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THEASUH* ******

- 3 -

or by any local taxing authority. For purposes of taxation the amount of discount
at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections k$k (b) and 1221 (5) of the Internal Revenue Code of
1954 the amount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. klB, Revised, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch.

- 2 0
XTFEX
2 percent 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, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the
Treasury Department of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, noncompetitive tenders for $200,000 or less
without stated price from any one bidder will be accepted in full at the average
price (in three decimals) of accepted competitive bids. Settlement for accepted
tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on January 12, 1956 , in cash or other immediately available funds
& &

or in a like face amount of Treasury bills maturing

January 12, 1956

Cash

and exchange tenders will receive equal treatment. Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 1954. The bills
are subject to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed on the principal
or interest thereof by any State, or any of the possessions of the United States,

i.C\V,;*«r:§*rt;«:

XKBKBBC
TREASURY DEPARTMENT
Washington

f^fT - v

FOR RELEASE, MORNING NEWSPAPERS,
Thursday, January 5. 1956
•
The Treasury Department, by this public notice, invites tenders for
$ 1,600,000,000 , or thereabouts, of 91 -day Treasury bills, for cash and

jSjE

in exchange for Treasury bills maturing

January 12, 1956

, in the amount of

jfcfcjt

$ 1,600,691,000 , to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated January 12, 1956 , and will mature April 12, 1956 , when the face

tit
amount will be payable without interest.

S3
They will be issued in bearer form only,

and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
closing hour,/t«8 o'clock p.m., Eastern Standard time, Monday, January 9. 1956
XXmml

Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99*92$* Fractions may not be used. It is urged that tenders
be made on the printed forms and forwarded in the special envelopes which will be
supplied by Federal Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account. Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized dealers
in investment securities. Tenders from others must be accompanied by payment of

RELEASE MORNING NEWSPAPERS,
Thursday, January 5, 1956.

H-997

The Treasury Department, by this public notice, invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing January 12, 1956,
In the amount of $1,600,691,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated January 12, 1956,
and will mature April 12, 1956,
when the face amount will be
payable without interest. They will be Issued In bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o1clock p.m., Eastern Standard time,
Monday, January 9, 1956.
Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $1,000, and In the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99.925. Fractions may not be used. It is
urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent 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, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, non-competitive tenders for
$200,000 or less without stated price from any one bidder will be
accepted in full at the average price (in three decimals) of accepted

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on January 12, 1956, In cash or other immediately available funds
or in a like face amount of Treasury bills maturing January 12, 1956
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted In exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
0O0

F-LLSASi iOlHIIK> NEiSPAFiSS,
Tuesday, January 10, 1956.

The treasury Department announced last eveaing that the tenders for $1,600,000,000
car thereabouts, of 91-day Treasury bills to be dated January 12 and to mature April It,
1956, which were offsr*d on January $, wsre opened at the Federal tewrve Basks en
January 9.
The details of this issue are as felloes:
Total applied for - *2#li92*91X»000
Total accepted
- 1,600,601,000

(includes #270,911*000 entered on t
nonoonpetitive basis and accepts* in
full at the average price sbowa teles)
- 99.31*4 Equivalent rate of discount appro** 2.$96% far anna

Average price

Range of accepted competitive bids:
High
Low

- 99*393 Equivalent rate of discount*, appro*. 2 J W 1 # ^pmr arras
- 99*33?
*
e
•
e
(UQ percent of the amount bid tor at the lev price was acoepted)

Federal Reserve
District
• ^ — — m m m m « — • — ~ ~ .

»u

•

Total
Applied for

Total
Accepted

|
26,1*9,000
1,767,586,000
$2,910,000
67,810,000
17,-7", TX>
31*, 2J 0,000
21*2,065,000
13,906,000
bit, 973,000
37,274,000
129,31*2,000

| S 26,109,080
- 97o,336,OW
37,310,000
67,31*0,000
17,275,000
3U, 238,000
18i*,565,0Q0
37,550,000
13,£06,000
M*, 978,000
37,272,000
123,21*2,000

$2,1*92,911,000

$1,600,601,000

Boston
lew Tork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

y </t

39,55o,ooo

TOTAL

TREASURY DEPARTMENT
' !" 'MR." 3»^E. *"

^rr.".T'-'* - •s.'L-"-—MF;

WASHINGTON, D.
RELEASE MORNING NEWSPAPERS,
Tuesday, January 10, 1956.

H-998

The Treasury Department announced last evening that the tenders for $1,600,000,000,

or thereabouts, of 91-day Treasury, bills to be dated January 12 and to mature A
1956, which were offered on January 5, were opened at the Federal Reserve Banks
January 9The details of this issue are as follows:
Total applied for - $2,U92,911,000
Total accepted
- 1,600,601,000
Average price

(includes $270,921,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
- 99.3UU Equivalent rate of discount approx. 2.596$ per annum

Range of accepted competitive bids:
High
Low

- 99*393 Equivalent rate of discount approx. 2.U01# per annum
ft
t!
tf
- 99.337
"
"
»
2.623$ "
(U8 percent of the amount bid for at the low price was accepted)

Federal Reserve
District

Total
Applied for

Total
Accepted

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

TOTAL

26,189,000
1,787,926,000
52,310,000
67,810,000
17,275,000
3k*238,000
2U2,085,000
39,550,000
13,906,000
UU,978,000
37,272,000
129,3U2,000

$2,UV2,911,000

26,189,000
976,336,000
37,310,000
67,810,000
17,275,000
3U,238,000
18U,565,000
37,550,000
13,806,000
UU,978,000
37,272,000
123,2U2,000

$1,600,601,000

- 3 i

or by any local taxing authority. For purposes of taxation the amount of discount
at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections U5U (b) and 1221 (5) of the Internal Revenue Code of
195U the amount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. Ul8* Revised, and this notice, prescribe
the teras of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch.

mm.
2 percent 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, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the
Treasury Department of the amount and price range of accepted bids.

Those sub-

mitting tenders will be advised of the acceptance or rejection thereof.

The

Secretary of the Treasury expressly reserves the right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect shall be
final.

Subject to these reservations, noncompetitive tenders for $200,000 or less

without stated price from any one bidder will be accepted in full at the average
price (in three decimals) of accepted competitive bids.

Settlement for accepted

tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on

January 19, 1956

, in cash or other immediately available funds

or in a like face amount of Treasury bills maturing
and exchange tenders will receive equal treatment.

January 19. 1956

Cash

Cash adjustments will be made

The bills

are subject to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed on the principal
or interest thereof by any State, or any of the possessions of the United States,

.M'.ro.MSA

TREASURY DEPARTMENT
Washington

/ _ l/ _Q

FOR RELEASE, MORNING NEWSPAPERS,
Thursday, January 12, 1956
.

y*
7 ^y

< 7/

The Treasury Department, by this public notice, invites tenders for
$ 1,600,000,000 , or thereabouts, of
in exchange for Treasury bills maturing

91 -day Treasury bills, for cash and
January 19, 1956

, in the amount of

w
$ 1,600.903,000 9 to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated
January 19, 1956 , and will mature
April 19, 1956
, when the face

«mm

-m.Mm.>.-m

P-.. East- Standa* * - , ^

;6, „»

4 m &

Tenders will not be received at the Treasury Department, Washington.

Each tender

It is urged that tenders

Tenders will be received without deposit from

incorporated banks and trust companies and from responsible and recognized dealers
in investment securities.

Tenders from others must be accompanied by payment of

TREASURY DEPARTMENT
WASHINGTON, D.C.

RELEASE MORNING NEWSPAPERS,
Thursday, January 12, 1956.

H-999

The Treasury Department, by this public notice, invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing January 19, 1956,
In the amount of $1,600,903,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated January 19, 1956,
and will mature April 19, 1956,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty ofclock p.m., Eastern Standard time,
Monday, January 16, 1956.
Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $1,000, and In the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99=925. Fractions may not be used. It is
urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent 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, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, non-competitive tenders for
$200,000 or less without stated price from any one bidder will be
accepted in full at the average price (in three decimals) of accepted

- 2competitive bids. Settlement for accepted tenders In accordance
with the bids must be made or completed at the Federal Reserve Bank
on January 19, 1956, in cash or other immediately available funds
or in a like face amount of Treasury bills maturing January 19, 1956
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The Income derived from Treasury bills, whether Interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter Imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include In his income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
0O0

<N
;..•- o Cu

O
c.O

STATUTORY DEBT LIMITATION
AS op..BSgSHfesr.Jlji.l955

TREASURYOBPARTMRHT
rl,c

"'8wW"

Washington, ...jJ&ft.f...~~.jJw>ITl,
Section 21 of Second Liberty Bone! Act, as amended, provides that the face amount of obligations Issued under authority
of that Act, and the fnee umount of obligations guaranteed as to principal and interest by the United States (except such guar*
antccd obligations as m a y be held by the Secretary of the Treasury), ''shall not exceed in the aggregate $275,000,000,000
fAct of June 26, 1946; U.S.C.j title 31, sec. 757b), outstanding at any one time. For purposes of this section the current redemption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder
shall be considered as its face amount." T h e Act of August 28, 1954, (P.L. 6H6-83rd Congress) provides that during the
period beginning on August 28, 1954, and ending June 30, 1955, the above limitation (1275,000,000,000) shall be temporarily
increased by $6,000,000,000. T h e Act of June 30, 1955 (P.L. 124 84th Congress) continues this temporary increase until June 30, 195&
T h e following table s h o w s the face amount of obligations outstanding and the face amount which can still be Issued under
this limitation:
"Total foce amount that m a y be outstanding at any one time
$2ol,000,000,000
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills I 22,313,273,000
Certificates of indebtedness
Treasury notes
BondsTreo sury
* Savings (current redemp. value)
Depositary.
Investment series
Special FundsCertificates of indebtedness
Treasury notes
Total interest-bearing
Matured, interest-ceased
Bearing no interest:
United States Savings Stamps
Excess profits tax refund bonds
Special notes of the United States:
hten.fl Monetary Fund seHes
Total

1$, 741,105 ,000
Ii3.321.133 .300 I
81, 862 ,1*88 , 300
57,92u,002,3o8
361,991,500
1 ?,?<?<?,51l6.000
32,155,280,000
11.770.309.U00

—

l52,UU8,028,l88

U 3 , 9 2 $ ,$89,1*00
277,7U9,128,888
o52,3Uo,U22

U7,005,959
1,039,UOU
1.6U5.000.000

Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A
52,206,350
Matured, interest-ceased
853,700
Grand total outstanding
Balance face amount of obligations issuable under above authority
—

81,375,511,300

• 1.693.PU5.U23
280,291,522,7-33

53,060,050
.'

28053u7j582,783
652«U17.217

;
—

Reconcilement with Statement of the Public Debt

J).^..9^lUfe.?X..3.i.*..J»?55.

(Daily Statement of the United States Treasury

.?.?..9.Sffi^.?.r...i?.Q.A...l?(r§5.

—

•

—

(Data)

)

(Ditto)

Total gross public debt 280,768,553,189
Guaranteed obligations not owned by the Treasury.
Total gross public debt and guaranteed obligations.
Deduct - other outstanding public debt obligations not subject to debt limitation

53»060,050
280,821,613,239
U7u.030.u56
280,3U7,$82,783

H-1000

Tre a^fDB plYiFD*lf • ii i»iBFSS^ 226-5

STATUTOIlY

\WMT

i/IMITATION

AS ov .y^;...^yy.y$$

TRKABUNY D E P A R T M E N T
Flucul flerv.ce

W a shington, .,,.J/j\l?.r...J.y..frr,,;•/.....

The following table shows the face amount of obligations outstanding and the face amount which can still be Issued under
thin limitation:
Total face amount that may be outstanding at any one time
$281,000,000,000
OutstnndingObligntions issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills | 22,313,273,000
Certificates of indebtedness
Treasury notes..
m
BondsTreasury
* Savings (current redemp. value)
Depositary.
Investment series
Special FundsCertificates of indebtedness
Treasury notes!
Total interest-bearing
Matured, interest-ceased
Bearing no interest:
United States Savings Stamps
Excess profits tax refund bonds
Special notes of the United States:
Intcrnat'l Monetary Fund series ,
Total

15,7Ul, 105,000
1+3 . 321.133 T 300 $
81,862,1*88,300
57,92l*,002, 3 8 8
361,991,500
1 2 .299 j51l6,000
32,155,280,000
11,770,309.1*00

81,375 ,5ll, 3 0 0

152,1*1*8, 0 2 8 , 1 8 8

1*3 »925 ,58? ,1*00
277,7U9,128,888
8 5 2 , 3 U 8 ,1*22

U7,005,959
1,039,U6U
1.6U5.000.000

• 1.693.OU5.U23
280,29U,522,733

Guaranteed obligations (not held by Treasury):
Interest-bearing:
52,206,350
Debentures: F.H.A
853,700
Matured, interest-ceased
Grand total outstanding ,m
Balance face amount of obligations issuable under above authority
Reconcilement with Statement of the Public Debt
(Daily Statement of the United States Treasury,

53,060,050
280,31*7,582,783
652.U17.217

J?£..9.§&fe£X..3.1.ju..l255.
(Data)
P.?M9.9ffi^.?.5..J.6.*...l?55
(Bute)

OutstandingTotal gross public debt
Guaranteed obligations not owned by the Treasury.
Total gross public debt and guaranteed obligations.
Deduct - other outstanding public debt obligations not subject to debt limitation

280,768,553,189
53.o6o.o5o
280,821,613,239
U7U.030.h56
280,3U7,532,733

H-1000

Trees.U«M>t.-PP-W«»wh. t O.C. J it*-5

2331

TREASURY DEPARTMENT
Washington

13
IMMEDIATE RELEASE,
Friday, January 13* 1956.

H-1001

The Btxreau of Customs announced today preliminary figures showing the
imports for consumption of commodities on which quotas were prescribed by
the Philippine Trade Act of 191*6, from January 1, 1955, to December 31, 1955,
inclusive, as follows:

Products of the
Philippines
Buttons

Imports as of
Dec. 31, 1955

: Established Quota
:
Quantity
850,000

Gross

779,066

Cigars 200,000,000

Number

Coconut Oil 1*1*8,000,000

Pound

11*5,112,1*61

Cordage 6,000,000

Pound

U,l*52,507

Rice 1,01*0,000

Pound

1*, 85U, 871

10,U26,6i7

(Refined
Sugars

l,90l*,000,000

Pound
1,878,001,368

(Unrefined
Tobacco 6,500,000

Pound

1,227,U26

14
TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Friday, January 13, 1956.

H-1001

The Bureau of Customs announced today preliminary figures showing the
imports for consumption of commodities on which quotas vrere prescribed by
the Philippine Trade Act of 191*6, from January 1, 1955, to December 31, 1955,
inclusive, as follows:

Products of the
Philippines
Buttons

: Established Quota
:
Quantity
850,000

Imports as of
Dec. 31, 1955
Gross

Cigars 200,000,000

Number

Coconut Oil 1*1*8,000,000

Pound

Cordage 6,000,000

Pound

Rice 1,01*0,000

Pound

(Refined
Sugars
(Unrefined
Tobacco 6,500,000

779,066
1*,85U,871
11*5,112,1*61
1*, 1*52,507
—

10,U2o,6l7
1,90l*, 000,000

Pound

1,878,001,368
Pound

1,227,U26

IMMEDIATE RELEASE,
Friday, January 13* 195o^
"
—
. '

TREASURY DEPARTMENT
Washington

1
H-1QQ2

The Bureau o f Customs announced today preliminary figures showing the imports
for consumption of the commodities listed below within quota limitations from the
beginning o f the quota periods to December 31, 1955, inclusive, as follows:

Period and Quantity

Commodity
whole milk, fresh o r sour

Calendar Year

' 3,000,000

Unit :
of
: Imports as of
Quantity:Dec. 31 1 3.9ft
Gallon

1*,286

Cream Calendar Year

1,500,000 Gallon

765

Butter Nov. 1, 1955 -

50,000,000 Pound

108,313

Mar. 31, 1956
Fish, fresh or frozen, filleted,
etc., cod, haddock, hake, pollock, cusk, and rosefish

Calendar Year

Ifhite or Irish potatoes:
Certified Seed
Other

12 mos. from
Sept. 15, 1955

Cattle, less than 200 lbs. each ... 12 mos. from
April 1, 1955
Cattle, 700 lbs. or more each Oct. 1, 1955 (other than dairy cows)
Dec. 31, 1955

35,1*32,621* Pound
150,000,000
60,000,000
200,000

Pound
Pound

Quota Filled
1*7,1*82,580
10,1*29,662

Head

5,2ia

120,000 Head

3,ltf

5,000,000

Pound

Quota Filled

July 1, 1955

2,500,000

Pound

Quota Filled

12 mos. from
Aug. 1, 1955

1,709,000

Pound

Quota Filled

Walnuts Calendar Year
Alsike clover seed 12 mos. from
Peanuts, whether shelled, not
shelled, blanched, salted, prepared, or preserved (including
roasted peanuts, but not ineluding peanut butter)

80,000,000 Pound 10,1*39A26

Peanut Oil 12 mos. from
July 1, 1955
Rye, rye flour, and rye meal 12 mos. from
July 1, 1955
Canada
Other Countries
# Imports through January 10, 1956

182,280,000
3,720,000

Pound
Pound

l8l,95l*,0i*h

iS
[MMEDIATE RELEASE,
?rlday, January 13s 1 9 5 6 .

TREASURY DEPARTMENT
Washington
H-1002

The Bureau of Customs announced today preliminary figures showing the imports
for consumption of the commodities listed below within quota limitations from the
beginning of the quota periods to December 31, 1955, inclusive, as follows:

Commodity
Whole milk, fresh or sour

Period and Quantity
Calendar Year

3,000,000

Unit :
of
: Imports as of
Quantity:Dec. 31, 1955
Gallon

U,286

Cream Calendar Year

1,500,000 Gallon

765

Butter Nov. 1, 1955 -

50,000,000 Pound

108,313

Mar. 31, 1956
Fish, fresh or frozen, filleted,
etc., cod, haddock, hake, pollock, cusk, and rosefish
Calendar Year
V/hite or Irish potatoes:
Certified Seed
Other

12 mos. from
Sept. 15, 1955

Cattle, less than 200 lbs. each ... 12 mos. from
April 1, 1955
Cattle, 700 lbs. or more each Oct. 1, 1955 (other than dairy cows)
Dec, 31, 1955

35,1*32,621* Pound

Quota Filled

150,000,000 Pound
60,000,000 Pound

1*7,U82,580
10,1*29,662

200,000 Head

5,21*1

120,000 Head

3,11*5

5,000,000

Pound

Quota Filled

July 1, 1955

2,500,000

Pound

Quota Filled

12 mos. from
Aug. 1, 1955

1,709,000 Pound

Quota Filled

Walnuts Calendar Year
Alsike clover seed 12 mos. from
Peanuts, whether shelled, not
shelled, blanched, salted, prepared, or preserved (including
roasted peanuts, but not ineluding peanut butter)

80,000,000 Pound 10,1*39,126

Peanut Oil 12 mos. from
July 1, 1955
Rye, *ye flour, and rye meal 12 mos. from
July 1, 1955
Canada
Other Countries
x Imports through January 10, 1956

182,280,000 Pound
3,720,000 Pound

181,95U,01*1* *

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
Friday9 January 13* 1956.

17
H-1003

The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour entered, or withdrawn from warehouse, for
consumption under the import quotas established in the Presidents proclamation
of May 28, 19l*l, as modified by the Presidents proclamation of April 13, 191*2,
for the 12 months commencing May 29, 1$55 , as follows:

Wheat
Country
of
Origin

Established 7
Imports
Quota
:May 29, 1955, to
:Jan. 10, 1956
(Bushels)
(Bushels)

Canada
795,000
China
Hungary
—
Hong Kong
—
Japan
United Kingdom
100
—
Australia
100
Germany
Syria
*100
—
New Zealand
—
Chile
100
Netherlands
Argentina
2,000
Italy
100
Cuba
1,000
France
Greece
Mexico
100
Panama
—
Uruguay
Poland and Danzig
Sweden
Yugoslavia
—
Norway
•fe
Canary Islands
Rumania
1,000
Guatemala
100
Brazil
100
Union of Soviet
Socialist Republics
100
Belgium
100

795,000

Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established : Imports
Quota
: May 29, 1955,
s to Jan. 10, 1956
(Pounds)
(Pounds)
3,815 ,000
21*,000
13 ,000
13 ,000
8 ,000
75 ,000
1 ,000
5 ,000
,000
5 ,000
l,000
i,000
l,000
U*,000
2 ,000
12 ,000
1 ,000
1 ,000
1 ,000
1 ,000
1 ,000
1 ,000
1 ,000
1 ,000
1 ,000
1

3,815,000

2,550

1,000

18
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
Friday, January 1^. 1Q56.

H-1003

The Bureau of (Tus^oms~announced today preliminary figures showing the
quantities of wheat and wheat flour entered, or withdrawn from warehouse, for
consumption under the import quotas established in the President's proclamation
of May 28, 19l*l, as modified by the Presidents proclamation of April 13, 19l*2,
for the 12 months commencing May 29, 1S55 *- as follows:

Wheat
Country
of
Origin

Established 1
Imports
Quota
:May 29, 1955, to
:Jan. 10, 1956
(Bushels)
(Bushels)

Canada
795,000
China
—
Hungary
—
Hong Kong
—
Japan
United Kingdom
100
—
Australia
100
Germany
Syria
"100
—
New Zealand
Chile
100
Netherlands
Argentina
2,000
Italy
100
—
Cuba
1,000
France
Greece
100
Mexi co
Panama
—
Uruguay
—
Poland and Danzig
—
Sweden
—
Yugoslavia
—
Norway
—
Canary Islands
Rumania
1,000
100
Guatemala
100
Brazil
Union of Soviet
Socialist Republics
100
100
Belgium

795,000

Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established : Imports
Quota
: May 29, 1955,
: to Jan. 10, 1956
(Pounds)
(Pounds)
3,815,000
21* ,000
13,000
13,000
8,000
75,000
1,000

5,ooo
5,000
1,000
1,000
1,000
U* ,000
2,000
12,000
1,000
1,000
ly000
1,000
1,000
1,000
1,000
1,000
1,000
1,000

3,815,000

2,550

1,000

-J

CM
CD
OJ

•"•2—
COTTON WASTES
(In pounds)

COTTON CARD STRIPS made from cotton having'a staple of less than 1-3/16 inches in length* COMBER
WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE
ADVANCED IN VALUEs Provided, however, that not more than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes made from cottons of 1-3/16 inches or more
in staple- length in the case of the following-countries: United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italys
Established
TOTAL QUOTA

Country of Origin

4,323,457
United Kingdom .
239,690
Uana&a
.....o...
227,420
France • • . . • o . . .
69,627
British India . .
68j240
Netherlands • o •
44,388
Switzerland .
38,559
Belgium
341,535
Japan
•
17,322
Unina . . . . . o •
8,135
Egypt 0 0 0 0 0 0 0
Uuoa o o • o
» o o
6,544
Germany 0 . • • . •
76,329
5,482,509
i.X»aJ_y o o « o
o o o o o
21.263
o

•

1/ Included in total imports, column 2.
Prepared in the Bureau of Customs.

:
Total Imports
s Established 2
Imports
s Sept. 20, 1955, to s 33-1/3* of s Sept. 20, 1955,
: Jan. 10, 1956
: Total Quota t to Jan. 10, 1956
547,624
1,441,152
547,624
170,508
68,362
75,807
68,362
22,747
14,796
12,853

24,500

25,443
7,088

24,500

810,994

1,599,886

640,486

<L \m/

TREASURY DEPARTMENT

Washington
IMMEDIATE RELEASE,
Friday. January 13. 1956.

H-1004

Preliminary data on imports for consumption of cotton and,.cotton waste chargeable to the quotas
established by .the President's Proclamation of September 5, 1939, as amended
COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other than rough or harsh under 3/4"
Imports Sept. 20. 1955. to January 10 t 19*6- inclusive
Country of Origin,

Established Quota

Imports

Country of Origin

Honduras
Egypt and the AngloParaguay
•
783,816
Egyptian Sudan . . ,
25,180
Colombia
247,952
Peru
40,273
Iraq
2,003,483
British India . . . •
British East Africa . •
1,370,791
China
8,883,259
Netherlands E. Indies.
8,883,259
Mexico
368,196
Barbados
618,723
Brazil
l/0ther British W. Indies
Union of Soviet
322,197
475,124
Nigeria
Socialist Republics
5,203
2/0ther British W. Africa
Argentina
237
^2/Other French Africa . .
Haiti
9,333
Algeria and Tunisia .
Ecuador
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago,
2/ Other than Gold Coast and Nigeria.
2/ Other than Algeria, Tunisia, and Madagascar.
'Cotton, harsh or rough, of less than 3/4"
Imports Sept. 20. 195?, to Dec. 31, 1955, _
Established Quota (Global)

Imports

70,000,000

5,863,421

Established Quota
752
871
124
195
2,240
71,388
21,321
5,377
16,004
689

Cotton 1-1/8" or more, but less than 1-11/16"
Imports Feb. 1, 1955,.to Jan, 10- 1956
Established Quota (Global)

Imports

45,656,420

21
TREASURY DEPARTMENT
Washington

II21EDIATE RELEASE,
Friday s January 13* 1956,

H-1004
Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by the -President'* Proclamation of September 5, 1939, as amended
COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other than rough or harsh under 3/4"
Imports Sept. 20. 1955. to January 1Q. 1956. i n o W ^ ~
Country of Origin
Established Quota
Imports
Country of Origin
Egypt and the AngloHonduras ..... .
Egyptian Sudan . .
783,816
Paraguay
.
Peru
25,180
247,952
Colombia . . . . . . .
British India . . , .
40,273
2,003,483
Iraq
# . #
China
1,370,791
British East Africa . .
8,883,259
Mexico
«,
8,883,259
Netherlands E. Indies.
368,196
Brazil
618,723
Barbados . . . . . . .
Union of Soviet
475,124
322,197
l/Other British W. Indies
Socialist Republics
5,203
Nigeria
Argentina
237
2/0ther British W. Africa
Haiti
9,333
pother French Africa . .
Ecuador
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago. Algeria and Tunisia .
2/ Other than Gold Coast and Nigeria.
^3/ Other than Algeria, Tunisia, and Madagascar.
Dotton, harsh or rough, of less than 3/4"
Imports Sept. 20. 1955, to Dec. 31, 1955
Established Quota (Global)
70,000,000

Imports
5,863,421

.ished Quot a
752
871
124
195
2,240
71,388
21,321
5,377
16,004
689

Cotton 1-1/8" or more, but less than 1-11/16"
Imports Feb. 1. 1 9 ^ , to Jan. 10 T 1956
Established Quota (Global) imports
45,656,420 45,656,420

Imports
—
—
—

.2-

COTTON l/ASTES
(In pounds)
COTTON CARD STRIPS made from cotton having -a staple of less than 1=3/16 inches in length, COMBER
WASTE, LAP WASTE, SLIVER VJASTE, AND ROVING YJASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE
ADVANCED IN VALUEi Provided, however, that not more than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes made from cottons of 1-3/16 inches or more
in staple length in the case of the following countriess United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italys

Country of Origin
United Kingdom
Canada . . 0 0 0
France . . . .
British India .
Netherlands • .
Switzerland . •
Belgium . . . .
<j apan . . . . .
Unina . <> . • .
Egypt o e o o o
uuoa o o • » .

Germany
Italy o

Established
TOTAL QUOTA
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
5,482,509

1/ Included in total imports, column 2.
Prepared in the Bureau of Customs.

Total Imports
% Established i
Imports
1/
Sept. 20, 1955, to % 33-1/3? of % Sept. 20, 1955,
Total Quota ; to Jan. 10, 1956
Jan. 10, 1956
547,624
170,508
68,362

1,441,152

547,624

75,807

68,362

22,747
14,796
12,853

24,500
810,994

25,443
7,088
1,599,886

24,500
640,486

72"

He is director and past president of the Association of Better
Business Bureaus and is % director of the National Better Business Bureau
and the Periodical Publishers Association. In addition he is chairman of the
executive committee of the Magazine Advertising Bureau and chairman of the
advertising committee of the Magazine Publishers Association*

23
- 2 Earl Shreve is leaving.

He knows a great deal about the bond

program through his connections with it as a publisher and
advertising man/ and a member of National Savings Bond Committees,
He knows personally many volunteer Savings Bonds leaders throughout
the country.

I am certain his guidance of the bond program will

be inspiring and productive of fine results."
Mr. Shreve, a former top jrrTiflmrfinnfflnisales executive of
General Electric, and former president of tho United Ofeafceo ff/"*'
Chamber or Commerce, cam^ourbf retirement in October, 1953,
to head the bond program.
Mr. Shreve is returning to his home in Port Lauderdale,
Florida.
Mr. Buckley, the new National Director, was born in Iowa
and attended the University of Chicago.

Service as an

artillery officer in World War I interrupted his initial
experience in advertising.

Vff^r 1rh^ wrrtr ht? vr^nf int? irh?

wond jpi'^uifcr bua*iiLiea,l&.
In 1927 he joined the Hearst organization, in which he
served as vice president and publisher of Cosmopolitan, and
later of Good Housekeeping.

He then advanced to vice president

and general advertising manager of a group of nine Hearst
magazines.
ffi*&Q««U^

chairman Q£;>the e^cufciVe consultte© o£
y''

.yri'

y^'

$?*r

..c'*^~'~ .-y''.^^

&• Suj?#Sui and ch^iffean of ^^#€dvprtisi
y

ommltti

the Magazlrffe PublisherjTAssociation.

____________

^p€^

dDRiS"^ ^!? RELEASE- ^
MR 3:00 PMfWO^DAY, Jan. 16

^tra"

/<KJ

Treasury Secretary Humphrey today presented the Alexander
Hamilton medal for distinguished leadership in the Treasury
Department to Earl 0. Shreve, upon the occasion of Mr. Shreve's
retirement as National Director of the Savings Bonds Division
of the Treasury.
Secretary Humphrey then swore in John R. Buckley, widely
known magazine publishing executive, as Mr. Shrive1s successor.
Mr. Buckley, who is "Bill" to his acquaintances, comes to the
Treasury from the Hearst organization.
The dual ceremony took place at the Treasury in the
presence of Treasury officials and other friends of Mr. Shreve
and Mr. Buckley.
"Earl Shrevefs departure means that the Treasury team is
losing one of its most valuable members," Secretary Humphrey
said.

"But he already has served considerably longer than he

originally agreed to do.
"Under his direction, post-war Savings Bonds sales reached
a new high mark in 195^ and again in 1955.

For such splendid

leadership of the bond program I am happy to present the
Treasury Department's Alexander Hamilton medal to him.
"It is fortunate for us that a man so exceptionally
qualified as

BI:U T )Buckley has agreed to lay aside his

responsibilities of private life and take over the job that

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE 3:00 PM, EST,
Monday, January 16, 1956.

H-1005

Treasury Secretary Humphrey today presented the Alexander
Hamilton medal for distinguished leadership In the Treasury
Department to Earl 0. Shreve, upon the occasion of Mr. Shrevefs
retirement as National Director of the Savings Bonds Division
of the Treasury.
Secretary Humphrey then swore in John R. Buckley, widely
known magazine publishing executive, as Mr. Shrevefs successor.
Mr. Buckley, who Is "Bill" to his acquaintances, comes to the
Treasury from the Hearst organization.
The dual ceremony took place at the Treasury in the presence
of Treasury officials and other friends of Mr. Shreve and
Mr. Buckley.
"Earl Shreve!s departure means that the Treasury team is losing
one of its most valuable members," Secretary Humphrey said. "But
he already has served considerably longer than he originally agreed
to do.
"Under his direction, post-war Savings Bonds sales reached
a new high mark in 195^ and again in 1955. For such splendid
leadership of the bend program I am happy to present the Treasury
Department's Alexander Hamilton medal to him.
"It is fortunate for us that a man so exceptionally qualified
as fBill.f Buckley has agreed to lay aside his responsibilities of
private life and take over the job that Earl Shreve is leaving. He
knows a great deal about the bond program through his connections
with it as a publisher and advertising man and a member of
National Savings Bond Committees. He knows personally many volunteer
Savings Bonds leaders throughout the country. I am certain his
guidance of the bond program will be inspiring and productive of
fine results."
Mr. Shreve, a former top sales executive of General Electric,
and former president of the Chamber of Commerce of the United
States, came out of retirement in October, 1953* to head the bond
program.
Mr. Shreve is returning to his home in Fort Lauderdale, Florida.
Mr. Buckley, the new National Director, was born in Iowa
and attended the University of Chicago. Service as an artillery
officer in World War I interrupted his initial experience in
advertising.

26
- 2 In 1927 he joined the Hearst organization, in which he served
as vice president and publisher of Cosmopolitan, and later of
Good Housekeeping. He then advanced to vice president and general
advertising manager of a group of nine Hearst magazines.
He is a director and past president of the Association of
Better Business Bureaus and Is a director of the National Better
Business Bureau and the Periodical Publishers Association. In
addition he is chairman of the executive committee of the Magazine
Advertising Bureau and chairman of the advertising committee of the
Magazine Publishers Association.

0O0

rt-io

RELEASE MONDAY MORNING PAPERS, JANUARY 16, 1956
C24*w?*>

^^4^^

Treasury Secretary Humphrey today/ikti^uiuluU <6eorge B.
Kneass, 58, of Philadelphia, Pennsylvania, as Assistant to
the Secretary*
Mr. Kneass will assist Under Secretary W. Randolph
Burgess in Treasury financing and debt management, and will
assume his duties on January 23. He will succeed Robert B.
Blyth of Cleveland, Ohio, who has held this post for the
past year, and is now returning to private business*
Mr. Kneass began his banking career in Philadelphia at
Drexel and Company in September 1919. In 1926 he joined
the Guaranty Trust Company of New York where he became
Assistant Manager and Correspondent of the Philadelphia
office* In January 1935 he became associated with the
Philadelphia National Bank, and at the time of his appointment to the Treasury he was Vice President and Supervising
Head of the Investment Division* Mr. Kneass has been a
member for many years of the Investment Bankers Association
Governmental Securities Committee, which consults with the
Treasury on financing problems, and served as Chairman of
that Committee in 1950 and 1951.
A native of Philadelphia, Pennsylvania, Mr* Kneass
attended the University of Pennsylvania where he received an
A.B. degree in 1919* His home has been in Bryn Mawr,
Pennsylvania*

TREASURY DEPARTMENT

Cm \mJ

WASHINGTON, D.C.

RELEASE MORNING NEWSPAPERS,
M£I^L^..^aJi]-2S£yA^LjLS-^.»__

H-1006

Treasury Secretary Humphrey today announced the appointment
of George 6a Kneass, 58, of Philadelphia, Pennsylvania, as
Assistant to the Secretary.
% Mr. Kneass will assist Under Secretary W. Randolph Burgess
in T/'t-asury unarming and debt management, and will assume his
du'cies on Oanucry 23, He will succeed P.obe^t B Blyth of
Cleveland, Ohio, who has held this post for the past year, and is
now returning to private business.
Mr. Kneass began his banking career in Philadelphia at
DrexeJ and Company in September 1919. In 1926 he joined the
Guaranty .rust Company of New York where he became Assistant Manager
ger
ana Correspondent of the Philadelphia office. In January 1905
he bee?:rie associated with the Philadelphia National ^.nV, and at
the time of his appointment to the Treasury he was Vice President
and Supervising Head of the Investment Division. Mr.' Kneass has
been a member for many years of the Investment Bankers Association
Governmental Securities Committee, which consults with the Treasury
1950 andCi951Pr°b ' ^ SSrV8d ES Chairman of fch£t Committee in
«.* TAnatiYf of Phila<*elphia, Pennsylvania, Mr. Kneass attended
Ahe University of Pennsylvania where he received an A.B. degree
in 1919. His heme has been in Bryn Mawr, Pennsylvania

0O0

im?v&&

r^gaday. Jaaaary 17, Ifa
Tho fa^osspy Dopwtliisoiit agmous&ood last evening that t&o tender© for $1#600#00D,
or ttaor^bwta* of 91-4&y Trtuurarr M?.lo to 'w datM 4fcw«ry 19 and to mature April' #t
1956* vtetah mr* offered o& $*wmMf 12, wo#o of?o*«i at the Fodoral iteoorvo Banks on

-m m^m&

^p^p « W 4 M W w

\pnps.

^*M-m\9w*^mw

•wd^r'W^^wP

^ i ^ ^SF "^PWBP *i-w 'WwfcwM*'' W

Total applied for - 12*636* |||*0Q0
total ooooprtod
- l$§^§mm»®®&

Avorsgn prioo

(tmliidoo 1286,017*000 ootorod oa a
noneaapotitive basis and aoooptod la
full at tho avwago prico ohooa b©lo*)
- ?9«370 £%i&*&M*fit rati of diocoaat approx* 2.k93% por annua

THl^fc^Ml%#*#rffc jhm7*mT M-J\ dk-% mfm9%mCmmtmMlmm-mmi JhM AjblllW*AlVV ^M" M ^AMife ^tferfE JfrM A

Higjfr - 99*376 l«ilf*l«ffe> rato of diaecnmt appro*. 2*M>93S per anman

(III peroent of tho account bjb& for at tho loir prico was acooptod)
Federal Boooanra total total
«HJIH)»»IIIl«i»•»•*—••>•«•<»»»«»»

iII11ami«Wli

Boston $ 6l#?a^t000 | 1*8,189,000
Hew York
Phil*d*l|ihia

«wWM>*>*W»WW!Mi«WW»MpiaMiimmm9a»*lm*

1,796,786*000
It5,7*5*000
19,767,000

9U3,3U1»CX>0
19,0b9,000
93,675*000
13,735,000

36U,6JS»00G
89,692,000
10,957,000
36,759,000
33,751.000
132.315*000

21*9,173*000
22,750,000
10,857,000
32,535,098
2^,081,000

* i •'•->*

llehaoad
Chicago
sb. Ural*
3&Hn»«j>eli*
Kansas City
Bsllas
Sen FWtnoisco

mmm9mmm*3mmmmmmmm9mmmmmm99mm.

