614,448.10
168,945, 226. 72
13.244,796. 04
130,166,324.03
387, 863. 30
108, 576.01
348,464. 39
60, 608.18
8, 739, 229.92
21,906.30
$5,360,302.87
1, 626,143. 73
1, 203, 839.06
271,031. 33
616. 67
349. 53
959.34
625. 56
4, 210. 52
296. 61
$768,116.93
285,909.53
217,023.91
346,369.61
14, 276.82
6,076. 69
7,830. 29
6, 561. 67
28,014. 77
4, 317. 21
+$4,602,185.94
-f 1,340. 234. 20
+986.815.14
- 7 4 , 3 2 8 . 28
-13,761.25
- 5 , 727.16
- 6 , 8 7 0 . 95
-6,036.11
- 2 3 , 8 0 4 . 26
- 4 , 0 2 0 . 70
291
114
83
120
7
3
4
3
11
2
469,637,442. 99
8,468,174. 01
1,673,487.43
+ 6 , 794,686.58
638
42,448.34
6,876
Phhadelphia
S a n F r a n c i s c o . . . 8,902
Denver
2,266
New York
15, 290
296
N e w Orleans
180
Carson City
226
Boise
Helena
130
1,648
Seattle
49
Salt L a k e C i t y . .
- 4 2 , 4 4 8 . 34
14
the
G r a n d t o t a l . . 36,861
24,762
469, 637,442.99
8,468,174. 01
1, 716,935. 77
+ 6 , 752, 238. 24
652
Fiscal y e a r 1929.. 36.461
41,841
612, 644,444.96
6, 724,868.92
1, 761,385.30
+3,963,483. 62
669
Domestic Coinage
Details of the coinage executed during the fiscal year ended June
30, 1930, follow:
Philadelphia
Denomination
T o t a l gold
-
Half dollars
Q u a r t e r dollars
Dimes
Total
value
Total
pieces
$1,330,000
632,000
1,330,000
1,330,000
632,000
2,903, 200
19 426 000
28,694,000
4,076,000
1, 893,000
$500,600
339,500
503,400
1,451,600
4,856,500
2.869,400
5,969, 000
_
$951,000
441,000
473,000
1, 865,000
1,343, 500
9,177, 500
51,023, 200
2,185,600
2,092,090
T o t a l silver
F i v e - c e n t nickels
One-cent b r o n z e . . _
Total minor
Denver
$1,330,000
Q u a r t e r eagles i
Total coinage...:.-._
San F r a n cisco
332,450
412,140
346,400
402,000
2,864,450
2,906, 230
57,289,000
290,623,000
4, 277, 690
744, 590
748,400
6, 770, 680
347,912,000
11, 576,690
2,609, 690
2,091,900
16,278,180
399,467,200
I Coinage discontinued, act of Apr. 11,1930. Last coinage of quarter eagle Oct. 22,1929, $606,000,
713
DIRECTOR OF T H E M I N T
Coinage by the United States Jor Other Countries
The coinage by the United States mint at Philadephia for other
countries during the same period totaled 3,485,000 pieces, as compared
with 46,651,000 during the prior year, as follows:
Gold
Nicaragua:
60 centavo
25 centavo
10 centavo
6 centavo
1centavo
Venezuela:
2 bolivar
Costa Rica:
10 centime
6 centime
Shver
Nickel
Bronze
Pieces
Country and denomination
Pieces
20,000
40,000
150,000
Pieces
Pieces
_
100,000
_ .
750,000
425,000
_
:
Total pieces
500,000
1, 500,000
.
_
635, 000
Previous fiscalyear
26,000
100,000
2, 750, 000
10, 210,000
34,400,000
2,016,000
Issue oJ Fine Gold Bars Jor 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 1930, was as follows:
EXCHANGED
Month
FOR GOLD
COIN OR O T H E R
P h i l a d e l p h i a San Francisco
GOLD
ASSETS
New York
Denver
Total
1929
July-August..
September
October
November
December
$50,174.86
90,201.36
65,435.12
75,575.19
101, 219. 80
45. 252. 77
$10,013. 68
72. 610. 23
20,027.17
25,034. 84
15,016. 91
20,015. 68
55, 363. 36
96, 380. 70
50,347. 53
81,389. 22'
45, 269. 32
45,190. 33
15,026. CO
15,025.43
16,022. 74
10, Oil. 78
15,025. 84
30,872. 67
801, 799. 56
263, 702. 87
1,052, 226.12 3,480,130. 73
$2,264,737. 88
4,096,420.11
6,017,105. 80
5,190, 296. 55
3,876,945. 28
25, 804,455. 01
$2,324,926. 42
4, 259, 231. 70
6,107, 574. 08
5, 295, 910. 51
3, 993,181. 99
25,869, 723. 46
10,002. 48
23,473, 274. 81
3, 338, 267.10
3, 233,151. 24
2, 780, 249.11
2.452, 287. 93
3, 580,174.10
23. 648, 666. 44
3,449,673.23
3, 298, 521. 51
2, 871, 650.11
2. 512, 683. 09
3, 666, 239. 48
25,014. 67
25,023. 98
85.107, 364. 92
188, 698,415. 73
86,197,882.02
193, 255, 796. 56
$5,005. 99
5,003. 93
1930
January
February.--.
March
April
May
June
---
Total
Prior fiscal y e a r . . .
EXCHANGED
1929
July-.August
September...
October
November...
Deceinber....'
FOR GOLD
6,002. 27
BULLION
$53,790. 30
49,177. 28
45.268. 57
62, 260.19
59,918.01
68,968. 62
$4,330. 99
8,698. 73
7,928.90
9, 692. 02
8,651. 65
6,419. 56
$4, 658. 96
8, 536. 00
5, 669.12
6,767. 09
8,412. 81
12,023.16
59,397.42
45, 500. 80
43.282.16
44, 592. 53
43,260. 36
46, 554.53
6,421. 35
6,975.15
7,083. 51
7,192. 60
5,480. 74
1,017. 88
10,C2L14
6, 687.15
6,889.91
6,338.18
6,807.01
8,126.70
212, 342. 86
152, 512. 62
151, 379. 72
193,368. 66
156,806. 67
122,293. 26
288.182. 77
211, 675. 72
208, 635. 30
251,491. 87
211,364. 78
177,992. 37
601,970. 67
644,116.88
78,893. 08
96,167.19
90,827.23
83, 210.10
2,183,169. 71
2,830,756. 67
2,964,860. 69
3,664,240. 74
$180, 931. 32
189, 254. 73
181,144.98
258, 944. 67
224,197. 31
160, 993. 01
$243, 611. 57
255, 666. 74
240,001.67
. 327,663.97
301,179. 78
237,404. 26
1930
January
February
March
April
May
June
-Total.......
P r i o r fiscal y e a r . . .
714
REPORT ON T H E FINANCES
Receipts and Disbursements of Gold Bullion and Balances on Hand
Receipts and disbursements of gold bullion during the fiscal year
1930, and balance on hand on June 30, 1930, as compared with June
30, 1929, are shown in the following table:
Balance on
June 30, 1929
Institution
Receipts during fiscal year
1930 (details
below)
Total
Disbursements
during fiscal
year 1930
(details below)
Balance on
June 30, 1930
Philadelphia
$306,466,317.42 $142,444,020.14
$448,910,337. 56 $6,441,767.03 $442,468, 680. 63
San Francisco
623,065,301. 36
457.002,613.01 166,413,807. 05
351,118.70
623,416, 420. 06
Denver—_
132, 241,043.92
115,84L90
120,608, 500. 74 11,748,385.08
132,356, 885. 82
New York
1, 669.160,272. 02 116, 596,078. 61 1. 775, 756, 350. 53 214,187,094.97 1, 661, 669,256. 66
New Orleans
367,498. 44
62,325.09
69, 634. 28
360,189. 25
429, 823. 53
98,822. 66
4,525. 20
Carson City
13. 796. 00
89, 551. 86
103,347. 86
14,792.48
Boise
__
11. 717. 92
341,312. 72
338,238.16
363,030. 64
Helena
62,927.12
1,827. 39
1,859.09
52,895. 42
54, 754. 51
Seattle
__
491,278. 68
8, 690,962. 63
8,375.005. 06
807,236.15
9,182, 241. 21
Salt Lake C i t y . . . 24,264. 89
6,991.18
9,325.40
20,930.67
30, 256. 07
Total
2,643,836,314. 56
446,768,133. 23 2.990, 593,447.79
230,352, 668.93 2,760,240,878.86
Detailed receipts of gold bullion
Deposits, in- Surplus bulfrom
lion recovcluding United ered (includ- Transfersand
mints
States uncurassay offices
ing shiprent coin
ment gams)
Institution
Phhadelphia...
San Francisco..
Denver
New York...^.
New Orleans...
Carson City....
Boise
Helena
Seattle—Salt Lake City.
$16,600.732. 28
157,551.964. 37
11,323,763. 76
112,888,236. 79
359,801. 60
89,545.64
340,951.99
62,842. 91
8,690,188. 59
20,900. 72
Total.-..
306,918,928. 56
Total
$18, 371. 80$126,824,916. 06 $142,444,020.14
22,402. 63
8, 839.440. 05 166,413,807. 06
3,162.17
421,459.15
11. 748, 386. 08
19, 765. 75 3; 688,075.97 116, 596,078. 51
206. 72
360,189. 25
181. 03
6.22
89,661.86
103. 36
267. 37
341,312.72
62. 51
62,896. 42
'206.'72'
667. 22
8, 690,962. 63
29.96
20.930. 67
64,796. 66 139,774,408. 03
446, 768,133. 23
Detailed disbursements of gold bullion
Fine and unparted bars
paid to depositors and
issued in exchange for
coin or other
gold assets
Institution
Philadelphia
—.
San Francisco
Denver
New York
New Orleans
Carson City
Boise
Helena
.
.
Seattle
Salt Lake City
Total
.
Transfers to
mints and
assay offices
Sold in
sweeps, Manufactured
manufacinto coin
tures, etc.
Total
$1,403, 770. 23 $3,692,727.13 $15,259. 67 $1,330,000.00
342. 696. 95
8,522. 75
115,841.90
87,290,633.63 126,824,916.06
71,645.28
367,498.44
98,822. 66
338,238.16
62,927.12
8,375,005. 06
24. 264. 89
$6,441,767.03
361,118.70
116,841.90
214,187,094.97
367,498.44
98,822. 66
338,238.16
62, 927.12
8,376,005.06
24,264. 89
89,162,741. 71 139,774,399.62
230.362,668.93
96,427. 70
1,330,000.00
DIRECTOR OF THE MINT
715
Purchase oJ Minor-Coinage Metal for Use in Domestic Coinage
During the fiscal year 1930 there were purchased at the mint at
Philadelphia 33,636,545.06 troy ounces of minor-coinage metals at a
cost of $482,704.67, which includes 3,194,719.79 troy ounces in nickel
blanks prepared for stamping, costing $112,775.44.
There were also purchased during the same period at the mint at
San Francisco 6,087,185.38 troy ounces of minor-coinage metals at a
cost of $80,344.93. The Denver Mint purchased 5,139,706.35 troy
ounces of minor-coinage metals for use in coinage, costing $70,112.62.
Minor-Coin Distribution Costs
The minor-coinage distribution costs paid during the fiscal year
1930 from the profits on minor coinage amounted to $66,314.55, as
follows:
TransportationInsurance
Containers---
.
--
Total
$59, 803. 94
26. 63
-6, 483. 98
66, 314. 55
Minor Coins Outstanding
The following statement shows the coinage of minor coins, by
denominations, the amount on hand, issued, melted, and outstanding
June 30, 1930. 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
On hand
Phhadelphia:
$1,662,887.44
Copper cents—
39.926.11
Copper half cents ' . 2,007, 720. C
O
Copper nickel cents.
Bronze 1-cent p eces.->| 46, 637, 786. 83 [$1,126,469.81
912,020. 00
Bronze 2-cent pieces.—|
941,349.48
Nickel 3-cent pieces {
67,993,023.10 1,072,989. 30
Nickel 6-cent pieces
Total
-
$1,662,887. 44
39,926.11
2. 007, 720. 00
46, 512. 327. 02
912,020.00
941, 349.48
66,920, 033. 80
Melted
$382,962.16
.64
808, 381. 72
1,082, 239. 37
343,148. 80
286,962. 49
6,603,821. 55
Amount
issued and
outstanding
June 30,1930
$1,179,926. 28
39,92.5. 47
1,199,338. 28
44,430,087. 66
568.871.20
654,386. 99
60,316,212.26
120,094,712.96
Total.,
Denver:
Bronze 1-cent pieces. >.
Nickel 6-cent p i e c e s —
2,198,449.11
117,896, 263. 86
4,786,000.00
4,129.700. 00
642,940. 00
603,100. 00
4, 243, 060. 00
3, 626,600. 00
26,456. 62
172, 568. 39
4,216, 603. 38
3,454,031. 61
8.916, 700. 00 1,046,040. 00
San Francisco:
Bronze 1-cent pieces...
Nickel 6-cent pieces...
Total
Issued (net)
7,869, 660. 00
199,026. 01
7,670, 034. 99
4,959.200.00
5,718,016.00
237,123.41
186,840.00
4, 722,076. 69
6,631,176. 00
23.058.87
314,481. 75
4.699,017.72
6, 216, 693. 26
423.963.41
10,253, 261. 69
337,640. 62
9.915,710. 97
10, 677, 216. 00
139,687,627.96
3,668,462. .52 136,019,176.44
9.507. 516. 73 108, 388, 747.12
10,044,082. 36 126,976,093. 08
Grand total
Deduct $6.05 copper cents, $19.04 2-cent pieces, and
.60 3-cent nickel pieces
melted at San Francisco Mint, coined at Philadelphia..
$118.69
Deduct $12.32 bronze 2-cent pieces and $1.38 nickel 3-cent pieces melted at Denver
Mint, coined at Phhadelphia
"^
phi;
13.70
133.29
Total amount outstanding..
125,974,960.79
J There is no record of the melting of the old copper half cents, but it is beheved that few, if any, are
now in circulation.
716
REPORT ON T H E FINANCES
Operations oJ 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 1930 is
summarized as follows:
PhUadelphia
San Francisco
Items
Samples
Silver purchases (fine bars)
Deposits and other purchases
Redeposits
Gold-coinage ingots
Silver-coinage ingots
Refinery
Melting and refining department
Coining department
Assayer's bars
Proof gold
Annual assay commission coin test
Special assays of bullion ahd ores .
Silver bars and ingots for foreign coinage...
Mass melts
Sweeps
. .
Miscellaneous
Total
-
Assays
Reports
2,228
16, 784
2,313
66, 338
2,228
6,872
150
3,974
192
4,075
60
1,982
76
10
233
46
27
207
39
234
354
7
140
215
58
208
264
1,144
65
664
39
7
12
68
39
" 148
89'
7
258
24,230 .
65,716
11,789
Samples
Assays
Reports
25,050
1,947
86, 717
4,484
9,221
649
6,896
1, 244
20
66
11, 565
1,356
52
259
1,635
618
4
26
44
511
44
562
14
308
1,479
138
646
65
14
227
35,150
107,207
12, 502
New York
Denver
Items
Samples
Deposits and other purchases
Redeposits
;
.
Gold-coinage ingots
Silver-coinage ingots
Refinery
_-_
Melting and refining department
Coining department
Assayer's bars
Special assays of bullion and ores
Massmelts
Sweeps
Miscellaneous
Total
Assays
Reports
Samples
Assays
Reports
...
32,666
1,331
48
3,051
2,812
693
21
93
35
9
194
684
2,856
105
4
389
392
133
3
14
7
1
7
182
40,619
120,049
15,072
6,586
12,420
2,183
460
56
161
398
2,014
170
947
1,882
232
14
32
194
11, 773
.•
...
8,382
345
20
1,219
1,199
288
8
28
14
4
7
259
41,637
4,093
47,280
137,482
17,727
ProoJ Bullion {1.000 Fine)
In order to establish uniformity in assay of bullion 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 amount made during, the fiscal year 1930 was: Gold, 600
ounces; silver, 236 ounces.
Operations of the Melting and Rejining and oJ the Coining Departments,
Fiscal Year 1930
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, 1930, was 12 million
fine ounces of gold and 29.2 million fine ounces of silver. There
were also operated upon at the coinage mints 126.1 million ounces
of minor coinage metal. The figures in the table following are based
on the figures obtained at the settlements of the accounts.
DIRECTOR OF T H E
717
MINT
Legal limits of wastage on the whole amount delivered by the
superintendent to operative officers, as prescribed in section 3542,
Revised Statutes, are as follows: Melter and refiner—gold, 0.001;
silver, 0.0015; coiner—gold, 0.0005; silver, 0.001.
GOLD BULLION
Amount
received
PhUadelphia M i n t :
^
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^
- T o t a l m e l t i n g a n d refining
T o t a l coining
Grand total -
'.
_-
F i n e ozs.
1,243,353
630,669
F i n e ozs.
1,244.033
630,697
Fine ozs.
310,199
145,150
F i n e ozs.
1,243
316
Fine
ozs.
679
128
9,311,042
194,954
2,387,128
9,310
97
976
28
1,918,945
148,467
1,918,957
148,467
614,382
1,919
74
12
10,957, 622
8, 637,307
10.967
737
23,429,160
973,962
23,431,664
974,118
11,849,016
146.150
23,429
486
2,403
156
24,403,112
:
Legal
Wastage
amount Surplus
per
of w a s t - recover- Wastage 1,000
age on
ounces
ed
amount
operated
received
upon
10,956,784
_.
Amount
operated
u p o n including
reworked
metal
9,310,068
194,926
Institution and department
Amount
returned
24,406,672
11,994,166
23,915
2,659
Fine
ozs.
Fine
ozs.
Fine
ozs.
658
216
Fine
ozs.
0.0825
.0292
386
.1779
63
.0342
658
655
.0590
SILVER BULLION
Fine
ozs.
Fine ozs.
8, 534,391
7,422,318
F i n e ozs.
8, 633,733
7,422,102
F i n e ozs.
7,967,286
7,386,747
F i n e ozs.
12,801
7,422
4,901,989
2.431,029
4, 903,158
2,430, 643
4,130,707
2,169,313
7,352
2,431
1,169
4,774,957
1, 673, 596
4, 775, 390
1, 573, 543
2, 536,026
1. 647,361
7,162
1,573
432
3. 508,820
3,513, 630
3, 614, 687
6,263
4,710
T o t a l m e l t i n g a n d refining
T o t a l coining
21,720,157
11,426,943
21, 785,811
11,426,288
18,148, 704
11,102,411
32, 678 • 6,311
11,426
G r a n d total
33,147,100
33,212,099
29, 251,115
44,004
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:
Melting and refining..^
_
6,311
1,313
Gross
ozs.
Gross
ozs.
35,758
7,337
Gross
ozs.
i . 6330
1.2871
N I C K E L COINAGE M E T A L
Gross ozs.
9,897,118
11,484,419
Gross ozs.
9,861,359
11,477,082.
4,465,419
1,562,725
4,462,839
1,660,713
1,666,222
1,662, 642
2,580
2,012
1.6486
1.2880
2,908,896
1,902,739
2,903,922
1,901,666
1,848,611
1,691, Oil
4,972
1,086
2.6904
.6819
T o t a l m e l t i n g a n d refining
Total coining..^
17,261,432
14,949,883
17,218,120
14,939,450
14,022,760
8,864,069
43,310
10,434
3.0886
1.1784
Grand total
32,211,316
32,167,670
22,876,819
63,744
2.3493
Phhadelphia Mint:
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
Gross ozs. Gross ozs.
7,718,821
6,700,416
718
REPORT ON T H E FINANCES
BRONZE COINAGE METAL .
Amount
received
Institution a n d department
Philadelphia M i n t :
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
Amount
returned
Gross ozs.
Gross ozs.
: ib, 336, 586 • ib, 250,664
_ 40, 622, S46 40. 510, 690
Amount
operated
u p o n including
reworked
metal
6,410, 606
6, 225.134
5. 607,419
6,611,127
6, 384, 540
5, 517,425
57. 274,444 . 57,168, 689
62, 364,195 62. 346.951
53,046, 630
50.171.063
Gross
ozs.
2.0834
.3163
1.9919
. 5099 •
7,402
1.912
1. 3748
. 3465
105, 754
17,244
1.9936
.3437
122, 998
1.1916
e
109, 638, 639 109, 515, 640 103, 217,693
Grand total.
Gross
ozs.
85,921
12,156
6, 240, 681
6, 228, 250
5, 514, 821
6. 613,039
Gross
ozs.
12, 431
3,176
Gross ozs. Gross ozs.
41, 239,053
38,426,388
6,423,037
6, 228, 310
T o t a l m e l t i n g a n d refining
T o t a l coining
Legal
Wastage
amount.
per
of wast- S u r p l u s Wastage 1,000
age on recoverounces
ed
amount
operated
upon
received
.
Rejining Operations
The net product of electrolytically refined gold and silver of the
mint service during the fiscal year 1930 was 5,911,496.838 fine ounces;
other electrolytic output included the equivalent of the refined
metals used for aiding the processes, 2,445,780.234 fine ounces; the
product of melting operations (only) totaled 2,048,256.004 fine ounces,
making the total output of the refineries 10>405,533.076 fine ounces.
Details are shown in the following table:
S a n Francisco
Denver
Item
Gold
Total
F i n e ounces
314, 556.681
5,642.367
F i n e ounces
432,133.23
7,356. 59
7, 798.40
39.371.17
44,617.070
110,033.284
9,267. 660
12.332
50. 637. 04
109,796. 60
4,373. 62
374. 66
2,387,666.177
.
Fine ounces
1, 627, 292. 98
3,807.05
1,678,269. 60
484,029.394
604.671. 74
..
428.666
Total.-.
B u l l i o n o b t a i n e d from processes:
Unrefined
.
O u t p u t 0.999+ fineU s e d to aid processes
Electrolytic p r o d u c t
Other product
..
A p p a r e n t loss
Gold
F i n e ounces
527, 020. 629
1,197. 464
1,068,645.305
723, 570.194
66,694.019
B u l l i o n 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)
0.992 a n d over, required to aid processes
R e - t r e a t e d , unrefined
. __
Re-treated, refined, to aid processes
A p p a r e n t gain
Silver
Silver
63, 666.924
•
_
111, 268.14
123,520.016
85, 290.20
723,570.194
631,773. 754
1,068,645.305
7. 798.40
1, 558.680.84
53,671.986
306,937.393
56,010. 66
464,370.88
2, 387, 556.177
1,678,269. 60
484,029.394
604, 671. 74
622. 22
.
.
719
DIBECTOE OP T H E M I N T
Total
New York
Item
Gold
Silver
Fine ounces
Bulhon placed in processes:
2,145, 381.057
Crude, with charges
214.652
Crude, without chargesj
932,286.167
0.999 and over (fire process only)
0.992 and over, required to aid processes— 555, 461.144
Copper base (for bar making only), 0.900
47, 324. 532
standard, etc...
534, 234.965
Re-treated, unrefined. _
Re-treated, refined, to aid processes
Apparent gain
690.720
Total.
Gold
SUver
Fine ounces Fine ounces Fine ounces
1,166,170.39 2,986, 958.367 3, 226,696.60
7,064.383
276.01
11,438.66
2,000,931.472
1,050,367.86 1, 323, 648.408 1,108,803.29
1, 293,120.43
4,'753."44'
47, 324.532
710,962.268
9,267.660
1,131.618
4, 215, 593.137 3, 514, 687. 12 7,087,178.708
Bullion obtained from processes:
Unrefined
Output 0.999-1- fineUsed to aid processes
Electrolytic product
Other product..
Apparent loss..
763,831.813
1, 331,274. 78
1,442,288.20
4,373. 62
6,128.10
6,797, 628.46
950,918. 752
1,527,833.12
555,461.144 1,050,367.85 1, 332,603.324
1,916, 689.481 1,133,044. 49 2, 755,400. 628
979,610.699
2,048,256.004
1,113,176.91
3,156,096. 21
3, 514, 687.12 7,087,178.708
6,797,628.46
522. 22
Total.
4, 215, 593.137
Ingot Melts Made
The following statement shows the number of melts made for ingots
and the weight of metal involved during the fiscal year 1930:
Number of melts
Mint
Gold:
Philadelphia
Denver
Passed
first
melting
Condemned
Melted
Passed
Per cent
passed
48
4
12101—31-
-48
2
2
331,502
319,307
96. 32
5
18
2
2
1
7,967, 284
2,462, 437
1,643,656
7,937, 366
2,430,802
1,610,422
99 62
99.11
97.98
23
5
12,063,377
11, 978,690
99 29
2,325
482
666
4
7, 718,821
1, 565, 222
1,856,200
7, 718.821
1, 662,643
1,805.611
100 00
99 83
97 27
4
11,140,243
11.086,976
99 62
22 41,239,053 41,164,256
6,240,681 6,228, 250
5, 389,087 . 6,307,813
99 82
99 80
98.49
16, 080
Total--
96 18
98.39
11,882
1,624
1,674
Total.Bronze:
Philadelphia.
San Francisco
Denver. _
298,348
20,959
3,363
.
310,199
21,303
3,079
Total
Nickel:
Philadelphia
San Francisco •
Denver
2
2,061
616
402
_
2
62
^
Total
Silver:
Phhadelphia'
San Francisco
Denver
Remelted
Weight of metal
22
99.68
62,868,821
62,700,318
720
REPORT ON T H E FINANCES
Fineness oJ Melts Jor Gold and Silver Ingots
The statement following shows the number of approved gold and
silver ingot melts made, also their reported fineness, during the
fiscal year 1930:
Silver ingot m e l t s
Gold ingot m e l t s
for U n i t e d States
coin
Ingot
fineness
Philadelphia
899. 6
899.7
899.8
899.9
900. 0
900.1
900.2
2
6
10
11
17
1
1
48
F o r foreign coin
F o r U n i t e d States coin
Ingot
fineness
898.25
898.40
898.50
898. 60
898.70
898. 75
898.80
898.90
899.00
899.10
899.20
899. 25
899.30
899.40
899.50
899 60
899 70
899.75
899.80
900. 00
900. 60
Philadel- S a n F r a n Denver
phia
cisco
Ingot
fineness
Philadelphia
Nicaraguan
2
144
130
1
32
30
800.00
14
79
126
1,284
210
62
74
66
67
27
Venezuelan
835.00
72
365
79
93
64
21
9
6
4
1
18
1
6
12
1
1,976
616
86
389
Commercial and Certijicate Bars Manujactured
During the fiscal year 1930 the coinage mints and the assay office
at New York manufactured 113,165 gold and 5,657 silver bars,
valued at $293,887,231.03, as shown by the following table:
Institutions
Philadelphia
San Francisco
Denver
NewYork
Total
Silver b a r s
Gold b a r s
F i n e ounces
69, 680. 698
7,644,908. 657
313,307.921
6,136,171.773
Value
$1,440.427.87
158,034, 285. 09
6,476, 649.62
126,825,266.27
Number
Fine ounces
2,180
240
3,237
1, 246.271.72
1,760.06
1,105,807.24
$573,687.10
997.62
635,927. 66
113,166 14,163,068. 949
292,776,618.76
6,667
2,352,829.01
1,110,612.28
Number
2,934
8,865
1,260
100,106
Value
721
DIRECTOE, OE THB MINT
Ingots operated upon by coining departments and percentage of coin produced to
amounts operated upon
Philadelphia
Item
San Francisco
Total
Denver
DOMESTIC COINAGE
Gold:
145,062.820
I n g o t s oJDerated u p o n ( o u n c e s ) .
P e r c e n t a g e of good coin p r o d u c e d
44.36
Silver s u b s i d i a r y :
7,117,009.29
I n g o t s o p e r a t e d u p o n (ounces)
60.65
Percentage of good coin p r o d u c e d - .
Nickel:
6,700,416.00 •
I n g o t s operated u p o n (ounces)
1 67.60
P e r c e n t a g e of good coin p r o d u c e d . .
Bronze:
37,950,598. 50
I n g o t s o p e r a t e d u p o n (ounces)
55.08
P e r c e n t a g e of good coin p r o d u c e d . .
145,052.820
44.36
2,169,312. 68
62.25
1, 547,361.38
62.81
10,833, 673. 30
61.27
1, 562, 642.60
68.42
1,691,010.70
69.98
8,854,069. 20
68.17
6, 228, 249. 50
66.17
5, 617,424.80
72.86
49, 696, 278.80
58.44
F O R E I G N COINAGE
Gold:
I n g o t s o p e r a t e d u p o n (ounces)
^ P e r c e n t a g e of good coin p r o d u c e d . _
Silver:
Ingots operated upon (ounces). _
P e r c e n t a g e of good coin p r o d u c e d
Bronze:
I n g o t s o p e r a t e d u p o n (ounces)
P e r c e n t a g e of good coin p r o d u c e d
96.705
96.706
Specimens.
268,737.74
60.83
268,737.74
60.83
474,889. 50
37. 24
474,889.50
37.24
1 Operations on purchased blanks not here included.
Percentage of good coin produced to pieces struck
Item
Philadelphia
San Francisco
Denver
^
Total
DOMESTIC COINAGE
Gold:
Blanks s t m e k (number)
P e r c e n t a g e of good coin p r o d u c e d . .
Silver s u b s i d i a r y :
Blanks struck (number)
.
P e r c e n t a g e of good coin p r o d u c e d . _
Nickel:
Blanks struck (number)
P e r c e n t a g e of good coin p r o d u c e d . .
Bronze:
Blanks struck ( n u m b e r ) . . .
Percentage of good coin p r o d u c e d . _
610,345
87.17
610,345
87.17
35,369,036
99.63
8,727,339
96.20
7,657, 840
97.82
51, 654,215
98.61
43,936,170
99.43
6,674,672
99.61
6,947,043
99.73
67,557,785
99.48
210,903,136
99.20
41,274.240
99.85
40, 295, 586
99.76
292,472,962
99.36
F O R E I G N COINAGE
Silver:
Blanks struck (number)
Percentage of good coin p r o d u c e d . _
Nickel:
Blanks struck (number)
Percentage of good coin p r o d u c e d . _
Bronze:
Blanks struck (number)
Percentage of good coin p r o d u c e d . . .
661,159
96.06
661,159
96 05
106,760
94.67
105, 750
94.57
2,826,317
97.30
2,826, 317
97.30
Sweep cellar operations, fiscal year 1930
Metal content
Material
Quantity
Institutions
Source
Net
avoirdupois
pounds
B a r s recovered .
Tahings
9,482
P h i l a d e l p h i a . . . Melting department
126
2,891
do
41
San F r a n c i s c o - 43,862
Do
Refinery.
671
Denver..
. _. d o .
23, 727
253
New York
do
123, 386
1, 649
3,664
Philadelphia
Coining d e p a r t m e n t
24
4,766
Do
Deposit m e l t i n g r o o m . . .
Ul
829
San F r a n c i s c o . 11
Denver
'.V.'.'.^Q.IV.V.'.V.V.V.'.V.V. 7,401
104
14, 771
New York
227
do....
Total
2,897
1 Includes 19 barrels.
234,768
Gold
Silver
Gold
Ounces
Bags
Ounces
Ounces
9g. 788
14.161
386.427
109. 749
3,783.550
123.312
97.684
7.896
47.646
Ounces
238. 79
203. 02
1,276. 75
632. 61
6,426. 23
732. 47
37.47
13.78
42.93
4,666.003
9, 604.05
34.178
408.151
147.93
690.89
40.812
39.51
437. 587
272. 62
920.728
1,160.86
Shver
«Barrels.
722
REPORT ON T H E FINANCES
Bullion Gains and Losses
The net gains from operations on gold and silver bullion during
the fiscal year 1930 amounted to $136,193.92, as follows:
Mint at—
Item
Phhadelphia
Recovered from refining and coining operations
$16,691.88
Recovered incident to receipt of
bullion deposits
3,479.43
Net gains on shipments to Government refineries
Gains on light weight and mutilated coins purchased for recoinage
64.66
Receipts from sale of by-products
Total gains
20,225.87
Wasted in refining and coining
operations
._
Loss on assay value of operative
sweeps sold
$21,382.84
1,836. 63
Denver
Assay
office at
New York
$492. 60 $17,993.96
. 479.68
12,970.49
29.34
9,668. 75
29,187. 66 10, 670. 27
77, 790. 78
217. 22
423.12
1,808. 40
Total
$56,661.17
$1,031.99
19,798.12
163. 47
85.37
4.6,740.97
19.90
5,948. 29
463.03
18,417.47
Minor
assay
offices
163.47
1,366.37
Total losses
Net gains
San Francisco
640. 34
189.17
62,368. 01
1,195.46
29.64
699.89
397. 64
29.64
28,647. 22 10, 640. 63
139,069. 94
2,176.13
2,876. 02
397. 64
77,393.14
1,196.46
136,193. 92
Wastage of Coinage Metal, and Loss on Sale of Sweeps
The value of metals wasted in the operative departments during
the fiscal year ended June 30, 1930, was $3,304.22. A loss of $2,176.13
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:
Mint at—
Item
Silver wastage:
Melting and refining department
Coining department
Nickel wastage:
Melting and refining department
Coining department
Bronze wastage:»
Melting and refining department.—.
Coining department
Loss on sale of sweeps.
Total wastage and loss
Reimbursements:
Nickel and bronze wastage on domestic coin,
from minor coinage profits
Silver department wastages offset by other departmental surpluses
.'.
Other wastages and loss on sweeps, from contingent appropriations
Total reimbursements
1 Includes $42.42 on foreign coinage.
Phhadel- San Fran- Denver
phia
cisco
Assay
office at
New
York
Total
$217. 22
$29. 64
$341. 05
368. 84
774.78
168.97
38.32
33.03
7.20
846.13
196. 08
1,041.17
147.31
1,366.37
166. 72
40.04
423.12
142.11
34.79
$397.64
1,340.00
222.14
2,176.13
3,930.63
. 906. 31
246. 77
397. 64
6,480. 36
2,079.81
264.97
217.13
463.03
217.22
29.64
1,397.79
423.12
3,930.63
906.31
$341.06
111.98
2,661.91
397.64
246.77
2, 218. 65
397. 64
6, 480. 35
723
DIRECTOR OF T H E M I N T
Engraving Department
During the fiscal year ended June 30, 1930, the engraving department made 3,277 working dies for domestic coinage. Master dies,
hubs, and working dies were made for domestic, Philippine, Venezuelan, Nicaraguan, and Chinese coinage, also for the Post Office, War,
and Navy Departments.
The die-making processes included the making of 37 electroplates
from models for coin and medals; and chromium plating was applied
to 44 coinage dies, 163 coinage collars, and 714 automatic scale parts.
Dies manufactured
Issued to mint at—
Item
Domestic coinage:
Gold
Shver
Minor
Unused .
Philippine coinage
. .
Costa Rican coinage
Nicaraguan coinage
Venezuelan coinage
Unused foreign coinage
Phhadel- San Fran- Denver
cisco
phia
16
619
1,230
78
-
.
_
..
_.'.
.
0
105
310
.._
1,946
Total
116
66
27
4
7
. . . . . .
Total coinage-working dies.- . _
0
210
690
Manha,
P.L
800
415
16
834
2,130
78
116
66
27
4
7
116
3,277
Master dies, hubs, and transfers from models, manufactured for—
United States coin .
...
Philippine coinage
Venezuelan coinage
Nicaraguan coinage
China
Other dies, hubs, and transfers from models, manufactured for—
Medals and medalets
.
, _ ,
MiUtary badges and insignia
.
Stamped envelope embossing dies.Punches and dies for stamping bars
19
10
8
10
10
46
41
144
14
Grand t o t a l . .
3,679
Medals Sold
Medals manufactured at the mint at Philadelphia were sold during
the fiscal year 1930 as follows:
Items
Gold medals
Silver medal
Bronze medals
i..—
Total
Pieces
._ ._
Value
124 $6,308.89
435
763.11
9,086 6, 111. 99
9,645
13,173. 99
724
REPORT ON T H E FINANCES
Employees
The total number of officers and employees of the mint service on
June 30, 1930, was as follows:
Employees, b y departments
Established
u n d e r act
of—
Institution
B u r e a u of t h e M i n t
Philadelphia M i n t
San Francisco M i n t
Denver Mint
N e w Y o r k assay office
N e w Orleans M i n t i
Carson C i t y M i n t ^
Boise assay office
H e l e n a assay office
,
Seattle assay office
Salt L a k e C i t y assay office
Feb.
Apr.
July
Apr.
Mar.
Mar.
Mar.
Feb.
May
May
May
General
12,1873
2,1792
3,1852
21,1862
3,1853
3,1835
3,1863
19,1869
12,1874
21,1898
30,1908
11
121
52
39
69
7
3
4
3
11
2
Total
Melting
June
a n d re- J u n e
30.1930 30,1929
fining
E n g r a v - Assaying
ing
Coining
3
10
12
7
17
107
20
17
44
30
20
34
9"
T o t a l , 1930
322
9
49
144
128
T o t a l , 1929
318
9
49
156
14
291
114
83
120
7
3
4
3
11
2
127
14
299
117
79
120
7
3
4
3
11
2
652
659
^ Conducted as assay offices.
Work of the Minor Assay Offices
The following tables exhibit the principal work of the minor assay
offices during the fiscal year 1930:
New Carson
Orleans City
Item
Deposits received
Fineness, average gold..
Fineness, average silver.
Weight before melting..
Weight after melting...
Loss in melting
Boise Helena
Salt
Lake
City
number.
-thousandths.
do...
295
326
361
180
211
670
226
739
228
130
295
643
1,662
850
122
49
495
323
.ounces.
....do...
64,266
63,482
20,896
20,618
22,818
22,334
8,794
8,677
496,490
492,946
2,078
2,047
784
378
486
117
2,646
31
do..
Loss in melting
per cent.
1.44
2.12
L33
132
Melts of bullion
number.
295
226
184
7
Mass melts of bullion
22
16
do...
3
Melts of deposit melting room grains.
4
4
do...
Melts of assayer's clips
2
4
6
.do.
Value of deposits, gold
dollars. 359,802 89,652 340, 952 62,895
8,694 6,317
2,364 2,799
Value of deposits, shver, at cost.
-.do...
Buhion shipped
.gross ounces. 51,603 21,694 22,108 8,876
Value of gold shipped
dohars. 367,498 98,823 338,138 62,927
Value., cost of silver shipped
do...
!,668 6,113 2,376 2,841
14
26
Quartation silver made..
20
23
.ounces.
10
Quartation shver used...
19
26
....do...
10
6
Proof gold received
^
.-..do.
.do.,
3.6
Proof gold used
2\
-do-.
Proof shver received..
1
0.37
.do-.
Proof silver used
-number.
2,350 1,039
1,660
1,200
Cupels made
1,104
2,160
1,513
860
do...
Cupels used
16
17
do...
Crucibles used
Seattle
.49
0.61
52
1,790
2
104
1
4
1
53
,666,963 20,900
28,677
360
477,765 2,326
,376,006 24,266
28,661
433
174
173
10
14
10
1
12,734 1,400
13,368 1,100
169
725
DIRECTOR OF THE MINT
Assays made
On bullion deposits
Institution
Sam- Asples says
On miscellaneous mint service
metal
On nonmint bullion and ores
Re- Sam- As- Re- Sam- As- Reports ples says ports ples says ports
New Orleans— 590 1,750
295
Carson City
360
734 180
Boise
617 1,080
226
Helena
278
556 130
4,398 11,430 1,662
Seattle...
49
Salt Lake City. 49
392
56 168 28
79 19
34
79 202 26
92 16
32
632 1,360 158
4
4
30
18 72
124 154
228 401
18 25
52 194
136 200
18
67
228
18
52
136
Metals determined in ores
tested
Gold, silver.
Gold, shver, copper.
Gold, silver, copper, lead, zinc.
Gold, silver, lead.
Gold, silver, copper, lead.
Gold, silver, copper lead, zinc.
Gold Receipts 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, 1930:
Number of deposits.
Troy ounces
Avoirdupois tons
Total value
80, 218
18, 899, 819. 17
648
$324, 065, 130. 15
i
ORIGIN OF DEPOSITS
Alaska:
Circle
Cook Inlet__
Copper River
Eagle
Iditarod
Koyukuk
Kuskokwim
Nome
Southeastern Alaska
Tanana
Unclassified
Total
British Columbia
Yukon Territory
All other sources
.
._
Grand t o t a l . .
$1, 141, 975. 42
6, 232, 761. 04
6, 853, 079. 88
1, 353, 182. 59
17, 329, 960. 67
2, 303, 366. 59
1, 293, 039. 04
77, 816, 693. 02
20, 870, 941. 71
55, 184, 941. 77
2, 767, 506. 28
193, 147, 448. 01
24, 864, 773. 50
94, 029, 729. 85
12, 023, 178. 79
324, 065, 130. 15
Laboratory, Bureau of the Mint
From the domestic coinage of the calendar year 1929 the assayer
of this bureau examined and tested 70 gold coins and 328 silver
coins, all of which were found within the legal requirements as to
weight and fineness.
The following table summarizes results of fineness tests on domestic
coins, the limit of tolerance being one one-thousandth above or below
900 for gold coins and three one-thousandths above or below 900
for silver coins.
726
REPORT ON THE FINANCES
Number of silver coins
Number of
gold coins,
Phhadelphia Philadelphia
Fineness (thousandths)
898.2
898.6
898.8
899.0
899.1
899.2
899.3
899.4
899.5
899.6
899.7
899.8
899.9
900.0
900.1
900.2
900 3
900.4
900.6
900.7
900.8
San Francisco
1
6
1
26
1
2
6
25
2
26
6
37
1
10
3
2
27
4
11
.
1
. .
2
1
16
23
19
6
1
1
-
-
. .
Total
Average fineness...
Total
1
9
11
61
1
3
43
8
66
2
18
7
3
38
6
20
1
4
10
1
8
9
3
20.
9
1
4
4
1
4
1
6
6
1
15
176
899. 692
70
899.913
Denver
96
899.446
28
1
1
1
56
899. 669
328
899.643
Average weights of domestic coins tested as compared with standard weights
STANDARD WEIGHTS
Double eagle
Eagle
Half eagle
Quarter eagle
Halfdollar
Quarter dollar..
Dime
.
-
.
Grains
516. 00
258. 00
129. 00
64. 50
192. 90
96. 45
38. 58
COINS TESTED
Philadelphia:
58 double eagles
8 half eagles
4 quarter eagles
78 quarter dollars
98 dimes
San Francisco:
36 half dollars
22 quarter dollars
38 dimes
Denver:
22 half dollars
12 quarter dollars
22 dimes
.
..
.
.
.
193. 043
96. 464
38. 588
.
_.-_
.
.•
Clrains
515. 972
129. 006
- . 64. 513
96. 545
38. 581
.
-
193. 018
96. 283
38. 512
Summary of work of mint bureau laboratory
Gold assays
^-_.
Silver assays
.
Miscellaneous assays!
.
Number
3, 444
715
•
8
Total assays
—
4, 167
Certificate bar samples:
New York (182 melts)
San Francisco (43 melts)
Miscellaneous samples
Counterfeit coins examined
—
708
344
14
31
DIRECTOR OF THE MINT
Double eagles examined
Half eagles examined
;
Quarter eagles examined
:
Half dollars examined
Quarter dollars examined
Dimes examined
Cupels m a d e . .
Cupels supplied Bureau of Standards
Cupels used
Proof gold made
Proof gold used
...
Proof silver used
Quartation silver used
.
.
..
.
727
Number
58
8
4
.
58
....
112
.
158
3, 581
333
3, 882
ounces (troy)..
3. 50
do_.__ 13. 30
do!
7. 55
do
116. 22
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 calendar year 1929, by a
conimission, of whom part are ex officio members, the others being
appointed, without compensation, by the President. The purpose
is *Ho 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 12 and 13, 1930,
reported the following results of their examination:
The committee on counting respectfully reports that the packages containing
the pieces reserved by the several mints for the trial of coins, in accordance with
section 3539 of the Revised Statutes, were delivered to us by the superintendent
of the mint at Philadelphia:
That the packages delivered were compared with the transcripts furnished
with them and were found to be correct as to date, number of delivery, and
denomination.
Several packages were selected by this committee from the deliveries of each
month of all denominations coined, and the coins therein were counted and found
to agree with the number called for in each package.
The verification of the packages containing the reserved coins being completed,
the committee on assaying and the committee on weighing selected such coins
as were required fqr their examination.
.
The committee on weighing report that they have taken at random from the
several parcels of reserved coins of each mint such a number of pieces of each of
the denominations represented and so distributed, by dates of coinage, as seemed
to be sufficient for the purposes of weighing. . These coins have been individually
weighed by the committee and their respective weights ascertained to an accuracy
of 0.01 grain, and the results recorded. The weights of these coins are given in
the appended table. It will be noted that every coin weighed was well within
the deviation allowed by law.
The coins were directly weighed against a set of sealed coin weights, supplemented by three sets of grain weights, delivered to the commission from the
Bureau of Standards, Washington, D. C., in sealed packages, and accompanied
by certificates signed by the Director of the Bureau. The weighings were made
on a Troemner balance belonging to the Philadelphia Mint. Prior to the weighing
of the coins this balance was tested by your committee as to equality of arms and
sensibility, and found to be in excellent condition and entirely satisfactory for
the purpose of the committee.
Following the weighing of the coins your committee tested the sensibility of the
balance used to compare the working standard troy weight of the Philadelphia
Mint, and the summation of the standard weights of 10 ounces+2 ounces was
found to equal the troy pound within the sensibility of the balance (about 0.0001
troy ounce).
728
REPORT ON T H E FINANCES
The deviations from standard of the heaviest and lightest coins weighed, of
each denomination from each mint, are shown in the following table:
Phhadelphia
Legal
deviation
ahowed Heavy Light
Denomination
GOLD COINS
San Francisco
Heavy
Light
Denver
Heavy
Light
Grains Grains Grains Grains Grains Grains Grains
0.33
0.50
0.27
.13
.25
.25 """io"
Double eagle.Half eagle
Quarter eaele
SILVEE COINS
Half dohar..-.
Quarter dollar
Dime
'
- .
_
.
L60
1.50
1.50
.82
.33
.37
.41
1.31
.36
1.26
0.43
.70
.60
0.61
.46
1.10
LIO
.54
1.10
The committee on assaying has completed the test assays on individual coins
and mass melts representing the different denominations, coined by the mints at
Philadelphia, San Francisco, and Denver during the calendar year 1929.
The legal allowance in the fineness of gold coin as prescribed by law is one
one-thousandths and on silver three one-thousandths.
According to the following table showing the extreme variations found on
individual coins and mass melts tested by the committee, the 1929 coinage of
the several mints has been found safely within the legal limits:
Highest assays on gold coins: Philadelphia
.
900. 2
Lowest assays on gold coins: Philadelphia
899. 6
Highest assays on silver coins:
Philadelphia
900. 4
San Francisco
900. 2
Denver
900. 2
Lowest assays on silver coins:
Philadelphia
..
.•
898. 6
San Francisco
898. 2
Denver
^
..__ 898. 0
Mass melts:
Gold—Philadelphia
900. 0
Silver—
Philadelphia
899.3
San Francisco.
•
898. 6
Denver
.
899. 3
The foregoing report, covering the operations of the mints and
assay offices of the United States for the fiscal year ended June 30,
1930, is respectfully submitted.
R.
J.
GRANT,
Director of the Mint.
Hon.
ANDREW W .
MELLON,
Secretary of the Treasury.
730
REPORT ON THE FINANCES
EXCERPTS FROM THE ADDENDA TO THE
Deposits and purchases of gold during the
Source a n d description
Phhadelphia
PURCHASES
San Francisco
Denver
New York
F i n e ounces
82. 253
19.403
F i n e ounces
7, 486. 016
F i n e ounces
44. 286
F i n e ounces
68.089
18. 907
13,716.371
137, 219. 282
23. 712
114. 946
28. 260
149, 446.154
63. 462
230.014
303.806
52, 301
48. 624
86. 570
1
2
3
4
6
6
7
8
9
10
11
12
13
14
15
16
17
18
Alaska
Alabama
Arizona
.
California
Colorado...1
Georgia
Idaho
Montana
Nevada
. .
. .
N e w Mexico
North Carolina..
Oregon
South Dakota
Utah
Washington...
Wyoming
Philippine Islands. _
G r a i n s , deposit m e l t i n g room
19
20
21
T o t a l unrefined
D o m e s t i c refinery bullion:
Less t h a n 0.992 fine
Over 0.992 fine
36, 005. 763
1,106, 444. 916
22
23
24
25
26
T o t a l domestic purchases
Foreign coin
Foreign bullion, c r u d e
Foreign bullion, refined
Jewelers b a r s , d e n t a l scrap, etc
36, 663. 812
434,167. 378
252. 713
495,038. 563
4,100. 515
8,306. 498
173, 704.867
1, 304, 210. 705
6, 682,024.098
564, 252. 674
4,892. 476
41,889.198
21,019. 650
1, 407, 446. 526
599,948. 933
• 1,163,147.162
1, 924, 640. 447
374,352. 910
27
T o t a l deposits p u r c h a s e d
644, 678. 770
7, 597, 269, 051
528, 465. 226
6, 469, 434. 978
108. 242
61. 091
. 807.470
28. 264
230.158
1,002. 574
19.163
129. 910
7,841.186
565, 423.145
737.488
.
191.172
4.807
2, 434. 667
13. 944
7.114
167. 440
2, 420. 669
94. 371
344, 625.862
4.237
8.396
166. 410
78.874
34,146. 962
80.821
22.847
658. 049
197, 766. 789
495,038.663
214. 662
371. 968
1, 694. 611
1,405,379.047
REDEPOSITS PURCHASED
28
29
30
D o m e s t i c coin
B a r s s t a m p e d b y U. S. G o v e r n m e n t S u r p l u s (recoveries)
31
T o t a l redeposits p u r c h a s e d . . .
32
Total purchases
966.803
1, 260. 996
149. 073
674,001.819
645, 645. 573
7, 698, 630.047
628, 614. 299
6,043,436. 797
32,187. 546
75. 344
6,136,155.314
21, 711. 227
17,199. 466
427, 457. 913
160. 000
20, 338. 091
60.000
REDEPOSITS T R A N S F E R R E D
33
34
35
36
37
D o m e s t i c coin from T r e a s u r y
D o m e s t i c assay pieces
.
. .
Refined b a r s
Unrefined b a r s
Proof bullion
178,160. 676
260.000
38
T o t a l redeposits t r a n s f e r r e d . -
6,167, 418. 204
449, 319.140
37, 687. 656
178, 410. 676
39
G r a n d total, fine o u n c e s . . - . l -
6,813,063. 777
8,047,849.187
566, 201.865
6, 221,847. .473
40
41
42
43
44
45
46
47
48
Value of—
$13, 346, 678. 61 $157,075,556. 53 $10, 927,427. 37 $124,928, 926.03
Purchases
$355,544. 49
$448,810. 90
$666,933.13
D o m e s t i c coin T r e a s u r y t r a n s fers.
$3,688,076.98
$421,469. 24
$8,839,440.07
$126,824, 916.04
O t h e r transfers
T o t a l value
N u m b e r of fineness d e t e r m i n a t i o n s
required:
D e p o s i t s of gold a n d silver
Redeposits purchased
Redeposits t r a n s f e r r e d - .
D e n o s i t s in t r u s t
Total determinations
$140,838, 527. 68
$166,363,807. 50
$11,704,431.10
$128,617,002.01
6,875
2,084
20, 829
63
8,902
16
902
2,266
105
16, 290
121
629
29,841
9,819
2,371
16,040
731
DIRECTOR OF T H E M I N T
REPORT OF THE DIRECTOR OF THE MINT
fiscal year ended June 30, 1930
N e w Orleans
Carson C i t y
F i n e ounces
F i n e ounces
Boise
Helena
Seattle
Salt L a k e
City
8. 758
.301
7.645
1.789
27.439
1.439
F i n e ounces
337, 756. 722
19.403
13,831.317
137,354.183
149,469.866
196. 979
16,124.041
2, 277.137
7, 252.894
86.670
174.664
6, o n . 085
344,625.852
61.203
2, 688. 660
166.410
34,146.962
444. 365
8.758
4, 268. 641
16,292. 561
2,222.931
334,382.832
767. I l l
1,061,677.203
19
4.722.405
2, 588, 216.963
20
21
22
93
?4
25
26
F i n e ounces Fine ounces
6.438
Fine ounces Fine ounces
330,071.642
Total
10.953
: 7.073
15,300.179
18.080
416.128
4,261. 267
71.468
2,149.674
211. 292
43.138
6.246
7.282
92.418
1, 338.104
645.191
612.760
46.966
2,680.264
3,027.894
40,3.43. 353
42.874
1
51. 632
4, 551. 594
5, 211. 646
16,292. 561
2, 222. 931
377,754.079
. 36. 308
34,126.067
6,334. 508
63.431
208. 542
384. 669
6,801.762
246.404
3, 644. 615. 561
6, 724,818.826
1,775, 296.660
1,929,432.923
624,954.931
16,149.380
4,332.072
16, 501.103
2, 557. 600
418,718.206
1,012. 615
14,699,118.901
27
.468
3.985
9,312.146
566, 704.394
2, 683.076
28
29
30
4,268.641
1,310. 838
4.903
.731
4.903
4, 332.072
1.199
3.985
16, 606.006
1,310.838
17,460. 218
767. I l l
1
2
3
4
5
6
7
8
9
10
11
12
13
14
16
16
17
18
2, 658.799
418,722.191
io. 000
5.000
10.000
5.000
577, 699.616
10.000
31
15, 276,818.517
32
71,098. 238
75.344
6,135,155.314
625, 956. 680
475.000
1,012. 615
33
34
35
36
37
6,832, 760. 576
38
17,470. 218
4, 332.072
16, 511.006
2, 558.799
418,732.191
1,012. 516
22,109, 579.093
39
$360,934.74
$89, 551. 88
$341, 209. 12
$52,895. 07
$8, 655, 755. 88
$20,930. 64
$315,799,865. 97
$1,471, 288. 52
40
41
$139, 774,408.13
4?
$361,11L46
$89, 551. 88
$341, 312. 78
$52,895. 07
$8, 655,962. 60
$20,930. 54
$457,046, 562. 62
43
295
180
226
130
1,648
14
49
35,861
2,234
22,465
53
44
46
46
47
296
180
226
130
1,662
49
60,613
48
$206. 72
10.000
$206. 72
$103. 36
732
REPORT ON T H E FINANCES
Deposits and purchases of silver during the
Source a n d description
Phhadelphia
Alaska
Alabama . . . .
Arizona
California
Colorado
Georgia
Idaho
-Michigan
-Montana
.
Nevada
N e w Mexico
. ..
North Carolina..
Oregon
.
South D a k o t a
Utah _
Washington
Wyoming _
Philippine Islands _ _
Grains, deposit m e l t i n g room
?0
?,?,
T o t a l uruefined .
D o m e s t i c , refining b u l l i o n :
Less t h a n 0.992
fine
Over 0.992 fine.-
23
24
25
26
27
T o t a l domestic p u r c h a s e s
Foreign coin
_-Foreign bullion c r u d e
Foreign b u l l i o n refined
Jeweler's b a r s , d e n t a l scrap, etc
21
28
30
31
. F i n e ounces
1,076.76
F i n e ounces
8.48
F i n e ounces
126.81
10,988.67
34, 368. 74
6.52
72.28
1L56
146,122.02
3.40
130. 80
22.11
.66
5, 557. 72
1, 229.13
3, 587.15
1.74
21. 62
40.62
147.12
.32
52.90
376. 51
--
19.64
92,142.12
.72
2.88
54.23
127. 72
-..
11, 756.88
99.83
18.55
6, 775. 27
59, 984. 92
238, 789. 76
2,657,483.46
26,180. 40
92, 592. 20
270,017.15
13. 347. 61
50i; 515. 30
30, 638.86
122, 766. 58
18, 900. 78
466,095. 92
20,599.08
486,180. 57
1, 585, 726. 29
784, 291. 62
1,114,642.93
474. 28
1, 982. 79
972.45
' 59,984.92
465. 99
1, 255, 258. 23
238, 789. 76
9
D o m e s t i c coin
B a r s s t a m p e d b y U . S. Government.
S u r p l u s (recoveries)
--.
6,422.^6
i, 487. 86
'
6, 422. 66
1, 642. 85
2, 955. 24
6,197.89
1, 687, 369.14
787, 246. 76
1,120,740.82
2, 237,537. 38
87.94
664, 094. 91
279,964.99
327,014. 73
77, 339. 71
50.00
Total redeposits p u r c h a s e d . . .
T o t a l purchases
23, 620. 71
135, 340. 87
60.00
357, 354. 70
350, 635.44
135,390.87
1, 944, 723. 84
1,137, 882. 20
REDEPOSITS T R A N S F E R R E D
39
4, 710.03
2, 663, 906.12
32
33
34
35
36
37
38
3, 993. 98
1,168. 67
41.67.
347, 551. 43
145, 258. 61
T o t a l deposits p u r c h a s e d
275.01
.
2,158, 856. 48
2,164, 631. 75
REDEPOSITS PURCHASED
9q
F i n e ounces
n.71
L56
8L00
-.
I ) enver
1.65
PURCHASES
1
7.
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
New York
S a n Francisco
•
D o m e s t i c coin from T r e a s u r y
D o m e s t i c assay pieces
Refined b a r s
Unrefined b a r s
Proof bullion .
T o t a l redeposits t r a n s f e r r e d . .
2, 791, 720.23
DEPOSITED IN TRUST
40
41
42
D o m e s t i c bullion refined
Foreign coin
U . S. M i n t b a r s
43
Total trust deposits..
44
.
G r a n d t o t a l , fine ounces
45
46
47
48
Value:
Cost of p u r c h a s e s
1
Cost of b u h i o n transferred
Coining value of s u b s i d i a r y
bullion p u r c h a s e d .
Subsidiary coining value of p u r . chased a n d transferred dom e s t i c coin.
34, 961. 50
101, 452. 53
210. 26
I
136, 624. 29
6, 592, 250. 64
$1, 250,200. 95
331, 706. 68
3, 673, 728. 64
3,102,191. 78
$730, 712.16 . $360,012.14
37, 662. 74
11, 409. 39
2,193, 737. 49
1, 085, 556. 86
387, 681. 73
454, 809.08
1
1, 256,131. 69
$519, 209. 23
76,887.90'
1, 549, 322.02
733
DIRECTOR OF T H E M I N T
fiscal year ended June SO, 1930
N e w Orleans C a r s o n C i t y
Boise
Helena
F i n e ounces
0.50
Fine ounces
Salt L a k e
City
Seattle
-
Fine ounces
Fine ounces
Fine ounces Fine ounces
46,208.08
4.22
0.70
0.25
9.07
4,439.90
13,634.40
7.88
63.71
.14
305. 68
6,355.82
7.21
40.65
238.84
256. 88
530. 46
23.81
163. 92
14.80
.64
5.27
.81
4.77
.07
14.80
13,635.74
6,008.37
5,364. 51
46, 690. 75
7.87
604. 21
14.80.
13,636. 74
5,008. 37
5, 364. 51
46,698.62
.26
8,008. 49
Total
Fine ounces
47,430. 34
L56
11, 060. 95
34, 390. 42
146,127. 54
22.66
^, 732. 36
9,144.87
6,386. 53
15,250. 38
147.12
53.22
1,422. 33
92,142.12
24.53
166. 80
54.23
11,756.88
547.47
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
379.862. 31
26,188.27
2,251,448.68
20
21
9,2
23
24
25
26
27
.
13,789.81
126. 84
96. 49
167. 99
5, 526.13
101. 63
2,657,499. 26
19, 367. 03
1,748,277. 22
869, 665.81
951, 903. 07
19,329.91
13,761. 58
5,104.86
6, 532. 50
69,233. 50
705. 84
6,24.6, 712. 39
28
8,879. 73
1, 487.86
29
30
6,966. 46
31
5, 525. 30
.
68.44
46.97
68.44
46.97
5,173. 30
5, 579. 47
604. 21
•
2,844, 517.10
87. 94
554, 094. 91
236, 301. 29
110.00
34
35
36
37
38
3, 635, 111. 24
39
34,961. 50
101, 452. 53
210. 26
40
41
4?
136,624. 29
19,329. 91
3?
33
10.00
13,761. 58
6,264,046. 44
10.00
19, 329. 91
17, 334.05
43
60, 233. 50
705. 84
13, 761. 58
6,173. 30
5, 579.47
60,243. 50
705.84
$8,699.84
$6,317. 21
$2,370.45
$2,799.67
19,024.13
7,151. 61
7,713.11
$28,671. 43
6.32
83,267. 32
$361.14
26,721. 84
975. 76
10,035, 781. 97 44
$2,909, 354. 22
457,672. 03
8,647,197.78
46
46
47
3,944,682. 59
48
734
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—
1873.,
1874..
1875..
1876.,
1877.,
1878.,
1879.,
1880.,
1881.,
1882.,
1883.,
1884.,
1886.,
1886.,
1887.,
Domestic
bullion,
including
domestic
refinery
product
from foreign
ores, etc.
Domestic
coin
868, 670 $27,116,948
29, 736,388
6,276, 367
34, 266,125
1,714,311
37, 590, 629
417,947
43, 478,104
447,340
48, 075,124
301,022
38, 649,706
198,083
35, 821, 705
209, 329
35, 815,037
440, 777
31, 298, 612
599,357
32, 481, 642
374,129
29, 079,696
263,117
31, 584,437
325, 210
32, 456,494
393, 646
32, 973,027
516,985
32, 406,307
492, 513
31, 440, 779
586,067
30, 474,900
655,476
31, 655,117
683,847
31, 961, 646
657,968
33, 286.168
792,470
38, 696,951
2,093, 615
44, 371, 960
1,188, 258
63, 910,957
1, 670,006
60, 618, 240
1,015, 314
69, 881,121
1,187, 683
76, 252,487
1,158, 308
87, 458, 836
1,389,097
92, 929, 696
1,116,180
94, 622,079
1, 488,448
96, 614, 298
960,908
87, 745,627
2,159,818
3,404,967
101, 618,315
103, 838,268
1, 514,291
2, 754, 283
114, 217,462
3,989,773
111, 735,878
3,432, 288
119, 727,439
104, 974, 559
3, 603,140
2,949,199
120, 910, 247
3,496,769
119, 338,150
1,846,880
118, 504, 953
113, 278,957
4, 719,876
4, 209, 612
119, 217, 239
2,522, 290
120, 722.169
1,906,126
204, 355, 339
6, 431, 236
101, 416,486
83, 350,336 . 24,621,645
106, 416,689
6,079,373
1,887,929
72, 714,480
2,491,089
69, 746, 328
2, 340, 694
74, 102,007
3,008,442
81, 777,074
1,812,398
78, 677,663
2, 088,238
72, 415,616
2, 704,941
72, 580,338
669, 228
2,216, 232
980,739
2, 589,766
1,665,345
87,025,852
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..
1916..
1916..
1917..
1918..
1919..
1920..
1921..
1922..
1923..
1924..
1926..
1926..
1927..
1928..
1929..
1930..
Total
4,124,613,755 ,167,875,164
Foreign
bulhon
$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, 571, 329
21,741,042
2,136, 517
2, 691,932
4,054,823
10,935,156
2, 247, 731
15, 614,118
14,108,436
6,672,390
9, 371, 521
26,477, 370
30, 336, 560
22, 720,150
27,189, 659
18,189,417
16,331,059
36,802, 224
17,645, 627
36, 317, 865
36, 656, 546
71,774, 351
16,021, 521
16,761, 852
35, 673,116
20,914, 227
31,985,879
18, 978, 572
22,881, 864
91,099,419
671,448,086
153,405, 687
34, 568, 599
78,021, 266
609,493, 374
346,479, 206
192,071,404
276, 706,141
83,062,092
81,815,864
40, 384,083
63, 381,116
143,093, 226
76,583,657
Foreign
coin
Surplus
bullion,
grains,
jewelers'
bars, old
plate, etc.
$518, 642
$774, 218
9, 313,882
664, 354
1,111,792
724, 626
2,111,084
681, 819
2,093, 261
837,911
907,932
1, 316,461
937, 751
1,498,820
40,426, 560
1,176, 506
66,462, 386
1, 343,431
20,304,811
1, 770,166
1, 858,108
6, 906,084
1,864, 769
9,095,462
1,869, 363
7, 893, 218
2,069, 077
5, 673, 565
9,896, 512 • 2,265,220
2,988, 751
14,596,885
3, 626, 697
4,447, 476
3, 642,014
6, 298,774
4,035, 710
8,256,304
3, 636, 603
14,040,188
3,830,176
6, 293, 296
3,118,422
12, 386,407
3, 213,809
2, 278, 614
3, 388, 622
3,227,409
2, 810, 249
13,188,014
2,936,943
47, 210,078
32, 785,162
2, 964, 684
18, 834,496
3, 517, 541
27,906,489
3, 959, 657
13,996,162
4, 284,724
4, 247, 583
8,950, 595
4,892, 931
46,152,784
6, 668,483
15,141, 678
4, 790, 568
6, 648, 512
6, 731,112
17, 221, 252
6, 231,547
13, 684,426
5,341, 604
1,034,378
5, 626, 331
406, 226
6,783,886
10,066, 643
6,025, 602
2,155, 233
6,061, 727
2,732,439
6,057,184
3, 261,967
6,748,959
15,420, 266
6, 330,201
271, 641, 705
8,046,828
124, 111, 619
7,812,167
40,422,147
8,907, 516
16, 268
29,003, 844 10,989,866
76, 813, 705 12, 798, 620
123,967, 764 14, 300,128
12,834, 632
48,033,348
13, 242, 795
116, 698,431
13,194, 277
34,418, 656
10, 683, 789 13, 556, 249
100, 678, 618 13,433,124
42, 724. 624 12, 654,429'
26,378, 662 13, 264,327
12, 983, 616
139,014,343
3,454, 901, 535 1, 726,619,895
Total
$57, 704,386
49,142,611
38, 556, 294
41, 943, 286
48, 787, 779
62, 669, 218
42, 254,167
98,835, 097
130,833,103
66, 756,653
46, 347,106
46, 326, 679
52,894, 075
44, 909, 749
68, 223,073
72, 225,498
42,136,436
42, 663,095
48,486,801
61,131,460
46,449,841
71, 909, 613
65,161,067
68, 769, 384
87,003, 338
147,693,196
143,497,191
133,920,120
153,101, 681
132, 580,830
127,004,443
177, 753, 384
143,378,970
153,109,494
176, 680, 656
207,416,976
145, 567, 230
130,371,108
176, 383,091
151,929,881
161,131, 878
146, 296, 566
167,477,920
492, 215, 774
909,867,998
309,487, 722
151, 363,364
229,511,038
673, 708,108
556, 984, 516
330,161,885
491,432,883
211,165,085
180, 558,646
229,781,004
179,646, 629
252,306, 620
317,272, 712
,
317, 944, 834 I 781, 755,183
DIRECTOR OF THE MINT
735
Deposits of silver at the U7iited States mints and assay offices since 1873
Character of shver deposited
United
States
6,619,104
8,370.649
11, 729,014
18,685,953
20.967, 567
22, 271,284
20,832, 329
24, 862, 680
22. 025, 225
23,942, 987
25, 336, 643
24, 334, 752
24, 943, 394
25,101, 639
29, 293, 372
28, 921. 649
29. 606, 387
29,187,135
50, 667,116
56,817, 548
56, 976, 082
16, 296,816
6, 809, 626
4,420, 770
3,914,985
> 2,116,690
5. 584, 912
4,977, 978
2,466. 749
1,426,060
12. 623, 630
9,991,187
4.923,655
2, 398. 871
20, 388,163
16.114. 563
6.375. 389
1, 647,146
3, 220. 236
6.635, 513
3.104,347
9, 762. 614
7, 250, 205
9, 346, 085
7, 656, 359
21,156, 924
2,669,447
5. 336,184
63. 640.055
61.994, 780
68, 903,846
17,690, 587
1. 692, 032
2.127, 588
5,131,165
3,074, 950
1, 432, 627
2, 658,439
Hawahan
Fine
ounces
Fine
ounces
1873
,
1874
,
1876.......
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.......
1916
1916
1917
1918
1919.
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930-
Fine
ounces
37,966
45,287
10.984
3,753
795,375
4,930
8,206
30. 396
5.652
98, 669
492, 668
117, 589
678. 741
216,015
6,848, 685
1, 202,177
394, 346
466,302
637, 662
6, 036, 246
5, 346,912
6. 012. 060
3, 015.905
3,170, 768
2, 208,953
1, 243. 050
6.060. 986
3, 687.992
2. 613, 570
2. 275. 090
2,050. 226 461.686
1,923, 609 148,788
1,333. 596
3,647
959, 568
3,896
770. 269
786,086
659,936
548,821
393.906
458. 694
447
280, 688
689,972
491,028
669, 510
6, 240, 994
8,176, 334
456, 283
100
641,117
607,894
1, 734, 696
2, 367, 425
1,492, 359
1, 764. 224
1, 828, 682
2, 630. 930
2, 818. 357
2, 524, 217
2,853,485
Total 1975,031, 570 98,419,614
»Spanish-Filipino coins
32101—31
Foreign coin
Domestic coin
Domestic
Fiscal year buhion,
ended June including
domestic
30—
refinery
product
from
foreign
ores, etc.
49
Foreign
buhion
Fine
ounces
Phhippines, for
recoinage
Other
Fine
ounces
Fine
ounces
69,877
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, 952, 731
1, 627, 619
1,145, 017
1,127,2131, 290, 390
1, 063, 900
1,852,155
1, 767, 908
1, 656, 618
1, 738, 711
994, 901
1, 362,141
680, 757
626, 086
209,987
716, 077
1,088, 019
1,306,149
1,152, 023
1,110,463
1.361. 701 1 2, 567,137
1,906, 410 1 7, 703, 766
3.162, 507
1 61.333
2, 552.003 4, 680. 791
2, 963, 399 8,870, 033
2, 326, 847 7, 320, 312
1,162, 240 1, 391, 587
799.105
621. 800
957, 233
227. 296
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
3, 271, 270
1, 716, 409
2, 427, 284
1.496. 357
2, 617, 943
Surplus
buhion,
grains,
jewelers'
bars, old
plate,
etc.
Fine
ounces
216,171
141, 235
163,748
213,524
124, 286
166,104
138, 096
109, 246
315,354
189, 968
157,356
265,541
161, 347
540, 349
192,866
823, 515
201, 251
568, 038
269, 825
665, 803
292. 680
979, 758
306, 310
1, 534, 782
336, 981
867,856
361, 316
628, 546
396, 656
271,166
485,190
67. 549
602, 223
328, 276
526. 270
951,162
633, 073
1, 970, 912
672, 661
349, 652
582, 728
505,171
467. 958
522, 725
580,125
15, 291
604, 386
150, 942
473. 755
101,157
249. 468
6,808
484. 751
19, 382
657.831
44. 704
667, 647
4, 260.196
575,430
29,265
627,108
21. 869
652.015
1,471. 963
739.cn
92, 995
632, 644
1, 287, 658
636, 722
282. 612
648,007
134, 974
620, 715
21.917
460,935
13, 295
495,013
6,040
540,117
7.934
677,423
17, 010
572, 687
85,141
636, 887
383. 439
698.026
. 204,470
882.893
816, 725
964, 626
7,145, 336
4,801, 019 1,145, 067
1, 274. 743
4,413, 248
830, 570
763, 075
746. 708
6, 219, 623
768,359
198,834
880,430
113, 755
895.840
182, 265
930, 415
301,311
36, 407
843. 261
13.491
844, 760
17, 224
925, 660
19, 367
959,417
Total
Fine
ounces
7,074,342
8,882, 682
12.429, 627
19, 206. 882
24, 652. 996
27, 524.030
22. 372.066
26, 792. 282
23,816. 028
26, 080, 692
28, 516, 516
28, 246,164
28.464, 591
27,452. 532
36, 936, 992
31,966.956
31.895.132
32.983.024
56. 676. 661
64. 332, 725
65,149, 604
22,194,459
11, 783. 088
9.027. 623
7,324,935
3, 826. 003
12,866.108
10. 256. 624
11, 204, 311
6,456,868
16, 794,981
18,116.400
16, 703,379
8, 506,376
29,310, 560
29, 517, 051
16,225.115
5,124,023
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
61,401,231
73, 760, 784
23,474,111
6, 564,460
8,459,166
10,358,172
9,178,842
6, 395, 985
9,108,651
618, 724 95,111,8271 36,883,860 45, 234,859 32, 744,656 1,284,045,110
736
REPORT ON T H E FINANCES
A uthority for United States coinage, by denominations, with standard weight and
fineness, and total coined
GOLD COINAGE
Denominations
60 dollars commemorative, PanamaPacific International Exposition:
Octagonal
Round-.^
Double eagle ($20)
Do.-...
Eagle ($10)
Do
Do
Do
Half eagle ($5)
Do
Do
Do
Quarter eagle ($2.50)...
Do
Do
Do
Quarter eagle ($2.50), commemorative:
Panama-Pacific I n t e r n a t i o n a l
Exposition..
..
Sesquicentennial Exhibition
3 dohars
..-.
1 dohar.
1 dollar, commemorative:
Louisiana Purchase Exposition..
. Lewis and Clark Exposition
Panama-Pacific I n t e r r i a t i o n a l
Exposition
McKinley
..-.
Grant
Authorizing
acts
Jan. 16, 1915
deMar. 3, 1849
Feb. 12, 1873
Apr. 2, 1792
June 28,
1834
Jan. 18,
1837
Feb. 12,
1873
Apr. 2, 1792
June 28, 1834
Jan. 18,
1837
Feb. 12,
1873
Apr. 2,17921
June 28, 18341
Jan. 18,
18371
Feb. 12,
18731
Jan.
Mar.
/Feb.
IFeb.
/Mar.
\Feb.
Standard Standard Total coined to Dec. 31, 1929
weight
fineness
Grains
1,290
1,290
516
516
270
258
258
258
135
129
129
129
67.5
64.5
64.5
64.5
Thousandths
900
900
900
Pieces
1,509
1,510
Value
$75,450. 00
75,500.00
13,388,792,120.00
169,439,606
899. 225
900
900
916^^
899. 225
900
900
916%
899. 225
900
900
52,811,985
528,119,850.00
78,911,869
394,559,345. 00
20,216,590
50,641,475. 00
10,017
200,226
26,042. 60
500,565. 00
16,1915
3,1925
21,1853
12,1873
3,1849
12,1873
64.5
64.5
900
900
77.4
900
539, 792
1,619,376.00
25.8
900
19,499,337
19,499,337.00
June 28,1902
Apr. 13,1904
25.8
25.8
900
900
250, 258
60,069
250, 258. 00
60,069. 00
Jan. 16,1915
Feb. 23,1916
Feb. 2,1922
25.8
25.8
25.8
900
900
900
25,034
30,040
10,016
25,034.00
30,040.00
10,016. 00
Total gold.
342,007,858 4,384,183,477.60
SILVER COINAGE
Dollar.
Do
Do
Do
Do
Do
Apr.
Jan.
Feb.
July
Mar.
Apr.
1 Discontinued by act of Apr. 11,1930.
2 Discontinued by act of Sept. 26,1890.
3 Discontinued by act of Feb. 12,1873.
* Shver-dohar coinage:
Act Apr. 2, 1792—
From 1792 to 1805
During 1836
-From 1839 to Feb. 12,1873
2,1792
18,18373
28,1878
14,1890
3,1891
23,1918
-
416
4121^
4121.^
4121^
4121.^
412}^
892.4
900
900
900
900
h
900
J
1
1
-
848,636,670
-
' $848,536,570.00
$1,439,517
1,000
6,690,721
$8,031,238
378,166,793
Act Feb. 28, 1878
.—^
Act July 14, 1890, to date of repeal of purchasing clause of Sherman Act,
Oct. 31, 1893
Act Nov. 1, 1893,,to June 12, 1898
Act June 13, 1898, war revenue bih
36,087,285
42,139,872
108,800,188
ActMar. 1, 1891, trade-dohar conversion
Act Apr. 23,1918, Pittman Act replacementOld design, since Feb. 21, 1921
Peace dohar, since Dec. 21,1921
86,730,000
183,502,722
187,027,345
6,078,472
270,232,722
848,536,570
NOTE.—Shver-dohar coinage suspended 1806 to 1836 and 1874 to 1877. The buhion value of the dollar
was greater than its coin value prior to 1878.
737
DIBECTOR OF T H E M I N T
Authority for United States coinage, by denominations, with standard, weight and
fineness, and total coined—Continued
Denominations
Trade dollar«_.
Dollar, c o m m e m o r a t i v e : L a f a y e t t e .
Halfdollar.,
Do
Do
Do
,
Half dollar, c o m m e m o r a t i v e :
Columbian Exposition..
P a n a m a - Pacific I n t e r n a t i o n a l
Exposition.
Illinois C e n t e n n i a l
...,
Maine Centennial
,
L a n d i n g of P i l g r i m s T e r c e n t e n nial.
Alabama Centennial..
,
Missouri C e n t e n n i a l
,
Grant
-.
Monroe Doctrine Centennial
Huguenot-Walloon
Stone M o u n t a i n
B a t t l e Lexington-Concord
California D i a m o n d Jubilee
Fort Vancouver
Sesquicentennial E x h i b i t i o n
Oregon T r a h
B a t t l e of B e n n i n g t o n
H a w a h a n Discovery
Q u a r t e r dollar
Do
Do
- Do- —
Q u a r t e r dollar, c o m m e m o r a t i v e :
Columbian Exposition.
20 cents
Dime
-:
Do
Do
Do...
Half d i m e
Do
Do
Scents
Do
Total shver..
Authorizing
acts
Standard Standard
weight
fineness
Thousandths
900
900
892.4
900
900
900
T o t a l coined to Dec. 31, 1929
Feb.
Mar.
Apr.
Jan.
Feb.
Feb.
12,18730
3,1899
2,1792
18,1837
21,1853
12,1873
Grains
420
412H
208
20m
192
7192. 9
Aug
Jan.
5,1892
16,1915
192.9
192.9
900
900
5,002,105
60, 030
2,501,062. 50
30, 016. CO
J u n e 1,1918
M a y 10,1920
M a y 12,1920
192.9
192.9
192.9
900
900
900
100,058
50,028
300,165
50, 029. CO
25,014. 00
150,082.60
M a y 10,1920
M a r . 4,1921
F e b . 2,1922
J a n . 24,1923
F e b . 26,1923
M a r . 17,1924
J a n . 14,1925
F e b . 24,1925
do
M a r . 3,1925
M a y 17,1926
F e b . 24,1925
M a r . 7,1928
A p r . 2,1792
J a n . 18,1837
F e b . 21,1853
F e b . 12,1873
M a r . 3,1893
192.9
.192.9
192.9
192.9
192.9
192.9
192.9
192.9
192.9
192.9
192.9
192.9
192.9
104
1031^
96
8 96. 45
96.46
900
900
900
900
900
900
900
900
900
900
900
900
900
892.4
900
900
900 .
900
70,044
60,028
100,061
274, 077
142,080
2,314,709
162,099
150, 200
60, 028
1, 000,528
198,113
40, 034
10, 008
36,022.00
26, 014. 00
60,030. 60
137,038. 60
71,040.00
1,167,354. 50
81,049. 50
76,100. 00
25, 014.00
600, 264. 00
99, 056. 50
20,017. CO
6,004.00
40,023
10,005. 76
Mar.
Apr.
Jan.
Feb.
Feb.
Apr.
Jan.
Feb.
Mar.
Mar.
10 77.16
41.6
41H
38.4
11 38. 58
20.8
205/^
19.2
12^^
11.52
900
1,355,000
892.4
900
1,382,170,797
900
900
892.4
900
97,604,388
900
750
}
42,736, 240
900
271,000.00
3,1875'
2,1792
18,1837
21,1853
12,1873
2,179212
18.183712
21,185312
3,185112
3,185312
Pieces
Sb, 965,924
60,026
Value
$35,965,924.00
50,026.00
462,830,512
226,415,256.00
645,892,341
161,473,085. 25
138,217,079.70
4,880, 219.40
1,282,087. 20
3,517,256, 216 1,422,138,460.80
« Coinage l i m i t e d to 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 $7,689,036 a t face v a l u e
u n d e r act M a r . 3, 1887, converted i n t o 5,078,472 s t a n d a r d dollars a n d $2,889,011 subsidiary shver coin,
fl D i s c o n t i n u e d b y act of M a r . 3, 1887.
712}^ g r a m s , or 192.9 grains.
5 6 H g r a m s , or 96.45 grains.
8 D i s c o n t i n u e d b y act of M a y 2,1878.
i*' 5 g r a m s , or 77.16 grains.
11 2H grams, or 38.68 grains.
" D i s c o n t i n u e d b y act of F e b . 12,1873.
738
REPORT ON T H E FINANCES
Authority for United States coinage, by denominations, with standard weight and
fineness, and total coined—Continued
MINOR COINAGE
Denominations
6 cents (nickel)
Do
3 cents (nickel)
Do
2 cents (bronze)
Cent (copper)
Do
Do
Do
Cent (nickel)Ceat (bronze)
Do
Halfcent (copper)Do
Do
Do..—
Authorizing Standard Standard Total coined to Dec. 31, 1929
weight composiacts
tion
May 16,1866
Feb. 12,1873
Mar. 3,1865 2
Feb. 12,1873 2'
Apr.22,186412
Apr. 2,1792
Jan. 14,1793
Jan. 26,179616
Jan. 18,183717
Feb.21,185718
Apr. 22,1864
Feb.- 12,1873
Apr. 2,1792
Jan. 14,1793
Jan.25,179618
Jan. 18,183717
Grains
77.16
30
30
96
264
208
168
168
72
48
48
132
104
Total minor...
Total coinage..
2
1
2
13
1
^
15
1
6
1
7
1
8
1
8
Discontinued by act of Sept. 26, 1890.
Discontinued by act of Feb. 12, 1873.
Composed of 75 per cent copper and 25 per cent nickel.
Composed of 95 per cent copper and 5 per cent tin and zinc.
All copper.
Proclamation of the President in conformity with act of Mar,
Discontinued by act of Feb. 21, 1857.
Discontinued by act of Apr. 22, 1864.
Composed of 88 per cent copper and 12 per cent nickel.
(13)
(13)
(13)
(14)
Pieces
1,536,496, 762
Value
$76,824,838.10
31,378,316
45,601,000
941,349. 48
912,020. 00
156,288,744
1,662,887. 44
(19)
(14)
(14)
200,772,000
}5,480,868, 683
2,007,720. 00
64,808,686.83
(15)
7,985, 222
39,926.11
7,459,390,727
137, 097,427.96
(16)
•
11,318,654,801 5,943,419, 356. 26
739
DIEECTOE. OP T H E M I N T
Coinage of each mint, by value, with grand total pieces, since organization io close
of business December 3 1 , 1929 .
Phhadelphia,
1793-1929
San Francisco,
1854-1929
Gold:
50 d o l l a r s . .
D o u b l e eagles
Eagles
Half eagles
3 dollars
Q u a r t e r eagles.
Dollars
_. .
$1, 333,892, 540. 00
297, 794, 320. 00
209, 848,105. 00
1, 357, 716. 00
42,413, 887. 50
18, 573,821. 00
$150, 950. 00
1, 761, 210, 520. 00
144, 624, 060. 00
140,140, 040. 00
186, 300. 00
1, 886, 297. 50
115, 266. 00
T o t a l gold
1, 903, 880, 389. 50
2, 048, 313,433. 50 .
Denominations
Silver:
Dollars
..
T r a d e dollars
Half d o l l a r s . .
Q u a r t e r dollars
20 cents
Dimes
Half d i m e s
3 cents
348,290, 300.00
48, 704,172. 50
180, 529, 073. 00
26, 647, 000. 00
49,120, 587. 00
21, 094, 534. 25
231, 000. 00
20, 977, 218. 90
119,100. 00
45, 836, 600. 00
187,111, 529 00
13, 681,160. 00
15,816, 300. 00
40,117, 338 00
15,085,750.00
15, 024, 380. 00
6,807, 990. 60
812, 327. 50
21,600 00
298,718,513.15
90, 358,440. 00
249, 956, 535.10
67, 049,123.10
941, 349. 48
912, 020. 00
49,127, 234. 27
39,926.11
...
Total value.
Total pieces...
Gold:
50 d o l l a r s . . .
D o u b l e eagles
Eagles..-.
Half eagles
3 dollars..
Q u a r t e r eagles
Dohars
2, 704, 200. 00
$16, 375, 500. 00
23, 610, 890. 00
4, 618, 625. C
O
72, 000. 00
3, 023,157. 50
1, 004, 000. 00
757, 659, 953. 25
. .
T o t a l silver
Denominations
$260, 030, 000. 00
59, 092,800. C
O
26,463, 300. 00
N e w Orleans,
1838-1861,
1879-1909
421, 228, 065. 00
5,107, 524. 00
125, 879, 055. 00
. 106, 907, 308. 75
11, 342. 00
93, 317, 379. 40
3, 948, 791. 90
1, 260,487. 20
4, 057, 700. 00
5, 718, 015. 00
4, 573, 860. 00
4, 678, 200. 00
Minor:
5 cents
3 cents
2 cents
1 cent
Halfcent
Total minor
Denver,
1906-1929
8, 631, 560. 00
118, 069, 652. 96
2, 779, 609, 924. 21
8,673,051,464
Carson C i t y ,
1870-1893
2, 355, 663, 560.15
1, 273,131,121
Charlotte,
1838-1861
Dahlonega,
1838-1861
10, 396, 215. 00
449, 044, 955. CO
894,183,340
T o t a l value
298, 660, 707. 60
419,076, 613
T o t a l pieces
544, 915. CO
109,138. 00
$17,283, 560. 00
2, 997, 780. 00
3, 548,085. 00
$150,950. CO
3,388, 792,120. CO
528,119,850.00
$5, 536, 055. 00
394, 559, 345. 00
3,360. CO
1, 619, 376.00
494, 625. CO
51,067,082.50
72, 629. CO
19, 874,764. CO
3,019
169,439, 606
52,811,986
78,911,869
539, 792
20,426, 833
19,874, 754
6, 059,188. CO
6,106, 569. CO 4, 384,183,477. 50
342,007, 858
$4,405,135. 00
T o t a l gold
23, 829,425.00
Silver:
Dohars...
T r a d e dollars
Half dollars _
Quarter dollars. .
.20 cents
Dimes..
Half d i m e s
3 cents
13,881, 329. 00
4,211,400. 00
2, 664, 313. 60
2, 579,198. 00
28, 658. CO
2, 090,110. 80
848, 686, 596. 00
35, 965, 924. 00
231,452,453. 50
16i, 483, 091. CO
271, 000. 00
138, 217, 079. 70
4,880, 219.40
1, 282, 087. 20
848, 586, 596
35, 965,924
462, 904,907
645,932, 364
1,355, 000
1, 382,170, 797
97, 604, 388
42, 736,240
25,446, 009. 30
1,422,138,45Q. 80
3, 517, 256, 216.
76, 824,838.10
941, 349.48
912, 020. 00
58, 379, 294. 27
39, 926.11
1, 536,496. 762
31,378, 316
45, 601, 000
5, 837,929,427
7,985, 222
137,097,427. 96
7,469,390, 727
6,106, 569. CO 5, 943,419, 356. 26
1, 378, 710
11,318, 659,800
T o t a l silver
Minor:
5 cents.- . .
3 cents
2 centS1 cent
Half cent
Total minor
Total value
T o t a l pieces
49, 274,434. 30
56, 636,119
5, 059,188. 00
. 1, 208,131
740
REPORT
ON
THE
FINANCES
Coinage of each mint during
BY VALUE AND
Mints
1922
1921
1920
1923
1924
1
PHILADELPHIA
Gold: Double eagles
Eagle.s..
Half eagles. _
Quarter eagles . .
Dollars
$4, 666,000.00
$10, 670,000. CO $27,610,000. CO
$11,320,000.00
$86,470,000.00
10, 016.00
4,565,000.00
10, 570,000, 00
27, 620,016.00
11, 320,000.00
86,470,000.00
61, 737,000.00
60, 030.60
30,800,000.00
3,311, 575.55
6,965,000.00
6,903,000.00
45, 696,473. CO
233,062. 60
479, 000.00
123,000. CO
11,811,000.00
71,040.00
2,730,000.00
2,401,000.00 1
Total silver..,. 16,179, 070.00
46,631, 535. 60
51,787,030.50
Total gold
Silver: Dohars
Half dollars _.
Quarter dollars..
Dimes..
Minor: 6 cents.. .
1 cent.
Total minor...
'
2,429,000.00
6, 013,000.00
6,256,300. CO
58, 026,255. 50
17,013,040.00
1,081,000.00
751,780. CO
2, 532,980.00
924, 720. 00
Total v a l u e . . . 27,000,370. CO
38,242,000.00
1,786,750.00
747, 230.00
633,150. CO
391, 570.00
3,154,650. 00
3,101,650.00
79,307,046.50
1,832,780.00
52, 094,980.00
105,316,820. 00
SAN FRANCISCO
Gold: Double eagles
Eagles
Half eagles
Quarter eagles
Total gold.
Silver: Dollars
Half dollars
Quarter dollars..
Dimes
Total sil ver
Minor: 6 cents
1 cent
Total minor...
68, 560,000. CO
53,160,000. CO
11,160, 000.00
1, 265, 000. 00
58,550,000.00
63,160,000.00
12,426,000.00
21, 695,000. 00
274,000. 00
2,312,000. 00
1,695,000.00
1,382,000.00
21,969,000.00
6,289,000. 00
17,476,000. CO
777,850. 00
152,740.00
484,450. 00
462, 200. CO
946, 650. CO
19, 020,000.00
1, 226,038.60
340,000. 00
644,000.00
1,728,000.00
21,230, 038.60
3,166,000. 00 1
307,100.00
87,000.00
17,476,000.00
71,860.00
116,960.00 1
394,100.00
230,590.00
715,555.55
712,000.00 1
188,810.00
61,893,810.00
60,990,000.00
34,046,000. 00
70, 635,000. CO
21,624,138. 50
34,046,000.00
22,199, 590. CO
Total v a l u e . . . 18,660,650. 00
60,990,000.00
DENVER
Gold: Double eagles
Eagles
Half eagles
Quarter eagles....
,
Total gold
Silver: Dohars..
Half dohars
Quarter dollars..
Dimes
'775, 555.55
896, 600.00
1,917,100.00
Total shver....
3,689,200.00
Minor: 5 cents
1 cent
20, 345,000.00
104, 000.00
20, 667,000. 00
4,652,900.00
778,555.55
681,000.00
16,063,000. 00
.
963. 700.00
Total value.--
6,811,000. CO
108,000.00
470,900. CO
492,800.00
Total minor...
15,063,000.00
6,811,000.00
262,900.00
26, 200.00
71,600.00
71,600.00
20, 557,000. CO
1,459,000.00
288,100.00
15,134,600.00
40,856,000.00
62,737,100.00
165, 076,646. 60
114, 675,118.60
229,946,730.00
ALL MINTS
G r a n d total value
50, 213, 920.00
100,782,845.50
741
DIEECTOE, OF T H E M I N T
the past 10 calendar years
DENOMINATION
1926
$56,636,000.00
1926
1927
1928
$16, 335, 000. 00 $58,935, 000. 00 $176,320, COO. 00
10,140,000. 00
1, 615, 565. 00
28,090,665.00
970, 000. 00
1,040,000. 00
1929
$35,595.000. 00
3,310,000. 00
1, 330,000. 00
Total
$484, 255,000. 00
10,140,000.00
3, 310,000. CO
4, 955, 666. 00
10,016.00
69,906, 000. 00
177, 360,000. 00
10,198, 000. 00
1,238,404.00
3, 070, 000. 00
2, 561,000.00
1,939,000. 00
524, 279.00
2,829, 000. 00
3, 216, 000. 00
848, 000. 00
20, 017. 00
2.978, 000. 00
2,808,000.00
360, 649. 00
30, 018.00
1, 584,000.00
1,948, 000. 00
2, 786, 000. 00
2, 597,000. 00
163, 390,122 00
6,477,921. 00
25,849,000. CO
26, 670,000. 00
17,067,404. 00
8, 508, 279.00
6, 654, 017. 00
3,922. 667. 00
5,382,000. CO
211,287,043. 00
2, 234, 650. 00
1, 570,880.00
1,899, 050. 00
1,444, 400. 00
1.170, 550. 00
1, 341,160. 00
1,822, 300. 00
1,852, 620. 00
66, 635, 000. 00
1, 778, 255. 00
1, 399, 490. 00
40, 23^5,000.00
502,670,681.00
16,459, 355. 00
12, 600, 780. 00
3,177,745.00
3,805, 630.00
3,343,450.00
2, 611, 710. 00
76, 880,149. 00
40,404, 374. 00
69,902,467. CO
183, 794, 377. 00
75, 630, 000. CO
40,830,000.00
62,140, COO. 00
76, 530. 000. 00
40,830, 000. 00
62,140, 000. 00
1, 610, 000. CO
100,114.00
585, 000. 00
6, 980, 000. 00
50, 027. 50
675, 000. 00
152,000.00
866, 000. 00
1,196,000. 00
99. 000.00
477, 000. 00
1, 632, 000. 00
970, 000. 00
661. 000. CO
740, 000.00
951,000. 00
441, 000. 00
473,000. 00
71,006,000. 00
7,079,180.00
4,626 000 00
5,165,000.00
2.296,114. 00
7,867, 027. 50
2, 638, 000. 00
4, 003, 000. 00
1,865,000. 00
87,776,180. 00
312, 800. 00
263, 800. 00
48. 500. 00
45, 500.00
171, 500. 00
142, 760. 00
346,800. 00
172, 660. 00
387, 700. 00
501,480. 00
3, 674,920. 00
49,291,920. CO
28,060,135. CO
742,017. 769.00
301, 370, 000. CO
1.265 000 00
302, 635,000. 00
2, 208. 550. 00
1,945,100. CO
676, 600. CO
94, 000. 00
314, 260. 00
78,401, 714. 00
48, 781,027. 60
66, 092, 260. 00
9, 620,000. CO
3,600, 000. 00
167,025,000. 00
9, 620,000.00
3, 600,000.00
168,470, 000.00
2, 348, 700. CO
1, 268,900. 00.
58,770,000.00
519, 460. CO
4.522.460.00
889,180. 00
2, 754,180. 00
. 1,446,000.00
60,215, 000.00
4,153, 650. 00
394, 564,.830.00
1,445,000. CO
611,700. CO
429,000.00
682,800. 00
244,100. 00
481, 200.00
406,900. 00
416,100. 00
500, 600. 00
339, 500. CO
503,400. 00
45,836, 600. CO
1, 380,100. 00
3,094,100. 00
5, 301, 300. 00
511, 700.00
3,460, 500. 00
1,994, 200. 00
823, 000. 00
1, 343, 500. 00
65, 612,100. 00
222, 600.00
225, 800.00
281,900. 00
280, 200. 00
286, 500.00
271. 700. 00
321,800.00
311, 700.00
448, 300. 00
61,176,000. 00
216,456.863.00
562,100. 00
13, 642, 600. 00
102.828,001. 50
418, 500. 00
417, 300. 00
2, 265, 000. 00
2,096,300. 00
4, 361, 300. 00
558, 200.00
633, 500. 00
835,800. 00
6,152,400. 00
1,456, 500.00
2,179, 300. 00
228,443,400.00
189, 773,337.00
54, 225,400. 00
1, 365, 025,989. 00
141,147,127.00
r42
REPORT ON THE FINANCES
Coinage of each mint during
BY NUMBER
1921
1920
Mmts
1,385, 616
51,837,061
566, 000
90,646,000
110,438,000
4. 323, 500
46, 883, 080
96, 798, 000
99, 657, 098
53, 222, 577
201,650,000
148,004. 580
29, 272, 077
14,842,000
2,927,500
11, 708, 000
13,133,000
44,114,077
27, 768, 500
1, 702, 250
6.811,000
3, 049, 500
9,922, 000
7,778,000
Total...
466,998,390
684, 500
24,824, 000
55,909, 000
22, 243,000
16,831,000
Total.-
81,417, 500
39, 074, 000
Total
1924
528, 500
49, 308, 698
49,820,000
S a n Francisco: Gold
Shver...
Minor...
A h m i n t s : G r a n d total
pieces.
1923
228,250
93, 512,140
373, 258,000
P h h a d e l p h i a : Gold
Shver
Minor
D e n v e r : Gold
Shver
Minor
1922
.
2, 658,000
17,475,000
20,133,000
24, 308,400
68,698,000
.
.
21, 633, 000
15,063, 000
7,160,000
83,006, 400
21, 633. 000
22,223,000
8, 513, 250
20,749,600
631,422, 290
160, 364, 098
95,578, 577
254, 277, 327
196, 522, 680
743
DIEECTOE OE T H E M I N T
the past 10 calendar years—Continued
OF PIECES
1925
1926
1927
1928
1929
Total
2, 831, 750
50, 564,808
175, 514,100
2, 476,976
46, 463, 558
201, 781, 000
3, 334, 750
40, 880,034
182,421, 000
9, 232, 000
26, 236, 685
167,627,000
2, 973, 750
37,110, 000
221. 708, 000
27,880, 992
633, 441, 964
1, 669, 265,100
228,910,658
250, 721, 634
226, 635, 784
192, 995, 686
261, 791, 760
2,130, 588, 056
3, 776, 500
7, 600. 228
32, 630, 000
2, 041, 500
11, 300,055
5, 520, 000
3,107, 000
8, 424, 000
17, 706, 000
13,616, 000
24, 202, 000
8, 396, 000
67, 902, 000
16,195. 000
154, 918, 360
238, 681, 000
44.072. 728
18, 861, 655
29, 237, 000
37, 818, 000
66, 298, 000
408, 794, 360
3, 516, 500
5,117,000
27, 030,000
481, 000
10, 892, 700
33,658, 000
180, 000
7, 057, 300
32, 900, 000
5, 788, 600
37,606, 000
7,393,200.
50,100, 000
8, 929, 250
113, 986, 200
264, 930, 000
35, 663, 500
45, 031, 700
40,137, 300
43, 394, 600
67,493, 200
377,846,450
308, 646, 886
314, 614, 789
296, 010, 084
386,582, 960
2,917, 227,866
274,208,286
744
RFIPORT ON T H E FINANCES
Combined gold coinage of the mints of the United States, by denominations and
calendar years, since their organization
Calendar year
50 dollars Double eagles
1793-1796
1796
1797
1798
1799..
1800
1801
1802
...
1803
1804
1806 _
1806
. .. .
1807
1808
1809
1810
1811
1812
1813
1814
1816
1816
1817
•
.
1818
1819
1820
1821
1822
1823
1824
1826
1826
1827 . . ..
1828
1829 - . ..
1830..
1831
1832
1833
1834..
1836
1836
1837
1838..
1839
1840
1841..
1842
1843.1844
1846
1846
1847
1848
1849
1850
1861
1862
1853.1854
1856.
1856
1857
1858 -.
1859
1860
1861
1862 _. ..
1863
1864
1865__
1866
1867
1868.
1869
1870...
1871
1872
1873.Total:
1793-1873
Eagles
$27,960
60.800
91, 770
79, 740
174,830
259, 650
292, 540
150,900
89, 790
97,950
Half eagles
3 dohars Quarter eagles
$43, 535
16,995
32,030
124,336
37, 255
68,110
130,030
265,880
167, 530
152,375
165,915
320,465
420,465
277,890
169,375
601,435
497,905
290,435
477,140
77,270
3,175
Dollars
$165.00
4,390.00
1,535. 00
1,200.00
6, 530. 00
1,057. 60
8, 317. 60
4,452. 50
4,040. 00
17, 030. 00
6,776.00
. .
"
"
•
$26,225, 225
48,043,100
44,860. 520
26, 646, 520
18,052, 340
25, 046,820
30, 437,560
28, 797, 500
21,873,480
13, 782,840
22, 584,400
74,989,060
18,926,120
22,187, 200
19,968,900
27,874,000
30,820,600
23,436,300
18,722,000
17,238,100
22,819,480
20,456,740
21,230,600
66,456,700
72.000
382,480
473, 380
656,310
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, 530
2, 305, 760
1, 487,010
1,429, 900
481, 060
343, 210
253,930
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
242,940
258, 615
1,319, 030
173, 205
88,980
72,425
86,700
145,300
90, 345
124, 565
140,146
287, 210
631,755
702,970
787,435
968,150
3, 660,845
1,857, 670
2, 765,735
1,035,605
1,600,420
802,745
1,048, 530
380,945
656,330
4, 275,425
4,087, 715
2,743, 640
2.736.155
6, 382, 686
1,863.560
1,184, 645
860,160
2. 651,955
3. 680, 635
2, 305, 095
1, 513. 235 $491,214
1, 257,090 171.465
1,806, 665 181,530
1, 232,970 104. 673
6. 399
439,770
46, 914
361, 235
42,465
352, 365
3,332,130
18, 216
60,825
17, 355
97,360
15,117
40, 540
8,040
144, 535
3,495
253,200
12,090
179, 600
7,950
288,625
14,625
163,925
7,575
143,550
10,605
246,000
3,990
275, 350
6,090
754,605
75
68,889,385 1,169,883
16,120. CO
6, 500.00
11,085.00
1,900. 00
7,000. 00
8, 507. 50
11,350. 00
11,300.00
11,000. 00
10,400.00
293,425. 00
328, 505. CO
1,369,965. CO
112, 700.00
137,345.00
191, 622, 50
153, 572. 60
54,602. 60
85,007. 50
1,327,132. 60
89,345. 00
276,277. 60
279,272. 50
482,060. 00
98, 612. 50
111, 147. 60
895, 547. 50
3,867,337. 50
3, 283,827. 50
3,519,615.00
1,896, 397. 50
600,700.00
1,213,117.50
796,235.00
144,082. 50
142, 220. 00
164,360. 00
3,241, 295. CO
300,882.50
27,075. CO
7,185. 00
62,302. 60
105,176. CO
78,126.00
94,062. 60
84,612. 50
61,387.60
68,376.00
62,575.00
512,662.50
$936,789
611,301
3,658,820
2,201,146
4,384,149
1,657,016
824,883
1,788,996
801,602
131,472
193,431
51,234
527,499
1,326,866
6,260
5,960
3,725
7,180
6,260
10,625
6.926
9,335
3,930
3,630
126,126
26,760,302.60 19,181,927
.745
DIRECTOE OE T H E M I N T
Combined gold coinage of the mints of the United States, hy denominations and
calendar years, since their organization—Continued
C a l e n d a r year
1874...
1876
1876...
1877.1878..
1879.
1880 - .
1881..
1882 . .
1883.1884...
1886-.
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
1925
1926...
1927
1928 - .
1929
50 dollars D o u b l e eagles
$33,917,700
32,737,820
46, 386,920
43, 504, 700
45,916, 500.
28,889, 260
17, 749,120
14, 685, 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
67,070, 220
64,912, 900
73. 593, 680
86, 681, 680
34,150,520
35,697, 580
24,828, 560
227,819,440
37,440,220
65,113,800
96, 656, 620
109, 263, 200
59, 774,140
60, 788, 340
36,392,000
2,996,480
. 11,926,760
40,926,400
14,391. 000
3 $160,950
15,920,000
..
Eagle
$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, n o , 800
4,815, 270
10,621, 600
8, 706,800
8,030, 310
4, 298,850
755,430
1,956, 000
9,8i7,400
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
6, 520,130
7, 766, 970
2,709,880
5,703, 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
Half eagles
$203,530
105, 240
61,820
182, 660
1,427,470
3, 727,155
22,831, 765
33,-468,430
17,831,885
1,647,990
1,922, 250
9,065,030
18, 282,160
9, 560,435
1, 560,980
37,825
290,640
1, 347,065
5. 724,700
9,610,985
5,152, 275
7, 289, 680
1,072, 315
6,109, 415
10,154,475
16,278, 645
8,673, 650
21, 320, 200
5, 557,810
10,410,120
2,445,680
6,915,040
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
3 dollars Quarter eagles
$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
$9,850.00
30.050.00
23.052. 50
92, 630. 00
1,160. 650. 00
331, 225.00
7,490. 00
1,700. 00
10,100. 00
4,900.00
4,982. 50
2, 217. 50
10.220.00
15,705. 00
40,245.00
44,120. 00
22,032.50
27, 600.00
6,362. 50
75,265.00
10,305. 00
15,297. 60
48,005.00
74,760.00
60,412. 50
68,375. 00
168,012. 60
228,307. 50
334,332. 50
503,142. 50
402,400. 00
544,860. 00
441, 225.00
941,120.00
1,412,642.50
1,104, 747. 50
1,231, 705.00
1,899,677. 60
1,540,492. 60
1,805,412. 60
1, 720,292. 60
< 1, 640, 292. 50
Dohars
$198,820
420
3,245
3,920
3,020
3,030
1,636
7,660
6,040
10.840
6,206
12, 206
6,016
8,643
16 080
30, 729
1 75,080
1 175,178
2 25,030
2 35,039
3 25,034
5 20,026
8 10,014
.
.
.
16, 725,000
10,570,000
80,670, 000
• 45,365,000
206,010, 000
190,935,000
66,785,000
124, 675,000
176,320,000
35,595,000
1,265,000
8 10,016
10,140,000
3,310,000
1,445,000.00
7 1, 615,565.00
970,000. 00
1,040,000.00
1,330,000.00
Total:
1874-1929
1793-1873
150,960 2,708,326,120
680,466,000
472,462,910
65, 656,940
325,669,960
449,493
68,889,385 1,169,883
692,827
24,316,780.00
26.750,302.60 19,181,927.
Grand total
150,950 3,388, 792,120
528,119,850
394, 559.346 1, 619,376
51,067,082.50 19,874,764
» Louisiana Purchase Exposition.
2 Lewis and Clark Exposition.
3 Panama-Pacific International Exposition coins (octagonal, $75,450; round, $76,500).
< Includes $25,042.50 Panama-Pacific International Exposition coins.
* McKinley memorial coins.
6 Grant memorial coins. .
7 Includes $500,665 National Sesquicentennial of Signing Declaration of Independence
.
NOTE.—Coinage during the early years not susceptible of exact statement by years of actual date on coin,
the registry of annual coinage being of coin delivered by the coining departments of mints within the given
year, and these deliveries not having been invariably completed within the year of the date of coin, as now
required. •
746
REPORT ON THE FINANCES
Combined silver coinage ^ of the 7riints of the United States, by denominations and
calendar years, since their organization
Calendar year
1793-1795
1796
1797
1798
1799
1800
L801
1802
1803
1804
1805
1806
1807
1808
1809
1810
1811
1812
1813
Trade
dollars
Dollars
$204,791
72,920
7,776
327,636
423,615
220,920
64,454
41.650
66,064
19, 570
321
-
'-...
A1814
1816
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
I860
1851
1852
1853
1864..i
1855
1856
1867
1858
1859
I860
1861
1862
1863
1864
1865
1866 . .
1867
1868....
1869
1870... 1871
1872.
1873
1,000
300
61,005
173,000
184, 618
165,100
20,000
24,500
169,600
140, 750
15,000
62, 600
47, 500
1,300
1,100
46, n o
33,140
26,000
63,600
94,000
$1,226,000
Total:
1793-1873.. 1,225,000
636,600
73B,930
78,500
12,090
27,660
31,170
47,000
49,625
60,325
182, 700
424, 300
445,462
1,117,136
1,118,600
296,600
Quarter
dollars
Dimes
$161,572.00
1,959.00
15,144. 50
14,945.00
15,857. 50
78, 259. 50
105, 861.00
419,788.00
525, 788.00
684, 300.00
702,905.00
638,138.00
601,822. 00
814, 029. 50
620,951. 50
619, 537. 50
$1,473.50
63.00
1,684. 50
30,348. 50
51, 631. 00
55,160. 75
17,308. 00
23, 575.00
6, 000. 75
607,783. 50
980,161.00
90, 293. 50
1,104,000.00
36,000: 00
375, 561.00
31, 861. 00
652, 898. 50
64, 212. 75
779, 786. 50
16, 020. 00
847,100. 00
4,450. 00
1, 752,477. 00
1,471, 583. 00
42, 000. C
O
2,002,090.00
2, 746,700.00
1, 000.00
1, 637, 600.00
25, 500. 00
1,856,078. 00
2,382,400.00
2,936,830. 00
99, 500. 00
2,398,500.00
80,000.00
2,603,000.00
39,000.00
3,206,002.00
71, 500. 00
2,676,003.00
488,000. 00
3,273,100.00
118,000. 00
1,814,910.00
63,100. 00
1,773,000.00
208,000.00
1,748,768.00
122, 786. 50
1,146,054. CO
153, 331. 75
355,500. 00
143,000.00
1,484,882.00
214,250. CO
3,056,000. 00
403,400. 00
1,885, 500.00
290,300. 00
1,341, 600.00
230, 600.00
2, 257.000.00
127, 500.00
1,870,000.00
276, 500.00
1, 880,000. CO
36, 500.00
1,781,000. CO
85,000.00
1,341, 600.00
150,700.00
301,375.00
62,000.00
n o , 565.00
68,265.00
2,430,354.00 4,146, 666.00
4, 111, 000. CO 3,466,000. CO
2,288, 725.00
857,350.00
1,903,500.00 2,129,600.00
1,482,000. CO 2, 726,500.00
5.998,000.00 2,002, 250.00
2,074,000.00
421,000.00
1,032,850. CO
312,350.00
2,078,950.00 1,237,650.00
802,175. CO
249,887.60
709,830.00
48,016.00
618,785.00
28,617. 50
593,450.00
25,076.00
899,812.50
11,381. 25
810,162. 50
17,156. 25
769,100.00
31,500.00
725,950.00
23,150.00
829,758.50
23.936.00
1,741,665.00
53,265. 50
866,775.00
68,762. 60
1,693,780.00
414,190. 60
8,031,238 100,641, 253.00 22,288,021. 60
See footnotes at end of table.
Half dollars
$2,213. 50
2, 526.10
2,765.00
2,176. CO
3,464.00
1,097. 50
3,304.00
826. 50
12,078.00
Half dimes
3 cents
$4,320.80
511.50
2,226. 35
1, 200.00
1, 695. 50
650.50
1,892. 50
780.00
16, 500.00
4,471.00
635. 50
6, 518.00
42,150.00
94,258.70
118, 651. 20
10,000. 00
44,000. 00
51,000. 00
121, 500.00
12, 500. 00
77,000. 00
51,000. 00
77.135. 00
62, 250.00
48,500.00
63, 500.00
141,000.00
119, 000. 00
104,200.00
239,493.40
229,638. 70
253, 358.00
363,000.00
390, 750.00
162,000.00
7, 250.00
198, 600.00
3,130.00
24,500.00
45,150.00
113,900.00
244,160.00
142,650. CO
196, 550.00
1,327, S('\. 00
624,000. CO
207,600. CO
703,000.00
712,000.00
189,000.00
97,000. CO
78,700.00
209,650.00
102,830.00
17,196.00
26,907.00
18,650.00
1.4,372. 50
14,662. 50
72,625.00
70,660.00
62,160.00
109,371.00
261,045.00
443,329.10
61, 500. 00
62,000. 00
62.135. 00
48,250.00
68,500.00
74.000.00
138,000.00
95,000.00
113,800.00
112,750.00
108,285. CO
113,954.25
98,250.00
68,260.00
68, 250.00
32,500.00
78,200.00
1,350.00
63,700.00
63,400.00
72,450.00
82, 250.00
82,050. CO $185,022. Co
63,026. CO 669,905. CO
785,251.00 342,000.00
365,000.00
20,130.00
117,600.00
4,170.00
299,000.00
43,740. CO
433,000.00
31,260.00
258,000.00
48,120. CO
45,000.00
10,950.00
92,960.00
8,610. CO
164,050.00
14 940.00
74, 627.60
10,906.50
643.80
6,923. CO
14 10
4,623.60
266.00
6,675.00
6,636. 25
681 70
6,431.25
138.70
18,295. CO
123.00
21,930.00
153 00
26,830.00
120 00
127.80
82,493.00
58 65
189,247.50
51,830.00
18 06
9,242,079.20 4,880,219.40 1,282,087.20
======
747
DIEECTOE OF T H E ' M I N T
Comhined^ silver coinage * of the mints of the United States, hy denominations and.
calendar years, since their organization—Contmued
Calendar year
Trade
dollars
Dollars
Half dollars
Quarter
dollars
Dimes
Half dimes
3 cents
1874
$4,910,000
$1,406,650.00
$215,975.00
$319,151.70
1875 1
6,279,600
6,117,750. CO 1,278.375.00 2,406, 570.00
1876 1
6,192,150
7,451, 575.00 7,839, 287. 50 3,015,115.00
1877 1
13,092,710
7, 540, 255.00 6,024,927. 50 1,735,051. 00
1878 1
4,259,900 $22,495, 550
726, 200.00
849, 200.00
187,880.00
1879
1,541 27, 560,100
2, 950.00
3, 675.00
1,510.00
1880
1,987 27,397,355
4,877. 50
3, 738. 75
3, 735. 50
1881
960 27,927,975
6,487. 50
3, 243. 75
3,497. 50
1882
1,097 27, 574,100
2, 750. CO
4,075. 00
•391, n o . 00
1883
979 28,470,039
4, 519. 50
3, 859. 75
767, 671. 20
1884
28,136,875
2, 637. 50
2, 218. 75
393,134.90
1885
!-_--_
28, 697, 767
3, 632. 50
3,065. 00
,
257, 711. 70
1886
31,423,886
1,471. 50
2,943. 00
658,409.40
1887
33,611,710
2, 677. 50 1, 573,838.90
2,855. 00
1888
31,990,833
306, 708. 25
6,416. 50
721, 648. 70
1889
34,651,811
3,177. 75
835,338. 90
6,355. 50
1890
38,043,004
6, 295. 00
20,147. 50 1,133,461. 70
1891.
23, 562, 735 . 100,300.00 1,551,150.00 2, 304, 671 60
1892
6,333, 245 2 1, 652,136. 50 2,960, 331.00 1, 695, 365. 60
1893
1,455, 792 3 4,003,948. 50 4 2,583,843.25
759,219 30
1894
3,093,972 3, 667,831.00 2, 233,448. 25
205,099. 60
1895
862,880 . 2, 354, 652. 00 2, 255, 390. 25
225,088 00
1896
19,876, 762 1, 507,855.00 1, 386, 700. 25 318, 581.80
1897
12, 651, 731 2, 023,315. 50 2, 524,440.00 1, 287, 810.80
1898
14,426,735 3,094, 642. 50 ,3,497,331.75 2,015, 324.20
1899
15,182,846 4,474, 628. 50 3,994,211.50 2,409,833 90
1900
5 25,010,938 5,033, 617 00 3,822,874. 25 2,477,918 20
1901
22, 566, 813 3,119,928 50 2, 644, 369 25 2, 507,350 00
1902
18,160, 777 4, "454, 723 50 4, 617, 589 00 2, 795, 077 70
1903
10, 343, 755 3,149, 763 50 3, 551, 516 00 2, 829,405 50
1904
8,812, 650 2,331,654.00 3, o n , 203 25 1. 540,102 70
1906
1,830,863. 50 2,020, 562 50 2,480, 754 90
1906
6,426,414 50 2. 248.1.08 75 2,976, 504 60
1907
5, 825, 587. 50 3,899,143 75 3,453,704 50
1908...
5, 819, 686. 50 4,262,136 25 2,309,954 50
1909
2, 529,025.00 4, n o , 662 50 1,448.165 00
1910
1,183, 275. 50
936,137 75 1,625,055 10
1911
1,686, 811. 50 1,410,535 75 3,359,954 30
1912.. . .
2, 610, 750.00 1, 277,175 00 3, 453, 070 00
1913
493,853 25 2, 027.062 20
663, 313. 50
1914
558, 305. 00 2, 388, 652 50 3,136,865 60
1915
6 1,486, 425 00 1,969, 612 50 658,045 00
1916
1, 065, 200.00 2,095, 200 00 5, 720, 400 00
1917. .,
10, 751,700.00 9,464,400 00 9,196, 200 00
1918
710,434, 549 00 8,173,000 00 6,865,480 00
1919
1,839, 500 00 3, 776,000 00 5,452,900 00
1920
8 6,398, 570 00 9- 456, 600 00 9,202,100 00
1921
9 87,736,473 10 611,062 50 '479,000 00
231,000 00
1922..
84,275,000
11 50, 030. 50
1923
56, 631,000 121, 226,038. 50 2, 769,000.00 5, 657.000.00
1924
13, 539,000
13 71,040.00 4, 223,000. 00 3, 794,000.00
1925
11,808,000 H 1, 338, 518.00 3. 070,000.00 3, 657, 700. CO
1926
11,267,700 15 574, 306. 50 3.933,000.00 4.050.800.00
1927...
2,982,900 161, 216,017.00 3,321,100. 00 3, 766, 200. 00
1928
1,992, 64917 1.000,018. 00 2. 651,900. 00 3,104.100.00
1929..
1,451, 600.00 3,565,500.00 3,573,400.00
Total:
1874-1929
34, 740,924840,555,358 130,911,200. 50139,195,069.50 128,975,000. 50
4,
1,282,087. 20'
1793-1873... 1,225,000 8,031,238 100,541,253.00 22, 288,021. 50 9, 242,079. 20' 885, 219 45
1,
G r a n d total.. 35,965,924 848, 686, 696231,452,453.50 161,483,091 ooj 138, 217,079. 70^4, 880, 219.40 282,087; 20-
'
-
• • •
•
• • . ! •
'••;
_,^
__
1 20-cent silver coinage, 1875, $265,598; 1876, $5,180; 1877, $103; 1878, $130; t o t a l $371,000.
2 Includes $475,000 in Columbian coins.
3 Includes $2,026,052.50 in Columbian coins.
* Includes $10,005.75 in Columbian coins.
«Includes $50,026 in Lafayette souvenir coins.
.'«Includes $30,015 in Panama Paciflc International Exposition coins.
; "
7 Includes $50,029 Illinois Centennial coins.
8 Includes $25,014 Maine Centennial and $100,056 Landing of Phgrims coins.
«Includes $1,006,473 "Peace" coins.
; •
1 Includes $50,026.60 Landing of Phgrims, $25,014 Missouri Centennial, and $35,022 Alabama Centenrii.al0
coins.
:;
11 Grant Memorial coins.
1 Includes $137,038.50 Monroe Doctrine commemorative coins.
2
I '•.
13 Huguenot-Walloon commemorative coins.
" Stone Mountain, $1,157,354.50; Lexington-Concord, $81,049.50; California Jubhee, $76,100; Vancouver,'
$25,014.
•'
1 National Sesquicentennial of signing Declaration of Independence, $500,264; Oregon Trail, $74,042.50.
5
1 Includes commemorative coins Battle of Bennington, Vt., $20,017.
6
1 Includes $26,014 Oregon Trail and $5,004 Hawaiian commemorative coins.
7
NOTE.—The silver dohar coins executed subsequent to 1920 represent an equivalent number of dollars
converted to bullion under the act of Apr. 23, 1918—259,121,554 for export to India and 11,111,168 for
domestic subsidiary coin.
748
REPORT ON THE FINANCES
Combined minor coinage of the mints of the United States, by denorhinations and
calendar years, since their organization
6 cents
Calendar year
3 cents
2 cents
Cents
Half cents
•
1793-1795
1796
1797
1798
1799
1800
1801. .
1802
1803
1804 ... .
1806
1806
1807
1808
1809
1810
1811
1812....
1813
1814
1816
1816
1817
1818.--.. '
1819
1820
1821
1822
1823
1824
1826
1826
1827..
1828
1829-1830
1831
1832
1833
1834
1836
1836
1837
1838
1839
1840
1841
1842
1843
1844
1846
1846
1847
1848
1849
1860
1861
1852
1863.1864
1865
1866
1857
1858
1869
I860
1861
1862
1863
1864
1866
1866
1867
1868
1869
1870
1871
1872..
$10, 660. 33
9, 747.00
8,976.10
9,797.00
9,045.85
28,221. 76
13,628. 37
34,361. CO
24, 713. 63
7,668.38
9,411.16
3,480. 00
7, 272. 21
11,090.00
2, 228.67
14, 585. CO
2,180. 25
10,766. 00
4,180. 00
3, 678.30
i..
$712.67
677.40
636.24
60.83
1,057.65
71.83
489. 60
6, 276. 66
4,072.32
1, 780. 00
2,380.00
2,000.00
6, 772.86
1,076. 00
315. 70
28, 255.82
39,484.00
31, 670. 00
26, 710. 00
44,075.60
3,890. 00
20, 723.39
.r...
.
-...
•
-
1873
$396,955. 55
..
TPt.aJ.. J793-1873
$737,126.00
1, 645,475. 00
1,440,850.00
819, 750. CO
240, 300. CO
28,060. 00
301,800. CO
227, 600. 00
c
6,340,860.00
$341,460.00
144,030.00
117,450.00
97, 560. 00
48,120. CO
40, 050. 00
18,120. CO
25,860. 00
35,190. CO
272,800. 00
63,540.00
68, 775. 00
66, 075. 00
30,930. CO
17, 225. 00
14,426. 00
1, 300. 00
867,840.00
912,020. 00
12,620. 00
14,611. CO
16,174. 26
23, 577. 32
22, 606. 24
14,145. 00
17,116.00
33,692.60
23, 620. 00
27,390. 00
18, 661. 00
38, 784. CO
21,110.00
66,683. 00
63, 702. 00
31, 286. 61
24,627. 00
16,973. 67
23,833.90
24, 283. 20
23,987. 62
38,948.04
41, 208.00
61,836.69
64,157.99
41, 786. 00
44,268.44
98,897. 07
60,630.94
66,411.31
42,36L56
15, 748. 29
26,904.63
177,834. 56
246,000.00
364, 000. 00
206,660. 00
101, 000. 00
280, 750.00
498,400.00
629, 737.14
354, 292.86
98, 265.00
98, 210. 00
102, 665.00
64, 200.00
62,750.00
39, 295. CO
40,420. 00
116,765.00
4,929,807.44
315. 55
1,170.00
3,030. 00
2,435.00
11.00
770.00
600.00
705.00
1,990. 00
199. 32
199.06
738.36
648. 47
276.79
282. 50
202.15
175. 90
39.926.il
749
DIEECTOE OF THE M I N T
Combined minor coinage of the mints of the United States, by denominations and
calendar years, since their organization—Continued
6 cents
Calendar year
1874
1876
1876
1877
1878
1879
1880 ..
1881
1882
1883
1884 .
1886:
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
1911.1.
1912
1913
1914
1916
1916
1917
1918
1919
1920
1921
1922
1923
1924
1926
1926....
1927
1928 .
1929
3 cents.
$176,900. CO
104,850. 00
126, 600. CO
...
^
$23,700. CO
6,840. 00
4,860.00
117.60
1,466.00
997. 76
3, 618. 76
673,830.00
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. 50
584,982.10
668, 509. 76
270, 656. 60
498,994. 20
442,146. 00
1,021,436. 75
626, 604. 36
1,301,451. 55
1, 362, 799. 75
1, 324, 010. 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. 66
1,977,968. 60
1, 747,436. 70
3, 682,961.95
1,402, 386. 90
1, 603, 088. 60
4,434, 553. 30
3, 276,391.45
2, 266, 515. 70
3, 819, 750. CO
4, n o , 000. 00
611, 000. 00
2 cents
70.60
1, 236. 00
• 748. 66
32,417. 25
759. 00
318. 27
169. 26
143. 70
128. 70
238.83
• 1,232.49
646.83
Cents
Half cents
$141,876.00
135,280.00
79,440. CO
8,626. CO
57,998.60
162,312.00
389, 649. 66
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
671,828. 54
470,723.50
376,498. 32
466,421.95
167, 621.32
383,436.36
390, 572.93
504, 663. 30
498, 230. 79
636,000.31
668, 337. 64
796, 111. 43
873, 767.22
860,944.93
613, 280.16
807,191. 63
960,222.66
1,081,386.18
334,429.87
1,176,862.63
1,528,462.18
1,178,757.87
829,960. 60
984,373.62
806,684. 32
669, 761. 20
1,902,996.77
2,841,697.86
3, 706,146. 34 .
6,889, 350. 00
4,056, 650.00
644, 310.00
71,600. 00
834, 230. CO
893,940. 00
1,889,090. 00
1,896, 580. 00
1,858,860.00
1,825, 520. 00
2.771,400.00
•
"""
. .
2, 092,850. 00
1,416, 750. 00
2, 313, 655. 00
2, 565, 050. 00
2, 357, 050. CO
1,839,150. 00
2, 628, 600.00
Total:
1874-1929
1793-1873
71,483,988.00
5,340,850.00
73, 509. 48
867,840.00
$912,020.00
63,449,486.83
4,929, 807.44
$39,926.11
G r a n d total
76,824,838.10
941,349.48
912,020.00
58,379,294. 27
39,926.11
750
REPORT ON THE FINANCES
Total gold, silver, and minor coinage of the United States, by calendar years
Calendar year
1793-1796
1796
1797..
1798
1799
1800
1801
1802
1803
1804.
1805
1806
1807
1808. .
1809
1810....
1811
1812
1813... .
1814
1816
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
1865
1856
1867.
1868
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
1872..
1873
Gold
$71, 485. 00
77, 900. 00
• 128,190.00
205,610. CO
213, 285. 00
317, 760. CO
422,570.00
423, 310. 00
258,377. 50
258, 642. 50
170,367. 50
324, 505. 00
437,495. 00
284, 665. 00
169, 375. 00
501,435. 00
497,905.00
290, 435. 00
477,140.00
77, 270. 00
3,175.00
_
..
.
..
'
:
•
.
. . .
.
.
Total, 1793-1873
.
... ..
242, 940.00
258,615. 00
1, 319, 030.00
189, 325. 00
88,980.00
72,425.00
93, 200. 00
156, 385. 00
92. 245. 00
131, 565. 00
140,146. 00
295,717. 50
643,105. 00
714, 270. 00
798,4.35.00
978, 550. 00
3,954, 270. 00
2,186,175. 00
4,135, 700. 00
1,148, 305. 00
1,809, 765. 00
1, 376,847. 50
1, 675,482. 50
1, 091, 857. 50
1,829,407. 50
8,108, 797. 50
5,427, 670. CO
3, 756, 447. 50
4, 034,177. 50
20, 202, 325.00
3, 775, 512.50
9, 007, 761. 50
31, 981,738.50
62,614,492.50
56,846,187.50
39,377, 909. 00
25, 915, 962. 50
29,387,968.00
36,867, 768.60
32,214,040.00
22,938,413. 50
14,780, 570. 00
23, 473, 654.00
83,395, 630.00
20,875,997.50
22,445,482.00
20, 081, 415. 00
28, 295,107. 50
31,435, 946. 00
23,828, 626. 00
19,371,387.50
17,682,987.50
23,198, 787.60
21,032, 686. CO
21,812,645.00
67, 022, 747. 60
862,114,437.60
Shver
$370,683.80
77,118.50
14, 550. 45
330,29LC0
423, 515. 00
224, 296. 00
74, 758.00
58,343. 00
87,118.00
100,340. 50
149, 388. 50
471, 319. 00
597,448.75
684,300. 00
707,376.00
638, 773. 60
608,340. 00
814, 029. 50
620, 951. 60
661,687.50
17,308. CO
28, 576. 76
607,783. 50
1, 070,454. 50
1,140,000.00
501, 680.70
825, 762. 45
805,806.50
895,550.00
1, 752,477. 00
1, 664, 583. 00
2, 002, 090; 00
2,869, 200.00
1, 575, 600. 00
1,994, 678. 00
2, 495,400. CO
3,175, 600. 00
2, 579, 000. 00
2, 759, 000. CO
3,416, 002. CO
3,443,003.00
3, 606,1.00.00
2, 096, 010.00
2, 333, 243.40
2, 209, 778. 20
1, 726,703. 00
1,132, 750. 00
2,332,750.00
3,834,750. 00
2, 235, 550. CO
1,873, 200. 00
2, 558, 580. CO
2, 374,450.00
2.040,050. 00
2; 114,950. 00
1,866,100: 00
744, 397. 00
999, 410.00
9, 077, 571.00
8, 619, 270.00
3,501,245.00
5,142, 240.00
5,478,760.00
8,496,370.00
3,284,450. 00
2, 259,390. 00
3,783,740. CO
1, 252, 616.60
809,267.80
609,917.10
691,005.00
982,409.25
908,876. 26
1, 074,343. CO
1, 266,143.00
1,378,255.50
3,104,038.30
2,604,488.60
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
6,260. CO
9, 652. 21
13, 090.00
8, OOL 53
15, 660. CO
2,495.95
10, 755. 00
4,180.00
3, 578.30
28, 209.82
39,484.00
31,670.00
26, 710. 00
44, 075.50
3,890.00
20,723.39
12, 620. CO
14, 926.00
16,344. 25
23, 577.32
25,636. 24
16, 680. CO
17,115.00
33, 603. 60
23,620. CO
28,160.00
19,151. CO
39,489.00
23,100. 00
65, 583.00
63, 702.00
31, 286.61
24, 627. CO
16, 973. 67
23,833.90
24, 283. 20
23,987.52
38,948.04
41,208.00
61,836.69
64,157.99
41,984, 32
44,467.50
99, 635.43
50,630.94
67,059,78
42,638.35
16,030. 79
27,106.78
178,010.46
246,000. CO
364,000.00
205,660.00
101,000.00
280,750. 00
498,400.00
926,687.14
968,562.86
1,042,960.00
1,819,910.00
1,697,150. CO
963,000.00
350,325. CO
99,890.00
369,380.00
379,456.00
12,090,443.66
Total value
$453,641.80
165,402.90
152, 250. 79
646, 698. CO
645,906. 68
671,335.40
610,956.37
616, 076.83
370, 698.53
371,827.94
333,239.48
801, 084.00
1,044, 595.96
982,055.00
884, 752.63
1,155,868.50
1,108, 740. 95
1,115, 219.60
1,102,27L60
642,535.80
20,483. CO
66, 785. 67
647, 267.50
1,355,064.50
1,425,325.00
1,864,786.20
1, 018,977.45
916,509.89
967,976.00
1,868,297.00
1,736,894. CO
2, n o , 679.26
3, 024,342.32
1, 741,381. 24
2, 306,875.60
3,165,620.00
3,923,473. 60
3,401,056. CO
3,766, 710.00
7,388.423. 00
5,668, 667.00
7,764,900.00
3,299,898.00
4,206,710.40
3,617,912.31
3,426,812.60
2, 240, 581.17
4,186,991.40
11,967,830.70
7,687, 207.52
5,668,595.50
6, 633,965.64
22,638,611.69
5,879,720.49
11,164,696.82
33,892,306.00
63,488,624.93
57,896,228.44
48,622,539.78
34, 577,870.86
32,905,243. 79
42,027,116.28
37,870,810.46
31,679,783.60
18,429,020.00
25,938,704.00
87,280,270.00
22,409,264.00
23,763,149.80
21,618.019.24
29,954,666.36
33,461,314.26
26,667,411.26
22,142,880.50
19,812,130.60
24,927.368.00
24,236,613.30
24,686,613.60
61,426,960.10
1, Oil, 694,779.36
DIRECTOR OF THE MINT
' 7 5 1
Total gold, silver, and ininor coinage of the United States, hy calendar years—Contd.
Calendar year
1874
1875
1876
1877
1878
...
1879
1880
1881
1882
1883
1884
1885 .
1886
1887.
1888
1889 .
1890
1891
1892
1893
1894
1895
Gold
1
'.
1896
1897 1898
1899
1900
1901
1902
1903 ...
1904...^
1906
1906
1907
1908
1909
1910
1911
1912
1913
1914
1916
1916
1917
1918
1919
1920
1921
1922
1923
1924
1926
1926
1927
1928
1929
16,990,000.00
10, 570,000. 00
80, 680, 016.00
45,365,000. CO
206, 010,000.00
192, 380,000. CO
78, 640, 565. CO
125,645,000.00
177,360,000. 00
40,235,000.00
Total:
1874-1929
1793-1873
$6,851,776.70
15,347,893. CO
24,603,307. 60
28,393,045.50
28, 518,850.00
27,569, 776.00
27,411,693.76
27,940,163. 76
27,973,132. CO
29,246,968. 45
28.534.866.15
28,962,176.20
32, 086,709.90
35,191, 081.40
33, 026,606.46
35.496.683.16
39, 202,908.20
27, 518,866.60
12,641, 078.00
8,802,803.06
9, 200,360.86
6,698,010. 26
23,089,899.06
18,487,297.30
23, 034, 033.46
26,061,619.90
36,345.347.45
30,838,460.75
30, 028,167.20
19,874,440.00
15, 695,609.96
6,332,180.90
10,651,027.86
13,178,435.75
12,391,777. 25
8, 087,862.60
3,744,468.36
6,457,301. 66
7,340,996.00
3,184,228.96
6,083,823.00
4,114, 097.60
8,880,800.00
29,412,300. CO
25,473,029.00
11,068,400. 00
25,057,270. CO
89,067,635.60
84, 325,030.50
66,283,038.60
21,627,040.00
19,874,218.00
19,826,806. 60
11,286,217.00
8,748,667. 00
8,590,500.00
3,532.069,040.00 1,274, 648, 652. 50
852,114,437. 60
147,489,898. 30
. 4, 384,183,477. 60 1,422,138,460.80
Grand total
12101—31-
$36, 254,630.00
32,951,940.00
46, 579,452. 50
43,999,864.00
49, 786,052. CO
39,080, 080.00
62,308,279. 00
96,850,890.00
66,887, 686.00
29, 241,990. CO
23,991,766.60
27, 773, 012. 50
28.946, 542.00
23, 972,383.00
31,380,808.00
21,413,931. 00
20,467,182. 50
29,222,005.00
34,787,222.50
56,997, 020.00
79, 646,160. 00
69,616, 367.60
47,053,060.00
76, 028,485. 00
77,986,757.50
111, 344, 220. 00
99, 272, 942. 50
101,735,187.50
47,184,932.60
43,683,880.60
233,402,430.00
49,638,439.00
78, 793,046.00
131,907, 490.00
131,638.632.60
88,776,907.60
104,723,735.00
66,176,822.60
17,498,622.50
25,433,377.50
63,457,817.50
23,968.40L50
18,626, 026.00
10,014.00
Shver
-.50
Minor
$342,476.00
246,970.00
210,800. CO
8,626.00
68,186.50
165,003. CO
391,395.95
428,151. 75
960,400. CO
1,604,770.41
796,483. 78
191,622.04
343,186.10
1, 216, 686.26
912,200. 78
1,283,408.49
1,384, 792.14
1,312,441.00
961,480.42
1,134,931. 70
438,177.92
882,430.66
832, 718.93
1, 526,100.05
1,124,835.14
1,837, 451.86
2,031,137.39
2,120,122. 08
2.447.796.17
2.251.281.18
1,683,629.35
2,298, 555.43
2,890,908.80
3,042,126.18
1,468,738.72
1,766,388.93
3,036,929.83
3,156,726.47
2,677,386.30
4,667,335.47
2,208, 071.22
2,062,839. 7C
6, .337, 660. 07
6,118, 089.30
6,972,662.04
9,709,100.00
8,166, 650. 00
1,155,310.00
71,600.00
2,927,080.00
2,309,690. CO
4,202,645.00
4,461.630.00
4, 216,910. CO
3,664, 670.00
6,399,900.00
Total value
$42,448,881.70
48,646,803.00
71,293. 560.00
72,401,434.60
78,363, 088.60
66,814,859.00
90,111,368.70
125,219, 205. 60
94,821,217.00
60, 093,728.86
63,323,106.43
66,926,810.74
61,375,438.00
60,379,150. 66
65,318,615.23
68,194,022.64
61,054,882.84
68,053,302.60
48,389,780.92
66, 934, 764.76
89,184, 688. 77
66,196,798.31
70, 975,677. 98
96,041,882.36
102,144,626,09
139,243,191.76
137,649,427.34
134,693,770.33
79,660,896.87
65,809,607.68
260,781,669.30
68,269,176.33
92,334,981.66
148,128,061.93
146,499,148.47
98,621,148.93
111, 505,133.18
66,790,850. 52
27,416,903.80
33,284,941.92
61,749,711.72
30,146,338.70
33.743.376.07
36,640,403.30
31,446,691.04
20,777,600.00
50,213,920 00
100,782,845.60
166,076,646.60
114,676,118.60
229,946,730.00
216,456,863.00
102,828,001. 60
141,147,127.00
189,773,33? 00
64,225,400.00
125,006,984.41
12,090,443. 56
4,931, 724, 676. 91
1, o n , 694, 779. 36
137,097,427.96
6„ 943,419,356. 26
752
REPORT ON THE FINANCES
' Stock of Domestic Coin in the United States, June.30, 1930
On June 30, 1930, the stock of domestic coin in the United States was
$2,473,244,452, as shown in the table below:
Item
Minor
Silver
Gold
Total
Estimated stock of coin in United States June
30, 1929
__.. $1,407,888,924 $844,148, 298 $120,640,036 $2,372,677,'257
9,177, 500
Coinage executed during fiscal year 1930
6,770, 680 - 16, 278.180
1, 330,000
2,096, 956
97,093,687
94,996,631
Imports United States coin, fiscal year 1930...
1, 504, 216, 655 855,422,754
Total
.
126,410, 715 2,486,049,024
Less:
Exports United States coin, fiscal year 1930
United States coin withdrawn from monetary use, face value, fiscal year 1930
United States coin used in industrial arts,
estimated, fiscal year 1930
Estimated stock of coin in United States June
30, 1930 1
37,478
1, 677,601
4, 347, 381
3, 500,000
100,000
7,910,050
Total
2, 732, 649
• 2,770,027
4,484,859
1,496,305,606
850,937,896
409,663
6,434, 545
409, 663
12,804; 672
3,600,000
126,001, 052 2,473, 244,462
• i No net change during year in amount of earmarked gold coin held for foreign account.
" NOTE.—The number of standard silver dohars coined to June 30, 1930, was 840,606,332, which, added to
•
- the Hawaiian dollar coinage, 500,000, plus the number imported from the Phhippine Islands, 150,000, and
the number returned in Government transports, 496,859, equals 841,652,191. Since July 1,1898, the number
of standard shver dollars exported in transports has been 2,495,000, the net export from November, 1919, to
July 20, 1920, in movement due to the high price of silver, was 28,287,142; those melted under the terms of
the Pittman Act of April 23, 1918, totaled 270,232,722, those melted otherwise (mutilated, etc.) since 1883
numbered 222,478, and the number of Hawaiian dohars melted to June 30,1930, was 465,329, a total disposition of 301,692,671, leaving in the United States on June 30, 1930, 539,959,520 standard shver dohars and
310,978,375 dollars in subsidiary silver coin.
Bullion in mints and assay offices, June SO, 1930
Value
Gold
Silver (cost value)
Total
1 $2, 760, 240, 878. 86
6, 622, 158. 31
2, 766, 863, 037. 17
_-_
Basic metallic stock Juiie 30,' 1925, 1926, 1927, 1928, 1929, and 1930
Coin and
bullion
June 30, 1926
June 30, 1926
June 30, 1927
June 30, 1928
June 30, 1929
June 30, 1930
$4,386,195,841 $4, 500,976,937 $4,565,098,136 $4,109,162,895 $4,324,350,855 $4, 634,865,706
Gold..
822,017, 286
830,852, 304 . .840,459,405
846, 754,485
850,896,932
857, 660,053
Silver 2
Total. 5,208, 213,126 5,331,829,241 5,406, 567, 541. 4, 955,917,380 6,175, 246; 792 •5,392,425, 759
1 See footnote 1, foot of page 104.
2 Silver bullion is a potential rather than an actual monetary asset, since it can not be represented by
circulating certificates nor be paid out as cash unth coined.
753
DniECTOE, OF T H E M I N T
Location, ownership, and per capita circulation of United States money, June SO, 1930
M o n e y h e l d in t h e T r e a s u r y '
K i n d of m o n e y
Total
Reserve against
A m o u n t held in
H e l d for
United States
t r u s t against gold
Fede
a n d silver certifi- notes ( a n d Treas- server abl aRe^
nks
u r y notes of
cates ( a n d T r e a s a n d agents
1890)
u r y n o t e s of 1890)
All o t h e r
money
Gold coin a n d bullion
$3,493, 622, 633
G old certificates
S t a n d a r d silver dollars
496, 057,388
S h v e r certificates
T r e a s u r y notes of 1890
S u b s i d i a r y silver coin.
5, 233, 613
Minor c o i n . . .
i
4,177, 685
2, 847. 706
U n i t e d States notes
1, 726,070
F e d e r a l reserve notes
Federal
reserve
bank
62,165
notes
N a t i o n a l - b a n k notes
19,319,703
$1,489,989,479
$156,039,088 $1, 796,239,235 $51,254,731
488,458,161
6, 599,227
14, 021,936.. 763
1,978,447, 640
156,039.088 1, 796,239, 235 2 91, 210. 800
13,789,886,214
12,436,864, 630
12,962,020, 313
11, 845, 675,888
1.212,420,402
1, 854, 372, 591
718, 674, 378
2, 681, 691,072
1, 507,178, 879
21, 602, 640
156, 039,088 1, 562,425, 579
152,979,026 1, 212, 360, 791
152,979,026
150,000, 000
100,000, 000
T o t a l J u n e 30,1930Comparative totals:
J u n e 30, 1929..
Oct. 31,1920
M a r . 31, 1917
J u n e 30, 1914
J a n . 1, 1879 . . . . . .
6,233, 513
4,177, 685
2, 847,706
1, 726,070
52,165
19, 319, 703
217, 048,956
352,850 336
117,350,216
188, 397,009
90, 817, 762
M o n e y o u t s i d e of 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 h i o n
•.
Gold certificates
S t a n d a r d silver dollars
S h v e r certificates
T r e a s u r y notes of 1890
S u b s i d i a r y silver coin
M i n o r coin
U n i t e d States notes
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
Total June 30,1930...
Comparative totals:
J u n e 30, 1929
Oct. 31, 1920
M a r . 3 1 , 1917
J u n e 30, 1914
J a n . 1,1879
Total
Held b y Federal
reserve b a n k s a n d
agents 3
I n circulation
Amount
Total amount^
Per cap ta <
$1,041,343,173
1,489,989,479
44,902,132
<.87,198, 111
1, 260, 050
305,744, 862
121, 823, 367
343, 833, 310
1,744, 774, 815
3,207, 877
678,997, 765
6, 263, 074, 941
$684,107,489 $357,235, 684
495,148, 330 994,841,149
38, 628, 669
6, 273,463
100,282,831 386,915, 280
1,260, 0.50
24, 513, 628 281,231, 234
4, 387,792 117,435, 575
55,444,084 288, 389, 226
342, 708, 767 1,402,066,048
2,207
3,205, 670
28,218, 388 650, 779, 377
1, 741, 086, 979 4, 521,987,962
$2 90 « $4, 534, 865, 706
8 08 ' (1,489, 989,479)
31
539, 959. 520
3 14 7 (487,198, 111)
01
7 (1. 260. 050)
2 28
310,978, 375
95
126,001,052
2 34
346. 681,016
11 39
1, 746, 500, 885
02
3,260,042
5 29
698, 317,468
8, 306, 564,064
36 71
6, 603,282, 569
6, 761,430, 672
5,126,267,436
3,458,059, 755
816, 266, 7 21
1, 856,986,007 4, 746,296, 662
1, 063, 216,060 5, 698,214, 612
953, 321, 622 4,172,945,-914
3,458,059,755
. 816,266, 721
39 62
53 01
40 23
34 Q2
16.92
8, 538, 796,192
8,479,620,824
5, 396, 596, 677
3, 796,456, 764
1,007, 084,483
1 The amount of money.held in trust against gold and shver 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.
2 .This total includes $36,675,623 gold deposited for the redeniption of Federal reserve notes ($1,442,350.
inprocess of redemption), .$28,226i376 lawful money deposited for the redemption of national bank notes($19,263,897 in process ofredemption, including notes chargeable to the retirement fund), $1,900 law'fulmoriey deposited for the retirement of additional circulation (act of May 30, 1908), and $7,691,499 lawful
money deposited as a reserve for postal savings deposits.
. ,
3 Includes money held by the Cuban agency of the Federal Reserve Bank of Atlanta.
...
\ Population of continental United States (estimated) June 30,1930,123,156,000; June 30,1929,119,788,000;
Oct. 31, 1920.. 107,491,0()0; Mar. 31/1917;-103,716.000; June 30, 1914* 99,027,000; Jan. 1,1879^ 48,231;000.
«Includes United States paper currency in circulat_ionJn foreign countries. ..
^"DbeslhotincliiUe gold buhidii" of foreign coin other than that held by the Treasury, Federal reserve
banks, and Federal reserve agents-. Gold held by Federal reserve banks under earmark for foireign account
is excluded, and gold held abroad for Federal reserve banks is included.
' These amounts are not included in the total since the money held in trust against gold and shver certiflcates and Treasury notes of 1890 is included under gold coin and bullion and standard shver dollars, respectively.
NOTE.—Gold certificates are secured dohar for dohar by gold held in the Treasury for their redemption; silver certiflcates 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 $156,039,088 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; these notes are being canceled and retired on receipt.
Federal reserve notes are obligations of the United States and a flrst lien on ah the assets ofthe 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. 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.
754
REPORT ON T H E 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
Fiscal year e n d e d J u n e 30—
1873.
1874.
1876.
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.
1925.
1926.
1927.
1928.
1929.
1930.
Population
(thousands)
Gold b u l lion a n d Silver coin i
coin 1
(thousands)
(thousands)
41,677
42, 796
43,951
45,137
- 46,353
47, 598
48.866
60,156
61,316
52.495
53; 693
54,911
56,148
57,404
68, 680
59,974
61, 289
62, 622
63,844 ^
65,086
66, 349
67,632
68,934
70, 254
71, 592
72,947
74, 318
76, 303
77, 754
79,117
80,487
81.867
83, 260
84, 662
86, 074
87.496
88,926
90,363
93.983
95,656
97, 337
99,027
100, 725
102,431
104.145
105,869
106,136
106,414
108, 087
109, 743
111, 268
112,686
114,104
115, 523
116,943
118, 364
119, 788
123,166
$136, 000
147,379
121,135
130,057
167, 501
213,200.
