View original document

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

TREASURY DEPARTMENT
WASHINGTON
FOR IMMEDIATE RELEASE
December 13, 1933,

Press Service
No, 1-0

Acting Secretary Morgenthau made the following announcement:
The Treasury has "been notified hy the Department of State that a
note dated December 1, 1933 was received from the Austrian Minister
stating that the Austrian Government received on November 29, 1933 a
conmunication from the Trustees of the Guaranteed Austrian Loan of
1923-1943, in which objections are raised by the Trustees against the
payment to the Creditor Governments signatory to the agreements relative
to the settlement of the Relief Debts, of the amounts due to them on
January 1, 1934.

In view of these objections the Austrian Government

has notified the United States that no remittance can be made to cover
the sixth installment due on January 1* 1934 on account of its Relief
Debt to' the United States,
The lien upon the assets and revenues of Austria pledged for the
payment of the Austrian Relief bonds has been subordinated to the lien
upon such assets and revenues pledged for the payment of the Austrian
Reconstruction Loan of 1923,

The objections by the Trustees to the

payments due from Austria on account of the relief bonds is in
accordance with the agreements concluded between Austria and the
International Relief Bonds Committee and the agreement of May 8, 1930
between Austria änd the United States.

The debt funding agreement

between Austria and the United States provides that:
«» * * * the obligation of Austria to pay annuities
during the years 1929 to 1943 will in tne case of
each annuity not arise if the trustees of the
reconstruction loan of 1923 prior to the preceding
December first have raised objection to the payment
of the annuity in question on the due date.”

In accordance with the provisions of the debt funding agreement
"between the Republic of Austria and the United States, Bond Uo. 6 in
the face amount of $460,093, due January

1, 1934, will be postponed,

which, together with interest at the rate of 5$ per annum compounded
annually to December 31, 1943, shall be repaid, together with further
interest at 5$ per annum, in twenty-five equal annuities on January 1
of each of the years 1944 to 1968, inclusive«

FOR IMMEDIATE RELEASE
TREASURY DEPARTMENT
December 15, 1933«
Ì
Ii£ i

The Treasury received today the sum of $8,895,123 from
the following governments on account of the amounts due from them
today under their respective funding agreements:
Great Britain

$7,500,000^'

• • •

1 ,000 ,000^

Finland • « •

229,623/

Czechoslovakia

150,000v

Italy

Latvia

• • «

Lithuania • •

8,500

*

7,000v/
$8,895,123

The payment made by the Government of Finland represented
the full amount due under the funding agreement of May 1, 1923, and
also the moratorium agreement of M ay 23, 1932»

The payment consisted

of $209,000 face amount of Zfo Treasury bonds of 1951-55, which were
accepted at par; $1,567*50 accrued interest thereon, and cash for
$19,055.50.
The payment from Czechoslovakia consisted of $148,850 face amount
of 3fo Treasury bonds of 1951-55, which were accepted at par; $1,116.38
accrued

interest thereon, and cash for $33*62#
All of the other payments were received in cash.

/

TREASURY DEPARTMENT
WASHINGTON
Press Service
No, 1-1

FOR IMMEDIATE RELEASE
December 15, 1933,

Tile Treasury received today the sum of $8,895,123 from
the following governments on account of the amounts due from them
today under their respective funding agreements:
$7,500,000

Great Britain
I t a l y .......... .................. •
Finland

229,623

................... .

150,000

Czechoslovakia
Latvia
Lithuania

•
. . . . . . .

1 , 000,000

............

8,500
7,000
$8,895,123

The payment made by the Government of Finland represented
the full amount due under the funding agreement of May 1, 1923, and
also the moratorium agreement of May 23, 1932,

The payment consisted

of $209,000 face amount of 3$ Treasury bonds of 1951-55, which were
accepted at par; $1,567.50 accrued interest thereon, and cash for
$19,055.50.
The payment from Czechoslovakia consisted of $148,850 face
amount of 3$ Treasury bonds of 1951-55, which were accepted at par;
$1,116,38 accrued interest thereon, and cash for $33.62.
All of the other payments were received in cash.

f m m m & i & m s u m ss,
Sa t u r d a y , m m m m i e , 19;

m M k m m rmmsi&m

P"

0
}.4iK f*
C t l -

Acting Secretary Morgen than today announced the final subscription and
%'i
é

«

allotment figures with respect to the December 15 offering of 2-1/4 per cent
•Treasury Certificates of Indebtedness of Series TD-1934, maturing December 15,
1934.
Subscriptions and allotments were divided among the several Federal Reserve
Districts and the Treasury as follows:
Federal Reserve
District

Boston
ETew York
Philadelphia
Cleveland
Riclnaond
Atlanta
Chicago
St. Louis
Minneapolls
Kansas City
Dallas
San Francisco
Treasury
Total

Total Cash
Subscriptions
Received
$
88,396,000
1,131,946,000
112,79?,000
134,023,500
66,142,500
83.873.000
305.527.000
34.308.000
16.257.000
35.007.000
82.928.000
108.064.000

$2,199,169,000

Total Exchange
Subscriptions
Received

Total Subscrip­
tions Received

I 3,243,500
466,783,500
7.259.500
5.695.500
, -1,734,0(X)
836.000
84,538,000
6.303.000
1.877.500
12,741,500
6.831.000
4.416.500
562.000

$

$607,610*500

$2*806*779,500

96,639,500
1,598,728,500
120.056.500
139.719.000
67.866.500
84.709.000
390.065.000
40.511.000
18.134.500
47.748.500
89.559.000
112.480.500
562.000

Total Sub­
scriptions
Allotted
$ 23,718,500
661.401.500
27.092.500
28.948.500
13.215.000
15.731.500
133.755.500
13.056.000
5,037,500
19.260.500
23.400.500 1
23.317.000 I
562.000 I
*$992,496,500

* Includes $607,610,500 exchange subscrip­
tions, which were allotted In full.

TREASURY DEPARTMENT
WASHINGTON
POR IMMEDIATI RELEASE
Sa t u r d a y , D e c e m b e r i s ,

is

Press Service
No.. 1-2

33.

Acting Secretary Morgonthau today announced the final subscription and
allotment figures with respect to the December 15 offering of 2—l/4 per cent
Treasury Certificates of Indebtedness of Series TD-1934, maturing December 15,
1934.
Subscriptionsi and allotments were divided among the several Federal Reserve
Districts and'the Treasury as follows:

Federal Reserve
District

Total Cash
Subscriptions
Received

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

$

88,396,000
1,131,946,000
112,797,000
134,023,500
66,142,500
83,873,000
305,527,000
34,208,000
16,257,000
35,007,000
82,928,000
108,064,000

Total

$2,199,169,000

m-mm

Total Exchange
Subscriptions
Received

Total Subscriptions Received

Total Subscriptions
Allotted

$ 8,243,500
466,782,500
7,259,500
5,695,500
1,724,000
836,000
84,538,000
6,303,000
1,877,500
12,741,500
6,631,000
4,416,500
562,000

$
96,639,500
1,598,728,500
120,056,500
139,719,000
67,866,500
84,709,000
390,065,000
40,511,000
18,134,500
47,748,500
89,559,000
112,480,500
562,000

$ 23,718,500
661,401,500
27,092,500
28,948,500
13,215,000
15,731,500
138,755,500
13,056,000
5,037,500
19,260,500
22,400,500
23,317,000
562.000

$607,610,500

$2,806,779,500

♦$992,496,500

♦Includes $607,610,500 exchange sub­
scriptions, which were allotted in
full.

OFF]

OF

IÛMMISSIONER OF CUSTOMS.

C i r
December

1935.

\ ~ Z
TO MR, GASTON
m

FROM
The^Paid-Owing^is fWnlsjjed^with
rt that^
girfe some statement with regard thereto^ to the

A number of inquiries have reached the Bureau since the
repeal of the Eighteenth Amendment to the (Constitution as to
the possibility of importing intoxicating liquors through
the international mail service. The Post Office Department
advises that inasmuch as spiritjfous, vinous, malted, or other
intoxicating liquors of ai$r kind are prohibited in the United
States domestic mails, such articles are likewise prohibited
importation in the international mails.
•
, ■
At
Apropos t.h e-approa ohi ug liottaa.7""SuasoTT l L may Utf w b M L
again to Inform ^he-public"tl%a»t "^here is no provision of law
whereby dutiable merchandise, intended as gifts or presents,
may be imported through the mails, or otherwise, without the
payment of duty. Under existing' regulations, however, Col­
lectors of Customs have authority to pass, free of duty, mail
parcels containing merchandise the aggregate value of which
does not exceed $1.00, provided the articles are not imported
for sale or to evade the payment of duty.

^

j

TREASURY DEPARTMENT
WASHINGTON
POR IMMEDIATE RELEASE
December 18, 1933.

Press Service
No. 1-3

A number of inquiries have reached the Customs Bureau since
the repeal of the Eighteenth Amendment to the Constitution as to
the possibility of importing intoxicating liquors through the
international mail service. The Post Office Department advises
that inasmuch as spiritous, vinous, malted, or other intoxi­
cating liquors of any kind are prohibited in the United States
domestic mails, such articles are likewise prohibited impor­
tation in the international mails.
Inquiries have been received by the Customs service as to
the status of Christmas gifts mailed from foreign countries.
There is no provision of law whereby dutiable merchandise, in­
tended as gifts or presents, may be imported through the mails,
or otherwise, without the payment of duty. Under existing
regulations, however, Collectors of Customs have authority to
pass, free of duty, mail parcels containing merchandise the
aggregate value of which does not exceed $1.00, provided the
articles are not imported for sale or to evade the payment of
duty.

TREASURY DEpARTMSHT

'

j JOE RELEASE, ifQRJflia PAPERS,
TUESDAY, DECEMBER 19, 1903

1

f

\

'
— CTATBMEgTHBE- A CTIBft

1

Acting Secretary of the Treasury Morgenthau announced
today that the tenders for $100,000»000, or thereabouts, of
91-day Treasury Bills, dated December 20, 1933, and maturing
March 21, 1934, which were offered on December 14, were opened
at the Federal Reserve Banks on December 18, 1933,
The total amount applied for was $282,143,000, of which
$100,263,000 was accepted.

The accepted bids ranged in nrice

from 99,851, equivalent to a rate of about 0,59 per cent per
annum, to 99,808, equivalent to a rate of about 0,76 per cent
per annum, on a bank discount basis.

Only part of the amount

bid for at the latter price was accepted.

The average price

of Treasury Bills to be Issued is 99.814 and the average rate
is about 0,74 per cent per annum on a bank discount basis.

TREASURY DEPARTMENT

FOR RELEASE, MORNING PAPERS,
TUESDAY, DECEMBER 19, 1933,

Press Service
No, 1-4

.Acting Secretary of the Treasury Morgenthau announced
today that the tenders for $100,000,000, or thereabouts, of
91— day Treasury Bills, dated December 20, 1933, and maturing
March 21, 1934, which were offered on December 14, were opened
at the Federal Reserve Banks on December 18, 1933,
The total amount applied for was $282,143,000, of which
$100,263,000 was accepted.

The accepted bids ranged in price

from 99.851, equivalent to a rate of about 0,59 per cent per
annum, to 99,808, equivalent to a rate of about 0«76 per cent
per annum, on a bank discount basis.

Only part of the amount

bid for at the latter price was accepted,

The average price

of Treasury Bills to be issued is 99,814 and the average rate
is about 0,74 per cent per annum on a bank discount basis.

TREASURY DEPART*

FOR RELEASE, MORNING PAPERS,
SATURDAY, DECEMBER 23, 1933.

Acting Secretary of the Treasury wprgen thau iaimoMRg g ^ t o a a y
that the tenders for $100,000,000, or thereabouts, of 91-day
Treasury Bills, dated December 27, 1933, and maturing March 28, 1934,
which were offered on December 20, were opened at the Federal
Reserve Banks on December 22, 1933.
The total amount applied for was $271,832,000, of which
$100,890,000 was accepted.

Except for one bid of $10,000 at

99.950, the accepted bids ranged in price from 99.874, equivalent
to a rate of about 0,50 per cent per annum, to 99.815, equivalent
to a rate of about 0.73 per cent per annum, on a bank discount
basis.

Only part of the amount bid for at the latter price

was accepted.

The average price of Treasury Bills to be issued

is 99.816 and the average rate is about 0,73 per cent per annum
on a bank discount basis.

-fennelffi* glandi fofti*fc| ypiil f ^ |8i %#flft|f
-aft

%HH1 *V<H' ftf «it im 'Iff- TinMlitri rf-kt-M
irra <rn

npSus 1BISSSBF a w i

MtMhiMi

J&t

'É^ iMtiUl^i 11«*»

«ugr #a®t « I ®

%ÉfcM^. «rinrt

«fti B#*tt

jtògiMi'É*

jm*

SttMAiÉÉIML’NMnk

jttfc.

zwwfà&a m

mrnmtmMm mf rwMi^irafflr mm SéflsSsS SIb S 1® ÌA ®ì&&t fi®® tha&
14» wwal’ia^ ^BCIMÉdÉK **»**»■* «feiioo imlièi tìHgtibgMÉL .
'MMBt^l! h M . W W i %M m
*if>|^t ynt#r i^Afcttniiii gi^f.ig #**4^ # y

form,

lese Ita® firn fepogr « e t » of fia# goM per sbort torn*

tSfltt» o r corporation fa llin g A» compìy «HA «qr requirement
hereof or of any roles o r regulation® inoadi I r Ate Secretary
of tbs Xreeaaxy >—

I * AMA A* oubjoet to the penalty

provided la Section U (n ) of the declorai Beaerve A ct, as

tm * marne may A* aodified o r n « M

« «or A te>

(Signed) H, Moxgenthau, Jr.

là@t»Sjsg

t m w

i

(Signed)

i q m

£

Franklin D. Roosevelt*

Approved f t m m à m *

JQL/kk

28# M i »

ftjfiHIÉ
■■V.

postae* pnpmid aeeteeye he*ri»S a poetatele tede* prior to
aidnight e f tee day tee « te i eein , gold to n i«« , « 4 gold
ce rtlfia a te s a*» m

fùum à 1* «saatedy.

SectlcQ §•

3pcm reeelpt «4 thè eonfireetion signed sod deUvned w
required ante» Scotto» S» t i » Seereteiy e f thè Treaeuxy a lU
pay fa r tee gold eo i», gaM M lta a , ted golsi ce rtifica te »
plaood la oaatody far thè wwwant e f thè fe tte * State* la
•eetedenee «Udì Scoti«» t , ee eqatealewt aaoont « f any «**»
e f eoi* «

eajrrawgy eoiae* o r iesaed e d c r te e 1 « » e f thè

Bhite* State» deelgaated I r tee «eew teiy e f thè f*aaaa*y.
thè Secretar? e f thè ffeeaw y t e l i gay « I l «est» « f th è
trenspQrfcstton e f ente gold ooia, gold te tlfe a , *ad i#ld
eertlfio ates to th è fa te re i

jsbbm*»

te te or tceeeh a» teak

aeaher e f thè te te w i Beeeree % *tea te thè e lty « r tene
n evate t e thè pi eoo teer» eete gted a tea, fted teX ^ea* ead
gold o ertiflca te * are no» altaatad, teeladteg tee eeet e f
Sammmm, pwfceettee, aste «««*1 <*«“ * te te te te e l eeete ee
«ay he reeecaaUy M eeaeuy. iteten e teteete* fteahw eeaete
i t e a tte eetee te to a lly iamamit «bell « te d t te t t e eeeoia*«
«e eo«tesar fiwae t e t t e aay he eh teteei ly wsttiag te te e
Tmrnmtw e f tee fetted Meteo» Betel ngtoa, B. '6»
*»

Scotio» 4 .

te <*1* Order,

tee tee» «patete» aea»# «ey taM tedeal* pMtaawtei»* eeseeie-

mi

tian» e» oorpore ttaot te e te a * *felted S tette* eeea# tee'
mnhjeet
a
te te e J a t e t e t h

Ihited States «ad «ey gl

theraofì te e te a * "«soottiMsatai Uniteti B latte* eeeae te a
State* e f tee fe tte * S tate», tee BUtetete e f Belate«* , and
te e Teeteteey e f te te ta i te * te a * *«ted aola» aeaae «ey «tea

W . V-‘

h

MÌì .'ISS

rally

i
(■
# Ê <*►

m M todito** aatí p i á e e rtlf lestes sitaste« la «1» Salted
States» amad tpr such penca» sanspfc m tollem **
tm Soto talU o a oaaed tsr e penan aew taldteg e u *
®oto » d e r a Tiesas» heretofore granted tjr a» under
¡Bitoority o f U m ffieeretary of the tn m w y » par­
t o * * to «he Basanti»» Q c«» of tagaet 28» 18*8»
M tatles te U m Boarding, Export, m á Xanarkto«
•f Sold Gala» toUl ton, e r Os m afiy «ad te Trotea»t f/ranft-Ss F ä

w

S^ b

M â « s is hewteg « m tm ^úm á eg»e le i «¡ase to

1»

m S la a M * « £ m e s m l m m « a s a i s { M

» s M M »

* * «P***«* aa#s% otherwise know ss $2*so p im m h
tom&imé mump gold mâ $ M mmwêmm M m ®msm%
M m m m rnm is t t *
to o te la n te t * m y

Ou

mm pmwm$ « s i $pM m t ì i t e s Isas, p a t t i s s u # s
|á?o^fí#s «d* f^feriesfeieii, SOS S «p a sif^ a àìd cttstcóià-ry indust

*» a»**** «wMojm fay «si gold s e rtifiea to »

1»

. « M M &
U s ases

tasar*» M r e e tb» M a n a M a U e s
and

MOM «si M p & M sais asa «M M la

Bu

PtiSliofsime Zsitóos*
firinrrl
rimi
u
e
’'ißipwinmmw

M

-WWwwpfw<ruw-Ä-

f
i»»«.«» «naeii
%#W(SS»i**SÄ «MeaUOMNw«M«idK

M a * M a ts % S | «er tba f ir s ts laCUsis

sf tho Ü l « i M t o a * sassi l|r S ÿamPIWil frter M a g totatoeto ta U m wwtlaawlal Onited State».

Seotion fi» Bali-rogy. The goW esta» field

m m

« ,

«ad fitOd c e rtific a te s herein required t a b» seid and «alin ead
te U m Tw ia n w of U m ia lte d Stato* ahall Im d elin ead ly

«Bsciss tba smm S s ttisitS i s %&#?.
w ^w w

M

e es

wruiPiP

M M ss s M

»M ar

auw^Oto^Sto^iwpr

öS

Sar the m m m t <*f tb » i H S M M

»# » BsééosI. lassssaHi

M S

«p* '«pSMMSMSapHS SrSPPPSP«P' Mop

tba M

M ans M

«ni I r I M m M * « e n f im i

t ie s th a t tbs- i É i seis# m m ImI&Um* m i s i i
^ L tpy

ÌM N 9S

S S

M I s a «ad M
•
f c I to ti

T lfiU to ì

| I^ Jfe iftfìi l

f u

ffi g y

f f o fl»

t* f

b a li a # K t to tba M a r s f tba M a r n a r s f

àS sattÉ to au fe,..

to t,jB i»toito É

ÌM r

m ts u tä *

ta r a a la »

mm* A

tbe deiSsasgr |os tb s
l i m m r

fp g g

« C i i loÉt^l ® M » %

w m im m i

dM a^aÉaaae

poomai^ to
M»|lai|

$

1» €## fa m

»•SPMBg t e S elirary o f Qold Cote, GoM to n tn » ,
— t e a S aatlflaatoa to t e Tina—

af

lÉMI

■ M
Deoenber 25,

M

1913,

te U

t f t k i M m l b m i « te t o f
med
d Igr SecUoc

M

8

o f t e Act o

9» * * 8®» <■* » > ■* t e te t I» F w id e B e lie f la t e
■ jlftw a » ,

l a — M u«, t e

i » P i t e t e g aaaa% « a » »

*too» 1« % i»cctlan (o) m fMUaast
1» t e J a l p N B k o f ____________

a f t e t iaw ar j i « te t e t e la aaaaaaaay to a t e t e
t e « a t e t e t e t e «f t e t e t e t e t e » t e t e w

t e r « f t e Trwuswry, «a t e d te m tte a , w iw p ls a
t e » « ü ia d ls te a l» , jW toaM topa* w w to ttaaa
t e M W t e la pagr t e t e lm r la t e *
• f t e t e t e t e t e acy o r «11 gato a t e . gola
bul lía n , t e « t e corU floates « a te Vy a te la t e
t e t e * » te te n rid ra » aaasatteaaa t e « w t e h
te a * * * 4 p l «rf a t e « t e «ola» ®ato M M o r «oM
o ertlfio a te a , t e «aat e i a o f t e Tresawry t e f t pay
te te te r «a «qateateuk t e
« f asjr « te a t e a e f
te a «v «an tear «aiaad «a lam ed «otar t e te s o f
'lie t e t e States, f ia Se#reta*y o f te^ ssaan ar
a to ll W a U «osla ®f t e te a a p a c te te o f anal
« t e W M a , « te saatlflaato a, «o la, « r «ur w w q, ^
inoiuíiing t e «asi o f la M a te a . o a a te tlo a , t e
a t e « te » tncd t e t a l «asía aa m¡? te w a t e r
aaoaw ajr, *ay la d ite a a l» pnrtnerahip, « s ao e la tte,
«» saapsM&iaa te illa g la ooapJy a lte aar
■ te o f t e ' S w s te r o f t e Taaaamy a te nadar te a
t e a t e t e «hall 1» « t e t e la a penalty equel la
te s a t e v a te o f t e « te m « te c e rtifíc a te la
t e t e ante fa lla r« asés a te , t e ante
t e la s a lla s te t« t e Ssateaiar o f t e
Igf

ffy

«ap^O

la «y Jtecaaat ante astees la

SSSBSSSdPy % 0

t e t e t e « « t e s of t e t e t e Stotoaj

k* *

twmmm,*»wmm

ja. , «oran

* t t e B U a i t » 4» t e t e « mt&iM aaaay « i m

a te

Jte » te t e jtettfto tem t o f t e t e t e t e t e t M M f t to w
te t e a

to t e Cnsanaa* « f t e t e t e « t o t e s i l « t e oote*

a bank which is a member of the Federal Reserve System, to be held by
such bank exclusively for the account of the Treasurer of the United
States.

Upon receipt of the gold coin, gold bullion or gold certifi­

cates, or receipt of the confirmation, payment will be made for the
gold and gold certificates in an equivalent amount of any form of
coin or currency coined or issued under the laws of the United States.
Payment for any gold bullion will be made at the rate of $20.67 an
ounce.

TREASURY DEPARTMENT

FOR IMMEDIATE RELEASE,
Thursday, December 28, 1933.

Supplementing the Presidents order of August 28, 1933,
the Secretary of the Treasury has today issued an order under Section
3 of the Act of March 9, 1933, requiring every person to deliver all
gold coin, gold bullion and gold certificates owned by such person,
with certain exceptions stated in the order.

This order further

carries out the purpose of Congress as expressed in the Emergency
Banking Act of March 9, to mobilize the gold co^n, gold bullion and
gold certificates of the country to protect qpp^currency system for
the benefit of all -^gf BEgl citizens.

It applies to the'small holders
V’
' "" tape*• ::

and to those relatively few large holders v/ho have not complied with
the law.
The order of the President was issued under Section 2 of
A

the same Act of Congress, requiring all persons to file returns
relative to the gold coin, gold bullion and gold certificates owned
by them or in their possession.

This order provided that the return

should constitute an application for a license to hold such gold and
gold certificates but provided that after a specified period of time
no person could lawfully hold, without a license, any gold coin, gold
bullion or gold certificates, except as specifically provided in the
order.
For the convenience of holders of gold and gold certificates
the order provides that delivery shall be made by placing the gold and
gold certificates in custody of a Federal reserve bank or branch, or of

TREASURY DEPARTMENT
WASHINGTON

FOR IMMEDIATE RELEASE
Thursday, December 28, 1933.

Press Service
No. 1-5

Supplementing the President’s order of August 28, 1933, the
Secretary of the Treasury has today issued an order under Section 3 of
the Act of March 9, 1933, requiring every person to deliver all gold coin,
gold bullion and gold certificates owned by Such person, with certain
exceptions stated in the order.

This order further carries out the

purpose of Congress as expressed in the Emergency Banking Act of March
9, to mobilize the gold coin, gold bullion and gold certificates of the
country to protect the currency system for the benefit of all citizens.
It applies to the small holders and to those relatively few large holders
who have not complied with

the law.

'*

The former order of the President was issued under Section 2 of
the same Act of Congress, requiring all persons to file returns relative
to the gold coin, gold bullion and gold certificates owned by them or in
thoir possession-.

This order provided that the return should constitute

an application for a license to hold such gold and gold certificates
but provided that after a specified period of time no person could law­
fully hold, without a license, any gold coin, gold bullion or gold
certificates, except as specifically provided in the order.
For the convenience of holders of gold and gold certificates
the order provides that delivery shall be made by placing the gold and
gold certificates in custody of a Federal reserve bank or branch, or of
a bank which is a member of the Federal Reserve System, to be held by

- 2 such hank exclusively for the account of the Treasurer of the United
States.

Upon receipt of the gold coin, gold bullion or gold certifi­

cates, or receipt of the confirmation, payment will he made for the
gold and gold certificates in an equivalent amount of any form of
coin or currency coined or issued under the laws of the United States.
Payment for any gold bullion will he made at the rate of $20.67 an ounce.

ORDER OF THE SECRETARY OF THE TREASURY

Requiring the Delivery of Gold Coin, Gold Bullion,
and Gold Certificates to the Treasurer of
the United States

WHEREAS Section 11 of the Federal Reserve Act of January 22
1952, as amended by Section 5 of the Act of March 9, 1953,.entitled
"An Act to Provide Relief in the Existing Rational Emergency in Bank­
ing, and for Other Purposes”, provides in Subsection (n) as follows?

t

”7vhenever in the judgment of the Secretary
of the Treasury such action is necessary to protect
the currency system of the United States, the Secre­
tary of the Treasury, in. his discretion, may require
any or all individuals, partnerships, associations
and corporations to pay and deliver to the Treasurer
of.the United States any or all gold coin, gold
bullion, and gold certificates owned by such indi­
viduals, partnerships, associations and corporations.
Upon receipt' of such gold coin, gold bullion or gold
certificates, the Secretary of the Treasury shall pay
therefor an equivalent amount of any other form of
coin or currency coined or issued under the lavis of
the United States. The Secretary of the Treasury
shall pay all costs of the transportation of such
gold bullion, gold certificates, coin, or currency,
including the cost of insurance, protection, and
such other incidental costs as may be reasonably
necessary. Any individual, partnership, association,
or corporation failing to comply with any require­
ment of the Secretary of the Treasury made under this
subsection shall be subject to a penalty equal to
twice the value of the gold or gold certificates in
respect,of which such failure occurred, and such
penalty may be collected by the Secretary of the
Treasury by suit or otherwise.”
and

WHEREAS in my judgment such action is necessary to protect
the currency system of the United States 5

-2 NOW, THEREFORE, I, HENRY MORGENTHAU, JR., ACTING SECRETARY of
the TREASURY, do. hereby require every person subject to the jurisdiction
of the United States forthwith to pay and deliver to the Treasurer of
the United States all gold coin, gold bullion, and gold certificates
.situated in the United States, owped by such person, except as follows:
A.

Gold bullion owned by a person now holding such gold under
a license heretofore granted by or under authority of the
Secretary of the Treasury, pursuant to the Executive Order
of August 28, 1955, Relating to the Hoarding, Export, and
Earmarking of Gold Coin, Bullion, or Currency and to Trans­
actions in Foreign Exchange 5

B.

Gold coin having a recognized special value to collectors
of rare and unusual coin (but not including quarter eagles,
otherwise known as $’2*50 pieces);

C.

Unmelted scrap gold and gold sweepings in an amount not
exceeding in the aggregate $100 belonging to any one person;
and gold which has been put through a process of fabrication
for a specific and customary industrial, professional, or
ornamental use;

D.

Gold coin, gold bullion, and gold certificates owned by a
Federal reserve bank or the Reconstruction Finance Corpora­
tion; and

E.

Gold bullion and foreign gold coin now situated in the
Philippine Islands , American Samoa, Guam, Hawaii, Panama
Canal Zone, Puerto Rico, or the Virgin Islands of the United
States, owned by a person not domiciled or doing business in
the continental United States*

Section 2.

Delivery. The gold coin, gold bullion, and gold

certificates herein required to be paid and delivered to the Treasurer
of the United States shall be delivered by placing the same forthwith
in the custody of a Federal reserve bank or branch or a bank member of
the Federal Reserve System for the account of the United States and by
forwarding confirmation that the gold coin, gold bullion, and gold

certificates have been so placed in custody for the account of the United
States and arc held subject to the order of the Treasurer of the United
States, signed by such bank and the person making the delivery (or the
authorized agent of such person) to the Treasurer of the United States,
Washington, D. C., in a postage prepaid envelope bearing a postmark dated
prior to midnight of the day the gold coin, gold bullion, and gold cer­
tificates are so placed in custody..

Section 5.

Payment and Reimbursement of Costs.

Upon receipt

of the confirmation signed and delivered as required under Section 2, the
Secretary of the Treasury will pay for the gold coin, gold bullion, and
gold certificates placed in custody for the account of the United States
in accordance with Section 2, an equivalent amount of any form of coin or
currency coined or issued under the laws of the United States designated
by the Secretary of. the Treasury.

The Secretary of the Treasury will pay

all costs of the transportation of such gold coin, gold bullion, and gold
certificates to the Federal reserve bank or branch or bank member of the
Federal Reserve System in the city or town nearest to the place where such
gold coin, gold bullion, and gold certificates are now situated, including
the cost of insurance, protection, and such other incidental costs as may
be reasonably necessary.

Persons desiring reimbursement for such costs

actually incurred shall submit their accounts on voucher forms which may
be obtained by writing to the Treasurer of the United States, Washington,
D. C.

- 4 Section 4.

Definitions,

As used in this Order, the tern

“person" means any individual, partnership, association, or corporation;
the term ‘‘United States“ means the United States and any place subject
to the jurisdiction thereof; the term “continental United States“ means
the States of the United States, the District of Columbia, and the
Territory of Alaska; the term “gold coin“ means any coin containing
gold, including foreign gold coin; and the term “gold bullion" means
any gold which has been put through a process of smelting or refining
that is in such form that its value depends upon the gold content and
not upon the form, but does not include gold coin or metals containing
less than five troy ounces of fine gold per short ton.
Section 5,

Any individual, partnership, association, or cor­

poration failing to comply with any requirement hereof or of any rules
or regulations issued by the Secretary of the Treasury hereunder shall
be subject to the penalty provided in Section ll(n) of the Federal .
Deserve Act, as amended.
This order may be modified or revoked at any time.

H. Morgenthau, J r . ,
Acting Secretary of the Treasury.
APPROVED:
Franklin D. Roosevelt
THE WHITE HOUSE
Dec emb er 2 8, 1933.

TREASURY DEPARTMENT
WASHINGTON

Eor Release, Morning Papers,
Saturday, December 30, 1933,

Press Service
No. 1-6

Acting Secretary of the Treasury Morgenthau announced today
that the tenders for $100,000,000, or thereabouts, of 91-day
Treasury Bills, dated January 3, 1934, and maturing April 4,
1934, which were offered on December 27, were opened at the
Federal Reserve Banks on December 29, 1933.
The total amount applied for was $384,619,000, of which
$100,990,000 was accepted.

The accepted bids ranged in price

from 99.848, equivalent to a rate of about 0.60 per cent per
annum, to 99.843, equivalent to a rate of about 0.62 per cent
per annum, on a bank discount basis.

Ninety-nine per cent of

amount bid for at the latter price was accepted.

the

The average price

of Treasury Bills to be issued is 99.843, and the average rate is
about 0.62 per cent per annum on a bank discount basis.

TREASURY DEPARTMENT

For Release to Morning Papers
•f Sunday, Deceriber 31> 1933*
MEMORANDUM TO THE PRESS

The Acting Secretary of the Treasury today (Saturday,
December 3.O.*. 1933) prescribed and forwarded to the United States
mints regulations for the receipt and coinage of silver under the
terms of the President’s proclamation of December 21.

The regula-

lions prescribe forms of affidavits to b e made b y the person deliver­
ies the silver, with supporting affidavits by the miner.
In the case of silver of wholly domestic origin, the
affidavits will set forth that the silver to b e received has actually
been mined from natural deposits in the United States, o r a place
subject to. its jurisdiction, subsequent to the date of the procla­
mation.
Where domestic silver is mixed with secondary tr foreign
silver, the coinage mints will receive that part of such mixture
which the mints are satisfied is not in excess of the amount thereof .
which has been mined subsequent to December 21?, 1933 from natural
deposits in the United States or any place subject to the jurisdictitm
thereof.
Of the silver received under the proclamation, the Director
of the Mint will retain fifty per cent as seigniorage and for services
performed by the G-overnment of the United States, and the balance
■of such silver, that is fifty per cent thereof, shall be coined into
standard silver dollars and the same, or an equal number of other
standard silver dollars, will be delivered to the owner or depositor

M

4

''
•

•f sucli silver.

.

.y

«

- 2 ~

Pr act feme! parts'of a"'dollar mill "be returned in

any. other.legal .tender coin .of .the United States* ,r .

. P.erspns who deliver silver, to the pints fo.r coinage are

required- to file monthly, repents,, showing. -all .silver..riined. or
acquired- subsequent to December 21, 1935- 'Heports:ar^ .to. b e
itemized as* to domestic-, fpreign,. and, seepndary. silver a n d are to
show:-

(a)

Amount, on hand at the,- beginning- of the-period covered

by the report;

(b) the .amount, received during the period and the

.sources- from which .received;

.*(c);
>the. amount smelted.- or repine

during.the period;. • (d), the.amounts and consignees of .all silver
delivered during the period.;
hand at the end of the period.

-(e) amount of..silver remaining on
L

hi
V i

4 \\

TREASURY DEPARTMENT

DECEMBER

30, 1933

.•0:
,
'

SILVER REGULATIONS

•Prescribed under authority of Paragraph (2), Section 43, Title
III of the Act of Congress Approved May 12, 1935 (Public No> 10), and the
President-* s Proclamation of December 21, 1933, Relating to, the Receipt
and Cbxuc^c of Silver Mined in the United States or any Place Subject to
the Jurisdiction thereof*
Proclamation of December 21, 1933
WHEREAS, by paragraph (2) of section 43, title III, pf
the Act of Congress, approved May 12, 1933 (Public No, 10),
the President is authorized »’Ey proclamation to fix the weight
of the gold dollar in grains nine-tenths fine and also to fix
the weight of the silver dollar in grains nine-tenths fine at
a definite fixed ratio in. relation to the gold dollar at- such
amounts as he finds necessary from his investigation to stabidomestic prices oi* to protect the 'fe;r«iga
the adverse effect of depreciated foreign currencies;' and to
provide for the unlimited coinage of such gold and silver at
the ratio so fixed, *** *•; and
'
'WHEREAS, from investigations made by me, I find it
necessary, in aid of the stabilization of domestic prices and
in accordance with the policy and program authorized by Congress,
which are now being administered, and to protect-our foreign
commerce against the adverse effect of depreciated foreign
currencies, that the price of silver be enhanced and stabilized;
and
'
.
‘
% ■r:-’" ' | 1 •
WHEREAS, a resolution presented by the Delegation of the
United States of America was unanimously adopted at the World
Economic and Monetary Conference in London, on July 20, 1933,
by the jriepresentatives- of sixty-six Governments,;.- which in sub­
stance: provided that said Governments will abandon the policy
and practice of melting up or debasing silver coins; that low
valued silver currency be replaced, with silver coins and that
no-legislation should be enacted that will depreciate the value
of.silver; and

WHEREAS, a separate and supplemental agreement was
entered into, at the instance of the representatives of the
United States, between China, India, and Spain, the holders
and users of large quantities of silver, on the one hand,
and .Australia, Canada, Mexico, Peru, and the United States^
on the other hand, as the chief producers of silver, wherein
China agreed not to dispose of.any silver derived from the
-melting up*or debasement of silver coins, and India agreed
not to dispose of over 35,#00,000 ounces of silver per annum
.during a period of four-years commencing January 1, 1934,
and Spain agreed not to dispose of over 5,000,000 ounces of silver annually during said period, arid both of said Govern­
ments agreed that at the end of said period of four years
they would then subject themselves to the general resolution
adopted at the London Conference, and in ..consideration of.
such limitation it was agreed that the Governments of the
five producing countries would each absorb from the mines
in their respective countries a certain amount of silver, the
total amount to be absorbed by said producing countries being
35,OCX)',000- ounces per; annum during' the four years commencing
the Ist -day of January,1934; that such silver so absorbed
would be retained in each of said respective countries for .
said period of four years, to be used for Coinage purposes-,
or as reserves for currency, or; to otherwise be retained and
kept off the world market during such period of time,, it being
^understood that of the 35,000^000 ounces the^ United States was
to absorb annually at least' 24,421,410 ounces of thc; silver
produce^ in: .the United States during such period òf."tiene, ÎTOW, THERBîOKB, finding it proper to cooperate'with
other Governments and necessary t o tassist in increasing and
stabilizing domestic prices, to augment the purchasing power
of peoples in silver-using countries, to protect our foreign
commerce against the adverse effect-of depreciate>d foreign
currencies,, and to carry out the understanding between the
sixty-six Governments,that adopted the resolution hereinbefore
referred to; by virtue of the power in me vested bÿ the Act
of Congress above cited, the other legislation designated for
national recovery, and by virtue of all other authority in me
•vested;
~ :.
I, F E A M L I U D,
United^States
■of America, do proclaim and dir^eb'tl.that'
coinage mint shall receive for; cbinage into 'standard.' .silver-..f.
dollars any silver which such:aint,'^’subjectiJ^q^re^ilatipnSj.

-3-

: v.

/. i

prescribed hereunder-1y~the Secretary of the Treasury, is
satisfied has beet, mined, subsequently to the date of this
proclamation, from natural deposits in the United States or
any place subject to the jurisdiction thereof.
The Director
of the Mint, with the voluntary consent.of the owner, shall
deduct and retain of such silver so received fifty per cent
as seigniorage and for services performed by the Government,
of the United States relative to the coinage and delivery of
silver dollars. The balance of such silver so received, that
is, fifty per cent thereof, shall be coined into standard
silver dollars and the same, or an equal number of other
standard silver dollars, shall be delivered to the owner or
depositor of such silver* The fifty per cent of such silver ..
so deducted shall be retained as bullion by the Treasury and
shall not be disposed of prior to the thirty-first day of
December, 1937, except for coining into United States coins.

Secretary of the Treasury is authorized to prescribe
regulations to carry out the purposes of this proclamation,
regulations shall contain provisions substantially similar
to the provisions contained in the regulations made pursuant
to the Act of Congress, approved April 23, 1918, (40 Statutes
at Large, Page 535), known as the Pittman Act, with such changes
,
as he shall determine prescribing how silver mined, subsequently
to the date of this proclamation from natural deposits in the
'v United States or any place subject to the jurisdiction thereof,
shall be identified.
This proclamation shall remain in force and effect until
the thirty-first day of December, 1937, unless repealed or
modified by Act of Congress or by subsequent proclamation.
H
present ratio in weight and fineness of the silver
dollar to the gold dollar shall, for the purposes of this
proclamation, be maintained until changed by further order or
proclamation.
■
.
Notice is herety given that I resérve the right by virtue
of the authority vested in me to revoke or modify this proclama­
ron as .the interest of the United States may seem to retire.

-4Article 1.

Silver which will be Received.

The United

States coinage.mints, -under, the conditions hereinafter specified and
subject to the-:appropriate regulations governing the.mints, will receive
silver whidh; any such mint is satisf ied has been mined subsequent to
December 21,' 1933, from natural deposits in the Uni'tfd States or any
place subject to the jurisdiction thereof.

Such mints will also receive

silver which forms a part of a mixture of domestic, secondary, and
foreign silver provided such mints are. satisfied that the aggregate
amount of .such mixture so received does^not exceed the amount thereof
which has been m i a # subsequent to December.21, 1933, from natural
deposits in the Unit#'States or any: place .subject, to the jurisdiction
thereof.

’
Article.2.

Affidavits. —

.Any individual, partnership,

association, or corporation, hereinafter referred to as »person»,
delivering silver under*

provisions of the Proclamation of Decem­

ber ’21, 1933, shall accompany each such delivery with a properly
executed affidavit on Form TS-1, and supporting affidavit or affidavits
of the miner or miners on Form *$S-2, containing the information called
for in such forms and executed under oath before an officer duly
authorized to administer oaths.
Article 3. 'Evidence which may >e Demanded —

Persons

delivering silver under the- provisions of these Regulations shall
furnish such further evidence as may from time to time be requested
by the superintendent of any mint, including affidavits and sworn
abstracts from books of account of any mines or any or all smelters
or refineries handling such silver.

Article .4*

The Director

Settlement for Silver Delivered

of the Mint, pursuant to the voluntary consent of the depositor as re­
quired in the form of agreement to be executed in connection with
affidavit TS-1, shall retain of such silver so delivered, fifty per
cent as seigniorage and for services performed by the Government of the
United States, and the balance of such silver so received, that is,
fifty per cent thereof, shall be coined into standard silver dollars
and the same, or an equal number of other standard silver dollars,
shall be delivered to the owner or depositor of such silver*

Any

fractional part of one dollar due hereunder shall be returned in any
legal tender coin of the United States*
Every person delivering

’
Article

silver under these Regulations shall keep accurate records of all sil­
ver mined or acquired subsequent to December 21, 1933, and such records
shall be available for examination by a representative of the Director
of the Mint for at least one year after the last delivery*
Such person shall file with the Director of the Mint, on or before
*•>*

«

the twenty-fifth day of each month after the date the first delivery
is made, a report covering the period of the preceding calendar month,
provided that the first report shall cover the period from December 21,
1933, to the end of the calendar month preceding the dato of the report*
Such report shall be executed under oath before an officer duly
authorized to administer oaths and shall be made on Porrn TS-3 and shall
contain all of the information called for in such Sfram*

Every person

delivering silver which has been mixed with secondary or foreign silver

-6-

of •'•fcith‘at”S '

.yofinor^w6tbGr;.than .that of. tho person

naming' the :d e l c r y ,

shall also file with each;delivery, of s uch.

silver an;'agreement-properly executed.-under' oath ■'by a duly authorized
officer of such other smeltor or refinery that records Will bo kept
and*-reports will be .filed as'provided" in this Article, and that .such
reebfds- will be' available for examination by a representative of .the
Director of;the::Hint for at least one year after the last delivery.
•"

Article 6*

Forms.

Aiiy form, tho use of which is pro- .

scribed-in these Regulations, nay be obtained at any United States
•int or -assay-office or at the -Treasury Department, Washington.
Article 7.< Revocation o r .Modification.,-- The provisions
of i&ese- R e f l a t i o n s may bp revoked or modified at any time.

• H. MOitthATLOJ, JR.,
Acting Secretary of the. Treasury.

APPROVED:-- -'•

•

>

’

iRAtolH-D. ROOSEVELT.-- *
THE WHITE HOUSE'

■ ■

December 30, 1933;

Form TS-1
TREASURY DEPARTMENT
Office of the Secretary

AFFIDAVIT AND AGREEMENT BY OftNER

STATE OF
COUNTY OF

In. accordance with the.provisions of the Proclamation of December 21,
1933, and the Regulations preocribôd thereunder, the -undersigned hereby
represents and certifies under oath that he is the
of

- -■ ■

..Of;

(Title of Officer)
« owner of certain silver to the amount

fine ounces, more or less, forwarded to the United

Stateo Mint at

__ __ on the _______ day of ,

________

k

J.93^, and delivered to the :iint under the provisions of said Proclamation
and the Regulations prescribed thereunder; and. that said silver *(l) has
•been mined-subsequent to December 21, 1933 from natural deposits in the
United States or a place subject to the jurisdiction thereof, or (2) is part
of a mixture of domestic, secondary and/or foreign silver not in excess of
the amount thereof which has been mined subsequent to December 21, 1933 from
natural deposits in the United Statesr or a place subject to the jurisdiction
thereof
The owner is filing herewith supporting affidavit by the miner{&), n»d
agrees to furnish such additional evidence as may hereafter be demanded by
the Secretary of the Treasury, including affidavits and sworn abstracts
from books of account of any or all reduction works handling such silver.

* Strike out whichever clause is inapplicable

-2~

The owner hereby voluntarily consents that the Mint nay deduct and
retain of such silver so received-fifty per' cent as seigniorage and for
services performed by the Government of the United States relative to the
coinage and delivery of silver dollars.

The owner also consents to

accept from the Mint standard silver dollars in member equal to the number
which may be coined from the balance of such silver so roceived, 'that is,
fifty per cent thereof#

Any fraction of one dollar due hereunder will

be accepted in any legal tender coin of the United States.
The owner represents and warrants that the silver is free and clear
of all claims and encumbrances of any kind and that

(he)

has the lawful

•right to deliver same#
This affidavit is made for the purpose of procuring the acceptance
Of the silver delivered to the said Mint for coinage in. accordance with
the provisions of the Proclamation of December 21,..1933, and the Begula^
tions prescribed thereunder.

r,

'

Signature of owner or duly authorized officerT

i
Subscribed and sworn to before no this _____ _ day of

(Officer administpring oath)

Form T'S-2TREASURY DEPARTMENT
Office of the Secrotary

AFFIDAVIT OF MINER

STATE OF _
) ss.
COUNTY OF

Tlio undersigned, being duly sworn, deposes and says:
That he is the

of
(Title of Officer)

*

(Name of Mine ©wner)

» the owner of a nine known as ______
____________

,

_______ , and situated at .

that the said

.^has delivered to
(Nane of Mine OwnerV
on the

day of

193^,» at its snelting plant known as
______ , situated in the County of _____
State of

fine ounces of silver which

was mined subsequent to December 21, 1933 from natural deposits at the
said nine so located.

Subscribed and sworn to before no this
__________

day of

- 193 .

(Officer administering Oath)

Form TS-3
TREASURY DEPARTMENT
Office of the Secretary
REPORT
To the. Director »f the'Mint-:;

-n

j-

^

_

A.

The nane of the individual, partnership, association, or corptration mak i n g ’delivery i s

B.

This report and any *schedules attached hereto cover the period froni ________________________ l

195___f to

______.______________________, *93__ >
Silver mined subsequent
to December 21, 1933 from
na.tural deposits in the
United States or any place
subject to .jurisdiction
thereof (in fine ounces)
0.

The amount of silver
of each kind on hand
at the beginning of
thet-poriod covered
by this reoort was

- .....

Secondary; Silver
(ih fine“ ounces)

Foreign Silver
(infine ounces)

Total
( i n f i n e cunces)

-- -•

D. *The amount of silver
*
of each kind received
or mined “during such •'
period was
__________________
E.

F.

The amount of silver
smelted or refined dur­
ing such period w a n _____________________~
The amount and consignee
of all silver d e p o s e d
of during such period
was

*

.
~
...

..

~ •

*

„

__ ___________________ __A_________ _
- .

Silver mined subsequent
to December 21, 1933 from
natural deposits in the
United States or any place
subject to jurisdiction
thereof (lnfin$ ounces)

Secondary Silver
(in fine ounces)

Foreign Silvenl- - Total e.;.
(In fine ounces) .; (in f ine ounces)

The amount of silver
in all ftrms remaining
on hand at the end of
such period was
Losses #f silver
during the period
(by difference) is
STATE OF _
COUNTY OF
, being f irsi-duly sworn.,.. tn .*~afh

of

I,

depose and say that I am duly authorized to make this report tn behalf tf the depositor, nan el u n I-ten A ;
that I make this affidavit on information and belief which include informat U n f xum t he r ec ords and b «ck s
tf account tf depositor, that I believe the same ta be true, that I make this affidavit i n accordance w ith
the provisions of the Proclamation *f December 21, 1933» and the Regulations prescribed thereunder.
Subscribed and sworn to before me this ______ day
< f ... .........

, i93

.

... B B B 8 1 1 1

(Off icer administering Oath)

..

(Signature *f Af fi ant)

^ A...’.. U, ^’ '

*Schedule should be attached showing mine trigin of domestic silver and any oth^r details net furnished
on this -Eqi'-t-.
-----------JF~---------- # ---------- --------------- ■"
..
-— — — ■ m —
.
--

#f ItM*

Dear M m t m
~

5lh I c m

Îe reply to yrour
of
¿m m r
w
4lettor
« *
o
r jooNuury
ê l v m à y told

o n ly rm p m t w m t I im m

you* h
how
m » fisi
fimá it
4#. see-'
fùup
m much I ÉÉÉIÉÈà
regret i
«l «
to rotura to I#w fork* .During your
s h o r t s t a y a t t h e T r o o o o r y y o u h a r # r o a r e r #0.

real service to the

and to io»

I appréciai# greatly

the p e r s o n a l

sacrifice that 1rs* Belli# and you mmd® In
coming d o w n here*

My best wishes go with, you*
fery sincerely yours*

®f» t e l * Ballte,
¿i*.®
* V T r e a smuwryy *»

» shin«ton, 6» C

a

Wm

iHm
§

m
K

2 )

J a n u a r y 5,

1934,

Hon* H e n r y M o r g e n t h a n , Jr*,
S e c r e t a r y of the T r e asury,
W a s h i n g t o n , D* C*

Hea r Henry:
ITien y o u f i r s t asked m e t o c o m e d o w n to W a s h i n g t o n
to h e l p out in the T r e a s u r y , I told y o u that I c o uld d o so
o n l y o n a tem p o r a r y b a s i s ;
that o ne o f M y then s e n i o r p a r t ­
ners, Mr* H e n r y Seiigman, was n o t in g o o d h e a l t h and if a n y ­
thing w e r e to h a p p e n so that h e c o u l d n o t conti n u e to take
a n a c t i v e p a r t in the a f f a i r s of the f ir m , I should h e re to
leave on r e l a t i v e l y s h ort notice*
As y o u know, w h e n Mr*
S e l i g m a n died two w e e k s ag o I told you that I m u s t f i n i s h u p
my w o r k h e r e as soon as possi b l e and go b a c k to l e w Y o rk*
I
wan t to i n c o n v e n i e n c e y o u about this as litt l e as necessary,
and I the r e f o r e r e s i g n to take e f f e c t some time in J a n u a r y
at y o u r convenience.
I a m sure y ou w i l l do y our b e s t to re­
lease m e as soon as y o u can.
He e d l e s s to say, I r e g r e t v e r y m u c h h a v i n g to null
out, b u t I k n o w that y o u agree w i t h m e that my o b l i g a t i o n s be­
ing w h a t the y are, I h a v e n o a l t e r n a t i v e .
In vie w of the or­
g a n i z a t i o n that y o u h a v e n o w b u i l t up, I feel sure t hat m y
going w i l l n o t be of a n y real i n c o n v e n i e n c e to you.
I have
had & g r a n d time w o r k i n g w i t h y o u and it feras b e e n a p r i v ilege
w h i c h I shall n o t forget.
W i t h b e s t regards,

I am,
F a i t h f u l l y yours,
ii

7

£C :

tfi lv fif

3

3

x

3

|5/\t

kl

TREASURY DEPARTMENT

INFORMATION FOR THE PRESS
IMMEDIATE RELEASE

January 6, 1934.

The Secretary of the Treasury today made public the following
correspondence:
January 5, 1934.

Hon. Henry Morgenthau, Jr.,
Secretary of the Treasury,
Washington, D. C.
Dear Henry:

When you first asked me to come down to Washington to help out in the
Treasury, I told you that I could do so only on a temporary basis; that
one of my then senior partners, Mr. Henry Seligman, was not in good health
and if anything were to happen so that he could not continue to take an^
active part in the affairs of the firm, I should have to leave on relatively
short notice. As you know, when Mr. Seligman died two weeks a go I told
you that I must finish up my work here as soon as possible and go back to
New York.
I want to inconvenience you about this as little as necessary,
and I therefore resign to take effect some time in January at your con­
venience.
I am sure you will do your best to release me as soon as you
can.
Needless to say, I regret very much having to pull out, but I know
that you agree with me that my obligations being what they are, I have
no alternative.
In view of the organization that you have now built up,
I feel sure that my going will not be of any real inconvenience to you.
I have had a grand time working with you and it has been a privilege
which I shall not forget.
With best regards, I am,
Faithfully yours,

(Signed)

EARLE BAILIE.

January 6,

1934,

Dear Earle:
In reply to your letter of January 5th I can only repeat what I have
already told you, how much I regret that you find it necessary to return
to New York.
Daring your short stay at the Treasury you have rendered
real service to the President and to me.

J

*
- 2 ~

I appreciate greatly the personal sacrifice that Mrs. Bailie and
you made in coming down here»
My "best wishes go with you.

Very sincerely yours,

(Signed)

Mr. Earle Bailie,
The Treasury,
Washington, D. C.

HENRY MORGENTHAJJ, Jr.

92819/418

t * 28 cigars and 180 cigarettes, or to 25 cigars, 80
eigarettes sad 1 pound of manufactured tobacco.
Cd) Batsmal-reTOUis stamps shall bs affixed to
taxable tobacco products imported in baggage. Before
sale of such stamps to a passenger, the customs o fficer
A a ll stamp across the face thereof with a rubber stamp
the legend "United States Customs; imported in passengerfe baggage ." So customs inspection stamps are re­
quired.
(•) Packages of tea not exceeding 8 pounds in weight
and imported in a passenger’ s baggage may be delivered
without examination for parity weder the le t of ttareh 2,
189?, ee amended.

vj.

/-/.

K o \ (

L

Commissioner of Customs.
Approved:

Secretary of the Treasury.

c:

T

*

Iv & ^ L
{*.

CÜSTCMS

h
(

J*

^

N - / f y <0

92819/4X5

t e ¿HS38KD * LI^JOB IB Bá®34QBL

A r tle le 41 5 , Custites R egulationa o f 1951,
not so s« than wj» V u a rt o f a lc o h o lic
th e exemption fre n W ty aceorded persona
S ta te s t r o s floreign a s is tir le s .

é

tded to preside that
1» ineluded la
in the United

DEPAKmENT,
Office of tte'üoamlMiater of Costeña,
^
s lrX S L ^
D. 0.

TO C0LLECT0R3 OF CUSTQMS ¿HD QTHERS CGNGMBSD:
A rticle 415 of the Guatona Begulations of 1951 le hereby
amended to real as follonas
i

m

Art. 415» Tobacco prometo» alcteolle benaragsa, foodotnffa» and tea, (a) F ifty cigars or 300 cigarettes car
5 penado of manufacturad tobáceo, and not ezceeding one
quart of alcoholic boverages, «boa brought in by en adult
nonresident paasenger, i f not for calo or other ccomercial
use, may be pasead freo of duty sed internal-revenua taz.
(b)
Cigars, cigarettes, tobáceo, and not ezceeding one
quart of aXeteolie botarages may be ineluded within the
#100 exemption alionad eaeh adult retuming reaident.
Interaal-rerenue tez should be assoaaed an tobaste producto
te exceso of 50 algara, or SCO cigarettes, or 5 penado of
saanfaetured tobáceo, although ineluded te the exem.ption
frcm date» and en a ll d istilled apirita and alteo subject
to dnty. Foodstuffs may be ineluded in the #190 examption.
(o) The quart of alcoholic berarageo ahíte may bo im­
portad by a nonresident, or by a resident if ineluded
áltete the #100 exteptlem, without payaant of duty or
interaal-reTenu© tez nny consist of loteor quantltiea of
moro than ona kted of boTerage. te the casa of paaaangara
brlnglng te moro than one kted of tobaooo product, the
exemption fren internal-rerenue taz alionad retuming
rendente and the exmption fren taz and duty alionad
nonresidents may be applled proportlonately, for ezmupla,

á

TREASURY DEPARTMENT
INFORMATION EOR THE PRESS,
IMMEDIATE RELEASE

Secretary Morgenthau today (January 11, 1934) made public the following
notice of amendment of Customs Regulations:
TO COLLECTORS OF CUSTOMS AND OTHERS CONCERNED:
Article 415 of the Customs Regulations of 1931 is hereby amended
to read as follows:
Art* 415, Tobacco products, alcoholic beverages, food­
stuffs, and tea, (a) Fifty cigars or 300 cigarettes or
3 pounds of manufactured tobacco, and not exceeding one
quart of alcoholic beverages, when brought in by an adult
nonresident passenger, if not for sale or other commercial
use, may be passed free of duty and internal-revenue tax.
(b) Cigars, cigarettes, tobacco, and not exceeding one
quart of alcoholic beverages may be included Within the
$100 exemption allowed each adult returning resident.
Internal-revenue tax should be assessed on tobacco products
in excess of 50 cigars, or 300 cigarettes, or 3 pounds of
manufactured tobacco, although included in the exemption
from duty, and on all distilled spirits and wines subject
to duty. Foodstuffs may be included in the $100 exemption.
(c) The quart of alcoholic beverages which may be im­
ported by a nonresident, or by a resident if included
within the $100 exemption, without payment of duty or
internal-revenue tax may consist of lesser quantities of
more than one kind of beverage.
In the case of passengers
bringing in more than one kind of tobacco product, the
exemption from internal-revenue tax allowed returning
residents and the exemption from tax and duty allowed
nonresidents may be applied proportionately, for example,
to 25 cigars and 150 cigarettes, or to 25 cigars, 50
cigarettes and 1 pound of manufactured tobacco.
(d) Internal-revenue stamps shall be affixed to
taxable tobacco products imported in baggage. Before
sale of such stamps to a passenger, the customs officer
shall stamp across the face thereof with a rubber stamp
the legend ’’United States Customs; imported in passen­
g e r s baggage.” No customs inspection stamps are re­
quired.
(e) Packages of tea not exceeding 5 pounds in weight
and imported in a passenger’s baggage may bo delivered
without examination for purity under the Act of March 2,
1897, as amended.

J. H. MOYLE
Commissioner of Customs.
Approved:
HENRY MORGENTHAU, Jr.,
Secretary of the Treasury.

T R EA S U R Y DEPARTMENT
WASHINGTON
Fo r R e l e a s e , M o r n i n g Pa p e r s ,
T u e s d a y , J a n u a r y ||, I95 I4..

Secretary

of

P r e s s Service
No. t- 7

Tr e a s u r y Mo r g e n t h a u

the

TODAY THAT THE T E NDERS FOR $100, 0 0 0 , 0 00 ,
91-d a y Tr e As ur y
If*
the

Bi l l s ,

Ja n u a r y

dated

10

announced

OR THE REABOUTS, OF
and

maturing

Ap r i l

-WHICH WERE OFFER ED ON J A N U A R Y ij., WERE OPENED AT
Fe d e r a l
Th e

Re s e r v e
total

Ba n k s

amount

J a n u a r y 8 , 195^.

on

applied

for w a s

WHICH $ 100 ,050,000 WAS ACCEPT ED.
RANGED
about

$ 252 ,8 2 5 ,000 , OF

THE A C C E P T E D BIDS

IN PRICE F ROM 99-990, E Q U I V A L E N T TO A RAT E OF

0 .];0

per

cent

per

annum

,

to

9 9 .821;,

equivalent

to

A RATE OF ABOUT 0. 7 0 PER CENT PER ANNUM, ON A BANK DIS­
CO UNT

basis

.

On l y

part

of

the a m o u n t

bid

for

at

the

LATTER PRICE WAS ACCEPTED.

THE A V E R A G E PRICE OF TREASURY

B ills

and

to

be

issued

is

99*81 j.5

the

average

rate

0 . 6 2 PER C E N T PER A N N U M ON A BANK DIS COUNT BASIS.

is

about

TREASURY DEPARTMENT
WASHINGTON

For Release, Morning Papers,
Tuesday, January 3Sh, 1934#

Press Service
No. 1-7

Secretary of the Treasury Morgenthau announced today that
the tenders for $100,000,000, or thereabouts, of 91— day Treasury
Bills, dated January 10 and maturing April 11, 1934, which were
offered on January 4, were opened at the Federal Reserve Banks
on January 8, 1934.
The total amount applied for was $252,825,000, of which
$100,050,000 was accepted.

The accepted bids ranged in price

from 99.900, equivalent to a rate of about 0.40 per cent per
annum, to 99.824, equivalent to a rate of about 0.70 per cent
per annum, on a bank discount basis.

Only part of the amount

bid for at the latter price was accepted.

The average price

of Treasury Bills to be issued is 99.843 and the average rate
is about 0.62 per cent per annum on a bank discount basis.

In
**•*
llri

I
X
"V.

£Xa

a

(/TlJ & x ^

C ^ / ìju **°?

to*

<gH^j:

mali

foi

wit
iss

( ^ j Q À ^ A ^

dfAuM^

^ A ^ c X ^

whi
^

- ' Ì j l S ^ u X '

X ^ A

u

ofi
'^■"tA ( ¡ L ^ ^ w ^ C i ^ C
M._yixAjLif. :

f'U'\

f_ J u ,

L u £ l <1w

Ù)

*

'

X

~

4~

*

r

¡|i|jjj|

h

i

,.(l X X .

p^WtoiwiiiUiiiticBaOT.,*....

i ^ e ^ C s L o

¿4

t

\ A W l X - À~y).

^LTVtAjKAAJ*3~.

H/K(JL

àj

>

TREASURY DEPARTMENT
WASHINGTON, D.O.

Immediate Release».
1—12— 34.

Press Service
No. 1 - 8

By direction of the Secretary of the Treasury an order was issued
to— day (Friday, January 12, 1934) By the Commissioner of Customs which
makes representatives of the United States Government returning from
foreign countries subject to the same rule as any other returning resident
with respect to alcoholic Beverages included in their Baggage.

An order

issued yesterday requires the payment of customs duties on any amount in
excess of a quart of alcoholic Beverages Brought into the United States
By returning residents.

To-day's order is a modification of an order

which permits free entry of the Baggage and personal effects of Government
officers

TREASURY DEPARTMENT
WASHINGTON

r

t

r

F o r R e l e a s e ^ M o r n i n g Papers,
Saturday, J a n u a r y 13, 1934*

P r ess S e rvic e
No. f — c|

S e c r e t a r y M o r g e n t h a u a n n o u n c e d today the a p p o i n t ­
m e n t of M a r r i n e r S. E c c l e s of Ogden, Utah,

to be Assistant

.L*KA..

to the Secretary,
and banking
Mr.

Icesa s g g i y ^

W

'■»> financial1

A

problems*
Eccles, m e m b e r of a pioneer U t a h family,

P r e s i d e n t of the F i r s t S e c u r i t y C o r p o ration,
28 b a n k s in Utah, W y o m i n g an d Idaho,
N a t i o n a l B a n k of Salt Lake City;

is

w h i c h owns

i n c luding

the F i r s t

is P r e s i d e n t of the

U t a h C o n s t r u c t i o n C o m p a n y and is also i n t e rested in the
sugar,

lumber and m i l k i n d u stries

in the southwest.

He

is C h a i r m a n of the C i v i l W o r k s A d m i n i s t r a t i o n for Utah.
Mr. E c c l e s wil l take up h i s d u ties

in the T r e asury

D e p a r t m e n t w i t h i n the n e x t two w e e k s and w i l l
r e s i d e n c e in W a s h i n g t o n for his f a m i l y * auMa lu

e s t a blish

TREASURY DEPARTMENT
WASHINGTON

For Release to Morning Papers,
Saturday, January 13, 1934.

Press Service
Uo.. 1 - 9

Secretary Morgenthau announced to-day the appointment
of Marriner S. Eccles of Ogden, Utah, to be Assistant to the
Secretary, with a field of duty including financial and banking
problems.
Mr. Eccles, member of a pioneer Utah family, is President
of the First Security Corporation, which owns 28 banks in Utah,
Wyoming and Idaho, including the First National Bank of Salt Lake
City;

is President of the Utah Construction Company and is also

interested in the sugar, lumber and milk industries in the south­
west.

He is Chairman of the Civil Works Administration for

Utah.
Mr, Eccles will take up his duties in the Treasury Depart­
ment within the next two weeks and will establish residence in
Washington for his family.

m m

m m m m

of

m

r m

o rn m

order h o * m m

o f a u g o b t e s , % m$

The first paragraph of section 4 of Executive Order
Ho* 6E60 of August £8, 1953, relating to the hoarding, ex­
port, and earmarking of gold cola, bullion, or currency,
and to transactions in foreign exchange is hereby amended
to read as followst
Sac. 4. A C Q U I s m O H Of OODD COBT AHB « B

« H i * -

Ho person other than a federal Reserve benk «halt after
the date of this order acquire in the United State© any
gold coin, gold bullion, or gold certificates except
under license therefor issued pursuant to this Executive
order, provided that member banks of the Federal Reserve
System may accept delivery of such coin, bullion, end
certificate© for surrender promptly to a Federal Reserve
bank, and provided further that per ©cm© requiring gold
for use in the industry, profession, or art in which they
are regularly engaged may replenish their stocks of gold
up to an aggregate amount of $100, by acquisitions of gold
bullion held under licenses issued under section 5(b),
without necessity of obtaining a license for such acqui­
sitions, and^rovided further that collectors of rare and
unusual coin may acquire from one another end hold without
necessity of obtaining a license therefor gold coin having
a recognised special value to collectors of rare and
unusual coin (but not including quarter eagles, otherwise
known as $£*50 pieces, unless held, together with rare
and unusual coin, as part of a collection for historical,
scientific or numismatic purposes, containing not more
than four quarter eagles of the same date and design and

struck fcgr the came Mint}»
Section 6 of the aforesaid order ic hereby amended I f
adding thereto the following subparagraph*
{«> through any agency that he «ay designate, the
eaeport of gold coin having a recognised special value to
collector® of rare and unusual coin {hut not including
i warier eagles* otherwise known as |g«SO pieces, unless
held, together with rare and unusual coin, as part of a
collection for h isto rical, scie n tific, or numismatic pur­
poses, containing not more than four quarter eagles of
the same date and design and struck by the same U ni)«

tm m m

bouse,

January />, 1934*

TREASURY DEPARTMENT
WASHINGTON

For Immediate Release
J a n u a r y 13, 1934

P r e s s Se r v i c e
No. /— /£>

The S e c r e t a r y of the T r e a s u r y toddy, m a d e public
a n order amending h is order

of D e c e m b e r 28,

1933,

so as

to p e rmit col l e c t o r s of rare coins to h o l d q u a r t e r eagles/
($>2.50 gold p i e c e s ^ w h e n they f o r m a p art of a coll e c t i o n
of rare coins.

The p r o v i s i o n is made, however,

n o t m o r e than four

that

quarter eagles of the same d ate and

d e s i g n and s t r u c k by the same mint^- m a y be h e l d by any one
collector.
Hf#- b y the P r e s i d e n t
of A u g u s t 28, 1933* was m a a e

P Ü

to the E x e k u t i v e Order
This

a m e n d m e n t b r i n g s the E x e c u t i v e O r der into h a r m o n y w i t h the
l a t e s t order

of the S e c r e t a r y of the T r e a s u r y and at the

same time w i l l p e r m i t col l e c t o r s of rare coins to acquire
t h e m f r o m one a n o ther and to export c o l l e c t i o n s of rare
g o l d c oin u n d e r l i c ense b y the S e c r e t a r y of the Treasury.

TREASURY DEPARTMENT
WASHINGTON

Por Immediate Release
January 13, 1934.

Press Service
No. 1 - 1 0

The Secretary of the Treasury today, (January 13, 1934)
made public an order amending his order of December 28, 1933,
so as to permit collectors of rare coins to hold quarter eagles
($2« 50 gold pieces) when they form a part of a collection of
rare coins.

The provision is made, however, that not more than

four quarter eagles of the same date and design and struck by the
same mint may be held by any one collector®
An amendment by the President to the Executive Order of
August 28, 1933, was also made public.

This amendment brings

the Executive Order into harmony with the latest order of the
Secretary of the Treasury and at the same time will permit col­
lectors of rare coins to acquire them from one another and to
export collections of rare gold coin under license by the
Secretary of the Treasury*

EXECUTIVE ORDER

AMENDMENT OF EXECUTIVE ORDER NO. 6260-OF AUGUST 28,

The first paragraph of section 4 of Executive Order No è 6260 of
August 28, 1955, relating to the hoarding, export, and earmarking of
gold coin, bullion, or currency, and to transactions in foreign
exchange is hereby amended to read as follows:
Sec. 4.

ACQUISITION OF GOLD COIN AND-GOLD BULLION.— No person:

other than a Federal Reserve bank shall after the date of this order
acquire in the United States any gold coin, gold bullion, or gold
certificates except under license therefor issued pursuant to this
Executive order, provided that member banks of the Federal Reserve
System may accept delivery of such coin, bullion, and certificates
for surrender promptly to a Federal Reserve bank, and provided further
that persons requiring gold for use in the industry, profession, or
art in -which they are regularly engaged may replenish their stocks of
gold up to an aggregate amount of |100, by acquisitions of gold bullion
held under licenses issued under section 5(b), without necessity of
obtaining a license for such acquisitions, and provided further that
collectors of rare and unusual coin may acquire from one another and
hold without necessity of obtaining a license therefor gold coin having a recognized special value to collectors of rare and unusual coin
aa
(but not including quarter eagles, otherwise known as

50 pieces,

unless held, together with rare and unusual coin, as part of a collection for historical, scientific or numismatic purposes, containing-

not more than four quarter eagles of the same date and design and
struck by the same Mint).
Section 6 of the aforesaid order is hereby amended by adding
thereto the following subparagraphs
(e)

Through any agency that he may designate, the export of

gold coin having a recognized special value to collectors of rare
and unusual coin (but not including quarter eagles, otherwise known
as $2.50 pieces, unless held, together with rare and unusual coin,
as part of a collection for historical, scientific, or numismatic
purposes, containing not more than four quarter eagles of the
same date and design and struck by the same Mint).

FRANKLIN D. ROOSEVELT

THE WHITE HOUSE,
January

lg, 1954.

ORDER OE THE SECRETARY OE THE TREASURY
Amending the Order of December 28, 1933, Requiring
the Delivery of Gold Coin, Gold Bullion, and
Gold Certificates to the Treasurer of
the United States

WHEREAS in my judgment the Order of December 28, 1933,
Requiring the Delivery of Gold Coin, Gold Bullion, and Gold Certificates
to the Treasurer of the United States, may be amended as hereinafter
provided without adversely affecting the purposes thereof,
HOW, THEREFORE, I, HENRY MORGENTHAU, JR., SECRETARY of the
TREASURY, do hereby amend said Order of December 28, 1933 by insert­
ing after the word "pieces'1 in the parenthetical phrase in Paragraph
(B) of the first section thereof a comma and the following:
"unless held, together with rare and unusual coin,
as part of a collection for historical, scientific, or
numismatic purposes, containing not more than four
quarter eagles of the same date and design, and struck
by the same mint."

This order nay bo modified or revoked at any time.

H. Morgenthau, Jr.,
Secretary of the Treasury.

APPROVED:
Franklin D. Roosevelt
THE WHITE HOUSE
January 11, 1934

HI
k

January 15« 1934

.\j/v
(V»
ev

The Secretary of the Treasury announced that, beginning
*N' ' r^
nT^r*-*—ni
‘^
'w J
i
r^*
tomorrow morning, the price to^the domeetia~
\

y

further notice w ill be #34*45 less l/4 of 1% for handling
charges* He stated that a further formal announcement on
this matter would be made later today*

«

4»

TREASURY DEPARTMENT
WASHINGTON

Por Immediate Release
January 15, 1934.

Press Service
^°* 1 - 11

The Secretary of the Treasury announced that, be­
ginning tomorrow morning, January 16, 1934, the price to he
paid for domestic newly mined gold until further notice will
he $34.45 less l/4 of 1$ for handling charges.

He stated

that a further formal announcement on this matter would he
made later today.

0

The Treasury mprsts within n fmT ft p tiBissw regulations
under which the lawyer, accountant, or other professional adviser
who has prepared or assisted in the preparation of an income tax
return for an individual or corporation will be required to sign
i t , along with the taxpayer himself*^ The taxpayer will also be
asked to state whether or not he has consulted a professional
. .
_
ll$o.
adviser in connection with the preparation of his return and to '
name him* These regulations will be made effective as to a ll
income tax returns hereafter filed*
The Department has been confronted in a number of cases
with the assertion that the errors or even fraud which its
agents have unearthed resulted from the advice of some profes­
sional person, previously unnamed* The purpose of these regula­
tions is to enable the taxpayer to fix the responsibility for

insure a
higher degree of accuracy and care by the professional advisers
who have actually prepared the return*

TREASURY DEPARTMENT
WASHINGTON

For release to Morning Newspapers
Tuesday, January 16. 1934

Press Service
No. 1 - 1 2

The Treasury has issued regulations today, January 15, 1934,
under which the lawyer, accountant, or other professional adviser
who has prepared or assisted in the preparation of an income tax
return for an individual or corporation will he required to sign
it, along with the taxpayer himself.«
The taxpayer will also he asked to state whether or not he
has consulted a professional adviser in connection with the prep­
aration of his return and if so, to name him«

These regulations

will he made effective as to all income tax returns hereafter
f il ed.
The Department has been confronted In a number of cases
with the assertion that the errors or even fraud which its
agents have unearthed rosulted from the advice of some profes­
sional person, previously unnamed«

The purpose of these regula­

tions is to enable the taxpayer to fix the responsibility for
the return where it belongs«

They are intended to insure a

higher degree of accuracy and care by the professional advisers
who have actually prepared the return.

\ / AJUD m J

L

fiXk-'L (2Jy£*c&&

/i
r*wi
4t%

/w%i|D
¿y^.rii>TrtffaiWflg?aa^«<«>»>aaa

✓

/
A

rz
//

f 7 u

asSws#»w^4g/

The Secretary of the Treasury stated that, beginning
/r

^6te?VvMslv'»i\ V

6 ^^

y

tomorrow, .the Federal Reserve Bank of New York, instead of the
'A

R# F* /C., w ill purchase a ll domestic newly-mined gold, and the
Secretary of the Treasury w ill purchase from the Bank equivalent
amounts of gold coins. The price to the domestic producer,
u ntil further notice, w ill be
charges.

$54.45

less

l/4

of 2$ for handling

TREASURY DEPARTMENT
WASHINGTON

FOR IMMEDIATE RELEASE
J a n m r y 15, 1934.

Press Service
No. 1 - 13

The Secretary of the Treasury stated that, beginning
tomorrow, (Tuesday, J a n m r y 16, 1934) the Federal Reserve Bank
of New York, instead of the Reconstruction Finance Corporation,
will purchase all domestic newly-mined gold, and the Secretary
of the Treasury will purchase from the Bank equivalent amounts
of gold coins.

The price to the domestic producer, until

further notice, will he $34,45 less l/4 of
charges

for handling

TREASURY D
EPARTM
EN
T
W
ASH
IN
G
TO
N
F o r R e l e a s e , M o r n i n o Pa p e r s ,
T u e s o a y , J a n u a r y |6, 195^*

Se c r e t a r y

of

Pr e s s S e r v i c e
I ~~ I U*

Tr e a su ry M o r g e n t h a u

the

If

announced

til

todaxxthat
of

the

tenders

91-d a y Tr e a s u r y

April

18,

195U»

Bills,

which

$ I2§,000,000,

for

dated

were

January

offered

on

or

17

thereabouts,
and

Ja n u a r y

A

maturing

II,

OPENED AT THE FEDERAL RESERVE BANKS ON JAN U A R Y

15>

were

¡9 3 k '

The TOTAL AMOUNT A P P L I E D FOR WAS $28 9* 597*88®$ OF J
$ |25»2li.O,QOO

which

RANGED

accepted

.

Th e

accepted

bios

IN PR ICE FROM 99*8 62, EQ U I V A L E N T TO A RATE OF
0. 55 P e r

about

was

cent

per

annum

,

to

99*822,

equivalent

^
to

A RATE OF ABOUT 0. 70 PER CENT PER ANNUM, ON A BANK D I S ­
COUNT

basis

.

On l y

part

of

LATTER PRICE WAS ACCEPTED.
Tr easury
RATE

B ills

to

IS ABO UT 0 . 6 7

be

issued

the

amount

bid

for

at

the

¥

THE AVE R A G E PRICE OF
is

9 9 * 9 5 1 AND

the

average

R CEN T PER A N N U M ON A BANK DISCOUNT

BASIS.

s

TREASURY DEPARTMENT
WASHINGTON

For Release, Morning papers,
Tuesday, January 16, 1934,

Press Service
No, 1 - 1 4

Secretary of the Treasury Morgenthau announced today,
January 15, 1934, that the tenders for $125,000,000, or
thereabouts, of 91-day Treasury Bills, dated January 17 and
maturing April 18, 1934, which were offered on January 11,
were opened at the Federal Reserve Banks on January 15, 1934,
The total amount applied for was $289,397,000, of
which $125,340,000 was accepted.

The accepted bids

ranged in price from 99,862, equivalent to a rate of about
0.55 per cent per annum, to 99,822, equivalent to a rate of
about 0,70 per cent per annum, on a bank discount basis.
Only part of the amount bid for at the latter price was
accepted.

The average price of Treasury Bills to be

issued is 99.831 and the average rate is about 0.67 per
cent per annum on a bank discount basis.