'ii»>iiiiiWii>w*ii*iw<<|liliVwiii^<Biti i II m w

i niimi - " V i i r T i iff ~

$2,686,133*000 |l,6Ol,612,0G0

J m

-^—n"—"

TREASURY DEPARTMENT

WASHINGTON, D.C.
RELEASE MORNING NEWSPAPERS,
Tuesday, January 17, 1956.

N^V-^X

H-1007

The Treasury Department announced last evening that the tenders for $1,600,000,0

or thereabouts, of 91-day Treasury bills to be dated January 19 and to mature Ap

19i>6, which were offered on January 12, were opened at the Federal Reserve Bank
January 16.
The details of this issue are as follows:
Total applied for - $2,686,133,000
Total accepted
- 1,601,612,000

Average price

(includes $286,017,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
- 99.370 Equivalent rate of discount approx. 2.k93% per annum

Range of accepted competitive bids:
High - 99.376 Equivalent rate of discount approx, 2.k(>9% per annum
M
Low
- 99.368
«
"
"
"
2*50C$

••

(U8 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total
Applied for

Total
Accepted

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

61,78U,000
1,796,786,000
U5,755,000
115,790,000
19,767,000
38,162,000
36U,615,000
29,692,000
10,957,000
36,759,000
33,751,000
132,315,000

$2,686,133,000

U8,189,000
9U3,8U1,000
19,OU9,000
98,675,00018,715,000
27,822,000.
219,173,000.
22,750,000
10,857,000
31,535,000
25,081,000
105,925,000

$1,601,612,000

JAM fi 1356
Tho following transaction* were made in direct and guaranteed Ql
securities of tho Government for Treasury Investment* and other accounts
during the month of December, 1955i

Purchases $249,894,000.00
Salos ^lOHiiyfOp
$234,3^,850.00

"(SgdJ Charles T. Brannan
Chief, Investments Branch
Division of Deposits & Investments

TREASURY DEPARTMENT
WASHINGTON, D.C.

IMMEDIATE RELEASE,
^ThuinadQy> Poo amber
Mdn&j, J on* 4Py Mm, if*4t%

mmmm^f^^^

J~ f ft/

During ItMnataflS 1955^niarket transactions
in direct and guaranteed securities of the
government for Treasury Investment and other
accounts resulted in net purchases by the

fimmmm^Lkjl ^# ^^
Treasury Department of M i p O » >

0O0

(

TREASURY DEPARTMENT

WASHINGTON, D.C.

IMMEDIATE RELEASE,
Monday, January 16, 1956.

H-1008

During December 1955, market transactions
in direct and guaranteed securities of the
government for Treasury investment and other
accounts resulted in net purchases by the
Treasury Department of $23^,829,850,

0O0

- 3-

xsntfc
or by any local taxing authority. For purposes of taxation the amount of discount
at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections k$k (b) and 1221 (5) of the Internal Revenue Code of
195U the amount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. iil8, Revised, and this notice, prescribe
the terms of the Treasury bills ami govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch.

- 2 -

*m
or in a like face amount of Treasury bills maturing

January 26, 1956

. Cash

im
and exchange tenders will receive equal treatment. Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 195U. The bills
are subject to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed on the principal
or interest thereof by any State, or any of the possessions of the United States,

^.dnitabbdbc

/ ( $]
y

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, January 19, 1956
.
The Treasury Department, by this public notice, invites tenders for
$1,600,000,000

, or thereabouts, of

in exchange for Treasury bills maturing

-day Treasury bills, for cash and
January 26, 1956

, in the amount of

"-tier*

$1,601,680,000

to be issued on a discount basis under competitive and non-

m—
competitive bidding as hereinafter provided.
dated
January 26, 1956
and will mature

The bills of this series will be
April 26, 1956
, when the face

It is urged that tenders

be made on the printed forms and forwarded in the special envelopes which will be
supplied by Federal Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account. Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized dealers
in investment securities. Tenders from others must be accompanied by payment of

TREASURY DEPARTMENT
WASHINGTON, D.C

RELEASE MORNING NEWSPAPERS,
Thursday, January 19* 1956*

H-1009

The Treasury Department, by this public notice, invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing January 26, 1956,
in the amount of $1,601,680,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated January 26, 1956,
and will mature April 26, 1956,
when the face amount will be
payable without interest* They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty ofclock p.m., Eastern Standard time,
Monday, January 23, 1956.
Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99.925. Fractions may not be used. It is
urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent 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, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, non-competitive tenders for
$200,000 or less without stated price from any one bidder will be
accepted in full at the average price (in three decimals) of accepted

1 n

Tuesday,MORNING
JanuaryNEWSPAPERS,
2U, 1956.
RELEASE

V t,^\

The Treasury Department announced last evening that the tenders for $1,600,000,001
or thereabouts, of 91-day Treasury bills to be dated January 26 and to nature April ?69
m
1956, which were offered on January 19, were opened at the Federal Reserve Banks oa
sf
January 23*
The details of this issue are as followst
Total applied for - $2,596,116,000
Total accepted
- 1,600,865,000 (includes $255,51*6,000 entered on a
noncompetitive basis and accepted in fall _
at the average price shown belcsr)
Average priee
- 99.1*33 Equivalent rate of discount approx. 2**HdV par tnmm
Range of accepted competitive bids:
High - 99*Ut0 Equivalent rats of discount approx* 2.215$ psr anmm
- 99.U29
•
"
•
« >2.
• -: 2.259*
(53 percent of the amount hid far at the lew price was aeoepted)
Federal Reserve
District

Total
as
Applied tar

Total
Ao**pt*d

Boston
New Tork
Philadelphia
Cleveland
Rietaend
Atlanta
Chicago --r--<?-.
St* Louis
Minneapolis
Kansas City
Dallas
San Francisco

$ C .23,302,000
1,03$,56J»,000
20,966,000

Total

23,702,000
1,920,633,000
37,025,000
65,208,000
15,21*9,000

55,5h5,000

33,052,000
12,211,000
J*7,9Oii,O00
36,168,000
U9,5«l,000

13,62k,000
27,893,000
"208,098,000
32,106,000
12,211,000
U3,1»Q7,000
27,727,000
100,1*02,000

$2,596,116,000

11,600,665,000

30,oU3,ooo
255,3e$,QQ0

•

TREASURY DEPARTMENT
•B

JJ...L.1J.W.WL .JIU 1.-I.J

»rLr..uJi.jj^M.>^i..»»ii«-.^o«iWHIIWIWIIlU1ilW liHI»W*WMMI«W3gl

—

WASHINGTON, D.C
RELEASE MORNING NEWSPAPERS,
Tuesday, January 2k, 1956.

H-1010

The Treasury Department announced last evening that the tenders for $1,600,000,000,

or thereabouts, of 91-day Treasury bills bo be dated Janaary 26 and to mature April 26,
1956, which were offered on January 19, were opened at the Federal Reserve Banks on
January 23•
The details of this issue are as follows;
$2,596,116,000
1,600,865,000 (includes $255,516,000 entered on a
noncompetitive basis and accepted in full
at the average price shown below)
Average price
99.U33 Equivalent rate of discount approx. 2.?k$% per annum
Range of accepted competitive bids:
Total applied for
Total accepted

- 99*U1;0 Equivalent rate of discount approx. 2.71$% per annum
M
M
lf
H
n
- 99.U29
"
2.259$ w

High
Low

(53 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total
Applied for

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Sen FranciscoTotal

\ 23,702,000
1,920,633,000
37,025,000
65, 208,000
15,21*9,000
30,0^3,000
255,3l|0,000
33,052,000
12, 211,000
1*7,90li,000
36,168,000
$2,596,116,000
119,581,000

Total
Accepted
> 23,302,000
1,035,56U,000
20,986,000

55,5h5,ooo
13,62h,000
27,893,000
208,098,000
32,106,000
12, 211,000
U3,107,000
27, 727,000
,600,865,000
100,102,000

- 3-

ism

or by any local taxing authority. For purposes of taxation the amount of discount
at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections k$k (b) and 1221 (5) of the Internal Revenue Code of
195U the amount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. Itl8, Revised, and this notice, prescribe
the tenns of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch.

- 2

trmz
2 percent 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, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the
Treasury Department of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, noncompetitive tenders for $200,000 or less
without stated price from any one bidder will be accepted in full at the average
price (in three decimals) of accepted competitive bids. Settlement for accepted
tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on February 2, 1956 , in cash or other immediately available funds
or in a like face amount of Treasury bills maturing February 2 * 1956 Cash
and exchange tenders will receive equal treatment. Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 19$k* The bills
are subject to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed on the principal
or interest thereof by any State, or any of the possessions of the United States,

:iY.9.iY*it.m:\»*M,

TREASURY DEPARTMENT
Washington

/-/—/$

>
I /

FOR RELEASE, MORNING NEWSPAPERS,
Thursday, January 26, 1956
.
The Treasury Department, by this public notice, invites tenders for
$ 1,600,000,000 , or thereabouts, of 91 -day Treasury bills, for cash and
in exchange for Treasury bills maturing February 2 * 1956 , in the amount of
$ 1,602,167,000 , to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated February 2, 1956 , and will mature May 3, 1956 , when the face
amount will be payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
closing hour,/***" ofclock p.m., Eastern Standard time, Monday* January 3 d 1956 «
Tenders will not be received at the Treasury Department, Washington.

Each tender

must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99.925. Fractions may not be used. It is urged that tenders
be made on the printed forms and forwarded in the special envelopes which will be
supplied by Federal Reserve Banks or Branches on application therefor. ^^y'
Others than banking institutions will not be permitted to submit tenders
except for their own account. Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized dealers
in investment securities. Tenders from others must be accompanied by payment of

RELEASE MORNING NEWSPAPERS,
Thursday, January 26, 1956.

H-1011

The Treasury Department, by this public notice, invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing February 2, 1956,
in the amount of $1,602,167,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated February 2, 1956,
and will mature May 3, 1956,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o'clock p.m., Eastern Standard time,
Monday, January 30, 1956.
Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99.925. Fractions may not be used. It is
urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account* Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent 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, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, non-competitive tenders for
$200,000 or less without stated price from any one bidder will be
accepted in full at the average price (in three decimals) of accepted

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
onFebruary 2, 1956,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing February 2, 1956,
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss*
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
0O0

*"f 4
r^I^ASE MORNING NS^rAP&ES,
Tuesday, January 31, 1956,
the Treasury Department announced last evening that the tenders for $1,600,000,000,
or thereabouts, of 91-day Treasury bills to be dated February 2 and to mature May 3«
1956, which were offered on January 26, were opened at the Federal Reserve Banks on
January 30.
The details oi" this issue ara as f ollows j
Total applied for - $2,3i*7,110,000
Total accepted
- 1,600, U25, 000

(includes •226*013,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Average price
- 99.393 Equivalent rate of discount approoc. 2**402jTper annua
Range of accepted competitive bids: (Except for one tender o£ $100,000)
High - 99.1*06 Equivalent rate of discount approx* 2*35<# per annua
Low
- 99.387
«
n
u
n
«
2.ti2$%

•

(16 percent of the amount bid for at toe low price was accepted)

Federal Reserve
District

Total
Applied for

Total
A.co.p'bsd

Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
lUnneapolia
Kansas Ci^y
Dallas
San Francisco

TOTAL

18,633,000
1,728,367,000
36,067,000
6*1,1*39,000
13,117,000
29,626,000
251,615,000
19,283,000
3,699, 3-K3
37,366,000
32,889,000
106,U7U,000

|2,3U7,110,0OO

18,633,000
1,0*3,327,000
21,067,000
&,k39,00Q
13,01*7,000
28,801,000
197,575,000
19,288,000
8,699,000
35,186,000
26,889,000
103,U7U,000

|1,600,1|25,000

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE MORNING NEWSPAPERS,
Tuesday, January 31, 1956.

H-1012

The Treasury Department announced last evening that the tenders for $1,600,000,000,

or thereabouts, of 91-day Treasury bills to be dated February 2 and to mature Ma

1956, which were offered on January 26, were opened at the Federal Reserve Banks
January 30.
The details of this issue are as follows:
Total applied for
Total accepted
Average price

$2,347,110,000
1,600,425,000

(includes $226,013,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
99*393 Equivalent rate of discount approx. 2.402$ per annum

Range of accepted competitive bids:

(Except for one tender of $100,000)

- 99.406 Equivalent rate of discount approx. 2.350^ per annum
tt
tt
11
it
w
2.425;2 «
- 99.387

High
Low

(16 percent of the amount bid for at the low price was accepted)

Federal Reserve
District

Total
Applied for

Total
Accepted

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

TOTAL

18,633,000
1,728,367,000
36,067,000
64,439,000
13,147,000
29,626,000
251,615,000
19,288,000
8,699,000
37,866,000
32,889,000
106,474,000

$2,347,110,000

18,633,000
1,063,327,000
21,067,000
64,439,000
13,047,000
28,801,000
197,575,000
19,238,000
8,699,000
35,186,000
26,889,000
103,474,000

$1,600,425,000

- 3 -

45
or by any local taxing authority.

For purposes of taxation the amount of discount

at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 (5) of the Internal Revenue Code of
1954 the amount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 4l8, Revised, and this notice, prescribe
the tenns of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch.

- 2 -

mm.

Those sub-

mitting tenders will be advised of the acceptance or rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect shall be
final.

Subject to these reservations, noncompetitive tenders for $200,000 or less

without stated price from any one bidder will be accepted in full at the average
price (in three decimals) of accepted competitive bids.

Settlement for accepted

tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on

February 9. 1956

, in cash or other immediately available funds

or in a like face amount of Treasury bills maturing
and exchange tenders will receive equal treatment.

February 9> 1956

Cash

Cash adjustments will be made

The bills

aaaatac —^ 10 ^
TREASURY DEPARTMENT
Washington

/ T

FOR RELEASE, MORNING NEWSPAPERS,
Thursday» February 29 1956
•
The Treasury Department, by this public notice, invites tenders for
$ 1.600.000.000 , or thereabouts, of

Imk—

-day Treasury bills, for cash and

in exchange for Treasury bills maturing
February 9, 1956
, in the amount of
$ 1^599|740>OOQ 9 to be issued on a discount basis under competitive and non-

555
competitive bidding as hereinafter provided.
dated

February 9, 1956

, and will mature

amount will be payable without interest.

The bills of this series will be
May 10, 1956

, when the face

They will be issued in bearer form only,

and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
closing hour,/jots o'clock p*m., Eastern Standard time, Monday. February 6, 1956 .

—=55
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99.925-

Fractions may not be used.

It is urged that tenders

Tenders will be received without deposit from

incorporated banks and trust companies and from responsible and recognized dealers
in investment securities. Tenders from others must be accompanied by payment of

4
•J..JUU*

TREASURY DEPARTMENT
'"

•"""-•

" ^

' '"

" '..AlA

••-•'.•JW.V.'l*!*

"- ?-fi

' ^^^f^^•Jl'^lJJlL!WW^^^l^^•'^»'J»L^yXWJLM'U•J•UJJWJ•JWM•^•.JIl^•L^I

WASHINGTON, D.C.

RELEASE MORNING NEWSPAPERS,
Thursday, February 2* 19ft6-

H-1013

The Treasury Department, by this public notice, invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing February 9, 1956,
in the amount of $1,599,740,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated February 9, 1956,
and will mature
May 10, 1956,
when the face amount will be
payable without interest* They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty ofclock p.m., Eastern Standard time,
Monday, - February 6, 1956.
Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99.925. Fractions may not be used. It is
urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account* Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities* Tenders
from others must be accompanied by payment of 2 percent 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, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, non-competitive tenders for
$200,000 or less without stated price from any one bidder will be
accepted in full at the average price (in three decimals) of accepted

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on February 9, 1956, in cash or other immediately available funds
or in a like face amount of Treasury bills maturing February 9, 1956.
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss*
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo

- 5 build and improve with confidence tempered with prudence, /ll Uxltl
'this nation can enjoy new peaks of prosperity in business, ) l'^i^i
production, and wages and constantly higher standards of

,*_*_,

living —

for all the people.

If the boys and girls of

l^it^x^

Junbr Achievement a**d all"" their aoo^^A(yto*»^^»3^»w in this I /f&txs
path the future of America is unlimited.!

\ ou^ J

v.-^

- 4It is the cumulative effect of all this individual effort,
each for himself, thinking, planning and working to improve his
own position in his own way, that makes our system superior to
anything ever known in this world before.

America

That^ what makes

^^yyy~*

«-'^c« J[

Such a sound, prosperous economy based upon free enterprise
is og^af the big difference* between a free country and a
slave state.

A free nation stems from the freedom of choice

of the individual, in religion, in government and inphe
freedom of individual opportunity that permits a man or woman
to go out and work for an incentive of their own choosing —
v

m%m

not because they are told to do it or else.

In America that

incentive is for better homes and living conditions, better
education and therefore better opportunities for our children*

As yau take part in the Junior Achievement program, giving
supervision and guidance to the boys and girls in the ways of
operating a business, you have a wonderful opportunity to
impress on them the story of how our free enterprise system
has helped make our country strong and prosperous.

Remind

them that nowhere in the world is there greater freedom
of initiative and enterprise than we know right here.

Remind

them of their responsibilities as citizens of the future to
make sure that this continues.
If all Americans —

/ ypr^

workers, producers, businessmen,
A
consumers and investors — all go ahead and work and buy and

- 3Certainly every participant in the program learns a great
deal about the way our free enterprise economy works —

why it

has proved far and away the sort of economy most productive of
higher living standards —

why it can be depended on to

generate new and better-paying jobs for an ever-growing
population —

why it is such a powerful force for the defense

of our country.
Your purpose here today is to consult on means of extending
the Junior Achievement program so it will reach many more young
Americans than now.

That purpose is a challenge to every one

of us who wants to see our country grow and prosper and its
people share more and more generously in the rewards of
economic freedom.

It is a challenge because the Junior

Achievement way is so effective a way of helping equip the
boys and girls of today to conduct economic affairs of our
country in the future.
Today we have the greatest productive machine the world
has ever seen.

It is expanding rapidly.

From the apparently

unfailing spring we call research flows a stream of new ideas
and new products, resulting in new opportunities and new
wealth for everyone.
The success of our economy has depended not upon government
but upon the efforts of all the people all trying to do a little
more for themselves, trying to better themselves and their
loved ones.

\mJ >S

by Secretary Humphrey at Junior
ement Breakfast, 8:30 a.m., Wednesday, Feb. 1,
1956, Congressional Room, Statler Hotel, Washington,D.C.
r

* lyf ^^ ^^ j , -T h '
T£/ly<$/\,/ ^\ny 1 /V C^bs* *^9 ^^^^iy^ytiyon^
ljJ^4A_enouragiug /indeed-^e==4&e# some ^HKHoutstanchng poople
from business, from government, and from the educational world
gathered here under the sponsorhsip of Junior Achievement to study
ways and means of familiarizing more of America's young people
with tne principles and the practice of free en toy pert ere. *» ^N.LCV
Few organizations give more direct and more effective ^
support to what we call the American way of life than does
Junior Achievement — the organization today holding its first
National Conference in its thirty—year history.
When young people, generally those of high school age, sign
up witn Junior Achievement, they agree to "learn by doing." One
writer called Junior Achievement "a kind of 4-H club of business."
That*s an excellent description. The 4-H young folks learn the
agricultural arts by first-hand experience. The youngsters of
Junior Achievement, organized in their own local "companies",
under the sponsorship of a local business concern or some civic,
service, or professional group, learn the operation of business
enterprises in just the same way — by first-hand experience.
Kirst they learn about raising capital — by selling stock
at half a dollar a share or thereabouts. They learn about
setting up managements — about obtaining production equipment
and materials — about selling — in brief, about all the
ordinary procedures in setting up a business under our free
enterprise economy, and making it work.

TREASURY DEPARTMENT
Washington
Extracts from remarks by Secretary Humphrey at
Junior Achievement Breakfast, 8s30 a0m.,
Wednesday, February 1, 1956, Congressional Room^
Statler Hotel, Washington D. C.
This is a fine representation from business, from government,
and from the educational world gathered here under the sponsorship
of Junior Achievement to study ways and means of familiarizing
more of America's young people with the principles and the practice
of free incentive competition.
Few organizations give more direct and more effective support
to what we call the American way of life than does Junior
Achievement —• the organization today holding its first National
Conference in its thirty-year- history.
When young people, generally those of high school age. sign
up with Junior Achievement, they agree to "learn by doing.
One
writer called Junior Achievement "a kind of 4-H club of business•"
That's an excellent description. The 4-H young folks learn the
agricultural arts by first-hand experience. The youngsters of
Junior Achievement, organized in their own local "companies",
under the sponsorship of a local business concern or some civic,
service, or professional group, learn the operation of business
enterprises in just the same way -- by first-hand experience.
First they learn about raising capital — by selling stock
at half a dollar a share or thereabouts« They loarn about setting
up managements — about obtaining production equipment and
materials — about selling -- in brief, about all tho ordinary
procedures in setting up a business under our free enterprise
economy, and making it work.
Certainly every participant in the program learns a great
deal about the way our free enterprise economy works — why it has
proved far and away the sort of economy most productive of higher
living standards -- why it can be depended on to generate new and
better-paying jobs for an ever-growing population — why it is
such a powerful force for the defense of our country.
Your purpose here today is to consult on means of extending
the Junior Achievement program so it will reach many more young
Americans than now. That purpose is a challenge to every one
of us who wants to see our country grow and prosper and its people
share more and more generously in the rewards of economic freedom.
It is a challenge because the Junior Achievement way is so
effective a way of helping equip the boys and girls of today to
conduct economic affairs of our country in the future.
H-1014

- 2-

55
Today we have the greatest productive machine the world has
ever seen. It is expanding rapidly* From the apparently unfailing
spring we call research flows a stream of new ideas and new
products, resulting in new opportunities and new wealth for
everyone.
The success of our economy has depended not upon government
but upon the efforts of all the people all trying to do a little
more for themselves, trying to better themselves and their loved
ones.
It is the cumulative effect of all this individual effort,
each for himself, thinking, planning and working to improve his
own position in his own way, that makes our system superior to
anything ever known in this world before. That's what makes America.
Such a sound, prosperous economy based upon free competition
and free choice is the real difference between a free country and
a slave state. A free nation stems from the freedom of choice
of the individual, in religion, in government and in the freedom
of individual opportunity that permits a man or woman to go out
and work for an incentive of their own choosing — not because they
are told to "do it or else." In America that incentive is for
better homes and living conditions, better education and better
opportunities for our children0
As you take part in the Junior Achievement program, giving
supervision and guidance to the boys and girls in the ways of
operating a business, you have a wonderful opportunity to impress
on them the story of how our free enterprise system has helped
make our country strong and prosperous0 Remind them that nowhere
in the world is there greater freedom of initiative and enterprise
than we know right here. Remind them of their responsibilities
as citizens of the future to make sure that this continues.
If all Americans — workers, farmers and other producers,
businessmen, consumers and investors — all go ahead and work and
buy and build and improve with confidence tempered with prudence,
we will make more and more jobs and this nation can enjoy new
peaks of prosperity in business, production, and wages and constantly
higher standards of living — for all the people. If the boys and
girls of Junior Achievement can help to lead all their contemporaries
in this path the future of America is unlimited.
0O0

- 3

U mil Americans - - workers, farmers and otter producers,
businessmen, consumers mad investors ~- all go ahead *ad work*
and buy, and build, and Improve with confidence tempered with
prudene*, this Nation will continue to «*)oy Mrw peaks of prosperity
in business, production, and wages, and constantly higher standards
of living **PMr all the people.
Under Secretary Burgess now will explain some charts mm the
budget and the public debt which we have prepared and, thereafter,
*^^»*ejwe» ^^s^v "^wpsflp*we* ^, ^w^fr'JSj'Sj «pe4b%A^PB^*W^r ^*^*» w^*» s*e*aej^*w ^^SWP^^I a*V»vs^F ^si^w*s*,ejp-WBS'^*yaies^ esae>^*ww ^p%s^^ aMMsav

wish to suggest.

-aTotal Government spending is now $10 billion below thai of
three years ago, and $14 billion below what had been previously
planned.
Wo, at long last, have proposed a balanced budget, the surest
index to thrifty management in a home, in a business, or in the
Federal Government.
We have made the largest dollar tax cut of any year in the)
history of this country. This tax reduction of nearly $7*1/2 billion
was a strong assist in the transition from a wartime to a peacetime
economy.
And the long trend of inflation that dropped the value of the
dollar from one hundred cents in 1935 to fifty-two cents thirteen
years later has been halted, with no significant loss in the buying
power of the dollar now for over three full years.
We have been assisted to this high level of prosperity by the
confidence of the American people in the policies of their Government
and by their confidence in themselves to exercise their own initiative
and endeavors to improve and better the lives of their loved ones and
themselves.

po ft

J Fmtt>^jt. / j/jy*^ 7 ^ ^ },} <?s~£

STATEMENT BY SECRETARY OF THE TREASURY HUMPHREY
BEFORE THE
JOINT COMMITTEE ON THE ECONOMIC REPORT
10 A. M. FRIDAY. FEBRUARY 3, 19S6
^y'

9* mm

Mr. Chairman and Gentlemen:
I am pleaded to appear before your Committee this morning
to discuss with you various matters in connection with your study
of the President's Economic Report.
The United States today is enjoying plenty — in peace.
Americans have broken all records in the numbers of people with
Jobs, the high wages they are receiving, and in the production of goods
and services for the people to enjoy* They are benefiting from this
high prosperity while reasonably resisting pressures toward inflation.
Whether this high prosperity will continue without involving the
excesses of either inflation or deflation doponds in very largo part
upon what 16T million Americans do.
Continue d high activity in our economy depends not so much
upon Government as upon the efforts of all the people, all lit their
own ways trying to do a little more for themselves and their loved
ones. % %» the sum total of all these individual efforts that mates
our system so superior to anything ever known in this world before.
That is what makes free America.
This Government has helped in several specific ways to provide
a more fertile field in which free Americans can work to better
themselves.

i~ ft) /

59
FOR RELEASE 10 A.M., FEBRUARY 3, 1956.
STATEMENT BY SECRETARY OP THE TREASURY HUMPHREY
BEFORE THE *
JOINT COMMITTEE ON THE ECONOMIC REPORT
10 A.M., EST, FRIDAY, FEBRUARY 3, 1956

Mr* Chairman and Gentlemen:
I am pleased to appear before yoir Committee this morning to
discuss with you various matters in connection with your study of
the Presidents Economic Report*
The United States today is enjoying plenty — in peace.
Americans have broken all records in the numbers of people with
jobs, the high wages they are receiving, and in the production of
goods and services for the people to enjoy. They are benefiting
from this high prosperity while reasonably resisting pressures
toward inflation.
Whether this high prosperity will continue without involving
the excesses of either inflation or deflation depends in very large
part upon what 167 million Americans do.
Continued high activity in our economy depends not so much
upon Government as upon the efforts of all the people, all in their
own ways trying to do a little more for themselves and their loved
ones. It is the sum total of all these individual efforts that makes
our system so superior to anything ever known in this world before.
That is what makes free America*
This Government has helped in several specific ways to provide
a more fertile field in which free Americans can work to better
themselves.
Total Government spending is now $10 billion below that of
three years ago, and $14 billion below what had been previously
planned.
We, at long last, have proposed a balanced budget, the surest
index to thrifty management in a home, in a business, or in the
Federal Government.
H-1015
-

y* r °

BO
- 2 We have made the largest dollar tax cut of any year in the
history of this country. This tax reduction of nearly
$7-1/2 billion was a strong assist in the transition from a wartime
to a peacetime economy.
And the long trend of inflation that dropped the value of the
dollar from one hundred cents in 1939 to fifty-two. cents thirteen
years later has been halted, with no significant loss in the buying
power of the dollar now for over three full years.
We have been assisted to this high level of prosperity by the
confidence of the American people in the policies of their
Government and by their confidence in themselves to exercise their
own initiative and endeavors to improve and better the lives of
their loved ones and themselves.
If all Americans — workers, farmers and other producers,
businessmen, consumers and investors — all go ahead and work,
and buy, and build, and improve with confidence tempered with
prudence, this Nation will continue to enjoy new peaks of prosperity
in business, production, and wages, and constantly higher standards
of living — for all the people.
Under Secretary Burgess now will explain some charts on the
budget and the public debt which we have prepared and, thereafter,
both he and I will endeavor to answer any questions that you may
wish to suggest.

oOo

B2L&ASE MORNING HEISPAEERS,
ffiaaeday, Fsbruary 7, 19g6*

pi
c

fhe treasury Department announced last evening that the tenders for elfdOO.OQOiOW,
sr thereabouts, of 91-day Treasury bills to be dated February f and to nature May 10,
19$6, which were offered on February 2, ware opened at the Federal Reserve Banks on
February 6*
Tha details of this issue are as followsj
total applied for - $2,U13,266,000
total accepted
- 1,600,755*000

(includes $230,210,000 entered on a
noncompetitive basis and aeeepted la
full at the average price shorn bslew)
Average price
- 99.1*26 Equivalent rata of discount approx. 2*271$ per tarn
Bangs of accepted competitive bids:
High - 99.1*29 Equivalent rate of discount appro*• 2.2$9% per annua
k*
- 99 Mh
«
" »
s
s
2*879* •

(70 percent of the amount bid for at the low prise was accepted)
Federal Reserve total total
District
II » i r , •

i.ii •

Boston
Mwr Tork
Philadelphia
Cleveland
Rlehatond
Atlanta
Chicago
St. Louis
KUmeapoliB
Dallas
City
San franeiseo

Applied for
M«bBa««MMMWMIMM«*«MMMMk«MMM>

$ 11*, £20,000
1,7^7,297,000
36,753,000
$6,358,000
Hi, 31+9,000
31,666,000
26k,712,000
27,707,000
12,520,000
3U,U56,000
U7,0U8,000
l*g,880,000

$ 12,680,000
1,058,767,000
11,033,000
$1,238,000
lk,C*9,000
29,1|$2,000
200,987,000
22,537,000
10,99$, 000
10,766,000
38,683,000
119,568,000

TOTAL $2,103,266,000 $1,600,755,000

TREASURY DEPARTMENT
WASHINGTON, DC.
REIEASE MORNING HEMSPAFER3,
Tuesday, February 7, 19$6.

H-1016

The Treasury Department announced last evening that the tenders for $1,600,000,000,

or thereabouts, of 91-day Treasury bills to be dated February 9 and to mature Ma

1956, which were offered on February 2, were opened at the Federal Reserve Banks
February 6*
The details of this issue are as follows:
Total applied for
Total accepted
Average price

$2,U13,266,000
1,600,755,000

(includes $230,210,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
99.H26 Equivalent rate of discount approx. 2.271$ iper annum

Range of accepted competitive bids:
High
Low

- 99.U29 Equivalent rate of discount approx. 2.259J5 per annum
M
f!
w
- 99.k2k
"
"
"
2*279% w
percent of the amount bid for at the low price was accepted)

Federal Reserve
District

Total
Applied for

Total
Accepted

«H»««M«B*««ta*>«•***^»^"**-m%m**mmm

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

li+,520,000
1,7U7,297,000
36,753,000
56,358,000
lit,3U9,000
31,666,000
26U,712,000
27,707,000
12,520,000
U7,0U8,000
3U, 1*56, ooo
125,880,000

$2,U13,266,000

12,680,000
1,058,767,000
11,033,000
51,238,000
1U,OU9,000
29,U52,O00
200,987,000
22,537,000
10,995,000
38,683,000
30,766,000
119,568,000

$1,600,755,000

- 31

' v./ w

or by any local taxing authority. For purposes of taxation the amount of discount
at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections k$k (b) and 1221 (5) of the Internal Revenue Code of
195U the amount of discount at which bills issued hereunder are sold is notconsidered to accrue until such bills are sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss*
Treasury Department Circular No. bl8, Revised, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch•

-2-

tmVttm

csax
or in a like face amount of Treasury bills maturing February 16. 1956

Cash

*2Sjx
and exchange tenders will receive equal treatment. Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 195U. The bills
are subject to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed on the principal
or interest thereof by any State, or any of the possessions of the United States,

IXKKK
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, February 7, 1956
.

U - /° 7

55
competitive bidding as hereinafter provided. The bills of this series will be
dated February 16, 1956 , and will mature May 17, 1956 , when the face
amount will be payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
closing hour,/toot o^lock p*m., Eastern Standard time, Friday, February 10* 1956 ,«
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99*92$* Fractions may not be used. It is urged that tenders
be made on the printed forms and forwarded in the special envelopes which will be
supplied by Federal Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account. Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized dealers
in investment securities. Tenders from others must be accompanied by payment of

TREASURY DEPARTMENT
JJUJIIMI—H..U ,,11 ||j|m t||||uijii.liaiMlUUijm*1,»JWIJIWIJ-Jllll.lllWUll

•OWMJIIUJHU

WASHINGTON, D.C.

RELEASE MORNING NEWSPAPERS,
Tuesday, February 7'* 1956*

H-1017

The Treasury Department, by this public notice, invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing February 16, 1956,
in the amount of $1,600,226,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated February 16, 1956,
and will mature May 17, 1956,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty ofclock p.m., Eastern Standard time,
Friday, February 10, 1956.
Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99*925. Fractions may not be used. It is
urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account* Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities* Tenders
from others must be accompanied by payment of 2 percent 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, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, non-competitive tenders for
$200,000 or less without stated price from any one bidder will be
accepted in full at the average price (in three decimals) of accepted

- 2 competitive bids, Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on February 16, 1956, In cash or other immediately available funds
or in a like face amount of Treasury bills maturing February 16, lo<
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actually
received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo

a**2.mm

COTTON WASTES
(In pounds)

CO.
COTTON CARD STRIPS made from cotton having a. staple of less than 1-3/16 inches in length, COMBER
WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE
ADVANCED IN VALUEt Provided, however, that not more than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes made from cottons of l-3/lo inches or more
in staple length in the case of the following-countries. United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italy*
Country of Origin
United Kingdom
Canada . . . .
France . . . .
British India ,
Netherlands • ,
Switzerland . •
Belgium . . .
j a p a n . <> o o
Onina o o . *

Egypt

. •.

Ouoa o . . o

Germany o . .
1 "taxy

o o . o

Established
TOTAL QUOTA
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
5,482,509
21^263

l/ Included in total iinports, column 2
Prepared in the Bureau of Customs.

:
Total Imports
s Sept. 20, 1955, to
t Feb. 7. 1956
663,761
233,580
68,287

Established 2
Imports
33-1/356 of : Sept. 20, 1955,
Total Quota : to Feb* 7. 1956
663,761
1,441,152
75,807

68,287

22,747
14,796
12,853

24,500

25,443
,088

24,500

990,128

1,599,886

756,548

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
Wednesday* February 8* 1956.

H-1018

Preliminary data on imports for consumption of cotton and cotton waste.chargeable to the quotas
established by the President's Proclamation of September 5, 1939, as amended
COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other than rough or harsh under 3/4"
Imports Sept. 20, 1955. to February 7. 1956. inclusive
Country of Origin.

Established Quota

Egypt and the AngloEgyptian Sudan * . •
Peru
. . .
British India
China
Mexico
Brazil
Union of Soviet
Socialist Republics •
Argentina
Haiti
Ecuador

733,816
247,952
2,003,483
1,370,791
8,883,259
618,723
475,124
5,203
237
9,333

Imports

25,180
40,273
8,883,259
368,196
322,197

Country of Origin
Honduras
Paraguay
Colombia
Iraq
British East Africa . .
Netherlands E* Indies.
Barbados
l/0ther British W. Indies
Nigeria
2/0ther British W. Africa
^2/Other French Africa . .
Algeria and Tunisia •

Established Quota

Imports

752
871
124
195
2,240
71,388
21,321
5,377
16,004
689

1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago
2/ Other than Gold Coast and Nigeria.
2/ Other than Algeria, Tunisia, and Madagascar.
Cotton, harsh or rough, of less than 3/4"
Imports Sept* 20. 1955. to Jan* 28. 1956
Established Quota (Global)
70,000,000

Imports
8,200,843

Cotton 1-1/8" or more, but less than 1-11/16"
Imports Feb, 1. 1956[ to Feb, 4* 1956, inclusive
Established Quota (Global)

45,656,420

Imports

4,974,765

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Wednesday* February 8, 1956•

H-1018

Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by the President1^ Proclamation of September 5, 1939, as amended
COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other than rough or harsh under 3/4"
Imports Sept. 20. 1955/to February 7. 1956. inclusive
Country of Origin

Established Quota

Imports

Country of Origin

Egypt and the AngloEgyptian Sudan . .
Peru
British India . . . .
omna C o . . . . . .
Mexico

Honduras .
783,816
Paraguay . . . . . . .
25,180
247,952
Colombia . .
40,273
Iraq
2,003,483
British East Africa . .
1,370,791
8,883,259
Netherlands E. Indies.
8,883,259
XJm\ ELZ Jm Jm
. « « . . « .
368,196
Barbados
Union of Soviet
618,723
l/0ther British W. Indies
Socialist Republics
322,197
475,124
Nigeria
.
Argentina
5,203
2/0ther British W. Africa
Haiti
237
^2/Other French Africa . .
Ecuador . .
Algeria and Tunisia .
9,333
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
2/ Other than Algeria, Tunisia, and Madagascar.