245, 742
361,841
478,485
506, 758
642, 732
646,601
588, 697
690, 774
654,520
705,819
680, 064
696, 563
646,683
664, 275
697, 698
627, 293
636,256
599,698
696, 239
861, 515
963,498
1, 034, 384
1,124, 639
1,192, 595
1, 248, 682
1, 327, 656
1,357, 656
1,475,707
1,466, 389
1, 618,133
1,642, 042
1, 636, 043
1, 753,197
1,818,188
1,870, 762
1,890, 667
1,985, 539
2,444, 636
3, 220, 242
3,162,808
3,113,306
2,865,482
3, 274, 730
3, 784,652
4, 049, 654
4,488, 391
4, 364, 632
4.447, 397
4, 687,298
4,109,163
4, 324, 361
4,534,866
$18,149
21,092
30,743
36,416
50,465
82,048
111, 626
142, 622
169, 384
197,218
227,008
255,669
283,479
312, 253
352.994
386, 672
420,549
466,908
616, 603
668.679
616,716
624, 250
624, 731
627, 696
632,408
637,479
638, 564
648.995
668, 006
667, 319
675, 678
679,932
683, 063
686,477
698, 702
715, 616
727,686
723,437
727,886
738,866
743,469
750, 279
753, 702
757,161
766,545
731,373
551, 016
527, 712
660,102
652, 385
761, 073
781,369
806, 533
822,414
833, 634
838,972
844,148
860,938
Per capita
Gold
$3.24
3.44
2.76
2.88
3.61
4.48
6.03
7.01
9.32
9.66
10.11
9.93
10.48
10.29
11.16
11.77
11.10
11.11
10.13
10.21
9.01
. 9.28
9.23
8.53
9.73
11.81
12.96
13.66
14.46
15.07
15.61
16.22
16.31
17.43
17.04
18.49
18.47
18.11
18.65
19.01
19.22
19.09
19.71
23.87
30.92
29.87
29.33
26.93
30.30
34.49
36.39
39.83
38.25
38.50
39.23
34.72
36.10
36.82
Silver
$0.44
.49
.70
.84
1.09
1.72
2.28
2.84
3.30
3.76
4.23
4.65
6.05
6.44
6.02
6.45
6.86
7.30
8.09
8.74
9.28
9.23
9.06
8.93
8.83
8.74
8.69
8.61
8.46
8.43
8.39
8.31
8.20
8.11
. 8.12
8.18
8.18
8.01
7.74
7.73
7.64
7.58
7.48
7.39
7.36
6.91
5.19
4.96.
6.18
. 6.94
6.84
6.93
7.C6
7.12
7.13
7.09
7.05
6; 91
Total
$3.68
3.93
3.46
3.72
4.70
6.20
7.31
9.86
12.62
13.41
14.34
14.58
16.53
15.73
17.17
18.22
17.96
18. 41
18.22
18.95
18.29
18. 61
18.29
17.46
18.66
20.55
21.65
22.07
22.92
23.60
23.90
24.53
24.61
26.54
25.1.6
26.67
26.66
26.12
26.39
26.74
26.86
26.67
27.19
31.26
38.28
36.78
34.52
31.89
36.48
40.43
43.23
46.76
46.31
46.62
46.36
41.81
43.15
43.73
1 H a r m o n i z e d w i t h revised d a t a a p p e a r i n g in t h e a n n u a l r e p o r t of t h e Secretary of t h e Treasuiry for t h e
flscal y e a r 1928, p p . 652-653.
755
DIRECTOR OF THE M I N T
Stock of Money in the United States December 31, 1929
On December 31, 1929, the stock of domestic coin in the United
States was $2,417,904,694, as shown in the table below:
Item
Gold
Estimated stock of coin in United
$1,314,035, 521
States Dec. 31, 1928:
40,235,000
Coinage executed, calendar year 1929...
Net release from earmark, calendar
6,000,000
year 1929
Imports United States coin, calendar
96,920,998
year 1929...
Total
Less:
Exports United States coin, calendar year 1929
United States coin withdrawn from
monetary use, calendar year 1929,
face value
United States coin used in the industrial arts, estimated, calendar
year 1929
Total
Estimated stock of coin in United
States Dec. 31, 1929
Shver
$844,360,246
8, 590,500
Minor
$118,618,922
5,399,900
Total
$2,277,014,689
54,225,400
6,000,000
2,068,861
1,457,191,519
855,019,607
7,145,173
44,131
2,685,679
4,322,839
98,989,859
124,018,822
2,436,229,948
7,189,304
627,432
7, 535,950
3,500,000
100,000
13,330,852
4,466,970
527,432
18,325,264
1,443,860,667
850, 552,637
. 123,491,390
2,417,904,694
3,600,000
NOTE.—The number of standard shver dollars coined to Dec. 31, 1929, was 840,506,332, which, added to
the Hawaiian dollar coinage, 500,000, plus the number imported from the Phhippine Islands, 150,000, and
the number returned in Government transports, 496,859, equals 841,652,191. 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 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, the number otherwise melted (muthated, etc.)
since 1883 was 221,664, and the number of Hawaiian dollars melted to Dec. 31, 1929, was 465,329, a total
disposition of 301,691,847, leaving in the United States on Dec. 31, 1929, 639,960,344 standard silver dohars
and 310,592,293 dollars in subsidiary shver coin.
756
REPORT ON T H E FINANCES
Location, ownership, and per capita circulation of United States money, December
31, 1929
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
Total
A m o u n t held i n R e s e r v e against
H e l d for
U n i t e d States
t r u s t against gold
Fede
rea n d silver certifi- notes ( a n d Treas- serve r a la n k s
b
cates (and T r e a s u r y notes of
a n d agents
u r y notes of 1890)
1890) .
Gold coin a n d b u h i o n
$3,332, 014, 743
493,942, 242
S t a n d a r d silver dollars
3,383,000
S u b s i d i a r y silver coin
1,521,903
Minor coin..
...
5,329,013
United Statesnotes
6,154,675
Federal reserve n o t e s . . _.
85,885
Federalreservebanknotes.
34,759, 236
N a t i o n a l - b a n k notes . . .
T o t a l D e c . 31,1929'.. 13,876,190, 697
C o m p a r a t i v e totals:
13, 713, 243, 391
.Dec. 31, 1928
12,436,864,530
Oct. 31, 1920
12,952, 020,313
M a r . 31, 1917
11,845,575,888
J u n e 30, 1914
1 212,420,402
J a n . 1, 1879
$1,321,060,659
491,725,711
All o t h e r
money
1.812,786,370
$156,039,088 $1,774,113,022 $80,801,974
2, 216,631
3, 383,000
1, 521,903
5,329,013
6,154,675
85,885
34, 759, 236
156,039,088 1,774,113,022 2133,252,217
1,888,697,793
718,674,378
2,681,691,072
1,507,178,879
21,602,640
156,039,088 1,448,961,109 219,545,401
152,979,026 1,212,360,791 352,850,336
152,979,026
117,350,216
150,000,000
188,397,009
100,000,000
90,817,762
M o n e y o u t s i d e of t h e T r e a s u r y
K i n d of m o n e y
Total
Gold coin a n d b u l h o n
Gold certificates
Standard shver dohars
Sil VC" certificates..
T r e a s u r v notes of 1890
Subsidiary silver coin
M i n o r coin
U n i t e d States notes
Federal reserve notes
Federal 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 D e c . 31, 1929....
C o m p a r a t i v e totals:
D e c . 31,1928
Oct. 31, 1920
M a r . 31, 1917
J u n e 30, 1914
J a n . 1, 1879..
H e l d b y Federal
reserve b a n k s a n d
agents 3
I n circulation
Total amounts
Amount
P e r capita <
$951,908,512
1,321,060, 669
46,018,102
490,453,161
1, 272,550
307,209,293
121, 969,487
341,352,003
2,421,429,970
3,416,996
663,182, 004
6,669, 272,737
$568,145, 625 $383,762,887
441,503,080 879,557,579
3,834, 486
42,183, 617
73, 573,505 416,879,656
1,272,550
.13, 257,901 293,951,392
2,567, 713 119,401,774
76, 471.500 264,880,503
559,009,943 1,862,420,027
3,750
3,413, 246
60.080,923 597,101,081
1,804,448,425 4,864,824,312
$3.18 6 $4, 283,923, 256
7.30 7(1,321,060,659)
539,960,344
.35
3.46 7 (490,453, i6K
7 (1, 272,550^
.01
2.44
310,592, 293^
.99
123,491,390
2.20
346, 681,016
15.46 2,426,584,645
.03
3, 502,881
4.95
697, 941, 240
40.37 8,732,677.064
6,606,653,775
6,761,430,672
5,126,267,436
3,458,059, 755
816, 266, 721
1,633,385,593 4,973,168,182
1, 063, 216,060 5,698,214,612
953,321,522 4,172,945,914
3,458,059, 755
816. 266, 721
41.76
53.01
40. 23
34.92
16. 92
8,431, 099,373
8,479,620,824
6,396,596.677
3,796,456, 764
1,007,084, 483
1 The amount of money held in trust against gold and shver certificates and Treasury notes of 1890 should
bc deducted frora this total before combining it with total money outside of the Treasury to arrive at the
stock of money in the United States.
2 This total includes $73,287,720 gold deposited for the redemption of Federal reserve notes ($4,431,020 in
process of redemption), $27,492/412 lawful money deposited for the redemptioD of national bank notes
($34,599,963 in process of redemption, including notes chargeable to the retirement fund), $1,900 lawful
money deposited for the retirement of additional circulation (act of May 30,1908), and $7,470,327 lawful
money deposited as a reserve for postal savings deposits.
3 Includes money held by the Cuban agency of tne Federal Reserve Bank of Atlanta.
< Population of continental United States (estimated) Dec. 31,1929, 120,500,000; Dec. 31,1928,119,076,000;
Oct. 31, 1920, 107.491,000; Mar. 31, 1917. 103.716,000; June 30, 1914, 99,027,000; Jan. 1, 1879, 48,231,000.
* Includes United States paper currency in circulation in foreign countries.
8 Does not include gold bullion or foreign coin other than that held by the Treasury, Federal reserve
banks, and Federal reserve agents. Gold held by Federal reserve banks under earmark for foreign account
is excluded, and gold held abroad for Federal reserve banks is included.
7 These amounts are not included in the total since the money held in trust against gold and shver certificates and Treasury notes of 1890 is included under gold coin and bullion and standard shver dollars,
respectively.
NOTE.—Gold certificates are secured dollar for dohar 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 $156,039,088 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; these notes are being cancelled and retired on receipt.
Federal reserve notes are obligations ofthe 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. 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 aiso maintained in lawful money with the Treasurer of the United
States for the redemption of national-bank notes secured by Government bonds.
DIEECTOR OP T H E
757
MINT
Monetary stock of gold i n the United States since 1873 ^
[In thousands of doharsl
Fiscal year J u n e 30:
1873
1874
1876
,
1876
1877
1878
1879
C a l e n d a r year:
1879
1880
1881
1882
1883
-1884..
18.85
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
1925
1926
1927
1928
•
1929
B u h i o n in
Treasury
Coin in
Coin in B u h i o n in national
Federal
Federal
banks,
reserve
reserve
compbanks
banks
troller's
report
65, 519
60,972
45, 382
41,912
76,662
122,137
129,920
15, 670
9,540
8.259
9.589
10, 962
6,323
6, 317
3,818
5,536
3.711
3,226
5,306
8,192
21, 531
95, 790
61,481
84,640
119, 523
152. 608
171, 553
75,435
187,197
182, 619
227,854
246,402
226, 220
196, 634
156,662
73, 624
91, 781
83,187
121, 746
152.488
141,070
257, 306
328,453
417, 343
458,160
478, 970
647, 262
662,154
737, 677
788,468
924, 317
934,803
982, 686
1,001,413
996, 209
987, 678
879,413
1,042, 686
906,491
679,303
775,909
540, 960
238, 270
•264, 733
309,445
334,024
510, 781
595,196
595, 318
626, 202
693, 990
732, 708
62,000
93, 790
88, 726
51, 501
65, 667
63,163
72,938
81,431
123,145
97,457
67, 266
67, 646
83,576
81,827
84, 632
47,107
29,444
54, 648
45, 279
140,049
143, 078
153,095
123, 736
159,971
209,437
49,187
101,184
156, 543
162;937
111,041
97, 347
120,726
183,089
258,868
98,105
92,185
101,115
75, 326
73,447
76,171
96, 742
97, 781
99,162
78, 224
84,416
80, 362
91, 890
100,991
151, 234
151,117
• 147,308
161,828
187,609
263,889
203,701
199, 350
190,172
178,147
170,547
195, 111
196, 681
188,096
203,289
209,186
213, 991
227, 978
235,185
240,452
232, 799
168, 660
• 60
118.416
120, 396
121,166 . 61,560
24, 725
84,930
21, 236
222,918
20, 686
147,313
19, 360
70,716
19,054
81, 377
18.169
81,344
19, 368
80, 569
.18,212
130, 56617, 237
240, 652
16,997
266,133
16, 574
314,768
15,273
240, 766
Coin in
Treasury
E n d of year
. .
^-
..
303, 585
304, 955
648, 786
1.276, 738
1, 687,010
1, 772,117
1, 720,387
1,999, 619
2, 763,866
2,976,248
3, 221, 761
3, 324, 706
3,099, 766
3,065, 678
2, 877, 221
2, 612, 617
2, 699, 307
22,058
15,450
18,928
35, 605
24,929
33,45765, 979
121,900
138,481
196, 605
174,012
159,871
181, 731
207, 626
224, 736
327,390
Other
coin 2
30.000
39,607
31, 696
44,533
39,059
39, 768
53, 601
46, 844
150,086
210,776
234, 206
228, 297
215.813
313, 346
223, 200
245,146
246, 218
235,435
274,056
253, 765
242, 622
281, 940
248, 788
242, 645
251,011
262,419
286,892
293,388
307, 870
318, 389
324, 253
332, 731
325, 262
327, 549
376,007
457,995
411, 606
392, 508
378, 745•
379,941
385,718
380, 632
437,859 •
486, 724
520, 251
670, 365477, 305
455,169
453,882
419, 726
404, 211
391,966
390,046
395.814
391,444
385,090
378,736
^ 368,490
^ Previous to 1914 figures aje unrevised.
.
'
2 Includes coin in State and private banks as well as coin in tihs and the hands of the public.
Total
stock of
gold
105,007
116,655
89,048
99, 260
131,989
176,420
210, 369
302,739
397, 542
485, 257
480, 656
520,019
526. 700
558, 461
589,609
650,072
649, 753
633,519
648, 284
625, 865
582,102
591,430
538, 793
502, 584
589,233
637, 795
831,900
897,473
988, 768
1,049,640
1,120, 531
1,191, 685
1, 216.822
1,287, 668
1,458,323
1, 612,689
1, 656,150
1, 038, 649
1,710,035
.1,. 799, 628
1.880, 237
1,904, 694
1, 813,006
2,312,061
2,842,804
3,155,009
3,169,916
2,994,127
2,925,750
3,660, 301
3,928,816
4, 243,869
4,499,481
4,399,426
4,492,060
4,379, 268
4,141,421
4,283.923
758
REPORT ON T H E FINANCES
Reconciliation of Gold Statistics {United States), 1914-1928^
Movements of gold in and out of the country, and in and out of earmark, and
the total production (less consumption in industr}^ of gold in the United States
account for the changes in total gold holdings of the country, and should be
reflected in the estimate of the total gold stock of the United States, prepared
monthly by the United States Treasury. The object of this study is to discover
"why official statistics representing these movements and transactions in gold fail to
explain the changes from year to year in the gold-stock figures. Table I ^ opposite
presents published statistics on these movements and transactions for the period
of the Federal reserve system (1914-1928). If figures in this table were complete,
accurate, and comparable, the changes in gold stock shown in the first column of
the table would be entirely explained by the factors represented in the following
columns (2 to 8). That this is not the case is indicated in column 9, which represents the aggregate annual discrepancies contained in these figures. The varying
size and direction of these discrepancies over the period indicate a degree of
inaccuracy so great as to throw the entire set of figures into doubt, unless the
main sources of discrepancies can be located and explained. The specific purpose
of this study is to discover which figures contain these discrepancies and to what
such discrepancies are due. As a first step to this end, the source of each set of
figures involved is stated. (The tables in this study were compiled in thousands.
Apparent inconsistencies of $.1 or $.2 million are due to conversion to millions.)
1 Several members of the staff of the division of research and statistics and of the staff of the division of
bank operations of the Federal Keserve Board were consulted for material and suggestions in connection
with this study.
2 An analysis of changes in monetary gold stock is presented monthly in the Federal Reserve Bulletin in
the form of a table of the following type.
Analysis of changes in monetary gold stock
[End of month basis. In millions of dollars]
Increase (+) or decrease (-•) during month
Month
1927—January
February...
March
Aprh
May
June
July..
August
September..
October....
November..
December..
Gold stock
at end of
month
4,564
4,586
4,697
4,610
4,608
4,687
4,680
4,588
4,671
4,641
4,451
4,379
Total (12 months).
-1-72.3
-1-21.3
-hll.l
+12. 9
-L4
-20.-9
-7.5
+8.5
-17.6
-30.1
-89.7
-71.7
Through
net gold
import or
export
+44.5
+19.9
+10.8
+n.9
Through
Through
earmarkdomestic
ing opera- production,
tions
etc. a
+19.5
+3.2
-1.5
-LO
-b35.5
-"36.7
- 6 23.1
-2.5
-9.0
-25.0
-40.0
-8.5
+8.3
-L8
+L8
+2.1
+2.4
+3.0
+6.7
+4.6
+3.0
+3.4
+3.5
+4.2
-112.7
Total (12 months).
. 1928—January
February...
March
April
May
June
July
August
September..
October
November..
December«.
Total
4,373
4,362
4,305
4,266
4,160
4,109
4,113
4,123
4,125
4,142
4,128
4,141
+31.7
+12.8
+8.9
+6.4
-11.5
-8.6
-53.2
-67.4
+6.2
-160.1
+4L2
-6.0
-11.2
. -57. 6
-38.7
-105. 7
-61.0
+3.4
+10.3
+2.1
+17.3
-14.0
+12.9
-13.8
-11.1
-94.9
-91.2
-81.7
-79.9
-63.9
+.7
+.5
+13.3
+5.7
+22.6
+5.5
+2.9
+35.8
+45.7
-26.5
+30.1
+60.9
+5.9
-L.2
+L2
-25.0
-16.7
+2.3
-3.0
+L5
+6.8
+2.6
-L2
+6.4
+3.7
+2.8
+2.8
+5.3
+6.0
-238. 2
-393. 7
+119. 6
+35.9
a For detahed explanation of this figure, which is derived from preceding columns, see Bulletin for
December, 1928, p. 831.
* Includes effect of earmarking operations connected with gold held abroad by Federal reserve banks.
•
e December figures preliminary.
In this table the increases or decreases in the estimated gold stock of the United States are analyzed into
changes (1) in net gold imports or exports, (2) in earmarking operations (both here and abroad), (3) in
domestic production, etc. Items (1) and (2) represent published statistics. With reference to item (3) the
December 1928 Bulletin states, "This figure, derived from preceding columns, represents in general an
excess of domestic production over domestic consumption in the arts. It is subject, however, to certain
unavoidable inaccuracies in oflQcial reports of gold imports and exports.'*
759
DIRBCTOR OF T H E M I N T
TABLE I.-
- Annual changes in United States stock of gold, and determining factors,
1914-1928; published figures
[In mhlions of dollars]
Determining factors i
(1)
(2)
Calendar year
Stock increase or
decrease
(-)
1914__.
1915-_
1916
1917
1918
1919.
1920
1921__
1922
1923
1924
1925
1926.1927
1928
(3)
(5)
(7)
Held
Earmarked abroad, inincrease
crease or Production
(-)or
decrease
decrease
(-)
Consumption of
new material in
arts, including
coin (—)
94.5
101. 0
92.6
83.8
68.6
60.3
51.2
50.1
48.8
•51.7
.52.3
49.9'
48.3
45. 4
46.2
-37.4
-29.6
-41.1
-34. 8
-32.9
-56.1
-54.0
-23.1
-36.3
-40.0
-37. 9
-36.2
-43. 3
-32.9
-31. 6
-98.5
497. 8
530.7
312.2
4.9
-165. 8
-68.4
734.6
268.5
315.1
255.6
-100.1
92.6
-112.8
-237. 8
-6.1
-.8
1.9
-17.0
22.0
-3.7
.7
-42.2
32.2
-26.3
-160. 2
119.5
52.5
-46.7
125.5
-128. 0
-3.3
(8)
(9)
Net imports or
exports
Discrepancies
Gosses unaccounted
for or gains
overstated
( - ) or the
reverse)
(-)
-165. 2
420. 5
530.2
180.6
21.0
-291. 7
95.0
667.4
238.3
294.1
. 258.1
-134. 4
97.8
6.1
-391. 9
9.6
5.9
—44.9
30.9
—5.1
—5.7
— 15.6
21.5
21.4
8.6
25 3
—11.6
16.1
28.8
20.0
1 The sum of columns (2) to (9) equals (1).
Sources: Columns 1, 2, and 3, Annual Report of the .Federal Reserve Board, 1929, pp. 81 and 82. Columns
5 and 7, Annual Report of the Director of the United States Mint, 1929, pp. 38 and 39. Column 8, ibid.,
p. 68 and corresponding tables in earlier reports.
Sources of Gold Statistics
The stock of gold figure is computed by the United States Treasury and
published monthly on the Circulation Statement of United States IVIoney. It is
the sum of an estimate prepared by the United States ]V[int of the stock of gold
coin in the United States, plus figures representing the actual amount of gold
bullion (including foreign gold coin) held by the Treasury and by the Federal
reserve banks and agents, as shown in their respective operating accounts.
Gold earmarked for foreign account and gold held abroad by the Federal
reserve banks are from the accounts of the Federal reserve banks and published
in the annual report of the Federal Reserve Board.
The gold production figures are compiled from the operating accounts of the
United States mints and assay offices, and from reports furnished annually to the
Director of the IMint by all private refiners in the United States of gold from the
mines. The yearly receipts of domestic-gold product at the mints, assay offices,
and private refineries are combined to secure the annual gold production figure
for the United States.
The consumption of new gold in the industrial arts is an estimate prepared
by the United States IMint Bureau and published in the annual report of the
director. It is calculated by subtracting from the. aggregate issues of gold for
industrial use by the mints and assay offices, by the private refineries and by the
dealers in gold, the old jewelry, plate, scrap, etc., returned to these institutions
from use in the arts. (The dealers in gold, hereafter understood to include manufacturers who use gold (optical, dental, and jewelry companies, etc.) as well as the
private refineries, report annually to the Director of the IVIint.)
Gold import and export figures are compiled by the Bureau of Foreign and
Domestic Commerce of the United States Department of Commerce from declarations of shippers or importers at ports of entry and embarkation. They appear
in various publications of that bureau.
It is now proposed to examine carefully the basis of the above items to discover
the source of the discrepancies under consideration. Beginning with the gold
stock item itself, attention is especially called to the fact that the gold coin part
of the stock figure is an estimate while the gold bullion part is the sum of items
from the operating accounts of the Treasury and the Federal reserve banks,
760
EEPORT ON TPIE FINANCES
representing the actual gold bullion holdings of these institutions. It is feasible
thus to measure directly the stock of monetary gold bullion, since it is held entirely
by the Treasury and the Federal reserve banks, in contrast to the stock of gold
coin, which is held not only by the above institutions but. also by numerous
commercial banks and by the public. An explanation of the estimate of gold
coin is made first because such explanation will eliminate all coin items from
further consideration in this study. This is true because the coin estimate is
derived directly from the published figures representing the movements and
transactions in gold coin; the changes.in the gold coin stock are consequently
exactly explained by the aggregate statistics representing such movements and
transactions; there are no discrepancies between the changes in gold coin stock
and such transactions and movements in gold coin, and no problem with reference
to gold coin.
i
ESTIMATE OF T H E STOCK OF GOLD COIN
To secure the estimate of gold coin for any given date, the stock of gold coin
at the end of the preceding period is adjusted for the net import or export of gold
coin, for the changes in the amount of gold coin earmarked for foreign account,
for the amount of coinage from bullion and withdrawal from coinage for melting
during the period, including an estimate of the amount melted for use in the
industrial arts.^ In other words, the estimate of the stock of gold coin is a derived
figure; it. is, therefore, apparent that-there can be no discrepancies between
changes in the gold coin stock estimate and the statistics of movements and
transactions from which such changes are derived. Consequently, the changes in
the coin stock estimate or other coin figures in Table I can not contain any of
the discrepancies which this study is endeavoring to explain (except such as are
contained in the bullion figure also)."* All discrepancies in Table I must, therefore, be contained in the bullion figures and the problem of this memorandum is
concerned with gold coin only in its effect on the stock of gold bullion figures
through the minting of bullion into coin and the melting of coin into bullion for
monetary purposes. If the items of Table I representing aggregates of coin and
bullion are separated into coin and bullion items respectively, and shown in
separate tables with the figures for the melting of coin and the coining of bullion
at the mints included in both tables (but with reverse signs, since the melting of
coin represents a deduction from coin stock but an addition to bullion stock, and
the minting of coin the reverse) the items in the coin table (Table II) *'wash,"
while the whole of the discrepancies shown in Table I appear in the bullioii table
(Table III). Our problem is thus reduced to a gold bullion problem only.
3 This estimate has no direct bearing on the results sought in this study, but is properly discussed in this
connection. The estimate has been placed by the United States Mint at $3,600,000 yearly since 1885.
With reference thereto the annual report of the Director of the Mint for 1907, pp. 85-86, states:
" D r . James P. Kimball, Director of the Mint in 1886, made a revision of the estimates of his predecessor
as to the amount of gold coin consumed in the arts. He estimated $30,000,000 for the years from 1874 to
1880, inclusive, and the following years to 1885, as follows:
1881..
$3,300,000
1882
2,700,000
. 1883
2,600,000
1884
4,875,000
1885
:
6,000,000
"These estimates were based upon the result of a census taken by addressing inquiries to all known
manufacturers of gold and shver wares.
"After 1886 Dr. Kimball dropped his estimate to $3,600,000, investigation indicating that bar gold was .
being used more generally by manufacturers. In 1893 the Director of the Mint dropped this estimate to
$1,600,000, and it remained at that figure unth 1903 when it was restored to $3,500,000 as the result of extensive inquiries begun in 1900 and reported in detah in the reports of that and succeeding years. It should be
understood that this is the only annual deduction made from the stock to cover not only losses by melting
on the part of jewelers, but destruction and disappearance by every means except natural abrasion, which
is computed at the time of recoinage. As' the latest investigations reveal an actual reported consumption
of about $3,000,000, it is concluded that an average allowance of $3,600,000 for the 10 years during which the
estimate was only $1,500,000 per year is not too great. It is also considered that $5,000,000 more in the
aggregate should be deducted for the years prior to 1886. During that time it is known that bars had not
entered so generally into consumption as they have since. It has always been the practice for small manufacturers and dentists to use coin freely, whhe the large manufacturers and makers of dental supplies who
buy the bullion in quantities prefer bars."
It will be noted from the above that at the time this estimate was made there was *' an actual reported
consumption in the arts of about $3,000,000." The reported consumption in the arts during recent years
has been only about $500,000. However, the list of dealers and manufacturers reporting, contains only the
larger concerns, and the great number of small dealers from whom it is impractical to secure reports doubtless use some coin. The estimate of $3,600,000 as consumption of coin in the arts is probably high; viewed
as the only deduction fr6m the stock of gold coin estimate to cover losses and destruction of all kinds, it is
probably not too high. Based on information avahable, we estimate that at present not more than $1,000,000 in gold coin is used annually in the arts. The annual estimate of $3,600,000 stands as the deduction
from coin stock for use in the arts plus destruction and disappearance by every means except natural
abrasion.
"
.
. 4 The only actual interchange between bullion and coin is through melting of coin into bullion and
minting of bullion into coin, but classification errors in import and export figures interchanging coin and
bullion would produce errors in both types of figures. This is dF.cussed more fully on p. 774 of this; study.
761
DIRECTOR OF T H E M I N T
TABLE II.—Annual changes in stock of United States gold coin, and- determining
factors, 1914-1928; published figures
[In nulhons of dollars]
D e t e r m i n i n g factors i
(1)
C a l e n d a r year
(2)
Stock
increase
Earmarked
or decrease
increase
(-)
(-)
or decrease
1914
1915
1916
1917
1918
1919
1920..:
1921
1922
1923...
1924
1925
1926
1927-.
1928
-
^
-100.4
155.3
-97.2
-219.2
-44.0
-252. 0
-272. 0
46.9
45.5
69.6
153. 4
74.9
16.6
50.2
78.1
--6.1
-.8
1.9
-17.0
22.0
-3.7
.7
-42.2
32.2
-5.3
5.7
2.0
(8)
(4)
Minting
or meltiug ( - )
by mints
Consumpt i o n in
the arts
.61.7
19.3
16.2
-3.2
-14.8
-16.2
12.7
8.4
78.1
42.7
203.1
191.1
75.8
123.3
175.0
-3.5
-3.5
-3.5
-3.5
-3.5
-3.5
-3.6
-3.5
- 3 . 5.
-3.5
-3.5
-3.5
-3.5
-3.5
-3.6
(-)
(9)
N e t imports or
exports
Discrepancies
-148.6
139.6
-103.8
-211. 7
-25.7
-234. 2
-264.2
20.0
-25. 4
29.7
-4.0
- 1 4 4 . 9'
-50.4
-75.3
-95.4
.
0
0
0
0
0.
0
0
0
0
0
0
0
0
0
0
1 The sum of columns (2) to (9) equals (1).
Sources: Column 1, unpublished records of the United States Mint underlying total gold stock as published. Column 2, Annual Report of the Federal Reserve Board, 1929, p. 82, less buhion amounts from
confidential reports of the Federal Reserve Bank of New York. Column 4, Annual Report of the Director
of the United States Mint, 1929, pp. 89 and 47 and simhar tables in earlier reports. Column 7, ibid., p. 39,
Column 8, ibid., p. 58, and simhar tables in earlier reports.
762
EEPORT ON THE FINANCES
TABLE III.—Annual changes in United States stock of gold bullion, and determining
factors, 1914-1928; published figures
[In millions of dollars]
D e t e r m i n i n g factors ^
(1)
(2)
C a l e n d a r year
-
.. .
._
(4)
(5)
Stock inHeld
crease or E a r m a r k e d a b r o a d , in- M i n t i n g
(-)or
Producincrease
decrease
crease or
melting
tion
(-)or
decrease
by mints
decrease
(-)
1914
1916
19161917
1918
1919
1920
1921
1922
1923...
1924
1925
1926...
1927..
1928-
(3)
1.9
342.5
628.0
631.4
48.9
86.3
203.6
687.7
223.0
245.6
102. 2
-174. 9
76.0
-163. 0
-316. 0
(-)
52.5
-40.7
125.5
-128.0
-3.3
-21.0
-165.8
117. 5
-51.7
-19.3
-16.2
3.2
14.8
16.2
-12.7
-8.4
-78.1
-42.7
-203. 2
-191.1
-75.8
-123.3
-175. 0
94.5
101.0
92.6
83.8
68.6
60.3
51.2
50.1
48.8
51.7
52.3
49.9
48. 3
45.4
46. 2
(7)
Consumption of
new m a terial in
arts ( - )
-33.9
-26.1
-37.6
-31.3
-29. 4
-52.6
-50.5
-19. 6
-32. 8
-36. 5
-34.4
-32. 7
-39.8
-29.4
-28.1
(8)
(9)
Discrepancies
(losses
N e t imunacp o r t s or c o u n t e d
for or
exports
gains
over- .
stated
( - ) or t h e
reverse)
(-)
-16.7
281.1
634.0
392.3
46.7
-57. 4
359.2
647.3
263.8
204.4
262.1
10.5
148. 2
81.4
-296. 5
9.7
5.8
-44.8
30.9
-5.1
-5.7
— 15.6
21.6
21.3
8.5
25.4
— 11. 5
16.1
28.7
19.9
1 The sum of columns (2) to (9) equals (1).
Sources: Column 1, unpublished accounts of the Treaurer of the United States and of the Federal Reserve Board, underlying total gold stock as published. Column 2, confidential reports of the Federal
Reserve Bank of New York, underlying total earmarked gold as published. Column 3, Annual Report
of the Federal Reserve Board, 1929, p. 81. Column 4, Annual Report of the Director of the United States
Mint, 1929, pp. 47, and 89 and similar tables in earlier reports. Columns 5 and 7, ibid., pp. 38 and 39.
Column 8, ibid., p. 68, and similar tables in earlier reports.
THE RESULTS OF THE STUDY
There is ilow presented Table IV embodying the results of this study to
eliminate the discrepancies appearing in Table IIL The various separate
adjustments and corrections which have been applied to Table III to secure
Table IV will be found in Table V. The adjustments there shown are results of
checking, analj^ses, or calculations appearing in Tables VII to XIV. Each
of these tables with resulting adjustments is discussed in detail as presented.
Since the presentation of the analysis of the data in Table III to discover the
adjustments necessary to secure Table IV requires a number of tables and somewhat lengthy explanations it has seemed desirable to present also, for the sake
of simplification, a single table showing for a representative year, complete
unadjusted data, adjustments, and adjusted results. The year 1924 has been
chosen for presentation since it contains most types of adjustments made. In
this table, as in Tables III and IV, changes in the bullion stock figures with
adjustments are set off and balanced against changes in all other factors (imports
and exports, earmarked bullion, production, consumption, etc.), with adjustments.
By following through Table VI the reader can view the entire process of deriving
the stock figure and of adjusting the various factors which account for changes
in stock.
THE STOCK OF GOLD BULLION IN THE TREASURY
As already stated, the figures for gold bullion held by the Treasury, used in the
stock of gold figures, are taken from the accounts not of the Bureau of the IMint
but of the United States Treasurer. The items on which these Treasurer's
figures are based, however, are supplied to the Treasurer's office by the several
mints and assay oflSces. The figures thus furnished are not always in exact
accord with the accounts of the mint by reason of differences in accounting
procedure; furthermore, they are not interpreted in exactly the same manner bv
763
DIRECTOR OP THE MINT
the Treasurer as by the mint. The differences as between the published gold
bullion stock figures of the Treasurer and of the mint for December 31 of each
year during the period under discussion appear in column 3 of Table VII. (Column 4 shows column 3 differences which should be applied to the Treasurer's
gold bullion figures as corrections, and column 5 shows the corrected Treasurer's
bullion stock figures. See page 768 for further explanation.)
TABLE IV.—Annual changes in United States stock of gold bullion, and determining
factors, 1914-1928; adjusted figures
[In millions of dollars]
Determining factors i
(1)
\(2)
(3)
(4)
(5)
(6)
Calendar year Stock in- EarHeld
Error or
unidenticrease or marked abroad, Minting
(-)or
decrease increase increase melting Produc- fiable
(-) ( - ) o r or de- in Treas- tion outgo ^ of
private
ury 2
decrease crease
refineries
(-)
1914
1915
1916-.
1917
1918._
1919..
1920__
1921.
1922..
1923
1924.
1925
1926
1927..
1928
...
.
.
2.0
337.8
633.4
533.1
6L6
80.8
202.3
690.1
..
223.0
245.9
102.3
-174. 5
76.2
-2L0
. -162. 7 -166. 8
117.6
-316. 0
-
62.6
-46.7
125.5
-128.0
-3. 3
-51.7
-19.3
-16.2
5.3
17.8
n.3
-12.9
-8.4
-78.1
-42. 4
-203.1
-190. 6
-76.7
-123. 0
-174. 9
93.4
99.7
91.1
82.5
66.9
60.6
50.0
49.5
46.9
49.6
6L2
47.6
46.7
43.5
44.2
(7)
(8)
(9)
Discrep
ancles
Con- Net im- (losses
sumpunacports counted
tion of
or
new ma- exports for or
terial in
gains
arts ( - )
over(-)
stated
( - ) or the
reverse)
-22. 2
-.3
-22. 4
-.3
-28.9
-L6
-30. 3
-.2
-31.7
-.7
-54.1
3.1
-49.2
—.4
-19.5
.3
-30.9
-.1
-34.7
-2.5
-31.4
-L7
-30.1
-3.6
- 3 . 1 • -29.9
-25. 6
-3.2
-25.3
-6.0
-16.1
278.9
588. 6
422.8
46.4
-65.6
342.8
67L6
285.5
276.1
286. 9
2.3
159.1
in.o
-272. 2
-1.1
12
.4
.5
—.4
:o
.0
—.1
-.3
-.2
.4
—.1
.1
.3
-.3
1 The sum of columns (2) to (9) equals (1).
2 Includes increase or decrease in coin held for melting and counted as bullion in column (1), but not yet
melted.
3 May be error, export, or used in arts.
Sources: The same as in Table III for simhar items, with adjustments shown in Table V, in general.
Column 6, Table VIII, cohimU 9. Column 7, Table X. column 9. C3olumn 8, Table XIV, column 6.
764
REPORT ON TPIE FINANCES
TABLE V.—Adjustments to published gold bullion statistics of the
[In mihions
1914
Calendar year
1. Stock increase or decrease:
. (a) Adjustment for decrease or increase (—) in silver buhion
inclusion
..
..
.
...
(6) Adjustment for increase or decrease (—) in uncurrent
coin omissions .
.
^
Total..
,..DETERMINING
1915
1916
0.1
-4.7
6.4
.1
-4.7
5.4
2.7
L7
2.7
2.1
3.0
-1.4
-1.3
FACTORS
5. Production:
(a) Philippine production (—)
(b) One-half yearly increase ( - ) or decrease in private refinery stocks
-1.1
-1.3
-L5
.1
-.4
-1.1
:
6. Error or unidentifiable outgo of private refineries
7. Consumption: i
(a) Private refinery and dealers' issues omitted ( - ) or too
large
(6) Estimates of gold bars too low (—) or too high
(c) Federal reserve transfers erroneously included
(rf) Receipts from plants working only old material omitted..
(e) One-fourth of increase ( - ) or decrease in private refinery
stocks
(/) Exports erroneously included.
.
(g) Private refinery and dealers' old too high ( - ) or too low..
-L3
-1.5
-1.3
-I. 7
-.3
-.3
-L6
-.2
-.7
-.8
-.1
-.8
.0
-.7
-.8
.6
.7
.8
-2.6
-.5
.9
i.5
.1
-.2
8. Net imports or exports:
(a) Adjustment according to recorded figures of mint. Federal reserve banks and private refineries 2__ . . .
(6) Adjustment for increase or decrease ( - ) in advances on
unassayed bullion
(c) Adjustment for increase ( - ) or decrease in unassayed
bullion not paid and decrease (—) or increase "in
transit" item omissions
.
7.8"
4.2
3.8
9.4
' 11.7
Total
Total
9. Sum of adjustments ^. . .
1918
1.7
4. Minting and melting, increase or decrease (—) in uncurrent coin
for melting, counted as bullion but not yet melted
Total
1917
3.7
8.7
LO
-2.3
2.2 -57.1
42.0
-.3
-.6
-3.2
29.8 -29.6
1.2
- 1 . 2 -18.1
18.1
.6
10.8
- 2 . 2 -45.4
4.7 -45.2
30.6
30.4
-.3
-4.7
1 Signs must be reversed when applying to items in Table IX to secure Table X.
2 Refers to adjustment contained in column 3, Table XIV.
3 The sign of item (1) must be reversed in adding to other adjustments to secm*e total adjustments.
Sources: Item 1, increase or decrease in column 4, Table VII. Item 4. column 2, of table in note 6,
p. 769 with signs reversed. Item 5a, Annual Report of the Director of the United States Mint, 1929, p. 35
and earlier reports.' Items 5b, and 7e, ibid., p. 36 and earlier reports. Item 6, Table VIII, column 9.
Items 7a and 7g, unpublished reports of private refineries and dealers. Item 7b, Table XI, last column
compared with Table IX, column 1. Items 7c and 7f, unpublished reports from New York assay oflSce.
Items 7d, 8b, and 8c, unpublished accounts of the United States Mint. Item 8a, Table XIV, column 3,
minus Table XV. column 5.
765
DIRECTOR OF THE M I N T
United. States {Table I I I ) to secure Table I V , 1914 to 1928
of dollars]
1920
1919
1921
1922
-L3
-L3
2.4
-4.9
-.2
-.9
-L3
-L3
1.2
.1
.7
.3
-L2
3.1
-.4
1925
1927
1926
1928
2.4
-5.6
1924
1923
-1.1
0.3
0.1
0.4
-0.8
0.3
.3
.1
.4
-.8
.3
.3
.1
.5
-.9
.3
-L6
-L6
-L7
-L9
-2.0
-1.7
-.4
-.6
.6
-.5
.4
-.2
-.2
-.6
-L9
-2.1
-1.1
-2.4
-1.6
-L9
-2.0
.3
-.1
-2.6
-1.7
-3.5
-3.1
-3.2
-5.0
.0
.-•3
-.1
.8
-L9
.6
2.3
1.4
-.1
L7
1.4
2.2
3.4
2.8
7.4
3.8
4.0
2.9
.3
-.2
-.2
+.3
-.3
+.2
-.1
-.1
-4.4
-3.0
-.1
Li
"
L3
. .6
-L8
-.1
-.1
.6
-2.2
-2.9
.1
L9
1.8
3.0
2.6
9.9
3.9
2.8
63.6
23.5
-10.7
54.8
-7.6
11.1
29. 0
24.8
-29.0
-L9
21.7
-29.5
-.6
.3
.2
.3
-.6
.4
-8.2
-11.4
10.9
16.0
29.6
28.4
-L6
-.1
•
0 1
-L6
.L3
-8.4
-55.9
.2
39.6
-.2
.0
..7
-.5
-8.2
-6.7
-16.4
-16.6
24.3
21.7
2L7
2L6
11.7
. 8.7
24.8
26.0
.1
24.3
20.2
766
REPORT ON THE FINANCES
TABLE VI.—Change in stock of gold bullion in the United States, and deterrriining factors, calendar year 1924; published figures and adjustments.
[In mhlions of dohars]
Change in stock of gold bullion:
Treasury gold bullion s t o c k Dec. 31, 1923, as published
Correction due mainly to omission of uncurrent coin held...
3,22L8
.3
Corrected Treasury gold bullion stock, Dec. 31, 1923
Dec.31, 1924, as published
Correction due mainly to omission of uncurrent coin held
3,324.7
.4
Corrected Treasury gold bullion stock, Dec. 31, 1924
3,222.1
3,325.1
Increase in Treasury gold bullion stock during 1924
Federal reserve banks gold bihlion s t o c k Dec. 31,1923, as published
Dec. 31, 1924, as published
103.0
8L3
80.6
Decrease (—) in Federal reserve banks' gold bullion stock during 1924...
—. 7
(1) Corrected increase in total gold bullion stock during 1924
_
102. 3
Factors determining change in stock of gold bullion:
(2) Gold earmarked by the Federal reserve banks, increase or decrease
0
(3) Gold held abroad for the account of the Federal reserve banks, increase or decrease...
0
Gold coin held by Treasury for melting—
. Dec. 31, 1923
Dec. 31, 1924
Increase in gold coin held for melting during 1924
Gold coin melted during 1924...
Gold coin minted during 1924
.3
4
1
2.8
-206.0
(4) Net minting during 1924
.-203.1
Total domestic gold production during 1924, as published
Less production in Philippine Islands, during 1924
_.
Less one-half change in private refinery stocks during 1924
62.3
—1.7
.6
(5) Adjusted total domestic gold production...
51. 2
Private refinery domestic receipts
Private refinery foreign receipts
Private refinery secondary receipts
34.8
16.4
13.0
Total receipts of private refineries
64. 2
L:)ss—
Receipts from private refineries by mints and assay oflaces (exclusive of old
material from plants working only old gold, included by mint in published
receipts from refineries)
—62.2
Private refinery gold used in arts
—1. 6
Decrease in private refinery stock
1.3
Total reported outgo of private refineries
—62.6
(6) Error or unidentified outgo of private refineries
Mint bars issued to industrial arts—
As published
As revised—
At New York for gold cash
At New York for bullion...
At Phhadelphia for gold cash
At Phhadelphia for buhion
At Denver for buhion.__
At San Francisco for gold cash
At San Francisco for buhion
(60. 5)
—61.1.
—4.8
—2.1
—.9
—.1
—.7
—.1
Revised mint bars issued to industrial arts
Private refinery issues to arts—
As published
1
As revised....
Dealers'refinery issues to arts—
As published
As revised
_
Total bullion used in arts, as revised..:
See notes at foot of table, p . 767.
—1. 7
,.
—59.9
(L9)
(0)
,.
—1.5
_
—2.3
—63.7
767
DIRECTOR OP T H E M I N T
Factors determining change in stock of gold bullion—Continued.
Less:
Old material received by mints as used in published
figures
(13.3)
Old material received by mints as revised
Old material received by private refineries as published
(13.0)
Old material received by private refineries as revised
Old material received by dealers as used in published
figures
(1. 7)
Old material received by dealers as revised
___
16.7
13.3
i...
Total old material received in arts, as revised
_
Total new bullion used in the arts as published
2.3
32.3
(34.4)
(7) Total new'buhion used in the arts as revised
—31.4
Treasury receipts of foreign gold
..^
326.2
Private refinery receipts of foreign gold—
As published.......
(16. 4)
As revised
16.7
Increase or decrease in stock of foreign gold in Federal reserve banks
0
Phhippine production of gold
1.7
Total net foreign gold imports
Total mint bars issued
__
•
__ —87.0
Bars estimated, used in arts, as revised
59.9
Redeposits of mint bars..
_.
.2
Increase or decrease in mint bars earmarked for foreign account
0
Decrease in Federal reserve bank stock of mint bars..
—.8
344.6
-27.7
Total net export of mint bars..
Total net import of bullion (mint weight basis)
316. G
Adjustment for decrease (—) in advances against unassayed gold (i. e., to mint accounting
basis).
-29.5
Adjustment for decrease in " i n transit" omissions (to Treasurer's stock basis).
-.6
(8) Total net import comparable to Treasurer's stock figure
(9) Discrepancy between change in stock of gold buhion (1) and total of determining factors
i. e., sum of (2) to (8)
T A B L E VII.—Differences in Treasurer's and mini figures on gold bullion held by the
Treasury, and Treasurer's figures corrected
[In millions of dollars]
(1)
Dec. 31—
1913
1914
1916.
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
.
-
(2)
(3)
(4)
(5)
Amount
Gold bul- Gold bul- shown by Corrections Treasurer's
on Tr<^.as- gold bullion
lion relion reported by ported by mint larger urer's gold
figures,
bullion
than
mint
Treasurer « Treasurer ^
corrected
figure c
.-
- .
. . .
-
303.6
304.4
643.4
1, 294. 8
1, 688. 7
1,776. 5
1,719.3
1,997. 2
2, 764.1
2, 976. 4
3, 221. 3
3, 325.1
3,099. 8
3,066. 2
2,877. 3
2, 612. 6
304.4
306.3
648.8
1, 276. 7
1, 687. 0
1, 772.1
1, 720. 4
1,999. 6
2, 763. 9
2, 976. 2
3, 221.8
3, 324. 7
3,099.8
3, 065. 7
2, 877. 2
2, 512. 6
- 0 . 8 (2)
-<'L9(2)(4)
- 5 . 4 (2)
18.1 (3)
L7 (1)
4.4 (1)
- L l (2)
- 2 . 4 (2)
.2(3)
.2 (3)
- ' . 5 (4)
.4 (1)
.5 (3)
' . 1 (3)
-.8
-.7
-5.4 •
L7
4.4
-Ll
-2.4
.3(5)
^8(5)
.3(5)
303.6
305.6
643.4
1,276.7
1, 688.7
1, 776.6
1,719.3
1, 997. 2
2, 763.9
2,976. 2
3, 222.1
3,325.1
3,100. 6
3,0^5.7
2, 877. 5
2,512. 6
« Revised figures for all years. Published gold stock estimate used unrevised figures previous to 1916
because revised figures were not available monthly.
< Minus quantities indicate Treasurer's figure larger than mint figure. Figures in parentheses indicate
»
cause of difference. See text, p. 768.
c Differences (1) and (2) shown in column 3. See text, p. 768.
d $1,200,000 (No. 4) error; $700,000 (No. 2) error.
• Uncurrent coin held not included in mint figure.
Sources: Column 1, Annual Report of the Director of the United States Mint, 1929, p. 109, and simhar
reports for earlier years. Column 2, unpublished records of Treasurer of the United States.
1 For import and export figures adjusted for comparabhity with customs declaration figures, see Table
XV.
Sources: Items 1, 2, 3, 4, and 5, Tables III, IV, and V corresponding items. Item 6, Table VIII. Item 7,
Tables IX, X, XI, and V. Item 8, Tables XII, XIII, XIV, and V,
12101—31-
-51
768
l^EPORT ON THE FINANCES
T h e numbers in parentheses to t h e right in column 3, Table V I I , refer t o t h e
predominating cause in each case of t h e differences involved. These causes iare
e n u m e r a t e d below:
1. Uncurrent (light weight) gold coin held is included in some years by t h e
m i n t in its stock of bullion figure b u t is omitted from t h a t item by t h e Treasurer
in all y e a r s . ;
2. P a r t of t h e silver bullion purchased, and so shown in m i n t accounts, is
included as gold bullion by certain of t h e mints a n d assay ofl&ces in reports to t h e
Treasurer.
3. T h e m i n t and assay offices record on their books as assets t h e total valiie of
bullion wnich has been assayed, whether it has been entirely paid for or not,
whereas only such p a r t of gold bullion assayed, for wnich actual p a y m e n t s
h a v e been m a d e are reported to t h e Treasurer's office as assets pertaining to
his accounts.^ This difl'erence constitutes a lag between t h e figures of the m i n t
and of t h e Treasurer (since under t h e m i n t practice gold m a y be entered as an
asset on t h e m i n t accounts a t a d a t e earlier t h a n it is so recorded on t h e accounts
of t h e Treasurer) a n d is t h e explanation of t h e large difference shown for 1916
in Table V I I .
4. T h e differences in 1914 and 1923 are mainly due to t h e fact t h a t t h e p u b lished figures of t h e mint on total gold bullion assets failed to include gold bullion
in transit, while t h e Treasurer's figures did include such bullion.
Classes 1 and 2 of t h e aifferences describea above obviously constitute errors
in t h e Treasurer's stock of m o n e t a r y gold figures and the a m o u n t s are shown
in column 4, Table V I I , and applied to column 2, as adjustments on t h e p u b lished stock figures of the Treasurer to secure column 5.
T h e proper t r e a t m e n t of t h e class 3 difference discussed above, however, is open
to question. If t h e stock of gold bullion is to be defined as " a l l bullion physically in and/or a t t h e disposal of t h e Treasury and Federal reserve b a n k s " the
third difference should be applied as a correction on t h e stock of gold bullion
figures.
However, inasmuch as t h e focal point of this study is t h e stock of monet a r y gold and monetary gold bullion is t h a t which is legally owned by the Treasury
and Federal reserve banks and agents, there should be no correction to t h e stock
of gold bullion figure for this difference. T h e class 3 diff'erence as well a s the
class 4 difference, therefore, represent merely, necessary adjustments to t h e
m i n t ' s stock figures to secure agreement with t h e Treasurer's figures. These
two classes of discrepancies have, therefore, been applied a t a point later in
this study (Table X I V ) , where such adjustments are required.
POSSIBLE O T H E R STOCKS OF GOLD
T h e question m a y be asked whether there do not exist in t h e United States
stocks of gold bullion in addition to stocks held by t h e Treasury and t h e Federal
reserve b a n k s . Such stocks, if the}' exist, would be in gold reduction plants.
or private refineries, in t h e h a n d s of gold dealers or manufacturer&, or in banks,
'other t h a n t h e Federal reserve banks. T h e private refineries and other reduction plants do hold small stocks of gold. These stocks are not included in the:
published stock of m o n e t a r y gold figure presumably because they are n o t monet a r y gold under t h e Treasurer's definitions; furthermore, no monthly figures
therefor are available. T h e stocks of private refineries, however, have been
t a k e n into account a t a later point in this study in t h e proper connection. No
statistics of gold stocks held by gold dealers and manufacturers are available,
and any such stocks held m u s t be negligible in a m o u n t since even private refiners' stocks are comparatively small. As to possible bank gold stocks, discussion with various authorities best able to express j u d g m e n t on t h e subject
(including officials of the Federal reserve system, and of t h e office of t h e Comptroller of t h e Currency) indicates t h a t practically no gold bullion is or has been
held by banks other t h a n Federal reserve banks in t h e period under discussion.
E A R M A R K E D GOLD A N D GOLD HELD ABROAD FOR T H E ACCOUNT OF THE FEDERAL
RESERVE B A N K S
These figures, covering a class of transactions readily and definitely identifiable
in t h e operating accounts of t h e Federal reserve banks, are not open to question;
moreover, t h e discrepancies appearing in Table I I I have been traced to other
sources..
5 For further explanation of this difference see p. 776. Since July, 1922, the New York assay oflQce has
changed its practice in this regard and reports to the Treasurer's office as assets, total assayed bullion,
whether paid for or unpaid, but the amounts involved since that date are neghgible and consequently have
not been taken into account in this study.
769
DIEECTOR OP THE M I N T
MINTING AND MELTING BY THE MINTS
Attention was called to the fact that certain ampunts of uncurrent or lightweight gold coin are usually held by the mint awaiting melting. Such coin has
been withdrawn from circulation, is really bullion, and has consequently been
used in Table VII as a correction on the bullion stock figures. The net melting
and minting item derived from published mint data must likewise be adjusted
for uncurrent coin held, but this should be adjusted by the increases or decreases
in the amounts so held, since it is the changes in such amounts wnich are represented in the bullion stock increases and decreases shown in Table IV.^
GOLD PRODUCTION
These figures are compiled from the accounts of the United States mints and
assay offices, and from reports received annually by the Director of the Mint
from private refineries. There are only a dozen bullion-producing plants (refineries working newly mined materials) in the United States. The reports of
these refineries, presumably made up from the accounts of such companies,^
show, among other things, their receipts of domestic gold bullion. The domestic
receipt figures each year shown on the private refinery reports are carefull}''
compared and checked with reports (annual, to the Director of the Mint) from
the smelters and preliminary gold-working plants which receive new gold at
various stages of its refinement. The aggregate production figure compiled
from the two sources (mints and private refineries) of total domest?c gold is
compared with figures compiled by the United States Bureau of Mines, from
reports direct from the mines, showing production of recoverable gold at the
mines. This results in the caieful tracing of all nevv^ gold fiom mines to final
product (bullion).
In view of the limited size of the gold-refining industry, the thorough knowledge
of the field by the Mint Bureau and the Bureau of Mines, and the checking of
the figure between the Mint Bureau and the Bureau of Mines, it would, seem
certain that the gold production figure may be accepted as very nearly accurate.^
The production of gold in the Philippine Islands (shown in Table V) has been
deducted in Table IV from the published production figures of the mint as shown
in Table III, because the imports from these islands are included in the import
statistics of the Bureau of Foreign and Domestic Commerce, and hence should
not be included in this study as part of domestic production.
6 This adjusted net melting and minting item should rightfully also have been used to derive the coin stock
estimate. Since the unadjusted item was used, changes in the uncurrent coin held on Dec. 31 of each year
have been applied to the official coin estimate in the following table:
Estimated gold coin stock in the United States, official figures, with corrections for uncurrent coin held
[In mhlions of dollars]
(1)
(2)
(3)
esti- Increase (—) Corrected
Dec. 31— Official of or decrease estimate of
mate
in uncurstock of
stock of
rent coin
gold coin
gold coin
held
1914
1915..
1916
1917..
1918
1919..
1920
1921
1,508.0
1,663.3
1, 566.1
1,346. 8
1, 302. 9
1,060. 8
778.8
825.7
-2.1
-3.0
4.9
.2
1.508.0
1,663.3
1.566.1
1,344. 7
1,299. 8
1,055. 8
779.0
• 825.7
(1)
Dec. 31—
1922
1923. 1924
1925.
1926
1927....
1928.
(2)
(3)
Official esti- Increase(—) Corrected
or decrease estimate of
mate of
in uncur- stock of
stock of
rent coin gold coin
gold coin
held
-—
87L2
940.8
1,094. 2
1,169.1
1,185. 7
1,235.9
1,314. 0
-0.3
-.1
-.5
.9
-.3
.1
871. 2
940 6
1, 094.1
1,168.6
1,186. 6
1,235.6
1,314.1
Source: Columns 1 and 2, unpublished records of the mint.
' See Table VIII in which private refinery reports are balanced; small discrepancies are carried into
Table IV.
8 The Bureau of Mines also publishes a figure representing the production of gold at the mines. In the
21-year period from 1905-1925, inclusive, the largest variation between the two sets of figures representing
gold production was $3,000,000 in 1907 (on the basis of a total production of $90,400,000 mint figure). This
includes lag during the period of reduction from ore to bullion. The average yearly difference in the two
sets of figures in the 21-year period, which does not cancel out as lag, is about $600,000 only.
770
REPORT ON T H E FINANCES
The published gold production figures represent total unrefined domestic gold
reaching refineries (United States mints and assay offices or the piivate refineries)
within a given jesbT, whereas to eliminate time lag and make the figures comparable to other mint data used, the production figures should represent the
total of new domestic gold received at the mints and assay offices within a given
year, whether received directly from the mines or smelters or indirectly through
the private refineries. (Approximately the entire receipts of the private refineries are purchased by the United States mints after refinement.) Increases
in the year-end stocks of private refineries represent gold received within a
given year which did not reach the United States mints that year, and decreases
in these stocks represent the reverse. The total amount of such changes, therefore (shown in Table VIII, column 7) are prorated roughly between the domestic
receipts, the foreign receipts, and the old-gold receipts of private refineries in
proportion to the relation of each of these to total receipts. One-half of the
changes from year-end to year-end are subtracted from the domestic production
figures in Table III to secure the adjusted production figures in Table IV.
PRIVATE REFINERY DATA
Private.refinery data have been used in securing production figures and will be
used in further calculations in this stud}^ Table VIII has been compiled to indicate the degree of accuracy of the private refinery figures by balancing their receipts against their outgo. Aggregate errors in these figures have been included
in Table IV.
Table VIII is compiled as follows: Column (1), private refinery domestic receipts; plus (2), private refinery foreign receipts; plus (3), private refinery
secondary receipts; equals (4), total receipts, of private refineries; minus (5),
receipts from private refineries by mints and assay offices (less receipts of refined old material from plants working secondary (old) material only, but classified in mint records with other private refinery product; minus (6), private
refinery gold used in arts; plus or minus (7), decrease (or increase) in private
refinery stocks from one year-end to the next; equals (8), total reported outgo
of private refineries; plus or minus (9), balancing item—error or unidentified
outgo, i. e., difference in reported receipts and outgo of private refineries carried
to final balancing Table IV, item 6.
TABLE VIII.—Receipts and outgo of private refineries in the United States,
1914-1928. Published or reported figures with required adjusting balances
[In millions of dohars]
Receipts
(1)
C a l e n d a r year
(3)
(2)
Outgo
(4)
(+) (3)
1914...
1915 .
1916 _
1917..
1918-1919__
1920
1921._.
1922
1923 .
1924
1925
1926
1927...
1928..
(5)
(6)
Product
Total
received P r o d u c t
reported at U n i t e d
Domes- Foreign
Old
issued
tic re- r e c e i p t s
receipts
States
receipts
to a r t s
ceipts
(1) ( + ) (2) m i n t s
(-)2
66.1
6L9
69.6
65.8
47.2
42.7
35.7
33.9
3L4
35.0
34.8
32.8
3L6
26.3
25.9
19.3
17.7
16.6
15.9
1L7
13.8
13.0
12.5
15.2
16.6
16.4
14.8
15.3
14.4
14.3
.
4.2
3.8
9.4
8.7
8.3
6.8
12.9
9.6
9.1
14.2
13.0
n.3
10.8
10.2
9.9
79.6
83.4
85.6
80.4
67.2
63.3
6L6
66.9
55.7
66.7
64.2
68.9
57.7
49.9
50.1
(-)»
-78.2
-82.1
-82.8
-78.2
-62.0
-65.6
-57.3
-54.6
-6L6
-68.8
-62.2
-53.3
-52.9
-45.8
-44.1
-Ll
-LO
-1.1
-2.3
-3.8
-3.3
-4.1
-2.9
-3.3
-3.5
-L6
-LO
-2.4
- .6
- .6
(7)
(8)
(9)
Decrease
or increase
(-)iu
year-end
stocks
Total
reported
outgo
(6)+(6)
E r r o r or
unidentified
outgo
-(8)-(4)
.3
-.7
2.4
.2
L3
-.8
-.9
L3
-Ll
.7
-.3
-.4
+(7)
^79.3
-83.1
-83.9
-80.2
-66.6
-66.4
-6L2
-56.2
-55.6
-63.2
-62.5
-55.4
-54.6
-46.7
-46.1
-.3
—.3
-L6
-.2
—.7
3.1
—.4
.3
—.1
—2.5
— 1.7
-3.5
-3.1
—3.2
—6.0
1 Published figures reduced by small amounts representing receipts of old material from plants working
only old gold. See Table V, item 7d.
2 Reported figures adjusted for omissions, the only important ones being in 1914, 1915, and 1916.
Sources: Columns 3 and 6, unpublished reports of private refineries. Columns 1, 2, and 7, Annual Report
of the Director of the United States Mint, 1929, p. 36, and simhar tables in earlier reports. Column 6,
ibid., p. 43, and similar tables in earlier reports.
DIRECTOR OF THE MINT
771
CONSUMPTION OF NEW GOLD IN THE INDUSTRIAL ARTS
The published figures are calculated as follows: Estimate of bars issued by the
mints and assay offices for use in the arts, plus bullion issued in various forms by
private refineries, dealers (and manufacturers) for use in the arts,^ plus estimate of United States coin melted for use in the arts; result, total gold consumed
in the arts, minus old jewelry, plate, scrap, etc., received by private refineries
and dealers and that returned to the United States mints and assay offices;
result, new material used in the arts.
Table IX shows these items yearly for the period 1914 to 1928 as published,
except the gold coin item, which has been omitted since this stud}^ has eliminated
all coin items and is concerned only with bulhon.
Table X calculated in the same manner, shows these various items (coin item
omitted) yearly for the period 1914 to 1928, as adjusted by this study. Adjustments were all in the nature of corrections to the figures as follows (see Table V):
(a) The mint old gold item (column 5, Table X) includes an addition to the published figures (Table IX column 5) of.a small amount of old receipts from plants that
work secondary (old) material only; (6) certain omissions were found in the refinery
figures, the most important being omissions of old materials received in 1914, 1915,
and 1916; (c) only two important adjustments have been made in the figures for
mint bars issued for use in the arts, i. e., the published figure for 1914 includes
$7,800,000 exported to Canada, and for 1926, $7,500,000 representing gold bars
issued to the Federal reserve banks for monetary use, both of which have been
deducted in adjusted figures.
Column 1 of Table X has been built up in Table XI. Total bars issued in
exchange for bullion (usually scrap or old gold) at New York, Philadelphia,
San Francisco, and Denver (these bars are usually commercial bars); ^ minus
^
such part of the above at New York as are known to be certificate bars;io plus
total bars sold for gold cash at the four above-mentioned offices; minus such
part of the last-mentioned item at New York as are reported by purchasers
as for export or as go to a Federal reserve bank; minus such part of second item
above at San Francisco and Philadelphia as are judged by the Mint Bureau in
Washington to be intended for export.^^
9 Issues by dealers and manufacturers as used in this study are practically identical with their receipts
of old gold and consequently "wash." But the item is part of the estimate of the total gold consumed in
the arts, and hence is properly considered in this connection. Previous to 1929 the mint's list of reporting
dealers contained only about 50 names; in 1929 it was increased to 250 names. Dealers' reported receipts
of old gold for the last five years have been:
[In millions of dollars]
1926
:
3.0 I 1928
.
4.9
1926
. . . . . 3.1
1929.
6.7
1927..
3.7 I
Although the additions to the dealers' list in 1929 increased the reported old gold receipts, the
incompleteness of the data even in 1929 is evidenced in the fohowing comparison between the total of
Mint bar receipts reported by dealers and the Mint adjusted estimate for mint bars issued for
industrial purposes:
[In mihions of dollars]
Mint
estimate
1926 .
1926
1927
1929
. .
..
66.2
56.6
6L6
47.7
Dealers'
reports
16.8
16.9
17.1
27.5
No attempt, however, has been made to increase the old gold receipts of dealers by an estimate
for unreported receipts, because the reported receipts contain some duplication in the form of scrap
from manufacturers. Such scrap gold would be contained in the figure for new gold issued to the arts,
yet it would never have really entered the arts. No definite information as to the amount of these
unreported receipts is available, but to an unknown degree it is offset by the duplication contained in
reported receipts.
1 Two types of bars are issued by the mints and assay offices—certificate bars and commercial bars.
0
Certificate bars are large, valued at about $8,000 or more, and are seldom desired by industrial users, while
commercial bars range in value from $100 to $5,000. Commercial bars are.manufactured for the gold industrial trade,' and are, generally speaking, bought entirely for such purpose.
" This judgment is made upon inspection of the monthly figures of issues and based on experience indicating that any unusually large issue is for export, i. e., that the industrial demand remains much the
same from month to month or year to year. This scanning method is probably fairly accurate, since
industrial consumption in any line does not change rapidly. It wih also be noted that the amounts issued
for arts purposes in these cities and Denver are not large.
772
REPORT ON THE FINANCES
TABLE IX.—Consumption of gold bullion by the industrial arts in the United
States, 1914-1928. Published or reported figures
[In mhlions of dollars]
(1)
Calendar year
(3)
Mint and
Private
assay
refin- Dealers'
office
issues
issues
(bars)
39.6
3L9
44.4
45.6
46.1
68. 7
7L4
42.6
5L0
60.2
60.5
56.2
63.9
5L6
50.1
1914.
•1915.
-1916.
1917.
1918.
1919.
.1920.
1921.
1922.
1923.
1924.
1926.
1926.
1927.
(2)
.3
.2
.4
2.3
3.8
3.2
4.1
2.8
3.0
3.3
L9
Ll
.9
.6
.6
2.2
2.2
2.7
L6
.1
3.2
L9
2.3
2.3
5.2
6.0
3.7
4.9
Old m a t e r i a l received b y -
(4)
Total
used in
arts
(l)+(2)
+(3)
42.0
34.3
47.5
49.4
48.9
72.0
78.7
47.2
56.3
65.8
62.4
62.5
70.8
65.8
55.6
es)
(6)
(7)
(0)
(8)
Mint and
T o t a l old
assay
Private Dealers material
offices
refineries
5.9
6.0
7.2
7.8
8.6
9.6
12.1
14.7
12.3
13.0
13.3
13.3
14.2
12.6
12.7
8.7
8.3
6.8
12.9
9.6
9.1
14.2
13.0
1L3
10.8
10.2
9.9
2.2
2.2
2.7
L6
2.6
3.1
3.2
3.4
2.1
2.1
L7
5.2
6.0
3.6
4.9
8.1
8.2
9.9
18.1
19.6
19.4
28.2
27.6
23.6
29.3
28.0
29.8
3L0
26.4
27.6
New
bullion
used in
arts (4)
-(8)
33.9
26.1
37.6
31.3
29.4
52.6
50.6
19.6
32.8
36.6
34.4
32.7
39.8
29.4
28.1
Sources: Column 1, Annual Report of the Director of the United States Mint, 1929, p. 38, and similar
table in earlier reports. Columns 2 and 6, unpublished reports of private refineries. (Columns 3 and 7,
unpublished reports of dealers and manufacturers. Column 6, Director of the United States Mint, op.
cit., p. 43.
TABLE X.—Consumption of gold bullion by the industrial arts in the United States,
1914-1928. Adjusted figures
[In mihions of dohars]
(1)
C a l e n d a r year
1914..
1915
1916
1917
1918
1919
1920
1921.
19221923.
1924
1925..
1926.1927.1928
.
.
.
.
(2)
(3)
M i n t and P r i v a t e
assay
refin- Dealers'
office
issues
ery
issues
issues
(bars)
3L8
3L9.
45.2
45.5
45.6
68.8
71.4
42.8
50.2
60.3
59.9
56.2
66.6
5L6
50.1
1.1
LO
Ll
2.3
3.8
3.3
4.1
2.9
3.3
3.5
• L5
LO
2.4
.6
.6
2.2
2.2
2.7
L6
2.6
3.0
3.2
L8
2.1
2.1
2.3
3.0
3.1
3.7
4.9
Old m a t e r i a l received b y —
(4)
Total
used
in arts
(l)+(2)
+(3)
35.1
35.1
49.0
49.4
52.0
76.1
78.7
47.5
55.6
65.9
63.7
60.2
62.0
65.9
•55.6
(6)
(6)
(7)
(9)
(8)
T o t a l old
M i n t and Private
Dealers material
assay
refineries
(6)+(6)
offices
+(7)
6.5
6.7
8.0
8.7
9.6
10.6
13.4
16.4
13.7
15.2
16.7
16.1
18.0
16.6
15.6
4.2
3.8
9.4
8.8
8.1
7.4
12.9
9.8
8.9
13.9
13.3
ILO
ILO
10.1
9.8
2.2
2.2
2.7
L6
2.6
3.0
3.2
L8
2.1
2.1
2.3
3.0
3.1
3.7
4.9
12.9
12.7
20.1
19.1
20.3
2L0
29.6
28.0
24.7
31.2
32.3
30.1
32.1
30.4
30.3
New
bullion
used in
arts I
(4)-(8)
22.2
22.4
28.9
30.3
3L7
64.1
49.2
19.6
30.9
34.7
3L4
30.1
29.9
25.6
26.3
1 Carried to TaWe IV as minus quantities.
Sources: Colunin 1, Table XI, final column. Column 2, unpublished reports of private refineries.
Columns 3 and 7, unpublished reports of dealers and manufacturers. Column 5, Annual Report of the
Director of the United States Mint, 1929, p. 43, and similar tables in earlier reports, plus receipts from
plants working only old gold, from unpublished records of the mint. Column 6, unpublished reports of
private refineries adjusted by subtracting one-fourth of changes in year-end stocks of private refineries.
773
DrBECTOK OF THB MINT
TABLE XI.—Gold bars issued by the United States mints and assay offices for the
industrial arts, 1914-1928, adjusted, figures
[In millions of dollars]
New York
Calendar year
San Francisco
Denver
Payments by— Payments b y - Payments b y - Payments b y - Total, 4
offices
(Jold
cash
1914........
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
. .
1925
1926
1927
1928 •
Philadelphia
26.9
. 27.9
39.5
38.8
38.8
59.8
6L2
35.0
42.1
62.3
5L2
48.5
49.1
. . 46.3
44.5
Bullion 1
Gold
cash
4.6
3.0 """0."7"
.9
3.7
LO
4.2
1.0
5.0
1.4
5.9
2.1
6.5
L4
4.9
.. 1.7
5.1
L3
4.9
2.1
4.8
L6
4.5
Ll
4.9
Ll
2.9
1.1
3.0
Bullion 1
Gold
cash
0.3
.3
.3
.4
. .5
.7
.8
.6
. .6
LO
.9
.6
.6
.6
.6
Bullion 1
Gold
cash
Bullion 1
0.8
. Ll
.2
.8
.6
.7
.6
.6
.7
.8
.5
.4
.8
.1
.1
.1
.1
.1
.1
.1
.2
.2
.1
31.8
31.9
• 45.2
45.5
45.6
68.8
71.4
42.8
50 2
60.3
69. 9'
66.2
66.6
61.6
50.1
1 Usually scrap.
"
" Sources: New York, unpublished reports received from New York assay office. Phhadelphia, Denver,
and San Francisco, Annual Report of the Director of the Mint, 1929, p. 40, and similar tables in earlier:
reports (adjusted). (See text, p. 771.)
The important item in the consumption figure is the issue at New York. In
the classification of issues at that office the destination of all certificate bars is
definitely known to be monetary or for export. On the other hand, it is quite
certain that all commercial bars go to the arts, since an extra charge is made for
these bars, which are desired by dealers and industrial users because of their
smaller size and high degree of fineness.. This extra charge precludes their
purchase for monetary export purposes. Should any of them be exported for
arts purposes, which those conversant with the situation doubt, it would not
constitute a duplication in this study, as any such export is not included in the
export figure compiled in this study and used in Table IV. This last point willnot be entirely clear until the. calculation of a new import and export figure is.
explained later in this study.
'
;'
Although the figures for the "consumption of new bullion," while based on
operating accounts, are dependent on certain classifications and judgments, no
possibility of significant error seems to exist. Moreover, as compared from year
to year, the series of consumption figures appear reasonalDle; The figures for 1919
and 1920, the post war boom years, are high; for 1921, a depression year, the figure
is low; the figures for 1922-1928, inclusive, do not vary greatly. As between the
accuracy of the corrected consumption figures and the published import and
export figures (the correctness of all other items having already been fairl}'' well
substantiated in this study), one is led to attribute most of the discrepancies
remaining in Table III after adjustments already made in Table IV, to the net
import and export items, instead of to consumption, for if we assume the import,
and export figures to be correct, a set of figures are secured for industrial "consumption of new material" which are obviously unreasonable, as follows:
[In millions of dollars]
1914J_.
22. 7
1915
23. 4
1916
73. 9
1917.
-. 6
1918
32. 4
1919
62. 3
1920
65. 6
1921_„___,___.-_-._-_---i 7
1922
1923__
1924
1925
1926.
1927
1928
-
9. 5
23. 2
6. 0
38. 4
18. 1
—4. 4
1 3
.
774
REPORT ON T H E FINANCES
N E T GOLD IMPORTS A N D EXPORTS
....
Several elements in published import and export figures are open to question.
The discrepancies in these figures, however, are in considerable degree of an
unavoidable nature.
(1) The records are compiled from declarations of shippers at ports of entry
and embarkation, for statistical purposes only. In this situation the same compulsion toward accuracy does not exist as would were they recorded for the
collection of a duty or tax.
(2) The gold contained in imported base bullion and ore is an estimate and
undoubtedly contains some error.
(3) There is possible the reporting of gold coin as gold bullion and vice versa.^^
Such interchange of items between bullion and coin would not only cause discrepancies in the gold coin estimates because of the manner in which these estimates are derived, but also in the set of bullion figures under discussion as well.
Four types of errors are possible, i. e., (a) gold bullion imports classed as gold coin,
or (6) vice versa; (c) gold bullion exports classed as gold coin, or (d) vice versa.
If, for instance, the (a) error occurs, not only would the gold coin stock estimate
be too high by the amount of the import, since the import (reported as coin)
would be added to the estimate as it stood at the end of the previous period,
but there would be no increase in any factor appearing in Table III to explain the
increase in the gold bullion stock figure which would automatically occur when the
gold bullion import reached the Treasury or a Federal reserve bank and was
entered on the books of the receiving institution as an increase in gold assets.
(4) There is also the matter of smuggling across the Mexican border. Since
the beginning of the World War it has been illegal under Mexican law to export
Mexican gold cdin. A comparison of the figures on the import of foreign gold coin
from Mexico into the United States, as compiled from customs declarations,
and the receipts of Mexican coin, as reported by the United States Mint, in the
last eight years, apparently indicates a large amount of smuggling. The two sets
of figures are as follows:
[In mhlions of dollars]
Year
Imports
United compiled
from
States
customs Difference
mint
receipts declarations
1921
1922
1923
1924
1L9
20.3
10.7
17.5
.2
.8
1L7
20.3
9.9
17.5
Year
1925
1926
1927....
1928
Imports
United comphed
States
from
mint
customs Difference
receipts declarations
L6
23.3
27.8
18.6
15.4
.1
1.
7.
27.
18.
6
9
8
5
(5) There is the further matter of time lag between the. receipts of imports or
exports at the customs boundaries and the date at which such imports or exports
become a part of or are deducted from the gold shown on the books of the Treasurer or the Federal reserve banks. As to lag in receipts or shipments—
(A) By the Federal Reserve Banks: It is believed that no lag occurs except
possibly in shipments to and from Canada.
(B) Eventually affecting the records of the Office of Treasurer of United States:
(a) Imports {coin or refined bullion always) going directly to Treasury institutions.—It is believed that no lag occurs between receipts at customs boundaries
and entry on the Mint Service books. But lag between receipt by the mints and
entry in the Treasurer's books does occur and will be adjusted in this study.^^
(b) Imports {unrefined material always) shipped directly io private gold refineries.
—It is assumed that no lag occurs between the customs boundaries and the
private refineries, but lag occurs before such gold reaches the mints. Adjustment
has been made for this by deducting from the foreign receipts of private refineries
one quarter of the year-end changes in private refinery stocks.
(c) Imports {unrefined material always) shipped to smelters or other preliminary
gold-working plants {i. e., not refineries).—Such gold is partially worked before
1 A number of such errors were discovered by Mr. George E. Roberts in 1907 when as Director of the
2
Mint he made a study of the original records of the Department of Commerce on gold imports and exports.
See Annual Report ofthe Director ofthe Mint, 1907, pp. 66-92.
1 See pp. 767, 768, 776 and 777, and Table XIV, columns 4 and 5.
3
775
DIBECTOR OF T H E M I N T
shipinent to a refinery. This constitutes a lag between the customs boundaries
and receipt at a private refinery, for the adjustment of which no data are available.
The lag, however, can hardly be a million dollars for any year-end, since the receipts
of foreign gold by private refineries are moderate in amount and fairly regular,
ranging from twelve to nineteen million dollars in value annually in the period
under discussion, at least half of which is received direct by the private refineries.
NET IMPORT AND EXPORT FIGURES ADJUSTED TO TREASURER'S STOCK FIGURES
A set of net export and import figures for gold bullion (including foreign coin)
has been built up from the records of the mints and assay offices, of the Federal
reserve banks, and of private refineries (all figures from the operating accounts
of these institutions except ''consumption") and substituted in Table IV for the
net import and export figures appearing in Table III (figures compiled from
customs declarations). This set of figures represents net imports and exports on
the Treasurer's gold stock basis. The series has beeri built up in two parts, a
net figure for imports of foreign bullion and coin (Table XII) and a net figure of
imports or exports of United States mint bars. (Table XIII.) ^
^
The net import figure for foreign bullion and coin is calculated as follows:
Table XII.—Column (1), foreign gold bullion and coin purchased^ by the mints
and assay offices; plus (2), foreign gold bullion imported by private refineries,
corrected for one-fourth of the change in private refinery stocks; ^ plus or
^
minus (3), the increase (or decrease) from year-end to year-end in the stock of
foreign gold bars and foreign coin held by Federal reserve banks; plus (4), the
gold production of the Philippines which is included in the import figures of the
Bureau of Foreign and Domestic Commerce and hence included here; minus (5),
foreign gold coin minted and exported by United States Mint for which gold was
supplied by mint; (6), result, net import of foreign gold bullion and coin.
TABLE XII.—N-et imports of foreign gold bullion and coin into the United States,
1914-1928, as compiled for this study {mint weight basis)
[In mhlions of dollars]
(1)
(2)
(3)
(6)
(4)
(6)
Increase or
Gold coin
decrease
(-)in
Treasury . Private.
Phhippine minted and Net import
refinery
F e d e r a l re- p r o d u c t i o n exported b y of foreign
receipts of
foreign gold receipts of serve b a n k
of gold
gold
Treasury
foreign gold holdings of
foreign gold
. C a l e n d a r year
(-)
1914
1916
_
1916
1917...
1918...,
1919. .
1920
•1921
1922
.
1923...
1924
1925
1926
1927 . . .
1928
.
.
. _.
. .
.-
19.6
250.5
552.7
450.0
43.9
44.7
252.1
760.4
265.2
255.1
326.2
56.6
14L0
111.1
122.3
19.3
17.7
16.6
16.0
1L5
14.4
13.0
12.8
15.0
16.2
16.7
14.6
15.4
14.3
14.2
13.3
-3.9
-LO
72.4
-73.3
9.6
40.8
2.7
3L8
-25.1
.
Ll
L3
L6
L4
L3
.9
L3
L3
L6
L6
L7
L9
2.0
L7
L8
-2.6
-20.6
-4.4
-L7
-1.4
40.0
267.0
650.2
476.3
62.8
67.3
338.8
701.2
29L3
272.9
344.6
113.7
169.8
168.9
113.2
Sources: Column 1, Annual Report of the Director of the United States Mint, 1929, p. 41, and simhar
tables in earlier reports. Column 2, ibid., p. 36, and earher reports, corrected by subtraction of one-fourth
of change in year-end stocks of private refineries. Column 3, Federal Reserve Board Form 44a, except
1917 to 1919, inclusive, supplied by Federal Reserve Bank of New York. Column 4, Director of United
States Mint, op. cit., p. 35, and simhar tables in earlier reports. Column 6, ibid., p. 41, and similar tables
in earlier reports, and unpublished accounts of the United States mint, for 1914, 1915, and 1916.
1* A net foreign gold import figure was buht up in a similar manner and used as a check by Director
Roberts in 1907 in the study referred to earlier, but he did not attempt any check on domestic gold; also the
Federal reserve system did not exist at that time and the calculations were therefore less complicated.
1 See explanation, p. 770.
8
776
REPORT O N - T H E FINANCES
The net import or export figure for mint bars is derived as follows:
; Table XIII (signs are reversed to secure comparability with Table IV).—Minus
column (1), bars issued by the mints and assay offices; plus (2), revised estimate
of-bars used in the industrial arts; plus (3), redeposits of mint bars; plus or minus
(4), mcrease (or decrease) in mint bars earmarked for foreign account; plus or
minus- (5), increase (or decrease) in the stock of mint bars held by Federal reserve
banks and agents; (6), result, net export or import of United States mint bars.
TABLE ILlll.—Net imports or exports to or from the United States of United States
mint bars, 1914-1928, as compiled for this study {mint weight basis) ^
[In mihions of dollars]
(1)
Total
mint bars
issued
.-Calendar year
(-)2
1914'.:.
1915
:
1916
1917.......
.1918
1919
1920 . .
1921
•
'
1922
1923
•1924'. . . . . . '
1926
1926
1927
1928
.1
....
1
-9L1
-36.2
-70.3
-186.9
-66.7
-205.8
-113.0
• -43.8
-55.3
-80. 7
-87.0
-177. 8
-185.7
-259. 6
-392. 0
(2)
Revised
estimate
of mint
bars used
in arts
3L8
3L9
45.2
45.4
45.6
68.7
7L4
42:8
50.2
. 60.3
59.9
56.2
66.5
51.6
50.1
(3)
(4)
(6)
(6)
Redeposits of
mint bars
Increase
or decrease (—)
in mint
bars earmarked
for foreign
account
Increase
or decrease (—)
Federal
reserve
banks'
stock of
mint bars
Net import-or
export
(-)of
mint bars
.1
-.1
66.1
14.7
13.4
-20.0
2.0
20.7
61.8
44.4
.6
26.1
-.7
.1
1.2
.2
1.6
.3
LO
............
2L0
165.8
-117.5
9.2
107.4
-6.3
73.7
-67.2
16.3
26.7
-42.0'
-6.4
-123.1
-36.6
-.3
-4.0
-19. 2
-27.7
-110.8
-.6
-48.5
-385.7
1 Signs are reversed to secure comparability with Table IV.
2 Larger than the published figures by the following amounts in the calendar years indicated.
[Mhlions of dohars]
LO
1914
26.5 I 1920..
6.6 11926
116.3
• • 1917.J...1
<
.8 11927.
176.4
.•1919 large discrepancies. in 1926 and 1927 are due to issues direct to the Federal reserve banks or on
...:. .
The
Federal reserve bank certificates of deposit, which do not show in the published reports for the calendar
years, and which appear in the reports for fiscal years as "transfers." The 1914 difference was an export direct from Denver, which was not included in published figures.
•' Sources: Column 1, unpublished accounts of the United States Mint. Column 2, Table XI, last column.
'Column 3, Annual Report of the Director of the United States Mint, 1929, p. 43, and simhar tables in earlier
reports except 1914 and 1915 from unpublished accounts ofthe United States Mint. Column 4, confidential
reports of the Federal Reserve Bank of New York. Column 5, Federal Reserve Board Form 44a and correspondence with Federal Reserve Bank of New York (confidential).
• [• Table XIV is compiled as follows: Net figures for foreign gold and mint bars,
•
the results of Tables XII and XIII appear as columns 1 and 2, respectively. The
total net export and import items, so far calculated (column 3) must be brought
.tip! the same basis as the stock figures in Table IV, i. e.. Treasurer's basis, if
calculated export and import figures are to be inserted in that table. These
calculated figures are now on the basis of the mint figures used in Tables XII and
XIII. But the basis of these figures differs from the basis of mint figures shown
in Table VII with which the Treasurer's stock figures were compared. The mint
basis of figures in Table VII is the accounting basis while the basis of those in
ifcables" XII and XIII is the mint weight basis, upon which basis the mint source
classification is made.
- For the sake of clarity, the differences between the two mint bases and the
.Treasurer's basis are tabulated below:
^'Mint weight basis includes (1) the value of all gold assayed whether paid for
of stiirunpaid!^^
. . . . . . .
Mint accounting basis includes (1) all outstanding advances on gold unassayed;
(2) the value of all gold assayed, whether paid for or still unpaid, less the amount
of advances made thereon in prior years.
1 This basis automatically includes prior year advances, since such advances are represented in assayed
8
bullion.
777
DIBECTOE, OP THE MIM^T
Treasurer's basis includes (1) all outstanding advances on gold unassayed;
(2) all payments on gold assayed, less the amount of advances made thereon
in the prior year, plus the outstanding unpaid amounts on assayed bullion at
the close of the previous year.
If the calculated net import and export figures are to be brought eventually ;
to the Treasurer's basis they must first be brought to the mint accounting i
basis by adjustment for the changes in outstanding advances on December 31'
of one year as compared with those for the preceding December 31. These.,
changes are shown in column 4 of Table XIV.^^ The calculated net import
and export figures may now be brought to the Treasurer's basis by applying
such differences between the mint accounting basis and the Treasurer's basis
(Table VII) as have not already been applied as corrections on the stock figures
of Table III (as discussed on pp. 767 and 768) to secure the figures in column
4, Table VII. These differences are shown as column 5 of Table XIV.
The final results of the calculations of Tables XII, XIII, and XIV, appear
in column 6, of Table XIV, and represent net imports and exports of gold bullion
and foreign coin on the Treasurer's gold stock basis. By insertion with other
adjusted figures in Table IV, the discrepancies of Table III are practically wiped
out. Sources of the small remaining differences are as follows*
(1) Figures on sweeps and waste, etc., in the mint were not included.
(2), In 1917, 1918, and 1919 the gold assets of the Federal reserve banks for a
date slightly earlier than December 31 were used, as a separation between foreign
and domestic gold was not obtainable for. December 31.
,
(3) Increase or decrease in private refinery stocks for 1914, 1915, and 1916
are not obtainable from published sources.
TABLE XIV.—Total net import or export of gold bullion and foreign gold coin io
or from the United States, 1914-1928, as compiled for this study {Treasurer's'
stock basis)
|
[In millions of dollars]
(1)
Calculated
net imports
of foreign
gold (mintweight
basis)
Calendar year
1914.......
1916
1916
1917
L
1918....
1919
1920 .
1921
1922
1923...
1924..
1925
1926.1927...'.
1928
....
..
-
40.0
267.0
550.2
476.3
62.8
57.3
338. 8
701.2
29L3
272.9
344. 6
113.7
159. 8
158.9
113.2
(2)
(3)
(4)
Adjustment
for increase
Calculated Total
decrease
net imports importnet or ( - ) i n
or
or exports
advances
( - ) of mint export ( - ) against un(mintbars (mint- weight
assayed gold
weight
(i. e., to mintbasis)
basis)
accounting
basis)
-67.3
16.3
26.7
-42.0
-6.4
-123.1
-35.6
-.3
-4.0
-19.2
-27.7
-110.8
-.5
-48. 5
-385. 7
-17.3
283.3
576.9
434.3
•46.4
-65.8
303.3
700.9
287.3
253.7
316.9
2.9
159.3
110.4
. -272. 6
» -3.2
29.8
-29. 6
.2
39. 6
-29.0
.-L9
2L7
-29.5
-.6
.3
.2
.3
(5)
(6)
Adjustment for
increase (—)
or decrease
in gold assayed
but not paid
for, and decrease (—) or
increase in
"in transit"
omissions, "
i. e., to Treasurer's stock
basis
Adjusted
net import
or export
( - ) (Treasurer's stock
basis)
L2
-L2
-18.1
18.1
-.3
.1.7
-.6
-.5
.4-
-16.1
278.9
688.6
422:8
46. 4
—65..6
342.8
671.6
•285.6
27(3.1
286.9
2.3
159.1
• llLO
—272.2
« The amount by which itemized receipts of the Mint totaled too large. Impossible to find in which item
or items error occurred.
Sources: Column 1, Table XII, column.6; column 2, Table XIII, column 6; column 4, unpublished
accounts of the United States Mint; column 6, Table VII: column 3, changes in errors (3) arid (4).' .'
1^ The basis of. mint figures used for comphing the production figures and the mint old-receipts figure? .
used in •'consumption" are also on the mint weight basis, but since only comparatively small advknfces are
made on domestic or old receipts, the basis correction as a whole is applied to the import and expert figured,
778
REPORT ON T H E
FINANCES
NET IMPORT AND EXPORT FIGURES CALCULATED FOR COMPARISON WITH FIGURES
COMPILED FROM CUSTOMS DECLARATIONS
It is desired to secure net import and export figures for comparison with
figures compiled from customs declarations. Amounts representing lag ^
^
between receipt at the customs boundary and entry on Treasurer's books must
therefore be eliminated from our calculated figures, since customs declaration
figures can not be expected to include this lag. For this purpose Table XV is
presented below:
TABLE XV.—Total net import or export of gold bullion and foreign gold coin to
or from United States on Treasurer's stock basis, 1914-1928, further adjusted
for comparison with published figures compiled from customs declarations
[In mihions of dollars}
Increase or
Adjusted
decrease ( - )
total net
import or
in unpaid
export ( - ) assayed gold
(Treasurer's representing
imports
stock basis)
Calendar year
1914
1916
1916
1917..
1918
1919.
1920
1921
1922
1923
1924
1925
1926
1927
T928
(3)
(2)
(1)
....1
1
-16.1
278.9
• 588. 7
422.8
46.4
-65.6
342.9
671.6
285.6
276.0
286.9
2.6
1.58.9
110.9
-272.2
(4)
Increase or
decrease (—)
in 2 per cent of
unassayed
bullion reprcr
senting
imports
Total net import or export
(—) adjusted
for comparison with
customs
declarations
.6
-.6
18.1
-18.1
.8
-.6
.4
-.4
-16.1
278.9
607.4
404.1
. 46.4
-65.6
343.7
67L0
285.6
276.4
286. 5
2.5
158.9
110.9
-272. 2
(5)
(6)
DiscrepanCustoms cies, includ
declarations net ing small
unascerimport or
export (—) tainable
lagi
-.6
2.2
26.6
— 11.8
.3
8.2
15.5
—23. 7
—21.8
— 12.0
—24.4
8.0
—10. 7
-29.6
-24.3
-16.7
28L1
634.0
392.3
46.7
-67.4
. 359.2
647.3
263.8
264.4
262.1
10.5
148.2
8L4
-296.5
1 Minus quantities represent either omission of imports, or exports reported too high; plus quantities,
the reverse.
Sources: Column 1, Table XIV, columns 6. Column 2 and 3, unpublished accounts of the United States
Mint. Column 6, Annual Report of the Director of the United States Mint, 1929, p. 68, and similar tables
in earher reports.
[In millions of dollars]
.. Calendar year
1916 «
1917.
1918
1919
1920
1921
1922
1923
1924
1926
1926...
1927..
1928
Increase or
decrease (—)
in unpaid assayed gold
representing
imports
18.1
-18.1
(2)
(4)
(3)
(6)
Increase or One-quarter
Increase or
decrease (—) decrease or
decrease ( - )
in 2 per cent in advances increase (—) Total ascertainable
of unassayed against un- in private re- amount repassayed gold finery stocks
buhion
resenting lag
representing representing from year-end
imports
imports
to year-end
0.6
-.6
29.8
-29.8
.8
-.6
40.0
-29.0
-L9
2L7
-30.8
.4
-.4
48. 6
-48.4
—.2
.6
40.8
-29.3
0.1
-.2
.6
.3
-.2
-.2
.3
-.3
.2
-.1
.1
0
-2.1
21.9
-30.:9
-.'3
.2
—.1
.1
o Approximately no lag in 1914 and 1915.
Sources: Coluitin 1, Table XV, column 2; column 2, Table XV, column 3; column 3, unpublished
accounts of United States mints and assay oflQces; column 4, Table VIII, column 7.
1 The following table gives an estimate of the amounts representing total ascertainable lag in figures
8
compiled from customs declarations. Columns 1 and 2 have been taken from Table XV; column 3 represents increases or decreases in advances on unassayed bullion imports. Large advances or payments may
always be taken to refer to imports. Column 4 is one-quarter of the change in private refinery stocks,
which is a lag adjustment to the foreign receipts of private refineries. Column 6 shows the total
ascertainable amounts representing lag.
DIRECTOR OF THE MINT
779
Table XV is compiled as follows:
Column 6 of Table XIV is repeated as column 1. The lag between receipt
of unassayed gold at the mint and its inclusion in the Treasurer's stock figure
represented by advances thereon has already been adjusted in Table XIV,
column. 4, and lag between the receipt of foreign gold bullion by the private
refineries and its inclusion in the mint stock figure (weight basis) has been adjusted in Table XII, column 2. The amounts of ascertainable lag still remaining
in column 1 are: ^ Column 2, the amount of unpaid assayed bullion representing
^
imports, i. e., all large single items, and column 3, the portion (2%) of refined
but unassayed bullion imports on which advances were not made. Column 4
is obtained by adding columns 2 and 3 to column 1, and gives a net import and
export figure which is very nearly comparable with the figures compiled from
customs declarations, presented in column 5. Column 6 indicates the amount of
the discrepancies in the customs declaration figures as compared with our calculated figures (which include small unascertainable lag).
1 The nonobtainable lag remaining in column 1 is the lag between receipts at the customs boundaries
9
and at the private refineries, of gold shipped to smelters or other preliminary gold-working plants. As
already pointed out, this can hardly be $1,000,000 at the end of any one year.
780
REPORT ON TELE FINANCES
Average price of an ounce of gold in London and United States equivalent since 1870
Equivalent in United
P e r cent
States v a l u e of L o n - p r e m i u m of
Average L o n d o n
d o n price 2—
average
price p e r s t a n d price a b o v e
ard ounce to 1918,
B a n k of
inclusive, a n d
England's
F o r British
per fine ounce
F o r a fine m i n i m u m
standard
thereafter i
ounce
buying
ounce
(1.000)
rate
(0.916%)
C a l e n d a r year
1870
1871
1872
1873..
1874
1875
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
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
-.
. .
.-.
-
_
.
.
.
M i n t price p e r s t a n d a r d ounce (0.916%)
E q u i v a l e n t p e r fine ounce
Bank r a t e p e r s t a n d a r d ounce. (0.916%)
E q u i v a l e n t p e r fine ounce
1
..
s.
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
d.
9.01
9.01
9.24
9.28
9.00
9.23
9.30
9.42
9.41
9.11
9.16
9.36
9.43
9.18
9.32
9.17
9.10
9.01
9.21
9.049.44
10.29
10.17
10.57
9.33
9.03
10.16
1L23
10.46
9.27
9.91
9.83
9.55
10.06
9.94
9.42
9.82
9.96
10.19
9.18
9.03
9.00
9.00
9.00
9:04
9.00
9.00
9.00
9.00
$18.9190
18.9190
18.9237
18.9246
18.9188
18. 9236
18. 9249
18. 9273
18. 9271
18.9210
18. 9218
18.9259
18. 9275
18. 9224
18. 9253
18. 9222
18. 9208
18. 9190
18. 9231
18. 9196
18. 9277
18. 9460
18. 9426
18. 9506
18. 9266
18. 9194
18.9423
18.9640
18. 9484
18. 9243
18. 9373
18.9356
18.9300
18. 9403
18.9379
18.9273
18. 9354
18. 9381
18.9429
18.9224 .
18.9194
18. 9188
18.9188
18.9188
18.9196
18.9188
18.9188
18.9188
18.9188
$20.6389
20.6389
20. 6440
20. 6449
20. 6387
20. 6438
20. 6453
20. 6480
20. 6477
20. 6411
20. 6420
20. 6464
20. 6482
20. 6426
20. 6468
20. 6424
20. 6409
20. 6389
. 20. 6434
20. 6396
20. 6484
20. 6673
20. 6645
20. 6734
20. 6460
20. 6393
20.6643
20. 6880
20. 6710
20. 6447
20. 6689
20. 6570
20. 6509
20. 6621
20. 6596
20. 6480
20. 6568
20. 6597
20. 6660
20.6426
20. 6393
20. 6387
20. 6387
20.6387
20. 6396
20. 6387
20. 6387
20. 6387
20.6387
0.00107
.00107
.02672
. 03001
4
6
6
4
4
4
4
4
4
4
4
.
£
3
3
3
3
3
3
3
3"
3
3
3
3
3
3
3
3
3
3
3
3
.3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
10
12
7
13
10
13
6
4
4
4
4
L03
1L62
.60
3.80
2.90
8.3
6.6
ILl
1L2
1L2
11.36
20.0937
26.1958
23.8758
20. 8144
20.1284
20.8980
19.0634
18.9426
18.9444
18. 9444
18.9472
21.9204
27.4863
26. 0463
22. 7066
21. 9683
22. 7978
20. 7964
20. 6646
20.6667
20. 6667
20.6697
6. 21033
33.17876
26. 20109
10. 01952
6.39381
10. 46141
. 76410
. 12649
.13561
. 13661
.15020
3
4
3
4
17 10.50
4 1L46+
17 9.00
4 9. 8 2 -
20. 6718
. 16077
. 16077
18.9492
.02466
.03216
. 04602
. 04394
.01179
. 01608
. 03761
. 04609
. 01929
. 03430
. 01822
. 01072
.00107
:02261
. 00429
.04716
". 13826
.12640
. 16827
.03637
. 00322
. 12433
. 23901
.16648
.02894
.09763
.08896
. 05896
. 11361
. 10076
. 04502
. 08789
. 10182
.12755
. 01929
. 00322
. 00429
18.9188
20. 6387
1 London quotations on gold were changed in September, 1919, from the standard ounce to afineounce
basis.
» Conversions on basis of legal monetary parity; exchange not a factor.
781
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
16871..
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...
1725-..
1726...
1727...
Ratio
Years
Years
Ratio
14.94
1 7 2 8 . . . . 16.11
1769.-..
14.94
1 7 2 9 . . . . 14.92
1770....
16.02
1730
14.81
1771
15.02
1 7 3 1 . . . . 14.94
1772....
14.98
1732
15.09
1773
14.92
1 7 3 3 . . . . 15.18
1774....
1734
14.83
15.39
1776
14.87
1 7 3 5 . . . . 15.41
1776....
15.02
1 7 3 6 . . . . 16.18
1777
15.00
1 7 3 7 . . . . 16.02
1778....
15.20
1 7 3 8 . . . . 14.91
1779
15.07 1 1 7 3 9 . . . . 14.91
1780....
14.94
1740
14.94
1781....
14.81
1 7 4 1 . . . . 14. 92 1 7 8 2 . . . .
15.07
1 7 4 2 . . . . 14. 85 1 7 8 3 . . . .
15.52
1 7 4 3 . . . . 14. 85 1 7 8 4 . . . .
15.17
1744
14 87 1 7 8 5 . . . .
16.22
1 7 4 5 . . . . 14 98 1 7 8 6 . . . .
16.11
1 7 4 6 . . . . 16 13 1787
15.27
1 7 4 7 . . . . 15 26 1 7 8 8 . . . .
16.44
1748
16.11
1789....
15.41
1 7 4 9 . . . . 14.80
1790....
15.31
1 7 5 0 . . . . 14.66
1791....
15.22
1 7 5 1 . . . . 14.39
1792....
15.29
1 7 5 2 . . . . 14.50
1793
15.31
1 7 5 3 . . . . 14.64 I 1 7 9 4 . . . .
15.24
1 7 5 4 . . . . 14.48
1795
15.13
1 7 5 6 . . . . 14.68
1796....
16.11
1 7 5 6 . . . . 14.94
1797....
16.09
1757
14. 87 1798
15.13
1 7 5 8 . . . . 14. 86 1 7 9 9 . . . .
15.11
1759
14.16
1800....
15.09
1 7 6 0 . . . . 14.14
1801....
15.04
1761
14. 54 1 8 0 2 . . . .
15.05
1 7 6 2 . . . . . 16.27 1 8 0 3 . . . .
15.17
1 7 6 3 - . . . 14. 99 1 8 0 4 . . . .
15.20
1 7 6 4 . . . . 14.70
1806....
15.11
1 7 6 6 . . . . 14.83
1806....
16.11
1 7 6 6 . . . . 14.80
1807....
15.15
1767
14.85
1808....
16.24
1768
14.80
1809
Ratio
14.72
14.62
14.66
14. 52
14.62
14.62
14; 72
14.66
14. 64
14.68
14.80
14. 72
14: 78
14.42
14.48
14. 70
14.92
14.96
14.92
14.65
14.75
15.04
15.05
15.17
16.00
15.37
16.55
16.65
16.41
15.59
15.74
15.68
15.46
15.26
15.41
15.41
15. 79
15. 62
15.43
16.08
15.96
Years
Ratio
Years
1810....
1811...1812..-.
1813..-.
1814
1815....
1816....
1817
1818....
1819....
1820....
1 1821
1 1822....
1823.-..
1824....
1825....
1826....
1827....
1828....
1829....
1830....
16.77
15.63
16.11
16.26
16.04
16.26
16.28
15.11
15. 35
15.33
15.62
16.95
15.80
15.84
16.82
15.70
15.76
15.74
15.78
16.78
16.82
15.72
15.73
15.93
15.73
16.80
16.72
15.83
15.85
15. 62
15. 62
15. 70
16.87
16. 93
16.85
15.92
15.90
15.80
16. 85
15. 78
16.70
1851....
1852....
1863
1854....
1855
1856....
1857....
1858....
1859...1860....
1861—
1862....
1863....
1864....
1865..-.
1866....
1867....
1868.-..
1869....
1870..-.
1871....
1872....
1873
1874....
1876.—
1876....
1877
1878....
1879....
1880....
1881....
1882....
1883.-..
1884..-.
1886....
1886
1887....
1888....
1889....
1890....
1891....
1 1831....
1 1832
1833....
1834
1835..-.
1836
1837....
1838....
1839....
1840....
1841....
1842....
1843-..1844
1845....
1846
1847..1848..1849....
1850....
Ratio
Years
Ratio
1 8 9 2 . . . . 23.72
16.46
15.69
1893
26.49
16.33
1 8 9 4 . . . . 32.56
16.33
1 8 9 5 . . - 3L60
15.38
1 8 9 6 . . . . 30.69
15.38
1 8 9 7 . . . - 34.20
16.27
1 8 9 8 - . . 35.03
15.38
1 8 9 9 . . . - 34.36
16.19
1 9 0 0 - . . 33.33
15.29
1 9 0 1 . . . . 34.68
15.50 1 1 9 0 2 . - - 39.16
15.35
1903- — 38.10
15.37 1 1 9 0 4 - . . 36.70
16.37
1 9 0 6 — 33.87
16.44
1 9 0 6 . . . . 30.54
16.43
1 9 0 7 . . . . 3L24
15.57
1 9 0 8 — 38.64
16.69
1 9 0 9 . . . . 39.74
16.60
38.22
1910
15.67
1 9 1 1 . . . . 38.33
15.67
1912
33.62
15.63
1 9 1 3 - . . . 34.19
16.93
1914
37.37
1 9 1 6 . . . . 39.84
16.16
16.64
1916
30.11
17.76
1 9 1 7 . . . . 23.09
17.20
1 9 1 8 — . 19.84
17.92
1 9 1 9 . . . . 16.63
18.39
1 9 2 0 . . . . 15.31
18.05
1 9 2 1 . . . . 26.60
18.25
1922
27.41
18.20
1 9 2 3 . . . . 29.62
18.64
1 9 2 4 . . . . 27.76
18.61
1 9 2 6 . . . . 29.38
19.41
1926
32.88
1 9 2 7 — 36.22
20.78
21.10
1 9 2 8 . . - 35.26
22.00
1 9 2 9 . . . . 38.54
22.10
19.76
20.92
1
NOTE.—From 1687 to 1832 the ratios are taken from Dr. A. Soetbeer, from 1833 to 1878 from Pixley and
Abeh'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 ected by World War
During the period December, 1916, to June, 1920, it is probable
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 the London quotation with
exchange considered—did not prevail during this period, when the
average monthly New York price varied between approximately 3
cents above and 6 cents below the London price. This period appears to have been initiated by enormous coinages to meet wartirae needs, and large silver shipments from the United States to the
Orient. Its 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
782
REPORT ON T H E FINANCES
gold, based on the average London price of both metals, follows:
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 eflective April 28,1925, when the Chancellor of the Exchequer
of Great Britain announced that the restrictions authorized by the
gold and silver (export control) act of 1920 on export of gold would
be 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
to 84s. l i d . per fine ounce, as compared with 84s. 11.45d., mint par.
Bullion value of the silver dollar [371}i grains of pure silver] at the annual average
price of silver each calendar year since 1837
Year
1837
1838
1839
1840
1841
1842
1843
1844
1846
1846
1847
1848
1849
1860
1861
1862
1853
1854
1866
Year
Value
$1,009
1.008
L023
L023
L018
LC07
L003
LC08
L0C4
L006
LOll
1.008
1.013
L018
L034
1.025
L042
L042
1.039
1866
1867
1868
1859
1860
1861
1862
1863
1864
1866
1866
1867
1868
1869
1870
1871
1872
1873
1874
Value
$LC39
L046
L039
L062
1.046
L031
1.041
L040
L040
L036
L036
L027
1.025
1.024
1.027
L025
1.022
1.00368
. 98909
Year
1876
1876
1877
1878
1879
1880
1881.
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
Value
$0.96086
.90039
. 92958
. 89222
. 86928
. 88664
. 87575
. 87833
. 85754
. 85904
. 82379
. 76931
.75755
. 72683
. 72325
. 80927
.76416
.67401
.60351
Year
1894
1895
1896
1897
1898
1899
1900
1901
1902
1803.
1904
1906
1906
1907.
1908
1909
1910
1911
1912
Value
$0.49097
.60587
.62257
.46745
.45640
.46525
.47958
.46093
.40835
. 41960
' . 44763
.
. 47200
. 62363
.61164
.41371
.40231
.41825
.41709
. 47543
Year
1913
1914
1916
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
Value
$6.46760
.42780
.40136
. 53094
. 69242
. 76142
. 86692
. 78844
.48817
. 62643
. 60468
. 61908
,. 63681
. 48284
. 43838
.45237
. 41229
Values of foreign moneys, October 1, 1930 ^
P u r s u a n t t o section 522, Title IV, of t h e tariff act of 1930, reenacting section
25 of t h e act of August 27, 1894, as amended, t h e following estimates by t h e
Director of t h e M i n t of t h e values ol foreign m o n e t a r y units are hereby proclaimed to be t h e vplues of such units in terms of t h e money of account of t h e
United States t h a t are to be followed in estimating the value of all foreign meri8?handise exported to t h e United States during t h e quarter beginning October
1, 1930, expressed in any such foreign m o n e t a r y u n i t s : Provided, however, T h a t
if no such value has been proclaimed, or if the value so proclaimed varies by
five per centum or more from a value measured by t h e buying r a t e in t h e New
York m a r k e t a t noon on t h e day of exportation, conversion shall be m a d e a t a
value measured by such bujang rate, as determined and certified by t h e Federal
Reserve Bank of New York and published by t h e Secretary of t h e Treasury
pursuant to t h e provisions of section 522, Title IV, of t h e tariff act of 1930.
OGDEN L .
MILLS,
Acting Secretary of the Treasury.
1 Department circular No. 1, published quarterly.
783
DIRECTOR OF T H E M I N T
Values of foreign moneys
Country
Legal
standard
Monetary unit
Argentine Repubhc
Gold.... Peso
Austria.
Gold.
Gold.
Belgium
Gold-
Bolivia
Gold..
BrazU
British Colonies in Australasia and Africa.
British Honduras
Bulgaria.....
Canada...1
Chile
Value in
terms of
U.S.
money
$0.9648
Schilhng.
Belga
Boliviano
.1407
.1390
.3650
.6462
Milreis
Gold—
Dollar..
Lev
Dollar..
Peso...
Amoy..
Canton
Chefoo
Chin Kiang.
Fuchau
Haikwan
Hankow
Kiaochow...
Nanking
Niuchwang.
Ningpo
Peiping
Shanghai
Swatow
Takau
.Tientsin
1. O O
OO
.0072
1.0000
.1217
.4244
.4232
.4059
.4146
.3926
.4319
.3971
.4113
.4200
.3980
.4081
.4138
.3877
.3921
.4271
.4113
(Yuan..
•nnllnr jHong Kong.
Dollar.-^3^j^gjj_
[Mexican..
.2792
.2812
Tael.
China..
Currency: Paper normally convertible at 44 per cent of face
value.
1 belga equals 6 Belgian paper
francs.
Law of July 11, 1928. 13}^ bolivianos equal 1 pound sterling.
Currency: Government paper convertible at 4.567 paper milreis to
the gold milreis ($0.1196), by decree of May 23, 1928.
Pound sterling.
Gold...
Gold...
Gold...
Gold...
Remarks
Shver.
Bylaw ofNov. 281928., .
The tael is a unit of weight; not a
coin. The customs unit has been
the haikwan tael. The values of
other taels are based on their relation to the value of the haikwan
tael.
The Yuan shver dollar of 100 cents
is the monetary unit of the Chinese Republic; it is equivalent to
' .637—of the haikwan tael.
January, 1930, news reports indicate import duties will be collected on a gold basis, the gold
unit (unnamed) being equal to
$0.40; and the haikwan tael being
initially converted at 1.6 of the
new unit, but from March 16,1930,
at 1.75 of the new unit, which is
being tentatively cahed "sun."
.2750
Mexican silver pesos issued under
Mexican decree of Nov. 13, 1918,
are of silver content approximately 41 per cent less than the
dollar here quoted; and those issued under decree of Oct. 27,
1919, contain about 61 per cent
less shver.
Currency: Government paper and
silver.
Law establishing conversion oflBce
fixes ratio 4 colons (nongold)=$l
U.S.
Colombia...
Gold-
Peso...
.9733
Costa Rica..
Gold-
Colon.
.4653
Cuba..
Czechoslovakia
Denmark
Dominican Republic.
GoldGoldGold..
Gold..
Peso...
Krone..
Krone.Dollar-
1. OOOO
.0296 By decree effective Nov. 27,1929.
.2680
1. OOCO United States money is principal
Ecuador
Egypt
Estonia
Finland
Fi-ance
Germany
Great Britain.
Greece
Guatemala
Haiti
Gold..
Gold..
Gold..
Gold-.
GoldGold..
Gold-.
Gold.
Gold.
Gold.
Sucre.
Pound (100 piasters)Kroon
..
Markka
Franc
Reichsmark
Pound sterling
Drachma
Quetzal
Gourde.
.2000
4. 9431
.2680
.0262
.0392
.2382
4.8665
.0130
1. OOOO
.2000
Honduras..
Gold.— Lempira.
Hungary
India [British].
Indo-China
Italy....
Japan
Latvia
Liberia
Gold.,
Gold..
Gold-.
GoldGoldGold..
Gold..
12101—31
52
Pengo...
Rupee..
Piaster..
Lira
Yen
Lat
Dohar-.
.6000
.1749
.3660
.3918
.0626
.4985
.1930
1. COOO
circulating medium.
By law effective Mar. 19, 1927.
By law of June 24, 1928.
By law effective May 14,1928.
Currency: National bank notes
redeemable on demand in American dohars.
Legahy established but not yet
actually operative.
By law effective Apr. 1, 1927.
By decree of May 1, 1930.
By decree effective Dec. 22,' 1927.
Currency: Depreciated shver token
coins.
784
EEPOET ON THE FINANCES
Values of foreign moneys—Continued
Legal
standard
Country
Value in
terms of
U.S.
money
Remarks
$0.1000
Monetary unit
Currency: Notes of the Bank of
Lithuania.
Lithuania
Gold—. Litas
Mexico
Netherlands-Newfoundland
Nicaragua
Norway
Panama
Paraguay.-
Peso
Guilder (florin)
Dollar
_Cordoba
Krone
- Balboa
Peso (Argentine)
Persia
Gold....
Gold.—
Gold....
Gold....
Gold.—
Gold-...
GoldGold....
Peru
Phhippine Islands
Poland Portugal
Rumania
Russia
Gold.-.
Gold.—
Gold-..
Gold....
Gold....
Gold....
Sol
Peso
Zloty
Escudo
LeuRuble
Salvador
Siam
Spain
Gold...- Colon
Gold.... Baht (Tical)
Gold.... Peseta._
.5000
.4424
.1930
Straits Settlements
Sweden
Switzerland
Turkey
Gold.—
Gold..Gold—.
Gold.—
.5678
.2680
. 1930
.0440
Uruguay
Venezuela _
Yugoslavia
Gold.:.. Peso
Gold.-.. Bolivar
Gold.-.. Dinar
.
:.
Reyal---
.. ..
. -
Dollar
Krona..
Franc
Piaster
.4985
.4020
1. O O
OO
LOOOO
.2680
1. O O
OO
.9648
.2433
.4000
.5000
.1122
1. 0805
.0060
.5146
1. 0342
.1930
.1930
Currency: D e p r e c i a t e d P a r a guayan paper currency.
Gold standard established by law
of Mar. 18, 1930. Shver kran
(about 5j4 United States) system
still operating; foreign exchange
controlled.
Established by law of Feb. 11,1930.
By decree effective Oct. 13, 1927.
Currency: Inconvertible paper.
By law of Feb. 7. 1929.
Pre-war unit. (One Soviet chervonetz=10 gold rubles.)
By law of Apr. 16, 1928.
Valuation is for gold peseta; currency is notes of the Bank of
Spain.
(100 piasters equal to the Turkish £.)
Currency: Inconvertible paper.
Quarterly changes in value of foreign moneys during 1930, in Department Circular
No. 1
Value ,1930
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
Czechoslovakia
Indo-China
Do
Persia
Do
.Peru
Do
$0. 5818
Silver tael, Amoy
- '-— . Silver taei, Canton
.6800
.5564
Silver tael, Chefoo
— Silver tael, Chinkiang
. 6683
Silver tael, Fuchau--.
. 5381
Silver tael, Haikwan (customs)
.6919
.5443
Silver tael, Hankow-Silver tael, Kiaochow
- .5637
Silver tael, NankingI
.5757
Silver tael, Niuchwang
.5456
Silver tael, Ningpo. -. 5593
Silver tael, Peiping J
.5671
Silver tael, Shanghai
.5314
.5374
Silver tael, Swatow
.5854
Silver tael, Takau
—
Silver tael, Tientsin
.5637
.3770
Silver dollar (Yuan)
Silver dollar. Hong Kong..
} .3826
Silver dollar, British
.3854
Silver dollar, Mexican
Gold krone
Silver piaster
.
.3832
Gold piaster
Silver kran . .
.
.0663
Gold reyal
4.8665
Gold libra
...:
Gold sol
Oct.l
Apr. 1
Julyl
$0. 5211
.6195
. 4984
.5090
.4820
. 5302
.4875
.5049
.5156
.4886
.5010
.5080
.4760
.4813
.5244
. 5049
.3377
.3427
.3452
.0296
.3433
$0.4724
.4709
.4518
.4614
.4369
. 4806
.4420
. 4577
.4674
.4430
. 4541
.4605
. 4315
. 4363
.4754
.4577
.3061
.3107
.3130
.0296
.3112
$0.4244
.4232
. 4059
. 4146
. 3926
.4319
.3971
. 4113
.4200
.3980
.4081
.4138
.3877
.3921
.4271
.'4113
•. 2750
. 2792
.2812
. 0296
.2433
.2433
.4000
.4000
.0585
4. 8665
. 3918
WORLD'S MONETARY STOCKS OF GOLD, SILVER, AND PAPER MONEY AT THE CLOSE OF THE YEARS 1928 AND 1929
(X)
The following compilations have been made from such data as are available—see page 152 of the report of the Director of the
Mint. 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.
Population figures are principally from United States Commerce Yearbook, 1929.
Monetary stock of the principal countries of the world, end of calendar year 1928
[Stated in United States money (000 omitted), except paper circulation, which is stated in monetary unit of issuing country (000 omitted)]
Gold stock
Monetary unit
Per capita
o
•
Authenticated
Country
Monetary
standard
Name
N o r t h America:
U n i t e d States
.
Canada
.
Mexico
British Honduras
Costa R i c a
Cuba
Dominican Republic
Guatemala
Haiti
Honduras s
Newfoundland s
Nicaragua..
Panama
Salvador
Virgin I s l a n d s
British West I n d i e s Barbados 8
Jamaica
Trinidad
..
Dutch West Indies--
United
States
equivalent
Gold—
...do
...do.--.
.-do
...do----do
...do
-.-do.
.
.-do._^.
...do.--.
...do
.- do--_
do
...do
...do.--.
Dollar
do
Peso
Dollar
Colon
Peso
Dollar
Quetzal
Gourde
Lempira
Dollar
Cordoba
Balboa
Colon
Franc
$L00
LOO
.4985
LOO
.25
LOO
LOO
LOO
.20
.50
LOO
LOO
LOO
.60
.193
. . do
...do
...do.-...do
Pound
do
do
Guilder
4.8665
4.8665
4.8665
.402^
statistics U n a u t h e n t i c a t e d
or e s t i m a t e s
I n c e n t r a l T o t a l aub a n k s or t h e n t i c a t e d
gold
government
treasuries 38 holdings 37
$3, 746,112
113,948
6,238
$3, 762, 686
1 160,856
2 19, 474
5 10
11, 095
10
12, 562
1,618
In
banks
2,466
$24,800
Outside
banks
a n d government
treasuries 38
$353,935
22, 256
90
100
8 125
40
1,000
10
4,911
4,911
86
2
10
953
1,047
Total
gold
stock
P a p e r cirShver
stock i n culation, i n
monetary Population
banks
u n i t of
a n d treasissuing
uries
country
Gold
Shver
Paper
O
tei
$4,141,421
160,856
19,474
10
34,818
90
2,566
8 126
40
1,000
10
4,911
88
10
L047
$849,995
3 27, 738
«12, 765
202
3 366
8,631
240
3 1, 312
8 30
600
2,300
3 440
90
4,124, 456
193,156
3,628
546
24,138
(«)
(')•
9,200
13, 270
(«)
10 185
3,505
(11)
17,241
3 69
8 9 500
1
3 791
3 6,448
165
94
308
12 2.187
5,298
122, 698 $33. 75
$6.93
9,797
16.42
2.83
.78
16,404
L19
4.00
50
.73
504 """."02"
9.67
2.40
3,599
.075
.20
1,200
L18
.60
2,177
.06
.01
2,500
.05
.62
800
3.69
8.49
271
.59
750
.19
467 " ' " ' . ' 0 2 '
2.85
1,723
4.19 '""3."29'
21
164
994
397
66
'""bs
16.86
.79
16.24
2.35
33.61
19.72
.22
10.92
47.89
4.23
6.31
.68
4.67
10.01
23.81
.07
.31
6.51
80.27
O
U2
French West I n d i e s Guadeloupe
Martinique-...-South America:
Argentina... _ . . . . . . . .
Bolivia
Brazil
• Chile
Colombia
Ecuador
_.
GuianaBritish
—.
Dutch
.....
F r e n c h 8____
Paraguay
Peru........
Uruguay
..
Venezuela
Europe:
Albania.
Austria
Belgium
_.
Bulgaria
J..
_.
Czechoslovakia
..
Danzig
i
Denmark
.Estonia
._
Finland
F r a n c e 20
Germany
G i b r a l t a r 8.._
_
Great Britain and
Irish F r e e S t a t e
Greece...
Hungary
Iceland..
.•
-.
Italy.—..-...---.-..-:
Latvia
.
Lithuania
...Netherlands
1
Norway
Poland
P o r t u g a l 22
___
Rumania
R u s s i a 23
Spain 20
Sweden 20
Switzerland
Yugoslavia
See footnotes a t e n d oft
-do.
.do:..do._
...do...do..
...do..
...do....do._
.do.,
-do.-do..
-do-_dO-_
.do.-do._
Franc.
do.
Peso 34
Boliviano..
Milreis 35___,
Peso
do.-_.v.
Sucre--_.-•-
296
965
296
965
.0392
.0392
.365
.5462
.1217
.9733
.2000
607, 353
6,500
148, 691
7,363
. 24,271
1,124
618,931
7,998
148, 591
8,996,
26, 771
1,124
Dollar-_
GuilderF r a n c . -Peso 15-.
Pound-Peso
Bolivar.
1. 0138
.402
.0392
.9648
4.8665
1. 0342
Franc
Schilling
;
Belga
Lev
Krone
Gulden
Krone
Kroon
Mark
Franc
Reichsmark.
Pound
.193
. 1407'
. 139 1
.0072
.0296
.1947
.268
.268
.0262
.0392 1
.2382
4.8665
241
23, 743
17 125, 574
9,558
134,361
1
46, 298
1 1,710
7,672
1, 248, 064
1 660,126
do
Drachma
Pengo
Kronu
Lira
Lat
Litas
F l o r i n or
guilder.
Krone
Zloty
Escudo
Leu...
Chervonetz.
Peseta
Krona
Franc
Dinar
4. 8665
.0130
.1749
.268
.0526
.193
.10
.402
2 749, 768
7,196
35,169
601
. 265,732
4,584
1 3,427
174,692
773, 294
7,321
35,169
601
265, 732
4,584
. 1 3,427
174,692
39, 363
1 69,686
9,267
1 60,082
91,886
493, 807
63,460
1 102,874
17, 566
39, 363
1 69, 685
9,267
1 50, 082
91,886
493,807
63,460
1102,874
17, 566
122
8 86
94
489
22, 317
69, 557
15, 672
86
94
489
21,490
68,364
15, 672
618,931
7,998
148, 591
9,118
26, 771
1,124
489
22, 317
69, 557
15, 672
236
228
L25
4.23
1,405, 875
44,204
3, 379, 026
211,861
64, 771
36, 563
11,193
3,104
39,104
4,364
7,993
2,600
55.30
2.58
3.80
2.09
3.35
.46
1,675
1,701
11,400
200, 859
6,122
62, 484
89,196
308
151
47
844
6,187
1,850
3,027
.57
2.00
.58
3.61
37.60
6.18
24
41, 720
13 10
H 1, 632
14 11,464
3 205
8 334
194
7,224
3 5,171
8 9, 000
.10
.37
L44
.20
.67
2.21
4.13
1.17
2.79
2.97
163. 08
182.98
125. 60
14.24
86.43
48.55
8.10
14.63
5.13
11.26
242. 55
237. 98
LOO
33; 78
. 29.47
h)
y-i
.-do-_
-do.-do._
-do-_
Gold..
...do..
...do.—do-.-do-_
.._do._
...do....do-..^do-...do...do._
...do..
...do..
...do..
...do..
..do.
..do.
..do.
..do.
..do.
..do.
..do.
..do.
..do.
able.
.238
.1122
1.0805
.0060
6.1457
.193
.268
.193
.193
.
10, 095
241
61
1, 067, 363
16 4
23, 743
2, 471, 600
125, 574
18 283
4,173, 017
9,558
3,664
1 1, 620 9 8,465, 908
34, 361
39, 416
8 1,950
1
360, 200
2,153
46, 298
38, 868
6
1,710
1, 513, 213
7,672
1, 248, 064
28,209 62,181,154
5, 647, 237
665, 821 3 207,926
2 160
1
241
23, 743
125, 574
9, 558
1 34, 351
1
46, 298
1,710
7,672
1, 248, 064
1 665,821
773, 294
7,321
35,169
601
265, 732
4,584
3,427
174, 692
6,066
8 198
25 36, 000
3 250, 000
66
3 2,456
434, 076
5, 689, 550
513,461
7,446
3 70, 212 17,456, 393
76,872
3 4,632
84,774
3 1, 350
865,143
3 47,195
316, 500
45,429
1,876
1,394,284'
3 9,139
69, 685
1, 976,184
9,267
• 1
653 21, 211,000
50,082
182,110
4
91,886 2 3 120,912
4, 377,167
134, 717
493,807
546,013
903
63,658
952,645
11,198
138,874
5, 528,170
3,384
17, 566
834
6,694
8,060
5,825
14, 611
409
3,518
1,116
3,612
41,130
64,036
18
.29
3.55
15.58
L64
.2.35
13.16
L53
2.12
30.34
10.40
48, 692
6,205
8,662
106
41, 508
1,900
2,340
7,833
15.88
LIS
4.06
6.66
6.40
2.41
L46
22.30
2,821
30, 733
6,440
18,172
153,800
22, 603
6,120
4,018
13, 500
16.10
2.27
1.44
2.76
.60
2L85
10.40
34.56
1.30
.07
.03
.63
.10
4.77
.61
.69.
3.24
5.13
.01
.28
L69
2.44
.58
6.03
.66
.30
.04
.795.96
.15
2.79
.25
12.10
159. 45
306; 65
716. 40
579. 42
96. 37
102. 39
34.86
418. 94
1, 611.82
88.19
8.89
8.91
916. 92
69.28
70.24
420. 56
40.45
36.23
110.46
W
fel
o
g
n
Hrj
H
W
tei
S
h-1
"4
H
111.84
45.37
306.86
1,167.24
1.18
193.65
89.22
237.09
409.49
^
QO
*X
<
. Monetary stock of the principal countries of the world, end of calendar year 1928—Continued
CX)
CX)
[Stated in United States money (000 omitted), except paper circulation, which is stated in monetary unit of issuing country (000 omitted)!
. Monetary unit
Authenticated
Country
Monetary
standard
Name
Per capita
Gold stock
United
States
equivalent
statistics U n a u t h e n t i c a t e d
or e s t i m a t e s
I n central T o t a l aub a n k s or t h e n t i c a t e d
g o v e r n m e n t gold holdtreasuries 'e
ings 37
In
banks
Total
gold
stock
Outside
banks
a n d government
treasu r i e s 38
P a p e r cirSilver
culation, in
stock in m o n e t a r y
banks
Population
u n i t of
a n d treasissuing
uries
country
Gold
Silver
Paper
te3'
Asia:
British N . B o r n e o . . . G o l d . - . .
Ceylon
- doChina26._
Shver—
C y p r u s Island _ _
Gold-.Fed. Malay S t a t e s . . . . . . d o
I n d i a , British
.. do. _
Indo-China, F r e n c h - Silver...
Japan, i n c l u d i n g G o l d . . . .
Chosen, Taiwan,
Kwantung.
N e t h e r l a n d , E . Indies — d o . . . .
Palestine
. . do
Persia 8
Shver...
Phhippine Islands. _. G o l d . . . .
Sarawak
. do
Siam
...do
Straits S e t t l e m e n t s . . . . . . d o - . - ,
SsTia
.
do
- do.
.
T u r k e y ^ _•Africa:
- do.-.
Algeria..
Belgian (5ongo
—do
...do.-.
Egypt
.
Eritrea 8
Shver—
Ethiopia (Abyssinia). . . . d o
French E q u a t o r i a l G o l d . . . .
Africa.
French W. Africa.... . . . d o . . . .
Gambia.
...do...
do
Gold Coast
. ...
K e n y a a n d U g a n d a 32. . . . d o
Madagascar. .
do—do
Morocco
Dollar.
$0. 5678
Rupee...::—
.365
(27)
•
Dollar
4.8665
Pound
Dollar
.5678
.365
Rupee
'
(27)
Piaster
Yen....
.4985
$14
$14
$14
8 $12,945
142,553
766
158
124,000 1,671,482
28 22,042
540,873
221,860
$292
292
1 m , 000
1 124,000
540,873
.540,873
68,254
68,264
68,264
.50
.5678
.4424
. 5678
3.859
4.3965
3,026
3,518
3,518
• .0392
Franc
• .0278
do
'4.9431
PoundThalari
(27)'
dO-._--Franc
^. ,
.0392
2 8,955
1,948
19,006
2,383
57,417
590,018
412
8,472
1,891,023
141,875
1,866, 541
293
5,479
489, 500
349 "$0^84"
3,919
318, 942 " " . " 3 9 '
21,200
83,457
356, 645
2,000
116,403
• 130,912
62, 825
1.29
900
10,000
11, 922 " " " . " 3 0 '
600
11, 506
L169 • " i . " 3 9 '
2,832
7.92
13,850
$2.36
.29
2.19
.04
5.24
L04
2.66
8.13
10.48
L21
1.18
2.16
6.93
6.69
22.37
o
o
H
M
tel"
Guilder
Pound
Kran.
Peso
Dollar
B a h t or tical
Dollar
Pound
Lira
.402
4.8665
(27)
( " ) ,
do
Pound
. . do
ShiUing
Franc
do
i, 598
1, 630
2 $6,746
1,630
22,426
1315,680
8,955
1,948
19,006
8,955
1,948
19,006
• :
.0392
4.8666
4.8665.
.2433
. 0392
.0392
160,119
8 2,920
32,726
19,089
29 96
23,005
3 12,763
31 28, 231
1,692
22,043
20,042
3,119
3,ii9
.....
|—---——
3,ii9
1
•
129,068
146, 931
8,610
153,749
1, 777,481
157, 587
30,398
1,324
32 606,099
6,255
10,000
14,319
450
10,000
3,130
622,467
191
1,797
30,451
294,051
709,065
13,800
210
2,838
6,147
3,744
5.000
L43
.19
1.33
3.03
3.24
3.27
1.60
.16
2.00
10.92
•"1:97'
3.76
2.20
3.26
.62
6.75
2.22
11.64
10.98
11. 22
125.69
3 04
11.10
284.16
15.75
2.12
.13
196.64
45.11
.91
.63
4.96
78.64
141.81
t2l
>
o
tei
Ul
Nigeria
.. do.
Nyasaland-.
...do
Portuguese
East
...do....
Africa.
Portuguese
West
...do....
Africa. •
Reunion Island
..
.. do.
RhodesiaNorthern
...do
Southern
...do
yierra L e o n e 8
• ...do
Somahland—
...do
British
F r e n c h 8__
...doI t a l i a n 8.
do
Sudan, Anglo-Egyp- — d o . . . .
tian.
Tanganyika
...do
Tunis 8
doU n i o n of S o u t h Africa — d o
Zanzibar
- do.
Oceania:
.--do- -Australia
N e w Zealand
—do-__
Fiji I s l a n d s .
-- d o - _ _
Society I s l a n d s . . .
do
Total
Pound
— .dO-..tEscudo......
Angolar
4.8665
4.8665
1.0805
118
438
118
438
42
2,251
1,605
227
75,712
18,810
1, 360
3,620
........
.11
1.18
.12
01
21.51
1. 0805
69,172
2,512
27.54
Franc
.0392
33 40,475
174
232.61
Pound
do
do
4.8665
4.8665
4.8665
Rupee
Franc
Lira
Pound
i.
10
842
16
842
24
191
191
191
63
70
70
Shilling
Franc
Pound
Rupee
.2433
. 0392
4.8665 - .
.365
Pound
do......
do..
..
Franc
4.8665
4.8666
4.8665
.0392
.
40
842
787
925
107
122
953
155
475
.365
.0392
.0526
4.9431
750
4,410
2,000
1,863
8,896
4,637
31,975
108,430
13 431
10,026,900
1 45,942
33, 074
2 115,044 2 126,076
2 34,866
431
10, 219,586
160,602
* In part held abroad, either reported as earmarked (set aside and not included in the
claimed assets of the holding institution, as opposed to being merely deposited abroad
or representing a receivable balance), or considered to be earmarked by United States
Federal Reserve Board experts.
2 Including some silver.
3 Including silver in circulation.
< Oh Apr. 30, 1928.
6 On Oct. 31, 1928.
6 United States bank notes.
7 United States Government notes.
8 Last year's figures or figures of previous years.
9 In United States dollars.
1 Newfoundland Government notes only.
0
11 There is no Panama paper money. United States bihs circulate, but the amount
thereof is unknown.
1 In Trinidad dollars.
2
13 Figure for 1929.
1^ Including some nickel.
15 Paper currency stabilized at 42.61 Paraguayan paper to 1 Argentine gold peso and
18.75 Paraguayan paper to 1 Argentine paper peso.
16 Exclusive of 1-schilling and H-schihing coins.
1 On Dec. 25.
7
1 Including some minor coin,
8
•160
438
79,016
241,120
- 34,866
431
467,613
16,389
550
3 13 401
10,847, 801 4, 285, 793
•
1,309
1,014
1,700
.03
.83
345
65 *"2.'93"
1,000
6,653 ""."oi"
.9,844
239, 654
7,227
2,799
4,748
2,180
7,895
203
45, 645
7,460
432
18,952
6,414
1,486
180
36
1, 937,173
.60
.91
.06
.09
.94
.09
1.38
2.17
67.84
2.00
""'i.'se'
L36
.98
10.00
2.08
2.71
37.59
23.46
2.39 """2^23"
5.60
2.07
109.94
.92
13.78
7.12
5.02
2.40
526.44
o
H
O-
2.21
1 Including State notes.
9
20 On Dec. 29.
21 Exclusive of Spanish bank notes.
22 On Dec. 26.
23 On Jan. 1, 1930.
24 Includes platinum.
25 Estimate.
26 Incomplete.
27 Fluctuates with the price of silver.
.. 28 May include some gold.
^^ Includes notes.
30 Monetary standard not established.
31 In circulation.
32 On June 30, 1928.
33 On June 30, 1929.
3 Paper peso currency legally convertible at 44% of face value.
<
35 Value of paper currency fixed at 4.567 paper mhreis to the gold mhreis ($0.1196) for
payment of public dues.
38 From United States Mint interrogatories and/or published ofiicial sources.
37 Includes in addition to holdings of central banks and goverments, holdings of other
banks where authenticated.
.38 Data known to be incomplete.
m
tei
Monetary stock of the principal countries of the world, end of calendar year 1929 (subject to revision)
CO
o
[Stated in United States money (000 omitted) except paper circulation which is stated in monetary unit of issuing country (000 omitted)]
A u t h e n t i c a t e d statistics
Country
Monetary
standard
N o r t h America:
- U n i t e d States
Gold—
Canada
...do
Mexico...
do -British H o n d u r a s . . . . — d o - - Costa R i c a 6
- do--Cuba
--do--Dominican Republic. — d o - - Giiatemala- - .
_.-do . .
Haiti
...do
Honduras
-- d o . . .
.--do
Newfoundland
Nicaragua
—do....
Panama
...do---.
Salvador 6..
. . do
Virgin I s l a n d s
do -British W e s t I n d i e s - —do--..
Barbados
Jamaica
...do
Trinidad 6
do.-D u t c h West Indies... . . . d o . - French West Indies-r
...do.-..
Guadeloupe
.. d o . . .
Martinique
South America:
...do....
Argentina
Bohvia
.--do
Brazil- - do...
Chile
. — ...do
Colombia
.. do--Ecuador
.-do....
Name
United
States
equivalent
Dohar.
do
Peso
Dohar
Colon..
Peso
Dohar
Quetzal
Gourde
Lempira
Dohar
Cordoba
Balboa
Colon
Franc
$L00
LOO
.4985
LOO
.25
LOO
LOO
LOO
.20
.50
LOO
LOO
LOO
.50
.193
Pound
do
do
Guhder
Franc
.do
Peso 28
Bohviano...
M h r e i s 29....
Peso
do
Sucre.-
4.8666
4.8665
4.8666
.402
Unauthenticated
or estimates
Shver
stock in
banks and
Outside T o t a l gold treasuries
stock
I n central T o t a l aubanks a n d
b a n k s or t h e n t i c a t e d In b a n k s government
g o v e r n m e n t gold holdings 31
treastreasuries 3o
uries 32
$3,900,160
77,626
7,229
$3,915,433
2124, 478
6 19,474
10
11,160
2,167
2,167
4,911
$24,000
10
12, 792
4,911
82
1,696
129
502
128
50
1,000
444,429
4,978
160,138
7,695
23,932
1,114
Population
Gold
1
4 951
4 6,448
278
1
393
26 2,187.
5,992
24
42, 457
46, 709
236
228
1, 247,000
42, 526
3, 394, 980
351, 620
47,070
29,977
11,193
3,104
39,104
4,364
7,993
2,500
10
1,743
296
20
6 1,633
444,429
4,978
150,138
9,328
23,932
1,136
22
10
3 1,285
3 411,778
4 900
(0
(«)
8,361
9,436
1,200
9 185
6,152
("0
17,241
209
Shver
122,698 $34.91
$6.97
9,797
12.81
2.92
16,404
L19
.,58
50
4.04
504 '""."52"
.73
9.67
3,699
2.40
.11
1,200
L07
.69
L33
2,177
2,500
.01
.05
.09
800
.63
3.69
8.49
271
750
.71
467
.37
1,723 """2r85"
4.33 " " 4 ^ 4 3 "
21
4,024, 525
337,979
2,721
501
24,138
296
20
433,816
4,978
150,138
7,695
21,774
1,114
P a p e r circulation,
in monetary u n i t
of issuing
country
$4, 283,923
$855,498
124,478 3 4 5 28,638
619,474
5 9,566
6 202
10
366
34,819
4 8,631
22,027
129
4 5 1,284
2,890
221
1,512
128
16
70
20
500
6 1,000
6 2,300
529
10175
10
6 10
4,911
91
9
4 93
$344,490
io
1,743
.0392
.0392
.9648
.3650
12. 5462
.1217
.9733
.2000
P e r capita
Gold stock
Monetary unit
164
994
397 """".'03"
26.41
66
L25
.09
Paper
32.80
34.50
.17
10.00
47.89
3.84
3.77
1.50
.68
8.20
10.01
9 95
.96
16.24
4.21
.40
5 51
90.79
.10
179.88
204.86
39.71
1.60
3.84
2.14 " " " . " 2 9 '
1.47
2.99
.36
.45
111.41
13.70
86 81
80.59
5 89
11.99
GuianaBritish
Dutch 6
..
French 6
Paraguay
Peru. .-UruguayVenezuela
Europe:
Albania.
- Austria
- - _
Belgium
Bulgaria
Czechoslovakia...
Danzig
Denmark
.
Estonia...
Finland...
F r a n c e 13
Germany
.Gibraltar Great Britain and
Irish F r e e S t a t e
Greece
Hungary
Iceland
Italy
—
Latvia
LithuaniaM a l t a a n d Gozo
Netherlands
Norway
Poland
PortugalRnmania
. , ...
Russia_.
Spain...
Sweden
-_
Switzerland
Yugoslavia
Asia:
British N o r t h Borneo.
Ceylon..
C h i n a 18
Cyprus Island
Federal M a l a y States.
.1 d o . . .
...do
...do.--.
...do.--.-.do
...do.—
...do....
Dollar
Guilder
Franc
Peso...
Pound
Peso
Bolivar
1.0138
.4020
.0392
.9648
4.8665
1.0342
.1930
...do
- do...
.-do....
...do..-.
do .
...do
. do--.-.do
...do....
...do...- do...
- do
Franc
Schilling
Belga
Lev
Krone .
Gulden
Krone
Kroon
Mark
Franc
Reichsmark.
Pound
.1930
.1407
.1390
.0072
.0296
.1947
.2680
.2680
.0252
.0392
.2382
4.8665
...do....
...do
.-do....
...do
. do...
.-do....
.- d o . . .
.-do....
.- d o - - -
do
Drachma
Pengo
Kronu
Lira
Lat
Litas
Pound
F l o r i n or
guhder.
Krone
Zloty
Escudo
Leu
Chervonetz.
Peseta
Bjona
Franc
Dinar
...do.-..
do...
...do
- do...
.-do
.- d o . - --do
- do...
.-do....
Straits dollar.
Rupee
Dollar
Pound
Straits dollar.
India, British.
Rupee
do
I n d o - C h i n a , F r e n c h . . S h v e r . . . Piaster
(20)
Iraq (Mesopotamia).
Rupee
.1122
1.0805
.0060
5.1457
. 1930
.2680
.1930
.1930
—do.--
.3650
682
18,668
68,205
682
18,668
68, 638
374
23, 727
1 163,332
9,997
1 37, 338
2
46,204
1 1, 717
7,608
1, 633,402
1559,533
2 711,072
8,312
273,001
1 4, 612
^3,608
711, 303
8,312
28,465
. 602
273,001
1 4, 612
1 3, 508
179,881
151
47
844
6,187
1,850
3,027
6 61
11, 536
1,094,362
3 346
3 6 283 2,835,000
1,224
3, 608,643
1 1, 200 8, 229, 512
4 1,947
37, 797
1,639
367,456
157
34,042
6 22
1,360,600
8,675 68, 570,806
5,620, 267
4 218,064
14 130
8,060
5,825
14, 611
409
3,618
1,115
3,612
41,130
64,036
18
413,044
4 260,000
711, 303
8,312
5,193, 264
. 6 66
500, 599
28,465 .
4 1,902
9,841
602
6 70, 212 16,854,337
273,001
4 5, 790
82, 978
4,612
4 1, 500
94,829
27 3, 508
(15)
3 170
4 48, 692
179,881
861,796
6 827
20,147
374
23, 727
1 163,332
9,997
1 37,249
2
46,204
1 1,717
7,608
1.633,402
1 543,838
179,881
166
48,692
6,205
8,662
106
41, 508
1,900
2,340
233
7,833
22.96
2,821
30,733
6,440
18,172
153,800
22,603
6,120
4,018
13,500
16.08
2.56
. 1.44
3.05
.95
21.91
10.75
36.04
L36
540
23, 727
163,332
9,997
37, 338
2
46, 204
1,717
7,608
1, 633,402
559, 633
39, 303
• 1 78, 598
9,268
1 55,112
147,019
495,148
65,796
1 114,832
18,426
12
" 30,000
45, 370
78, 598
9,268
55,112
147,019
495,148
65, 796
144,832
18,426
1,822
4 15,140
1
44
1617,810
135,851
665
6,716
1,056
1,613
412,985
4 162,036
4 766
211
65,344
265,057
397
6,682
128, 204 41,397,597
18,851
10,000
4 25,000
1,784,844
146,177
(19)
292
1 128, 204
1 128, 204
(19)
.3660
7,970
4 5,171
6 9,000
12
6,067
12
4.8665
.6678
.3650
4 205
334
194
67
39,303
1 78,598
9,268
1 65,112
147,019
495,148
65, 596
1 114,832
18,426
.
1,799
1,701
11,400
206,250
6,523
71,340
6 89,196
86
94
682
19,495
68, 638
20,147
.5678
do
Shver.Gold.—
.--do.-..
See footnotes at end of table*
.0130
.1749
. 2880
.0526
. 1930
.1000
4.8665
.4020
86
94
17 10,000
292
' 317, 700
1,404,053
2,001,033
21,144,156
153, 697
4,457,697
569,129
999,185
5,817, 966
.67
2.00
.81
3.16
37.10
6.66
.64
3.54
20.26
L71
2.56
13.13
L54
2.16
39.71
8.73
14.68
1.34
3.28
5.68
6.57
2.43
1.50
318,942
21,200
2.849 1
L28
2.79
2.97
6.84
11.26
242.56
244.37
1.05
38.66
29.46
.07
13.83
163.48
.05
"351.73
.03
619. 61
.21
663. 24
.08
92.41
4.76
104.45
.46
.14
30.53
.01
376. 68
.21 1, 667.17
3.45
87.76
7.22
5.34
.01
.22
1.69
3.04
.69
.73
6.21
.64
.49
.11
6.01
.18
1.67
.08
8.48
836.94
57.79
92.84
406.05
43.67
40. 52
'"iio.'o2
112. 62
46.68
310.70
1,163. 56
1.00
197. 21
92.99
248. 67
438. 36
.19
293
5,479
489,500
349
3, 919
.66
2.21
4.12
.84
.40
3.5i
5.50
2.37
.33
2.19
.05
10.10
.54
1.14
1.70
4.38
.89
8.72
5.59
6.89
Monetary stock of the principal countries of the world, end of calendar year 1929 (subject to revision)—Continued
CO
[Stated in United States money (000 omitted) except paper circulation which is stated in monetary unit of issuing country (000 omitted)]
M o n e t a r y UDit
Gold stock
A u t h e n t i c a t e d statistics
Country
Monetary
standard
Name
P e r capita
Unauthenticated
or estimates
Shver
stock in
banks and
Outside T o t a l gold treasuries
stock
banks and
T o t a l auI n central
b a n k s or t h e n t i c a t e d I n b a n k s government
g o v e r n m e n t gold holdmgs 31
treasuries
treasuries 3o
United
States
equivalent
P a p e r circulation,
in monetary unit
of issuing
country
Population
Gold
Silver
Paper
(32)
Asia—Continued.
J a p a n , i n c l u d i n g Gold.-.Chosen,
Taiwan,
Kwantung.
Netherland East In- — d o - - dies.
P a l e s t i n e 6.
—do.-.ShverPersia 21..
Philippine I s l a n d s . . G o l d . . . .
...do
Sarawak. .
Yen
Guilder
Pound
Kran
Peso
Straits dollar.
Siam.
.- - — d o
B a h t or tical.
Straits S e t t l e m e n t s . . . — d o - - - D o h a r
--do
Syria
P o u n d (Syrian).
Turkey
. . — d o - — L k a (pound)
Africa:
. - d o - - - Franc
Algeria....
...do
Belgian Congo
do
...do
Egypt
Pound
Eritrea.
. Shver— Thalari
E t h i o p i a (Abyssinia) . . . d o . . . .
do
French
Equatorial G o l d . . . . Franc
Africa.
do
French West Africa.- . . . d o
....do
•^Gambia
Pound.
