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pOOM 5030

JUN 1 * «72
TREASURY H E P * * * *

H-/ ^
Tuesday, May 1, 1956.

The Treasury Department announced last owning that the tenders for |1,60G, 000,OGQ|j

or thereabouts, of 91-day Traaaury bills to be dated May 3 and to isature Augoet 2, 1956,
#*iah were offered cm April 26, were opened at the Federal ieserve Banks on April 10.
The details of this lassie ar® as followsi
Total applied for - $2,1*76,71*5,000
Total accepted
- 1,600,097,000

Average price

(includes $210,370,000 entered on a
noncompetitive basis and accepted la
full at the average price shown below)
- 99.307/ Equivalent rate of dlseouttt approx. 2»7l»l£ P*r annum

Range of accepted eoa^etitive bides (Excepting one tender of $700,000)
Hlg*
Low

,317 Equivalent rate of discount approx. 2.102% per annum

- 99.305

•

¥WtkH

(It* percent of the amount bid for at the loir price was accepted)
Federal Reserve
District

total
Applied for

Total
Acoepted

«BB»aswM»i*WSjs4saaBJ»B*ttsjs»^^

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

27,965,000
1.817,61S#000
32,386,000
65,929,000
18,762,000
36,597,000
368,005,000
19,810,000
17,163,000
38,035,000
27,71*0,000
10B,73l*jOOO

12,1*76,71*5,000

17,535,000
1,091,253,000
17,386,000
57,188,000
18,512,000
3U,597,OOQ
178,992,000
19,760,000
16,668,000
36,315,000
2i*,50ti,000
87.382,000

11,600,097,000

TREASURY DEPARTMENT
WASHINGTON, D.C.
(EIEASE MORNING NEWSPAPERS,
uesday, May 1, 1956.

H-1068

The Treasury Department announced last evening that the tenders for $1,600,000,000,
r thereabouts, of 91-day Treasury bills to be dated May 3 and to mature August 2, 1956,
hich were offered on April 26, were opened at the Federal Reserve Banks on April 30.
The details of this issue are as follows:
Total applied for - $2,1*78,71*5,000
Total accepted
- 1,600,097,000

(includes $21*5,370,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Average price.
- 99.307/ Equivalent rate of discount approx. 2.7l*l# per annum
Range of accepted competitive bids. (Excepting one tender of $700,000)
High
Low

- 99a317 Equivalent rate of discount approx. 2.702$ per annum
w
- 99.305
«
n
n
it
2*71*92 » M
(11* percent of the amount bid for at the low price was accepted)

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

Total
Applied for

Total
Accepted

LLIHILL.. L_ si i •wauiswiatl—IIW 11—11 — 11

TOTAL

27,965,000
1,817,615,000
32,386,000
65,928,000
18,762,000
36,597,000
268,005,000
19,810,000
17,168,000
38,035,000
27,71*0,000
108,73U,000

$2,1*78,71*5,000

17,535,000
1,091,258,000
17,386,000
57,188,000
13,512,000
3U,597,000
178,992,000
19,760,000
16,668,000
36,315,000
2l*,50i*,000
87,382,000

$1,600,097,000

,*JR,

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Secretary Humphrey today announced the appointment of John W.
Partridge, president of the United Fuel Gas Co. of Charleston, as State Chairman of the West Virginia Savings Bonds Committee. He succeeds the late Lewis
C. Tierney, Charleston radio-tv executive, who served as bond chairman from
1950 until his death in March.
In his letter of appointment to Mr. Partridge, Secretary Humphrey
wrote: "I am delighted to learn of your willingness to assume the state chairmanship for Savings Bonds for West Virginia, and it is my pleasure to appoint
you to that capacity for the customary period of two years. The Savings Bonds
Program is very important to us in our efforts to maintain a stable dollar, and
the addition of a man of your stature to provide leadership will aid us immeasurably. We shall endeavor at all times to keep our demands upon your time
and energy within reasonable confines •"
A native of Helena, Montana, Mr. Partridge graduated from Lafayette
College in 1931 with a degree in Civil Engineering. He is married and has two
children.
During Isforld War II, Mr. Partridge served in the armed forces as a
member of the Seabees in the Pacific area. He held the rank of lieutenant
upon his return to civilian life in 19l*5«
Since 1951 he has headed up the subsidiary companies in the Charleston
group of the Columbia Gas System, Inc. **e is a member of the Board of Directors
of the Charleston National Bank, the local chapter of the American Red Cross,
and the Charleston IMCA. He is also a trustee of Morris Harvey College and the
Charleston Memorial Hospital*
The l*5-year-old executive is a member of the American Gas Association,
the West Virginia Society of Professional Engineers, and the Appalachian Geological Society. He is a Rotarian, a Presbyterian, and member of the Charleston
Tennis Club, the Berry Hills Country Club, and the Edgewood Country CLub.

TREASURY DEPARTMENT
WASHINGTON, D.C

IMMEDIATE RELEASE,
Wednesday, May 2, 19t?6.

H-1069

Secretary Humphrey today announced the appointment of John W.
Partridge, president of the United Fuel Gas Co. of Charleston, as
State Chairman of the West Virginia Savings Bonds Committee. He
succeeds the late Lewis C. Tierney> Charleston radio-tv executive,
who served as bond chairman from 1950 until his death in March.
In his letter of appointment to Mr. Partridge, Secretary
Humphrey wrote: "I am delighted to learn of your willingness to
assume the state chairmanship for Savings Bonds for west Virginia,
and it is my pleasure to appoint you to that capacity for the
customary period of two years. The Savings Bonds Program is very
important to us in our efforts to maintain a stable dollar, and
the addition of a man of your stature to provide leadership will
aid us immeasurably. We shall endeavor at all times to keep our
demands upon your time and energy within reasonable confines."
A native of Helena, Montana, Mr. Partridge graduated from
Lafayette College in 1931 with a degree in Civil Engineering. He
is married and has two children.
During World War II, Mr. Partridge served in the armed forces
as a member of the Seabees in the Pacific area. He held the rank
of lieutenant upon his return to civilian life in 19^5.
Since 1951 he has headed up the subsidiary companies in the
Charleston group of the Columbia Gas System, Inc. He is a member
of the Board of Directors of the Charleston National Bank, the local
chapter of the American Red Cross, and the Charleston YMCA. He is
also a trustee of Morris Harvey College and the Charleston Memorial
Hospital.
The 45-year-old executive is a member of the American Gas
Association, the West Virginia Society of Professional Engineers,
and the Appalachian Geological Society. He is a Rotarian,
a Presbyterian, and member of the Charleston Tennis Club, the
Berry Hills Country Club, and the Edgewood Country Club.
0O0

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1feirgfo?t pay fa 1<^S
Mrs. Dwight D. isisenhower arid two District of Columbia
school children, *4arilyn Millar and Theodore Itouael, today
sliced m huge birthday cake, made in the image of m $100
Saving* Bond, to help celebrate the 15th anniversary of the
Series 1 Savings Bond.
fi& two District of Columbia youngsters who Jolrted in the
White House ceremony were selected for their outstanding
achievement** in the achool savings program. Both are students
at Janfiey School, Harllyn in the fourth grade and Tfceodore
lit the sixth grade. mmillaptt* who la 9, lives at 4606 Forty-third
Street, Northwest, and meodore, who la U , lives at 3901
Windom Place, Northwest.

A i w J^*

f&e birthday cake, contributed by the Clements SftlmmW OJf
Washington, was white with icing 1 B three colors, and weighed
nearly 3<X> pounds,
f&e First Lady, as honorary chairman of the Katlonal
stoma*?* a Adviaory Committee for Savings Bonds, has been an active
supporter of the bond program.
Series g Savings Bonds first went mm sale may 1, 1941.
Sales of the Series 1 and the companion Series H Bonds have
exceeded #30 billion. More than half remain in the tends mt
the purchasers. People bought $5*368 million la bonds last year *
more than lit any other year since 1945.

TREASURY DEPARTMENT

WASHINGTON, D.C.

FOR RELEASE 11:30 A.M. EDT,
Thursday, May 3, 1956.

H-1070

Mrs. Dwight D. Eisenhower and two District of Columbia
school children, Marilyn Miller and Theodore Roumel, today
sliced a huge birthday cake, made in the image of a $100
Savings Bond, to help celebrate the 15th anniversary of
the Series E Savings Bond.
The two District of Columbia youngsters who joined
in the White House ceremony were selected for their
outstanding achievements in the school savings program.
Both are students at Janney School, Marilyn in the fourth
grade and Theodore in the sixth grade. Marilyn, who is 9,
lives at 4606 Forty-third Street, Northwest, and Theodore,
who is 11, lives at 3901 Windom Place, Northwest.
The birthday cake, contributed by the Clementfs Pastry
Shop of Washington, was white with icing in three colors,
and weighed nearly 300 pounds.
The First Lady, as honorary chairman of the National
Women1s Advisory Committee for Savings Bonds, has been an
active supporter of the bond program.
Series E Savings Bonds first went on sale May 1, 1941.
Sales of the Series E and the companion Series H Bonds have
exceeded $80 billion. More than half remain in the hands of
the purchasers. People bought $5,368 million in bonds
last year — more than in any other year since 1945.

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 hSh (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 hereunde
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 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 -

x5S3£
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 princip
or interest thereof by any State, or any of the possessions of the United States,

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9
TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS,
Thursday. May 3a 1956
.

/
/

r^l

The Treasury Department, by this public notice, invites tenders for
$ 1.600.000,000 , or thereabouts, of
in exchange for Treasury bills maturing

-day Treasury bills, for cash and

May 10, 1956

, in the amount of

$ 1,600,805,000 * to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided.

The bills of this series will be

dated

May 10, 1956
, and will mature
August 9, 1956
, when the face
1_-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
Daylight Saving
closing hour,/tax o'clock p.m., Eastern/Sfcaontoai time, Monday, May 7, 1956

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

,•

Each tender

must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g,9 99*92$, Fractions may not be used.

It is urged that tenders

Tenders will be received without deposit from

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

Tenders from others must be accompanied by payment of

TREASURY DEPARTMENT
a u a s .•*sj**s*mVfmmiaiv..'j^srarzrxsrxr.^\m7

WASHINGTON, D.C
RELEASE MORNING NEWSPAPERS,
Thursday, May 3, 1956.

H-1071

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 May 10, 1956,
in the amount of $1,600,805,000, 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 10, 1956,
and will mature August 9, 1956,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination 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, May 7, 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 May 10, 1956,
in cash or other- immediately available funds
or in a like face amount of Treasury bills maturing May 10, 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-

we should be able both to make reductions in the pubJLic debt and gradually
to reduce taxes further•
The other proved mechanism which we have f or.keepi^» our economy in
balance is the Federal Reserve System. This Administration is opposed to
trying to manage the country by direct controls over wages and prices and
commodities. One of the first things the Administration did in 1953 was
to abolish the remaining wartime price ana wage controls.
But we do believe in the traditional and more general influence of
central banks over the supply and price of money. In 1953j we pledged that
the Federal Reserve System would be free to exercise the functions given
them by law to influence the credit supply in the public interest. The
success of the System depends, of course, on the understanding and cooperation
of the Nation's financial institutions.
I know from long personal experience the problems in running a bank,
whether it is a conmercial bank or a savings bank, when money is as tight
as it is today. It is most gratifying to see the wisdom with which the banks
are working in harmony with Federal Reserve policy to see that all sound
and legitimate needs for credit are met while less essential demands are
deferred or reduced.
It gives us grounds for confidence that we can weather this period of
adjustment without serious difficulty.
We are looking to the savings institutions of America to help further
the dynamic growth of our Nation through the encouragement of greater
individuais1 savings.

v e

may look forward to financing —

without

inflation — the steady, sure, and rapid advance in the economic well-being

12
~ 4In spite of this remarkable record of savings last year, however,
individuals saved a little less than in 1954, which in turn was a little
lower than 1953* Personal savings are accounting for only about 6-1/2
percent of our income after taxes now, as against an average of about
8 percent in other recent years. This is disturbing and is a further
indication that we are not savJUig today quite enough to finance the rapid
rate of growth of which we are otherwise capable. We need to develop thrift
and encourage it by attractive rewards. This is one of the objectives of
the Treasury savings bonds program which is celebrating the 15th anniversary
of the E bona this month. Your institutions are enlisted in this same
endeavor.
One of the ways your Government is trying to keep the economy in
balance —
setbacks —

to assure the continued vigorous growth of the country without
is to bring the budget into balance.

Jh late 1952, Mr. Eisenhower said that his goal was to bring the
budget into balance within four years. We are doing it a little faster
than that.

This year we shall have a balanced budget as against an

inherited $9-1/2 billion deficit in the year we took over. We shall have
a balance

again next year, if the citizens keep on the pressure against

unnecessary spending and the world situation continues to improve.
Taxes have, as you know, already been reduced by $7-lA billion as
an incentive for increased enterprise and increased savings.
Li the long run, if we can keep Government spending under control,
can keep on giving the people confidence and incentives, the continuing
growth of the country should make our military burdens easier to carry and

1?
- 3The large savings of the American people are providing money to
build this larger capacity, along with more and better homes and public
facilities. It isCAflf when we rush the spending faster than the rate of
savings, and do it too heavily with borrowed money, that we run the risk
of inflation. We have tended to do this in the past year# Home building
was a good illustration. We tried to build more homes in early 1955 than
we had building materials, building workers, or money available• ftierefore, the cost of building rose k or 5 percent. The steps that were taken
have brought that particular situation into balance.
Some people have said that we are going into debt faster than we are
saving. That is not true. Americans set aside about $17 billion of their
income last year rather than spending it. As you know, almost (2 billion
of this total represents increased deposits in your own institutions.
Savings and loan shares rose by $5 bill ion, and almost $U billion went into
checking and savings accounts in commercial banks. Another $2 billion went
into United States Government securities and over twice that amount into
corporate stocks and bonds and the obligations of state and local governments.
In addition, individuals added $6 billion to the value of their insurance
last year. They put close to $30 billion into the purchase of homes and
the plant, equipment, and inventories of unincorporated businesses and farmst
Even when you allow for the increases in mortgages, consumer and business
debt that individuals incurred during the year, and for property depreciation
which is constantly taking place, individuals1 savings still added up to
about $17 billion in 1955.

14
2 This prosperity of ours is shared in Western Europe and in many other
parts of the world. The great recovery in these countries from the dislocations and distress of war partly reflects generous cooperative action
by the United States.
One reason our own and other countries have gone forward confidently
in gar economic progress is that we feel we have held our own in the cold
war. We have increased our striking power to a point where it is a strong
deterrent to aggression.
So we have good cause for satisfaction. But history teaches one
lesson we must never forget: the seeds of future trouble are often sown
in times of prosperity. This is the time to examine ourselves to see how
we may build better and more firmly for the future, to see how we can avoid
trouble.
One major problem, as indicated, is the danger of inflation.
Other countries have the same problem. The Bank of England has raised
its rate to 5-1/2 percent; Canada has gone to 3 percent; Germany to l;-l/2
percent. At the Istanbul meeting last Autumn of the 58 countries which
are members of the International Monetary Fund and the International Bank,

there was agreement by all present that inflation was a threat. Inflationary
pressures have increased since then.y ;

The great increase that is going on in productive capacity —

to turn

out more goods by more efficient methods — will, in the long run, help to
keep prices stable and, at the same time, pay higher wages.

/ig+^m Alb ^*»*f«f*

•9-9

X*^U..*, . *&«*,+J Y f /J f*
REMARKS BI W . RANDOLPH BURGESS, UNBEtt SECRETARY OF THE 1 5
TRMSURY, AT THE 36th ANNUAL CONFERENCE OF THE NATIONAL
' A A* r M
; J /hm
W
ASSsXiLiTI^N uF MUTUAL SAVINGS BANKS, WASHINGTON, Da C , f ^
'
l
TUESDAY, MAY 8, 1956

THE Keen ft£ SAvimS
Economic events in the United States in the past year have made the
business of your Association even more important than it was a year ago.
For these events sewi'tee1 Bit!)1frilmnsj dumeiu Ui a tefl that for its long-term
growth the country needs a higher rate of saving.

WUt
TiMfrwflm-m»3kiftg immm has happened is that the demand for capital has
shown itself to be greater than the supply of capital.

The amount of

money sought to build houses.to build factories, roads, and public facilities
has been greater than i n amount of savings available for these purposes.
As a result, some of the demands for this money have-kwl. Gu "Oii' U U O I J U H
*

bank credit ^stead of b y s a v i n g s ^ the price of m one y has risen.
This is, in fact, one of the principal reasons why a threat of inflation

has developed and why the Federal Reserve System has raised its discount
rates from 1-1/* percent a.year ago to 2-3/T?]percent « a » 5 & » . today.
For some years it was popular in this country to talk about our "mature
economy".

The economists who used this language said that the growth of our

country was slowing down and that we did not need as much capital as in the
past.

They emphasized the importance of spending rather than saving.
In recent months we have been demonstrating tSWt the capacity of this

country for growthti»«Btill IIIIIHJ |iw*>
at an exceptionally rapid rate:

We are building a better America

new houses, new production facilities, new

public services. We have disproved the old theory of stagnation because of
maturity.
This great progress is based on confidence in our country and in
ourselves.
• #-4$

It is based on sound Government policies• ^

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TREASURY DEPARTMENT
Washington

RELEASE P.M. NEWSPAPERS,
Tuesday, May 8, 1956.

REMARKS BY W. RANDOLPH BURGESS, UNDER SECRETARY
OF THE TREASURY, AT THE 36TH ANNUAL CONFERENCE
OF THE NATIONAL ASSOCIATION OF MUTUAL SAVINGS
BANKS, WASHINGTON, D. C , 9s45 A.M. EDT,
TUESDAY, MAY 8, 1956
THE NEED FOR SAVINGS
Economic events in the United States in the past year have
made the business of your Association even more important than it
was a year ago. For these events give evidence that for its longterm growth the country needs a higher rate of saving.
What has happened is that the demand for capital has shown
itself to be greater than the supply of capital. The amount of
money sought to build houses, to build factories, roads, and public
facilities has been greater than even the large- amount of savings
available for these purposes. As a result, some of the demands
for this money have been met from bank credit instead of by
savings, and the price of money has risen.
This is, in fact, one of the principal reasons why a threat
of inflation has developed and why the Federal Reserve System has
raised its discount rates from 1-1/2 percent a little over a year
ago to 2-3/4 and 3 percent today.
For some years it was popular in this country to talk about our
"mature economy." The economists who used this language said that
the growth of our country was slowing down, and that we did not
need as much capital as in the past. They emphasized the
importance of spending rather than saving.
In recent months we have been demonstrating the very great
capacity of this country for growth. We are building a better
America at an exceptionally rapid rate: new houses, new production facilities, new public services. We have disproved the old
theory of stagnation because of maturity.
H-1072

This great progess is based on confidence in our country and
in ourselves. It is based on sound Government policies. It means
more jobs for more people at better pay than ever before.
This prosperity of ours is shared in Western Europe and in
many other parts of the world. The great recovery in these
countries from the dislocations and distress of war partly reflects
generous cooperative action by the United States.
One reason our own and other countries have gone forward
confidently in
economic progress is that we feel we have held
our own in the cold war. We have increased our striking power to
a point where it is a strong deterrent to aggression.
So we have good cause for satisfaction. But history teaches
one lesson we must never forget: the seeds of future trouble are
often sown in times of prosperity. This is the time to examine
ourselves to see how we may build better and more firmly for the
future, to see how we can avoid trouble.
One major problem, as indicated, is the danger of inflation.
Other countries have the same problem. The Bank of England
has raised its rate to 5-1/2 percent; Canada has gone to 3 percent;
Germany to 4-1/2 percent. At the Istanbul meeting last autumn
of the 58 countries which are members of the International Monetary
Fund and the International Bank, there was agreement by all present
that inflation was a threat. Inflationary pressures have
increased since then.
In this country, steps that the Government has taken, with the
cooperation of people like the savings bankers here today, have
been and are being reasonably successful in keeping things on an
even keel.
The great increase that is going on in productive capacity —
to turn out more goods by more efficient methods — will, in the
long run, help to keep prices stable and, at the same time, pay
higher wages.
The large savings of the American people are providing money
to build this larger capacity, along with more and better homes
and public facilities. It is when we rush the spending faster
than the rate of savings, and do it too heavily with borrowed
money, that we run the risk of inflation. We have tended to do
this in the past year. Home building was a good illustration.
We tried to build more homes in early 1955 than we had building
materials, building workers, or money available. Therefore, the
cost of building rose 4 or 5 percent. The steps that were taken
have brought that particular situation into balance.

- 3-

1a
-L v>

Some people have said that we are going into debt faster than
we are saving. That is not true. Americans set aside about
$17 billion of their income last year rather than spending it.
As you know, almost $2 billion of this total represents increased
deposits in your own institutions. Savings and loan shares rose
by $5 billion, and almost $4 billion went into checking and
savings accounts in commercial banks. Another $2 billion went
into United States Government securities and over twice that
amount into corporate stocks and bonds and the obligations of
state and local governments.
In addition, individuals added $6 billion to the value of
their insurance last year. They put close to $30 billion into the
purchase of homes and the plant, equipment, and inventories of
unincorporated businesses and farms. Even when you allow for the
increases in mortgages, consumer and business debt that individuals
incurred during the year, and for property depreciation which is
constantly taking place, individuals' savings still added up to
about $17 billion in 1955.
In spite of this remarkable record of savings last year,
however, individuals saved a little less than in 1954, which in
turn was a little lower than 1953. Personal savings are accounting
for only about 6-1/2 percent of our income after taxes now, as
against an average of about 8 percent in other recent years. This
is disturbing and is a further indication that we are not saving
today quite enough to finance the rapid rate of growth of which we
are otherwise capable. We need to develop thrift and encourage it
by attractive rewards. This is one of the objectives of the
Treasury savings bonds program, which is celebrating the 15th
anniversary of the E bond this month. Your institutions are
enlisted in this same endeavor.
One of the ways your Government is trying to keep the economy
in balance — to assure the continued vigorous growth of the
country without setbacks — is to bring the budget into balance.
In late 1952, Mr. Eisenhower said that his goal was to bring
the budget into balance within four years. We are doing it a
little faster than that. This year we shall have a balanced
budget as against an inherited $9-1/2 billion deficit in the
year we took over. We shall have a balance again
next year, if
the citizens keep on the pressure against unnecessary spending and
the world situation continues to improve.
Taxes have, as you know, already been reduced by $7-1/2 billion
as an incentive for increased enterprise and increased savings.
can
In the long run, if we/keep Government spending under control,
can keep on giving the people confidence and incentives, the
continuing growth of the country should make our military burdens
easier
to carry
and we
should be
able both
to further.
make reductions in
the public
debt and
gradually
to reduce
taxes

19
- 4 The other proved mechanism which we have for helping to keep
our economy in balance is the Federal Reserve System. This
Administration is opposed to trying to manage the country by direct
controls over wages and prices and commodities. One of the first
things the Administration did in 1953 was to abolish the remaining
wartime price and wage controls.
But we do believe in the traditional and more general
influence of central banks over the supply and price of money. In
1953* we pledged that the Federal Reserve System would be free to
exercise the functions given them by law to influence the credit
supply in the public interest. The success of the System depends,
of course, on the understanding and cooperation of the Nation's
financial institutions.
I know from long personal experience the problems in running
a bank, whether it is a commercial bank or a savings bank, when
money is as tight as it is today. It is most gratifying to see
the wisdom with which the banks are working in harmony with
Federal Reserve policy to see that all sound and legitimate needs
for credit are met while less essential demands are deferred or
reduced.
It gives us grounds for confidence that we can weather this
period of adjustment without serious difficulty.
We are looking to the savings institutions of America to
help further the dynamic growth of our Nation through the encouragement of greater individuals1 savings. If individual investors in
Savings Bonds and in all other forms of saving respond as we hope, we
may look forward to financing — without inflation — the steady,
sure, and rapid advance in the economic well-being of our people.

oOo

H -(013
20
RELEASE MBHING HEfSi^TOS,
Tuesday, m y 8, 1956,
The Treasury Department announced last evening that the tenders for $11600,0001000,
or thereabouts, of 91-4ay Treasury bills to be dated Sfey 10 and to mature August 9,
1956, which were offered on May 3, were opened at the Federal Reserve Banks on my 7.
The details of this issue are as follows:
Total applied for - $2,1*1*1., 747,000
Total aeeepted
- 1*600.616.000

Average price

(taeliadee f 235*235*000 entered on a
noncompetitive basis and aeeepted la
full at the average priee shown beloe)
- 99.362/ Equivalent rate of diseount appro*. Z.$23i par annua

Range of accepted competitive bidet
- 99*366 Equivalent rate of discount approx. 2.508$ per annum
- 99.360
»
* m
*
n
2.532$ w
*

High
Low
(80 p

-TV*

F©oaral Reserve
District
Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Kansas City
Dallas
San Francisco

of the amount bid for at th$ low price was aeeepted)
Total
Applied for
$ 29,223,000
1,716,151,000
28,113,000
55,080,000
32,788,000
33,390,000
258,334,000
33,835,000
20,681,000
1)5,068,000
39,088,000
173,096,000
mm0mmmmm99*Mmm9mm+mmMm.m*mMmm-m

TOttU- $2, tdd*, 71*7,000

Total
Aeeepted
^

17,^3,000
1,019,059,000
12,913,000
50,380,000
10,1*01,000
28,930,000
185,587,000
27,610,000
19,601,000
31*, 1*33,000
30,028,000
16^151,000
$1,600,616,000

TREASURY DEPARTMENT
svsssssssTsrrsaaai

Mm.i. >**mmi

WASHINGTON, D.C
RELEASE MORNING NEWSPAPERS,
Tuesday, May 8, 1956.

H-1073

The Treasury Department announced last evening that the tenders for $1,600,000,000,
or thereabouts, of 91-day Treasury bills to be dated May 10 and to mature August 9,
1956, which were offered on May 3, were opened at the Federal Reserve Banks on May 7.
The details of this issue are as follows:
Total applied for - $2,1M, 747,000
Total accepted
- 1,600,616,000

Average price

(includes $235,235,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
- 99.362/ Equivalent rate of discount approx. 2.523# per annum

Range of accepted competitive bids*
High
Low

- 99.366 Equivalent rate of discount approx. 2.508$ per annum
~ 99.360
"
n M
II
n
2.532^ w
*

(80 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'

29,123,000
1,716,151,000
28,113,000
55,080,000
12,788,000
33,390,000
258,334,000
33,835,000
20,681,000
45,068,000
39,088,000
173,096,000

$2,1M, 747,000

17,523,000
1,019,059,000
12,913,000
50,380,000
10,U01,000
28,930,000
185,587,000
27,610,000
19,601,000
34,ii33,000
30,028,000
16U,151,000

$1,600,616,000

- 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 45h (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 hereunde
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,

CsJ

- 2 -

XWRX

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

May 17» 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.

May 17 , 1956

. Cash

Cash adjustments will be made

The bills

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

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday. May 10. 1956
.
XX*
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 May 17, 1956 , in the amount of
$ 1.600.052.000 , to be issued on a discount basis under competitive and non-

—8* —
competitive bidding as hereinafter provided. The bills of this series will be
dated May 17, 1956 , and will mature August 16, 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
Daylight Saving
closing hour,/kBnc ofclock p.m., Eastern/£&AJUia*2t time, Monday. May lit. 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
*..^&jSB2~m%2ii!>jxi irsBBsssaassiBu-^aiBui

WASHINGTON, D.
RELEASE MORNING NEWSPAPERS,
Thursday, May 10, 1 9 5 6 ^ _ _

H-1074

The Treasury Department, by this public notice, Invites tenders
lor $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing May 17. 1956
in the amount of $1,600,052,000, to be issued on a discbunt basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated May 17, 1956,
and will mature August 16, 1956,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination 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, May 14, 19^6.
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 May 17, 1956,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing May 17, 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

IMMEDIATE RELEASE,
Thursdayp May 10. 1956.

TREASURY DEPARTMENT
Washington

o C

^-bH-1075
The Bureau of Customs announced today preliminary figures showing the imports
for consumption of the commodities listed below within quota limitations from the
begajining of the quota periods to April 28, 1956, inclusive, as follows:
Unit :
^ ^
of
: Imports as of
QuantitytApril 28, i$g

Commodity

Tariff-Rate Quotas:
Cream Calendar Year - 1,500,000 Gallon

132

Tffhole milk, fresh or sour Calendar Year 3,000,000 Gallon

210

Cattle, less than 200 lbs. each ... 12 mos. from
April 1, 1956

200,000

106

Head

918

Cattle, 700 lbs. or more each April 1, 1956 - 120,000 Head
(other than dairy cows)
June 30, 1956
Fish, fresh or frozen, filleted,
etc., cod, haddock, hake, pollock, cusk, and rosefish

Calendar Year

35,196,575

Pound

Quota Filled
762,991

Tuna fish April 16, 1956 - 28,757,393 Pound
Dec. 31, 1956
TIBiite or Irish potatoes:
Certified Seed
Other

12 mos. from
Sept. 15, 1955

150,000,000
60,000,000

Pound
Pound

115,462,430
Quota Filled
Quota Filled

Walnuts Calendar Year 5,000,000 Pound
Alsike clover seed 12 mos. from
July 1, 1955

2,500,000

Pound

Quota Filled

July 1, 1955

80,000,000

Pound

11,100,727

12 mos. from
Aug. 1, 1955

1,709,000

Pound

Quota Filled

182,280,000
3,720,000

Pound
Pound

Quota Filled

Peanut Oil 12 mos. from

Absolute Quotas:
Peanuts, whether shelled, not
shelled, blanched, salted, prepared, or preserved (including
roasted peanuts, but not including peanut butter)
Rye, rye flour, and rye meal

(1)

12 mos. from
July 1, 1955
Canada
Other Countries

Imports for consumption at the quota rate are limited to 17,598,288
pounds during the first six months of the calendar year.

IMMEDIATE RELEASE,
Thursday, May 10. 1956.

TREASURY DEPARTMENT
Washington

97
mm I

H-1075
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 April 28, 1956, inclusive, as follows:
"~ Unit :
of
:Imports as of
Quantity:April 28, 1956

Commodity

Tariff-Rate Quotas:
Cream «

Calendar Year -

1,500,000

Gallon

132

Whole milk, fresh or sour

Calendar Year

3,000,000 Gallon

210

200,000 Head

436

120,000 Head

918

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

April 1, 1956 June 30, 1956

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

Calendar Year

35,196,575

Pound

April 16, 1956 Dec. 31, 1956

28,757,393

Pound

150,000,000
60,000,000

Pound
Pound

115,462,430
Quota Filled

5,000,000

Pound

Quota Filled

AjLsxice cjLover seeo .......o........12 mos. from
July 1, 1955

2,500,000

Pound

Quota Filled

12 mos. from
Jreanux* un • 9. • •.. .....9...........
July 1, 1955

80,000,000

Pound

11,100,727

Tuna fish

White or Irish potatoes:
Certified Seed
Other

12 mos. from
Sept. 15, 1955
Calendar Year

Quota Filled

762,991

Absolute Quotas:
Peanuts, whether shelled, not
shelled, blanched, salted, prepared, or preserved (including
12 mos. from
roasted peanuts, but not including peanut butter) © © # > » • • ) • • > © • > • Aug. 1, 1955
Rye, rye flour, and rye meal .....

(1)

12 mos. from
July 1, 1955
Canada
Other Countries

1,709,000 Pound

182,280,000
3,720,000

Pound
Pound

Quota Filled

Imports for consumption at the quota rate are limited to 17,598,288
pounds during the first six months of the calendar year.

TREASURY DEPARTMENT
Washington

H-1076

IMMEDIATE RELEASE,
Thursday, May 10, 1956.

The Bureau of Customs announced today the following preliminary
figures showing the imports for consumption from January 1, 1956,
to April 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

Buttons

807,500

Unit
of
Quantity
Gross

: Imports as of
: April 28, 1956

204,984

Cigars 190,000,000

Number

1,031,875

Coconut Oil 425,600,000

Pound

55,586,331

Cordage 6,000,000

Pound

1,369,325

(Refined
Sugars
(Unrefined
Tobacco 6,175,000

5,409,666
1,904,000,000

Pound
778,737,516
Pound

1,141,792

TREASURY DEPARTMENT
Washington

H-1076

IMMEDIATE RELEASE,
Thursday, May 10, 1956.

of 1955:

Commodity

Buttons

[Established Annual:
Quota Quantity

807,500

Unit
of
Quantity
Gross

:
: Imports as of
: April 28, 1956

204,984

Cigars

190,000,000

Number

1,031,875

Coconut Oil

425,600,000

Pound

55,586,331

6,000,000

Pound

1,369,325

Cordage
(Refined
Sugars
(Unrefined
iOOav/CO .9..9.OO0.9......

5,409,666
1,904,000,000

Pound
778,737,516

6,175,000

Pound

1,141,792

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
Thursday. May 10, 1956.

30
H-1077

The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour authorized to be entered, or vfithdrawn
from warehouse, for consumption under the import quotas established in the
Presidents proclamation of May 28, 194l, as modified by the president's
proclamation of April 13, 1942, for the 12 months commencing May 29, 1955>
as follows?

Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products

Wheat
Country
of
Origin

Canada
China
Hungary
Hong Kong
Japan
United Kingdom
Australia
Germany
Syria
New Zealand
Chile
Netherlands
Argentina
ItalyCuba^
France
Greece
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
Guatemala
Brazil
Union of Soviet
Socialist Republics
Belgium

Established :
Quota
tlky
sMay
(Bushels)
795,000
—
—

100
-

100
100
mm

100
2,000

100
=,

1,000
mm

100
—
—
—
_.
—

1,000

100
100
100
100

Imports
29, 1955, to
8, 1956
(Bushels)
795,000

Established
Quota
(Pounds)
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000

Imports
May .29, 1955,
to May 8, 1%
(Pounds)
3,815,000

2,5So

100
1,000

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
Thursday, May 10. 1956,

3*
H-1077

The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour authorized to be entered, or withdrawn
from warehouse, for consumption under the import quotas established in the
President's proclamation of May 28, 194l, as modified by the President's
proclamation of April 13, 1942, for the 12 months commencing May 29, 1955,
as follows-

Country
of
Origin

i
i
;:
:

"Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products

.
Wheat
:
:
:* Established :
Imports
Imports
't Established s
Quota
tKay 29, 1955, to ii
Quota
: May 29, 1955,
sMay 8, 1956
:
: to May 8, 1956
(Pounds)
(Pounds)
(Bushels)
(Bushels)

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

795,000
-

100
100
100

100
2,000
100
1,000
100

3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
l'.OOO
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000

3,815,000

570007033

7,818,650

:,55o

100
1,000

1,000
100
100
100
100

msjcm

79^7000

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 Italys

Country of Origin

United Kingdom • . . • •
Canada . . • .
France , . . ,
British India
Netherlands •
Switzerland •
Belgium • . .
Japan . . . .
China . . . .
Egypt « . . .
UuDa 0 0 . .
Germany o . .
Italy o . . .