Established Quota

Imports

752
871
124
195
2,240
71,388
21,321
5,377
16,004
689

Cotton, harsh or rough, of less than 3/4"
Imports Sept. 20. 1955, to Jan. 28, 1956

Cotton 1-1/8" or more, but less than 1-11/16"
Imports Feb. 1. 1956» to Feb. 4% 1956, inclusive•

Established Quota (Global)

70,000,000

Imports
8,200,843

45,656,420

Imports

4,974,765

•»2—
COTTON WASTES
(In pounds)
COTTON CARD STRIPS made from cotton having a staple of less than 1-3/16 inches in length, COMBER
WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE
ADVANCED IN VALUEt Provided, however, that not more than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes made from cottons of 1-3/16 inches or more
in staple length in the case of the following countriess United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italy.

Country of Origin

United Kingdom .
oanaoa . . « o .
France . . . . .
British India .
Netherlands • .
Switzerland . .
Belgium . . . .
Japan •
China .
Egypt o
Cuba .
Germany
Italy .

Established
TOTAL QUOTA

Total Imports
. Established s ~
Imports
Sept. 20, 1955, to s
33-1/3* of : Sept. 20, 1955,
Total Quota : to Feb. 7. 1956
; Feb. 1, 1956

4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263

663,761
233,580
68,287

5,482,509

990,128

l/ Included in total imports, column 2*
Prepared in the Bureau of Customs.

1,441,152 663,761
75,807 68,287
22,747
14,796
12,853

24,500

25,443
7,088
1,599,886

24,500

756,548

IMMEDIATE RELEASE.
Wednesday, February 8, 1956.

TREASURY DEPARTMENT
Washington

7.)
'U
H-1019

The Bureau of Customs announced today preliminary figures showing the imports
for consumption of the commodities listed below within quota limitations from the
beginning of the quota periods to January 28, 1956, inclusive, as follows:

Commodity

Period and Quantity

Unit :
of
: Imports as of
Quantity; Jan* 28. 1956

3,000,000 Gallon

Cream Calendar Year 1,500,000

Gallon

Butter Nov. 1, 1955 - 50,000,000
Mar. 31, 1956

Pound 113,1469

Whole milk, fresh or sour

Calendar Year

Fish, fresh or frozen, filleted,
etc., cod, haddock, hake, pollock, cusk, and rosefish
Calendar Year
White or Irish potatoes:
Certified Seed
Other

35,196,575 Pound

12 mos. from
150,000,000 Pound
Sept. 15, 1955 60,000,000 Pound

Cattle, less than 200 lbs. each •• 12 mos. from
April 1, 1955

Quota Filled

55,553,230
21,683,711*

200,000 Head

5,362

Cattle, 700 lbs* or more each .... Jan. 1, 1956 - 120,000 Head
(other than dairy cows)
Mar. 31, 1956

183

Walnuts Calendar Year 5,000,000

Pound

2,080,1*46

Alsike clover seed 12 mos. from
Peanuts, whether shelled, not
shelled, blanched, salted, prepared, or preserved (including
roasted peanuts, but not ineluding peanut butter)

July 1, 1955

2,500,000 Pound

Quota Filled

12 HDS. from
Aug* 1, 1955

1,709,000 Pound

Quota Filled

Peanut Oil 12 mss. from 80,000,000
July 1, 1955

Pound 11,109,614

Rye, rye flour, and rye meal 12 mos. from
July 1, 1955
Canada
182,280,000 Pound
Other Countries
3,720,000 Pound

Quota Filled

(1) Imports for consumption at the quota rate are limited to 8,799,144 pounds
during the first three months of the calendar year.

IMMEDIATE RELEASE,
Wednesday, February 8* 1956.

TREASURY DEPARTMENT
Washington

H-1019
The Bureau of Customs announced today preliminary figures showing the imports
for consumption of the commodities listed* below within quota limitations from the
beginning of the quota periods to January 28, 1956, inclusive, as follows:

Commodity
lWhole milk, fresh or sour

Period and Quantity
Calendar Year

Cream Calendar Year
Butter Nov. 1, 1955 -•

Unit :
of
: Imports as of
\ Quantity: Jan* 28, 1956

3,000,000 Gallon

1,500,000 Gallon

50,000,000 Pound

113,469

Mar. 31, 1956
Fish, fresh or frozen, filleted,
etc., cod, haddock, hake, pollock, cusk, and rosefish
Calendar Year
Ihite or Irish potatoes:
Certified Seed
Other

35,196,575 Pound

12 mos. from
150,000,000 Pound
Sept. 15, 1955 60,000,000 Pound

Cattle, less than 200 lbs. each .. 12 nx>s. from
April 1, 1955
200,000 Head
Cattle, 700 lbs. or more each .... Jan. 1, 1956 - 120,000 Head
(other than dairy cows)
Mar. 31, 1956
Walnuts Calendar Year

(D
Quota Filled

55,553,230
21,683,714
5,362
183

5,000,000 Pound

2,080,446

July 1, 1955

2,500,000 Pound

Quota Filled

12 mos. from
Aug. 1, 1955

1,709,000 Pound

Quota Filled

80,000,000 Pound

11,109,614

Alsike clover seed 12 mos. from
Peanuts, whether shelled, not
shelled, blanched, salted, prepared, or preserved (including
roasted peanuts, but not ineluding peanut butter)
Peanut Oil 12 rx>s. from
July 1, 1955
Rye, rye flour, and rye meal 12 mos. from
July 1, 1955
182,280,000 Pound
Canada
3,720,000 Pound
Other Countries

Quota Filled

(l) Imports for consumption at the quota rate are limited to 8,799,144 pounds
during the first three months of the calendar year.

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE.
Wednesday, February 8, 1956*

H-1020

The Bureau of Customs announced today the following preliminary
figures showing the imports for consumption from January 1, 1956, to
January 28, 1956, inclusive, of commodities for which quotas were
established pursuant to the Philippine Trade Agreement Revision Act

of 1955:

Commodity

Established Annual
: Quota Quantity

Imports as of
Jan. 28, 1956
Gross

na, 856

Cigars 190,000,000

Number

183,700

Coconut Oil U25,600,000

Pound

17,OU7,596

Cordage 6,000,000

Pound

296,1*87

Buttons

807,500

(Refined
Sugars

1,90U, 000,000

Pound

165,666,071

(Unrefined
Tobacco 6,175,000

Pound

321,8U8

73
TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Wednesday, February 8* 1956.

H-1020

Commodity

Established Annual
: Quota Quantity

Imports as of
Jan. 28, 1956
Gross

liil,856

Cigars 190,000,000

Number

183,700

Coconut Oil U25,600,000

Pound

17,01*7,596

Cordage 6,000,000

Pound

296,U87

Buttons

(Refined
Sugars
(Unrefined
Tobacco 6,175,000

807,500

1,90U,000,000

Pound

165,666,071
Pound

321,8U8

•

o
OJ

UJ
«"•
«£.
*—
,«».#•

tJ—

CO O i —

trti»

mr'~

/-•

•

<. S.lmm i^

U.-i
i._—

o
>CSC

o
</>
<:

71
STATUTORY DEgTLIMITATKW
AS 0F

TREABWy DUPARTMRHT

— w „. , l-eb'C"8ri956

Washington,
.*. . f , ^
Section 21 of Second Liberty Bond Act, as amended, Provides jthnt the face amount of obligations issued under authority
of tbnt Act, nnd the face M mount of obligations guaranteed as to principal and interest by the United States (except such guar*
anteed obligations as may be held by the Secretary of the Treasury), ''shall not exceed in the aggregate $275,000,000,000
iAct of June 26, 1946; U.S.C.. title 31, sec. 757b), outstanding at any one time. For purposes of this section the current re*
emotion value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder
shall be considered an its face amount." The Act of August 28, 1954, (P.L. 686-83rd Congress) provides that during the
period beginning on August 28, 1954, and ending June 30, 1955, the above limitation (1275,000,000,000) shall be temporarily
increased by $6,000,000,000. The Act of June 30, 1955 (P.L. 124 84th Congress) continues this temporary increase until June 30,1954
The following table shows the face amount of obligations outstanding and the face amount which can still be issued under
this limitation:
'Total face amount that m a y be outstanding at any one time
$281 000 000 000
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bllb t 22.31*.756,000
Certificates of indebtedness.
15,7*1,193,000
Trcas«y notes
»3, *>1,935,100 , 81.*57,88».100
BondsTreosury
81.859,824,800
* Savings (current redemp. value)
J f » OWy , HrtC 1, (JJ

357,309,000
12,210,165,000

Depositafy
p
y

Investment series ...
Special FundsCert.ftcates of .ndebtedness
Treasury notes:
Total interest-bearing -.
Matured, interest-ceased

„

Bearing no interest:
United States Savings Stamps
Excess profits tax refund bonds .M
Special notes of the United States:
.in
«, A
t
Internat'l Monetary Fund series
„.
Total

152.076,720,535

'
• ** *
31,857. 811.000
^
u
'
«.
„
*.
50 ,17^,552
•*• • 0 3 1 1 JOJ
,
^____ ______
1,675,000,000
» ' •*'
*

Guaranteed obligations (not held by Treasury):
Interest-bearing:
51.005.100
Debentures: F.H.A
2,001,025
Matured, interest-ceased
Grand total outstanding
M
B a l a n c e face a m o u n t of obligations issuable under a b o v e authority

.*.*%%

,-'./-'

,342,400
^*
.
2/71 H 9 »9 j7 , 035
7JO ,2°7 ,yWr

- „ 0 , __ __• ^ 0 _
1,726,206,087
'
279,576,722,666

53,006,125
279.629,728,791
1.370.271.209

January 31 1956
Reconcilement with Statement of the Public Debt
(Daily Statement of the United States Treasury,

7....^....?....
(Date)
!?^SS^..2J.»....i?.i5§.-....^J
(Date)

~
..
OutstandingTotal gross public debt
„
Guaranteed obligations not owned by the Treasury.
„....„
Total gross public debt and guaranteed obligations.
„
Deduct - other outstanding public debt obligations not subject to debt limitation.,..,

H-1021

„,

280,0*8,7^,286
53.006,125
280,101,750, *U1
^72.021,620
279,629,728,791

STATUTORY DEBT LIMITATION
Ae

JANDAHY

31,

7n-RKAsuwyDEPARTMENT

1956

pi.c-i Bervic.

AS OI

Fefc. 8, 1956
w u
Washington,
,.,. authority
.?, ;,...
Section 21 of Second Liberty Bond Act, as amended, provides that the fare amount of obligations
Issued under
Jpal and Interest by the United States (except such guar*
of that Act, and the Lice amount of obligations guaranteed as to principal
• f.i.-n
J [.. mi.. .
**-. A ,.A «00,000
urrent reholder
period beginning on August 28, 1954, and ending June 30, 1955, the above limitation (1275,000,000,000) shall be temporarily
the
Increased by 56,000,000,000, The Act of June 30, 1955 (P.L. 124 84th Congress) continues this temporary increase until June 30,1956
195^
The following table shows the face amount of obligations outstanding and the face amount which can still be Issued under
this limitation:
'Total face amount that may be outstanding at any one time
$281 000 000 000
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bill 1 22.31*.756.000
Certificates of indebtedness......
Treasury notes
BondsTreasury
* Savings (current redemp. value).,
Depositary......
.. .

}$, 7*1,193,000
»3. t K>1.935.100 ,

^ - j r ^ ^ z z z z z :
Special Funds-

81, 859, 82*. 800
57,6^9»^21,735
357,309,000
i2 2io i6 oo

' ^ °

81.457,88*, 100

152,076,720,535

31,857,811,000

certifies rf indeb < ednc °»
Treasury notes
Total interest-bearing.....
Matured, interest-ceased
•

...

11.727.531,400
*

Bearing no intctest:
United States Savings Stamps
Excess profits tax refund bonds

*3.585.3*2,400
*
.
277,119,9^7,035
730» J*~>7 , 5 ^ *

50 ,17^,552
1»031,535

Special notes of the United States:
Internat'l Monetary Fund seMes............
Total

1,675,000,000
'
'
'

1,726.206.087
•
279.576,722,666

Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures. F.H.A.

•

51,005,100
^ AA"? /\ot

czt r\r\£. *i *-.£

-c,uui,uo

Matured, i n t e r e s t e d
Grand total outstanding
,
;
Balance face amount o( obligations issuable under above authority

yj900o,1^5
M—

279.629.728,791
9t
* "
'
1,370. 271, 209

*y
„

January 31. 1956
Reconcilement with Statement of the Public Debt
(Daily Statement of the United States Treasury

,\ .'..
(Date)
I?S5S5SX..2J-J....i25.§.

Outstanding- ^ 280,0^8,7^,286
Total gross public debt
~
Guaranteed obligations not owned by the Treasury.
„
Total gross public debt and guaranteed obligations.
Deduct - other outstanding public debt obligations not subject to debt limitation

)
•

„

»' •
^J,UUO,XQ
280 ,101, 750,411
^ 7 2 , 021 _ 620

279,629,728,791
H-1021

10
REI^SS rOP.NI S3 WWSPAPEtS,
Saturday, February 11, \9*&*

H-J022

The Treasury Department announood last evening that the tenters for $1,600,000, OW,
or thereabouts, of 91-day Treasury bills to be dated February 16 sad to mature May 17,
1956, which were offered on February 7, were opened at toe Federal Reserve Banks on
February 10.
The details of this issue are as follows:
Total applied for - $2,389,08t,000
total accepted
- l,600,Q$i,000
--

(iaslades *t06,9<&,QOO entered on s
nonecuipetitive basis and accepted in
full et the average price shorn below)
Average price
- 99.396/ Equivalent rate of discount appro*. 2.388J per annum
Range of accepted competitive bids:
Bigb

- W.3W

99.UA3

Equivalent rate of discount approx* 2.201$ per annua
e

2.kOSfi

•

(20 percent of the amount bid for at the lew price was accepted)
Federal Heeerve
District

Total
Applied for

Total
Accepted

Boston
New Xork
Philadelphia
Clevelai*
Eiebaond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Franciseo

TOTAL

23,2Jlf00O
1,725,1*71,000
314,035*000
73,621,000
1$,U22,000
25,882,000
21*1,320,000
20,228,000
22,bob,000
UO,U70,000
36,Uil,ooo
130,557,000

|2,38?,082,000

19,231,000
1,015,171,000
13,385,000
67,621,000
15,^22,000
25,382,000
210,520,000
20,228,000
22,02b,000
b0,b70,ooo
20,8bl,000
129.757,000

$1*600,052,000

•

TREASURY DEPARTMENT
•BSE

Zli, ..,.'|j.i;.t7j..j.<.....u..jn

—

f1.^;,.,-^.^,.- .-.-•'•', '..H-^*e"

.•• •BMJjgaiiW • w.r.'.w '.x.u i."mraa ,v • '&^^JLZ£ura

WASHINGTON, D.
HEI3ASE !^CR:TirG :!7.7S?AF2?.S,
Saturday^ February _^>_19g6

H-1022

The Treasury Department announced last evening that the tenders for $1,600,000,000,
or thereabouts, of 91-day Treasury bills to be dated February 16 and to mature May 17,
1956, which were offered on February 7, were opened at the Federal Reserve Banks on
February 10.
The details of this issue are as follows:
Total applied for
Total accepted
Average price

$2,389,082,000
1,600,052,000

(includes $206,90U,000 entered on a^
noncompetitive basis and accepted in
full at the average price shown below)
99.396/ Equivalent rate of discount approx. 2.338$ per annum

Range of accepted competitive bids:
- 99.UU3 Equivalent rate of discount approx. 2.201$ per annum

High
Low

- 99.392

2.U03S "

(20 percent of the amount bid for at the low price was accepted)
Total
Applied for

Federal Reserve
District

23,231,000
1,725,U71,000
3k,03$,000
73,621,000
15,U22,000
25,882,000
21*1,320,000
20,228,000
22,U0U,000
U0",U70,000
36,111,000
130,557,000

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

$2,389,082,000

Total
Accepted
§

19,231,000
1,015,171,000
13,385,000
67,621,000
15,U22,000
25,332,000
210,520,000
20,228,000
22,02U,000

Uo,U70,ooo
20,8U1,000
129,757,000
$1,600,052,000

- 33 -

effort for bettering h,itii1iinmmiiinw* the nation as a
whole, even though engaged in yuthlfoa competition,
or equally putbSUes criticism.
This is what raekps the United States so strong
and it is uwm the strength of the United States
that the peaee of the wor!3 for which we all so
fervently pray raust rest.

- 32 7Q
I mention this, but at the same time call
your attention to the special responsibility that
pests upon each of you working in the ports of the
United States» Here at Hew York more than 40 percent
of the country1s imports are handle^ but it is not
only important here, it is important everywhere that
this responsibility be exercised by those of you In
the service as public servants and by those out of it
as American businessmen.
What makes the task of the government servant so
much more worthwhile, so much more satisfying is the
realization that American businessmen do, In the last
analysis,accept this responsibility* That is perhaps
the secret for which the Eisenhower administration
is and will be best known, a certain teamwork of

those people responsible for the greatness of this
port, and sensing the high estimation In which the
Customs Service of the United States is held*
In closing I, of course, want to express !$y
admiration and appreciation for whet you do, each*t
of you, every day*
Secondly, I should lik6*t*«call your attention
to something which you perhaps don't have in.mind
because you are modest people, and"that is the real
service which you are giving not only to*your clients,
to your business, to your stockholders, or to yaur
customers, as the case may be, but also to the oldest
ana on^ of the great collectors of revenue for your
country*

We miss him every day and his return to
private practice means that those of us in govern^ent must work the harder*
With Mr. Rose, T have been so impressed with
the forthright, able and two-fisted administrative
measures of Commissioner Ralph Kelly* It has been
a pleasure to work with him* One is never at a
moment's doubt as to where he stands as soon as he
has mastered any subject in customs, and with the
able help of his staff, topether with his own
capability, he has been quick in getting on top of
every problem faced.
And now this hns been a great opportunity for
me, by way of ending an interesting day in the Port
of New York, visiting with and seeing and meeting

- 29 \J Smm

Which leads me to this: On the first of
February we lost, to Government I hope only
temporarily, the services of a tremendously capable,
able and dedicated public servant, Under Secretary
H* Chapman Rose.
T assume that everyone of us has either directly
or indirectly felt the influence of some of the
customs reforms which Mr. Rose pioneered and in
which he took a highly active personal and enlightened
interest. Snaking before you two years ago, he
mentioned his connection of only one year* In three
years it seems to me he mastered thoroughly the intricacies of your trade, and in so doing formed a basis
for a highly intelligent approach to betterment which
I think you would go a long way to equal in the
history of public service in the United States.

- 60

•
C

V.J'

e*p

Bit there is something about the relationship
of American businessmen and American government
which, without saying so, achieves a mutual respect
and sort of mutual assistance !qr fair dealing flfc
iaa±t,Mjj^%HrBis33 on the one hand, and by lack of
bureaucracy and a desire to help business to help
itself on the part of the Government* tt#
That is especially, I think, the point of
customs management improvement and better service,
concerning which I was talking a few minutes ago*
I would certainly feel remiss were I not to mention
also the aspect of leadership and all that it stands
for and counts for in any service of government* but
especially that of Customs*

- 27 -

I think anyone new to Washington makes quite quickly,
is the realisation of what a fine and devoted spirit
of public service exists among the career employees
of the government* I heve not only been deeply impressed but fervently thankful thet such is the case.
At the same time, those of us in government must
be deeply appreciative of the character and helpfulness
in day-to-day dealings of those who do business with
Customs. I do not mean to say that perhaps each of
you who is an importer or exporter, customs house
broker, or customs lawyer is constantly attempting
to be of assistance to Customs in each of your
transactions. Of course, wh*t you are trying to do
-is to be of assistance to your client, or to do
business in the best way you possibly can and make
as much money as is legitimately possible.

is of utmost importance on the ground, in the field,
in the customs houses in New York, in Detroit and
San Francisco, Hew Orleans, or Boston, at Coast
Guard stations, in post offices, in tax collecting
offices >4 each one of these places is a focal wint
of this cooperation of government and society, of
office and trade, of assistance and culture, —
which represents the highest ideal in democracy.
We have heard a great deal lately about team play
in government. This team play goes from top to bottom
in the government itself. No one who has been privileged
to serve with the present Administration could fail mm*
to be deeply impressed by this spirit of enthusiasm,
of coordination and cooperation. One of the most
striking and refreshing discoveries I made, and which

86
Such is the high objective of this government?
the creation of the proper atmosphere for labor, for
trade, for education, for art — for all of the things
which belong to human endeavor in its individual or
combined efforts.
And in this connection, those of us who work for
the United States, who get our-9pay checks from the
Treasuryr should have,a high realization that we are
working — not for a bureau or a1 department — but
for the people of the United States and wholeheartedly
in pursuance of the policy which those people have
announced as their policy and ideal.
Each one of us who is a servant of,the United
States and a servant of Its people, whether aoting
in bureaus and departments in Washington or elsewhere,

87
so excel that year is a great tribute to Appraiser
Couri and the other appraisers throughout the
country who did such a splendid job of holding to
a minimum this number*
Where does the aspect of government come into
this<>
The philosophy of the present administration
is so clesriy providing an atmosphere in which
business may help itself* It Tnay seem paradoxical,
but the greatest government believes that the less
government the better and that government should only,
to paraphrase Lincoln in an entirely different
connotation, do what people can't do themselves or
what it, the government, can do better*

- 23 -

)L\O

During this period $986 million was collected,
or an average of $2-1/2 million on every day of the
vear, whether Sunday or holiday. In fact, every
9*

figure is up. The formal entries went up 11 percent,
from 914,000 to over a million, as I mentioned, and
the total customs collections were up 16.9 percent.
Indeed, every figure went up except the cost of
collecting IIOO^H which was $4.65, or a decrease of
9.4 percent under the eost of $6.02 for collecting
each $100*19 in 1964.
Another thingt Despite every effort to reduce
through examination, by sample and by pier examinations,
the number of pack*p;es brought into the appraisers1
stores, these totaled nearly 686,000, almost excelling
the record year of 1953. The fact that they did not

S2
We are getting very used to talking about new
records and new high marks in this modem world of
mid-20th/entury and it is perhaps trite to do so.
On the other hand, it is very significant in the
Customs field and I would like to point out a few
extremely impressive figures, as they are indicative
of our increasing trade on the one hand and the high
necessity of improving our methods of dealing with
trade on the other.
In the calendar year of 1955 Just ended, for the
first time in any yearly period there were over a
million formal entries: 126,500,000 people entered
the country for an average of four in each second of
time, by ship, by air, by automobile, by train.

methods of operation*

It requires a steadfast

attention to the importance of courteous and
efficient relations with* the public. And it
requires a willingness to adjust and revise views
to accommodate the changes which are put into effect.
All of these factors I have found present in my
dealings with customs and I am sure that their
presence will lead to e further record of outstanding
accomplishments*
It is, of course, as it should be that such
improvements should come along hand in hand with
America's increasing interest in international trade,
the narrowing of the world by faster means of transportation and communication and the tremendous increase
in the business of world trade*

- 20 correction of some errors in appraisement.

91
All

this has improved our relations with the public
which naturally believes that the Government should
not make the- suffer because of an innocent slip-up.
These are only a few examples of the many ways
in which en elert end cooperative Customs service has
been able to improve its service functions and its
relations with the public. But the program for
customs management improvement and better service is
not a "matter of one or two new pieces of legislation

of one year's survey.

It requires a continuing

day-by-day concentration by every one of us who are
concerned with customs matters.
It requires a constant awareness of the problem
areas and a willingness to suggest new and better

and ascertaining the quantity of imported merchandise
was limited to clerical errors, such as the transposition of figures, we were powerless to permit
the correction of m*ny kinds of innocent mistakes
which should in equity and fairness have been corrected
with immediate dispatch* The answer that the only
means of correction was through a private relief
bill in the Congress (always cumbersome* sometimes
impossible) engendered much ill will and frequently
resulted in a prolonged and fruitless correspondence
with the importer and his representatives*
We are now able to correct mistakes of fact and
inadvertences not amounting to an error in the
construction of the law when brought to our attention
within one year* Ve are able to authorise the

— 18 —
Q3
comedy of errors. We had a case where a dutiable
billfold for a gentleman and a non-dutiable cake
for a lady came in the mails at the same time* The
mail entry somehow got attached to the parcel containing the cake and the lady paid the $2*00 duty
on the billfold. She wrote in objecting, but some•yi<

how her letter was overlooked end the liquidation
became final. Fortunately, after a gEESt struggle,
a legal basis for relief was found* But this is one
& >

of the types of cases which showed the need for
*••*..*

expanded statutory authority to correct such errors*
It could be multiplied many fold.
When relief from various unavoidable errors
not covered by a protest in classifying, appraising

that there is much which remains to be done*

There

will always be a conflict between the desire to be
as helpful as possible in promptly giving the best
information availeble in response to any inquiry and
the desire that Customs advice should be binding on
the Government. Sometimes speedy answers can be
given only if certainty is sacrificed. Undoubtedly,
some clarification of our procedures will be necessary
so that a person dealing with the Customs service
knows the extent to which any particular advice is
binding on the Government.
Most customs transactions ere completed without
a hitch, but it is impossible to handle hundreds of
thousands of entries and not run into an occasional

with respect to actual importations, that rate
should not be changed administratively without
very convincing reasons. Consequently, it is our
firm belief that unless the Congress or the courts
decide otherwise, changes in classification should
not be made unless the established procedure is .
clearly wrong. ..-Hedlr
At the same time, people at customs must ever be
alert not to become too fettered to established practice,
not to become too inelastic (some people use the humble
word ^bureaucratic11) and if there should be impelling
reasons for changes in classification, then they should
be made, but only after great care and a thorough
•w

opportunity to examine*
While we are proud of the advances and achievements
that have been made in this field, T also recognize

V.-" J

This advance classification procedure is
being used to an ever increasing extent and the
many comments received from shippers and importers
establish that this procedure is making a significant
contribution to better customs administration* More
and more people are becoming awe re that if they
receive an advance decision on the classification
of their merchandise they have a rate that will stick
and that they will not later be taken by surprise*
We also contribute to the goal of certainty
to the extent that we are able to maintain continuity
and stability in our classification practices* Once
a classification decision has been made and a rate of
duty determined, whether by th* advance classification
procedure or by the development of a uniform practice

- x% importer has figured his selling price on a low
duty and then discovers months after his goods
have gone into consumption that he must pay duty
at a much higher rate. Up until recent years there
was no remedy for this situation because definite
decisions were not mede until the merchandise was
imported*
Now, with the assistance of the appraiser^
staff and classification experts in the Collectors*
offices throughout the country, we give classifications
in advance of Importation* By circulating those
decisions to all ports we make certain that the
merchandise will be classified in accordance with
that decision when entered at any port*

valuation law which have developed over the years,
and sll of this without the concomitant reduction
of tariff which is the s^biect of some announced
fears; and which most obviously had no part in the
inauguration of this needed law.
Our efforts to obtain greater certainty are not
limited to legislation. One of the most important
successful developments has been in the classification
of imported merchandise*
One asnect of this nrogrem has been the development
of the procedure which enables en exporter to the
United States, or importer, to get a clessification
and rate of duty on adequately described merchandise
before it is imported. Some of the most troublesome
cases presented to my office are those in which an

One of th<=> principal needs for improving
our operations is to obtein greater certainty in
customs transactions. Most businessmen are more
willing to decide whether to enter an operation
where the costs and other significant factors are
known. Conversely, uncertainty as to the amount of
an item such as duties may be a significant deterrent
to new business. We believe thet the enactment of
H.R. 6040 will enable international treders to be
more certain of the valuation that will be placed
upon imported commodities since it will conform
customs valuation more closely to the values
actually applicable to current international wholes
sale trade. Also it will remove many of the
eccentricities and aberrations in the customs

- 11 -

**\ r \ ."••-,

ra easurw*4l*eH-ato^

everyone has a perfect
*?**«;*»•!•••*• - r ^ l ^ K f g ^ - W ^ ; " ' ! * '

consideration*
mgte*i_m>%*m^^

fhphe overall objective will go far
toward further sensible, businesslike customs simplification and improvement of procedure*
The amendment was introduced at our request
by Senator ISyrd last month. We understand that the
Senate Finance Committee will resume its consideration
of H.R. 6040 with the proposed amendment in the near
future, and I confidently hope that it will receive
the favorable consideration of the Senate and of the
House, «s emended.

- 10 enactment of the bill as originally proposed could
be completed at the last session of Congress. Bowever, to meet the sincere concern of some legislators
that the immediate introduction of the revised
valuation standards might result in a severe
impact on the business of some
domestic industries, there was proposed an amendment
which would defer the application of the valuation
principle in those cases in which there might be
more than a s^iall decrease in valuation*
This amendment aims at a more gradual revision
of the valuation test so that fears may he avoided
*md American business may accept change as gradually
as the facts may warrant or dictate in varying
instances.

V7-. fin vin* ftinl +i™+ f K ^ n \* w i t ^ n

*h*

102
In Washington, we are trying to move toward
this goal by constant improvement in our management
program, through legislation when necessary, and by
amendment of the Customs regulations to introduce
further improvements which will contribute to the
speedy and equitable handling of customs business*
It is a great and important contribution of this
Administration and one which has constantly held the
interest and alerted the support of President Eisenhower.
I do not need to review the accomplishments which
were made possible by the Customs Simplification Acts
of 1953 and 1954. You are all also familiar with the
proposals for revision of the customs valuation
standards contained in H.R. 6040 which is now before
the Senate Finance Committee. We had hoped that

The existence of this kind of able staff work
has been confirmed in all my contacts, and 1 want
to open my few remarks this evening with a sincere
word of appreciation to all Customs personnel.
While the Customs service is a revenue collecting
agency, it is most important to remember that we are
all servants of the people and that we should do our
best to give the best service possible. I believe
that the day-to-day efficient and courteous handling
of the public's business is one of the most important
functions of all povernnent and most especially of the
Customs service. T am gratified to know that it is
being well handled and that we are all contributing
to a joint effort to see that it is better handled
wherever that is possible.

104
But one thing I have learned, and learned
clearly and more than forcibly within a few days
of the inauguration of my close connection with
the Customs Bureau.
That concerns the high caliber of Customs
personnel, their dedication to hard work and the
outstanding way in which they tackle and handle
most complicated and difficult technical problems*
If this is true in Washington, somewhat removed from
the hurly-burly of the customs house and the appraiser's
store, it must be very clear to each of us that such
performance is only possible when it has a firm basis
of equally outstanding work by competent and conscientious men and women in the field at the many
major and minor ports of entry*

105
- t5 -

It is a romantic story and one which never
loses interest by the retelling* It is for the
moment against that background and against the
background of this great port that I would like to
talk to you tonight for a few minutes about the
people of customs and the business of customs in 1956*
% active association with the Bureau of Customs
has been only too brief* If you did not know it
otherwise, you would discover it quickly because in
a few days more than six months I am far from having
mastered the many intricacies of the problems raised
by duty, by classification, by appraisal, and the
iqyriad piles of paper work attendant upon these
highly important tasks with which each of you is so
familiar.

•5-

106

And until we had conquered the continent,
broken the prairie into farm lands and established
industry, the sea and international trade had to
relinquish to some extent the public eye.
However, during all of this period of westward
• m*l

expansion the vessels were not rotting at the piers,
the customs houses were not silent, nor were cobwebs
gathered behind the counters. The American flag
«

still was known in every port throughout the world*
American revenue and the coffers of the Treasury
were increased year by year as the result of the
tariff collections at New York and many other ports
from here to the North and the South, around the
Gulf and along the coasts of California, Oregon and
Washington*

- 4 J

history of sail, of steam, of flight, and now of
atomic power*
In the yft\mff early days American youth and
American business turned to the sea seeking an
opportunity for gain* With the opening of the
rivers and trails across the Alleghenies, the i!M#*#
iimaense landward opportunities of our developing
economy beckoned more temptingly to many of the
boys of Boston, New York, Philadelphia and Baltimore,
so that instead of shipping before the mast they
turned their footsteps westward; Instead of the
brig and the barkentlne and full-rigged ship, it
was the horse, the oxen and the prairie schooner
that attracted them.

- 3 an aspect of romance about your affairs coupled --.
with a busy sort of beauty which is bound up in
warehouses and docks, narrow streets hopelessly
crowded and jammed with loading trucks and pungent
with odors varying from burned oil to oakum* all
so indicative of a prosperous people. It is most
impelling to me, a comparative stranger to your
business, although one who perforce is learning
fast.
The aspect of romance becomes more pronounced
when we remember that revenue from imports provided
the first income for en infant nation, and when we
reflect on the wide scope of the trade that we have
always carried on with the rest of the world, changing
in character and volume, decade by decade, over the

- 2 -

*09
It is particularly gratifying that so wmy
customs house brokers, lawyers and others who
are active in foreign trade take the time nr&
the interest to meet with us Government workers
annually in this gathering and more frequently as
occasions arise. There really is a close bond
between us. While superficially those who do
business may be interested primarily in that business,
and the customs house people are primarily interested
in appraisement, collection of duty ®r\$ their other
official duties, T like to think that we have a
mutual overall interest In the welfare of the United
States and MB trade with the rest of the world.
I suppose that others who have been privileged
to address similar dinners in the past have mentioned

Remarks by David W* Kendall
Assistant Secretary of the Treasury
before the
United States Customs Examiners1 Association
Hotel Statler, New York, New York
&9f*
l$7
February 14, 1956

ThjJr honor which you afford the Treasury
and me in inviting me to address your annual
dinner and forum is truly appreciated.
In the first place, it Hves me an opportunity
to visit with you about a few of Mm problems and
**

a little bit about the future; secondly, it provides a chance to get better acquainted with you
and, thirdly, and perhaps of transcending Importance,
it is an opportunity for a few remarks of appreciation by a newcomer in the customs field to those
who do business with customs and to the many
perfectly splendid men and women who work with and
for customs,

/ » t
/
/
\

TREASURY DEPARTMENT
Washington

Remarks by David W. Kendall
Assistant Secretary cf the Treasury
before the
United States Customs Examiners1 Association
Hotel Stabler, New York, New York
6^30 p.m., EST, February 14, 1956

The honor which you afford9the Treasury and me in inviting
me to address your annual dinner and forum is truly appreciated.
In the first place, it gives me an opportunity to visit with
you about a few of our problems and a little bit about the future;
secondly, it provides a chance to get better acquainted with you
and, thirdly, and perhaps of transcending importance, it is an
opportunity for a few remarks cf ax>preciation by a newcomer in the
customs field to those who do business with customs and to the
many perfectly splendid men and women who work with and for customs.
It is particularly gratifying that so many customs house
brokers, lawyers and others who are active in foreign trade take
the time and the interest to meet with us Government workers
annually in this gathering and more frequently as occasions arise.
There really is a close bond between us. While superficially those
who ao business may be interested primarily in that business, and
the customs house people are primarily interested in appraisement,
collection of duty and their other official duties, I like to
think that we have a mutual overall interest in the welfare of the
United States and its trade with the rest of the world.
I suppose that others who have been privileged to address
similar dinners in the past have mentioned an aspect of romance
about your affairs coupled with a busy sort of beauty which is
bound up in warehouses and docks, narrow streets hopelessly crowded
and jammed with loading trucks and pungent with odors varying from
burned oil to oakum, all so indicative of a prosperous people. It
is most impelling to me, a comparative stranger to your business,
although one who perforce is learning fast.
The aspect of romance becomes more pronounced when we remember
that revenue from imports provided the first income for an infant
nation, and when we reflect on the wide scope of the trade that we
have always carried on with the rest of the world, changing in
character and volume, decade by decade, over the history of sail,
of steam, of flight, and now of atomic power.
H-IO33

- 2 -

112

In the very early days American youth and American business
turned to the sea seeking an opportunity for gain. With the
opening of the rivers and trails across the Alleghenies, the
immense landward opportunities of our developing economy beckoned
more temptingly to many of the boys of Boston, New York,
Philadelphia and Baltimore, so that instead of shipping before the
mast they turned their footsteps westward; instead of the brig
and the barkentine and full-rigged ship, it was the horse, the
oxen and the prairie schooner that attracted them.
And until we had conquered the continent, broken the prairie
into farm lands and established industry, the sea and international
trade had to relinquish to some extent the public eye.
However, during all of this period of westward expansion the
vessels were not rotting at the piers, the customs houses were not
silent, nor were cobwebs gathered behind the counters0 The
American flag still was known in e*very port throughout the world.
American revenue and the coffers of the Treasury were increased
year by year as the result of the tariff collections at New York
and many other ports from here to the North and the South, around
the Gulf and along the coasts of California, Oregon and Washington.
It is a romantic story and one which never loses interest by
the retelling. It is for the moment against that background and
against the background of this great port that I would like to
talk to you tonight for a few minutes about the people of customs
and the business of customs in 1956,
My active association with the Bureau of Customs has been
only too brief. If you did not know it otherwise, you would
discover it quickly because in a few days more than six months I
am far from having mastered the many intricacies of the problems
raised by duty, by classification, by appraisal, and the myriad
piles of paper work attendant upon these highly important tasks
with which each of you is so familiar.
But one thing I have learned, and learned clearly and more
than forcibly within a few days of the inauguration of my close
connection with the Customs Bureau.
That concerns the high caliber of Customs personnel, their
dedication to hard work and the outstanding way in which they
tackle and handle most complicated and difficult technical problems.
If this is true in Washington, somewhat removed from the hurlyburly of the customs house and the appraiser's store, it must be
very clear to each of us that such performance is only possible
when it has a firm basis of equally outstanding work by competent
and conscientious men and women in the field at the many major
and minor ports of entry.

