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U.S.

\re*<&UMA "\WA

TREASURE

OtPKRlWtHT

- 3 "KXXSX --n \
il

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

-2 -

Those sub-

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

The

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

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

vithout stated price from any one bidder vill be accepted in full at the average
price (in three decimals) of accepted competitive bids.

Settlement for accepted

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

May 9, 1957

, in cash or other immediately available funds

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

May 9, 1957

. Cash

Cash adjustments vill be made

for differences betveen the par value of maturing bills accepted in exchange and
the issue price of the nev bills.
The income derived from Treasury bills, vhether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 195b.

The bills

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

' M / M .«>:#*:•'

[

TREASURY DEPARTMENT
Washington

,,
I -fC/1
/

H ~~~

A. M.
XHK RELEASE/ HEKHXKB NEWSPAPERS,
ty z
Thursday. May
2. 1957
•

The Treasury Department, by this public notice, invites tenders for
$ 1.700.000.000 9 or thereabouts, of
in exchange for Treasury bills maturing

-day Treasury bills, for cash and

May 9, 1957

, in the amount of

$ 1,700,178,000 9 to be issued on a discount basis under competitive and non&

—

competitive bidding as hereinafter provided.
dated

May 9, 1957

, and vill mature

The bills of this series vill be
August 8, 1957

, vhen the face

amount vill be payable vithout interest. They vill be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders vill be received at Federal Reserve Banks and Branches up to the
one-thirty
Daylight Saving
f
closing hour,/tea o clock p.m., Eastern/SfcrariaoBi time, Monday, May 6, 1957
Tenders vill not be received at the Treasury Department, Washington.

Each tender

must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, vith not more than three
decimals, e. g., 99.925. Fractions may not be used.

It is urged that tenders

be made on the printed forms and forvarded in the special envelopes vhich vill be
supplied by Federal Reserve Banks or Branches on application therefor.
Others than banking institutions vill not be permitted to submit tenders
except for their ovn account.

Tenders vill be received vithout deposit from

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

Tenders from others must be accompanied by payment of

TREASURY DEPARTMENT
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WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
Thursday, May 2, 1957.

H-13^5

The Treasury Department, by this public notice, invites tenderJ
for $1,700,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing May 9, 1957,
in the amount of $1,700,178,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series villi be dated May 9, 1957,
and will mature August 8, 1957,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o*clock p.m., Eastern Daylight
Saving time, Monday, May 6, 1957.
Tenders will not be
received at the Treasury Department, Washington. Each tender must
be for an even multiple of $1,000, and in the case of competitive
tenders the price offered must be expressed on the basis of 100,
with not more than three decimals, e. g., 99.925. Fractions may not
be used. It is urged that tenders be made on the printed forms and
forwarded in the special envelopes which will be supplied by Federa]
Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submJ
tenders except for their own account. Tenders will be received
without deposit from Incorporated banks and trust companies and fror
responsible and recognized dealers in investment securities. Tendei
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bai
or trust company.
Immediately after the closing hour, tenders will be opened at 1
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids* Those submitting tenders will be advised oJ
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, non-competitive tenders for
$200,000 or less without stated price from any one bidder will be
accepted In full at the average price (in three decimals) of accept'

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on May 9, 1957,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing May 9, 1957.
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether Interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter Imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the
difference between the price paid for such bills, whether on
original Issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their Issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo

6
BA4EDXAZB RELEASE,
Thursday, May Z3 1957.

mmmmmmmmmmmm9mm*mmmmmmmiimmBtmmtm9mm9mmmmmmmmmm

The Treasury Department announced today an optional exchange offering of 3*1/8 percent Treasury Certificates of Indebtedness, maturing
April 15, 1953, and 3*5/8 percent Treasury Botes, aaturing Ifcbruary 15,
1962, 09m to the holders of $4,1§5 million 1-5/8 percent Treasury notes
maturing Itey 15. Cash subscriptions vill not be received.
The new certificates and the new notes vill be dated May l#c1957,
and exchanges will bo made at par with an adjustment of interest as of v
that date. Accrued interest on the Maturing notes from Mswwfamr 2ft/.t±o
1956, to May 1, 1957 (about $7.30 w*r thousand) villtoepaid to subscribers following acceptance of the notes, and in all (mass the* final coupon should be attached to the notes when surrendered.ndelivery of ra
the new securities vill be made on May 1S»
Interest on the new certificates will he payw&e wmocr jjs;nuf07#
and at maturity on April 15, 1958. Interest on the new notes m i l he
payable on August 15, 1957, and semiannually thereafter.
The subscription books will be open May a through M*xy 3 for this
exchange offering* Any subscription fbr either issue addressed to a
federal Reserve Bank or Branch, or to the Treasurer of the Bolted States
and placed in the nail before midnight Wednesday, Mtor S* will be cen~
sidered as timely.