Established
TOTAL QUOTA

Total Imports
Sept, 20, 1955, to
May 8, 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

699,852
239,690
68,287

5,482,509

1,032,329

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

Established
33-1/3% of
Total Quota

Imports
Sept, 20, 1955,
to May 8, 1956

1,441,152

699,852

75,807

68,287

22,747
14,796
12,853

24,500

25,443
,088
1,599,886

24,500

792,639

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
Thursday, May 10. 1956.

H-1078

CO
CO

Established Quota

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

783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
475,124
5,203
237
9,333

Imports

25,180
163,166
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 April 28. 1956 _

Cotton 1-1/8" or more, but less than l-ll/l6w
Imports Feb. 1. 1956, to April 28, 1956, inclusive

Established Quota (Global)

70,000,000

Imports
11,007,420

45,656,420

Imports
12,623,880

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
Thursday. May 10. 1956.

H-1078

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 May 8, 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

783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
475,124
5,203
237
9,333

Imports

Country of Origin

25,180
163,166
—

8,883,259
368,196
322,197
—
—
—

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 Tobagc
2/ Other than Gold Coast and Nigeria.
Jj Other than Algeria, Tunisia, and Madagascar.
Cotton, harsh or rough, of less than 3/4"
Imports Sept. 20, 19 55, to April 28. 1956

Cotton 1-1/8" or more, but less than 1-11/16"
Imports Feb, 1, 1956, to April 28, 1956. inclusive

Established Quota (Global)

70,000,000

Imports
11,007,420

45,656,420

Imports
12,623,880

«£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 V^ASTE, 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

Country of Origin

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

Established
TOTAL QUOTA

Total Imports
s Established s
Imports
Sept, 20, 1955, to s
33-1/356 of : Sept. 20, 1955,
May 8, 1956
; Total Quota s to May 8, 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

699,852
239,690
68,287

5,482,509

1,032,329

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

1,441,152

699,852

75,807

68,287

22,747
14,796
12,853

24,500

25,443
7,088
1,599,886

24,500

792,639

- 6.

of the best ways
m o r e of
savings is one/may of teaching thrift. To the extent that/the Federal debt
can be put into the hands of Individuals who would not otherwise have save*,
that v i H tend to release other funds for the use of business*
We have developed in this oountry, also, a unique system of institutions for savings, including insurance companies, pension funds, savings
and loan associations, savings banks, commercial banks and others. These
institutions we need to foster and encourage.
We are today going through a period of uncertainty as to rates of
interest.. In a trmm market the balance between the volume of savings and
the demand for money is influenced by rates of interest. We are j**% emerging
from a period of twenty years daring which interest rates were held artifie/ally low as a matter of Government policy —

a groat handicap to sound

economic progress.Just where the rates should be cannot be determined
arbitrarily. The important thing is that rates should have reasonable
freedom of movement to reflect the economic forces of supply and demand*

What I believe is that we have escaped from a period of economic regimentation and doctrinaire solutions into a freer atmosphere. In this perlei,
we should be able to make vigorous economic growth toward new standards of
satisfaction for the lives of all the people.
If this growth is to go forward with power and assurance, we must somehow learn to combine freedom with restraint to avoid the twin dangers3 of
inflation or deflation which threaten us in every period when we tend to
grow overconfident.
The opportunity ahead is very great, indeed*

- o -

you that for this fiscal year and, with good fortune and cooperation, for
the next fiscal year, also*
Perhaps the most ootent arm of Government for assuring stable money
is the Federal Reserve System. This Administration has assured the Federal
Reserve Board and the Federal Reserve Banks that they will be free to
exercise their judgment in the determination of their policies in the
public interest. The broad program of the Reserve system in the past year
for holding in check a tendency toward over-expansion of credit has, I
pressures toward inflation
believe, been most helpful in keeping thsfepflftefclist ntn—nt within bounds*
There are other governmental actions which impinge on economic stability
which I shall not attempt to describe, except to assure you that those of
us who are working for yon in Washington are doing our best to steer these
forces in the direction of sustained economic growth*
Let me suggest, else, that business itself, and the policies it fellows
with respect to wages and the pricing of Its products, exercises a very
important influence on the economic trend*
The other area in which I believe we can all make a contribution toward
assuring an adequate supply of funds for progress is the direct encouragement of savings.
In the Treasury we are celebrating this ymmt the 15th anniversary of
the Series S savings bond. This bond has proved itself a unique mechanism
for teaching regular savings by millions of people. There are now IbO billiai
worth of these bonds outstanding in the hands of approximately *Q •1<nfo»
people in the United States*
The best method of selling savings bonds is through the payroll saving!
plan, which, I am sure, most of the businesses represented here have in
effect in their establishments. The vigorous promotion of this form of

show that
Thus, the figures/tk*OPnffllmf v tkitipetejgtamaielyx the American people
are a saving people both as individuals and in the operation of business*
A huge amount of funds is being made available each year for the progress
of the country in satisfying human needs mere fully and meeting our
national obligations*
Based on these figures and on what is actually happening in the
money markets and with respect to bank credit, my conclusion Is that we
are doing pretty well, but not quite well enough*
To be sure that our rate of progress will continue without interruption by inflation or lack of accumulation of capital, I believe the
time has come when we must all consciously follow policies which will
encourage the accumulation of
/ *san»»xns the needed capital*
In the background^ we must remember that we are engaged in a great
international struggle to demonstrate to the people of the world the quality
of our economic system and its capacity to satisfy human ammdm.

X believe

we have the best economic system and the most efficient one, but we must
give the broad principles of its operation the same careful attention that
we give to the details of the operation of our businesses. What, then,
are the things that we need to do to assure the continued flow of savings
in the amounts needed to keep our economic machine moving ahead in high gear?
The first thing we must do is resist inflation*

when you have inflatios,

the cost of building new plants increases faster than the rate of savings*
Inflation is a product of many influences and policies, both govern*
mental and private*
The Government today recognises its responsibility for m**nt*1n*ng a
stable dollar* The first necessity is a balanced budget, and we are promising

-3-

While corporations went into debt by about |9 billion (outside of
income tax liability), on the other side of their ledgers, they increased
their receivables and inventories by almost as much.
So, the record for last year is a pretty good one but does seem to
suggest that a further substantial increase in plant and equipment expenditures this year, such as is now projected, will mean a further large
increase in debt*
Looking further ahead, the number of variables is so great as to
has
baffle firm conclusions. George Terborgh/made a careful analysis and
yestimates for the coming decade
/•awtengoatmlia^
KtattariwyupranaiantuMi^^
that depreciation and
retained earnings are likely to provide the major part of future expansion;
so that requirements from the public would be well within the expected
amount of funds available.
That raises the question of the trend of individual savings from
which capital may be drawn for business growth*
have implied
£*wcwawxi A number of articles in recent weeks/tap lamxmffmat that the
people of this country were borrowing more money than they saved and were
thus on the road to insolvency. This is not so. While individuals have
been increasing their debt rapidly, particularly their mortgage debt and
consumer debt, they have been saving more than they borrow. So that, in
net
the aggregate,/personal savings are running better than 6 percent of individual disposable income* This, however, compares with 8 percent savings
a few years ago, and the amount and percent have been declining for three yearsl

-n 111 •

11 in Vlfifi, i ~ "

' r1 41 •'

"r" ' ' ' i

' tf"Tn

• Of this, $14-l/2 billion was covered by current depreciation, and
l/2 billion was raised by increasing debt or selling capital stock.

.2-

One thing, at least, is certain! we have definitely disproved the
theory of the "mature economy," which was held by many economists a few
years ago* Instead of stagnating, we are building a better America at an
exceptionally rapid ratet

new houses, new production facilities, new

public services, this great progress is based on confidence in our
country and in ourselves. It is based on sound Government policies, it
means more jobs for more people at better pay than ever before*
in America
throughout
This prosperity/mwjBHris part of a larger prosperity/tbcoogh the
Western world*
I am sure, however, that this audience of business men would all
agree that it is in times of prosperity like this that the seeds of future
trouble often start to grow. It is time to examine ourselves and take
every possible precaution to avoid the twin evils of either inflation or
deflation.
In judging the balance between savings and spending, we now fortunately have many more figures available than we had a few years ago*
I shall avoid getting enmeshed in expounding these figures to you, but
I should rattier try to give you certain broad conclusions from my examination of the figures*
The first conclusion is that this country is doing a tremendous job
of saving money and applying it to increasing our wealth and wealthproducing assets.

the other $10 billion cams from retained earnings.

BEI&HKS Iti W. RANDOLPH 1 1 M B S , UNDER BBCREtAKf
OF THE OTAStffiX, At THE EIGHTH AHHGAL BHSIKESS
COUFtBJSltCE, RUTGERS WITORSITX. NUT BRt3*WICK,
Um JERSEY, A g ^ f r *»w^iif^ Mt<B*Tffl&a3K» HIX 10, 1956.
The great surge in capital expenditures of business this year, following a big year in 1955, naturally raises the question of where the money
Is coming from*
there are two sorts of evidence that the demands for capital, both for
personal
business and/jndsnrte" use, are running ahead of the country's savings*
One evidence is in the capital markets themselves, where, in spite of
the largest volume of new issues of all time, the market has been staggering
under the Impact of additional demands for funds. With the price of money
. and
substantially increased, a number of new Issues have had heavy going/ some
have been deferred.
The second evidence is to be found in the increase in bank loans.
Loans to business by commercial banks are about 20 percent higher than they
were a year ago, showing that some of the demand for capital has been
absorbed by the commercial banks.

,..r> «•,•. »«••:».•». -•>.. O «• » »/,'#.#. »-r- *>..,. •

The mortgage market has provided a particularly interesting piece of
evidence. In the middle of last year, the volume of mortgages created to
build homes could not be fully absorbed by the accumulation of savings in
the regular savings institutions and spilled over into the commercial banks,
largely through a substantial increase in mortgages warehoused by the banks*
fo, here is evidence that savings have not been keeping pace with the
demands for funds •
Several questions are naturally raised; is this a temporary burst
of demand, or is this a long-term trend? How serious is the shortage of
savings, and what ought we to do about it?

rl-(t7f

TREASURY DEPARTMENT
Washington

REMARKS BY W0 RANDOLPH BURGESS, UNDER SECRETARY
OF THE TREASURY, AT THE EIGHTH ANNUAL BUSINESS
CONFERENCE, RUTGERS UNIVERSITY, NEW BRUNSWICK,
NEW JERSEY, 1:00 P.M. EDT, THURSDAY, MAY 10, 1956.

The great surge in capital expenditures of business this year,
following a big year in 1955, naturally raises the question of
where the money is coming from.
There are two sorts of evidence that the demands for capital,
both for business and personal use, are running ahead of the
countryfs savings.
One evidence is in the capital markets themselves, where, in
spite of the largest volume of new issues of all time, the market
has been staggering under the impact of additional demands for
funds. With the price of money substantially increased, a number
of new issues have had heavy going,and some have been deferred.
The second evidence is to be found in the increase in bank
loans. Loans to business by commercial banks are about 20 percent
higher than they were a year ago, showing that some of the demand
for capital has been absorbed by the commercial banks.
The mortgage market has provided a particularly interesting
piece of evidence. In the middle of last year, the volume of
mortgages created to build homes could not be fully absorbed by
the accumulation of savings in the regular savings institutions
and spilled over into the commercial banks, largely through a
substantial increase in mortgages warehoused by the banks.
So, here is evidence that savings have not been keeping pace
with the demands for funds.
Several questions are naturally raised: Is this a temporary
burst of demand, or is this a long-term trend? How serious is the
shortage of savings, and what ought we to do about it?
One thing, at least, is certain: We have definitely disproved the theory of the "mature economy," which was held by many
economists a few years ago. Instead of stagnating, we are
building a better America at an exceptionally rapid rate: New
houses, new production facilities, new public services. This great
progress is based on confidence in our country and in ourselves.
It Is based on sound Government policies. It means more jobs for
more people at better pay than ever before.
H-1079

- 2 This prosperity in America is part of a larger prosperity
throughout the Western world.
I am sure, however, that this audience of business men would
all agree that it is in times of prosperity like this that the
seeds of future trouble often start to grow. It is time to examine
ourselves and take every possible precaution to avoid the twin
evils of either inflation or deflation.
In judging the balance between savings and spending, we now
fortunately have many more figures available than we had a few
years ago. I shall avoid getting enmeshed in expounding these
figures to you, but I should rather try to give you certain broad
conclusions from my examination of the figures.
The first conclusion is that this country is doing a tremendous
job of saving money and applying it to increasing our wealth and
wealth-producing assets.
Business corporations, in 1955, increased their assets by about
$39 billion. Of this, $14-1/2 billion was covered by current
depreciation, and $14-1/2 billion was raised by increasing debt or
selling capital stock. The other $10 billion came from retained
earnings.
While corporations went into debt by about $9 billion (outside of income tax liability), on the other side of their ledgers,
they increased their receivables and inventories by almost as
much.
So, the record for last year is a pretty good one but does
seem to suggest that a further substantial increase in plant and
equipment expenditures this year, such as is now projected, will
mean a further large increase in debt.
Looking further ahead, the number of variables is so great
as to baffle firm conclusions. George Terborgh has made a careful
analysis and estimates for the coming decade that depreciation and
retained earnings are likely to provide the major part of future
expansion; so that requirements from the public would be well
within the expected amount of funds available.
That raises the question of the trend of individual savings
from which capital may be drawn for business growth.
A number of articles in recent weeks have implied that the
people of this country were borrowing more money than they saved
and were thus on the road to insolvency. This is not so. While
individuals have been increasing their debt rapidly, particularly
their mortgage debt and consumer debt, they have been saving more
than they borrow. So that, in the aggregate, net personal savings
are running better than 6 percent of individual disposable income.
This, however, compares with 8 percent savings a few years ago,
and the amount and percent have been declining for three years.

- 3Thus, the figures show that the American people are a saving
people both as individuals and in the operation of business.
A huge amount of funds is being made available each year for the
progress of the country in satisfying human needs more fully and
meeting our national obligations.
Based on these figures and on what is actually happening in
the money markets and with respect to bank credit, my conclusion
is that we are doing pretty well, but not quite well enough.
To be sure that our rate of progress will continue without
interruption by inflation or lack of accumulation of capital, I
believe the time has come when we must all consciously follow
policies which will encourage the accumulation of the needed
capital.
In the background, we must remember that we are engaged in a
great international struggle to demonstrate to the people of the
world the quality of our economic system and its capacity to
satisfy human needs. I believe we have the best economic system
and the most efficient one, but we must give the broad principles
of its operation the same careful attention that we give to the
details of the operation of our businesses. What, then, are the
things that we need to do to assure the continued flow of savings
in the amounts needed to keep our economic machine moving ahead
in high gear?
The first thing we must do is resist inflation. When you have
inflation, the cost of building new plants increases faster than
the rate of savings.
Inflation is a product of many influences and policies, both
governmental and private.
The Government today recognizes its responsibility for
maintaining a stable dollar. The first necessity is a balanced
budget, and we are promising you that for this fiscal year and,
with good fortune and cooperation, for the next fiscal year, also.
Perhaps the most potent arm of Government for assuring stable
money is the Federal Reserve System. This Administration has
assured the Federal Reserve Board and the Federal Reserve Banks
that they will be free to exercise their judgment in the
determination of their policies in the public interest. The broad
program of the Reserve System in the past year for holding in check
a tendency toward over-expansion of credit has, I believe, been
most helpful in keeping the pressures toward inflation within
bounds.
There are other governmental actions which impinge on economic
stability which I shall not attempt to describe, except to assure
you that those of us who are working for you in Washington are
doing our best to steer these forces in the direction of sustained
economic growth.

- 4-

Let me suggest, also, that business itself and the policies
it follows with respect to wages and the pricing of its products
exercise a very important influence on the economic trend.
The other area in which I believe we can all make a
contribution toward assuring an adequate supply of funds for
progress is the direct encouragement of savings.
In the Treasury we are celebrating this year the 15th
anniversary of the Series E saving bond. This bond has proved
itself a unique mechanism for teaching regular savings by millions
of people0 There are now $40 billion worth of these bonds outstanding in the hands of approximately 40 million people in the
United States.
The best method of selling savings bonds is through the
payroll savings plan, which, I am sure, most of the businesses
represented here have in effect In their establishments. The
vigorous promotion of this form of savings is one of the best ways
of teaching thrift. To the extent that more of the Federal debt
can be put into the hands of individuals who would not otherwise
have saved, that will tend to release other funds for the use of
business.
We have developed in this country, also, a unique system of
institutions for savings, including insurance companies, pension
funds, savings and loan associations, savings banks, commercial
banks and others. These institutions we need to foster and
encourage,
We are today going through a period of uncertainty as to rates
of interest. In a free market the balance between the volume of
savings and the demand for money is influenced by rates of interest.
We are just emerging from a period of twenty years during which
interest rates were held artificially low as a matter of Government
policy — a great handicap to sound economic progress. Just where
the rates should be cannot be determined arbitrarily. The
important thing is that rates should have reasonable freedom of
movement to reflect the economic forces of supply and demand.
What I believe is that we have escaped from a period of
economic regimentation and doctrinaire solutions into a freer
atmosphere. In this period, we should be able to make vigorous
economic growth toward new standards of satisfaction for the lives
of all the people.
If this growth is to go forward with power and assurance, we
must somehow learn to combine freedom with restraint to avoid the
twin dangers of inflation or deflation which threaten us in every
period when we tend to grow overconfident.
The opportunity ahead is veryoOo
great, indeed.

to
CO

STATUTORY DEBT LIMITATION
AS oi\..APr.^.,3q,t.1956

T R K A 8 U R Y DBPARTMRNT
Fl»c«l Rervlc*
Washington, ..*~V....l.Q,*i?,j6
Section 21 of Second Liberty Bond Act, as amended, provides that the face amount of obligations Issued under authority
of that Act, nml the face amount of obligations guaranteed ns to principal and Intercut by the United States (except suchguor*
antccd obligations as may 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.j title 31, sec. 757b), outstanding at any one time. For purposes of this section the current re*
demotion 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." The Act of August 28, 1954, (P.L. 6B6-B3rd Congress) provides that during the
period beginning on August 28, 1954, and ending Tune 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 30,195&
The following table shows the face amount of obligations outstanding and the face amount which can still be Issued under
this limitation:
'Total fnce 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 bills $ 20,811,218,000
Certificates of indebtedness
Treasury notes „
BondsTreosury
* 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:
Internat'l Monetary Fund series
Total

20 ,759,023 • 000
36.092.660.000 $ 77.662,901,000
81, 846,474,600
57.729.295.172
323.521,000
12.076.515.000
31.826 ,358,000
11,562.873,400

151,975.805.772

43,389,231,400
27310271938,172
575,684,502

51,307.397
1,009,129
1.666.000.000

Guaranteed obligations (not held by Treasury):
Interest-bearing:
55.536,400
Debentures: F.H.A
806,550
Matured, interest-ceased
Grand total outstanding ...
M
Balance face amount of obligations issuable under above authority,

1,718,316,526
275.321,939.200

56,3^2,950
275.378,282,150
5,621,717.850

Reconcilement with Statement of the Public Debt... A£ri]L?.9.A...^£rf.9.
(Dot.)
(Daily Statement of the United States Treasury,
.^JfS.iti...22x..lJS5.§
(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-1080

275,788,569,8^7
56,3^2,950
275,844.912,797
466.630,gr7
275.378,282,150

STATUTORY DEBT LIMITATION

T R K A B W Y DBPARTMRNT
Flicfll Service
Washington, . B L . I Q A 1?.£§.

AS Ol\A2^L29.!..2?.?6

period beginning on August 28, 1954, and ending June 30, 1955, the above limitation (3275,000,000,000) 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 30,1956.
1956
The following table shows the face amount of obligations outstanding and the face amount which can still be issued undet
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 bills
Certificates of indebtedness
Treasury notes..
BondsTrensury
* 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:
Internat'l Monetary Fund series
Total

$ 20,811,218,000
20 ,759 ,023»000
36.092.660.000 $
81,846,474,600
57.729.295.172
323.521,000
12.076.515.000
31,826,358 8 000
11,562,873,400

77»662,901,000

151,975,805,772

43,389,231.400
273.027.938,172
575 .684,502

51,307,397
1,009,129
1,666.000,000

Guaranteed obligations (not held by Treasury):
Interest-bearing:
55,536,400
Debentures: F.H.A
»
806,550
Matured, interest-ceased
Grand total outstanding
„
,
Balance face amount of obligations issuable under above authority

1,718.316,526
275,321,939.200

56,342,950
275,378,282,150
5,621,717,630

Reconcilement with Statement of the Public Debt ....k2£^...29.?...];25§.
(Data)

(Daily Statcmentof the United States Treasury
v
'

.^P?.ii-...?..9.;....i.§§.2
(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-1080

275.788,569.847
56.342,950
275,844,912,797
466,630,647
275,378,2S2,150

>yy

RELEASE HDRNIflG NEWSPAPERS,
Monday, Hay lk9 1956,
The Treasury Department today issued the official notice of call for re*
demption on September 15, 1956, of the partially tax-exempt 2-3A P*recnt
Treasury Bonds of 1956-59, dated September 15, 1936, due September 15, 1959.
There are now outstanding $981,826,050 of these bonds.
The 2*1/2 percent bonds of 1956-58 and the 2-1/1* percent bonds of 1956*59,
which are also callable on September 15, 1956, will not be called for redemption
on that date*
The text of the formal notice of call is as followst
TWO AMD THREE-QUARTERS PERCENT TREASURY BONDS QF 1956-59
(DA^fo SKPTSMBER l£, 1936}
NOTICE OF CALL FOR REDEMPTION
""

"»«i»»<l»wiw»iii-w>»M«lirilw»M.

To Holders of 2-3A percent Treasury Bonds of 1956-59, and Others Concerned}
1. Public notice is hereby given that all outstanding 2-3/4 percent
Treasury Bonds of 1956-59, dated September 15, 1936, due September 15, 1959, are
hereby called for redemption on September 15, 1956, on which date interest on
such bonds will cease*
2. Holders of these bonds may, in advance of the redemption date, be offered the privilege of exchanging all or any part of their called bonds for other
interest-bearing obligations of the United States, in which event public notice
will hereafter be given and an official circular governing the exchange offering
will be issued*
3* Full Information regarding the presentation and surrender of the bonds
for cash redemption under this call will be found in Department Circular No* 300,
Revise37 dated April 30, 1955.
G. M* Humphrey,
Secretary of the Treasury.
TREASURY DEPARTMENT,
Washington, May lh9 1956.

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE MORNING NEWSPAPERS,
Monday, May Ik, 1956*

H-1081

The Treasury Department today issued the official notice of call for redemption on September 15, 1956, of the partially tax-exempt 2-3/4 percent
Treasury Bonds of 1956-59, dated September 15, 1936, due September 15, 1959.
There are now outstanding #981,826,050 of these bonds*
The 2-1/2 percent bonds of 1956-58 and the 2-l/U percent bonds of 1956-59,
which are also callable on September 15, 1956, will not be called for redemption
on that date.
The text of the formal notice of call is as follows:
TWO AND THREE-QUARTERS PERCENT TREASURY BONDS OF 1956-59
(DATED SEPTEMBER 15, 1936)
NOTICE OF CALL FOR REDEMPTION
To Holders of 2-3A percent Treasury Bonds, of 1956-59, and Others Concerned:
1. Public notice is hereby given that all outstanding 2-3/U percent
Treasury Bonds of 1956-59, dated September 15, 1936, due September 15, 1959, are
hereby called for redemption on September 15, 1956, on which date interest on
such bonds will cease.
2. Holders of these bonds may, in advance of the redemption date, be offered the privilege of exchanging all or any part of their called bonds for other
interest-bearing obligations of the United States, in which event public notice
will hereafter be given and an official circular governing the exchange offering
will be issued.
3. Full information regarding the presentation and surrender of the bonds
for cash redemption under this call will be found in Department Circular No* 300,
Revised, dated April 30, 1955.
G. M* Humphrey,
Secretary of the Treasury.
TREASURY DEPARTMENT,
Washington, May lk, 1956.

RELEASE MCRNINQ r&aSPAPERS,
Tuesday, May 15, 1956*

f^J
f /

/
v

' Vf\

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

or thereabouts, of 91-day Treasury bills to be dated May 17 and to mature August 16, X|
which were offered on May 10, were opened at the Federal Reserve Banks on May U*.
The details of this iss^e are as follows;
Total applied for - $2,557,675,000
Total accepted
- 1,600,563,000

(includes $230,8^5,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Average price
- 99.315/ Equivalent rate of discount approx* 2.708* per
Range of accepted competitive bids: (Excepting six tenders totaling $2,285,000)
High - 99.330 Equivalent rate of discount approx. 2.651* per annua
Low
- 99*312
"
"
»
"
"
2.722* "

•

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

Federal Reserve
District

Total
Applied for

Total
Accepted

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

31,008,000
1,326,301,000
3**,582,000
90,071*, 000
16,713,000
3ii,61*8,000
258,81*6,000
19,120,000
2li,3U5,030
1*9,332,000
28,01*9,000
lUt,863,000

i2,557,875,000

20,532,000
1,007,609.000
17,702,000
85,07k, 000
16,733,000
33,628,000
191,066,000
19,120,000
2U,3li5,000
Ul,39*,«
19,01*9,000
12U.313.Q00

»lf6OO,563,000

TREASURY DEPARTMENT
WASHINGTON, D.C.
[EASE MORNING rEWSPAPERS,
ssday, May 15, 1956,

N ^ ^ X

H-1082

The Treasury Department announced last evening that the tenders for $1,600,000,000,
thereabouts, of 91-day Treasury bills to be dated May 17 and to mature August 16, 1956,
ich were offered on May 10, were opened at the Federal Reserve Banks on May 11*.
The details of this issue are as follows:
Total applied for - $2,557,875,000
Total accepted
- 1,600,563,000

Average price

(includes $230,81*5,000 entered on a
noncompetitive basis and accepted in
full at the average price shown b3low)
- 99.315/ Equivalent rate of discount approx. 2*708$ per annum

Range of accepted competitive bids? (Excepting six tenders totaling $2,285,000)
High - 99.330 Equivalent rate of discount approx. 2*651$ P©r annum
LOT/
- 99*312
«
n e w
«
2.722$ «

(6 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

31,002,000
1,826,301,000
31,582,000
90,07U,000
16,713,000
3l*,61*8,000
258,81*6,000
19,120,000
2l*,3U5,000
1*9,332,000
28,01*9,000
U*U, 863.000

$2,557,875,000

20,532,000
1,007,609,000
17,702,000
85,071*, 000
16,713,000
33,628,000
191,086,000
19,120,000
21*,3U5,000
1*1,392,000
19,01*9,000
121*,313,000

$1,600,563,000

m^^mjtm mm

h nmm

The following transactions were and* In direct and guaranteed
securities of the Government for Treasury investment and other accounts
during the month of April, 1956*
Purchases $46,772,000*00

$46,717,700*00

jsjA) Charles T. Brannan
Ckief , Investments Branch
Division of Deposits * Investments

TREASURY DEPARTMENT

WASHINGTON, D.C

IMMEDIATE RELEASE,
Torso/**, *i*y '^7/7jr^>
During -ssMSfe 1956, markst transactions
in direct and guaranteed securities of the
government for Treasury investment and other
accounts resulted in net purchases by the
Treasury Department of jjlilinJfifln<F£QO.

0O0

TREASURY DEPARTMENT

WASHINGTON, D.C.

IMMEDIATE RELEASE,
Tuesday, May 15, 1956.

H-1083

During April 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 $46,717,700.

oOo

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 l*5u (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,

- 2 -

2 percent of the face amount of Treasury bills applied for, unless the tenders ar
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 2lu 1956 , in cash or other immediately available funds
or in a like face amount of Treasury bills maturing May 2l*t 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 princip
or interest thereof by any State, or any of the possessions of the United States,

-9---

. *m- - *

«»

tXMA
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, May 17, 1956

/0 c

H' d

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 May 2lt, 1956 , in the amount of

tkjx
$ l*601y3U9.000 , to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated May 2U, 1956 , and will mature August 23. 1956 , when the face
amount will be payable without interest. They will be issued in bearer form only,

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, May 17, 1956.

H-1084

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 May 24, 1956,
in the amount of $1,601,349,000, 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 24, 1956,
and will mature August 23, 1956,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination 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, May 21, 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 May 24, 1956,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing May 24, 19^
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 195^. 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 195^ 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

Table 1
Highway program, U.K. 10660, as passed by the House of Representatives

CO
Estimated expenditures and tax receipts, and status of trust fund, under allocations made by bill,
and status of trust fund if present taxes on tires, tubes, and 3 percent on
trucks, buses, and trailers are not allocated to
trust fund, fiscal years 1957-1972
(In millions of dollars)

Expenditures

Fiscal
year

Construe*
tion

Interest
income
(-)
or
expense
(+>

Tax receipts

Total
expenditures

Cumulative

5
16
23
20

1,020
1,464
1.970
2,455

1,020
2,484
4,454
6,909

1,021
1,059
1,093

277
290
284

1,129
1,164
1,201
1,236
1,271

297
303
313
322
325

1,426
1,467
1,514
•1.558
1.596

760
778
803
826
856

2,186
2,245
2,317
2,384
2,452

9,822
12,067
14,334
16,768
19,220

25,156
28,490
31.663
34,468
36,592

1,304
1.343
1.378
1,412
1.445

340
347
353
363
369

1,644
1,690
1,731
1.775
1,814

879
901
924
944
964

2,523
2,591
2,655
2,719
2.778

21,743
24,334
26,989
29,708
32,486

37,963
38,498

1.475
1.697

374
387

1.849
2,084

981
1,098

2,830
3,182

35.316
38,498

+ 1.459
+ 2,647

20,096

4,944

25,040

13,458

38,498

2,689
3,029
3,071
3,112
3,153

9.598
12,627
15,698
18,810
21,963

1966
1967
1968
1969
1970

3,125
3,250
3,075
2,700
2,025

+ 68
+ 84
+ 98

3,193
3,334
3,173
2,805
2,124

1971
1972

1,296

1.371

505

+ 75
+ 30

Total

37.899

+ 599

+ 105

535
38.498 1/

; Cumu; latlve

1,480
3,466
5.529
7,636

11
4
4
+ 21
+ 37
+ 53
m

Annual

1,480
1.986
2,063
2,107

2,700
3,025
3,050
3*075
3,100

New
taxes

612
688
714
730

1961
1962
1963
1964
1965

Total
tax receipts

1.298
1.349
1,377

1,025
1,480
1,993
2,475

: Tires,
Gasoline : tubes,
Total,
and
:and 7>% on
present
dlesel : trucks,
law
fuel
:buses and
:trailers

Annual

1957
1958
1959
i960

Present taxes

Trust fund without
$4,944 alllion of
Trust fund
present taxes and
including Increased
Interest cost
Balance,
Balance,
Net
Net
credit (+)
credit (+)
annual
annual
or
or
credits (+)
credits (+)
debit (-)
debit
(•)
or
or
at end
at
end
charges (-)
charges (-)
of year
of year

868

+
+
+
m*

m
m

460
522
93
348

+
460
+
982
+ 1.075
+
727

503
784
754
728
701

670
743
518
86
654

•
•
-

224

560
- 1.314
- 2,042
- 2,743
3,413
4,156
4,674
4,760
4,106

- 2,647
«M*

46o
242
207
648

+
+
+
-

460
702
495
153

824
• 1,117

977
2,094
3.199
4,295
5.376

+
+
•*

••

1,105

• I.096
9*

1,081

1.074

- 1,162
•• 953
• 541
+ 183

- 6,450
-7.612
- 8,565
- 9.106
- 8,923

+ 972
+ 2,137

- 7,951
- 5.814

- 5.314

May 16, 195<

Excluding $150 million estimated to be paid in fiscal years 1973 and 1974.

Table 2
Highway program, H.R. 10660, as amended by the Senate Committee on Public Works
•) Estimated expenditures and tax receipts, and status of trust fund, under allocations made by bill,
jj
and status of trust fund if present taxes on tires, tubes, and 3 percent on
trucks, buses, and trailers are not allocated to
trust fund, fiscal years 1957**1972
(In millions of dollars)

Expenditures

Fiscal
year

Tax receipts

Interest
Total
income
expenditures
Construe-1
;Gasoline
(-)
tion
and
or
Cumu- • dlesel
. expense ' Annual
lative
fuel
(+)

Present taxes
: Tires,
: tubes, :
Total,
:and 3/C on
' present
: trucks,
law
:buses and
:trailers

Total
tax receipts
New
taxes
Annual

Cumulative

Trust fund without
$4,944 million of
Trust fund
present taxes and
Including increased
interest cost
Balance,
; Balance,
Net
Net
.credit (+)
:credit (+)
annual
annual
or
or
credits (+)
credits (+)
debit (-) :
debit
(-)
or
or
at end
at
end
charges (-)
charges (-)
of year
of year

5
14
19
14

1,045
1,586
2,031
2,586

1,045
2,631
4,662
7,248

868

*•••

868

1,021
1,059
1.093

277
290
284

1,298
1,349
1.377

612
688
714
730

1,480
1.986
2,063
2.107

1,480
3.466
5.529
7,636

+
+
+
•»

435
400
32
479

+
+
+
+

2,800
2,900
2,900
2,900
2,900

2
+ 12
+ 27
+ 40
+ 51

2,798
2,912
2,927
2,940
2,951

10,046
12,958
15.885
18,825
21,776

1.129
1,164
1,201
1,236
1,271

297
303
313
322
325

1,426
1,467
1.514
1,558
1,596

760
778
803
826
856

2,186
2,245
2,317
2,384
2,452

9,822
12,067
14,384
16,768
19,220

«•
«.
-

612
667
610
556
499

•
224
- 891
- 1,501

1966
1967
1968
1969
1970

2,900
2,900
2,900
2,900
2,350

•f
+
+
+
+

62
71
79
85
84

2,962
2,971
2,979
2,985
2,434

24,738
27.709
30,688
33.673
36,107

1,304
1,343
1,378
1,412
1,445

340
347
353
363
369

1,644
1,690
1,731
1.775
1,814

879
901
924
944
964

2,523
2,591
2,655
2.719
2.778

21,743
24,334
26,989
29,708
32,486

1971
1972

1,539

1,606

37,713
38,498

1,475
1,697

374
387

1,849
2,084

981

758

+ 67
+ 27

1,098

2,830
3,182

35,316
38,498

+ 1,224
+ 2,397

Total

37,947

+ 551

20,096

4,944

25,040

13,458

38,498

1957
1958
1959
i960

1.050
1,600
2,050
2,600

1961
1962
1963
1964
1965

—

m
9*

•a

—

785
38,498 1/

—

1/ Excluding $150 million estimated to be paid in fiscal years 1973 and 1974.