-.do
•Gold Coast
do
K e n y a a n d U g a n d a 23. . . . d o - . - . Shilling
...do
'Madgascar
Franc
M a u r i t i u s 24
...do
Rupee
. . . d o . - . . Franc
Morocco
...do
Pound
Nigeria
...do.... . — d o
Ny
FRASERa s a l a n d
Digitized for
$542,475 ;
.4020
$542,475
$542,475
6 $221,850
1,650,481
83,457
.$6.50
$2.65
19.77
56,067
56,067
4164,760
331, 721
.52,825
LOO
3.12
0.28
3,441
2,920
4 48,427
4 19,161
2,000
164, 710
101, 957
22 1, 393
900
10,000
11, 922 """".'29'
600
3.24
4.84
1.61
2.22
16.47
8.55
2.32
1,633
22,426
4 71, 701
4 21, 573
417 3,136
110, 218
104, 297
17 8, 500
11, 506
1,169 """L39"
2,832
7.92
6.23
18.46
1.11
9.58
89.22
3.00
158, 749
$0.4985
13,850
702
2, 002, 664
183, 632
28,300
56,067
4.8665
(19)
.4424
.5678
3.859
3, Oil
1,598
.5000
. 5678
3,441
1,633
6 $6,746 17 $15,680
4.3965
.0392
.0278
4. 9431
(19)
(19)
8.790
1,041
18,789
8,790
1,041
18,789
8^790
1,041
18,789
.
6 28, 231
6 1, 692
4 20,164
.0392
.0392
4. 8665
4. 8665
.2433
.0392
.3650
.0392
4. 8665
4. 8665
- . ..
2,580
.
4 20, 506
2,580
2,580
252
49
301
1,743
4 3, 010
4 1, 240
4 1. 669
800, 000
6 23 606, 099
558, 209
202
1,944
28,100
263, 785
14, 663
603, 878
202
6, 255
10,000'
14,319
450
10.000
3,130
11.46
L41
.11
.10
L 3 1 """L97"
3.76
2.02
13,800
210
2,838
6,147
3,744
373
6,000 " " . ' 5 2 *
18,810
1,360 """".'22'
•
.........
3.33
4.67
.60
.06
1.23
320.17
18.36
1.97
80.00
193.64
40.44
.96
.78
4.57
70.45
39.28
120.77
.01
P o r t u g u e s e E a s t Af- — d o - - - E s c u d o
rica.
P o r t u g u e s e W e s t Af- — d o - - - Angolar
rica.
Reunion Island
— d o . - - Franc
RhodesiaNorthern
- . . d o - . - Pound
Southern
—do.-do......
Sierra Leone
—do..do.
Somalhand—
-:do
Rupee
British
French 6
— d o . . - Franc
Italian 6
Lira—
-.do
Sudan, Anglo-Egyp- — d o . . . . P o u n d
tian.
Tanganyika
Shilling-...—do
Tunis - .
- d o - . Franc-U n i o n of S o u t h .Africa- - . d o
PoundZanzibar •_. . -Rupee
- do
Oceania:
...do
Pound
Australia
N e w Zealand
do
do
Fiji Islands
.-do-.do
Society I s l a n d s
do
Franc.N e w Guinea, British . . . d o , . . . P o u n d
TotaL-
3,520
61, 208
2.612
20.38
.0392
23 40,475
174
232.61
4 916
4 2, 677
437
80
996
17 60
1,309
1, 014
1,700
4401
476
4,410
2,000
6 438
4.8665
4. 8665
4. 8666
.3650
.0392
.0526
4.9431
. 2433
.0392
4. 8665
.3650
4. 8666
4. 8665
4. 8665
.0392
4. 8665
15
8 43oo
24
64
647
18
88
647
191
6 191
20
20
1,863
<8,808
4 3, 592
36,474
88,884
2 31,978
431
32,160
43, 714
88,884 23108,017
31,978
431
10, 277,098
10,446, 567
75,874
196, 901
31, 978
431
4 15,938
374
.4401
13
13
1 In part held abroad, either reported as earmarked (set aside and not included in
the claimed assets of the holding institution, as opposed to being merely deposited,
abroad or representing a receivable balance) or considered to be earmarked by U. S.
Federal Reserve Board experts.
2 Includes some silver.
3 Includes base metal coin.
. 4 Estimated silver circulation included.
5 Includes some gold.
6 Prior year's figmes.
7 United States bank notes.
8 United States Government notes.
9 Exclusive of Canadian bank notes which are the principal circulating media.
16 Panama coin only. In addition to this, there is circulating an unknown amount
of silver.
11 United States currency.
1 Equivalent of old milreis; new valuation at $0.1196-1- not yet fully established.
2
13 On Dec. 27.
1 Exclusive of Spanish bank notes and British treasury notes,
4
15 British currency
.12.
77,529
1.0805
1.0805
164,'556
7
" 461, 247 11, 072, 370
4, 039,914
.69
2.64
.02
LIO
345
65 """2."94"
"• " i . ' s e '
1,000
6,653
L34
— ——
—
21,09^4
600,000
6,980
2, 967
4,748
2,180
7,895
203
27.116
7,340
412
12,601
6,414
1,486
180
36
201
(25)
.06
.63
22.02
1,940,829
.76
9.49
2.02
L84
30.70
2L52
2.39 """2."23'
.06
L38
67.85
2.00
4.44
229. 36
.88
14.61
4.23
4.94
2.29
347. 25
2.07
tei'
O.
H
O
.04
6.74
.06
.98
.03
1 Includes platinum.
6
1 Estimate.
7
18 Incomplete.
1 Fluctuates with the price of silver.
9
20 Monetary standard not established.
21 Mar. 21, 1930 (end of Persian year).
22 Sarawak coin and notes; Straits coin and notes also circulate.
23 June 30,1929.
24 May, 1930.
2 Auistrahan notes.
6
26 In Trinidad dollars.
27 Almost the entire amount held abroad.
28 Paper peso currency legally convertible at 44% of face value.
29 Value of paper currency fi.xed at 4.667 paper mhreis to the gold mhreis ($0.1196) for
payment of public dues.
30 From Unites States Mint interrogatories and/or published oflScial sources.
31 Includes, in addition to holdings of central banks and governments, holdings of other
banks where authenticated.
32 Data known to be incomplete.
O
tei
tei.
CO
CO
WORLD PRODUCTION
OF GOID
AND
SILVER
CO
World production of gold and silver, 1928 and 1929
[The production figures given below are based upon the preceding data (see p. 152 of the report of the Director of the Mint) and those published in prior issues of the report of the
Director of the Mint]
C a l e n d a r year 1928
Gold
C a l e n d a r year 1929—Subject to revision
Gold
Silver
Shver
Country
Kilos,
fine
66,710
58,805
21,746
-
Ounces,
fine
Value
($0.58027
per ounce)!
Kilos,
fine
Ounces,
fine
Khos,
fine
Value
Ounces,
fine
Value
($0. 53631
per ounce) i
2,144,720 $44,335,300
1,890,692 39,082,005
699,102 14,451,721
1,817,294 68,426,004 $34,253,413
682. 314 21,936,407 12,860,667
3,376,966 108,637,307 63,632,167
63,970
69,978
20,276
6,875,574 188,899,718 110, 746,237
2,056, 629 $42,514,300
1,928,308 39,861,664
651,873 13,475,411
1,904,613 61,233,321
719,853 23,143,261
3, 381,038 108, 700,372
$32,840,042
12 411 962
58, 297,097
6,005,604 193,076, 954
g
-
..-
-
97,869,026
144,224
4,636,810
95,851,376
60,469
1,250,000
79,582
2,658,648
1,500,000
1,655
53,212
1,100,000
86, 995
30
16.
3,114
896
1,254
2,319
968
606
100,116
28,806
40,323
74,572
20,000
10,460
2,069,561
596,473
« 833,655
1,541,540
467
175,389
796
44,688
2,122
2,482
15,000
6,638, 756
26, 591
1,436,719
68,228
79,804
8,794
3,305,833
16,003
842,305
3 40,000
46,778
31
47
3,340
4 896
1,505
2,094
1,000
1,499
107,381
28,806
48,375
67,328
20,672
30,985
2, 219, 762
595,473
31,000,000
1,391, 793
467
149,805
654
4 44, 688
1,866
3,002
15,000
4,816,220
21,026
1,436,719
3 60,000
96,511
8,045
2,682,987
11,276
770,627
32 179
61, 760
6,326
6,498
46,460
66,904
48,257
110,086
113,654
939,742
1,383,028
997,561
233
3 7,500
199
92
3 7,500
4,022
21,607,693
4,019
12,667, 942
2,366
3,799
1,344
131, 996
61,603
954,696
2,524,816
893,155
233
672,090
3 125
6,385
2,975
46,183
122,138
43,206
668,590
3 125
21,495,169
4,019
11,528,074
2,156
12,962
-
w
H
O
103,549,101
4,734,414
1,881
166
171
1,414
2,081
1,601
C e n t r a l America a n d West Indies 2—
416,734
8,614,660
898,392
28,883,310
16,933,417
14,783
475,276
9,824,850
869,430
27,952,164
14,991,025
3 10
216
1,680
169
4
«16
321
. 6,944
64,013
6,434
129
482
6,636
143,645
1,116,648
112,331
2,667
9,964
3 688
23,878
11,200
162,390
1,019
'7,500
18,904
767,678
360,080
6,220,839
32,761
241,126
11,083
450,067
211,104
3,060,821
19,207
141,364
166
«1,680
181
1
3 16
6,015
64,012
6,819
12
482
103,669
1,116,627
120,289
248
9,964
329
22,488
«11,200
171,470
1,119
3 7,500
10,578
722,989
360,080
5,512,760
35,976
241,125
6,673
387,746
193,115
2,956,648
19,294
129,318
2,796,890
1,500,000
W
tei
>
o
tel
CQ
-
.
.
Total
Khos,
fine
147,260
Total--.
Europe:
Austria
Czechoslovakia
France
Germany
Great B r i t a i n . Greece
Value
"Tl
O
N o r t h America:
U n i t e d States
Canada
-Mexico
-
S o u t h America:
Argentina 8
Bolivia—
Brazh
Chhe
Colombia '
Ecuador---Guiana—
British
Dutch
French
Peru..
Venezuela
Ounces,
fine
. .
- --
-
(
4,397 \
I 1,436
1
Italy
Norway
Poland
Rumania....
Russia
Spain
Sweden.
Yugoslavia..
Total
Asia:
British India
China
Chosen (Korea)...
Dutch East Indies
Federated Malay States..
Indo-China
Japan
Philippine Islands
Sarawak
Taiwan
Turkey
Total.
Oceania:
Australia—
New South Wales...
Northern Territory..
Queensland
South Australia
Victoria
West Australia
Tasmania..
Papua
.
New Guinea—
Australian
British (Papua)
New Zealand
Total.
Africa:
Algeria...
Belgian Congo
Bechuanaland
British West Africa(Gold Coast,
Ashanti, Nigeria)
See footnotes at end of table.
514,400
398,660
235,113
99,986
3 380,000
2,526,443
3 75,000
62,693
301,677
233,722
137,840
58,619
222,783
1,481,178
43, 970
36,755
1,470,760
20,671,835
310,000
206,718
381,499
16,133
6 10,026
11,218
2,822
9,331
82, 713
2,333
2,488
618,676
322,336
360,659
90,727
3 300,000
2,659,223
3 75,000
79,989
278,171
172,872
193,425
48,658
160,893
1,426,168
40,223
42,899
1,643
31,897
2,213
31,104
15
311
574
71,148
31,000,000
483
3 10,000
18,465
62,628
1,948
37,325 3 1, 200,000
726
23
314,000
435
14,468
450
1,294,636
24,806,201
3 15,000
289,406
299,080
16,000
12,400
7,313
3,110
11,819
78,583
2,333
1,950
42,333
1,361,010
28,134,567
340,083
10, 933,682
6,410,090
36, 298
1,166, 969
24,123,406
351,170
11,290,118
6,056,003
11,697
3,110
5,176
3,429
. 582
8
10,391
• 3,317
6
280
28
376,058
3100,000
166,412
110,242
18, 693
257
334,061
106, 641
3 200
9,012
3 900
7, 773,809
2,067,183
3,440,041
2,278,904
386,419
5,313
6, 905, 654
2, 204,465
4,134
188,295
18,605
230,974
3,111
1,744
63,203
7,425,810
3100,000
56,084
2,031,976
4,353,530
58,627
32,880
1,191, 287
3, 914,166
26,816
29,348
1,055,423
31,175
1,016,288
21, 337
160,027
3,156
3,183
5 5,144,878
101,465
1,707
2, 759,250
54,419
365
6,843
11, 747
5 220,000
6,887
128, 979
7,521,840
1,033,592
2,928,517
2,230,470
505,041
10,625
6,905, 654
3,320,434
29,044
186,295
18,605
7, 298,327
3 50,000
54, 723
1,967,934
53,176
5,144,878
36,394
363,869
3 50,000
141,667
107,899
24,431
514
5 334,061
160, 626
1,405
5 9,012
3 900
227,009
1,555
1,702
61,211
1,654
160,027
1,132
1,318
1,555
4,406
3,356
760
16
LO, 391
4,996
44
280
28
365
6,843
« 11, 747
3 220,000
6,300
117, 988
38,024
1,222,476
25, 270, 822
469,053
15,080,065
8,840, 990
37,150
1,194,384
24, 690,117
461, 967
14,852,257
7, 965,417
12, 831
100
13, 277
532
33,917
393,408
3,603
55, 573
266,240
2,067
274,460
10, 997
701,127
8,132,465
74,481
1,148,805
281,656
1,055, 241
5,308,816
3
413
16
1,055
12,237
112
1,729
685"
"22,"034'
i2,'9i8'
45
1,728
20,819
1,711
1,454
55,554
669,326
3 55,000
852
32, 570
392,406
32, 246
345
1
295
20
818
11, 732
174
11,096
44
9,476
643
26,275
377,176
5,597
750,005
35, 735
2,415,463
26,816
261,366
36,281
1,729
116,848
3 50,000
445,811
1,128
54
3,634
1,556
13,867
'12,'947'
'"416," 262"
223,245
18,201
585,165
12,096,438
324,642
10,434,022
6, 695,871
5,376
54
172,838
1,725
3,572,879
35,659
5,193
373
5
166,965
3 12,000
162
89,640
6,436
87
6,471
208,053
4,300,837
68
1,865
38,663
•
O
o
o
tei
(See P a p u a , above.)
3,692
ii8,"7i4' '"2,'454,"036'
19, 666
631,955
13,063,678
320,611
10,304,420
6,041,173
4,296
54
138,116
1,748
2,856, 111
36,134
3,652
330
4
117,412
10,609
141
68,835
6,220
157,901
3,264,103
229,375
279, 938 > 9,000,000
910
195,886
" ' i , ' 6 3 8 ' """"52,"663'
13,292
909
543,152
28
"49,834
7, 796,920
1,550
864,354
116, 700
26,885
(See N e w Guinea, below.)
4, 826, 790
" " 2 8 , " 244
26, 726
463,562
M
CO
World production of gold and silver, 1928 and 1929—Continued
Gold
Silver
Gold
CO
C a l e n d a r year 1929—Subject to revision
C a l e n d a r year 1928
Silver
Country
Kilos,
. fine
Africa—Continued.
jiigypt
E t h i o p i a (Abyssinia)
F r e n c h W e s t Africa
K e n y a Colony
Madagascar
P o r t u g u e s e E a s t Africa
RhodesiaNorthern
Southern .
.
S o u t h w e s t Africa
Swaziland
Sudan
Tanganyika
Transvaal, Cape Colony and
Natal
Ounces,
fine
Value-
2
284
102
26
223
132
64
9,131
3,279
814
7,169
4,239
Si, 323
188, 754
67,783
16,827
148,196
87,628
19
17, 920
17
11
181
399
602
576,112
542
347
5,835
12,828
12,444
11,909,292
11,204
7; 173
120,620
265,178
Ounces,
fine
Kilos,
fine
Value
($0. 58627
per o u n c e ) !
3
81
$47
10
327
192
3
3,229
88
103,802
62
60,856
49
1,575
923
Kilos,
fine
Ounces,
fine
Value
32
140
4 129
26
• 187
12
64
4,501
4,147
845
6,012
376
$1,323
93,044
85, 726
17,468
_ 124,279
7,752
22
17,444
12
3
76
298
699
560,813
377
90
2,469
9,681
14,450
11,693,034
7,790
1,859
50,825
198,057
Ounces,
fine
Khos.
fine
Value
(50.63(n
perountr)'
tei
$70
4
131
2
54
29
412
2,713
13,242
87,232
7,102
46,783
33
1,061.
569
O
o
tei
tei
322,061
10, 354,264 214,041,633
32,080
1,031,376
604, 665
323,867
10,412,326 215,241,881
32,093
1,031,779
553,353
:
350,637
11,272, 991 233,033,403
39,360
1,266,411
741,873
354,119
11,384, 905 235,346,863
40,828
1,312, 616
703,969
T o t a l for world
. . - - . 612,753
19, 700,049 407,236,156
257,926,154 151,213, 780
606,430
19,496, 721 403,033,049
8,140,436 261, 715,021
140,360,386
!—i
Total
8,022,555
1 Average price per fine ounce in London.
2 Estimate based on United States imports of ore and bullion.
3 Estimate based on other years' production.
4 Last year's figures.
5 Amount exported.
fFor year ended June 30.
>
DIEECTOE. OF T H E
797
MINT
Production of gold and silver in the world since 1860 •
I The annual production of 1860 to 1872 is obtained from 5-year-period estimates compiled by Dr. Adolph
Soetbeer. Since 1872 the estimates are-those of the Bureau of the Mint]
Silver
Gold
Calendar year
Fine ounces
1860
1861
1862
1863
1864
1865
1866
1867..
1868
1869
1870
1871
1872
..
6,486, 262
5,949, 682
5,949, 582
5, 949, 582
5,949, 682
5,949, 582
6, 270, 086
6, 270, 086
6, 270, 086
6, 270, 086
6, 270, 086
5, 591, 014
5, 591, 014
78, 766, 630
.
'
.
Total
1873.
1874.......
1875
1876
1877
_
1878
1879.
1880 - 1881
1882—
1883
1884...
1886...
1886
- ...
1887...
1888
1889
1890
1891. - ...
1892
1893
.
1894
1896...
•.
.
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
1925
—
'.. .
1927
1928.1929
Total
"Grand total
,
Value
Fine ounces
Commercial
value 1
$134,083,000
122, 989, 000
122,989, 000
122, 989,000
122,989, OCO
122,989, 000
129, 614,000
129, 614,000
129, 614, 000
129, 614, 000
129, 614, 000
115, 577,000
115, 577, 000
29, 095,428
35,401,972
. -35,401,972
35,401, 972
35,401,972
35,401,972
43,051,583
43, 051, 583
4.3, 051, 583
43, 051, 583
43, 051, 583
63, 317, 014
63,317,014
$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, 563,000
4, 653, 675
63, 267,187
96, 200,000
. 4,390,023
55,300, 781
90,750,000
62, 261, 719
97, 500, 000
4, 716, 563
67, 753,125
103, 700, 000
5,016,4.88
62, 679,916
113, 947, 200
5, 512,196
73,386,461
119, 092, 800
6, 761,114
74,383,495
108, 778, 800
5,262,174
74, 795, 273
106,436, 800
5,148,880
79, 020, 872
103, 023,100
. 4, 983, 742
86,472,091
101,996, 600
4, 934, 086
89,175, 023
4, 614, 588
95, 392, 000
8L 667,801
4,921,169
101, 729, 600
91, 609,959
108,435, 600
5, 215, 572
93, 297, 290
106,163, 900
6,135, 679
96,123, 686
105, 774,900
5,116, 861
108, 827, 606
110,196,900
5,330, 775
120, 213, 611
123,489, 200
5,973, 790
126, 095, 062
118,848, 700
5, 749, 306
137,170, 000
130, 650, 000
6, 320,194
153,151, 762
146, 651, 500
7,094, 266
165,472, 621
157,494,800
7,618,811
164, 610, 394
181,175,600
8, 764, 362
198, 763, 600
9, 615,190
167, 500, 960
202, 251,600
9, 783, 914
157,061,370
236,073, 700
160,421, 082
11,420, 068
286,879,700
169,055, 253
13, 877,806
306, 724,100
14,837, 775
168, 337,452
254, 576,300
12, 315,135
173,591,364
260,992,900
12, 625, 527
173, Oil, 283
296, 737,600
162, 763,483
14, 354, 680
. 327,702,700
167, 689,322
15, 852, 620
347,377, 200
164,195, 266
16,804,372
380, 288,300
18, 396, 451
172, 317, 688
19,471, 080
166,054,497
402, 503, OCO
19,977, 260
184,206, 984
412,966, 600
21,422, 244
203,131,404
442, 837, 000
21,965, 111
212,149,023
454, 059,100
22, 022,180
221, 715, 673
455, 239,100
22,397,136
226,192,923
462,989, 761
22, 605, 068
467, 288,203 - 230,904, 241
22, 254,983
460, 051, 329
210, 013,423
440, 348, 027
172,263,596
21, 301, 836
470, 026, 251
173,000, 507
22, 737, 520
455,423,136
180,801, 919
22,031,094
420, 579,351
186,125,017
20,345, 528
384, 786,306
203,159,431
18, 614, 039
365, 853, 933
179,849,940
17, 698,184
332, 823, 934
16,130,110
173, 296, 382
330, 231, 792
15,974,962
171, 285, 642
319,420,063
15,451,945
209, 815,448
367, 764, 279
17, 790, 597
246,009, 634
393,405, 653
19,031,001
239,484, 703
393, 301,128
19,025, 942
245, 213,993
399,981, 749
19,349,118
263, 795,166
401, 678,427
19,431,194
253,981,085
407, 236,156
- 257,925,154
19, 700, 049
261, 715,021
19,496, 721
403, 033, 049
748, 372, 754 15,469, 623, 027 9,023, 670, 654
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, 600, 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, 652, 200
. 95,233,300
105,113, 700
111,721,100
121, 577,100
108, 655,100
110,364,400
119,727,000
122,143,800
141,972, 220
126,848,107
96, 261, 769
89,911,664
124,011,387
166, 240, 686
200,002,335
201, 588,402
176, 658, 331
108,110,296
142, 536, 023
172, 275, 652
178,310.725
172,498, 232
159, 568, 628
144,947, 007
151, 213, 780
140,360,386
6, 636, 516,629
9, 571, 667, 886
7, 366, 079, 629
827,139, 384 ,17,097, 875, 027
1 At the average par price of a fine ounce of silver in London, excepting the years 1918 to 1922, iiiclu,sive,
or which the mean of the New York bid aud asked prices was us^d,
Production of gold and silver in the world since the discovery of America
(From 1493 to 1886 is from a table of averages for certain periods, compiled by Dr. Adolph Soetbeer; for the years since, the production is the annual estimate of the Bureau of the Mint]
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.production
Shver
Gold
A n n u a l average for period
CO
OD
T o t a l for period
B y weight
B y value '
Period
F i n e ounces
1493-1620—
1621-1644
1646-1660
1661-1680
1681-1600
1601-1620
1621-lb40
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
1851-1856
1856-1860
1861-1865
1866-1870
1871-1875
1876-1880
1881-1886
1886-1890
1891-1895
1896-1900
1901-1905
1906
1907
1908
._
-.
186,470
230,194
273,596
219, 906
237, 267
273, 918
266,845
281, 955
297, 709
346,096
412,163
613,422
791,211
666,066
571, 948
571,663
367, 957
467,044
662, 291
1, 760, 502
6, 410, 324
6,486, 262
6, 949, 582
6,270, 086
6, 591,014
5. 543,110
4, 794, 756
5, 461, 282
7,882, 566
12, 446, 939
15, 606, 730
Value
$3,866,000
4, 759,000
6, 656,000
4,646,000
4, 905,000
6, 662,000
6,616,000
6,828,000
6,154,000
7,154,000
8.520,000
12, 681,000
16,356,000
13, 761,000
11,823,000
11,816,000
7, 606,000
9,448,000
13,484,000
36,393,000
132, 613,000
134,083,000
122. 989,000
129, 614,000
115, 577,000
114,586,000
99,116,000
112,896,000
162, 947,000
257,301,100
322, 619,800
F i n e ounces
•
6, 221,160
6, 524, 656
4,377, 644
4, 398,120
4, 746,340
5, 478,360
6,336,900
6, 639,110
6, 964,180
6, 921,895
8, 243,260
12, 268, 440
15, 824, 230
13,313,315
11, 438, 970
6, 715, 627
3, 679,668
4, 570, 444
6,622, 913
17, 605,018
32,051, 621
32,431,312
29, 747,913
31,350,430
27, 955,068
27, 715,650
23, 973,773
27,306,411
39, 412,823
62, 234, 698
78,033, 650
19.471,080
19, 977, 260
21,422,244
Value
$107,931,000
114,205,000
90, 492,000
90, 917,000
98,095,000
113,248,000
110,324,000
116,671,000
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
64S, 071,000
677,883,000
672,931,000
496,682,000
564,474,000
814, 736,000
1,286, 605,400
1, 613,099,100
402,603,000
412, 966, 600
442,837,000
F i n e ounces Coining v a l u e
1,611,050
2,899,930
10,017,940
9, 628,926
13, 467,636
13,696,235
12, 654,240
11, 776,545
10,834,650
10, 992,086
11,432, 640
13,863,080
17,140, 612
20, 985, 591
28,261, 779
28, 746, 922
17,385, 756
14,807,004
19,175,867
25,090,342
28,488, 697
29,095,428
35,401,972
43,051, 683
63,317,014
78, 775, 602
92,003,944
108, 911,431
167,581,331
165, 693,304
167,995, 408
$1,954,000
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, 640,000
37,168,000
22, 479,000
19,144,000
24 793,000
32, 44C, 000
36,824,000
37, 618,000
46, 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
42,309, 400
69,698,320
160,287,040
192, 678,500
269,352, 700
271,924, 700
263,084,800
236,630,900
216, 691,000
219,841, 700
228, 650,800
277, 261, 600
342,812, 235
419,711,820
665,235, 580
287, 469,225
173,857.555
148,070,040
191, 758, 676
250,903, 422
112,442,986
146,477,142
177,009,862
216, 267, 914
316,585,069
393,878,009
460, 019, 722
544,567,155 *
787, 906, 666
828,466, 522
839, 977,042
165,054, 497
184, 206, 984
203,131,404
Coining value
in s t a n d a r d
silver dollars
$54, 703, 000
89, 986,000
207, 240, 000
248, 990,000
348, 254,000
351, 579, 000
327, 221,000
304, 626, 000
280,166,000
284, 240,000
295, 629, 000
358, 480, 000
443, 232, 000
642, 658, 000
730,810,000
371,677,000
224, 786, 000
191, 444, 000
247, 930, 000
324, 400, 000
184,1G9, 000
188, 092, 000
228,861, 000
278, 313, 000
409, 322, 000
509, 256,000
694,773,000
704,074, 000
1,018, 708,000
1,071,148, 400
1,086, 030, 900
213, 403, 800
238,166. 600
262, 634, 600
Gold
11
7.4
2.7
2.2
1.7
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
5
4.8
4.8
7
8.6
10.6
9.8
9.5
Shver
89
92.6
97.3
97.8
98.3
98
97.9
97.7
97.3
96.9
96.6
95.8
95.6
96.9
98
98.1
97,9
97
96.7
93.4
8L6
8L8
85.6
87.3
9L9
93.4
95
95.2
95.2
93
91.6
89.6
90.2
90.6
Gold
66.4
65.9
30.4
26.7
22
24.4
26.2
27.7
30.5
33.5
36.6
4L4
42.6
33.7
24.4
24.1
26.3
33
36.2
62.9
78.3
78.1
72.9
70
58.6
53
45.6
44.6
44.4
64.6
69.8
65.3
63.4
62.8
Silver
33.6
44 1
69.6
73 3
78
75.6
74.8
72.3
69 5
66.6
73 4
68 6
67 5
66.3
75 6
/6. 9
74 7
67
64 8
47 1
21 7
21 9
27 1
30
4L6
47
64.6
65 5
66.6
46 4
40 7
34.2
36 6
37.2
hj
O
H
O
i^
W
tei
tei
H-i
a
tei
w
966, 111
022,180
397,136
605,068
254,983
301,836
737, 520
031,094
345, 528
614,039
698,184
130,110
974,962
451,945
790, 597
031,001
025,942
349,118
431,194
700,049
496,721
1909..
1910..
1911-.
1912..
1913..
1914..
1915..
1916..
1917..
1918..
1919.,
1920.
1921..
1922..
1923..
1924..
1925..
1926..
1927..
1928..
1929..
Total.
1,041,177, 201
454, 059,
456, 239,
462, 989,
467, 288,
460, 051,
440, 348,
470, 026,
465, 423,
420, 679,
384, 786,
365, 853,
333, 423,
330, 231
319, 420,
367, 764,
393, 405,
393, 301,
399, 981,
401, 678,
407, 236,
403,
21, 523, 856,
212, 149,023
221, 715,673
226, 192,923
230, 904, 241
210, 013,423
172, 263,596
173, 000, 507
180, 801,919
186, 125,017
203, 159,431179, 849,940
173, 296,382
171, 285, 542
209, 815,448
009,534
. 246,
239, 484, 703
245, 213,993
253, 795,166
253, 981,085
257, 925,154
261, 715, 021
14, 729, 598, 697
9.4
274, 293, 700
286,662,700
9
292,451,600
9
298, 542,852
8.9
271, 532, 506 .
9.5
222,724, 649
11
223,677, 423
1L6
233, 764,096
10.8
240,646,486
9.8
262,670, 779
8.3
232, 533, 256
8.9
224,059,968
8.5
221,460,095
8.4
271, 276, 638 • 6.8
318,072,933
6.7
309,636, 787
7.4
317,044, 355
7.2
328,139, 204
7.1
328,379, 585
7.1
333,478,987
7.1
338,379, 017
6.9
19,044,329, 616
6.6
90.6
91
91
9L1
90.6
89
88.4
89.2
90.2
9L7
9L1
9L6
9L6
93.2
93.3
92.6
92.8
92.9
92.9
92.9
93.1
62.3
6L4
6L2
61
62.8
66.4
67.7
66.1
63.6
59.4
6L1
59.7
69.8
54.9
53.6
56
55.1
54.9
55
65
54.4
37.7
38.6
38.8
39
37.2
33.6
32.3
33.9
36.4
40.6
38.9
40.3
40.1
45.1
46.4
44
44.6
45.1
45
45
45.6
o
93.4
53
47
O
w •
O
H
W
tei
CO
CO
REPORT OF THE COMPTROLLER OF THE CURRENCY (ABRIDGED)
TREASURY DEPARTMENT,
OFFICE OF THE COMPTROLLER OF THE CURRENCY,
Washington, December 1, 1930.
S I R : I have the honor to submit the following annual report in
accordance with the provisions of section 333 of the United States
Revised Statutes, covering activities of the Currency Bureau, in
the year ended October 31, 1930. This is the sixty-eighth report
made to the Congress since the organization of the bureau,
LEGISLATION RECOMMENDED
Amendments to the national bank act
Since the publication of my 1929 annual report the subject of
branch, group, and chain banking has received considerable attention.
Bankers and their associations, both national and State, the press,
and the public generally have evidenced an interest in the subject
to a greater degree than ever before. This interest has been due
largely to the increasing number of country bank failures and the
changing conditions which have brought hitherto isolated rural districts into closer touch with the commercial centers. These developments were also important factors in prompting my suggestions to
the Seventy-first Congress that section 5155 of the Revised Statutes
of the United States be amended to permit national banks, with the
approval of the Comptroller of the Currency, to establish branches
within the regional trade areas of the commercial centers in which
they operate.
At the last session of Congress the Banking and Currency Committee of the House of Representatives, under authority of House
Resolution 141, conducted extended hearings on the subject of branch,
group, and chain banking. During the course of these hearings
there appeared before the committee a number of prominent Government ofBcials, bankers, and others, representing unit as well as the
different forms of so-called multiple banking in many sections of the
country. They testified from experience in their respective spheres,
and through their testimony the committee was placed in possession
of a fund of first hand and valuable information. At this date the
committee has not rendered its report. Nothing, however, materialized during these hearings nor has anything arisen since to justify
any change in my attitude. Developments of the last year have,
on the contrary, strengthened my belief that the type of branch
801
802
REPORT ON
liiE EiiN^Ais^cfi^
banking put forward by me is sound and that such an amendment
to the law should be enacted.
Failures have not abated. During the fiscal year ended June 30,
1930, there were 640 failures, 82 of which were national banks and
558 State banks, as compared to a total of 549 failures during the
fiscal year ended June 30, 1929, comprising 69 national banks and 480
State banks.
An analysis of the bank failures for the current year shows that
the trend toward the gradual ehmination of small country banks in
the agricultural sections, which has been prevalent during the past
decade, is still very pronounced.
Nearly 96 per cent of these failures occurred in the agricultural
States of the South, Middle West and West, while in the niore densely
populated industrial areas of New England and the Eastern and Pacific
Coast States, where a greater diversification of business is possible,
the number of failures has been negligible.
In only one section of the country (the Western States) did the
total number of bank failures for the fiscal year .1930 fall below that
of the preceding fiscal year. In that section 163 banks failed during
the fiscal year 1930 as compared to 183 during 1929. This exception
was, however, due solely to the situation in Nebraska, where, following the collapse of the guaranty of deposits law, 106 State banks
closed their doors daring the fiscal year of 1929, while only 50 failed
during the comparable period of 1930.
Illinois, a State wherein antibranch-banking sentiment is quite
pronounced, suffered a striking increase in bank failures during the
past year. During the fiscal year 1929 only 8 State banks and
1 national bank in Illinois closed their doors, while in 1930 no less
than 42 State-chartered institutions and 11 national associations, a
total of 53, were placed in receivership.
Other States contributing largely to the increase in bank failures
during the last fiscal year were Alabama, with only 5 failures in 1929
and 25 in 1930; Oklahoma, also with 5 failures in 1929 and 26 in 1930;
and Missouri, with 19 failures in 1929 compared to 50 in 1930. In
each of these States, following the general trend for the entire country,
the great bulk of the failures was made up of banks with limited capital,
located in communities of the type which, in my opinion, can be
adequately served only by branches of the larger banks in the nearest
large commercial centers.
Since I have discussed the subject of bank failures at some length
in previous public utterances and in my annual report to Congress
for 1929, I shall ask your further indulgence on this occasion merely
to point out that the failure of about 5,600 banks in the past 10 years,
tying up deposits of nearly $2,000,000,000, constitutes one of the
main factors responsible for the crystallization of a strong sentiment
in favor of some change in our banking structure which will bring
to our rural districts, where more than four-fifths of these failures
have occurred, the benefits and protection of the strong well-managed
banks now operating in our commercial centers. I t should not be
overlooked that those who have suffered most in these failures were
persons of small means—country business men, farmers, and savings
depositors in farming communities. That remedial legislation along
this line is of great present importance is strikingly emphasized by
the latest figures available, which show that up to October 31 of this
COMPTROLLER OF THE CURRENCY
803
year no less than 742 banks, with deposits of about $300,000,000,
have closed their doors, as compared to a total of 522 suspensions,
with deposits of $200,000,000, during the same period last year.
In the absence of legislation permitting the extension of branch
banking facilities to these rural communities, a type of multiple
banking called group banking, practically unknown at the time of
the enactment of the McFadden bill, has been evolved. That the
development of group banking has been remarkably rapid during the
past two years is attested by the fact that on June 30, 1930, there
were in existence in this coimtry 289 group and chain banking organizations, controlling 2,144 banks, with loans and investments of approximately $12,000,000,000, or nearly 21 per cent of the total loans
and investments of all the banks in the country.
In not a few instances a highly constructive service has been rendered by group systems in taking over smaller banks which have
found themselves in a position where they could no longer function
profitably or safely under the conditions with which they were confronted. However, it is a rather significant fact that both group and
chain banking have had their greatest development in the States
where branch banking is prohibited. A recent survey discloses that
in the 9 States and the District of Columbia, wherein state-wide
branch banking is permitted, there were 86 banks in group and chain
systems and 847 branches located outside of the head office cities,
besides 461 branches located in head office cities. Iii the 22 States
in which state-wide branch banking is prohibited, however, there
were 1,242 banks in group and chain systems. In these 22 States
there were 25 branches located outside of tbe head office cities and
27 in head office cities, all of which were established prior to prohibitory legislation.
A highly important advantage possessed by branch banking over
grou]) banking is the adaptability of the former system for extension
into the most remote hamlets, while, generally speaking, group banking facilities are enjoyed only by those communities which are able
to support a well-managed independent bank. My observation, has
been that group banking, instead of alleviating the rural banking
situation, has as a rule taken over only the stronger local banks in
prosperous communities, leaving the weaker institutions struggling
for a meager existence. Failures of these weaker banks have left
many communities wholly without local banking facilities, which,
however, could readily be supplied by branches of the larger city
banks, with but a minimum of overhead expense to the latter
institutions.
I t does not seem desirable to give sufficiently broad branch banking
powers to national banks to enable them to embrace in a single branch
system the entire geographical area now embraced by several of the
larger group bank systems. Group banking in the main is in capable
hands, and includes some of the best-managed banks in the country.
However, the field of group banking is now open to every type of
operator or promoter who may be able to purchase bank stocks.
This constitutes a source of potential danger. In order to facilitate
the supervision of group banking, in those cases where the Federal
Government has any responsibility, it is my view that no national
bank should be permitted to become a constituent of such a group,
except upon the condition that all other banks in the group are also
804
REPORT ON THE FINANCES
natioual banks. The Comptroller of the Currency under these conditions could more efi'ectively examine and supervise the entire group
operations. I t is therefore my view that group banking should be
brought under the visitorial powers of the Federal Government in
those cases where membership in the group is composed in whole or
in part of national or State member banks of the Federal reserve
s.ystem. Legislation along these lines seems to be necessary in the
public interest.
With reference to my recommendation that national banks situated
in important commercial cities be permitted to extend branch banking
facilities into the trade area of such cities, it has been suggested that
any such national legislation would give to national banks an advantage over State chartered institutions in those cities, the trade areas
of which embrace territory in more than one State. There are many
such cities in the United States. The proposal has, therefore, been
made that national banks be given onl}^ those branch banking powers
which the State legislatures can give to State banks. Such a procedure would seem to be an abdication of a national branch banking
policy in favor of the policies of the various States and is open to two
serious objections, one economic and the other constitutional.
The theory of trade area branch banking rests upon economic
grounds. Its aim is to permit strong city banks to carry their banking facilities to the community surrounding such city to a distance
which is governed by the predominant flow of business, and trade to
and from the city as a trade center. I t is designed to give to the
rural conimunities, which have for years been suffering from a lack
of safe and adequate banking facilities, the high type of banking and
the security from bank failures which residents of the large cities have
generally enjoyed. If Congress therefore adopts the policy of withholding from national banks the power to cross Siate lines with
branches in those cases where the trade area of the city clearly does
cross the State line, the whole theory and plan of establishing .in the
rural communities a well-rounded and sound branch banking system
is broken down.
The vState policy thecry is objectionable upon the constitutional,
ground that Congress alone is responsible for the establishment and
maintenance of the system of national banks as an instrumentality
of the Federal Government. These banks were established purely in
the exercise of the legislative power of Congress and solely upon a
national policy. I t gave to the United States a uniform, system of
banking beyond the control of the States.
I t is not a valid, objection to the national legislation here proposed
that Congress would be conferring upon national ])anks banking
powers more extensive than those which lay within the power of the
State legislatures to give to State banks. For many years we have
witnessed what may be regarded as the reverse of this situation.
While Congress has at all times had the constitutional power to give
to the national banks charter advantages which could not be acquired
by State banks, it has nevertheless been extremely reluctant to exercise this power, although to do so in the manner herein recommended
would strengthen our whole banking structure. On the other hand,
however, State legislatures have conferred upon State chartered institutions, particularly upon trust companies, banking powers which
national banks did not at the time enjoy. As a consequence, the
COMPTROLLER OF T H E CURRENCY
805
national banking system has within recent years declined in size,
importance, and influence and has become thereby relatively less
effective as an instrumentality of the Federal Government. Through,
the diversion of commercial banking from the national to the various
State banking systems, Congress has lost control over the'major portion of the commercial banking resources in the United States.
Upon the enactment of the McFadden bill the conversion into
national banks of several larger State branch banking institutions
and the consolidation of several State banks with national banks under
the national charter gave rise to the hope that the national banking
system would reclaim the most important banks which had left it
to operate under State charters. However, this hope was short
lived, for there soon followed through State legislative or State judicial
action new advantages for State banks, particularly with respect to
the operation of the trust business and desertions from the national
charter in favor of those offered by the States began to increase.
That the disparity between the two systems of banks is pronounced
is evidenced by the fact that whereas in 1886 the national banks held
75 per cent of the total commercial banking resources of the country,
the latest compiled figures indicate that this proportion has now
shrunk to less than 40 per cent.
Any advantage therefore which might accrue to the national
banking system through trade-area branch banking around those
cities situated near State boundary lines could fittingly be taken by
Congress as an opportunity to strengthen its control over a nationwide system of commercial banking such as was established under the
original national bank act.
In view of the foregoing considerations, it is recommended that the
act of February 25, 1927, otherwise known as the McFadden Act,
be amended to incorporate the following banking policy:
(1) That a committee composed of the Secretary of the Treasury,
the Governor of the Federal Reserve Board, and the Comptroller of
the Currency be authorized to select the various cities which are
commercial centers in the United States and to map out their trade
areas.
(2) That the term 'Hrade area'' be defined to embrace the regional
flow of business and trade to and from such cities and that State
boundary lines be not considered in determining the territorial limits
thereof.
(3) That national banks situated in such cities be permitted, with
the approval of the Comptroller of the Currency, to establish branches
within the limits of such regional trade areas.
(4) That the paid-in capital stock of such a national bank shall be
not less than $1,000,000 and that the ratio of capital and surplus to
deposits shall be maintained at not less than 1 to 10. The
Comptroller of the Currency would in his discretion require a larger
capitalization.
(5) That the national bank consolidation act be amended so as to
permit any banks situated within the trade area to consolidate, with
the approval of the Comptroller of the Currency, under the national
charter, but the Comptroller of the Currency should be specifically
empowered to disapprove any such consolidation upon the ground
that it might result in an undue concentration of banking capital
within the trade area,
806
RJEPO.RT ON T H E FINANCES
(6) That there be conferred upon the Comptroller of the Currency
such visitorial powers as may enable him to examine into the affairs
of any corporation which owns or controls the majority of the stock
of any national bank.
(7) That'no corporation be permitted to own the majority of the
stock of any national bank if it at the same time owns the majority
of the stock of a State bank.
(8) That no national bank be permitted to make a loan upon the
security of the stock of a corporation which may own the majority
of the stock of such national bank.
During the past 12 months I have discussed at length the question
of the trade area as the logical basis for the development of branch
banking in the rural communities. Particularly at my appearance
before the House Committee on Banking and Currency last spring
detailed consideration was given to many aspects of the trade area
in connection with the question of the extension of the branch banking
powers of the national banks. I t may be desirable at this time to
summarize these discussions.
In defining the trade area it is essential that we keep in mind the
chief purpose of proposed amendments to the national bank act with
respect to the establishment of branches. I t is not the primary consideration that the large city bank should be placed in a position
further to develop its business with attendant greater profits and
wider influence notwithstanding this would and should follow, as a
matter of course, through the extension of branches to the rural sections tributary to the city in which it is located. The primary
purpose is the strengthening of rural banking itself through the
influence of strongly capitalized and well-managed city banks of
which the rural bank might become an integral part. I t is, therefore,
necessary to consider the trade-area question from the point of view
of the rural-bank situation rather than from that of the city bank.
The difficulty in deflning a trade area in the abstract is well recognized. The subject has been studied by experts in many phases.
The country has been laid out into trade areas from the standpoint
of the manufacturers of nationally advertised commodities, the
manufacturers of more localized products, wholesale distributors,
retailers and newspaper circulation. The present problem deals
with a different type of trade a r e a ^ o n e which requires that the
viewpoint be taken from the rim of the area rather than from the hub.
The aim is the establishment in the rural communities of a sound
system of banking which will give to the country depositor a reasonable assurance of safety and will offer to those requiring banking accommodation more adequate facilities than is at present available
to them. Those requirements can be met only through the establishment of branches by city banks into the surrounding communities which have access to such a city as their principal market and
financial center. I t is this surrounding area which I have termed the
regional trade area. I t is the zone of the city's predominant economic
influence in the sense that in that zone the city is both the trade and
credit center.
There can be no formula which would determine in advance the
exact size of any such trade area, but as has been frequently pointed
out there is one economic principle of fundamental and controlling
significance. Every city which may be selected as the center of §
COMPTROLLER OF THE CURRENCY
807
trade area must be of such importance as a trade center for the surrounding geographical territory as to draw to it a volume and a
diversity of trade sufficient to form the potential basis for a wellbalanced branch banking system. This is what I have termed the
requirement for economic diversification. By this it is meant that
the loans made by the bank to its customers in the trade area must
rest upon the security of a wide range of business enterprises and
industrial pursuits. The bank should be able to draw its business
from the production of natm-al resources, agriculture, livestock, manufacturing, transportation by land and water, distribution, and com, munication. In each of these activities there would be further
subdivisions of diversification as, for example, the production of natural resources would include the various types of mining, oil, gas,
timber, hydroelectric power and so on. The essential weakness of
rural banking as we now have it lies in the danger of its complete
dependence upon just one such economic activity. By virtue of
the small geographical area of its operations its loans rest principally
upon one type of security. There is an insufficient economic diversification of its loan portfolio. This objective can be attained in a
branch system of banking which taps a number of different types of
security.
I t has been suggested that proper diversification can be obtained
through the purchase of investment securities on the general market.
This procedure faces two obstacles. I t presupposes a technical equipment which the rural bank does not possess and it would draw the
funds of the bank in too great a proportion away from the local field
of the bank's operations to the detriment of its legitimate borrowers.
In some sections of the country where industrial activity is concentrated and where the population is dense there are offered a number
of different economic pursuits of relative independence, the one of the
other. In such a case the physical extent of the trade area of a commercial center may be small as compared with another city in the
more sparsely settled sections of the country where a greater territory
may have to be embraced in order to gain the required diversification.
Every city indeed, no matter how small, has a regional or local trade
area but every such trade area would not be a suitable field for branch
banking. Under the plan herein recommended it would be necessary
for the committee proceeding under a general authority from Congress
to select those cities the trade areas of which meet the requirements
for economic diversification. In this respect the committee would be
deaUng with an economic situation very much similar to that presented to the committee which under similar authority laid out the
Federal reserve districts. The Federal reserve districts vary in size
according to the density of population and the physical concentration of commercial and business activity.
I t will be recalled that Congress designated the Secretary of the
Treasury, the Secretary of Agriculture, and the Comptroller of the
Currency as a committee to lay out the Federal reserve districts
under instructions to have '^due regard to the convenience and
customary course of business and shall not necessarily be coterminous
with any State or States. The districts thus created may be
readjusted and new districts may from time to time be created by
the Federal Reserve Board, not. to exceed twelve in all." This committee experienced no great difl&culty in carrying out these instruc
808
REPORT ON T H E FINANCES
tions of Congress. There appears no reason to doubt the ability of a
similar committee, such as I have recommended, to map out the
trade areas around the principal cities in the United States.
These trade areas might be termed regional economic or trade
zones to distinguish them from the wider geographical area with which
the business enterprises of such city have contact. Banks and
business generally in every large city may from time to time have
trade relations and business transactions extending to every part of
the country and indeed over the whole world. In contrast to this
wider field there is an immediate geographical territory surrounding
every large city and reaching out into the outlying rural communities, >
a definite area which can be determined by boundary lines embracing
a population having customary access to such a city as the principal
market.
Such a trade area might in some cases overlap an adjacent trade
area of another commercial center. If upon a determination of fact
it be found that the business of a given community flows in substantial
volume to more than one city as a financial and business center, it
might be found desirable to put such a community in more than one
trade area. I t would seem sound to permit the establishment of
branches to follow the natural flow of regional commerce and trade,
and cases of such overlapping would simply mean that a few communities might have branches emanating from more than one trade
area center.
As contrasted with the proposal for county-wide branch banking,
trade-area branch banking would follow economic rather than political
boundary lines. County-wide branch banking could never form a
sound economic basis for a national policy in banking. The county
seat is often not the most important city in the county and in many
cases it is more convenient for trade to flow to an adjoining county.
In a few cases it might be found that the county seat is in fact an
important center of trade but in such cases it will ordinarily have a
stronger trade influence in the adjoining counties than any city
situated within them. County-wide branch banking would force
banking into artificial channels and would be economically unsound
in those cases where the parent bank was of insuflficient size to offer
adequate banldng facilities and safety to depositors or was situated
in a county which did not permit of a diversification in the banking
business available to it.
There seems, therefore, no escape from the conclusion that rural
branch banking, in order to offer an improvement over the present
system of rural banking, must proceed from a parent bank situated
in a city of sufficient economic importance to sustain, by virtue of
the commerce and trade within it and its surrounding economic
zone, a well-managed bank of not less than $1,000,000 capital.
. The suggestion for State-wide branch banking appears also economically unsound as the basis for a national policy. In many States
there may be found cities whose regional trade areas are embraced
within the boundary lines of the State. On the other hand, however, there will be found a great number of important cities situated
in such close proximity to State boundary lines that a prohibition
against crossing the State line would result in a one-sided branchbanking system for the banks in such a city. The trade area here
under discussion is a geographical area for banking purposes. It
COMPTROLLER OF T H E CURRENCY
'
809
has no direct political significance. Business and industry pay no
heed to State lines in the use of banking facilities. The normal
business of a bank in a city situated near the boundary line of more
than one State flows over such lines in response to the impulse of
convenient communication and transportation. Depositors and
borrowers in one State have no prejudices in crossing over the State
lines to gain access to their bank. To deny such a bank, under
these circumstances, the power to establish, branches to meet the
convenience of its customers across State lines while at the same
time permitting it to establish branches in another direction into the
territory of an entire State—in many cases extending far beyond its
normal trade area—would set up a system of branch banking under
national authority which would appear unworkable and indefensible.
In the consideration of the type or size of a city which would be
chosen as the center of a trade area adequate for branch banking
purposes, regard must be had for the general banking situation
in any given community. If the city be important enough to have
strong, successful national banks and is surrounded by a community
having a number of country banks whose principal bank correspondent
is in such a city, that city might be made the center of a regional
trade area. In m.any such cases the geographical area involved
might be not only less than that of a Federal reserve district but less
in area than the State in which the city is situated. There may be
found a sufficient economic justification for several trade areas
whose principal. territory is within a single State. Having regard
for the situation that branch banking by national banks began with
the branch banking limited to the city in which the bank is situated,
it would seem the logical economic development to permit a natural
growth of these branch-banking systems into the territory where
their influence in banking is predominant rather than to proceed
solely from the greatest metropolitan centers of the country, which
would give to relatively a few great metropolitan batiks the exclusive
privilege of branch banking in the country districts and lesser cities.
I t would be highly desirable to preserve as much as possib e the
element of local autonomy in the establishment of trade areas provided the areas are not so small as to sacrifice the principle of economic
diversification.
I t is not meant to imply that trade area branch banking should be
confined to those States in which branch banking by national banks
is now permitted within the city limits. The new policy of branch
banking should be uniform in its operation throughout the nation,
thereby giving to every rural community an opportunity of access to
strong city banking facilities under national supervision and control.
It may, therefore, be said that the following elements contribute to
the definition of trade area branch banking:
(1) The pruicipal objective is to strengthen banking operations in
the rural communities.
(2) A secondary but not less positive result -would be a strengthening of the entire banking structure of the country.
(3) The surrounding geographical territory economically tributary
to a city and for which such city provides the chief market and financial center, may be described as its trade area.
(4) Every city may be said to have a trade area but not every trade
area is suitable for branch banking purposes.
810
REPORT O/N THE FINANCES
(5) In order to lay the basis for a sound system of branch banking
a trade area should embrace within its physical limits a diversification
of economic activities in order that a bank operating branches throughout its extent may also acquire a diversification in the security for its
loans.
(6) For branch banking purposes, therefore, only those trade areas
should be chosen which surround cities important enough to be the
commercial center of a territory sufficient to meet the requirement of
economic diversification.
(7) Since the trade area under discussion is a regional economic
area for banking purposes the status of the banks in a given city will
furnish a guide to its character and extent, particularly the number
and location of the surrounding country banks for which they are the
principal bank correspondents.
(8) I t would not be a difficult undertaking for a committee composed of the Secretary of the Treasury, the Governor of the Federal
Reserve Board and the Comptroller of the Currency to select the principal commercial centers in the United States for branch banking
purposes.
(9) Upon the selection of such a city the determination of the
boundary limits of its trade area would be a question of fact and
could easily be discovered through a study of its banking operations
and its general trade influence and position.
Small country banks need have no fear that they would be driven
out of business through the establishment in their communities of
de novo branches by city banks. Such a procedure would be highly
abnormal and it is inconceivable to me that any Comptroller of the
Currency would lend his office to its support. The natural development of rural branch banking would occur through the consolidation
with or purchase of country banks by the city branch banking institutions upon such terms as would be agreeable to each. The conversion of the local bank into a branch of the city bank in this manner
would have no disturbing eft'ect upon, the local banking situation.
The type of branch banking here recommended would, as compared with the present system of unit banking, lead to a decentralization of banking resources. Within each tradQ area there would be a
concentration of local or regional banking capital and the best interests
of the branch banking systems would compel the employment of such
capital in the various communities throughout the trade area. The
present tendency under our system of a large number of very small
banks and a small number of very large and strong banks is for the
bulk of the banking resources of the country to be concentrated in a
few great metropolitan centers. Under trade area branch banking
there would undoubtedly arise in the inland commercial centers
regional banks of sufficient strength to hold the banking business
originating within their trade areas.
The enactment of legislation vesting authority in the Comptroller
pf the Currency to examine security or investment companies affiliated
with national banking associations is recommended. These companies are generally so closely allied with the national association that
it is not always possible to ascertain the true condition of the national
association without knowing the exact condition of its affiliate.
COMPTROLLER OF T H E CURRENCY
811
The following recommendations which were contained in my
annual report to the Seventy-first Congress are renewed:
(1) That the law be so amended as to provide that the exercise
of fiduciary powers shall be one of the corporate powers of a national
banking association subject to the existing limitations in regard
to the State law, etc., now contained in paragraph (k) of section.11
of the Federal reserve act.
(2) To give the comptroller supervision over national banking
associations going into voluntary liquidation. Under the present law
the comptroller's authority is limited to the appointment of a
receiver, provided a bank in liquidation should prove to be insolvent.
Reports of the liquidating agent are not required under the law,
although they are frequently furnished voluntarily. At present the
liquidation of a national bank may be carried on for a period of tiriie
and the bank may later prove to be insolvent, necessitating the
appointment of a receiver. Creditors whose claims have been settled
prior to such appointment may thus obtain preference over other
creditors. As a remedy for this condition it is proposed that the
activities of the liquidating agent of a national bank be conducted
under the supervision of the comptroller and that he be required to
give bond and to render reports in the same manner as is required of a
receiver until the affairs of a liquidating bank are finally closed.
(3) That a law be enacted.making it a criminal offense to maliciously
or with intent to deceive, make, publish, or circulate any false report
concerning any national bank or any other member of the Federal
reserve system which imputes insolvency or unsound financial condition, or which may tend to cause a general withdrawal of deposits
from such bank or may otherwise injure the business or good will of
such bank. A bill, satisfactory to the Treasury Department, was
reported by the Banking and Currency Committee of the House of
Representatives at the last session of Congress, but failed of passage.
Amendments to the laws of the District qf Columbia
The following recommendations with respect to the laws of the
District of Columbia are 'renewed:
(1) Giving the comptroller the right and power to make regulations governing savings banks or trust companies doing a banking
business in the District of Columbia with a penal provision for the
enforcement of such regulation, the regulations to be limited so that
they shall not in any case place restrictions upon such banks which
are not placed upon national banks.
o (2) Prohibiting the use of the word ' ' b a n k " or the words ''trust
company" by any firm, copartnership, company, or corporation
doing business in the District of Columbia and not doing a banking or
fiduciary business under the supervision of the Comptroller of the
Currency and providing, in the event such title shall be used by a
firm, copartnership, company, or corporation doing a banking or
fiduciary business, it shall be subject to the approval of the Comptroller of the Currency.
(3) The corporations with their principal place of business outside
of the District of Columbia may not establish offices in the District
of Columbia and do a fiduciary business therein without the perniission of the Comptroller of the Currency and without complying
812
REPORT ON T H E FINANCES
with the general conditions of the corporation laws of the District
which have been enacted for the protection of those who do business
with corporations with their principal place of business in the District.
(4) While the building and loan associations in the District of
Columbia are examined and supervised by the Comptroller of the
Currency, there is no provision of law which prohibits any building
and loan association from organizing and doing business in the
District of Columbia regardless of its merits. I recommend that a
law be passed which would prohibit any building and loan association
from doing business in the District of Columbia or maintaining an
office in the District of Columbia without first securing the approval
of the Comptroller of the Currency, and that any violation of this
provision shall constitute a penal offense and be punishable in the
same manner as now provided by the act of April 26, 1922, entitled
"An act regulating corporations doing a banking business in the
District bf Columbia."
COMPTROLLER OF THE CURRENCY
813
ORGANIZATION AND LIQUIDATION OF NATIONAL BANKS
At the close of the current year, October 31, 1930, there were 7,218
national banking associations in existence. This represents a net
loss since October 31, 1929, of 288 banks, or 3.99 per cent. However, the last call for reports of condition, as of September 24, 1930,
showed an increase in aggregate resources of $454,373,000, or about
1.63 per cent, during this period.
Up to and including October 31, 1930, there have been authorized
to begin business 13,498 national banking associations, of which
4,939 were voluntarily closed to discontinue business or amalgamate
with other banks., State or National, including those consohdated
with other national banking associations under authority of the act
of November 7, 1918. Exclusive of banks which failed but were
subsequently restored to solvency, the loss to the system by the
hquidation of banks through receivership was 1,341, the number of
these receiverships being a fraction more than 9.93 per cent of the
total number of banks organized.
During the year ended October 31, 1930, 263 national banks, with
total capitahzation of $39,230,400, went into voluntary liquidation,
of which number 3, with capital of $202,500 and resources of $413,494,
quit business; 112, with capital of $12,405,000, were acquired by
other national bariks; while 148, with capital of $26,622,900 and resources of $321,034,972, entered the State banking systems. This
last-named group included 16 banks of $500,000 capital or over, with
aggregate capital of $14,650,000 and assets of $165,441,412.
November, 1914, marked the inauguration of the operation of the
Federal reserve system. On that date there were in existence 7,578
national banks with aggregate capital of $1,072,492,175, as compared with a total capitalization of $1,748,495,629 for the 7,218
national banks in operation on October 31, 1930—a net decrease of
360 in the number of banks, but an increase in capitahzation of
$676,003,454. During the 16-year period 2,846 national banks were
chartered, with aggregate capital of $366,870,300, while 3,206 such
associations were closed voluntarily or otherwise.
During the year ended October 31, 1930, 168 applications to organize national banks and to convert State banks into national banking
associations were received, with proposed capital stock of $18,595,000.
Of these applications 103 were approved, with proposed capital stock
of $9,505,000, 49 were rejected, with proposed capital stock of $6,145,000, and 31 were abandoned, with proposed capital stock of $8,865,000.
In this same period 108 national banldng associations, with capital
of $12,240,000, were authorized to begin business, 4 of which were
located in the New England States, 15 in the Eastern States, 20 in
the Southern States, 24 in the Middle Western States, 39 in the
Western States, and 6 in the Pacific States. The greatest activity,
as indicated by the number of national banks organized, was evidenced in the followirig States: Nebraska 20, New York 8> Texas 8,
Minnesota 8, South Dakota 8, Pennsylvania 7, Ilhnois 7, North
Dakota 5, Massachusetts 4, Iowa 4, and Washington 4. In other
States the number ranged from 1 to 3 banks.
I t further appears that of the total number of charters issued, 31,
with authorized capital of $3,040,000 and resources aggregating approximately $31,138,465, were the result of conversions of State
814
REPORT ON THE FINANCES
banks, 9, with capital of $700,000, were reorganizations of State
banks, and 68, with capital of $8,500,000, were primary organizations. The business of 40 State banks, with capital of $1,817,750
and assets aggregating approximately $28,734,391, was purchased by
national banks.
During the year ended October 31, 1930, 90 national banldng associations were consolidated into 45, under authority of the act of
November 7, 1918, the capital of the consolidated banks being $103,462,300. In some instances there were reductions in capital and in
others increases, the net result by reason of consolidations being an
increase in capital stock of $75,868,500. During the same period
there were 40 consolidations under the act of February 25, 1927,
involving the consolidation of 44 State banks with, national banks,
the aggregate capital of the State institutions amounting to $71,765,850. Through these mergers five additional branches and total
assets of approximately $1,085,124,244 were brought into the national
system.
The net result of the changes above mentioned was a decrease for
the year in the number of existing banks of 288 and an increase in
the authorized capital stock of $62,243,964. I t appears that during
the year 225 banks increased their capital in the aggregate sum of
$99,414,364. Of this number, 68 banks effected the increase by stock
dividends, the amount of such increase being $6,085,130.
BRANCHES
On February 25, 1927, the date of the passage of the so-called
McFadden bill, there were in existence in the national system 372
branches, as compared with a total of 1,086 branches in operation
on October 31, 1930.
During the intervening period 965 branches have been added to
the system, of which total 405 were de novo branches, 307 were
branches of State banks which converted into national associations,
and 253 were brought into the national system through consolidations of State with National banks, while 251 branches were relinquished, of which number 138 went out of the s^^^stem through the
voluntary liquidation of the parent institutions and the remainder,
113, were discontinued through consolidations and for various other
reasons. The net result of these operations was a gain for the
national system of 714 branches for the period under discussion.
During the year ended October 31, 1930, a net gain of 25 branches
was recorded, 86 de novo branches being established, while 1 branch
was added under the provisions of paragraph 2 of section 5155,
United States Revised Statutes, as amended February 25, 1927, and
.5 branches were brought into the system through the consolidation
of State banks with National banks—a total of 92 branches. Sixtyseven branches were lost to the national system, 32 through voluntary liquidation and 35 through action of the directors and shareholders.
COMPTROLLER OF T H E
815
CURRENCY
There follows a summary of branch banldng operations in the
national system during the periods discussed in the foregoing:
7"able showing number and kind of branches on February 25, 1927, and number and
manner of acquisition of additional branches of national banks by years to close of
October 3 1 , 1930
Authorized
Closed
Conver- Consolisions of dations of Local
city
state
state
banks
banks branches
existVolun- Lapsed Inence
tary
or conliquida- solidated
tions
Total
165
296
8
2
1
Total
104
62
82
5
207
127
103
. 89
86
372
527
173
173
92
20
86
32
60
18
35
372
899
992
1,061
1,086
472
On Feb. 25, 1927
Period ended Oct. 31, 1927
Year ended Oct. 31, 1928
Year ended Oct. 31, 1929-_Year ended Oct. 31, 1930
253
612
1,337
138
113
1,086
Table showing number and kind of branches authorized and closed during the year
ended Octoher 3 1 , 1930.
Author- Closed
ized
In
In
opera- exist- during
year
ence ended
tion
Oct.
Feb.
Oct. Share25,1927 31,1929 31,1930 holders
Classes
ra
statutory!^
Additional oflQces, c branches
Millspaw Act._
_
C branches
_.
Total
202
6
427
243
142
5
244
86
372
•
165
L061
92
1
5
1
15
16
during the year ended
Oct. 31, 1930
•
Total
in
existVolun- ence 0
Oct.
Direc- Lapsed tary
liqui- 31,1930
tors
dation
11
425
227
127
6
302
32
1,086
2
6
13
2
17
19
Table showing number and inanner of acquisition of domestic branches of national
banks during the year ended October 3 1 , 1930
Branches authorized during
the year ended Oct. 31,
1930
Charter
No.
Title and location
By conversion
or by
Under
consoliTotal
act Feb. dation
number
25, 1927
under
act Feb.
25, 1927
CALIFORNIA
10412
5927
7632
First National Bank in Glendale
Citizens National Trust & Savings Bank of Los Angeles .
United States National Bank of Los Angeles
10316
Federal-American National Bank & Trust Co. of Washington
1
2
1
1
2
1
DISTRICT OF COLUMBIA
2
GEORGIA
1559
5045
9617
13068
First National Bank of Atlanta . . __
Fourth National Bank of Atlanta
Fulton National Bank of Atlanta .
..Citizens & Southern National Bank, Savannah
1
1
1
1
2
4
816
REt^ORT ON T H E FINANCES
Table showing number and manner of acquisition of domestic branches of national
banks during the year ended October 31, 1930—Continued
Branches authorized during
the year ended Oct. 31,
1930
Charter.
No.
Title and location
By conversion
or by
Under
consoliact Feb. dation
26, 1927 under
act Feb.
26, 1927
Total
number
KENTUCKY
First National Bank of Louisville
MASSACHUSETTS
200 First National Bank of Boston
643 Atlantic National Bank of Boston
13391 Old Colony National Bank of Boston
7595 Worcester County National Bank of Worcester..
8703
3513
National Bank of Commerce of Detroit..
City National Bank of Lansing
3404
Citizens National Bank of Newport
1436
National State Bank of Elizabeth
N E W HAMPSHIRE
N E W JERSEY
N E W YORK
13193 Bank of America National Association, New York...
13292 Brooklyn National Bank of New York..
2370 Chase National Bank of the City of New York.13207 Industrial National Bank of New York
12892 Lafayette National Bank of Brooklyn in New York..
1461 National City Bank of New York
13295 Sterling National Bank & Trust Co. of New York....
2
1
24
1
2
12
1
OHIO
4318
7621
2604
Central United National Bank of Cleveland
City National Bank & Trust Co. of Columbus..
Winters National Bank & Trust Co. of Dayton.
PENNSYLVANIA
1
723
13180
3604
First National Bank of Philadelphia..^
Central-Penn National Bank of Phhadelphia
City National Bank & Trust Co. of Phhadelphia
Commercial National Bank & Trust Co. of Philadelphia.
SOUTH CAROLINA
4990
Central National Bank of Spartanburg
7848
Hamilton National Bank of Chattanooga.
TENNESSEE
VIRGINIA
6032 Norfolk National Bank of Commerce & Trusts, Norfolk..
.-.
9885 Virginia National Bank of Norfolk...
Total (35 banks)..
1
92
817
COMPTKOLLEE OF THE OtTRKENCT
Table showing number and class of domestic branches of national banks closed during
the year ended October 3 1 , 1930
Branches closed
State
bank
branches
in operation
Additional Branches Feb. 25, Total
1927,
authorwhich
which
ized
were consince
became
branches Feb. 25, verted
or con1927
Feb. 25,
solidated
1927
Branches under
act of Feb. 25, 1927
Title and location
Manner of closing
Pacific Nationial Bank of Los
Angeles.
Voluntary liquidation.
MARYLAND
First National Bank of Baltimore. Board of directors
Drovers & Mechanics National Voluntary liquidation
Bank of Baltimore.
Farmers & Merchants National
.do..
Bank of Baltimore.
MICHIGAN
National Bank of Commerce of
Detroit.
23
Shareholders and
board of directors.
N E W JERSEY
First Camden National Bank & Shareholders
Trust Co.
Peoples National Bank of Eliza- Voluntary liquidation.
beth.
First National Bank of Jersey City Board of directors..
New Jersey National Bank &
do
Trust Co. of Newark.
N E W YORE
Genesee National Bank of Buffalo.
American National Bank & Trust
Co. of Mount Vernon.
Central National Bank ofthe City
of New York.
Chase National Bank of the City
of New York.
Guardian National Bank of New
York.
National City Bank of New York^.
Utica National Bank & Trust Co..
Voluntary liquidation.
do._.
_do..
Board of directors
Voluntary liquidation.
Board of directors
Voluntary hquidation.
OHIO
City National Bank & Trust Co.
of Columbus.
City National Bank & Trust Co.
of Dayton.
Board of directors
Voluntary hquidation.
SOUTH CAROLINA
Peoples-First National Bank of
Charleston.
Total (19 banks).
-do..
28
COMPTROLLER OF THE CURRENCY
819
NATIONAL BANKS IN THE TRUST FIELD
The national banks in 1930 continued to show steady and substantial progress in the development of trust activities. Two thousand
four hundred and seventy-two banks, with capital, surplus, and
undivided profits aggregating $3,123,303,341, and banking resources
totaling $23,529,097,073, had authority to administer trusts on
June 30, 1930, which represented 34 per cent of the number of banks
and 80 per cent of the total banldng resources of the 7,252 national
banks in operation on that date. Of the number authorized to exercise trust powers under section 11 (k) of the Federal reserve act,
1,829 banks had established trust departments and were administering 79,912 individual trusts with assets aggregating $4,473,040,926,
and in addition were administering 11,511 corporate trusts and acting
as trustees for outstanding note and bond issues aggregating
$11,803,717,370. For the fiscal year ended June 30, 1930, trust department gross earnings aggregating $22,765,000 were reported.
Compared with 1929, these figures reflect a net increase during
the year of 30 in number of national banks having authority to exercise trust powers; an increase of 95, or 5 per cent, in the number
administering trusts; an increase of 15,435, or 20 per cent, in the
number of trusts being administered; an increase of $235,392,000, or
5}^ per cent, in the volume of individual trust assets; an increase of
$4,433,000,000, or 60 per cent, in ,the volume of trusteeships under
bond issues, while the. gross earnings from trust department operations increased $2,182,000, or 11 per cent, over the previous year.
The rapid strides which national banks have made in the trust
field are emphasized by considering the activities during the past
year with those of 1926. Compared with that year, these figures
represent an increase during the 4-year period of 446, or 22 per cent,
in the number of national banks authorized to exercise trust powers;
an increase of 725, or 66 per cent, in the number of banks actively
administering trusts; an increase of 65,370, or 250 per cent, in the
number of trusts being administered; an increase of $3,550,000,000,
or 385 per cent, in the volume of individual trust assets under administration; an increase of $9,340,000,000, or 379 per cent, in the volume
of bond issues outstanding for which national banks are acting as
trustees, while t h e gross earnings for the same period increased
$14,510,000, or 176 per cent.
The increasing interest in the creation of insurance trusts is evidenced by the fact that 153 national banks were acting as trustees
under 396 agreements involving the administration of $13,495,009
in proceeds from insurance policies, while 680 national banks had
been named trustees under 13,543 insurance trust agreements
not operative supported by insurance policies with a face value
aggregating $586,706,435. Compared with 1929, the insurance
trust figures represent an increase of 30 per cent in the number of
national banks administering insurance trusts, an increase of 46 per
cent in the number and 19 per cent in the volume of insurance trust
assets under administration.
The number of banks which had been named trustees under
insurance trust agreements not operative increased during the
year 22 per cent, the number of insurance trust agreements not yet
operative naming national banks trustees increased 42 per cent, while
820
REPORT ON THE FINANCES
the volume of insurance represented by the face value of the policies
trusteed under those agreements increased 56 per cent over 1929.
Branches of national banks numbering 187 were actively engaged
in the administration of 15,092 trusts, with individual trust assets
aggregating $1,340,564,760, and were acting as trustees for bond and
note issues outstanding amounting to $3,151,175,430.
The following tables show in detail the activities of national banks
in the trust field, segregated, first, according to the capital of the
bank; second, according to the population of the place in which the
bank is located; third, according to Federal reserve districts, with a supplemental table showing the extent to which the branches of national
banks are furnishing trust service to the communities in which they
are operating.
Fiduciary activities of national hanks during year ended J u n e 30, 1930, segregated according to capital
Banks
Banks
w i t h capiwith
tal over
capital
of $26,000 $25,000 t o
$50,000
N u m b e r of national b a n k s w i t h t r u s t powers b u t n o t a d m i n i s t e r i n g t r u s t s .
N u m b e r of national b a n k s w i t h t r u s t powers a d m i n i s t e r i n g t r u s t s
T o t a l n u m b e r of national b a n k s a u t h o r i z e d to exercise fiduciary p o w e r s . 1.
Banks with
capital over
$50,000 to
$100,000
Banks with
capital over
$100,000 to
$200,000
Banks with
capital over
$200,000 to
$500,000
139
118
240
446
685
124
671
696
61
411
37
253
472
290
$392,944, 957
2,088, 351
1, 699, 268
13, 604,557
33, 740,452
444, 077, 585
$3,130, 517,165
4,11.7,281
13,348,151
128, 099, 226
642, 694, 283
3,818, 776, 095
$3,705,931,171
8,693,432
16,845, 350
153,516,068
689,054, 905
4,473,040,926 .
294,898,778
149,178,807
2,996,174,066
822, 602, 029
3,394,414, 273
1,078, 626, 663
73
Banks with
capital over
$500,000
Total
643
1,829
TRUST ASSETS
$204,893
31,297
282
81,305
45,949
363,726
Investments
Deposits in savings b a n k s .
D e p o s i t s in other b a n k s . . .
D e p o s i t s in own b a n k
O t h e r assets
Total-
;3, 635,419
26,401
8,467
690, 640
426, 645
4, 786,372
$38, 451, 063
875,392
69, 418
3, 639,149
4,008,124
47,043,136
$140,177,694
1.564,710
719, 764
7,401, 292
8,140, 652
167,994,012
125,155
238, 571
2,182, 684
2,603, 688
20, 781,094
26, 262,042
47,043,136
80, 252,496
77,741, 616
157,994,012
444,077,686
3,818, 776,095
4,473,040,926
29,015, 800
404
113
4,471
534
5,005
$116,443
$10, 621
8
11
$30,816
$22, 411
67
617
$4, 813, 943
66, 897,040
530
209
12,346
1,171
13, 517
$298,102
$12, 796
23
28
$35, 543
• $29,196
175
814
$26, 961, 997
227,976, 732
391
219
16, 314
1,607
17,821
$1,136, 748
$27, 220
38
77
$43,706
$21, 670
227
2,161
$81, 507, 220
11, 477, 619, 281
244
205
46,112
8,241
64,353
$15, 650,721
$82,815
83.
279
$129,414
$38, 601
206
9 934
$472, 958', 040
11,803,717,370
1,701
769
79,912
11,611
91,423
$2,629, 654
$56, 976
153
396
$88, 203
$34,078
680
13, 543
$586, 706, 435
O
O
g
o
LIABILITIES
Private trustsCourt trusts.-Total-T o t a l v o l u m e of b o n d issues o u t s t a n d i n g for w h i c h b a n k s are acting as t r u s t e e s . . .
N u m b e r of n a t i o n a l b a n k s a d m i n i s t e r i n g i n d i v i d u a l t r u s t s
N u m b e r of n a t i o n a l b a n k s a d m i n i s t e r i n g corporate t r u s t s
N u m b e r of i n d i v i d u a l t r u s t s being a d m i n i s t e r e d
N u m b e r of corporate t r u s t s b e i n g a d m i n i s t e r e d
T o t a l n u m b e r of t r u s t s being a d m i n i s t e r e d
A v e r a g e v o l u m e of i n d i v i d u a l t r u s t assets in each b a n k
Average v o l u m e of t r u s t assets i n each i n d i v i d u a l t r u s t
N u m b e r of n a t i o n a l b a n k s a d m i n i s t e r i n g i n s u r a n c e t r u s t s
-..
N u m b e r of i n s u r a n c e t r u s t s being a d m i n i s t e r e d
-..
_
Average v o l u m e of i n s u r a n c e t r u s t assets i n each b a n k
.
A v e r a g e v o l u m e of i n s u r a n c e t r u s t assets i n each t r u s t
N u m b e r of n a t i o n a l b a n k s h o l d i n g i n s u r a n c e t r u s t a g r e e m e n t s n o t o p e r a t i v e
N u m b e r of i n s u r a n c e t r u s t a g r e e m e n t s n o t o p e r a t i v e .
F a c e v a l u e of policies held u n d e r a b o v e a g r e e m e n t s
Average n u m b e r of i n s u r a n c e t r u s t a g r e e m e n t s n o t o p e r a t i v e held b y each
bank.
Average v o l u m e of i n s u r a n c e policies held b y each b a n k u n d e r t r u s t a g r e e m e n t s
not operative
_
._
A v e r a g e v o l u m e of i n s u r a n c e policies p e r t r u s t held u n d e r a g r e e m e n t s n o t
operative
A v e r a g e gross e a r n i n g s per t r u s t for fiscal y e a r e n d e d J u n e 30,1930
A v e r a g e gross earnings per t r u s t d e p a r t m e n t r e p o r t i n g t r u s t e a r n i n g s for fiscal
y e a r e n d e d J u n e 30,1930
363,726
4, 786,372
144,900
28
1
67
2
69
$12,990
$5,429
1
1
$28,368
2,063, 617
104
22
602
56
668
$46,022
$7,960
5
17
$476, 235
3
9
48
$71,860
$154, Oil
$359, 062
$2, 295, 912
$27, 955
$90
$7,802
$76
$33, 111
$71
$37, 717
$122
$47, 610
$351
$761
$1,145
$2, 012
$5, 687
$79, 569
$14,839
o
$43, 322
$248
$374
tel
o
d
$862, 803
$114
S
20
$96, 047
o
QO
to
Fiduciary activities of national banks during year ended June 30,1930, segregated according to population of places in which banks are located
Places
with population
less t h a n
LOCO
Number of national banks
with trust powers but not
administering trusts
Number of national banks
with trust powers administering trusts
- ...
Total number of national
banks authorized to
exercise
fiduciary
powers
1,000 to
2,499
5,000 t o
9,999
2,500 t o
4,999
10,000 t o
24,999
25,000 t o
49,999
100,000 t o
249,999
50,000 t o
99,999
250,000 t o
499,999
500,000 t o
999,999
1,000,000 or
over
Total
52
113
113
119
114
38
27
27
13
13
14
643
47
134
251
306
429
223
166
120
66
41
56
1,829
. 99
247
364
426
643
261
183
147
79
64
70
2,472
o
•
o
TRUST ASSETS
Investments
. .Deposits in savings banks
Deposits in other banks
Deposits in own bank
Other assets Total
. . . $1,322,049 $9,113, 542 $33, 771,149 $55,917, 536 $149,374, 222 $184, 708, 990 $278,937,396 $611, 611,109 $422, 294,491 $554, 226, 661 $1. 504, 654,026 $3,
1, 221, 235
938, 742
475, 304
630,821
57, 573
124, 233 1,080,088
4,969
663, 812
2,826, 646
870,109
1, 036, 685
286. 093
9, 264.060
562, 644
2,815, 443
619, 521
821,495
57, 503
267, 032
113, 269
11, 715
7,004, 709
89, 543, 600
9,883, 345
9, 277, 719 13, 622, 532 10, 739, 543
6, 646. 601
182, 994 1, 015,424 2,100, 701 3, 598, 900
240,982,818
7, 321, 618 13,168, 527 20, 284,106 57, 924,942 82,684,787 167,098, 816
200, 905 1,136, 650 4, 294, 850 4,056, 886
705, 931,171
8, 693.432
16, 845, 350
163, 616, 068
589, 054, 906
1, 722, 632 11, 380, 692 40, 657,965 64, 766, 679 165, 600, 361 206,107, 061 310,190, 825 686, 504, 650 616, 702,186 724. 688, 074 1,844,919,801 4,473, 040, 926
-
LIABILITIES
Private trustsCourt trusts
Total
-..
T o t a l v o l u m e of b o n d issues
o u t s t a n d i n g for w h i c h b a n k s
are acting as trustees
N u m b e r of national b a n k s administering i n d i v i d u a l t r u s t s .
N u m b e r of n a t i o n a l b a n k s a d ministering corporate t r u s t s . .
N u m b e r of i n d i v i d u a l t r u s t s
being administered
N u m b e r of corporate t r u s t s
being administered
T o t a l n u m b e r of t r u s t s being
administered
00
1,303,115 4, 594, 246 19, 005, 663 29, 980, 824
419, 617 6, 786,446 21, 552, 302 34, 786, 855
92,417,412 147, 061, 801 184, 576, 716 417, 893,136 ' 449, 763, 676 644,959, 226 1,402,859, 658 3, 394, 414, 273
73,182, 949 59, 045, 260 125, 616,109 168, 611, 514 66,938,610 79, 628, 848
442; 060, 243 1, 078, 626. 653
1, 722, 632 11, 380, 692 40, 557, 965 64, 766, 679 165, 600, 361 206,107, 061 310,190, 825 586. 504, 660 516, 702,186 724,688, 074 1, 844, 919, 801 4.473, 040, 926
128, 200 4, 694, 612 17,194, 345 27, 423, 842
78, 502, 643
85, 933, 617 176, 280,330 188, 451, 534 320,619,329 950, 292, 303 9, 954,296, 716 11, 803, 717, 370
47
121
223
285
404
209
140
118
63
39
62
9
• 26
75
107
167
102
80
85
49
32
37
769
4,213
6,918
11,068
6,438
7,805
11,824
6,320
7,824
16,414
79,912
386
1,702
.
1,701
9
116
690
407
759
688
1,058
1,078
1,379
1,481
3,947
n,5ii
395
1,817
4,803
6,326
11,827
7,126
8,863
12,902
7,699
9,305
20,361
91, 423
w
>
a
-Average v o l u m e of i n d i v i d u a l
t r u s t assets in each b a n k
-Average v o l u m e of t r u s t assets
in each individual t r u s t
I N u m b e r of national b a n k s administering insurance t r u s t s . .
i N u m b e r of insurance t r u s t s
being a d m i n i s t e r e d . . .
.Average v o l u m e of insurance
t r u s t assets in each b a n k
Average v o l u m e of insurance
t r u s t assets in each t r u s t
N u m b e r of national b a n k s
holding insurance t r u s t agreem e n t s not operative
I N u m b e r of insurance t r u s t
agreements not operative
F a c e value of insurance policies held u n d e r above agreements
-A-verage n u m b e r of insurance
t r u s t agreements not operative held b y each b a n k . .
•j^-verage v o l u m e of insurance
policies held b y each b a n k
u n d e r t r u s t agreements n o t
operative
.Average v o l u m e of insurance
policies per t r u s t held u n d e r
agreements not operative
-Average gross earnings per
t r u s t for fiscal year e n d e d
J u n e 30, 1930
j^.verage gross earnings per
t r u s t d e p a r t m e n t reporting
t r u s t earnings for fiscal year
ended J u n e 30, 1930
$8, 201, 622 $18, 679,181
$35,479, 227
$2, 629, 654
$81,767
$92, 611
$112,399
$65,976
30
19
13
13
163
35
71
35
70
100
396
$45,812
$105,961
$50, 633
$63,830
$254, 868
$242,072
$88, 203
$34,359
$63, 576
$21, 394
$34, 651
$47, 333
$31,469
$34, 078
139
111
93
92
47
29
43
680
1,053
930
L619
1,975
2,218
2,605
13, 643
$71,091, 625 $102, 274,267
$187,847,812
$586, 706,435
61
20
1,651
,066
$181,874
$227,252
$409,902
$986,158
$2, 215, 649
$4, 970, 378
,462
i,687
$9, 627
$10,944
$14,962
$32, 014
$39, 743
$49, 603
9
11
19
18
21
11
11
39
24
$30,873
$15,
$42,642
$25, 260
$15,189
$20, 726
13
39
72
32
296
319
2
2
$20, 000
1
$462, 324 $7, 315,835 $7,443,481 $21,912, 901 $33. 384, 061 $63, 019, 063
17
4
2
2,494
$91,935, 076
27
42
76
O
O
hj
d
o
$862,803
$10, 000
$35, 563
$187, 586
$103, 382
$157, 647
$300, 757
$677, 624
$999, 294
$1, 512, 588
$3, 626, 699
$10. 000
$14, 448
$24, 716
$23, 334
$20,810
$35, 897
$38, 925
$36,863
$35, 996
$46, 111
$72,110
$43, 322
$32
$52
$57
$70
$95
$142
$173
$219
$314
$581
$248
$111
$4, 368, 664
•M
Q
$749
$931
$1, 399
$1,875
$3. 206
$3.912
$8,929
$19, 212
$28,109
$76.971
$223,339
$14, 839
Q
00
bO
oo
00
Fiduciary activities of national banks by Federal reserve districts as of June SO, 1930
Number
with
authorFederal reserve disity
tricts
cising
but
fidunot
exerpowers cising
powers
Number
banks
Boston
NewYork-...
Phhadelphia
Cleveland
Richmond
Atlanta...
Chicago
St. L o u i s . . .
Minneapolis
.
Kansas City
Dallas
S a n Francisco
Total
_.
...
-.
179
298
258
136
146
99
282
102
64
112
68
96
61
73
38
26
37
49
104
49
68
85
32
21
1,829
643
Total
number
thorized
to
fidu-
C a p i t a l , siuplus, a n d
Total bankundivided
ing resources
profits of
of b a n k s
banks
authorized
authorized
to exercise
to exercise
fiduciary
fiduciary
powers
powers
Number of
individual
trusts
being
administered
Assets of
individual
trusts •
Number of
corr
B o n d issues
porate outstanding
t r u s t s where b a n k s
being
act as
adtrustee
ministered
Number of
banks
administering
insurance
trusts
Number of V o l u m e
of assets
insur- of insurance
trusts
trusts
being
under
adadminisminis- t r a t i o n
tered
powers
671 $640,814, 340
3,030 8, 794,478,931
672
104, 002,845
813
166,841, 381
87,107, 878
389
132,861, 642
584
961,441,817
1,842
639
69, 620, 920
157
17,436, 833
727
77, 389,400
249
72, 730,122
L738
678,991, 261
16
23
19
11
12
12
21
4
3
13
8
11
41 $2, 010,005
57 2, 307, 525
46 2, 534, 825
27 1, 213, 737
13
280, 239
27 1,167,113
37
588, 243
5
391,913
83, 554
3
762,444
46
675,960
28
66 1, 479,451
2,472 3,123,303, 341 23, 529, 097,073 79, 912 4,473, 040, 926 11,511 11, 803,717, 370
163
396 13,495, 009
240 $316, 394,400 $2,299, 891, 605 6,042 $359,372,618
371 1,144,176, 388 7. 991, 572,159 11,858 1, 067, 919, 572
227, 280, 780
328, 361, 555 1,867, 045, 208 12,402
296
215,141,385 1, 584, 662, 749 8,290
395, 866,166
162
222,314, 473
132, 799, 788
182
936, 904,106 4,063
963,157, 725 3,686
150,456, 020
127, 835,940
148
518, 884, 307
197, 900, 738 1, 755, 815,190 11,312
386
54, 717,100
84,909,185
705, 267,181 2,281
151
71, 697, 092
46,897, 742
122
702, 022, 993 1,240
197
94, 583, 079 1, 039, 448, 643 5,033
326,100, 372
807, 746, 212
71, 048, 636
97, 396, 334
959
100
312,107,457 2, 875, 563, 302 13,846 1,032,193,141
117
to
Number of
banks
holding 0
msurance
trust
agreements
not
operative
70
107
98
70
48
40
90
17
19
38
34
49
ac
N u m - F of e v a l u e
insurber of
ance
insurpolicies
held
trust
under
trust
ments
agreenot
ments
operanot
tive
operative
T r u s t department
gross
earnings
for fiscal
year
ended
J u n e 30,
1930
1,079 $63,211,087 $2, 296,000
2,230 162,733, 507 8, 959, 000
1,201 55,357, 398 1, 099, 000
1,369 69,873,177 1, 265, 000
635 23, 046, 579
738, 000
563, 000
. 955 37,206, 674
45, 207, 234 1, 930, 000
1,299
197 8,927,407
401,000
188, 000
129 3, 780, 378
802, 000
1,429 35,814, 757
297, 000
493 17, 950,482
2,527 73, 598, 756 4, 228, 000
o
o
680 13,543 586, 706, 435 22, 765, 000
a
tel
Ul
Fiduciary activities of national-bank branches with trust departments during year ended J u n e SO, 1930, segregated according to population of
places in which branches are located
Places
with
population of
less t h a n
1,000
N u m b e r of n a t i o n a l - b a n k b r a n c h e s w i t h
active t r u s t d e p a r t m e n t s . . .
11
1,000 to
2,499
2,500 to
4,999
25
18
5,000 to
9,999
10,000 to
24,999
30
25,000 to
49,999
19
100,000 to
249,999
60,000 to
99,999
9
14
11
250,000 to
499,999
.
8
1,000,000
or over
500,000 to
999,999
4
38
Total
187
TRUST ASSETS
I n v e s t m e n t s . . i._
Deposits in savings b a n k s
Deposits in other b a n k s
D e p o s i t s in own b a n k
O t h e r assets
_
-
.-.'
-
Total
$295, 388 $2, 535, 226 $2,900,455 $7,466, 392 $7, 285,916 $16, 983, 321 $67, 391,148 $33, 210, 741 $34, 383, 609 $146,105, 742 $947, 534, 554 $1,' 266,092,492
44, 737
107, 258
3,142
35, 527
342,906
658, 231
24,086
6,451
67, 308
6,615
20, 200
1
664, 762
3,827
24, 065
635,807
1, 063
24,480,850
980,863
285, 261
15, 378
716, 240 1,961,927
36,133
68, 575
35,726
1,971,181 18,409, 566
48,668,426
832, 375 1,828, 323 10, 255,431 28, 983, 372
134, 765
918, 600 2, 005, 505
137, 280
345, 699 3,118,440
108,635
o
o
g
hj
O
468,196 2, 662, 381 3, 071, 354 7, 887, 281 10,446, 533 18, 318, 505 70, 401, 602 34, 779, 556 38, 222,423 168,400. 725 995, 906, 205 1, 340, 564, 760
LIABILITIES
468, 036 2 612 382 5 017 fiOQ 7, 694, 268 9,951, 290 14, 762, 803 39,472, 622 29,425,286 27, 642, 682 132, 528, 274 754,126, 666 1, 021, 701, 911
49, 999
.^^ 7.1^9
318,862,849
159
193, 013
495, 243 3, 555, 702 30, 928,980 5, 354, 270 10, 579, 741 25, 872,451 241, 779, 539
Private trusts
Court trusts.
Total
-
T o t a l v o l u m e of b o n d issues o u t s t a n d i n g
. for which b r a n c h b a n k s are acting as
trustees
N u m b e r of b r a n c h e s a d m i n i s t e r i n g individual t r u s t s
._ .
N u m b e r of b r a n c h e s a d m i n i s t e r i n g corporate trusts
.
N u m b e r of i n d i v i d u a l t r u s t s being administered..
^
N u m b e r of corporate t r u s t s being a d m i n istered T o t a l n u m b e r of t r u s t s being a d m i n i s t e r e d .
Average v o l u m e of i n d i v i d u a l t r u s t assets
in each b r a n c h
•
Average v o l u m e of t r u s t assets in each
individual trust
N u m b e r of branches a d m i n i s t e r i n g insurance t r u s t s . . .
N u m b e r of insurance t r u s t s being administered
W
468,195 2, 662, 381 3, 071, 354 7, 887, 281 10,446, 633 18, 318, 505 70,401, 602 34, 779, 556 38, 222,423 168,400, 725 995, 906, 205 1, 340, 564, 760
teJ
'
650
2,650
8
10
22
16
18, 364, 710
83, 400
29
9
12
8. 024, 739 33,254,731 250, 306,951 2,841,137,699 3,151,175, 430
11
8
4
19
148
1
1
1
8
6
6
3
12
42
12
43
100
289
267
349
1,404
L250
553
2,080
6,457
1
290
1
268
5
354
82
1,486
64
1,314
171
12
2
102
76
2,156
1,869
8,326
2 288
15, 092
$39, 600,181 $52,416,116
tei
o
12 804
17
60
o
d
$9, 057, 870
2
724
$58, 524
$266, 238
$139, 607
$39, 016
$61, 916
$30, 713
1
1
6
3
1
1
8
7
$271, 975
$652,908 $2, 035. 389 $5,866, 800 $3.161, 777
$4, 777,803
$27, 292 •
$50,144
$27,824
2
2
3
3
3
3
$39,126 .
$52,489
$104, 699
$76,154
$154, 237
2
.8
29
oo
54
86
a?
$69,118
2
4
to
Fiduciary activities of nationalrbank branches with trust departments, during year ended J u n e SO, 1930, segregated according to population of
places in which branches are located—Continued
Planes
with
population of
less t h a n
1,000
Average v o l u m e of insurance t r u s t assets
in each b r a n c h
.
Average v o l u m e of i n s u r a n c e t r u s t assets
in each t r u s t
N u m b e r of branches holding Insurance
trust agreements not operative.
N u m b e r of insurance t r u s t agreements
n o t operative
F a c e value of insurance policies held u n der a b o v e agreements
Average n u m b e r of insurance t r u s t agreem e n t s n o t operative held b y each
branch
Average v o l u m e of insurance policies held
b y each b r a n c h u n d e r t r u s t a g r e e m e n t s
not operative
.
Average v o l u m e of insurance policies per
t r u s t held u n d e r t r u s t agreements not
operative
-.Average gi'oss earnings per t r u s t for fiscal
. year e n d e d J u n e 30, 1930
Average gross t r u s t earnings per b r a n c h ,
r e p o r t i n g t r u s t oarnings for fiscal year
ended J u n e 30, 1930
---
1.000 to
2,499
2,500 to
4.999 .
10,000 to
24,999
5,000 to
9,999
25,000 to
49,999
50,000 to
99,999
100,000 to
249,999
250,000 to
499,999
500,000 to
1,000,000
or over
00
bO
Total
$5,000
$21,100
$39, 728
$49,835
$26,3231
$40, 087
$9, 837
$93, 201
$21, 256
$226, 743
$88, 670
$5, 000
$2L100
$24, 830
$21,358
$17, 548
• $26, 725
$9,837
$46, 601
$21, 255
$33,443
$29, 900
6
15
14
22
14
6
13
9
7
4
17
126
hdO
36
82
90
68
145
153
303
298
855
2,080
%
$640,403 $1, 832, 771 $2, 325, 403 $1, 725, 938 $4,988,301 $2, 994,320 $11,377,033 $15, 971, 789 $55, 564, 489
18,183, 653
13
37
$186, 679
$576, 62"
3
2
3
4
6
11
11
$37, 316
$38, 442
$45, 743
$83, 308
$166,100
$287, 656
$383, 715
$14.352
$15. 585
$17. 789
$22.351 .
$25.838
$25. 381
$34.402
$317
$130
$173
$108
$139
$291
$190
$544
$598
$800
$L 115
$2, 070
$11, 441
$23,493
O
^;
43
75
60
17
$332, 702 $1,626, 290
$3, 992, 947
$3, 268, 499
$779, 235
$19. 571
$37, 548
$53. 597
$64. 988
$47. 204
$150
$318
$266
$681
$474
$21, 965
$28, 750
$143, 425
$157, 443
$43, 083
17
W:
tel
o
COMPTROLLER 01^ THE CXJRRENCY
-
827
NATIONAL-BANK FAILURES
During the year ended October 31,1930, receivers were appointed for
104 national banks. Of this number, 91 were actual failures, while 13
appointments of receivers were made in order to enforce stock assessments, the collection of which was necessary under contracts to
succeeding institutions which purchased the assets of the banks under
guarantees from stockholders, by which creditors were paid in full.
Of the 91 actual failures, 3 were restored to solvency, leaving 8S to be
liquidated by receivers. These figures for the year 1930 may be
compared with 72 actual failures for the previous year, 2 of which
were restored to solvency, with the appointment of receivers for 7
banks to enforce stock assessments. The capitalization of the 104
banks, for which receivers were appointed during the past year, was
$8,355,000, as compared with the capitahzation of the 79 banks, for
which receivers were appointed during the previous year, of $6,575,000.
Total assets of the 104 banks for which receivers were appointed
during the past year, including additional assets acquired after suspension, as indicated by receivers^ reports submitted, amounted to
$63,098,244, in addition to which stock assessments in the amount of
$6,760,000 had been levied by the comptroUer as of October 31, 1930,
against the shareholders of these banks.
I t is of interest to note an important decision handed down by the
United States Circuit Court of Appeals for the Third Circuit deahng
with the authority of the comptroller over the appointment of receivers for insolvent national banks.
The Port Newark National Bank of Newark, N. J., was in grave
financial difficulties. Arrangements had been made for the deposit
liability of this bank to be assumed by another institution, thus
assuring depositors of full payment of their deposits. On the day
prior to the contemplated consummation of these arrangements, a
stockholder filed a petition in the United States District Court for
the appointment of a receiver and obtained a rule to restrain the bank
from consummating the deal. The Comptroller of the Currency
appointed a receiver for the Port Newark National Bank the following
morning. Subsequently the District Court ousted the comptroller's
receiver and appointed a court receiver. The case was appealed by
the comptroller from the District Court to the Circuit Court of
Appeals, which remanded the case to the District Court with instructions that the receiver appointed by the court be discharged, first
accounting to the comptroller's receiver for his doings and restoring
to him possession of all of the bank's property; restoring the comptroller's receiver, dismissing the bill with costs against the complainant
in the bill.
The court, in speaking of the right of the comptroller to appoint
receivers and whether or not such right is paramount and exclusive,
stated that it ^4s a question we do not feel called on to now decide
because the present case does not so require." However, the court
in Commenting on this phase of the question further said:
" I n that regard we also note that in Korbly v. Springfield Trust, 245 U. S. 330,
the Supreme Court saici*.
''From the earliest days of the administration of the National Banking Act to
this case attempts have been made in many forms to give to it a technical construe-
828
"
REPORT ON THE FINANCES
tion which would so restrict the powers of the comptroller as to greatly delay
and impede the settlement of the affairs of insolvent banks. But this court has
uniformly declined to narrow the act by construction, and has placed a liberal
interpretation upon its provisions to promote its plain purpose of expeditiously
and justly winding up the affairs and paying the debts of such unfortunate
institutions."
" Not only the research of counsel but our independent research has shown
no case where a Federal or State Court has appointed a receiver for a going national
bank as distinguished from one in liquidation. Sufficient to s.ay that in the present
case we regard the Comptroller at the time thi.« bill was filed as having complete
dominion over and, by his bank examiner, full Ifigal control of the then and future
operations of the bank, and that such situat on might ultimately require the
appointment of a receiver. Consequently the court below, when the bill was
filed, acquired no jurisdiction to shear the Comptroller of the statutory power to
take the further step of appointing a receiver in case insolvency existed and the
attempted sale fell through. As the order states, the Comptroller had on file
at that time information of the insolvency of the bank, it is clear he had already
complied with the statutory provisions of ''on examination of its affairs," after
which he "may appoint a receiver."
The full text of this decision is given in Exhibit A in the appendix
of the report of the Comptroller of the Currency.
From the date of the first failure of a national bank in the year
1865 to October 31, 1930, 1,417 national banks have been placed in
charge of receivers. Of this number, 76 have been restored to
solvency and permitted to resume business, leaving 1,341 to be administered by receivers. Of these so administered, 443 (17 more than
reported at the close of 1929) are still in process of liquidation and 898
have been entirely liquidated and the affairs thereof finally closed.
The capital of the 1,417 insolvent national banks at the date of
failure was $152,075,420. The capital of the' 76 banks that have
been restored to solvency was $12,805,000. The capital of the 443
banks that are still in process of liquidation was $34,794,500, and the
capital of the 898 banks that have been completely liquidated was
$104,475,920.
The aggregate book value of the assets of the 1,341 administered
receiverships, including assets acquired after suspension, was $923,470,652, in addition to which there have been levied against shareholders assessments aggregating $99,710,740. Total collections by
receivers from these assets to September 30, 1930, including offsets
allowed and collections from stock assessments, amounted to 55.59
per cent of the total of such assets and stock assessments. The
disposition of such collections was as follows:
Collections:
Collections from assets, including offsets allowed and, for accounting purposes, dividends paid secured creditors of all
trusts finally closed Oct. 1, 1924, to Oct. 31, 1929
$521, 002, 716
Collections from stock assessments
47, 808, 857
Total.-
.
568, 811, 573
COMPTROLLER OF THE CURRENCY
829
Disposition of collections:
Dividends paid to secured and unsecured creditors on total
secured and unsecured claims proved and outstanding in
the aggregate amount of $498,741,310 at date of final
closings of trusts, or as of Sept. 30, 1930, for those trusts
still in process of liquidation
$299, 263, 979
Payments to secured and preferred creditors, including offsets allowed, disbursements for the protection of assets,
and, for all trusts finally closed from Oct. I, 1924, to Oct.
31, 1929, dividends paid secured creditors
214, 211, 896
Pa3^ment of receivers' salaries, legal and other expenses
35, 820, 084
Cash returned to shareholders
.
4, 174, 109
Cash balances with the comptroller and receivers
15, 341, 505
Total
568, 811, 573
In addition to this record of distribution there have been returned
to shareholders, through their duly elected agents, assets of a book
value of $16,471,958. The outstanding circulation of these 1,341
receiverships at date of failure was $57,944,576, secured by United
States bonds on deposit with the Treasurer of the United States of
the par value of $61,236,620.
The 443 banks that were as of October 31, 1930, still in charge of
receivers and in process of liquidation had assets, including assets
acquired subsequent to their failure, aggregating $364,322,736. The
capital of these banks was $34,794,500, and there had been levied
by the Comptroller of the Currency to October 31, 1930, stock assessments against their shareholders in the amount of $31,304,500. The
coUections from these assets, including offsets allowed and collections
from stock assessments, as shown by receivers' last quarterly reports
under date of September 30, 1930, amounted to 51.31 per cent of
such assets and stock assessments. The disposition of such collections
was as follows:
Collections:
Collections from assets, including offsets
Collections from stock assessments
Total
.
Disposition of collections:
Dividends paid to unsecured creditors. Unsecured liabilities
at date of failure aggregated $223,582,383
'Dividends paid to secured creditors. Secured deposits and
other liabilities aggregated at date of failure $70,756,553.Payments to secured and preferred creditors, other than
through dividends..
Offsets allowed and settled.
Disbursements for the protection of assets
Payment of receivers' salaries, legal and other expenses
Cash returned to shareholders
Cash balances in hands of comptroller and receivers
Total
$188, 516, 031
14, 501, 288
203, 017, 319
91, 015, 369
2, 720, 177
56, 731, 691
22, 279, 746
3, 105, 544
11, 473, 287
350, 000
15, 341, 505
203, 017, 319
In addition to the above record it is found that total secured and
unsecured claims proved and outstanding as of September 30, 1930,
aggregated $197,981,404. The outstanding circulation of the 443
receiverships at date of failure was $17,373,311.50, secured by United
States bonds on deposit with the Treasurer of the United States of
the par value of $17,946,850.
830
REPORT ON THE FINANCES
From the date of the first failure of a national bank in 1865 to the
close of business October 31, 1930, 974 receiverships have been liquidated and the trusts closed or the aff'airs thereof restored to solvency.
Included in this number are the 76 banks restored to solvency (4 in
1930) and 83 the liquidation of which was completed during the year
1930. The 898 banks liquidated by receivers had assets, including
assets acquired subsequent to their failure, aggregating$559,147,916.
The capital of these 898 banks was $104,475,920 and there were levied
by the Comptroller of the Currency stock assessments against their
shareholders in the amount of $68,406,240. The collections from
these assets, including offsets allowed and collections from stock
assessments, as shown by receivers'final reports, amounted to 58.28
per cent of such assets and stock assessments. The disposition of
such collections was as follows:
Collections:
Collections from assets, including offsets allowed and, for
accounting purposes, dividends paid secured creditors of
all trusts finally closed Oct. 1, 1924, to Oct. 31, 1929
$332,486,685
Collections from stock assessments
33, 307, 569
TotaL
365, 794, 254
Disposition of collections:
Dividends paid to secured and unsecured creditors, on total
secured and unsecured claims proved and outstanding at
dates of final reports, in the aggregate amount of $300,759,906
205, 528, 433
Payments to secured and preferred creditors, including offsets allowed, disbursements for the protection of assets,
and, for all trusts finally closed Oct. 1, 1924, to Oct. 31,
1929, dividends paid to secured creditors
132, 094, 915
Payment of receivers' salaries, legal and other expenses
24, 346, 797
Cash returned to shareholders
3, 824, 109
Total
..
J
365, 794, 254
In addition to this record of distribution, there were returned to
shareholders, through their duly elected agents, assets of a book
value of $16,471,958.
From the above it will be noted that the average percentage of all
dividends paid on the aggregate of secured and unsecured claims
proved and outstanding at dates of final reports, against the 898
receiverships that have been finally closed, but not including the 76
restored to solvency which paid 100 per cent, was 68.33 per cent. If
payments to secured and preferred creditors, offsets, and other disbursements, as indicated above, were included with the dividends paid
in this calculation, the total disbursements to creditors would amount
to $337,623,348 or 77.99 per cent of claims proved plus other liabilities
paid but not included in the figure above of proved claims, or $432,854,821. In making the above calculations of percentages of payments to secured and preferred creditors it has been impossible to
take into consideration those claims of creditors which were neither
proved nor paid, as well as secured claims which were proved and upon
which dividends were paid but which were subsequently eliminated
from the total of claims proved by reason of having been paid in full
out of the proceeds of collateral collections. The consideration of
such unproved, unpaid claims and secured claims proved but not
included in the total thereof set out in the table above, would very
materially reduce the percentages of payments to creditors as given
COMPTROLLER OF THE CURRENCY
831
Expenses incident to the administration of the 898 closed trusts
such as receivers' salaries, legal and other expenses, amounted to
$24,346,797 or 3.87 per cent of the book value of the assets and stock
assessments administered, or 6.65 per cent of collections from assets
and stock assessments. The assessments against shareholders aver- •
aged 65.47 per cent of their holdings and the total collections from
such assessments as were levied were 48.69 per cent of the amount
assessed. The outstanding circulation of these closed receiverships
at date of failure was $40,571,264.50, secured by United States bonds
on deposit with the Treasurer of the United States of the par value
of $43,289,770.
During the year ended October 31, 1930, 83 receiverships were
closed, in addition to which 4 banks were restored to solvency. The
total assets of the 83 receiverships, including assets acquired subsequent to suspension, aggregated $44,671,504. The capital of these
banks was $5,510,000 and assessments against shareholders levied by
the Comptroller of the Currency aggregated $5,015,000. The collections from these assets including offsets allowed and collections
from stock assessments, as shown by receivers' final reports, amounted
to 56.8 per cent of such assets and stock assessments. The disposition
of such collections was as follows:
Collections:
Collections from assets, including offsets allowed
Collections from stock assessments
Total
$25, 531, 872
2, 692, 194
28, 224, 066
Disposition of collections:
Dividends paid to unsecured creditors. Unsecured liabilities
at date of failure aggregated $19,993,710.--.
Dividends paid to secured .creditors. Secured deposits and
other liabilities aggregated at date of failure $14,387,629. ._
Payments to secured and preferred creditors, other than
through dividends
Offsets allowed and settled
.
Disbursements for the protection of assets
Payment of receivers' salaries, legal and other expenses
Cash returned to shareholders.
Total
10, 576, 060
1, 672, 510
11, 779, 202
2,074,675
228, 365
1, 886, 943
6, 311
28, 224, 066
I t is also found that total secured and unsecured claims proved and
outstanding at date of final reports aggregated $25,310,410.
In addition to this record of distribution, there were returned to
shareholders, through their duly elected agents, assets of a book value
of $260,334.
From the above it will be noted that the average percentage of dividends paid on unsecured liabilities at date of suspension of the 83
receiverships that were finally closed during the year ended October
31, 1930, not including this 4 banks restored to solvency which paid
creditors 100 per cent, was 52.89 per cent. The average percentage
of dividends paid on secured deposits and liabilities at date of suspension of the 83 receiverships amounted to 11.62 per cent, while dividends, together with other payments to secured and preferred creditors, amounted to $13,451,712, or an average payment on secured a n d '
preferred liabilities at date of suspension of 93.49 per cent. The
inclusion of offsets allowed with dividends paid to unsecured creditors
1^101—31
^^
832
REPORT ON THE FINANCES
gives total payments of $12,650,735, or an average total return upon
unsecured liabilities at date of suspension of 63.27 per cent, while all
payments to all creditors, consisting of offsets, dividends paid on both
secured and unsecured deposits, and other payments on secured and
•preferred liabilities, amounted to $26,102,447, or an average total
return of 75.92 per cent upon all liabilities at date of suspension in the
amount of $34,381,339. In making the above calculations it has been
impossible to take into consideration additional liabilities of the 83
receiverships established after suspension, the inclusion of which would
reduce somewhat the percentages given. I t may also be of interest
to note that the average percentage of all dividends, amounting to
$12,248j570, paid on both secured and unsecured claims aggregating
$25,310,410 proved against the 83 receiverships that were finally
closed during the year ended October 31, 1930, but not including the
4 banks restored to solvency which paid creditors 100 per cent, was
48.39 per cent.
Expenses incident to the administration of these 83 trusts, such as
receivers' salaries, legal, and other expenses, amounted to $1,886,943
or 3.79 per cent of the book value of the assets and stock assessments
administered, or 6.68 per cent of collections from assets and stock
assessments. The assessments against shareholders averaged 91.01
per cent of their holdings and the total collections from such assessments as were levied were 53.6 per cent of the amount assessed. The
outstanding circulation of these 83 receiverships at date of failure was
$2,510,787.50 secured by United States bonds on deposit with the
Treasurer of the United States, of a par value of $2,589,100.
The financial operations of the division of insolvent national banks
from September 30, 1929 to September 30, 1930, were as follows:
Collections:
Cash on hand Sept. 30, 1929
$12, 521, 593
Collections from assets during the year, including offsets allowed
1
35, 559, 735
Collections from stock assessments
3, 194, 040
Total
51, 275, 368
Disposition of collections:
Dividends paid
Secured and preferred claims paid
Offsets allowed and settled
Disbursements for protection of assets
Receivers' salaries, legal and other expenses
Returned to shareholders' agents in cash
Cash on hand with comptroller and receivers Sept. 30, 1930. .
Total
..
19, 491, 031
9, 043, 646
4, 522, 942
309, 178
2, 560, 755
6, 311
15, 341, 505
51, 275, 368
I n addition to this record of distribution, there were returned to
shareholders, through their dul}'' elected agents, assets of a book
value of $260,334.
833
COMPTROLLEE. OP THE CUBEENCY
Closed receiverships,
8981
Disposition of assets:
fc Collected from assets and offsets allowed
| i Loss on assets compounded or sold under order of
t^W court - •
^ Book value of assets returned to shareholders..
H Book value of remaining assets
Total
332,486,685.00
188,616,031.00
621,002,716.00
210,189,273.00
16,471,958.00
(0 0
46,163,413.00
0
129,663,292.00
266,342, 686. 00
16,471, 968.00
129, 653, 292.00
O
659,147, 916. 00 364, 322, 736. C 923,470, 652.00
O
332,486, 685. C 188, 616,031. C 621,002, 716. 00
O
O
33, 307,669. C
O 14, 501,288. C 47,808,857.00
366, 794, 254. 00 203,017,319.00
Total
Disposition of collections:
Dividends paid
205,628,433.00
Secured and preferred liabilities paid, including offsets allowed.. .
132,094,916. C
O
Receiver's salary, legal, and other expenses
24, 346, 797. C
O
3,824,109.00
Amount returned to shareholders in cash
0
Balance with comptroller or receivers. . .
Total
Total, 1,3411
$559,147,916. 00 $364,322, 736.00 $923,470,662.00
Total assets taken charge of by receivers
Collected from assets and offsets as above...
Collected from stock assessments
Active receiverships,
443
366, 794,264.00
Capital stock at date of failure
3117,280,920.00
United States bonds held at failure to secure circulating
notes
_
._.
43.289,770.00
Qnited States bonds held to secure circulation, sold and
circulation redeemed
43, 289, 770. C
O
40, 571,264. 60
Circulation outstanding at failure
,68,406,240.00
Amount of assessment upon shareholders..
300, 759,906. 00
Claims proven
668,811,573.00
93, 735,646.00 299,263,979.00
82,116,981.00 214,211,896.00
11, 473,287. 00 35, 820, 084. 00
350, 000.00
4,174,109.00
16, 341, 506.00 16, 341,605.00
203, 017, 319.00 668,811, 573.00
34,794,600.00 8162,076,420.00
17,946,860.00
61,236,620.00
8,424, 590.00 61,714,360.00
17,373,311. 60 67, 944, 676. 00
31, 304, 600. 00 99, 710,740.00
197,981,404.00 498,741,310.00
i Does not Include 76 banks restored to solvency.
»Accounted for infinalsettlement with creditors or charged off as loss by order of court.
«Includes capital stock of 76 banks restored to solvency.
Statistics relative to the capital, date of appointment of receiver,
and per cent of dividends paid to creditors of 83 insolvent national
banks the affairs of which were finally closed, and four insolvent national
banks the affairs of which were restored to solvency during the year
ended October 31,1930, appear in the following table:
Title
First National Bank.
Do
Do
Do
Do
Do
Do..-.
stockmens National Bank . .
_. .
Farmers National Bank
First National Bank
Do
Brotherhood of Railway Clerks National
Bank.
City National Bank
First National Bank
Liberty National Bank of South Carolina.
City National Bank .
Condon National Bank
First National Bank
.
Location
Abingdon, 111
Adair, Iowa
Benson, Minn
Bos well, Okla
Bridgeport, Nebr
Broadview, Mont
Broken Bow, Okla
Brush, Colo
Burlington, Kans
Center, Tex
Clearbrook, Minn
Cincinnati, Ohio
Clarksville, Tex
Claxton, Ga.
Columbia, S. C
Coalgate, Okla
Condon, Oreg...
Covington, Ind
Date receiver
appointed
Capital
Per cent
dividends
paid to
creditors
Dec.
Dec.
July
Oct.
May
Jan.
Nov.
Mar.
May
Dec.
Nov.
June
17,1927
27,1926
6,1926
8,1926
28,1921
30,1923
2,1926
1,1926
21,1924
3,1924
2,1926
26,1930
$75,000
35,000
25,000
50,000
26,000
25,000
25,000
35,000
65, 000
50,000
25, 000
400,000
» 83.26
33.21
17.3
31.3
43.6
9.1
24.06
62.75
45.2
70.6
67.6
2 100
Mar.
DecMar.
Nov.
Dec.
Dec.
9,1925
7,1929
4,1926
8,1923
18,1923
8,1928
200,000 3 106.34
50, 000 2 100
1 87.12
500,000
7.85
50,000
66.8
50,000
70,000 1 3103.096
1 Receiver appointed to levy and collect stock assessment covering deficieocy io value of assets sold
2 Restored to solvency.
3 Principal and interest paid in full.
834
HEPOUt O N T H E FINANCES
Title
First National Bank
United States National Bank
First National B a n k . . .
Do
Security National Bank...
First National Bank
Do
Do.Glasgow National Bank
First National Bank
Do
Commercial National Bank
American National Bank.
--.
First National Bank
Do
Do..-,
Texas County National Bank
First National Bank..
-.
Do
Farmers & Merchants National BankCity National Bank
First National Bank
Peoples National Bank
First National Bank
Do
^...
Commercial National Bank
First National Bank
Farmers National Bank
First National Bank
Do
.
Exchange National Bank
_..
England National Bank
First National Bank
Do
Monticello National Bank.
First National Bank
Do
Nowata National Bank
.---..
Guthrie County National Bank...
First National Bank
Perry National Bank
First National Bank
Do.-.
Do
Do....
Do
Do...
Jefferson County National Bank
First National Bank
Rosedale National Bank
National Exchange Bank
First National Bank
National City Bank
Citizens National Bank
First National Bank
Do
.
Do
American National Bank
Taylorville National Bank
First National Bank
Do
.....
Do
Do........
Do
Weiser National Bank
Merchants National Bank
First National B a n k . . .
Citizens National Bank
First National Bank
Location
Dahlgren,Tll
Dinuba, Calif
Drayton, N. Dak
Dubois, Idaho.__
Fargo, N. Dak
Fort Lauderdale, Fla..
Fulda, Minn
Fulton, Mo
Glasgow, Mont
Garner, Iowa
Gonvick, Minn
Great Falls, Mont
Green City, Mo
Greenfield, Iowa
Greensboro, Ga
Gridley, Calif
^..
Guymon, Okla
Hanna, Okla
Havelock, Iowa..
Henderson, Tex..
Hugo, Okla
Idabel, Okla
Independence, Iowa...
Jasper, Minn
Jeft'erson, Iowa...
Jefferson, Tex..
Kimball, W. Va
Lake Preston, S. Dak.
Lamberton, Minn
Laurel, Nebr
Leon, Iowa
Little Rock, Ark
Mena, Ark
Mitchell, S. D a k . . . . . .
Monticello, Ind
Moulton, Iowa
Norway, Iowa
Nowata, Okla
Panora, Iowa
Pasco, Wash
Perry, Iowa
Pilger, N e b r . .
Redwood Falls, Minn.
Renville, Minn
Renwick, Iowa
Rifle, Colo
Rigby, Idaho
do.
Rock River, Wyo
Rosedale, Miss...
St. Paul, Minn
Sallisaw, Okla
Salt Lake City, Utah.
Shelbyville, 111
Springer, N. Mex
Stanley, N. Dak
Sterling, Colo
Stigler, Okla
Taylorville, 111
Toledo, Iowa
Torrington, Wyo
Ulen, Minn.
Vale, Oreg
Wausa, Nebr
Weiser, Idaho
Wimbledon, N. Dak..
Winner, S. Dak
Worthington, Minn...
Wynot, Nebr
D a t e receiver
appointed
Capital
Per cent
dividends
paid to
creditors
J u l y 22,1929
$30,000
•100
73 9
M a r . 25 1927
50,000
8 lOo! 03332
A u g . 12 1929
50,000
47.3
M a y 6 1927
25,000
UOO
A u g . 30 1928
100, 000
. 10
D e c . 15 1928
100,000
40.4
Oct. 7 1926
25,000
89. 25
A p r . 24 1926
100,000
67.2
D e c . 29 1925
76, OCO
1 51. 754
D e c . 4 1928
50, OCO
N o v . 5 1926
25, OCO 1 37.01
27.74
D e c . 9 1922
200,000
36.8
M a r . 31 1927
45,000
68.73
M a r . 21 1928
50, OCO
40.5
Jan.
9 1926
50,000
13.8
J a n . 29 1921
40,000
68
N o v . 13 1923 . 25, OCO
3 105.14
J a n . 16 1928
25,000
97.35
N o v . 5 1927
25, 000
MOO
F e b . 24 1930
100, 000
51.8
J u n e 5 1925
100,000
31.73
F e b . 18 1925
80, OCO
178.7
J u l y 6 1928
75, 000
33.95
M a y . 1 1925
30, 000
63.7
D e c . 23 1925
50, OCO
F e b . 12 19S0
30, OCO UOO
J u n e 26 1930
25, 000
2 100
Dec. 17 1925
25,000
29
J u l y 6 1927.
50,000
1 61.62
F e b . 2 1928
40, OCO
74.8
M a r . 9 1927
35,000
45.82
N o v . 1 1926
300, OCO
1 6. 381
D e c . 15 1928
50, 000
1 29.976
Oct. 23 1923
100, 000
27.7
Jan.
7 1927
50,000
• 1 16. 58
J a n . 14 1927
35, OCO
8L6
M a r . 23 1927
25, OCO
90.6
F e b . 19 1924
25, OCO
46.63
76.4
J u l y 22 1926
50,000
78.6
N o v . 21 1925
50, 000
51.77
F e b . 5 1925
75,000
21. 866
A p r . 22 1924
50, 000
69
J u l y 29 1925
70,000
63.65
F e b . 14 1925
25, 000
33
J a n . 13 1927
25, 000
77.4
D e c . 24 1925
50,000
18.5
J a n . 12 1925
80,000
10
J a n . 17 1925
50, OCO
30.6
J u n e 14 1923
50,000
J u n e 10 1929
85, OCO 3 104. 6
10
M a y 16 1929
300,000
19.37
Oct. 24 1927
50,000
71.9
F e b . 3 1922
250,000
3 103.14
F e b . 21 1928
50, 000
64.4
J u n e 15 1925
60,000
42
D e c . 15 1926
26, 000
62.9
A p r . 5 1924
100, 000
53
M a r . 1 1927
25,000
Oct. 18 1929
160, O O 2 100
C
N o v . 3 1926
86, O O
C
«65
50,000
D e c . 16 1924
86.9
Oct. 28 1924
25, OCO
13. 35
N o v . 15 1921
60, OCO
7
J u l y 9 1925
75, 000
35.85
J u n e 23 1924
75, 000
22.2
Oct. 27 1922
25,000
4.3
J a n . 31 1923
30,000
2S
J u n e 19 1924
26,000
37.3
63.9
D e c , 27 1927
25,000
1 Receiver appointed to levy and collect stock assessment covering deficiency in value of assets sold.
' Restored to solvency.
« Principal and interest paid in full.
* Dividends paid by purchasing bank.
«Including dividends paid through or by purchasing bank.
835
COMPTROLLER OE T H E CtJRRENC'Y'
BANK FAILURES OTHER THAN NATIONAL
Information furnished by the banking departments of the several
States discloses that during the fiscal year ended June 30, 1930,
there were 558 failures of State and private banks, with liabilities
aggregating $253,694,000, as compared with 480 failures in the
previous year, with total liabilities of $134,156,000.
Tables showing the number of failures and liabilities of banks
other than national and national banks in each State, for the 6-month
periods ended December 31, 1929, and June 30, 1930, together with
similar figures for the year ended June 30, 1930, are published in the
appendix of the report of the Comptroller of the Currency. The appendix also includes a table showing the number and liabilities of State and
national bank failures as of June 30 each year, 1914 to 1930, inclusive.
NATIONAL-BANK CIRCULATION
Notwithstanding a reduction of $717,000,000 was made during the
fiscal year ended June 30, 1930, in the interest-bearing debt of the
United States, bonds eligible as security for national-bank circulation
on June 30, 1930, aggregated $674,625,630, the same as on June 30
of the year previous, comprising $599,724,050 consols of 1930; $48,954,180 Panama Canal 2^s of 1916-1936, and $25,947,400 Panama
Canal .2's of 1918-1938. On June 30 of the current year the Treasurer
of the United States held as security for national-bank circulation
$592,608,650 of consols and $74,216,100 Panama Canal 2's, a total of
$666,824,750, representing 98.84 per cent of the aggregate of circulation bonds outstanding.
The circulation of national banks outstanding on June 30 this
year amounted to $698,317,468, of which amount $665,607,070 was
secured by bonds, and the remainder, $32,710,398, was secured by
lawful money held by the Treasurer to provide for the redemption
of the notes of banks retiring their circulation and on account of
associations in liquidation.
Statement of capital stock of riational banks, national-bank notes, and Federal
reserve bank notes outstanding, bonds on deposit, etc.
J u l y 1, 1930
A u t h o r i z e d cppital stock of ration!.1 b a n k s . .
P a i d - i n capital stock of n a t i o n a l b a n k s
J u n e 2, 1930
$1, 753, 790, 629
1, 753, 604, 663
$1, 754, 760, 629
1, 764, 440, 823
Increase or
decrease since
above date
Increase of authorized capital s t o c k . .
Decrease of authorized capital s t o c k .
Increase of paid-in capitpl stock
Decrease of paid-in capital stock
N a t i o n a l - b a n k notes o u t s t a n d i n g secured b y U n i t e d
s t a t e s b o n d s , old a n d n e w series
N a t i o n a l - b a n k notes o u t s t a n d i n g secured b y lawful
m o n e y , old a n d n e w series
T o t a l n a t i o n a l - b a n k notes o u t s t a n d i n g , old a n d
n e w series
.
J u l y 1, 1929
$1, 635, 308,915
1, 633, 690, 307
Increase or
decrease since
above date
$118, 481, 714
$970, 000
119,914,356
836,160
$665, 607, 070
1665, 719,485
$662, 773, 570
32, 710,398
31, 933,193
41, 520,872
8, 317, 468
697, 662, 678
704, 294, 442
836
EEPOM ON THE FINANCES
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
June 2, 1930
Increase S3cured by United States bonds
Decrease secured by United states bonds
Increase secured by lawful money
Decrease secured by lawful money..
....
.
Increase or
decrease since
July 1, 1929
$2,833,600
$112,416
777, 205
Net increase
Net decrease
8,810,474
664, 790
Federal reserve bank notes outstanding secured by
United States bonds
Federal reserve bank notes outstanding secured by
lawful money
$3, 260,042
$3, 260, 042
$3, 711,131
3, 260,042
Total Federal reserve bank notes outstanding
3, 260, 042
3, 711,131
Increase or
decrease since
above data
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 .
5,976,974
Increase or
decrease since
above date
_
«
._
$451,089
451, 089
. . .
.
National-bank notes of Federal reeach denomination serve bank
outstanding
notes ofeach
denomination outOld series New series standing
On deposit
to secure
Kinds of bonds on deposit nationalbank notes
Total
- . 666,824, 750
$340,906
. 162,648
22,060, 805 $143, 423,995
63,333,965 252, 734, 790
60,985, 210 123,158, 740
10, 780,800 16,325, 050
12,342, 500
8, 581,000
87, 600
21,000
6
61, 554
$1,961,192
680,160
423, 665
123, 346
167, 630
14,150
Total
16b, 176, 788 644, 223, 580
2, 014,920
4, 067,980
3, 260, 042
Total
United States consols of $592,608,650
1930 (2 per cent).
United States Panama of 48,675,900
1936 (2 p3r cent).
United States Panama of 26, 640, 200
1938 (2 per cent).
168,161, 868 540,166, 600
3, 260,042
One dollar
Two dollars
;...
Five dollars..
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars...
Five hundred dollars...
One thousand dollars..
Fractionpl parts
Lessi
1 Notes redeemed but not assorted by denominations.
In the year ended October 31, 1930, the withdrawal of bonds held
by the Treasurer of the United States in trust as security for nationalbank circulation amounted to $58,782,000.
The withdrawals by reason of liquidation of banks amounted to
$31,395,610, and on account of banks placed in charge of receivers,
$1,386,490.
Bonds held by the Treasurer of the United States in trust as
security for circulation were augmented to the extent of $61,174,350,
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:
837
COMPTEOLLEE OF T H E CURRENCY
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, 1930
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 liquidation
Bonds
withdrawn
by banks
in insolvency
1929
$9,106, 700
7,004,000
$335,000
1,022,000
$7,871,150
6,843,000
8,753, 800
2, 562, 750
4,310,000
4, 534, 250
3,135, 500
4, 098,150
6, 468,000
5.126,200
3, 008, 300
4,067, 700
2, 694,150
2,165,000
961, 250
2, 258, 500
2, 354, 000
1, 758, 000
4, 922, 500
3.941, 500
1,935,000
1,653,000
5,987,010
753, 800
3, 206, 250
1, 793, 750
1, 276, 000
2,184,150
714.000
270,000
525,000
971,500
$382,500
1 61,174, 350
November
December
25, 999, 900
31,395, 610
1, 386,490
1930
January
February
March
April
May
June
Julv...
August
September
October
:
.
i
.
.
.
'
Total
82,490
487,500
250,000
50, 000
134,000
1 Includes $1,262,500 deposited by 21 of 108 banks chartered during the year.
REDEMPTION OF NATIONAL AND FEDERAL RESERVE BANK
CIRCULATION
During the year ended June 30, 1930, the national-bank notes.
Federal reserve notes, and Federal reserve bank notes aggregating
$3,370,792,108.50 were redeemed in the United States Treasury at a
total expense of $720,902.18.
Redemptions included Federal reserve notes amounting to $2,639,532,110; Federal reserve bank notes received from all sources,
$451,089; and national-bank notes of $730,808,909.50, the latter
amount including $36,825,'374.50 redeemed on retirement account.
National-bank notes were redeemed at an average cost of 88 cents
per $1,000; Federal reserve notes received from sources other than
the Federal reserve banks, 85 cents per 1,000 notes; canceled and
other Federal reserve notes received direct from Federal reserve
banks and branches, 31 cents per 1,000 notes redeemed; and redemption on account of Federal reserve bank notes at the rate of $1.49
per 1,000 notes.
Statements showing the amount of national-bank notes. Federal
reserve notes, and Federal reserve bank notes received monthly for
redemption in the year ended June 30, 1930, the source from which
received, and the classification of redemptions, together with the
rate per $1,000 of national-bank notes redeemed, and the rate per 1,000
notes of Federal reserve and Federal reserve bank notes redeemed,
are published in the appendix of the report of the Comptroller of
the Currency.
NATIONAL BANKS OF ISSUE
Of the 7,252 reporting national banks on June 30, 1930, there were
5,839 banks with capital of $1,424,688,000 issuing circulating notes,
and on the same date the amount of notes outstanding aggregated
838
REPORT ON THE FINANCES
$652,339,000. The; 1,413 banks which did not exercise the circulation privilege had capital stock paid in amounting to $319,286,000.
A table disclosing, according to reserve cities and States, the number of national banks issuing circulation, their capital, amount of
circulation outstanding, together with the number of associations
not issuing circulation and their capital on June 30, 1930, is published
in the appendix of the report of the Comptroller of the Currency.
There are also published in the appendix tables showing by months
the profit on national bank circulation based upon a deposit of $100,000
United States consols of 1930, and Panama Canal bonds at the average net price during the year ended October 31, 1930. These tables
are supplemented by others showing the investment value of circulation bonds quarterly, and the monthly range of prices in New
York in the year ended October 31, 1930.
CONDITION OF NATIONAL BANKS AT DATE OF EACH CALL
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 31, 1930, as of various dates specified by the comptroller.
Summaries of resources and liabilities of reporting banks on the
date of each report during the year, together with summary for
October 4, 1929, 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. 4,
D e c . 31,
1929—7,473 1929—7,408
banks
banks
M a r . 27,
1930—7,316
banks
J u n e 30,
S e p t . 24,
1930—7,262 1930—7,197
banks
banks
14,648,763
9,943
14,887,762
9,452
14,663,078
11,128
2,722,843
2, 763,941
2,817,156
3,832,829
619, 530
765,866
125,823
1, 363, 651
360,641
2, 507, 770
45,106
4,134,230
509,433
787, 750
124, 584
1,421,676
342, 507
3, 579,892
71, 264
4,307,096
476, 649
793,808
129,471
1,432,892
339, 839
2,888,481
36, 741
RESOURCES
Loans and discounts (including rediscounts) i
14,961,877 16,150,046
Overdrafts
15,533
10,181
United States Government securities
owned
2,704,874
2,612,087
Other bonds, stocks, securities, etc.,
owned
3,741,014
3,846, 766
Customers' liability account of acceptances. . 484,728
617, 516
Banking house, furniture, and fixtures
766,193
746,419
Other real estate owned
123, 613
• 121,684
Reserve with Federal reserve banks
1,320,427
1.348.046
Cash in vault
347,362
393, 330
Due from banks
3.413.047
2,970,190
Outside checks and other cash i t e m s . . . . . . .
93, 034
69,921
Redemption fund and due from United
32, 854
32,928
States Treasurer
Acceptances of other banks and bills of
188,925
230,961
exchange or drafts sold with indorsement.
21,929
26,985
Securities borrowed
196,573
218,761
Other resources
Total..
27,924,310
28,882,483
33,025
32,821
32,768
203,966
18,000
200,752
244,100
17,596
199,641
228,627
16,606
216,646 •
27,348,498
29,116, 539
28,378.683
1,743,974
1, 691,339
645,873
94,962
. 1,746,126
1, 692,814
686,430
83,813
79,129
652,339
3,418,148
96,619
652,260
3,184,949
LIABILITIES
Capital stock paid in
1, 671, 274
1,704.473
1, 704,408
Surplus fund
1, 615, 241
1, 548,376
1,553, 544
Undivided profits—net
555,873
497,043
641,196
Reserves for dividends, contingencies, etc..
61, 759
91,911
79,467
Reserves for interest, taxes, and other
expenses accrued and unpaid
71,931
86,475
88, 769
National-bank notes outstanding
641,104
649, 703
646, 420
Due to banks 2
2,829, 960
3,146, 301
2, 762,093
1 Includes customers' liability under letters of credit.
2 Includes certified and cashiers' checks, and cash letters of credit and travelers'
cnecks outstanding.
839
COMPTEOLLEE OF T H E CXJEEENCY
Abstract of reports of condition of national banks on dates indicated—Continued
[In thousands of dollars]
Sept. 24,
Mar. 27,
June 30,
Oct. 4,
Dec. 31,
1929—7,473 192^-7,408 1930—7,316 1930—7,252 1930—7,197
banks
banks
banks
banks
banks
Demand deposits
10,568,012 11,089, 432 10,163,225 10,926, 201
Time deposits (including postal savings).. 8,301, 751 8,434,442 8, 614,864 8, 752,671
171,964
United States deposits
-..
202, 274
103,318
200, 796
Total deposits
21,901,997 22,773,493 21,6Ifi, 978 23,268,884.
Agreements to repurchase United States
8,173
31,981
10,123
Government or other securities sold
41,690
225, 664
229,033
Bills payable and rediscounts
657, 672
645, 587
Acceptances of other banks and bills of
203,966
244,100
188, 925
230, 961
exchange or drafts sold with indorsement.
623,194
611,007
479, 931
626, 497
Acceptances executed for customers
Acceptances executed by other banks for
11,304
16, 644
12, 638
20, 618
account of reporting banks
18,000
26,986
17,696
21,929
Securities borrowed
98, 203
74,287
114, 686
79, 922
Other liabilities
Total
27,924,310
28,882,483
27,348,498
29,116,539
10,334,688
8, 798,252
163,^28
22,481,317
11,964
219,860
228, 627
487,102
9,830 •
16, 506
167, 637
28,378,683
Principal items of resources and liabilities of national hanks, September 24t 1930
OO
[In t h o u s a n d s of dollars]
o
Number of
banks
Loans and
discounts,
including
overdrafts 1
52
56
45
152
10
61
76,921
45,429
38,896
1,018,258
34,509
187,519
557
295
834
16
75
12
3,457,185
635,747
1, 596,854
12,098
112,851
88,776
1,789
5,803,511
157
112
64
36
75
55
99
35
31
589
66
131
100
241, 392
119,074
85,023
48,040
165, 315
64,360
132,131
64, 404
77,835
662,826
43,806
164, 501
205, 544
T o t a l S o u t h e r n S t a t e s . 1,648
1,964,251
Location
Maine
New Hampshire.
Vermont-.Massachusetts--R h o d e Island
Connecticut
Total New
States
Investments
Real
estate,
furnitiu-e
and
fixtures
D u e from
banks,
Cash in i n c l u d i n g Aggregate
assets
reserve
vault
a n d other
cash i t e m s
Capital
Surplus
and
undivided
profits
15,014
10,124
6,845
232. 958
4,790
29,680
163,733
89,776
77,849
1,810, 347
61,487
307,728
7,370
5,740
5,160
116,183
4.520
21,312
26,176
299, 411
2, 510,920
40,970
15,704
39,201
348
2,367
2,829
1,082, 453
86, 460
406,049
2,496
32,983
25,943
6,925,837
1,018, 566
3,288, 463
25, 420
234, 634
174,199
3,186, 217 313, 226
101,419
1,636, 384
11,667,118
62, 070
40,069
19, 745
16,939
63, 003
77,834
43,633
17,825
16, ioi
189, 655
19, 654
66,896
43,597
14,796
11,563
9,228
4,012
12,703
9,332
10,439
3,356
8,898
49,221
2,595
8, 217
17,188
6,964
4,297
3,147
2,239
4,303
6,374
6,028
1,776
2,037
18,812
1,854
3,725
4,704
69,121
20,105
18, 421
12,643
60,204
36,734
31,879
10, 596
19, 611
255,181
12, 297
34,060
54,094
385,925
197,611
136,449
84, 696
298,540
196, 351
227,978
88, 527
125, 727
1,083, 777
80, 593
270,107
327,343
29,344
13,935
11,475
5,825
19,695
16,035
18,990
6,470
9,125
80, 533
5,940
18,653
24,484
28,796
15,696
11,630
5,509
18,821
11,291
17,973
5,246
8,086
69,280
5,081
19,847
22,282
667,021
161, 547
64,260
624,946
3, 503,524
259,504
239,536
66,327
28,647
29,030
370, 744
19, 680
69,465
2,829
2,978
1,439
49,321
824
14,201
2,088
2,172
1,133
13,909
1,290
55, 584
583,893
71,592
1,652,131 131,166
42,995
328,911
1,075, 227 118,826
1,027
9,381
6,751
78, 507
12,460
42,060
Nationalbank
notes
outstanding
D u e to
banks 2
Demand
deposits,
including
United
States
deposits
Time
deposits
Bills
payable a n d
rediscounts
13, 485
9,770
6,066
128,286
7,863
33, 497
4,856
4,801
4,257
19, 399
3,299
10,236
3,987
5,136
1,560
166,917
2,193
11,876
159, 285
198,967
46,848
191,669
1,002,328
767, 578
13,072
436,280
56,110
165, 484
1,648
11,459
10, 775.
678,992
81,864
362,651
4,001
19,695
11,572
69, 333
23,687
81,820
902
5,972
4,880
19,049
402,206
394
26,235
13,746
2,683,064
325, 715
1,001,716
9,101
72, 221
74,293
1,337,109
493,491
1,192, 751
9,137
95, 447
56,766
41,229
8,656
25,640
171
1,656
200
186,594
1,610,697
4,166,110
3,184, 700
77, 361
19,112
10,190
6,870
3,402
7,695
3,877
13,813
2,778
6,138
41,663
3,612
14,498
17,021
29,396
7,019
6,849
6,209
37,976
16,629
9,847
3, 298
16,107
139,964
4,866
23,504
31,932
119,650
69,035
40,575
25,291
119,136
80,193
87,792
29,899
55,780
523,570
28,681
96,601
105,524
149, 050
75,517
49,655
35,926
88,310
64, 526
67,438
32,817
24,957
201,044
28,877
88,953
111,145
6,408
4,645
7,701
1,488
2,806
2,378
6,084
8,267
3,672
13, 499
3,006
2,779
10,789
150,659
333,696
1,381,627
1,018,214
73,622
35.859
36.860
16,990
758,693
23,958
130,068
96,076
25,807
42, 472
491,051
18,949
93, 224
1,038
1,296
983
4,936
'4,'8i9
England
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 .
Total Eastern States.
Virginia
West Virginia...
N o r t h CarolinaSouth Carohna..
Georgia
Florida
Alabama.-Mississippi
Louisiana
Texas.,
Arkansas
Kentucky
Tennessee
1, 401, 532
681,756
Ohio
.
Indiana...
Illinois
.
Michigan
Wisconsin..
Minnesota
Iowa
Missouri
_.
..
.'.
Total Middle Western
• States
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
N e w Mexico
Oklahoma
1,874
.
111
96
168
246
60
26
117
27
274
T o t a l W e s t e r n S t a t e s - 1,124
Washington
Oregon
California
Tdaho-.
Utah
Nevada
Arizona
....
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
(nonmember bank)
:...
Total (nonmember
banks)
216,720
113,631
391,044
164,660
128,600
196,604
96,206
126,329
42,404
22,141
59,660
27, 622
18,177
16,049
14, 777
10,242
14,889.
11,248
22,212
7,497
6,934
7,439
6,693
6,898
118,940
66,609
281,936
88,819
77,577
139,719
61,629
137,782
876,188
450,854
1,747,316
645,602
630,728
683,385
346,786
578,967
68,885
33,603
106,240
32,390
33,360
38,386
21,280
36,210
68,084
28,641
98,594
42,963
30,961
30,753
14,263
24,829
33,922
23,346
.38,047
18,350
16,668
13,941
12,676
8,617
48.875
31,712
215,147
43,668
60,098
95,163
41,952
119,002
327,647
167,370
689,477
217,440
178,377
261,868
124,770
252,704
307,340
158,389
629,247
266, 334
207,904
246,951
128, 528
123, 489
9,895
3,693
7,262
11,315
1,172
1,030
1,236
1,496
3,048,269
1, 433, 694
210,972
82,810
972,010
5,868,826
358,263
339,088
166,366
645,607
2,209,643
1,966,182
36,999
«
41,927
36,816
129,433
121,187
39,295
20,088
118,315
16, 572
195,800
24,752
26,306
64, 492
60,169
32,851
• 10,452
85,393
10, 745
108,214
4,064
3,355
8,202
10,428
2,974
1,218
6,994
1,410
14,763
1,490
1,407
3,942
5,083
2,449
1,099
6,416
988
6,039
14,028
11,381
65,315
53, 656
17, 355
8,194
72, 394
• 7,088
92,103
87,153
80,026
272,033
251,613
96,658
41,135
289,366
36, 902
417,991
5,470
4,810
14. 690
17,827
4,900
2.270
12,525
1,935
26, 310
3,558
3,676
lO;125
13, 353 .
5,166
. 2, 563
13,774
1,396
16,282
2,896
1,896
6,789
9,469
2,219
1,486
4,303
1,351
6,962
3,449
4,153
53,015
27,076
5, 590
2,898
28,095
1,904
47,229
31,789
33,790
120, 672
127,299
39,883
17,736
123,676
21,. 234
209,988
38,102
29,843
63,024
52, 580
36, 291
13,926
102,845
8,249
107,694
950
1,126
1,366
2,096
769
221
2,614
610
3,126
719,433
423,384
53, 388
27,912
341,414
1,671,777
90,637
68,893
173, 408
726,966
452,654
12,877
1,038
1,158
2,629
627
513
150
14
6,021
463,700 ,
233,782
940,368
346,670
290,891
316,018
166.042
291,908
307
207
460
126
153
262
235
124
36,371
"
105
93
201
41
17
10
14
161,966
95.371
1, 393,257
22,290
27,609
11,084
13.372
103,043
86,068
584,021
11,269
16.009
5,792
11,017
10, 220
7,377
88, 492
2,177
1,457
1,023
1,299
6,155
4,290
22, 486
893
438
474
936
67,309
45,619
335,188
8,253
12,833
3,083
5,058
340,838
239,723
2, 483,314
45,003
58,503
21,516
31,872
26,100
13,495
143,270
2,675
3,276
1,500
1,950
13,384
10,794
140,288
1,618
2,199
895
1,946
11.832
6,813
39,130
1,613
2,467
1,190
1,216
37,579
19,769
253,852
2,491
12,514
1,885
976
144,965
96,464
689,784
19,855
21,673
7,245
14,838
101,650
91,162
1,149,189
15,667
15,154
8,576
10,746
481
1,714, 949
817,219
112,045
34,672
477,243
3, 220,769
192,265
171,124
63,261
329,066
994,814
1,392,134
276
302
111
51
3,088
2,012
3,160
2,659
3,150
956
14, 641
14,878
4
2,359
1,842
134
420
1,103
5,864
1
19,902
10,981
376
2,170
6,604
39,885
6
22,261
12,823
510
2, 590
6,707
45, 749
3,425
2,961
3,261
1,007
17,629
16,890
T o t a l U n i t e d S t a t e s . - . 7,197
14,664,206
7,124,251
923,279
339,839
4,358,114
28,378,683
1,745,126
2,179,244
652,260
3,184,949
10, 498,116
8,798,262
219,850
1 Includes also customers' liability under letters of credit.
2 Includes certified and cashiers' checks, and cash letters of credit and travelers' checks outstanding
00
842
REPORT ON T H E FINANCES
NATIONAL-BANK
LIABILITIES ON ACCOUNT
AND REDISCOUNTS
OF BILLS PAYABLE
Liabilities of national banking associations for money borrowed on
account of bills payable and rediscounts at the date of each call since
October 31, 1929, are shown in the following statement:
Total borrowings of national banks on account of bills payable and rediscounts at
date of each call since October 31, 1929, according, to geographical location
[In thousands of dollars]
New
England
States
Eastern
States
17,013
22, 665
210,261
30,448
46,801
39, 607
72,334
37,468
18,407
14,572
32,696
3,616
397,411
148,176
Total..
39, 578
240, 709
86,308
109,802
32,979
36,211
645,587
Mar. 27, 1930:
Bills payable .
Rediscounts
19, 016
6,208
76,689
18,998
15, 611
26, 566
24,158
17,073
4,182
8,814
6,039
3,301
144, 694
80,960
Dec. 31, 1929:
Bills payable
Rediscounts
- -
Middle
Southern Western
States
States
Western
States
Pacific
States
Totaj
Total
. -
25, 223
' 95, 687
42,177
41, 231
12,996
8,340
225, 664
June 30, 1930:
Bills payable
Rediscounts
-
14, 403
8,729
68,398
23, 677
26,132
41, 480
19,619
14,155
3,611
10, 602
4,914
3,313
127,077
101,966
23,132
82,075
67, 612
33, 774
14, 213
8,227
229,033
7,638
6,534
66,882
11, 469
29,830
43, 692
27,070
9,929
3, 602
9,276
3, 646
2,384
137, 667
82,283
13,072
77,361
73, 522
36,999
12,877
6,029
219,850
Total
Sept. 24,1930:
Bills payable..
Rediscounts
Total
Total borrowings of national banks on account of bills payable and rediscounts at date
of each call since October 31, 1929, according to centred and other reserve cities and
country banks
[In thousands of dollars]
Central
reserve
cities
Dec. 31, 1929:
Bills payable
Rediscount?
Total.-
^
.... .
... .
131,528
42,080
178,731
98,446
397,411
148,176
94,802
Total
Mar. 27, 1930:
Bills payable
Rediscounts
Country
banks
87,162
7,650
^-.
Other
reserve
cities
173,608
277,177
646,687
4,850
650
26,061
5,916
114, 793
74,394
144,694
80,960
Total
5,500
30,967
189,187
226,664
June 30, 1930:
Bills payable
Rediscounts
26
18,833
8,212
108,244
93,718
127,077
101,966
Total
26
27,046
201,962
229,033
32, 200
1,038
26,449
4,416
78,918
76,830
137,667
82,283
33,238
30,864
165, 748
219,860
Sept. 24, 1930:
Bills payable.-..
Rediscounts
.:
Total
..
. . . .
COMPTROLLER OF THE CURRENCY
843
LOANS AND DISCOUNTS OF NATIONAL BANKS
The statement following shows a classification of loans and discounts reported by national banks as of June 29, 1929, and June 30,
1930:
Classification of loans and discounts as of June 29, 1929, aiid June SO, 1930
[In thousands of dollars]
June 29,1929
Amount
Acceptances of other banks, payable in United States. _..
Notes, bills, acceptances, and other instruments evidencing
loans payable in foreign countries...
Commercial paper bought in open market
Loans to banks and trust companies:
On securities
Aiiother.-...
-'.
Loans secured by United States Government and other securities (exclusive of loans to banks)
Real-estate loans, mortgages, deeds of trust, and other liens
on real estate:
On farm land
On other real estate
All other loans, including reporting banks' own acceptances
purchased or discounted
Total.
Loans secured by United States Government obligations......
Total loans eligible for rediscount with Federal reserve banks.