TREASURY DEPARTMENT
WASHINGTON, D.C.

IMMEDIATE RELEASE,
Thursday, May 2, 1957.

H-1346

The Treasury Department announced today an optional exchange
offering of 3-1/2 percent Treasury Certificates of Indebtedness,
maturing April 15, 1958, and 3-5/8 percent Treasury Notes, maturing
February 15, 1962, open to the holders of $4,155 million 1-5/8
percent Treasury notes maturing May 15. Cash subscriptions will
not be received.
The new certificates and the new notes will be dated
May 1, 1957, and exchanges will be made at par with an adjustment
of interest as of that date. Accrued interest on the maturing
notes from November 15, 1956, to May 1, 1957 (about $7.50 per
thousand) will be paid to subscribers following acceptance of
the notes, and in all cases the final coupon should be attached
to the notes when surrendered. Delivery of the new securities
will be made on May 15.
Interest on the new certificates will be payable October 15,
1957, and at maturity on April 15, 1958. Interest on the new
notes will be payable on August 15, 1957, and semiannually
thereafter.
The subscription books will be open May 6 through May 8 for
this exchange offering. Any subscription for either issue
addressed to a Federal Reserve Bank or Branch, or to the Treasurer
of the United States, and placed in the mail before midnight
Wednesday, May 8, will be considered as timely.

oOo

;

nmm>m*^

Tuesday, May 7, 1957. ( ^ /
The Treasury Department announced last evening that the tenders for $1,700,000,0
or thereabouts, of 91-day Treasury bills to be dated May 9 and to nature August 8, 1J
which were offered on May 2, were opened at the Federal Reserve Banks on May 6.
The details of this issue are as followst
Total applied for - 12,585,601,000.
Total accepted
- 1,700,231,000
"^\
>v

(includes $322f826,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids:
High - 99.^69-l3uivalant rate of discount approx. 2.892$ per annum
Lw
- 99.259 ^ »
s a w
•

2.931$ "

Average - 99*265 • ens » 2.909$ « «
(77 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total
Applied for

Total
Aeotptrt

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

TOTAL

32,021,000
l,8l5,551i#000
36,810,000
77,261*,000
20,278,000
1*7,095,000
292,768,000
3b,892,000
2b,24ljOOO
1*5,591,000
1*0,670,000
118,1420.000

f2,585,60li,000

20,981,000
1,007,1*214,000
21,610,000

75,9ii»,ooo
18,733,000
1*0,065,000
257,178,000
31,892,000
23,895,000
15,591,000
36,578,000
117.370,000
•1,700,231,000

TREASURY DEPARTMENT

WASHINGTON, D.C.
RELEASE A. M. NEWSPAPERS,
Tuesday, May 7, 1957.

H-1U7

The Treasury Department announced last evening that the tenders for $1,700,000,00(

or thereabouts, of ?l^day Treasury bills to be dated May 9 and to mature August 8, 195
which were offered on May 2, were opened at the Federal Reserve Banks on May 6.
The details of this issue are as follows:
Total applied for - $2,585,604,000
Total accepted;
- 1,700,231,000

(includes $322,826,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids:
High - 99*269 Equivalent rate of discount approx; 2.892$ per annum
Low
- 99.259
"
it
II
n
ti
2.931$
Average - 99.265 "

w w w M

2.909$ »

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

Total
Applied for

Total
Accepted

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

$
32,021,000
1,815,554,000
36,810,000
77,264,000
20,278,000
47,095,000
292,768,000
34,892,000
24,241,000
45,591,000
40,670,000
118,1*20,000

$
20,981,000
1,007,424,000
21,610,000
75,914,000
18,733,000
40,065,000
257,178,000
34,892,000
23,895,000
45,591,000
36,578,000
117,370,000