•a

439
380
324
266
344

t.—

«•

435
835
867
388

2,057

- 2,556
•A

+
+
•

435
120
268
779

+
+
+
-

435
555
287
492

932

1,001

.
-

1,424
2,425
3.386
4,310
5,189

•*
-

961
924
879
842
799
758
721
127

2,995
3.375
3,699
3,965
3,621

2,397

+
737
+ I.887

a»aa

•••»

m
m
m

6,031
6,830
- 7.588
a* 8.309
- 8,436

„ 7.699
a*

5.812

5,812

May 16, 1956.

Table 3
Estimated tax receipts allocated to Highway Trust Fund, fiscal years 1957-72
(In millions of dollars)
New or increased taxes

Present law taxes

Fiscal
year

Gasoline

Diesel
fuel

Zfi per
gallon

Zi per
gallon

Tires

54 per
pound

Inner
tubes

Trucks,
buses, &
trailers

94 per
pound

% of
mfrs*•
price

14 per
gallon
3/

Tires
3/ per
pound

3c7 per
pound

2% of
mfrs*•
price

Total receipts

Trucks,
over
26,000
pounds
$1.50 per
thousand
pounds,
annual tax

Total,
new or
increased
taxes

Annual

Cumulative

10
13
13
13

95
98
100
103

8
9
11
9

47
50
54
52

45
46
47
48

612
688
714
730

1,480
1,986
2,063
2,107

1,480
3,466
5.529
7.636

75
81
78

1,298
1.349
1.377

9
9
9
9

84
84
87
90
87

1,426
1.467
1,514
1.558
1.596

522
538
555
571
589

14
15
15
15
16

108
in
in
116
124

11
8
12
11
14

56
56
58
60
58

49
50
52
53
55

760
778
803
826
856

2,186
2,245
2,317
2,384
2,452

9.822
12,067
14,384
16,768
19,220

9
9
9
9

96
96
96
99
99

1,644
1,690
1.731
1,775
1,814

604
622
638
654
669

17
17
17
18
18

127
129
132
135
135

11
12
14
11
14

64
64
64
66
66

56
57
59
60
62

879
901
924
944
964

2,523
2,591
2,655
2,719
2,778

21.743
24,334
26,989
29.708
32,486

99
105

1.849
2,084

683
777

18
22

140
145

11
14

66
76

63
64

981
2,830
1,098 8/ 3,182

35.316
38,498

153

1,356

25,040

9.295

251

1.909

180

957

866

1961
1962
1963
1964
1965

1.099
1.133
1.169
1,203
1,237

30
31
32
33
34

204
210
217
223
229

1966
1967
1968
1969
1970

1.269
1,307
1.341
1.375
1.407

35
36
37
37
38

235
242
248
255
261

1971
1972

1.436
1.650 If

39
47 2 /

266
273

535

3.435

19.561

\4 per
gallon

Diesel
fuel

Trucks,
buses, &
trailers

407
472
489
505

846 6/
994
1,031
1,064

184
191
197

Gasoline

y
868

1957
1958
1959
i960

Total

22 6/
27
28
29

Total,
present
law
taxes

Tread
rubber

18
18
9

13,458 38,498

Ipril 21. 1956
After deduction of refunds of tax on farm gasoline, estimated at 6 percent.
After deduction of all use in other than highway-type vehicles, estimated at 10 percent, and use by transit systems, estimated at $4 million annually.
After deduction for transit use, estimated at $1 million annually.
After deduction of tires for nonhighway-type vehicles, estimated at 12 percent.
After deduction of rubber for tires for nonhighway-type vehicles, estimated at 6 percent.
Excludes receipts from taxes accrued prior to July 1, 1956 •
Including receipts after June 30, 1972, of taxes accrued on or before that date.
,*«,«-*
Including receipts after June 30, 1972, of taxes accrued on or before that date, less floor stocks refunds paid in 1973.

.6.

Tha Im^ivxr;/ Twp*z%m*nl will be ^l*u? to provide an eh informtion at*ci other
a^si t •.••• hs )$m can u> thle Commit to* in its oonnit.itration of highway fiii«miiigt
In conclusion I zepaat my stiong andoryen'jut <•>- a national highway prn%rm9 tinmiki
on a real pajMu^Ttm-feitild basiu, An*i I ff.flpaelally eomnp-nrf and urge you to adopt
th© ajntjft-Jxjmt s:jg?.est*^ to balanca annual ..illoiv,tion» with estimator roealpts to bi
currently available In the fund*

• 5*

tax reduction lot all taxps^ra uhat *:. ;'.t otharw&fca be possible.
Tha dm die at ion of tha aa&ating gasollna and digital f ual taxes la raasotiibla
boc&usa shay hs-w eo^c to b« ragardad a© available* for highway ootpandi^uras, and
thf- ragu3Ur highway program bass boon banr»d on tha*s*# But tb» tire, tuoo. truck
and bus taxes ara includad in our iwgul/r mxcimm tax program m& hftva %lwayi
baan eonssidarad aa part of Lfoa y:«ri©rmL x»v*nuaf »lon# with all th«* othar
i

J~ qUs^Jym*^~^
manufacturer1 a exclae t*x*8» ^hftlr^ latiiilawlto pay for highvuya ia not raally
consistent with pay-»aa<»yoa*build financing*9 :>wi daflects our ganaral r*w*m*
racaipt; •
lhf» various taxe-3 to b© transfarrad to th# Highway Truat Fund under iuu i
are shown in tha third tabLa which you ha*ve befora you# B*~Sj»Tt aa of recalpts
axtanding aiataen yaare into tha futuxa arc Inevitably subject to substantial
margins of error} Kha projection® usad in thus* tables are &ha boot available
figures developed by tha v-a-iou^ taffs which h«ve worked on tha subjact•
Xh<* Treasury OapartMani. did not twxe any specific tax r*com*mdation® to thi
**ouse ttsys an* haana Connlutaa* ".'ha new taxau included in K.h. 1D660 &r* thus asM
in accord with nor contrary to any racoiaa^ndationa of th*» Treasury* but I will til»
ltd* onpoitunlty to «ay that w«* have no objection to any of tfv- proposed naw ta»t#

-u-

I© eliiainate the prospective deficits under either Um .louse i>ill or the
alterative Senate r>iant x urge th^t tha bill be «u*tended to permit allocation
of i^snds to oe so ti^sed th;-t the estiiasited expenditures i"n>a the allocations viU
not exceed the estimated available amounts in the trust funds* *ltn tide chmgi,
the program could be kept from being a charge on the regular budget* It could
tlaen be made, frost this standpoint, a true p^r-aa-you-build program, and whantvw
annual allocations \mr* desired which would exceed the amount of funds that would
be than cun^ntly available in the trust fund, the Congress could promptly zpt
p*ovlr:a adequate additional taxes to cover the estimated deficit*
The secant- departure from & real p«y*aa-you-build program cones fron thi
dedication to ohe higbwajr trust fund of the existing excise taxes on tires and
tubes and $/®bhm °* *** s^Eta^tofc' 3:+ tax on trucks and busses, beginning in the
fiscal year 195% Xhe^aati afccd annual amounts start at about S275 million and
rise to almost tl|00 million, with a total of about PJ billion through 1972^ ?hil
diversion of excise taxes which have alwiye been regarded as part of the general
revenues wean? t.^at these araouflta must be made up in the general budget by new
taxes or by a continuation of old taxes which uiight otheiwise be reduced. It
thereto." would become the equivalent of a special tax diversion in lieu of a geas«I

- 3 The substitute authorisations fer expenditure* made by,tha Senate.' t#U*
feoste* Committee change the total amounts and annual pattern of expenditures
somewhat, but they would produce the same sort of interim deficits* foe vttl
note on the first two tables which you have received* the eetimatee.of expandi.
tiitcs,rxecei|fcs9 and the condition of the trust fugfeunder tbjtfitQpti B1& •a*

*W"^*> ro ^ > ***% %^k L
under jj|i JlH|>i 11 in expenditure P s ^ § « c Q£ j}*******}*** .ublic ^<*4^CflB&&M%^
—_____
^a

, .-^
r

'
•

-*••_-

r~-—17" *Mar-. ^---^ .
^

"I l>llfHr oowparabiUty, the authorlpjj^i fmyt the primary, second^;* a * * ) ^ *

rc^jfjprograias in the alternative JtlfXftT^ k^6lft mmmmx**m\ to be continued at $9
million annually beyond 1961, as atftuelJ^ auU»riaed» through l?6?j the period of
auUioriaetion^gfclgcieaaing annua} fl*f£orlsatloae undsr the Hommmjjm uhfah pjovUl
about the same MMHy^aiunt far thft^Mfram in each bill*' ^ y\*mm cm / .-y^/U <
the expenditujpm* t M e r the Senatfltpaep m aie baeed on the d ^ M k the ItOjGOQ
mile interatat^ eyatemtpwYn the >iouee**JMU lie prevision 1c made in either bill
for the coet of thc"additienal *#9D0 miles of interstate" rewde authorised im the *

Senate pre* rare since the routes have not even bean specified* if the cost of tpfcl

i
additional wiles were eqeftl te the average cects of the 14,000 designated flU**|
the totalocate ef the interstate Syefcem as proposed in the bermte bill would bs
incleased by about 41*7 WlUem*

66
- 2 the bill as passed by the house showed an estimated balance between expendl*
tures and tax receipts at the md of the 16-year period ending in 1972* However,
after an initial three years with excess receipts over expenditures, there would
be 10 successive years with art excess of expenditures over receipts, with annual
deficiencies of from $5&0 million to &800 million in most of these years* The
cumulative deficiency in the trust fund would begin in the sixth year - 1962, and
th,700,000,000
would exceed jfkyjftftxiftw. by 1969* This would be made good only in the last 3 y*ars
(1970 - 1971 - 1972). ^hiring these last three imsk* jfoie^wijillil T en -Saailini ^
fb4m

cnregulax allocation of funds to the primary, secondary, and urban road programs and'
expenditures for them would he limited to the unexpended balance of prior allocatieuj
with some purely arbitrary additions until the las u year whon any excess over tha !
full amount required for reimbursement of the Interstate deficiency would be available
r

for the primary, secondary and urban pi agraros*

, ids ilbuld leave an estimated deficit;

in this latter program of npf riri nr t nl y^lpliTTinTOjwTi'iHi" as compared with continuin
the regvdor allocations to this program*
for 10 full y^mrs these l?*rge deficits would be a charge on the general budgatt
This discrepancy in timing contradicts an essential part of a real pay*as«you«buil4

f'-roprauu

LKXS2& , l %*_ ^9iC\»y*^UJ ^pzyeyLo -O / U cM.C$s~

<®~**~^T /v^<&4 >
"^

%*~y£T l**~-J.

SJ^&«^~*GU

<HT~*~\ ^Ji

^J^<1JU.

yz/<^y0^
-4 Zfc

'*y^<fiuA*

= •***»«» -intra™? BY SECTf,!,! IIUWHKH i « B ^ a » g B FIM.^CR COHKIITCT W l T J
I am fjlad to have this opportunity to appear before you this morning in
general support of the Highway Program and to discuss its financial aspects,
which ax** now before this Committee*
Improved highway transportation is one of the great necessities of our
times* A large u^rt of our commerce and industry de; ends 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 s^eel, fuel* rubber and thousands of products from hundreds of
sources cannot continue to develop unless our highway transportation is developed
concurrently. The Treasury is prepared to l«md U e fullest support to the
deliberations of your Committee and tha Congress to the end that a highway progxaa
which all oilcans need and want may be realised*
H*i . 10660 has been referred to as a pay-aa»you-build program. I heartily
endorse ti is policy of highway financing, hut 1 want to point out to you two
important respects in which the revenue features of this rooosed programs falls
fax short of t,he actual pay-as-you-build principle*

.. , ^ ' ^J/^^^^f

STATEMENT BY SECRETARY OF THE TREASURY GEORGE M. HUJggfiRE
BEFORE THE SENATE FINANCE COMMITTEE OIL-HIGHWAY FINANCING

T30 A . M . , irirnj

TREASURY DEPARTMENT
Washington

STATEMENT BY SECRETARY OP THE TREASURY
GEORGE M. HUMPHREY, ON HIGHWAY FINANCING,
BEFORE THE SENATE FINANCE COMMITTEE,
11:30 A.M., EDT, THURSDAY, MAY 17, 1956
I am glad to have this opportunity to appear before you this
morning in general support of the Highway Program and to discuss
its financial aspects, which are now before this Committee.
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 develop 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.
H.R. 10660 has been referred to as a pay-as-you-build program.
I heartily endorse this policy of highway financing. But I want
to point out to you two important respects in which the revenue
features of this proposed program falls far short of the actual
pay-as-you-build principle.
The bill as passed by the House showed an estimated balance
between expenditures and tax receipts at the end of the 16-year
period ending in 1972. However, after an initial three years with
excess receipts over expenditures, there would be 10 successive
years with an excess of expenditures over receipts, with annual
deficiencies of from $500 million to $800 million in most of these
years. The cumulative deficiency in the trust fund would begin
in the sixth year -- 1962, and would exceed $4,700,000,000 by 1969.
This would be made good only in the last 3 years (1970 — 1971 —
1972). Furthermore, in striking this balance under the House Bill,
no provision was made during these last three years for regular
allocation of funds to the primary, secondary, and urban road
programs and expenditures for them would be limited to the unexpended balance of prior allocations with some purely arbitrary
additions until the last year when any excess over the full amount
required for reimbursement of the interstate deficiency would be
H-1085
available for the primary, secondary and urban programs. This would
leave an estimated deficiency in this latter program of approximately
$1,450,000,000 as compared with continuing the regular allocations
to this program.

- 2-

For 10 full years these large deficits would be a charge on
the general budget. This discrepancy in timing contradicts an
essential part of a real pay-as-you-build program.
The substitute authorizations for expenditures made by the
Senate Public Works Committee change the total amounts and annual
pattern of expenditures somewhat, but they would produce the same
sort of interim deficits„ You will note on the first two tables
which you have received,, the estimates of expenditures, receipts,
and the condition cf the trust fund under the House Bill and
under the alternative expenditure program cf your Senate Public
Works Committee. To maintain comparability, the authorization
for the primary, secondary and urban road programs in the
alternative plan have been assumed to be continued at $900 million
annually beyond 1961, as actually authorized,, through 1969* the
period of authorization of increasing annual authorizations under
the House Bill,thus piwj.dln^ about the same total amount for this
program in each bill. Also, to maintain comparabilityj the
estimated excess of receipts over the amount needed- to reimburse
the deficiency in the trust fund at the end of the entire period
has been allocated to the primary, secondary, and urban program,
as was done under the House Bill.
The expenditures under the Senate program are based on the
cost of the 40,000 mile interstate system, as in the House Bill.
No provision is made in either bill for the cost of the additional
2,500 miles of interstate roads authorized in the Senate program
since the routes have not even been specified. If the cost of
these additional miles were equal to the average costs of the
40,000 designated miles, the total costs of the interstate system
as proposed in the Senate bill would be increased by about
$1.7 billion.
To eliminate the prospective deficits under either the House
Bill or the alternative Senate plan, I urge that the bill be
amended to permit allocation of funds to be so timed that the
estimated expenditures from the allocations will not exceed the
estimated available amounts in the trust funds* With this change,
the program could be kept from being a charge on the regular
budget. It could then be made, from this standpoint, a true
pay-as-you-build program, and whenever annual allocations were
desired which would exceed the amount of funds that would be then
currently available in the trust fund, the Congress could promptly
provide adequate additional taxes to cover the estimated deficit.
The second departure from a real pay-as-you-build program
comes from the dedication to the highway trust fund of the
existing excise taxes on tires and tubes and 3/8ths of the existing
8% tax on trucks and busses, beginning in the fiscal year 1958.
The estimated annual amounts start at about $275 million and
rise to almost $400 million, with a total of about $5 billion
through 1972. This diversion of excise taxes which have always been

72
- 3-

regarded as part of the general revenues means that these amounts
must be made up in the general budget by new taxes or by a
continuation of old taxes which might otherwise be reduced. It
thereby would become the equivalent of a special tax diversion in
lieu of a general tax reduction for all taxpayers that might
otherwise be possible.
The dedication of the existing gasoline and diesel fuel taxes
is reasonable because they have come to be regarded as available
for highway expenditures, and in recent years the regular highway
program has been based on them. But the tire, tube, truck and
bus taxes are included in our regular excise tax program and have
always been considered as part of the general revenue, along with
all the other manufacturer's excise taxes. Their diversion to
pay for highways is not really consistent with pay-as-you-build
financing, and deflects our general revenue receipts.
The various taxes to be transferred to the Highway Trust Fund
under H.R. 10660 are shown in the third table which you have
before you. Estimates of receipts extending sixteen years into
the future are Inevitably subject to substantial margins of
error; but the projections used in these tables are the best
available figures developed by the various staffs which have
worked on the subject.
The Treasury Department did not make any specific tax
recommendations to the House Ways and Means Committee. The new
taxes included in H.R. 10660 are thus neither in accord with nor
contrary to any recommendations of the Treasury, buy I will take
this opportunity to say that we have no objection to any of the
proposed new taxes.
The Treasury Department will be glad to provide such information and other assistance as we can to this Committee in its
consideration of highway financing. In conclusion I repeat my
strong endorsement of a national highway program, financed on
a real pay-as-you-build basis. And I especially commend and urge
you to adopt the amendment suggested to balance annual allocations
with estimated receipts to be currently available in the fund.
0O0

Table 1
Highway program, H.R. 10660, as passed by the House of Representatives

Estimated expenditures and tax receipts, and status of trust fund, under allocations made by bill,
and status of trust fund if present taxes on tires, tubes, and 3 percent on
trucks, buses, and trailers are not allocated to
trust fund, fiscal years 1957-1972
(In millions of dollars)

Tax receipts

Expenditures

Fiscal
year

Construe*
tion

Interest
income
(-)
or
expense
(+)
•

Total
expenditures

Present taxes
: Tires,
Qasollne : tubes,
Total,
and
:and 3% on present
dlesel : trucks,
law
:buses and
fuel
:trailers

Annual

Cumulative

5
16
23
20

1,020
1,464
1.970
2,455

1,020
2,434
4,454
6,909

1,021
1.059
1.093

277
290
284

868

Total
tax receipts
Hew
taxes
Annual

Cumulative

1.298
1,349
1,377

612
683
714
730

1,480
1.986
2,063
2,107

1,480
3.466
5.529
7,636

+
+
+
•

868

1957
1958
1959
i960

1.025
1,480
1.993
2,475

1961
1962
1963
1964
1965

2,700
3,025
3,050
3,075
3,100

+
+
+
+

11
4
21
37
53

2,689
3,029
3,071
3,112
3.153

9.598
12,627
15.698
18,810
21,963

1,129
1,164
1,201
1,236
1,271

297
303
313
322
325

1,426
1.467
1,514
• 1.558
1.596

760
773
803
826
856

2,186
2,245
2,317
2,384
2,452

9.822
12,067
14,334
16,768
19,220

1966
1967
1968
1969
1970

3.125
3.250
3.075
2,700
2,025

+ 68
+ 84
+ 98
+ 105
+ 99

3,193
3,334
3,173
2,805
2,124

25,156
•28,490
31.663
34,468
36,592

1,304
1,343
1.378
1,412
1.445

340
347
353
363
369

1,644
1,690
1,731
1.775
1.814

879
901
924
944
964

2,523
2.591
2,655
2,719
2.778

21,743
24,334
26,989
29.708
32,486

1971
1972

1.296

+
+

1.371

37.963
38,498

1,475
1,697

374
387

1,849
2,084

981
1.098

2,830
3.182

35.316
38,498

Total

37.899

20,096

4,944

25,040

13,458

38,498

505

m
m
m

75
30

+ 599

535
38,498 1/

Trust fund wltncut
$4,9^4 million of
present taxes and
Trust fund
including increased
interest ccst
Balance,
Balance,
Ket
Net
credit (+)
credit (+)
annual
annual
cr
or
credits (+)
credits (+)
debit (-)
debit (-)
or
or
at end
at end
charges (-)
charges (-)
of year
of year

460
522
93
348

460
+
+
982
+ 1.075
+
727

+
+
-

460
242
207
64S

+
+
+
-

460
702
495
133

503
784
754
728
701

224
560

824

- 1,314
2,042
aa 2,743

- 1.105
- 1,096
- l,08l

977
2,094
3,199
4,295
5.376

670
743
513
86
654

• 3,413
- 4.156
aa 4,674
a> 4,760
" 4,106

- 1.074
- 1,162
953

6,450
7.612
3.565
9.106
8.923

+ 1.459
+ 2,647

• 2,647

+
972
+ 2,137

at
aa
a*

«a

- 1.H7

541
+

183

- 7,951
- 5.314

- 5.314

May 16, 1956.

Excluding $150 million estimated to be paid in fiscal years 1973 and 1974.

Table 2
Highway program, H.R. 10660, as amended by the Senate Committee on Public Works
Estimated expenditures and tax receipts, and status of trust fund, under allocations made by billf
and status of trust fund if present taxes on tires, tubes, and 3 percent on
trucks, buses, and trailers are not allocated to
trust fund, fiscal years 1957-1972
(In millions of dollars)
Tax receipts

Expenditures

Fiscal
year

Interest
income
Construc(-)
tion
or
expense
(+)

Present taxes

Total
expenditures

Gasoline
and
dlesel
fuel

: Tires,
: tubes,
Total,
:and % on present
: trucks,
law
:buses and
:trailers

Annual

Cumulative

5
14
19
14

1.045
1.586
2.031
2,586

1,045
2,631
4,662
7,248

1,021
1,059
1,093

277
290
284

868
1,298
1.349
1,377

2,798
2.912
2,927
2,940
2,951

10,046
12,958
15.885
18,825
21,776

1.129
1,164
1,201
1,236
1.271

297
303
313
322
325

1,426
1,467
1,514
1,558
1,596

868

Total
tax receipts
New
taxes
Cumulative

1,480
1.986
2,063
2.107

1,480
3.466
5.529
7,636

760
778
803
826
856

2,186
2,245
2,317
2,384
2,452

9,822
12,067
14,384
16,768
19,220

- 612
667
610
- 556
- 499

612
688
714
730

1.050
1,600
2.050
2,600

1961
1962
1963
1964
1965

2,800
2,900
2,900
2,900
2,900

+
+
+
+

2
12
27
40
51

1966
1967
1968
1969
1970

2,900
2,900
2,900
2,900
2,350

+
+
+
+
+

62
71
79
35
84

2.962
2,971
2,979
2,985
2,434

24,738
27,709
30,688
33,673
36,107

1.304
1,343
1,378
1,412
1,445

340
347
353
363
369

1,644
1,690
1,731
1.775
1,814

879
901
924
944
964

2,523
2,591
2,655
2,719
2.778

21,743
24,334
26,939
29,708
32,486

1971
1972

1,539

1,606

758

+ 67
+ 27

37.713
38,498

1,475
1.697

374
387

1,849
2,084

981
1,098

2,830
3,182

35,316
38,498

Total

37,947

+ 551

20,096

4,944

25,040

13,458

38,498

m
m
m
am

785
33,498 1/

Trust fund vitrxut
$4,944 million of
present taxes and
Trust fund
including increased
interest cost
Balance,
Het
Net
credit (-r)
credit (+)
annual
annual
cr
or
credits (+) debit (-)
credits (+)
debit (-)
or
or
at end
at
end
charges
(-)
charges (-)
cf
yetr
of year

Annual

1957
1958
1959
i960

435
120
268
779

+
+
+

435
555
237
492

224
391
- 1,501
- 2.057
- 2,556

- 932
- 1,001
961
924
879

1,424
2,425
3,336
4,310
5.189

- 439
380
324
266
+
344

2,995
3.375
3,699
3,965
3,621

- 842
799
758
721
127

6,031
6.330
7.533
8,30?
3,436

+ 1,224
+ 2,397

- 2.397

+ 737
+ 1.887

- 7,699
- 5,312

+
+
+
-

435
400
32
479

+
+
+
+

435
835
867
388

+
+
-

- 5.812
May 16, 1956.

1/ Excluding $150 million estimated to be paid in fiscal years 1973 and 1974.

Table 3
Estimated tax receipts allocated to Highway Trust Fund, fiscal years 1957-72
(In millions of dollars)
New or increased taxes

Present law taxes

Fiscal
year

Qasollne

Diesel
fuel

2/ per
gallon

2i per
gallon

Tires

54 per
pound

Inner
tubes

Trucks,
buses, &
trailers

94 per
pound

3# of
mfrs 1 .
price

Diesel
fuel

Tires

14 per
gallon

34 per
pound

Tread
rubber
per
pound

Total,
new or
increased
taxes

Annual

Cumulative

47
50
54
52

45
46
47
48

612
688
714
730

1,480
1.986
2.063
2,107

1,480
3,466
5.529
7.636

10
13
13
13

95
98
100
103

8
9
11

184
191
197

18
18
9

75
81
78

1.298
1.349
1.377

30
31
32
33
34

204
210
217
223
229

9
9
9
9
9

84
84
87
90
87

1,426
1.467
1.514
1.558
1.596

522
538
555
571
589

14
15
15
15
16

108
111
111
116
124

11
8
12
11
14

56
56
58
60
58

49
50
52
53
55

760
778
803
826
856

2,186
2,245
2,317
2,384
2,452

9.822
12,067
14,384
16,768
19,220

1,269
1.307
1,341
1,375
1.407

35
36
37
37
38

235
242
248
255
261

9
9
9
9
9

96
96
96
99
99

1,644
1,690
1.731
1,775
1,814

604
622
638
654
669

17
17
17
18
18

127
129
132
135
135

11
12
14
11
14

64
64
64
66
66

56
57
59
60
62

879
901
924
944
964

2,523
2,591
2.655
2.719
2,778

21,743
24,334
26,989
29.708
32.486

1,436
1.650 If

39
47 2 /

266
273

9
9

99
105

1,849
2,084

683
777

18
22

140
145

11
14

66
76

63
64

2,830
3.182

35.316
38.498

535

3,435

153

1,356

25,040

9,295

251

1,909

180

957

866

846 6/
994
1,031
1,064

1961
1962
1963
1964
1965

1,099
1,133
1,169
1,203
1.237

1966
1967
1968
1969
1970
1971
1972

19»56l

22 6/
27
28
29

868

Qasollne

Total receipt!

407
472
489
505

1957
1958
1959
i960

Total

Total,
present
law
taxes

Trucks,
over
26,000
pounds
2% of
$1.50 per
rafrs'• thousand
pounds,
price
annual tax

Trucks.
buses, &
trailers

981
1.098 8/

13,458 38,498

April 21, 1956
After deduction of refunds of tax on farm gasoline, estimated at 6 percent.
After deduction of all use in other than highway-type vehicles, estimated at 10 percent, and use by transit systems, estimated at $4 mill ion annually.
After deduction for transit use, estimated at $1 million annually.
After deduction of tires for nonhighway-type vehicles, estimated at 12 percent.
After deduction of rubber for tires for nonhighway-type vehicles, estimated at 6 percent.
Excludes receipts from taxes accrued prior to July 1, 1956 •
Including receipts after June 30, 1972, of taxes accrued on or before that date.
Including receipts after June 30, 1972, of taxes accrued on or before that date, less floor stocks refunds paid in 1973.

a3S WMMI%(i M«»Pk'lFXZi9

Ths Treasury i^p&rto nt aisi^uBes*! last evening t&at ttos %®wt4®m for $l,6OO,OO0,0gL
or tbafeabwtts, of SWajr Tr^.enry b'llc to be dated *^y 21* and t® nstwrs August 23,
10^/\<

waica ^sr^ aTftr^d on ..^ 17,
The stalls $£ this imm

••'-' i> W**

*•/

>ea<itt at ths Fs4sral l-*sser?e Banks <m May 21«

ara as follows*

Total applitd tor - &5,3J2,028f0OO
Total aeoaptad
- 1,600,1*2,000

krmrmm

ptUm

(imlmlmm tZHh,238,000 ©utered on a
noma&psiitive basis ajad accepted in
full at the average price shown b*lm)
- 99.311ft Sq^tnOsot rata of diseouut appsm. 2,708* per aamaa

Range of accepted ©oispetitiw bldss
f

*323 B>quivaiant rata of discount approx. 2.6JM par annua

LO«'

(7 percent of tfte amount bid for at the losr pries was aeeepted)
Total
ni

fatal

mjfc'UWPWWiHuir

Boston
Mew T a
*Mladelphia

t§,9tl&,00Q
1*668,673*300
10$,791,000
17,120,'300

AtJuiu'ja
Oi^,'ix?>,0j0
2i»,361,000
P,2O6,Q00
3&$66,O0O
S0,1O$,0OQ
yi,253iQoo

at. LOUlS
jftsmapolls
Kansas City
San Francisoo

1§,$*B,000

i.oi69m*voo
21,391, OCX)
101,791*000

i7,iao,ooo
£1^,350,000
180,009,000
2ii,36l#000
3U,566,O0Q
a3,l^#000
82,533tW
ii »• • r - i

•—*

"*"*

MMMMinwwaMiiMiiMMBtMHMHaM*

WUI.

P,332,C^a,000

$1,600,11*2,000

TREASURY DEPARTMENT

sg^gi^i^^-y^ijsajaaarfWPJiVtui'rMMiivigw^i

^ivj.iiu..'. ••? '.iwiaw»w.tf--;.' ••wi-a!wajiiM.«mhWHWwJL»,.'.-uiij«.tpi>.«iCTtv'L,in^.'a

WASHINGTON, D.C
RELEASE MORNING KEWSPAHSRS,
Tuesday, May 22, 1956,

H-1086

The Treasury Department announced last evening that the tenders for §1,600,000,000,
or thereabouts, of 91-day Treasury bills to be dated May 2k and to mature August 23,

1956, which were offered on May 17, were opened at the Federal Reserve Banks on JJay 21.
The details of this issue are as follows;
Total applied for - $2,332,028,000
Total accepted
- 1,600,11^2,000

Average price

(includes $22^,238,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
- 99»317/ Equivalent rate of discount approx. 2.102% per annum

Range of accepted competitive bids:
High
Low

99.323 Equivalent rate of discount approx. 2.678$ per annum
tt
w
99.3ll
" »
»
2.712$ n
»
(7 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

25,9U8,000
1,668,673,000
38,391,000
105,791,000
17,120,000
25,7U5,000
239,869,000
2U,361,000
9,206,000
35,566,000
50,105,000
91,253,000

$2,332,028,000

15,9U8,000
1,0U6,2U8,000
21,391,000
101,791,000
17,120,000
2U,350,000
180,009,000
2U,361,000
8,720,000
3k, 566,000
10,105,000
82,533,000

$l,600,lU2,C00

-3
Aim*.

7«
» \mt

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
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 hereunde
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,

- 2 -

85
or in a like face amount of Treasury bills maturing

May 31, 1956
. Cash
ESSE
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 195k. 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 princip
or interest thereof by any State, or any of the possessions of the United States,

TREASURY DEPARTMENT
Washington

/ t

FOR RELEASE, MORNING NEWSPAPERS,
Thursday, May 2k. 1956
.

amount will be payable without interest. They will be issued in bearer form only,

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, May 2ks 1956.

H-IO87

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 May 31, 1956,
in the amount of $1,604,441,000, 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 31, 1956,
and will mature Aupjust 30, 1956,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination 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, May 28, 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
May 31, 1956,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing May 31, 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 noi* 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

RELEASE M0RMI1IQ MISBPAPIBS,
Tuaaday. Mar 29, 1956.

-J , r « l
' 60

Tha 1rm**ry Dapartaaat aoaoanaad lart grafting that tha tandars for $l,6OO,OO0,00|
or tharaabowts, of 91-day Traasory billa ta ba dated Kay 31 and to atiwt August jo,
1956, which war* offorod on May 2b, m*r* ooanod at ate Fadaral Beaarra Banks on
May 26.
Tha dataHa of this issua ara as follows:
Total applied for - *2,oQ*,922,000
Total accaptad
- 1,600,097,00© (includaa $211,855,000 antared on a
noacaarpatiUva basis and auooptad la fall
at tha avarafa prica shown bslaw)
Avaraga prioa
- 99*350 lfuivala»t rata of dlscoant appro*. 2.$7Jjt paf aum
Baaga of ascaptad compatitiva bids*
High - 99*352 £oui*alsnt rata of dlaaoaxit approx. i*$6k% par soma
Low

- 99.A8

f.579*

(6? parcant of tfea amount bid t*r at too low prieo was aooawaod)
Fadaral Raaorva Total Total
District
Applied for
Boston » &f 3*6,000 | ^0,833,006
Now York
l,976,95i*,0OO
Philadelphia
33,111,000
Glsvaland
67,815,000
Richmond
11,769,000
Atlanta
28,209,000
Chicago
272,914,000
St. Louis
12,300,000
Mizmoapolia
9,505,000
Kansas City
35,250,000
Dallas
26,365,000
San Francisco
9a.392,000
Total *2,6Q*,922,000 11,600,097,000

Acaaptod
1,155,1*5,000
11,506,000
65,332,000
8,569,000
25,659,000
193,701,000
11,355,000
9,1*0$, 000
20,005,000
16,033,000
62,554.000

•

TREASURY DEPARTMENT
W A S H I N G T O N , D.C

RELEASE MORNING NEWSPAPERS,
Tuesday5 May 29, 1956.

H-1088

The Treasury Department announced last evening that the tenders for $1,6

or thereabouts, of 91-day Treasury bills to be dated May 31 and to matur

1956, which were offered on May 24, were opened at the Federal Reserve Ba
May 28.
The details of t his issue are as follows:
Total applied for - $2,604,922,000
Total accepted
- 1,600,097,000 (includes $211,855,000 entered on a
noncompetitive basis and accepted in full
at the average price shown below)
Average price
- 99.350 Equivalent rate of discount approx. 2.573$ per annum
Range of accepted competitive bids:
High - 99*352 Equivalent rate of discount approx. 2.564$ per annum
n
M
Low
- 99.348
»
" "
"
2.579$ »
(67 percent of the amount bid for at the low price was accepted)
Federal Reserve Total Total
District
Applied for
Boston $ 34,348,000 $ 20,833,000
New York
1,976,954,000
Philadelphia
33,111,000
Cleveland
67,815,000
Richmond
11,769,000
Atlanta
28,209,000
Chicago
272,914,000
St„ Louis
12,300,000
Minneapolis
9,505,000
Kansas City
35,250,000
Dallas
28,365,000
San J*anCisco
94,382,000
Total $2,604,922,000 $1,600,097,000

Accepted
1,155,145,000
11,506,000
65,332,000
8,569,000
25,659,000
193,701,000
11,355,000
9,405,000
20,005,000
16,033,000
62,554,000

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 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 o|
and such bills are excluded from consideration as capital assets. Accordingly,

the owner of Treasury bills (other than life insurance companies) issued hereunde
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•

-2-

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

June 7. 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.