-3-

113

The existence of this kind of able staff work has been confirmed in all my contacts, and I want to open my few remarks this
evening with a sincere word of appreciation to all Customs
personnel.
While the Customs service is a revenue collecting agency, it
is most important to remember that we are all servants of the
people and that we should do our best to give the best service
possible. I believe that the day-to-day efficient and courteous
handling of the public's business is one of the most important
functions of all government and most especially of the Customs
service. I am gratified to know that it is being well handled and
that we are all contributing to a joint effort to see that it is
better handled wherever that is passible.
In Washington, we are trying to move toward this goal by
constant improvement in our management program, through legislation
when necessary, and by amendment of the Customs regulations to
introduce further improvements which will contribute to the speedy
and equitable handling of customs business. It is a great and
important contribution of this Administration and one which has
constantly held the interest and alerted the support of President
Eisenhower.
I do not need to review the accomplishments which were made
possible by the Customs Simplification Acts of 1953 and 1954. You
are all also familiar with the proposals for revision of the
customs valuation standards contained in H.R. 6040 which is now
before the Senate Finance Committee. We had hoped that enactment
of the bill as originally proposed could be completed at the last
session of Congress. However, to meet the sincere concern of some
legislators that the immediate introduction of the revised
valuation standards might result in a severe impact on the business
of some domestic industries, there was proposed an amendment which
would defer the application of the valuation principle in those
cases in which there might be more than a small decrease in
valuation.
This amendment aims at a more gradual revision of the valuation
test so that fears may be avoided and American business may accept
change as gradually as the facts may warrant or dictate in varying
instances. The overall objective will go far toward further
sensible, businesslike customs simplification and improvement of
procedure.
The amendment was introduced at our request by Senator Byrd
last month. We understand that the Senate Finance Committee will
resume its consideration of H.R. 6040 with the proposed amendment
in the near future, and I confidently hope that it will receive
the favorable consideration of the Senate and of the House, as
amended.

- 4-

114

One of the principal needs for improving our operations is to
obtain greater certainty in customs transactions. Most businessmen
are more willing to decide whether to enter an operation where the
costs and ether significant factors are known. Conversely, uncertainty as to the amount of an item such as duties may be a
significant deterrent to new business0 We believe that the enactment of H.R. 6040 will enable international traders to be more
certain of the valuation that will be placed upon imported
commodities since it will conform customs valuation more closely
to the values actually applicable to current international wholesale trade. Also it will remove many of the eccentricities and
aberrations in the customs valuation law which have developed over
the years, and all of this without the concomitant reduction of
tariff which is the subject cf some announced fears; and which most
obviously had no part in the inauguration of this needed law.
Our efforts to obtain greater certainty are not limited to
legislation. One of the most important successful developments has
been in the classification of imported merchandise.
One aspect of this program has been the development of the
procedure which enables an exporter to the United States, or
importer, to get a classification and rate of duty on adequately
described merchandise before it is imported. Some of the most
troublesome cases presented to my office are those in which an
importer has figured his selling price on a low duty and then
discovers months after his goods have gone into consumption that he
must pay duty at a much higher rate. Upon until recent years there
was no remedy for this situation because definite decisions viere
not made until tHe merchandise was imported.
Now, with the assistance of the appraiser's staff and
classification experts in the Collectors1 offices throughout the
country, we give classifications in advance cf importation. By
circulating those decisions to all ports we make certain that the
merchandise villi be classified in accordance with that decision
when entered at any port,
This advance classification procedure is being used to an ever
increasing extent and the many comments received from shippers and
importers establish that this procedure is making a significant
contribution to better customs administration. More and more
people are becoming aware that if they receive an advance decision
on the classification of their merchandise they have a rate that
will stick and that they will not later be taken by surprise.
We also contribute to the goal of certainty to the extent that
we are able to maintain continuity and stability in our classification practices. Once a classification decision has been made
and a rate of duty determined, whether by the advance classification
procedure or by the development of a uniform practice with respect

-5-

to actual importations, that rate should not be changed
administratively without very convincing reasons. Consequently,
it is our firm belief that unless the Congress or the courts
decide otherwise,changes in classification should not be made unless
the established procedure is clearly wrong.
At the same time, people at customs must ever be alert not to
become too fettered to established practice,, not to become too
inelastic (some people use the humble word "bureaucratic") and if
there should be impelling reasons for changes in classification,
then they should be made, but only after great care and a thorough
opportunity to examine.
While we are proud of the advances and achievements that
have been made in this field, I also recognize that there is much
which remains to be done. There will always be a conflict between
the desire to be as helpful as possible in promptly giving the
best information available in response to any inquiry and the
desire that Customs advice should be binding on the Government.
Sometimes speedy answers can be given only if certainty is
sacrificed. Undoubtedly, some clarification of our procedures
will be necessary so that a person dealing with the Customs service
knows the extent to which any particular advice is binding on the
Government.
Most customs transactions are completed without a hitch, but
it is impossible to handle hundreds of thousands of entries and
not run into an occasional comedy of errors, we had a case where
a dutiable billfold for a gentleman and a non-dutiable cake for
a lady came in the mails at the same time. The mail entry somehow got attached to the parcel containing the cake and the lady
paid the $2.00 duty on the billfold. She wrote in objecting, but
somehow her letter was overlooked and the liquidation became final.
Fortunately, after a struggle, a legal basis for relief was found.
But this is one of the types of cases which showed the need for
expanded statutory authority to correct such errors. It could be
multiplied many fold.
When relief from various unavoidable errors not covered by a
protest in classifying, appraising and ascertaining the quantity
of imported merchandise was limited to clerical errors, such as
the transposition of figures, we were powerless to permit the
correction of many kinds of innocent mistakes which should in
equity and fairness have been corrected with immediate dispatch.
The answer that the only means of correction was through a private
relief bill in the Congress (always cumbersome, sometimes
impossible) engendered much ill will and frequently resulted in a
prolonged and fruitless correspondence with the importer and his
representatives.
We are now able to correct mistakes of fact and inadvertences
not amounting to an error in the construction of the law when
brought to our attention within one year. We are able to authorize

-6-

IIS

the correction of some errors in appraisement. All this has
improved our relations with the public which naturally believes
that the Government should not make them suffer because of an
innocent slip-up.
These are only a few examples of the many ways in which an
alert and cooperative Customs service has been able to improve
its service functions and its relations with the public. But the
program for customs management improvement and better service is
not a matter of one or two new pieces of legislation or of one
year's survey. It requires a continuing day-by-day concentration
by every one of us who are concerned with customs matters.
It requires a constant awareness of the problem areas and a
willingness to suggest new and better methods of operation. It
requires a steadfast attention to the Importance of courteous and
efficient relations with the public. And it requires a willingness to adjust and revise views to accommodate the changes which
are put into effect. All of these factors I have found present in
my dealings with customs and I am sure that their presence will
lead to a further record of outstanding accomplishments.
It is, of course, as it should be that such improvements
should come along hand in hand with America's increasing interest
in international trade, the narrowing of the world by faster means
of tx^ansportation and communication and the tremendous increase
in the business of world trade.
•

We are getting very used to talking about new records and
new high marks in this modern world of mid-20th century and it is
perhaps trite to do so. On the other hand, it is very significant
in the Customs field and I would like to point out a few extremely
impressive figures, as they are indicative of our increasing trade
on the one hand and the high necessity of improving our methods of
dealing with trade on the other.
In the calendar year of 1955 just ended, for the first time
in any yearly period there were over a million formal entries;
126,500,000 people entered the country for an average of four in
each second of time, by ship, by air, by automobile, by train.
During this period $936 million was collected, or an average
of $2-1/2 million on every day of the year, whether Sunday or
holiday. In fact, every figure is up. The formal entries went
up 11 percent, from 914,000 to over a million, as I mentioned, and
the total customs collections were up 16.9 percent. Indeed, every
figure went up except the cost of collecting $100 which was $4.55,
or a decrease of 9.4 percent under the cost of $5.02 for collecting
each $100 in 1954.
Another thing: Despite every effort to reduce through
examination, by sample and by pier examinations, the number of
packages brought into the appraisers' stores, these totaled nearly

_7 .

fco^b.

ll?

686,000, almost excelling the record year of 1953. The fact that
they did not so excel that year is a great tribute^t^ Apj»raioer
flnuri rmtl fthr nthnr appraisers throughout the country who did such
a splendid job of holding to a minimum this number.
Where does the aspect of government come into this?
The philosophy of the present Administration is so clearly
providing an atmosphere in which business may help itself. It
may seem paradoxical, but the greatest government believes that
the less government the better and that government should only, to
paraphrase Lincoln in an entirely different connotation, do what
people can't do themselves or what it, the government, can do
better.
Such is the high objective of this government; the creation of
the proper atmosphere for labor, for trade, for education, for
art — for all of the things which belong to human endeavor in its
individual or combined efforts.
And in this connection, those of us who work for the United
States, who get our pay checks from the Treasury, should have a high
realization that we are working — not for a bureau or a
department — but for the people of the United States and wholeheartedly in pursuance of the policy which those people have
announced as their policy and ideal.
Each one of us who is a servant of the United States and a
servant of its people, whether acting in bureaus and departments
in Washington or elsewhere, is of utmost importance on the ground,
in the field, in the customs houses in New York, in Detroit and
San Francisco, New Orleans, or Boston, at Coast Guard stations, in
post offices, in tax collecting offices. Each one of these places
is a focal point of this cooperation of government and society, of
office and trade, of assistance and culture — which represents
the highest ideal in democracy.
We have heard a great deal lately about team play in
government. This team play goes from top to bottom in the government
itself. No one who has been privileged to serve with the present
Administration could fail to be deeply impressed by this spirit of
enthusiasm, of coordination and cooperation. One of the most
striking and refreshing discoveries I made, and which I think
anyone new to Washington makes quite quickly, is the realization
of what a fine and devoted spirit of public service exists among
the career employees of the government. I have not only been
deeply impressed but fervently thankful that such is the case.
At the same time, those of us in government must be deeply
appreciative of the character and helpfulness in day-to-day
dealings of those who do business with Customs. I do not mean to
say that perhaps each of you who is an importer or exporter,
customs house broker, or customs lawyer is constantly attempting

118
- 8to be of assistance to Customs in each of your transactions. Of
course, what you are trying to do is to be of assistance to your
client, or to do business in the best way you possibly can and make
as much money as is legitimately possible.
But there is something about the relationship of American
businessmen and American government which, without saying so,
achieves a mutual respect and sort of mutual assistance by fair
dealing on the one hand, and by lack of bureaucracy and a desire
to help business to help itself on the part of the Government.
That is especially, I think the point of customs management
improvement and better service, concerning which I was talking a
few minutes ago. I would certainly feel remiss were I not to
mention also the aspect of leadership and all that it stands for and
counts for in any service of government, but especially that of
Customs.
Which leads me to this; On the first of February we lost, to
Government I hope only temporarily the services of a tremendously
capable, able and dedicated public servant, Under Secretary
H. Chapman Rose.
I assume that everyone of us has either directly or indirectly
felt the influence of some of the customs reforms which Mr. Rose
pioneered and in which he took a highly active personal and
enlightened interest. Speaking before you two years ago, he
mentioned his connection of only one year. In three years it seems
to me he mastered thoroughly tS>e intricacies of your trade, and in
so doing formed a basis for a highly intelligent approach to
betterment which I think you would go a long way to equal in the
history of public service in the United States.
We miss him every day and his return to private practice means
that those of us in government must work the harder.
With Mr. Rose, I have been so impressed with the forthright,
able and two-fisted administrative measures of Commissioner Ralph
Kelly. It has been a pleasure to work with him. One is never at
a moment's doubt as to where he stands as soon as he has mastered
any subject in customs, and with the able help of his staff, together with his own capability, he has been quick in getting on top
of every problem faced.
And now this has been a great opportunity for me, by way of
ending an interesting day in the Port of New York, visiting with
and seeing and meeting those people responsible for the greatness
of this port, and sensing the high estimation in which the
Customs Service of the United States is held.

119
- 9 In closing I, of course, want to express my admiration and
appreciation for what you do, each of you, every day.
Secondly, I should like to call your attention to something
which you perhaps don't have in mind because you are modest
people, and that is the real service which you are giving not
only to your clients, to your business, to your stockholders, or
to your customers, as the case may be, but also to the oldest and
one of the great collectors of revenue for your country.
I mention this, but at the same time call your attention to
the special responsibility that rests upon each of you working in
the ports of the United States. Here at New York more than 40
percent of the country's imports are handled, but it is not only
important here, it is important everywhere that this responsibility
be exercised by those of you in the service as public servants and
by those out of it as American businessmen.
What makes the task of the government servant so much more
worthwhile, so much more satisfying is the realization that
American businessmen do, in the last analysis, accept this
responsibility. That is perhaps the secret for which the Eisenhower
administration is and will be best known, a certain teamwork of
effort for bettering the nation as a whole, even though we are
engaged in sharp competition, or equally sharp criticism.
This is what makes the United States so strong and it is upon
the strength of the United States that the peace of the world for
which we all so fervently pray must rest.

0O0

— i| —

XSM*

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i .mi u m i m i n i •ummmm'

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to making u? tbo p m a m i
doftc&moio* I A higfcmgr construction onrf semiring a oyatea of rood* which

gvoryoiio m n t e roads — » r e mad tetter rood*, ftot problem Is to
prorido tho iwmmy to pay iS»r t l m on ® pity-os-iraii-bi&Id boslo*
S h r e w d hi^mmj tx^isportAtioii is m o of tho groat noooooitioo of
iet.

A largo port of our cmmmtm

« d industry dopendo «po*% it<

A i m s t^ylro It* f&e Jobs of millions mi mn and wmm

in this

country dooood upon It. Tbo further gro**fclt of tfeo gneat
imd nil tbo rtwifieotioao Sn tho $oo of steel, ftool, robbor and thousands
of produofcs A N N A hundiodo of oouroofi eittnot continue to develop tinloss our
highway trsm^ortotloo is doirolopod concur rout ly.

Tho TiwMKury io preparod

to lend tho ftllest rapport to ttem doliborotiaao of your
Songroos to tbo o**d thot a highway progrw w M A oil
wont mmy bo realised**

mmAm&m

Slid thO

omr

the 18-yenr ptrlod and iodlefttes tho need B&t an additional $ H * 9

billion ta fiaanee the progrm cm a pay-as-3rou-b«iM basis* fho calculation
prepared In eonnootion with this bill m

used by the CcMSsittoo includes as

airailafele for this pirpoee over a 12-yoar period 12*6 billion of oa&stlng
osolao tastes on tiros and tubes*tihlehare noit iarilsded in our generel revenues
and ushissii if diverted to tills tsse *&3i h a w to bo r&i&ed to sceee other e*y to
nsplnos an equal satewt to sever thu&r loss in gonoral r^venoe*
Setlsutes of tan: reeeipts eaetendin«t ever a 12-j**ar period inevitably
involve th#» nm

of various underlying ostiMtos In Mkloi tho calculations

and are mibjeet to substantial naif ins ef error. The projaotions ased in the
table vhleh 1 have just ro£«*rrod to boio a w tho ®mm mm these used ty the
Fallon Qosps&ttee a year a§o and ttagr h a w also been used In the revenue f>»jeetions a*ds by your Cbseilitee in eoaosetlon with HR §Q75*
i vaat to oall yyyylim

to one final point. 1 have referred to a S3$«t

billion FedermX expenditure for roads over & 21-yssar period, this, of course,
does not inclioato the full ae&lo of road oonstruoti&& m&mr the fddetml prograa*
A little o w

$10 bUXicxi or nearly one-third of the total goes bade to tho

states for prtassjr* secondary and wthmn roads ittisti are financed by a 50-$J
Federal aatettlng graot. There will, accordingly, bo aa equivalent siiowt of
State expenditures in this category* The eatyandltures on the Interstate syafcea
sponl.d bo a total of $25«1 billion on a 98-10 nstefclqg system, whioh iseafts that
there will he state osq^nditMre^ of aliaost #3 billion in this oatefOiT n&klaf
total expendltttree for ronds uador tide pro&rm in 12 years of /&8«1 billion*

121
&T-ff£frr,?ff m Sf.CTO Aiil HOKTHKliT 8Kr)ii5 KAIS :.;ID fgattS COMMUTES
1 -~ --- ^ - T T i-M^i->l»iiwiiriiim«i«»i»««i<«w>Mgw^
11 ,111,11 !••• iimwiiii -i mmm mmmmm ^apmmmimamm
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i*mmiunttmmm*mmmmmmm^
«*
99mmmmmmmmmmmmmm
• mmmm

immmm*

mammammmmmm

X am very glad to have tho opportunity to appear befosn you this morning
to discuss the problem of fineaeing the Highway Program, whioh we ail agres
is m inportant trim ®B.ny standpoints in tho national interest*
It la mm proposed that tho urogram will be financed on a pay-as-you-build
basis, rather than on a p®y»as-you-rlde basis, ifflth both fiart&es -in Cuugtssl
^ • ^ h e #de^ntiil,nit*>ffi we***^^^

to be

mada au3k3Ljan the seleetim of the particular taxes whioh will provide adequate
A
Tho decisions on the particular additional or net* taxes to be loosed
1B, of oourm. a natter $mr deteminati«n^#the Congress. In the Hearings
ormr these next several dmpm this Committee will reoelve te&timouy which w l H
be helpful in ma&lag this seleetleii and in doteiminlag tho amounts of the
various taxes that will mmt fairly raise the oeceasary totals required* the
treasury Department will be glad to continue to work with you mnd your staffs
in preparing the estimates of receipts ftrem various alternatives and combinations Of tSXSS.
"we all reeognlse the importance of having a single, integrated Highway
rrogran which will mtem it possible to plan and oarry out the development of
the Interstate system as a unit*

1 will give you estimates this morning ea

the basis of a 12-year building and a 12-year spending program*
Over 12 years, total expenditures £or the interstate system and for the
primary, secondary and urbm pregims under 19% end ^rlor authorisations and
M

6636, com to a total of yi.2 billion* the existing gasoline and die eel

- k-

,id ?
ions 7¥ ^o\\*ir*\ '

Total lined 2s
,i ii.iiiKw.ili inn 11 111

.i« IIII« i

Federal Grants For
-"

HID

State Hatching Expenditures For

t
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*

¥ith these

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w i n niim

l
in

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ry,r^oonaary
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Interstate fetal i Total
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u r n i li i

i
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2.8 12.9 *& fcStl

, we ean look forward to making up the paesent

defi«d«eiee In highway construction and seeuring a system of roads which

Jftresyoo* wants roads — wmrm and better roads, the problem is to
rovide the money to pmyfarthee* on a pay-as~you~bwild basis*
Imi5rovod highway transportation is one of'the great necessities of
our times.

I large pert of our ee&merce mad industry depends upon it.

Our farms requiro it. The Jobs of millions of mn and women in this
eouxatry depend VLpmm it* The further growth of the great auto industry
all the ramificatims in the use of steel, fuel, rubber'and thousands
of produots firom hundreds of souroes earmot continue to develop unless our
trsnsportetism is developed concurrently. The Treasury Is
land the fullest support to the deliberations of your Committee and the
Congress to the end that a highway prog*« which all .-Americans need
want may be realised*

HMMWWw

J
I

- 3over the 12-year period and indicates the need &>x an additional $11*?
billion to finance the program on a pay-es-you-build basis* the calculation
prepared in connection with this bLU as used by the Committee includes as
available for this purpose over a 12-year period $2*6 billion of existing
excise taxes on tires a«ittNMfts which are now included in our general reveuuss
and whioh if diverted to this us© will have to be mixed In seme other wsy to
replace m equal amount to cover their loss In general revenue*
Estimates of tax receipts extending over a 12-jjear period inevitably
involve the use of various underlying estimates in making the calculations
and mrm subject to substantial margins of mtmr* f ha projections used In the
table whioh I have Just referred to here art the same as those used by the
Fallon Committee a y&ar ago mn& they have also been used in the revenue projeetiens made by your Committee In connection with KB 90?£,
1 want to call att#mtioa to QIW final point* I have referred to a 135.2
billion Federal expenditure for roads over a 12-yemr jpieriod. this, of course,
does not indicate the full scale of road construction under the Fdderal program.
99

k little evor HO billion or nearly one-third of the total goes back to the
iiisfcee Mm primnsy*, empndary and urban roads
Federal matdhing g resit* There will, acco rdlngljjpW mm e^vSftwfeeSSt of
„_

,*=?, T-A.^~m

—
.IS-

„

r;twte expenditures in this category. The expenditures on the interstate system
would be a total of 25*1 billion on a 90-10 matching system, which means that
there will be State expenditures of almost $3 billion in this category making
total oJEpendttures for xo&da under this program in 12 ye&rs of $bS*l billion*

-•

1__

*-J.

fuel taxes of \\4 p*r gallon in a 12-year period available for this program
will bring in §1^*2 billion, leaving about #21 billion to be provided by new

*m.&y.

tumm mm, «. « - - mmm, mm m9. b. *,!«<

in a 12-year period from an increase of one cent or In seme cases of one
percental point In the rate of tax cm various items which have been suggested
mWl&lm Y*

Gasoline

|6.6 billion

for each

Diesel fuel

Lubricating oil

fires

Camelhaek

•03

Tubes

.02

Trucks and busses

1;!

Farts mA%d accessories n

•350
•U

registration fee at
11*00 per 1,000
pounds of weight
Automobiles
Trucks sod \mmmmm
registered for

3*0
1.5

HE 90?5t which 1® now before your Committee, provides a cue cent increase
In gasoline and other fuel taxes, an increase from 5 to 8 cents a pound en
tires and a new tax of 3 cents a pound on camelbeek, and an increase of tjff
from $i to lOJt* in tho excise tax on trucks and busses to equal the present
tax on passenger cars* \ Th^se new taxes proposed under this bill In the 12-year
period would bring in Sy.l billion, which is less than half the total required

RAffl H U M H j * ^ ^
.H.,lMtf§day, February 15 , >9*£o

COMMITTEE

I am very glad to have the opportunity to appear before you this morning
to discuss the problem of financing the Highway Program, which we all agree
is so important from many standpoints in the national interest.
It is now proposed that the program will be financed on a pay-as-you-build
basis, rather than on a pay-as-you-ride basis. \ WWr-frntfo parties i„R„GQftgrc8e
' -mtJtJmihim*^ decision remains to be
y*y - v %y)

^~~~v-~nriafleftd.flipiijji the selection of the particular taxes which will provide adequate
financing.
The decisions on the particular additional or new taxes to be imposed
1

is, of course, a matter for deteimination o£ the Congress.

In the Hearxngs

over these next several days this Committee will receive testimony which will
be helpful in making this selection and in deteimining the amounts of the
various taxes that will most fairly raise the necessary totals required. The
Treasury Department will be glad to continue to work with you and your staffs
in preparing the estimates of receipts from various alternatives and combinations of taxes.
We all recognize the importance of having a single, integrated Highway
Program which will make it possible to plan and carry out the development of
the interstate system as a unit. I will give you estjjnates this morning on
the basis of a 12-year building and a 12-year spending program.
Over 12 years, total expenditures for the interstate system and for the
primary, secondary and urban programs under 195U and prior authorizations and
HE 8836, come to a total of $35*2 billion. The existing gasoline and diesel

TREASURE DEPARTMENT
Washington

Statement byASecretary Humphrey Before Committee
on Ways and Means, House of Represent stives,
10 A.M. EST Tuesdsy, February V^9 1956

TREASURY DEPARTMENT
Washington

127
Statement by Treasury S-cretary Humphrey
Before Committee on Ways and Means,
House of Representatives, 10 A.M. EST
Tuesday, February lk9 1956.
I am very glad to have the opportunity to appear before you
this morning to discuss the problem of financing the Highway
Program, which we all agree is.so important from many standpoints
in the national interest.
It is now proposed that the program will be financed on
a pay-as-you-build basis, rather than on & pay-as-you-ride
basis. The only decision that remains to be made therefore is
the selection of the particular taxes which will provide adequate
financing.
The decisions on the particular additional or new taxes to
be imposed is, of course, a matter for determination for the
Congress. In the Hearings over these next several days this
Committee will receive testimony which will be helpful in making
this selection and in determining the amounts of the various
taxes that will most fairly raise the necessary totals required.
The Treasury Department will be glad to continue to work with
you and your staffs in preparing the Estimates of receipts frem
various alternatives and combinations of taxes.
We all recognize the importance of having a single, integrated
Highway Program which will make it possible to plan and carry out
the development of the interstate system as a unit. I will •;• 'r
give you estimates this morning on the basis of a 12-year building
and a 12-year spending program.
Over 12 years, total expenditures for the interstate system
and for the primary, secondary and urban programs under 195^ and
prior authorizations and HR 8836, come to a total of $35.2 billion.
The existing gasoline and diesel fuel taxes of 2^ per gallon in a
12-year period available for this program will bring in $14.2
billion, leaving about $21 billion to be provided by new taxes.
We have figures showing the amount of revenue which would
be derived in a 12-year period from an increase of one cent or
in some cases of one percentage point in the rate of tax on
various items which have been suggested to us as possible sources
of additional revenue. These are:

II-102U

128

- 2 for each 1^

Gasoline

Diesel fuel

$6#6 billion
.2

»
«

Lubricating oil
Tires

I!
II

Camelback

• 05

Tubes

.02

Trucks and busses

.350

Parts and accessories

Registration fee at
$1.00 per 1,000
pounds of weight
3.0
Automobiles
Trucks and busses
registered for
1.5
Highway use.
HR 9075, which is now before your Committee, provides a
one cent increase in gasoline and other fuel taxes, an increase
from 5 to 8 cents a pound on tires and a new tax of 3 cents a
pound on camelback, and an increase of" 2%, from Q% to 10$, in
the excise tax on trucks and busses to equal the present tax on
passenger cars. These new taxes proposed under this bill in the
12-year period would bring in $9*1 billion, which is less than
half the total required over the 12-year period and indicates
the need for an additional $11.9 billion to finance the program
on a pay-as~you-build basis. The calculation prepared in
connection with this bill as used by the Committee includes as
available for this purpose over a 12-year period $2.6 billion
of existing excise taxes on tires which are now included in our
general revenues and which if diverted to this use will have to
be raised in some other way to replace an equal amount to cover
their loss in general revenue.
Estimates of tax receipts extending over a 12-year period
inevitably involve the use of various underlying estimates in
making the calculations and are subject to substantial margins
of error. The projections used in the table which I have just
referred to here are the same as those used by the Fallon
Committee a year ago and they have also been used in the revenue
projections made by your Committee in connection with HR 9075.

129
- 3 I want to call attention to one final point. I have
referred to a $35.2 billion Federal expenditure for roads over
a 12-year period. This, of course, does not indicate the full
scale of road construction under the Federal program. A little
over $10 billion or nearly one-third of the total goes back to
the States for primary, secondary and urban roads which are
financed by a 50-50 Federal matching grant. There will,
accordingly, be an equivalent amount of State expenditures in
this category. The expenditures on the interstate system would
be a total of $25.1 billion on a 90-10 matching system, which
means that there will be State expenditures of almost $3 billion
in this category making total expenditures for roads under this
program in 12 years of $48.1 billion.
Total Road Expenditures Under Federal Aid Program
(Billions" of DollarFp
Federal Grants for State Matching Expenditures For
and Urban
Total • Primary, Secondary
Primary,
SecondaryInterstate
^
:Grand
and Urban
Interstate Total:Total
10.1
2.8
12.9 : h8*l
10.1
2^.1
35#2
With these expenditures, we can look forward to making up
the present deficiencies in highway construction and securing
a system of roads which we so badly need.
Everyone wants roads —* more and better roads. The problem
is to provide the money to pay for them on a pay-as-you-build
basis.
Improved highway transportation is one of the great
necessities of our times. A large part of our commerce and
industry depends upon it. Our farms require it. The jobs of
millions of men and women in this country depend upon it. The
further growth of the great auto industry and all the
ramifications in the use of steel, fuel, rubber and thousands
of products from hundreds of sources cannot continue to develpp
unless our highway transportation is developed concurrently. The
Treasury Is prepared to lend the fullest support to the
deliberations of your Committee and the Congress to the end that
a highway program which all Americans need and want may be
realized.

February 2, 1956

2i
mmmmw TO MB* MJHTIK L* -00 s
The following transactions were made in direct and guaranteed
securities of the Government for treasury investments and other accounts
during the month of January, 1956s
Sale

19,836,500.00
8.526.000*00
11,310,500.00

C. L. Norman
£^2-** Chief, Investments Branch
Division of Deposits &

TREASURY DEPARTMENT
WASHINGTON, D.C.

IMMEDIATE RELEASE,
fl-iuu8—

mmm

*^m'^~^^m*^mm—^9m^mmmm9+9+.B^!mmmmMBmm*mmm^9mam M*wa«HMn.M«M*BH**.

During DHILHI1J<E 19DCJ market transactions
in direct and guaranteed securities of the
government for Treasury investment and other
accounts resulted in net p*N*eta»e« by the
/ I , 3/Oy^OO

Treasury Department of $a^*yftfi0p8p0i

0O0

TREASURY DEPARTMENT
WASHINGTON, D.C.

IMMEDIATE RELEASE,
Wednesday, February 15j 1956.

H-1025

During January 1956, market transactions
in direct and guaranteed securities of the
government for Treasury investment and other
accounts resulted in net sales by the Treasury
Department of $1,310,500.

oOo

- 3-

or by any local taxing authority.

For purposes of taxation the amount of discount

at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections k$k (b) and 1221 {$) of the Internal Revenue Code of
195U the amount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. iil8, Revised, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch.

.i. o t

- 2 -

and exchange tenders will receive equal treatment. Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 195b• The bills
are subject to estate, inheritance, gift or other excise taxes, whether Federal

or State, but are exempt from all taxation now or hereafter imposed on the principal
or interest thereof by any State, or any of the possessions of the United States,

*"y

JH **-% Ttbt kir yrjr

/ ^y$ %u

mmiW&L\m

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, February l6, 1956
tArHT

The Treasury Department, by this public notice, invites tenders for
$1,600,000,000 , or thereabouts, of
91
-day Treasury bills, for cash and
in exchange for Treasury bills maturing
$1,600,093,000

February 23, 1956

9 in the amount of

, to be issued on a discount basis under competitive and non-

W
competitive bidding as hereinafter provided. The bills of this series will be
dated Eebruary 23, 1956
, and will mature
May 2k9 1956
, when the face
amount will be payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
closing hour,/teem o'clock p.m., Eastern Standard time, Monday, February 20, 1956 .
Tenders will not be received at the Treasury Department, Washington.

Each tender

must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99*92$.

Fractions may not be used.

It is urged that tenders

Tenders will be received without deposit from

incorporated banks and trust companies and from responsible and recognized dealers
in investment securities. Tenders from others must be accompanied by payment of

RELEASE MORNING NEWSPAPERS,
Thursday, February 16, 1956.

H-1026

The Treasury Department, by this public notice, invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing February 23, 1956,
in the amount of $1,600,093,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated February 23, 1956,
and will mature
May 2k, 1956,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and In denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o'clock p.m., Eastern Standard time,
Monday, February 20, 1956.
Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99.925. Fractions may not be used. It is
urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent 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, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, non-competitive tenders for
$200,000 or less without stated price from any one bidder will be
accepted in full at the average price (in three decimals) of accepted

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on February 23, 1956, in cash or other immediately available funds
or in a like face amount of Treasury bills maturing February 23, 195
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954• The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actually
received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their Issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
0O0

.•T
-\

L mS

it/ fsj*

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W*%i

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?r&«
fm k?y yim&% m&*mii& *m*iJ f«fc*
on--«r #iich t^« United states gxc;
^«a-eiaMe ^ n V T .

Stabilisation &m&

Q I I ^ mp £e *a ^ ^ ^ m , e«f^rwl«t id £1?.$

rflHl
.01

^mtM esessjbgi fe? sisgfe a purdteM arise* ffe* l^w^fei is

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restrtstlosMi aaa **oJd£ag mtm^mmmtf

f£sst&t££88

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alst* a*jao»u^S ortttftttt-f its

mmtwmir-mmnA &%*M F w n mad*? « ich ^ ^ t iMtAtattaB * g r * M to
miss mYmiQjLmh3M %m m y^*5 milll^ f*r tls# trim imipsss* ftfc *» ngrtt*
th^rvloc^ -:-ra-I* s Wtsti a*? 5 £5 siJULafi in
ifxr .-^ra*

rmsm-fernm

TREASURY DEPARTMENT
WASHINGTON, D.C.

IMMEDIATE RELEASE,
Thursday, February 16, 1956.

H-1027

Under Secretary of the Treasury W. Randolph Burgess
and Ambassador Fernando Berckemeyer of Peru today signed
an Agreement extending for a period of one year the
Stabilization Agreement between the United States and
Peru.
The Agreement extends until February 17, 1957
existing arrangements under which the United States
Exchange Stabilization Fund undertakes to purchase
Peruvian soles up to an amount equivalent to $12.5 million
should occasion for such a purchase arise. The Agreement
is designed to assist Peru in maintaining external trade
and payments substantially free from governmental restrictions
and avoiding unnecessary fluctuations in the rate of
exchange.
The International Monetary Fund has also announced
extension of its standby arrangement with Peru under which
that institution agrees to make available up to $12.5
million for the same purpose. The two agreements therefore provide a total of $25 million in standby resources
for Peru.

oOo

y
\

*
V

Tuesday, February 21, 1956.
The Treasury Department announced lest evening that the tenders tot 11,600,000,00$
or thereabouts, of 91-day Treasury bills to be dated February 23 and to mature May 2k9
1956, which were offered on February 16, were opened at the Federal Reserve Banks on
February SO.
The details of this issue are aa follows:
Total applied for - $2,U50,122,000
Total accepted
- 1,601,31*9,000 (includes |2Ul,k2k,000 entered on a
noncompetitive basis and accepted In iv
full at the average price shown below)
Average price
- 99.3^6 Equivalent rate of discount mpvrox. 2.k29% pmr annua
Range of accepted competitive bides (Excepting two tenders totaling 1300,000)
* 99.i*03 Equivalent rate oi dj scount appro*. 2.3&2i P*vr annua
Low
- 99.384
•
• *
•
*

2.1*37%

(96jt of the amount bid imr at the low price was accepted)
Federal Reserve
District
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Saa Praneiseo
mii*^**t$m*mW^mx-%mmr

fatal

total

$
26,687,000
1,697,957
la, 927 000
87,lii5
22,982 000
37,135
261,757 000
2t>,m 000
10,311 000
$2,$76 000
130,599,000
5*,32b
$2,U50,122,000

——mmmmmviii > u.tmmmmmmmmm

Total

26 3«7 000
9.1 30$ 000
901 000
81
000
22 982 000
3k U.1 000
193 188 000
26
000
on
10
000
000
121,379,000
000

$l,601.3ii9,000

TREASURY DEPARTMENT

1 **•>

WASHINGTON, D.C.
M E A S E MORNING NEWSPAPERS,
Tuesday, February 21, 1956.
H-1028
The Treasury Department announced last evening that the tenders for $1,600,000,000,
or thereabouts, of 91-day Treasury bills to be dated February 23 and to mature May 2k,
1956, which were offered on February 16, were opened at the Federal Reserve Banks on
February 20.
The details of this issue are as follows:
Total applied for - $2,1*50,122,000
Total accepted
- 1,601,31*9,000 (includes $2la,U2U,000 entered on a
noncompetitive basis and accepted in
.
.
*ull at the average price shown below)
oOZ
Average price
- 99-386 Equivalent rate of discount approx. 2.1*292 per annum
Range of accepted competitive bids: (Excepting two tenders totaling $300,000)
High
Low

99.1*03 Equivalent rate of discount approx. 2.362<g per annum
99.381*
«
n
»
«t
„
2.U37£ w
«
(96% of the amount bid for at the low price was accepted)

Federal Reserve
District

Total
Applied for

Total
Accepted

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

$ 26,887,000
1,697,957,000
la,927,000
87,11*5,000
22,982,000
37,135,000
261,757,000
26,522,000
10,311,000
52,576,000
51;, 321*, 000
130,599,000

$2,1*50,122,000

$1,601,31*9,000

Total

26,387,000
967,305,000
18,901,000
81,802,000
22,982,000
31*, 1*1*7,000
193,21*7,000
26,188,000
10,011,000
1*8,1*56,000
l*8,2i*l*,000
123,379,000

/Lni^^, fy>PL -Kc*y*T*y>~*
;

,<•'•

i ""V _>••*•

/-T -

IrJL %4^ ** < ** * '

APPOSE M W B A T C K a M W T O 1HAI1MI W H WHiffi
Secretary Humphrey today announced the appointment of Chester G.
Abbott, president of the First Portland National Bank of Portland, Maine, as
state chairman of the Maine Savings BondJCommittee. He succeeds the late

1 J. Cole, of Bangor. U* fi»*U U ^ ^/^ /«^ ^Z^U.
A native of Lynn, Mass., Mr. Abbott graduated from Bowdoin College
in 1913. His early experience -was in commercial sales "work. He was general
sales manager of the Hudson Motor Car Co. in Detroit during 1929-31 and assistant general manager from 1931 to 193U* He was also a director of the company
during this period. From 1935 to 19l*2, he was president of the Transport Company.
Mr. Abbott joined the First Portland National as a vice-president
in 191*2, and has been president since 1950. lit* la pruside/it 6T the" Portland
f*tm&2y
Bankers Asme-m&bhm, aaisete past president of the Maine Bankers Association«tagB*
t^i^J^
^JU ******
1
•jfi alffQ.1." paflti ; i i II i 1i M t W P the Portland Community Chest, find nt pgeeewfe-^ecommittee chairman of the Maine College Community Research Center. ( h^o^Jrj
The new Maine state chairman has been an active supporter of the
U.S. Savings Bond5 Program since World War II days. A member of the Lions Club,
he has appeared before civic and professional groups in the promotion of bond
sales. He has also been Cumberland County volunteer chairman.
In advising Mr. Abbott of his appointment, Secretary Humphrey wrote:
!t

I am delighted to learn of your willingness to accept the important volunteer

role as State Chairman of the Savings Bonds Program for Maine, and it is my
pleasure to appoint you to that position for the customary two-year period.
The Savings Bonds Program is important to us in our determination to maintain a
sound and honest dollar, and your addition to our team will be of very great
help to us. You may be sure that we shall endeavor at all times to keep our
demands upon your time and energy within reasonable confines •"
§ # #

142
TREASURY DEPARTMENT
WASHINGTON, D.C.

RELEASE MORNING NEWSPAPERS,
Wednesday, February 22, 1956.
—mmmmmmmmmmmmm

mf , i t ..„.m -

, ** , ,

H-1029

Secretary Humphrey today announced the appointment of
Chester G. Abbott/president of the First Portland National Bank
of Portland, Maine,- as State chairman of the Maine Savings Bonds
Committee. He succeeds the late A. J, Cole, of Bangor, who served
for more than five years until his death last November.
A native of Lynn. Mass,, Mr, Abbott graduated from Bowdoin
College in 1913> His early experience was in commercial sales
work. He was general sales manager of the Hudson Motor Car Co. in
Detroit during 1929-31 and assistant general manager from 1931 to
1934. He was also a director of the company during this period.
From 1935 to 1942, he was president of the Transport Company.
Mr. Abbott joined the First Portland National as a vicepresident in 1942, and has been president since 1950. A past
president of the Maine Bankers Association and the Portland
Community Chest, he is committee chairman of the Maine College
Community Research Center. He is also vice-president of the
Bowdoin College Board of Overseers and member of its finance
committee.
The new Maine State chairman has been an active supporter of
the U. S. Savings Bonds Program since World War II days. A member
of the Lions Club, he has appeared before civic and professional
groups in the promotion of bond sales. He has also been
Cumberland County volunteer chairman.
In advising Mr, Abbott of his appointment, Secretary Humphrey
wrote: "I am delighted to learn of your willingness to accept
the important volunteer role as State Chairman of the Savings
Bonds Program for Maine, and it is my pleasure to appoint you to
that position for the customary two-year periodc The Savings
Bonds Program is important to us in our determination to maintain
a sound and honest dollar, and your addition to our team will be
of very great help to us 0 You may be sure that we shall endeavor
at all times to keep our demands upon your time and energy within
reasonable confines."
oOo

- 3ml. *fO

or by any local taxing authority. For purposes of taxation the amount of discount
at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections k$h (b) and 1221 {$) of the Internal Revenue Code of
1954 the amount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. hl8, Revised, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch.

