View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Irea1* .

H J

j

1!
U

t

íV > :

lo
>fh3PH
V. 16

if

UtS,

#**

Irea^uHt

tg á f,

X e )e cu # s

l ib r a r y

ROOM 5030
JUN 141972
TREASURY DEPARTMENT

tbea.
su.
ry department

for release, morning pa p e r s ,

Thursday, January 5, 1933.

STATEMENT BY SECRETARY MILLS
The Secretary of the Treasury gives notice that tenders are
invited for Treasury hills to the amount of $75,000,000, er thereabouts.
They will be 91-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 two o'clock p. m., Eastern Standard time,
on Monday, January 9, 1933.

Tenders will not be received at the Treasury

Department, Washington.
Th*» Treasury bills will be dated January 11, 1933, and will
mature on April 12, 1933, 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, $100,000, $500,000,
and*$1,000,000 (maturity value).
It 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 incorpor­
ated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must be accomr-

panied by a deposit of 10 per cent of the face amount of Treasury bills

-2-

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
January 9, 1933, all tenders received at

the Federal Reserve Banks or

"branches thereof up to the closing hour will "bo 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.

Pay­

ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on January 11, 1933.
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, 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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof.

TREASURY DEPARTMENT

FOR RELEASE MORNING PAPERS
Thursday, January 5, 1933.

Secretary Mills made the following announcement:
The German Government has advised the Treasury that it
has taken advantage of the option granted in paragraph 5 of the
debt funding agreement of June 23, 1930, by postponing the payments
falling due on March 31, 1933, under paragraph 1 (a) of the agreement
on account of awards entered by the Mixed Claims Commission, United
States and Germany, in the principal amount of 20,400,000 Reichsmarks,
and under paragraph 1 (b) of the agreement for reimbursement on account
of the costs of the United States Army of Occupation in the principal
sum of 12,650,000 Reichsmarks.

In accordance with the terms of the

agreement, the amount payable under paragraph 1 (a) of the agreement
so postponed will bear interest at the rate of 5$ per annum, payable
semiannually, and the amount payable under paragraph 1 (b) of the
agreement so postponed will bear interest at the rate of 3—5/8$ per
annum, payable semiannually.

FOR RELEASE, MORNING PAPERS,
Tuesday, January 10, 1933.

TREASURY DEPARTMENT

STATEMENT BY SECRETARY MILLS

Secretary of the Treasury Mills announced today that the
tenders for $75,000,000, or thereabouts., of 91-day Treasury
Bills, dated January 11, 1933, and maturing April 12, 1933,
which were offered on January 5th, were opened at the Federal
Reserve Banks on January 9th*
The total amount applied for was $229,845,000.

The

highest "bid made was 99.987, equivalent to an interest rate
of about 0.05 per cent on an annual basis.

The lowest bid

accepted was 99.939, equivalent to an interest rate of about
0,24 per cent on an annual basis.

Only part of the amount

bid for at thfe latter price was accepted.
of bids accepted was $75,090,000.
Bills to be issued is 99.948.

The total amount

The average price of Treasury
The average rate on a bank dis­

count basis is about 0.20 per cent.

TREASURY DEPARTMENT

EOR RELEASE, MORNING PAPERS,
Thursday, January 13, 1933,

STATEMENT BY SECRETARY MILLS

The Secretary of the Treasury gives notice that tenders are
invited for Treasury "bills to the amount of $75*000,000, or thereabouts.
They will "be 91-day "bills; and will "be sold on a discount "basis to the
highest "bidders.

Tenders will be received at the Federal Reserve Banks,

cr the branches thereof, up to two o ’clock p, m, , Eastern Standard time,
on Monday, January 16, 1933.

Tenders will not be received at the Treasury

Department, Washington,
The Treasury bills will be dated January 18, 1933, and will
mature on April 19, 1933, 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, $100,000,
$500,000, and $1,000,000 (maturity value).
It is urged that tenders be made on the printed forms and for­
warded 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,. 135.

Fractions mast not be used.

Tenders will be accepted without cash deposit from incorpor­
ated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must be accom­

panied by a deposit of 10 per cent of the face amount of Treasury bills

-

2

~

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
January 16, 1933,, 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*

Pay­

ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or ether immediately available funds
on January 18, 1933.
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,, 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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof.

TREASURY DEPARTMENT

FOR IMMEDIATE RELEASE,
January 14, 1933*

The Secretary of the Treasury made the following announcement:

On January 7, 1933, the Greek Government transferred to
the United States Treasury the sum of $65,376, representing thirty
per cent of the semi-annual interest of $217,920 due November 10?
1932, on the four per cent twenty-year gold loan of May 10, 1929.
By the transfer of this sum the Greek Government has accorded to
the United States treatment equal to that accorded to the bpndholders of the Greek Stabilization and Refugee Loan of 1928.
Such equal treatment is provided for by the terms of the AmericanGreek Debt Funding Agreement of May 10, 1929,
On several occasions the Greek Government has called
attention to the difficulties with which it is faced in endeavoring
to maintain its obligations to the United States and has emphasized
its inability to provide the foreign exchange necessary for the
service on the sinking funds of Greek external loans and to meet more
than a limited amount of the interest charges on those loans during
the Greek fiscal year ending March 31, 1933.

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
Tuesday, January 17, 1933.

STATEMENT BY SECRETARY MILLS.

Secretary of the Treasury Mills announced today that
the fenders for $75,000,000, or thereabouts, of 91-day Treasury
Bills, .dated January 18, 1933, and maturing April 19, 1933,
which were offered on January 12th, were opened at the Federal
Reserve Banks on January 16th.
The total amount applied for was $339,567,000.

Except

for one bid for $25,000 at 99,981, the highest bid made was 99.962,
equivalent to an interest rate of about 0.15 per cent on an annual
basis.

The lowest bid accepted was 99.935, equivalent to an

interest rate of about 0.26 per cent on an annual basis.

Only

part of the amount bid for at the latter price was accepted.
The total amount of bids accepted was $75,032,000,

The

average price of Treasury Bills to be issued is 99.941.

The

average rate on a bank discount basis is about 0.24 per cent

FOR RELEASE, TUESDAY MORNING
JANUARY 17, 1933.

TREASURY DEPARTMENT

RADIO TALK GIVEN OVER THE
NATIONAL RADIO FORUM ON
MONDAY, JANUARY l6, 1933, B?
SECRETARY OF THE TREASURY MILLS.

NOTE:
For full text of talk see Subject File:

Finances in General

TREASURY DEPARTMENT

FOR RELEASE, MORNING- PAPERS,
Wednesday, January 18, 1933.

STATEMENT BY SECRETARY MILLS

The Secretary of the Treasury gives notice that tenders are
invited for Treasury hills to the amount of $80,000,000, or thereabouts.
They will be 91-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 two o1clock

p. m., Eastern Standard time,

on Monday, January 23, 1933,

Tenders will not be received at the

Treasury Department, Washington,
The Treasury bills will be dated January 25, 1933, and will
mature on April 26, 1933, 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, $100,000*
$500,000, and $1,000,000 (maturity value).
It 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 incorpor­
ated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must be accom­

panied by a deposit of 10 per cent of the face amount of Treasury bills

—2—

applied for,- unless the tenders are accompanied "by an express guaranty
of payment by an incorporated hank or trust company.
Immediately after the closing hour for receipt of tenders on
January 23, 1933, all tenders received at the Federal Reserve Banks or
branches thereof up to the closing hour will he opened and public
announcement of the -acceptable prices will follow as soon as possible
thereafter, probably on the following morning0

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.

Pay­

ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on January 25, 1933»
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, 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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank oh branch thereof.

TREASURY BBPABSMSB3?

701 IMMEDIATE RELEASE,
MONDAY, JANUARY 23 1933

,

Staitefigat tor Secretary sL Ste griasacz, Mills..
Hy

attention las been called to a statement recently

published to the effect that I favor the abolition of the
United States Coast Gnard and turning over its fonctions te
the Navy*

These are not my views and there is no foundation

for the statement

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
Monday, January 23, 1933.

STATEMENT BY SECRETARY MILLS

The Treasury is today offering for subscription at par and
accrued interest, through the Federal Reserve Banks, $250,000,000,
or thereabouts, five-year 2-5/8 per cent Treasury notes of Series
A-1938.
The notes will he dated February 1, 1933, and will bear
interest from that date at the rate of 2-5/8 per cent per annum,
payable semiannually.

They will mature on February 1, 1938 , and

will not be subject to call for redemption prior to that date.
■ The principal and interest of the notes will be payable
in United States gold coin of the present standard of value.
The notes will be exempt, both as to principal and interest,
from all taxation (except estate or inheritance taxes) now or here­
after imposed by the United States, any State, or any of the possessions
of the United States, or by any local taxing authority.
Applications will be received at the Federal Reserve Banks.
The Treasury will accept in payment for the new Treasury notes, at
par, Treasury certificates of indebtedness of Series A-1933, maturing
February 1, 1933.

Subscriptions in payment of which Treasury certificate

of indebtedness of Series A-1933 are tendered, will be given preferred
allotment up to not less than $75,000,000.
The notes will be issued in bearer form only, in denominations
of $100, $500, $1,000, $5,000, $10,000, and $100,000, with interest

/

-

2

-

coupons attached payable semiannually, on August 1, 1933, and
thereafter on February 1 and August 1 in each year.
About $145,000,000 of Treasury certificates and about
$13,000,000 in interest payments on the public debt become due and
payable on February 1, 1933.
The text of the official circular follows:

The Secretary of the Treasury offers for subscription,
at par and accrued interest, through the Federal Reserve Banks,
$250,000,000, or thereabouts, two and five-eighths per cent Treasury
notes of Series A—1938, of an issue of gold notes of the United States
authorized by the Act of Congress approved September 24, 1917, as
amended*
DESCRIPTION OF NOTES
The notes will be dated February 1, 1933, and will bear
interest from that date at the rate of two and five-eighths per cent
per annum, payable semiannually, on August 1, 1933, and thereafter
on February 1 and August 1 in each year.

They will mature February

1, 1938, and will not be subject to call for redemption prior to
maturity.
The principal and interest of the notes will be payable
in United States gold coin of the present standard of value.
Bearer notes with interest coupons attached will be issued
in denominations of $100, $500, $1,000K $5,000, $10,000, and $100,000*
The notes will not be issued in registered form.

-3-

TIiq notes shall he exempt, "both as to principal and interest,
from all taxation (except estate or inheritance taxes) now or hereafter
imposed by the United States, any State, or any of the possessions of
the United States, or by any local taxing authority.
The notes will not be acceptable in payment of taxes.
The notes will be acceptable to secure deposits of public
moneys, but will not bear the circulation privilege.

APPLICATION AND ALLOTMENT
Applications will be received at the Federal Reserve Banks.
Subscriptions for which payment is to be tendered in 3-3/4
per cent Treasury certificates of indebtedness of Series A-1933,
maturing February 1, 1933, will be given preferred allotment up to
not less than $75,000,000.
The Secretary of the Treasury reserves the right to reject
any subscription, in whole or in part, and to allot less than the
amount of notes 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 shall be final.
Allotment notices will be sent out promptly upon allotment, and the
basis of the allotment will be publicly announced.

-4-

PAYMENT
Payment at par and accrued interest for notes allotted must
be made on or before February 1, 1933, or on later'allotment.

Any

qualified depositary will bo permitted to make payment by credit for
notes allotted to it for itself and its customers up to any amount
for which it shall bo qualified in excess of existing deposits, when
so notified by the Federal Reserve Bank of its district*

Treasury

certificates of indebtedness of Series A-1933, maturing February 1,
1933, will be accepted at par in payment for any notes of the series
now offered which shall be subscribed for. and allotted, with an adjust­
ment of the interest accrued, if any, on the notes so paid for.

GENERAL PROVISIONS
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*
After allotment and upon payment Federal Reserve Banks may issue interim
receipts pending delivery of the definitive notes.

TREASURY DEPARTMENT
WASHINGTON

TO BE RELEASED EOR AFTERNOON PAPEB/&.
Monday. January 35. 1933.

The Secretary of the Treasury today announced the resignation of
Mr. John L. Proctor, Deputy Comptroller of the Currency, and the appoint­
ment of Mr. Gibbs Lyons to the vacancy created by Mr. Proctor’s resigna­
tion.
Mr, Proctor was appointed Deputy Comptroller by former Secretary
Mellon in 1928, having previously held the position of Assistant Chief
National Bank Examiner in the Comptroller’s office since 1923.
A native of Minnesota* Mr. Proctor entered the employ of the
Nicollet National Bank of Minneapolis as a messenger in 1898, continuing
in various capacities with that institution and its successor, the First
National Bank, until 1907,

From that time until 1919, he successively

held the positions of Assistant National Bank Examiner, Assistant to a
National Bank Receiver, Special Bank Accountant with the Department of
Justice investigating and assisting in the prosecution of violations of
the national banking laws, National Bank Examiner and National Bank Re­
ceiver.

He was Cashier of the Seaboard National Bank of Seattle,

Washington,

from 1919 to 1922, when he was reappointed a National Bank

Examiner and served in that capacity until entering the Comptroller’s
office.

In the course of his official duties, he has covered a large

portion of the United States, including Alaska.
Mr, Proctor has no definite plans for the future, beyond a
much needed vacation to be spent in travel with his wife.
Mr. Lyons is a native of Jackson, Georgia,

He was educated

at Asbury College, Wilmore, Kentucky, and Emory University at Atlanta,

m

/£ ■

-

2

-

Georgia, later entering the National.Banking Department in 1919, being
appointed as Assistant Examiner in 1920 and assigned to the(Chief Ex­
aminer’s office of the Sixth Federal Reserve District.

He was com­

missioned Examiner in 1924, detailed to the office of the Comptroller
of the Currency, Washington, D. C., where he has served in various
capacities in connection with examining work and insolvent bank work both in that office and in the field.
Mr. Lyons’ experience and, familiarity with the various phases
of the work of the Comptroller’s office, both in the field and in
Washington, make him particularly well fitted for the position to which
he has been appointed and his appointment follows the traditional policy
in the Comptroller’s office of placing career men in these important
positions.

FOR RELEASE, MORNING PAPERS,
Tuesday, January 24, 1933.

TREASURY DEPARTMENT

STATEMENT BY SECRETARY MILLS.

Secretary of the Treasury Mills announced today that the
tenders for $80,000,000, or thereabouts, of 91-day Treasury Bills,
dated January 25, 1933, and maturing April 26, 1933, which were
offered on January 18th, were opened at the Federal Reserve Banks
on January 23rd*
The total amount applied for was $427,740,000,

The highest

bid made was 99*958, equivalent to an interest rate of about 0*17
per cent on an annual basis.

The lowest bid accepted was 99,950,

equivalent to an interest rate of about 0.20 per cent on an annual
basis.
accepted.

Only part of the amount bid for at the latter price was
The total amount of bids accepted was $80,020,000.

The average price of Treasury Bills to be issued is 99,954,
average rate on a bank discount basis is about 0*18 per cent.

The

TREASURY DEPART uEltT

FOR RELEASE* MORNING- PAPERS,
FRIDAY, JANUARY 27, 1933*

STATEMENT BY SECRETARY MILLS

Secretary Mills today announced the subscription figures and
the Basis of allotment for the February 1st offering of five-year
Treasury Notes of Series A-1938, 2-5/8 per cent, maturing February 1,
1938.
Reuorts received from the Federal Reserve Banks show that lor
this offering of notes, which was for $250,000,000, or thereabouts,
total subscriptions aggregate over $7,800,000,000.

Of these sub­

scriptions, $123,920,900 represent exchange subscriptions, in payme'nt
for which Treasury Certificates of Indebtedness maturing February 1st
were tendered.
per cent.

Such exchange subscriptions were allotted sixty-two
Allotments on cash subscriptions were made as follows:

Subscriptions in amounts not exceeding $1,000 were allotted 20 per
cent, but not less than $100 on any one subscription;

subscriptions

in amounts over $1,000 but not exceeding $10,000 were allotted 10 per
cent, but not less than $200 on any one subscription;

subscriptions

in amounts over $10,000 but not exceeding $100,000 were allotted
6 per cent, but not less than $1,000 on any one subscriution;

sub-

scriptions in amounts over $100,000 "but not exceeding $1,000,000
were allotted 3 per cent, but not less than $6,000 on any one sub­
scription:

and subscriptions in amounts over $1,000,000 were allotted

2 per cent, hut not less than $30,000 on any one subscription.
Further details as to subscriptions and allotments will be an­
nounced when final reports are received from the Federal Reserve Banks.

The large oversubscription for recent Treasury offerings
should not be regarded as an indication that idle funds are available
in an amount even remotely approaching the total subscribed for.

This

great volume of subscriptions is due in large measure to the fact that
many subscribers are deliberately applying for amounts far in excess
of their requirements, anticipating that under the Treasury's per­
centage allotment they will receive a reduced amount approximating
their actual needs.

This practice of padding has steadily increased

until it has now reached such proportions that the Department must con­
sider measures to deal with it in the interest both of subscribers and
of the Treasury,

,

FOR RELEASE, MORNING- PAPERS,
Tuesday, January 31, 1933.

Y DEPARTMENT

future release

Remarks of

Under Secretary of the Treasury
at the
Annual Dinner
of
AMERICA! ACCEPTANCE COUNCIL
Waldorf-Astoria Hotel,
HeW York City,
on
Monday Evening
January 30, 1933f

ASPECTS OF FISCAL POLICY

Remarks of
Honorable Arthur A. Ballantine
Under Secretary of the Treasury
at the
Annual Dinner of the
American Acceptance Council,
TTaldorf-Astoria Hotel, Hew York City,
Monday, January 30, 1933, at 7:30 P.M.

The Treasury must continue to insist upon the place of the
■balancing of the Federal Budget in any program for business reco";
Sound Federal finance is "by no means the sole itero, in such a pro.s
hut it remains an indispensable item.

Until thè process of addi

to the public debt as a means of meeting Federal expenditures is
brought to a stop, the foundations for confidence and constructive
effort will not have been established.
Further action toward this objective, at least so far as
any comprehensive treatment of the revenue is concerned, appears
to have been postponed for a special session of Congress, said
to be in prospect for April.

But there must be no postponement

or abatement in the development of insistent public opinion ¿or
the earliest possible assurance of adequate budget legislation.
The credit of the Federal Government remains the best in
the world.

Prices of long-term bonds have risen so that they

now sell in the market on a three to three and a half per cent
return basis.

In the case of the three per cent bonds issued

in September, 1931, this means a recovery of from about 83 in
December, 1931, to nearly 99.

The market eagerly absorbs short­

term issues and the recent issue of five-year notes at 2-5/8
per cent immediately commanded a premium.

The desire under

present circumstances to participate in these offerings is so
intense that the padding of subscriptions seriously complicates
the management of the debt.
The demand for Government obligations rests upon an in­
grained conviction, built up by years of careful fiscal manage­
ment, that federal finances will be kept on an entirely sound
basis.

This conviction will not remain unshaken if over an

unduly long period Federal expenditures and receipts are not
brought into balance.

During the years of prosperity after

the war, an acceleration of debt retirement, beyond the amounts
called for by statutory provisions, was accomplished to the
amount of some $3,460,000,000.

This accomplishment was nearly

offset by the aggregate deficits exclusive of debt retirements
for the fiscal years 1931 and 1932,

For the current fiscal

year ending June 30th next, we are faced with a net deficit of
not less than $1,146,000,000.

Under these circumstances there

can be no doubt that in providing for the fiscal year 1934, now
before Congress, the process of adding to the public debt should
be brought to a stop.
The future management of the public debt, which requires
refunding operations, depends in large part on the assurance of
a balanced budget.

The Treasury now has outstanding in the open

- 3 -

market about $3,000,000,000 of certificates of indebtedness and
Treasury bills maturing within a year.

The 4-1/4 per cent Fourth

Liberty loan in the amount of about $6,300,000,000 which becomes
callable on October next offers a real opportunity for reducing
interest costs through refunding.

The first Liberty loan in the

amount of $1,900,000,000 is now callable.

Definite plans for large

scale debt refunding operations require more certainty of the future
o f the budget its elf.
The first and most vital point of attack on the budget is the
reduction of expenditures.

The President in his budget message showed

how on the basis of the estimated yield of revenues, now provided for
by law, expenditures for the fiscal year 1934, exclusive of debt re­
tirements, could be brought to within about $300,000,000 of receipts
for that year.

The estimated receipts taken into account in the

budget message, however, included some $329,000,000 on obligations
of foreign governments.

The yield of that item has become at best

doubtful and estimated expenditures may exceed receipts by from
$400,000,000 to $600,000,000.
Keeping down to the indicated net deficit means drastic
economy.

The estimate of expenditures was prepared on the basis

of economy in the various Departments all along the line.

The

reduction also contemplates a decrease in payments to veterans,
which were deemed unwarranted, in the aggregate amount of some
$127,000,000.

It contemplates a further reduction amounting to

some $57,000,000 in pay of Federal employees, in addition to the
reduction of 8—l/3 per cent, to be provided by continuing the pro­
visions of the Sconomy Act.

All these economies, together with the

- 4 -

elimination of

nonrecurrent
emergency items, would result in a net

reduction in Federal expenditures, exclusive of debt retirement,
of more than $500,000,000 from the estimated total for 1933.
This program of reduction is certainly not extreme in view
of the urgent need for governmental economy.

Throughout this

country there is a rising tide of feeling that governmental ex­
penditures must he deflated.

In spite of this, the crucial question

of the day is whether there will he sufficient resolution in Congress
to carry into effect such a program.

Faced with opposition of

special groups adversely affected, it seems likely that Congress will
not keep expenditures down unless it is actively supported hy ir­
resistible public opinion.
The other side of the balancing of the budget is the provision
of adequate revenues.

A major step toward this end was taken in the

last session of Congress, through the increased and new taxes pro­
vided in the Revenue Act of 1932, . The tax measure included drastic
increase in individual income taxes through reduction in uersonal
exemptions and increase in normal and surtaxes to a combined maximum
rate of 63 per cent, and provisions to increase the yield of these
taxes through restriction of allowable losses on security transac­
tions and by other means.

The estate tax was increased so that

the maximum rate reaches 45 per cent, and higher taxes were levied
on corporation incomes.

A variety of new and increased miscellaneous

taxes was levied including miscellaneous manufacturers* excise taxes,
increased and new stamp taxes, and taxes on telephone, telegraph,
radio and cable messages and on bank checks.

The new taxes have "brought the total yield of miscellaneous
internal revenue taxes for the current fiscal year to January 25th,
up to about $140,000,000 in excess of the yield during the correspond­
ing period of the previous fiscal year.

The benefit of the new in­

come tax provisions will not be felt until the new returns are filed
this year, and of the additional estate taxes until the fiscal year
1934.

It is clear, however, that under anything like present con­

ditions still further additional revenues are needed.
To furnish the additional revenues the Secretary of the
Treasury has recommended the continuance of the one cent a gallon
tax on gasoline, which now terminates next June, thus securing an
estimated additional revenue of $137,000,000.

Beyond this the

Secretary takes the position that the best means for obtaining a
large amount of additional revenue, with the minimum of hardship
to business and individuals, would be a general manufacturers*
excise tax based on the Canadian model and imposed at the low rate
of 2$ per cent.

Estimated yield of such tax for 1934, assuming

a full year of collections is $355,000,000.

The adoption of this

tax at a comparatively low rate would permit the repeal of a number
of the excise taxes levied by the Revenue Act of 1932, which are
difficult to administer and not particularly productive.

While

this tax seems the most promising source of revenue to which we
can turn to meet the needs of the existing situation, if other
satisfactory sources can be found, they should of course be con­
sidered for prompt and definite accomplishment of the task of
providing for the Federal budget is the supreme end.

#
It is estimated that the yield of the tax upon "beer, such
as contemplated hy the pending hill
to $150,000,000.

would he from $125,.000,000

It is clear that a heer tax alone,, while very

helpful, would not he sufficient*.
There is great resistance to the idea of subjecting the
country to additional Federal; taxes..

The hardship of that course

is obvious, hut resolute, facing of this, necessity is the price
of sound Federal finances - a price which will he repaid to the
country many times over in its beneficial effect upon business
and industry.
It has sometimes been stated as a reason for not taking’
the difficult action necessary for balancing the budget,, that
inaccuracies of Treasury statements as to the budget position
of the Government make impossible a real remedy for the situation.
This is a misconception*.

Difficulties as to budget estimates

constitute no bar to sound budget procedure.

It is essential

for the future that this point be well understood*. ,
It should first be clear that what is under discussion is
estimates of the probable budget results for a future fiscal
period, not statements of fapt as to the Treasury position.
Probably no Treasury presents more complete and prompt statements
V
of fact as to its. actual operations than the Treasury of the
United States.
The usual method of criticism is to take estimates of
prospective budget results for a future fiscal year, show that
the actual results were less favorable than anticipated, and
maintain that Treasury estimates were an inadequate guide.
The impression so expressed is erroneous.

-■ <7 -

Budget estimates are required to be submitted to Congress,
when it convenes each December, to furnish a basis for provision
for the fiscal year beginning the succeeding July 1.

As a matter

of actual practice, estimates must be in final form by the middle
of November»

The estimates cover the remainder of the then cur­

rent fiscal year, a period of some eight months and all of the
succeeding fiscal year, twelve months, in all a period of about
twenty months.
It would seem fairly obvious that it is extremely difficult
even for an ordinary business to estimate receipts and expenditures
over a future period of nearly two years.

It would also seem

obvious that estimates which take into account so broad a field
as the Federal Government financial operations are still more
difficult.
The estimates for future fiscal years necessarily present
the two sides of the budget: the expenditures and the receipts.
Estimates of expenditures are not made by the Treasury.

The

Treasury uses such estimates, but receives them from the Director
of the Bureau of the Budget, who prepares them from detailed
information from the various departments.

These estimates, however,

are necessarily conditioned upon activities authorized by law at
the tine they are made.

After the estimates are submitted Congress

may enlarge the activities or provide new ones, particularly during
emergency periods as in recent years.

Thus changes occurring after

the estimates are completed may greatly increase actual expenditures
over the estimated amounts.

These changes may be, and have been,

unjustifiably used as a basis for appearing to discredit the
budget estimates

It is interesting to see that expenditures for 1932 appearing
in the "budget for that ¿rear, presented to Congress in December, 1930,
at $4,055,000,000, were actually $5,006,000,000, an increase of
about $950,000,000.

This excess of actual expenditures for the

fiscal year 1932 over the total carried in the budget for that
year, represents one third of the deficit for 1932,

This increase

was due very largely to subsequent legislation which obviously
could not have been taken into account in making up the budget.
I need only remind you that actual expenditures for 1932 included
outlays of $500,000,000 for the capital stock of the Reconstruction
Finance Corporation, and $125,000,000 for additional capital for
the Federal land banks which were authorized and made during the
last half of that fiscal year.
The budget situation in the current fiscal year again
illustrates what may cause discrepancy between actual as compared
with recommended expenditures.

In his recommendations in May,

just before the revenue act was passed, the Secretary of the
Treasury specified that to balance the budget, exclusive of debt
retirements, in the fiscal year 1933, it would be necessary to
reduce expenditures by $350,000,000 below the figures in the
President’s budget message for that year, in addition to a reduction
in the postal deficit of $160,000,000 which it was then estimated
would result from legislation affecting the postal revenues.

The

revised estimates for the fiscal year 1933 made December last
indicate expenditures, exclusive of postal deficit totaling
$527,000,000 more than the Secretary’s May recommendations.
addition, the reduction in the postal deficit will fall about

In

~ 9 -

$139,000,000 "below that proposed in May.

These two discrepancies,

accounting for about two—thirds of the estimated deficit for the
fiscal year 1933, of course, have no relation to estimated receipts
from taxes..
Turning now to the revenue side, the estimates of future
tax receipts are made "by the Treasury.

The probable receipts

from the many sources cannot be worked out by ary simple or obvious
rule.

Future receipts from income taxes, individual and corporate,

largely depend upon the general course of business, and so in
the main, do receipts from miscellaneous internal revenue taxes.
In the process of preparing estimates many factors have to
be weighed and all pertinent statistics used.

The Treasury has for

this work its research staff in which detailed studies are made of
■underlying basic business conditions, and for each important tax,
of the relation between the tax base and general business factors.
Current fluctuations in receipts from various sources are carefully
followed and special information is prepared in connection with dif­
ficult problems.
An important preliminary in prepai’ing the estimates is a
careful projection over almost a two-year period of major business
factors, including the physical volume of production and the general
level of commodity and of security prices.

On the basis of studies

by the Treasury research group these basic forecasts are translated
into specific revenue estimates.
I can perhaps explain the method of arriving at the estimates
by reference to a specific example, the corporation income tax.

The

collections during the fiscal year 1934 will be made on incomes for two

10
calendar years, from july to December on calendar year 1932 incomes, for
which, the returns will be filed in March of this year, and from January
to June 1934 on calendar year 1933 incomes.

Although the basic facts

of the business situation for the calendar year 1932 were known £n
large part in November 1932, when the estimates were made, the course
of business during the calendar year 1933 must be projected,
V;

Our studies have developed a reasonably close relationship

between the course of the physical volume of production, commodity
prices, and the net income of corporations.

On the basis pf this

relationship and the underlying business forecasts it is possible to'
make a reasonable estimate of net income.

Using this figure with ad­

justments for the provisions for prior year losses and, of course,
for changes in tax rates and exemptions, we are able to estimate
probable collections of the corporation income tax.
In estimating collections of individual income taxes, the
problems to be dealt With are quite difforent.

Individual incomes

involve such divergent elements as salaries, dividends, and profits
or losses from sales of securities, and it is necessary to make some
effort to take account of the peculiar characteristics of these
contrasting elements of income,

for example, the volume of

profits from dealings in securities is a most variable item,
whereas wages and salaries and dividends are likely to be more
stable, although during the depression even these items have con­
tracted sharply.

Further complications arise in the case of

individual income tax estimates because of the progressive tax rates
which require that adequate consideration be given to the distribution
of inconB by net income classes.

-

11

-

For most of the miscellaneous internal revenue taxes, the
relation of tax receipts to business forecasts is soiSewhat different,
in that collections reflect the effect of current business conditions.
Thus collections during the fiscal year 1934 will reflect the
business conditions during that period.

The probable size of the

various tax bases such as quantity of tobacco products manufactured
and the value of manufacturers* sales of automobiles and accessories,
gasoline, lubricating oil, candy, chewing gum, and soft drinks must
be estimated.

These estimates are based on the underlying forecasts

of major business factors to which I have referred.

For example,

the estimate of the gasoline tax should, of course, be consistent
with the basic assumptions which have been made as regards the
general business outlook, but they require the study of such
additional factors as the total number of automobiles in use.
The conference in which the estimates are finally determined
includes officials from the Bureaus of Internal Revenue and Customs,
who give opinions on the probable tax receipts on the basis of their
administrative experience.

The estimates finally reached are the

result of reasoned judgment, not of blind guess work.
The fiscal officers of the Treasury use revenue estimates
thus prepared which represent the best judgment, in the light of all
known factors, of a number of experienced individuals who have given
long and careful study to the problem.

In my opinion, no Government

can do better than chart its future financial course on such an
informed and impartial basis.

-

12

~

tinder present conditions the revenue estimates necessarily
involve large uncertainties.

Radical changes in business conditions

made it necessary to revise the estimates for the fiscal year 1933
trace after the first estimates were presented to Congress in
December, 1931.

The revised estimates made in May 1932 were again

changed substantially last December.

At the end of May the

estimated receipts, talcing into account both the taxes then in effect
and the new taxes about to be imposed, were $3,098,000,000.

The

December estimate is $2,624,000,000, a reduction of about $474,000,000.
The decrease was necessary to take account of the delayed recovery
i” business and to allow for revenue losses resulting from heavy
sales in June in advance of the effective date of new taxes, and
also for difficulties which developed in the administration of
certain new taxes.
The -uncertainties inherent in predicting the future and the
ultimate discrepancies between estimates and actual results con­
stitute no difficulty in tne enactment of essential budget legislation.
The essence of budget balancing is not hitting accurately some
distant bull»a eye —

the essence is that in both the Executive

and Legislative branches of the Government a sound fiscal policy
be steadily pursued in the light of the best fiscal information
currently available, and that Congress should at all times show
resolution promptly to take the action indicated by such information
to be essential for the preservation of the financial integrity of
tne Government.

So long as the country, and particularly those

wno xurnish funds to the Government, believe that such a course

13 -

is being followed and that the estimates have been honestly and
carefully made, they will tolerate, under emergency conditions, a
reasonable margin of difference between forecast and fact.
Another requisite for sound handling of the finances is
keeping the Federal accounting on a conservative basis, which will
discourage borrowing instead of encouraging it.

The national

credit is not likely to be improved by resort to these methods by
which we would finance public buildings, rivers and harbors, and
the like, as assets which can be paid for over a period of years.
There is sound justification for treating as capital assets, not
affecting the budget, advances to the Reconstruction Finance Corpora­
tion, as these largely represent secured interest-bearing loans
which will be ultimately paid.

A margin to cover possible losses

on such loans was provided through investment in capital stock of the
corporation which was charged to the budget for 1932.

"When it comes to

expenditures for public buildings, rivers and harbors, and like items,
we must remember that these are not for earning assets which pay
interest and dividends;

that they are recurrent in character, and that

the credit of the Government is more likely to be conserved if these
items are treated as current expense.

It is better for the Govern­

ment to stick to those accounting methods which tend to set a limit
to borrowing rather than to increase the temptation.
I might add that the sane element of good faith is involved
in the handling of our currency.

One may speculate as to what

makes the gold standard good and causes our dollar to be regarded
as a symbol of integrity.

Ro one can doubt, however, that if our

dollar loses this character and acquires a quality of uncertainty,
problems of fundamental recovery are made obviously more difficult.

~ 14 ~

Adequate provision for the federal "budget through reduction
of expenditures and increase in revenue heads the list of the steps
essential for working out of the depression.

That course is

essential for the success of the Government’s refunding operations.
It will "be reflected in the improvement of the general economic
situation of the country.

With sound public finance as the

foundation it will "be possible to make the many adjustments through
which difficulties of the present time can be overcome.

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
Thursday, February 2, 1933.

STATEMENT BY SECRETARY MILLS

The Secretary of the Treasury gives notice that tenders are
invited for Treasury bills to the amount of $75,000,000, or thereabouts.
They will be 91-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 two o’clock p. m., Eastern Standard time,
on Monday, February

6 , 1933.

Tenders will not be received at the

Treasury Department, Washington.
The Treasury bills will be dated February

8 , 1933, and will

mature on May 10, 1933, 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 , $1 0 ,000 , $100 ,000 , $500,000,
and $1 ,000,000 (maturity value).
It 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 ap. amount less than $1,000 will be considered.
Each tender must be in multiples of $1,000.
expressed on the basis of
e. g., 99.125.

The price offered must be

10 0 , with not more than three decimal places,

Fractions must not be used.

Tenders will be accepted without cash deposit from incorpor­
ated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must be accom­

panied by a deposit of 10 per cent of the face amount of Treasury bills

- 2-

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
February

6 , 1933, 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.

Pay­

ment 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

8 , 1933.

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, 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 any tax now
©r hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No 0 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof,

FOR IMMEDIATE RELEASE,
Friday, February 3, 1933

TREASURY DEPARTMENT

Secretary Mills today announced the final subscription and allotment
figures with respect to the February 1st offering of 2—5/8 per cent Treasury
Notes of Series A-1938, maturing February 1, 1938,
Subscriptions and allotments were divided among tne several Fedexal
Reserve Districts and the Treasury as follows:

Federal Reserve
District

Total Cash
Subscriptions
Received
(Allotted on a
graduated scale)

Total Exchange
Subscriptions
Received

Total Subscriptions Received

Total Subscriptions
Allotted

$ 22,302,100.
160,572,600
17,362,000
12,735,500
5,860,100
13,283,400
19,582,500
3,604,500
1,735,700
1,976,400
3,701,400
14,705,300
95,100
*$277,516,600

(Allotted
62 per cent)

$ 576,281,700
Boston
3,894,975,000
New York ......
728,204,600
Philadelphia ...
494,418,000
Cleveland ......
132,180,600
Richmond
433,652,000
Atlanta ........
568,336,000
Chicago ........
112,913,500
St. Louis ......
34,258,200
Minneapolis ....
62,421,100
Kansas City ....
132,800,400
Dallas
.
507,451,100
San Francisco ••
1,030,500
Treasury

$ 4,532,000
104,304,900
733,500
1,230,000
1,734,500
238,500
4,854,500
290,500
1,008,500
501,000
78,000
4,315,000

100,000

$ 580,813,700
3,999,279,900
728,938,100
495,648,000
133,915,100
433,890,500
573,190,500
113,204,000
35,266,700
62,922,100
132,878,400
511,766,100
1,130,500

$7,678,922,700

$123,920,900

$7,802,843,600

Total

^Includes $76,852,000 allotted on
$123,920,900 exchange subscriptions

EOR RELEASE, MORNING PAPERS,
Tuesday, February 7, 1933.

TREASURY DEPARTMENT

STATEMENT BY SECRETARY MILLS.

Secretary of the Treasury Mills announced today that the
tenders for $75,000,000, or thereabouts, of 91-day Treasury Bills,
dated February

8 , 1933, and maturing May 10, 1933, which were

offered on February 2nd, were opened at the Federal Reserve Banks
on February

6th.

The total amount applied for was $234,790,000.

The highest

bid made was 99.975, equivalent to an interest rate of about 0.10
per cent on an annual basis.

The lowest bid accepted was 99.950,

equivalent to an interest rate of about
basis.
accepted.

0.20 per cent on an annual

Only part of the amount bid for at the latter price was
The total amount of bids accepted was $75,228,000-.

The average price of Treasury Bills to be issued is 99.955*
average rate on a bank discount basis is about 0.18 per cent.

The

TREASURY DEPARTMENT

FOR RELEASE, MOISTING PAPERS,
Wednesday, February 8 , 1933.

STATEMENT BY SECRETARY MILLS

The Secretary of the Treasury gives notice that tenders are
invited for Treasury bills to the amount of $75,000,000, or thereabouts.
They will be 91-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 two o ’clock p. m,, Eastern Standard time,
©n Friday, February 10, 1933.

Tenders will not be received at the

Treasury Department, Washington,
The Treasury bills will be dated February 15, 1933, and will
mature on May 17, 1933, 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 , $1 0 ,000 , $10 0 ,000 ,
$500,000, and $1,000,000 (maturity value).
It 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,
expressed on the basis of
e. g., 99.125.

The price offered must be

10 0 , with not more than three decimal places,

Fractions must not be used.

Tenders will be accepted without cash deposit from incorpor­
ated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must be accom­

panied by a deposit of 10 per cent of the face amount of Treasury bills

-

2-

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
February 10, 1933, 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.

Pay­

ment 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 15, 1933.
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, 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 recpgnized, 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, and this
notice prescribe the terns of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof.

TREASURY DEPARTMENT

FOR RELEASE, MORNING- PAPERS,
SUNDAY, FEBRUARY 12, 1933,

SOME FUNDAMENTALS OF RECOVERY
-------- 0O0-

We have met to celebrate the birth of one of the Nation*s
great and the true founder of the party to which we owe allegiance*
As here, all over the country Republicans are meeting to reaffirm
their faith in their party and in its principles and to rededicate it
to the service of our country.
Even in defeat we can hold our head high.

History will

acknowledge the high character of service rendered by the Republican
Party under the leadership of President Hoover in the face of as grave
difficulties as ever confronted the Nation,

I venture to prophesy

that the soundness of the principles which he has laid down and the
policies which he has advocated will as the days go by receive fuller
and fuller recognition.
party.

Nor am I concerned about the future of our

Its strength and vitality were amply demonstrated last fall

in the face of heavy political odds.
great function to perform.

Even in the minority it has a

But to perform it adequately, there must

be unity, a sense of direction, and an uncompromising fidelity to
principle.^
Experience has clearly demonstrated that weakness and lack
of cohesion in our parties mean weakness in government.

Nothing

contributes more to a vigorous administration of national affairs than a

-

2

-

strong,well-organized and -united majority party, faced by a compact
and militant opposition.
We wish the new Administration well.

For the sake of the

country I trust the Democrats may preserve the unity and harmony neces­
sary to enact the constructive program which the circumstances call
for.

Certainly it is our duty to cooperate heartily to that end»

In fact the future of "both parties is inextricably bound up with the
resourcefulness, courage and character which they exhibit in dealing
with the grave conditions at home and abroad which threaten the
well-being and progress of mankind.
It is of these conditions and some of the fundamental steps
essential to recovery of prices, employment and business activity that
I desire to speak this evening.
If we look at the world situation, we cannot fail to note
that progressive economic deterioration has spread from country to
country.

The process of infection seems to be both cumulative and

irresistible as long as remedial measures are confined to independent
national action.
As a result it is estimated that there are nearly thirty
million workers unemployed.
in gold —

Wholesale commodity prices —

expressed

have declined since October, 1929, by roughly a third; raw

material prices on the average by 50 to 60 per cent.

In the middle

of December, at Winnipeg, the price of wheat fell to the lowest level
recorded in any primary market for wheat during the last four centuries.
World stocks of basic products continue to accumulate.

Industrial

- 3 -

production has everywhere been drastically curtailed» particularly in
the capital goods industries.

International trade has shrunk to

incredibly low levels and continues to shrink, while national incomes
in many Countries, it is estimated, have declined by as much as 40 per
cent.

Almost half of the countries of the world are off the gold

standard, and in some forty countries exchange restrictions have been
imposed.
This is a very brief summary of the findings of the

Prepar­

atory Commission of Experts of the World Economic .Conference,
In our own country we have witnessed an enormous contraction
of business and commerce, a precipitous and uneven decline in price
levels, a tremendous contraction of credit, widespread unemployment,
and great suffering and hardship on the part of almost all those bur­
dened with debt.
place —

While necessary readjustments continue to take

as they have on an immense scale during the last three years -

and though our people with characteristic initiative and resourceful­
ness are everywhere finding solutions for intensely difficult problems,
suffering i:g so general and the future still appears so uncertain that
all are longing for a sense of direction and for a program that offers
a definite hope of broad improvement.
There is no dearth of programs, plans, schemes and panaceas
of every variety.

Many of them serve to illustrate

the confusion of

thought and the lack of any generally accepted conception either as
to the origin of our troubles, or as to the means to overcome them.
As in similar periods in the past there are many who emphasize the

drastic fall in prices —
of maladjustment —

without adequate consideration of the factor

and the weight of debts as the heart of the problem.

They believe that the solution is to be found through governmental manip­
ulation of our currency and monetary system to bring about what is
commonly known as inflation.