$2,585,604,000

$1,700,231,000

TOTAL

TREASURY DEPARTMENT
Washington
STATEMENT BY TREASURY SECRETARY GEORGE M.
HUMPHREY BEFORE THE SENATE FINANCE COMMITTEE
ON S* 1795 -- TUESDAY, MAY 79 1957, 10:00 A*M.
I am very glad to appear before the Senate Finance
Committee in response to your invitation to testify on your
bill, S* 1795» I strongly support the general purpose of
this proposed legislation to limit emergency amortization to
strictly defense items.
In July 1955, I first expressed publicly my growing
concern about the emergency amortization program before a subcommittee of the House Committee on Government Operations, I
stated that while emergency amortization may have served a
useful purpose during the Korean emergency, it was an artificial
stimulus of a dangerous type#
From November 1950, to March 20, 1957, almost 22,000
certificates were issued under the 5-year amortization program*
The total cost of these projects was almost $39 billion. Almost
$23 billion, or about 60 pet* was made eligible for the 5-year
write-off*
Some degree of defense mobilization on a substantial
scale may be essential for years to come# But expansion of our
major productive facilities should be an integral part of our
long-range, natural economic growth* Our basic defense capacity,
except for a few very special items, cannot be separated from
the broad base of our productive capacity.
Artificial stimulants may well become artificial controls*
Because rapid amortization is not applied universally, it could
create a competitive imbalance In the sound, vigorous growth of
our free economy* It is not the American way.
The revenue lag from certificates issued through 1956
probably exceeds $5 billion during these early years which will
be recovered in the years after 1960# But the interest cost to
the Government, over the entire period of lag in tax collections,
will be roughly $3 billion*
The effects of a broadly-applied amortization program go
far beyond the effects on Government revenue* First, there
is the stimulating effect which can temporarily add to inflation,

H-1348

- 2 with the possibility of a lag later* Then, when rapid write-offs
are permitted for facilities which will be largely used to
supply eventual regular civilian demand, there inevitably will
be dislocations and unfair Advantages between whole industries—
and individual companies within an industry*
Much of the total has been of this type# For example, over
111. pet of the total amortizable cost of\facilities through
December 28, 1955, was granted to utilities and sanitary
services; over 16 pct*more went to railroads; and about 20 pet*
went to primary metal industries* Other whole industries had
none*
There are many industries where some percentage of
production would be required in the event of war; but where
without war, our increasing population and productivity will
require their continued expansion* These are in sharp contrast
to limited-purpose defense facilities such as shell-loading or
specialized aircraft or armament plants.
Five-year amortization may be an alternative to direct
government construction and ownership of limited-purpose
facilities since private capital is not likely to go into them*
But this is far different than giving rapid write-off to
selected industries for general purpose plants or equipment in
an expanding economy*
There is no fair or logical end to such a program*
The margin of excess capacity in such industries at any time
will regularly be absorbed by growing civilian demand and have
to be regularly reestablished in later years* There would be
continuing costs and revenue lags and the creation of new competitive problems*
We are not unaware both of the desirability as well as of
the financial problems involved in modernizing and replacing old
capital equipment* Nothing is more important than obtaining
the capital to increase our productivity and make new and better
jobs. Our high productivity of labor is possible only because
of tremendous capital investment—over $10,000 per man in
general manufacturing, and over $50,000 in several industries*
Getting funds for the construction of new plants or
facilities is a continuing serious problem/ High tax rates
make it harder to save from current income* They also lessen
the incentive and discourage the productive, and perhaps risky
use, of savings* It is essential to reduce tax rates as rapidly

as can be done soundly. But tax reduction for favored groups
only postpones the day when general tax reduction can be
enjoyed by all the people*
The program, cut back by the Executive Branch of the
Government, now applies only and strictly to limited directdefense items* I have consistently advocated this and feel sure
that the present limitations* should be continued*
S* 1795 is in line with this Administration's policy in
granting emergency amortization certificates* Subject to some
possible changes in language consistent with its objectives
to be worked out by the technicians, I am glad to support
this legislation*

- 3 -

MOB* n y
or by any local taxing authority. For purposes of taxation the amount of discount
at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections 45U (b) and 1221 (5) of the Internal Revenue Code of
195U the amount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 4l8, Revised, and this notice, prescribe
the tenns of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch.