- 2 -

AAjnui

144

Those sub-

Subject to these reservations, noncompetitive tenders for $200,000 or less

without stated price from any one bidder will be accepted in full at the average
price (in three decimals) of accepted competitive bids. Settlement for accepted
tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on

March 1. 1956

, in cash or other immediately available funds

or in a like face amount of Treasury bills maturing

March 1. 1956

. Cash

and exchange tenders will receive equal treatment.

Cash adjustments will be made

for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 1954. The bills
are subject to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed on the principal
or interest thereof by any State, or any of the possessions of the United States,

145
KSiWL
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS, /-/- /6 ^/J
Thursday, February 23* 1956

The Treasury Department, by this public notice, invites tenders for
$1.600«000»0Q0 , or thereabouts, of 91 -day Treasury bills, for cash and
in exchange for Treasury bills maturing March 1, 1956 _> in the amount of
$ 1.601.218.000 9 to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated March 1. 1956 , and will mature May 31. 1956 9 when the face
amount will be payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
closing hour,/toot o*clock p.m., Eastern Standard time, Monday, February 27. 1956 «
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99.925. Fractions may not be used. It is urged that tenders
be made on the printed forms and forwarded in the special envelopes which will be
supplied by Federal Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account. Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized dealers
in investment securities. Tenders from others must be accompanied by payment of

TREASURY DEPARTMENT

Ue_

mWmKmmJUJmZVS.mm-miAmm&mmnTi^T^^

WASHINGTON, D.C.

RELEASE MORNING NEWSPAPERS,
Thursday, February 23, 1956.

H-1030

The Treasury Department, by this public notice, Invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing March 1. 1956,
in the amount of $1,601,218,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated March 1, 1956,
and will mature May 31, 1956,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,00Q, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty ofclock p.m., Eastern Standard time,
Monday, February 27, 1956.
Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99.925. Fractions may not be used. It is
urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account* Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent 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, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, non-competitive tenders for
$200,000 or less without stated price from any one bidder will be
accepted in full at the average price (in three decimals) of accepted

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on March 1, 1956,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing March 1, 1956.
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be Interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need Include in his income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the, amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo

DIRECT BORROWING FROM F5DSRAL RESERVE BANKS

YEAR

M I S USED

1942

1943

1944

none

MAXIMUM AM3UNT
AT AMI 2XM3
(millions)
4422

ae#- /, 3

1945

1946

none

1947

none

1948

none

1949

220

1950

108

1951

320

1952

811

1953

1,172

1954

424

1955

none

484

H^rfc^
__
-3-

148

^""^

^w^^ea^'ISOTaree is at a loir• level*

m tm.-~

would Jaepaactieularly iaporteafi* in the event of any sudden nationwide emergency requiring heavy cash payments from the Treasury^
While it has never been necessary to use as much as %$ billion,
we recommend continuation of the present %$ billion authority to give
the Federal Reserve and the Treasury sufficient flexibility to cover
emergency situations if they should arise• Any borrowing under the
authority is, of course, subject to the statutory debt limit*

./: c

iuy\

- 2 ~

The purpose of this direct borrowing authority j£ to help the
Treasury and the Federal Reserve System work together in minimizing
the disturbing effects on the economy of short-run peaks in Treasury
cash receipts and disbursements, particularly around the time of
quarterly income tax payments. These short-run movements of funds
are large, and precise estimates of their day-to-day patterns are often
difficult* ftaunri finanr^^maiwgein'm'it WlgglMT 'tnfftrflMyiSr!Uffffl3&
^^^ sn^o^h^: as po^itol»;

This direct borrowing authority

a useful flMml mechanism for the Treasury and the Federal Reserve
and its use has avoided unnecessary I t a n U

strains on the money

market on a number of occasions*
Treasury borrowing from the Federal Reserve banks under this
authority p* used infrequently and then only for short periods*

The

last time it was used was on March 17, 19$k$
1gi»elw^iBB»fe^^

was confined tojtferee
-tetandijag borrowing exceeded $1 billion dff only
e# we re * re^i**ed 3**eV as soon as ta&^r&eeip^w^eaBte

A table showing the use of the direct bor
i&4»tteched«,

authority
***** *&*€£*+'€.

.iZJAm t&it^

**9+

The Treasury and the Federal Reserve have
&-AKJ

used the direct

borrowing authority *m> my**fefee^fesei^&E» to meet temporary require—
ments of this nature*

The authority is also, however, a safeguard that

could be used % « q w « e ^ ^
"public debt ^obligations for sale to the public in case any unusuallv *
large amounts of demand obligations should be presented ^o the Treacury ^*»^

i«;n
-*. <J KJ

Statement of W* Randolph Burgess, Under
Secretary of the Treasury, before the House Committee
on Banking and Currency/ on H*R* 9285/
February 27, 1956

I am glad to appear before you today to present the views of
the Treasury Department in support of H*R« 9285. This bill would
extend until June 30, 1958, the present authority of the Federal
Reserve banks to purchase securities directly from the Treasury in
amounts not to exceed $5 billion outstanding at any one time*
The Treasury Department requested the enactment of this measure
in its letter to the Speaker of the House of Representatives on
January 24 j 1956*

It has been endorsed by the Board of Governors

of the Federal Reserve System©
Prior to 1935, Federal Reserve banks could purchase Government
obligations either in the market or directly from the Treasury*

From

1935 until 1942, however, this authority was restricted to open
market transactions under the Banking Act of 1935 • In 1942 the
authority of the Federal Reserve banks to purchase securities directly
from the Treasury was restored, but a limit of $5 billion was placed
on the amount outstanding at any one time. The $5 billion authority
was granted initially only through 1944, but the Congress has extended
it from time to time /6e w
gg$^^

The present authority was granted for two years

and expires June 30, 1956*

/••' '

to pi'w&de^tEcxyfefeTOug*^^

TREASURY DEPARTMENT
Washington
Statement of W. Randolph Burgess, Under
Secretary of the Treasury, before the House Committee
on Banking and Currency on H„R. 9285,
February 27, 1956
I am glad to appear before you today to present the views of
the Treasury Department in support of H.R. 9285. This bill would
extend until June 30, 1958, the present authority of the Federal
Reserve banks to purchase securities directly from the Treasury in
amounts not to exceed $5 billion outstanding at any one time.
The Treasury Department requested the enactment of this measure
in its letter to the Speaker of the House of Representatives on
January 24, 1956. It has been endorsed by the Board of Governors
of the Federal Reserve System.
Prior to 1935> Federal Reserve banks could purchase Government
obligations either In the market or directly from the Treasury. From
1935 until 1942, however, this authority was restricted to open
market transactions under the Panking Act of 1935. In 1942 the
authority of the Federal Reserve banks to purchase securities
directly from the Treasury was restored, but a limit of $5 billion
was placed on the amount outstanding at any one time. The $5 billion
authority was granted initially only through 1944, but the Congress
has extended it from time to time* The present authority was
granted for two years and expires June 30, 1956.
The primary purpose of this direct borrowing authority has been
to help the Treasury and the Federal Reserve System work together in
minimizing the disturbing effects on the economy of short-run peaks
in Treasury cash receipts and disbursements, particularly around the
time of quarterly income tax payments. These short-run movements
of funds are large, and precise estimates of their day-to-day
patterns are often difficult. This direct borrowing authority is a
useful mechanism for the Treasury and the Federal Reserve and its
use has avoided unnecessary strains on the money market on a number
of occasions.
Treasury borrowing from the Federal Reserve banks under this
authority has been used infrequently and then only for short periods.
The last time It was used was on March 17, 1954. Borrowing has
exceeded $1 billion only rarely. A table showing the use of the
H-1031borrowing authority since 1942 is attached.
direct

152
- 2 The Treasury and the Federal Reserve have used the direct
borrowing authority only to meet temporary requirements of this
nature. The authority is also, however, a safeguard that could
be used in the event of any sudden nation-vjide emergency requiring
heavy cash payments from the Treasury before securities could be
sold.
While it has never been necessary to use as much as
$5 billion, we recommend continuation of the present $5 billion
authority to give the Federal Reserve and the Treasury sufficient
flexibility to cover emergency situations if they should arise.
Any borrowing under the authority is, of course, subject to the
statutory debt limit0

- 3DIRECT BORROWING FROM FEDERAL RESERVE BANKS
MAXIMUM MOUNT
AT ANY TIME
(millions)

YEAR

DAYS USED

1942

$ 422

19^3

1,320

1944

none

1945

1946

none

1947

none

1948

none

1949

220

1950

108

1951

320

1952

811

1953

1,172

1954

424

1955

none

484

0O0

58
/

RELEASE MQRMING HStTSPAPERS,
Tuesday, February 28, 1956.
The Treasury Department announced last evening that the tenders for |l,6OO,O0Ot0Q0j
or thereabouts, of 91-day Treasury bills to be dated March 1 and to mature May 31, 1956
which were offered on February 23, were opened at the Federal Reserve Bank© on
February 27.
The details of this issue are as follows*
total applied for - $2,592*669,000
Total accepted
- l#60b,5tB,000

(includes $218,600,000 entered on a
noncompetitive basis and accepted la
full at the average price shown below)
Average price
- 99.391 Equivalent rate of discount approx* 2.kP9% per annua
Range of accepted competitive bids: (Excepting four tenders aggregating $2,36$,00t
- 99*393 Equivalent rate of discount approx. 2«lt01£ per annas
- 99.390
«
s •
s
»
low

2.1030 »

(66 percent of the amount bid for at the low price was accepted)

Federal Reserve
District

Total
Applied for

ABttCPttd

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

TOTAL

iijy-

22,600,000
1,38b,751,000
32,730,000
6it,U07,000
12,520,000
29,56k,000
330,195,000
16,806,000
9,611,000
U , 796,000
39,951,000
107,738,000

$2,592,669,000

Total
19,661,000
1,126,006,000
10,230,000

U7,7k8,ooo
11,003,030
19,37k,000
223,720,000

lo,9kU,ooo
8,750,000
29,775,000
27,901,000
69,516,000
|l,60U,528,0O0

TREASURY DEPARTMENT
WASHINGTON, D-C.

yi&ASS MORNING NEWSPAPERS,
Tuesday, February 28, 1956*

H-1032

The Treasury Department announced last evening that the tenders for $1,600,000,000,

or thereabouts, of 91-day Treasury bills to be dated March 1 and to mature May 31* 1956,
fhich were offered on February 23, were opened at the Federal Reserve Banks on
tpebxmary 27 •
The details of this issue are as follows?
Total applied for - $2,592,669,000
Total accepted
- l,60l±,528,000

Average price

(includes $218,600,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
- 99*391 Equivalent rate of discount approx, 2.U09# per annum

Range of accepted competitive bids: (Excepting four tenders aggregating $2,365*000)
High - 99.393 Equivalent rate of discount approx, 2.^01$ per annum
Low
- 99.390
••
»
"
»
»
2.U13$

(66 percent of the amount bid for at the low price was accepted)

Federal Reserve
District

Total
Applied for

Total
Accepted

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

TOTAL

22,600,000
1,881,751,000
32,730,000
6U,107,000
12,520,000
29,56U,000
330,195,000
16,806,000
9,611,000
Ul,796,000
39,951,000
107,738,000

$2,592,669,000

19,661,000
1,126,006,000
10,230,000
U7,718,000
11,003,000
19,37U,000
223,720,000
10,9UU,000
8,750,000
29,775,000
27,801,000
69,516,000

$1,60U,528,000

- 3-

or by any local taxing authority. For purposes of taxation the amount of discount
at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections k$h (b) and 1221 (5) of the Internal Revenue Code of
195a the amount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No, 1*18, Revised, and this notice, prescribe
the tenns of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch•

- 2 -

1 C1
mL KmJ JL

«~/ v>

HSx
and exchange tenders will receive equal treatment. Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 195h. The bills
are subject to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed on the principal
or interest thereof by any State, or any of the possessions of the United States,

i KJ
Q -mm
0

**rJV>

taam
TREASURY DEPARTMENT
Washington
J

FOR RELEASE, MORNING NEWSPAPERS,
Thursday. March 1. 1956
•

The Treasury Department, by this public notice, invites tenders for
$ 1,600,000,000 , or thereabouts, of 91 -day Treasury bills, for cash and
mmmmmmmmm mm

^ ^*my^^ymmm^mmmmmmmmmm

mmmmmmmmmmmm^m^mm

in exchange for Treasury bills maturing March 8, 1956 , in the amount of
$ l,600,lli8,QOO , to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated March 8, 1956 , and will mature June 7. 1956 , when the face
amount will be payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
closing hour,/km o'clock p.m., Eastern Standard time, Monday, March 5. 1956
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99*92$. Fractions may not be used. It is urged that tenders
be made on the printed forms and forwarded in the special envelopes which will be
supplied by Federal Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account. Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized dealers
in investment securities. Tenders from others must be accompanied by payment of

1 Ql

TREASURY DEPARTMENT
WASHINGTON, D.C.

RELEASE MORNING NEWSPAPERS,
Thursday, March 1, 1956

H-1033

The Treasury Department, by this public notice, invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing March 8, 1956,
in the amount of $1,600,148,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated March 8, 1956,
and will mature June 7, 1956,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o*clock p.m., Eastern Standard time,
Monday, March 5, 1956.
Tenders will not be received at the
Treasury Department, Washington, Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99.925. Fractions may not be used. It is
urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent 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, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, non-competitive tenders for
$200,000 or less without stated price from any one bidder will be
accepted in full at the average price (in three decimals) of accepted

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on
Iv'areh 8, 1956,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing March 8, 1956.
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be Interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his Income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actually
received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
0O0

mm P mm
J. <-

in our trade and tariff laws.

-* *

The President has explained in his

State of the Union llessage that the OTC Hiiroa adiAwLiiibi^ifalro a
thnt Ttl cannot alter the control of Congress over the tariff, import
and customs policies of the United States. It has no power itself to
change any of the rules.
In short, I bslia¥e-^ha& ^ uaef^, nggfeg^m to
assist! the united Stated in achieving ifc£>bjectives iEu&ae field of
|

international trade agd financial relationships #

•

United S|ates adherence

OTC would assure our trading partners of our continued willingness
sider trade/problems of mutual Interest in an international fojhim.
y

,-•?

I believe this a£sura|foe~^-iiqgOTtggfffr^fti' t?!iBf agl3Y15§n^.nce" ox exfe ctive
.if

tracing rftlatinnfiMps^
For these reasons I recommend that Congress authorize United States
membership in the 0TC#

-3ty

have felt the adverse effects of restrictions o&-4i»ja»~4&ar% since the
war, because these restrictions have generally discriminated against our
products as compared with those of other countries.
In considering the use of^ import restrictions by a member country,
the OTC will consult the International Monetary Fund regarding the balance
of payments situation of the country and its level of reserves. Sich
consultation, among other things, will serve to prevent the use of import
restrictions as a substitute for foreign exchange restrictions which are
not justifiable.
In the customs field we in the Treasury are concerned with such

t(y^ U^-f-^^
matters as the internal taxation of dapopted good&, the imposition of
anti-dumping and countervailing duties, the valuation of imported merchandise
for customs purposes, and other customs requirements. One of the duties
of the OTC will be to administer a fair and reasonable code of practice
relating to JAojo matters, ^^^mm^^

QilJI^xiffa*and Tradi^jtepHArhich substantially conforms to the customs
practices and procedures which we have been following for many years.
Membership in OTC should help to protect our exporters from discriminatory,
unfair or capricious treatment in foreign markets. It should help to obtain for them treatment comparable in general to that which we are giving
foreign exporters to the United States.
Sotao poo^d^r^ei?^4^4)al.iavft Jih^i^a^

disadvaat^^,.^If4o not agree* Creation of the OTC would require no change

^w'

continuing body and mutual trade arrangements have depended on occasional
international meetings or negotiations between individual countries.
We can expect concrete advantage to the United States if there is
such an organization through which our chosen representatives can press
for action beneficial to us, such as reduction of trade restrictions i
^j^L\*f

discrimination's against American goods. This organization would provide
a more effective forum to which our representatives could promptly take
complaints and press our point of view.
We in the Treasury Department are primarily concerned with the
relationship of the OTC to balance of payments questions, currency
convertibility, and customs administration.
One of the major problems of international trade since the war has
been the widespread use of .quotas or quantitative restrictions on imports
**-'

**•• v*

•*',

as i means of dealing with balance of payments difficulties. Progress toV
ward removing these quotas lias been made during the past few years. But
it has not been easy, and it is not going to be easy, to reach the point
where countries will afeaastasL use of import restrictions as a means cf
protecting their currencies, and instead rely on firm monetary policies
and competitive enterprise to keep themselves financially strong, ^^r-

mt&gXxXtf&a^ -Merotararffm^:>te^-bwa ^asgli^- to
reduce* Countries frequently consider tijMfthey do not ha^s *--«rattgJr*"goli
oxuattter foreign e^charigeH reserves taTpermit the entry of foreign-goods
"^i\m\^^ exporters, in particular,

'•7

P^/^

; U ^ ^^^

y^y^y Z ^ ^

/m**<- jr?*~y 0**+*+- ^tt4mm^m**~j £*^~**~^^"£-~^

Mr. Chairman and Members of the Committee:
I appear before you in support of HR 5550. This Bill is designed to
carry out the President's recommendation that Congress authorize United States
membership in the Organization for Trade Cooperation. The President in his
message on the State of the Union explained why this is highly desirable.
While the United States is not as dependent on foreign trade as many
other countries, our prosperity is greatly influenced by the flow of goods
out of and into the country. The policies which other countries follow in
their trade have serious impact on us. Our trade policies in turn have a
great effect on others because our commercial trade ts 17.5 percent of world
trade.
Ja-iiCnopi^4efi^yur membership in the OTC ^^&F§e^r i^(Q»r^ant-4±riil^ftM«»
cut^aux.xaaag^itlc»-that' problems 62 trade are "a ifttspL^s^

rela ti on ships ^ As the Praaiden t has n; n ^ mi i 11 i,m" IJuJij^MiliifIrl n * u
to deal with matters of trade in the same cooperative way we do with military
matters in the North Atlantic Treaty Organization, and with financial
matters in the International Monetary Fund and in the International Bank
for Reconstruction and Development. Our acceptance of membership would
give practical evidence to our free world partners that our desire for
sound working relationships extends to the field of trade.
The purpose of the OTC is to provide a continuing international body
for the discussion of international trade problems and to administer the
General Agreement on Tariffs and Trade. Up to now there has been no such

i,: A
-A, v^ v^»

TREASURY DEPARTMENT
Washington

Statement by Treasury Secretary Humphrey
before House Ways and Means Committee,
Friday, March 2, 1956

Mr, Chairman and Members of the Committee:
I appear before you in support of HR 5550. This Bill is
designed to carry out the President's recommendation that Congress
authorize United States membership in the Organization for Trade
Cooperation. The President in his message on the State of the
Union explained why this is highly desirable.
While the United States is not as dependent on foreign trade
as many other countries, our prosperity is greatly influenced by
the flow of goods out of and into the country. The policies which
other countries follow in their trade have serious impact on us.
Our trade policies in turn have a great effect on others because
our commercial trade is 17.5 percent of world trade.
Our membership in the OTC will indicate our desire to deal with
matters of trade in the same cooperative way we do with military
matters in the North Atlantic Treaty Organization, and with
financial matters in the International Monetary Fund and in the
International Bank for Reconstruction and Development. Our
acceptance of membership would give practical evidence to our free
world partners that our desire for sound working relationships
extends to the field of trade.
The purpose of the OTC is to provide a continuing international
body for the discussion of international trade problems and to
administer the General Agreement on Tariffs and Trade. Up to now
there has been no such continuing body and mutual trade arrangements have depended on occasional international meetings or
negotiations between individual countries.
We can expect concrete advantage to the United States if there
is such an organization through which our chosen representatives
can press for action beneficial to us, such as reduction of trade
restrictions which discriminate against American goods. This
organisation would provide a more effective forum to which our
representatives could promptly take complaints and press our point
of view.
H-1034

169
- 2 We in the Treasury Department are primarily concerned with the
relationship of the OTC to balance of payments questions, currency
convertibility, and customs administration.
One of the major problems of international trade since the
war has been the widespread use of quotas or quantitative
restrictions on imports as the principal means of dealing with
balance of payments difficulties. Progress toward removing these
quotas has been made during the past few years. But it has not
been easy, and it is not going to be easy, to reach the point where
countries will substantially reduce use of import restrictions as
a means of protecting their currencies, and instead rely on firm
monetary policies and competitive enterprise to keep themselves
financially strong. American exporters, in particular, have felt
the adverse effects of quota restrictions since the war, because
these restrictions have generally discriminated against our
products as compared with those of other countries.
In considering the use of such import restrictions by a member
country, the OTC will consult the International Monetary Fund
regarding the balance of payments situation of the country and its
level of reserves. Such consultation, among other things, will
serve to prevent the use of import restrictions as a substitute
for foreign exchange restrictions which are not justifiable.
In the customs field we in the Treasury are concerned with such
matters as the internal taxation of goods we import, the imposition
of anti-dumping and countervailing duties, the valuation of imported
mercnandise for customs purposes, and other customs requirements.
One of the duties of the OTC will be to administer a fair and
reasonable code of practice relating to such matters, which substantially conforms to the customs practices and procedures which
we have been following for many years. Membership in OTC should
help to protect our exporters from discriminatory, unfair or
capricious treatment in foreign markets. It should help to obtain
for them treatment comparable in general to that which we are giving
foreign exporters to the United States.
Creation of the OTC would require no change in our trade and
tariff laws. The President has explained in his State of the
Union Message that the OTC cannot alter the control of Congress
over the tariff, import and customs policies of the United States.
It has no power itself to change any of the rules.
For these reasons I recommend that Congress authorize
United States membership in the OTC.

I V>

in'-,

IMMEDIATE RELEASE,
+yffm*i\m-*^~'4&Lmrm>^U

f2«

•mmmm^mmmmam

The Secretary of the Treasury announced today an offering of 2-5/8 percent Treasury certificates of indebtedness maturing February 15, 1957, and
an additional amount of the 2*7/8 percent Treasury notes maturing June 15,
1958^1n exchange for the 1-5/8 percent Treasury Notes of Series A-1956
maturing March 15. f Holders of the 1-1/2 percent Treasury Notes of Series
SA-1956 maturing April 1 will be permitted to exchange their holdings only
for the new certificates. /The subscription books will open on Monday,
TfarcH 5, for TKIsAoffering ; E a s h subscriptions will not be received. There
are outstanding $8,1*72 million of the Treasury notes maturing March 15 and
$1,00? million of the Treasury notes maturing April 1*
The new certificates will be dated March $, 1956, and will mature
February 15, 1957* Interest will be adjusted as of March $ with respect to
exchanges of the maturing notes of either series, and accrued interest to
that date will be paid to subscribers following acceptance of the notes*
In the case of the additional amount of 2-7/8 percent notes of Series
A-1958, accrued interest from December 1, 1955, to March 5 will be charged,
interest accrued to that date on the notes maturing March 15 will be
credited, and subscribers will be paid the difference.
In all cases the final coupon on the notes to be exchanged must be
attached when surrendered. Delivery of the new securities will be made on
March l£.
The subscription books will be open March 5 through March 7 for this
exchange offering. Any subscription for either issue addressed to a Federal
Reserve Bank or Branch, or to the Treasurer of the United States, and placed
in the mail before midnight Wednesday, March 7, will be considered as timely.

TREASURY DEPARTMENT

171

WASHINGTON, D.C.
IMMEDIATE RELEASE,
Thursday,. .March 1, 1956.
The Secretary of the Treasury announced today an offering of
2-5/o percent Treasury certificates of indebtedness maturing
February 15, 1957, and an additional amount of the 2-7/8 percent
Treasury notes maturing June 15, 1958 (originally issued
December 1, 1955), in exchange for the 1-5/8 percent Treasury Notes
of Series A-195b maturing March 15.
Holders of the 1-1/2 percent Treasury Notes of Series
EA-1956 maturing April 1 will be permitted to exchange their holdings only for the new certificates.
The subscription books will open on Monday, March 5, for this
combined offering. Cash subscriptions will not be received. There
are outstanding $8,472 million of the Treasury notes maturing
March 15 and $1,007 million of the Treasury notes maturing April 1.
The new certificates will be dated March 5, 1956, and will
mature February 15, 1957. Interest will be adjusted as of March 5
with respect to exchanges of the maturing notes of either series,
and accrued interest to that date will be paid to subscribers
following acceptance of the notes.
In the case of the additional amount of 2-7/8 percent notes
of Series A-1958, accrued interest from December 1, 1955, to
March 5 will be charged, interest accrued to that date on the
notes maturing March 15 will be credited, and subscribers will be
paid the difference.
In all cases the final coupon on the notes to be exchanged must
be
attached when surrendered. Delivery of the new securities will
be made on March 15.
The subscription books will be open March 5 through March 7
for this exchange offering. Any subscription for either issue
addressed to a Federal Reserve Bank or Branch, or to the Treasurer
of the United States, and placed in the mail before midnight
Wednesday, March 7, will be considered as timely.

0O0

m* —* r\

lid

U3^

P L E A S E HORNING SEWSPAFERS,
Tuesday, March 6, 1956.
mmmmmmmmmmmmmmm^mmmmmmmm^mmmmmmmmmmmmSmmmm.mmmmmmmmmmmmmmmmm

Ike Treasury Department announced last evening that the tenders for $1,600,000,00^
or thereabouts, of 91-day Treasury Mils to be dated March 3 sad to mature Jtans 7, 19$*,
which were offered on March 1, were opened at the Federal Reserve Banks on ifereh 5*
The details of this issue are as folleara:
Total applied for - $2,155,906,000
Total accepted
- 1,600,068,000

(includes $219,253,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Average price
- ?9.U5l Equivalent rate of discount approx. 2.173* P*r annum
Range of accepted competitive bides (Excepting three tenders aggregating $900,000)
High - 99.k&k Sqpttvmleni rate of discount approx, 2.12Q£ per annua
Lorn

- 99.U26

•

2.271$

(21 percent of the aaount bid for at the lorn price was accepted)
Federal Reserve
District

Total
Applied for

Total
Aeeeptw!

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
l£Lnneapoli6
Kansas City
t>i11^
San Francisco

* 39,537,000
1,029,551,000
18,106,000
U$. 22U, 000
20,Ut8,000
37,878,000
20U,317,ooo
27,297,000
7,U7U,000
U , 689, 000
26,095,000
99f3$2«00q

39,537,000
1,556,101,000
28,1(06,000
1*6, 221*, 000
20,1*1*8,000
37,978,000
219,317,000
27,297,000
7,U71*,000
U3,68?,ooo
30,285,000
99,152,000

TOTAL

$2,155,908,000

$1,600,063,000

TREASURY DEPARTMENT
WASHINGTON, D
^IBASB MORNING NEWSPAPERS,
m sday, March 6, 1956 *

H-1036

The Treasury Department announced last evening that the tenders for $1,600,000,000,

or thereabouts, of 91-day Treasury bills to be dated March 8 and to mature June 7, 1956
which were offered on March l,were opened at the Federal Reserve Banks on March $.
The details of this issue are as follows2
Total applied for - $2,155,908,000
Total accepted
- 1,600,068,000

Average price

(includes $219,253,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
- 99.U51 Equivalent rate of discount approx. 2.173$ per annum

Range of accepted competitive bids? (Excepting three tenders aggregating $900,000)
- 99.U61; Equivalent rate of discount approx. 2.120$ per annum
n
- 99.U26
"
«
«
••
»
2.271$ "

Higjh
Low

percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total
Applied for

Total
Accepted

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

TOTAL

39,537,000
1,556,101,000
28,U06,000
l|6,22li,000
20,Ui8,000
37,978,000
219,317,000
27,297,000
7,U7U,000
Ii3,689, 000
30,285,000
99,152,000

$2,155,908,000

39,537,000
1,029,551,000
18,U06,000
U6,22U,000
20,1418,000
37,878,000
20U,317,000
27,297,000
7,U7U,000
Ii3,689,000
26,095,000
99,152,000

$1 600,068,000

- 3 KWiW i n A
1 i *+
or by any local taxing authority. For purposes of taxation the amount of discount
at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections k$k (b) and 1221 (5) of the Internal Revenue Code of
195U the amount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. kl&, Revised, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch.

J. » ^

•

and exchange tenders will receive equal treatment. Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 195b. The bills
are subject to estate, inheritance, gift or other excise taxes, whether Federal

or State, but are exempt from all taxation now or hereafter imposed on the principal
or interest thereof by any State, or any of the possessions of the United States,

"i 7 b
KWi'*!***.*.*-

JtBSBBC
TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS, ^
Thursday, March 8, 1956
m

The Treasury Department, by this public notice, invites tenders for
$ 1,600,000,000

or thereabouts, of 91 -day Treasury bills, for cash and

in exchange for Treasury bills maturing March 15, 1956 , in the amount of
$1 601.06l.000 , to be issued on a discount basis under competitive and non-

— m^
competitive bidding as hereinafter provided. The bills of this series will be
dated March 15, 1956 , and will mature June lk, 1956 9 when the face
amount will be payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
closing hour,/tax ofclock p.m., Eastern Standard time, Monday. March 12. 1956
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99*92$. Fractions may not be used. It is urged that tenders
be made on the printed forms and forwarded in the special envelopes which will be
supplied by Federal Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account. Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized dealers
in investment securities. Tenders from others must be accompanied by payment of

TREASURY DEPARTMENT
'"PW11"1'" -"- u $>**>$¥ W

m K m t M U

• -w~Ll»->»**-yi),HiH>mi . •-.*. mjm.miiiuiMUiui.il

WASHINGTON, D.C.

RELEASE MORNING NEWSPAPERS,
Thursday, March 8, 1956.

H-1037

The Treasury Department, by this public notice, invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing March 15, 1956,
in the stmount of $1,601,061,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated March 15, 1956,
and will mature June 14, 1956,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o'clock p.m., Eastern Standard time,
Monday, March 12, 1956.
Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99.925. Fractions may not be used. It is
urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent 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, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or In part, and his action in any such respect shall be
final. Subject to these reservations, non-competitive tenders for
$200,000 or less without stated price from any one bidder will be
accepted in full at the average price (in three decimals) of accepted

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on March 15, 1956,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing March 15, 1956.
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo

•* 7 ft

UNIIED S3SHT£S GOLD IBANSAOTIONS MTTH FOHEIOH COWRIES, 1955
r T

— ' niirn-i»- »

•

i im

II i'

mil

"i i n

T T T

t~1

'—-"'

- n

• rr ••••*••

(In millions of dollars at $35 per ounce) v_
Negative figures represent net sales by the
United States; positive figuresj net purchases.
1st
2nd
ysA
5th
Calendar
Country
Quarter Quarter Quarter Quarter
Year
1955
1955
1955
1955
1955
Bolivia......
$3*5
—
~
—
$3.5|

m^mmmmm

i mum mtimmtmmmmm'

France,...

• •mi

• n mn IIIIIIMII n.m

-22.5

• i

-$45*0

Germany.....*.....*.. - 3 D ^ 0

—

International
Monetary Fund*...... -2.7

/...
.—f.

Iran......... ........

—

Korea«.«* • ...««..**. •

—

—*•

PortugalM,.#.*...,.. -5.0
—,

The Vatican....*..*,.

All Others.....

-"*V

atetad'.^':'.

.mmmmmmmmmmmmmm

»f

r-^i1

'»i«' IP
i <im i \9\

Win•

•»• wmmu

n»

nil i

-67.5

y-»

—

•10«0

—

-2.7

-$t3

-#3

—

*»x.y

imy

J1«0
'—

H »

-$4l.7 N J & * 7
'

•

• —

436.9
»-•- •
i
in

—
—

Uruguay...... ........

« — — » III i> |i IWIIHIH II ' I — W M M i
» « . — i 11 INIII 77ii i M a w i — M »

IIIIII i

»• l .in m
n il.nwnwlii.iin,.! • IM
<Mt(MM^><M.M,1^j^ggg^a^jgftjjBgIM)>M|>,

—

-5*0

—•

11.0

£«;5

4.0

-.1

$1.4

-$68.g

i . • ,i i . ..i
i i
• • tin
—
In « ^ a f c r t f c A — b — I M M w p ^ ^ i M ^ i i

ty^^yitJ^
The treasury Department today made public
a report of monetary gold transactions with
foreign governments and central banks for the
calendar year 1955. For the year as a whole,
the net outward movement of gold amounted to
$68»5 million; U.S. sales of gold were $88
million; U.S. purchases* $19*5 willion.
A table showing quarterly and annual net
transactions for 1955* by country, is attached.

ibU

TREASURY DEPARTMENT
WASHINGTON, D.C.

IMMEDIATE RELEASE,
Friday, March 9, 1956.

H-IO38

The Treasury Department today made public
a report of monetary gold transactions with
foreign governments and central banks for the
calendar year 1955. For the year as a whole,
the net outward movement of gold amounted to
^68.5 million,* U.S. sales of gold were $88
million; U.S. purchases, §19.5 million.
A table showing quarterly and annual net
transactions for 1955, by country, is attached.

181

UNITED SmTES GOLD TRANSACTIONS TfflTH FOR&IGN COUNTRIES, 1955
(in millions of dollars at $35 per ounce)
Negative figures represent net sales by the
United States; positive figures, net purchases.
3rd | Uth II Calendar
1st
| 2nd
Country
Year
Quarter j Quarter Quarter j Quarter I

1955
Bolivia........«»*,••

France,,.«.,, ~22f 5

I 1955

1955 | 1955 J

^ 3 . j>

1955
<§J.y

-4U5.0 |

-67.$

Germany...,-.-...-...... -10.0

-10,0

International
Monetary ?und,.......

-2.7

-.3

-1.9

-1.9
•^5*0

11.0

1.5

U.o

•*.i
$8.7 ' $1«U

-$68.?