1 All loans to banks and trust companies.
Per
cent
June 30,1930
Amount
Per
cent
91,006
0.61
84, 276
0.67
39,339
196,666
.27
L32
61, 650
381, 470
.36
2.66
1 365, 009
2.47
141, 272
198,316
.95
L33
5,113, 792
34.66
6,484,713
36.84
308,786
1,104,220
2.09
7.46
296,970
1,176, 031
1.99
7.90
6L23
7,073,166
47.61
14,801,130
100. 00 14,887, 762
100.00
102,672
2,974,308
106,429
2. 718, 792
7, 683,313
Loans and discounts of national hanks^ June SO, 1930 *
CX)
[In thousands of dollars]
Location
Notes, bills,
Acceptances acceptances, Commerand other
of other
banks pay- instruments cial paper
bought
evidencing
able in
in open
loans, payUnited
market
able in forStates
eign countries
Real-estate loans,
mortgages, deeds
oftrust, and other
Loans se- liens on real estate All other
cured by
loans, inUnited
cluding reStates
porting
Governbanks'own
ment and
acceptances!
other securi-| On
All
ties (excluOn other purchased
or disother sive of loans farm Ireal estate! counted
land
to banks)
Loans to banks
and trust companies
On
securities
Memoranda
Total
Loans secured by
United
States
Government obligations
Total loans
eligible for
rediscount
with Federal reserve
banks, including
paper under
rediscount
o
CENTRAL RESERVE CITIES
NewYork.
Chicago.."^Total central reserve cities.
65,669
20,213
13,340
14, 994 46,313
32,663 11,441
55,763
4,442
1, 686, 252
264, 259
36
236
15, 792
1,591
932, 506
253,416
2, 837, 537
581, 386
41, 690
1,923
310, 565
106, 266
66,669
33, 553
47, 657 67,754
60, 205
1,950, 511
270
17, 383
1,185, 921
3, 418, 923
43, 513
416,831
103
2,983
50, 791 11,718
10
11,949
8,967
654
785
27
3,406
63
806
3,197
639
2,980
1,109
2,019
155
1,391
129
2,5a7
688
182
46,026
1,052
327
15,191
1,057
410
2,152
390
596
587
1,738
1,906
1,514
271
1,852
593
623
283
1,647
740
733
269, 627
13, 679
1,272
232,067
68,291
29,360
43, 225
15,003
9,490
25,840
30, 599
16,062
30,872
-2 17,077
49, 757
11,732
29,927
10,'776
52,377
20,301
706, 532
26,712
5,136
487, 746
217,725
63, 661
88,658
32, 001
12,905
. 60,034
64,381
28,862
44,263
26,954
84,786
16,664
44,429
16,683
81,900
31,331
10, 307
1,548
51
29,888 25,095
6,793 7,656
1,953
3,453
395
1,847
187
6
3,180
1,453
437
108
1,427
128
• 475
18
819
535
10
90
143
10
563
418
363
40
20
293
12
313, 334
12, Oil
3,536
172, 774
133,264
31,053
39, 266
11,168
2,735
28,121
17, 760
8,466
8,125
6,817
29,667
3,959
11, 963
4,928
24,300
8,962
2,675
95, 606
3,827
285
112, 462
37, 575
11, 789
11,050
8,699
2,731
17,167
14, 435
6,500
14, 580
4,250
25, 940
6,825
15,812
4,058
13.042
6,912
2.483
tel
OTHER RESERVE CITIES
Boston
Brooklyn and Bronx.
Buffalo
Philadelphia
Pittsburgh
Baltimore
Washington
Richmond
___
Charlotte
Atlanta
Savannah
Jacksonville.
Birmingham
New Orleans
Dallas
El Paso
Fort Worth
Galveston
Houston^
San Antonio
Waco:
.....
103
110
343
3,719
10
7
49
123
751
"45'
.
140
15
40
493
603
80
367
4
178
680
351
6,061
1,021
1,441
512
240
77
127
229
244
49
7
33
888
47
79
28
173
47
675
>
o
tel
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
Denver
Pueblo—
Oklahoma City
Tulsa
Seattle
Spokane
Portland..
Los Angeles
Oakland
San Francisco
Ogden
..
Salt L a k e C i t y
T o t a l other reserve cities
T o t a l all reserve cities
„
I
7
4
2, 600 1
735
682
45
100
61
314
490
226
509
12
347
1,842
246
2,194
7,367
2,657
....
3,96b
6, 786
1,298
100
4, 639
1, 672
725
1,468
107
2,114
2, 741
5,328
22,360
1, 625
4,782
42
228
669
647
293
632
585
610
1,929
2,011
4,422
3,670
205
13,844
263
972
886.
866
1,385
820
1,803
1,646
2,801
2,371
962
32
1,280
1,207
2,116
200
138
545"
3,820
585
590
2,107 "i,"335"
550
2,591
293
1,685
318
1,044
49
2, 220
104
60
13
895
1,665
5,141
2,138
90
2,598
4,580
482
1,624
312
3,126
34
781
8
2,801
209
964
59
18
1,659
148
462
""548"
126
194
695
342
525
665
334
135
"i,'287'
1,199
52
130
1,058
""sir
""isi'
30,838
12.821
979
21, 202
175
29, 690
19
37,892
22,198
39"
3,768
2
8,974
10
24,860
36
1,172
10, 357
92,939
5,787
3
47, 662
29,774
520
31.822
332
6,497
761
11, 593
298
1,623
424
2,186
1,072
16,742
118
1,088
92
77, 719
20
3, 599
53
15,047
169
1,031
492
1, 939
62
5,607
100
37
. 835
1,172
22,436
3,471
8,068
381
193
23,140
12
25, 015
4,790
31
12, 084
113, 588 20,345
8,592
29
199,658 60,626
723
7,168 " " 1 3 5 "
........
177
842
812
786
13, 920
1,034
381
1,152
10, 374
714
37,718
935
2,633
1, 128
124
818
2,480
663
491
330
88
4,243
67
97
763
. 84
257
12
2,033
1,669
2,303
324
1,013
3,304
171, 766
1,043
186,452
35
282
23,647
15,540
29, 393
16,717
35,834
20, 973
3,120
36,004
15,745
11,739
60,885
5,831
76,643
82,278
26, 786
3,259
10, 711
2,455
8,844
48, 965
4,136
37,123
9,352
28,335
3,752
4,846
9,492
1,850
33,237
2,107
. 37,872
36, 757
44,584
9,604
29.860
139, 288
12,324
244, 223
2,991
10,776
69,887
33,872
55, 653
49, 668
89,080
47,327
7,271
53,429
58, 000
25, 963
186,092
13,155
135, 017
118, 974
61, 767
14,155
27,458
5,229
15,615
76,016
12, 960
149,133
16,802
51,868
6,885
7,167
19, 440
3,490
60,641
6,287
50,282
63,864
72,897
18, 307
50, 814
453,492
22,328
707, 313
3,801
19,812
163
615
151
977
136
639
154
1,703
341
34
659
16
640
^ 14,966
277
49
415
66
795
115
578
89
438
60
190
80
3
670
14
210
238
707
30
193
•745
14
609
30
11.460
5,580
10,746
5, 421
11, 365
8,153
1,087
15, 518
7,938
9,672
8,222
1,610
22,403
38,403
33, 057
2,075
3,132
1,765
7,076
25,885
7,220
61,490
4,630
16,177
1,595
3, 792
4, 582
1,300
16,287
1,971
10,395
7, 324
17,189
2,897
12,028
29, 531
3,624
84,796
1,710
3,927
. 11,038
13,738
193,791
91,666
1,859,706
83,092
533,123
2, 211,173
6,072,460
35,376
47, 291
241,448 132,888 151,871
3,810,216
83, 362
550, 506
3,397,094
8,491,383
78,889
o
o
hj
H
tei
o
d
g
o
939,051
76,707
o
o
1,355,882
75,134
=
1 Similar classifications of loans and discounts of national banks on Dec. 31, 1929, Mar. 27, and Sept. 24, 1930, appear in the appendix of the report of the C o m p t r o l l e r ^
the Currency.
QO
Ol
00
xjoans and discounts of national banks, June SO, 19S0—Continued
[In thousands of dollars]
Location
Notes, bills,
Acceptances acceptances, Commerand other
of other
banks pay instruments cial paper
evidencing
bought
able in
loans, payin open
United
able in formarket
States
eign countries
Loans to banks
and trust companies
On
securities
All
other
Real-estate loans,
mortgages, deeds
of trust, and other
liens pn real estate
Loans secured by
United
States
Government and
other securi- On
ties (exclusive of loans farm
land
to banks)
Memoranda
All other
loans, including reporting
banks' own
acceptances
On other purchased
or disreal estate counted
Total
Loans secured by
United
States
Government obligations
Total loans
eligible for
rediscount
with Federal reserve
banks, including
paper under
rediscount
o
COUNTRY BANKS
Maine
New Hampshire.
Vermont
Massachusetts...
Rhode Island
Connecticut
Total New England States..
New York
New Jersey...
Pennsylvania.
Delaware
Maryland
Total Eastern States.
Virginia
West Virginia...
North Carolina.
South Carolina..
Georgia
Florida..
Alabama..
Mississippi
Louisiana
Texas
Arkansas
o
I
1,667
1,045
65
15,808
4,361
3,217
26,163
254
...
..
258
31
318
986
218
435
247
1,334
1,292
""305"
1,203
36
31,835 i 2,068
121
170
2
102
1,235
17
3.582
385
16,183
4,278
10,934
185
255
997
173
2,370
349
35
832
767
2,510
210
356
387
6,436
462
400
58
80
18
74
105
108
89
192
121
7,607
3,920
4,015
27,316
16, 519
8,683
111,604
13,408
94,969
1,612
694
1,658
1,417
223
646
37,624
4,597
19,772
272,499
230
6,050
38,087
24,089
25,843
120,507
11,615
71,985
76,460
46,679
40,164
288,262.
34,104
190,949
653
227
161
662
251
10,896
7,336
7,217
41,063
6,181
20,110
77,435
292,026
676,518
2,632
9,044
250,748
2,415
179,820
287, 381 15,478
1,178
3,126
12, 762 3,120
81,734
129,347
1,382
6,654
340,687
292,156
469,723
6,162
43,225
704,534
662,520
907,421
12,075
65,151
1,786
1,327
3,349
8
219
134,665
79,966
102,923
1,660
10,047
3,556
733,837
31, 235
304, 983
1,141,953
2, 251,701
6,387
47,124
35, 547 1,378
2,288
10,204
1,809
9,900
3,564
6,323
1,344
7,874
3,952
10,050
5,080
7,603
3,513
7,692
31,142 11, 536
2,926
6,052
13,388
12,614
2,947
1,819
2,483
6,433
6,259
6,512
1,718
7,890
2,888
132,742
70,031
55,865
33,489
31,159
21,851
66,367
35,984
38,974
213,169
32,099
209,227
121,285
73,067
49,071
44,899
40,998
90,996
65,146
53,583
275,662
46,175
W
tel
tei
92,802
533
758
2,123
42
100
H
6,643
966
1,670
972
583
1,688
3,818
486
1,210
1,718
1,110
329,261
795
1,621
488
. 662
261
238
411
78
65
1,020
235
52,050
17,339
20,648
16, 264
15,929
10,556
29,241
15,115
11,813
115,039
14,051 .
a
tel
Ul
14
_.
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
. . .
.
..
T o t a l Pacific States
8,417
309, 926
2,340
1,428
869
2,433
809
681
1,671
1,691
3,081
30,713
27,439
63,991
70, 572
24, 506
15,416
33,043
12, 949
63,381
42, 721
38,014
62,735
90,563
38,007
20,623
47,059
17,161
84,224
106
123
51
509
202
65
210
53
570
16,980
18,548
28,888
38,399
12,808
9, 345
17,064
6,252
36,162
123, Oil
2,846
3,706
2,171
9,226
8,917
2,980
8,707
1,605
10,867
4,943
2,465
2,516
4,387
1,206
876
. 2,812
626
3,534
23; 989
. 225,140
4
1,044
186
6
673
829
503
642
371
141
71
121
604
2,112
3,293
2,574
602
610
1,059
1,082
68, 982
40,676
62, 535
47,325
• 47,552
28,478
11,161
9,174
484
39,151
3, 251
11,736'
315,883
769
35
1,021
"407
12
2,402
832
2,333
558
3,245 " " i 2 5 '
123
29
2,417
601
40
29
135
11
. 680
36
. 276
""598"
2,651
13
15,054
288
4,023
61,024
23, 365
14,903
332,010
441,107
1,889
184,446
53
281
12
6
136
76
403
100
64
18
2,212
1,882
3,660
1,416
10
390
656
194
20
14,628
4,227
34,768
4,276
636
1,961
6,085
2,545
2,914
9,915
1,669
633
927
748
3,945
1,818
17,408
510
356
939
924
48, 783
34,411
99,150
14,707
4,855
6,679
7,277
.72,390
45,942
164,953
22,702
6,490
11,090
14,627
165
148
782
47
4
13
49
19,695
12,55527,431
8,449
2,447
1,617
2,844
36
10,025
249
857
65, 580
19,351
25,900
215,862
338,194
1,198
1,346
2,328
7
5,074
.3,897
a
o
o
i
pi
O
tel
75,038
323
20, 573
334
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
bank)
62"
61
87
672
300
•
95
687
872
Total (nonmember banks)
Total country banks
7,568
4,259
T o t a l U n i t e d States
84,276
61, 550
1,381,015
80,709
2,048
1,871
3,261
9,653
3,150
7,853
6,993
3,480
2,890
427
Total Western States.:
Washington
Oregon.. .
California
Idaho
Utah
:..^
Nevada. . .
Arizona
805,361
165,113
110,063
188,716
74,025
85,194
69,130
76, 219
36,901
16, 922
6
53
196
38
78
112
41,288
40,110
71,137
20,396
39,469
39,469
43,456
14,601
883,607
27,830
24,528
13,472
27,164
11,452
8,896
5,130
4,539
2,820
13
371,437
3,257
1,917
1,268
354
516
438
295
372
73,896
13,844
11,614
15,969 .
5,697
7,121
12, 237
11,156
3,071
3,786
65165
23
4
6,708
278,723
193,140
295,381
160, 615
160,249
126,674
108,435
57, 798
62, 725
646
2,680
1,429
. - ...
1, 284,933
108,094
117,730
216
136
....
18,319
36,073
71,124
80,753
640
2,392
204
3
154
20
Total Southern States..
OhioIndiana
IlKnois
.
Michigan
Wisconsin..
Minnesota
Iowa
Missouri
776
• 259
7,260
4,685
22,100
6,295
24,529 \ 2,663
3
Kentucky..
Tennessee
95
587
140,022
8,384
46,444
381,470 141,272 198,315
10,447
173
10, 634
173
5,397
5,243
22,901
1,674,497 213,608
625, 525
3,676,062
6,396, 369
6,484,713 296,970 1,176,031
7,073,156
14,887, 752
.
W
teJ
o
d
o
Kt
7
.
27,640
1,362,910
106,429
2,718,792
00
848
KEPOET ON THE FINANCES
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 on June 30, 1930, together with similar information in relation to banks in other reserve cities, etc., is
shown in the following statement, compared with like information
for the fiscal years ended June 30, 1928 and 1929:
[In thousands of dollars]
Loans
Banks i n -
June 30, 1928
Amount
New York
Per cent
June 30,1930
June 29,1929
Amount
Per cent
Amount
Per cent
2, 782, 766
18.37
2,432,946
16.44
2,837, 537
19.06
} 3, 581,788
6.038,894
23.65
33.27
2, 952,066
6,116,355
19. 96
34.56
3,418,923
6,072,460
22.97
34.07
All reserve cities
States (exclusive of reserve cities)
8, 620,682
6, 524,313
56.92
43.08
8, 067, 421
6, 733, 709
64.61
45.49
8, 491,383
6. 396, 369
67.04
42.96
Total United States
15,144,996
100. 00 14, 887, 762
100.00
Do
Chicago^^
other reserve cities .
.
100. 00 14, 801,130
COIVIPARATIVE CHANGES IN DEIMAND AND TIIME DEPOSITS, LOANS
AND DISCOUNTS, UNITED STATES GOVERNIMENT AND OTHER
BONDS AND SECURITIES OWNED, AND THE AMOUNT OF RESERVE
OF NATIONAL BANKS WITH FEDERAL RESERVE BANKS SINCE JUNE
30, 1926
The amount and percentage of increase or reduction of demand
and time deposits, loans and discounts. United States and other bonds
and securities owned, and reserve of national banks with Federal
reserve banks on June 30 of each of the last five years are shown in
the following statement:
(In thousands of dollars]
Per
cent
increase
Per
cent
increase
Per
cent
increase
(+)
(+)
(+)
(+)
since
June
June 30,
1926
Per
cent
increase
since
June
30,
1927
June 30, or de- June 30, or de- June 29, or de- June 30, or de1927
crease . 1928
crease
1929
crease
1930
crease
1926
Demand deposits
Time deposits
Loans and discounts i.
U n i t e d S t a t e s and
other bonds, stocks.
etc., owned
Reserve with Federal
reserve banks
(.-)
since
June
29,
1929
10,778,603 10,923,729 4-1.36 11,003,795 -fO.73 10,604,268 -4.64 10,926,201 +4.02
6,313,809 7,316,624 -1-16.87 8,296,638 +13.41 8,317,095 +0.25 8,752,671 +5.24
13,417,674 13,965,696 -F4.01 16,144,996 -1-8.52 14,801,130 -2.27 14,887,762 +0.69
6,842,263 6,393,218 -1-9.43 7,147,448 +11.80 6,666,635 -6.87 6,888,171 +3.48
1,381,171 1,406,052 -1-1.80 1,453,383 +3.37 1,344,951 -7.46 1,421,676 +6.70
»Includes rediscounts and customers' liability under letters of credit
(-)
since
June
30,
1928
849
COMPTROLLER OF THE CURRENCY
UNITED STATES GOVERNMENT SECURITIES OWNED BY NATIONAL
BANKS IN RESERVE CITIES AND STATES
The following statement shows a classification of United States
Government securities owned by national banks according to reserve
cities and States, June 30, 1930. (In the appendix of the report
of the Comptroller of the Currency appear also tables which disclose,
by reserye cities and States, similar classifications of United States
Government securities owned by national banks on December 31,
1929, March 27, and September 24, 1930.)
United States Government securities owned hy national hanks, June 30, 1930
[In t h o u s a n d s of dollars]
Location
0
B o n d s (including
b o n d s deposited to
secure circulation)
Treasury
notes
Certificates
of i n d e b t e d - T r e a s u r y
bills
ness
Total
CENTRAL R E S E R V E CITIES
New York
Chicago
T o t a l central reserve c i t i e s . -
621,459
34,288
62,692
3,335
21,634
1,438
605,686
39,061
655,747
65, 927
22,972
644,646
68,798
2,303
681
29,997
142,672
8, 543
20,762
3,152
1,927
16,608
1,467
8,943
6,787
2,828
10,164
2,923
6,938
4,606
11,923
5, 361
3,160
8,318
1,781
4,276
7,876
11,417
3,716
2,126
8,324
7,686
6,267
21, 665
1,679
11,438
28,364
28.060
1,913
1,940
616
2,287
8,008
1,192
7,048
2,866
8,703
2,092
3,563
1,630
958
14,306
970
8,411
4,480
17,499
3,077
25,670
3,235
12,116
125
306
583
1,900
3,900
1,028
4,054
100
1,463
693
3,611
160
126
6,026
620
743
84,149
2,428
886
36,188
145,697
18,500
23,862
7,308
2,914
20,420
2,246
16,066
7,067
4,090
20,065
4,657
8,937
6,037
14,202
6,648
4,661
8,319
2,168
4,276
9.693
11,417
6,331
2,126
9,068
9,695
6,846
28,950
1,844
17,776
33,806
28,232
2,009
2,786
1,360
3,488
10,878
1,863
11,091
3,836
9,006
2,364
4,084
1,631
1,034
20,846
1,206
10,460
8,466
22,966
3,094
30,506
OTHER R E S E R V E CITIES
Boston
Brooklyn and Bronx
.
Buffalo...Philadelphia
_...
Pittsburgh.
Baltimore
•_
Washington
..
. . .
Richmond
Charlotte......
Atlanta
Savannah
Jacksonville
Birmingham
New Orleans..
Dallas
El Paso
Fort Worth
Galveston .
:
Houston
San A n t o n i o . .
Waco
Louisville
Memphis
_
Nashville
Cincinnati
•
Cleveland.
Columbus
Toledo
Indianapolis
Chicago
Peoria
Detroit
Grand Rapids
Milwaukee
Minneapolis '..
.
. . .
.
St. P a u l
L
Cedar Rapids
Des Moines, 1
Dubuque
L
Sioux C i t y '
Kansas City,'Mo
St. J o s e p h . .
St; Louis
Lincoln . .
^
Omaha
Kansas City,*Kans
Topeka
W i c h i t a . . . .'.
Helena
•
Denver
'.
_. .
Pueblo
Oklahoma City
..
. . .
Tulsa
_.
Seattle
Spokane
Portland
:,
^6,608
1,126
6,057
2,062
102
887
2,469
95
2,612
120
1,137
4,886
1,114
1,256
1,431
908
197
1,101
1,371
300
387
1,686
231
1,614
1
269
1,744
678
6,768
466
165
5, 611
. 3,336
52
96
771
734
646
2,093
661
846
203
283
262
446
1
76
6,540
236
1,842
3,476
3,172
17
4,893
•
517
166
727
2,106
120
75
566
777
3,197
777
20
76
197
600
2,284
43
850
REPORT ON THE FINANCES
United States Government securities owned hy national banks, June SO, 1930—Con.
[In thousands of dollars]
B o n d s (including
b o n d s deposited t o
secure circulation)
Location
OTHER RESERVE CITIES—Continued
Los Angeles
..
.
Oakland
San Francisco
Ogden
Salt L a k e C i t y
T o t a l other reserve cities
T o t a l all reserve cities
Treasury
notes
Certificates T r e a s u r y
of i n d e b t e d bills
ness
Total
17,761
7,620
17,254
332
358
121,225
26,936
84,359
1,687
86,723
3,199
226,652
883
4,637
1,087,848
187,152
107,331
1,687
1,732,494
7,842
9,604
6,121
37,005
4,896
20, 876
1,347
371
133
6,191
610
3,229
33
23
926
86. 244
72. 735
62,116
119,498
1,736
6,171
11, 781
6,539
9,259
15, 244
278
868
32,188
69,962
3,199
183,362
661
4,179
880, 577
1,436,324
1,490
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
West Virginia
N o r t h Carolina
. _
S o u t h Carolina
.1
Georgia
Florida
Alabama
>..
Mississippi.
_
Loiiisiana
Texas
Arkansas..
Kentucky
.
. .
Tennessee
..'
T o t a l S o u t h e r n States
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
T o t a l M i d d l e Western. States
North Dakota
. . .
South D a k o t a . .
Nebraska
Kansas.
. .
...
Montana
_
Wyoming
Colorado
.
New Mexico...
Oklahoma
. _
T o t a l W e s t e r n States
Washington..
j.
Oregon
California
Idaho
Utah
Nevada
Arizona
.
-.
.
.
. __
252, 256
.
..
..
T o t a l Pacific S t a t e s . . .
Alaska (nonmember banks)
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
bank)
Total (nonmember banks)
Total country banks
Total United States
"
916
1,898
4,941
2,138
1,966
43
9,088
162
100
417
64
230
2,180
1,056
236
160
2,512
621
94
310
8,030
22,098
14. 857
7, 895
6,371
. 7,371
17, 236
11,147
3,787
3,771
40, 636
7^401
13, 503
12, 804
168. 777
42,198
30, 427
47, 699
20, 340
22,671
21, 707
19, 543
13,889
218, 374
5,884
6,878
11, 683
14, 672
8.141
4,228
9,588
4,300
21, 632
2,630
3,042
7,126
2,874
2,616
3,977
2,280
2,ni
26. 654
2,255
1,651
1,234
1,713
2, 261
. 1,046
, 964
1,096
5,645
149
366
2,736
1,066
664
1,044
385
535
6,844
86. 906
14, 012
8,925
21, 796
3.774
1,069
2,018
6,258
56.852
17. 765
1,673
2,059
2,619
1,674
160
11
2,253
10,439
1,971
1,054
59
2
50
4,456
5,610
873. 919
2, 310, 243
59
33
83
1,698
1,109
272
639
669
3,916
666
373
3
6,893
1,348
422
76
17,783
116,693
303,846
78
94
531
196
327
78
181
216
271
833
482
636
41
15
25
146
2.177
30 008
137, 339
49
248
140
439
264
19
283
3
9,189
9,908
6,277
44,122
6,406
25,021
98, 923
84,216
63, 672
136, 708
2,014
7.082
293, 691
23.850
16,066
8,684
7,074
8,170
23,332
12,768
4,444
4,182
60,081
9,270
14,019
13.189
195,029
44,977
33,836
57,724
24,279
25,860
26, 747
22, 208
16, 535
252,155
1
8, 220
8,623
13,448
16,581
10,730
5,362
10, 733
6,611
27 348
4
106, 646
42
42
827
2,614
16, 618
11,466
25,093
6,489
1,234
2,064
7,666
69. 610
1,104
4,489
6,693
1,021,447
2,753.941
851
COMPTROLLER. OF T H E CURRENCY
INVESTMENTS OF NATIONAL BANKS
The tables following disclose a summary of the investments of
national banks in United States Government and other bonds and
securities held June 29, 1929, and June 30, 1930, and a detailed classification by reserve cities and States of bonds and securities other than
United States owned on June 30, 1930. (In the appendix of the
report of the Comptroller of the Currency appear also tables which
disclose, by reserve cities and States, similar classifications of bonds
and securities other than United States owned by national banks on
December 31, 1929, March 27 and September 24, 1930.)
lln thousands of dollars]
June 29, 1929 June 30, 1930
Domestic securities:
state, county, and municipal bonds
Railroad bonds
_
Other public service corporation bonds
All other bonds
Stock of Federal Reserve Bank
_.
Stock of other corporations
Collateral trast and other corporation notes
Municipal warrants
All other, including claims, judgments, e t c . . .
Foreign securities:
Government bonds
Other foreign securities, including bonds of municipalities, etc.
Total
United States Government securities
Total bonds and securities of all classes
767,207
692,203
694, 412
881, 355
93,012
100,459
119,010
81,888
39,063
791,954
660,628
783,788
891,625
100,780
111, 596
122,668
104,381
39,205
244,269
249,807
267,816
259,890
3,852,675
2,803,860
4,134,230
2,763,941
6. 656, 536
6,888,171
United States Government, domestic, and foreign bonds, securities, etc., owned hy national hanks June 30, 1930
00
[In thousands of dollars]
Foreign securities
D o m e s t i c securities
United
States
Government
securities
Location
State,
county, Railroad
and
bonds
municipal b o n d s
Other
public
service
corporation
bonds
Stock of
All other Federal
reserve
bonds
banks
All
other,
Collateral
includStock of t r u s t a n d
Municiing
other
other
pal
corpora- corpora- w a r r a n t s claims,
judgtion
tions
ments,
notes
etc..
Total
bonds,
stocks,
Other
securiforeign
.Total,
securities, ties, etc., all b o n d s
Govern- i n c l u d i n g
other
a n d sement
than
b o n d s of
curities
bonds
United
municiStates
palities,
etc.
o
CENTRAL R E S E R V E CITIES
606,685
39,061
New York
Chicago
T o t a l central reserve c i t i e s . . . .
53, 287
- 6,916
121, 790
6,662
45,037
6,823
78, 501
11,674
23,860
2,852
24,618
1,214
24,167
1,653
2,260
27,204
5,209
576
35,627
1,794
31, 341
3,161
445,697
69, 617
1,061,182
108,678
644,646
60, 202
127,442
61,860
90,176
26, 712
25, 732
25,820
29, 464
6,784
37,421
34, 502
615,114
1,169,760
H
O T H E R R E S E R V E CITIES
Boston
Brooklyn and Bronx
Buffalo.Philadelphia
Pittsburgh
Baltimore
Washington
Richmond. _
Charlotte
Atlanta..
Savannah
. .
Jacksonville
Birmingham
N e w Orleans
Dallas
El Paso
Fort Worth
.
Galveston
Houston
,San A n t o n i o
Waco
-_
Louisville
Memphis
Nashville
•Cincinnati
o
.'..
- 1
.
84,149
2,428
886
36,188
146, 697
18, 600
23,852
7,308
2,914
20,420
2,245
15,066
7,057
4,090
20,065
4,557
8,937
6,037
14, 202
6,548
4,661
8,319
2,168
4,276
9,693
10, 707
746
26
12, 922
6,139
3,633
926
636
451
1,160
262
4,842
1,146
127
4,430
580
3,702
. 883
1,740
819
801
319
2,981
749
4,736
9,929
2,367
602
14,916
34,121
2,368
2,054
2,482
21, 364
3,099
550
17, 285
20,620
1,126
2,773
644
1,770
447
1,189
210
1,935
95
761
435
245
93
1,150
8
138
218
790
134
296
3,038
693
614
942
105
1,128
162
184
2,069
230
181
886
16,118
2,108
800
14, 563
29,183
3,269
4,805
2,001
106
3,624
1,118
3,350
330
442
3,192
508
1,330
1,432
3,080
609
1,397
3,613
938
2,132
3,241
4,343
339
34
3,643
2,067
444
591
233
117
364
306
251
262
150
496
79
214
90
479
214
63
323
267
329
410
11,724
206
67
1,964
2,371
131
163
1,198
1,156
402
234
7
476
91
1,241
332
70
14
1,020
381
9
64
74
102
40
8,087
2,826
6
6,216
20,715
3,267
592
116
11
325
391
390
18
3
96
176
260
1,076
87
170
40
79
6
46
60
1,263
178
30
400
79
16
1,131
33
1,221
o 20
6
1
6
1
184
107
5,126
616
260
6,565
4,956
1,238
180
83
2
141
496
120
68
8,696
674
338
• 3,889
4,128
1,335
692
9
730
3,825
76
76
16
67
175
605
294
109
71
- 369
605
1,385
212
644
75
144
467
303
133
646
66
25
6
64
12
43
72
416
102
187
102, 634
10,037
2,576
80, 366
124,014
16, 828
12, 779
7,402
1,831
9,474
3,373
11,068
3,481
810
12,694
2, 946
5,786
3,354
9,831
2,900
3,023
11,141
6,767
4,841
13,613
186,783
12,465
3,462
116, 553
269, 711
35,328
36,631
14, 710
4,745
29,894
5,618
26,134
10, 538
4,900
32, 769
7,502
14, 723
9,391
. 24,033
8,448
7,684
19,460
7,926
9,117
23,206
Q
Ul
1,129
1,472
1,088
280
4,126
862
356
207
877
5,890
2,412
518
693
485
528
2,103
206
2,811
333
6,116
39
37
155
361
2,624
662
65
407
5,873
76
3,405
1,397
24
2,142
149
902
789
1,406
615
1,485
8,373
1,522
1,181
524
3,189
1,487
888
1,403
1,796
787
687
444
94
4,326
383
3, 060
96
29
14
132
2,263
1,198
196
623
2,489
62
5,258
6,545
173
9,884
49
591
3,936
3,327
689
1,240
6,558
1,895
1,768
464
2,852
3,771
1,755
1,311
1,862
1,023
1,483
- 1, 495
277
6,484
1,204
1,430
170
218
136
445
2,603
981
2,066
2,417
3,755
195.
2,568
20, 033
280
3,498
321
1,080
333
316
69
354
357
201
840
90
632
615
348
56
126
30
87
344
61
706
. 64
240
39
54
111
• 25
311
-53
265
300
617
71
295
2,140
116
4,063
18
95
1,289
17
45
837
1,169
767
3,212
241
450
9,080
1,258
3,782
174
. 3,743
6,219
964
949
2,793
1,487
574
6,928
157
8,472
323
4,846
340
2,299
6,457
61
6,196
1,618
10, 420
2,484
1,634
375
12, 523
50, 534
3,969
63, 768
36
1,987
T o t a l other reserve cities
1,087,848
286, 582
128,447
141, 616
188, 858
30, 448
48,164
44,044
23,987
T o t a l all reserve cities
1, 732,494
345, 784
256,889
193, 376
279, 033
57,160
73, 896
69, 864
53,451
:
. . .
:...l..
_.
•
210
95
992
158
1
4
794
164
4,901
426
7,310
72
65
21
475
4
773
48
77
43
488
2, 681
342
1,147
119
109
2,283
29
1,316
439
971
66
351
1, 400
424
647
337
824
1,180
1,015
233
254
114
573
796
325
1, 619
380
1,322
9
151
61
322
620
226
388
697
1,004
311
2,864
11, 201
111
6,385
66
446
72
5
298
1,013
96
141
• 124
461
96
1,400
1,776
66
4,506
54
84
9,763
11,406
3,072
6,768
36, 767
7,078
11,514
. 1,989
13, 854
21,018
9,064
4,773
8,672
3,938
4,605
17, 676
1,861
34, 551
3,113
18, 502
772
3,208
7,462
1,724
17,386
5,078
17, 006
11,187
16, 074
1,313
28,409
94,006
4,769
97, 413
1,034
6,356
21,170
16, 737
5,197
15,826
46,362
12,923
40,464
3,833
31, 630
54,824
37, 296
6,782
11, 458
5,288
8,093
28, 553
3,714
46, 642
6,949
27, 508
3,126
7,292
8,983
2, 758
38, 232
6,283
27, 456
19, 643
39, 029
4, 407
58, 915
180, 729
7,968
323,966
1,917
10, 893
8,054
59,978
46, 639 1, 006, 617
2, 093, 465
13,838
97, 399
81,041 1, 520, 731
3, 253, 225
401
376
11,417
5,331
2,125
9,058
9,595
5,845
28, 950
1,844
17, 776
33, 806
28, 232
2,009
2,786
1,350
3,488
10,878
1,853
11, 091
3,836
9,006
2,354
4,084
1,631
1,034
20,846
1,205
10, 450
8,456
22,955
3,094
30, 506
86, 723
3,199
226, 552
883
4,537
Cleveland
Columbus
Toledo
Indianapolis
Chicago
Peoria
Detroit.. _
Grand Rapids
Milwaukee
Minneapolis
St. Paul
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
.
Oklahoma City
Tulsa
Seattle
Spokane
Portland
Los Angeles
Oakland
San Francisco
Ogden
Salt L a k e C i t y
776
793
109
6
248
234
610
146
6
379
41
60
30
18
86
10
4
29
1,026
15
226
15
32
743
99
16
61
257
26
3
12
148
28
69
53
146
29
16
308
612
40
38
138
2,368
4,253
278
61
43
628
1
1,306
63
.146
41
641
4
14
64
4
1
8
600
4
325
18
2
10
10
107
4
178
24
294
685
140
1,152
2,510
882
252
67
571
1,668
1,415
66
268
298
486
186
1,103
189
1,164
_
Total N e w England States...
^
b
o
Hrj
S
H
o
c^
o
Ki
I
COUNTRY B A N K S
Maine
New Hampshire
Vermont
Massachusetts
Rhode M a n d
Connecticut
O
O
619
5,491
1,084
2,946
9,204
701
3,960
6,280
1,249
2,420
11,376
971
3,898
56,831
18,921
22,807
137,657
13,572
44,690
65, 020
28,829
28,084
181,779
18,978
69,611
938
23,376
26,194
293,378
392,301
9,189
9,908
6,277
44,122
6,406
26, 021
3,293
723
681
4,506
441
2,683
6, 522
2,498
2, 626
18, 083
1,298
10, 684
19,222
7,825
6,426
49.736
6,660
12,067
13,103
4,325
6,346
37,111
2,818
8,019
441
326
255
1,799
307
1,261
275
654
146
2,803
316
662
1,960
336
1,950
2; 805
1,160
857
190
20
181
1
23
214
98,923
12,227
41,611
100,826
70, 721
4,389
4,766
9,068
273
63
00
CO
United States Government, domestic, and foreign bonds, securities, etc., owned by national hanks June SO, 1930—Continued
00
Or
[In t h o u s a n d s of dollars]
Foreign securities
D o m e s t i c securities
Location
United
States
Government
securities
All
other,
Collateral
includStock of t r u s t a n d
Municiing
other
other
pal
corpora- corpora- w a r r a n t s claims,
judgtion
tions
ments,
notes
etc.
Total
bonds,
stocks,
Other
securiforeign
Total,
ties, etc., all b o n d s
Govern- securities,
other
including
a n d sement
than
b o n d s of
curities
bonds
United
municipaUties,
etc.
State,
c o u n t J', R a i l r o a d
and
bonds
municipal b o n d s
Other
pubhc
service
corporation
bonds
Stock of
All o t h e r F e d e r a l
bonds
reserve
banks
6,281
4,143
4,295
26
310
7,100
2,239
11,849
289
666
2,044
2,407
727
87
96
2,045
496
1,505
2
250
31,906
17,030
32,403
649
2,400
39,953
16,116
33, 765
368
3,479
428,972
254,066
491,934
6,660
38,806
613,187
317, 638
628,642
8,674
45,888
93, 681 1,220,338
1. 513,929
O
COUNTRY BANKS—continued
New York
New Jersey...
Pennsylvania.
Delaware
Maryland
Total Eastern States..
Virginia
West Virginia...
N o r t h Carolina..
South Carolina..
Georgia...;
Florida...
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky..
Tennessee
T o t a l S o u t h e r n States..
Ohio.
Indiana
Illinois
Michigan..
Wisconsin..
Minnesota.
84,215
63,572
136,708
2,014
7,082
44,895
40,710
29,722
468
3,589
92,506
68,917
109,246
1.134
5,784
110,914
59,831
129,173
1,725
10, 600
48,723
131,453
1,681
11,328
4,439
3,456
7,797
131
416
293,691
119,384
267,586
312,143
280,076
16,238
15,055
22,132
6,360
4,297
84, 387
23,850
16,066
8, 684
7,074
8,170
23,332
12,768
4,444
4,182
60,081
9,270
14,019
13,189
4,671
1,467
3,613
3,206
613
11,637
6,679
8,865
2,346
11,449
6,535
1.912
3,047
2,146
3,119
178
617
431
3,671
1,387
538
337
1,179
723
3,259
1,170
2.976
4,642
374
1,135
1,106
3,363
2,099
897
644
1,696
574
4,985
1,573
1,330
758
488
298
380
495
697
1,801
626
10
128
266
3
30
333
365
81
136
442
19
336
32
348
199
492
72
202
3,660
782
663
832
657
493
19
56
12S
178
691
147
67
978
376
768
421
1,729
1,804
198
344
307
1,075
867
691
211
991
475
1,766
1,062
1,712
1,421
318
235
365
933
1,374
698
127
1,019
450
1,360
768
27,632
23,726
7,144
8,848
4,884
29,032
19,388
14,675
6,477
32,734
11,442
23,469
14,027
61,482
39, 792
16,728
16,922
13,064
52, 364
32,156
19,119
10, 659
82, 816
20,712
37,478
27,216
196,029
63,940
18,665
7,537
4,879
11,509
10,670
223,468
418,497
44,977
33,836
67,724
24,279
26,850
26,747
26,843
6,804
26,889
22,976
12,097
20,661
11,311
8,828
10,181
7,182
5,64i
8,266
146
7,046
300
286
6,796
664
866
i,131
493
397
968
7,887
3,784
6,371
6,080
4,338
4. 749
8,978
3,628
6,987
6,486
4,046
3,998
96.334
69,118
120,892
87,662
70,866
78,137
140,311
92,953
178,616
111,931
96,716
104,884
9,447
8,065
1,643
2,715
1,056
4,439
5,417
. 2, 363
1,476
8,412
2,106
7,659
3,839
2,143
287
710
673
1,136
1,176
300
342
220
2,709
320
133
624
765
114
162
620
26,963
68,627
8,857
8,620
4,211
11,281
16,956
22,772
20,323
21,114
11,296
23,499
14,360
29,686
21,936
18,793
19,687
1,999
1,260
1,969
935
967
870
895
1,237
1,276
1,488
606
161
1,619
2,361
3,686
1,466
2,792
1.716
n
o
W
O
tet
Ul
Iowa
Missouri
22,208
16,636
. .
_
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
9,326
3,461
10,476
5, 279
684
401
725
207
448
48
986
370
1.552
251
2,884
946
2,392
1,142
38,938
21.427
61,146
37,962
252,156
127,986
67,371
115, 529
143, 614
9,065
6,484
14, 023
15,497
10,201
36,039
36,556
572, 364
824,519
2,482
6,340
2,446
12,409
3,296
1,662
4,711
1,935
21,391
1,285
1,002
1,113
614
2,664
420
1,474
415
462
2,699
2,293
1,958
776
2,748
381
2,882
218
913
4,412
4,665
4,113
2,874
4,211
1,644
6,278
3,077
3,730
246
224
393
694
216
119
320
89
667
27
25
22
228
49
22
467
23
173
179
128
340
146
132
226
132
230
1,147
974
771
2,640
1,291
466
991
21
7,203
716
279
239
336
161
283
368
61
1,366
1, 476
814
1.396
1,155
1,634
131
943
70
1,162
1,740
782
1,540
484
1,769
174
695
41
638
16,409
17,426
14, 331
22,166
18,061
6,301
18, 256
6,082
37, 716
24, 629
26,049
27,779
38,736
28, 791
10,653
28,988
11,693
66, 063
56, 672
9,249
14,867
33,904
2,768
1,036
1,613
16, 503
3,799
8,781
7,653
166, 736
262. 381
16, 618
11,46.6
25,093
6,489
1,234
2,054
7,656
12, 348
6,782
38,524
1,764
324
2,028
1,676
4,914
646
2,925
521
117
405
249
4,798
1,823
12,493
616
141
297
361
7.122
2,434
11,500
846
232
562
729
456
298
1,249
116
33
65
97
197
29
908
65
9
88
885
70
627
130
20
1,408
1,847
457
1,223
31
26
884
188
210
348
89
1
20
397
2,849
1,030
1,635
482
61
161
19
2, 091
659
1,946
229
19
109
79
37, 255
16,728
72, 612
6,071
958
3,760
4,411
63,773
27,194
97,706
11. 660
2,192
5,814
12,067
69,510
_
4,297
1,766
^106,646
Total Middle Western States.
North Dakota
South Dakota
Nebraska
Kansas
. .
Montana
Wyoming
Colorado
N e w Mexico
Oklahoma
6,169
7,667
8,220
8,623
13,448
16, 681
10,730
6,352
10,733
5,611
27,348
,
63,346
9,777
20,629
23,426
2,313
1,286
1,732
6,876
1,263
6,227
6,032
140,796
210,306
63
•
31
50
854
25
886
98
725
7,421
13, 014
112
180
212
378
376
2,014
463
5,593
2,616
490
656
2,226
463
Total country banks
1, 021, 447
446,170
404,739
690,412
612,692
43,620
37,699
52,704
60,930
25, 367
170, 417
178,849 2, 613, 499
3, 634.946
T o t a l U n i t e d States
2,753,941
791,964
660, 628
783,788
891, 625
100,780
111, 696
122,668
104,381
39,205
267,816
259,890 4,134,230
6,888,171
26
63
?:
O
11,186
62
2,664
(non-
Total (nonmember banks).- .
o
c^
1,829
6,696
48
1,104
4,489
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
member bank) .
o
o
tei
o
d
pj
tel.
o
Kl
00
Or
Or
856
REPORT ON THE FINANCES
PER CAPITA DEIMAND AND TIME AND SAVINGS DEPOSITS IN ALL
REPORTING BANKS
Statement showing the population, amount of demand and time
deposits, per capita demand and time deposits, amount of savings
deposits, and per capita savings deposits reported by all banks in
each State, the District of Columbia, Alaska, and insular possessions
follows:
Per capita demand and time and savings deposits in all reporting hanks June SO,
19 SO
Location
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
Tennessee
Total Southern States.
Ohio..
Indiana
Illinois
Michigan...
Wisconsin..
Minnesota..
Iowa
Missouri
Total Middle Western States..
North Dakota..
South Dakota..
Nebraska
Kansas
Montana
Wyoming..
Colorado
..
New Mexico....
Oklahoma
Total Western States.
Population
(approximate)!
801,000
466,000
359,000
4,260,000
691,000
1, 614,000
Per capcap«
Demand
Savings de- Per savita deita
and time
mand
deposits I and time posits 2 (000 ings deomitted)
posits
(000 omitted) deposits
$402,221
269,030
232,166
3,934, 395
604,612
1, 237, 697
$502.16
678. 56
646. 70
923. 57
730.26
766. 86
$318. 256
225, 620
204, 685
2, 726, 799
369,350
904,854
6, 580,121
803.43
$397.32
484.99
569.87
640.09
534. 62
560. 63
4, 749, 364
679.90
12,672,000
4,050,000
9, 670,000
240,000
1, 635,000
489,000
16, 544, 016 1, 226. 64
2, 256, 759
557. 22
4,834, 212
499. 92
569.47
136,673
483. 77
790,963
242,414
496. 73
6,926,450
1, 338,013
2,704, 217
61,056
• 486,512
100,120
646. 59
330. 37
279. 66
254.40
297. 56
204. 74
28,756,000
23,805,037
11, 616,368
403.96
247,306
160,417
145, 271
76, 336
133, 223
74,069
98,030
93, 053
143, 715
216,058
72,150
146,860
182,696
101.86
86.96
45.61
43. 35
46.80
60.05
36.99
46.30
68. 37
36.93
38.64
65.93
69.80
8,190,000
2,428,000
1,730,000
3,186,000
1, 738,000
2,909,000
1,480,000
2, 650,000
2,010,000
2,102, 000
6,850,000
1,867,000
2,626, 000
2, 616,000
33,191,000
6,663,000
.3, 233,000
7,637, 000
4,876,000
2,938,000
2, 571, 000
2,470, 000
3,625, 000
34,013,000
680,000
698,000
1, 386,000
1,880,000
536,000
225,000
1,037,000
~ 428,000
2,403,000
9, 273,000
453,550
311,461
315, 391
156, 368
294,727
222, 227
227, 788
194,029
374,483
945,881
182,690
419, 602
408, 261
827.83
186. 80
180.04
99.02
89.97
101. 32
150.16
85.96
96.53
178.16
161. 69
. 97.85
159. 79
156.06
4, 506,458
135. 77
1, 778.084
63.57
2, 623, 613
664,845
3,467, 733
1,887,448
875,101
879, 312
783, 818
1,159,042
393. 76
205. 64
454. 07
387.09
297.86
342. 01
317. 34
319. 74
1,476, 650
275,435
1,426, 536
1,026, 384
504,809
491, 963
461, 781
381,742
221. 62
85.19
186. 79
210.50
171.82
191. 35
186. 96
105. 31
12, 340,912
362. 83
6.045, 300
177.73
103, 612
137, 635
339,294
375, 234
142, 371
56,478
269,087
42,889
152. 37
197.18
244. 80
199.59
265. 62
251.01
259.49
100. 21
166.44
64,460
61,384
131, 250
96,121
63, 731
22, 791
108, 079
10, 501
79, 645
80.09
87.94
94.70
61.13
118.90
101. 29
104. 22
24.54
33.10
201.29
627,862
67.71
1,866. 660
1 Includes postal savings, Christmas savings, and other savings reported in column 4.
2 Represents deposits evidenced by savings pass books and time certificates of deposit, (Does not in*
dude postal savings or Christmas savings accounts.)
.857
COMPTEOLLEE OF T H E GUEEENCY
Per capita demand and time and savings deposits in all reporting hanks June SO,
iP50—Continued
Population
(approximate)
Location
Washington..
Oregon
California .
Idaho .
Utah
Nevada .
Arizona
1
..
. . . . .
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 possessions
T o t a l U n i t e d States a n d possessions
P e r capDemand
ita deand time
mand
deposits
and time
(000 o m i t t e d ) deposits
Savings deposits (000
omitted)
P e r capita savings deposits
$447,996
258,118
3, 233, 499
82,432
129, 619
38,154
80. 774
1,665,000
955,000
6, 730,000
448,000
605,000
91,000
439,000
$221,563
117,856
1,866, 779
31,132
68,038
20,997
31,1.95
$141.67
123.41
325.79
69. 49
134. 73
230. 74
71.06
4,270,592
438. 77
2, 357, 660
242. 22
59, 000
371,000
1, 550,000
11,325,000
11,840
87, 273
23, 754
71, 330
200.68
235. 24
15.33
6.30
6.538
38,537
9,098
• 17,832
93.86
103. 87
6.87
1.57
13, 305.000
194,197
14.60
71,005
6.34
63,663.877
392. 62
27, 245, 643
199. 66
9. 733, 000
136,461,000
.
$286.26
270. 28
664.31
184.00
256. 67
419. 27
184. CO
Savings deposits and depositors in all reporting banks in the United States and possessions, according io class of banks, on or about June 30, 1930
[Deposits in thousands of dollars]
S t a t e (commercial) b a n k s
Location
T i m e certificates of
deposit
2,617
73
'
'.
.2, 592
308
2,900
6,414
.. _
67,996
230,381
152,558
151,335
26,745
25,137
8,011
Private banks
Deposits
Total
evidenced
D e p o s i t o r s ' b y savings
savings
deposits 1
pass books
112,967
73
67,995
257,126
177, 696
159,346
T i m e certificates of
deposit
Total
Depositors *
savings
deposits 1
273, 764
3137, 377
620, 369
188,887
468, 267
tel-
^•
O
6,129
19
6,148
16,960
2,692
... .
. .
Total Eastern States...
.
_
Total Southern S t a t e s Ohio
Indiana
wH
England
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
North Carolina.S o u t h Carolina
Georgia
Florida
Alabama
Mississippi...
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Deposits
Total
evidenced
savings
D e p o s i t o r s ' b y savings
deposits 1
pass books
110,360
Deposits
T i m e cerevidenced tificates of
b y savings . deposit
pass books
Maine .
New Hampshire
Vermont
Massachusetts
R h o d e Island .
Connecticut
Total New
States
L o a n a n d t r u s t companies
QO
Ol
OQ
308
2,900
6,414
712, 619
62,683
775, 202
1, 588, 654
6,129
19
6,148
16,960
325,996
41,045
231,986
7,427
78,335
23,191
866
18, 269
268
3,114
349,186
41,911
250,256
7,695
81,449
847,930
101,869
664, 641
16,405
250,035
911, 386
514, 366
812,993
18, 734
108,057
26, 884
114,225
15,085
87,363
298
4,779.
1,737
1,025,611
529,451
900,356
19,032
112,836
28,621
1, 630, 010
1,171, 598
1,871, 490
48,223
273, 840
86, 854
7,046
2,136
1,943
68
6
7,114
2,136
1,948
8114,164
6,609
6 143
684,788
45, 708
730,496
1,780, 780
2,392,420
223,487
2,615,907
5, 082,016
11,125
73
11,198
125,906
74, 518
63, 391
60, 073
34,302
32, 005
11,375
28,981
32,412
89,027
12,325
27, 832
60, 562
47,416
30, 672
24,341
39,366
9,908
24,190
4,070
105,090
77, 732
99, 439
44,210
56,195
15,445
28,981
59, 426
120,372
40,698
44,747
60,662
82,262
3 201,399
206, 793
320,450
8133,991
127,868
37,471
88,030
8 72.780
8 178, 064
86,807
78,976
258, 662
8166, 689
75
160
664,219
270,940
836,169
1,946,969
967, 688
29,315
141,297
33,083
1,098,986
62,398
2,439,630
8 96,836
27,014
31,345
28, 373
16,916
34,846
76
O
"A
M
tel
>
tel:
Ult
314
24
4,505
3,274
7,779
14, 499
209
209
397
4,505
22,697
3,274
12,639
7,77935,336
314
24
27
434
424
335
14,499
681
366
1,046
929.
374,260
2,692
1,140
4,573
4,996
7,266
6,136
16,454.
8 3,726-^
933,480
659, 582
141,531
50, 538
28,396
8139;269
173,210
81,830
148,395
129, 603
67,118
1,106, 690
741,412
289,926
180,141
95, 514
139, 269
3,754,254
* 2, 219,351
839,019
285, 556
113, 808
3 156,678
1,583
3,980
18,308
4,104
^44, 448
3,944
3,671
8,354
2,131
5,527
7,651
26,662
6,235
144,448
6,258
21, 656
60,673
3 19,827
3162,606
2,009
670
2,579
10,079
796
«9
6,874
6,670
9
6,141
3 10
2,939,799
774, 536
3,714,335
9, 904. 031
195,120
30,739
225, 859
344,119
6,646
16, 012
22, 658
36, 410
19,087
27,037
64, 754
3 37,130
12,103
6,813
5,107
1,097
13,002
20,861
33,095
73,187
47, 669
29,814
10, 287
13, 412
2,107
17,856
16,734
37,521
80,423
• 133,145
42,008
• 34,144
3 20, 661
3,627
3 27, 561
594
1,103
159
726
753
1,829
649
3,536
18
488
606
222
542
31, 524
2,066
8,764
2
28
130
132
132
160
27
250
i 1,484
1,124
569
253
• 12,053
1,377
8 28, 567
2,984
18
18
..
1,774
6,058
8,433
10, 539
•17, 711
3,474
8,305
1,010
4,854
Total Western States...
62,168
186,130
248, 288
395,724
14, 847
3,231
. 18, 078
44, 500
768
816
3 54, 222
24,194
3 16,414
8,197
70, 636
32,391
196,653
162,840
223
223
8,947
29, 527
7,151
20,302
7,268
6,009
624
2,641
16, 215
35, 536
7,775
22,943
40,256
111, 242
3 10,749
56, 705
897
258
262
28
1,159
286
16,996
3433
144, 343
41,153
185,496
578,445
1,155
613
1,668
17,429
3,278
17, 877
8,772
13,716
484
8,636
326
4,116
3,762
26,613
9,098
17,832
5,066
98,253
41,890
8 58,379
43, 643
13,562
57, 205
203, 588
"Illinois
Michigan
Wisconsin
•Minnesota
Iowa . .
Missoiiri
.
.
Total Middle Western
States
North Dakota.
South Dakota
Nebraska
Kansas
..
Montana
Wyoming
Colorado
N e w Mexico
Oklahoma
Washington
Oregon
California...
Idaho
..
Utah
Nevada .
A r i z o n a , i.
..
.
.
..
..:
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
T o t a l possessions
Total United
States
a n d possessions
.
48
499
O
O
O
to
O'
tet
B
tel:
Q:
d:
I:
o-
4,441, 642
1,332,667
6, 773,879
14,815,951
3, 320, 666
323,827
3,644,493
7,091, 216
24, 629
17,237
41,866
179, 694
^ Excludes postal savings and Christmas savings accounts, etc.
2 Represents number of savings pass-book accounts.
3 Estimated.
4 As of Oct. 4, 1929. •
5 All time deposits.
6 Exclusive of postal savings depositors, the number of which as reported and published in the 1929 report amounted to 310,001.
QO
CO
Savings deposits and depositors in all reporting banks in the United States and possessions, according to class of banks, on or about June
SO, 1930—Contmued
QO
O
[Deposits in thousands of dollars]
Deposits
evidenced
b y savings
pass books
Location
Deposits
Total
evidenced
savings
Depositors 2 b y savings
deposits »
pass books
T i m e certificates of
deposit
Total
savings
deposits»
Deposits
evidenced
Depositors 2 b y savings
pass books
T i m e certificates of
deposit
2,617
73
. . .
.
Total New
States
Total
savings
Depositors'
deposits 1
26, 745
26,445
8,030
225,659
201, 714
162, 402
2, 350, 224
• 351,062
816, 417
607, 240
312, 259
246, 369
3,475, 224
393,136
1, 408, 736
4, 044, 568
62,910
4,107, 478
6, 341,962
5, 256, 265
481, 591
555,981
48, 727
328, 623
5.810, 592
856, 648
1, 507, 855
61, 596
385, 207
47,830
137,484
15,951
105, 637
666
7,893
4,319
5, 948, 076
872. 699
1, 613,492
62,162
393,100
52,149
7, 848, 359
1,800.191
2,997,166
113, 355
852,498
218, 221
6,671,187
8, 659, 728
271,850
8,931, 678
13, 829, 779
30, 672
24,341
39,366
10.222
24, 214
7,914
34,846
106.166
77,732
99,439
44, 524
56,219
23,803
35, 222
61,956
120,372
41,122
44,747
60, 562
82, 262
201, 659
205, 793
320, 450
3 133,991
127,868
52,048
156,833
3 77,663
3 178,064
87,142
78,976
268,662
3 156,689
276, 606
853,126
2, 034, 727
112, 692
201, 641
94,407
2, 093. 098
170, 467
650,923
112,692
201,641
94,407
2, 093, 098
170,467
650, 923
233,476
312.259
3 107. 982
2,954,856
197,834
924, 528
223.042
201,641
162, 402
2,323,479
325,617
808, 387
3, 323, 228
Maine .
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
3, 323, 228
4, 730,934
4, 566,165
274,398
460,933
25, 435
198,815
4, 566,166
274, 398
460,933
25,436
198.815
6, 625, 746
6, 625, 746
hj
o
o
England
N e w 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
24, 703
24, 703
38, 624
20,946
T o t a l E a s t e r n States . .
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
T i m e certificates of
deposit
T o t a l all b a n k s other t h a n n a t i o n a l
M u t u a l savings b a n k s
Stock savings b a n k s
2,582
23, 528
131,367
. 45,649
2,582
48, 231
169, 891
-
9
6,032
2,174
T o t a l S o u t h e r n States .
8,216
356
679
6,032
2,530
78
67, 369
3 4,883
74, 593
63, 391
60, 073
34,302
32, 005
15,889
35, 222
34, 586
89, 027
12, 722
27,832
60, 662
47,416
926
9,141
72,330
677, 620
670
•
0
—
27,370
31,345
28,400
16,916
W
tel
Q
tel
Ul
18,287
94, 764
232,913
3 400,600
155,684
96, 616
251, 200
420,941
8,382
71,408
_
Total Middle Western
States
:.
North Dakota
^South D a k o t a
Nebraska.
.
Kansas
Montana.
Wyoming
"Colorado
N e w Mexico
'Oklahoma...
3
8,382
71,411
21, 330
138, 754
208,974
403
209,377
331,475
•
2,212
2,212
^
8,790
_.
..
T o t a l W e s t e r n States
2, 692, 555
3 208, 581
3, 764, 254
2, 255, 029
882, 006
484,983
3 540,376
3 319,193
2,212
2,212
8,790
3, 506. 223
917, 206
4,423,429
2,368
7,179
10, 645
11, 083
17, 739
3,474
19, 789
2,134
4,854
20, 341
138,159
136, 571
3 34, 820
1,214,674
126.129
1,106, 690
767, 805
305, 959
278, 214
341,332
. 283, 726
19, 246
28, 251
64, 754
38, 784
12, 235
6,813
5,676
1,368
13,002
21, 614
35, 430
75, 399
49,867
29,974
10,287
25,465
3,502
17,856
17,383
41,279
. 89,213141, 936
42, 258
34,144
3 49, 228
6, 611
3 27, 661
190,129
269, 394
449, 613
3 16, 637
• 8,537
7,268
6,494
652
2,641
126, 919
32,882
910,361
16,216
64,129
12, 741
22,943
290,389
163, 561
1, 639, 755
40,256
186,917
3 15,337
56, 706
1,132,961
42,229
1,175,190
2, 292,920
484
8,636
326
4,116
3,762
26, 513
9,098
17,832
6,066
98, 263
41,890
8 68,379
43, 643
762
108, 324
21,260
146, 270
50, 717
173, 210
87,106
152,066
137,960
169,877
3,278
17, 877
8,772
13, 716
17, 525
400
1, 068, 304
74,412
933,480
680, 699
153,893
140, 254
171, 455
* 283, 726
79, 266
107,924
21, 260
«Ohio
JEndiana
-Illinois.
Michigan
Wisconsin
Minnesota
.Iowa
Missouri
13, 662
67, 206
203, 588
18, 044, 008
1, 773, 391
19, 817,399-
36,189,466
.
11,036,976
O
O
o
i
•
Washington
'Oregon
•^California
-Idaho.....
Utah
Nevada . .
Arizona
65, 060
..
.
T o t a l Pacific States
151
832, sas
340
491
832,803
721
1,472,012
17,211
4,680
223
17,434
4,680
1, 535, 667
93, 736
77, 558
77, 668
67, 743
68, 679
3 4,155
855, 408
55, 060
864,845
663
..
132, 618
132, 618
161, 479
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 possessions
T o t a l U n i t e d States
a n d possessions
1, 066, 605
99, 687
1,166,192
2, 207, 619
9,190, 666
403
9,190,969
11,896,076
1 Excludes postal savings and Christmas savings accounts, etc.
2 Represents number of savings pass-book accounts.
3 Estimated.
* All time deposits.
» Exclusive of postal savings depositors, the number of which as reported and published in the 1929 report amounted to 310,001.
3 109, 282
24, 345
910, 361
8,947
47, 635
12, 089
20,302
^
O
tel
w
tel
tel
o
00
Savings deposits and depositors in all reporting banks in the United States and possessions, according to class of banks, on or about June
SO, 1930—Continned
00
[Deposits in thousands of dollars]
Location
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut. .
Total New
States
Deposits
evidenced
b y savings
pass books
T i m e certificates of
deposit
89,728
21,843
40,351
304,406
13,005
74,890
2,869
1,963
1,832
72,169
5,283
13,547
92,697
23,806
42,183
376, 575
18,288
88,437
167,204
57,657
82,276
717,947
13,996
• 176,646
223,042
201,641
162,402
2,323,479
326,617
808,387
544,223
97,663
641,886
1,214,724
872,660
451,671
946,160
8,699
89,965
42,679
.
T o t a l all r e p o r t i n g b a n k s
All b a n k s other t h a n national
National banks
105, 714
13, 743
144,566
195
3,447
5,292
978,374
465,414
1,090, 725
8,894
93,412
47,971
2,411,834
272,956
105,049
53,989
26,668
26,123
66,771
42,240
64,825
20,808
16,800
144, 567
17,745
47,431
57,888
37,092
18,696
19,264
4,689
10,233
8,026
7,983
10,289
6,543
30,369
9,658
38,867
42,446
680,804
244,166
Deposits
Total
D e p o s i t o r s 2 evidenced
savings
b y savings
deposits i
pass books
T i m e certificates of
deposit
Deposits
Total
D e p o s i t o r s 2 evidenced
savings
b y savings
deposits 1
pass books
T i m e certificates of
deposit
Total
savings
Depositors 2
deposits 1
26,746
25,445
8,030
225,659
201, 714
162,402
2,350,224
351,062
816,417
507,240
312, 259
245,359
3,475, 224
393,135
1,408, 735
312,770
223,484
202, 753
2,627,885
338,622
883,277
6,486
2,036
1,832
98,914
30,728
21,577
318,256
226, 520
204,586
2, 726, 799
369,350
904,854
674,444
369,916
327,634
4,193,171
407 130
1,684 381
4,044,668
62, 910
4,107,478
6, 341, 952
4, 588, 791
160,573
4,749,364
7,556,676
2,107,761
1,026,901
2,010,193
11,427
164,515
93,899
6,810,592
866,648
1,507,856
51, 596
386,207
47,830
137,484
15,951
105,637
666
7,893
4,319
6,948,076
872,599
1,613,492.
62,162
393,100
52,149
7,848, 359
1,800,191
2,997,165
113,355
852,498
218,221
6, 683,252
1,308,319
2,454,015
60,296
475,172
90,509
243,198
• .29,694
250,202
761
11,340
9,611
6,926,450
1,338,013
2,704,217
61,056
486, 512
100,120
9,956,120
2,827,092
5,007,348
124,782
1,007,013
312 120
2,684,790
5,404,696
8,669,728
271,850
8,931,578
13,829,779
11,071,662
544,806
11,616,368
19,234,476
a
142,141
72,686
45,832
30,812
77,004
60,266
62,808
31,097
23,343
174,936
27,403
86,298
100,334
297, 971
168,049
108, 976
61, 654
263,082
158,220
153,162
49,283
36,913
313, 504
41,847
120,046
194,086
74, 593
63,391
60,073
34,302
32,006
15,889
36,222
34,586
89,027
12,722
27,832
60,662
47,416
30,572
24,341
39,366
10,222
24,214
7,914
201,559
205,793
320,450
133,991
127,868
52,048
155,833
3 77,663
3178,054
87,142
78,975
258,662
8156,689
179,642
107,380
86,641
60,426
98,776
68,129
90,047
55,394
105,827
157,289
45, 577
107,993
105,304
67,664
43,037
68,630
14,911
34,447
16,940
7,983
37, 659
37,888
68,769
26, 573
38,867
77,292
247,306
150,417
145,271
75,336
133,222
74,069
98,030
93,053
143, 715
216,058
72,150
146,860
182, 696
499, 530
373,842
. 429,425
195 645390,950
210,268
308,995
126 946
214,967
400,646
120,822
378,707
360,774
Ul
34,846
105,165
77,732
99,439
4^,524
66,219
23,803
36,222
61,956
120,372
41,122
44,747
60,662
82,262
924,969
1,966,790
677,620
276,605
853,125
2,034, 727
1,268,424
519,660
1,778,084
4,001,617
2,617
73
o
England
New York
NewJersey
..
Pennsylvania
Delaware
Maryland
D i s t r i c t of C o l u m b i a
Total Eastern States
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 .
...j
Total Southern States..
o
n
27,370
31,346
28,400
16,915
W
tel
tel
Ohio
.
Indiana
Illinois . .
Michigan
l l Wisconsin..
—
t^ M i n n e s o t a
o Iowa .
.
H' M i s s o u r i . . .
CO
^
_
187,233
92,886
232,967
220,913
130,244
137,956
63,921
61,679
Total Middle Western
States
North Dakota
Qji S o u t h D a k o t a . .
•<i N e b r a s k a
Kansas . .
Montana
Wyoming
Colorado
N e w Mexico
Oklahoma
.
. ..
Total Western States...
Washington . .
. _
Oregon
California
. . _
Idaho
Utah
Nevada
Arizona
. _ . _ _ .
262,076
150,306
319,846
258,579
198,850
213,749
120,449
98,016
624,776
302,896
1,003,650
569,748
510,248
49_0,773
231,968
252,966
1,068,304
74,412
933,480
680,699
153,893
140,254
171,455
4 283, 726
146,270
60,717
173,210
87,106
162,066
137,960
169,877
1,214,674
125,129
1,106,690
767,806
305,959
278,214
341,332
283,726
2, 692,666
3 208,581
3,754,264
2,256,029
882,006
484, 983
3 640,376
3 319,193
1,265,637
167,298
1,166,437
901,612
284,137
278,210
236,376
346,406
221,113
108,137
260,099
124,772
220,672
213,753
226,405
36,337
1,476,660
276,436
1,426,636
1,026,384
504,809
491,963
461,781
381,742
3,117,330
611,476
4,757,804
2,824,777
1,392,253
975,756
772,344
572,169
1,127,789
.
. . .
74,843
67,420
86,889
37,666
68,606
76,793
56,628
36,337
494,082
1,621,871
3,886,923
3,506,223
917,206
4,423,429
11,036,976
4,634,012
1,411,288
6,045,300
14,923,899
12,772
7,989
22,099
18,224
20,226
7,664
68,642
3,781
35,283
20,074
17,965
33,752
28,030
13,531
4,940
13,972
3,218
26,406
32,846
25,954
55,851
46,254
33,757
12,504
82,614
6,999
61,689
53,675
40,181
166,880
102,375
46,734
20,832
176,640
12, 571
120,354
2,368
7,179
10,645
11,083
17,739
3,474
19,789
2,134
4,854
19,246
28,261
64,754
38,784
. 12,235
6,813
5,676
1,368
13,002
21,614
35,430
76,399
49,867
29,974
10,287
25,465
3,502
17,856
17,383
41,279
89,213
141,936
42,258
34,144
3 49,228
6,511
3 27,561
16,140
16,168
32, 744
29,307
37,965
11,038
88,431
5,915
40,137
39,320
46,216
98,506
66,814
25,766
11,753
19,648
4,686
39,408
54,460
61,384
131,250
96,121
63,731
22,791
108,079
10, 501
79,545
71,058
81,460
o 256,093
244,311
88,992
64,976
224,868
19,082
147,916
196,580
161,888
358,468
739,242
79,266
190,129
269,394
449,513
275,845
352,017
627,862
1,188,755
2,357, 560
4,617,868
4,806
26,521
8,772
13,716
733
12,016
326
4,116
5,538
38, 537
9,098
17,832
7,740
142, 945
41,890
68,379
203, 588
53,814
17,191
71,005
250,954
36,189,455
24.114,691
3,130,852
27,245,543
1,132,961
42,229
1,175,190
2,292,920
2,232,243
3,278
17,877
8,772
13,716
484
8,636
326
4,116
3,762
26, 513
9,098
17,832
5,066
98,253
41,890
68,379
47,366
43,643
13,562
57,205
16,684,689
18,044,008
1,773,391
19,817,399
2,324,948
1,776
12,024
2,674
44,692
3,629
13,800
1,357,461
7,428,144
T o t a l Pacific S t a t e s
1,099,282
83,088
1,182,370
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
1,527
8,644
249
3,380
10,171
6,070,683
1 Excludes postal s a v i n gs a n d Chris t m a s savings accounts, etc.
2 Represen ts n u m b e r ol savings pas£3 book accounts.
7,268
6,494
652
2,641
^
1-3
pi
t^
pi
51,774,144
30,020
19,661
48,630
12,017
10,095
968
3,926
236,920
202,121
1,790, 521
29,685
34,733
9,706
21,262
125,317
191,543
98,195
1,818,149
19,115
57,943
20,029
27,269
95,644
84,974
956,418
14, 917
13,909
8,256
8,252
T o t a l U n i t e d States
a n d possessions
527,309
366,682
3,330,276
69,941
221,650
25,043
77,967
290,389
163,561
1,539,755
40,256
.
186,917
3 15,337
66,706
316,637
8,537
13,383
11,124
48,630
4,749
3,601
316
1,285
T o t a l possessions
221,563
117,856
1,866,779
31,132
68,038
20,997
31,195
125,919
32,882
910,361
• 16,215
54,129
12, 741
22,943
3 109,282
24.345
910,361
8,947
47,635
12,089
20,302
82,261
73,850
907,788
10,168
10,308
7,940
6,967
U
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3 Estimated.
* All t i m e deposits.
00
oo
864
REPORT ON THE FINANCES
EARNINGS, EXPENSES, AND DIVIDENDS OF NATIONAL BANKS
A comparative statement of the earnings, expenses, and dividends
of national banks for fiscal years ended June 30, 1929 and 1930, and,
statements showing the capital, surplus, and the earnings, expenses,
etc., of these associations in reserve cities and States and Federal
reserve districts June 30,1930, follow. (Similar tables for the 6-month
periods ended December 31, 1929, and June 30, 1930, are published
in the appendix of the report of the Comptroller of the Currency.
Earnings, expenses, and dividends of national banks for the fiscal years ended June
SO, 1929 and 1930
[In thousands of dollars]
June 30,1929 June 30, 1930
(7,636 banks) (7,252 banks)
Capitalstock
Surplus
Dividends declared
1,627,375
1,479,052
222,672
Total
Net earnings
Recoveries on charged-off assets:
Loans and discounts
Bonds, securities, etc
AD other
Total
Losses and depreciation charged off:
Onloans and discounts
On bonds, securities, etc
On banking house, furniture, and fixtures
On foreign exchange
Other losses
Total
Net addition to profits
:
903,868
299,042
23,140
18,256
13,635
896
20,683
36,086
100,103
868
22, 765
41,733
104,144
1,427,341
271,806
. . 36,648
46,462
126,742
281,012
66,967
169,346
Total..
Expenses paid:
' Salaries and wages
i..
Interest and discount on borrowed money
Interest on bank deposits
Interest on demand deposits
:._
Interest on time deposits
Taxes
Other expenses
894,032
320,416
22,862
18,069
12,439
1,424,485
Gross earnings:
Interest and discount on loans
Interest (including dividends) on investments..
, Interest on balances with other banks
..
Domestic exchange and collection charges
i..
Foreign exchange department
_
Commissions and earnings from insurance premiums and the negotiation
of real-estate loans
Trust department
Profits on securities sold
Other earnings
:.
1,743,974
1,691,339
237,029
. 276,089
27,671
42,119
128,719
287,184
66,123
171,161
986,882
999,066
437,603
428,276
18,149
7,828
9,666
16,680
7,195
8,746
473,246
469,896
86,816
43,468
26,132
240
16,797
103,817
61,371
28,803
268
19,376
171,442
213,635
301,804
246,261
Abstract of reports of earnings, expenses, and dividends of national banks for the year ended June SO, 1930 ^
[In thousands of dollars] Gross earnings
Numb e r of
banks
Location
Maine
New Hampshire
Vermont..
Massachusetts
Boston
Rhode Island
Connecticut
Capital
a n d surplus
Interest
a n d discount
on loans
Interest
(including dividends)
on
investments
Interest on
balances
with
other
banks
Domest i c exchange
a n d collection
charges
Other
earnings
607
198
172
1,433
2,013
123
619
179
292
185
• 1,648
4,883
71
898
8,698
4,643
4,388
30,133
62,692
3,139
17,376
4,966
8,056
120,968
2,164
4,603
68
164
32
13
6,930 29, 755
2.624
2,063
3,369
4,259
675'
1,439
2,061
1,348
71
17
268
93
98
696
641
49
76,639
2,394
611
226,186
65,436
96,619
37, 111
27, 742
1,327
6,895
6,870
8,018
•
.
'..
41,662
546, 747
7,370
6,725
5,160
30,426
82,867
4,620
21, 412
7,380
6,412
3.350
29,325
61, 350
6,730
20,602
14,750
11,137
8,510
69, 761
144, 207
10,250
42, 014
4, 465
2,736
2,474
17,660
36,776
2,036
11,782
3,361
1,294
1,465
8,737
6,191
857
3,112
90
69
33
226
858
27
189
50
39
32
212
122
12
96
20
486
4
21
40
23
27
308
1,264
9
769
377
.
T o t a l N e w E n g l a n d States
T o t a l Eiastern States
Surplus
62
66
45
142
10
10
62
._
New York.._
Brooklyn and Bronx
Buffalo
New York City
N e w Jersev
..
Pennsylvania
Philadelphia
Pittsburgh
Delaware
Maryland
Baltimore
Washington, D . C.-_
Capital
Commissions a n d
earnings
from inProfits
Foreign
surance
Trust
on
exchange p r e m i - d e p a r t - securidepart- u m s and ment
ties
ment
t h e negosold
t i a t i o n of
realestate
loans
167,470
133,149
290, 619
77,918
26, 017
1,481
662
539
2.430
623
10
3
20
297
810
24
11
16
71
6
12
72.027
6,660
750
366, 682
66,610
99, 586
37,051
28,450
1,648
5,709
7,400
10,775
73, 057
4,636
376
437, 225
67,997
160,811
84,318
40,450
2,730
8,116
7,400
8,625
145,084
11,285
1,126
793, 807
114. 607
260, 397
121,369
68,900
4,378
13, 825
14,800
19, 400
41,998
1,687
329
131,156
33, 578
54, 368
27, 763
14, 044
753
3,995
4,754
5,583
26,182
632
131
39,130
15, 806
32, 221
6,336
9,391
463
2,436
1,277
1,425
706
30
3
434
409
1,039
582
398
10
63
89
132
463
10
3
3,847
286
489
219
51
5
25
27
38
18
2
24
7,171
42
71
776
172
-6
8
1,803
683, 238
886, 739
1,568,977
319, 898
134,329
3,895
5,463
6
2
1
16
7
8,273
38
681
1
7,762
623
805
322
277
8
15
14
143
10, 551
21, 638
Total
gross
earnings
o
o
1 The number of banks, capital, and surplus shown in this table are for reporting banks on June 30,1930. The remaining figures, however, include the returns of 7,408 reporting
banks in the 6 months ended Dec. 31, 1929. (See semiannual statements in the appendix of the report of the Comptroller of the Currency.
O
i
Pi
O
tet
tet
S
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00
Oi
00
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Oi
Abstract of reports of earnings, expenses, and dividends of national banks for the year ended June 30, 1930—Continued
[In thousands of dollars]
Gross earnings
Number of
banks
Location
Virginia 2__.
W e s t Virginia
._.
N o r t h Carolina
Charlotte
S o u t h Carolina
Georgia 3
.
Florida
Jacksonville
Alabama*
Mississippi
Louisiana'
. Texas
Dallas
E l Paso
Fort Worth
Galveston
.
Houston
San Antonio
Waco
Arkansas ^
Kentucky
Louisville
Tennessee ^
Nashville
.'
.
T o t a l S o u t h e r n States
.
. . .
1
. ...
Capital
Surplus
Capital
a n d surplus
Interest
a n d discount
on loans
Interest
(including dividends)
on
investments
Interest on
balances
with
other
banks
Domest i c exchange
a n d collection
charges
157
111
69
5
35
75
52
3
101
35
31
660
4
3
4
4
8
6
4
67
130
3
94
6
29,319
13,890
9,676
1,800
5,825
19, 396
9,785
6,000
18,270
5,470
9,125
43,728
12,650
1,600
4,450
2,150
9,400
4,950
1,650
6,090
13, 333
5,500
18, 584
6,825
21,832
11,087
6,389
2, IOC
3,981
14,958
6,454
2,350
13, 710
4,124
5,792
25, 202
3,850
1,050
2,600
850
6,450
2,120
460
3,326
10,246
6,250
12,698
6,136
61,151
24,977
16,064
3,900
9,806
34,353
16,239
8,350
31,980
9,594
14,917
68,930
16, 500
2,650
7,050
3,000
15,850
7,070
2,110
9,416
23,678
10, 750
31,182
10,960
16,346
7,702
4,939
879
3,770
10.186
3,684
1,842
9,725
4,024
6,680
23,698
6,783
1,166
3,280
969
6,500
2,677
691
3,703
7,001
3,958
10,411
3,736
2,487
1,634
640
128
752
1,419
2,043
1,085
1,707
916
553
3,616
1,322
324
698
400
1,021
166
298
914
1,714
846
1,351
• 324
286
199
129
17
263
390
234
76
269
108
142
• 1,196
200
67
188
64
260
74
36
169
208
79
384
119
208
67
268
10
232
624
239
176
337
216
142
887
170
44
94
57
127
31
41
172
56
4
326
162
1,656
268,464
171,913
430,377
140,050
26,066
6,126
4,687
Commissions a n d
earnings
from inProfits
surance
Foreign
Trust
on
exchange p r e m i d e p a r t - securidepart- u m s and ment
ties
t h e negoment
sold
t i a t i o n of
realestate
loans
25
86
49
84
41
147
233
14
4
148
93
260
119
178
79
60
147
113
1
30
19
133
2
16
93
263
148
86
. 8
28
1,622
2,383
6
1
2
.
296
101
66
63
66
107
47
111
189
17
16
33
86
18
14
13
93
23
10
25
7
2
2
317
1
84
37
93
2
8
3
36
1
607
=====
Other
earnings
Total
gross
earnings
w
tel
tej
o
694
639
456
•
79
366
1,166
683
372
752
267
1,167
1,676
842
100
463
99
1,081
213
97
224
468
100
1,268
200
19,488
10,487
6,402
1,171
6,587
• 13,887
7,094
3,779
13,466
6,616
7,724
30,997
8,609
1,712
4,767
1,614
8,250
3,086
1,177
6,310
9,784
6,184
13,911
4,690
13,232
193, 690
o
W
tel
4
>
o
tel
Ul
Chios
Cincinnati
Columbus
.
Indiana
Indianapolis
niinois
Chicago, C e n t . R e s
Chicago, other R e s
Peoria
Michigan»
Wisconsin •.
Milwaukee .
.
Minnesota
Minneapolis
St. P a u l
...
Iowa 10
Des Moines
Sioux C i t y
Missouri . .
Kansas City
S t Joseph
St. Louis
.
..
.
. . .
T o t a l M i d d l e W e s t e r n States
North Dakota
South Dakota
Nebraska
Lincoln
Omaha
K a n s a s i*
Topeka
Wichita
A l o n t a n a 12
Wyoming .
Colorado i3
Denver
. . . . .
. _ .
.
_
___
79,874
13,660
10,350
41,084
11,800
63, 750
94,920
11,960
6,700
61,994
31,803
21,050
28,393
20, 500
11,600
24,404
4,200
2,776
12,839
11,363
2,050
23,636
24,122
3,398
2,828
12,971
. 3,263
20,213
30,789
3,643
1,316
24,333
10,100
8,682
9,700
8,170
4,169
9,236
1,816
923
-1,192
4,885
866
8,946
7,937
1,106
703
4,144
773
7,430
4,301
2,373
627
6, 516
4,532
961
4,696
2,324
1,612
3,003
497
342
1,621
1,023
175
2,347
642
100
100
342
119
594
828
103
46
643
327
130
584
249
182
350
33
58
162
222
60
217
249
46
16
167
31
436
766
76
74
247
190
68
478
668
187
232
20
44
56
68
18
134
66
34
3
14
12
9
1,203
34
357,453
233,141
590,594
198,459
68,642
6,081
4,259
1,766
481
5,496
4,785
8; 305
1,660
6,000
13,827
1,350
2,400
4,985
2,270
7,300
5,300
2,473
2,306
4,186
690
2,600
6,682
440
1,300
3,066
1,696
4,426
6, 060
7,968
7,091
12,491
2,140
7,600
20,609
1,790
3,700
8,051
3,966
11,726
10, 360
3,733
2,899
4,723
1,103
3,492
7,420
476
1,244
3,869
1,631
4,231
4,737
1,122
1,301
1,105
326
1,079
2,045
366
604
1,604
622
1,867
1,729
110
119
192
44
160
392
44
83
191
105
307
202
244
141
111
19
208
181
16
44
120
34
77
66
1
71
62
30
46,666
7,900
5,200
26,683
7,650
39,090
64,750
8,050
3,150
32,090
19,945
13,200
18,936
12,700
6,850
16,670
2,750
2,050
8,775
8,300
1,100
17,060
1,890
112
96
161
4
6
237
4
4
63
26
114
6
.
106
6
86
3
90
24
26
91
7
23
222
99
11
3
74
4
29
2
1
7
2 Includes 2 banks in reserve city of Richinond.
' Includes 2 banks in reserve city of Atlanta; also 1 bank for Dec. 31, 1929, and 2 banks for June 30, 1930, in reserve city of Savannah.
< Includes 3 banks for Dec. 31, 1929, and but 2 banks for June 30,1930, in reserve city of Birmingham.
«Includes 1 bank in reserve city of New Orleans.
6 Includes 1 bank in reserve city of Little Rock for Dec. 31, 1929.
7 Includes 2 banks in reserve city of Memphis.
8 Includes 2 banks in reserve city of Toledo; also 3 banks for Dec. 31,1929, and but 2 banks for June 30. 1930, in reserve city of Cleveland.
8 Includes 2 banks in reserve city of Detroit; also 2 banks for Dec. 31,1929, and 3 banks for June 30, 1930, in reserve city of Grand Rapids.
1 Includes 2 banks in each reserve city of Cedar Rapids and Dubuque.
0
" Includes 2 banks in reserve city of Kansas City.
1 Includes 2 banks in reserve city of Helena.
2
13 Includes 2 banks in reserve city of Pueblo.
2
34,309
5,750
6,150
15,401
4,150
24,660
40,170
3,910
3,550
29,904
11,868
7,850
9,468
7,800
4,750
7,734
1,450
726
4,064
3,063
950
6,486
300
4
4
206
4
421
12
26
3
126
160
6
266
5
3
233
3
6
106
7
4
8
29
6
2
1,186
316
47
483
40
682
449
244
82
469
436
144
194
183
96
202
49
29
86
66
2
601
3,065
393
547
1,017
326
1,870
2,224
688
141
3,652
865
983
849
329
179
966
221
121
384
281
94
600
37,768
5,624
4,382
19,406
4,602
31,490
41,606
7,008
2,210
36,316
16,632
11,061
16,763
12,046
6,349
14,136
2,679
1,621
6,413
6,851
1,218
12,901
3,416
6,983
19,584
298,669
pi
13
9
69
116
40
1
68
72
3
22
36
41
83
66
309
242
363
87
688
668
64
256
317
116
461
390
6.671
4,890
6,664
1,682
6,736
10,822
970
2,174
6,169
2,459
7,070
7,433
O
tei
610
131
139
241
38
166
956
48
24
343
64
8
128
32
50
43
4
12
303
4
182.
2"
47
16
11
22
1
6
41
237
O
O
o
tel
o
d
tel
o
Kl
CX).
Oi
00
Oi
00
Abstract of reports of earnings, expenses, and dividends of national banks for the year ended June SO, 1930—Continued
[In thousands of dollars]
Gross earnings
Numb e r of
banks
Location
New Mexico..
. . . .
Oklahoma
Oklahoma City
Tulsa
-
_
_
^
. . .
T o t a l Pacific S t a t e s
Alaska—nonmember
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
Total nonmember banks
T o t a l U n i t e d States
Surplus
26
268
6
4
1,910
13, 220
7,300
6,960
1,041
4,925
1,620
2,650
1,136
.
T o t a l Wftstern S t a t e s
Washington"
Seattle
Oregon
. . .
Portland
California"
.Los Angeles
San Fra.nCisco
Idaho
U t a h 16
Salt L a k e C i t y
Nevada
Arizona
Capital
90, 947
99
6
87
6
192
7
6
41
14
4
10
14
12, 300
13, 800
6,420
7,076
26, 832
42, 000
76,125
2,675
1, 200
2,100
1,600
1,960
486
4
1
6
Capital
a n d surplus
Interest
a n d discount
on loans
Interest
Inter(includ- est on
ing divi-. baldends)
ances
on
with
investother
ments
banks
Domestic exchange
a n d collection
charges
Commissions a n d
earnings
from inProfits
surance
Foreign
Trust
on
exchange p r e m i uniis a n d d e p a r t - securidepartment
ties
t h e negoment
sold
t i a t i o n of
realestate
loans
Other
earnings
Total
gross
earnings
10
98
16
38
176
807
494
899
2,269
12,893
6,649
6,818
2,961
18,145
8,820
8,600
1,510
7,996
3,326
4,297
463
3,081
1,320
1,280
69
480
243
232
37
406
87
49
44, 849
136, 796
66, 676
19, 704
2,973
1,840
6,084
3,420
3,198
3,365
12,187
29, 350
69, 300
1,089
483
1,060
666
1,300
" 17,384
17, 220
9,618
10, 430
38, 019
71, 350
136, 425
3, 764
1,683
3,160
2,166
3,250
6,658
4,142
3,464
3,197
12,966
31, 398
41, 341
1,913
868.
1,324
816
1,270
2,794
1,390
1,299
2,621
4,726
7,364
12, 840
603
191
418
239
460
290
197
143
139
661
906
879
81
29
81
49
56
218
247
99
144
246
189
140
60
14
24
11
64
81
14
209
1,888
3
1
6
13
10
6
192, 977
120, 491
313, 468
109, 235
34,836
3,511
1,435
2,319
86
276
3,160
177
1,880
462
6,030
174
1,448
86
374
12
62
26
86
3,426
2,057
6,482
1,622
469
74
110
17
3
7,262 1, 743, 974 1, 691, 339
3, 336, 313
903, 858
299, 042
23,140
18, 266
13, 636
868
4
6
22
64
23
16
232
518
767
6,324
89,049
9
96
24
80
144
21
105
322
2,411
1,136
8
262
366
48
90
490
661
4,107
18
16
18
13
22
.839
176
343
472
1,406
2,469
8,603
169
38
136
129
200
11,064
6,767
6,417
6,849
20,860
46, 487
70,934
2,749
1,146
2,000
1,272
2,083
6,990
14, 978
176, 689
7
36
272
339
2,261
7
308
2,600
17
42
4
..
4,200
3
22, 766
41, 733 104,144 1,427, 341
N e t earnings a n d recoveries
Expenses
Location
Maine
.-.
New Hampshire
Vermont
Massachusetts
Boston... .
Rhode Island
Connecticut
T o t a l N e w E n g l a n d States
NewYork
.
Brooklyn and Bronx
Buffalo
N e w York City
NewJersey
...
Pennsylvania
Philadelphia.-.
Pittsburgh
Delaware
Maryland
Baltimore ~
Washington, D . C
T o t a l E a s t e r n States
Virginia
W e s t Virginia
N o r t h Carolina
Charlotte
South Carolina..^
Oeorgia
Florida
Jacksonville
Alabama
Interest
Salaries a n d dis- I n t e r e s t
c o u n t on o n b a n k
and
wages b o r r o w e d deposits
money
Interest
on demand
deposits
Interest
on t i m e
deposits
Taxes
Net
earnings
Recoveries on
loans
a n d discounts
Total net
Recovearnings
eries on All other a n d rerecover- coveries
bonds,
ies
on
securichargedties, etc.
off assets
1,156
1,008
734
6,161
9,062
447
3,370
126
180
108
629
813
50
318
62
67
23
400
2,285
32
135
406
292
78
2,947
7,626
468
1,799
3,687
798
1,592
7,813
7,683
617
3,480
420
253
348
1, 224
1,491
166
1,211
800
638
369
3,308
6,026
316
1,844
6,546
3,226
3,242
21, 382
33, 986
2,086
12,157
2,152
1,417
1,146
8,761
18,606
1,053
5,218
28
22
68
207
668
22
94
76
40
22
332
2,446
14
139
33
13
7
166
173
2
13
2,288
1,492
1 233
9,456
21, 782
1,091
5,460
20,938
2,123
2,984
13,606
25, 670
6,113
12,291
82, 625
38, 343
989
3,C67
407
42,806
13, 224
603
76
36,740
10,334
16, 654
6,370
4,210
246
1,096
1,187
1,879
1,184
40
638
23
10,926
197
303
1,650
2,061
4
26
339
188
26,007
368
193
16, 508
17,141
31, 246
3,962
4,141
339
2,843
1,014
1,392
2,873
68
24
8,658
2,322
4,094
1,669
1,177
69
362
616
733
7,476
723
62
28,839
6,673
8,386
4,127
2,612
107
523
661
910
56, 367
2,058
366
142,344
40,823
66,184
24,337
19,600
901
6,133
4,633
5,948
21,272
336
145
83,841
14,613
30,436
12,774
8,142
426
1,762
2,237
2,070
384
6
4
1,610
306
318
176
144
20
47
27
803
3
20
893
193
423
1
62
7
24
2
12
685
61
3,021
995
2,158
1,137
663
46
97
173
146
6,066
243
12
37, 763
4,161
3,445
6,542
4,846
101
188
743
700
445
149
301
24
243
7
70
44
160
23,044
396
169
86,689
15, 260
31,477
12,976
8,691
. 440
1,876
2,330
2,269
92, 616
9,660
16,243
62,800
104,143
22,336
69,997
367, 694
178, 063
2,941
2,443
2,079
186, 616
3,720
2,096
1, 396
262
1,066
2,959
1,836
893
2.912
612
361
388
48
129
249
198
142
779
374
161
108
9
250
428
102
191
169
883
686
186
33
156
861
610
390
694
6,140
2,676
1,864
262
1,617
2,634
1,493
722
2,469
1,042
798
346
66
372
797
273
117
916
1,971
1,141
798
164
777
1,989
1,184
621
1,770
13,742
7,798
5,084
843
4,265
9,917
6,696
2,976
9,708
5,746
2,689
1,318
328
1,322
3,970
1,398
803
3,757
198
110
101
22
17
4
699
37
26
61
133
168
24
212
71
66
4
3
69
21
36
157
8
66
i< Includes 2 banks in reserve city of Spokane.
" Includes 2 banks in reserve city of Oakland.
18 Includes 2 banks for Dec. 31, 1929, and but 1 bank for June 30, 1930, in reserve city of Ogden.
Other
expenses
Total
expenses
paid
6,665 .
2,863 .
1,449
328
1,476
4,206
1,727
838
4,094
00
Oi
CD
Abstract of reports of earnings, expenses, and dividends of national hanks for the year ended June SO* 1930—Continued
QO
[In thousands of dollars]
O
Expenses
Interest
Salaries and dis- Interest
and
count on on bank
wages borrowed deposits
money
Location
Interest
on demand
deposits
Interest
on time
deposits
Net earnings and recoveries
Taxes
Total
Other
Net
expenses expenses earnings
paid
Total net
Recovearnings
Recoveries on eries on All other and rebonds, recover- coveries
loans
on
and dis- securiies
chargedcounts ties, etc.
off assets
Pi
Mississippi
Louisiana
Texas
Dallas
El Paso
Fort Worth
Galveston
Houston
San Antonio
Waco
Arkansas
Kentucky
Louisville
Tennessee
Nashville
^
Total Southern States.
Ohio
Cincinnati
Columbus
Indiana
Indianapolis
Illinois
Chicago, Cent. Res
Chicago, other Res
Peoria..
Michigan...
Wisconsin...
Milwaukee
Minnesota
Minneapolis
St. Paul
531
582
2,281
636
1,271
1,657
8,318
1,579
446
841
246
1,730
624
204
1,176
1,986
938
2,851
782
295
333
652
356
60
268
46
446
63
19
113
250
497
360
223
78
296
567
486
49
307
125
443
96
31
168
80
416
456
241
264
761
2,132
983
135
469
77
633
137
107
294
366
337
604
204
1,241
799
2,797
832
200
537
486
1,356
554
294
1,229
2,668
750
3,361
877
84
227
105
496
307
71
230
704
230
920
424
41, 786
6,874
6,620
11,899
382
261
267
293
298
498
2,339
20
91
458
244
473
268
2,997
694
690
996
470
1,074
6,942
263
76
3,736
613
1,034
610
1,017
901
, 7,062
897
876
4,179
944
7,366
6,662
1,862
400
6,291
3,461
2,276
3,400
2,604
1,126
181
79
396
21
568
484
34
9
602
212
283
82
575
97
1,093
355
733
913
4,258
723
218
659
120
1,119
377
162
753
991
643
4,413
6,341
1,202
2,383
9,992
3,016
520
1,459
410
2,028
928
299
1,347
2,841
1,473
3,719
1,387
3,691
47
11
249
27
12
16
117
31
29
2
13
41
1
78
19
236
143
1,408
54
24
112
6
205
53
9
96
78
23
115
23
1,640
462
21,006
6,593
1,192
3,308
1,204
6,222
2,158
878
3,963
6,943
3,711
10,192
3,203
36, 657
12, 653
23,966
139, 365
64,335
9,601
637
341
6,082
467
7,612
2,879
1,750
408
8,194
4,426
1,379
6,411
1, 670
826
2,209
377
119
1,686
406
1,776
2,657
138
163
2,479
777
416
990
726
346
4,187
322
959
2,109
383
3,806
6,294
1,184
250
6,744
1,928
1,710
1,882
1,666
729
27,301
3,269
3,231
14,640
2,989
22, 690
28,167
6,241
1,386
27,604
11,650
7,671
12,643
9,161
4,378
10,467
2,265
1,151
4,766
1,613
8,800
13,349
1,767
824
8,811
4,882
3,490
4,210
2,894
1,971
391
54
57
193
14'
290
793
36
11
605
124
71
213
376
60
682
126
9
77
5
64
11
1
77
66
1,743
333
181
6
344
13
170
23
7
508
60
40
1,663
2,540
11,684
3,110
669
1,689
tel
O
%
O
633
2,278
1,010
310
1,460
3,001
1,589
3,917
1,464
60, 261
11,316
2,490
1,223
6,379
1,645
•9,314
14,165
1,821
836
9,901
5,112
3,601
4,620
3,367
2,037
W
tel
>
Q
tel
Ul
Iowa
-Des Moines
Sioux City
Missouri
Kansas City
St. Joseph
St. L o u i s . . . .
2,963
648
374
1,556
1,578
326
2,600
.
Total Middle Western States
North Dakota
:
South Dakota
Nebraska
Lincoln .
Omaha
Kansas
.
Topeka
Wichita
Montana
..
Wyoming "
Colorado
Denver.. . . .
New Mexico
Oklahoma
.
Oklahoma City . . . .
Tulsa
-
i
.
_
_.
Total Western States
Washington
.
Seattle
Oregon
Portland
California
Los Angeles
San Francisco
Idaho
Utah
Salt Lake City
Nevada
Arizona
.
.
_ .
. . .
. . .
.
Total Pacific States
...
.
.
.
A laskft—nonrnpTTiber _
, ,,..
. .
T h e T e r r i t o r y of H a w a i i — n o m n e m b e r
Total nonmember hanks
Total United States
, .,,
367
164
140
141
778
164
649
549
266
60
462
865
56
1,988
4,236
337
268
1,291
225
178
1,606
6,316
9,723
26,038
58,622
1,2S9
1,137
1,639
396
1,302
2,857
249
451
1,142
642
1,708
1,683
626
3,477
1,013
1,462
61
32
199
47
179
216
20
28
37
21
139
62
29
144
99
196
62
76
105
157
508
263
81
168
84
66
134
296
23
161
346
323
20,773
.
168
78
65
157
170
1
211
59,129
.
1,489
2,702
1,732
1,456
1,614
5,659
10, 323
14,883
673
223
412
256
674
142
21
82
47
212
143
1,431
24
22
26
2
3
40.406
2,155
72
469
56
607
164
36
393
326
62
834
1,600
338
273
• 866
748
196
1,164
10,480
1,866
1,205
4,866
• 4,690
972
8,962
3,666
814
316
1,647
2,161
246
3,949
370
30
10
72
91
26
210
17,666 •
38,338
214,731
83,938
.
822
698
779
230
1,123
1,462
140
317
672
268
857845.
316
1,883
607
1,149
4,302
3,398
4,684
1,129
4,281
7,499 .
701
1,419
4,034
1,666
5,266
6,546
1,475
9,020
3,549
5,036
30
33
16
62
8
6
21
67
66
4
25
10
31
4,123
943
346
1,696
2,270
277
4,211
3,986
669
2,010
90,693
1,369
1,492
1,980
453
1,455
3,323
269
756
2,125
794
1,814
1,887
784
3,873
2,000
1,782
58
100
316
29
120
619
26
67
387
64
339
81
119
590
36
96
10
3
6
8
26
27
7
14
75
9
16
314
16
19
129
6
49
20
18
376
16
207
1,444
1,609
2,376
499
1,617
4,183
309
841
2,647
856
2,289
2,012
928
4,863
2,052
2,084
•
147
169
144
133
447
622
133
96178
145
269
758
120
929
456
1,083
1,744
1,255
1,668
116
540
1,637
52
264
1,610
499
1,662
1,485
332
1,812
845
448
197
131
250
51
182
542
26
95
311
124
687
427
129
614
183
376
2,843
6,729
16, 768
4, 224
12, 068
62,894
26,156
2,934
231
1,288
30, 608
120
348
24
220
432
731
2,432
44
115
168
46
13
530
493
206
302
1,118
1,905
3,618
109
60
148
8
79
2,389
832
1,149
1, 726
4,574
14,168
19,134
623
238
311
320
372
395
230
198
133
509
674
1,601
140
43
71
85
159
1,694
794
736
945
2,908
5.880
10,077
362
140
228
163
306
7,872
4,460
3,850
4,987
15,312
33,824
53,076
1,965
831
1,364
869
1,605
3,192
2,307
1,567
1,862
6,648
11,663
17,858
784
315
636
403
678
258
40
126
179
241
77
166
31
12
28
36
46
37
1
35
9
110
273
292
32
26
240
80
18
16
4
2
236
3,760
2,640
1,759
2,076
6,139
11,820
18, 031
843
331
674
440
858
4,692
8,466
46,836
4,238
24,112
129,905
46, 713
1, 227
213
1,218
49, 371
14
14
167
69
629
12
82
41
348
198
1,664
141
697
9
3
1
150
601
-
641
66
14
181
688
94
389
1,862
. 738
27,671
42,119
128, 719
287,184
66,123
171,161
999,066
428,276
15,680
12
8
1
'
1
12
276,089
6
3
87
24
7
26
7,195
piO
tel;
s
tet
o
751
8,746
o
o
469,896
CX)
Abstract of reports of earnings, expenses, and dividends of national hanks for the year ended June SO, 1930—Continued
00
[In thousands of dollars]
to
Losses a n d depreciation c h a r g e d off
On
banking
On
O n loans b oO n s ,
house,
nd
foreign
a n d disc o u n t s securities, furniexchange
ture and
etc.
fixtures
Location
Maine.
New Hampshire
Vermont . .
Massachusetts
Boston
Rhode Island
Connecticut
._
T o t a l N e w E n g l a n d States
New York
Brooklyn and Bronx.
Buffalo
. . . .
N e w York City
N e w Jersey
Pennsylvania
Philadelphia
Pittsburgh
. .
Delaware
Maryland
B a l t i m o r e ._
Washington, D . C
. .
:
.
T o t a l E a s t e r n States
Virginia
W e s t Virginia
N o r t h Carolina
.
Charlotte . . .
S o u t h ^Carolina
Georgia
Florida.-Jacksonville
Alabama
:
FRASER
Mississippi
•...
Digitized for
....
.
.
.
_ . . .
. . ..
14,231
1,310
6,690
168
64
11,641
3,626
6,263
493
706
68
399
106
66
980
417
6
7,733
771
1,467
243
206
13
26
86
93
31,810
.
94
91
38
372
439
34
242
3,072
129
23
19,181
2,631
3,334
1,871
811
6
266
197
299
.
664
194
293
2,019
10,199
100
762
7,848
_
266
387
349
2,625
3,630
46
646
28,949
12,040
1,826
1,261
870
77
756
1,047
2,718
601
1,746
738
384
249
29
180
138
42
8
46
440
98
63
118
60
76
760
628
83
176
109
Ratios
Other
losses
Total
losses
charged
Net
addition
t o profits
Dividends
N e t adDivid e n d s t o N e t ad- d i t i o n t o
Divid i t i o n t o profits t o
d e n d s ' t o c a p i t a l profits t o capital
c a p i t a l 17 a n d sur- capital 17 a n d surp l u s 17
p l u s 17
2
24
24
41
14
963
2,394
4
326
1,049
714
694
5,971
16,686
183
1,976
1,239
778
639
3,486
6,196
908
3,488
981
706
626
4,134
13,832
487
2,368
P e r cent
13.31
12.31
10.17
13.69
16.69
10.77
11.06
P e r cerd
6.65
6.33
6.17
6.92
9.69
4.76
6.64
Per.cent
16.81
13.69
10.46
11.46
6.27
20.09
16.29
P e r cent
8.40
6.99
6.33
6.83
3.60
8.86
8.30
28
3,766
27,173
16,633
23,032
14.63
7.93
9.93
6.38
419
18
1
1,976
398
466
160
224
11
30
70
142
11,061
722
84
40,476.
7,327
10, 623
2,767
1,966
88
711
459
699
11,983
18 326
86
46, 214
7,933
20,964
10,208
6,636
362
1,166
1,871
1,670
9,077
269
36
62,816
7,889
15,506
9,941
3,118
218
1,029
1,441
1,331
12.60
3.89
4.80
14.81
13.94
15. 67
26.83
10.96
13.23
18.02
19.47
12.35
6.26
2.30
3.20
6.66
6.88
6.96
8.19
4.63
4.98
7.44
9.74
6.86
16.64
18 4.90
n.33
12.96
14.01
21.04
27.55
23.33
21.36
20.41
26.28
16.50
8.26
18 2.89
7.66
6.82
6.92
8.06
8.41
9.63
8.04
8.43
12.64
8.61
3,914
76,771
108,746
102,659
16.03
6.64
15.92
6.93
96
99
2,484
1,747
969
90
1,016
2,666
3,682
789
2,241
1,010
4,181
1,106
480
238
460
1,639
18 1,865
49
1,863
663
3,307
1,641
878
232
626
2,662
647
468
1,891
673
11.28
11.09
9.07
12.89
10.76
13.67
6.61
7.63
10.35
10.48
6.47
6.17
6.47
6.96
6.38
7.72
3.98
6.49
6.91
6.97
14.26
7.96
4.96
13.22
7.90
8.45
1818.96
.82
10.14
10.11
8.17
4.43
2.99
6.10
4.69
4.77
1811.42
.69
6.79
5.76
1
I
44
1
4
«
68
1
7
1
138
319
138
62
194
112
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1
.
.
T o t a l S o u t h e r n States
Ohio
Cincinnati
Colnmbus
Indiana.
,. ,
Indianapolis .
IllinoisChicago, C e n t . R e s
Chicago, o t h e r R e s . Peoria—
.
Michigan
Wisco^isin
^
,.. . . . . .
Milwaukee
Minnesota
-.
Minneapolis
St. P a u l
Iowa
Des Moines
Sioux C i t y
1
Missouri...
Kansas City
St. Joseph
St. Louis . . . . .
^
_._,.__
. .
•
.
..
.
..
...
T o t a l M i d d l e W e s t e r n States
North Dakota
South Dakota
Nebraska
Lincoln.
Omaha
Kansas
Topeka
Wichita
.......
•
.
^
. .
114
290
113
67
34
13
48
15
29
64
389
232
161
136
147
681
63
2
76
46
72
77
16
68
76
8
217
38
4,189
2,657
2,270
249
. 104
776
92
1,009
120
366
12
955
626
133
397
33
74
359
227
36
195
149
163
261
24,936
.--
Dallas
El Paso
Fort Worth
Galveston
Houston
San Antonio
Waco
Arkansas
Kentucky
Louisville
Tennessee
'_
Nashville
719
6,304
481
136
549
81
282
407
77
684
- 720
281
1,219
296
22,773
Louisiana
Texas
566
498
964
123
363
1,668
71
142
3.430
348
360
1,781
629
3,633
6,234
226
42
2,120
924
450
1.099
603
140
2,216
427
129
697
274
130.
345
166
963
22
19
86
126
63
20
11
72
167
32
288
49
1,146
7,140
679
213
744
266
466
519
132
788
1, 341
663
1,885
619
1,396
4,544
2,431
356
846
268
1,813
491
178
672
1,660
1,036
2,032
945
1,058
4,997
1,693
66
660
168
861
506
166
628
1,640
1,011
2,623
791
n.69
1L43
13.38
4.13
14.61
7.81
9.16
10.22
10.06
10.31
11.65
18.38
13.68
13. 68
7.09
7.26
10.26
2.49
9.22
6.60
6.43
7.16
7.87
6.67
6.63
9.40
8.09
7.22
16.29
10.39
19.22
22.26
18.99
12.47
19.29
9.92
10.79
1L03
12.46
18.84
10.93
16.22
9.36
6.69
14.73
13.43
1L99
8.93
1L44
6.94
8.44
7.14
7.04
9.64
6.62
8.62
10
3,262
32,881
27,370
29,463
n.40
6.85
10.59
6.36
664
79
39
443
2
614
411
119
28
1,604
396
82
181
865
3
143
50
16
111
98
6
112
4
381
2
33
788
2
848
237
49
6
263
216
116
469
38
10
763
117
. 22
106
96
6
71
6,739
678
636
3,787
726
6,904
6,002
749
87
4,947
2.162
782
2,146
1,439
227
3,480
821
202
1,009
616
303
779
4,677
1,812
687
1,692
920
3,410
8,163
1,072
749
4,964
2,960
2,819
2,374
1,928
1,810
643
122
144
687
1,654
18 26
3,432
4,344
1,166
1,066
2,289
640
4,676
6,991
906
768
4,666
2,636
1,619
1,982
1,657
1,082
976
272
69
604
1,020
160
4,063
9.63
14.76
20.48
8.91
8.37
11.96
12.77
11.25
24.06
14.19
13.22
10.47
12.26
16.80
6.85
9.89
3.37
6.88
12.29
14.65
23.83
6.44
8.64
10.29
-6.67
6.42
7.33
7.37
7.68
11.31
7.36
8.29
7.22
6.98
7.60
9.33
4.00
6.48
2.49
4.70
8.98
7.80
17.26
10.04
22.94
13.21
6.20
12.03
8.72
14.91
13.32
23.78
15.44
14.79
21.36
12.64
16.18
. 26.42
3.86
4.44
7.02
7.83
19.93
18 2.36
20.13
6.73
13.27
6.64
3.87
7.80
6.36
8.60
8.96
11.18
7.99
9.28
13.39
8.36
9.40
16.60
2.63
2.90
6.19
6.36
14.66
18 1.27
14.68
8,683
6,966
10
4,636
44,120
46,473
43,329
12.12
7.34
13.00
7.87
93
126
166
46
269
231
1
61
73
39
70
66
106
262
6
171
7
79
102
278
16
176
381
16
11
818
764
1,468
240
1,003
2,433
92
376
626
846
917
269
614
1,760
217
466
8.83
10.39
9.28
11.29
15.02
11.41
9.78
9.67
6.09
7.01
6.17
8.18
10.01
7.69
7.37
6.27
11.39
17.66
11.04
16.71
12.28
12.66
16.07
19.42
7.86
11.92
7.34
12.10
8.19
8.53
12.12
12.69
1 Capital and surplus as of June 30,1930.
7
2
6
1
100
1
485
497
771
176
= 761
1,677
132
232
w Deficit.
n.6i
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Abstract of reports of earnings, expenses , and dividends of national banks for the year ended June SO, 1930—Continued
[In thousands of dollars]
Losses and depreciation charged off
On
On
On
On loans bonds, banking
house,
foreign
and dis- s'ecurities, furnicounts
ture and exchange
etc.
fixtures
Location
-
-
Total Western States
Washineton .
Seattle
Oregon
..
Portland
.
California
Los Angeles
San Francisco
Idaho
Utah
Salt Lake City
Nevada
Arizona
^ - --
.
.
.
-.
..
-
---
-
Total Pacific States
Alaska—nonmember
•
The Territory of Hawaii—nonmember
Total nonmember banks
Total United States
..
8.90
16.86
11.29
8.63
19.68
6.84
9.02
6.00
9.96
6.62
6.91
8.26
8.10
4.34
6.82
16.64
16.68
12.96
16.24
12.32
22.27
16.69
14.21
17.33
17.67
10.27
17.13
11.78
13.29
8.65
10.34
8.37
13.11
8.76
10.10
12.36
11.68
7.11
10.28
16,277
15,331
12,092
13.30
96
35
118
384
432
229
168
43
20
21
33
166
1,713
362
^ 927
998
2,967
2,467
6,163
463
123
305
286
524
2,047
2,288
832
1,078
3,182
9,353
11,868
380
208
369
164
334
1,501
3,371
668
941
2,283
7,108
8,968
260
139
266
94
189
12.20
24.43
10.26
13.30
8.84
16.92
11.78
9.72
11.68
12.19
6.27
9.69
1,725
17, 278
32,093
25,768
13.36
8.22
16.63
10.24
1
1
2
59
76
91
626
62
634
18.91
20.13
11.60
12.60
33.09
16.67
20.13
10.44
135
616
686
20.03
12.61
17.99
11.24
19,376
213, 636
246,261
237,029
13.69
7.11
14.12
7.38
197
91
103
119
492
1,340
2, 256
48
10
. 26
39
49
47
3,299
4,769
63
1
12
13
30
2
4
43
28,803
Per cent
16.72
10.97
6.62
10.94
16.81
13.66
18.6d
16.66
2,091
470
73
151
172
764
449
936
49
23
142
44
27
13
Per cent
27.00
19.16
10.48
21.36
26.97
18.76
22.65
22.49
Per cent Per cent
16.59
10.27
13. V9
7.89
10.63
6.62
16.13
8.26
17.49
11.32
16.44
n.98
22.63
18.66
9.21
6.37
109
950
163
663
319
1,269
449
2,767
323
70
117
170
292
61,371
Net addition to
profits to
capital
and surplus
1
2,029
77
DiviNet adDividends to dition
dends to capital profits to
capital and sur- capitalto
plus
827
313
776
866
334
2,174
1,645
648
2,107
103,817
Dividends
1,348
436
766
1,132
496
2,479
1,646
1,338
206
69
161
106
60
636
68
66
44
33
..
Net
addition
to profits
1,301
421
1,624
880
432
2,384
406
746
94
81
280
274
63
207
69
77
7,432
.
Total
losses
charged
off
Other
losses
68
26
198
82
34
398
45
182
933
265
885
419
274
1,244
234
422
8,941
Montana
W vominfiT
Colorado
Denver
New Mexico
Oklahoma
Oklahoma City
Tulsa
Ratios
268
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o
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Ul
Abstract of reports of earnings, expenses, and dividends of national banks, by Federal reserve districts, year ended June 30, 1930
[In thousands of dollars]
NonDistrict
N o . 12 m e m b e r
banks
(482
(6
banks)
banks)
Grand
total
(7,252
banks) i
86,088
45, 405
192,327
120,046
3,42o2,057
1, 743, 974
1, 591, 339
126,789
131, 493
312, 373
5,482
3, 335, 313
36, 361
51, 709
47,342
108, 780
1,622
903, 858
10, 727
1,093
796
75
15, 087
1,595
1,953
122
16, 957
2,832
1,395
16
8,421
2,205
1,595
183
34, 680
3,490
1,400
2,306
459
74
110
17
299, 042
23,140
18, 256
13, 535
215
1,930
2,724
12,123
33
401
1,373
2,349
402
188
900
2,523
71
802
630
6,832
8
297
520
4,956
86
4,228
5,975
14, 931
3
7
308
868
22, 765
41, 733
104,144
61, 567
167, 679
61, 377
59,131
80, 243
65, 527
175, 776
2,600
1, 427, 341
12, 514
1,888
1,408
3,411
16, 326
4,120
6,839
13, 462
2,339
1,616
3,895
12, 269
3,880
8,107
32, 907
2,465
4,953
15,332
31, 027
9,819
23, 432
10, 675
1,622
1,943
3,835
10, 391
3,245
5,542
12,046
924
2,001
3,148
14, 629
3,145
7,221
19,048
1,534
3,694
6,133.
11, 621
3,988
10, 864
15, 218
2,010
2,248
5,094
7,787
4,655
8,366
40,176
2,153
4,689
8,429
45, 604
• 4,183
, 24, Oil
541
55
14
181
588
94
389
276, 089
27, 671
42,119
128, 719
287,184
66,123
171,161
46, 506.
45, 568
119, 935
37, 253
43,114
^ 6 , 782
45, 278
129, 244
1,862
999,066
District
No. 1
(365
banks)
District
No. 2
(764
banks)
District
No. 3
(672
banks)
District
No. 4
(682
banks)
District
No. 5
(446
banks)
Capital
Surplus
154,137
129,487
481, 717
557, 309
123,950
220, 872
125,385
139, 937
82, 723
68,125
Capital and surplus
283, 624 1,039,026
344, 822
265, 322
202, 060
72, 401
24,126 • 79,322
1,501
1, 451
4,544
544
7,232
537
2,295
4,768
7,899
Gross earnings:
Interest and discount on loans
—
Interest (including dividends) on investments
Interest on balances with other banks
Domestic exchange and collection charges.
Foreign exchange departments
__.
Commisoions and earnings from insurance premiums and the negotiation of
real-estate loans
Trust departments
Profits on securities sold..
Other earnings
Total.
Expenses paid:
Salaries and wages
Interest and discount on borrowed money.
Interest on bank deposits...
. Interest on demand deposits
Interest on time deposits
Taxes
Other expenses
Total.
District District
N o . 10
N o . 11
(870
(640
banks)
banks)
District District
No. 7
No.6
(357
(900
banks). banks)
District
No. 8
(450
banks)
District
No. 9
(619
banks)
81, 595
57, 665
200,905
137, 036
65,035
37,965
61, 210
34, 223
85,477
41,312
150, 848
139,160
337,941
103, 000
95, 433
68,744
. 46, 082
43, 251
115,141
34, 530
30, 441
1,196
601
806
31,338
1,947
597
318
10, 278
1,156
868
65
8,484
1,450
1,745
403
28,822
3,150
2,108
1,466
29
8,959
13,828
33,877
4
1,099
3,971
4,149
7
1,265
6,313
6,824
5
738
924
3,507
5
563
SOO
4,866
117, 455
351, 352
114, 668
116,353
63,613
20, 280
2,026
2,955
13, 344
24, 793
4,871
11,872
59,131
. 4,987
11, 690
46, 558
56,438
13, 337
41, 946
19, 793
3,177
1,859
8,695
27, 042
5,143
10, 899
20, 299
2,491
3,149
10,664
28, 669
5,743
11, 673
80,141
234,087
76, 608
82, 688
O
tel
75,835
pi
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Includes nonmember banks of Alaska and the Territory of Hawaii.
00
CTf
Abstract of reports of earnings, expenses, and dividends of national banks, hy Federal reserve districts, year ended J u n e 30, 1930—Continued
00
[In thousands of dollars]
Oi
District
No.i
(366
banks)
Losses a n d depreciation charged off:
O n loans a n d d i s c o u n t s
..
O n b o n d s , secmities, etc
O n b a n k i n g house, furniture a n d
O n foreign exchange
O t h e r losses
District
No.6
(446
banks)
117,265
38,060
33, 665
17,107
16,999
2,137
1,935
1,181
468
373
359
823
349
839
553
151
1,029
731
178
378
41, 678
122, 518
39, 260
35, 676
18, 840
7,807
13,853
1,258
28
3,499
24, 234
21, 668
9,852
44
2,992
4,913
4,521
1,199
1
574
6,587
6,634
1,694
17
874
6,475
1,271
592
26, 445
58, 790
11, 208
14, 706
16, 233
22, 710
63, 728
68,244
28, 052
22, 603
14.73
8.01
.9.88
14.17
6.67
13.23
6.37
6.13
N D i s t r i c t m eo nb e r
m
N o . 12
banks
(482
(6
banks)
banks)
Grand
total
(7,262
banks)
District District District
No. 8
No.6
No. 7
(367
(450
(900
banks)
banks)
banks)
District
No. 9
(619
banks)
District
N o . 10
(870
b.anks)
District
N o . 11
(640
banks)
47, 744
14,124
16,017
23,461
20,249
46, 532
738
428, 276
2,322
281
1,196
708
308
147
1,243
116
349
2,462
227
1,130
2,042
80
743
1,206
213
987
12
1
15,680
7,195
8,746
17,286
61,643
16, 287
17, 725
27,280
23,114
48,938
751
459,896
16, 402
4,038
3,496
6
2,931
3,356
1,321
. 652
869
4,254
971
1,492
7
942
7, 279
2,137
1,813
101
1, 940
8, 230
738
1,006
3
1, 524
7,169
3,284
4,765
53
1,680
77
13
43
604
8,034
2,022
1,041
8
1,045
2
103,817
61.371
28,803
268
19,376
7,942
12,150
26,873
6,098
7,666
13, 270
11,501
16,851
135
213, 635
20,970
16, 001
10,898
10,198
5,136
8,999
24,670
23,483
9,189
10,070
10, 059
7,267
14,010
11, 434
11, 613
9,595
32,087
25, 739
616
686
246, 261
237, 029
18.24
6.55
22.63
12.76
6.03
16.72
12.33
6.76
13.17
n.03
6.47
6.29
1L69
6.95
12.28
15.48
9.78
14.13
11.87
7.61
16.43
13.38
9.02
16.39
11.16
7.30
13.49
13.38
8.24
16.68 ,
20.03
12.61
17.99
13.59
7.11
14.12
8.14
7.90
7.22
3.69
7.30
8.92
10. 64
n.06
8.83
10.27
11. 24
7.38
i
tel
o
..
fixtures.
Total
N e t a d d i t i o n to profits
T o t a l d i v i d e n d s declared
Ratios:
D i v i d e n d s to capital 2
...per cent..
D i v i d e n d s to capital a n d s u r p l u s 2..do
N e t a d d i t i o n to profits to capital 2..do
N e t a d d i t i o n to profits t o capital a n d
surplus 2
per cent..
* Capital and surplus as of June 30,1930.
District
No. 4
(682
banks)
973
2,984
407
Total
District
No. 3
(672.
banks)
37,314
N e t earnings
Recoveries on charged-off assets:
Loans and d i s c o u n t s . . .
B o n d s , securities, e t c
Aiiother
District
No..2
(764
banks)
%
o
W
4
>
a
tel
Ul
877
COMPTEOLLEE OF THE CtTREENCY
National-bank investments in 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
June 30, 1918 to 1930, inclusive
[In thousands of dollars]
Percentage of losses
charged off—
Year
ended
June
30—
United
States
Government
securities
Other
bonds
and securities
Total
bonds
and securities,
etc.
Loans and
discounts
(including
rediscounts)
Losses
charged
off oil
bonds
and securities,
etc.
Losses
charged
off on
loans
and discounts
1918
1919
19^
1921
1922
1923
1924
1926
1926
1927.......
1928
1929
1930
2,129,283
3,176,314
2,269,576
2,019,497
2, 286,469
2,693,846
2,481,778
2,636,767
2,469, 268
2, 696,178
2,891,167
2,803,860
2, 763,941
1,840,487
1,876,609
1,916,890
2,006,684
2, 277,866
2,376,867
2,660, 650
3,193, 677
3,372,986
3, 797,040
4, 256, 281
3,862, 676
4,134, 230
3,969,770
6,051,923
4,186,466
4,025,081
4, 663,325
5,069, 703
6,142.328
5, 730,444
5,842, 253
6,393, 218
7,147,448
6, 656,635
6,888,171
10,135,842
11,010,206
13,611,416
12,004, 616
11,248,214
11,817,671
11,978, 728
12, 674,067
13,417, 674
13,966, 696
15,144,996
14,801,130
14,887,762
44, 360
27,819
61,790
76,179
33,444
21,890
24, 642
26, 301
23.783
27, 679
29,191
43,458
61, 371
33,964
36,440
31,284
76,210
136,208
120,438
102,814
96, 652
93,605
86, 612
92,106
86,816
103,817
On bonds
and
securities
to tota)
bonds and
securities
owned
1.12
.651.48
L89
. .73
.43
.48
.44
.41
.43
.41
.66
.89
On account
loans and
discounts
to total
loans and
discounts
0.34
.32
.23
.63
1.20
1.02
.86
.76
.70
.62
.61
.69
.70
Number of national hanks, capital, surplus, net addition to profits, dividends, and
ratios, years ended June 30, 1914 to 1930
[In thousands of dollars]
Ratios
Year ended
June 30—
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
Number of
banks
7,463
7,660
7,671
7,589
7,691
7,762
8,019
8,147
8,246
8,238
8,086
8,070
7,978
7,796
7,691
7, 636
7,262
Capital
Surplus
Net addition
to
profits
Dividends
1,063,978
1,068, 577
1,066,209
1,081,670
1,098, 264
1,116, 607
1,221,453
1,273, 237
1,307,199
1,328, 791
1,334, Oil
1, 369,386
1,412,872
1,474,173
1,693,866
1,627,376
1, 743, 974
714,117
726, 620
731,820
765,918
816,801
869,467
984, 977
1,026, 270
1,049, 228
1,070, 600
1, 080, 578
1,118,963
1,198,899
1, 256,945
1,419, 696
1,479, 052
1, 591, 339
149, 270
127,095
167, 544
194,321
212, 332
240, 366
282,083
216,106
183, 670
203,488
196, 706
223.936
249,167
262,319
270,158
301,804
246, 261
120,947
113, 707
114, 725
125, 638
129, 778
135, 688
147.793
168,158
166, 884
179,176
163, 683
166, 033
173, 763
180, 763
205, 358
222. 672
237, 029
Dividends
to capital
Net addition to
Diviprofits
dends
to
capital
To
and
To cap- ital capand
surplus
ital
surplus
Per cent Per cent Per cent Per ent
8.39
14. 03
6.80
11.37
n.89
6.33
10.63
7.08
14.78
6.38
10. 76
8.76
17.96
6.79
1L61
10.62
19.33
6.78
11.82
11.09
21.65
6.83
12.16
12.11
23.09
6.70
12.10
12.78
16.97
6.88
12.42
9.40
14.05
7.04
12.69
7.79
16.31
7.47
13.48
8.48
14.67
6.78
12.27
8.11
16.36
6.63
12.06
9.00
17.63
6.65
12.30
9.64
17.12
6.62
12.26
9.24
16.95
6.81.
12.88
8.96
7.17 . 18.66
.13.68
9.72
7.11
13.59
14.12
7 38
NATIONAL BANKS CLASSIFIED ACCORDING TO CAPITAL STOCK
The recapitulation following concerns tables published in the
appendix of the report of the Comptroller of the Currency in relation
to the number of national banks in reserve cities and States on December 31, 1929, classified according to capital stock, with amount of
loans and discounts, bonds and securities owned, aggregate resources,
paid-in capital stock, surplus and undivided profits, and total deposits.
878
REPORT ON T H E FINANCES
National banks classified according to capital stock December 3 1 , 1929
[In thousands of dollars]
Bonds
NumLoans
Aggregate
and
ber of
and
securities resources
banks discounts i owned
Capital of less than $60,000
Capital of $60,000 but less than
$200,000...
Capital of $200,000 but less than
$500,000
Capital of $600,000 but less than
$1,000,000....
Capital of $1,000,000 but less
than $5,000,000
Capital of $6,000,000 but less
than $25,000,000
Capital of $25,000,000 but less
than $50,000;COO
Capital of $50,000,000 or more..
Total United States.
Capital
Surplus
and undivided
profits
Total
deposits
2,050
424,952
254,968
851.126
64,837
61,399
696,210
3,968
2,662,332
1,665,954
5,243, 903
319,977
386,892
4,189,182
900
2,017,689
1,060,931 3,776,509
225,857
275,436
3,025,134
261
1,268,078
661,429
2,304,687
146,105
163,602
1,843,327
. 192 2,912,181
943,814
5,174,924
313,472
363,391
4,156,098
30
2,481,640
980,767
4,836,224
244,950
370,080
3,740,236
4
1, 209, 722
2,193,733
247,493
742,497
2,145,377
4,649,733
134, 276
266,000
123,433
322,286
1,684,146
3,440,162
7,408 16,160,227
6,457,843 28,882,483 1,704,473 2,045,419 22,773,493
»Includes overdrafts.
NATIONAL BANK EXAIMINERS
The following is a list of the examiners in the service on November
1, 1930:
C H I E F NATIONAL BANK
EXAMINER
F O L G E R , W . P . , Office C o m p t r o l l e r of t h e C u r r e n c y , W a s h i n g t o n , D . C.
ASSISTANT C H I E F NATIONAL BANK
EXAMINERS
Office Comptroller of t h e Currency, Washington, D . C.
CROSSEN, G . W .
HODGSON, R . M .
MCBRYDE, W . W .
SMITH, C . F .
WILSON, C . F .
DISTRICT C H I E F NATIONAL BANK
EXAMINERS
[By Federal reserve districts]
F.R.
Dist.
No.
Name
Address
1
2
Williams, F. D
Roberts, L. K
3
Newnham, Stephen L
4
Taylor, WilUam
5
Chorpening, I. I .
6
7
Robb, Ellis D_
Leyburn, A. P__
8
Neill, Robert. _
9
Madland, L. L
10
Wright, Irwin D
11
12
Collier, Richard H
Harris, Thomas E
_ _
Federal Reserve Bank Building, Boston, Mass.
525 Federal Reserve Bank Building, New
• York, N. Y.
1500 Walnut Street, room 1503, Philadelphia,
Pa.
715 Federal Reserve Bank Building, Cleveland,
Ohio.
National Metropolitan Bank Building,Washington, D. C.
717 First National Bank Building, Atlanta, Ga.
164. West Jackson Boulevard, room 1209,
Chicago, 111.
1310 Federal Commerce Trust Building, St.
Louis, Mo.
1334 First National Soo Line Building, Minneapolis, Minn.
' 800 Federal Reserve Bank Building, Kansas
City, Mo. ,
1706 Republic Bank Building, Dallas, Tex,
155 Montgomery Street, room 1103, San Francisco, Calif.
COMPTROLLER OE THE CURRENCY
879
NATIONAL BANK EXAMINERS
Address
Allen, E . F . . - Amrhein, Joseph A_
Anderson, 0. A
Ashwood, Cecil--Austin, James W_
Bailey, J. L__
Baker, W. B_
Baldridge, W. H .
Basham, A. A
Baty, M. R
Baugh, G. W__Beaton, Otis W_
Becker, E. J., jr.
Bishop, R. 0 . . - .
Black, H. W_
Bleakley, B. J . .
Boysen, Alfred.
Burk, Lysle S_Burt, Ross M__
Byrne, James J
Carter, Aubrey B. (U) _ _.
Clarke, A. A___
—.
Clarke, F. S
Coffin, George M. (Rec.).
Coffin, G. S
-.
Cooke, A. J .
Cunningham, F. F_
Cutler, W. A._.-_Dalton, John W_-Davenport, H. B-_
DeBaun, Claude.
Detlefsen, E. 0_.
Dolan, Reed
Donahue, C. A.
10
7
1
2
Donahue, W. H_
Donovan, Leo D__.
Dooley, Thomas E_
Douglas, A. M
Dresler, H. B .
Dye, Sam W
Elkins, Lewis R_See footnotes at end of table
12101—31
58
800 Federal Reserve Bank Building, Kansas
City, Mo.
203 Grace-Broad Arcade Building, Richmond,
Va.
No. 9 Midland National Bank Building, Billings, Mont.
Statler Hotel, Buffalo, N. Y.
705 Federal Reserve Bank Building, Cleveland,
Ohio.
National Metropolitan Bank Building, Washington, D. C.
1500 Walnut Street, room 1503, Philadelphia,
Pa.
522 Central Building, Seattle, Wash.
Post-office box 940, Knoxville, Tenn.
164 West Jackson Boulevard, Chicago, 111.
1016 Twenty-eighth Street, Sioux City, Iowa.
525 Federal Reserve Bank Building, New
York, N. Y.
Post-office box 186, Clinton, Okla.
800 Federal Reserve Bank Building, Kansas
City, Mo.
525 Federal Reserve Bank Building, New York.
N. Y.
Post-office box 44, Greensburg, Pa.
Post-office building, Wilkes-Barre, Pa.
307 Federal Building, Des Moines, Iowa.
800 Federal Reserve Bank Building, Kansas
City, Mo.
Post-office box 741, Montgomery, Ala.
Room 348, Treasury Department, Washington,
D. C.
Post-office box 122, Lima, Ohio
General delivery, Kingston, N. Y.
Care of First National Bank, Putnam, Conn.
155 Montgomery Street, room 1103, San Francisco, Calif.
638 H. W. Hellman Building, Los Angeles,
Calif.
Post-office box 1175, Lakeland, Fla.
Post-office box 272, Decatur, 111.
Post-office box 958, Charlotte, N. C.
1500 Walnut Street, room 1503, Philadelphia,
Pa.
Post-office box 442, Utica, N. Y.
525 Federal Reserve Bank Building, New York,
N.Y.
Post-office box 442, Albany, Ga.
638 H. W. Hellman Building, Los Angeles,
Calif.
800 Federal Reserve Bank Building, Kansas
City, Mo.
Hotel Keenan, Fort Wayne, Ind.
273 Grand View Terrace, Hartford, Conn.
525 Federal Reserve Bank Building, New York,
N. Y.
715 Federal Reserve Bank Building, Cleveland,
Ohio.
326 Central Building, Peoria, 111.
214 Federal Building, Evansville, Ind.
880
REPORT ON T H E FINANCES
NATIONAL BANK
F.R.
Dist.
No.
Address
11
6
4
3
11
2
E m b r y , Jacob
E v a n s , Clyde J
Faris, A. B
Finney, R. G o r d o n .
Foster, Charles W_Francis, C. C
10
1
7
Fraser, J. A
Freeman, 0 . M_
French, H . S _ . . .
7
4
Fuller, H a r r y R_
Fulton, I r a J
10
F u n s t e n , J. B__
12
F u n s t e n , W. P_
4
9
11
12
Gaskell, George R
Gentrv, J a m e s H_
Gilbert, H . B
Glazier, Charles A
Goodhart, R. W. ( R e c ) .
12
1
8
3
Gray, W.
Green, A.
Harrison,
Hartman,
4
11
11
8
Hauschild, L. P
Hawkins, J. W
Hedrick, G. C
Hooker, R o b e r t K_
12
7
Hooper, M a r s h a l l . .
Hopkins, R. L
11
2
9
H o r t o n , B. E
Hotchkin, Paul I .
Huck, William F_
1
11
Hurley, Michael J . .
H u t t , William E . . .
Joseph, E d w a r d M_
r
M. ( J G ) . . .
W
H . G_
Charles H_
Kane, Thomas F . _ .
K a n e , W. W
Ketner, J o h n H
Keyes, P a u l C. (Rec)_
7
11
12
EXAMINERS—Continued
Laird, H . A
Lamb, Ernest
L a m m , R. F o s t e r .
6 L a m m o n d , W. M_
4 Lanum, Harry L .
See footnotes at end of table.
1706 Republic Bank Building, Dallas, Tex.
Post-office box 822, Nashville, T e n n .
Post-office box 506, Richmond, K y .
Post-office box 61, Lancaster, P a .
519 Bedell Building, San Antonio, Tex.
525 Federal Reserve B a n k Building, New York,
N.Y.
Post-office box 574, Hutchinson, K a n s .
205 Governor Street, Providence, R. I.
164 West Jackson Boulevard, room 1209,
Chicago, 111.
Post-office box 592, Indianapolis, I n d .
715 Federal Reserve B a n k Building, Cleveland,
Ohio.
800 Federal Reserve B a n k Building, K a n s a s
City, Mo.
638 H . W. Hellman Building, Los Angeles,
Calif.
Post-office box 14, Mansfield, Ohio.
103H F o u r t h Street, Bismarck, N . D a k .
Post-office box 1062, Austin, Tex.
326 Yates Building, Boise, I d a h o .
c/o Division Insolvent N a t i o n a l Banks, Office
Comptroller Currency, Treasury D e p a r t ment, Washington, D . C.
514 Post-office Building, Portland, Oreg.
Federal Reserve Bank Building, Boston, M a s s .
601 West Oak Street, Carbondale, 111.
1500 W a l n u t Street, room 1501, Philadelphia,
Pa.
Post-office box 473, New Castle, P a .
Post-office box 1471, Abilene, Tex.
c/o Federal Reserve Bank, Houston, Tex.
1310 Federal Commerce T r u s t Building, St.
Louis, Mo.
c/o Travelers Hotel, Sacramento, Calif.
164 West Jackson Boulevard, room 1209,
Chicago, 111.
1319 T h i r t e e n t h Avenue, Corsicana, Tex.
326 Ten E y c k Street, W a t e r t o w n , N . Y .
1334 First National Soo Line Building, Minneapolis, Minn.
Federal Reserve B a n k Building, Boston, M a s s .
Sherman, Tex.
5456 Cornell Avenue, A p a r t m e n t 2 - D , Chicago, 111.
National Metropolitan B a n k Building, Washington, D . C.
5381 Pershing Avenue^ St. Louis, Mo.
406 Carsonia Avenue, Pennside, Reading, P a .
c/o Division Insolvent N a t i o n a l Banks, Office
Comptroller C u r r e n c y , T r e a s u r y D e p a r t m e n t ,
Washington, D . C.
309 Federal Building, Des Moines, Iowa.
Post-office box 337, F o r t W o r t h , Tex.
638 H . W. Hellman Building, Los Angeles,
Calif.
Post-office box 1364, New Orleans, La.
Post-office box 463, Columbus, Ohio.
COMPTROLLER OF T H E CURRENCY
881
NATIONAL BANK EXAMINERS—Continued
Address
Laufer, H. E
Lay cock, W. C
Lilly, John F
Linden, C. C.
Logan, J. M
Lorang, P. J
.
Luiken, John B
Luscoiribe, A. P
Lyon, C. W
....
Lyons, Gibbs ( U ) . . .
McCall, W. P
McCans, A. B
McClain, J. S
McCoy, Thos. P . . .
McGinnis, F. J
McLaren, D. D
McLean, C. H
McMullan, J. R
Machleid, C. J
Male, W. N
Mann, Stuart H
Medill, George L . . .
MUler, P. v . .
Mooney, Russell E_
Morgan, C. E
Morgan,, William M
Motter, Charles W .
Murphy, Daniel F__
Nelson, F. S
.
Nelson, Nels
Norman, Louis A . . .
O'Bleness, E. J . . . . .
Ockershausen, F. C.
O'Connor, T. J
Palmer, R. E. A . . . .
Parker, Edw. F
Penn, D. V.
Petersen, F. R
Pierce, W. W_
Pole, J. H
...
Price, A. E . . . _ . - . :
See footnotes at end of table.
164 West Jackson Boulevard, room 1209,
Chicago, 111.
General delivery, Somerset, Pa.
c/o La Fayette Hotel, Little Rock, Ark.
403 Empire State Building, Spokane, Wash.
Federal Reserve Bank Building, Boston, Mass.
525 Federal Reserve Bank Building, New
York, N. Y.
823 Comer Building, Birmingham, Ala.
525 Federal Reserve Bank Building, New York,
N. Y.
Post-office box 508, Norfolk, Nebr.
c/o Division Insolvent National Banks, Office
Comptroller of Currency, Treasury Department, Washington, D. C.
Federal Reserve Bank Building, Boston, Mass.
525 Federal Reserve Bank Building, New York,
N. Y.
717 First National Bank Building, Atlanta,
Ga.
155 Montgomery Street, room 1103, ^San
Francisco, Calif.
1500 Walnut Street, room 1503, Philadelphia,
Pa.
No. 14 Magill Block, Fargo, N. Dak.
638 H. W. Hellman Building, Los Angeles,
Calif.
National Metropolitan Bank Building, Washington, D. C.
184 Atlantic Avenue, Lynbrook, N. Y..
506 California Building, Denver, Colo.
1310 Federal Commerce Trust Building, St.
Louis, Mo.
Post-office box 32, Altoona, Pa.
800 Federal Reserve Bank Building, Kansas
City, Mo.
Post-office box 1092, Louisville, Ky.
522 Central Building, Seattle, Wash.
1500 Walnut Street, room 1503, Philadelphia,
Pa.
Post-office box 332, Raleigh, N. C.
31 Albion Street, Melrose Highlands, Mass.
202 Federal Building, Grand Island, Nebr. .
1334 First National Soo Line Building, Minneapolis, Minn.
Post-office box 621, Cincinnati, Ohio.
201 Security National Bank Building, Sioux
Falls, S. Dak.
Post-office box 1162, Columbia, S. C.
Hotel Syracuse, Syracuse, N. Y.
327 Post-office Building, Pocatello, Idaho.
Federal Reserve Bank Building, Boston, Mass.
525 Federal Reserve Bank Building, New York,
N. Y.
Do.
Post-office box 1223, Shreveport, La.
525 Federal Reserve Bank Building, New York,
. N. Y.
155 Montgomery Street, room 1103, San
Francisco, Calif.
882
REPORT ON T H E FINANCES
NATIONAL BANK
F.R.
Dist.
No.
Address
Prickett, K a r l E .
7
10
Quinn, H e n r y F _ . .
Rafter, Charles T .
Ramsdell, P . C _ . . .
3
Ransom, F . T . . . _ .
7
Regan, Williain A-
7
2
Reimers, D . H_
Rial, Ben P
2
10
11
10
Robinson, H . P_
Roetzel, G. F . _ .
Roots, J. O
Ross, M. A
4
12
Rossman, R i c h a r d .
Rummel, John T . -
1
7
11
7
Ryan, Frank J . Sanders, J. L
Sandlin, W. A_-..
Schechter, W. J .
5
9
9
12
Schofield, J o h n W. ( U ) .
Seabury, R. M
Sedlacek, L. H
Sevison, H e n r y .
Shapirer, L e o . . .
Shea, L. A_
2
2
11
3
4
4
Sheehan, W. F .
Shroyer, R. R_.
Sibley, W. L . . .
Siebert, J. H . . .
Sims, M. H . _ . .
Smith, E . T . . .
3
4
Smith, George F .
Smith, George H_
3
12
Snyder, Vernon G_
Spendrup, Max V_
Spires, J o h n D
Stevens, L. T
Stewart, Adelia M_
5
2
EXAMINERS—Continued
Stewart, Charles A .
Stewart, H . E
12 Stobie, Charles A_
5 Stokes, H . F
3 Stover, L. W . . . _ See footnotes at end of table.
525 Federal Reserve Bank Building, New York,
N . Y.
Post-office box 78, G r a n d Rapids, Mich.
Post-office box 296, Salina, K a n s .
National Metropolitan B a n k Building, Washington, D . C.
1500 W a l n u t Street, room 1503, Philadelphia,
Pa.
•
164 West Jackson Boulevard, room 1209,
Chicago, 111.
164 West Jackson Boulevard, Chicago, 111.
525 Federal Reserve B a n k Building, New York,
N . Y.
Do.
Post-office box 1091, Oklahoma City, Okla.
Post-office box 1062, Austin, Tex.
800 Federal Reserve B a n k Building, K a n s a s
City, M o .
Post-office box 1058, P i t t s b u r g h , P a .
155 M o n t g o m e r y Street, room 1103, San F r a n cisco, Calif.
Federal Reserve Bank Building, Boston, Mass.
Post-office box 592, Indianapolis, I n d .
1706 Republic B a n k Building, Dallas, Tex.
405 Federal Reserve Bank Building, Detroit,
Mich.
1539 H a y w o r t h Avenue, Hollywood, Calif.
Post-office box 920, Clarksburg, ^W. Va.
1334 First National Soo Line Building, Minneapolis, Minn.
309 Torrey Building, D u l u t h , Minn.
155 Montgomery Street, room 1103, San F r a n cisco, Calif.
525 Federal Reserve Bank Building, New York,
N . Y.
Do.
Do.
Post-office box 1584, Waco, Tex.
Post-office box 491, Williamsport, P a .
Post-office box 1058, P i t t s b u r g h , P a .
715 Federal Reserve Bank Building, Cleveland,
Ohio.
Post-office box 981, Harrisburg, P a .
A p a r t m e n t 702-A, P e n n Albert Hotel, Greensburg, P a .
Post-office box 231, Sunbury, P a .
638 H . W. Hellman Building, Los Angeles,
Calif.
1310 Federal Commerce T r u s t Building, St.
Louis, M o .
4929 Pleasant Avenue South, Minneapolis,
Minn.
R o o m 217, Office of Comptroller of Currency,
T r e a s u r y D e p a r t m e n t , Washington, D . C.
Post-office box 97, E a s t Falls Church, Va.
525 Federal Reserve B a n k Building, New York,
N.Y.
Post-office box 313, Honolulu, Hawaii.
Post-office box 1185, H u n t i n g t o n , W- Va.
7040 Ruskin Lane, Philadelphia, P a .
COMPTROLLER OF T H E CURRENCY
883
NATIONAL BANK EXAMINERS—Continued
F.R.
Dist.
No.
7
4
1?
5
12
q
9
1?
7
7
2
11
12
10
12
2
7
4
11
5
8
9
12
8
Name
Address
Stuart, R o b e r t K
Swensen, Loren T
Taylor, 0 . C
906 Michigan Avenue, E v a n s t o n , 111.
75 Forest Drive, Painesville, Ohio.
638 H . W. Hellman Building, Los Angeles,
Calif.
National Metropolitan Bank Building, WashTaylor, W . M
ington, D . C.
Tolton, A. F__
1107-A. M a t t e l Building, Fresno, Calif.
Van Brunt, L. J __ __
1716 St. Anthony Avenue, St. Paul, Minn.
Von Birgelen, F . M
1334 First National Soo Line Building, Minneapolis, Minn.
Waldron, W. J _
"
638 H . W. H e l l m a n Building, Los Angeles,
Calif.
Walker, H a r r y W
Hotel Witter, Wisconsin Rapids, Wis.
164 West Jackson Boulevard, room 1209,
Ward, M. M
Chicago, 111.
Watts, John L
525 Federal Reserve Bank Building, New York,
N.Y.
Post-office box 1224, Amarillo, Tex.
Whitehurst, W. M .
514 post-office building, Portland, Oreg.
Wilde, Max C
-_ _ _
800 Federal Reserve Bank Building, K a n s a s
Williams, E . L
City, Mo.
Williams, T. B
_
638 H . W. Hellman Building, Los Angeles,
Calif.
Wilson, E . B
__ . Post-office box 607, Albany, N . Y.
Wilson, G. R
..
Post-office box 589, Danville, 111.
Wilson, Verne J . 715 Federal Reserve Bank Building, Cleveland,
Ohio.
Witt, G. T
504 Greenville Exchange National Bank Building, Greenville, Tex.
Wood, D . R
Pulaski National Bank Building, Pulaski, Va.
Woodside, H a l .
1248 Washington Avenue, Springfield, Mo.
Wray, Harold L ._ _
1334 First National Soo Line Building, Minneapolis, Minn.
Wright, E . M
_._ 514 Post-office Building, Portland, Oreg.
Young, William R
407 First National Bank Building, Memphis,
Tenn.
(Rec)=Acting as receiver of a national bank.
(JG)=National bank examiner, junior grade.
(U)=Unassigned.
I
CONVICTIONS OF NATIONAL BANK OFFICERS AND OTHERS FOR
VIOLATIONS OF THE NATIONAL BANKING LAWS DURING THE
YEAR ENDED OCTOBER 31, 1930
Information furnished by the Department of Justice relative to
convictions during the year ended October 31, 1930, of officers and
employees of national banks, and others, for violations of the national
banking laws, is shown in the statement following.
00
00
Crimindl cases under the national banking laws resulting in conviction during the year ended October 31, 1930
Name of oflBcer and others
Position
Albright, K. F _ _ . .
Alden, Howard C.
Cashier.
do...
Angrove, William J..
Anthony, T. A
Teller
President.
Teller.
Arnold, Otho W
Arthur, Lawrence A:
Astle, J. G
Bachman, Louis...
Becker, Arthur 0 .
Benton, Harry T..
Blanchard, M. C .
Blodgett, Robert M .
Boesch, F. W
Bugg, William L.,
Burroughs, E. W.
Burt, jr., Oscar J..
Butt, Henry J
Campbell, Earl..
Caruth, R. T
Casey, William J .
Chisppeta, ErminoClark, Harold J
Clark, Herbert.
Coello, P . J
Paying teller
Manager, Echo
Park
Sunset
branch.
Bookkeeper, Peoples
Homestead
branch, Brooklyn.
Teller, Broadway
oflBce
at
Los
Angeles.
President
Vice president
Bookkeeper, Long
Beach branch.
Cashier
Title and location of the bank
First National Bank, Littlefield, Tex
Tanners National Bank, Woburn, Mass
Whitestown National Bank, Whitesboro, N. Y .
First National Bank, Wausa, Nebr
Citizens National Trust & Savings Bank, Los
Angeles, Calif.
Federal National Baiik, Boston, Mass
Citizens National Bank, Los Angeles, Calif
Offense
False entry
Misapplication
Abstraction
False entries, misappHcation, a
straction. .