14 <^i
2 percent of the face amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank or trust
company.
Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the
Treasury Department of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, noncompetitive tenders for $200,000 or less
without stated price from any one bidder will be accepted in full at the average
price (in three decimals) of accepted competitive bids. Settlement for accepted
tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on May 16, 1957 , in cash or other immediately available funds
or in a like face amount of Treasury bills maturing May 16, 1957 . Cash
and exchange tenders will receive equal treatment. Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 1954. The bills
are subject to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed on the principa
or interest thereof by any State, or any of the possessions of the United States,

'Srwws:*:*:-

Ksam.

t TREASURY DEPARTMENT
Washington

A. M.
RSK RELEASE/ MBKKXKX NEWSPAPERS,
Thursday, May 9, 1957
.

St
The Treasury Department, by this public notice, invites tenders for
$ 1,700,000,000 , or thereabouts, of 91 -day Treasury bills, for cash and

""HE

in exchange for Treasury bills maturing
May 16, 1957
, in the amount of
$ 1,700,491,000 , to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided• The bills of this series will be
dated May 16, 1957 , and will mature August 15, 1957 , when the face
amount will be payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
Daylight Saving
closing hour,/fcim o'clock p.m., Eastern/Sjowriaaai time, Monday, May 15, 1957
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99.925. Fractions may not be used. It is urged that tenders
be made on the printed forms and forwarded in the special envelopes which will be
supplied by Federal Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account. Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized dealers
in investment securities. Tenders from others must be accompanied by payment of

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
Thursday, May 9* 1957.

H-1349

The Treasury Department, by this public notice, Invites tenders
for $1,700,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing May 16, 1957*
in the amount of $1,700,491,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated May 16, 1957,
and will mature August 15, 1957,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o1 clock p.m., Eastern Daylight
Saving time, Monday, May 13, 1957.
Tenders will not be
received at the Treasury Department, Washington. Each tender must
be for an even multiple of $1,000, and in the case of competitive
tenders the price offered must be expressed on the basis of 100,
with not more than three decimals, e. g., 99.925. Fractions may not
be used. It is urged that tenders be made on the printed forms and
forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submi
tenders except for their own account. Tenders will be received
without deposit from Incorporated banks and trust companies and from
responsible and recognized dealers In investment securities. Tender
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated ban
or trust company.
Immediately after the closing hour, tenders will be opened at t
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or in part, and his action in any such respect shall be
final.
reservations,
non-competitive
tenders
for
accepted
$200,000Subject
In
or full
lessto
without
atthese
the average
stated price from
(in
three
any one
decimals)
bidder
will
of accepte
be

- 2 competitive bids. Settlement for accepted tenders In accordance
with the bids must be made or completed at the Federal Reserve Ban!
on May 16, 1957,
in cash or other immediately available funds
or In a like face amount of Treasury bills maturing May 16, 1957.
Cash and exchange tenders will receive equal treatment* Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority,
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be Interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold Is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need Include in his income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo

S T A T U T O R Y D E B T LIMITATION
AS O F A P r i l 3 0 , 1957

1 7
'
Washington, JSHT-?-*
±«L
Section 21 of Second Liberty Bond Act, as amended, provides that the face amount of obligations issued under authority
of that Act, and the face amount of obligations guaranteed as to principal and interest by the United States (except such guaranteed obligations as may be held by the Secretary of the Treasury), **shall not exceed in the aggregate $275,000,000,000
(Act of June 26, 1946; U.S.C., title 31, sec. 757b), outstanding at any one time. For purposes ofthis section the current redemption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder
shall be considered as its face amount." The Act of July 9, 1956,(P°L^ 678 84th Congress) provides that during the period
beginning on July 1, 1956, and ending on June 30, 1957, the above limitation ($275,000,000,000) shall be temporarily increased
by $3,000,000,000.
The following table shows the face amount of obligations outstanding and the face amount which can still be issued under
this limitation:
Total face amount that may be outstanding at any one time
$278,000,000,000
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills .$25 » 276 , 700 , 000
Certificates of indebtedness
19,433,503,000
Treasury notes .
34.407.022,000
Bond 8Treasury
80,802,433,100
Savings (current redemp. value)
55,418,445,438
Depositary.
219,955,000
Investment series ...
11.307,249,000
Special FundsCertificates of indebtedness
34,944,801,000
Treasury notes;
.10.206.097,400
Total interest-bearing
Matured, interest-ceased
Bearing no interest:
United States Savings Stamps
Excess profits tax refund bonds
Special notes of the United States:
Internat'l Monetary Fund series
Total
:

$ 79 ,117 ,225 , 000

147,748,082,538

4 5 .ISO.898.400
272 ,016,2051938
5^6,0o9,o37

49,210,169
932,696
947,000,000

• 997,142,865
273,559,438,440

Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A
102,002,700
Matured, interest-ceased
725,675
v
Grand total outstanding
Balance face amount of obligations issuable under above authority
April 30 1957
Reconcilement with Statement of the Public Debt
(Daily Statement of the United States Treasury,

102,728,375
,

2 7 3 , 6 6 2 * 1 6 6 ,815
4,337f8??«1^5

.*.