The P r e s id e n t has Inform ed th e C ongress and th e
American people about h i s p la n s f o r a new and sounder
money system * one t h a t w i l l s e rv e b e t t e r th e needs o f
a modern n a tio n *

T h ere i s ab o u t fo u r b i l l i o n d o ll a r s o f

monetary gold in th e co u n try *

Coder t h e <P r e s id e n t* s

p lan a l l o f t h i s gold w i l l b e h e ld i n th e U nited S t a t e s
T re a su ry t o p r o t e c t and m a in ta in th e v a lu e o f our money*
The P r e s id e n t now has a u th o r ity to reduce th e amount o f
gold l a th e d o ll a r *

He has asked C ongress to d e c id e th a t

i f and when he makes u se o f t h i s a u th o r it y th e new d o lla r
s h a l l c o n ta in n o t more th an 60 p er c e n t , n or l e s s than 50
p er c e n t , o f th e p r e s e n t amount o f gold *
Changing th e amount o f gold in th e d o l l a r does not
mean any change in th e number o f d o l l a r s you h old o r th e
d o l l a r s you owe*

Tour bank d e p o s it and your ch eck s and

your n o te s w i l l s t i l l r e p r e s e n t th e same number o f d o lla r s
and th e r e w i l l s t i l l be one hundred c e n ts i n ev ery d o lla r *
The d o l l a r w i l l be backed by th e f u l l c r e d i t and re so u rc e s
o f th e U nited S t a t e s government and th e Am erican people*
The P r e s id e n t1s p lan means th a t th e money system
o f th e co u n try s h a l l be managed f o r you to th e end th a t a
stea d y p u rch asin g power f o r your d o l l a r w i l l be m aintained

TREASURY DEPARTMENT
WASHINGTON

For Immediate Release
J a n u a r y 16, 1934.

P r e s s Service
No. 1 - 1 5

F o l l o w i n g is the text of an a d d r e s s m a d e by
S e c r e t a r y M o r g e n t h a u for the sound c a m eras today,
(J a n u a r y 16, 1 9 3 4 ) i

TREASURY DEPARTMENT
WASHINGTON
Eor Immediate Release
January 16, 1934.

Press Service
No* 1 - 1 5

Following is the text of an address made by Secretary Morgenthau
for the sound cameras today, (January 16, 1934):

The President has informed the Congress and the American
people about U s plans for a new and sounder money system, one
that will serve better the needs of a m o d e m nation.

There is

about four billion dollars of monetary gold in the country.
Under the Presidentas plan all of this gold will be held in the
United States Treasury to protect and maintain the value of our
money.

The President now has authority to reduce the amount of

gold in the dollar*

He has asked Congress to decide that if and

when he makes use of this authority the new dollar shall contain
not more than 60 per cent, nor less than 50 per cent, of the
present amount of gold.
Changing the amount of gold in the dollar does not mean
an7. change in the number of dollars you hold or the dollars you
owe.

Your bank deposit and your checks and your notes will

still represent the same number of dollars and there will still
be one hundred cents in every dollar.

The dollar will be

backed by the full credit and resources of the United States
government and the American people.
The Presidentas plan means that the money system of the
country shall be managed for you to the end that a more steady
purchasing power for your dollar will be maintained*.

It is forbidden by existing law (Title 18, Section 340,
U, S. Code and Supp. V; Section 588, Postal Laws and Regula­
tions 1932) to convey in the domestic mails spirituous, vinous,
malted, fermented, or other intoxicating liquors of ary kind;
consequently such liquors cannot be imported through the in­
ternational mail service.
f
Where mail parcels containing such liquors are observed
in the mails from foreign countries, provision is made where­
by the parcels may be appropriately endorsed and returned to
the country of origin. Where such parcels are marked for
abandonment or where for other reasons they are not returned
to the country of origin or exported, they shall be turned
over to Customs by the Postal Service for disposition as
seized merchandise.

e*

TREASURY DEPARTMENT
WASHINGTON
MEMORANDUM FOR THE PRESS.
IMMEDIATE RELEASE.

January 17, 1934.

The Commissioner of Customs suggests that attention he called
to provisions of law against the import of liquor through the mails.
- , .
forbldden hy existing law (Title 18, Section 340, U.S.
ode and Supp. V; Section 588, Postal laws and Regulations 1933)
o convey in the domestic mails spirituous, vinous, malted, fermented_, or other intoxicating liquors of any kind; consequently
uc . l i q u o r s cannot he imported through the international mail
service.
.
m i l parcels containing such liquors are observed
in the mails from foreign countries, provision is made whereby
the parcels may be appropriâtely endorsed and returned to the
country of origin.
Where such parcels are marked for abandon­
ment or where for other reasons they are not returned to the
country of origin or exported, they shall be turned over to
Customs by the Postal Service for disposition as seized
merchandise.

(2}

S e c r e ta r y Morgenthau s a id , "and we s h a l l l e t each o f you know what
th e o th e rs a r e doing* We hope to s tim u la te an i n t e r e s t th a t w ill

A

mean a co n sid e ra b le g ain in revenue to th e Government*"

o f d iv is io n s and bureaus o f th e T reasu ry Department which he had
in au gu rated when he became a c tin g s e c r e t a r y had c o n trib u te d to
" b e t t e r teamwork," th e S e c r e ta r y su g gested th a t i t would b e* a good
p lan f o r heads o f d i f f e r e n t T reasu ry a c t i v i t i e s in o th e r c i t i e s
where th e re a re d i s t r i c t h ead q u arters to g e t to g e th e r a t re g u la r
weekly luncheons*
"Tou should be a b le tA t h a t way to help each o th e r and
to promote b e t t e r s e r v ic e to th e p u b lic by th e T reasu ry Department,"
he s a id *
Other sp eak ers b efo re th e co n feren ce tod ay were Guy T*
H e lv e rin g , Commissioner o f I n te r n a l Revenue; R osw ell M a g ill,
a d v is e r on ta x a tio n in the T reasu ry D epartm ent; W right Matthews,
Deputy Commissioner, and B* B a r r e t t P retty m an ,

G eneral Counsel

in th e I n te r n a l Revenue Bureau*

f|

TREASURY DEPARTMENT
F o r Immediate R elease

i *7, t °(

Jaa-*ft?7=£934
'U ^ / —

( 4>

S u g gestion o f th e p o s s i b i l i t y o f a house—t o —house canvass
throughout th e U nited S t a te s by T reasu ry r e p r e s e n ta tiv e s to
make c e r t a i n th a t income t a x r e tu r n s a re f i l e d by a l l who should
f i l e them and to promote b e t t e r c o l l e c t i o n o f t a x e s was broached
to c o l l e c t o r s and revenue a g e n ts m eeting h ere tod ay by Henry
M orgenthau, Jr # * S e c r e ta r y o f th e Treasury# The S e c r e ta r y asked
th e I n te r h a l Revenue o f f i c i a l s ^ t o tak e th e p lan under co n sid é râ t ion
and t o re p o r t t h e i r co n clu sio n s to him* On t h e i r recommendations
^ i 3.1 depend, he s a i d , whether he ask s the C i v i l Works Adm inistra­
tio n f o r an a l l o c a t i o n o f funds to co v e r th e expense o f th en
can vass*
The S e c r e ta r y addressed th e I n te r n a l Revenue o f f i c i a l s ,
who a re h old in g a th re e -d a y co n feren ce h ere a t h is re q u e s t, in
the Auditorium o f th e N atio n al Museum* O f f i c i a l s , d iv is io n and
s e c tio n heads o f the Bureau in Washington were a ls o p re se n t*
Q u o ta s o f t a x c o l l e c t i o n s by d i s t r i c t s which th e c o lle c to rs
and t h e i r s t a f f s w i l l be asked to meet d u rin g th e ca le n d a r year
were l a i d b efo re them. These s e t as th e minimum o b je c tiv e

4f

collection

o f # 2 0 0 ,0 0 0 ,0 0 0 in back ta x e s during th e y e a r , re p re s e n tin g an
in c re a s e o f 51 p er ce n t ov er budget e s tim a te s o f § 1 3 2 ,4 0 0 ,0 0 0 *

r

The budget e s tim a te s a re ap p ro xim ately th e same a s th e c o lle c tio n s
f o r th e c a le n d a r y e a r 1933*
"We s h a l l watch th e work done by each d i s t r i c t e v e ry month, |

TREASURY DEPARTMENT
WASHINGTON

For Immediate Release
January 17, 1934

Press Service
No. 1 - 1 6

Suggestion of the possibility of a house-to-house canvass through­
out the United States by Treasury representatives to make certain that income
tax returns are filed by all who should file them and to promote better col­
lection of taxes was broached to collectors and revenue agents meeting here
today by Henry Morgenthau, Jr., Secretary of the Treasury.

The Secretary

asked the Internal Revenue officials to take the plan under consideration
and to report their conclusions to him.

On their recommendations will de­

pend, he said, whether he asks the Civil Works Administration for an allo­
cation of funds to cover the expense of the canvass.
The Secretary addressed the Internal Revenue officials, who are
holding a three-day conference here at his request,
the National Museum.

in the Auditorium of

Officials, division and section heads of the Bureau

in Washington were also present.
Qp.otas of tax collections by districts which the collectors and
their staffs will be asked to meet during the calendar year were laid be­
fore them.

These set as the minimum objective collection of $200,000,000

in back taxes during the year, representing an increase of 51 per cent over
budget estimates of $132,400,000.

The budget estimates are approximately

the same as the collections for the calendar year 1933,
nWe shall watch the work done by each district every month , 1
1
Secretary Morgenthau said,
others are doing.

’’and we shall let each of you know what the

We hope to stimulate an interest that will mean a con­

siderable gain in revenue to the Government.M

Expressing his belief that weekly staff meetings of heads of
divisions and bureaus of the Treasury Department which he had inaugurated
when he became acting secretary had contributed to ’’better teamwork,” the
Secretary suggested that it would be a good plan for heads of different
Treasury activities in other cities where there are district headquarters
to get together at regular weekly luncheons.
’’You should be able in that way to help each other and to promote
better service to the public by the Treasury Department,” he said.
Other speakers before the conference today were Guy T. Helvering,
Commissioner of Internal Revenue; Roswell Magill, adviser on taxation in
the Treasury Department; Wright Matthews, Deputy Commissioner, and E.
Barrett Prettyman, General Counsel in the Internal Revenue Bureau.

bullion or gold certificates held in non compliance
of December 2$, 1955,

m

emended,

m d

m M

w it h

sedd Order

Order of January IS, 1984,

are offered after January 17, 1954, to the Secretary of the Treasury,
the Treasurer of the felted States, say felted States Mint

or Assay

Office or to say fiscal agent of the felted States, the Secretary of
the Treasury, the Treasurer of the felted States, any felted States
lint

or Assay Office

and the fiscal agents of the felted States

shall pay for such gold cola and gold certificate® the dollar face
aaount thereof, and for gold bullion $£>0*67 an ounce*

leather hanks

of the- Federal Beserve System m y receive such gold coin, gold f a n i m
and gold certificates for account of the Treasurer of the felted States
and forthwith forward the same to the Secretary of the Treasury, the
Ireasarcr of the Bolted States, say United States Sint or Assay Office
or any fiscal agist of the Baited States, shlcfaerer is nearest.

H. MOBQBfiFIAB, J R . ,
Secretary of the Treasury.**

mm rn?m «f te* êmmm® «f Um tmmmmy 4»UA ëmmwy U$ vm t
te *

Qrim i f

teteM ter tft* SÜ S*

$@k| fâ»I4 M U « s*A Sodi
ftete* ;|mnéi$| I* past» »

te# Stalteeiy #f M 4

te tèfô fsemiieGrar «f te* tM M
tm llm m

I « # # %t m m mmmmm, nu, a i » « *# te* m « *
Sa taselfp f i * aitolgte «f «eteeaêep* ¿berner XT, U M , ** t e
espirati** «f te# pasioKÎ vitel* telali «agr pài. « M ,
m

.^é\é

$$X ê

Mllte,

w%$- b* | *lô #wt ê m l i & m m i te te# f s » « » «

« f t e f a i t e S t a t e I» t e y ^ t e * * mite t e HhæifeaeBf^ eeoteteet

te m li t o t e ©f &»iMlMr tS» £$&$, as «»«*»i#d#
*ïa t e a m t t e t asfr $aI4 ee$ft» t # M t e l l ! » «

pcdA

a a s tlfls ite a *itefc#Xé te a<»Msa*pIJteii** « ite éiSit to i* * iiit ©f
t e a O s t e a » atfXtoraA « t e r

If* 1914*te t e

Sewtesy

« f t e ftaatM fte to i Ï3P ts«»i» ©f t e f a t e i S tetes* «ajr f a i t e
âtetee mini «
Stata©,

V tm m

m m & affla©, « te « y fiasal apant ©f t e f a i t e
t e l l ta fstâê %teteffer *»ly a&te paît «

«f

t e l aaoaat a tte d ia # pagrabia ih ***f«P
tea 8a«rat«fy « f tea
firaasatgr ®sy faaa %JU*a te H a* paaaarlla «*& %$m « te le «y wy
telaaaa i t o l i te srateltel m â &pp%%mï te t e paaalljf PtfHUi
f « f&13ji » te ©e^ply a lt e te»
a f ©tte to$er »ad
«f te la M É * * f t à *aaapte»aa af «ay «æîi «ola,
«
aatrtlfleata« a fte r Jtoaafy 1?, XfM, teattear as w i a paxt «
t H af tea aaaaat aitanretai
t e # «ter la m sratelaal, iteli
te «lteoat f
t
e
tea ritfst te *»X£*sfc Éay sait «r atearviaa
t M fall paaalty jMweSMi te Saatiaa 11 (a) #f te# federai
â k f «a aaaatol, 1*** « t e partloa «f te# paaaltgr aa usar teiü
basa sataiaaâ m fea»teteftwra i s w t â M e *

Ste|aat te tee rigiste s#aasM««l te s a iâto ter * f ftssisfel’f ' 1S# lif 4 #
te® toter «f fi#e#ater S % X91S, saqaslrtes te©

g a U «olft,
Stetee,

M U l o a «mi p M
süé

wlteMit

te tee

©f

M* tee

te te# rif&t te alteâp «r n s * Ì tee**

litovaetlaRS £re» ttee te t t e tp eetlee te tee Î m * » îf «f tte Selted
Stetea, ite W L t e â Stetee f c t e « d à m ® f Offiee«» s i tee f m ì ^ m l m r n t m
t a t o » î êt a « ® b r

te&% te te©

test m y §»lâ e®te,

^ ^

-^1.-

----------------

¡(¿¿ihjiAjLr

f7
. / ^ 7 ( <?3V^

t - n

The S e c r e t a r y of the T r e a s u r y i s sued i n s t r u c t i o n s
to n i g h t a u t h o r i z i n g

the T r e a s u r e r

of the U n i t e d States,

the U n i t e d States M i n t s and A s s a y Offices,

an d the Federal

R e s e r v e B a n k s to continue, u n t i l f u r t h e r notice,

to receive

g o l d coin and gold c e r t i f i c a t e s and to pay t h e r e f o r in
o t her c u r r e n c y at their f a c e value.

T h e y w e r e als o author­

ize d to re c e i v e gold b u l l i o n and to pay for it at the statu­
tory rate of $ 2 0 . 6 7 per ounce.
The i n s t r u c t i o n s

issued t o n i g h t are m a d e

subject to

the r i ghts r e s e r v e d in the S e c r e t a r y ’s order of J a n u a r y 15
setting m i d n i g h t of J a n u a r y 17 as the f i n a l date on w h i ^ ^ g ^
gold coin,

gol d c e r t i f i c a t e s a nd g o l d b u l l i o n m i g h t be

I ® in c o m p l i a n c e wit h

the S e c r e t a r y ’s order of D e c e m b e r 28,
?

1955.
I n q u i r i e s h a v e b e e n r e c e i v e d by the T r e a s u r y D e part­
m e n t f r o m b u s i n e s s m e n w h o d e s i r e to k n o w w h e t h e r they may
c o n t i n u e to a c c e p t gold c o i n and c e r t i f i c a t e s in payment
for m e r c h a n d i s e and services.
4 u ^ m l 4 f

sent out

wil l

ftor ri ftl
f W

*

The i n s t r u c t i o n s w h i c h were

pe rm it th em to -

Ùh

/gold»

TREASURY DEPARTMENT
WASHINGTON
RELEASE TO MORNING PAPERS
OF JANUARY 18, 1934.

Press Service
Ho. 1 « 17

The Secretary of the Treasury issued instructions tonight (Jan. 17),
authorizing the Treasurer of the United States, the United States
Mints and Assay Offices, and the Federal Reserve Banks to continue,
until further notice, to receive gold coin and gold certificates
and to pay therefor in other currency at their face value.

They

were also authorized to receive gold "bullion and to pay for it at
the statutory rate of $20,67 per ounce.
The instructions issued tonight are made subject to the
rights reserved in the Secretary^ order of January 15 setting
midnight of January 17 as the final date on which gold coin, gold
certificates and gold bullion might be delivered in compliance
with the Secretary^ order of December 28, 1933.
Inquiries have been received by the Treasury Department
from business men who desire to know whether they may continue
to accept gold coin and certificates in payment for merchandise
and services.

The instructions which were sent out tonight

will provide a way by which they may dispose of receipts of gold
coin and gold certificates and receive payment for them.

TREASURY DEPARTMENT
Bureau of the Budget

Information for the Press
For Immediate release

J a m a r y 20 * 1934-

Many inquiries made of the Bureau of the Budget concerning
(1) the allocation of funds by the Public Works Administration from
the appropriation of June 16, 1933, of $3,300,000,000,

for National

Industrial Recovery, and also concerning (2) the expenditures of the
Reconstruction Finance Corporation, indicate that the persons making
these inquiries have overlooked the fact that summaries of such data
appear in the 1935 Budget.

The allocations from the appropriation

for National Industrial Recovery will be found in Budget Statement
No. 5, page A80, and the summary of the expenditures of the Recon­
struction Finance Corporation in Budget Statement No.

6,

page A82.

These statements are listed in the "Table of Contents",
page III, but through inadvertence reference to them was not in­
cluded in the Budget index.

I

>T &

a

,%

Qi\6

£ J >

a c k

r

BUREAU OF THE BUDGET
.WAgHIAifiTWI

P‘
UU'fcsj

January 19, 1934,

Immediate release/
Many inquiries made of the Bureau of the Budget concerning (1)
the allocation of funds by the Public Works -Administration from the
appropriation of June 16, 1933, of #3,300,000,000, for National In­
dustrial Recovery, and also concerning (2) the expenditures of the
Reconstruction Finance Corporation, indicate that the persons mak­
ing these inquiries have overlooked the fact that summaries of such
data appear in the 1935 Budget. The allocations from the appropria­
tion for National Industrial Recovery will be found in Budget State­
ment No* 5, page A80, and the summary of the expenditures of the
Reconstruction Finance Corporation in Budget Statement No. 6. na*e
A82*
* * a
These statements are listed in the «Table of Contents«, page
III, but through inadvertence reference to them was not included in
the Budget index.

m

v

r

T
V *

J % SiXjb** * A * 4 4

¿ M M i ?

®f,

10S4,

lea««*»

o f U n ited S t a t e s s e c u r i t i e s t o r i n v e s t mm% a c co u n ts wore made d u rin g th e week Ja n u a ry i f

through Ja n u a ry f S , a s fo llo w s !

S in k in g Fund, #3 ,0 0 0 ,0 0 0 $

F e d e r a l D e p o sit In su ra n c e C o rp o ra tio n , |10t000,000| O ther

Accounts, fa,43®,000* t « 3 | $17,011,000.
In addition tb# Federal Deposit Insurant# Corporation

purchased $6,630,000 of Treasury bonds offered by the
Festal S a v i n s Spate» from collateral posted by banks

now in l iq u id a t io n *

Is

-g -

E x e c u t i v e Order a u t h o r i z e s

the r e t e n t i o n of one-half

of the silver r e c e i v e d as s e i g n i o r a g e and the coinage
of the r e m a i n d e r into s t a ndard silver dollars.

The
|

2 , 1 8 1 ounces of silver so far r e c e i v e d w o u l d thus enable
the M i n t s to c o i n a b o u t 1,500 sta n d a r d silver dollars.
The

capac i t y of the three U n i t e d S t a t e s M i nts,

shift basis,
Philadelphia,
40,000.

is 1 4 0 , 0 0 0 silver d o l l a r s a day,
60,000; D e n ver,

40,000;

on a single
as follows:

S a h Francisco,

To coi n 1 , 500 s t a n d a r d silver d o l l a r s would

take less tha n o n e - h a l f h o u r !s o p e r a t i o n at any one
of the Mints.

3

The f a c t is that n o t e n o u g h silver has been 1

r e c e i v e d to justify s t a rting

operations.

4

TREASURY DEPARTMENT
WASHINGTON

Fo r R e l e a s e to M o r n i n g N e w s p a p e r s
J anua r y iKSFi 1934.

Receipts

P r e s s Se r v i c e No.
I— l &

of silver by the U n i t e d States M i n t s under

the E x e c u t i v e Order of D e c e m b e r 21, 1933, wer e 477 ounces
for the w e e k ending J a n u a r y 19, 1934.

A ll of this was

r e c e i v e d by the D e n v e r Mint.
Total receipts

since the P r e s i d e n t ’s p r o c l a m a t i o n

b e c a m e effective hav e b e e n 2 , 181 ounces,

of w h i c h 1,789

ounces w e r e r e c e i v e d at D e n v e r and 392 ounces at S a n
F r a n cisco.
T o t a l silver p r o d u c t i o n in the U n i t e d States,

for

the c a l e n d a r yea r 1933, has b e e n e s t i m a t e d by the B u r e a u
of the M i n t as 2 2 , 1 4 1 , 1 3 0 ounces.

T h i s w o u l d indicate

a m o n t h l y p r o d u c t i o n of close to 2 , 0 0 0 , 0 0 0 ounces.
r e l a t i v e l y i n s i g n i f i c a n t amou n t

The

so far rec e i v e d by the

M i n t s is e x p l a i n e d by the f a c t that the p r o d u c t i o n of r e ­
f i ned silver is a b y - p r o d u c t of the r e f i n e m e n t of other
metals, n o t a b l y copper, and t h e r e f o r e a c o n s i d e r a b l e time
<lsP Z Z L

n e c e s s a r i l y elapses

foafwp.pn

the m i n i n g of silver bearing

ore u n t i l r e f i n e d silver m a y be d e l i v e r e d to the Mints.
I n q u i r y has b e e n m a d e as to h o w m a n y

silver dollars

hav e b e e n c o ined by the M i n t s in p u r s u a n c e of the Executive
Order.

The answer is that n o n e have b e e n minted.

The

TREASURY DEPARTMENT
WASHINGTON

Eor Release to Morning Newspapers,
January 23, 1934.

Press Service
^ 0# i _ 13

Receipts of silver "by the United States Mints under the Executive Order
of December 21, 1933, were 477 ounces for the week ending January 19, 1934.
All of this was received "by the Denver Mint.
Total receipts since the President's proclamation "became effective have
"been 2,181 ounces, of which 1,789 ounces were received at Denver and 392
ounces at San Erancisco.
Total silver production in the United States, for the calendar year 1933,
has "been estimated "by the Bureau of the Mint as 22,141,130 ounces.
would indicate a monthly production of close to 2,000,000 ounces.

This
The

relatively insignificant amount so far received "by the Mints is explained
"by the fact that the production of refined silver is a "by-product of the re­
finement of other metals, notably copper, and therefore a considerable time
necessarily elapses after the mining of silver bearing ore until refined
silver may be delivered to the Mints,
Inquiry has been made as to how many silver dollars have been coined by
the Mints in pursuance of the Executive Order.
been minted.

The answer is that none have

The Executive Order authorizes the retention of one-half of

the silver received as seigniorage and the coinage of the remainder into
standard silver dollars.

The 2,181 ounces of silver so far received would

thus enable the Mints to coin about 1,500 standard silver dollars.

The

capacity of the three United States Mints, on a single shift basis, is
140,000

silver dollars a day, as follows:

40,000; San Francisco, 40,000.

Philadelphia, 60,000; Denver,

To coin 1,500 standard silver dollars would

take less than one-half hour's operation at any one of the Mints.

The fact

is that not enough silver has been received to justify starting operations.

TREASURY DEPARTMENT
WASHIHGTOH

i For release to morning newspapers
January 23, 1934.

Press Service
Ho. 1 - 19.

Reports from the Federal Reserve Banks to the close of
■business January 19, 1934, show deposits of gold coin received
under the Secretary's Order of December 28, 1933, amounting to
$9,537,686.47 and gold certificates in the amount of $14,269,600,
a total of $23,807,286.47«

There also have been deposited in

the Hew York Assay Office gold bars at an accepted value of
$200,572.69.

There has been received at the Treasury gold coin

in the amount of $134,000 and gold certificates amounting to
$430,000.

Total receipts of gold coin, bullion and certificates

from December 28, 1933 to January 19, 1934, inclusive, under the
Secretary*s Order are thus $24,571,859.16.
In a few instances the Secretary*s Office and the Office of
the Treasurer of the United States have received gold coins sent
anonymously and without any means of identification.
Those who deliver gold coin or certificates may still obtain:
reimbursement for them in other currency at their face value.

If

those who have sent gold anonymously to the Treasury can establish
identification of their remittances, they will bo reimbursed by the
Treasury.

TREASURY DEPARTMENT
WASHINGTON

F o r r e l e a s e to m o r ning n e w s p a p e r s
January
1954.

P r ess S e r vice
No. l - l < j

.

R e p o r t s f r o m the F e d e r a l R e s e r v e B a n k s to the close
of b u s i n e s s J a n u a r y 19, 1934,

sho w d e p o s i t s

of gold coin

r e c e i v e d u n d e r the S e c r e t a r y * s Order of D e c e m b e r 28, 1933,
amounting

to $ 9 , 5 3 7 , 6 8 6 . 4 7 and gol d c e r t i f i c a t e s in the

a m o u n t of $ 1 4 , 269,600,

a total of $23,80 7 , 2 8 6 . 4 7 .

T h ere

als o h a v e b e e n d e p o s i t e d in the N e w Y o r k A s s a y Office
gold b a r s at a n acc e p t e d value of $ 2 0 0 , 572.69.

There

h as b e e n r e c e i v e d at the T r e a s u r y gold coin in the amou n t
of $ 1 3 4 , 0 0 0 and gold c e r t i f i c a t e s amo u n t i n g to $430,000.
T o t a l rec e i p t s

of gold coin, b u l l i o n and cert i f i c a t e s fro m

D e c e m b e r 28, 1933 to J a n u a r y 19,

1934,

inclusive, u n d e r

the S e c r e t a r y * s Order are thus $ 2 4,571,859.16.
In
Office

i n s t a n c e s the S e c r e t a r y * s O f f i c e and the
of the T r e a s u r e r

gold coins

of the U n i t e d States have re c e i v e d

sent a n o n y m o u s l y and w i t h o u t any m e a n s of identi-

,jLt.

-c lefty

■^ x g t r m i r r r T TH-th'Pi'.m n m y - ¿ h o s e w h o ^ f f ^gold
i d ^ coin or c e r ­

tificates

C

may

^WBiil.,,,,,,^jaifliririiiiainhhifM' at p

V a lu e
il®"l>*,,ww^ ^

\ If those w h o have sent gold

a n o n y m o u s l y to the T r e a s u r y can e s t a b l i s h i d e n t i f i c a t i o n
of their remittances,
Treasury.

they w i l l be r e i m b u r s e d by the

^

4

TREASURY D
EPARTM
EN
T
W
ASH
IN
G
TO
N

For Re l e a s e , Morni ng Pa r e r s ,
Tu e s d a y , January 25, 19511-

Se c r e t a r y

or

the

Press Service

h

Tr e a s u r y Mo r g e n t h a u

SSSi

( — 2- o

today,

announced

it

January

22,

1951*»

t h e r e a b o u t s , of

that

91-day

AND MATU RI NG AP RIL 25,

the

tenders

$125,00 0, 000,

for

Tr e a s u r y B i l l s ,

dated

Ja n u a r y

or

2lj.

1951*» WHICH WERE OFFERED ON JANUARY

18, WERE OPENED AT THE FEDERAL RES ERVE BANKS ON JANUA RY 22,
1951*.

The

total am o u n t applied for was $50 2, 560,000 ,

WH ICH $ 1 2 5 , 1 2 6 , 0 00 WAS A C C E P T E D •

of

EXCEPT FOR ONE BID OF

$1 0,000 AT 9 9 .9 7 6 , THE A C CEPTED BIDS RANGE D

¥

IN PRICE FROM

99*865, EQUI VALENT TO A RATE OF ABOUT O . 5 I* PER C E N T PER
m

ANNUM,

TO 99* 82 0, E Q U I V A L E N T TO A RATE OF ABOUT 0 » 7 1 PER

CE NT PER ANNUM, ON A BANK D I SCOUNT BASIS ,

ONL Y PART OF

THE AMOUNT BID FOR AT THE LAT TER PRICE WAS ACCEP T E D •
A V ERAGE HR ICE OF TREASU RY BILLS TO BE
AND THE AVER AGE RATE
BANK OISC OUN T BASIS.

THE

ISSUED IS 99.851

IS A0OUT Q .6 7 PER CENT PER A N N U M ON A

TREASURY DEPARTMENT
WASHINGTON

Eor Release, Morning Papers,
Tuesday, January 23, 1934.

Press Service
No. 1 - 2 0

Secretary of the Treasury Morgenthau announced today,
January 22, 1934, that the tenders for $125,000,000, or
thereabouts, of 91-day Treasury Bills, dated January 24 and
maturing April 25, 1934, which were offered on January 18,
were opened at the Federal Reserve Banks on January 22, 1934.
The total amount applied for was $303,560,000, of
which $125,126,000 was accepted.

Except for one bid of

$10,000 at 99.976, the accepted bids ranged in price from
99.863, equivalent to a rate of about 0.54 per cent per annum,
to 99.820, equivalent to a rate of about 0.71 per cent per
annum, on a bank discount basis.

Only part of tho amount

bid for at the latter price was accepted.

The average price

of Treasury Bills to be issued is 99.831 and the average rate
is about 0.67 per cent per annum on a bank discount basis.

s

J jLiv* * *

,

Lx*/ #***
!>

The S e c r e t a r y of the T r e a s u r y today a n n o u n c e d
d r t j i d b ÿ J L : y^\X4»4<MA'l*^,ll>.
*

the r e v o c a t i o n of three orde r s o f
4 ^ ± 4 û £u » a f f e cting
!•

trade w i t h Sovi e t Russia.

A letter to the D i r e c t o r of the M i n t rescinds

i n s t r u c t i o n s c o n tained in T r e a s u r y D e p a r t m e n t letters
of N o v e m b e r 26 and D e c e m b e r 23,
Director

1 9 2 0 , and a d v ises

the

of the M i n t that gold of S o v i e t o r i g i n m ay

n o w be r e c e i v e d by the M i n t s u p o n the same basis as
gol d r e c e i v e d f r o m other nations.

T he orders of

N o v e m b e r 26 and D e c e m b e r 23 r e q u i r e d the M i n t s to
r e j e c t all gold k n o w n to be of S o v i e t origin,
as the r e s u l t

or w h i c h

of i n v e s t i g a t i o n a p p e a r e d to be of S o viet

o r i g i n or involved in t r a n s a c t i o n s for S o v i e t account.
G o l d s u s pected to be of S o v i e t origin,
t r a n s a c t i o n s for S o v i e t account,
States M i n t s

or A s s a y O f f i c e s . w a s

or involved in

if tendered U n i t e d
to be r e c eived only

subject to investigation.
2.

T r e a s u r y D e p a r t m e n t O r der 4 4 6 2 0 of F e b r u a r y

I

10, 1931,

a finding

that co n v i c t labor is used in the

p r o d u c t i o n of lumber and pu l p w o o d in ce r t a i n areas in
E u r o p e a n Russia,

IS

!»

is v a c a t e d by a n e w order "without

p r e j u d i c e to the p r e s e n t a t i o n of evidence by any and

2
all p a r t i e s w h o m a y be interested,

or to,the D e p a r t m e n t s

liberty, u p o n its own m o t i o n , t o r e e x a m i n e the f a cts by the
u se of r e p r e s e n t a t i v e s

of the G o v e r n m e n t soon to be a v a i l ­

able in R u s s i a . ” IThe l o c a l i t i e s of E u r o p e a n

R u s s i a af-

I—.
.

f e c t e d by order 4 4 620 were:
cluding the M u r m a n Coast;
S o v i e t Republic;
A u t o n o m o u s a,rea.

(3)

(l)

(2)

the K o l a Peninsula,

in­

the K a r e l i a n A u t o n o m o u s

the N o r t h e r n area;

(4) Z y r i a n

The effect of the order was that lumber

and p u l pwood o r i g i nating f r o m these areas in R u s s i a w ere
n o t per m i t t e d entry u n t i l the importer,
of evidence,

by pr e p o n d e r a n c e

esta b l i s h e d that the p a r t i c u l a r

shipment

was n o t p r o duced w h o l l y or in part by enforced
labor.

convict

The n e w order states that in v i e w of the c o n f l i c t

in the evidence on w h i c h the original order was based and
its i n c o n c l u s i v e c h a r a c t e r ” it can no t n o w be a c c epted by
the D e p a r t m e n t ^ w h i c h w i l l shortly be in p o s i t i o n to m a k e
a direct
3.

i n v e s t i g a t i o n of the facts by its own o f f i c e r s . ”
T r e a s u r y D e p a r t m e n t Order 44037 of M a y 19,

in w h i c h the S e c r e t a r y

1930,

of the T r e a s u r y m ade a finding

of

d u m ping w i t h r e s pect to S a f e t y m a t c h e s f r o m the U n i o n of
Socialist Soviet Republics

(Soviet Russia),

is vacated in

the same m a n n e r as the order above r e f e r r e d to.
The S e c r e t a r y 1s order of today h o lds that the ”f i n d ing p u b l i s h e d as T D - 4 4 0 3 7 is n o t s u p p orted by evide n c e at
a ll

s ufficient to w a r r a n t i t . ”

TREASURY DEPARTMENT
WASHINGTON

For publication, afternoon newspapers,
Wednesday , January 24, 1934,

Press Service
No, 1 - 2i

The Secretary of the Treasury today announced the revocation
of three outstanding Treasury orders affecting trade with Soviet Russia,
1,

A letter to the Director of the Mint rescinds instructions con­

tained in Treasury Department letters of November 26 and December 23, 1920,
and advises the Director of the Mint that gold of Soviet origin may now be
received by the Mints upon the same basis as gold received from other na­
tions,

The orders of November 26 and December 23 required the Mints to

reject all gold known to be of Soviet origin, or which as the result of
investigation appeared to be of Soviet origin or involved in transactions
for Soviet account.

Gold suspected to be of Soviet origin, or involved

in transactions for Soviet account, if tendered United States Mints or
Assay

Offices, was to be received only subject to investigation.
2,

Treasury Department Order 44620 of February 10, 1931, a finding

that convict labor is used in the production of lumber and pulpwood in
certain areas in European Russia, is vacated by a new order "without
prejudice to the presentation of evidence by any and all parties who may
be interested, or to the Departments liberty, upon its own motion, to re­
examine the facts by the use of representatives of the Government soon to
be available in Russia",
The localities of European Russia affected by order 44620 were:
(1) the Kola Peninsula,, including the Murraan Coast; (2) the Karelian
Autonomous Soviet Republic; (3) the Northern area; (4) Zyrian Autonomous

-

area.

2

-

The effect of the order was that lumber and pulpwood originating

from these areas in Russia were not permitted entry until the importer,
by preponderance of evidence, established that the particular shipment
was not produced wholly or in part by enforced convict labor-.

The new

order states that in view of the conflict in the evidence on which the
original order was based and its inconclusive character nit can not now
be accepted by the Department, which will shortly be in position to make
a direct investigation of the facts by its own officers”»
3.

Treasury Department Order 44037 of May 19, 1930, in which the

Secretary of the Treasury made a finding of dumping with respect to safety
matches from the Union of Socialist Soviet Republics (Soviet Russia), is
vacated in the same manner as the order above referred to.
The Secretary1s order of today holds that the Hfinding pub­
lished as TD-44037 is not supported by evidence at all sufficient to
warrant it”

January 24, 1934

Director of the Mint,
Treasury Department,
Washington, D. C.
Sir:
The instructions contained in Treasury
Department letters to you dated November 26 and
December 23, 1920, are rescinded and you are re­
quested to instruct the mints and assay offices
accordingly.

Gold known to be of Soviet origin

may be received upon the same basis as gold re­
ceived from other nations.

Respectfully,

(Signed) H. MORGENTHàü, Jr.,
Secretary of the Treasury.

TREASURY DEPARTMENT,
Washington, D. C.

January 24, 1934*
TO COLLECTORS OF CUSTOMS AND OTHERS CONCERNED:

Reference is made to T. D* 44620> a finding that convict
labor is used in the production of lumber and pulpwood in certain
areas in European Russia*
The Department has carefully reviewed the record on which
this finding was based* It is found that the evidence, in so far
as it bears directly on the question involved, consists of affi­
davits of various persons, some testifying of their own knowledge
and some by hearsay, that convict labor was used in lumber camps
in various localities in Northern Russia* In so far as such evi­
dence is direct, it consists mainly of affidavits of refugees
from Soviet Russia. In a few cases the affiants appeared person­
ally before United States officers in countries other than Russia
and testified orally in support of their affidavits.
This evidence is contradicted by affidavits and statements of
Russian officials that no convict labor was used in lumber and
pulpwood production, and by affidavits of persons who had visited
the localities in question and declared they saw no convict labor.
It is the opinion of the Department that in view of the con­
flict in this evidence and its inconclusive character, it can not
now be accepted by the Department, which will shortly be in a posi­
tion to make a direct investigation of the facts by its own officers.
It thus appearing that, on the record, the finding in question
is not supported by evidence at all sufficient to warrant it, the
same is vacated without prejudice to the presentation of evidence
"by any and all parties who may be interested, or to the Depart­
ment's liberty, upon its own motion, to reexamine the facts by
the use of representatives of the Government soon to be avail- •
able in Russia.

(Signed) H* MORGENTHAU, J£* ,
Secretary of the Treasury,

\
\
I

TREASURY d e p a r t m e n t ,
Washington, D. C.
January 24, 1934«

TO COLLECTORS OF CUSTOMS AND OTHERS CONCERNED:

The Department refers to T. D. 44037, of May 19, 1930, in
which the Secretary of the Treasury made a finding of dumping
with respect to safety matches from the Union of Socialist
Soviet Repuolics (Soviet Russia).
It appears from the Depart­
ment's files that the finding that such merchandise was heing
sold^and was likely to he sold for less than its fair value was
predicated upon the existence of a foreign market value higher
than the exporter’s sales price. The Department’s 'evidence of
this foreign market value consisted of official bulletins of the
Soviet government setting forth certain so-called "wholesale
prices" and of evidence in affidavit form corroborating these
bulletins.
The Department is now satisfied that the conditions of the
sales to which these prices relate is such that they do not estab­
lish a foreign market value within the meaning of the statute.
The Department has no evidence at this time of any other sales
and prices which would establish a foreign market value, or of
the cost of production as defined in the statute.
It thus appearing that, on the record, the finding published
as T. D. 44037 is not supported by evidence at all sufficient to
warrant it, the same is vacated without prejudice to the presenta­
tion of evidence by any and all parties who may be interested, or
to the Department’s liberty, upon its own motion, to reexamine the
facts by the use of representatives of the Government soon to be
available in Russia.

(Signed) H. MORGENTHAU, Jr.,
Secretary of the Treasury,

TREASURY D
EPARTM
EN
T
W
ASH
IN
G
TO
N
Fo r

Im m e d i a t e

Pr e s s S e r v i c e

Re l e a s e

Se c r e t a r y

of

1^
Tr e a s u r y M q r g e n t h a u

the

-Tu 1U

today

announced

THE S U B S C R I P T I O N FIGURES AND THE BASIS OF ALLOT M E N T FOR
the
of
per

Ja n u a r y

29

S e r i e s C-19 55 *
cent

T S - I 95 I4,,

of

2-1 /2

per

cent

maturing

March

15»

1955* AND 0F

offering

Tr e a su ry Ce r t i f i c a t e s
maturing

Re p o r t s

Se p t e m b e r

received

from

of

15»
the

Treasury

In d e b t e d n e s s

No t e s
1-1/2
Se r i e s

of

195k*
Fe d e r a l

Re s e r v e

Ba n k s

show

THAT FOR THE O F FERING OF NOTES, WHI C H WAS FOR $50 0, 000,000
OP TH ER EABOUTS,
$5,i|.15 ,000,000.
including

TOTAL S U B S C R I P T I O N S AGGREGA TE OVER
Su b s c r i p t i o n s

$1 0,000 WERE

allotted

SUBSCRI PT IONS WERE A L L O T T E D

in

amounts

in

full

,

up

and

to
all

and
other

llj. PER CENT, BUT NOT LESS THAN

$1 0,000 ON ANY ONE SU BSCRI PTION.
Fo r

THE OFFERIN G OF C E R T I F I C A T E S , W H I C H WAS FOR A

LIKE AMOU NT OF $ 5 0 0 , 0 0 0 , 0 0 0 , OR T H EREABOUTS, TOTAL S U B ­
SC R I P T I O N S AGGR E G A T E OVER $ I»555»000,000.

S U BSCRIPTION S

IN A M OUNTS UP TO AND INCLUDING $10,0 00 WERE ALL OTTED
FULL, AND ALL OTHER SU BSCRIPTION S WERE ALL O T T E D

IN

FE R

CENT, BUT NOT LESS THAN $ 1 0,000 ON ANY ONE SUB SC RIPTION.
Fu r t h e r

details

as

to

subscriptions

and

allotments

WILL BE AN NOUNCED WHEN FINAL REPORTS ARE RECEIVED FROM
the

Fe d e r a l

-I#

Re s e r v e

Ba n k s .

TREASURY DEPARTMENT
WASHINGTON

Eor Immediate Release,
Friday, January 26, 1934.

Press Service
No. 1 - 2 2

Secretary of the Treasury Morgenthau today announced the sub­
scription figures and the basis of allotment for the January 29 of­
fering of 2-1/2 per cent Treasury Notes of Series C-1935, maturing
March 15, 1935, and of l-l/2 per cent Treasury Certificates of In­
debtedness of Series TS-1934, maturing September 15, 1934.
Reports received from the Federal Reserve Banks show that for
the offering of Notes, which was for $500,000,000, or thereabouts,
total subscriptions aggregate over $3,415,000,000.

Subscriptions

in amounts up to and including $10,000 were allotted in full, and
all other subscriptions were allotted 14 per cent, but not less than
$10,000 on any one subscription.
For the offering of certificates, which was for a like amount
of $500,000,000, or thereabouts, total subscriptions aggregate over
$1,355,000,000.

Subscriptions in amounts up to and including

$10,000 were allotted in full, and all other subscriptions were
allotted 38 per cent, but not less than $10,000 on any one subscription.
Further details as to subscriptions and allotments will be
announced when final reports are received from the Federal Reserve Banks.

Fo r R e l e a s e , M o r n i n g P a p e r s ,
T u e s d a y , J a n u a r y JO, I9J1|.
Se c r e t a r y
today,

January

Tr e a s u r y M o r g e n t h a u

the

of

29,

Pr e s s

195^,

that

the

Se rv ic e

announced

tenders

for

$1 50,000,000 , OR THEREA BO UTS, OF 91-D AY T R E A S U R Y BILLS,
Ja n u a r y

dated

and

Ja n u a r y

offered

on

Reserve

Ba n k s

Th e

51

total

on

M a y 2,

maturing

25,

were

opened

applied

for

W H ICH $ 1 5 0 , 5 2 0 , 0 00 WA$ ACCEPTED.
RANGED

which

the

Fe d e r a l

were

I95 I4..

J a n u a r y 29,

amount

at

I95l|,

was

$ 5 8 1,1*22,000,

of

THE ACCEPTED BIDS

IN PRICE FROM ^9» 860 , E Q UIVALENT TO A RATE OF

ABOUT 0.55 PER CENT PER ANNUM,

TO 9 9 . 8 H ,

EQU IVALENT TO

A RATE OF ABO U T 0.75 ^ R

CENT PER ANNUM, ON A BANK DIS­

COUNT

of

LATTER

basis

.

Only

PRICE WAS AC CEPTE D.

Treasury

B ills

to

RATE IS A B O U T 0.72
BASIS

part

be

issued

the

amount

bio

for

at

the

THE AVERAGE PRIC E OF
is

9 9 .8 I9

and

the

average

PER CENT PER A N NUM ON A BANK DISCOUNT

TREASURY DEPARTMENT
WASHINGTON

Eor Release, Morning Papers,
Tuesday, January 30, 1934.

Press Service
JTo# i „ 23

Secretary of the Treasury Morgenthau announced today, January
29, 1934, that the tenders for $150,000,000, or thereabouts, of 91-day
Treasury Bills, dated January 31 and maturing May 2, 1934, which were
offered on January 25, were opened at the Federal Reserve Banks on
January 29, 1934..
The total amount applied for was $381,422,000, of which
$150,320,000 was accepted.

The accepted bids ranged in price from

99.860, equivalent to a rate of about 0.55 per cent per annum, to 99.811,
equivalent to a rate of about 0.75 per cent per annum, on a bank discount
basis.

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

The average price of Treasury Bills to be issued is 99.819 and the
average rate is about 0.72 per cent per annum on a bank discount basis.

TREASURY DEPARTMENT
WASHIUGTOH

Memorandum for the Press.

January 30, 1934.

The President today approved the Gold Reserve Act of 1934 and
at the same time approved provisional regulations of the Secretary
of the Treasury under the Act.

These regulations provide sub­

stantially as follows:
!•

Gold in any form may be acquired, transported, melted or

treated, imported, exported or earmarked or held in custody for foreign
or domestic account (except on behalf of the United States) only to the
extent permitted by and subject to the conditions prescribed in these
Regulations or licenses issued pursuant to them.
2.

Violation of the Regulations will subject the holder of gold

to its forfeiture and to a penalty equal to twice the value of the gold.
3.

Gold may be transported by carriers only for persons licensed

to hold and transport it or permitted by the Regulations to hold and
transport it.
4.

Gold situated outside the United States may be dealt in

freely.
5.

Similarly, gold situated in the possessions of the United States

but not including United States gold coin, may be dealt in freely by
persons not domiciled in the United States.

6,

fabricated gold may be acquired, exported or imported

without a license, but in the case of export an affidavit is
required that the shipment is not being made for the purpose of
disposing ftf fabricated gold primarily for the value of the gold
content*

Travelers leaving the United States may carry with them

fabricated gold articles for personal use not exceeding fifteen
ounces, without filing an affidavit or obtaining an export license*
7*

Metals containing not more than five troy ounces of fine gold

per short ton are not subject to license,

8*

Unmelted scrap gold in amounts of not more than five troy

ounces per fine gold may be held or transported without a license*
9*

Gold in its natural state as mined, may be acquired, held

and transported without a license,
10,

Gold coins recognized as of special value to collectors are

exempt from license regulations, but may be exported only under license
issued by the Director of the Mint,
11.

Persons acquiring gold for use in industry, profession or art

in which they are regularly engaged may hold up to a three months» supply,
but not more than twenty—five ounces of fine gold without a special
license.
12*

The Mints will issue special licenses for buying, holding,

transporting, treating, importing and exporting gold for use in
industries, professions, or arts to dealers and refiners and to persons
requiring a stock of more than twenty-five ounces at a time.

Licenses

so issued shall be for no greater quantities than the estimated require­
ment of the licensee for a period of three months.

Such licenses ffiyll

not entitle the licensee to hold gold coin«

License holders are

required to keep exact records of acquisitions and deliveries of
gold and make quarterly reports on them to the Mints»
13*

Federal Reserve hanks are authorized to acquire from the United

States Mints through redemption of gold certificates such amounts of
gold bullion uas in the judgment of the Secretary of the Treasury
are necessary to settle international balances, or to maintain the
equal purchasing power of every kind of currency of the United States
The Federal Reserve hanks are also authorized to acquire gold abroad,
or to acquire in the United States gold that is not being held un—
lawfully»

Gold so acquired may he held, transported, imported, ex~

ported, or earmarked, or held in custody for foreign or domestic ac­
count for the purposes of settling international balances or main­
taining the equal purchasing power of every kind of currency in the
United States,

It is provided, however, that if the gold is not

used for any of these purposes within six months of the date of its
acquisition it must he delivered over to the Treasurer of the United
States for credits in equivalent amounts of dollars, unless the
Secretary of the Treasury shall have granted an extension,
14.

Uo person is permitted to acquire gold from a Federal

Reserve bank, except to the extent that the license issued to
him specifically provides,
15»

Gold which is refined from gold-hearing ore imported into

the United States may he exported under licenses to he issued by the
Assay Office at Hew York, or the Mint at San Francisco,

The gold­

hearing ore must he declared on its entry and careful records must
he kept*

This continues the Regulations heretofore enforced under

the Executive

Order,

16.

Gold may be imported for re-export if it remains in customs

custody while it is within the customs limits of the United States.
If it is to be transported within the United States a special license
is required.
17*

Licenses heretofore issued by the United States Mints and

Assay Offices, and also by the Secretary of the Treasury, under
previous orders are validated until March 15, 1934.

6
(f)

to r e d u c e and f i x the w e i g h t of su b ­

sidiary c oin so as to m a i n t a i n their p a r i t y w i t h
the sta n d a r d silver d o l l a r and the gold dollar.
21.

Regulations,

orders a nd p r o c l a m a t i o n s of the

P r e s i d e n t and the S e c r e t a r y u n d e r the act of M a r c h 9, 1935,
and u n d e r T i tle 3 of the ac t of M a y 12, 1933,

are ap p r o v e d and

ratified.
22.

The

the S e c r e t a r y

second L i b e r t y bond a c t is a m e n d e d to give

of the T r e a s u r y gr e a t e r l a t i t u d e in various

issues of securities.
23.

The S e c r e t a r y of the T r e a s u r y is a u t h o r i z e d to

issue gold c e r t i f i c a t e s a g a i n s t any gol d h e l d by the Treasury
of the U n i t e d States except that held as r e s e r v e for United
S t ates n o t e s and T r e a s u r y n o t e s of 1890.
24.

The S e c r e t a r y of the T r e a s u r y is a u t h o r i z e d to

issue such r e g u l a t i o n s as he m a y d e e m n e c e s s a r y to carry out
the p r o v i s i o n s of the act.

its p r e sent weight.

T h e P r e s i d e n t s p o w e r in this respect

is m a d e c o n t i n u i n g for suc c e s s i v e r e v a l u a t i o n s duri n g the
p e r i o d of two years, w i t h the p r o v i s i o n that the President
m a y ter m i n a t e the power e a r l i e r or m a y extend it for another
y e a r by proclamation.
20.

B y a d d i t i o n a l a m e n d m e n t s to the above act the

P r e s i d e n t is g i v e n a d ded p o wers w i t h r e s p e c t to silver, as
follows:
(a)

to cause

silver c e r t i f i c a t e s to be paid

to those w ho tender
of standard
(b)

silver for coinage,

in place

silver dollars;

to issue

silver c e r t i f i c a t e s a g a i n s t any

silver or silver d o l l a r s in the T r e a s u r y n ot held
for r e d e m p t i o n of o u t s t a n d i n g
(c)

to coin stand a r d

sidiary currency,

silver certificates;

silver dollars,

or sub­

for the r e d e m p t i o n of such cer­

tificates;
(d)

to p r e s c r i b e d i f f e r e n t t e rms and conditions

and to mak e d i f f e r e n t s e i g n i o r a g e charges for the
c o i nage of silver of f o r e i g n p r o d u c t i o n than for
that of dom e s t i c p roduction;
(e)

to r e d u c e the w e i g h t of the standard

silver d o l l a r in the same p e r c e n t a g e that he r e ­
d u ces

the w e i g h t of the g o l d dollar;

4

14.

The S e c r e t a r y of the T r e a s u r y is a u t h o r i z e d to

p u r c h a s e g o l d in any amounts,

at h o m e

or abroad,

at

and u p o n such terms and c o n d i t i o n s as he d e ems m o s t
to the public i n t e rest,

such rates
advantageous

\

and all such gold is to be included as

an a s set to the g e n e r a l fund of the Treasury.
15.

T he S e c r e t a r y of the T r e a s u r y is also authorized

to sell gold in any amounts,

at h o m e or abroad,

the r e s e r v e s or s e c urity for cu r r e n c y

b ut

shall be made

sales from
only to

1

*/ the extent n e c e s s a r y jhp m a i n t a i n the c u r r e n c y at a p a r i t y with
the gold dollar.
16.

j8

The S e c r e t a r y of the T r e a s u r y is a u t h o r i z e d to

d e a l in gold and f o r e i g n excha n g e and

such other instruments

of c r e d i t and sec u r i t i e s as he m ay d e e m n e c e s s a r y for the
pu r p o s e of stabilizing the e x c h a n g e value
17.

of the doll a r

To enable the S e c r e t a r y of the T r e a s u r y to do this

there

is set up a fund of $ 2 , 0 0 0 , 0 0 0 , 0 0 0 out of the increase in

v a lue

of gold,
devaluatio.
e v^alluuaattiioonn ^
« Q-^^ f ^
1, w h i c h m a y r e s u l t yfrroomm d

tJ Z X

fund

^

Cjj}.

The p o w e r s

of the S e c r e t a r y w i t h r e s p e c t to this

shall expire
ex]
two y e a r s f r o m the date

of the e n a c tment of

the act, but the P r e s i d e n t m a y t e r m i n a t e the powe r s earlier
or m a y extend the m for a n other year.
19.
P u blic No.
provide

T he a u t h o r i t y g i v e n to the P r e s i d e n t in T i t l e 3,
10, 73rd C o n g r e s s

(Thomas Amendment)

is a m ended to

that the w e i g h t of the g old d o l l a r to be f i xed in the

event of d e v a luation,

shall n o t be m o r e than sixty per cent of

^9

11.

No c u r rency

in gold h e r e a f t e r

of the U n i t e d S t ates

shall he redeemed

e x c e p t as p e r m i t t e d in r e g u l a t i o n s w h i c h may

be i s sued by the S e c r e t a r y w i t h the a p p r o v a l of the President,
b ut w i t h the p r o v i s i o n that gold c e r t i f i c a t e s owned b y the
F e d e r a l R e s e r v e B a n k s shall be r e d e e m e d at such times and in
such a m o u n t s as the S e c r e t a r y d e e m s n e c e s s a r y to m a i n t a i n the
e q ual p u r c h a s i n g p o w e r of every k i n d
States.

of cur r e n c y

in the United

R e d e m p t i o n s are to b e m a d e only in gold b u l l i o n

be a r i n g

the

stamp of the U n i t e d States M i n t or A s s a y Office^

in an a m o u n t equivalent,

at the time of redemption,

to the

c u r r e n c y surr e n d e r e d for such purpose.
12.

The r e s e r v e for U n i t e d Stat e s n o t e s and for Treasury

n o t e s of 1890 and the security for g o l d c e r t i f i c a t e s is to be
m a i n t a i n e d in gold b u l l i o n and the r e s e r v e for F e d e r a l Reserve
n o t e s is to b e m a i n t a i n e d

in

gol d c e rtificates,

p a y a b l e in gold c e r t i f i c a t e s m a i n t a i n e d

or in credits

in the T r e a s u r y of the

U n i t e d States.
15.
reduced,

I n the event the w e i g h t of the gold d o l l a r shall be

the r e s u l t i n g i n c r e a s e in the value of the gold held

by the U n i t e d States

shall be c o v ered into the T r e a s u r y as

m i s c e l l a n e o u s r e c e i p t and i n the event of an in c r e a s e in the
w e i g h t of the gold dollar,

the r e s u l t i n g d e c r e a s e i n gold

r e s e r v e s for U n i t e d S t ates n o t e s a nd T r e a s u r y n o t e s and the
security for gold c e r t i f i c a t e s is to be c o m p e n s a t e d by trans­
fers of gold b u l l i o n f r o m the g e n e r a l fund.

\
m

M E M O R A N D U M F O R T HE P R E S S _
(Not to be q u o t e d as a T r e a s u r y statement)

$*

Su m m a r y of the p r o v i s i o n s of the G o l d R e s e r v e Act
b

of 1934 signed b y the P r e s ident,

1.

Tuesday, J a n u a r y 30, 1934.

V e s t s in the U n i t e d S t ates G o v e r n m e n t title to all

gold coin and gold b u l l i o n h e l d by the F e d e r a l R e s e r v e Board,
the F e d e r a l R e s e r v e B a n k s and F e d e r a l R e s e r v e a g e n t s and
a u t h o r i z e s credits in e q u i v a l e n t a m o u n t of d o l l a r s in the
T r e a s u r y accounts.
2.

A u t h o r i z e s p a y m e n t of b a l a n c e of such accounts in

m

gold c e r t i f i c a t e s nin such f o r m and i n such d e n o m i n a t i o n s as
the S e c r e t a r y
3.

of the T r e a s u r y m a y d e t e r m i n e . ”

A m e n d s the F e d e r a l R e s e r v e A c t to p r o v i d e

Federal Reserve notes

f

that

^

shall be r e d e e m e d in l a w f u l m o n e y instead

of in gold.
^

4.

nfiiiirvn— rrtrirt—
5.

E l i m i n a t e s the w o r c L g o l d f r o m the p r o v i s i o n
******
1*
— - n —■*•» col l a t e r a l

security for F e d e r a l R e s e r v e notes.

S u b s t i t u t e s g o l d c e r t i f i c a t e s for gold in reserve

requi r e m e n t s .
6.

^

Eliminates

p r o v i s i o n s w i t h r e s p e c t to redemption

of F e d e r a l R e s e r v e n o t e s in gold.
7.

Provides

that the r e d e m p t i o n f u n d a g a inst Federal
$

R e s e r v e n o t e s to be held by the T r e a s u r y shall be in gold
certificates

instead of in gold.

TREASURY DEPARTMENT
WASHINGTON, D. C*

January 20, 1934,

MEMORANDUM FOR THE PRESS
(Not to be quoted as a Treasury statement)

Summary of the provisions of the Gold Reserve Act
of 1934 signed by the ^resident, Tuesday, January 30, 1934,

1*

Vests in the United States Government title to all

gold coin and gold bullion held by the Federal Reserve Board,
the Federal Reserve Banks and Federal Reserve agonts and
authorizes credits in equivalent amount of dollars in the
Treasury accounts,

2,

Authorizes payment of balance of such accounts in

gold certificates

11in

such form and in such denominations as

the Secretary of the Treasury may determine1
1•
3,

Amends the Federal Reserve Act to provide that

Federal Reserve notes shall bo redeemed in lawful money instead
of in gold*
4,

Eliminates the word gold frtm the provision that gold

or gold certificates may constitute part of tho collateral
security for Federal Reserve notes*
5*

Substitutes gold certificates for gold in reserve

6*

Eliminates provisions with respect to redemption

of Federal Reserve notes in gold*
7*

Provides that the redemption fund against Federal

Reserve notes it be held by the Treasury shall be in gold
certificates instead of in gold.

- 2 -

8,

Provides that deposits of gold, or of gold certi­

ficates, received by the Treasury from the Federal Reserve
Banks, or Federal Reserve agents, for credit to accounts with
the Federal Reserve Board, shall he payable in gold certificates
instead of (in gold coin or gold certificates)*
9*

Authorizes the Secretary of the Treasury to pre­

scribe by regulations made with the approval of the President,
the conditions under which gold may be acquired and held,
transported, melted or treated, imported, exported or ear­
marked;
(a) for industrial, professional and
artistic uses,
(b) by the Federal Reserve Banks for the
purpose of settling international
balances,
(c) for such other purposes as in the Sec­
retary’s judgment are not inconsistent
with the purposes «f the act*
Also provides forfeiture of the gold and additional penalty
of twice its value for failure to comply*
10*

Provides that no gold shall hereafter be coined

and no gold coins shall hereafter be paid out or delivered
by the United States, but that all geld coin shill bo with­
drawn from circulation and with other gold owned by the United
States shall be formed into bars of such xrei.gh.ts and fineness
as the Secretary of the Treasury may direct*

11*

Ho currency of the United States shall he redeemed

in gold hereafter except as permitted in regulations which may
he issued hy the Secretary with the approval of the President,
hut with the provision that gold certificates owned hy the
Federal Reserve Banks shall he redeemed at such times and in
such amounts as the Secretary deems necessary to maintain the
equal purchasing power of every kind of currency in the United
States.

Redemptions are to he made only in gold bullion

hearing the stamp of the United States Mint or Assay Office
in an amount equivalent, at the time of redemption, to the
currency surrendered for such purpose,

12,

The reserve for United States notes and for Treasury

notes of 1890 and the security for gold certificates is to he
maintained in gold bullion and the reserve for Federal Reserve
notes is to he maintained in gold certificates, or in credits
payable in gold certificates maintained in the Treasury of the
United States,
13,

In the event the weight of the gold dollar shall he

reduced, the resulting increase in the value of the gold held
hy the United States shall he covered into the Treasury as a
niecollaneous receipt and in the event of an increase in the
weight of the gold dollar, the resulting decrease in gold
reserves for United States notes and treasury notes and the
security tor gold certificates is to he compensated by trans­
fers of gold bullion from the general fund.

- 4 lk.

The Secretary of the Treasury is authorized to purchase

gold in any amounts, at home or ¿broad, at such rates and upon such
terms and conditions as he deems most advantageous to the public
interest, and all such gold is to be included as an asset to the
general fund of the Treasury.
15.

The Secretary of the Treasury is also authorized to sell

gold in any amounts, at home or abroad, but sales from the reserves
or security for currency shall be made only to the extent necessary
maintain the currency at a parity with the gold dollar.
16.

Tile Secretary of the Treasury is authorized to

deal in gold and foreign exchange and such other instruments of
credit and securities as he may deem necessary for the purpose of
stabilizing the exchange value of the dollar.
17.

To enable the Secretary of the Treasury to do this there

is set up a fund ol $ 2,000,000,000 out of the increase in value of
gold, which may result from devaluation and such portions of the
fund as are not currently required for the stabilization of the
dollar may be invested or reinvested in government securities.
IS.

Tlie powers of the Secretary with respect to this fund

shall expire two years from the date of the enactment cf the act,
but the President may terminate the powers earlier or may extend them
for another year.
19.
Ho. 10,

Tlie authority given to the President in Title

73rd

3, Public

Congress (Thomas Amendment) is amended to provide

that the weight of the gold dollar to be fixed in the
event of devaluation, shall not be more than sixty per cent of

its present weight*

The President’s power in this respect is

made continuing for successive revaluations during the period
of two years, with the provision that the President may terminate
the power earlier or may extend it for another year by proclama­
tion.
20*

By additional amendments to the above act the

President is given added powers with respect to silver, as follows
(a) to cause silver certificates to he paid
to those who tender silver for coinage, in place
of standard silver dollars;
(b) to issue silver certificates against any
silver or silver dollars in the Treasury not held
for redemption of outstanding silver certificates;
(c) to coin standard silver dollars, or subsi diary currency, for the redemption of such cer­
tificates;
(d) to prescribe different terms and conditions
and to make different seigniorage charges for the
coinage of silver of foreign production than for
that of domestic production;
(e) to reduce the weight of the standard
silver dollar in the same percentage that he re­
duces the weight of the gold dollar;

p
-

T

(f)

6
—

to reduce and fix the weight of sub­

M9
sidiary coin so as to maintain their parity with
the standard silver dollar and the gold dollar.
21.

Eegulations, orders and proclamations of the

President and the Secretary under the act of March 9, 1933*
and under Title 3 of the act of May 12, 1933* are approved and
ratified.
22.

The second Liberty bond act is amended to give

the Secretary of the Treasury greater latitude in various
issues of securities.
d

23*

The Secretary of the Treasury is authorized to

issue gold certificates against any gold held by the Treasury
of the United States except that held as reserve for United
States notes and Treasury notes of 1S90.
2U*

The Secretary of the Treasury is authorized to

issue such regulations as he may deem necessary to carry out
the provisions of the act.

►

TREASURY DEPARTMENT
WASHINGTON

For Immediate Release,
January 31, 1934.

Press Servie
i _ 24.

jj0 .

In connection with the announcement today (January 31)
that the Treasury will huy gold, the Secretary of the Treasury
states that, until further notice, he will also sell gold for
export to foreign central hanks whenever our exchange rates
with gold standard currencies reach gold export point.

Like

the purchases, all suph sales of gold will he made through
the Federal Reserve Bank of New York as fiscal agent of the
TJnl'tied States uppn the following terms and conditions which
the Secretary çrf the Treasury deems most advantageous to tfye
public intérêt:
Salués of gold will he made at $35.00 per fine ounce
plus ope>-quarter per cent handling charge and will he governed
by^the regulations issued under the Gold- Reserve Act of 1934.

TREASURY DEPARTMENT
Washington

For Immediate Release
F e b r u a r y 1, 1934,

P r e s s Service
No. 1 -

R o b e r t H. J a c kson,

w h o s e a p p o i n t m e n t to be General

C o u n s e l of the B u r e a u of I n t e r n a l R e v e n u e in the Treasury
D e p a r t m e n t was sent to the Sena t e today b y the President,
is a p r a c t i c i n g lawy e r

of Jam e s t o w n ,

N e w Y o rk.

He is

42 y e a r s old and was edu c a t e d in J a m e s t o w n H i g h School,
U n i o n U n i v e r s i t y and A l b a n y L a w School.

He is Chairman

of the C o n f e r e n c e of B a r A s s o c i a t i o n D e l e g a t e s of the
A m e r i c a n B ar Assoc i a t i o n ,

a m e m b e r of the C o m m i s s i o n to

I n v e s t i g a t e A d m i n i s t r a t i o n of J u s t i c e in the S t ate
York,

of New

and in 1929 and 1930 w as P r e s i d e n t of the W e s t e r n

N e w Y o r k F e d e r a t i o n of B a r A s s o c i a t i o n s .

He w as married

in 1916 to M i s s I r e n e G e r h a r d t of Albany, N e w York,

and

h a s two children, W i l l i a m , 14 and Mary, 12.
E. B a r r e t t P r e t tyman,

w h o s e r e s i g n a t i o n as General

C o u n s e l of the B u r e a u of I n t e r n a l R e v e n u e h a s b e e n accepted
b y the President,
under

h as b e e n a s s i g n e d to special l e gal work

the G e n e r a l C o u n s e l to the S e c r e t a r y of the Treasury.

TREASURY DEPARTMENT
WASHINGTON
■MEMORAITDIB,! FOB. THE PRESS
For Immediate Release

Amplifying M s

February

1 , 1934.

statement issued yesterday, (Wednesday, January 31)

with respect to the purchase of imported gold by the Federal Reserve Bank
as fiscal agent of the United States and his regulations of the same date,
with respect to purchases of imported gold by the Mints, the Secretary

01 ~

the Treasury today made public the following announcement:
"Beginning Thursday, February 1, 1934, and until further
notice, I will buy imported fine gold bars through the Federal
Reserve Bank of New York as fiscal agent of the United States;
and other gold, foreign or domestic, through any United States
Mint or the United States Assay Offices at New York or Seattle,
both at the following rate and upon the following terms and con­
ditions deemed by me most advantageous to the public interest:
"Purchases will be made at the rate of $35.00 per fine troy
ounce, less the usual mint charges and less one-quarter of one
per cent for handling charges, all subject to compliance with
the Regulations issued under the Gold Reserve Act of 1934.”
It was explained that the phrase "fine gold bars" means gold bars of
a fineness of .899 or finer, such as are ordinarily used in the settlement
-of-international balances, carrying a recognized stamp indicating the weight
and degree of fineness.

The mints will purchase imported gold in other coi>-

dition, such as unrefined gold and gold in other forms than in stamped bars,
along with the domestic gold specified; in Sect!on-35-cr^he regulations issued
yesterday.
Regulations as to hoarded gold are unchanged.

TREASURY DEPARTMENT

Washington

J*

For Immediate Release
F e b r u a r y 1, 1934#

Service
^ ■*

Press

No.

1
R o b e r t H. J a c k s o n , w h o s e a p p o i n t m e n t

to be General

C o u n s e l of the B u r e a u of I n t e r n a l R e v e n u e in the Treasury

I

D e p a r t m e n t was sent to the S e n a t e today b y the President,
is a p r a c t i c i n g l a w y e r of J a m e s t o w n , N e w Y o r k .

42

He is

y e a r s old and was ed u c a t e d in J a m e s t o w n H i g h School,

U n i o n U n i v e r s i t y and A l b a n y L a w School.

He is Chairman
.

of the C o n f e r e n c e of B a r A s s o c i a t i o n D e l e g a t e s of the
American Bar Association,

a m e m b e r of the C o m m i s s i o n to

I n v e s t i g a t e A d m i n i s t r a t i o n of J u s t i c e
Y o rk,

in the S t ate

and in 1 929 and 1930 w as P r e s i d e n t of the W e s t e r n

N e w Y o r k F e d e r a t i o n of B a r A s s o c i a t i o n s .

\

He w as married

in 191 6 to M i s s I r e n e G e r h a r d t of Albany, N e w York,
has

of New

and

two children, W i l l i a m , 14 and Mary, 12.
E. B a r r e t t P r e t t y m a n , w h o s e r e s i g n a t i o n as General

C o u n s e l of the B u r e a u of I n t e r n a l R e v e n u e h as bee n accepted
b y the President,

h as b e e n a s s i g n e d

to special legal work

u n d e r the G e n e r a l C o u n s e l to the S e c r e t a r y of the Treasury.

|

-

TREASURY DEPARTMENT
WASHINGTON

For Immediate Release
February 1, 1934«

Press Service
No. 1 - 25

Robert H. Jackson, whose appointment to be General Cpunsel
of the Bureau of Internal Revenue in the Treasury Department was
sent to the Senate today by the President, is a practicing lawyer
of Jamestown, New York,

He is 42 years old and was educated in

Jamestown High School, Union University and Albany Law School,
He is Chairman of the Conference of Bar Association Delegates
of the American Bar Association, a member of the Commission to
Investigate Administration of Justice in the State of New York,
and in 1929 and 1930 was President of the Western New York
Federation of Bar Associations,

He was married in 1916 to

Miss Irene Gerhardt of Albany, New York, and has two children,
William, 14 and Mary, 12,
E, Barrett Prettyman, whose resignation as General Counsel
of the Bureau of Internal Revenue has been accepted by the President,
has been assigned to special legal work under the General Counsel
to the Secretary of the Treasury,

TREASURY DEPARTMENT
WASHINGTON

FOR IMMEDIATE RELEASE
FRIDAY, FEBRUARY 2, 1934

Press Service
No. 1 - 2 6

Secretary Morgenthau today announced the final subscription and allotment
figures with respect to the January 29 offering of 2-1/2 per cent Treasury Notes
of Series C-1935, maturing March 15, 1935, and of l-l/2 per cent Treasury
Certificates of Indebtedness of Series TS-1934, maturing September 15, 1934.
Subscriptions3 and allotments were divided among; the several Federal Reserve
Districts and the Treasury as follows:

Treasury Notes of Series C-1935

Treasury Certificates of In­
debtedness of Series TS-1934

Federal Reserve
District

Total Subscriptions Received

Total Subscriptions
Allotted

Total Subscrip—
tions Received

Total Sub—
scriptions
Allotted

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

$ 224,601,500
1,674,552,000
199,640,000
173,848,700
96,177,400
140,934,200
431,744,300
58,202,000
41,460,700
85,798,500
96,384,400
199,974,500
904,000

$ 36,835,300
243,998,000
29,672,700
26,627,600
15,145,400
22,271,800
69,263,500
11,214,100
8,327,700
15,976,200
18,031,300
30,608,000
130,000

$

111,372,500
699,703,000
28,924,000
91,266,000
38,360,000
62,410,000
114,819,000
38,777,000
4,245,500
33,2o4,000
33,392,500
103,741,000
300,000

$ 43,015,500
266,929,500
11,227,000
35,085,500
14,714,500
23,830,500
44,970j000
15,356,000
2,616,000
13,420,500
13,877,000
39,592,500
114,000

Total

$3,424,212,200

$528,101,600

$1,360,564,500

$524,748,500

TREASURY DEPARTMENT
Washington

*

M e m o r a n d u m for the Press-

\

^ F e l3 ruàr y ^ ef= 3& g 4--------

m

F o r I m m e d i a t e Release

J J»

N e w s p a p e r s of last n i g h t and this mo r n i n g
carry r e p o r t s

of w h a t M ^ a s s u m e d

to be a n j o k e r ” in

the l i quor taxing act of 1934, w h i c h w o u l d m a k e the
buyer

of d i s t i l l e d

spirits,

the container

n o t bear an I n t e r n a l R e v e n u e

strip stamp,

of w h i c h does
equally liable

4i
w i t h the

seller to penalties,

w h i c h m i g h t be a fine not

e x c e e d i n g $ 1 , 0 0 0 or i m p r i s o n m e n t n o t e x c e eding five
years.
The a s s u m p t i o n that there is such a joker in the

k

\JV>

act

b a s e d on the fact that the S e n a t e eliminated from

S e c t i o n 210, T i t l e II in two p l a c e s

the w o r d s ”for sale".

T h ose w h o h ave a s s u m e d that this m a d e the b u yer liable
h a v e e v i d e n t l y f a i l e d to read the r e m a i n d e r of the
se c t i o n w h i c h c o n tains these words:
”The p r o v i s i o n s of this T i tle shall not
a p ply to (f) D i s t i l l e d spirits not in­
tended for sale or for u s e in the manufacture
or p r o d u c t i o n of any ar t i c l e in t e n d e d for
sale.”
It is thus a p p a r e n t that the b u y e r of d i s t i l l e d alco­
«

holic

l i q uors in u n s t a m p e d b o t t l e s

is n o t liable under

this act u n l e s s he buy s for the p u r p o s e of reselling.

TREASURY DEPARTMENT
WASHINGTON 1

MEMORANDUM FOR THE PRESS
For Immediate Release

February 2, 1934

Newspapers of last night and this morning carry re­
ports of what was assumed to he a "joker” in the liquor taxing
act of 1934, which would make the buyer of distilled spirits,
the container of which does not bear an Internal Revenue strip
stamp, equally liable with the seller to penalties, which might
be a fine not exceeding $ 1,000 or imprisonment not exceeding
five years.
The assumption that there is such a joker in the act
was based on the fact that the Senate eliminated from Section
210, Title II in two places the words "for sale".

Those who

have assumed that this made the buyer liable have evidently
failed to read the remainder of the section which contains these
words:
"The provisions of this Title shall not apply to
— **** (f) Distilled spirits not intended for sale
or for use in the manufacture or production of any
article intended for sale.n
It is thus apparent that the buyer of distilled alcoholic liquors
in unstamped bottles is not liable under this act unless he buys
for the purpose of reselling.

Ob

frgtfe Wright Matthews, who took the oath of office t o da^as
Assistant to the Commissioner of Internal Revenue, has been con­
nected with the Bureau of Internal. Revenue since January 1, 1927*
Prior to that time he practiced law in the State of Texas*

He

holds a degree of I»L£.from the University of Texas.
Mr. Matthews was an attorney in the Office of the General
Counsel of the Bureau of Internal Revenue from January 1, 1927,
to July 29, 1933.

On that date he was appointed Deputy Commis­

sioner in charge of the Miscellaneous Tax Unit and assigned to
duty as Adting Assistant to the Commissioner of Internal Revenue.

9

\

TREASURY DEPARTMENT
WASHINGTON

Por Immediate Release,
February 5, 1934.

Press Service
No, 1 - 27

Wright Matthews, who took the oath of office today,
(February 5) as Assistant to the Commissioner of internal
Revenue* has been connected with the Bureau of Internal
Revenue since January 1, 1927.

Prior to that time he

practiced law in the State of Texas.

He holds a degree of

LL*B* from the University of Texas.
Mr. Matthews was an attorney in the Office of the General
Counsel of the Bureau of Internal Revenue from January
to July 29, 1933.

1 , 1927,

On that date he was appointed Deputy Commis­

sioner in charge of the Miscellaneous Tax Unit and assigned to
duty as Acting Assistant to the Commissioner of Internal Revenue.

TREASURY DEPARTMENT
WASHINGTON

Memorandum for the Press

February 5, 1934

Total purchases of Government securities by
the Treasury for investment accounts from January 30
through February 5 were $7,900,000.

TREASURY DEPARTMENT
Washington

M e m o r a n d u m for

the P r e s s

Silver

F e b r u a r y 5, 1934.

r e c e i v e d by the U n i t e d States Mints

u n der the P r e s i d e n t ’s p r o c l a m a t i o n of D e c e m b e r 21, 1933,
was 1 1 7 , 5 5 4 . 8 6

ounces for the w e e k ended F e b r u a r y 2.

Of

this a m o u n t 1 1 7 , 3 8 3 ounces w a s r e c e i v e d by the Denver Mint
and the b a l a n c e of 171.86

ounces b y the S an F r a n c i s c o lint.

T h ese r e c e i p t s compare w i t h a t o tal of 94,921 ounces
r e c e i v e d for

the w e e k ended J a n u a r y 26 and r e c eipts up to

and i n c l u d i n g J a n u a r y 18 of 2 , 1 8 1 ounces.

T o t a l receipts

f r o m the d a t e

including

of the p r o c l a m a t i o n up to and

F e b r u a r y 2 are 2 1 4 , 6 5 7 ounces.
R e p o r t s of the F e d e r a l R e s e r v e B a n k s

to the close

of b u s i n e s s F e b r u a r y 3 show that f r o m J a n u a r y 27 to February
3,

inclusive, d e p o s i t s

received under

the S e c r e t a r y ’s order of D e c e m b e r 28, 1933,

as amended, were:
cates,

$5,960,010;

to date u n d e r

G o l d coin,
total,

$5,402,343.54;

$11,362,352.54.

the order are:

gold certi f i c a t e s ,
c e r t i ficates,

of gold coi n and gold certificates

$35,410,480;

$5 8 , 7 7 6 , 1 1 0 . 2 6 .

gold certifi­

T o t a l receipts

Gol d coin, $23,365,630.26;
total r e c e i p t s

of coin and

TREASURY DEPARTMENT
MSHCEGTOE

Memorandum for the Press

February 5, 1934.