June 7, 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,

C <y

XBBBBHC
TREASURY DEPARTMENT
Washington

M 'f

fo~

FOR RELEASE, MORNING NEWSPAPERS,
Thursday, May 31» 1956
.

The Treasury Department, by this public notice, invites tenders for
$1.600.000.000

, or thereabouts, of

in exchange for Treasury bills maturing

-day Treasury bills, for cash and

June 7. 1956

, in the amount of

$ 1,600.068,000 , to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided.
dated

June 7, 1956

, and will mature

The bills of this series will be
September 6, 1956 , when the face

« _ ^

amount will be payable without interest.

They will be issued in bearer form only,

Each tender

must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99.92$. Fractions may not be used.

It is urged that tenders

Tenders will be received without deposit from

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

RELEASE MORNING NEWSPAPERS,
Thursday, May 31, 1956.

H-1089

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 June 7, 1956,
in the amount of $1,600,068,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated June 7, 1956,
and will mature September 6, 1956, when the face amount will be
payable without interest. They will be Issued in bearer form only,
and in denomination 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
3aving time, Monday, June 4, 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 June 7, 1956,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing June 7, 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

I0 1

Bi-L.^y y.yyr:y \:ir,:j?\
Tuesday, June 5, 19?o.

The Treasury Department announcad last evening that tha tenders ter #l,600,QQO,(xa
or thereabouts, of 91-day Treasury bills to be dated June 7 and ta nature septeaber 4
1956, which were offered on Hoy 31, were opened at the Fadaral Reserve Banks aa tel ^
The details of this issue are as follows:
Total applied for - $2,467,234,000
Total accepted
- 1,601,731,000

Average price

(includes $2lS#053,000 entered on a
noncompetitive basis and accepted in
full at the average price shown btlot)
99,352/ Equivalent rate of diaconat appro*. 2.562* mm asjj

Range of aeeepted competitive bids:
High
Low

99-358 Equivalent rate of discount approx, 2.540$ psr anna
99.350
«
u
s
e
M
g.Sn$ • •

(58 percent of the amount bid £t%v at the lev price was aeeepted)
Federal Reserve
District

Applied for
*»<—»—««»

Boston
Mew lork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
ULnneapoHs
Kansas City
Dallas
San Francisco
TOTAL

Total
Aeeepted

—mm.mmmmm

% 3^,561,000
1,060,727,000
27,193,000
57,737,000
14,974,000
16,375,000
241,345,000
23,866,000
10,126,000
42,969,000
29,707,000
103,154,000
;2,467,234,000

$ 26,804,00©
1,1A?,606,QQ0
10,983,000
53,608,000
14,001,000
14,692,000
183,217,000
21,566,000
9,426,000
30,797,000
17,257,000
99,769,000
$1,601,731,000

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE MORNING NEWSPAPERS,
Tuesday, June 5, 1956.

H-1090

The Treasury Department announced last evening that the tenders for $1,600,000,000,
or thereabouts, of 91-day Treasury bills to be dated June 7 and to mature September 6,
1956, which were offered on May 31, were opened at the Federal Reserve Banks on June 4«
The details of this issue are as follows:
Total applied for - $2,467,234,000
Total accepted
- 1,601,731,000

Average price

(includes $215,053,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
99*352/ Equivalent rate of discount approx. 2.562$ per annum

Range of accepted competitive bids:
High - 99.358 Equivalent rate of discount approx. 2.540$ per annum
tt
Low
- 99.350
"
"
»
»

2.571$ "

(58 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

38,561,000
1,860,727,000
27,193,000
57,737,000
14,974,000
16,875,000
241,345,000
23,866,000
10,126,000
42,969,000
29,707,000
103,154,000

$2,467,234,000

26,804,000
1,119,606,000
10,988,000
53,608,000
14,001,000
14,692,000
183,217,000
21,566,000
9,426,000
30,797,000
17,257,000
99,769,000

$1,601,731,000

CM";

IMMEDIATE RELEASE
June 4, 1956

/~f - / tV J (

The Bureau of Customs announced today that the quotas on Canadian
wheat and wheat flour prescribed in the Presidents Proclamation of
May 28, 1941, as modified, were filled at the opening moment of the
quota year, 12:00 noon, e.s.t., on May 29, 1956.

TREASURY DEPARTMENT
WASHINGTON, D.C.

IMMEDIATE RELEASE,
Monday, June 4, 1956.

H-1091

The Bureau of Customs announced today
that the quotas on Canadian wheat and wheat
flour prescribed in the President's Proclamation
of May 28, 1941, as modified, were filled at the
opening moment of the quota year, 12:00 noon,
e.s.t., on May 29, 1956.

oOo

- 3 JUTKft

O •;

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.

- 2 -

Those sub-

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

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

Settlement for accepted

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

June 14* 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.

June l4. 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,

TREASURY DEPARTMENT
Washington

.
r~~T~
'

FOR RELEASE, MORNING NEWSPAPERS,
Thursday, June 7, 1956

- ^

'—""

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

-day Treasury bills, for cash and
June 14. 1956

, in the amount of

$ 1,600,206,000 , to be issued on a discount basis under competitive and non-

m—
competitive bidding as hereinafter provided.
dated
June l4 f 1956
, and will mature
amount will be payable without interest.

The bills of this series will be
September 13. 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
Daylight Saving
closing hour,/fata o'clock p.m., Eastern <fUaft4&£8 time, Monday, June 11, 1956
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99*92$. Fractions may not be used.

It is urged that tenders

Tenders will be received without deposit from

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

Tenders from others must be accompanied by payment of

TREASURY DEPARTMENT

Trra^g-v-^s. .v.Ma&c-t jr. :_• -?

WASHINGTON, D.C
RELEASE MORNING NEWSPAPERS,
Thursday, June 7, 1956.

H-1092

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 June 14, 1956,
in the amount of $1,600,206,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated June 14, 1956,
and will mature September 13, 1956, when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination 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, June 11, 195o.
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 June 14, 1956,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing June 14, 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

'd3NOI3SIWWQO JOHOI-iiO

iH3Hiavd3a Awnsv3ai
INHWl^VdHG Al!flSV3t!i

916 W 8 NlY9S6t
S30!Ay3S 301 JiO
dONOISIAIQ

S T A T U T O R Y D E B T LIMITATION
AS OF J&K..21.JI..WJ6

^
9 6

TRBABVRY D E P A R T ^

Fl.c-lB«vlM '

.
, ,
Washington, . £ ^ ? . . , . S U S
c
nf f K ^ C A . T B « I »i S 7 ° m l L,bt"rty ,n°rf. Ac !» a s nnwndcd, DrcivWe. that the face amount of obligations Issued under authority
l,hB
, ,*.' n\,J thr fncc " m o w n of obligations guaranteed as to principal and intercut by the United States (except sueliiii
antccil oblations as may he held by the Secretary of the Treasury), ''shall not exceed In the aggregate $275,000,000,000
tAct of June 26, 1946; U.S.C., title 31, sec. 757b), outstanding at any one time. For purposes of this section the current re.
demotion 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 fncc amount." The Act of August 28, 1954, (P.L. 6H6-B3rd Congrena) provides that during the
period beginning on August 28, 1954, and ending Tune 30, 1955, the above limitation (1275,000,000,000) shall be temporarily
increased by 16,000,000,000. The Act of June 30, 1955 (P.L. 124 84th Congress) continues this temporary increase until June 30, ljfc
. . X nc . f o ! , o w «nR table shows the face amount of obligations outstanding and the face amount which can still be Issued und.
ae
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 bills f20,805.075.000
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

20,759.023,000
36,106,962,000

J 77.671»060,000

81,6*3.157.100
57.728,563.038
306,892,000
12,038,019*000

151.916,631.138

32.791.339.000
H.5^7.925.^00

44,339.264,400
273.926,955.53^
543*307.379

50.596,285
1.002,513
1,742,000,000

1.793.598,798
276,263.861,715

Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A
Ol,120,550
Matured, interest-ceased
7?3>750
Grand total outstanding
;
Balance face amount of obligations issuable under above authority
Reconcilement with Statement of the Public Debt
(Daily Statement of the United States Treasury,

6l,9l4,300
,*

May 31 1956
yf....Z....?. ?..r..
(Date)
fSS...2i.,...l„25.§.
(Date)

Total gross public debt ^^IP^k'S
Guaranteed obligations not owned by the Treasury.
Total gross public debt and guaranteed obligations.
Deduct - other outstanding public debt obligations not subject to debt limitation

276,325.776.015
4,674,223,703

;

)

^fofeft
276,791.169»J27
465*393.41?

276.325.776.015
H-1093

Q7
S T A T U T O R Y D E B T LIMITATION
AS OF
*«LT.J.h.l$5$

TRKABVRY DBPARTMKNT

F..c.Ifl*rviea

Washington, ..^.?....S^...ig5l
Section 2! of Second Liberty Bond Act, aa amended, provides that the face amount of obligations issued under authority
of that Act, nnd the fncc amount of obligations guaranteed as to principal and interest by the United States (except such guar*
•ntced obligations as may be held by the Secretary of the Treasury), shall not exceed in the aggregate 1275,000,000,000
(Act of June 26, 1946; U.S.C.j title 31, s e c 757b), outstanding at any one time. For purposes of this section the current re°
demotion 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." The Act of August 28, 1954, (P.L. 6H6-83rd CongreNa) provides that during the
period beginning on August 28, 1954, and ending ftine 30, 1955, the above limitation (J275,000,000,000) 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, 195&
The following table shows the face amount of obligations outstanding and the face amount which can still be Issued under
this limitation:
'Total fnce amount that may be outstanding at any one time
$281,000,000,000
OutstandingObligations issued under Second Liberty Bond Act, aa amended
Interest-bearing:
Treasury bills I2© »&>5 .075 .000
Certificates of indebtedness..
Treasury note.
BondsTr«sur„
• 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:
Intcrnafl Monetary Fund series.
Total

20,759»0?3,000
36,106,962,000
81.8U3.157.100
57»72O>5o3»03o
306,892,000
12,038,019.000
32,791.339.000
11.5^7.9^5.^00

77.671.060,000

151.916.631.138

44.339.264,400
273• 926,955.538
5^3 • J"7 .379

50,596,285
«L,UU^,5A3
1,742,000,000

1,793.598,798
276,263.861,715

Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures! F.II.A.
61,120,550
Matured, interest-ceased.....
793*750
Grand total outstanding
;
Balance face amount of, obligations issuable under above authority

6l,9l4.?00
276,325.776,015
4,674,223,985

;

Reconcilement with Statement of the Public Debt .7....?.
(Daily Statement of the United States Treasury,

(Date)
?S£..3i.,...lJ§§,S.
tDnte)

«.
JS
OutstandingTotal gross public debt
Guaranteed obligations not owned by the Treasury.
Total gross public debt and guaranteed obligations,
D e d u c t - other outstanding public debt obligations not subject to d e b t limitation

.
276,729.255.127
Olt91**»300
270,791.169.^27
465»393i4l2

276,325.776,015
H-1093

C Q

w jtiiim K H N S ^ E R S ,
Tuesday, June 12, 1956.

RSISASE

The Treasury Department announced last evening that the tenders for £1,600,000.0^
or thereabouts, of 91-day Treasury bills to be dated June 14 and to mature Septeabc? ty
1956, which were offered on June 19 mere opened at the Federal Reserve Banks on Jam ^
The details of this issue are as follows:
Total allied for - ?2,$35, ?3?,000
Total accepted
- 1,601,523,00J

Average price

(includes $248,099,000 entered on a
noncompetitive basis and accepted in
full at the average price shown belsr)
- 99.31*8 Equivalent rate of discount approx. 2.581* per anna

Range of accepted competitive bids:
H1®*1 - 99.368 Equivalent rate of discount approx. 2#5Q0| per annua
Lcw
- 99,346
"
«
n
»
n

2.587* «"

(78 percent cf the amount bid for at the low price was accepted)
Federal Reserve
District

Total
Applied for

Total
Accepted

Boston
New lork
Philadelpliia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

TOTAL

36,366,000
1,798,080,000
29,074,000
76,155,000
21,077,000
53,563,000
278,127,000
27,292,000
11,461,000
62,702,000
29,496,000
112,546,000

$2,535,939,000

i r

25,701,000
1,026,776,000
13,876,00)
56,784,000
21,077,000
47,333,000
195,801,000
27,292,000
11,461,000
60,482,000
22,056,000
92,904,000

$1,601,523,000

•

*"* *—*

TREASURY DEPARTMENT
WASHINGTON. D.C.

HEASE MORNING NEWSPAPERS,
mesday, June 12, 1956.
The Treasury Department announced last evening that the tenders for $1,600,000,000,
>r thereabouts, of 91-day Treasury bills to be dated June 14 and to mature September

\!9$69 ,nhich were offered on June 7, were opened at the Federal Reserve Banks on June
The details of this issue are as follows:
Total applied for - $2,535,939,000
Total accepted
- 1,601,523,000

Average price

(includes $248,099,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
- 99»3U8 Equivalent rate of discount approx. 2.581$ per annum

Range of accepted competitive bids:
High - 99»368 Equivalent rate of discount approx. 2*500$ per annum
Low
- 99*346
"
it
w
it
it
2.587$

(78 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

36,366,000
1,798,080,000
29,074,000
76,155,000
21,077,000
53,563,000
278,127,000
27,292,000
11,461,000
62,702,000
29,496,000
112,546,000

$2,535,939,000

25,701,000
1,026,776,000
13,876,000
56,784,000
21,077,000
47,313,000
195,801,000
27,292,000
11,461,000
60,482,000
22,056,000
92,904,000

$1,601,523,000

MKJSQMMDUM TO

m . ukunn h. mom

Tli. following tranaaetiona w.r* made In diiwet and guarantMd
a.curiti.8 at the QoTarnm.nt for Treasury invastamta wad other aeoouatt
during th. aonth of May, 1956i
Purehaaaa 17,7*6,000.00
Sal.a 2|02§.??0.00
Het Purchases

$5.720,050.00

m*MJkJ* Kaliaw
&**' Chief, Investment. Branah
Division of Dapoalta & Investoents

TREASURY DEPARTMENT

10J

WASHINGTON, D.C.

H- It fC

IMMEDIATE RELEASE,
*Ciy lOnGn

H"1003'

A?oV
During (\*mm 1956, market transactions
in direct and guaranteed securities of the
government for Treasury investment and other
accounts resulted in net purchases by the

J/ mT, 7m, &ro
Treasury Department of "*ur """ ~

oOo

TREASURY DEPARTMENT

10?

WASHINGTON, D.C.

IMMEDIATE RELEASE,
Thursday, June 14, 1956.

H-1095 (corre

During May 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 $5,720,050.

oOo

acEraac
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 hereunde
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.

XTO&

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 princip
or interest thereof by any State, or any of the possessions of the United States,

res
XESSiK
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS, f
Thursday, June llw 1956

^a
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 June 21, 1956 , in the amount of

35T
$ 1,600,586,000 > to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated June 21. 1956 , and will mature September 20, 1956 , when the face
amount will be payable without interest. They will be issued in bearer form only,

29
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
f

•"' -

-"•"

"" '

',".'._•".

.'. ._-T""'r~~r-*—TT"''"' - ^^•••g?.*»yT-rrTi^i'.^j.a'.'v».?;l.'j!"^'.'gTi-.; r. r c r r q

WASHINGTON, D.C.
RELEASE MORNING NEWSPAPERS,
Thursday, June 14, 1956.

H-1096

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 June 21, 1956,
in the amount of $1,600,586,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated June 21, 1956,
and will mature September 20, 1956, when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination 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; June 18, 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 June 21, 1956,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing June 21, 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

.2COTTON WASTES
(In pounds)
COTTON CARD STRIPS made from cotton having a staple of le3s than 1=3/16 inches in length, COMBER
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 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
Canada . . . .
France . . . .
British India ,
Netherlands • ,
Switzerland . ,
Belgium . . . ,
Japan . . . . \
China . , . . ,
Egypt 0 . o o <
Cuba

oo.,

Germany . . <, <
Italy o . . .

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

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

Total Imports
Sept. 20, 19 55, to
June 12. 1956
891,743
238,516
68,287

Established
Imports
33-1/3? of
Sept. 20, 19 55,
Total Quota s to June 12, 1956
1,441,152

391,743

75,807

68,287

22,747
14,796
12,853

24,500

25,443
7*088

24,500

1,223,046

1,599,886

984,530

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
Thursday, June 14, 1956.

o
H-1097

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, 19 55. to June 12. 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
•.

783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
475,124
5,203
237
9,333

Imports

25,180
182,529
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

Cotton 1-1/8" or more, but less than 1-11/16"
Imports Feb. I, 19 56.V to June 2. 1956... inclusive

Established Quota (Global)

70,000,000

Imports
11,409,703

45,656,420

Imports
15,550,942

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Thursday, June 14, 1956.
H-1097
Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by:the Pre-sident'-s Proclamation of September 5, 1939, as amended
COTTON (other than linters) (in pounds)
Cotton under I-I/8 inches other than rough or harsh under 3/4"
Imports Sept. 20, 19557 to June 12, 1956>, inclusive
Country of Origin,

Established Quota

Imports

Country of Origin

Honduras
Paraguay
••
25,180
Colombia . . . . • • •
182,529
British India ....
Iraq ........
.
China
British East Africa . .
8,883,259
Mexico
Netherlands E. Indies.
368,196
Brazil
,
Barbados . . . . . . .
Union of Soviet
l/0ther British W. Indies
322,197
475,124
Socialist Republics
Nigeria
5,203
Argentina
2/0ther British W. Africa
237
Haiti . . . . . . . .
^Other French Africa . .
9,333
Ecuador . . . . . . .
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.
Egypt and the AngloEgyptian Sudan • . ,

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

Cotton, harsh or rough, of less than 3/4"
Imports Sept. 20, 19 55, to June 2, 1956
Established Quota (Global)
70,000,000

Imports
11,409,703

Established Quota

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 1-11/16"
Imports Feb, 1, 19 563 to June 2, 1956, inclusive
Imports
15,550,942

-2COTTON 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 Italys

Country of Origin

United Kingdom •
Canada
France . . . . .
British India •
Netherlands • .
Switzerland • .
Belgium . . . .
Japan • . • • •
China • . • » •
Egypt
Uuba 0 . • » .
Germany „ • . .
jLx»a.Ly

o » . o

Established
TOTAL QUOTA

Total Imports
Sept. 20, 19 55, to
June 12. 1956

Established %
Imports
33-1/3$ of *. Sept. 20, 19 55,
Total Quota ; to June 12, 1956
1,441,152

891,743

75,807

68,287

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

891,743
238,516
68,287

24,500

25,443

24,500

5,482,509

1,223,046

1,599,886

984,530

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

22,747
14,796
12,853

IMMEDIATE RELEASE,
Thursday, June 14, 1956.

TREASURY DEPARTMENT
Washington

10
H-1098

The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and -wheat flour authorized to be entered, cr withdrawn
from warehouse, for consumption under the import quotas established in the
President's proclamation of May 28, 19Ul, as modified by the Presidents
proclamation of April 13, 1942, for the 12 months commencing May 29, 1956,
as follows?

Country
of
Origin

Wheat
:
:
: Established s
Imports
Quota
iYmmXT 29* 19562 to
sJune 12, 1956
(Bushels)
(Bushels)

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

795,000

—
—

100
100

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-

100
100

100
—

100
100
—
—

100
2,000

100
mm

1,000
mm

100
—
mm

—
~
—
—

1,000

.
s
;
:

'ysheat flour., semolina,
crushed or cracked
wheat, and similar
wheat products

: Established s
Imports
i
Quota
: May 29, 1956,
to June 12. 1
(Pounds)
(Pounds)
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000

3,815,000
_
_
_
_
_
_
_
_
m.

—
—

_
"
"
'
"
"
"
"
"

"
""

IMMEDIATE RELEASE,
Thursday, June 14, 1956.

-•"

TREASURY DEPARTMENT
Washington

. *

-,,

s '

H-1098

The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour authorized to be entered, or withdrawn
from warehouse, for consumption under the import quotas established in the
president's proclamation of May 23, 194l, as modified by the president's
proclamation of April 13, 1942, for the 12 months commencing May 29, 1956,
as follows s

:
\
\
;

Wheat
Country
of
Origin

$heat flour., semolina,
crushed or cracked
wheat, and similar
wheat products

Imports
\i Established s
Imports
* Established :
Quota
s May 29, 1956,
Quota
iMay 29, 1956, to ii
• to June 12, 1956
sJune 12, 195&
:
(Pounds)
(Pounds)
(Bushels)
(Bushels)

795,000
Canada
—
China
—
Hungary
—
Hong'Kong
—
Japan
United Kingdom
100
—
Australia
Germany
100
Syria
100
—
New Zealand
—
Chile
Netherlands
100
2,000
Argentina
Italy
100
—
Cuba,
1,000
France
Greece
Mexico
100
Panama
~
Uruguay
Poland and Danzig
._
Sweden
—
Yugoslavia
—.
Norway
..-.
Canary Islands
Rumania
1,000
Guatemala
100
Brazil
100
Union of Soviet
Socialist Republics5
100
Belgium
100

795,000
—
—
—
—
mm

—
mm

—
—
—
—
—
mm

-m

—
—
—
_
_
_
__
_
_

3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000

3,815,000

—

_
—
_
_
_
__
_
_
_
_
_
__
_
«
_
_
_
_
-»
—
—
—
—
—
—
_
_

_
-

—
~

mm
mm

IMMEDIATE RELEASE
Thursday, June 14, 1956.

TREASURY DEPARTMENT
Washington

- M O H-10»
i -»- •-

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 June 2, 1956, inclusive, as follows:
Unit :
of
:Imports as of
Quantity: June 2. 1956

Commodity

Tariff-Rate Quotas:
Cream, fresh or sour

Calendar Year

1,500,000

Gallon

165

"Whole milk, fresh or sour

Calendar Year

3,000,000

Gallon

257

Cattle, less than 200 lbs. each.12 mos. from
April 1, 1956

200,000

Head

2,413

120,000

Head

2,130

Cattle, 700 lbs. or more each .. April 1, 1956 (other than dairy cows)
June 30, 1956
Fish, fresh or frozen, filleted,
etc., cod, haddock, hake, pollock, cusk, and rosefish
Calendar Year

35,196,575

Pound

Quota Filled

Tuna fish April 16, 1956

28,757,393

Pound

4,222,952

150,000,000
60,000,000

Pound
Pound

133,412,450
Quota Filled

5,000,000

Pound

Quota Filled

July 1, 1955

2,500,000

Pound

Quota Filled

July 1, 1955

80,000,000

Pound

11,100,727

Peanuts, whether shelled, not
shelled, blanched, salted, prepared, or preserved (including
12 mos. from
roasted peanuts, but not inAug. 1, 1955
cluding peanut butter)

1,709,000

Pound

Quota Filled

182,280,000
3,720,000

Pound
Pound

Quota Filled

(1)

Dec. 31, 1956
White or Irish potatoes:
Certified Seed
Other

12 mos. from
Sept. 15, 1955

Walnuts Calendar Year
Alsike clover seed 12 mos. from

Peanut Oil 12 mos. from

Absolute Quotas:

Rye, rye flour, and rye meal .. 12 mos. from
July 1, 1955
Canada
Other Countries
(1)

Imports for consumption at the quota rate are limited to 17,598,288
pounds during the first six months of the calendar year.

XMMEDIATE RELEASE
Thursday, June 1 4 , 1956*

TREASURY DEPARTMENT
H-1099
Washington
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 June 2, 1956, inclusive, as follows:

Commodity

Period and Quantity

Unit :
of
:Imports as of
Quantity:June 2. 1956

Tariff-Rate Quotas:
Cream, fresh or sour

Calendar Year

1,500,000

Gallon

165

HJhole milk, fresh or sour

Calendar Year

3,000,000

Gallon

257

12 mos. from
Cattle, less than 200 lbs. each.
April 1, 1956

200,000

Head

2,413

120,000

Head

2,130

Cattle, 700 lbs. or more each .. April 1, 1956 (other than dairy cows)
June 30, 1956
Fish, fresh or frozen, filleted,
etc., cod, haddock, hake, pollock, cusk, and rosefish
Calendar Year

35,196,575

Pound

Tuna fish April 16, 1956 •

28,757,393

Pound

150,000,000
60,000,000

Pound
Pound

133,412,450
Quota Filled

Walnuts Calendar Year

5,000,000

Pound

Quota Filled

Alsike clover seed 12 mos. from
July 1, 1955

2,500,000

Pound

Quota Filled

July 1, 1955

80,000,000

Pound

11,100,727

Peanuts, whether shelled, not
shelled, blanched, salted, prepared, or preserved (including
roasted peanuts, but not in12 mos. from
eluding peanut butter)
Aug. 1, 1955

1,709,000

Pound

Quota Filled

182,280,000
3,720,000

Pound
Pound

Quota Filled

(1)
Quota Filled
4,222,952

Dec. 31, 1956
White or Ir?sh potatoes:
Certified Seed
Other

12 mos. from
Sept. 15, 1955

Peanut Oil 12 mos. from

Absolute Quotas:

Rye, rye flour, and rye meal .. 12 mos. from
July 1, 1955
Canada
Other Countries
(1)

Imports for consumption at the quo ha rate are limited to 17,598,288
pounds dur-n- the first sir months of the calendar voar.

TREASURY DEPARTMENT
Washington

U4
H-1100

IMMEDIATE RELEASE,
Thursdayf June 14, 1956.

The Bureau of Customs announced today the following preliminary
figures showing the imports for consumption from January 1, 1956,
to June 2, 1956, inclusive, of commodities for which quotas were
established pursuant to the PhiliDDine Trade Agreement Revision Act

of 1955:

Commodity

Buttons

Established Annual
: Quota Quantity

807,500

Imports as of
June 2, 1956

Gross

204,951

Cigars 190,000,000

Number

1,293,450

Coconut Oil 425,600,000

Pound

75,135,161

Cordage 6,000,000

Pound

1,803,789

(Refined
Sugars
(Unrefined
Tobacco 6,175,000

9,162,430
1,904,000,000

Pound
1,030,222,829
Pound

1,688,196

TREASURY DEPARTMENT
Washington

^i. mm. *y

H-1100

IMMEDIATE RELEASE,
Thursday, June 1 4 , 195°«

Commodity
Buttons

Established Annual
: Quota Quantity
807,500

Unit
of
Quantity

Gross

: Imports as of

: June 2, 1956
204,951

Cigars 190,000,000

Number

1,293,450

Coconut Oil 425,600,000

Pound

75,135,161

Cordage 6,000,000

Pound

1,803,789

(Refined
Sugars
(Unrefined
Tobacco 6,175,000

9,162,430
1,904,000,000

Pound

1,030,222,829
Pound

1,688,196

RELEASE MQBHBJG Kr2W3PiPE8S,
fuaeday, tfane 19* lf$&*

The Treasury Department announced last evening that the tenders for $1,600,000,000,
or thereabouts, of 91-day Treasury bills to be dated June 21 and to mature September 20,
1956, which were offered on June 14, were opened at the Federal Reserve Banks on Juae y
The details of this issue are as follows:
Total applied for - $2,684,698,000
Total accepted
- 1,600,639,000

(includes $288,876,000 entered on a
noncompetitive basis and aeeepted in
full at the average price shown below)
Average price
- 99.386 Equivalent rate of discount approx, 2.4303* per annum
Hange of accepted competitive bids:
High - 99*391 Equivalent rate of discount approx. 2.k09% per anon
tt
Low
- 99.384
«
«
«i
«

2*437* «

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

total
Applied for

total
Accepted

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

TOtAL

26,390,000
1,829,662,000
30,725,000
98,029,000
22,961,000
55,894,000
373*051,000
36,052,000
35,610,000
40,994,000
43,481,000
91,849,000

$2,684,698,000

25,870,000
926,874,000
12,615,000
90,614,000
21,241,000
38,276,000
294,762,000
33,752,000
32,228,000
34,202,000
26,731,000
63,474,000

$1,600,639,000

TREASURY DEPARTMENT
r<X*Tmamumaettm<

WASHINGTON, D.C
RELEASE MORNING NEWSPAPERS,
Tuesday, June 19, 1956.

H-1101

The Treasury Department announced last evening that the tenders for $1,600,000,000
or thereabouts, of 91-day Treasury bills to be dated June 21 and to mature September 20,

1956, which were offered on June 14, were opened at the Federal Reserve Banks on June 18
The details of this issue are as follows:
Total applied for - $2,684,698,000
Total accepted
- 1,600,639,000

Average price

(includes $288,876,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
- 99.386 Equivalent rate of discount approx, 2,430* per annum

Range of accepted competitive bids:
*&& ~ 99.391 Equivalent rate of discount approx. 2.409* per annum
I*w
- 99.384
"
«
«
«
H

2.437* *

(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
Riclimond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco

TOTAL

26,390,000
1,829,662,000
30,725,000
98,029,000
22,961,000
55,894,000
373,051,000
36,052,000
35,610,000
40,994,000
43,481,000
91,849,000

$2,684,698,000

25,870,000
926,874,000
12,615,000
90,614,000
21,241,000
38,276,000
294,762,000
33,752,000
32,228,000
34,202,000
26,731,000
63,474,000

$1,600,639,000

l i

- 2 -

Taking these facts into account, I believe we can operate
under a $278 billion ceiling, though it will take careful
management.

If this becomes impossible, we shall advise the

Congress promptly.
Our success in living within this ceiling will depend on
great restraint by both the Congress and the Administration in
expenditures.

On the basis of present estimates, there is no

leeway for any reduction in tax rates.

The program calls for

applying any surplus to debt reduction in accordance with the
recommendations made by the President.
I hope that this year we are setting a precedent which
may be faithfully followed year after yearrf, and that.we will
so handle our financial affairs that we can make each year a
modest payment in reduction of our huge indebtedness as a
matter of standard practice.
This program is one more step in maintaining fiscal
soundness and ensuring the integrity of our money, so that
our people can count upon its value and go forward with all
their undertakings with full confidence.

This is the basis

of continuing and growing prosperity and constantly more and
better jobs.
Let me thank the members of this Committee for their
continued understanding and cooperation in working toward
these objectives.
0O0

STATEMENT OP SECRETARY Of THE TREASURY
GEORGE M. HUMPHREY OM TBS DEBT LIMIT
BEFORE THE HOUSE WATS AMD MEAKS COMMITTEE,
AT 10:00 A.M. EDT, TUESDAY, JUKE 19, 1956.

11Q

X am appearing before you today to ask for a temporary
increase in the public debt limit from $275 billion to $278
billion for the fiscal year 1957.

Because of our improved

fiscal position, we are following the suggestion that the
temporary increase granted by Congress for two years past be
cut in half.
We succeeded in living within the $281 billion limit set
a year ago, but by a narrow margin.

On several days, we were

within $700 miikon of the debt ceiling, and, at times, our
operating cash balance was less than enough to cover 10 days1
expenditures.

This is closer than is prudent in handling the

Governments huge operations efficiently.
However, X am in full sympathy with the desire of the
Congress to keep a limit on Government spending.
We hope to finish this fiscal year with£l a budget surplus
of about $1.8 billion and the debt under $273 billion.

still face, however, a heavy seasonal swing in receipts, which
means borrowing in the first half of the fiscal year for repayment from heavy tax receipts in the second half.
This swing is gradually being reduced by the shift in
time of payment of corporation taxes, provided by 1954
legislation.

STATEMENT OF SECRETARY OF THE TREASURY
GEORGE M. HUMPHREY ON THE DEBT LIMIT
BEFORE THE HOUSE WAYS AND MEANS COMMITTEE,
AT 10:00 A.M. EDT, TUESDAY, JUNE 19, 1956.
I am appearing before you today to ask for a temporary increase
in the public debt limit from $275 billion to $278 billion for the
fiscal year 1957. Because of our Improved fiscal position, we are
following the suggestion that the temporary increase granted by
Congress for two years past be cut in half.
We succeeded in living within the $28l billion limit set a year
ago, but by a narrow margin. On several days, we were within
$700 million of the debt ceiling, and, at times, our operating cash
balance was less than enough to cover 10 days1 expenditures. This
is closer than is prudent in handling the Government's huge operations efficiently.
However, I am in full sympathy with the desire of the Congress
to keep a limit on Government spending.
We hope to finish this fiscal year with a budget surplus of
about $1.8 billion and the debt under $273 billion. We still face,
however, a heavy seasonal swing in receipts, which means borrowing
in the first half of the fiscal year for repayment from heavy tax
receipts in the second half.
This swing is gradually being reduced by the shift in time of
payment of corporation taxes, provided by 1954 legislation.
Taking these facts into account, I believe we can operate under
a $278 billion ceiling, though it will take careful management. If
this becomes impossible, we shall advise the Congress promptly.
Our success In living within this ceiling will depend on great
restraint by both the Congress and the Administration in expenditures*
On the basis of present estimates, there is no leeway for any reduction in tax rates. The program calls for applying any surplus to
debt reduction in accordance with the recommendations made by the
President.
I hope that this year we are setting a precedent which may be
faithfully followed year after year, and that from now on we will so
handle our financial affairs that we can make each year a modest
payment in reduction of our huge indebtedness as a matter of
standard practice.
This program is one more step in maintaining fiscal soundness
and ensuring the integrity of our money, so that our people can count
upon its value and go forward with all their undertakings with full
confidence. This is the basis of continuing and growing prosperity
and constantly more and better jobs.
Let me thank the members of this Committee for their continued
understanding and cooperation in working toward these objectives.
W
-I102
0O0

- 3

9"i
Cm-m

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
195h 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 o
and such bills are excluded from consideration as capital assets. Accordingly,

the owner of Treasury bills (other than life insurance companies) issued hereunde
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.