Abstraction
Embezzlement
Embezzlement and false entries
Sentence
Date of sentence
June 18,1930
3 years
1 year and 1 day, proba- Apr. 28, 1930
tion 2 years.
1 year and 1 day
(»)
Jan. 23,1930
$500 fine
3 years, sentence suspend- July 7,1930
ed 6 years.
Mar. 26,1930
7 years
May 19,1930
3 years, probation..
National City Bank, New York, N. Y
Misapplication and false entries... 2 years, suspended
Bank of Italy National Trust & Savings Assosiation, San Francisco, Calif.
Embezzlement and false entries... 2 years, probation 6 years. Apr. 14,1930
First National Bank, Seale, Ala
First National Bank, Holtville, Calif
Los Angeles Firot National Trust & Savings
Bank, Los Angeles, Calif.
First National Bank, Amboy, Minn
False entries
False entry
do
5 years, probation
6 months, 2 years probation.
3 years, probation
$1,000 fine and sentence
suspended as to impriFalse entry
soimient.
United States National Bank, San Diego, Calif. Embezzlement and false entries... 6 months, probation.
TeUer..
Atlantic National Bank, Jacksonville, Fla
- Misapplication
1 year and 1 day
do..
National Shawmut Bank, Boston, Mass
Aider and abettor
4 months
Bookkeeper, Peoples National City Bank, New York, N. Y
Misapplication
2 years, suspended
Homestead
branch, Brooklyn.
3 months
Misappropriation
Assistant bookkeep- Eighth National Bank, Philadelphia, Pa..
ing department.
First National Bank, Coalville, Utah
Embezzlement15 months
Cashier
Daly City branch. Bank of Italy Trust & Savings
8 years
Aider and abettor
Association, Los Angeles, Calif.
2 years
Bookkeeper, Yreka Bank of Italy National Trust & Savings AssociaFalse entries
tion, San Francisco, Calif.
branch.
Blackwell National Bank, Black well, Okla
$1,600 fine and 18 months,
Cashier
probation.
0)
Second National Bank, New Haven, Conn
1 year, probation! year...
2 years, probation
Teller, Los Gatos Bank of Italy National Trust & Savings Associa- Embezzlement
do
tion, San Francisco, Calif.
branch.
(0
O
pi
H
O
Oct. 27,1930
Aug. 16,1930
(»)
Mar. 4,1930
4
(»)
a
Feb. 4,1930
Apr. 14,1930
Ul
(0
Mar. 11,1930
Jan. 18,1930
Sept. 20,1930
Feb. 28,1930
Jan. "~8,1930
(0
Mar. 8 193
Colloty, Garrett L
Cornelius, jr., Abraham.
Cornwell, William J
Cowger, Francis
Cruickshank, Lyall.
Cvengros, John J . . .
Bookkeeper, Daly
City branch.
Cashier.Bookkeeper, Peoples
Homestead
branch, Brooklyn.
Assistant cashier
Manager, Whittier
Lorena
branch,
Los Angeles.
Teller
Dawkins, R. H
Dooley, James
_
Doremus, Mrs. Frances.
Bookkeeper and relief teller.
Director
TeUer
Bookkeeper
..
Dougal, Robert...
Dougherty, John.
Daniels, Claude W .
Misapplication..
4 years
Sept. 20,1930
Citizens National Bank, Englewood, N . J..
National City Bank, New York, N. Y
Embezzlement..
Misapplication..
2 years, suspended.
do...
Apr. 21,1930
Commercial National Bank, Ainsworth, Nebr.
Bank of Italy National Trust & Savings Association, San Francisco, Calif.
Embezzlement and false entries
Embezzlement
6 years, probation
1 year, probation 2 years.
Sept. 25,1930
Feb. 17,1930
.do.
0)
.do.
3 years
June 12,1930
-do.
Merchants & Miners National Bank, Ironwood,
Mich.
First National Bank in Fresno, Calif...
11 months..
June 10,1930
July 14,1930
Mar. 12,1930
May 12,1930
Conspiracy
Embezzlement..
Misapplication..
$250 fine..13 months..
1 year
Teller
First National Bank, Samson, A l a . . . .
Second National Bank, Cincinnati, Ohio
Peoples National Bank & Trust Co., Belleville,
N.J.
First National Bank, Concord, N. H
False entries
Assistant cashier.
First National Bank, Little Falls, Minn
Embezzlement and false entry. _
Dowling, Harvey C . .
Dowling, Horace 0 . . .
Dowling, J. R
Drummond, John D..
Dubois, Leo F
Dunn, Neil H .
Frazer, J. Stuart
Director.,
.doCashier
.
Teller..
„
Receiving teller.
President
Director
First National Bank, Ozark, Ala.,
.do
.do..
Merchants National Bank, Poughkeepsie, N . Y .
Merchants National Bank, Manchester, N. H..
First National Bank, Hastings, N e b r . . - -.
National Bank of Clay ville, N. Y.; Utica National Bank & Trust Co., Utica, N. Y.
Misapplication.,
.do.,
.doEmbezzlement..
do...
False entries and misapplication..
Galloway, C. A
Ganong, Arthur iF.,
Goldberg, H
President
Manager, Oakland
branch.
E m p l o y e e , head
office, Los Angeles
Division.
Collection teller
Liberty National Bank, Weathersford, Okla
Bank of Italy National Trust & Savings Association, San Francisco, Calif.
do
-
$76 and costs, 6 months, May 6,1930
probation 1 year.
4 years, probation granted Apr. 29,1930
second count after serving sentence first count.
2 June 3,1929
$250 fine
do
Do.2
do.
Do.2
2 years, probation
May 12,1930
3 years
Dec. 17,1929
$1,000 fine
Jan. 6,1930
Court suspended imposi(0
tion sentence for 4 years
during good behavior.
June 12,1930
$1,200 fine
June 3,1930
1 year
Gray, Clarence J
Gross, E. H
Gunder, William M .
Hammerman, William
Hansen, .4. H
Hayes, James K.
Holloway, A. H
Holman, Jesse D
Holman, Y. Allen..
United States National Bank, Portland Oreg-..
First National Bank, Culver City, Calif
Pro-manager, Ver- Merchants National Trust & Savings Bank,
Los Angeles, CaUf.
non office.
Assistant cashier Bank of Italy National Trust & Savings Association, San Francisco, Calif.
and teller.
Elmhurst National Bank, Elmhurst, N. Y
President...
Citizens National Trust & Savings Bank, Los
Employee
Angeles, Calif.
Salisbury National Bank, Salisbury, Md
Assistant cashier..
First National Bank, Ozark, Ala
Director
....do-1 Information not supplied.
(0
-
0)
-
-—
—
-
Misapplication and false entires.
Embezzlement
3 years, probation..
.do..
13 months..
15 months..
Mar. 27,1930
July 15,1930
Mar. 17,1930
Embezzlement..
3 years, probation..
g
pi
O
g
Q
d
Feb. 17,1930
Misappropriation.,
Aider and abettor..
0)
-
8
Apr. 28,1930
Misapplication..
Embezzlement..
Paroled
3 years, probation.
Misapplication and false entries.
2 years and 6 months..
MisappHcation..
$500 fine...
Aider and abettor.
$260 fine
2 Not previously reported.
4
S
0)
Oct. 14,1930
• 0)
2 June 3,1929
July 17,1930
oo
00
CJT
Criminal cases under the national hanking laws resulting in conviction during the year ended Octoher 31, 1930—Continued
Name of officer and others
Hoobler, Wayne E .
Howell, A. L . . .
Huff, Jr., F. E..
Hunter, C. H . Hutchinson, Robert Winfield.
Ingle, Arthur T .
Innis, Frank J
James, George
Johnson, HaroldJones, Cyrus
Kempf, Wilham..
Kershow, John M . . .
Kimball, George W_
Title and location of the bank
Offense
Teller, Roseville
branch.
Assistant cashier
Bookkeeper
Cashier
Bank of Italy National Trust & Savings Association, San Francisco, Calif.
First National Bank, Samson, Ala
._
First National Bank, Las Cruces, N. Mex
Unaka & City National Bank, Johnson City,
Tenn.
National Shawmut Bank, Boston, Mass
Embezzlement and abstraction..
2 years, probation
May 19,1930
Conspiracy
Misapplication..
Embezzlement..
4 months and $600 fine
3 years, probation
_
6 years and costs
July 14,1930
Dec. 31,1929
Mar. 7,1930
(0-
6 months, probation..
Apr. 14,1930
First National Bank, Sevierville, Tenn__
First National Bank, Columbus, Ohio
Chase National Bank, New York, N. Y_
False certification of check.
False statement
Theft
$1,000 in lieu of costs _
2 years, probation
6 years, probation
Jan. 13,1930
Apr. 25,1930
2 June 26.1929
Marine National Bank, Erie, Pa..
Embezzlement, forgery, and coun- 3 years
terfeiting.
Embezzlement and false entries... 16 months..
2 years
0)
-
First National Bank, El Paso, Tex
National Bank of Republic, Chicago, 111.
Klemann, Herbert E . .
Bookkeeper.
Marcus Hook National Bank, Marcus Hook, Pa. Embezzlement.
First National Bank of Lawrence County, New
do
Castle, Pa.
First National Bank, Elmhurst, 111
t...
-do._..
Kleuskens, Wilfred G_
Note teller..
Ogden National Bank, Chicago, 111.
Kluskins, William..
Kuratko, F . J
Lamar, Nelson E . . .
....do
Assistant cashier...
Teller
i
Larkin, Leon F...^.
Lee, G. W
Le Veque, James Oliver.
Locker, Max
Lowry, J. B. F . . .
Lundelius, C. A . .
Lyne, Oscar
Marklin, J. H
Marsh, George F .
Date of sentence
Position
Teller, Stuart-Tremont office.
Cashier..
Employee
Receiving teller.
Prince
Street
branch.
Messenger and mail
clerk.
Teller...
Assistant manager
foreign exchange
department.
Teller
....do
:
.do.
First National Bank, Smith ville, Tex
First Camden National Bank & Trust Co., Camden, N. J.
Transit manager
Third National Bank & Trust Co., Springfield,
Mass.
Cashier and director. First National Bank, Commerce, Okla
Bookkeeper, Chico Bank of Italy National Trust & Savings Assobranch.
ciation, San Francisco, Calif.
Peoples Homestead branch, Brooklyn, National
City Bank, New York, N . Y.
Vice president
Hamilton National Bank, Chattanooga, T e n n . .
Exchange teller
American National Bank, Austin, Tex
Bookkeeper
Fayette National Bank, Lexington, Ky
Assistant cashier
American National Bank, Findlay, Ohio
Teller, Daly City Bank of Italy National Trust & Savings Assobranch.
ciation, San Francisco, Calif.
.do.._.
0)-Embezzlement and false entry.
Embezzlement
.do.
Corrupt practices.
Sentence
OO
OO
2 Sept. 24,1929
Apr. 30,1930
Jan. 28,1930
1 year, probation 3 years.. Dec. 17,1929
8 months
Jan. 27,1930
1 year and 1 day, probation
2 years.
6 months, 2 years probation.
6 years
do
2 years, probation
(0
Jan. 29,1930
May 10,1930
May 23,1930
Oct. 20,1930
Jan. 17,1930
Jan. 28,1930
0)
Aider and abettor..
$1 fine
0)Embezzlement and false entry.
Embezzlement
do
Misapplication
3 years
3H years
5 years, sentence suspended
2 years and costs
2 years, probation.
o
W:
tel
May 7,1930
3 years.
$50 fine..-.
6 months..
O
pi
(0
Nov.
May
Jan.
June
Sept.
13,1929
31,1930
22,1930
16,1930
20,1930
4
Maurer, A. R
Cashier
First National Bank, Kingsbury, Tex.,
Maurer, Helen
McCracken, J. H
McMullen, Miss Zeta.
Assistant cashier..
..-.do
Bookkeeper
.do.
Scottsbluff National Bank, Scottsbluff, Nebr...
First National Bank, Breckenridge, Minn
McNeil, F . B..
Merkle, Fred..
Assistant cashier.
Employee
Miller, Edward.
Assistant cashier.
First National Bank, Durango, Colo
Passaic National Bank & Trust Co., Passaic,
N.J.
First National Bank, Windham, N . Y
Miller, Peter J . .
Mill is, John M . .
Morris, John F . .
Cashier.
do-_
Clerk...
Munson, Richard G.
Cashier-
Nikkel, C. L
O'Reilly, Charles W..
Pate, Oscar
Polk, Joel P
Polk, Mrs. Mima Jones..
Pritchett, Frank J
,
Ramos, J, O . . .
Redgrave, W. J__
Reed, Charles H .
Reynolds, T. H
Richardson, A. Clark..
Rivers, William D
Roberts, Charles V. H..
Roberts, Oliver Steel...
Roche, James
Rose, Wilham H .
Rosetti, William..
Ryon, Fred
Schwarzbach, A. T . .
Schweyer, Philip A..
-do.
.do.
do.
Teller.,
.doCashier
EmployeeTeller
Manager, Glassell
Park branch.
Teller, Imperial
Valley branch. El
Centre.
Teller, Broadway
and Florence
branch.
Collection teller
Teller.
Embezzlement, abstraction, misapplication, and false entries.
do
:....
Embezzlement and false entries..
False entries
Embezzlement..
Misapplication..
Imposition of sentence
suspended.
1 year and 1 d a y . . .
6 years
1 year and $250 fine
Embezzlement.'.
First National Bank, South Plainfield, N. J . . . .
First National Bank. Russell, Ky
Hartford National Bank & Trust Co., Hartford,
Conn.
First National Bank, Windham, N. Y
(0
Embezzlement.
do
Liberty National Bank, Weathersford, Okla..National Bank of Ridgewood in New York,
N.Y.
City National Bank, Sweetwater, Tex
Douglass National Banl^, Chicago, HI.-.-.do.
First National Bank, Culver City, Calif
United States National Bank, Los Angeles,
Calif.
National City Bankj Los Angeles, Calif
United States National Bank, Los Angeles,
Calif.
Bank of Italy National Trust & Savings Association, San Francisco, Calif.
0)
Security First National Bank, Los Angeles,
Calif.
.do-
-
Misapplication and false entries..
Embezzlement and false entries...
Aider and abettor
Embezzlement
Misapplication.
Misapplication, embezzlement, and
false entries.
Misapplication...
Embezzlement and false entries..
Embezzlement..
Misapplication..
Burns National Bank, St. Joseph, Mo
E mbezzlement
Aider and abettor..
National Bank of Jerseyville, Jerseyville, HI
Fletcher American National Bank, Indianapolis, Embezzlement..--.
Ind.
.doNational Bank ofthe Repubhc, Chicago, 111
.doNational Bank & Trust Co. of Boyertown,
Boyertown, Pa.
Bowery & East River National Bank, New
.do..
York, N. Y.
Messenger
Messenger and collector.
Assistant p a y i n g
teller.
Paying and receiv- Merchants Bank & Trust Co., Washington,
D. C.
ing teller..
South Texas National Bank, Galveston, Tex...
Cashier
Bookkeeper, Peoples National City Bank, New York, N. Y
Homestead
branch, Brooklyn.
1 Information not supplied.
6 years, suspended
2 years
6 years, probation
6 years and $1,000 fine,
probation.
1 year and 1 day
6 months, probation
.do..
False entries
Misapplication..
«Not previously reported.
Imposition of sentence
suspended.
$1,200 fine
1 year and 6 months
3 years
6 months, probation 1 year.
I year and 1 d a y . . . .
23 months
21 months, probation 3
years.
II months, probation
11 months, probation 2
years.
2H years, probation 6
years.
0)
(0
June 9,1930
Jan. 11,1930
Jan. 25,1930
Apr. 2,1930
(0
Feb. 10,1930
May 31,1930
0)
(0
O
O
June 12,1930
Jan. 22,1930
^
Apr. 22,1930
Nov 25,1929
Do
July 16,1930
Mar 31,1930
i
s
Mar 17,1930
Apr. 22,1930
H
Q
o
^
Jan. 13,1930
3 years, probation 6 years. Sept 16,1930
O
Mar 3,1930
Mar 6,1930
Sept 26,1930
a
3 years
1 year and $770 fine
1 year and 1 day
3 years, probation 5 years.. June 23,1930
3 years in jail, probation.. Sept 16,1930
2 years, sentence sus- Apr. 14,1930
pended to 2 years' probation.
Mar. 8,1930
2 years, probation
3 years
2 years, suspended.
M
June 26,1930
0)
00
00
00
00
00
Criminal cases under the national banking laws resulting in conviction during ihe year ended October 31, 1930—Continued
Name of officer and others
Scofield, K. L .
Sebatino, Pasquale.
Seibert, O. A._.
Smith, Warren.
Title and location of the bank
Offense
Sentence
Assistant cashier..
do....
-
National Bank of Norwalk, Norwalk, Conn
First National Bank, Roseto, Pa
Ogden National Bank, Chicago, 111
Merchants National Trust <& Savings Bank,
=
Los Angeles, Calif.
Peoples National Bank & Trust Co., Belleville,
N.J.
Lincoln National Bank & Trust Co., Fort
Wayne, Ind.
Misapplication
Embezzlement, false entries, and
false statement.
Embezzlement...
do
.-.......„
Aider and abettor
$1,500 without costs
2 years
5 years.
.
18 months, probation, suspended 4 years.
6 years
Embezzlement, misapplication,
and false entries.
2 years, probation 2 years,
and $100 fine.
Security First National Bank, Los Angeles,
Calif.
Misapplication
3 years, 6 years probation..
First National Bank, Stanley, N. D a k . .
()
Citizens National Bank, Frostburg, M d . .
Citizens National Bank, Los Angeles, Calif
0)
Embezzlement
1 day in custody. United
States marshal.
16 months, suspended
3 years..
Security First National Bank, Los Angeles,
Cahf.
Chase National Bank, New York, N. Y
Misapplication and abstraction
4 years, probation
Sept. 29,1930
Embezzlement
2 years, suspended
May 29,1930
Pa5dng teller.
Employee
Stanziale, Edward..
Stoner, Miss Erna..
Sturgis, Robert Clifton...
Sullivan, Dorothy (Mrs.
R. C. Fenstermacher).
Sullivan, F. Ralph
Upham, Joseph R
Walker, John W.,
Wall, B. Nelson..
Weber, Earl J . . . .
Westbrook E
Westergaard, C P . Solem.
Westfall, R. R
White, J. C
Wiggins, Thomas..
Wyatt, N . W
Young, Lawrence..
Zuppann, C. D
Manager, s c h o o l s a v i n g s department.
T e l l e r , Broadway
and F l o r e n c e
branch.
B ookkeeper-stenographer.
Bookkeeper
E s c r o w manager.
Western and Second Street branch.
T e l l e r , Glendale
branch.
Loan clerk. Seventysecond S t r e e t
branch.
Assistant p a y i n g
teller.
Teller.
Employee foreign department.
Hudson County National Bank, Jersey City,
N.J.
NTatiorial Union Bank, Rock Hill, S. C
Chatham Phenix National Bank, New York,
N.Y.
First National Bank, Culver City, Calif.
Columbia National Bank, Columbia, S. C
Eighth National Bank, Philadelphia, P a . . .
-
Embezzlement and false entries... 6 years
Embezzlement
Abstraction and misapplication
Aider and abettor
Misapplication
False entries, misapplication, and
abstraction.
Corrupt practices.
Clerk
Assistant receiving
teller.
Vice president and First National Bank, Commerce, Okla..
director.
Employee, Main and Security First National Bank, Los Angeles, Calif. Misapplication and false entries
Washington
branch.
Teller
United States National Bank, Los Angeles, Calif. Embezzlement
1 Information not supplied
Date of sentence
Position
June 18,1930
Sept. 16,1930
(0
July 14,1930
May 12,1930
May
1,1930
hj
o
Sept. 16,1930
u
Jan. 14,1930
o
Apr. 10,1930
Oct. 13,1930
4
Nov. 12,1929
>
Mar. 12,1930
May 19,1930
Ul
1 year
2H years and 5 years,5-year
sentence suspended.
13 months...
30 days.
3 months
July 16,1930
Mar. 21,1930
Mar. 11,1930
$60 fine
Jan. 17,1930
4 years, probation...
Sept. 22,1930
8 months, probation 2 years. May 20,1930
FEDERAL RESERVE BANES
Assets and liabilities of the 12 Federal reserve hanks combined, as of the last weekly statement date in Octoher, from 1921 to 1930
[In thousands of dollars]
Oct. 26,1921 Oct. 26,1922 Oct. 31,1923 Oct. 29,1924 Oct. 28, 1926 Oct. 27, 192P Oct. 26,1927 Oct. 31,1928 Oct. 30,1929 Oct. 29,1930
CP
ASSETS
Gold reserves
.ol
Other cash reserves
Nonreserve cash
Bills discoimted
...—
Bills bought in open market
United States Government obligations
Other bills and securities
Uncollected items
All other assets
Total
2,786,239
150,909
3,085,093
126,836
3,043,826
87,768
42,300
222, 666
215,404
684,200
2,007
611, 709
87,490
2, 782, 649
110, 611
62,932
689, 994
328, 717
324,.767
6,619
684,027
80, 317
2,323, 327
130, 760
62,841
631,923
307, 641
300,174
2,500
693,668
74,449
2,956, 662
136, 793
61,137
402, 398
301, 111
610,630
620
688, 277
73,497
2,641,096
131,900
66,874
932,271
440,376
227,099
3,730
694,479
70,213
3,020,961
156,057
86, 276
991,038
339,886
292, 688
25,131
772,955
70,382
3,037,193
164,581
71,364
201,603
166, 668
601,438
6,322
626, 697
91,327
o
o
pi
O
1,308,749
62,316
190,946
10
640,067
.65,679
6,094,916
469,399
267,691
408, 636
27
663,483
63,931
3, 111, 078
80,067
39,152
883,800
204,698
91,837
317
611, 271
69,047
6,066,096
6,091, 267
4,897,269
4,960,423
6,017,063
6,130,016
6,198,038
6, 764,363
4,856,183
2,408,779
88,024
2,298, 636
37,995
2, 224,866
623
1, 766, 622
1, 694, 771
1,730,611
1, 702,999
1,709,816
1, 880,192
1,364,881
1,669,059
46, 624
22,873
466,044
103,007
213,824
76,681
1, 799,931
23,659
18,180
639.773
106,277
216,398
26,346
1,895,265
40, 334
23,061
665,914
109, 726
218,369
23,210
2, 227, 212
38, 670
31,382
617,360
116, 602
217,837
16, 699
2, 216,896
38, 646
26, 689
638,465
124,392
220,310
22,264
2,361,870
. 19,294
32,287
646,616
131, 293
228, 776
16.882
2,468,280
26,674
24,467
617,004
170,444
276,936
17, 607
6,066,096
6,091, 267
4,960,423
6,017,063
6,130,016
2,370,988
20,498
27,636
666,608
146,878
233,319
34,496
6,198,038
2, 661, 608
18,967
25,896
714, 209
167,025
264,398
42,068
6,094,916
2,162, 347
28,266
27,351
666,610
111, 963
220, 916
13,306
4,897,269
6, 764,363
4,866,183
(0
(})
LIABILITIES
Federal reserve notes in circulation..
Federal reserve bank notes in circulation—net liability.
Deposits:
Member bank—reserve account
Government..
Other
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total
hj
O
W
o
d
o
H4
» Not shown separately prior to 1923.
OO
OO
CO
890
REPORT ON THE FINANCES
Principal assets and liabilities of the 12 Federal reserve hanks combined, on the
last weekly statement date in each month, from January, 1926, to October, 1930
[In millions of dollars]
Assets
Liabilities
Bills and securities
Date
Jan. 27
Feb. 24
Mar.31
Apr. 28
May 26
June 30
July 28
Aug. 26
Sept. 29
Oct. 27
Nov. 24
Dec. 29
Reserves
United
Bills States
Bills bought Govem-|
disment Total»
counted in open securimarket
ties
1926
1927
Jan.26
Feb. 23
Mar. 30
Apr. 27
May 25
June 29
July 27
Aug.31
Sept. 28Oct. 26
Nov. 30
Dec. 28
1928
Jan. 25
Feb. 29
Mar. 28
Apr. 25
May 29
June 27
July 25
Aug. 29
Sept. 26
Oct. 31.
Nov. 28
Dec. 26
1929
Jan. 30
Feb. 27
Mar. 27
Apr. 24
May 29
June 26
July 31
Aug. 28
Sept. 26
Oct. 30
Nov. 27
Dec. 31
1930
Jan. 29
Feb. 26
Mar. 26
Apr. 30
May 28
June 25
July 30
Aug. 27
Sept. 24
Oct. 29
Gold
Deposits
Federal
Capital
reserve
and
Total notes m Memsurplus
circula- bers'
tion reserve Total
296
304
260
199
239
249
211
255
276
308
341
379
365
•331
330
389
395
386
369
321
302
300
300
317
1,119
1,186
1,226
1,114
1,119
1,158
1,106
1,150
1,298
1,242
1,271
1,410
2,801
2,767
2,767
2,797
2,816
2,835
2,851
2,841
2,807
2,823
2,830
2,816
2,953
2,917
2,920
2,954
2,975
2,980
2,999
2,978
2,937
2,954
2,958
2,944 •
1,667
1,679
1,656
1,662
1,673
1,697
1,671
1,693
1,716
1,731
1,774
1,857
2,217
2,203
2,216
2,203
2,195
2,229
2,206
2,202
2,264
2,272
2,262
2,323
2,242
2,243
2,260
2,261
2,268
2,330
2,281
2,262
2,346
365
398
456
444
429
477
398
401
430
402
477
302
280
237
242
236
216
169
185
242
301
355
386
303
305
353
318
322
376
385
473
494
511
648
603
972
985
1,049
1,006
989
.1,071
954
1,059
1,168
1,215
1,381
1,599
2,967
2,983
3,022
3,041
3,012
3,021
3,023
2,998
2,989
2,957
2,806
2,739
3,133
3,141
3,183
3,207
3,178
3,184
3,181
3,146
3,126
3,093
2,940
2,862
1,688
1,708
1,711
1.718
1.706
1,703
-1,662
1,676
1,706
1,703
1,717
1,813
2,192
2,166
2,274
2,270
2,268
2,342
2,282
2,299
2,337
2,362
2,379
2,432
2,246
2,216
2,328
2,314
2,326
2,399
2,330
2,341
2,390
2,404
2,413
2,473
385
493
524
709
944
1,032
1,025
1,039
1,011
932
990
1,168
-347
344
346
366
304
223
169
184
263
440
482
441
408
386
305
219
212
208
209
229
227
229
232
1,174
1,245
1,257
1,381
1,468
1,468
1,402
1,433
1,508
1,603
1,706
1,899
2,819
2,808
2,760
2,723
2,607
2,583.
2,604
2,619
2,633
2,641
2,600
2,684
2,988
2,974
2.931
2,886
2,767
2,738
2,761
2,765
2,771
2,773
2,722
2,689
1,585
1,588
1,567
1,673
1,693
1,605
1,607
1,651
1,682
1,710
1,766
1,911
2,355
2,375
2,357
2,417
2,367
2,346
2,300
2,269
2,316
2,371
2,361
2,409
2,402
2,426
2,404
2,476
2,408
2,382
2,346
2,326
2,366
821
952
1,024
975
988
1,017
1,076
974
944
991
912
632
436
334
208
141
118
83
75
157
264
340
257
392
202
166
170
150
145
150
147
145
152
293
326
611
1,467
1,463
1,410
1,281
1,259
1,262
1,308
1,292
1,376
1,649
1,514
1,548
2,667
2,687
2,709
2,799
2,824
2,896
2,924
2,962
2,998
3,021
2,987
2,867
2,835
2,844
2,879
2,973
2,970
3,073
3,109
3,149
3,162
3,177
3,135
3,011
1,645
1,654
1,653
1,653
1,654
1,658
1,779
1,829
1,838
1,880
1,930
1,910
2,391
2,367
2,332
2,290
2,286
2,344
2,366
2,306
2,364
2,652
•2,376
2,366
2,437
2,413
2,383
2,350
2,331
2,420
2,398
2,348
2,446
2,696
2,437
2,414
407
343
207
233
247
232
197
193
167
202
258
299
256
210
176
102
131
163
198
166
477
483
629
530
630
577
576
602
602
601
1,154
1,139
1,001
982
959
916
912
967
973
975
2,986
2,990
3,051
3,073
3,057
3,059
3,005
2,956
2,989
3, 037
3,188
3,187
3,242
3,252
3,221
3,232
3,178
3,120
3,141
3,192
1,702
1,637
1,673
1,507
1,466
1,403
1,335
1,337
1,348
1,355
2,308
2,346
2,340
2,385
2,347
2,386
2,415
2,419
2,416
2,468
2,369
2,408
2, 388
2,434
2,421
2,459
2,469
2,470
2,484
2,519
449
640
632
614
474
616
621
671
717
632
li^
2,217
2,419 1
2,411
2,456
»Includes (in addition to bills discounted and bought and United States securities) municipal warrants,
Federal intermediate credit bank debentures, and foreign loans on gold.
891
COMPTEOLLEE OF THE CUBEENCY
Percentage of bills discounted secured by United States Government obligations to
total hills discounted and purchased by Federal reserve banks at end of each month,
year ended October 31, 1930
Discounted
a holdings
bills secured b y T o t d l s c o u n t e d
of i
U n i t e d States a n d p u r c h a s e d
Government
bills
obligations
$535,100,000
353, 528,000
Date
Percentage of
discounted bills
secured b y
Government
obligations to
total holdings
of discounted
and purchased
bills
$1,286, 517,000
1, 024, 630, 000
41.6
34.5
208,175, 000
182,005, O C
O
172, 272, 000
105, 979, 000
132, 657,000
108, 473, 000
66, 645,000
66,909,000
105, 837,000
74, 513, 000
688,641,000
623,167,000
688, 764, 000
443, 016,000
497,668, 000
399, 666,000
329,647,000
382, 606, 000
481,103, 000
369, 960,000
30.2
29.2
29.3
23.9
26.7
27.1
20.2
17.5
22.0
20.1
1929
Nov.30
Dec.31
1930
J a n . 31
F e b . 28
Mar.31
A p r . 30
M a y 31
J u n e 30
July31
Aug. 31.
Sept. 30
Oct. 31
_
. .
..
_
Federal reserve bank discount rates
The discount rates of each of the 12 Federal reserve banks in effect
November 1, 1930, the date established, and the previous rate with
respect to all classes and maturities of eligible paper are shown in
the following statement:
Rates on all classes and maturities of eligible paper
Federal reserve
bank
Boston.
New Y o r k
Philadelphia
Cleveland
Richmond
Atlanta
R a t e in
effect on
Nov. 1
3
2>^
SH
SH
SH
SH
Date
established
July 3
J u n e 20
July 3
June 7
J u l y 18
J u l y 12
Previous
rate
SH
3
4
4
4
4
Federal reserve
bank
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
R a t e in
effect on
Nov. 1
SH
SH.
SH
SH
SH
SH
Date
established
J u n e 21
Aug. 7
Sept. 12
A u g . 15
Sept. 9
Aug. 8
Previous
rate
. •
4
4
4
4
4
4
Discount rates prevailing in Federal reserve bank and branch cities
In the table following, prepared by the Federal Reserve Board and
published in the Federal Reserve Bulletin for November, 1930, the
rates shown are those at which the bulk of the loans of each class
were made by representative banks during the week ending with
the 15th of the month, August, September, and October, 1930.
Rates from about 200 banks with loans exceeding $8,000,000,000.
Federal reserve bank and branch cities
QO^
to
P r i m e commercial p a p e r
L o a n s secured b y p r i m e
stock-exchange collateral
L o a n s secured b y w a r e h o u s e
receipts
I n t e r b a n k loans
Federal reserve b a n k or b r a n c h c i t y
August
Boston
New York
Buffalo
Philadelphia...
Cleveland
Cincinnati
Pittsburgh
Richmond
Baltimore
Charlotte
Atlanta
Birmingham...
Jacksonville
Nashville
New Orleans...
Chicago
Detroit
S t . Louis
Little R o c k —
Louisville
Minneapolis
Helena
Kansas C i t y . . .
Denver
Oklahoma City
Omaha
Dallas
E l Paso
Houston.
San Antonio
San Francisco..
Los Angeles
Portland
Salt L a k e C i t y .
Seattle
Spokane-
3^-41^
4 -iH
6 -6
33^4H
4 -bVi
5 -6
4 -6
4H-6H
5 -6
6 -6H
63^7
434-6
6
6 -6H
4 -6
'"4H-6
4 -iVz
September
3M-4
4
6^6
3M-4H
4 -6
6 -6
6 -5H
434-5
434-6
6M-6
4 -534
634-7
434-6
6
5 -bH
4 -6
r 434-6
4 -434
4
434-6
6 -6
634-6
6
434-6K
6 -8
6
6
6 -6
6
634-6
6
-434
8
4H-6
6 -6
634-6
4H-6
6 -534
6 -8
63^6
6
6 -5H
6
6
6
6
6
October
4 -iH
3M-4
6 -6
4 -434
4 -6
6 -6
6 -6
434-5
43^-6
6 -6
4 -6
634-7
4H-6
6
6 -5H
4 -434
43^6
4 -4H
6
6
4 -434
8
434-6
.6 - 6
6 -6H
4H-5
4 -6
6 -8
634-6
6 -634
6 -6H
6
6
6
6
August
4^-5
43^6
634-6
43^6
53^6
6 -6
534-6
6 -634
434-63^
6
6 -6
634-7
634-7
6
6 -63.
434-6H
6 -6
5 -6
6 -7
6
6 -6
8
63^6
6K-6
. 8
6 -7
6 -7
6 -8
6
6 -8
6 -6H
634-63^
6>4-63^
6
6 -63^
634-7
September
4^-6
4 -6
53^6
434-6
5 -6
5 -6
5 -6
53^6
434-6
6
6 -6
634-7
634-7
6
6 -6H
4M-6
6 -6
6 -634
6 -7
6
6 -6
8
53^6
6
8
6 -634
6 -7
6 -8
6
6 -7
63^
6 -634
634-634
6 -7
6 -63^
6 -6H
October
4H-5
4 -5
534-6
5 -6
5 -6
6^6
534-6
434-6
5^-6
5 -63^
6^7
6 -7
6
6 -634
iH-b
6 -6
6 -6
6 -7
634-6
6 -6
8
634-6
6M-6
8
6 -63^
6 .-7
6 -8
6
6 -7
6 -6
6 -6H
634-6H
6
6 -6M
634-7
August
6
-6
434
6 -634
6 -6
634-6
6 -7
6
5 -634
6 -8
534-7
634-6
634-6
iH-b
6
6 -6
6 -7
6
4 -4H
6 -8
6 -6
6 -8
6 -8
6
6 -6
8
6
6 -8
534-6
6 -7
6 -7
7
7
7
September
6H
4H-6
6
6 -6
5 -6
6
6
534-6
6
4 -434
6 -8
634-7
534-6
534-6
iH-b
6
6 -6
6 -8
6
4 -434
-5M
8
6 -6
6
534^
6 -7
6 -7
7
7
' 7
October
August
6
4
-634
-6
6
6 -6
4 -6
634-63^
6
434-6
6 -8
634-7
634-6
6H-6
4M-6
6
6 -6
6 -7
6
4 -434
6 -8
5 -6
6 '8
6 -8
6
634-6
8
6 -6
6 -8
634-6
6 -7
6 -7
6 -7
•7
7
' Revised.
N O T E . — R a t e s s h o w n are those a t w h i c h t h e b u l k of t h e loans of each class w e r e m a d e b y r e p r e s e n t a t i v e b a n k s d u r i n g w e e k e n d i n g 15th of m o n t h ,
w i t h loans exceeding $8,000,000,000
FRASER
Digitized for
4 -iVi
6 -6
4 -6
6 -6
5 -6H
534-6
434-5
6 -6
6
6 -634
6
6
534-6
5 -6
4^-534
6M-6
4M-6H
6
634
bV^e
6 -8
534-6'
5 -53^
5 -6
6 -6
6
6
September
October
4
-iH
6
4 -5
6 -6
6 -53^
6 -6
434-6
6 -6
534-6
5 -534
6 -6
6
534-6
6 -6
4M-634
bH-6
6 -634
6
63^
534-6
6 -8
634-6
6
6
6
5 -5H
6
5 -6
6
6
6
4
6
6
•
6
6
-634
4 -43^
4 -434
6
4 -43^
4)4-6
6 -6
6 -6
434-6
6 -6
6
6 -634
6 -6
6
6H-6
6 -6
43453^
6 -6
6 -634
6
5 -5M
6>f^
6 -8
bVTrQ
6
6
634-6
6 -by2
5 -6
6 -6
6
6
634-6
6
63^6
R a t e s from a b o u t 200 b a n k s
COMPTROLLER
OF T H E
893
CURRENCY
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, 1930, together with
information in relation to the range of rates in New York since 1921,
is shown in the following statements furnished by the Commercial
and Financial Chronicle:
Rates for money in New York
1929
1930 .
November
4^-6
434-6
4 -6
4 -4H
2 -434
iH-6
iH-6
iH-6
iH-6
iH-6
4H-5
43^-5
43^-5
434-5
4^-5
434-5
434-5
434-5
43^-5
43^-5
4H-4M
4M-5
4H-5
434-5
434-5
33^-4^
SH-iH
SH-iH
i -iH
4 -iH
5 -6
bH-6H
Call loans, stock exchange:
Range
rime loans:
60 days
90 days
4 months
5 months..
6 months
Commercial paper:
Choice, 4 to 6 months.
Good, 4 to 6 months...
December
5
53^-534
43^-5
bH
i'A-iH
iH-b
iH-b.
January February
March
sH-iy.
April
SH-i
i -iH
4 -434
4 -434
4 -434
3^-4
iH
1930—Continued
May
Call loans, stock exchange:
• Range.
Time loans:
60 days....
90 days
4 months..5 months
6 months..
Commercial paper:
Choice, 4 to 6 months.
Good, 4 to 6 months...
June
July
August
3 -33^
134-3
3 -334
SH-SH
SH-i
SH-i
3H-4
234-3^
23^-33^
2H-sy2
2H-sy2
2H-s%
2H-S
2H-3
2^-33^
2H-SH
334-3M
3H-4
33^-334
334-4
Septem- October
ber
2 -234
134-234
3 -33^
2^-234
23^-2M
2^-3
3 -SH
3 -SH
2 -2H
2H-2H
.2H-S
234-3K
234-3K
3 -334
SH-SH
3
33^-334
sH-sVi
2 -2
2 -2H
2^-2^2
2^-2^
234-3
23^-3
3
33^-334
Rates for sterling bills
[Range for month]
Sight
1929
November
December
January
February
March
April
May
June
July
August
September
October
1930
_
-
Cable transfers
4.86%
4.8734
4.88
-4.87M6
4. 872^^2-4. 881^6
4. 861/^2 -4. 87%
4.8514 -4.8634
4.853^ -4.86iM(
4.851^6-4. 86^6
4.851^^2-4. 86l-'i 6
4.85^6 -4.853142
4.85% -4.87
4.86^ -4.871^
i.8bH -4.862^2
4.85^6 -4.86
4.861342-4.88^^
4.85^ -4. " "•
4.85^ -4. 87^2
:.
4. 86He -4. 8 6 ^
4.86% -4. 86%2
4.852142-4. 865^2,
4.86
-4. 87%6
4. 862^2-4. 87%6
4. 861% 6-4. 86i%6
4.852%2-4.
Comparison of the range of rates for call loans, 60-day time loans, and choice commercial paper loans in New
York annually for 1921 to 1930 is shown in the statement following:
00
CO
Range of rates for money in New York annually, 1921 to 1930
1922
1921
1923
1925
1924
Range Range
Range Range
Range
Range Range
Range
Range Range
High Low for DeHigh Low for Defor
High Low for Defor
High Low for Defor
High Low for Defor
for
cember January
cember January
cember
cember January
January
cember January
Call loans
Time loans (60 days)
Commercial paper
(choice)
6 -8
6 -734
73^8
9
734
8
334 434-6
5 6 -bH
3 -6
iArbH
6
53^
6
SH-i
bH
5 -bH
2H 3M-534
iH-b
SH
iV-r-iM
SH,
3^f-634
iArb
6
bH
334
434
iAr6
iH-b
SH-6
iH-b
6
6
2 234-6
2 2 -SH
2 -bA
SH-SH
6
6
iA-iH
bH
m
iH-b
iH-b
5
3
SArSH
iA.
1927
1926
SH-SH
1929
1928
2
SH
SA
434-6
4^6
4^-434
4 -6
434-5
6
bH
4 -434
iH
3
SH
SH
434-6
iV^riH
4 -5
iHriH
5
iH
iH-iA
4 -434
i A • SH 3M-4
33^ 4 -534
SH 4 - i H
334-534
434-4M
3^-4
12
7H
bH
33^ 6 -12
7-8
SH bH- bA
6 -12
7A-S
bA
20
9A
1930
6H
6
6A
5
4H-6
iA-b
4 -6
43^5
6
6
134
2
6
43^-5
6
3
^
•
H
O
Range Range
Range Range
Range
Range Range
Range
Range Range
High Low lor OcHigh Low for DeHigh Low for DeHigh Low for Defor
for
High Low for Defor
for
for
tober
cember January
January
cember January
cember January
cember January
Call loans
Time loans (60 days) —
Commercial paper
(choice) .
o
2-2
2-2M
3
W
4
>
Q
tel
Ul
COMPTROLLER OF THE CUBKENGY
895
NEW YORK CLEARING HOUSE
The figures compiled and furnished by Mr. Clarence E. Bacon,
manager New York Clearing House Association, for the year ended
September 30, 1930, disclose there were 23 banks comprising the
New York Clearing House Association with capital of $622,225,300.
Clearings amounted to $399,471,637,874, a reduction in the year of
$57,466,309,439, and balances reported aggregating $56,638,163,114
showed an increase in the year of $6,176,128,807. The average daily
clearings amounted to $1,318,388,244 and the average daily balances
$186,924,631. The percentage of balances to clearings was 14.18.
CLEARING-HOUSE ASSOCIATIONS IN THE 12 FEDERAL RESERVE
BANK CITIES AND ELSEWHERE
Clearing-house transactions in the 12 Federal reserve bank cities
during the year ended September 30, 1930, aggregated $5.28,574,794,000, a reduction in the year of $69,113,654,000. The ratio of
bank clearings in the 12 Federal reserve bank cities was 84.79 per
cent ( f the total clearings of all banks in 253 reporting cities in the
D
United States, in comparison with a ratio of 83.74 per cent reported
for 244 cities last year.
Clearings of banks in 22 other principal cities, each of which had
clearings in excess of $1,000,000,000, amounted to $59,057,425,000,
and showed a decrease of $7,078,576,000 in clearings reported for the
same cities in the preceding year. The total clearings of the 253
cities reporting to the New York Clearing House Association in the
current year aggregated $623,402,669,000, as compared with $704,393,539,000 reported by these cities in the preceding year.
Tables showing the following information are published in the appendix of the report of the Comptroller of the Currency: Comparative
statement of transactions of the New York Clearing House, annually
since 1854; comparative statement of transactions of the New York
Clearing House in years ended September 30, 1930 and 1929; 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, 1930 and 1929; and comparative sitatement of transactions of clearing-house associations in the 12 Federal
reserve bank cities and elsewhere in years ended September 30, 1930
and 1929.
BANKS OTHER THAN NATIONAL
Through the cooperation and courtesy of officials of banking departments of the various States, Alaska, and insular possessions, the
comptroller is enabled to present in this report, as required by section
333, Revised Statutes, statistics in relation to each class of reporting
banks other than national.
12101—31
59
Officials of State hanking departments and numher of each class of hanks under their supervision in June, 1930, from which reports of condition
were received
00
Oi
CO
Banks
Location
Maine
.
New Hampshire
Vermont
.
Massachusetts
Rhode Island
•Connecticut
Titles
N a m e s of oflScials
State
(commercial)
^
Superintendent, banking department
Commissioner of b a n k i n g a n d i n s u r a n c e
Secretary of b a n k i n g
S t a t e b a n k commissioner
do
.
.
.
Total Southern States
32
50
19
196
9
75
316
160
196
399
34
26
6
820
23
1
. . .
.'.
Joseph B u t t o n
L . R . C h a r t e r , jr
John Mitchell
Alberts. Fant
A. B . Mobley
Ernest Amos
D . F . Green
J. S. L o v e . - .
J. S. B r o c k
James Shaw.
Walter E . Taylor
0 . S. D e n n y
D . D . Robertson
Commissioner of i n s u r a n c e a n d b a n k i n g
Commissioner of b a n k i n g
Chief S t a t e b a n k examiner
S t a t e b a n k examiner
S u p e r i n t e n d e n t of b a n k s
. Comptroller, S t a t e of F l o r i d a
S u p e r i n t e n d e n t of b a n k s
do
S t a t e b a n k commissioner.
Commissioner, d e p a r t m e n t of b a n k i n g
Commissioner, S t a t e b a n k i n g d e p a r t m e n t
B a n k i n g commissioner
S u p e r i n t e n d e n t of b a n k s
_
_
.
Private
Total
22
628
T o t a l E a s t e r n States
. .
47
15
39
101
13
100
3
Total N e w England States
Virgmia
W e s t Virginia
N o r t h Carolina
S o u t h Carolina
Georgia
Florida
Alabama
.
Mississippi
I..ouisiana
Texas
Arkansas
Kentucky
Tennessee
Mutual
savings
212
36
262
9
109
B a n k commissioner
.do
C o m m i s s i o n e r of b a n k i n g a n d i n s u r a n c e
C o m m i s s i o n e r of b a n k s . '
B a n k commissioner
S t a t e b a n k commissioner
Joseph A B r o d e r i c k . . .
Frank n . Smith
P e t e r G. C a m e r o n
Harold W , Horsey
George W . P a g e
•.
.
Stock
savings
3
Sanger N . A n n i s
Arthur E . Dole
Robert C. Clark.
R o y A. H o v e y
George H . N e w h a l l . . .
Lester E . Shippee
. ...
_
NewYork
.
N e w Jersey
Permsylvania
. . .
Deleware
Maryland
. ..
DistrictolColumbia .
Loan
and trust
companies
305
179
327
137
315
121
213
274
191
686
329
419
380
3,876
381
16
715
151
26
9
2
14
43
6
26
566
263
696
45
149
28
201
76
1,747
1
1
---
79
66
58
297
25
191
306
179
327
138
323
152
220
280
191
700
329
419
380
1
8
30
1
4
6
3
14
30
11
27
3,944
o
o
W
tel
4
>
o
tel
Ul
Ohio
Indiana
Illinois
Michigan.
Wisconsin
Miimesota...
.
..-
Missouri
-
S. L . C a n t l e y
T o t a l M i d d l e W e s t e r n States
North Dakota
South Dakota
Nebraska
Montana
Wyoming...
Colorado..
N e w Mexico
Oklahoma
Commissioner State banking department .
C o m m i s s i o n e r of b a n k i n g
.
-
..
Gilbert Semingson
F . R. Smith
. .
George W . W o o d s
H . W. Koeneke
G. M . Robertson
_.
-.
. .
Grant McFerson
Lawrence A. T a m m e .
C G Shull
H . C. Johnson
A. A. Schramm
Will C . W o o d
do
Commissioner, d e p a r t m e n t of
E . W . Porter
W . H . Hadlock
S t a t e b a n k examiner
-.
E . J. Seaborn
J. B . B u t t o n . . . ' . . -
finance
T o t a l possessions .
T o t a l U n i t e d S t a t e s a n d possessions
I
6
6
645
648
:
W G. S m i t h
Insular treasurer
.
.
67
98
46'
1
681
705
1.221
639
. 781
752
1,021
1,110
236
6,910
34
3
19
2
9
17
3
1
13
1
1
38
219
130
184
96
77
23
31
6
4
29
1
18
. 4
1
43
23
7
3
1
760
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
Porto Rico
Philippines.....
307
22
16
16
13
95
3
5
2,664
Total Western States
Washington.....
Oregon
California
Idaho
Utah...
Nevada..
Arizona
^
146
252
272
693
786
121
68
137
26
320
R . E . Reichert
C. F . Schwenker
A . J. Veigel
. .
S u p e r i n t e n d e n t of b a n k s
621
466
1,221
680
. 759
732
317
1,014
6,700
0 . C. G r a y
Luther F . Symons
13
8
19
11
9
4
254
279
602
806
122
58
150
27
320
2,618
228
135
232
96
84
26
31
1
6
831
11
13
19
19
11
51
11
62
13, 582
1,664
714
606
361
16,827
OO
CO
898
REI^OUT ON THE EiNAiTCEB
State {Commercial) Banks
The statements following show a summary of the resources and
liabilities of State (commercial) banks on June 30, 1930, and a comparison of these items with the amounts reported as of June 29, 1929:
Summary of reports of condition of 13,582 State {commercial) hanks in the United
States and possessions at the close of business June SO, 1930
[In thousands of dollars]
RESOURCES
Loans and discounts (including rediscounts):
Real estate loans, mortgages, deeds of trust, and
other liens on real estate—
On farm land
87, 341
On other real estate
._
1, 536, 684
Loans secured by United States Government and
other bonds, stocks, and securities (exclusive of
loans to banks)
1, 435, 529
Loans to banks
2, 852
Commercial paper bought in open market; acceptances payable in United States; and notes, bills,
and acceptances payable in foreign countries
186, 512
All other loans
5, 967, 550
o
Total...
Overdrafts
Investments:
United States Government securities
489, 860
State, county, and municipal bonds
'
289, 000
Railroad and other public service corporation bonds.
163, 085
Stock of Federal reserve banks and other corporations
44,911
Foreign government bonds and other foreign securities
.
33, 518
Other bonds, notes, warrants, etc
1, 927, 338
9,216,468
33,918
Total....
Banking house, furniture, and
Real estate owned other than banking house
Cash in vault:
Gold coin
Gold certificatesAll other cash in vault
Not classified
2,947,712
436, 235
145,012
.
fixtures
5,362
7, 166
106, 853
175,471
Total
Reserve with Federal reserve banks or other reserve agents
Other amounts due from banks
Exchanges for clearing house and other cash items
Other resources (including securities borrowed, acceptances of other
banks and bills of exchange or drafts sold with indorsements, and
customers' liability on account of acceptances)
Total resources
.
294,852
848, 129
817, 049
188, 341
342, 186
15,269,902
LIABILITIES
Capital stock paid in
Surplus
Undivided profits—net.....
.
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued and unpaid..
Due to banks (demand balances)
Certified and cashiers' checks (including dividend checks), and cash
letters of credit and travelers' checks outstanding
1, 080, 960
746,812
239, 420
86, 802
26, 278
647, 985
104, 715
899
COMPTKOLLEE. OF THE CXJEEENCY
Demand deposits (other than bank and United States):
Individual deposits subject to check
4, 925, 065
State, county, and municipal deposits
494, 743
Certificates of deposit (other than for money
borrowed)
._
149, 872
Other demand deposits
1
66, 341
Total
:
^
5, 636, 021
Time deposits (including postal savings):
State, county, and municipal deposits
30, 631
Deposits of other banks
.
2, 450
Other time deposits—
Deposits evidenced by savings pass books
4, 441, 542
Certificates of deposit (other than for money
borrowed)
1, 332, 337
. Time deposits, open accounts; Christmas savings accounts, etc.
131,251
Postal savings deposits
'..,
15,710
Total.5,953,921
United States deposits (exclusive of postal savings)
4, 269
Deposits not classified
38, 881
Total deposits
12, 385, 792
Bills payable and rediscounts..
249, 083
Agreements to repurchase United States Government or other
securities sold^
37, 594
Acceptances executed for customers and to furnish dollar exchange..
66, 312
Other liabilities (including securities borrowed and acceptances of
other banks and bills of exchange or drafts sold with indorsement)
.
350, 849
Totalliabilities
.
15,269,902
Resources and liabilities of State {commercial) banks in the United States and
possessions June 30, 1930, compared with June 29, 1929
[In thousands of dollars]
June 30,1930 June 29,1929 Increase Decrease
Number of banks
.
13,682
14, 437
855
9, 216,468
33,918
2,947, 712
436,236
145,012
294,852
10, 361, 723
38, 016
3,084, 672
464, 469
152, 629
313,997
1,145, 256
4,098
136, 960
28, 234
7,617
19,145
848,129
817,049
188,341
342,186
15,269,902
866,173
903,315
298,869
340, 462
16,824,316
18, 044
86, 266
110, 518
1, 080, 960
746,812
239,420
86, 802
1,156,878
804,400
237,422
66,054
26,278
647,986
41, 654
649,980
16, 276
1,995
113,219
6, 616, 263
6,298,456
7,310
2,742
13, 586, 970
454,842
3,148
44, 279
439,768
16,824,316
8,504
879, 242
344, 535
3,041
RESOURCES
Loans and discounts (including rediscounts)
Overdrafts
Investments
Banking house, furniture, and fixtures
Real estate owned other than banking house
Cash in vault
Reserve with Federal reserve banks or other reserve
• agents..
Other amounts due from banks
Exchanges for clearing house and other cash items
Other resources
Total....
1,724
1, 654, 413
UABILITIES
Capital stock paid in
Surplus
Undivided profits—net
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued
and unpaid
Due to banks
....,
Certified and cashiers* checks and cash letters of credit
and travelers' checks outstanding
Demand deposits
Time deposits (including postal savings)
United States deposits
Deposits not classified
Total deposits
Bills payable and rediscounts
Agreements to repurchase securities sold
A cceptances executed for customers
Other liabilities
, Total
104, 716
6, 636,021
5,953,921
4,269
38,881
12,386, 792
249,083
37, 594
66,312
350,849
16, 269. 902
1,998
30,748
36,139
74, 918
67, 588
1, 201,178
206, 769
34, 446
22, 033
88, 919
1, 664,413
900
REPORT ON THE FINANCES
Loan and Trust Companies
The statements following show a summary of the resources and
liabilities of loan and trust companies on June 30, 1930, and a comparison of these items with the amounts reported as of June 29,
1929:
Summary of reports of condition of 1,564 loan and trust companies in the United
States and possessions at the close of business June SO, 1930
[In thousands of dollars]
RESOURCES
Loans and discounts (including rediscounts):
Real estate loans, mortgages, deeds of trust, and
other liens on real estate—
On farm land
18, 689
On other real estate
1,284,963
Loans secured by United States Government and
other bonds, stocks, and securities (exclusive of
loans to banks). .
4,534,946
Loans to banks
3, 697
Commercial paper bought in open market; acceptances payable in' United States; and notes, bills,
and acceptances payable in foreign countries
130, 353
All other loans
:
--._ 3, 503, 288
Total
Overdrafts
Investments:
United States Government securities
369, 999
State, county, and municipal bonds
139, 858
Railroad and other public service corporation bonds.
461, 358
Stock of Federal reserve banks and other corporations
133, 369
Foreign government bonds and other foreign securities
.__-40, 647
Other bonds, notes, warrants, etc
2, 690, 515
9,475,936
5, 585
Total
-_.
Banking house, furniture and fixtures :
Real estate owned other than banking house
Cash in vault:
Gold coin
Gold certificates
.
All other cash in vault
. Not classified
3, 835, 746
428, 889
83, 188
..__
.
3, 780
5,034
68, 968
98, 344
Total
.
Reserve with Federal reserve banks or. other reserve agents
Other amounts due from banks
Exchanges for clearing house and other cash items
Other resources (including securities borrowed, acceptances of other
banks and bills of exchange or drafts sold with indorsement, and
customers' liability on account of acceptances)
Total resources
176,126
1, 045, 843
531, 883
1, 392, 996
726, 468
._ 17, 702, 660
LIABILITIES
Capital stock paid in
Surplus
Undivided profits—net
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued and unpaid. Due to banks (demand balances)
Certified and cashiers' checks (including dividend checks), and cash
letters of credit and travelers' checks outstanding
995, 555
1, 684, 184
200, 102
69, 202
l6, 141
1, OOi, 867
'^'^l, 207
901
COMPTEOLLEE OF THE GUEEENCY
Demand deposits (other than bank and United States):
Individual deposits subject to check
•--. 6, 545, 487
State, county, and municipal deposits
261, 125
Certificates of deposit (other than for money borrowed)
107, 150
Other demand deposits
449, 238
Total
7, 363, 000
Time deposits (including postal savings):
State, county, and municipal deposits
-_
39, 774
Deposits of other banks
106,881
Other time deposits—
Deposits evidenced by savings pass books
3, 320, 666
. Certificates of deposit (other than for money
borrowed)
323, 827
Time deposits, open accounts; Christmas savings accounts, etc
442, 482
Postal savings deposits..
1
15,340
Total
:_^....
4, 248, 970
United States deposits (exclusive of postal savings)
34, 677
Deposits not classified
'
76, 929
Total deposits
.
13, 496, 650
Bills payable and rediscounts
172, 500
Agreements to repurchase United States Government or other securities sold.
1, 910
Acceptances executed for customers and to furnish dollar exchange. _
8, 628
Other liabilities (including securities borrowed and acceptances of
other banks and bills of exchange or drafts sold with indorsement). 1, 057, 788
Total liabilities-._.:_.
.
17, 702, 660
Resources and liabilities of loan and trust companies in the United States and
possessions June SO, 1930, compared with June 29, 1929
[In t h o u s a n d s of dollars]
J u n e 30,
1930
N u m b e r of b a n k s
J u n e 29,
1929
Increase
Decrease
1,564
RESOURCES
L o a n s a n d discounts (including lediscounts)
Overdrafts
Investments
B a n k i n g house, f m n i t u r e a n d fixtures
Real estate o w n e d other t h a n b a n k i n g house
C a s h in v a u l t
Reserve w i t h Federal reserve b a n k s or other reserve-agents..
O t h e r a m o u n t s d u e from b a n k s .
:
Exchanges for clearing house a n d other cash i t e m s . . .
O t h e r resources
Total
-
9,475,936
5, 585
3,835,746
428,889
83,188
176,126
1,045,843
531,883
1,392,996
726, 468
9,311,
7,
3, ^21,
385,
68,
156,
923,
553,
594,
732,
..^.......
17, 702, 660
C a p i t a l stock paid in
Surplus
1
U n d i v i d e d profits—net
Reserves for d i v i d e n d s , contingencies, etc
Reserves for interest, taxes, a n d other expenses accrued a n d
unpaid...
^
D u e to b a n k s
Certified a n d cashiers' checks a n d cash letters of credit a n d
t r a v e l e r 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 savings)
U n i t e d States deposits
D e p o s i t s n o t classified
Total deposits
Bills p a y a b l e a n d rediscounts
:
A g r e e m e n t s to r e p u r c h a s e securities sold
Acceptances executed for customers
O t h e r liabilities
_
995,655
1,684,184
200,102
69, 202
941, 333
1,454, 504
208, 632
9,958
16,141
1, 001, 867
24,394
792,134.
164,067
2,000
414, 073
43, 777
14, 967
19, 546
122,428
21,694
798,173
"5,'842
16,155,176 1,547,486
LIABILITIES
Total
54, 222
229, 680
1,630
59, 244
8,263
209, 733
771, 207
7, 363, 000
4, 248,970
34, 677
76, 929
13,496,650
172, 500
1,910
8,628
1,057, 788
350,
6,956,
3,989,
44,
13,
12,146,
437,
2,
12,
916,
17,702, 660
16,155,176 1,547,485
420, 326
•i06,968
259, 438
9,467
62,944
1, 349, 952
265,492
759
4,314
141,735
902
REPORT ON T H E FINANCES
Principal items of resources and liabilities of loan and trust companies in June of
each year, 1914 to 1930
The principal items of resources and liabilities of loan and trust
companies for years ended June 30, 1914 to 1930, inclusive, are shown
in the statement following.
[In millions of dollars]
Year
Number
1914
1916
1916
1917-.
1918
1919 .
1920
1921
1922
1923
1924
1926
1926
1927 : . . .
1928
1929. .
1930
1,664
1,664
1,606
1,608
1,669
1,377
1,408
1,474
1,650
1,643
1,664
1,680
1,666
1.647
1,633
1,608
1,664
Loans i
2,906. 7
3. 048.6
3.704.3
4,3n.7
4,403.8
4, 091. 0
4,601. 5
4, 277.1
4.346.4
6, 064.1
6,299.0
6,126. 6
6, 767. 5
7,483.3
8, 303. 6
9,319.6
9, 481. 6
Investments
1,26L3
1,349.6
1,605.4
1, 789.7
2,116.6
2,069.9
1,902.1
1,942. 6
2,3n.l.
2,423.8
2, 748.4
2,80L3
2,806.8
3,498. 8
3,874. 7
3,421. 7
3,836. 7
Capital
.
462.2
476.8
476.8
606.6
625.2
460.4
476.7
616.5
632.3
59L4
621.0
643.4
673.0
746.6
803.3
941.3
996.6
Surplus
a n d profits
664.4
577.4
605.6
64L8
646.9
688.6
612.1
649.6
680.2
739.9
813.2
882.^2
994.2
1,128. 0
1,301.5
1, 663.1
1,884.3
Total
deposits
4,289.1
4,604. 0
6, 732.4
6.413.1
6.493.3
6.157. 2
6, 618. 0
6,175. 0
6.861.2
6,831. 0
7, 786.3
9,466. 6
9.839.4
11,333.0
12,068.6
12,146.7
13,496. 7
Aggregate .
resources
6,489.6
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, 665. 6
12,206. 2
13,994.8
16,230.9
16,166.2
17, 702. 7
I Including overdrafts.
Stock Savings Banks
The statements following show a summary of the resources and
liabilities of stock savings banks on June 30, 1930, and a comparison
of these items with the amounts reported as of June 29, 1929.
Summary of reports of condition of 714 stock savings banks in the United States ai
the close of business June SO, 1930
[In thousands of dollars]
RESOURCES
Loans and discounts (including rediscounts):
Real-estate loans, mortgages, deeds of trust, and other
liens on real estate—
On farm land
On other real estate
.
Loans secured by United States Government and
other bonds, stocks, and securities (exclusive of
loans to.banks)
Loans to banks
Commercial paper bought in open market; acceptances payable in United States; and notes, bills,
and acceptances payable in foreign countries
All other loans
1, 854
514, 388
14, 278
78
315
388, 405
Total
J-Overdrafts
Investments:
United States Government securities
78, 692
State, county, and municipal bonds
6, 368
Railroad and other public service corporation bonds-12, 419
Stock of Federal reserve banks and other corporations.2,099
Foreign government bonds and other foreign securities
. 1, 806
Other bonds, notes, warrants, etc_.
277, 549
Total
,
919,318
187-
378,933
COMPTROLLER OF THE CURRENCY
Banking house, furniture and
Real estate owned other than banking house
Cash in vault:
Gold coin
-_..
Gold certificates
.__
All other cash in vault
Not classified......
903
fixtures
.
41, 105
21, 799
38
727
800
14, 453
Total
.--Reserve with Federal reserve banks or other reserve agents
Other amounts due from banks
Exchanges for clearing house and other cash items
.
Other resources (including securities borrowed, acceptances of other
banks and bills of exchange or drafts sold with indorsement, and
customers' liability on account of acceptances)
Total resources.
16, 018
89, 247
46, 925
3, 513
4, 064
1, 521, 109
LIABILITIES
Capital stock paid in
Surplus
.
.....
Undivided profits—net
.
Reserves for dividends, contingencies,, etc
^
Reserves for interest, taxes, and other expenses accrued and unpaid.
Due to banks (demand balances)
^
Certified and cashiers' checks (including dividend checks), and cash
letters of credit and travelers' checks outstanding
Demand deposits (other than bank and United States):
Individual deposits subject to check
122, 799
State, county, and municipal deposits
83
Certificates of deposit (other than for money borrowed)
.
3, 601
Other demand deposits
1,821
60, 336
40, 666
13, 320
2, 086
521
6, 308
Total
.
.....
Time deposits (including postal savings):
State, county, and municipal deposits
83, 622
Deposits of other .banks
6,958
Other time deposits—
Deposits evidenced by savings pass b o o k s . . .
1, 066, 605
Certificates of deposit (other than for money
borrowed)
.
..
99, 587
Time deposits, open accounts, Christmas savings
accounts, etc
.
2,437
Postal savings deposits-._
1,643
128,304
640
Total
:
---1, 260, 852
United States deposits (exclusive of postal savings) _.
J
2, 812
Deposits not classified
'
18
Total deposits
S.
---_
.
1, 398, 934
Bills payable and rediscounts
4, 045
Other liabilities (including securities borrowed and acceptances of
other banks and bills of exchange or drafts sold with indorsement). _
1, 201
Totalliabilities-......--.
1,521,109
904
REPORT ON THE FINANCES
Resources and liabilities of stock savings banks in theUnited States June SO, 1930,
compared with June 29, 1929
[In thousands of dollars]
June 30,
1930
Number of banks.
June 29,
1929
Increase Decrease
714
RESOURCES
Loans and discounts (including rediscounts)
Overdrafts
Investments
Banking house, furniture and fixtures
Real estate owned other than banking house
Cash in vault
Reserve with Federal reserve banks or other reserve agents.
Other amounts due from banks
Exchanges for clearing house and other cash items....
Other resources
:
1,006,325
230
382,262
43,602
21,270
17,346
16,888
93,960
6,060
2,003
1,621,109
1,689,846
60,336
40, 666
13,320
2,086
62,487
40,613
13,624
1,062
621
1,670
8,107
640
128,304
1,260,852
2,812
18
1,398,934
4,046
1,201
372
219,770
1,230,228
6,381
166
1,464,023
6,336
64
1,176
1,621,109
Total.
919,318
187
378,933
41,106
21,799
16,018
89, 247
46,926
3,513
4,064
87,007
43
3,329
2,397
1,689,845
629
1,327
72,359
47,035
2,647
"2," 061'
68,736
LIABILITIES
Capital Stock paid in...
Surplus
Undivided profits—net
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued and
unpaid..
_._.i
Due to banks
L
Certified and cashiers' checks and cash letters of credit and
travelers' checks outstanding
Demand deposits
Time deposits (including postal savings)
United States deposits
Deposits not classified
Total deposits
Bills payable and rediscounts
_
Acceptances executed for customers
Other liabilities
Total.
2,161
163
"'304
1,024
1,049
1,799
91,466
30,624
2,669
147
66,089
1,291
64
68,736
Mutual Savings Banks
The statements following show a summary of the resources and
liabilities of mutual savings banks on June 30, 1930, and a comparison
of these items with the amounts reported as of June 29, 1929:
Summary of reports of condition of 606 mutual savings banks in the United States
at the close of business June 30, 1930
[In thousands of dollars]
"
^
RESOURCES
Loans and discounts (including rediscounts):
Real-estate loans, mortgages, deeds of trust, and
other liens on real estate—
On farm land
599
On other real estate.,
5, 516, 904
E Loans secured by United States Government and
other bonds, stocks, and securities (exclusive of
loans to banks)
60, 855
Commercial paper bought in open market; acceptances payable in United States; and notes, bills,
and acceptances payable in foreign countries
8, 489
All other loans
309, 176
Total..-Overdrafts
-
-
5, 896, 023
2
COMPTROLLER OF THE CURRENCY
905
Investments:
United States Government securities.
152,549
States county, and municipal bonds..
473, 800
Railroad and other public service corporation bonds. 1, 246, 302
Stock of corporations
.
88, 173
Foreign government bonds and other foreign securities
:.1
68, 893
Other bonds, notes, warrants, etc
1, 842, 700
Total
.
Banking house, furniture and fixtures ^-:
Real estate owned other than banking house
Cash in vault:
Gold coin..__L
.
Gold certificates
• All other cash in vault.._.
Notclassified
i._.
-_.
.-.,
3,872,417
113, 162
-44, 243
641
691
5, 356
27,716
:•
TotaL-._-_
: . . . . . . . . . —-i.-.l_—
Reserve with reserve agents
Other amounts due from banks
,
Exchanges for clearing house and other cash items
^
Other resources (including, securi ties borrowed, acceptances of other
banks and bills of exchange or drafts sold with indorsement,- and
customers' liability on account of acceptances)
...2.,^.'..:.
Total resources.-J-
._._L_.-_
J
; 34, 4b4
25, 856
234, 713
1, 779
72,;:709
. _ _ . . . 10, 295yf308
LIABILITIES
Surplus
-_i
..--.-.
Undivided profits—net.-...
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued and unpaid. _
Due to banks (demand balances)
Certified and cashiers' checks (including dividend checks), and cash
letters of credit and travelers' checks outstanding
^
Demand deposits (other than bank and United States):
Individual deposits subject to check
10, 032
State, county, and. municipal deposits
200
Certificates of deposit (other than for money borrowed).-.J. . .
.
71
Other demand deposits
:
2
89B,871
154, 623
15,-157
,,
638
173
152
; •
'
:
Total
....
.__..
.-_
Time deposits:
State, county, and municipal deposits
295
Other time deposits—
Deposits evidenced by savings pass books
9, 190, 566
Certificates of deposit (other than for money
borrowed)
^
403
Time deposits, open accounts; Christmas savings
accounts, e t c . - .
^L..^
13,994
.10,305
Total
.
Total deposits—.
Bills payable and rediscounts
Other liabilities (including securities borrowed and acceptances
of other banks and bills of exchange or drafts sold with indorsement)
-
9, 205, 258
9, 215, 888
673
Totalliabilities
-
9, 458
-_- 10, 295, 308
906
REPORT ON THE FINANCES
Resources and liabilities of mutual savings hanks in the United States June SO, 1930,
compared with June 29, 1929
o
[In4housands of dollars]
June 30,
1930
Number of banks.
June 29,
Increase Decrease
606
611
6,896,023
2
3,872,417
113,162
44,243
34,404
25,856
234, 713
1,779
72,709
3, 776, 770
110,269
23,069
31,495
36,986
160,137
5,946
72,301
10,296,308
10,006,452
288,866
898,871
164,623
16,167
823,693
147, 725
13,627
76,178
6,898
1,630
638
173
1,229
182
162
10,306
9,205,258
9,216,888
673
9,468
46
98,473
8, 903,126
1.619
9,003,346
1,366
16,666
10,296,-308
10,008,462
RESOURCES
Lioans and discounts (including rediscounts)
Overdrafts
Investments
Banking house, furniture and fixtures..
Real estate owned other than banking house
Cash in vault
Reserve with reserve agents
Other amounts due from banks
Exchanges for clearing house and other cash items..
Other resources
.-.
Total.
5,801,489
94,634
2
96,647
2,893
21,184
2,909
84,676
10,130
4,167
408'
LIABILITIES
Surplus
Undivided profits—net
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued
and unpaid
Due to banks
Certified and cashiers' checks and cash letters of credit and
travelers' checks outstanding
Demand deposits....
Time deposits (including postal savings)
Deposits not classified
lotaldevosits
Bills payable and rediscounts
Other liabilities
TotaL
691
106
302,132
'212,'542"
88,168
1.619
693
6,108
288,866
Savings depositors and deposits in mutual and stock savings banks
Statements showing information relative to the number of mutual
and stock savings banks in each State, the number of savings depositors, the amount of savings deposits, the average amount due each
depositor, and the average rates of interest paid by banks in each
State, June 30,1929 and 1930, with similar information for each year
1914 to 1930, follow:
Numhefjof mutual savings hanks, number of savings depositors, savings deposits, and average deposit accou7ii, hy States, June SO, 1929 and 1930
1929
Location
1930
Average
d u e each
depositor
Number
of b a n k s
Maine
New Hampshire
Vermont
-Massachusetts Rhode Island
Connecticut
.
33
62
19
196
9
76
- _
T o t a l N e w E n g l a n d States - . . .
NewYork
N e w Jersey
Pennsylvania*
Delaware. Maryland..-
_
Total Eastern States..
Ohio
Indiana
Wisconsin . . ^ . ^ . , ^ . „ .
Miimesota
,r-
-._
,...,.„
T o t a l M i d d l e W e s t e r n States .
Washington .
Oftlifomia, . .... . . .
. .
, . .
.
$502.26
644.19
770.36
684.47
856.20
690.44
4,763,608
3, 265,776, 000
150
27
9
2
14
6,116,161
460, 625
642,029
47,691
325,148
4,463,046,000
173,818,000
440, 727, 000
24,641, 000
194,199, 000
872.34
377.43
813.10
616.68
697. 26
6,491,644
6, 296,431, 000
128,496
< 39,663
20,968
141,063
104,466, 000
24,606, 000
8, 650, 000
71,797,000
812.99
619.39
407.76
608.97
19
330,090
209,318,000
93, 074
69,869
63,739,000
76,627,000
677.38
1,080.98
.
32
60
19
196
9
76
$112,692,000
233,476
3 201,641,000
312, 269
* 107,982
94,407,000
2,964,856 . 2,093,098, 000
197,834
170, 467,000
924, 628
650,923, 000
381
4,730,934
3,323,228,000
161
26
9
2
14
6, 256, 265
481,691
656,981
48, 727
328,623
4, 566,166. 000
274,398,000
460, 933, 000
26,435, 000
198,815,000
867. 22
569.77
829.04
521.99
. 604.99
201
6,671,187
6, 626,746, 000
828.30
3
6
6
6
136,571
* 34,820
21,330
138,754
108, 324,000
21, 260, 000
8, 382,000
71, 411, 000
793. 17
610. 67
392.97
614. 66
19
331,475
209,377,000
631.65
4
1
93,736
67, 743
55,060,000
77, 668,000
687,39
1,144.89
Average
r a t e of interest p a i d
702.45
4.00
3.97
3.96
4.50
4.00
4.00
4.00
3.00
3.75
4.76
4.26
Depositors 1
Deposits 2
$482.67
646.7d
874. 28
708..36
861.67
704.06
162,943
129,266,000
793. 32
6
161,479
132,618,000
11,748,086
8,890,790,000
756.79
606
11,896.075
9,190,969,000
P e r cent
4.60
4.27
4.26
4.74
4.47
4.88
4.70
3.76
4.09
4.60
4.00
o
o
g
pi
O
tr"
trl
te)
pi
o
H
W
4.00
4.00
3.00
3.76
4.00
4.26
tel
o
d
*^
o
821.27
611
772.67
1 Represents number of savings pass-book accounts.
• Represents deposits evidenced by savings pass books and time certificates of deposit.
• Includes savings of 11 trust companies and 11 guaranty savings banks.
P e r cent
4.00
4.08
4.17
4.74
4.34
4.76
634.12
6
1
Number
of b a n k s
815.90
3
6
6
6
Average
d u e each
depositor
Average
r a t e of interest p a i d
683.48
Deposits s
6
T o t a l Pacific S t a t e s . .
Total United States
>
$113,402,000
8 215,759,000
98,676,000
2, 035, 257,000
167,949,000
624,832, 000
202
-
225,782
334,930
127,961
2,973,468
196,386
904,981
384
_
Depositors 1 -
* Estimated.
8 Includes returns of one stock savings bank.
CD
O
Numher of stock savings hanks, numher of savings depositors, savings deposits, and average deposit account, by States, June 30, 1929 and 1930
1929
Location
Number
of b a n k s
Depositors i
, Deposits 2
1930
Average
d u e each
depositor
$614. 64
181. 57
Average
r a t e of interest p a i d
$24, 800, 000
23,617, 000
170,418
48, 417, 000
284.11
1
3,930
1,186,000
301. 78
4.00
7
Total Southern States..
40,349
130,069
23
Total Eastern States
Florida
Alabama
Mississippi . .
3 5,730
2,991,000
521. 99
4.00
8
9,660
4,177.000
19,179
428,229
18, 579,000
247,276,000
968. 72
677. 44
679
447,408
266,854, 000
694. 21
13
12,298
2,993, 000
243. 37
1
.19
3
1
621
1, 687,274
63,662
4,288
453, 000
« 876.077,000
24, 234,000
4,830,000
729.47
651.94
381.27
• 1,126.40
T o t a l Pacific States
24
1,666, 745
905, 694,000
646.94
Total United States
747
2,295, 529
1, 227,035,000
634. 63
.
T o t a l M i d d l e W e s t e r n States
Nebraska
Oregon
California
Utah
Nevada
.:
1 Represents number of savings pass-book accounts.
' Represents deposits evidenced by savings pass books and time certificates of deposit.
Depositors »
Deposits 2
Average
d u e each
depositor
$641.24
179.10
1
22
.
38, 624
131,367
$24, 703,000
23, 528,000
23
432.40
3
676
Michigan
Iowa
Number
of b a n k s
P e r cent
4.00
3.60
1
22
NewJersey D i s t r i c t of C o l u m b i a
CD
00
.169,891
48,231,000
78
67,369
3 4,883
579,000
6, 032,000
2, 630,000
7,423. 07
89.54
518.12
P e r cent
4 00
3.60
283. 89
1
4
6
Average
r a t e of interest p a i d
11
72, 330
9,141,000
126. 38
3
645
20,341
8 400,600
18, 287,000
232,913,000
899. 02
681. 41
648
420,941
261, 200,000
596. 76
4.00
9
8.790
2, 212, 000
261. 65
3.00
4.00
4.00
4.00
1
18
3
1
721
1,472.012
58,679
3 4,155
491,000
832, 803,000
17,434,000
. 4,680.000
681. 00
666. 76
297.11
1,126. 35
23
1,536, .567
855, 408,000
567.07
714
2,207,519
1,166,192,000
628.28
4 00
4 00
4 00
3.50
3.50
3 Estimated.
* Includes savings of departmental banks.
O
O
3 60
3 50
W
teJ
4 00
3
4
4
4
CO
00
00
00
^^
HH
>
a
tel
Ul
909
COMPTROLLER OE T S E CtJURtilsrcY
Number of savings banks {mutual and stock) in the United States, number of
savings depositors, amount of savings deposits, and average amount due each
depositor, June 30, 1914 to 1930, inclusive ^
[For prior years, see a n n u a l r e p o r t for 1920, vol. 1, p p . 236-242]
Banks
Year
1914—Mutual savings b a n k s .
Stock savings b a n k s . . .
1916—Mutual savings b a n k s .
Stock savings b a n k s . . .
1916—Mutual savings b a n k s .
Stock savings b a n k s . . .
1917—Mutual savings b a n k s .
Stock savings b a n k s . . .
1918—Mutual savings b a n k s .
Stock savings b a n k s . . .
1919—Mutual savings b a n k s .
Stock savings b a n k s
1920—Mutual savings b a n k s .
Stock savings b a n k s . . .
1921—Mutual savings b a n k s .
Stock savings b a n k s *1922—Mutual savings b a n k s .
Stock savings b a n k s . . .
1923—Mutual savings b a n k s .
Stock savings b a n k s . . .
1924—Mutual savings b a n k s .
Stock savings b a n k s . . .
1926—Mutual savings b a n k s .
Stock savings b a n k s . . .
1926—Mutual savings b a n k s .
Stock savings b a n k s . . .
1927—Mutual savings b a n k s .
Stock savings b a n k s . . .
1928—Mutual savings b a n k s .
Stock savings b a n k s . . .
1929—Mutual savings b a n k s .
Stock savings b a n k s . . .
1930—Mutual savings b a n k s .
Stock savings b a n k s . . .
634
1,466
630
1,.629
622
1,242
622
1,186
625
1,194
622
1,097
620
1,087
623
1,084
619
1,066
618
1,029
613
990
611
972
620
904
618
843
616
791
611
747
606
714
Depositors 2
Deposits 3
8,274,418 $3,916, 143,400
2, 228, 020
835, 448, 768
8,305, 662 3,946, 069, 043
2. 380,496
866, 546, 005
8, 690, 746 4,135, 552,046
2, 297,911
854. 235,985
8.936, 055 4,340, 805,483
2,431,958
960, 742, 593
9,011,464
4,344, 166, 606
406,927
2,368, 089 1, 006,
8,948,808
4, 723,629, 000
2, 486. 073 1,128, 331,000
9,445,327
6,172, 348, 000
654, 000
1, 982, 229 1, 319,
9, 619, 260 6, 395,552, 000
2.464, 265 1,363,451,000
720, 000
9,665,861
6, 686,
2,883,136
1,384, 004,000
618, 000
10, 057,436 6, 282,
3, 282,897 1,428, 883, 000
10, 409, 776 6, 686,366, 000
246, 000
3, 662, 017 1, 643,
10, 616, 215 7,139. 610, 000
514, 000
4, 040, 312 1, 790,
668,000
11, 053,886 7, 658,642, 000
1, 746,
4,107,913
868,000
8, 054,
11,337,398
035,000
1,453,692, COO
3,476,873
8,665,Oil, 000
11, 732,143
3, 272,416 .1,338,790.000
11, 748, 086 8, 890,
035, 000
2, 295, 529 1, 227,
969, COO
11,895, 075 9.190,192, 000
2, 207.619 1,166,
Average
d u e each
depositor
$473.16
374.97
476.11
369. 82
481.40
371. 74
486.82
396. 05
482. 07
424.98
527.86
463.86
647. 61
666. 74
660.91
663.29
688.94
480.03
624.67
436.26
642.32
433. 26
672. 61
443.16
683.80
426.19
710.47
417.91
. 738.62
408.88
766.79
634.63
772.67
528.28
» Revised.
2 R e p r e s e n t s n u m b e r of savings pass-book accounts.
8 R e p r e s e n t s deposits evidenced b y savings pass b o o k s a n d t i m e certificates of deposit.
< I n c l u d e s e s t i m a t e d r e t u r n s of 106 b a n k s in Cahfornia. (See p . 141^ C o m p t r o l l e r ' s R e p o r t for 1921.)
Private Banks
The statements following show a summary of the resources and
liabilities of private banks on June 30, 1930, and a comparison of these
items with the amounts reported as of June 29, 1929.
Summary of reports of condition of 361 private hanks ia the United States at the
close of business June 30, 1930
[ I n t h o u s a n d s of dollars]
RESOURCES
Loans and discounts (including rediscounts):
Real-estate loans, mortgages, deeds of trust, and other liens
on real estate—
-On farm land
On other rear estate
Loans secured by United States Government and other
bonds, stoclis, and securities (exclusive of loans to banlis) _
. Loans to banks
Commercial paper bought in open marl^et; acceptances
payable in United States; and notes, bills, and acceptances payable in foreign countries
All other loans
Total
-
-
3,892
7, 395
2, 674
227
1,322
49, 663
65,173
910
REPORT ON THE PINANCES
Overdrafts
Investments:
United States Government securities
•
State, county, and municipal bonds
Railroad and other public-service corporation bonds
Stock of corporations
.,'•
Foreign government bonds and other foreign securities
Other bonds, notes, warrants, etc
Total
Banking house, furniture and
Real estate owned other than banking house
Cash in vault:
Gold coin
.
Gold certificates
All other cash in vault
Not classified
.
-
fixtures
294
1, 897
1, 166
686
3, 220
599
14, 181
-.
21, 749
3, 216
6, 325
34
31
908
1, 090
Total
Reserve with reserve agents
Other amounts due from banks
,
Exchanges for clearing house and other cash items
Other resources (including securities borrowed, acceptances of other
banks and bills of exchange or drafts sold with indorsement, and customers' liability on account of acceptances)
Total resources-
2,063
2, 351
10, 086
519
2, 830
114, 606
LIABILITIES
Capital stock paid in
Surplus
.
Undivided profits—net
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued and unpaid
Due to banks (demand balances)
Certified and cashiers' checks (including dividend checks), and cash
letters of credit and travelers' checks outstanding
Demand deposits (other than bank and United States):
Individual deposits subject to check
28, 718
State, county, and municipal- deposits_-_
2, 194
Certificates of deposit (other than for money borrowed)
2, 048
Other demand deposits
1, 725
8, 594
7, 127
1, 466
67
30
966
236
Total
34, 685
Time deposits (including postal savings):
State, county, and municipal deposits
.
32
Deposits of other banks
36
Other time deposits—
Deposits evidenced by savings pass books
24,629
Certificates of deposits (other than for money borrowed)
17, 237
Time deposits, open accounts; Christmas savings
accounts, etc
1,855
TotaL-43,789
Deposits not classified
;
1^ 371
Total deposits
..
81, 047
Bills payable and rediscounts
10, 483
Agreements to repurchase United States Government or other securities sold
1
Acceptances executed for customers and to furnish dollar exchange
22
Other liabilities (including securities borrowed and acceptances of other
banks and bills of exchange or drafts sold with indorsement)-5, 769
Total liabilities
-
114^ 606
911
COMPTEOLLEE OF THE CUBEENCY
Resources and liabilities of private banks in the United States June SO, 1930, compared with June 29, 1929
[In thousands of dollars]
June 30,
1930
Number of banks.
June 29,
1929
Increase Decrease
391
RESOURCES
Loans and discounts (including rediscounts)
Overdrafts
:..
1
Investments. _
Banking house, furniture and fixtures
Real estate owned other than banking house
•..
Cash in vault
^
Reserve with reserve agents
Other amounts due from banks
Exchanges for clearing house and other cash items..
Other resources
Total.
65,173
294
21, 749
3,216
6,326
2,063
2,351
10,086
519
2,830
93, 723
833
27,826
3,418
6,798
2,608
4,787
12,349
1,078
3,170
28,550
539
6,077
202
473
445
2,436
2,263
669
340
114,606
166,490
41,884
8,594
7,127
1,466
67
9,906
9,536
2,479
50
1,311
2,409
1,013
30
61
LIABILITIES
Capital stock paid in
Surplus
Undivided profits—net
^
Reserves for dividends, contingencies, e t c . . .
Reserves for interest, taxes, and other expenses accrued and
unpaid..
Due to banks
Certified and cashiers' checks and cash letters of credit and
travelers' checks outstanding
Demand deposits
Time deposits (including postal savings)
United States deposits
Deposits not classified
Total deposits
Bills payable and rediscounts
Agreements to repurchase securities sold
Acceptances executed for customers
Other liabilities
Total.
1,896
236
34,685
43, 789
1,371
81,047
10,483
. 1
22
6, 769
114,606
362
66,368
49,180
1,044
1,710
111,616
16,660
46
19
6,218
166, 490
126
21,673
6,391
1,044
339
30,469
6,177
46
""449
41,884
Resources and liabilities of all reporting banks other than national
The statements following show a summary of the resources and
liabilities of all reporting banks, other than national, on June 30,
1930, and a comparison of these items with the amounts reported as of
June 29, 1929.
Summary of reports of condition of 16,827 State {commercial), savings, private banks,
and loan and trust companies in the United States and possessions at the close of
business June SO, 1930
[In thousands of dollars]
RESOURCES
Loans and discounts (including rediscounts):
Real-estate loans, mortgages, deeds of trust, and
other liens on real estate—
On farm land
.-_
112, 375
On other real estate
.
8, 860, 334
Loans secured by United States Government and
other bonds, stocks, and securities (exclusive of
loans to banks)
6, 048, 282
Loans to banks
6, 854
Commercial paper bought in open market; acceptances payable in United States; and notes, bills,
and acceptances payable in foreign countries
326, 991
All other loans
10, 218, 082
Total
12101—31—^60
.—
25, 572, 918
912
REPORT ON THE EINAivrcE^
Overdrafts
Investments:
United States Government securities
State, county, and municipal bonds
Railroad and other public service corporation
bonds--Stock of Federal reserve banks and other corporations
Foreign government bonds and other foreign
securities
Other bonds, notes, warrants, etc
Total
39, 986
1, 092, 997
910, 192
1, 883, 850
271, 772
145, 463
6, 752, 283
"immnrr n, 056,557
Banking house, furniture and
fixtures
1, 022, 607
Real estate owned other than banking house
300, 567
Cash in vault:
Gold coin
9, 855
Gold certificates
13, 649
All other cash in vault
182,885
Not classified
317, 074
Total
523,463
Reserve with Federal reserve banks or other reserve agents
2, Oil, 426
Other amounts due from banks
1, 640, 656
Exchanges for clearing house and other cash items--i__
1, 587, 148
Other resources (including securities borrowed, acceptances of
other banks and bills of exchange or drafts sold with indorsement, and customers' liability on account of acceptances)--_
' 1, 148, 257
Total resources
44, 903, 585
LIABILITIES
Capital stock paid in
Surplus
Undivided profits—net
----Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued and unpaidDue to banks (demand balances)
Certified and cashiers' checks (including dividend checks), and cash
letters of credit and travelers' checks outstanding
Demand deposits (other than bank and United States):
Individual deposits subject to check
11, 632, 101
State, county, and municipal deposits
758, 345
Certificates of deposit (other than for money borrowed)
262,742
Other demand deposits
519, 127
Total
Time deposits (including postal savings):
State, county, and municipal deposits
154, 354
Deposits of other banks
116, 325
Other time deposits—
Deposits evidenced by savings pass books
18, 044, 008
Certificates of deposit (other than for money
borrowed)
----1, 773, 391
Time deposits, open accounts; Christmas savings accounts, etc
592, 019
Postal savings deposits
32,693
TotaLUnited States deposits (exclusive of postal savings)
Deposits not classified
Total deposits
Bills payable and rediscounts
Agreements to repurchase United States Governnient or other
securities sold
Acceptances executed for customers and to furnish dollar exchange.
Other liabilities (including securities borrowed and acceptances
of other banks and bills of exchange or drafts sold with indorsement)
.
•
Total liabilities
=
=
=
=
=
2, 145, 445
3, 377, 660
. 608, 931
173, 314
43, 608
1, 657, 299
876, 950
13, 172, 315
20, 712, 790
41, 758
117, 199
36, 578, 311
436, 784
39, 505
74, 962
1, 425, 065
44, 903, 585
913
COMPTROLLEE OP THE CUEEENCY
Resources and liabilities of State {commercial), savings, private banks, and loan and
trust companies in the United States and possessions June SO, 1930, compared
with June 29, 1929
[In thousands of dollars]
June 30,1930 June 29, 1929 Increase Decrease
-
16,827
17, 794
25, 672,918
39,986
11,056, 557
1,022,607
300,567
623,463
26, 675,139
46,664
10, 692,203
1,006,770
271,977
621,925
2, Oil, 426
1,640,656
1, 587,148
1,148, 257
1,847,249
1, 713,338
906, 766
1,160,246
44,903,586
Number of b a n k s . . . .
44, 732, 277
967
RESOURCES
Loans and discounts (including rediscounts)
Overdrafts
-—-Investments
Banking house, furniture and fixtures
Real estate owned other than banking house
Cash in vault
Reserve with Federal reserve banks or other reserve
agents.
Other amounts due from banks
Exchanges for clearing house and other cash items
Other resources
-.
Total
364, 354
15,837
28, 690
1,638
1, 002, 221
6,678
164,177
680,382
72,682
1,£
171,308
LIABILITIES
Capital stock paid in
Surplus
Undivided profits—net
Reserves for dividends, contingencies, etc
.
.
Reserves for interest, taxes, and other expenses accrued
and unpaid
j
Due to banks
.
i
Certified and cashiers* checks and cash letters of credit
and travelers' checks outstanding
Demand deposits
Time deposits (including postal savings)
United States deposits
,
Deposits not classified
Total deposits
Bills payable and rediscounts
Agreements to repurchase securities sold
Acceptances executed for customers
Other liabilities
Total..
2,145,445
3, 377,660
608, 931
173,314
2,169,
3,132,
609,
80,
"92,'663'
43,608
1,667,299
1,463,
204, 034
876,950
13,172,316
20, 712, 790
41, 758
117,199
36, 678,311
436, 784
39, 505
74, 962
1,425, 065
464,
13,845,
20,470,
412,070
44,903, 685
44, 732, 277
67,
20,
36, 312,
916,
•6,
57,
1, 378,
245, 014
24,168
""951
25,200
242, 268
97, 078
265, 758
33, 642
17,668
46,284
171, 308
673, 681
"i6,'iii
479,412
914
REPORT ON THE FINANCES
The resources and liabilities of each class of reporting banks other
than national, June 30, 1930, are shown in the following table:
Resources and liabilities of 16,827 State {commercial) hanks, loan and trust companies, savings hanks, and private hanks, June 30, 1930
[In thousands of dollars]
13,582
1,564 loan
State
and trust
(Commer- companies
cial) banks
714 stock
savings
banks
606
mutual
savings
banks
361
private
banks
Total,
16,827
banks
RESOURCES
Loans and discounts (including
rediscounts,
Overdrafts
Investments
Banking house, furniture and fixtures
Real estate owned other than banking house
Cash in vault
Reserve with Federal reserve banks
or other reserve agents
Other amounts due from banks
Exchanges for clearing house and
other cash items
Other resources
9,475,936
6,686
3,835,746
919,318
187
378,933
6,896,023
2
3,872,417
436,235
428,889
41,105
113,162
3,216
1,022,607
146,012
294,852
83,188
176,126
21,799
16,018
44,243
34,404
6,326
2,063
300,667
623,463
848,129
817,049
1,045,843
631,883
89,247
46,926
26,866
234, 713
2,361
10,086
2,011,426
1,640,666
188,341
342,186
1,392,996
726,468
3,613
4,064
1,779
72,709
619
2,830
1,687,148
1,148,267
15,269,902
Total
9,216,468
33,918
2,947,712
17,702,660
1,621,109
10,296,308
114,606
44,903,686
898,871
154,623
8,694
7,127
1,466
2,146,446
3,377,660
608,931
16,167
67
173,314
638
173
30
43,608
1,667,299
162
10,306
236
34,686
876,960
13,172,315
9,206,268
43,789
1,216,888
673
1,371
81,047
10,483
20,712,790
41,768
117,199
36,578,311
436,784
9,468
1
22
6,769
39,605
74,962
1,426,065
10,296,308
114,606
44,903,685
66,173 26,672,918
294
39,986
21, 749 11,066,667
LLA.BILITIE3
Capital stock paid in
1,080,960
996,656
60,336
Surplus
746,812 1,684,184
40,666
Undivided profits—net
239,420
200,102
13,320
Reserves for dividends, contingencies, etc
86,802
69,202
Reserves for interest, taxes, and
other expenses accrued and unpaid
26,278
16,141
621
Due to banks
:.
647,986
1,001,867
6,308
Certified and cashiers* checks and
cash letters of credit and travel104,716
771,207
ers* checks outstanding
640
6,636,021 7,363,000
Demand deposits
128,304
Time deposits (including postal
6,963,921 4,248,970 1,260,862
savings)
4,269
34,677
United States deposits
2,812
Deposits not classified
38,881
76,929
18
12,386,792 13,496,650 1,398,934
Total deposits
249,083
Bills payable and rediscounts
172,500
4,046
Agreements to repurchase securi37,694
ties sold
1,910
66,312
Acceptances executed for customers.
8,628
Other liabihties
..".
, 360,849 1,067,788
1,201
Total
16,269,902
17,702,660
1,621,109
C O ] y t P T R O L L E R OE T H E
915
CURRENCY
The resources and liabilities,of all reporting banks other than national June 30, 1926 to 1930, are shown in the following statement:
Resources and liabilities of all reporting banks other than national on or about
June 30, 1926—1930
[In thousands of dollars]
1926 (20,168 1927 (19,266 1928 (18,622 1929 (17,794 1930 (16,827
banks)
banks)
banks)
banks)
banks)
RESOURCES
Loans and discounts (including rediscounts). 22, 583,356 23,314, 682 24,397, 072 26, 676,139 26, 672,918
39, 761
Overdrafts
....
39,986
33, 662
40, 269
46, 664
9,972,888 10,861,876 11,624,366 10,692,203 11,056, 657
Investments..
Banking house, furniture and fixtures
860,208
942,467
1, 006, 770 1,022,607
899,887
Real estate owned other than banking house.
278, 287
243, 048
271,977
300, 567
283,656
672, 732
Cash ill vault
636,669
621,925
523,463
643,692
Reserve with Federal reserve banks or other
reserve agents..
1, 545, 416 1,626,902 1, 652,457 1,847,249 2,011,426
Due from banks
1,859, 627 1,999,498 1, 730,441 1,713,338 1,640, 666
Exchanges for clearing house and other cash
971,165 1, 042,167
items
789, 766
906, 766 1, 687,148
Other resources
866, 711
944, 594 1, 038, 232 1,160,246 1,148, 267
Total
39, 677, 738 41, 650, 616 43, 066, 089 44, 732,277 i 44,903. 686
LIABILITIES
Capital stock paid.in
1,860,431 1,902,326
Surplus
2, 273, 069 2, 607, 682
Undivided profits—net
685, 684
622, 786
Reserves for dividends, contingencies, etc..
(0
(0
Reserves for interest, taxes, and other expenses accrued and unpaid
Q)
(0
Due to banks
1,431,149 1,432,400
Certified and cashiers' checks and cash
letters of credit and travelers' checks outstanding
2170,245
2 614,832
Demand deposits
8,809, 792 12,897, 523
Time deposits (including postal savings).... 18, 087,718 19, 066. 069
United States deposits
^
43,323
64,181
Deposits not classified...:
4,871,986
895, 730
Total deposits--... 33,414,213 34,960, 735
Bills payable and rediscounts
501,186
461,466
Agreements to repurchase securities sold
(3)
(»)
Acceptances executed for customers
(3)
(3)
2 943, 256 2 1, 095, 722
Other liabilities
Total
39, 577, 738 41, 650,616
1,931,666
2, 725,834
668,924
2,169, 603
3,132,646
609,882
80, 661
2,145,445
3,377, 660
608, 931
173,314
1,343, Oil
68,808
1,463,266
43,608
1^657,299
(0
(0
2 449,614
464,880
13,302,866 13,846,896
20, 241,471 20,470, 622
67,869
36,900
20,121
399,938
36, 773, 790 36,312, 553
916,196
764,961
6,863
(3)
67, 294
(3)
2 1,200,914 1,378, 781
43,066, 089 44, 732, 277
876,950
13,172,315
20, 712, 790
41, 758
117,199
36, 678,311
436, 784
39, 605
74,962
1, 426, 065
44,903, 686
1 Included in undivided profits.
2 Cash letters of credit in 1926,1927, and 1928 reported in "other liabilities."
3 Included in " other liabilities."
NATIONAL BANKS
The statements following show a summary of the resources and
liabilities of reporting national banks on June 30, 1930, and a comparison of these items with amounts reported as of June 29, 1929.
Summary of reports of condition of 7,252 national hanks in the United States and
possessions at the close of business June 30, 1930
[In thousands of dollars]
RESOURCES
Loans and discounts (including rediscounts):
Real-estate loans, mortgages, deeds of trust, and
other liens on real estate—
On farm land
_-296, 970
On other real estate
1, 176, 03i
Loans secured by United States Government and
other bonds, stocks, and securities (exclusive of
loans to banks)
-..,
-_ 5, 484, 713
Loans to banks
.._
,^
339,587
Cominercial paper bought in open market; acceptances payable in United States; and notes, bills,
and abceptances payable in foreign countries
517, 295
All other loans
7,073,156
Total.-.-.-,.,,.-,
.--,--
14,887,752
916
REPORT ON THE FINANCES
Overdrafts
,
Investments:
United States Government securities
-- 2, 753, 941
State, county, and municipal bonds
791, 954
Railroad and other public service corporation
bonds
1, 444,-416
Stock of Federal reserve banks and other corporations
^
212, 375
Foreign government bonds and , other foreign
securities
___-_•
527,706
Other bonds, notes, warrants, etc
- 1, 157, 779
Total
.
Banking house, furniture and
Real estate owned other than banking house
Cash in vault:
Gold coin
Gold certificates
All other cash in vault
-
fixtures
9, 452
mriTrm 6,888,171
787, 750
124, 584
14, 748
34, 373
293, 386
Total
342,507
Reserve with Federal reserve banks or other reserve agents
1, 421, 676
Other amounts due from banks
2, 353, 669
Exchanges for clearing house and other cash items
1, 297, 487
Other resources (including securities borrowed, acceptances of other
banks and bills of exchange or drafts sold with indorsement, and
customers' liability on account of acceptances)
1,003,491
Total resources
29, 116,539
LIABILITIES
Capital stock paid in
.
1, 743, 974
Surplus
.
1, 591, 339
Undivided profits—net
545, 873
Reserves for dividends, contingencies, etc
94, 962
Reserves for interest, taxes, and other expenses accrued and unpaid- 79, 129
National-bank circulation
-652, 339
Due to banks (demand balances)
2, 679, 821
Certified and cashiers' checks (including dividend checks), and cash
letters of credit and travelers' checks outstanding
738, 327
Demand deposits (other than bank and United States):
Individual deposits subject to check.
9, 455, 422
State, county, and municipal deposits
1, 153, 701
Certificates of deposit (other tlian for money borrowed)
143,511
Other demand deposits
173, 567
Total
-
----Tmrrrr. lo, 920,201
Time deposits (including postal savings):
State, county, and municipal deposits
437, 849
Deposits of other banks
203,751
Other time deposits—
Deposits evidenced by savings pass books
6,070,683
Certificates of deposit (other than for money
borrowed)
1, 357, 461
Time deposits, open accounts; Christmas savings accounts, etc
^
574,847
Postal savings deposits
107,980
Total
8, 752, 571
United States deposits (exclusive of postal savings)
'
171, 964
Total deposits^
23, 268, 884
Bills payable and rediscounts
:
229, 033
Agreements to repurchase United States Government or other securities sold
8, 173
Acceptances executed for customers and to furnish dollar exchange. _
511, 007
Other liabilities (including securities borrowed and acceptances pf
other banks and bills of exchange or drafts sold with indorsement)^ ' 391, 826
Totalliabilities
,.,.
,
29,116, 539
917
COMPTEOLLEE OP THE CTJEEENGY
Resources and liabilities of national banks in the United States and possessions
June, SO, 1930, compared with June 29, 1929
[In thousands of dollars]
June 30,1930 June 29,1929
Number of banks
..^
Increase
7,262
7,636
14,887,762
9,452
6,888,171
787,750
124,684
342,607
14,801,130
10,193
6,656,636
747,684
118,839
298,003
231,636
40,066
6,746
44, 504
1,344,951
1,854,187
785,006
823,700
76,725
499,482
512,481
179,791
29,116,639
27,440,228
1,676,311
1,743,974
1,591,339
645,873
94,962
1,627,376
1,479,052
487, 604
80,832
116,599
112, 287
58, 369
14,130
79,129
662,339
2, 679,821
73,968
649,452
2,176,932
6,161
2,887
603,889
738,327
10,926, 201
8, 752,671
171, 964
23, 268,884
229,033
8,173
611,007
391,826
372, 550
10,604,268
8, 317, 095
228, 243
21, 698,088
714,507
49, 660
392, 623
287,167
365, 777
421,933
435,476
1,670,796
29,116,639
27,440,228
1, 676,311
Decrease
284
RESOURCES
Loans and discounts (including rediscounts).---...-..
Overdrafts
Investments
Banking house, furniture and fixtures..
Real estate owned other than banking house...
Cash in vault
Reserve with Federal reserve banks or other reserve
agents
Other amounts due from banks
Exchanges for clearing house and other cash items
Other resources
Total
-
1,421, 676
2,353,669
1,297,487
1,003,491
•
86,622
741
LLA.BILITIES
Capital stock paid in
Surplus
1
Undivided profits—net
Reserves for dividends, contingencies, etc
Reserves for interest, taxes, and other expenses accrued
and u n p a i d . . . .
National-bank circulation
Due to banks
Certified and cashiers' checks and cash letters of credit
and travelers' checks outstanding
Demand deposits
Time deposits (including postal savings)
United States deposits
Total deposits
Bills payable and rediscounts
Agreements to repurchase securities sold
Acceptances executed for customers
Other liabilities
Total
:
66, 279
485,474
41,487
118,384
104,659
918
REPORT ON THE FINANCES
The resources and liabilities of all reporting national banks June 30,
1926 to 1930, are shown in the following statement:
Resources and liabilities of all reporting national banks on or about
June SO, 1926—1930
[In thousands of dollars]
1926
(7,978
banks)
^
1927
(7,796
banks)
1928
(7,691
banks)
1929
(7,636
banks)
1930
(7,262
banks)
RESOURCES
Loans and discounts (includingrediscounts). 13,417,674 13,956,696 16,144,995 14,801,130 14,887,762
9,719
Overdrafts.
9,788
10,138
9,462
10,193
Investments
7,147,448
6,842, 253 6,393,218
6,666,635
6,888,171
Banking house, furniture and fixtures
680,218
721,229
632,842
747,684
787,750
116,817
125,680
Real estate owned other than banking house.
116,869
118,839
124,684
364,204
Cash in vault
*.
359,951
298,003
342,607
316,113
Reserve with Federal reserve banks or other
1,406,062
reserve agents
1,381,171
1,344,951
1,421,676
1,453,383
Due from banks
.i
1,982,848
1,885,967
1,864,187
1,967,950
2,363,669
Exchanges for clearing house and other cash
963,332
786,006
items
,
1,297,487
1, 066,396 1,139,000
650,000
740,954
Other resources
1,003,491
606,901
823,700
Total..
26,315,624
26,681,943
28,608,239
27,440,228
29,116,639
LL4BILITIES
1,412,872 1,474,173 1,593,866 1,627,376 1,743,974
Capital stock paid in
Surplus
1,198,899 1,266,946 1,419,696 1,479,062 1,691,339
487,604
646,873
Undivided profits—net
477,687
608,421
667,437
80,832
94,962
Reserves for dividends, contingencies, etc...
0)
(I)
(0
Reserves for interest, taxes, and other ex73,968
64,618
70,326
83,753
79,129
penses accrued and unpaid
649,452
650,946
649,095
652,339
661,156
National-bank circulation
2,899,456 2,866,937 2,738,017 2,175,932 2,679,821
Due to banks
Certified and cashiers' checks and cash
letters of credit and travelers' checks out690,989
432,905
372,660
738,327
563,945
standing
10, 743,330 10,887,179 11,003,796 10,504,268 10,926,201
Demand deposits
6, 313,809 7,316,624 8,296,638 8,317,095 8,762,671
Time deposits (including postal savings)
139,843
186,916
228,243
171,964
144, 504
United States deposits
2 20,655,044 2 21,790,672 22,657,271 21,698,088 23,268,884
Total deposits.....
368,042
714,607
229,033
421,956
801,186
Bills payable and rediscounts
3,489
3,629
7,217
49, 660
8,173
Agreements to repurchase securities sold
221,131
248,184
411,763
392,623
611,007
Acceptances executed for customers
210,806
326,967
287,167
208,873
391,826
Other liabilities
—
Total
»Included in undivided profits.
26,316,624
26,681,943 28,608,239
27,440,228
29,116,639
* Revised to include cash letters of credit outstanding.
COMPTROLLER OF THE CURRENCY
919
ALL REPORTING BANKS IN THE UNITED STATES AND POSSESSIONS
The statements following show a summary of the resources and
liabilities of all reporting banks in the United States and possessions
on June 30, 1930, and a comparison of these items with the amounts
reported as of June 29, 1929.
Summary of reports of condition of 24,079 reporting banks in the United States
and possessions at the close of business June 30, 19SO
[In thousands of dollars]
RESOURCES
Loans and discounts (including rediscounts):
Real-estate loans, mortgages, deeds of trust, and
other liens on real estate—
On farm land
409, 345
On other real estate
10, 036, 365
Loans secured by United States Government and
other bonds, stocks, and securities (exclusive of
loans to banks)
11, 532, 995
Loans to banks
346,441
Commercial paper bought in open market; acceptances payable in United States; and notes, bills,
and acceptances payable in foreign countries
844, 286
•All other loans
.,_ 17, 291, 238
Total
40,460,670
Overdrafts
49,438
Investments:
United States Government securities
.._ 3, 846, 938
State, county, and municipal bonds
^
1, 702, 146
Railroad and other public service corporation
bonds
1
-- 3, 328, 266
Stock of Federal reserve banks and other corporations
484, 147
Foreign government bonds and other foreign securities
673, 169
Other bonds, notes, warrants, etc
7, 910, 062
Total
.
Banking house, furniture and
fixtures
Real estate owned other than banking house
Cash in vault:
Gold coin
Gold certificates
All other cash in vault
Not classified
17, 944, 728
1, 810, 357
425, 151
24, 603
48, 022
476, 271
317, 074
Total
Reserve with Federal reserve banks or other reserve agents
Other amounts due from banks
;
Exchanges for clearing house and other cash items
Other resources (including securities borrowed, acceptances of other
banks and bills of exchange or drafts sold with indorsement, and
customers' liability on account of acceptances)
Total resources
865, 970
3, 433, 102
3, 994, 325
2, 884, 635
2, 151, 748
74, 020, 124
920
'
REPORT ON THE FINANCES
LIABILITIES
Capital stock paid in_- :
Surplus
Undivided profits—net
Reserves for dividends, contingencies, etc
..
-_
Reserves for interest, taxes, and other expenses accrued and unpaid. _
National-bank circulation
Due to banks (demand balances)
.
Certified and cashiers' checks (including dividend checks), and cash
letters of credit and travelers' checks outstanding
Demand deposits (other than bank and United States):
Individual deposits subject to check
^
21, 087, 523
State, county, a,nd municipal deposits
.
1, 912, 046
Certificates of deposit (other than for monev
borrowed)
-l-_.
406, 253
Other demand deposits
692,694
3, 889, 419
4, 968, 999
1, 154, 804
268, 276
122, 737
652, 339
4, 337, 120
1, 615, 277
Total
,
24,098,516
Time deposits (including postal savings):
State, county, and municipal deposits
592, 203
Deposits of other banks
--.
320, 076
Other time deposits—
Deposits evidenced by savings pass books
24, 114, 691
Certificates of deposit (other than for money
borrowed)
3, 130, 852
Time deposits, open accounts; Christmas savings accounts, etc ^
..
1,166,866
'
Postal savings deposits
140, 673
. Total29, 465, 361
United States deposits (exclusive of Postal Savings)
213, 722
Deposits not classified
117, 199
Total deposits
59, 847, 195
Bills payable and rediscounts
665, 817
Agreements to repurchase United States Government or other
securities sold
-_47, 678
Acceptances executed for customers and to furnish dollar exchange.,
585, 969
Other liabilities (including securities borrowed and acceptances
of other banks and bills of exchange or drafts sold with indorsement)
1,816,891
Totalliabilities
-
74,020, 124
921
COMPTEOLLEE OP THE C'QEEENCY
Resources and liabilities of all reporting banks in the United States and possessions
June SO, 1930, compared with June 29, 1929
[In t h o u s a n d s of dollars]
J u n e 30,1930 J u n e 29,1929
24,079
N u m b e r of b a n k s
Increase
25,330
Decrease
1,251
RESOURCES
L o a n s a n d discounts (including rediscounts)
..
Overdrafts....
Investments
B a n k i n g house, f u r n i t u r e a n d fixtures.
Real estate owned other t h a n b a n k i n g house
Cash in v a u l t
Reserve w i t h Federal reserve b a n k s or other reserve agents
O t h e r a m o u n t s due from b a n k s
Exchanges for clearing house a n d other cash i t e m s
O t h e r resources
$40,460,670
49,438
17,944,728
1,810,357
426,161
865.970
3,433,102
3,994,325
2,884,635
2,161,748
74,020,124
Total
$41, 376,
66,
17, 348,
1, 754,
390,
819,
192,
567,
691
973;
$915, 699
7,419
$595,990
55,903
34,335
46,042
240,902
426,800
1,192,863
IV 7,802
72,172, 505 1,847, 619
LIABILITIES"
C a p i t a l stock paid in
Surpms
Undivided profits- net
Reserve for d i v i d e n d s , contingencies, etc
.
Reserves for interest, taxes, a n d other expenses accrued
and unpaid
N a t i o n a l - b a n k circulation
D u e to b a n k s
Certified a n d cashiers* checks a n d cash letters of credit a n d
travelers' cheeks 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 savings)
U n i t e d States deposits
Deposits not classified.
Total deposits
BiUs p a y a b l e a n d rediscounts
1
A g r e e m e n t s to repurchase securities sold
Acceptances executed for customers
Other liabihties
Total
3,889,419
4,968,999
1,154,804
268,276
3, 796,978
4,611,698
1,097,386
161,483
92,441
357,301
57,418
106, 793
122,737
652, 339
4,337,120
142,776
649, 452
3,629,197
2,887
707,923
20,039
1,615,277
24,098, 516
29, 465, 361
213,722
117,199
59,847,195
665,817
. 47,678
585,969
1,816,891
837,
24,350,
28,787,
286,
20,
67,910,
1,630,
55,
449,
1, 665,
74,020,124
72,172, 505 1,847,619
777,847
251,648
677,744
72, 390
"97,'078'
1,936, 554
964.886
7,845
136,052
150, 943
The table following shows the population of each State, number of
reporting banks, resources and liabilities, a classification of loans and
discounts, investments, cash and demanci and time deposits, June 30,
1930, with a recapitulation b}^ classes of banks.
Assets and liabilities of all reporting banks in the United States, Alaska, and insular possessions June, 1930 {includes national, State {commerical)
hanks, loan and trust companies, savings and private banks)
CO
to
Resources (in thousands of dollars)
Population
(approximate)
Location
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
.
Number of
banks
801,000
466,000
359,000
4,260,000
691,000
1, 614,000
8,190,000
131
121
103
449
36
253
231,466
160,806
165,098
2,964,858
303,841
919,270
83
23
72
332
16
164
203, 273
148,706
90,380
1, 341,176
236, 723
449,019
1,092
4, 716,328
689
2,468,276
12, 672,000
4, 050,000
9, 670, 000
240, 000
1, 635,000
489, 000
28, 756, 000
1,122
560
1,641
61
226
40
3,650
12, 666,926
1,566,477
3, 094, 656
114, 667
496, 550
176,652
18, 014.818
3,833
166
1,405
17
253
50
6,723
463
290
. 391
173
398
207
321
316
222
1,293
396
662
479
438, 094
263, 684
298, 682
116, 751
266, 696
108,916
210, 686
158,862
318, 266
738, 249
167,218
414,040
363, 764
160^
133
186
220
264
45
131
1,402
907
1,573
229
633
788
6,500
3,843, 907
6,661
989
916
2,033,167
604,987
638
343
Virginia...
West Virginia..
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas..
Arkansas
Kentucky
Tennessee
Total Southern States....
Ohio.
Indiana..
.>-
6, 663,000
3,233, 000
Loans and
discounts
Over(including drafts
rediscounts)
Investments
Banking
house,
furniture
and
fixtures
Real
estate
owned
other
than
banking
house
Cash in
vault
Reserve
Exchanges
with Fedfor clearOther
eral reserve amounts ing house
banks or
due from and other
other recash
banks
serve agents
items
6.359
4,769
3,469
77, 501
4,976
36,320
133,373
2,101
1,269
8,226
21,048
1,170
8,055
6,036
3,421
2, 567
31,572
8,200
15, 606
41,858
67,392
4,851, 608
838, 386
2, 683, 278
51, 763
360,906
66, 077
8, 841.917
379,404
96,176
221,946
4,627
29,041
23,426
26, 784
16,211
68, 061
1,411
6,375
3,148
754,518
119,990
133, 622
36,425
86,317
1,875
9,733
6,660
273,432
102, 357
69, 646
66,193
42, 682
62,139
103,061
51,409
60, 558
76, 707
227,928
36, 657
114,001
74, 980
7,329
4,243
4,837
9,228
4,836
4,937
2,426
4,769
12,991
3,529
11,610
9,159
86, 677
9,624
9,786
8,857
4,482
7,721
10,816
7,877
4,926
7,952
27,489
6,192
9,614
8,358
14,609
• 30,889
11,464
3,247
28,026
10,634
12, 031
22,996
16, 315
93, 695
24, 725
12,024
14,104
57,357
12, 613
41, 396
22,847
36,314
49,936
29, 077
10, 071
63,176
183, 374
16, 671
50, 577
66, 523
1,067, 218
19,114
17,097
19,910
7,034
14,691
11, 757
11,678
7,002
27,948
51, 309
7,078
16,824
22,874
233,216
122,692
293, 668
697,882
206, 333
116,969
40,701
22,905
11,429
71,020
29, 702
221,829
19, 766
5,496
3,206
2,633
136,886
20,990
35,688
203, 798
Other resources
Total resources
17, 946
12,604
10,071
167,160
11,851
42, 894
1,028
800
660
59, 615
3,191
8,299
961
462
4,008
131,407
6,890
3,996
262,426
73,483
147, 723
474, 738
325, 946
277,153
4, 920,463
696,846
1, 519,210
8,114,346
721,263 2,260,308
1,167, 761
108, 700
89,377
19,065
280, 704
334,651
102,906
6,692
764
7,461
39,607
49,296
13,019
29,967
9,608
7,219
1,667,944 1,186,823 2,403,281
1,187, 613
29, 518
94, 663
666
10,991
3,088
1,326,328
23, 297,812
2,800,499
6, 968,476
189,632
1, 003,671
324,684
34, 584, 774
663,460
415,821
448,564
205,324
436,631
306,841
334,693
264.431
627, 051
1, 362, 782
253,376
643.432
579,324
628,832
6,262
2,647
6,865
1,874
6,464
2,632
3,443
1,698
10,911
16,174
931
6,644
7,577
72,922
9,299
1,998
1,758
1,450
4,198
4,310
3,324
4,691
11,101
11,000
2,246
8,665
21,197
86,137
6,440,620
148,846
111,620
10, 036
8,496
70,905
146,988
3, 394,086
1,178.366
O
o
W
o
tel
Ul
Illinois.
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Total Middle
States
.
7,637,000
4,876,000
2,938,000
2, 671,000
2,470,000
3, 626,000
1,683
766
936
1,016
1,262
1,236
2,820,627
1,451,788
631,106
606,249
664,876
849,383
1,436
659
397
646
616
701
991,908
511,391
276,422
371,496
203, 755
332,893
116,617
79, 644
30,807
21,209
29, 708
31, 341
19, 796
13,006
7,186
10,703
26,115
13,268
61,246
32,846
17,926
20,412
16,897
22, 631
222,481
176,649
76,266
30,610
18, 992
34, 732
409, 111
66,974
51,800
126,162
96,841
215,719
101, 786
39,027
11,611
14,264
5,845
11,199
137,313
27,960
6,695
17,608
2,196
16,476
4,882,319>
2,388,842
1,109,114
1,118,267
964,739
1, 628,332
34,013,000
....
8,800
9,461,172
6,133
3,590,079
. 466,896
124,396
272,678
800,314
1,216,072
202,263
426, 040
16, 664,043
680,000
698,000
1,386,000
1,880,000
536,000
225, 000
1,037,000
428,000
2,403,000
9, 273,000
366
374
773
1,061
186
83
270
63
698
3,753
72, 734
91,430
241,101
276, 426
79, 767
39,196
162, 706
24, 768
246, 531
1,224,638
104
192
363
461
159
87
267
24
474
28,650
39, 717
91,468
99,601
64,837
15,472
88,537
16,123
133,826
4,781
6,049
12, 475
16, 540
4,629
1,870
7,867
1, 528
16, 037
3,188
4,010
6,436
4,929
1,626
674
1,895
333
2,521
3,125
3,365
9,692
9,913
4,361
1,879
7,171
1,483
7,889
6,692
19,044
68,149
75,364
11, 572
10,038
49, 262
6,877.
81, 079
809
1,146
4,770
4,648
1,084
297
5,400
365
4,692
667,231
68, 666
26, 511
48,868
328,067
23,211
792
1,131
1,357
3,730
811
104
914
180
1,150
10,169
128,4 2S
168.906
451, 078
603, 607
176, 674
71,341
341, 689
62, 592
516, 646
2,121
7,553
3,832
15, 278
12,895
17, 938
1,824
27, 691
1,921
22, 346
111, 178
1, 566,000
966,000
6, 730,000
448,000
506,000
91, 000
439,000
333
228
437
137
102
36
45
296,409
140, 267
2, 354, 565
47,040
119,929
28,135
46,495
203
161
2,094
90
246
68
41
158,323
109,017
995,810
28,965
37, 696
8,705
28.600
14, 357
9,865
114,140
3,399
3,455
1,826
2,310
928
1,616
16,888
1,046
1,667
476
1,832
9,666
6,780
42, 647
2,241
1,831
1,344
3,128
46, 760
20, 617
278,370
2,965
6,202
876
8,338
42,097
30,453
224,087
14,174
19, 661
6,473
6,106
8,612
4,972
87,300
666
2,688
285
1,406
9, 733,000
1,317
3, 032,840
2,892
1,367,016
149, 361
24,453
67,637
363,128
341,961
105,828
59,000
371,000
1, 660,000
11,325,000
13,306,000
17
20
19
11
6,179
67,221
39, 300
66, 267
4,337
81
681
687
1,117
2,366
1,086
4,896
2,647
4,743
167,967
4,937
28, 573
1,982
7,499
42,991
319
1,467
1,173
1,388
67
16
2,157
362
23, 796
26,319
13,271
2,999
3,182
1,741
12,677
2,962
12, 784
30,164
101
1,398
1,899
249
3,647
1,810,367
425,161
866,970
3,433,102
3,994,326
124, 584
145,012
83,188
21, 799
44, 243
6,325
342, 507
294,852
176,126
16,018
34,404
2,063
425,151
866, 970
1,421, 676
848,129
1,046,843
89,247
26,856
2,351
3,433,102
2,353,669
817,049
531,883
46,925
234, 713
10,086
3,994,326
Western
North Dakota
South Dakota
Nebraska
Kansas
Montana.
Wyoming
Colorado
New Mexico . . . . .
Oklahoma
Total Western states
Washington
Oregon
.
California
Idaho
Utah
Nevada
Arizona
Total Pacific States
Alaska
The Territory of Hawaii.
Porto Rico
Philippines..
Total possessions
Total United States and
possessions
.
136,461,000
24,079
40,460,670
49,438
17,944, 728
183
2,409,660
o
o
pi
o
7,205
1,690
120,658
129
2,666
296
439
132, 783
683, 660
326,338
4,236,469
100, 715
195,640
48,473
97, 694
g
5,687,879
W
62
2,861
2,713
18,942
24, 568
14, 611
122, 003
63, 606
128, 783
318,802
2,884,636
2,161, 748
74, 020,124
1,297,487
188, 341
1,392, 996
3,513
1,779
619
2,884,636
1,003,491
342,186
726,468
4,064
72, 709
2,830
2,161, 748
29,116, 639
15, 269, 902
17, 702, 660
1, 621,109
10, 295, 308
114, 606
pi
O
>^
o
o
RECAPITULATION
National banks
State (commercial) banks..
Trust companies
Stock savings banks.
Mutual savings banks
Private banks
Grand total.
7,262
13,682
1,664
714
606
361
14,887,762
9,216,468
9,476, 936
919,318
6,896, 023
66,173
.9,462
33,918
6,686
187.
2
294
24,079
40,460, 670
49,438
6,888,171
2,947, 712
3,836,746
378,933
3,872,417
21, 749
787, 750
436, 236
428, 889
41,105
113,102
3,216
17,944, 728 1,810,367
74,020,124
CO
bO
00
Assets and liabilities of all reporting banks in the United States, Alaska, and insular possessions, June, 1930—Continued
CO
bO
Liabilities (in t h o u s a n d s of dollars)
Location
Capital
stock
paid in
Surplus
Maine
13,960
21,196
6,955
New Hampshire
21,646
8,011
Vermont
16,388
162, 773 241,943
Massachusetts
16,426
Rhode Island
41,782
49, 708 103, 461
Connecticut
...
Total N e w
England
257,832 446,316
States
962,006 2,142,196
N e w York
143,363 179,280
N e w Jersey
384,446 765,320
Pennsylvania
24,226
13,112
Delaware
73,947
42, 223
Maryland...
20, 479
23,928
D i s t r i c t of C o l u m b i a
1, 559,078 3,195,448
T o t a l E a s t e r n States
39, 830
Virginia
58,899
25,901
32,174
West Virginia
25, 376
33, 652
North Carolina.^.
15, 663
S o u t h Carolina
8,991
39, 396
26,043
Georgia
...
25,518
13,813
Florida
28,806
20, 318
Alabama
16,154
10,779
Mississippi
21,176
34, 481
Louisiana..:
. .
64,981
115,103
Texas
9,659
20,403
Arkansas
...
36,875
49,861
Kentucky
32,557
44,117
Tennessee
T o t a l S o u t h e r n S t a t e s . . . 614,226 326.298
194, 867 164,439
Ohio..
.46,600
75.666
Indiana...-
Reserves
Refor '
serves
interest,
for
Unditaxes,
diviand.
vided
dends,
other
p r o f i t s - conexpenses
net
tingencies, accrued
and
etc.
unpaid
19,030
4,768
7,935
153,904
9,395
67,125
692
8,273
840
13,128
6,874
6,598
416
170
103
9,758
423
1,298
252,147
35, 406
80, 450
8,764
11, 690
1,454
1,812
1.510
12,168
18,014
7,315
8,601
23
6,344
879
155,836
56,280
162,839
6,749
14,925
6,325
402,954 105,680
12, 620
3,179
8,689
2,054
8.134
2,855
3,144
936
10,046
1,760
4,258
981
8,800
1,910
2,964
354
8,959
1,704
30, 652
4,090
4,387
126
9,246
3,067
4,066
1,831
116,665 24,837
64,907
21.299
11, 747
518
National
bank
circulation
4,824
4,798
4.270
19, 418
3,309
10,161
D u e to
banks
4,726
4,803
1,475
188,177
6,950
20, 643
Certified
and
cashiers'
checks,
a n d cash
Demand
letters
of credit deposits
and
travelers'
checks
outstanding
T i m e deposits
United
(includ- States
ing
dePostal
posits
Savings)
82,422
319,799
1,412
41,002
228,028
647
27.064
205,102
655
23, 218 1,102,803 2,831, 592
127,628
377,084
1,137
317, 801
919,896
6,102
46.780 225,674
32, 071 1, 698, 620 4,881, 601
68,997 1, 633,904 1, 286, 616 7, 674, 469 7,869, 547
846,304 1,410,455
23. 591
40,606
14,363
82,659 423,925
43, 650 2,046, 865 2,788,347
73,667
899
2,784
63,116
610
6,887
274,116
43, 237
516,848
2,026
133, 204
4,905
15,013
109, 210
2,376
41,076 i 187,938 2.159, 469 1, 349, 341 11, 047, 514 12, 767, 523
254, 619
19, 367
1,430
198,931
36,671
4. 018
153, 264
644 10,153
9,882
168,197
2,656
148,742
6,993
764
25,367
166, 649
7,018
3,406
81,639
124
9,257
74,729
1,066
7,677
143, 034
1,444
151,693
29,849
1,940
4,124
93,099
482
129,128
21,214
2,291
102, 334
7,732
125, 454
611 13. 641
1,007
2,990
95,339
7,220
679
1,276 • 98,690
6,110 . 46, 258
144,482
230.001
1,846
3, 525
247,413
698,468
2,408 41,485 113,207
13.159
3,772
74,274
108,416
14,824
626
1.666
215,360
204,242
26, 674
1,062 16,106
8,960
197,336
28,804
210,926
1,099 16,873
2,076
60,647 2, 656, 624 1,950,934
12,908 150,696 376, 769
6,364 1,080,526 1,643, 087
2,663 34,619 148,729
382, 233
282,612
. 7,884
806 23,469 . 41.077
Agreem e n t s Acceptances
DeBills
to
exeposits p a y a b l e repurcuted
not
and
chase
for
classi- redis- securicusfied
counts
ties
tomers
sold
220
311
"5
96
22,637 "'i,"oi2
650
3,244 " " " 4 6 7
27,058
33, 508
7,785
45,414
69
5,824
2,163
94,763
2,914
465
702
1,637
6,032
4,041
3,877
397
1,913
14,586
268
885
1,148
38,865
6,818
1,361
5,951
4,425
6,581
22,395
326
18,344
2,000
80,218
6, 266
60
Other
liabUities
90
226
733
39, 477
798
6,412
47, 736
2,000 91, 534
67,021
89,229
78 306,877 986,186
1,011
27,699
123
137 33,423
95, 621
274 18,632
101,393
1,038
2,095
8,967
208
6,308
1,243
1,008 ""2,141
137 233,456
2,916 326, 728 1,120, 753
640 . 10,844
19,698
980
10,966 "
6
2, 013
19,309
885
96
329
4,124
279
1,840
12,851
2,027
4,733
3,139
25
1,572
16,711
95 "•"i,"725
5,061
105
22,432
92
13,616
11,745
1,083
254
8,448
2,362
491
50 16, 979
14,087
9
944
26
11,691 31,643
224
28,767
14,764
24,066
82
601
9,940 103.101
60 177,486 32,704
6,927 100,040
39.426
46
16 171; 772
26
'.li0,"295 13.844
1,484
74,796 46.004
338,703 226,310
Illinois
39,933
6,666
126,693 119,954
Michigan
6,678
22.126
38,887
71,317
Wisconsin
.
2,154
34,522
14,884
61,488
Minnesota
2,080
30,186
12,844
63,657
Iowa
. J - .•
4,838
65,868
112,148
28,766
Missouri
Total Middle Western
1,043,518 714, 666 269, 543 78, 674
States
1, 244
273
4,453
10, 026
North Dakota
. .. ..
2,082
253
4,831
11,620
South Dakota
4,612
2,384
12,405
30, 537
Nebraska
.
' 8, 535
830
40. 250 . 20, 038
Kansas
3,228
423
10,755
5,540
Montana .
1,106
238
3,083
4,240
Wyorning
5,906
339
12,191
17,938
Colorado.
J
.
322
105
1,490
3,020
N e w Mexico
.
6,140
847
11,339
33,605
Oklahoma
75,370
5,692
33,175
T o t a l W e s t e r n S t a t e s . . . . 161,891
2,249
6.731
16,171
40,947
Washington
6,053
9,482
561
21,256
Oregon
.
.
.
69, 253
231,384 169,725
8,210
California
2,270
6,043
814
2,365
Idaho
6,404
11, 626
1,746
1,349
Utah
1,233
3,317
824
36
Nevada
4,141
6,861
1, 636
26
Arizona......
320,434 198,426 . 76, 057 14, 785
T o t a l Pacific States
75
410
464
916
Alaska
1,073
3,798
6,176
11,312
T h e T e r r i t o r y of H a w a i i
42
6,971
1,831
516
P o r t o Rico
2,013
13,242
649
5,005
Philippines
3,203
6,273
13,476
32,440
T o t a l possessions
T o t a l U n i t e d States a n d
possessions
3,889,419 4,968,999 1,164, 804 268,276
29,867
4,314
2,172
2,833
1,375
798
36,001
17,782
16,632
13,947
12, 638
8,723
468,306
70,220
46,038
87.072
41,603
108,051
44,728 163, 801 1,001,096
2,302
275
2,899
6,135
1,899
198
6,837
44, 769
1,007
9,486
27,123
608
2,251
7,678
530
1,482
2,772
16
4,355
23,714
909
1,354
1,613
41
6,275
745
41,916
4,329 36,838 156,922
655 11, 673
41,938
6,761
17, 696
401
4,679 39, 285 317,331
3,211
1.423
88
16, 215
2,489
616
2,287
1,194
97
1,870
1,220
262
6,598 63,045 400, 547
91
128
1
1,925
3,160
364
11,066
45
3,535
530
930
3,241
16, 653
.
53,028 1,877,396 1, 690,338
839,153 1,048,296
18, 080
351,968
623,133
6,814
364,609
514,703
10,040
309,099
474,719
2,416
759,144
399,898
9,310
113,926 5,964,127 6,376,785
994
60,136
43, 476
1,253
67,766
69,869
3,343
200,408
138,886
3,748
265, 890
109, 344
1,259
73,117
69.254
30,910
25,568
263
114,164
3,230
154,923
12,113
803
30, 776
122,497
7,042
277,463
21,935 1,146, 832
719,728
3,659
228,410
219, 686
2,527
125, 033
133, 085
34, 630 1.068, 732 2,164,767
1,022
33,717
48,716
1,227
78,399
61,220
634
21, 522
16, 632
1,140
36,364
44,410
•44,839 1, 582, 380 2, 688, 212
6,792
72
6,048
39, 619
1,007
47.764
l l j 333
12,418
796
24,458
46, 872
643
90, 678
103,619
2,618
60
22, 745
4,987
22,963
13
9,223
50
4,733
7,602
16, 005 • " " " 6 7
64,368
7,282
4,035
405
9
869
60,233
61,799
8,698
1,968
5,966
20,989
22,190 113, 835 136, 541
5,238
127
2,023
158
535
2,728
384
5,079
8,177 """i,"929
1,139 ""i,"i77
2,205
373
3
1,414
189
2,779
259
240
856
136
6,307
1,222
iso
83,910
2
431,466
40
737
423
6,233
68
60
642
64
1,078
8,336
4,084
402
46,403
30
21, 313
283
178
71, 693
6.176
"17
2,716
2,380
1,360 ""3,'489
511
34
2,869
4,363
2,840
176
21,442
103
39
100
129
24,828
387
1,278
1,665
1,177
6
"5
11
158
347
505
30, 668
3.801
3,817
11,246
875
3,041
315
417
23, 612
128
770
6,905
430
7,233
122,737 652,339 4, 337,120 1, 616,277 24,098. 616 29,465,361 213, 722 117,199 665,817
2,480
98
10
405
39
46
35
632
4
19
25
1,818
90
69,967
.
71,880
1,708
810
1,708
1.142
1,952
1,370
2,422
30,017
33, 809
47,678 585,969 1,816,891
O
O
o
pi
O
o
d
tel
a
RECAPITULATION
National banks
S t a t e (commercial) b a n k s .
Trust companies..
Stock savings b a n k s . .
M u t u a l savings b a n k s
Private banks
:
Grand total.
1,743,9741 1, 591.339
1,080,960| 746,812
995, 565 1, 684,184
40, 666
60,336
898,871
7,127
8, 594
645. 873 94,962
239. 420 86,802
200.102 69, 202
2,086
13.320
154, 623 16,157
67
1,466
3,889,419 4,968,999 1,164, 804 268, 276
79,129 652, 339 2,679,821
647,985
26, 2781
1, 001,867
16,141
521
6, 308
638
173
30
738,327 10,926, 201
104, 715 5.636,021
771, 207 7, 363, cool
640
128, 304l
10, 3051
152
34, 685
236
8,752,571 171,964
229,033
5,953,921
38, 881 249,083
4,r"
4, 248,9701 34, 6771 76,929 172,500
1, 260,852
18
4,045
2,812
9, 205,258
673|
43, 789
1,371 10, 483
122,737 652, 339 4, 337,120 1, 616,277 24,098,516 29,465,361 213,722
665,817
8,173 61 li 007 391.826
37, 594 66,312 350,849
1,910
8. 628 1,057,788
1,201
9,458
5,769
47,678 685,969 1, 816,891
CO
to
Ox
Assets and liabilities of all reporting banks in the United States, Alaska, and insular possessions, June, 1930—Continued
CO
[In thousands of dollars!
Oi
Investments
Loans and discounts
Real estate loans,
mortgages, deeds
of trust, and other
liens on real estate
Location
On farm
land
Total Eastern States
Total Southern States
72,884
89,167
88,614
1,603,898
143,243
504,863
30,384
25, 736
24,674
674,278
82, 979
224,676
24,959
6,052
2, 402,669
962,626
26,748
9,079 3,861, 983 5,172,341 102,893
10, 722
2,667
467, 248
409, 643
17, 914
328,428 1,378,255
46, 698
3,060
26, 786
67,920
42
12,607
114, 736
183,612
5,622
164
26,463
78,176
483
Total New England States.
New York
New Jersey
Pennsylvania
Delaware.^
Maryland
District of Columbia
Virginia
West Virginia
North Carolina.South Carolina
Oeorgia
Florida
Alabama
Mississippi
Louisiana
Texas
•Arkansas
.,
Kentucky
Tennessee
Commercial paper
bought in
Loans on
securities Loans to open market, and
(exclusive banks
bills, acof loans
ceptances,
On
to banks)
etc.,
other real
payable
estate
1,612
694
1,668
1,419
223
646
Mame
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
460
Government
securities
State,
county,
and municipal
bonds
Foreign
Railroad
Stock of
and other Federal re- government Other
bonds,
serve banks bonds and
public
notes,
other forand other
service
warrants,
eign secorporation corporaetc.
curities
tions
bonds
124,637
28,213
40,387
779,833
66,968
186,586
26, 602
20,130
10, 671
151, 637
66,294
58,832
12,461
7,700
7,389
284, 550
9,481
26, 271
68, 273
84, 677
42, 405
626, 983
99, 609
214, 753
6,885
11, 438
4,604
61, 948
623
68, 636
17,394
8,184
13, 767
34,301
4,930
66, 916
73,768
16, 677
11,664
181, 766
64,886
14,612
92,831
1, 225, 613
332, 966
347,842
1,136, 500
153,133
144, 482
363,363
117,318
70,288
62,680
185
96, 495
3,678
3,313,312
616,909
1,271, 781
27,564
83, 679
67, 798
693,114
137, 540
624,936
6,766
71,643
31,353
98, 953
136,151
221, 031
6,396
20,360
2,236
. 376, 765
300, 621
814, 202
22,010
168, 909
14,999
59, 744
83, 775
22,137
167
28,349
1,854
485,126
1, 687, 606
1,667
6,949
65
70,471
10, 438
3,241
339,444
6,380,043
1,464,352
13, 778
12, 614
3,643
1,819
29,652
7,339
8,188
6,612
1,989
43,481
23,433
7,437
6,339
68,299
35,647
12,939
9,900
62,204
16,339
18,176
7,603
14, 609
117,696
6,062
62,938
68,652
10,688
1,366
1,797
1,062
6,166
2,629
6,921
1,169
3,227
9,683
1,231
3,379
9,637
4,338
349
35
1,002
4,442
4,387
1,920
373
1,248
12, 708
979
3,161
3,134
344,604
212,430
278,065
101,169
170,041
76,969
170,889
139,126
293, 779
641,010
123,697
340,830
272,296
31,168
21, 231
21,053
7,084
. 33,728
49, 940
20,088
7,725
11,366
114,006
14,163
29,192
19,633
67,409
166,124
469,663
68,844 I
38,074
3,064,803
380,366
7,279,847
157,406 I
Uiiited
All other
loans 1
6,387
1,378
2,303
1,809
4,192
1,363
4,693
6,080
3,613
13,773
2,926
6,295
3,807
63, 436 4,804,643
,
271
68
to
6,307
1, 467.
13,136
3,206
2,826
25, 628
7,444
8,866
3,050
24,404
6,636
2,231
6,777
109,877
140,514 3,482, 418
66,116
126,183
84, 706 1,016,267
1,017
16,418
17,499
64,146
2,697
12,938
196,016
301,647
4,707,370
8,247
7,661
662
1,662
6,784
8,974
4,798
1,436
981
7,626
1,297
13,361
4,361
3,897
8,686
2,060
640
4,854
3,462
1,766
423
1,173
7,609
683
1,269
2,066
3,633
3,226
618
579
1,796
2,230
2,496
1,289
338
6,086
926
3,663
3,120
60,215
27,377
17,874
29,421
13,162
12,827
14,828
30,821
69,800
69,298
14,163
64,315
39,024
.66, 618
38,465
28,787
443,105
hj
O
o
W
tel
Ohio
Indiana
Illinois
•Michigan..
M Wisconsin..
^ Minnesota.
O Iowa..
^ Missouri--.
CO
Total Middle Western States....
North Dakota..
South Dakota.Nebraska......
Kansas
Montana
Wyoming
Colorado
New Mexico...
Oklahoma
13,904
11, 624
17, 411
6,447
57,566
13,089
16, 686
3,301
140,028
4,943
2,465
12,174
5,041
1,243
2,014
3,984
996
4,108
Total Pacific StatesAlaska
^.-The Territory of Hawaii
Porto Rico
Philippines
Total possessionsTotal United States and
sions
2,469
7,284
64, 980
3,843
24,178
9,740
7,605
34,143
1,213, 493
504, 485
1,086, 203
690, 632
326, 841
376,028
491, 499
680, 601
189, 698
69, 086
292, 990
65,097
62,112
115,874
49,898
40,357
133,125
7,254
163,046
26, 937
30, 752
27,834
11,081
23,114
30, 919
26, 649
60,310
29,870
83,005
30,239
20,654
15,210
10,053
3,678
14, 9S8
13,139
5,396
2,168
2, 927
14,356
21, 491
8,816
23,529
11, 967
24,302
14,025
7,084
6,603
312, 696
99, 961
.447,065
374,381
69,855
181,366
112, 111
233, 263
1, 585, 760 2,136,055
76, 315
154, 232
•5, 368, 782
865,112
413,143
296, 756
66, 675
117,816
1,830,677
2,340
7,693
4,267
27,819
4,746
1,389
7,687
2,331
6,953
2,845
33,382
24,138
17,803
9,752
4,123
67,303
2,207
42,076
804
419
7,124
4,821
361
659
1,368
44
2,857
1,076
4,680
11,844
131, 751
2,964
49
1,831
384
4,367
60, 726
42, 791
181, 654
89,191
60, 691
30, 962
80, 532
18, 796
186,171
761, 414
9,844
14, 998
34,197
30,108
19,005
6,893
38, 620
7,387
46,264
207,306
2,482
9,018
10, 596
37,381
6,601
2,336
12, 625
2,691
34,296
117,824
3,984
4,516
18,376
1,669
12, 911
1,114
11,103
866
2,666
67,093
273
262
846
1,047
380
168
1,630
116
2,116
6,838
3,216
2,309
10,240
1,937
4,883
669
3,392
116
2,950
29, 712
8,851
8,614
17,215
27,469
11,057
4,292
21, 267
4,047
45, 646
148, 468
^
14,357
26,982
166, 795
5,033
7, 973
2,720
6,686
218, 645
18,202
16,173
34,683
2,431
6,616
876
2,726
1,483
796
11, 646
469
4,817
153
61,966
10, 621
317, 642
7,005
6,453
2,232
6,797
tel
pi
O
tel
80,605
19,890
6,811
8,650
26, 626
3,062
1,814
421
751
48,136
411, 716
tel
623
8,070
974
222
1,071
1,491
60
1,269
7
1,814
396
2,296
3,130
2,690
1,241
8,962
846
4,436
15,484
3,328,266
484,147
673,169
7,910,062
1, 444, 416
163,086
461,368
12,419
1,246,302
686
3,328,266
212,376
44, 911
133,369
2,099
88,173
3,220
484,147
627, 706 1,167, 779
33,618 1,927,338
40,647 2, 690,616
1,806
277,649
68,893 1,842, 700
699
14,181
673,169 7, 910,062
65, 225
193, 628
18,457
168, 946
2,657
6,699
80, 915
1,669
7,234
2,621
3,450
6,282
13,148
912, 681
3,845
38,186
6,376
8,478
1,776
1,349
3,672
239
1,679
194
76
6,676
9,532
35,239
1,921
1,632
588
235, 786
87, 666
965,462
31,138
50, 708
15,141
17,150
65, 606
46, 796
448, 519
10, 976
10, 924
2,304
13,103
105,146
986, 996
44,433
21,873
356, 606
8,228
20,490
4,216
16,354
472,199
8,983
66,476
1, 403,041
688,126
Total Western States..
Washington..
Oregon.
California
Idaho
Utah
Nevada
Arizona
7,369
6,264
20, 562
8,211
4,781
5,870
5,853
17, 416
162, 530
633,412
49, 650
25, 680
285, 910 1, 345, 561
191, 975
550, 680
60, 622
158,118
90,074
10, 448
33,424
9,808
104, 723
9,200
6,836
3,054
417
1,266
16,327
4,038
6,428
87
26,817
1,336
10, 307
26,058
29, 088
682
7
409,345 10,036,365 11,632,996 346,441
632
850
1,621
1,180
4,283
844, 286
4,196
16, 709
29, 244
47,394
97, 642
1,667
6,496
156
401
8,710
9,789
17,291, 238 3,846,938 1,702,146
3,188
O
O
.^
H
W
O
W
o
cl
Pi
Pi
tel
^
o
RECAPITULATION
National banks
State (commercial) banksTrust companies
Stock savings banks
Mutual savings banks
Private banks
Grand total.
296,970
87,341
. 18,689
1,864
699
3,892
1,176,031 6,484, 713 339,687
1,636,684 1, 436,629
2,852
1, 284, 963 4, 634,946
3,697
614,388
14,278
78
6, 616,904
60,866
7,396
2,674
227
409,316 10,036,366 11,632,996 346,441
617, 295
186,612
130, 363
315
8,489
1,322
844,286
791, 964
7,073,166 2, 753, 941
489,860
289,000
6, 967, 560
369, 999
139,868
3, 503,288
388, 4C5
78, 692
6,368
309,176
162,549
473,800
1,897
49, 663
1,166
17,291,238 3,846,938 1,702,146
J Includes $10,218,082,000 reported for banks other than national, a part of which should probably be classified elsewhere in the schedule.
CO
to
Assets and liabilities of all reporting banks in the United States, Alaska, and insular possessions, June, 1930—Continued
CO
fcO
00
[In thousands of dollars]
Cash 1
D e m a n d deposits
T i m e deposits
O t h e r t i m e deposits
Location
Gold
coin
Certificates of
deposit
T i m e de- P o s t a l
posits, open savings
a c c o u n t s ; deposits
Christmas
savings, etc.
123
235
104
1,208
960
1,222
1,611
3,069
1,040
13,669
6,746
13, 532
1,341
16,307
78, 224
34, 557
25,484
1,039,932
115,483
267, 003
1,547
2,921
560
38,875
6,350
24,049
2,650
1,864
1,011
12,671
5,644
16,261
1
1,670
9
11,325
61
10,498
605
43
31
3,001
2,740
1,893
18, 578
130
312,770
223,484
202,753
2, 627,886
338,622
883, 277
2,016
3,852
39. 666
21,859
1,660, 683
74, 302
40,081
23,554
8,213
18,971
4, 688, 791
160, 673
98, 668
6,385
1,098
1,486
4,729
68
364
106
9,666
7,184
2,290
18
161
2,900
32, 077
27, 756
79, 298
1,769
9,208
2,554
90, 681
6,863, 002
671,136
1,935, 657
67, 219
224, 567
126,233
368, 825
156,181
82, 385
16, 315
20, 673
6
43,165
15,017
16, 743
17
1.118
733
409,477
3,970
11,080
6
27,857
6,233
56,504
22, 599
10, 609
105
6,001
500
246,050
2,686
1,618
6, 683, 252
1, 308, 319
2,454,015
60. 296
475,172
90, 609
243,198
29, 694
250, 202
761
11, 340
9,611
621,652
45,620
62, 792
1,878
23, 064
7,661
18.891
1,637
9,111
77
84
360
7,851
Total New England States.
.
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
Teimessee
T o t a l S o u t h e r n States
State,
county, Deposits
a n d m u - of other E v i d e n c e d
nicipal
b a n k s . b y savings
deposits
pass books
91
117
72
388
496
852
Maine..