1 P9
X SmJ *-

/ / ' "^

RELEASE M3RNITO NEWSPAPERS,
M3a&L
m-mmmmmmi-mm

Preliminary figures show that over $9.3 billion of the
Treasury notes maturing March 15 and Ajrtl 1 have been exchanged
for the new 2-5/8 percent certificates of indebtedness maturing
February 15, 1957, and the 2-7/8 percent Treasury notes
maturing June 15, 1958. About $7-1/4 billion were e»haaged
for the 2-5/8 percent certificate and about $2.!Lfor the
isillion
2-7/8 percent note- Only about $15Q/reaiain for cash redemption.
Further details regarding the exchange will be announced
next week after final reports are received.

TREASURY DEPARTMENT
WASHINGTON, D.C.

RELEASE MORNING NEWSPAPERS,
Friday, March 9* 1956,

H-1039

Preliminary figures show that over $9.3 billion
of the Treasury notes maturing March 15 and April 1
have been exchanged for the new 2-5/8 percent
certificates of indebtedness maturing February 15*
1957, and the 2-7/8 percent Treasury notes maturing
June 15, 1958. About $7-1/4 billion were exchanged
for the 2-5/8 percent certificate and about
$2.1 billion for the 2-7/8 percent note. Only
about $150 million remain for cash redemption.
Further details regarding the exchange will be
announced next week after final reports are received.

0O0

STATUTORY DEBT LIMITATION
AS oF..^Sfemary...?5jt..l956

184

T R E A 8 U R V DBPARTMF.NT
Fltc.l Service

Washington, $ S £ f e l g i . ! ! £ ! ? 6
Section 21 of Second Liberty Bond Act, as amended, Provides that the face amount of obligations Issued under authority
of that Act, nnd the fnee amount of obligations guaranteed as to principal and interest by the United States (except suchguai*
antccd obligations as m a y be held by the Secretary of the Treasury), ' shall not exceed in the aggregate $275*000,000,000
iAct of June 26, 1946; U.S.C.. title 31, sec. 757b), outstanding at any one time. For purposes of this section the current reemotion value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder
shall be considered as its face amount." T h e Act of August 28, 1954, (P.L. 6fl6-83rd Congress) provides that during the
period beginning on August 28, 1954, and ending June 30, 1955, the above limitation (1275,000,000,000) shall be temporarily
increased by $6,000,000,000. The Act of June 30, 1955 (P.L. 124 84th Congress) continues this tempocary increase until June 30, 1956
T h e following table shows the face amount of obligations outstanding and the face amount which can still be Issued andef
this limitation:
$281,000,000,000
Total face amount that m a y be outstanding at any one time
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills
Certificates of indebtedness.
Treasury notes
BondsTreasury
* Savings (current redemp. value)
Depositary.
Investment series
Special FundsCertificates of indebtedness
Treasury notes
Total interest-bearing .«
M
Matured, interest-ceased
Bearing no interest:
United States Savings Stamps
Excess profits tax refund bonds .....
Special notes of the United States:
Internat'l Monetary Fund series ,
Total .~ ~

$ 22,3l5,2lll,000
U>,74l> 193>000
Il3flll0,171t500 $ 81,1*66, 605,500
8l,3$5,9U6,800
57,68U»28U,l66
3f>l» 796,000
12.198.178.000
31,97^*325,000
H,7l6,678,llOO
M

l52,090,20U,966

ll3,688,(X)3,UOO
277,2ljll,8l3j866
Q ? 5 9"79j*l91

50,1£6,366
1,028,161*
1.686.000.000

Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A
56,132,200
Matured, interest-ceased
*A%9\Y±i7jV
Grand total outstanding
,M
M
Balance face amount of obligations issuable under above authority

lf737fli8kfS30
279,638,177,887

S8.08lt.lS0
279.696,262.037
1.303:737.963

Reconcilement with Statement of the Public Debt ...JT.§J?.£M3^3...S.*.~^!?.W.
(Dattt)
(Daily Statement of the United States Treasury,

February..S.*...l!?.J?.§......J

OutstandingTotal gross public debt
«...
....„
„..
Guaranteed obligations not owned by the Treasury.
Total gross public debt and guaranteed obligations.
Deduct - other outstanding public debt obligations not subject to debt limitation.....

H-1040

M....M..
M.
M.

„

280,108,1*65,723
58,0811,350
280,166,5U9,873
k70.287.836
279,696,262,037

185
STATUTORY DEBT LIMITATION
AS or.Jsfemarjr...?5ji..l956

TRKASUHV DBPARTMKNT

n.«.i8»»i..

Act oi june *o, ivio; u.o.v^.j tiiic ji, sec. o/uj, outstanding at any one time. For purposes of this section the current tcJemntion value of nny obligation inMitcd on a discount basis which Is redeemable prior to maturity at the option of the holder
shall be considered as its face amount.M The Act of August 28, 1954, (P.L. 6H6-83rd CongrcNs) provides that during the
hcriod beginning on August 28, 1954, and ending fune 30, 1955, the above limitation ($275,000,000,000) shall be temporarily
Increased by $6,000,000,000. The Act of June 30, 1955 (P.L. 124 84th Congress)continues this temporary increase until June 30, 1956b
The following table shows the face amount of obligations outstanding and the face amount which can still be Issued under
this limitation:
'Totnl face amount that may be outstanding at any one time
Outstanding$281,000,000,000
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills $ 22,3l5,2ill,000
Certificates of indebtedness
Treasury notes
BondsTreasury
* Savings (current redemp. value)
Depositary.
Investment series
Special FundsCertificates of indebtedness
Treasury notes:
Total interest-bearing
Matured, interest-ceased
„...,..
Bearing no interest:
United States Savings Stamps
Excess profits tax refund bonds
Special notes of the United States:
Internal'! Monetary Fund series
Total
;

1 5 , 7^11,193, 000
Il3 . 1 0 0 , 1 7 1 ^ 0 0 $ 8l,ll66,605,500
8l,355,9^6,800
57,68i|.,281l,l66
351,796,000
12,198.178.000
31,971,325,000
11,716,678 J-lOO

l52,090,20U,966

ll3,688,003,U00
277,2llU,813,8oO
6 5 5 , 8 7 9 ,4-91

50,U56,366
X,UcO,J.Oil
1^686.000.000

Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A
..
56,132,200
Matured, interest-ceased
l«95lj>950
Grand total outstanding
4
Balance face amount of obligations issuable under above authority

l«737fU8Uf530
279,638,177,887

58 f 08U«l50
279,696,262,037
1,303*737 $9o3

• i

•

Reconcilement with Statement of the Public Debt ...E§fe£M§.£3£...22.A...155.9.
(Data)

(Daily Statement of the United States Treasury,
f.P^^§lJ...?2x...19.5.4
OutstandingTotal gross public debt
Guaranteed obligations not owned by the Treasury.
Total gross public debt and guaranteed obligations.
Deduct - other outstanding public debt obligations not subject to debt limitation

)
280,108,U65,723
pu 90oU jXJpU
£00,xOO,p2|9 ,0 (.3
U 7 0 « 2 o 7 «o3o

279,696,262,037

H-1040

•

186
RELEASE MQRNIK3 HEWSJPA^&RS, /
Tuesday, March 13, 1956,

' 0 Q

The Treasury Department announced last evening that the tenders for $l,600,000,Oft^
or thereabouts, of 91-day Treasury bills to be dated Inarch 15 arid to mature June Hi,
1956, which were offered on March 8, mere opened at the Federal Beeerre Banks on March
The details of this issue are as follows;
Total applied for - |2,li2li,396,000
Total accepted
- 1,600,206,000

Average price

(includes $2li7,265,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
- 99.1*00 Equivalent rate of discount appro*. 2.371$ per annua

Range of accepted competitive bids: (Excepting six tenders aggregating $3,675,OOfl
Hi$* - 99.1410 Equivalent rate of discount approx. 2.33W per annum
H
Law
- 99*39k
u
w
«
«

2#397J< •

(28 percent of the amount bid for at the lam price was accepted)
Federal Reserve
District

Total
Applied for

Total
Accepted

Boston
Hew York

r^iladelp'?!*

Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL

31,832,000
1,733,323,000
33,003,000
72,903,000
13,005,000
69,8^0,000
222,505,000
27,363,000
16,397,000
62,279,000
25,865,000
116,076,000

$2,U2li,396,000

21,832,000
1,036,673,000
12,393,000
57,903,000
12,005,000
67,5UO,000
159,305,000
27,363,000
15,997,000
6O,25U,O0O
19,865,000
109,076,000

11,600,206,000

TREASURY DEPARTMENT

187

WASHINGTON, D.C
RELEASE MORNING NEWSPAPERS,
Tuesday, March 13, 1956«

H-1041

The Treasury Department announced last evening that the tenders for §1,600,000,000,
or thereabouts, of 91-day Treasury bills to be dated March 15 and to mature June Hi,

1956, which were offered on March 8, were opened at the Federal Reserve Banks on March 1
The details of this issue are as follows2
Total applied for - $2,U2li,396,000
Total accepted
- 1,600,206,000

Average price

(includes $21*7,265,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
- 99.1*00 Equivalent rate of discount approx* 2*371$ per annum

Range of accepted competitive bidss (Excepting six tenders aggregating $3,675,000)
High - 99.U10 Equivalent rate of discount approx. 2*331$ per annum
M
w
Low
- 99.39U
»
•'
••
2*397$ «

(28 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total
Applied for

Total
Accepted

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

TOTAL

31,832,000
1,733,323,000
33,008,000
72,903,000
13,005,000
69,8U0,000
222,505,000
27,363,000
16,397,000
62,279,000
25,865,000
116,076,000

$2,U2U,396,000

21,832,000
1,036,673,000
12,393,000
57,903,000
12,005,000
67,51*0,000
159,305,000
27,363,000
15,997,000
60,25li,0OO
19,865,000
109,076,000

$1,600,206,000

- 3-

189
or by any local taxing authority.

For purposes of taxation the amount of discount

at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections k$k (b) and 1221 (5) of the Internal Revenue Code of
195U the aunount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. bl8, Revised, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch.

- 2 -

mm
2 percent 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, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the
Treasury Department of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, noncompetitive tenders for $200,000 or less
without stated price from any one bidder will be accepted in full at the average
price (in three decimals) of accepted competitive bids. Settlement for accepted
tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on March 22. 1956 , in cash or other immediately available funds

T&
or in a like face amount of Treasury bills maturing
March 22, 1956
Cash
and exchange tenders will receive equal treatment. Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 195U. The bills
are subject to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed on the principal
or interest thereof by any State, or any of the possessions of the United States,

BWffimx.
TREASURY DEPARTMENT
Washington

/u^lo^j

FOR RELEASE, MORNING NEWSPAPERS,
Thursday. March 15. 1956
The Treasury Department, by this public notice, invites tenders for
$1,600,000,000 , or thereabouts, of 91 -day Treasury bills, for cash and
in exchange for Treasury bills maturing March 22, 1956 , in the amount of
$ 1,600.91+7,000 , to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated March 22, 1956 , and will mature June 21, 1956 , when the face
amount will be payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
closing hour,/tarn o'clock p.m., Eastern Standard time, Monday, March 19, 1956
m

RELEASE MORNING NEWSPAPERS,
Thursday, March 15, 1956

H-1042

The Treasury Department, by this public notice, invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing March 22, 1956,
in the amount of $1,600,947,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated March 22, 1956,
and will mature j un e 21, 1956,
when the face amount will be
payable without interest. They will be Issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o'clock p.m., Eastern Standard time,
Monday, March 19, 1956.
Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99.925. Fractions may not be used. It is
urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent 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, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or in part, and his action In any such respect shall be
final. Subject to these reservations, non-competitive tenders for
$200,000 or less without stated price from any one bidder will be
accepted In full at the average price (in three decimals) of accepted

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on March 22, 1956,
in cash or other immediately available funds
or In a like face amount of Treasury bills maturing March 22, 1956.
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills aire originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the
difference between the price paid for such bills, whether on
original Issue or on subsequent purchase, and the amount actually
received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
0O0

193

TREASURY DEPARTMENT

WASHINGTON, D.C

IMMEDIATE RELEASE,

T k vn J^ ,h*rtk

try }r<.

During Jimiiinrp/1956, market transactions
in direct and guaranteed securities of the
government for Treasury investment and ether
accounts resulted in net sales by the Treasury
Department of ' n ~

' rtn

0O0

TREASURY DEPARTMENT

194

WASHINGTON. D.C.

IMMEDIATE RELEASE,
Th.ur.jday, March 15, 1956.
mtmrn^m^^m^mmmmmmmmmmmymmm > u a

M M

H a i a > a a M a H a a M a

H-1043

B M B a | a i a a a

During February 1956, market transactions
in direct and guaranteed securities of the
government for Treasury investment and other
accounts resulted in net sales by the Treasury
Department of $9,799,500.

0O0

i QC;

BflEDIATE RELEASE,
Wednesday, March ll*, 1956»

M O v/

r^yy f

The Treasury Department today announced the results of the current exchange
offering of 2-5/8 percent Treasury Certificates of Indebtedness of Series A-19S7,
dated March $, 1956, due February 15, 1957, open t© holders of $8,1*71,880,000 of
1-5/8 percent Treasury Notes of Series A-1956 maturing March 15, 1956, and
•1,007,01*3,000 of 1-1/2 percent Treasury Notes of Series EA-1956 maturing April 1,
1956j and an additional amount of the 2-7/8 percent Treasury Motes of Series A-1958
maturing June 15, 1958 (originally issued December 1, 1955) open only to holders of
the maturing Series A-1956 notes. Subscriptions for the new issues amounted to
19,3U2,819,000, leaving fl36,10i*,000 of the maturing issues for eash redemption.
Amounts exchanged were divided between the two new issues and among the several
Federal Reserve Districts and the Treasury as follows %
2-5/8$ TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES A-1957
Federal Reserve
Distrlet
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL

A-1956 Motes ex.
for Certificates

58,flii,ooo

EA-1956 Notes ex.
for Certificates
i*,000
1,003,11*5,000
167,000
203,000
10,000
9,000
805,000
116,000
50,000
273,000

5,270,021,000
22,559,000
105,381,000
20,1*29,000
81*,839,000
330,182,000
79,778,000
1*6,808,000
50,697,000
23,956,000
fi,oo!*,t8*,o6d
111*, 551,000
21,935,000
16,229,950,000
2-7/8$ TREASURY NOTES OF SERIES A-1958
Federal Reserve
District
Boston
New York
Hiiladelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL

A-1956 Notes ex.
for notes
~f
W*,976,000
1,212,763,000
3l*,353,000
82,595,000
ll*, 939,000
67,222,000
288,23i*,000
1*8,1*58,000
28,991,000
73,1*10,000
29,313,000
182,153,000
680,000
$2,108,087,000

Total exchanges
for Certificates

58,815,666

6,273,166,000
22,726,000
105,587,000
20,1*39,000
81*, 81*8,000
330,987,000
79,89l*,000
1*6,858,000
50,970,000
23,956,000

*t,^l*,tlf,6b6
nl*,55i,ooo

10Q

TREASURY DEPARTMENT

WASHINGTON, D.C.
MEDIATE RELEASE,

H-1044

Wednesday, ^arch ll*, 1956.

,- The Treasury Department today announced the results of the current exchange
foffering of 2-5/8 percent Treasury Certificates of Indebtedness pf Series A-1957,
Sated March $. 1956, due February 15, p$7, open to holders of $8,1*71,880,000 of
1-5/8 percent Treasury Notes of Series A-1956 maturing March 15, 1956, and
•1,007,01*3,000 pf 1-1/2 percent Treasury Not?s <?f Series EA-1956 maturing April 1,
1956j and an additipnal amount of the 2-7/8 percent Treasury Notes of Series A-1958
j^iaaturing June 15, 1958 (originally issued December 1, 1955) open only to holders of
the maturing Series A-1956 notes. Subscriptions for the new issues amounted to
$9,3U2,819,000, leaving $136,10l*,000 of ttye maturing issues for cash redemption.
Amounts exchanged were divided between the two new issues and among the several
Federal Reserve Districts and the Treasury as follows t
2-$/8% TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES A-1957
— 1

Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL

—-

—"I

" —

A-1956 Notes exw
for Certificates
9
58,811,000
5,270,021,000
22,559,000
105,381j.,000
20,1*29,000
814,839,000
330,182,000
79,778,000
1*6,808,000
50,697,000
23,956,000

ill*,55i,ooo
21,935,000
$6,229,950,000

EA-1956 Notes ex*
for Certificates
$
U,000
1,003,115,000
167,000
203,000
10,000
9,000
805,000
116,000
50,000
273,000
•
mm
mm

$1,001*,782,000

2-7/8$ TREASURY NOTES OF SERIES A-1958
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francesco
Treasury
TOTAL

A-1956 Notes ex.
for notes
'f
W*,976,000
1,212,763,000
3l*,353,0O0
82,595,000
ll*,939,000
67,222,000
288,23h,000
1*8,1*58,000
28,991,000
73,1*10,000
29,323,000
182,153,000
680,000
f.?,T08,O87,OO0

Total exchanges
for Certificates
$
58,815,000
6,273,166,000
22,726,000
105,587,000
20,1*39,000
81*, 81*8,000
. 330,987,000
79,891*, 000
1*6,858,000
50,970,000
23,956,000
Ul*,55l,000
21,935,000
$7,231*,732,000

IMMEDIATE RELEASE,
Thursday, March 153 1956.

TREASURY DEPARTMENT
Washington

* Q 7 H-1045
x^ •

The Bureau of Customs announced today preliminary figures showing the imports
for consumption of the commodities listed below vrLthin quota limitations from the
beginning of the quota periods to March 3, 1956, inclusive, as follows:

Commodity
Iflhole milk, fresh or sour

Period and Quantity

Calendar Year

3,000,000

Unit :
of
: Imports as of
Quantity:March 3s 1956
Gallon

108

Cream Calendar Year

1,500,000 Gallon

Butter Nov. 1, 1955 -

50,000,000 Pound

179,712

Mar. 31, 1956
Fish, fresh or frozen, filleted,
etc., cod, haddock, hake, pollock, cusk, and rosefish
Calendar Year
HHhite or Irish potatoes:
Certified Seed
Other

35,196,575 Pound

12 mos. from
150,000,000 Pound
Sept. 15, 1955 60,000,000 Pound

Cattle, less than 200 lbs. each .. 12 mos. from
April 1, 1955
Cattle, 700 lbs. or more each .... Jan. 1, 1956 (other than dairy cows)
Mar. 31, 1956

Quota Filled

69,188,U50
1*1*, 993,558

200,000 Head

5,505

120,000 Head

1,106

Walnuts

Calendar Year

5,000,000

Pound

l*,603,l68

Alsike clover seed

12 mos. from
July 1, 1955

2,500,000

Pound

Quota Filled

12 mos. from
Aug. 1, 1955

1,709,000 Pound

Quota Filled

Peanuts, whether shelled, not
shelled, blanched, salted, prepared, or preserved (including
roasted peanuts, but not including peanut butter)
,
Peanut Oil

12 mos. from
July 1, 1955

80,000,000 Pound

ll,105,9lU

Ryo, r7e flour, and rye meal

12 mos. from
July 1, 1955
Canada
182,280,000 Pound
Other Countries
3,720,000 Pound

Quota Filled

(1) Imports for consumption at the quota rate are limited to 8,799,11*1*
pounds during the first three months of the calendar year.

198

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Thursday, March 15. 1956.

The Bureau of Customs announced today preliminary figures showing the inner-os
for consumption of the commodities listed below within quota limitations i W the
beginning of the quota periods to March 3, 1956, inclusive, as follows©

Commodity

Period and Quantity

Whole milk, fresh or sour ..
Cream

o o . e . . e . . . . o o . •

o %> e . o .

o * . . . o . . .

e e e

Calendar Year
Calendar Year

Butter ooe.«.©.oo©ecoo......©oo.oe NOV© 1, 1955 °

3,000,000

Unit
of
QuantLtygMar

mmmmmmU.

Gallon

1,500,000 Gallon
50,000,000 Pound

Mar© 31, 1956

Fish, fresh or frozen, filleted
etc©, cod, haddock, hake, pollock, cusk, and rosefish

35,196,575

Pound

Quota Filled

White or Irish potatoes §
Certified Seed o o o o o o o . o o o o o o o o o o 12 mos© from
150,000,000
Other o o o o e o o o e o e e e o o o o o o o o o o o o o o Sept. 15, 1955 60,000,000

Pound
Pound

69,.^*,,

Cattle, less than 200 lbs* each ©. 12 mos© from
April 1, 1955

200,000

Head

120,000

Head

O O O O O O O O

Calendar Year

Cattle, 700 lbs« or more each
(other than dairy cows)

Jan© 1, 1956 Mar. 31, 1956

Walnuts

Calendar Year

*SSmJ,

5,000,000

Pound

U,603,l68

Alsike clover seed . o o o e e . o s o e e e . o 12 mos. from
July 1, 1955

2,500,000

Pound

Quota Filled

Peanuts, whether shelled, not
shelled, blanched, salted, prepared, or preserved (including
roasted peanuts, but not including peanut butter)

1,709,000 Pound

Quota Filled

e e o o o e & o o e o o o o o . v o e o o o o o e e

O O » O O C O 0 0 8

Peanut Oil

o s e . e e o . e . e s . s

o o o e a o o © ©

, rye flour, and rye meal

(1)

12 mos. from
Aug* 1, 1955
12 mos. from
July 1, 1955

80,000,000 Pound

12 mos. from
July 1, 1955
Canada
182,280,000
Other Countries
3,720,000

Pound
Pound

ll,105,9lU

Quota Filled

Imports for consumption at the quota rate are limited to 8,799,ll|l*
pounds during the first three months of the calendar year.

mmQmm

COTTON WASTES
(In pounds)
COTTON CARD STRIPS made from cotton having a etapl« of leas than 1-3/16 inchesin ^ f J J , ^ ^ 1 ® ^
WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE
ADVANCED IN VALUE* Provided, however, that not more than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes made from cottons of 1-3/16 i n f n e s °* m ° / e
in staple length in the case of the following countriesj United Kingdom, France, Netherlands
Switzerland, Belgium, Germany, and Italys

Country of Origin
United Kingdom
Canada . . . .
France . . . .
British India
Netherlands .
Switzerland .
Belgium . . .
Japan . . . .
China . . . .
Egypt . . . .
Cuba . . . .
Germany . . .
Italy . . . .

Established
TOTAL QUOTA

Total Imports
Sept. 20, 1955, to
March 13. 1956

4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21.263
5,482,509

672,656
233,580
68,287

l/ Included in total imports, column 2.
Prepared in the Bureau of Customs.

Established i
Imports
33-1/3$ of s Sept. 20, 1955,
Total Quota s to March 13. 1956
1,441,152

672,656

75,807

68,287

22,747
14,796
12,853

24,500

25,443
7.088

24,500

999,023

1,599,886

765,443

IMMEDIATE RELEASE,
Thursday, March 15, 1956.

TREASURY DEPARTMENT
Washington

^ .

c
H-1046

Preliminary data on imports for-.consumption, of cotton and .cotton waste chargeable to the quotas
established by the ••President1* Proclamation of September 5, 1939, as amended
COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other than rough or harsh under 3/4"
Imports Sept. 20, 1955* to March 13* 1956, inclusive
Country of Origin

Established Quota

Egypt and the AngloEgyptian Sudan . .
Peru . • • . . . . . .
. . .
British India
. . .
China * * » * . .
• eoooo.o
Mexico
o
o
»
Brazil • o « e
Union of Soviet
Socialist Republics
Argentina . . • . • e s
Haiti . . . . . . . . .
Ecuador

Imports

Country of Origin

Established Quota

Honduras ....
Paraguay . . . .
25,180
Colombia .
40,273
Iraq
British East Africa . .
8,883,259
Netherlands E. Indies.
368,196
Barbados
l/0ther British W. Indies
475,124
322,197
Nigeria . .
5,203
2/0ther British W. Africa
237
2/Other French Africa . .
9,333
Algeria and Tunisia .
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
2/ Other than Algeria, Tunisia, and Madagascar.
9

783,816
247,952
2,003,483
1,370,791
8,883,259
618,723

•

• ••.•000

Cotton, harsh or rough, of less than 3//j.»
Imports Sept. 20. 1955. to March ?T 1QS6
Established Quota (Global)
70,000,000

•

Imports
9,366,654

Imports

752
871
124
195
2,240
71,388
21,321
5,377
16,004
689

Cotton 1-1/8" or more, but less than l-ll/l6"
Imports Feb. 1. 1956, to March 3* 19563 inclusive
Established Quota (Global)
45,656,420

Imports
9,138,286

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Thursday, March 15, 1956

20i
H-1046

data on imports for consumption of cotton and.cotton waste chargeable to the quotas
established by the
*-*"••• »-s Proclamation of September 5, 1939, as amended
(other than linters) (in pounds)
inches other than rough or harsh under 3,
Country of Origin

Established Quota

Egypt and the Anglo
Egyptian Sudan © c
Peru . ©O © © © 9

783,816
247,952
2,003,483
1,370,791
8,883,259

©Geo©

China

0©.e.*6©
©oeeeee©

Established Quota

25,180
40,273
8,883,259
368,196
322,197

nS»XTd»X

Ecuador . . . . . . .

203
237

Honduras • ©
Paraguay
e e © o e © ©
Colombia
c © e e . . .

•

©••©e.e. ©

British
East Africa .
.
Netherlands E.m Indies
Barbados . . . . . .
l/Other British W©
©

2/0ther British W© Africa
J/Other French Africa © ©
Algeria and Tunisia e

752
871
124
195
2,240
71,388
21,321
5,377
16,004

1/ Other than Barbados, Bermuda, Jamaica , Trinidad, and Tobago
2/ Other than Gold Coast and Nigeria.
2/ Other than Algeria, Tunisia, and Madagascar
Cotton, harsh or rough, of less than 3/4"
Imports Sept. 20. 1955, to March 3, 1956
Imports
70,000,000

9,366,654

45,656,420

9,138,286

Imports

COTTON WASTES
(In pounds)
COTTON CARD STRIPS made from cotton having a staple of less than 1-3/16 inches in length, COMBER
WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE
ADVANCED IN VALUE2 Provided, however, that not more than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes made from cottons of 1-3/16 inches or more
in staple length in the case of the following countries. United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italyg

Country of Origin
United Kingdom
Canada . . . .
France e « e © c
«
British © India
.
Netherlands © .
» ©
Switzerland
.„
• ©
Belgium . . . .
Japan ......
China . 9
0
Egypt .. .
. ..
o
e
«
s
Cuba
o
©
•
e
Germany
Italy o

•
C •

Established
TOTAL QUOTA

:
Total Imports
s Established
s Sept. 20, 1955, to s 33-1/3% of
s March 13. 1956
% Total Quota

Imports
Sept. 20, 1955,
to March 13, 1956

4,323,457
239,690
227,420
69,62?
68,240
44,388
38,559
341,535
17*322
8,135
6,544
76,329
21.263

672,656
233^58a
68,287

24,500

25,443
7,088

24,500

482,509

999,023

1,599,886

765,443

1/ Included in total imports, column 2,
Prepared in the Bureau of Customs.

1,441,152

672,656

75,807

68,287

22,747
14,796
12,853

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Thursday, March 15, 1956.

:02

H- 1047

The Bureau of Customs announced today the following preliminary
figures showing the imports for consumption from January 1, 1956, to
March 3, 1956, inclusive, of commodities for which quotas were
established pursuant to the Philippine Trade Agreement Revision Act

of 1955:

Commodity

.Established Annual
: Quota Quantity

Buttons

807,500

Imports as of
March 3, 1956
Gross

160,005

Cigars 190,000,000

Number

±129,825

Coconut Oil i|25,600,000

Pound

32,911,169

Cordage 6,000,000

Pound

586,582

(Refined
Sugars

1,90U,000,000

Pound

(Unrefined
Tobacco 6,175,000

376,311,315
Pound

559,817

203
TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Thursday, March 15, 1956

H- 1047

of 1955s

Commodity

Buttons

.-Established Annuals
2 Quota Quantity t

Gross

O o . 0 0 . 9 . 0 o O O O O A «

oxgax S e o 99

0 O . . O O .

Unit
of
Quantity

. . . . . .

190,000,000

Imports as of
% March 39
160,005

Number

1*29,825

Coconut Oil ..

1*25,600,000

Pound

32,911,169

Qordage

6,000,000

Pound

586,582

1,90)4,000,000

Pound

Q . Q G . . . 9 0 .

(Refined
Sugars
(Unrefined
A

Tobacco

» O

9 .

376,311,315

0 . . .

O 0 < ? « 9 0 . 0 » 9 9 0 0 . . .

6,175,000

Pound

559,817

REKASE MORHim HSWSPAPSSS,
Tuesday, March 20, 1956*
«H«Ww>»—M—MMI 11 n imtmmmmmmmmmmmmm9mmmmi

• ni a w m m m m im n <IMI

The Treasury Department announced last evening that the tenders for $1,600,000,000]
or thereabouts, of 91-day Treasury bills to be dated March 22 and to mature June 21,
1956, -which were offered on March 1$, were opened at the Federal Reserve Banks on
March 19.
The details of this issue are as follows:
Total applied for - *2*762f339#QOO
Total accepted
- l*6QMk?,0QQ

(includes 1*85,603,000 entered on
a noncompetitive basis and accepted in
full at the average price shown below)
Average price
- 99.388 Equivalent rate of discount approx. 2.hZ2% per annum
Range of accepted competitive bids*
High - 99*Ul5 Equivalent rate of discount approx. 2.311$ per annum
jm
m. 99,386
•
*
n
m
»

2.fe29# •

•

(97 percent of the amount bid for at the low price was accepted)

Total
Applied for

Federal Reserve
District

Total
Accepted
mmmmmimmmmmmmm.

Boston
Warn fork

P h i 1 adflftlphi pi

Cleveland
Richmond
Atlanta
Chisago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

km, 963, 000
1,936,901,000
30,773,000
100,712,000
18,133,000
61,106,000
308,920,000
32,89^,000
lfc,22U,000
51,015,000

5o,U93,ooo
108,205,000
TOTAL $2* 762,339,000

wmmmmmm

i 31,073,000
9104,233,000
13,953,000
8U,386,000
1U,233,000
U2,326,000
272,37O#000
29,285,00?
1^,22^,000
1*6,377,000
29,573,000
78,236,000
•1,600,2^9,000

TREASURY DEPARTMENT
WASHINGTON, D.C
RELEASE MORNING NEWSPAPERS;
Tuesday, March 20, 1956.

H-1048

The Treasury Deparfcaent announced last evening that toe tenders for $1,600,000,000,
or thereabouts, of 91-day Treasury bills to be dated March 22 and to mature June 21,
1956, which were offered on March 15 9 were opened at the Federal Reserve Banks on
March 19.
The details of this issue are as follows 1
Total applied for - $2,762,339,000
Total accepted
- 1,600,21*9,000
Average price

(includes $285,603,000 entered on
a noncompetitive basis and accepted in
full at the average price shown below)
- 99*388 Equivalent rate of discount approx. 2.U22# per annum

Range of accepted competitive bidss
High
Low

- 99.1%!$ Equivalent rate of discount approx. 2.311$ per annum
w
- 99.386
w
11
n
n
2.1*29$ »
«

(97 percent of the amount bid for at the low price was accepted)

Federal Reserve
District

Total
Applied for

Total
Accepted

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

TOTAL

1*8,963,000
1,936,901,000
30,773,000
100,712,000
18,133,000
61,106,000
308,920,000
32,89U,000
1U,22U,000
51,015,000
50,U93,000
108,205,000

$2,762,339,000

31,073,000
9liU,213,000
13,953,000
8U,386,000
1U,233,000
U2,326,000
272,370,000
29,285,000
14,221j., 000
U6,377,000
29,573,000
78,236,000

$1,600,2U9,000

- 3 -

or by any local taxing authority. For purposes of taxation the amount of discount
at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections k$h (b) and 1221 (5) of the Internal Revenue Code of
195U the amount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. hl8, Revised, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch.

- 2

20 f

*&RHfc

±n Cash or other immediately available funds

or in a like face amount of Treasury bills maturing March 29, 1956 Cash
and exchange tenders will receive equal treatment. Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 195U. The bills
are subject to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed on the principal
or interest thereof by any State, or any of the possessions of the United States,

(

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS,
Thursday, March 22, 1956
.

- ~*

/y
^:J

•

The Treasury Department, by this public notice, invites tenders for
$1,600,000,000

, or thereabouts, of

is*

-day Treasury bills, for cash and

in exchange for Treasury bills maturing
March 29, 1956
3 in the amount of
$ l,602,9i»8,000 , to be issued on a discount basis under competitive and non-

*m
competitive bidding as hereinafter provided.
dated March 29, 1956
, and will mature

The bills of this series will be
J ^ e 28, 1956
w n e n the face

- _

amount will be payable without interest.

They will be issued in bearer form only,

and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
closing hour,/feM» o'clock p.m., Eastern Standard time, Monday, March 26, 1956
m

Tenders will not be received at the Treasury Department, Washington.

Each tender

It is urged that tenders

Tenders will be received without deposit from

incorporated banks and trust companies and from responsible and recognized dealers
in investment securities. Tenders from others must be accompanied by payment of

RELEASE MORNING NEWSPAPERS,
Thursday, March 22, 1956.
The Treasury Department, by this public notice, invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing March 29, 1956,
in the amount of $1,602,948,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated March 29 1956,
and will mature June 28. 1956,
when the face amount will be
payable without interest. They will be Issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty ofclock p.m., Eastern Standard time,
Monday, March 26, 1956.
Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99-925. Fractions may not be used. It is
urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent 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, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or In part, and his action In any such respect shall be
final. Subject to these reservations, non-competitive tenders for
$200,000 or less without stated price from any one bidder will be
accepted In full at the average price (in three decimals) of accepted

- 2 competitive bids. Settlement for accepted tenders In accordance
with the bids must be made or completed at the Federal Reserve Bank
on March 29, 1956,
In cash or other immediately available funds
or in a like face amount of Treasury bills maturing March 29, 1956.
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted In exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. Ifre bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter Imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
oifner of Treasury bills (other than life insurance companies)
issued hereunder need Include in his income tax return only the
difference between the price paid for such bills, whether on
original Issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their Issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo

Comparison of principal items of assets and liabilities of national banks - Continued
(In thousands of dollars)
_ — —
: Ttec* 31
: Oct 5
s Dec 31. increase or decrease :Increase or decreas
B
l9
$
: l$*J
: °^J
, ioJ*
««*™« Pot. ^ 1955
:since-Dec, 3^-335*.
±yu

mi.yjj

LIABILITIES
Deposits of individuals, partnerships, and corporations:
Demand
58,192,878
54,590,107
Time
25,151t538
25,077,012
Deposits of U. S. Government
2,351,299
2,353,373
Postal savings deposits
13,086
13,103
Deposits of States and political
subdivisions
7,341,424
6,699,178
Deposits of banks
9,320,515
8,661,764
Other deposits (centified and
cashiers' checks, etc.)
1.847.249
1.395.499
Total deposits.
104,217,989
98,790,036
Bills, payable, rediscounts, and
other liabilities for borrowed
money
,107,796
702,719
Other liabilities
1.468.573
1.481.874
Total liabilities, excluding
capital accounts
105.814.358 100.974.629
CAPITAL ACCOUNTS
Capital stock:
Preferred
4,166
4,176
Common
2.468.458
2.436.321
Total
2.472.624
2.440.497
Surplus
3.828,335
3,709,659
Undivided profits
1,368,808
1,489,989
Reserves
266.162
267.721
Total surplus, profits, and
reserves
5.463.305
5.467.369
Total capital accounts
7.935.929
7.907.866
Total liabilities and
capital accounts
113.750.287
108.882.495
RATIOS:
Percent
Percent
fr.S.Oov't securities to total assets
29.62
3L33
Loans
& discounts
tototal
totaldeposits.•
assets...
38.29
37.73
Capital
accounts to
7.61
8,00

mu^j

^ A„,«nn+.

• Percent J Amount

:Percent

59,005,232
24,676,853
2,823,965
13,069

3,602,771
74,526
-2,074
-17

6.60
.30
«*09
-.13

-812,354
474,685
~472,666
W

-1.33
1.92
-0.6.74
ml3

7,174,667
10,717,647

642,246
658,751

9*59
7.61

166,757
-1.397,132

2.32
-13.04

1.734.380
106,145,813

451.750
5,427,953

32.37
5.49

112.869
-1,927,824

6*^1
-1.82

-594,923 -84.66
6.699
.45

96,698
-400.843

871.31
-21.22

11,098
1.889.416
108.046.327

4.839.729

4.79

-2.231.969

-2.07

4,389
2.481.455
2.485.844
3,950,552
1,377,282
290.564

-10
32.137
32.127
118,676
-121,181
-1.559

-.24
1.32
1.32
3*20
-8.13
-.58

-223
-12.997
-13.220
-122,217
-8,474
-24.402

-5.08
-.52
-.53
-3.09
-.62
-S.40f

5.618.398
8.104.242

-4.064
28.063

-.07
.35

-155.093
-168.313

4.867.792

4.47

-2.400.282

-2.76
-2.08
1
~2.07l

116.150.569
Percent
34.01
34.29
7.64

NOTE: Minus sign denotes decrease.