Silver received by the United States Mints under the Presidents
proclamation of December 21, 1933, was 117,554,86 ounces for the week
ended February 2,

Of this amount 117,383 ounces was received by the

Denver Mint and the balance of 171.86 ounces by the San Francisco Mint.
These receipts compare with a total of 94,921 ounces received
for the week ended January 26 and receipts up to and including January
18 of 2,181 ounces.

Total receipts from the date of the proclamation

up to and including February 2 are 214,657 ounces.
Reports of the Federal Reserve Banks to the close of business
February 3 show that from January 27 to February 3, inclusive, deposits
of gold coin and gold certificates received under the Secretary*s order
of December 28, 1933, as amended, were:

Gold coin, $5,402,343.54; gold

certificates, $5,960,010; total, $11,362,352.54.
date under the order are:
$35,410,480$

Total receipts to

Gold coin, $23,365,630.26; gold certificates,

total receipts of coin and certificates, $58,776,110.26.

- 2-

or $2*00 per gallon, $9,590,553*77» distilled spirits, rectification

30 cents

tax at

per gallon, $1,005,722,82; wines, production taxes

and brandy fortifying tax, $Ul5,011,69; fermented malt liquors at
$5,00 or $6,00 per barrel, $10,1^8,101.2U; floor taxes, distilled
spirits and wines, $387,519.10.
rfrnm * l 98frol£<r-'3H^uoi111 by c o ll— i 1

? /? .

r

tM

/ ? / ? ,
pfe

^

Ml

&

s

9

Oiso

?/,
' nil

/
■*'

J )

*~~L

(j-e^x.

Y s - . o o *

^

i

^

f /

TtftOJL

7

/ o

0

0

^

!>,&>

c *"< >
MT--

& (yvAj'-VS/

m
\fc

(* ¿rf=

The Treasury Department, through the Bureau of Internal Revenue,
has received telegraphic reports from Collectors of Internal Revenue
throughout the United States showing the amount of excise and floor
taxes collected on liquors in the month of January, 193^» The total

^

excise and floor tax collections on distilled spirits, distilled
spirits rectification, wines and brandies, and fermented malt liquors
was $21,5^6,919.62.
$9.590,558.77-

The collections on distilled spirits alone were

This tax was collected at two different rates—$1.10

a gallon up to and including January 11, and $2.00 a gallon beginning
January 12, the date upon which the new liquor tax law went into
effect.

II

The report shows that the sum of $387,519*10 was collected from
the floor tax of 90 cents a gallon on distilled spirits and wines.

1

This floor tax is not required to be paid until thirty days after
the effective date of the Act. which m m makesthese payments due
not later than February 10.
Exclusive of Hawaii, from which no telegraphic report was re­
quested, all States except Maine and Mississippi reported some re­
ceipts from liquor taxes.

The States reporting more than a million

dollars in Federal taxes on liquors were California, Illin ois,
Indiana, Kentucky, Maryland, New York, Pennsylvania and Wisconsin.
The total collections during the month of January from the ex­
cise and floor taxes on alcoholic liquors were made up from the
following sources!

distilled spirits, production taxes at $1.10

^

TREASURY DEPARTMENT

l&SIOTGTON
For Release* Morning Papers,
g & r a W 6, 1934.______ _
(2-5-34)

Press Service
No q * gg

The Treasury Department, through the Bureau of Internal Revenue,
has received telegraphic reports from Collectors of Internal Revenue
throughout the United States showing the amount of excise and floor
taxes collected on liquors in the month of January, 1934.

The total

excise and floor tax collections on distilled spirits, distilled
Spirits rectification, wines and Brandies, and fermented malt liquors
was $21,546,919.62.
$9,590,558.77.

The collections on distilled spirits alone were

This tax was collected at two different rates-— $1.10

a,gallon up to and including January 11, and $2.00 a gallon "beginning
January 12, the date upon which the new liquor tax law went into
effect.
The report shows that the sum of $387,519.10 was collected from
the floor tax of 90 cents a gallon on distilled spirits and wines.
This floor tax is not required to be paid until thirty days after
the effective date of the Act, which makes these payments due not
later than February 10.
Exclusive of Hawaii, from which no telegraphic report was re­
quested, all States except Maine and Mississippi reported some re­
ceipts from liquor taxes*

The States reporting more than a million

dollars in Federal taxes on liquors were California, Illinois,
Indiana, Kentucjcy, Maryland, Hew York, Pennsylvania and Wisconsin.
The total collections during the month of January from the ex­
cise and floor taxes on alcoholic liquors were made up from the
following sources::

distilled spirits, production taxes at $1.10

-

2-

or $2.00 per gallon, $9,590,558.77; distilled spirits, rectification
tax at 30 cents per gallon, $1,005,728.82; wines, production taxes
and brandy fortifying tax, $415,011.69; fermented malt liquors at
$5.00 or $6.00 per barrel, $10,148,101.24; floor taxes, distilled
spirits and wines, $387,519.10.
Compared with last month*s total collections of $21,546*919.62
from beer, wines and spirits taxes, the total collections from the
same sources in January, 1918, the last pre-prohibition year, were
$29,492,000.

At that time the rate of tax on distilled liquors

was $1.50 a gallon as compared to $1.10 and $2.00 for January of
this year and the tax rate on beer was $3.00 as compared to the
present rate of $5.00.

Total collections for January of last year,

under prohibition, were $769,446.70.

TREASURY DEPARTMENT
WASHINGTON
Eor Release, Morning Papers,
Tuesday, February 6, 1934.

Press Service
N 0# i „ 29

Secretary of the Treasury Morgenthau announced today, (February 5, 1934),
that the tenders for two series of Treasury Bills, to be dated February 7, 1934,
which were offered on February 1, were opened at the Federal Reserve Banks on
February 5, 1934.
Tenders were invited for the two series to the aggregate amount of
$175,000,000, or thereabouts, and $547,285,000 was applied for, of which
$175,571,000 was accepted.

The details of the two series are as follows:

91-DAY TREASURY BILLS, MATURING MAY 9. 1934,
For this series, which was for $125,000,000, or thereabouts, the total
amount applied for m s

$302,858,000, of which $125,493,000 was accepted.

The

accepted bids ranged in price from 99.900, -equivalent to a rate of about 0,40
per cent per annum, to 99.826, equivalent to a rate of about 0,69. per cent
per annum, on a bank discount basis.
latter price was accepted.

Only part of the amount bid for at the

The average price of Treasury Bills of this series

to be issued is 99.834 and the average rate is about 0.66 per cent per annum on
a bank discount basis.
182-DAY TREASURY BILLS, MATURING- AUGUST 8, 1934.
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $244,427,000, of which $50,078,000 was accepted.

The

accepted bids ranged in price from 99.650, equivalent to a rate of about 0.69
per cent per annum, to 99.510, equivalent to a rate of about 0.97 per cent
per annum, on a bank discount basis.
latter price was accepted.

Only part of the amount bid for at the

The average price of Treasury Bills of this series

to be issued is 99.524 and the average rate is about 0.94 per cent per annum
on a bank discount basis.

The stamps a r e engraved and p rin te d by th e Bureau o f
P rin tin g and Enggaving, and not e a s i l y c o u n te r f e ite d . Every
p re c a u tio n i s being tak en a g a in s t th e use o f sp u riou s stam ps.
The s trip -s ta m p must be broken when th e cork i s p u lle d ,
and must be e n t i r e l y & ffaced when th e b o t t l e i s empty.
stamp i s broken a t th e tim e o f p u rch a se ,

I f the

th e b o t t l e may be a

re fill.
Heavy p e n a ltie s a re provided f o r th e s a le o f unstamped
and/
y fa ilu re
ill! 1 , ,\ m Tin ^iiiiriiiiiinniirunHim i <?n irftinr to d e s tro y the stam p, when
th e b o t t l e i s opened,

ffhef ww,twilw
i ^ liy8TOl

THEASUBY DEPASmEHT

The p u rch a se r o f b o t t l e d whisky w i l l be ab le to
i d e n t i f y i t mmmmmmk. on and a f t e r Feb ru ary 10 a s a le g a l product
upon which th e t a x has been p a id , i t was p oin ted out a t th e
'Treasury ©apartm ent today*

B eginning on th a t d a t e , each b o ttle

w i l l be re q u ire d to b ear a re d s trip -s ta m p p a ssin g o v er the mouth
o f th e b o t t l e * * The stamp w ill b e a r th e name o f the d i s t i l l e r ,
w h o le sa le r, o r im p o rte r, w ill s t a t e th a t th e t a x has been paid
th e Government, and w i l l in d ic a te th e q

u

a

n

t i t y

to

pt

liq u o r co n tain ed in th e b o ttle #
Whisky w ill no lo n g e r be so ld in bulk packages ,
under th e L iqu or Taxing A ct o f 1 9 3 4 and r e g u la tio n s issu ed by the
Bureau o f In te r n a l Bevenue, e x c e p t f o r c e r t a i n s p e c i f i c purposes,
n o t connected f o r the most p a r t w ith r e t a i l t r a d e .

A ll whisky

which i s purchased f o r r e s a le to th e consumer must be in b o ttle s
and must b e a r th e red s tr ip -s ta m p .
The green s tr ip -s ta m p now in use f o r b ottled-in -bond
whisky and th e b lue s trip -s ta m p now used on whisky intended fo r
e x p o rt w i l l be continued#

re g u la t ion

The purpose o f th e new

i s to n o tif y the

p u b lic th a t b o ttle d liq u o r which does .b e a r a stamp i s probably
i l l e g a l l y produced o r th e t a x has n o t been p a id .
denote q u a n tity in wmmtm

The stamps

th e c o n ta in e r and a r e f o r a q u a rt, a

f i f t h , a p i n t , h a l f - p i n t , and l e s s than h a l f - p i n t . Bach stamp epsts
one c e n t , e x c e p t th ose f o r l e s s than h a lf -p in t c o n ta in e r s , which
a re o n e -q u a rte r c e n t e a c h .

TREASÜRÎ DEPARTMENT
WASHINGTON
Memorandum for the Press
FOR IMMEDIATE RELEASE

February 7, 1934.

The purchaser of bottled, whisky will be able to identify it on and after
February 10 as a legal product upon which the tax has been paid, it was pointed
out at the Treasury Department today.

Beginning on that date, each bottle

will be required to bear a red strip-stamp passing over the mouth of the bottle.
Dealers who have distilled spirits in stock on February 10 will have ten days
in which to obtain the necessary stamps to affix to the bottles.

The stamp

will bear the name of the distiller,wholesaler, or importer, will state that
the tax has been paid to the Gpvernment, and will indicate the quantity of
liquor contained in the bottle.
Whisky will no longer be sold in bulk packages, under the Liquor Taxing
Act of 1934 and regulations issued by the Bureau of Internal Revenue, except
for certain specific purposes, not connected for the most part with retail
trade.

All whisky which is purchased for resale to the consumer must be in

bottles and must bear the red strip-stamp.
The green strip-stamp now in use for bottled-in-bond whisky and the blue
strip-stamp now used on whisky intended for export will be continued.
The purpose of the new regulation is to notify the public that bottled
liquor which does not bear a stamp is probably illegally produced or the tax
has not been paid.

The stamps denote quantity in the container and are for a

quart, a fifth, a pint, half-pint, and less than half-pint*

Each stamp costs

one cent, except those for less than half-pint containers, which are one-quarter
cent each.
The stamps are engraved and printed by the Bureau of Printing and Engraving,
and not easily counterfeited.
of spurious stamps.

Every precaution is being taken against the use

The strip-stamp must he broken when the cork is pulled, and must he
entirely effaced when the hottle is empty.

If the stamp is broken at

the time of purchase, the hottle may he a refill.
Heavy penalties are provided for the sale of unstamped whislgr, and
for failure to destroy the stamp, when the hottle is opened.

it was ordered that the whole of the reserved
p i eces should be m e l t e d into one mass, and
a s s a y e d in two separate par cell's -

'

T!It was ordered, that one pa r c e l l of pure
silver, w i t h the p r o p o r t i o n a t e alloy of copper
to m ake it equal w i t h the standard of the United
States, should be a s s a y e d at the same time, and
u n d e r the same circumstances, to serve as a proof
of the assay of the coin "The gold coi n reserved in like manner was
also counted and compared w i t h the b o o k and ap­
pearing to be right, was d i r e c t e d to be melted
and assayed in like manner.
"The silver assays being m ade and compared
w i t h the proof assay, it a p p e a r e d that they
a g reed w i t h i n 3 g r a i n s to 12 ounces, the coin
being so m u c h less than standard ftThe gold assays being m a d e and accurately
w e i g h e d and compared w i t h the standard appeared
to be the 3 8 4th p a r t w o rse than the standard.
"The several d e f i c i e n c i e s above mentioned
being w i t h i n the r e m e d y a l l owed by the act of
Congress, the coins issued since the 12t h day
of F e b r u a r y in the y ear 1800 are approved.
"Witness ..our h a n d s this 27t h April,

1801.

R i c h a r d Peters
Jered Ingersoll
Stephen Moylan
E l i a s Boudinot, D.M."

The A s s a y C o m m i s s i o n di v i d e s itself into three
committees,

one for weighing,

for assaying

the coins,

one for counting and one

the assaying,

of course, being

done under the s u p e r v i s i o n of the E s s a y e r •^ùtf^New York.
T his a n n u a l cerem o n y is an a n c i e n t one,

^WïïTTTT,L

j ^ c o r d s of it are kept in books at the office of the
D i r e c t o r of the Mint.

T he f i rst of these volumes records

in long hand the r e p o r t of the m e e t i n g of the first Assay
C o m m i s s i o n on Monday,
Ph i l a d e l p h i a ,
the time.

A p r i l 27,

1801,

at the M i n t in

w h i c h was the only U n i t e d States M i n t at

The act a u t h orizing

passed by Con g r e s s

the C o m m i s s i o n had been

on M a r c h 3, 1801.

This first record

reads as follows:
t!At a m e e t i n g of
by an act of C o n gress
p u rpose of inspecting
S t ates at the M i n t of
the 2 7 t h day of April,

the C o m m i s s i o n e r s appointed
of 3rd March, 1801, for ‘the
the coins of the United
the U n i t e d S t ates on Monday
1801:

’’P r e s e n t R i c h a r d Peters, Esq., Judge, J&red
Ingersoll, A t t o r n e y of the U n i t e d States,
S t e p h e n Moylan, C o m m i s s i o n e r of L a w S j f o r the
D i s t r i c t of P e n n s y lvania; also the Director,
Treasurer, C h ief Coiner, A s s ayer and Melter and
R e f i n e r of the M i n t ’’The C o m m i s s i o n e r s p r o c e e d e d to count and
examine the r e s erves of silver coin found in the
chest u n der two locks, the keys of w h i c h had been
k e p t b y the A s s a y e r and Treasurer, and compared
t h e m w i t h the b o o k in w h i c h t h e y.had bee n entered,
and on finding them agreeably/sic^ there"®;

T R E A S U R Y DEP A R T M E N T
WASHINGTON

"1

â

MfflÜR-ANDM"- F O R C H E ? JHUS-BS

P r e s s Service
No. 1 - 3:0.
3.0. .

F e b r u a r y 9, 1934

The Sec r e t a r y of the T r e a s u r y announced today
the a p p o i n t m e n t by the P r e s i d e n t of the m e m bers of
the A n n u a l A s s a y Commission,

w h i c h w i l l meet at the

P h i l a d e l p h i a M i n t n e x t Wednesday, F e b r u a r y 14,
test for w e i g h t and fineness

to

samples of coins which

hav e b e e n pr o d u c e d by the U n i t e d States M i n t s during
the last year.

The a p p o inted m e m b e r s of the Commission

are
Dr. A. R. Johnston, R e e v e sville, S.C.
Hon. W i l l i a m A. Ashbrook, Johnstown, Ohio.
Mr. L. E. Brown, Jackson, Mississippi.
Hon. A r thur Capper, U n i t e d States Senate.
M i s s E l l e n G o w e n Hood, Philadelphia, Pa.
Mr. R o l a n d Morris, Philadelphia, Pa.
I n a d d i t i o n the following are E x - o f f i c i o M e m b e r s of
the Commission:
The C o m p t r o l l e r of the Currency.
The J u d g e of the D i s t r i c t C o urt for the
E a s t e r n D i s t r i c t of Pennsylvania.
The Assayer, U.S. A s say Office, N e w York.
The coins to be tested are gold and silver coins
only.

They consist of two samples,

chosen at random,

of each d e l i v e r y of coins made by each of the Mints.
The coins as they are collect eel during

the year are

d e p o s i t e d in a sealed box at the P h i l a delphia Mint, known

TREASURY DEPARTMENT
WASHINGTON

FOR IMMEDIATE RELEASE)
February 9, 1934.

Press Service
No. 1^.30

The Secretary of the Treasury announced today the appointment hy
the President of the members of the Annual Assay Commission, which will
meet at the Philadelphia Mint next Wednesday, February 14, to test for
weight and fineness samples of coins which have been produced by the
United States Mints during the last year.

The appointed members of the

Commission are:
Dr. A. R. Johnston, Reevesville, S.C.
Hon. William A. Ashbrook, Johnstown, Ohio.
Mr. L. E. Brown, Jackson, Mississippi.
Hon. Arthur Capper, United States Senate.
Miss Ellen Gowen Hood, Philadelphia, Pa,
Mr. Roland Morris, Philadelphia, Pa.
In addition the following are Ex-officio Members of the Commission:
The Comptroller of the Currency*
The Judge of the District Court for the
Eastern District of Pennsylvania.
The Assayer, U.S. Assay Office, New York.
The coins tö be tested are gold and silver coins only.

They consist

of two samples, chosen at random, of each delivery of coins made by each
of the Mints,

The coins as they are collected during the year are de­

posited in a sealed box at the Philadelphia Mint, known as the f,pyx box’*
or ’’pyx chest**

or simply as the '’pyx'* *

• §¡¡1V
The Assay Commission divides itself into three committees, one for

weighing, one for counting and one for assaying the coins, the assaying,
of course, being done under the supervision of the assayer from New York,

~

2-

This animal Ceremony is an ancient one.

Records of it are kept in

hooks at the office of the Director of the Mint.

The first of these

volumes records in long hand the report of the meeting of the first Assay
Commission on Monday, April 27, 1801, at the mint in Philadelphia, which
was the only United States Mint at the time.

The act a u t h o r i n g the Com-

mission had been passed by Congress on March 3, 1801.

This first record

reads as follows:
UAt a meeting of the Commissioners appointed by an
act of Congress of 3rd March, 1801, for the purpose of in­
specting the coins of the United States at the Mint of the
United States on Monday the 27th day of April, 1801;

I

"Present Richard Peters, Esq., Judge, Jared Ingersoll,
"corney of the United States, Stephen Moylan, Commissioner
of Laws, for the District of Pennsylvania; also the Director*
Treasurer, Chief Coiner, Assayer and Melter and Refiner of
the Mint "The Commissioners proceeded to count and examine the
reserves of silver coin found in the chest under two locks,
the keys of which had been kept by the Assayer and Treasurer,
and compared them with the book in which they had been entered*
and on finding them agreeably (sis) thereto; it was ordered
that the whole of the reserved pieces should be melted into
one mass, and assayed in two separate parcells —
It was ordered, that one parcell of pure silver* with
the proportionate alloy of copper to make it equal with the
standard of the United States, should be assayed at the same
time, and under the same circumstances, to serve as a proof
of the assay of the coin "The gold coin reserved in like manner was also counted
and compared with the book and appearing to be right, was di­
rected to be melted and assayed in like manner.
"The silver assays being made and compared with the
proof assay, it appeared that they agreed within 3 grains to
12 ounces, the coin being so much less than standard "The gold assays being made and accurately weighed and
compared with the standard appeared to be the 384th part worse
than the standard.

- 3 -

’’The several deficiencies above mentioned being within
the remedy allowed by the act of Congress, the coins issued
since the 12th day of February in the year 1800 are approved.
^Witness our hands this 27th April, 1801«

Hichard Peters
Jared Ingersoll
Stephen Moylan
Elias Boudinot* D.M.,r

T O A S U K T mPAMTMXT
wABEimmM
For M e & u e ,

Morniifc papers.

Saturday February 10.

193b.

Fr©«# servie©

s .c r ,t« y Of ft® Treasury korg.nthau «mourned today, (February 9t 19* j
that the tenders for two serte. of T~asury » i l l . , to be dated February * , „ 3,,
-hleh were offered on February 7 ».re opened at the Federal
February J , Xfjb.

Bank, on

Tender, were invitsd for th- two eerie. »0 the a « | J e „»unt of
$I 50, 0 0 0 . 0 0 0 , or thereabout i

and
hnh nr-n
’ *®a r*O*,«K»#
000 me applied for, of which
$150»052,000 wa* accepted.
fh© dptsii <* n-f t-u« *
F 9
°f th* two series are as follows!
91-DAY TBT+m r BILLS. MAfmtm MAY \S, jc^U,
Per th U **r1**- ,hleh

f0T *75.000,000. or thereabout, the total

a»ount applied for we, i 23O.O78.OOO. of which $75.008.000 -a . acc.pted.

f t,

accepted bio. ranged in price fro. 99.850. equivalent to a rate of about O.59
par cent per annua, to
« m « . on a bank

99. 826.

equivalent to a ra t. of about

cent per

only part of the amouat bid for at the latter

discount basis.

price wa, accepted.

0. 69 per

Th. average price of Treasury B ill, of th i. series to be

i 3sued 1. 95.833 and the average rate 1. about 0.66 per cent per annuo on e
bank ai acount basis.
103-LAY YE&ASUEY BILLS. MàffU&IKS AUGUST
ïur th i. s é r ie , which wa, for $75. 000.000 or thereabout., the total
a*ouat applied for wa. $178.326.000. of which *75.0bb,000 » , accepted, fh.
accepted bid. ranged in price fro«
per cent per annum, to

99. ^ 9,

1.05 per

0.55

average

f

cent per

only part of the amount bid for at the letter

The average price of Treasury B ill, 0f th i. eerie, to be

issued is 99.501 and the
discount basis.

.-.divalent to a ra t. of about

equivalent to a rata of about

nauo, on a bank discount basis,
price wa, accepted.

99- 723.

rate

1,

about

0.99 par

cant par annum on a bank

|

TREASURY DEPARTMENT’
Washington
Eor Release, Morning Papers,
Saturday, February 10, 1934.

Press Service
Ho. 1 - 3 1

Secretary of the Treasury Morgenthau announced today,.. (February-9,. 1934),
t|iat the tenders for two series of Treasury Bills, to be dated February 14,.
1934, which were offered on February 7 were opened at the Federal Reserve
Banks on February 9, 1934.
Tenders were invited for the two series to the aggregate amount of
$150,000,000, or thereabouts, and $408,404,000 was applied for, of which
$150,052,000 was accepted.

The details of the two series are as follows*“

91-PAY TREASURY BILLS, MATURING MAY 16, 1934..
For this series, which was for $75,000,000, or thereabouts, the total
amount applied for was $230,078,000, of which $75,008,000 was accepted.

The

accepted bids ranged in price from 99.850, equivalent to a rate of about 0.59
per cent per annum, to 99.826, equivalent to a rate of about 0.69 per cent
per annum, on a bank discount basis.
latter price was accepted.

Only part of the amount bid for at the

The average price of Treasury Bills of this

series to be issued is 99.833 and the average rate is about 0,66 per cent
per annum on a bank discount basis.
182-PAY TREASURY BILLS, MATURING AUGUST 15, 1934.
For this series, which was for $75,000,000 or thereabouts, the total
amount applied for was $178,326,000, of which $75,044,000 was accepted.

The

accepted bids ranged in price from 99.723, equivalent to a rate of about 0.55
per cent per annum, to 99.469, equivalent to a rate of about 1.05 per cent per
annum, on a bank discount basis.
latter price was accepted.

Only part of the amount bid for at the

The average price of Treasury Bills of this

series to be issued is 99.501 and the average rate is about 0.99 per cent
per annum on a bank discount basis.

- 4 -

and to »eke classified aXletiaeute mad alloteents upon a graduated scale; and
M# action In those respects shall be final*

Allotment notices will ho sont

out promptly upon allotment, and the basis of the allotment will he publicly

¥

announced*
PAYHSr

Payment at par and accrued interest for notes allotted must ho made
on or before February It# 19M, or on lator allotment.

f

Any qualified depositary

will ho permitted to make payment ty credit for notes allotted to It for Itself
and Its customers up to any aisount for which I t shall ho qualified in exes«« of
existing deposits# whan so notified by the federal reserve bank of its district.

ponied by payment In fu ll or hy payment of 10 par cant of tha amount of notes
applied for.

Tha forfeiture of the 10 per cent payment may he declared hy the

Secretary of the Treasury i f payment in fa ll is not coexisted on the prescribed
date in tha eaaa of subscriptions allotted.
o i m a

ptomxcms

As fiscal agents of the United States, federal reserve b*nk* are
authorised and requested to receive subscriptions and to ««ate allotments oft ths
basis and up to the amounts indicated by the Secretary of the Treasury to tbs
federal reserve banks of the respective d istricts.

After allotment and epos

payment federal reserve banks may issue interim receipts pending delivery of
the definitive notes.

^

Bearer notes with Interest coupons attached will he issued In

*

dto<Mlnatioao of *100, *803. * 1 ,0 0 0 . * 5 .0 0 0 . *1 0 .0 0 0 . » 1 *100,000. f to
nates will not he issued in registered few .
The notes shall he exempt, both a# to principal and Interest, froa
all taxation (except estate or inheritance taxes) now or hereafter loosed by
the Halted States, any State, or any of the possessions of the Waited States,
or by

I
r
ji

local taxing authority.
■ fhe notes will

he

accepted at par daring sack time and under such

rale# and regulations as shall

he

prescribed or approved by the secretary of

the fre&sury in payment of income and profile taxes payable at the maturity
of the notes.
fhe notes will he acceptable to secure deposits of public aoneys,
hut will not hear the circulation privilege.
m>%iQAmm A m

Apylloatlon« rill be

wo

Ia

i

w m t m

.It .4 *t tto fodorsl WWIW b®«4“ *ni hr®"cl‘"

end at the <rrotary 8 to*rt».»t, **»Ma«tto.
toodl. toplitotlon. for B ^ n .

® * M B g laatitntioa. «#»*«11? elU '

tot oaly the fodoral reserve tot*. «* «*

>

*rtosary to^wtsont **• oattori«ed to *ot a* official o*encleo.
Su bscription* fo r «noont. ap to sad iaclu d lag *1 0 ,0 0 0 »111 to gioo*
proforrod a llo tn o a ts o i l o tto » oubtoriptloa# w ill to a llo tto d oa to ® » s l p* r*

centage

haelto

fh e Secretary o f the treasury reserve# the rig h t to r e je c t any ***“
s c rip t!o n , la * t o l * or 1 . p o rt, aad to a l l o t lo o . tto a t to

^

*» tM of

either or both sort*, »toiled for tod to elo.o tto book« *» to toy or all *Bi*
tortptlto* at any tin. rittout aatlooj tto toerot.tr of tto Trtotory alto *•'

Pito|

wrro. tto right to toto allot»»* 1» «oil «5*® applications for torilor a®*“11

to » t o redoced allotatot. aeon, or to reje ct, application, for lw«or

ï ï » T res.arjr n o te* w ill be Issued J » b ssrsr form only, in dsnoainstlo,

•f *100,

$
9
0
,*1.000. |B,000, *10,000, n i *100,000.

Sert®» »

w ill be payable on » ssB lsaau sl basla oa Jan# lg

la eaeb y ear,

interest on notes ®f
is

year eoupoa. w ill be stta ch sd , ead toe f i r s t eoopoa w ill oar.r

la t e r e e t f o r the f r a c t io n ^ b a lf-y s a , trm ie b m e rr 19 to June 16, 1934.
e s t oa a o te . o f S s r t .s W W

UUt_

w ill be payable oa * .« rta a m iel b a s t , „a iagust

16 and Jabruery 16 la each y e s r .

a * c m po b . w ill be attach ed , sad the f l r . t

coapoa will cower Interest for the fractional half-year froa febroary 19 to
August 16, If34.

fbm text of the official clrentier falloir»:
nes q-1937

{treasury Oeparti»«nt Cirouler Bo. 506, Friratry IS, 1934)
Th* Secretary of the Treasury offer« for subscription, at par m i

Interest, through th« Federal reserve brnk», under the authority of the act appwm
Heptewiber 24, 191?, a» amended, $■800,000,000, or thereabout®, free »ary note#, Is
two seriee.

The

«aoa!

of each eerie» I»

$400,000,000,

or thereabout*.

mBsrPtrai m wann
fh« not«» of Serie» 8*1935 will he dated Febrasry 1 9 , 1934 , and will t#tr
Interest fro» tbat dato at the rate ©f tw© and ©ae-half per Cent per m m m t pnfaUc
os a »eatianimal besis on dune 15 M l Decomher 15 in euch jreer. ?bey will natsre
Becoaber 1 5 , 1 935 , and will not be »ubject to call for redesptlon prior to ■»turitjl!
not«»

@f

Serie» 0 *193 ? will

be

dated

February

19, 1934 ,

interest from that date at th» rate of three per oest per annum),
annual haste os duguet 15 and February 15 in «ach year.

and will

payable

btt*

on a ssai-

They will nature Febrasry 1

IS, 193?, and will sot he subject t© call for red^ption prior to maturity.

mt

ffflbünt m & m m m

nous«,

mmm m m ,

ftbvmry

19,

1934.’

I —2

SfAfmwÊf m w m m tm m m w m m ■

**• Trtmwxry t s today o ff a r li^ fo r « a b a erlp tta a , » t por Cad *©em d

f

lut®rosi» %1amm& tb® federai raocrr® bonka, frocmry noto« t© tfe# a^ouat ®f
$800*000,000, or thorcaboat», la tra «art«« « f about $400.000,000 »«ah. ib«i
®«ri## wlll b« datad mû baar inter»st from f»bru«ry 19, 1934.

>

0m «®rl®t,

designoted 3«ri®® 9»1935, I * far Unnty-t«» amttia, « ili bear isitre d et Xb$
rai® ©f 2-1/g par cent par mmm, mû « ili mutar» m mmwlmr 15. 1935. îfet
aifear »«ri®*, daotgaeted Sari«« 8-4997, 1« far tbroo yecrs, »111 b®»r inUmt
®t tba rat® «f S par eoat par mmm* ««4 »111 imitar« a» îebruery 16, 193?. fit
aata» will soi b» sub^oct ta cali far radasptlon prier ta austerity,
fh * froaaaxy m t* * »111 b# e*c®*pt, both «s la principal mû laureti, £

fra* a ll tarati©® (axaapt aalata or laboritanca taxa») ao» or ¿araaftar lapetal
bf ***e tMItad Stata», «or Stata, or aay of tb© pots®»»ion» ©f tbe tjb&tod Stai««,
ar iy any locai tajriag »aibari ty.

‘

■

Applicati©»« « d ii ba r»eei»®d a i Ilio Indorai ra«arra baite» ani braneìwi
a»é a i ite® frecamyy

» ««»Magi©».

Sabbia^ t a s t i ta llo n a f t a a r s l l f d i i

bandi® a p p tia a tia a a f a r aaboarlbara, bat mtp tba I o d a t i rasar»® bade» u si Ut
Treeourjr Bopcrtmeat ara «cibori«#d io a at aa o f f i c i s i «gancio*.

Application«, a»lo «s m é» by «a loacrparatad bacie or trust «owpaay, «r
by » roapoaslble and racolai s«d dealer la icraramoat aaeuritlaa, «aat bo tace®- ^
paalaé by pny&ani la fa ll or by payaient of 10 por ooat cf tba «rwunt of wNi
appliad far.

ftoa farfaitara of tba 10 por coni n$$rmnt aay-'ba daalarad by Ibi

Sacrotary af tba fr®r«ury t f pmymmt la full lo noi eoapletad- ©» tba proacrtbod
Sef*-**-^ '

.g l

iota 1» lì» co»» af »»bseriptioas allattad.
faboariptlcHi» for «menants up t© »ad includine $10,000 » ili bo idirttt
prafarrad allatmaatf a ll cibar subacri pilone v ili bo «llottad o» m «©nel $•**
contado beala.

i

TREASURY DEPARTMENT
Washington
FOR RELEASE» MORNING- PAPERS»
Tuesday, February IS, 1934.

Press Service
No. 1 - 32

The Treasury is today offering for subscription, at par and accrued
interest, through the Federal reserve banks, Treasury notes to the amount of
$800,000,000, or thereabouts, in two series of about $400,000,000 each.
series will be dated and bear interest from February 19, 1934,

Both

One series,

designated Series D-193S, is for twenty-twcr months, will bear interest at the
rate of 2-1/2 per cent per annum, and will mature on December 15, 1935.

The

other series, designated Series C—1937, is for three years, will bear interest
at the rate of 3 per cent per annum, and will mature on February 15, 1937,

The

notes will not be subject to call for redemption prior to maturity.
The Treasury notes will be exempt, both as to principal and interest,
from all taxation (except estate or inheritance taxes ) now or

hereafter imposed

by the United States, any State, or any of the possessions of the United States,
or by any local taxing authority.
Applications will be received at the Federal reserve banks and branches
and at the Treasury Department, Washington,

Banking institutions generally will

handle applications for subscribers, but only the Federal reserve banks and the
Treasury Department are authorized to act as official agencies.
Applications, unless made by an incorporated bank or trust conpany, or
by a responsible and recognized dealer in Government securities, mast be accon>*
panied by payment in full or by payment of 10 per cent of the amount of notes
applied for.

The forfeiture of the 10 per cent payment may be declared by the

Secretary of the Treasury if payment in full is not completed on the prescribed
date in the case of subscriptions allotted.

Subscriptions for amounts up to and including $10,000 will -be given
preferred allotment; all other subscriptions will he allotted on an equal per­
centage basis.
The Treasury notes will be issued in bearer form only, in denominations
of $100, 4>500, $1,000, $5,000, $10,000, and $100,000,

Interest on notes of

Series D-1935 will be payable on a semiannual basis on June 15 and December 15
in each year.

Pour coupons will be attached, and the first coupon will cover

interest for the fractional half-year from February 19 to June 15, 1934.

Interest

on notes of Series C-1937 will be payable on a semiannual basis on August 15
ana February 15 in each year.

Six coupons will be attached, and the first

coupon will cover interest for the fractional half-year from February 19 to
August 15, 1934,
The text of the official circular follows:

TREASURY NOTES - SERIES D-1935 AND SERIES C-1937
(Treasury Department Circular No, 506, February 13, 1934)

The Secretary of the Treasury offers for subscription, at par and
accrued interest, through the Federal reserve banks, under the authority of the
act approved September 24, 1917, as amended, $800,000,000, or thereabouts* Treasury
notes, in two series.

The amount of each series is $400,000,000, or thereabouts,
DESCRIPTION OF NOTES

The notes of Series D-1935 will be dated February 19, 1934, and will
bear interest from that date at the rate of two and one-half per cent per annum,
payable on a semiannual basis on June 15 and December 15 in each year.

They will

\

mature December 15, 1935, and will not be subject to call for redemption prior
to maturity.
The notes of Series C-1937 will be dated February 19, 1934, and will
bear interest from that date at the rate of three per cent per annum, payable

on a semiannual basis on August 15 and February 15 in each year.

They will

mature February 15, 1937, and will not be subject to call for redemption prior
to maturity*
Bearer notes with interest coupons attached will be issued in denomi­
nations of $100, $500, $1,000, $5,000, $10,000, and $100,000.

The notes will

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

Banking institutions generally will

handle applications for subscribers, but only the Federal reserve banks and the
Treasury Department are authorized to act as official agencies.
Subscriptions for amounts up to and including $10,000 will be given
preferred allotment; all other subscriptions will be allotted on an equal per­
centage basis«,
The Secretary of the Treasury reserves the right to reject any sub­
scription, in whole or in part, and to allot less than the amount of notes of
either or both series applied for and to close the books as to any or all sub­
scriptions at any time without notice; the Secretary of the Treasury also re­
serves the right to make allotment in full upon applications for smaller amounts.

to moke reduced allotments upon, or to reject, applications for larger amountsj
and to make classified allotments and allotments upon a graduated scale; and
his action in these respects shall he final.

Allotment notices will he sent

out promptly upon allotment, and the basis of the allotment will he publicly
announced*
PAYMENT
Payment at par and accrued interest for notes allotted must he made
on or before February 19, 1934, or on later allotment.

Any qualified depositary

will he permitted to make payment by credit for notes allotted to it for itself
and its customers up to any amount for which it shall he qualified in excess of
existing deposits, when so notified by the Federal reserve bank of its district.
Applications, unless made by an incorporated bank or trust company, or
by a responsible and recognised dealer in Government securities, must be accom-*
panied by payment in full or by payment of 10 per cent of the amount of notes
applied for.

The forfeiture of the 10 per cent payment may be declared by the

Secretary of the Treasury if payment in full is not completed on the prescribed
date in the case of subscriptions allotted*
GENERAL PROVISIONS
As fiscal agents of the United States, Federal reserve banks are
authorized and requested to receive subscriptions and to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury to the
Federal reserve banks of the respective districts.

After allotment and upon

payment Federal reserve banks may issue interim receipts pending delivery of
the definitive notes.

TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING PAPERS-,
Wednesday, February 14, 1934.

preSs Service
No. 1 - 33

Secretary Morgenthau today announced that the subscription
books for the current offering of Treasury notes closed at the
close of business Tuesday, February 13, 1934.

Two series of

notes were offered, both to be dated and bear interest from
February 19, 1934.

One series, designated Series M . 9 3 5 , will

bear interest at the rate of
mature on December 15, 1935.

2—1¡2, per

cent per annum and will

The other series, designated

Series C-1937, will bear interest at the rate of 3 per cent
per annum and will mature on February 15, 1937.
Subscriptions placed in the mail before 12:00 o*clock,
midnight, Tuesday, February 13, as shown by the post office
cancellation, will be considered as having been entered before
the close of the subscription books.
Announcement of the amount of subscriptions and the
basis of allotment will be made on or about Friday, February 16.

FOR RELEASE, MOOTING PAPERS,
Friday, February 16, 19S4.

Press Service

I—

Secretary of the Treasury Morgenth.au today

3

announced the

subscription figures and the basis of allotment for the February 19 *
offering of 2-1/2 per cent Treasury notes of Series D-1935, maturing
December 16, 1935, and of 3 per cent Treasury notes of Series 0*1987
f

maturing February 15, 1937*
Reports received from the Federal reserve banks show that

for the offering of 2-1/2 per cent notes of Series D-1935, which was
for $400,000,000, or thereabouts, total subscriptions aggregate over
$1,332,000,000*

Subscriptions in amounts up to and including $10,000 i

were allotted in full, and all other subscriptions were allotted

^

30 per cent, but not less than $10,000 on any one subscription*
For the offering of 3 per cent notes of Series C-1937,
which was for a like amount of $400,000,000, or thereabouts, total
subscriptions aggregate over $2,285,000,000.

Subscriptions in amounts

up to and including $10,000 were allotted in full, and all other
subscriptions were allotted 16-2/3 per cent, but not less than
$10,000 on any one subscription*
Further details as to subscriptions and allotments will
be announced when final reports are received from the Federal reserve'*

banks*
4

TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING PAPERS,
Friday, February 16, 1934.

Press Service
tf0. 1-34,

Secretary of the Treasury Morgenthau today announced the subscription
figures and the basis of allotment for the February 19 offering of 2-l/2 per
cent Treasury notes of Series D-1935, maturing December 15, 1935, and of
3 per cent Treasury notes of Series C-1937, maturing February 15, 1937.
Reports received from the Federal reserve banks show that for the
offering of 2-l/2 per cent notes of Series D-1935, which was for $400,000,000,
or thereabouts, total subscriptions aggregate over $1,332,000,000.

Subscrip­

tions in amounts up to and including $10,000 were allotted in full, and all
other subscriptions were allotted 30 per cent, but not less than $10,000 on
any one subscription.
For the offering of 3 per cent notes of Series C-1937, which was for
a like amount of $400,000,000, or thereabouts, total subscriptions aggregate
over $2,285,000,000.

Subscriptions in amounts up to and including $10,000

were allotted in full, and all other subscriptions were allotted 16-2/3 per
cent, but not less than $10,000 on any one subscription.
Further details as to subscriptions and allotments will be announced
when final reports are received from the Federal reserve banks.
oOo-oOo

I

The a l l o c a t i o n s made to th e C iv il Works A d m inistration and to
th e R e lie f A d m in istratio n from th e $ 9 5 0 ,0 0 0 ,0 0 0 r e l i e f b i l l do not
in volv e any in cre a se I

1 in th e P r e s id e n t’ s budget

e s tim a te s f o r the f i s c a l y ears 1934 and 1935• Out o f th e
c a r r i e d by the b i l l th e P re s id e n t has a llo c a te d # 4 5 0 ,0 0 0 ,
$ 5 0 0 ,0 0 0 ,0 0 0 f o r d i r e c t r e l i e f . Of th e amount a l l o c a t e d f o r direct
r e l i e f not to exceed $ 1 5 0 ,0 0 0 ,0 0 0 i s to be expended in the present
f i s a a l y e a r . These a ll o c a t i o n s do not in volve in c r e a s e s e ith e r in
th e 1934 o r th e 1935 budget beyond the sums o f

$ 1 ,1 6 6 ,0 0 0 ,0 0 0
$

I

f o r th e f i s c a l y e a r 1934 and # 2 ,0 0 0 ,0 0 0 ,0 0 0 f o r th e f i e f * year

6

1935 e s tim a te d as n e c e s s a ry f o r emergency purposes in the President’s
budget message

TREASURY DEPARTMENT
WASHINGTON

FOR IMMEDIATE RELEASE
February 17, 1934.

Press Service
No. 1-35

STATEMENT BY SECRETARY MORGENTHAU

The allocations made to the Civil Works Administration and to
the Relief Administration from the $950,000,000 relief hill do not
involve any increase' in the President’s budget estimates for the fiscal
years 1934 and 1935.

Out of the $950,000,000 carried by the bill, the

President has allocated $450,000,000 for C.W.A. a.nd $500,000,000 for
direct relief.

Of the amount allocated for direct relief, not to ex­

ceed $150,000,000 is to be expended in the present fiscal year.

These

allocations do not involve increases either in the 1934 or the 1935
budget beyond the sums of $1,166,000,000 for the fiscal year 1934 and
$2,000,000,000 for the fiscal year 1935 estimated as necessary for
emergency purposes in the President’s budget message.
oOo-oOo

In a d d i t i o n there has b e e n d e p o s i t e d dire c t with
the T r e a s u r e r

of the U n i t e d States

since D e c e m b e r 28,

gold coin, $ 2 2 9 , 0 4 4 and gold certificates,

$1,141,500.

T h e r e have also bee n d e p o s i t e d in the N e w Y o r k Assay Office,
u n d e r the same order,

gold bars to the value of $200,572.69.

I n c l uding all items,

total receipts of gold coin,

gold c e r t i f i c a t e s and gold bars, u n d e r t h e S e c r e t a r y 1s order
of D e c e m b e r 28,

1933, h ave b e e n $66,654,162.92.

TREASURY DEPARTMENT
Washington

pye&

M E M O R A N D U M F O R T H E PRESS
-F e b g

Silver r e c e i v e d by the U n i t e d States Mints
u n d e r the P r e s i d e n t s p r o c l a m a t i o n of De c e m b e r 21,
1933,

amounted,

for the w e e k ending F e b r u a r y 9, to

3 7 5 , 9 9 5 , 8 3 fine ounces.

Of this amou n t the San

F r a n c i s c o M i n t r e c e i v e d 3 1 1 , 4 3 9 . 8 3 fine ounces and
the D e n v e r M i n t 64,556 fine ounces.
the previous week,

R e c e i p t s for

ended F e b r u a r y 2, w ere 117,554.86

$

fine ounces and total receipts up to and including
F e b r u a r y 9 h a v e b e e n 5 9 0 , 6 5 2 . 8 3 fin e ounces.
R e p o r t s of the F e d e r a l R e s e r v e B a n k s to the

1

close of busin e s s F e b r u a r y 10 show that through
F e b r u a r y 3 to F e b r u a r y 10, inclusive,

there had been

d e p o s i t e d under the S e c r e t a r y fs order of December 28,
1933, gold coin to the a m o u n t of $1,747,666;
t i f i cates to the a m ount of $4,559,270,

gold cer­

or a total de­

p o s i t of coin and certi f i c a t e s for the w e e k of $6,307,036. j
R e c e i p t s of gold coin and c e r t i f i c a t e s by the
F e d e r a l R e s e r v e B a n k s u n der the Secr e t a r y * s order from
D e c e m b e r 28, -the date of the order, up to and including
F e b r u a r y 10 w e r e gold coin, $ 2 5 , 1 1 3 , 2 9 6 . 2 3 and gold
certificates,

$39,969,750.

TREASURY DEPARTMENT
Washington

M E M O R i i m M FOR THE PRESS

Fetruary

12,

1934

Silver received by the United States Mints under the Presidents
proclamation of December 21, 1933, amounted, for the week ending February
9, to 375,995.83 fine ounces.

Of this amount the San Francisco Mint

received 311,439.83 fine ounces and the Denver Mint 64,556 fine ounces.
Receipts for the previous week, ended February 2, Were 117,554.86 fine
ounces and total receipts up to and including February

9 have

been

590,652.83 fine ounces.
Reports of the Federal Reserve Banks to the close of business
February 10 show that

from

February 3 to February 10, inclusive,

there had been deposited under the Secretary*s order of December 28,
1933, gold coin to the amount of $1,747,666; gold certificates to the
amount of $4,559,270, or a total deposit of coin and certificates for
the week of $6,307,036.
Receipts of gold coin and certificates by the Federal Reserve
Banks under the Secretary*s order from December 28, the date of the
order, up to and including February 10 were gold coin, $25,113,296.23
and gold certificates, $39,969,750.
In addition there have been deposited direct with the Treasurer
of the United States since December 28, gold coin, $229,044 and gold
certificates, $1,141,500.

There have also been deposited in the

New York Assay Office, under the same order, gold bars to the value of
$200,572.69.
Including all items, total receipts of gold coin, gold certificates
and gold bars, under the Secretary*s order of December 28, 1933, have
been $66,654,162.92.

TREASURY DEPARTMENT
Washington

M E M O R A N D U M F OR THE PRESS
■F e b r u a r y

?lvice

1 2 y ■■1 0 g 4 r — -

T o t a l purchases of G o v e r n m e n t securities by the
T r e a s u r y for G o v e r n m e n t inv e s t m e n t accou n t s through
F e b r u a r y 6 and including d e l i v e r i e s

scheduled for

F e b r u a r y 13, were $ £ 2 , 528,000.
In a d d i t i o n to the a b o v e a m o u n t purchased

in the

N e w Y o r k m a r k e t the F e d e r a l D e p o s i t I n s urance Corporation
on F e b r u a r y 9 p u r c h a s e d $ 6 3 8 , 4 0 0 of G o v e r n m e n t bonds,
w h i c h had b e e n h e l d by the T r e a s u r e r of the United States
as c o l l a t e r a l

security for post a l

savings deposits.

TREASURY DEPARTMENT
Washington

M B O R A M U M FOR THE PRESS

February 13, 1934

Total purchases of Government securities by the Treasury
for Government investment accounts through February

6 and

in­

cluding deliveries scheduled for February 13, were $22,528,000.
In addition to the above amount purchased in the New York
market the Federal Deposit Insurance Corporation on February

9

purchased $638,400 of Government bonds, which had been held by
the Treasurer of the United States as collateral security for
postal savings deposits.

TREASURY DEPARTMENT
WASHINGTON
MEMORANDUM FOR THE PRESS

February 19, 1934,

RECEIPTS OF SILVER BY THE MINTS:
(Under Executive Order of December

21,

1933)

Week ending February 16 ...... .........
Received up to February 9 .............
Total receipts to February 16 .......

232,630
590 652 83
823,282.83

ounces
ft

KECJEITO BY JEDERAL RESERVE BANK'S AND TINT,
TREASURER* S OFFICE: '
‘
(Under the Secretary’s Order of December 28, 1933)
Received by Federal Reserve Banksi

Week ending February 1 7 .....
Received previously ..... .
Total to February 1 7 ......

$

Gold Coin
577,260.58
25,113,296.23
25,'690^556.81

Gold Certificates
$2,031,430
39,969,750
42,001,180

Received by Treasurer's Office:
Week ending February 1 7 .....
Received p r e v i o u s l y ...... .
Total to February 1 7 ......

$
$

4,700
229!044
233! 744

68,000
1.141.500
1.209.500

Note:
In addition gold bars to the amount of $200,572.69 were de
posited with the Hew York Assay Office, as previously noted.

PURCHASES OF GCVEBHHEHT SECURITIES HOB IHTBS'jW.T.iT ACCOtJHTS:
For week ending February 17:
Federal Deposit Insurance .... ........ $
Other accounts ......... ............. .

5,800 000
1.289,OOP
7,089,000

oooOooo

TREASURY DEPARTMENT
Washington

EOR RELEASE, MORNING PAPERS.,
Tuesday, February 20, 1934.

Press Servic
No. 1 - 3 6

Secretary of the Treasury Morgenthau announced today,
February 19, 1934, that the tenders for $75,000,000, or there­
abouts, of 91-day Treasury bills, dated February 21 and maturing
May 23, 1934, which were offered on February 16, were opened at
the Federal reserve banks on February 19, 1934.
The total amount applied for was $307,110,000, of which
$75,155,000 was accepted.

Except for one bid of $200,000 at

99.928, the accepted bids ranged in price from 99.864, equivalent
to a rate of about 0.54 per cent per annum, to 99.849, equivalent
to a rate of about 0.60 per cent per annum, on a bank discount
basis.
accepted.

Only part of the amount bid for at the latter price was
The average price of Treasury bills to be issued is

99.855 and the average rate is about 0.57 per cent per annum on
a bank discount basis.

t

.

!

I

TREASURY DEI&RYMFNT
WASHINGTON

«
Presa Service

^ - * ■ » 4 4 . * . Soleasef
Toesêsy, February 2|, 1934

W

/

1-3 7
r

^

wkfÿmÆÂ'
Secretary Mor gent bau toàa^announoe d the final subscription and allotment

toesi

figures with respect to tbe February 19 offering of 2-1/2 per cent Treasury
Notes of Series D-1935, Maturing December 15, 1935, and of 3 per cent Treasury
Notes of Series 0 1 9 3 ? , maturing February 15, 1937*
Subscriptions and allotments were divided among tbe several Federal Rescry»
Districts and tbe Treasury as follows!

Treasury Notes Of Series 0 1 9 3 5
•T-*»—- —«g y ' rT -rP " "i ' -T' —

"T

Total Sub­
scriptions
Allotted

Total Subscrip­
tions Received

Federal Reserve
District

Total Subscrip­
tions Received

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

$

86,649 ,000
557,316 ,400
79,572,400
79,572
69,980,500
53,479,000
69,702,-200
215,631,3200
700
38,432 1
,500
23,674
34.777.500
500
46.999.500
55,695,000
500,000

$ 28,023,000
169,037,900
24,540,900
21.789.000
16.810.000
21.346.000
69,275,200
12,931,700
9,022,600
12.677.000
15,404,500
17.284.000
150,000

$

Total

«.,332,409,900

«18,291,700

|2,286,734, BOO

144,330,,400
1,190,611,,100
137,194, 000
600
109,012,600
60,481,000
80,563,100
241,627,400
54,876,700
41,632,500
47.451.200
64.661.200
113,098,000
215,300

Total Svi
script ioa
Allotted
I 29,270,

207,231,9
25,431,3)
21,480,f
12,442,f
16,204,
48,062,
12,104,
10,197,
11,496,
14,38«,
20,374,3
48 J!

eral
trie

ftde]

felai

:tota

«28,750,1

Ioni
leapt

1

K

Irai

|arj

i

TREASURY DEPARTMENT
Washington
Press Service
No. 1 - 3 7

FOR RELEASE, MORNING PAPERS,
Wednesday, February 21, 1934.

Secretary Morgenthau today (February 20, 1934) announced the final sub­
scription and allotment figures with respect to the February 19 offering of
2-l/2 per cent Treasury Notes of Series D-1935, maturing December 15, 1935,
and of 3 per cent Treasury Notes of Series C-1937, maturing February 15, 1937*
Subscriptions and allotments were divided among the several Federal Reserve
Districts and the Treasury as follows;

Treasury Notes of Series D-1935

Treasury Notes of Series C-1937

Federal Reserve
District

Total Subscrip­
tions Received

Total Subscriptions Received

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

$

86,649,000
557,316,400
79,572,400
69,980,500
53,479,000
69,702,200
215,631,200
38,432,700
23,674,500
34,777,500
46,999,500
55,695,000
500,000

$ 28,023,000
169,037,900
24,540,900
21,789,000
16,810,000
21,346,000
69,275,200
12,931,700
9,022,500
12,677,000
15,404,500
17,284,000
150,000

$

144,330,400
1,190,611,100
137,194,000
109,012,600
60,481,000
80,563,100
241,627,400
54,876,700
41,632,500
47,451,200
64,661,200
113,098,000
215,300

$ 29 ,270,300
207 ,231,300
25 ,431,500
21 ,480,300
12 ,442,200
16 ,204,300
48 ,062,300
12,104,500
10 ,197,600
11 ,496,600
14 ,386,800
20,374,300
48,700

Total

$1,332,409,900

$418,291,700

$2,285,754,500

$428,730,700

Total Sub­
scriptions
Allotted

-Total Subscriptions
Allotted

TREASURY DEPARTMENT
IN T E R

O F F IC E

C O M M U N IC A T IO N

date :

Ot-lpt^a-KI T
Fro m

Mr.

TO

K

Laylia.

February 21, 1954

*

H©KG ÔTH-0 0

The New York Federal advises that a number of importers of gold have
become apprehensive about the price receivable for their gold by reason
of the unavoidable delays caused in the settlement with the Mints and
Assay Offices.

They believe that the uncertainty is having a bad effect

not only at home but abroad.

The attached telegram is designed to make

it clear that the rate of payment is the rate prevailing on the day a
deposit with the accompanying papers is made.

TREASURY DEPARTMENT
¿tPCTOATION FOR THE PRESS
’l l ATE RELEASE
F e b ru a ry 2 1 , 1934

HI

S e c r e t a r y o f t h e T r e a s u r y to d a y s e n t a te le g r a m to
¡th e t ’G o v e rn o r o f t h e F e d e r a l R e s e r v e B a n k o f New Y o r k and t o
f t h e s u p e r in t e n d e n t s o f t h e m in t s and a s s a y o f f i c e s a d v is t e g
t h e a ^ t ^ a t t h e p r i c e t o be p a id f o r g o ld o f f e r e d f o r s a l e

is

on t h e d ay o f t h e d e p o s i t o f t h e g o ld #
The t e le g r a m e x p l a i n s t h a t t h e day o f t h e d e p o s i t o f the
g o ld i s

t h e d a y when t h e g o ld and t h e r e q u i t e d acco m p a n y in g papers

( o t h e r th a n th e c e r t i f i c a t e

o f t h e c o l l e c t o r o f c u s to m s ) a r e

r e c e i v e d i n p r o p e r o rd e r#
U n a v o id a M ^ d e la y s i n s e t t l e m e n t w ith t h e m in t s and th e
a s s a y o f f i c e s ^aacrhaaos: c a u s e d b y r e c e i p t o f h e a v y sh ip m e n ts o f
AM

g o ld have, c a u s e d ;

U*pt

^

T ^ J lLll—

on t h e p a r t o f some +wf_w M p w a >
..The o b je c t o f

t h e t e le g r a m s s e n t b y t h e S e c r e t a r y to d a y i s t o S H S F
s c o r e -» C*is>A

TREASURY DEPARTMENT
WASHINGTON
MEMORANDUM FOR THE PRESS.
(Immediate Release)

FEBRUARY 21,1954

The Secretary of the Treasury today (February 21,1934) sent a,
telegram to the Governor of the Federal Reserve Bank of Hew York and
to tue superintendents of the mints and assay offices advicing them
that the price to he paid for gold offered for sale is that prevailing
on the day of the deposit of the gold.
The telegram explains that the day of the deposit of the gold
is the day when the gold, and the required accompanying papers (other
than tne certificate of the Collector of Customs) are received in
proper order.
Unavoidable delays in settlement with the mints and the assay
offices caused by receipt of heavy shipments of gold are said te be
causing uncertainty on the part of some shippers of gold.

The object

of the telegrams sent by the Secretary today is to clear up any uncer­
tainty that may exist.
oOo-oOo

1
3

TREASURY DEPARTMENT
WASHINGTON
iuSfoulo.J X &

February

P r e s s Service
No. 1 * 3 $

23, 1934.
* Hi££cc

J £ f r e /Director

-<-vt-,+ „.^-.w

/Srzr^. ,

of tne Mint^announticed today

-Km . ^u JScZ%a \

i

ina_ci i-^ri p p n ~i Vr 5"

l/TL/wf CS

~

A

(February 23)

~
M~™T io ’rk Assay O f fice,

/H

that all f o r e i g n shipments of gol d r e c e i v e d there had been
w e i g h e d at the c l o sg^of b u s i n e s s y e s t e r d a y w i t h the exc e p t i o n o?^i<acB5B* w h o s e we i g h i n g

could n o t be completed

on a c c o u n t of the a b s e n c e

r e p r e s entatives
of_
of represe
n t a t i v e s of
CMjr d > v
4jXyk#
Nk4vance
n t s on the^ shipments were avail-l
vance payme
payment;

W /riJA c^^jU L
c o n s ignorsi.

U

able today for all

^*-0 ‘-vJidL
luLcL 1

ty&*yfy4vbf,

T h ese advance
payments
«*■"•*«*** "'”
rmAr’fp are
OT*Q

gen e r a l l y 95 per cent of the value of the gold, but in some
i n s t a n c e s r un as h i g h as 98 per cent, d e p e n d i n g upon the
fi n e n e s s of the gold.
A d v a n c e p a y ments amounting

to $ 2 4 , 2 5 1 , 5 0 0 were made

on F e b r u a r y 10 for shipments r e c e i v e d
SS B r e m e n and the SS Bere n g a r i a .
h a v e b e e n m a d e as follows:

on F e b r u a r y 9, on the

Other a d v ance payments

Friday, F e b r u a r y 16, $ 1 9 ,474,200;

Saturday, F e b r u a r y 17, $ 2,907,600; Monday,
$ 2 2,543,500;

Fe b r u a r y 19,

Tuesday, F e b r u a r y 20, $ 6 1,800,000; Wednesday,

F e b r u a r y 21, $ 9 5 , 4 35,800.
■ F o y - d o a l i n g .in w i t h .frfej

W T O

t^ y i https up mu"TTurr^m^..'"^ r r it^ T^riTTO^r ^ ;

'8.'"STITTTOft s

■

TREASURY DEPARTMENT
Washington
EOR IM E D I A T S RELEASE,
February 23, 1934.

Press Service
No. 1 « 38

Mrs. Nellie Tayloe Ross, Director of the Mint, announce!
today (February 23) on her return from a visit to the New York
Assay Office, that all foreign shipments of gold received, there
had been weighed at the close of business yesterday with the ex­
ception of shipments in relatively small amounts whose weighing
could not be completed on account of the absence of representatives
of consignors.

With these exceptions checks representing advance

payments on the shipments were available today for all who had not
previously received payment.

These advance payments aro generally

95 per cent of the value of the gold» but in come instances run as
hign as 98 per cent, depending upon the fineness of the gold.
Advance payments amounting to $24,251,500 were made on
February 10 for shipments received on February 9, on the SS Bremen
and the SS Rerengaria.
•foliotai

Other advance payments have been made as

Friday, Februv-y 16, $19,474,200;

17, $2,907,oOO*

Saturday, February

Monday, February 19, 922,545-,500;

**sbruary 20, $61,300,000;

Wednesday, February

Tuesday,

21, $95,d/h

,200.

TREASURY DEPARTMENT

Washington

P r ess Service
No. 1 - ^ 0

F o r I m m ediate R e l e a s e
F e b r u a r y 26, 1934

As the r e s u l t of r e a d v e r t i s i n g for proposals
for the P o s t O f fice Annex,

N e w Y o r k City,

awards of

c o n t racts h a v e b e e n m a d e by the Public W o r k s Branch
of the P r o c u r e m e n t D i v i s i o n today

(February 26)

as

follows:
For the c o n s t r u c t i o n of the m a i n building,
co n t r a c t aw a r d e d to J a m e s S t e w a r t & Company,
$ 4,287,700,

Inc

the lowest of five bids received.

The- o outpu t ffor the e l e v a t o r a Jiao-fro ori. awarded
to the A. B.

See E l e v a t o r Company

au

)

the

l o w e s t of six bid s received..
For the m a i l h a n dling
1.....

equipment,,

contract

nui a w a r d e d to the L o g a n CompanyV^at $413,750,

the

lowe s t of three bids received.
sfpp

br

the i n t e r i o r lighting fixtures

«laJiflnfriE nn a w a rded to M o e - B r i d g e s C o m p a n y , /Vin the amount
of $33,000,

the lowe s t of five b ids received.

T h e r e sult of the r e j e c t i o n of the bids under the
opening of D e c e m b e r 27,

1933,

and-a readvertisement for

n e w p r o p o s a l s and the a w a rding of contracts therefor under
the opening of F e b r u a r y 21, 1934, rep r e s e n t s a saving of
$104,755,

b r i n g i n g the tota.1 cost of the project within

the amount of the a l l o t m e n t therefor.

1

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE,
February 26, 1934,

press Service
No. 1 - 3 9

As the result of readvertising for proposals for the Post
Office Annex, New York City, awards of contracts have been made
by the Public Works Branch of the Procurement Division today
(February 26) as follows:
For the construction of the main building, contract awarded
to James Stewart & Company, Inc*, New York, $4,287,700, the
lowest of five bids received*
For the elevators, contract awarded to the A. B. See Elevator
Company, New York, at $206,249, the lowest of six bids received*.
For the mail handling equipment, contract awarded to the
Logan Company, Louisville, Kentucky, at $413,750, the lowest of
three bids received*
For the interior lighting fixtures, contract awarded to
Moe—Bridges Company, Milwaukee, Wisconsin, in the amount of
$33,000, the lowest of five bids received.
The result of the rejection of the bids under the opening
of December 27, 1933, and a readvertisement for new proposals
and the awarding of contracts therefor under the opening of
February 21, 1934, represents a saving of $104,755, bringing
the total cost of the project within the amount of the allotment

TREASURY DEPARTMENT
Washington

M E M O R A N D U M F O R T HE PRESS

F e b r u a r y 26, 1924,

R E C E I P T S OF SILVER BY THE M I N T S :
(Under E x e c u t i v e Order of D e c e m b e r

21,

1933)

W e e k ending F e b r u a r y 23 .......................
R e c e i v e d up to F e b r u a r y 16 ...................
T o t a l re c e i p t s to F e b r u a r y 23

322,627.31 ounces
823,282.83
j®

............ 1,145,910.14

n

GOL D R E C E I V E D B Y F E D E R A L R E S E R V E B A NKS AND THE
T R E A S U R E R TS OFFICE:
D e c e m b e r 28, 193 3)
:
W e e k ending F e b r u a r y 23
R e c e i v e d p r e v i o u s l y ...

.....

T o t a l to F e b r u a r y 23

$

Gold Coin

360,965.48
25,690,556.81

$26,051,522.29

Gold Certificates
$

1,797,450
42,001,180

,

Re

$ 43,798,630

R e c e i v e d by T r e a s u r e r ’s Office:
W e e k ending F e b r u a r y 23 ......
R e c e i v e d p r e v iously ...........
T o t a l to F e b r u a r y 23

......

$

3 , 0 05.00
2 3 3 , 744.00

'$

35,000
1,209,500

$

2 3 6 , 749.00

$

1,244,500

Re

Note:
In a d d i t i o n gold bars to the amount of $200,572.69 were de­
p o s ited w i t h the N e w Y o r k A s say Office, a,s p r e v iously noted.

Poi

P U R C H A S E S OF GOVE R N M E N T SEC U R I T I E S F O R INVESTMENT ACCOUNTS:
F or w e e k ending F e b r u a r y 24:
F e d e r a l D e p o s i t I n s u rance
Other accounts ....'......

$

¿60,-0001
1 , 5 11,000
$1,861,000

>ve
amount,
in the/New
fork
-"-Note:
In a d d i t i p n to t h e ^ a ^ v
c R
u W H W Mourchased
LWHWlB m
^ y »
M a r k e t Ithe F e d e r a l \Deposyc Insurance C o r p o r a t i o n on February 20
p u r c h a s e d $3,O0t) o^ G o v e r n m e n t \bonds, w h i c h had bee n held by the
T r e a s u r V o f i n e UnEtaef’States a:s c o l l ateral security for Postal
Savings einnffsi t s .
\
/
\
V /
V

TREASURY DEPARTMENT
Washington

MEMORANDUM FOR THE PRESS

February 26, 1934.

RECEIPTS OF SILVER BY THE MINTS:
(Under Executive Order of December 21, 1933)
Week ending February 23 ••••••••••••••••
322,627.31 ounces
Received up to February 16 •...... ..
823,282.83
**
Total receipts to February 23 ........ 1,145,910.14
11

GOLD RECEIVED BY FEDERAL RESERVE R A M S AND THE
TREASURERS OFFICE:
(Under the Secretary*s Order of December 28, 1933)
Received by Federal Reserve Banks:

Cold Coin

Gold Certificates

Week ending February 23 •••••• $
360,965.48
Received previously •••••••••• 25,690,556.81
Total to February 23 .... $26,051,522.29

$

1,797,450
42,001,180
$ 43,798,630

Received by Treasurer*s Office:
Week ending February 23 ...... $
Received previously
Total to February 23 ... $

3,005.00
233,744.00
236,749.00

$
$

35,000
1,209,500
1,244,500

Note:
In addition gold bars to the amount of $200,572.69 were de­
posited with the Hew York Assay Office, as previously noted.

PURCHASES OF GOVERNMENT SECURITIES FOR INVESTMENT ACCOUNTS:
For week ending February 24:
Federal Deposit Insurance ••••..... ..
Other accounts

$

350,000
1,511,000

$1,861,000

' \

\

■ 1

TREASURY DEPARTMENT
WASHINGTON
Press Service

FOR RELEASE, MORNING PAPERS,
Tuesday, February 27, 1934,

(—

0

Secretary of the Treasury Morgenthau announced today,
February 26, 1934, that the tenders for $75,000,000, or
thereabouts, of 182-day Treasury bills, dated February 28,
and maturing August 29, 1934, which were offered on Feb­
ruary 23, were opened at the Federal reserve banks on
February 26, 1984.*
The total amount applied for was $420,115,000, of which
$75,088,000 was accepted*

Except for one bid of $3,000 at

99*861, the accepted bids ranged in price from 99*750,
equivalent to a rate of about 0.49 per cent per annum, to
99.676, equivalent to a rate of about 0*64 per cent per
annum, on a bank discount basis*

Only part of the amount

bid for at the latter price was accepted.

The average price

of Treasury bills to be issued is 99*688 and the average
rate is about 0*62 per cent per annum on a bank discount
basis*

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING PAPERS,
Tuesday, February 27, 1934.

Press Service
No. 1 - 40

Secretary of the Treasury Morgenthau announced today,
February 26, 1934, that the tenders for $75,000,000, or there­
abouts, of 182-day Treasury Bills, dated February 28, and matur­
ing August 29, 1934, which were offered on February 23, were upened
at the Federal reserve banks on February 26, 1934.
The total amount applied for was $420,115,000, of which
$75,088,000 was accepted.

Except for one bid of $3,000 at 99.861,

the accepted bids ranged in price from 99.750, equivalent to a rate
of about 0.49 per cent per annum, to 99.676, equivalent to a rate of
about 0.64 per cent per annum, on a bank discount basis.
of the amount bid for at the latter price was accepted.

Only part
The

average price of Treasury bills to be issued is 99.688 and the
average rate is about 0.62 per cent per annum on a bank discount
basis

T

|

9 Y s '*%> *

f) I
' ««*■*••' \Cj6ilI
k i m **■ x
*%
\*
V 1

K ~

•'

+1.

Congestion o f |g$fc fo re ig n gold shipments a t th e New York
a ssa y o f f i c e ^

ls

been com p letely c le a r e d and th e assay office

i s c u rre n t in handling a l l gold O ffered , S e c r e ta r y Morgenthau
announc e d t oday.
Word was re c e iv e d t h i s morning from N 4t«s B eck er, superin­
tendent o f the a s sa y o f f 1C® in New Y ork, th a t $ 2 3 ,0 0 0 ,0 0 0 in
a

gold b ars re c e iv e d a t the a s s a y o f f i c e between 8 and 9 yesterd*
morning was a l l weighed during th e day and advance payment
checks issu ed f o r i t .

The g o ld , consigned to nine d ifferen t

New York banks, came in on th e s t ^ ( p s h i p Hamburg Saturday
n i g h t.

The f i r s t o f th e advance payment checks was issued

noon y e s te rd a y and a l l were read y by mid—a fte rn o o n .
Tgjijnn»

The a s s a y o f f i c e has handled more than $ 3 0 0 ,0 0 0 ,0 0 0
fo re ig n gold s in c e shipments began to a r r i v e February 8
th e ru sh o f shipments o f F eb ru ary 15 to 19 th e re was t
g lu t a t th e a ssa y o f f i c e , which was re lie v e d by th e f
■ml***■

o f a d d itio n a l h e lp , by overtim e and by the a s s is ta n t
F e d e ra l Reserve bank o f New Y o rk , which weighed $6
gold b ars a r r iv in g Monday, Feb ru ary 1 9 .

v

TREASURY DEPARTMENT
Washingt on

EOR IMMEDIATE RELEASE,
February 27, 1934*

Press Service
N°* ^
^

Congestion of foreign gold shipments at the Hew York assay
office has been completely cleared and the assay office is current
in handling all gold offered, Secretary Morgenthau announced today.
Word was received this morning from Niles Becker, superin­
tendent of the assay office in New York, that $23,000,000 in g®ld bars
received at the assay office between 8:00 and 9;00 o*clock yesterday
morning was all weighed during the day and advance payment checks
issued for it.

The gold, consigned to nine different New York banks,

came in on the Steamship Hamburg Saturday night.

The first of the

advance payment checks was issued before noon yesterday and all were
ready by mid-afternoon.
The assay office has handled more than $300,000,000 in foreign
gold since shipments began to arrive February

8,

With the rush of

shipments of February 15 to 19 there was a temporary glut at the
assay office, which was relieved by the employment of additional
help, by overtime and by the assistance of the Federal Reserve
Bank of New York, whi®h weigh®! $60,000,000 in gold bars arriving
Monday, February 19,

t h i s e x c e p t i o n c o v e r s o n ly liq m o r b o t t l e d in b o n d , w hich is
r e q u i r e d t o b e a r th e brown b o t t l e d - i n - b o n d s t r i p

s ta m p . The law

d o es n o t r e q u i r e th e stam p on b e v e ra g e s o f w h ich w ine i s the
a l c o h o l i c i n g r e d i e n t , b u t o n ly on d i s t i l l e d s p i r i t s ,
whisky, b ra n d y , rum M d g i n ,

such as

< X ^ J

4X

Jr

„AKA

|

/?

0

"*
1_
*A.& %

\j

4

%LA

> u
W

ik_>w*»«i/v, 5

•-

^1

|i ^ ^

As a r e s u l t o f h i s d i s c o v e r y t h a t some W ashington r e t a i l
l i q u o r s t o r e s a r e v ttK X d i s p l a y i n g f o r s a l e w h isk y and o th e r
d i s t i l l e d s p i r i t s w h ich do n o t have a f f i x e d to them th e s t r i p
stam p r e q u i r e d by t h e l i q u o r t a x i n g a c t o f 1 9 3 4 , S e c r e t a r y
M orgenthau is s u e d a w arn in g to d a y t h a t th e la w would be s t r i c t l y
e n f o r c e d and c a l l e d a t t e n t i o n t o

its

pen al p ro v is io n s *

The p r o v i s i o n s o f th e law r e l a t i n g t o s t r i p

stam ps soft

on b o t t l e s and o t h e r c o n t a i n e r s w ent i n to e f f e c t F e b ru a ry 1 0 ,
b u t by a T r e a s u r y d e c i s i o n th o s e who h e ld s t o c k s o f d i s t i l l e d
s p i r i t s were g iv e n u n t i l F e b r u a r y 20 to a p p ly f o r s ta m p s . Manu­
f a c t u r e r s , im p o rte r s and d i s t r i b u t o r s were n o t r e q u i r e d t o open
c a s e s t o a f f i x th e stamps^ b u t were p ejii m i t t e d to d e l i v e r th e
/v
/N

f
^

n e c e s s a r y stam ps a lo n g w ith t h e unbroken c a s e s to r e t a i l e r s .
In a c i r c u l a r l e t t e r is s u e d to d a y th e Com m issioner o f
I n t e r n a l Revenue a d v i s e s c o l l e c t o r s

t h a t th e y may co n tln u e | fo r

th e p r e s e n t t o s e l l th e stam ps t o r e t a i l e r s who e x e c u te a ffid a v its
t h a t t h e i r f a i l u r e t o o b ta in th e stam ps was due t o

ig n o ran ce

Or t o o t h e r c ir c u m s ta n c e s w h ich do n o t i n d i c a t e i n t e n t t o v io la te
o r evad e th e la w .

( fo rfe itu re

P e n a ltie s f o r v io la tio n in c lu d e M ^ & ^ W ^ f the

unstampe

liq u o r , a fin e up to | 1,0 0 0 and imprisonment up to fiv e y ears.
U n der t h e law an y b o t t l e p v o t h e r c o n t a i n e r o f d i s t i l l e d
s p i t i t s s o ld o r o f f e r e d f o r s a l e m ust b e a r th e new re d s t r i p
stam p o v e r th e c o rk u n le s s i t

i s " r e q u i r e d to be stamped under

e x i s t i n g la w . " I n t h e c a s e o f b o t t l e d g o o d s s o ld a t r e t a i l

TREASURY DEPARTMENT
Washington
Press Service
No. 1 — 42

FOR IMMEDIATE RELEASE
MARCH 3, 1934.

As a result of his discovery that some Washington retail liquor stores
are displaying for sale whisky and other distilled spirits which do not have
affixed to them the strip stamp required "by the liquor taxing act of 1934,
Secretary Morgenthau issued a warning today that the law would he strictly
enforced and called attention to its penal provisions*
The provisions of the law relating to strip stamps on bottles and
other containers went into effect February 10, but by a Treasury decision
those who held stocks of distilled spirits were given until February 20 to
apply for stamps.

Manufacturers, importers and distributors were not required

to open cases packed prior to February 10 to affix the stamps, but were per­
mitted to deliver the necessary stamps along with the unbroken cases to re­
tailers.
In a circular letter issued today the Commissioner of Internal Revenue
advises collectors that they may continue for the present to sell the stamps
to retailers who execute affidavits that their failure to obtain the stamps
was due to ignorance or to other circumstances which do not indicate intent
to violate or evade the law.
Penalties for violation include forfeiture of the unstamped liquor, a
fine up to $1,000 and imprisonment up to five years.
Under the law any bottle or other container of distilled spirits sold
or offered for sale must bear the new red strip stamp over the cork unless it
is ’’required to be stamped under existing law”.

In the case of bottled goods

sold at retail this exception coveys only liquor bottled in bond, which is

—

2 •—

required to bear the brown bottled-in-bond strip stamp.

The law does not

require the stamp on beverages of which wine is the alcoholic ingredient,
but only on distilled spirits, such as whisky, brandy, rum, gin, and
liqueurs and cordials prepared with a spirits base*

TREASURY DEPARTMENT
Washington
MEMORANDUM POR THE PRESS

March 5, 1934.

RECEIPTS OP SILVER BY THE MINTS;
(Under Executive Order of December 21, 1933)
Week ending March 2 .......... ..... ........
271,800.00 ounces
Received up to February 23 ......... 1,145,910.14
"
Total receipts to March 2 ............... . 1,417,710,14

"

.GOLD RECEIVED BY FEDERAL RESERVE RANKS AHD THE
TREASURER'S OFFICE;
(Under the Secretary's Order of December 28, 1933)
Received by Federal Reserve Banks:

Gold Coin

Gold Certificates

Week ending March 2
Received previously.

$
311,341.14
26,051,522.29

$1,526,840.
43,798,630.

Total to March 2

.$26,362,863.43

$45,325,470.

Received by Treasurer's Office:
Week ending March 2 ........
Received previously ....... .
Total to March 2

......

$

2,000.
236,749.

$
33,100.
1,244,500.

$

238,749«,

$1,277,600.

Uote:
In addition gold bars to the amount of $200,572.69 were de­
posited with the Hew York Assay Office, as previously noted.

PURCHASES OF GOVERNMENT SECURITIES FOR INVESTMENT ACCOUNTS:
For week ending March 3s
Federal Deposit Ins u r a n c e ...... ........ . $ 7,300,000
Other a c c o u n t s ......... ............. ...„
2,908',100
$10,208,100

treasury department

WASHINGTON
A

f t

Press Servics

FOH).pLEASt#
Tuesday, March 6, 1934*

■ /- y g

Secretary of the Treasury Morgenthau announced today,
March 5, 1934, that the tenders for #100,000,000, or thereabouts,
of 18£«day b ills , dated March 7, and maturing September 3, 1934,
which were offered on March S, were opened at the federal reserve
banks on March 5, 1934*
The total amount applied for was #393,034,000, of which
#100,836,000 was accepted* The accepted bids ranged In price
from 99*809, equivalent to a rate of about 0*38 per cent per annum,
to 99*773, equivalent to a rate of about 0*43 per cent per annum,
on & bank discount basis*

Only part of the amount bid for at the

latter price was accepted* The average price of Treasury b ills to
be issued is 99*781 end the average rate is about 0*43 per cent
per annum on a bank discount basis*

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE»
MARCH 5, 1934.