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
NewYork.....
N e w Jersey
Pennsylvania
Delaware
Maryland
D i s t r i c t of C o l u m b i a . .
Gold
certficates
State,
Individual
All other
Other
Certificash in N o t clas- deposits c o u n t y , a n d cates of d e m a n d
subject to m u n i c i p a l deposit deposits
sified
vault
check
deposits
30
263
2,187
679
6,486
2,036
1,832
98,914
30,728
21, 677
971
1,922
446
80,182
4,718
10,329
67
280
40
3,032
276
2,690
22,219
152, 651
90, 711
9,867, 814
644, 284
76,793
458,623
95, 318
253,120 11, 071, 662
544,806
762, 667
30,150
288
172
121
63
309
140
306
240
297
1,189
263
206
225
. 344
140
106
142
104
478
198
47
65
663
79
223
126
5,047
4,552
2,349
1,660
7,308
7,098
4,602
4,639
7,590
25, 637
4,850
3,439
4,103
3,945
4,921
6,282
2,717
5,746
3,905
179,441
143,102
128, 380
70, 564
137,196
87,500
113,424
65, 387
201, 653
606, 292
73, 387
196, 203
183, 796
10, 069
10, 746
32, 048
3,876
7,091
38, 739
10, 209
32, 666
8,762
74, 594
30, 007
7,627
24,386
. 8,662
1.100
4,732
251
7,222
164
1,561
172
1,617
9,419
4,255
334
2,634
769
3,249
1,489
38
184
2,725
260
465
17,969
8,163
767
78
210
4,411
50
2,164
4,693
563
5,137
1,526
745
414
19, 874
276
2,978
10,177
179,642
• 107,380
86,641
361
60,425
10
98, 776
1,050
58.129
352
90,047
50
56,394
129
105,827
157, 289
955
45, 677
107,993
146
105, 304
706
67,664
43, 037
58, 630
14,911
34,447
15,940
7,983
37, 659
37,888
68,769
26, 573
38, 867
77, 292
2,392
1,774
236
465
6,162
1,248
1,388
1,327
194
6,554
922
65,204
3,465
444
1,023
710
1,135
2,036
12, 293
1,340
85
159
3,972
926
172
392
3,819
2,713
82, 674
33,486
2,186, 325
290,810
42,023
36, 366
63, 008
3,824
519, 660
91,331
24,687
•
. .
4,211
3,099
2,871
66
1,258,424
Ohio
Indiana
Illinois
Michigan
W^isconsin
Minnesota .
Iowa
Missouri
Total
Middle
States
..
12,126
9,994
16, 603
830, 304
335, 765
1, 774, 763
- 605,513
266, 359
291, 590
276, 599
733,987
206,179
35,044
64, 728
41,842
73, 656
55, 547
18,199
15, 223
18,886
1,509
35,985
102,625
11, 327
5,268
10, 080
8,963
25,167
9,915
1,919
89,173
626
12, 204
4,221
971
23, 340
668
90, 089
7,456
8,568
2,169
568
7,956
645
826
10, 329
182
30
7,451
782
613
1,256, 637
167, 298
1,166,437
901, 612
284,137
278, 210
235, 376
345,406
119,990
137, 553
5,114,880
510,418
194, 643
144,186
140, 813
20,857
4, 634, 012
1,590
1,502
8,913
5,112
4,010
1,684
5,284
1,345
5,061
1,386
1,700
35, 904
51,159
159, 671
199,808
53,451
21,177
137, 258
20,168
231, 899
910, 496
4,880
16, 269
29,901
53, 544
16, 973
7,485
12, 327
8,969
41, 609
191,957
2,502
2,361
10, 343
12, 030
2,519
2,005
3,833
1,584
3,077
2,624
1,893
1,840
339
. 14
160
1,774
127
12, 641
21,312
47
2
47
11
15.140
15,168
32, 744
29, 307
37, 965
11, 038
88,431
5,915
40,137
40,254
190
80
493
608
174
243
1,605
55
878
4,126
3,983
2,654
20,183
1,349
164, 629
103,627
990, 649
33,113
43,196
13, 933
36, 694
50, 382
25,130
65,095
14, 335
6,790
2,487
7,219
2,310
2,637
3,728
1,138
371
204
382
28,169
1,385, 641
171,438
10, 770
2,365
1,691
9,360
129
863
8
115
14, 531
395
2,094
256,480
120
1,601
13
3,191
263,894
4
9,614
1,168
522
11, 308
609
799
2,373
373
318
301
386
208
716
1,194
2,934
929
2,036
586
1,102
372
13,032
9,448
65,938
7,637
15, 572
7,399
5,416
0,648
66, 763
18, 261
23,906
221,113.
108,137
260,099
124, 772
220,672
213, 753
226,406
36, 337
41,134
4,164
58,459
13,152
8,386
5,575
3, 358
7, 041
1 31S
1, 62(>
4,926
1 122
1 340
7,645
8, 230>
2,546
1,411,288
141,269
28, 546
39, 320
46, 216
98, 506
66,814
25,766
11,753
19, 648
4,586
39,408
840
439
3,045
9,682
. 37
127
994
169
24,908
40,241
2,166
4,04S
2,751
3, 202
5 472
2,479
3,317
1,269
5,492
30,195
5 273
3,684
2,722
2,232
447
322
1,267
15,947
Western
5,266
9,869
North Dakota
South Dakota
Nebraska
Kansas
M^ontana
Wyoming
Colorado
N e w Mexico
Oklahoma
.
:
T o t a l W e s t e r n States
70
62
653
706
215
140
1,335
70
186
3,437
79
91
126.
4,095
136
55
652
68
482
5,684
Washington
Oregon..
California
.. . ..
Idaho
1
Utah
Nevada
Arizona..
T o t a l Pacific States
264
339
669
51
237
90
148
1,688
118
128
1,023
7
202
823
366
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 possessions
..
Total United States a n d
possessions
169
116
94
148
627
24,603
2,667
34, 501
5,311
3,659
20,872
834
1,392
431
2,614
35,113
38
89
482
409
879
4,640
1,971
4,186
1,018
11,676
48,022
<476, 271
2,160
5,246
50
60
317, 074
4,700
22, 348
8,298
26, 339
61, 685
21,087,623
1,011
6,668
1,338
19,820
28,837
1,912,046
77
889
632
191
1,689
406, 253
11
118
275,845
352, 017
294
69
16,466
12
7,060
190
191, 543
98,195
1,818,149
19,115
57,943
20, 029
27, 269
30. 020
19, 661
48, 630
12,017
10,095
968
3,926
885
1,330
23,320
221
1,263
23,091
2, 232,243
126, 317
27, 720
7
6,450
3,188
96
4, 805
26, 521
8,772
13, 716
9,646
95
733
12, 016
326
4,116
17,191
2,653
12
2,605
6,170
53, 814
692, 694
692, 203
320,076 24,114,691
173, 667
66, 341
449, 238
1,821
2
1,725
692,694
437,849
30, 631
39, 774
83, 622
295
32
692, 203
203, 751
2,460
106,881
. 6,958
3,130,852
711
1,166,866
503
19
120
4,121
4,763
140, 673
O
o
H
Pi
O
tel
pi
o
tel
K
teJ
o
d
Pi
Pi
tel
t^
o
RECAPITULATION
National banks
State (commercial) banks..
Trust companies
Stock savings banks..
Mutual savings banks
Private banks...
Grand total
14, 748 34, 373
6,362
7,166
3,780
5,034
727
38
641
691
34
31
24,603
48,022
293. 386
106,853
68,968
800
6,356
908
476, 271
* All cash in national banks included in first 3 columns.
9,455,422
4,925, 065
6, 545,487
122, 799
10, 032
28, 718
317, 074 21, 087, 623
175,471
98,344
14,453
27,716
1,090
1,163, 701
494, 743
261,125
83
200
2,194
1,912,046
143, 511
149,872
107,150
3,601
71
2,048
406, 253
36
320,076
6,070, 683 1,357,461
4,441,542 1, 332,337
3, 320, 666 323,827
1,066, 605
99,687
9,190,566
403
24, 629
17, 237
24,114,691 3,130,862
674,847 107,980
131, 251 16, 710
442,482
16,340
2,437
1,643
13,994
1,855
1,166,866 140, 673
CO
bO
CO
930
REPORT ON T H E FINANCES
A classification of the demand and time deposits in each class of
reporting banks follows.
Demand and time deposits in each class of banks June 30, 1930
[In thousands of dollars]
Demand deposits
NumState,
ber of Individual county, Certifl- Other
banks
deposits and mu- cates of demand
subject to nicipal deposits deposits
check
deposits
Total
State (commercial) banks.
Loan and trust companies.
Stock savings banks
Mutual savings banks
Private banks
13,682
1,564
714
606
361
Total
National banks
Grand total
16,827
7,252
11,632,101 768,345 262,742 519,127 13,172,315
9,466,422 1,153, 701 143, 611 173, 567 10,926,201
24,079
21,087,623 1,912,046
4,925.065
6, 645,487
122,799
10,032
28,718
494,743
261,125
83
200
2,194
149,872 66,341 6, 636,021
107,150 449, 238 7,363,000
1,821
128,304
3,601
71
2
10,305
1,725
2,048
34,685
406,263
692,694 24,098,616
Time deposits
State
county,
and
municipal deposits
Deposits
Depos- evidenced
its of
by
other ings savpass
banks
books
Certiflcates of
deposit
State (commercial) banks. 30,631 2,450 4,441, 642 1,332,337
Loan and trust com39,774 106,881 3, 320, 666 323,827
panies
83,622
6,968 1,066, 606
99,687
stock savings banks
296
Mutual savings banks
9,190,566
403
32
24,629
17,237
36
Private banks
Total
National banks
Grand total
164,354 116, 325 18,044,008 1,773,391
1437,849 203,761 6,070,683 1,357,461
Time
deposits, Postal
open ac- savcounts,
ings
Christ- deposmas savits
ings, etc.
Total
Total
demand
and time
deposits
131,251
16,710
5,963,921 11, 689,942
442,482
2,437
13,994
1,856
16,340
1,643
4, 248,970 11, 611, 970
1, 260,862 1, 389,156
9, 205, 258 9, 215, 563
43,789
78,474
692, 019 32,693 20,712,790 33,885,106
674,847 107,980 8,752, 571 19,678, 772
692,203 320,076 24,114,691 3,130,862 1,166,866 140,673 29,465,361 53,663,877
931
COMPTEOLLER OE THE CURRENCY
The resources and liabilities of all reporting banks June 30, 1926 to
1930, are shown in the following statement:
Resources and liabilities of all reporting banks on or about J u n e 30, 1926-1930
[In thousands.of dollars]
1926 (28,146 1927 (27,061 1928 (26,213 1929 (25,330 1930 (24,079
banks)
banks)
banks)
banks)
banks)
RESOURCES
Loans and discounts (including rediscounts)
Overdrafts
^
Investments.
Banking house, furniture and fijxtures
Real estate owned other than banking
house
Cash in vault
Reserve with Federal reserve banks or
other reserve agents..
Due from banks
Exchanges for clearing house and other
cash items
Other resources
Total
-
36,001,030
49,470
15,815,141
1,493,050
358,917
996, 520
37,270, 378 39, 542, 067 41,376,269
43,450
50,407
66,857
17,256, 093 18, 771,814 17,348,738
1, 580,106 1.663, 696 1, 764,454
399,473
1,007,896
403, 967
. 887,845
40,460,670
49,438
17,944,728
1,810, 367
390,816
819,928
425,151
865,970
2,926, 586
3,842,475
2, 932, 954
3,967,448
3,105,840
3, 616,408
3,192, 200
3, 567, 525
3,433,102
3,994,325
2,037, 561
1, 372, 612
.2,181.167
1,494, 694
1, 753,098
1, 779,186
1, 691, 772
1,973,946
2,884,636
2,151, 748
64,893, 362. 68,132, 558 71, 574, 328 72,172, 506
74,020,124
LIABILITIES
Capital stock paid in
Surplus
Undivided profits—net
Reserves for dividends, contingencies, etc..
Reserves for interest, taxes, and other expenses accrued and unpaid--.
National-bank circulation
Due to banks
Certified and cashiers* checks and cash
letters of credit and travelers' checks outstanding
Demand deposits
_
Time deposits (including postal savings)...
United States deposits
Deposits not classified *
Total deposits
Bills payable and rediscounts
Agreements to repurchase securities sold...
Acceptances executed for customers..
Other habilities
Total
3, 273,303
3,471,968
1,063,171
(
0
2 64, 618
661,156
4,330, 605
3, 376,498
3, 764, 527
1,131,206
3,796,978
4, 611,698
1,097,386
161,483
3,889, 419
4,968,999
1,164,804
268, 276
142, 776
649,452
3, 629,197
122, 737
652,339
4, 337,120
3 882.519
837,430
24.306,651 24,350,164
28, 538,109 28, 787, 617
222,816
286,112
399,938
20,121
368,431, 061 67,910, 641
1, 566,146
1,630,703
2 7, 217
65, 623
2 411,763
449,917
« 1,627,881
1,665,948
1,615,277
24,098,616
29,465,361
213,722
117,199
59,847,195
666,817
47, 678
585,969
1,816,891
(
0
()
'
2 70,326
650,946
4, 289,337
2 83. 753
649,095
4, 081, 028
8 724,190 3 1,205,821
19,553,122 23,784, 702
24,401,627 26,381,693
187,827
194,024
4,871,986
895, 730
354,069,257 356, 751,307
923,142
829, 608
2 3,489
2 3, 629
2 221,131
2 248,184
« 1,162,128 « 1,306, 627
64,893,362
3, 525, 522
4,145, 529
1,226,361
68,132,658
71,674,328
72,172,505
74,020,124
' Included in undivided profits.
2 For national banks only; figures for banks other than national included in undivided profits.
« Revised to include cash letters of credit sold by national banks and outstanding.
* For banks other than national.
»Includes cash letters of credit sold by banks other than national and outstanding.
932
REPORT ON T H E EINANCES
Principal items of resources and liabilities of all reporting banks in continental
United States, as corhpared with similar data for member banks of the Federal
reserve system, on or about June 30, 1930
Membsr banks
Items
Loans 3
Investments
Cash
Capital
Surplus and undivided profits...
Deposits (demand and time)
Aggregate resources
All
reporting
banks: i
24,012
banks (000
omitted)
Per cent
Mutual
Private
to ah
savings
banks: 2
reporting banks: 2 361 banks
Per cent banks,! 606 banks
8,315
to all
(000
banks (000 reporting| except
(000
mutual
omitted)
omitted) omitted)
banksi
savings
and
private
40,316,822
26,213,770
17,901, 737 10,441,889
852, 699
484, 262
3,856,979
2,721,997
6,105,055
3,820,872
63, 369, 680 31,873.955
73,701, 322 47,906,740
62.54
58.33
66.79
70.57
62. 59
59.72
65.00
73.39
74.54
59.33
70.73
75.77
72.32
76.69
6,896,025
3,872,417
34,404
1,053.494
9, 215, 563
10, 295, 308
66,467
21,749
2,063
8,594
8,593
78,474
114, 606
1 Exclusive of banks in Alaska and insular possessions.
2 Included in all reporting banks in column 1.
8 Including overdrafts.
BANKS IN THE DISTRICT OF COLU]\IBIA
A classification of banking associations in the District of Columbia,
together with capital, demand and time deposits, and total resources,
June 30, 1930, follows:
Number
National banks
Loan and trust companies
Savings banks..
Building and loan associations
Total
Capital
Demand and
time
deposits 1
Total
resources
$10,776,000
10,400,000
2,763,000
$125,340,000
76,339,000
40,735,000
2 64,480,000
$172,894,000
104,366,000
47,424, O O
C
71,629,000.
23,928.000
306,894,000
396,313,000
1 Amounts due to banks not included.
« Share payments maimy.
Earnings, expenses, and dividends of banks other than national
The following statement shows comparative figures concerning the
earnings, expenses, and dividends of banks other than national in the
District of Columbia for the years ended June 30, 1930 and 1929:
933
COMPTROLLEB OF T H B CXJIlKENCy
Earnings, expenses, and dividends of trust companies and savings hanks in the
District of Columbia
[In thousands of dollars]
6 months ended Dec.
31, 1929
6 months ended June
30,1930
Year
Year
ended ended
June
June
30,1930, 30,1929,
7 t r u s t 22 sav- 29 total, 6 t r u s t 22 sav- 28 total
29
28
ings
comings
combanks banks ^ banks
panies b a n k s b a n k s panies b a n k s
Capital stock
Surplus
D i v i d e n d s declared
Gross earnings:
Interest a n d discount on l o a n s . . .
I n t e r e s t (including dividends)
on i n v e s t m e n t s
I n t e r e s t on balances w i t h other
banks
D o m e s t i c exchange a n d collection
charges
• 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-estate l o a n s .
Trust department
Profits on securities sold
Other earnings
Total.
Expenses paid:
Salaries a n d wages
I n t e r e s t a n d d i s c o u n t o n borrowed m o n e y . I n t e r e s t on b a n k d e p o s i t s .
I n t e r e s t on d e m a n d d e p o s i t s . .
I n t e r e s t on t i m e deposits
.
Taxes
,
Other expenses
.
.
Total-Net earnings.
Recoveries on charged-off assets:
L o a n s a n d discounts
B o n d s , securities, etc
All other
Total
Losses a n d depreciation charged off:
On loans a n d discounts
On b o n d s , securities, etc
On b a n k i n g house, furniture a n d
fixtures..,.
,.
^.
O n foreign exchange
O t h e r losses
Total
N e t a d d i t i o n to p r o f i t s . . -
14,106
11,348
1,677
11,400
9,671
612
2,751
1,896
196
14,151
11,467
808
10,400
9,950
618
2,753
1,904
131
2,040
1,101
3,141
1, 677
1,014
2,691
6,832
6,978
630
230
760
459
212
671
1,431
1,608
73
27
100
73
25
98
198
202
7
10
14
2
21
12
6
7
16
3
21
10
42
22
46
21
4
348
69
387
23
27
348
103
496
8
254
12
406
26
34'
109
34
254
49
626
61
602
162
1,022
92
689
183
937
37"
120
13,153 « 13,153
11,854 2 11,854
749
1,557
3,468
1,540
5,008
2,902
1,462
4,354
9,362
9,665
778
401
1,179
773
395
1,168
2,347
2,283
20
23
327
447
361
309
1
49
379
84
242
42
26
376
826
435
561
9
20
334
411
322
305
23
2
72
323
83
236
32
22
406
734
405
641
74
48
782
1,560
840
1,092
39
69
869
1,645
878
1,060
2,255
1,180
3,435
2,174
1,134
3,308
6,743
6,723
1,213
360
1,673
728
318
1,046
2,619
2,932
12
5
4
12
6
4
13
9
1
16
22
1
24
34
6
28
20
69
68
1,213
381
1,694
760
343
1,093
2,687
3,079
39
12
82
12
121
24
7
68
64
21
71
89
192
113
224
100
85
6
7
34
30'
119
6
37
73
130
9
14
7
15
87
137
24
206
143
61
206
9"
126
149
158
307
287
121
408
716
665
1,064
223
1,287
463
222
686
1.972
2,424
J Number of reporting banks June 30,1930.
2 Capital and surplus as of June 30,1930.
Building and loan associations
The resources of the 24 building and loan associations operating
in the District of Columbia under the supervision of the Comptroller
of the Currency On June 30, 1930, totaled $71,629,000 and exceeded
by $5,665,000 tbe resources of 22 associations on June 30 a year ago
934
REPORT ON THE FINANCES
The loans, which aggregated $68,143,000, showed an increase in
the year of $4,577,000. Installment payments on shares increased
also from $58,916,000 to $64,480,000.
Nineteen of the associations operated on the permanent plan, and
five on the serial plan. The total membership was 74,272, as compared to 71,205 members a year ago, and of the total in the current
year the numbers borrowing and nonborrowing were 20,430 and
53,842, respectively.
The statement following discloses the number of building and
loan associations in the District of Columbia, their aggregate loans,
installments paid on shares, and total resources on June 30 of each
year 1909-1930. Summaries of the resources and liabilities of the
individual associations as of June 30, 1930, together with consolidated
statements of assets and liabilities and receipts and disbursements
for the six months ended December 31, 1929, and June 30, 1930, are
published in the appendix of the report of the Comptroller of the
Currency.
Number
of avssociations
Years
June 3 0 —
1909
1910 ..
1911
1912
1913.
1914
1915
1916
1917
1918
1919
1920 .
1921
1922
1923
1924.
1925
1926
1927....
1928
1929
1930
:
.
..--
:
22
19
19
20
20
20
20
19
19
20
20
21
24
22
23
23
24
22
22
22
22
21
^
Loans
Installments
on shares
$13, 511,587 $11,996,357
14,415,832
13, 213, 644
14,965, 220
13, 324, 217
16, 004, 700 14, 529,977
17,398,010
16,453,044
17,113,899
18, 582,156
17,866,337
19, 524.065
18,668,808
20,186,662
19,413, 266
20,951,089
20, 252,005
21, 567,904
22,463,000
23, 654,000
25, 373,000
27, 398,000
27, 593,000
29, 520,000
30, 506,000
33, 233,000
32,858,000
36,157,000
35,452,000
38,968,000
38,653,000
42,482,000
42,794,000
46, 781,000
47,887,000
50,940,000
53, 738,000
67, 505,000
58,916, 000
63, 566,000
64,480. 000
68,143,000
Aggregate
resources
$14, 393,927
15, 250,731
16,017,405
17,100, 293
18,438, 294
19,029, 260
20, 656, 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
48, 573,000
43,829,000
59, 855,000
65,964,000
71, 629, 000
BUILDING AND LOAN ASSOCIATIONS IN THE UNITED STATES
Statistics relative to building and loan associations in the United
States have been obtained through the courtesy of Mr. H. F. Cellarius, secretary United States League of Local Building and Loan
Associations, with headquarters at Cincinnati, Ohio, and are published in the foliomng statements.
935
COMPTEOLLBR OP THE CUKBENCY
Nuinber of building and loan associations, total membership, and total assets, eic.^
for the year ended in 1929, by States
State
Pennsylvania
Ohio
N e w Jersey
Massachusetts
Cahfornia
Illinois
New York...
Indiana
Wisconsin
Maryland 3
:
Missouri
Louisiana
Nebraska
Michigan...
Oklahoma..
__
Texas
Kansas.
Kentucky
Washington
N o r t h Carolina
D i s t r i c t of C o l u m b i a .
Virginia
Colorado
Utah
Iowa
Arkansas
West Virginia
Minnesota
Alabama
Oregon
Rhode Island
South Carolina 3
Connecticut
Maine
._
Florida
Montana....
Mississippi
Tennessee...
Delaware
New Hampshire
Wyoming
_._
North Dakota
South Dakota
Georgia
N e w Mexico
Idaho
Arizona
Vermont
Nevada....
Total
Number
of associations
. 3,901
810
. 1, 562
227
222
927
309
402
187
1.200
237
106
83
69
91
176
155
158
73
233
24
91
69
24
74
71
63
79
40
39
8
151
44
36
69
27
43
38
44
29
13
20
23
36
19
14
8
14
4
1, 650,000
2, 388, 625
1, 200,000
519,198
437, 684
918,000
593,098
450,373
303,407
330,000
265,774
204,496
252, 638
212, 672
265, 679
187,880
211,938
170, 500
293,816
105,058
72,043
65,000
117,023
126, 636
64,421
75, 271
67, 300
92, 654
42, 500
51,000
42,021
33,000
32,808
29,000
16, 500
43,728
29, 500
21, 300
19, 500
17,208
20, 750
19, 600
10,880
15,083
5,047
6,900
6,700
5,940
1,360
12,342
12, 111, 209
1 Decrease.
• Increase from June 30, 1928, to Dec. 31, 1929.
3 Estimated.
Total
membership
T o t a l assets
Increase in
assets
$1,400,000. 000 $59,943, 656
1, 283, 665,876
46,145,259
1,151, 503, CS7 119,074,037
543, 654,998
27, 516, 610
477, 226,116 2 ISO, 036, 715
448,423, 317
28,495, 532
422,141, 280
20, 680, 594
312, 330, 284
14, 047,877
282, 781,402
31,162, 283
215,000,000
6,000,000
198,852, 368
19, 224, 363
190, 661, 316
3, 669, 269
163,460, 364
2,061,436
161,105, 257
18,466,603
139,808, 782
9,196, 654
137,015,904
23,981, 515
132,186, 748
6,072, 643
110,805,706
13, 367, 294
105, 316, 958 1 10, 608, 275
96,848,057
838, 537
68,409, 716
5,046, 768
58, 878, 642
3,878, 642
54,017, 612
4,463, 766
51, 680,143
6,027,331
49,045, 649
2, 763,153
43,601, 366
3, 731,149
41,827,485
2,123,806
39,422,419
2, 683,491
30,271,200
2,473, 256
28, 320, 667
3, 352, 462
27,827,463
2,110,806
26, 500,000
2,500,000
24, 730,822
2,141, 768
23. 508, 352
2, 520,810
21, 658,451
55,088
20,367, 830
1,982,964
19,862,916
1,827,914
15, 532, 832
3,169, 202
14,031,047
2, 203, 234
12, 726, 849
1, 224,487
11,121, 886
1 149,172
10, 952, 539
482,920
5,439, 587
1 801, 354
5,149,446
1,195,445
4,805,512
633,161
4,474,998
679, 256
4,414,866
1, 670,064
4, 066,425
780,149
819, 670
1 28,165
8, 695,154, 220
679,119, 893
Increase In
membership
1 103.253
1 63,400
1 50,000
6,484
114,424
46, 000
16,977
10, 205
6,434
24,094
11,137
2,638
343
49, 648
22,100
118
15,800
1 19,056
1 3,112
3,500
4,200
1 14, 505
1490
1 2,667
8,683
1,130
9,464
3,760
300
4,252
3,000
2,000
327
500
1772
2.900
1,350
850
725
1327
600
1 1, 799
3,029
1 2, 553
600
1, 200
791
1116
115. 304
936
REPORT ON THE FINANCES
Mortgage loan investments of building and loan associations, hy States
Total mortgage loans outstanding
Increase of
mortgage
loans outstanding
over previous year
States
1928
Alabama
Arizona
Arkansas...
California
Colorado . . . . . .
. .
Connecticut
Delaware
District of Columbia......
Florida
.
.
Georgia
Dlinois
Idaho
Indiana
Cowa ...
-.
Kansas....
Kentucky .
.
...
Louisiana
Maine
. .
Massachusetts
Michigan
...
__
. . . .
Minnesota
Mississippi
..
.
.
Missouri
Montana
. .
Nebraska
Nevada
_.
New Hampshire
New Jersey.
New Mexico .
NewYork
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Dakota
Tennessee
Texas
..
Utah
Vermont..
.....
Virginia
Washington
.
West Virginia
Wisconsin
Wyoming
_
Other States
Total
$24,318,426
2,447,468
266,310,898
(0
. .
.
.
.
.
.
.
.
20,978,101
10.197.113
60,222,013
17,600,796
3,313,640
390,365,096
3,412,094
270,981, 556
42, 594,603
105,611,662
95.313.114
174,862,061
19,842,888
480,109, 722
129,008, 767
30,061, 785
16,429,885
160,104,264
16,072,136
137,500,496
796,900
11,000,311
971,081,766
3, 593,275
367,081,909
88,169, 645
9,010,131
1,112,090,129
120,341,040
22,000,000
1,178,880,643
24,026,119
5,406,355
11, 293,052
96,047, 589
40, 288,018
3,182,351
(0
91, 576,271
34,566.509
242, 664,784
10,115,956
346,333, 702
7,267,004,926
1929
$26,634,807
$1,316,382
3,968,296
1,620,827
37,965,108
(1)
416,802,996 2150,492,098
45,117,257
(0
22,762,873
1,774,772
12,062,400
1,866,287
65,163,001
4,940,988
17,074,400
3 426,396
4,457,486
1,143,846
415,190,738
24,825,642
4,001,215
689.121
282,837,023
11^855,468
46,081,130
2,486, 627
107,956,918
2,345,256
108,611, 640
13,298,426
173,887,938
3 974,123
22,048,16,8
2,205,270
602,637,271
22, 627, 649
147,942,994
18,934,227
33,234,090
3,172,306
17,891, 290
1,461,405
178,416,924
18,312,660
18,281,801
2,209,666
139,870,118
2,369, 622
745,974
8 60,926
12,196,619
1,196,308
1,062,722,473
91,640, 717
4,064,291
471,016
380,170, 640
13,088,631
88, 685,047
416, 502
10,384,000
1,373,869
1,146, 545,352
34,455,223
127, 719,842
7,378.802
22, 638,321
538,321
1,200,000,000
21,119,357
25,915,049
1,888,930
4,793,245
3 613,110
(0
26,839,138
122,886,727
2,428,221
42.716, 239
700,942
3,883,293
(0
52,837, 266
8 7,711,687
83,864, 584
2,387,801
36,954,310
26,722,953
269,287,737
3 710,670
9,405,286
8, 594,294
230,301,417
7,787,406,383 620,400,467
Per cent
mortgage
loans to
assets,
1929
84.6
89.9
87.1
87.4
83.6
92.0
86.9
96.7
78.9
86.6
92.6
89.4
90.6
9L1
8L7
98.0
91.3
93.8
92.4
9L8
84.3
90.1
90.2
89.7
86.6
91.0
96.0
92.3
84.6
90.0
92.4
94.8
89.4
91.3
79.6
85.7
93.1
88.1
89.6
82.6
96.0
79.6
88.3
96.2
84.5
89.6
89.6
1 Included in " Other States."
»Increase from June 30,1928, to Dec. 31,1929.
8 Decrease.
Failures of building and loan associations, 1920-1929
Total
Per cent
number Total resources Number Estimated of loss
of assofailed
loss
to total
ciations
resources
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
..
Total
.
. 8,633 $2,519,914,971
9,256 2,890,764,621
10,009 3,342, 530,963
10.744 3,942,939,880
11,844 4,766,937,197
-.
12,403 6, 509,176,164
12,626 6,334,103,807
12,8u4 7,178,562,451
12, 666 8,016,034,327
12,343 8,695,164,220
2
6
4
9
18
26
12
21
23
1159
$506
91, 647
158,674
132,612
398,246
600,000
380,725
1,013,000
568,000
2,312,626
280
6,665,935
0.00002
.0032
.0047
.0034
. 0084
.0090
. 0060
.0141
.0071
.0266
»Located as follows: Alabama, 2; Arkansas, 1; Mississippi, 1; Missouri, 2; Pennsylvania, 151; Tennessee,
V.and West Virginia, 1.
937
COMPTROLLER OP T H E CURRENCY
• MONEY IN| THE UNITED STATES
Statements showing the stock of money in the United States in the
years ended June 30, 1914 |to 1930; the classification of money in
circulation June 30, ,1930; and imports and exports of merchandise,
gold, and silver in the calendar years 1914 to 1929, and the nine
months ended September 30, 1930, follow:
Stock of money in the United Stat&s, in the Treasury, in reportiiig hanks, in Federal
reserve banks, and in general circulation, years ended June 30, 1914 to 1930
Year ended
June 30—
1914
1916
1916
1917
1918
1919
1920
1921...
1922
1923
1924..
1926
1926
1927
1928
19291930
In general circulation, exCoin and other ] Coin and other
Held by or for
clusive of amounts held
Coin and money in Treas-1 money in report- Federal reserve
by reporting banks,
other
ing banks 2 banks and agents
Federal reserve banks,
ury as assets i ;
money
and Treasury
in the
United
Per
Per
States
Per
Per
Per
Amount cent '1 Amount cent Amount cent Amount cent. capita
MiUions Millions
Millions
$338.4
$3,797.8
8.91i $1,630.0
348.2
4,050.8
8.60
1,447.9
299.1
4, 541. 7
6.59i 1,472. 2
269.7
6, 678. 8
4.75
1,487. 3
363.6
6,906. 2
5.27|
882.7
685.1 7.61!
7,688.4
981.3
490.7
8,158. 6
6.01
1,047. 3
463.6
8,174. 6
6.671
926.3
406.1
8, 276.1
4.91!
814.0
386.6
8, 702.8
4.44'
777.1
359.4
8,846. 6
4.06;
900.8
363.8
8,303. 6
4.38!
938.3
353.2
8.429.0
4.19;
976.2
350.9
8, 667. 3
4.05i
985.1
351. 3 . 4.33!
8.118.1
866.5
373.1
4.37!
8, 538.8
799.1
247.2
2.98'
8, 306. 6
863.8
Millions
42.92
35.74 $ 383.0
32.41
593.3
26.19
1.342.7
12.78
2,061.0
12.76
2, 226. 7
12.84
2,200.2
11.33
2, 799. 9
9.84
3.406.8
8.93
3.493.0
10.18
3, 637. 8
11. 30 3,124. 6
11.57
3,190. 5
11. 36 3.465.1
10. 67 2,970. 2
9.36
3,419.4
10.28
3. 637. 3
9.46
13.06
23.64
29.84
28.96
26.97
34.26
41.16
40.14
41.12
37.63
37.85
39.98
36.59
40.04
42.68
Millions
$1,829.4
1,87L 7
2,177.1
2,579.1
3, 599. 0
3,895. 3
4,420.3
3,984. 7
3, 649. 2
4,046. 2
3,948. 6
3,876; 9
3.910.1
3.866.2
3.930.1
3,947.2
3.668.2
48.17
46.21
47.94
45.42
52,11
60.67
64.18
48.75
44.09
46.49
44.64
46.69
46.39
44.61
48.41
46.23
44.16
$18.46
18.66
21.24
24.74
33.97
36.67
41.60
36.84
33.22
36.34
35.01
33.95
33.82
33.03
33.18
32.93
29.77
1 Deposits in national-bank depositories to the credit of the Treasurer of the United States not included,
2 Money in banks of island possessions not included.
NOTE.—Population of continental Uiiited States and Alaska estimated at 109,833,000 in 1922
111,358,000 in 1923; 112,777,000 in 1924; 114,196.000 in 1926; 116,614,000 in 1926; 117,034,000 m 1927; 118,466,000
in 1928; 119,878,000 in 1929, ahd 123,216,000' in 1930.
938
REPORT ON THE FINANCES
Imports and exports of merchandise, gold, and silver
Imports and exports of merchandise, calendar years 1914 to 1929, inclusive, and
from January 1 io September 30, 1930
I m p o r t s of
merchandise
1914
1916
1916
1917
1918
1919
1920
1921-1922.
19231924.-.
.1926
19261927
1928
1929.1930 (9 m o n t h s )
---
E x p o r t s of
merchandise
$1,789,276,001 $3,113,624,050
3,554,670,847
1,778,596,695
6,482, 641,101
2,391,635,336
6,226,256,654
2,952,465,955
6,149, 241,961
3,031,304,721
7,920,425,990
3,904,364,932
8,228,016,307
6,278,481,490
4,485,031,366
2,509,147,670
3,831,777,469
3,112,746,833
4,167,493,080
. - 3,792, 065,963
4, 590,983,846
3,609,962,579
4,909,847, 511
. 4,226,589,263
4,808,660,000
4,430,888, 000
4,865,375,000
4,184,742,000
5,128,356,000
4,091,444,000
6,240,995,000
4,399,361,000
1 2,401,838, 000 1 2,958,509,000
--
-
-
-
T o t a l , 16 years a n d 9 m o n t h s
67,884,910,337
85, 661,904,161
Excess of
exports over
imports
$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
683,268,248
377,772, 000
680,633,000
1,036,912,000
841,634,000
1 656,671,000
27,776,993,824
I Prehminary, subject to correction.
Gold and silver imports and exports in period indicated
GOLD
Imports
1914...
1915
. 1916
:
1917
1918
1919
1920
1921
1922
1923
1924
1925
.
.
1926
1927
1928-.
1929
. 1930 (9 m o n t h s )
-. . .
T o t a l , 16 years a n d 9 m o n t h s
Exports
Excess of
exports over
imports
Excess of
i m p o r t s over
exports
$166,228,416
$57,387,741
451, 954, 690
685, 990,234
552,454,374
62,042,748
76, 634,046
417,068,273
691, 248, 297
275,169, 785
322, 715,812
319, 720,918
128,273,172
213, 504, 000
207, 535,000
168,897,000
291,649,000
287,473,000
$222,616,156
31,425,918
165,792,927
371,883,884
41,069,818
368,186, 248
322,091,208
23,891,377
36,874,894
28,643,417
61,648,313
262,639,790
116, 708,000
201,455,000
560, 760, 000
116,583,000
101, 658, 000
5,209, 617,990
3, 022, 926,950
983,109, 235
$25,959,187
34,483,954
32,263, 289
63,340,477
71,375,699
89,410,018
88,060,041
63, 242,671
70,806,663
74,453, 530
73,944,902
64, 595,418
69, 596,000
55,074, 000
68,117, 000
63,940, 000
34,178,000
$51,603,060
53,698,884
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
99,127, 585
92,258,000
76, 625, 000
87,382,000
83,407,000
42,158,000
$26,643,873
19,114,930
38,331,748
30, 790,399
181,470,766
149,611,033
25, 556,183
1,032,840,839
1,642,111,688
630,922, 229
$420, 528,672
530,197,307
180,670,490
20,972,930
-291,661,202
94,977,065
667,356,920
238,294,891
294,072,395
258,072,605
134, 366, 618
97,796, 000
6, 080,000
391,863, 000
175,066,000
186,815, 000
3,169,800,275
SILVER
1914
1915 . . . .
19161917
1918
1919
1920 .
1921
1922-..1923 .
1924...
1925
1926
1927...
1928
1929
1930 (9 m o n t h s )
.
.
.
-
-
T o t a l , 16 shears a n d 9 m o n t h s
$11,667,272
7,999,367
1.98^ " : :
35,946,131
34, 632,167
22, 662,000
20, 551,000
19,265, 000
19,467,000
7,980,000
21, 651, 380
COMPTROLLER OF THE CURRENCY
939
FEDERAL LAND BANKS
The statement following jshows the condition of the 12 Federal
land banks September 30, 1930, compiled from their reports to the
Federal Farm Loan Board, j
Consolidated statement September 30, 1930, compiled from reports to the Federal
Farm Loan Board
ASSETS
Gross mortgage loans
i
$1, 315, 759, 089. 50
Less payments on principal
L
124, 054, 099. 13
Net mortgage l o a n s . . _ _ 4 - - - - - 1, 191, 704, 990. 37
Less principal of delinquent installments
i
1,434,928. 02
United States Government securities
Bonds of otlier Federal land banjcs
Other securities
I
Cash deposits for matured or called bonds
Cash on hand and in banks
!
Accounts receivable:
I
Tax advances
.
Other
L.__._
Notes receivable, etc.:
I
Notes-'
Purchase money, first mortgages. _
Purchase money, second mortgagesReal estate sales contracts _i
Total
.
'
Less reserves for purchase | money
mortgages and/or contracts
I
Delinquent installments (principal and
900, 619. 91
527, 637. 12
$1, 190, 270, 062. 35
16, 677, 070. 32
8,093,611. 26
3, 705, 633. 27
10, 000. 00
9, 676, 435. 90
1,428,257.03
349, 098. 27
6, 145, 409. 98
1, 090, 435. 91
10, 649, 417. 55
18,234,361.71
3,228,798.10
15,005,563. 61
intPT'Pst J *
Less than 30 days
30 to 60 days
60 to 90 days
90 days and over
J
J
^
J
Total
i-__...
Less partial payments.
J.
Less reserves for delinquent! installments
.
..
\
QInterest accrued:
'
Mortgage loans
-i
Other-.
i
i
Real estate owned:
i
Owned outright
I
Real estate subject to optional
sales contract
L
Total
I
.Less reserves for real estate
I
Sheriffs' certificates, judgments, etc.
(subject to redemption):
j
{a) Foreclosures under first mortgages..
:
(6) Foreclosures under installments
or second mortgages
(c) Banks' mortgages on j^roperty
covered by (6)
!
I
1, 021, 833. 11
505, 317. 87
780, 669. 03
3, 048, 75L 42
5, 356, 57L 43
399, 795. 81
3,299, 514 69
1,657,260.93,
21, 710, 992. 44
381,529.74
22,092, 522. 18
20, 377, 402. 15
61, 136. 01
20, 438, 538. 16
8, 129, 414. 64
r:}'
12,309,123.52
5, 631, 096. 22
-
163,950.85
1, 167, 000. 85
6, 962, 047. 92
940
REPORT ON THE PINANCES
Spokane participation certificates
Less reserves for Spokane participation
certificates
$2, 799, 850. 18
2, 799, 850. 18
Banking houses
Furniture, fixtures, equipment, etc
Prepaid and deferred expenses
Other assets
Total
$2, 638, 099. 65
291, 873. 44
489, 257. 62
651, 98L 71
....
1, 291, 958, 800. 71
LIABILITIES
Farm loan bonds (unmatured)
Less held by banks of issue
$1, 180, 990, 480. 00
1,526,000.00
Sold subject to repurchase agreement
Farm loan bonds matured or called
Notes payable, etc
Dividends declared but unpaid
_
Matured coupons on farm loan bonds
Due borrowers
Accounts payable
Interest accrued:
Farm loan bonds
Other
.
1, 179, 464, 480. 00
(3,077,500.00)
10, 000. 00
500, 000. 00
572, 930. 72
822, 618. 82
910, 829. 75
843, 480. 93
.
.
17, 513, 893. 83
543, 918. 59
18, 057, 812. 42
Advance installment payments (partial, and interest portion
full)
.
Other liabilities
.
Spokane participation certific,ates
__
Deferred income
..
Capital stock:
United States G o v e r n m e n t . . . . . . .
$267, 724 25
Individual subscribers
.
345. 00
Individual subscribers through
Porto Rico branch
702, 320. 00
National farm loan associations
64, 886, 157. 50
Borrowers through agents
-.
128, 680. 00
Legal reserves...
Other reserves
Undivided profits
1, 733, 138. 62
553, 096. 87
2, 799, 850. 18
2, 207, 315. 79
65, 985, 226. 75
13, 281, 233. 67
8, 270. 58
4,208,515.61
.
.
TotaL..
1, 291, 958, 800. 71
JOINT-STOCK LAND BANKS
•
0
The statement following shows the condition of the 49 joint-stock
land banks September 30, 1930, compiled from their reports to the
Federal Farm Loan Board.
Consolidated statement September 30, 1930, compiled from reports to the Federal
Farm Loan Board *
ASSETS
Gross mortgage loans
Less payments on principal
_.
Net mortgage loans .^
Less principal of delinquent installments
Less reserves for mortgage loans—foreclosures pending
$615, 822, 139. 04
52, 417, 285. 85
563, 404, 853. 19
657, 600. 69
788, 837. 01
•
$561, 958, 415. 49
1 Joint stock land banks In receivership are not included in this statement.
OOMMROLLiiEt DF THE CURRENCY
United States Government securities
.
Farm loan bonds of other banks. .
..
Other securities
._|
Cash deposits for matured or called bonds
Cash on hand and in banks
Accounts receivable:
'
Tax advances
1
Other....
i
Total
.
i.
Less reserves for accounts receivable
i
Notes receivable, etc.:
Motes
1
...t
Purchase money, first mortgages
Purchase money, second mortgages
Real estate sales contracts..!
.....
.
$3, 522, 056. 02
15, 000. 00
136, 71L 61
1, 500. 00
9, 262, 403. 31
$496,322.81
192, 378. 67
688, 70L 48
44,956.41
•
643,745.07
258, 596. 13
3, 113, 890. 54
2, 024, 002. 17
.6, 305, 911. 11
Total
I
11,702,399.95
Less reserves for purchase mdney mortgages and/or contracts
\
300, 161. 41
!
—
Delinquent installments (principal and interest):
Less than 30 days
!
594, 715. 24
30 to 60 d a y s . . !
i
280,449.59
60 to 90 days
.j
422, 862. 51
90 days and over
j
1, 672, 419. 28
Total
.
Less partial payments
J..
Less reserves for delinquent installments
.^.
J
'
•
Interest accrued:
\
Mortgage loans
.
Other
i
I
Real estate owned:
Owned outright
i
Less mortgages not assumed.
941
11,402,238.54
2, 970, 446. 62
301, 352. 96
1,051,084.81
1, 618, 008. 85
10, 158, 640. 73
55, 920. 52
10,214, 56L25
16, 969, 150. 24
26, 070. 00
TotaL.
.....I
Real estate subject to optional sales
contracts
L
16, 943, 080. 24
Total
.
l--„
Less reserves for real estate J
\
Sheriffs' certificates, judgments, etc. (subject to redemption):
\
(a) Foreclosures under first mortgages.
(6) Foreclosures under installments or
second mortgages
!
(c) Banks' mortgages on property
covered by (6)
.1
...
17, 522, 328. 08
885, 765. 57
Total-.
.
'Less reserve for sheriffs' certificates
4, 595, 405. 35
255, 172. 97
579,247.84
2, 784, 386. 88
205, 868. 14
1,605,150.33
j
Banking house
.
\
Furniture, fixtures, equipment, etc
Prepaid and deferred expenses..;
Other assets
\
Less reserve for other assets
j
i
I
Total
..:
16, 636, 562. 51
4,340, 232. 38
.._.
346, 192. 83
7, 748. 75
20, 000. 00
107, 126. 76
158, 887. 12
338,444.08
[
620, 375, 8i92. 99
942
REPORT ON THE FINANCES
LIABILITIES
Farm loan bonds (unmatured)
Less held by banks of issue
$558, 748, 000. 00
6, 595, 500. 00
Sold subject to repurchase agreement..
Farm loan bonds matured or called
Notes payable, e t c . . .
Mortgages assumed on real estate owned
Dividends declared but unpaid
Matured coupons on farm 1 oan bonds
Due borrowers
Accounts payable
Interest accrued:
Farm loan bonds
....
Other
(696, 000. 00)
$552, 152, 500. 00
3, 600. 00
2, 696, 468. 35
24, 318. 86
73, 310. 89
965, 302. 21
234, 514. 34
148, 112. 19
8, 944, 337. 14
4, 799. 29
8, 949, 136. 43
Advance installment payments (partial, and interest portion
full)
Other liabilities
Deferred income
Capital stock paid in
Surplus paid in
„
Surplus earned
Legal reserves
Other reserves
^._
Undivided profits
Deficits
.
Total
568, 352. 15
41, 065. 52
1, 996, 044 61
41, 743, 060. 24
1, 575, 059. 00
2, 719, 186. 06
5, 540, 199. 67
739, 954. 55
2, 884, 470. 86
2,678, 762. 94
620, 375, 892. 99
FEDERAL INTERMEDIATE CREDIT^BANKS
The statement following shows the condition of the 12 Federal
intermediate credit banks September 30, 1930, compiled from their
reports to the Federal Farm Loan Board.
Consolidated, statement September SO, 1930, compiled from reports to the Federal
Farm Loan Board
ASSETS
Loans and discounts:
Cooperative associations
$57, 645, Oil. 05
Financilig institutions
65, 690, 947. 60
United States Government securities
5, 350, 744. 24
Debentures of other Federal intermediate credit banks
2, 360, 000. 00
Cash deposits for matured debentures
150, 000. 00
Cash on hand and in banks
$5, 752, 408. 63
Less cash held as collateral
111, 914. 85
5, 640, 493. 78
Notes receivable
6, 680. 00
Accounts receivable
23. 106. 93
Interest accrued:
Loans and discounts
647, 470. 74
Other
•
_
61, 793. 36
709, 264. 10
Furniture, fixtures, equipment, etc
10, 911. 57
Prepaid and deferred expenses
19, 966. 84
Other assets
.
126, 872. 96
Capital stock subscription callable from U. S. Treasury
30, 000, 000. 00
Total
167, 733, 999. 07
943
OOMPTKOLLEB OF THE CUREENOY
i LIABILITIES
Debentures (unmatured)
L
Less held by banks of issue. L
$102, 850, 000. 00
400, 000. 00
$102, 450, 000. 00
Debentures matured
1.
.
.
150, 000. 00
Rediscounts with banks other than Federal intermediate credit
banks
i
.....
365, 200. 00
Accounts payable..
i
14, 961. 33
Deferred proceeds, loans and discounts
15, 427. 01
Interest collected, not earned
i
464, 078. 30
Matured interest on debentures.!
196, 638. 18
Interest accrued:
Debentures
.__L
915, 915. 98
Other liabilities
:
....
69, 339. 12
Capital stock:
j
Paid in
.
30, 000, 000. 00
CaUable from U. S. Treasury
30, 000, 000. 00
:
60,000,000.00
Surplus (earned)
!
1, 971, 938. 61
Reserves for estimated losses and contingencies
1, 506, 569. 74
Undivided profits
'
306, 960. 49
Deficit (Columbia)
^
693,029.69
Total
.
...I
167, 733, 999. 07
NATIONAL A G R I C U I | T U R A L CREDIT CORPORATIONS
Under the provisions of the act of March 4, 1923, United States
Eevised Statutes, national | agricultural credit corporations may be
formed for the purpose of providing credit facilities for the agricultural and livestock industries of the United States. The Pacific
National Agricultural Credit Corporation of Fresno, Calif., is the only
such corporation now in existence. It is authorized to transact
business within the States pf California, Arizona, Nevada, Oregon,
Utah, Idaho, and New Mexico.
A statement of the resouijces and liabilities of the Pacific National
Agricultural Credit Corporation of Fresno, Calif., as of the close of
business on September 24, i930, appears below.
RESOURCES
$16, 177. 07
260, 398. 23
3, 071, 245. 13
2, 386. 34
1, 815. 26
8, 699. 24
50, 079. 28
Cash on hand and in banks
United States bonds
Loans
Furniture and
fixtures
'.
Accounts receivable
Other assets
Customers funds held in trust.
Total
3, 410, 800. 55
.
LIABILITIES
Capital stock
__.J
^
'
Surplus.
Undivided profits
!
Discounts
;
LReserve for taxes
j
Other liabilities
Undistributed trustee funds.
Total
.
12101—31
62
500,000. 00
95,000.00
431. 04
2, 755, 930. 88
3, 887. 55
5, 47L80
50, 079. 28
3. 410, 800. 55
944
REPORT ON THE FINANCES
UNITED STATES POSTAL SAVINGS SYSTEM
The tables following, compiled by the Third Assistant Postmaster
General, under whose supervision the system operates, disclose comparative statements of the resources and liabilities of the Postal
Savings System for the years ended June 30, 1929 and 1930, together
with a summary of the postal savings business for the fiscal year
ended June 30, 1930, by States. (The total number of depositors on
June 30, 1930, was 466,401, an increase of 49,817 in the year, and the
average amount of deposit per depositor was $375.80, compared to
.82 a year ago.)
Comparative halance sheet for June 30, 1930, and June SO, 1929
June 30, 1930
Items
June 30, 1929
Increase
Decrease
RESOURCES
Working cash:
Depository banks.
Postmasters.
$147,878, 328. 50
736,147. 39
• $148,614, 476.89
special funds:
Treasurer of the United S t a t e s Reserve fund
Miscellaneous (working) funds.
7, 691, 493. 46
1, 674,819.10
Accounts receivable:
Acorued interest on bond investments
Due from discontinued depository banks-.
Due from late postmasters
Investments, carried at cost price:
United States bonds—
Postal savings 2H'sFourth Liberty 4H'S
9, 266, 312. 65
295,650. 26
'"47,"580.'30
-
Par value
$11.839,320.00
16,676,750.00
343,_230._66 _
$127,491, 263. 27
$20, 387,066. 23
• 345,487.01
390, 660. 38
- $127,836, 760. 28 20,777,725.61
7,469,986. 92
1, 449,971.26
8,909,968.18
287,004.01
15.22
40,496.00
8,646. 26
_327,.516.^23
11,147,620. C
O
14, 616,329.13
11,839,320.00
14,516,329.13
7,084.30
__15,715,_33
$16.22
691,700.00
26,356,649.13
25,663,949.13
162,738,172.82
I
pi
21,841,496.31
168,055, 638. 66
O
o
691, 700.00
184,679,668.13
28,616,070.00
O
O
231,506. 63
124,847. 84
356,354. 37
21, 627,167.00
222,369.34
168.80
21,849,686.14
W
LIABILITIES AND SURPLUS FUNDS
Due depositors:
Outstanding principal, represented by certificates of depositAccrued interest on certificates of deposit
Outstanding savings stamps
Accounts payable:
Due Postal Service—interest and profits..
Due discontinued depository banks
153,644,629.00
4,363,671. 05
67, 438. 60
175,271,686.00
4, 676,940. 39
. 67, 697.30
179,906, 223.69
4,438,901.84
1,027.48
4,446,746.44
4,439,929.32
Total liabilities
Surplus funds: Interest and profits (undistributed earnings) subject to future
allocation of maturing interest charges
4,446, 746.44
184, 346,163.01
162,602,283.99
234,615.12
162,738,172.82
d
I
7,843. 60
o
6,816.12
Kj
21,842,869.02
236,888.83
184,679,668.13
1,027.48
O
1,373.71
21,841,495. 31
CO
C51
Comparative statement of interest-earning resources and interest-bearing liabilities for June 30, 1930, and June SO, 1929
CO
Oi
Items
June 30, 1930
June 30,1929
Increase
$147,878,328.60
26,365, 649.13
• $174, 233,977.63
$127,491, 263. 27
25,663, 949.13
• $163,166, 212.40
$20,387,066.23
691,700.00
21,078,766.23
176, 271, 686.00
163,644, 629.00
21,627,167.00
1,037,708.37
489,316.60
648,391.77
Decrease
RESOURCES—INTEREST-EARNING
Working cash: Di^pository banks, per balance sheet..
Investhients, carried at cost price, per balance sheet..
LIABILITIES—INTEREST-BEARING
Due depositors: Outstanding principal, represented by certificates of deposit,
per balance sheet
Excess of interest-bearing liabilities..
pi
O
Pi
Comparative statement of interest and profits for the fiscal years ended June 30, 1930, and June SO, 1929
o
Items
Credits:
Interest on. bank deposits
Interest on bond investments
Miscellaneous receipts
Profit realized on sale of investments.
Final adjustment—previous y e a r . . . . .
Debits:
Interest credited to depositors
Allowances to postmastersLosses by fire, burglary, etc
Erroneous payments, uncollectible items, etc..
Miscellaneous losses
Final adjustment—previous year
Fiscal year 1930
Fiscal year 1929
Decrease
W
t, 457, 277. 68
997,677.76
45.31
1,373.71
$3,192,466. 59
988,148, 26
264. 63
1,473, 593.77
$264,811.09
9,629.60
$6,664, 473. 26
$4,466,374.46
1,373. 71
2,893,396.00
2,765,008.10
-252. 40
3, 545.00
193. 34
9,184. 21
1, 076.02
$219. 32
1,473,693. 77
1,198,098.79
128,386.90
822.62
60.00
2,894,267. 62
Excess of income.
Increase
2, 777,678. 25
1,662,106.84
2,876,796. 00
>
a
Ul
3,496.00
193. 34
9,184. 21
116, 689. 37
1,314,688.16
Summary of postal savings business for the fiscal, year ended June SO, 1930, hy States
CO
00
State
UnitedStates
Balance to
t h e credit of
depositors
J u n e 30,1929
Deposits 1
$163,644, 629
$163,648,458
Alabama
Alaska
Arizona
ArkansEis
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
niinois
Indiana
Iowa
Elansas
Kentucky . > .
_ _
TiOuisiana
_
Maine
Marvland
Massachusetts - Michigan
Minnesota.
Mississippi.—
Missouri • . .
Montana
Nebraska
_
Nevada
New Hampshire
- _ i
N e w Jersey
N e w Mexico
. _ i
N e w York
N o r t h Carolina
North Dakota
Ohio
.
Oklahoma.Oregon
.
Pennsylvania
1
P o r t o Rico
328,448
687.672 1
1,370,689
674,031
3,113, 674
3,850,337
1,118,160
99,202
368, 661
7,899,229
1,996,636
19,979
2,613,850
6, 682,946
1,509,907
8,249,346
3, 563,791
234,861
362.673
112,387
117,427
6,190, 699
2,096,622
8, 241, 637
109, 596
6, 265,426
6,181,292
1,343,703
390,695
299,691
2,102,766
1,638,403
28,093,883
642,402
2,156,277
2, 972,368
6,608,876
3,802,736
8,613,663
141,517
Balance to
Increase ih
W i t h d r a w a l s ! t h e credit of tbalances to
depositors
h e credit of
J u n e 30, 1930 depositors 2
$141,921,301
$175, 271, 686
1,130,996
626, 661
472, 610
434,489
1,472, 359
. 1,634,886
708, 422
1, 017,634
3, 297,317
3, 696,464
3,371, 687
3,402,410
907,037
1,030,129
93, 670
99,627
387,997
427,952
16,203, 289
23,793,361
2, 299,483
3,119,983
36,401
40,071
2,466,958
2,494,671
6, 647, 574
8,432,946
1,237, 262
1, 630,939
6,891, 637
7,042,491
3,122, 741
3,481,713
229,036
260,648
338,980
449,050
70, 637
68,068
112, 669
134,193
4,105,793
3,806,346
1, 779, 376
2,166,809
6, 664,024
7, 210,956
88, 624
117,382
4,439,023
6, 050,916
6, 254, 979
4,848, 221
1,714, 267
3, 622, 647
459,749
480,747
179, 280
229,844
2,421, 637
2, 580,367
1,388, 529
1, 618,968
24, 663, 070
22, 959,426
613,973
1,152, 285
1,761, 202
2, 057,072
2, 260, 656
2,742,196
6,309, 390
6,1P4,059
3, 586, 263
4,042,149
6,366,161
6, 441,703
199,643 1
196,029 1
$21,627,157
Savings s t a m p s
Sold
Redeemed
A m o u n t at
interest in
banks
J u n e 30,1930
I n t e r e s t received from
banks
Amount
I n t e r e s t p a i d of d e p o s its surdepositors
rendered
for b o n d s
$26,104.90 $25,946.00 $148, 256, 213.01 $3, 467, 277. 68 $2,671, 025. 66 $2,337,540
10.70
932,882
6(H, 434
649, 551
-38,121
32.50
162, 526
1, 633, 216
18.60
309, 212
983, 243
358.10
299,147
3,412,721
127.40
30, 823
3,881,160
383.00
123,092
1,241,262
6.30
105,159
6,957
210.90
39, 956
408, 616
626. 00
16,489,291
8, 590,062
84. 50
2,817,136
820, 500
4,670
24,649
2,641,463
27, 613
49.20
2,885, 372
9,468, 318
699.40
1,903, 594
393,687
87.40
150,854
8,400, 200
61.20
368,972
3,922,763
165. 70
31, 612
266,473
26.10
110,070
472, 743
39.50
-2,469
109,918
18.90
21, 524
138,951
8.30
5,891,152
-299,447
580.10
2,483,056
387,433
98.00
8,888,468
646,931
271.10
28,758
138, 353
10.80
611,893
6,877, 319
130.10
6,774, 534
- 4 0 6 , 758
46.30
3,252,093
1,908, 390
81.30
411, 693
20,998
14.40
50, 564
350, 255
103. 70
158,820
2,261, 686
1,195. 70
130,429
1,668,832
23.10
26, 500, 238 - 1 , 6 9 3 , 6 4 5
4, 644. 60
638, 312
1,080,714
17. 30
295,870
2,452,147
127.70
3,453, S.99 1
481,641 i
308.40
874, 669
£••, 481, 545
115.10
4, 258, 622
455,886
187. 30
76, 642
8, 689, 205
1,341.10 1
-3,614
137,903 1
1 13,185.30
722, 297. 29
11, 694. 58
7.00
13, 273. 72
505,804. 24
1, 283,492.76
28, 816. 31
35.00
948,906.09
20,183. 73
21.00
322. 00
2, 518,815.44
61, 773.81
130. 00
80, 591. 76
3, 322, 556.43
446.00
22, 243.18
1, 032, 231.39
1, 808. 07
76, 510.21
7.00
8, 250. 00
192. 00
351, 803.85
616.00
305, 761. 76
16,081,873.17
57, 269.12
2, 543, 971.56
89.00
626.10
4.00
24,702.86
55,884. 72
2, 239,415.39
43.00
163,163. 39
668.00
7,948, 714.05
36,722. 32
1, 684, 239. 52
77.00
198, 372. 33
7, 861, 212.48
46.00
86,941. 21
103.00
3, 687, 203.02
4, 698. 79
29.00
202,193.78
8, 455.84
404, 640.64
39.00
2, 380. 76
91, 334.90
16.00
2, 560. 30
8.00
104,446.22
109,112. 94
648.00
4,191,141. 61
40, 246. 39
93.00
1,951, 790.40
210, 501.18
231.00
8, 522,644.95
2, 753. 62
124, 359. 26
13.00
124,165. 73
148.00
5, 360,810. 91
144,191. 99
45. 00
5, 475,420.41
47,123. 66
60.00
2, S02,434.88
8,159. 75
6.00
330, 229.49
6, 218. 21
111. 00
301, 687. 66
43,994.03
1,168. 00
1, 667, 686.43
29, 539. 60
22. 00
1, 274, 074.08
488,001. 93
4,723. 00
18,922,106.37
17, 043. 70
950, 678.43
13.00
66, 270.83
105. 00
2, 248, 648.86
62, 649. 27
289.00
2,808, 010.70
141,495. 38
71.00
5, 990, 570.82
90, 372.94
207.00
3, 693,193.10
166, 008. 26
1,387.00
6, 612, 032.78
3,196.13
13,095.00 1
120. 317.61 1
.5, 882. 66
11, 785.13
20,094. 72
10,850. 46
56, 930.16
64, 548. 02
24, 227. 39
1,961. 93
6,473. 63
99,728.45
27, 967. 56
284.77
42,964.18
122, 547. 38
21,934. 77
133,860.44
65,060. 36
4,070. 02
7,116. 33
1,810.76
2,053. 77
115, 506.87
41, 682.88
127, 329.90
1,758.13
87,150.47
108,686. 62
17,733. 21
7, 035.83
6, 247.92
46,791. 62
22, 551. 25
679,077. 58
6,714. 71
30,002. 71
56,114. 64
80, 530.84
60,812.84
163, 614. 06
. 1,967.04
3,100
12,600
25,000
33,200
51, 800
46, 620
7,820
149, 720
23,260
13,600
87,980
103,780
197,300
174,440
200
500
s
o
pi
H
O
W
tel
>
9,520
16,020
249,800
2,500
95,800
78,960
120, 300
5,000
1,000
100
20,000
27, 500
16,720
21,120
119, 220
90, 360
144. 060
66,940
o
te!
Ul
Rhode Island...
South Carolina.
SouthDakota.,
Tennessee
Texas
Utah
Vermont-.
Virginia
Virgin Islands..
Washington
West Virginia..
Wisconsin
,
Wyoming
,
422, 585
1, 527, 315
4,401,492
606,956
4, 228, 276
615,969
64, 242
254, 356
22,761
6,846, 965
857,874
1,447,446
1,896, 656
306,927
2,124, 615
3,998,800
675, 074
5,002, 391
461, 693
26,624
703, 944
26,187
6,136, 466
1,090,973
1, 238,919
1,726, 436
338, 417
1, 523,164
3, 779, 630
626,929
4,077,431
487, 647
34,491
384, 215
21, 680
6,404,058
643, 969
1,129, 252
1, 731,973
390, 095
2,128, 666
4, 620, 662
655,101
5,153, 236
590, 015
46, 376
674, 086
. 27,258
6, 579, 373
1, 304, 878
1, 557,113
1,890,019
-32, 490
601, 351
219,170
48,146
924, 960
-25, 964
-7,867
319, 729
4,507
-267, 592
447, 004
109, 667
- 5 , 637
193. 20
46.40
86.60
32.70
130. 00
3.80
8.10
33.80
7.10
104.80
57.30
92.10
34.90
221. 00
46.00
86.00
30.00
115. 00
6.00
10.00
39.00
7.00
100. 00
42.00
91.00
32.00
281, 598. 61
1, 885, 516.41
4,073,131.44
668, 223. 28
4,447, 386. 23
422, 511.12
42, 008.65
613, 564. 74
7, 318.38
39, 301. 59
98, 307. 56
13, 973.06
97, 316.56
11,173.98
1,114.83
11, 247.17
6, 254, 728. 66
1,167, 579. 57
1, 328, 856.41
1, 386, 004.16
135, 353. 72
24, 977. 50
31,706.24
36,169. 77
6,040
9,839.63
23, 039.11
36, 260
48,400
69, 619. 60
11,160
8, 967.16
78,400
63, 622. 56
3,960
11, 509.46
5,000
881. 30
16,120
4, 007.12
110.86
125,442. 92 """59,"700
7,100
10,837. 74
30,960
28,140.03
29,700
31, 646.19
•^"^. m
» These totals include the amount of $3,689,387, transferred between depository offices.
3 A minus sign (—) denotes decrease.
o
o
I
I
o
i
teJ
Q
CO
CO
950
REPORT ON T H E FINANCES
SCHOOL SAVINGS BANKING
Statistics relative to school savings banks in the various States and
the District of Columbia for the school years ended 1929 and 1930,
with comparative yearly totals beginning with the school year ended
1920, are shown in the following table:
School savings, by States, 1928-29 and 1929-30
[Compiled by the Savings Bank Division of the American Bankers Association]
N u m b e r of
schools
N u m b e r participating
Deposits
N e t savings
states
1928-29 1929-30
1928-29
1929-30
1928-29
1929-30
1928-29
1929-30
U n i t e d S t a t e s . 14,264H 14,610H 4,222,935 4,697,731 $28,672,496.00 $29,113,063.48 $10,539,928.46 $7,690,529.68
Alabama..
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
D i s t r i c t of Columbia
Florida..
Georgia
Hawaii
IdahoIllmois
Indiana
Iowa....
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts.
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada.
New Hampshire
NewJersey
N e w Mexico
NewYork
North Carolina.
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania...
Rhode I s l a n d . . .
South D a k o t a . . .
Tennessee
Texas
Utah
Vermont..
Virginia..
Washington
WestVu-ginia...
Wisconsin
Wyoming
73
30
7
2,463
28
706
63
73
26
7
2,488
3
630
58
37,726
11,056
2,124
382,460
578
126,896
31,694
60
35
98
36
11
513
287
203
78
55
16
374
120
1,130
452
545
8
141
8
61
2
91
747
49
29
104
97
36
621
273
613
79
60
16
338
106
1,224
465
430
2
203
6,538
17,335
63,634
""'55"
2
97
811
10
lySlbH 1, i 6 i H
66
70
16
816
728
69
65
121
137
2,054
1,876
328
344
57
66
69
36
126
188
18
37
31
29
89
85
262
312
92
145
317
324
1
2
138,979
81,204
66,991
34,905
9,433
1,319
30,076
60, 531
217,337
148,125
155,276
2,491
8,474
3,264
28,083
104
5,588
228,856
878,400
28,861
32i, 529
24,063
67,117
650,002
106,886
12,181
31,926
38,461
8, 350
4,213
34,024
123,080
19,687
83,788
396
39,129
190,095. 07
178,050.87
12,265
62,610.14
69,274.18
2,129
8,976. 62
9,756. 37
416,990 .1, 761, 277. 66 1, 278,268. 20
13,206. 60
1,434. 67
590
123,601 1,032,170.94 1,034,138.38
216,404. 50
33,766
216,646.33
86.018.47
41, 443. 63
474. 31
976,632.11
-f 7,223. 63
472,308. 26
10, 683.16
73,800.84
26,332. 68
520.19
672, 402. 62
253,993. 68
13,466. 78
44,709.02
44,709. 02
60,409.30
50, 409. 30
6,978
64,472. 42
80,452.19
11,370.71
1,405.32
8,130
31,609.64
185,962.36
187,905.98
39.362.48
67,835
24,789.14
11,768.80
24,906. 28
11, 768. 80
2,059
21,388. 29
6,366.89
34,668. 26
5,365.89
8,126
935,817. 78 111, 765. 76
147,109 1,977,470.94 1,282,846.08
660,382. 81
172,320.00
66,767.46
704,824.74
99,322
418,248. 42
72, 508. 51
51,202.21
444, 227.80
62,973
205,851. 60
62,967. 82
22,676. 70
222,404. 62
38,916
54, 676.37
12,187.15
57, 793.91
5,169.38
10,696
14,451.16
14,485. 62
2,974. 26
1,686
5, 733. 07
150,014. CO 173,269.19
89,070.60
38, 627
92,977. 06
299,144. 66
367,659.40
31,054.83
46,148
169,472.84
809,034. 92 586,993. 73
250,047 1,479,423. 64 1,440, 521.33
959,243.44
895,754. 00
244, 513.44 108, 576. 59
149,642
699,360. 75
773,288. 28
324,232. 23 209,773.86
159,647
11,693.82
1,333. 59
11,044.13
3,617. 37
905
379, 504.11
636,097. 30
75,410. 77 216,982.02
42,996
29,666.18
29,655.18
209,614.27
249,788.00
41,177. 81
40,638
53,000. 00
496. 64
355. 78
168. 77
13.73
300
17,526. 66
27,465. 55
41,948.45
17,387.23
8,018
270, 576 2,094,937. 23 2,159,443. 08
693,070.09 382,901.30
16, 532. 21
2,947
12,259.26
970,226 4,841,605.19 5, 217,804. 25 2,917,011.86 2,836,149.48
88,904. 78
33,963.60
10,953.28
95,383. 77
13, 719
1,913. 97
1,229.84
633
502,324. 61 209,926. 44
290, 595 'ir997,'634.'52 1,937, 729. 50
121,062. 02
107,415.82 227,020. 67
225,917. 49
16,302
359, 708. 21
99,907. 06
404,359. 23
95,297.13
57, 639
817,034.11 640,677. 02
738,186 4,313,716.43 4,832, 618. 56
75,061.99
995,271.11 1,031,258.98
1, 774.08
111, 762
37,838. 90
108,186. 76
113,816. 95
27,020.02
11,348
26,032.14
194.450. 76
160,129. 21
9,321.93
21,188
159,629. 77 166,866.89
260.451. 07
367,199. 64
76,482
12,100. 94
29,644.87
43,893. 63
12,008
12,868.77
8,692. 04
900,959.94
4,422.62
7,880. 21
4,407
210,231. 42
20,761.87
221,632. 09
137,493.33
31,818
909,833.70 1,119,372. 66
109,651.03 194,267. 62
130, 661
110,485. 72
22,681.17
162,087. 26
28,729.60
29,484
731,204. 66
738,247.09
126,662. 64
63,866. 73
81,097
1,000.00
800.00
2,120.10
2,120.10
COMPTROLLER OP THE OTJRKENCY
951
School savings—Continued
TOTALS, U N I T E D STATES
I
Number
of schools
1929-30.
1928-29
1927-28
1926-27
1926-26
1924-25
1923-24
1922-23
1921-22
1920-21
1919-20
-
.
.
.
L
... '
L
L
i.
J.
1
j .
.
.
i.
!
.
. . .
.....
14,6101^
14,2541^
13,835
12,678
11,371
10,163
9,080
6,868
4,785
3,316
2,736
Number
participating
4,697,731
4,222,936
3,980,237
3,742, 651
3,403,746
2,869,497
2, 236,326
1,907,851
1,295, 607
802,906
462,651
Deposits
$29,113,063. 48
28,672,496. 00
26,005,138. 04
23, 703,436. 80
20,469,960.88
16,961, 660. 72
14,991, 636.40
10,631,838. 69
6,775,122. 32
4,158,050.15
2,800,301.18
N e t savings
$7,690, 629. 68
10, 539,928. 46
9,476,391. 32
9,464,178. 93
8, 770,731.05
7, 779,992. 55
8, 656, 991. 27
1
SAVINGS BANKS IN PRINCIPAL COUNTRIES OF THE WORLD
Statistics compiled by the finance and investment division of 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 hanks, including postal-savings banks, and amount of deposits, hy specified countries
Country
Argentina..
Australia...
Austria
Population i
10,850,000
6,337,000
6,671,000
Belgium.-.
Bulgaria...
Canada
Chile
7,996,000
6, 713, 000
. 9,658,000
4, 340,473
China
442,000, 000
Czechoslovakia..
Danzig...
Denmark..
Egypt
Estonia
Finland..
France
Germany-Greece
Hungary..
India
14,439, 000
3, 500,000
14, 213. 000
1,115, 000
3,582,000
40,920,000
63, 751,000
6,205,000
318,942,000
P o s t a l savings
...
C o m m o n w e a l t h b a n k , a n d S t a t e a n d C o m m o n w e a l t h savings b a n k . . .
("Postal savings b a n k s
i
A u g . 31,1930 \ 0 t h e r savings b a n k s
_.
'...
General savings b a n k s
do_
Post-office savings b a n k s
do„
.
J u l y 31,1930 C h a r t e r e d , G o v e r n m e n t a n d postal
D e c . 31,1929 N a t i o n a l Savings B a n k a n d t h e Savings B a n k of P u b l i c E m p l o y e e s . .
—
D e c . '31,1927 Post-office savings b a n k
D e c . 31,1929
M a r . 31,1930
May 30,1930
Dec. 30.1928
Sept. 30,1930
July 31,1930
Dec. 1,1928
Sept. 30,1930
Aug. 31,1930
Sept. 30,1930
Apr. 30,1930
Sept. 30,1930
Mar. 31.1929
Aug. 31,1930
Italy
41,799,000
Japan...
/ J u l y 31,1930
83,467,000
\ A u g . 31,1930
Netherlands
7, 731,000
N e w Zealand
Norway
_
Peru
_
Poland
Siam 8
S o u t h Africa
Sweden
Switzerland
United Kingdom
F o r e i g n countries, t o t a l . .
1,466,000
2,811,000
6,076,000
30,213,000
9,939,000
7, 778,000
6,105,000
4,018,000
45,625,000
1,207, 249,473
U n i t e d S t a t e s a n d possessions..
125,136,000
Philippines.Grand total.
11, 326, 000
1,343, 710, 473
F o r m of savings b a n k
D a t e of r e p o r t
..do
do
Sept. 30,1930
M a y 30,1930
S e p t . 30,1930
M a r . 31,1927
Sept. 30,1930
do
do
do_
Savings b a n k s
do
:
—.
.do..
B a n k s a n d postal-savings b a n k s
Governmental
.
P o s t office a n d savings b a n k s , cooperative societies.
N a t i o n a l savings b a n k s
Savings b a n k s
Post-office savings b a n k s
.do..
.do..
f Postal savings b a n k s
\ 0 t h e r savings b a n k s
P o s t a l Savings S y s t e m
Savings b a n k s
fPostal savings b a n k s
\ o t h e r savings b a n k s
Postal a n d p r i v a t e
-..
Savings b a n k s
N a t i o n a l Savings B a n k , savings b a n k s , a n d savings d e p a r t m e n t s of commercial b a n k s . .
Postal savings b a n k s . . .
T r e a s u r y savings b a n k s
Post-office savings b a n k s .
P o s t a l a n d savings b a n k s
Cantonal banks
Savings b a n k s , post-office a n d t r u s t e e savings b a n k s
f Postal Savings S y s t e m .
J u n e 30,1930 \ M u t u a l a n d stock
Postal.
.....do_
CO
Deposits
$41, 091, 600
£213, 300,000
$14, 241,000
$129, 656,000
$188, 842,000
$5, 720,056
$1,427, 000,000
P29, 293,190
2 $6, 769, 427
3 1,873,960
$546, 208,800
$7, 797,000
$570, 036,000
£ E 4 , 200,000
$16, 623, 700
$112, 625,000
$639, 626,000
$2, 403, 372.000
$6, 942,300
$12, 260,000
<344, 908,000
$632, 944,000
$736, 216,000
« 2, 301, 668,879
« 1,612, 219,000
$142. 710,000
$111, 364,000
£56, 800,000
$484, 276,000
$9, 042,000
$250. 544,000
' 2 , 266, 643
$32, 604, 550
$174, 880,000
$367, 472,000
$1,997, 211, 600
$176,272,000
$10,357,161,000
$4,121,000
fiYen.
1 Figures t a k e n from 1929 C o m m e r c e Y e a r b o o k , Vol. I I .
6 Statistical Y e a r Book of t h e K i n g d o m of S i a m (1926-27), p . 126.
2 Y u a n : " Big d o l l a r " accounts.
7 Ticals.
a Small coin accounts.
< Rupees.
O T E . — S o u r c e : D a t a on E u r o p e a n countries t a k e n from t h e L e a g u e of N a t i o n s M o n t h l y B u l l e t i n of Statistics; t h a t for Australia, E g y p t , a n d N e w Zealand from s a m e b u l l e t i n
N
for S e p t e m
http://fraser.stlouisfed.org/b e r , 1930.
Federal Reserve Bank of St. Louis
to
O
o
H
W
tel
Ul
963
COMPTROr^LEU OF THlii CURRENCY
RESOURCES OF LEADING FOREIGN BANKS OF ISSUE
The total resources of 41 foreign banks of issue converted at the
existing rate of exchange on or about June 30, 1930, were $18,694,241,000, in comparison with resoui;ces of $17,946,814,000 reported by the
same foreign banks on or about June 30, 1929.
The statement below, prepared by the Federal Reserve Board,
shows, with reference to the 4l banks of issue, the country of each
bank, the date of the bank's statement, and its total assets in local
currency and in dollars at the durrent rate of exchange.
i
Total assets of principal banks of issue about June SO, 1930
[In thousands of j local currency and of dollars]
Country
Date
1
! Local c u r r e n c y
i
Albania
Australia
.
Austria
Belgium
.
.-_
Bolivia
Brazil
Bulgaria
Chile....
Colombia
Czechoslovakia
Danzig
Denmark
Ecuador
r
Egypt . . .
England
Estonia
Finland
France..
Germany.Greece
Guatemala
Hungary
Italy...
Japan
Java
_
Latvia
Lithuania
Mexico
^ . .
Netherlands
Norway
.
.
. . . .
Peru
Poland.
Portugal
_
R u m a n i a . __ ._
. . .
Russia...
S o u t h Africa
Spain
Sweden
Switzerland
Uruguay
Yugoslavia
, .
.
._
J u n e 30
—do
...do
J u n e 19
J u n e 30
—do
...do
—do
—do
...do
...do
...do
...do..-..
...do
J u n e 26
J u n e 30
...do
J u n e 27
J u n e 30
...do
—do
...do
...do
J u n e 28
...do
J u n e 26
J u n e 30
—do
...do
...do-....
...do
. . do .
J u n e 26
J u n e 28
July 1
J u n e 27
J u n e 28
J u n e 30
...do.....
...do.....
—do
Franc
Pound
Schilling
Belga
Boliviano
Milreis
Lev
Peso.. .
Crown
Gulden
Kroner
Sucre
. ..
Egyptian pound
Pound
Kroon .
Markka
Franc
Reichsmark
Drachma
Quetzal
Pengo
Lira
Yen
Florin
Lat
Lita
Peso
Florin
Krone
Sol
iZloty
jEscudo
Leu..
^Chervonetz
'Pound... .
iPeseta
iKrona
iFranc
jPeso
Dinar
R a t e of
T o t a l assets i
Total
of t h e b a n k
exchange
assets 1 of
of issue in
into dollars t h e b a n k of
local cur. on given
issue in
rency
date
dollars
83,842
83,866
1,399,501
3,168,324
88,316
3, 981, 320
7, 374, 836
603, 554
62, 278
8, 369,178
49,136
479,907
62,043
55, 596
497,868
63,896
2, 686, 635
90,104, 016
6,061,821
8,415, 722
11, 769
609, 339
21, 678, 760
2,143, 623
363,944
263, 641
221,452
162, 767
919, 797
476, 737
77,052
1,991, 318
4,182,480
30, 601,159
669,339
17, 670
5, 769, 640
885, 791
1,123, 597
210, 391
9,046,042
Total
1 In the compilation of total assets certain contra accounts have been omitted*
2 Par of exchange, as no quotation for date given is available.
2 0.19295
4. 662618
. 140948
. 139473
. 360000
. 112462
. 007208
. 120938
. 966400
. 029661
2.194661
. 267630
. 200000
4. 983817
4.860166
2.267990
. 026174
. 039272
. 238307
. 012956
2 1. C O O
OOO
.174813
. 052381
. 494265
. 402300
2.192948
2.100000
.473612
. 401921
.267746
. 385000
. 112005
. 044968
. 005949
6.160000
4. 848161
. 120463
. 268615
. 193770
. 857126
. 017664
1,618
382,698
197,267
440,601
31,793
447, 747
63,168
72,993
60, 601
248, 238
9,666
128,438
10,409
277,075
2,419, 716
17,123
67, 633
3, 638, 665
1,444, 674
109, 026
11, 769
106, 620
1,130, 317
1, 069, 618
146,416
48, 940
22,145
77,072
369,686
127,644
29,666
223, 038
188,036
181,46L
3, 447, 096
86,667
694, 968
237,937
217, 719
180,331
169, 789
18, 694,241
954
REPORT ON T H E FINANCES
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, 1930, it will be noted that the aggregate expenses
were $6,164,433.84, of which $1,174,600.95 was paid from appropriations and $4,989,832.89 reimbursements by the banks. The
salary rolls aggregated $616,642.35, of which $274,362.59 was paid
from appropriations and the remainder from funds reimbursed by the
banks.
Taxes paid by national banks on circulating notes issued amounted
to $3,248,327.85. Deducting from this amount the expenses of the
bureau paid from congressional appropriations, $1,174,600.95, leaves
the net income to the Government on account of the tax on circulation
at $2,073,726.90.
Expenses incident to maintenance of Currency Bureau and net income derived hy
Government from taxes on national-hank notes, fiscal year ended June 30, 1930
Expenses
Expenses repaid from ap- imbursed by
propriation
banks
Salaries:
Regular roll, including retirement deductions and temporary force
_
National currency reimbursable roll, including retirement
and temporary force
Federal reserve issue and redemption division, including
retirement deductions and temporary force
Insolvent national-bank division, including retirement
deductions
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 macerator, etc
Total general expenses
....J
Currency issues:
National-bank n o t e s Paper.Printing, etc
Plates .(reimbursed) - Federal reserve n o t e s 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 appropriationsTotal expenses reimbursed by banks
Total expenses
Total expenses
$274,362. 59
$65,778. 23
83,737.81
192,763.72
26,710.18
11,086.61
6,726.50
$616,642.35
4,597.38
89.40
2,626.48
746.04
51,680. 49
131,162.30
724,807.83
10,666.00
295,978.09
186,113.46
1,339,629.62
2,563,703.97
86,358.67
66,794.84
28,980.49
73,216.94
1,174,600.96
4,989,832.89
2,687,167.19
2,663,703.97
86,368.67
66,794.84
28,980.49
73,216.94
6,164.433.84
Tax paid by national banks on circulating notes
$3, 248, 327. 85
Total expenses of Currency Bureau paid from congressional appropriations
1,174, 600. 95
Net income to Government from taxes on circulation
2, 073, 726. 90
Respectfully submitted.
JOHN W .
POLE,
Comptroller qf the Currency.
To the SPEAKER OF THE H O U S E OF REPRESENTATIVES.
REPORT OF THE COMMISSIONER OF INTERNAL REVENUE
(ABRIDGED)
' TREASURY DEPARTMENT,
OFFICE OF COMMISSIONER OF INTERNAL R E V E N U E ,
!
Washington, October 15, 1930.
SIR: 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, 1930:
j
Collections ^
The operations of the Internal Revenue Bureau during the fiscal
year 1930 were under the inqome-tax provisions of the revenue act
of 1928, as modified by a joint, resolution of Congress approved by the
President on December 16, 1929, wliich reduced by 1 per cent the
rate of the income tax on corporations and the rates of the normal
tax imposed on individuals; for the calendar year 1929. There
resulted, in the aggregate, a collection of $3,040,145,733.17, compared
with $2,939,054,375.43 collected during the fiscal year 1929, an
increase of $101,091,357.74, or 3 per cent.
The income-tax collections during the fiscal year 1930 amounted to
$2,410,259,230.28, compared! with $2,331,274,428.64 collected from
income during the fiscal year: 1929, an increase of $78,984,801.64, or
3 per cent. During the first; six months of the fiscal year 1930 the
collections embraced payments of the third and fourth installments of
the tax due on incomes in |the calendar year 1928, together with
additional collections on assessments made for prior years, and
amounted to $1,184,602,927179, compared with $1,013,071,597.56,
representing payments of income tax for the corresponding period of
the fiscal year 1929—an increase of $171,531,330.23, or 17 per cent.
During the last six months i of the fiscal year 1930 the collections
embraced payments of the first and second installments of the tax
due on incomes in the calendar year 1929, together with additional
collections on assessments niade for prior years, and amounted to
$1,225,656,302.49, compared with $1,318,202,831.08, representing
payments of income tax for the corresponding period of the fiscal year
1929—a decrease of $92,546,528.59, or 7 per cent.
The tax collected from corporations during the fiscal year 1930 was
at the rate of 11 per cent onj incomes for the calendar year 1929 and
12 per cent on incomes fori the calendar year 1928, while the tax
collected from corporations during the fiscal year 1929 was at the rate
of 12 per cent on incomes forj the calendar year 1928 and 13^ per cent
on. incomes for the calendar year 1927.
In accordance with the provisions of the joint resolution of Congress
hereinbefore referred to, the normal income tax collected on individual
returns during the last six months of the fiscal year 1930 was at the
rate of one-half of 1 per cent upon the first $4,000 of net taxable
income, 2 per cent upon the next $4,000, and 4 per cent on the amount
in excess of $8,000. During the first six months of the fiscal year 1930
the rates on normal income !tax collected were IK per cent upon the
1 Refunds of taxes illegally collected made, during thefiscalyear 1930 are shown in a statement on p. 180
of the report of the Commissioner of Internal Revenue.
!
955
956
iEffiPORT ON T H E FINAiSTClS^
first $4,000 of taxable income, 3 per cent upon the next $4,000, and 5
per cent on the amount in excess of $8,000. The surtax rates ranged
from 1 per cent on net income in excess of $10,000 to a maximum of
20 per cent on net incomes in excess of $100,000. There was allowed
against the tax for these years a credit of 25 per cent of the tax upon
earned net incomes of $30,000 or less. The personal exemption was
$1,500 for a single person and $3,500 for a married person living with
husband or wife. A credit of $400 was allowed for each dependent.
The miscellaneous tax collections during the fiscal year 1930
amounted to $629,886,502.89, as compared with $607,779,946.79 collected during the fiscal year 1929—an increase of $22,106,556.10, or 4
per cent. The principal increases in the revenue from miscellaneous
taxes for the fiscal year 1930 were from tobacco manufactures and .
documentary stamp taxes.
The collections of internal-revenue taxes for the fiscal year 1930
and the last seven preceding years are summarized in the following
table:
Source
1930
1929
1928
1927
Distilled spirits, including wines,
cordials, etc
$11, 695, 267. 67
$12, 776, 728.46
$21,194, 668. 71
$15, 307,496. 45
Fermented liquors
300.00
883. 26
Tobacco manufactures
450, 339, 060. 50 434, 444, 643. 21 396,450,041.03
376,170, 205.04
Oleomargarine, process butter,
etc
3,930,995.94
3, 623, 393. 97
3,422,702.90
3,185,297.13
Estate and gift t a x . . .
64,769, 625. 04 • 61,897,141. 48
60,087,233.97
100 339,851 96
Corporation capital stock and
other special taxes
6, 956, 295. 57
8,698, 265.86
8,978,197. 65
46,966. 66
Excise taxes, including tax on
automobiles, etc
6, 711, 550. 04
61, 936, 591. 28
66,829,031. 21
2,664, 652. 34
Admissions to theaters, etc., and
club dues
17,328,310.47
28,077, 941. 91
16, 751, 759. 51
28,376,657.48
Stamp taxes, including playing
cards
48,829, 208. 24
77,728,669.90
64,173, 530.84
37,345, 551.43
Miscellaneous, including prohibition and narcotic taxes
3,310,342.33
1,868, 452. 75
3,152, 653.15
1,959, 505. 33
Total receipts from miscellaneous taxes.
645, 730,686.19
629,886,502.89
607, 779, 946. 79 615, 962, 434. 79
Income taxes
2, 410, 259, 230. 28 2, 331, 274,428. 64 . 2,174, 573,102.89 2, 219, 952, 443. 72
Total receipts (all sources). 3,040,145, 733.17 2, 939, 054, 375.43 2, 790, 536, 537.68 2,865,683,129. 91
Source
1926 .
Distilled spirits, including wines,
$26,436,334.44
cordials, etc
Fermented liquors
15,694.19
Tobacco manufactures
370,666,438.87
Oleomargarine, process butter,
3,092,540.42
etc
iRstate and gift t&x.. .
119,216,374.82
Corporation capital stock and
other special taxes
101,932,733.82
Excise taxes, including tax on
automobiles, etc
150,198,165.88
Admissions to theaters, etc., and
club dues
34,054,615.06
Stamp taxes, including playing
cards
64,014,239.36
Miscellaneous, including prohibition and narcotic taxes
2,268,714.01
Total receipts from mis861,896,760.86
cellaneous taxes
1,974,104,141.33
Income and profits taxes
Total receipts (all sources). 2,835,999,892.19
1925
1924
1923
$26,902,820.28
1,954.44
345,247,210.96
$27,680,380.64
5,327.73
325,638,931.14
$30,354,006.88
4,078. 76
309,015,492.98
3,064,155. 39
108,939,896.62
2,863,463; 98
102,966,761.68
2,307,310.84
126,705 206.55
95,814,162.60
96,286,105.44
89,603,322.8i
140,852,097.72
246,953,656.71
226,676,959.31
39,598,397.44
85,722,385.09
77,346,877.72
49,261,784.18
62,257,563.96
64,876,378.81
13,808,750.20
6,145,373.89
4,868,058.36
.822,481,218.73
954,419,940.26
1,761,669,049.61 1,841,769,316.80
2, 584,140,268. 24 2,796,179,257.06
930,666,693.01
1,691,089,634.66
2,621,745,227.67
NOTE.—The figures concerning internal-revenue receipts as given in the above 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
iby postmasters of amounts received from sale of internal-revenue stamps and deposits of internal revenue
collected through customs oflQces, 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 colRections 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 tne^Treasury.
957
COMMISSIONEE OF INTEENAL EEVENUE
Cost of Administration
The amount expended and obligated in administering the internalrevenue tax laws for the fiscal year 1930 was $34,352,063.41, not
including the amount expended for refunding taxes illegally or
erroneously collected, which is in no sense an administrative expense.
The aggregate receipts of internal revenue were $3,040,145,733.17,
which makes the cost of operlation for the fiscal year 1930, $1.13 for
each $100 collected, as compai-ed with $1.17 for the fiscal year 1929.
Income Tax Unit
Examination of returns.—The number of returns examined and
closed during the year was 2,297,351, of which 1,872,268 were filed
by individuals and partnershijps and 425,083 by corporations.
This exceeds the production for the prior year by 98,656. The
number of returns annually referred to Washington approximates
2,300,000. The field and Washington forces are better organized
and procedure for audit manlagement better established than heretofore. I t may be reasonably concluded, therefore, that the Income
Tax Unit can handle the audit of a current year's returns within a
12-month period.
I
Analysis of production.—The following table shows by years the
total production and indicates the action taken as a result of t h e .
investigations conducted: I
Cases closed during year ended J u n e SO, 1930
Deficiency taxes
T a x years
Agreement 1
1917 a n d p r i o r .
1918
1919.
1920
1921
1922
1923
1924
1926
1926
:.
1927
1928
1929
- Total..
De-i
DeJeopfault; 2 cision 3 a r d y <
1
1
:
36
46
76
139
103
143
250
1,313
1,996
9,719
42,907
69,160
1,136
127,024
2
^5
i6
27
27
34
78
579
2,894
2,797
318
7,761
1
62
139
271
560
522
795
1,052
765
824
390
75
5,456
13
23
35
65
• 61
79
83
145
204
516
416
183
27
1,850
Total
Overassessments
N O change
Grand
total
113
213
398
791
713
1,051
1,463
2,802
4,002
13,519
46,195
69,661
1,169
369
368
423
646
402
572
861
2,043
3,086
5,914
11,773
20,606
2,075
481
650
650
929
1,021
1,381
2,314
6,526
10,887
26,211
91,053
1,265,994
698,226
963
1,131
1,471
2,266
2,136
3,004
4,638
11,371
17,976
45,644
149,021!
1,356,2611
701,470'
142,090
49,038
2,106,223
2,297,351
1 Taxpayers and Income Tax Unit forces agreed as to habihty.
2 Taxpayers failed to take any action within 60-day period.
3 Taxes assessed after decision by Board of Tax Appeals.
< Taxes assessed without usual notices because of fraud, bankruptcy, etc.
As above indicated, additional taxes were assessed in 142,090 cases
and overassessments scheduled in 49,038 cases.
Additional revenue.—The ito tal additional revenue made available
for collection was $172,304,8:36.51, compared with $260,227,744.14 for
the previous fiscal year. The following table divides the total to
indicate the amount of deficiency taxes concerning which taxpayers
958
REPORT ON THE FINANCES
signed agreements with our field employees and the amount which
became the subject of consideration in Washington:
Agreements secured by field forces
After Washington consideration
$31, 421, 761. 70
140, 883, 074. 81
Total
1 172, 304, 836. 51
The following table shows the assessments made after the consideration of returns in Washington, according to the procedure required to
make the assessment:
Agreements without 60-day letter
.
Agreements after issuance 60-day letter
Taxpayer fails to petition within 60-day period
After decision by Board of Tax Appeals
Rejected abatement and credit claim
Total
.
,
$55, 021, 641. 98
9, 504, 125. 30
20, 868, 302. 79
50, 500, 844. 68
4, 988, 160. 06
140, 883, 074. 81
The amount of taxes assessed under the jeopardy provisions of
the several revenue acts was $26,609,303.70. Of this amount,
$19,822,481.57 was assessed under bankruptcy and dissolution
procedure, while $6,786,822.13 was assessed in cases where it was
believed the return was fraudulently rendered. Penalties totaling
$3,945,271.16, and interest in the sum of $5,569,651.79, were listed in
connection with these assessments. The total amount assessed under
the jeopardy provisions of the law, therefore, was $36,124,226.65.
During the previous year jeopardy assessments, penalties, and interest
totaled $50,865,425.58.
Petitions were filed with the Board of Tax Appeals in respect of
proposed assessments amounting to $83,255,660.93. Penalties totaling $2,637,280.03 were involved in the cases so petitioned. The
amount petitioned during the previous year, including penalties, was
$151,017,846.34.
Claims and overassessments.—The following statement is designed
to inform those interested concerning the condition of the work against
cases involving adjustments favorable to taxpayers. The totals
stated here will not correspond to the totals reported in the statement
of production on page 961, since overassessment certificates must often
be prepared in correction of bookkeeping errors made in collector's
ofiice, to eliminate uncollectible items, etc.
During the year, 44,166 claims were adjusted, of which 31,317 were
allowed, either in full or in part, and 12,849 were rejected. The
number of certificates of overassessment issued in cases where no
claims were filed was 36,969. During the previous year the number
of claims adjusted was 50,120 and the number of certificates of overassessment issued without the filing of claims was 42,329.
The total amount of overassessments stated for 1930 was $241,526,816.32. Of this amount, $124,019,819.63 represented amounts not
collected and to this extent abatements resulted; $35,819,633.37 was
credited against taxes due by the overassessed taxpayers for other
years; while $81,687,363.32 was refunded or paid in cash. Interest
in the sum of $36,515,874.99 was paid on the amounts refunded or
credited.
The total amount involved in rejected claims was $164,093,902.48.
The number of claims filed during the year was 41,346 and the
amount involved was $299,619,106.17. During the previous year,
959
COMMISSIONER OF INTERNAL REVENUE
claims to the number of 50,299, involving $613,052,371.28, were
received. At the end of the fiscal year there were pending for adjustment 12,812 claims.
'
Included in the total number of claims adjusted during the year
were 16,881 collectors' claims|, or claims filed by collectors in support
of adjustments determined in their ofiices. Of this number, 15,395
resulted in abatements or credits and 1,486 in refunds. These claims
were largely multiple-item clajims and involved 18,867 items for abatement or credit and 72,062 for refund.
Reduced cost of personnel.—^During the year there was a decrease in
the number of employees biit an increase in production of 98,656
returns over the previous year. There follows a table which indicates
a reduction of 1,553 in employees and of $1,705,126 in pay roll during
the period from 1925 to 193Q, inclusive.
P a y roll
i Employees
Year
Washingr
ton
1925
1926 .
1927
1928
1929
1930
4,166'
3,364
2,630,
2,280
2,214
_
2, no;
Total
Field
2,831
3,071
3,492
3,640
3,379
3,334
6,997
6,436
6,122
6,920
5,593
5,444
Washington
Total
Field
$9,460,926
8,204,810
6,448,170
6, 329, 530
6,156, 940
5,037, 540
$7,424, 761
7,913, 800
9,045, 500
9,800,000
10,070, 940
10,143,020
$16,885,686
16,118, 610
15,493, 670
15,129, 630
15, 227, 880
15,180, 560
The pending job.—The following table shows the balances on hand
at the close of each fiscal year from 1926 to 1930:
O n h a n d J u n e 30—
T a x year
i
1927
1928
1929
1,372
1,877
2,628
7,121
8,192
141, 084
154,329
170, 786
1 255,351
622
861
1,184
2,081
2,020
5,136
35,316
107, 607
289, 276
1 30,433
294
389
493
637
668
1,109
•2,531
15, 662
38, 067
120, 248
1148,088
185
232
299
400
409
676
1,111
6,019
7,305
17,104
122, 286
1 116, 522
147
222
270
367
305
466
754
1,828
2,556
5,814
18, 629
166, 800
1 23,835
742, 740
474, 535
328.186
270, 447
221, 893
1926.
1917
1918.--.1919.
1920-1921
1922..
1923
19241926-.
19261927
1928
1929
...
! .
j
-
...j
1 .
J
.
-
-
-
...
Total...-
-
-.-
J.
!
.1
-...i
i
J
.
1930
1
1 Incomplete; the preliminary work on the large volume of returnsfiledin March.can not be completed
by the end of thefiscalyear.
i
Tax years 1917 to 1928, \inclusive.—The table above shows the
diminishing number of returns for prior years which are yet to be
closed by the Income Tax U^nit.
The statutes of limitation against the assessment of deficiency taxes
for 1927 and 1928 toll during! the early months of 1931, since there is a
3-year limitation period for 1927 and a 2-year limitation period for
1928. Thus the bureau is confronted with the necessity of stepping
up its program by practically one full year. The production prograin
12101—31
63
!
960
REPORT ON T H E FINANCES
has been accommodated to this demand and it may be confidently
asserted that practically all 1927 and 1928 cases will be closed within
the statutory limit.
Cases reopened.—During the consideration of returns for any one
year the examining forces often are required to audit earlier year
cases resulting from the filing of claims, delinquent returns, etc., as a
consequence of which many new cases are developed for the so-called
prior years.
The tabulation below shows the number of cases closed and the
net reduction accomphshed during the fiscal year 1930, and compares
the new cases developed during the fiscal years 1929 and 1930,
illustrating clearly the problems which must be met in connection
with a study of the work against current year returns:
Cases
closed,
1930
T a x year
N e t reduction,
1930
Cases reopened or
n e w cases developed—
Fiscal
Fiscal
year 1930 year 1929
1917.
1918
1919..
1920
1921
1922
1923 .
1924
1926
1926
1927.
-.-
.
-
Total
1
-.
963
1,131
1,471
2,266
2,136
3,004
4,638
11, 371
17,975
45, 644
149, 021
38
10
29
33
104
109
357
3,191
4,749
11, 290
103, 757
925
1,121
1,442
2,233
2,032
2,895
4,281
8,180
13, 226
34, 354
45, 264
1,677
1,929
2,859
4,187
4,034
5,140
9,745
33, 560
54, 683
108, 617
239, 620
123, 667
115, 953
226,431
During the year 115,953 new cases were developed. This figure
compares with 226,431 the previous year. I t will be observed in the
table above that the new -cases developed during the year 1930
covering the taxable years 1917 to 1926 decreased nearly 50 per cent
as compared with the previous year.
Current years.—The unit may now contemplate its current work of
investigation as against a single year—that preceding the year during
which the work is- undertaken. The work of examination of returns
filed for 1929 has begun in certain divisions. By the 1st day of January, 1931, it will have gained considerable headway and there will
remain in a relative sense but a small number of prior year cases to
investigate. Returns should be investigated as promptly after filing
as is possible. Investigation within a few months after filing will
result in more prompt and satisfactory adjustments. I t thus appears
that the objective toward which the administration has been striving
has been reached and that the investigational work hereafter, at least
in a general sense, will be upon returns filed for periods just preceding
the time of examination.
I t was determined to refer all 1929 returns filed by individuals
reporting gross income in excess of $25,000 to internal revenue agents
in charge, who are charged with the responsibility of determining
the character of investigation, if any, that will be undertaken. Collectors' forces were directed to survey returns of individuals reporting
$25,000 or less. All taxable returns of corporations involving gross
income in excess of $75,000 and nontaxable returns involving gross
961
COMMISSIONEE OF INTERNAL REVENUE
income in excess of $125,000 also were referred to internal revenue
agents in charge. The duty of selecting from the balance of the
corporation returns cases justifying field attention was directed to be
undertaken in Washington. |
In this manner the bureau has availed itself of the services of all
who have a responsibility for: the audit and in large measure permitted
officers who operate in field territory to determine what cases shall be
investigated, in which undertaking they are considered to be aided
by their knowledge of. local conditions.
Audit in Washington.—The following table presents an analysis
of the cases for the years 1917 to 1928, inclusive, pending July 3, 1930,
before the several audit sections of the Washington office, separating
the original audit cases from those which were previously closed and
subsequently reopened, principally on claims filed by taxpayers:
A u d i t review d i v i s i o n -
V a l u a t i o n division
i
Individuals
T a x year
OrigiRenal
opened
1917
1918.
1919
1920
1921
1922.
1923..
1924 _
1925
1926...
1927
1928
16
55
368
587
1,866
8,192
10, 661
16
27
36
55
69
85
132
235
322
560
332
263
Total
21, 746
2,132
1
Grand total.
Corporatioiis
1 •
OrigiRenal
opened
i
1
1
;37
1
44
1
48
1
,50
1
38
7
15
13
35
63
:64
97
,90
314
106
1, 005
168
2,121
29
3,625
23,5578
624
Consolidated
a n d associated
OrigiRenal
opened
4
11
21
27
16
63
. 85
239
312
747
1,793
2,076
39
61
56
63
41
43
53
126
158
248
128
29
5,394
1,045
4,2 49
6,4 39
Special adjustment
section .
Engineer
section
OrigiRenal
opened R e o p e n e d
Total
OrigiRenal
opened
12
58
78
' 196
601
1,160
10
16
17
20
15
22
33
49
56
46
41
67
21
39
55
86
91
152
194
348
454
633
712
514
6
12
22
29
17
90
165
728
1,074
3,123
11,591
16,018
123
187
212
274
254
317
447
822
1,080
1,593
1,281
902
2,109
392
3,299
32,874
7,492
2,5 01
3,299
40,:J66
Excess-profits tax years.—While the tabulation presented above indicates that there were pending on July 3, 1930, before the Income
Tax Unit in Washington, 1,135 cases involving the years 1917 to 1921,
but 85 are original cases. The balance are cases that have been reopened by taxpayers' claim^ for refund or involve alleged fraud. I t
can be confidently asserted ^hat all such original cases will be closed
in so far as the Income Tax Unit is concerned within the very near
future.
'
Tax years 1922 to 1926.-{-T]ie balances of cases pending original
consideration for these years were, on July 3, 1930, as follows:
1922
1923
1924
1925
i
:
i
__-_
90
165
728
1, 074
1926
---_
Total
3,123
5,180
Demand has been made |upon the sections charged with the responsibility for these cases that they be closed prior to December 31,
1930. A monthly quota has been established for each section. The
deputy commissioner in charge of the Income Tax Unit supervises
and manages this production plan through representatives of his im
962
REPORT ON T H E
FINANCES
mediate office. Taxpayers and their representatives have been placed
on notice through appropriate channels that the bureau intends to
complete its work on such cases within the calendar year 1930, and
that consents to extend the statute of limitation will not be solicited
by the bureau, and that, except upon a very strong showing by the
taxpayer, the bureau will not look with favor upon requests from taxpayers or their representatives for extensions of time to submit data,
to prepare for conference, or to respond in the matter of any proper
bureau requests for information.
Reduction in the number of 60-day letters mailed as related to appeals
jiled.—During the year the Income Tax Unit mailed 13,658 60-day
letters, compared with 16,980 and 38,537 the two previous fiscal
years. The decrease in the number of 60-day letters released, which
represents the final audit action in respect of cases concerning which
the bureau and the taxpayer fail to reach agreement, indicates that
more cases are being closed by agreement with taxpayers. This is
the objective to which the efforts of the bureau are directed.
The number of appeals filed during the year with the Board of Tax
Appeals was 4,113, covering 5,810 taxable years. During 1929 and
1928, 5,139 and 9,908 appeals, covering 8,144 and 16,376 taxable
years, were filed. Below is given a tabulation showing the taxable
years covered in the petitions filed during the fiscal years 1928, 1929,
and 1930:
Year
1917
1918
1919
1920 .. 1921
1922
1923
1924
1928
174
339
476
966
823
1,844
4,638
3,274
1929
62
89
118
198
166
265
679
1,845
Year
1930
16
47
- 67
99
67
79
169
679
1928
1929
1930
3,000
826
17
1925..
1926..
1927..
1928..
1929..
2,614
1,947
348
13
2,064
16,376
8,144
6,810
1,094
1,233
211
6
Total.
The audit in the field.—On June 30, 1930, there were 169,260 returns
pending for verification in the offices of the 38 field divisions of the
Income Tax Unit, compared with 179,415 on June 30, 1929—a net
decrease of 10,155 returns.
There follows a statement, arranged by field divisions, showing the
number of returns on hand at the beginning of the fiscal year 1930,
the number received, and the number disposed of during that period
and the balance on hand at the end of the fiscal year:
963
COMMISSIONEB OP INTEENAL BEVENXJE
On hand
Received
J u l y 1,1929 d u r i n g year
Atlanta
Baltimore
Boston.-Brooklyn
Buffalo.
Chicago
Cincinnati
Cleveland-Columbia.Dallas
Denver
Detroit...
Greensboro.
Honoliilu
Huntington
i.
Indianapolis
Jacksonville.
Los Angeles i
Louisville
Milwaukee
Nashville
Newark
.
New Haven
N e w Orleans
Second N e w Y o r k .
Upper New York..
Oklahoma..
Omaha...
Philadelphia
Pittsburgh-Richmond
St. L o u i s
St. P a u l
Salt L a k e
San Francisco
Seattle
Springfield...
. Wichita
2,521
4,039
6,715
10, 742
4,058
12, 205
3,099
6,516
828
6,123
1,484
6,332
2,464
865
2,280
3,134
3, 043
2,353
2,892
3,973
7,174
4,405
2,769
13, 377
16,482
3,310
1, 822
8,490
3,667
2,525
3,496
4,592
2,031
15, 594
2, 525
1,298
. 1,192
179, 415
Total..
2,870
12, 616
22,134
12, 733
11, 385
29, 651
8,670
12,929
2,188
19,101
5,330
17, 725
3,664
1,048
- 2,440
6,402
6,569
18, 851
3,838
6,336
5,727
18. 797
8,837
6,932
56, 897
53, 342
7,371
8, 077
24, 573
11, 904
3,149
9,356
6,372
4,397
23, 079
9,139
4,630
4,369
472, 226
Disposed
of d u r i n g
year
Total
On h a n d
J u n e 30,
1930
651, 641
4,298
9,434
21, 735
16,320
11,319
31, 274
8,610
13,341
1,893
15,684
6,878
16, 668
4,459
1,387
3,850
6,261
7,963
9,215
4,824
7,219
7,258
20, 289
11, 560
5,578
56,159
64, 633
8,038
6,686
23, 562
11,632
4,212
9,235
7,965
4,712
32, 635
8,996
4,326
4,373
1,093
7,120
7,114
7,155
4,124
10, 582
3,169
5,104
1,123
9,640
. 936
7,389
1,669
526
870
4,276
1,649
9,636
1,367
2,008
2,442
5,682
1,682
3,123
14,115
15,191
2,643
3,213
9,601
4,039
1,462
3,617
2,999
1,716
6,038
2,668
1,502
1,188
482. 381
6,391
16, 554
28,849
23,475
15,443
41, 856
11,769
18,446
3,016
25, 224
6,814
24, 057
6,128
1,913
4,720
9,536
9,612
18, 851
6,191
9,227
9,700
25, 971
13, 242
8,701
70, 274
69,824
10, 681
9,899
33, 063
15, 571
6,674
12, 852
10, 964
6,428
38, 673
11, 664
5,828
5,561
169, 260
1 Los Angeles division established F e b . 1, 1930.
The returns on hand in the field on June 30, 1930, were distributed
by years as follows:
j
1921 a n d prior years
1922 to 1926, inclusive.-•_
1927
1928
1929
1930
:____
Total
i
:
'
i
.
146
2, 075
6,079
137,692
23, 136
132
i
169,260
.__.i
:
Of the above balance of 169,260 returns, 31,321 have been made
the subject of field examination and were pending in the offices of the
agents in charge for the following reasons:
For
For
For
For
review
typing-__.
agreement or protest
conference!
Total
1
J
J
'.
10,
9,
8,
3,
017
239
391
674
4
31,321
Changes in tax liability 'w;eve recommended by the field forces in
151,096 of the 482,381 cases |disposed of by the field during the year.
In 120,673 changed cases taxpayers agreed with the revenue agents'
conclusions.
*
964
REPOET Oisr THE FINANCES
The total additional tax recommended by revenue agents during
the fiscal year was $207,220,446.39, of which $59,242,248.78, or 29
per cent, was agreed to by taxpayers as being the proper liability.
For the fiscal year ended June 30, 1929, the field divisions recommended additional tax in the total sum of $239,857,614.30, of which
$65,382,672.32, or 27 per cent, was agreed to by taxpayers.
Changes in policy and procedure, insurance returns.—On September 3,
1929, complete instructions were issued as to the audit of returns of
insurance companies by the field divisions. Further to assist revenue
agents in the work, there was issued on November 8, 1929, a direction
that the convention edition required to be filed by insurance companies
be forwarded to the field with the return.
Partnership and fiduciary returns.—Under dates of December 13
and 27, 1929, instructions were released for the handling of partnership and fiduciary returns filed on Forms 1065 and 1041. The selection of the work to be undertaken with respect to this type of cases
was continued as a responsibility of the agents' forces.
Coordination of Washington and field activities.—The policy of
bringing revenue agents to Washington to assist the Washington
auditing personnel and attorneys of the General Counsel's office in
the closing of cases was continued and broadened. The result of
these contacts has been most gratifying, demonstrating that closer
cooperation between the field forces and the Washington personnel is
effective in expediting final determination of the most difficult types of
cases, as well as promoting mutual respect and understanding between
the field and Washington forces.
During the month of June, 1930, conferees from seven of the far
western divisions were brought to Washington to work with the conferees and reviewers in the audit review division. With the audit
review division now organized on geographical lines and the review
of all agents' reports from a given division concentrated in a single
section, the personal contact made possible by this detail to Washington is especially beneficial.
Comment on revenue agents' reports.—During the last quarter of the
fiscal year, the auditors in Washington were invited to submit informal
comments on agents' noteworthy reports, calling attention to points
which have been particularly well covered, as well as to errors of
omission and commission. These informal comments have been transmitted to the field for the consideration of the agents in charge and of
the officers who prepared the reports.
Railroad cases.—During the year the policy was inaugurated of
transmitting to the field for auditing by revenue agents the returns
of railroads operating under the control of the Interstate Commerce
Commission. These audits heretofore had been performed by men
attached to the Washington office.
Current year work—-Individual and corporation returns.—On November 30, 1929, instructions were released governing the methods
to be followed in the work against 1040 and 1120 returns filed for the
year 1929. The instructions directed that (a) collectors of internal
revenue select such individual returns involving gross income of
$25,000 or less as in their judgment should be examined; (6) all 1040
returns involving gross income of more than $25,000 be referred to
revenue agents; (c) all taxable 1120 returns reporting gross income
in excess of $75,000 be referred to revenue agents; {d) all nontaxable
COMMISSIONER' OF INTERNAL REVENUE
965
1120 returns reporting gross income of $125,000 be referred to revenue
agents.
The above rules offer the bureau the advantage, in determining
the volume of work on returns for 1929, of the agents' closer contact with the taxpa3^ers, coupiled with the agents' knowledge of local
conditions. The field units t;hat make the investigations determine
the examinations to be conducted.
Better review of agreed cases.—OVL November 30, 1929, an order
abolishing the preliminary audit section of the clearing division, as
such, was issued. There was established in the audit review division
a new section, designated sebtion F, which section performed substantially the same duties as the former preliminary audit section.
The change was responsive 1 o need of a more thorough review of
}
certain cases that previously had routed through the preliminary
audit section. The theory of !a quick review of cases routing through
the unit after examination iii the field and agreement between field
forces and taxpayers was nqt abandoned. But, in order to insure
uniform review action throughout the unit, the work was brought
under control of the audit rbview division.
Waivers.—Under date of October 30, 1929, instructions were issued
to collectors of internal revenue and to internal revenue agents in
charge to forward to the bureau at Washington the original copies
of all assessment waivers filed'with them. I t was considered essential,
since these documents are becoming increasingly important and the
subject of much litigation, that the central waiver file in Washington
be complete.
I
Reference record.—On November 2, 1929, a mimeograph, designated I. T. U. Order 205, was released. This order directed that
field divisions establish a repord to form the basis of examinations
for subsequent years. No procedure previously had been formulated
to make available, in the examination of subsequent year returns or
of the returns of related taxpayers, data developed in the daily
routine work of an agent. ;
Audit activities reorganized^ on a geographical basis.—Coincident to
the removal of the bureau tb its new building the audit division of
the Income Tax Unit in Washington was reorganized upon a geographical basis, described in detail on page 969. The plan had been
under consideration for several years, and the trend toward the
elimination of specialization' in audit problems and the centralization of responsibility in a smaller number of units has now been
developed practically to its fullest extent. This underlying theory
followed the conclusion that the maintenance of many separate
units gave rise to differing yiewpoints and resulted in a failure to
secure uniform decision and action.
As an incident to the reorganization of the audit division, the
clerical force previously assigned to the audit sections was withdrawn
and placed under the supelrvision of the records division, which
organization may now, since it is housed in the same building, more
fully accommodate its service to the needs of the technical sections
than was the case heretofore. The transfer of the clerical force wUl
result in eliminating duplication of clerical effort which existed by
necessity when the unit was located in numerous buildings. By
relieving the audit section chiefs of their responsibility for supervision
of clerical activities, the unit enabled its audit supervisors to devote
966
REPORT ON THE FINANCES
their full attention to the intricate technical problems which arise.
The clerical details became the responsibility of officials whose entire
time may be devoted to their consideration.
Collection of tax at source.—Much correspondence was avoided
relative to the provisions of the law concerning the collection of tax
at source by the issuance of a nontechnical pamphlet incorporating
all the general information needed by banks, withholding agents, etc.,
in such shape that it could be easily and cheaply distributed to those
concerned with these provisions of the revenue acts.
The typing and filing of 13,000 record cards showing bond issues
upon which tax has been paid at source has been reduced materially
by the adoption of a plan which permits the carrying forward of the
cards for prior years, thereby making it necessary^ to retype cards
only once in two or three j^ears.
Information returns.—Information returns have been so amended
as to permit the bureau to render a tentative decision as to the extent
of the taxability of dividends in the hands of the shareholders in
cases where dividends are only partially taxable prior to the audit
of the personal returns. This has not only eliminated a second
audit of the returns concerned but makes a more efficient original
audit.
The regulations have been so amended as to require the filing of
information returns one month prior to the filing of the personal returns, thereby permitting a more complete assembly of information
returns with related personal returns resulting in a more thorough
audit.
Rearrangement of posts of duty.—Constant emphasis has been
placed upon the importance of intelligent planning of the work in
the field divisions, with a view of economizing the time and the
expenditures of the agents. As a result of these efforts, which have
involved rearrangement of posts of duty as well as assignment of
cases, travel expenses of internal revenue agents have been reduced
approximately $85,000 per annum.
Large consolidated cases to be examined infield.—Practically all of
the larger cases heretofore handled by auditors attached to the
Washington audit division hereafter will be examined by the field
forces. As a result of the change approximately $125,000 a year has
been saved, because the agents are working largely at their posts of
duty without allowances for subsistence, whereas the travel auditor
worked entirely away from his post of duty, which was at Washington.
Organization changes.—On November 30, 1929, the preliminary
audit section of the clearing division was abolished and section F,
audit review division, was established in its stead. Thus, the audit
review division became, with the exception of the special adjustment
section, the one Washington division conducting the review of the
work of the field divisions. As a result of the change, a uniform
review procedure was established for all cases.
On February 1, 1930, the sixth California collection district was
withdrawn from the boundaries of the San Francisco division and a
new division was created, to be known as the Los Angeles division.
On March 16, 1930, the State of Arizona was withdrawn from the
boundaries of the Denver division and annexed to the Los Angeles
division.
COMMISSIONER OF INTERNAL REVENUE
967
On June 16, 1930, the audit review division was reorganized upon
a geographical basis, described in detail on page 969. The change
affected the entire personnel of the audit review division. Each of
the new sections. A, B, C, D, and E, was assigned exact territory
and became at once the contact point of all field officers operating
in the States assigned. Section specialization addressed to particular
classes of cases by this reorganization was definitely abandoned. As
an incident to the change, dudit section chiefs were relieved of responsibility for clerical detail. The head of the records division is
now charged with the man,^gement of all service demands. The
files section of the recordsi division undertakes to operate units
immediately adjacent to the audit sections and duplication of records
is avoided.
!
Present organization.—On Ipage 968 is presented a chart of the Income Tax Unit, both in Washington and in the field, as of July 1, 1930.
Field procedure division.—The field procedure division is the contact office between the deputy commissioner and the 38 field divisions
of the Income Tax Unit, and is the organization through which the
management of the field service of that unit is effected. I t is designed
to establish uniformity of management throughout the field service
and to assist in coordinating the work of the Washington and field
offices. I t maintains intimate contact with the field divisions by
frequent conferences in Washington and in the field. I t also seeks
to coordinate the activities of the field divisions in their relations with
each other. I t reviews andl attempts to settle controversial points
arising between the field an^ the Washington offices of the bureau.
I t compiles all statistics relaiting to field activities, particularly with
reference to production and j income tax adjustments on the part of
revenue agents. I t allots technical and clerical employees to field
divisions and controls expenditures of revenue agents in charge.
Field division^.—Each of' the 38 field divisions is a completely
organized unit of administrajtion for the audit of income tax returns.
A corps of agents and auditors, supplemented by local representatives
of the Special Advisory Coinmittee and General Counsel, and, where
the valuation work warrants it, by engineer agents, is ready to meet
and solve the problems cohnected with the interpretation and administration of the tax law as it applies to the cases examined.
The agents work largely dn their own responsibility, subject to the
supervision of comparatively few administrative officers. They
decide whether to make a Ithorough examination of the books and
records or to investigate questionable items only. Their reports are
submitted to agents whose; experience qualifies them to review the
technical questions involved. Taxpayers who have discussed their
cases with the examining officers have an opportunity to consult
with conferees in each division, whose duty it is to consider the taxpayers' protests and reach the correct decision on every case which is
brought before them.
Every effort is made in the field divisions to reach an agreement
with the taxpayer. If he fails to notify the office of his agreement
to the findings of the examining officer, or of his intention to protest
against such decisions, the jmatter is brought to his attention either
by personal contact or by' letter, and no case is allowed to go to
Washington until the taxpayer has been given every opportunity to
present his side of the case, i As a result of this organization and pro
CO
Oi
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ORGANIZATION CHART, I N C O M E T A X UNIT
HEPUTY CCMMISSIOBBS
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OOMMISSIONER OF INTERNAL REVENUE
969
cedure, representatives of thej bureau in the field have been enabled
finally to close 80 per cent of the cases in which they find a change
in tax liability, such cases invjolving 30 per cent of the deficiencies in
tax proposed. The remainiag 20 per cent of cases and 70 per cent
of tax in dispute represent, to a very large degree, cases where the
taxpayers fail to avail themselves of the opportunity for a conference
in the field, or as to which there are points undecided for prior years.
Audit review division.—Thd audit review division reviews for final
closing all classes of income tax returns.
The division was reorganized effective June 16, 1930. Formerly
the audit personnel was groiiped by sections to undertake more or
less specialized audits—as o;f personal (individual) returns, single
corporation returns, or coiasolidated corporation returns. This
grouping had no particular relation to the field divisions. The new
organization groups the audit personnel in sections with direct relation to the source of the work, namely, revenue agents' divisions and
collection districts upon a geographical basis. Five audit sections
were established in lieu of the six previously maintained. The sections are designated A, B, G, D, and E. An outline map showing
the extent of the territory seryiced by each section appears on page 970.
Section A handles all income-tax returns filed in the State of New
York.
.
I
Section B handles all inc;ome-tax returns filed in the States of
Pennsylvania, New Jersey, Connecticut, Rhode Island, Massachusetts, New Hampshire, Verrdont, and Maine.
Section C handles all income-tax returns filed in the States of
Delaware, Maryland, Virginia, North Carolina, South Carolina,
Georgia, Florida, Alabama, Tennessee, Louisiana, Mississippi, Missouri, Kentucky, West Virginia, and Ohio.
Section D handles all income-tax returns filed in the States of
lUiaois, Indiana, Iowa, Michigan, Minnesota, Nebraska, North
Dakota, South Dakota, and Wisconsin.
Section E handles all income-tax returns fUed in the States of
Arizona, Arkansas, California, Colorado, Idaho, Kansas, Montana,
Nevada, New Mexico, Oklahoma, Oregon, Texas, Utah, Washington,
Wyoming, Alaska, and the Hawaiian Islands.
Each section is comprised jof units numbered from 1 to 8, the class
of work handled by each unit being identical throughout the five
sections.
Unit 1: Reviews for final j action the recommendations of the field
divisions ia cases of individ|ials, partnerships, trusts, and estates in
respect of which the field fbrces have been unable to negotiate an
agreement as to tax liability: and recomputes tax liability based upon
decisions of the Board of T a t Appeals where individuals are involved.
Unit 2: Reviews for final j action the recommendations of the field
divisions which are accomplanied with signed agreements as to tax
liability, cases where field Consideration is not warranted, information reports of field agents^ claims filed in cases which have been
previously closed, and makfes corrections of mathematical errors in
income-tax returns filed by individuals, partnerships, trusts, and
estates. '
|
Unit 3 : Reviews for final laction recommendations of field divisions
in cases of single corporations, except those containing features
pertaining to insuranoe and railroad and public utilities under th©
A S S I G N M E N T S O F D I S T R I C T S T O A U D I T S E C T I O N S , I N C O M E T A X U N I T , J U L Y 1, 1930
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COMMISSIONER OF INTERNAL REVENUE
.
971
control of the Interstate Commerce Commission in respect of which
the field forces have been unable to negotiate an agreement as to
tax liability. Recomputes the tax liability based upon decisions of
the Board of Tax Appeals wjhere single corporations are involved.
Unit 4: Reviews for final action the recommendations of the field
divisions which are accompanied with signed agreements as to tax
liability, cases where field consideration is not warranted, information
reports of field agents, claims filed in cases which have been previously
closed, and makes corrections of mathematical errors in income-tax
returns filed by single corporations.
Unit 5: Reviews for final action the recommendations of field
divisions in cases involving:consolidated income-tax returns filed by
affiliated corporations and associated companies not containing features pertaining to natural resources, insurance, and railroads and
public utilities under the control of the Interstate Commerce Commission in respect of which the! field fbrces negotiate an agreement as to
tax liability. Recomputes jthe tax liability based upon decisions of
the Board of Tax Appeals in consolidated cases.
Unit 6: Reviews for final action the recommendations of the field
divisions which are accompanied by signed agreements as to the tax
liability, all cases (single or consolidated) involving features of insurance, claims filed on cases which have been previously closed, information reports of field agentsj in consolidated income-tax returns filed
by affiliated corporations and associated companies not containing
features pertaining to natural resources and to railroad and public
utilities under the control of the Interstate Commerce Commission.
Unit 7: Reviews for final action the recommendations of the field
divisions in cases involving! consolidated income-tax returns filed by
affiliated corporations and 'associated companies which have features
pertaining to natural resources. Recomputes the tax liability based
on the decisions of the Board of Tax Appeals in natural resource
cases.
I
Unit 8: Reviews for final action the recommendations of the field
divisions in cases involving returns filed by affiliated corporations,
associated companies, andi single corporations containing features
pertaining to railroad and public utilities under the control of the
Interstate Commerce Commission. Recomputes the tax liability
based upon decisions filed by the Board of Tax Appeals in such cases.
Conference unit: This uiiit consists of carefully selected experienced
employees who confer with taxpayers or their representatives on
questions arising during the conduct of the audit with a view to their
settlement.
I
Review unit: This group consists of carefully selected experienced
employees who review certkin types of audit work for the purpose of
insuring a correct application of the law and regulations and of
obtaining uniformity in the handling of cases.
Travel unit: This is a sinall group whose duty it is to make the
necessary examinations in Ithe field of a limited number of the huge
aggregations of operating corporations controlled by holding companies
which file the larger consolida;ted returns and which operate properties
in widely scattered sections of the country.
Valuation division.—The valuation division was,established July 1,
1930, and is composed of fiye sections—appraisal, .mining^ oil and gas,
timber, ahd securities—with a total personnel of 136. The division
972
REPORT ON THE FINANCES
acts whenever necessary in an advisory capacity in technical matters
relating to depreciation, depletion, obsolescence, and inventories.
The particular work of the different sections is as follows:
Appraisal section: Determines the values of industrial plants, such
as factories, power plants, shipyards, etc., together with their machinery and equipment. It also values real estate, buildings, patents,
leases, royalties, and other assets for the purpose of determining profit
or loss on sale, or for the determination of depreciation rates and
allowable depreciation on property or machinery and equipment
subject to exhaustion; and it computes losses due to changes of business
conditions, obsolescence, storms, and other agencies which aft'ect
useful life.
Mining section: Appraises natural resources properties, such as
mines yielding gold, silver, copper, iron, lead, zinc, coal, deposits of
clay, sand, granite, limestone, and sulphur, for the determination of
depletion and profit or loss on sale. It estimates ore reserves and
computes allowable depletion and depreciation deductions for mining
properties.
OU and gas section: Values oil and gas properties, including lands,
leases, royalties, contracts, plants, equipment, patents, processes,
etc.; determines the quantity and rate of exhaustion of oil and gas
deposits and the rate of depreciation of equipment for producing,
transporting, storing, refining, and marketing oil and gas products;
computes depletion, depreciation, and the amortization of undeveloped
leaseholds, etc.; and applies special laws and rulings peculiar to oil
and gas cases.
Timber section: Appraises timber, timberlands, timber leases, turpentine leases, power sites, riparian rights, water-power leases, owned
or operated by public utilities and pulp and paper manufacturing
corporations; estimates timber reserves and computes the allowable
depletion incident to the cutting thereof, and the allowable depreciation and obsolescence on sawmill, sawmill machinery, pulp and
paper manufacturing plants and equipment, and public utilities.
Securities section: Values listed and unlisted securities, evidences of
indebtedness, and acts on questions related to those values as they
affect the taxable income of individuals, partnerships, fiduciaries,
estates, and corporations. It computes interest and dividends; allocates dividends, liquidating and otherwise; and determines the status
of stockholders of corporations, in reorganizations, mergers, consolidations, and liquidations.
Clearing division.—The proving section received 1,338,944 taxable
returns and checked and proved collectors' lists in respect thereof.
Nontaxable returns to the number of 990,090 also were handled.
Deficiency assessments were listed in 60,303 cases. The section is
charged with responsibility for the consideration and adjustment of
offers in compromise in penalty and interest cases where fraud is not
involved, and during the year closed 3,732 cases of that type. Applications for agreements totaling 124,616 were received in accordance
with the provisions of section 606 of the revenue act of 1928. Of this
number, 121,680 were scheduled after thorough consideration.
Weekly hsts were prepared for each of the 64 collectipn districts.
Upon the release of the 60-day notice the entire records of cases
reaching that status are referred to this section, and the control of
subsequent acts in respect of such cases is maintained here. Deficiency
assessments were listed and interest computed in 60,303 cases.
COMMISSIONER OF INTERNAL KEVENUE
973
Claims control section.—This section is charged with the record or
control of all claims filed; review of certificates of overassessment, to
insure compliance with pro;cedure; the scheduling of certificates of
overassessment; checking of schedules after return by collectors of
internal revenue, to verify applications of allowances with respect to
abatement, credit, or refund; the allowance or other proper adjustment of blanket claims filed by collectors; the computation,and allowance of interest on refunds and credits, and the allowance of judgments
against collectors, and recoinmendation for allowance of judgments
against the United States, for the recovery of income taxes and interest.
This section received andlrecorded 41,346 claims filed by taxpayers
and collectors. Claims aggregating 44,166 were adjusted during the
year, of which 31,317 were allowed in full or in part and 12,849 were
rejected in full. Certificates of overassessment totaling 81,135 were
reviewed and scheduled. The claims filed by collectors involved
refunds to 78,037 taxpayers^ of which 74,603 were allowed and scheduled. Schedules of overassbssment, approximately 4,247 in number,
were prepared and transmitted to collectors of internal revenue and
reviewed upon their return. Interest determinations and computations made in connection with refund and credit iem s numbered
76,736.
I
Statistical section.—Duriiig the fiscal year there was released by the
statistical section the complete report ^ Statistics of Income for
*
1927," presenting statistic|al tabulations of the economic data reported on the income-tax returns for 1927 filed by individuals and
corporations during 1928 a,nd of the estate-tax returns, irrespective
of date of death of decedent, likewise filed during 1928.
There was also released the preliminary report '^Statistics of
Income for 1928," compiled from the individuar and corporation
income-tax returns for 1928 filed to August 31, 1929. The complete
report from the returns for 1928 was nearing completion at the end of
the fiscal year..
|
From individual returns the data compiled include sources of income
and deductions, taxes, exemptions, and credits, classified by size of
net income and by States ;and Territories. I n addition, other tabulations are as follows: Thej number of returns and net income, classified by sex and family relationship; the number of returns by counties
and cities; the income from, business, by industrial groups; the income
from specific sources, such as salaries, business, etc., classified by
size; and the interest and principal shown for total and partially taxexempt Government obligations and the taxes paid other than income
tax.
From corporation returiis the data compiled include receipts and
disbursements in detail and the assets and liabilities of corporations,
classified by industrial groups. The number of returns, gross income,
net income, and income tajX and other items are classified by size of
net income or deficit, by industrial groups, and by States and Territories. Certain data are t'abulated separately for those corporations
which file for a fiscal-year period ending other than December 31.
Tabulations are also presented showing the extent to which consolidated returns are filed for affiliated corporations. A tabular summary
is included, for both corporations and individuals, of the changes in the
tax laws which affect the comparability of the statistical data from
year to year.
974
REPORT ON THE FINANCES
In addition to the presentation of the financial and economic data
contained in the income tax returns and the estate tax returns under
review, the report also contains a historical presentation of the income
and tax liability reported by individuals and corporations since the
inception of the present period of income taxation under the sixteenth
amendment to the Constitution, as well as the annual summary of
estate tax returns filed for resident and nonresident decedents from
September 9, 1916, to December 31, 1928.
In the complete report, '^Statistics of Income," compiled from the
returns for 1928, these data are shown for 4,070,851 individuals, whose
aggregate statutory net income was $25,226,326,912, with tax liability
of $1,164,254,037; and for 495,892 corporations, comprising 268,783
which reported statutory net income amounting to $10,617,741,157
and tax hability of $1,184,142,142 and 174,828 which reported no
statutory net income; also 52,281 inactive corporations.
Records division—Files section.—The files section controls all individual and corporation returns requiring field examination prior to
forwarding them to the appropriate revenue agents or collectors for
investigation. All claims are assembled with returns and routed to
proper destination for adjustment. After the field investigations are
completed, the returns, accompanied by the revenue agents' reports,
are transmitted to the files section, where proper notation is made on
the control card and the file routed to the appropriate audit section
for review.
The.section consists of eight subsections, five of which record and
control the movement of returns, reports of field investigations,
claims, and other documents pertaining to 1924 and subsequent tax
years. This work is apportioned to the subsections A, B, C, D, and
E, according to a geographical arrangement of the collection districts.
These sections handle territory corresponding to that handled by the
audit section of the same designation.
Returns for 1923 and prior years are in the custody of subsection F,
as are also special files of correspondence and reports and miscellaneous documents filed since the passage of the excise tax act of 1909.
Subsection G furnishes copies of returns, reports, etc., to taxpayers
and others, upon a showing of their right to receive such copies;
controls returns and files requisitioned by the General Counsel;
controls returns where bankruptcy, receivership, or dissolution of the
taxpayer is involved.
To subsection H is assigned the coding for files purposes of all
returns and the preparation of the record cards for returns to be
forwarded to the collectors and agents for further examination. Also
in this subsection information returns are attached to the personal
returns before forwarding to the field.
After the field investigations are completed the returns, accompanied
by the revenue agents' reports, are transmitted to the files section,
where proper notation is made on the control card and the file routed
to the appropriate audit section for review.
Since moving into the new Internal Revenue Building, the service
units of the files subsections have been placed in close contact with
the respective audit sections, thus permitting efficient handling of
incoming returns and reports, and also relieving the audit sections of
the miscellaneous clerical duties incident to the control and closing
of returns.
COMMISSIONER OF INTERNAL REVENUE
975
Soiiing section.—The three subsections of this section receive and
audit returns of income tax paid at source and related claims, assemble
returns of information for comparison with income reported on
personal returns, and conduct such correspondence as is necessary to
secure the proper filing of returns under the withholding and information at the source provisions of the several revenue acts.
Information reports of bdnd interest to the number of 6,244,000;
information reports of dividends, salaries, royalties, e t c , paid to
individuals resident in collection districts other than that of the
payor, to the number of lj854,951; and miscellaneous information
reports from other sources to the number of 136,314 were received
and sorted by this section, l In addition, 2,100,000 forms indicating
the names of persons filing income-tax returns were received and
sorted, making a total of 10,335,265 items interalphabetically arranged
and compared with the personal returns.
Comparison was made between the information forms and the
personal returns. Form 1040, for 1928, on file in Washington,
classified as ''reviewed." When comparison indicated that the
taxpayer had failed fully to account for all his income, the return and
related information forms immediately were forwarded to the field
for investigation.
Investigation of ownership certificates and information forms
showing income paid to nonresident aliens was made. Two hundred
and sixty-five letters were iiiailed to aliens, which, on June 30, 1930,
had resulted in the receipt of 69 delinquent personal returns reporting
tax liability of $87,928. These, forms were also used in the audit
of personal returns of nonresident aliens and in the adjustment of
refund and exemption claims. This innovation disclosed much
unreported income upon wliich tax is being proposed.
The section audited all monthly and annual withholding returns,
reporting tax paid at source in the amount of $12,235,498. Additional tax of $65, 495 resulted from the audit of these returns. Through
follow-up methods, 462 delinquent annual withholding returns were
secured which disclosed further tax, penalties, and interest in the
amount of $91,075.
The section procured a record of and ruled on 1,749 new bond
issues of domestic corporations during the past year relative to the
liability of the corporations for the payment of tax at source in behalf
of their bondholders. Withholding returns will be filed in the
future for these issues. Of the 1,749 new issues, 1,701 were held to
contain the tax-free covenajnt.
The section closed 1,317 blaims for refund of tax paid at source
and reviewed and adjusted 69,122 claims for credit for tax paid at
source.
There were mailed 11,268 original dictated letters in reply to
taxpayers' inquiries concerning the information and withholding
provisions and returns filed thereunder.
Personnel section.—Constant effort has been made to sustain and
improve the morale of the employees of the unit. The policy has
been followed of affording each member of the force an opportunity
to be heard on any question involving his or her interests, and of
giving prompt and thorough consideration to the facts presented.
To meet the fiow of work; in the Income Tax Unit, it is necessary
occasionally to detail employees. The rule has been adopted that
12101-^31
64
:
976
REPOBTT ON T H E FINANCES
no employees may be detailed away from their regular assignment
for a period of more than 120 days until all other employees with
whom they are in competition (with the exception of those in key
positions) have likewise served a proportionate time on detail.
Rules and regulations section.—The .rules and regulations section,
in performing its primary function of furnishing information on
technical and administrative questions, handled 41,731 cases. The
inquiries received in the section originated with taxpayers or their
representatives, heads of departments, foreign governments, audit
divisions, collectors, and revenue agents. In addition to the rulings
made by correspondence, numerous questions of income tax law and
administration were settled in conference.
Certain classes of Treasury decisions and mimeographs for the
information of collectors of internal revenue and internal revenue
agents in charge were prepared in the section.
A draft of regulations under the revenue act of 1928, approved
May 29, 1928, was prepared during the year.
To this section is delegated the preparation of all income tax forms.
During the year many of the forms were revised to correspond with
the provisions of the revenue act of 1928 and to provide for greater
simplicity.
A subject file is maintained for the Income Tax Unit, making
immediately available thousands of rulings, decisions of the Board of
Tax Appeals, and court decisions on income tax matters.
Rulings pertaining to income tax were prepared for publication in
the Internal Revenue Bulletin.
The section obtained the necessary evidence and prepared rulings
in cases involving claims of tax exemption. Under section 231 of the
revenue act of 1926 and prior revenue acts, 14 classes of organizations
were granted exemption from filing returns and paying income tax.
Under section 103 of the revenue act of 1928, exemption is extended
to 17 classes of organizations.
Except for certain special cases, the section also performs the administrative work under section 280 of the revenue act of 1926 (sec. o i l
of the revenue act of 1928), relating to the liabihty to income tax of
transferees of assets. During the year 994 cases were considered, in
293 of which assessments were made, involving approximately
$4,436,744.03 of additional taxes and 631 transferees. Offers in
compromise in 174 of these cases were passed upon.
The rules and. regulations section reviewed the evidence in cases
under section 220 of the revenue act of 1926 and prior revenue acts
(sec. 104 of the revenue act of 1928), relating to accumulation of surplus to avoid surtaxes, with a view to determining whether the section
should be invoked.
Service section.—The stenographic subsection of this section furnishes stenographic and typing service for the entire Income Tax Unit
and for the Special Advisory Committee. During the year this subsection made 26,676 assignments of stenographers for the purpose of
taking dictation. T h e number of pages typed by stenographers was
1,923,580 and by typists 965,228, a total of 2,888,808.
The power of attorney unit received, reviewed, and recorded 29,800
powers of attorney, granting to duly qualified accountants and attorneys, the right to represent specified taxpayers before the unit in
controversial cases.
977
COMMISSIONER- OF INTERNAL REVENUE
The statistical unit prepared reports of production for the use of
executive officers concerned |and compiled the monthly, quarterly,
and annual statements of the; unit.
The special correspondency control unit received, recorded, and
controlled 16,193 items of spepial correspondence received by the unit
requiring immediate reply. I
.
Requisitions for supplies, service, and equipm.ent totaling 2,996,
originating in the several sections of the unit, were received and
handled.
'
Personnel.—During the year a reduction of 149 employees was made
in the personnel in the unit, of which 104 were from the Washington
force and 45 from the field.' This reduction was made possible as
the work has been brought: to a more current condition and was
accomplished by the unit not being required to fill all vacancies caused
by resignation and separation. Following is a tabulation analyzing
the changes in personnel which occurred during the year:
Technical Clerical
Total
WASHINGTON FORCE
Personnel close of June 30, 1929
Additions:
New appointments.Reinstatements
•.
Transferred from jaeld to unit
Transferred from other units of bureau.
Temporary appointments
Transferred from collector's office
Reassigned—clerical to technical
.
Reassigned—technical to clerical
Total additions
_
Separations:
Resignations
J.
Transferred to other units of bureau
\..
Transferred to other Government offices J..
Transferred to field
Discontinued and removed
..
Deaths
...J..
Retired
Field office inspectors transferred to field L
Reassigned—clerical to technical
'.•
Reassigned—technical to clerical
;..
Total separations
..._
.:..
Personnel close of June 30, 1930
900
1,314
2,214
95
5
3
35
2
1
10
1
124
10
68
870
62
56
64
34
20
•4
2
3
10
1
266
1,240
nio
FIELD FORCE
Personnel close of June 3D, 1929
Additions:
New appointments
J...
Reinstatements
i...
Transferred from unit
.J...
Transferred from other units of bureau.__..
Transferred from other Government officesReassigned—agent from clerk
Temporary appointments
...
Resignation canceled
!_..
Transferred from field office inspector
...
Restored to duty
Total additions
...
Separations:
;
Resignations
|
Separations (temporary clerks)
'
Deaths
Retired
Transferred to other units
.\
Discontinued and removed
^...-'
Transferred to bureauw
!
Appointed internal revenue agent
Transferred to other Government offices.
Total separations
,
:
Personnel close of June 30,1930
i
2,630
3,379
44
60
35
17
92
.92
1
3
2
263
149
95
23
3
19
10
3
3
131
2,683
177
308
17334
978
REPORT ON THE FINANCES
Special Advisory Committee
The work of the Special Advisory Committee over a period of approximately three years has proved conclusively the contention of
the Bureau of Internal Revenue that Federal taxation is a matter of
administration and not litigation.
At the close of the fiscal year ended June 30, 1926, there were
pending before the Board of Tax Appeals more than 20,000 appeals.
The number of new appeals filed was considerably in excess of the
number disposed of. To meet the situation, there was adopted in
1927 an aggressive settlement policy, particularly with respect to
cases which appeared destined for litigation rather than settlement
through administrative processes. The activities of the committee in
this direction have been orderly, with the settlement procedure given
effect so that the result in each case disposed of by the committee
shall have been consistent with the proven facts and the law thereto
applicable, with every endeavor to maintain the completed work on
the highest possible standard of excellence. The results of the committee's intensive efforts in this direction are shown by the fact that
cases comprising 16,230 docket numbers which had been carried to
the Board of Tax Appeals were recommended for closing by the committee up to June 30, 1930. Following negotiations with the petitioners, settlements were obtained by the committee in 9,840 or 60.6 per
cent in such cases.
The committee during the same period also considered to a conclusion 4,305 cases while such cases were in the 60-day status. Settlements, following negotiations with taxpayers or their counsel, were
effected in 2,355 of these cases, together with 897 cases considered
and closed without appeals, or a total of 3,252 60-day cases closed
without petitions for appeals, representing 75.54 per cent closed
without appeal.
In addition to the above, the committee considered to a conclusion
236 miscellaneous cases, representing 417 tax years, of which number,
184, involving 333 tax years, or 78 per cent, were recommended for
settlement.
The above figures show that a total of 20,771 cases, representing
33,786 tax years, were considered by the committee within the period
stated, and that settlements were effected in 13,276, or 63.9 per cent,
of the cases considered to a conclusion.
This remarkable record may be attributed principally to the privileges that are granted taxpayers to present for consideration all data
bearing on their cases without fear of technical objections which
might arise if the case proceeded to hearing before the board, and it
has been found in many cases that such documentary evidence proves
a determining factor in the settlement thereof.
The committee, from the date of its establishment, began furnishing
the Income Tax Unit with copies of all approved recommendations
prepared on cases handled. At the beginning of the fiscal year the
committee commenced the use of analysis sheets to be prepared on
each case handled, which show the reasons for the committee's action
and whether or not said action affirms, modifies, or reverses the unit's
action as set forth in deficiency letters. I t was felt that the information obtained from these sheets might be used to show, at least in
part, the infiuence the work of the committee has had on the work of
979
COMMISSION:^R OF INTERNAL REVENUE
the unitin the preparation andmaUingofdeficiencyletters.
may be summarized as follolws:
These data
Analysis of reasons for committee's action
1
!
.
Prior
action
affirmed
issues
•
Basis for committee action
!
(a)
(6)
(c)
(rf)
(e)
Adjustment of mathematical errors
1
Additional evidence submitted
1
Determination of facts
Application of law and regulations
Application of subsequent rulings or decisions
Total issues
i
Prior
Prior
action
action
modified reversed
issues
issues
Total
issues
18
706
2,403
1,804
287
55
1, 634
913
437
125
36
686
457
390
253
109
3,026
3,773
2,631
665
5,218
_..
3,164
1,822
10, 204
Statistics of the committee show that, to date, the Board of Tax
Appeals, has sustained the bureau in 71.6rper cent of total deficiencies
involved in cases recommended for defense by the committee on cases
heard on their merits and decided by the board. Of the remaining
28.39 per cent of total deficiencies not affirmed by the board, it is
found in part that the board's decision covers issues which have not
been acquiesced in by the! commissioner on prior cases and issues
raised before the board not raised before the committee.
The work of the Special Advisory Committee from August 1, 1927,
to June 30, 1930, as regards proposed deficiency taxes and the amounts
recomputed, is summarized jas follows:
Report of work of the Special Advisory Committee from August 1, 1927, to June SO,
1930
Deficiency proj posed
All cases
.--.
Agreement and changes recommended.
No change defense cases
Deficiency recomputed
Deficiency de-. Per cent
of decreased
crease
$320,478,143. 94
I 198, 208,310. 28
1122, 269,833. 66
$212,832,305. 75
88, 234, 605. 74
1 87, 557,427. 88
$107,645,838.19
109,973, 704. 54
34,712,405.78
34.00
55. 00
28.39
Number of
dockets
Deficiency Deficiplus 60-day Deficiency recomputed ency deproposed
and miscel- (per case) (per case) creased
laneous
(per case)
cases
20,771 $15,429.11 $10,246. 61 $5,182. 50
131095 15,136.18
6, 738. 04 8, 398.14
7,676
15, 928. 85 11,406.65 4, 522.20
All cases
__
.Agreement and changes recommended
No change defense cases
1 Tabulation shown for the reason that the board to date has sustained the committee in the amoimt of
71.61 per cent of total deficiencies involved |in cases recommended for defense.
i
During the ensuing fiscal year the committee will be given additional
jurisdiction of cases involving law issues and the questions involved
in the settlement of estate t^ax cases which have been appealed to the
Board of Tax Appeals. This is in line with the commissioner's
policy of concentrating the settlement work of the bureau in one organization. Heretofore the committee's jurisdiction has been confined to considering proposals for settlement of cases involving questions of fact or mixed questions of law and fact. Under the proposed
plan such limitation will be removed and cases involving strictly
980
REPORT ON T H E FINANCES
issues of law and questions involving estate taxes, heretofore submitted
to the review division of the office of the General Counsel, will be
referred to this committee for consideration of proposals for settlement as submitted by taxpayers.