*&BBa

^E
or in a like face amount of Treasury bills maturing

June 28, 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 princip
or interest thereof by any State, or any of the possessions of the United States,

AxxKA
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS, // / /
Thursday, June 21, 1956
.

y v

/ T '

•' / Q /

(

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

—igr—

—^p—

in exchange for Treasury bills maturing

June 28, 1956

in the amount of

SEE
* 1.600.^91.000 * to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated * June 28, 19g6

and will mature September 27, 1956 , when the face

amount will be payable without interest. They will be issued in bearer form only,

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

i24

W A S H I N G T O N , D.C.
RELEASE MORNING NEWSPAPERS,
Thursday, June 21, 1956.

H-1103

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 June 28, 1956,
in the amount of $1,600,391,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series villi be dated June 28, 1956,
and will mature September 27, 1956, when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination 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, June 25, 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 June 28, 1956,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing June 28 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 k5k (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

125

U-

110

IMMEDIATE RELEASE

The Treasury Department today made public a report of monetary gold
transactions with foreign governments and central banks for the first
quarter of 1956.
In this period, United States purchases of gold amounted to $39*1
million; U.S. sales, $33*9 million as follows:
January 1, 1956 * March 31, 1956
(in millions of dollars J§ $35 per fine trey ounce)
Gold Purchases by the U.S. Gold Sales by the U.S.
•Attorney General of the U.S. $13.1 France $33*8
International Monetary Fund
25*0
Other
Yatiean City
1,0

U. S. gold holdings on March 31, 1956 were $21,765 million.

*- Represents Rumanian-owned gold blocked under Executive Order, and,
pursuant to Public Law 285, 61*th Congress, August p9 1955, among
assets vested and liouidated, their proceeds to be distributed to
American claimants against Rumania.

TREASURY DEPARTMENT

i:p
•X -C- w

WASHINGTON, D.C. \ ^ > V
Irii±DIATE RELEASE m
MONDAY. JUNE 25. 1956.

H-1104

The Treasury Department today made public a report cf monetary gold
transactions with foreign governments and central banks for the first
quarter of 1956.
In this period, United States purchases of gold amounted to >39.1
million; U.S. sales, S33.9 million as follows:
January 1, 1956 - iiarch 31, 1956
(in millions of dollars at ^35 per fine troy ounce)
Gold Purchases by the U.S. Gold Sales by the U.S.
-^Attorney General of the U.S. A3.1 France
International Monetary Fund
25.0
Vatican City
1.0
,39.1

?33.8
Other

.2
.,33.9

U. S. gold holdings on March 31, 1956 were ,21,765 million.

*- Represents Rumanian-owned gold blocked under Executive Orr:er, and,
pursuant to Public Law 285, GUth Congress, August o, 1955, among
assets vested and liquidated, their proceeds to be distributed to
American claimants against Rumania.

Tuesday, June 2 6 , 1956.
mm.My«9*«mlm*%-mmmm.immi-%fiCm

••

• mm..,

•• • i — — . , . , , . , • «

_>....

...Z^

Tflrr r r f f r i r

]

n.W1

the Treasury Department anneimeed last evening that the tenders for $1,600,000,0^
or tnereabomte, of 91-day Treasury bill* to be dated June 26 and to mature Septeabor (
195&9 which were offered en June 21, were opened at the Federal Reserve Banks on
June 25.
The details of tale issue are as followss
total applied for - 12,31$ .1*7$, 000
fetal accented
- 1 , 6 0 0 , 8 5 M G Q (includes 1237,756,000 entered on a
noncompetitive basis and aeeepted In
full a t the average price sheen below)
Average price
- 99*3>9/ Equivalent rate of discount approcs. 2.535$ per amua
Range of accepted competitive bidet
High - 99.390 Kqwiwalent rate of discount approx* 2.LI3£ ®*T *******
Low
- 99.35$
*
• *
•
"

2.552$ »

(6 percent of the amount bid for at the low price was accepted)
Federal Reserve
Eistriet

total
Applied tmr

total
Aeeepted

.-••oeton
Mew York
Philadelphia
Cleveland
Richmond
Atlanta
Chieago
St. Louie
gjjmeapelle
%*-%&** City
OaHas
Sen Francisco

$
30*116,000
i#652,177,OQO
35,585,000
63,253,000
12,387,000
35,768,000
25?,910,000
26,181,000
13vU2,C/00
bB,9OdfO00
50,903,000

9X»Waooo
total

)2,3U»1»78,000

l*,6fe6,000

i,ok),aa?,ooo
20,^,000
61,373,000
12,387,000
35,768,000
197,180,000
26,191,000
13,M12,GOO

B,9G6,000
33,623,000
90,^08,000

$i,6oo,a5a,ooo

•

PEASE MORNING NEWSPAPERS,
faesday, Jrae 26, 1956.

H-1105

The Treasury Department announced last evening that the tenders for $1,600,000,000,
ir thereabouts, of 91-day Treasury bills to be dated June 28 and to mature September 27,
.956, which were offered on June 21, were opened at the Federal Reserve Banks on
rune 25*
The details of this issue are as follows:
Total applied for - $2,318,1*78,000
Total accepted
- 1,600,858,000 (includes $237,756,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Average price
- 99*359/ Equivalent rate of discount approx. 2.535$ per annum
Range of accepted competitive bids:
High - 99*390 Equivalent rate of discount approx. 2.1*13$ per annum
w
Low
- 99.355
s e e
it
2.552$ "
(6 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

$
30,116,000
1,652,177,000
35,585,000
63,253,000
12,387,000
35,768,000
257,9ltO,000
26,181,000
13,la2,000
Ij8,908,000
50,903,000
91,8U8,000

$2,318,1*78,000

$1,600,858,000

Total

19,6i|6,000
l,OUO,887,000
20,585,000
61,373,000
12,387,000
35,768,000
197,180,000
26,181,000
13,U2,000
W,908,000
33,623,000
90,908,000

•

lOQ
- 2Remaining in the hands of the Government from this
program are purchase money notes amounting to $9,559,000
and the alcohol butadiene plant at Louisville, Kentucky.
Since the start of RFC liquidation on September 28, 1953,
a total of $1,035,875,000 has been paid into the Treasury from
liquidation of assets and earnings from the lending, synthetic
rubber, and other programs conducted by the aforementioned
Corporations.

IMMEDIATE RELEASE

Checks totalling $100 million representing further
liquidation of the Reconstruction Finance Corporation and
further disposition of assets of the Government's Synthetic
Rubber Program were turned over to the United States Treasury
today.
Assistant Treasury Secretary Laurence B. Robbins, in his
capacity as Administrator of the Federal Facilities Corporation,
and officer-in-charge of liquidation of RFC, presented the two
checks to Treasury Secretary Humphrey.
One check for $55 million represented additional realization
of cash from the liquidation of RFC assets.

Of this more than

$21 million came from the sale of bonds of a hydro-electric
project in the -itate of Washington.

There remains $118 million

in RFC loans and securities still to be liquidated.
The Federal Facilities Corporation^ check for
$45,000,000 covered proceeds of the sale of a number of assets
of the Government's Synthetic Rubber Program, including
$11,000,000 from sale of a copolymer plant at Institute,
West Virginia, $7,153,000 from sale of a copolymer plant at
Baytown, Texas, $2,279,700 from sale of a fleet of tank cars,
and reduction of $10,500,000 in purchase money notes held by
the Corporation.

TREASURY DEPARTMENT

131 /

WASHINGTON, D.C.

IMMEDIATE RELEASE,
Tuesday, June 26, 1956.

H-1106

Checks totalling $100 million representing further
liquidation of the Reconstruction Finance Corporation and
further disposition of assets of the Governments Synthetic
Rubber Program were turned over to the United States
Treasury today.
Assistant Treasury Secretary Laurence B. Robbins, in
his capacity as Administrator of the Federal Facilities
Corporation, and officer-in-charge of liquidation of RFC,
presented the two checks to Treasury Secretary Humphrey.
One check for $55 million represented additional
realization of cash from the liquidation of RFC assets.
Of this more than $21 million came from the sale of bonds
of a hydro-electric project in the state of Washington.
There remains $118 million in RFC loans and securities
still to be liquidated.
The Federal Facilities CorporationTs check for
$45,000,000 covered proceeds of the sale of a number of
assets of the Governments Synthetic Rubber Program,
including $11,000,000 from sale of a copolymer plant at
Institute, West Virginia, $7,153,000 from sale of a
copolymer plant at Baytown, Texas, $2,279,700 from sale
of a fleet of tank cars, and reduction of $10,500,000
in purchase money notes held by the Corporation.
Remaining in the hands of the Government from this
program are purchase money notes amounting to $9,559,000
and the alcohol butadiene plant at Louisville, Kentucky.
Since the start of RFC liquidation on September 28,
1953, a total of $1,035,875,000 has been paid into the
Treasury from liquidation of assets and earnings from the
lending, synthetic rubber, and other programs conducted
by the aforementioned Corporations.
0O0

Comparison of principal items of assets and liabilities of national banks - Continued
(In thousands of dollars)
Deft xi J Aw 11 : I n c r e » 8 e or decrease : Increase or decrease
1955 ' 1955 * 6lnce Dec* 31> 1955 ; 8lnce ***• U> 19^t
•'•'''
x JJJ
x Amount
! Percent : Amount
i Percen
LIABILITIES
Deposits of individuals, partnerships, and corporations:
638,129
-5.53
1.17
Demand
54,974,940 58,192,878 54,336,811 -3.217.938
69M06
25.15L538 24,627,252
2.82
170,520
.68
Time
25.322,058
2,442,083
Deposits of U. S. Government
-529,518
-17.82
2,35L299
2,971,601
90,784
3.86
12,8^7
Postal savings deposits
-221
-1.69
13,086
13,068
-239
-1.83
Deposits of States and political
7,208,503 7,341,424
382,761*
-132,921
5.61
6,825,739
-1.81
subdivisions
8,576,201
75.167
9,320.515
.88
-744,314
8,501,034
-7.99
Deposits of banks
l,8l*7,2i*9
1,386,525
-468,14*9
-25.36
-.56
-7.725
Other deposits (certified and
-4.13
1,253,1*02
1.27
cashiers1 checks, etc.)
•
1,378,800
Total deposits
99,915.^32 104,217,989 98,662,030 -U,302,557
Bills payable, rediscounts, and
1*01,982
82.19
other liabilities for borrowed
66,550
*.57
money
891,068
107,796
1*89,086
783,272
726.62
capital accounts
102,328,867
-3.29
1,721,93^
1.71
Other liabilities
1,522,367 105,8ll*,358
1,488,573 100,606,933
1,1*55,817 -3,1*85,1*91
33,791*
2.37
ACCOUNTSexcluding
TotalCAPITAL
liabilities,
Capital stock:
3.929
1*,166
3,956
-.68
-237
Preferred...
-5.69
-27
2.55L563
2,1*68,1*58
2,389,071
6.80
83.105
Common
3.37
162,1*92
Total
2,555,492
2,472,6*24"
It '3.027
IsSL
Li465
82,868
162,46'
mWH
Surplus
142,666
3,971,001
3.828,335
3.W3.227
1
3.73
9.00
3
327777 *
Undivided profits
23,1*86
1,392,291*
1,368,808
1,31*1,1*56
1.72
3.79
50,838
Beserves.
-6.610
259.552
266.162
268.592
-2.1*8
-3Q7
-9.040
Total
surplus, profits and
reserves
5,622,81*7
5,1*63,305
5,253,275
.04
159.51*2
2.92
159.5*2
369,572
Total. capital
8.178,339
7.935.929
. . accounts
7,6l*&,302
mh£l
532.037
;1*2,410
Total liabilities and
capital accounts
110.507.206 113.750.287 108,253.235 -1,243.081
-2.85 2.253.971
2.08
>sWss»w»ws»ss^s»*ss»sass»*Ms»sa»Bs»»s»»»MsMss»s»Mssss^s»s»s^s^

RATIOS:
U.S.Gov't securities to total assets

• n i

P e r c e n t P e r c e n t P e r c e n t "
28.85
29.62
33.68

Iioane & discounts to total assets...

UO.28

38.29

O a p l t ^ a e o o u n t . to 'fcotstX d a p o . l t B , .

8.19

7.Si

34. 90
7.75

HOTE:

Minus sign denotes decrease.

——»—»••»»—s—»l«w^e»^p^^s»

Statement showing comparison of principal items of assets and liabilities of active national banks
as of April 10, 19$6, December 31, 1955 &nd APril H . 1955

fm-mm.

(In thousands of dollars)
Apr. 11,
Dec. 31,
Apr. 10,
1955
1956
1955
lumber of banks

4,689

ASSETS
Commercial and industrial loans
18,874,974
Loans on real estate
11,286,775
All other loans, including overdrafts. 15,063,581
Total gross loans
45,225,330
Less valuation reserves
709,330
Net loans
44,516,000

4,700

4,759

IS,3*3.006
11,021,823
14,897,268
44,232,097
672,371
1*3.559.726

14,963,564
10,063,246
13,330,634
38,357,444
577,623
37,779.821

mLkUm

Increase or decrease
Increase or decrease
ce Apr
since Dec. 31, 1955 * since
Apr. 11. 1955
Percent
Amount
Amount
:Percent
-70

-11
3-07
2.40
1.12
2.25
5.50
2.20

3,911,410
1,223,529
1,732,947
6,867,S86
13L707
6,736,179

26.14
12.16
13.00
17.90
22.80
17-83

,
36.459,789 -1,814,199
2,473
-150
36,462,262 -1,814,349

-5-39
-3_-55.
^573!

. _ ,
-4,587.^»5
x 6o
• °
-4,585.805

.„ „-12.58
64 70
«
-12.58

117,393
-88,682

1.68
-4.54

-6,075
-169,429

-.09
-8.32

228,840
217,074
41,083,458 42,857,330

11,766
204,406
^5,320,333 -1,773.872

5.42
-k*lk

85,599,^58

86,417,056

83,600,154 -

817,598

-.95

1,456,627
Jurrency and coin
Reserve"with Federal Reserve banks... 11,403,498
Balances with other banks
10,378,336
Total cash, balances with other
banks, including reserve balances and cash items in process of collection
23.238,461
Other assets
1.669.267
110.507,206
Total asse t s

1,388,250
11,337,484
13,037,706

1,423,283
68,377
11,463,994
66,014
10,191,362 -2,659,370

4.93
.58
-20.40

25.763.440
23.078,639 -2,524,979
1.569.791
1.571*.442
99.496
113,750,287 108,253.235 -3.21*3.081

-9-80
6.34
-2.85

U. S. Government securities:
Direct obligations
Obligations fully guaranteed
Total U. S. securities
Obligations of States and political
subdivisions
Other bonds, notes and debentures....
Corporate stocks, including stocks
of Federal Reserve banks
Total securities
Total loans and securities

31,872,384 33.686,583
4,073
^.223
31.876,457 33.690.806
7.1H.377
1,866,784

6,993.984
1,955.^6

7.117.452
2,036,213

561,968
264,952
166,313
993,233
36,959
956,274

24,434 11.95
-10.34
-4,736,875
1,999,304 2.39
2.34
33.3^
-.53
-60,496
I.83
186,974

159•822
94,845

6.02

2,253.971

2.08

- 2-

134
and installment cash loans, and single-payment loans) amounted to $8,800,000,000
an increase of 2 percent since December.

The percentage of net loans and dis-

counts to total assets on April 10, 1956 was *40.28 in comparison with 38.29 in
December and 34.90 in April 1955.
Investments of the banks in United States Government obligations on April
10, 1956 aggregated $31,900,000,000 (including $4,000,000 guaranteed obligations),
a decrease of $1,800,000,000 since December.
of total assets.

These investments were 29 percent

Other bonds, stocks and securities of $9,200,000,000, which in-

cluded obligations of States and political subdivisions of $7,100,000,000, were
about the same amount as on the previous call date;

Total securities held amount-

ing to $41,100,000,000 decreased $1,800,000,000 since December.
Cash of $1,460,000,000, reserve with Federal Reserve banks of
$11,400,000,000, and balances with other banks (including cash items in process
of collection) of $10,380,000,000, a total of $23,2^,000,000, showed a decrease
of $2,500,000,000 since December.
Borrowed money of $891,000,000 increased $783,000,000 since December and
$402,000,000 in the year.
The capital stock of the banks on April 10, 1956 was $2,555,000,000, including $3,900,000 of preferred stock.

Surplus was $3,971,000,000, undivided

profits $1,392,000,000 and capital reserves $260,000,000, or a total of
$5,623,000,000.

Total capital accounts of nearly $8,200,000,000, which were 8.19

percent of total deposits, were $242,000,000 more than in December when they were
7.6l percent of total deposits.

TREASURY DEPARTMENT

135

Comptroller of the Currency
Washington

RELEASE M0RNI1TG NEWSPAPERS

Friday, June 29, 1956.

H-1107

The total assets of national banks on April 10, 1956 amounted to
$110,500,000,000, it was announced today by Comptroller of the Currency Ray M.
G-idney. The returns covered the 4,689 active national banks in the United States
and possessions. The assets were ?3»200,000,000 below the amount reported by the
4,700 active banks on December 31, 1955, the date of the previous call.
The deposits of the banks on April 10 were $99,900,000,000, a decrease of
$4,300,000,000 since December. Included in the recent deposit figures were demand deposits of individuals, partnerships, and corporations of $55,000,000,000,
which decreased $3,200,000,000, and time deposits of individuals, partnerships, and
corporations of 825,300,000,000, which increased $170,000,000. Deposits of the
United States Government of $2,440,000,000 increased $90,800,000 since December;
deposits of States and political subdivisions of $7,200,000,000 showed a decrease
of $133,000,000, and deposits of banks amounted to $8,600,000,000, e decrease of
$744,000,000. Postal savings were $12,800,000 and certified and cashiers1 checks,
etc., were $1,400,000,000.
Net loans and discounts on April 10, 1956 \*ere $44,500,000,000, an increase
of $956,000,000 since December. Commercial and industrial loans of nearly
$18,900,000,000 were up $560,000,000, and loans on real estate of $11,300,000,000
were up $265,000,000. Retail automobile installment loans increased $120,000,000
to $3,300,000,000, and other types of retail installment loans amounting to
$1,180,000,000 decreased $17,000,000. Loans to brokers and dealers in securities,
and other loans for the purpose of purchasing or carrying stocks, bonds, and other
securities decreased $100,000,000 to $1,700,000,000. Other loans, including loans

to farmers, loans to banks, and other loans to individuals (repair and modernization

TREASURY DEPARTMENT
Comptroller of the Currency
Washington

136

HELEASE MORNING NEV/SPAPERS

Friday, June 29, 1956.

H-1107

The total assets of national banks on April 10, 1956 amounted to
$110,500,000,000, it was announced today by Comptroller of the Currency Ray M.
Oidney. The returns covered the 4,689 active national banks in the United States
and possessions. The assets were $3,200,000,000 below the amount reported by the
4,700 active banks on December 31, 1955, the date of the previous call.
The deposits of the banks on April 10 were $99,900,000,000, a decrease of
$4,300,000,000 since December. Included in the recent deposit figures were demand deposits of individuals, partnerships, and corporations of $55,000,000,000,
which decreased $3,200,000,000, and time deposits of individuals, partnerships, and
corporations of $25,300,000,000, which increased $170,000,000. Deposits of the
United States Government of $2,440,000,000 increased $90,800,000 since December;
deposits of States and political subdivisions of $7»200,000,000 showed a decrease
of $133,000,000, and deposits of banks amounted to $8,600,000,000, a decrease of
$744,000,000. Postal savings were $12,800,000 and certified and cashiers1 checks,
etc., were $1,400,000,000.
Net loans and discounts on April 10, 1956 were $44,500,000,000, an increase
of $956,000,000 since December. Commercial and industrial loans of nearly
$18,900,000,000 were up $560,000,000, and loans on real estate of 111,300,000,000
were up $265,000,000. Retail automobile installment loans increased $120,000,000
to $3,300,000,000, and other types of retail installment loans amounting to
$1,180,000,000 decreased $17,000,000. Loans to brokers and dealers in securities,
and other loans for the purpose of purchasing or carrying stocks, bonds, and other
securities decreased $100,000,000 to ¥1,700,000.000. Other loans, including loan*

to farmers, loants to banks, and other loans to individuals (repair rjid modernizatio

- 21 P7
end installment cash loans, and single-payment loans) amounted to $8,800,000,000,
an increase of 2 percent since December. The percentage of net loans and discounts to total assets on April 10s, 1956 was ^40,28 in comparison with 38,29 in
December and 34c90 in April 1955.
Investments of the banks in United States Government obligations on April
10, 1956 aggregated $31,900,000,000 (including $4,000,000 guaranteed obligations),
a decrease of $1,800,000,000 since December0 These investments were 29 percent
of total assets. Other bonds, stocks and securities of $9,200,000,000, which included obligations of States and political subdivisions of $7,100,000,000, were
about the same amount as on the previous call date; Total securities held amounting to $41,100,000,000 decreased $1,800,000,000 since December*
Cash of $1,460,000,000, reserve with Federal Reserve banks of
$11,400,000,000, and balances with other banks (including cash items in process
of collection) of $10,380,000,000, a total of $23,240,000,000, showed a decrease
of $2,500,000,000 since December.
Borrowed money of $891,000,000 increased $783,000,000 since December and
$402,000,000 in the year*
The capital stock of the banks on April 10, 1956 was $2,555,000,000, including $3,900,000 of preferred stock. Surplus was $3,971,000,000, undivided
profits $1,392,000,000 and capital reserves $260,000,000, or a total of
$5,623,000,OOOo Total capital accounts of nearly $8,200,000,000, which were 8*19
percent of total deposits, were $242,000,000 more than in December when they were
7*6l percent of total deposits*

Statement showing comparison of principal items of assets and liabilities of active national banks
as of ^pril 10, 1956, December 31, 1955 s^cL April 11, 1955
(In thousands of dollars)
Aor, 10
1956
LCumber of banks

0 » a - > « » 9 < » » » < » 9 » » » » » ( » 0 9 « »

4,689

ASSETS
18,874.974
Conunercial and industrial loans
......
11,286,775
Loans on real estate
will other loans, including overdrafts. 15.063,581
45,225,330
Total gross loans.
709.330
Less valuation reserves....
Het loans..
44,516,000
9.

. . . . . . . . . .

. 9 .

. a a * » » 9 » . 9 . 9 * »

U. S. Government securities:
direct obligations
Obligations fully guaranteed
Total U. S. securities.
Obligations of States and political
subdivisions
"....
Other bonds, notes and debentures...,
Corporate stocks, including stocks
of federal Reserve banks
Total securities
Total loans and securities
Currency and coin.
?.eserve\:ith Federal Reserve banks...
Balances vith other banks
Total cash, balances with other
banks, including reserve balances and cash items in process of collection.
Other asr.ets

Dec. 31,
1955

Aor. 11,
~1955

4,700

4,759

is.313.006
11,021,823
14,897.268
44.232,097
672,371
43,559,726

14,963.564
10,063,246
13.330.6ft
3S.357.W4
577.623
37,779.821

31,872,384 33-686,583
4.073
4,223
3 1 . 8 7 6 , W 33.690.SOb

Incree.se or decrease : Increase or decrease
since Dec. 31, 1955 » since Apr. 11, 1955
Amount
: Percent *
Amount
:Percent
•11

-70

561,968
264,952
166,313
993.233
36.959
956,274

3.07
2.40
1.12
2.25
5.50
2.20

3,911,410
1,223,529
1,732.947
6,867,886
131,707
6,736.179

26.14
12.16
13.00
17.90
22.80
17.83

36.459.789 -1,814,199
2,473
-150
36.462,2b2 -l.Sl4.349

-5.39
-3.55
~^W33

-4,587.405
1.600
-4,5S5.805

-12.58
64.70
-12.58"

117.393
-88,682

1.68
-4.54

-6.075
-169.429

-.09
-8.32

5.42

24,434 11.95

7.1U.377
1,866,784

6,993.984
1,955.466

7.117.452
2,036,213

228,840
41,083,458

217,074
42.857.330

11,766
204.406
45.820.333 -1.773.872

S5.599.45S

86,417,056

S3.600,154 -

-4.14

-4.736.875

-10-34

817,598

-.95

1,999.304

1,456,627
1,388,250
11.403,498 11,337,484
10,378.336 13,037.706

1,423.283
68,377
11,463,994
66,014
10,191,362 -2,659.370

4.93
.58
-20.40

33. ft1*
-60,496
186,974

2.39
2.34
-.53
1.83

2^,2^8,461
1.669,287

2^,078,6^9
1.574,442

159.822
94,845

»
6.02

2,253.971

2.08

25.76^.440
1,569.791

Total assets .110,507,206 113,750,287 108,253.235 -3.243,081 -2.85

-2.524.979
99.496

-9.80
6.34

comparison or principal Items or assets and liabilities of national banks - Continued
(In thousands of dollars)

Dec* 31,
1955

Apr. 11,
1955

LIABILITIES
Deposits of individuals, partnerships, and corporations!
Demand.,
5k,97^*9^0 58,192,872
5^,336,811
Time...
25,322,05s
24,627,252
25,151,53s
Deposits of U, S. Government.• • . • »
2,1&2,0S3
2,971,601
2,351,299
Postal savings deposits,
12,8^7
13,068
13,086
Deposits of States and political
7,341,424 6,825,739
subdivisions. •••••,••••••••••.., 7*208,503
8,576,201
9,320,515
Deposits of banks.
s, 501,034
Other deposits (certified and
1,378,800
1,847,249
1,3^6,525
cashiers1 checks, etc.)..
98,662,030
99,915,^32 104,217,989
Total deposits
.........
Bills payable, rediscounts* and
other liabilities for borrowed
891,068
107,796
489,086
money
..,
1,522,367
1,^88,573
Other liabilities
1^55.817
Total liabilities, excluding ~~
capital accounts....
102,328,867 105,8l4,358 100,606,933
CAPITAL ACCOUNTS
Capital stock:
Preferred
3,929
4,166
3.956
Common.
2,551,563
2,468,458
2,3S9,071
Total
2,555,492
2,472,624
2L3??,027,
Surplus
3,971,001
3,b43,227
3,228,335
Undivided profits
1,392,294
1,341.456
1,368,808
Reserves.
259,552
268,592
266,162
Total surplus, profits and
5,463,305
5,253,275
reserves
_ 5,622,847
7,646,302
8,178,339
7.935,929
Total capital accounts.......
Total liabilities and
capital accounts.
110,507,206 113,750,287 108,253,235
Percent
HATI0S:
Percent
Percent
33.68
U.S.Gov't securities to total assets
28.85
29.62
34.90
Loans & discounts to total assets...
40.28
38.29
7.75
Capital accounts to total deposits..
8.19
7.6l
.

. . .

l t « 1 4 « « « « « * ( l , , , l

» » » . . » » .

» » » . . 9 V * 9 9 9

« • * t* a

. . ^

• « • « « •

Increase or decrease : Increase or decrease
since Dec. 31t 1955 since At>r. 11, 1^55
Amount
I Percent
Amount
I Percent

-3,217,93S
170,520
90,784
-239

-5.53
.68
3.86
-1.83

-132,921
-7^4,314

-1.81

638,129
-529,518
-221

1.17
2.82
-17.82
-I.69

382,764
75.167

5.61
.ZZ

-7.725
1,253,402

-.56
1.27

401,982
66,550

S2.19

33,79^

726.62
2.27

-3,^85,491

-3.29

1,721,934

1.71

-5.69
3.37
2*31
3.73

-27
l62,4g2
162,46

-.6s

_ -468,449
-^,302,557

7S3,272

-237
83.105
82,8'oS"
142,666
23,486
-6,610
159.542
242,410

•2

-3,243.081

-7.99
~3ui3

694,so6

2.92

327,77\50,83s
-9,c4o
J§9_,1Z2

2*91

532,037

1.72
-2.1J8

-2.85

2,2^.971

NOTE: Minus sign denotes decrease.

4.57

6.80
mmill

9.00
3.79

=2>ZL
7.o4
"6T9T

2.08Co
(.O

- 3-

" -- c
t \m*

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. klS, 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 -

IHi

3A&8&
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 July 5. 1956 9 in cash or other immediately available funds
or in a like face amount of Treasury bills maturing July 5« 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, June 28, 1956
.

/ 7 _
/
/

;

/1 f I tf
' ^

The Treasury Department, by this public notice, invites tenders for
% 1.600.000.000 5 or thereabouts, of 91 -day Treasury bills, for cash and
in exchange for Treasury bills maturing July $9 1956 , in the amount of

305
* lf600,109.000 , to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated July $9 1956 , and will mature October h. 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
Daylight Saving
closing hour,/tax o'clock p.m., Eastern/^tandaaadsctime, Monday» July 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 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

RELEASE MORNING NEWSPAPERS,
Thursday, June 28, 1956.

H-1108

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 July 5, 1956,
in the amount of $1,600,109,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided,, The bills of this series will be dated July 5, 1956,
and will mature October k, 1956,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination 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, July 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

2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on July 5, 1956,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing July 5, 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

•4 /

REIEASS MORMIIIG NEWSPAPERS,
Tuesday, July 3, 1956.
The Treasury Department announced last evening that the tender* for $1*600*000*^
or thereabouts, a£ 91-<iay Treasury bills to be dated July 5 *ad to aatwe October h,
which were offered on June 28, were opened at the Federal Reserve Banks on July 2,
Ike details of this issue are as follows:
Total applied for
Total accepted
Average price

$2,100,016,000
1,600,119,000

(includes $21*7,313,000 entered on a noncompetitive basis aad accepted la
full at the average price shown below)
/9.391 Squival^nt rate f cliscwat aparox. 2.

Range of accepted competitive bides
- 99*396 Equivalent rate of discount appro*. 2.339$ per
- 99*389
*
* *
*
*
2U0J* •

High
Lew

(36 percent of the amount bid for at the lee price was accepted)
Federal Reserve
VtA ^^L.^mmm A A

Sew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
^iwinneapolis

Kansas City
Dallas
San Francisco
TOT.V

total
Applied for

Total
Accepted

33,331,000
1,768,9156,000
38,759,000
7U,003,000
8,062,000
2^,1*80,000
251,765,000
31,776,000
11,395,000
60,790,000
38,300,000
67,779,000

*2,UlO,Ol6,000

£2«J£L,0tt
1,153,521,000
17,160,000
33,31*0,000
6,862,909
21,096,000
173,268,000
31,673,000
10,521,000
1*6,390, J00
2k,32U,000
57.883,000

11,600,119,000

TREASURY DEPARTMENT
WASHINGTON, D.C
gISASE MORNING NEWSPAPERS.
aesday, July 3, 1956.

H-1109

The Treasury Department announced last evening that the tenders for 11,600,000,000,
thereabouts, of 91-day Treasury bills to be dated July $ a»i to mature October k» 1956,
rich were offered on June 28, were opened at the Federal Reserve Banks on July 2*
The details of this issue are as follows%
Total applied for
Total accepted
Average price

$2,iil0,0l6a000
1,600,1195000

(includes $2U7,313,00O entered on a
noncompetitive basis and accepted in
ftill at the average price shown below)
99.391 Equivalent rate of discount approx. 2.k09% per annum

Range of accepted competitive bidss
High
Low

•396 Equivalent rate of discount approx. 2.389% per annum
w
M w
w
«
2.U172 «
»
e 389
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

*
33,131,000
1,768,956,000
38,759,000
7U,003,000
8,862,000
2U,U80,000
251,785,000
31,776,000
11,395,000
60,790,000
38,300,000
67,779,000

$2,ltl0,0l6,000

$1,600,119,000

TOTAL

22,181,000
1,153,521,000
17,160,000
33,310,000
8,262,000
21,096,000
173,268,000
31,673,000
10,521,000
li6,390,000
2U,82U,000
57,883,000

- 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$k (b) and 1221 {$) of the Internal Revenue Code of
\9$k 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 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

TOPSK

or in a like face amount of Treasury bills maturing

July 12, 1956
• Cash
bobod
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,

14a
—

*l \m*

MMMlf
-*- a-m- mmm.9mm,

TREASURY DEPARTMENT
Washington

,^.

FOR RELEASE, MORNING NEWSPAPERS, "*~~ '
Thursday. July $, 1956

—?*r
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

July 12. 1956

9 in the amount of

in
* la601.221.000 9 to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated July 12. 1956 , and will mature October 11, 1956 , when the face
±_

amount will be payable without interest.

2SS

They will be issued in bearer form only,

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

140

•J^J,J'l'.:imf."-rm\! r<~i*\^**\~rr2rT!*vAt\"™i'.x2T^^

W A S H I N G T O N , D.C
RELEASE MORNING NEWSPAPERS,
Thursday, July 5, 1956.

H-1110

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 July 12, 1956
in the amount of $1,601,221,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated July 12, 1956,
and will mature October 11, 1956,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination 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, July 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

/ /
i!

Tuesday^ July 10, 1956.
* •

iW.nr.

-y

• a ii i i

L U

The Treasury Department announced last evening tbat the tender* lor |l>6OOiO0O|008
or thereabout*, oi 91-day ifreaeuxy bills to be dated July 18 end to mature October 11,
1956, whieh were offered on July $, were opened at the Federal Reeerve Banks on Jtily J,
The details of this issue are as followst
Total applied for - $2f647f 865,000
Total accepted
- 1,001,125,000

(includes #29^,61*7,000 entered m a

full at the average price shown below)
Average price
- 99*397 Equivalent rate of discount appro*. 2.3973 ptr ana*
Range of accepted competitive bidet (Excepting two tenders totaling |27$,000)
Higb - 99#1*10 Equivalent rate of discount appro*. 2«33fa$ per annum
Low
- 99,396
«
n *
n
n

2*389*

(67 percent at th£- asiojjat bid £ or at the low price waa accepted)

Federal Eeeerv*
District

Total
m%m^9mmw-fm9t*^mmmt-mmTmj9m^

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

4Mb

^Mn

36,011,000
1,851,675,000
35,736,000
66,502,000
36,322,000
58,814,000
265,025,000
37,636,000
28,1+22,000
51,212,000
62,79U,000
157,73U,000

$2,687,885,000

Total
Aewptad
*

25,53X,ooo
l,038,72lt,000
16,752,000
52,1)91,000
13,398, J X>
55,312,000
166,289,000
26,092,000
1U,958,000
36, llil, 000
28,069,000
327,37^000

$1,601,125,000

1C1

TREASURY DEPARTMENT

mj mim

*anE~2ertnsT/,!sa3SKf:STs«a«<MK^T^

c r w r - " ^ ^ ' ^ * " ' " ^ ! ^ ^ ' ^ * ' " ^ ^r-tssBargg^

WASHINGTON, D.C
5LEASS MQRHING 3SE?ArS?AIERS,
lesday, July 10, 1956.