They expect to improve our competitive

position in world markets by depreciation of our currency in terms of
foreign currencies, and to effect an automatic and artificial rise in
our prices, believing that it would of itself relieve debtors and
stimulate and maintain a business revival.
They start with the unwarranted assumption that the supply
of gold and money both in the world and in the United States is inad­
equate to support a satisfactory price level.
is coxicerned, since

As far as the world

1 9 1 3 » the world*s monetary gold reserves have in­

creased from nearly five billion to about twelve billion, or nearly

150 per cent; while the production of basic commodities at the highest
point of

1929 was nearly one-third larger than in 1 9 1 3 . As a result of

a number of causes, such as the reduced cost of mining and the discovery
of new deposits, the release in India of about $300,000,000 from private
hoards and a decreased industrial consumption of gold, the world*s
gold reserves increased by about $1 ,600 ,000,000 from the end of
to the end of

1929

1 9 3 2 , or at an average annual rate of over $ 500 ,000 ,000 ,

as compared with $270 ,000,000 annual increase from

1922 to 19 29 .

When we take into consideration the greater economy in the
use of gold that can be effected through its concentration in central
banks -and improved banking practices, it seems clear that the world

%s assured of a gold reserve adequate for some years to come to support
a price level much higher than that now prevailing.
As far as this country is concerned, as compared with 1929,
our gold stock has increased, our bank reserves have increased and
currency has increased.

The present difficulty arises from inability

to put to work our ample monetary resources.
into active use by brute force.

Credit cannot be brought

The increased employnent of credit

depends upon an expansion of business activity, that is, the buying
and selling of commodities, employment of labor and the acceleration
of all of the manifold economic activities that form part of the modern
economic mechanism.

Potential credit is a favorable factor to busi­

ness recovery, but until the credit actually goes to work it can affect
neither business nor prices.

It will go to work only when the lender

feels secure enough to lend, and the borrower confident enough of the
use he can make of the money to borrow.
What is holding us back is uncertainty and lack of confidence.
How important these factors are and how great are the vitality and re­
sponsiveness of the latent forces in our economic life was demonstrated
several times during the last two years.

Perhaps the most striking

example was given last summer when almost simultaneously the passage
of the Revenue Act gave assurance that the national credit would be
maintained, the foreign drain on our gold reserves was brought to an
end, the fear of the enactment of such inflationary measures as the
Patman Bonus Bill was terminated, and the Lausanne Agreement gave rise

to the hope of greater stability and order abroad.

Credit contraction

ceased, prices rose and business expanded.
There are all manner of plans for producing inflation.

A

discussion of one which has been rather clearly defined will, I think,
serve to illustrate the fallacies and dangers underlying all of them*
What I have in mind is the program for reducing the gold content of
the dollar.
Frankly I do not believe that there is any real danger of
these or any similar scheme being enacted into law.

We have walked up to

the edge of this precipice in the past and have always had the good,
sense to turn back in time.

On at least two occasions a determined

and conclusive refusal marked the turning point in our economic fortunes.
I am confident that history will repeat itself, with every liklihood
of the same favorable results.

I say this with all the more confidence

when we consider that such action would involve partial repudiation
or default by our Government, political tampering with our monetary
system, which could be repeated at will, the partial destruction by
legislative fiat of the savings of our Nation of hard-working and
thrifty families, exemplified by the 65,000,000 life insurance policies
outstanding, and $24,000,000,000 of savings deposits, an unparalleled
blow to confidence and the undermining of our entire credit structure.
What would happen if we cut the gold content of the dollar
in two?

And in asking this question I am waiving the immense dangers

incident to the necessary period of discussion which themselves might
prove catastrophic.

There would be, as some suppose, no automatic

and immediate change.

Mortgages and debts, except possibly those

debts containing a gold clause, would still be paid in the same number
of dollars, and in general debtors would have the same amount of
dollars with which to pay them.
to receive his present

wage.

The wage earner would continue
If wehad no relations with the outside

world, I think even the advocates of the plan would admit that deval­
uation -per se would not affect the domestic price level.
however, that those of

They believe,

our producers who sell in world markets would

immediately benefit byincreased returns

expressed in terms of dollars,

and that the higher prices received by them would ultimately be re­
flected in a rise in the domestic price level.
The theory is that the .American farmer who now sells a bushel
of wheat in Liverpool for about three shillings, which he now converts
into about 50 cents a bushel, would, if the gold value of the dollar
were cut in half, receive a dollar a bushel; and since the world price
largely determines the domestic price of wheat, the price of wheat at
home would rise to one dollar.

Similarly, the importer of good.s

would pay more dollars for goods purchased abroad.

It should be noted

that this process would apply directly only to imported and exported
goods, and that even from the theoretical standpoint the effect upon
other prices would, at best, be sympathetic and indirect.

That is

the theory, and the theory would probably work were it not for one allimportant factor;

It is assumed that the world price level would

remain constant.

This is where theory and fact part company.

If

next Monday morning the American farmer found that he could, get one
dollar for his wheat in Liverpool, you can rest assured that every

vessel leaving the United States would he loaded with wheat.
price at Liverpool would break.

The

This is so certain that it would

have broken before even an extra bushel from the United States reached
that market.

It is impossible to say where the price of wheat would

ultimately settle, but certainly far under a dollar, and probably not
far above present prices,

Uhat is true of wheat would be true of

all other articles that sell in world markets.
Since Great Britain was forced off the gold standard in
September, 1931, British prices have shown no marked increase, despite
*
a 30 per cent depreciation in the pound.
World gold prices, however,
have declined by 12 per cent.

Great Britain has held her price level,

but there is very real ground for belief that the gold panic occasioned
by the departure of Great Britain from the gold standard, the subsequent
instability of sterling exchange, price-cutting by Great Britain in the
world markets, and her decreased imports, have all combined to help
drive world prices still lower.
This conclusion seems all the more probable when we consider
that Great Britain's departure from the gold standard was followed by
currency depreciation in a great many other countries, which either
abandoned the gold standard or prohibited gold exports*

These and

other countries, with depreciated currencies handled in 1930 over 40
per cent' of the world's trade.

In all of those countries exchange de­

preciation acted as a deterrent to imports and a bounty on exports, or,
in other words, their decreased purchasing power and reduced prices
have exercised a two-fold adverse influence on world commodity prices*

-9Thus, the program would amount at the beginning to a vast
price-cutting campaign against other countries,

.America, "by cutting

its dollar in half, would at first "be able to undersell other countries,
but the latter would be forced to such defensive measures as cutting
their prices, allowing their currencies to depreciate further to offset
the devaluation of the dollar, or setting up prohibitive trade barriers
against American goods.

In practice, all of these things would happen

in greater or less, degree in different countries.

This is not a ques­

tion of theory; it is. exactly what has been happening and is happening
today to world, prices, under the terrific pressure exerted by depre­
ciated currencies and the frantic efforts of the different nations to
protect their exchanges and balances of payment.
The fact that the United States, France and a few other coun­
tries have remained on the gold standard is the one element of stability
in the world to-day.
become chaos,.

If this were removed, widespread disorder would

Does anyone believe that we could, repudiate half the

value of the dollar by deliberate choice without causing an even greater
shock to world confidence than that resulting from Great Britainrs in­
voluntary action?
The consequences of other inflationary programs are not fund­
amentally different from those I have described.

If they are to be

seriously pressed, we face the decision as to whether we will seek to
stimulate prices and business and to relieve the burden of debts by a
domestic program of currency manipulation, a course which has always
resulted in disaster.,, or whether we shall set ourselves with determination

to the accomplishment of a few basic and essential tasks which I
propose to describe, and however steep the ascent, steadfastly follow
a course every mile of v/hich has been tested at one time or another by
the experience of mankind.
As I have had occasion to say before, there are two ways of
viewing the fundamentals of the situation.

The national economy

may be viewed, on the one hand, as a relatively inert organism de­
prived of the forward impulse and primary motivating energies which
have characterized its history in the past, requiring remodeling and
artificial galvanization into activity.

To one who holds this view

it would appear that recovery cam result only from artificial stimulation
and through elaborate tinkering in accordance with some new plan in­
tended to provide each of the necessary steps from depression to recovery.
On the other hand, the national economy may be looked upon as a composite
of dynamic forces constantly active, but temporarily out of adjustment
and suppressed; and that in a highly organized society such as ours
these powerful forces will lead to a high degree of economic activity
unless there are barriers and obstacles which impede their normal oper­
ations.

If this be so, the problem of restoring prosperity is essen­

tially a problem of removing barriers.
The whole history of the United States, with its unparalleled
and almost continuous growth and expansion of production and distribu­
tion, resulting, except for comparatively brief periods of recession,
in a steady rise in the standard of living of our people, supports
this point of view.

If you chart our economic history, the rising

-

11-

curve of growth, represents graphically the constant upward surge.

In

the past three years we have fallen far behind the line of growth.
There have always been in the past, and there now exist, tremendous
forces pushing upward toward that growth line.

They take the form of

unsatisfied desires of millions of the population.

If these desires

can only be freed from the forces which now hold them back, the resumption
of growth is inevitable.
American economic life.

The surge upward is the dominant fact of
Given an opportunity, it will reassert itself.

It is our task to create that opportunity, recognizing that the puny
efforts of government can never rival the cumulative power derived from
the free activities and impulses of

12 0 ,000,000 Americans supported by

a wealth of resources.
What are some of these barriers?
one:

The list is an impressive

First, fear and uncertainty; second, disordered public finances

and the heavy burden of public and private debts; third, unstable cur­
rencies; fourth, trade restrictions; fifth, exchange restrictions;
sixth, fall in prices and a wide disparity in the price levels of
different commodities,

services, etc.; seventh, contracted and dis­

located markets.
It is apparent that we are not dealing with separate and dis­
tinct factors, but, rather with the component parts of an interrelated
whole; and, in the second place, that, while corrective action must be
taken at home, there is an equally important field for cooperative action
With other nations

12

-

Beginning in the domestic field, the first and most essential
steps are to bring the budget of the national government into balance;
to give unqualified assurance to the country that there will be no
tampering with our monetary system by political action, and to reduce
the cost of our governments so as to bring early relief from excessive
taxation.

Business fears an unbalanced budget and unsound monetary

legislation more than anything else, and it is this fear and uncertainty
rather than any shortage of money or credit which is today preventing
recovery, credit expansion and price increases.
But there is something more than fear involved in the budgetary
problem.

An unbalanced budget is not a bogey invented by an over­

cautious Treasury to bring pressure on a recalcitrant Congress.

It is

a reality from which, in spite of all the arguments and talk, certain
definite consequences flow.

There is no doubt as to the importance of

the credit factor in the present depression.

Hor is it open to dispute

that a sound and unquestioned government credit is the cornerstone upon
which an expanded credit structure must rest.

The credit of the Govern­

ment cannot remain sound and unquestioned in the face of recurring and
large deficits.

Assurance and confidence on this basic point cannot

be maintained by mere lip service.

What is essential is clear evi­

dence that the finances of the Government are under control, and that
the Congress is determined to keep them so.
If we keep on pumping out Government securities, a point must
be reached at which the question arises as to the Treasury's ability
to maintain the value of its securities in the face of a constantly

-

increasing volume.

x3

-

When this point is reached,, "banks and investors

hesitate to "buy "because of the fear of future depreciation.
rates will tend to rise with each new issue.

Interest

Ultimately the point

might "be reached where central "bank credit has to "be invoked to support
the credit of the Government, and when that point is reached we have
entered the field of destructive inflation.
Higher interest rates on Government securities and continued un­
certainty as to the extent of government "borrowing tend to force up
long-term interest rates and to impede the free flow of funds into the
"bond market.

This is moving in exactly the wrong direction.

What

the Government should and could do is through a refunding operation
to reduce the interest rate on a vast volume of high interest coupon
securities now outstanding, and soon callable.

This large refunding

operation cannot "be undertaken under the most favorable circumstances
until the budget is balanced.

Once accomplished, not only would the

Treasury save a substantial sum annually in interest, but one of the
uncertainties that has been hanging over the money market for some time
would be removed.
A lower interest charge on a large volume of Government secur­
ities furthermore would effect long-time interest rates.
would rise to more normal levels.

Bond prices

This, in turn, would not only

improve the position Of many banks, but it would have
stimulating effect on the capital market.

a decidedly

In a normal year about

$6,000,000,000 is poured into American business through the new secur­
ities market.

Given the cheapening of long-time money and an active

securities market, railroads could begin to catch up on long delayed
maintenance and business enterprises could again secure funds for ac­
cumulated replacements and new undertakings.

There is no question

but that the almost complete stoppage in the capital goods industries,
iron and steel, lumber, building materials, etc,, has played an enormous
part in the present depression.

These industries depend not on bank

credit, but on the market for new securities and on mortgage money.
The restoration of cheap long-time money and the revival of new finance
would make it possible for these industries to get under way, and there
is every reason to believe that there is a vast accumulated need for
all manner of replacements and repairs, requiring the products of the
heavier industries.

It is difficult to see how there can be any

real revival of the consumption goods industries until there is some
restoration of employment in the greatly depressed capital goods, in­
dustries.
We must not overlook the fact that a continuation «f
recurring deficits, even on a moderate scale, necessarily restricts
the freedom of action with which the reserve banks can conduct their
credit operations.

Clearly, the continuance of the easy money policy

of the Federal Reserve System is highly desirable.

The open market

operations usually involved in such a policy are necessarily hampered
by unbalanced budgets for, even though indirectly, their effect oartakes of the character of mopping up Government deficits.

Paradoxical

as it may sound, one of the means of bringing about a condition which
will permit easy money and expanding credit is a balanced budget
rather than a Government deficit.

-

15

-

Thus I consider adequate provision for the Federal budget as
the first step in a program for sound recovery, and I should certainly
include the continuance of the easy money policy of our reserve banks
as the second.

The vigorous action already taken by the Federal Re­

serve System has'had an extremely beneficial effect.

It has not only

arrested the progress of the deflationary movement, but has resulted
in some increase in deposits and loans and investments, and has placed
the banks in control of about five hundred million of excess reserves,
furnishing the base for an expansion of bank credit of about $5»000 ,000 ,000 .
Some people express themselves as disappointed at the results of the
open market policy of our Federal Reserve Banks in stimulating a
business revival.

This seems to me unjustified.

has been too short to draw definite conclusions.

The time element
Moreover, we can­

not ignore that other extremely unfavorable and uncorrected factors
have not given this credit policy a fair chance to exert its full
influence.
Incidentally, any general program of cooperation among the nations
should include the closest cooperation among the principal central banks,
and, if possible, a concerted effort to keep credit and money conditions
easy in the principal money markets of the world.
The volume of debt piled up during the period of inflation and ex­
pansion constitutes a real barrier to recovery.
debt problem.

But there is no single

There are different categories of debts, just as there are

different classes of debtors.
existing circumstances.

Some debts can be paid even .under

Others can unquestionably be paid with an

- 16 -

improvement in "business activity and a moderate rise in prices. Others,
again, will have under any circumstances to "be written down.

Such a

situation calls for selective treatment, not a general formula.

This

process is already taking place through such policies as have "been re­
cently announced "by leading insurance companies in respect of farm
mortgages and "by some mortgage companies in urban centers.

The

legislation recommended hy the President to amend the "bankruptcy law.
"by providing a legal process whereby destructive liquidation may be
avoided through the composition and extension of individual indebtedness
and the reorganization of corporations, with the full protection of the
court extended to the rights and interests of creditors and debtors alike,
is another constructive move in the right direction.

Other examples of

sound action could be cited, but these will suffice to indicate the broad
lines that should be followed in dealing specifically with the
problem, apart from the relief

debt

to debtors that may be expected through

business recovery and price revival.
In this field, it would be well that some agency \?ith a definite
standing in the community should be created to protect the rights of
American investors abroad, through adjustment with foreign debtor
governments, that find themselves unable under existing conditions
to meet their obligations in full.
As I have already said,

however,

we cannot rely alone

remedial action taken within our own borders.

on

There is need also

for a broad international program of reconstruction. , to which all
nations can fairly be called upon to make such contributions as lie

-17-

within their power*

The coming World Economic Conference affords

an unrivaled opportunity through cooperative action to initiate an allpowerful movement toward recovery hy a determined, if gradual attack
on those barriers that now present impassable obstacles to economic
: progress*
The experts of many nations, including

our own, that have

recently met, have prepared the main outline of such a program.

This

program contemplates a cooperative effort among the leading nations
of the world to deal with four major problems:

The first is the need

for restoration of an effective international monetary standard, based
upon a thorough study of the conditions which must be met and the safe­
guards which must be established in order to provide against instability
or a breakdown in the future.

Second, measures to bring about an in­

crease in the level of world prices, the unprecedented fall of commodity
prices in recent years having caused a growing lack of balance between
costs and prices and immensely increased the real burden of all debts
and fixed charges.

This problem calls for an exploration not only

of all possibilities of counteracting the decline in prices, but of
cooperative handling of unwieldly stocks of certain primary commo­
dities which constitute a serious obstacle to improvement in the price
situation.

Third, the abolition of exchange restrictions as an es­

sential condition of world recovery.
ing a greater freedom

Fourth, the need for re-establish^

of international trade in order that every country,

consistent with the peculiar needs of its national economy, may benefit
from the interchange of commodities and services on a world-wide scale.

18

The war debt question has "been excluded from the agenda of the
coming economic conference«

However, in view of the changed conditions

since the settlements were effected and the urgent request hy the debtor
governments for reconsideration of existing settlements, we cannot ignore
this problem.

With good will on both sides an adjustment of this ques­

tion should be possible, and is clearly desirable if only in the inteiest
of harmonious cooperation in the development of a major program,

I can­

not undertake to discuss this question this evening, but it does seem to
me that if war debts are to be reconsidered in the interest of the national
economy of the debtors and of world recovery, as a matter of equity, the
American people are entitled to compensatory advantages for sacrifices
they may be called upon to make, and that the debtor nations can fairly
be asked to make definite contributions to a common program intended to
remove the barriers which now stand in the way of returning prosperity,
I believe that a balanced budget at home; reduced cost of govern­
ment; the orderly adjustment of debts; the stabilization of currencies
and exchanges; an easy money policy on the part of central banks; the
gradual removal of exchange restrictions restoring the free flow of
international credit; and the elimination of arbitrary and abnormal trade
barriers, would, if combined into a general economic program, so free latent
and powerful forces as at once to stimulate on a world—wide scale business
revival and price recovery, and that this time the forward movement would
not be temporary and short-lived, but permanent and progressive.
There are those who sincerely believe that there is a short cut
out of our problems through governmental action in the domestic field of a
kind that inevitably involves uncontrolled inflation in one form or another.

~ 19

In my judgment, creating as it will at the outset further fear, uncertainty
and loss of confidence, and entailing as it must ultimately consequences of
the most serious character,, any such plan is doomed to failure and will in
the end hut increase distress at hone and confusion abroad*
the way out of our difficulties»

That is not

It is a road to further disas cars*

If instead we -press forward vigorously along the vista that is
beginning to open up, removing, however

painstakingly, ore by one the

obstacles that bar our progress and hen us in on every sidlej I have the
faith to believe that our much-tried generation will at a not distant date
live to see its oxen errors liquidated and the younger generation look out
upon a world where progress and increased well-being are once more the
normal order

FOR RELEASE» MOREIEG- PAPERS,
Saturday, February 11, 1933*

TREASURY DEPARTMENT

STATEMENT BY SECRETARY MILLS.

Secretary of the Treasury Mills announced today that the
tenders for $75,000,000, or thereabouts, of 91-day Treasury Bills,
dated February 15, 1933, and maturing May 17, 1933, which were of­
fered on February

8 th, were opened at the Federal Reserve Banks on

February 10th,
The total amount applied for was $281,122,000,
bid made was

The highest

99 .9 7 5 , equivalent to an interest rate of about 0 ,10

per cent on an annual basis.

The lowest bid accepted was 99,938,

equivalent to an interest rate of about 0,25 per cent on an annual
basis.
accepted.

Only part of the amount bid for at the latter price was
The total amount of bids accepted was $75,202,000,

The average price of Treasury Bills to be issued is 99.942,
average rate on a bank discount basis is about 0,23 per cent.

The

POR RELEASE, MORNING PAPERS,..
Thursday, February 16* 1933.

TREASURY DEPARTMENT

STATEMENT BY SECRETARY MILLS

The Secretary of the Treasury gives notice that tenders are
invited for Treasury bills to the amount of $60,000,000, or thereabouts.
They will be 90-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 two*clock p. m . , Eastern Standard time,
on Monday, February 20, 1933.

Tenders will not be received at the

Treasury Department, Washington.
The Treasury bills will be dated February 23, 1933, and will
mature on May 24, 1933, 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, $100,000, $500,000,
and $1 ,000,000 (maturity value).
It 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
e. g., 99.125.

10 0 , with not more than three decimal places,

Fractions must not be used.

Tenders will be accepted without cash deposit from incorpor­
ated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from ©thers must be accom­

panied by a deposit of 10 per cent of the face amount of Treasury bills

-

2-

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
February 20, 1933, 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.

Pay­

ment 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 23, 1933.
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, 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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof.

MONDAY, FEBRUARY 20, 1933,

TREASURY DEPARTMENT

Remarks of Secretary of the Treasury Mills
at the laying of the Cornerstone of the
Archives Building, Monday, February 20,1933.

We have met to lay the cornerstone of the edifice in w m c h
the archives of the United States Government are to be permanently
housed and safeguarded.

The completion of the building and the final

transfer of the archives will mark the culmination of many years of
effort on the part of Government officials and historical associations
to safeguard the priceless records of the Nation.
Today much of the archives material remains packed away in
places and under conditions that make it subject to gradual physical
deterioration and exposed to fire hazards.

The dangers are too dis­

tressing to contemplate, for these papers include among others the
support for titles to millions of acres'of land, thousands of patent
rights, the documents necessary to protect the Government against all
manner of claims, the whole series of papers covering our dealings with
other nations, and, generally speaking, constitute a written record of
our national life,
Aside from providing safety and making these important records
accessible not only to Government officials but to those engaged m
torical research, the building will serve as a museum and shrine.

his­
In

'the great hall documents of supreme importance in the Nation* s history
will be placed on exhibition and '

viewed by the millions from all

over the land who yearly visit the National Capital.

-

2

-

A 'building of this kind should not only fully and adequately
serve the purposes which bring it into being.
them.

It should symbolize

In this case from my knowledge of the plans I am confident

that both aims will be triumphantly attained.

On the one hand, the^

designs are based on a painstaking study of the plans and methods in
use in buildings erected for archives in European countries, notaoly
those at London, Berlin, Paris, Dresden, Vienna, and The Hague, where
for many years the segregation of governmental records has been main­
tained in buildings devoted to archival purposes.

On the other hand,

the architect, Mr. John RusseB. Pope, to whose genius we are indebted
for the beauty and impressive grandeur of this magnificent building,
has breathed into it a spirit of strength, security and permanency.
That we should have waited this long for such a building is
in a sense unmistakeable evidence of the youth of our country and of
how intent we have been on the future rather than the past.
still so intent.

We are

Eor rich as is our inheritance, it is part of our

fundamental creed that ours is a past of infinite promise.
The group of splendid buildings to which we are now adding
will not only beautify the Nation* s Capital and stand throughout the
years as visible emblems of the strength and majesty of government,
but will symbolize this generation* s faith in the permanency of the
institutions which have made our country great and that their main­
tenance is a sure guarantee of the fulfillment of the promise of
American life.

FOR RELEASE, MORNING PAPERS,
Tuesday, February 21, 1933.

TREASURY DEPARTMENT

STATEMENT BY SECRETARY MILLS.

Secretary of the Treasury Mills announced today that the
tenders for $60,000,000, or thereabouts, of 90-day Treasury Bills,
dated February 23, 1933, and maturing May 24, 1933, which were
offered on February 16th, were opened at the Federal Reserve Banks
on February 20th,
The total amount applied for was $123,929,000.

The highest

bid made was 99.960, equivalent to an interest rate of about' 0.16
per cent on an annual basis.

The lowest bid accepted was 99,850,

equivalent to an interest rate of about 0,60 per cent on an annual
♦
basis.
Only part of the amount bid for at the latter price was
accepted.

The total amount of bids accepted was $60,074,000.

The average price of Treasury Bills to be issued is 99.864.
average rate on a bank discount basis is about 0.55 per cent.

The

FOR RELEASE, MORNING PAPERS,
Thursday, February 23, 1933.

TREASURY DEPARTMENT

STATEMENT BY SECRETARY MILLS

The Secretary of the Treasury gives notice that tenders are
invited for Treasury hills to the amount of $100,000,000, or thereabouts.
They will be 91-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 tw® o’clock p. m,, Eastern Standard time,
on Monday, February 27, 1933.

Tenders will not be received at the

Treasury Department, Washington.
The Treasury bills will be dated March 1, 1933, and will
mature on May 31, 1933, 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, $100,000, $500,000,
and $1 ,000,000 (maturity value).
It 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 apolication therefor.
No tender for an amount less than $1,000 will be considered.
Each tender must be in multiples of $1,000.
expressed on the basis of
e. g., 99.125.

The price offered must be

100 , with not more than three decimal places,

Fractions must not be used.

Tenders will be accepted without cash deposit from incorpor­
ated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must be accom­

panied by a deposit of 10 per cent of the face amount of Treasury bills

-

2

-

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
February 27, 1933, 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.

Pay­

ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on March 1, 1933.
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, 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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof,

FOR RELEASE, MORNING PAPERS,
Tuesday, February 28, 1933.

TREASURY DEPARTMENT

STATEMENT BY SECRETARY MILLS.

Secretary of the Treasury Mills announced today that the
tenders for $100,000,000, or thereabouts, of 91-day Treasury Bills,
dated March 1, 1933, and maturing May 31, 1933, which were offered
on February 23rd, were opened at the Federal Reserve Banks on
February 27th.
The total amount applied for was $254,283,000.

The highest

bid made was 99.936, equivalent to an interest rate of about 0.25
per cent on an annual basis.

The lowest bid accepted was 99.688,

equivalent to an interest rate of about 1.23 per cent on an annual
basis.
accepted.

Only part of the amount bid for at the latter price was
The total amount of bids accepted was $100,613,000.

The average price of Treasury Bills to be issued is 99.750.
average rate op a bank discount basis is about 0.99 per cent.

The

*

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
Wednesday, March 1, 1933.

STATEMENT BY SECRETARY MILLS

The Secretary of the Treasury gives notice that tenders are
invited for Treasury hills to the amount of $75,000,000, or thereabouts.
They will be 93-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 two o ’clock

p. m., Eastern Standard time,

on Friday, March 3, 1933.

Tenders will not be received at the Treasury

Department, Washington.
The Treasury bills will be dated March

6 , 1933, and will

mature on June 7, 1933, 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,C00, $10,000, $100,000, $500,000,
and $1 ,000,000 (maturity value).
It is urged that tenders be made

on the printed forms and

forwarded in the special envelopes which will

be suppliedby the Federal

Reserve Banks or branches upon application therefor.
No tender for an amount less than $1,000 will be co^idered.
Each tender must be in multiples of $1,000.
expressed on the basis of
e. g., 99.125.

The price offered must be

10 0 , with not more than three decimal places,

Fractions must not be used.

Tenders will be accepted without cash deposit from incorpor­
ated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must be accom­

panied by a deposit of 10 per cent of the face amount of Treasury bills

-

2-

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
March *3, 1933, all tenders received at the Federal Reserve Banks or
branches thereof up to the closing hour will be opened and public
i

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.

Pay­

ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on March

6 , 1933.
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, 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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof.

S'-

TREASURY DEPARTMENT

EOR RELEASE, MORNING PAPERS
Saturday, March 4, 1933.

STATEMENT BY SECRETARY MILLS.

Secretary of the Treasury Mills announced today that the tenders
for $75,000,000, or thereabouts, of 93-day Treasury Bills, dated March

6 , 1933, and maturing June 7, 1933, which were offered on March 1st,
were opened at the Eederal Reserve Banks on March 3rd.
The total amount applied for was $94,101,000.

Except for

several small /bids aggregating $48,000, at prices averaging 99.776,
the highest bid made was 99.688, equivalent to an interest rate of
about 1*21 per cent on an annual basis.

The lowest bid accepted was

98.775, equivalent to an interest rate of about 4,74 per cent on an
annual basis.

Only part of the amount bid for at the latter price

was accepted.

The total amount of bids accepted was $75,266,000.

The average price of Treasury Bills to be issued is 98.900.
average rate on a bank discount basis is about 4,26 per cent.

The

PRESS RELEASE,
MARCH 9, 1933.

treasury department

The President has today urged the immediate enactment of
legislation dealing with the existing hanking situation.

It

appears that prompt action will make hanking facilities and
an adeauate supply of currency available.

Notwithstanding the

expected early opening of hanks, the Secretary of the Treasury
interposes no objection to the issuance of clearing house certif
icates or other evidences of claims against assets of hanking
institutions, in communities where local conditions make such
action necessary.

The regulation issued by the Secretary March

7 , 1933 remains effective, granting permission to clearing house
associations and other associations organized to provide an
adequately secured medium of temporary exchange to issue certifi
cates against sound assets of hanking institutions, such certiii
cates to he deliverable by each institution to its creditors
and depositors on a pro rata basis.

FOR IMMEDIATE RELEASE,
Thursday-, March 9, 1933

TREA.3URY REPART îÆENT

STATEMENT BY SECRETARY OF THE TREASURY ÏÏOODIÉ

The emergency "banking legislation passed "by the Congress today is a most
constructive step toward the solution of the financial and "banicing difficulties
which have confronted the country*

The extraordinary rapidity with which this

legislation was enacted "by the Congress heartens and encourages the country),
This legislation makes possible the opening of hanks upon a sound basis,
backed by an adequate supply of currency*

Through this law the banks which will

open will be placed in a position to meet all demands*

This assurance should

restore confidence and create the foundation for a forward movement in business
activities*
It will be the policy of the Treasury to permit as rapidly as possible the
opening of the sound banks*

There are, of course * many thousands of such banks

which will promptly be restored to the performance-of their normal functions.
The Treasury has already taken steps to secure information through--proper.author ities as to the condition of the various banks of the-country and-dnaned~
iately invites from the banks’-apphications for reopening.

While

information has-already-been assembled, the completion of the

information and of the arrangements of the1hanks for resuming their functions
takes some time.

It has therefore been decided not to authorize any re­

openings before Saturday, March 11th.

It is obvious'that it will not he possible

to act upon all of the applications ^ven by Saturday.

Regulations governing

reopenings and also other subjects governed by the legislation will immediately
be published.

FOR THE PRESS

STATEMENT BY

FOR IMMEDIATE RELEASE
March 10, 1933.

SECRETARY OF THE TREASURY WOO DIN

Under the terms of the Act of March 9, 1933, immediate action has
Been taken by the President and the Secretary of the Treasury which will
make possible the resumption of hanking operations in substantial volume at
a very early date* Pending such resumption the Vital needs of communities
must be met.
Attention of all banking institutions is called to Regulation
10 which is still in force and which as amended provides for cooperation
between banks in different communities and reads as follows*;
’’Any national or State banking institution may
exercise its usual banking functions to such extent as
its situation shall permit and as shall be absolutely
necessary to meet the needs of its community for food,
medicine, other necessities of life, for the relief
of distress, for the payment of usual salaries and
wages, for necessary current expenditures for the
purpose of maintaining employment, and for other simi­
lar essential purposes. Banking institutions may carry
out such transactions as may be necessary to aid bank­
ing institutions in other communities to meet the
necessities set forth above. Provided, however, That
(l) every precaution shall be taken to prevent hoarding
or the unnecessary withdrawal of currency; (2) No State
banking institution shall engage in any transaction
under this regulation which is in violation of State or
Federal law or of any regulation issued thereunder; (3)
No National banking association shall engage in any
transaction under this section which is in violation of
any Federal law or of any order or regulation issued by
the Comptroller of the Currency; and (4) No gold or gold
certificates shall be paid out. Each banking institution
and its directors and officers will be held strictly
accountable for faithful compliance with the spirit and
purpose as well as the letter of this regulation,
’’Federal reserve banks may carry on such functions
as may be necessary to facilitate transactions authorized
by this regulation.
”In order to enable member banks of the Federal
reserve system to meet the needs of their respective
communities to the extent authorized by this regulation
Federal reserve banks may make advances to such member
banks under the conditions set forth in Section 10 (b)
of the Federal Reserve Act as amended by the act of
March 9, 1933, and in accordance with authority granted
by the Federal Reserve Board.
”In addition, in order to enable individuals, partner­
ships and corporations to meet their immediate payroll
requirements, Federal reserve banks may make temporary
advances to such individuals, partnerships and corpora­
tions on their promissory notes secured by direct obliga­
tions of the United states in accordance with authority
granted by the Federal Reserve Board.”

FOR RELEASE, MORÌOTG PAPERS,
Sunday, March 12, 1933.

TREASURY DEPARTMENT

STATEMENT BY SECRETARY WOO DIE

The Treasury is tomorrow offering for subscription, at par and
accrued interest, through the Federal Reserve Banks, $800,000,000, or
thereabouts, Treasury certificates of indebtedness in two series, both
dated and bearing interest from March 15, 1933, one series, TAG—1933,
being for five months, with interest at the rate of 4 per cent per annum,
and maturing August 15, 1933, and the other series TD2-1933, being for nine
months, with interest at the rate of 4—1/4 per cent per annum, and maturing
December 15, 1933.

The amount of each series to be issued will be in the

proportion that the total subscriptions for that series bears to the total
subscriptions received for botn series.

The aggregate amount of the two

series to be issued will be $800,000,000, or thereabouts.
The principal and interest of the certificates will be payable in
United States gold coin of the present standard of value.
These certificates will be exempt, both as to principal and in­
terest, 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.
Applications will be received at the Federal Reserve Banks.

The

Treasury will accept in payment for the new certificates of either or botn
series, at par, Treasury certificates of indebtedness of Series TM—1933 and
United States Treasury certificates, First Series, both maturing March 15,
1933.

Subscriptions in payment of which Treasury certificates of indebted­

ness of Series TM-1933"a:

jnru^d^tat^^reasury certificates, First Series,

are tendered, will befgiven preferred allotment.

~

2 -

Bearer certificates will "be issued in denominations of $500,
$1,000, $5,000, $10,000, and $100,000.

The certificates of Series TAG-1933

will have one interest coupon attached, payable August 15, 1933, and the
certificates of Series TD2-1933 will have two interest coupons attached,
payable June 15, 1933,- and December 15, 1933.
About $695,000,000 of Treasury certificates and about $59,000,000
in interest payments on the public debt become due and payable on March 15,
1933.
The. text of the official circular follows:
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, $800,000,000, or
thereabouts, Treasury certificates of indebtedness, in two series.

The

amount of each series to be issued will be in the proportion that the total
subscriptions for that series bears to the total subscriptions received for
both series.

The aggregate amount of the two series to be issued will be

$800,000,000 or thereabouts.
DESCRIPTION OF CERTIFICATES
The certificates of Series TAG-1933 will be dated March 15, 1933,
and will bear interest from that date at the rate of four per cent per annum,
payable on an annual basis.

They will be payable on August 15, 1933.

The certificates of Series TD2—1933 will be dated March 15, 1953,
and will bear interest from that date at the rate of four and one-quarter
per cent per annum, payable on a semiannual basis.

They will be payable

on December 15, 1933*
The principal and interest of the certificates will be payable in
United States gold coin of the present standard of value.

« il

O

Bearer certificates will "be issued in denominations of $500,
$1,000, $5,000, $10,000, and $100,000,

The certificates of Series TAG—1933

will have one interest coupon attached, payable August 15, 1933, and the
certificates of Series TD2-1933 will have two interest coupons attached,
payable on June 15, 1933, and December 15, 1933,
The certificates shall be exempt, both as to principal and interest,
from all taxation (except estate and inheritance taxes) now or hereafter im­
posed by the United States, any State, or any of the possessions of the United
States, or by any local taxing authority.
The certificates 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 will be acceptable to secure deposits of public
moneys.
APPLICATION AND ALLOTMENT
Applications will be received at the Federal Reserve Banks,
Subscriptions for which payment is to be tendered in 3-3/4 per cent
Treasury certificates of indebtedness of Series TM—1933 and 2 per cent United
States Treasury certificates, First Series, both maturing March 15, 1933, will
be given preferred allotment.
The Secretary of the Treasury reserves the right to reject any
subscription-,, in whole or in „part, and to allot less than the amount of
certificates of either or both series applied for and to close the sub­
scriptions as to either or both series 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

tU

4

to reject, applications for larger amounts, and to make classified allotments
and allotments upon a graduated scale; and M s action in these respects shall
be final.

Allotment notices will be sent out promptly upon allotment, and

the basis of the allotment will be publicly announced#
PAYMENT
Payment at par and accrued interest for certificates alloted must
be made on or before March 15, 1933, or on later allotment.

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 TM-1933 and United States Treasury certificates, First Series, both
maturing March 15, 1933, will be accepted at par in payment for any certificates
of the series now offered which shall be subscribed for and allotted, witn an
adjustment of the interest accrued, if any, on the certificates so paid for.
GENERAL PROVISIONS
As fiscal agents of the United States, Federal Reserve Ba11-^3 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.
After allotment and upon payment Federal Reserve Banks may issue interim
receipts pending delivery of the definitive certificates.

FOR RELEASE, MOREING PAPERS,
Monday, March 13, 1933.

TREASURY DEPARTMENT

STATEMENT BY SECRETARY WOODIU

The Secretary of the Treasury referred to the March 15 offering of
$800,000,000 of Treasury certificates of indebtedness, which was announced
yesterday, and stated that the subscription hooks open at the Federal Reserve
Banks this morning.
five months, bearing

T-wo series are being offered for subscription, one for

4 $ interest, and the other for nine months, bearing

4-l/4$ interest.
The certificates now being offered will be fully tax-exempt except

¿01

estate and inheritance taxes, they will be acceptable in payment of income
and profits taxes payable at their maturity, and they will be acceptable to
secure deposits of public moneys.
Treasury certificates of indebtedness of Series TM—1933 and United
States Treasury certificates, First Series, both maturing on March 15, 1933,
will be accented at par in payment for any of the new certificates allotoed.
Subscriptions for which payment is to be tendered in the maturing certificates
will be given preferred allotment.
All banking institutions may purchase these certificates for their own
account in the usual manner.

Application for these certificates may be

made by subscribers other than banking institutions directly to Federal
Reserve Banks, or branches, or at banks which are open for normal business.
Full particulars regarding terms of the two series of Treasury ce.>.tifi
cates of indebtedness may be obtained from almost any banking institution in
the United States and from any Federal Reserve Bank or branch.

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS
TUESDAY, MARCH 14, 1933,

STATEMENT BY SECRETARY WOODIN

Secretary Woodin today announced that the subscription books
for the current offering of five-month 4 per cent Treasury Certif­
icates of Indebtedness, Series TAG-1933, maturing August 15, 1933,
and nine-month 4% per cent Treasury Certificates of Indebtedness,
Series TD2-1933, maturing December 15, 1933, closed at the close of
business today, Monday, March 13, 1933.
Subscriptions placed in the mail before 9 P. M. Monday, March
13th, as shown by the post office cancellation, will be considered
as having been entered before the close of the subscription books.
Announcement of the amount of subscriptions and the basis of
allotment will be made later.

TREASURY DEPARTMENT

FOR IMMEDIATE RELEASE,
WEDNESDAY, MARCH 15, 1933

STATEMENT BY SECRETARY WOODIN

Secretary Woodin today announced the approximate subscription
figures and the basis of allotment for the March 15th combined
offering of five-month 4 per cent Treasury Certificates of Indebt­
edness of Series TAG-1933, maturing August 15, 1933, and of ninemonth 4-l/4 per cent Treasury Certificates of Indebtedness of
Series TD2-1933, maturing December 15, 1933.

The amount of the

combined offering was $800,000,000 or thereabouts.
On the basis of reports so far received from the Federal
Reserve Banks, total subscriptions aggregate over $1,820,000,000,
of which over $555,000,000 represents exchange subscriptions in
payment for which Treasury Certificates maturing March 15, 1933,
were tendered.

While the subscription books were closed at the

close of business Monday, it was announced that subscriptions
placed in the mails before 9 P, M, Monday, would be treated as
having been entered before the close of the subscription books,

4 PER CENT TREASURY CERTIFICATES OF INDEBTEDNESS, SERIES
TAG-1933
The reports show that for th& offering of 4 per cent Treasury
Certificates of Indebtedness of Series TAG-1933, maturing August 15,
1933, total subscriptions aggregate over $900,000,000.

Of these

subscriptions, over $286,000,000 represents exchange subscriptions,
in payment for which Treasury Certificates maturing March 16, 1933,
were tendered.

Such exchange subscriptions were allotted in full'.

Allotments on cash Subscriptions for 4 per Cent Treasury Certificates
of Indebtedness of Series TAG*»1933 were made as follows:

Subscript

tions in amounts not exceeding $10,000 were allotted in full;
subscriptions in amounts over $10,000 were allotted 26 per cent, but
not less than $10,000 on any one subscription.

4-1/4 PER CENT TREASURY CERTIFICATES OF INDEBTEDNESS, SERIES
TD2-1933
The reports show that for the offering of 4-1/4 per cent
Treasury Certificates of Indebtedness of Series TD2-19.33,maturing
December 15, 1933, total subscriptions aggregate over $920,000,000.
Of these subscriptions over $269,000,000 represents exchange subscrip­
tions, in payment for which Treasury Certificates maturing March 15,
1933, were tendered*.
full**

Sufch exchange subscriptions were allotted in

Allotments on cash subscriptions for 4<-l/4 per cent Treasury

Certificates of Indebtedness of Series TD2-1933 were made as follows:
Subscriptions in amounts not exceeding $10,000 were allotted in full;
subscriptions in amounts over $10,000 were allotted 28 per cent, but
not less than $10,000 on any one subscription.
Further details as to subscriptions and allotments will be
announced when final reports are received from the Federal Reserve
Banks,

TREASIE-IY DEPARTMENT
|

ROE, RELEASE, MORNING- PAPERS,
Thursday, March 16, 1933.

STATEMENT BY SECRETARY WOODIN

The Secretary of the Treasury gives notice that tenders are
Invited for Treasury hills to the amount of $100,000,000, or thereabouts.
They will he 91-day hills; and will he sold on a discount basis to the
highest bidders.

Tenders will he received

at the Federal Reserve Banks,

or the branches thereof, up to two o*clock

p. m . ,Eastern Standard time,

on Monday, March 20, 1933.