T-1

3
Statement showing comparison of principal items of assets and liabilities of active national banks
as of December 31, 1955 * October 5t 1955 and December 31, 1954
(In thousands of dollars)
_ „ _ _
—
~: T ^ on " : n M . c
: r^r ^i - Increase or decrease : Increase or decrease
Dec. 31#
Oct. 5,
Dec. ji, since Oct. 5. 1955
. since Dec. 31. 1954
:
s
1955
' 1955
1954
* H55oun^^
"TSounr*
: PercehT
Number of banks 4,700 4,721 4m796 -21 -?6
ASSETS
Commercial and industrial loans
18,313,006 16,697,696 16,447,067
1,615,310
9.67
1*865*939
H.35
Loans on real estate..
11,021,823 10,670,220 9,806,254
351,603
3.30
1,215,569
12.40
All other loans, including overdrafts 14.897.268 14.314.319 14.196.209
582.949
4.07
701.059
4.94
Total gross loans
44,232,097 41,682,235 40,449,530
2,549,862
6.12
3,782,567
9.35
Less valuation reserves
672.371
598.672
621.852
73.699
12.31
50*519
8,12
Net loans..
, 43,559,726 41,083*563 39,827,678
2,476,163
6.03
3,732,048
9.37
U. S. Government securities:
Direct obligations
33,686,583 34.106,314 39,500,738
-419,731
-1.23
-5,814,155
-14.72
Obligations fully guaranteed
4.223
4.037
6.261
186
4.61
-2.038
-32.55
Total U. S. Mcurities
33.690.806 34.110.351 39.506.999
-419.545
-1.23
-5.816.193
-14.72
Obligations of States and political
subdivisions
6,993,984
7,145,936
7,246,304
-151,952
-2.13
-252,320
-3.48
Other bonds, notes and debentures.... I,955f466
1,986,499
1,956,124
-31,033
-1.56
-658
-.03
Corporate stocks, including stocks
of Fed. Reserve banks...
217.074
212.872
222.831
4.202
1.97
-5.757
-2.58
Total securities
42,857,330 43,455,65*8 48,932,258
-598,328
-1.38
-6,074.928
-12.41
Total loans and securities
86.417.056 84.539.221 88,759.936
1.877.835
2.22
-2f?42f880
-2.64
Currency and coin
1,388,250
1,358,591
1,279,171
29,659
2.18
109,079
8.53
Reserve with Fed. Reserve banks.
11,337,484 11,366,869 12,450,001
-29,385
-.26
-1,112,517
-8*94
Balances with other banks
13.037.706 10.051.446 11.992.725
2.986.260
29.71
l^Qfr^cffil
8.71
Total cash, balances with other
banks, including reserve balances and cash items in process
of collection
25.763.440 22.776.906 25.721.897
2.986.534
13.11
41.543
Oi_
Other assets
1.569.791
1.566.368
1.668.736
3.423
.22
-98.945
-5»91_
Total assets
113.750.287 108.882.495 116.150.569
4.867.792
4.47
-2.400.282
-2.07_

stocks, bonds, and other securities increased $193,000,000 to $1,840,000,000.
Other loans, including loans to farmers, loans to banks, and other loans to
individuals (repair and modernization and installment cash loans, and single-*
payment loans) amounted to $8,6^0,000,000, an increase of 3 percent since
October. The percentage of net loans and discounts to total assets on December 31, 1955 *&» 38.29 in comparison with 37.73 in October and 34#29 in
December 1954.
Investments of the banks in United States Government obligations on December 31, 1955 aggregated $33,700,000,000 (including $4,000,000 guaranteed obligations), a decrease of $400,000,000 since October. These investments were
30 percent of total assets. Other bonds, stocks and securities of $9,200,000,000,
which included obligations of States and political subdivisions of $7,000,000,000,
were nearly $200,000,000 less than in October. Total securities held amounting
to $42,900,000,000 decreased $600,000,000 since October.
Cash of $1,400,000,000, reserve with Federal Reserve banks of $11,350,000,000, and balances with other banks (including cash items in process of collection) of $13,000,000,000, a total of $25,750,000,000, showed an increase of
$3,000,000,000 since October.
Borrowed money of $108,000,000 showed a decrease of $600,000,000 since
October but an increase of $100,000,000 since December a year ago.
The capital stock of the banks on December 31, 1955 was $2,475,000,000, including $4,000,000 of preferred stock. Surplus was $3,825,000,000, undivided
profits $1,375,000,000 and capital reserves $265,000,000, or a total of
$5,465,000,000. Total capital accounts of nearly $7,950,000,000, which were
7.6l percent of total deposits, were $28,000,000 more than in October when they
were 8 percent of total deposits.

2\S

TREASURY DEPARTMENT
Comptroller of the Currency
Washington

RELEASE MORNING NEWSPAPERS
Monday, March 26, 1956.

H-1050

The total assets of national banks on December 31» 1955 amounted to nearly
$113,800,000,000, it was announced today by Comptroller of the Currency
Ray M. Gridney. The returns covered the 4,700 active national banks in the
United States and possessions. The assets were $4,900,000,000 more than the
amount reported by the 4,721 active banks on October 5t 1955» the date of the
previous call.
The deposits of the banks on December 31 were $104,200,000,000, an increase
of $5,400,000,000 since October. Included in the recent deposit figures were
demand deposits of individuals, partnerships, and corporations of $58,200,000,000
which increased $3,600,000,000, and time deposits of individuals, partnerships,
and corporations of nearly $25,200,000,000, which increased $75,000,000. Deposits of the United States Government of $2,350,000,000 were about the same
amount as at the previous call date; deposits of States and political subdivisions of $7,340,000,000 increased nearly $650,000,000, and deposits of banks
amounted to $9,300,000,000, an increase of more than $650,000,000. Postal
savings were $13,100,000 and certified and cashiers1 checks, etc., were
$1,850,000,000.
Net loans and discounts on December 31, 1955 were $43,600,000,000, an increase of $2,500,000,000 since October. Commercial and industrial loans of
$18,300,000,000 were up $1,600,000,000 since October, and loans on real estate
of $11,000,000,000 were up $350,000,000. Retail automobile installment loans
increased $133,000,000 to $3,200,000,000, and other types of retail installment
loans amounting to $1,200,000,000 increased $11,000,000. Loans to brokers and
dealers in securities, and other loans for the purpose of purchasing or carrying

TREASURY DEPARTMENT
Comptroller of the Currency
Washington
RELEASE MORNING NEWSPAPERS

Monday, March 26, 1956.

H-1050

The total assets of national banks on December 31, 1955 amounted to nearly
$113»800,000,000, it was announced today by Comptroller of the Currency
Ray M. Gidney. The returns covered the 4,700 active national banks in the
United States and possessions. The assets were $4,900,000,000 more than the
amount reported by the 4,721 active banks on October 5t 19551 the date of the
previous call.
The deposits of the banks on December 31 were $104,200,000,000, an Increase
of $5,400,000,000 since October. Included in the recent deposit figures were
demand deposits of individuals, partnerships, and corporations of $58,200,000,000,
which increased $3,600,000,000, and time deposits of individuals, partnerships,
and corporations of nearly $25,200,000,000, which increased $75,000,000. Deposits of the United States Government of $2,350,000,000 were about the same
amount as at the previous call date; deposits of States and political subdivisions of $7,340,000,000 increased nearly $650,000,000, and deposits of banks
amounted to $9,300,000,000, an increase of more than $650,000,000. Postal
savings were $13,100,000 and certified and cashiers' checks, etc., were
$1,850,000,000.
Net loans and discounts on December 31, 1955 were $43,600,000,000, an increase of $29500,000,000 since October. Commercial and industrial loans of
$18,300,000,000 were up $1,600,000,000 since October, and loans on real estate
of $11*000,000,000 were up $350,000,000. Retail automobile installment loans
increased $133,000,000 to $3,200,000,000, and other types of retail installment
loans amounting to $1,200,000,000 increased $11,000,000. Loans to brokers and
dealer© in securities, and other loans for the purpose of purchasing or carrying

215
-

The percentage of net loans and discounts to total assets on Decem-

ber 31, 1955 was 38.29 in comparison with 37.73 in October and 34«29 in
December 1954.
Investments of the banks in United States Government obligations on Decen*ber 31, 1955 aggregated $33,700,000,000 (including $4,000,000 guaranteed obligations), a decrease of $400,000,000 since October.
30 percent of total assets.

These investments were

Other bonds, stocks and securities of $9»200,000,000,

which included obligations of States and political subdivisions of $7,000,000,000,
were nearly $200,000,000 less than in October.

Total securities held amounting

to $42,900,000,000 decreased $600,000,000 since October.
Cash of $1,400,000,000, reserve with Federal Reserve banks of $11,350,000,000, and balances with other banks (including cash items in process of collection) of $13,000,000,000, a total of $25,750,000,000, showed an increase of
$3,000,000,000 since October.
Borrowed money of $108,000,000 showed a decrease of $600,000,000 since
October but an increase of $100,000,000 since December a year ago.
The capital stock of the banks on December 31, 1955 was $2,475,000,000, including $4,000,000 of preferred stock.

Surplus was $3,825,000,000, undivided

profits $1,375,000,000 and capital reserves $265*000,000, or a total of
$5,465,000,000.

Total capital accounts of nearly $7,950> 000 » 000 »

which

were

7.61 percent of total deposits, were $28,000,000 more than in October when they
were 8 percent of total deposits.

Statement showing comparison of principal items of assets and liabilities of active national banks
as of December 31, 1955, October 5, 1955 and December 31, 1954
(In thousands of dollars)
Dec. 31,
1955
Number of banks

.9909a0&9»9..»9.....fj

4,700

ASSETS
Commercial and industrial loans.,..,. 18,313,006
Loans on real estate................. 11,021,823
All other loans, including overdrafts 14,897,268
Total gross loans..
• •••.•»»• 44,232,097
Less valuation reserves,•*«,«*,
672.371
wex» xoans«.«.».«.«....««».... 43.559,726
U. S. Government securitiest
Direct obligations, *•«•..*••* »'.,»*c 33,686,583
Obligations fully guaranteed. * * » . »
4.223
Total U. S. securities.. .......
33,690,806
Obligations of States and political
6,993,984
suDonvxsxons...«•••••««••«••««•..«.
1,955,466
Other bonds, notes and debentures....
Corporate stocks, including stocks
217.074
of Fed. Reserve banks..............
Total securities.••.«••..••«•••• 42,857,330
Total loans and securities.....» 86,417,056
Currency and coin..................9.
1,388,250
Reserve with Fed. Reserve banks...... 11,337,484
Balances with other banks.«.••»•«*••» 13.037.706
Total cash, balances with other
banks, including reserve balances and cash items in process
of collection..9.............v. 25.763.440
1.569.791
Other assets.&...»..9....»»......».9.
Total assets."..0..«.«*•••••<§•»»« 113.750.287

Oct. 5$
1955

Dec, 31,
1954

4,721

4,796

16,697,696
10,670,220
14,314.319
41,682,235
598.672
41,083,563

Increase or decrease
since Oct. 5/1955
: Percent
.21

^^^^•a-- *-MI~M • •mxtf—*r.^m.-mm^m^ *mm*mmmmwAmm^~^m

_ ^ ^ ^ M m. ••»

Increase or decrease
since Dec. 31. 1954
Amount
• Percent
•96
i-i,

•

.\mi~mm—mmm&mm.m^mmmmmmW\mmrm

16,447,067
9,806,254
14.196,209
40,449,530
621.852
39,827,678

1,615,310
351,603
J82.949
2,549,862
2,476,163

6.03

1,865.939
1,215,569
701iQ59
3,782,567
50.519
3,732,048

34,106,33.4 39,500,738
4.Q37
6.261
34.110,351 39.506,999

-419,731
186
-419.545

.1.23
4,61
-1.23

-5,814,155
-2.038
-5.816,193

9,67
3.30
6.12

_j£ai

•

I M T I , ••• -m 1 111 1 • nil

will • — • • 1 1 —

IIMJ^I —

•3.48
-.03

-5.757
-6,074,928
-2,342,880

•2iX
-12.41
-2.64

109,079
-1,112,517
1.044.981

8.53
-8.94
J3*Z1

,151,952
-31,033

212.872
43,455,658
84,539,221
1,358,591
11,366,869
10.051.446

222ft821
43,932,258
88,759,936
1,279,171
12,450,001
11.992.725

4.202
-598,328
1,877,835
29,659
-29,385
2.986.260

1.97
-1.38
2.22
2,18
—.26
29_*2l

22.776.906 25.721.897
1.566.368
1.668.736
108.882.495 126.150.569

2.986.534

13.11

J_54l

3_ii

22
4.47

•98,9^5
.2.400.282

II T I I

•

• !• • IBIII

4.867.792

111 •

Tii'iilmi

11.35
12.40
4.94
9.35
8,12
9.37

.252,320
-658

7,246,304
1,956,124

•

mmmm

••• ill!

7,145,936
1,986,499

-2.13
-1.56

,16
-5,9? _
-2.07

Cc~f)arison or principal items or assets and liabilities of national banks
Continued
(In thousands of dollars)
Dec. 31,
Oct. 5,
Dec. 31, ^Increase or decrease ^Increase or decrease
isince Oct. 5. 1955
ssince Dec. 31. 1954
1954
1955
1955
Percent s Amount
;Percent
Amount
LIABILITIES
Deposits of individuals, partnerships, and corporations?
LrBJ]2.HQ....... 9. .»..»...
1 Uu3

...9..

9...

9....9.99.....*»....%9*9.99t

58,192,878
25,151,538
2,351,299
13,086

Deposits of U. S, Government.....•».,
Postal savings deposits.............»
deposits of States and political
suo&ivisions.* t * i $ i »«*«««it»»ttt»ti
7,341,424
Deposits of banks * t * M M H » S J J M « « » H
9,320,515
Other deposits (centified and
cashiers 1 checks, etc*),,.
1,847.249
Total deposits T » y « « c t » » a t * s i « e 104,217,989
Bills payable, rediscounts, and
other liabilities for borrowed
107,796
Other liabilities•.••««••••••.««•««••
Total liabilities, excluding
capital accounts*,••«,...««..* 105,814.358
CAPITAL ACCOUNTS
Capital stock:
Preferred,...
4,166
r orrnon, ««,.«•,, *
2,468,458
t . S * 8 I «
2.472,624
f 0 * « . « 6
3,828,335
^."jirpius . . 9 . . . . . . . .
• * r « e 9 .
» ft « 1,368,808
jr/iivid^d profits,
266,162
. . * 9 a * .
« c c
and
7 oral surplus, profits,
reserves....
5.463,305
7.935.929
Total capital accounts * * • » « »
Torsi liabilities and
capital accounts,,,.,.......,. 113,750,287
RATIOS:
Percent
U.S.Gov't securities to total assets
29.62
Loans & discounts to total assets...
38.29
Capital accounts to total deposits..
7.61
9 * * 9 9 9 * 1 9

*• —' -I _i.J_ ........

•

€

« • » • • * *

*•

54,590,107
25,077,012
2,353,373
13,103

59,005,232
24,676,853
2,823,965
13,069

3,602,771
74,526
-2,074
-17

6.60
.30
-,09
-.13

-812,354
474,685
-472,666
17

-1.38
1.92
-16.74
.13

6,699,178
8,661,764

7,174,667
10,717,647

642,246 9.59
658,751
7.61

166,757
•1,397.132

2.32
-13.04

1.395.499
98,790,036

-1*22L±*2Q0

451.750
5,427,953

32.37
112,869
5.49 -1,927,824

6.51
-1.82

106,145,813

702s 719
1.481,874

11,098
1.889.416

•594,923
6.699

-84.66

96,698
-400,843

871.31
-21.22

100,974.629

108.046.327

4.839.729

4.79

-2.231.969

•2.07

4,176

-10
_22ai3j7_
32,127
118,676
-121,181
-1.^59

-.24
1*3.2
1.32
3.20
-8.13
-.58

-223
-12,997
•13.220
-122,217
-8,474
-24.402

-5.08

2.440.497
3,709,659
1,489,989
267.721

4,389
2.481.455
2.485.844
3,950,552
1,377,282
290.564

mmmmSl
-3.09
-.62
-8.40

5,467.369
7,907,866

5.^618,3.9-8
8.104.242

-4,064
28.063

-.07
.35

=155. ,09.1
-168.313

•2.76
-2.08

108.882.495
Percent
31.33
37.73
8,00

116,150.569
Percent
34.01
34.29
7.64

4,867,792

4,47

-2.400.282

-2.07

NOTE? Minus sign denotes decreaseV

as '-*- — / * n
RELEASE MORNING NEWSPAPERS,
Tuesday, March 27, 1956.
The Treasury Department announced last evening that the tenders for $lf600,000,Q8||
or thereabouts, of 91-day Treasury bills to be dated March 29 and to mature June 28,
1956, which were offered on March 22, were opened at the Federal Ummmrve Banks on
March 26.
The details of this issue ere as follows:
Total applied for - $2,£66,01*0,000
Total accepted
- 1,600,391,000 (includes $2142,311,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Average price
- 99.1*51 Equivalent rate of discount approx. 2.113% per annum
Range of accepted competitive bidet
High - 99.U57 Equivalent rate of discount approx. 2.11*8$ per annua
Low

- 99.1A8

•

2.1fil#

(22 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total
Applied for

Total
Accept«d

Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louie
Minneapolis
Kansas City
Dallas
San Francisco

$
35,003,000
1,967,738,000
28,018,000
81,123,000
111, 608,000
30,27^,000
20lif129f000
31,952,000
12,01*0,000
1*6,151, ooo
31,1*20,000
83,58k,000

1
28,953, O X
ltU»9,758,000
13,018,000
67,023,000
13,158,000
27,97^,000
121,969,000
31,752,000
11,21*0, COO
36,101,000
21,80S,COO
77,6i»Q,000

•2,566,01*0,000

•1,600,391,000

Total

14-

RELEASE MORNING NEWSPAPERS,
Tuesday, March 27, 1956.

H-1051

The Treasury Department announced last evening that the tenders for $1,600,000,000,
or thereabouts, of 91-day Treasury bills to be dated March 29 and to mature June 28,
1956, which were offered on March 22, were opened at the Federal Reserve Banks on
March 26.
The details of this issue are as follows:
Total applied for - $2,566,01*0,000
Total accepted
- 1,600,391,000 (includes $21*2,311,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Average price
- 99.U51 Equivalent rate of discount approx. 2.173$ per annum
Range of accepted competitive bids:
High - 99.U57 Equivalent rate of discount approx. 2.IJ4.836 per annum
Low
- 99.1*1*8
"
"
"
«
«
2.181$
(22 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total
Applied for

Total
Accepted

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

$
35,003,000
1,967,736,000
28,018,000
81,123,000
111, 608,000
30,27U>000
20ii, 129,000
31,952,000
12,01*0,000
31,1^20,000
83,581*, 000

$
28,953,000
1,11*9,758,000
13,018,000
67,023,000
13,158,000
27,971,000
121,969,000
31,752,000
11,21*0,000
36,101,000
21,805,000
77,61*0,000

$2,566,01*0,000

$1,600,391,000

Total

U6,i5i,ooo

«•

- 3-

or by any local taxing authority. For purposes of taxation the amount of discount
at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections k$k (b) and 1221 (5) of the Internal Revenue Code of
195b the amount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. klQ, Revised, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch.

- 2 -

mm
2 percent of the face amount of Treasury bills applied for, unless the tenders
accompanied by an express guaranty of payment by an incorporated bank or trust
company.
Immediately after the closing hour, tenders will be opened at the Federal Re-

serve Banks and Branches, following which public announcement will be made by t
Treasury Department of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept or reject any
all tenders, in whole or in part, and his action in any such respect shall be

final. Subject to these reservations, noncompetitive tenders for $200,000 or le

without stated price from any one bidder will be accepted in full at the averag

price (in three decimals) of accepted competitive bids. Settlement for accepted

tenders in accordance with the bids must be made or completed at the Federal Re
serve Bank on April $. 1956 , in cash or other immediately available funds

iStx
or in a like face amount of Treasury bills maturing

April $9 1956

. Cash

and exchange tenders will receive equal treatment. Cash adjustments will be mad

for differences between the par value of maturing bills accepted in exchange an
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the

sale or other disposition of the bills, does not have any exemption, as such, a
loss from the sale or other disposition of Treasury bills does not have any

special treatment, as such, under the Internal Revenue Code of 1951*. The bills

are subject to estate, inheritance, gift or other excise taxes, whether Federal

or State, but are exempt from all taxation now or hereafter imposed on the prin

or interest thereof by any State, or any of the possessions of the United State

x8t&8B8c
TREASURY DEPARTMENT
Washington

, ,> ^ /
•f
'

FOR RELEASE, MORNING NEWSPAPERS,
Thursday, March 29, 1956
.
The Treasury Department, by this public notice, invites tenders for
$ lf6QQf000.000 , or thereabouts, of 91 -day Treasury bills, for cash and
in exchange for Treasury bills maturing April 5, 1956 , in the amount of

T55c
$ 1,6m -QJi^jQQQ , to be issued on a discount basis under competitive and non-

xpSJc
competitive bidding as hereinafter provided. The bills of this series will be
dated April 5, 1956 , and will mature July 5, 1956 , when the face
amount will be payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
closing hour,/tarn o*clock p.m., Eastern Standard time, Monday, April 29 1956

5Sjc
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99*92$. Fractions may not be used. It is urged that tenders
be made on the printed forms and forwarded in the special envelopes which will be
supplied by Federal Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account. Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized dealers
in investment securities. Tenders from others must be accompanied by payment of

TREASURY DEPARTMENT
"H»^'gV7^vy'!1*^r-^"--g"»IJf.-;

223

.\»«K*m*\ v.mgmivmmm^mma.tmm'''

WASHINGTON, D.C.

RELEASE MORNING NEWSPAPERS,
Thursday, March 29, 1956.

H-1052

The Treasury Department, by this public notice, Invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and In exchange for Treasury bills maturing April 5, 1956,
in the amount of $1,601,9^5,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated April 5, 1956,
and will mature July 5, 1956,
when the face amount will be
payable without interest. They will be Issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty ofclock p.m., Eastern Standard time,
Monday, April 2, 1956.
Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99.925* Fractions may not be used. It is
urged that tenders be made on the printed forms and forwarded In the
special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent 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, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, non-competitive tenders for
$200,000 or less without stated price from any one bidder will be
accepted in full at the average price (in three decimals) of accepted

RELEASE MORNING KBr3PAFERS,
Tuesday, April 3, 1356*
in mmmmmmtmmmmmmmmmfmm.

J, ,

mmmmmmmmmmmmmmmmm

The treasury Department announced last evening that the tenders tor $1,600,000,000,
or thereabouts, mi 91-day Treasury bills to be dated April 5 and to mature July 5, 1956,
which were off eared on March 29, were opened at the Federal Reserve Banks on April 2.
The details of this issue are as follows*
Total applied for ~ |2jX78,Wi9f 000
Total accepted
- l>600»i©9,000

(inflate* tak0,Uil#Q0G entered m a
noncompetitive basis and accepted in
full at the average prloe shown tri&8r)
Average price
- 99.39k/ Squivaleofc rate of discount approx. 2*%91$ per annua
Range of accented competitive bids: (Excepting five tenders totalling $2,102,000)
High
htm

- 99.UOX Equivalent rate *£ discount approx. 2*370$ per aaaum
m* 99.38&
»
a
«
a
»
Z9\*&$ « «

(2k percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Mew lor k
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Total
Applied for

Total
Accepted

mm9mmwm

mammmm.

•. • mm mm

mmmmmmmmmm

t 1*6,78$, ooo
1,559,872,000
hh,162,ooo
14,867,000
8,81^,000
28,025,000
21(2,2^7,000
18,25U,ooo
36,872,000
60,01)2,000
28,1»29,000
80.OU9,O0O
TOTAL $2,178,M*9fOOO
mmmm

ll.WIIII.lljE>

II I

'linn

mmm9*mmm*mmjmm

35,595,000
i,08U,652,ooo
23,162,000
104,867,000
8,SU5,00O
27,025,m
172,327,000
18,25U,000
16,872,000
60,01*2,000
28,1(29,000
8O,Qlt9,O00
11,600,109,000

——mmmmm. t,m.<*mmM'm.wmT«'»'*mmmmm-m-*^mi9mammt»'

TREASURY DEPARTMENT

225

WASHINGTON. D,C.

RELEASE MORNING NEWSPAPERS,
Tuesday, April 3, 1956.

H-1053

The Treasury Department announced last evening that the tenders for $1,600,000,000,

or thereabouts, of 91-day Treasury bills to be dated April 5 and to mature July 5, 1956
which were offered on March 29, were opened at the Federal Reserve Banks on April 2.
The details of this issue are as follows:
Total applied for - $2,178,i&9,000
Total accepted
- 1,600,109,000

(includes $21*0,11*1,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
- 99.39U/ Equivalent rate of discount approx* 2*397$ per annum

Average price

Range of accepted competitive bids* (Excepting five tenders totalling $2,102,000)
High
Low

99.k01 Equivalent rate of discount approx, 2,370$ per annum
99.388
"
»
«
'»
»
2.k21% »
«

(2U percent of the amount bid for at the low price was accepted)
Federal Reserve
District
• in •

— — — i —

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

Total
Applied for

Total
Accepted

TOTAL

1(6,785,000
1,559,872,000
ld(,l62,000
hh.867,000
8,81(5,000
28,025,000
21(2,21(7,000
18,25U,000
16,872,000
60,01(2,000
28,1(29,000
80,01(9,000

$2,178, Wi9,000

35,585,000
1,08U,652,000
23,162,000
hk, 867,000

8,8U5,ooo
27,025,000
172,327,000
18,25U,000
16,872,000
60,0U2,000
28,1*29,000
80,01*9,000
$1,600,109,000

226
.y J '
RELEASE MORNING NEWSPAPERS, I / m***7m *?n\ tO, 1936.
The treasury Department announced last availing that the tenters for $1,600,000,000,

or thereabouta, of 91-day Treasury bills to be dated April 12 and to Mature July 12, 1954,
which ware offered on April S, were opened at the Federal Reserve Banks on April 9.
The details of this issue are aa follows;
Total applied lor - #2,471,478,000
Total accepted
~ 1,600,221,000

(includes $277,909,000 eatered oa
a noncompetitive basis and accepted in
full at the average price shown below)
Average price
- 99.309 Equivalent rata of discount approx* 2.4971 par annua
Rang* of accepted competitive bids:
High - 99.432 BtpriLvaie&t rate of discount approx. 2*2471 par annua
u
Low
- 99*303
"
" "
2*5201 par annua
(75 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total

fatal

Boston
Haw York
Philadelphia
Cleveland
Slchaoad
Atlaata
Chicago
St. Louis
tfloaeapolis
Kansas City
Dallas
Sea Fraaciaco

TOTAL

43,601,000
1,736,362,.900
45,655,,080
56,105,,000
16,219,,000
33,778,,000
238,358,,000
36,835,,000
20,884,,000
49,919,,000
48,970,,000
128.792.»ooo

#2,471,478,,000

51,101,080
984,525,1 w W
27,855,,080
52,105,,008
16,219,,008
33,278,,000
167,488,,000
36,835,,000
20,834,>008
48,919,.080
41,220,AM
120.042,
— • —

*•

11*800,221,,000

-27
TREASURY DEPARTMENT
feLEASE MORNING NEWSPAPERS,

WASHINGTON. D.C.

^esday, April 10, 1956.

H-1C54

The Treasury Department announced last evening that the tenders for $1,600,000,000,

r thereabouts, of 91-day Treasury bills to be dated April 12 and to mature July 12, 195
hich were offered on April 5, were opened at the Federal Reserve Banks on April 9.
The details of this issue are as follows:
Total applied for - $2,471,478,000
Total accepted
- 1,600,221,000

Average price

(includes $277,909,000 entered on
a noncompetitive basis and accepted in
full at the average price shown below)
- 99.369 Equivalent rate of discount approx. 2.497% per annum

Range of accepted competitive bids:
High - 99.432 Equivalent rate of discount approx. 2.247% per annum
Low
- 99.363
"
"
"
»
2.520% per annum
(75 percent of the amount bid for at the low price was accepted)

Federal Reserve
District

Total
Applied for

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

$
63,601,000
1,736,362,000
45,655,000
56,105,000
16,219,000
33,778,000
238,358,000
36,835,000
20,884,000
49,919,000
46,970,000
126,792,000
TOTAL

$2,471,478,000

Total
Accepted
$

51,101,000
984,525,000
27,655,000
52,105,000
16,219,000
33,278,000
167,488,000
36,835,000
20,834,000
48,919,000
41,220,000
120,042,000

$1,600,221,000

or by any local taxing authority.

For purposes of taxation the amount of discount

at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections k$k (b) and 1221 {$) of the Internal Revenue Code of
195U the amount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. hl8, Revised, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch•

.2-

:2,

Those sub-

Subject to these reservations, noncompetitive tenders for $200,000 or less

without stated price from any one bidder will be accepted in full at the average
price (in three decimals) of accepted competitive bids.

Settlement for accepted

tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on

April 12 > 1956

, in cash or other immediately available funds

or in a like face amount of Treasury bills maturing
and exchange tenders will receive equal treatment.

April 12« 1956

Cash

Cash adjustments will be made

The bills

A.% it >*•:#

TREASURY DEPARTMENT j Washington

, /"

FOR RELEASE, MORNING NEWSPAPERS,
Thursday, April 5. 1956
.
The Treasury Department, by this public notice, invites tenders for
$ 1»600»000»0Q0 , or thereabouts, of 91 -day Treasury bills, for cash and
in exchange for Treasury bills maturing April 12, 1956 , in the amount of
$ l»600.5pi»OOQ 9 to be issued on a discount basis under competitive and non-

$55
competitive bidding as hereinafter provided. The bills of this series will be
dated April 12, 1956 , and will mature July 12. 1956

when the face

amount will be payable without interest. They will be issued in bearer form on

and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
closing hour,/tool o'clock p.m., Eastern Standard time, Monday, April 9, 1956

Tenders will not be received at the Treasury Department, Washington. Each tend

must be for an even multiple of $1,000, and in the case of competitive tenders

the price offered must be expressed on the basis of 100, with not more than th
decimals, e. g., 99.925. Fractions may not be used. It is urged that tenders

be made on the printed forms and forwarded in the special envelopes which will
supplied by Federal Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account. Tenders will be received without deposit from

incorporated banks and trust companies and from responsible and recognized de

in investment securities. Tenders from others must be accompanied by payment o

TREASURY DEPARTMENT

23x

WASHINGTON, D.C

RELEASE MORNING NEWSPAPERS,
Thursday9 April 5,1956.

H-1055

The Treasury Department, by this public notice, invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing
April 12, 1956,
in the amount of $1,600,501,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated April 12, 1956,
and will mature July 12, 1956,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5>00Q, &10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty ofclock p.m., Eastern Standard time,
Monday, April 9, 1956.
Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99.925. Fractions may not be used. It is
urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent 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, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, non-competitive tenders for
$200,000 or less without stated price from any one bidder will be
accepted in full at the average price (in three decimals) of accepted

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on April 12, 1956,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing April 12, 1956.
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo

STATUTORY DF,I3T LIMITATION
Ac -_. March 31, 1956

^
T R B A B W Y DEPARTMENT
?9?
Fiic-iR«vie«

A o U r .........Mt,..

i. w
fc»
.
Washington, ..^P.TA..«.f.Ql„,.?^?,l
Section 21 of Second Liberty Bond Act, as amended, provides trine the face amount of obligations Issued under authority
of thnt Act, nnd the face n mount of obligations guaranteed as to principal and interest by the United States (except such guar*
anteed obligations as m a y be held by the Secretary of the Treasury), shall not exceed in the aggregate $275,000,000,000
Act of June 26, 1946; U.S.C. f title 31, sec. 757b), outstanding at any one time. For purposes of this section the current relemption value of nny obligation issued on a discount basis which Is redeemable prior to maturity at the option of the holder
shall be considered as its face amount." T h e Act of August 28, 1954, (P.L. 6B6-R3rd Congress) provides that during the
period beginning on August 28, 1954, and ending June 30, 1955, the above limitation ($275,000,000,000) shall be temporarily
increased by $6,000,000,000. The Act of June 30, 1955 (P.L. 124 84th Congress) continues this temporary increase until June 30, 1956b
The following table shows the face amount of obligations outstanding and the face amount which can still be Issued under
this limitation:
'Total face amount that may be outstanding at any one time $281,000 ,000 ,000
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:

...i «20.813.222,000
Treasury bills
Certificates of indebtedness
Treasury notes ...
Bonds-

$ "v,wAj»fc6*,www
20,7591023,000

36,047,281,300 ! 77,619,526»300
81,852,285,600

Treasury
* Savings (current redemp. value)
Depositary.

\*\ \ \W £ Q
ifi, „ i . mmm

336,274,000
12,160,591,000

Investment series
Special FundsCertificates of indebtedness

152,076,587,668

* ~ , * w v 9mJ/mm9^
- .
32,061,670,000

11.673.860,000
k3,735.530.^0
Treasury notes.
Total
interest-bearing..,.
273
A31, 6**,
Matured, interest-ceased

368

Bearing no interest:
United States Savings Stamps
Excess profits tax refund bonds
Special notes of the United States:
Internat'l Monetary Fund series ,
Total

720,159,977
50,765.587
1,019,978
1,672.000,000

1,723.785,565
275*875.589,910

Guaranteed obligations (not held by Treasury):
Interest-bearing:
57,285,900
Debentures: F.H.A ~
1,919,250
Matured, interest-ceased
Grand total outstanding ...
Balance face amount of obligations issuable under above authority

59,205,150
275,93^,795,060
5.065.20^.»0

March 31
Reconcilement with Statement of the Public Debt

,^7..'.

1956
..it.

(Daily Statement of the United States Treasury *^.?*L2.?.I:...».?5.„. )
OutstandingTotal gross public debt
Guaranteed obligations not owned by the Treasury.
,
Total gross public debt and guaranteed obligations. , ,.
Deduct - other outstanding public debt obligations not subject to debt limitation

276,3^.537.566
59,205,150
276,403,7^2,716
1*68,9^7,656
275,93^,795,060

H-IO56

Trea».Deot.-PD-W«»h.,D.C. 22«-S

STATUTOIIY DEBT LIMITATION
AS O H * * ! * 31.

W56

TREASURY D B P A R T M R H T
Fl.c.l fWvle.

233

lUthorlty
uchgunr*
,000
urrent re-, f, .
.. , - . 7
..--•-.— --•-«- "...v... ia KUVI...HU.V prior to maturity at the option of the holder
shall be considered as its face Amount." T h c Act of August 28, 1954, (P.L. 6H6-B3rd Congress) provides that during the
pried beginning on August 28,11954, and ending June 30, 1955, the above limitation {$275,000,000,000) shall be temporarily
Increased by $6,000,000,000. The Act of June 30, 1955 (P.L. 124 84th Congress) continues this temporary increase until June 30, 1956b
The following table shows the face amount of obligations outstanding and the face amount which can still be Issued undef
'Total
face amount that may be outstanding at any one time
$281,000,000,000
thin limitation:
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing;
Treasury bills | 20,813,222,000
Certificates of indebtedness
Treasury notes
BondsT.ensury
* Savings (currentffedemp.value)
Depositary.
Investment series
Special Funds*
Certificates of indebtedness
Treasury notes.
Total interest-bearing
k
Matured, interest-ceased

20,759.023,000
36,0^71281 ,300

77,619,526,300

8 1 , 852,285,600
57,727»*K37»06o
336.27^.000
12,l60,591.000

152,076,587,668

32,06l ,670,000
U ,673.360,000

43,735.530,400

Bearing no interest:
United States Savings Stamps
Excess profits tax refund bonds
Special notes of the United States:
Intcrnat'l Monetary Fund series ,
Total
Guaranteed obligations (not held by Treasury)}
Interest-bearing:

273.431.6^,368
720,159.977
50,765.587
1,019.978
1,672,000,000

1.723,785,565
275»875.589,910

mi. A I * A 1,919,250 59,205,150
Matured, interest-ceased
*
' *
Grand total outstanding
Balance face amount of obligations issuable under above authority
Reconcilement with Statement of the Public Debt

r
,

°*

„ Q-. „QC
s^
2 7 5 , 93*» , 7 9 5 . 0 6 0
5.065.20*}',9^0

;

.^^...^.•..i?56
VK»ei'j ,M

(Daily Statement of the United States Treasury,

* ^ . £ k 2.9..».,?;,?&?.
iDmt.)

.
,,
OutstandingTotal gross public debt
Guaranteed obligations not owned by the Treasury,
,„.
,„,,
„
Total gross public debt and guaranteed obligations.
.,
,
Deduct - other outstanding public debt obligations not subject to debt limitation

)
..
..
? 6 • 3 ^ • 537»566
J7,*» j% y>
2 7 6 ,M-03, 7 ^ 2 , 7 1 6
HOP,9^7,05^

275.934,795.060

H-1056

ttWm
or by any local taxing authority. For purposes of taxation the amount of discount
at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections k$h (b) and 1221 {$) of the Internal Revenue Code of
195U the amount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually.received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss*
Treasury Department Circular No. hl8, Revised, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch•

- 2 -

r-}~

2 percent 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, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the
Treasury Department of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, noncompetitive tenders for $200,000 or less
without stated price from any one bidder will be accepted in full at the average
price (in three decimals) of accepted competitive bids. Settlement for accepted
tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on April 19, 19f>6 , in cash or other immediately available funds
xfebc
or in a like face amount of Treasury bills maturing
April 19, 19i>6
Cash
and exchange tenders will receive equal treatment. Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 1951*. The bills
are subject to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed on the principal
or interest thereof by any State, or any of the possessions of the United States,

•S-Wlrt'.irM

TREASURY DEPARTMENT
Washington

/ I

y*\ ti

FOR RELEASE, MORNING NEWSPAPERS,
Thursday9 April 12, 1956
.
The Treasury Department, by this public notice, invites tenders for
$ 1,600,000,000 , or thereabouts, of 91 -day Treasury bills, for cash and

tflc

in exchange for Treasury bills maturing

April 19, 1956

, in the amount of

Stx
$ lf601.608f000 9 "to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated April 19, 1956 , and will mature July 19, 1956 , when the face

—i&

amount will be payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
closing hour,/toca o'clock p.m., Eastern Standard time, Mondayf April l6 f 1956
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99*92$. Fractions may not be used. It is urged that tenders
be made on the printed forms and forwarded in the special envelopes which will be
supplied by Federal Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account. Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized dealers
in investment securities. Tenders from others must be accompanied by payment of

TREASURY DEPARTMENT
• t m n " ^ — ~ ~ n , nil,,

WASHINGTON, D.C,

RELEASE MORNING NEWSPAPERS,
Thursday, April 12, 1956.