H-llll

The Treasury Department announced last evening that the tenders for §1,600,000*000,
thereabouts, of 91-day Treasury bills to be dated July 12 and to mature October 11,
•$6, which were offered on July $, were opened at the Federal Reserve Banks on July 9The details of this issue are as follows:
Total applied for - $2,687,885,000
Total accepted
- 1,601,125,000

(includes $29U,6Iv7,000 entered on a^
noncompetitive basis and accepted in
full at the average price shown below)
Average price
- 99*397 .Equivalent rate of discount approx. 2,387$ per annuia
Range of accepted competitive bids: (Excepting two tenders totaling §-275,000)
- 99.U10 Equivalent rate of discount approx. 2.331$ per annum
w
tt
w
M
w
lf
- 99.396
2.3Q9% n

High
Low

(67 percent of the amount bid for at the Ion 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

36,031*000
1,851,675,000
35,716,000
66,502,000
16,322,000
58,816,000
285,025,000
37,636,000
28, !£2,000
51,212,000
62,79U,000
157,73U,000

$2,687,885,000

25,53i,ooo
1,038,721*, 000
16,752,000
52,U91,00O
03,392,000
55,312,000
166,289,000
26,092,000
1U,958,000
36,1U1,000
28,069,000
127,37li,000

§1,601,125,000

mmm\

ZC OtxJ
V)

)_>-

fc±5
i 9
3 "'

• A

ffi
^

si
£>
£.£§

5T*

^fc

<&
#>w»

cv»
>
UJ

358**

STATUTORY DEBT UMITATION
A S 0F...*ISR?...3.9..!..1?56

TKKASUKYDBPA^,

1 0 l £

FI.CPI

flervlct

.
Washington,
J^.jQ*l%%
C S
m l Llbcrty B
A
amend d
rovi
of th^AcTn.! | i 7 °
r °lln ^:' "*
« »/
^ 8 that the face amount of obligations issued under authority'"
or that Ait, ami the face nmoimt of obligations guaranteed as to principal and Interest by the; United Suites (excebt sur.Y,L
antccd obl.gntions us may bo bold by the Secretary of the Treasury), ''shall not exceed in the M « e « « " | 2 7 5 0 0 0 ^ ^
(Act of June 26, 1946; U.S.C., title 31, sec. 7 5 7b), outstanding at any one time. For purposesTthC^ . e " ^ ^ 9 ^ ^ .
demotion value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the hol,L,
shall be considered as its face amount." The Act of August 28, 1954, (P.L. 686-B3rd Congrewsj'provides that durln* JhV
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 30,19ft
. . V*c. f°! ,ow ing table shows the face amount of obligations outstanding and the face amount which can still be Issued uml.
nae
this limitation:
Total fnce amount that may be outstanding at any one time
$ 2 8 1 , 0 0 0 , 0 0 0 OOfi
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
c

Treasury bills J 20 , 8081148 , 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:
Internat'l Monerary Fund series
„.
Total

l6»302»697*000
35,952.036.000

t 73t062,88l,000

81,839,908,700
57»^90»722»*W'l
310,374,500
12.009.478.000

151,656,483,641

3^*51^,135*000
10 >599>768,400

45,113,903,400
269 ,833 » 268 ,04l
661,O21,777

**9t23o,54l
Af001»Ol5
1.7^2,000,000

1,792,238,156
272,287,327,97^

Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A
7 3 »100 ,900
Matured, interest-ceased
1
787*575
Grand total outstanding
.
;
Balance face amount of obligations issuable under above authority
Reconcilement with Statement of the Public Debt
(Daily Statement of the United States Treasury,

73*888,475
;

„.^.T...T?.».?....i«.5.?
(Date)
!f!iS?.M.??.?.,..i?-5.«
(Date)

.
. ^
^fir^Tr?

^rnMM

272,750*813.W
73.888M
272,824*702025
~i
~? ~ ' ".' "'/^ i "ou'life

* H. R. 11740, passed by the House of Representatives and the Senate, but not yet
approved by the President, temporarily increases the debt limit by $3,000,000,000
for the period beginning on July 1, 1956, and ending on June 30, 1957*
H-1112

1
S T A T U T O R Y D K D T LIMITATION
AS 0F...,?S5S..^9.!....:!:?^

C^Q
^^

TRKAsimyDEPARTMENT
pi.c-ifl.rvic.

Washington, ,. J?.i?..lQ,125.§....
Section 21 of Second Liberty Mond Act, as amended, Provides that the face amount of obligations Issued under authority
of thnt Act, and the face amount of obligations guaranteed as to principal and intcicst bv the United States (except nuch guaranteed obligntious as may be hold by the Secretary of the Treasury), ' shall not exceed m the aggregate 1273,000,000,000
(Act 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 holdef
sholl be considered ns its face amount." The Act of August 28, 1954, (P.L. 6H6-B3rd Congress) provides that during the
period beginning on August 28, 1954, and ending June 30, 1955, the above limitation (f 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, 1956.*
The following table shows the face amount of obligations outstanding and the face amount which can still be Issued under
this limitation;
Total fnce amount that may be outstanding at any one time
$281,000,000,000
OutatotidingObligations issued under Second Liberty Bond Act, as amended
Interest-bearings
Treasury bills $20 »808,l48,000
Certificates of indebtedness.........
16*302,697*000
Treasury notes.................
35*952,036 , 000
BondsTreasury
81,839*908,700
* Savings (current redemp. value)
57*496, 722,44l
Depositary......
310,374,500
Investment series
12,009,478.000
Special FundsCertificates of indebtedness
3^*51^*135*000
Treasury notes;
10,599.768,400
Total interest-bearing
..........
.....
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
,

* 73, 062, 881,000

151*656,483,641

45,113,903,400
&>Oy tOjj , ^ O O ,U*rl
661,821,777

49,236,541
1,001,015
1,742,000,000

1,792,238,156
272,20/ ,327 ,97^*

Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A
?3 , 1 0 ° ^ 0 0
Matured, interest-ceased...
787*575
Grand total outstanding
Balance face amount of obligations issuable under above authority

73>883,475
272,361,216,449
Q *O3o * ? o 3 » 5 5 1

Reconcilement with Statement of the Public Debt t?....?....«fT.5.9
(Date)
^SS.?....??.f.,..i?-5fi...
(Date)

(Daily Statement of the United States Treasury,,...
*%
..
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

)

272,750,813,649
73 » ^ O ^ > ^ 7 5
272»Ox/J'»702,l<.4
*K>3 1485 »Q?5

272,361,216,449

* H. R. 11740, passed by the House of Representatives and the Senate, but not yet
approved by the President, temporarily increases the debt limit by $3,000,000,000
_jfor the period beginning on July 1, 1956, and ending on June 30, 1957H-1112

-£,
COTTON WASTES
(In pounds)
COTTON CARD STRIPS made from cotton having a staple of leas 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 countries? 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 . . . <
jLt»aj_y

0 0 0 0

s Established
% TOTAL QUOTA
t
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
s Established s
Imports
s Sept. 20, 1955, to s 33-1/3* of t Sept. 20, 19 55
s July 10. 1956
% Total Quota g to July 10, 1956
891,743
238,516
68,287
57,617

1,441,152

891,743

75,807

68,287

22,747
14,796
12,853

24,500
7,039

25,443
7.088

24,500
7,039

1,287,702

1,599,886

991,569

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
Wednesday, July 11 9 1956.

H-1113

Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by the President1 s Proclamation of September 5, 1939, as aanended
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 July 10, 1956, inclusive
Country of Origin,

Established Quota

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

783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
475,124
5,203
237
9,333

Imports

25,180
182,529
8,883,259
368,196
322,197

Country of Origin ••>
Honduras •
Paraguay
Colombia
Iraq
British East Africa . .
Netherlands E. Indies.
Barbados
l/Other 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.
J2/ Other than Algeria, Tunisia, and Madagascar.
Cotton, harsh or rough, of less than 3/4"
Imports Sept. 20, 19fo to J u n e 30, 1956
Established Quota (Global)
70,000,000

Imports
11,910,190

Cotton 1-1/8" or more JattfeobeiBBxAto^^
Imports Feb. 1. 1956^ to June 30, 1956, inclusive
Established Quota (Global)

Imports

22,828,210

16,365,529
en
cjn

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
Wednesday, July 11, 1956.

H-1113

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 July 10, 1956V inclusive
Country of Origin
Egypt and the AngloEgyptian Sudan . • .
Peru
British India
China . •
Mexico
JsrazD—L
*......»
Union of Soviet
Socialist Republics •
Argentina
.
Haiti
Ecuador . .

Established Quota
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
475,124
5,203
237
9,333

Imports

25,130
182,529
8,883,259
368,196
322,197

Country of Origin

Established Quota

Honduras ..... .
Paraguay • • • . . . .
Colombia
,
j.raq . . . . . . . .

British East Africa . .
Netherlands E. Indies.
* Barbados
l/0ther British W. Indies
Nigeria . • . . . ,
2/0ther British W. Africa
3/0ther French Africa . .
Algeria and Tunisia .

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.
Cottono harsh or rough, of less than 3/4"
Imports Sept. 20, 19 >5- to June 30, 1956

Cotton 1-1/8" or more fatixitess^
Imports Feb. 1, 1956, to June 30. 1956,

Established Quota (Global) Imports

Established Quota (Global)

70,000,000

11,910,190

22,828,210

Imports
16,365,529

Imports

-2COTTON 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 OTHERrtlSii,
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 Italy.

Country of Origin

Established
TOTAL QUOTA

Total Imports
Sept. 20, 1955, to
July 10, 1956

Established .
Imports
33-1/356 of 1 Sept. 20, 19 55
Total Quota t to July 10, 1956
1,441,152

891,743

75,807

68,287

United Kingdom • * . . • 4,323,457
Canada
239,690
France . . . .
227,420
British India
69,627
Netherlands
68,240
Switzerland . .
44,388
Belgium
38,559
Japan
• .
341,535
China
• • • . •
17,322
Egypt
•
8,135
Cuba
6,544
Germany
76,329
Italy
2,1,263

891,743
238,516
68,287
57,617

24,500
7,039

25,443
, 7,088

24,500
7,039

5,482,509

1,287,702

1,599,886

991,569

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

22,747
14,796
12,853

y")

157

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
Wednesday, July 11.1956,

H-1114

The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour authorized to be entered, or withdrawn
from warehouse, for consumption under the import quotas established in the
President's proclamation of May 23, 19Ul, as modified by the President's
proclamation of April 13, 19U2, for the 12 months commencing May 29, 1956,
as follows s

Wheat
Country
of
Origin

;
!
:• Established :
Imports
:1V;; 29, 1956, to
t
Quota
sjuly 10 . 1956
(Bushels)
(Bushels)

795,000

—

—
—

*
s
s
:

Tffieat flour, semolina,
crushed or cracked '
wheat, and similar
wheat products

: Established i
Imoorts
s
Quota
t May 29, 1956,
9
•
•
• to July 10. \
(Pounds)
(Pounds)

3,815,000

3,815,000
2U,000
13,000
13,000
3,000

100

75,000

—

1,000

100
100

—

5,ooo

—

5,000

—

1,000
1,000
1,000
111, 000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000

100
2,000
100

—
—
—

—

1,000

—

100

—

1,000
100
100
100
100

^
~*
mm

—
—
—

*m
—
—

—

•

—

TREASURY DEPARTMENT
Washington
,^ v> v^

IMMEDIATE RELEASE,
Wednesday, July 11,1956.

H-1114

The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour authorized to be entered, or withdrawn
from warehouse, for consumption under the import quotas established in the
president's proclamation of May 23, 19Ul, as modified by the President's
proclamation of April 13, 19h2, for the 12 months commencing May 29, 1956,
as follows?

Wheat
Country
of
Origin

Established :
Imports
Quota
tMay 29, 1956, to
:July 10. 1956
(Bushels)
(Bushels)

795,000
Canada
China
Hungary
Hong'Kong
Japan
United Kingdom
100
Australia
Germany
100
Syria
100
New Zealand
Chile
Netherlands
100
Argentina
2,000
Italy
100
Cuba,
France
1,000
Greece
Mexico
100
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
1,000
Guatemala
100
Brazil
100
Union of Soviet
Socialist Republics
100
Belgium
100
'800,000"

795,000

Tffieat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established
Quota
(Pounds)

Imports
May 29, 1956.
to July 10, 1956
(Pounds)

3,815,000
2U,000
13,000
13,000
3,000
75,000
1,000
5,000
5,000
1,000
1^000
1,000
111, 000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000

3,815,000

UTODDTDCRJ

3,815,000

1 ^Q

- ?
—

—

\ *y O

The electronic machines, capable of accurately "remembering"
facts and figures, will both process checks for payment and
reconcile the checks after payment.

Pacts concerning each check

issued, such as the serial number and amount, will be fed into
the machines.

When the check comes back to the Treasury for

payment, the machines will either verify or throw it out as
incorrect.

The machines will also provide information at any

time on checks still outstanding, thereby simplifying the
reconciliation of accounts of disbursing officers.

Costly

recording and auditing procedures in check processing, performed
by several hundred persons, .will no longer be necessary.
The new Iwwwri-colored checks will be used primarily by
disbursing officers presently issuing paper checks prepared
by hand.

They will require special punching at the Federal

Reserve Banks, which is not necessary in the case of the more
generally used green cardboard checks.

The -Ir^jffifr-color was

adopted to simplify the separation of these checks at the
Federal Reserve banks for this special punching.
About 350,000,000 checks are issued each year by the
government, of which 30,000,000 are now paper checks.

The paper

checks will be eliminated beginning August 1, and will disappear
completely as those outstanding at that time are cashed.

0O0

/
f /

)

Dg*ft. yf Pi upua
'#>> '**. -'»'

77-

«j

United States.

„

KJmY^fi\

The new checks will be ba?eWA-coloredA in punch card form,
and will have a diagonal cut in the upper right corner. They
will replace the comparatively few paper checks now issued by
the government.
Green punch card checks, which have a diagonal cut in the
upper left; corner, will continue in use.
The brw&i-colored checks will be introduced in connection
A

with the adoption of high speed electronic machines to process
the payment and reconciliation of government checks. The new
machines, which will go into use August 1, were installed after
two years' study by the Treasury, General Accounting Office
and the Bureau of the Budget, as another step to reduce costs
by improving Government procedures.

As previously announced,

upon complete conversion to the system, annual savings of
$2,250,000 are expected.

-i. w

«L

TREASURY DEPARTMENT
RELEASE A.M. NEWSPAPERS,
Monday, July 16, 1956.

WASHINGTON, D.C.
H-1115

The Treasury Department announced today that beginning about
August 1, 1956, a number of Government disbursing officers will
issue a new form of government check different in appearance from
the familiar green-colored punch card and conventional paper
checks drawn on the Treasurer of the United States.
The new checks will be buff-colored (light brown), in punch
card form, and will have a diagonal cut in the upper right corner.
They will replace the comparatively few paper checks now issued by
the government.
Green punch card checks, which have a diagonal cut in the
upper left corner, will continue in use.
The buff-colored checks will be introduced in connection
with the adoption of high speed electronic machines to process
the payment and reconciliation of government checks. The new
machines, which will go into use August 1, were installed after
two years1 study by the Treasury, General Accounting Office and the
Bureau of the Budget, as another step to reduce costs by improving
Government procedures. As previously announced, upon complete
conversion to the system, annual savings of $2,250,000 are expected.
The electronic machines, capable of accurately "remembering"
facts and figures, will both process checks for payment and
reconcile the checks after payment. Facts concerning each check
issued, such as the serial number and amount, will be fed into
the machines. When the check comes back to the Treasury for
payment, the machines will either verify or throw it out as
incorrect. The machines will also provide information at any time
on checks still outstanding, thereby simplifying the reconciliation
of accounts of disbursing officers. Costly recording and auditing
procedures in check processing, performed by several hundred persons,
will no longer be necessary.
The new buff-colored checks will be used primarily by
disbursing officers presently issuing paper checks prepared by hand.
fhey will require special punching at the Federal Reserve Banks,
wnich is not necessary in the case of the more generally used
green cardboard checks. The buff-color was adopted to simplify
tne separation of these checks at the Federal Reserve banks for
this special punching.
Abc
jut 350,000,000 checks are issued each year by the governffi„f
ment 01 which 30,000,000 are now paper checks. The paper checks
aq iv,^! eliminated beginning August 1, and will disappear completely
as those outstanding at that time0O0
are cashed.

TREASURY DEPARTMENT
Washington
n0

J... KJ

IMMEDIATE R E L E A S E ,
Wednesday5 July 1 1 , 1 9 5 6 .

H-1116

The Bureau of Customs announced today the following preliminary
figures showing the imports for consumption from January 1, 1956,
to June 30, 1956, inclusive, of commodities for which quotas were
established pursuant to the Philippine Trade Agreement Revision Act
of 1955:
:

Commodity

Buttons

Unit
:Established Annual ;
of
:
: Quota Quantity
Quantity
807,500

Gross

• Imports as of

* June 30, 1956
286,602

Cigars 190,000,000

Number

Coconut Oil 425,600,000

Pound

87,155,335

Cordage 6,000,000

Pound

1,999,080

1,718,235

9,890,164

(Refined
Sugars

1,904,000,000

Pound

1,237,824,888

(Unrefined
Tobacco 6,175,000

Pound

1,890,1*33

1 QQ

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Wednesday, July 115 1956,

*L ^J W

H-1116

Commodity

.DUXwOns .......••• 9 0 . . 0 . . 9 .

Cigars ...

e . . . . . . .

. 9 . 9 9 .

807,500
190,000,000

Coconut Oil ............. 425,600,000
Cordage

6,000,000

-Gross
Number

Imports as of
June 30, 1956

286,602
1,718,235

Pound

87,155,335

Pound

1,999,080
9,890,164

\x\€xinecL «••<>.«»•
Sugars
(Unrefined

1,904,000,000

Tobacco

6,175,000

Pound

1,237,824,888
Pound

1,890,433

IMMEDIATE RELEASE,
Wednesday, July 11, 1956.
«R 4 H_
T R M S U B I DEPAHTMENT
D^f H-1117
Washington
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 June 30, 1956, inclusive, as follows:
Unit
of
: Imports as o
Quantity:June 30. 19j

Commodity
Tariff-Rate Quotas:

Whole milk, fresh or sour

Calendar Year

1,500,000

Gallon

360

Calendar Year

3,000,000

Gallon

347

Cattle, less than 200 lbs. each. 12 mos* from
April 1, 1956
Cattle, 700 lbs. or more each •. April 1, 1956 (other than dairy cows)
June 30, 1956

200,000

Head

3,686

120,000

Head

2,818

Fish, fresh or frozen, filleted,
etc», cod, haddock, hake, pollock, cusk, and rosefish ...... Calendar Year

35,196,575

Pound

Quota Fiile

Tuna fish April 16, 1956

28,757,393

Pound

8,179,417

150,000,000
60,000,000

Pound
Pound

139,879,680
Quota Fille

Pound

Quota Fille

Pound

Quota FiUe

Pound

11,100,727

Pound

Quota Fillec

Pound
Pound

9,894,077

Dec. 31, 1956
White or Irish potatoes:
Certified Seed ................ 12raos.from
Other
Sept. 15, 1955
Walnuts Calendar Year 5,000,000
Alsike clover seed 12 mos. from 2,500,000
July 1, 1955
Peanut Oil

12 mos. from
July 1, 1955

80,000,000

Absolute Quotas:
Peanuts, whether shelled, not
shelled, blanched, salted, prepared, or preserved (including
roasted peanuts, but not in12 mos. from
1,709,000
eluding peanut butter) ........ Aug. 1, 1955
'Stye, rye flour, and rye meal 12 mos. from
July 1, 1956
Canada
182,280,000
Other Countries
3,720,000

(1) Imports for consumption at the quota rate are limited to 17,598,288
pounds during the first six months of the calendar year*
(*) Imports through July 10, 1956.

JATE RELEASE,
sda^jHJ- y -11" 1 ^ 5 6 >

** S~\

4 V..

TREASURY DLPARWEJUT

H-1117
VJashington
The Bureau of Customs announced today preliminary figures showing the imports
consumption of the commodities listed below within quota limitations from the
jf-inning of the quota periods to June 30, 1956, inclusive, as follows:
Unit
of
-Imports as of
Quantity:Jane 30. 1956

Coiraiodity

T?ri ff-Rate Quotas:
Cream, fresh or sour

Calendar Year

Whole milk, fresh or sour Calendar Year
Cattle, less than 200 lbs. each. 12 mos. from
April 1, 1956
Cattle, 700 lbs. or more each .. April 1, 1956
June 30, 1956
(other than dairy cows)
Fish, fresh or frozen, filleted,
etc., cod, haddock, hake, pollock, cusk, and rosefish
• Calendar Year

1,500,000

Gallon

360

3,000,000

Gallon

3U7

200,000

Head

3,686

120,000

Head

2,818

(D
35,196,575

Pound

April 16, 1956
Dec. 31, 1956

28,757,393

Pound 8,179,10-7

White or Irish potatoes:
Certified Seed
Other

12 mos. from
Sept. 15, 1955

150,000,000
60,000,000

Walnuts

Calendar Year

5,000,000

Pound Quota Filled

Alsike clover seed

12 mos. from

2,500,000

Pound Quota Filled

Tuna fish

Pound
Pound

Quota Filled

139,879,680
Quota Filled

July 1, 1955
Peanut Oil 12 mos. from

July 1, 1955

80,000,000

Pound

11,100,727

1/709,000

hound

Quota Filled

Absolute Quota.??;
Peanuts, whether shelled, not
shelled, blanched, salted, prepared, or preserved (including
roasted peanuts, but not in12 mos. from
eluding peanut butter)
Au<% 1, 1955

tye, rye flour, and rve meal ... 12 mos. from.
July 1, 1956
I8252o0,000
Canada
3,720,000
0 here Countries

i->)
Pound
Pound

9,o^,orr

te are United to 17,5°3,288
(1) Imports for consumption at the quota rate
pounds
months of the caloncar yoai
ounds during the first six.
sly. mo
(*) Imports through July 10, 19>->-

^0). ;Y

- 3-

tim.
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 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 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 July 19» 1956 , in cash or other immediately available funds
or in a like face amount of Treasury bills maturing July 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 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,

1 CQ
.L O \mJ

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, July 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
in exchange for Treasury bills maturing July 19, 1956 , in the amount of
$ 1,599,963,000 , to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated July 19, 1956 , and will mature October l8» 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 $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
Daylight Saving
closing hour,/tea o'clock p.m., Eastern/taaotiaoxk time, Monday, July 1$. 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, July 12, 1956.

H-1118

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 July 19, 1956,
in the amount of $1,599,963,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated July 19, 1956,
and will mature October 18, 1956,
when the face amount will be
payable without interest. They will be issued in bearer form only„
and in denomination 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, July 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 v/ill 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 C

??Se^tiYf blds*
Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on July 19, 1956,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing July 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

"» 7fi
imEDIATE RELEASE,
Thursday, July 12, 1956.

/
•/

•if

The Treasury Department announced today that the subscription books
will open on Monday, July 16, for an offering otZ-jty percent Treasury Motes
maturing August 1, 1957, in exchange for the 2 percent Treasury Notes of
Seriee B-1956, maturing August 15, or the l-l/? percent Treasury Hotes of
Series E0-19S6, maturing October 1, 1956. Cash subscriptions will not be
received.
There are outstanding 112,388 million ef the Treasury Motes maturing
August 15 and $$$0 million of the Treasury Hotes maturing October 1.
The new notes will be dated July 16, 1956, and will
1957* Interest will be adjusted as of July 16 with
of the maturing notes of either series, and accrued
mill be paid to subscribers following acceptance of

mature August 1,
respect to exohanges
Interest to that date
the notes*

In all cases the final coupon on the notes to be exchanged must be
attached when surrendered. Delivery of the new notes will be made on
July 25.
The subscription books will be open July 16 through July 18 for this
exchange offer* Any subscription addressed to a Federal Reserve Bank or
Branch, or to the Treasurer of the United States, and placed in the mail
before midnight Wednesday, July 18, will be considered as timely.

TREASURY DEPARTMENT
W A S H I N G T O N , D.C.
IMMEDIATE RELEASE,
Thursday, July 12, 1956.

H-11I9

The Treasury Department announced today that the
subscription books will open on Monday, July 16, for an
offering of 2-3/4 percent Treasury Notes maturing
August 1, 1957, in exchange for the 2 percent Treasury
Notes of Series B-1956, maturing August 15, or the
1-1/2 percent Treasury Notes of Series E0-I956,
maturing October 1, 1956. Cash subscriptions will not
be received.
There are outstanding $12,386 million of the
Treasury Notes maturing August 15 and $550 million of
the Treasury Notes maturing October 1.
The new notes will be dated July 16, 1956, and
will mature August 1, 1957. Interest will be adjusted
as of July 16 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 all cases the final coupon on the notes to be
exchanged must be attached when surrendered. Delivery
of the new notes will be made on July 25.
The subscription books will be open July 16 through
July 18 for this exchange offer. Any subscription
addressed to a Federal Reserve Bank or Branch, or to
the Treasurer of the United States, and placed in the
mail before midnight Wednesday, July 18, will be
considered as timely.

cOo

i 70
- 2 was appointed by the Governor to represent Pennsylvania as
a delegate at the annual conferences of the National Tax
Association.
Mr. Gafford joined the Treasury Department in May, 1955, as
a member of the staff of the Treasury General Counsel.

He was

assigned as alternate personnel security officer and legal
officer for the personnel security program of the Department.
Mr. Gafford is a member of the Northampton County Bar
and Pennsylvania Bar Associations and the bars of the
Supreme and Superior Courts of Pennsylvania, the U.S.
District Court for the Eastern District of Pennsylvania, the
U.S. Circuit Court of Appeals for the Third Circuit, the
U.S. Military Court of Appeals and the Supreme Court of the
United States.

IMMEDIATE RELEASE,
Monday, July 16. 1956.

H-

/ (J-Q

He received an AB degree surama cum laude

from Lafayette College, Easton, Pennsylvania, in 1931, and an
LLB degree from the University of Pennsylvania Law School in
1934.

After graduation he practiced law in Easton with the

firm of Smith & Paff.
In 1942 Mr. Gafford entered military service with the
U.S. Army.

He went overseas in 1944, and served for two years

as Assistant Theatre Judge Advocate on General Eisenhower's
Staff in France and Germany.

He was awarded the Bronze Star

Medal by General Eisenhower for meritorious service, and was
released from active military service in 1946 with the rank of
Lieutenant Colonel.
Following his military service, Mr. Gafford resumed the
practice of law in Easton as a member of the firm of Smith,
Paff, Van Sickle and Gafford.

In 1947 he was appointed

Deputy Attorney General for the £tate of Pennsylvania with
offices at Harrisburg.

In 1952, 1953 and 1954, Mr. Gafford

TREASURY DEPARTMENT
WASHINGTON, D.C.
IMMEDIATE RELEASE,
Monday, July 16. 1956.

H-1120

Secretary Humphrey today announced the appointment of
Francis J. Gafford of Easton, Pennsylvania, as an Assistant to
the Secretary of the Treasury, designated as Personnel Security
Officer of the Treasury Department.
Fred C. Scribner, Jr., General Counsel of the Treasury
Department, administered the oath of office to Mr. Gafford, who
succeeds the late Clarence 0. Tormoen.
Mr. Gafford was born in Phillipsburg, New Jersey, on
December 31, 1909. He received an AB degree summa cum laude from
Lafayette College, Easton, Pennsylvania, in 1931, and an LLB degree
from the University of Pennsylvania Law School in 1934. After
graduation he practiced law in Easton with the firm of Smith & Paff.
In 1942 Mr. Gafford entered military service with the U.S. Army.
He went overseas in 1944, and served for' two years as Assistant
Theatre Judge Advocate on General Eisenhowerfs Staff in France and
Germany. He was awarded the Bronze Star Medal by General
Eisenhower for meritorious service, and was released from active
military service in 1946 with the rank of Lieutenant Colonel.
Following his military service, Mr. Gafford resumed the
practice of law in Easton as a member of the firm of Smith, Paff,
Van Sickle and Gafford. In 1947 he was appointed Deputy Attorney
General for the State of Pennsylvania with offices at Harrisburg.
In 1952, 1953 and 1954, Mr. Gafford was appointed by the Governor
to represent Pennsylvania as a delegate at the annual conferences
of the National Tax Association.
Mr. Gafford joined the Treasury Department in May, 1955, as
a member of the staff of the Treasury General Counsel. He was
assigned as alternate personnel security officer and legal officer
for the personnel security program of the Department.
Mr. Gafford is a member of the Northampton County Bar and
Pennsylvania Bar Associations and the bars of the Supreme and
Superior Courts of Pennsylvania, the U.S. District Court for the
Eastern District of Pennsylvania, the U.S. Circuit Court of
Appeals for the Third Circuit, the U.S. Military Court of Appeals
and the Supreme Court of the United States.

oOo

TREASURY DEPARTMENT

17^

WASHINGTON, B. C.

IMMEDIATE RELEASE,
*fandavr July 16. 1956

- /y/

During June 1956, market transactions in direct and
guaranteed securities of the government for Treasury investment and other accounts resulted in net purchases by
the Treasury DBpartment of #239,762,900.
In addition, $159,000,000 of 2% Treasury notes
maturing August 15, 1956, were purchased for account of
the Sinking Fund and retired.

TREASURY DEPARTMENT
WASHINGTON, D.C.

IMMEDIATE RELEASE,
Monday, July 16, 1956.

H-1121

During June 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 $239,762,900.
In addition, $159,000,000 of 2% Treasury
notes maturing August 15, 1956, were purchased
for account of the Sinking Fund and retired.

0O0

77
ES1EA1S MORNING NEWSPAPERS,
Tuesday, July 1?, I & 6 .

o -.
^

The Treasury Department announced last evening that the tenders for $1,600,000,01^
or thereabouts, of 91-day Treasury bills to be dated July 19 and to mature October IS,
1956, which were offered on July 12, were opened at the Federal Reserve Banks on Jaly H
The details of this issue are as follows:
Total applied for - $2,^72,056,000
Total accepted
- 1,600,593,000

(includes $321,128,000 entered cm a
noaeoapetitiv* basis and accepted in
full at the average priee shown below)
Average price
- 99.U35 Equivalent rate of discount appro*. 2.237/t per annua
Range of accepted competitive bids: (Excepting two tenders totaling $h50,000)
Higjh - 99.UU1 Equivalent rate of discount approx. 2.211% per anon
Low
- 99.102
•
" •
"
•

2,2fe7* •

(56 peroent of the aasunt bid for at the low price was accepted)

Federal Reserve
District

Total
Applied far

Total
Accepted

Boston
lew York
Philadelphia
Qmm9*mlaimi
Richmond
Atlanta
Chicago
St. Louis
Mlnneap?"l<?
Kansas City
Dallas
San Francisco

35.fcfco,ooo
1,697,289,000
36,209,000
8S,25fc,000
18,705,000
93,22k,000
301,366,000
3fc.33l.ooo
13,5W>,000
53,752,000
56,fc67,000
106.fc79.000

^9m^9m%%W*mmm***m%%9^^^mmrmmmmW^^-^^^---^^mW

TOTAL

$2,k72,056,000

33,370,000
981.663,000
18,159,000
73,029,000
18,105,000
27,732.000
226,876,000
33,231,000
13,2fcO,0O0
fc7,632,000
29,767,000
97.78?.0»

$1,600,593,000

•

IffilEASE MORNING IffilYSPAPERS,
Tuesday, July 17, 1956.

H-1122

The Treasury Department announced last evening that the tenders for $1,600,000,000,
or thereabouts, of 91-day Treasury bills to be dated July 19 and to mature October 18,
1956, which -were offered on July 12, were opened at the Federal Reserve Banks on July 16.
The details of this issue are as follows:
Total applied for - $2,1*72,056,000
Total accepted
- 1,600,593,000

Average price

(includes $321,128,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
- 99*U35 Equivalent rate of discount approx* 2*237^ per annum

Range of accepted competitive bids: (Excepting two tenders totaling $U50,000)
High - 99•Mil Equivalent rate of discount approx* 2.211$ per annum
Low
- 99.1|32
«
* *
n
II

2.2h7% "

(56 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

35,UU0,000
1,697,289,000
36,209,000
85,25U,000
18,705,000
33,22U,000
301,366,000
3U,331,000
13,5U0,0O0
53,752,000
56,U67,000
106,U79,000

$2,U72,056,000

33,370,000
981,663,000
18,159,000
73,029,000
18,105,000
27,732,000
226,876,000
33,231,000
13,21*0,000
U7,632,000
29,767,000
97,789,000

$1,600,593,000

•

-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$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. 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.

- 2Mmk i p r |
—

. L Vj O

—

P?
or in a like face amount of Treasury bills maturing
July 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 195U. The bills
are subject tp 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,

.1. V> JL

TREASURY DEPARTMENT
Washington
1

FOR RELEASE, MORNING NEWSPAPERS,
Thursday. July 19. 1956
.
The Treasury Department, by this public notice, invites tenders for
,600,000,000

, or thereabouts, of

in exchange for Treasury bills maturing

-day Treasury bills, for cash and

July 26, 1956

, in the amount of

$ 1,601,522,000 , 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 July 26, 1956
, and will mature
October 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
one-thirty
Daylight Saving
closing hour, JCKB/O*clock p.m., Easterryfibaxudaaofl time, Monday, July 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

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

IB2

W A S H I N G T O N , D.C.
RELEASE MORNING NEWSPAPERS,
Thursday, July 19, 1956.

H-1123

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 July 26, 1956,
in the amount of $1,601,522,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series v/ill be dated July 26, 1956,
and will mature October 25, 1956,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination 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, July 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 July 26, 1956,
In cash or other immediately available funds
or in a like face amount of Treasury bills maturing July 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 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

TREASURY DEPARTMENT
Washington

H-1124
IMMEDIATE RELEASE,
Wednesday, July 18, 1956.
The Bureau of Customs announced today that informal information
indicates that the quota of 1,709,000 pounds on peanuts, whether
shelled, not shelled, blanched, salted, prepared, or preserved
(including roasted peanuts, but not including peanut butter), prescribed in the President's Proclamation of June 8, 1953, as amended
and modified, may be filled on August 1, 193&, the opening day of
the quota.year.
An equal opportunity will be afforded all importers and other
interested parties for the filing of entries and withdrawals for
consumption of peanuts at the same moment of time on the opening day
of the quota. Arrangements have therefore been made at customs ports
of entry whereby importers and other interested parties may simultaneously present, an proper form, entries or withdrawals for consumption of peanuts on August 1, as of 12:00 noon, e.s.t., or its
equivalent in other time zones.
If the entries and withdrawals from warehouse for consumption
presented on August 1, at the hours specified above, cover a total
in excess of the quota, the quantity which may be released under
the quota will be prorated over the various entries, thus assuring
an equitable distribution of the quota.
If the quota is not filled at the opening moment on August 1,
entries and withdrawals for consumption thereafter will be considered
in the order of time of presentation.
No one may present entries or withdrawals for consumption for a
quantity in excess of the quota.