Tenders will not he received at the Treasury

Department, Washington.
The Treasury hills will he dated March 22, 1933, and will
mature on June

2 1 , 1933, and on the maturity date the face amount will

he payable without interest.

They will he issued in hearer form only,

and in amounts or denominations of $1,000, $10,000, $100,000, $500,000,
and $1 ,000,000 (maturity value).
It is urged that tenders he 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 he considered.
Each tender mast he in multiples of $1,000.
expressed on the basis of
e. g., 99.125.

The price offered must he

10 0 , with not more than three decimal places,

Fractions must not he used.

Tenders will he accepted without cash deposit from incorpor­
ated hanks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others mast he accom­

panied by a deposit of 10 per cent of the face amount of Trec
?,sury hills

applied for, unless the tenders aro accompanied by an express guaranty
of payment by an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on
March 20, 1933, 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 possiblo
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.

Pay­

ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on March 22, 1933.
The Treasury bills will be exempt, as to principal and intorest,
and any gain from the sale or other disposition thereof will also bo
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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the condi­
tions of their issue.

Copies of the circular may be obtained from any

Federal Reserve Bank or branch thereof.

TREASURY DEPARTMENT

FOR RELEASE* MORNING- PAPERS,
MONDAY, MARCH 20, 1933,

Secretary Woodin today announced the final subscription and allotment figures
with respect to the March 15th offering of 4$ Treasury Certificates of Indebted­
ness of Series TAG-1933, maturing August 15, 1933, and of

Treasury Certificates

of Indebtedness of Series TD2-1933, maturing December 15, 1933.
Due to the bank holiday it was not possible to announce this offering until
March 12th, three days before the date when payment for the new certificates
would have to be made.

In order to have payment made on March 15th, it was neces­

sary to close the subscription books on March 13th, and fix the basis of allotment
upon subscriptions.

The books were so closed, subject to the acceptance for allot­

ment of subscriptions placed in the mails not later than nine o’clock,P. M.,
March 13 th.
The percentage of allotment on cash subscriptions was thus fixed on the
evening of March 13th, on the basis of subscriptions then received by the banks,
without information as to the amount of the subscriptions placed in the mail be­
fore nine o’clock, P. M., March 13th, and not then actually received at the
Federal Reserve |>anks.
The allotment on subscriptions made on March 13th, on the basis of telegraphic
reports received from Federal Reserve banks up to the close of business on that day
indicated total accepted subscriptions of $870,000,000.

The amounts later required

to be allotted on subscriptions placed in the mail not later than nine o ’clock,
P. M., March 13th, brought the total amount of subscriptions accepted, including
exchange subscriptions up to $942,504,500.

The amount of subscriptions accepted

exceeds the amount named in the offering by a larger percentage than usual, owing
to the necessity of fixing the percentage for allotments on cash subscriptions be­
fore knowing the amount of the subscriptions through the mails, as above stated.
Subscriptions and allotments were divided among the several Federal Reserve
Districts and the Treasury as follows:

-

2

-

4$ CERTIFICATES OF INDEBTEDNESS OF SERIES TAG-1933.
Federal Reserve
District

Total Cash
Subscriptions
Received

Total Exchange
Subscriptions
Received

Total Subscrip­
tions Received

Total Sub­
scriptions
Allotted

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury

$ 22,677,000
336,315,000
25,644,100
19,205,000
9,309,000
11,755,000
98,068,500
6,734,500
20,508,000
16,049,900
20,549,000
28,773,500
40,000

$ 6,555,500
218,435,000
6,511,500
1,071,500
1,127,000
1,031,000
50,028,000
1,114,000
1,190,000
1,740,100
564,500
8,597,000
— --

$ 29,232,500
554,750,000
32,155,600
20/276,500
10,436,000
12,786,000
148,096,500
7,848,500
21,698,000
17,790,000
21,113,500
37,370,500
40,000

$ 12,811,000
309,559,000
14,548,000
6,428,000
3,991,000
4,366,000
77,000,000
3,532,500
6,851,000
6,293,000
6,717,000
17,009,500
25,000

$615,628,500

$297,965,100

$913,593,600

♦$469,131,000

Total

♦Includes $297,965,100 exchange subscriptions,
which1 were allotted in full.

4-l/4$ CERTIFICATES OF INDEBTEDNESS OF SERIES TD2-1933.
Federal Reserve
District

Total Cash
Subscriptions
Received

Total Exchange
Subscriptions
Received

Total Subscrip­
tions Received

Total Sub­
scriptions
Allotted

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury

$ 21,847,500
381,511,500
37,033,500
24,788,500
8,702,000
12,610,000
62,754,500
5,045,500
2 1 ,686,000
8,556,200
23,462,500
39,559,000
158,500

$ 8,962,500
204,179,000
7,972,500
4,698,000
1,601,500
1,207,000
29,509,000
1,943,000
744,500
2,952,800
2,959,500
3,663,000
114,500

$ 30,810,000
585,690,500
45,006,000
29,486,500
10,303,500
13,817,000
92,263,500
6,988,500
22,430,500
11,509,000
26,422,000
43,222,000
273,000

$ 16,146,500
317,269,500
20,990,500
12,340,500
4,852,500
5,058,000
50,315,500
4,656,000
7,433,000
6,316,500
10,819,000
16,939,500
236,500

$647,715,200

$270,506,800

$918,222,000

*$473,373,500

Total

♦Includes $270,506,800 exchange subscriptions,
which were allotted in full.

FOR RELEASE, MORNING PAPERS,
Thursday, March 23, 1933.

TREASURY DEPARTMENT

STATEMENT BY SECRETARY WOODIN

The Secretary of the Treasury gives notice that tenders are
invited for Treasury hills to the amount of $100,000,000, or thereabouts.
They will he 91-day hills; and will he sold on a discount basis to the
highest bidders.

Tenders will he received at the Federal Reserve Banks,

or the branches thereof, up to two o'clock p. m., Eastern Standard time,
on Monday, March 27, 1933.

Tenders will not he received at the Treasury

Department, Washington.
The Treasury hills will he dated March 29, 1933, and will mature
on June 28, 1933, and on the maturity date the face amount will he payable
without interest.

They will he issued in hearer form only, and in amounts

or denominations of $1,000, $10,000, $100,000, $500,000, and $1,000,000
(maturity value).
It is urged that tenders he made on the printed forms and for­
warded in the special envelopes which will he supplied by the Federal
Reserve Banks or branches upon application therefor.
No tender for an amount less than $1,000 will he considered.
Each tender must he in multiples of $1,000.
expressed on’the basis of
e. g., 99.125.

The price offered must he

10 0 , with not more than three decimal places,

Fractions must not he used.

Tenders will he accepted without cash deposit from incorpor­
ated hanks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from -others must he accom­

panied by a deposit of 10 per cent of the face amount of Treasury hills

-S i-

applied for, ■unless the tenders are accompanied by an express guaranty
©f payment by an incorporated bank »r trust company.
Immediately after the closing hour for receipt of tenders on
March 2?, 1933, 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 March 29,
1933.
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, 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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. .418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the condi­
tions of their issue.

Copies of the circular may be obtained from any

Federal Reserve Bank or branch thereof.

TREASURY DEPARTMENT

FOR RELEASE, MORNING- PAPERS,
TUESDAY, MARCH 28, 1933,

STATEMENT BY SECRETARY WOODIN

Secretary of the Treasury Woodin announced today that
the tenders for $100,000,000, or thereabouts, of 91-day
Treasury Bills, dated March 29, 1933, and maturing June 28,
19S3, which were offered on March 23rd, were opened at the
Federal Reserve Banks on March 27th,
The total amount applied for was $318,206,000,

The

highest bid made was 99.670, equivalent to an interest rate
of about 1.31 per cent on an annual basis,

The lowest bid

accepted was 99*524,. equivalent to an interest rate of about
1,88 per cent on an annual basis.

Only part of the amount

bid for at the latter price was accepted.
of bids accepted was $100,158,000.
Treasury Bills to be issued is 99,566.

The total amount

The average price of
The average rate on

a bank discount basis is about 1,72 per cent.

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
Thursday, March 30, 1933*

STATEMENT BY SECRETARY WOODIN

The Secretary of the Treasury gives notice that tenders are
invited for Treasury hills to the amount of $100,000,000, or thereabouts.
They will be 91-day bills; and will be sold on a discount basis to the
highest bidders.

Tenders will be received at the Federal Reserve Banks,

#r the branches thereof, up to two o*clock p, m., Eastern Standard time,
on Monday, April 3, 1933.

Tenders will not be received at the Treasury

Department, Washington.
The Treasury bills will be dated April 5, 1933, and will mature
on July 5, 1933, 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 , $1 0 ,000 , $100 ,000, $500,000, and $1 ,000,000
(maturity value).
It is urged that tenders be made on the printed forms and for­
warded 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.
expressed on the basis of
e, g., 99.125.

The price offered must be

100 , with not more than three decimal places,

Fractions must not be used.

Tenders will be accepted without cash deposit from incorpor­
ated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must be accom­

panied by a deposit of 10 per cent of the face amount of Treasury bills

-2~

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
April 3, 1933, all tenders received at the Federal Reserve Banks or
branches thereof up to the closing hour will be epened and public announce­
ment 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 fer Treasury

bills allotted must be made at the Federal Reserve Banks in cash or other
immediately available funds on April 5, 1933.
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, 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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions ef
their issue.

Copies of the circular may be obtained from any Federal

Reserve Bank or branch thereof.

FOR RELEASE WHEN DELIVERED
at 10:30 P.M., Monday,
April 3, 1933.

RADIO ADDRESS
of
HON. WILLIAM H. WOODIN,
Secretary of the Treasury
In the National Radio Forum
Broadcast over a Nation-Wide Hook-Up of
THE NATIONAL BROADCASTING COMPANY
Monday Night, April 3, 1933.

RADIO ADDRESS OE SECRETARY WOODIN
OF APRIL 3, 1933.

I hope that none of yon will he sorry to know that I
do not make speeches.

I am just going to chat about what the

Treasury has been doing since the 4th of March.
course came first.

Banking of

We simply helped to put quickly into

effect some common sense ideas about banking.

The way in

which the people have backed up the leadership of our President
in the common sense banking plan has been a real inspiration.
Such leadership and such support promise well for the future
of our country.
By the first days of March so many banks had closed that
people became fearful about almost all banks.

The rush to turn

bank deposits into currency placed a great strain on the banks«
To stop this it was necessary to close all banks for a short
period.

This closing» which had already been effected in

practically all States, was made national by the Presidents
Proclamation of March

6th,

How were banking facilities to be restored?
which we adopted was simple:

The plan

It was to make it possible for all

banks having adequate assets to secure plenty of good currency,
and then as rapidly as possible open all sound banks and proceed
to rebuild all others not weakened beyond repair.
As soon as the plan was worked out by the Administration
Congress took the necessary action with the cooperation of

2

-

Republicans and Democrats alike.

-

In a single day, on Thursday,

March 9th, Congress passed the Emergency Banking Act.
That act gave ample powers for dealing with the banking
crisis.

Among other things, it made provision for additional

currency if needed, backed by Government bonds or other sound
assets.

The purpose of this currency was to enable banks to

meet the unusual demands of depositors should they continue.
The act made it possible to protect and conserve the resources
of national banks and greatly simplifies reorganizations where
necessary.
In the reopening of the banks speed was all important.
It was not possible to work fast enough to provide for all
reopenings on the same day.

We adopted the plan of first

permitting reopenings over three days, beginning with March
13th.

The program was launched with the radio statement of

the President, and fear was replaced by confidence.
The Federal Government did not have any connection with
state banks not members of the Federal Reserve system, and there
was strong feeling that these banks should be handed back to state
authorities.

So by the President’s Order of March 10th, it was

provided that state authorities should pass on the reopening of
non—member state banks.

Every effort was made to assure cooperation

by state authorities in following the national plan of reopening
only sound banks

- 3 -

By the end of March 5,387 national and member State
banks that had deposits of nearly $26,000,000,000, had been re­
opened«

In addition more than 7,350 non-member State banks had

been reopened on an unrestricted basis.

This restored to the

people and to the business of the country the use of the major part
of the banking facilities.
The task of reopening banks, which could not be reopened
in the earliest days, but which could be made sound, was undertaken
at the very outset.

The new Act provides that the Federal Gov­

ernment can assist in this process where necessary by having
the Resonstruction Finance Corporation subscribe for the preferred
stock.

The Government is proceeding on the basis of supplying

such capital where conditions warrant on the plan that not less
than half the needed capital would be furnished from private sources.
The work of restoring banks is going forward rapidly.
In the sixteen days from March 15th through March 31st, the office of
the Comptroller of the Currency supervised the strengthening and
reorganization of 289 national banks, with deposits of about
$^35,000,000, so that those banks were made available to the
public on the same solid basis as the banks reopened in the first
days.
A total of nearly $30,000,000 of new capital funds was put
into these 289 national banks.

In the case of these institutions less

than $550,000 of new capital was to be furnished by the Government. Almost
all of it was furnished by private subscriptions and contributions.

Such

- 4 a record indicates the enterprise and resourcefulness of the
communities in which these hanks are located*
There has naturally "been great interest in the organization
with Government assistance of a large hank in the city of Detroit.
The facts are simple.

The deficiency of hanking facilities in

this great center was a matter of grave concern.

The situation

was complicated hy a conflict of interests that threatened in­
definite delay.

To provide an adequate new hank $12,500,000 of

private funds were underwritten through public spirited action
and this amount was matched hy an equal amount of Government
money supplied on preferred stock.

IFor the time being the Govern­

ment will have its stock as an investment, hut will, as developments
permit, retire from this ownership.
Th u s,

th e re Was c re a te d a la rg e new hank w h ic h was in*-

m e d ia te ly a b le to p ro v id e e s s e n t ia l b a n k in g s e r v ic e s and can
se rv e a t an e a r ly date as an in v a lu a b le ag ent f o r making a v a ila b le
a la rg e p o r t io n o f th e d e p o s its i n banks w h ic h c o u ld n o t he
reopened.

I found that the work of reopening the hanks imposed a
tremendous task on the Treasury organization, including the office
of the Comptroller of the Currency.
upon the Federal Reserve hanks.

It also imposed vast labor

The Treasury organization and the

Federal Reserve hanks have responded with zeal and devotion worthy
of the best traditions of patriotic service.

- 5 -

I have said that the new Act makes it possible to con­
serve the resources of national hanks which could not he immediatelyreopened, and some of which cannot he reopened.

It is the policy

of the Administration to carry on this work of conservation in
such a way as to keep losses of depositors at a minimum and to
secure orderly and intelligent liquidation where liquidation is
necessary.

You may he assured that values are not to he sacri­

ficed unnecessarily, and that debtors are to he given all reasonable
opportunity to work out their situations.
With the reopening of the hanks came a large return flow
of money to the hanks.

Between March 4th and March 30th there

was returned to the hanks a total amount of about $1,160,000,000,
including more than $600,000,000 of gold coin and certificates.
The unnecessary withdrawal of currency was, as I have said, one
of the causes of the trouble.

Currency which is hoarded is

sterilized and impedes the operation of business.

G-old which is

hoarded removes a part of the base of the currency and of credit.
The volume of outstanding currency is still greatly in excess of
the amount required to meet ordinary needs under existing condi­
tions.

It is essential that this inactive currency should continue

to flow hack to the hanks.

If the amount of money still hoarded

can he returned promptly into active use it will give a marked
stimulus toward business recovery.
The relatively large financial operations of the Treasury
for March 15th, when nearly $800,000,000 of outstanding Treasury

-

6

-

obligations became due, were made somewhat difficult by the tie-up
of the banks.

That operation was successfully accomplished.

Since that time steadily declining rates at which short-term
obligations of the Treasury have been taken have reflected the
passing of the banking crisis.

In this field also, the return

of confidence has been gratifying.
This return of confidence has undoubtedly been greatly
aided by the action which the Administration and Congress have
taken with so much determination to vastly reduce Federal expendi­
tures.

The passing of the Economy Bill was a notable achievement.

It will result in savings running into hundreds of millions of
dollars and will enormously benefit the Federal Budget.
I think that it is evident to all that the Government is
going at the job of reconstruction with common sense and courage.
The Government deserves the confidence given to it by the people
of this country.

What we have been doing in the past few weeks

has related mostly to financial problems.

With the same spirit

in which those problems have been met, the Government is taking
steps to relieve other phases of the depression.

With the kind

of support which you are giving,your Government will acomplish
its great task.

FOR RELEASE, MORNING PAPERS,
TUESDAY, APRIL 4, 1933,

TREASURY DEPARTMENT

STATEMENT BY SECRETARY WOODIN

Secretary of the Treasury Woodin announced today that the
tenders for $100,000,000, or thereabouts, of 91—day Treasury
Bills, dated April 5, 1933, and maturing July 5, 19o3, which
were offered on March 30, 1933, were opened at the Federal
Reserve Banks on April 3rd*
The total amount applied for was $383,656,000*

The highest

bid made was 99*750, equivalent to an interest rate of about
0*99 per cent on an annual basis*

The lowest bid accepted was

99.630, equivalent to an interest rate of about 1,46 per cent
on an annual basis.

Only part of the amount bid for at the

latter price was accepted*

The total amount of bids accepted

was $100,096,000*

The average price of Treasury Bills to be

issued is 99.659.

The average rate on a bank discount basis is

about 1.35 per cent.

EOR IMMEDIATE RELEASE
Wednesday, April 5, 1935.

TREASURY DEPARTMENT

STATEMENT BY SECRETARY OF TEE TREASURY WOODIH AS TO THE GOLD
ORDER OF APRIL 5, 1933.

The president's order of today requiring the turning in of hoarded gold,
and at the same time providing that gold shall he available for all proper pur­
poses, is an expected step in the process of regularizing our monetary position
and furnishing adequate hanking and currency facilities for all customary needs.
Such an order was in contemplation from the time of the passage of the
Emergency Banking Act.

As the President indicated today, while many of our

citizens voluntarily and helpfully turned in their gold, there were others who
did not so respond.

In fairness, the conduct of all citizens with reference

to gold should be the same in this emergency, and this is assured by the order.
Those surrendering gold, of course, receive an equivalent amount of other forms
of currency, and other forms of currency may be used for obtaining gold m

an

equivalent amount where authorized for proper purposes.
Gold held in private hoards serves no useful purpose under present circumstances.

When added to the stock of the Federal reserve banks it serves

basis for currency and credit.

This further strengthening of the banking

structure adds to its power of service toward recovery.
A v i t a l p r o v is io n of th e o rd e r i s t h a t a u t h o r iz in g th e S e c re ta ry o f th e
T r e a s u r y to
h o a rd in g .

is s u e lic e n s e s f o r g o ld f o r p ro p e r b u s in e s s needs n o t in v o lv in g
A p p lic a tio n s w i l l be passed upon as th e f a c t s

in each case w a rr a n t.

Regulations governing the procedure of the Treasury under the new order
are in course of preparation.

FOR RELEASE, MORNING PAPERS,
Thursday, April 6, 1933.

TREASURY DEPARTMENT

STATEMENT BY SECRETARY WOODIN

The Secretary of the Treasury gives notice that tenders are
invited for Treasury bills to the amount of $75,000,000, or thereabouts.
They will be 91-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 two o'clock p. m . , Eastern Standard time,
*n Monday, April 10, 1933.

Tenders will not be received at the Treasury

Department, Washington.
The Treasury bills will be dated April 12, 1933, and will
mature on July 12, 1933, 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, $100,000, $500,000,
and $1,000,000 (maturity value).
It is urged that tenders be made on the printed forms and
forwarded in tho 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,
o. g., 99.125.

Fractions must not be used.

Tenders will be accepted without cash deposit from incorpor­
ated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must be accom

panied by a deposit of 10 per cent of the face amount of Treasury bills

-

2

-

applied for, unless the tenders arc accompanied by an express guaranty
of payment by an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on
April 10, 1933, all tenders received at the Federal Reserve Banks
or branches thereof up to the closing hour will bo 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.

Pay­

ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on April 12, 1933.
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, from all taxation, except estate and inheritance taxes.

Uo loss

from the sale or other disposition of the Treasury bills shall be allowed
as a deduction, or otherwise recognized, for the purposes of any tax now
or hereafter imoosod by the United States or any of its possessions.
Treasury Department Circular Ho. 418, as &JZQndod, and this
notice proscribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be -obtained from

any Federal Reserve Bank or branch thereof.

TREASURY DEPARTMENT

FOR RELEASE, MORNING- PAPERS,
TUESDAY, APRIL 11, 1933.

STATEMENT BY ACTING SECRETARY BALLANTINE

Acting Secretary of the Treasury Ballantine announced today
that the tenders for $75,000,000 or thereabouts, of 91-day Treasurjr
Bills, dated April 12, 1933, and maturing July 12, 1933, were opened
at the Federal Reserve Banks on April 10th,
The total amount applied for was $404,325,000*

Except for

one hid of $300,000 at 99.947, the highest hid made was 99,826,
equivalent to an interest rate of about 0,69 per cent on an annual
basis.

The lowest bid accepted was 99.800, equivalent to an interest

rate of about 0,79 per cent on an annual basis.,
amount bid for at the latter price was accepted.
of bids accepted was $75,733,000,
Bills to be issued is 99.806.
basis is about 0,77 per cent,

Only part of the
The total amount

The average price of Treasury

The average rate on a bank discount

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
Thursday, April 13, 1933

STATEMENT BY SECRETARY WOODIN

The Secretary of the Treasury gives notice that tenders are
invited for Treasury bills to the amount of $75,000,000, or thereabouts.
They will be 91-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 two o'clock p. m . , Eastern Standard time,
on Monday, April 17, 1933.

Tenders will not be received at the Treasury

Department, Washington.
The Treasury bills will be dated April 19, 1933, and will
mature on July 19, 1933, 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, $100,000,
$500,000, and $1,000,000 (maturity value).
It 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 moro than three decimal places,
e. g., 99.125.

Fractions must not be used.

Tenders will be accepted without cash deposit from incorpor­
ated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must be accom­

panied by a deposit of 10 per cent of the face amount of Treasury bills

2

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 en
April 17, 1953, 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.

Pay­

ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on April 19, 1933.
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, 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 any tax now
or hereaftor imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this
notico prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof.

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
TUESDAY, APRIL 18, 1933,

STATEMENT BY SECRETARY 17QODIN

Secretary of the Treasury Woodin announced today that the
tenders for $75,000,000, or thereabouts, of 91—day Treasury Bills,
dated April 19, 1933, and maturing July 19, 1933, which were offered
on April 13, 1933, were opened at the Federal Reserve Banks on April
17th,
The total amount applied for was $348,315,000,

The highest

hid made was 99.900, equivalent to an interest rate of about 0.40
per cent on an annual basis.

The lowest bid accepted was 99.865,

equivalent to an interest rate of about 0.53 per cent on an annual
basis.
accented.

Only part of the amount bid for at the latter price was
The total amount of bids accepted was $75,188,000.

average price of Treasury Bills to be issued is 99«87o.

The

average rate on a bank discount basis is about 0.49 per cent.

The

TREASURY DEPARTMENT

EOR RELEASE, MORNING PAPERS,
Thursday, April 20, 1933.

STATEMENT BY SECRETARY WOODIN

The Secretary of the Treasury gives notice that tenders are
invited for Treasury hills to the amount of $80,000,000, or thereabouts.
They will he 91-day hills; and will he sold on a discount basis to the
highest bidders.

Tenders will he received at the Federal Reserve Banks,

or the branches thereof, up to two o'clock p. m., Eastern Standard time,
on Monday, April 24, 1933.

Tenders will not he received at the Treasury

Department, Washington.
The Treasury hills will he dated April 26, 1933, rvA will
mature on July 26, 1933, and on the maturity date the face amount will
he payable without interest.

They will he issued in hearer form only,

and in amounts or denominations of yo.,000, $10,000, $100,000, $500,000,
and $1,000,000 (maturity value).
It is urged that tenders he made on the printed forms and
forwarded in the special envelopes which will he supplied by the Federal
Reserve Banks or branches upon application therefor.
No tender for an amount less than $1,000 will he considered.
Each tender must he in multiples of $1,000.

The price offered must he

expressed on the basis of ICQ, with not more than three decimal places,
e. g., 99.125.

Fractions must not he used.

Tenders will he accepted without cash deposit from incorpor­
ated hanks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must he accom­

panied by a deposit of 10 per cent of the face amount of Treasury hills

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
April 24, 1933, 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.

Pay­

ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on April 26, 1933.
The Treasury bills will be exempt, as to principal and interest,
and any gain from the sale or other disposition thereof will •Iso 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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof.

eor r e l e a s e , morning pap e r s ,
Monday, April 24, 1933,

treasury department

STATEMENT BY SECRETARY WOODIN

The Treasury is today offering for subscription at par and.
accrued interest, through the Federal Reserve Banks, $500,000,000,
or thereabouts, three-year 2-7/8 per cent Treasury notes of Series
C-1936, with the right reserved to the Secretary of the Treasury to
increase the offering by an amount sufficient to allot in full all
subscriptions up to $10,000.

The books will be kept open several

days for the receipt of subscriptions of that class.
The notes will be dated May 2, 1933, and will bear interest
from that date ®X the rate of 2~7/B per cent per annum payable on
a semiannual basis.

They will mature on April 15, 1936, and will

not be subject to call for redemption before that date.
The notes will be exempt, both as to principal and interest,
from all taxation (except estate or inheritance taxes) now or here­
after imposed by the United States, any State, or any of the possess­
ions of the United States, or by any local taxing authority.
Applications will be received at the Federal Reserve Banks
or their branches, and at the Treasury Department, Washington, •as
official agencies of the United States.

Banking institutions generally

will handle applications for subscribers, but only the Federal Reserve
Banks and the Treasury Department are authorized to act as official

~

agencies.

2~

Banking institutions which have "been licensed to resume

their normal hanking functions are permitted to handle subscriptions
in the usual manner.

Unlicensed hanking institutions are authorized

to accept applications for subscribers and to hold in segregated
accounts funds tendered in payment pending transmittal to a Federal
He serve Bank or branch*
Subscriptions, unless made by an incorporated bank or trust
company, or by a responsible and recognized dealer in government
securities, must be accompanied by payment of 10 per cent of the
amount of notes applied for, provided, however, that cash subscrip­
tions may be accompanied by payment in full.
Subscriptions for amounts up to $10,000, and subscriptions
for which payment is to be tendered in Treasury certificates of
indebtedness of Series B-1933, maturing May 2, 1933, will be allotted
in full.
The notes will be issued in bearer form only, in denominations
of $100, $500, $1,000, $5,000, $10,000, and $100,000, with interest
coupons attached, payable on a semiannual basis on October 15, 1933,
and thereafter on April 15 and October 15 in each year.
About $239,000,000 of Treasury certificates and about
$6,500,000 in interest on the public debt become due and payable
on May 2, 1933.
The text of the official circular follows;

-3-

The Secretary of the Treasury offers for subscription, at
par and accrued interest, through the Federal Reserve Banks, two and
seven-eighths per cent Treasury notes of Series C-1936, of an issue
of gold notes of the United States authorized by the Act of Congress
approved September 24, 1917, as amended.

The amount of the offering

is $500,000,000, or thereabouts, with the right reserved to the
Secretary of the Treasury to increase the offering by an amount
sufficient to allot in full all subscriptions up to $10,000.

DESCRIPTION OF NOTES
The notes will be dated May 2, 1933, and will bear interest
from that date at the rate of two and seven-eighths por cent per annum,
payable on a semiannual basis, on October 15, 1933, and thereafter on
April 15 and October 15 in each year.

They will mature April 15, 1936,

and will not be subject to call for redemption prior to maturity.
The principal and interest of the notes will bo payable in
United States gold coin of the present standard of value.
Bearer notes with interest coupons attached will be issued
in denominations of $100, $500, $1,000, $5,000, $10,000, and $100,000.
The notes will not be issued in registered form.
The notes shall be exempt, both as to principal and interest,
from all taxation (except estate or inheritance taxes) now or hereafter
imposed by the United States, any State, or any of the possessions of
the United States, or by any local taxing authority.

/

*■
'

-4-

The notes 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 pay­
able at the maturity of the notes.
The notes will be acceptable to secure deposits of public
moneys, but will not bear the circulation privilege.

APPLICATION AND ALLOTMENT
Applications will be received at the Federal Reserve Banks
and branches, and at the Treasury Department, Washington.

Banking

institutions generally will handle applications for subscribers, but
only the Federal Reserve Banks and the Treasury Department are authorized
to act as official agencies.

Barking institutions which have been

licensed to resume their normal banking functions are permitted to
handle subscriptions in the usual manner.

Unlicensed banking insti­

tutions are authorized to accept applications for subscribers and to
hold in segregated accounts funds tendered in payment pending transmittal
to a Federal Reserve Bank or branch.
Subscriptions for amounts up to $10,000, and subscriptions
for which payment is to be tendered in Treasury certificates of indebted­
ness of Series B-1933, maturing May 2, 1933, will be allotted in full.
The Secretary of the Treasury reserves the right to reject
any subscription, in whole or in part, and to allot less than the amount
of notes applied for and to close the books as to any or all subscriptions

-fi­

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 shall he final.

Allotment

notices will be sent out promptly upon allotment , and the basis of the
allotment will be publicly announced.

PAYMENT
Payment at par and accrued interest for notes allotted must
be made on or before May 2, 1933, or on later allotment.

Any qualified

depositary will be permitted to make payment by credit for notes 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 indebt­

edness of Series B-1933, maturing May 2, 1933, will be accepted at par
in payment for any notes which shall be subscribed for and allotted,
with an adjustment of the interest accrued, if any, on the notes so
paid for.

Subscriptions, unless made by an incorporated bank or trust

company, or by a responsible and recognized dealer in government securi­
ties, must be accompanied by payment of 10 per cent of the amount of
notes applied for, provided, however, that cash subscriptions may be
accompanied by payment in full.

/

-

6-

ŒENERAL PROVISIONS

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 respec­
tive districts.

After allotment and upon payment Federal Reserve

Banks may issue interim receipts pending delivery of the definitive
notes.

FOR RELEASE* MORHIEG PAPERS,
TUESDAY,. APRIL 25, 1935.

TREASURY DEPARTMENT

STATEMENT BY SECRETARY WOO DIN

Secretary of the Treasury Woodin announced today that the
tenders for $80,-000,000, or thereabouts, or 91-day Treasury Bills,
dated April 26, 1933, and maturing July 26, 1933, which were offered
on April 20, 1933, were opened at the Federal Reserve Banks on April
24th.
The total amount applied for was $290,184,000.

Except for one

hid of $20,000 at 99.924,- the highest hid made was 99.881, equivalent
to an interest rate of about 0.47 per cent on an annual basis.

The

lowest bid accepted was 99.867, equivalent to an interest rate of
about 0.53 per cent on an annual basis.
for at the latter price was accepted.
accepted was $80,295,000.
be issued is 99.870.is about 0*51 per cent

Only part of the amount bid
The total amount of bids

The average price of Treasury Bills to

The average rate on a bank discount basis

EOR RELEASE, MORNING PAPERS
WEDNESDAY, APRIL 26, 1933.

TREASURY DEPARTMENT

STATEMENT BY SECRETARY WOODIN

Secretary Woodin today announced that the subscription books for
the current offering of three-year 2-?/8 per cent Treasury Notes of
Series C—1936, maturing April 15, 1936, closed at the close of business
today, Tuesday, April 25, except for the receipt of subscriptions for
amounts of $10,000 or less.

In accordance with previous announcement

the subscription books will remain open until further notice for the
receipt of subscriptions of that class.
Subscriptions placed in the mail before 12 o*clock midnight,
Tuesday, April 25, as shown by the Post Office cancellation, will be
considered as having been entered before the close of the subscription
books.
Announcement of the amount of subscriptions and the basis of
allotment will be made on or about Saturday, April 29.

for r e l e a s e , horning papers
Friday, April 28, 1953

TREASURY DEPARTMENT

STATEMENT BY SECRETARY WO ODIN

The Secretary of the Treasury gives notice that tenders are
invited for Treasury hills to the amount of $60,000,000, or thereabouts.
They will be 91-day bills; and will be sold on a discount basis to the
highest bidders.

Tenders will be received

at the Federal Reserve Banks,

•r the branches thereof, up to two o ’clock

p. m . , Eastern Standard time,

on Monday, May 1, 1933.

Tenders will not be received at the Treasury

Department, Washington.
The Treasury bills will be dated May 3, 1933, and will mature
on August 2, 1933, 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, $100,000, $500,000, and
$1,000,000 (maturity value).
It is urged that tenders be made

on the printed forms and

forwarded in the special envelopes v?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 baeis of 100, with not more tnan throe decimal places,
e. ‘g., 99.125.

Fractions must not be used.

Tenders will bo accepted without cash deposit from incorpor­
ated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must bo accom­

panied by a deposit of 10 per cent of the face amount of Treasury bills

-

2

-

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
May 1, 1933, all tenders received at the Federal Reserve Banks or
branches thereof up to the closing hour will bo opened and public
announcorfiGnt of the acceptable prices will follow as soon as possible
thereafter, probably on the follo?dng 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 bo final.

Those submitting

tenders y/ill bo advised of the acceptance or rejection thereof.

Pay­

ment at the price offered for Treasury bills allotted must bo made at
the Federal Reserve Banks in cash or other immediately available funds
on May 3, 1933.
The Treasury bills will bo exempt, as to principal and interest,
and any gain from tho sale or other disposition thereof will also bo
exempt, from all taxation, except estate and inheritance taxes.

No loss

from the sale or other disposition of tho Treasury bills shall bo allowed
as a deduction, or otherwise recognized, for the purposes of any tax now
or hereafter imposed by tho United States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of tho Treasury bills end govern the con­
ditions of their issue.

Copies of.the circular may be obtained from

any Federal Reserve Bank or branch thereof.

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS
FRIDAY, APRIL 28, 1933.

STATEMENT BY SECRETARY WOODIN

Secretary Woodin today announced that the subscription
hooks for the current offering of three-year 2—7/8 per cent
Treasury Notes of Series C-1936, maturing April 15, 1936, which
were closed on Tuesday, April 25 except for the receipt of sub­
scriptions for amounts of $10,000 or less, were closed for such
subscriptions at the close of business today, Thursday, April 27.
Subscriptions of that class placed in the mail before 12
o*clock midnight, Thursday, April 27, as shown by the Post Office
cancellation, will be considered as having been entered before
the close of the subscription books*

TREASURY DEPARTMENT

FOR RELEASE, WORKING PAPERS
SATURDAY, APRIL'29, 1933*.

STATEMENT BY SECRETARY WQODIN

Secretary Woodin today announced trie subscription figures
and the .basis: of allotment for the May 2 offering of three-year 2-7/8
per cent Treasury Notes of Series C—1936, maturing April 15, 1936*
Reports received from the Federal Reserve Banks show that for
this offering of Notes, which was for $500,000,000, or thereabouts,,
total subscriptions aggregate about $1,200,000,000*

Of these sub­

scriptions, $143,525,100 represents exchange subscriptions, in payment
for which Treasury Certificates of Indebtedness maturing May 2, 1933,
were tendered*

As previously announced, such exchange subscriptions,

as well as cash subscriptions in amounts of $10,000 or less, were al­
lotted in full.

Allotments on cash subscriptions exceeding $10,000

were made as follows:

Subscriptions in amounts over $10,000 but not

exceeding $100,000 were allotted 80 per cent, but not less than $10,000
on any one subscription; subscriptions in amounts over $100,000 but not
exceeding $1,000,000 were allotted 50 per cent,' but not less than
$80,000 on any one subscription; and subscriptions in amounts over
$1,000,000 were allotted 35 per cent, but not less than $500,000 on
any one subscription*
Further details as to subscriptions and allotments will be an­
nounced when final reports are received from the Federal Reserve Basics*

treasury department

FOR RELEASE, MORNING PAPERS,
TUESDAY, MAY 2, 1933.

STATEMENT 51 SECRETARY WOODIN

Secretary of the Treasury Woodin announced today that the
tenders for $60,000,000, or thereabouts, of 91-day Treasury Bills,
dated May 3, 1933, and maturing August 2, 1933, which were offered
on April 28, 1933, were opened at the Federal Reserve Banks on May 1
1933.
The total amount applied for was $224,691,000.

The highest

hid made was 99.900, equivalent to an interest rate of about 0.40
per cent on an annual basis.

The lowest bid accepted was 99.869,

equivalent to an interest rate of about 0.52 per cent on an annual
basis.

The total amount of bids accepted was $60,655,000.

average price of Treasury Bills to be issued is 99.877#

The
The

average rate on a bank discount basis is about 0.49 per cent.

FOR RELEASE, MORNING PAPERS,
Thursday, May 4, 1933.

TREASURY DEPARTMENT

STATEMENT BY SECRETARY WOO DIN

The Secretary of the Treasury gives notice that tenders are
invited for Treasury hills to the amount of $75,000,000» or thereabouts.
They will be 91-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 two o ’clock p. m., Eastern Stamdard time,
on Monday, May 8, 1933.

Tenders will not be received at the Treasury

Department, Washington.
The Treasury bills will be dated May 10, 1933, and will mature
on August 9, 1933, 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, $100,000, $500,000, and
$1,000,000 (maturity value).
It 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 incorpor­
ated banks and trust companies and from responsible and recognised
dealers in investment securities.

Tenders from others must be accom­

panied by a deposit of 10 per cent of the face amount of Treasury bills

J-

2-

applied for, unless the tenders are accompanied "by an express guaranty
of payment by an incorporated hank or trust company.
Immediately after the closing hour for receipt of tenders on
May 8, 1933., 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.

Pay­

ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on May 10., 1933.
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, 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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof.

TREASURY DEPARTMENT

•POR IMMEDIATE RELEASE-,
THURSDAY, MAY 4, 1933-.

Secretary Woodin today announced the final subscription and allotment
figures with respect to the May 2 offering of 2-7/8 per cent Treasury
of Series 0-193,6* maturing April 15, 1936.

Notes

Subscriptions received amounted

to $1,202,043,500, and the total allotted on these subscriptions was
$572,419,200*
Subscriptions and allotments were divided among the several Federal
Reserve Districts and the Treasury as follows:

Federal Reserve
District

Total Cash
Subscriptions
Received

Total Exchange
Subscriptions
Received

Total Subscrip­
tions Received

Boston
New York
Philadelphia
Cleveland
Richmond
Atldnta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury

$

$

$

Total

34,255,600
565,978,700
46,781,500
34,805,900
20,126,300
26,498,700
70,917,700
10,228,900
6,162,100
7,175,000
14,823,200
220,629,300
17,600

$1,058,400,500

1,616,000
92,595,000
2,163,500
1,169,500
45,000
3,187,000
32,571,000
517,500
732,000
2,283,500
641,500
6,016,500
105,000

$143,643,000

35,871,600
658,573,700
48,945,000
35,975,400
20,171,300
29,685,700
103,488,700
10,746,400
6,894,100
9,458,500
15,464,700
226,645,800
122,600

$1,202,043,500

Total Sub­
scriptions
Allotted
$

19,096,100
310,398,300
23,834,800
17,204,300
10,477,300
16,029,000
63,713,700
6,656,100
3,812,100
6,677.500
8,437,500
85,959,800
122,600

*$572,419,200

*Includes $143,643 ,000 exchange sub scriptions,
which were allotted in full*

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS
TUESDAY, MAY 9, 1933*

STATEMENT BY SECRETARY WOODIN

Secretary of the Treasury Woodin announced today that the
tenders for $75,000,000, or thereabouts, of 91-day Treasury Bills,
dated May 10 and maturing August 9, 1933, which were offered on
May 4, were opened at the Federal Reserve Banks on May 8, 1933*
The total amount applied for was $225,173,000*

The

highest hid made was 99.900, equivalent to an interest rate of
about 0*40 per cent on an annual basis.

The lowest bid accepted

was 99.871, equivalent to an interest rate of about 0.51 per cent
on an annual basis*

Only part of the amount bid for at the

latter price was accepted*
was $75,067,000*
issued is 99.878.

The total amount of bids accepted

The average price of Treasury Bills to be
The average rate on a bank discount basis

is about 0.48 per cent

EOR RELEASE, MORNING PAPERS,
Thursday, May 11, 1933.

TREASURY DEPARTMENT

STATEMENT BY SECRETARY WOODIN

The Secretary of the Treasury gives notice that tenders are
invited for Treasury hills to the amount of $75,000,000, or thereabouts.
They will he 91-day hills; and will he sold on a discount basis to the
highest bidders.

Tenders will he received at the Federal Reserve Banks,

or the branches thereof, up to two o* clock .p. m., Eastern Standard time,
on Monday, May 15, 1933.

Tenders will not he received at the Treasury

Department, Washington.
The Treasury hills will he dated May 17, 1933, and will mature
on August 16, 1933, and on the maturity date the face amount will he pay­
able without interest.

They will he issued in hearer form only, and in

amounts or denominations of $1,000, $10,000, $100,000, $500,000, and
$1,000,000 (maturity value,).
It is urged that tenders he made on the printed forms and
forwarded in the special envelopes which will he supplied by the Federal
Reserve Banks or branches upon application therefor.
No tender for an amount less than $1,000 will he considered.
Each tender must he in multiples of $1,000.

The price offered must he

expressed op the basis of 100, with not more than three decimal places,
00 g., 99.105.

Fractions must not he used.

Tenders will he accepted without cash deposit from incorpor­
ated hanks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must he accom­

panied by a deposit of 10 per cent of the face amount of Treasury hills

-2-

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
May 15, 1933, 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.

Pay­

ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on May 17, 1933.

t

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, 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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof.

TREASURY DEPARTMENT

EOR RELEASE, MORNING PAPERS
TUESDAY, MAY 16, 1933.

STATEMENT 3Y SECRETARY WOODIN

Secretary of the Treasury Woodin announced today that the
tenders for $75,000,000, or thereabouts, of 91-day Treasury Bills,
dated May 17 and maturing August 16, 1933, which were offered on
May 11, were opened at the Federal Reserve Banks on May 15, 1933*
The total amount applied for was $254,685,000.

Except for

one bid of $2,000 at 99.937, the highest bid made was 99.899,
equivalent to an interest rate of about 0.40 per cent on an
annual basis.

The lowest bid accepted was 99.882, equivalent to

an interest rate of about 0.47 per cent on an annual basis.

Only

part of the amount bid for at the latter price was accepted.

The

total amount of bids accepted was $75,442,000.
of Treasury Bills to be issued is 99.887.
bank discount basis is about 0.45 per cent.

The average price

The average rate on a

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
Thursday, May 18, 1933.