Press Servi c©
1 - 43

Secretary of the Treasury Morgenthau announced today,.
(March 5, 1934), that the tenders for $100*000,000, or thereaboutsr
of 182-day bills, dated March 7, and maturing September 5, 1934,
which were offered on March 2,' were opened at the Federal reserve
banks on March 5, 1934,
The total amount applied for was $393,054,000, of which
$100,236,000 was accepted.

The accepted bids ranged in price

from 99*809, equivalent to a rate of about 0*38 per cent per annum,
to 99*773, equivalent to a rate of atout 0,45 per cent per annum,
on a bank discount basis*
latter price was accepted.

Only part Of the amount bid for at the
The average price of Treasury bills to

be issued is 99,781 and the averkge rate is about 0^43 per cent
per annum on a bank discount baslfei

GENERAL PROVISIONS

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

Secretary

Department Circular No.
(Public Debt)

). S GOVERNMENT PRINTING OFFICI

APPLICATION AND ALLOTMENT

AEElifiationa..Hin..is.jgcsim i.ai..1;hg..rB.(isral..rs.§.Wm .M n to..m a.bmnehes

.and..at-.jjie.-Tiaaaimy.-Paparlment-,--gaahln&tom...-.Banking.lrLatl.tntform gCn.^.i^
¡I

tor «wbacribara, tut only the Federal ra«.™,» banks
.fflS.Jfe9..^eaaurx.DsiBrMeni..acfi..aut]i.Qrj^eA..to..a.c.t_a.9...p.f.ftoia], agencies

f Th« Secretary of the Treasury reserves the right to reject any subscription, in whole or in
part, and to allot less than the amount of notes applied for and to close the books as to any or all
subsrnptionsat any time without n otice;3tB C B S fflB B B S B ^ ^
a a B a f l 3 0 O i K i ^ ai& tK .ep p liX 3O to..te
W d iX M iiS C S te and his action in these respects shall be final, S
S
S
r i H
promptly upon allotment, and the basis of the allotment will be publicly announced.

S

!

PAYMENT

Payment
-ft?.Q .h

for notes allotted must be made on or before
----- -------------, or on later allotment,
Wi
A

®CflKUS!Q5EK ap4_may..te..ma.<ie..ciilr--jliija/4,-_n.ar.-gent Treaanrv eart i n vet»»
-lndfi-btfidnsss_-04.5srf.es..Ef-19g_4-,..ma4im ing-Kar?h.lf), 19 3 4 . which wi l l he
-S_t..par.A______I____

I

......

The Secretary of the Treasury offers for subscription, at par,3a5ufaasx^K5d^hit^fie^ through the
Federal reserve banks, _uMer._the_authOTi_ty„_of_the. a_ct ap_pT_oy_eA__Sep_t_eiliber___a4^..19.17_i...as ama
BC
Treasury notes of Series __C-lS3S_,__irL.exchan^e__f_ca:-_Iteasury-_jCBr.tii’in ii.t£^ -£)i‘—indehtad- i
®
-¡1

TMr-1954, maturing March 15, 1934»

The amount of the offering

-is_JamitBA--tP_-th^_amo_UJi.t___oT__Tr_e-8.aui*y.--C_er_tii,±aat_as..-0-t_-iiLdah.tadiiaaa-.at.Ser-ies-...
lM-1954t maturing Marcfr 15, 19541 tendered and aecapted ............ ....................

DESCRIPTION OF NOTES

The notes will be dated __Jto flh w .l5+ „.1934......................, and will bear interest from that date at

QEJC

the rate of

_

th re e

_____ __ _____ ______per cent per annum, ..ps^.aliLe..aeniisiJiriually.t
m
xx
on September X.5_anAJ&XPh.A5__ija_B_aciL.xe_ar_*„_.N v .. ..... .. .... .......... .....

'

They will m atu re__ Mar.ah.JL5.,..X9.3S._____________ , and will not be subject to call for redemption
306
prior to maturity.
Bearer notes with interest coupons attached will be issued in denominations of $100, $500, $1,000,
$5,000, $10,000, and $100,000. The notes will not be issued in registered form.
T h e n o t e s s ha l l be e x e m p t , b o t h as to p r i n c i p a l and i n t e r e s t , from all taxation
3®

.States_1._.^X-State.,._or„ eny_.of„ the.possessions _.o£..tha.JInitad-.Sia-tas+-.Qr..hX--anX.2ppa.l„.1^3Lijiig.m tJbL0X.itX-----------------------------------------------------------------------------------------------------------

The notes

w i l l . b e .s.jc.C-ep.t.e.(i..at..p.er—d.ur.ing:..a\ia3i..tiicie...arLd..under.„auch.-rulfia—
30EJC

.-^fl.-X.e£ula.t.ipn.s..a.s...shal.l...b.e...p.r.e.ac.r-ib.e.d..Qr„-ap.prO-yed..by--tlie.--Secratar-5!:--ûf--thfi.Tr.e.a.sJUirx-JiJi-P-aynien.t.-CÆ-.ijia.oma-aiid-.prûilit.s-t-ajces-payahle-at-the-matur-ity-of__------------------------- ------------ ----------------- -----...........................--------- --------------------------------

XSD

The notes will be acceptable to secure deposits of public moneys, but will not bear the circu­
lation privilege.

j.
%

1?

- i #

Hi# 'freeeury not## #1X1 be la sued In bearer fora only•
ia deaoaiaatlona of 1100, #600, #1,000, #6,000, #10,000, and
1100,000, with eight intereet coupon* attached, pnynbl# *miannually on September 16 and March 16 in each y#nr*
About #460,000,000 of H*ea«ury certificates of indebtedn«#» of Series W-1064 b#oo*ae due on March 16, 1064.
Hie text of the o fficia l circular follow»?

W&

iREASomr T t W À m m r
Wiìmmmm

l i m a i , m m itr papers,
’f a r a d a y , t e f e 8» 1934*

pyeea service

for

] - i~/J

The Treasury 1« today o ffe r in g fo r su bscrip tion a t par,
t h r o a t the Federal reserv e banka, fou r-year 8 par cen t Treasury notes
o f S e rie » C-1958, in exchange fo r Treasury c e r t i f i c a t e s o f indebtedness
o f S e rie « T&-1934, maturing March 15, 1954«

Th» «sonnt o f the o ffer­

ing i s lim ited to the amount o f Treasury c e r tific a te *» o f indebtedness
o f S e r ie s » » 1 9 5 4 , maturing March 15, 1954, tendered and accepted.
The notes w ill be dated llarch 15, 1934, and w ill bear in terest
fresa th a t date a t the r a t e o f 3 per coat per annum, payable semi­
annually,

They w ill mature inarch 15, 1958, and w ill not be subject

to c a l l fo r redemption p rio r to m atu rity .
The»© notes w ill be exempt, both as to p rin cip a l and in terest,
from a l l ta x a tio n |except e s ta te o r in h eritan ce ta x e s) now or hereafter
imposed by the United S ta te » , «ay S t a t e , or any o f the possessions o f the
United S ta te s or by any lo c a l taxin g a u th o rity .
A pplications w ill be r e c a i wed a t th e fo d ere! re »err® banks and
branches and a t the Treasury Department, Washington,

Banking institutions

gen erally w ill handle a p p lica tio n s fo r su b scrib e rs, but only the Federal
reserve banks and the Treasury Department a re authorised to a c t m o fficia l
ag en cies.
Payment fo r n otes a llo tte d must be made on o r before March 15,
1954, or on l a t e r allotm en t, and may he made only in 3/4 per cent Treasury
c e r t i f i c a t e s o f indebtedness o f S e r ie s Til-1934, maturing I’&rch 15, 1954,
which w ill be accepted a t p a r.

TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING PAPERS,
Thursday, March 8, 1934.

Press Service
No. 1 - 44

The Treasury is today offering for subscription at par,
through the Federal reserve banks, four-year 3 per cent Treasury notes
of Series 0-1938, in exchange for Treasury certificates of indebtedness
of Series TM-1934, maturing March 15, 1934*

The amount of the offer­

ing is limited to the amount of Treasury certificates of indebtedness
ef Series TM-1934, maturing March 15, 1934, tendered and accepted.
The notes will be dated March 15, 1934, and will bear interest
from that date at the rate of 3 per cent per annum, payable semi­
annually*

They will mature March 15, 1938, and will not be subject

to call for redemption prior to maturity.
These notes will be exempt, both as to principal and interest,
from all taxation (except estate or inheritance taxes) now or hereafter
imposed by the United States, any State, or any of the possessions of the
United States or by any local taxing authority.
Applications will be received at the Federal reserve banks and
branches and at the Treasury Department, Washington*

Banking institutions

generally will handle applications for subscribers, but only the Federal
reserve banks and the Treasury Department are authorized to act as official
agencies.
Payment for notes allotted must be made on or before March 15,
1934, or on later allotment, and may be made only in 3/4 per cent Treasury
certificates of indebtedness of Series TM-1934, maturing March 15, 1934,
which will be accepted at par.

m
-

2

-

therefrom the phrase "March 15, 1954" wherever it
appears and inserting in lieu thereof the phrase
"May 1, 1954"*
H. MORGENTHAU, Jr.,
Secretary of the Treasury.

APPROVED:

(SIGNED) Franklin D. Roosevelt
THE WHITE HOUSE
March

8,

1954."

Holders of licenses TGL-4 and TGL-4A who desire to obtain licenses ^
under the new Regulations should make application promptly to the mint or assay
office for the mint district in which they are located.

,

acted on in the order in which they are received.

Applications will be ■

||
No assurance can be given T

that applications filed with the mints and assay offices after March 15, 1954
will be acted on prior to May 1, 1954.

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
MARCH ft, 1954,

Press Service

f-

wT

f
The Secretary of the Treasury, with the approval of the President,
t
has today— (-Thur sday ■
$ March

8,■110 £4-)" amended

aendi

the Provisional Regulations issued

under the Gold Reserve Act of 1954 so as to continue until May 1, 1934, the
period within which licenses issued under the Executive Order of August 28, 1953
may be deemed to be licenses under the Provisional Regulations.

The Provisional

Regulations originally fixed March 15, 1954 as the expiration of the time within
which holders of such licenses would be required to obtain licenses under the
new Regulations.

The mints and assay offices have been receiving applications $

for licenses under the new Regulations, but in view of the number of application*
and the care which the mints and assay offices arc exercising in investigating
each case, it will

be impossible for them to complete this work by March 15.

¡e, i

The■amendment reads as follows:
«TREASURY DEPARTMENT,
Office of the Secretary,
March
8, 1954.

AMENDMENT TO PROVISIONAL REGULATIONS
issued under the
GOLD RESERVE ACT OF 1954

The Provisional Regulations issued on January 50, 1954
under the Gold Reserve Act of 1954, as amended on January 51,
1954, are further amended in sections 45 and 46 by deleting

i

T R stsrarr

jsepartment

Washington
FOR IMMEDIATE'RELSA.SE,
MARCH 9, 1934.

Press Service
Ho. 1 — 45

The Secretary of the Treasury, with the approval of the President, has
amended the Provisional Regulations issued under the Gold Reserve Act of 1934
so as to continue until May 1, 1934, the period within which licenses issued
under the Executive Order of August 28, 1933 may be deemed to be licenses
under the Provisional Regulations.

The Provisional Regulations originally

fixed March 15, 1934 as the expiration of the time within which holders of
such licenses would be required to obtain licenses under the new Regulations.
The mints and assay offices have been receiving applications for licenses
under the new Regulations, but in view of the number of applications and the
care which the mints and assay offices are exercising in investigating.each
case, it will be impossible for them to complete this work by March 15.
The amendment reads as follows;

“TREASURY DEPARTMENT,
Office of the Secretary.

March 8, 1934.
AMENDMENT TO PROVISIONAL REGULATIONS

y

issued under the
GOLD RESERVE

ACT

OF 1934

The Provisional Regulations issued on January 30, 1934
under the Gold Reserve Act of 1934, as amended on January 31,
1934, are further amended in sections 45 and 46 by deleting

therefrom the phrQ.se »March 15» 1934* wherever it
appears and. inserting in lieu thereof the phrase
»May 1, 1934*.
H. MOROTTHAU, Jr.,
Secretary of the Treasury.
APPROVED:
(SIGNED) Franklin D. Roosevelt
THE WHITE HOUSE
March

8,

1934.»

Holders of licenses T(3j*,
-4 and TGEL**4A who desire to obtain licenses
under the new Regulations should make application promptly to the mint or assay
office for the mint district in which they are located.
acted on in the order in which they are received.

Applications will be

No assurance can be given

that applications filed with the mints and assay offices after March 15, 1934
will be acted on prior to May 1, 1934.

( 2)

n

C o n ta in e r s o f Im p o rted l i q u o r s m ust c a r r y th e stam p a s w e l l as
th o s e p rod u ced in t h e U n ite d S t a t e s *
liq u o rs i t

In th e c a s e o f im p o rted
d u tie s
i s e v id e n c e t h a t b o th c u s to m s .a n d i n t e r n a l revenue

&

t a x e s have been p a id *
The a c t p r o v id e s s e v e r e p e n a l t i e s f o r v i o l a t i o n and i t
i s th e I n t e n t i o n o f th e T r e a s u r y D epartm ent and th e B ureau o f
%

I n t e r n a l Revenue t o e n f o r c e tot s t r i c t l y *
th e stam p i s s u b j e c t t o

L iq u o r n o t c a r r y in g

s e i z u r e and f o r f e i t u r e and in

a d d i t i o n v i o l a t o r s a r e l i a b l e t o a f i n e n o t e x c e e d in g $ 1 ,0 0 0
and im p rison m en t n o t e x c e e d in g f i v e y e a r s *
a t t a c h to cou n t e r f e i tin g
re fillin g

T hese same p e n a ltie s

o r r e - u s i n g th e stam p s,

b o t t l e s w ith o u t d e s t r o y i n g th e stam p s o r a f f i x i n g

th e stam p s t o an y c o n t a i n e r o f l i q u o r on w hich h e q u ire d ta x e s
h av e n o t b een f u l l y p a i d .
D i s t i l l e d s p i r i t s r e q u i r e d t o be th u s stam ped in clu d e
w h is k e y , b ra n d y , rum , g in and an y l i q u e u r s o r c o r d i a l s made from a
s p i r i t b ase*
D is tille rs

and r e c t i f i e r s a r e r e q u i r e d t o a f f i x th e stamps

ibjj

in t h e i r p l a n t s , b u t stam p s have b een s o ld t o d i s t r i b u t e r s up
t o F e b r u a r y 2 0 and t o r e t a i l e r s

s i n c e th e n so t h a t th e y could be

a f f i x e d t o ^ M H & S ^ s t o c k s on hand* M a n u fa c tu re rs

and d istrib u te rs

w ere a l s o p e r m itte d t o p u rc h a s e th e r e q u i r e d number o f stamps and
sen d them a lo n g t o r e t a i l e r s w i th un brok en c a s e s o f liq u o r s *
I m p o r te r s w ere a llo w e d th e same p r i v i l e g e * T h is p r i v i l e g e does not
a P p ly t o Kl i q u o r p ack ed a f t e r th e law went i n t o e f f e c t .

18ft!

0

f > X j 2r

-ft,.

|ut$-d A i A A f v ^
w

.

i

-

The c o m m i s s i o n e r of I n t e r n a l Revenue a n n o u n c e d today
—
that
(Friday, M a r c h 9 ) Nno m o r e strip stamps for containers of
d i s t i l l e d spirits w o u l d be sold to retailers a f t e r tomorrow
(Saturday, M a r c h 10),
These are the red strip stamps a u t h o r i z e d b y the Liquor
T a x i n g A c t a of 1934# The title of the act w h i c h requires that
s u c h a stamp| s h a l l be a f f i x e d to b o t t l e s and other containers
o f d i s t i l l e d s p i r i t s sold o r p o s s e s s e d fo r sale w e n t

into

e f f e c t F e b r u a r y 10, but ten days addi t i o n a l time w a s granted
f o r th e purchase o f stamps# In the case of retailers this
was

f u r t h e r ex t e n d e d a w e e k ago b y advi c e to collectors of internal

r e v enue that t h e y c o u l d continue to sell the stamps to retailers
w h o could show that

t h e i r failure to o b t a i n t h e m was due to

ignoi^lce o r some other reason than

intent to evade the law.

It is the ’tfflR b e l i e f of of f i c e r s of the B u r e a u of Internal
R e v e n u e that all dealers
p r o v i s i o n s of the J a w

have h ad ful l o p p o r t u n i t y to learn the

a n d to o b tain a n d a f f i x the necessary

s t a mps#

j
The stamp!

is i n t e n d e d as evidence that

tained in the b o t t l e o r

the liquor con­

o t h e r c o n t a i n e r so stamped is fully
ov

tax-paid.

It m u s t be 0

a f f i x e d to e v e r y bottle of other container^

o f d i s t i l l e d spirits o f f e r e d %iiwrfTwi or p o s s e s s e d for sale unless
\

the container o r b o t t l e a l r e a d y carries the g r e e n bottled-in-bond
s t a m p also issued b y t he U n i t e d S t a t e s B u r e a u o f Internal Revenue.

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
MARCH 9, 1934.

Press Service
No. 1 - 4 6

The Commissioner of Internal Revenue announced today (Friday, March
9), that no more strip stamps for containers of distilled spirits would be
sold to retailers after tomorrow (Saturday, March 10).
•
,1934.

These are the red strip stamps authorized by the Liquor Taxing Act of
The title of the act which requires that such a stamp shall be affixed

to bottles and -other containers of distilled spirits sold or possessed for
sale went into effect February 10, but ten days additional time was granted
for the purchase of stamps.

In the case of retailers this was further ex­

tended a week ago by advice to collectors of internal revenue that they could
continue to sell the stamps to retailers who could show that their failure to
obtain them was due to ignorance or some other reason than intent to evade the
law.
It is the belief of officers of the Bureau of Internal Revenue that all
dealers have had full opportunity to learn the provisions of the law and to
obtain and affix the necessary stamps.
The stamp is intended as evidence that the liquor contained in the
bottle or other container so stamped is fully tax-paid.

It must be affixed

to every bottle or other container of distilled spirits offered or possessed
for sale unless the container or bottle already carries the green bottled— inbond stamp also issued by the United States Bureau of Internal Revenue.

Con­

tainers of imported liquors must carry the stamp as well as those produced in
the United States.

In the case of imported liquors it is evidence that both

customs duties and internal revenue taxes have been paid.

X

p

-

2

-

The act provides severe penalties for violation and it is the intention
of the Treasury Department and the Bureau, of Internal Revenue to enforce it
strictly..
L
i

Liquor not carrying the stamp is subject to seizure and forfeiture

in addition violators are liable to a fine not exceeding $1,000 and im~
prisonment not exceeding five years.

These same penalties attach to counter­

feiting or re—using the stamps, refilling bottles without destroying the
stamps or affixing the stamps to any container of liquor on which required taxes
have not been fully paid.
Distilled spirits required to be thus stamped include whiskey, brandy,
rum, gin and any liqueurs or cordials made from a spirit base»
Distillers and rectifiers are required to affix the stamps in their
plants, but stamps have been sold to distributors up to February

20

and to

retailers since then so that they could be affixed to stocks on hand»

Manu­

facturers and distributors were also permitted to purchase the required number
of stamps and send them along to retailers with unbroken cases of liquors.
Importers were allowed the same privilege.

This privilege does not apply to

domestic liquor packed after the law went into effect.

f
!

T R u s m

FOR MUDIATE RELEASE
Saturday, March 10, 1934

m

WASHIHGTQH
Prcas Serti®«
"’¡H.'tfr / „

y **7

Secretary of the Treasury Morgenthau announced
today that the subscription hooks for the current offering
of Treasury notes will close at the close of business today,
March 10, 1984» Tr is offering consists of four-year 8 per
cent Treasury notes of Series C-1988, maturing March 15,
1988, and the amount of the offering is limited to the
amount of Treasury certificates of indebtedness of Series
TM-1984, maturing March 15, 1984, tendered and accepted.
Substantially all of the maturing certificates,
amounting to $460,(MX),000, hare been tendered and allotted
in full«
Announcement of the exact amount of subscriptions
and their division among the several Federal reserve district*
will be made later.

TREASURY DEPARTMENT
WASHINGTON

FOR IMMEDIATE RELEASE,
Saturday, March 10, 1934.

Press Service
No. 1 - 4 7

Secretary of the Treasury Morgenthau announced today
that the subscription books for the current offering of Treasury
notes nill close at the close of business today, March 10, 1934.
This offering consists of four-year 3 per cent Treasury notes of
Series C-1938, maturing March 15, 1938, and the amount of the
offering is limited to the amount of Treasury certificates of
indebtedness of Series TM-1934, maturing March 15, 1934, tendered
and accepted.
Substantially all of the maturing certificates, amount­
ing to $460,000,000,have been tendered and allotted in full.
Announcement of the exact amount of subscriptions and
their division among the several Federal reserve districts will
be made later

TREASURY DEPARTMENT
Washington

M E M O R A N D U M F O R T HE PRESS

1932)

W e e k ended M a r c h 9 ......... . .........
R e c e i v e d up to M a r c h 2 ...............
T o tal r e c eipts

to M a r c h 9 .........

126,604.00 ounces
1,417,710.14
tf
1',544,514.14

iw iu i ä

21,

,!

""h, - m i h,

R E C E I P T S OF SILVER B Y THE MINTS:
(Under E x e c u t i v e Order of D e c e m b e r

ä ,(,.. h- -s m M à p

M a r c h 12, 1924,

G O L D R E C E I V E D BY F E D E R A L R E S E R V E B A N K S AND THE
T R E A S U R E R 1S O F F I C E :
(Under the S e c r e t a r y 1s Order of D e c e m b e r 28, 1933)
R e c e i v e d by F e d e r a l R e s e r v e Banks:
M a r c h 3 to 7, i n c lusive ....
R e c e i v e d pre v i o u s l y ........
T o tal to M a r c h 7 ........

Gold Coin

Gold Certificates

$

103,424.88
26,362,863.43
126,466,288.31

$ 1,372,820
45,325,470
$46,698,290

*

$

R e c e i v e d by T r e a s u r e r !s Office
M a r c h 3 to 7, inclusive ....
R e c e i v e d previously ........
T o tal to M a r c h 7

..... ..

i
§
$

238,749.00
238,749.00

26,200
1.277,600
$ 1,303,800

.Note:
In a d d i t i o n gold bars to the amount of $200,572.69 deposi
Jtted w i t h the N e w Y o r k A s s a y Office, as previously noted.

P U R C H A S E S OF G O V E R N M E N T S E C U R I T I E S F OR INVESTMENT ACCOUNTS:
Fo r w e e k ended M a r c h 10: ■,
.... . ) F e d e r a l ./Deposit I n s urance ............
O t her a c c ounts .........................

■p -

$ 5,600,000
1.300,000
$ 6,900,000

TREASURY DEPARTMENT
Washington

March 12, 1934«

MEMORANDUM EOR THE PRESS

RECEIPTS OP SILVER BY THE MINTS:
(Under Executive Order of December 21, 1933)
Week ended March 9
...........
126,604.00 ounces
Received up to March 2 ....... ........ 1,417,710.14
M
Total receipts to March 9 ......... 1,544,314.14

n

GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE
TREASURER 1S OFFICE:
(Under the Secretary’s Order of December 28, 1933)
Received by Federal Reserve Banks:

Gold Coin

Gold Certificates

March 3 to 7, inclusive,•*.... $
103,424.88
Received previously........... 26,362,863,43

$ 1,372,820
45,325,470

Total to March 7 ........ . $26,466,288.31

$46,698,290

Received by Treasurer’s Office:
March 3 to 7, inclusive ••••.. $
Received previously .,•.•••••,.

—
238,749.00

Total to March 7 ......... $ 2 3 8 , 7 4 9 . 0 0

$

26,200
1,277,600

$ 1,303,800

Note:
In addition gold bars to the amount of $200,572.69 depose
ited with the New York Assay Office, as previously noted.

PURCHASES OF GOVERNMENT SECURITIES FOR INVESTMENT ACCOUNTS:
For week ended March 10:
Federal Deposit Insurance ............ $ 5,600,000
Other accounts . . . . . . . . . . . . .
1,300,000
Total to March 10 ............. $^6,900.000

TREASURY DEPARTMENT
lASHINGTOH
FOR MEDIATE RELEASE,
Thursday, larch 15, 1934

Press Service

¡pI
jars

Secretary of the Treasury Morgenthau announced today
that subscriptions totaling $455,175,500 were received for the
current offering of four-year 3 per cent Treasury notes of
Series C-1938, maturing March 15, 1938. These notes were offered
in exchange for Treasury certificates of indebtedness of Series
TM-1984, maturing March 15, 1934, and the amount of the offering
was limited to the amount of maturing certificates tendered and
accepted.
Subscriptions and allotments were divided among the
several Federal reserve districts and the Treasury as follows:
Federal Reserve
District

Total Subscriptions
Received and Allotted

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

$ 14,276,500
335,475,500
3,940,500
9.354.500
2,447*000
3,341,000
53,193,000
7.967.500
4,592,500
9.100.500
2.842.500
7,127,000
1,517,500

Total

$455,175,500

&

TREASURY DEPARTMENT
WASHINGTON
FOR IMMEDIATE RELEASE,
Thursday, March 15, 1934

Press Service
No. 1 - 4 8

Secretary of the Treasury Morgenthau announced today that
subscriptions totaling $455,175,500 were received for the current
offering of four-year 3 per cent Treasury notes of Series C-1938,
maturing March 15, 1938.

These notes were offered in exchange for

Treasury certificates of indebtedness of Series TM-1934, maturing
March 15, 1934, and the amount of the offering was limited to the
amount of maturing certificates tendered and accepted.
Subscriptions and allotments were divided among the several
Federal reserve districts and the Treasury as follows:
Federal Reserve
District

Total Subscriptions
Received and Allotted

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

$ 14,276,500
335,475,500
3.940.500
9.354.500
2.447.000
3.341.000
53,193,000
7.967.500
4.592.500
9.100.500
2.842.500
7.127.000
1.517.500

Total

$455,175,500

-S
_____ *

-J

g çfcf f

J*^,

A

^

<J

r (

.

IcuC^Î

* «

U

aaJ

^

¿ § -r*»«<r

^
■Œ—'*Vg^t

^
a

TtviUjtA..

i/i^AT

U

k^*~

iA

C X *4

2-

^ U v ^ C J

k

te,

^~Ç

**~*/ir fKJt~^~Óx~*~A,¡T^

°TC*1

u/z^

^

^

£/V
&***+■

^

Æ <

< £ W —
" l*iV ¿Ía *-v ^

|

TREASURY DEPARTMENT
Washington

March 16, 1934,

MEMORANDUM FOR THE PRESS.

Secretary Morgenthau today issued the following statement:
The appointment of Admiral C. J. Peoples to membership on
the Special Board for Public Works, in place of Assistant Secretary
L. W. Robert., J r . » represents merely the completion of routine
changes in carrying out the Executive Order creating the Procurement
Division in the Treasury Department and the transfer of public building
activities to that division..

It does not reflect in any way on

Assistant Secretary Robert or affect his standing in the Treasury De­
partment in any respect.

0O 0- 0O 0

TREASURY DEPARTMENT
Washington
MEMORANDUM FOR THE PRESS

March 19, 1934.

RECEIPTS OE SILVER BY THE MINTS:
(Under Executive Order of December 21, 1933)
Week ending March 16, 1934:
Philadelphia
.... ...
— Denver
131,593
fine, ounces
San F r a n c i s c o ..........
701,215.51
«
'*
Total fob* the week ........... ........... .
Received previously
...........

832,808,51 ounces
1,544,314,14
H

Total receipts to March 16 ....... ........

2,377,122,65

RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Week ending March 16, 1934,
Imports___________ Secondary___________ New Domestic
$ 425,051.90
$
356.85
$
-----231,028.21
831,446.00
1,877,238.55
179,252.00
354,160.00
33,692,000,00 4,130,000.00
710,000.00
50,501.23
27,028.76
189,660.29
15,112.93
8,049,01

Philadelphia ,,..
San Francisco •••
Denver ........ ..
New York ....... .
S e a t t l e .... .
New Orleans .....

$34,581,996.24 $5,007,473.80

$

3,131,415.69

RECAPITULATION
Imports ........... $34,581,996.24
Secondary
$ 5,007,473,80
New Domestic •••••, $ 3,131,415.69
T o t a l ............. $42,720,885.73
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER* S OFFICE:
(Under Secretary* s Order of December 28, 1933)
Received by Federal Reserve Banks:
Gold Coin
Week ended March 1 4 ..... .
$
209,188.57
Received previously .......... 26,466,288.31
Total to March 14 ............
Received by Treasurer*s Office:
Week ended March 14 •• •••<..
Received previously
Total to March 14

Gold Certificates
$ 1,152,750
46,6^8,290

................... ... I'WP

$26,675,476.88

$47,851,040

$

1,700.00
238,749.00

$

$

240,449.00

$ 1,341,000

37,200
1,303,800

NOTE: In addition, gold bars to the amount of $200,572.69 deposited with the
New York Assay Office, as previously noted.
PURCHASES OF GOVERNMENT SECURITIES FOR INVESTMENT ACCOUNTS:
For week ended March 17:
Federal Deposit Insurance Corporation....
Other accounts ................... .

$ 5,267,000
2,642,000

Total ta March 1 7 ...................

$ 7,909,000

TREASURY

DEPARTMENT
wisimiifòt

For Release, Morning Papers,
Tuesday, March 20, 1934*

Press Service
» Li- <3
*W
W
""ftU"llW
illW
.|
l,il ..... Ill,,

Secretary of the Treasury Morgenthau announced today,
Marcn 19, 1934, that the tenders for $100,000,000, or
a b o u ts ,o f

th e re ­

91-day Treasury bills, dated March 21 and maturing

June 20, 1934, which were offered on March 16, were opened
at the Federal reserve banks on March 19, 1934,
The total amount applied for was $344,967,000, of which
$100,110,000 was accepted.

The accepted bids ranged in price

from 99.987, equivalent to a rate of about 0.05 per cent per
annum, to 99.975, equivalent to a rate of about 0.10 per cent
per annum, on a bank discount basis*

Only part of the amount

bid for at the latter price was accepted.

The a v e r a g e

of Treasury bills to be issued is 99.978 and the
is about 0.09 per cent per annum

on

price

av erag e

rate

a bank discount basis.

t

TREASURY DEPARTMENT
WASHINGTON

For Release, Morning Papers,
Tuesday, March 20, 1934,

Press Service
Uo, 1 ~ 49

Secretary of the Treasury Morgenthau announced today, March
19, 1934, that the tenders for $100,000,000, or thereabouts, of 91-day
Treasury hills, dated March 21 and maturing June 20, 1934, which were
offered on March 16, were opened at the Federal reserve hanks on March
19, 1934.
The total amount applied for was $344,987,000, of which
$100,110,000 was accepted.

The accepted hids ranged in price from

99.987, equivalent to a rate of about 0.05 per cent per annum, to
99.975, equivalent to a rate of about 0,10 per cent per annum, on a
bank discount basis.
price was accepted.

Only part of the amount bid for at the latter
The average price of Treasury bills to be issued

is 99.978 and the average rate is about 0.09 per cent per annum on a
bank discount basis.

tfcMSlOT D S P A RTSMT
WASHINGTON
For Release, Morn lag Papers,
Tuesday, March 27, 1934.

Press Service

Acting Secretary of the Treasury Gibbons announced today, ^liarch 26, 1934)
--r,. -•

that the tenders for two series of Treasury bills, to be dated March 28,

1934,

which were offered on March 23, were opened at the Federal reserve banks on
March 26, 1934,
Tenders were invited for the two series to the aggregate amount of $100,000,Of\
or thereabouts, and #333,010,000 was applied for, of which #100,116,000 was accept
The details of the two series are as follows:
9 1 - M T TREASURY BILLS, MATURING J T O 27, 1934,
For this series, which was for $50,000,000, or thereabouts, the total amount
applied for was #194,789,000, of which #50,091,000 was accepted.

The accepted bid»

ranged in price from 99,98?, equivalent to a rate of about 0,08 per cent per annual*
to 99,977, equivalent to a rate of about 0,09 per cent per annum, on a bank discouij
basis.

Only part of the amount

bid for at the latter price

was accepted. The

average price of Treasury bills

of this series to be Issued

is 99.980 and the a w m

rate is about 0,08 per cent per annum on a bank discount basis,
1 8 2 - M Y TREASURY BILLS. MITORINO 61PT13lgTO 26, 1934,
For this series, which was for #50,000,000, or thereabouts, the total amount
applied for was $138,221,000, of which #50,028,000 was accepted.

The accepted bid»

ranged in price from 99,929, equivalent to a rate of about 0.14 per cent per annus,
to 99.890, equivalent to a rate of about 0,22 per cent per annum, on a bank d is c o u ii I
basis.

Only part of the amount

average price of Treasury bills

bid for at the latter price was accepted. The
of this series to be issued

is 99,904 and the

average rate is about 0,19 per cent per annum on a bank discount basis.

b

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING PAPERS,
TUESDAY, MARCH 27, 19 34.

Press Service
No. 1 - 5 0

Acting Secretary of the Treasury Gibbons announced today, (March 26, 1934),
that the tenders for two series of Treasury hills, to he dated March 28, 1934,
which were offered on March 23, were opened at the Federal reserve hanks on
March 26, 1934.
Tenders were invited for the two series to the aggregate amount of
$100,000,000, or thereabouts, and $333,010,000 was applied for, of which
$100,116,000 was accepted.

The details of the two series are as follows:

91-DAY TREASURY BILLS, MATURING JUNE 27, 1934.
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $194,789,000, of which $50,091,000 was accepted.

The

accepted bids ranged in price from 99.987, equivalent to a rate of about 0*05
per cent per annum, to 99.977, equivalent to a rate of about 0.09 per cent
per annum, on a bank discount basis.
latter price was accepted.

Only part of the amount bid for at the

The average price of Treasury bills of this

series to be issued is 99.980 and the average rate is about 0.08 per cent
per annum on a bank discount basis.
183-DAY TREASURY BILLS, MATURING SEPTEMBER 26, 1934.

T h e cig a r e t t e s

themselves,

a l t h o u g h undivided, have the

b r a n d n a m e i m p r i n t e d in f our

places.

E a c h package of five

long cigarettes, w h i l e c a p a b l e of being q u ickly divided into
fou r parts containing

in all 20 cig a r e t t e s of standard size,
I

is subject u n d e r the ruling of D e c e m b e r 11, 1933,

to a tax

of 3.6 cents, w h i l e the standard package of 20 cigarettes
is subject to a tax of 6 cents.
T he 1 1 - i n c h ciga r e t t e s are m a n u f a c t u r e d to retail at
8 cents per package and it w as the c o n t e n t i o n of representa­
tives of the company,

w h o con f e r r e d w i t h officers of the

B u r e a u of I n t e r n a l R e v e n u e

on M a r c h 1, w h e n the question of

r e v o c a t i o n of the D e c e m b e r 11 r u l i n g was discussed,
m a r k e t for t h e m was

largely among users

that the

of "roll-your-own"

cig a r e t t e s and that therefore their sale w o uld not result

U

in r e d u c t i o n of F e d e r a l revenues.
Of f i c e r s

of the B u r e a u and of the Treasury Department

Hisfr the po s i t i o n that this f o r m of p a c kage and cigarette
should not h ave b e e n a p p r o v e d for t a x a t i o n as Class B

cigarette!j

S
as this c o n s t i t u t e a m a n i f e s t e v a s i o n of the Revenue Act.

^ t a M & « . tt %
&
Im j s ^

c

A.

Z 9 ,

/<?}

T h e C o m m i s s i o n e r of I n t e r n a l R e v e n u e announced today
that, w i t h the a p p r o v a l of the S e c r e t a r y

of the Treasury, he

h a d d e c ided to revo k e h i s ruling of D e c e m b e r 11, 1933, approv­
ing for use by the A x t o n - F i s h e r T o b a c c o Co m p a n y of Louisville,
'!

Kentucky,

p a c k a g e s con t a i n i n g five cigarettes,

inches long,

and c l a s s i f y i n g t h e m as Class B.

<|

each eleven
cigarettes

taxable at $ 7 . 2 0 per thousand*
The tobacco co m p a n y has b e e n n o t i f i e d that it. will be
g i v e n an o p p o rtunity b e f o r e a n e f f e c t i v e date for the revoca­
tio n is f i x e d to present

evidence as to commitments or pur­

chases of m a t e r i a l s for this s p e cial type of cigarette made
by it after r e c e i p t of the B u r e a u * s lett e r

f

of approval of the

p a c k a g e and in r e l i a n c e u p o n it.
The r e v e n u e act of 1926,
c l a sses

S e c t i o n 400

of c i g a rettes for taxat i o n

(a), provides two

purposes.

fa

Class A, consist­

ing of ciga r e t t e s we i g h i n g n o t m o r e tha n three pounds per thous­
and,

is taxable at the rate of $3 per thousand.

w e i g h i n g m o r e t han three pounds per thousand,
r ate

Class B,

is taxable at the

of $ 7 . 2 0 per thousand.
T he p a c k a g e containing f ive 1 1 - i n c h cigarettes, which

h a s b e e n p l aced

on the m a r k e t by the A x t o n - F i s h e r Company, is

so m a r k e d and p e r f o r a t e d as to be easi l y d i v i s i b l e with a knife
into f our packages,

e a c h c o n t aining five cigarettes of the

st a n d a r d l e n g t h of 2 - 3/4 inches and eac h b e a r i n g the brand label.

ii

TREASURY DEPARTMENT
Washington

FOR RELEASE, AFTERNOON NEWSPAPERS
Thursday, March 29, 1934

Press Service
No. 1 - 51

The Commissioner of Internal Revenue announced today that, with the
approval of the Secretary of the Treasury, he had decided to revoke his
ruling of December 11, 1933, approving for use by the Axton-Fisher
Tobacco Company of Louisville, Kentucky, packages containing five cigar­
ettes, each eleven inches long, and classifying them as Class B. cigar­
ettes taxable at $7.20 per thousand.
The tobacco company has been notified that it will be given an
opportunity before an effective date for the revocation is fixed to pre­
sent evidence as to commitments or purchases of materials for this special
type of cigarette made by it after receipt of the Bureau's letter of
approval of the package and in reliance upon it.
The revenue act of 1926, Section 400 (a), provides two classes of
cigarettes for taxation purposes.

Class A, consisting of cigarettes

weighing not more than three pounds per thousand,
$3 per thousand.

is taxable at the rate of

Class B, weighing more than three pounds per thousand, is

taxable at the rate of $7.20 per thousand.
The package containing five 11-inch cigarettes, which has been placed
on the market by the Axton-Fisher Company,

is so marked and perforated as

to be easily divisible with a knife into four packages, each containing
five cigarettes of the standard length of
the brand label.

2- 3/4

inches and each bearing

The cigarettes themselves, although undivided, have the

brand name imprinted in four places.

Each package of five long cigarettes,

-

2

-

while capable of being quickly divided into four parts containing in all
I

20 cigarettes of standard size, is subject under the ruling of December
f

11» 1033, to a tax of 3,6 cents, while the standard package of 20 cigar­
ettes is subject to a tax of
I

6 cents.

The 11-inch cigarettes are manufactured to retail at

8 cents

per

package and it was the contention of representatives of the company, who
conferred with officers of the Bureau of Internal Revenue on March

1,

when the question of revocation of the December 11 ruling was discussed,
that the market for them was largely among users of "roll-your-ownM cigar­
ettes and that therefore their sale would not result in reduction of
Federal revenues.

8
Officers of the Bureau and of the Treasury Department now take the
position that this form of package and cigarette should not have been
approved for taxation as Class B cigarettes,

8

fest evasion of the Revenue Act.

as this constitutes a mani­

DISTILLED LIQUORS AND VISES
IMPORTATIONS, DUTIES COLLECTED, AND STOCKS IN CUSTOMS BONDED WAREHOUSES
B(a«sb«r, 1933* Jumarj and FttWHafj)

Totals
Deoember
1933

January

.

1934

February
M M

Dee. - Feb.
M33
MM

DISTILLED LIQUORS (Proof Gallons)
Stook la Custoas Bonded Ware­
houses at beginning of aonth
Total 1sports
Available for Consuaption
Entered Into Consumption
Stook In Custoas Bonded Ware­
houses at end of aonth

40,U l *

6 5 0 ,2 5 6

l*3*3*7*9
1 ,4 0 3 , 8 6 0

1*535,701
2,185*957

753**04

6 2 0 ,0 2 1

40,Ul*

1*5*5,93*
1*739*040

4 ,6 3 8 ,4 9 0

3*304,97*
581,814

1*955*439

4,678,601

6 5 0 ,2 5 6

1,5*5,93*

2 ,7 2 3 , 1 6 2

2,723*1*2

276,714*

WINES (Liquid Callous)
Stook in Custoas Bonded Ware­
houses at beginning of aonth
Total Inports
Available for Consuaptlon
Entered into Consumption
Stook la Custoas Bonded Ware­
houses at end of aonth

1 *4 0 3 , 5 8 8

1 ,4 8 5 , 0 5 4

1 ,8 6 1 , 3 0 1

6 1 5 ,6 5 5

8 9 6 ,8 9 2

2 ,1 3 8 , 0 1 5

2 ,0 1 9 , 2 4 3

734,427

534,189

2,381,946
487,876

276,714*
3,373,848
3 ,6 5 0 ,5*2
1,75*,492

1*403,588

1 ,4 8 5 , 0 5 4

1 ,8 9 4 , 0 7 0

1 ,8 9 4 ,0 7 0

♦3*721*139
801,648
751.024

$3 ,0 7 1 , 2 6 8

♦2 ,8 8 7 , 9 5 2

3 0 4 ,6 6 2

2 7 4 ,0 9 8

$9**80,359
1,380,408

604.265

5 5 2 .6 9 8

uvn.m

♦5*273*811

$3 ,9 8 0 , 1 9 5

$3,714,748

DUTIES COLLECTED
Liquors
Wines, sparkling
Wines, still
Total

$12,9*8,754

* Stooks of distilled liquor and vino In bonded warehouses on Beoenber 1, 1933* *oB"
pries a book inventory only, tho aoouraoy of vhleh is seaewhat problematical•
Exact figures are being oeapiled and vill be supplied as soea as available*
PREPARED BY
OW$*ON OF STATtSTfCS AND RESEARCH
BUREAU OF CUSTOMS
TREASURY DEPARTMENT

j

DISTILLED LiauORS AND WINES
IMPORTATIONS, DUTIES COLLECTED, AND STOCKS IN CUSTOMS BONDED WAREHOUSES
December, 1933 * January and February, 1334.

December
■ 1933

January
---

1334

February
1934

Totals
Dec. - Feb.
... .1933
1934

DISTILLED LIQUORS (Proof Gallons)
Stook in Customs Bonded Warehouses at beginning of month
Total Imports
Available for Consumption
Entered into Consumption
Stock in Customs Bonded Ware*
houses at end of month

WINES

40,111*

650,256

1*565,336

1>363*743
1,403,860
753*604

1 * 535*701

1*739*040

4,638,490

2,185,357

3*304,376
581,814

4,678,601

620,021

650,256

1 ,565,336

2 ,723*162

2,723,162

276 ,714 * 1 *403,588
1 ,861,301
615,655
2 ,138,015
2 ,013,243
734,427
534,183

1*485,054
2,381,346
487,876

276,714*
3,373*848
3 ,650,562
1,756,492

1 *403,588

1 ,485,054

1 ,834,070

1 ,894,070

$3 ,7 2 1,13 3
801,648
751*024

$3 ,071,268

$2,887,352

304,662
604,265

274,038
552,698

$9*680,359
1,380,408

$5*273*811

$3 *980,135

$3,714,748

40,111*

1*955*439

(Liquid Gallons)

Stock in Customs Bonded Ware­
houses at beginning of month
Total Imports
Available for Consumption
Entered into Consumption
Stock in Customs Bonded Warehouses at end of month

836,832

DUTIES COLLECTED
Liquors
Wines, sparkling
Wines, still
Total

1,907,9.8.2
$12 ,968,754

* Stocks of distilled liquor and wine in bonded warehouses on December 1, 1333» com­
prise a book inventory only, the aocuracy of which is somewhat problematical.
Exact figures are being compiled and will be supplied as soon as available.

PREPARED BY
DIVISION OF STATISTICS AND RESEARCH
BUREAU OF CUSTOMS
TREASURY DEPARTMENT

RECEIVED
Tr e a s u r y D epartment
OFFICE OF THE COMMISSIONER OF CUSTOMS

Rfln J*) Q n 1QQ/J

in n l’v w 0 IvU^f

OFFICE OF
A S S T . S E C Y . G IB B O N S

rt 26 193<
TO ASSISTANT SECRETARY GIBBONS
FROM MR. MOYLE:
There is attached a table showing total importations of dis­
tilled liquors and wines for each of the three months since the
repeal of the Eighteenth Amendment, the amounts which actually
entered consumption, together with duties collected thereon and
the stocks remaining in Customs bonded warehouses.
This is the information you requested in your conference
with Mr. Freeman this morning.

to

c gì F

ï

Dl stilled Liquor» & M Win»» /
Importations* Duties Collects^, and Stacks in Customs Bonded Warehouses
December, 1955, January and February, 1934«

January

February
1934

Totals
Deo. - Feb*
..1933
1954

650,256
1,555,701
2,165,957
620,021

1,565,936
1,739,040
3,304,976
581,814

40,111*
4,658,490
4,878,601
1,955,459

1,565,936

2,725,162

2,723,162

1,403,588
615,655
2,019,243
554,189

1,485,054
898,892
2,381,948
487,876

278,714*
3,573,848
$,650,562
1,758,492

1,485,054

1,894,070

1,894,070

15,721,139
801,648
751*024

$3,071,268
504,662
604*265

12,887,952
274,098
652.698

#9,680,359
1,380,408
1.907*987

§6,275,811

$1,080,185

#8,714,748 #12,968,754

Bscsaber
- 19ÎÏ ....
DISTILLED U Q B O B S (Proof Gallons)
Stock in Customs Bonded Ware­
houses at beginning of month
40,111*
total Imports
1,365,749
Available for Consumption
1,405,860
Entered into Consumption
755,604
Stock in Customs Bonded Ware­
houses at end of month
650,256
WISES (Liquid Gallon#)
Stock in Customs Bonded Ware­
houses at beginning of month 276,714*
Total Imports
1,861,301
Available for Consumption
2,138,015
Entered into Consumption
734,427
Stock In Customs Bonded Ware­
houses at end of Month
1,403,588

DUTIES COLLECTED
Liquors
Wines, sparkling
Wines, still
Total

# Stock» of distilled liquor and wine in bonded warehouses cm Decccnär. 1*
19S$# comprise a book inventory only, the accuracy of which Is somewhat
problematical. Exact figures are being compiled and will be supplied as
soon as available*

I

to rc h 27, 1324.

Dear Macs
I aia enclosing herewith a memorandum I thought
the President might be interested in - to probably take along
with him and analyse on his trip*
. ,
„
OTcaurae, it explains itself, shoeing the total
I ? ! ! ! ® ! L * i d i*!e8 “ f * lnee
the months of December,
«od Fehrnary; the amount that was withdrawn from the
consuaptlon* » e duties paid thereon,
«nd the balance left in the bonded warehouses at the end of
@ucn month*

mil

f111 notic® the amount of the whiskey im~
*1™!! remaining in the warehouses, on which no duty was

I7 ”°n Th ’ Dece"ber sl»wing six hundred
“ 5 £*:ty thousand gallons} January, one and a half million;
I7 1hPrtCl1!& U f tw° ^
three-quarter million gel«lbL t0tS^ gallons of wine remaining in bonded
« r e f u s e s at the end of each month have m o t increased

...

^>tal duties collected for each month, as

C n S « tor l e t ^ r ^

t5'm '8U f0r
Sincerely yours,

Hon. Marvin H. McIntyre,
Secretary to the President,
The White House*
Enclosure,
SBGidvt

$

î(jlù(iüàÂs
\

March ST, 1954,

Memorandum to Secretary Mortenthan.
_ . .
1 [“»enclosing herewith copy of a letter which I
seat to Marvin McIntyre today, *hich is self-explanatory. la
view of the statistics that you tried to obtain for the
President about ten days ago, it occurred to me that the at­
tached figures might be of interest to him and, as they only
arrived from Customs today, X assumed you wouldn't object to
passing them along*
.. . . ^
1 think they are exceedingly interesting - if
t M t is the word to use - in that the total customs collected
Z ^ t h s decreased from a peak in December of 15,275,811 to
f , 14,748 in two months, a decrease of nearly thirty per cent«
The third paragraph of my note to Mac also dis?£•?•?•
wnkealthy condition.
I think it is obvious
that the tariff should be reduced for a year at least, with
certain restrictions, of course, which I believe could be taken
18 dr*ft8d for « * “ f<~

t

X had the Customs Bureau wire the various Col­
lectors for this information end get these figures together as
SS possible#
The accuracy of the first entry - «Stock
r ^ ï ^ ° “? o ^ d0di.W&reh0USes at
of month, $40,111,
b! \ to ** t r i f l e d as a physical inventory, I
bad aot 136611 taken
thereto for several years
and God only knows how much of it was stolen or broken etc.
I thought you might be interested in the above.
signed) 0uai..ui^ *>•
Enel.
SBGjdvt

Gibbons

Assistant Secretary,

TREASURY DEPARTMENT
Washington
FOR RELEASE» MORNING NEWSPAPERS»
TUESDAY, APRIL 3, 1934.

Press Service
No. 1 - 5 2

IMPORTS OE DISTILLED LIQUORS AND WINES

The following tabulation shows importations of distilled
liquors and wines for December, 1933, January and February, 1934,
together with duties collected and stocks in Customs Bonded
warehouses:

January
1934

February
1934

Totals
Dec. - Feb.
1933
1934

650,256
1,535,701
2,185,957
620,021

1,565,936
1,739,040
3,304,976
581,814

40,111*
4,638,490
4,678,601
1,955,439

1,565,936

2,723,162

2,723,162

1,403,588
615,655
2,019,243
534,189

1,485,054
896,892
2,381,946
487,876

276,714*
3,373,848
3,650,562
1,756,492

1,485,054

1,894,070

1,894,070

$-3,721,139
801,648
751,024

$3,071,268
304,662
604,265

$2,887,9.52
274,098
552,698

$9,680,359
1,380,408
1,907,987

$5,273,811

$3,980,195

$3,714,748 $12,968,754

December
1933
DISTILLED LIQUORS (Proof Gallons)
Stock in Customs Bonded Ware—
houses at beginning of month
40,111*
Total Imports
1,363,749
Available .for Consumption
1,403,860
Entered into Consumption
753,604
Stock in Customs Bonded Warehouses at end of month
650,256
WINES (Liquid Gallons)
Stock in Customs Bonded Warehouses at beginning of month 276,714*
Total Imports
1,861,301
Available for Consumption
2,138,015
Entered into Consumption
734,427
Stock in Customs Bonded Warehouses at end of. month
1,403,588

DUTIES COLLECTED
Liquors
Wines, sparkling
Wines, still
Total

* Stocks of distilled liquor and wine in bonded warehouses on December 1,
1933, comprise a book inventory only, the accuracy of which is somewhat
problematical. Exact figures are being compiled and will be supplied as
soon as available.

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- PAPERS,
TUESDAY, APRIL 3, 1934.

Press Service
Ho. 1 - 53

Secretary of the Treasury Morgenthau announced today, (April 2, 1934),
that the tenders for two series of Treasury hills, to he dated April 4, 1934,
which were offered on March 30, were opened at the Eederal reserve hanks on
April 2, 1934.
Tenders were invited for the two series to the aggregate amount of
$100,000,000, or thereabouts, and $302,346,000 was applied for, of which
$100,247,000 was accepted.

The details of the two series are as follows:

90-DAY TREASURY BILLS, MATURING JULY 3, 1934
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $184,356,000, of which $50,151,000 was accepted.
Except for two bids aggregating $21,000, the accepted bids ranged in price
from 99.983, equivalent to a rate of about 0.07 per cent per annum, to 99.978,
equivalent to a rate of about 0.09 per cent per annum, on a bank discount
basis.

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

The average price of Treasury bills of this series to be issued is 99.981 and
the average rate is about 0.08 per cent per annum on a bank discount basis,

„

182-DAY TREASURY BILLS, MATURING OCTOBER 3, 1934
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $117,990,000, of which $50,096,000 was accepted.

The

accepted bids ranged in price from 99.924, equivalent to a rate of about 0.15
per cent per annum, to 99.895, equivalent to a rate of about 0.21 per cent
per annum, on a bank discount basis.
latter price was accepted.

Only part of the amount bid for at the

The average price of Treasury bills of this series

to be issued is 99.902 and the average rate is about 0.19 per cent per annum
on a bank discount basis.

- 5 -

tío»« of the Treasury Department governing assignments for transfer or ex.
change, and thereafter should he presented and surrendered with the applies,
tloa to a federal reserve hank, or to the Treasury Department* Division of
Doans and Currency, Washington (unless suoh called fourth 4-1/4*s have »1«
ready been presented for redemption on April 15» 1934, in accordance with tie
provisions of Department Circular to. 501).

The honde must be delivered at

»

the expense and risk of the holder.
aiwsm provisions
As fiscal agents cf the Halted States, federal reserve banks are author«
ised and requested to receive subscriptions and to make

allotments

on the bail«

and up to the amounts Indicated by the Secretary of the Treasury to the
reserve banks of the respective districte.

After allotment and upon

Federal

payment

J

federal reserve banks may issue interim receipts pending delivery of the defini­
tive bonds.
Any further information which may be desired at to the issue of Treasury
I

bonds under the provisions of this circular may be obtained upon application to
a federal reserve bank or branch, or to the Treasury Department*. Washington.
The Secretary of the Treasury may at any time, or from time t© time, prescribe
supplemental or amendatory rules end regulations governing the offering and the
exchangee hereunder.

/

rarer w m e m u a , J r .,
Secretary of the Treasury.

\

J

/

V

y

which heve previously been surrendered for redemption on April 15, 1934, in
accordance with the provisions of Department Circular So. 501, will he ac­
cepted as payment «pen request In proper-form of the owners thereof, such
_____ MiimiwuiwMiM^wii1hiwm111111,11"'HT'

subscriptions to he presented through the same channels as were the called
bonds when surrendered for redemption.

I f any subscription is rejected, la

whole or in part, any called fourth 4-1/4» s which may have been tendered and
not accepted will be held for redemption and any Treasury notes of Series
A-1934 which may have been tendered and not accepted will be returned to the
eubeeriber.
Of GALLSD FQUBTH 4-1/4*S OS MOHATO SUBSCRIPTIONS
Surrender of coupon bonds.-Palled fourth 4*1/4»» in coupon for® tendered in
exchange for treasury bonds issued hereunder, should be presented and surrendered

'll

to a federal reserve bank or to the treasurer of the United States and should
accompany the application (unless such called fourth 4-1/4* s have already been
presented for redemption on April 15, 1934, In accordance with the provision»
of Department Circular HO. 501).

The bonds must be delivered at the expense

i

and risk of the holder, fa c ilitie s for transportation of bonds by registersd
mail insured may be arranged between incorporated banks and trust companies and ml
federal reserve banks and holdersj may take advantage of such arrangements when
available, utilising such Incorporated banks and trust companies as their agent».
Incorporated banks and trust companies are not agent• of the United State# under
this circular.

Coupons datod October 15, 1934, and a ll coupons bearing date#

subsequent thereto, must be attached to coupon bond# when presented.
ffiurrsnderlof registered bands.-Called fourth 4-1/4* s in registered form
tendered in exchange for treasury bonds issued hereunder, should be assigned ty
the registered payee or assign# thereof to "The Secretary of the Treasury tw
***«*>i*iii4te for Treasury bonds of 1944-46", in accordance with the general regulaI

• 3 «*

fbe bonds will be subject to the general regulations of the Treasury De­
partment, now 01* hereafter issued« governing United States beads.
APPLICATION AND X L W M M

j

Applications will be received at the federal reserve banks and branches and
at the Treasury departmenta usashdngton* Banking institutions generally will
handle applications for subscribers, but only the federal reserve banks and the {
Treasury department are authorised to act as o fficial agencies.
Subject to the reservations contained in the next succeeding paragraph, ell
subscriptions will be allotted In fu ll.
The Secretary of the Treasury ressrvss the right to reject any subscription,
in whole or in part, and to allot lees than the amount of bonds applied for and
to close the bocks as to any or a ll subscriptions or classes of subscription# at
I

any time without notice? the Secretary of the Treasury also reserves ths right
to make allotment in fu ll upon applications for smaller amounts and to make re­
duced allotments upon, or to reject, applications for larger amounts, to »eke
classified allotments or to moke allotments upon a graduated scale or to adopt
any or a ll of said methods or such other methods of allotment and classification
of allotments as shall be deemed by him to be in the public interest? and hi# #o
tion in these respects shall be fin al.

Allotment notices will be sent out

promptly upon allotment, and the basis of the allotment will be publicly annouafldi
FAYMBST

payment for any bonds allotted may be made only in called fourth 4-1/4*#,
which will be accepted at par, with no adjustment of interest, or 1» Treasury
notes of Series A-1934 (with coupon dated May 2, 1934, attached), vhieb sill ts
accepted at par with an adjustment of accrued interest as of April IS« ^34,
and should bs mads when the subscription is tendered, except that fourth

mature A pril 15, 1946, but may be redeemed a t the option o f the United States
on and a f t e r A pril 15, 1944, in «h ole or in p a r t, a t par and accrued interest,
on any in te rn e t day or days, on four months* notion o f redemption given In
such manner as the Secretary o f the Treasury s h a ll p re sc rib e .

In case of par*

t i a l redemption the bonds to bo redeemed w ill be determined by such method as
may bs p rescrib ed by the Secretary o f the Treasury.

Proa the date of redsmp-

j

tio n designated In any such not le e , in te r e s t on the bonds c a lle d fo r redemption
sh a ll c sa se .
B earer bonds with In te r e s t coupons attach ed and bonds reg istered as to prin­
c ip a l end In te r e s t w ill be issued In denominations o f $60, $100, $500, $1,000,
$5 ,0 0 0 , $10,000, and $100,000.

P rovision w ill bo made fo r the interchange of

bonds o f d iffe r e n t denominations and o f coupon and re g iste re d bonds and for ths L
tr a n s fe r of reg lsto red bonds under ru le s and reg u lation s prescribed by the Secre­
tary o f the Treasury.
The bonds s h a ll be exempt, both as to p rin cip a l and in t e r e s t, from a ll tsxsJ

.

'

'■

-¿¡SI

tlo n now o r h e re a fte r imposed by th s United S ta te s , any S ta te , or any of the
p ossessions o f the United S ta te s , or by any lo c a l taxin g a u th o rity , except (a)
commonly known as su rtaxes, and e x c e s s -p r o fits and w ar-p ro fits taxes,
e s ta te or in h eritan ce ta x e s, and (b ) graduated ad d ition al Income taxes^fco* or
h e re a fte r imposed by the United S ta te s , upon the income or p r o fits of Inditidoslii
p artn ersh ip s, a s s o c ia tio n s , or co rp oration s.

The in te r e s t on m amount of bond*

authorised by said a c t approved September 2 4 , 191?, as amended, the principal of
which does not exceed $5 *000, owned by any in d iv id u al, partnership, association. (
or corp oration , s h a ll be exempt from the ta x e s provided fo r in clause (b) abort* ,
The bonds w ill be accep table to secure d ep osits o f public moneys, and will
bear th e c ir c u la tio n p riv ile g e only to the exten t provided in the act approvsd
Ju ly 22, 1932, as amended.

They w ill not be e n title d to any p riv ileg e of eoB"T~

Treasury Bond C ircu la r form Wo. 3£K

JRityi-.a
x.
V

UHITlfr 8TATB3 Of AHSEIOA

-

>v:

3-1/4 PXB OSS* THBASOTf BOBBS OF 1944-46
Off WITO OWLT XW EXCHAWOT fOB CALLED
thsasuht wctbs

or

LIBERTY LOAW 30WBS ABB
X

s e r ie s a- i

Baled and beering la t e r e s t from A pril 18, 1084 X J0 a * April 16, 1946
Redeemable * t t he option o f the United S ta te a a t par aud occrued
in te r e s t on and a f t e r A pril 16, 1944
^5

In te r e s t payable A pril 18 and October 16

*

...................... - ■ - -

TRSASOT ^ A B T O T T ,
O ffic e of the Secretary,
Washington, April 4, 1934

/ 1934
Department C irc u la r 508
(fd b lic Debt Service^

The S ecretary of the Treasury in v ite s su b scrip t le n s , from the people of
the United S ta te s , a t p a r, fo r th ree and one-quarter p er cent Treasury bonds
o f 1944-46, of an issu e o f bonds o f the United S ta te s authorised by the Second
L ib erty Bond Act, approved September 24, 191?, ae amended, in payment of »Mob
only fo u rth L ib erty Loan 4-1/4 p er cent bonds of 1933-38 (h e re in a fte r referred
to ae fo u rth 4-1/4* e) c a lle d ,fo r redemption on A pril I S , 1934, and Treasury
notes of S e rie s A-1934, maturing Hay 2 , 1934, may be tendered.

The amount of

the laaoa *111 ha 11mltad to the amount o f auoh c a llo d fo u rth 4-1/4'« and
Troaauty notaa o f Sorlso A-1934, tendorod and aoooptod.

fou rth 4-1/4'» not

c a lle d fo r redemption on A pril 16, 1934, may not ha tendered under th l» eircultf'
laillHWH'

BSSCRXPTIOW Of BOWES
The bonds w ill ha dated April 16, 1934, and w ill hoar lntor#«t from th»t
data a t tha ra ta o f thros and ona-quarter per oont per annum, pnynble on Ootob*
16, 1934, on a samlannual b a s is , and th a ro a fta r asolannually on April 16 and
October 16 In each year u n t il tha p rin c ip a l amount becomes payable.

They •*

3

of Treasury bonds no* offered.
Beiders of Treasury notes of 'Series A-1934, »attiring May £, 1934,
who desire to tales advantage of this exchange offering, also should act
promptly.
The text of the official circular offering 3-1/4 por cent Treasury
bonds of

1944-46

follows:

48 more specifically stated in the circular, the bands will be exempt,
both as to principal and interest, from all taxation except surtaxes, estate and
inheritance taxes and excess-profits and war—profits taxes; the interest on bondi .
up to #5,000 of principal amount under one ownership will be exempt from all taxei,
Applications Will be received at the Federal reserve banks and branches,
and at the Treasury Department, Washington, D* C •

Bsokiss institutions gsnsysily

will handle applications for customers, but only the Federal reserve banks and
the treasury Department are authorised to act as official agencies*
Although reservations are made concerning the basis for allotting sab»
scriptioas, it is the present intention of the Treasury to allot all subscription
in fall.
On October IE, 1933, about 11,875,000,000, or 30 per cent, of the out­
standing Fourth Liberty Loan bonds were called for redemption on April 15, 1934,
the bonds called being those bearing serial numbers ending with the digit 9, 0 or

1.

sa©h serial numbers in the ease of permanent coupon bonds were preceded by the

distinguishing letters 1, K or A, respectively, corresponding to the final digit*.!
At the time of the call a new issue of Treasury bonds of

1943-43

was offered for

subscription and made available for exchange for the called bonds.

About

1872,000,000 of the called bonds were exchanged tor the new Treasury bonds before
closing on December 2.

The remaining called bonds will be due for payment oi

April IS*
Holders of these outstanding called Fourth Liberty Loan bonds m y not
exchange the® for the new Treasury bonds, but prompt action on the fSrt df ***
is essential.

If called bonds have already been surrendered for redemption they

will be accepted for exchange upon request in proper f o m , but applications as
be made through the same channels used when the called bonds were presented t
redemption.

,

TMcalled Fourth Liberty Loan bonds may not be exchanged for the 1

|

«á m m m m
i

9&r ralease t© n o » ’« m $ W
f«*ft*a4ay» April 4, 1934.

Prese Serviee
®a, 1-54

Ife# Sreaaury id today offertag t e sobaariptiaB a serias of 10~lz
**** ^
which

f

ü H U ¡ N $r*****jr bailé» la exehange ¡te Fcmrtfc Liberty Lea» beMs

kav*

««llaé t e rede&pttoa

©f t e l a » A-1934, aataring &»y

3,

aa

April

15, 1034, and t e freasary Botes

1934*

I

tb# offer I» confinad to axebange aobscrlptions; eatót subaariptioni
wtlX aot be raealved« t e lasa»

*111 be l Mitad

ta t e mmn% af ©aliad tertl

Liberty t e a beoda and teaanry m U a af Seria» A-1934 tantead la H

,--á

ace opte <5* Of tbe callad Fonrtb Liberty Loen boM» bearimg 4»l /4 per temt interei
tba «wm% ©at»tediag la abont # 1 ,0 0 0 ,0 0 0 ,0 0 0 and iba ajacraat af Seria» k~im
% par cent Treasory »otea oatataadiag la #244,234,000«

k

fh» bondu efteed today are ta be datad and to bear in tereat fro®

Aprll I d , 1034, a&d ta »atara April 1 5 , 1944, but ara ta be redaeotable a t the
a p tte a f tbe United State* m and aftar April 1 5 , 1944,
•|l

Sobscriptiona *#* lealtad a t par,

Foarth Liberty t e a boads s a lte

fa r redesaption April 15, 1*34« a l l í ba aeeepted at par with no a&Jaataie&t of
la ta ra a t,

te a a e ry nata* a f t e ta # A-1934 (with tbw fin al ©capen attsehed) vüi i

ba eeaaptad at par, with a* adja siment a f asentad lataraat to April 16, 1M ,
t e data of t e na* banda, to ba paid en that «tota, er oa dellTery of tbe na»

banda«
Baarer banda with lataraat coupoaa «ttaebed sai banda regiatered a» t« *
principal and lataraat

*111 be 1sanad la
#10,000 and #100, 000« t e flr a t

teomiaatioaa of #50, |100, #500, #1,000,

#4,000,

aanpon attebad to t e boada

*111 em t

|

Xfttareat t e t e fraatlonal half-yacr fToa April 1* ta Oatobar 13, 1934} te?«- f
•ftar lataraat *111 be payaba» awaianiníally oa April 15 and oatobar 13«

TREASURY DEPARTMENT
WASHINGTON

Eor release to MORNING NEWSPAPERS
Wednesday, April 4, 1934.

The Treasury is today offering for subscription a series of 10-12
year 3~l/4 per cent Treasury bonds in exchange for Fourth Liberty Loan bonds
which have been called for redemption on April 15, 1934, and for Treasury notes
of Series A-1934, maturing May 2, 1934.
The offer is confined to exchange subscriptions; cash subscriptions
will not be received.

The issue will be limited to the amount of called Fourth

Liberty Loan bonds and Treasury notes of Series A-1934 tendered in payment and
accepted.

Of the called Fourth Liberty Loan bonds bearing 4-1/4 per cent in­

terest the amount outstanding is about $1,000,000,000 and the amount of Series
A-1934 3 per cent Treasury notes outstanding is $244,234,600.
The bonds offered today are to be dated and to bear interest from
April 16, 1934, and to mature April 15, 1946, but are to be redeemable at the
option of the United States on and after April 15, 1944.
Subscriptions are invited at par.

Fourth Liberty Loan bonds called

for redemption April 15, 1934, will be accepted at par with no adjustment of
interest.

Treasury notes of Series A-1934 (with the final coupon attached) will

be accepted at par, with an adjustment of accrued interest to April 16, 1934,
the date of the new bonds, to be paid on that date, or on delivery of the new
bonds.
Bearer bonds with interest coupons attached and bonds registered as to
principal and interest will be issued in denominations of $50, $100, $500, $1,000
$5,000, $10,000 and $100,000.

The first coupon attached to the bonds will cover

interest for the fractional half-year from April 16 to October 15, 1934; there­
after interest will be payable semiannually on April 15 and October 15.

4

As more specifically stated in the circular, the bonds will he exempt,
both as to principal and interest, from all taxation except surtaxes, estate and
jt inheritance taxes and excess-profits and war-profits taxes; the interest on bonds
i up to $5,000 of principal amount under one ownership will be exempt from all taxes.
Applications will be received at the Federal reserve banks and branches,
I and at the Treasury Department, Washington, D. C.

Banking institutions generally

will handle applications for customers, but only the Federal reserve banks and
the Treasury Department are authorized to act as official agencies.
Although reservations are made concerning the basis for allotting sub­
scriptions,

it is the present intention of the Treasury to allot all subscriptions

in full.
On October 12, 1933, about $1,875,000,000,

or 30 per cent, of the out­

standing Fourth Liberty Loan bonds were called for redemption on April 15, 1934,
the bonds called being those bearing serial numbers ending with the digit
1.
i

9, 0

or

Such serial numbers in the case of permanent coupon bonds were preceded by the

distinguishing letters J, K or A, respectively, corresponding to the final digits.
At the time of the call a new issue of Treasury bonds of 1943-45 was offered for
subscription and made available for exchange for the called bonds.

About

$872,000,000 of the called bonds were exchanged for the new Treasury bonds before
closing on December 2.

The remaining called bonds will be due for payment on

April 15,
Holders of these outstanding called Fourth Liberty Loan bonds may now
exchange them for the new Treasury bonds, but prompt action on the part of holders
is essential.

If called bonds have already been surrendered for redemption they

will be accepted for exchange upon request in proper form, but applications must
be made through the same channels used when the called bonds were presented for
redemption.

Uncalled Fourth Liberty Loan bonds may not be exchanged for the issue
0

of Treasury bonds now offered.

4

- 3 Holders of Treasury notes of Series A-1934, maturing May 2, 1934,
who desire to take advantage of this exchange offering, also should act
promptly.
The text of the official circular offering 3—1/4 per cent Treasury
bonds of 1944—46 follows;

k
Treasury Department Circular No. 508, April 4, 1934.
(Public Debt Service)
The Secretary of the Treasury invites subscriptions, from the people of
the United States, at par, for three and one— quarter per cent Treasury bonds
of 1944-46, of an issue of bonds of the United States authorized by the Second
Liberty Bond Act, approved September 24, 1917, as amended, in payment of which
only Fourth Liberty Loan 4—l/4 per cent bonds of 1933—38 (hereinafter referred
to as Fourth 4-l/4*s) called for redemption on April 15, 1934, and Treasury
notes of Series A—1934, maturing May 2, 1934, may be tendered.

The amount of

the issue will be limited to the amount of such called Fourth 4-l/4*s and
Treasury notes of Series A —1934, tendered and accepted.

Fourth 4—l/4!s not

called for redemption on April 15, 1934, may not be tendered under this circular,
DESCRIPTION OF BONDS
The bonds will be dated April 16, 1934, and will bear interest from that
date at the rate of three and one-quarter per cent per annum, payable on October
15, 1934, on a semiannual basis , and thereafter semiannually on April 15 and
October 15 in each year until the principal amount becomes payable.

They will

mature April 15, 1946, but may be redeemed at the option of the United States
on and after April 15, 1944, in whole or in part, at par and accrued interest,
on any interest day or days, on four months* notice of redemption given in
such manner as the Secretary of the Treasury shall proscribe.

In case of

partial redemption the "bonds to "be redeemed will "be determined "by such method
as may "be prescribed by the Secretary of the Treasury,

Prom the date of re­

demption designated in any such notice, interest on the bonds called for re­
demption shall cease.
Bearer bonds with interest coupons attached and bonds registered as to
principal and interest will be issued in denominations of $50, $100, $500,
$1,000, $5,000, $10,000, and $100,000,

Provision will be made for the inter­

change of bonds of different denominations and of coupon and registered bonds
and for the transfer of registered bonds under rules and regulations prescribed
by the Secretary of the Treasury,
The bonds shall be exempt, both as to principal and interest, from all
taxation now or

hereafter imposed by the United States, any State, or any of

the possessions of the United States, or by any local taxing authority, except
(a)

estate or inheritance taxes, and (b) graduated additional income taxes,

commonly known as surtaxes, and excess-profits and war-profits taxes, now or
hereafter imposed by the United States, upon the income or profits of individual
partnerships, associations, or corporations.

The interest on an amount of bonds

authorized by said act approved September 24, 1917, as amended, the principal of
which does not exceed $5,000, owned by any individual, partnership, association,
or corporation, shall be exempt from the taxes provided for in clause (b) above.
The bonds will be acceptable to secure deposits of public moneys, and will
bear the circulation privilege only to the extent provided in the act approved
July 22, 1932, as amended«

They will not be entitled to any privilege of

conversion«
The bonds will be subject to the general regulations of the Treasury De­
partment, now or hereafter issued, governing United States bonds.

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

Banking institutions generally will

handle applications for subscribers, but only the Federal reserve banks and the
Treasury Department are authorized to act as official agencies*
Subject to tho reservations contained in the next succeeding paragraph, all
subscriptions will be allotted in full.
The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, and to allot less than the amount of bonds applied for and
to close the books as to any or all subscriptions or classes of subscriptions at
any time without notice; the Secretary of the Treasury also reserves the right
to make allotment in full upon applications for smaller amounts and to make re­
duced allotments upon, or to reject, applications for larger amounts, to make
classified allotments or to make allotments upon a graduated scale or to adopt
any or all of said methods or such other methods of allotment and classification
of allotments as shall be deemed by him to be in the public interest; ard his ac­
tion in these respects shall be final.

Allotment notices will be sent out

promptly upon allotment, and the basis of the allotment will be publicly announced
PAYMENT
Payment for any bonds allotted may be made only in called Fourth 4-l/4»s,
which will be accepted at par, with no adjustment of interest, or in Treasury
notes of Series A-1934 (with coupon dated May 2, 1934, attached), which will be
accepted at par with an adjustment of accrued interest as of April 16, 1934,
and should be made when the subscription is tendered, except that Fourth 4~l/4*s
which have previously been surrendered for redemption on April 15, 1934, in
accordance with the provisions of Department Circular No* 501, will be

•• 6 *•
accepted as payment upon recmest in proper form of the owners thereof, such
In s c r i p t i o n s to he presented through the same channels as were the called
W s

when surrendered for redemption.

If any subscription is rejected, in

whole or in part, any called .Fourth 4-l/4*s which may have been tendered and
not accepted will be held for redemption and any .Treasury notes of Series
A-1934 which may have been tendered and not accepted will bo returned to the
subscriber.
surrender

of

called fourth

4-1/ 4*s

OH EXCHANGE SUBSCRIPTIONS

Surrender of coupon bonds^ - Called Fourth 4-l/4*s in doupcm form tendered
m

exchange for Treasury bonds issued hereunder, should be presented and sur­

rendered to a Federal reserve bank or to the Treasurer of the United States and
should accompany the application (unless such called Fourth 4-l/4*s have already
been preoented for redemption on April 15, 1934, in accordance with the pro­
visions of Department Circular Ho. 501).
expense and risk of the holder.

The bonds mast be delivered at the

Facilities for transportation of bonds by

registered mail insured may be arranged between incorporated banks and trustcompanies and the Federal reserve banks and holders may take advantage of such
arrangements when available, utilizing such incorporated banks and trust companies
as their agents.

Incorporated banks and trust companies are not agents of the

United States under this circular.

Coupons dated October 15, 1934, and all

coupons bearing dates subsequent thereto, mast bo attached to coupon bonds when
presented.
— — r'G'
nc^G.
r

registered bonds. - Called Fourth 4-l/4*s in registered form

tendered in exchange for Treasury bonds issued hereunder, should be assigned by
the registered payee or assigns thereof to "The Secretary of the Treasury for
exchange for Treasury bonds of 1944-46", in accordance with the general regula­
tions of the Treasury Department governing assignments for transfer or exchange,

- 7 and thereafter should he presented and surrendered with the application to a
Federal reserve hank, or to the Treasury Department, Division of LoPns and
Currency, Washington (unless such called Fourth 4~l/4*s have already been
presented for redemption on April 15, 1934, in accordance with the provisions
of Department Circular No. 501).

The bonds must he delivered at the expense

and risk of the holder,
GENERAL PROVISIONS
As fiscal agents of the United States, Federal reserve hanks are author­
ized and requested to receive subscriptions and to make allotments on the basis
and up to the amounts indicated by the Secretary of the Treasury to the Federal
reserve banks of the respective districts.

After allotment and upon payment

Federal reserve banks, may issue interim receipts pending delivery of the
definitive bonds.
Any further information which may be desired as to the issue of Treasury
bonds under the provisions of this circular may be obtained upon application to
a Federal reserve bank or branch, or to the Treasury Department, Washington*
The Secrotary of the Treasury may at any time, or from time to time, prescribe
supplemental or amendatory rules and regulations governing the offering and the
exchanges hereunder.