TREASURY DEPARTMENT
Washington

184

H-1124
IMMEDIATE RELEASE,
Wednesday, July 18, 195b.
The Bureau of Customs announced today that informal information
indicates that the quota of 1,709,000 pounds on peanuts, whether
shelled, not shelled, blanched, salted, prepared, or preserved
(including roasted peanuts, but not including peanut butter), prescribed in the President's Proclamation of June 8, 1953, as amended
and modified, may be filled on August 1, 1956, the opening day of
the quota year.
An equal opportunity will be afforded all importers and other
interested parties for the filing of entries and withdrawals for
consumption of peanuts at the same moment of time on the opening day
of the quota. Arrangements have therefore been made at customs ports
of entry whereby importers and other interested parties may simultaneously present, in proper form, entries or withdrawals for consumption of peanuts on August 1, as of 12*00 noon, e.s.t., or its
equivalent in other time zones.
If the entries and withdrawals from warehouse for consumption
presented on August 1, at the hours specified above, cover a total
in excess of the quota, the quantity which may be released under
the quota will be prorated over the various entries, thus assuring
an equitable distribution of the quota.
If the quota is not filled at the opening moment on August 1,
entries and withdrawals for consumption thereafter will be considered
in the order of time of presentation.
No one may present entries or withdrawals for consumption for a
quantity in excess of the quota.

mm W

-' /

I:«i£)IATl fxSiaA3Xf
Friday, July 2D. 1956.
«WMWWIWI*«<1MP»II«I>M«MII

11 •

—

" rsli^incrr figures show that about $12.1
billion of the Treasury notes maturing August 15
and October 1 have been exchanged for the new
twelve and one-half -month 2-3/4 percent Treasury
notes, leaving nearly #900 million for cash redemption*
Further details regarding the exchange will
be announced neat week after final reports are
received*

TREASURY DEPARTMENT
W A S H I N G T O N , D.C.

IMMEDIATE RELEASE,
Friday, July 20, 1956.

H-1125

Preliminary figures show that about $12.1
billion of the Treasury notes maturing August 15
and October 1 have been exchanged for the new
twelve and one-half-month 2-3/4 percent Treasury
notes, leaving nearly $900 million for cash
redemption.
Further details regarding the exchange will
be announced next week after final reports are
received.
oOo

RELEASE MORNING NEWSPAPERS,
Tuesday, July 2km 1956*

13(

H-1126

The Treasury Dopartaent announced last evening that the tenders for •1,600,000,000
or thereabouts, of 91-day Treasury bills to be dated July 26 and to mature October 2$,
1956, which were offered on July 19, were opened at the Federal Reserve Banks on
July 23.
The details of this issue mrm ma follows:
Total applied for - $2,342,619,000
Total accepted
- 1,600,219,000 (includes $279,769,000 entered cm a
noncompetitive basis and accepted in
full at the average price shown below)
Average price
- 99.418 Equivalent rate of discount approx* 2.303* per annua
Range of accepted competitive bids* (Excepting two tenders totaling $550,000)
High - 99«U*0 Equivalent rate of discount approx* 2.215$ per annua
Low
- 99*102
»
* •
•
«

2*3»W

(30 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total

Total
99m^^^mFm*mmWmm « H P P

Total
Accepted

38,690,000
i,59S»ooi,ooo
36,18^,000
67,876,000
15,560,000
2b,662,000
317,077,000
k5,238,000
1^,123,000
5t,33i.ooo
38,878,000
•6,999,000

*2,3lt2,6l9,0OO

w y 4.

28,690,000
9*8,151,000
11,104,000
57,876,000
15,560,000
2U,312,000
263,977,000
US,239,000
Ut,123,000
52,331,000
31,778,000
96,999,000

#1,600,219,000

•

TREASURY DEPARTMENT
W A S H I N G T O N , D.C.
I^ipSE HORNING NEWSPAPERS,

H-1126

Tuesday, July 2U, 1956*

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

or thereabouts, of 91-day Treasury bills to be dated July 26 and to mature Octob

1956, which were offered on July 19, were opened at the Federal Reserve Banks on
July 23.
The details of this issue are as follows:
Total applied for - $2,31*2,619,000
Total accepted
- 1,600,219,000 (includes $279,769,000 entered on a
noncompetitive basis and accepted in
full at the average price shosm below)
Average price
- 99*kl$ Equivalent rate of discount approx* 2*303$ per annum
Range of accepted competitive bids: (Excepting two tenders totaling $550,000)
High - 99.kkP Equivalent rate of discount approx* 2*215$ per annum
Low
- 99.U12
••
n
ti
ti
n
2.326$
(30 percent of the amount bid for at the low price was accepted)
Federal Reserve Total Total
District
Applied for
Boston $ 38,690,000 $ 28,690,000
New York
1,595,001,000
Philadelphia
36,l8U,000
Cleveland
67,876,000
Richmond
15,560,000
Atlanta
2^,662,000
Chicago
317,077,000
St. Louis
15,238,000
Minneapolis
1)4,123,000
Kansas City
52,331,000
Dallas
38,878,000
San Francisco
96,999,000
Total $2,3h2,619,000 $1,600,219,000

Accepted
9U8,l5l,000
21,18^,000
57,876,000
15,560,000
2k,312,000
263,977,000
U5,238,000
lU,123,000
52,331,000
31,778,000
96,999,000

189
IMMEDIATE RELEASE,
Wednesday, July 25, 1956.

H -

\\X7

The Treasury Department today announced the results of the current
exchange offering of 2-3/1* percent Treasury Hotes of Series D-1957, dated
July 16, 1956, due August 1, 1957, open to holders of $12,388,335,000 of
2 percent Treasury Rotes of Series 8*1956, maturing August 15, and
$550,008,000 of 1-1/2 percent Treasury Notes of Series EO-1956, maturing
October 1, 1956*

Subscriptions for the now notes amounted to $12,056,1*65,000,

leaving $881,878,000 of the maturing issues for cash redemption.
Amounts exchanged were divided among the several Federal Reserve Dittrlcts and the Treasury as follows:
Federal Reserve
District

B-1956 Motes
Exchanged

E0-1956 Motes
Exchanged

Total
Exchange*

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

TOTAL

10ii,872fOOO
9,620,070,000
98,802,000
218,1*10,000
68,1*33,000
11*0,609,000
li93,0$6,000
11*9,1*20,000
96,380,000
128,751,000
111,368,000
292,870,000
5,689*000

$11,528,730,000

6,395,000
506,913,000
3,1*75,000
1,136,000
ill,000
621,000
3,970,000
1,080,000
1,086,000
886,000
1*1,8,000
1,1*82,000
202,000

•527,735,000

111,267,000
10,126,983,000
102,277,000
219,51(6,000
68,l»7lt,O00
111,230,000
1(97,026,000
150,500,000
97,1(66,000
129,637,000
111,816,000
29l(,352,000
5.891.000

•12,056,1(65,000

1 Qn
~L W \m/

TREASURY DEPARTMENT
WASHINGTON, D.C.
IMMEDIATE RELEASE,
Wednesday, July 25, 1956.

N ^ ^ /

H-1127

.The Treasury Department today announced the results of the
current exchange offering of 2-3/4 percent Treasury Notes of
Series D-1957, dated July lb, 1956, due August 1, 1957, open to
holders of $12,388,335,000 of 2 percent Treasury Notes of Series
B-1956, maturing August 15, and $550,008,000 of 1-1/2 percent
Treasury Notes of Series 20-1956, maturing October 1, 1956.
Subscriptions for the new notes amounted to $12,056,465,000, leaving
$881,878,000 of the maturing issues for cash redemption.
Amounts exchanged were divided among the several Federal Reserve
Districts and the Treasury as follows:
Federal Reserve B-1956 Notes £0-1956 Notes Total
District
Exchanged
Exchanged
Exchanges
Boston $ 104,872,000 $ 6,395,000 ss 111,267,000
New York
9,620,070,000
506,913,000
10,126,983,000
Philadelphia
98,802,000
3,475,000
102,277,000
Cleveland
218,410,000
1,136,000
219,546,000
Richmond
68,433,000
41,000
68,474,000
Atlanta
140,609,000
621,000
141,230,000
Chicago
493,056,000
3,970,000
497,026,000
St. Louis
149,420,000
1,080,000
150,500,000
Minneapolis
96,380,000
1,086,000
97,466,000
Kansas City
128,751,000
886,000
129,637,000
Dallas
111,363,000
448,000
111,816,000
San Francisco
292,870,000
1,482,000
294,352,000
Treasury
5,689,000
202,000
5,891,000
TOTAL $11,528,730,000 $527,735,000 $12,056,465,000

1Q-j

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. itlS, 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 -

•; Q9
*

vJ 6-m

mff I|tpTT ft

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,

1 en
v>

^VS^KM:

Is
TREASURY DEPARTMENT
Washington

j ^
i

FOR RELEASE, MORNING NEWSPAPERS,
Thursday, July 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 August 2, 1956 , in the amount of
$1*599.603*000 , to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated August 2, 1956 , and will mature November 1, 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
Daylight Saving
closing hour,/km o*clock p.m., Eastern/teodaaxk time, Monday9 July 30* 1956
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99*92$. 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
^gmmmwwm^m

..m,. ULJL ,1 > . ^ . W L W"iji., uuuuui.UUJ- - IHIM..UU J?JlJ*ri^JJi»lM5^;&?lU&l^JUl^^

W A S H I N G T O N , D.C.
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, July 26, 1956
.

H-112B

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 August 2, 1956,
in the amount of $ 1,599,603,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series v/ill be dated August 2, 1956,
and will mature November 1, 1956,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination 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, July 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 i QC;
mi-. \J

competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on August 2, 1956,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing August 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 195^. 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

1 QC
mm. \mJ \J

Jul 27 1956

My dear Mr* Chairman:
I am writing in reference to H*R. 11436 and
H.R. 11437, identical bills imposing a processing
tax on certain watch movements which were introduced
by Mr* Mills and Mr* Reed, respectively, at the
Second Session of the 84th Congress, and referred
to the Ways and Means Committee* The purpose of
this legislation, which is supported by the Treasury
Department and other interested agencies in the
Executive Branch, is to correct a recently developed
deficiency in the provisions of the Tariff Act of 1930
relating to watch movements*
We understand that you and a number of other
members of your Committee felt that adequate consideration of the bills would require public hearings
and extensive consideration by the Committee*
As you know, the Treasury Department and other
interested executive agencies believe this deficiency
which presently exists in the tariff law is a quite
serious one and can be satisfactorily corrected only
through legislation*
Now that Congress is about to adjourn, it will,
of course, not be possible for this matter to be
rectified before next year. However, we plan to
propose legislation early in the next session of
Congress when there will be ample time to give it
thorough consideration* I hope that this can take
place as shortly after the Congress convenes as you
find it practicable*
Sincerely yours,
(S) G* M* Humphrey
Secretary of the Treasury
Honorable Jere Cooper
Chairman
Ways and Means Committee
House of Representatives
7/gO/gC

E&EDIATE REIEASE
Friday, July 27, 1956

\\ *

/•/

The following letter was today forwarded by Treasury Secretary
Humphrey:

TREASURY DEPARTMENT
WASHINGTON, D.C.
IMMEDIATE RELEASE
Friday, July 27, 1956

K-1129

The following letter was today forwarded by Treasury
Secretary Humphrey:
July 27, 1956
Honorable Jere Cooper
Chairman, Ways and Means Committee
House of Representatives
My dear Mr. Chairman:
I am writing in reference to H.R. 11436 and H.R. 11437,
identical bills imposing a processing tax on certain watch movements which were introduced by Mr. Mills and Mr. Reed, respectively,
at the Second Session of the 84th Congress, and referred to the
Ways and Means Committee. The purpose of this legislation., which
is supported by the Treasury Department and other interested
agencies in the Executive Branch, is to correct a recently developed deficiency in the provisions of the Tariff Act of 1930 relating to watch movements.
We understand that you and a number of other members of your
Committee felt that adequate consideration of the bills would
require public hearings and extensive consideration by the Committee.
As you know, the Treasury Department and other interested
executive agencies believe this deficiency which presently exists
in the tariff law is a quite serious one and can be satisfactorily
corrected only through legislation.
Now that Congress is about to adjourn, it will, of course,
not be possible for this matter to be rectified before next year.
However, we plan to propose legislation early in the next session
of Congress when there will be ample time to give it thorough
consideration. I hope that this can take place as shortly after
the Congress convenes as you find it practicable.
Sincerely yours,
(S) G. M. Humphrey
Secretary of the Treasury

1QQ

REIEASE MORNING NEWSPAPERS,
Tq**day, July 31» 19%.
mmm99mmmmmm.mmm9Bmmmmmmmmmmm^mmmmmmmZ n

» mwww—ww

The Treasury Department announced last evening thai the tenders for tl#600,000,OQftg
or thereabouts, of 91-day Treasury bills to be dated August 2 and to mature November 1,

1956, which were offered on July 26, were opened at the Federal Reserve Banks on July 3ft
The details of this issue are as follows3
Total applied for - $2,1*1*8,810., 000
Total accepted
~ 1,600,U70,000

(Includes 1276,71*1,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Average price
- 99.599 Equivalent rate of discount approx* 2*373$ per annum
Bangs of accepted competitive bids?
High - 99*hk0 Equivalent rate of discount approx. 2*215$ per annum
LOT
- 99*39$
*
*
n
*
*

2*393* •

(91 percent of the amount bid for at the leer price was accepted)
Federal Reserve
District

fetal
Allied f osr

Total
Accepted

Boston
Hew Xork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louie
Minneapolis
Kansas City
Dallas
San Francisco

37,675,000
l,75i,Qttf»0QQ
2?,982,000
52,952,000
16,378,000
37,311,000
273,275,000
29,815,000
26,607,000
39,2*3,000
kl,229,000
112,696,000

$
26,975,000
1,020,197,000
111,932,000
Jl7,5O2,O00
16,378,000
36,811,000
201,6*3,000
29,815,000
26,U07,000
37,2il3,O00
32,229,000
111,336,000

$2,UU8,210,QOO

$1,600,«70,000

TOTAL

•

TREASURY DEPARTMENT
m/>ln.WBJJ!Aiiii H

M M W I *«.»••. — l o y ^ ^ .

WASHINGTON, D.C
fSgASE MORNING NEWSPAPERS,
nesdayt July 31, 1956 »

H-1130

The Treasury Department announced last evening that the tenders for $1,600,000,000,
T thereabouts, of 91-day Treasury bills to be dated August 2 and to mature November 1,
,956, which were offered on July 26, were opened at the Federal Reserve Banks on July 30,
The details of this issue are as follows:
Total applied for
Total accepted

$2,14*8,210,000
1,600,1*70,000

(includes $276,7Ul,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Average price
99»399 Equivalent rate of discount approx. 2*378$ per annum
Range of accepted competitive bids:
High - 99.hhO Equivalent rate of discount approx. 2.215$ per annum
rt
Low
~ 99.395
"
"
"
"
2.393$

(91 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
Iknneapolis
Kansas City
Dallas
San Francisco

TOTAL

37,675,000
1,751,01*7,000
29,982,000
52,952,000
16,378,000
37,311,000
273,275,000
29,815,000
26,607,000
39,21)3,000
ia,229,000
112,696,000

$2,Ui8,210,000

26,975,000
1,020,197,000
1U,932,000
U7,502,000
16,378,000
36,811,000
201,6U5,000
28,815,000
26,1*07,000
37,21*3,000
32,229,000
111,336,000

$1,600,1*70,000

JRESS REIEASE

The Treasury announced today that it had temporarily placed under
licensing procedure the assets in this country of the Suez Canal Company
and Egyptian Government pending determination of the ownership of these
assets and clarification of the existing situation. All transactions with
respect to such assets will be subject to Treasury license. This action
does not in any way affect private Egyptian funds

' P. 9

ttJzf^

a
)

33 M3BA5E-

folUfiA / M ^ # ^ y * W ^ ^
The Treasury announced today that it had temporarily/piddled t h e ^ * ^ - ^ _ _ ^

#C
assets in this country of the Suez Canal Company arid Egyptian Governnent
pending determination of the ownership of ****** assets and clarification
of the existing situation# All transactions with respect to such assets
will be subject to Treasury license. This action does not in anyway
affect private Egyptian funds.

f'3W^

•<<£

TREASURY DEPARTMENT

"°3

WASHINGTON, D.C.

IMMEDIATE RELEASE
TUESDAY, Ju3y 31, 1956

H-1131

The Treasury announced today that it had temporarily placed
under licensing procedure the assets in this country of the Suez
Canal Company and Egyptian Government pending determination of the
ownership of these assets and clarification of the existing
situation. All transactions with respect to such assets will be
subject to Treasury license. This action does not in any way affect
private Egyptian funds.

- 3-

qftggor
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

\9$k 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 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 -

k£sy& £ 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 August 99 1956 , in cash or other immediately available funds

3S3x
or in a like face amount of Treasury bills maturing

August 9, 1956

Cash

op:.

n .TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS, .
Thursday, August 2, 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 August 9. 1956 , in the amount of
$ l*600«626«QOO 9 to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated August 9* 1956 , and will mature November 8« 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
Daylight Saving
closing hour,/tea o'clock p.m., Eastern/4ft*&SU* time, Monday, August 6, 1956

Wc
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

FOR RELEASE, MORNING NEWSPAPERS, ,
Thursday, August 2, 1956

H-1132

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 August 9, 1956,
in the amount of $ 1,600,626,000 to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated August 9, 1956,
and will mature November 8, 1956,
when the face amount will be
payable without interest* They will be issued in bearer form only,
and in denomination 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, August 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 therefore
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 securities0 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

aBI

competitive bids* Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on August 9, 1956,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing August 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* Wie 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

jF.tDJATB RELEASE,
Friday, August 3, 1956.

, I'd

The Secretary of the Treasury announced today that on Monday, August 6,
the Treasury will offer for cash subscription $3 billion ef 2~3/k percent Tax
Anticipation Certificates of Indebtedness, to be dated August 15* 1956, featuring
March 22, 1957, and receivable at par plus accrued interest to maturity in
payment of income and profits taxes due on March 15, 1957. The books will be
open only for one day on August 6.
Subscriptions f*om commercial banks, which for this purpose arc defined
as banks accepting demand deposits, for their own account, will be received
without deposit, but will be restricted in each case to an amcuat not exceeding the combined capital, surplus and undivided profits of the subscribing
bank, A payment of 3 percent of the amount of certificates subscribed for,
not subject to withdrawal until after payment, must be made on all other subscriptions. The new certificates may be paid for up to 80 percent of the
amount allotted by credit in Treasury tax and loan accounts.
Commercial banks and other lenders are requested to refrain flttm making
unsecured loans, or loans collateralized in whole or in part by the certificates
subscribed for, to cover the 3 percent deposits required to be paid when" subscriptions are entered.
Any subscription addressed to a Federal Feserve Bank or Branch, or to the
Treasurer of the United States, and placed in the mail before midnight,
August 6, will be considered as timely.
The Secretary also announced that the seeli i'alBg*"4jtr^M^^fcas»iiiia iilll
i niliiii ijn Ti iinn u i . pay off, on September 15, 1956, the $982 million of
partially tax-exempt 2-3/4 percent Treasury Bonds ef 1956-So which have been
called for redemption on that date.

TREASURY DEPARTMENT
WASHINGTON, D.C.
IMMEDIATE RELEASE,
Friday, August 3, 1956

H-1133

The Secretary of the Treasury announced today that on Monday,
August 6, the Treasury will offer for cash subscription $3 billion
of 2-3/4 percent Tax Anticipation Certificates of Indebtedness, to
be dated August 15, 1956, maturing March 22, 1957, and receivable
at par plus accrued interest to maturity in payment of income and
profits taxes due on March 15, 1957. The books will be open only
for one day on August 6.
Subscriptions from commercial" banks, jrtiich for this purpose
are defined as banks accepting demand deposits, for their own
account, will be received without deposit, but will be restricted
in each case to an amount not exceeding the combined capital,
surplus and undivided profits of the subscribing bank. A payment
of 3 percent of the amount of certificates subscribed for, not
subject to withdrawal until after payment, must be made on all
other subscriptions. The new certificates may be paid for up to
80 percent of the amount allotted by credit in Treasury tax and
loan accounts.
Commercial banks and other lenders are requested to refrain
from making unsecured loans, or loans collateralized in whole or
in part by the certificates subscribed for, to cover the 3 percent
deposits required to be paid when subscriptions are entered.
Any subscription addressed to a Federal Reserve Bank or
Branch, or to the Treasurer of the United States, and placed in
the mail before midnight, August 6, will be considered as timely.
The Secretary also announced that the Treasury will pay off,
on September 15, 1956, the $982 million of partially tax-exempt
2-3/4 percent Treasury Bonds of 1956-58 which have been called
for redemption on that date.

2ln
*- -A. \j

*2H9**>*

_ _

l m s p % £er tre»««*ti&n» with respeet te any fua£* or mtemr
prep*r%? which* as «*f the mftactive date ef *£* Bafalirt&attfc,
wer© blacked thereby, ell transactions subject te £fltk£te[yw
mm

licensed, provided the* any piqpiWffr by or so betelf rf

any stiip ewssiir err *hij> s£5er*ter subject t* the jartacfletlaa
of the United $t&ts* m d e in igypfc or to the Ginenwaimt ef
^Bypt er a$y iastniiwMrtality thereedT with respeet *m charges
in «2«mn©ciie& with the tmisii ef the Bmm C anal la lieenjcd
ea&y if aecofflpeated by a stat^jwat that the pajmrtml is wade
*Hm£$r protest end wither! ps*$&iis* %m mil rights ef recovery
er eiben&*»»*

t^ffMrt

0-1 •)

The Treasury announced today that.it had issued A General License
imtheriafag cnjpw*3ft,t„ilyiurt1r.f»^ti^^s under the Egyptian Assets Control Regulations
Any funds ior other7property ip, this country of the Suez Canal Company and the
Egyptiaiy Government which, as ov the eff/ctiYfpi£ate of the Reguljktighs
(July 30.) were blocked thereb/reinain/Dlocked* The license pfl€vides that any
paymerft by 03/ on behalf of «iy ship owner or ship operator doh^/ot to the
jurisdiction of the Dhitedf States^made in Egypt or to t h # Goj^emment of Egypt

I / / / / /
o r & n y instrumentality trien%6f>with respect to c h a r g e ^ . n y 6 o n n e c t i o n with
Le
/
/
f
M
f
ti^nsit of the Sue/ Cahal is licensed only if ayonffl&nied by a statement
ihat [the
payment
gudice
to all
rights is ipde "under protest and withoi
of recovery or otherwise #*
/ / / LW M

TREASURY DEPARTMENT

212

WASHINGTON, D . C

IMMEDIATE RELEASE,
Friday, August 3, 1956
_ _ _ _ _

H-1134

The Treasury announced today that it had issued the
following General License under the Egyptian Assets Control
Regulations:
"Section 510.502. License authorizing current transactxons.
Except for transactions with respect to any funds or other
property which, as of the effective date of the Regulations,
were blocked thereby, all transactions subject to Section
510.201 (the original order) are licensed, provided that
any payment by or on behalf of any ship owner or ship
operator subject to the jurisdiction of the United States
made in Egypt or to the Government of Egypt or any
instrumentality thereof with respect to charges in
connection with the transit of the Suez Canal is licensed
only if accompanied by a statement that the payment is
made funder protest and without prejudice to all rights
of recovery or otherwise. ffl

_JLO

FOR TMMEDIATE RELEASE
August ffi 1956
The Bureau of Customs announced today that the absolute
quota of 1,709,000 pounds on peanuts, -whether shelled, not
shelled, blanched, salted, prepared, or preserved (including
roasted peanuts, but not including peanut butter), established
by Presidential Proclamation of June 8, 1953, as amended and
modified, -was filled by entries for consumption and withdrawals
from warehouse for consumption presented at the opening moment
of the quota year on August 1, 1956.

214
TREASURY DEPARTMENT
WASHINGTON, D.C.
IMMEDIATE RELEASE
Monday, August 6. 1956.

H-1135

The Bureau of Customs announced today that the absolute
quota of 1,709,000 pounds on peanuts, whether shelled, not shelled,
blanched, salted, prepared, or preserved (including roasted peanuts,
but not including peanut butter), established by Presidential
Proclamation of June 8, 1953, as amended and modified, was filled
by entries for consumption and withdrawals from warehouse for
consumption presented at the opening moment of the quota year on
August 1, 1956.

\ \

215

r^ITASE MORUTNG KTttSPikPERS,
Tuesday* August 7, 1956.

The Treasury Department announced last evening that the tenders for $1*600,000.081
or thereabouts, of 91-day Treasury bills to be dated August 9 and to mature November I,
1956, which were offered on August 2, were opened at the Federal Reserve Banks on
August 6.
The details of this issue are as followsj
Total applied for - $2,372,792,000
Total accepted
- 1,600,21*2,000

Average price

(includes $457,967,000 entered on a
noncompetitive basis and accepted la
full at the average price sham bales)
- 99.39k Equivalent rate of discount appro*. 2.39931 par anna

Ran^e of accepted competitive bids? (Excepting three tenders totaling $1,1150,000)
High - 99*1*10 Equivalent rate of discount approx. 2*33W per annua
Low

- >A383

2*WlUt

(75 percent of the amount bid for at the lam price was aecepted)

Federal Reserve
District

Total
Appli*d far

Total
Aoc*pt*d

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

•
33,167,000
1,70*, 019, 000
29,977,000
47,685,000
19,157,000
3U,108,000
2UO,7il7,000
33,666,000

35,625,000
«6,*70,0OO
132,600,000

23,167,000
1,016,519,000
Hi, 977,000
«2,685,ooo
19,157,000
34,108,000
186,997,000
33,666,000
1U,771,000
35,625,000
Ii5,970,000
132.600,000

#2,372,792,000

$1,600,21*2,000

I5,57l»oco

TOTAL

91 C

TREASURY DEPARTMENT

ELEASE MORNING MITSPAFERSj
juesday, August 7, 1956,

H-1136

The Treasury Department announced last evening that the tenders
r thereabouts, of 91-day Treasury bills to be dated August 9 and to
956, which were offered on August 2, were opened at the Federal
:ugust 6.
The details of this issue are as followsi
Total applied for - $2,372,792,000
Total accepted
- 1,600,21*2,000

(includes $257,987,000 entered on
noncompetitive basis and accepted
full at the average price shown
- 99.391* Equivalent rate of discount approx* 2.399$ per

Average price

Range of accepted competitive bidss (Excepting three tenders totaling
High
Low

99.1*10 Equivalent rate of discount approx* 2.331$ per
88
99*383
n it
ii
n 2.1
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

$ 33,167,000
1,70^,019,000
29,977,000
U7,68$,000
19,157,000
3k9108,000
2UO,7U7,000
33,666,000
15,571,000
35,625,000
U6,U70,000
132,600,000
$2,372,792,000

TOTAL

23,167,
1,016,519,000
1U,977,000
1*2,685,000
19,157,000
3U,108,000
186,997,000
33,666,000
Hi, 771,000
35,625,000
15,970,000
132,600,000
$1,600,21*2,000

3
g|jB**»"*""~— J> -—f i»^_

ell
te Commissioner authorized all Customs stations to
introduce the new form on August 27, except for travel
from Mexico into the States of Texas, New
Mexico, Arizona and/ffc^tfrtBBS,. Special provisions of law
apply in these Statfes, and another new form is being devised
to comply with them.

\y-\

^T^
^X^Lti^j ^^e^^J24

^yze*~iMf

- 2 -

0" »

"The United States Customs Service extends
to you a most hearty welcome on your arrival in
hjti#$~~ \

the United States and invites your attention to
certain formalities attendant to your clearance
through Customs."
There follows a brief section to be filled in with the

travelerfs name and address, and facts about the trip.
The form then contains two groups of questions, one for
returning residents and one for arriving non-residents, all
to be answered by check marks in "Yes11 or "No" boxes. These
sections state the duty-free allowances for residents and nonresidents respectively.

The questions ask whether these

allowances have been exceeded.

If a traveler in either group

answers all questions in the negative, no further information is
required.

If any of the answers are "Yes", listing of the

pertinent articles is necessary.
"Adoption of the new form is in line with the President's
program of facilitating international travel wherever possible,"
Customs Commissioner Ralph Kelly commented today. "In support
of this program, the Customs Service is making every effort to
devise procedures which will make the clearance of passengers
arriving in the United States as pleasant and expeditious as
possible."

T-1
f

-A. —'

The Treasury's Bureau of Customs announced today that
baggage declarations by travelers entering the United States
are about to be greatly simplified-g^ &u,Q ^*fcwA£v<kQ#
A new baggage declaration form -- the first new one :fcfc
—

will be placed in use this month at most United

States seaports, airports and land border stations.

The form

has been so ataHRtsmt that in many cases, its completion will
require only check marks to indicate "Yes" or "No" answers to
a few printed questions, plus the traveler's name and address
and facts about the trip.

The form contains space for listing

of articles when necessary.
Carriers, such as steamship companies and air lines, as well
as travelers are expected to find the new form to their liking.
It should minimize the heretofore onerous "briefing" of passengers
by carrier personnel on details of the declaration task.
First supplies of the new form now being distributed to
Customs field offices are printed in English, but French, Italian,
German and Spanish versions will be available in a short time.
Traditional fears of the old declaration form by inexperienced
travelers -- fears due in large part, supposedly, to its rather
puzzling design and highly formal language —

are expected to

be set at rest by the new form, the text of which leads off with
this assurance:

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS
MONDAY, August 13, 1956

H-1137

The Treasury's Bureau of Customs announced today that baggage
declarations by travelers entering the United States are about to
be greatly simplified and streamlined.
A new baggage declaration form — the first new one in over a
half century -- will be placed in use this month at most United
States seaports, airports and land border stations. The form has
been so designed that in many cases, its completion will require
only check marks to indicate "Yes" or "No" answers to a few printed
questions, plus the traveler's name and address and facts about the
trip. The form contains space for listing of articles when necessary.
Carriers, such as steamship companies and air lines, as well
as travelers are expected to find the new form to their liking.
It should minimize the heretofore onerous "briefing" of passengers
by carrier personnel on details of the declaration task.
First supplies of the new form now being distributed to Customs
field offices are printed in English, but French, Italian, German
and Spanish versions will be available in a short time.
Traditional fears of the old declaration form'by inexperienced
travelers — fears due in large part, supposedly, to its rather
puzzling design and highly formal language — are expected to be
set at rest by the new form, the text of which leads off with this
assurance:
"The United States Customs Service extends
to you a most hearty welcome on your arrival in
the United States and invites your attention to
certain formalities attendant to your clearance
through Customs."
There follows a brief section to be filled in with the
traveler's name and address, and facts about the trip.
The form then contains two groups of questions, one for
returning residents and one for arriving non-residents, all to be
answered by check marks in "Yes" or "No" boxes. These sections
state the duty-free allowances for residents and non-residents
respectively. The questions ask whether these allowances have
oeen exceeded. If a traveler in either group answers all questions
in the negative, ^ no further information is required. If any of the
answers are Yes , listing of the pertinent articles is necessary.

221
"Adoption of the new form is in line with the President's
program of facilitating international travel wherever possible,"
Customs Commissioner Ralph Kelly commented today* "In support of
this program, the Customs Service is making every effort to devise
procedures which will make the clearance of passengers arriving in
the United States as pleasant and expeditious as possible."
So that as many returning tourists as possible may utilize
the simplified new forms, the Commissioner authorized all Customs
stations to introduce the new form on August 27, except for travel
from Mexico into the States of Texas, New Mexico, Arizona and
ports of entry in California south of Los Angeles. Special provisions of law apply in these States, and another new*form is
being devised to comply with them.

TREASURY DEPARTMENT
W A S H I N G T O N , D.C.

RELEASE P.M. NEWSPAPERS
WEDNESDAY, August 8, 1956

H-1138

Secretary Humphrey today announced the appointment of
Robert A. Baker, vice-president of the First National Bank of
Anchorage, Alaska, as Savings Bond chairman for the
Territory of Alaskam
In his letter of appointment, Secretary Humphrey wrote: "I
am delighted to learn of your willingness to accept the Territorial
Chairmanship for Savings Bonds in Alaska, and it is my pleasure to
appoint you to this position for the customary term of two years.
The Treasury needs men of your stature to help us achieve maximum
results in our efforts to maintain a sound and honest dollar."
Mr. Baker has been in the banking field since 1932, when he
joined the Seattle branch of the Federal Reserve Bank of San
Francisco. From there he went to the First National Bank of Port
Angeles, Washington, and later to the First National Bank of
Ketchikan, Alaska. For the past 11 years he has been vice-president
and director of Alaska's largest bank, the First National at
Anchorage. He also is president and director of the Matanuska
Valley Bank at Palmer, Alaska.
Mr. Baker is immediate past president, of the Alaska Bankers
Association, a member of the City Planning Commission, and is on
the BQard of Directors of the Anchorage Chamber of Commerce.
A graduate of the American Institute of Banking, Mr. Baker
also attended Racine Business College.
In his new post, Mr. Baker plans to organize the Territory
into three regions as a means of promoting increased sales of
Savings Bonds through banks and through the Payroll Savings Plan
within business firms.
Mr. Baker's appointment becomes effective immediately.

00 R
6— Lm. V-/

STATUTORY DEBT LIMITATION
AS oFo...slu3y..3^...Jr9^p

TREASURY D E P A R T M E N T
Fiscal Service
(

OOSKttltl

1956
* «,».«»...<...•«

i otooV

Section 21 of Second Liberty Bond Act, as amended, provides that the face amount of obligations issued under authority
of that Act, and the face amount of obligations guaranteed as to principal and interest by the United States (except such guar" In the a**re«ate $275„000 B 000,000
urrent re°
- - . . , - . --.
- - - holder
shall be considered as its face amount. 9 ' T h e Act of July 9, 1956,(PoLo 678 84th Congress) provides that during the period
beginning on July 1, 1956, and ending on June 30, 1957, the above limitation ($275,000,000,000) a ha 11 be temporarily increased
by $3,000,000,000.
The following table shows the face amount of obligations outstanding and the face amount which can still be Issued unde?
this limitations
Total face amount that m a y be outstanding at any one time
$2789000*000#000
OutstandingObligations Issued under Second Liberty Bond Act, as amended
Interest-bearings
Treasury bills $20,806,85*f ,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
Ex res s profits tax refund bonds .....
Special notes of the United States;
IiMemat'l Monetary Fund series.