STATEMENT BY SECRETARY WOODIN

The Secretary of the Treasury gives notice that tenders are
invited for Treasury hills to the amount of $60,000,000, or thereabouts.
They will be 91-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 two o !clock p. m., Eastern Standard time,
on Monday, May 22, 1933.

Tenders will not be received at the Treasury

Department, Washington.
The Treasury bills will be dated May 24, 1933, and will mature
on August 23, 1933, 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, $100,000, $500,000, and
$1,000,000 (maturity value).
It 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 incorpor­
ated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must be accom­

panied by a deposit of 10 per cent of the face amount of Treasury bills

-

2-

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
May 22, 1933, all tenders received at the Federal Reserve Banks or
branches thereof up to the closing hour will be opened and public
announcement ofvthe 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.

Pay­

ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on May 24, 1933.
The Treasury bills will bo 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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof.

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
TUESDAY, MAY 23, 1933.

STATEMENT EY SECRETARY WOODIN

Secretary of the Treasury Woodin announced today that the
tenders for $60,000,000, or thereabouts, of 91-day Treasury Bills,
dated May 24 and maturing August 23, 1933, which were offered on
May 18, were opened at the Federal Reserve Banks on May 22,1933,
The total amount applied for was $221,557,000, of which
$60,078,000 was accepted,.

The accepted bids ranged in price

from 99.901, equivalent to a rate of about 0.39 per cent per
annum, to 99.890, •equivalent to a rate of about 0,44 per cent
per annum, on a bank discount basis,

Only part of the amount

bid for at the latter price was accepted.

The average price

of Treasury Bills to be issued is 99,893 and the average rate
is about 0,42 per cent per. annum on a bank discount basis.

/

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
Wednesday, May 24, 1933.

STATEMENT BY SECRETARY GOODIN

The Secretary of the Treasury gives notice that tenders are
invited for Treasury bills to the amount of $100,000,000, or thereabouts.
They 7/ill be 91-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 two o’clock p. m., Eastern Standard time,
on Friday, May 26, 1933.

Tenders will not be received at the Treasury

Department, Washington.
The Treasury bills will be dated May 31, 1933, and will mature
on August 30, 1933, 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, $100,000, $500,000, and
$1,000,000 (maturity value).
It 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

exnressed 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 incorpor­
ated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must be accomr*

panied by a deposit of 10 per cent of the face amount of Treasury bills

- el-

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
May 26, 1933, 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.

Pay­

ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on May 31, 1933.
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, 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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof.

TREASURY DEPARTMENT

FOR RELEASE* MORNING PAPERS-»
SATURDAY, MAY 27, 1935.

STATEMENT BY SECRETARY WOODIN

Secretary of the Treasury Woodin announced today that the
tenders for $100,0Q0,000, or thereabouts, of 91-day Treasury Bills,
dated May 31 and maturing August 30, 1933, which were offered on
May 24, 1933, were opened at the Federal Reserve Banks on May 26,
1933«
The total amount applied for was $407,553,000, of which
$100,352,000 was accepted.

The accepted bids ranged in price

from 99,937, equivalent to a rate of about 0.25 per cent per annum,
to 99«915, equivalent to a rate of about 0.34 per cent per annum,
on a bank discount basis.

Only part of the amount bid for at the

latter price was accepted.

The average price of Treasury Bills to

be issued is 99.919 and the average rate is about 0.32 per cent
per annum on a bank discount basis.

FOR RELEASE, MORNING- PAPERS,
Thursday, June 1, 1933,

TREASURY DEPARTMENT

STATEMENT BY SECRETARY WOODIN

The Secretary of the Treasury gives notice that tenders are
invited for Treasury bills to the amount of $75,000,000, ©r thereabouts.
They will be 91**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 two o'clock p, m, Eastern Standard time,
on Monday, June 5, 1933,

Tenders will not be received at the Treasury

Department, Washington.
The Treasury bills will be dated June 7, 1933, and will mature
on September 6, 1933, 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, $100,000, $500,000,
and $1,000,000 (maturity value).
It 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 piltiples of $1,000,

The price offered must be

expressed on the basis pf 100, with not more than three decimal places,
e. g., 99.125,

Fractions must not be used. 4

Tenders will bo accepted without cash deposit from incorpor­
ated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must be accom­

panied by a deposit of 10 per cent of the face amount of Treasury bills

-

2-

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
June 5, 1933, 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.

Pay­

ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on June 7, 1933.
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, 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 any tax now
or hereafter imposed by the United States or any of its possessions.
gpeasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof.

TREASURY DEPARTMENT

FOR RELEASE, MORNING- PAPERS
TUESDAY, JUNE 6, 1933..

STATEMENT BE SECRETARY WOODIN’

Secretary of the Treasury Woodin announced today that the
tenders for $75,000,000, or thereabouts, of 91-day Treasury Bills,
dated June 7, 1933 and maturing September 6, 1933, which were
■.>' ■

,

..

./

,

i f

.■ ■ ■ ■ -

; : y

. ,

* i \

*

offered on June 1st, were opened at the Federal Reserve Banks on
June 5, 1933.
The total amount applied for was $197,947,000, of which
$75,529,000 was accepted.

The accepted bids ranged in price

from 99,949, equivalent to a rate of about 0,20 per cent per
annum, to 99.927, equivalent to a rate of about 0.29 per cent
per annum, on a bank discount basis.

Only part of the amount

bid for at the latter price was accepted*

The average price

of Treasury Bills to be issued is 99,932, and the average rate is
about 0,27 per cent per annum on a bank discount basis.

EOR RELEASE, MORNING- PAPERS,
Wednesday,. June 7, 1933»

TREASURY DEPARTMENT

STATEMENT BY SECRETARY WOODIN

The Treasury is today offering for subscription at par and
accrued interest, through the Eederal reserve banks, $500,000,000*
or thereabouts, five-year 2-7/8 per cent Treasury notes of Series
B-1938, and $400,000,000, or thereabouts, nine-month 3/4 per cent
certificates of indebtedness of Series TM-1934, with the right
reserved to the Secretary of the Treasury to increase the offering
by an amount sufficient to allot in full all subscriptions for amounts
up to and including $10,000.

The books will be kept open several days

for the receip>t of subscriptions of that class.
The Treasury-notes will be dated June 15, 1933, and will bear
interest from that date at the rate of 2-7/8 per cent per annum, pay­
able semiannually.

They will mature June 15, 1938, and will not be

subject to call for redemption prior to that date.
The certificates of indebtedness will be dated June 15, 1933,
and will bear interest from that date at the rate of 3/4 of 1 per cent
per annum, payable on a semiannual basis.

They will mature March 15,

1934.
The Treasury notes and Treasury certificates of indebtedness
T/ill be exempt, both as to principal and interest, from all taxation
(except estate or inheritance taxes) now or hereafter imposed by the
United States, any State, or any of the possessions of the United
States or by any local taxing authority.

Applications will toe received at the Federal reserve banks and
"branches and at the Treasury Department, WasHington.

Banking institu­

tions. generally Fill handle applications for subscribers, tout only the
Federal, reserve banks and the Treasury Department are authorized to act
as official agencies.

Banking institutions which have been licensed to

resume their normal banking functions are permitted to handle subscrip­
tions in the usual; manner.

Unlicensed banking institutions are author­

ized to accept applications for subscribers and to hold in segregated
accounts, fluids tendered in payment pending transmittal to a Federal
reserve bank or branch.
Applications, unless made by an incorporated bank or trust,
company, or by a. responsible and recognized dealer in government
securities, must be accompanied by payment in full or by payment of,
10.per,cent of the amount of notes or certificates applied, for.

The

forfeiture of the 10 per cent payment may be declared by the Secretary
ofthe *Treasury if payment in full is .not completed.cn the prescribed
date in the case of subscriptions allotted.
Subscriptions for which payment ..is to be tendered in Treasury
certificates of indebtedness of Series TJ -1933, maturing June 15, 1933,
and cash subscriptions for amounts up to and including $10,000, will be
allotted in full.
The Treasury notes will be issued in bearer form only, in
denominations, of $100, $500, $1,000, $5,000, $10,000, and $100,000,
with interest coupons attached payable semiannually- on December 15,
1933, and thereafter on June 15 and December 15 in each year.

The

certificates of indebtedness will be issued, in bearer form only, in

denominations of $500, $1,000, $5,000, $10,000, and $100,000,.. with
two interest coupons attached, payable on September 15, 1933,; and
March.15, 1934.

.

About $374,000,000 of Treasury certificates of indebtedness
and about $104,000,000 in interest payments on the public debt become
due and payable on June 15, 1933,

.

v-r

■*

The texts of the official circulars follow:

f|

g ■;

' J ■;

g :,T , '

A ■ \

TREASURY NOTES - SERIES E-1938

K X

•

The Secretary of the Treasury offers for subscription, at par
and accrued interest, through the Federal reserve banks, under the autho
ity of the act approved September 24, 1917, as amended, Treasury notes
of Series B-1038.

The amount of the offering'is $500,000,000, or there­

abouts, with the right reserved to the Secretary of the Treasury to
increase the offering by an amount sufficient to allot in full all sub­
scriptions for amounts up to arid including $10,000.
DESCRIPTION OF NOTES
The notes will be dated June 15, 1933, and will bear interest
from that date at the rate of two and seven-eighths per cent per annum,
payable semiannually on December 15, 1933, and thereafter on June 15
and December 15 in each year.

They will mature June 15, 1938, and. will

not be subject to call for redemption prior to maturity.
Bearer notes with interest coupons attached will be issued in
denominations of $100, $500, $1,000, $5,000, $10,00)0, and $100,000.
The notes will not be issued in registered form.

-4-

The notes shall "be exempt, both as,.to principal .and interest,
from all, taxation ‘»(except estate or inheritance taxes) now or hereafter
imposed by the United States, any State, or any of the.possessions of
the United States, or by any lo’cal taxing authority.
The notes will be accepted'at par during such time and under
*uch rules and regulations as shall “
tDC prescribed or approved by the
Secretary of the Treasury inpayment of income and profits taxes payable
at the maturity of the notes.
The notes will be acceptable to secure deposits of public
moneys, but will not bear the circulation privilege.
APPLICATION AND ALLOTMENT
Applications will be received at the Federal reserve banks and
branches and at the Treasury Department, Washington.

Banking institu­

tions generally will handle applications for subscribers, but only the
Federal reserve banks and the Treasury Department are authorized to act
as official agencies.

Banking institutions which have been licensed to

resume their normal banking functions are permitted to handle subscrip­
tions in the usual manner.

Unlicensed banking institutions are author­

ized to accept applications for subscribers and to hold in segregated
accounts funds tendered in payment pending transmittal to a Federal
reserve bank or branch.
Cash subscriptions for amounts up to and including $10,000,
and subscriptions for which payment is to be tendered in Treasury certi­
ficates of indebtedness of Series TJ-1933, maturing June 15, 1933, will
be allotted in full.

The Secretary of the Treasury reserves the right to reject
any guhscrij)tion, in whole or in part, and to allot less than the amount
of notes applied for and to close the "books as to any or all subscrip­
tions at any time without notice; the Secretary of the Treasury also
reserves the right to make a,llotment in full upon applications for
smaller amounts, to make reduced allotments upon, or to reject, applica­
tions for larger amounts, and to make classified allotments and allotments
upon a graduated scale; and his action in these respects shall be final*
Allotment notices will be sent out promptly upon allotment, and the basis
of the allotment will be publicly announced,
PAYMENT

.

Payment at pax and accrued interest for notes allotted must be
made on or before June 15, 1933, or on later allotment*

Any qualified

depositary will be permitted to make payment by credit for notes allotted
to it for itself and its customers up tor 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 indebted­

ness of Series TJ .-1933, maturing June 15, 1933, will be accepted at par
in payment for any notes which shall be subscribed for and allotted, with
an adjustment of the interest accrued, if any, on the notes so paid for.
Applications, unless made by an incorporated bank or trust company, or
by a responsible and recognized dealer in Government securities, must
be accompanied by payment in full or by payment of 10 per cent of the
amount of notes applied for.

The forfeiture of the 10 per cent payment

may be declared by the Secretary of the Treasury if payment in full is
not completed on the prescribed late in the case of subscriptions
allotted.

-

6-

GENERAL PROVISIONS
As fiscal agents of the United States, Federal reserve hanks
' •

*’

*'

* '

l •*'

'M

■■ '

/ j I

j '* d $

\ ~

;

|

are authorized and requested, to, receive subscriptionsand to make allot­
ments on the basis and up to the amounts indicated by the, Secretary of
the Treasury to the Federal reserve banks of the respective districts.
After allotment and upon payment Federal reserve banks may, issue interim
receipts pending delivery of the definitive notes. .

• V

CERTIFICATES OF INDEBTEDNESS. SERIES ^PM-1934

The Secretary of the Treasury offers for subscription, at par
and accrued interest, through the Federal reserve banks, under the author­
ity of the act approved September 24, 1917, as amended, Treasury certifi­
cates of indebtedness cf Series TM-1934.

The amount of the offering is

$400,000,000, or thereabouts, with the right reserved to the Secretary
of the Treasury to increase the offering by an amount sufficient to allot
in full all subscriptions for amounts up to and including $10,000.
»• .

4

V

)

DESCRIPTION OF CERTIFICATES
The certificates will be dated June 15, 1933, and will bear
•** * ■■ i
interest from that date at th e rate of t h r e e - q u a r t e r s of one per cent
per annum, payable on a semiannual basis.

They will be payable on

March 15, 1934.
Bearer certificates will be issued in denominations of $500,
$1,000, $5,000, $10,000, and $100,000.

The certificates will have two’

interest coupons attached, payable on September 15, 1933, and March 15,
1934.
The certificates 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, *o t any of the.
possessions of the United. States, or by any local taxing authority.
The "certificates 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,

■.

ç

• ir..v

-

VsiftWifeg

;2

* <

The certificates will be acceptable to secure deposits of

public moneys, but will not bear the circulation privilege,
APPLICATION AND ALLOTMENT' •
v ./a

, Applications will be received at the Federal reserve banks and

branches and at the Treasury Department, Washington,

Banking institu­

tions generally will handle applications for subscribers, but only the
Federal reserve banks and the Treasury Department are authorized to act
•as official agencies.

Banking institutions which have been licensed to

t resume their normal banking functions are permitted to handle subscrip­
tions -in the usual manner.

Unlicensed banking .institutions are authora­

ized to accept applications for subscribers and.to hold in segregated
accounts funds tendered in payment pending transmittal to a Federal
reserve bank or branch,
.Cash subscriptions for amounts up to and including $10,000,
and subscriptions for which lament is to be tendered in Treasury certi­
ficates of indebtedness of Series TJ-1933, maturing June 15, 1933, will
be allotted in full.
The Secretary of the Treasury reserves the right to reject any
subscription, in whole or in part, and to allot less than the amount of
certificates applied for and to close the books as to any or all

-

8-

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, applica­
tions for larger amounts, and to make classified allotments- and allot­
ments upon a graduated scale;'and his action in these1respects shall "be
final.

Allotment notices will he sent out promptly upon allotment, and

the basis of the allotment will be publicly announced.
PAYMENT
Payment at par and accrued interest for certificates allotted
must be made on or before June 15, 1933, or on later allotment.

Any

qualified depositary will be'permitted to make payment by credit for
certificates allotted to it foY 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-1933, maturing June 15, 1933,
will be accepted at par in payment for any' certificates which shall be
subscribed for and allotted, with an adjustment of the interest accrued,
if any, .on the certificates so paid for.

.Applications, unless made by

an incorporated bank or trust company, or by a responsible and recognized
dealer in Government securities, must be accompanied by payment in full
or by payment of 10 per cent of the amount of certificates applied for.
The forfeiture of the 10 per cent payment may be declared by the Secretary
of the Treasury if payment in full is not completed on the prescribed
date in the case of subscriptions allotted.

GENERAL PROVISIONS
As fiscal agents of the United States, Federal reserve hanks
are authorized and requested to receive subscriptions and to make allot­
ments on the basis and up to the amounts indicated by the Secretary of
the Treasury to the Federal reserve banks of the respective districts.
After allotment and upon payment Federal reserve banks may issue interim
receipts pending delivery of the definitive certificates.

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
Thursday, June 8, 1933*

STATEMENT BT SECRETARY WOODIN

Secretary Woodin today announced that the subscription
books ^for the current offering of five-year 2-7/8 per cent Treasury
Notes of Series B-1938, maturing June 15, 1938, and nine-month 3/4
per cent Certificates of Indebtedness of Series TM-1934, maturing
March 15, 1934, closed at the close of business today, Wednesday,
June 7, except for the receipt of cash and exchange subscriptions
for amounts of $10,000 or less*

In accordance with previous

announcement the subscription books will remain open until further
notice for the receipt of subscriptions of that class*
Subscriptions placed in the mail before twelve o fclock
midnight, Wednesday, June 7, as shown by the post-office cancella»tion, will be considered as having been entered before the close of
the subscription books*
Announcement of the amount of subscriptions and the basis of
allotment will be made on or about Monday, June 12,

FOR RELEASE, MORNING PAPERS,
FRIDAY, JUNE 9, 1933,

TREASURY DEPARTMENT

STATEMENT BY SECRETARY WQODIN

Secretary Woodin today announced that the subscription
hooks for the current offering ct five-year 2-7/8 per cent Treasury
Notes of Series B-1938, maturing Juno 15, 1938, and nine-month 3/4 per
cent Treasury Certificates of Indebtedness of Series TM-1934, maturing
March 15, 1934, which Wore closed on Wednesday, Juno 7, oxcopt for
the receipt of subscriptions for amounts up to and including $10,000,
wore closed for such subscriptions at the close of business today,
Thursday, June 8«
Subscriptions of that class placed in the mail before
12 o*clock midnight Thursday, June 8, as shown by the Post Office
cancellation, will be considered as having been entered before the
close of the subscription books.
The amouht of the offoring of Treasury Notes was $500,000,000,
or thereabouts, and the amount of the offering of tho Treasury Certifi­
cates of Indebtedness was $400,000,000, or thereabouts, with the right
reserved by the Secretary of the Treasury to incroaso the offering by
an amount sufficient to allot in full all subscriptions up to and in­
cluding $10,000.

Preliminary and incomplete reports from the Federal

reserve banks indicate that the subscriptions for the combined offering
aggregate over five billion dollars.
Announcement of the total amount of subscriptions and the
basis of allotment will be made on or about Monday, June 12, 1933.

TREASURY DEPARTMENT

EOR IMMEDIATE RELEASE,
Saturday, June 10, 1933

STATEMENT BY SECRETARY WOODIN.

Secretary Woodin today announced the subscription figures and the
basis of allotment for the J-une 15 offering of five-year 2-7/8 per cent
Treasury Notes of Series B-1938, maturing June 15, 1938, and of ninemonth 3/4 per cent Treasury Certificates of Indebtedness of Series
TM-1934, maturing March 15, 1934,
2-7/8 PER CENT TREASURY ROTES, SERIES 3-1938,
Reports received from the Eederal Reserve Banks show that for the
offering of 2-7/8 per cent Treasury Notes of Series B-1938, maturing
June 15, 1938, which was for $500,000,000, or thereabouts, total
subscriptions aggregate over $3,300,000*000,

Of these subscriptions,

$179,493,000 represents exchange subscriptions, in payment for which
Treasury Certificates maturing June 15, 1933, were tendered.

As

previously announced, such exchange subscriptions, as well as cash
subscriptions in amounts up to and including $10,000, were allotted in
full.

Allotments on cash subscriptions exceeding $10,000 were made as

follows;

Subscriptions in amounts over $10,000 bat not exceeding

$100,000 were allotted 45 per cent, but not less than $10,000 on any
one subscription;

subscriptions in amounts over $100,000 but not

exceeding $1,000,000 were allotted 20 per cent, but not less than
$45,000 on any one subscription*

subscriptions in amounts over $1,000,000

but not exceeding $25,000,000 were allotted 10 per cent, but not less
than $200,000 on any one subscription;

and subscriptions in amounts

over $25,000,000 were allotted 5 per cent, but not less than $2,500,000
on any one subscription.

-

2

-

3/4 PER CENT TREASURY CERTIFICATES OF INDEBTEDNESS,
________________SERIES TM-1934.___________________
Reports received from the Federal Reserve Banks show that for the
offering of 3/4 per cent Treasury Certificates of Series TM-1934,
maturing March 15, 1934, which was for $400,000*000, or thereabouts,
total subscriptions aggregate over $2,350,000*000«

Of these subscriptions,

$152,773,000 represents exchange subscriptions, in payment for which
Treasury Certificates maturing June 15, 1933, were tendered«

Such

exchange subscriptions, as well as cash subscriptions in amounts up
to And including $10,000, were allotted in full«

Allotments on cash

subscriptions exceeding $10,000 were made as follows:

Subscriptions

in amounts over $10,000, but not exceeding $100,000 were allotted
70 per cent, but not less than $10,000 on any one subscription?
subscriptions in amounts over $100,000 but not exceeding $1,000,000
were allotted 35 per cent, but not less than $70,000 on any one
subscription;

subscriptions in amounts over $1,000,000 but not

exceeding $25,000,000 wore allotted 10 per cent, but not less than
$350,000 on any one subscription;

and subscriptions in amounts over

$25,000,000 were allotted 8 per cent, but not less than $2,500,000
on any one subscription«

Further details as to subscriptions and allotments will be
announced when final reports are received from the Federal Reserve
Banks

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
Thursday, June 15, 1933.

STATEMENT BY 'SECRETARY WOODIN

The Secretary of the Treasury gives notice that tenders are
invited for Treasury hills to the amount of $100,000,000, or thereabouts.
They will he 91-day hills; and will he sold on a discount basis to the
highest bidders.

Tenders will he received at the Federal Reserve Banks,

or the branches thereof, up to two o'clock p. m,, Eastern Standard time,
on Monday, June 19, 1933.

Tenders will not he received at the Treasury

Department, Washington.
The Treasury hills will he dated June SI, 1933, and will mature
on September 30, 1933, and on the maturity date the face amount will he
payable without interest.

They will he issued in hearer form only, and

in amounts or denominations of $1,000, $10,000, $100,000, $500,000, and
$1,000,000 (maturity value).
It is urged that tenders he made on the printed forms and
forwarded in the special envelopes which will he supplied by the Federal
Reserve Banks or branches upon application therefor.
No tender for an amount less than $1,000 will he considered.
Each tender must he in multiples of $1,000.

The price offered must he

expressed on the basis of 100, with not more than three decimal places,
e# g., 99.135.

Fractions must not he used.

Tenders will he accepted without cash deposit from incorpor­
ated hanks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must he accom­

panied by a deposit of 10 per cent of the face amount of Treasury hills

-2-

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
June 19, 1933, 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.

Pay**

ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on June 31, 1933.
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, 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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof.

EOR RELEASE, MORNING PAPERS,
ERIDAY, June 16, 1933.

treasury department

Secretary Woodin today announced the final subscription and allotment
figures with respect to the June 15 offering of 2-7/8 per cent Treasury
Notes of Series B—1938, maturing June 15, 1938, and 3/4 per cent Treasury
Certificates, of Indebtedness of Series TM-1934, maturing March 15, 1934.
Subscriptions and allotments were divided among the several Federal
Reserve Districts and the Treasury as follows:
3-7/8i TREASURY NOTES OE SERIES B-1938
Federal Reserve
District

Total Cash
Subscriptions
Received

Total Exchange Total Subscrip-• Total Sub­
Subscriptions tions Received
scriptions
Received
Allotted

Boston.,*.... ..
New Yorlc.,
Philadelphia....
Cleveland..... .
Richmond.......
Atlanta.........
Chicago........
St. Louis.......
Minneapolis.....
Kansas City....
Dallas.........
San Francisco...
Treasury.......

$ 238,122,300
1,373,562,200
298,152,100
172,624,900
76,374,700
181,360,500
407,227,300
69,863,700
25,177,000
56,192*800
80,053,900
148,149,100
537,400

$ 15,018,500
99,568,000
4,853,500
2,108,000
1,556,000
4,010,000
34,231,500
4,312,500
691,500
3,861,000
2,999,000
5,282,500
526.000

$ 253,140,800
1,473,130,200
303,005,600
174,732,900
77,930,700
185,370,500
441,458,800
74,176,200
25,868,500
60,053,800
83,052,900
153,431,600
1,063,400

$0,127,397,900

$179,018,000

$3,306,415,900 *$623,441,800

TOTAL......

$ 57,712,500
270,991,700
44,410,500
28,768,100
15,912,300
29,911,300
88,016,200
17,395,700
8,399,000
16,516,100
17,264,200
27,422,600
721.600

♦Includes $179,018,000 exchange subscriptions,
which were allotted in full.

- 2 3/4$ CERTIFICATES OF INDEBTEDNESS OF SERIES TM-1934
Federal Reserve
District

Total Cash
Subscriptions
Received

Total Exchange
Subscriptions
Received

Total Subscriptions Received

Total Subscriptions
Allotted

Boston*.*......
New York.......
Philadelphia....
Cleveland.....-*■
Richmond*. *..,.
At/lcllliiät •••'•r♦'
Chicago..... •. .
St. Louis......
Minneapolis....
Kansas City.,...
Dskll&s •««••••*•
San Francisco.,
Treasury.... .

$ 187,646,000
1,292,480,500
133,623,500
104,946,000
79,174,500
85,685,000
178,590,500
31,718,500
24,404,500
21,235,000
39,588,500
21,418,500

$
909,000
120,377,000
3,000,000
289,000
1,020,000
, 9,000
23,949,500
175,000
118,000
2,354,000
275,000
115,500
82,000

$ 188,555,000
1,412,857,500
136,623,500
105,235,000
80,194,500
85,694,000
202,540,000
31,893,500
24,522,500
23,589,000
39,863,500
21,534,000
82,000

$ 30,985,000
271,868,500
26,286,500
16,057 ,000
13,161,500
14,312,500
48,738,500
6,713,000
7,361,000
8,326,500
10 ,749,000
5,458,000
82,000

TOTAL.....

$2,200,511,000

$152,673,000

$2,353,184,000

*$460,099,000

♦Includes $152,673,000 exchange subscriptions,
which were allotted in full.

TREASURY DEPARTMENT

EOR RELEASE, MORNING PAPERS,
Tuesday, June 20, 1933.

STATEMENT BY SECRETARY WOODIN

Secretary of the Treasury Woodin announced today that the tenders
for $100,000,000, or thereabouts, of 91-day Treasury Bills, dated June 21
and maturing September 20, 1933, which were offered on June 15, were opened
at the Federal Reserve Banks on June 19, 1933.
The total amount applied for was $240,273,000, of which $100,361,000
was accepted.

The accepted bids ranged in price from 99.955, equivalent

to a rate of about 0.18 per cent per annum, to 99.923,. equivalent to a rate
of about 0.30 per cent per annum, on a bank discount basis*
the amount bid for at the latter price was accepted..

Only part of

The average price

of Treasury Bills to be issued is 99.939, and the average rate is about
0*24 per cent per annum on a bank discount basis..

FOR RELEASE, MORNING- PAPERS
Thursday, June 22, 1933,

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY OF THE TREASURY ACHESON

The Secretary of the Treasury gives notice that tenders are
invited for Treasury hills to the amount of $75,000,000, or thereabouts.
They will be 91-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 two o'clock p. m., Eastern Standard time,
on Monday, June 26, 1933,

Tenders will not be received at the Treasury

p

Department, Washington.

The Treasury bills will be dated June 28, 1933, and will mature
on September 27, 1933, 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, $100,000, $500,000, and
$1,000,000 (maturity value).
It is urged that tenders be made on the printed forms and for­
warded 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 incorpor­
ated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must be accom­

panied 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
June 26, 1933, all tenders received at the Federal Reserve Ranks 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*

Pay­

ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve

Banks in cash or other immediately available funds

on June 28, 1933.
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, from all taxation, except estate and inheritance taxes.

No loss

from the sale or other disposition of the Treasuzy 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.
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof..

EOR RELEASE, MORNING PAPERS,
Wednesday, June 28, 1933,

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY OF THE TREASURY ACHESON

The Secretary of the Treasury gives notice that tenders are
invited for Treasury hills to the amount of $100,000,000, or thereabouts.
They will he 91-day hills; and will he sold on a discount basis to the
highest bidders.

Tenders will he received at the Federal Reserve Banks,

or the branches thereof, up to two o!clock p. m., Eastern Standard time,
on Friday, June 30, 1933.

Tenders will not he received at the Treasury

Department, Washington,
The Treasury hills will he dated July 5, 1933, and will mature
on October 4, 1933, and on the maturity date the face amount will he
payable without interest.

They will he issued in hearer form only, and

in amounts or denominations of $1,000, $10,000, $100,000, $500,000, and
$1,000,000 (maturity value).
It is urged that tenders be made on the printed forms and for­
warded in the special envelopes which will he supplied by the Federal
Reserve Banks or branches upon application therefor.
No tender for an amount less than $1,000 will he considered.
Each tender must he in multiples of $1,000.

The price offered must he

expressed on the basis of 100, with not more than three decimal places,
e. g., 99,125.

Fractions must not he used.

Tenders will he accepted without cash deposit from incorpor­
ated hanks and trust companies and from responsible and recognized
*
dealers in investment securities.

Tenders from others must he accom­

panied by a deposit of 10 per cent of the face amount of Treasury hills

-

2-

applied for, unless the tenders are accompanied by an express guaranty
of payment hy an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on
June 30, 1933, 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.

Pay­

ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on July 5, 1933,
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, 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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No, 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof.

TREASURY DEPARTMENT

FOR RELEASE, MORNING- PAPERS,
Tuesday, June 27, 1933.

STATEMENT BY ACTING SECRETARY ACHESON

Acting Secretary of the Treasury Acheson announced today
that the tenders for $75,000,000, or thereabouts, of 91-day
Treasury Bills, dated June 28 and maturing September 27, 1933,
which were offered on June 22, were opened at the Federal Reserve
Bahkrs on June 26, 1933.
The total amount applied for was $209,956,000, of which
$75,697,000 was accepted.

The

accepted bids ranged in

price from

99.950, equivalent to a rate of

about 0.20 per cent per

annum,to

99,919, equivalent to a rate of

about 0.32 per cent per

annum,ona

bank discount basis.

The average price of Treasury Bills to be

issued is 99,931 and the average rate is about 0.27 per cent per
annum on a bank discount basis.

TREASURY DEPARTMENT

EOR IMMEDIATE RELEASE
..July 1,. 1933
,

The following announcement is made today by Acting Secretary Acheson:

The Treasury closed the fiscal year 1933 with a deficit of $1,786,000,0.00
compared with a deficit of $2,880,000,000 for 1932,

This year*s deficit again,

reflected the effect of the depression on Government receipts and expenditures#
While there has been improvement.in business conditions during recent months,
Government revenues for the fiscal year, 1933 were, not materially affected# . ■
The 1933 expenditures included about ,$461,000,000 of public.debt retirements,
mainly for the sinking fund, the deficit exclusive of such retirements amounting
to $1,325,000,000,

This deficit of $1,325,000,000, together with net ..payments,

on account of advances made to the Reconstruction Finance Corporation of $1,277,000,000, an excess.of expenditures on trust.fund account of $5,000,000,
and the increase of $445,000,000 in the general-fund balance, resulted in an
increase of $3,052,000,000 in the gross public debt.
Receipts in 1933 exclusive of trust funds were $2,080,000,000, or only
$74,000,000 larger than in 1932, notwithstanding new and increased taxes and
the receipt of nearly $99,000,000 from foreign governments following a year in
which all payments on intergovernmental debts had been postponed#

Expenditures

exclusive of trust funds aggregated $3,866,000,000, or $1,020,000,000 less than
in the preceding year*

The difference reflects reductions in expenditures for

Government salaries, certain public works, the agricultural marketing fund,
refunds of receipts, the adjusted service certificate fund, and the postal
deficiency, and also the fact that in 1932 expenditures included certain non­
recurring items, such as capital stock of the Reconstruct ion Finance Corporation
and Federal land banks.

The only items of expenditure showing material increase

were service of the public debt and distribution of wheat and cotton for relief#

-

2

-

RECEIPTS
The total receipts:-for the year exclusive of trust funds were
$2,080,000,00(3, or $74,000,000 more than for 1932,
Income tax receipts totaled $746,000,000, which was $311,000,000 less
than for the fiscal year 1932, notwithstanding the heavier income taxes effective
during the last half of 1933.

This is striking evidence of the effect which

the depression has had on one of the main sources of the Governments revenue.
The amount of income taxes received during the last six months of the fiscal
year 1933 was about $39,000,000 less than for the corresponding period in the
fiscal year 1932, although much higher rates were in effect in the 1933 period.
Miscellaneous internal revenue’receipts totaled $858,000,000, or
$355,000,000 more than for 1932, the increase being due to the new and increased
-taxes imposed by the Revenue Act of 1932 and the Act of March 22, 1933.
Receipts from customs duties were $251,000,000 as compared with
$328,000,000 in 1932, a decline of $77,000,000.

Customs receipts are another

source of Government revenue which has been materially affected by the de­
pression.

The decline reflects a continued decrease in the volume and

value of imports.
Miscellaneous receipts other than internal revenue amounted to
$225,000,000 or $108,000,000 more than in 1932.

The increase is due to the

fact that approximately $99,000,000 was received during the year from foreign
governments, whereas payments from foreign governments due during the fiscal
year 1932 were postponed pursuant to the Joint Resolution of December 23, 1931;
and that interest in the amount of approximately $24,000,000 was received from
the Reconstruction finance Corporation on account of advances made by the
Secretary of the Treasury,

These amounts were offset in .part by a decrease of

$14,000,000 in repayments of agricultural loans made by the Secretary of
Agriculture.

EXPENDITURES
Total expenditures for 1933 exclusive of trust funds were $3,866,000,000
as compared with $4,886,000,000 for 1932, a decrease of $1,020,000,000*
Preliminary information now available concerning the details of expendi­
tures for 1933 shows the following principal items of decrease:

For Recon­

struction Finance Corporation capital stock, $500,000,000; for additional
Federal Land Bank capital stock, $125,000,000; for the Treasury Department,
$21,000,000, largely representing a reduction in expenditures under the
Settlement of War Claims Act of 1928; for the Wax Department, $31,000,000,
principally a reduction in construction work; for the Department of Agriculture,
$68,000,000, largely on account of reduced outlays for good roads; for refunds
of receipts, $30,000,000; for postal deficiency, $86,000,000; for the Veterans*
Administration, $119,000,000, due to'a reduction of $100,000,000 in the credit
to the Adjusted Service Certificate Fund and to expenditures on account of
military and naval insurance and military and naval compensation; for the
Shipping Board, $23,000,000 on account of reduced expenditures from the Construc­
tion Loan Fund,

There was a decrease in all general departmental expenditures

on account of reduction in salaries of Government employees.

While definite

information as to the savings on this account can not be ascertained at this
time, it is indicated in preliminary information that it will amount to
approximately $100,000,000,
The only major items of increase in expenditures were $90,000,000 on
account of interest on the public debt, $49,000,000 on account of public
debt retirements, and $34,000,000 for distribution of wheat and cotton for
relief;

-4 ~
PUBLIC DEBT"
Tlie fiscal year 1933 closed with a total gross public debt of
$22,539,000*000, as compared with $19,487,000,000 on June 30, 1932, or an ^
increase of $3,052,000,000.

Public debt retirements of $461,000,000 were

made as required by law, although this reduction was more than offset by
Treasury borrowings.

Tlie net balance in the general fund was $862,000,000

on June 30, 1933, or $445,000,000 moVe than at the end of the preceding fiscal
year.
The average annual rate of interest on the outstanding interest—bearing
debt on Juno 30, 1933, was 3.35$ as compared with an average rate of 3.50$ oh
June 30, 1932, due to the fact that the Treasury was able to sell its securities
at much reduced rates, although the public debt increased by over $3,000,000,000
during the last fiscal year.

Total interest payment3 during the year were

$689,000,000 as compared with $599,000,000 for the year 1932.

treasury department

FOR RELEASE, MORNING PAPERS,
SATURDAY, July 1. 1933»

STATEMENT BY ACTING SECRETARY ACHESON

Acting Secretary of the Treasury Acheson announced today that the
tenders for $100,000,000, or thereabouts, of 91-day Treasury Bills, dated
July 5 and maturing October 4, 1933, which were offered on June 28, were
opened at the Federal Reserve Banks on June 30, 1933.
The total amount applied for was $242,687,000, of which $100,010,000
was accepted.

The accepted bids ranged in price from 99*940, equivalent

to a rate of about 0.24 per cent per annum, to 99.922, equivalent to a rate
of about 0*31 per cent per annum, on a bank discount basis.
the amount bid for at the latter price was accepted*

Only part of

The average price

of Treasury Bills to be issued is 99.929 and the average rate is about
0.28 per cent per annum on a bank discount basis.

TREASURY DEPARTMENT

EOR RELEASE, MORNING PAPERS,
Thursday, July ,6, 1933.

STATEMENT BY ACTING SECRETARY OE THE TREASURY ACHESON

^ The Secretary cf the Treasury gives notice that tenders are
invited for Treasury hills to the amount of $75,000,000, or thereabouts.
They will he 91-day hills; and will he sold on a discount basis to the
highest bidders.

Tenders will he received at the Federal Reserve Banks,

or the branches thereof, up to two o ’clock p. m,, Eastern Standard time,
on Monday, July 10, 1933.

Tenders will not he received at the Treasury

Department, Washington.
The Treasury hills will he dated July 12, 1933, and will mature
on October 11, 1933, and on the maturity date the face amount will he
payable without interest.

They will he issued in hearer form only, and

in amounts or denominations of $1,000, $10,000, $100,000, $500,000, and
$1,000,000 (maturity value).
It is urged that tenders he made on the printed forms and
forwarded in the special envelopes which will he supplied by the Federal
Reserve Banks or branches upon application therefor.
No tender for an amount less than $1,000 will he considered.
Each tender must he in multiples of $1,000.

The price offered must he

expressed on the basis of 100, with not more than three decimal places,
e. g*, 99.125,

Fractions must net he used.

Tenders will he accepted without cash dej)osit from incorpor­
ated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must he accom­

panied by a deposit of 10 per cent of the face amount of Treasury hills

applied for, unless the tenders are accompanied by an express guaranty
of x)aym edt by an incorporated bank or trust company*
Immediately after the closing hour for receipt of tenders on
July 10*1933, 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 finale

Those submitting

tenders will be advised of the acceptance or rejection thereof*

Pay«*

ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on July 12, 1933*
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, from all taxation, except estate and inheritance taxes*

No loss

from thè sale or other disposition of the 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#
Treasury Department Circular No# 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank of branch thereof*

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
Tuesday, July 11, 1933.

STATEMENT BY ACTING SECRETARY ACHESON,

Acting Secretary of the Treasury Ache son announced today that the
tenders for $75,000,000, or thereabouts, of 91-day Treasury bills, dated
July 12 and maturing October 11, 1933, which were offered on July 6,
were opened at the Federal Reserve Banks on July 10, 1933#
The total amount applied for was $220,281,000, of which $75,453,000
was accepted#

The accepted bids ranged in price from 99#937, equivalent

to a rate of about 0#25 per cent per annum, to 99*897, equivalent to a
rate of about 0#41 per cent per annum, on a bank discount basis#

Tne

average price of Treasury Bills to be issued is 99*909 and the average
rate is about 0#36 per cent per annum on a bank discount basis#

TREASURY DEPARTMENT

EOR RELEASE, MORNING PAPERS,
Thursday, July 13, 1933,

STATEMENT BY ACTING SECRETARY OP THE TREASURY ACHESON

t- •

The Secretary of the Treasury gives notice that tenders are
invited for Treasury bills to the amount of $75,000,000, or thereabouts.
They will be 91-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 two o*clock p, m., Eastern Standard time,
cn Monday, July 17, 1933,

Tenders will not be received at the Treasury

Department, Washington,
The Treasury bills will be dated July 19, 1933, and will mature
on October 18, 1933, 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, $100,000, $500,000, and
$1,000,000 (maturity value).
It 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 cn the basis of 100, with not more than three decimal places,
e, &• » 99,125,

Fractions must not be used.

Tenders will be accepted without cash deposit from incorpor­
ated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must be accom*»

panied 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 17, 1933, all tenders received at the.Federal Reserve Banks or
branches thereof up to the closing hour will be opened and public
announcement of the accejitable 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
W *

*

’

’

"*

'

’•

*

*■.

.

i

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,- Pay­
ment at the price offered for Treasury bills allotted must^be made at
the Federal Reserve Banks in cash or other immediately available funds
on July 19, 1933,
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, from all taxation, except estate and inheritance taxes.

No loss

from the sale or other disposition of the Treasury bills shall be allowed
•
*•
;•• *«"• 1• * •
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, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies cf the circular may be obtained from

any Federal Reserve Bank or branch thereof.

FOR RELEASE, MORNING PAPERS,
TUESDAY, JULY 18, 1933,

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY HETES

Acting Secretary of the Treasury Hewes announced today that
the tenders for $75,000,000, or thereabouts, of 91-day Treasury
Bills, dated July 19 and maturing October 18, 1933, which were
offered on July 13, were opened at the Federal Reserve Banks on
July 17, 1933.
The total amount applied for was $228,835,000, of which
$75,172,000 was accepted.

The accepted bids ranged in price

from 99,950, equivalent to a rate of about 0,20 per cent per
annum, to .99.891, equivalent to a rate of about 0.43 per cent
per annum, on a bank discount basis.

Only part of the amount

bid for at the latter price was accepted.

The average price

of Treasury Bills to be issued is 99.901 and the average rate
is about 0,39 per cent per annum on a bank discount basis.

TREASURY DEPARTMENT

'

"

FOR RELEASE, MORNING PAPERS,
Thursday, July 20, 1933,
'

•

i

‘

* •*.

' - :'

STATEMENT BY ACTING SECRETARY OF THE TREASURY HEWES

The Secretary of the Treasury gives notice that., tenders are
invited for Treasury hills to the amount of $80,000,000, or thereabouts.
They will he 9i— day hills; and will he sold on a discount basis to the
highest bidders.

Tenders’will he received at the Federal Reserve Banks,

or the branches thereof, up to two o'clock p, m,, Eastern Standard time,
on Monday, July 34, 1933,

Tenders will not be received at the Treasury

Department, Washington,
The Treasury hills will be dated July 26, 1933, arid will mature
on Octobef 25, 1933, and on the maturity date the face amount will he
payable without interest.

They will be issued in bearer form only, and

in amounts or denominations of $1,000, $10,000, $100,000, $500,000, and
$1 ,000,000 (maturity value),

' **

It is urged that tenders be made on the printed forms and
forwarded in the special envelopes which will he 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,, §9.135.