.7.....'.
(Date)
.£j?;T..^...2.9^.„i?.5Z
(Date)

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

H-1350

2 7 4 , 0 0 7 ,941,49^
102 f 7 2 8 . 375
274,110,669,869
448|^Q3f05r
273,662,166,815

S T A T U T O R Y D E B T LIMITATION
A S 0 F April 3 0 , 1957

t.^lngton, *&.£* 1252.
Section 21 of Second Liberty Bond Act, as amended, provides that the face amount of obligations issued under authority
i Af*.*an.^e^e ^ace a m o u n t °i" obligations guaranteed as to principal and interest by the United States (except such guar*
ceed in the aggregate $275,000,000,000
For purposes ofthis section the current re*
prior to maturity at the option of the holder
1 be considered as its face amount." The Act of July 9, 1956,(P-Lo 678 84th Congress) provides that during the period
l l
5noon Son
*
* a n d e n d i n g o n ^ une 30 » 1 9 5 7 » the a b o v e lim " ation (1275,000,000,000) shall be temporarily increased
The following table shows the face amount of obligations outstanding and the face amount which can still be issued under
limitation:
il face amount that may be outstanding at any one time
$278 000 000 000
tstandingbligations issued under Second Liberty Bond Act, as amended
merest-bearing:
IB

Treasury bills .$25,276,700,000
Certificates of indebtedness
19,433,503,000
Treasury notes
34,407.022,000
BondsTreasury
80 ,802 ,433 ,100
Savings (current redemp. value)
55,418,445,438
Depositary.
219 1955 ,000
Investment series
. 11,307.249,000
Special FundsCertificates of indebtedness
34,944,801,000
Treasury notes;
1 0 . 2 0 6 . 0 9 7 .400
Total interest-bearing
Matured, interest-ceased
Bearing no interest:
United States Savings Stamps
Excess profits tax refund bonds
Special notes of the United States:
Intcrnat'l Monetary Fund series
Total
:

$ 79,117,225,000

L n

4 5 .150,898.400
272,016,205,938
546,089,637

49 ,210 ,169
932,696
947,000,000

997.142.865
273,559,438,440

iuaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A
..
102,002,700
Matured, interest-ceased
725,675
v
Grand total outstanding
lance face amount of obligations issuable under above authority
,

147,748,082,538

102 ,728 ,375
273 » 662 ,166 , 815
4 , 3 3 7 > 8 3 3 .185

ui- ^ u April 30, 1957
Reconcilement with Statement of the Public Debt.......fT
(Daily Statement of the United States Treasury,

.7....."
...
(Date)
AP£ii...2.9.!....T:?.5Z
(Date)

standingotal gross public debt
uarunteed obligations not owned by the Treasury.
otal gross public debt and guaranteed obligation^
,
uci - other outstanding public debt obligations not subject to debt limitation

H-r-;50

27^,007,9^1.W
102 , /28 , 375
27^* , 1 1 0 , 6 6 7 »869
448, 503.054
273,662,166,815

STATUTORY DEBT LIMITATION
AS OF April 30, 1957

17
'

Wa.hington, J * S L & ~ J 2 2 L
Section 21 of Second Liberty Bond Act, as amended, provides that the face amount of obligations issued under authority
of that Act, and the face amount of obligations guaranteed as to principal and interest by the United States (except such guar*
anteed obligations as may be held by the Secretary of the Treasury), "shall not exceed in the aggregate $275,000,000,000
(Act of June 26, 1946; U.S.C.. title 31, sec. 757b), outstanding at any one time. For purposes ofthis section the current redemption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder
shall be considered as its face amount." T h e Act of July 9, 1956,(poLo 678 84th Congress) provides that during the period
beginning on July 1, 1956, and ending on June 30, 1957, the above limitation ($275,000,000,000) shall be temporarily increased
by $3,000,000,000.