The work of the Special Advisory Committee from July 1, 1929, to
June 30, 1930, follows:
Report of work of the Special Advisory Committee from July 1,1929, to JuneSO, 1930
A p p e a l s filed w i t h
board
Number
of cases
O n h a n d J u l y 1,1929
60-day appeal
filedReceived t o J u n e 30,1930
Number
of cases
Miscellaneous
Tax
years
Number
of cases
Tax
years
5,699
253
5,533
10,441
345
7,917
304
377
37
81
755
1,197
165
282
11,485
:
18,703
1,059
1,574
202
363
2,797
4,469
311
183
417
249
58
98
102
2,835
1
31
1
37
4
5
9
9
.
Total
Disposed of:
Closed b y agreement
Closed, no a p p e a l filed
Changes recommended, agreement not
• y e t filed
N o change
Total
Tax
years
60-day letters
.
59
1,751
-.
4,607
7,406
526
704
67
116
N o action
Returned
.
60-day appeal filed
786
14
1,310
25
186
9
253
372
20
351
43
1
60
1
800
1,335
448
743
44
61
6,078
9,962
86
127
91
186
_
._
.
Total
On h a n d J u n e 30,1930 .
RECAPITULATION
Tax
years
Disposed of during period
4,607
526
67
1,292
Total.
Appeals
Closed by agreement
Closed, no appeal filed
Changes recommended, agreement not yet filed >
Per cent
61
7,406
704
116
2,139
6,492
Appeals
--60-day cases
Miscellaneous
Erroneously referred to committee.
10,365
60-day
letters
Miscellaneous
Per cent Per cent
87
. 59
35
Appeals
Deficiency proposed on cases recommended for settlement
Deficiency recomputed on cases recommended for settlement..
Deficiency decreased
Percentage of decrease
^
Deficiency proposed ou aU. cases handled
Deficiency recomputed on all cases handled.
Deficiency decreased.
Per cent of decrease
1 Not included in cases settled by agreement.
60-day cases
$44,551,867.90
20,076,262.42
$3,943,802.12
2,482,789.94
24,475,605.48
56
1,461,012.18
37
$76,204,422.86
52,595,671. 55
23,608,751. 31
31
COMMISSIONER OF INTERNAL
981
REVENUE
Miscellaneous Tax Unit
The Miscellaneous Tax Unit is charged with the administration of
all taxes other than income taxes. The unit is composed of three
divisions, namely, estate t;ax division, miscellaneous division, and
tobacco division, and an appeals and review section which is attached
to the office of the deputy commissioner in charge. The personnel
of the unit was reduced during the year, principally in the miscellaneous division, due to the cpmpletion of the work in connection with
repealed taxes, and to a lesser extent in the estate tax field force,
due not only to the increase of the specific exemption of estates from
$50,000 to $100,000, as provided in the revenue act of 1926, but also.
to more efficient methods employed in the field work by way of the
elimination of unnecessary details in the investigation of cases and
preparation of reports. The work of the divisions is practically on a
current basis. The changes which occurred in personnel and pay
rolls and in tax collections I are shown in the following tables, while
the accomplishments and status of the work are shown under the
section and division headings which follow.
Personnel and pay roZi.-^Personnel and annual pay rolls of the
Miscellaneous Tax Unit as ;of June 30, 1929, and June 30, 1930, are
shown in the following tabl^:
!
Personnel
1929
1930
Division
Increase
(+), decrease (—)
1929
Increase
(+), decrease ( - )
1930.
_
-
Grand total
14.
: 89
; 103
1 75
15
93
72
71
+1
+4
-31
-4
$48, 240
210, 660
215, 700
145,440
$50. 280
223, 020
148, 380
137,440
+$2, 040
+12, 360
-67, 320
-8,000
I 281
; 177
: 458
Executive office.__
-.
Estate tax division
Miscellaneous division
Tobacco division . . . _
Total
Estate tax, field i
Pay roll
261
170
-30
-7
-37
620, 040
655, 500
559,120
660.100.
—60, 920
+4, 600
1, 275, 540
1, 219, 220
-56,320
421
1 The field deputies and agents assigned to investigation of taxes other than estate tax are not attached
to this unit.
j
i
Taxes collected.—The following comparative statement shows the
amounts of the different takes collected for the years ended June 30,
1929 and 1930:
'
!
Class of tax
Fiscal year
|
1929
1930
Increase ( + ) ,
decrease (—)
•
Estate tax
Miscellaneous stamp taxes..
Sales taxes
Delinquent repealed taxes
Spirits-narcotic taxes __
Tobacco taxes .
Total
.
L
J
'
J
J
'
j
^
$61, 897,141. 48 $64, 769, 626.04 +$2, 872 483. 56
67, 796, 924.81 81, 659, 665. 84 +13, 862, 741.03
23, 039, 860. 51 17, 096,149. 02 —5, 943, 711. 49
5, 956, 295. 57
2, 367, 229. 49 -3,589,066.08
13, 382, 064. 50 12, 283,960. 07 — 1,098,114.43
434, 444, 643. 21 460, 339, 060. 60 +15,894, 517. 29
606,616,830.08
628, 515, 679. 96 +21,998, 849. 88
982
REPORT ON THE FINANCES
Appeals and review section.—The appeals and review section holds
hearings in cases arising under the various tax laws administered by
the Miscellaneous Tax Unit, renders on request from the heads of
divisions opinions on law questions arising in connection with the
administration of such tax laws, and reviews the action taken by
the divisions on all claims for refund or abatement allowed for
amounts in excess of $500. The majority of the hearings are held
in connection with estate taxes, although a large number involve
the various excise taxes, such as documentary stamp, sales, and
taxes on admissions and dues, etc. During the year the appeals
and review section held 497 hearings, prepared 516 formal opinions
on cases in which hearings had been held or on which formal opinion
had been requested by heads of divisions, and reviewed 4,101 claims
for refund and abatement and estate and gift tax cases resulting in
certificates of overassessment.
There were 34 cases on hand at the close of the year awaiting
hearings scheduled for future dates; 29 cases in the hands of members of the section awaiting further evidence from taxpayers; 10
cases in the hands of members awaiting supplemental reports from
the field; 24 cases under consideration where all evidence had been
submitted; and 6 cases finally acted upon, which awaited attention
of the securities section of the bureau.
There were four members in this section during the fiscal year,
the same number as during the preceding year, and the work performed has been substantially the same. Cases have been disposed
of as expeditiously as possible after final submission, and taxpayers
have been required to submit additional evidence or briefs promptly.
Every effort has been made to dispose of cases finally, so that further
review would not be necessary either by the Board of Tax Appeals
or the courts.
Estate-tax division.—The estate-tax division is responsible for the
administration of the estate tax imposed by Title I I I of the revenue
act of 1926 as amended by Title I I , Part I, of the revenue act of 1928,
and the disposition of cases involving estate and gift taxes under
repealed statutes.
There was no Federal legislation enacted during the year affecting
estate taxes.
Collections.—Estate-tax collections amounted to $64,769,625.04,
compared with $61,897,141.48 for 1929. The anticipated decrease in
estate-tax collections as additional States absorbed the full 80 per cent
credit allowable under the law failed to materialize this year, due to
increases in values of gross estates generally and the discharge of a
great percentage of back taxes through stipulation and final agreement. The five States showing the largest estate-tax collections were
New York, $19,622,876.81; Pennsylvania, $6,082,388.61; California,
$5,491,271.16; New Jersey, $5,346,648.27; and Illinois, $5,114,673.89.
Returns.—^There were filed during the year 10,308 estate-tax returns,
showing tax of $39,024,268.66, compared with 9,719 such returns
showing tax of $26,161,918.60 in 1929. Each estate-tax return is
investigated as promptly in the field as conditions permit. The estatetax field force operating under the direction of the deputy commissioner through internal-revenue agents in charge, with a 4 per cent
reduction in personnel, submitted 10,092 estate-tax major reports
during the year, compared with 9,482 such reports in 1929. At the
983
COMMISSIONER OF INTERNAL REVENUE
close of the year there were 2,768 returns awaiting investigation in the
field, compared with 3,501 in 1929. The number of returns audited
during the year was 13,949, ;compared with 12,970 in 1929. Tentative deficiency estate taxes determined in these cases amounted to
$42,099,666.11. There werei 1,206 cases awaiting audit at the close
of the fiscal year.
|
Protests.—In respect to deficiency tax determinations as a result of
field investigation and office kudit, there were 80 protest letters pending at the beginning of the! year and 1,898 were received. There
were 1,854 such letters disposed of, involving $25,048,030.88, of which
$13,474,767.72 was rejected and $11,573,263.16 was allowed, leaving
124 letters on hand at the close of the year. Deficiency estate taxes
assessed amounted to $20,169,289.96.
During 1930 there were 178 final closing agreements with estatetax payers approved by the Secretary of the Treasury under section
606 of the revenue act of 1928, and 240 estate-tax cases were adjudicated by the Board of Tax Appeals.
Claims.—The status of claims is shown in the following table:
Estate-tax claims
Refund
Number
On hand July 1, 1929..
Received
Allowed
Rejected
On hand June 30, 1930.
360
1,193
970
200
383
Abatement
Amount
Number
$13, 643,787.10
8, 070, 346. 20
1 6,465,403. 70
6, 502,703. 46
10, 290,769. 31
185
3,121
3,146
28
132
Amount
Uncollectible
Number
$3,531. 27
38,240. 35
26, 780.18
50.00
14,941. 4.4
$990,413. 61
21,145,14.8. 99
' 33, 620, 602. 59
44, 273. 44
543,780. 91
Gift-tax claims
Refund
Number
On hand July 1, 1929_.
Received
Allowed
1...
Rejected.
On hand June 30, 1930.
Amount
$305,760. 74
161, 712. 36
3 120,874. 27
248,540.63
126, 990. 36
Abatement
Number
Amount
$1,428.15
4 42,773. 09
1 Includes $1,093,465.50 interest and $451,267.67 allowed in 618 cases as overassessments without claims*
2 Includes $12,073,094.34 allowed in 1,482 cases as overassessments without claims.
3 Includes $24,735.84 interest and $4,196.32|allowed in 6 cases as overassessments without claims.
* Includes $41,344.94 allowed in 4 cases as overassessments without claims.
Included in the amounts of estate-tax and gift-tax refund claims
allowed are 22 estate-tax judgment claims, amounting to $710,062,36.
Included also are refunds of $69,987.88 without interest under the
provisions of section 325 of the revenue act of 1926.
Claims allowed in excess: of $75,000 and reported to the Joint
Committee on Internal Reyenue Taxation during the year were as
follows: Ten estate-tax claims for refund of $2,704,562.57, on which
$595,086.62 interest was allowed.
984
REPORT ON THE FINANCES
Problems involved.—Claims and protests filed during the year were
concerned with questions of transfers; of credits for State inheritance
and estate taxes; of taxable life insurance; of the constitutionality of
the jointly owned property provisions of the law; of deductions for
additional administrative charges; gifts to charities; and previously
taxed property. The particular problems of both office and field
dealt with the legal phases of taxation upon property, claims to
property, and interest therein, together with the valuation of such
properties, claims, and interests which are transferred into the
possession of others by the event of the death of the person whose
estate becomes subject to the Federal estate tax law.
\ n the past year closer cooperation between certain State and
Federal tax officials in determining the correct estate tax has been
brought about, principally through the natural interest of the State
authorities in the credit provisions of the Federal estate-tax law.
Some States have found the estate tax regulations, affording the
possibility of joint field investigations by Federal and State agents,
to be of great assistance in their own problems, and unquestionably
the Federal agents have profited similarly in their own investigational
work. Jointly conducted work of this character in which the interests of the taxpayer are affected by an identical taxation system of
two different governments must also benefit the taxpaying estate,
since it is thereby assured of a definitely fixed and final determination
of the taxes of both the Federal and State Governments in a comparatively brief time, with a consequent lessening of the expenses
necessary to protect the rights of the estate in the event of the assertion of unwarranted taxes by either taxing authority.
Statistics.—Statistical data for the 1929 returns, showing in comparative and classified form statements of total amounts of assets
included in gross estates, total amounts of deductions and credits,
total net amounts taxed, and total of resulting tax, were compiled
for publication in the bureau's report "Statistics of Income for 1928."
These statistics are limited strictly to returns as filed and not as
changed by audit and investigation.
Files.—The files on June 30, 1930, contained 176,244 estate-tax
cases and 2,652 gift-tax cases.
Miscellaneous division.—The miscellaneous division is responsible
for the administration of. taxes imposed by the revenue act of 1926,
as amended by the revenue act of 1928, on admissions and dues and
on the sale of pistols and revolvers, and of stamp taxes on the issue,
sale, and transfer of stock, on sales of products for future delivery,
on bonds of indebtedness, passage tickets, playing cards, and insurance
policies issued by foreign corporations on property in the United
States. This division is also responsible for the administration of
the stamp and special taxes imposed under old statutes on oleomargarine, adulterated butter, renovated butter, mixed fiour, filled
cheese, white phosphorus matches, and cotton futures, and the disposition of cases involving taxes repealed by the revenue act of 1928
and prior revenue acts, including the capital-stock tax, tax on sales
of automobiles, motor cycles, automobile parts and accessories, on
jewelry, cereal beverages, and on the use of foreign-built boats. Its
work includes assessments and compromises of all taxes administered
in the Miscellaneous Tax Unit; the computation of interest and the
scheduling of all refund, abatement, and uncollectible claims, and all
COMMISSlONEiE OF INTERNAL EEVENUE
986
certificates of overassessment for the entire unit; and scheduling
abated items covered by accepted offers in compromise; also work of
internal revenue character! in connection with spirits, wines, fermented liquor, and narcotic taxes not allocated to the Bureau of
Prohibition.
Collections.—Totsl collections of taxes under the administration
of the miscellaneous division amounted to $113,406,994.42 for the year,
compared with $110,175,14^.39 for 1929. Miscellaneous stamp and
special tax collections for the year amounted to $81,659,665.84, an
increase of $13,862,741.03, pr approximately 20 per cent in excess of
the amount collected for the year 1929. This increase is due primarily to tax collected on the increasing issue of capital stocks and
bonds and the continued volume of trading on the various stock
exchanges.
|
Taxes amounting to $22,611,274.96 were collected on bonds executed by corporations, ca/pital-stock issues, passage tickets, and
foreign policies of insurance on property in the United States, as
compared with $17,868,372.17 for the preceding fiscal year. The tax
on the transfer of stock during 1930 amounted to $46,698,226.86,
compared with $37,595,927.33 for 1929, while the taxes on the sale of
produce for future delivery netted $3,599,875.58, as compared with
$3,333,427.14 for the prece[iing year. Taxes amounting to $4,819,292.50 were collected on playing cards, a decrease of $556,511.70
since 1929. Oleomargarine special and stamp taxes collected during
the year amounted to $3,91|9,387.75 compared with $3,611,153.44 for
1929, an increase of approxiipiately 8.5 per cent. A total of $11,608.19
stamp and special taxes wasjcollected on adulterated butter, renovated
butter, mixed flour, and filled cheese, compared with $12,240.53 from
the same sources during the previous year. The tax on dues and
initiation fees amounted to ^12,521,091.52, an increase of $1,275,836.87
compared with 1929. This increase is attributed to growth in the
number of clubs and in club memberships. The tax collected on
admissions amounted to^ $4,230,667.99, a decrease of $1,852,387.83
compared with 1929, which is probably due to reductions below the
taxable amount of prices of admission to places of amusement. Taxes
on pistols and revolvers amounting to $344,389.51 were collected
during the year, compared with $165,684.14 in 1929, an increase of
$178,705.37. Collections, of delinquent taxes on automobiles, etc.,
amounted to $2,320,262.83, and of capital-stock tax to $46,966.66,
decreases of $3,225,603.07 and $5,909,328.91, respectively, compared
with the previous year, lihese taxes were repealed by the revenue
acts of 1928 and 1926, respectively. Collections from distilled spirits,
fermented liquor, and narcotic taxes for the year amounted to
$12,283,950.07, a decrease of $1,098,114.43 compared with 1929.
Claims.—Adjustment of [claims by the miscellaneous division is
shown in the accompanying table. Interest amounting to $371,162.10
was allowed on refunds, conipared with $1,033,885.65 allowed in 1929.
There were only 222 refund and redemption claims, involving
$569,294.62, reopened during the year, as compared with 715, involving $2,025,914.44, for 1929.1 This decrease in the number of claims
reopened, as well as in the amount of interest allowed, is due largely
to the promulgation of Treasury Decision 4235, dated October 23,
1928, which limits the time within which claims disallowed prior to
May 29, 1928, may be reopened.
986
REPORT ON T H E FINANCES
Refund
Number
Amount
Abatement
Redemption
Number
Sales taxes:
O n h a n d J u l y 1, 1929
231 $1,778, 954. 53
946 1,471,647.""
Received
77
347,422.70
Reopened
.796 1, 230,646.31
Allowed-275 1,340,827.92
Rejected..
182 1,026, 650. 85
On h a n d J u n e 30, 1930....
Miscellaneous s t a m p :
O n h a n d J u l y 1, 1929
13
109,315.35
179
378, 238. 25
Received
...^
31, 006. 00
3
Reopened
75, 574.90
Allowed
129
380, 206.88
37
Rejected
62,777. 82
On h a n d J u n e 30, 1930....
Spirits-narcotic:
39
8,237. 56
O n h a n d J u l y 1, 1929
38, 582. 20
428
Received
Reopened
417
22, 094. 83
Allowed
19
14, 786. 70
Rejected
31
9, 938. 22
On h a n d J u n e 30, 1930
Capital-stock tax:
114
289, 914.16
O n h a n d J u l y l , 1929
248 1, 577, 649. 47
Received
132
181, 038. 36
Reopened
332
340, 063. 20
Allowed
139 1, 692, 098.04
Rejected..
23
16,460. 74
On h a n d J u n e 30, 1 9 3 0 . . . .
T o t a l claims:
397 2,186, 421. 69
O n h a n d J u l y 1, 1929
1,800 3,466,117.77
Received.
659, 467.06
212
Reopened...
1,674 1,668,369. 24
Allowed
Rejected
470 3, 427, 919. 64
O n h a n d J i i n e 30, 1 9 3 0 . . . .
266 1,116, 717. 63
Amount
.Number
Amount
Uncollectible
Niun- Amount
ber
62 $1, 691,184.42
486
591,691. 76
72,736.85
16
328,777. 09
274
111 1, 850, 610. 83
176,225.11
179
94 $25, 242.58
613 161, 671. 26
1
12.17
543 178,956.15
5 6, 640. 49
60 1,329.37
48
169
1
138
36
46
283,620.31
597,083.18
877. 50
126, 376. 94
390, 067.38
366,136.67
5 16, 708. 77
105 61, 026. 03
23
495
2
356
27
137
33, 379.47
699, 029. 94
5, 765. 98
609,091.46
63,918. 22
66,165. 71
3, 706. 61
230,909.46
30
6
94
20
2
75, 977. 55
9, 868. 40
1, 004. 00
72, 464.45
10, 009. 50
4, 376. 00
32 7,897.88
102 16, 680. 90
383
213 2,084,161. 75
77, 673. 62
3,496 1, 282, 219. 69 1,180 1, 897, 673. 28
80, 384. 33
10
25
9,827. 67
3,017 348, 404. 41
862 1,136,709.94
514 914,799. 80
193 2,314,606.93
610,903.49
363
357 106, 516. 67
136 53,565.84
744 470, 287. 65
12.17
1
788 490, 906.72
13 10,870. 56.
80 22, 079. 38
359 $76,663.80
3,330 1, 273,359.33
10
9, 827. 67
2,871 345, 379. 98
493 908,449.36
336 106, 021.36
24
165
1, 009. 82
146
21
22
3, 024. 43
6,360.44
496. 21
57,764.16
7.60
19, 973.16
230,815. 64
3, 099. 67
700. 86
129 23, 379. 78
2 1,123. 00
76.00
Manufacturers' excise tax.—There were 103 sales-tax credit cases,
totaling $7,090,210.26, on hand at the beginning of the year, and
365 cases, amounting to $25,168.77, were received; 134 cases, aggregating $3,184,133.62, were disposed of, leaving on hand 334 cases,
amounting to $3,931,245.41. There have been submitted to date,
as a result of the refund and credit authorized by the revenue act of
1928, in respect to automobiles, automobile bodies and chassis, and
motor cycles, held by dealers and intended for sale on the date the
tax was repealed, 49,308 inventory schedules, aggregating $8,276,662.35. These inventories disclosed that dealers had on hand when
the tax was repealed 303,638 complete automobiles, 9,947 bodies,
707 chassis, and 1,341 motor cycles.
Capital-stock tax.—There were received during the year 375 delinquent capital-stock tax returns, involving $7,542, all of which were
examined and closed. This tax was repealed, effective July 1, 1926.
Mail and conferences.—During the year there were received 51,667
letters, 154,450 forms, and 121 checks, and there were sent out 12,948
letters, 25,576 forms, and 119 checks; 576 conferences were held with
taxpayers and their representatives.
Assessments.—A total of $205,228,270.59,^ representing 201,592
items, was approved by the commissioner on miscellaneous assessment
lists, which embrace assessments of all internal-revenue taxes except
those administered by the Income Tax Unit. These lists carried
$30,723,223.76, representing 20,883 additional assessments, resulting
from office audit and field investigations. The amount of interest
paid and assessed on the miscellaneous tax lists totaled $2,670,836.53.
COMMISSIONER OF INTE.RNAL REVENUE
987
I
Of ers in compromise.—On! July 1, 1929, there were on hand 3,390
offers in compromise, amounting to $652,242, which had been submitted in settlement of liabilities incui;red in connection with sales,
tobacco, capital stock, estate, gift, spirits, narcotics, and miscellaneous stamp and special taxes. There were 22,100 offers received
during the year, aggregating $1,758,257.98. Of these 25,490 offers,
involving $2,410,499.98, to be accounted for, 22,006, amounting to
$1,928,369.34, were accepted; 569, involving $76,720.42, were
rejected; and 45, in the amount of $6,534.13, were withdrawn, making
a total of 22,620 offers, amountmg to $2,011,623.89, disposed of
during the year. The number of offers on hand awaiting additional
evidence and consideration I at the close of the year was 2,870,
aggregating $398,876.09.
Oleomargarine.—There were produced during the year 17,102,771
pounds of colored and 332,020,954 pounds of uncolored oleomargarine, compared with 16,305,863 pounds of colored and 316,815,588
pounds of uncolored oleomargarine in 1929, an increase of 4.88 and 4.80
per cent, respectively.
(See pp. 172 to 175 of the report of the
Commissioner of Internal Revenue for additional statistics.)
On July 1, 1929, there were 67 oleomargarine manufacturers in
business. Seven new factories commenced business during the year
and four closed, leaving 70 in business on June 30, 1930. There were
24,793 manufacturers' and wholesale dealers' returns received and
22,106 were examined during the year.
For the fiscal year 1930, 2,030,752 pounds of colored oleomargarine were withdrawn free of tax for export, compared with 2,142,060
pounds during the preceding year. There were withdrawn free of
tax for use in the United Sjtates 1,468,186 pounds of colored oleomargarine during the fiscal year 1930, compared with 1,268,052
pounds the preceding year. '
There was a marked decrease in the manufacture and sale of socalled colored cooking compounds following the decision on August
5, 1929, of the United States District Court at Kansas City, M c , to
the effect that one of these shortening compounds was made in
imitation or semblance of butter and subject to tax as oleomargarine
under the act of August 2, 1886, as amended. Following this decision, all collectors of internal revenue were directed to notify the
manufacturers of these so-ca!lled colored cooking compounds that it
was the purpose of the Government to put such manufacturers on
the same footing as any other manufacturer of oleomargarine and that
all wholesale and retail dealers selling these products were to be held
subject to the special tax as dealers in colored oleomargarine.
Attempts of several manufacturers of these compounds to restrain
the collection of the tax through injunction proceedings have failed
vvith the exception of an injunction granted by the United States
District Court, Jacksonville,! Fla., on or about March 5, 1930. An
appeal in this case was taken by the defendant collector, Jacksonville, Fla., and when the appeal was allowed the district judge suspended operation of the injunction decree, pending the appeal.
The United States Circuit 0ourt of Appeals for the Eighth Circuit
affirmed the judgment of the District Court of the United States for
the Western District of Missouri, above mentioned, under date of
May 28, 1930.
!
The opinion of the burea^u that under the law and regulations
these products were taxable as oleomargarine has therefore been
988
KEPORT ON THE FINANCES
upheld by the courts, with the result that the sale of such products
has practically ceased.
Adulterated butter.—The adulterated-butter law yielded $2,045.85.
There were but two registered manufacturers of adulterated butter
engaged in business during the year. The stamp tax collected on
adulterated butter amounts to but little, for the reason that practically the entire production is removed free of tax for export.
Process or renovated butter.—Six manufacturers of process or renovated butter, who were in business during the year, produced a total
of 1,749,713 pounds of process or renovated butter, compared with
3,040,895 pounds in 1929. The revenue derived from this source
totaled $4,572.50, compared with $7,890 collected in 1929.
Mixed flour.—Seventeen makers, packers, or repackers of mixed
fiour engaged in business during the year made, packed, or repacked
a total of 18,250,413 pounds of mixed flour, compared with 12,160,366
pounds in 1929. The mixed-flour law yielded a total of $4,989.84,
compared with $3,380.70 in the preceding year.
Filled cheese and white phosphorus matches.—There were no registered manufacturers of filled cheese or white phosphorus matches in
business during the year and no tax was collected from this source.
Playing cards.—There were 78 manufacturers, repackers, or importers of playing cards registered during the year. They manufactured, repacked, or imported a total of 50,882,172 packs of
cards, compared with 66,122,354 packs for 1929. The tax on playing
cards amounted to $4,819,292.50, compared with $5,375,804.20 in
1929.^
Spirits and narcotics.—There was no legislation affecting spirits or
narcotic taxes during the year. Collections of spirits and fermented
liquor taxes show a decrease of $1,081,460.79 compared with the
previous year, while narcotic taxes show a decrease of $16,653.64.
Tobacco division.—The tobacco division is responsible for the administration and enforcement of the laws dealing with the manufacture, sale, tax-payment, and exportation of tobacco, snuff, cigars,
and cigarettes, and the purchase and sale of leaf tobacco, embraced
in sections 3355 to 3406, Revised Statutes, and subsecjuent acts of
. Congress, the tax on cigarette papers and tubes under Title IV of the
revenue act of 1926, and the withdrawal of tobacco products free of
tax for use of the United States under section 3464, Revised Statutes.
Collections.-^CoWectioTis from tobacco taxes continue their steady
upward trend, amounting to $450,339,060.50 for the year, a new high
level. The total collections show an increase of $15,894,517.29, or
3.66 per cent, compared with 1929; they represent more than 71 per
cent of the miscellaneous internal revenue in the fiscal year 1930
and exceed total internal revenue receipts from all sources for any
year prior to 1916. Collections from taxes on small cigarettes
established another record, amounting to $359,816,274.69, which is
79.9 per cent of the total tobacco taxes collected and an increase of
$17,864,723.47, or 5.22 per cent, compared with the previous year.
An increase of $144,359.59 is recorded in the collection of taxes on
cigarette papers and tubes, which amounted to $1,323,885.12 for the
year. The taxes collected on chewing and smoking tobacco during
the year declined from $61,159,178.09 in 1929 to $60,098,186.23 in
1930. The tax collected on snuff amounted to $7,542,105.43, an increase of $415,196.44 compared with 1929. Collections from the taxes
989
COMMISSIONER OF INTERNAL REVENUE
on large cigars for the year amounted to $21,141,015.19, a decrease of
$1,407,552.40 compared with 1929.
North Carolina led all States in the collection of tobacco taxes,
with receipts of $256,729,938.33, or 57 per cent of the total collections.
Virginia comes next, with $77,598,461.52, or 17.23 per cent, followed
by New Jersey, with $20,592,005.73; Kentucky, $16,092,218.04;
New York, $15,090,231.68;: California, $13,668,198.88; and Ohio,
$11,412,226.10. A total of $411,183,280.28, or 91.3 per cent of the
total collections of tobacco taxes for the year, was collected in the
States named.
i
Production; leading States.-^The. leading States in the manufacture
of tobacco products, the production of each such State, and percentage of the total producticin are shown in the following table:
Quantity
manufactured
Kind and State
Per
cent
LARGE CIGARS
PLUG
Pounds
96, 744,046
_.
50.39
38.16
85,659, 551
North Carolina
100.00
48, 746,863
36,912,688
Total, United States
Missouri
88.64
_
Total...
TWIST
Total, United States....
8,187, 608 ; 100. 00
Missouri
Kentucky
3, 774,085
2, 227,901
1,980,853
46.10
27.21
24.19
Tennessee
7,982,839
97.50
Total....
5, 555,620
100. 00
2,707,126
1,156, 843
691,004
529,971
290, 306
48.73
20.82
12.44
9.64
5.23
6, 376, 260
96.76
SMOKING AND S N U F F
270, 712, 616
100.00
Total, United States...
78, 606, 628
52, 679. 476
32, 649,145
18,006, 723
17,768, 669
12,403,579
12, 247, 540
29. 05
19.43
12.02
• 6.66
6.67
4.68
4.53
F I N E CUT
Total, United States
Illinois
Michigan
New York
Ohio
Kentucky
s
Totall...
North Carolina
Ohio
Illinois
Tennessee
Virginia
:
West Virginia
Kentucky
Total
Quantity
manufactured
Kind and State
224,161,669
82.84
Per
cent
Total, United States..
Number
6, 518, 533,042
100.00
Pennsylvania
New Jersey
Florida
New York
Ohio....
Virginia
Michigan.
2, 294,015,529
. 797,679,423
617, 572, 265
576,837,079
446,907, 235
376, 718,-980
289, 233, 421
35.19
12.24
9.47
8.85
6.86
5.78
4.44
5,398,963,922
82.83
Total, United States..
419,880,336
100.00
Virginia
Pennsylvania
North Carolina
New York
312, 271, 260
51,293,900
36,148, 410
19, 234, 786
74.37
12,22
8.61
4.58
418,948,356
99.78
Total
SMALL
CIGARS
Total..
SMALL CIGARETTES
Total, United States..,
North Carolina
Virginia
New York
New Jersey
California.
Kentucky
:_.
...
Total
122,392, 380, 846
75,136, 447,675
24,046, 653, 206
7, 564, 865, 643
5, 747, 425,180
4, 800, 734, 284
3, 706, 015, 330
100. 00
61.39
19.66
6.18
4.70
3.92
3.03
121, 000,041, 318
98.87
Total, UnitedStates...
9,962,480
100.00
New York
9,075, 730
91.19
LARGE CIGARETTES
.-
Cigarette papers and tubes.-^Th.e taxes collected on cigarette papers
and tubes in 1930 cover 1,2;82,670 packages of cigarette papers of
domestic manufacture and 117,312,536 packages imported and 15,998,000 cigarette tubes. There were removed from the place of manufacture exempt from tax 28,952,334 packages of cigarette papers
containing less than 25 papers each and 29,830,250 cigarette tubes for
use by cigarette manufacturers in the manufacture of cigarettes and
for medicinal purposes.
990
REPORT ON T H E
FINANCES
Statistics.—Data concerning the manufacture and tax payment of
tobacco products are shown in Tables 44 to 61 of the report of the
Commissioner of Internal Revenue; concerning tax collections in
Tables 1 and 2 of the above-mentioned report and on pages 1010 to
1022 of this volume.
Claims.—The following table indicates the status of tobacco claims:
.
Refund
Redemption
Abatement
Uncollectible
NumNumNumNumA m o u n t ber A m o u n t
ber
ber
ber A m o u n t
On h a n d J u l y 1,
1929
Received
Allowed
Rejected...
O n h a n d J u n e 30,
1930
7
$176. 24
36 1,328. 66
30 11,094. 56
10
280. 39
3
129. 96
13 $1,617. 63
603 347,126. 64
566 326,249. 76
11 10, 913. 40
14 $3,513. 56
78 6,826. 83
70 6,499. 00
17 2,109. 75
39 11,679. 91
5
Amount
4 $120,248.10
3
369. 90
3 18,587. 98
4 102,030. 02
1, 731. 64
Drawback
Number
Amount
84 $171,693. 09
83 170,170.10
22.99
1
1,500.00
1 In addition, interest in amount of $21.99 was allowed.'
Accounts and Collections Unit
Collection accounting division.—The collection accounting division is
charged with the following duties:
The construction of accounting systems for use in collectors'
oflSices; the preparation of instructions to collectors of internal revenue
on oflS.ce and field activities; auditing collectors' revenue accounts
current and collectors' special deposit accounts current for offers in
compromise, surplus proceeds in distraint sales, and sums offered
for the purchase of real estate; issuing internal-revenue stamps; and
compiling statistics for officials of the Treasury Department and the
public.
The division also is charged with the duty of preparing, in conjunction with the Income Tax Unit, the procedure for the preliminary
examination in collectors' offices of about 2,500,000 corporation and
individual income-tax returns.
The preparation of the procedure for the intensive audit of the
smaller individual returns on Forms 1040-A and a number of the
larger individual returns on Form 1040 is also the duty of the collection accounting division.
The activities of the field force of supervisors of accounts and collections and the force of internal-revenue agents on sales and miscellaneous taxes are controlled and directed by this division, under
the general supervision of the deputy commissioner. The division is
divided into five sections, as follows: Office procedure, field procedure,
revenue accounts, statistical, and stamp.
During the fiscal year 1930, the policy of calling on collectors of
internal revenue for assistance in connection with the auditing of the
larger individual income-tax returns was continued. Approximately
185,000 Forms 1040 for the year 1928 filed in 1929 were assigned to
collectors' offices for audit. At the end of the fiscal year 1930 there
were 13,559 of these cases remaining on hand in collectors' offices.
During the year the supervisors of accounts and collections submitted 129 reports covering their examinations of the accounts of
the various collectors' offices compared with 110 reports submitted
COMMISSIONER OF INTERNAL REVENUE
991
during the fiscal year 1929. Every collector's office was examined at
least once, and most of them twice, during the year. The supervisors
also installed six new collectors and four acting collectors. Furthermore, these officers made 46 transfers of collectors' offices under
renewal bonds.
Collectors of internal revenue during the fiscal year transmitted
to the bureau or otherwise disposed of 125,500 claims after having
taken the necessary administrative action in connection therewith.
The number of claims on hand in collectors' offices as at the end of
the fiscal year was 758, compared with 928 as at the close of the
previous fiscal year. The number of claims transmitted to the bureau
or otherwise disposed of by collectors of internal revenue during the
fiscal year 1929 was 135,408. There was, therefore, a reduction in
the claims work during the fiscal year 1930 amounting to 9,908
claims.
There was filed in collectors' offices during the fiscal year a total
of 5,912,907 tax returns, compared with 5,818,901 tax returns filed
during the fiscal year 1929. There were 5,288,373 income-tax returns
filed during the fiscal year 1930, compared with 5,199,916 income-tax
returns filed during the fiscal year 1929. The increase in the number
of all tax returns filed was, therefore, 94,006, and the increase in the
number of income-tax returns filed compared with the previous fiscal
year was 88,457.
The statistical section, which is charged with the duty of keeping
the record of internal-revenue taxes and their final tabulation for
incorporation in reports to be issued by the bureau, has issued various
monthly comparative statements of internal-revenue receipts for the
information of the Secretary of the Treasury, the committees of
Congress, and for general release to the public. The statistical section has compiled monthly statements of tax-paid products, including
cigars, cigarettes, manufactured tobacco and snuff, colored and uncolored oleomargarine, and playing cards. The quantities of these
articles withdrawn for consumption or sale are shown based on the
corresponding stamp sales for the month. These statements are
considered as particularly valuable to the several trades or industries
concerned.
A total of 8,817,283,716 stamps, valued at $548,026,321.75, was
issued to collectors of internal revenue and the Postmaster General,
compared with 8,587,114,720 stamps, valued at $523,786,177.88,
issued during the fiscal year 1929.
Internal-revenue stamps returned by collectors of internal revenue and by the Postmaster General, and credited in their accounts
amounted to $2,649,497.93, compared with $2,848,738.90 for the
fiscal year 1929. The returned stamps were of various kinds and
denominations, including partly used books and stamps for which
there was no sale.
There were four applications allowed for restamping packages
from which the original stamps had been mutilated or destroyed.
During the year, a total of 55,680 warrants for distraint was served
by deputy collectors of internal revenue, which resulted in the colection of $33,093,710. An average of 1,588 deputy collectors made
a total of 245,151 revenue-producing investigations, including the
serving of warrants for distraint. The total amount collected and
reported for assessment by field deputy collectors was $65^524^608,
992
REPORT ON T H E FINANCES
The average number of investigations made per deputy and the average amount of tax collected and reported for assessment were 156
and $41,280, respectively.
The special force of internal revenue agents working under the
direction of the Accounts and Collections Unit collected and reported
for assessment, during the fiscal year 1930, $1,175,908, an average
of $128,280 per agent.
During the year 148,671 income-tax returns were investigated and
5,863,678 information returns on Form 1099 were verified. At the
close of business June 30, 1930, there were outstanding in the 64
collection districts for field investigation 5,025 income-tax returns
for 1928 and prior years and 1,530 for the year 1929, making a total
of 6,555, compared with a total of 5,726 as of June 30, 1929. On June
30, 1930, there were 11,422 warrants in the hands of the collectors'
field forces for collection, compared with 12,781 as of June 30, 1929.
Special attention has been given by collectors of internal revenue
to the discovery of the various classes of delinquent taxes. That this
work has been highly productive of revenue is evidenced by the fact
that the tax collected and reported for assessment as the result of
these investigations during the fiscal year 1930 amounted to $21,130,933. This is by far the largest amount of delinquent tax disclosed
for any one year since this office began in 1923 to maintain a classified
record of the revenue produced by collectors' field iforces.
Collectors^ personnel, eguipment, and space division.—The division
of collectors' personnel, equipment, and space is charged with the
consideration and granting of allowances to collection districts covering the employment of personnel and miscellaneous operating expenses
and the keeping of adequate records thereof. The division passes
upon collectors' requisitions for nonexpendable supplies, mechanical
equipment, and office furniture. The procurement of space for
collectors' oflSces and branch oflBices is also handled by this division.
At the beginning of the fiscal year 1930 there was in the Internal
Revenue CoUection Service a total authorized force, including collectors, of 5,068 employees, at an annual salary rate of $10,657,340.
At the close of the fiscal year there was a total authorized force,
including collectors, of 4,883 employees, at an annual salary rate of
$10,391,480. I t will be observed that during the year there was a
net reduction of 185 in the total number of positions and $265,860 in
annual salary rate. This reduction in personnel was brought about
gradually by devising and inaugurating improved procedures and
methods and the more efficient coordination of the work in the various
collection districts. The reductions in most instances were made by
not filling vacancies occurring on the regular force.
During the year, a total of $117,235.14 was expended for the employment of temporary help in collectors' oflBces, compared with
$113,597.44 during the preceding fiscal year, an increase of $3,637.70.
In administering the personnel of the several collection districts
the provisions of the classification act of 1923, the amendatory act
of May 28, 1928, and subsequent decisions of the Comptroller General
relating thereto have been closely adhered to. The policy has been
continued of making all new appointments to positions in the field
collection service at the minimum salary rate of the grade, and all
applications for positions have been carefully scrutinized with a view
COMMISSIONER OF INTERNAL REVENUE
993
to maintaining the usual high standard of requu'ement for employment.
During the fiscal year, considerable time and effort have been
devoted to the compilation of descriptions of the various classes of
positions within the Internal Revenue Collection Service, including
statements of their characteristic duties and responsibilities, statements of the minimum qualifications as to education,- experience,
knowledge, and ability required for a satisfactory performance of
the duties and the discharge of the responsibilities attached to such
positions, and the salary rates for the various positions. Considerable work also has been accomplished in preparing allocation lists
for submission to the Personnel Classification Board in pursuance of
the act of May 28, 1928, showing the allocation of all positions in
the Internal Revenue Collection Service in accordance with the rules
prescribed in section 6 of the classification act of 1923.
During the year the sum of $289,245.24^ was expended for the
rental of quarters for collectors' ofl&ces and branch offices, compared
with $287,951.91 during the preceding fiscal year. The increase of
$1,293.33 was due to the necessity for renting commercial space for
branch offices in certain localities as well as slight increases in the
rental rate of quarters leased for certain offices.
There was no increase in the total number of office appliances
allowed the several collection districts, but a considerable number of
replacements were made of unserviceable equipment.
Disbursement accounting division.—The disbursement accounting
division is charged with the duties of keeping the accounts in connection with expenditures from appropriations made available by
the Congress for the use of the Internal Revenue Bureau and Service.
The division also is charged with the responsibility and supervision
of the administrative examination required by law of the disbursing
accounts of 64 collectors of internal revenue and 38 internal-revenue
agents in charge, including internal revenue salary payments made
by the collector of customs, San Juan, P. R., 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.
The disbursement accounting division administratively examined
and recorded 1,228 monthly accounts of collectors of internal revenue
and internal-revenue agents in charge, including internal-revenue
salary payments made by the collector of customs, San Juan, P. R.,
together with 47,486 supporting vouchers, in addition to which 3,043
expense vouchers of employees and 8,118 vouchers covering passenger
and freight transportation and miscellaneous expenses were audited
and passed to the disbursing clerk of the Treasury Department and
General Accounting Office for payment. The monthly pay rolls of
the bureau were examined and recorded currently.
A total of 303 applications of field employees leaving the service
for refunds of amounts deducted from their salaries on account of
the retirement fund was approved and forwarded to the Commissioner of Pensions for settlement. Data for fixing the annuity pay
of 19 persons retired from the service, as well as a report of the totals
of amounts deducted from the salaries on account of the retirement
994
PuEPORT ON T H E FINANCES
fund of 52 persons transferring out of the service, were furnished the
appointment division of the bureau for administrative action. A
total of six applications for service credit was prepared or verified
for forwarding to the Commissioner of Pensions.
Ofiice of the General Counsel
The- activities of the General Counsel's office embrace the whole
field of Federal taxation in connection with 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 directly from the Income Tax Unit; estate, capital stock,
and sales tax questions; documentary, public utilities, insurance, occupational, beverage, luxury, tobacco, oleomargarine, and special taxes;
accounts, supplies and equipment, and the consideration, preparation, and revision of Treasury decisions and regulations, mimeographs,
and other formal compilations. The office is divided into six divisions, viz, appeals, interpretative, penal, civil, review, and administrative.
Appeals division.—The appeals division, as in previous years, was
charged with the defense of proposed deficiencies in income, profits,
estate, and gift taxes before the Board of Tax Appeals. The work of
the Special Advisory Committee in the bureau and the review division of this office are refiected in the number of cases closed by stipulation. After contested cases are tried and decided by the board,
the appeals division prepares and submits, for the approval of the
General Counsel and the Commissioner of Internal Revenue, recommendations as to whether or not the commissioner should acquiesce
in any adverse decision of the board or prosecute petitions for review
to the circuit courts of appeals or the Court of Appeals for the
District of Columbia. Petitions for review when approved by the
general counsel and the commissioner and authorized by the Department of Justice are prosecuted before the courts by the appeals division in cooperation with the latter department, and petitions, for
review brought by taxpayers are defended with the same cooperation;
similar responsibility and procedure obtain in all cases of petitions
for certiorari to the Supreme Court of the United States. I t became
necessary during the year to increase by five the number of attorneys giving their entire time to appellate court work. The number
of attorneys and assistants engaged in hearings work before the board
continued substantially the same as in the previous fiscal year.
Attorneys in the appeals division have been assigned from time to
time to represent the office at hearings in the field before divisions of
the Boaird of Tax Appeals at the following points during the past
and preceding fiscal years ending June 30. as follows:
995
COMMISSIONER OP INTERNAL BEVENUE
NumYear ber of
field
trips
Cities where hearings were held .
1926-:
1927-.
1928-.
Cities where hearings were held
trips
1 Milwaukee, St. Paul, Seattle, Portland, Oreg., San Francisco, Los
Angeles.
Kansas City, St. Louis, Birmingham,
6
New Orleans, Atlanta, San Francisco, Los Angeles, Oklahoma City,
Dallas, Tulsa, Chicago, St. Paul,
New York.
Omaha, Shreveport, Little Rock,
Denver, St. Paul (2), Des M'jines,
Atlanta (2). New Orleans (2), New
York (2), Fort Worth (2), Columbus, Miami, Oklahoma City, Tulsa,
Kansas City (2), Memphis, Boston,
31
St. Louis, Galveston, Austin, San
Francisco (2), Los Angeles (2),
Portland, Oreg., Indianapolis, Jacksonville, Madison, Portland, Me.,
Seattle, Cleveland, Salt Lake, Spokane, Helena.
Denver, Grand Rapids, Chicago (3),
Boston, Kansas City, Tulsa, Dallas,
New Orleans, Atlanta, Cincinnati,
Cleveland, Lincoln, Des Moines,
San Francisco, St. Louis, New
York, Los Angeles, Fort Worth, St.
18
Paul, Milwaukee.
1925..
NumYear ber of
field
1929..
22
1930-. . 46
Chicago (3), Grand Rapids, Detroit,
Portland, Oreg., Seattle, Boston,
Pittsburgh (2), Atlanta, Birmingham, New Orleans, Mobile, Jacksonville, Kansas City (2), Dallas,
St. Louis, New York (3), Miami,
San Francisco, Wichita, Tulsa,
Oklahoma City, St. Paul, Madison, . Milwaukee, N a s h v i l l e ,
Louisville, Memphis, Indianapolis, N e w Haven, Los Angeles,
Fort Worth. Columbus, Cleveland.
Atlanta, Birmingham, Boston, Chicago (2), Cleveland, Columbus,
Dallas, Denver (2), Des Moines,
Detroit, Grand Rapids, Helena (2),
Houston, Indianapolis, Kansas
City (2), Los Angeles, Madison,
Memphis, Miami, Mobile, New
Orleans (2), New York (7), Omaha,
P i t t s b u r g h , P o r t l a n d , Oreg.,
Raleigh,. St. Louis, St. Paul, Salt
Lake, San Francisco, Seattle (2),
Spokane, Tampa, Tulsa.
In some instances field trips were begun in one fiscal year and
concluded in the next, but they have been listed only once and under
the year in which begun. (A number in parentheses following the
name of any city indicates the number of times hearings were held
at the same place during the year.)
A total of 4,110 appeals involving income and profits taxes was
docketed with the board during the fiscal year ended June 30, 1930;
259 other appeals involved estate and gift taxes. The number of
tax years and amounts involved in the income and profits tax appeals
were as follows:
Tax year
1918.....
1917
1918.
1919
1920
1921
1922
1923
Number
of tax
years
5
23
63
99
148
131
177
263
Proposed
deficiencies
$99. 66
179,900. 05
1, 806. 643.08
1, 381, 593. 95
3, 384, 635. 89
1, 048,491. 26
2, 946, 544. 58
4,837,089.93
Tax year
1924
1925
1926
1927
1928
1929
'
Total
Number
of tax
years
Proposed
deficiencies
968 $12,191,031.25
1,487 25, 919, 451. 84
2,623 20, 996,019i 49
1, 546 9, 961, 032.91
307 2,493, 736.72
12
243,961.16
7,752
87,387,231.77
It will be observed that the excess profits tax years constituted
only about 6K per cent of the tax years involved in the income and
profits tax appeals filed for the current fiscal year.
996
REPORT ON T H E FINANCES
The following tables show the number of appeals filed and closed
before the Board of Tax Appeals in each of the six fiscal years during
which the board has been in existence, together with the approximate amounts involved:
Appeals filed
1929
1930
1926
5,220
1927
1928
12,867
1925
11, 338
10, 262
1, 080
2,085
1,786
1,633
2. 683
3, 479
6,013
4,467
1,525
1,306
991
5,458
4,369
Disposed of:
Contested cases decided by the board
after hearings on the merits
Deficiencies stipulated without hearings before the board
Dismissals for (1) nonprosecution, (2)
lack of jurisdiction, (3) failure to.
pay filing fees, and (4) other miscellaneous reasons (*including stipulations as to 1926 and 1926)
*1,110
*3, 022
1,493
Total number of cases disposed of
each year (including reopened
cases)
1,726
3,969
5,256
7,089
9,105
6,991
Number of cases pending at close of each
year (including reopened cases)
3, 494
12, 392
18, 481
21, 639
18, 301
16,035
616
947
*
•
Approximate amount involved in appeals pending July 1, 1929.
Involved in appeals filed from July 1, 1929, to June 30,1930
Total
-.Involved in appeals closed during year ended June 30,1930
$650, 000, 424. 62
98,007, 598. 43
748, 008,023. 05
151,292, 620.39
596,715,402.66
Amount involved in appeals pending June 30,1930
Status of cases pending before the board
July 1,
1929
(1) Answered—awaiting hearing at Washington
(2) Answered—reserve calendar
(3) Answered—circuit calendar
(4) Heard on merits—not decided
July 1,
1929
June 30,
1930
10,388
7,627
2,122
2,812
2,669
2,512
889
1,223
(5) Decided, awaiting orders
of redetermination
(6) Petitions not served on
the Commissioner
(7) Not answered
. .
Total
June 30,
. 1930
229
233
782
1,222
848
780
18,301
16,03.')
The following table shows the status of petitions for review of
board decisions in Circuit Courts of Appeals or the Court of Appeals
for the District of Columbia. The number of appeals are stated in
terms of board docket numbers and each column contains a complete
summary from the filing of the first petition for review on August 9,
1926, under the procedure estabhshed by the revenue act of 1926,
to the dates stated at the head of each column, except that 17 of the
earlier so-called 60-day cases and 1 jurisdictional case corresponding
to the same number of petitions for review are not included. No
case has been included in the summaries as closed unless certiorari
has been denied or unless time for making application'has expired.
997
COMMISSIONER OF INTERNAL REVENUE
Petitions for review of decisions of the board
J u n e 30, 1929
J u n e 30, 1928
Number
P r o p o s e d deficiencies
Redetermined
by board
Number'
P r o p o s e d deficiencies
Redetermined
by board
TAXPAYERS
Pending
Closed
402 $11, 992, 977. 52
2, 742, 827. 41
2 176
$10,705,023.52
2,461, 092.49
3 578
14, 735, 804. 93
13,166,116. 01
657, 654.17
137, 896.90
87
«32
5,279, 332. 79
1, 766,496. 36
954, 677. 53
391,492. 87
795, 451. 07
3 119
7, 044, 829.15
1, 346, 070. 40
181
136
$4,948, 869.39
411,366. 70
217
Total
$5, 446, 259.64
438, 845. 83
5, 885,105.47
5, 360,216. 09
30
*7
1, 771, 676.09
562, 988. 95
6 37
2, 334, 665. 04
COMMISSIONER
Pending
Closed
--
Total.-
.
J u n e 30, 1930
Number
P r o p o s e d deficiencies
Redetermined
b y board
565
M07
$16, 597, 762. 45
8, 277, 994. 28
$12,397, 765. 67
7,988, 853.81
.8 972
24,875,756.73
20,386,619.48
117
9 85
16,955, 244. 74
4,013,967.60
1,084,958.58
1, 240, 575.49
*202
20, 969, 212. 34
2, 325, 534. 07
TAXP A Y E R S .
Pending
Closed
.
Total
COMMI 3 S I 0 N E R
Pending
Closed
-
Total-
-
1 Decisions of the board were affirmed in 12 cases and reversed and riemanded in 10 cases, 1 was settled
by stipulation, and 13 were dismissed for lack of jurisdiction.
2 Decisions of the board, were reversed in 49 cases, 8 of which were on confession of error, and affirmed in
73 cases; 20 cases were dropped or dismissed on the commissioner's or court's motion for lack ofprosecution;
15 cases were closed by compromise or on stipulated judgment; in one case the board's decision was affirmed
on one issue and reversed on the other; in one case the board's decision was modified as to one item of invested capital and affirmed as modified; 17 cases were dismissed for lack of jurisdiction.
3 35 appeals by the commissioner are cross appeals and 2 have been filed in 2 circuits. One appeal by
taxpayer was filed in 2 circuits.
* Decision of the board was reversed in 1 case, 4 were disposed of by stipulation, and 2 were dismissed for
lack of jurisdiction.
6 Decisions of the board were reversed in 2 cases and affirmed in 12 cases; 14 cases were dropped or dismissed on the commissioner's motion; and 4 cases were dismissed for lack of jurisdiction.
6 3 of the above appeals for the commissioner are cross appeals.
7 Decisions of the board were reversed in 117 cases, 48 of which were on confession of error, and affirmed
in 195 cases; 42 cases were dropped or dismissed on the commissioner's or court's motion for lack of prosecution; 23 cases were closed by compromise or on stipulated judgment; in 4 cases the board's decision was
affirmed in part and reversed in part; in 9 cases the board's decision was modified and as modified affirmed;
17 cases were dismissed for lack of jurisdiction.
8 62 appeals by the commissioner are cross appeals and 3 have been filed in two circuits. Three appeals
by taxpayer were filed in two circuits.
9 Decisions of the board were reversed in 4 cases and affirmed in 19 cases; 57 cases were dropped or dismissed on the commissioner's motion; 1 case was closed on stipulated judgment; and 4 cases were dismissed
for lack of jurisdiction.
Interpretative division.—This division considers questions of law
arising under the several internal revenue acts imposing income,
profits, estate, gift, legacy, admissions and dues, capital stock, tobacco, oleomargarine, special, stamp, telegraph and telephone, and
transportation taxes; and matters relating to real estate acquired by
the United States under the provisions of the internal revenue laws.
I t also considers questions of procedure arising in connection with
the administration of internal revenue laws, including the preparation
of the regulations made under such statutes and of the Treasury
998
REPORT ON T H E FINANCES
Decisions amending these regulations, and passes finally upon all
matter proposed for publication in the.Internal Revenue Bulletin.
The following table shows the work of this division for each of the
last five fiscal years:
Jacketed cases
1927
1926
On hand at beginning of year.
Received during year...
Disposed of during year
On hand at end of year
317
1,623
1,624
316
236.
894
813
317
1929
1928
1930
422
1,96:
2,071
312
316
2,221
2,116
422
312
2,224
2,160
386
The following table gives an analysis of the pending cases in the
division on June 30, 1930:
" Tax years involved i n cases pending J u n e 30, 1930
$100 or
less
Year
Prior to 1917
1917
1918
1919
1920
1921
1922
1923...
1924
1925
1926 1927
1928. 1929..
1930
1
$101-$600
$601$1,000
]
1
1
$1,001$10,000
1
1
1
1
1
1
3
2
3
1
1
3
4
1
2
. .
1
2
1
-.-^
Total.
Per cent of total
8
0. 021 ,
1
3
2
1
1
$10,001$50,000
2
1
3
6
3
6
9
9
8
11
13
83
1
1
2
5
3
10
4
2
7
6
14
20
15
5
3
Amount
$50,000
and over not stated
Total
1
2
1
2
3
2
2
2
6
3
6
8.
3
6
4
13
18
23
27
19
1
1
4
10
14
16
22
13
19
24
32
47
62
61
34
9
4
20
14
82
.96
136
15
371
0. 054
0.038
0.221
0.269
0.367
0.040
100
Jacketed cases included in the above compilation
Jacketed cases not involving any particular year
Total number pending June 30,1930..
-
-.
.,-..
226
160
The foregoing table relates to what may be termed ^Hax cases.'^
In addition, the following shows the work of the division with respect
to cases involving real estate acquired pursuant to the internal
revenue laws:
Real estate
United
. Private
States
purchases purchasers
Pending July 1, 1929
Received during year
Disposed of during year.
Pending June 30,1930....
Quitclaim deeds executed and delivered during year
Total
32
22
19
35
7
Of the pending cases wherein lands are owned by the United States,
1 tract was acquired by purchase at a sale under execution by the
United States marshal and 16 by purchase on sales under distraint
proceedings by collectors of internal revenue.
COMMISSIONER OF INTERNAL REVENUE
999
The average number of attorneys in the division for the fiscal year
was 34, a reduction of 1 in the average personnel for the preceding
year. Taking the number of attorneys employed into consideration,
there has been an increase in per capita production of about 6% per
cent. The number of cases disposed of is greater than for any 3^ear
in the history of the division.
In addition to the consideration of jacketed cases, there has been
a great mass of special and miscellaneous work done, a statistical
synopsis of which is impossible.
In practice, specific questions are submitted for opinion by other
branches of the Bureau of Internal Revenue and by outside correspondents. These are answered in the form of memoranda or letters,
as may be necessary. Quite often, too, letters, proposed mimeographs, or memoranda, prepared elsewhere in the bureau, are submitted for review and comment, and these are treated as the facts
may warrant.
The assignment of members of this division to several of the sections of the Income Tax Unit, mentioned in the reports for 1927,
1928, and 1929, continued. This practice has proved of great benefit
in the audit work of such sections, as there is at hand a representative
of the general counsePs office promptly to advise.in matters covered
by positive precedent. Where there is doubt as to the law in a
particular case, or where a new proposition of law is advanced,, the
question is submitted to this office for formal decision.
It is unnecessary to give in detail a summary of the many classes
of questions that have been considered during the past year. . The
most important have been those relating to abatement claims as
afiecting the statutes of limitations, affihation, agency, amortization,
associations and trusts, assignees' liability for taxes due by assignor,
bonds, capital investments, closing agreements under act of 1928,
contracts, contributions, corporations, credits, deductions, depletion,
depreciation, distraints, dividends (ordinary, stock, and liquidating),
domicile, earnings, employee, evidential value of findings of State
officers in State courts, exemptions, gains, income, installment sales,
interest, inventories, liens, liquidations, losses, ownership, partnerships, refunds, reorganizations, reserves of life insurance companies,
returns, royalties, stock bonuses and dividends, statutes of limitations,
surtaxes, taxes imposed by foreign countries, transferees, valuation
of water rights, and waivers.
Penal division.—The activities of the penal division during the
3^ear consisted of (1) preparation of opinions advising the commissioner and the heads of the various units of the bureau as to liability
for percentage penalties for fraud, negligence, or delinquency in
cases where protests had been filed by taxpayers against proposed
assessments of such penalties by one of the accounting units or where
an opinion as to assertion of such penalties had been requested by any
officer or unit of the bureau; (2) preparation of opinions on all
questions of law involved in a case where there was also a question
of percentage penalty; (3) preparation of law opinions interpreting or
construing percentage-penalty and criminal statutes; (4) preparation
for reference to United States attorneys for prosecution of criminal
cases arising under the internal-revenue laws or applicable provisions
of the criminal laws of the United States; (5) assisting in such criminal
prosecutions by furnishing evidence for grand jury and court proceed
1000
REPORT ON THE FINANCES
ings, preparing indictments and briefs, and participating in arguments, trials, and appeals at the request of the Department of Justice
or the United States attorneys; (6) preparation of opinions, letters of
instructions, and answers to inquiries from local and field officers of
the bureau regarding conduct of tax examinations, special investigations and general matters relating to violations by taxpayers of
Federal penal statutes; (7) preparation of opinions as to acceptance
or rejection by the commissioner of offers in compromise made by
taxpayers charged with hability for percentage penalties or violations
of Federal criminal statutes; (8) review of cases involving percentage
penalties for fraud pending before the Board of Tax Appeals, with a
view to setthng same, both as to such penalties and any disputed
tax questions, by stipulations with the taxpayers, or to securing the
necessary evidence to prove the Government's contentions before the
board; and (9) consideration of claims for reward under section 3463
of the Revised Statutes.
When a taxpayer protests against a proposed assertion of a percentage penalty, of whatever nature, it is the practice of the division
to grant him, or his qualified representative, a hearing, at which he is
entitled to present evidence and arguments, with briefs in support
thereof. A written opinion then is prepared, in which are stated the
pertinent facts, the law involved, and the conclusions reached, with
the. reasons therefor. This opinion, over the General CounsePs
signature, is sent to the appropriate bureau officer. If no hearing is
requested or desired, the- case is considered and decided upon the
evidence already in the file. In some cases evidence submitted on
behalf of taxpayers must be referred to field officers of the bureau
for investigation and report before a decision can be rendered.
Attorneys from the penal division frequently are sent to various
points throughout the United States to render assistance requested
by United States attorneys in criminal cases and under appointment
as special assistants to the Attorney General to conduct grand jury
proceedings, jury trials, and other court proceedings in collaboration
with United States attorneys. While it is recognized that criminal
offenders in tax cases should be punished for violations of law,
successful prosecutions have the added and more far-reaching effect
of impressing upon the taxpayer's community the results of infractions of the law in tax cases, and serve as a warning to other possible
lawbreakers. The penal provisions of the law of course are incidental
to the general purpose of raising revenue, but successful prosecution
of numerous violators of the tax laws is believed to have resulted indirectly in the voluntary payment of large amounts of taxes legally due.
Cases handled by the penal division are classified as (1) interpretative and (2) law caises. These are subdivided so that under each
classification there are (a) income-tax cases and (b) miscellaneous-tax
cases—the latter involving the large variety of taxes other than income
and excess-profits taxes, such as estate, gift, tobacco, admissions, and
excise taxes.
At the beginning of the year there were pending in the penal division
1,211 cases. New cases to the number of 1,180 were received, making
a total of 2,391 casesunder consideration during the year. The number of cases disposed of was 1,257, leaving 1,134 pending June 30,1930.
There was, therefore, a net decrease of 77 in cases pending at the close
of the year. Special eft'ort was made fina,lly to dispose of the older
COMMISSIONER OF INTERNAL REVENUE
1001
cases, both those which had been in the division longest and those
involving the earlier tax years. This effort has been successful, and
a considerable number of the older cases have now been closed.
However, certain cases of this character, such as those in litigation,
can not finally be disposed of until the litigation ends.
A tabulation of the number of cases received, disposed of, and pending follows:
INTERPRETATIVE CASES
Pending July 1, 1929:
Income-tax cases
Miscellaneous-tax cases
.
Received during fiscal year ended June 30, 1930:
Income-tax cases
Miscellaneous-tax cases
832
59
792
38
Total interpretative cases pending during fiscal year
Closed during fiscal year ended June 30, 1930:
Income-tax cases
Miscellaneous-tax cases
816
34
Cases pending at close of fiscal year ended June 30, 1930:
Income-tax cases
Miscellaneous-tax cases
808
63
891
830
1, 721
850
871
LAW CASES
Pending July 1, 1929:
Income-tax cases
Miscellaneous-tax cases
256
64
'.
Received during fiscal year ended June 30, 1930:
Income-tax cases
Miscellaneous-tax cases
Total law cases pending during fiscal year
Closed during fiscal year ended June 30, 1930:
Income-tax cases
. Miscellaneous-tax cases
310
40
320
350
670
'
Cases pending at close of fiscal year ended June 30, 1930:
Income-tax cases
:
Miscellaneous-tax cases
^
340
67
226
37
407
263
RECAPITULATION
Total cases pending on July 1, 1929
Total cases received during fiscal year
1, 211
1, 180
Total cases pending during fiscal year
Total cases closed during fiscal year
^
2, 391
1, 257
Total cases pending July 1, 1930
1, 134
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, 1929
._
commenced during fiscal year ended June 30, 1930
terminated during same period _
pending at close of business on June 30, 1930
1, 160
584
933
811
1002
REPORT ON THE FINANCES
The above figures include the large number of cases referred directly
to United States attorneys by coUectors of internal revenue throughout
the United States.
Formal claims for reward for information relative to violations of
the internal-revenue laws submitted under the terms of Circular 99,
revised, promulgated in accordance with the provisions of section 3463,
Revised Statutes, were filed and disposed of during the year ended
June 30, 1930, as follows: Pending July 1, 1929, 52; presented during
year, 92; disposed of during year, 40; pending July 1, 1930, 104. Of
the 40 claims disposed of, 11 were rejected, 1 was superseded by the
presentation of another claim, and 28 were allowed in a total sum of
$56,698.10. The 104 claims pending are awaiting receipt of reports
from the field officers of the bureau who are conducting investigations
thereof or the closing of the tax cases to which such claims relate.
In addition to the above-mentioned formal claims for reward, 28
informal claims were disposed of during the fiscal year ended June 30,
1930, either by closing the cases after the lapse of six months without
receipt of further information from correspondents, or by letters advising informers of the reasons why favorable consideration could not
be given to formal claims if presented. In addition to the 104 formal
claims shown above as pending on July 1,1930, there were also pending
on that date 75 informal claims.
Civil division.—The civil division, in cooperation with the Department of Justice and the various United States attorneys, handles all
civil internal-revenue cases arising in the Federal district courts, the
United States Court of Claims, and the Supreme Court of the District
of Columbia, together with a limited number of cases originating in
State courts. In general, this litigation may be divided into six
classes:
1. Suits brought by taxpayers in the United States district courts
for the recovery of taxes alleged to have been erroneously and illegally
collected, (a) Suits against collectors or their personal representatives; (6) suits against the United States.under the Tucker Act.
2. Suits against the United States in the United States Court of
Claims.
3. Injunction and mandamus proceedings.
4. Suits by the United States for the collection of taxes, for recovery
on bonds, for the recovery of erroneous refunds, and for miscellaneous
relief.
5. Suits to determine priorities where Federal tax liens are involved.
6. Adjudication of tax claims in bankruptcy and receivership proceedings.
While the Department of Justice and the United States attorneys
acting under its jurisdiction are charged with the responsibility for
the conduct of this litigation, they welcome and encourage the assistance of the General Counsel's office in the preparation of pleadings,
the assembling of evidence, the preparation of briefs, and the actual
trial or argument of cases in court.
The civil division, in a similar manner, handles all claims for taxes
filed in bankruptcy and receivership cases pending in both Federal and
State courts. Compromise of taxes owing by insolvent taxpayers and
estates in process of administration are taken care of by a section
attached to the division and maintained for that special purpose.
1003
COMMISSIONER OF INTERNAL REVENUE
The personnel of the civil division on June 30, 1930, consisted of
67 attorneys, 25 assistants, and a clerical and stenographic force of
67 members.
The following civil internal-revenue tax cases were decided by the
Federal courts during the fiscal year ended June 30, 1930:
Decided
for the
Government
^
Decided
against
Government
Partly for
Government and
partly for
taxpayer
Total
..
127
49
63
18
. .
.
.
Total
69
24
21
4
5
2
201
75
84
22
257
District courts
Circuit courts of appeals
Court of Claims..Supreme Court
118
7
382
The number ,of civil internal-revenue tax cases pending in the
Federal courts at the end of the fiscal year June 30, 1930, compared
with the number pending at the end of the previous fiscal year, is
as follows:
Cases
Cases
Cases Cases Cases pending Cases Cases pending
for siiit pending involv- in cir- pending pending payin
by the in discuit
Court in Su- ment of
ing
United trict
preme judgof
liens courts
Court ment
States court
of
appeals Claims
claims
Civil cases pending July 1,
1929
Civil cases pending July 1,
1930
State
court
and
Total
miscellaneous
195
1,910
714
103
657
37
97
74
3,776
234
2,000
684
119
751
51
88
36
3,963
During the year 1,783 new civil cases were received and 1,596
civil cases were closed. Offers in compromise of pending suits
received during the year numbered 126. Compromise cases disposed
of, including those pending at the beginning of the fiscal year, numbered 111—71 of which were accepted and 40 were rejected. The total
amount of taxes claimed in these compromises was $5,608,280.35,
and $256,795.10 was accepted in lieu thereof.
The work of the division for the fiscal year ended June .30, 1930,
in bankruptcy and receivership cases, decedent's estates, insolvency,
and liquor cases is summarized as follows:
Bankruptcy, receivership, decedent's estates, and insolvent
Cases pending July 1, 1929_-Cases closed during year
Cases pending June 30, 1930
1, 419
1, 075
1,434
In the 1,075 cases closed, claims were filed in the amount of
$4,093,167.50, and the sum of $1,270,673.89 was collected.
Cases
Cases
Cases
Cases
Liquor cases
pending July 1, 1929
received during year
,
disposed of during the year___
pending June 30, 1930
^
25
2
15
12
1004
REPORT ON T H E FINANCES
Insolvent compromises
Cases pending July 1, 1929
Cases closed during year
Cases pending J u n e 30, 1930
811
1, 606
585
;__
Of the 1,606 cases closed, 640 offers in compromise were accepted
in the sum of $1,255,933.61 for assessments aggregating $4,673,283.83,
890 were rejected, and 76 were disposed of by transfer and otherwise.
Interest and delinquency penalty compromises
Cases pending July 1, 1929
Cases closed during t h e year
Cases pending J u n e 30, 1930
16
19,132
6
In order to bring about closer cooperation with the United States
attorneys, collectors of internal revenue, and revenue agents in the
handling of Federal tax matters, the bureau has established branch
offices of the General CoimsePs office in the field. At the beginning
of the fiscal year legal representatives of the bureau were permanently
assigned to New York, Chicago, Pittsburgh, Boston, Miami, Los
Angeles, and Seattle. The plan of establishing these branch offices
has greatly facilitated the handling of the bureau's legal business in
the territory affected and has met with favor from the field officers
of the bureau as well as from the United States attorneys. Although
these branch offices are representative of the General Counsel's
office and of the bureau as a whole, they are maintained under the
immediate supervision of the civil division.
Civil division report for fiscal year ended J u n e 30, 1930
Cases pending first of year:
{a) Cases pending in court
(6) Cases not pending in court
2,873
189
3, 062
New cases received during year:
{a) Suits b}^ taxpayers
(5) For suit bv t h e United States
1, 187
164
.:
1, 351
1, 134
3, 279
Cases closed during year
Total n u m b e r of cases pending a t end of year ^
Cases tried:
District courts
Circuit courts of appeals
Court of Claims
Supreme Court
Total
.
Briefs w r i t t e n :
District courts
Circuit courts of appeals
Court of Claims
Supreme Court
Total
* Does not include bankruptcy, receivership, compromise, or lien cases.
231
58
114
27
.
430
190
73
62
48
373
COMMISSIONER OF INTERNAL REVENUE
1005
Review division.—During the year the work of this division consisted of two distinct classes—(1) the review of refunds, credits,
and abatements of various kinds of internal-revenue taxes where the
amounts exceeded $20,000 for the purpose of preparing the public
decisions required by Treasury Decision 4264 and the reports to the
Joint Congressional Committee on Internal Revenue Taxation required by section 710 of the revenue act of 1928, and (2) the review
of cases pending before the Board of Tax Appeals for the purpose of
recommending settlement or defense. The first class of work was
handled by the claims section and the second by the adjustment
section.
The personnel of the claims section consisted of 25 attorneys and a
stenographic force of 14. The number of cases disposed of by the
claims section was 1,603, and in such cases recommendations were
made for the approval of certificates of overassessments totaling
$203,470,459.47. The statistical data relative to these overassessments is as follows:
Estate-tax claims
Onhand July 1, 1929
Received to July 1, 1930
Total
Disposed of during period
On hand June 30, 1930
29
425
_.._ 454
403
51
Income-tax claims
Onhand July 1, 1929
Received to July 1, 1930
303
1, 079
Total
Disposed of during period
On hand June 30, 1930
1,382
1, 200
182
Estate-tax claims
JULY 1, 1929, TO JUNE 30, 1930
Amount claimed by taxpayer
^
Amount recommended by Miscellaneous Tax Unit
Amount approved here
Increase
.
Decrease
$25, 096, 875. 46
29, 710, 502. 44
29, 688, 896. 06
1, 291. 37
22, 897. 75
Income-tax claims,
JULY 1, 1929, TO JUNE 30, 1930
Amount claimed by taxpayer
Amount recommended by Income Tax Unit_
Amount approved here
Increase_
Decrease
$384, 471, 165. 46
181, 702, 570. 66
173, 781, 563. 41
182, 322. 43
8, 103, 329. 68
The net reduction in proposed overassessments of $7,942,613.63
was involved in 108 cases.
A review of the approved cases in which the overassessments were
actually issued during this fiscal year discloses the following information :
1006
REPORT ON THE FINANCES
Public decisions were promulgated in claims cases as follows:
Income-tax claims
Decision
Nos.
July, 1929-August,. 1929-. .•- _
September, 1S29..
October, 1929
November, 1929..
December, 1929_.
January, 1930
February, 1930—
March, 1930
April, 1930
Maj^ 1930
June, 1930
124-182
183-256
257-342
343-414
415-465
466-545
546-666
667-755
756-861
862-950
951-1037
1038-1115
Total.
Total
Total
Total
Total
No. of
cases.
A moun t
$6,540,325. 98
9,979,856. 26
6,497,478. 33
5,452,975. 50
4,850,886.62
12,334,496. 99
6,836,316.15
5,377,844.05
29,088;840.62
15,782, 100. 57
4,012,030. 34
19,332,706.47
736
126,085,857.88
$35, 959,692.84
30,241,491.77
51,506,574. 25
8,354,618.13
abatements.
credits
refunds
unadjusted..
Estate-tax claims
Decision
Nos.
July, 1929
August, 1929
September, 1929_.
October, 1929
November, 1929...
December, 1929...
January, 1930.
February, 1930-..
March, 1930..
April, 1930
May, 1930
June, 1930
Total.
Total abatements
Total refunds
Total unadjusted...
No. of
cases
124-182
183-256
257-342
343-414
•415-465
466-545
546-666
667-755
756-861
862-950
951-1037
1038-1115
Amount
$952,011.83
460,893. 99
147,136.20
869,792. 72
191,705. 52
1,533,282.88
3,673,089. 84
6,144,053. 95
2,349,070. 00
3,146,338. 76
2,610,374. 91
1,788,179.85
256
23,865,930. 45
$19,703,886.13
4,135,848.57
6,222.45
I t will be noted that the public decisions were promulgated and
overassessments released in cases involving a total of approximately
$150,000,000, while the overassessments approved by this division
involved amounts totaling approximately $200,000,000. This discrepancy between the overassessments approved and released is due
to the fact that under bureau practice final action in a number of
cases is withheld where other years are pending before the Board of
Tax Appeals, or the courts, or due to delay through submission to
the joint congressional committee under the provisions of section
710 of the revenue act of 1928 or through delay incident to certification of assessments by collectors or certification for payment by the
Comptroller General of the United States.
The adjustment section of the division is concerned with the
settlement of cases pending before the Board of Tax Appeals or in
the courts, and in exceptional cases where no action is pending
either in the courts or before the board. The cases considered by
COMMISSIONER OF INTERNAL REVENUE
1007
this section are cases in which the issues involve questions of law, or
in which the questions of law are the primary issues with only incidental questions of fact. The exception to this rule, however, is
found in cases involving the Federal estate tax, under which circumstances all cases are considered whether involving questions of law
or fact.
On June 30, 1930, 14 attorneys were engaged exclusively upon
this phase of the work, while 1 attorney divided his time between
this work and that of the claims section. Two of these attorneys
have assistants assigned to them to aid in handling their dockets.
In January, 2 attorneys theretofore engaged in the work of this section
were assigned to the special committee named by the commissioner
for the disposition of special cases. In addition to the attorneys,
there is an audit section, consisting of the head of this section and
8 auditors, and there are 12 secretaries, including 2 in the audit
section.
During the year there have been considered and disposed of by
this section 1,373 cases, of which 1,213 were disposed of on their
merits. Of these 1,213 cases, 690 were recommended for settlement
and 523 were recommended for defense. Deficiencies proposed in
cases settled were in excess of $36,000,000, while in the cases recommended for defense the deficiencies proposed were in excess of
$63,000,000.
For the sake of completeness tlie following detail is shown:
Number of cases
Hases on hand July 1, 1929
Qeceived during year
1, 235
1, 346
Total
Disposed of
1
On hand June 30, 1930
Recommended for settlement
Recommended for defense__
All others not on merits
Total
....
1, 208
690
523
1, 213
160
,
._
Cases closed by settlement
Cases recommended for defense
2, 581
1, 373
1, 373
'
.
per cent__
.___do
57
43
The average number of cases on hand during the year has been
about 1,200. Notwithstanding the decrease in the attorney personnel,
the section consistently has kept itself current, disposing of a slightl}^
greater number of cases than the number received in the same period.
In the cases in which defense is recommended the memorandum of
the division is available to the trial attorney for use in trial of the
case or in the preparation of the brief.
I t has been the consistent practice of this division to hold conferences with the taxpayers and in a great majority of the cases
such conferences were held. The taxpayer is always afforded an
opportunity to be heard before this division, and in those rare instances where it has been impracticable to hold a conference questions
presented in the case are considered on the briefs.
12101—31
66
1008
REPORT ON T H E FINANCES
Administrative division.—The activities of the administrative
division include the review of offers in compromise and the holding
of conferences on protested cases. The division is charged with the
supervision of the personnel, library, manuscripts, mail, and records,
and devises and inaugurates methods of office procedure, assembles
and reviews efficiency ratings, interviews applicants, and performs
other varied and miscellaneous duties pertaining to the work of the
General Counsel's office. The support and cooperation rendered by
this division have proved of benefit to attorneys assigned to the other
divisions and have afforded them considerable assistance in the
dispatch of matters handled by them.
Bureau and Field Personnel
The following statement shows the number of employees in the
Internal Revenue Service on June 30, 1929, and the number in the
service on June 30, 1930:
June 30,
1929
June 30,
1930
Increase
(+) or decrease ( - )
Total
3,584
4,957
3,448
14,846
-136
-111
3,536
12
37
130
16
1
2 3, 487
5
36
138
18
1
-49
-7
-1
12, 273
Employees in Washington.
Collectors' offices
Internal revenue agents' forces:
Income and estate taxes. _
Miscellaneous and sales taxes
Supervisors of accounts and collections.
Intelligence force
Field force (General Counsel's office).-.
Stamp agent
11,979
-294
+8
+2
»Exclusive of 89 temporary employees.
> Exclusive of 17 temporary employees.
Under the provisions of the retirement act, 6 classified employees
over 70 years of age were retained in the service; 23 were retired on
annuity, 11 of whom were retired on account of total disability.
Respectfully,
DAVID BURNET,
Commissioner of Internal Revenue.
Hon.
A. W. M E L L O N ,
Secretary of the Treasury.
TABLES F R O M T B E R E P O R T O F T H E C O M M I S S I O N E R O F I N T E R N A L R E V E N U E
O
Summary of monthly internal-revenue receipts for years ended J u n e SO, 1929 and 1930, by sources
August
July
Increase ( + ) or
decrease (—)
Increase ( f ; or
-decrease (—)
Source
1928
1929
1929
Income tax:
Corporation..
Individual...
$26, 338, 528.42
10, 012, 250. 31
Total.
36, 350, 778. 73
34, 735,840. 99
5,779, 590 05
3,122, 769.47
901,757.28
891, 726. 59
-10,030.69
896, 019. 96
1.157. 82
18,619.62
10,898. 70
719.61
17, 071. 97
15,435. 53
-438.21
-1,547.65
-\-i, 536. 83
885.11
16, 326. 32
34,199. 99
199,408. 23
22.60
3, 807. 77
2S2. 99
222, 933. 37
47.50
4, 960. 70
3, 253. 50
+ 2 3 , 625.14
+24.90
+1,152.93
+ 2 , 970. 51
1,135, 955. 01
1,156,148. 77
1,921, 250.85
21, 318. 73
6,310.87
29,171, 616. 57
508, 675. 49
4, 919, 853. 37
87, 790. 80
8,439. 22
36,645, 255. 90
E s t a t e s : Transfer of estates of decedents
DistOled spirits:
Distilled spirits (nonbeverage)
Distilled spirits ( b e v e r a g e ) . . .
Rectified spirits or wines
Still or sparkling wincvS, cordials, etc
G r a p e b r a n d y u s e d for fortifjnng sweet wines
Rectifiers; retail a n d wholesale liquor dealers; m a n u f a c t u r e r s 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 b o n d
Miscellaneous collections relating to distilled spirits
Total.
Tobacco:
Cigars ( l a r g e ) . . .
Cigars (small)
Cigarettes (large)
Cigarettes (small)
•.
^
Snuff of all descriptions
•.
T o b a c c o , chewing a n d s m o k i n g
Cigarette papers a n d t u b e s
Miscellaneous collections relating to tobacco..
Total.
R e v e n u e acts of 1926 a n d 1928:
D o c u m e n t a r y s t a m p s , etc.—
B o n d s of i n d e b t e d n e s s , capital stock issues, e t c .
C a p i t a l stock sales or transfers.
—
Sales of produce (future delivery)
P l a y i n g cards
-—
o
1,351,838.
2, 216, 981.
330,115.
230, 609.
93
40
89
90
$22,419, 383.42
8, 685, 759. 82
$22,100,064. 82
10, 564, 258. 67
-$319,318. 60
+1,878,498. 85
-1,614,937.74
31,105,143. 24
32, 664, 323. 49
+ 1 , 559,180. 25
-2,656,820.58
3,113, 047. e
3.073,003.15
-40,044. 53
926, 676. 98
1200
598. 59
13, 371.45
18,029. 79
+30, 657. 02
+12.00
- 2 8 6 . 52
-2.954.87
-16,170.20
60,167. 63
4.80
2, 975. 75
61,151. 26
26.50
1,760. 85
5, 343. 02
+983. 63
+ 2 1 . 70
-1,214.90
+ 5 , 343. 02
+20, 293. 76
1, 010, 579. 56
1,026,970. 44
+16, 390. 88
1, 983,831. 60
23, 516. 25
6,147. 37
32,173, 589. 33
516, 591. 81
5, 369. 238. 52
120. 637. 50
6,418. 38
+ 6 2 , 580. 75
+2,197. 52
- 1 6 3 . 50
+ 3 , 001, 972. 76
+7,916. 32
+449, 385.15
+32,846. 70
- 2 , 020. 84
2, 061, 344. 46
32, 288. 63
6, 908. 99
31,882,127. 06
617, 942. 48
5,678, 800. 96
114, 629. 30
5, 44'5. 04
1, 993,466. 27
27, 282. 74
4, 301. 20
32, 793, 336. 77
600,868.13
5, 604, 310. 67
107,321. 20
7,139. 04
-67,878.19
-5,005.89
- 2 , 607. 79
+911, 209. 71
-17,074.35
-74,490.29
-7,308.10
+ 1 , 694. 00
40,199,970. 76
+ 3 , 554, 714. 86
40, 399,486. 92
41,138,026.02
+738,539.10
2. 504, 705. 88
3, 385,342. 55
284, 941. 25
206,805.80
+1.152.866.95
+1,168,361.15
- 4 5 , 1 7 4 . 64
-23,804.10
1, 355, 793. 08
1, 324,146. 85
322. 822. 92
338, 400. 20
1,823, 793. 69
4, 275, 293. 6-1
469, 268. 55
297, 547. 20
+468, 000. 61
+2,951,146. 79
+146,445. 63
- 4 0 . 8 5 3 . 00
$21, 625, 773.14 - $ 4 . 712, 755. 28
13,110, 067. 85 + 3 , 097,817. 54
Pi
O
pi
H
O
H
M
tel
Q
tel
Ul
M a n u f a c t u r e r s ' excise tax—
Pistols a n d r e v o l v e r s . . .
...•O p i u m , coca leaves, including special taxes, etc
Admissions to t h e a t e r s , concerts, cabarets, etc
Dues of clubs (athletic, social, a n d sporting)
Total
12,235. 92
133, 059. 51
1,152,348.03
812,809. 85
:
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 m i x e d flour.
Oleomargarine, colored.
.
Oleomargarine, u n c o l o r e d . . .
.
-1
Oleomargarine m a n u f a c t u r e r s a n d dealers (special taxes)
Collections u n d e r p r o h i b i t i o n laws
I n t e r n a l r e v e n u e collected t h r o u g h customs offices
_.
Other miscellaneous receipts, including d e l i n q u e n t repealed t a x e s . . .
Total
9,193. 15
131, 690. 80
404, 049. 61
1, 098, 248. 38
-3,042.77
-1,368.71
-748,298.42
+2S5,438. 53
4,448. 24
29, 305. 55
452, 942. 78
1, 075, 697. 33
14,360 22
24, 562.82
152, 318. 30
1, 356,934. 82
+9.911.98
- 4 , 742. 73
-300,624.48'
+281,237.49
6, 239,999.43
8, 024, 977.42
+ 1 , 784, 977. 99
4, 903, 556. 95
8,414, 079. 24
+ 3 , 510, 522. 29
993 75
84,483. 60
• 49,183. 48
729, 062. 90
30,410. 90
1 844 16
3, 978^ 905! 68
1, 686. 90
86,130. 40
60, 278. 00
830. 777. 60
53, 620. 98
213. 39
1, 546, 654. 51
+693.15
+1,646. 80
+ 1 1 , 094. 52
+101, 714 70
+ 2 3 . 210. 08
- i ; 630. 77
- 2 , 432. 251.17
1,132. 25
94, 756 40
60,056. 22
114,489.36
19, 721. 86
323. 09
623,168. 09
745. 50
114,867.80
61, 607. 90
151, 884. 67
294, 980. 80
3. 291. 01
89,138.38
- 3 8 6 . 75
+20,111.40
+ 1 , 551. 68
+37, 395. 31
+275, 258. 94
+ 2 , 967. 92
-534,029.71
O
O
4,874,884. 47
2, 579. 361. 78
- 2 , 295, 522: 69
913, 647. 27
716, 516. 08
-197,131.21
Ul
Ul
91, 026,463. 59
89,819, 069.19
-1,207,394.40
81,445,461. 62
87, 032, 918.40
+ 5 , 587,456. 78
O
l—l
Grand total..
tel
pi
O
tel
M
H
tel
Pi
>
Summary of monthly internal-revenue receipts for years ended J u n e SO, 1929 and 1930, hy sources—Continued
QSeptember
I n c o m e tax:
Corporation..
Individual...
TotaL.
E s t a t e s : Transfer of estates of decedents
Distilled spirits:
Distilled spirits (nonbeverage)
_
Distilled spirits (beverage)
Rectified spirits or wines
Still or s p a r k l i n g wines, cordials, etc
G r a p e b r a n d y used for fortifying sweet wines
• Rectifiers; retail a n d wholesale liquor dealers; m a n u f a c t u r e r s 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 b o t t l e d in b o n d
Miscellaneous collections relating to distilled spirits
Total.
Tobacco:
Cigars (large)
Cigars (small)
Cigarettes (large).
Cigarettes (small)
'.
Snufi of all descriptions
Tobacco, chewing a n d s m o k i n g . .
Cigarette p a p e r s a n d t u b e s
Miscellaneous collections relating, to tobacco..
Total
R e v e n u e acts of 1926 a n d 1928:
D o c u m e n t a r y s t a m p s , etc.—
B o n d s of i n d e b t e d n e s s , capital stock issues, etc..
C a p i t a l stock sales or transfers
Sales of p r o d u c e (future d e l i v e r y ) . . . .
Plajang cards
Increase ( + ) of
decrease (—)
Increase ( + ) or
decrease (—)
Source
1928
O
to
October
1929
$248,252, 543. 66 $273,005,131.10
195,298, 607. 21 269,060,722. 27
1928
1929
+$24,752,587.44
+73,762,115. 06
$32,326,358.21
6,021,142. 21
$21,339,093. 92
9,219,246. 86
-$10,987,264.29
+3,198,104. 65
- 7 , 7 8 9 , 1 5 9 . 64
443, 551,150. 87
542,065,853.37
+ 9 8 , 514, 702. 50
38,347,500. 42
30,558,340. 78
3,457,317.59
3,353,356.37
-103,961.22
4,285,085. 51
3,219,899. 43
830, 689. 96
- 3 , 3 3 9 . 70
+38.42
- 3 3 5 . 67
+ 3 , 569. 35
+26,120. 53
1,030,406.12
1,021,792.66
702. 36
22,648. 34
8,351.81
827,350. 26
38.42
366. 69
26, 217. 69
34, 472. 34
31,528.02
72,114. 42
608.73
36,378.19
16,366. 79
-61.17
+ 4 , 850.17
- 5 5 , 747. 63
12,750. 69
16.20
1,442. 70
10.00
14,101. 03
48.30
2,273. 62
3,291.11
+ 1 , 350. 34
+32.10
+830. 92
+3,281.11
14,947. 63
49.50
5,861. 99
4,284. 28
10,421. 59
51.10
4,346. 47
1, 602.. 61
- 4 , 526. 04
+1.60
-1,515.52
- 2 , 681. 67
876,612. 06
«, 159. 46
+ 3 1 , 547. 40
1,159,861. 86
1,091,568.14
-68,293. 72
2,043,878. 24
27,125.72
8,286.00
27,380,449. 49
574,915. 99
5,147,338. 79
106,537.90
7,880.75
1,987,179. 01
28,482. 75
6, 278. 22
31,053,288. 28
621,791. 95
5,186, 679. 29
148,138. 20
6,567. 05
- 5 6 , 699. 23
+ 1 , 357. 03
• -2,007.78
+ 3 , 672,838. 79
+ 4 6 , 875. 96
+ 3 9 , 340. 50
+ 4 1 , 600. 30
-1,313.70
2, 600, 776. 64
30, 951. 53
6, 252. 26
29, 764, 808.27
658, 165. 65
5,702, 094.27
124, 412.06
b, 198.74
2,469,848. 34
28,105. 99
7,252. 56
33, 608,171. 86
658,237. 39
5,414,876. 80
100,394. 00
8,782.18
-130,928.30
- 2 , 8 4 5 . 54
+1,000. 30
+3,843,363. 59
+ 7 1 . 74
-287,217. 47
- 2 4 , 0 1 8 . 06
+3,583.44
35,296,412.!
39,038,404. 75
+3,741,991. 87
38,892, 659. 42
42,295, 669.12
+3,403,009. 70
1,834,920. 94
4,260,060. 78
437,750. 97
450,231. 80
+695, 205. 89
* +2,194,731.19
+122,097. 28
+ 4 4 , 480. 20
1,054,340. 51
2,994,081.93
265,195.30
577, 685.80
2,115,407. 23
4,855,460. 54
318,260.44
522,213. 40
+1,061,066.72
+1,861,378. 61
+53,065.14
-55,472.40
-1,065,186.1
- 8 , 613. 46
O
%
O
tel
>
1,139,715.05
2,065,329.59
315,653. 69
405,751. 60
o
tel
Ul
M a n u f a c t u r e r s ' excise t a x Pistols a n d revolvers
O p i u m , coca leaves, including special taxes, etc
Admissions to theaters, concerts, cabarets, etc
D u e s of clubs (athletic, social, a n d sporting)
372.06
28,621.00
392,430.40
667,804.74
+15,930. 73
+220. 33
-119,416.30
+198,311.96
35,935.05
26,616. 60
358,985.60
735, 607.00
14, 888. 35
22,886.80
345,515.70
843,163. 91
-21,046.70
- 3 , 7 2 9 . 80
-13,469.90
+107, 556. 91
5,015, 578.13
Total:
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)
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
O t h e r miscellaneous receipts, including d e l i n q u e n t repealed taxes
16, 302. 79
28,741.33
273,014.10
866,116.70
8,167,139.41
+3,151,561. 28
6,048,447. 79
9,037,796. 37
+2,989,348. 58
793. 50
102,825.70
69,935. 00
46,436. 69
115,956.46
104.13
1,581,224.80
896. 00
141,581.51
75,019.25
67,149.32
61,823.00
1,856.83
101,985.14
+102. 50
+38,755.81
+5,084.25
+20,712. 63
- 5 4 , 1 3 3 . 46
+1,752.70
-1,479,239.66
964. 00
115,472.30
72,461. 25
62,137.37
57,975.08
295.61
4,538,207. 61
961. 96
155,505. 90
82,599.06
79,834. 75
71, 637.93
2,855. 53
177,093. 66
-2.04
+ 4 0 , 033. 60
+10,137. 81
+ 1 7 , 697. 38
+ 1 3 , 562. 85
+ 2 , 560.02
-4,361,113.95
1,917,276.28
450,311.05
-1,466,965.23
4,847,613.12
570,388. 79
-4,277,124. 33
490,114,347.81
593,983, 224. 41
+103,868,876.60
93,581,068.12
86,773, 662. 63
-6,807,405.49
O
O
g
l—l
Total
G r a n d total
_
Ul
Ul •
l—l
o
tel
pi
o
tel
l—l
1^
H
tel
Pi
Pi
tel
d
O
00
Summary of monthly internal-revenue receipts for years ended J u n e SO, 1929 and 1930, hy sources—Continued
November
O
December
Increase ( + ) or
decrease (—)
Source
Increae ( + ) or
1928
1929
(-)
Income Tax:
Corporation..
Individual...
$22, 739,875. 34
9, 372,228. 70
$21,541, 745. 95
7,056, 564. 03
Total..
32,112,104. 04
28,598,309. 98
- 3 , 513, 794. 06
431,604,920. 26
515,980,259.18
+84,375,338. 92
6,641,415.14
6,227, 782. 77
-413,632. 37
7,259, 831. 37
10,085,054.10
+2,825,222. 73
908, 799.14
- 4 2 , 0 1 4 . 99
+ 1 2 . 80
- 4 1 4 . 72
-14,626.77
- 2 2 , 781.44
962, 631. 50
812, 678. 24
-149,953.26
720. 72
29,071.19
45,387. 39
866, 784.15
12.80
306. 00
14,444. 42
22,605. 95
882. 99
24, 688. 38
38, 513. 26
1,123. 80
22,479. 97
4, 816,27
+240. 81
- 2 , 208. 41
- 3 3 , 6 9 6 . 99
11, 235.17
35.10
4,403.15
2,000. 00
9,903. 24
26.50
2,851. 25
1,066. 84
-1,331.93
-8.60
- 1 , 551. 90
-933.16
6,487. 91
28.10
5,145.12
3,818. 20
7,481. 72
3.40
4, 703. 80
3,336. 43
+993.
-24.
-441.
-481.
918,001.15
-83,650. 71
1,042,195. 46
856,623. 63
-185,571.83
36
98
03
43
68
61
50
49
1,409,468. 83
17, 562. 75
4,335. 91
24, 784,183. 06
550,817. 79
3, 892,670. 99
102, 370. 20
2,896. 31
- 5 6 , 957. 53
+1,067.77
-616.12
+ 2 , 237,490. 63
+26,880.11
-150,244.62
+27,573. 70
-2,007.18
E s t a t e s : Transfer of estates of decedents
Distilled spiiits:
Distilled spirits (nonbeverage)
Distilled spirits (beverage)
Rectified spirits or wines
_
Still or sparkling wines, cordials, e t c
:
_.
G r a p e b r a n d y used for fortifying sweet wines
Rectifiers; retail a n d wholesale l i q u o r dealers; m a n u f a c t u r e r s of stills, etc.
(special t a x e s ) . .
_
S t a m p s for distilled spirits i n t e n d e d for e x p o r t . . .
Case s t a m p s for distilled spirits b o t t l e d in b o n d
Miscellaneous collections relating to distilled s p i r i t s . . ' .
Total.
Tobacco:
Cigars (large)
J...
Cigars (small)
Cigarettes (large)
Cigarettes (small)
Snuff of all descriptions
Tobacco, chewing a n d s m o k i n g
Cigarette papers and tubes
Miscellaneous collections relating to tobacco..
Total.
R e v e n u e acts of 1926 a n d 1928:
D o c u m e n t a r y s t a m p s , etc.—
B o n d s o f i n d e b t e d n e s s , capital stock issues, e t c . .
C a p i t a l stock sales or transfers
Sales of p r o d u c e (future delivery)
P l a y i n g cards
1,001,651. g
-$1,198,129. 39 $244,046, 946. 52 $265,452,005. 05 +$21,405,058.63
-2,315,664. 67 187,557, 973. 74 250,528,251.13 +62,970,280.39
81
70
32
77
2, 286, 265. 72
26, 576. 25
11, 225. 24
25,610, 033. 56
614,173. 50
4,812,643.98
91,103. 70
6,001.12
2, 210. 594. 49
21,671.83
7,033. 94
27,123,438.19
629,239. 34
4,472,459. 67
85,102. 50
1,461. 45
-75,
-4,
-4,
+1,513,
+15,
-340,
-6,
-4,
33,458,023. 07
34,551,001.41
+1,092,978.34
28,681,119.08
30, 764,305. 84
+2,083,186. 76
1,227,945.56
. 3, 359, 690. 44
281,049. 04
477, 163. 20
1,840,255.72
5, 727, 900. 56
347,299. 45
442,566. 70
+612, 310.16
+2,368,210.11
+66,250. 41
- 3 4 , 596. 50
1,399,294.65
3,862,875. 25
253,107. 65
494, 696. 10
1,340,685.65
3, 563, 700. 38
342, 751. 80
416, 948. 80
-58,609.00
-299,174. 87
+89,644.15
-77,747.30
671. 23
904.42
191. 30
404.63
065.84
184.31
001. 20
539. 67
1,
426.
16, 494.
4, 952.
22,546, 692.
523, 937.
4,042, 915.
74, 796.
4, 903.
O
O
teJ-
a
tel
Ul
M a n u f a c t u r e r s ' excise tax—
Pistols a n d revolvers
O p i u m , coca leaves, i n c l u d i n g special taxes, etc
Admissions to t h e a t e r s , concerts, cabarets, e t c . . .
D u e s of clubs (athletic, social, a n d sporting)
Total
13,210.87
31,306.28
406,990. 06
925, 926. 85
._
:
6, 723,282. 30
IVE iscellaneous:
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 t a x e s ) . .
Collections u n d e r p r o h i b i t i o n 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
1...
O t h e r miscellaneous receipts, i n c l u d i n g d e l i n q u e n t repealed taxes
Total...
G r a n d total
1,337. 50
121,763.50
78,853. 75
41,020.60
21,405. 69
142.49
769,461. 78
1,033,985.31
:.._
_
;0, 970,461. 72
197,457.29
17,047.19
412,009. 79
1,130,379.59
10,114, \
941.69
142, 935. 80
84,632.15
55, 038. 08
17,115.14
2,390. 85
24,902. 80
327, 956. 51
80, 737, 968.10
+184, 246. 42
- 1 4 , 259. 09
+5,019.73
+204,452.74
18,872.76
22,679. 04
582,583. 38
773,501. 45
11,325.28
31,523. 69
507,387. 59
817, 546. 87
-7,547.48
+ 8 , 8 4 4 . 65
-75,195.79
+44,045.42
+3,391,633. 98
7,407,610. 28
7,031,870. 06
- 3 7 5 , 740. 22
603. 50
135, 795. 90
76,996. 82
28, 638. 85
90, 780. 78
850. 31
53,126.85
- 3 0 9 . 00
+28,701.83
+ 8 , 3 4 0 . 32
- 1 , 530. 50
+29,481.10
+736. 56
-731,911.08
O
O
Ul
Ul
i—i
- 3 9 5 . 81
+21,172. 30
+ 5 , 778. 40
+14,017. i8
. -4,290.55
+ 2 , 248. 36
- 7 4 4 , 558.98
912. 50
107,094.07
68,656. 50
30,169.35
61, 299. 68
113. 75
785,037. 93
706,028. 80
1,053, 283. 78
386, 793. 01
-666,490.77
-232,493.62
477,048, 960. 23
565,104,905. 82
+8,055,945. 59
O
ted
o
tel
M
"A
tr"
Pi
tel
<j
tel
!^
d
tel
CJl
Summary of monthly internal-revenue receipts for years ended June 30, 1929 v * , . , w 1930,, ^ a "^<^' ^ " "
and . - ^ ^ ^ by sources—Continued
^r.^
O
OS
.
January
February
Increase ( + ) or
decrease. ( - )
Source
1929
$25,424,027.36
11,486,773.26
6, 841, 243. 83
1,301, 325. 05
25. 60
726. 51
28, 204. 85
16, 980. 33
9,879. 42
53. 40
3, 271. 79
2, 384. 72
Increase ( + ) or
decrease ( - )
-
1930
- $ 6 , 224, 256. 81
+353,940.92
$22, 225,184.89
20,970,164. 74
$21,793,601.18
19, 600,843. 06
-$431,683. 71
-1,469,321.69
-5,870,316.89
43,195,349.63
41,294,344. 23
-1,901,005.40
+497, 904.12
4, 914, 618. 65
4,148,984. 01
- 7 6 5 , 634. 64
1,166, 661. 37
12.80
641.22
12, 547. 02
2,105. 38
-134,763.68
-12.80
- 8 5 . 29
-15,657.83
- 1 4 , 874. 95
1, 024,179. 29
910. 38
20,470.35
6, 856.16
881, 660. 07
38.40
1, 214. 34
18, 641. 93
1, 509. 66
- 1 4 2 , 619. 22
+ 3 8 . 40
+303. 96
- 1 , 828. 42
- 4 , 346. 60
5,903. 66
2.80
6,163. 60
3,036.00
-3,975.76
- 5 0 . 60
+2,891.81
+651.28
6, 980.46
24.30
9, 277. 27
1, 348. 50
4, 205.15
2.80
3, 564. 90
1, 206. 69
-1,775.31
- 2 1 . 50
- 5 712.37
-141.81
1,196,973.85
- 1 6 5 , 877. 82
1, 068, 046. 71
911,943.84
-156,102.87
1, 406,161.14
26, 376. 08
6, 217.19
30,483,807.11
669, 512. 43
5, 299, 780.17
106, 787. 30
5, 732. 28
Total
Tobacco:Cigars (large)
Cigars (small)
Cigarettes (large)
Cigarettes (small)
Snuff of all descriptions
Tobacco, chewing and smoking
Cigarette papers and tubes
Miscellaneous collections relating to tobacco
1929
1,362, 851. 67
Distilled spirits:
Distilled spirits (nonbeverage)
Distilled spirits (beverage)
Rectified spirits or wines
Still or sparkling wines, cordials, etc
Grape brandy used for fortifying sweet wines
'.
Rectifiers; retail and wholesale liquor dealers; manufacturers of stills, etc,
(special taxes).
Stamps for distilled spirits intended for export
Case stamps for distilled spirits bottled in bond
Miscellaneous collections relating to distilled spirits
31,040, 484. 72
6,343, 339. 71
-
Estates: Transfer of estates of decedents
Total
$19,199, 770. 54
11,840,714.18
36,910,800.61
Income tax:
Corporation
Individual
Total
1930
1, 316, 664.89
25,976.94
6,161. 48
30, 626, 068. 90
677, 837. 06
5, 265, 278. 07
92, 652. 02
1, 783.80
- 9 0 , 496. 25
-399.14
- 5 5 . 71
+142, 261. 79
+ 8 , 324. 63
- 3 4 , 502.10
-14,135.28
- 3 , 948. 48
1, 467,792. 33
27, 010. 80
7,898. 30
24,187, 722. 78
588, 305. 04
4,646,835.95
91, 654. 90
5, 732. 60
1,349,142. 64
25, 623. 76
4, 701. 88
25,395, 610. 86
604,163. 47
4,851, 429.87
78,314. 60
26.906. 05
- 1 1 8 , 649. 69
- 1 , 387. 04
- 3 , 1 9 6 . 42
+ 1 , 207, 788. 08
+15,868. 43
+204,693.92
- 1 3 , 340. 30
+20,173. 45
38,004,373.70
38, Oil, 423.16
+ 7 , 049. 46
31, 022,962. 70
32, 334, 793.13
+1,311,840.43
.
%
o
o
tel
teJ
>
o
tel
Ul
R e v e n u e acts of 1926 a n d 1928:
D o c u m e n t a r y s t a m p s , etc.—
B o n d s of i n d e b t e d n e s s , capital stock issues, etc
. Capital-stock sales or transfers
Sales of produce (future delivery)
P l a y i n g cards
M a n u f a c t u r e r s ' excise t a x Pistols a n d r e v o l v e r s .
O p i u m , coca leaves, including special taxes, etc
A d m i s s i o n s to t h e a t e r s , concerts, cabarets, e t c .
D u e s of clubs (athletic, social, a n d sporting)
Total.
A
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)
Collections u n d e r p r o h i b i t i o n 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
O t h e r miscellaneous receipts, including d e l i n q u e n t repealed taxes
Total
Grand total..
;
+607, 678. 85
- 1 , 648, 034. 47
-26,844.90
+40, 033. 40
1, 438, 221. 66
3, 673, 738. 37
208, 225. 24
567, 486. 20
2,109, 408.13
3, 376, 725. 62
272,878:83
526, 616. 90
+671,186. 47
- 2 9 7 , 012. 86
+ 6 4 , 653. 69
- 4 1 , 8 6 9 . 30
1, 586, 251. 62
4, 256,144. 24
259,474 14
506, 268. 70
2, 093, 930. 47
2, 708,109. 77
233, 629. 24
646, 302.10
8, 936.14
30,963. 76
524, 402. 96
697, 276. 81
9, 028. 68
22, 670. 27
216,116.15
667, 456. 30
+ 9 2 . 54
- 8 , 383. 49
- 3 0 8 , 286. 81
- 2 9 , 821. 51
7, 037. 96
22, 303. 71
456,936.18
1, 293, 692. 52
14, 043. 71
31, 267. 91
549,138. 66
1, 307,136. 96
+7,
+8.
+92,
+13,
7,149, 241.14
7,199, 799. 78
+50, 558. 64
8, 388, 009. 07
7,483, 558. 82
-904, 450. 25
605. 50
663. 90
692. 42
267. «1
637. 28
754. 44
71, 045.14
- 4 0 8 . 83
+ 1 0 , 480.10
+ 5 , 897. 07
+ 6 , 952. 51
- 4 4 , 082. 06
+ 4 9 1 . 56
- 5 0 8 , 601. 67
874. 25
110,578.00
79, 022. 20
20, 058. 86
33, 729. 30
287.08
369, 084. 80
907. 50
932. 80
285. 77
775. 93
539. 02
543. 27
379, 635. 49
1, 014. 33
117,183. 80
66, 695. 35
21, 316. 10
83, 719. 34
262.88
579, 646. 81
127,
72,
28,
39,
107,
74,
18,
169,
005.
964.
202.
544.
+33.
- 2 , 645.
- 4 , 736.
- 1 , 282.
+135, 809.
+256.
+10, 550.
75
20
48
44
25
20
43
93
72
19
69
i9,837. 61
340, 566. 29
-5.29, 271. 32
613, 634. 49
751, 619. 78
84, 630,491. 63
-6,009,952.81
89, 202, 611. 25
86, 925, 243. 81
Ul
Ul
H-:
O
tei
pi
+137, 985. 29
90, 640, 444. 44
O
O
- 2 , 277, 367. 44
tei
pi-
Pi
tei
<
tei
d
tej
Summary of monthly internal-revenue receipts for years ended J u n e 30, 1929 and 1930, by sources—Continued
O
•—I
March
April
Increase ( + ) or
decrease (—)
Source
1929
Income tax:
Corporation..
Individual...
Total..
E s t a t e s : Transfer of estates of decedents
Distilled spirits:
Distilled spirits (nonbeverage)
_
.
Distilled spirits (beverage)
^
Rectified spirits or wines
Still or s p a r k l i n g wines, cordials, etc
G r a p e b r a n d y used for fortifying sweet wines
Rectifiers; retail a n d wholesale h q u o r dealers; m a n u f a c t u r e r s 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 b o n d
• Miscellaneous collections relating to distilled spirits
.<
Total.
Tobacco:
Cigars (large)
^
-Cigars (small)
Cigarettes (large)
Cigartettes (small)
Snuff of all descriptions
Tobacco, chewing a n d s m o k i n g .
Cigarette p a p e r s a n d t u b e s
Miscellaneous collections relating to tobacco..
Total.
R e v e n u e acts of 1926 a n d 1928:
D o c u m e n t a r y s t a m p s , etc.—
B o n d s of i n d e b t e d n e s s , capital stock issues, e t c . .
C a p i t a l stock sales or transfers
Sales of p r o d u c e (future delivery)
Playing cards.
00
1930
$282,088,195. 86 $280,831,418.84
313,899,214. 88 274,913,220. 58
Increase ( + ) or
decrease (—)
1929
1930
-$1,256,777. 02
-38,985,994.30
$23,091,974.61
23,325, 608. 66
$20,523,447. 41
18,103,839.82
-$2,568,627. 20
- 6 , 2 2 1 , 7 6 8 . 84
595,987, 410. 74
566,744,639.42
-40,242,771.32
46,417,683. 27
38, 627,287.23
-7,790,296.04
3,004, 484.07
4, 525,102.24
+ 1 , 5 2 0 , 618.17
5,019,690.14
4,876,448.25
-143,241.8
984,006. 67
885,108.07
1,028,734. 41
987.18
28, 970. 00
7, 661.10
668. 67
25,896. 64
2,943.10
- 3 1 8 . 61
- 3 , 0 7 3 . 46
-4,718.00
1,214. 64
29,272. 70
9,732. 96
880, 631,32
20.80
1,808.93
23,892. 71
1, 810. 80
- 1 4 8 , 1 0 3 . 09
+ 2 0 . 80
+594. 29
-5,379.99
. -7,922.16
4, 336. 67
42.20
3, 526. 84
3, 876.18
3, 091. 20
1.60
3,963. 04
3, 693.11
-1,245.47
- 4 0 . 60
+436. 20
- 1 8 3 . 07
3, 768. 76
15. 90
6, 633. 40
1, 701. 67
2,430. 86
126. 60
2, 802. 20
2, 295. 59
-1,337.90
+110. 70
- 3 , 831.20
+593. 92
1,033, 406. 84
925,365.33.
-108,041.51
1,081, 074. 44
915, 819. 81
-165,254.63
1, 638, 544. 99
22, 851. 75
6, 027. 20
26,069, 595.13
625, 595. 82
5,073,958:18
92, 018. 27
7, 486.12
1, 452,449. 36
24, 854. 63
3, 710. 52
27,496, 657.96
654,818. 46
5,007,858.15
62, 435. 00
35,107. 74
-186,095.63
+2,002. 88
- 2 , 3 1 5 . 68
+1,427,062. 83
+29,222. 64
-66,100.03
- 2 9 , 583. 27
+ 2 7 , 621. 62
1, 849, 737. 05
31,910.63
4,918. 31
28,827, 203. 71
572, 264. 93
5,179,518. 91
87,120. 00
5,084. 94
1, 537, 437. 80
24, 781. 89
6, 280.92
28, 606, 887. 85
• 666, 717.15
4,960,578.92
165, 742. 00
1 - 4 7 , 626. 36
-312,299. 25
- 7 , 1 2 8 . 74
+1,362. 61
- 2 2 0 , 3 1 5 . 86
+ 9 4 , 452. 22
-218,939. 99
+ 7 8 , 622.00
- 5 2 , 711. 30
33,536,077. 46
34, 737, 891. 82
+1,201,814. 36
36, 557, 758. 48
35, 920, 800.17
-636,958.31
1, 796,135. 32
3,320,096. 87
234, 267. 83
558, 738. 80
1, 247, 564. 36
2,833, 726. 72
248,386. 76
515,046. 00
- 5 4 8 , 570. 96
- 4 8 6 , 370.15
+14,118. 93
- 4 3 , 692. 80
1, 751,928. 27
3, 952,132. 61
284,109. 99
520, 053. 00
1, 919, 365. 20
3, 820,089. 85
237,198.00
340, 657. 60
+167,436. 83
-132,042.76
-46,911.99
-179,395.40
tel
o
o
tel
o
tel
Ul
Manufacturers' excise tax—
Pistols and revolvers
Opium, coca leaves, including special taxes, etc
Admissions to theaters, concerts, cabarets, etc
Dues of clubs (athletic, social, and sporting)
Total
21, 237. 40
28,386.13
475,523.67
807,351.93.
Total. ^
Grand total
.--.-.
-12,063.09
+2,442. 58
-79,189. 89
+124, 686. 50
7,241, 737. 95
-.
Miscellaneous:
Adulterated and process or renovated butter, filled cheese, and mixed flour
Oleomargarinej colored
Oleomargarine, uncolored
Oleomargarine manufacturers and dealers (special taxes)
Collections under prohibition laws
.
Internal revenue collected through customs offices
.
Other miscellaneous receipts, including delinquent repealed t a x e s . . . 1 . . . . .
9,174. 31
30, 828. 71
396, 333. 78
932,038.43
6, 213,099.07
-1,028,638.88
8,022,718. (
20,358. 77
20,383. 81
363, 545. 74
955,189. 44
+4, 643. 43
-1,237.64
-191,676.49
+33, 253. 83
7, 676, 788. 41
-345,930.19
1,151. 00
111, 174. 00
67,874. 25
19,157. 56
107,283. 88
449.13
2, 038, 621.49
564. 75
105, 565. 70
57, 085. 52
20, 249. 01
64,159. 32
3, 658. 79
48, 231.19
-586. 25
- 5 , 608. 30
-10,788.73
+1,091.45
-43,124. 56
+3, 209. 66
-1,990,390.30
975. 25
117,374.50
64,834.65
12,036.10
' 37,162. 92
105.84
-849,949.16
722. 60
101,324. 80
71, 601. 52
11,721. 64
103,393. 57
! - 1 , 572. 03
89, 697. 21
-252. 65
-16,049.70
• +6,766.87
-314. 46
+66,230. 65
- 1 , 677. 87
+939, 646. 37
2, 345, 711. 31
299, 514. 28
-2,046,197.03
-617,459.90
376,889. 31
+994,349. 21
-40,703, 216. 21
96,481,365. 03
88, 394,033.18
-8, 087,331. 85
643,148,828.37
602,445,612.16
1 Included with taxes collected from cigarette papers and tubes to correct error in previous reports.
2 To correct an error in the amount reported for March.
. Adjustment o n account of the distribution of unclassified collections in collectors" offices.
15, 715. 34
21,621. 45
555,222. 23
921,935.61
O
O
g
H-I
Ul
Ul
I—!
o
tel
pi
>
Pi
tel
1^
d
tel
O
!—I
CO
Summary of monthly interrial-revenue receipts for years ended June 30, 1929 and 1930, hy sources—Continued
May
O
O
June
Increase ( + ) or
decrease ( - )
Source
Increase ( + ) or
decrease (—)
1929
$25,944,489. 35
17,642,519. 43
Total
Total
:
Tobacco:
Cigars (large)
Cigars (small)
Cigarettes Garge)
Cigarettes (small)
Snuff of all descriptions
T o b a c c o , chewing a n d s m o k i n g
Cigarette papers and t u b e s . . .
Miscellaneous collections relating to tobacco.
.,
1929
623,090,691.17
6,813, 769: 34
6,623,216. 39
- 2 9 0 , 552. 95
841, 661.11
76.80
911.16
24,424.26
7,166. 49
821,466. 02
32.00
428.01
15, 327. 57
2,927. 03
- 2 0 , 1 9 5 . 09
- 4 4 . 80
-483.15
- 9 , 096. 68
-4,228.46
879,372.26
48.00
733. 41
18,325.91
10, 898. 26
734,926. 28
73; 80
780. 69
13,114. 22
1,258. 65
- 1 4 4 , 4 4 5 . 97
+ 2 5 . 80
+47.28
- 5 , 211. 69
- 9 , 6 3 9 . 61
5,217.96
80.20
2,639. 40
9,063.86
4,188.19
3.10
2,794. 68
3,627. 89
-1,029.77
-77.10
+255. 28
- 5 , 435. 97
194, 276.92
36.90
5, 654. 00
4,117.11
180,362. 05
4.40
2,228. 79
4,149.88
- 1 3 , 914. 87
- 3 2 . 50
- 3 , 325. 21
+ 3 2 . 77
850, 794. 49
- 4 0 , 335. 74
1,113, 362. 76
936,898. 76
-176,464.00
1,718,413. 23
27, 715. 50
4, 507.16
30,902,904. 97
618, 076. 51
5, 246, 389. 61
118, 762. 90
1,440. 71
-214,033.66
- 2 , 787. 38
- 2 , 344. 32
- 2 , 603,146. 32
+ 3 6 , 352. 46
-177,076.42
+ 1 7 , 649. 65
- 3 , 8 7 3 . 41
1, 873, 942.92
29, 850. 75
6, 660. 90
32, 521, 443.82
591, 695.93
5, 231, 971. 87
101, 561. 45
6, 825.87
1, 713,618. 73
25,937.02
4, 389. 33
35, 252, 236. 66
517, 073. 82
5,052,288.22
142, 016. 00
1,104.95
-160,424:19
- 3 , 913. 73
-2,271.57
+2,730,792.84
-74,622.11
-179,683.65
+40,453. 55
- 4 , 720. 92
41, 687, 470. (
38, 638, 210. 69
- 2 , 949, 259. 50
40, 362, 953. 61
42, 708, 563. 73
+ 2 , 346, 610. 22
1,870,839. 69
4, 321,167. 24
230,143. 73
230,152.80
+61,669.91
+ 1 , 298,767. 26
- 7 1 , 037. 98
-143,983.10
1,957, 727. 64
3, 548, 309.80
278, 223. 74
324, 814. 80
1,910,398. 00
3, 570, 649. 32
177, 366. 56
.325,203.40
- 4 7 , 3 2 9 . 64
+22,339.52
-100,857.18
+388. 60
1930
-$5, 530, 623. 23 $260,835, 748. 61 $275,688,648. 63 +$14,762,899. 92
- 2 , 097, 529. 83 291, 368,929. 44 247,602,042. 64 -43,866,886. 80
-29,113, S
S
o
pi
H
O
W
tei
>
_..i.
Total
R e v e n u e acts of 1926 a n d 1928:
D o c u m e n t a r y s t a m p s , etc.—
B o n d s o f i n d e b t e d n e s s , capital stock issues, etc
C a p i t a l stock sales or transfers
Sales of p r o d u c e (future delivery)
P l a y i n g cards
652, 204, 678. 05
+ 3 , 373,835. 39
1,932, 446.89
30, 502.88
6,851.48
33, 506, 051. 29
581, 724. 05
5, 423, 466. 03
101,113. 35
5, 314.12
Distilled s p i r i t s :
Distilled spirits (nonbeverage)
Distilled spirits ( b e v e r a g e ) . . .
Rectified spirits or w i n e s .
Still or s p a r k l i n g wines, cordials, etc
G r a p e b r a n d y used for fortifying sweet wines
Rectifiers; r e t a i l a n d wholesale liquor dealers; m a n u f a c t u r e r s of stills, etc
(special t a x e s ) . .
:
S t a m p s for distilled spirits i n t e n d e d for export
1...
Case s t a m p s for distilled spirits b o t t l e d in b o n d
Miscellaneous collections relating to distilled spirits
- 7 , 628,153. 06
9,772, 766. 03
891,130. 23
1
35,858,856. 72
6, 398,929. 64
.-
E s t a t e s : Transfer of estates of decedents
$20, 413, 866.12
15, 444,989. 60
43,487,008. 78
I n c o m e tax:
Corporation
Individual
1930
-
1,809,179.78
3,022, 399. 98
301,181. 71
374,135. 90
O
tel
Ui
M a n u f a c t u r e r s ' excise tax—
Pistols a n d revolvers
O p i u m , coca leaves, i n c l u d i n g special taxes, e t c .
Admissions to t h e a t e r s , concerts, cabarets, etc
D u e s of clubs (athletic, social, a n d sporting)
Total
:
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, c o l o r e d . . .
Oleomargarine, uncolored
Oleomargarine m a n u f a c t u r e r s a n d dealers (special taxes)
_
Collections u n d e r p r o h i b i t i o n 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
O t h e r miscellaneous receipts, including d e l i n q u e n t repealed taxes
Total
G r a n d total
-
.
-
13, 260.44
31,744.72
364, 680. 84
1, 391,571.83
4,193. 97
28,162. 08
308, 610.97
1,342,400. 00
-9,066.47
- 3 , 682. 64
- 5 6 , 069. 87
-49,171.83
14,421.96
198,838. 29
360,009. 69
1,142,178. 73
24, 062.99
199,016. 99
302, 627. 60
1,204,481.12
+ 9 , 641.
+178.
-67,382.
+62,302.
7,308,165. 20
..
8, 336,670. 48
+1,027,515. 28
7,824,524. 66
7,713,805. 98
-110,718.67
693. 20
116, 503. 68
69,624.15
17, 657.19
89, 266. 98
344. 96
336, 326.14
883.04
86,720.10
64,173. 93
9, 580. 09
51,398. 34
446.76
23, 512. 96
+189. 84
- 2 9 , 7 8 3 . 58
- 1 6 , 450. 22
-8,077.10
- 3 7 , 8 6 8 . 64
+101. 80
-312,813.18
1, 399. 00
89,749. 60
56,204. 00
405, 262. 41
69, 073.84
206.16
-2,849,920.31
2,089. 25
63,997. 00
53,846.27
422, 729. 98
87,185. 68
1 -103.08
12, 671. 28
+690. 25
- 2 5 , 752. 60
- 2 , 3 5 7 . 73
+ 1 7 , 477. 57
+18,111.74
- 3 0 9 . 24
+ 2 , 862, 591. 59
O
O
630, 416. 30
226,715. 22
- 4 0 3 , 701. 08 2 - 2 , 228, 035. 30
642,416. 28
+2,870,461. 58
Ul
Ul
100, 303,110. 24
93, 683, Oil. 53
580, 615, 692. 31
-24, 475, 660. 70
o
- 6 , 620, 098. 71
605, 091, 253. 01
03
70
09
39
M
tel
> A d j u s t m e n t of a m o u n t p r e v i o u s l y r e p o r t e d .
2 A d j u s t m e n t on a c c o u n t of t h e d i s t r i b u t i o n of unclassified collections in collectors' offices.
'pi
o
tel
52j
H
tel
pi
>
w
tel
<
tel
d
tel
tsD
1022
R E P O R T O N T H E FINANCES
Summary of internal-revenue receipts, years ended June 30, 1929 and 1930, by
sources
Source
I n c o m e tax:
Corporation i
Individual...
Total..
E s t a t e s : Transfer of estates of d e c e d e n t s
Distilled spirits:
Distilled spirits (nonbeverage)
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 for fortifying sweet w i n e s . . .
Rectifiers, retail a n d wholesale h q u o r dealers;
m a n u f a c t u r e r s of stills, etc. (special taxes)
S t a m p s for distilled spirits i n t e n d e d for e x p o r t . .
Case s t a m p s for distilled spirits b o t t l e d in b o n d . .
Miscellaneous collections relating t o distilled
spirits
TotalTobacco:
Cigars (large)
Cigars (small)
_
Cigarettes (large)
Cigarettes ( s m a l l ) . .
Snuff of all descriptions
Tobacco, chewing a n d s m o k i n g
•
Cigarette p a p e r s a n d t u b e s
Miscellaneous collections relating t o t o b a c c o . .
Total
R e v e n u e acts of 1926 a n d 1928:
D o c u m e n t a r y s t a m p s , etc.—
B o n d s o f i n d e b t e d n e s s , capital stock issues,
etc
C a p i t a l stock sales or transfers
Sales of p r o d u c e (future delivery)
—
•Playing cards
M a n u f a c t u r e r s ' excise t a x Pistols a n d r e v o l v e r s . .
O p i u m , coca leaves, i n c l u d i n g special taxes,
etc
--.
A d m i s s i o n s to t h e a t e r s , concerts, c a b a r e t s ,
etc
•.
D u e s of clubs (athletic, social, a n d s p o r t i n g ) .
Total
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
and
dealers
(special taxes)
Collections u n d e r p r o h i b i t i o n 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 r e c e i p t s , . i n c l u d i n g delinq u e n t taxes collected u n d e r repealed laws 2...
Total.
G r a n d total
1929
1930
Increase ( + ) or
decrease (—)
$1, 235, 733, 256. 24 $1,263,414,466.60 +$27,681, 210.36
1,095,541,172.40 1,146,844,763.68 +51,303,591.38
2, 331,274,428. 64
2,410,259,230.28
+78,984,801. 64
61,897,141.48
64,769,625.04
+2,872,483.56
11,589,582.74
150.40
10,502.18
292,549. 93
267, 749. 87
10,717, 262. 01
241.02
9,265. 28
239,383.68
124,281.19
-872,320. 73
+ 9 0 . 62
-1,236.90
- 5 3 , 1 6 6 . 25
-143,468.68
526,173.32
344. 60
42,413.90
- 2 , 284.13
-64.60
-12,025.28
528,457.45
409. 20
54,439.18
1
32,887.51
35,902. 67
12,776,728.46
11,695,267.67
-1,081,460.79
22,548,567. 59
323,258. 73
82,508. 77
341,951,551.22
7,126,908. 99
61,159,178.09
1,179,525. 53
73,044. 29
21,141,015.19
301,512.05
65,100.49
359,816,274.69
7,542,105.43
60,098,186. 23
1,323,885.12
50,981. 30
-1,407,552.40
-21,746.68
- 1 7 , 4 0 8 . 28
+17,864,723.47
+415,196.44
-1,060,991.86
+144,359. 59
-22,062.99
434,444,543. 21
450,339,060. 50
+15,894,517. 29
17,868,372.17
37,595,927. 33
3,333,427.14
5,375,804.20
22,611,274.96
46,698,226. 86
3,599,875. 58
4,819,292. 50
+4,742,902.79.
+9,102,299.53
+266,448.44
-556,511.70
165,684.14
344,389. 51
+178,705. 37
+3,016.16.
605,336.04
588,682.40
-16,653.64
6,083,055.82
11, 245,254.65
4,230,667.99
12,521,091. 52
-1,852,387.83
+1,275,836.87
82, 272,861.49
95,413,501.32
+13,140,639.83
12,240.63
1,288,959.15
803,400.80
11,608.19
1,370,021.61
824,718.61
- 6 3 2 . 34
+81,062.46
+21,317.81
1,518,793.49
727,005.93
1,724,647. 53
1,106,171.74
+205,854.04
+378,165.81
4,4.79.18
15,186. 07
+10,706. 89
12,033,793. 07
2,617,694.61
-9,416,098.46
7,669,048.36
-8,719,623.79
16,388,672.15
2,939,054,375.43
3,040,145,733.17 +101,091,357. 74
1 I n c l u d e s $13,517.52 for 1929 a n d $15,346.36 for 1930, i n c o m e tax on A l a s k a railroads (act of J u l y 18, 1914).
2 I n c l u d e s $5,545,865.90 from a u t o m o b i l e s a n d $5,956,295.57 from corporation capital stock for 1929 and
| 2 320,262.83 from automobiles a n d i^46^966.66 from corporation capital stock for 1930.
COMMISSIONER OF INTERNAL REVENUE
1023
Summary of internal-revenue receipts,^ years ended J u n e 30, 1929 and 1930, by
collection districts
District 2
Location of collector's office
Per cenl
increase
(+)or
decrease
(-)
Alabama
Arizona
Arkansas
First California
.
Si.xth California
Colorado
Connecticut..
._
Delaware
Florida
Georgia
Hawaii...Idaho
First Illinois.
Eighth Illinois
Indiana..
Iowa
_.
Kansas.
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minner»-ta
..
Mississippi
First Missouri.- . . .
Sixth Missouri
Montana
.-...
Nebraska.-,
Nevada...
New Hampshire
First New Jersey
Fifth NewJersey...
New Mexico...
First New York
Second New York ^.
-12
Birmingham, A l a . . .
$8,153, 579. 79
$7,161, 054.93
+24
Phoenix, Ariz..
2, 398,878. 36
2, 965,710. 01
-14
Little Rock, Ark
3, 673,315.47
3,156, 507. 34
San Francisco, Calif
86,470, 205. 96
83, 053,870.44
-4
Los Angeles, Calif.
^...
68,158, 935. 81
65, 634,438. 40
Denver, Colo
11, 539,234. 52
12,468, 450. 77
+8
Hartford, Conn
42, 215,118. 85
48, 391,389. 35
+15
Wilmington, Del
30, 309,528. 07
40,145, 321. 90
+32
Jacksonville, Fla...
21, 388,162. 32
16, 735,335. 80
-22
-Atlanta, Ga
14, 055,919. 91
12, 520,618.54
-11
Honolulu, Hawaii
..__..
5, 606,515. 38
5, 515,914. 45
—9
Boise, Idaho
1, 089,618.24
868, 067. 52
-20
Chicago, 111
229,154, 604. 06
238,174, 524. 95
+4
Springfield, 111
9, 073,160. 09
8. 963,112.93
-1
Indianapolis, Ind
28, 097,172. 86
26, 298,542. 30
-6.
Dubuque, Iowa
13,430, 691. 80
13, 368,665. 48
(3)
-4
Wichita, Kans
17,934, 706. 64
17,133, 836. 23
Louisville, Ky
26, 662,950. 73
32, 378,183. 96
+21
New Orleans, La
15, 080,701. 21
12, .199,672. 94
-19
Augusta, Me—
8,688, 973. 55
8, 670,813. 09
(S)
Baltimore, Md
51, 741,488. 72
54, 208,727. 71
+5
Boston, Mass
115, 519,620. 59
115, 742,594. 54
Detroit, Mich
151,423, 451.65
137, 076,199. 64
St. Paul, Minn..
29,009, 411. 04
+5
30,438, 665.11
Jackson, Miss
1
2, 516,169. 87
-17
2, 099,915.16
St. Louis, Mo
51, 705,396. 52
—5
49, 077,189.17
Kansas City, Mo
14,146, 216. 29 • 12,946,702. 22
-8
Helena, Mont.
4,427, 782. 50
-41
2, 610,739. 32
Omaha, Nebr..
• 6,179,660. 25
-8
5, 705,779. 81
Rp.no, Nev
1,140, 501. 38
+65
1,879, 608. 88
305.36
Portsmouth, N. H . .
-6
• 3, 978,
3, 758,973. 25
Camden, N. J
:
-15
22, 504,548. 90
19,114,613.44
Newark, N. J
+6
98, 942,258. 39
104, 833,827. 87
Albuquerque, N. Mex
-4
965, 354. 52
924, 647. 51
Brooklyn, N. Y
-19
72,357, 204.47
58, 510,200. 79
Customhouse, New York,
461, 274,391. 90
-1-17
638, 872,184. 77
N. Y.
Third New York
209, 259, 314. 05
224, 814, 097. 23
+7
250 West
Fifty-seventh
Street, New York, N. Y.
+ 12
Fourteenth New York
44,449, 016.91
49, 883, 402. 08
Albany, N. Y . . . .
Twenty-first New York... Syracuse, N. Y
+0
14, 844,483. 78
15, 718, 635. 72
Twenty-eighth New York. Buffalo, N. Y . . .
41,351, 792. 54
41,155, 900. 58
(3)
North Carolina...
254, 494. 467. 51
Raleigh, N. C
274. 257, 525. 21
' +?
North Dakota
:
Fargo, N. Dak
709, 885. 31
556, 292. 43
-22
First O h i o . . . .
Cincinnati, Ohio
49, 969, 493. 87
45, 479, 655. 55
-9
Tenth Ohio
Toledo, Ohio
18,441, 183. 05
19, 874, 902. 87
+8
Eleventh Ohio
Columbus, Ohio
9, 568,546. 20
9,144, 662. 85
-4
Eighteenth Ohio
Cleveland, Ohio
64, 517,994. 68
71,130, 652. 74
+10
Oklahoma
Oklahoma City, Okla...
17, 940,513. 26
18,079, 569.43
+1
Oregon
._ Portland, Oreg..
6,185, 311. 93
5, 744, 794. 79
-7
First Pennsylvania
Philadelphia, Pa
142, 955,526. 77
133, 212, 737. 97
-7
Twelfth Pennsylvania...- Scranton, P a . . .
•
18, 836,011.82
17, 900, 789.14
—5
Twenty-third Pennsylva- Pittsburgh, P a . . .
75, 785,118. 01
79, 089, 537.21
+4
nia.
Rhode Island
15, 307,494.16
307, 494.16
14,114, 507. 98
+8
Providence, R. I
South Carolina
3, 018, 204.30
Columbia, S. C
3,657,326.40
3,018,204.30
-17
South Dakota
887, 611. 88
Aberdeen, S. Dak
837, 704. 57
+6
16,478, 693. 78
Tennessee
Nashville, Tenn
17, 984, 914. 02
22,
Austin, Tex
First Texas
21, 504,402. 65
22, 263, 373. 29
+4
16, 621, 147.72
Dallas, Tex.
Second Texas'
.17,961,536.85
16,621,147.72'
-7
3,
Salt Lake City, L t a h .
Utah
3, 568,168. 06
3, 225, 694. 42
-10
2, 229, 415. 73
Burlington, Vt
Verm ont
2,363,379.08 •
2,229,415.73
-0
Richmond, Va
96. 694, 138. 88
Virginia
87.484,287.39
96.694,138.88
+11
J The figures concerning internal-revenue receipts as given in tins 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 3^.ear 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 Tune 30, thus carrying them into the following fiscal year as recorded in the statements showing the condition of the Treasury.
2 Tax receipts are credited to the districts in wliich the collections are made. Receipts in the various
districts do not indicate the tax burden of the respective districts, since the taxes may be eventually borne
by persons in other districts.
? Less than one-half of 1 per cent.
* Includes $208.34 for 1929 and $812.02 for 1930, collections on products from the Virgin Islands.
12101:—31-
-67
1024
REPORT ON T H E FINANCES
Summary of internal-revenue receipts, years ended J u n e SO, 1929 and 1930, by
collection districts—Continued
District
Location of collector's office
1929
1930
Per cent
increase
(+)or
decrease
(-)
Washington *
West Virginia
Wisconsin , . . . . . .
Wyoming
Philippine Islands
Total
Tacoma, Wash
Parkersburg, W. Va
Milwaukee, Wis
Cheyenne, Wvo.
Manila, P . I
$14,178, 024. 23
14, 261, 248. 39
39, 217, 720.10
1,166,890.48
371,869. 57
2,939,054,375.43
$14,441,936. 62
12,139, 820. 37
35, 512, 796.15
752,334. 55
6 324, 815. 00
3,040,145,733.17
+2
-15
-9
-36
-13
+3
«Includes $13,517.52 for 1929 and $16,346.36 for 1930, income tax on Alaska railroads (act of July 18, 1914).
«In addition to this amount, collections on tobacco manufactures from the Philippine Islands for 1930
are reported as follows; First California, $293.02; Hawaii, $3,163.85; and Washington, $172.54.
1025
COMMISSIONER. OF INTERNAL REVENUE
Summary of internal-revenue receipts, year ended June 30,1930, by States
Population
as of A p r . 1,
Per
1930 ( B u - cent of
r e a u of t h e
total
Census
latest esti- lation
mate)
State»
Alabama
Alaska
Arizona
Arkansas
.
.
California
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
New Jersey...
N e w Mexico
NewYork
N o r t h Carolina
North Dakota..
.
Ohio .
Oklahoma
Oregon
Pennsylvania
Rhode Island
1
S o u t h Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
W e s t Virginia .
Wisconsin
Wyoming
Philippine Islands. . .
Total
2, 646,248
58,758
436,833
1,854,482
5,672,009
1,036,043
1,604,711
238,380
486,869
1,466, 625
2,902,443
368,336
446,837
7,607,684
3, 225, 600
2,467,900
1,879,946
2, 623,668
2,094,496
797,423
1,631, 526
4, 253,646
4,842, 280
2, 666,446
2,009,821
3,620,961
636,332
1,378,900
90,981
465, 293
4,028,027
427,216
12,619, 503
3,170,287
682,448
6,639,837
2,391,777
952,691
9,640,802
687, 497
1,732,567
690,766
2, 608,769
5,821,272
602,582
359, 611
2,421,851
1,661,967
1, 729,205
2,930,282
224,597
.
.
3123,132,009
I n t e r n a l - r e v e n u e receipts, year e n d e d J u n e 30, 1930
Total
Income tax
Miscellaneous
taxes
Amount
Per
cent of
total
$7,161,054.93
0.24
$604,376.06
138,656.31
1,052.13
2,965,710.01
138, 772.44
.10
3,156,507.34
118, 664.44
.10
149,288,308.84
4.91
23,404,829. 06
12,468,450.77
.41
420,036.53
L59
48,391,389.36
2,936,380.26
40,145,321.90
1.32
1,041,874.51
.52
16,724, 675. 72
940,180.41
16,736,335.80
5,651,792.13
.55
.41
12,520,618. 54
374,914.61
.18
5,615,914. 45
218,048. 85
868,067. 62
.03
40,647. 28
247,137,637.88
8.13
23, 762,466. 63
.87
26, 298, 642. 30
2,958,468.90
.44
13,368,666.48
525, 685.37
17,133,836.23
.56
465,620.98
32,378,183.96
L06
17,432,081. 60
12,199,672.94
.40
1,630,219. 22
.29
8, 670,813.09
743,036.14
L27
38,484,061.99
2,629, 687.12
115,742, 694. 54
6,059,689.15
3.81
137,076,199. 64
9,401,313.06
4.51
30,438, 666.11
1.00
1,840,216. 52
.07
2,099,915.16
54,064.61
2.04
62,023,891.39
11,481,982.31
.09
2,610,739. 32
80,189.14
.19
6, 706,779.81
396,862.30
1,879,608.88
.06
558,186.88
.12
3,768, 973.25
472,425.07
4.08
123,948,441.31
29,136,308.70
924,647. 51
.03
66,720.91
30.65
928,966,021.17
98,789,620.01
274, 267, 625.21
9.02
257,276,180.96
.02
556,292.43
32,210.94
4.79
145,629,774.01
19,479,961.94
.69
18,079,669.43
207,807.20
.19
5, 744,794. 79
368,425.20
7.57
230, 203,064.32
17,169.148. 60
15, 307,494.16
1,444,767. 66
.60
3,018,204. 30
.10
216, 684. 77
.03
887,611.88
47,819.33
.54
16,478,693. 78
4,184,370.96
1.28
38,884,521.01
1,921, 277.35
3, 226,694.42
103,954. 55
.11
.07
2,229,415.73
83,557.19
3.18
96,694,138.88
78,102,576.63
.47
14,303,280.31
659,576.39
12,139,820.37
.40
2,689,013.73
1.17
35,512, 796.15
1,379,117. 69
.03
762,334. 56
29,077.47
324,816.00
.01
324,816.00
100.00 2,410,259,230.28 629,886,502.89 3,040,146,733.17 100. 00
2.16
.06
.36
1.61
4.61
.84
1.30
.19
.40
L19
2.36
.30
.36
6.18
2.62
2.00
L53
2.13
L70
.66
L32
3.46
3.93
2.08
L63
2.94
.44
L12
,07
.38
3.27
.35
10.26
2.68
.65
6.39
L94
.77
7.83
.66
L41
.56
2.12
4.73
.41
.29
1.97
1.27
1.40
2.38
.18
$6,656,679.87
137,604.18
2,826,937.67
3,037,942.90
125,883,479.78
12,048,415. 24
45,455,009.09
39.103.447.39
14, 784,495. 31
11,083, .543. 67
12,145,703.93
5,297,866. 60
827, 520. 24
223,375,181. 25
23.340.083.40
12,842,980.11
16, 668, 215. 25
14,946,102.36
10, 569,463. 72
7,927, 776.96
35,954,364.87
109,682,905.39
127, 674,886. 58
28,598,449. 69
2,046,860.56
60,541,909.08
2,630,550.18
5,308,927.61
1,321,422.00
3,286,648.18
94,812,132.61
857,926. 60
830,166,401.16
16,981,344. 25
624,081.49
126,149,812.07
17,871,762. 23
5,376,369.69
213,043,915.72
13,862, 736.60
2,801,619.63
839, 792.56
12,294,322.82
36,963, 243. 66
3,121, 739.87
2,145,858.64
18, 691,562. 25
13, 643,704.92
9,460,806. 64
34,133,678.46
723,257.08
(*)
SUMMARY
Quarter ended—
Sept. 30, 1929
Dec. 31, 1929
Mar. 31, 1930
June 30, 1930
Total, fiscal year 1930.
Total, fiscal year 1929.
Increase, 1930
Income tax
Miscellaneous
taxes
Total
$609,466,017.85 $161,369,194.15
$770,835,212. 00
575,136,909.94
732, 616, 636. 65
157,479, 626.61
628,079,468.37
774,001,347.60
145,921,879. 23
697,576,834.12
762, 692,637.02
165,115,802.90
2,410, 259,230. 28 629,886, 502.89 3,040,145,733.17
2.331,274,428.64
607. 779,946.79 2, 939,054,375.43
78,984,801.64
22,106, 666.10
101,091,357.74
I Including the Territories of Alaska and Hawaii, the District of Columbia, and the Philippine Islands.
* Less than one-half of one-hundredth per cent.
«Included in this total for the United States is the estimated population of the Territories of Alaska and
Hawaii.
NOTE.—Tax receipts are credited to the districts in which the collections are made. Receipts in the various States do not indicate the tax burden of the respective States, since the taxes may be eventually borne by
persons in other States.
1026
REPORT ON THE FINANCES
Summary of income-tax receipts from corporations and individuals, year ended
June SO, 1930, by States
Corporation
State 1
Alabama
Alaska....
. . .
Arizona
Arkansas
California
Colorado...
ConnecticutDelaware
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
M issouri
Montana...
Nebraska
Nevada
New Hampshire.N e w Jersey
New Mexico... .
NewYork
N o r t h Carolina
North Dakota
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 Virignia...
Wisconsin
_
Wyoming
-.
Individual
Total
.
. . .
_
.
.
_
.
: . .
.
.
.
_
.
.
.
L
•
..
.
.
.
^
.
.
. . ..
_
.
Total
$3, 212,460. 32
84,310.86
1,468, 207. 52
1,890,119. 35
64, 342,404. 52
7,835, 965. 65
21,025, 378.83
25,981,014. 20
6, 229,021.90
3, 057,104. 63
8, 530, 921.08
3, 943,604.30
• 584,656.08
122,591,423.36
13, 622,956. 56
7, 383, 744. 65
13, 517, 555. 61
9,023, 390.95
6, 527, 523.13
3, 967,477.04
18, 552,162.02
48,082, 268.48
79,118,445.44
16,823, 692.43
1,296,257.48
30, 645,474. 71
1,164,700. 24
3,039, 535.80
890, 603. 97
1, 387,129.15
45, 358, 968. 36
466,040. 71
381,710,779.42
11, 630,904.12
346,143.28
77, 228, 321.08
10, 692,818. 60
3, 053, 329. 68
115,808, 603. 28
5,843, 290. 69
2,066, 205. 67
477,154.18
7, 221,037.11
21,138,157.31
2,128,860.30
1,047,017.85
14,365, 222. 54
8,204,222.53
6, 302,634.99
22,065,098.96
440,145. 63
$3,444. 219. 55
53, 293. 32
1, 358, 730.05
1,147, 823. 55
61, 541,075. 26
4, 212,4.49. 59
24,429, 630. 26
13,122,433.19
8,555,473.41
8, 026, 439.04
• 3,614,782.85
1, 354, 261. 30
242, 864.16
100,783, 757. 89
9,717,126.84
5,459, 235.46
3,150, 659.64
5, 922, 711.41
4,041, 930. 54
3,960, 299. 91
17,402,202.85
61, 600, 636. 91
48,556,441.14
11, 774, 757.16
749, 603.07
19,896,434.37
1,365, 849. 94
2, 269,391. 71
430,818.03
1,899,419.03
49,453,164.25
391,885.89
448,454,621.74
5,350,440.13
177,938. 21
48,921,490.99
7,178,943.63
2, 323,039. 91
97, 235, 312.44
8,019,445.81
735,313.86
362, 638. 37
5,073, 285.71
15,825,086. 35
992,879. 57
1,098,840. 69
4. 226,339. 71
5,439,482. 39
3,148,171. 65
12,068, 579. 50
283,111.45
$6,656, 679.87
137, 604.18
2,826, 937. 57
3,037, 942. 90
125,883,479.78
12,048,415. 24
45,455,009.09
39,103,447. 39
14, 784,495.31
11,083,543.67
12,145,703.93
5,297, 865. 60
827, 520. 24
223,375,181. 25
23,340,083.40
12,842, 980.11
16, 668, 215. 25
14, 946,102. 36
10, 569,453. 72
7,927, 776. 95
35,954,364.87
109, 682, 905.39
127, 674, 886. 58
28, 598,449. 59
2,045,860. 55
50, 541, 909.08
2, 530, 550.18
5,308, 927. 51
1,321,422.00
3, 286, 548.18
94,812,132. 61
857, 926. 60
• 830,165,401.16
16,981,344. 25
524,081.49
126,149,812. 07
17, 871, 762. 23
5, 376, 369. 69
213,043,915.72
13,862,736.50
2,801, 519. 53
839,792. 55
12, 294, 322.82
36,963, 243. 66
3,121, 739.87
2,145,858. 54
18, 591, 562. 25
13,643, 704. 92
9,450,806.64
34,133,678.46
723, 257.08
1, 263,414,466.60
.
1,146,844, 763. 68
2,410, 259, 230. 28
SUMMARY
Corporation
Q u a r t e r ended—
Sept. 30, 1929
D e c . 31,1929
M a r . 31, 1930
J u n e 30,1930
Increase, 1930
Total
.
. . . .
$292,735,048. 79
266,804,065.02
306, 254,777.81
. 281,050,872. 06
$609,460,017.85
575,136,909.94
628,079,468. 37
597, 576,834.12
1, 263,414,466. 60
1, 235, 733, 256. 24
1,146,844, 763.08
1,095,541,172.40
2,410,259, 230. 28
2,331,274,428.64
27, 681, 210. 36
51,303,591.28
78,984,801.64
» Including the Territories of Alaska and Hawaii and the District of Columbia.
•
$316,730,969.06
308, 332,844. 92
321,824,690.56
316, 525, 962.06
i
T o t a l , fiscal year 1930.
T o t a l , fiscal year 1929
Individual
1027
COMMISSIONER OF INTERNAL REVENUE
Su7nmary of receipts from income tax, years ended J u n e 30, 1928, 1929, and 1930,
by States, with per cent of increase or decrease i n 1930 compared with 1929-
State .1
1928 2
1929 3
1930 <
1929-30
per cent
increase
( + ) or
decrease
•(-)
Alabama..
Alaska s
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..
Nebraska
Nevada..
New Hampshire
..
N e w Jersey
New Mexico.
New Y o r k . . . . . . .
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
:..