Fractions must not be used,

,

Tenders will be accepted without cash deposit from incorpor­
ated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders-"from others must be accom­

panied by a deposit of 10 per cent of the face amount of Treasury bills

-

2

-

applied’for' 'unless tire 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 24, 1933, all tenders received at the Federal Reserve- Banks or
branches thereof up to’ the closing hour will be opened and public
announcement òf the accéptable prices will follow as ,sovon 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, ‘arid to allot -less than the .amopji^'applied ^fp^, ^and
his action in. any such respect shall be final. ^^Those^spbmilting, ,„
tenders will bé advised of the acceptance or rejection-, thereof*

Pay­

ment at the* price offered' -for Treasury bills allottedmuist .be made at
the Federal' Reserve Banks in cash or other immediately- available, funds
ori July 26, 1933.

••

*:

. ..

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, 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 any tax now
or hereafter imposed by the United States or any of its possessions*
Treasury Dei>artment Circular No*•418, as amended, and this
notice prescribe the terms of the Treasury bills arid govern the con­
ditions of their issue*

Copies.of the circular may be obtained from

any Federal Reserve Bank or branch thereof.

EOR RELEASE, MORNING- PAPERS,
TUESDAY, JULY 25, 1933,

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY ACHESON

Acting Secretary of the Treasury Acheson announced today
that the tenders for $80,000,000, or thereabouts, of 91-day
Treasury Bills, dated July 25 and maturing October 25, 1933,
which were offered on July 20, were opened at the Eederal Reserve
Banks on July 24, 1933,
The total amount applied for was $259,858,000, of which
$80,122,000 was accepted.

The accepted bids ranged in price

from 99,925, equivalent to a rate of about 0,30 per cent per
annum, to 99,900, equivalent' to a rate of about 0,40 per cent
per annum, on a bank discount basis.

Only part of the amount

bid for at the latter price was accepted.

The average price

of Treasury Bills to be issued is 99,906 and the average rate
is about 0,37 per cent per annum on a bank discount basis.

TREASURY DEPARTMENT

FOR RELEASE, MORNING- PAPERS,
Thursday, July 27, 1933.

STATEMENT BY ACTING SECRETARY OF THE TREASURY ACHESON

The Secretary of the Treasury gives notice that tenders are
invited for Treasury bills to the amount of $60,000,000, or thereabouts,
They will be 91-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 two o*clock p. m., Eastern Standard time,
on Monday, July 31, 1933.

Tenders will not be received at the Treasury

Department, Washington.
The Treasury bills will be dated August 2, 1933, and will mature
on November 1, 1933, 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, $100,000, $500,000, and
$1,000,000 (caturi ty value).
It is urged that tenders be made on the x«rinted 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 incorpor­
ated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must be acconn

panied 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 hank or trust company.
Immediately after the closing hour for receipt of tenders on
July 31, 1933, all tenders received at the Federal Reserve Banks or
branches thereof up to the closing hour ?/ill he 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.

Pay­

ment 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 2, 1933.
The Treasury bills will be exempt, as to principal and interest,
and any gain from the sale cr other disposition thereof will also be
exempt, from all taxation, except estate and inheritance taxes.

No loss

from the sale cr other disposition of the Treasury bills shall be allowed
as a deduction, or otherwise recognised, for the purposes of any tax new
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular Ho. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank cr branch thereof.

Easthamptcnr Long Island,
July 30, 1933.

*

PRESS STATEMENT BT SECRETARY WOODIN
Pertaining to the August Financing»

Tomorrow morning the Treasury Department will -announce its
August financing.

The announcement Will include ah offering of about

$500,000,000 of bonds for public subscription as well as a smaller
amount of short-term obligations.
These are the'first bonds, as distinguished from short-term
securities, to be issued by the Government since 1931.
not a very large one, but it is an important one.

The issue is

It marks a further

step in placing Government finance on a broader and more stable base.
It gives the public generally a wider oppohtuhity to participate in the
Government1s recovery program.
The President in his address*over the radio last Monday night
made it clear that the success of the Governmeht* s plans depends upon
the fullest possible cooperation from all the people.

It is a source

of satisfaction that the improvement in banking-and financial conditions
and the greater assurance as to the future now makes it possible for
the Government to issue a security which will be attractive to individual
investors as well as to financial institutions.

The coming issue will

be made available in denominations as low as $50 so that people with
limited amounts to invest, as well as large investors, may buy them.
The amount of the issue, the rate of interest and the maturity, which
will be announced from the Treasury Department tomorrow^ will make the

bonds attractive investments.

-

2-

Congress and the administrative departments have made
remarkable headway in reducing ordinary expenses which .have been
brought within current revenues.

New scurceC 6f Revenue have been

provided for interest on-and. repayments of.funds borrowed for
emergency purposes, : Those emergency expenditures are essentially of
a constructive character, and are being administered with a view to
promoting a maximum of improvement in employment and in economic
conditions generally,

A considerable part of the funds so expended

will eventually return to. the Treasury,

.

. »

I am confident that tomorrow*s offering of bonds will be
recognized by individual and corporate investors, large and small,
as tangible evidence of improved economic conditions.and as an
opportunity for investment,

i i

.The 5 subscription books will be opened tomorrow and may be

closed at any time, 'Applications for bonds of the new issue should
be made promptly.

Banking institutions generally will be in a position

to inform purchasers.as to how to proceed.

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
Monday, July 31, 1933.

STATEMENT BY ACTING SECRETARY OF THE TREASURY ACHESON

The Treasury is today offering for subscription at par and
accrued interest, through the Federal reserve banks, $500,000,000, or
thereabouts, eight-year 3-1/4 per cent Treasury bonds of 1941, and
$350,000,000, or thereabouts, two-year 1-5/8 per cent Treasury notes
of Series B-1935, with the right reserved to the Secretary of the
Treasury to increase the offering of bonds by an amount sufficient to
allot in full all subscriptions for which payment is tendered in 1-1/4
per cent Treasury certificates of indebtedness of Series TS-1933,
maturing September 15, 1933.
The Treasury bonds will be dated August 15, 1933, and will
bear interest from that date at the rate of 3-1/4 per cent per annum,
payable on February 1 and August 1 in each y«ar.

They will mature

August 1, 1941, and will not be subject to call for redemption prior
to that date.
The Treasury notes will be dated August 15, 1933, and will
bear interest from that date at the rate of 1-5/8 per cent per annum,
payable on February 1 and August 1 in each year.

They will mature

August 1, 1935, and will not be subject to call for redemption prior
to that date.
The Treasury bonds will be exempt, ^oth as to principal and
interest, from all taxation now or hereafter imposed by the United
States, any State, or any of the possessions of the United States, or

by any local taxing authority, excejjt (a) estate or inheritance taxes,
and (b) graduated additional income taxes, commonly known as surtaxes,
and excess-profits and war-profits taxes, now or hereafter imposed by
the United States, upon the income or profits of individuals, partner­
ships, associations, or corporations.

The interest on an amount of

bends authorized by said act approved September 24, 1917, as amended,
the principal of which does net exceed $5,000, owned by any individual,
partnership, association, or corporation, shall be exempt frem the taxes
provided for in clause (b) above.
The Treasury notes will be exempt, both as to principal and
interest, from all taxation (except estate or inheritance taxes) now
or hereafter imposed by the United States, any State, or any of the
possessions of the United States, or by any local taxing authority.
Applications will be received at the Federal reserve banks and
branches and at the Treasury Department, Washington.

Banking institu­

tions generally will handle applications for subscribers, but only the
Federal reserve banks and the Treasury Department are authorized to act
as official agencies.

Banking institutions which have been licensed to

resume their pormal banking functions are permitted to handle subscrip­
tions in the usual manner.

Unlicensed banking institutions are author­

ized to accept applications for subscribers and to hold in segregated
accounts funds tendered in payment pending transmittal to a Federal
reserve bank or branch.
Applications, unless made by an incorporated bank or trust
company, or by a responsible and recognized dealer in government

-3-

securities, mast be accompanied by payment in full or by payment of
10 per cent of the amount of bonds or notes applied for.

The for­

feiture of the 10 per cent payment may be declared by the Secretary of
the Treasury if payment in full is not completed on the prescribed
date in the case of subscriptions allotted.
Cash subscriptions for either bends or notes for amounts up
to and including $10,000, will be allotted in full; other cash sub­
scriptions will be allotted on an equal percentage basis; and subscrip­
tions for which payment is tendered in Treasury certificates of
indebtedness of Series TAG--1933, maturing August 15, 1933, will be
given preferred allotment.

Subscriptions for bonds for which payment

is tendered in Treasury certificates of indebtedness of Series TS-1933,
maturing September 15, 1933, will be allotted in full«
The Treasury bonds will be issued both in bearer and registered
form in denominations of $50, $100, $500, $1,000, $5,000, $10,000, and
$100,000.

The registered bonds will also be issued in the $50,000

denomination.

The Treasury notes will be issued in bearer form only,

in denominations of $100., $500, $1,000, $5,000, $10,000, and $100,000.
.'About $470,000,000 of Treasury certificates of indebtedness
and about $9,400., 000 in interest payments cn the public debt become
due and payable on August 15, 1933.
The texts of the official circulars are attached.

t

UNITED STATES OF AMERICA
TREASURY

1% percent

NOTES

Series B-1935
Due August 1, 1935
Dated and bearing interest from August 15, 1933

The Secretary of the Treasury offers for subscription, at par and accrued interest, through
the Federal reserve banks, under the authority of the act approved September 24, 1917, as
amended, Treasury notes of Series B-1935. The amount of the offering is $350,000,000, or
thereabouts.
DESCRIPTION OF NOTES

The notes will be dated August 15, 1933, and will bear interest from that date at the
rate of one and five-eighths percent per annum, payable on a semiannual basis on February 1
and August 1 in each year.
They will mature August 1, 1935, and will not be subject to call for redemption prior to
maturity.
Bearer notes with interest coupons attached will be issued in denominations of $100,
$500, $1,000, $5,000, $10,000, and $100,000. The notes will not be issued in registered form.
The notes shall be exempt, both as to principal and interest, from all taxation (except
estate or inheritance taxes) now or hereafter imposed by the United States, any State, or any
of the possessions of the United States, or by any local taxing authority.
The notes will not be acceptable in payment of taxes.
The notes will be acceptable to secure deposits of public moneys, but will not bear the
circulation privilege.
APPLICATION AND ALLOTMENT

Applications will be received at the Federal reserve banks and branches and at the
Treasury Department, Washington. Banking institutions generally will handle applications
for subscribers, but only the Federal reserve banks and the Treasury Department are author­
ized to act as official agencies. Banking institutions which have been licensed to resume their
normal banking functions are permitted to handle subscriptions in the usual manner. Unli­
censed banking institutions are authorized to accept applications for subscribers and to hold
in segregated accounts funds tendered in payment pending transmittal to a Federal reserve
bank or branch.
Cash subscriptions for amounts up to and including $10,000, will be allotted in full. Sub­
scriptions for which payment is to be tendered in Treasury certificates of indebtedness of
Series TAG-1933, maturing August 15, 1933, will be given preferred allotment. All cash
subscriptions for amounts over $10,000 will be allotted on an equal percentage basis.
The Secretary of the Treasury reserves the right to reject any subscription, in whole or in
part, and to allot less than the amount of notes applied for and to close the books as to any or
all 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 allot­
ments 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 shall be final. Allotment
notices will be sent out promptly upon allotment, and the basis of the allotment will be pub­
licly announced.
a— 16123

2
PAYMENT

Payment at par and accrued interest for notes allotted must be made on or before August
15, 1933, or on later allotment. Any qualified depositary will be permitted to make payment
by credit for notes 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 TAG-1933, maturing August 15, 1933,
will be accepted at par in payment for any notes which shall be subscribed for and allotted,
with an adjustment of the interest accrued, if any, on the notes so paid for. Applications, unless
made by an incorporated bank or trust company, or by a responsible and recognized dealer in
Government securities, must be accompanied by payment in full or by payment of 10 percent
of the amount of notes applied for. The forfeiture of the 10 percent payment may be declared
by the Secretary of the Treasury if payment in full is not completed on the prescribed date in
the case of subscriptions allotted.
GENERAL PROVISIONS

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. After
allotment and upon payment Federal reserve banks may issue interim receipts pending delivery
of the definitive notes.
D E A N ACHESON,

Acting Secretary of the Treasury.
T reasury D epartment,

Office of the Secretary,
July 81, 1933.
Department Circular No. 491
(Public Debt)

2— 16123

UNITED STATES OF AMERICA
3Vi

P E R C E N T T R E A S U R Y B O N D S O F 1941

Dated and bearing interest from August 15, 1933

Due August 1, 1941

Interest Payable February 1 and August 1

The Secretary of the Treasury invites subscriptions, at p-ar and accrued interest, from the
people of the United States, for three and one-quarter percent Treasury bonds of 1941, of an
issue of bonds of the United States authorized by the act of Congress approved September 24,
1917, as amended. The amount of the offering is $500,000,000, or thereabouts, with the right
reserved to the Secretary of the Treasury to increase the offering by an amount sufficient
to accept all subscriptions for which 1% percent Treasury certificates of indebtedness, Series
TS-1933, are tendered in payment.
DESCRIPTION OF BONDS

The bonds will be dated August 15, 1933, and will bear interest from that date at the rate
of three and one-quarter percent per annum, payable on a semiannual basis on February 1
and August 1 in each year. They will mature August 1, 1941, and will not be subject to call
for redemption prior to maturity.
Bearer bonds with interest coupons attached will be issued in denominations of $50, $100,
$500, $1,000, $5,000, $10,000, and $100,000. Bonds registered as to principal and interest
will be issued in denominations of $50, $100, $500, $1,000, $5,000, $10,000, $50,000, and $100,000.
Provision will be made for the interchange of bonds of different denominations and of coupon
and registered bonds and for the transfer of registered bonds, without charge by the United
States, under rules and regulations prescribed by the Secretary of the Treasury.
The bonds shall be exempt, both as to principal and interest, from all taxation now or
hereafter imposed by the United States, any State, or any of the possessions of the United
States, or by any local taxing authority, except (a) estate or inheritance taxes, and (b) graduated
additional income taxes, commonly known as surtaxes, and excess-profits and war-profits
taxes, now or hereafter imposed by the United States, upon the income or profits of individuals,
partnerships, associations, or corporations. The interest on an amount of bonds authorized
by said act approved September 24, 1917, as amended, the principal of which does not exceed
$5,000, owned by any individual, partnership, association, or corporation, shall be exempt from
the taxes provided for in clause (b) above.
The bonds will be acceptable to secure deposits of public moneys, and will bear the circu­
lation privilege as provided in the act approved July 22, 1932, as amended. They will not be
entitled to any privilege of conversion.
The bonds will be subject to the general regulations of the Treasury Department, now or
hereafter issued, governing United States bonds.
APPLICATION AND ALLOTMENT

Applications will be received at the Federal Reserve banks and branches and at the Treasury
Department, Washington. Banking institutions generally will handle applications for sub­
scribers, but only the Federal reserve banks and the Treasury Department are authorized to
act as official agencies. Banking institutions which have been licensed to resume their normal
banking functions are permitted to handle subscriptions in the usual manner. Unlicensed
banking institutions are authorized to accept applications for subscribers and to hold in segre­
gated accounts funds tendered in payment pending transmittal to a Federal reserve bank or
branch.
2— 16122

2
Cash subscriptions for amounts up to and including $10,000 will be allotted in full; sub­
scriptions for which payment is to be tendered in Treasury certificates of indebtedness of
Series TAG-1933, maturing August 15, 1933, will be given preferred allotment; and subscrip­
tions for which payment is to be tendered in Treasury certificates of indebtedness of Series
TS-1933, maturing September 15, 1933, will be allotted in full. All cash subscriptions f,or
amounts over $10,000 will be allotted on an equal percentage basis.
The Secretary of the Treasury reserves the right to reject any subscription, in whole or
in part, and to allot less than the amount of bonds applied for and to close the books as to any
or all 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 allot­
ments 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 shall be final. Allot­
ment notices will be sent out promptly upon allotment, and the basis of the allotment will
be publicly announced.
PAYMENT

Payment at par and accrued interest for bonds allotted must be made on or before August
15, 1933, or on later allotment. Any qualified depositary will be permitted to make payment
by credit for bonds allotted to it for itself and its customers up to any amount for which it
shall be qualified in excess of existing deposits, when so notified by the Federal reserve bank
of its district. Treasury certificates of indebtedness of Series TAG-1933, maturing August
15, 1933, will be accepted at par in payment for any bonds which shall be subscribed for and
allotted, with an adjustment of the interest accrued, if any, on the bonds so paid for. Treasury
certificates of indebtedness of Series TS-1933, maturing September 15, 1933 (with coupon
dated September 15, 1933, attached), will be accepted at par in payment for any bonds which
shall be subscribed for and allotted, with an adjustment of accrued interest as of August 15,
1933. Applications, unless made by an incorporated bank or trust company, or by a respon­
sible and recognized dealer in Government securities, must be accompanied by payment in
full or by payment of 10 percent of the amount of bonds applied for. The forfeiture of the
10 percent payment may be declared by the Secretary of the Treasury if payment in full is
not completed on the prescribed date in the case of subscriptions allotted.
GENERAL PROVISIONS

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.
After allotment and upon payment Federal reserve banks may issue interim receipts pending
delivery of the definitive bonds.
Any further information which may be desired as to the issue of Treasury bonds under
the provisions of this circular may be obtained upon application to a Federal Reserve bank or
branch, or to the Treasury Department, Washington. The Secretary of the Treasury may
at any time, or from time to time, prescribe supplemental or amendatory rules and regulations
governing the offering.
D E A N ACHESON,

Acting Secretary oj the Treasury.
T reasury D

epartment,

Office oj the Secretary,
July 31, 1933.
Department Circular No. 490

(Public Debt)

M

TREASURY DEPARTMENT

ECR RELEASE, MORHNC- PAPERS,
TUESDAY, AUGUST 1, 1333.

STATEMENT BY ACTING SECRETARY ACHESON.

Acting Secretary of the Treasury Acheson announced today
that the tenders for $60,000,000 or thereabouts, of 91-day
Treasury Bills, dated August 2 and maturing November 1, 1933,
which were offered on July 27, were opened at the Federal Re­
serve Banks on July 31, 1933.
The total amount applied for was $201,409,000, of which
$60,096,000 was accepted.

Except for one bid of $50,000 at

99.940, the accepted bids ranged in price from 99.925, equivalent
to a rate of about 0.30 per cent per annum, to 99.909, eqxiivalent
to a rate of 0,36 per cent per annum, on a bank discount basis.
Only part of the amount bid for at the latter price was accepted.
The average price of Treasury Bills to be issued is 99.913 and
the average rate is about 0.35 per cent per annum on a bank dis­
count basis.

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
TUESDAY, AUGUST 1, 1933.

STATEMENT BY ACTING SECRETARY ACHESON.

Acting Secretary Acheson today announced that the subscription
books for the current offering of two-year, 1-5/8 per cent Treasury
Notes of Series B-1935, maturing August 1, 1935, closed at the close
of business Monday, July 31f 1933.
The subscription books for the offering of eight-year 3-1/4
per cent Treasury Bonds of 1941 maturing August 1, 1941 also closed at
the close of business Monday, July 31, 1933, for cash subscriptions
for amounts over $10,000, but will remain open until further notice
for cash subscriptions for amounts up to and including $10,000 and
for subscriptions for which payment is tendered in Treasury Certificates
of Indebtedness maturing August 15 or September 15, 19g3.
Subscriptions for Treasury Notes and subscriptions for Treasury
Bonds for amounts over $10,000, placed in the mail before 12 o !clock
midnight Monday, July 31, as shown by the Post Office cancellation,
will be considered as having been entered before the close of the
subscription books.

TREASURY DEPARTMENT

EOR RELEASE, MORNING PAPERS,
THURSDAY, AUGUST 3, 1933.

STATEMENT BY ACTING SECRETARY ACHESON

Acting Secretary Acheson today announced that the subscription
books for the current offering of eight-year 3-1/4 per cent Treasury Bonds
of 1941, maturing August 1, 1941, which were closed on Monday, July 31, for
cash subscriptions for amounts over $10,000, were closed at the close of
business Wednesday, August 2# 1933, for cash subscriptions for amounts up to
and including $10,000, and for subscriptions for which payment is tendered
in Treasury Certificates of Indebtedness maturing August 15, 1933#

The

books will remain open until further notice for subscriptions for which
payment is tendered in Treasury Certificates of Indebtedness maturing
September 15, 1933#
Cash subscriptions for amounts up to and including $10,000, and
subscriptions for which payment is tendered in Treasury Certificates of
Indebtedness maturing August 15, 1933, placed in the mail before 12 o*clock
midnight Wednesday, August 2, as shown by the Post Office cancellation,
will be considered as having been entered before the close of the sub­
scription books#

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
Thursday, August 3, 1933.

STATEMENT BY ACTING SECRETARY OF THE TREASURY ACHESON

The Secretary of the Treasury gives notice that tenders are
invited for Treasury bills to the amount of $75,000,000, or thereabouts.
They will be 91-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.two o*clock p. m., Eastern Standard time,
on Monday, August 7* 1933.

Tenders will not be received at the Treasury

Department, Washington.
The Treasuiy bills will be dated August 9, 1933, and will mature
on November 8, 1933, 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, $100,000, $500,000, and
$1,000,000 (maturity value).
It is urged that tenders be made on the printed forms and for­
warded in the special envelopes which will be supplied by the Federal
Reserve Banks or branches upon application therefor.
N o 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 incorpor­
ated banks and tru$t companies and from responsible and recognized
dealers in investment securities.

Tenders from others must be accom­

panied by a deposit of 10 per pent of the face amount of Treasury bills

~2~

applied for, unless the tenders axe 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 7, 1933, 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.

Pay­

ment 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 9, 1933.
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, 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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof.

FOR RELEASE, MORNING PAPERS,
SATURDAY, AUGUST 5, 1933.

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY ACHESON.

Acting Secretary Acheson today announced that the subscription
books for the current offering of eight-year 3~l/4 per cent Treasury
Bonds of 1941, maturing August 1, 1941, were closed at the close of
business Friday, August 4, 1933 for subscriptions for which payment
is tendered in Treasury Certificates of Indebtedness maturing
September 15, 1933.

The subscription books for this offering had

previously been closed for the receipt of all orbhor classes of sub­
scriptions.
Subscriptions for which payment is tendered in Treasury
Certificates of Indebtedness maturing September 15, 1933, placed
in the mail before twelve o'clock midnight Friday, August 4, as
shown by the Post Office cancellation, will be considered as having
been entered before the close of the subscription books.
Announcement of the total amount of subscriptions and the
V

basis of allotment, with

rospodt to. Treasury Bonds of 1941 and

Treasury Notes of Series B—1935, will be made on or about Tuesday,
August 8, 1933.

FOR IMMEDIATE RELEASE
Monday, August 7i 1933

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY ACHESON

Acting Secretary Acheson today announced the subscription figures and
the basis of allotment for the August 15 offering of eight-year 3-1

P er

cent Treasury Bonds of 19^1, maturing August 1, 19^1, and of two-year 1-5/8
per cent Treasury Notes of Series B-1935* maturing August 1, 193^»
TUI

fh

TREASURY BONDS OE 19^1

Reports received from the Federal Reserve Banks show that for the
offering of 3-l/U per cent Treasury Bonds of 19^1» maturing August 1, 19^1#
total subscriptions aggregate over $3,200,000,000.

The offering was for

$500,000,000, or thereabouts, with the right reserved to the Secretary of
the Treasury to increase the offering by an amount sufficient to allot in
full all subscriptions for which payment is tendered in l-l/^ per cent
Treasury Certificates of Indebtedness of Series .TS—1933* maturing September
15» 1933*

Over $222,000,000 of such subscriptions were received.

As pre­

viously announced, cash subscriptions in amounts up to and including
$10,000, were allotted in full.

Cash subscription® in amounts over $10,000

were allotted 12-1/2 per cent, but not less than $10,000 on any one
subscription.

Exchange subscriptions in amounts up to and including $10,000

in payment for which Treasury Certificates maturing August 15, 1933 were
tendered were allotted in full.

Exchange subscriptions in amounts over

$10,000, in payment for which Treasury Certificates maturing August 15, 1933
were tendered were allotted 50 per cent, but not less than $10,000 on any
one subscription.

*f.. 2 *

1-5/8 PER CERT TREASURY NOTES, SERIES B-19^o
Reports received from the Federal Reserve Banks show that for the
offering of 1-5/S per cent Treasury Rotes of Series B-1935» maturing August
1935» which was for $3 5 0 ,000 ,000 , or thereabouts, total subscriptions
aggregate over $1,500,000,000.

Of these subscriptions over $181,000,000

represents exchange subscriptions in payment for which Treasury Certificates
maturing August 15, 1933» were tendered.

Such exchange subscriptions in

amounts up to and including $10,000 were allotted in full.
scriptions in amounts over $10,000 were allotted
less than $10,000 on any one subscription.

Exchange sub­

62 -1/2 per cent, but not

As previously announced, cash

subscriptions in amounts up to and including $10,000 were allotted in full.
Cash subscriptions in amounts over $10,000 were allotted 16-2/3 per cent, but
not less than $10,000 on any one subscription.

Further details as to subscriptions and allotments will be announced
when final reports are received from Federal Reserve Banks.

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
TUESDAY, AUGUST 8, 1933,

STATEMENT BY ACTING SECRETARY ACHESON.

Acting Secretary of the Treasury Acheson announced today that
the tenders for $75,000,000, or thereabouts, of 91-day Treasury Bills,
dated August 9 and maturing November 8, 1933, which were offered on
August 3, were opened at the Federal Reserve Banks on August 7, 1933,
The total amount applied for was $263,679,000, of which
$75,142,000 was accepted#

The accepted bids ranged in price from

99,940, equivalent to a rate of about 0,24 per cent per annum, to
99,917, equivalent to a rate of about 0,33 per cent per annum, on a
bank discount basis.
price was accepted.

Only part of the amount bid for at the latter
The average price of Treasury Bills to be

issued is 99,919 and the average rate is about 0,32 per cent per
annum on a bank discount basis.

TREASURY DEPARTMENT

EOR RELEASE, MORNING PAPERS,
Thursday, August 10, 1933.

STATEMENT BY ACTING SECRETARY OE THE TREASURY HEWES

The Secretary of the Treasury gives notice that tenders are
invited for Treasury hills to the amount of $75,000,000, or thereabouts.
They will be 91-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 two o*clock p. m., Eastern Standard time,
on Monday, August 14, 1933.

Tenders will not be received at the Treasury

Department, Washington.
The Treasury bills will be dated August 16, 1933, and will
mature on November 15, 1933, 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, $100,000,
$500,000, and $1,000,000 (maturity value).
It 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 multiplies of $1,000.

The price offered must be

expressed on the basis of 100, with not more than three decimal places,
©• g** 99.125.

Fractions must not be used.

Tenders will be accepted without cash deposit from incorpor­
ated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must be accom­

panied 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, 1933, 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.

Pay-*

ment 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 16, 1933.
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, 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 any tax now
or hereafter imposed by the United States or any of its possessions.
treasury Department Circular No0 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof.

EOR RELEASE, MORNING PAPERS
TUESDAY, AUGUST 15, 1933.

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY ACHES ON.

Acting Secretary of the Treasury Acheson announced today
that the tenders for $75,000,000, or thereabouts, of 91-day
Treasury Bills, dated August 16 and maturing November 15, 1933,
which were offered on August 10, were opened at the Federal
Reserve Barks on August 14, 1933,
The total amount applied for was $281,341,000, of which
$75,100,000 was accepted.

The accepted bids ranged in price

from 99,940, equivalent to a rate of about 0.24 per cent per
annum, to 99,928, equivalent to a rate of about 0.28 per cent
per annum, on a bank discount basis.

Only part of the amount

bid for at the latter price was accepted.

The average price

of Treasury Bills to be issued is 99,933 and the average rate
is about 0.26 per cent per annum on a bank discount basis.

»»
Iy

FOR IMMEDIATE RELEASE,
TUESDAY, AUGUST 15, 1933

TREASURY DEPARTMENT

Acting Secretary Acheson today announced the final subscription and
allotment figures with respect to the August 15 offering of 3~l/4 per cent
Treasury Bonds of 1941, maturing August 1, 1941, and 1-5/8 per cent Treasury
Notes of Series B-1935, maturing August 1, 1935.
Subscriptions and allotments were divided among the several Federal
Reserve Districts and the Treasury as follows:

3-I/4& TREASURY BONDS OF 1941
Federal Reserve
District

Total Cash
Subscriptions
Received

Exchange
Subscriptions
Received
(August
Certificates)

Exchange
Subscriptions
Received
(September
Certificates)

Total Subscrip­
tions Received

Boston ...•••••
New York..... .
Philadelphia ...
Cleveland •»...«
Richmond........
Atlanta .......
Chicago
St. Louis .....
Minneapolis . .*
Kansas City ...
Dallas ...•••••
San Francisco •
Treasury ,«M M

$ 166,543,400
1,139,920,000
269,239,000
179,984,350
78,598,150
148,555,450
281,300,350
118,491,750
30,744,900
52,085,450
76.,050,950
205,438,250
1,420,650

$ 6,212,000
179,016,500
1,953,500
2,901,500
1,828,500
2,255,500
28,595,000
1,504,000
1,509,500
9,304,000
1,427,000
8,388,500
53,500

$ 2,805,500
164,789,500
632,500
2,984,000
643,000
4,145,500
37,515,000
3,932,000
1,364,500
3,862,500
3,435,500
4,781,000
167,000

$ 175,560,900
1,483,726,000.
271,825,000
185,869,850
81,069,650
154,956,450
347,410,350
123,927,750
33,618,900
65,251,950
80,913,450
218,607,750
1,641,150

TOTAL ....

$2,748,372,650

$244,949,000

$231,057,500

$3,224,379,150

2

3-1/4# TREASURY BONDS OF 1941
Federal Reserve
District

Total Subscrip­
tions Allotted

Boston •••••••••
New York ,,,,,,,
Philadelphia ,,,
Cleveland »»•••»
Richmond •»•••»•
Atlanta »••»••,«
Chicago ••••••••
St» Louis »•»•»•
Minneapolis ««»»
Kansas City ,••»
Dallas •»••••••«
San Francisco •«
Treasury »•»•»•»

$ 39,739,550
423,710,450
44,453,450
36,981,500
18,909,300
35,329,600
107,646,750
28,426,750
12,075,550
24,225,400
21,338,700
41,675,250
524,400

TOTAL

♦ $835,036,650

* Includes $124,835,500 allotted on exchange subscriptions (August Certificates)
and $231,057,500 allotted on exchange subscriptions (September Certificates)»

1-5/8# TREASURY NOTES OF SERIES B-1935
Federal Reserve
District

Total Cash
Subscriptions
Received_____

Boston •••»•»«> $
New York *»*,,,
Philadelphia ,f
Cleveland •••••
Richmond ••»,»*
Atlanta ,,,,,,,
Chicago »»•••«•
St. Louis ««»»•
Minneapolis ,»,
Kansas City ...
Dallas ••»••••»
San Francisco «
TOTAL
*

Total Exchange
Subscriptions
Received

Total Subscriptions Received

Total Subscriptions
Allotted

77,550,000
728,742,900
105,515,700
53,650,500
59.222.000
83.883.000
111,856,500
39.145.100
3,465,500
10.600.000
40.895.100
81,299,000

$ 2,909,500
128,506,500
3.287.000
101,500
2.016.000
248.000
41,201,500
42,500
738.000
1,354,500
721.000
238.000

$

80,459,500
857,249,400
108,802,700
53.752.000
61.238.000
84.131.000
153,058,000
39,187,600
4,203,500
11,954,500
41,616,100
81.537.000

$ 16,145,100
202,947,300
19.921.700
9,415,900
11.293.700
14,414,200
45.666.700
7.521.300
1.967.300
3,185,500
7.495.300
13,891,000

$1,395,825,300

$181,364,000

$1,577,189,300

* $353,865,000

Includes $113,532,200 allotted on exchange subscriptions,

■ TREASURY DEPARTMENT?

'

,

Y '.i

FOR RELEASE, MOMING*PAPERS,
Thursday, August 17, 1933.

?»-ii T ; '

■

.

..

STATEMENT BY ACTING SECRETARY OF THE TREASURY ACHESON

The Secretary of the Treasury gives notice that tenders are
invited for Treasury hills to the amount of $60,000,000, or thereabouts.
They will he 91-day hills; 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 two o*clock p. m., Eastern Standard time,

*■

t . ’• *- ** \ .

•.

•' ■* .i'

on Monday, August 21, 1933.

'■
'
Tenders will not be received at the

Treasury Department, Washington.
The Treasury bills will be dated August 23, 1933, and will
mature on November 22, 1933, and on the maturity date the face amount
will be payable without interest.

They will be issued in bearer form
® t |'
V-/
':*■ *'
only, and in amounts or denominations of $1,000, $10,000, $100,000,
•I

%M •

- •

;

i

"•

I

tl'P

$500,000, and $1,000,000 (maturity value).
It 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. gi, 99.125.

Fractions must not be used.

Tenders will be accepted without cash deposit from incorpor­
ated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must be accom­

panied by a deposit of 10 per cent of the face amount of Treasury bills

-3applied for, unless the tenders are accompanied by an express guaranty
of payment by an incoi^porated bank or trust company.
•"rv: Immediately atf.ter the cl.osing hour for receipt of tenders on
August 21, 1933, all tenders received at the Federal Reserve Banks or
branches thereof up to the closing hour will be opened and public

toft- « • •„J , " '■<■<
„
announcement of the accëptablé pricés’will follow as soon "as possible
••

-

V;

I ..

ï.

&

■■■

I...

;

•

•

thereafter, probably on the following’moihiing.

The Secretary of the

Treasury expressly reserves the right to reject any or all tenders or
parts of tenders,*and to allot less ihan thé amount applied for, and
his action in any such respeci shall be finals

Those submitting

tenders will be advised of the acceptance or rejection thereof.

Pay­

ment at the price offered ifor Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on August 23, 1933.
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, 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 recoghifced, for the purposes of any tax now
or hereafter imposed*^ the United States or any of' its'possessions.
Treasury Department Circular No. 418,as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.* Copies of the circular m a y ‘be ’obtained-from
! SW
\
- ; (t.
1 , A * ■ .;,W ; .
any Federal Seserve Bank or branèh thereof.

,

FOR RELEASE, MORNING PAPERS,
TUESDAY, AUGUST 22, 1933.

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY ACHESON

Acting Secretary of the Treasury Acheson announced today
that the tenders for $60,000,000, or thereabouts, of 91-day
Treasury Bills, dated August 23 and maturing November 22, 1933,
which were offered on August 17, were opened at the Federal
Reserve Banks on August 21, 1933.
The total amount applied for was $266,370,000, of which
$60,200,000 was accepted.

The accepted bids ranged in price

from 99.952, equivalent to a rate of about .19 per cent per
annum, to 99*943,- equivalent to a rate of about .23 per cent
per annum, on a bank discount basis.

Only part of the amount

bid for at the latter price was accepted.

The average price

of Treasury Bills to be issued is 99.945 and the average rate
is about ,22 per cent per annum on a bank discount basis.

FOR RELEASE, MORNING PAPERS,
Thursday, August 24, 1933.

TREASURY DEPARTMENT

’ STATEMENT BY ACTING 'SECRETARY OP THE TREASURY ACHESON
**•,
•.
‘
’■ ;• • •*’■
•The .Secretary of the Treasury gives .no tice that tenders are
invited for Treasury "bills to the amount of $100 ,000 ,QOO,^ or-thereabouts.
They will be 91-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 two o ’clock p* m., Eastern Standard time,
on Monday, August 28,. 1933.

Tenders will not. be received at the

Treasury Department, -Washington.
The. Treasury bills will be dated August 30, 1933, and will
mature on November;29, 1933, 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, $100,00.0,
$500,000, and $1,000,000 (maturity value).
• I.t- is urged that tenders be made, cn 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 mere than three decimal places,
e,, g.., 99.125.

Fractions must:'not be used. • •

vr ;

Tenders will he accepted without cash.depos.it from- incorpor­
ated. banks, and trust companies, and from- responsible and* recognized
dealers in investment securities.

Tenders from others must be accom­

panied by a deposit of 10 per cent of the face amount of Treasury bills

applied for* unless the tehaers' are accompanied by an ekpfeSs guaranty
of payment by an incorporated bank or trust company.
Immediately ■after the closing hour for receipt of tenders on
August 28, 1933, 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 pr
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.-

Fay-

mentat the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately availably funds
on August 30, 1933.

•

:

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, 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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, .and, this
-w .1

Z'

notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank.or branch thereof.

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS
TUESDAY, AUGUST 29, 1933*

STATEMENT BY ACTING SECRETARY ACHESON

Acting Secretary of the Treasury Acheson announced today
that the tenders for $100,000,000, or thereabouts, of 91-day
Treasury Bills, dated August 30» 1933 and maturing November 29,
1933, which were offered on August 24, were opened at the
Federal Reserve Banks on August 28, 1933,
The total amount applied for was $403,192,000, of which
$100,296,000 was accepted.

The accepted bids ranged in price

from 99,966-, equivalent to a rate of about 0,13 per cent per
annum, to 99,963, equivalent to a rate of about 0,15 per cent
per annum, on a bank discount basis.

Only part of the amount

bid for at the latter price was accepted.

The average price of

Treasury Bills to be issued is 99,965 and the a-verago rate is
about 0,14 per cent per annum on a bank discount basis.

TREASURY DEPARTMENT

TOR RELEASE,. MORNING PAPERS,,
Wednesday, August 30,.. 1933.

STATEMENT BY ACTING SECRETARY OF THE TREASURY ACHESON

The Secretary of the Treasury gives notice that tenders are
invited for Treasury "bills to the amount of $75,000,000,. or thereabouts.
They will be 91-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 two o*clock p, m., Eastern Standard time,
on Friday, September 1, 1933.

Tenders will not be received at the

Treasury Department, Washington.
The Treasury bills will be dated September 6, 1933, and will
mature on December 6., 1933, 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, $100,000,
$500,000, and $1,000,000 (maturity value).
It 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., 99.135,

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

-

2

-

for, unless the tenders are accompanied by an express guaranty of
payment by an incorporated bank or trust company.
Immediately after the'dosing hour for receipt of tenders on
September 1,= 1933, all tenders rèceived at the Federal Reserve Bethks
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
•hi's action in »any such respect shall-be final. "Those submitting ten­
ders will be advised of the accëptance or rejection thereof.

Payment

at thé price offered for Treasury bills allotted must be made at-the
Federal Reserve Banks in cash or other immediately available funds on
September 6, 1933.

..

--

«

<

•

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, 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 any' tax now
Or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended,, and -this
-notice prescribe the terms of the Treasury bills and govern the con­
ditions of-their issue.

Copies of the circular may be obtained from

any -Fédéral Reserve Bank or brânch thereof, *

FOR RELEASE, MORNING PAPERS
SATURDAY, SEPTEMBER 2, 1933

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY ACHESON

Acting Secretary of the Treasury Acheson announced today
that the tenders for $75,000,000, or thereabouts, of 91-day
Treasury Bills, dated September 6 and maturing December 6, 1933,
which were offered on August 30, were opened at the Federal
Reserve Barks on September 1, 1933.
The total amount applied for was $272,935,000, of which
$75,039,000 was accepted.

The accepted bids ranged in price

from 99,977, equivalent to a rate of about 0.09 per cent per
annum, to 99.966, equivalent to a rate of about 0.13 per cent
per annum, on a bank discount basis.

Only part of the

amount bid for at the latter price was accepted.

The average

price of Treasury Bills to be issued is 99.971 and the average
rate is about 0.12 per cent per annum on a bank discount basis.

TREASURY DEPARTMENT

EOR RELEASE, MORNING PAPERS,
Friday, September 8, 1933.

STATEMENT BY ACTING SECRETARY OF THE TREASURY ACHESON

The Treasury is today offering for subscription at par and
accrued interest, through the Federal reserve banks, nine-month l/4 per
cent Treasury certificates of indebtedness of Series TJ— 1934, in
exchange for Treasury certificates of indebtedness of Series TS-^1933,
maturing September 15, 1933.

The amount of the offering is limited

to the amount of Treasury certificates of indebtedness of Series
TS-1933, maturing September 15, 1933, tendered and accepted.
The certificates will be dated September 15, 1933, and will
bear interest from that date at the rate of l/4 of 1 per cent per
annum, payable on a semiannual basis.

They will mature June 15, 1934.

These certificates 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.
Applications will be received at the Federal reserve bamcs
and branches and at the Treasury Department, Washington.

Banking

institutions generally will handle applications for subscribers, but
only the Federal reserve banks and the Treasury Department are author­
ized to act as official agencies*
Payment at par and accrued interest for certificates allotted
must be made on or before September 15, 1933, or on later allotment,
and may be made only in 1— 1/4 per cent Treasury certificates of
indebtedness of Series TS-1933 maturing September 15, 1933, which will

- 2 -

be accepted at par.
The certificates of indebtedness will he issued in hearer
form only, in denominations of $500, $1,000, $5,000, $10,000, and
$100,000, with two interest coupons attached, payable on December 15,
1933, and June 15, 1934.
About $220,000,000 of Treasury certificates of indebtedness
and about $45,000,000

in interest payments on the public debt become

due and payable on September.15, 1933.
The text of the official circular followsi

CERTIFICATES OF INDEBTEDNESS. SERIES TJ-1934

The Secretary of the Treasury offers for subscription, at
par and accrued interest, through the Federal reserve banks, under
the authority of the act approved September 24, 1917, as amended,
Treasury certificates of indebtedness of Series TJ—1934 in exchange
for Treasury certificates of indebtedness of Series TS-1933, maturing
September 15, 1933.

The amount of the offering is limited to the

amount of Treasury certificates of indebtedness of Series TS-1933,
maturing September 15, 1933, tendered and accepted.
DESCRIPTION OF CERTIFICATES
The certificates will be dated September 15, 1933, and will
bear interest from that date at the rate of one-q.uarter per cent per
annum, payable on a semiannual basis.

They will be payable on

June 15, 1934.
Bearer certificates will be issued in denominations of
$500, $1,000, $5,000, $10,000, and $100,000.