Following is a report by districts of income tax deposits by col­
lectors including, however, approximately five million dollars of special
dividend taxes collected in March:
Boston ..
Hew York
Philadelphi
Cleveland
Richmond ....
Atlanta .....
Chicago ......
St. Louis ....
Minneapolis...
Kansas City...
Dallas ......
Sen Francisco
Tot?1± • ••

$ 2 1 ,0 3 5 ,4 9 2 ;5 1
8 8 ,5 2 6 ,4 4 8 .3 1
1 9 ,1 6 6 ,7 9 4 .1 1
1 5 ,5 8 7 ,6 6 7 .7 8
1 3 ,5 5 3 ,9 5 8 .0 1
6 ,5 4 9 ,4 6 0 .7 7
3 4 ,9 2 3 ,1 4 3 .1 0
5 ,6 0 0 ,2 4 6 .2 8
3 ,2 2 5 ,4 0 9 .2 1
5 ,9 7 9 ,2 4 1 .3 0
5 ,4 4 9 ,3 3 4 .1 8
1 6 ,2 8 1 ,4 0 8 .7 6
$ 2 3 5 ,6 7 8 ,6 0 4 .7 6

til

those

ted on

inc^ffs, during the

the same basis
/
calendar ;®ear 1933, o

ns

fi

|wr— ^-~rr

Following is a tahul ated report of March payments as reported byjcollectors:
COLLECTIONS 0? INCOME TAXES
191*3 Returns

1932 Betten»

Cprporation (part paid)

«2,386» W * . 35

58.075.698.29

M M
Corporation (fall paid)

9,8l4.4l4.44

6. 725.694.37

Total (Corpé carrent retaras)

92. 200. 85g.79

62,801,192.86

10*40 Returns (part paid)

71, 453, 200.67

59.O97.276.38

10*40 Returns (fall paid)

38,313.351.72

2 9 . 501 .961.30

109,766,752.19

8 8 . 599 .235.68

Total (10*40 carrent retaras)

10*40-A Seturns (part paid)
10*40-A Returns

(fall paid)

Total (10*40-A current returns)

Total (all current returns)

2, 690, 027.77

3, 293, 266.60

10.2*46,706.08

11,681.663.03

12. 936, 73>».75

16. 976. 689.63

214, 906, 365.73

166, 375, 118.17
n

Total Incoia* Tax:
Current returns
Back taxes

216, 906, 365.73

TOTAL DEPOSITED

230. 368.O89.s 3

15.663.766,10

166, 375, 118.17
10.867.233.21.

177, 262, 351.38

TP.EASUP.Y DEPARTMENT
Washington

Press Service
Ho. i -

The Treasury today made public a preliminary report of income tax
collections for the month of March, based on telegraphic reports from Collectors
of Internal Revenue.
come tax — 1
lectors.

At the same time there was made public a report of in-

s&& by districts made to the account of the Treasury by col­

The report by districts exceeds by approximately five million

dollars the classified report of collections due to the fact that the deposits
include collections of the emergency tax on dividends which was in effect from
July 16 to December 31.
Total collections for the month were $230,348,089.83, a.s compared to
$177,242,351.38 for March, 1932.

Total collections for March on current re­

turns, that is those for the year 1933, were $214,904,345.73 as compared to
$166,375,118.17 for March, 1932,

Back taxes collected during the month were

$15,443,744.10 as compared to $10,867,233.21 for 1932.
Personal income tax payments on the 1040-A class of return (incomes -under
$5,000) show a decrease to $12,936,734.75 for the tax year 1933 as compared to
$14,974,689.63 for the tax year 1932.

Payments on the 1040 returns, however,

($5,000 or greater) increased to $109,7^6,752.19 from $88,599,235.68 for 1932.
Corporation taxes also increased to $92,200,858.79 from $62,801,192.86.
adding
cash payments widuld i^Licate total collections!fo^Che year on all returns
filed as approxirn^^ly $684,000,000.
returns p

n

.

f

f

These figures, however, do not include
f

o

j

c

j

X

, except

TREASURY DEPARTMENT
WASHINGTON

Immediate Release
Wednesday, April 4, 1934.

Press Service
No. 1 - 5 5

The Treasury today made public a preliminary report of income tax
collections for the month of March, based on telegraphic reports from Collectors
of Internal Revenue.

At the same time there was made public a report of in­

come tax deposits by districts made to the account of the Treasury by col­
lectors.

The report by districts exceeds by approximately five million dollars

the classified report of collections due to the fact that the deposits include
collections oi the emergency tax on dividends which was in effect from July 16
to December 31,
Total collections for the month were $230,348,089.83, as compared to
$177,242,351.38 for March, 1932.

Total collections for March on current re­

turns, that is those for the year 1933, were $214,904,345.73 as compared to
$166,375,118.17 for March, 1932.

Back taxes collected during the month were

$15,443,744.10 as compared to $10,867,233.21 for 1932.
Personal income tax payments on the 1040-A class of return (incomes
under $5,000) show a decrease to $12,936,734.75 for the tax year 1933 as com­
pared to $14,9.74,689.63 for the tax year 1932.

Payments on the 1040 returns,

however, ($5,000 or greater) increased to $109,766,752.19 from $88,599,235.68
for 1932.

Corporation taxes also increased to $92,200,858.79 from $62,801,192.86.
Following is a tabulated report of March payments as reported by

~ 2 ~
collectors:
COLLECTIPUS OF INCOME, TAYES
Deposited Mar.l~31, 1934

Back Corporation .......... .
Back Individual ............
Total (Back taxes) ...... .

Deposited Mar. 1-31,1932

1932 and Prior Years
$7,747,320.53
7,696,423.57
$15,443,744.10

1933 Returns
Corporation (part paid)
Corporation (full paid)

1931 and Prior Years
$6,772,677.71
4,094,555.50
$10,867,233.21

1932 Returns

82,386,444.35
9,814,414.44

58,075,698.29
4,725,494.57

Total (Corp,current returns)1 92,200,858.79

62,801,192.86

1040 Returns (part paid)
1040 Returns (full paid)

71,453,200.47
38,313,551.72

59,097,274.38
29,501,961.30

109,766,752.19

88,599,235.68

1040-A Returns (part paid)
1040-A Returns (full paid)

2,690,027.77
10,246,706.98

3,293,246.60
• 11,681,443.03

Total(1040-A current returns)

12,936,734.75

14,974,689.63

Total (all current returns)

214,904,345.73

166,375,118.17

Total Income Tax:
Current returns
Back taxes

214,904,345.73
15,443,744,10

166,375,118.17
10,867,233.21

TOTAL DEPOSITED

230,348,089.83

177,242,351.38

Total (1040 current returns)

Following is a report By districts of income tax deposits By collectors
including, however, approximately five million dollars of special dividend
taxes collected in March:
Boston ......... ........ $ 21,035,492.51
New York ...............
88,326 ,448.31
Philadelphia ...........
19,166,794.11
Cleveland ••••.... .
15,587,667.78
Richmond ...............
13,553,958.01
Atlanta
6,549,460.77
Chicago ................
34,923,143.10
St. Louis ..............
5,600,246.28
Minneapolis
3,225,409.21
Kansas City ............
5,979,241.30
Dallas ............. .
5,449,334.18
San Francisco ••••••.•••
16,281,408.76
T o t a l ........ .
$235,678,604.76

TREASURY DEPARTMENT
WASHINGTON
POR RELEASE TO
MORNING NEWSPAPERS
MONDAY, APRIL 9, 1934.

Press Service
^o. i _ 56

Exchange subscriptions amounting to about $550,000,000 had been received
up to the close of business on Saturday for the new series of 3 l/4 per cent
10-12 year bonds to be issued on April 16, Secretary of the Treasury Morgenthau
announced today.
Securities which may be exchanged for the new bonds are Fourth Liberty Loan
bonds which have been called for redemption April 15 and Treasury Notes of
Series A-1934, maturing May 2.
these two securities only.

The new bonds may be obtained in exchange for

There will be no cash sale.

"While applications for exchange have been coming in with gratifying
promptness," said Secretary Morgenthau, "it is possible that some holders of
the securities eligible for exchange, particularly holders of the called Fourth
Liberties, may not realize fully the advantages of making the exchange.

It is

probable also that some holders of the Fourth Liberties have not noticed that
their bonds have been called for redemption on April 15 and that payment of
interest on them will cease on that date.

It is important to them that they

should not overlook the advantages of conversion..
"In view of the attractiveness to investors of the exchange offering, both
securities are being quoted at substantial premiums.

These premiums will of

course vanish when the opportunity to make the exchange terminates within the
next few days.

The Treasury is concerned that none of the holders of these

securities shall suffer a loss because of lack of information."
The Treasury notes eligible for exchange are the entire series A-1934 of 3
per cent Treasury notes maturing May 2, amounting to $244,234,600.

The Fourth

Liberty Loan bonds called for redemption amount to about one billion dollars
out of a total of approximately $5,367,000,000 outstanding.

They consist of all

Fourth Liberty Loan bonds whose serial numbeis end with the digit 9,0 or 1.

DISTILLED LIQUORS AND WINES
IMPORTATIONS, DUTIES COLLECTED, AND STOCKS IN CUSTOMS BONDED WAREHOUSES
DECEMBER I933 - MARCH I 934, Incl,

Deoember
I933

January
I 934

February
I934

Maroh**

2,723,162

I934

Totals
Deo* - Mar*
1933 1934

DISTILLED LiaUORS (Proof Gallons)$

Stock in Customs Bonded Ware­
houses at beginning of month
Total Imports
Available for Consumption
Entered into Consumption
Stock in Customs Bonded Warehouses at end of month

40,111*

650,256

40,111*

1,403,860
753*604

2*185*957

620,021

1*565*936
1*739*040
3*304,976
581,814

650,256

1 *565,936

2 ,723*162

3*306,983

3,306,983

276 ,714 * 1 *403,588
1 ,861,301
615*655
2,138 ,0 15
2 ,019,243

1,485,054

1.894.070
540,000
2.434.070

276,714*
3*913,848
4,190,562

1*535*701

1,112,907
3 ,836,069

5*751*397
5*791*508

5 2 9 ,0 8 6

2,484,525

WINES (Liquid Gallons)*
Stook in Customs Bonded Ware­
houses at beginning o f month
Total Imports
Available for Consumption
Entered into Consumption

896,892

734,427

534,189

2,381,946
487,876

1 ,403,588

1 ,485,054

1 ,894,070

Liquors
Wines
Sparkling
Still

$3,721,139

$3 ,071,268

$2,887,952

801,648
751,024

304,662
604,265

274,098
552,698

Total

$5*273*811

$3 ,980,195

$3*714,748

Stook in Customs Bonded Warehouses at end of month

370,559

2 ,063,511

2*127,051
2 ,0 6 3 ,5 1 1

DUTIES COLLECTED ON—
$2,652,588 $12,332,947
205,735
427,443

1*586,143
2,335,430

$3*285,766 $16,254,520

* Stocks of distilled liquor and wine in bondedi warehouses on Deoember 1 * I933* comprise a
book inventory only, the aceuraoy of whioh is somewhat problematical. Exact figures are
being compiled and will be supplied as soon as available*
♦»Preliminary figures; subject to slight correction*
PREPARED BY
DIVISION OF STATISTICS AND RESEARCH
BUREAU OF CUSTOMS
TREASURY DEPARTMENT

TREASURY
DEPARTMENT
Washington

F O R RELEASE, M O R N I N G N E W S P A P E R S ,
TUESDAY, A P R I L 10, 1934.

P r ess Service
No. 1 - 5 7

I M P O R T S OF D I S T I L L E D L I Q U O R S AND WINES

The f o l l o w i n g t a u l a t i o n shows i m p o r t a t i o n s of
d i s t i l l e d l i q uors and w i n e s for December, 1933, January,
F e b r u a r y and March, 1934, together w i t h duti e s collected
and stocks in C u s t o m s B o n d e d warehouses:

d e c e i v e d

*

OFFICE OF THE COMMISSIONER OF CUSTC^ISEASUfihY O'gjPARTMENT

APR 7

¡934

O ffice o f

ASST. SECY. GIBBONS
April 7, 1934.

I

TO ASSISTANT SECRETARY GIBBONS
FROM MR. DOW:
There is attached a table showing total importations of
distilled liquors and wines for each of the four months since
the repeal of the Eighteenth Amendment, the amounts which ac­
tually entered consumption, together with duties collected

Aval

thereon and the stocks remaining in Customs bonded warehouses.
The figures for March may be subject to slight change when
final reports are made.

I

m
TREASURY DEPARTMENT
Washington

I

PTJ EOR RELEASE, MORNING NEWSPAPERS,
TUESDAY, APRIL 10, 1934.

Press Service
No. 1 - 57

IMPORTS OF DISTILLED LIQUORS AND WINES
r

The following tabulation shows importation of distilled
liquors and wines for December, 1933, January, February and March,
1934, together with duties collected and stocks in Customs Bonded
warehouses:

December
1933

J anuary
1934

February
1934

**
March
1934

Totals
Dec. - Mar*
1933
1934

DISTILLED LIQUORS (Proof Gallons):
Stock in Customs Bonded Warehouses at beginning of
month
40,111*
Total Imports
1 ,363,749
Available for Consumption
1 ,403,860
Entered into Consumption
753,604
Stock in Customs Bonded Warehouses at end of month
650, 256

650, 256
1,535,701
2,185,957
620,021

1,565,936
1,739,040
3,304,976
581j814

2,723,162
1,112,907
3,836,069
529! 086

40,111*
5,751,397
5,791,508
2,484,525

1,565,936

2,723,162

3,306,983

3,506,983

1,403,588
615,655
2,019,243
534,189

1,485,054
896,892
2,381,946
487,876

1.894.070
540,000
2.434.070
370,559

276,714*
3,913,848
4,190,562
2,127,051

1,485,054

1,894,070

2,063,511

2,063,511

WINES (Liquid Gallons):
Stock in Customs Bonded Ware
houses at beginning of
month
276,714’
Total Imports
1,861,301
Available for Consumption
2,138,015
Entered into Consumption
734,427
Stock in Customs Bonded Ware­
houses at end of month
1,403,588
?

DUTIES COLLECTED ON—
Liquors
Wines
Sparkling
Still
Total

$3,721,139
801,648
__ 751,024
$5,273,811

$3,071,268 $2,887,952
304,662
604,265

274,098
552.698

$3,980,195 $3,714,748

$2,652,588 $12,332,947
205,735
427.443

1,586,143
2,335.430

$3,285,766 $16,254,520

* Stocks of distilled liquor and wine in bonded warehouses on December 1, 1933,
comprise a book inventory only, the accuracy of which is somewhat problematical!
xact figures are being compiled and will be supplied as soon as available.
** Preliminary figures; subject to slight correction.

«isninmi

M í KILIAS8, M M jm FA®

Pr®«» torvi»-

Í » 8 i i f f. April 1#*.

Sssrotory «f tb* f M W f Morc«Rtíia*i

today, (April S, 1984} tbat

toe toolows f e r t » s t r i e » e f 7r«e«öry MU## te b© dated A pril 11, Ü Ü ¿ «biefe J
«•re

offered

cm April 6» ««pe m

l

»t tb«

federal reserva banks

«

A pril §»

1084.
TsAdsr* «er« invitad for tb« toe « r i « « to fbe aggregato aswtmt of #100,000,$
or tbereabemto,

usi #080,007,000

«o» applied fer» of «Mob $100,488,000 «es ace«?t>

Tb« dotadle of the t«o atrio s ero eo follows:
s i - b it fm & m m m i s * m m m m

m r u« a m

Per liti sorto«» «Meli «os for $80,000,000, or tfeereetonita, toe total aoeeatj
applied for «a* $188,886,000 of «gtielt #60,807,000 m i eeooptod« Hoopt for eat

J

bid of f©O6,OO0, tbs aesoptod bids roagod to pries fro» W .W f$ oqMvaloat to » |

I

rato of about 0«O6 por ©ant per w n , to 00*080, oooiwloat to a rate of stoat |

0.08 por soot per « » » «* a beak dloaera&t basis« Only port of tos wm m t bid |
for a t tbs totter prior «as aeeaptod.

fto

«vere®» prie#

of

froesary

M U « of

tolo serios to bo Issued is 9t«98S sod tbs average rato Is about O«07 por csat
par aßHUffi oo a bank discount basis«

188-pat m à « r r b ix u « i ii r # » <m m m

10,

isst

fo r t o t s so rto «» «bleb « o for #00,000,000» or tborostoato, tbs totol
tor M

applied

#149,811,000, it

tblck #80,888,000 m a accepted.

mmmw

* » aew**« * f

annuls, to 98.903, equivalent to • ra t« of about 0.1» por « s t pm annua, en a
took discount Paata,

Qaly part of the m a t 814 fo r a t the la tte r p r i c e »
<§

accepted,

Vm arara«« p rim of Treamry M ila of th ie eerie» to i t lamed la

J

99.908 and Ms arem«» rata to about 0 .1 8 pm coat pm annua oa a beak dlecouat
beodo*

1

TREASURY DEPARTMENT
WASHINGTON
EOR RELEASE, MORNING PAPERS,
Tuesday, April 10, 1934.

Press Service
No. 1 - 58

Secretary of the Treasury Morgenthau announced today, (April 9, 1934) that
the tenders for two series of Treasury hills, to he dated April 11, 1934, which
were offered on April 6, were opened at the Eederal reserve hanks on April 9,
1934.
Tenders were invited for the two series to the aggregate amount of
$100,000,000, or thereabouts, and $330,037,000 was applied for, of which
$100,482,000 was accepted.

The details of the two series are as follows:

91— DAY TREASURY BILLS, MATURING JULY 11, 1934
Eor this series, which was for $50,000,000, or thereabouts, the total amount
implied for was $182,226,000 of which $50,257,000 was accepted.

Except for one

hid of $505,000, the accepted bids ranged in price from 99.987, equivalent to a
rate of about 0.05 per cent per annum, to 99.980, equivalent to a rate of about
0*08 per cent per annum, on a bank discount basis.
for at the latter price was accepted.

Only part of the amount bid

The average price of Treasury bills of

this series to be issued is 99.982 and the average rate is about 0.07 per cent
per annum on a bank discount basis.
182-DAY TREASURY BILLS, MATURING OCTOBER 10, 1934
Eor this series, which was for $50,000,000, or thereabouts, the total amount
applied for was $147,811,000, of which $50,225,000 was accepted.

The accented

bids ranged in price from 99.914, equivalent to a rate of about 0.17 per cent per
annum, to 99.903, equivalent to a rate of about 0.19 per cent per annum, on a
bank discount basis.
accepted.

Only part of the amount bid for at the latter price was

The average price of Treasury bills of this series to be issued is

99.908 and the average rate is about 0.18 per cent per annum on a bank discount
basis

« f i « ! S En d M U XS
H S ilW C l

f m m

Marvin

1
S *« w ta r y « f t t o tmmmw S® ® psS«s «saauaeto iN t « f th at
t t o ir ts p fiftitiis tostai f « r I t o « m
In M Q
&s

m

M

t o ffe rin g ; « f 8 -1 / 1 p t «est

i ®f IStoto® « i l i « I mm * ftortoagr* A p r ii 12# IS S I*

toe d« s *? >>• to to ia to o n ly la «M to a g « I e t f e « H lib e rty

tosa to a d * « a lit o I t o rto e a p tio a o® A p r ii 15 * 1S®4# «ad tataMMQr
noto» « f t o r i« « 1*1894# a a tu ria g la y % M U » »

I t o Fourth lib e rty

to ta toa d« « to lto f « f r t o « B fii« a m A p r ii 1 % « a l mm « e h * * §§•
able te r t t o s e t frM ueuty tosto# tonar t * ? t * I « s t o r i eaàiag to
ito d ig it 9 , % o r 1 *
S a to a rip tio a s p l« « to la it o a to l to fts *« IS e'eletóc, a lfa ifh t,
fta rtto y # A p r ii 1 % *® «he*® i f p a ti © I t t i* « ta ttilc tto a » t o l l

to s t iiilif f s i » àttoag beat «ai«rto to fsre lìti eia*« || Ito
• u to a r ip tie * boato»
Sutoeription* amounting to about 1625,000,000 tod been reeeiTto up to the close of business « Monday, April 9,

TREASURY DEPARTMENT
WASHINGTON
EOR RELEASE, MORNING- NEWSPAPERS,
TUESDAY, APRIL 10, 1934.

Secretary of the Treasury

Press Service
No. 1 - 59.

Morgenthau announced today that the sub­

scription hooks for the current offering of 3-1/4 per cent Treasury bonds
of 1944— 46 will close Thursday, April 12, 1934.

The new bonds m y

be

obtained only in exchange for Fourth Liberty Loan Bonds called for redemption
on April 15, 1934, and Treasury notes of Series A-1934, maturing May 2, 1934.
The Fourth Liberty Loan bonds called for redemption on April 15, and now
exchangeable for the new Treasury bonds, bear serial numbers ending in the
digit 9, 0, or 1.
Subscriptions placed in the m i l before 12;00 o*clock, midnight,
Thursday, April 12, as shown by post office cancellation, will be considered
as having been entered before the close of the subscription books.
Subscriptions amounting to about $625,000,000 had been received up to
the close of business on Monday, April 9.

J^vo

'-¡fry
di\JL\r

U)
Vr~- |€>

^

a

}i*f
)vo

1 —'

Jfy

40

i <?

A f i n ding

of dumping

c o v ering rye g r a i n imported

f r o m P o l a n d is n o t justified,

according

t o day by the S e c r e t a r y o f ^ T r e a s u r y •

to a ruling made

The T r e a s u r y decision

w as m a d e after c o n f e r e n c e w i t h the D e p a r t m e n t of Agricul­
ture on c h a rges t hat the rye imports w e r e in v i o l ation of
the A n t i d u m p i n g A c t of 1921.
”A f t e r i n v e s t i g a t i o n and c a r e f u l c o n s i d e r a t i o n of
the e v i dence p r e s e n t e d ” , the S e c r e t a r y * s r u ling reads, ffI
h a v e r e a c h e d the c o n c l u s i o n that a f i n ding
r e s p e c t to r ye g r a i n f r o m P o l a n d

is n o t

of dumping with

justified.”

T r e a s u r y a c t i o n was s u p p o r t e d b y an opinion of the
S e c r e t a r y of A g r i c u l t u r e that imports of rye f r o m Poland at
the p r e s e n t time are n o t l i kely to a f f e c t significantly the
A m e r i c a n r y e producer.

A l l the i n d i c a t i o n s are that there

are v e r y small stocks of rye in the h a n d s
p r e s e n t time,
Moreover,
not,

according

of farmers at the

to the D e p a r t m e n t of Agriculture.

an i n c r e a s e in the d u t y on rye f r o m Poland would

in the o p i n i o n of that D e p a r t m e n t ,

re l i e v e United

S t a t e s m a r k e t s of p r e s s u r e of f o r e i g n supplies.

There

w o u l d r a t h e r be a t e n d e n c y toward a shift to imports from
o t her

sources of supply,

it w as held.

TREASURY DEPARTMENT
WASHINGTON

POR RELEASE, MORNING NEWSPAPERS
WEDNESDAY, APRIL 11, 1934
4 - 10 - 1934

Press Service
No. 1 - 60

A finding of damping covering rye grain imported from Poland
is not justified, according to a ruling made today by the Secretary o
the Treasury.

The Treasury decision was made after conference with

the Department of Agriculture on charges that the rye imports were
in violation of the Antidumping Act of 1921.
"After investigation and careful consideration of the evi­
dence presented", the Secretary’s ruling reads,

"I have reached the

conclusion that a finding of dumping with respect to rye grain from
Poland is not justified."
Treasury action was supported by an opinion of the Secretary
of Agriculture that imports of rye from Poland at the present time
are not likely to affect significantly the American rye producer.
All the indications are that there are very small stocks of rye in
the hands of farmers at the present time, according to the Department
of Agriculture.

Moreover, an increase in the duty on rye from Poland

would not, in the opinion of that Department, relieve United States
markets of pressure of foreign supplies.

There would rather be a

tendency toward a shift to imports from other sources of supply, it
was held,

ion c o m m s m
(For registered bond* oso form PD 1383)
treasury Department
Public Debt Service
Form PI) 1381

§

FOBM 0P ADVICE TP ACCDMPAHt CALLED FOURTH LIBERTY LOIE 4-1/4 P l H O T f 8QMD3
(FOURTH 4-1/4 *S) If COUPON fOM PRESENTED ftB RIDUMIOH 01 OCfOM 15, 1934 !
To the Foderai Reserve Bank of
______ ______ »
03?
Treasurer of the United State*, Washington, D* €*i

||

Pursuant to the provision* of Treasury Departrmnt Circular No. 509, dated
April 13, 1034, tb® undersigned preseat* and surrenders he reel th for redemption

on October 15, 1934, I
bond* In coupon fora, with

coupon

due

April

face amount of Fourth Liberty Lean
15, 1935, and all subsequent coupons

attached, a* followss

Humber of bond*

Denomina­
tion

Serial numbers of bonds

face amount
js

-- -------------

-----— — ——— ——

---------------------------------

----- -----

150--------- -- --------- 1--- --- - I
100 --------- ------ ------------------ --- --------- '
500 ----- ---------- ----* ------- '
1,000 — —■*— — *r——Tr—
1*4
5,000 — — --------- ------ ----10,000

100,000

-------------------------------- —

------ —

— —

----------------------------- —

---- —

—

--------—

------------------------------------- *

«—

— —

Yotal— -— — — --------- — ---- — — — — —
— **•
and requests that remittance covering payment therefor be forwarded to the under»
signed at the address indicated below*
Signature — — — — --- — — — — — —
Marne (please print)— — — — *— ***— —

—

Address in full — — — — — — ^•***— ** 1
Date

FOB « I f f l » BOT3S

(f o r coupon bond# us® Fows FD 1381}

Treasury Department
p u blic Debt S o rrise
T o m FD 1382

9fíau

TCH“ w

ànwTrM

to

àœ ùW àm

C ä I X E D FOtJHTH USflfflr I M

»W

wsshwsb

4-1/4 FH»

fos

CW f T O D S
of «

OCTQBKR 1 8 , 1 9 3 4 .
To the Federal Beserre Ban* of
trea-or/Lpert-oat. Ditielon of i w * Old C w r e n o y .

* * * * * * D.

C.i

j_____ .« to too provisions of Treasury «apartment Clroolar Bo. SQ9, tet.4

Afftl

1»,

l®»»

2

.
** *r

« ______*,« é»i «irreuders herewith for redemption
, face amouat of Fourth liberty

88___ ____________—

L o a n ° b l i a la’regl.terei for», i n s c r i b e d ^ the aa»a of
|twi .. .

Number o f bondi

..»raiiai.»>»iei»a»<»i»wiwxw.»

S e r ia l nimbera ©f bonds

Deiìosolna—

fa«® ^

—

--

-

tien

Ï

O n e s t o that remittance ooverln* W

t

therefor he f o r c e d

to the

signed at the address indicated below.
„ J
Signature----------- -----*
nem

(please print)«

. «»__ée*

Ostata» 18, 1*84, «ili t » « * » i * « ® t pajmont of
ai»

1«

à“ ‘
particularly important citharoepeot to ragiotorod tanda, for
^ o t l . « t e mtil W W » « »
»toll t a f tao» di.clmrgta

a t tb# tMNMMtf Dap*rt«»nt#
a
t %, « ì l i «spedite Miautyiio® i f bond# ia ò la é» 4 ia tà# eecaaà
t . n fó r p a r t ia l r e d a c t io n aro prooentod to indorai Rooorro tank or
Branchen, a»« not d ir e c t to t i » Trooeury Department.

8,

As horolBbofor» provided: (1) eoapoa» du» tatober 18, 1984, should
say norsmnent eoupoa toaos iaoludod la this eseoud oiul

I» d„ÍLh«S S o m

for partial ¡l i l i 5tira »hsn sued toads aro presented for redemption on that

to b . eo lleo ta d - t a » duej end (S) f i n a l In te re » ! du. on
any re g iste re d bonde included in th is eeoond
ta ^ ® 1
to.
•»tu iM « « ié tir c&eek i ##a#â ia reg u la r eat*«#« Aeeordiagxy» q&tiy
« « Tt t í y Ä
S e t the £ 2 e a t o f « « 1 1- t . r . e t due on October

1®,
n.

X9H#
w m m n

imoaiATio»

Any fu rth e r inform ation sfcloh may ba dacired
* **
radanotioa o f fou rth d -l/ 4 's «Oder Id le e lr c u la r may be obtained from nay
rad erai Resarce Beak or Branch, o r from the Troneury Department, ftasfaingtoa,
d! T
- t a S ^ p i S o f t h . Tree our y D ^ ^ n t U r o ^ U ^ « ^ . r ^ « ~ e i «amónte may a ls o be obtained, the »Secretary o f th e treasu ry
t i S T o r from time t o tim e, p rotid e eapplemental o r amsadatory ru les sad
regulation# g e w a ia g tfe* a
m m m i by t i t s « ir o u la r .

m m t
M

liifQWACT M .

-

hn

H

wwævRBàB* $%*

m u v

o f t b o tSWNMWigy*

f o w m 4- i / 4 ’3 Ca i l e d roß

m arnior

i»S 4 ," Ä t i U 3 u p ra w n s * 1 1 1 i«
¡ S

mw »
p iiT fic m .

18, 1984, MS THE IHSTBUCTIOHS 0X92« 18 Wii»
i r AH EXCHAK0S OPPOSTOSIÎT 18 AfTOaDEDt ASB W J® ®

®o b e p B S s a r n » ® s

« oh***,

s m mms> iS rouama.

a s

uomcriosa

In fo r m e tlo a

1»
the ^ U a l « d

.«-«nHOÏ-

o a m

e o n o e m l^

Fourth 4 -1 /4 *a on October 18, 1934, and infermatioa

.» b a n « , i f and «ben o ffe re d , may b , obtained f r o . t h .
and tr u s t oompeniee » m o r a lly . Aa «urne basks end ™
t h a ir f a a l l i t i o s in the m atter o f arran gia« rodempMon
suggested th a t holders o f Fourth 4 -l/ 4 » s w n cu lt t h e ir
company.

?S ^ A «

«m e a r a o f b w k o ^
t '| g g | g ®| 1.
" axtaan«^,
oea tan* or w

* 1 d

to tfea
surrendored*

íM t v m

giren in tfe* form of adela* eeeospaaying tfe# b>nda

§ # 1f tfea regí«tarad feoldar of reoord, or na a«»!gae® halding andar
pjopar aeaigamaat from tfea regí «tarad feolder of raoord, or a doly «> nstitnted
itpTdseatstiTi of n @ l r*gi«tarad feolder ©r aoaignoo, daelrea tfent p&ymeiit
of tfe© priaeipal fe* asad* to lila, tfea feoad» efeould fe* assicaed to "Tfe*
Seo rotar y of tfe* Traaaory for r*d*»ptioaw* la cao* it X® daeirad to fear*
paymant of tfe# r*glai*r*d banda and* to aoaaoa* otfear tfeaa tfe# regí «tarad
feolder of r*eord, witfeoat intaraaáiata nealgunent, tfe« feoaáa «ay fe* aaaigsed
to wTfe# Saeratary of tita fraaaary for radaaptloa for aeco&at of ..... ,.— ....
'

ta anafe ©aaa tita m e and addreaa of tfee paye# for afee*# aaoemat to#
radaaptioa la to fea nado waet fea laa*rted* Aa#igaBt««ta la thi® tmm wm%
fea eonplatad fesfore eelcaoatadgjnaat and aot la ft ia blanfc*
6« ¿aeignmaat la feláde, or otfear easlgnaent feaeiag similar offset,
wlXX fea reeogniaad, feat ia tfeat *e»at paymaut will fe# rmám t© tita parase
eurraaderlag tfea feoad for radamptloa, alsoa andar auoh assignaent tfea feoaás
beodas* ia affaot payabl# to baarar* iiaaigamant# ia blank or a*«igaaaats
feariag similar offset abould fea aroided, if poaalble, ia ordar aot to loa#
tfea proteetion affordaá fey ragiatratioa*
?. Final lataraat dua oa Ootober 16, 1994, oa «ay Foartfe 4-1/4*a
ia reglsterad form, wfelofe ara iaoladaá ia tfea aaeoad cali for partía!
redeaptioa and praaaatad for redaaptiaa o» Oetofear 16, 1934, will fea
paid fey ehaeka U m »4 la regalar o©ara* ia tfea «ama aaaaar aa lf ®«cfe
banda had aot feaaa oallad for radampti«©.

3 . Tran aporta t i o» o f boada* - Banda praaaatad fo r radamptioa aitóar
tfeia aireo l a r a » a t fea d alirarad to a Fed arel ra sa re * baafe or braaefe, or to
tli# fre a a a ry D epartoast, iaafelagtoa, B» 0 « , * t tfea arpeas* and riele o f tfea
baldar* Coapoa boada afeould fe* foraardad fey ragiatared m i l ta s a r a * , or
fey axpraaa prepaid* Hagiatarad boada baering ra a trie ta d aaaigameata «ay
fea forearded fey rag latarad m a lí, feat ragiatarad boada bearlng onrastrieted
aeeigsaanta afeoald fea foraardad fey rag iatarad m ail iaaarad or fey arpraae*
f a e l l l t l a s fo r tra a a p o rta tio a o f banda fey reg iato rad m ail iaaarad mayaba
arramged feataaaa iaeorporatad feafefes and tr a a t osmpaalaa aad tfea Federal
re a e r r* feaidea and feoldara «ay t a le adran tag# o f auefe arrengeasenta «fea»
a r a ila b ia , a t i l i s i a g anafe inoorporatad beaba and t r u s t o í a n l e s a a tliair
agenta* Inoorporatad beaba and tr o a t oompaniaa a ra aot agenta o f tfea
B ailad a ta ta « andar tfeia © ire u la r.
v.

time

ot m m a m n m a? m m m

4-i/4*s

r o a c ptiG*

1, Xa ordar to faellltate tfea radamption of Foartfe 4-1/4J© Inalada*
ia tfea aaeoad aall for partial reden? ti oa oa Batatar 16, 1964, ®Bf
boada may fea praaaatad asá amrroadared la tfea amanar fearala presenten w
adreaoe ©f tfeat data- but aot feefora September 1^,1954* ¿saefe eerly praaentatloa fey feoldara, oa ead aftar Saptaofeer 15,1954, *ad * * U ia edraaea of

nsat
«uul m m M roque»t iteli teak or trust esmfaay to natify thss
whsa iaf ornati, on regardiag «07 ssofeaago offerta« ls r e n i m i ,
{IH Sii® or

ah oraoHAi.

an u os

,is w » ® t s a orna ih ss»
n
i
m
r
o

« ®

3HJ0U3 BS W U 0 « B IH m s S H K S B 0A1U 0 BQHBS W S KXCBU®. )

IT«

m um a® m m iA T io m tm m a s o m m & rtim

fobuc

%

F u i m a a t to thè seeoad eoli for partial redes^tiost, as «et forth la
Seetloa X of ibis circolar, tao fallosi ng ralos end regulativas ero hereby
preserlbed te forerà thè «arrender of Foerth 4- 1/ 4 *« «alle* for redenotton
o» Oetober 13, 1934:

1* Proaeatatioa «ad «arreador of coupon bea&s« - A»y letrtl 4*1/4'«
i* eoapoa fona, «alea ero 1«aladeé la te# seco®* «eli for partisi redemptiea,
«àoelé be pressato* «aé »arrendere* to aay Foderai Beserva Beale, or Braach,
or te thè Treaaurer of thè United State», tashlagtoa, 0« <5., for rede^ption
m Oetober 13, 1934« Uto bende west bo delirerei et thè «apease «ad lisi of
holdera (**•• ParaGraph 8 of ibis acetica) and ahould be aceompaaied by
appropriate «ritte« adrice (8ee Fona P . B « \ì8\ Atteeàed heroto)* Check«
la paymsat of principal «ili be aalled to thè adèrse» firea la thè fora of
«èvie# acccetpaaying thè benda aurreedered*
È* Coapea« dated Oetober 13, 1934, «hieh benone payable oa thet date,
«hoald be detaehed fra» «ny foarth 4-1/4*» laeladed la thè «eeoad eoli for
partial redenptioa before «neh bende are presente* for redenptloa oa Oetober
13, 1934, asá etxeh eoapoas «houli be eolleeted la regalar eoarse «bea da««
111 eoapoae portaiaing to eaeh boa*« hearing date« subeegueat to Oetober 13,
1934, must be attaché* to any «neh bende «bea presente* for redaaptloa, pro*
ride*, hovever, if eay «neh coupon* are nieeiag fron boni« eo presente* for
redemptlea thè boads nererthelees «ili be redense*, but thè fall fase aacaat
of eay «uoh aisaìag coupon» «dii be dedaeted fra» thè payment to be «ad« oa
aecount of «neh redenptioa, and aay aneante «o Sedaste* «111 be feeld la thè
Treeaury to prò«!*« for «djaatneata or refaad« oa aeeount of «neh misslag
eoapoas a» » y subacqueatly be presente*«
3« The final eoapoa attaohed to tenporary e capea bende beeame da# oa
Oetober 13, 1930* The holdere of aay «neh temperary benda «hieh are laeladed
in thè »»eoa* «all for partial redoa$tlea oa Oetober 13, 1934, vili receire
eli past dee interest fron Oetober 13, 1930, «bea thè boads are redea»«*
pursuant to eaeh eall« lay eoapoae no« attaohed to eay «neh tenporery bende
«hool* b# detaehed end eolleeted la regalar eoaree«
*• grasen tatto«. .and ..»arrender of regi etere* bende« - day Foarth 4*1/4* e
la regi «te rad fon*, «hieh are include* la th» sono ad «all for partial redenptioa
nast be assi gn ed by thè regi etere* payees or «««igne tàereef» or by their duly
e oasi 1tate* represen tei ire», in a co ordene« «ith thè generai regalati oas of thè
freaaury Beparteeat governi ag aael gánente, la th# fon» indi ente* la thè aeri
paragrapfc hereof, and ahoald thareafter be preseated end sarreadered to eay
Federad reserve back or braneh, or to thè División of Loans end Curraaey,
freaaury Departuseat, lashingtoa, B# C * , for redenptioa oa Oetober 13, 1934* The
boa*« must be deli vere« et thè expense end rlek of holders (See paregraph 8 of
thie eeetioa) end «hould be accampanied by appropriate «ritte« edviee (Se# Form
F.B*
attaché* bere tei* la all case# check« la paymest of principal «ili be

m ktm jsTi'om in

XI

caxlxd

m m ä u m wmw

X, Fureuant to the firet « I X f&r partial reémptton m Apri X 1 % 1934,
Dopartment Circular lo» ÖÖ1, datad Oetober 12» 1933}» aXX fourth 4-1/4*s
outstandin^ October XI.» 1933» «ere divided lato t«o separate and dietlaet
olasseas ealled boaö«, and uacalled boads« Hereafter m & h Fourth 4-1./4*»
callad for redemptloa m April Xi» X 9 M , shalX be deslgsatsd fl rat ealled / a \
banda* Pureuant to the aeeoad eaXX for partial redemptloa, and effectlre^oa ®
thia dato» all outetaadiag fourth 4-1/4 *» included in the aeeond call for
partial redara pt loa oa De tobar 13» 1934» «til be lacladed ln the clase ef
callad boads aad «ball be designated eecond ealled boads* The Treasury De­
partment and the federal Beeerve Baaks ss fiscal Agent* of the United States,
will observe thie dl vielen of fourth 4-1/4*« Inte ihres c lesees, first ealled.
aeeond ealled. and encallad boads» and bereafter in all transas tiene affeetlng
seeoad ealled and uacalled fourth 4-1/4*s, laclad lag exehanges ef denen! oatiens
exehanges ef ceupon bends for reglatersd boads» exehangea ef regletered boads
for Coupon bonde» and trän «fers of regístered boads j fl) « l y bonds be&riag
distiagulshlng serial aumbers er lottere fallint «libia the d a s s sseond ealled
bonds will be- lssusd upen exehaage er traaefer ef seeoad ealled boads, m ú (2)
ealy boads bearlag distingulshing serial a m b a r e er lettera falliag witbia the
claas uacalled .bonds «111 be ieeued upen exehaage er traaefer cf uacalled, baniy.
irehanges er transiera an beteten seeoad ealled and uacalled boads will not be
penaltted« Denominatieaal exehange* cf ocupen boads witbia the d a s s weali#4
for rcdeuptlon ca Oktober 13» 1934* (seeoad ealled boads) will termínate ca
that date* Transfers and exefeaagea of regiatered boads falliag witbia the
d a s s "ealled for redemptica on Octeber 13» 1934** (seeoad ealled bonds), will
termínete ca September 13» 1934» tbe data cf tbc clesiag of the trassier bock».

(See

3* la aecotrdancc witb tbc previ alona ef XTeasury Department 01 rot lar
le* 121» datad September 23» 1913» the- previ siena ef Treasury Department
Circular ho* 300» datad Xtily 31» 1923» preacribiag regula ticas witb respect
to United Statsa banda and notes» «hieb wäre aodified by Department Circular
Mo* 301» dsted Oetobar 12» 1933» are hereby furtber modlfied aoeordingly
witb respect to traaaactions ia Fourth 4-1/4*a.
XII*

F I W

OB FXCHABGS

1« Payment of ealled boads on Oetaber 13* 1934* - Helders ef eay eutstaadlng J»ourtfc ^ i / d * « includsd ia the'Wcea'd c a H for partial rsdsmptiea
oa Octabar 13» 1934» will be eatltled to bave tbeir banda redeemed and paid
at par en Oetober 12, 1934, witb latersat la full to that date* After Oe tobar
13, 1934, iatarea t will not a c e m a oa aay boads included in this cecead call
for partial redemptloa ca that dato*
(322 » T I » IT Jim T OF V 3 CIBOJUK

fob

inm m m rn rat tmsebtatius at mmm mn mammón m mmnm 13, 1934,

«SIE

i«|,i »

ü

CAJX.)

2* optional eschenes offerinn* - holdere of aay outetandiag Fourth
4-1/4*s includsd in the aeeond ec 11 for partial rsdmaptlen on Detober 13,
1934» aay, in advanee cf detober 13» 1934, be offered the privliege cf
exehanging all er pari ef their ealled honda for other iatarea t-beariag
Obligation« of the United Statee* leidere «he deaire to avail theosslves
ef an exchaage Privilegs, if aad ehern aaaouneed, ehould «atch fer ea aaaoua««-

PARTIAL

m X fm & lM

BKFOf*
OF FOURTH LIBERTI
31C0ND OALL

1954
Department Circular he* 509

UàM

SHOS

Treasury Department,
Office of the 'Secretary,
iashington, %r|l 1§# 1934

Public Debt Service
To Holders of Fourth Liberty Loan 4*1/4 per cent Bond» of 1933*58, and Other*
Conoernedi
i.

nonet o f
u m tm

m com

wm

call fob partial H g m a jn o « before m a t u r x t t of n m
pkj* w
a m * o f 1933-38 (fourth 4-1/4 *s )* w

m

4*1/4

1. All outstanding Fourth Liberty Loan 4-1/4 per cent bond» of 1985-38
(hereinafter referred to as Fourth 4-l/4*s) bearing serial numbers the final
digit of ehich is
^
, or 2 ~ (such serial numbers In the case of
permanent coupon bonds being prefixed by the corresponding distinguishing
letter
Ji
, or 3
, respectively), are hereby called for redemption
on October 15, 1934, on which date interest on such bonds called for redemption
will cease*

y

2« Ibis ae*oad call for partial redemption is made pursuant to the provi­
sion, U r redemption contained in the bonds and in treasury Department Circular
:^'PS| i3&* dated September 28, 1918, under which the bonds were originally issued,
"
^the beads to be redeemed baring been detonnined by lot in the manner prescribed
by the Deere tary of the treasury*
i* Outstanding Fourth 4-1/4*s bearing serial numbers (and prefix letters)
other than those designated are not Included in or affected by this second call
for partial redemption*

M
fourth 4-1/4*® (temporary coupon, permasesi coupon, and regi sta rad) ere
numbered serlally begianing with Io* 1 for each denomination; in thè case 9t
permane&t coupon boads eaeh serial number is prefixed by a distinguiefcing
Iettar, thè lettere A to & (ceti ttlog I) beìsg used, which lettera, in arder,
rotate with and correspond t o thè final digit« fra» 1 to 0, reapeeiively*

Fourth 4-1/4*e called for redemptlon on- Aprii- 13, 1934, bear serial nuusbcr*
end lag in 9, 0, or 1, (in thè case of peraanent coupon bende prcceded by thè
dietiaguishlng Ictter j, K, or A, reepectively) ; Fourth 4-1/4*s iaeluded in
thè sccond cali for partici rsdemptìoa on Oetober 15, 1934, bear cariai mimbsrs
end lag in rA h«fM l j f l t o i j . {in thè case of p e m u w n t coupon bende preeeded by th
WP*"' ipiice»# . , reapectlvely.)} «acalled Four
s ending in 1 1
i
, or 7
*
(in th® osa
recedei by thè distinguishing letter

'H- , * >

ft
V

m am m m m
v o t i c i or mmm c&it rm r a s t i a i mmmmm MfmM wvmm

Pu blic.n o tice i« hm ïgr giorni
1* All oatotandlng Fourth Liberty leen 4 -1 /4 per cent bond« of 1933*38
(h e re in a fte r referred t e a* Fourth 4 - 1 /4 * o) bearing «o rio l »caber» the fin al
d ig it o f which 1«
8
> or
2 (euch « o rio l »caber« lo Ih# ease of
pe raen# « t coupon boni» beiog prefixed by the corresponding di «tingo! «hing
lo tta r
h
* or b * re s p e c tiv e ly ), a r t hereby c a lle d fo r r e d a c ­
tio n on October 15. 1934, on which date Internet on each bond« called for
redemption w ill cecee»
3 , This second c e l l fo r m r i i n l redeaptton le suede pureniuit to the pro­
wl eie» fo r redemption contained in the bondi end in Treasury D ep art»»! Oirea­
l e r Vo. 121, doted September 2®, I f IS, under which the bonds were erig i nelly
iseaed , the bond« to be redeemed hewing been l e t enti ned by lo t in the m m m t
prescribed by the Secretary of the fre e eery.
3 . '"tat »tending Fourth 4 - 1 / 4 * « bearing « o rie l number» (end p refix letters)
other then the»« designated ore not included In or effected by tM a second call
fo r p a r tie l redemption*
Solder« of Fourth 4 - 1 / 4 * « now c e lle d fo r redemption on October 15* 1934,

■ay, in advance of th at d ate, be offered the p riv ileg e ©f ewchenging th eir
c e lle d bond« fo r ether internet-bearing' obligation« of the 'Salted Stet««* in
which «went public notice w ill h e re a fte r be given.
Full information regarding the presentation end our render of fourth 4-1/4's
under th&o cell i» gire» la Depart*»«! Circular % ,

fot* dated April 13, 1934.

mm? wmmrnmt, jh.,
Secretary of the treasury
Treasury Deportment,

t««hingtoa, April 12, 1934)

Fourth 4-1/4* a bearing ««riel number« ending in 9, 0, or 1, have heretofore
be«« celled for redoaptlo* on April 15, 1934, on which date interest on such
'bonde will ©ease.

£
L A A fiJM-*

.

V « *

» i 3 1i n *
The Tr e&stay

today issued a call for two series of

Fourth Liberty Loan 4 j ’s for redemption on October 15, 1934.

There are outstanding about (4,300,000,000 of uncalled Fourth

Liberty Loan bonds.

The present call will include about

#1 ,200,000,000.

Copy of the call follows:

\

TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE,
APRIL 13, 1934.

Press Service
No, 1 * 61

The Treasury today issued a call for two series of Fourth Liberty
Loan 4j-*s for redemption on October 15, 1934,

There are outstanding about

$4,300 1000»000 of uncalled Fourth Liberty Loan bonds.

The present call

will include about $1 ,200,000,000.
Copy of the call follows:

FOURTH LIBERTY LOAN 4-1 /4 PER CENT BONDS OF 1933-38
NOTICE OF SECOND CALL FOR PARTIAL REDEMPTION BEFORE MATURITY

To Holders of Fourth Liberty Loan 4-l/4 per cent Bonds of 1933-38 and
Others Concerned:
Public notice is hereby given:
1* All outstanding Fourth Liberty Loan 4-l/4 per cent bonds of 1933-38
(hereinafter referred to as Foufth 4—l/4* s) bearing serial numbers the final
digit of which is 8» or 2 (such serial numbers in the case of permanent
coupon bonds being prefixed by the corresponding distinguishing letter H,
or B, respectively), are hereby called for redemption on October 15, 1934,
on which date interest on such bonds called for redemption will cease,
2. This second call for partial redemption is made pursuant to the pro­
vision for redemption contained in the bonds and in Treasury Department Circu­
lar No. 121, dated September 28, 1918, under which the bonds were originally
issued, the bonds to be redeemed having been determined by lot in the manner
prescribed by the Secretary of the Treasury.
3. Outstanding Fourth 4-l/4,s bearing serial numbers (and prefix letters)
other than those designated are not included in or affected by this second call
for partial redemption.
Holders of Fourth 4-l/4* s now called for redemption on October 15, 1954,
may, in advance of that date, be offered the privilege of exchanging their

-

2-

called, bonds for other interest-bearing obligations of the United States, in
which event public notice will hereafter be given#
Pull information regarding the presentation and surrender of Fourth

4— 1/4*s

under this call is given in Department Circular No. 509, dated April 13, 1934.

HENRY M0RGENTHÔU, JR.,
Secretary of the Treasury
Treasury Department,
Washington, April 13, 1934

Fourth 4-l/4*s hearing serial numbers ending in 9, 0, or 1, have heretofor«
been called for redemption on April 15, 1934, on which date interest on such
bonds will cease.

TREASURY DEPARTMENT
W ashington
MEMORANDUM FOR THE PRESS

is

A p r il 1 6 , 1934.

9

RECEIPTS OF SILVER BY THE MINTS;
(Under E x e c u tiv e Order o f December 2 1 , 1933)

feel

Week ending A p r il 1 3 :
San F r a n c is c o .......... 8 ,4 8 9 ,5 1 f i n e ounces
Denver ........................... 1 ,5 4 3 ,0 0
"
«
T o ta l f o r th e week ....................................................... 1 0 ,0 3 2 .5 1 f i n e ounces
n
n
R eceiv ed p re v io u s ly ........................................ .... 3 .6 7 0 952 44
T o ta l r e c e i p t s to A p r il 1 3 ............................. ^ 6 8 0 . m l l t t
«
n
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFTOF.S •
Week ending A p r il 1 3 :
P h ila d e lp h ia
San F r a n c is c o
D e n v e r ..............
New Y o r k .........................
S e a t t l e ...........................
New O rlean s .................
T o ta l

Im ports

Secondary
3 4 3 ,7 3 6 .6 9
1 0 6 ,4 4 7 .4 9
1 2 4 ,8 6 5 .0 0
3 ,1 8 4 ,4 0 0 .0 0
2 6 .2 3 3 .0 5
1 2 .5 3 2 .0 5

7 6 2 ,0 0 0 .1 7
2 5 ,0 8 0 .0 0
1 2 ,1 4 7 ,0 0 0 .0 0
..........
1 2 ,9 3 4 ,0 8 0 .1 7

i

3 ,7 9 8 ,2 1 4 .2 8 $

New
Domestic

185.
822,6.34,
511,389.
554,600.
162,960.
2,051,769.1

RECAPITULATION
Im p orts
Secondary
New D om estic
T o ta l

1 2 ,9 3 4 ,0 8 0 .1 7
3 ,7 9 8 ,2 1 4 .2 8
2 ,0 5 1 .7 6 9 .3 4
1 8 ,7 8 4 .0 6 5 .7 9

GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURERS OFFICE;
(Under S e c r e t a r y ’ s Order o f December 2 8 , 1933)
R eceiv ed by F e d e r a l R eserv e B an k s:
Gold Coin
Week ended A p r il 11
1 1 9 ,6 1 8 .5 4
R eceiv ed p re v io u s ly ......................
2 7 ,0 6 1 .9 4 8 .5 0
T o ta l to A p r il 11 ....................$ 2 7 ,1 8 1 ,5 6 6 .8 4
R eceiv ed by T r e a s u r e r 1s O f f i c e :
Week ended A p r il 11 . . . . . . . . .
R eceiv ed p r e v io u s ly .................
T o ta l to A p r il 1 1 .......... ..

31V(

Gold Certificates

1 ,0 0 9 ,6 5 0 .0 0
5 0 ,7 9 4 ,1 2 0 .0 0
$ 5 1 ,8 0 3 ,7 7 0 .0 0

TC

Bive
lek

fi

2 4 5 ,2 9 4 .0 0
2 4 5 ,2 9 4 .0 0

27,100.00
1 .4 1 5 .4 0 0 .0 0
1 ,4 4 2 .5 0 0 .0 0

N ote: Gold b a rs d e p o site d w ith th e New York Assay O f f ic e to the
amount o f $ 2 0 0 ,5 7 2 .6 9 p re v io u s ly re p o rte d *
PURCHASE_S OF GOVERNMENT SECURITIES FOR INVESTMENT ACCOUNTS:
Week ended A p r il 1 4 :
F e d e r a l D e p o sit In su ra n ce C o rp o ra tio n ...................... $ 10 , 290 , 000.00
O ther acco u n ts
T o ta l
1 0 , 8 9 0 . 0 0 0 tQO
\mmn* w.

ecei

«

Bcei

TREASURY DEPARTMENT
WASHINGTON
April 16, 1934*

MEMORANDUM FOR THE PRESS
RECEIPTS OF SILVER BY THE MINTS:
(Under Executive Order of December 21, 1933)
Week ending April 13:
San Erancisco .... 8,489.51 fine ounces
Denver ..... .
1.543.00
,f
11

.. 10,032.51 fine ounces
3.670.952.44 ”
’’
3.680.984.95 ’’
"

Total for the week ........... ....... ...........
Received previously .............................
Total receipts to April 13 ......................
RECEIPTS OE GOLD BY THE MINTS AND ASSAY OEEICES:

New
Week ending April 13: _______ Imports___________ Secondary-------- Domestic---P h i l adelphia......
$
$
343,736.69
$
185.00
San Erancisco .....
762,000.17
106,447.49
822,634.58
Denver .............
25,080.00
124,865.00
511,389.00
New Y o r k ..........
12,147,000.00
3,184,400.00
554,600.00
Seattle ............
....
26,233.05
162,960.76
New O r l e a n s ....... ..................____ _________ 12, 532,05—
--------- •?-*-*-*—
T o t a l . . . .....

$ 12,934,080.17

$ 3,798,214.28

$ 2,051,769.34

RECAPITULATION
Imports ...............
$ 12,934,080.17
Secondary ................
3,798,214.28
New Domestic .............2,051.769,34
Total ....... .....
$ 18.784,063.79
GOLD RECEIVED BY EEDERAL RESERVE BANKS AND THE TREASURER 1S OFFICE:
(Under Secretary’s Order of December 28, 1933)
Received by Eederal Reserve Banks:
Week ended April 11 .............
Received previously .............
Total to April 11 ............ .
Received by Treasurer’s Office:
Week ended April 11 ......... ....
Received p r e v i o u s l y .............
Total to April 11 ...........

Gold Coin ________ Gold Certificates
119,618.54
$ 1,009,650.00
$
50*794.120.00
27.061.948.30
$
51,803,770.00
$ 27,181,566.84

1

27,100.00
1.415.400.00
1.442.500.00

$

$
243.294.00
243.294.00

i

Note: - Gold bars deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.
PURCHASES OE GOVERNMENT SECURITIES EOR INVESTMENT ACCOUNTS:
Week ended April 14:
Federal Deposit Insurance Corporation
Other account s .......... ............
Total

# • • • • « • • • • • • ••••• •

•••••

• •• # • • • • • ••

$

10,290,000.00
10.290.000.00

&

20.580.000.00

Suits and claims of depositors and debtors involving offset
and consequent de terminât ion of net deposit liability are pending.
fhe bill does not provide for the determining of such matters.
Suits involving collection of stock assessments already levied
are pending and no provision of the bill provides for the disposition
of same. Inasmuch as the leçons true tion Finance Corporation cannot
enjoy the benefit of these assessments to the exclusion of non­
depositor creditors and in fact may not be entitled to participate
therein at all, and since once & receiver is in charge he alone can
collect such assessment, it follows that the Reconstruction finance
Corporation could not proceed on its own behalf to collect such
assessment.
If the receivers are to remain in charge of banks to
collect such assessments, then since the Recons true ti on Finance
Corporation will have taken possession of all the assets, there will
be no means of carrying the expense of such receivership and litigation
pertaining thereto except by anticipation against hoped-for collections
which may not materiaàixe •
Ho doubt one of the objects of the bill is to stimulate recovery
b y promoting industrial activity and employment. Thie will not neces­
sarily follow because an analysis of the distribution that will be
made®to the depositors of a large closed city bank shows that Hb per
centum would be received by 1/2 of 1 per centum of the depositors, while
in a small country bank, U4 per centum would go to 7*3 P«r centum of
the depositors.
In other words, nearly half of the money to be dis­
tributed would be received by about four per centum of the depositors,
r.Tifi this group may in large part place comparatively little thereof
in circulation by purchase of commodities or in industrial activity
productive of employment. Since the program urustbbe financed ultimately
t h r o u # taxation, there is a serious question whether taxation may be
resorted to for the benefit of such an arbitrarily selected class,
particularly where half of the proceeds will be enjoyed by a compara­
tively small group in the class intended to be benefited.
In the last analysis this bill would establish the principle
of guaranty by the United States of bank deposits, past, present,
and future.

- k -

different problem arises.
It may be true that under this theory the
Reconstruction Finance Corporation would, on the principle of subroge»
tion, beeentitled to proceed against the shareholders for any deficiency
to the same extent that the depositors had that right. On this theory,
however, the Reconstruction Finance Corporation would obtain only such
rights in the assets as the depositors had. Future developments In
realisation on assets of some of the banks involved, especially of
banks in conservatorship, may be such that in ordinary course of
liquidation there will be a surplus for distribution to shareholders.
On the theory of subrogation, these rights would have to be considered,
but the present bill entirely overlooks any property rights of such
shareholders and purports to Invest absolute title in the Reconstruction
Finance Corporation to all future recovery on the assets taken over.
fte bill attempts to suspend the Statute of limitations,
apparently to enable the Reconstruction Finance Corporation to obey
the mandate given that it allow debtors ten years to pay and yet avoid
the barring of such debts by State Statute of Limitations of shorter
duration, ffaere may be some question as to whether Congress can sus­
pend the operation of a State Statute of Limitations now operating in
favor of an existing debtor, unless the debtor consents under the cir­
cumstances here involved.
ïhere are pending or in prospect numerous suits against bank
directors based on their civil liability to the bank’s depositors and
other creditors. Ho adequate provision Is made for carrying on such
litigation or giving the Reconstruction Finance Corporation any benefit
of recovery therefrom. Furthermore, since the depositors are to be
paid in full, the bulk of such directors* liability as now exists may
thereby be extinguished, because such liability is based on loss to the
creditors; hence, may be substantially eliminated to the extent that
depositor creditors are relieved from loss through payment by the
Reconstruction Finance Corporation.
It is doubtful whether the Reconstruction Finance Corporation
will be subrogated to the rights of the bank or its receiver against
the sureties on fidelity bonds, particularly in view of the provis­
ions of me&y of the surety contracts involved. Numerous suits and
claims of this character involving large sums are pending.
Shore are pending many suits and claims of depositors involving
determination of the amount of the bank’s deposit obligation to them
or whether or not there is in fact a deposit obligation or an obliga­
tion of a different character. Ho provision of the bill adequately
cares for this situation.

- 3 If tlxis legislation Is based on an Implied governmental guaranty of
safety as set forth in its title, then it would see» such implied
gjuuranty has been equally given to all the excluded classes of deposi­
tors and to creditors other than depositors as wsEU
If these excluded
classes must be included to sustain the constitutionality of the legis­
lation, the cost to the taxpayers will, of course, greatly exceed
estimates herein submitted*
Provision is made that all remaining assets of the banks, in­
cluding assessment liability of shareholders, shall pass to the
Reconstruction Finance Corporation. This is an effort to accomplish
what is deemed a legal impossibility as against creditors other than
depositors*
'The Supreme Court of the United States has held several
times that the rights of all creditors attach to the bank* s assets at
suspension, and that the assessment liability of shareholders is an
asset belon ing to the creditors (Scott v* Deweese, 1S1 U. S. 202, ©to.).
Provision is made under the national Bank Act, tJ* $• Code, title 12,
section 65 for the direct enforcement of shareholders* liability by
the creditors without intervention of a receiver. Hundreds of millions
of dollars are owed by closed banks to open banks that hold deficiency
notes of such banks or have loaned money to them. Closed banks are
indebted la large amounts to beneficiaries of trust estates adminis­
tered b y their trust departments. They are largely indebted on out­
standing drafts and checks. Hone of these obligations are depositor
obligations and none would be provided for by this bill. Consequently,
such creditors would appear to have a prior claim against the assets
of the banks and the assessment liability of their ¿larehol&ers, which
prior claim cannot be destroyed b y this legislation, even though it
attempt to do so and which would sub a tant tally reduce the figures
above given as to the estimated probable recovery b y the Reconstruction
Finance Corporation and correspondingly increase the figures as to the
ultimate cost or loss involved under this plan.
If the transaction is consider *4 as a sale of assets, then the
Reconstruction Finance Corporation does not become a creditor of the
bank; hence, is not entitled to assert assessment liability against
its shareholders, Inasmuch as such liability is for the benefit of
creditors only. If the Reconstruction Finance Corporation is to be
considered as becoming a creditor of the bank by virtue of the trans­
action, it becomes such after the bank*s suspension, as to banks in
the hands of receivers, and the courts hold that shareholders are not
subject to assessment for debts arising subsequent to suspension.
If, on the other hand, the purpose of the bill is to create what
is, in effect, a purchase from the shareholders of their rights, in
exchange for a payment to them of the amount of their deposit, a

-

2-

"borrowed to finance thin plan» and by the expense incurred over the
10 year period in liquidating the assets of the banks#
If, as is likely, in this instance, it is found that adoption
of the bill can be had only b y amending it to include State nonmember banks, the ultimate loss will be increased to an extent far
beyond present computation*
The title of the bill states that its proposals are in fulfill­
ment of the implied guaranty by the Government of deposit safety in
national and State member banks* This is considered a most hazardous
responsibility to admit or accept*
It establishes a precedent that
may be extended to any business activity over which the Government
exercises any supervision* 'Urns the holders of the bond© of Joint
Stock
Banks and of Federal Land Banks and of the debentures of
Federal Intermediate Credit Banks would be in a position to contend
that the Government *s supervision over these agencies, being similar
to that which it exercises over national Banks, entitles such holder©
to recover from the Government anx loss which they may ever have
sustained as a result of dealingffi&m securities. Indeed, a
similar argument might be advanced with respect to other business
activities supervised to any extent by the Government, such as the
sale of alcoholic liquor, railroads, radio, and possibly even to
include individual losses, on securities registered under the
Securities Act, and in the stock market in the event that the
Government assumed supervision thereof*
It is not clear whether the bill is limited to banks closed at
date of its enactment or whether it embraces banks that suspend any
time in the future*
If the latter are included, the obligation being
assumed Is immeasurable, and it would seem the functions of the Federal
Deposit Insurance Corporation as insurer of deposits will be entirely
superceded. If the plan is not to extend to future suspensions, it is
difficult to see how a distinction between depositors of a bank closing
before the bill*» enactment and depositors of one closing a week there­
after can be supported legally or in principle. Like comment m ay be
made on the fact that no relief is given to the depositors of hundreds
of closed banks who in the past year waived part of their deposits in
order to restore the banks to solvency under Section 207
Conservation Act or to the non-consenting minority of depositors in
such banks who lost part of their deposits involuntarily due to the
operation of Section 207* Those who voluntarily waived part of their
deposits are penalized for their patriotic effort to reopen the hanks
during this emergency, whereas if they had acted otherwise the resps
tive banks would be in receivership and under this bill those deposi­
tors would be paid in full. Depositors of closed basks, liquidation
of which has been completed and receivers discharged are likewise
excluded* There have been 267 such receiverships of national banks
closed the past three year® with substantial loss to depositors*

MEMORANDUM

Reference is made to S. 29H9 , being a bill **to promote re­
sumption of Industrial activity. Increase employment, and restore
confidence by fulfillment of the implied guaranty by the United States
Government of deposit safety in national banks*. This bill directs
the Reconstruction Finance Corporation to purchase and liquidate the
remaining assets of closed national banks and State member banks of
the Federal Reserve System, paying the receivers or conservators
thereof sufficient funds to satisfy the remaining deposit liabilities
of such banks in full*
ihile the initial disbursement involved in this proposal can
only be approximated and the ultimate cost vaguely surmised, the
following figures and comments are suggested.
As of March 12, 193*** there were 1,H68 national banks in
receivership, with an unpaid deposit liability (which is exclusive
of other liabilities, such as for money borrowed, etc.) of
$920,000,000.00, There were 28H national banks in conservatorship
with similar unpaid deposit liabilities of $210,000,000.00. As to
State member banks, 2^0 were in receivership and H 7 in conservatorship, together having a total similar unpaid deposit liability of
approximately $685,000,000.00. The Initial disbursement thus re­
quired by the Reconstruction Finance Corporation would be approxi­
mately $1,815,000,000.00.
As to the ultimate cost of this project, after crediting
probable realisation by the Reconstruction Finance Corporation from
the assets acquired, an estimate was reached b y analysing a repre­
sentative group of 100 closed national banks of all sizes in all
sections of the United States as of December 31, 1933.
It was found
there was an average deficiency in assets as against deposit liabili­
ties only, of HU per centum. Total deposit liabilities of closed
national banks and State member banks as of their suspension were
approximately $3,IOU, 500 , 000 . 0 0 . Applying to this figure the HU
per centum average deficiency in assets, there is ascertained an
approximate actual deficiency or ultimate cost to the United States
Treasury and to the taxpayers of $1,366,000,000.00. f h U loss will
be substantially Increased by the interest to be paid on the money

COPT
April 13, 193U

Dear Mr. Chairman:
Receipt is acknowledged
193^» transmitting a copy of
tion of industrial activity,
confidence by fulfillment of
States Government of deposit
questing a report thereon.

of your clerk* s letter of March S,
the hill, S. 29^9» *
permit resump­
increase employment, and restore
the implied guaranty by the United
safety in national banks'4, and re­

The bill proposes to free deposits frozen in closed banks
by directing the He cons tract ion Finance Corporation to purchase
all the remaining assets of closed national banks and State member
banks of the Federal Reserve System. 'The proceeds are then to
be made immediately available %n the depositors, while the Recon­
struction Finance Corporation is to liquidate the assets over a
period of years.
There is the gravest doubt whether recovery could be materially
assisted by the plan proposed. Since a very high percentage of the
total amounts of deposits now frozen stands to the credit of a small
percentage of depositors, the expenditure involved could scarcely be
justified as a means of affording widespread relief. The administra­
tive and legal difficulties which would ensu*«could only minimize the
gains which the measure is designed to achieve. Furthermore, the adop­
tion of the principle, implicit in the bill, that the Government should
guarantee the efficiency of those functions and activities of its
citizens because it may have, to a greater or less extent, supervise
or controlled thenp would be unfortunate.
Finally, the addition of
exclusive of interest, may be
$2,500,000,000, would, in the
benefits that the legislation

this burden upon the tax papers, which,
estimated at from $1 ,250,000,000 to
opinion of this Department, outweigh any
could achieve.

A memorandum, discussing the measure in greater detail, is en­
closed for your convenient reference.
Respectfully,

H. Morgenthau, Jr.
Secretary of the Treasury.
Honorable Duncan U. Fletcher
Chairman, Banking and Currency Committee
United States«Senate

TRFASURY DEPARTMENT
Washington, D. C.

April 16, ,1934.

Following is text of letter transmitted “
by the Secretary of the Treasury
to Honorable Duncan U. Fletcher, Chairman, Senate Banking and Currency Committee,
together with text of memorandum which, accompanied the letter.

"April 13, 1934.
Dear Mr. Chairman:
Receipt is acknowledged of your clerk1s letter of March 8, 1934, transmit­
ting a copy of the bill, S.2949, ’To permit resumption of industrial activity,
increase employment, and restore confidence by fulfillment of the implied guar­
anty by the United States Government of deposit safety in national banks' , and
requesting a report thereon.
The bill proposes to free deposits frozen in closed banks by directing the
Reconstruction Finance Corporation to purchase all the remaining assets of
closed national banks and State member banks of the Federal Reserve System. The
proceeds are then to be made immediately available to the depositors, while the
Reconstruction Finance Corporation is to liquidate the assets over a period of
years.
There is the gravest doubt whether recovery could be materially assisted by
the plan proposed.
Since a very high percentage of the total amounts of de-*
posits now frozen stands to the credit of a small percentage of depositors, the
expenditure involved could scarcely be justified as a means of affording wide­
spread relief. The administrative and legal difficulties which would ensue
could only minimize the gains which the measure is designed to achieve. Further­
more, the adoption of the principle, implicit in the bill, that the Government
should guarantee the efficiency of those functions and activities of its citizens
because it may have, to a greater or less extent, supervised or controlled them,
would be unfortunate.
Finally, the addition of this burden upon the tax payers, which, exclusive
of interest, may be estimated at from $1,250,000,000 to $2,500,000,000, would,
in the opinion of this Department, outweigh any benefits that the legislation
could achieve.
A memorandum, discussing the measure in greater detail, is enclosed for
your convenient reference.
Respectfully,
H. Morgenthau, Jr.,
* Secretary of the Treasury.
Honorable Duncan U. FletcherChairman, Banking and Currency Committee
United States Senate"

»MEMORANDUM

Reference is made to S. 2949, "being a "bill ’to promote resumption of in­
dustrial activity, increase employment, and restore confidence "by fulfillment
of the implied guaranty "by the United States Government of deposit safety in
national hanks' . This hill directs the Reconstruction Finance Corporation to
purchase and liquidate the remaining assets of closed national hanks and State
member hanks of the Federal Reserve System, paying the receivers or conservators
thereof sufficient funds to satisfy the remaining deposit liabilities of such
hanks in full.
While the initial disbursement involved in this proposal can only he ap­
proximated and the ultimate cost vaguely surmised, the following figures and
comments are suggested.
As of March 12, 1934, there were 1,468 national hanks in receivership, with
an unpaid deposit liability (which is exclusive of other liabilities, such as
for money borrowed, etc.) of $920,000,000.00* There were 284 national hanks itn
conservatorship with similar unpaid deposit liabilities of $210,000,000*00. As
to State member hanks, 250 were in receivership and 47 in conservatorship, to­
gether having a total similar unpaid deposit liability of approximately
$685,000,000*00. The initial disbursement thus required by the Reconstruction
Finance Corporation would be approximately $1,815,000,000.00.
As to the ultimate cost of this project, after crediting probable realiza­
tion by the Reconstruction Finance Corporation from the assets acquired, an es­
timate was reached by analyzing a representative group of 100 closed national,
banks of all sizes in all sections of the United States as of December 31, 1933*
It was found there was an average deficiency in assets as against deposit lia­
bilities only, of 44 per centum* Total deposit liabilities of closed national
banks and State member banks as of their suspension were approximately
$3,104,500,000.00. Applying to this figure the 44 per centum average deficiency
in assets, there is ascertained an approximate actual deficiency or ultimate
cost to the United States Treasury and to the taxpqyers of $1,366,000,000.00.
This loss will be substantially increased by the interest to be paid on the money
borrowed to finance this plan, and by the expense incurred over the 10 year
period in liquidating the assets of the banks.
If, as is likely, in this instance, it is found that adoption of the bill
can be had only by amending it to include State nonmember banks, the ultimate
loss will be increased to an extent far beyond present computation.
The title of the bill states that its proposals are in fulfillment of the
implied guaranty by the Government of deposit safety in national and State member
banks* This is considered a most hazardous responsibility to admit or accept*
It establishes a precedent that may be extended to any business activity over
which the Government exercises any supervision. Thus the holders of the bonds
of Joint Stock Land Banks and of Federal Land Banks and of the debentures of
Federal Intermediate Credit Banks would be in a position to contend that the
Governments supervision over these agencies, being similar tq that which it
exercises over Rational Banks, entitles such holders to recover from the Govern­
ment any loss which they may ever have sustained as a result of dealing in
these securities. Indeed, a similar argument might be advanced with respect to

other business activities supervised to any extent by the Government, such as the
sale of alcoholic liquor, railroads, radio, and possibly even to include in­
dividual losses, on securities registered under the Securities Act, and in the
stock market in the event that the Government assumed supervision thereof.
It is not clear whether the hill is limited to banks closed at date of its
enactment or whether it embraces banks that suspend any time in the future. If
the latter are included, the obligation being assumed is immeasurable, and it
would seem the functions of the Federa3. Deposit Insurance Corporation as in­
surer of deposits will be entirely superseded, If the plan is not to extend to
future suspensions, it is difficult to see how a distinction between depositors
of a bank closing before the bill*s enactment and depositors of one closing a
week thereafter can be supported legally or in principle. Like comment may be
made on the fact that no relief is given to the depositors of hundreds of closed
banks who in the past year waived part of their deposits in order to restore the
banks to solvency under Section 207 of the Bank Conservation Act or to the nonconsenting minority of depositors in such banks who lost part of their deposits
involuntarily due to the operation of Section 207. Those who voluntarily waived
part of their deposits are penalized for their patriotic effort to reopen the
banks during this emergency, whereas if they had acted otherwise the respective
banks would be in receivership and under this bill those depositors would be
paid in full. Depositors of closed banks, liquidation of which has been con>pletod and receivers discharged are likewise excluded. There have been 267 such
receiverships of national banks closed the past three years with substantial
loss to depositors. If this legislation is based on an implied governmental
guaranty of safety as set forth in its title, then it would seem such implied
guaranty has been equally given to all the excluded classes of depositors and to
creditors other than depositors as well. .If these excluded classes must be in­
cluded to sustain the constitutionality of the legislation, the cost to the tax­
payers will, of course, greatly exceed estimates herein submitted.
Provision is made that all remaining assets of the batiks» including assess­
ment liability of shareholders, shall pass to the Reconstruction Finance Corpora­
tion.
This is an effort to accomplish what is deemed a legal impossibility as
against creditors other than depositors. The Supreme Court of the United States
has held several times that the rights of all creditors attach to the bank*s
assets at suspension, and that the assessment liability of shareholders is an
asset belonging to the creditors (Scott v. Deweese, 181 U. S. 202, etc.). Pro­
vision is made under the Rational Bank Act, U. S. Code, title 12, section 65 for
the direct enforcement of shareholders* liability by the creditors without in­
tervention of a receiver. Hundreds of millions of dollars are owed by closed
banks to open banks that hold deficiency notes of such banks or have loaned money
to them. Closed banks are indebted in large amounts to beneficiaries of trust
estates administered by their trust departments. They are largely indebted on
outstanding drafts and checks. Rone of these obligations are depositor obliga­
tions and none would be provided for by this bill. Consequently, s.uch creditors
would appear to have a prior claim against the assets of the;banks and the
assessment liability of their shareholders, which prior claim cannot be destroyed
by this legislation, even though it attempt to do so and which would substantially
reduce the figures above given as to the estimated probable recovery by the
Reconstruction Finance Corporation and correspondingly increase the figures as
to the ultimate cost or loss involved under this plan.

- 3 If the transaction is considered as a sale of assets, then the Reconstruc­
tion Finance Corporation does not become a creditor of the "bank; hence, is not
entitled to assert assessment liability against its shareholders, inasmuch as
such liability is for the benefit of creditors only* If the Reconstruction
Finance Corporation is to be considered as becoming a creditor of the bank by
virtue of the transaction, it becomes such after the bank*s suspension, as to
banks in the hands of receivers, and the courts hold that shareholders are not
subject to assessment for debts arising subsequent to suspension.
If, on the other hand, the purpose of the bill is to create what is, in
effect, a purchase from the shareholders of their rights, in exchange for a pay­
ment to them of the amount of their deposit, a different problem arises* It may
be true that under this theory the Reconstruction Finance Corporation would, on
the principle of subrogation, be entitled to proceed against the shareholders for
any deficiency to the same extent that the depositors had that right. On this
theory, however, the Reconstruction Finance Corporation would obtain only such
rights in the assets as the depositors had* Future developments in realization
on assets of some of the banks involved, especially of banks in conservatorship,
may be such that in ordinary course of liquidation there will be a surplus for
distribution to shareholders. On the theory of subrogation, these rights would
have to be considered, but the present bill entirely overlooks any property rights
of such shareholders and purports to invest absolute title in the Reconstruction
Finance Corporation to all future recovery on the assets taken over.
The bill attempts to suspend the Statute of Limitations, apparently to en­
able the Reconstruction Finance Corporation to obey the mandate given that it
allow debtors ten years to pay and yet avoid the barring of such debts by State
Statute of Limitations of shorter duration. There may be some question as to
whether Congress can suspend the operation of a State Statute of Limitations now
operating in favor of an existing debtor, unless the debtor consents under the
circumstances here involved*
There are pending or in prospect numerous suits against bank directors based
on thoir civil liability to the bank*s depositors and other creditors. No ade­
quate provision is made for carrying on such litigation or giving the Reconstruct
tion Finance Corporation any benefit of recovery therefrom. Furthermore, since
the depositors are to be paid in full, the bulk of such directors1 liability as
now exists may thereby be extinguished, because such liability is based on loss
to the creditors; hence, may be substantially eliminated to the extent that de­
positor creditors are relieved from loss through payment by the Reconstruction
Finance Corporation.
It is doubtful whether the Reconstruction Finance Corporation will be sub­
rogated to the rights of the bank or its receiver against the sureties on fidelity
bonds, particularly in view of the provisions of many of the surety contracts
involved* Numerous suits and claims of this character involving large sums are
pending.
There are pending many suits and claims of depositors involving determina­
tion of the amount of the bank*s deposit obligation to them or whether or not
there is in fact a deposit obligation or an obligation of a different character.
No provision of the bill adequately cares for this situation*

I

- 4 Suits a,nd claims of depositors and debtors involving offset and consequent
determination of net deposit liability are pending. The bill does not provide
for the determining of such matters.

