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~~frectS' \i.)Om* US lreq,*nn+ ^ y T > 11 pnoM 50?0 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, o i.C\V,;*«r:§*rt;«: XKBKBBC TREASURY DEPARTMENT Washington f^fT - v Y / 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 55 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 VV 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 i 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. 8 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 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, .M'.ro.MSA TREASURY DEPARTMENT Washington / _ l/ _Q 1 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 m m 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 «mm -m.Mm.>.-m P-.. East- Standa* * - , ^ T , ;6, „» 4 m & 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 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 o STATUTORY DEBT LIMITATION AS op..BSgSHfesr.Jlji.l955 TREASURYOBPARTMRHT rl,c "'8wW" xi 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 ^ — I I I 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. — ^ — — — — — — » — • — — . — — — m m m m m m (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$$ 12 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 M 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 13 •"•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 o o • • • 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 V <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 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 o o o o o o o 0 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 3- 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 y' ..c'*^~'~ .-y''.^^ &• Suj?#Sui and ch^iffean of ^^#€dvprtisi y ommltti J y the Magazlrffe PublisherjTAssociation. / ____________ ^p€^ 11 dDRiS"^ ^!? RELEASE- ^ MR 3:00 PMfWO^DAY, Jan. 16 24 ^tra" / /<KJ y 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 CJ 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 27 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 \J 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& $*wmMf 12, wo#o of?o*«i at the Fodoral iteoorvo Banks on -m m^m& ^p^p « W 4 M W w \pnps. ^*M-m\9w*^mw •wd^r'W^^wP ^ i ^ ^SF "^PWBP *i-w 'WwfcwM*'' W 0 Total applied for - 12*636* |||*0Q0 total ooooprtod - l$§^§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 30 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 wj 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 ( ' 33 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 - 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 26, 1956 , in cash or other immediately available funds *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 91 -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 55 m 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, <w/o'clock p.m., Eastern Standard time, Monday, January 23, I956 . 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 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 o Tuesday,MORNING JanuaryNEWSPAPERS, 2U, 1956. RELEASE 38 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 39 »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 $2,596,116,000 119,581,000 Total Accepted > 23,302,000 1,035,56U,000 20,986,000 55,5h5,ooo 13,62h,000 27,893,000 208,098,000 32,106,000 12, 211,000 U3,107,000 27, 727,000 ,600,865,000 100,102,000 - 3- ism : y or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States is considered to be interest. Under Sections k$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 41 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£ $100,000) High - 99.1*06 Equivalent rate of discount approx* 2*35<# per annua Low - 99.387 « n u n « 2.ti2$% w • (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 45 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 - 47 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 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 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, / Q 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— 91 -day Treasury bills, for cash and m 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 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 Q 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 — j 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 v 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 \J 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) / f 3 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 s 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- 64 tmVttm 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 16, 1956 , in cash or other immediately available funds 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, 65 IXKKK TREASURY DEPARTMENT Washington FOR RELEASE, MORNING NEWSPAPERS, Tuesday, February 7, 1956 . r U - /° 7 / 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- 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 0 . •. 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 V 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 69 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) 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 TJ 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 52 Cream Calendar Year 1,500,000 Gallon 33 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 (D 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 n 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 52 1,500,000 Gallon 33 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* 70 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 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 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'~ o~ /-• ' • ^ , <. S.lmm i^ f3 oo U.-i i._— tu 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 'O 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. _t ,, • . 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 - \m - W.3W 99.UA3 Equivalent rate of discount approx* 2.201$ per annua e s s e n 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 « ,! !f " " 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 $1,600,052,000 - 33 - 78 effort for bettering h,itii1iinmmiiinw* the nation as a whole, even though engaged in yuthlfoa competition, or equally putbSUes criticism. This is what raekps the United States so strong and it is uwm the strength of the United States that the peaee of the wor!3 for which we all so fervently pray raust rest. - 32 7Q I mention this, but at the same time call your attention to the special responsibility that pests upon each of you working in the ports of the United States» Here at Hew York more than 40 percent of the country1s imports are handle^ but it is not only important here, it is important everywhere that this responsibility be exercised by those of you In the service as public servants and by those out of it as American businessmen. What makes the task of the government servant so much more worthwhile, so much more satisfying is the realization that American businessmen do, In the last analysis,accept this responsibility* That is perhaps the secret for which the Eisenhower administration is and will be best known, a certain teamwork of those people responsible for the greatness of this port, and sensing the high estimation In which the Customs Service of the United States is held* In closing I, of course, want to express !