The certificates will

- 3 -

have two interest coupons attached, payable tn December 15, 1933
and June 15, 1934.
The certificates shall be exempt, both as to principal and
interest, from all taxation (except estate and inheritance taxes) now

nr hereafter imposed by the United States, any State, or any of the
possessions of the United States,, ir by any lftcal taxing authority.
The certificates will be accepted at par during such time
and under such rules and regulations as shall be prescribed or ap­
proved by the Secretary of the Treasury in payment *f income and
profits taxes payable at the maturity of the certificates*
The certificates will be acceptable to secur© deposits of
public moneys, but will not bear the circulation privilege,
APPLICATION AND ALLOTMENT
Applications will be received at the Federal reserve banks
and branches and at the Treasury Department, Washington.

Banking

institutions generally will handle applications for subscribers,
but only the Federal reserve banks and the Treasury Department are
authorized to act as official agencies*.
The Secretary of the Treasury reserves the right to reject
any subscription, in whole or in part,, and to allot less than the
amount of certificates applied for and to close the books as to any
or all subscriptions at any time without; notice; the Secretary of
the Treasury also reserves the right to make all®tment 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 shall be final..

Allotment notices will be sent out

promptly upon allotment, and the basis of the allotment will be
publicly announced.
PAYMENT
« Payment at par and accrued interest for certificates
allotted must be made on or- before September 15, 1933, or on later
allotment, and may be made only in l-l/4 percent Treasury certificates
of indebtedness of Series TS-1933 maturing September 15, 1933, which
will be accepted at par.
GENERAL PROVISIONS
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 Secre­
tary of the Treasury to the Federal reserve banks of the respective
districts.

After allotment and upon payment Federal reserve banks

may issue interim receipts pending delivery of the definitive
certificates.

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
THURSDAY, SEPTEMBER 14, 1933,

STATEMENT BY ACTING SECRETARY HEWES

Acting Secretary of the Treasury Hewes today announced
that the subscription hooks for the current offering of 9-month
l/4 per cent Certificates of Indebtedness of Series TJ-1934,
maturing June 15, 1934, closed at the close of business,
Wednesday, September 13, 1933«
Announcement of the amount of subscriptions and the
basis of allotment will be made on or about Friday, September
15, 1933,

TREASURY DEPARTMENT

FOR RELEASE* MORNING PAPERS*
Thursday, September 14, 1933*

STATEMENT BY ACTING SECRETARY OF THE TREASURY HEWES

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 91-day bills! and will be sold on a dis­

count basis to the highest bidders*

Tenders will be received at the

Federal Reserve Banks, or the branches thereof, up to two o*clock
p. m,, Eastern Standard time, on Monday, September 18, 1933.

Tenders

will not be received at the Treasury Department, Washington.
The Treasury bills will be dated September 20, 1933, and
will mature on December 20, 1933, 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,
$100,000, $500,000, and $1,000,000 (maturity value).
It 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

- 2 ~
of Treasury "bills applied for, unless the tenders are accompanied
by an express guaranty of payment by an incorporated bank or trust
company*

on

Immediately aftfcer the closing hour for receipt of tenders
/
September 18, 1933, 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 sub­

mitting 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 September 20, 1933.
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, 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 any tax now or hereafter imposed by the United States
or any of its possessions*
Treasury Department Circular No* 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank cr branch thereof.

POR IMMEDIATE RELEASE,
ERIDAY, SEPTEMBER 15, 1933,

TREASURY DEPARTMENT

STATEMENT BY SECRETARY WOODIE

Secretary WoocLin today annoimced the subscription figures and
the basis of allotment for the September 15 offering of 9—month
l/4 per cent Treasury Certificates of Indebtedness of Series TJ—1934t
maturing June 15, 1934.

These certificates were offered in exchange

for Treasury Certificates of Indebtedness of Series TS-1933, maturing
September 15, 1933, and the amount of the offering was limited to the
amount of such maturing certificates tendered and accepted.
Reports received from the Federal Reserve Banks show that sub­
scriptions for this offering total $174,905,500.

These subscriptions

were allotted in full.
Subscriptions and allotments were divided among the several
Federal Reserve Districts as follows;

Federal Reserve
District

Total subscriptions
received and allotted.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis ,
Kansas City
Dallas
San Francisco

$ 1,908,500
139,978,000
396.000
725.000
5,000
149,000
28,927,500
357.000
550.000
148.000
13,500
1,748,000

Total

$174,905,500

FOR RELEASE, MORNING PAPERS
TUESDAY, SEPTEMBER 19, 1933

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY HEWES

Acting Secretary of the Treasury Hewes announced today that
the tenders for $100,000,000, or thereabouts, of 91-day Treasury
Bills, dated September 20 and maturing December 20, 1933, which
were offered on September 14, were opened at the Federal Reserve
Banks on September 18, 1933,
The total amount applied for was $256,720,000, of which
$100,015,000 was accepted.

Except for one bid of $5,000 at

99.990, the accepted bids ranged in price from 99.980, equivalent
to a rate of about 0,08 per cent per annum, to 99.971, equivalent
to a rate slightly over 0.11 per cent per annum, on a bank discount
basis.
accepted.

Only part of the amount bid for at the latter price was
The average price of Treasury Bills to be issued is

99,973 and the average rate is slightly under 0.11 per cent per
annum on a bank discount basis.

TREASURY DEPARTMENT

EOR RELEASE, MORNING PAPERS,
Thursday, September 21, 1933.

STATEMENT BY ACTING SECRETARY OF THE TREASURY HEWES

The Secretary of the Treasury gives notice that tenders are
invited for Treasury "bills to the amount of $75,000,000, or there­
abouts.

They will be 91-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 two o*clock p. m.,
Eastern Standard time, on Monday, Sept. 25, 1933.

Tenders will not

be received at the Treasury Department,,Washington.
The Treasury bills will be dated September 27, 1933, and
will mature on December 27, 1933, 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,
$100,000, $500,000, and $1,000,000 (maturity value).
It 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 incor­
porated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders from others must be accoi&-

panied by a deposit of 10 per cent of the face amount of Treasury bills

-

2

-

aj>plied 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 September 25, 1933, all tenders received at the Federal Reserve
Bank® 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 loss than the amount applied
for, and his action in any such respect shall be final.

Those sub­

mitting tenders will be advised of tfhe 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 September 27, 1933,
The Treasury bills will be exempt, as to principal and
interest, and any gain from the sale or other disposition ther.eof 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 any tax now or hereafter imposed by the United States
or any of its possessions.
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank or branch ^hereof.

TREASURY DEPARTMENT

EOR RELEASE, MORNIUG PAPERS
TUESDAY, SEPTEMBER 26, 1933

STATEMENT BY SECRETARY WOODIiT.

Secretary of the Treasury Uoodin announced today that the
tenders for $75,000,000, or thereabouts, of 91-day Treasury Bills,
dated September 27 and maturing December 27, 1933, which were
offered on September 21, were opened at the Eedoral Reserve Banks
on September 25, 1933.
The total amount applied for was $196,624,000, of which
$75,082,000 was accepted.

The accepted bids ranged in price

from 99.980, equivalent to a rate of about 0.08 per cent per
annum, to 99.972, equivalent to a rate of about 0.11 per cent
per annum, on a bank discount basis.

Only part of the amount

bid for at the latter price was accepted.

The average price

of Treasury Bills to be issued is 99.976 and the average rate
is about 0,10 per cent per annum on a bank discount basis.

TREASURY DEPARTMENT

EOR RELEASE, MORNING- PAPERS,
Thursday, September 28, 1933,

STATEMENT BY SECRETARY WOODIN

The Secretary of the Treasury gives notice that tenders are
invited for Treasury hills to the amount of $100,000,000, or thereabouts.
They will be 91-day bills; and will be sold on a discount basis to the
highest bidders.

Tenders will be received at the Eederal reserve banks,

or the branches thereof, up to two o*clock p. m., Eastern Standard tine,
on Monday, October 2, 1933.
Treasury Department,

Tenders will not be received at the

Washington.

The Treasury bills will be dated October 4, 1933, and will
mature on January 3, 1934, 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, $100,000,
$500,000, and $1,000,000 (maturity value).
It is urged that tenders be made on the printed forms and
forwarded in the special envelopes which will be supplied by the Eederal
reserve banks or branches upon application therefor.
No tender for an amount less than
Each tender must be in multiples of $1,000.

$1,000 will be considered.
The price offered mast 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

-

2

-

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 cf tenders on
October 2, 1933, all tenders received at the federal reserve hanks
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.

Pay­

ment 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 4, 1933*
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, 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
any tax now or hereafter imposed by the United States cr any of its
possessions.
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal reserve bank or branch thereof*.

FOR RELEASE, MORNING PAPERS,
TUESDAY, OCTOBER 3, 1933. '

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY ACHES ON.

Acting Secretary of the Treasury Acheson announced
today that the tenders for $10 0 ,000 ,000 , or thereabouts,
of 91-day Treasury Bills, dated October 4, 1933, and
maturing January 3, 1934, which were offered on September
28, were opened at the Federal Reserve banks on October 2,
1933.
The total amount applied for was $247,660,000, of
which $100,050,000 was accepted.

The accepted bids

ranged in price from 99,980,equivalent to a rate of
about 0.08 per cent per annum, to 99.965, equivalent to
a rate of about 0.14 per cent per annum, on a bank
discount basis.

Only part of the amount bid for at

the latter price was accepted.

The average price of

Treasury Bills to be issued is 99,974 and the average
rate is about
count basis

0 ,10 per cent p e r ,annum on a bank dis­

TREASURY DEPARTMENT

FOR RELEASE., MORNING PAPERS,
Thursday, October 5, 1933.

STATEMENT BY ACTING SECRETARY OF THE TREASURY ACKESON

The Secretary of the Treasury gives notice that tenders are
invited for Treasury bills to the amount of $75,000,000, or thereabouts.
They will be 91-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 two o*clock p, m,, Eastern Standard time,
on Monday, October 9, 1933,

Tenders will not be received at the

Treasury Department, Washington.
The Treasury bills will be dated October 11, 1933, and will
mature on January 10, 1934, 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 , $100 ,000 ,
$500,000, and $1,000,000 (maturity value).
It 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.
expressed on the basis of
e. g., 99.125,

The price offered must be

100 , with not more than three decimal places,

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

-

2

-

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 9f 1933, 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.

Pay­

ment 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 11, 1933,
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, 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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No, 418* as amended, and this
notice prescribe the terms of the Treasury bills and govern the cor>ditions of their issue.

Copies of the circular may be obtained from

any Federal reserve bank or branch thereof.

FOR RELEASE, MORNING- PAPERS,
TUESDAY, OCTOBER 10, 1933.

TREASURY DEPARTMENT

STATEMENT BY SECRETARY WOO DIR.

Secretary of the Treasury Woodin announced today that the
tenders for $75,000,000, or thereabouts, of 91-*day Treasury Bills,
dated October 11, 1933, and maturing January 10, 1934, which were
offered on October 5* were opened at the Federal Reserve Banks on
October 9, 1933. •
The total amount applied for was $136,598,000, of which
$75,020,000 was accepted.

The accepted bids ranged in price

from 99.980, equivalent to a rate of about 0.08 per cent per
annum, to 99.967, equivalent to a rate of about 0.13 per cent
per annum, on a bank discount basis*

Only part of the amount

bid for at the latter price was accepted.

The average price

of Treasury Bills to be issued is 99.971 and the average rate
is about

0 .1 2 per cent per annum on a bank discount basis.

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
Thursday, October 12, 1933,

STATEMENT BY SECRETARY WOODIN

The Secretary of the Treasury gives notice that tenders are
invited for Treasury bills to the amount of $75,000,000, or thereabouts.
They will be 91—day bills; and will be sold on a discount basis to the
highest bidders.

Tender» will be received at the Federal Reserve Banks,

or the branches thereof, up to two o'clock p, m,, Eastern Standard time,
on Monday, Octobefc 16, 1933,

Tenders will not be received at the

Treasury Department, '.(Washington,
The Treasury bills will be dated October 18, 1933, and will
mature on January 17, 1934, 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 , $1 0 ,000 , $10 0 ,000 ,
$500,000, and $1,000,000 (maturity value).
It 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.
expressed on the basis of
e. g., 99.125.

The price offered must be

10 0 , with not more than three decimal places,

Fractions must not be used.

Tenders will be accepted without cash deposit from incorpo­
rated banks and trust companies and from responsible and recognized
dealers in investment securities.

Tenders £rom others must be accom­

panied 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 16, 1933, 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 .final0

Those submitting

tenders will be advised of the acceptance or rejection thereof.

Pay­

ment 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 18, 1933.
The Treasury bills will be exempt, as to principal and interest
and any gain from the sale or other disposition thereof will also be
exenpt, 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 any
tax now or hereafter imposed by the United States or any of its
possessions.
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terns of the Treasury bills and govern the con*t
ditions of their issue*

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof.

TREASURY DEPARTMENT

FOR RELEASE, MORNING- PAPERS,
Thursday, October 12, 1933.

STATEMENT BY SECRETARY WOODIN

The Secretary of the Treasury today announced that approximately onethird of the outstanding Fourth Liberty Loan 4-l/4 per cent bonds of
1933-1938 are called for redemption on April 15, 1934.

At the same time

it was announced that an issue of 10-12 year Treasury bonds, dated
October 15, 1933, and bearing interest at the rate of 4-1/4 per cent per
annum from that date to October 15, 1934, and thereafter at the rate of
3-l/4 per cent per annum, will be offered for subscription on October 16,
and for a few days thereafter.

The new bonds will be offered in exchange

at par for any bonds of the Fourth 4-1/4 Liberty Loan issue, whether
called or uncalled, and in the approximate amount of $500,000,000, for
cash at 101-1/2.

The price for bonds allotted on cash subscription

includes accrued interest from October 15 to November 1, 1933, the date
on which payments on such subscriptions will be due.
The Fourth Liberty Loan 4-l/4 per cent bonds were originally issued
in the amount of about $6,965,000,000 and were dated October 24, 1918.
Since that time about $696,000,000 of these bonds have been retired,
leaving about $6,268,000,000 outstanding.

The present call provides for

the redemption on April 15, 1934 of bonds of this issue bearing serial
numbers ending with the digit 9, 0 or 1, and in the case of permanent
coupon bonds also preceded by the letter J, £ or A , respectively.
bonds called for redemption aggregate about $1,900,000,000.
The current offering affords to the present holders of Fourth
4- l/4ts, which must be retired on or before October 15, 1938, an

The

•*

2 ++

opportunity to exchange their "bonds for a new long-term issue, callable
in 1943 and maturing in 1945, which will bear the same rate of interest
as the bonds they now hold, until October 15, 1934, and a rate of 3-1/4
per cent thereafter.

At the same time cash subscribers are offered an

investment at a price which will yield a return in line with current
yields on similar government obligations.

The offering should prove

attractive both to present holders of Fourth 4~l/4 per cent Liberty
bonds and to individuals and corporations with funds to invest.
The present bond issue will provide the Treasury with about
$500,000,000 of cash funds to meet current needs,

The primary impor­

tance of the operation lies, however, in the fact that it constitutes
the commencement of the refunding of more than six and a Quarter billions
of bonds which, unless previously called, would mature in 1938, when
$900,000,000 of Treasury notes also mature.

The exchange of the new

bonds for a substantial portion of the outstanding 4-l/4 per cent
Liberty bonds will not only affect a material reduction in the annual
interest charge on the public debt, but will improve the structure of
the debt by reducing the volume of near-term maturities.This financing is an important and constructive step in the Govern­
ment 1 s program and an essential contribution to the sound process of
recovery.

While there continues to be a disparity between the unusually

low level of short-term open market rates and the level of rates cn
funds for long-term investment, improvement has been apparent in the
market for long-term government obligations.

The present offering of

Treasury bonds and the conditions which warrant it, mark progress toward
a greater availability of funds for long-term uses.

*2 t

- 3 The subscription hooks for this offering will open on October 16
and may be closed at any time without notice.

The text of the official

circulars covering the call for redemption and the new offering; of
Treasury bonds are attached*

Pull information regarding partial re­

demption of Fourth Liberty Loan 4-1/4 bonds and the offering of new
bonds may be obtained from the officers of banks and trust companies,
from any Federal reserve bank or branch, or from the Treasury Depart­
ment.

t

PARTIAL REDEMPTION OF -FOURTH LIBERTY LOAN BONDS BEFORE MATURITY
1933
Department Circular No'. 5^1

TREASURY DEPARTMENT,
'Office of .the Secretary,
Washington, October 12, 1933

Public Debt Service
To Holders of Fourth Liberty Loan U-l/4 per cent Bonds of 1933-3&,. and
Others Concerned:
I.
NOTICE OF CALL FOR PARTIAL REDEMPTION OF FOURTH LIBERTY LOAN
4-1/U PER CENT BONDS OF 1933-38 (FOURTH 4 - l / M s ) BEFORE MATURITY.- ...
1.

Pursuant-to the provision for redemption contained in-the bonds

and in Treasury Department Circular No. 121, dated September 28, 1918,
under which the bonds were originally issued, all outstanding Fourth Liberty
Loan U-l/U per cent bonds of 1933~3&> hereinafter referred to as Fourth
H-l/U 1 s, bearing the serial numbers which have been determined by lotinthe manner prescribed by the Secretary of the Treasury, are called for
redemption on April 15, 193^» as follows:
•• All outstanding permanent coupon bonds bearing serial
numbers the final digit of which is 9 , 0 or 1 , such
serial -numbers being prefixed by a corresponding distinguishing,
letter J, K or A, respectively;
All outstanding temporary coupon bonds bearing serial
numbers the final digit of which is 9 » 0 or 1 ; and.
All outstanding registered bonds bearing serial numbers
the final digit of which is 9 , 0 or 1 .
2.

Interest on all such outstanding Fourth 4-l/U1s so called for

redemption will cease on said redemption date, April 15, 193^»

3.

Fourth

s bearing serial numbers (and prefix letters) other

than those designated are not included in or affected by this call for
partial redemption.
II, TRANSACTIONS IN CALLED AND UNCALLED BONDS.
1.

Pursuant to such call far* partial redemption, effective this date,

- 3 ~

the outstanding Fourth 4-l/4Ts are divided into two separate and distinct
classes:

called bonds. and uncalled bonds« and hereafter the Treasury Depart­

ment, and the Federal Reserve Banks as Fiscal Agents of the United States, Will
observe this division "between called and uncalled, bonds in all transactions
affecting Fourth 4-l/4’s, including exchanges of denominations, exchanges of
coupon bonds for registered bonds, exchanges of registered bonds for coupon
bonds, and transfers of registered bonds.

Hereafter, only bonds bearing

distinguishing serial numbers or letters falling with the

class-’’uncalled

bonds” will be issued upon exchange or transfer of uncalled bonds, .and only
bonds bearing distinguishing serial numbers or letters falling within the
class ”called bonds” will be issued upon exchange or transfer of called bonds.
Exchanges or transfers as between called bonds and uncalled bondg will not be
permitted.

Denominational exchanges of coupon bonds within the class ’’called

for redemption on April 15, 1934,” will terminate on that date.

Transfers and

exchanges of registered bonds falling within the ¡class ’’called for redemption
on April 15, 1934,” will terminate on March 15, 1934, the date of closing the
transfer books» .
2*

In accordance with the provisions of Treasury Department Circular

No. 121, dated September 28, 1918, the provisions of Treasury Department
Circular No. 300, dated July 31, 1923, prescribing regulations with respect
to United States bonds and notes, are modified accordingly with respect to
transactions in Fourth 4~l/4’s,
III.
1*

OPTIONAL EXCHANGE OFFERING-«
Holders of Fourth 4—l/4’s will be offered the privilege, for a

limited period beginning on October 16, "1933, of exchanging all or part of

- 3 -

their bonds (whether called or uncalled) at par., for a new issue of 10-13
year Treasury bonds, dated October 15, 1933, and bearing interest from that
date at the rate of 4-1/4 per cent per annum until October 15, 1934, and
thereafter at the rate of 3-1/4 per cent per annum.

The new bonds will

mature on October 15, 1945, but may be called for redemption, in whole or
in part, at par and accrued interest, on and after October 15, 1943, on four
months1 notice.
3.

The optional exchange offering is fully set forth in Treasury, Depart­

ment Circular No. 503, dated October 13, 1933.

As the privilege 0f exchanging

Fourth 4-1/4»s for the new Treasury bonds will be accorded for a limited
period only, and may be terminated at any time without notice, holders of
Fourth 4-1/4»s who desire to take advantage of this offering should act
promptly, following the instructions given in Treasury Department Circular
No. 5C3.
IV.

RULES AND REGULATIONS GOVERNING- REDEMPTION.

Pursuant to the call for partial redemption, as set forth in Section I
of this circular, the following rules and regulations are hereby prescribed
to govern the surrender of Fourth 4-l/4*s called for redemption on April 15,
1934:
1.

Payment of called bends on April 15. 1934. - Holders of any out­

standing Fourth 4-1/4» s included in the call for partial redemption on
April 15, 1934* will be entitled to have their bonds redeemed and paid at par
on April 15, 1934, with interest in full to that date.

After April 15, 1934,

interest will not accrue on any bonds included in the call for partial
redemption.
3.

Presentation and surrender of coupon bonds. - Any Fourth 4~l/4»s in

coupon form, which are included in the call for partial redemption, should be

~ 4 -

presented, and surrendered to any Federal Reserve Bank or Branch, or to the
Treasurer of the United States, Washington, D. C., for redemption on April
15, 1934.

(NOTE. - IP TO BE PRESENTED FOR EXCHANGE UNDER TREASURY DEPART**

KENT CIRCULAR NO, 502, FOLLOW INSTRUCTIONS GIVEN IN THAT CIRCULAR.)
f ........

'

•

•*

•

'

V

' • ■'

«'

*

*

t

:‘ *

*

The

’■ ■

"bonds must "be delivered at the expense and risk of the holder, and should
"be accompanied by appropriate written advice (see Form P. D. 1363 attached
hereto).

Facilities for transportation of bonds 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
their agents.

Incorporated banks and trust companies are not agents of the

United States under this circular.

Checks in payment of principal will be

delivered to the address given in the form of advice accompanying the bonds
surrendered.
3.

Ccupons dated April 15, 1934, which become payable on that date,

should be detached from any Fourth 4~l/4?s included in the call for partial
redemption before such bonds are presented for redemption on April 15, 1934,
and such coupons should be collected in regular course when due.

All

coupons pertaining to such bonds bearing dates subsequent to April 15, 1934,
must be attached to any such bonds when presented for redemption, provided,
however, if any such coupons are missing from bonds so presented for
redemption the bonds nevertheless will be redeemed, but: the full face amount
of any such missing coupons will be deducted from the payment to be made on
account of such redemption, and any amounts so deducted will be held in the
Treasury to provide for adjustments or refunds on account of such missing
coupons as may subsequently be presented.

3 t#

~ 5 -

4,

The final coupon attached to temporary coupon bonds became due on

October 15, 1930.

The holders of any such bonds which are included in the

call for partial redemption on April 15, 1934, will receive all past due
interest from October 15, 1920, when the bonds are redeemed pursuant to
such call",
5,

Presentation and surrender of registered bonds, -

Any Fourth

4-1/4's' in registered form, which are included in the call for partial
redemption, must be assigned by the registered jjayees or assigns thereof,
or by their duly constituted representatives, to "The Secretary of the
Treasury for redemption" in accordance with the general regulations of
the Treasury Department governing assignments, and should thereafter be
presented and surrendered to any Federal Reserve Bank or Branch, or to the
División of Loans and Currency,!Treasury Department, Washington, D. C,, for
redemption on April 15, 1934,

(NOTE, - IF TO BE PRESENTED FOR EXCHANGE

UNDER TREASURY DEPARTMENT CIRCULAR'NO. 502, FOLLOW INSTRUCTIONS GIVEN IN
THAT CIRCULAR,)

The bonds must be delivered at the expense and risk of

holders, and should be accompanied by appropriate written advice (see
Form P, D, 1364 attached hereto),

6,

If the registered holder of record, or an assignee holding under

proper assignment from the registered holder of record, or a duly consti­
tuted representative of such registered holder or assignee, desires that
payment of the principal be made to him, the bonds should be assigned to
"The Secretary of the Treasury for redemption,"

In case it is desired to

havé payment of the registered bonds made to someone other than the
registered holder of record, without intermediate assignment, the bonds
may be assigned' to "The Secretary of the"Treasury for redemption for

6

account of ________________ ________________M, and in such case the name and
address of the payee for whose account the redemption is to he.made must
he inserted.

Assignments in this form mast he completed before acknowledg­

ment and not left in blank.
7.

'

Assignment in blank, or other assignment having similar effect,

will be recognized, but in that event payment will be made to the person
surrendering the bond for redemption, since under such assignment the bond
becomes in effect payable to bearer.

Assignments in blank or assignments

having similar effect should be avoided, if possible, in order not to lose
the protection afforded by registration.

In all cases checks in payment of

principal will be delivered to the address given in the form of advice
accompanying the bonds surrendered.

8 . Final interest due on April 15, 1934, on any Fourth 4-1/4*s in
registered form, which are included in the call for partial redemption and
presented for redemption on April 15, 1934, will be paid by checks issued
in regular course in the same manner as if no part of the loan had been
called for redemption.
V.

TIME OF PRESENTATION OF FOURTH 4-1/4* s FOR REDEMPTION.

1.

In order to facilitate thé redemption of Fourth 4-1/4*s included

in the call for partial redemption on April 15, 1934, any such bonds may be
presented and surrendered in the manner herein prescribed in advance of that
date but not before February 15, 1934.

Such early presentation by holders,

on and after February 15, 1934, and well in advance of April 15, 1934, will
insure prompt payment' of principal when due.

This is particularly impor­

tant with respect to registered “"bonds, for payment cannot be made until
registration shall have been discharged at the Treasury Department.
2,

It will expedite redemption if'bonds included in the call for

- 7 -

partial redemption are presented tc Federal Reserve Banks or Branches,
and not direct tc the Treasury Department.
3.

As herein provided, coupons due April 15, 1934, should be detached

from any permanent coupon bonds included in the call for partial redemption
when such bonds are presented for redemption on that date, such coupons to
be collected when due; and final interest due on any registered bonds in­
cluded in the call for partial redemption will be paid by check issued in
regular course.

Accordingly, early presentation of bonds will not affect

the payment of final interest due on April 15, 1934.
VI.

FURTHER INFORMATION.

Any further information which may be desired regarding the partial
redemption of Fourth 4-1/4* s under this circular may be obtained from any
Federal Reserve Bank or Branch, or from the Treasury Department, Washing­
ton, D. C., where copies of the Treasury Department*s regulations govern­
ing assignments may also be obtained.

The Secretary of the Treasury may at

any time, or from time to time, provide supplemental or amendatory rules
and regulations governing the matters covered by this circular.

W. H. WOODIN, '
Secretary of the Treasury.

IMPORTANT NOTE. - FOURTH 4-l/4* s CALLED FOR REDEMPTION ON APRIL 15, 1934,
SHDULD BE PRESENTED WELL IN ADVANCE OF THAT DATE BUT NOT BEFORE FEBRUARY 15,
1934, AND THE INSTRUCTIONS GIVEN IN THIS CIRCULAR SHDULD BE FOLLOWED. IF
FOURTH 4-1 /4* s ARE TO BE PRESENTED FOR EXCHANGE UNDER TREASURY DEPARTMENT
CIRCULAR NO. 502, THE INSTRUCTIONS GIVEN IN THAT CIRCULAR SHDULD BE FOLLOWED.
Information concerning the partial redemption cf Fourth 4-1/4*s on April 15,
1934, and information concerning the optional exchange offering may be ob­
tained from the officers of banks and trust companies generally. As those
banks and trust companies may offer their facilities in the matter of arrang­
ing redemption cr exchange, it is suggested that holders of Fourth 4~l/4*s
consult their own bank or trust company.

a

F O R
R E G I S T E R E D
B O O S
(For coupon bonds use Form P 15 1363)
Treasury Department
Public Debt Service
Form P D 1364
FORM OF ADVICE TO ACCOMPANY CALLED FOURTH LIBERTY LOAN 4~l/4 PER CENT
BONDS (FOURTH 4-1/4»s) IN REGISTERED FORM PRESENTED FOR REDEMPTION
To the Federal Reserve Bank of _______ _
____,
or
Treasury Department, Division of Loans and Currency, Washington^}. C
Pursuant to the provisions of Treasury Department Circular No. 501,
dated October 12, 1933, the undersigned presents and surrenders herewith
for redemption on April 15, 1934, $___________________, face amount of
Fourth Liberty Loan bonds in registered form, inscribed in the name of

and duly assigned to "The Secretary of the Treasury for redemption,” as
follows:
Number
of bonds

Denomination
$50

100

Serial numbers of bonds

Face amount
$-------- ----

500

1,000
5,000

10,000
50,000

100,000
Total

$------- ----

and requests that remittance covering payment therefor be forwarded to
the undersigned at the address indicated below.

Date ----------------

Signature ---------------------------Name (please print) -----------------Address in full -------------------------------------- -

3 /

FOB
C O U P O N
B O N D S
(For registered "bonds use Form F D 1364)
Treasury Department
Public Debt Service
Form F D 1363
FORM OF ADVICE TO ACCOMPANY CALLED FOURTH LIBERTY LOAN 4-l/4 PER CENT
BONDS (FOURTH 4^l/4»s) IN COUPON FORM PRESENTED FOR REDEMPTION
To the Federal Reserve Bank of _________________ f
or
Treasurer of the United States, Washington, D. C.
Pursuant to the provisions of Treasury Department Circular No, 501,
dated October 12, 1933, the undersigned presents and surrenders herewith
for redemption on April 15, 1934, $_____________, face amount of Fourth
Liberty Loan bonds in coupon form, with coupon due October 15, 1934, and
all subsequent coupons attached, as follows:

Number
of bonds

Denomination

Serial numbers of bonds

Face amount

$50

100
500

1,000
5l000

1 0 ’ 000
100,000
Total

------------ ----------

$

and requests that remittance covering payment therefor be forwarded to
the undersigned at the address indicated below.
Signature----------------- ----------Name (please print)------------------Address in f u l l ----------- -----------

Date

UNITED STATES OF AMERICA
TREASURY BONDS OF
U— l/M- per cent to October 15, 193^

3-I/4 per cent thereafter
OFFERED FOR CASH AND IN EXCHANGE FOR FOURTH LIBERTY LOAN BONDS
Dated and bearing interest from October 15* 3.933

^>ae October 15, 19^5

Redeemable at the Option of the United States at Par and Accrued Interest

on and after October 15, 19^3

Interest payable April 15 and October 15

iqyi

TREASURY DEPARTMENT,
Office of the Secretary,
Washington, October 12, 1933

Department Circular No. 502.

Public Debt Service
The Secretary of the Treasury invites subscriptions, from the people of
the United States, for a series of Treasury bonds of 1943-45, of an issue of
bonds of the United States authorized by the act of Congress approved Septem­
ber 24, 1917» as amended.
Cash subscriptions are invited at

101-1/2, which includes accrued

interest from October 1$ to November 1, 1933*

T*16

scriptions will open on October 16, 1933*
within a few days thereafter.

closed without notice

Delivery of new bonds on allotted cash sub­

scriptions will not be made before Novemoer
must be made.

for the cash sub­

1 , 19 3 3 *

which time payment

The amount of the issue for cash will be $500,000,000, or

thereabouts.
Exchang e sub script ions,» in payment of which only Fourth Liberty Loan
4-1/4 per cent bonds of 1933- 3S (hereinafter referred to as Fourth 4-1/4’s),
whether or not called for redemption, may be t e n d e d ,

are invited, at par.

-

2

-

The books f*r exchange subscriptions will open on October 16, 1 9 3 3 ,

an<3-

will remain open for a limited period, but may be closed at any time with­
out notice.

The amount of the issue upon exchange subscriptions will be

limited to the amount of Fourth 4-l/H’s tendered and accepted.
Description of Bonds
The bonds will be dated October

1 5 , 1933»

and will bear interest from

that date at the rate of U-l/U per cent per annum to October
thereafter at the rate of
becomes payable.

3~l/^

1 5 , 193^»

per cent per annum until the principal amount

Interest will be payable semiannually on April

October 15 in each year.

and

The bends will mature October

1 5 , 19^5i

redeemed at the option of the United States on and after Qctober

15

and

but may be

1 5 , 19 U 3 ,

in whole or in part, at par and. accrued interest, on any interest day or days,
on four months’ notice of redemption given in such manner as the Secretary of
the Treasury shall prescribe.

In case of partial redemption the bonds to be

redeemed will be determined by such method as may be prescribed by the
Secretary of the Treasury.

On the date ©f redemption designated in any such

notice interest on the bonds called for redemption shall cease.
Bearer bonds with interest coupons attached and bonds registered as to
principal and interest v/ill be issued in denominations of $50 , $10 0 , $500 ,

$1 ,0 0 0 , $5 ,0 0 0 , $1 0 ,0 0 0 , and $1 0 0 ,0 0 0 .

Provision will be made for the inter­

change of bonds of different denominations and of coupon and registered bonds
and for the transfer of registered bonds under rules and regulations pre­
scribed by the Secretary of the Treasury.
The bonoLs shall be exempt, both as to principal and interest, from all
taxation now or hereafter imposed by the United States, any State, or any of
the possessions of the United States, or by any local taxing authority, except

- 3(a) estate or inheritance taxes, and (b) graduated additional income taxes,
commonly known as surtaxes, and excess-profits and war-profits taxes, now
or hereafter imposed by the United States, upon the income or profits of
individuals, partnerships, associations, or corporations.

Ihe interest on

sin amount of "bonds authorized by said act approved September Zk, 1917, a*
amended, the principal of which does not exceed $5 ,000 , owned by any
individual, partnership, association, or corporation, shall be exempt irom
the taxes provided for in clause (b) above.
The bonds will be acceptable to secure deposits of public moneys. and
will bear the circulation privilege only to the extent provided in the act
approved July 22, 1932- as amended,

they will not be entitled to any

privilege of conversion.
The bonds will bo subject to the general regulations of the Treasury
Department, now or hereafter issued, governing United States bonds.
Amplication nnd Allotment
Applications will be received at the federal Reserve Banks, fiscal agents
of the United States, and at branches thereof, and at the Treasury Department,
Washington.

Banking institutions generally will handle applications lor sub­

scribers, but only the federal Reserve Banks,and the Treasury Department are

authorized, to net as official agencies.
The Secretary of the Treasury reserves the right to reject any subscrip­
tion, in whole or in part, and to allot less than the. amount of bonds applied
for and to close the books as to any or all subscriptions at any time witnout
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 moke classified allotment.

and allotments upon a graduated scale; and his action in. these respects
shall he final.

Allotment notices will be sent out promptly upon allot­

ment, and the basis of the allotment will be publicly announced.
Payment
Cash subscriptions. - Payment at

101-1/2 (which includes accrued

interest from October 15 to November 1, 1533) for any bonds allotted on
cash subscriptions, must be made on or before November 1, 1933 •

Any

qualified depositary will be permitted to make payment by credit for bonds
allotted (on cash subscriptions) to it for itself and its customers, up
to any amount for which it may be qualified in excess of existing deposits,
when so notified by the Federal Reserve Bank of its district.

Applications,

unless made by an incorporated bank or trust company, or by a responsible
and recognized dealer in Government securities, must be accompanied by pay­
ment of 10 per cent of the amount of bonds applied for.

Hie forfeiture of

the 10 per cent payment may be declared by the Secretary of the Treasury
if payment in full for bonds allotted is not completed on the prescribed
dat e.
Exchange subscriptions. - Payment for bonds allotted on exchange sub­
scriptions may be made only in Fourth H-l/^1s, which will be accepted at
par as of October 15, 1933 without payment of accrued interest.
and uncalled Fourth U-l/H1s are acceptable for such payment.

Both called

Payment for

bonds subscribed for (through surrender of Fourth U-l/U!s) must be made
when the exchange subscription is tendered.

If any exchange subscription

is rejected, in whole or in part, any bonds which may have been tendered
and not accepted will be returned to the subscriber.

- 5 Surrender of Bonds on Exchange Subscriptions
Surrender of coupon “bonds. - Fourth U-l/U!s in coupon form tendered
in exchange for Treasury bonds issued hereunder, should he presented and
surrendered to a Federal Reserve Bank or to the Treasurer of the United
States, and must accompany the application.
the expense and risk of the holder.

Bonds must he delivered at

Facilities for transportation of

bonds 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 their agents.

Incorporated

banks and trust companies are not agents of the United States under this
circular.

Coupons dated April 15, 193^» and- all coupons bearing dates

subsequent thereto* must be attached to permanent coupon bonds when
presented*
Surrender of .r.egistèred bonds. - Fourth U-l/4* s in registered form
tendered in exchange for Treasury bonds issued hereunder,

should be

assigned by the registered payee or assigns thereof to "The Secretary
of the Treasury for exchange", in accordance with the general regulations
of the Treasury Department governing assignments, and thereafter should be
presented and surrendered to a Federal Reserve Bank, or to the Treasury
Department, Division of Loans and Currency* Washington*

The bonds must

be delivered at the expense and risk of the holder.
General provisions
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

-

6 -

Treasury to the Federal Reserve Bank’s of the respective districts.

After

allotment and upon payment Federal Reserve Banks may issue interim receipts
pending delivery of tlie definitive "bonds.
Any further information which may "be desired as to the issue of
Treasury "bonds under the provisions of this circular may "be obtained upon
application to a Federal Reserve Bank or branch, or to the Treasury Depart­
ment, Washington.

The Secretary of the Treasury may at any time, or from

time to time, prescribe supplemental or amendatory rules and regulations
governing the offering and the exchanges of Fourth k - l / k ' s hereunder.

W. H. WOODIHj
Secretary of the Treasury.

NOTE:
Fourth ^~l/4ls bearing serial numbers ending with the digit
or 1

are called for redemption April 15, 193^*

9 , 0

^ ae case o f permanent

coupon bonds the serial numbers of the called bonds are prefixed by the
letter J

, K

or A

, respectively.-. For details regarding the partial

call of Fourth H - i / M s see Treasury Department Circular No. 50 1 > copies of
which may be obtained from any Federal Reserve Bank or brancu or from the
Treasury Department, Washington.

TREASURY DEPARTMENT

FOR IMMEDIATE RELEASE,
FRIDAY, October 13, 1933,

WAR DEBT DISCUSSION

A further meeting between the American and British
representatives was held in the Treasury Department at eleven
o*clock today.
There were present, Mr. Acheson, Under Secretary of the
Treasury; Mr. Livesey, Assistant Economic Adviser of the State
Department; and Mr. Bell of the Treasury, and for the British
Government, Sir Ronald Lindsay, the British Ambassador; Sir
Frederick Leith-Ross, Chief Economic Adviser to His Majesty*s
Government; and Mr. Bewley, Financial Adviser to the British
Embassy.
The various aspects of the war debt problem were further
explored and discussions will be continued early next week.'

FOR RELEASE, MORNING- PAPERS,
TUESDAY, OCTOBER 17, 1933.

TREASURY DEPARTMENT

STATEMENT BY SECRETARY WOODIN

Secretary of the Treasury WoocLin announced today that the
tenders for $75,000,000, or thereabouts, of 91-day Treasury Bills,
dated October 18, 1933, and maturing January 17, 1934, which
were offered on October 12, were opened at the Federal Reserve
Banks on October 16, 1933.
The total amount applied for was $190,218,000, of which
$75,023,000 was accepted.

The accepted bids ranged in price

from 99.979, equivalent to a rate of about 0.08 per cent per
annum, to 99.963, equivalent to a rate of about 0.15 per cent
per annum, on a bank discount basis.

Only part of the amount

bid for at the latter price was accepted.

The average price

of Treasury Bills to be issued is 99.968 and the average rate
is about 0.13 per cent per annum on a bank discount basis.

For Release, Morning Papers,
Wednesday, October 18, 1933.

TREASURY DEPARTMENT

STATEMENT BY SECRETARY WOODIN'

Secretary of the Treasury Woodin today announced that the subscription
books for the current offering of 10-12 year Treasury bonds of 1943-45,due October 15, 1945, closed at the close of business Tuesday, October 17,
for the receipt of cash subscriptions.
The books will remain open until further notice for the receipt of
exchange subscriptions in payment of which Fourth Liberty Loan 4-l/4 per
cent bonds of 1933-38, whether or not called for redemption, may be
t endered.
Cash subscriptions for Treasury bonds placed in the mail before twelve
o !clock midnight Tuesday, October 17, as shown by the Post Office cancella­
tion, will be considered as having been entered before the close of the
subscription books. ,

EOR RELEASE, MORNING PAPERS,
Thursday, October 19, 1933*

TREASURY DEPARTMENT

STATEMENT BY SECRETARY WOODIN

The Secretary of the Treasury gives notice that tenders are
invited for Treasury "bills to the amount of $80,090,000, or thereabouts.
They will be 91-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 two o*clock

p. m,, Eastern Standard time,

on Monday, October 23, 1933.

Tenders will not be received at the

Treasury Department, Washington,
The Treasury bills will be dated October 25, 1933, and will
mature on January 24, 1934, 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, $100,000,
$500,000, and $1,000,000 (maturity value).
It is urged that tenders be made

on the printed forms and

forwarded in the special envelopes which will

be suppliedby 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 net 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,

-

2

-

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 S3, 1933, 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 ibices 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 ajjplied for, and
his action in any such respect shall be final.

Those submitting

tenders will be advised of the acceptance or rejection thereof.

Pay­

ment 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 35, 1933.
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, 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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418., as amended, and this
notice proscribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any federal Reserve Bank or branch thereof.

TREASURY DEPARTMENT

FOR IMMEDIATE RELEASE,
FRIDAY, OCTOBER 20, 1933

Acting Secretary of the Treasury Acheson made the
following statement to-day:
In connection with the article which appeared in a
local newspaper on October 19, concerning a proposition for
constructing a paper mill in Washington, which project, accord­
ing to the article, is being advocated by Ered A* Berlin, Secre­
tary of the National Board of Trade, Mr. Alvin W. Hall, Director
of the Bureau of Engraving and Printing, reported as follows:
nUp to this writing I have not met Mr.
Berlin, neither have I talked with him over the
telephone, nor have I corresponded with him on
the subject of a Government paper mill#
Further­
more, I have not furnished anyone any of the in­
formation contained in this article#
The portions
of the article to which my name is attached are in­
accurate from beginning to end.n
The Acting Secretary of the Treasury states that no
\

official of the Treasury Department is interested in the project
being advocated by Mr, Berlin#

TREASURY DEPARTMENT

EOR RELEASE, MORNING PAPERS,
SATURDAY, OCTOBER 21, 1933.

STATEMENT BY ACTING SECRETARY ACHESON.

Acting Secretary Acheson today announced that the total amount
of cash subscriptions received for Treasury Bonds of 1943-45, dated
October 15, 1933, was $1,989,015,000.