I

i

»

*1

Suits involving collection of stock assessments already levied are pending
and no provision of the bill provides for the disposition of same. Inasmuch as
the Reconstruction Finance Corporation cannot enjoy the benefit of these assess­
ments to the exclusion of non-depositor creditors and in fact may not be entitled
to participate therein at all, and since
once a receiver is in charge he alone
can collect such assessment, it follows that the Reconstruction Finance Corpora­
tion could not prococ-d on its own behalf
to collect such assessment. If the re­
ceivers arc to remain in charge of banks to collect such assessments, then since
the Reconstruction Finance Corporation will have taken possession of all the
assets, there will be no means of e a r n i n g the expense of such receivership and
litigation pertaining thereto except by anticipation against hoped-for collections
which may not materialize.
Ho doubt one of the objects of the bill is to stimulate recovery by promot­
ing industrial activity and employment. This will not necessarily follow because
an analysis of the distribution that will be made to the depositors of a large
closed city bank shows that 46 per centum would be received by 1 ¡2 of 1 per
centum of the depositors, while in a sme.ll country bank, 44 per centum would go
to 7.3 per centum of the depositors.
In other words, nearly half of the money
to be distributed would be received by about four por centum of the depositors,
and this group may in large part placo comparatively little thereof in circula­
tion by purchase of commodities or in industrial activity productive of employ­
ment* Since the program mast be financed ultimately through taxation, there is
a serious question whether taxation may be resorted to for the benefit of such an
arbitrarily selected class, particularly where half of the proceeds will be en­
joyed by a comparatively small group in the class intended to be benefited*
In the last analysis this bill would establish the principle of guaranty
by the United States of bank deposits, past, present, and future,“

I

il

I

TRXASUHY M M S W I
I

I
foa r i x e a s e , m
paotìs,
Tue «day, Aprii, lf# 1934*

pr®«« m
I -T

m

*~

Seoretary ©f thè Treaaury Sgergenthau announeed today, {Aprii 16, 1934) that
_
f
thè tendere for tuo eeriee of Treasury bilie, to be dated Aprii 18, 1934, whìefc
’dd-e"
«ere offored m

Aprii 18, «ere opened at thè federai re serre banks ©n Aprii 16,

1984*

4
Tender» nere inrited ter thè te» eeriea to thè aggregate aaaotmt of $128,000,00$?
er theroaboute, and #818,888,000 «as applied for, of whieh #188,080,000 ras aeespt««/
The details of thè % m eeriee ere as felle«»:
p i -b a y

T m à m m m

l &s *

m w B i m

t o t

18,

1934

fer this eeriee, «hieh «as fer #98,000,000, or thereabouts, thè total antetmt
applied fer «as #164,808,000, of vhieh #95,049,000 «as accepted.

The aeeepted

bidè ranged la prie» fresa 99*989, oqulralent to a rate of about 0*08 per eent per
4
anni», to 99*999, equiralent to a rate of about 0*09 per eent per annua, on a
bank discount b&eie*

The arerage prloe of TTeasury bilie of this serie» to be

|

iesned le 99*980 and thè arerage rete is about 0*08 per eaat per annusi on a teak
T

discount basi»*
18S-BAT m m m winidimn *mm
BILLS»
« A T O M O 0CTO~ER * 19*
1984
m"**mm mmmtbm*mm **m**m mm*m**mm*t**m* —■*■»—* m
im m mmtmmmmmmtmmmm
i

for this seri##, «hieh «as fer #50,000,000, or thereabouts, thè total amouat
applied for «as #150,815,000, of «hieh #50,088,000 «es aoeepted*

Sxeept for t«o

i

bidè tetaling #56,000, thè aeoepted bidè ranged in prie» frc® 99*914, eqairalent
to a rate et about 0*19 per eent per annasi, to 99.900, ©quiralent to a rate of
about 0*80 per eent per annua, on a bank dissonni basi»*
bld fer at thè batter prloe «aa aeoepted*

Only part of thè «motmt 4

The arerage prie# of Treaaury bilia

of this eeriee to be Issued le 99*906 end thè arerage rate le about 0*19 per eent
m
per annusi on a bank discount basi»*

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- PAPERS,
Tuesday, April 17, 1934.

Press Service
No. 1 - 6 2

Secretary of the Treasury Morgenthau announced today, (April 16, 1934) that
the tenders for two series of Treasury hills, to he dated April 18, 1934, which
were offered on April 13, were opened at the Federal reserve hanks on April 16,
1934.
Tenders Were invited for the two series to the aggregate amount of
$125,000,000., or thereabouts, and $-315,323,000 was applied for, of which
$125,080,000 was accepted.

The details of the two series are as follows:

91-DAY TREASURY BILLS, MATURING- JULY 18, 1934
For this series, which was for $75,000,000, or thereabouts, the total amount
applied for was $164,508,000, of which $75,047,000 was accepted.

The accepted

bids ranged in price from 99.987, equivalent to a rate of about 0.05 per cent per
annum, to 99.977, equivalent to a rate of about 0.09 per cent per annum, on a
bank discount basis.

The average price of Treasury bills of this series to be

issued is 99.980 and the average rate is about 0.08 per cent per annum on a bank
discount basis.
182-DAY TREASURY BILLS, MATURING OCTOBER 17, 1934
For this series, which was for $50,000,000, or thereabouts, the total amount
applied for was $150,815,000, of which $50,033,000 was accepted.

Except for two

bids totaling $55,000, the accepted bids ranged in price from 99.914, equivalent
to a rate of about 0.17 per cent per annum, to 99.900, equivalent to a rate of
about 0.20 per cent per annum, on a bank discount basis.
bid for at the latter price was accepted.

Only part of the amount

The average price of Treasury bills

of this series to be issued is 99.906 and the average rato is/about 0.19 per
cent per annum on a bank discount basis.

T ñ E A S m t DSPAHTMIOT
WÀ3EI:OT0N
Foi m i à - si t o M i m m i '
Saturday, April 21, 1934.

Press Sergej
/-4i,

Secretary of the Treasury Morgeathau announced today that subscriptions total
$1,049,441,500 hare been received for the 3-1/4 per cent Treasury bonds of 194.
4.45
all of which have been allotted in full.

Of this total §815,115,500 represents sub-

acriptiona in payment for which Fourth Liberty Loan bonds called for redemption
April 15, 1954,. were tendered, and #234,525,800 represents subscriptions is payment
for which Treasury notes of Series A-1934 were tendered.

The subscription books for

this issue were closed on April 12.
The Federal reserve banks hold a few subscriptions not included in the above to.
because the bonds tc be exchanged have not yet been cleared.

These eases will slig|^r.

increase the amount of the final allotment.
Subscriptions and allotments were divided among the several Federal reserve banjL ,
and the Treasury as follows:
Federal Reserve
District

Fourth Liberty Loan
Bonds Tendered

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

1 22,099,950
483,549,600
28,854,100
35,505,600
15,060,800
12,560,400
128,374,100
22,784,600
9,618,950
21,163,800
10,282,800
17,219,550
10,043,250

$

#815,115,500

$234,325,800

Total

Treasury Notes
Tendered
3,292,900
200,253,100
348,700
3,794,000
4,416,100
517,000
5,877,500
1,974,400
317,800
1,602,400
609,200
1,314,200
lG,008f500

Total I
iaJ
AllottL
J
1 88,582,®
683,802,71
29,202,81,;,
39,297,4
13,077,4';J
154,251,4
24,789,4,4
9,936,71
22,766,4V;;
10,892,4
18,533»4 nj,'*;
20,051.*® fir.j
$1,049,441,3^

m m m m
wàsi

tm

8KU4SS

m m t « § T
um m m

Press Servi*

TQ W
tM
M
JM
Ù mWWà&M^*

Setmrday, Aprii 21, 1934«

3«eretary

of tèe Treaeury Korgeathas armcmneed today tbat eubeerlptloa» totaling
K
V

p
Sai

#1,049,441,300 beve been reeeived for tèe 3-1/4 per cent Treaetiry beate of 1944-4«,
all of whieh beve beea allotted la fall,

Of tèi» total #815,115,500 repreeemt» aab-

aeri.pt ione la peyieent for whieh fourth liberty lea» bonán ealled for redensilev
Aprii 15, 1934, vere tendered* and #234,525,800 represente mbeeriptiene la payve&t
for vhieìi treaeury note» of tlerie»
bàie lesse ver© eleeed m

à

-1934 vere tendere#*

Tfce snbeeri pticm hook» fer

tot

tor

¡81

ioa

Aprii 1.2*

thè federal reserve bombe bold e fev «ibeeription» not iaelmded la thè »beve tot

iep

Uteee ea.se» vili «listi

r
er

Snbaeriptlcms and alletneste vere divided «song tèe severe! federal reserve beai

boi

beeeuee tèe beate io ba «xebaapid bave noi yet beva eleered*
inorasse tèe esiQunt of tèe f i m i silotment*

as(

and thè Tr«a#*iry a» follava;
federai 8eserve
5 1 etriet
Boston
Me« York
Phi ledei phie.
Cleveland
fíieteomd
Atlante
Chicago
st* Louis
Minneapolis
letseae City
Balle»
San franeIseo
Treaevry
Total

Treasory latee
Tendered

fosrth liberty Loen
Sondo Tendered

fetal j
allotti

3S€
# 22,099,950
483,549,400
£8,854,100
35,503,400
13,040, tCSO
12,540,400
128,374,100
22,984,400
9,418,950
21,143,800
10,282,800
17,219,550
10,043*250
1015,115,500

|

8,292,900
200,258,100
348,700
8,794,000
4,414,100
817,000
5,877,500
1,974,400
817,800
1,408,400
409,200
1,814,200
10,008,500

1284,325,800

f 25,398,8
683,602,*
89,202,5
39,897,«
17,476,91 ¡
13,077,411
134,251#«
24,749,0J
9,986,9 f
22,766,21
XOf882(0 i
ie,5ss,f'
,20^O6I.1Í r’

le
|t

1iti

|:
lili
Levi
:.chi
;|lai
ilici

.1

ip
$1,0« , «li *1
m
Ile
.ai
1* eas

TREASURY DEPARTMENT
Washington
FOR RELEASE TO MORNING NEWSPAPERS,.
Saturday, April 21, 1934.

Press Service
No, 1 <- 63

Secretary of the Treasury Morgenthau announced today that subscriptions
totaling $1,049,441,300 have been received for the 3-l/4 per cent Treasury
bonds of 1944-46, all of which have been allotted in full.

Of this total

$815,115,500 represents subscriptions in payment for which Fourth Liberty
Loan bonds called for redemption April 15, 1934, were tendered, and $234,325,800
represents subscriptions in payment for which Treasury notes of Series A-1934
were tendered.

The subscription books for this issue were closed on April 12.

The Federal reserve banks hold a few subscriptions not included in the
above total because the bonds to bo exchanged have not yet been cleared.

These

cases will slightly increase the amount of the final allotment.
Subscriptions and allotments were divided among the several Federal
reserve banks and the Treasury as follows:

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

Fourth Liberty Loan
Bonds Tendered

Treasury Notes
Tendered

Total
Allotted

$ 22,099,950
483,549,600
28,854,100
35,503,600
13,060,800
12,560,400
128,374,100
22,784,600
9,618,950
21,163,800
10,282,800
17,219,550
10,043,250

$

3,292,900
200,253,100
348,700
3,794,000
4,416,100
517,000
5,877,500
1,974,400
317,800
1,602,400
609,200
1,314,200
10,008,500

$ 25,392,850
683,802,700
29,202-, 800
39,297,600
17,476,900
13,077,400
134,251,600
24,759,000
9,936,750
22,766,200
10,892,000
18,533,750
20,051,750

$815,115,500

$234,325,800

$1,049,441,300

TREASURY DEPARTMENT
Washington

M E M O R A N D U M F O R TH E PRESS

A p r i l 25,

R E C E I P T S OF S I L V E R BY THE M I N T S ;
(Under E x e c u t i v e O r der of D e c e m b e r 21,
W e e k ending A p r i l 20:
S a n F r a n c i s c o ..................
D e n v e r ..........................
T o t a l for the w e e k ..... .

1934.

1933)

6 8 2 , 6 7 7 . 3 1 fine ounces
71.261.00
tT
n
755,958.31

tT

*

R E C E I P T S OF GOLD BY T HE MIN T S AN D A S S A Y OFFICES:
W e e k ending A p r i l 20:
I m p orts
Philadelphia • •»»4
1,067.64
San Francisco •• •
954, 3 9 8 . 2 7
D e n v e r ......
2 6 , 664.00
N e w Y o r k .... • • • • . 10, 255, 0 8 6 . 0 0
—
S e a ttle ..... • • • •
13, 1 4 2 . 0 3
N e w O r leans . • • • •
T o tal .....
4 i i , 250,357.94

New
Domestic
422.00
♦
944,362.03
489,013.00
31,711.00
239,395.92
— ;—
$1 ,704,901.95

Secondarv
$
327,398.52
1 2 5 , 911.30
89,472.00
7 2 7 , 593.00
28,314.43
90,138•36
11,389,327.61

RECAPITULATION
I m p orts ....
S e c o n d a r y ..
New Domestic
T o t a l ....

$11,250,357.94
1,389,327.61
1,704,901.95
$14,344,587.50

G O L D R E C E I V E D BY F E D E R A L R E S E R V E B A N K S AND T HE T R E A S U R E R fS OFFICE:
(Under S e c r e t a r y ’s Order of D e c e m b e r 28, 1933)

W e e k ended A p r i l 18
Received previously
T o tal to A p r i l 18 .
R e c e i v e d by T r e a s u r e r ’s O f f i c e
W e e k ended A p r i l 18 ........
' R e c e i v e d p r e v i o u s l y ........
T o t a l to A p ril 18 ...........

G old Coin
. $
86,474.68
. 27,181,566.84
. $27,268,041 .52

G old Certificates
$ 1,144,010.00
51.803.770.00
$52,947,780.00

. $
..
..$

$

1 , 5 00.00
243 , 2 9 4 . 0 0
244,794.00

16,100.00
1.442.500.00_
1 1,458,600TOO_.

Note:
Gold bar s d e p o s i t e d w i t h the N e w Y o r k A s s a y Office to the
amount of $ 2 0 0 , 5 7 2 . 6 9 p r e v i o u s l y reported.
P U R C H A S E S OF G O V E R N M E N T S E C U R I T I E S F O R I N V E S T M E N T A C C O U N T S :
W e e k ended A p r i l 21;
F e d e r a l D e p o s i t I n s u r a n c e C o r p o r a t i o n ............ $20,000,000.00
O t her ac c o u n t s .....................................
10.500,00^2
T o t a l ..... ............................................ I I O R O O S M

<

TREASURY DEPARTMENT
Washington
MEMORANDUM EOR THE PRESS

April 23, 1934.

RECEIPTS OE SILVER EY THE MINTS:
(Under Executive Order of December 21, 1933)
Week ending April 20:
San Erancisco •••«•••••••••«.• 682,677.31 fine ounces
Denver ••••••••••.... .
71,261.00
n
”
Total for the week

753,938.31

”

u

RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Import s
ending April 20:
Philadelphia ..... $
1,067. 64
San Francisco • • • •
954,398. 27
Denver
26,664. 00
New York ......... 10,255,086. 00
—
S 03/fctl G •••«#•*•••
New Orléans **. «
13,142. 03
Total ... «..... . . $11,250,357. 94

Secondary
327,398.52
125,911.30
89,472.00
727,593.00
28,814.43
90,138.36

$

$1,389,327.61

$

New
Domestic
422.00
944,362.03
489,013.00
31,711.00
239,393.92
—

$1,704,901.95

RECAPITULATION
Imports ••••••••••••••. $11,250,357.94
Secondary
1,389,327.61
New Domestic ....•••••••
1,704,901.95
Total ............. . $14,344,587.50

GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER ’S OFFICE:
(Under Secretary’s Order of December 28, 1933)
Received by Federal Reserve Banks:_____ Gold Coin
Week ended April 18 ..,....... .
$
86,474.68
Received previously ••••••••••.. 27,181,566.84
Total to April 18

$27,268,041.52

Received by Treasurer’s Office:
Week ended April 18 ••••••...••« $
Received previously •••••••••...
Total to April 18

.... „.$

Gold Certificates
$ 1,144,010.00
51,803,770.00
$52,947,780.00

1,500.00
243,294.00

$

16*100.00
1,442,500.00

244,794.00

$ 1,458,600.00

Note:
Gold bars deposited with the New York Assay Office to the
amount of $200,572.69 previously reported.
PURCHASES OF GOVERNMENT SECURITIES FOR INVESTMENT ACCOUNTS:
Week ended April 21:
Federal Deposit Insurance Corporation ...«>•«..••• $20,000,000.00
Other accounts ........ . . . . . . « • • ’**•* 10,500,000.00
Total ........

•

• -+# « • • • *+ $30,500,000700

THEAStrar DSPâRwarr

WASHUKJTOH

toa hsleass, « P »

Press 9WTÍN

paeshs,

I-

Tuesday. April M, 1*8*.

**■

Secretary e t « • ÏTeaaury MWgeathau amonaos« today, (April SS, 1*8*} that
tk* tenders te r tee serlas e t Treaenry M ila , t# he tote« April »8, 1*8*, ehleh
«w e offered on Avril SO, «w e opeas« a t the federal « s e r r e hanks sa April «8,
jl9S4(
Tenders

sere Invited for the two serlas te the apgregate amount of

#1*6,000,000, or thereabouts, an« # » *,*0 8 ,0 0 0 uas applied fo r, of uhloh
#1*6,866,000 **• assepts«,

The « s ta lls of the toe series **• as follows!

ai_mr m

a

m

BILLS. m T O B T O 3TOf 86, 1*8*

M is se rie s, vhlefc was for #*8,000,000, or thereabouts, the to tal «««»t
appll*« fo r see *1S *,5**,000, of uhloh #*6,888,000 was « co p te « .

The accepted

bids ranged In prise frasi * * .* 8 * . equivalent to a rate of about 0 . » per cent
per annan, to • *.**«. equivalent to a rate of about 0.0» per sent per « a m , «

j

a bank «Iseount basis.

]

Only part of the amount M« for at the la tte r price *a*

accepted, ih . av ere» prise of Treasury b ills of « its series to be issued is

99. »80 and tee average rate is about 0.08 per sent per annu* on a bask discount
basi*.
IfjMUJf TRFiJSBftT BHXS, M&TSJRIÌ& OCTCMI, J§& M S &
fr n

this series, which was for #50,000,000, or thereabouts, the total aaoent

applied for was #148.881.000, of which #80,0*0,000 wee «copte«.

Sneapt far te*

bid* totaling #68,000, the accepted bide «nged in prie, f r » 99.918. aquivMast
te n rate of about 0.1* per «eut per «un-, te ««.*08, equivalen* te a rat. ef
about 0.1* per sent per «msn, «

« »

« * • ■ » * beeis,

M 4 fer et th. latter prise » . ««epted.

«elf 5B t 8f th*

****

Th. average Pri» of »easury bill, of |

m e « M e . te be leaned l e * * . * 0 * end t h . average » t e l e about 0.18 P*r * « ♦
per es38»

es • bank diaamimt baaia*

j

j

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING PAPERS,
Tuesday, April 24, 1934.

Press Service
Ho. 1 - 64

Secretary of the Treasury Morgenthau announced today, (April 23, 1934) that
the tenders for two series of Treasury hills, to he dated April 25, 1934, which
were offered on April 20, were opened at the Federal reserve hanks on April 23,
1934^
Tenders were invited for the two series to the aggregate amount of
$125,000,000, or thereabouts, and $329,903,000 was applied for, of which
$125,365,000 was accepted.

The details of the two series are as follows:

91— DAY TREASURY BILLS, MATURING JULY 25, 1934
For this series, which was for $75,000,000, or thereabouts, the total amount
applied for was $184,572,000, of which $75,325,000 was accepted.

The accepted

bids ranged in price from 99*987, equivalent to a rate of about 0.05 per cent
per annum, to 99,978, equivalent to a rate of about 0.09 per cent per annum, on
a bank discount basis.
accepted.

Only part of the amount bid for at the latter price was

The average price of Treasury bills of this series to be issued is

99.980 and the average rate is about 0.08 per cent per annum on a bank discount
basis.
182— DAY TREASURY BILLS, MATURING OCTOBER 24, 1934
For this series, which was for $50,000,000, or thereabouts, the total amount
applied for was $145,331,000, of which $50,040,000 was accepted.

Except for two

bids totaling $65,000, the accepted bids ranged in price from 99,915, equivalent
to a rate of about 0.17 per cent per annum, to 99.903, equivalent to a rate of
about 0.19 per cent per annum, on a bank discount basis.
bid for at the latter price was accepted.

Only part of the amount

The average price of Treasury bills of

this series to be issued is 99,907 and the average rate is about 0.18 per cent
per annum on a bank discount basis.

lSURY DEPARTAIENT

V, ashing ton
FOR IMMEDIATE RE
April 25, 1954.

Fres
No.

.erv

_ (o^

The Secretary of the Treasury, with the approval of the President,
has amended the Provisions.! Regulations issued under the Gold Reserve Act
of 1954 so as to continue until June 1, 1954, the period within which
licenses issued under the Executive Order of August 28, 1955 may be deemed
to be licenses under the Provisional Regulations.

The Provisional Regula­

tions originally fixed March 15, 1954 as the expiration of the time within
which holders of such licenses would be required to obtain licenses under
the new regulations.
W r

On March 3, 1954 the expiration date was extended to

1 , 1954, and it has now been extended to June 1, 1954.

These extensions

of time, have been made to enable the mints and assay offices to investigate
carefully each of the many thousands of applications which have been received 4
before issuing licenses under the new regulations.
The amendment reads as follows:
"TREASURY DEPARTMENT,
Office of tne Secretary,
; ril 1.., 1954.
AMENDMENT TO PROVISIONAL REGULATIONS issued under the
GOLD R E TRUE ACT- OF 1354
Tne Provisional Regulations issued on January 50, 1954,
under the Gold Reserve Act of 1954, as amended, are further
amended in sections 45 and 46 by deleting therefrom the.word

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
April 25, 1934.

press Service,
¡¡f,. 1 » 65

The Secretary of the Treasury, with the approval of the President, has
amended the Provisional Regulations issued under the Gold Reserve Act of
1934 so as to continue until June 1, 1934, the period within which licenses
issued under the Executive Order of August 28, 1933 may be deemed to be
licenses under the Provisional Regulations.

The Provisional Regulations

originally fixed March 15, 1934 as the expiration of the time within which
holders of such licenses would be required to obtain licenses under the new
regulations.

On March 8, 1934 the expiration date was extended to May 1,

1934, and it has now been extended to June 1, 1934.

These extensions of

time have been made to enable the mints and assay offices to investigate
carefally each of the many thousands of applications which have been re­
ceived before issuing licenses under the new regulations.
The amendment reads as follows:
"TREASURY DEPARTMENT,
Office of the Secretary,
April 19, 1934,
AMENDMENT TO PROVISIONAL REGULATIONS
issued under the
GOLD RESERVE ACT OF 1934

The Provisional Regulations issued on January 30, 1934,
under the Gold Reserve Act of 1934, as amended, are further
amended in sections 45 and 46 by deleting therefrom the word

and figures ’May 1, 1934’ wherever they appear in said sections,
as amended March 8, 1934, and inserting in lieu thereof the
word and figures ’June 1, 1934’,
( SIGHTED) H, MORGEUTHAU, Jr.,
Secretary of the Treasury.

APPROVED:
(SIGNED)

Franklin D. Roosevelt

THE WHITE HOUSE
April 20, 1934.»

(

2)
1

in e x p e n se as com pared t o l a s t y e a r .
due t o

A p art of th is

d e c r e a s e was

s t a t u t o r y r e d u c t i o n o f w ages and s a l a r i e s , h u t o t h e r savings

have been made b y f a i l u r e t o f i l l xxjm s& ixw . v a c a n c i e s

b y filling

J
^
j

v a c a n c i e s a t lo w e r pay g r a d e s and by o t h e r m eth od s to o b ta in
C

g r e a te r o p e ra tin g e f f i c i e n c y .
As a r e s u l t o f th e s e s a v in g s th e c o s t to th e Government of
c o l l e c t i n g e a c h $ 1 0 0 o f i n t e r n a l re v e n u e h a s d c r e a s e d f r o m an
a v e ra g e o f $ 1 *8 5 3 f o r th e e n t i r e

fis c a l year

1 9 3 3 t o $ 1 , 0 8 4 for

th e f i r s t n in e m onths o f th e f i s c a l y e a r 1 9 3 4 . E x c lu d in g
ta x e s a M

processing

t h e i r s p e c i f i c c o s t s o f c o l l e c t i o n , th e a v e rg g e c o s t

of c o lle ctio n

o f i n t e r n a l re v e n u e f o r th e p r e s e n t f i s c a l year has

b een $ 1 ,1 5 7 f o r e a c h $ 1 0 0 .

9j
oi
*

p'or r e l e a s e t o m orning n ew sp ap ers o f M onday, A p r i l 4 ^ -

o

*

A lth o u g h i n t e r n a l re v e n u e c o l l e c t i o n s f o r t h e f i r s t
n in e m onths o f th e f i s a a l y e a r 1 0 3 4 w ere m ore th a n 6 8 p e r c e n t
h ig h e r th a n c o l l e c t i o n s

f o r th e c o r r e s p o n d in g m onths o f t h e

f i s c a l y e a r 1 9 3 3 , o p e r a t i n g c o s t s o f t h e B u re a u o f I n t e r n a l
Revenue ifere lo w e rr ilO L L T f iS i a j M ? t h i s y e a r th a n l a s t ,

th e

T r e a s u r y D ep artm en t rev efcid d to d a y «
T o t a l c o l l e c t i o n s o f i n t e r n a l re v e n u e from J u l y 1 ,

1933,

t o M arch 3 1 , 1 9 3 4 , voons in c l u d i n g p r o c e s s i n g t a x e s , w ere
$ i 9 6 2 . 3 3 9 , 1 5 6 . E x c lu d in g p r o c e s s i n g t a x e s , c o l l e c t i o n s were
$ 1 , 7 0 9 , 2 4 8 , 0 7 3 . F o r th e same n in e m onths o f th e p r e v io u s f i s c a l
y e a r t o t a l c o l l e c t i o n s w ere $ 1 , 1 6 4 , 4 2 1 , 9 0 6 .
The g a in in r e v e n u e , e x c lu d in g p r o c e s s i n g t a x e a , was
$ 5 4 4 , 8 2 6 , 1 6 7 , and i n c l u d i n g p r o c e s s i n g t a x e s

i t was $ 7 9 7 , 9 1 7 , 2 5 0 ,

Guy T . H e l v e r i n g , C om m ission er o f I n t e r n a l R ev en u e, su cceed ed ,
h o w ev er, in o p e r a t i n g th e B u reau f o r th e f i r s t n in e m onths o f th e
p r e s e n t f i s c a l y e a r , a t a t o t a l c o s t o f $ 2 1 , 2 7 9 , 8 6 4 a s com pared to
a c o s t o f $ 2 3 , 0 5 2 , 6 6 3 f o r th e same m onths o f l a s t y e a r . T h is result
was a c h ie v e d in s p i t e o f th e a d d i t i o n o f new r e s p o n s i h i i m e s ,
in c lu d in g b e s i d e s p r o c e s s i n g t a x e s th e c o l l e c t i o n
added e x c i s e and s p e c i a l em erg en cy t a x e s .

of

xes,

E lim in a tin g c e r t a i n

o p e r a t in g c o s t s | s p e c i f i c a l l y c h a r g e d to th e c o l l e c t i o n o f p ro cessin g
t a x e ^ , th e c o s t o f o p e r a t i n g th e b u reau f o r

th e f i r s t

t h r e e q u arters

o f th e p r e s e n t f i s c a l y e a r was § 1 9 , 7 9 0 , 5 5 5 , a d e c r e a s e o f # 3 ,2 6 2 ,1 0 8

4

TREASURY DEPARTMENT

Washington
FOR RELEASE, MORNING PAPERS,
Monday, April 30, 1934

Press Service
No. 1 - 66

Although internal revenue collections for the first nine months
of the fiscal year 1934 were more than 68 per cent higher than collections
for the corresponding months

of the fiscal year 1933, operating costs of

the Bureau of Internal Revenue were lower this year than last, the
Treasury Department revealed today.
Total collections of internal revenue from July 1, 1933, to
March 31, 1934, including processing taxes, were $1,962,339,156.
processing taxes, collections were $1,709,248,073.

Excluding

For the same nine

months of the previous fiscal year total collections were $1,164,421,906.
The gain in revenue, excluding processing taxes, was $544,826,167,
and including processing taxes it was $797,917,250.
Guy T. Helvering, Commissioner of Internal Revenue, succeeded,
however,

in operating the Bureau for the first nine months of the present

fiscal year

at a total cost of

$23,052,663 for the same months

$21,279,864 as compared to a cost of
of last year. This result was achieved

in spite of the addition of new responsibilities,

including besides proces­

sing taxes the collection of beer and spirits taxes, added excise and special
emergency taxes.

Eliminating certain operating costs specifically charged

to the collection of processing taxes, the cost of operating the bureau for
the first three quarters of the

present fiscal year was $19,790,555,

a de­

crease of $3,262,108 in expense

as compared to last year.

this

A part of

decrease was due to statutory reduction of wages and salaries, but other

savings have teen made "by failure to fill vacancies, by filling vacancies
at

lower pay grades and by other methods to obtain greater operating

efficiency.
As a result of these savings the cost to the Government of col«?
lecting each $100 of internal revenue has decreased from an average of
ol.853 for the entire fiscal year 1933 to $1*084 for the first nine months of
the fiscal yean 1934,

Excluding processing taxes and their specific costs

of collection, the average cost of collection of interval revenue .for the
present fiscal year has been $1*157 fon each $100,

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING- PAPERS,
Monday, April 30, 1934

Press Service
No. 1 - 66

Although internal revenue collections for the first nine months
of the fiscal year 1934 were more than 68 per cent higher than collections
for the corresponding months

of the fiscal year 1933, operating costs of

the Bureau of Internal Revenue were lower this year than last, the
Treasury Department revealed today.
Total collections of internal revenue from July 1, 1933, to
March 31, 1934, including processing taxes, were $1,962,339,156.
processing taxes, collections were $1,709,248,073.

Excluding

For the same nine

months of the previous fiscal year total collections were $1,164,421,906.
The gain in revenue, excluding processing taxes, was $544,826,167,
and including processing taxes it was $797,917,250.
Guy T. Helvering, Commissioner of Internal Revenue, succeeded,
however, in operating the Bureau for the first nine months of the present
fiscal year

at a total cost of $21,279,864 as compared to a cost of

$23,052,663 for the same months of last year.

This result was achieved

in spite of the addition of new responsibilities,

including besides proces­

sing taxes the collection of beer and spirits taxes, added excise and special
emergency taxes.

Eliminating certain operating costs specifically charged

to the collection of processing taxes, the cost of operating the bureau for
the first three quarters of the present fiscal year was $19,790,555, a de­
crease of $3,262,108 in expense as compared to last year.

A part of this

decrease was due to statutory reduction of wages and salaries, but other

-

2

-

savings have been made by failure to fill vacancies, by filling vacancies
at

lower pay grades and by other methods to obtain greater operating

efficiency*
As a result of these savings the cost to the Government of col«*
lecting each $100 of internal revenue has decreased from an average of
$1,853 for the entire fiscal year 1933 to $1,084 for the first nine months of
the fiscal year 1934,

Excluding processing taxes and their specific costs

of collection, the average cost of collection of interval revenue .for the
present fiscal year has been $1*15-7 for each $100*

TREASURY DEPARTMENT
WASHINGTON

IMMEDIATE RELEASE
April 30, 1934

Press Service
No. 1 - 6 7

ACTIVITIES OP REGULATIVE INSPECTORS. BUREAU OF
INDUSTRIAL ALCOHOL. FOR WEEK ENDING APRIL 21. 1934.
(Corrected statement based on complete weekly reports
of supervisors.)

Dist
No.
1

State

Stills
Seized

Gals, of
Spirits
Capacity Seized

Gals, of
Mash
Seized

Autos &
Trucks
Seized

Value of
Property
Seized

Arrests

Maine
N.H.
— -Yt.
Mass.
Connt
... R. I.

2
3

TOTAL

0

0

0

0

0

0

o

N. Y.

4

1.410

198

9.950

1

6.378.50

9

Pa.

1

500

87

3, 750

1

1,269.00

6

2

10.000

14,545

202,500

1

200,000.00

3

0

0

0

0

0

o

n

1201,269.00

9

N. J.
Del.
TOTAL
4

Md.
Va.

i

___ 3

10,500

14, 632

206,250

4

455

105

3, 620

2

625.00

9

4

350

116

2,700

1

50.00

2

1 ,J

W. Va.

1

150

70

1,200

1

N.Car.

18

4,415

166

65,800

3

S.Car.

3

235

55

800

4

|

-

Dist.
Ho.

State

Stills
Seized

2

Gals, of
Spirits
Capacity Seized

-

Gals, of I Autos &
Mash
Trucks
Seized
Seized

Value of
Property
Seized

Arrests

4

( cont ) L a . , c.

0

0

| TOTAL

30

5.605

f
1 ,Ga.

12

2,205

1 Fla.

13

2,600

Ala.

6

1,740

Miss.

8

900

La.

3

75

Tex.

5

1,280

TOTAL

47

8.800

Mich.

0

0

Ohio

3

200

31

Ky.

11

990

121}

11,700

Tenn.

15

2,570

1«2&

15,030

1

100

14

total

29

3.760

345^

28,830

2

150

46

8

1,600

260

37,300

5

6

7

512

74.120

3

675

19

842

58.993

10

2,165

47

1

•50

10

' " 1' JJ '
2,100

1
1

22

Wis.
111.

5

- 3 -

Dist.
No.
7
(cont)

State

Ind.

Gals, of
Spirits
Capacity Seized

Gals, of
Mash
Seized

Autos &
Trucks
Seized

Value of
Property
Seized

Arrests

6

340

62

920

7

14

1,940

322

38,220

12

S. D t

1

20

Minn.

1

500

Neb.

3

95

5

615

146

8,820

2

310

Okla.

4

200

Mo.

3

550

Ark.

4

550

11

1,300

240è

3,830

8

1,195.00

TOTAL
8

Stills
Seized

-jr.

d

.

Iowa
TOTAL
9

Kan.

TOTAL
10

9

!
1

Wyo.
Utah
Colo.
Ariz.

— ._______ l

30

ff

- ^

Dist.
No.

foals, of
Spirits
Capacityj Seized

Still"
Seized

State

Gals, of
Mash
Seized

Autos &
Trucks
Seized

Value of
Property
Seized

Arrests

—

10

(cont)

i

¥.Mex.

Î

i

11

1

"

!
L ....

TOTAL +

0

0

0

0

0

Cal.

2

825

555

750

1

Nev.

0

0

1,075.00

4

1,075.00

4

f

)
'‘TOTAL i
2
------ 4---- ---

825

555

1

750

Ü
12

Wash.

__ _____

. ..

—

!
Ore.
t
Mont.

3

384

C

2; 040

i

0

;

0

!

2

j
!'

Idaho 1
TOTAL |

3

•264

i 148

33; 119

—
GRAND

r

TOTAL

0

i

2j 040

0

! 17,793| 431,303

29

i
0

2

r
$213,217.50

187

t'
April SO, 1954.

MEMORANDUM FOR THE PRESS
RECEIPTS OF SILVER BY THE MINTS:
(Under Executive Order of December 21, 1953)

*
Week ending April 27•
San Francisco..........
Denver............... . •

344,067.21 fine ounces
91.976.00 "
»
436,043.21 "

RECEIPTS OF GOLD BY THE BUNTS AND ASSAY OFFICES:
Week ending April 27:
Philadelphia..••
San Francisco...
Denver.........
New York........
Seattle...... ..
New Orleans....
Total........

Imports
4,554.97
592,679.40
25,159.00
10,122,900.00
• •• •
14.717.06

Secondary
? 380,392.24
129,146.57
83,007.00
1,054,700.00
21,563.66
51.106.51

New
Domestic
345.49
830,864.98
511,916.00
74,107.00
165,612.57
472.77

|10,760,010.43

$1,719,915.78

$1,583,318.81

RECAPITULATION
Imports.......
$10,760,010.43
Secondary.......... .
1,719,915.78
New Domestic..........
1.585«518.81
Total............... $14,063,245.02
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER’S OFFICE:
(Under Secretary* s Order of December 28,1935)
Received by Federal Reserve Banks:
170,851.08
Week ended.A p r il.25........................ $
27.268.041.52
Received previously.
$27,438.892.60
Received by Treasurer's Office:
Week endld April 2 5 .........
Received previously. • • • •
Total to April 25 •,

$

--244.794.00
$244,794.00

$

890.120.00
52.947.780.00
$55,837,900.00

$

14,000.00
1 T458.600.90
An a
r?r\rK nn
%

Note: Gold bars deposited with the New York Assay Office to the
amount of $200,572.69 previously reported.
PURCHASES OF GOVERNMENT SECURITIES FOR INVESTMENT ACCOUNTS:
Week ended April 28, 1934:
Federal Deposit Insurance Corporation..........* $4,860,000
Other accounts......... ................... *.....
25.000
Total ........................................... $4,885,000

i

)

TREASURY DEPARTMENT
Washington
MEMORANDUM FOR THE PRESS

April 30, 1934,

RECEIPTS OE SILVER BY THE MINTS;
(Under Executive Order of December 21, 1933)
Week ending April 27:
San Francisco ................ 344,067.21 fine ounces
Denver ......................
91,976,00
H
»
Total for the week

436,043,21

»

'»

RECEIPTS OE GOLD BY THE MINTS AND ASSAY OFFICES:
Week ending April 27:
Imports
Philadelphia ..... $
4,554.97
San Francisco ••••
592,679.40
Denver ...........
25,159.00
New York ......... 10,122,900.00
—
~
Seattle ••••••...•
New Orleans ••••••
14,717.06

Secondary
$ 380,392.24
129,146.57
83,007.00
1,054,700.00
21,563.66
51,106.31

Total .......... $10,760,010.43

$1,719,915.78

$

New
Domestic
345.49
830,864.98
511,916.00
74,107.00
165,612.57
472.77

$1,583,318.81

RECAPITULATION
I m p o r t s ............. $10,760,010,43
Secondary ...........
1,719,915,78
New Domestic
1,583,318,81
Total ........

$14,063,245.02

GOLD RECEIVED BY FEDERAL RESERVE RANKS AND THE TREASURER*S OFFICE:
(Under Secretary1s Order of December 28, 1933)
Received by Federal Reserve Banks:_____ Gold Coin
Week ended April 25 ........ .
$
170,851.08
Received previously ........... . 27,268,041.52
Total to April 25

$27,438,892.60

Received by Treasurers Office:
Week ended April 25 •••••••••••• $
Received previously
Total to April 25

Gold Certificates
$
890,120.00
52,947,780.00
$53,837,900.00

— —244,794,00

$

244,794.00

$ 1,472,600.00

14,000.00
1,458,600.00

Note:
Gold bars deposited with the New York Assay Office to the
amount of $200,572.69 previously reported.
PURCHASES OF GOVERNMENT SECURITIES FOR INVESTMENT ACCOUNTS:
Week ended April 28, 1934:
Federal Deposit Insurance Corporation •••«•••••• $4,860,000
Other accounts .•*•••••,•••.••••••••••••••••• •
25,000
Total ............................

, $4,885,000

TREASURY DEPARTMENT
WASHINGTON

IMMEDIATE RELEASE
April 30, 1934

Press Service
No. 1 - 68

PRELIMINARY REPORT OP ACTIVITIES OP REGULATIVE
INSPECTORS, BY DISTRICTS, POR WEEK ENDING APRIL 28, 1934.
(These figures are compiled from telegrams
and are subject to later correction.)

Dist,
No.
1

Stills
Seized
Total

Gals, of
Spirits
Capacity Seized

2

500

2

16

2,420

3

3

4

3li

Gals. Of
Mash
Seized

Autos &
Trucks
Seized

Value of
Property
Seized

Arrests

700

1

0

4

0

0

1

0

9

6,800

84

98,000

2

0

8

51

9,306

605

33,303

3

0

32

5

56

10,535

555

40,360

10

$1,195

50

6

37

5,670

791

42,530

2

0

48

7

28

4,715

765

56,070

2

0

25

8

13

1,765

457ç

10,420

3

0

18

9

13

2,200

0

0

3

0

22

10

4

220

193

500

0

0

7

11

3

482

250

9,000

5

0

9

12

3

185

100

325

0

$150

3

229

44,798

203,008

32

$1,345

235

GRAND

TOTAL

3,83l|

T R M O T t Y JMPAÑWfflf
ÏÏASEIWQTCfâ

v m am m m 9 m m i m

pa pers ,

Proso Service

Tuesday, May l, 1934*
.

ÉÉÉÌ Ü ®

' 11

.U.'ll»

Secretary cf the Treaeuiy Iforg&nthau announced tcday, (Aprii 30, 1934) that
the tandera for tao sorto« of Treaeury bilis, to be dated May 3, 1934, vhich oon
offered on Aprii 87, «ore oponed at the federal reserve beaba oa Aprii 30, 1934»
Tendera «ere invited for tbe too serie« to thè aggregate amoimt of
#188, 000,000, or thereaboute, aad #391,773,000 «a« applied for, of whieh
#183,092,000 vas aeeepted.

The detail« of the taro series are as follows;

91-BAY THEáSOBY BILLS» MàTURIKQ- AÏÏGXJST 1, 1934
'v
■ . f* ■
'■ ' ’ -v’í
"••»'. -, y* A
^VyP?\‘kX
^j-■
for thia «arie«, whieh va« for #73,000,000, or thereaboute, the total amouBt
applied

for

vas #193,073,000, of which #73,033,000 va« aeeepted.

The

acceded

bidé ranged la prie© froa 99*990, équivalant to a rate of about 0*04 per cent

per

anana, to 99,980, équivalent to a rate of abont 0*0® per cent per annusi, on a

b&nk discount basta,
accepted,

Only part of thè amount bid for at thè lattar prise vas

The average priée of Treaenry bille of this series to b© issued is

99*981 and the average rate 1« about 0*07 per eent par annoia on a bank discount
basi»,

îaa-PAi

m a rn e z

buis*

m w m ®

ooTomm

31,

iom

fer thle series, whieh vas for #50,000, 0009 or thereaboute, the total aseant
applied for vas #198,999,000, of whieà #30,037,000 vas aeeepted.

Sxcept for cas

bid of #3,000, the aeeepted bide ranged in prie« frem 99.920, équivalent to a
rate of about 0*16 per cent per annua, to 99*913, équivalent t© a rate of about
0*27 per sent per amram, on a bank discount basic*
for at thè batter pries vas accepted*

Only part of the « o u s t til

The average prie© of Treasury bilis of

this «arie« to be issued is 99*918 and the average rate is about 0.16 per ««at
per annua on a bank discount basi«*

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- PAPERS,
Tuesday, May 1, 1934.

Press Service
No, 1 - 69

Secretary of the Treasury Morgenthau announced today, (April 30, 1934) that
the tenders for two series of Treasury hills, to he dated May 2, 1934, which were
offered on April 27, were opened at the Federal reserve hanks on April 30, 1934.
Tenders were invited for the two series to the aggregate amount of
$125,000,000, or thereabouts, and $391,775,000 was applied for, of which
$125,092,000 was accepted.

The details of the two series are as follows:

91-DAY TREASURY BILLS , MATURING AUGUST 1, 1934
For this series, which was for $75,000,000, or thereabouts, the total amount
applied for was $193,076,000, of which $75,055,000 was accepted.

The accepted

bids ranged in price from 99.990, equivalent to a rate of about 0.04 per cent
per annum, to 99*980, equivalent to a rate of about 0.08 per cent per annum, on a
bank discount basis.
accepted.

Only part of the amount bid for at the latter price was

The average price of Treasury bills of this series to be issued is

99.981 and the average rate is about 0.07 per cent per annum on a bank discount
basis.
182-DAY TREASURY BILLS, MATURING OCTOBER 31, 1934
For this series, which was for $50,000,000, or thereabouts, the total amount
applied for was $198,699,000, of which $50,037,000 was accepted.

Exc.ept for one

bid of $5,000, the accepted bids ranged in price from 99.920, equivalent to a
rate of about 0,16 per cent per annum, to 99.G15, equivalent to a rate of about
0.17 per cent per annum, on a bank discount basis.
for at the latter price was accepted.

Only part of the amount bid

The average price of Treasury bills of

this series to be issued is 99.918 and the average rate is about 0.16 per cent
per annum on a bank discount basis.

Im m ediate r e le a s e

76

/ -

Tiie Ja p a n e s e f r e i g h t e r S oyo M a r u , w h i c h has been held und r
c u s t o d y of John P. Carter,
L os A n g e l e s

c o l l e c t o r of internal re v e n u e at

since T u e s d a y of last week, was r e l e a s e d late

y e s t e r d a y a n d p e r m i t t e d to rsonraiH sail for N e w Y o r k w i t h a cargo
of s ilk f r o m Japan. A t e l e g r a m to t h i s effect w a s
i.a #

^ o y

O

recei v e d today

,

G u y T H e l v e r i n g , C o m m i s s i o n e r of I n t e r n a l Revenue#
The S oyo M a r u w as

seized and h e l d as s e c u r i t y f or payment

of taxes f o r the y e a r s
the shi p ' s owners,

1917,

1 918 and 1919 a s s e s s e d against

Toy o K i s e n Kaisha,

R e l e a s e followed p a y m e n t

a Japanese s t e a m s h i p company.

to the c o l l e c t o r in Los Angeles of

$ 3 7 1 , 9 8 6 . 3 8 as b a c k taxes f o r the y e a r 1917, w i t h interest to date.
This w a s

in accordftjLce w i t h a n a g r e e m e n t

entered into yesterday

b e t w e e n C o m m i s s i o n e r H e l v e r i n g a n d R y o z o Asana, P r e s i d e n t of the
s t e a m s h i p company, w h o came to W a s h i n g t o n to adjust
The

agreement

c o m p a n y that

the difficulty.

i n c l u d e d the pledge oil the part of the steamship
a b o n d w o u l d be e x e c u t e d to c o v e r t a x liabj^ility for

the years 1 9 1 8 and 1919, as t o w h i c h the a s s e s sments

of the bureau

h ave been c ontested.
Seizure of t h e ship f o l l o w e d p r i o f n o t i f i c a t i o n b y Commissioner
H e l v e r i n g that f u r t h e r c o n t i n u a n c e s

of

the tax case against the

c o m p a n y w o u l d not be g r a n t e d . The ship on her present voyage
u n d e r c h a r t e r to a J a p a n e s e

exporting

company.

is

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE
Tuesday, May 1, 1934

Press Service
No. 1 - 7 0

The Japanese freighter Soyo Maru, which has been held under custody of
John P w Carter, collector of internal revenue at Los Angeles, since Tuesday
of last week, was released late yesterday and permitted to sail for New York
with a cargo of silk from Japan.

A telegram to this effect was received

today (Tuesday, May 1) "by G-uy T, Helvering, Commissioner of Internal Revenue.
The Soyo Maru was seized and held as security for payment of taxes for
the years 1917, 1918 and 1919 assessed against the ship's owners, Toyo Kisen
Kaisha, a Japanese steamship company.

Release followed payment to the

collector in Los Angeles of $371,986.38 as back taxes for the year 1917, with
interest to date.

This was in accordance with an agreement entered into

yesterday between Commissioner Helvering and Ryozo Asana, President of the
steamship company, who came to Washington to adjust the difficulty.

The

agreement included the pledge on the part of the steamship company that a
bond would be executed to cover tax liability for the years 1918 and 1919,
as to which the assessments of the bureau have been contested*
Seizure of the ship followed prior notification by Commissioner
Helvering that further continuances of the tax case against the company would
not be granted.

The ship on her present voyage is under charter to a Japanese

exporting Company.

%

toar Mr.

■w&wut

l heve f m s i m n t o t JkfttX 18. I » « . T otarviag to t i* eet-t oí

t3» Wcíbb<} l ü

aad ».«Matine ííust 1 tev» :jf»pur«8' to * y °* • •ta ll« *’

wmtfnlt* ?4 itet M il iatreítooed by jrfltt*

Ton roalloo, of #«u m t « * t I t i* oattrorwlaF <tim<stót t© f»*
aeoomto fletare® vitihooft «n
p tflA f

of ©&*$* b«als lnvoliod*

ttftt» teites S*^ Í&?©ÍV©á* «Í»C® t-:::^:ra 1# II#

cen t?*! «ooroa of iafoWBNstlo» trllft roopoet t*# «meli terim .

&#r«f»a®* a*^r

©sttot® «ihloh 1® tm M mm% 'b*'b*«o4 n.#on «a «nftlyoi* ef

«U m tUo

* r t h r#8f#MSt t© ísoiiósaa t o t e m \é «ho

t u t o b*aU»t wttJr* <úm hopo

foro, Mgjmored to

1« *©i»«ofc#r« » • ** n # i t .

1 « bolo» »

©f tfo® oflqpoadltttrM
f ir s t ooctl^n o f 1«

n

of thmt

t© t>©

1 *»w ,

anal yol» ®r oo«s**to cm th#

ftftl titeo ooot to tte© ís w w fi^ t, Wké&f tt#
M U.

feoro 1» *

if¡# th#t I *«»oo of to « iw y »

a roaaooábiy neenroto o* jojoto. of co«t ® ásr soottoa U ©r •©©tion i of
ti# b1XX *

Ül© ia it ia i W |fí$ é it» Wiéor

X of tbo M il woaiá *#

$ lt 80V*JM » 943» o lth ootimátoé roeow ru » ©f $TiMf 9B8»l& 6» ®r »M Xoo»
to ti#

Of
a#

^ r #

IXr;
'B3jȒ|XI*^4S.
sistié magúate ar# ofltte ^

í w

tMroi» «Xa»*©* of

t e t o l ufttlo&aAt otato - « t o r íJ | i a«SHMklMr o* folio#®!

TREASURY DEPARTMENT
Washington, D. C.
May 2, 1934.

Following is text of letter transmitted “by the Secretary of the Treasury to
Honorable Prentiss M. Brown, House of Representatives:

"April 24, 1934.
My dear Mr.. Brown:
I have your letter of April 18, 1934, referring to the cost of the
McLeod Bill and requesting that I have prepared for you a similar cost
analysis of the bill introduced by you.
You realize» of course, that it is extremely difficult to get accurate
figures without an analysis of each bank involved, and especially where
non-member state banks are involved, since there is no central source of in­
formation with respect to such banks* Therefore, any estimate which is made
mast be based upon an analysis of the situation with respect to national
banks and the application of that analysis to the state banks, with the hope
that it is somewhere near right. I have, therefore, endeavored to give you
below an analysis or estimate on the basis of the expenditures necessary and
the cost to the Government, under the first section of your bill. There is
no way that I know of to give you a reasonably accurate estimate of cost
under Section 2 or Section 5 of the bill.
The initial expenditure under Section 1 of the bill would be
$1,807,299,942., with estimated recoveries of $724,088,196, or net loss to
the Government of $1,083,211,746.
The above stated amounts are made up from three classes of banks:
national, state member and non-member as follows:
No. of banks closed on
or after Jan* 1, 1930.

R. P. C. Ad—
vances

Recoveries

1,581 national banks
$ 575,135,304
$257,100,216
281 state
member banks
402,679,945
150,998,619
5,554 state
non-member banks 829,494,693_____ 315,989,361
7,416

$1,807,299,942

Loss to U. S.

$318,025,088
251,681,326
513,505,332_____

$724,088,196 $1,083,211,746

The foregoing figares, of course, do not include any estimate for interest
costs pending final liquidation.
There is attached hereto a detailed statement of the estimate set forth
above* You will note that an estimate of the cost on the basis of a $1,000 pay­
off can be obtained from this detail.
It was, however, not practical to break
down the figures to show the cost of a $1,500 pay-off.
Very truly yours,
Honorable Prentiss M. Brown,
House of Representatives.

H. Morgenthau, Jr.,
Secretary of the Treasury.

TREASURY DEPARTMENT
WASHINGTON
MEMORANDUM FOR THE PRESS:

May 7, 1934.

V

RECEIPTS OF SILVER BY THE MINTS:
(Under Executive Order of December 21, 1933)
Week ending May 4, 1934:
San Francisco.............. ............
D e n v e r .......
Philadelphia.............
Totalmfor the week..................

(

343,494.35 fine ounces
2,866.00
"
M
500,865.24
"
n
647,225.59
M
fl

tfl

RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Week ending May 4, 1934
Philadelphia.......
San Francisco......
Denver..............
New York............

_____ Imports
$
17,496.46
805,911.00
14,966.00
8,407,560.00

SeatbMeisis:...... ..
New Orleans........
Total.............

19,245,935.46

Secondary
$ 244,898.38
142,821.07
105,635.00
1,764,340.00
24.785.76
12.696.77
12,295,176.98

New
Domestic
$
2,074.06
634,122.36
752,039.00
23,100.00
175.525.54
Al,586,660.96

ji
»

GOLD RECAPITULATION
Imports ............... $ 9,245,935.46
Secondary.... .........
2,295,176.98
New domestic..........
1,586,660.96
Total............ $13,127,771.40
GOLD RECEIVER BY FEDERAL RESERVE BANKS AND THE TREASURERS OFFICE:
(Under Secretary*g Order of December 28, 1933)
Received by Federal Reserve Banks:
Week ended May 2 ..............
Received previously ...........
Total to May 2 ................

Gold Coin
$
123,398.51
27,438,892.60
$27,562,291.11

Gold Certificates
779,960.00
53.857,900.00
$54,617,860.00

$

1
Received by Treasurer*s Office
Week ended May 2 ..............
Received previously...........
Total to May 2 ....... .........
Note:

k
$
$

1,200.00
244,794.00
245,994.00

$

14,900.00
1.472.600.00
$ 1,487,500.00

1

Gold bars deposited with the New York Assay Office to the amount
of |>200,572.69opreviously reported.

PURCHASES OF GOVERNMENT SECURITIES FOR INVESTMENT ACCOUNTS:
Total for week ended May 5, 1954................. $5,001,500

J

TREASURY DEPARTMENT
Washington
MEMORANDUM FOR TEE PRESS:

May 7, 1934.

RECEIPTS Off SILVER BY THE MINTS:
(Under Executive Order of December 21, 1933)
Week ending May 4, 1934;
San F r a n c i s c o ..... ................... .
D e n v e r ................................ .
Philadelphia ..........................
Total for the w e e k ..................

343,494.35 fine ounces
2,866.00
”
”
300.863.24
”
»
647,223.59
«

RECEIPTS OF GOLD 3Y THE MINTS AND ASSAY OFFICES;
Week ending May 4, 1934
Philadelphia.......
San Francisco ......
D e n v e r .... .........
New Y o r k .... .......
S e a t t l e .............
New Orleans
Total

New
_____ Imports________ Secondary______ Domestic
$
17,496.46
$
244,898.38
$
2,074.06
805,911.00
142,821.07
634,122.36
14,966.00
105,635.00
752,039.00
8,407,560.00
1,764,340,00
23,100.00
...
24,785.76
175,325.54
--------- --12.696.77
_______ ___
$ 9,245,933.46

$ 2,295,176.98

$1,586,660.96

GOLD RECAPITULATION
I m p o r t s ..................
Secondary ................
New Domestic ..... .......
Total

$ 9,245,933.46
2,295,176.98
1,586,660.96
$13,127,771.40

GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURERS OFFICE:
(Under Secretary1s Order of December 28, 1933)
Received by Federal Reserve Banks;
Week ended May 2 ...... .......
Received previously ..........
Total to May 2 ................
Received by Treasurer’s Office
Week ended May 2 ..............
Received previously ..........
Total to May 2
..............

Note;

Gold Coin
123,398.51
27.438.892.60
$27,562,291.11

$

$

$

$

$

1,200.00
244.794.00
245,994.00

Gold Certificates
779,960.00
53.837.900.00
$54,617,860.00

14,900.00
1.472, 600.00
$ 1,487,500.00

Gold bars deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.

PURCHASES OF GOVERNMENT SECURITIES FOR INVESTMENT ACCOUNTS;
Total for week ended May.5, 1934 ................ $5,001,500

^
TREASURY DEPARTMENT
WASHINGTON

m

IMMEDIATE RELEASE
May 7, 1934

Press Service
Ho. 1 - 71

ACTIVITIES OF REGULATIVE INSPECTORS. BUREAU OF
INDUSTRIAL ALCOHOL. FOR WEEK ENDING APRIL 28, 1934.
(Corrected statement based on complete weekly reports
of supervisors.)

Dist.
No.
States
1

m

2

Gals, of
Spirits
Capacity Seized

500

25

Gals, of
Mash
Seized

Autos &
Trucks
Seized

700

9

Value of
Property
Seized

Arrests

900

1

1

347.75

3

1.247.75

4

TOTAL

2

500

34

700

1

2

N. I.

18

4.870

3.514

25,460

0

3

Pa.
N.J.
Del.

1
4

1,500
6,300

827
838

35,000
79,000

2

1,938.50
200,000.

13
3

TOTAL

5

7,800

1,665

114,000

2

201,938.50

16

Md.
Va.
W. Va.
N.Car.
S.Car.
D. C.

5
11
2
22
13

1,225
3,500
80
4,290
1,355

50
733

8,060
20,050

1

75.

1,300
348

27,832
12,230

2

526.

3
16

TOTAL

53

10.450

2,431

68,972

3

601.

28

Ga.
EL a.
Ala*
Miss.
Xiël*
Tex.

16
24
9
14
2
3

1,555
5,225
2, 720
1,965
210
350

79
430
39
84
105
113

9,090
24,850
1,930
4,940
2,000
900

1
2
2

30.
125.
370.

2
3

150.
1,090.

19
5
10
6
7
14

TOTAL

68

12,025

850

43,710

10

1,765.

61

4

r
5

i

Maine
N.H.
vt.
Mass*
Conn.
R. I.

Stills
Seized

36,560.

13

7
2

:;L>J

f
j

Dist,
No.
6

n
if
7

8

1
1
1

If

9

10

k>\
F

11

w

12

States

Stills
Seized

G-als. of
Spirits
Capacity Seized

G-als, of
Mash
Seized

Autos &
Trucks
Seized

Value of
Property
Seized

Arrest

Mich.
Ohio
Ky.
Tenn.

6
9
17

1,195
630
4,145

34
122
230

4,300
5,460
25,340

1
3

100.
450*
50.

2
16
18

TOTAL

32

5,970

386

35,100

4

600,

36

Wis.
Ill,
Ind.

20
6

4,010
475

140
502
138

59,410
2,170

1
2
1

100.
420.
600.

1
11
15

TOTAL

26

4,485

780

61,580

4

1120.

27

50
2, 840
200

2
1
2

550.
75.
560.

3
12
1
3

3,090

5

1,185.

19

1
1

88.
105.
12.

3
10
9

2

205,

22

N. D.
S. D.
Minn.
Neb.
Iowa

3
8

50
1,115

1

20

57
578
79
10

TOTAL

12

1,185

724

Kan.
Okl a.
Mo.
Ark,

7
1
4

550
150
800

TOTAL

12

1,500

310

7,550

Wyo.
Utah
Colo.
Ariz,
N.Mex.

3
1
1

200
20
500

143
45

400
100
1,300

4
3
5

TOTAL

5

720

188

1,800

12

55
149
106

3,950
1,700
1,900

Cal.
Nev.

50

1

75.

1

TOTAL

50

1

75.

1

Wash.

Idaho
TOTAL
^

TOTAL

233

49,505

10,932

361,962

32

245,297.25

239

TREASURY DEPARTMENT
WASHINGTON

IMMEDIATE RELEASE
May 7, 1934

Press Service
No. 1 - 72

PRELIMINARY REPORT OF ACTIVITIES OF REGULATIVE
INSPECTORS, BY DISTRICTS, FOR WEEK ENDING MAY 5, 1934.
(These figures are compiled from telegrams
and are subject to later correction.)

Dist,
No,

St ills
Seized

Capacity

Gals, of
Spirits
Seized

Gals, of
Mash
Seized

Autos &
Trucks
Seized

Value of
Property
Seized

Arrests

1

4

4,200

1,140

33,600

7

9

2

12

8,220

1,793

122,300

2

16

3

5

5,200

830

57,225

4

30

5,225

5

90

11,217

1,250

6

19

3,026

7

16

8

o

14
6

27

58,140

11

64

709

^6,385

5

33

2,032

490

/ 34,440

3

11

7

290

466

2,415

3

24

21

2,679

5

40

10

6

885

130

11

3

155

469

12

9

536

106

222

43,665

7,383

TOTAL

4,675

15
1

3

1,245

3

13

330,325

46

269

»

i

l

mmimfQw

fon HSLBASS, « M
PAPSRS,
Tuesday, May 3« 1934.

frese Serri««

Seeretary of thè Treaaury Morgenthan mmmmmà today, (Bay 7, 1934) that
«
| -v, ;i:'"
‘ &
thè tendere for tuo series of Treaaury b ilia , to he dated lh| 9, 1954, vhleh ver« t
offerea on May 4, «ere opened et tìi# federai re serre haska oa May 7, 1954«
Tendere «ere inrited for thè tee «erte« to thè disgregate amount of

I

#125,000,000, or thereabouts, and $356,107,000 ime applied for, of whiefc
#120,287,000 was aeeepted. The detal le of thè tee eerlee «re a» follo«»:
91-OAT TBmmm bills . m m im o m m *s 8,

1004

te r thla eerlee, whleh eae for #70,000,000, or thereahoots,
applied for eae #186,841,000, of whieh #70,114,000 eae aeeepted.

thè

total marni

The aocepfced

hlde ranged le prie# f m f l . f S f , equiealent t© a rate ©f about 0.05 per cent
por aerai, to 99.980, equiralaat to a rate ©f about 0.08 per c a s t per ansa®, oa
a

discount haeis.

j

Qnly psrt o f th è amount hid for a t thè l a t t e r ir tee «a»
9

aeeepted.

The arerage prlee of Treasury bilie of thla eerlee to he tssued le

99.980 and thè arerage rato io atout 0.07 per rat per ara® oa a hai# discount

q

b a s i» .
182-d àt TRsisgmr b u l s .

w m w m

mmmm

7. 1954

TO
Tth la e e r le e , m a h eae fo r #08,000,000, or thereabouts, thè t<*al amoaat
applied for vae #199,266,000, of «hleh #80,178,000 «me aeeepted,

The aeeepted bihj

ranged la pelea **©a 99«908, «quiralaat to a ra te of atout 0.18 par r a t per ansa»,
to 99.928, equi «alea t to a rate of ahout 0.10 per cent par annua, oa a basic die»
eouat baela.

Oaly p&rt of thè laaoaat hid far at thè la tte r prlee «as aeceit ad. \

The average prie# of Treaeury

bllls

of th la aarlea to he leeaed le 99.926 and «a

average ra te 1« ahout 0.18 par eaat per aarai oa a teak dlaeouat hasle.

TREASURY DEPARTMENT
Washington
FOR RELEASE,: MQRNING- PAPERS,
Tuesday, May 8, 1934.

Press Service
No. 1 - 7 3

Secretary of the Treasury Morgenthau announced today, (May 7, 1934) that
the tenders for two series of Treasury bills, to be dated May 9, 1934, which were
offered on May 4, were opened at the Federal reserve banks on May 7, 1934.
Tenders were invited for the two series to tho aggregate amount of
$125,000,000, or thereabouts, and $356,107,000 was applied for, of which
$125,287,000 was accepted.

The details of the two series are as follows:

91-DAY TREASURY BILLS, MATURING AUGUST 8, 1934
For this series, which was for $75,000,000, or thereabouts, the total amount
applied for was $156,841,000 of which $75,114,000 was accepted.

The accepted

bids ranged in price from 99.987, equivalent to a rate of about 0.05 per cent
per annum, to 99.980, equivalent to a rate of about 0.08 per cent per annum, on
a bank discount basis#
accepted.

Only part of the amount bid for at the latter price was

The average price of Treasury bills of this series to be issued is

99.983 and the average rate is about 0.07 per cent per annum on a bank discount
basis.
182-DAY TREASURY BILL S , MATURING NOVEMBER 7, 1934
For this series, which was for $50,000,000, or thereabouts, the total amount
applied for was $199,266,000, of which $50,173,000 was accepted#

The accepted

bids ranged in price from 99.935, equivalent to a rate of about 0#13 per cent
per annum, to 99.925, equivalent to a rate of about 0.15 per cent per annum, on
a bank discount basis.
accepted.

Only part of the amount bid for at the latter price was

The average price of Treasury bills of this series to be issued is

99.926 and the average rate is about 0.15 per cent per annum on a bank discount

TREASURY DEPARTMENT
Washington
MEMORANDUM FOR THE PRESS:

May 14, 1934,

RECEIPTS OF SILVER BY THE MINTS;
(Under Executive Order of December 21, 1933)
Week ending May 11, 1934»
San Francisco
Denver ...............
Philadelphia .........
Total for the week

194,339.63 fine ounces
5,114.00
i
»
401.177.47
»
«
600,631.10
»»
**

RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Week ending May 11, 1934:
Philadelphia........
San Francisco .......
Denver ...............
New York ............ .
Seattle ..............
New Orleans .........
Total ............

Imnorts
$
6,640. 55
1,130,851, 19
17,013. 00
8,900,100. 00
— -

22.057. 89
$10,076,662. 63

Secondary
$ 264,142.50
135,874.23
120,755.00
927,070.00
27,501.86
45.095.11
$1,520,438.70

New
Domestic
$
271.64
1,137,493.66
397,228.00
147,000.00
66,502.96
238.11
$1,748,734.37

GOLD RECAPITULATION
Imports ..........
Secondary .......
New Domestic ....

$10,076,662.63
1,520,438.70
1.748.734.37
13,345,835.70

GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER *S OFFICE:
(Under Secretary»s Order of December 28, 1933)
Received by Federal Reserve Banks:
Week ended May 9 ...... .......
Received p r e v i o u s l y ....... ..
Total to May 9 ..............

$

Gold Coin
86,786.03
27.562.291.11
$27,649,077.14

Gold Certificates
$
903,650.00
54.617.860.00
$ 55,521,510.00

Received by Treasurer’s Office:
Week ended May 9 ..... ........
Received previously ...........

$

$

$
Note:

245.994.00
245,994.00

$

32,600.00
1.487.500.00
1,520,100.00

Gold bars deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.

PURCHASES OF GOVERNMENT SECURITIES FOR INVESTMENT ACCOUNTS:
Total for week ended May 12, 1934 ...............

$500,000.00

m&ksvm

m

m

mmxmTm

won r s x m s m , m

m m

i

papers,

Press Service
I^ } 4

Tcosdety, m y 15, 1934*

Secretary of the Treasury Mergenthau announced today, {Hay 14, 1954) that

&

tlui tenders for two series of Treasury bills, to bo dated May 16, 1934, whieh
wars offered oa May 11, were opened at the federal reserve banks on Bay 14,

j

1934,

■ ■
T e n d « « ware invited for the two w r i e w te the aggregate m o u n t of

«

#100,000,000, or thereabouts, and #825,981,000 was applied for, of which
1100,334,909 was accept ©d.

The details of the two series are as follows:

91-flAY

BBJLS,

IfATOHINO AUGUST 15, 1934

for this series, which was for #30,000,000, or thereabouts, the total amount
applied for was #178,333,000, of whieh #50,834,000 was accepted«

The accepted bids

ranged in price from par to 99*982, the latter prise being equivalent to a rat®
of about 0*07 per cent per annum, on a bank discount basis«
amount bid for at the latter price was accepted«

I

Only part of the

*2b» average price of Treasury

bills of this scries to be Issued le 99.984 and the average rate 1« about 0.0$

j

per cent per annus on a bank discount basic*

lSg~M f m&STOT I B I l i MATOXhO H0V1M8IK 14, 1934

j

for this serias, which was for #50,000,000, or thereabouts, the total amount
applied far was #135,646,000, of whieh #60,080,000 was accepted*

The accept ed bid« ¡
j

ranged in price from 99.940, equivalent to a rate of about 0.18 per cent per wsm, ;
to 99.986, equivalent to a rate of about 0.16 per cent per annum, oa a bank discount
basis.

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

The

¿1

,
average price of Treasury bills of this series to be Issued Is 99.989 and the
average rate Is about 0.14 per cent per annum on a bank discount basis.

I

TREASURY DEPARTMENT
Washington
FOR RELEASE, EVENING PAPERS,
Thursday, May 10, 1934.

'Press Service
No. 1 - 7 4

The Presidentas executive order transferring to the Internal
Revenue Bureau the functions and personnel of the Bureau of Industrial
Alcohol, Treasury Department, and the Alcoholic Beverage Unit of the
Department of Justice, "became effective today (Thursday, May 10),
sixty one days after the order was sent to Congress.

Under the pro­

visions of the order the Bureau of Industrial Alcohol, together with
the title of Commissioner of Industrial Alcohol, are abolished.
The merger of these agencies within the Internal Revenue
Bureau involved the transfer to that Bureau of 3,298 additional
personnel.

The Department of Justice personnel numbered 961, including

about 700 enforcement operatives.

The personnel of the Bureau of In­

dustrial Alcohol absorbed numbered 2,337.

Of that number 713 are

regulative inspectors, 283 permissive inspectors, 627 storekeeper
gaugers, and the remainder made up of technical and administrative
personnel.

Most of these employees are atationed in field offices

throughout the country.
The executive order thus coordinates under the direction of
the Commissioner of Internal Revenue, Government forces having duties
that are closely related, and it is felt that the consolidation of the
inspection and enforcement facilities will promote efficient adminis­
tration.
The merged agencies will be combined into what is to be known
as the Alcohol Tax Unit.

This Unit will be headed by Arthur J, Mellott

who is to be Deputy Commissioner of

Internal Revenue.

- 2 The Alcohol Tax Unit will comprise in its field organization set-up
12 district offices:

Boston, Hew York, Philadelphia, Baltimore, Hew

Orleans, Cincinnati, Chicago, St, Paul, St, Louis, Denver, San Francisco,
and Seattle,

This is identical as to locations and areas with the field

organization of the Bureau of industrial Alcohol.
Each district headquarters office will he in charge of a District
Supervisor,

The District Supervisor will have two principal assistants,

one an enforcement assistant and the other a permissive assistant.

There

were 23 field offices of the Alcoholic Beverage Unit and many of these
will ho consolidated with the district offices, while others may he con­
tinued as branch offices for purposes of enforcement.

There will also he

11 branch offices for permissive purposes exclusively.
The Alcohol Tax Unit will have at the start a total of 1,400

in­

vestigators operating in the twelve regional districts of the United States.
This force comprises the 700 former regulative inspectors of the Bureau of
Industrial Alcohol and the 700 enforcement operatives of the Department of
Justice.

This force is to he increased to about 1,850 men.

The force of

regulative inspectors, organized 6 weeks ago in the Bureau of Industrial
Alcohol under Commissioner D. S, Bliss, has made a total of 1,046 arrests
of persons for operating illicit stills.
a capacity of 193,884 gallons;
and trucks.

They also seized 857 stills with

46,385 gallons of mash; and 144 automobiles

Value of property involved was $523,839.

Commissioner Bliss, who has held his present post for more than 5
months, will return to his former position as Acting Deputy Commissioner
of Internal Revenue in charge of the Miscellaneous Tax Unit.

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING PAPERS,
Tuesday, May 15, 1934.

Press Service
No. 1 - 75

Secretary of the Treasury Morgenthau announced today, (May 14, 1934) that
the tenders for two series of Treasury "bills, to "be dated May 16, 1934, which
were offered on May 11, were opened at the Federal reserve "banks on May 14, 1934.
Tenders were invited for the two series to the aggregate amount of
$100,000,000, or thereabouts, and $325,981,000 was applied for, of which
$100,334,000 was accepted.

The details of the two aeries are as follows:

91-DAY TREASURY RILLS, MATURING AUGUST 15, 1934
For this service, which was for $50,000,000, or thereabouts, the total amount
applied for was $172,335,000, of which $50,254,000 was accepted.

The accepted bids

ranged in price from par to 99.982, the latter price being equivalent to a rate
of about 0,07 per cent per annum, on a bank discount basis.
amount bid for at the latter price was accepted.

Only part of the

The average price of Treasury

bills of this series to be issued is 99.984 and the average rate is about 0.06
per cent per annum on a bank discount basis,
182-DAY TREASURY BILLS, MATURING NOVEMBER 14, 1934
For this series, which was for $50,000,000, or thereabouts, the total amount
applied for was $153,646,000, of which $50,080,000 was accepted.

The accepted bids

ranged in price from 99.940, equivalent to a rat© of about 0.12 per cent per annum,
to 99.926, equivalent to a rate of about 0.15 per cent per annum, on a bank discount
basis.

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

The

average price of Treasury bills of this series to be issued is 99.929 and the
average rate is about 0.14 per cent per annum on a bank discount basis.

PAGE U

J>ist.
.

State

lais. of Gals, of
Value of Value^of
Spirits rôash
Autos Trucks Property Property
Seizad._ -$eiz.ed__ •^-Seized ,S.s.i,ze.d...TdSfilAfid_ .D.est.^Qy_e.d. ...Arr.e.s.t..s..

Stills
.....Seized

IO
{coni) JffJMex

11

*

i

TOTAL

6

Cai.

4

885

130

4675

440

9005

.
— 7---$15875.
--f
jL

1

1

$60.

16
8

—

12

TOTAL

4

Wash.

2

390

440

9005

85

125

1

1

#60*

i
v----$15675.

8

$380.

•
o
■'-y
39*

Nev.

2

ì

I

4

280

18

210

TOTAL

6

670

103

335

TOTAL

227

35,889

10,804

356,965

Mont.

$40.
r---

2

Idaho

GRAND

$380.
36

$440.

7 *44,945.50 K0,#70.5C

4
273

M

•

•
j

i

-*•

-r

~^ceF
PAGE 5

Dist.
No.
State!

Stills
Seized

jGals. o: Gals, of
!Spirits Fash
Capacity iSeized
Seized

i Vaine of Vaine of f
Trucks i Property Property
Destroyed ! .Arrests....!

Autos
Seized

(

g

n

14

135

102

1515

553

18200

2

1

2

S.D.f

1

! $554.50

I

|/
!
\
\
iào,.
l

$300.

135

3

525

Neb. !

2

50

35

800

2

i

$250.

Iowa !

1

50

127

1200

1

!

$300.

:
i
!

__J2___
1
j

j
!

...A..

|

____s e i ___L
1 m

3

L .. .

Finn.!

2

\
|
tiJSslsQul

258

.d J

!
i

x\

470

i

total!

3

"X.

Ind.i

\

i1

7
(cont)

7
11___

m

9

6

235

425

2525

Kan. i

1

25

6

200

Okla.i

8

355

192

2060

Mo.

6

1294

Ark. !

5

750

TOTAL!

20

2424

Wyo. j

38

973

|

22

3470

!

258

6703

1

20 ;

5

25

TTtah |

1

50 I

20

100

Colo. !

3

765 ;

100

4500

Ariz. j

1

.50.1

5 ... „....50......

4

$850.

tf«A.

_
4

4

f

a

$505.
ï

I $1020.
- -

Ç

• .. ..25.
_____2___
:

.ids*__ L

t!51.

-•
o
' io

10

TOTAL!

! $1171.

«740.

.21___
12

.

3
L

38
____ 2___

I

I

‘1

t

4

I .

L : _______ 1__________ 1 ... 8___ 1___________ _
.2

i

.t . .

lals. of Gala, of
Stills
Spirits i/ash
Auto a
.S.e.i.z.e.d. [...Capacity. S.e.iz..e.d.__ S.e..iz..ed___ ..Selzed

Dist.
.. Uh..........
k
(cont )

Valile of Vaine of
Trncks Property Propei'iy
Seized ...Seized... Lesttroyed Arresta_ ----- |-----... ... ....;•

D.C.

--- -----30

TOTAL

|

7

5095

989

44445

632

25765

2367

15130

2

#1000.

11270.

ì)
5

$4361.
--- ------

Ga.

25

ila.

15

1934
■>4.». ...
ir
;
1875

Ala.

14

2815

69

4280

1

#40.

Miss.

14

960

110

7220

2

#150.

—
$1820.
/ - .-

,6

8

400

109

1350

1

$25.

$290.
----------

7

Tex.

19

855

233

3622

2

#700.

#1920.

29

TOTAL

95

8839

3520

57367

8

$2425.

#10933.

71

2

#510.

#3300.
—

—

La.

2

—

6

! ---$2599.
\
$1004.

11
9
9

Y ....
i
1

Mi eh.
Ohio

8

1880

180

2550

Ky.*, J

4

365

215

1650

Tenn.

14

|

1949

559

12935

2

$815.

26

!

4194

954

17135

3

#1165.

1

$350.

1
f
$ 375.

2

1550.

12

-— I— ------

TOTAL

r
7

25

#1109.

19

$2034.

33

--— \-----

Wis.

5

111.

6

!

180

204

680

1200

247

17050

j

2

1
# 554.50
j
_______ [

J

#2.50
.. "1... .
$néo.

6
10

_ _ _ _ _ _ _ _ _

_ ________

ACTIVITIES o p KEGTtla TIVE ITMSPECTOBS WEEK ENDED MAY 5 , 19 3 4.
COMPILED FROM WEEKLY REPORTS.
' ~
“

v

IjG-als. of
Dist .
No. 1 State

1

j Stills
¡Spirits
| Seized i Capacity ISeized

Oats, of

> Hash
i Seized

j Maine
In .

h

I Value of \ Value/of
| Autos j Trucks | Property 1 Property
j Seized ] Seized j Seized
j Destroyed Arrests :
i
*
___ \V _
\

.