$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 y 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 - 84 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 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 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 / / \ "7 \ 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- ns 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| — e r XSM* *mmmmmmmmaamammm$uiuiih .ttm+wmt'mmnmnm^mmLi yw^ioiii •wiwn n.niiii»it»n«—WwOwi .m imammmmmmm»mmaqmu*\*i n<n < MHNMBMtMUMMHMM (Billtena of DcUUKta o dDHe»W«WM»—WMOWIHWI m l (tronto For I»MI«»III .influ IIIIIMH 99*mmiiuM' mm* i"9uinaww rri»**yt30oa» and Urban _ _ Int#r$t&to Total t iwwn mi—11 M M HIULHHW—m—IKIIII •m» wiinw«w»w«<—m»mi iw•••in* m n r w w w w wn»n IHMMIII • niiwwwn ••> w mmmmmmmmmm mm* rm £jro«r;ditureo For mu%tiu9»mmmmmtmmmm9mmmm*mmm*mMkmmmimm*mMmmmmmm.ii • • w w K w w y a w i i x w w i i — i iy»;s«©<» Interstate Total } ToUl i .mi u m i m i n i •ummmm' nilumrwii immmmmt.mi9m9ml9mamm.mmm> w mmmmmmmm % I 10.1 2S*1 35.2 i 2.0 12*9 i kS.l 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 #MaHW»wiiiilii.Mimtii iii(nini nummim »wnr i it itmimmmmmmm-mmmmmMmmmmitm i*mmiunttmmm*mmmmmmm^ «* 99mmmmmmmmmmmmmm • mmmm immmm* mm 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 I - k- 4 ,id ? ions 7¥ ^o\\*ir*\ ' Total lined 2s ,i ii.iiiKw.ili inn 11 111 m .i« IIII« i Federal Grants For -" HID State Hatching Expenditures For t • '»i 11 *.<30 f F *7 •uMM>wM*M«aaaMMa««aai*MMMa*«iM«k««MaMP«iniMi «NMM —I»imwr imn 11 I M I mmm t 10*1 •1 35.2 i * ¥ith these • m i — — — HI m m m HM——•mmmmmmmmmmmmmmmmmmu w i n niim l in .mmmmmmmm mmmv • ry,r^oonaary 4 Srand m& Orfean Interstate fetal i Total mmmmmmmmmmtimmmimm u r n i li i i n II. •». nn—wwi MMMMMNMMIMMMII , 4N*MMMNw * 10.1 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* 1 Gasoline |6.6 billion for each Diesel fuel n n II *2 Lubricating oil « « tt .2 fires » « tt .5 Camelhaek u i* !t •03 Tubes & it tt .02 Trucks and busses it t* 1;! Farts mA%d accessories n ft « •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 it Diesel fuel $6#6 billion .2 » « Lubricating oil Tires I! II .5 Camelback tl • 05 Tubes If .02 Trucks and busses ft .350 Parts and accessories II ti 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 - 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 $200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on February 23, 1956 , in cash or other immediately available funds or in a like face amount of Treasury bills maturing February 23, 1956 . Cash ' im and exchange tenders will receive equal treatment. Cash adjustments will be made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills. The income derived from Treasury bills, whether interest or gain from the sale or other disposition of the bills, does not have any exemption, as such, and loss from the sale or other disposition of Treasury bills does not have any special treatment, as such, under the Internal Revenue Code of 195b• The bills are subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but are exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, *"y *y JH **-% Ttbt kir yrjr / ^y$ %u mmiW&L\m TREASURY DEPARTMENT Washington FOR RELEASE, MORNING NEWSPAPERS, Thursday, February l6, 1956 tArHT w 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 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, 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 i .•T -\ L mS it/ fsj* I**4*64J** y* *4y /A /cyi ? /fj I* W*%i r. ^ g i ? - £ gwg . f urn •:-:-, t&g $t^i7\Iisati^ A^re^K^b 5©t*§s« ite United ?r&« fm k?y yim&% m&*mii& *m*iJ f«fc* on--«r #iich t^« United states gxc; ^«a-eiaMe ^ n V T . Stabilisation &m& Q I I ^ mp £e *a ^ ^ ^ m , e«f^rwl«t id £1?.$ rflHl .01 ^mtM esessjbgi fe? sisgfe a purdteM arise* ffe* l^w^fei is ^ m ;-^:t;^ restrtstlosMi aaa **oJd£ag mtm^mmmtf f£sst&t££88 ijt tha « t # rf ?5. •ii' • twii^ 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 $2,U50,122,000 I ——mmmmmviii > u.tmmmmmmmmm Total 26 3«7 000 9.1 30$ 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 w $l,601.3ii9,000 » " TREASURY DEPARTMENT 1 **•> 4 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 4 E /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 i 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 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 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 19 1943 48 1944 none MAXIMUM AM3UNT AT AMI 2XM3 (millions) 4422 ae#- /, 3 1945 8 1946 none 1947 none 1948 none 1949 2 220 1950 2 108 1951 4 320 1952 30 811 1953 29 1,172 1954 15 424 1955 none 484 H^rfc^ __ -3- 148 ^""^ ^w^^ea^'ISOTaree is at a loir• level* m tm.-~ It 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\ f - 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 (5 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 r 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 _ m used the direct fc y 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 19 $ 422 19^3 48 1,320 1944 none 1945 8 1946 none 1947 none 1948 none 1949 2 220 1950 2 108 1951 4 320 1952 30 811 1953 29 1,172 1954 15 424 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$ " M (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> 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 8» 1956 , in cash or other immediately available funds or in a like face amount of Treasury bills maturing March 8. 1956 • Cash 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 • l ^ J 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 - / 1 OTC would assure our trading partners of our continued willingness sider trade/problems of mutual Interest in an international fojhim. y $' v * y ,-•? .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 2- ^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* - .1 •*', 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 ^ ^ ^ i /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 Xy 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 $900,000) High - 99.k&k Sqpttvmleni rate of discount approx, 2.12Q£ per annua Lorn - 99.U26 w • « n e * 2.271$ « « (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 1 * 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 \A $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. » ^ 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 $200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on March 1$. 