The amount of the issue

offered for cash was $500,000,000, or thereabouts.

Allotments on

cash subscriptions were made as follows:
Cash subscriptions in amounts up to and including $1,000 were
allotted in full*

Cash subscriptions in amounts over $1,000 were

allotted 25 per cent, but not less than $1,000 on any one subscription.
Further details as to cash subscriptions and allotments will
be announced when- final reports are received from the Federal
/- /
Reserve Banks.

The subscription books are still open, and will remain open
until further notice, for the receipt of exchange subscriptions
in payment of which Fourth Liberty Loan 4-l/4 per cent bonds of
1933-38, whether or not called for redemption, may be tendered.

FOR RELEASE, MORNING PAPERS,
TUESDAY, October 24, 1933.

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY ACHESON..

Acting Secretary of the Treasury Acheson announced today that
the tenders for $80,000,000, or thereabouts, of 91-day Treasury
Bills, dated October 25, 1933, and maturing January 24, 1934,
which were offered on October 19, were opened at the Federal Reserve
Banks on October 23, 1933.
The total amount applied for was $168,678,000, of which
$80,034,000 was accepted.

The accepted bids ranged in price

from 99.975, equivalent to a rate of about 0.10 per cent per annum,
to 99.937, equivalent to a rate of about 0.25. per cent per annum,
on a bank discount basis.

Only part' of the amount bid for at

the latter price was accepted.

The average price of Treasury

Bills to be issued is 99.957 and the average rate is about 0.17
per cent per annum on a bank discount basis.

TREASURX DEPARTMENT

ECR IMMEDIATE RELEASE
October 25, 1933.

GOLD REGULATIONS

Issued under the authority of Section 5 (b) of the Act of
October 6, 1917, as amended by Section 2 of the Act of March 9i 1933,
and the Executive Order of October 25, 1933, Relating to Gold
Recovered from Natural Deposits,
Part II and Part III of the Gold Regulations issued by the
Secratary of the Treasury September 12, 1933, under the authority of
Section 5 (b) of the Act of October 6, 1917, as amended by Section 2
of the Act of March 9, 1933, and the Executive Orders of August 28,
1933, Relating to the Hoarding, Export, and Earmarking of Gold Coin,
Bullion, or Currency and to Transactions in Foreign Exchange, and of
August 29, 1933, Relating to the Sale and Export of Gold Rocovered from
Natural Deposits, are hereby amended to read as follows;

"PART II
"Executive Order of October 25, 1933
"By virtue of the authority vested in me by Section 5 (b)
of the Act of October 5, 1917, as amended by Section 2 of the
Act of March 9, 1933, entitled *An Act to Provide Relief in the
Existing National Emergency in Banking and for other Purposes1,
I, FRANKLIN D. ROOSEVELT, PRESIDENT df the UNITED STATES OE
AMERICA, do declare that a period of national emergency exists,
and by virtue of said authority and of all other authority
vested in me, do hereby issue the following Executive Order;
"Section 1, The Executive Order of August 29, 1933,
Relating to the Sale and Export of Gold Rocovered from Natural
Deposits, is hereby revoked.? provided,, however, that tho
Secretary of the Treasury is authorized to sell in accordance

therewith gold received on consignment for sale on or "before
the date of this Executive Order.
''Section 2, The United States Mints and Assay Offices are
hereby authorized, subject to such regulations as may from time
to time be prescribed by the Secretary of the Treasury, to
receive on consignment gold which the Mint or Assay Office to
which the gold is delivered is satisfied has been recovered
from natural deposits in the United States or any place subject
to the jurisdiction thereof,
"Section 3 . The Reconstruction Finance Corporation is
authorized, subject to such regulations as may from time to
time be prescribed by the Secretary of the Treasury, to acquire
gold which has been received on consignment by a United States
Mint or Assay Office, and to hold, earmark for foreign account,
export, or otherwise dispose of such gold.
"Section 4. The Executive Order of August 23, 1933»
Relating to the Hoarding, Export, and Earmarking of Gold Coin,
Bullion, or Currency and to Transactions in Foreign Exchange,
is hereby amended to permit, subject to such regulations as may
from time to time be prescribed by the Secretary of the Treasury,
the export of articles fabricated from gold.

"Article 29. Gold received on consignment.-The United States
Mints and Assay Offices under tHe conditions specified in this and
the following Articles of these Regulations and subject to the
appropriate regulations governing any United States Mint or Assay
Office, will receive on consignment for delivery to the Reconstruc­
tion Finance Corporation gold which such Mint or Assay Office is
satisfied has been recovered from natural deposits in the United
States or any place subject to the jurisdiction thereof, provided,
however, that no gold shall be received under the provisions
hereof which in the opinion of the Mint was held at any time in
noncompliance with the Act of March 9, 1933, and the Executive
Orders and Regulations issued thereunder, and provided further
that no Mint or Assay Office shall receive on consignment any gold
which in its opinion has theretofore entered into industrial or
monetary use.
"Gold will be received in amounts of not less than two
ounces of fine gold and in the following forjps* bars, kings,
buttons, retort sponge, lumps, grains, and dust,in their
native state free from earth and stone, or nearly so..

- 3 -

Consignments shall not contain less than 200 parts of gold
in 1,000 “by assay. In the case of gold forwarded to a Mint
hy mail or express, the original package will not he opened
until an invoice of the description and weight of each such
package shall have been received. When there is a material
discrepancy between the actual and invoice weights of a
consignment, further action with regard to it will be deferred
pending communication with the consignor,
•’Article 30, Rejection of gold by Mint.— Consignments
which are unsuitable for Mint treatment shall be rejected and
returned to the person delivering the same at his risk and
expense. Any consignment of gold which the Mint is not
satisfied meets the requirements of these Regulations will
be disposed of in accordance with applicable law,
•’Article 31. Affidavits and agreements to accompany
delivery o£gold.-—Persons delivering gold to a Mint for sale
under the provisions of the Executive Order of October 25,
1933, shall accompany each such delivery with a properly
executed affidavit and consignment agreement in duplicate
as follows:
An affidavit and consignment agreement on Form
TG-7A shall be filed with each delivery of gold by
persons who have recovered such gold by mining or
panning in the United States or any place subject
to the jurisdiction thereof.
An affidavit and consignment agreement on Form
TG-8A shall be filed with each delivery of gold by
persons who have recovered such gold from gold-bearing
materials in the regulajtr course of their business of
operating a custom mill, smelter or refinery.
An affidavit and consignment agreement on Form
TG-8A, together with a statement also under oath
giving (a) the names of the persons from whom the
gold was purchased, (b) amount and description of
each lot of gold purchased, (c) the location of the
mine or placer deposit from which each lot was taken,
and (d) the period within which such gold was taken
from the mine or placer deposit, sh^all be filed with
each such delivery of gold by persons who have purchased
such gold directly from persons who have mined or
panned such gold.

- 4 -

"Article 32, Records and Reports.— Every person delivering
gold on consignment in accordance with Article 29 of these
Regulations shall keep accurate records of all gold mined or
acquired, and such records shall he available for examination
by a representative of the Treasury Department for at least
one year after such delivery. Such person shall also file with
the Birector of the Mint, on or before the twenty-fifth day
of each month after the date the first consignment is made,
a report covering the period of the preceding calendar month,
provided, that the first report shall cover the period from
April 1, 1933, to the end of the calendar month preceding the
date of the report. Such report shall be made under oath
and on the appropriate Form as follows:
If the consignor has recovered such gold by mining
or panning in the United States or any place subject
to the jurisdiction thereof such report shall be made
on Form TGR-7A.
If the consignor has recovered such gold from goldbearing materials in the regular course of his business
of operating a custom mill, smelter or refinery such
report shall be made on Form TGR-SA,
If the consignor (other than a person operating a
custom mill, smelter or refinery) has purchased such
gold directly from persons v;ho have mined or panned such
gold such report shall be made on Form TGR-8B,
"Article 33, Agreement by Consignor,— A Mint shall not
receive gold on consignment under the provisions of the Executive
Order of October 25, 1933, unless full compliance with these
Regulations is shown to its satisfaction, and nntil the person
owning the gold, or his duly authorized agent, has signed a
written agreement to accept as conclusive without any right
of recourse or review, the determination of the Reconstruction
Finance Corporation or its duly authorized agent as to the face
amount of its notes due such person in consideration of the gold
deposited.

"Article 34, Disposition of gold received on consignment,— *
When, after a delivery of gold as provided in Article 29, the
Mint is satisfied that the same may properly "be accepted under
the provisions of the Executive Order of October 25, 1933, and
of these Regulations, and that the consignor has fully complied
with the same, and after assay and receipt of Mint charges, it
shall certify to the Federal Reserve bank in the district in which
the Mint is located that it has available, in accordance with
the Executive Order of October 25, 1933, for the account of the
person by whom or on whose behalf the gold was consigned, the
amount of gold shown "by such assay. Upon receipt of information
from the Federal Reserve banks that gold has been accepted by
the Reconstruction Finance Corporation, the Mint shall dispose
of such gold in accordance with instructions from the Reconstruction
Finance Corporation or its agent*
"Article 35, Export of fabricated gold,— Articles fabricated
from gold may be exported without the necessity of obtaining a
license for such export if the collector of customs at the port
of export or the postmaster at the place of mailing is satisfied
that the export of such articles is in the course of a usual
and normal business transaction and is not being made for the
purpose of selling the gold content of such articles for the
bullion value,
"Article 36, Forms available,«— Any form, the use of which
is prescribed in these Regulations, may be obtained at United
States Mints and Assay Offices and Federal Reserve banks and at
the Treasury Department, Washington,
"Article 37, Modification of regulations,— The provisions of
•theso
Regulations may be revoked or modified at any time."

W. E, WOODIU
Secretary of the Treasury
APPROVED:
FRAMLI1T D. ROOSEVELT
THE WHITE HOUSE
October 25, 1933,

EXECUTIVE ORDER
Relating to Gold Recovered from Natural Deposits

By virtue of the authority vested in me "by Section 5 (b)
of the Act of October 6, 1917> as amended by Section 2 of the
Act of March 9, 1933? entitled "An Act to Provide Relief in the
Existing National Emergency in Banking and for other Purposes",
I, FRANKLIN D. ROOSEVELT, PRESIDENT of the UNITED STATES OE
AMERICA, do declare that a period of national emergency exists,
and by virtue of said authority and of all other authority
vested in me, do hereby issue the following Executive Order:
Section 1. The Executive Order of August 29, 1933? Relating
to the Sale and E:xport of Gold Recovered from Natural Deposits,
is hereby revoked; provided, however, that the Secretary of the
Treasury is authorized to sell in accordance therewith gold
received on consignment for sale on or before the date of this
Executive Order.
Section 2. The United States Mints and Assay Offices are
hereby authorized, subject to such regulations as may from time
to time be prescribed by the Secretary of the Treasury, to
receive on consignment gold which the Mint or Assay Office to
which the gold is delivered is satisfied has been recovered from
natural deposits in the United States or any place subject to
the jurisdiction thereof.
Section 3 . The Reconstruction Finance Corporation is
authorized, subject to such regulations as may from time to
time be prescribed by the Secretary of the Treasury, to acquire
gold which has beon received on consignment by a United States
Mint or Assay Office, and to hold, earmark for foreign account,
export, or otherwise dispose of such gold.
Section 4. The Executive Order of August 2S, 1933?
Relating to the Hoarding, Export, and Earmarking of Gold Coin,
Bullion, or Currency and to Transactions in Foreign Exchange,
is hereby amended to permit, subject to such regulations as may
from time to time be prescribed by the Secretary of the Treasury,
the exoort of articles fabricated from gold.
✓

Section 5 . The Secretary of the Treasury is hereby
authorized and empowered to issue such regulations as he may
deem necessary to carry out the purpose of this Executive
Order.
Section 6. This Executive Order and any regulations
issued hereunder may be modified or revoked at any time.

FRANKLIN D. ROOSEVELT

THE WHITE HOUSE,
October

25,

1933*

For immediate release
Thursday, October 26, 1933.

RECONSTRUCT ION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $31,54 per ounce of fine
gold under regulations for consignment, deposit and tender of gold
and delivery of obligations established by the Treasury Department
and Reconstruction Finance Corporation,

JESSE H, JONES
Chairman, Reconstruction
Finance Corporation.

FOR RELEASE, MORNING PAPERS,
Thursday, October 26, 1933*

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY OF THE TREASURY ACHESON

*

The Secretary of the Treasury gives notice that tenders are
invited for Treasury bills to the amount of $60,000,000, or thereabouts*
They will be 91-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 two o*clock, p* m * , Eastern Standard time,
on Monday, October 30, 1933.

Tenders will not be received at the

Treasury Department, Washington*
The Treasury bills will be dated November 1, 1933, and will
mature on January 31, 1934, 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, $100,000,
$500,000, and $1,000,000 (maturity value).
It is urged that tenders be made on the printed forme and
forwarded in the special envelopes which will be supplied by tho 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

-

2

-

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 30, 1933, all tenders recoived 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.

Pay­

ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on November 1, 1933.
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, 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 recognised, 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, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue-*

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof*

TREASURY DEPARTMENT

EOR RELEASE, MORNING PAPERS
THURSDAY, OCTOBER 26* 1933.

STATEMENT BY ACTING SECRETARY -ACHESON.

Acting Secretary A.cheson today announced that over
$650,000,000 in Fourth Liberty Loan Bonds have been tendered
to the Federal Reserve Banks and to the Treasury in exchange
for Treasury Bonds of .1943-45, which were offered for sub­
scription on October 16, 1933,
The Treasury is gratified by the substantial amount of
exchange subscriptions thus far received.
The subscription books will remain open until further
notice for the receipt of exchange subscriptions, in payment
of which Fourth Liberty Loan Bonds, whether or not called for
redemption, may be tendered.

l’or immediate release
Friday, October S7, 1955.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $31.76 per ounce of fine
gold under regulations for consignment, deposit and tender of gold
and delivery of obligations established by the Treasury Department
and Reconstruction Finance Corporation.
JESSE H. JONES
Chairman, Reconstruction
Finance Corporation.

|*6r immediate release
Saturday, October 28, 1933.

RECONSTRUCTI OK FINANCE CORPORATION

’tiASKIllOTOH

The Reconstruction Finance Corporation will accept sub­
scriptions today i‘or its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $31.82 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES
Chairman, Reconstruction
Finance Corporation.

For immediate release
Monday, October 30, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $31.96 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES
Chairman, Reconstruction
Finance Corporation.

EOR RELEASE, MORNING PAPERS,
TUESDAY,- OCTOBER 31, 1933.

TREASURY DEPARTMENT

STATEMENT Bf ACTING SECRETARY ACHESON..

Acting Secretary of the Treasury Acheson announced today
that the tenders for $60,000,000, or thereabouts, of 91-day
Treasury Bills, dated November 1, 1933, and maturing January 31,
1934, which were offered on October 26, were opened at the
Federal Reserve Banks on October 30, 1933*.
The total amount applied for was $232,713,000r of which
$60,180,000 was accepted.

The accepted bids ranged in price

from 99.955, equivalent to a rate of about 0.18 per cent per
annum, to 99.939, equivalent to a rate of about 0 o24 per cent
per annum, on a bank discount basis*

Only part of the amount

bid for at the latter price was accepted.

The average price

of Treasury Bills to be issued is 99.945 and the average rate
is about 0.22 per cent per annum on a bank discount basis.

For immediate release
Tuesday, October 31, 1933.

RECONSTRUCTION, FINANCE CORPORATION
WASHING-TON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from

natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $32.12 Per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES
Chairman, Reconstruction
Finance Corporation.

For immediate release,
Wednesday, November
1933*

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $32*26 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

FOR RELEASE, MORNING PAPERS,
Wednesday, November 1, 1933.

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY OF THE TREASURY ACHESON

The Secretary of the Treasury gives notice that tenders are
invited for Treasury "bills to the amount of $75,000,000, or thereabouts.
They will be 91-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 two o !clock p. m . , Eastern Standard time,
on Friday, November 3, 1933.

Tenders will not be received at the

Treasury Department, Washington.
The Treasury bills will be dated November 8, 1933, and will
mature on February 7, 1934, and on the maturity date tho 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, $100,000,
$500,000, and $1,000,000 (maturity value).
It 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 loss than $1,000 will be considered.
Each tender must bo 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

-

2

-

for, unless the tendors are accompanied by an express guaranty of
payment by an incorporated baik or trust company#
Immediately after the closing hour for receipt of tenders on
November 3* 1933* all tenders received at the Federal Reserve Banks
or breaches 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#

Pay­

ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on November 8, 1933#
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* 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 any tax now
or hereafter imposed by tho United States or any of its possessions#
Treasury Department Circular No# 418, as amended, and this
notice prescribe the terms of tho Treasury bills and govern the con­
ditions of their issue.

Copies of tho circular may be obtained from

any Federal Reservo Bank or branch thereof#

/

For immediate release,

Thursday, November 2, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub- .
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $ 32.36per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
THURSDAY, NOVEMBER 2, 1933*

STATEMENT BY ACTING SECRETARY ACHESON.

Acting Secretary Acheson today announced that over
$800,000,000 in Fourth Liberty Loan Bonds have been tendered
to the Federal Reserve Banks and to the Treasury in exchange
for Treasury Bonds of 1943-45, which were offered for
subscription on October 16, 1933.
The Treasury is pleased with the response to this
offering, which is the first step in refunding the Fourth
Liberty Loan.

Over 40 per cent of the bonds called for

redemption on April 15, 1934, have been tendered in exchange
for new bonds of the current offering.
The subscription books are still open, and will remain
open until further notice for the receipt of exchange
subscriptions, in payment of which Fourth Liberty Loan Bonds,
whether or not called for redemption, may be tendered.

For immediate release,
Friday, November 3, 1933.

HECONSTHIJCTIOH FIUMC3 CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $32.57 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Heconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS
SATURDAY, NOVEMBER 4, 1933.

STATEMENT BY ACTING SECRETARY ACHES ON.

Acting Secretary of tiie Treasury Acheson announced todajr
that the tenders for $75,000,000, or thereabouts, of 91-day
Treasury Bills, dated November 8, 1933,, and maturing February
7, 1934, which were offered on November 1, were opened at the
Federal Reserve Banks on November 3, 1933.
The total amount applied for was $181,015,000, of which
$75,095,000 was accepted.

Except for one bid of $25,000 at 99.975

tho accepted bids ranged in price from 99,949, equivalent to a rate
of about 0.20 per cent per annum, to 99.937,. equivalent to a rate
of about 0.25 per cent per annum, on a bank discount basis.
part of the amount bid for at the latter price was accepted..

Only
The

average price of Treasury Bills to be issued is 99.940 and the
average rate is about 0.24 per cent per annum on a bank discount
basis.

For immediate release
Monday, November 6, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation ^rill accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $32.84 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE E. JONES,
Chairman, Reconstruction
Finance Corporation.

For immediate release,
Tuesday, November 7, 1933.

RECONSTRUCTION FINANCE COHPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $32.84 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES
Chairman, Reconstruction
Finance Corporation.

For immediate release,
Wednesday, November 8, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $33.05 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

FOR IMMEDIATE RELEASE,
WEDNESDAY, NOVEMBER 8, 1933,

TREASURY DEPARTMENT

Acting Secretary Acheson today announced that the total
amount of cash subscriptions received for Treasury Bonds of
1943—45, dated October 15, 1933, maturing October 15, 1945 and
redeemable on and after October 15, 1933, was $1,989,024,200,
and the total of cash subscriptions allotted was $500,421,650,
Subscriptions and allotments were divided- among the
several Federal Reserve Districts and the Treasury as follows:

Federal Reserve
District

Total cash
Subscriptions
Received

Total cash
Subscriptions
Allotted

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury

$

281,976,700
869,949,000
115.109.650
104.919.650
53,382,300
94,479,650
176,694,950
38,070,150
20,464,500
22,533,450
32,169,000
179,210,100
65,100

$ 70,724,300
217,928,800
29,036,300
26.554.150
13,607,850
23,713,800
44,668,900
9,839,550
5,217,850
5,914,250
8,137,750
45.050.150
28,000

$1,389,024,200

$500,421,650

Total

The above figures relate to cash subscriptions only.
privilege of exchanging Fourth Liberty Loan Bonds for the new
Treasury Bonds of 1943—45 is still available»

The

1
FOR IMMEDIATE RELEASE,
THURSDAY, NOVEMBER 9, 1933

JOINT STATEMENT OF SECRETARY OF STATE AND ACTING SECRETARY OF
THE TREASURY RELATIVE TO IMPORTATION OF ALCOHOLIC BEVERAGES.

Numerous inquires have Been presented to the Department of State
and to the Treasury Department regarding the importation of alcoholic
"beverages at the present time.
Provisions governing such importations will he found in Section 2
of the Act of November 23, 1921 (42 Stat. 222); the Tariff Act of 1930;
the Customs Regulations of 1931, and Regulations No. 2 of the Bureau of
Industrial Alcohol.

Importations in violation of these provisions will

he subject to the penalty and other provisions of law relating thereto.
All importations of alcoholic beverages for which the Commissioner of
Industrial Alcohol has issued a permit will be admitted entry.

A permit,

however, is not required for the importation of beer and wines containing
not more than 3.2 per cent of alcohol by weight.
American consular officers will certify invoices covering shipments
of beer and wines containing more than 3.2 per cent of alcohol by weight
or shipments of distilled spirits only if such shipments are to be made
pursuant to a permit issued by the Commissioner of Industrial Alcohol
prior to such certification

-

2

-

The administrative treatment of importations of alcoholic
beverages upon the repeal of the Eighteenth Amendment is now under
consideration*
The Department of State and the Treasury Department, however,
are not presently in a position to indicate what that treatment will
he.

CORDELL HULL
Secretary of State.

D I M ACHESON
Acting Secretary of the Treasury

FOR RELEASE, MORNING PAPERS,
Thursday, November 9, 1933.

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY OF THE TREASURY ACHESON

The Secretary of the Treasury gives notibe that tenders are
invited for Treasury bills to the amount of $75,000,000, or thereabouts#
They will be 91-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 two otclock p. nu | Eastern Standard tine*
on Monday, November 13, 1933#

Tenders will not be received at the

Treasury Department, Washington#
The Treasury bills will be dated November 15, 1933

and will

mature on February 14, 1934, 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, $100,000,
$500,000, and $1,000,000 (maturity value)#
It 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,

~

2

-

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
November 13, 1933, 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#

Pay­

ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on November 15, 1933#
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, 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 any tax
now or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue#

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof#

For immediate release,
Thursday, November 9, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $33.15 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

Por immediate release,
Friday, November 10, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $33.20 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

For immediate release,
Monday, November 13, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $33.45 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

fob rslea.
s e , m o r ning papers
TUESDAY, NOVEMBER 14, 1933.

TREASURY DEPARTMENT

STATEMENT BY SECRETARY WOODIN.

Secretary of the Treasury Uoodin announced today that the
tenders for $75,000,000, or thereabouts, of 91-day Treasury Bill
dated November 15, 1933, and maturing February 14, 1934, which
were offered on November 9, were opened at the Federal Reserve
Banks on November 13, 1933.
The total amount applied for was $170,682,000, of which
$75,295,000 was accepted.

The accepted bids ranged in price

from 99.939, equivalent to a rate of about 0.24 per cent per
annum, to 99.876, equivalent to a rate of about 0.49 per cent
per annum, on a bank discount basis.

The average price of

Treasury Bills to be issued is 99.899 and the average rate is
about 0.40 per cent per annum on a bank discount ba.sis.

For ir&nedi&td release,
Wednesday, November 15, 1933.

HdGO'TSTRUCTIOU FIHAUCd CORPOR/lTlOU
WAS (
I X■
JdTOH

Tae Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in nev/ly mined

;old, that is, gold recovered from

natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $33.56 per ounce of fine
gold under regulations for consignment, deposit and tender of
old and delivery of obligations established oy the Treasury
Department and Reconstruction Finance Corporation.

JF33F H JOFFS,
Chair m n , Reconstrue tion
Finance Corporation.

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
Thursday, Novenber 16, 1033.

STATEMENT BY SECRETARY WOODIN

The Secretary of the Treasury gives notice that tenders are
invited for Treasury bills to the amount of $60,000,000, or thereabouts.
They will be 91~day bills; and will be sold on a discount basis to the
highest bidders.

Tenders will be freceivod at the Federal Reserve Banks,

or the branches thereof,, up to two o fclock p.. n.., Eastern Standard tine,,
on Monday, Novenber 20, 1933.-

Tenders will not be received at the

Treasury Department, Washington.
The Treasury bills will be dated Novenber 22, 1933, and will
nature on February 21, 1934, 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, $100,000,
$500,000, and $1,000,000 (maturity value),.
It 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 m a t 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,

- 2 -

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
November 20, 1933, all tenders received at the Federal Reserve Banks or
branches thereof up to the closing hour will be opened and public
announcement 6f 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 oi*
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 November 22,
1933.
The Treasury bills will be exempt, as to principal and interest,
and any gain from the sale or other disposition thereof will also bo
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 recognised, 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, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof#

Por immediate release,
Thursday, November 16, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $33.56 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

For immediate release,
Friday, November 17, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered ffom
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $33.56 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

For immediate release,
Saturday, November 13, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHING-TON

The Reconstraction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing; February 1, 1934,
payable only in nev/ly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $33.56 per ounce of fine
gold under regulations for consignment

deposit and tender of

gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JUNES,
Chairman, Reconstruetion
Finance Corporation.

For immediate release,
Monday, November 20, 1933.

RECONSTRUCT ION FINANCE CORPORATION
WASHINGTON

Tlie Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at tlie rate of $33.66 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

EOR RELEASE, MORNING PAPERS,
TUESDAY, NOVEMBER 21, 1933.

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY MORGENTHA.U

Acting Secretary of the Treasury Morgenthau announced, today
thai the tenders for $60,000*000, or thereabouts, of 91-day Treasury
Bills, dated November 22, 1933, and maturing February 21, 1934,
which were offered on November 16, were opened at the Federal Re­
serve Banks on November 20, 1933«
The total amount applied for was $207,445,000, of which
$60,063,000 was accepted.

Except for one bid of $200,000 at

99.950, the accepted bids rangedin price from

99.907, equivalent

to a rate of about 0e37 per cent

per

annum,to

99.884,equivalent

to a rate of about 0»46 per cent

per

annum,on

a bank discount

basis.

bid

for atthe latterprice was

accepted.

Only part of the amount

The average price of Treasury Bills to be issued is

99.892 and the average rate is about 0 o43 per cent per annum on
a bank discount basis

For immediate Release
Tuesday, November 21, 19&3.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $33.76 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

POR IMMEDIATE RELEASE,
Tuesday, November 21, 1933.

TREASURY DEPARTMENT

Appointment of Earle Bailie of New York City, as Special
Assistant to the Secretary of the Treasury for Fiscal Affairs, to
serve for the next few months, was announced today "by Henry
Morgenthau, Jr., Acting Secretary of the Treasury.

Mr. Morgenthau

said that Mr. Bailie would assume the fiscal duties of the Under
Secretary of the Treasury.
It was announced that Mr. Bailie, a partner in the firm of
J. & W. Soligman & Company of New York City, is severing all his
"business connections on entering government service.
Mr. Bailie is a native of Milwaukee, Wisconsin, and was
graduated from the University of Minnesota in 1912.

He attended

Harvard Law School, from which he was graduated in 1915, with
the degree of LL.B, cum laude.

In 1916 he received the degree

of S. J. D. from the same school.

He practiced law in New York

in the firm of Cravath & Henderson until 1917, when he entered the
United States Army.

He served in the 308th Field Artillery and

left the service in 1918 as Captain in the Field Artillery Officers
Reserve Corps.

He entered the firm of J. & W. Seligman & Company

in 1919, and was made a partner in that firm in 1923.

He has "been

Chairman of the Board of the group of Tri-Continental Companies and
a director of a number of other companies.
Mr. Bailie married Margaret Henderson in 1923.
three children, David, Susanah and Joanna.

They have

Mr. Bailie is a member

of the Executive Committee of the Welfare Council of New York City,

2

and is a member of the Board of the Bowery Branch of the Y.M.C.A.
of New York, of which he was Chairman for many years.

TREASURY DEPARTMENT
INFORMATION TO THE PRESS

FOR RELEASE TO MORNING- PAPERS
OF WEDNESDAY, NOVEMBER 22, 1933

The Acting Secretary of the Treasury, Henry Morgenthau, Jr., announced
today, (Tuesday, November 21) that Rear Admiral Christian Joy Peoples, S.C.,
U. S. Navy, will be appointed temporarily Director of Procurement in the
Treasury Department in addition to his regular duties as the Paymaster
General of the Navy and Chief of the Bureau of Supplies and Accounts. The
appointment is made with the consent of the Secretary of the Navy.
This action has been taken in accordance with Section 1 of Executive
Order 6166, issued pursuant to Section 16 of the Act of March 3, 1933, which
provides that the function of determination of policies and methods of pro­
curement* warehousing and distribution Of property, facilities, structures,
improvements, machinery, equipment, stores, and supplies exercised by any
agency is transferred to a Procurement Division in the Treasury Department,
at the head of which shall be a Director of Procurement«
Rear Admiral Peoples has been selected for this duty by reason of his
comprehensive and extensive experience in handling procurement, supply, dis­
bursing, and accounting matters in the Navy, He has had wide e:xperience in
this work over a period of thirty-three years, serving in every possible
capacity as an officer in the Supply Corps of the Navy, both afloat and
ashore, as well as maintaining close contact with business methods in various
lines of industry.
He served as Assistant Chief of the Bureau of Supplies and Accounts dur­
ing the World War, which won a well-deserved reputation for efficiency in
meeting the needs of the Navy; he was the Navy Representative on, and assisted
in, the organization of the Experts Control Committee during the World War;
and he also assisted in the organization of the War Industries Board.
He was Acting Paymaster General from January to May, 1921, and on April
29, 1933, was appointed to his present office by President Roosevelt.
He developed the purchase system of the Navy, standardized the steaming
coal and fuel oil system, and was one of the path-finders who brought about
the Navy Standard Specifications system.
He has been given special credit for establishing the Navyrs purchase
system on a business basis through the removal of unnecessary restrictions
with respect to free and unrestricted competition and the simplification of
conditions of deliveries, inspections, payments, and shipments. At all times
a Naval Officer, he is one of the outstanding "Business Men" of the Navy.
The new Division of Procurement will have many practical problems to be
solved, and Rear Admiral Peoples brings to this Division sound practical busines
sense gained by his wide experience in procurement matters where economy and
efficiency alone, with due regard to the interests of the Government and the
various Executive Establishments, are to be the guiding principles of the
Admini st rat ion.

For immediate release,
Wednesday, November 22, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $33.76 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS
Thursday, November 23, 1933

STATEMENT BY ACTING SECRETARY OF THE TREASURY MORGENTHAU
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 91-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 two o !clock p. m . , Eastern Standard time,
•n Monday, November 27, 1933.

Tenders will not be received at the

Treasury Department, Washington.
The Treasury bills will be dated November 29, 1933, and will
mature on February 28, 1934, 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, $100,000,
$500,000, and $1,000,000 (maturity value).
It 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

-

2-

an incorporated tank or trust company«
Immediately after the closing hour for receipt of tenders on'
November 27, 1933, 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 jf 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 ©f the acceptance or rejection thereof«

Payment at the

price offered for Treasury bills allotted mast be made at the Federal
Reserve Banks in cash or other immediately available funds on Novem­
ber 29, 1933.
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, 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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof.

For immediate release,
Friday, November 24, 1933,

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any. territory subject
to its jurisdiction, at the rate of $33.76 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

TREASURY DEPARTMENT

INFORMATION FOR THE PRESS,
IMMEDIATE RELEASE,
FRIDAY, NOVEMBER 24, 1933.

The Acting Secretary of the Treasury has ruled that, after
formal ratification of the Twenty-First Amendment, foreign alcoholic
beverages destined for foreign countries may move in transit through
the United States in bond under the same conditions as other classes
of legitimate merchandise

TREASURY DEPARTMENT

INFORMATION FOR THE PRESS

The following unsigned, letter addressed to Secretary of the
Treasury William A. Woodin, and in an envelope hearing a Chicago
postmark, has been received by Acting Secretary Morgenthau,
"Dear Sir:
Under circumstances over which I have no con­
trol this money was forst upon me.

Its not mine,

it cannot be returned to its owner, I want it to go
to the U. S. Treasury,"
A $500 Federal Reserve note was enclosed.
in the conscience fund.

The money was deposited

jj*or immediate release,
Saturday, November 25, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $33.76 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Re con strue tion
Finance Corporation.

For immediate release,
Monday, November 27, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $33.76 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

TREASURY DEPARTMENT
Washington
November 27, 1933.

Memorandum for the Press

The Acting Secretary of the Treasury announced today that
Tom K. Smith of St, Louis had consented to assume temporarily
the duties of adviser to the Acting Secretary on banks and bank­
ing problems.
Mr. Smith, who is president of the Boatmen* s National
Bank of St. Louis, has arranged a leave of absence with the
directors of his bank to permit him to enter upon his new duties
at the Treasury.

It was arranged that his compensation, to be

paid from the Emergency Banking Eund, is to cover only his ex­
penses while in Washington.

TREASURY DEPARTMENT
Hovember 27, 1933*

ISF0BMAYI01 FOR THE PRESS

Announcement was made today (Monday, November 27) "by
L. W. Robert, Jr., Assistant Secretary of the Treasury, that de­
cision had been reached to reject all bids for the construction
of the annex to the Post Office in lew York City which were opened
on February 28, 1933, and on which supplementary bids were re­
quested and opened on October 2, 1933.
It is planned to advertise for new bids on the structure
within a short time.

FOR RELEASE, MORNING PAPERS
TUESDAY, NOVEMBER 28, 1933*

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY MORGENTHAU.

Acting Secretary of the Treasury Morgenthau announced today that
the tenders for $100,000,000, or thereabouts, of 91-day Treasury Bills,
dated November 29, 1933, and maturing February 28, 1934, which were
offered on November 23, were opened at the Federal Reserve Banks on
November 27, 1933*
The total amount applied for was $187,069,000, of which
$100,027,000 was accepted.

The accepted bids ranged in price from

99.907, equivalent to a rate of about 0.37 per cent per annum, to
99.886, equivalent to a rate of about 0.45 per cent per annnm, on a
bank discount basis.
price was accepted*

Only part of the amount bid for at the latter
The average price of Treasury Bills to be issued

is 99.892 and the average rate is about 0.43 per cent per annum on a
bank discount basis

EOR IMMEDIATE RELEASE,
TUESDAY, NOVEMBER 28, 1933

TREASURY DEPARTMENT

Acting Secretary Morgenthau today announced that the
Subscription hooks for the current offering of 10-12 year
Treasury Bonds of 1943-45 will close at the close of business
Saturday, December 2, 1933.

The books were closed for the

receipt of cash subscriptions on October 17, 1933, but have
remained open for the receipt of exchange subscriptions in
payment of which Eourth Liberty Loan Bonds are receivable.
Exchange subscriptions placed in the mail before twelve
o*clock midnight December 2, as shown by the post office can­
cellation, will be considered as having been entered before
the close of the subscription books.
Reports from the Eederal Reserve Banks and the Treasury
show that more than $890,000,000 Eourth Liberty Loan Bonds have
been exchanged for the net? Treasury Bonds.

In addition, the

Treasury allotted slightly over $500,000,000 on cash subscriptions

For immediate release,
Wednesday, ITcvember <J9, 1933.

BE C02\TSTJRJCT\01T FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept subscrip cions today for iis issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, go id recovered ircm
naturae deposits in the United States and any territory subject
to its jurisdiction, at the rate of $33.^3 P^r ounce oi line
gold under regulations for consignment, deposit a m tender oi
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JE 33S II. »TONES,
Chai rman, Re c ens true11on
Finance Corporation.

FOR r e l e a .s e , m o r n i n g p a p e r s ,
Wednesday, Notfembef 29, 1933

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY OP THE TREASURY MORGENTHAU

The Secretary of the Treasury gives notice that tenders are
invited for Treasury hills to the amount of $100,000,000, or thereabouts*
They will he 91-day hills; and will he sold on a discount basis to the
highest bidders.

Tenders will he received at the Federal Reserve Banks,

or the branches thereof, up to two o*clock p. m . , Eastern Standard time,
on Monday, December 4, 1933*

Tenders will not he received at the

Treasury Department, Washington.
The Treasury hills will he dated December 6, 1933, and will
mature on March 7, 1934, and on the maturity date the face amount
will he payable without interest.

They will he issued in hearer form

only, and in amounts or denominations of $1,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
It is urged that tenders he made on the printed forms and
forwarded in the special, envelopes which will he supplied by the Federal
Reserve Banks or branches upon application therefor»
No tender for an amount less than $1,000 will he considered.
Each tender must he in multiples of $1,000.

The price offered must he

expressed on the basis of 100, with not more than three decimal places,
e. g., 99.125.

Fractions must not be used.

Tenders will he accepted without cash deposit from incorporated
hanks and trust companies and from responsible and recognized dealers
in investment securities.

Tenders from others must he accompanied by

a deposit of 10 per cent of the face amount of Treasury hills applied
for, unless the tenders are accompanied by an express guaranty of pay­
ment by an incorporated hank or trust company.

Immediately after the closing hour for receipt of tenders on
December 4,. 1933, 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 possiblo
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*

Pay-f

ment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on December 6,. 1933.
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, from all taxation, except estate and inheritance taxes.

Ho loss

from the sale or other disposition of the 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.
Treasury Department Circular No* 418, as amended, and this
notice prescribe the terras of the Treasury bills and govern the con­
ditions of their issue*

Copies of the circular may be obtained from

any Federal Reserve Bank or branch thereof*

TREASURY DEPARTMENT

FOR RELEASE, WEDNESDAY AFTERNOON,
November 29, 1933,

STATEMENT BY L. W. ROBERT, Jr.,
ASSISTANT SECRETARY OF THE TREASURY.

Provision for the encouragement of the fine arts has always been
recognized as one of the functions of the Federal Government, and it
is obvious such provision should be enlarged in times of depression*
The work of artists and craftsmen greatly aids everyone by preserving
and increasing our capacity for enjoyment and is particularly valuable
in times of stress.
Hitherto this field has not been adequately de­
veloped. As the Treasury is the Department concerned with Federal
buildings, a movement to aid the fine arts and artists and craftsmen
is its particular concern.
Accordingly, we are creating a committee to be known as the Advisory
Committee to the Treasury on Fine Arts to assist us in formulating and
accomplishing a program. We have invited the following gentlemen to
serve on the committee: Mr. Frederic A. Delano, Mr. Charles F. Moore,
Mr. Harry L, Hopkins, Dr. Rexford G, Tugwell, Mr. Henry T. Hunt, and
Mr. Edward Bruce, as temporary Secretary.
As a further step in the development of this movement, we have called
a meeting of the Committee for Friday, December 8, and have i n v i t e d ^
number of Directors of Museums of Art and others interested and qualified
to ascertain the ways and means of carrying the work forward.
We consider it a great pleasure and privilege to encourage this movement
and hope that it will promote the appreciation of art in our country*
will be the purpose of the committee to find merit wherever it exists and
the search will not be dominated by any particular school or group. We plan
to find opportunities for this woik in the embellishment of Federal Build­
ings with murals, sculpture and craftsmanship, in similar work on state
and municipal buildings financed by the Federal Government, and in o.t r
directions where the opportunity develops.
We hope that private enterprise will follow our lead and realize that
the encouragement of art is a vital factor in our civilization and culture
and should be continuously supported in depressed as well as in boom
periods*
In the selection of the Committee, we have endeavordd to obtain the^
services of men of such distinction and vision as will convince the public
that the movement is for the benefit of American art as a whole. The plan
of the Treasury Department in this connection has the support of other
branches of the Government and their cooperation has been secured.

For immediate release,
Friday, Decémber 1, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934-,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $34.01 P er ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the TreasuryDepartment and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation*

/

Por immediate release,
Tuesday, December 5, 1933.

RECONSTRUCTI OH FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $34.01 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES
Chairman, Reconstruction
Finance Corporation.

FOR RELEASE, MORNING PAPERS,
TUESDAY, DECEMBER 5, 1933,

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY MORGENTHAU*

Acting Secretary of the Treasury Morgenthau announced
today that the tenders for $10 0 ,000 ,000 , or thereabouts, of
91— day Treasury Bills, dated December

6 , 1933, and maturing

March 7, 1934, which were offered on November 29, were opened
at the Federal Reserve Banks on December 4, 1933*
The total amount applied for was $182,760,000, of
which $100,050,000 was accepted.
$50,000 at

Except for one bid of

99 .9 7 5 , the accepted bids ranged in price from

99.894, equivalent to a rate of about 0,42 per cent per annum,
to 99.811, equivalent to a rate of about 0.75 per cent per
annum, on a bank discount basis*

Only part of the amount bid

for at the latter price was accepted.

The average price of

Treasury Bills to be issued is 99.847 and the average rate is
about 0,60 per cent per annum on a bank discount basis.

EOR IMMEDIATE RELEASE,
TUESDAY, DECEMBER 5, 1933*

TREASURY DEPARTMENT

Acting Secretary Morgenthau today announced that exchange
subscriptions totaling $899,899*200 have been received for Treasury
Bonds of 1943-45, dated October 15, 1933.

The subscription books

for this issue were closed last Saturday.
Exchange subscriptions have been allotted in full.

The

Federal Reserve Banks hold a few subscriptions not included in the
above total because the Fourth Liberty Loan Bonds to be exchanged
have not yet been cleared.

These cases will increase the amount

allotted on exchange subscriptions to slightly more than $900,000,000.
Over $25,000,000 of the new bonds were paid for in Fourth
Liberty '«Loan Bonds which have not been called for redemption.
The subscriptions and allotments which make up the total of
$899,899,200 are divided among the several Federal Reserve Banks and
the Treasury as follows:
Federal Reserve District

Amount

Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury

$ 55,252,150
324,171,700
50.746.500
126,904,850
36.195.500
15.665.500
107,941,100
41,568,750
16.150.850
39.049.850
14.778.500
29.598.850
41,875,100

Total

$899,899,200

Boston
New York

Philadelphia

EOR IMMEDIATE RELEASE,
TUESDAY, DECEMBER 5, 1933

TREASURY DEPARTMENT

MEMORANDUM TO THE PRESS.