J......
!

ivt.

i Mass.

|

|
1

2

200

50

1200

4

1E. I.

1

592

760

2400

2 j

1

1 TOTAL

3

792

810

3600

6

|

2

N. Y.

12

6240

1792

124950

1 j

3

Pa.

3

3000

810

55025

#10900.

N. J.

2

2000

20

13000

#10000.

#1100.

4

$8920«

#500.

1

1

$8920*

#1600.

2

#7250.

■*f
1 j
__ ______ 1_i .
f+

! Conn.

/

5

#2475.

16

..\ --------

i
j
1
i
1
:
1
!
j

1
I

•
j

'-

Vi

t

7

j

7

j

14

|

7

[

#12p.

6

|

.‘W’ JJ"''

»32.

7

j

$1593. i

2

|

)
/

•
j
.
___ l ___
..........
; i:

|
.......

[

§
1

Del.
TOTAL

j

A

5

|

830 |

5000

68025 |

#20900.

\

............. Y
H

231 |

5730 |

j

521 [

22600 |

1

48 j

245 i

j

141 !

720 j

48 |

Md.

6

!

675

Va.

5

1

1350

2

j

100

N .Car j
12 !
S. Car.! .. 5.j

2250

1
1 W. Vaj

4 j

2 1

|

#320„
#875.

11650 | __._____ I__ L ____L___ _ ____
: /
j
4220 |
i j /
j
»75.

#686.

j

.... 3 .j........... i

.... !

- 2 -

Dist,
No.
6 ,

7

8

States

10

11

12

Gals, of
Mash
Seized

Autos &
Tracks
Seized

Arrests

6
9
17

1,195
630
4,145

34
122
230

4,300
5,460
25,340

1
ft.

100.
450.
50.

2
16
18

TOTAL

32

5,970

386

35,100

4

600,

36

59,410
2,170

1
2
1

100.
420.
600.

1
11
15

4

1120.

27

550.
75.
560.

3
12
1
3

Wis.
111.
Ind.

20
6

4,010
475

140
502
138

TOTAL

26

4,485

780

61,580

3
8

50
1,115

50
2, 840

1

20

57
578
79
10

200

2
1
2

12

1.185

724

3,090

5

1,185.

19

1
1

88.
105.
12.

3
10
9

2

205.

22

N. D.
S. D.
Minn.
Neb.
Iowa

55
149
106

Kan.
OkLa*
Mo.
Ark.

7
1
4

550
150
800

TOTAL

12

1,500

310

7,550

Wyo.
Utah
Colo.
Ariz.
N.Mex,

3
1
1

200
20
500

143
45

400
100
1,300

4
a
0
c
D

TOTAL

5

720

188

1,800

12 _

3,950
1,700
1,900

50

1

75.

1

Cal.
Nev.

50

1

75.

1

TOTAL
Wash.
Ore.
Mont.
Idaho

________ TOTAL------------------------------ ---------------OHAHD

Value of
Property
Seised

Mich.
Ohio
Ky.
Tenn.

TOTAL
9

Stills
Seized

Gals, of
Spirits
Capacity Seized

TOTAL

233

49,505

10,932

361,962'

32

---------- — ^
245,297.25

339

TREASURY DEPARTMENT
WASHINGTON

Press Service
No. 1 J

IMMEDIATE RELEASE
May ^ 1934

. l*
m
INDUSTRIAL ALCOHOL. POR WEEK: ENDING

U 8 . 1934.
?

( Corrected statement based ori complete weekly reports
of supervisors.)

Dist
No.

States

Stills
Seized

Maine
N.H.
vt.
Mass.
Conn.

1

2

Gals, of
Spirits
Capacity Seized

500

25

Gals, of
Mash
Seized

Autos ¡&
Trucks
Se ized

Arrests

900

1

1

347.75

3

1.247.75

4

700

q

Value of
Property
Seized

ffwittwii iHT'iinrivrirf^f

\

TOTAL

...

2

500

34

700

1

18

4, 870

3,514

25,460

0

36,560.

13

2

N. Y.

3

Pa.
N.J.
Del.

1
4

1,500
6,300

827
838

35,000
79,000

2

1,938.50
200,000.

13
3

TOTAL

5

7,800

1,665

114,000

2

201,938.50

16

Md.
Va.
W. Va.
N.Car.
S.Car.
D. C.

5
11
2
22
13

1,225
3,500
80
4,290
1,355

50
733

8,060
20,050

1

75.

1,300
348

27,832
12,230

2

526.

3
16

TOTAL

53

10.450

2,431

68,972

3

601.

28

Ga.
Ha.
Ala*
Miss.
La.
Tex.

16
24
9
14
2
3

1,555
5,225
2, 720
1,965
210
350

79
430
39
84
105
113

9,090
24,850
1,930
4,940
2,000
900

1
2
2

30.
125.
370.

2
3

150.
1,090.

19
5
10
6
7
14

TOTAL

68

12,025

850

43,710

10

1,765.

61

4

5

7
2

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
May 14, 1934

Press Service
No. 1 - 7 6
ACTIVITIES OF REGULATIVE INSPECTORS. BUREAU OP

INDUSTRIAL ALCOHOL. FOR WEEK ENDING-

MAY 5T 1934,

(Corrected statement hased on complete weekly reports
of supervisors.)

Dist.
No.
States
1

3
3

Stills
Seized

Capacity

Gals. of
Spirits
Seized

Gal s. of
Mash
Seized

Autos &
Trucks
Seized

Value of
Property
Sr ized.

Arres'

Maine
N. H.
Vt.
Mass.
Conn.
R. I.

2

200

50

1,200

4

1

592

760

2,400

3

¿8.920.

1

TOTAL

3

792

810

3,600

7

$8,920.

5

12

6,240

1,792

124,950

3

$7,250.

16

Pa.
N. J . ,
Del.

3
2

3,000
2,000

810
20

55,025
13,000

$10,900.
10,000.

7
7

TOTAL

5

5,000

830

68,025

$20,900.

14

Md.
Va.
W. Va.
N.Car.
S.Car.
D. C.

6
5
2
12
5

675
1,350
100
2,250
720

231
521
48
141
48

5,730
22,600
245
11,650
4,220

4
2

$320.
875.

7
6
7

1

75.

3

TOTAL

30

5,095

989

44,445

7

$1,270.

25

Ga.
Fla.
Ala.
Miss,
La,
Tex.

25
15
14
14
8
19

1,934
1,875
2, 815
960
400
855

632
2,367
69
110
109
233

25,765
15,130
4,280
7,220
1,350
3,622

2
2
1
2
1
o

510.
1,000.
40.
150.
25.
700.

11
9
9
6
7
29

TOTAL

95

8,839

3,520

57,367

10

$2,425.

71

N. ts

A

p

Dist.
No.
6

7

States

9

10

11

Gals, of
Mash
Seized

Autos &
Trucks
Seized

Value of
Property
Seized

Arrests

8
4
14

1,880
365
1,949

180
215
559

2,550
1,650
12,935

1
2

$350.
815.

2
12
19

TOTAL

26

4,194

954

17,135

3

$1,165.

33

5
6
3

180
1,200
135

204
247
102

680
17,050
470

3

554.50

6
10
2

14

1,515

553

18,200

3

$ 554.50

18

1

300.

525
800
1,200

2
1

250.
300.

2
1
4
7
11

4

$850.

25

4

$1,020.
151.

21
12
3

4

$1,171.

38

Wis.
111.
Ind.

N. D.
S. D.
Minn.
Neb.
Iowa

3
2
1

135
50
50

258
2
3
35
127

TOTAL

6

235

425

2,525

Kan.
Okla.
Bio.
Ark.

1
8
6
5

25
355
1,294
750

6
192
38
22

200
2,060
973
3,470

TOTAL

20

2,424

258

6,703

Wyo.
Utah
Colo.
Ariz.
N.Mex.

1
1
3
1

20
50
765
50

5
20
100
5

25
100
4,500
50

8
2

TOTAL

6

885

130

4,675

16

Cal.
Nev.

4

440

9,005

2

$60.

8

TOTAL

4

440

9,005

2

$60.

8

Wash.
Ore.
Mont.
Idaho

2

390

85

125

4

280

18

210

TOTAL

6

670

103

335

TOTAL

227

35,889

10, 804

356,965

2

2
A

•

o

CO
CO

2
2

•

o

43

C30
CO

■ m

GRAND

Gals, of
Spirits
Seized

-ee-

12

Capacity

Mich,
Ohio
Ky.
Tenn.

TOTAL
8

Stills
Seized

$44,945.50

4
273

y
'HEASÜRY DEPARTMENT
Washington -

For Immediate Release
May I
, 1934

Press Service

The Commissioner of Internal Revenue today issued instruc­
tions to internal revenue officers for the strict enforcement of
the criminal provisions of the Liquor Taxing Act of 1934 against
persons wrongfully in possession of the strip stamps issued under
that A c t .
The on3y persons authorized to possess these stamps are per­
sons who have obtained them directly from a collector of internal
revenue upon application, as provided in the regulations under the
Act, and dealers who have in certain cases received the stamps for
bottles in closed cases, in which case the stamps are not required
to be affixed until the cases are opened or sold at retail. This
is permitted only with respect to liquor cased prior to February
10th, the effective date of the law requiring the stamps,, and with
respect to liquor imported in cases.
It appears that numbers of these stamps have found their way
into the hands of persons not authorized to possess them. Since
the effectiveness of the stamp law depends upon their use only as
authorized, internal revenue officers are today (May
1934)
being directed to make special effort to enforce the criminal pro­
visions of the law against wrongful possession of the stamps.
Since, however, it appears that in many cases the unauthorized
possession is the result of a misunderstanding of the law and the
confusion which arose out of the application of the law to stocks
on hand on its effective date, no action will be taken against
any person voluntarily returning the stamps to a collector of
internal revenue on or before May
1934

TREASURY DEPARTMENT
WASHINGTON

FOR IMMEDIATE RELEASE,
May 15, 1934

Press Service
No. 1 - 7?

The Commissioner of Internal Revenue today issued instruc­
tions to internal revenae officers for the strict enforcement of
the criminal provisions of the Liquor Tasting Act of 1934 against
persons wrongfully in possession of the strip stamos issued under
that Act.
The only persons authorized to possess those stamps are per­
sons who have obtained them directly from a collector of internal
revenue upon application, as provided in the regulations under the
Act, and dealers who have in certain cases received the stamps for
bottles in closed cases, in which case the stamps are not required
to be affixed until the cases are opened or sold at retail. This
is permitted only with respect to liquor cased prior to February
10th, the effective date of the law requiring the stamps, and with
respect to liquor imported in cases.
It appears that numbers of these stamps have found their way
into the hands of persons not authorized to possess them.
Since
the effectiveness of the stamp law depends upon their use only as
authorized, internal revenue officers are today (May loth, 3934)
being directed to make special effort to enforce the criminal pro­
visions of the law against wrongful possession of tho stamps.
Since, however, it appears that in many cases the unauthorized
possession is the result of a misunderstanding of the law and the
confusion which arose out of the application of the law to stocks
on hand on its effective date, no action will be taken against
any person voluntarily returning the stamps to a collector of
internal revenue on or before May Slst, 1934.

of debt

or upon request of the depositor.

Both S. 3422,

introduced by yourself, and S. 3316, introduced by
Senator Busseil, would postpone the effective date of
these provisions of Section 21.

It is my view that post'

poneraent of the operation of these provisions of law is
not advisable.

Very truly yours,

(Signed)

Henry Morgenthau, Jr.,

Hon. Duncan U. Fletcher,
Chairman, Committee on Banking and Currency

May 9th, 1934.

My dear Chairmani
There have been submitted to the Treasury Depart­
ment for comment three bills which would amend the Banking
Act of 1933.
The Banking Act of 1933 provided that commercial
banks should divorce their investment affiliates within a
year, which expires July 16, 1934.

Senate bill, S. 3422,

introduced by yourself, would, postpone the time for such
divorcement for one year, and Senate bill, S. 3134, intro­
duced by Senator Walsh, would allow another year if the
Secretary of the Treasury is satisfied that the banks have
been diligent and require more time.
It is my belief that affiliates should be divorced
when and as provided in the Banking Act of 1933, and it
seems no useful purpose would be served by further post­
poning the consummation of this reform.
The other matter involved in the proposed amendments
to the Banking Act of 1933, which have been submitted to
the Treasury Department for comment, is Section 21 prohibit­
ing firms handling investment securities from receiving
deposits subject to check or repayment upon presentation
of a pass book, certificate of deposit or other evidence

Following is text of letter transmitted by the Secretary
of the Treasury, under date of May 9, 1934, to Hon. Duncan U.
Fletcher, Chairman, Committee on Banking and Currency.

f
TREASURY DEPARTMENT
Following is text of letter transmitted by the Secretary of the
Treasury, under date of May 9, 1934, to Hon. Duncan U. Fletcher, Chairman,Senate
Committee on Banking and Currency.

"May 9th, 1934.

My dear Chairman:
There have been submitted to the Treasury Department for comment
three bills which would amend the Banking Act of 1933.
.The Banking Act of 1933 provided that commercial banks should
divorce their investment affiliates within a year, which expires July 16,
1934. Senate bill, S. 3422, introduced by yourself, would postpone the
time for such divorcement for one year, and Senate bill, S. 3134, intro­
duced by Senator Walshu would allow another year if the Secretary of the
Treasury is satisfied that the banks have been diligent and require more
time.
It is my belief that affiliates should be divorced when and as pro­
vided in the Banking Act of 1933, and it seems no useful purpose would
be served by further postponing the consummation of this reform.
The other matter involved in the proposed amendments to the Banking
Act of 1933, which have been submitted to the Treasury Department for com­
ment, is Section 21 prohibiting firms handling investment securities from
receiving deposits subject to check or repayment upon presentation of a
pass book, certificate of deposit or other evidence of debt, or upon re­
quest of the depositor.
Both S. 3422, introduced by yourself, and
S. 3316, introduced by Senator Russell, would postpone the effective date
of these provisions of Section 21.
It is my view that postponement of
the operation of these provisions of law is not advisable.

Very truly yours,

(Signed)

Henry Morgenthau, Jr.

Hon. Duncan U. Fletcher,
Chairman, Committee on Banking and Currency

it

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
May 17, 1934.

Press Service
Ho. 1 - 7 8

The Treasury Department announced today that Customs officers made
506 seizures of liquor for violation of the Customs laws during the
month of April.

The quantity of liquor seized was 3,405 gallons.

The

monthly average for the three months period of January, February and
March, 1934 wa3 566 seizures and 3,527 gallons of liquor.
repeal period of December, 1932 through March, 1933,

For the pre­

seizures averaged

1,192 per month with 18,216 gallons seized per month.
Liquor seizures are also being made by Coast Guard and immigration
officers, who during the month of April made 26 seizures and confis­
cated 290 gallons of liquor.
Regional figures of seizures by representatives of the Customs
Bureau are as follows:
CANADIAN BORDER
(Maine and Hew Hampshire, Vermont,
St. Lawrence, Buffalo, Ohio, Michi­
gan, Duluth and Superior, Dakota,
Montana and Idaho, Washington)................

Seizures

45

Gallons

36

MEXICAN BORDER
( San Diego, Arizona, El Paso,
San Antonio) ..................................

249

315

139

1,572

55

1,073

11

261

ATLANTIC COAST
(Hew York, Massachusetts, Rhode
Island, Connecticut, Philadelphia,
Maryland, Georgia)..... .......................
GULF COAST
(Florida, Mobile, Hew Orleans,
Sabine, Galveston)...*..... .........
PACIFIC COAST
(San Francisco, Los Angelos)...................
OTHER DISTRICTS

7

148

TREASURY DEPARTMENT
Washington
For Immediate Release
May 18, 1954.

Press Service
No. 1 - 7 9

Secretary Morgenthau announced today (May 18) that Tom K.
Smith, Special Assistant to the Seeretary, had resigned, effective
Saturday, May 19, to return to his duties as President of the
Boatmen’s National Bank of St» Louis.

Mr. Smith came to the

Treasury November 27, 1953, to act under temporary appointment
as advisor to the Secretary on banking problems.
Secretary Morgenthau made the following statement:
"I am extremely sorry to have to lose the services of
Mr. Tom K. Smith.

He has done a wonderful work in the Treasury

Department at a critical and trying time.. His help was so
valuable that I persuaded him to stay far beyond the period
for which he originally consented to come.

He is leaving no?/

only because he feels that it is urgently necessary to give at­
tention to his responsibilities in St. Louis.

Not only am I

personally deeply grateful to him, but I feel that he deserves
public recognition of able services to the Nation."

TREASURY DEPARTMENT
Washington

Press Service
No. 1 - 7 9

For immediate Release
May 18, 1934.

Secretary Morgenthau announced today (May 18) that Tom K.
Smith, Special Assistant to the Secretary., had resigned, effective
Saturday, May 19, to return to his duties as President of the
B o a t m e n s National Bank of St. Louis,

Mr. Smith came to the

Treasury November 27, 1933, to act under temporary appointment
as advisor to the Secretary on banking problems.
Secretary Morgenthau made the following statement:
111 am extremely sorry to have to lose the services of
Mr. Tom K, Smith,

He has done a wonderful work in the Treasury

Department at a critical and trying time.

His help was so

valuable that I persuaded him to stay far beyond the period
for which he originally consented to come.

He is leaving now

only because he feels that it is urgently necessary to give at­
tention to his responsibilities in St. Louis,

Not only am I

personally deeply grateful, to him, but I fe e l that he deserves
public recognition of able services to the Nation,,f

TREASURY DEPARTMENT
Washington
May 21, 1954.

MEMORANDUM FOR THE PRESS:
RECEIPTS OF SILVER BY THE MINTS:
(Under Executive Order of December 21 , 1953)
Week ending May 18, 1954:
San Francisco........................
Denver................... ............
Total for the week..............

501.992.80 fine ounces
1.516.00
"
"
503.508.80
”
”

RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICER

Philadelphia .....
San S a n c i s c o •• •••
Denver....... .
New York......... .
Seattle...........
Total.........

$

New
Domestic

Secondary

Imoorts

Week ending May 18, 1934:

13,987.78
12,969.50
51,229.00
5,257,000.00
. „—

1.780.32
$5,316,966.60

$

$

393,553.60
145,691.78
109,004.00
831,100.00
29,805.45
54.757.17
$1,561,709.98

946.65
1,582,504.65
878,649.00
147,500.00
221,164.13
—

$2,830,564.45

GOLD RECAPITULATION
Imports............ $5,316,966.60
1,561,709.98
Secondary........
Mew domestic...... 2.850.564.45
Total.......... $9,709,241.01

GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER >S OFFICE:
(Under Secretary’s Order of December 28, 1955)
Gold Coin

Received by Federal Reserve Banks:
Week ended May 16..........
Received previously.......
Total to May 1 6 ............
Received by Treasurer’s Office:
Week ended May 1 6 ........
Received previously......
Total to May 16...........

Gold Certificates

I

122,129.86
27.649.077.14
$27,771,207.00

$

&

É

245.994.00
245.994.00

970,860.00
55T521.510.00
$56,492,370.00

5,400.00
" 1.520.100.00
$ 1,523,500.00

Note: Gold bars deposited with the New York Assay Office to the
amount of $200,572.69 previously reported.
PURCHASES OF GOVERNMENT SECURITIES FOR INVESTMENT ACCOUNTS:
Total for the week ended May 19, 1954................ .

$4,000,000.00

TREASURY DEPARTMENT
Washington
MEMORANDUM FOR THE PRESS;

May 21, 1934,

to
RECEIPTS OP SILVER BY THE MINTS:(Under Executive Order of December 21, 1933)
Week ending May 18, 1934:

San Francisco ...... ..... ............ . 501,992.80 fine ounces
D e n v e r ........ ...... ........... .
1.316.00
"
«
Total for the w e e k ...... ....... 503,308.80
"
"

m

RECEIPTS OF G P U BY THE MISTS AHD ASSAY OFFTCFS:

Ëstic
Week ending May 18, 1934
Philadelphia
San Francisco .....
Denver ........ .
New York ..........
Seattle .........
New Orleans ......
Total ......

UIO,ty

147,3
2a,l|

New
Domestic

Imports
$

13,987.78
12,969.50
51,229.00
5,237,000.00
1.780.32

$5,316,966.60

393,353*60
143,691.78
109.004.00
831.100.00
29,803.43
54. 757.17
$1,561,709.98

$
946.65
1,582,304,65
878.649.00
147.500.00
221,164.13
$2,830,564*43

GOLD RECAPITULATION
Imports ..............
$5,316,966.60
Secondary ..............
1,561,709.98
New Domestic ...........
2.830.564.43
Total
......... . $9,709,241.01

Received by Federal Reserve Banks:
Week ended May 16 ..........
Received previously ...... .
Total to May 16 .......... ...
m Received by Treasurer’s Office:
Week ended May 16 .........
Received p r e v i o u s l y ...... *
Total to May 16 .*..*.*.....
tf0te:
4

Gold Coin

Gold Certificates

$

122,129.86
27.649,077.14
$27,771,207.00

$

970,860.00
55,521.510.00
$56,492,370.00

$

$
$

245.994.00
245,994.00

3,400.00
1.520.100.00
$ 1,523,500.00

]?“ s.deposited, with the New York Assay Office to the amount of
«j>200,572*69 previously reported.

HJRCHASES OF GOVEBHMENT SECTOITIES FOE INVESTMENT ACCOUNTS:
Total for the week ended May 19, 1934 ............ .
I

$4.000,000.00

' DISTILLED LIQUORS ADD WINES
IMPORTATIONS, DOTIES COLLECTED, ADD STOCKS ID CUSTOMS
BONDED WAREHOUSES
April, 1934

DISTILLED LIQUORS (Proof Gallons):
Stock in Customs Bonded Ware­
houses at beginning of month
Total Import*
Available for Consumption
Entered into Consumption (b)
Stock in Customs Bonded Ware­
houses at end of month

3,278,040 (a)
934,129
4,212,169
406,370
3,805,799

WINES (Liquid Gallons):
Stock in Customs Bonded Ware­
houses at beginning of month
Total Imports
Available for Consumption
Entered into Consumption (b)
Stock in Customs Bonded Ware­
houses at end of month

1,227,521 (a)
620,451
1,847,972
271,200
1,576,772

DUTIES COLLECTED ON Distilled liquors
Wines
Sparkling
Still
Total

$2,023,778
121,750
313 «617
$2,459,145

These totals have been reported by Collectors of Customs
and may not agree entirely with subsequent data compiled
by the Department of Commerce*
(a) Stocks of distilled liquor and vine in bonded warehouses
on December 1, 1933, comprise a book inventory only, the
accuracy of which is somewhat problematical. Exact figures
are being compiled and will be supplied as soon as available.
(b)

Including withdrawals for ship supplies*

OFFICE OF THE COMMISSIONER OF CUSTOMS

May 21, 1934.

TO UR. GASTON,
ASSISTANT TO THE SECRETARY
FROMUR. FREEMAN:
In compliance with yonr telephone request of even date,
there is transmitted herewith a report of importations of
distilled liquors and wines, duties collected thereon and
stocks in Customs bonded warehouses for the month of April,

1934.

Inclosure•

TREASURY DEPARTMENT
Washington

EOR RELEASE, MORNING NEWSPAPERS,
TUESDAY, MAY 22, 1934.

Press Service
No. 1 - 80

IMPORTS OF DISTILLED LIQUORS AND WINES

The following tabulation shows importation of distilled
liquors and wines for April, 1934, together with duties col­
lected and stocks in Customs Bonded warehouses:
DISTILLED LIQUORS (Proof Gallons):
Stock in Customs Bonded Ware­
houses at beginning of month
Total Imports
Available for Consumption
Entered into Consumption (b)
Stock in Customs Bonded Ware­
houses at end of month

3,278,040 (a)
934,129
4,212,169
406,370
3, 805,799

WINES (Liquid Gallons):
Stock in Customs Bonded Ware­
houses at beginning of month
Total Imports
Available for Consumption
Entered into Consumption (b)
Stock in Customs Bonded Ware­
houses at end of month

1,227,521 (a)
620,451
1,847,972
271,200
1,576,772

DOTIES COLLECTED ON Distilled liquors
Wines
Sparkling
Still

$2,023,778

Total

$2,459,145

121,750
313,617

These totals have been reported by Collectors of Customs
and may not agree entirely with subsequent data compiled
by the Department of Commerce.
(a)

(b)

Stocks of distilled liquor and wine in bonded warehouses
on December 1, 1933, comprise a book inventory only, the
accuracy of which is somewhat problematical. Exact figures
are being compiled and will be supplied as soon as avail­
able.
Including withdrawals for ship supplies.

ACTIVITIES OP REGULATIVE INSPECTORS
COMPILED FROM WEEKLY MPCR133.

f
Dist
Ho.
1

Week Ended May 12, 1934.

1....... Value of f Value of
yGals. of Gals. of |
| Stills
^Spirits | »Cash .
Autos j Trucks Property j Property |
State 1 Seized CapacityISeized
! Seized
Seized 5 Seized Seized
; Destroyed Arrests ;
i
j^.L;.. .....
...... - f r ... t .... I
¥aine J____ 2 __ ____ 2000 J _____ 4 H _ J____ 4000 1

N. H.
Vt.
Vlass.

L J .1 i H
J U
' 3

1

500

145

Conn.

1

\

250

72

fi. I.

2

j

ISO

315

TOTAL

8

i

2900

943

: !
!: !
I 1 3 ■
1,,.

850 1

.

---------------

i
---- 1
-- 1

#1275*1

12

|:

I

500*|

2

|

1

1

2200.j

\

2

1

4

j

1

3973.1

1

16

4

|

1

1

!

s

i

1
2000 |
6850 I

l

l

[

m rt

•

'¡p
1
;|

"S,
2

SU Y.

3

Pa.
¡L J .

33

!

2

5715

1129

Bfi00

1072

106355

3DDÍ

10

4200

Del. .
TOTAL
k

49730 1

..c .10 i

...5900

t

.

1

1082

110555!

1

1'

144

5430:

3

I

575

149

130

[
1

7281,

$3348. |

37

1

looo.

2194s,

|

10

(

450. I

3

1

:>-

.!

I
I
------ --- r~
I

T

local

2239a

i

13

!

z m

122a

1

12

1

895o|

56a

1

3

100

1000;

111

1

N .Car.
18 Í
2175
205
S .Car.
.... m l ..... 11BO .... 283
...
-fi
.

24750Í

¥d.

___ n _ L _____ 9531

Va.

___ _ A J

iv . V a .

3 !

....11350
4
---------- 4*---- —

j •

1

16 j

144% j
w X [
ML

7QO. i
usa 1
i..™r..,rTrTiT,' ^ ...

id

i

fGals. of Gals. of
[Spirits Mash
j Autos
Seised. .Seized... J..Seized

Diet.
Stills
.. Ho.... iState ...Seized...
k
(cont) ! D.C.

5

6

Value of
Trucks Property
Seized

Value/of
Property
Destroyed
\

|

Cu

¡TOTAL

45

i Ga.

29

! Fla.

//

X

5023

881

51500

3281

196

15760

39

4845

1211

23400

1___

Ala.

15

4570

350

10330

; .1

Hiss

7

675

32

5090

La.

8

555

274

5808

1

Tex.

14

2230

755

13980

8

TOTAL

112

16156

! 2818

74366

Mich

26

f’ ♦

§

760

27199

3

8200*

Ohio

5

535 |

103

4300

1

150*

Ky.

17

1975 |

158

10825

(425*
\ -----

3

425*

2209.

24

Tenn

16

3278 1
L

346

18170

2

400.

1585.

8

5,788 | 1367

60494

9

9175*

|4219*

64

1

790

32000

7600.

3450.

8

12750
1
9

429

175450

17975.

16290.

12

fTOTAL

1.

7

$4468.

43

safe?

ta

455-

¿Sift,

1A

15-

2*579 T

19

944-

7

i

\
. 3

IS--- W1 .
5 ----------

______________ t______________

64.

.8

$1075-

25»

7$0j

15

1570.

4758.

50

2065.

18916.

no
.25 . 1
______ ______ i
7

j

. ’

r

j

7

< s*

Wis.

3

111.

11

1800

J

1
5

__ 1

|

1

..... --------

1___________ L

PAGE 5

List.
No. rState7
(cont) ! Ind.i

1

n u

L.

1 s .d .;
¥ixmj

\
3

330

1?

14J300

total!

300

1571 ! 207950
/ ■

1

13

4

SO

3

143

43

1430

180

114

2658

s

!

■Neh. |
Iowa |

352

1.

Jè

470

6
1
J-- i
--- *-4ji------

/so

25943

11

t'

— ■

2

J

75 !

605

730

io

;

417 |

768

4908

|

B

3

2$5
\
\

a

575

100

li

1115

4^0

23

540

;

4

—

wV
\

*
|

26

25

;
i

i

6 .

1

S

! Vaine o: Vaine a-f^
| Tracks I Property Property
Destroyed
i Seized

LU

1t o t a l !

|Gai s . of: Gals, of
Stills
;Spirits j Fash
:Autos
Seized iCapacity iSeized i Seized

.

i

4

—

z
9

103 j

93

400

Kan. 1

1

6

!

339 |

60 !

700

|

1 ' |

4

!

310 !

274 I

1400

|

X

1400 !

133 !

600

I

m a

§60

Okla.l
Mo.
7
Ark. I
worn at ;

10

Wyo.

19

!

r

1

1

247
i

425

200 j
------- r-r
150 j

11

652

W

14

1

3100

1334

330

■ ;150

|

7

7

39

150
-

Ht ah

iColo .
ìAflA
z -’
*
—
TT-.:-*—......

310
480
3L1

ji i

TREASURY DEPARTMENT
Washington

||

IMMEDIATE RELEASE
May 21, 1934

Press Service
No. 1 - 8 1

ACTIVITIES OF REGULATIVE INSPECTORS. BUREAU OF
INDUSTRIAL ALCOHOL. EOR WEEK ENDING-

MAY

12.

1934.

( Corrected statement based on complete weekly reports
of supervisors.)

Dist.
No. States

Gals, of Gals, of
Stills
Capacity Spirits Mash
Seized_____
Seized Seized

Maine
N. H.
Vt.
Mass.
Conn.
R# I.
TOTAL
N. Y.

2,000

8
33

10

Md.
Va.
W. Va.'
N* Car.
S, Car.
D. C.
TOTAL

45

Ga.
Ha*
Ala.
Miss.
La.
Tex.
TOTAL

Arrests

$1,275.
500.

,

2 200

.

2,900

943

6,850

3,975.

16

3,715

1,129

49,730

7,381.

37

5,600
300

1,Q72

10

106,355
4,200

5,900

1,082

110,555

963
575
130
2,175
1,180

144
149

5,450
8,950

5,023

16,156

1 , 000.

1 , 000 .

13

375.

100

1,000

205
283

24,750
11,350

700.

10

881

51,500

$1,075.

43

15,760
23,400
10,330
5,090
5,808
13,980

25.
1,570.

3,281
4,845
4,570
675
555
2,230
112

Value of
Property
Seized

4,000

500
250
150

lie

TOTAL

411

Autos &
Trucks
Seized

2,818

74,368

17

2,065.

110

Ilf

Dist.
Ho.

States

Stills
Seized

Capacity

Gals. Of
Spirits
Seized

Gals, of
Mash
Seized

Autos &
Trucks
Seized

Value of
Property
Seized

Arredts

i:

6

2

$8,200.
150.
425.
400.

25
7
24

9

$9,175.

64

32,000
175,450
500

6
1

7,500.
17,975.
470.

8
12
6

1,571

207,950

7

25,945.

26

4
45
114

50
1,450
2,658

Mich,
Ohio
Ky.
Tenn.

26
5
17
16

535
1,975
3,278

760
103
158
346

27,199
4,300
10,825
18,170

TOTAL

64

5,788

1,367

60,494

Wis.
Ill,
Ind,

3

11
3

1,800
12,750
250

790
429
352

TOTAL

17

14,800

N, D.
S. D,
Minn,
Nebr.
Iowa

1

15
145
180

3

1

3

8

ii#

7

8

f

TOTAL
9

3
5

605

750

2

575.

10

417

768

4,908

4

1,115.

23

93
60
274
133

400
700
1,400
600

1
2
1

247.
425.
652.

11

560

3,100

2
6

102

v
[

TOTAL

19

2,362

1

320

TOTAL

£

11

i

TOTAL

12
IS

Cal,
Nev,

Wash,
Ore,
Mont.
Idaho
TOTAL

!# GRAND TOTAL

540.

75

4
7

Wyo.
Utah
Colo,
Ariz,
N,Mex.

2

1

550
310
1,400

10

3

. .

8
1
11

2

-

Kan,
Okla.
Mo,
Ark,

t

•f*
—

-

—

—

—

_

—

4
5
3

210

12

2,000

480
170

71
70

600
350

13

1,180

153

2,950

—

« ,

4

1,324.

1

150.

—

7

14
7
39

6
_

—
-

~

gg

-

1

150.

2

2
5
3
16
3
_

2
6

3

12
2

333
215
724
35

117
324
108

24

1,307

549

357

59,548

4

«-

12,221

1,525
400
1,295

100

2
4

1

3,025.
570.
100.

8
8
12
1

—

3,320

7

3,695.

29

575,725

68

$56,800*

419

TREASURY DEPARTMENT

WASHINGTON

JLKASE, MORNING PAPERS,
✓ day, May 22# 1954*

Press S em es
I
2T

i

Secretary of the Treasury Mbrgenthau announced today, (May 21, 1954) that M
the tenders for two series of Treasury b ills , to be dated May 25, 1954, which
were offered on May 18, were opened at the Federal reserve banks on May

21,

1#S4,

**
Tenders were invited for the two series to the aggregate amount of

$100,000,000, or thereabouts, and #585,254,000 was applied for, of which
#100,597,000 was accepted.

The details of the two series are as follows;

91-DAY TREASURY BILLS, MATURING AUGUST 82, 1954
For this series, which was for #50,000,000, or thereabouts,the to ta l amount
applied for was $190,788,000, of which $50,457,000 was accepted«

The accepted

bids ranged in price from par to 99*985, the la tte r price being equivalent to
a rate of about 0.07 per cent per annus;, on a bank discount basis«
of the amount bid for at the la tte r price was accepted«

i

Only part

The average price of
Jj

Treasury b ills of this series to be issued is 99.985 and the average rate is

%

about Q«05 per cent per annum on a bank discount basis*
182-DAY TREASURY BILLS* MATURING NOVEMBER 21, 1934
For th is series, which was for $50,000,000, or thereabouts, the total amount
applied for was $164,455,000, of which $50,140,000 was accepted«

Hie accepted

bids ranged in price from 99*949, equivalent to a rate of about 0*10 per cent
per annum, to 99*951, equivalent to a rat© of about 0*14 per cent per annum, on j j
a bank disecant basis.
accepted.

Only part of the amount bid for at the la tte r price was jf

The average price of Treasury b ills of th is series to

be

99*956 and the average rate is about 0*15 per cent per annum on a
"r-'i,

basis*

‘-F.--':

issued

bank

is

,|

discount ^
' j|

:

A*

TREASURY DEPARTMENT
WASHINGTON

J
FOR RELEASE, MORNING'PAPERS,
f Tuesday, May 22, 1934.

Press Service
No. 1 - 8 2

Secretary of the Treasury Morgenthau announced today, (May
|

21,

1934) that

the tenders for two series of Treasury bills, to be dated May 23, 1934, which
were offered on May 18, were opened at the Federal reserve banks on May 21,
1934.
Tenders were invited for the two series to the aggregate amount of
$100,000,000, or thereabouts, and $355,254,000 was applied for, of which
$100,597,000 was accepted.

The details of the two series are as follows:

91-DAY TREASURY BILLS. MATURING AUGUST 22. 1934
Ibr this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $190,788,000, of which $50,457,000 was accepted.

The

accepted bids ranged in price from par to 99.983, the latter price being
r

e?alValont
basis.

t0

a

rat0

of atout 0.07 per cent per annum, on a bank discount

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

The

j average price of Treasury bills of this series to be issued is 99.985 and the
l:( average rate is about 0.06 por cent per annum on a bank discount basis.
182—DAY TREASURY BILLS. MATURING NOVEMBER 21. 1934
For this series, which was for $50,000,000, or thereabouts, the total
£ amount applied for was $164,466,000, of which $50,140,000 was accepted.

The

accepted bids ranged in price from 99.949, equivalent to a rate of about
0.10 per cent per annum, to 99.931, equivalent to a rate of about 0.14 per
I cent per annum, on a bank discount basis.
| the latter price was accepted.

Only part of the amount bid for at

The average price of Treasury bills of this

sones to be issued is 99.936 and the average rate is about 0.13 per cent per
r annum on a bank discount basis.

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE,
May 26, 1934,

Press Service
Ho. 1 - 83

Internal Revenue collections for the first ten months of the fiscal
year 1934 (July 1, 1933 to April 30, 1934) were $2,115,702,953, as com­
pared to collections of $1,253,484,092 for the same months of the fiscal
year 1933, G-uy T. Helvering, Commissioner of Internal Revenue, announced
today.
Exclusive of processing tax the 1934 collections were $1,828,268,641.
The increase in collections,

including processing tax, over last year was

$862,218,861 and excluding processing tax the increase was $574,784,549.
The expenses of the Bureau of Internal Revenue for the present fiscal
year,

including the cost of processing tax collections, were $24,185,626 and

the average cost of collecting each $100 was $1,143 as compared to a total
expense of $25,379,016 for the fiscal year 1933 and an average cost per
$100 of $1,853.
Following is a detailed record of collections hy months:

Collections all-Sources
Fiscal Year 1934
Month

July . . .
August . .
September
October
November .
December .
January. .
February .
March . .
April , .
Totals.

Fiscal year
1933

Exclusive of
Processing Tax

Total
Collections

$61,686,467
79,940,310
216,481,287
89,849,896
85,484,477
210,995,058
86,804,918
90,715,108
242,464,384
89,062,187

$130,732, 609
149,707,708
293,142,130
135,257, 026
110,345,708
255,797,121
139,092, 511
141,133,427
354,039,833
119,020,568

$131,115,697
163,157,602
318,985,678
164,148,138
135,706,923
302,431,513
182, 404,924
174,035,835
390,352,847
153,363,796

# . $1,253,484,092

$1,828,268,641

$2,115,702,953

• ♦ •

• • •
.
•
•
•
..
•

• •

•
•
•
•
• •
• •

•
•
•
•
•
•

TREASURY DEPARTMENT
Washington

FOR RELEASE MONDAY (May 28 , 1934)
MORNING- PAPERS.

Press Service
p0. 1 - 8 4

Provisions for publicity of income tax returns contained in the
Revenue Act of 1934 do not apply to returns now on file hut only to re­
turns filed after December 31, 1934, for the calendar year 1934 and
subsequent years,Guy T. Helvering, Commissioner of Internal Revenue,
said in a statement made public today.

He added that the additional

information form which taxpayers will be required to file with their
returns for the calendar year 1934 will not be available for public
inspection until sometime after March 15, 1935.
Commissioner Helvering’s statement follows:
Inquiries have been received from many sources with respect to
Section 55, entitled ’’Publicity of Returns", in the Revenufe Act of 1934.
Paragraph (a) of this section of the new revenue act provides that re­
turns made under this title (income tax) shall be open to inspection in
the same manner, to the same extent, and subject to the same provisions
of law, including penalties, as income tax returns filed under the
Revenue Act of 1926; and that income tax returns made under the Revenue
Act of 1934 shall constitute public records and shall be open to public
examination and inspection to such extent as shall be authorized in rules
and regulations promulgated by the President.
"Section 55 (b) of the Revenue Act of 1934 proscribes that every per­
son required to file an income tax return shall also file with his return,
upon a form prescribed by the Commissioner, a correct statement of the
following items shown upon the return:
(l) name and address, (2) total
gross income, (3) total deductions, (4) net income, (5) total credit
against net income for purposes of normal tax, and (6) tax payable. The
same paragraph provides that in case the taxpayer fails to file with his
return the statement required by the law, the collector shall prepare the
statement from the income tax return and shall add $5.00 to the tax. The
statements mentioned in this paragraph, or copies thereof, shall, as soon
as practicable, be made available to public examination and inspection,
in such manner as the Commissioner with the approval of the Secretary may
determine, in the office of the collector with which they are filed, for
a period of not less than three years from the date they are required to
be filed.

i*It should “be noted that the section of the Revenue Act of 1934 re­
ferred to does not permit public inspection of returns filed under prior
revenue acts to any greater extent then they have been made available
for inspection under the rules and regulations promulgated by the Presi­
dent; neither does the section permit inspection or publication of infor­
mation from returns filed under the Revenue Act of 1934 except under
such rules and regulations as may be promulgated by the President. The
additional information form which every taxpayer is required to file with
his income tax return for the year 1934 will not be available until after
income tax returns for the calendar year 1934 shall have been filed with
the respective collectors of internal revenue and until the collectors
shall have had the opportunity to establish files in their offices.
Therefore, this additional form will not be made available for public
inspection until sometime after March 15, 1935.”

Z -home-made winej

The grower pays the Internal revenue tax when the collector notifies
him of the amount due, the Uollector issuing wine stamps in the necessary
amounts and denominations to be affixed to the containers of the wine, and
cancelling them.

The grower thus making payment of the internal revenue

tax on the wine will not be subject to special tax as a wholesale or retail
dealer under the internal revenue laws.

however, by the payment of this

t a x , he does not gain any immunity from S ta te o r municipal laws end ordinances.
i f the grape grower p re fe rs to q u a lify as

a winemaker, he must make

proper ap p licaio n , accompanied by s u f f ic ie n t bond, w ithin s ix ty days.

After

q u a lify in g , be would be requ ired , under th e re g u la tio n s, to submit monthly
re p o rts showing a l l wines on hand and in process o f manufacture.

i

Commissioner H elverigs d e cisio n thus s e ts fo r th c le a r ly the lim its
w ithin which the new

reg u la tio n

w ill be adm inistered:

J
j

"The penniiSion w ill apply where the wine was produced by the grower
o f the grapes and i s s t i l l owned by him and in h is possession and on the
premises where the grapes were grown.
"Such perm ission w ill not apply where th e grapes were crushed or the
wine was produced by p a r tie s oth er than the grower, o r o f f the growers prenises!
nor where the grower has parted w ith t i t l e to the grapes o r th e wine produced

S

therefrom ,
"The perm ission extends only to n a tu ra l wine containing not more than
14 per cen t o f a lco h o l by volume.

i t does not extend to f o r t if ie d wine."
if

-o

TREASURY DEPARTMENT
Washington•

P r e s s S e rv ic e

For release, afternoon newspapers,
Monday, May 28, 1934.

No. 1 -

85

W

Farmers who possess home-made natural wine, not exceeding 14 per cent

farm

alcoholic content, produced from salvaged grapes of their crop last season,
will be permitted to pay the internal revenue tax of 10 cents per gallon on

Hi

such wine they now hold on their own premises, and dispose of it through

He p

legal channels, or if they elect to do so they may qpalify as winemakers

wine

under the regulations, under a decision by Commissioner Guy T. Helvering,

al chai

with the approval of the secretary of the treasury,

er the

h the î

v in ey ard ists in many se ctio n s o f th e country w ill b en efitby the
d e cisio n ,

finej

th e Government a lso w i ll gain in revenues from th is source.

Grape growers in many o f th e p rin c ip a l producing a rea s were unable to dispose

ion, ]

o f a considerable p ortion o f t h e ir crops l a s t season because o f unfavorable

sers ii

weather and market co n d itio n s.

fa c in g lo s s e s , la rg e numbers salvaged

some o f th e ir crop s, pressed t h e i r own grapes and accumulated wine stocks.

j
^

insider

ìher ai

The d ecisio n i s intended to b rin g e a r ly r e l i e f to farm ers o f t h is c la ss.

their c

But forjbhis relief, many of them would have sustained partial or even complete

ision i

lo s s on t h e ir l a s t season’s output.

this r

The v in e y a rd ist, to b en efitb y the d e cisio n , must follow pr^dure
p rescrib ed by the d e c is io n .

on th

A grower, deciding to make immediate payment of

the 10 cen ts a g allo n ta x , in stea d o f q u a lify in g as a winemaker, must within
60 days, submit to the C o lle cto r o f in te r n a l Kevenue o f the d i s t r i c t in which
m

he l i v e s , a sworn statem ent o f the circum stances,

i f the growers

sta te m e n t

d is c lo s e s th a t he apparently comes w ithin th e d e cisio n , the C ollector will
have in sp ectio n made to v e r ify the grower^ statem ent and determine

* ,”7
»

W

frìbed

con

tys, j

ives ;

t h e q u a n tity

ioses '

o f wine and a lc o h o lic con ten t.

N pe

TREASURY DEPARTMENT
Washington

FOR RELEASE, AFTERNOON NEWSPAPERS,
MONDAY, MAY 28, 1934.

Press Service
No. 1 - 8 5

Farmers who possess home-made natural wine, not exceeding 14 per cent
alcoholic content, produced from salvaged grapes of their crop last season,
will he permitted to pay the internal revenue tax of

10

cents per gallon on

such wine they now hold on their own premises, and dispose of it through
legal channels, or if they elect to do so they may qualify as winemakers
under the regulations, under a decision hy Commissioner Guy T. Eelvering,
with the approval of the Secretary of the Treasury.
Vineyardists in many sections of the country will benefit hy the de­
cision.

The Government also will gain in revenues from this source.

Grape

growers in many of the principal producing areas were unahle to dispose of
a considerable portion of their crops last season because of unfavorable
weather and market conditions.

Facing losses, large numbers salvaged some

of their crops, pressed their own grapes and accumulated wine stocks.
/
decision is intended to bring early relief to farmers of this class.

The
But

for this relief, many of them would have sustained partial or even complete
loss on their last season’s output.
The Vineyardist, to benefit by the decision, must follow procedure
prescribed by the decision.
the

10

A grower, deciding to make immediate payment of

cents a gallon tax, instead of qualifying as a winemaker, must within

60 days, submit to the Collector of Internal Revenue of the district in which
he lives

a sworn statement of the circumstances.

If the grower’s statement

discloses that he apparently comes within the decision, the Collector will
have inspection made to verify the grower’s statement and determine the
quantity of wine and alcoholic content.

v ,r
~

2~

The grower pays the internal revenue tax when the Collector notifies
him of the amount due, the Collector issuing wine stamps in the necessary
amounts and denominations to he affixed to the containers of the wine
cancelling them.

and

The grower thus making payment of the internal revenue

tax on the wine will not he subject to special tax as a wholesale or retail
dealer under the internal revenue laws.

However, hy the payment of this

tax, he does not gain any immunity from State or municipal laws and
ordinances.
If the grape grower prefers to qualify as a winemaker, he must make
proper application, accompanied hy sufficient bond, within sixty days.
After qualifying, he would he required, under the regulations, to submit
monthly reports showing all wines on hand and in process of manufacture.
Commissioner Helvering’s decision thus sets forth clearly the limits
within which the new regulation will he administered:
"The permission will apply where the wine was produced hy the grower
of the grapes and is still owned hy him and in his possession and on the
premises where the grapes were grown.

11Such

permission will not apply where the grapes were crushed or the

wine was produced hy parties other than the grower, or off the grower’s
premises; nor where the grower has parted with title to the grapes or the
wine produced therefrom.
"The permission extends only to natural wine containing not more than
14 per cent of alcohol hy volume.

It does not extend to fortified wine it

PAGE U

Gals, of G a l s . of
-StTil. s
¡Spirits Mash
Seized- -Capacity JSelzad---

.. m , . State
io
(cont)

11

i
N.Mex

-

f
1.

Autos

Trucks

Value of
Property

Value of
Property
Destroyed

;
Investigat ions

Malt
Arrests Li <ïuor

s
1
205

1
.

«»

TOTAL

9

350

275

1.600

Cai.

4

No record !

956

5,700

2

Wash.

2

190

180

2,760

6

Ore*

4

215

60

450

Mont o

1

50

9

#2,125

#425

2

8

#1,115

#190.

9

8

#10.

6

4

1

1

Nev.
TOTAL
12

Idaho

GRAND

-

•

mm

m

-w'

mm

TOTAL

7

455

240

3,210

6

TOTAL

269

42,366

21,317

341,543

72

-

6

1.115
1122,494.

200

16

#33,633

443

586

30

Avera^ ge capacity r Of Stil] .s seized, 149.3
* Capacl Lty of onl: r tvo 8tilLis report<id.
§ Capac: Lty of onl:r twelve i»tills rep*5rted.
j
y&i“.
i

Mu.

PA G S 3

Dist .
No.

7
(cont)

Ind . :

n

7

441

443

3,973

1

18

1,396

825

10,273

3

.d J

Vaine of Value of
Property Property
Seized
Destroyed

Trucks
Seized

Autos

Gta.t pJ

total!

g

Gals, of Gals, of
Spirit s Mash

Stills

m
m

$

1.150

300

10 _

$

3,245

900

27

49___
j

193

1

4

___________

.
—

s .d

J

12

1,225

330

4,245

Net. ï

1

50

11

530

Xcwa

4

200

26

425

3

$

1.005

17

1, 475

371

5,200

6

$

2,335

$

TOTAL!

9

219

Kan.
Okla.i
Mo.
Ark
total!

10

n a i a . Ì - .—61Q -

M inn . :

8
10

6
24

200*
885
Ho
record
# 1,085

—

1

3

1

257

2,930

2

2,101

9,610

6

43

3,200

2,620

15,740

-

1

1

9

* '
17 —

14

6

4

6

6

805

30

25

120

50

5

-

$

1,340

1,040

13

7

$

3.510

976

36

26

$

305

305

3

7

$

5,275

$ 2,371

57

40

1

20. jjL.___ 20—

-175___

»

j

•

-

1

M

-

!

W y o :, —

. J r±

1

Utah i
Colo
Ari z , j

9

350

70

1 .6 0 0

-

...

-

I

Investigations

...................................................

_

PAGE g

"Value of
Jals. of 6-als . of
!
î
:
;
Pash
Autos ! Trucks Property
Spirits
Stills
D ist.
.. tt.Q... ..jS.t.a.t.e... .Seized... .Capacity.. Seized... Seized___ ...Seized..; Seized Seized

Value of
Property
Destroyed Arrests

;

InyestiKations

H
(cont) 1 D.C.
;

TOTAL
5

------

I 6a.

15

•1 Fla.
!

29

5.960

j Ala.

16

5.435

! Miss

18

3.830

4

260

i Tex.

18

2,200

[t o t a l

100

19,285

2,216

65,185

24

17

3,667

6,212

88,840

5

6

955

371

11,400

Ky.

17

704

686

! Tenn

11

41

1 La.

6

I Mich.
1 Ohio

7

ÎTOTAL
— --- .
!
j Wis.

—

—

1.600
—

480
,...--- —

3

$ 18,171. $ 14,768

163 L

139

m

$ 27,285

$ 26,625

28 |

18

1

$

1,065

$

945

8

9,760

3

$

3,310

$

2,010

21

4,900

2

$

713

$

114,900

11

$,806

7,310

4

270

251

700

1

7

685

131

5,600

1

51
—

,

j

h

613
.
T
?

$ 32,373

.

$

1,100

$

-

$

995

$

1
j>

7

22
11

66 I

58

350

7 J

58

250

10 |

86

$ 30,190
--- n... f-

-

9

S

i
j 111 .

!

^

T

T

*=— &= î= î

■S#“
ACTIVITIES OF REGULATIVE INSPECTORS
COMPILED FROM_______ TTorm t _191~

Bist.I
N o . I State
1

Stills
Seized

Gals. of ö a l s . of
r Mash
Spirits •
i Seized
Capacity Seized

Autos
Seized

Trucks
Seized

Value of
Property
Seized

Jfeelc e n d i n g M a y 19. 1 9 3 4 .

... '-j....
Value of
Property
Destroyed Arrests

Investi- 1
gâtions j

fiMaine
In .

h

.
|_

Ivt.
21

:Mass.

2

1,075-

1

*

3

_____5--

t

2
3

i\ .
iConn.

1

75

3

600

!fi. I.

2

175

280

3850

2

i TOTAL

3

250

304

4,450

4

1

$

J IT. Y.

45

11,270

4,482

105,200

6

2

i> 32,656. $

1-79.

45

4,400. $

3 .020.

13

125.

4

25

2

10

Ì Pa.
! N. J.
j
! Del.
i TOTAL

U

:

7

702

813

9 t760

4

1,074

650

325

255
li

1,776

1,718

m
m
10,085

50. i _____ 5Q-_
355.

$

2

1.480.

3

___ _4__
____ 50

_

$ 18.125

2

.

$

4

—

$ 23,669. $

$

1.144.
3,745.

9

19

■—.—

6

■■■■—'H

47
Malt liquor
30

35

70

30

s
! Md.
I Va.

4 W.

Va.

1 N .Car
j ¿.CarJ

!
f

.

TREASURY DEPARTMENT
Washington

£ IMMEDIATE RELEASE
MAY 28, 1934

Press Service
No. 1 - 8 6
ACTIVITIES OF REGULATIVE INSPECTORS
.ALCOHOL TAX.UNIT. FOR WEEK ENDING MAY 19. 1934.

(Corrected statement based on complete weekly reports
of supervisors.)
Dist. States
No.

1

Stills
Seized

Capacity

Gals, of
Spirits
Seized

Gals, of
Mash
Seized

Maine
N. H.
Vt.
Mass.
Conn,
R. U

1
2

75
175

3
280

600
3,850

TOTAL

3

250

304

N. Y.

45

11,270

Pa.
N. J.
Del,

7
4

702
1,074

TOTAL

11

21

3

§

3

4

1,776

Value of
Property
Seized

Arrests

2

$ 1,075.
50.
355.

4

4,450

5

1,480.

9

4,482

105,200

8

32,656.

45

813
650
255

9,760
325

2

4,400.
18,125.
1.144.

13
4

1,718

10,085

4

23,669.

19

2,216

65,185

27

18,171.

163

g?

2

Autos &
Trucks
Seized

2

5

2

Md.
Va.
W. Va.
N.Car.
S.Car.
D. C.
TOTAL

t

Ga,
Fla,
Ala.
Miss.
La.
Tex.

15
29
16
18
4
18

1,600
5,960
5,435
3v 830
260

TOTAL

100

19,285

2,200

-

2-

e
Dist •
No.

6

States

Stills
Seized

7

8

N. D.
S. D.
Minn.
Neb.
Iowa

11

41

88,840
11,400
9,760
4,900

51

5.806

7.310

4
7
7

270
685
441

IB

1, 396

6

17

9

10

11

Arrests

2

114.900

11

32.373.

66

251
131
443

700
5,600
3,973

1
1
1

995.
1,150.

10
10

825

10,273

3

3,245.

27

1
3

1,100.

28

9

7

4

12
1

1,225
50

330

1

26

4,245
530
425

3

1,310.
20.
1,005.

5,200

6

2,335.

11

17

1,475

371

Kan.
Okla.
Mo. '
Ark.

8
10
6

200

219
257

TOTAL

24

TOTAL

5

Value of
Property

8
21

686

200

Wyo.
Utah'
Colo.
Ariz.
N.Mex.

Autos &
Trucks
Seized

$27,285.
1,065.
3,310.
713.

371

4

TOTAL

Gals, of
Mash
Seized

6,212

17

Wia.
111.
Ind.
TOTAL

Gals, of
Spirits
Seized

3,667
955
704
480

Mich.
Ohio
Ky.
Term.
TOTAL

f

Capacity

3

1
2

120.
1,340.
3,510.
305.

17

6

5
13
36

43

2,930
9,610
3,200

1,085

2,620

15,740

9

350

70
205

1,600

8
1

9

350

275

1,600

9

885

2,101

7

10

5,275.

Cad.
lev*

4

956

5,700

2

2,125.

2

Torn

4

956

5. 700

2

2,125.

2

Wash.
Ore.
Mont.
Idaho

4

180
60

2, 760
450

6

1,115.

9

1

190
215
50

7

455

240

3,210

6

1.115.

16

4 2,368,

21,317

341, 543

$122,494.

443

I

12
r

TOTAL
GRAND TOTAL
i

2

289

78

6
1

TREASURY DEPARTMENT
Washington
MEMORANDUM FOR THE PRESS:

May 28, 1954.

RECEIPTS OF SILVER BY THE MINTS;
(Under Executive Order of December 21, 1955)
Week ending May 25, 1954:
San Francisco......... ......... .
Denver.............................
Philadelphia.......... ............
•-Total for the week.........

325,500.59
157,555.00
402.202.79
885,056.58

fine ounces
»
»
"
**

s
RECEIPTS OF GOLD BY THE MINTS AND ASiM OFFICES:
Week ending May 25, 1954:
Philadelphia..........
San Francisco........
Denver ...............
New Y o r k ..... .
Seattle...............
New O r l e a n s ...... ...
Total.........

New
______ Imports__________ Secondary________ Domestic
15,121.96
50,094.79
59,826.00
8,286,500.00
9.182.41
$8,400,725.16

$

548,551.98
123,564.31
96,179.00
834,500.00
27,690.59
55.450.74
$1,485,936.62

$

205.77
777,873,22
567,163.00
31,000.00
162,720.71
_______ 161.87
$1,539,124.57

GOLD RECAPITULATION
Imports..........
$8,400,725.16
Secondary..... .
1,485,936.62
New Domestic......
1.559.124.57
TOTAL
$11,425,786.35

'

GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURERS OFFICE:
(Under Secretary’ll Order of Qecember 28, 1953)
Received by Federal Reserve Banks:
Week ended May 25..........
Received previously........
Total $o May 23___ ____

Gold Certificates

Gold Coin
$

52,927.06
27.771.207.00
$ 27,824,134.06

937,810. 00
56 .492.570. 00
$57 ,430,180. 00

$

Received by Treasurer’s Office:
Week ended May 23......
Received previously........
Total to May 23.......
Note:

$
1,000.00
..... 245.994.00
$
246,994.00

$

5,400. 00
1 .523,500. 00
1 ,528,900. 00

Gold bars deposited with the New York Assay Office to the
amount of $200,572.69 previously reported.

PURCHASES OF GOVERNMENT SECURITIES FOR INVESTMENT ACCOUNTS:
Total for the week ended May 26, 1934

$5,000,000.00

TREASURY DEPARTMENT
Washington

MEMORANDUM FOR THE PRESS:

May 28, 1934.

|| RECEIPTS OE SILVER BY THE MINTS:
(Under Executive Order of December 21, 1933)
Week ending May 25, 1934:
San Francisco
.................
D e n v e r ............... ......... .
Philadelphia..................... .
Total for the w e e k .........

325,500.59 tine ounces
it
it
157,353.00
I
;i
402,202,79
it

885,056.38

ii

RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Week ending May 25, 1934:
m

m

b

New
Domestic

______ Imports_________ Reenrwtery

Philadelphia .......... $
15,131.96
San Francisco .........
50,094.79
Denver ................
39,826.00
New Y o r k ............
8,286,500.00
Seattle .............
"
• •• •
New Orleans ...........
9.182.41

348,551.98
123,564.31
96,179.00
834,500.00
27,690.59
55,450.74

205.77
777,873.22
567,163.00
31,000.00
162,720.71
161.87

Total ..............$8,400,725.16

$1,485,936.62

$1,539,124.57

GOLD RECAPITULATION
Imports ............
Secondary ..........
New Domestic .........
TOTAL ........

$8,400,725.16
1,485,936.62
1,539,124.57
$11,425,786.35

GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER 1S OFFICE:
(Under Secretary’s Order of December 28, 1933)
C^ificste
Received by Federal Reserve Banks:
17,810,
12,31

Week ended May 23...........
Received previously ........
Total to May 23 ........

Gold Coin
52,927.06
27,771,207.00
$ 27,824,134.06
$

Gold Certificates
$
937,810.00
56,492,370.00
$57,430,180.00

Received by Treasurer’s Office:
Week ended May 2 3 ...... .
Received previously .......
Total to May 23 .......
Note:

1,000.00
245,994.00
$

246,994.00

5,400.00
1,523,500.00
$ 1,528,900.00

Gold bars deposited with the New York Assay Office to the
amount of $200,572.69 previously reported.

PURCHASES OF GOVERNMENT SECURITIES FOR INVESTMENT ACCOUNTS?
Total for the week ended May 26, 1934 .... .............

$5,000,000.00

two

Issues

Interest

way exchange then

on the

payable on

public

debt

for Treasury
to

the amount

bonde under

of

Jane 15» 1954.

Treasury Department Circular Ho* 518, June
¡1 j Ï ' gj (Publio Debt Serri ce)

(Public Debt Serrioe)
(Take in)

offering*

about $11?,000,000

the texte of the o fficia l circolare follow:

\ /

this

4, 1954

is

■

......

-

.

-.

. . . . . .

.' .

##,000, #10,000 dl« #100, 000.

■

ïhe

: • ......... .

:■

mot«» * i u b .

.

■

fera

u t m r t coupon» attach ed , U d«ao««l ne U o » . «T #100, *600,

9 B lr,

$1,000, $0,000, $10,000 aa4 $100,W 0 .

A pplication» w ill b . reco iw â a t #1» Foderai r e e e rre bank* « 4
braoebec, sb S a t the Treasury Doparteant, Washington.

Banking l a s t i t e -

tlo M gen erally w ill handle a p p lica tio n s o f « • * « « * .

,a lT tk *

M (N l n w m

ban*» end the Treasury ÏN psrteM t a » authorisad to «et

as official egeaeies.

A pplication», a r io s e sat© by «
« . t bo aceowpaniad by pojwaal i» * »

Incorporated bank or t r a i l canjany,
”

V *• » "*» * <* s

« M w i t of tende er «oto. a?pli»d for, sad if W » « *
■ Hotted is not craplatod on Iho proscribed into, ths
.h. n

of

for boni* or notes

8 percent

payaent

b, forfeited to the United Stntoo upen declaration by tbe Secretory

o f the Treasury la h ie d ita r a t i o * .
Su bject to the r e » e r « t io n . e la te d in tbe o f f i c i s i c ir c u le r a , cesh
m bncrlptlonn fa r o ltb e r bonds or note» fo r « « a t a ap to and including
#10,000, w ill be g l « * p referred allotm en t, and oth er easb subscriptions
« U ! bo a llo tte d on an « p a l poroontego bawlo.

Sobeerlptioaa for bonde

fo r wblab paynent la tendered l a trnasurjr a o r t t fle a t e a of indebtedness of
S e rie s W -1934, «uttering Juno 1 8 , 1 *3 4 . or Troasary notes of S e rie s 8-1934,
maturing August 1 . 1934, w ill be a llo tte d in f a l l ,
c e r tific a te s

of

fo r aucb payment tbe

S e rie s TJ-1934 t r i l l be accepted a t p ar, and tbe notes of

S e rie s B-1934 w ill be accepted a t par wltb an adjustment of accrued in tere*!
on

a o lü t as <tf «¡Tarne IB , 1034*
#176,000,000 o f f rmmrf ©orti f i cato» of laôebteâaea© of lari*»

iM ¡m

matura oa lana 16, » i , amó ¡ ¡ j|

o f so rtee 6*1934 m ill mature em Àngue*

#346,000,000 o f Treasury M
ÌB 34, «*4

hoH ers o f t6e#e

ïm&jiar

w p k ¡m m ?
basili agton

For reíanse to mMSim PAPERS
Moaday, June 4, 1934.
The Traaaury la today off ori ng for subacription at par and acornad

\

Interest, through thè Foderai reserve banke, 1900,000,000, or thcreaboute,
toafS year thrse percent Traaaury bonds of 1044-48, aad #800,000,000, or
ther«abouta, 8 ycar 1-1/8 percent Traaaury notes of Serles A-1939, with
the righi reservad to thè Sacre tary of the Traaaury to lacrease the offar lag
i,y**'
of bonds ijjp sa aaount suffi© lent to allot la fall all sub ser lpt lona for
ah ieh paymeni la iaadered la Traaaury certi fi estes of lodabtaànaaa of Seria»
TJ-1954, maturine Jane 15, 1934, or Traaaury notas of Series B-1934, maturing
Augnai 1, 1934«
The Traaaury bouda «111 be datad lia» 15, 1934, and «¿ 11 bear Interest froa
that date at thè rate of 3 percent per anuas, payable eemiaaaually on lune 15
and Deeember 15 la eaefe year.

Tbey eill sature lune 15, 1948, bat aay be redeeaeà

at thè option of thè United States on and after lune 15, 1946.
The Traaaury notas vili be datad June 18, 1934, and vili tsar interest fren
that date at thè rate of £-1/8 percent per annua, payable scoia anua U y m
and Decomber 15 in eaeh year«

June 14

They vili sature June 15, 1939, and vili net be

subjeet to cali for reda®ption prior to that date*
Ae more speeifieally atated lu tha official circulara, the Treaaary bonds
«ili be exempt, both as to principal and interest, fres all taxation except
e sta te

or 1oberitanee taxes, surtaxes, exceaa-profits and var-profita taxes; tha

in tarasi on bonds {issued under the Second Liberty Bond Aet) up to #5,000 of
principal amount under one omerahip vili be exempt from ail taxation; and the
notes vili be exempt, both as to principal and interest, frena all taxation

exeept

estate or labari tance taxes«

Bearer bouda vith interest coupons attached «ad bouda ragiatorad ae to
principal

and interest v ili bc le »ned in dénominations of

#80, #100, 1800* #1,006,

TREASURY DEPARTMENT
Washington
for release to MORNING- PARERS
Monday, June 4, 193U.

Press Service
N 0# 1 « gy

The Treasury is today offering for subscription at par and accrued
interest, through the Federal reserve banks, $300,000,000 or thereabouts,
12-lU year three percent Treasury bonds of 19^6-US, and $500,000,000, or
thereabouts,

5 year

2-l/g percent Treasury notes of Series A-1939, with

the right reserved to the Secretary of the Treasury to increase the offering
of Treasury bonds by an amount sufficient to allot in fall all subscriptions
for which payment is tendered in Treasury certificates of indebtedness of
Series TJ-193i+, maturing June

15,

193^» or Treasury notes of Series B-I 93U,

maturing August 1, 193^.
The Treasury bonds will be dated June
from that date at the rate of
June

15

and December

15

3

15,

193^» £uid will bear interest

percent per annum, payable semiannually on

in each year.

They will mature June

15,

l^bS, but

may be redeemed at the option of the United States on and after June
The Treasury notes will be dated June
from that date at the rate of
on June 15 and December

15

2- 1/8

15, 193U,

15, 19H 6.

and will bear interest

percent per annum, payable semiannually

in each year.

They will mature June

15, 1939,

and

will not be subject to call for redemption prior to that date.
As more specifically stated in the official circulars, the Treasury bonds
will be exempt, both as to principal and interest, from all taxation except
estate or inheritance taxes, surtaxes, excess-profits and war-profits taxes;
the interest on bonds (issued under the Second Liberty Bond Act) up to $5,000 of
principal amount under one ownership will be exempt from all tamtion; and ihe
notes will be exempt, both as to principal and interest, from all taxation ex­
cept estate or inheritance taxes.
Bearer bonds with interest coupons attached and bonds registered as to
principal and interest will be issued in denominations of $50, $100, $500,$1,000,

- 2$5,000, $10,000 and $100,000.

The notes will be issued in bearer form

only, with interest coupons attached, in denominations of $100, $500,
$1,000, $5,000, $10,000 and $100,000.
Applications will be received at the Federal reserve banks and
branches, and at the Treasury Department, Washington.

Banking institu­

tions generally will handle applications of customers, but only the
Federal reserve banks and the Treasury Department are authorized to act
as official agencies.
Applications, unless made by an incorporated bank or trust company,
must be accompanied by payment in full or by payment of

5 percent

of the

amount of bonds or notes applied for, and if payment for bonds or notes
r

allotted is not completed on the prescribed date, the

5 percent

payment

shall be forfeited to the United States upon declaration by the Secretary
of the Treasury in his discretion.
§
l

Subject to the reservations stated in the official circulars, cash
subscriptions for either bonds or notes for amounts up to and including
$10,000, will be given preferred allotment, and other cash subscriptions
will be allotted on an equal percentage basis.

Subscriptions for bonds

for which payment is tendered in Treasury certificates of indebtedness of
Series TJ-193*+> maturing June 15» 193*+» or Treasury notes of Series B-193*+,
maturing August 1, 193*+» will be allotted in full.

For such payment the

£
certificates of Series TJ-193*+ will be accepted at par, and the notes of
Series B-193*+ will be accepted at par with an adjustment of accrued interest
on such notes as of June 15, 193*+»

i

About $175 ,000,000 of Treasury certificates of indebtedness of Series
TJ-193*+ mature on June

15 ,

193*+» an& about $3*+5»000,000 of Treasury notes

of Series B-193*+ will mature on August 1, 193*+» and. the holders of these

- 3 two issues may exchange them for Treasury bonds under this offering.
Interest on the public debt to the amount of about $117,000,000 is
payable on June 15, 1934.
The texts of the official circulars follow:
Treasury Department Circular Ho. 512. June
(Public Debt Service)

4.

1934
*
~

The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approved September 24, 1917, as amended,

invites subscriptions,

at par and accrued interest, from the people of the United States, for three
per cent bonds of the United States, designated Treasury bonds of 1946-48.

The

amount of the offering is $300,000,000, or thereabouts, with the right reserved
to the Secretary of the Treasury to increase the offering by an amount sufficient
to accept all subscriptions for which l/4 per cent Treasury certificates of
indebtedness of Series TJ-1934, maturing June 15, 1934, or 2-1/8 per cent
Treasury notes of Series B-1934, maturing August

<1

1,

1934, are tendered in payment

Description of Bonds
The bonds will be dated June 15, 1934, and will bear interest from that date
at the rate of three per cent per annum, payable semi-annually, on December 15,
1934, and thereafter on June 15 and December 15 in each year until the principal
amount becomes payable.

They will mature June 15, 1943, but may be redeemed

at the option of the United States on and after June

15,

1946, in whole or in

part, at par and accrued interest, on any interest day or days, on four months'
notice of redemption given in such manner as the Secretary of the Treasury
shall prescribe.

In case of partial redemption the bonds to be redeemed will

be determined by such method as may be prescribed by the Secretary of the
Treasury.

From the date of redemption designated in any such notice, interest

on the bonds called for redemption shall cease.
;l£

¡f¥ ¿
The bonds shall he exempt, both as to principal and interest, from all taxa­
tion now or hereafter imposed by the United States, any State, or any of the
frs
f P°ssesaions of tbe United States, or by any local taxing authority, except (a)
estate or inheritance taxes, and (b) graduated additional income taxes, commonly
known as surtaxes, and excess-profits and war-profits taxes, now or hereafter

,5 imposed

by the United States, upon the income or profits of individuals, partner­

ships, associations, or corporations.

Hie interest on an amount of bonds authorized

by the Second Liberty Bond Act, approved September

sU,

1917,

a s amended, the

principal of which does not exceed $ 5,000, owned by any individual, partner­
ship, association,

or corporation, shall be exempt from the taxes provided for in

clause (b) above.
The bonds will he acceptable to secure deposits of public moneys, and will bear
^ the circulation privilege only to the extent provided in the act approved July 22,
1932, as amended.

They will not be entitled to any privilege of conversion.

Bearer bonds with interest coupons attached, and bonds registered as to princi­
pal and interest, will be issued in denominations of $ 50, $100, $500, $ 1,000,
$5,000, $10,000 and $100,000.

Provision will be made for the interchange of bonds

of different denominations and of coupon and registered bonds, and for the transfer
of registered bonds under rules and regulations prescribed by the Secretary of the
Treasury.
The bonds will be subject to the general regulations of the Treasury Depart­
m e n t , now or hereafter prescribed, governing United States bonds.
Application and Allotment
Applications will be received at the Federal reserve banks and branches and
at the Treasury Department, Washington, and unless made by an incorporated bank or
trust company, must be accompanied by payment in full or by payment of
I of the amount of bonds applied for.

5 per

cent

Banking institutions generally will handle

I applications for subscribers, but only the Federal reserve banks and the Treasury

Department are authorized to act as official agencies.

The Secretary of the

Treasury reserves the right to close the books as to any or all subscriptions or
classes of subscriptions at any time without notice.
The Secretary of the Treasury reserves the right to reject amy subscription,
in ihole or in part, to allot less than the amount of bonds applied for, to make
allotments in full upon applications for smaller amounts and to make reduced allot­
ments upon, or to reject, applications for larger amounts, to make classified allot,
ments or to make allotments upon a graduated scale, or to adopt any or all of said
methods or such other methods of allotment and classification of alloiments as
shall be deemed by him to be in the public interest; and his action in any or all
of these respects shall be final.

Allotment notices will be sent out promptly

upon allotment, and the basis cf allotment will be publicly announced.
Subject to the reservations contained in the next preceding paragraph, allot­
ments will be made as follows:

cash subscriptions for amounts up to and including

$10,000 will be given preferred allotment, all other cash subscriptions will be
allotted on a n equal percentage basis, and subscriptions for which payment is to be
tendered in Treasury certificates of indebtedness of Series TJ-1934 or in Treasury
notes of Series B-1934 will bo allotted in full.
Payment
Payment at par and accrued interest, if any, for bonds allotted must be made
completed on or before June 15, 1934, or on later allotment.

01

In every case where

payment is not so completed, the 5 per cent payment with application shall, upon
declaration made by the Secretary of hie Treasury in his discretion, be forfeited tc
the United States.

Any qualified depositary will bo permitted to nuke payment by

credit for bonds allotted on sash subscriptions to it for itself and its customers
up to any ciaount for which it shall be qualified in excess of existing deposits,
when so notified by the Federal reserve bank of its district.

Treasury certificates

of indebtedness of Series TJ-1934, maturing June 15, 1934, will be accepted at par
i
in payment for any bonds subscribed for and allotted*

Treasury notes of Series

6
B-1934, maturing August 1, 1934, with coupon dated August 1, 1934, attached
will he accepted at par with an adjustment of accrued interest as of June 15,
1934, in payment for any bonds subscribed for and allotted.

Payment through

surrender of Treasury certificates of indebtedness of Series TJ-1934 or
Treasury notes of Series B-1934 should be made when the subscription is
tendered*
General Provisions
As fiscal agents of the United States, Federal reserve banks are author­
ized and requested to receive subscriptions, to make allotments on the basis
and up to the amounts indicated by the Secretary of the Treasury to the Federal
reserve banks of the respective districts, to issue allotment notices, to re­
ceive payment for bonds allotted, to make delivery of bonds on full-paid sub­
scriptions allotted, and they m y

issue interim receipts pending delivery of

the definitive bonds.
The Secretary of the Treasury may at any time, or from time to time, pre­
scribe supplemental or amendatory rules and regulations governing the offering,
which will be communicated promptly to the Federal reserve banks.
Treasury Department Circular No* 513, June 4, 1954
(Public Debt Service)
The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approved September 24, 1917, as amended, offers for sub­
scription, at par and accrued interest, through the Federal reserve banks, two
and one-eighth per cent notes of the United States, designated Treasury notes
of Series A-1939.

The amount of the offering is $500,000,000, or thereabouts.
Description of Notes

The notes will be dated June 15, 1934, and will bear interest from that
date at the rate of two and one-eighth per cent per annum, payable semiannually,
on December 15, 1934, and thereafter on June 15 and December 15 in each year.
They will mature June 15, 1939, and will not be subject to call for redemption
prior to maturity.

The notes ©hall he exempt, both as to principal and interest, from all
taxation except estate or inheritance taxes now or hereafter imposed by the
United States, any State, or any of the possessions of the United States, or
by^any local taxing authority*
The notes will be accepted at par during such time and under such rules
and regulations as shall be prescribed or approved by the Secretary of the
Treasury in payment of income and profits taxes payable at the maturity of
the notes*
The notes will be acceptable to secure deposits of public moneys, but
will not bear the circulation privilege*
Bearer notes with interest coupons attached will be issued in denomina­
tions of $100, $500, $1,000, $5,000, $10,000, and $100,000*

The notes will

not be issued in registered form*
Application and Allotment
Applications will be received at the Federal reserve banks and branches
and at the Treasury Department, Washington, and unless made by an incorporated
bank or trust company, must be accompanied by payment in full or by payment of
5 per cent of the amount of notes applied for*

Banking institutions generally

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

The

Secretary of the Treasury reserves the right to close the books as to any
or all subscriptions or classes of subscriptions at any time without notice*
The Secretary of the Treasury reserves the right to reject any sub­
scription, in whole or in part, to allot less than the amount of notes
applied for, to make allotments in full upon applications for smaller amounts
and to make reduced allotments upon, or to reject, applications for larger
amounts,

to make classified allotments or to make allotments upon a graduated

scale, or to adopt any or all of said methods or such other methods of allot­
ment and classification of allotments as shall be deemed by him to be in the

-

8

-

public interest; and his action in any or all of these respects shall be
final.

Allotment notices will be sent out promptly upon allotment, and the

basis of allotment will be publicly announced.
Subject to the reservations contained in the next preceding paragraph,
allotments will be made as follows:

subscriptions for amounts up to and in­

cluding $10,000 will be given preferred allotment, and all other subscriptions
will be allotted on an equal percentage basis.
Payment
Payment at par and accrued interest, if any, for notes allotted must be
made or completed on or before June 15, 1934, or on later allotment.
case where payment is not so completed,

In every

the 5 per cent payment with application

shall, upon declaration made by the Secretary of the Treasury in liis discretion,
be forfeited to the United States.

Any qualified depositary will be permitted

to make payment by credit for notes allotted on cash subscriptions to it for
itself and its customers up to any amount for which it shall be qualified in
excess of existing deposits, when so notified by the Federal reserve bank of
its district.
General Provisions
As fiscal agents of the United States, Federal reserve banks are author­
ized and requested to receive subscriptions, to make allotments on the basis
and up to the amounts indicated by the Secretary of the Treasury to the
Federal reserve banks of the respective districts, to issue allotment notices,
to receive payment for notes allotted,

to make delivery of notes on full-paid

subscriptions allotted, and they nay issue interim receipts pending delivery
of the definitive notes*
The Secretary of the Treasury nay at ary time, or from tine to time, pre­
scribe supplemental or amendatory rales and regulations governing the offering,
which will be communicated promptly to the Federal reserve banks.