T«.I

...:

16930296971000
35.962»611.000

$ 7310?2,162,000

8 1 , 831»166,700
57»376,268,223
307,029*000
H»98l»806.0QQ

151»**96,269t923

Jty,851,2k2,000
10.502.160.*K)0

»5.353»402.40Q
269.921,83^,323
48^,118,248

48,372,608
989.935
1.728.000.000
«

1.777.362.543
272,183.315. ia*

Guaranteed obligations (not held by Treasury):
Interest-bearing;
Debentures; F.H.A.
»«
72,©32,100
Matured, interest-ceased..
88*f§275
v
Grand total outstanding
0#M
Balance face amount of obligations issuable under above authority..,,.,.

73.716.375
M,

,.,.,..

272.257.031.489
5.742.968.511

Reconcilement with Statement of the Public Debt ?:B^...«?.T7.f....i2.«?.
(Daily Statement of the United States Treasury,

(Date)
«?S^...?.*hf.,..i?.5.?.

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

H-1139

272,645,336,480
73.716.375
272,719.052.855
462.021.366
272,257.031.489

STATUTORY DEBT LIMITATION
AS OF .JmV¥m\X..3l*..1956

TREASURY DEPARTMENT

C ^

Fi.c.l S«rv4c.

Washington, ...*&8.!..Jj
}$$
«r . S e c t i o n 2 1 ° f Second Liberty Bond Act, as amended, provides that the face amount of obligations issued under authority
ml.. j ui'-' • e a c e a m o ^ t ° f obligations guaranteed as to principal and interest by the United States (except such euar? A ^ i ° i ga ^ 0 °i 8 o5? " J ? ^ h e .H hVhc & c l e t a , y ofthe Treasury), "shall not exceed in the aggregate $275,000,000,000
yvct or June 26, 1946; U.S.C., title 31, sec. 757b), outstanding at any one time. For purposes ofthis 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." The Act of July 9, 1956,(P L, 678 84th Congress) provides that during the period
r^g$3?000 000 000.
****** ° D ^ 3 ° * 195? ' th* a b ° V C liraitation (1275,000,000,000) a ha 11 be temporarilyTncreased
1
. . T* ^ Allowing table shows the face amount of obligations outstanding and the face amount which can atill be issued under
this limitation:
Total face amount that may be outstanding at any one time
$278,000,000,000
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills $20,806,854,000
Certificates of indebtedness.
Treasury notes
Bond 8Treasury
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:
Internat'l Monetary Fund series
Total

16,302,697»000
35.962.611.000

$ 731072,162,000

81,831,166,700
57*376,268,223
307,029,000
11.98l.806.0QQ

151,496,269,923

34,851,242,000
10.502.l60.4O0

45.353.402.400
269»921,834,323
484,118,248

48,372,608
989§935
1.728.000.000

Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A
72,832,100
Matured, interest-ceased
884.275
v
Grand total outstanding
Balance face amount of obligations issuable under above authority

1.777*362.543
272,183,333.114

73.716.375

Reconcilement with Statement of the Public Debt .r.^^..y^.t....i/.r?.r.
(Date)
(Daily Statement of the United States Treasury,
$S5sK..,?Af.M.i!?.i^
{Date)
OutstandingTotal gross public debt
M
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-1139

272.257.031.489
5*?42..968.511

„„.,.,

272,645,336,480
73 • 716. 375
272,719*052,855
462.021.366
272,257.031t*89

- 3OOP
»ftt
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. Itl8, 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 ^ rs -y

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 August 16. 19f>6 9 in cash or other immediately available funds
or in a like face amount of Treasury bills maturing August l6. 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,

"2 Q

TREASURY DEPARTMENT

«•»=» L a

WASHINGTON. D.C
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, August 9, 1956

H-1140

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 August 16, 1956,
in the amount of $ 1,600,678,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series v/ill be dated August 16, 1956,
and will mature November 15, 1956, when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination 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 Daylight
Saving time, Monday, August 13, 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

r_„ \m*

BffiffiXXXX

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, August 99 1956
.
The Treasury Department, by this public notice, invites tenders for
$ 1,600,000,000 , or thereabouts, of
in exchange for Treasury bills maturing

-day Treasury bills, for cash and
August 16, 1956

, in the amount of

$ 1,600,678,000 , to be issued on a discount basis under competitive and non-

— —±&
competitive bidding as hereinafter provided.
dated

August 16, 1956

, and will mature

The bills of this series will be
November 15* 1956, when the face

—m—:—

Fractions may not be used.

It is urged that tenders

Tenders will be received without deposit from

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

"»

competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on August 16, 1956, in cash or other immediately available funds
or in a like face amount of Treasury bills maturing August 16, 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

0 9i
C wo.

TREASURY DEPARTMENT
WASHINGTON, D.C.

IMMEDIATE RELEASE,
WEDNESDAY, August 8, 1956.

H-1141

The Treasury today announced a 29 percent allotment on subscriptions in excess of $100,000 for the current cash offering of
$3 billion of 2-3/4 percent Tax Anticipation Certificates.
Subscriptions for $100,000 or less will be allotted in full.
Subscriptions for more than $100,000 will be allotted not less than
$100,000.
Reports received thus far from the Federal Reserve Banks show
that subscriptions total about $10,600 million.

Details by Federal

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

M E D I A T E BEL3JLSE,
W.dne.day, Auguat 8. 1956.

;.<

/.(f/

The Treasury today announced a 29 percent allotment en subscription*
in excess of $100,000 for the current cash offering of $3 billion of 2-3/1*
percent Tax Anticipation Certificates. Subscriptions for $100,000 or less
will be allotted in full. Subscriptions for more than $100,000 trill be
allotted not less than $100,000.
Reports received thus far from the Federal Reserve Banks show that
subscriptions total about $ 10,60CnniUion. Details by Federal Reserve Districts as to subscriptions and allotments will be announced when final
reports are received froa the Federal Reserve Banks.

TREASURY DEPARTMENT

^; ^ Q
£~ O i"i

WASHINGTON, D.C
RELEASE MORNING NEWSPAPERS,
Taesday, August lU, 1956»

H-1142

The Treasury Department announced last evening that the tenders for $1,600,000,000,
or thereabouts, of 91-day Treasury bills to be dated August 16 and to mature November l5j
19$6, which were offered on August 9, were opened at the Federal Reserve Banks on
August 13*
The details of this issue are as follows?
Total applied for - $2,1*21,$09,000
Total accepted
- 1,600,08U,000

Average price

(includes $263,683,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
99«3U2/ Equivalent rate of discount approx, 2*603$ per annum

Range of accepted competitive bids* (Excepting eight tenders totaling $1,U25,000)
High
Low

- 99*360 Equivalent rate of discount approx* 2 # 532^ per annum
w
- 99*334
II H
it
II
2.6352 * sl
(93 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

29,8^9,000
1,685,910,000
31,630,000
6$, 05>7,000
17,282,000
30,190,000
2^7,171,000
33,925,000
15,261+, 000
19,1*87,000
53,708,000
151.996.000

$2,U21,509,000

19,8U9,000
959,220,000
16,630,000
6U,7U7,000
17,282,000
30,190,000
198,856,000
33,925,000
15,261;, 000
U9,U87,000
52,638,000

. 11A.9S&QW
$1,600,08U,000

RELEASE MORNING NEWSPAPERS,
Tuesday, August lit, 1?56»

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

or thereabouts, of 91-day Treasury bills to be dated August 16 and to mature November 15|
1956, w;iich were offered on August 9, were opened at the Federal Reserve Banks on
August 13.
The details of this issue are as follows*
Total anplieH for - f2,jl21,$09,O00
(includes $263,683,000 entered on a

Tot-il accented

1,600,131*, 000

Average price

noncompetitive basis and accepted in
full at toe average price shown below)
- 99mSm%9*< Equivalent rate of discount approx. 2,603* par annua

Range of accepted competitive bids; 0»»pting elgbt tenders totaling $1,J|2S,000)
uif»h - 99*360 Equivalent rate of discount approx. 2.533$ per annua

~99.33fc

2# 63»

• •

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

Total

Federal Reserve
District

m&mm tcar

Total
Accepted

^mm^mmmm^mmammmmmmmmmmmmmmm

Boston
New York
Aiiladelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
J3an Francisco

fuTA

29,849,000
1,68$,910,000
31,630,000
65,097,000
17,282,000
30,190,000
257,171,000
33,925,000
15,26)|,000
b9,U87,000
$3,708,000
151,996,000

^2,1421,509,000

19,6*9,000
959,220,000
16,630,000
6k,7^7,000
17,282,000
30,190,009
198,856,000
33,925,000
15,26U,0Q0
l»9,k87,000
52,638,000
Ua.996.0Q0

$i,6oo,oau,ooo

9'^
tLm, \mJ \mS

TREASURY DEPARTMENT
WASHINGTON, D.C

MEDIATE RELEASE,
Tuesday, August lit, 1956.

H-1143

The Treasury Department today announced the subscription and allotment
figures with respect to the current cash offering of 2-3A percent Tax
Anticipation Certificates of Indebtedness of Series B-1957. These certificates will be dated August 1$, 19$6, and will mature March 22, 1957. They
will be accepted at par plus accrued interest to maturity in payment of
income and profits taxes due on March 15, 1957About $1,05>0 million of these certificates were allotted to nonbank
sources on original issue.
Subscriptions and allotments were divided among the several Federal
Reserve Districts and the Treasury as follows*
Federal Reserve
District

Total Subscriptions Received

Total Subscriptions Allotted

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

$ 130,972,000
1,1*08,397,000
125,38ii,C00
200,783,000
125,1*83,000
130,011,000
1*86,14.97,000
96,731,000
81^,886,000
108,698,000
119,31*3,000
202,821,000
11,000

TOTAL

1*33,585,000
li, 809,260,000
10.0,079,000
666,01*1,000
1*01,51*3,000
387,127,000
1,569,531,000
289,212,000
255,ii5ii,000
322,657,000
387,291,000
679,591,000
11,000

$10,611,105,000

$3,220,017,000

22*

IMMEDIATE R&SASI,
Tuesday, August lit, 1956 *
The Treasury Department today announced the subscription and allotment
figures with respect to the current cash offering of 2-3/1* percent Tax
Anticipation Certificates of Indebtedness of Series B-1957. These certificates will be dated August 15, 1956, and will nature March 22, 1957* They
will be accepted at par plus accrued interest to maturity in payment of
income and profits taxes due on March 15, 1957.
About $1,050 million of these certificates were allotted to nonbanic
sources on original issue.
Subscriptions and allotments were divided among the several Federal
Reserve Districts and the Treasury as follows?
Federal Reserve Total Subecrip- Total SubecripDistrict
tions Received
mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm.

••••••«Bi^»«««»«M*«»»«i««fc<««^«««»

Boston $ 433,585,000 f 130,972,000
New York
1»,809,260,OOQ
Philadelphia
iO.0,079,000
Cleveland
666,01)1,000
Richmond
1*01,51*3,000
Atlanta
387,127,000
Chicago
1,569,531,000
St. Louis
289,2lj2,000
tfinnsapolis
255,Jt5b»000
Kansas City
322,657,000
Dallas
387,291,000
San Francisco
679,59l»,O00
Treasury
11,000
TOTAL «10,6ll,lO5,000 #3,220,017,000

tions Allotted
••••^•^••••••••^•••••••^•••••••^•w

1,1.08,397,000
125,38^,000
200,783,000
125,1(83,000
130,011,000
li86,l»97,000
96,731,000
84,886,000
108,698,000
U9,3ii3,O0O
202,821,000
11*000

mmmmm

TO m. MRTIK L.

mom

The following transactions were
securities of the Ctovernment for
during the month of July, 1956*

c Oh
in direct and guaranteed
investments and other accounts

Purchases

$69,257,500«00*

Sales

20,045,000.00
$49,212,500.00
^mmmmmmmmmmmm

* Includes net purchase of $20,748,000.00 face amount ©f ttoited States
Treasury Bills*
(S.^d) Charles I, £j-ai3a&
Chief, Investments Branch
Division of Deposits k Investments

TREASURY DEPARTMENT
WASHINGTON, D.C.

IMMEDIATE RELEASE,
Wednesday, August 15, 1956.

H-1144

During July 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 $49,212,500.

oOo

TREASURY DEPARTMENT

221

WASHINGTON, D.C

4
IMMEDIATE RELEASE,
MdiacLayf Julj 1G, 1996,

—H-1121

During $*»»£ 1956,market transactions in
direct and guaranteed securities of the
government for Treasury investment and other
accounts resulted in net purchases by the

1$ yff, v/Zy >roo,
Treasury Department of A
""r ' ",l,li"
In addition^&15aj3ga^^
' **l***1*at*r

Xugust 15, 1956; were purchased
for -'ffcfcount^r the Slnkirig' Fund and retired.

0O0

<~ Q Q

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. 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.

- 2 -

4U
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 August 23. 1956 9 in cash or other immediately available funds
or in a like face amount of Treasury bills maturing August 231 19^6 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 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,

TREASURY DEPARTMENT
W A S H I N G T O N , D.C.
RELEASE MORNING NEWSPAPERS,
Thursday, August 16, 1956.

H-1145

The Treasury Department, by this public notice, invites tenders
for $1,600,000,000, or thereabouts, of 92-day Treasury bills, for
cash and in exchange for Treasury bills maturing August 23, 1956,
in the amount of $1,600,042,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series v/ill be dated August 23, 1956,
and will mature November 23, 1956,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination 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, August 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

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING NEWSPAPERS,
Thursday. August 16. 1956
•
The Treasury Department, by this public notice, invites tenders for
$ 1,600,000,000 9 or thereabouts, of 92 -day Treasury bills, for cash and
in exchange for Treasury bills maturing August 23f 1956 « in the amount of
$ 1,600,042,000 9 to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated August 23. 1956 * and will mature November 23. 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
Daylight Saving
f
closing hour, /iwKX. o clock p.m., Easterr/ififcsonxtaxl time, Monday, August 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

IMMEDIATE RELEASE,
T h u r s d a y , August 16, 1 9 5 6 .

TREASURY DEPARTMENT
Washington
^-H-1146

Commodity

Period and Quantity

: Unit :
:
of
: Imports as of
:Quantity:Aug* 4, 1956

Tariff-Rate Quotas:
Cream, fresh or sour

Calendar Year

1,500,000

Ihole milk, fresh or sour

Calendar Year

3,000,000 Gallon

1,169

200,000 Head

4,317

120,000 Head

894

Cattle, less than 200 lbs. each. 12 mos. from
April 1, 1956
Cattle, 700 lbs. or more each .. July 1, 1956 (other than dairy cows)
Sept. 30, 1956

Gallon

385

Fish, fresh or frozen, filleted,
etc., cod, haddock, hake,
pollock, cusk, and rosefish ... Calendar Year

35,196,575

Tuna fish

28,757,393 Pound 12,402,402

April 16, 1956
Dec. 31, 1956

Pound

Quota Filled

1/lfhite or Irish potatoes:
Certified Seed
Other

12 mos. from
Sept. 15, 1955

150,000,000
60,000,000

Walnuts

Calendar Year

5,000,000 Pound

Quota Filled

Alsike clover seed

12 mos. from
July 1, 1956

2,500,000 Pound

15,049

Peanut Oil

12 mos. from
July 1, 1956

Pound
Pound

139,892,180
Quota Filled

80,000,000 Pound

Absolute Quotas
Peanuts, whether shelled, not
shelled, blanched, salted, prepared, or preserved (including
roasted peanuts, but not
12 mos. from
including peanut butter)
Aug. 1, 1956
Rye, rye flour, and rye meal

(1)
(2)

12 mos. from
July 1, 1956
Canada
Other Countries

1,709,000

Pound

Quota Filled

Pound
Pound

177,789,666

(2)
182,280,000
3,720,000

Imports for consumption at the quota rate are limited to 26,397,432 pounds
during the first nine months of the calendar year.
Imports through August 13, 1956.

IMMEDIATE RELEASE,
Thursday, August 16, 1956.

TREASURY DEPARTMENT
Washington
H-1146

The Bureau of Customs announced today preliminary figures showing the inports
for consumption of the commodities listed below within quota limitations from the
beginning of the quota periods to August 4, 1956, inclusive, as follows:

Period and Quantity

Commodity

: Unit :
i
of
: Imports as <£f
: Quantity: Aug*U, 19JJ6

Tariff-Rate Quotas:
Cream, fresh or sour

o o . o o o o o o o .

Ifliole milk, fresh or sour

« » « o o o

Calendar Year

1,500,000

Calendar Year

3,000,000 Gaaa*m

i,l6?

200,000 $ta&

4,317

Cattle, less than 200 lbs, each. 12 mos. from
April 1, 1956

Gallon

385

Cattle, 700 lbs. or more each .. July 1, 1956 -120,000 ftfead
(other than dairy cows)
Sept. 30, 1956
Fish, fresh or frozen, filleted,
etco, cod, haddock, hake,
pollock, cusk, and rosefish ... Calendar Year
Tuna fish

O O O O .

0 0 9 0 0 0 0 O . 0 0 . 0 0 .

. t>

April 16, 1956
Dec. 31, 1956

White or Irish potatoes:
Certified Seed" © © © o e o o o o o o o o e © • 12 mos. from
Other o o e . O o O s o o e o o o o o o e e e o o A e c Sept. 15, 1955
Walnuts

o o o o a o o a o e o o o e e e e o o o e o e e

Alsike clover seed

o o o o e o . o e e o o e

35,196,575

Pound

Quota Fined

28,757,393 Pound 12,402,402

150,000,000
60,000,000

Pound
Pound

Calendar Year

5,000,000

Pound

12 mos. from
July 1, 1956

2,500,000

Pound

Quota Filled

15,049

12 mos. from
July 1, 1956

80,000,000

Pound

Peanuts, whether shelled, not
shelled, blanched, salted, prepared, or preserved (including
roasted peanuts, but not
12 mos. from
including peanut butter) eo.o« Aug. 1, 1956

1,709,000

Pound

Quota Filled

182,280,000
3,720,000

Pound
Pound

177,789,666

Peanut Oil

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

Absolute Quotas:

Rye, rye flour, and rye meal

12 mos. from
July 1, 1956
Canada
Other Countries

(1) Imports for consumption at the quota rate are limited to 26,397,432 pounds
during the first nine months of the calendar year0
(2) Imports through August 13, 1956©

TREASURY DEPARTMENT
Washington

245

IMMEDIATE RELEASE,
Thursday, August 16. 1956.

H-1147

The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour authorized to be entered, or withdrawn.
from warehouse, for consumption under the import quotas established in the
President's proclamation of May 28, 1941, as modified by the president's
proclamation of April 13, 1942, for the 12 months commencing May 29, 1956,
as follows?
O

«
e

Wheat

Country
of
Origin

:
:
: Established a
Imoorts
:Ka" «9» 1956, to
Quota
sAug
, 1956
(Bushels)
(Bushels)

. m,

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

795,000

—

100
—

100
100

_
_
mm
mm

.-,

mml

100
2,000
100

_
_
—

—

1,000

—

100
„,

«,

—

mmw
mm

_
—
—

..m

—

—
...

_
_

1,000
100
100

100
100

:
s
:
:

Hheat flour_, semolina,
crushed or cracked
wheat, and similar
wheat products

: Established :
Imports
:
Quota
: May 29, 1956,
•
«
to Aug. 14, 19
(Pounds)
(Pounds)
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000

3,815,000
—
-

695
—
—
—

—
~

—

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
Thursday. August l 6 s 1956.

H-1147

The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour authorized to be entered, or withdrawn
from warehouse, for consumption under the import quotas established in the
President's proclamation of May 23, 1941, as modified by the President's
proclamation of April 13, 1942, for the i2 months commencing May 29, 1956,
as follows•

Wheat

Country
of
Origin

•

•i

s
:
:
t

Established •
Imports
Quota
fcMay29* 1956, to
•Aug.* l4ii 1956
(Bushels)
(Bushels)
795,000

795,000

—

...

100
—

100
100

—
mm
mm
mm

«.

—

„„

100
2,000
100
mm

1,000

«mm
mm.

mm
mm

100

—

mm.

1,000
100
100
100
100

tao

Wheat flour., semolina,
crushed or cracked
wheat, and similar
wheat products

Imports
: Established :
:
Quota
: May 29, 1956,
e
O
to Aug* 14, 1956
«
•
(Pounds)
(Pounds)
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
—
«*•

3,815,000
<ea»

<5H3

«.

695
.
mm
mm

«
mr,
mm

_
mm

—
_
—
~
<ao
mm
mm

m.
mm

<*=
c_

—

„

b»~

TREASURY DEPARTMENT
Washington
sl-Y i

IMMEDIATE RELEASE,
Thursday, August 16, 1956.

H-1148

The Bureau of Customs announced today the following preliminary
figures showing the imports for consumption from January 1, 1956, to
August 4, 1956, inclusive, of commodities for which quotas were
established pursuant to the Philippine Trade Agreement Revision Act

of 1955:

Commodity

Buttons

Established Annual
Quota Quantity
807,500

Unit
:
of
\1 Imports as of
Quantity :: August 4, 1956
Gross

382,317
2,183,185

Cigars 190,000,000

Number

Coconut Oil 425,600,000

Pound

102,571,587

Cordage 6,000,000

Pound

2,470,459

(Refined
Sugars

12,174,885
1,904,000,000

Pound

1,446,127,026

(Unrefined
Tobacco 6,175,000

Pound

2,343,842

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Thursday 3 August 16, 1956

H-1148

Commodity

Buttons
Cigars

e o o o . o o o o e o o e . o e . o . e

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

Coconut Oil
Cordage

o o e o o e e e e . e e .

oeo

. o o . e o o e o e o o . o e e o e o o

807,500

Gross

190,000,000

Number

425,600,000

Pound

102,571,587

6,000,000

Pound

2,470,459

1,904,000,000

Pound

2,183,185

12,174,885

e e o e e e e e o o c

Sugars

382,317

1,446,127,026
6,175,000

Pound

2,343,842

UbC

•£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 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 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 .
oanacta

• » o e o

France . . . . .
British India .
Netherlands • .
Switzerland . •
Belgium . . . .
japan
Onina

Egypt o o o e o
Ouoa

o o . o

Germany . . . .
IXfQily

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.

t
Total Imports
% Established :
Imports
1/
i Sept. 20, 1955, to % 33-1/3% of s Sept. 20, 1955
Total Quota % to Aug. 14, 1956
Aug. 14, 1956
946,311
238,516
68,287
57,617

1,441,152

946,311

75,807

68,287

22,747
14,796
12,853

24,500
7.039
1,342,270

25,443
7,088
1,599,886

24,500
7,039
1,046,137

$$e

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
Thursday. August l6 5 1956.

H-1149

Established Quota

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

Imports

Country of Origin

Honduras
Paraguay
25,180
Colombia
241,831
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.

Established Quota
752

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

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 August U. 1956

Cotton 1-1/8" or more . ladadacpacto^
Imports Aug . 1. 1956. to Aug. U. 1956/jnclT

Established Quota (Global)

Imports

45,656,420

50,789

70,000,000

Imports
12,500,923

Imports

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
Thursday, August 16, 1956

H-1149

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 August 14* 1956, inclusive
Established Quota
Egypt and the Anglo
Egyptian Sudan o .
r 6 r u

.
O- 09 99 9 9O

British9 9India
o a »
China .999.9900
Mexico 0999999®
OA^CLmmmLmL

Union of Soviet
Socialist Republics »
Argentina 9 9 9 9 9 9 9
Haiti 9 9 9 9 0 9 9 9 9
Ecuador99999998

783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
475j124
5,2

Established Quota

25,180
241,831

752

99999BB. &
9 O East Africa
British
Netherlands £« Indies.
D ax* Dados 5 9 9 9 9 9 9
l/Other British W 9 Indies

&9B

8,883,259
368,196
322,197

.Oj-Lg^AiCi

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

1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago0
2/ Other than Gold Coast and Nigeria*
jj Other than Algeria, Tunisia, and Madagascar9
Cotton, harsh or rough, of less than 3/4"
Imports Sept. 20, 1955, to August 4, 1956

Cotton 1-1/8" or more te±3dteBacxldm
Imports Aug . 1 ? 19561 to"~lug» 4» 19.56* JnclJ

Established Quota (Global) Imports

Established Quota (Global)

Imports
^•nenaMaBBpa

70,000,000 12,500,923

45,656,420

50,789

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 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 inches or more
in staple length in the case of the following countries: United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italys

Country of Origin

Established
TOTAL QUOTA

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

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
Sept. 20, 1955, to
Aug. 14, 1956

Established »
Imports
l/
33-1/32 of s Sept. 20, 1955
Total Quota t to Aug. 14, 1956

946,311
238,516
68,287
57,617

1,441,152

946,311

75,807

68,287

24,500
7.039

25,443
7.088

24,500
7,039

1,342,270

1,599,886

1,046,137

22,747
14,796
12,853

^c;
•— •'"" —i—WwBnffTrnm.1 in"m..n n

, i nanlU m ••

»»i

„tmmm

Ihe Treasury Department announead X&et ©ron^n- L;. t t * tenders for $1,600,000,000]
or theraaboato*. of SHMiay Treasury bill* to be dated Au -nisi 23 aad to mature November $J
ivp6, Wiich wre u&erou or* Atyiwfc 16, were opened at the ederal Reserve Bank* on
Au^uat 20.
TM details of tM$ *seue are as follows:
•i'wWLL applied IOP - £,292*^*090
Total accepted
- 1,600,090,000

ixneludea $2$k9p33$ 00D entered on a
•ioncaiipetitive basic and accepted in
full t the average price shown below)
- 99.2'dQ Equivalerrt rate of discount approx* 2.813£ par annus
Of accepted
caapetifcive
,ing sixRan^e
tenders
aggregating
$1,810,000 bidet
- 99.297 Equivalent rata of discount approx* 2»75l£ per annua
- 99*262
»
it it
«
«
2.S83* « •

rag;
Low

(2£ percent o the m o u n t bid for at t. e lew price wme accepted)
Total

Federal Eeserve
"District

ToUl
xer

W N W I W I — mi u r n — — w w « « - W I

•UWMMMMMMMN

Boston
P
h'J i^cel,&ia
•.'..-lcveland
Tue yoild
Atla-ita
Chicago
~t. To-^s
* 'nneanolis
I i &L>- -Ml- .X *.V W ~- v-* J
mt- '&m'im mm (A O

TOTAL

5l,tJoS,ooo
1,688,79k,000
33,939,000
85,637,000
21,023,000
27,621,000
210,90$,000
22,137,000
32, >i 7,000
^,Od«0,000
33,388,000
mmmmmmmammmmmmmmmmmmmm*
,292,340,000

AWpt«d
mmmmmmmmmmmmmmmi

10,84,000
l»069,^ik,000
IS,939,000
#5,697,000
21,02^,000

27,3a,ooo
162,905,000
22,437,000
9,975,000
32,527,000
2fc,0b6,0Q0
mmmmmmwmmmmZm-mLmmmlSm-mmwmmmm

§1,600,090,000

's,(ty

RELEASE MORNING NEWSPAPERS,
Tuesday, August 21, 1956.

H-1150

The Treasury Department announced last evening that the tenders for $1,600,000,000,
or thereabouts, of 92-day Treasury bills to be dated August 23 and to mature November 23,
19^6, which were offered on August 16, were opened at the Federal Reserve Banks on
August 20.
The details of this issue are as follows:
Total applied for - $2,292,3U0,000
Total accepted
- 1,600,090,000

Average price

(includes $25U.533>000 entered on a
noncompetitive basis and accepted in
full at the average price shown below) *
- 99.280 Equivalent rate of discount approx, 2.813$ per annum

Range of accepted competitive bids: (Excepting six tenders aggregating $1,810,000)
High - 99*297 Equivalent rate of discount approx. 2.751$ per annum
Low
- 99.262
»
n u n
«

2.888$

(2$ 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

5l,8O$,O0O
1,688,791*,000
33,939,000
85,687,000
21,028,000
27,821,000
210,905,000
22,U37,000
9,975,000
32,527,000
2U,0ii0,000
83,382,000

$2,292,3U0,000

111, 805,000
1,069,5UU,000
18,939,000
85,687,000
21,028,000
27,821,000
162,905,000
22,U37,000
9,975,000
32,527,000
2U,0U0,000
83,382,000

$1,600,090,000

- 3-

"54
vorgftt

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. 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 -

"' £ K
v..' y/

AXXliA

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 August 30, 1956 j,n cash or other immediately available funds
^

or in a like face amount of Treasury bills maturing August 30* 1956

QaSh

5fi5
and exchange tenders will receive equal treatment. Cash adjustments will be made

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 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 prin

or interest thereof by any State, or any of the possessions of the United State

Sxkikikxi
ftHRXfc
TREASURY DEPARTMENT
Washington

tjA

',-*r *y* - \ -

FOR RELEASE, MORNING NEWSPAPERS,
Thursday, August 23, 1956
m

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

or thereabouts, of

-day Treasury bills, for cash and

in exchange for Treasury bills maturing August 30, 1956
$1,600,060,000

, in the amount of

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

competitive bidding as hereinafter provided. The bills of this series will be
dated August 30, I956

, and will mature November 29, 1956

, when the face

**¥
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, August 23, 1956.

H-1151

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 August 30, 1956,
In the amount of $1,600,060,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series v/ill be dated August 30, 1956*
and will mature November 29, 1956,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination 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, August 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 v/ill 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 August 30, 195o, In cash or other immediately available funds
or In a like face amount of Treasury bills maturing August 30, 1956
Cash and exchange tenders will receive equal treatment. Cash'
adjustments v/ill 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

- 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 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 way be obtained from any Federal Reserve Bank or Branch.

r. o v_/

\m
or in a like face amount of Treasury bills maturing
September 6, 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,

360
jLXJEHAX

TREASURY DEPARTMENT
Washington

. ,
i

FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, Augugt28,t 1956
•

Il \

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

competitive bidding as hereinafter provided. The bills of this series will be
dated September 6, 1956

and will mature December 6, 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
Daylight Saving
closing hour,/jnrac o*clock p.m., Eastern/flfrQMflfcrari time, Friday, August 51, 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,
Tuesday, August 28, 1956.

H-1152

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 September 6, 1956,
in the amount of $1,601,732,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series v/ill be dated September 6, 1956,
and will mature December 6, 1956,
when the face amount will be
payable without interest. They will be issued in bearer form only^
and in denomination 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, Friday, August 31, 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 v/ill 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
ranee 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

? ? S e H t i Y f b i d s * Settlement for accepted tenders in aceordance
with the bids must be made or completed at the Federal Reserve B
on September 6, 1956, in cash or other immediately available tv
or in a like face amount of Treasury bills maturing September 6
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value
maturing bills accepted in exchange and the Issue price of the new
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not
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 v/hich 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 Circular
or redemption
at maturity
the
Treasury
Department
No. 4l8,
Revised, during
and this
taxable
year for which
the return
made, as
ordinary
gain or
notice, prescribe
the terms
of the is
Treasury
bills
and govern
the
conditions of their Issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch*

RELEASE 10RNZHQ NEWSPAPERS,
Tuesday, August 28, 1956.

^62

Th. Treasury Department announeed last evening that the tenders for #1,600,000,000
or thereabouts, of 91-day Treasury bill* to be dated August 30 end to aature
November 29, 1956, ehioh won offered on August 23, were opened at tb* lateral Reserve
Banks on August 27.
Tha d«tails of ibis issue are as fallowsi
Total applied far - $2,1*89,827,000
Total aoeepted
- l,601,b25,000 (includes $251,300,000 antara4 on a
noncompetitive basis and accepted in
full at th. average price abeam below)
Average priea
- 99.28V Equivalent rats of diecount approx. 2.6)2% par annua
Ranga of aeoaptad eospetitive bidsi (Excepting two tenders totaling $350,000)
High - 99.300 Equivalent rata of discount approx. 2.169% per annua
Low
- 99.282
»
a s s
s
2.8aO* "
(«J0 parcant of tha amount bid for at tha lav priea was aeoaptad)
Federal Reserve Total Total
Dietriet

Applied far

Boston # 32,321,000 # 21,821,000
Haw Xork
1,827,679,000
Philadelphia
33,555,000
Cleveland
62,512,000
Richmond
32, ia 6,000
Atlanta
28,960,000
Chicago
290,587,000
St. Louis
17,095*000
Minneapolis
10,632,000
lanaaa City
32,187,000
Dallas
37,957,000
San Francisco
78,926,000
11 niiHi 1 uimmmmmmmmmmmmmmmmmtm

Total $2,1(89,827,000 $l,601,b25,000

Accepted
1,067,*79,000
23,555,000
5k,5l2,OQ0
32,216,000
26,100,000
218,337,000,
17,095,000
20,632,000
32,185,000
11,957,000
75,226,000
mmmmmmmmmmmmmmmmmtmmmmmmm

KJ \y

TREASURY DEPARTMENT
W A S H I N G T O N , D.C.
RELEASE CORNING NEWSPAPERS,
Tuesday, August_2_6, 1?56. _

H-1153

The Treasury Department announced last evening that the tenders for $1,600,000,000
or thereabouts, of 91-day Treasury bills to be dated August 30 and to mature
November 29, 1956, which were offered on August 23, were opened at the Federal Reserve
Banks on August 27*
The details of this issue are as follows:
Total applied for •£- $2,1*89,827,000
Total accepted
- 1,601,U25,000 (includes $251,380,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Average price
- 99.28I4/ Equivalent rate of discount approx^ 2.832$ per annum
Range of accepted competitive bids: (Excepting two tenders totaling $350,000)
High - 99-300 Equivalent rate of discount approx* 2.769$ per annum
Low
- 99.282
"
n ti
ti
w

2.8k0%

(kO 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

$
32,321,000
1,827,679,000
33,555,000
62,512,000
32,lil6,0'CKr
28,960,000
290,537,000
17,095,000
10,632,000
32,187,000
37,957,000
78,926,000

$
21,821,000
1,067,1*79,000
23,555,000
51,512,000
32,216,000
26,1*10,000
218,337,000
17,095,000
10,632,000
32,185,000
21,957,000
75,226,000

$2,1*39,827,000

$1,601,1*25,000

Total

Treas.
HJ
10
.A13P4
v.107

U.S. Treasury Dept
Press Releases

Treas.
HJ
10
.A13P4

U.S. Treasury Dept.

AUTHOR

Press Re leases
TITLE

•r i n y
DATE
LOANED

BORROWER'S NAME

PHONE
NUMBER

U.S. TREASURY LIBRARY

1 0031479

Full text of Press Releases of the United States Department of the Treasury : Volume 107

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