The Acting Secretary of the Treasury, Henry Morgenthau, Jr.,
today made public the following order:
"TREASURY DEPARTMENT ORDER NO. 3.
"Effective from and after this date,
the Bureau of Internal Revenue will report
directly to the Secretary of the Treasury.
Department Circular No. 244 of September 19,
1930, is modified accordingly.
Henry Morgenthau, Jr.,
Acting Secretary of the Treasury."
Consolidation of the functions of the Bureau of Industrial
Alcohol with those of the Bureau of Internal Revenue, under the
direction of Commissioner Guy T. Helvering, was announced yester­
day by the Acting Secretary.

For immediate release,
Wednesday, December 6 , 1933.

DECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable o$ly in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $34.01 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

For immediate release,
Thursday-, December 7, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $34.01 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

EOR RELEASE, MORNING PAPERS,
Thursday, December 7, 1933,

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY OP THE TREASURY MORGENTHAU

The Treasury is today offering for subscription at par and
accrued interest, through the Pederal reserve banks, $950,000,000, or
thereabouts* one-year 2-1/4 per cent Treasury certificates of indebted­
ness of Series TD-1934.
The certificates will be dated December 15, 1933, and will
bear interest from that date at the rate of two and one-quarter per cent
per annum, payable semiannually.

They will mature December 15, 1934.

These certificates 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.
Applications will be received at the Pederal reserve banks
and branches and at the Treasury Department, Washington.

The Treasury

will accept in payment for the new Treasury certificates of indebted­
ness, at par, Treasury certificates of indebtedness of Series TD-1933
and TD2-1933, maturing December 15, 1933.

Subscriptions in payment of

which Treasury certificates of indebtedness of Series TD-1933 and
TD2-1933 are tendered, will be given preferred allotment.
The certificates of indebtedness will be issued in bearer
form only, in denominations of $500, $1,000, $5,000, $10,000, and
$100,000, with two interest coupons attached, payable on June 15, 1934,
and December 15, 1934.

About $728,000,000 of Treasury certificates of indebtedness
and about $114,000,000 in interest payments on the public debt become
due and payable on December 15, 1933.
Tho text of the official circular follows:

CERTIFICATES OF INDEBTEDNESS, SERIES TD-1934

The Secretary of the Treasury offers for subscription, at
par and accrued interest, through the Eederal reserve banks, under the
authority of the act approved September 24, 1917, as amended, Treasury
certificates of indebtedness of Series TD-1934.

The amount of the

offering is $950,000,000, or thereabouts.
DESCRIPTION OE CERTIFICATES
The certificates will be dated December 15, 1933, and will
bear interest from that date at the rate of two and one-quarter per
cent per annum, payable semiannually.

They will be payable on Decem­

ber 15, 1934,
Bearer certificates will be issued in denominations of $500,
$1,000, $5,000, $10,000, and $100,000,

The certificates will have two

interest coupons attached, payable on June 15, and December 15, 1934,
The certificates 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 tho
possessions of the United States, or by any local taxing authority.
The certificates will be accepted at par during such time
and under such rules and regulations as shall bo prescribed or approved
by the Secretary of the Treasury in payment of income and profits

- 3 -

taxes payable at the maturity of the certificates.
The certificates will be acceptable to secure deposits of
public moneys, but will not bear the circulation privilege.
APPLICATION AND ALLOTMENT
Applications will be received at the Federal reserve banks and
branches and at the Treasury Department, Washington.
Subscriptions for which payment is to be tendered in Treasury
certificates of indebtedness of Series TD—1933 and TD2—1933, maturing
December 15, 1933, will be given preferred allotment.

All cash sub­

scriptions for amounts over $5,000 will be allotted on an equal percentage
basis.
The Secretary of the Treasury reserves the right to reject any
subscription, in whole or in part, and to allot less than the amount of
certificates applied for and to close the books as to any or all sub­
scriptions 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 shall be final.

Allot­

ment notices will be sent out promptly upon allotment, and the basis of
the allotment will be publicly announced.
PAYMENT
Payment at par and accrued interest for certificates allotted
must be made on or before December 15, 1933, or on later allotment.

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

»*• 4 ••

for which it shall ho qualified in excess of existing deposits, when so
notified by the Federal reserve hank of its district.

Treasury certifi­

cates of indebtedness of Series TD-1933 and TD2-1933, maturing Decem­
ber 15, 1933 will he accepted at par in payment for any certificates
which shall he subscribed for and allotted, with an adjustment of the
interest accrued, if any, on the certificates so paid for.

Applications,

unless made by an incorporated bank or trust company, or by a responsible
and recognized dealer in Government securities, must be accompanied by
payment in full or by payment of
applied for.

10 per cent of the amount of certificates

The forfeiture of the 10 per cent payment may be declared by

the Secretary of the Treasury if payment in full is not completed on the
prescribed date in the case of subscriptions allotted.
GENERAL PROVISIONS •
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.

After

allotment and upon payment Federal reserve banks may issue interim receipts
pending delivery of the definitive certificates.

m m

or immediate release,
riday, December 8 , 1933.

RECONSTRUCTION FINANCES CORPORATION
WASHINGTON

Tiie Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory suoject
to its jurisdiction, at the rate of $34.01 per ounce of iine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
FRIDAY, DECEMBER 8 , 1933.

Acting Secretary of the Treasury Morgenthau today announced
that the subscription hooks for the current offering closed at the
close of business Thursday, December 7, 1933*

The Offering con*4

sisted of one-year Treasury Certificates of Indebtedness of Series
TD-*1934* to be dated December 15, 1933, bearing interest at the
rate of 2-1/4 per cent per annum, and payable December 15* 1934*
Subscriptions placed in the mail before 12 o*clock ihidhight,
Thursday, December 7, as shown by the post office cancellation,
will bo considered.as having been entered before the close of the
subscription books.
Preliminary and incomplete reports from the Federal Reserve
Banks indicate heavy over-subscription to this offering.

Announce­

ment of the total amount of subscriptions and the basis of allotment
will be made on or about Tuesday, December 12.

For Immediate Release
December 8, 1933»

TREASURY DEPARTMENT

MEMORANDUM FOR THE PRESS

An anonymous letter enclosing $15.00 in currency,
dated December 1, 1933,

311(1 mailed from Sacramento, California,

has been received by the Commissioner of Customs.

The money

has been turned over to Miscellaneous Receipts of the Treasury
and credited to "Conscience'1.

The letter follows:

"To relieve your minds, I did
not personally benefit in the transaction
for which the enclosed is sent to close.
I did however bring in some goods which
I did not declare, but which was for a
U. S. official and is used mainly in
Government service. The official is still
unawares about the duty not being paid.
I haven't worried much about this matter,
but a little extra money and knowing the
financial condition of the U. S., I
thought it about time to make amends and
help boost the New Deal along.
Sincerely yours,
One of many."

For immediate release,
Saturday, December 9, 1933.

HECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $3 4 .0 1 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

Por immediate release,
Monday, December 11, 1933.

HECOIÎSTDUCTIOU FlHAHCE CORPORATION
WASHINGTON

The Dec on stm e t ion Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $34.01 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold aid delivery of obligations established by the Treasury
Department and Deconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Deconstruction
Finance Corporation.

FOR IMMEDIATE RELEASE,
DECEMBER 11, 1933.

TREASURY DEPARTMENT

INFORMATION TO THE PRESS

Pursuant to the provisions of section 217(a) of the National
Industrial Recovery Act, the President on December 5, 1933 pro­
claimed December 5, 1933 as the date of the repeal of the eighteenth
amendment to the Constitution.

Un&er section 217 of the National

Industrial Recovery Act the proclamation of the President affects
the application of certain internal revenue taxes as follows:
1.

Effective January 1, 1934 the tax on gasoline imposed by

section 617(a) of the Revenue Act of 1932, as amended by section
211(a) of the National Industrial Recovery Act, will be at the
rate of one cent a gallon instead of !■§■ cents a gallon.
2.

The tax on dividends imposed by section 213 of the

National Industrial Recovery Act will not apply to any divi­
dends declared after December 31, 1933,
3.

The capital-stock tax imposed by section 215 of the

National Industrial Recovery Act will not apply in respect
of any ypar beginning on or after July 1, 1934.
4*

The excess-profits tax imposed by section 216 of the

National Industrial Recovery Act will not apply to any tax­
payer in respect of the calendar year 1934 or any subsequent
income-tax taxable year (calendar year or fiscal year),

y The following table shows collections by states from July 1, to October 31,
1933 of taxes that are repealed as of the dates indicated above.
Gasoline
(1/3 of total collections)

Districts
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachasetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
•Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
V ermont
V irginia
Washington
West Virginia
Wisconsin
Wyoming
Total

$

23,568.92
140.74
25,589.20
178,719.58
3,900.02

25,343.83
5,624,42
5,989.72
870,247.74
101,245.13
326,599.81
491,809.41
62,535.63
86,128.90
127,593.54
6,816.68
689,272.47
165,020.56
67,379.51
41 «547 016
83,640.88
51,139.65
65 5000.79
213,840.32
633,745o 53
238,667.43
185,2C8a59
11,154o71
163,934.14
22,054.95
39,217.65
1,850.10
34,877.16
343,861.12
545.74
3,682,527.37
107,454.19
2,861.67
554,887.31
38,770.78
19,144.12
928,903.11
88,277.62
30,619.71
2,898.66
89,826.97
20Ç,140.91
20,114.43
6,231.75
252,633.53
47,590.86
67,421.60
161,818.80
5,730.72

26,429,621.27

11,477,747.38

44,210.89
-

-

—

37,144.96
3,001,095.98
8,544.24
— 125.77
32,839.08
55,195.06
~
_
— — _
3,044,007.16
12,123.44
8,073.07
596,833.43
361,013.52
402,176.95
.. — —
60,910.12
428,236.57
206,099.86
278.75
12,880.55
1,036,418.29
36,735.41
369.70
••

—

—

—

-

—

1,036,840.23
17,562.72
5,296,116.90
33,318.33
1.03
833*020.77
3,557,769.51
104.62
3,370,224.69
7,668.26
1,787.77
156.68
13,723.48
2,605,281.46
38,813.56
—

—

Capital
Stock

Dividends
$

$

295,008.10
93,248.15
129,200.50
4,769,270.98
595,376.89
1,255,063.02
1,237,382.01
376,188.56
589,966.51
379,375.21
101,861,49
6,660,495.84
936,301.54
501,666.01
711,237.33
649,426.13
669,029.10
317,198.15
1,875,908.65
3,468,717,52
3,269,133.58
1,302,425.52
111,891.30
2,252,586.38
130,816.44
355,770.67
77,636.59
141,022.37
3,202,420.91
45,566.94
21,014,298.59
980,883.39
54,091.47
4,657,270.83
986,300.97
302,973.59
7,440,422.26
570,164.84
245,580.19
58,213.00
527,269.60
1,782,178,29
192,801.85
81,868.21
841,649.73
689,655.95
544,184.76
1,380,839.57
68,320.64
78,920,160.12

Excess

profits taxes were collected as follows:
Florida
Missouri

$168.21
906.55

The total of all four classes of taxes collected from all
states in the four months July 1 to October 31, was $116,828,603.53.

For immediate release,
Tuesday, December 12, 1933.

DECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of

$ 3 •i.olper ounce of fine

gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

TREASURY DEPARTMENT

EOR RELEASE, MORNING- PAPERS,
TUESDAY, DECEMBER 12, 1933.

Acting Secretary of the Treasury Morgenthau today announced
the subscription figures and the basis of allotment for the December
15 offering of one—year 2—l/4 per cent Treasury Certificates of In­
debtedness of Series TD-1934, maturing December 15, 1934.
Reports received from the Federal Reserve Banks show that for
this offering of certificates, which was for $950,000,000, or there­
abouts, total subscriptions aggregate over $2,800,000,000.

Of

these subscriptions, $607,590,500 represents exchange suoscriptions,
in payment for which Treasury Certificates maturing December 15, 1933
were tendered*

The exchange subscriptions, as well as cash sub­

scriptions in amounts up to and including $5,000, were allotted in
full*

Cash subscriptions in amounts over $5,000 were allotted

17 per cent, but not less than $5,000 on any one subscription.
Further details as to subscriptions and allotments will be
announced when final reports are received from the Federal Reserve
Banks

For immediate release,
Wednesday, December 13, 1933*

DECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstimetion Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of

*** per ounce of fine

gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

..

TREASURY DEPARTMENT
WASHINGTON
EOR IMMEDIATE RELEASE
December 13, 1933.

Press Service
No. 1-0

Acting Secretary Morgenthau made the following announcement:
The Treasury has "been notified by the Department of State that a
note dated December 1, 1933 was received from the Austrian Minister
stating that the Austrian Government received on November 29, 1933 a
communication from the Trustees of the Guaranteed Austrian Loan of
1923-1943, in which objections are raised by the Trustees against the
payment to the Creditor Governments signatory to the agreements relative
to the settlement of the Relief Debts, of the amounts due to them on
January 1, 1934.

In view of these objections the Austrian Government

has notified the United States that no remittance can be made to cover
the sixth installment due on January 1, 1934 on account of its Relief
Debt to the United States.
The lien upon the assets and revenues of Austria pledged for the
payment of the Austrian Relief bonds has been subordinated to the lien
upon such assets and revenues pledged for the payment of the Austrian
Reconstruction Loan of 1923*

The objections by the Trustees to the

payments due from Austria on account of the relief bonds is in
accordance with the agreements concluded between Austria and the
International Relief Bonds Committee and the agreement of May
between Austria dnd the United States.

8 , 1930

The debt funding agreement

between Austria and the United States provides that:
» * * * 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 payment
of the annuity in question on the due date.”

- 2 -

In accordance with the provisions of the deht funding agreement
"between the Republic of Austria and the United States, Bond Ho»
the face amount of $460,093, due January

6 in

1, 1934, will "be postponed,

which, together with interest at the rate of 5<
jo per annum compounded
annually to December 31, 1943, shall be repaid, together with further
interest at 5$ per annum, in twenty-five equal annuities on January 1
of each of the years 1944 to 1968, inclusive«

FOR RELEASE, MORNING PAPERS
Thursday, December 14, 1933

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY OE THE TREASURY MORGENTHAU

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 91-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 two o ’clock p. m . , Eastern Standard time,
on Monday, December 18, 1933.

Tenders will not be received at the

Treasury Department, Washington.
The Treasury bills will be dated December 20, 1933, and will
mature on March 21, 1934, 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 , $ 1 0 ,000 , $ 10 0 ,000 ,
$500,000, and $1,000,000 (maturity value).
It 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.
expressed on the basis of
e. g., 99.125,

The price offered must be

10 0 , with not more than three decimal places,

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

-

2

-

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
December 18, 1933, 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.

Pay­

ment at the price offered for Treasury bills allotted must be made at
the Federal reserve banks in cash or other immediately available funds
on December 20, 1933,
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, 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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No, 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.

Copies of the circular may be obtained from

any Federal reserve bank or branch thereof.

Por immediate release,
Thursday, December 14, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHING-TON

The- Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $3 4 .0 1 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

Ph f*»

or immediate release,
riday, December 15, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $34.01 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

TREASURY DEPARTMENT
WASHINGTON
FOR IMMEDIATE RELEASE
December 15, 1933.

Press Service
No. 1-1

The Treasury received today the sum of $8,895,123 from
the following governments on account of the amounts due from them
today under their respective funding agreements:
Great Britain . . . . . . . . .

....

$7,500,000

....

..............

. . . .

1,000,000

...

..............

. , . .

229,623

Czechoslovakia ..............

. . . .

150,000

................... • . . . .

8,500

. . . .

7,000

Italy
Finland

Latvia
Lithuania

. . . . . . . . . .

$8,895,123

The payment made by the Government of Finland represented
the full amount due under the funding agreement of May 1, 1923, and
also the moratorium agreement of May 23, 1932.

The payment consisted

of $209,000 face amount of 3$ Treasury bonds of 1951-55, which were
accepted at par; $1,567.50 accrued interest thereon, and cash for
$19,055,50.
The payment from Czechoslovakia consisted of $148,850 face
amount of 3$ Treasury bonds of 1951-55, which were accepted at par;
$1,116,38 accrued interest thereon, and cash for $33.62.
All of the other payments were received in cash.

\

TREASURY DEPARTMENT
WASHINGTON
FOR IMMEDIATE RELEASE
Sa t u r d a y , De c e m b e r i 6,

Press Service
No. 1 -2

19 3 3 .

Acting Secretary Morgenthau today announced the final subscription and
allotment figures with respect to the December 15 offering of 2—1/4 per cent
Treasury Certificates of Indebtedness of Series TD-1934, maturing December 15,
1934.
Subscriptions and allotments were divided among the several Federal Reserve
Districts and' the Treasury as follows:

Federal Reserve
District

Total Cash
Subscriptions
Received

Total Exchange
Subscriptions
Received

Total Subscrip­
tions Received

Total Sub­
scriptions
Allotted

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury

$

88,396,000
1,131,946,000
112,797,000
134,023,500
66,142,500
83,873,000
305,527,000
34,208,000
16,257,000
35,007,000
82,928,000
108,064,000

$ 8,243,500
'466,782,500
7,259,500
5,695,500
1,724,000
836,000
84,538,000
6,303,000
1,877,500
12,741,500
6,631,000
4,416,500
562,000

$
9 6 4639,500
1,598,728,500
120,056,500
139,719,000
67,866,500
84,709,000
390,065,000
40,511,000
18,134,500
47,748,500
89,559,000
112,480,500
562,000

$ 23,718,500
661,401,500
27,092,500
28,948,500
13,215,000
15,731,500
138,755,500
13,056,000
5,037,500
19,260,500
22,400,500
23,317,000
562.000

Total

$2,199,169,000

$607,610,500

$2,806,779,500

*$992,496,500

♦Includes $607,610,500 exchango sub­
scriptions, which were allotted in
full.

For immediate release,
Saturday, December 16, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $34.01 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

For immediate release,
Monday, December 18, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

‘

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing Feoruary 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of

por ounce oi fine

gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

TREASURY DEPARTMENT
WASHINGTON
FOR IMMEDIATE RELEASE
December 18, 1933.

Press Service
No. 1-3

A number of inquiries have reached the Customs Bureau since
the repeal of the Eighteenth Amendment to the Constitution as to
the possibility of importing intoxicating liquors through the
international mail service. The Post Office Department advises
that inasmuch as spiritous, vinous, malted, or other intoxi­
cating liquors of any kind are prohibited in the United States
domestic mails, such articles are likewise prohibited impor­
tation in the international mails.
Inquiries have been received by the Customs service as to
the status of Christmas gifts mailed from foreign countries.
There is no provision of law whereby dutiable merchandise, in­
tended as gifts or presents, may be imported through the mails,
or otherwise, without the payment of duty. Under existing
regulations, however, Collectors of Customs have authority to
pass, free of duty, mail parcels containing merchandise the
aggregate value of which does not exceed $1.00, provided the
articles are not imported for sale or to evade the payment of
duty*

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
TUESDAY, DECEMBER 19, 1933..

Press Service
No. 1-4

Acting Secretary of the Treasury Morgenthau announced
today that the tenders for $100,000,000, or thereabouts,, of
91—day Treasury Bills, dated December 20, 1933, and maturing
March 21, 1934, which were offered on December 14, were opened
at the Federal Reserve Banks on December 18, 1933.
The total amount applied for was $282,143,000, of which
$100,263,000 was accepted.

The accepted bids ranged in price

from 99.851,.equivalent to a rate of about 0*59 per cent per
annum, to 99.808, equivalent to a rate of about 0.76 per cent
per annum, on a bank discount basis.

Only part of the amount

bid for at the latter price was accepted.

The average price

of Treasury Bills to be issued is 99.814 and the average rate
is about 0.74 per cent per annul on a bank discount basis.

For immediate release,
Tuesday, December 19, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Recoastraction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $34.06 per ounce of fine
gold uider regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

EOR RELEASE, MORNING PAPERS,
Wednesday, December 20, 1933

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY OP THE TREASURY MORGENTHAU

The Secretary of the Treasury gives notice that tenders are
invited for Treasury hills to the amount of $100,000,000, or thereabouts.
They will he 91-day hills; and will he sold on a discount basis to the
highest bidders.

Tenders will he received

at the Federal reserve hanks,

or the branches thereof, up to two o!clockp. m . ,
on Friday, December 22, 1933.

Eastern Standard time,

Tenders will not he received at the

Treasury Department, Washington.
The Treasury hills will he dated December 27, 1933, and will
mature on March 28, 1934, and on the maturity date the face amount
will he payable without interest.

They will he issued in hearer form

only, and in amounts or denominations of $1,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
It is urged that tenders he made

on the printed forms and

forwarded in the special envelopes which will

ho supplied by the Federal

reserve hanks or branches upon application therefor.
No tender for an amount less than $1,000 will he considered.
Each tender must he in multiples of $1,000.

The price offered must he

expressed on the basis of 100, with not more than three decimal places,
e. g., 99.125.

Fractions must not he used.

Tenders will he accepted without cash deposit from incorporated
hanks and trust companies and from responsible and recognized dealers
in investment securities.

Tenders from others must he accompanied by a

deposit of 10 per cent of the faco amount of Treasury hills applied for,

-

2

-

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
December 22, 1933, 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 bo advised of the acceptance or rejection thereof#

Pay­

ment at the price offered for Treasury bills allotted must be made at
the Federal reserve banks in cash or other immediately available funds
on December 27, 1933#
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, from all taxation, except estate and inheritance taxes#

Do loss

from the sale or other disposition of the 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#
Treasury Department Circular Do# 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue.#

Copies of the circular may be obtained from

any Federal reserve bank or branch thereof#

For immediate release,
Wednesday, December 20, 1933.

BECONSTHUCTION FINANCE COHPOHATION
WASHINGTON

The Heconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $3*r*

Per o ^ c e of fine

gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Heconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Heconstruction
Finance Corporation.

For immediate release,
Friday, December 22, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $34.06 per ounce of fine
gold imder regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

Acting Secretary of the Treasury Worgenthau announced today
that the tenders for $100,000,000, or thereabouts, of 91-day
Treasury Bills, dated December 27, 1933, and maturing March 28, 1934,
which were offered on December 20, were opened at the Federal
Reserve Banks on December 22, 1933.
The total amount applied for was $271,832,000, of which
$100,890,000 was accepted.

Except for one bid of $10,000 at

99.950, the accepted bids ranged in price from 99.874, equivalent
to a rate of about 0.50 per cent per annum, to 99.815, equivalent
to a rate of about 0.73 per cent per annum, on a bank discount
basis.

Only part of the amount bid for at the latter price

was accepted.

The average price of Treasury Bills to be issued

is 99.816 and the average rate is about 0.73 per cent per annum
on a bank discount basis.

For immediate release,
Tuesday, December 26, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $34.06 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

For immediate release,
Wednesday, December 27, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $34.06 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

FOR RELEASE, MORNING PAPERS,
Wednesday, December 27, 1933

TREASURY DEPARTMENT

STATEMENT BY ACTING SECRETARY OP THE TREASURY MORGENTHAU

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 91~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 two o fclock

p, m , ,Eastern Standard time,

on Friday, December 29, 1933.

Tenders will not be received at the

Treasury Department, Washington.
The. Treasury bills will be dated January 3, 1934, and will
mature on April 4, 1934, 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, $100,000,
$500,000, and $1,000,000 (maturity value).
It is urged that tenders be made

on the printed forms and

forwarded in the special envelopes which will

be supplied by the Federal

t.eserve 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 pe£ cent of the face amount of Treasury bills applied for,

-

2

-

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
December 29, 1933, 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 advisod of the acceptance or rejection thereof*

Pay­

ment at the price offered for Treasury bills allotted must be made at
the Federal reserve tanks in cash or other immediately available funds
on January 3, 1934.
The Treasury bills will be exempt, as to principal and interest,
and any gain from the sr.le or other disposition thereof will also bo
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 any tax now
or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No* 418, as amended, and this
notice prescribe the terms of the Treasury bills and govern the con­
ditions of their issue*

Copies of the circular may be obtained from

any Federal reserve bank or branch thereof*

Por immediate release,
Friday, December 29, 1933.

RECONSTRUCTION FINANCE CORPORATION
WASHINGTON

The Reconstruction Finance Corporation will accept sub­
scriptions today for its issue of notes maturing February 1, 1934,
payable only in newly mined gold, that is, gold recovered from
natural deposits in the United States and any territory subject
to its jurisdiction, at the rate of $34.06 per ounce of fine
gold under regulations for consignment, deposit and tender of
gold and delivery of obligations established by the Treasury
Department and Reconstruction Finance Corporation.

JESSE H. JONES,
Chairman, Reconstruction
Finance Corporation.

TREASURY DEPARTMENT
WASHINGTON

For Release, Morning Papers,
Saturday, December 30, 1933,

Press Service
1-6

Acting Secretary of the Treasury Morgenthau announced today
that the tenders foh $100,000,000, or thereabouts» of 91-day
Treasury Bills, dated January 3, 1934, and maturing April 4,
1934, which were offered on December 27, were opened at the
Federal Reserve Banks on December 29, 1933,
The total amount applied for was $384,619,000, of which
$100,990,000 was accepted.

The accepted bids ranged in price

from 99,848, equivalent to a rate of about 0.60 per cent per
annum, to 99.843, equivalent to a rate of about 0.62 per cent
per annum, on a bank discount basis.

Ninety—nine per cent of

amount bid for at the latter price was accepted.

the

The average price

of Treasury Bills to be issued is 99,843, and the average rate is
about 0.62 per cent per annum on a bank discount basis.

TREASURY DEPARTMENT

Eor Release to Morning Papers
•f Sunday, December 31* 1933M EMORANDUM TO THE PRESS

The Acting Secretary of the Treasury today (Saturday,
December 3 0 1 1933) prescribed and forwarded tt the United States
mints'regulations for the receipt and coinage of silver under the
terms of the President’s proclamation of December 21,

The regular-

tions prescribe forms of affidavits to b e made b y the person deliver­
ing the silver, with supporting affidavits by the miner.
In the case of silver of wholly domestic origin, the
affidavits will set forth that the silver to b e received has actually
been mined from natural deposits in the United States, o r a place
subject to its jurisdiction, subsequent to the date .«of the procla­
mation.
Where domestic silver is mixed w i t h s econdary or foreign
silver, the coinage mints will receive that part of such mixture
which the mints are satisfied is not in excess of the amount thereof .
which has been mined subsequent to December 21, 1933 from natural
deposits in the United States or any place subject to the jurisdiction
thereof.
Of the silver received under the proclamation, the Director
of the Mint will retain fifty per cent as seigniorage and for services
performed by the Government of the United States, and the balance
<of such silver, that is fifty per cent thereof, shall be coined into
standard silver dollars and the same, or an equal number»of-other
standard silver dollars, will be delivered to the owner or depositor

•f such silver.

Fraction??.!' parts of a dollar rill he returned in

any. other legal. tender c*in of the.. United States.,;
:■ Persons j?ho deliver silver, to the-mints for coinage are
required.-to fqle monthly repcrts shoring all silver mined.or
acquired -subsequent ta, December 2.1, 1933 • Reports ar^ to,.be
itemized as to domestic,, foreign, and .secondary silver and are to
show:.,.(a)

Amount on hand-at the, beginning, of .the- period covered

by the report; (b) the, amount ..received during the, period and the
sources from which received; . (c) the. amount smelted or refined
during the period;

(d) the amounts-and .consignees of all., silver

delivered during.the period; ... (e) amount of silver remaining »n
hand at the end of the period.

♦

DECEMBER

TREASURY DEPARTMENT

» •;

. •;

30, 1933,

.uv.: SILVER REGULATIONS

Prescribed under authority *jof'Paragraph ( 2), Section 43, Title
III of the Act of Congress approved May 12, 1933 (Public No* 10), and the
Presidents Proclamation of December 21, 1933, Relating to the Receipt
and Coinage of Silver Mined in the United States or any Place Subject to
the Jurisdiction thereof:*
•

. *

Proclamation of-December 21, 1933,
WHEREAS, by paragraph (2) of section 43, title III, of
the Act of Congress, approved May 12; 1933 (Public No, 10),
the President is authorized **^y proclamation to fix the weight
of the gold dollar in grains nine-tenths fine and also to fix
the weight of the silver dollar in grains nine-tenths fine at
a definite-fixed ratio in relation to the gold dollar at such
amounts as he finds necessary'from his investigation to stabiU s e . domestic prices or to -protect the feweiga -commerce agaA»«i
the adverse effect of depreciated foreign currencies, and to
provide for the unlimited coinage of such gold and silver at
the ratio so fixed, ***■ n ; and
“
’
'WHEREAS, from investigations made by me, I find it
necessary, in aid of the stabilization of domestic prices and
in accordance with the policy and program authorized by Congress,
which are now being administered, and to protect our foreign
commerce against the adverse effect of depreciated foreign
currencies, that the.price of silver be enhanced and stabilized;
and •
*'
; / .■ "B '
■
>
; "
WHEREAS, a resolution presented by the Delegation of the
United States of America was /iinah|^tLsly adopted at .the World
Economic and Monetary. Conference1in London on July .20, 1933,
by the representatives, of •sixty-six Governnients,: which- in sub­
stance provided that s£d<^ Governments iwill abandon the policy
and practice of melting up or debasing silver coins; that low
valued silver currency be replaced with silver coins and that
no-legislation should be enacted that will depreciate the value
of.silver; and

WHEREAS, a separate and supplemental agreement' was
entered into, at the instance of the representatives of the
United States, between China, India, and Spain, the holders
and users of large quantities of silver, on the one hand,
and Australia, Canada* Mexico, Peru, and. the United States
on the other hand, as the chief producers of silver, wherein
China agreed not to dispose of any silver derived from the
melting up or debasement of silver coins, and India agreed
not to dispose .of .over 35*800,.000 ounces of silver per annum
during a period of four years commencing. January .1, .1934,
\ arid ‘Spain agreed-.not to dispose of over 5,000,000 ounces of
silver annually during said pefiod^ and both of said Govern- w
ment s" àgrhed that,a t .the end pf said period of four years
they would then subject' them selves to the.’general- re solution
adopted'at-the .London ^Conferenc®, and in consideration of
such limitation it was agreed that’the •Governments, of the .
five producing countries would each absorb from the mined
in their respective countries a certain -amount of silver, the
total amount,to be./absorbed by said producing countriës being
35,000,000 ounces per annum during the- four years commencing
the 1st'day, o;f Uranuary, 1934; that such silver so absorbed
would be^ retained in each pf said respective countries for
said period of four. years, to be used, for coinage purposes
or as reserves .for currency, or to otherwise be retained and
kept off the world market during'-'such period oÇftime‘s it being
undérátood that of the '35,;OQO;OOG Ounces-the United Staffs was
to absorb annually at least 24,4SI, 410- ounces of the silver
"produced:* in. thpyUnited. States during such period" óf timé,

“i.'. •

•

... , " .

* *

* ■'. <4.?.t » ; •; * - ,..v î

' V:/.

HOW,; isSBEIOEE, finding ‘It -proper' ta. copper ate with
other Governments and necessary'/ tuáásist l?: .increasing and
stabilizing domestic prices, to áugmeht the.purchasing power
of peoples/in., silver-using countries, to protect our foreign
'commerce ;agaips,t the.adverse' effect of depreciated.foreign
currencies* and' to., carry put the Under standing between, the
sixty-six Governments that’adopted the resolution hereinbefore
referred to; ;byrvirtue'; of' the power in me vested by the Act
of Congress aboyé cited, thé other legislation designated for
national recovery, and by Virtue of áll other, authority in me
vested;
*
/-■ X, EHAMLIU I)..
^résiden^-Of uthP United States
of América, do, proclairn'ra^'^^^^-1^ ^ ^ " each .United, States
coinage mink .shall .r-eep^ye ^fdh^'éc&hage:'into..standard silver
dollars any ;silvpr ® l c h . ‘‘s n ÿ c h subject: to; regulations

-3-

prescribed hereunder ty the Secretary of the Treasury, is
satisfied has heel, mined, subsequently to the date of this
proclamation, from natural deposits in the United States or
any place subject to the jurisdiction thereof.
The Director
of the Mint, with the voluntary consent of the owner, shall
deduct and retain of such silver so received fifty per cent
as seigniorage and for services performed by the Government
of the United States relative to the coinage and delivery of
silver dollars. The balance of such silver so received, that
is, fifty per cent thereof, shall be coined into standard
silver dollars and the same, or an equal number of other
standard silver dollars, shall be delivered to the owner or
depositor of such silver. The fifty per cent of such silver
so deducted shall be retained as bullion by the Treasury and
shall hot be disposed of prior to the thirty-first day of
December, 1937, except for coining into United States coins.
The Secretary of the Treasury is authorized to prescribe
regulations to carry out the purposes of this proclamation.
Such regulations shall contain provisions substantially similar
to the provisions contained in the regulations made pursuant
to the Act of Congress, approved April 23, 1918, (40 Statutes
at Large, Page 535), known as the Pittman Act, with such changes
as he shall determine prescribing how silver mined, subsequently
to the date of this proclamation from natural deposits in the
United States or any place subject to the jurisdiction thereof,
shall be identified.
This proclamation shall remain in force and effect until
the thirty-first day of December, 1937, unless repealed or
modified by Act of Congress or by subsequent proclamation,
*The present ratio in weight and fineness of the silver
dollar to the gold dollar shall, for the purposes of this
proclamation, be maintained until changed by further ordér or
proclamation,
.
"Notice is hereby given that X resérve the right by virtue
of the authority vested in me to revoke or modify this proclamar*
tion as the interest of the United States may seem to réfcBtire,

-4*Article 1.

Silver which will be Received, —

The United

States coinage mints, under the conditions hereinafter specified and
subjec.t to the appropriate regulations governing the mints, will receive
silver which any such mint is satisfied has been mined subsequent to
December 21, 1933, from natural deposits in the United States or any
place subject to the jurisdiction thereof*

Such mints will also receive

silver which forms a part of a mixture of domestic, secondary, and
foreign silver provided such mints are satisfied that the aggregate
amount of such mixture so received does not exceed the amount thereof
which has been mined subsequent to December 21, 1933, from natural
deposits in the United States or any place subject to the jurisdiction
thereof*
Article 2*

Affidavits. —

Any individual, partnership,

association, or corporation, hereinafter referred to as '’person",
delivering silver under the provisions of the Proclamation of Decem­
ber 21, 1933, shall accompany each such delivery with a properly
executed affidavit on Form TS-1, and supporting affidavit or affidavits
of the miner or miners on Form TS—2, containing the information called
for in such forms and executed under oath before an officer duly
authorized to administer oaths*
Article 3.

Evidence which may be Demanded* —

Persons

delivering silver under the provisions of these Regulations shall
furnish such further evidence as may from time to time be requested
by the superintendent of any mint, including affidavits and sworn
abstracts from books of account of any mines or any or all smelters
or refineries handling such silver*

,AV\

Y

~5~

Article 4#

Settlement for Silver Delivered' —

The Director

of the Mint, pursuant to the voluntary consent of the, depositor as re­
quired in the form of agreement to "be executed in connection with
affidavit TS-1* shall retain of such silver so delivered, fifty per
cent as seigniorage and^for services performed by the Government of the
United States, and the balance of such silver so received, that is,
fifty per cent thereof, shall be coined into standard silver dollars
and the same, or an equal number of other standard silver dollars,
shall "be delivered to the owner or depositor of such silver#

Any

fractional part of one, dollar due hereunder shall be returned in any
legal tender coin of thè United States*
Article 5*

Every person delivering

silver under these Regulations shall keep accurate records of all sil­
ver mined or acquired subsequent to December 21, 1933, and such records
shall be available for es&mination by a representative of the Director
of the Mint for at least one year after the last delivery#
Such person shall file with the Director of the Mint, on or before
the twenty-fifth day of each month after the date the first delivery
is made, a report covering the period of the preceding calendar month,
provided that the first report shall cover the period from December 21$
1933, to the end of the calendar month preceding the date of the report*
Such report shall be executed under oath before an officer duly
authorized to administer oaths and shall be made on Eorm TS—3 and shall
contain all of the information called for in such

m#

Every person

delivering silver which has been mixed with secondary or foreign silver

'or both at•a smelter" or -ref ineryy-;other than that .of the person
■nakiing file deliv-hry, shall also, file-with eacdndG 1-iv.ery of such,
silver an agreement properly executed- under, oath, "by a duly authorized
officer -of such -other shelter o.r -refinery that records will he kept
-and reports will be filed as- provided in this Article, .and that.such
records will. he "hvailahle-for examination,by a representative of the
Director of" the •=Hint-'for at least one year after the last delivery*
• •■-■ ’
A Tticd (3 :8. h Forms 4 -T- -Any fori;/ the use. of which is pre­
scribed in■these Regulations, nay be obtained at.any United States
.int or assay office or at -the Treasury Department, Washington*
Article 7., Revocation:or. M o d i f i c a t i o n . The provisions
of these Regulations nay be revoked or modified-at any tine*

H. MORihUTIkJJ, JR.,
Acting Secretary of the Treasury.

APPROVED:

PRAEKLIN'D. ROOSEVELT,
THE WHITE HOUSE
'December 30, 1933*

,

Form TS-1
TREASURY DEPARTMENT
Office of tile Secretary

.

.

j

STATE- OF

AFFIDAVIT AND AGriEEMENT BY OWNER

... ■: .-■

COUNTY OF

■

-, ■

')
. ) 83.
' )

...

In accordance with the .provisions of; the Proclamation of December 21,
1933, and the Regulations presçribôd.thereunder, the undersigned'hereby
represents and certifies under oath that he.iB the
'(Name of -Owner)'
of ___________
x
States Mint at ;

...

j

:
(Title of Officer)
• owner, of certain silver to the amount

" f
fine, ounces, more or less, forwarded to the United
on the _____ __.day of ,

193_, and delivered to the lint under .the provisions of said Proclamation
and the Regulations prescribed thereunder; and that said silver *(l) has
been mined subsequent to December 21, 1933 -from natural deposits in the
United States or a place subject to the jurisdiction thereof, or (2) 1* part
of a mixture of domestic, secondary and/or foreign silver not in excess of
the amount thereof which has been mined subsequent to December 21, 1933 from
natural deposits in the. United States or a place subject to the jurisdiction
thereof*
The owner is filing herewith supporting affidavit by the miner (o), and
agrees to furnish such additional evidence as may hereafter be demanded by
the Secretary of the Treasury* including affidavits and sworn abstracts
from books of account of any or all reduction works handling such silver,

* Strike out whichever clause is inapplicable*

„

-2-

The owner hereby voluntarily consents that the„Mint nay deduct and
retain of such 3ilver so received fifty per cent as seigniorage and for
services performed by the Government of the United States relative to the
coinage and delivery of silver dollars.

T he’owner also consents to

accept from the Mint standard silver dollars in number equal to the number
which may be coined from'the balance of such silver so received, that is,
fifty per cent thereof.

Any fraction of one dollar due hereunder will'

be accepted in any legal tender coin of the United States.
The owner represents'and warrants that the silver is free and clear
of all claims and encumbrances of any kind and that
right to deliver same.

(he)

has the lawful

"

This affidavit is made for the purpose of procuring the acceptance
of the silver delivered to the said Mint for coinage in accordance with
tho provisions of the Proclamation of December 21, 1933, and the Eegulations prescribed thereunder.

Signature of" owner or duly authorized officer^

•1 Subscribed and sworn to before mo this

■

day of

(Officer administering oath)

¥
Form TS~2
TREASURY DEPARTMENT
Office of the Secretary

AFFIDAVIT OF MINER

STATE OF

)
) ss.
)

COUNTY OF

Tho undersigned,, being duly sworn, deposes and says:
That be is the __ ___________
(Title of Officer)

____ of

;
• . .....
.
(Nane of Mine ®wnerj

, the owner of a nine known as _____
________

, and situated at ______

that the said _______
(Nane of Mine Owner)
_______'

I

.,Jias delivered to

____________________________

_____ ________

.

on

_________ day of

, 193__, at its snelting plant known aa

_________________ __________ , situated in the Countyof _____________
State of

_______

^ fine ounces of silver which

was nined subsequent to Decenber 21, 1933 fron natural deposits at the
said .nine so located*

Subscribed and BWorn to before no this ______ _

day of

______________ j 193_.

(Officer adninistering Oath)

Form TS“3
TREASURY DEPARTMENT
Office of the Secretary
REPORT
• « ... .<tr.';;Z)

To the Director *f the Mint:
A.

The name of the individual» partnership, association, or corp»r at ion making deliv ery i s

B.

This report and any ^schedules attached Hereto cover tne period from
___;
________ ___________

....

0.

The amb'flnt of silver
of each kind on hand
at the beginning- of
the period covered
by this report was

D. *The'amount of* s ilver .<
of each kind received
or mined during such
period was

> lg__,

to

> 193__*
Silver mined subsequent
to December 21, 1933
natural deposits in the
United States or any place
subject to jurisdiction
" thereof (in fine ounces)
• .. ...
■*j

.

;

..
. ... . , ;
.... .

................... ...

E.

The amount of silver '
smelted or refined during such period w a s _______________ _________

F.

The amount and consignee
of all silver disposed .
of during such period
was

______ _________

.

Secondary Silver
(in fine «unces)

Foreign Silver
(infine ounces)

Total
(Infine cunees)

Silver mined subsequent
to December 21, 1933 from
natural deposits in the
United States or any place
subject to jurisdiction
thereof (in fiAe ounces)

6.

H.

Secondary Silver
(in fine ounces)

Foreign Silver
Total'..: ,,.
(In f ine:ounces)(in f ine ounces)

. ¥■
;

;

The amount of silver
in all f#rms remaining
on hand at the end of........
such period was
_______ _________ _______ — ■
--------------- -—

*—

Losses «f silvep

during the perifd \
(by difference) /us... ......

y;’
—

* '

{'-— ~r ■ .

STATE O F ___________________ .)
)

SS.

.“f i ;

;';7

'*''''" ‘‘• W 1 ”

'

_

COUNTY OF __ ____________________ )
of

X,

.•'%
t ----r:
.-.•f t?

being first "duly sworn r fn-^ath

depose and say that I am duly authorized to maire this report .n behalf #f the depositor haicd i n ;Itas A;
that I maire this affidavit on information a n d belief which include informât i*n f tom thd f ® ords and h#cks
«f account <rf depositor, that X believe the same t» b e true, that X maire this affida-vilin a|op^dan<ç w i t h
the provisions of the Proclamation *f December 21, 1933, and the Regulations prescribed t W e i r d e r .
'Subscribed and sworn to before me this ______ day
♦f ......... ........

193__•

-

y

(Signâtu.r-e * f.
.Af fi ant)..

(Officer administering Oath)

*Sbhedule should be attached showing mine origin of domestic silver and any -other details net furnished
an this.-form* .