Washington
West Virginia
Wisconsin
Wyoming
Total
$8, 177, 763. 97
148, 614.83
1, 737, 389.31
223,761. 38
4,
114, 436. 673. 49
452, 569. 58
• 11. 381,187.14
34, 011,261.97
20, 360, 745.95
16, 180,799.71
17, 549, 945.03
.13, 112,482.85
6. 071,449.03
1, 134, 676.31
201, 245, 618. 35
27, 310. 290. 97
11, 686,704.83
18, 000, 549. 64
15, 180, 648.61
12. 086,129. 20
253, 996. 29
529, 722. 07
128, 483, 671.73
26, 105, 278.34
2, 673,803. 33
61, 978, 795.41
2, 824, 762.01
b, 332,712.95
690,109.81
S, 245,709.60
82, 955, 633. 35
771, 759. 27
646, 604, 323. 34
20, 351, 497. 68
748, 381. 47
113, 764,003.83
20, 188,067. 89
' b, 815,361.71
216, 937, 912. 70
13, 571,998.12
3, 736,743. 76
678; 658. 29
13, 350, 618. 58
45, 659,115. 69
3, 663,069.14
2, 220,694. 30
21, 890, 640. 09
12, 156, 274. 22
13, 352,481. 24
43, 492, 214. 34
2, 057, 041. 39
2,174, 573,102.
$7, 599,048. 23
- 156,628. 77
2,310, 604. 70
3, 557,299.13
130. 224,046. 52
11, 037,690.14
40, 259,009. 66
28,166, 915. 74
15, 677,952.08
12, 859,209.91
13, 499,794.24
5, 473,247.80
1, 048,67i:55
217,401, 625. 49
25,461, 642. 74
12, 835,666. 97
17, 269,608. 89
15,197, 634.84
12,985? 416. 66
8, 386,602. 64
31, 331,988. 04
109, 722,875.87
140, 484,483.11
27, 668,271. 41
2, 325,743.89
51,632, 868.82
3, 048,669. 22
6,856, 729. 27
1, 075,806. 28
• 3,353,349. 52
93, 922,103. 69
933, 541.91
744, 781,797. 29
20, 066,795. 21
665,- 134.02
121,821, 612.04
•17,571, 605. 34
• 5,902,572.60
208, 989,644. 38
13, 595,817. 59
3, 500,396. 48
793, 687.11
13, 760,646. 64
37, 703,785. 74
3,478, 962. 25
2, 308,989. 26
20,177, 390. 67
13, 424,220. 27
11,348, 725. 27
37, 507,776. 59
1,110, 323. 26
2, 331, 274, 428. 64
$6, 656,679. 87
137, 604.18
2,826, 937. 57
3,037, 942. 90
125, 883,479. 78
415. 24
. 12, 048,
45,455, 009.09
• 39,103,447. 39
14, 784,496. 31
11,083, 643. 67
12,145, 703.93
5, 297,865. 60
827, 520.24
223, 375,181. 25
23, 340,083. 40
12, 842,980.11
16, 668,215. 25
14, 946,102. 36
10, 669,453. 72
7, 927,776.95
35, 954,364.87
109, 682,905. 39
127, 674,886. 58
28,698, 449. 69
2, 045,860. 55
50,641, 909.08
2, 530,650.18
5, 308,927. 51
1, 321,422.00
548.18
3, 286,
94,812, 132; 61
857, 926. 60
830,165, 401.16
16, 981,344. 25
624, 081.49
126,149, 812.07
17,871, 762. 23
369. 59
. 5, 376,
213,043, 91.5.' 72
13, 862,736. 50
2, 801,519. 53
839, 792. 5512, 294,322. 82
36, 963,243. 66
3,121, 739. 87
2,145, 858. 54
18, 591,562. 25
13, 643,704. 92
9,450, 806. 64
34,133, 678.46
723, 257.08
2,410, 269, 230:28.
1 I n c l u d i n g t h e Territories of Alaska and H a w a i i a n d t h e D i s t r i c t of C o l u m b i a .
2 I n c l u d e s third a n d fourth q u a r t e r l y i n s t a l l m e n t p a y m e n t s of t h e tax on incomes
a n d second q u a r t e r l y i n s t a l l m e n t p a y m e n t s of t h e tax on incomes for 1927.
3 Includes t h i r d a n d fourth q u a r t e r l y i n s t a l l m e n t p a y m e n t s of the tax on incomes
a n d second q u a r t e r l y i n s t a l l m e n t p a y m e n t s of t h e tax on incomes for 1928.
. * I n c l u d e s t h i r d a n d fourth q u a r t e r l y installment, p a y m e n t s of t h e tax on incomes
a n d second q u a r t e r l y i n s t a l l m e n t p a y m e n t s of the tax on incomes for 1929.
« I n c l u d e s $14,658.19 for 1928, $13,517.52 for 1929, a n d $15,346.36 for 1930, income tax
(actof J u l y 18, 1914).
6 Less t h a n one-half of 1 per cent.
-12
-12
+22
-16
-3
+9
+13
+39
-6
-14
-10
-3
-21
+3
( « ) •
-3
-2
-19
-5
+15
()
«
-9
+3
-12
-2
-17
-9
+23
-2
.+1
-8
+11
-15
-21
+4
+2
-9
+2
+2
-20
+6
-11
-2
-10
-7
-8
+2
-17
+3
for 1926 and t h e first
for 1927 a n d the first
for 1928 a n d the first
on Alaska railroads
1028
REPORT ON THE FINANCES
Total internal-revenue receipts, years ended June 30, 1863-1930
Amount
Year
1863 1
1864...
1865
1866...
1867
1868...
1869
1870.1871
1872...
1873
1874..
1875
1876 .
1877
1878.
1879
1880
1881...
1882
1883
1884....
1885...
1886
.
.
$41,003,192. 93
116,965, 578. 26
210,866,864.53
310,120,448.13
265,064,938.43
190,374,925.59
159,124,126.86
184,302,828.34
143,198, 322.10
130,890,096.90
113, 504,012.80
102,191,016. 98
110,071,515.00
116,768,096. 22
118,549, 230. 25
110,654,163.37
113,449,012.38
123,981,916.10
135,229,912.30
146,523,273.72
144,553,344.86
121,590,039.83
112,421,121.07
116,902,869.44
Year
1887
1888
1889.
1890
1891.
1892
1893
1894
1895
1896..
.
1897
.1898
1899
1900..
1901
1902..
1903
1904
1905
1906
1907
1908.......
1909
1910
• Amount
Year
Amount
1911
$322, 526, 299.73
$118,837,301.06
321,615,894.69
124,326,476.32
1912
344,424,453.85
130,894,434.20
1913...
380,008,893. 96
1914
142,594,696. 57
415,681, 023.86
146,035,415.97
1915
512, 723, 287. 77
153,857, 644. 35
1916
809,393,640.44
161,004,989.67
1917
3,698,955,820. 93
147,168,449. 70
1918
3,860,150,078. 56
143,246,077.75
1919......
6,407, 680,251.81
1920
- - 146,830,615. 66
4, 695,357,061.95
146,619, 593.47
1921....:
• 170,866,819.36
3,197,451,083.00
1922
273,484, 573.44
2,621,745,227. 57
1923
,
295,316,107. 67 1 1924
2.796,179,257.06
306,871,669.42
2,584,140, 268.24
1925
271,867,990. 25
2,835,999,892.19
1926
230,740,925. 22
1927..
2,865,683,129. 91
232, 903, 781. 06
1928
•
2, 790, 535, 537.68
234,187,976.37 . 1929
2,939,064,375.43
249,102, 738.00
1930.
3,040,146,733.17
269,664,022.85
251,665.960.04
T o t a l . . . . 54, 651, 899,753. 87
246,212,719.22
289,957,220.16
1 Period of 10 months from Sept. 1, 1862, the day on which the internal revenue laws went into practical
operation, to June 30, 1863.
Internal-revenue tax on products from Philippine I stands,.years ended June 30, 1929
and 1930, by articles taxed
Articles taxed
1929
1930
Increase ( + )
or decrease
(-)
$359,173. 72
13, 353. 76
184. 25
Total
3,063. 75
$316,671. 94
8,989.71
398. 31
.20
2,384. 25
- $ 4 2 , 501. 78
- 4 , 3 6 4 . 05
+214.06
+.20
- 6 7 9 . .50
375,775. 48
Cigars (large)
Cigarettes ( s m a l l ) . . . .
M a n u f a c t u r e d tobacco
Playing cards.
S t a m p sales ( d o c u m e n t a r y )
328,444. 41
- 4 7 , 331. 07
NOTE.—Under the tariff' act of Aug. 5,1909, the above receipts, with the exception of the internal revenue
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 tax on products from Porto Rico, years ended JuneSO, 1929 and
1930, by articles taxed
Articles taxed
Increase (+)
or decrease
1929
1930
Cigars (large)
Cigars (small)
Cigarettes (large).
Cigarettes (small)
$362,636. 84
6, .965. 40
31, 616. 88
4,937.34
$328,710. 79
6,000. C
O
23,129. 28
8,739.06
-$33,926.06
--965.40
-8,487. 60
+3,80L72
Total
406,156.46
366,579.13
9,577. 33
(-)
NOTE.—The above receipts were deposited at San Juan, P. R., to the credit of the treasurer of Porto
Rico. Said receipts are not included m the internal-revenue receipts, and consequently are not shown
in other statements herein.
INDEX
[NOTE.—The year, except when otherwise indicated, refers to the fiscal year ended June 30]
Accounts and collection unit. {See Internal Revenue Bureau.)
Accounts and deposits, office of commissioner of:
Administrative officers, as of November 15, 1930
Administrative report
'
Acts of Congress {see also Legislation):
Seventy-first Congress—
1929, December 15, Public Resolution No. 23, reducing rates of
income tax for 1929, text
1929, December 18, Public No. 24, French debt settlement, text.
1930, January 22, Public Resolution No. 33, to authorize additional appropriations for relief of Porto Rico, text
1930, March 10, Public Resolution No. 48, extending time within
which American claimants may make application for payment
of awards of Mixed Claims Commission, text
1930, April 9, Public No. 106, coordination of public health
activities of the Government, text
1930, April 11, Public No. I l l , to discontinue coinage of $2.50
gold piece, text_.
1930, May 26, Pubhc No. 251, to establish and operate a National Institute of Health, text
1930, May 27, Public No. 273, to create a Bureau of Prohibition
in Department of Justice, text
;
1930, June 5, Public No. 307, authorizing settlement of German
indebtedness to United States on account of Mixed Claims
Commission awards, text
1930, June 9, Public No. 316, classification of extraordinary
expenditures contributing to deficiency of postal revenues,
text
1930, June 14, Public No. .357 (Porter bill), to create in the
Treasury Department a Bureau of Narcotics, text
1930, June 17, Public No. 376, exempting Treasury bills from
certain taxes, text
,
1930, June 21, Public No. 411, settlement of war claims act of
of 1928, amendement, text
1930, June 26, amending Federal farm loan act, cited1930, June 26, Public Resolution No. 96, amending act creating
Bureau of Narcotics, text
Federal aid to States, acts cited and bases for aid summarized
Actuary, Government. {See Government actuary.)
Adjusted service certificate fund:
Condition, June 30, 1930
:
Expenditures
470, 492, 508, face
1029
Page
xxii
109
364
328
436
348
402
407
405
383
340
432
386
308
349
104
389
437
112
631
1030
INDEX
"
"
Adjusted service certificate fund—Continued.
Treasury notes on account of—
Page
Issued, retired, and outstanding J u n e 30, 1930
551
Outstanding, J u n e 30, 1930, description of issues
555
Transactions, from dates of issue, by issues
575
Admissions t a x :
Receipts (collection basis)
211, 512, 514, 516, 1011, 1022
S u m m a i y of provisions
366
Advertising, Treasury D e p a r t m e n t , authorizations issued and expenditure incurred, 1929 and 1930
. 273
Agricultural experiment stations, appropriations for State aid
439
Agricultural extension work, appropriations for State aid
439
Agj'icultural marketing fund, expenditures.__J
470, 508, face 631
Agriculture, D e p a r t n i e n t of:
Appropriations
543, 545
Building site
:
141
Expenditures__:
'_. 470, 481, 4.89, 508, face 631
State-aid appropriations
445
Air Service expenditures, 1929 and 1930 (checks issued basis):
Army Air Corps
•..
486
Commerce D e p a r t m e n t
482
National Advisory Committee for Aeronautics
480
N a v y Aeronautics- Bureau
^
483
Aircraft:
Air fields designated as t e m p o r a r y airports
176
Coast Guard planes, operation of__
149
Coast Guard reporting system
86, 147
Customs seizures. {See Customs.)
Detroit, planes entered 1929 a n d 1930
171
Florida.customs district, expansion of__l
..1
.._
171
Sanitar}^ control—
Public Health Service cooperation
..
24.8
Quarantine commission of air navigation, proposal
94
Alaska:
,
'
Agricultural experiment station cooperative appropriation act extended to, F e b r u a r y 23, 1929____
-___
. 4.39
Banks, all reporting—
Cash, June, 1930, classified___
.___
929
Deposits, June, 1930, classified
929
Deposits, June 30, 1930, individual a n d savings, t o t a l a n d per
capita
857
Investments, June, 1930, classified
927
Liabilities, 1930
925
Loans a n d discounts, Juiie, 1930, classified
927
Number, capital, assets, June 29, 1929
161
Resources, 1930
.
923
Savings deposits a n d depositors, by class of bank, June 30, 1930_
859
Banks, national—
Earnings, expenses, a n d dividends, 1930
868
Loans a n d discounts, J u n e 30, 1930
847
Investments, holdings, classified, J u n e 30, 1930
855
Resources a n d liabilities, September 24, 1930
841
United States Government securities held by, J u n e 30, 1930
850
Indigent in, special fund, appropriations, 1931
543
Internal revenue receipts, 1930__^^-^_^_^_^
^_^_,_^^__^_^_^___
1025
INDEX
1031
Page
Alaska fund, receipts, 1929 a n d 1930 (warrant basis)
.__
476
Alaska game law fees, receipts, 1929 a n d 1930 (warrant basis)
473
Alaska Railroad, expenditures for, 1929 a n d 1930 (checks issued basis) __
482
Alaska rehef funds, expenditures, 1929 a n d 1930 (checks issued basis) __
480
Alcohol:
Customs seizures. {See Prohibition enforcement.)
Regulation of, summarized
__._ 90, 229
Alien. Property Custodian:
Account, s t a t e m e n t of
_
126
Austrian special deposit account, transfers made by
'..._
L
72
Expenditures, 1929 (checks issued basis)
j.
480
Henkels v. Sutherland, jjayments under decision
127
P a y m e n t s under section 26 (b), settlement of war claims act of 1928-_
127
Securities for account of, held by Secretary of t h e Treasury, transactions, 1930
:
-_
126
Alien property funds, expenditures
470, 490, 508, face 631
American B a t t l e M o n u m e n t s Commission:
Appropriations, 1931
543
Expenditures for, 1929 and 1930 (checks issued basis)
480
American National Red Cross Building, appropriation, 1931__-_
543
Antidumping act, b u t y l acetate importations in violation of
176
Appointments division, administrative report
133
Appraisers' stores, receipts, 1930, by ports
•. . 176
Appraiser's warehouse:
Chicago, appropriation for
.__
.176
New York, completion of
''.
175
Appropriations:
1911-1930, totals
550
1916-1931, classified
-.
:
545
1930, accountability statement._ 1
I
L-_
548
1931, c l a s s i f i e d - - - - - - -__
— __.__ — _
543
1932, estimates, classified
....
543
Contingent expenses, public moneys, n a t u r e of
125
Digest of appropriations, n a t u r e of
^-_
124
Recoinage
__125
State aid. {See Federal; aid to States.)
Appropriations and expenditures, warrants drawn, 1930, by classes
122
Architect of t h e Capitol, expenditures, 1929 and 1930 (checks issued
basis)
.......
480
Arizona, school fund income from national forests fund receipts
440
Arlington Memorial Bridge Commission:
Appropriation, 1931
543
Expenditures, 1929 and 1930 (checks issued basis) 480
Armenia, obligations to United States, status, November 15, 1930. _ 608
Assay Commission, a n n u a l test of domestic coinage, 1929
727
Assistant Secretaries of the Treasury:
1849-1930
:
--_---_xix
Addresses—
February 20, 1930, T h e Public Building Program
_-_._
391
J u n e 11, 1930, T h e Public Building P r o g r a m .
399
July 14, 1930, Some Recent Accomplishnients of t h e Treasury __
459
Attorneys, committee on enrollment and disbarment of, administrative
report
189
1032
INDEX
Austria:
Obligations to the United States—
Payments on principal to June 30, 1930
Relief bonds—
Expression of appreciation of Austria in concluding funding
agreement
Funding agreement
Settlement agreement transactions
Statement of Secretary of the Treasury concerning agreement for settlement of May 8, 1930
Status, November 15, 1930
Special deposit account transactions
Automobile tax receipts (collection basis), 1929 and 1930
Automobile traffic, customs districts. {See Customs.)
Page
75
332
316
75
322
608
73
211
B
Balances, unexpended, 1911-1930
550
Bank failures, 1929, analysis.-.,
802
Bank notes. {See Federal reserve bank notes; Federal reserve notes;
National bank notes.)
Banking, branch, group, and chain:
Comptroller's, report
801
Status..:
..-.
78
Trade area theory discussed
806
Banks. {See Federal intermediate credit banks; Federal land banks;
Joint stock land banks; National banks.)
Banks (United States), all reporting:
Capital, by States and possessions, June 30, 1930
161
Cash, by States and possessions, June, 1930
928
Circulation, bonds deposited as security for, 1921-1930
692
Deposits, June, 1930, classified by States and possessions
928
Deposits, June 30, 1930, individual and savings, total and per capita,
by States and possessions..,
856
Deposits, demand and time, June 30, 1930, classified
930
Investments, June 30, 1930, classified, by States and possessions
926
Liabilities, June, 1930, by States and possessions
_.
924
Loans and discounts, June, 1930, classified, by States and possessions926
Number and total resources, by States and possessions, June 30, 1930161
Number, with semiannual duty levied, etc., 1921-1930
692
Resources, June, 1930, principal items, by States and possessions
922
Resources and liabilities—
1924-1930___.__
162
1926-1930, principal items
931
1929, June 29, and 1930, June 30, compared
- _ _ 160, 921
1930, June 30, classified
--.-__
919
1930, June 30, principal items compared with Federal reserve
member banks
_..
932
Savings deposits and depositors, by class of bank, June 30, 1930
' 858
Semiannual duty levied from 1921 to 1930
692
Banks (United States), other than national:
Failures, 1930.
836
Resources and liabilities—
1926-1930
915
1929, June 29, and 1930, June 30, compared
159, 913
INDEX
1033
Banks (United States), other t h a n national—Continued.
Resources and liabilities—Continued.
Page
1930, J u n e 30
911
1930, J u n e 30, by class of bank
1
914
Banks of issue (foreign), assets, a b o u t J u n e 30, 1930, by countries
953
Bases used in tables of receipts and expenditures
•
467
Belgium, obligations to United States:
P a y m e n t s to J u n e 30, 1930
75
Statements of p a y m e n t s received331, 333
Status, November 15, 1930
.
608
Beverages, tax, nonalcoholic, soft drinks, etc., receipts, 1918-1924 (collection basis)
514
Blind, appropriations for education of
444
Board of Tax Appeals:
Appropriations, 1931
543
C h a r t of work
50
Expenditures, 1929 and 1930 (checks issued basis)
480
Fees, receipts, 1929 and 1930 (warrant basis)
473
Stationery, cost of, 1926-1930-___
.
270
Work summarized
49
Boise assay office:
Activities
,
__.
724
Establishing act date
_724
Bonds {see also Federal land b a n k s ; Joint stock land b a n k s ; Liberty bonds;
Treasury b o n d s ) :
.
Consols of 1930 not called for redemption on April 2, 1930
25, 315Forfeited, jurisdiction of
125
Forfeitures, receipts, 1929 and 1930 (warrant basis)
473
Held to secure deposits in depositaries, 1921-1930
692
Outstanding, June. 30, 1930—
Description of issues
554
Issued, retired, and outstanding, b}^ issues
551
United States, pre-war—
N e t increases and decreases, 1918-1930, by issues (warrant basis) _
581
Transactions—
From dates of issue, by issues, outstanding J u n e 30, 1930 _ .
575
Interest-bearing, summary, 1930
—
568
Issues and redemptions, 1927-1930
580
Bookkeeping and W a r r a n t s Division, administrative report
121
Border patrol. Coast G u a r d :
Undersecretary of t h e Treasury, April 24, 1930, s t a t e m e n t relative
to bill concerning
447
Undersecretary of t h e Treasury, letter to t h e President, J a n u a r y 13,
1930, on unified border patrol
447
Boston, Cape Cod & New York Canal Co., bonds, transactions in
634
Botanic Garden, expenditures for, 1929 and 1930 (checks issued b a s i s ) —
480
Branch banking
78, 801
Bronze coin, seigniorage on, 1930
225, 711
Bronze coinage metal, operations of melting, refining, and coining depart- .
m e n t s of mints, classified, 1930
718
Budget a n d accounting a c t :
Bookkeeping a n d W a r r a n t s Division, duties under
. 126
Treasury D e p a r t m e n t budget officer
126
1034
INDEX
Budget and improvement committee:
Page
Administrative report
•
_
137
Appointment of
^..
138
Budget results, summarized {see also Expenditures; Receipts; Surplus)-^
2
Building and loan associations:
District of Columbia—
1909-1930, number, loans, installments on shares, resources
934
1930, J u n e 30, number, deposits, a s s e t s . .
932.
United States—
1920-1929, number, resources, failures, loss.^
936
1928 and 1929, mortgage loans outstanding, by States__'
936
1929, number, membership, assets, by States
935
Bullion {see also Gold bullion; Silver bullion):
Proof bulhon m a d e a t Philadelphia Mint, 1930
716
Stock in mints and assay offices, J u n e 30, 1930
752
Bullion and coin, basic metal stock, gold and silver, J u n e 30:
1873-1930, total and per capita
, 754
1925-1930
.
'752
Business conditions, summarized with relation to Federal revenues
. 30
B u t t e r (adulterated, process or renovated) taxes:
.
•
Receipts., 1929 and 1 9 3 0 - _ ._ 211, 1011, 10.22
Summary of provisions
•
368
.
C
C a n a d a a n d United States, reciprocal quarantine arrangement
94
Canal Zone receipts, 1929 and 1930, taxes, licenses, fees, etc. (warrant basis).
472
Capital stock s t a m p taxes:
Receipts (collection basis), 1929 and 19,30, sales or transfers
211, 512
S u m m a r y of provisions—
Issues
:_-____-_366
Sales or transfers^
_-_
-.1,
_-__,
366
Capital stock t a x :
Additional assessments, 1930
_-___
203
Receipts (collection basis)
211, 514, 1010
Refunds, 1930
_..
203
Carson City M i n t :
Activities
1.
724
Coinage, t o t a l value, 1870-1893, by denominations
...
739
Establishing act date
724
Certificates of indebtedness:
Coupons paid, 1930, by i s s u e s . .
695
Expenditures on account of, 1930, by m o n t h s (daily s t a t e m e n t basis)..
509
Issued through each Federal reserve bank and t h e Treasury, by series,
1930
.._:____
573
Issues—
April 6, 1917, to Jiuie 30, 1930, rates, dates of issue, call and/or
m a t u r i t y , and a m o u n t s issued:
586
September 15, 1929, to September 15, 1930, by s e r i e s . _ _ . - - . . _ .
16
Net increases and decreases, 1918-1930 (warrant basis)
.
581
Offering of series, dated—r
December 16, 1929, Series TS-1930, 3H per c e n t . . .
283
March 15, 1930, Series T D - 1 9 3 0 , 3J^ per c e n t .
_-_
289
J u n e 16, 1930, Series T J - 1 9 3 1 , V/s per cent
294
September 15, 1930, Series T S - 1 9 3 1 , 2% per c6nt
300
INDEX
1035
Certificates of indebtedness—Continued. '
Outstanding June 30, 1930—
.Page
(
By issues
-_
551
Description of issues
-.
556
Quarterly financing summary, September 15, 1929, to September 15,
1930
.
14
Retirements^—
1927-1930, by issues
589
1930, by issues, classified, amount and pieces
690
Subscriptions and allotments among Federal reserve districts—
Series TD-1930
290
Series TS-1930
.....
285
Series TJ-1931
_.
___295
Series TS-1931__._
\..
301
Transactions—
1927-1930, issues and redemptions
580
1930, summary
568
From dates of issue, outstanding June 30, 1930, by issues
578
. Chain banking
.
78, 801
Charlotte Mint, coinage, total value, 1838-1861, by denominations
739
Checks:
Department Circular No. 176, governing deposit of public moneys
and payment of Government checks and warrants, amended
September 2, 1930
413
Government disbursing officers', number and amount of
634
Issuance of duplicate checks, function of Division of Bookkeeping
and Warrants
..
124
Issued, expenditures on basis of, explanation__
468
Lost, stolen, or destroyed, procedure for duplication
124
Outstanding, 1930 (revised daily .statement basis)
471
Cheese (filled) taxes, summary of provisions
370, 372
Chief clerk and superintendent, office of, administrative report
139
Cigar tax receipts (collection basis):
1929 and 1930____
212, 512, 1022
1929 and 1930, by months..-_ 1010
Cigarette papers and tubes tax:
Receipts, 1929 and 1930 (collection basis)
512, 1010
Summary of provisions
:
-368
Cigarette taxes {see also Tobacco taxes):
Receipts, 1929 and 1930 (collection basis).___
512, 1010
Summary of provisions
:
. 368
Circulars, department:
No. 92. Special deposits of public moneys under act of Congress of '
September 24, 1917, April 17, 1917, revised October 1, 1928,
supplemented December 15, 1929
408
No. 176. Regulations governing deposit of public moneys and payment of Government checks and warrants, amended and supplemented September 2, 1930
.
__-413
No. 418. Regulations governing the sale and issue of Treasury bills,
dated November 22, 1 9 2 9 . . . . . .
._
303
No. 418 {see above), amended, June 25, 1930
309
No. 419. Treasury certificates of indebtedness. Series TS-1930,
3H per cent, dated and bearing interest from December 16, 1929._
283
1036
INDEX
Circulars, department—Continued.
Page
No. 422. Treasury certificates of indebtedness, Series TD-1930, SYA
per cent, dated and bearing interest from March 15, 1930
289
No. 424. Treasury certificates of indebtedness. Series TJ-1931, 2%
per cent, dated and bearing interest from June 16, 1930
294
No. 427. Treasury certificates of indebtedness. Series TS-1931, .2%
per cent, dated and bearing interest from September 15, 1930
299
No. 428. Treasury notes. Series A-1930-1932 and B-1930-1932,
redemption call
.315
Circulation of money in the United States:
1913-1930, June 30, by kind
606
1913-1930, June 30, total and per capita
604
1929, December 31, total and per capita and comparative totals as of
1928, 1920, 1917, 1914, 1879
756
1930, June 30, classified
607
1930, June 30, total and per capita and comparative totals as of 1929,
1920, 1917, 1914, 1879
753
Civil Service Commission:
Appropriations, 1931_543
Expenditures, 1929 and 1930 (checks issued basis)
480
Civil service retirement and disability fund:
Condition, June 30, 1930
113
Expenditures
470,490, 508, face 631
Treasury notes on account of—
Issued
551
Outstanding June 30, 1930, description of issues
555
Transaction from dates of issue, by issues
576
Clark, George Rogers, Sesquicentennial Commission, expenditures, 1929
and 1930 (checks issued basis)
480
Clearing-house associations, transactions, year ended September 30, 1930.
895
Coast Guard:
Administrative officers
xxiv
Administrative report
.
142
Aircraft reporting system
'
.__ 86, 147
Airplanes, operations of
149
Appropriations, expenditures, and balances, 1930
. 153
Border patrol. {See Border patrol.)
Expenditures, 1929 and 1930 (checks issued basis)
485
Ice patrol service
:
87
Legislation in 1930 affecting service
85
Life-saving medals awarded
86, 153
Operations, 1929 and 1930, summarized...
84
Personnel.. {See Personnel.)
Port regulations enforced by
86
Prohibition enforcement activities
86
Radio school
87
Stationery, cost of, 1926-1930
270
Telephone lines transferred to, from Weather Bureau
86
Coast Guard Academy:
Activities
150
New construction
85
Coast Guard Institute, activities
152
INDEX
1037
Page
Coin, United States {see aZso Gold coin; Minor coin; Silver coin; Subsidiary
silver coin; Standard silver dollar):
Recoinage appropriations
125, 653
Shipments under direction of Treasurer's office, 1930
652
Stock in United States—
1929, December 31, classified
755
1929 and 1930, June 30
752
1930, June 30
-_
224, 709
Uncurrent coins, shipments under direction of Treasurer's oiftice,
1930
652
Coin and bullion, basic metallic stock, gold and silver:
1873-1930, June 30, total and per capita
754
1925-1930, June 30--_
752
Coinage, United States, domestic:
Authorizing acts, standard weight, standard fineness, total coined to
December 31, 1929, pieces and value, by denominations
736
' Discontinued, $2.50 gold piece. {See Gold coin.)
Mint service activities. {See Mint Bureau, administrative report.)
Output—
1793-1929, combined value, by denominations, by calendar
years
:
.
744
1793-1929, value and number of pieces', by institution, by denomination
739
1793-1929, value, gold, silver, and minor coins, by calendar
years
750
1920-1929, number of pieces, gold, silver, and minor coins, by
institution
742
1920-1929, value and denomination, by institution
740
1929 and 1930, by kindsi
221
1930, value, pieces, by denomination, by institution
712
Coinage, United States, foreign, output:
1930, by country, denomination, number, and kind
713
1930, number of pieces, by country
;
221
Collection items deposited with the Treasurer of the United States
633
Colleges for agriculture and mechanic arts. State aid appropriations
441
Combined statement of receipts and expenditures, nature of
123
Commerce Department:
Appropriations
543, 545
Expenditures
470, 482, 489, 508, face 631
Commissioner of Accounts and Deposits. {See Accounts and deposits.)
Committee on civil service retirement, personnel
1
xxiv
Committee on enrollment and, disbarment of attorneys and agents:
Administrative report
189
Personnel
xxiv
Committee on personnel, personnel
.
xxiv
Committee on simplified office procedure, personnel
^_. xxiv
Compound-interest notes:
Issued, redeemed, and outstanding, by denomination, June 30, 1930..
688
Legal tender qualities of
.
.
671
Comptroller of the Currency:
Administrative ofl&cers as of November 15,1930
xxii
Administrative report
154
1038
INDEX
Comptroller of the Currency—Continued.
Page
Annual report (abridged)
801
Authority over appointment of receivers for insolvent national banks,
review of court decision._ J
827
Expenses of Currency Bureau, 1930
954
Legislation recommended
,
801
Consols of 1930. {See Bonds.)
Consular and passport fees, receipts, 1929 and 1930 (warrant basis)
473
Continental currency, legal tender qualities of
672
Cooperative Federal and State activities. {See Federal aid to States.)
Coos Bay wagon road grant fund, special fund appropriation
442
Copper coins, coinage executed, 1929 and 1930, value
221
Copyright fees, receipts, 1929 and 1930 (warrant basis)
473
Corporation taxes. {See Capital stock tax; Income tax.)
Costa Rica, coinage executed for, 1930
221
Cotton futures tax, summary of provisions
368
Counterfeiting and forgery cases
.
^ 259
Coupons, interest, procedure as to verification and audit of, changed
674
Coupons from insular bonds paid during 1930, classified, number and
amount
693
Coupons from United States obligations:
1930, by loans, number and amount
695
1930, number and amount
635
Court fees, receipts, 1929 and 1930 (warrant basis)
473
Court forfeitures, receipts, unclaimed moneys remaining in registiy of
courts, 1929 and. 1930 (warrant basis)
473
Courts, expenditures for, 1929 and 1930 (checks issued basis)
^
483
Credit conditions reviewed
.:
18
Criminal cases under national banking laws, resulting in convictions, year
ended October 31, 1930
884
Cuba, obligations to United States, status, November 15, 1930
60S
Cumulative sinking fund. (/See Sinking fund.)
Currency {see also Coin; Coinage; Gold; Silver; Money; Paper currency):
Legal tender qualities of
671
Redeemed, deliveries to destruction committee, 1930, by kinds
238
Redemption {see also National-Bank Redemption Agency), expenses
incurred in, 1921-1930
699
Currency Bureau. {See Comptroller of the Currency.)
Currency trust fund, June 30, 1930__29
Customhouses, expenditures for. {See Public buildings.)
Customs {see also Drawback):
Air traffic.
171
Antiques, spurious importations
176
Appraisers' stores receipts, 1930, by ports
176
Appraisers' warehouses
175
Automobile entries, by customs districts, 1929 and 1930
171
Baggage examination
172
Baggage seizures
_.
178
Collections, refunds, net proceeds, 1929 and 1930
. 169
Cost of collection per $100, .1930, by districts_.___
•
1 532
Drawback investigations
180
Entries—
1926-1930, number
170
1929 and 1930, number, classified
.....
170
INDEX
1039
Customs—Continued.
. Page
Fines and penalties, 1929 and 1930 (warrant basis) ._
472
P a y m e n t s , 1930, by districts
530
Receipts—.
1791-1930 (warrant basis)
494
1867-1929, total and ratio to value of dutiable and to value of all
imports
523
1890-1929, estimated duties, value of dutiable imports,, ratio
of duties to imports, by tariff schedules
^
525
1916-1930 (daily s t a t e m e n t basis)
489
1927, July-1930, October, by m o n t h s (daily s t a t e m e n t basis)
506
1929 and 1930, duties a n d tonnage t a x (warrant basis)
471
1930—
Analysis
7, 88
By districts (collection basis)
530
By districts (warrant basis)
534
By funds (revised daily s t a t e m e n t basis)
469
By months (daily s t a t e m e n t basis)
face 631
Refund of receipts, 1930, by months
508
Refunds of receipts, expenditures for, 1930, by m o n t h s
face 631
Seiziires—
1929 a n d 1930, alcohol, liquors, ale, a n d beer, gallons
173
1929 and 1930, appraised value, by class of commodity
173
1930, by customs officers a n d transferred to other governmental
organizations
.
175
1930, by governmental agencies-.j
174
Undervaluation cases
177
Vessels cleared a n d entered, 1929 a n d 1930
170
Weighing of merchandise e q u i p m e n t - . ^
175
Customs Bureau:
Administrative officers, as of November 15, 1930
^.
xxiii
Administrative report
,
L.
163
Customs field officers' conference
.,
167
Expenditures_
'
482, 532
Investigative activities
177
Organization chart
166
Personnel {see Personnel);
165
Reorganization a n d expansion_,
:
89, 163
Supplies, cost of, 1926-1930__
268, 270
Undersecretary of t h e Treasury, address, F e b r u a r y 19, 1930, T h e
Customs Service_
v
451
Volume of business
_---_170
Customs Court. {See United States Customs Court.) .
Customs district, San Diego, establishment of
176
Customs foreign service, legislative provision for expenses of
.,
167
Customs information exchange, activities of
179
Customs internal revenue collections, 1929 a n d 1930
1011, 1022
Customs p o r t s : .
Airfields designated as temporary airports
.
176
New ports established
_
^
1
176 .
New York, congestion
172
P o r t examination commission, work of
•
_
177
12101—31
68
1040
INDEX
Czechoslovakia obligations to United S t a t e s :
P a y m e n t s to J u n e 30, 1930
S t a t e m e n t s of p a y m e n t s received
Status
._
.
Page
....
75
331, 333
75, 608
D
Dahlonega Mint, coinage, t o t a l value, by denomination, 1838-1861
739
Daily s t a t e m e n t of t h e T r e a s u r y :
Description of change in form, July 1, 1930
433
Revised a n d unrevised, explanation of
467
Delinquent-taxes disclosed, 1930
215
Denver M i n t :
Coinage—
N u m b e r of pieces, by kind of currency, 1920-1929, calendar
years
742
Value, by denominations, 1906-1929_--_
739
Value, by denominations, 1920-1929, by calendar years
740
Establishing act date
,
724
Depositaries:
Deposits—
Balances, restorations, 1925-1929
652
In general, limited, a n d special depositary banks, 1929 a n d 1930«
677
I n t e r e s t accrued on public deposit balances, 1920-1930
651
I n t e r e s t p a y m e n t s , requirements
651
Designation of, Treasury policy
^
129
Federal reserve b a n k s —
Balances, J u n e 30—
1929 a n d 1930
_'
.
.
677
1930,
.
._._
676
W i t h branches, balance held b y each b a n k or branch, J u n e 30,
1930
686
Foreign—
Balances held by each, J u n e 30, 1930
687
Location
131
General a n d limited, defined
,
.
650
General a n d limited depositary banks, J u n e 30, 1930
676
General, limited, a n d insular depositary banks, n u m b e r a n d balance,
by States, J u n e 30, 1930_.
.
686
Government claims against insolvent
130
Government deposits, classified, J u n e 30, 1930
^
128, 276
Insular—
N u m b e r and balance held, J u n e 30, 1930___'
686
Location
131
• Interest paid by
131
Limited, establishment of new
129
N u m b e r a n d changes in, by classes, 1930
130
Number, classified, J u n e 30, 1929 a n d 1930
650
PubHc moneys held, J u n e 30, 1929 a n d 1930, classified
650
Special depositary b a n k s —
Balance, J u n e 30, 1930
.
676
Balances in each Federal reserve district, J u n e 30, 1930
687
Special depositary system
129
Deposits, Division of, functions
128
Destruction committee, report
244
INDEX
1041
Page
Digest of appropriations, nature of
..
124
Disbursing clerk, administrative report
182
Distilled spirits:
Manufacture of, 1930, calendar year, brandy and rum, proof gallons__
228
Receipts—
1929 and 1930, by kinds (collection basis)-1022
1929 and 1930, by months, by kinds (collection basis)
1010
Withdrawals, 1930, taxable gallons
232,
Distilled spirits and fermented liquors:
Receipts (collection basis)—
1916-1930—_..
513
1928, July-1930, September, by months
516
1929 and 1930, classified
,_-_
512
Summary of regulation of, 1930
229
District of Columbia:
Amendments to laws of. Comptroller's recommendations
811
Appropriations
•
543, 545
Banking associations, number, capital, deposits, assets, June 30, 1930932
Banks, all reporting—
Cash in, June, 1930, classified
928
Deposits, June, 1930, classified
,
928
Deposits, June 30, 1930, individual and savings, total and per
capita
856
Investments, June, 1930, classified
,
^_
926
Liabilities, 1930
924
Loans and discounts, June, 1930, classified
926
Resources, 1930
922
Savings, deposits and depositors, by class of bank, June 30,
1930__:
:
.__
758
Building and loan associations—
' Number, deposits, assets, June 30, 1930
932
' Number, loans, installments on shares, resources, 1909-1930
934
Expenditures..
_.
470, 487, 489, 508, face 631
Loan and trust companies, number, capital, deposits, assets, June
30, 1930
932
Loans outstanding, June 30, 1929 and 1930
614
National b a n k s Number, capital, deposits, assets, June 30, 1930
932
Resources and liabilities, September 24, 1930
840
Receipts, 1930, revenue and nonrevenue, by funds (revised daily
statement basis)
!
•
469
Savings banks, number, capital, deposits, assets, June 30, 1930
932
School savings banks
950
Securities
^
— _
634
Stock savings banks—
Number, depositors, deposits, average deposit account, 1929
and 1930-908
Trust companies and savings banks, earnings, expenses, and
dividends, 1929 and 1930_--933
District of Columbia teachers' retirement fund:
Condition, June 30, 1930
114
Expenditures
l_
L
470, 487, 490, 508, face 631
Transactions, 1930
-636
1042
INDEX
Double taxation, international:
Page
Address by Undersecretary of the Treasury, February 14, 1930,
. Washington, D. C
374
Hawley bill (H. R. 10165), enactment recommended by Secretary of
theTreasury
44
Statement by Secretary of the Treasury before Ways and Means
Committee, February 28, 19301
j
376
Drawback:
,
•
Customs investigations
:
180
Payments, 1930, by districts (collection basis)
^
530
Dues tax {see also Admissions and dues taxes):
Receipts (collection basis)-..
211, 512, 514, 516, 1011
Summary of provisions
366
E
Education Bureau, expenditures, 1929 and 1930 (checks issued basis)
482
Efficiency Bureau:
Appropriation, 1931
543
Expenditures, 1929 and 1930 (checks issued basis)
480
Emergency Fleet Corporation:
Capital stock owned by United States
600
World War, cost on account of
609
Employees. {See Personnel.)
Employees' Compensation Cominission:
Appropriation, 1931
.
_
543
Expenditures, 1929 and 1930 (checks issued basis)
_.
480
Engraving and Printing Bureau:
Administrative officers, as of November 15, 1930
xxiii
Administrative report
_
_
.
183
Appropriations, receipts, and expenditures, 1929 and 1930
- 186
Dehveries of finished work, 1929 and 1930
187
Deliveries of sheets, 1878-1930
188
. Expenditures
.^...:.....•
188, 485
Personnel. {See Personnel.)
Estate tax:
Additional assessments, 1930
__
203
Administration of
—'.—,
982
Claims, abatement and refund
'..
.
__
210
Public debt retirements from receipts—
1919-1930--.
592
1930, by months..
-_face 631
Statement concerning
-.^
^
60
Receipts (collection basis)—
1917-1930__.
--513
1928, July-1930, September, by months _!
516
1929 and 1930
209, 512, 1010
Refunds, 1930
.
.-203
Returns audited, 1929 and 1930-._
.
____,
209
Summary of provisions
366
Estimates:
1930, variations from actual receipts and expenditures
11
Appropriations, 1932, classified
^
.
543
Receipts, 1931 and 1932, classified
...........
536
Receipts and expenditures, 1931 and 1932, classified..
—
35
INDEX
1043
Es.tonia, obligations tp United States:
Pago
P a y m e n t s on interest to J u n e 30, 1930
^
75
Statements of paj'^ments received
332, 333
Status, November 15, 1930
608
Excise tax, receipts (collection basis):
: 1 9 2 9 a n d 1930, by months, by sources____'_ 1011
1929 and 1930, by sources
•
_-_- 1022
Executive Office:
Appropriations
-----__
__-__^
543, 545
Expenditures
470, 480, 489, 508, face 631
Executive orders:
No. 5143, J u n e 21, 1929, regulating entry of passengers from oriental
ports
-^
^95
No. 5264, J a n u a r y 24, 1930, p a r r o t disease
i
95
Expenditures {see also) E s t i m a t e s ; Receipts and expenditures; W a r r a n t s ) :
1791-1930 (warrant basis)
502
1930, classified by d e p a r t m e n t s and establishments, by m o n t h s (daily
s t a t e m e n t basis)
face 631
1930, t o t a l (revised daily s t a t e m e n t basis)
'., face 631
1930, total and by months (daily s t a t e m e n t basis)
face 631
Base's used in tables
-_
467
Chargeable against ordinary receipts—
1791-1930, classified,(warrant basis)
498
1911-1930, appropriations for, totals
--------550
1916-1930, classified (daily s t a t e m e n t basis)
.
489
1922-1930 (daily s t a t e m e n t basis)
i---.
11
1923-1930, c h a r t .
__-.
10
1927, July-1930, October, classified, by m o n t h s (daily s t a t e m e n t
basis)
---.
• 506
1929 and 1930, classified (daily s t a t e m e n t basis)
9
1929 and 1930, detailed (checks issued basis)
480
1930, a n a l y s i s . 8
}
1930, classified according to funds (revised dail}^ s t a t e m e n t
basis)-!.--_
470
1930, classified by d e p a r t m e n t s and establishments, by m o n t h s
(daily s t a t e m e n t basis)
508
1930, variations from estimates
•
_
12.
Exports:
Gold, 1 9 1 4 - 1 9 3 0 . - ......
.
...
938
Merchandise, 1 9 1 4 - 1 9 3 0 . . . . . .
938
Silver, 1914-1930
938
F
•.
F a r m forestry, cooperative State-aid appropriation for__
F a r m loan associations. {See National farm loan associations.)
Federal aid to States:
Appropriations for, analysis
.
Expenditures, 1930, by S t a t e s . . .
Federal Board for Vocational E d u c a t i o n :
Appropriations, 1931_-_'
^
Appropriations providing for cooperative work with States
Expenditures, 1929 and 1930 (checks issued basis)
446
437
62S
>
--.
543
437
48(^
1044
INDEX
Federal Farm Board:
Page
Appropriation, 1931
543
Expenditures, 1930 (checks issued basis)
480
Federal Farm Loan Bureau, relations with
.
-_--_
101
Federal farm loan act, amendments
_-__—
104
Federal Farm Loan Bureau {see also Federal intermediate credit banks;
Federal land banks; Joint stock land banks; National farm loan associations) :
.
Administrative officers, as of November 15,1930
xxiii
Administrative report_.
191
Expenditures, 1929 and 1930 (checks issued basis) __-l_
484
Legislation
104
Litigation
.
103 .
Federal intermediate credit banks:
Assets and liabilities—
1930, June 30, by banks.
_'
196
1930, September 30, consolidated statement
942
Capital stock owned by United States, June 30, 1930, by banks
601
Debenture issues
^ 101
Franchise tax receipts, debt retirement from, statement concerning. _
60
Loan and discount rates, 1930, by banks
'.
195
Loan rates summarized
^
...
101
Operations, reviewed
101, 194
Federal land banks:
Assets and liabilities—
1930, June 30, by banks
192
1930, September 30, consolidated statement
. 939
Bond issues
100
Capital stock owned b}^ the United States, June 30, 1930, by banks.
601
Loan rate changes
^
101
Loan rates, 1930, by banks
191
Loans
.
99
Operations reviewed
98, 191
Real estate holdings
"
100
. Federal Power Commission:
Appropriations, 1931
543
• Appropriations for payments to States under Federal water power
act
438
Expenditures, 1929 and 1930 (checks issued basis)
480
Federal Radio Commission:
Appropriation, 1931
543
Expenditures, 1929 and 1930 (checks issued basis)
480
Federal reserve and national bank notes, retirements 1927-1930 (warrant
basis)
589
Federal reserve bank notes:
Amount of Treasury assets, June 30, 1929 and 1930
677
Circulation—
1916-1930, June 30
^__
606
1930, June 30
___-..607
Distribution of Treasury assets, June 30, 1930._
676
Legal tender qualities bf
'.
672
Location, ownership, and circulation, classified—
1929, December 31
756
1930, June 30
,.
,
753
INDEX
Federal reserve bank notes—Continued.
Redemption—
1921-1930, expenses incurred in
1921-1930, on account of retirement of circulation, deposits,
balance
__
1930, amount and number of pieces, and assessment for expenses of.1930, deliveries by National Bank Redemption Agency, number,
by denominations, by months
1930, summary
Stock in United States—
1916-1930, June 30
1930, June 30, in Treasury, in Federal reserve banks, in circulation
Federal reserve banks:
Assets and liabilities, combined—
1921-1930, last weekly statement in October. .
1926-1930, last weekly statement, by months
Balances held to credit of the Treasurer of United States, June 30—
1929 and 1930
1
_._
1930
-_
.•
1930, collected funds
E
---_
Bills discounted and purchased, year ended October 31, 1930, by
months
:
Certificates of indebtedness issued through each bank, 1930
Depositaries. {See Depositaries.)
Discount rates—
1930, reserve bank cities, prime commercial paper, by months,
August to October
.
1
1930, reserve branch cities, by class of loan, by months, August
to October--__.
1930, November 1, rate in effect," date established, previous rate,
by reserve banks
Franchise tax receipts, debt retirement from,;^statement concerning. _
Money stock held by, 1917-1930
___. *
_Redemption costs assessed upon, classified, 1930
Treasury bills issued through each bank, 1930
Federal Reserve Board:
Appropriations, 1931
Expenditures, 1929 and 1930 (checks issued basis)
Gold fund. {See Gold fund. Federal Reserve Board.)
Federal reserve notes:
Amount of Treasury assets, June 30, 1929 and 1930
Canceled and uncanceled, forwarded by Federal reserve banks and
branches for credit of Federal reserve agents, 1930
Circulation—
1915-1930, June 30
._.
1930, June 30
.
-__
Counted and delivered to Comptroller of the Currency for credit of
Federal reserve agents, amount, 1916-1930
Distribution of Treasury assets, June 30, 1930
Legal tender qualities of
.
.
:
1045
Page
699
699
700
702
837
605
607
889
890
677
676
686
891
573
892
892
892
60
604
701
573
543
480
677
277
606
607
704
676
672
1046
INDEX
Federal reserve notes—Continued.
Location, ownership, and per capita circulation, classified—
I'Mge
1929, December 31
_..:
756
1930, June 30
753
Redemption—
1921-1930, expenses incurred in
.
699
1930, amount and number of pieces, and assessment for expenses
of_.
700
1930, deliveries by National Bank Redemption Agency, number,
by denomination, by months
•...
;
.
703
1930, summary
..
837
Stock in United States—
1916-1930, June 30
.
.
605
1930, June 30
_.
607
Federal Trade Commission:
Appropriation, 1931
543
Expenditures,. 1929 and 1930 (checks issued basis)
480
Federal water-power act, receipts from licenses under, 1929 and 1930
(warrant basis)
..,
476
Fees, receipts
469, 473
Financial and economic research section, administrative report
197
Fine Arts Commission:
°
.
Appropriation, 1931
543
Expenditures, 1929 and 1930 (checks issued basis)
480
Fines and penalties, receipts
469, 472
Finland, obligations to United States:
Payments to June 30, 1930
.
75
Statements of payments received
'____
332, 333
Status, November 15, 1930
608
Five per cent redemption fund:
Balance, June 30—
1929 and 1930
1
..
.
677
1930
...
...
676
Deposits, redemptions, a|sessments for expenses, and transfers and
repayments on account of, 1921-1930....,
698
Money deposited in Treasury, 1930, by months
696,
Flour (mixed) tax, summary of provisions
:.
370
Foreign banks of issue, assets, about June 30, 1930, by countries
953
Foreign currencies purchased
632
Foreign government obligations owned by the United States {see also
Austria, Belgium, Czechoslovakia, Estonia, Finland, France, Great
Britain, Greece, Hungary, Latvia, Lithuania, Poland, Yugoslavia):
Amount received under agreements for funding, by countries
i _ ^ 600
Funded and unfunded indebtedness, principal; accrued interest,
payments on each, November 15, 1930,. by countries
.
608
Interest receipts, 1930..
^
face 631
Payments by countries—
' Principal and accrued interest to November 15, 1930
608
Under funding agreements, June 30, 1930
^..
75
Public debt retirements from payments on—
1919-1930, repayments
.
592
1923-1930, bonds received under debt settlements
. 592
1930, by months.
.
- - . . 5 0 9 , face 631
INDEX
1047
Foreign government obligations owned by t h e United States, etc.—Con.
Public d e b t retirements from p a y m e n t s on;—Continued.
Page
1930, repayments, by m o n t h s
face 631
Statement concerning._.
^59
Receipts^—
1929 and 1930 (warrant basis)
472
1930, by months-_____
__.
face 631
Estimated, 1931 and 1932
35
Statements covering paj^ments received, December 16, 1929, and .
J u n e 16, 1930
331
Foreign intercourse, expenditures, 1929 and 1930 (checks issued basis)
484
Foreign service retirement a n d disability fund;
Condition, June 30, 1930
.
116
Expenditures
_.
470,492, 508, face 631
Receipts, 1929 and 1930 (warrant basis)
__--478
Treasury notes on account of—
Description of issues outstanding, J u n e 30, 1930
^
556
Issued and outstanding, J u n e 30, 1930
551
Transactions from dates of issue, outstanding J u n e 30,. 1930, by
issues.
576
Forest fire control:
Appropriations for cooperation with States
440
Cooperative fire protection of forested watersheds of navigable
streams. State-aid appropritaion
--.
446
Forest reserve fund, receipts:
1929 a n d 1930 (warrant basis)
_.
476
1930, by funds (revised daily s t a t e m e n t basis)
469
Forest service:
Expenditures (checks issued basis)
481
Receipts, 1929 and 1930, cooperative work (warrant basis)
-__-.
475
Forfeitures, gifts, etc., receipts, public debt retirements from, 1930, by
months
.
:
511, face 631
Forfeitures receipts
469, 473
F.orgery a n d counterfeiting cases
259
Fractional currency:
History of issue of
1
663
Issued, redeemed, a n d outstanding J u n e 30, 1930, by denomination __
688
Legal tender qualities of
672
. Redemptions, 1927-1930
580,589
France, obligations to United States:
Funding agreement—
Annuities, balance paid
329
Pubhc No. '24, Seventy-first Congress.
328
S t a t e m e n t of Secretary of the Treasury, April 15, 1930
330
S t a t e m e n t of Undersecretary of t h e Treasury, before Ways and
Means Committee, December 10, 1929
324
Status, June 30, 1930
1
76
P a y m e n t s received on principal, to J u n e 30, 1930
75
Status, November 15, 1930
608
Franchise taxes, public debt retirements from receipts:
1918-1930 (daily s t a t e m e n t basis)
.
592
1930
_-.__face 631
Statement concerning...^_^-_^,^,^,-_^_^-^_^-,_^^^-_^-_^^-.,__^^
6Q
1048
INDEX
Page
Funds. {See Civil service retirement and
wagon road fund; District of Columbia
General fund; Gold fund. Federal Reserve
Government life insurance fund; National
cumulative; Special funds; T r u s t funds.) .
disability fund; Coos
teachers' retirement
Board; Gold reserve
forests fund; Sinking
Bay
fund;
fund;
fund,
G
General Accounting Ofl&ce:
Appropriations, 1931
Expenditures, 1929 a n d 1930 (checks issued basis)
General fund:
Assets and liabilities, J u n e 30, 1930
___•
. 29,
Balance—
1915-1930 (daily s t a t e m e n t basis)
1915, October-1930, September, by m o n t h s (daily s t a t e m e n t
basis)
----1928, 1929, and 1930, J u n e 30, classified (revised daily s t a t e m e n t
basis)
.
1929 and 1930, J u n e 30 (revised daily s t a t e m e n t basis)
28,
1930, J u n e 30, including gold reserve
D e b t retirement, s t a t e m e n t concerning
.
Change in form of analysis in daily Treasury s t a t e m e n t
N e t change, 1930 (revised daily s t a t e m e n t basis)
General Land Office:
Expenditures, 1929 and 1930 (checks issued basis)
Fees, receipts, 1929 and 1930 (warrant basis)
General Supply C o m m i t t e e :
Contracts, 1930, number, award items, samples retained, by classes. _
Order to report directly to Assistant Secretary
Purchases, 1926-1930, by classes
------Receipts from surplus and salvaged materials, 1921-1930
Specifications, 1930, by classes
Surplus property received and issued, 1930, by d e p a r t m e n t or establishment..
Transactions, 1928-1930, s u m m a r y
._
Geographic Board:
Appropriations, 1931
Expenditures, 1929 and 1930 (checks issued b a s i s ) .
German special deposit account, receipts a n d p a y m e n t s up to October 1,
1930
.
..
Germany:
Obligations to United States—
Agreement of J u n e 23, 1 9 3 0 . .
Army costs—
Change effected by agreement of J u n e 23, 1930
Credits to a n d p a y m e n t s by Germany as of October 1, 1930. .
Dawes plan
Mixed claims, agreement of J u n e 23, 1930
..
Young plan
63,
Receipts from—
Army costs—
Public No. 307, Seventy-first Congress, authorizing settlement
.-_
S t a t e m e n t of Secretary of t h e Treasury, J u n e 23, 1 9 3 0 — . . .
543
480
643
592
598
597
471
676
62
433
28
482
473
200
408
199
200
200
201
199
543
480
71
63
64
65
64
65
337
340
347
INDEX
1049
Germany—Continued.
Receipts from—Continued.
Army costs—Continued.
Page
S t a t e m e n t of Undersecretary of t h e Treasury before Waj^s
and Means Committee, March 10, 1930
335
Mixed claims—
Public No. 307, Seventy-first Congress, authorizing settlement
_-_
340
Statement of Secretary of t h e Treasury, J u n e 23, 1930
347
Statement of Undersecretary of t h e Treasury before Ways
and Means Committee, March 10, 1930
336
United States claims settlement agreement, J u n e .23, 1930—
Address by Undersecretary of t h e Treasury, November 14, 1930,
America's separate agreement with Germany
354
Agreement signed
341
Statement of Secretary of t h e Treasury, November 7, 1930
354
Gift t a x :
A b a t e m e n t claims, 1930
210
Additional assessments, 1930
..^
'.
203
Refund claims, 1930
---. 210
Gifts and contributions, receipts:
1929 a n d 1930, classified (warrant basis)
475
1930, b y funds (revised daily s t a t e m e n t basis)
469
Gold:
Assets of Treasury, J u n e 3 0 , 1 9 2 9 a n d l 9 3 0
677
British governmental control of gold export, release of, April 28, 1925782
Consumption, industrial—
1928 and 1929, calendar years, value
;
'.
710
1929, calendar year
224
Revision of statistics on, 1914-1928
710
Deposits and purchases, by mints and assay offices, 1930, source and
description
.
730
Deposits a t mints and assay ofl&ces, 1873-1930, character
734
Deposits a t Seattle assay office, 1898-1930, totals, number, weight,
cost value, and origin of__
725
Electrolytic output, 1930, each refinery, refining operations
718
Electrolytically refined, 1929-1930
..
223
I m p o r t s and exports, 1914-1930
938
M o n e t a r y stock in United States,. classified—
1873-1879, J u n e 30
_-_.
757
1879-1929, December 31
^
757
Monetary stock of world, 1928-1929, principal countries
786
Percentage of gold money stock to total money stock, J u n e 30, 19131930
1
605
Price in London a n d United States equivalent, 1870-1929, calendar
years
780
Production, domestic, 1928 and 1929, calendar years
224, 710
Production, world—
1493-1905, varying periods, annual average, ounces, and v a l u e . .
798
1860-1872 (Soetbeer estimates)
797
1873-1929 (Bureau of Mint, United States, estimates)
797
1906-1929, ounces a n d value
.
798
1928 and 1929, calendar years, by countries
794
Receipts and transfers, 1929 a n d 1930
-.
222
1050
iNi'Kx
Gold—Continued.
Page
Reconciliation of gold statistics (United States), 1914-1928
710, 758
Stock (United States)—
1873-1879, June 30, monetary
.
.
.
. 757
1873-1930, June 30, total and per capita. _.
754
1879-1929, December 31, m o n e t a r y . . .
..
757
Treasury holdings—
1921-1930, June 30, classified
.
.
645
1929 and 1930, June 30 (daily. statement basis)
275
Gold bars:
Issued for gold bullion, by mints and assay office, 1930, by months,
value
.
---_
713
Issued for gold coin or other gold assets, by mints and assay office,
1930, by months, value_____.
.____
713
Manufactured, 1930, number, ounces, value, by mints
720
Shipments under direction of Treasurer's office, 1930
652
Gold bullion:
Amount of Treasury assets, June 30, 1929 and 1930
677
Disbursements, detailed, by mints and assay offices, 1930
714
. Distribution of Treasury assets, June 30, 1930
.
676
Monetary stock in Treasury—
1873-1879, June 30
.
757
1879-1929, December 31
757
Operations of melting, refining, and coining departments of mints
and assay office, classified, 1930
717
. Proof bullion made, 1930_716
Purchases at mints and assay offices, 1927-1930_.
654
Receipts and disbursements, balances on hand, by mints and assay
offices, 1930
1
714
Receipts, detailed, by mints and assay offices, 1930
714
Stock in mints and assay offices, value, June 30, 1930
710, 752
Stock in United States, June 30, 1930
224, 710
Gold certificates:
Circulation—
1913-1930, June 30
.
.
606
1929, December 31
756
1930, June 30
607
1930, June 30, total and per capita
753
Issued, redeemed, and outstanding, 1927-1930, by denominations
682
Issues, authority
659
Legal tender qualities of
_- 660, 671
Location, ownership, and per capita circulation—
1929, December 31
-756
1930, June 30
753
Treasury assets, June 30—
1929 and 1930, amount
677
1930, distribution
.....
.
676
Treasury liabilities, June 30, 1929 and 1930, amount
i
677
Unissued, canceled, and destroyed, 1930
665
Gold coin and bullion:
Circulation, June 30, 1930
^
.
607
Location, ownership, and per capita circulation—
1929, December 31
.
__...
756
1930, June 30
.
.
.,
753
INDEX
1051
Gold coin and bullion—Continued.
Stock in United States—
Page
1873-1930, June 30, total and per capita
.
754
1913-1930, June 30
.
.
.
605
1925-1930, June 30
.
.
.
752
1930, June 30
,
. . . . 607, 654
Gold coin, domestic:
$2.50 p i e c e Christmas demand
•
221
Coinage discontinued
78
Letter from Secretary of the Treasury to President of the Senate
transmitting proposed bill for discontinuance
'---406
Public No. I l l , to discontinue coinage of..
.
407
Authorizing acts, by denominations
736
Circulation, 1913-1930, June 30
606
Coinage executed—
1792-1929, number of pieces and value, by denominations
736
1793-1929, by denominations
.
_--.
744
1793-1929, by mints, since organization, by denominations,
value and pieces
.
.
739
1793-1929, calendar years, total value
.750
1793-1929, Philadelphia Mint, by denominations
739
1838-1861, Charlotte Mint, by denominations
. 739
1838-1861, Dahlonega Mint, by denominations
. 739
1838-1909, New Orleans Mint, by denominations
739
1854-1929, San Francisco Mint, by denominations
739
1870-1893, Carson Mint, by denominations.
_.
739
1906-1929, Denver Mint, by denominations
739
1929, calendar year, all institutions, total value
755
1929 and 1930
'...
221
1930, by institutions, by denominations, value and pieces
712
Coinage of quarter eagles discontinued
712
Commemorative, authority for, number and value of pieces coined
to December 31, 1929
736
Export—
1870-1930
.
.
--_•__..
225
1915-1930
225,710
1929, calendar year
710, 755
1930
224,752
Fineness, standard, by denominations
736
Imports—
1929, calendar year
1929 and 1930
1930
-
.
. Legal tender qualities of
Net release from earmark, 1929
Recoinage, 1929 and 1930, by denominations
Shipments under direction of Treasurer's office, 1930
Stock in United States—
1873-1879, June 30
.
1879-1929, December 31
.
1928 and 1929, December 31, estimated
1929 and 1930, June 3 0 . . . .
.
1930, June 30
...
._
755
224, 710
--.._ 224, 710, 752
-^
.
--.
•.
671
755
653
652
757
757
755
752
224, 709
1025
INDEX
Gold coin, domestic—Continued.
Treasury assets, June 30—
. Page
1929 and 1930, amount
677
1930, distribution
.
._
676
Used in industrial arts—
1929, calendar year, estimated, value
755
1930, estimated value..:
^
752
Weight—
Standard, by denominations
736
Tests
726
Withdrawn from monetary use, face value—
1929, calendar year
755
1930
:
..
752
Gold coin, foreign, legal tender quahties of
672
Gold fund, Federal Reserve Board:
Balance, June 30—
1921-1930
645
1929 and 1930
275, 677
1930
30, 275, 642, 676
Transactions
644
Gold ingot melts made for United States coin, number, fineness, 1930
720
Gold reserve fund:
1930, June 30
29, 642
Transactions
i
644
Gold standard. United Kingdom, restoration of
782
Government actuary, administrative report
132
Government life insurance fund:
Condition, June 30, 1930
120
Expenditures
_ . . 470, 490, 508, face 631
Receipts, 1929 and 1930 (warrant basis)
.
478
Government Printing Office,' expenditures, 1929 and 1930 (checks issued
basis)
480
Grain Corporation:
Expenditures, 1920-1922 (daily statement basis)
490
World War, cost on account of
1
609
Great Britain:
Gold standard restoration
782
Obligations to United States—
Payments on interest and principal to June 30, 1930
75
Statements of payments received
331, 333
Status, November 15, 1930
.
608
Greece, obligations to United States:
Payments on interest and principal to June 30, 1930
75
Status, November 15, 1930___-608
H
Harrison Narcotic Act. {See Narcotics.)
Hawaii:
Agricultural experiment station, State-aid appropriation
Agricultural extension work. State-aid appropriation
:
Banks, all reporting—
Cash, June, 1930, classified
-_.._
439
439
929
INDEX
*
1053
Hawaii—Continued.
Banks, all reporting—Continued.
Deposits—
Page
1930, June, classified
929
1930, J u n e 30, individual and sayings, total and per c a p i t a . .
857
Investments, June, 1930, classified
927
Liabilities, 1930
925
Loans and discounts, June, 1930, classified
927
Resources, 1930
923
Savings deposits and depositors, b y class of bank, J u n e 30,1930.
859
Banks, national—
Earnings, expenses, and dividends, 1930
868
Investments, holdings, classified, J u n e 30, 1930
855
Loans a n d discounts, J u n e 30, 1930
__
847
Resources a n d liabilities, September 24, .1930
_841
United States Government securities held by, J u n e 30, 1930
850
Internal revenue receipts—
1929 and 1930
'
1023
1930.-..^._1025
M a t e r n i t y and infancy act extended to
.
443
Vocational education. State-aid appropriation
437
H e a d tax, receipts:
1929 a n d 1930 (warrant basis)
472
1930, b y districts (collection b a s i s ) . .
530
Helena assay office: ^
Activities
724
Establishing act date
^-.
724
House of Representatives, expenditures for, 1929 and 1930 (checks
issued basis)
--480
Housing Corporation, United S t a t e s :
Appropriations, 1931
543
Capital stock owned by United States
:
600
Expenditures, 1929 and 1930 (checks issued basis)
480
World War, cost on account of
609
H u n g a r y , obligations to United States:
P a y m e n t s on interest a n d principal to J u n e 30, 1930
75
S t a t e m e n t s of p a y m e n t s received
332, 333
Status, November 15, 1930—
608
Tripartite Claims Commission awards i {See T r i p a r t i t e Claims
Commission.)
Hygienic L a b o r a t o r y :
Advisory board, name changed to National Advisory H e a l t h Council96
N a m e changed to National I n s t i t u t e of H e a l t h by act of M a y 26,
1930. {See National I n s t i t u t e of Health.)
I
Ice patrol, Coast Guard
Immigration Service, receipts 1929 and 1930 (warrant basis):
Fines a n d penalties
^
Permits
Imports:
Gold, 1914-1930
Merchandise, 1914-1930
87, 142
472
476
938
938
1054
»
INDEX^
Imports—Continued.
Page
Revenue-producing, leading sources, analysis, 1929 and 1930
88
Silver, 1914-1930
.
938
Value of—
1867-1929, dutiable and free, ratio of duties to dutiable a n d free,
a n d dutiable imports each y e a r .
523
1890-1929, dutiable, ratio of duties to value, by tariff s c h e d u l e s . .
525
1930, by customs districts
532
Income t a x :
Additional assessements, 1930
----.-.
203, 205
Administration reviewed
44
Charts of cases settled
50, 51
Collections, 1930, analysis
3
Exemption, Treasury bills
306, 313
Incomes, corporate and individual, changes in
-___
33
Receipts—
1863-1930 (warrant basis)
^....
. 495
1916-1930 (collection basis)
513
1916-1930 (daily s t a t e m e n t basis)
489
1927, July-1930, October, by m o n t h s (daily s t a t e m e n t basis)
506
1928, J u l y - i 9 3 0 , September, by m o n t h s (collection basis)
516
1928-1930, by States, total (collection basis)
1027
1929 a n d 1930 (warrant basis)
471
1929 a n d 1930, by m o n t h s (collection basis)
1010
1929 a n d 1930, by sources (collection basis)
- . . 1022
1929 a n d 1930, by States a n d Territories (collection basis)
517
1930, by m o n t h s (daily s t a t e m e n t basis)
face 631
1930, by States (collection basis)
1025
1930, by States, by kinds (collection basis)
1026
Reduction
.___
1, 4, 38
Refunds—
1930.--203
Secretary of t h e Treasury, statement, October 31, 1930
_.
380
Revenue from, factors influencing
^
30
Revision in exemption of Treasury bills
23
Settlement policy.,
,
51
S t a t e m e n t b y Undersecretary of t h e Treasury before Ways a n d Means
Committee
___..358
Income tax, corporation:
Receipts (collection basis)—
1925-1930.513
1928, July-1930, September, by m o n t h s
.
.
516
1929 and 1930
.
.
512
1929 and 1930, by m o n t h s
1010
1930, by States
1026
R e t u r n s , number and ratio of increase, 1921-1928
46
S u m m a r y of provisions..
366
Income tax, individual:
Receipts (collection basis)—
1925-1930
-513
1928, July-1930, September, by m o n t h s
...
516
1929 a n d 1 9 3 0 . . . .
.
.
512
1929 a n d 1930, by m o n t h s
.....
1010
1930, by S t a t e s . . . . . . . . . . . ^
_ . , , . . . , _ _ , . . , . . _ . . _ . . 1026
INDEX
1055
Income tax, individual—Continued.
Page
Returns, number and ratio of increase, 1921-1928
46
Summary of provisions
366
Income Tax Unit:
Additional revenue made available, 1929 and 1930
203, 205, 958
Administrative report
204
• Audit activities reorganized on a geographical basis
965
Audit review division—
Functions of
.
969
Reorganization
967
Section F established
965, 966
Audit sections, assignment of districts to, map
.
970
Cases, closed, 1930
957
Claims—
1929 and 1930, filed and adjusted
206
1930, filed, rejected, amount
.
958
Collection district changes
966
Collection of tax at source
966
Coordination of Washington and field activities
964
Field audit, 1930, activities
207,962
Field procedure division, functions of
^
967
Insurance returns, policy and procedure
964
Jeopardy assessments, 1929 and 1930
205
Organization chart
968
Overassessment cases—
1929 and 1930, interest paid
206
1929 and 1930, settlement by abatement, credit and refund
206
Amounts settled, 1930
_.._
..
958
Partnership and fiduciary returns, policy and procedure
964
Personnel. {See Personnel.)
Railroad cases, policy inaugurated
964
Returns audited, 1917-1926, cases closed 1930, and cases reopened or
new 1929 and 1930
960
Returns pending 1917-1929, on hand
.
959
Returns pending June 30, 1930—
1917-1921
.
48
1917-1927, total, original, reopened or new
206
1922-1926
...
49
Sixty-day letters mailed
. . 205, 962
Special advisory committee—
Activities
.
.
978
Function of
— 208
Settlement work to be concentrated in
..
208
Summary of work, 1929 and 1930
46
Waivers, instructions of October 30,1929
...
965
Independent offices:
Appropriations
:
543, 545
Expenditures
480,489,508, face 631
Indian lands and timber fees, receipts, 1929 and 1930 (warrant basis)___
473
Indian moneys, receipts, 1929 and 1930, classified (warrant basis)
478
Indian Service:
Appropriations, 1931
543
Expenditures, 1929 and 1930 (checks issued basis)__1
^-.
482
Indians, expenditures for, 1791-1930 (warrant basis)
498
: 12101—31
69
1056
INDEX
Industrial Alcohol Bureau:
Page
Administrative officers, as of November 15, 1930
xxiii
Functions and organization of
90, 228
Ingot melts:
Number approved, by kind, reported fineness, 1930
720
Number made and weight of metal, classified, 1930, by mints
719
Ingots, operations by coining departments, classified, 1930
.721
Inland Waterways Corporation:
Capital stock owned by United States, June 30, 1930
601
Expenditures, 1929 and 1930 (checks issued basis)
486
Insular loans:
Checks issued and paid by Treasurer of United States for interest on
registered bonds, by loans, number and amount, 1930
694
Coupons paid during 1930, classified, number and amount
693
Principal paid during 1930, amount, pieces
693
Interdepartmental Social Hygiene Board, State-aid appropriation
438
Interest paid to the United States:
1913-1930, all depositaries, excluding special
131
1917-1930, special depositaries, on public deposits
131
1929 and 1930, by source (warrant basis)
472
Interest payable by the United States:
Public debt. {See PubUc debt.)
Refunds of internal revenue
203
Interior Department:
Appropriations
543, 545
Expenditures
470, 482, 489, 508, face 631
State-aid appropriations
441
Internal revenue:
Additional assessments, 1930, by class of tax
203
Cost of administration
204, 519, 957
Delinquent taxes
215
Receipts—
1792-1930 (warrant basis)
494
1863-1930, total (collection basis)
1028
1916-1930, by sources (collection basis)
513
1923-1930, total, by sources (collection basis)
956
1927, July-1930, October, miscellaneous, by months (daily
statement basis)
506
1928, July-1930, September, by major sources, by months (collection basis)
516
1929 and 1930, by collection districts
1023
1929 and 1930, by months, by sources (collection basis)
1,
1010
1929 and 1930, by sources (collection basis)
-^512, 1022
1929 and 1930, by States and Territories (collection basis)__-\._
517
1929 and 1930, classified (warrant basis)
L.
471
1930, analysis
\955
1930, by funds (revised daily statement basis)
L 469
Refunds—
\
1930, by class of tax
1 203
^
1930, by months (daily statement basis)
^ 508
1930, by States (collection basis)
\1025
Miscellaneous taxes. {See Miscellaneous taxes.)
;
Refunds of receipts, expenditures, 1930, by months
fac0 631
Repayments, defined
) 203
INDEX
1057
Internal revenue—Continued.
Page
Repayments, 1930, by class of tax
203
Stamps issued and returned, 1929 and 1930
214
Internal Revenue Bureau:
Accounts and collections unit, activities
213, 990
Administrative officers, as of November 15,1930.^
_. xxiii
Administrative report
.
202
Annual report (abridged)
955
Collectors' disbursements, by districts (checks issued basis)
519
Expenditures, 1929 and 1930 (checks issued basis)
484
Expenses classified, by districts (checks issued basis).
519
General counsel's office—
Activities
.
994
Administrative report
216
Appeals division, function and activities
994
Income Tax Unit. {See Income Tax Unit.)
Internal revenue agents' disbursements, by divisions (checks issued
basis)
-_
521
Miscellaneous tax unit. {See Miscellaneous tax unit.)
Personnel. {See Personnel.)
Special advisory committee. {See Income Tax Unit.)
Stationery, cost of, 1926-1930
270
Supplies, cost of, 1926-1930
268
International trade exhibition, expenditure, 1929 (checks issued basis)
480
Interstate Commerce Commission:
Appropriation, 1931
543
Expenditures, 1929 and 1930 (checks issued basis)
480
Insular loans, outstanding June 30, 1929 and 1930, by issues
613
Insurance tax receipts, 1918-1922 (collection basis)
515
Italy, obligations to United States:
Payments on principal to June 30, 1930
75
Status, November 15, 1930
608
J
Joint stock land banks:
Assets and liabilities—
1930, June 30, by banks
.
193
1930, September 30, consolidated statement
940
Bond issues
101
Loan rate
101
Operations
192
Receivership proceedings
102, 192
Justice, Department of:
Appropriations
543, 545
Expenditures.
470, 483, 489, 508, face 631
Prohibition Bureau. {See Prohibition Bureau.)
Public buildings {See Public buildings.)
K
Keyes-Elliott Act, March 31, 1930
80,81,261,262
L
Labor Department:
Appropriations
Expenditures
State-aid^appropriations
:.
543, 545
470, 483, 489, 508, face 631
443
1058
INDEX
Page
Land banks. {See Federal intermediate credit banks; Federal land banks;
Joint stock land banks.)
Latvia, obligations to United States:
Interest payments to June 30, 1930
75
Statements of payments received
.
332, 333
Status, November 15, 1930
608
Legal tender:
Court cases .
.,
671
Definition of term
671
Qualities of United States currency
671
Legislation, Seventy-first Congress {see also Acts of Congress):
H. R. 10165. International double taxation bill, enactment recommended by Secretary of the Treasury
44
S. 3444. Federal Farm Loan Board powers in receivership cases
104
S. 4028. Amending Federal farm loan act, summary
104
S. 4287. Amending Federal farm loan act, summary
104
Legislative establishment:
Appropriations
543, 545
Expenditures
470, 480, 489, 508, face 631
Letters patent, fees, receipts, 1929 and 1930 (warrant basis)
473
Liberia, obligations to United States, status November 15, 1930
608
Liberty bonds:
Coupons paid, 1930, by loans
695
First Liberty loan, expenditures on account of, 1930, by months
(daily statement basis)
:
509
Fourth Liberty loan, expenditures on account of, 1930, by months
(daily statement basis)
509
Net increases and decreases, 1918-1930, by issues
582
Outstanding, June 30, 1930—
Description of issues
554
Issued, retired, and outstanding, by issues
551
Retirements—
1927-1930, by issues (warrant basis)
589
1930, by issues, classified, amount and pieces
689
Second Liberty loan, expenditures on account of, 1930, by months
(daily statement basis)
.
509
Third Liberty loan, expenditures on account of, 1930, by months
(daily statement basis)
509
Transactions—
1927-1930, issues and redemptions
580
From dates of issue, outstanding June 30, 1930, by issues
575
Loans having conversion features, from dates of issue to June 30,
1930
579
Liberty bonds and Treasury bonds, transactions, 1930, interest-bearing,
summary
.
568
Library of Congress:
Expenditures, 1929 and 1930 (checks issued basis)
480
Receipts, 1929 and 1930 (warrant basis)—
Card indexes, sales of
475
Gift f u n d . . . . .
-.475
Library of Congress trust fund:
Condition, June 30, 1930
117
Receipts, 1929 and 1930 (warrant basis)
478
INDEX
1059
Page
Lindbergh, Col. Charles A., medal to commemorate flight to Paris.. 222, face 709
Lithuania, obligations to United States:
Payments on interest and principal to June 30, 1930
75
Statements of payments received
332, 333
Status, November 15, 1930
608
Loan and trust companies, resources and liabilities:
1914-1930
902
1929, June 29, and 1930, June 30, compared
901
1930, June 30
.
900, 914
Loans and currency division, administrative report
236
Longshoremen's and harbor workers' compensation act, investment by
Treasurer of United States under provisions of
635
M
McFadden Act (February 25, 1927), amendments, Comptroller's recommendations
Marine hospitals. {See Public buildings.)
Marine hospitals and relief division, activities summarized
Marine schools, State-aid appropriation
Marshals' fees, receipts, 1929 and 1930 (warrant basis)
Matches, phosphorus, tax, summary of provisions
._•
Maternit}^ and infancy welfare and hygiene. State-aid appropriations
Medals:
Lindbergh, Col. Charles A., to commemorate flight to Paris
face
Struck at Philadelphia Mint, 1930, pieces, value, by kinds
Mediation Board:
Appropriations, 1931
Expenditures, 1929 and 1930 (checks issued basis)
Mental hygiene division (Public Health Service), formerly narcotics division
Military Academy, expenditures, 1929 and 1930 (checks issued basis)
Mineral leasing acts, receipts under:
1929 and 1930 (warrant basis)
Payments to States
:
Minor assay offices. {See Mint service.)
Minor coin:
Assets of Treasury—
1928-1930, by months
1929 and 1930, June 30
1930, June 30, distribution
Authorizing acts, standard weight, standard composition, total coined
to December 31, 1929, pieces and value, by denominations
Circulation, June 30—
1913-1930
.
1930
..
•
Coinage—
1793-1929, combined, value, by denominations and calendar
years
1793-1929, Philadelphia Mint, by denominations
1793-1929, total value, by calendar years
1793-1929, value, by mints, total value, total pieces, by denominations
1854-1929, San Francisco Mint, by denominations
805
253
443
473
372
443
709
723
543
480
255
486
476
441
678
677.
676
738
606
607
748
739
750
739
739
1060
INDEX
Minor coin—Continued.
Coinage—Continued.
Page
1906-1929, Denver Mint, by denominations
739
1929, executed
752
1929, executed, calendar year
755
1930, distribution costs
715
1930, metal purchased, cost of
715
Coined, on hand, issued, melted and outstanding, June 30, 1930, by
mints, by denominations
715
Legal tender qualities of
671
Location, ownership, and per capita circulation—
1929, December 31
756
1930, June 30
.
753
Recoinage, 1929 and 1930, by denominations
653
Shipments under direction of Treasurer's office, 1930
652
Stock in United States—
1928 and 1929, December 31
755
1929 and 1930, June 30
.
752
1930, June 30
224, 654, 709
Withdrawn from monetary use—
1929, calendar year
755
1930, value__
752
Minor coinage metal fund, June 30, 1930
676
Mint Bureau:
Administrative officers, as of November 15,1930
xxiii
Administrative report
221
Annual report of director (abridged)
707
Appropriations, expenses, income, 1930, summary
225,711
Assay departments, operations, 1930, classified
716
Blanks struck and percentage of good coin produced to pieces struck,
1930, by metals, each mint
721
Bullion gains and losses, by items, 1930, mints and assay offices
722
Coinage activities, 1930
707
Coinage, domestic, 1930, executed at each institution, by denomination, value, pieces
712
Coinage, foreign, 1930, executed, by country, denomination, number
and kinds. - .
713
Coining department operations, 1930
717
Deposits—
1873-1930, gold at mints and assay offices, character
734
1873-1930, silver at mints and assay offices, character
735
1930, gold and silver, coining value, by institutions
712
Deposits and purchases of gold, 1930, by mints and assay offices,
source and description
730
Deposits and purchases of silver, 1930, by mints and assay offices,
source and description
732
Deposits, transfers, coining value, gross income," gross expense, 1930,
by institutions
225
Dies made, classified, 1930
723
Electrolytic refineries—
Gold and silver production, 1930, by mints
718
Where operated
707
Employees. {See Personnel.)
Engraving department operations, 1930
723
INDEX
1061
Mint Bureau—Continued.
Page
Establishing act date
724
Expenditures, 1929 and 1930 (checks issued basis)
485
Expense, gross, by institutions, 1930
712
Gold and silver in unrefined bullion, stock
_
•
708
Gold bars issued in exchange for—
Gold bullion, by institutions, 1930, by months, amount
713
Gold coin or other gold assets, by institutions, 1930, by months,
amount
713
Gold bars manufactured, 1930, number, ounces, value, by mints
720
Gold bullion—
Disbursements, detailed, by institutions, 1930
714
Receipts and disbursements, balances on hand, by institutions,
1930
714
Receipts, detailed, by institutions, 1930
714
Gold operations, 1930_
.
708
Income, gross, by institutions, 1930
712
Ingot operations, by coining departments
721
Institutions in operation, 1930_
707
Laboratory operations,^ 1930
725
Mechanical improvements
708
Melting and refining departments, operations, 1930
717
Minor assay offices—
Activities, 1930.
724
Assays made, classified, 1930, by offices
725
Personnel. {See Personnel.)
Proof bullion made, 1930
716
Purchase of minor-coinage metal for domestic coinage, 1930
.
715
Receipts, profits on coinage, etc., 1929 and 1930 (warrant basis)
476
Refineries output, 1930
223, 708
Silver bars manufactured, 1930, number, ounces, value, by mints
720
Silver operations, 1930
i
708
Sweep cellar operations, 1930
721
Wastage of coinage metal, 1930, by mints and assay office
717, 722
Mints and assay offices:
Basic metallic stock holdings, June 30, 1925-1930
752
Gold and silver buUion holdings, June 30, 1930
752
Miscellaneous tax unit:
Administrative report
.
209
Assessments, 1930
986
Function o f _ : . . . . ..
981
Miscellaneous division—
Activity, 1930
.
984
Claims, 1930, adjustments
.
985
Personnel. {See Personnel.)
Receipts, 1929 and 1930, by class of tax
981
Tobacco division. {See Tobacco division.)
MisceUaneous taxes {see also Admissions tax; Automobile tax; Butter,
adulterated, tax; Capital stock tax; Cheese tax; Flour tax; Oleomargarine
tax; Pistols and revolvers tax; Playing card tax; Stamp taxes):
Additional assessments, 1930
, .
203
Collections, 1929 and 1930, by kinds
.
211
Offers in compromise, 1929 and 1930, number and amount
212
1062
INDEX
Miscellaneous taxes, etc.—Continued.
Receipts—
Page
1929 and 1930 (warrant basis)
472
1929 and 1930, analysis
985
1930, analysis
5
1930, by months
face 631
Refunds and repayments, 1930
203
Mixed Claims Commission (United States and Germany) {see also Germany) :
Awards, American claimants. Public Resolution No. 48, Seventyfirst Congress
1
348
Awards, German claimants—
Amounts certified, paid, and balance due
67
Public No. 411, Seventy-first Congress, approved June 21, 1930,
amending section 2 of settlement of war claims act
349
Status of work
65
Money {see also Coin; Coinage; Currency; Fractional currency; Gold;
Gold coin; Minor coin; Nickel coins; Paper currency; Silver certificates;
Standard silver dollar; Subsidiary silver):
Circulation—
o
1879, January 1, total and per capita
607
1913-1930, June 30, by kinds
606
1913-1930, June 30, total and per capita
604
1914, June 30, total and per capita
607
1917, March 31, total and per capita
...
607
1920, October 31, total and per capita
607
1929, June 30, total and per capita
607
1929 and 1930, by months, amount, per capita, population
705
1930, May 31, total and per capita
607
1930, June 30, by kind
.
606
1930, June 30, total and per capita
607
Location, ownership, and circulation, classified—
1879, January 1
753, 756
1914, June 30
753, 756
1917, March 31
.
753, 756
1920, October 31
753,756
1928, December 31
756
1929, June 30
i
.
753
1929, December 31
.
756
1930, June 30
.
753
Rates in New York—
1921-1930, range
„.
894
1930, year ended October 31, by months
893
1930, year ended October 31, sterling bills
....^
893
Stock in United States—
1873-1930, June 30, metallic money
754
1913-1930, June 30, by kind
.
605
1913-1930, June 30, held in Treasury and in Federal reserve
banks
604
1914-1930, total in Treasury, reporting banks. Federal reserve
banks, in circulation
937
1929 and 1930, by months, outside Treasury, in Federal reserve
banks, in circulation
^
705
INDEX
1063
Money, etc.—Continued.
Page
World's stocks of gold, silver, and paper money, December 31, 1928
and 1929, by countries and total
786
Moneys (foreign):
Changes in value during 1930
.
; 784
Value of, October 1, 1930, proclamation of Acting Secretary of the
Treasury
782
Values in terms of United States money, by countries
783
Mount Rushmore National Memorial Commission:
Appropriation, 1931
543
Expenditure, 1930 (checks issued basis)
:
480
Mutual savings banks:
Deposits and depositors—
1914-1930
909
1929 and 1930, June 30, by States
907
Interest rate, 1929 and 1930, average, by States
'.
907
Number of banks—
1914-1930
909
1929 and 1930, June 30, by States
907
Resources and liabilities—
1929, June 29, and 1930, June 30, compared
906
1930, June 30
.
904, 914
N
Narcotic division (Bureau of Prohibition) abolished
233
Narcotic law enforcement:
Convictions, 1930, number, sentences,
fines
92
Customs seizures. {See Customs.)
Drugs exported, 1929 and 1930_._.
.
„.._.
234
Field force, personnel
235
Harrison law—
Registrants, June 30, 1930, by classes
92,234
Violations, 1930
235
Opium and coca leaves imported, 1930
234
Smuggling
_
:
178
Narcotics Bureau:
Administrative officers, as of November 15, 1930
xxiii
Creation of, under Porter bUl of June 14, 1930..
92, 228, 233
Order prescribing duties of commissioner and employees of
389
Public No. 357, Seventy-first Congress, to create a Bureau of Narcotics, text
.
386
Public Resolution No. 96, Seventy-first Congress, amending act
creating bureau, text
389
Narcotics division (Public Health Service):
Functions
...
97
Naine changed to mental hygiene division
256
Narcotics taxes:
Receipts (collection basis)...
.__ 512, 515, 1011
Summary of provisions
370, 372
National Advisory Committee for Aeronautics:
Appropriations, 1931
.
543
Expenditures, 1929 and 1930 (checks issued basis)..
480
National Advisory Health Council, created by act of April 9, 1930
96
National agricultural credit corporations
943
1064
INDEX
National bank circulation:
Outstanding, June 30, 1930
United States bonds deposited and withdrawn, year ended October
31, 1930
National bank examiners, list of, November 1, 1930
National bank notes:
Circulation, June 30—
1913-1930
1930
1921-1930
672
756
753
704
699
700
837
702
696
677
699
Size reduction
.
Stock in United States, June 30—
183
.
1930, held in Treasury and in Federal reserve banks
Transactions for retirements, 1927-1930
Treasury assets—
Amount of, June 30, 1929 and 1930
Distribution of, June 30, 1930
National bank notes and Federal reserve bank notes, expenditures on
account of, 1930, by months (daily statement basis)
National bank officers, convictions of, for violation of national banking
laws, year ended October 31, 1930
National Bank Redemption Agency:
Currency counted into Treasurer's cash, 1930
Currency received for redemption, from principal cities, etc., 19211930
Currency redeemed, mode of payment, 1921-1930
Currency transactions—
1921-1930, classified
1930, classified by months
.
1930, summary
.
General cash account—
1874-1930, total for period
1930
--Redemption and deliveries, number of notes, by kind and denomination, by months, 1930
837
878
^
^
606
607
.
Legal tender qualities of
Location, ownership, and per capita circulation—
1929, December 31
1930, June 30
Outstanding, and redemptions, amount and per cent, 1875-1930
Redemption—
1921-1930, expenses incurred in
1930, amount redeemed and assorted, and assessment for
expenses
1930, summary
Redemption and deliveries by National Bank Redemption Agency,
number, by denominations, by months, 1930
Redemption and retirement, money deposited in Treasury for, by
accounts, monthly, 1930
Redemption fund. Treasury liabilities, June 30, 1929 and 1930
Retirement of circulation, deposits and redemptions on account of,
1913-1930
Page
835
605
607
580
677
676
509
884
277
698
698
697
697
655
701
701
702
IN DIX
1065
National banks, all reporting:
Page
Appointment of receivers for insolvent banks, authority of comptroUer, review of court decision
827
Borrowings—
By central and other reserve cities and country banks, since
October 31, 1929
842
By geographical location, each call date, since October 31, 1929..
842
Branches—
Fiduciary activities, segregated according to population of location
.
825
Number and class of banks closed, year ended October 31, 1930..
817
Number and kind, February 25, 1927, and number and manner
of acquisition of additional branches to October 31, 1930, by
years
815
Number authorized and manner of acquisition, year ended October 31, 1930
815
Number in existence, authorized during year, closed during year
ended October 31, 1930, by classes
...
815
Capital stock—
1914-1930
877
1929, July 1 and 1930, June 2 and July 1, authorized and paid in_
835
1929, December 31, classification of banks according to
878
1930, by Federal reserve districts
875
1930, June 30, by States and Territories
161, 865
Capital stock changes, 1930
154
Charters in force, June 30, 1930
154
Charters issued, 1863-1930
154
Deposits, demand and time, changes, 1926-1930
..
848
Earnings, 1930, gross, classified, by States and Territories
865
Earnings, expenses, and dividends—
1929 and 1930, classified, summary
864
1930, abstract of reports, by States and Territories
865
1930, classified, by Federal reserve districts
875
Failures—
Capital, date of appointment of receiver, per cent of dividends
paid to creditors, year ended October 31, 1930
833
Collections by receivers, and disposition of collections
828
Operations, year ended September 30, 1930
832
Review, year ended October 31, 1930
827
Fiduciary activities—
By Federal reserve districts
824
Segregated according to capital
821
Segregated according to population of location
822
Foreign securities owned by—
1929 and 1930, June 30
851
1930, June 30, by reserve cities, etc
852
Investments—
Bonds and securities, loans and discounts, and losses charged off,
1918-1930
877
Holdings, June 30, 1929-30, summary
851
Holdings, June 30, 1930, by reserve cities, country banks, and
Territories, classified
:
852
Liquidations, 1930
154
Liquidations under act of November 7, 1918, by States
155
1066
INDEX
National banks, aU reporting—Continued.
Loans and discounts—
Page
1928-1930, central reserve cities of New York and Chicago, percentage of total
848
1928-1930, changes
848
1929, June 29, and 1930, June 30, classified
843
1930, June 30, classified, by reserve cities, country banks, and
Territories
844
Net addition to profits—
1930, by Federal reserve districts, ratio to capital and surplus..
876
1930, by States and Territories, ratio to capital and surplus
872
Number, capital, and total resources, by States, June 30, 1930
161
Number, capital, surplus, net addition to profits, dividends and ratios,
1914-1930
877
Organization and liquidation
813
Organized and consolidated under act of November 7, 1918, by States.
155
Redemption, costs assessed upon, classified, 1930
.
700
Reserve with Federal reserve banks, changes, 1926-1930
848
Resources and liabilities—
1926-1930
918
1929, June 29, and 1930, June 30, compared
157, 158, 917
1929, October 4lr-1930, September 24, each report date
838
1930, June 30, summary
157, 915
1930, September 24, principal items, by States and Territories..
840
Surplus—
1914-1930
.
877
1930, by Federal reserve districts
875
1930, by States and Territories
865
Tax on circulation—
Assessment and collection method improved
277
Method of verifying returns, change in
674
Receipts, 1929 and 1930 (warrant basis)
472
Trust operations
.
819
United States Government securities owned by—
1926-1930, changes
848
1929 and 1930, June 30, classified
851
1930, June 30, classified, by reserve cities, country banks, and
Territories
849, 852
National banks of issue
,-837
National cemeteries, expenditures, 1929 and 1930 (checks issued basis)..
486
National farm loan associations:
Classification
99
Compensation of secretary-treasurer
99
National forests, roads and trails, cooperative construction. State-aid
appropriations
445
National forests fund:
Expenditures, 1929 and 1930 (checks issued basis)
481
Receipts—
Payments to school funds, Arizona and New Mexico
440
Special-fund appropriation to States and Territories
440
National Guard, State-aid appropriations
444
National Institute of Health, Public No. 251, Seventy-first Congress, to
establish, text
405
National Museum, expenditures, 1929 and 1930 (checks issued basis)
480
INDEX
1067
Page
National Park Service receipts, 1929 and 1930, donations (warrant basis).
475
National parks, receipts, 1929 and 1930, permits to enter (warrant basis).
476
Naturalization fees, receipts, 1929 and 1930 (warrant basis)
473
Naval Academy, expenditures, 1929 and 1930 (checks issued basis)
483
Navy Department:
Appropriations
543, 545
Expenditures
470, 483, 489, 498, 508, face 631
Receipts, fines, and forfeitures, 1929 and 1930 (warrant basis)
472
State-aid appropriations
443
New Mexico, school fund income from national forests fund receipts
440
New Orleans Mint:
Activities
.
724
Coinage, total value, 1838-1861, 1879-1909, by denominations
739
Establishing act date
.
724
New York assay office, establishing act date
724
New York Clearing House, manager's report, year ended September 30,
1930, summary
...
895
Nicaragua:
Coinage executed for, 1930
^
221
Obligations to United States, status November 15, 1930
608
Nickel coin:
Coinage executed, 1929 and 1930, value
221
Seigniorage on, 1930
225,711
Nickel coinage metal, operations of melting, refining, and coining departments of mints, classified, 1930
717
0
Obligations acquired by the United States:
Foreign government. {See Foreign government obligations owned by
the United States.)
RaUroad. {See Railroad transactions with the United States.)
Oceanographic stations, Coast Guard, activities of
143
Oil and gas leases, Indian moneys, receipts, 1929 and 1930 (warrant basis) _ 478
Oil and gas royalties, receipts, 1929 and 1930 (warrant basis)
476
Oil lands, protection of interests of United States in, expenditures, 1929
and 1930 (checks issued basis)
480 .
Oklahoma, oil royalty payments to
443
Old demand notes:
History of issue of
662
Issued, redeemed, and outstanding, by denomination, June 30, 1930.
687
Legal tender qualities of..
.
.
671
Oleomargarine:
Summary of tax provisions
.
370, 372
Tax receipts
.
211, 512, 515, 1011, 1022
Tax returns, examined and received, 1929
987
One and two year notes, issued, redeemed, and outstanding, by denomination, June 30, 1930
.
688
One and two year notes of 1863, legal tender qualities of
671
Oregon and California land-grant fund, State-aid appropriations
442
Organized reserves and military training of citizens, expenditures, 1929
and 1930 (checks issued basis)
486
1068
INDEX
p
Page
Pacific National Agricultural Credit Corporation of Fresno, resources and
liabilities, September 24, 1930
.
943
Pan American Union, quota receipts, 1929 and 1930 (warrant basis)
475
Panama Canal:
Expenditures
470, 490, 508, 535, face 631, 635, 705
Receipts
476, 535, face 631, 635, 705
Panama Canal loans, interest paid:
1903-1918, total for period
.
705
1919-1930
706
Panama Railroad Co.:
Capital stock owned by United States, June 30, 1930
601
Dividend receipts, 1929 and 1930 (warrant basis)
472
Paper currency {see also Compound interest notes; Federal reserve bank
notes; Federal reserve notes; Fractional currency; Gold certificates;
One and two year notes; Silver certificates; Treasury notes; United
States notes):
Classes in circulation
658
Distribution, 1929 and 1930, amount
667
Held in reserve, 1929 and 1930, number, amount, by denomiation
665
Issue—
1921-1930, prepared for issue and issued, number and amount..
665
1927-1930, by denominations
685
1929 and 1930, number of notes and certificates, total value, by
months
665
1929 and 1930, valuation
277
1930, by kind
666
New series (smaU size)—
Circulation of initial supply begun July 10, 1929
183
Description, cash denomination
664
Issue reviewed
1
77
National bank notes {see National bank notes).
Outstanding June 30, 1930, by class and denomination
279
Replacement, amount and pieces, to June 30, 1930.:
279, 673
Old series—
Outstanding, June 30, 1930, pieces and amount, by kinds
279
Retirement
.
77
Outstanding—
1927-1930, by denomination
685
1929 and 1930, by kind
666
1929 and 1930, June 30, by kind and denomination
668, 669
1929 and 1930, number and amount, by months
667
1930, June 30, by classes, series and denomination
670
Ratio of small denominations to aU pa,per currency outstanding,
July 1, 1921-1930
667
Redemption {see also National Bank Redemption Agency)—
1927-1930, by denominations
^ 685
1929 and 1930, number and amount, by months
666
1930, by kind.J
666
Shipments from Treasury in Washington, 1929 and 1930
^ . . 278, 658
Spoilage, 1918-1930, percentage
.
184
Treasury assets, June 30, 1929 and 1930
677
Unissued, canceled and destroyed, 1930
665
INDEX
1069
Page
Paper currency (world), circulation, by countries, December 31, 1928 and
1929
663
Paper custody division, administrative report
^
243
Pay of the Army deposit fund, receipts, 1929 and 1930 (warrant basis) _.
478
Pay warrant transactions
631
Penal institutions, expenditures for, 1929 and 1930 (checks issued basis)..
483
Pension Bureau:
Appropriation, 1931
_
°
543
Expenditure, 1929 and 1930 (checks issued basis)
482
Pensions, expenditures, 1791-1930 (warrant basis)
489
Per capita:
Circulation of money—
1914-1930
937
1929, December 31, and comparative totals, 1928, 1920, 1917,
1914,1879
756
1930, June 30, and comparative totals of 1929, 1920, 1917, 1914,
1879..
753
Coin and bullion, basic metal stock,.gold and silver, 1873-1930
754
Deposits in all reporting banks, June 30, 1930, individual and savings,
by States and possessions
: .
856
Gold stock—
1873-1930
754
Monetary world, by principal countries, 1928 and 1929
786
Internal revenue tax, 1930, by States
1025
Minor coinjn circulation—
1929, December 31
756
1930, June 30
.
753
Paper money stocks of world, by principal countries, 1928 and 1929-786
Silver stock—
1873-1930
.
.
754
Monetary, world, by principal countries, 1928 and 1929
786
Perry's Victory Memorial Commission, expenditures, 1930 (checks issued
basis).
:
480
Personnel, Treasury Department:
Administrative and staff officers, November 15, 1930
xxii
Budget and improvement committee
xxiv
Coast Guard
.
152
Customs Bureau
^
89, 165
Engraving and Printing Bureau—
1878-1930, average number, by years
188
Reduction
.
184
Internal Revenue Bureau—
1929 and 1930, total
.1
1008
Qollection service
215
Income Tax Unit
204, 959, 977
Miscellaneous tax unit
.-981
Mint service—
1929 and 1930, June 30, by departments and institutions
724
1930, June 30, number, by institutions
.
225, 712
Number, by bureau, office or division—
June 30, 1929, and August 31, 1930
626
June 30, 1929-August 31, 1930, by months
627
Retirements under civil service retirement act, by services
626
1070
INDEX
Personnel, Treasury Department—Continued.
Page
Prohibition Bureau—
Narcotic field force
235
Reallocation-to Prohibition Bureau, Department of Justice
233
Training of personnel
92, 229
Public Health Service
98, 256
Retirement, during year ended August 31, 1930
133
Personnel Classification Board, expenditures, 1929 and 1930 (checks issued
basis)
1
480
Personnel classification officer, administrative report
226
Philadelphia Mint:
Coinage—
1793-1929, value, by denomination
739
1920-1929, number of pieces, by kind of currency, calendar years.
742
1920-1929, value, by denomination, calendar years
740
Establishing act date
724
Philippine Islands:
Banks, all reporting—
Cash, June, 1930, classified
.
929
Deposits, June, 1930, classified
929
Deposits, June 30, 1930, individual and savings, total and per
capita
857
Investments, June, 1930, classified
927
Liabilities, 1930
925
Loans and discounts, June, 1930, classified
.
927
Resources, 1930
s
923
Savings deposits and depositors, by class of bank, June 30, 1930.
859
Internal revenue receipts—
1929 and 1930 (collection basis)
.
518
1930
1025
Obligations—
Checks issued and paid by Treasurer of United States for interest
on registered bonds, by loans, number and amount, 1930
694
Coupons paid during 1930, classified, number and amount
693
Outstanding, June 30, 1929 and 1930, by issues
613
. Products of, internal revenue tax, 1929 and 1930, by sources
1028
Pipe-line water and power transmission rights, receipts, 1929 and 1930
(warrant basis)
476
Pistols and revolvers tax:
Receipts, 1929 and 1930 (collection basis)
211, 512, 1011
Summary of provisions
370
Pittman Act (AprU 23, 1918), cited
736, 752, 781
Playing cards tax:
Receipts (collection basis)
211, 512, 513, 988, 1010
Sunimary of provisions
»
368
Poland, obligations to United States:
Interest payments to June 30, 1930
75
Statement of payments received
.
333
Status, November 15, 1930
608
Port regulations. Coast Guard
86, 144
Porto Rican Hurricane Relief Commission:
Appropriation, 1931..
543
Expenditures for, 1929 and 1930 (checks issued basis)
480
Origin and operations of
83
INDEX
1071
Porto Rico: •
Banks, all reporting—
Page
Cash, June, 1930, classified
929
Deposits, June, 1930, classified
929
Deposits, June 30, 1930, individual and savings, total and per
capita -.-r857
Investments, June, 1930, classified
.
927
Liabilities, 1930
....
925
Loans and discounts, June, 1930, classified
927
Number, capital, assets, June 29, 1929
.
161
Resources, 1930
^
J
923
Savings deposits and depositors, by class of bank, June 30, 1930..
859
Customs, 1930—
Duties and tonnage tax (warrant basis)
534
Expenses, cost of collection (collection basis)
532
Obligations—
Checks issued and paid by Treasurer of United States for interest
on registered bonds, by loans, number and amount, 1930
694
Coupons paid during 1930, classified, number and amount
693
Gold loans outstanding June 30, 1929 and 1930, by issues
613
Principal paid during 1930, amount, pieces
693
Products of, internal revenue tax, 1929 and 1930, by sources
1028
ReUef, Public Resolution No. 33, to authorize additional appropriations for
.
1
436
Post Office Department:
Appropriations
.
543, 544, 545
Expenditures
470,484,489, 508, face 631
Transactions relating to account with the Treasury
636
Post offices, expenditure for. {See Public buildings.)
Post roads (rural) construction, cooperative, appropriations for
441
Postal Savings System:
Interest and profits, 1929 and 1930, compared
946
Interest-earning resources and interest-bearing liabilities, 1929 and
1930, compared
946
Liabilities of Treasury, June 30—
1929 and 1930
.
.
677
1930
.
676
Resources and habilities, 1929 and 1930, compared
945
Summary of business, 1930, by States
948
Postal Service:
Deficiency—
1930 (revised daily statement basis)
470
1930, letter of Postmaster General certifying extraordinary
expenditures contributing to
432
Act of June 9, 1930, providing for classification of extraordinary
expenditures contributing to deficiency of postal revenues,
text
432
Expenditures
498, 550
Expenditures on account of postal deficiency, 1930, by months. 508, face 631
Revenues, 1791-1930 (warrant basis)
494
Postmaster General, letter to Secretary of the Treasury, October 18, 1930,
certifying extraordinary expenditures contributing to deficiency of
postal revenues for 1930
432
12101-—31
70
1072
INDEX
Page
Printing and binding. Treasury Department expenditures, 1926-1930,
by bureaus and offices
272
Private banks, resources and liabilities:
1929, June 29, and 1930, June 30, compared
911
1930, June 30
909, 914
Produce exchange sales tax, receipts:
1929 and 1930, by months (coUection basis)
1010
1929 and 1930 (coUection basis)
1022
Prohibition Bureau:
Administrative report__
228
Circuit Court of Appeals, Fifth Circuit, decision affecting section 35,
prohibition act
^
230
Name changed to Industrial Alcohol Bureau by act of May 27, 1930. 90, 228
Personnel. {See Personnel.)
Public relations division, establishment and functions of
228
Stationery, cost of, 1926-1930
270
Supreme Court decisions affecting permits
230
Technical division, activities
230
Prohibition Bureau (Justice Department):
Created by act of May 27, 1930„_..__
228
Public No. 273, Seventy-first Congress, to create, text
383
Statement of Secretary of the Treasury before House Committee on
Expenditures in Executive Departments, January 22, 1930
381
Prohibition enforcement:
Coast Guard Service
86
Liquor smuggling
145, 173, 178
Receipts under—
1920-1930 (coUection basis)
.
515
1929 and 1930—
CoUection basis
512
Fines and penalties (warrant basis)
472
Forfeitures (warrant basis)
473
Warrant basis.
471
Prohibition reorganization act
:
90, 383
Public building program:
Assistant Secretary ofthe Treasury, address before Michigan Bankers'
Association, ''The PubUc Building;Program"
399
Country-at-large projects—
Authorizations
80, 262
Construction obligations
81
Contracts awarded
:
262
Expenditures
81,263
Status of sites
82, 264
District of Columbia projects—
Authorizations
80, 262
Construction obligations.
81
Contracts awarded
262
Expenditures
.
81,263
Status of sites
82, 264
Triangle site, obligations assumed to June 30, 1930
262
Keyes-EUiot Act of March 31, 1930. {See Acts of Congress.)
INDEX
1073
Public building program—Continued.
Page
Secretary of the Treasury, statement on status of/governmental building program, March 23, 1930
397
Summary of
.
80, 261
Public buildings {see also Public building program; Supervising Architect's
Office):
Appropriation, 1931, construction, operating expenses, etc
543
Assistant Secretary of the Treasury, address, February 20, 1930
391
Authorizations
80, 261
Construction obligations undertaken, 1930, classified
81
Contracts—
Awarded, classified
81, 262
Specifications by outside professional services, classified
83
Expenditures for—
1929 and 1930 (checks issued basis)
485
Building program
263
Buildings under Treasury control, classified
266
Maintenance costs
264
Marine hospitals—
Construction status
97
Expenditures (aggregate) to June 30, 1930
266
Post offices—
Construction obligations, 1930.
82
Contracts awarded, 1930
82,263
Expenditures (aggregate) to June 30, 1930
266
Projects classified
80
Quarantine stations, expenditures (aggregate) to June 30, 1930
266
Remodeling costs, 1930
264
Rentals coUected
141
Veterans' hospitals, expenditures (aggregate) to June 30, 1930
266
Public buildings and grounds, rent receipts, 1929 and 1930 (warrant basis).
476
Public buildings and public parks of the National Capital, expenditures,
1929 and 1930 (checks issued basis)
480
Public Buildings Commission:
Appropriation, 1931
543
Expenditures, 1929 and 1930 (checks issued basis)
480
Public debt of the United States {see also Securities issued by the United
States; Sinking fund, cumulative):
Cost of Government borrowing
17
Expenditures—
1929 and 1930, actual, classified
637
1930 (revised daily statement basis)
274, 471
General review of operations
13
Increase or decrease—
1915-1930, by source (daily statement basis)
592
1918-1930, by issues (warrant basis)
581
Interest on—
1791-1930, expenditures for (warrant basis)
498
1916-1930 (daily statement basis)
489
1916-1931, appropriations on account of
545
1917-1930, annual interest charge, total and ratio to outstanding d e b t . . .
._-596
1918-1930, paid, by loans (warrant basis)
.
596
1074
INDEX
Public debt of the United States, etc.—Continued.
Interest on—Continued.
Page
1929 and 1930, by months, total and ratio to outstanding d e b t . .
596
1929 and 1930, expenditures (checks issued basis)
487
1930, expenditures, by months {dsiUy statement basis).. 508, face 631
1930, expenditures (revised daily statement basis)
470
1930, June 30, payable, paid, and outstanding
594
1931, appropriation on account of
544
Interest-bearing—
1930, June 30, amount issued, retired, outstanding, by issues
638
Description of issues, June 30, 1930
.
554, 640
Outstanding, June 30—
1929 and 1930, by months
596
1929 and 1930, by classes
13
1930, amount issued, retired, outstanding, by issues
551
1930, by kind of security and callable date
561
1930, description of issues
554
Price, average, received for each issue
554
Transactions—
1930, classified
_.
568
From dates of issue, .showing reconciliation with account
of Treasurer
577
Issues, April 6, 1917, to June 30, 1930, rates, dates of issue, call
and/or maturity, and amounts issued, by issues
584
Issues and retirements, reconciliation with retirements by sources,
1918-1930, balance in general fund, outstanding public debt (revised daily statement basis)
590
Matured debt, outstanding, June 30—
1853-1930
.
560
1929 and 1930
13
1930
:
552
1930, by issues
638
1930, description of issues
557
Net increases and decreases, 1918-1930, by issues (warrant basis)
581
Noninterest-bearing, outstanding, June 30—
1862-1930
,
560
1929 and 1930
...
13
1930
.
552, 558, 639
Outstanding, June 30—
1853-1930, gross and per capita
560
1929 and 1930, changes, by classes
13
1930, description of issues
554, 640
Chart, 1919-1930
27
Permanent debt reduction program
26
Premium, 1929 and 1930 (checks issued basis)
485
Quarterly financing. {See below. Short-term debt transactions.)
Receipts—
1791-1930 (wa,rrant basis)
502
1929 and 1930, actual, classified
637
1929 and 1930, classified (warrant basis)
479
1930 (revised daily statement basis)
274
Reduction—
1916-1930 (daily statement basis)
592
1920-1930 (revised daily statement basis)
27
INDEX
1075
Public debt of the United States, etc.—Continued.
Retirements—
,
I'age
1791-1930 (warrant basis)
500,502
1927-1930, by issues (warrant basis)
589
1929 and 1930, net
637
1930, by issues, classified, amount, and pieces
689
1930, classified
275
1930, matured pre-war loans, by issues, amount, and pieces
689
Funds available for, analysis_.
56
Retirements chargeable against ordinary receipts—
1916-1931, appropriations
545
1918-1930, classified (daily statement basis)
490
1927, July-1930, October, by months (daily statement basis)
506
1929 and 1930, classified (checks issued basis)
487
1930, by months, classified (daily statement basis)
509, face 631
1930, classified (revised daily statement basis)
470, 641
1930, totals; 1929 and 1930, cumulative totals
562
1931, appropriations
544
Short-term debt transactions, September 15,1929-September 15,1930.
14
Statement of—
1930, June 30
638
1930, June 30, description of issues
554
Transactions—
1927-1930
-
580
1930, classified
562
1930, interest and noninterest-bearing securities, summary
565
1930, interest-bearing securities
568
1930, noninterest-bearing securities
570
From dates of issue, reconciliation of Treasurer's account with
security account
575
Liberty loans having conversion features, from dates of issue to
June 30, 1930
579
Public debt accounts and audit division, administrative report
241
Public Debt Service:
Administrative officers, as of November 15, 1930
xxii
Administrative report
236
Expenditures for, 1929 and 1930 (checks issued basis)
484
Stationery, cost of, 1926-1930
270
Supplies, cost of, 1926-1930_-_
268
Public Health Service:
Administrative officers, as of November 15, 1930
.
xxiii
Administrative report
245
Aerial transportation, cooperation in sanitary control of
248
Appropriations, 1930, by title
257
Domestic quarantine division
249
Expenditures
257, 485
Foreign and insular quarantine and immigration division
246
Hygienic Laboratory. {See Hygienic Laboratory.)
Marine hospitals and relief division. {See Marine hospitals and
relief division.)
Mental hygiene division. {See Mental hygiene division.)
Narcotics division. {See Narcotics division.)
National Institute of Health. {See National Institute of Health.)
Oriental ports, special regulations
95
Parrot disease control...
^^95, 247
1076
INDEX
Public Health Service—Continued.
Page
Personnel. {See Personnel.)
Public No. 106, Seventy-first Congress, coordinating public health
. activities of the Government
402
Quarantine inspection
246
Revenue derived from, 1930, by sources
258
Review of activities
92
Scientific research division
251
State-aid appropriations
446
Stationery, cost of, 1926-1930
270
Supplies, cost of, 1926-1930
268
Venereal disease control—
Activities of venereal disease division
254
Appropriations, work with States
438, 444
Program for_..
...
96
Reports of State departments of health
255
Public lands, receipts from sales, 1796-1930 (warrant basis)
494
Public moneys:
Amount in transit, June 30—
1929 and 1930..
677
1930
.
.
676
Balance held by designated depositaries, June 30, 1930.....
686
Department circular—
No. 92. Revised, special deposit of public moneys
408
No. 176. Regulations governing deposits of public moneys and
payment of Government checks and warrants, amended and
supplemented September 2, 1930
413
Deposited in Government depositaries—
1920-1930, interest on balances accrued since May 30, 1908
651
1929 and 1930
650
Public resolutions. {See Acts of Congress.)
Purchasing agency. {See Supply division.)
Quarantine:
Canada and United States, reciprocal agreement concluded
94
Domestic quarantine division. {See Public Health Service.)
Foreign and insular quarantine .and immigration division. {See
Public Health Service.)
Inspection service, 24-hour
95
Inspections, 1930, vessels, passengers, and seamen
246
Interstate service. State-aid appropriations for
447
Quarterly financing. {See Public debt of the United States, short-term,
debt transactions.)
R
Radio equipment. Coast Guard
147
Railroad securities owned by the Government, receipts from, 1930, by
months
face 631
Railroad transactions with United States:
Federal control act—
Equipment trust notes—
Holdings, June 30, 1930
109,600
Original holdings
109
Payments received, principal and interest
109
c Section 7, original holdings, payment of principal and interest..
?
109
INDEX
1077
Railroad transactions with United States—Continued.
Page
Receivership indebtedness to the United States, October 28, 1930, by
carriers
42
Statement concerning
.'
40
Transportation act, 1920—
Section 204. Payments to raUroads on account of deficits, to
Jime 30, 1 9 3 0 . . .
109
Section 207. Obligations originally acquired, repayments, amount
outstanding June 30, 1930, by roads
602
Section 209—
Carrier indebtedness to United States for overpayments, by
roads
110
Payments to and by carriers during 1930, by roads
602
Payments to carriers, total, March 1, 1920, to June 30, 1930.
110
Section 210—
Loans outstanding June 30, 1929, and 1930, by roads
603
Principal and interest due from carriers in default, June 30,
1930
111
Railroads:
Expenditures for, 1930, general fund (revised daily statement basis).
470
Owned by United States. {See Panama Railroad Co.)
Receipts {see also Estimates; Internal revenue; Receipts and expenditures):
1791-1930, all receipts (warrant basis)
502
1791-1930, ordinary, classified (warrant basis)
494
1916-1930, ordinary (daily statement basis)
488
1916-1930, ordinary, classified (daily statement basis)
489
1922-1930,, ordinary (daily statement basis)
11
1927, July-1930, October, ordinary, classified, by months (daily
statement basis)
.
506
1929 and 1930, ordinary, analysis
2
1929 and 1930, ordinary, detailed (Avarrant basis)
471
1930—
Actual; 1931 and 1932, estimated
536
Ordinary, by months
face 631
Ordinary, classified according to funds (revised daily statement
basis)
469
Ordinary, total (revised daily statement basis)
face 631
Ordinary, variations from estimates
11
Bases of statements
467
Charts...
.
2, 5
DaUy Treasury statement, revision
13, 433
Summary by organization units, 1929 and 1930
479
Receipts and expenditures:
Combined statement, nature of
123
Daily Treasury statement. {See Daily statement of the Treasury.)
Recommendations for legislation:
Income taxation...
.
38
International double taxation
44
Obligations of railroads
40
Second Liberty loan act
38
Refunding certificates issued, redeemed, and outstanding, June 30, 1930,
by kind
689
1078
INDEX
Page
Refunds, drawbacks, etc., of revenue {see also Customs, refunds; Drawback; Income tax, refunds; Internal revenue, refunds; Sales tax; Tobacco
tax):
Approproations, 1931
543
Estimate, 1932
.
543
Expenditures on account of, 1930, by months
face 631
Register of the Treasury, administrative report
-239
Rents {see also Public buildings), receipts, 1929 and 1930, classified (warrant basis)
476
Retirement funds. {See Civil service retirement fund; District of Columbia teachers' retirement fund; Foreign Service retirement fund.)
Revenue acts of 1926 and 1928, collections, by source:
1929 and 1930
.
1022
1929 and 1930, by months
1010
Revenue sources:
Business conditions and
30
Customs collections. {See Customs collections.)
Income tax. {See Income tax.)
Internal revenue. {See Internal revenue.)
Rivers and harbors, expenditures for, 1929 and 1930 (checks issued basis)
486
Road construction, expenditures, 1929 and 1930 (checks issued basis)
L 481
Roads. {See National forests; Post roads.)
Royalties, receipts, oil, gas, etc., 1929 and 1930 (warrant basis)
476
Rumania, obligations to United States:
Payments on principal to June 30, 1930
75
Statement of payment received
,
333
Status, November 15, 1930
608
Rural post roads. (AS'ee Post roads.)
Rural sanitation. {See Sanitation.)
Russia, obligations to United States, status, November 15, 1930
608
S
Sale of Government property {See also General Supply Committee, receipts):
1929 and 1930, classified (warrant basis)
477
1930, by months
face 631
Sales taxes:
Additional assessments, 1930
203
Receipts, manufacturers and dealers (collection basis)
512, 514
Refunds, 1930
.
203
Salt Lake City assay office:
Activities
724
Establishing act date
_
724
San Francisco Mint:
Coinage—
1854-1929, value, by denominations
.
739
1920-1929, by calendar years, number of pieces, by kind of currency
•
742
1920-1929, by calendar years, value, by denominations
740
Establishing act date
724
Sanitation, rural:
Cooperative studies. State-aid appropriations for
447
Public Health Service projects
249
INDEX
1079
Page
Savings banks. {See District of Columbia; Mutual savings banks; Stock
savings banks.)
Savings banks and agents, specified countries, deposits
Savings banks and agents (United States):
Postal savings. {See Postal savings system.)
School savings banks—
1920-1930, school year, nuinber of schools, participants, deposits,
net savings
1929-1930, school 3^ear, number of schools, participants, deposits,
net savings, by States
,_
Savings securities. Treasury (war):
Expenditures on account of, 1930, by months (daily statement basis) _
Net increases and decreases, 1918-1930, by issues (warrant basis)
Retirements—
1927-1930 (warrant basis)_.
1930, by issues, redemption value, number of stamps and pieces..
Transactions—
1927-1930, issues and redemptions
1930.
Seattle assaj^ office:
Activities
Establishing act date
Secret Service Division:
Administrative report
Expenditures for, 1929 and 1930 (checks issued basis)
Secretaries of the Treasury, 1789-1930
Secretary of the Treasury:
Address, December 4, 1929. Accomplishments of the Treasury
Department during 1929..
Administrative and staff officers of the Office of the Secretary,
November 15, 1930
Communications—
January 13, 1930. Letter to the President on a unified border
patrol as part of the Coast Guard
January 17, 1930. Letter to the President of the Senate, transmitting draft of proposed, bill for discontinuance of coinage of
$2.50 gold piece
Orders—
November 1, 1929. General Supply Committee to report
directly to Assistant Secretary
July 1, 1930. Prescribing duties of commissioner and employees
of Bureau of Narcotics.
Recommendations for legislation. {See Recommendations for
legislation.)
Regulations, Treasury bills, sale and issue. {See Circulars, department. No. 418.).
Special deposit accounts
Statements—
December 10, 1929. Treasury bills, initial issue...
January 22, 1930, before House Committee on Expenditures
in Executive Departments, Prohibition Bureau
February 28, 1930, before Ways and Means Committee, on bill
to reduce international double taxation
.,
952
951
950
509
582
589
692
580
568
724
724
259
485
xvii
455
xxii
447
406
408
389
126
22
381
376
1080
INDEX
Secretary of the Treasury—Continued.
Statements—Continued.
Page
March 23, 1930, status of governmental building program
397
April 15, 1930, funding of indebtedness of France to the United
States
.
330
May 8, 1930, Austrian relief debt settlement
322
June 23, 1930, announcing signing of agreement for discharge of
obligations of Germany to United States in respect of awards of
Mixed Claims Commission and Army costs
' 347
October 31, 1930, tax refunds
.
380
Secretary of the Treasury (Acting), statement, December 29, 1929, proposed agreement on payments by Germany to United States under
Young plan
334
Securities issued by the United States {see also Bonds; Certificates of
indebtedness; Liberty bonds; Treasury bills; Treasury bonds;
Treasury notes; Victory notes):
Alien Property Custodian. {See Alien Property Custodian.)
Checks issued in payment of interest on registered securities.
635
Individual registered accounts, June 30, 1930, number and principal..
237
Interest paid—
Coupon, 1930, number and amount, by loans
695
On bonds and notes, 1930, by loans
695
On registered bonds by Treasurer's checks, 1930, by loans, number and amount
696
Issues, 1930, registered and nonregistered, by Loans and Currency
Division
236
Lost, stolen, or destroyed, claims for relief
237
Rates carried.
16
Register's office holdings, 1929 and 1930, by class of security
239
Retirements—
1930, registered and nonregistered, by Loans and Currency
Division
236
To June 30, 1930, through cumulative sinking fund, par amount
and principal cost
594
Stock activities, 1930, registered and nonregistered, by Loans and
Currency Division
236
Transactions—
1930, interest-bearing, summary
568
1930, interest-bearing and noninterest-bearing, summary
565
1930, noninterest-bearing
570
From dates of issue, outstanding June 30, 1930, by issues
575
Securities owned by the United States (see also Foreign government obligations owned by the United States; Railroad transactions with
United States):
Emergency Fleet Corporation capital stock
600
Equipment trust gold notes acquired under Federal control act of
1918
.
600
Holdings, June 30—
1929 and 1930
111
1930, classified
600
Inland Waterways Corporation capital stock
601
Sales of ships, securities received on. account of
601
Surplus war supplies sales, securities received on account of
600, 601
United States Housing Corporation capital stock
600
INDEX
1081
Securities owned by the United States—Continued.
Page
United States Spruce Production Corporation capital stock
600
War Finance Corporation capital stock
600
Seigniorage, realization on, 1930
225,711
Senate, expenditures for, 1929 and 1930 (checks issued basis)
480
Serb-Croat-Slovene Kingdom. (;See Yugoslavia.)
Services, receipts from sales of, 1929 and 1930, classified (warrant basis) __
475
Seven-thirty notes issued, retired and amount outstanding, June 30, 1930,
b}^ issues
688
SevUle Exposition, Treasury exhibit
141
Sheppard-Towner Act (November 23, 1921). {See Acts of Congress.)
Sherman Act (July 14, 1890), cited
661, 672, 736
Shipping Board:
Appropriations, 1931
543
Expenditures
470, 480, 490, 508, face 631
Silver:
Consumption, industrial, 1929, calendar year, amount
224, 710
Deposits and purchases by mints and assay offices, source and description, 1930
732
Deposits at mints and assay offices, character of, 1873-1930
735
Electrolytic output, 1930, each refinery, refining operations
718
Electrolytically refined, production, 1929 and 1930, amount
223
Imports and exports, 1914-1930
938
Price, average, high and low, 1930, New York market
222
Production—
1493-1905, average and totals, by periods; and 1906-1929, by
years, world
.'
798
1860-1929, calendar years, world
797
1928 and 1929, by countries and total, calendar years
794
1928 and 1929, domestic, value, calendar years
224
1928 and 1929, ounces and value, calendar years
710
Ratio to gold, with gold considered as of legal monetary value, 16871929, calendar years
.
781
Ratio to gold as affected by World War
781
Receipts and transfers, 1929 and 1930
222
Stocks, monetary—
UnitedStates, June 30, 1925-1930
752
World, by principal countries, 1928 and 1929
786
Silver bars, manufactured, 1930, number, ounces, value, by mints
720
Silver buUion:
Mint and assay office holdings, June 30, 1930
752
Operations of melting, refining, and coining departments of mints and
assay offices, classified, 1930
717
Proof bullion made, 1930
716
Stock in United States, 1930, June 30
224, 710
Treasury assets, June 30—
1929 and 1930
677
1930, distribution of
676
Silver certificates:
Circulation, June 30—
1913-1930
606
1930__607
Issued, redeemed, and outstanding, 1927-1930, by denominations
683
1082
INDEX
Silver certificates—Continued.
Page
Issues of
660
Legal tender qualities of
661, 672
Location, ownership, and per capita circulation, classified—
1929, December 31
756
1930, June 30
753
Stock in United States, June 30, 1930
607
Treasury assets, June 30—
1929 and 1930
677
1930, distribution of
676
Treasury liabilities, June 30, 1929 and 1930
677
Unissued, canceled, and destroyed, 1930
665
Silver coin and bullion, metaUic stock, June 30, 1925-1930
,
752
Silver coin, domestic (see also Standard silver dollars; Subsidiary silver
coin):
Authorizing acts, 1792-1921
736
Coinage executed—
1793-1929, Philadelphia Mint, by denominations
739
1838-1861, 1879-1909, New Orleans Mint, by denominations.__
739
1854-1929, San Francisco Mint, by denominations
739
1870-1893, Carson City Mint, by denominations
739
1906-1929, Denver Mint, by denominations
739
1929, calendar year
755
Commemorative, authority for, number and value of pieces coined to
December 31, 1929
737
Exports—
1929, calendar year
1930
Imports—
1929, calendar year
1930..
:
Output—
755
752
^
.
1792-1929, by denominations, number and value
1793-1929, by mints, since organization, by denominations, value
and pieces
1930, by institutions, by denominations, value and pieces
Recoinage, 1929 and 1930, by denominations
Shipments under direction of Treasurer's office, 1930
Standard fineness, by denominations
Standard weight, by denominations
Stock in United States—
1873-1930, June 30, total and per capita.
__
1928 and 1929, December 31
1929 and 1930, June 30
Trade dollars—
Authorizing act
Conversion act
Conversion value
Legal tender qualities of
Number and value of pieces coined to December 31, 1929
Used in industrial arts, value, estimate—
1929, calendar year
1930
Value, 1793-1929, by calendar years
755
752
736
739
712
653
652
736
736
754
755
752
737
736
736
672
737
755
752
750
INDEX
1083
Silver coin, domestic etc.—; Continued.
Page
Value, 1793-1929, combined value, all mints, by denominations, by
calendar years
746
Withdrawn from monetary use—
1929, calendar year, face value
755
1930, face value.
752
Silver coin, foreign:
Coinage executed
221, 708
Legal tender qualities of
.
672
Silver dollars. (jS^ee Standard silver dollars.)
Silver ingot melts, made for United States coin, for foreign coin, number,
fineness, by mints, 1930
720
Sinking fund, cumulative:
Appropriations, 1931
^
544
Expenditures
470,487, 509, face 631
Securities retired through, par amount and principal cost, to June 30,
1930
594
Statement concerning
24, 56
Transactions—
1921-1930
1930
.__.
593
24, 593
Smithsonian Institution:
Appropriation, 1931
Expenditures, 1929 and 1930 (checks issued basis)
Smuggling. {See Border patrol; Customs; Narcotics; Prohibition enforcement.)
Snuff tax receipts (collection basis) 1929 and 1930
212, 512, 1010,
Soldiers' and Sailors' State and Territorial Homes, State-aid appropriations for
Soldiers' Home permanent fund, receipts, 1929 and 1930 (warrant basis).
Special«advisory committee. {See Income Tax Unit.)
Special funds, transactions, change in form of analysis in daily statement.
Spruce Production Corporation, capital stock owned by United States
Stamp tax:
Philippine Islands products, 1929 and 1930,, collections
Receipts (collection basis)—
1916-1930
_'
1928, July-1930, September, by months
_1929 and 1930
1929 and 1930, by months
1929 and 1930, classified
1930, analysis
Summary of provisions
Standard silver dollar:
Bullion value at annual average price of silver, 1837-1929, calendar
years
Circulation, June 30—
1913-1930
1930
Coinage of, to June 30, 1930, note
Distribution of Treasury assets, June 30, 1930
Fixports since July 1, 1898, number, note
Legal tender qualities of
543
480
1022
445
478
434
600
1028
513
516
1022
1010
512
6
366
782
606
607
752
676
752
671
1084
INDEX
standard silver dollar—Continued.
Location, ownership, and per capita circulation, classified—
Page
1929, December 31
756
1930, June 30
" 753
Stock in United States—
1913-1930, June 30
224, 605
1930, June 30
224, 654, 709, 752
Treasury assets, June 30, 1929 and 1930
677
State aid. {See Federal aid to States.)
State banking departments, officials of, 1930
896
State (commercial) banks, resources and liabilities, June 30:
1929 and 1930, compared
899
1930, summary
898, 914
State Department:
Appropriations
543, 545
Expenditures
470, 484, 489, 508, face 631
Stationery, Treasury Department:
Expenditures for, 1926-1930
269
Issues to bureaus and offices, 1926-1930
270
Stock value, 1926-1930
270
Sterling bills, rates for, year ended October 31, 1930
893
Stewart plan for reorganization of joint stock land banks in receivership-102
Stock savings banks:
Deposits and depositors—
1914-1930
909
1929 and 1930, June 30, by States
908
Interest rate, 1929 and 1930, average each year
•.
908
Number of banks—
1914-1930
909
1929 and 1930, June 30, by States
908
Resources and liabilities—
•
1929, June 29, and 1930, June 30, compared
904
1930, June 30
902, 914
Subsidiary silver:
Circulation, June 30—
1913-1930
1930
606
607
Coinage executed, 1929 and 1930, value
221
Legal tender qualities of
671
Location, ownership, and per capita circulation, classified—
1929, December 31
'
756
1930, June 30
753
Seigniorage on, 1930
225, 711
Stock in United States, June 30—
1913-1930
605
1930
224, 607, 654, 709
1930, in Treasury, in Federal reserve banks, in circulation
752
Treasury assets, June 30—
1929 and 1930
. 677
1930, distribution of
676
Sugar Equalization Board:
Expenditures, 1922-1923 (daily statement basis)
490
World War, cost on account of
609
INDEX
1086
Page
Supervising Architect's office (see also Public building program; Public
buildings):
Administrative officers, as of November 15, 1930
xxiv
Administrative report
261
Services performed for other departments
264
Supplies, costof, 1926-1930
__-_
267,270
Supply Division:
Administrative report
267
Expenditures, 1926-1930, by bureaus and offices and titles of appropriations
267
Purchase orders written, 1926-1930
269
Savings on cash discounts, 1926-1930
__
269
Vouchers audited, 1926-1930
269
Supreme Court Building Commission:
Appropriation, 1931
543
Expenditures, 1929 and 1930 (checks issued basis)
480
Supreme Court of the United States:
Building site
141
Decisions of, May 26, 1930, affecting Prohibition Bureau permits
230
Surety bonds, quadrennial renewal, abolition of, provided for in pending
legislation
136
Surety bonds section, administrative report
134
Surplus:
1791-1930 (warrant basis)
494
1916-1930 (daily statement basis)
488
1922-1930 (daily statement basis)
11
1927, July-1930, October, by months (daily statement basis)..-!
506
1930, analysis
1, 11
1930, variation from estimate
12
Debt retirement from, statement concerning
61
Surplus fund, amounts carried to, 1911-1930
550
Surplus propertj^ {See General Supply Committee; Sale of Government
property.)
Sweep cellar operations, mint service, 1930
721
Sweeps, loss on sale of, by mints and assay office, 1930
722
T
Tariff act of 1930, summary of administrative changes
Tariff commission:
Appropriation, 1931
Expenditures, 1929 and 1930 (checks issued basis)
Tax Appeals Board. {See Board of Tax Appeals.)
Tax-exempt securities:
Outstanding—
1913-1930, June 30, wholly tax-exempt bonds, by type of obligor1917-1930, June 30, partiaUy tax-exempt
1929, January-1930, August, by months, partially tax-exempt.1929, January-1930, August, by months, wholly tax-exempt
bonds, by type of obligor.
Recommendation concerning
Treasury bills. {See Treasury bills.)
53
543
480
616
616
616
615
39
1086
INDEX
Taxation:
Double. {See Double taxation.)
Page
Federal tax system as of June 30, 1930, outline of
.
366
Tobacco division, activity
988
Tobacco products, manufacture by States, by kinds
989
Tobacco tax (see also Cigarette tax; Snuff tax):
Additional assessements, 1930
.
203
Philippine Islands product, 1929 and 1930, collections
1028
Porto Rican product, 1929 and 1930, collections
1028
Receipts (collection basis)—
1916-1930
... 513
1928, July-1930, September, by months
516
1929 and 1930
.
988
1929 and 1930, by months, classified
1010
1929 and 1930, by sources (collection basis)
.. 1022
1929 and 1930, chewing and smoking tobacco
212, 892, 1022
1929 and 1930, classified
212, 512
1930, analysis
.
5
1930, by States
.
989
1930, for seven States
212
Refunds, 1930
203
Repayments, 1930
203
Summary of provisions..
368
Tonnage tax, receipts
471, 530, 534
Trade dollars. {See Silver coin.)
Transportation, telephone, and telegraph tax receipts, 1918-1924 (collection basis)
514
Treasurer of the United States:
Administrative officers, as of November 16, 1930
xxiii
Administrative report
274
Checks issued, 1930—
For interest on registered securities, number and amount
_.
635
For interest on registered bonds of insular governments, by loans,
number and amount
694
Procedure
635
Checks paid by, 1930, drawn by Secretary for interest on registered
bonds, by loans, classified, number and amount
696
Collection items deposited with
633
Duties
:
672
Functions of—
Accounting
673
Custodian of public moneys and trust funds
:
672
Fiscal agent for redemption of paper currency and certain
obligations
673
Redemption agent for certain notes
.
673
Treasurer of board of trustees of Postal Savings System
673
Trust fund custodian
.
645,647,673
Pay warrant transactions
631
Procedure as to verification and audit of interest coupons changed
674
Recordak system instaUed
674
Report for 1930
631
Securities held in trust—
1929 and 1930, for national and other banks, by kinds
646
1929 and 1930, to secure postal-savings funds
647
INDEX
1087
Treasurer of the United States—Continued.
Pag^
Special trust fund in custody of, by accounts and kinds, 1930
648
Taxable circulation report required from national banks, change in
method
-----^-674
Treasury:
Assets—
1927, July-1930, June, by months
.......
67^
1927, July-1930, June, other than gold, silver, notes, and certificates, by months
678Assets and liabilities, June 30—
1929 and 1930, classified
677
1930
---._
.
642:
1930, general distribution, classified
676/
Condition of, June 30—
1928-1930 (revised daily statement basis)
597'
1930
-.
...
2a
General fund—
1915-1930, balance (daily statement basis)
592*.
1915, October-1930, September, balance, by months (daily
statement basis)
59&>
1921-1930, available cash balance
.
;...
64#
1929 and 1930, June 30 (revised daily statement basis)
,. 471^
General Treasury balance, distribution, June 30, 1930..
678^
,Gold holdings—
1921-1930, June 30, classified
.
645:
1929 and 1930, June 30 (daily statement basis) - . . . . _ .
..
275
Liabilities, July, 1927-June, 1930, by months
680
Money deposited for redemption and retirement of national bank
notes, July, 1929-June, 1930, by months, by accounts
.
OOO-^
Money outside of, classified, 1929 and .1930, by months
705>
Money stock held in, June 30, 1913-1930
605'
Shipments of coin between Treasury and Federal reserve banks and
branches, 1930
..
.
65^
Shipments of United States paper currency, 1929 and 1930.
278, 65T
Treasury bills:
•
.
Exemption from tax—
Public No. 376, Seventy-first Congress
30S;
T. D. 4276, income tax
306>
T. D. 4292, income tax
^
31^.
Expenditures on account of, 1930, by months (daily statement basis) -_
51:11
Issued through Federal reserve banks, 1930, by issues and banks
57^
Issues, December 17, 1929-August 18, 1 9 3 0 . . .
IT
Offering and acceptance of bills—
December 17, 1929...
.
285,.287
February 18, 1930
287, 288^
AprU 15, 1930
291, 29^
May 19, 1930
292,293,
July 14, 1930
.
296,297'
August 18, 1930
298, 299^
October 15 and*16, 1930
302, 30a;
Outstanding, June 30—
1930, by issues
55^'
1930, description of issues
.
55S
12101—31
71
1088
INDEX
Treasury bills—Continued.
Page
Quarterly financing summary, December 17, 1929-August 18, 1930. . 14, 16
Regulations governing sale and issue
303, 309
Retirement—
1930 (warrant basis)
....
.
589
1930, each series, amount and pieces
.
691
Revision of income tax exemption
•
231
Transactions—
1930, by issues and redemptions
....
580
1930, summary..
.
568
From dates of issue, outstanding June 30, 1930, by issues
..
576
Treasury bonds:
Expenditures on account of, 1930, by months (daily statement
basis)
...
509
Net increases and decreases, 1918-1930 (warrant ba,sis)
582
Outstanding, June 30—
1930, amount issued, retired, by issues
.
^ 551
1930, description of issues. .
555
Retirements, 1927-1930, by issues
...__
589
Transactions, 1927-1930, by issues and redemptions
• 580
Treasury bonds and Liberty bonds, transactions, 1930, summary
568
Treasury certificates of indebtedness. ^ {See Certificates of indebtedness.)
Treasury Department:
Accomplishments of—
Address by Assistant Secretary of the Treasury
459
Address by Secretary of the Treasury
455
Administrative and staff officers, as of November 15, 1930
xxii
Appropriations
.— .
138, 543, 545
.Assistant Secretaries of the Treasury. {See Assistant Secretaries of
the Treasury.)
'Chief clerk and superintendent, administrative report
•-.
.
i:B9
'Circulars. (^See Circulars, department.)
•Consulting architectural specialists, personnel, as of November 15,
1930
:
.
xxii
Daily statement. {See Daily statement of the Treasury.)
Decisions—
>
T. D. 2. Order of the Secretary of the Treasury prescribing
duties of commissioner and employees of Bureau of Narcotics.
389
T. D. 4276. Income tax, exemption of Treasury bills
306
T. D. 4292. Income tax, exemption of Treasury bills
313
Employees. {See Personnel.)
Expenditures
.
470, 484, 489, 508, face 631
Organization chart
:
.
xxvi
Policy of, depositary designation
'.
:
.
129
Regulations—
Deposit of public moneys. Department Circular 176, amended..
413
Payments on account of tentative awards of war claims arbiter.
349
Treasury bills, sale and issue. (A^ee Department Circular No.
418.)
Secretary. {See Secretary of the Treasury.)
State-aid appropriation
444
Transfers to new office space
139
'
Trust funds administered by. (^See Trust funds.)
Undersecretary. (/See Undersecretary of the Treasury.)
•
INDEX
108^
Page
Treasury Department building improvement, contracts awarded
Treasury notes:
Coupons paid, 1930, by issues
.
Demand Treasury notes. {See Old demand notes.)
Expenditures on account of, 1930, by months (daily statement basis).
Issued through Federal reserve banks, 1930, by series and banks
Issued through the Treasury, 1930, by series
Net increases and decreases, 1918-1930, by issues (warrant basis) __
Outstanding, June 30, 1930—
Issued, retired, and outstanding
Transactions from date of issue, by issues
Retirement, by issues—
1927-1930 (warrant basis)
...
1930, classified, amount and pieces
,
Transactions—
1927-1930, issues and rbdemptions
1930, interest-bearing, summary
Treasury notes of 1890:
Circulation, June 30—
1913-1930
.
._
1930...
.....
Issue
.
Issued, redeemed, and outstanding, by denominations, 1927-1930..
Legal tender qualities of
Location, ownership, and per capita circulation, classified—
1929, December 31
.
...
1930, June 30
Treasury assets, June 30—
1929 and 1930._.
1930, distribution
___....
Treasury liabilities, June 30, 1929 and 1930
.....
Treasury notes of 1930-1932:
Outstanding, June 30, 1930, by i s s u e s _ . . _ . . . .
Redemption call. Series A and B
Transactions reviewed, Series A, B, and C
Treasury savings securities:
Expenditures on account of, 1930, by months (dail}^ statement basis).
Outstanding, June 30, 1930, by issues
Triangle properties. (>See Public building program.)
Tripartite Claims Commission, awards, Hungary
Trust funds administered by the Treasury:
Adjusted service certificate fund. {See Adjusted service certificate
fund.)
Balance, June 30, 1930.
. Civil service retirement and disability fund. {See Civil service retirement and disability fund.)
District of Columbia teachers' retirement fund. (*See District of
Columbia teachers' retirement fund.)
Foreign Service retirement and disability fund. {See Foreign Service
retirement and disability fund.)
Government life insurance fund. {See. Government life insurance
fund.)
Held for redemption of notes and certificates, June 30, 1930
140*
695
509
573'.
574
582
551
575'
589^
691
680'
568606.
607
661
684:
672
75^
75a
677
676<
677
555
315
24509558
73-
676^r
642:
1090
INDEX
Trust funds administered by the Treasury—Continued.
Page
Investment of, 1930 (revised daily statement basis)
470
Library of Congress trust fund. {See Library of Congress trust fund.)
National forests fund. {See National forests fund.)
Outstanding liabilities, nature and administration of
.
124
Receipts—
1929 and 1930, classified (warrant basis)
478
1930, by m o n t h s . .
..
face 631
Special trust funds in custody of Treasurer of the United States, 1930,
by accounts and kinds, transactions
-.
648
Transactions, change in form of analysis in daily statement
436
U
•Undersecretaries of the Treasury, 1921-1930
KVIII
CFndersecretary of the Treasury:
Addresses—
February 14, 1930. International Double Taxation, Washingtion, D. C__-._
374
February 19, 1930. The Customs Service, Washington, D. C . _ .
451
November 14, 1930. America's Separate Agreement with
Germany
354
Budget officer of the Treasury Department
126
Statements—
December 4, 1929. Before Ways and Means Committee, relative to joint resolution to reduce 1929 income tax
358
December 10, 1929. Before Ways and Means Committee, relative to bill providing for settlement of indebtedness of France
to the United States
324
March 10, 1930. Before Ways and Means Committee, on bill
for settlement by Germany of Army costs and mixed claims
awards
.
334
April 24, 1930. Before Interstate and Foreign Commerce Committee relative to bill to regulate entry of persons into the
United States, to establish a Coast Guard border partol, e t c . . 447
CTnited States bonds and notes, coupons paid, 1930, by loans, number and
amount
695
United States Customs Court, Treasury Department, duties transferred to
Justice Department
90
•United States Government life insurance fund. (*See Government life
insurance fund.)
United States Government securities. {See Securities issued by the
United States.)
United States notes:
Circulation, June 30—
1913-1930-.-606
1930
607
Issue and redemption
668
Issued, redeemed, and outstanding, 1927-1930, by denominations
^81
Legal tender qualities of
671
Location, ownership, and per capita circulation, classified—
1929, December 31
756
1930, June 30
753
INDEX
United States notes—-'Continued.
Stock in United States, June 30—
1913-1930
.._
1930
.
Treasury assets, June 30—
1929 and 1930
.
....
1930, distribution.
.
.
Unissued, canceled and destroyed, 1930
.
United States Railroad Administration, checking balance transferred..,.
1091
Page
606
607
677
676
665
634
V
Venereal disease control. {See Public Health Service.)
Venezuela, coinage executed for, 1930
.
221
Vessels, clearings, 1930, by customs districts
632
Veterans' administration, appropriations, 1931
543
Veterans' Bureau expenditures (see also Government life insurance fund)... 470,
481, 489, 508, face 631
Veterans' hospitals, expenditures for. {See Public buildings.)
Victory notes:
Coupons paid, 1930, by issues
-.
695
Expenditures on account of, 1930, by months (daily statement basis). „
509
Issues and redemptions, 1927-1930
.
.
^
580
Net increases and decreases, 1918-1930
582
Retirements, 1927-1930 (warrant basis)
589
Retirements, by issues, classified, amount and pieces, 1930
689
Transactions from dates of issue to June 30, 1930
579
W
War claims act of 1928:
Amendments to
66
Mixed Claims Commission. (*See Mixed Claims Commission.)
Summary of
66
War claims arbiter. {See War claims arbiter.)
War claims arbiter, awards
.
70
Payment, Treasury regulations No. 4, June 23, 1930
.___
349
Settlement appropriation, Public Resolution No. 77, Seventy-first Congress, approved May 29, 1930
...
348
War Department:
Appropriations
,
'
544, 545
Expenditures
.
470, 486, 489, 498, 508, face 631
State-aid appropriations.
^
444
War emergenc}^ corporations, capital stock owned by United States
600
War Finance Corporation:
Administrative report. _.
280
Capital stock owned by United States
.
600
Expenditures
470, 490, 508, face 631
World War, cost on account of
609
Warrants:
Department Circular No. 176, governing deposit of public moneys and
payment of Government checks and warrants, amended September 2, 1930
413
Issues, 1930, by classes
^
122
1092
INDEX
Warrants—Continued.
Receipts and expenditures, explanation of authority for and manner
of issuance
.._..
Settlement transactions...
Washington, George, Bicentennial Commission:
Appropriation, 1931
.,
Expenditures, 1930 (checks issued basis)
World War, money cost of, to United States Government, to June 30,
1930
_
-
.Paga
467
632
543
480
609
Y
Yorktown Sesquicentennial Commission, appropriation, 1931
Young Plan. {See Germany.)
Yugoslavia, obligations to United States:
Payments on principal to June 30, 1930
Status, November 16, 1930
o
^43
-.
75
608
@FedFRASER