H-1057

The Treasury Department, by this public notice, invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing April 19, 1956,
in the amount of $1,601,608,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated April 19, 1956,
and will mature July 19, 1956,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o'clock p.m., Eastern Standard time,
Monday, April 16, 1956.
Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99.925. Fractions may not be used. It is
urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent 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, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, non-competitive tenders for
$200,000 in
or full
less without
stated price from
any one
bidder will
be
accepted
at the average
(in three
decimals)
of accepted

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on April 19, 1956,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing April 19, 1956.
Cash and exchange tenders will receive equal treatment. Cash'
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discbunt at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
0O0

-2COTTON WASTES
(In pounds)

fO
CO
CD
COTTON CARD STRIPS made-from cotton having -a staple of less than 1-3/16 inches in length, COMBER
WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE
ADVANCED IN VALUEi Provided, however, that not more,than -33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes made from cottons of 1-3/16 inches or more
in staple length in the case of the following countriess United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italys

Country of Origin
United Kingdom
o
.
Canada . . „ . o .
France . . . . a .
British India , 9 O O
Netherlands . , ...
Switzerland . , © e o
Belgium . • . <
Japan . , . . , . . .
o o o

China . . • . <
Egypt o . • . « o o o
0.0
Cuba . . . .
Germany 0 . . « . o .
o o
Italy o o . .

Established
TOTAL QUOTA

Total Imports
Sept. 20, 1955, to
April 10, 1956

,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
5,482,509

669,981
239,690
68,287

l/ Included in total imports, column 2
Prepared in the Bureau of Customs.

Established s
Imports
1/
33-1/3? of » Sept. 20, 1955,
Total Quota t to April 10, 1956
1,441,152 669,981
75,807 68,287
22,747
14,796
12,853

24,500

25,443
7.088

24,500

1,002,458

1,599,886

762,768

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
Thursday, April 12,1956.

H-105o

Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas * ;
established by the President's Proclamation of September 5* 1939, as amended

c
f

COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other than rough or harsh under 3/4"
, Imports Sept. 20, 1955/ to April 10. 1956. inclusive
Country of Origin, Established Quota Imports Country of Origin Established Quota Imports
Egypt and the Anglo- Honduras 752
Egyptian Sudan . . .
783,816
Paraguay
Peru
247,952
25,180
Colombia
British India
2,003,483
79,770
Iraq
China
1,370,791
British East Africa . .
Mexico
8,883,259
8,883,259
Netherlands E. Indies.
Brazil
618,723
368,196
Barbados
Union of Soviet
l/Other British W. Indies
Socialist Republics .
475^124
322,197
Nigeria
Argentina .
5,203
2/0ther British W. Africa
Haiti
237
2/0thGT French Africa . .
Ecuador
9,333
Algeria and Tunisia .
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
2/ Other than Algeria, Tunisia, and Madagascar.

871
124
195
2,240
71,388
21,321
5,377
16,004
689

Cotton, harsh or rough, of less than 3/4" Cotton 1-1/8" or more, but less than 1-11/16"
Imports Sept. 20, 1955. to March 31. 1956
Imports Feb. X* 1956, to March 31, 1956/inclusive
Established Quota (Global) Imports Established Quota (Global) Imports
70,000,000 10,038,833 45,656,420 10,898,591

24U
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
Thursday, April 12,1956.

H-IO58

Preliminary data -on imports for consumption of cotton and cotton waste chargeable to the quotas
established by-the President1^ Proclamation of September 5, 1939, as amended
COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other than rough or harsh under 3/4"
Imports Sept. 20, 1955. to April 10. 1956. inclusive
Country of Origin, Established Quota Imports Country of Origin Established Quota Imports!
Egypt and the Anglo- Honduras 752
Egyptian Sudan . . .
783,816
Peru
247,952
British India
2,003,483
China
1,370,791
Mexico
8,883,259
Brazil
. .
618,723
Union of Soviet
Socialist Republics .
475,124
Argentina
,5,203
Haiti
237
Ecuador
9,333

25,180
79,770
8,883,259
368,196
322,197
-

Paraguay
.
Colombia
Iraq . . . . . . . . .
British East Africa . .
Netherlands E. Indies.
Barbados
l/Other British W. Indies
Nigeria
2/0ther British W. Africa
^Other French Africa . .
Algeria and Tunisia .

871
124
195
2,240
71,388
21,321
5,377
16,004
689

1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago,
2/ Other than Gold Coast and Nigeria.
2/ Other than Algeria, Tunisia, and Madagascar*
Cotton, harsh or rough, of less than 3/4" Cotton 1-1/8" or more, but less than 1-11/16"
Imports Sept. 20. 1955. to March 31. 1956
Imports Feb. 1, 1956, to March 31 * 1956/"inclusive
Established Quota (Global) Imports Established Quota (Global) Imports
70,000,000 10,038,833 45,656,420 10,898,591

-2COTTON WASTES
(In pounds)
COTTON CARD STRIPS made-from cotton having a staple of less than 1-3/16 inches in length, C0M3ER
WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE,, WHETHER OR NOT MANUFACTURED OR OTHERV/ISE
ADVANCED IN VALUEt Provided, however, that not more than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes' made from cottons of 1-3/16 inches or more
in staple length in the case of the following-countriess United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italys

Country of Origin
United Kingdom . . . . .
Canada . . • • • . • • •
France
British India.. . . . . .
Netherlands
Switzerland • • • » • • •
Belgium
Japan • .
China
Egypt
Cuba
Germany
Italy

Established
TOTAL QUOTA
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21.263
5,482,509

l/ Included in total imports, column 2
Prepared in the Bureau of Customs.

:
Total Imports
% Established s
Imports1/
% Sept. 20, 1955, to s 33-1/3$ of : Sept. 20, 1955,
Total Quota ; to April 10, 1956
: April 10, 1956
669,981
239,690
68,287

1,441,152

669,981

75,807

68,28?

22,747
14,796
12,853

24,500

25,443
7.088

24,500

1,002,458

1,599,886

762,768

IMMEDIATE RELEASE,
Thursday, ffiril 12, 195o

241

TREASURY DEPARTMENT
Washington

H-1059

The Bureau of Customs announced today preliminary figures showing the imports
for consumption of the commodities listed below within quota limitations from the
beginning of the quota periods to March 31, 1956, inclusive, as follows:

Commodity
KHhole milk, fresh or sour

Period and Quantity
Calendar Tear

Cream Calendar Tear
Butter

3,000,000

Unit :
of
: Imports as of
QuantityxMarch 31s 1956
Gallon

160

1,500,000 Gallon
Nov. 1, 1955 Mar. 31, 1956

50,000,000

Pound

Quota Filled
88,61*6,085
Quota Filled

Fish, fresh or frozen, filleted,
etc., cod, haddock, hake, pollock, cusk, and rosefish

Calendar Tear

35,196,575

Pound

Iflhite or Irish potatoes:
Certified Seed
Other

12 mos. from
Sept. 15, 1955

150,000,000
60,000,000

Pound
Pound

Cattle, less than 200 lbs. each .. 12 mos. from
April 1, 1955
Cattle, 700 lbs. or more each .... Jan. 1, 1956 (other than dairy cows)
Mar. 31, 1956

103
190,6kk

(1)

200,000

Head

5,887

120,000

Head

3,360

Walnuts

Calendar Tear

5,000,000 Pound

Quota Filled

Alsike clover seed

12 mos. from
July 1, 1955

2,500,000 Pound

Quota Filled

12 mos. from
Aug. 1, 1955

1,709,000

Pound

Quota Filled

Peanuts, whether shelled, not
shelled, blanched, salted, prepared, or preserved (including
roasted peanuts, but not including peanut butter) ........
Peanut Oil

12 mos. from
July 1, 1955

80,000,000

Pound

11,099,975

Rye, rye flour, and xye meal

12 mos. from
July 1, 1955
182,280,000
Canada
3,720,000
Other Countries

Pound
Pound

Quota Filled

(1)

Imports for consumption at the quota rate are limited to 8,799,lUU
pounds during the first three months of the calendar year.

IMMEDIATE RELEASE,
Thursday, April 12, 1956.

TREASURY DEPARTMENT
Washington

242 H-1059

The Bureau of Customs announced today preliminary figures showing the imports
for consumption of the commodities listed below within quota limitations from the
beginning of the qor>ta periods to March 31, 1956, inclusive, as follows:

Commodity
Whole milk, fresh or sour

Period and Quantity
Calendar Tear

Gallon

1,500,000 Gallon

Cream Calendar Tear
Butter

3,000,000

Unit :
of
: Imports as of
Quantity:March 31 * 1956

Nov. 1, 1955 Mar. 31, 1956

Fish, fresh or frozen, filleted,
etc., cod, haddock, hake, pollock, cusk, and rosefish
Calendar Tear

50,000,000 Pound

160
103
190,Qkk

(D
35,196,575 Pound

Quota Filled

White or Irish potatoes:
Certified Seed
Other

12 mos. from
150,000,000 Pound
Sept. 15, .1955 60,000,000 Pound

Cattle, less than 200 lbs. each .. 12 mos. from
April 1, 1955

88,6U6,085
Quota Filled

200,000 Head

5,887
3,360

Cattle, 700 lbs. or more each .... Jan. 1, 1956 -120,000 Head
(other than dairy cows)
Mar. 31, 1956
5,000,000

Pound

Quota Filled

12 mos. from
July 1, 1955

2,500,000

Pound

Quota Filled

12 mos. from
Aug. 1, 1955

1,709,000 Pound

Quota Filled

80,000,000 Pound

11,099,975

Walnuts Calendar Tear
Alsike clover seed
Peanuts, whether shelled, not
shelled, blanched, salted, prepared, or preserved (including
roasted peanuts, but not including peanut butter)
•
Peanut Oil

12 mos. from
July 1, 1955

Rye, rye flour, and rye meal

12 mos. from
July 1, 1955
Canada
182,280,000 Pound
Other Countries
3,720,000 Pound

Quota Filled

(1) Imports for consumption at the quota rate are limited to 8,799,lUU
pounds during the first three months of the calendar year.

TREASURY DEPARTMENT
Washington
V
\y

IMMEDIATE RELEASE,
Thursday. April 12, 1956.

H-1060

The Bureau of Customs announced today the following preliminary
figures showing the imports for consumption from January 1, 1956,
to March 31, 1956, inclusive, of commodities for "which quotas were
established pursuant to the Philippine Trade Agreement Revision Act
of 1955:

Commodity

:Established Annual
: Quota Quantity

Buttons

807,560

Imports as of
March 31, 1956
Gross

226,105

Cigars 190,000,000

Number

$36,600

Coconut Oil 1*25,600,000

Found

U5,252,712

Cordage 6,000,000

Pound

1,079,916

(Refined
Sugars
(Unrefined
Tobacco 6,175,000

3,580,873
1,90k,000,000

Pound

598,767,613
Pound

l,lla,792

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Thursday, April 12, 1956.

244

H-1060

The Bureau of Customs annotmced today the following preliminary
figures showing the imports for consumption from January 1, 1956,
to March 31, 1956, inclusive, of commodities for which quotas were
established pursuant to the Philippine Trade Agreement Revision Act

of 1955:

Commodity

Imports as of
March 31, 1956

Established Annual
: Quota Quantity
Gross

226,105

Cigars 190,000,000

Number

536,600

Coconut Oil 1*25,600,000

Pound

U5,252,712

Cordage 6,000,000

Pound

1,079,916

(Refined
Sugars

Pound

Buttons

807,500

3,580,873
1,90U,000,000

598,767,613

(Unrefined
Tobacco 6,175,000

Pound

l,llil,792

i u ~~>

FOR RELEASE MORNING NEWSPAPERS
MOJDAXr-Jl»fiJU*a&r 1956 .(FOR USE AT 7:00 P.M., EST, SUNDAY
/APRIL L5,1956, AND»||§

w 'mti^i

*'mA,

~m te %%% mmwkl
mm* 'i

246
TREASURY DEPARTMENT
WASHINGTON, D.C.
FOR RELEASE MORNING NEWSPAPERS,
Monday9 April 16, 1956.
(FOR USE AT 7:00 P.M., EST, SUNDAY,
APRIL 15, 1956, AND AFTER)

H-1061

Treasury Under Secretary W. Randolph Burgess and the Chilean
Ambassador, Sr. Mario Rodriguez, have signed an exchange agreement
designed to assist Chile in its efforts towards achieving
increased economic stability and freedom for trade and exchanre
transactions.
The Chilean Government has undertaken important domestic
measures to deal with inflationary problems. As part of Chile's
efforts to stabilize its economy, it proposes to introduce a
single peso rate of exchange to be applicable to commercial
transactions. This rate would be allowed to find a realistic
level in response to basic supply and demand forces. The Chilean
authorities will operate a stabilization fund to minimize exchange
rate fluctuations arising from purely temporary or erratic
influences.
A.separate and secondary exchange market in Chile will continue
to exist through which receipts and payments for certain nontrade transactions will be cleared.
In connection with this new effort for the attainment of
internal stability and international equilibrium the Chilean
authorities have entered into a stand-by arrangement with the
International Monetary Fund and are receiving credits from private
banks in the United States. The Treasury Agreement, which supplements these arrangements, provides that the Chilean authorities may
request the United States Exchange Stabilization Fund to purchase
Chilean pesos up to an amount equivalent to $10 million, should
occasion for such purchases arise. Chilean pesos so acquired
would be repurchased by Chile for dollars.

0O0

^xfc'O.H

247

BJKUASI MOINIHG NSWSPAFOLS,
Ttt..<Uy. April 17. 1956.
The Treasury Department announced lest evening that the tenders for $1,600,000,000
or thereabouts, of 91-day Treasury bills to be dated April 19 and to nature July 19,
1956, which were offered on April 12, were opened at the Federal Reserve Banka on
April 16.
The details of this issue ere as follows:
Total applied for - $2,336,343,000
Total accepted
- 1,600,073,000

Average price

(includes $282,567,000 entered on a
noncompetitive besis and accepted in
full at the average prteii riym below)
- 99.300/ Equivalent rate of discount approxjT2.76fK)per annua

Range of accepted competitive bide: (Excepting six tenders totaling (1,400,000)
High - 99.320 Equivalent rate of discount approx. 2.6901 per annum
H
Low
- 99.290
u
«
u
H

2,go»

(41 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total
A p p l U . fofr

Total
A*c«»t«4

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

$2,338,543,000

$1,800,073,000

38,188,000
1,674,420,000
31,928,000
74,243,000
17,415,000
37,743,000
248,078,000
24,974,000
11,440,000
34,943,000
27,431,000
1*7,740,000

28,188,000
1,024,930,000
18,928,000
72,943,000
17,415,000
37,443,000
190,598,000
23,374,000
11.140,000
34,943,000
24,431,000
117.740.000

248

TREASURY DEPARTMENT
WASHINGTON, D.C
RELEASE MORNING NEWSPAPERS,
Tuesday, April 17, 1956.

H-1062

The Treasury Department announced last evening that the tenders for $1,600,000,000,
or thereabouts, of 91-day Treasury bills to be dated April 19 and to mature July 19,
1956, which were offered on April 12, were opened at the Federal Reserve Banks on
April 16.
The details of this issue are as follows:
Total applied for - $2,338,543,000
Total accepted
- 1,600,073,000

Average price

(includes $282,567,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
- 99.300/ Equivalent rate of discount approx. 2.769% per annum

Range of accepted competitive bids: (Excepting six tenders totaling $1,400,000)
High - 99,320 Equivalent rate of discount approx. 2.690% per annum
Low
- 99.290
"
"
"
"
"
2.809% '»

percent of the amount bid for at the low price was accepted)

Federal Reserve
District

Total
Applied for

Total
Accepted

Boston
New York

38,188,000
1,674,420,000
31,928,000
74,243,000
17,415,000
37,743,000
248,078,000
24,974,000
11,440,000
34,943,000
27,431,000
117,740,000

$
28,188,000
1,024,930,000
16,928,000
72,943,000
17,415,000
37,443,000
190,598,000
23,374,000
11,140,000
34,943,000
24,431,000
117,740,000

$2,338,543,000

$1,600,073,000

Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL

249
MBMDBfcKDOM TO MS. VkmU

L. M O Q g

fh. following transactions wera u d t in direct and guaranteed
•sauritiaa of th. Soveraaant for Traasitry invaaiaentc and other accounts
during the month of March, 1956t
fttrehases $U, 605,000 U»
9U,5O0.0O
9.mm99mmimmm*mmwmammamm0-m

$10,690,500.00
atsBanssMOaesaesaeMi

C» L. Norman
Chief, Investments Branch
Divieion of DepositsftInrestaenfcs

TREASURY DEPARTMENT

-u

WASHINGTON. D.C

/cC 3
IMMEDIATE RELEASE,
fftcyuday, March 15, 19b&.

/^""

During TFedwwiwyy 1956, market transaction!
in direct and guaranteed securities of the
government for Treasury investment and other
74^<c§ym>.&4y

accounts resulted in net TBCIOS by the Treasury
Department of jlpjTDJlDCOi^g/ 6 ^' >/",?0

oOo

TREASURY DEPARTMENT

251

WASHINGTON, D.C

IMMEDIATE RELEASE,
Monday, April 16, 1956.

H-I063

During March 1956, market transactions
in direct and guaranteed securities of the
government for Treasury investment and other
accounts resulted in net purchases by the
Treasury Department of $10,690,500.

oOo

-5-

252

There is no more reason to refrain from charging adequate
postal rates because of its effect upon taxes than to fail to
try to sake money in any other enterprise because over half of
It will go to the Government.
Even if the Post Office is considered as a service arm
of the Government its rates should be considered to be a user
tax paid is proportion by those who use the service and adequate
to pay for it in full without deflecting general revenues in
the same manner as toll highways.
I urge you to pass this bill to protect the governmentfs
revenues, to reduce its losses, help to balance its budget,
strengthen its financial position and let the users of the
service fairly and equitably pay for its use in proportion to
their respective benefits.

0O0

- 4-

253

Under the direction of Postmaster General Summerfield a
persistent, determined, and effective search for possible
economies have been made throughout the past three

years.

That search is being continued, but it cannot realistically
be expected to solve the deficit problem which has been running
at nearly half a billion dollars a year.
It would not be realistic because the IfrosgaJl officers
great service to all of us makes It necessary that It be
maintained at a very high standard.

It would be poor economy

to so reduce expenses that these high standards were lowered.
When we realise that our population —
our post office patrons —

and thus the number of

is increasing by more than a million

people yearly, it becomes perfectly clear that the problem of
putting the department on a self-supporting basis becomes more
and more important as each year passes and can only be done by
equitable increases In rates and not alone by reducing costs.
1 am not qualified to discuss the specific rate increases
by which this yearly deficit problem should be met.

But, 1 do

know that it is of basic importance to the fiscal integrity of
our Government that the problem should be met.
mmmmimmmmmmmmmm

The suggestion that any substantial part of increased
postal rates would be offset by reduced corporate Income tax
receipts is not realistic.

Postage paid by business concerns

is an element of their costs, and an increase in costs is
ordinarily reflected in prices or absorbed in some other way.

-»-

254

We cannot justify, particularly im this period of high
prosperity, this dodging of the cost of mail deliveries and
passing it on to our children and childrenYs children.

That

is exactly what we do when we fail to put the Post Office
Department on a pay-as-you-go basis.

It seems right and

proper to me that those who use the mails should pay whatever
equitable rates are required to make the postal service selfsupporting.
I see no logic in the arguments of those who suggest
that the Post Office Department should properly have its
deficit made up from general tax funds because it is a public
service institution.

The important point is that Public

Law 137 of the 82nd Congress established the policy that
"measurable service"tffehn performed for "identifiable
individuals" should be "self-sustaining to the fullest extent
possible."
Certainly the use of the mails is a "measurable service"
performed for "identifiable individuals or organisations,"
Persons who use the mall do so only because they wish to with
the full knowledge of what the cost will be.

The user of the

mail is in no way comparable to the individual who suddenly
needs police or firemen in s*o«ecrgoney over which he has no
control.
It is only consistent with fair play, as well as with
the intent of Congress, that the Post Office Department should
be maintained on a self-supporting basis.

- 3 -

:?5b
We cannot justify, particularly in this period of high
prosperity, this dodging of the cost of mail deliveries and
passing it on to our children and children Y s children.

That

is exactly what we de.when we fail to put the Post Office
Department on a pay-as-you-go basis.

It seems right and

The important point is that Public

Law 137 of the 82nd Congress established the policy that
measurable service
individuals

when performed for

identifiable

should be "self-sustaining to the fullest extent

possible."
•Certainly «t«he-uoe -of--t«he-«a4.4.«--is-a--measu-rablo se*wi<ee
-pe*^-e*Hned--£€>r—-idcnfri-f-ierfrle--i-t»d-i-v-idualo«e*<- •ergfora/ga4>iong.Persons who use the mail do so only because they wish to with
the full knowledge of what the cost will be.

The user of the

mail is in no way comparable to the individual who suddenly
needs police or firemen in an emergency over which he has no
control.
It is only consistent with fair play, as well as with
the intent of Congress, that the Post Office Department should
be maintained on a self-supporting basis.

- 2 government's financial affairs on a sounder basis. Americans
realise that continued heavy deficit financing by the government
contributes to the pressures for inflation.

And inflation robs

people of the value of their earnings and savings.

Getting and

keeping the government$s budget in balance has a very real,
practical bearing upon the jobs and earnings and well-being of
every citizen in America.
That is why we all must work to accomplish the things
which will help balance the budget and keep it in balance. The
proposal to increase the revenue of the Post Office Department,
and so cut its annual operating deficit, is one of those things
which should be done to help put the governments financial
house in better order.
We all appreciate the basic importance of efficient mail
service in this Nation.

It is vital to communications between

nearly all of the people in America.

It is also vital to the

mass suppliers of publications which provide the wealth of
information read

by Americans every day.

But there is no reason which justifies our postal service
piling up more heavy deficits as each year goes by which must
be paid from general revenue*

In the past ten years the cost

of the Post Office Department exceeded its income by nearly
$5 billion.

This means that $5 billion of additional deficits

have been added to our public debt with the result that the
taxpayers not only have the debt to pay but also the extra
interest on that additional amount of an already too huge
public debt.

°57

Remarks by Secretary Humphrey before the House Post
Office and Civil Service Committee on H.B. 9228,
10:00 a.m., Tuesday, April 17, 1956
I am glad to appear before this committee in support of
H.R. 9228 which carries out the proposal of the President and
the Postmaster General designed to reduce the deficit of the
postal service for the fiscal year 1957 and make the
department as self-supporting as possible in future years.
The Chairman's letter inviting me to appear today isdi•4-*

cated that the Committee would like comment on how this bill
jZC^y
^
f
will affect the government s budget situation. -WHts bill
before you would increase postal revenue by about $400 million
a year.

Failure to enact this bill, on the basis of simple

arithmetic, would to all practical purposes eliminate the
very thin $400 million surplus which the President's January
budget evisloned for fiscal 1957.
Balancing the government's budget is not academic or
simply a bookkeeping exercise.
financial responsibility.

It is the very keystone of

In a home you can't spend continually

more than you earn and not get in trouble.
in a business.

The same is true

And, the same is even more true in Government.

With the enormous debt that our Government now has it becomes
a matter of extreme importance.
The prosperity which is widely shared in this country
today is in large part inspired and sustained by confidence in
the Administration's determination and success in getting the

TREASURY DEPARTMENT
Washington

258
Remarks by Secretary Humphrey before the
House Post Office and Civil Service
Committee on H.R. 9228, 10:00 a.m.,
Tuesday, April 17, 1956.
I am glad to appear before this committee in support of
H.R. 9228 which carries out the proposal of the President and the
Postmaster General designed to reduce the deficit of the postal
service for the fiscal year 1957 and make the department as selfsupporting as possible in future years.
The Chairmanfs letter inviting me to appear today indicated
that the Committee would like comment on how this bill will affect
the governments budget situation. The bill before you would
increase postal revenue by about $400 million a year. Failure
to enact this bill, on the basis of simple arithmetic, would to
all practical purposes eliminate the very thin $400 million
surplus which the Presidents January budget evisioned for fiscal

1957.
Balancing the governments budget is not academic or simply
a bookkeeping exercise. It is the very keystone of financial
responsibility. In a home you can*t spend continually more than
you earn and not get in trouble. The same is true in a business.
And, the same is even more true in Government. With the enormous
debt that our Government now has it becomes a matter of extreme
importance.
The prosperity which is widely shared in this country today
is in large part inspired and sustained by confidence in the
Administration's determination and success in getting the
governments financial affairs on a sounder basis. Americans
realize that continued heavy deficit financing by the government
contributes to the pressures for inflation. And inflation robs
people of the value of their earnings and savings. Getting and
keeping the governments budget in balance has a very real,
practical bearing upon the jobs and earnings and well-being of
every citizen in America.
That is why we all must work to accomplish the things which
will help balance the budget and keep it in balance. The proposal
to increase the revenue of the Post Office Department, and so cut
its annual operating deficit, is one of those things which should
be done to help put the governments financial house in better
order.
H-1064

259
- 2 ^We all appreciate the basic importance of efficient mail
service in this Nation. It is vital to communications between
nearly all of the people in America. It is also vital to the mass
suppliers of publications which provide the wealth of information
read by Americans every day.
But there is no reason which justifies our postal service
piling up more heavy deficits as each year goes by which must be
paid from general revenues. In the past ten years the cost of the'
Post Office Department exceeded its income by nearly $5 billion.
This means that $5 billion of additional deficits have been added
to our public debt with the result that the taxpayers not only
have the debt to pay but also the extra interest on that
additional amount of an already too huge public debt.
We cannot justify, particularly in this period of high
prosperity, this dodging of the cost of mail deliveries and passing
it on to our children and childrenS children. That is exactly
what we do when we fail to put the Post Office Department on a
pay-as-you-go basis, It seems right and proper to me that those
who use the mails should pay whatever equitable rates are required
to make the postal service self-supporting.
I see no logic in the arguments of those who suggest that the
Post Office Department should properly have its deficit made up
from general tax funds because it is a public service institution.
The important point is that Public Law 137 of the 82nd Congress
established the policy that measurable service' when performed
for identifiable individuals'' should be "self-sustaining to the
fullest extent possible."
Persons who use the mail do so only because they wish to with the
full knowledge of what the cost will be. The user of the mail is
in no way comparable to the individual who suddenly needs police
or firemen in an emergency over which he has no control.
It is only consistent with fair play, as well as with the
intent of Congress, that the Post Office Department should be
maintained on a self-supporting basis.
Under the direction of Postmaster General Summerfield a
persistent, determined, and effective search for possible economies
have been made throughout the past three years. That search is
being continued, but it cannot realistically be expected to solve
the deficit problem which has been running at nearly half a billion
dollars a year.

?6£>
.It would not be realistic because the Departments great
service to all of us makes it necessary that it be maintained at
a very high standard. It would be poor economy to so reduce
expenses that these high standards were lowered. When we realize
that our population — and thus the number of our post office
patrons
i s increasing by more than a million people yearly, it
becomes perfectly clear that the problem of putting the
department on a self-supporting basis becomes more and more
important as each year passes and can only be done by equitable
increases in rates and not alone by reducing costs.
I am not qualified to discuss the specific rate increases
by which this yearly deficit problem should be met. But, I do
know that it is of basic importance to the fiscal integrity of our
Government that the problem should be met.
The suggestion that any substantial part of increased postal
rates would be offset by reduced corporate income1 tax receipts is
not realistic. Postage paid by business concerns is an element of
their costs, and an increase in costs is ordinarily reflected in
prices or absorbed in some other way.
There is no more reason to refrain from charging adequate
postal rates because of its effect upon taxes than to fail to try
to make money in any other enterprise because over half of it
will go to the Government.
Even if the Post Office is considered as a service arm of
the Government its rates should be considered to be a user tax
paid in proportion by those who use the service and adequate to
pay for it in full without deflecting general revenues in the
same manner as toll highways.
I urge you to pass this bill to protect the governments
revenues, to reduce its losses, help to balance its budget,
strengthen its financial position and let the users of the service
fairly and equitably pay for its use in proportion to their
respective benefits.

0O0

- 3*

or by any local taxing authority. For purposes of taxation the amount of discount
at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections k$k (b) and 1221 {$) of the Internal Revenue Code of
195b the amount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of j
and such bills are excluded from consideration as capital assets. Accordingly^
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. bid, Revised, and this notice, prescribe
the tenns of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch.

- 2 -

or in a like face amount of Treasury bills maturing

April 26, 1956

Cash

IhrWifrifrY*

mmx

TREASURY DEPARTMENT
Washington

j
j -*4 — - ^
{

/ r
/ O 10 j
r

FOR RELEASE, MORNING NEWSPAPERS,
Thursday, April 19, 1956
.
The Treasury Department, by this public notice, invites tenders for
$1,600,000,000 , or thereabouts, of 91 -day Treasury bills, for cash and
in exchange for Treasury bills maturing April 26, 1956 , in the amount of
$1,600,765,000 , to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided.
dated April 26, 1956

The bills of this series will be

and will mature July 26, 1956

when the face

amount will be payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
closing hour,/tea o'clock p.m., Eastern Standard time, Monday, April 23, 1956
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99*92$* Fractions may not be used. It is urged that tenders
be made on the printed forms and forwarded in the special envelopes which will be
supplied by Federal Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account. Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized dealers
in investment securities. Tenders from others must be accompanied by payment of

RELEASE MORNING NEWSPAPERS,
Thursday, April 19, 1956.

H-IO65

The Treasury Department, by this public notice, invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing April 26, 1956,
in the amount of $1,600,765,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
providede The bills of this series will be dated April 26, 1956,
and will mature July 26, 195o,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,00Q, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty oSlock p.m., Eastern Standard time,
Monday, April 23, 1956.
Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $1,000, and In the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99.925* Fractions may not be used. It is
urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent 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, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or In part, and his action In any such respect shall be
final. Subject to these reservations, non-competitive tenders for
$200,000 or less without stated price from any one bidder will be
accepted In full at the average price (in three decimals) of accepted

- 2 competitive bids. Settlement for accepted tenders In accordance
with the bids must be made or completed at the Federal Reserve Bank
on April 26, 1956,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing April 26, 1956.
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The Income derived from Treasury bills, whether Interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed
on the principal or Interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need Include in his income tax return only the
difference between the price paid for such bills, whether on
original Issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
0O0

RELEASE MOfiMMQ NSWSPAPSRS.
Tueoday, April 24, 19$6*

The Treasury Department announced last evening that the ttotoa for *1,600,00G,00<
or thereabout*, of 91-day Treasury bills to be dated April 26 end to aeture July 26,
1956, which were offered cm April 19, were opened et the Federal Reserve Banks en
April 23,
The detail* of this issue are as follows:
Total applied far - *2,5*6,674.000
Total accepted
- 1,601,671,000

(includes $268,315,000 entered on a
noncompetitive basis and aeeepted ia
full at the average priee ehswn below)
Average priee
- 99*295/ Equivalent rate of discount approx. 2.78M per annua
Range of aeeepted competitive bidet (Excepting two traders totaling $432,000)
High - 99*300 Equivalent rate of discount approx* 2.769% per annua
Low
- *?.293
•
» «
»
#

2.7*?*

(31 percent of the saowat bid for at the low priee was aeeepted)
Federal Reserve Total Total
Btotriet

Applied for

Aeeepted

< M M M M M « M W M M M M * t

« M k M M M M M M n w M M M >

Boston
New Ierk
Philadelphia
Cleveland
Richmond
Atlanta
Cbioaf.
5t. Levi.
Minneapolis
Kaaees City
Dalles
Sea Franoisco

I
37,827,000
1,829,073,000
15,132,000
70,288,000
Ik.862,000
26,500,000
267,703,000
28,339,000
15,6.5,000
$1,078,000
3*1,362,000
115,865,000

|2,526,67li,0O0

$1,601,671,000

Total

M M B M M M M M M

23,327,000
1,087,183,000
16,136,000
65,095,000
13,871,000
20,570,000
179,681,000
22,690,000
15,507,000
39,268,000
26,812,000
91,621,000

•

IgEASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE MORNING NEWSPAPERS,
Tuesday, April 2k* 1956.

H-1066

The Treasury Department announced last evening that the tenders for $1,600,000,000,
or thereabouts, of 91-day Treasury bills to be dated April 26 and to mature July 26,
1956, which were offered on April 19, were opened at the Federal Reserve Banks on
April 23.
The details of this issue are as follows?
Total applied for - $2,526,67U,000
Total accepted
- 1,601,671,000 (includes $268,315,000 entered on a
noncompetitive basis and accepted in
full at the average price shovm below)
Average price
- 99.295/ Equivalent rate of discount approx. 2.788$ per annum
Range of accepted competitive bids: (Excepting two tenders totaling $1*32,000)
High - 99*300 Equivalent rate of discount approx. 2.769$ per annum
ft
f!
Low
- 99.293
"
"
"
2.797$
(31 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total
Applied for

Total
Accepted

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

$ 37,827,000
1,829,073,000
35,132,000
70,288,000
111, 862,000
26,500,000
267,703,000
28,339,000
15,61*5,000
51,078,000
3k,362,000
115,865,000
$2,526,67U,000

i 23,327,000
1,087,183,000
16,136,000
65,095,000
13,871,000
20,570,000
179,681,000
22,600,000
15,507,000
39,268,000
26,812,000
$1,601,671,000
91,621,000

Total

*£Hft
or by any local taxing authority. For purposes of taxation the amount of discount
at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections k$k (b) and 1221 (5) of the Internal Revenue Code of
195b the amount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 2*18, Revised, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch.

-2-

oc,

2 percent 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, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the
Treasury Department of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, noncompetitive tenders for $200,000 or less
without stated price from any one bidder will be accepted in full at the average
price (in three decimals) of accepted competitive bids. Settlement for accepted
tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on May 3. 1956 , in cash or other immediately available funds
or in a like face amount of Treasury bills maturing May 3. 1956 . Cash
and exchange tenders will receive equal treatment. Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 195U. The bills
are subject to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed on the principal
or interest thereof by any State, or any of the possessions of the United States,

ceo

TREASURY DEPARTMENT
Washington

-01

FOR RELEASE, MORNING NEWSPAPERS,
Thursday. April 26. 1956
.
The Treasury Department, by this public notice, invites tenders for
$1.600.000.000

9 or thereabouts, of

91 -day Treasury bills, for cash and

in exchange for Treasury bills maturing

May 3, 1956

, in the amount of

—

$1.600.505.000 9 to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated

May 3, 1956

, and will mature

August 2, 1956

JSJE

, when the face

W9c

amount will be payable without interest.

They will be issued in bearer form only,

and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
Daylight Saving
closing hour,/tea o'clock p.m., Eastern/ttanotodc time, Monday, April 30, 1956

-iw-1
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99.925. Fractions may not be used.

It is urged that tenders

Tenders will be received without deposit from

incorporated banks and trust companies and from responsible and recognized dealers
in investment securities.

Tenders from others must be accompanied by payment of

"TREASURY DEPARTMENT
l.H!.! IP. .'I. J m '.•m.'iSU^T.irSZ

WASHINGTON. D.C.
RELEASE MORNING NEWSPAPERS,
Thursday, April 26. IQR£_

H-1067

The Treasury Department, by this publio notice, Invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing May 39 1956,
in the amount of $1,600,505,000, to be Issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated May 3, 1956,
and will mature Aug.2,1956, when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5*000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o'clock p.m., Eastern Daylight
Saving time,Monday,April 30,1956.Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99.925- Fractions may not be used. It is
urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent 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, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
rane;e of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or in part, and his action in any such respect shall be
final
Subject to these reservations, non-competitive tenders for
$200 000 or
less at
without
stated price
any one
bidder will
be
accepted
in full
the average
price from
(in three
decimals)
of accepted

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Banh
on May 3* 1956,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing May 3* 1956.
Cash and exchange tenders will receive equal treatment• Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether Interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed
on the principal or Interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be Interesto Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo

Treas.
HJ
10
.A13P4
v.106
Treas.
HJ
10
.A13P4

U.S. Treasury Dept
Press Releases

U.S. Treasury Dept

AUTHOR

Press Releases
TITLE

v.106
DATE
LOANED

,L._

BORROWER'S NAME

PHONE
NUMBER

U.S. TREASURY LIBRARY

1 0031478

Full text of Press Releases of the United States Department of the Treasury : Volume 106

FRASER