1956 , in cash or other immediately available funds or in a like face amount of Treasury bills maturing March 15. 1956 • Cash s& • 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 ^S FOR RELEASE, MORNING NEWSPAPERS, ^ Thursday, March 8, 1956 m 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 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 ••••*•• *- T (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 i i mum mtimmtmmmmm' in im France,... • •mi • n mn IIIIIIMII n.m -22.5 • i -$45*0 Germany.....*.....*.. - 3 D ^ 0 — International Monetary Fund*...... -2.7 /... .—f. Iran......... ........ — Korea«.«* • ...««..**. • — —*• PortugalM,.#.*...,.. -5.0 —, The Vatican....*..*,. ~ All Others..... -"*V atetad'.^':'. 2 .mmmmmmmmmmmmmm »f r-^i1 '»i«' IP i <im i \9\ Win• •»• wmmu n» nil i ~ -67.5 y-» — •10«0 — -- -2.7 -$t3 ~ -#3 m — *»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 .4 $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 U3 -.3 -1.9 -1.9 •^5*0 11.0 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 f . .. • i • • • II 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, H - ' 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 f $ 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 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, 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<. H ~ 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 I M M H a i a > a a M a H a a M a i H-1043 B M B a | a i a a a ^J 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 i 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 I 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 T 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 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 70 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. (D 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 . . . 0 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) © o © © © 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 V 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 . m O . O . O . 783,816 247,952 2,003,483 1,370,791 8,883,259 618,723 • 0 0 0 • ••.•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 e © © t> © e © © 0©.e.*6© ©oeeeee© Established Quota 25,180 40,273 8,883,259 368,196 322,197 © nS»XTd»X e . © CI © e o © c © c © e Ecuador . . . . . . . c © < 203 237 0 Honduras • © Paraguay e e © o e © © Colombia c © e e . . . © © © • ©••©e.e. © British East Africa . . Netherlands E.m Indies Barbados . . . . . . l/Other British W© © © © © e e 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 e • C • to 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 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 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 . 9 © o © o o o e s o * e e * « o (Refined Sugars (Unrefined A Tobacco » O 9 9 9 . 9 376,311,315 0 . . . O 0 < ? « 9 0 . 0 » 9 9 0 0 . . . 6,175,000 Pound 559,817 y o 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 M > 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 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 29, 1956 3 ±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* 91 -day Treasury bills, for cash and ~m 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 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 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 4 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 - 2 - 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 singlepayment loans) amounted to $8,650,000,000, an increase of 3 percent since October. 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, • - 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 • u n a n 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 ' f 5 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''' 7- 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> I 1% I 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 — n i Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco ii Total Applied for Total Accepted $ $ mm 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 $ 8 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, 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 $200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on April 12 > 1956 , in cash or other immediately available funds or in a like face amount of Treasury bills maturing and exchange tenders will receive equal treatment. April 12« 1956 Cash Cash adjustments will be made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills. The income derived from Treasury bills, whether interest or gain from the sale or other disposition of the bills, does not have any exemption, as such, and loss from the sale or other disposition of Treasury bills does not have any special treatment, as such, under the Internal Revenue Code of 19$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, A.% it >*•:# J 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 9 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: s ...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 1 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 M 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 fi 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 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^ 2 275.934,795.060 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 mr 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& m 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 24 rt 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»||§ m 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» M (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 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 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 Cm 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 yy 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 - 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,OCX) 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 26, 1956 ^n cash or other immediately available funds @fc Tl9m*¥* 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, 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 5 The bills of this series will be and will mature July 26, 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,/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* XT 'u ^ 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 t |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 $1,601,671,000 91,621,000 Total w " *£Hft or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States is considered to be interest. Under Sections k$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 9k 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 *g — $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 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 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