TREASURY DEPARTMENT
Washington
MEMORANDUM FOR THE PRESS.

June 4, 1934.

RECEIPTS OF SILVER BY THE MINTS:
(Under Executive Order of December 21, 1933)
Week ending June 1, 1934s
San Francisco.......... ............... 291,835.17 fine ounces
"
"
Denver. ••••••.... ............. ....... . ^5 .«676.00
Total for the week.......... 295,511.17
"
"

RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES?
Week ending June 1, 1934s

Imports

Philadelphia..........
San Francisco.........
ßenver.•••••••••••••••
NewY o r k..............
Seattle............ .
New Orleans............
Total.........

$

New
Domestic

Secondary

15,464.48 $ 259,195.82 $
3,510.40
552,519.86
113,429.99
580,907.00
9,046.00
43,037.00
669,333.00
7,394,000.00
803,400.00
52,600.00
....
21,745.59
45,312.19
58.100.14_______29.862.14________ 150,32

$ 8,009,130.48

$1,270,668.54

$1,351,812.91

GOLD RECAPITULATION
Imports.... . 7 ^ ^ ^ ^ 4 6 , 0 0 9 , 1 3 0 . 4 8
Secondary . ^ ^ r ? f r ' S L * 2 7 0 , 668.54
New Domestic....... l7$Sll812.91
Tdial........ $10,631 , 6 1 ^ 9 3
GOLD RECEIVED BY FEDERAL RESERVE HANKS AND THE T REASURERS OFFICE:
(Under Secretary* s Order of December 28, 1933)
Received by Federal Reserve B&nks:

_____ Gold Coin

Week ended May 29.•••••.••
Received previously......
Total to ^ay 29.......

$

Gold Certificates

63,863.62
27.824.154.06
$27,887,997.68

734,660.00
57.450.180.00
$58,164,840.00

$

$

$

Received by Treasurer*s Offices
Week ended May 29.........
Received previously.... .
Total to May 29..... .
Note:

$

1 , 000.00
246.994.00
247,994.00

Gold bars deposited with the New York Assay Office to the
amount of $200,572.69 previously reported.

PURCHASES OF GOVERNMENT SECURITIES FOR INVESTMENT ACCOUNTS:
None for the week ended

June 2, 1934

1 0 , 200.00

1.528.900.00
$ 1,539.100.00

TREASURY DEPARTMENT
Washington
II

9 MEMORANDUM

FOR THE PRESS.

June 4, 1934,

RECEIPTS OF SILVER BY THE MINTS:
(Under Executive Order of December 21, 1933)

7

Week ending June 1, 1934:
San Francisco ..........
D e n v e r .... ............

291.835.17 fine ounces
3,676,00
H
»
295.511.17
**
»

Total for the week

RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Week ending June 1, 1934:

Imports

Philadelphia.... .
San Francisco ......
Denver ......... .
New Y o r k ...........
Seattle ,.••««......
New Orleans ........
T o t a l .... .

$

New
Domestic

Secondary

15,464.48
552,519.86
9,046.00
7,394,000.00
38,100*14

259,195.82
113,429.99
43,037.00
803,400.00
21,743.59
29.862.14

3,510.40
580,907.00
669,333.00
52,600.00
45,312.19
150.32

$ 8,009,130.48

$1,270,668,54

$1,351,812.91

è

$

•« «

GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER’S OFFICE:
(Under Secretary*s Order of December 28, 1933)
Received by Federal Reserve Banks:
Week ended May 29 .........
Received p r e v i o u s l y .... ..
Total to

May

29 ......

Gold Coin
$

63,863.62
27,824,134.06

Gold Certificates
$

734,660.00
57,430,180,00

$27,887,997.68

$58,164,840.00

$

$

Received by Treasurer's Office:
Week ended May 29 .........
Received previously .......
Total to May 2 9 .....
Note:

$

1,000.00
246,994.00
24Y,994.00

10,200.00
1,528,900.00
$ 1,639,100.00

Gold bars deposited with the New York Assay Office to the
amount of $200,572,69 previously reported,

PURCHASES QF GOVERNMENT SECURITIES FOR INVESTMENT ACCOUNTS:
None for the week ended June 2, 1934

PAGE k

Gals . of G als . of
Dist .
( Stills I
Spirits Mash
Hi No. ...State 1 Sàieed-JlCa.pacity_Seized.-,,.,10
(cont)

24

N.Mex

12

TOTAL
11

Cal

247
1,306

2
254

Autos Trucks
......Seized -.Seized

390

-

2,540

1

Value of IValue of
Property 1Property/
.Seized
IL.e.stngi^ed.

; /
! /

-

$

205.

.

1f
1$\ioo
:
\

5

2,035

1,634

100,000

1

3

$ 10,560.

$\-

Wash .

2

48

55

150

1

1

$

305.

$

240

2

4,600

2

1

$

2,045.

$

Ore.*

3

/75.
( 40

GRAND

TOTAL

14

15
3
5

\

Mont .

TOTAL

8

(

TOTAL

And.
Idaho

Arrests

J---- yC

N e v .,

12

'"'"I

3
8
324

652

420

600

1,338

476

5,350

21,200

756,179

50,297

—

1

$

3

3

$

70

21

199.

$

2,335.: .$

9

/14.

17

$169,935.1 $113,054

r
Aiéhag? capacity of 4tills seized

^9.

466.

1 5 5 (gallons

— rs-

•#3U

PAGE 3

List . j:
Wo. i'State

Gals, o: Gals, of
Spirits V ash

Stills

Tracks

Vaine of Value of
Property Property
Arrests

7
|!
(cont) ;! Ind.

12

1175

169

8540

it o t a l

26

8490

6769

218,740

-

-

-

125

73

8

Autos

^50.00

300.00
3

1
-

-

-

\
13750.00 ----665Q.00
----

T

-

8
21
-

! 3fVL,
2

Ì S.L.

143.00

1

43.00

4

1
2

iS i n n .

30

155

60

1

1

1140.00

401.00
/
____ 1__

5

20.00

20.00
\

4

[■Heb.
292

;Iowa
4

!TOTAL
9

2

650

IOkla.

5

75

112

2150

3

\Uo.

11

13,250

7

^Ark.

4

1412

1214

iHTyo.

2

34

1600

;TTtali

1

5

100

2

boxo .

...I - . . I .n. 11,11
Mlra'...... ...
-... .... .

L

3

" ■1

904
_

X S 5 _______

------ !
----

178

loo

3 5

3 50

'"11

500ioO
— ■—i
?-1364/00
2369.00
_____ 1--640.00

1

.

396.00

1800
17,850

103.00
■....V
320\00

10

1

1

3,725.00
205.00 ;

13.
7
14
34

o
o•

125

24

1303.00

<J>

136

650
1201
Wot“
reported ! -‘3 8 ? '

1

320.00

4

..... .
h

60

CO

L.
[

520

1K a n .

:TOTAL
10

155

j________

11

2580.00

66

100.00

3
1
2

--- --- —m*— -----

___— .J..... .. i
--------- __________ —- - -------¿ a — ---- J

PAGE 2

S tills

¡?t ft Sftiz&ci

k

1

(cont ) D.G.
TOTAL

5

Ga.

13

Fla.

23

Ala.

15

Kiss

7

|

150

100

1,500

3

5,635

3,783

97,102

15

31;— 1305
— ---

327

13415

1

4345

454

43620

1

|i

1

$25,850

21

2060.00

2038100

6045.00

5445.00

j

108

$ 2 b ^ l3

---- v-

12

j

!

785.00

19

925.00

48SU00

5

453.00

1 7 8 .Ob

15

2

4655.00

3605.00

42

13

4

14983.00

12536.bO
-----------J----

104

1

1

2400

1

5

720

50

2850

2

La .

3

110

577

700

3

Tex.

19

235

20525

5

1728

83,510

1 4486

78 . ...!14.386

708

8 .7 2 0

Mi ch

17

Ohio

9

1 1410

1279

16,925

1

Ky.

20

1 1192

307

14,530

3

Tenn

19

1 2980

638

24,220

3

TOTAL

65

I 6220

2932

64,395

8

Wis.

4

1 3,090

5007

89,500

io

: 4,225

1593

120,700

-- - -

2

850.

/
$/ 500

845.00

85

ill.

$

Vaine of
Property

i
1 3520

TOTAL
6

57

Autos

Value of
Trucks Property
Seized Seized

1 boat

2

3

1702/00

14

1 ,6 2 5 .0 0 1 ,3 2 5 )0 0

10

4 ,3 8 0 .OC 2.23Ç .00
h
7,59*7.O
Ci
8522.00

19

1 ,8 1 2 .0 0

1 6 ,3 3 9 .0 0
5700.00

3
- « S f e ___

l
------ m —

7750.00

12,854.0C )

15
58

j

2

140^.00
4950.00

11
---------------3 3 * -----------------------------------------------

mW*.

D is t .

3-als.. of Gals, of
S p irits /ash
1 Cattacitv Seized

9
TREASURY DEPARTMENT
Washington

LlOR i m m e d i a t e
P JUUE 4, 1934

release

Press Service
No. 1 - 8 8
ACTIVITIES OF REGULATIVE INSPECTORS.

ALCOHOL TAX UNIT. POR WEEK ENDING- MAY 26. 1934.
(Corrected statement "based on complete weekly reports
of supervisors.)

Dist. States
—
1

Maine
N. H.
Vt.
Mass
Conn.
R. I.

2
2
2

TOTAL
2
3
[■ft

4

5

i

■
Stills

Capacity
__—

Cals, of Cals, of
Spirits Mash
Seized
Seized

150
175
1,150

33
148
45
358
20

2,550
1,420
3,400

6

1,475

604

N. Y.

28

6,130

Pa.
N. J .
Del.

8
2
1

TOTAL

Autos &
Value of
Trucks
Property Arrests
Seized_____Seized___________

1
1
3
3

207.
917.
1,200.
1,325.
15,100.

4
7
1

7,370

8

18,749.

13

839

57,812

5

4,393.

30

1,375
300
40

357
90

86,450
14,000
1,000

4

52,691.
5,000.
50.

5
2

11

1,715

447

101,450

4

57,741.

7

Md.
Va.
W. Va.
N. Car.
S. Car.
D. C.

16
17
3
11
9
1

1,700
2,630
80
500
575
150

1,775
1,723
51
97
37
100

36,355
31,350
400
23,257
4, 240
1,500

5
5
1
3
3

5,510.
11,100.
448.
3,330.
4,612.
850.

25
14
15
5
28
21

TOTAL

57

5,635

3.783

97,102

17

25,850.

108

G-a.
ELa.
Ala.
Miss.
La.
Tex.

13
23
15
5
3
19

1,305
4,245
3,520
720
110
4,486

327
454
85
50
577
235

13,415
43,620
2,400
2, 850
700
20,525

1
2
1
3
3
7

2,060.
6,045.
845.
925.
453.
4,655.

11
12
19
5
15
42

TOTAL

78

14,386

1,728

83,510

17

14,983,

104

1

9 2 -

List*
i No.
jijHI g

If
|

7

8

II

States

Stills
Seized

Capacity

Gals, of
Spirits
Seized

Gals, of
Mash
Seized

Autos &
Trucks
Seized

Value of
Property
Seized.

Arrests

Mich.
Ohio
Ky.
Tenn.

17
9
20
19

638
1,410
1,192
2,980

708
1,279
307
638

8,720
16,925
14,530
24, 220

2
1
5
3

1,812.
1,625.
4,380.
8,522.

14
10
19
15

TOTAL

65

6,220

2,932

64,395

11

16,339.

58

Wis.
111.
Ind.

4
10
12

3,090
4,225
1,175

5,007
1,593
169

89,500
120,700
8,540

4

5,700.
7,750.
300.

2
11
8

TOTAL

26

8,490

6.769

218, 740

4

13.750.

21

2
2

125
30

73
155

60

1
2

143.
1,140.

4
5

20.

4

N. D.
S. D.
Minn.
Neb.
Iowa
total'

292
4

155

520

60

3

1,303.

13

Kan.
Okla.
Mo.
Ark.

4
5
11
4

136
75
1,201

125
112
650
327

650
2,150
13, 250
1,800

3
8

320.
640.
2,369.
396.

7
14
34
11

TOTAL

24

1,412

- 1,214

17, 850

11

3,725.

66

Wyo.
Utah
Colo.
Ariz.
N.Mex.

2
1
2
3
4

1,600
100
100
350
390

1

205.

904
155
247

34
5
178
35
2

3
1
2

12

1,306

254

2,540

1

205.

14

TOTAL

5

2,035

1,634

100,000

4

10,560.

15

Wash.
Ore.
Mont
Idaho J"

2
3

48
240

55
2

150
4,600

2
3

305.
2,045.

3
5

3

652

420

600

1

199.

9

TOTAL

8

1,338

476

5,350

6

2,335.

17

f GRAND TOTAL

324

50,297

21,200

756,179

91

169,935.

466

ill

9

II

10

TOTAL
1 n
ft#

12
A

8

Cal.
Nev.

m m m
m m w m m

wm

h o x ih l

m

m m m nm m i

Frtta $trvitt

Mmànmmà*#, ìmm #$ Ì8ii#
Storti«* j ì à m r g m t k t m itétf u r n o w i i i tkaf III«
fef tkt « u r n a ! m i i m r i n g tf M / l

par m n t

boti»
n t t * tf Striti

i

I*#XÌt® ela*#i ti iti# elo»# tf tatlìì.#i'i ?u»«dty* I m i i f 1934»
flit *m&#ariptitm feook» Iti» tto tfftrlag ©f i par etili Trtaturjr

fetstia t f 1§4§*4S *1§® c i o t t i ut ih# o io tt t f ìmBlmm

ciirren

Jmm

tthèelo

far tht tttitlfl tf #a«k smè&orlptitm»* but vili r«a*la tpta ffewfl.
Fritti» Iva* $# ftr th» fNtttlfi tf volMHMFiptlMt for whléh ftyma&t
li to I# tostarti la f r m m m i otrtifiot.it» tf i m à m b t m è & m * * m i Striti
?J*4i$4# u m i m i n g S w m l b $ W M § or io f r t u t f ? » i t a tf Stri»» 1
mttriitjg lagni. 1# iiB4*
Cath titbtftrijptiofift for Trtaaary bornia or for trtMarjr otto»
piatti, io tilt mali haftort li o*clock, aliaigkt,

I n a §, a»

b b o m fcjr tilt p a i tffict ea&eellatioit, vili fet t t a a M t r t d a» h m ring
boto, totortd ècfore tilt »Iota tf ibt vaèaarlftloii hook»*
of ièt w m m t
tf

allotmaat

vili

jtrtbtbly

èt

m i mmmh taèttrl f i l t M m é

»alt

oa

frliif,

lini»

tk# ’
itti»

§#

I

%
TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING PAPERS,
Wednesday, June 6, 1934.

Press Service
No. 1 - 8 9

Secretary Morgenthau today announced that the subscription books for
the current offering of 2-1/8 per cent Treasury notes of Series A-1939 closed
at the close of business Tuesday, June 5, 1934.
The subscription books for the offering of 3 per cent Treasury bonds
of 1946-48 also closed at the close of business Tuesday, June 5, for the
receipc of cash subscriptions, but will remain open through Friday, June 8,
for the receipt of subscriptions for which payment is to be tendered in
Treasury certificates of indebtedness of Series TJ—1934, maturing June 15,
1934, or in Treasury notes of Series B-1934, maturing August 1, 1934.
ÉI
Cash subscriptions for Treasury bonds or for Treasury notes placed
in the mail before 12 o ’clock, midnight, Tuesday, June 5, as shown by the
Ikdi

post office cancellation, will be considered as having been entered before
the close of the subscription books.

ulti

Announcement of the amount of cash subscriptions and the basis of
allotment will probably be made on Friday, June 8.

I

IL

• m m m m m

w

WAOTMGÎO»
i m m u n m&usB,
Friday, June 8, 1934*
fob

Press Servies
I

Seeretary of the Treasury STorgcathau today announced the subscription figurt« j
and the basis ©f allotment for the June 15 offering of 3 par cent Treasury bonds of
1946-48 and 2-1/8 per seat Treasury antes of Series A-1939.

Secret

Beports received from the Federal reserve banks shoe that sash subscript loss 3
for the Treasury bonds, shleh sere invited to the amount of #300,000,000, ©r there»
abouts, aggregate over #2,511,000,000.

Cash subscriptions in amounts up to and

including #10,000 were allotted in fu ll, and those in amounts over #10,000 were
allotted 10 per cent, but not less than 110,000 on any one subscription.

In adiiti*

I

to such allotments on cash subscriptions, a l l subscriptions for which payment la
tendered in Treasury ce rtifica te s cf indebtedness of series TJ-1934, maturing
_
lone 15, 1934, or Treasury notes of Series 3-1934, maturing August 1, 1934, arc

Ile Tri

i

being allotted in fu ll, and the books will remain open through today for the receipt
of such subscriptions.
For the offering of Treasury notes, which was for f$00,000,000, or
total subscriptions aggregate over #4,931,000,000.

I
thereabout!

Subscriptions In amounts up to

and including #10,000 were allotted la fu ll and those In amounts over #10,000 «tft
allotted 9 per cent, but not less than #10,(XX) on any one subscription«
Further details as to subscriptions and allotments will be announced when final!
reports ars received from Federal reserve banks.

tot:

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE,
Friday, June 8, 1934,

Press Service
No, 1 - 9 0

Secretary of the Treasury Morgenthau today announced the subscription figures
and the basis of allotment for the June 15 offering of 3 per cent Treasury bonds of
1946^48 and 2-l/8 per cent Treasury notes of Series A-1939.
Reports received from the Federal reserve banks show that cash subscriptions
for the Treasury bonds, which were invited to the amount of $300,000,000, or there­
abouts, aggregate over $2,511,000,000,

Cash subscriptions in amounts up to and,

including $10,000 were allotted in full, and those in amounts over $10,000 were
|j/ Allotted 10 per cent, but not less than $10,000 on any one subscription.

In

I addition to such allotments on cash subscriptions, all subscriptions for which pay-

lit

| ment is tendered in Treasury certificates of indebtedness of Series TJ-1934,
1maturing June 15, 1934, or Treasury notes of Series 33-1934, maturing August 1, 1934,
,j are being allotted in full, and the books will remain open through today for the
! receipt of such subscriptions.
For the offering of Treasury notes, which was for $500,000,000, or thereabouts,
I total suoscriptions aggregate over $4,931,000,000,

Subscriptions in amounts up to

||. and including $10,000 were allotted in full and those in amounts over $10,000 were
i allotted 9 per cent, but not less than $10,000 on any one subscription.
Fur tiler details as to subscriptions and allotments will be announced when final
reports are received from Federal reserve banks.

Memorandua for Mr* B & rte lt, June X, 1954, — 2 »

Hailwm

Chiarie re

Dise#

N ickels

Jan« 1 to
M -V
*!•
V wO.*
$40,000

1924*•*•••

$ 2 5 ,0 0 0

IS2 g * *» ••«

I aois

_ _

132 ? **«•••
1923••«•••
1329* ♦ ».#•*
1950***•«•
1 9 3 1 .«* •«*
1

• * • c•

1 9 3 3 ******
T o ta l 1921
1935, i n d .
1934.............

——•
mm

1 1 5 ,0 0 0

_

9 0 .0 0 0
' -------- - -

2,000

--------. - -

8 5 ,0 0 0
58,0 0 0
1 4 ,0 0 0

70.000

1 2 5 ,3 0 3

$67 ,0 0 0
25,000

«■»

40*00 0

.jKum

$70,000

3 1 5 ,0 0 0

1 4 0 ,0 0 0

290,000

927,000

Ç ___

1 ,1 6 0 ,0 0 0

4 6 0 ,0 0 0

8 46,000

706,000

*"* — —-

•So shipnentu of halves ape being nade fron Philadelphia Si
as it has none.-'.

Hsief, Dirislon o f General Account«.

Memorandum for Hr« Bartelt;
;•'■?+v? ••'••''
-fr', ‘ .*r .*..
-.

4

*■.

.|

J* •.1: / v-r»•
' •••• mz.

■•'••

■ .H

r'J
ll

With reference to your verbal request of May 51, there is
given below a st&te&ent showing the amounts of subsidiary silver and
minor coins, to ¡Beet circulation needs, shipped by the United States
mints to the federal reserve banks and branches and the Cash Division,
treasurer's O ffice, from January 1 to Hay S I, inclusive, of each year
from 1921 (the year in which most of the Federal reserve banks and
branches assumed the coin functions.formerly performed by the snbtreasuries) to 1954, inclusive:
Halves

Jam« X to
May 51:
1921.*««•*
1922..«.,**
1925*•«** *
1924.«*«. ••
1925«.*••«
1326*.*••»
2927****«*;
1928** * * * *
1329»«*«**
1950**««**
1951«« * * * *
1952******
1955««****
fe ta l 1921
1955, in c l.
1334«*»*«^
f § $ M . the

going, follow;
£>•jam#-1 to
May S I: •
’
1 9 2 1 « *• »• •

1922*• «••*
1 9 2 5 *...• *

AZ v,‘* .;",P
~ ■** •
- «•
$120,000
1.*« «*
4«*
... '• *f «*
50,000
. •*: -r*.■**.
.«Mr -

■* 100,000
400*000

Quarters

Dimes

- - n*
V•
'w
_•**.”•«.
** ■-ids'.>«*
$165,000
$175,000
.*
10,000
•• «r;%
26,000
—— 60,000
*#*• «r*
10,000
10,000
8,000
•~ • «*
50,000
<* mi m
m
125,000
■m
mm
m
-m
m
• _ «*■*
m
•..*». «►w.; . mi\.mmm
40.000
110*000
r?

Nickels

lrv..fe

Cents

a» «*•ap*
«* «a «**
- «** «»►
»
¿101,000
1115,000
7,000
40,000
56,000
3,000
77,400
127,OX)
58,000
2,000
26,500
18,000
15?,000
6,000
100,000
77,000
- - «*
25,000
------# •#
22.000
40.030
■

1 A

910,000

455,000

555,000

480,000

£ i 9,9

456,000

1,435,000

655,000

4 2 1 ,0 0 0

826,600

figures fa r the Philadelphia Hint, included in the lore*
Halves
f »' .*■
M

■ *“ ■ -.* *

Quarters
*" ■
m ?

mm

mm

-V r* — ...
'* **
#70,000
$12$,00©

Dfames
mm

:4 m

mm

-.■,*? —
$106,000

Nickels
mm

m .

mm

Cents,
^ mm

— ••

, £ —— ' ' ■** • *
$90,000
¿76,000

large reserve

supply.

in r e c e n t m o n t h s
to

come

ments
of

f ast

as

mand.

in M a y .

the m i n t s

c o p p e r ce n t s ,

shipped

supplies

and rush orders

to t he m i n t s

as

These

Of q u a r t e r s

there

night

there was

mint,

but - T r e a s u r e r J u l i a n h a d

of

$392,000

shipment
comes

$1,000

o f them.

t he

co i n s .

from Denver,

¿$826,500)

keeping abreast

in q u a r t e r s
orders

full.

at

for

have

I
$

been

o f the

de­
are

Last

Friday

the P h i l a d e l p h i a
immediate

from Detroit

though ordinarily

shio-

Production

shortage a nd orders

s h i p p e d in

A rush order

was

ship m e n t
f i l l e d by

Detroit*s

supply

j

from Philadelphia.

T h e d e m a n d if a l s o
Treasurer*^
been

turnout

instead of-being
only

began

now receving

is a r e a l

rationed

coins

dwindling

are

is j u s t

being

r^apidly

banks

of w h i c h 82,650,000

s i n c e J a n u a r y 1,

been

for a d d i t i o n a l

The

can

have

records

h e a v y f o r - h a l f - d o l i a r s . A l t h o u g h the

show

$435,000

s h i p p e d f r o m the mint-s-this

Reserve

bank

supplied

a n d s h i p p e d to o t h e r

in h a l f - d o l l a r s

as

ye a r , t h e N e w Y o r k

to b a n k s
Federal Reserve

in its

regions

having

1

Federal

territory

S i ,580,000

of

*

them,

drawn mostly

f r o m its

f r o m the m i n t s

in

the f i r s t

thirteen years

combined had

own reserve

stocks.

ifiive m o n t h s

of

been only$670,000

Distribution

the

previous

of these

I
w

coins.
The

following

f r o m the m i n t s
1921

to 1934,

table

for
with

the

shaws

shipments

first

five m o n t h s

comparative

t otals:

o f s u b s i d i a r y coins
of each year

from

i

^03^2^

7TJLA-A

\'1i

An

extraordinary demand

almost

completely

b anks,

the U n i t e d S t a t e s

up within
to a n y

the l a s t

that

has

in t h e w h o l e

for

exhausted

subsidiary

the

supplies

Treasury

few months#

c oins,
in t he

a n d the m i n t s ,

The dema n d

ever occurred-before

at

is

this

w h i c h has
F e d e r a l Reserve
h as

far out

sprung
o f proporton

t i m e o f the y e a r

h i s t o r y o f the rndmts.

Shipments

of s u b s i d i a r y

coins,

including h a l f dollars,

quarters

n i c k e l s a n d cents, f r o m t he m i n t s m u m a m o u n t e d to
^frora^
| 3 , 6 0 3 , 0 0 0 X3HH«s» J a n u a r y of t h i s y e a r to M a y 31, w h i c h exceeds

dim e s ,

by m ore
for

than

$1,300,000

the t h i r t e e n y e a r s

f i v e monrths, J a n u a r y
f r o m J a n u a r y 1,
The
mint

prior

1921,

Tne greatest
¡Srom t h e m i n t s
$1,465,000,

to D e c e m b e r

banks

is

of

for

and

the

but

alone up

has p ut

coinage

San

$2,477,000

the P h i l a d e l p h i a

operations

May
in

31 h a v e

the

f r o m the m i n t s

i*ederial R e s e r v e b a n k s ,

especially

Treasurer,
that

in 1934

a m o u n t e d to

thirteen prior
$435,000.

to the

Federal

c a s h d i v i s i o n o f t he T r e a s u r e r s

o r d e r of the U n i t e d S t a t e s

have

Shipments

h a d a m o u n t e d a n l y to

are made

in the

Francisco mints.

to

the s ame m o n t h s

five months

1933.

"change*

and

same

Shipments

f or q u a r t e r - d o l l a r s .

of quarters
coins

31,

and M u m

the D e n v e r

demand

while

Shipments

basis

of q u a r t e r s

shipments

Reserve

at

in t he

to t h i s ye a r .

extraordinary demand for

been speeded up

on the

the s h i p m e n t s

to Ma^/» i n c l u s i v e , w e r e

on a t h r e e - s h i f t

years

all

office

Ordinaxily

at N e w York,

the

have a

f^smiwSk

TREASURE DEPARTMENT
Washington

w

i

g

for r e l e a s e , m o r n i n g p a p e r s
(Tuesday, June 12, 1934
(6-11-34)

Press Service
No. 1 - 9 1

An extraordinary demand for subsidiary coins, which has almost completely
exhausted the supplies in the Federal Reserve banks, the United States Treasury
and the mints, has sprung up within the last few months.

The demand is far out

of proportion to any that has ever occurred before at this time of tho year in
the whole history of the mints.
Shipments of subsidiary coins,

including half dollars, quarters, dimes,

nickels and cents, from the mints amounted to $3,603,000 from January of this
year to May 31, which exceeds by more than $1,300,000 all the shipments in the
same five months for the thirteen years prior to this year.

Shipments in the

five months, January to May inclusive, were but $2,477,000 from January 1, 1921,
^ to December 31, 1933.
The extraordinary demand for "change« has put the Philadelphia mint on a
three-shift basis and coinage operations have been speeded up at the Denver and
San Francisco mints.
Tho greatest demand is for quartor-dollars.

Shipments in 1934 from tho

mints of quarters alono up to May 31 have amounted to $1,465,000, whilo for
^,tho same months in tho thirteen prior years shipments of quarters had amountod
only to $435,000.
Shipments of coins are made from the mints to the Federal Reserve banks
and the cash division of the Trcasuror*s office on the order of the United
States Treasurer.

Ordinarily the Federal Reserve banks, especially that at

New York, have a large reserve supply.

These supplies have been rapidly

dwindling in recant months and rush orders for additional coins began to come

tQ the mints in May.

The banks are now receiving shipments as fast as the mints

can turn out the coins.
h*

Production of copper cents, of which 82,650,000

($826,500) have been shipped since January 1, is just keeping abreast of the de­
mand.

Of quarters there is a real shortage and orders are being rationed in­

stead of being shipped in full.

Last Friday night there was only $1,000 in

quarters at the Philadelphia mint, but Treasurer Julian had orders for immediate

i

IP
shipment of $392,000 of them.

A rush order from Detroit was filled by shipment

from Denver, though ordinarily Detroit’s supply comes from Philadelphia.
The demand is also heavy for half-dollars.

Although the Treasurer’s records

show $435,000 in half-dollars as having been shipped from the mints this year,
the New York Federal Reserve bank supplied to banks in its territory and shipped
to other Federal Reserve regions $1,580,000 of them, drawn mostly from its own
||

reserve stocks.

Distribution from the mints in the first five months of the

previous thirteen years combined had been only $670,000 of these coins.
The following table shows shipments of subsidiary coins from the mints for
first five months of each year from 1921 to 1934, with comparative totals!

*

&

Jan. 1 to
May 31:
1921........ • • • • •
19 22 *••••••. •• • • •
1923 .....
1924 .....
1925.
1926.
1927.
1928.
1929.
1930.
1931.
1932.
1933.
Total 1921
1933, incl.
1934.,
Grand Total

ft*

Halves

Quarters

Himes

Nickels

Cents

$120,000

$165,000

$175,000
10,000

$115,000
40,000
55,000
127,000
2,000
18,000
6,000
77,000

$101,000
7,000
9,000
77,400
38,000
26,500
133,000
100,000
25,000
- - 22,000

25,000

50,000

10,000
1
OK UUÜ
r\r\r\
i&D,

60,000
10,000
8,000
50,000
M «M»

- - -* fm

100,000
400,000

XXUy vUÜ

40,000

40,000

670,000

435,000

353,000

480,000

538,900

435,000

r>r\n
1 f/ICK
¿Ujj VJUU

655,000
1921 - 1933, incl. ... $2,477, 000
1934
... $3,803, 000

421,000

826,500

TREASURY DEPARTMENT
Washington

MEMORANDUM FOR THE PRESS:

Jtme n >

1954<

RECEIPTS OF SILVER BY THE MINTS:
(Under *!xeeutive Order of December 21, 1935)
Week ending June 8, 19341
Philadelphia.................. 151,272.30 fine ounces
San Francisco........ ........
44,284.07
"
n
Denver........................
5.541.00
*»
«
Aotal for the week....... 200,897.37
"
"

1

RECEIPTS OF GOLD BY THE MINTS AND A SSW OFFICES:
New
Imports______ Secondary______Domestic

Week ending June 8, 1934s
Philadelphia.................
San Francisco................
„ env?r ......................
o'*..!,
Seattle......................
«ew O
r
l
e
a
n
Total for the week......

$

1,448.30
1,045,717.06
7,650.00
16,100,000.00
....
s
.
....
#17,154,815.56

$

370,967.22 $
2,460.33
151,048.72
1,535,440.70
101,265.00
740,453.00
602,700.00
108,100.00
21,133.07
129,861.40
20.069.47
192.61
#1,267,183.48 $2,516,508.04

GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER’S OFFICE:
(Under Secretary’s Order of December 28, 1933)
Received by Federal Reserve Bankss
Week ended June 6, 1934......
Received previously...........
Total to June 6, 1934.....

Gold Coin
#

Gold Certificates

51,348.26
27.887.997.68
#27,939,345.94

#

651,760.00
58.164.840.00
$58,796,600.00

#

#

Received by Treasurer’s Office:
Week ended June 6, 1934.......
Received previously...........
Aotal to June 6, 1934.....

|

.....
247.994.00
247,994.00

18 700.00
1.559!lOo!oQ
$ 1,557,800.00

Note: Gold bars deposited with the New Yoik Assay Office to the
amount of #200,572.69 previously reported.
PURCHASES OF GOVERNMENT SECURITIES FOR INVESTMENT ACCOUNTS: #60,000,000.00

"

TREASURY DEPARTMENT
Washington

June 11, 1934.

MEMORANDUM FOR THE PRESS:
RECEIPTS OF SILVER BY THE MINTS:
(Under Executive Order of December 21, 1933)
Week ending June 8, 1934:
Philadelphia................ .
San Francisco............. *.. .
D e n v e r ...................... ..
Total for the week.... ..

151,272.30 fine ounces
1!
44,284.07 »
t!
5,341.00 »
it
200,897.37 «

1

RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:

Philadelphia ......... .
San Francisco.............
Denver ...................
New York .................
Seattle ..................
New Orleans .......... .
Total for the week....

Secondary

Imports

Week ending June 8, 1934:
$

1,448.30
1,045,717.06
7,650.00
16,100,000.00
•• « •
••• •

New
Domestic

370,967.22
151,048, 72
101,265.00
602,700.00
21,133.07
20,069.47

$
2,460.33
1,535,440.70
740,453.00
108,100.00
129,861.40
192.61

$1,267,183.48

$2,516,508.04

$

$ 17,154,815.36

GOLD RECEIVED BY FEDERAL RESERVE R A M S AND THE TREASURER’S OFFICE:
(Under Secretary’s Order of December 28, 1933)
Received by Federal Reserve Banks:
Week ended June 6, 1934 .....
Received previously ..........
Total to June 6, 1934...,*,

_____ Gold Coin______Gold Certificates
$

51,348.26
$
631,760.00
27,887,997.68________ 58,164, 840.00

$ 27,939,345.94

$58,796,600.00

Received by Treasurer’s Office:
Week ended June 6, 1934 ......
Received previously...........
Total to June 6, 1934......
Note?

$

....
247,994.00

$

18,700.00
1,539,100.00

$

247,994.00

$ 1,557,800.00

Gold bars deposited with the New York Assay Office to the
amount of $200,572.69 previously reported*

V f

TREASURY DEPARTMENT
Washington

\

ir

I
f

Press Service
No. 1 - 92

POR IMMEDIATE RELEASE
JUNE 11, 1934

ACTIVITIES OP REGULATIVE INSPECTORS.
ALCOHOL TAX UNIT. POR WEEK ENDING JUNE 2. 1934.
£

( Corrected statement based on complete weekly reports
of supervisors.)

Disi, States
No.
Maine
N. ÏÏ.
Vt.
Mass.
Conn.
R. I.

1
1
1

50
750
50

215

TOTAL

3

2

N. Y.

3

1

Ik

4

5

ff>

Stills
Seized

Gals, of
Capacity Spirits
Seized

Gals, of
Mash
Seized

Autos &
Trucks
Seized

Value of
Property
Seized

Arrests

1

$ 1,050.
500.
125.

3
7

1,950

1

$ 1,675.

10

2, 509

23,503

2

6,724.

16

1,449
5,585

781
444
105

26,000
45,400

5
2
1

14, 652.
6,300.
777.

11
6
1

13

7,034

1,330

71,400

8

21,729.

18

Md.
Va,
W. Va.
N.Car.
S.Car.
D. 0.

7
9
1
18
11

725
890
75
1,330
725

139
407
62
465
1,560

6,650
19,100
350
34,223
12,810

1

1
NS

2,275.
2,800.
100,
4,083.
9,928,

4
11
5
3
18

TOTAL

46

3,745

2, 633

73,133

5

19,186.

41

Ga.
Fla.
Ala.
Miss.
La,
Tex.

16
15
25
7
10
10

1,758
2,270
9,645
390
395
1,330

556
160
374
54
321
207

12,400
13,830
14,520
2,310
3, 745
8,350

2
5
1
3
4

2,457.
3,644.
3,953.
583.
1,188.
1,586.

18
14
38
9
14
32

TOTAL

83

15,788

1,672

55,155

15

13,411.

125

82

1,700
250

850

297

19

6,255

Pa.
l f J.
Del.

4
9

TOTAL

Ir^"
- 2 1>j
i
Dist.
h No.
ei

b

7

8

■i
t
|i

9

H
£

10

States

12.
[p

i b ®

Capacity

G-als. of
Spirits
Seized

G-als. of
Mash
Seized

Autos &
Trucks
Seized

Value of
Property
Seized

Arrests

1
2
3

200.
390.
1,210.
3,460.

9
9
19
18

6

5,260.

55

Mich.
Ohio
Ky.
Tenn.

8
5
14
16

110
60
337
2,483

501
290
216
469

.t o t a l

43

2,990

1,476

3
5
4

110
290
875

31
18
6

600
4, 600
5,400

2
1

101,200.
1,125.
360.

3
3
3

TOTAL

12

1,375

55

10,600

3

102, 685.

9

N. D.
S. D.
Minn,
Neh.
Iowa

2
3
1

204
85
90

58
1
3
61

2
700
660

1
1

850.
85.
221.
125.

8
3
2
4

TOTAL

6

379

123

1,360

4

1,281.

17

Kan,
Ok! a.
Mo,
Ark.

2
8
8
3

142

214
342
100
11

2,214
3,350
1,250
1,550

3
4
3
2

430.
1,856.
825.
448.

10
33
15
10

TOTAL

21

812

667

8,364

12

3,559.

68

1
2

150
1,550

3
150

500

100.
50.

1
2

3
4

180

34
6

400
575

700.
135.

7
5

10

1» 880

193

1,475

985.

15

Wis.
111.
Ind.

Wyo.
Utah
Colo.
Ariz.
N.Mex.
TOTAL

4 u

Stills
Seized

650

2,875
2,600
2, 832
21,335
29,642

$

Cal.
Uev. C

145

1

1,059.

3

TOTAL

145

1

1,059.

.3

2
1

1,959.
945.

6
1

22.

7

Wash,Ore,.
Mont. ^
Idahoj

2
1

TOTAL

3

391

621

6.000

3

2.926.

14

259

41,499

11,721

282,582

59

$180,480.

391

TOTAL

254
137

492
60

4, 500
1,500

69

-

2

3 p e r care t r e a s u r y

-

bonds

or 1946-48

federal Heserve
District

Total Subscriptions Allotted

Boston •••«••«•
New York ••«•••
Philadelphia ..
Cleveland *****
Richmond ******
Atlanta •*••*«*
Chicago ***••*•
St* Louis *****
Minneapolis ***
Kansas City **•
Dallas •*•••«*•
San f r a u d soo *
Treasury *«•***

$ 27,041,800
495,250,900
18,171,350
26,670,800
13,955,250
16,166,750
119,381,850
22,893,350
10,278,600
17,347,900
22,346,800
29,289,800
6.322*400

Total •»*«

*$824,816,550

iSijyirj

♦includes $171,978,500 allotted on exchange subscriptions (Jane certificates)
and $317,091,100 allotted on exchange sab script ions {August notes}*

3-1/8

fsb

care

t r s Astmr n o t e s o f

federal Reserve
District

m i s s A -1939

Total Subscriptions Received

Total Subscrip*
tions Allotted

262,781,000
2,411,373,400
288,277,100
271,261,100
190,524,200
232,441,800
561,442,500
***
139,787,000
67,S90,«*P96,854,700
215,679,700
225,840,400
8,000

3 30,139,100
235,910,300
27,721,500
28,434,200
20,209,400
28,918,300
65,893,000
18,039,500
9,170,500
14,795,600

j
Boston ••••••••
New Y o r k .... *
Philadelphia **
Cleveland •«**•
Richmond «•••*•
Atlanta *••••**
Chicago .......
Minneapolis *«*
Kansas City ...
D a l l a s .......
San Francisco *
Treasury ......
Total ..

$

94,931,780,800

26,381,900
22,980,400
8,000

1

.KM
Mb

J

l

*j

$528,591,700

41

yreastot departhot
WASHINGTON

won a im s » ,

working p a t o s ,

Press Servi oe

Tuesday, June 18, 1934#

( - 9 3

S M w t o r y of the « M U t i r Mergenthau today announced tí» « n a l «Ascription
and allotocnt figures with respect to the June IE offering of S per cent Treasury
hands of 1946-48 and 8-1/8 per cent Treasury sotes of Series A-1939.
Subscriptions end allotments sere divided among the several pederá! reserve
districts and the Treasury as folio**:

1 JP» C U

federal Reserve
District

Boston •*•«•«««
Re* York ««,«#«
Philadelphia ••
Cleveland »••••
Richmond ••««•«
Atlanta «••••««
Chicago ••««*»#
St« louis ••«««
Minneapolis «•«
Kansas City «««
Dallas «*»*#*««
San francisco «
Treasury «•«,.«
TOTAl #«,«

#

THEJOTHY B O T O OF 1346-46

Total Cash
Subscriptions
Received

Exchange
Subscriptions
Received
(June
Certificatesi

Exchange
Subscriptions
Received
(August Notes)

Tefal Subscrip­
tions Received

147,178,300
1,099,970,980
108,818,550
148,941,800
75,129,950
111,488,780
299,818,980
77,489,780
24,797,000
45,873,850
128,998,280
240,582,700
12,260,400

$

t

$

#317,091,100

#5,003,620,600

#2,514,551,000

1,284,000
125,040,500
799,800
1,113,500
205.000
775.000
285,426,000
5,676,800
609.000
2,950,000
892,500
284.000
925.000

1171,978,500

5,855,800
247,674,400
2.804.000
2.045.000
1,401,800
821,000
38,798,100
4,291,700
4.143.600
2,772,400
1.591.000
1.088.600
4.106.000

154,017,800
1,470,685,850
111,918,850
182,098,500
74,756,780
115.084.750
575,440,060
85,427,980
29,849,600
80,996,250
128.479.750
241,928,300
17,289,400

It

s*

TREASURY DEPARTMENT
Washington

FOR RELEASE, MORNING PAPERS,
Tuesday, June 12, 1934.

Press Service
No. 1 - 9 3

tp
Secretary of the Treasury Morgenthau today announced the final
subscription and allotment figures with respect to the June 15 offering of
3 per cent Treasury bonds of 1946-48 and 2-1/8 per cent Treasury notes of
Series A-1939,
Subscriptions and allotments were divided among tho several
Federal reserve districts and the Treasury as follows:
f
Nili»
3 PER CENT TREASURY BONDS OF 19,46-48

Federal Reserve
District

Total Cash
Subscriptions
Received

Exchange
Subscriptions
Received
{ June
Certificates)

Exchange
Subscriptions
Received
(August Notes)

Total Subscrip­
tions Received

IBoston ....... • #
Few York ..... • •
IPhiladelphia .
[Cleveland .,.. • •
Richmond.... **
Atlanta ......
Chicago .....
iSt. Louis ....
Minneapolis .. ••
Kansas City .. ••
Dallas..... .
San Francisco, ••
¡Treasury.... • •

$ 147,178,300
1,099,970,950
108,315,350
148,941,800
73,129,950
111,458,750
299,215,950
77,459,750
24,797,000
45,273,850
125,996,250
240,552,700
12,260,400

$ 1,284,000
123,040,500
799,500
1,113,500
205,000
775,000
35,426,000
3,676,500
609,000
2,950,000
892,500
284,000
923,000

$ 5,555,500
247,674,400
2,804,000
2,043,000
1,401,800
821,000
38,798,100
4,291,700
4,143,600
2,772,400
1,591,000
1,088,600
4,106,000

$ 154, 017,800
1,470, 685,850
111,918, 850
152, 098.300
74, 736.750
113, 054.750
373, 440,050
85, 427,950
29, 549,600
50, 996,250
128, 479 ,750
241, 925.300
17, 289,400

TOTAL..... » # $2,514,551,000

$171,978,500

$317,091,100

$3,003,620,600

1

3 PER CENT TREASURY BONDS OF 1946-48
Federal Reserve
District

Total Subscrip­
tions Allotted

Boston .......
New York .....
Philadelphia ,,
Cleveland ....
Richmond .....
Atlanta
Chicago .......
St, Louis .....
Minneapolis ...
Kansas City .,,
D a l l a s ...... .
San Francisco ,
T r e a s u r y .... .

$ 27,941,800
495,250,900
18,171,350
26,670, 800
12,955,250
16,166,750
119,281,850
22, 892,350
10,278,600
17,347,900
22, 246,800
29,289,800
6,322,400
*$824, 816,550

^Includes $171,978,500 allotted on exchange subscriptions (June certificates)
and $317,091,100 allotted on exchange subscriptions (August notes).

2-1/8 PER CENT TREASURY NOTES OF SERIES A-1939
Federal Reserve
District
Boston .....
New York ,.,,
Philadelphia •ft
Cleveland
••
Richmond ....
Atlanta .....
Chicago .... ft ft
St. Louis ... • ft
Minneapolis . ft ft
Kansas City . ••
Dallas ......
San Francisco ft
Treasury ....
TOTAL ....

Total Subscriptions Received

Total Subscriptions Allotted

262,781,000
2,411,373,400
256,277,100
271,261,100
190,524,200
232,441,500
561,442,500
139,727,000
67,570,000
96,854,700
215, 679,700
225,840,400
8,000

$ 30,139,100
235,910,300
27,721,500
28, 434,200
20,209,400
28,918,300
65,893,000
18,029,500
9,170,500
14,795,600
26,381,900
22,980,400
8,000

$4,931,780, ,600

$528,591,700

$

S T A T M M T FOB THE PKESS

Bie Treasury Department has received numerous inquiries as
to whether imported cotton rugs of the kinds subject to the fees
recently imposed by the President under the authority of the
National Industrial Secovery Act, which were in ports on the Pacific
Coast whim the fees became effective but could not be unladen
because of the longshoremen*a strike, will be subject to the fees.
Under regulations promulgated today by the Secretary of the
Treasury, with the approval of the President, the fees will be col­
lected and paid on the entry for consumption or withdrawal from
warehouse for consumption of any of the rugs (subject to the fees)
which are imported on or after June 10, 1934, in the ease of cotton
imitation oriental rugs, and cm or after June 5, 1954, in the case
of the other rugs. The date of importation will be determined in
accordance with article 230 of the Customs legulations of 1951 m
follows:
la the case of rugs imported by vessel, the date
of importation is the date cm which the vessel arrives
within the limits of a port of entry with intent there
to unlade.
Ihea the vessel enters two or more United States
ports of entry, the date of importation is the date
of arrival of the vessel at the port at which the rugs
are landed, unless it is clearly shown that there was
as intent to unlade at a prior port.
'Die date of importation of rugs arriving other­
wise than by vessel is the date on which the vehicle
carrying the same arrives within the limits of the
United States.

STATEMENT FOR THE PRESS

The Treasury Department has received numerous inquiries as
to whether imported cotton rugs of the kinds subject to the fees
recently imposed by the President under the authority of the
National Industrial Recovery Act, which were in ports on the Pacifi
Coast when the fees became effective but could not be unladen
because of the longshoremen1s strike, will be subiect to the fees.
Under regulations promulgated
|
iry of the
Treasury, with the approval of the President, the fees will be col­
lected and paid on the entry for consumption or withdrawal from
warehouse for consumption of any of the rugs (subject to the fees)
which are imported on or after June 10, 1.954, in the case of cotton
imitation oriental rugs, and on or after June 5, 1954, in the case
of the other rugs. The date of importation will be determined in
accordance with article 280 of the Customs Regulations of 1931 as
follows:
In the case of rugs imported by vessel, the date
of importation is the date on which the vessel arrives
within the limits of a port of entry with intent there
to unlade.
When the vessel enters two or more United States
ports of entry, the date of importation is the date
of arrival of the vessel at the port at which the rugs
are landed, unless it is clearly shown that there was
an intent to unlade at a prior port.
The date of importation of rugs arriving other­
wise than by vessel is the date on which the vehicle
carrying the same arrives within the limits of the
United States.

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE,
June 13, 1934

Press Service
No. 1 - 9 4

The Treasury Department has received numerous inquiries as
to whether imported cotton rugs of the kinds subject to the fees
recently imposed by the President under the authority of the
National Industrial Recovery Act, which were in ports on the Pacific
Coast when the fees became effective but could not be unladen
because of the longshoremen’s strike, will be subject to the fees.
Under regulations promulgated yesterday by the Secretary of the
Treasury, with the approval of the President, the fees will be col­
lected and paid on the entry for comsumption or withdrawal from
warehouse for consumption of any of the rugs (subject to the fees)
which are imported on or after June 10, 1934, in the case of cotton
imitation oriental rugs, and on or after June 5, 1934, in the case
of the other rugs. The date of importation will be determined in
accordance with article 280 of the Customs Regulations of 1931 as
follows:
In the case of rugs imported by vessel, the date
of importation is the date on which the vessel arrives
within the limits of a port of entry with intent there
to unlade.
When the vessel enters two or more United States
ports of entry, the date of importation is the date
of arrival of the vessel at the port at which the rugs
are landed, unless it is clearly shown that there was
an intent to unlade at a prior port.
The date of importation of rugs arriving other­
wise than by vessel is the date on which the vehicle
carrying the same arrives within the limits of the
United States-

^

v d h

H

-June "15,1954,
A

i. ? r

||ii

113.

Beer retailers who se ll draft beer or other malt liquors by the
glass^ face heavy penalties under internal revenue laws^ i f they fa il to
destroy the internal revenue tax stamps on beer barrels at the +.*w of
drawing o ff the contents»
k&X*A

Rigid enforcement of th is pwision of the lam^g£s emphagizedTSk
A.

in special instructions sent to a ll field personnel of the internal
Revenue Bureau»

collectors of internal Revenue and other officers

performing Inspection duties are under orders to sake special efforts to
detect violations of th is character.
These instructions, together with an outline of the legal requirements**'
on this phase of the re ta il beer business, were issued when certain cases
of non-compliance with the law on this scor6|reached the Department»
The cause in th ese cases was a ttrib u te d la r g e ly to negligence or gross
in d ifferen ce»

bection 3342, itsvised States, as amended,requires that the stamp on a

iffere

beer barrel must be destroyed by driving through i t the faucet by which the
two
beer is to be withdrawn» i f there are
spigot holes in a beer barrel^ and
an air faucet is used in the spigot hole covered by the stamp, the air
faucet must be of the same size as the beer faucet* and must be driven
through the stamp before any beer is withdrawn. The law also provides severe
penalties for any person who removes the stamp from a beer barrel,has i t in
his possession, or who reuses the stanç>»
-o-

EM

TREASURY DEPABTMMT
Washington

POR IMMEDIATE RELEASE,
JUHE 13, 1934

Press Service
No. 1 - 9 5

Beer retailers who sell draft beer or other malt liquors by tne
glass face heavy penalties under internal revenue laws if they fail to
destroy the internal revenue tax stamps on beer barrels at the time of
drawing off the contents.
Rigid enforcement of this provision of the law has been emphasized
in special instructions sent to all field personnel of the Internal
Revenue Bureau.

Collectors of Internal Revenue and other officers per­

forming inspection duties are under orders to make special efforts to
detect violations of this character.
These instructions, together with an outline of the legal require­
ments on this phase of the retail beer business, were issued when certain
cases of non-compliance with the law on this score, reached the Department,
The cause ih these cases was attributed largely to negligence or gross in­
difference.
Section 3342, Revised Statutes, as amended, requires that the stamp on
a beer barrel must be destroyed by driving through it the faucet by which
the beer is to be withdrawn.

If there are two spigot holes in a beer barrel

and an air faucet is used in the spigot hole covered by the stamp, the air
faucet must be of the same size as the beer faucet, and must be driven
through the stamp before any beer is withdrawn.

The law also provides

severe penalties for any person who removes the stamp from a beer barrel,
has it in his possession, or who reuses the stamp.

In addition to opium, morphine and heroin thefts, in
the two year period, more than 700 ounces of cocaine, dionin
and other opium and coca leaf derivatives^ were stolen, these
drugs bringing considerable return in the illicit traffic when
addicts find it difficult to obtain morphine or heroin» While
the manufacture of heroin is forbidden in this country, and the
medical profession has voted against its general use, there are
some small stocks on hand and it was from these stocks the thefts
were reported*

fi&fìSjL

J^5
W

iS:

i 9 2
9(o

Release Friday,
15.-----1934.
-----------s ^ June
------

ju ( 4*
While revealing/that the number of narcotic thefts in
the year 1933 represents?a 20f§ reduction over the previous year,
the Bureau of Narcotics/ United States Treasury Department,
nevertheless yesterday/asked members of the medical profession
and the wholesale and retail drug trade to exercise greater pre­
caution looking to a further reduction of these thefts*
In a letter addressed to medical journals and drug
T
trade publications, Acting Narcotics Commissioner Loir*« Runnel
asked their co optat ion in emphasizing tlTirr^Tftnrn birngl
«afl<lui.
pMii t) In1., ii,m il ]ijg jjrtsfc legitimate h a n d l e d Vof
narcotic
drugs/""
{¿ZOlC
~
~
/A
A
A CLL w w V i v
U
J L U g O fl
[JA/ v U i , ^
Iguuaslag his requggt^fea» th eueegida ef physicians «nd druggists
L^Uu.
exerci»
- J i t t l a mewe care in preventing narcotics from
fallingxtnto the hands of illicit traffickers and addicts, the
Commissioner pointed out that if all the drugs stolen in
two-year period were sold to addicts at #1*00 a grain, they
would represent more than a half million dollars*
w

m

h

u

a w a

o

Throughout the country in 1932, 1,033 thefts were re­
ported to the Bureau of Narcotics. In 1933, they had dropped
off to 831 thefts* The 1932 losses totaled 672. ounces of morphine,
13 ounces of heroin, 138 ounces of cocaine, and 523 ounces of
opium. In 1933, thefts resulted in losses of 576 ounces of mor­
phine, 11 ounces of heroin, 125 ounces of cocaine, and 244 ounces
of opium* The greatest number of thefts were reported in the
Middle West and the Southwest*
J

OlA

a

_

__In the so-called "wholesale” field in the illicit traffic.
^ ^ i i n e - a c d ^ h e r o i n sell at anywhere from #75 to #100 an ounce. In
the "retail
387^
an uiuiu«,
ounce, mgmt ST/reef.
street
----——
---- - - margeir^wi^h
> ” *
y'-"
» grains to Oil
peddlfirs^chargfi^addicts^#l*QQ a grain for these stolen drugs^H*dmiL ^hooo TiQ-Pciiiatlfw aggivnn considerable value. Tin*
—
thft ftetiwff Comniaaiaaeg pointful nnt _ ITin Ithnftg add tij
the diffioultiev of the Nareotio Bureau1in
u m |n 11.h >.

*5^

jSkJL,

professional men and
druggists, wholesale and retail, ito store’ all narcotics undèrTock
ant key, preferably in metal cabinets or safes, s c hoolaing t h a t 1

***** theftsA V & shown that they were committed
hout trouble due to the u l of wooden cabinets and unlocked
5Vwm!!*
cant i onea ^hgainst letting the Government hrder

TREASURY DEPARTMENT
Washington
RELEASE, MORNING- PAPERS
FRIDAY. JUKE 15. 1934
6-14-34

Press Service
No* 1 - 96

While revealing that the number of narcotic thefts in
the year 1933 represents a 20$ reduction over the previous year,
the Bureau of Narcotics, United States Treasury Department,
nevertheless yesterday (June 14) asked members of the medical
profession and the wholesale and retail drug trade to exercise
greater precaution looking to a further reduction of these thefts#
In a letter addressed to medical journals and drug trade
publications, Acting Narcotics Commissioner Louis Ruppel asked
their cooperation in emphasizing the Bureau’s request that legit­
imate handlers of narcotic drugs store them where they will not
be easily accessible to burglars and petty thieves. Discussing
his request that physicians and druggists exercise greater care
in preventing narcotics from falling into the hands of illicit
traffickers and addicts, the Acting Commissioner pointed out that
if all the drugs stolen in the two-year period were sold to addicts
at $1.00 a grain, they would represent more than a half million
dollars.
Throughout the country in 1932, 1,033 thefts were reported
to the Bureau of Narcotics. In 1933, they had dropped off to 831
thefts. The 1932 losses totaled 677 ounces of morphine, 13 ounces
of heroin, 138 ounces of cocaine, and 523 ounces of opium. In
1933, thefts resulted in losses of 576 ounces of morphine, 11
ounces of heroin, 125 ounces of cocaine, and 244 ounces of opium#
The greatest number of thefts were reported in the Middle West
and the Southwest.
In the so-called ’’wholesale" field in the illicit traffic,
morphine and heroin sell at anywhere from $75 to $100 an ounce.
In the "retail market", with 387g grains to an ounce, street ped­
dlers often charge addicts as much as $1.00 a grain for these stolen
drugs#
Professional men and druggists, wholesale and retail, are
urged by the Bureau to store all narcotics under lock and key,
preferably in metal cabinets or safes, since the check-up of many
thefts by Narcotic Agents has shown that they were committed
without trouble due to the use of wooden cabinets and unlocked
cases# Legal purveyors were cautioned also against letting the
Government order forms issued to the drug trade and th^ medical
profession fall into the hands of illicit traffickers and addicts.

In addition to opium, morphine and heroin thefts, in
the two year period, more than 700 ounces of cocaine, dionin,
and other opium and coca leaf derivatives were stolen, these
drugs bringing considerable return in the illicit traffic when
addicts find it difficult to obtain morphine or heroin. While
the manufacture of heroin is forbidden in this country, and the
medical profession has voted against its general use, there arc
some small stocks on hand and it was from these stocks the
thefts were reported.

DUTIES COLLECTED (»1 IMPORTS OP DISTILLED AND FERMENTED LIGUOR
DURING APRIL AND MAY, 1934

Rate of
Duty per
Gallon
Distilled Liquor
tt

370,859

$1,854,295

376,982

$1,886,224

4.00

18,973

75,892

(e)

(0)

6.00

21,777

130,662

21,351

127,934

(0)

(6)

312,153

390,107

Sparkling wines
H

from Cuba

It

Still wines
H

from Cuba

It

4.80

-

-

1 .2 5

242,571

1.0 0

5

Duties collected on liquor
«

(a)

tt

on other imports

303,209
_________

1

(0)

_____ __

L*1

$2 ,364,063

$2 ,404,265

18,782,181

ie,63M7i

$21,146,244

$21,041,136

Duties are as actually reported by Collectors and do not oheck exactly with gallonage
at quoted rates. Neither gallonage nor duties will correspond with data subsequent­
ly compiled by the Department of Commeroe (See memorandum to Mr* Gibbons, dated May

3 , 1934).
(b)

As reported by the Department of Commeroe.

(c)

Not separately reported by Collectors.

i

if
~ ~ ~ ~

_____May, 1934 (a)______
Gallons
Imported
Duties

$ 3*00
from Cuba

tt

April, 1934 fcb)
Gallons
Duties
Imported

~ ~

DIVISION

P R ^ A R fu BY
S TA TlS fC S AND RESEARCH
BUREAU oJ\CU STO M S
TREASURY/d E I ^ T M ENT
OF

DISTILLED LIauORS AND WINES
IMPORTATIONS, DUTIES COLLECTED, AND STOCKS IN CUSTOMS BONDED WAREHOUSES
December I933 « May, I934, Inol.

I

(2^
December

January

February

1?33

1934

1934

March
1934

Totals

y

Available for Consumption
Entered into Consumption (b)
Stock in Customs Bonded Warehouses at end of month
WINES (Liquid Gallons):
Stock in Customs Bonded Ware­
houses at beginning of month
Total Imports
Available for Consumption
Entered into Consumption (b)
Stock in Customs Bonded Warehouses at end of month

DUTIES COLLECTED ON Distilled liquors
Wines
Sparkling
Still
Total

M^y(c)
1934

3,278,040
872,741
4,150,781

1 ,032/18 3 .

7,736,443

4,793*132
376 ,982 ,

7,776,554
3,360,404

J 3 *760,949

4,416,150

4,416,150

[\l,404,997

1,746,643

276,714(a)
4,476,083

Dee*l933 “to

>

DISTILLED LiauORS (Proof Gallons):

Stock in Customs Bonded Ware­
houses at beginning of month
Total Imports

April
1934

40,111(a)
1>363>743
1,403,860
753*604

650,256

276,714 (a)
385,378
1 ,262,632

I

650,256

1 , 565,835

1*535*701
2 ,185,357

l*739*04p

2 ,722 ,716 /
1 ,133,023 1

620,122

3 ,304,875
582,153

3*915,745 \
637,705 !

1*565*835

2 ,722,716

3,278,040

786,331
836,832
1 ,683,883 *

1 *195,373

528,265

734,427

733*131
1*321,396
534,405

528,265

389,832

/

\,
k
xf

3,760,949

40,111(a)

613,536
2 ,360,179

4,752,797

264,348

333,540

2 ,726,158

1,746,643

2 ,026,633

2 ,026,639

$3 ,154,272 V ! $1 ,930,187

$1,886,224

$16 ,651,042

130,662
303*209

127,934
390,107

1 ,863,663
3,076*370

$2 ,364,058

$2,404,265

$21,591,075

580,552

488,510

1 ,775*925
370,328

786,331

1*195*373

1,404,397

$3 ,7 2 1,13 3

$3 ,071,268

$2,887,352

801,648
751,024

304,662
604,265

274,098
552 ,69s

$5*273*811

$3 ,380,135

$3*714,748

605,994 010,991

/

i

...

224,659 /
475,067

\

$3*853*998
-------------L

(a) Stooks of distilled liquor and wine in bonded warehouses on December 1 , I333 , oomprise a book inventory only, the accuracy of which
is somewhat problematical* Exact figures are being compiled and will be supplied as soon as available*
(b) Including withdrawals for ship supplies.
(c) May totals as reported by Collectors of Customs direct to the Bureau*
Commerce*

PREPARpti BY1
DIVISION OF ST/NnSfilCS a n d r e s e a r c h
BUREAU >«§£ CUSTOMS
TREASU6# DEPARTMENT

I

Totals for previous months are compiled by the Department of

L A

1
'K~*

i^1

~f(^
'

1^74

- j £ < l££4*&t#'-

o'*+

S t ocks of i m p orted w i n e s a n d liquors
ing in customs b o n d e d w a r e h o u s e s y a n | {

s t e a d i l y accumulate
since repeal.

This is b r o u g h t out b y s t a t i s t i c s on imports released today
b y the Office o f the C o m m i s s i o n e r of C u s t o m s for the period from
D e c e m b e r to M a y 31*
M a y imports of d i s t i l l e d spirits ex c e e d e d those o f April,
but

the w i t h d r a w els for c o n s u m p t i o n were the s m a l l e s t of any month

since repeal. I m p orts w e r e n e a r l y three times the amount of the
withdrawals.
The first

of the f o l l o w i n g t a bles shows the

imports of

dis t i l l e d liquors an d w i n e s d u r i n g the m o n t h of m a y and the duties

C
c o l l e c t e d t h e r e o n , w i t h a c o m p a r i s o n for p r e d e d i n g m o n t h s since the
j»q q0q

2. of the E i g h t e e n t h Amendment*
The second table shows a c o m p a r i s o n of A p r i l and M a y

-* c o l l e c t i o n s , c o n t r a s t i n g the l i q u o r c o l l ections w i t h those on all
o t h e r items.
The amount
is that

o f duties c o l l e c t e d as r e p o r t e d

in each table

a c t u a l l y r e p o r t e d b y C o l l e c t o r s of Cuslg^ms for the month

1

TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING PAPERS,
Friday, June 15, 1934
6-14-34

Press Service
No. 1 - 97

Stocks of imported wines and liquors have been steadily accumu­
lating in customs bonded warehouses since repeal.
This is brought out by statistics on imports released today
by the Officer of the Commissioner of Customs for the period from
December to May 31.
May imports of distilled spirits exceeded those of April, but
the withdrawals for consumption were the smallest of any month since
repeal.

Imports were nearly three times the amount of the withdrawals.
The first of the following tables shows the imports of dis­

tilled liquors and wines during the month of May and the duties col­
lected thereon, with a comparison for preceding months since the repeal
of the Eighteenth Amendment.
The second table shows a comparison of April and May collec­
tions, contrasting the liquor collections with those on all other items.
The amount of duties collected as reported in each table is
that actually reported by Collectors of Customs for the month of May,

DISTILLED LIQUORS M D WIRES
IMPORTATIONS, DUTIES COLLECTED, AND STOCKS IN CUSTOMS BONDED WAREHOUSES
December 1933 ~ May,,1934, Incl.
December
1933

January
193>+

DISTILLED LIQUORS (Proof Gallons):
Stock in Customs Bonded Ware­
houses at beginning of month
Total Inports
Available for Consumption
Entered into Consumption (b)
Stock in Customs Bonded Ware­
houses at end of month

40,111( a)
1.363.7^9
1 ,403,860

WINES (Liquid Gallons):
Stock in Customs Bonded Ware­
houses at beginning of month
Total Imports
Available for Consumption
Entered into Consumption (b)
Stock in Customs Bonded Ware­
houses at end of month

276,7lU( a)
985,978
1 ,262,692
73 M 27

DUTIES COLLECTED ON Distilled liquors
Wines
Sparkling
Still
Total

February
193U

March
193U

April
1931*

-

M ay(c)

193lt

2

-

Totals
Dec. 1933 to
May 1934

3,30H,S?5
582,159

2 ,722,716
1,193,029
3 ,915 ,7^5
637,705

3,278.01*0
872,741
1*.150 ,781
329,832

3 ,760 ,91+9
1,032,183
11,793,132
376,932

40,111(a)
7 ,736 ,1*113
7 ,776,5511
3 ,360 ,1+01*

1 ,565,335

2 ,722,716

3,278,040

3 ,760 ,91*9

4 ,416,150

4,416,150

523,265
793.131
1 ,321,396
53U.U05

736,991
896,892
1 ,683,883
488,510

1 ,195,373
580,552
1 ,775,925
370,928

1,404,997
605,9911
2,010,991
264,34s

1 ,71*6 ,61*3
613.536
2 ,360,179
333,5110

276 .7111(a)
4,476,083
>+,752,797
2 ,726,153

522,265

736,991

1,195,373

i,1«*, 997

1 ,71*6 ,61*3

2 ,026,639

2,026,639

$3 ,721,139

$3 ,071,268

801,648
751,024

30^,662
60^,265

753.6ou

650,256
1.535.701
2,185.957
620,122

650,256

$5,273,311

1 ,565,335

i,739,oUo

$2,887,952 $3,15^.272

$1,930,187 $1,886,224 $16,651,042

224,659
1*75,067

130,662
303,209

$3,920,195 $3,71^,7^3 $3,353,998

$2,36U,05S

274,098
552,698

127,93“i
390,107

1 ,863,663
3,076,370

$2,i*oU,265 $21,591,075

(a)

Stocks of distilled liquor and wine in bonded warehouses on December 1, 1933» comprise a book inventory only, the
accuracy of which is somewhat problematical. Exact figures are being compiled and will be supplied as soon as
available.

(b)

Including withdrawals for ship supplies.

(c)

May totals as reported by Collectors of Customs direct to the Bureau.
^ Departm^t of Coamerge.
id l - ,

Hf e i , —

- .........---

- - gf e

^

Totals for previous months are compiled by the
m

sd®

#

<t

- 3

DUTIES COLLECTED ON IMPORTS OE DISTILLED AND FERMENTED LIQ.UOR
DURING APRIL AND MAY, 1934

ü

Rate of
Duty per
Gallon
Distilled Liquor
it

it

from Cuba

Sparkling wines
ii

it

from Cuba

Still wines
it

ii

from Cuba

$5.00
4.00
6.00
4.80
1.25
1.00

_ April.. 1934 (To)
Gallons
Imported
Duties
370,859
18,973
21,777
—

242,571
5

Duties collected on liquor

yr>

it

1

3

$

ti

on other import s

$1,854,295
75, 892
130,662
—

303,209
5

Mav. 1934 ( a)
Gallons
Imported
Duties
376,982
(c)
21,351
<0>
312,153
(c)

$1,886,224
(c)
127,934
(c)
390,107
, . , I p ),

$2,364,063

$2,404,265

18,782,181

18,636,871

$21,146,244

$21,041,136

(a)

Duties are as actually reported by Collectors and do not check exactly with
gallonage at quoted rates«, Neither gallonage nor duties will correspond with
data subsequently compiled by the Department of Commerce

(b)

As reported by the Department of Commerce.

(c)

Not separately reported by Collectors.

TREASURY DEPARTMENT
WASHINGTON

FOR IMMEDIATE RELEASE
June 15» 1934«

Press Service

The Treasury received today the sum of $166,538*00
from the Government of Finland, representing the semiannual
payment of interest in the amount of $147»507«50 under the
funding agreement of May 1» 1923 and $19»030*50 as the second
semiannual annuity due under the Moratorium Agreement of May
23t 1932«

This payment represents the entire amount due

from the Government of Finland and was paid in cash through
the Federal Reserve Bank of New York*

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE
Jnne 15, 1934,

Press Service
No. 1 - 9 8

The Treasury received today the snm of $166,538,00
from the Government of Finland, representing the semiannual
payment of interest in the amount of $147,507*50 under the
funding agreement of May 1, 1923 and $19,030.50 as the second
semiannual annuity due under the Moratorium Agreement of May
23, 1932.

This payment represents the entire amount due

from the Government of Finland and was paid in cash through
the Federal Reserve Bank of Hew York.

LIQUOR SEIZURES MADE BY CUSTOMS OFFICERS
DURING MAY ,'-1934.
Liquor
Seiz.
CANADIAN BORDER:
Maine & New Hampshire
Vermont
St. Lawrence
Buffalo
Ohio
Michigan
Duluth & Superior
Dakota
Montana & Idaho
Washington
MEXICAN BORDER:
San Diego
Arizona
El Paso
San Antonio
ATLANTIC COAST:
New York
Massachusetts
Rhode Island
Connecticut
Philadelphia
Maryland
Georgia
GULF COAST:
Florida
Mobile
New Orleans
Sabine
Galveston

______ Gallons______
Liquor Beer Alcohol

J

Boats
No. Value

Autos
No. Value

J

m
7
1
1
1
60

21
2
1
-

105
15
-

2
1
-

4
4

1
1

1

5

-

13
62
32
116

30
21
115
156

1
1

176

142

3

3

-

1
1

6
4
5
3
8

-

#65
#20
-

1
1

-

-

$50
#170

*

2
1

2

896
1

1
5

3
2

24
-

1

-

-

-

-

15
10

1

2
•

-

—

27
-

220
60
••

1
—

-

-

1

-

$75
-

-

5
4

- ■
•

#600
-

#245
#375

-

—
**

*•

4 #975
—
*»
1 #200
m
•»

ci
1

PACIFIC COAST:
San Francisco
Los Angeles

1
*

—

—

-

-

-

-

OTHER DISTRICTS:

6

118

20

-

-

-

-

TOTAL............. 478

1,561

76

430

5

#686

-

i

17 #2,090
——

NOTE: ^Report not received.

f

prepared

DIVISION

OF

STA TISTICS

by

AND RESEARCH

BUREAU OF CUSTOMS
TREASURY DEPARTMENT

j

LIQUOR SEIZURES MADE BY NARCOTIC & LOCAL OFFICERS
AS REPORTED BY CUSTOMS OFFICERS
DURING MAY, 1934*
Liquor
Seiz.
CANADIAN BORDER:
Maine & New Hampshire
Vermont
St, Lawrence
Buffalo
Ohio
Michigan
Duluth & Superior
Dakota
Montana & Idaho
Washington

______ Gallons
Liquor Beer Alcohol

Boats
No. Value

Autos
No* Value

-*

MEXICAN BORDER:
San Diego
Arizona
El Paso
(2
/ 2**

San Antonio

8
}.**

_

ATLANTIC COAST:
lew York
Massachusetts
Rhode Island
Philadelphia
Maryland
Georgia
GULF COAST:
Flori da
Mobile
New Orleans
Sabine
Galveston
PACIFIC COAST:
San Francisco
Los Angeles
OTHER DISTRICTS:
TOTAL........

. .

3

9

BOTE: * Report not received
** ifede by U. S. Public Health Service

-

r

prepared by
of

statistics and

«ur'Eau

customs

TREASURY. DEPARTMENT

___

«sì*

i

LIQUOR SEIZURES MADE BY IMMICSATION OFFICERS
AS REPORTED BY CUSTOMS OFFICERS
DURING MAY, 1934.

.

CANADIAN BORDER:
Maine & New Hampshire
Vermont
St. Lawrence
Buffalo
Ohio
Michigan
Duluth & Superior
Dakota
Montana & Idaho
Washington
MEXICAN BORDER:
San Diego
Arizona
El Paso
San Antonio

Liquor
Seiz.

-

—

1
1
7
7

—

16
10
27
107

-

1

#200

3

#65

5

-

I

-

_*
-

16

160

-

4

5

prepared
of

NOTE:

rtf

-

GULF COAST:
Florida
Mobile
New Orleans
Sabine
Galveston

TOTAL..........

Autos
No, Value

-

•

OTHER DISTRICTS:

Boats
N o . Value

-

ATLANTIC COAST:
New York
Rhode Island
Connecticut
Philadelphia
Maryland
Georgia

PACIFIC COAST:
San Francisco
Los Angeles

______ Gallons
Liquor Beer Alcohol

1

^Report not received.

STATISTICS

BUREAU

#265
by

AND F

OF CUSTOMS

TREASURY DEPARTMENT

4
#tt
J

LIQUOR SEIZURES MADE BY COAST GUARD OFFICERS
AS REPORTED BY CUSTOMS OFFICERS
DURING MAY, 1934.

*
$

I
*

1

m
DIVISION

OF

4

PREPARED BY
STA TISTICS AND RESEARCH

BUREAU OF CUSTOMS
TREASURY DEPARTMENl

1

jh a

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
June 16, 1934.

Press Service

No. 1 - <j(j

Customs officers made 478 seizures of liquor during May as com­
pared to 506 seizures for April, the Treasury Department announced
today.

Seizures included 1,561 gallons of spiritous liquor, 430 gallons
N

of alcohol and 76 gallons of beer, a total of £,067 gallons as compared to
3,405 gallons in April.
The greatest number of individual seizures was along the Mexican
border where there were ££3 captures, nearly all of small quantities,
amounting in all to 3££ gallons of hard liquor.

New York reported

176 seizures amounting to only 14£ gallons, while in Florida £4 seizures
accounted for 89.6 gallons of spiritous liquor and ££0 gallons of alcohol,
more than half the t

for the month
A

In addition to the Customs seizures Immigration officers picked up
16 lots of hard liquor amounting to 160 gallons and 5 gallons of alcohol,
all on the Mexican border.*
Detailed description of seizures is shown in the following table:

»

TREASURY DEPARTMENT
Washington

FOR IMMEDIATE RELEASE
June 16, 1934,

Press Service
No. 1 - 9 9

Customs officers made 478 seizures of liquor during May as compared
to 506 seizures for April, the Treasury Department announced today.
Seizures included 1,561 gallons of spirituous liquor, 430 gallons of
alcohol and 76 gallons of beer, a total of 2,067 gallons as compared to
3,405 gallons in April,
The greatest number of individual seizures was along the Mexican
border where there were 223 captures, nearly all of Small quantities,
amounting in all to 322 gallons of hard liquor.

New York reported 176

seizures amounting to only 142 gallons, while in Florida 24 seizures
accounted for 896 gallons of spirituous liquor and 220 gallons of alcohol,
more than half the total in quantity of seizures for the month.
In addition to the Customs seizures Immigration officers picked up
16 lots of hard liquor amounting to 160 gallons and 5 gallons of alcohol *
all on the Mexican border.
Detailed description of seizures is shown in the following table:

LIQUOR SEIZURES MADE BY CUSTOMS OFFICERS
DURING- MAY, 1934.

Liquor
Seiz.

______ Gallons______
Liquor Beer Alcohol

Boat s
No. Value

Autos
No*. Value

CANADIAN BORDER:
Maine & New Hampshire
Vermont
St* Lawrence
Buffalo
Ohio
Michigan
Duluth & Superior
Dakota
Montana & Idaho
Washington

6
4
5
3

7
1
1
1

21

—

—

«

—

m

—

—

60

—

—

-

—

•**

—

—

—

5

- ■

«

-

*«
-

1

75

-

-

-

-

15
10

m

«•

1

1

8

105

-

2
1

2

-

-

15

1

,

$65

1

—

—

-

-

-

—

—

1

170

20
■—

$50

»

-

*
4
4

1
1

1
-

13
62
32
116

30
21
115
156

1
1

176
3

142
3

-

MEXICAN BORDER:
San Diego
Arizona
El Paso
San Antonio

—

m

5
4

-

245
375

ATLANTIC COAST:
New York
Massachusetts
Rhode Island
Connecticut
Philadelphia
Maryland
Georgia

—
—

2

—

—

m

mm

mm

2

1

-

-

1

1

24

896

-

-

—
—
—
—
-

m.

m

—

—

mm

m

m

mm

mm

mm

mm

mm

mm

mm

mm

_
—
-

—

1

600

mm

-

■

mm

—

-m

mm

-

mm

GULF COAST:
Florida
Mobile
New Orleans
Sabine
Galveston

27

—

—

—

2
1
5

1
3
2

mm

1
*

—
-

M»
-

220

..

—

mm

4

975

mm

mm

mm

mm

mm

60

mm

m .

1

-

mm

-

-

200
*

PACIFIC COAST:
San Francisco
Los Angeles
OTHER DISTRICTS:

t o t a l ...........

NOTE:

-

-

*
-

'

m

4

mm

mm

-

-

6

118

20

-

-

-

-

478

1,561

76

430

5

$686

17

*Report not received,

$2,090


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102