T h e following table shows the face amount of obligations outstanding and the face amount which can still be issued under
this limitation:
Total face amount that m a y be outstanding at any one time
$278,000,000,000
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills .$2512?6,700 f 000
Certificates of indebtedness
... 19,433,503,000
Treasury notes
34,407,022,000 $ 79 ,117,225,000
BondsTreasury
80,802,433,100
Savings (current redemp. value)
55,418,445,438
Depositary.
219,955,000
Investment series
1 1 . 307 , 249 ,000
147,748,082,538
Special FundsCertificates of indebtedness
34,944,801,000
Treasury notes.
.10.206,097,400
45.150,898,400
Total interest-bearing
272,016,205,938
Matured, interest-ceased
546,089,637
Bearing no interest:
United States Savings Stamps
Excess profits tax refund bonds
Special notes of the United States:
Internat'l Monetary Fund series
Total

49,210,169
932,696
947,000.000

Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A
102,002,700
Matured, interest-ceased
725»675
v
Grand total outstanding
Balance face amount of obligations issuable under above authority

997.142.865
273,559,438,440

102,728,375
,

Reconcilement with Statement of the Public Debt ,??L...»...„.„^...„„.,i?...
(Date)
(Daily Statement of the United States Treasury,
.^jri! 3 0 , 1957
..
'" "WsYej
OutstandingTotal gross public debt
m
Guaranteed obligations not owned by the Treasury.
Total gross public debt and guaranteed obligations.
Deduct - other outstanding public debt obligations not subject to debt limitation

H-1350

2 7 3 . 6 6 2 .166,815
4,33718?? • 185

274,007,941,494
1 0 2 . 7 2 8 . ^375
274,110,669,869
4 4 8 , 50*3 , 054
273,662,166,815

S T A T U T O R Y D E B T LIMITATION
April 3 0 , 1957
AS 0F
A J

\sr

f.#l»g«o», .MJ..,. mi

>>.>><ri«M....t...7.....<»

Section 21 of Second Liberty Bond Act, as amended, provides that the face amount of obligations issued under authority
that Act, and the face amount of obligations guaranteed as to principal and interest by the United States (except such guarteed obligations as may be held by the Secretary of the Treasury), "shall not exceed in the agcrecate $275,000,000,000
ct of June 26, 1946; U«S.C.j title 31, sec. 757b), outstanding at any one time. For purposes ofthis section the current remption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder
all be considered as its face amount.M The Act of July 9, 1956,(PXo 678 84th Congress) provides that during the period
B
tTnnn L n X ' 9 * * nd e n d i n S o n ^ e 30» 1 ^ 57 » the a b o v e limitation ($275,000,000,000) shall be temporarily increased
The following table shows the face amount of obligations outstanding and the face amount which can still be Issued under
is limitation:
>tal face amount that may be outstanding at any one time
$278,000,000,000
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills .$25.276,700,000
Certificates of indebtedness
Treasury notes
BondsTreasury
Savings (current redemp. value)
Depositary.
Investment series
Special Funds*
Certificates of indebtedness
Treasury notes.

19,433,503,000
34,40,7,022,000

$ 79,117,225.000

80,802,433,100
55,418,445,438
219,955,000
11,307,249,000

147,748,082,538

34,944,801,000
10.206.097.400

45,150,898,400

Total interest-bearing
Matured, interest-ceased

Bearing no interest:
United States Savings Stamps
Excess profits tax refund bonds
Special notes of the United States:
Internat'l Monetary Fund series ,
Total
„...

272,016,205,938
546,089,637

49,210,169
932,696
947.000.000

guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A
102,002,700
Matured, interest-ceased
725,675
v
Grand total outstanding
»la nee face amount of obligations issuable under above authority
,

L n

997.1^2.665
273.559,^38,440

102,728,375
273.662.166.815
** 13271633,18?

.,. n , April 30, 1957
Reconcilement with Statement of the Public Debt.......t.

.......:
.........
(Date)
AgTll 30, 1957,
(Date)

(Daily Statement of the United States Treasury
7
stand ing'otal gross public debt
ruaruntecd obligations not owned by the Treasury.
,
otal gross public debt and guaranteed obligations.
,
luct - other outstanding public debt obligations not subject to debt limitation

H-1350

274,007,941,494
102,728,375
274,110,669.869
448,503.054
273,662,166,815

1 Q

/ "> <•

10, 1957.
figures show that about $2,986 million of the
Treasury notes maturing M y IS h a m been exchanged fbr the aev
3-1/2 percent certificates maturing April IS, 1958, writ 5-5/8
percent Treasury notes laaturlng February IS, 1962* About
$2,341 million v m exchanged fbr the aev certificates sad
$847 million fbr the nev notes, learing about $1,167 at Ulan
iter cash redengptioa*
fixrther details reg&rding "the exche&ge vill he sonouaced
next vee3t after final reports are received fra* the Federal
Reserve Banks.

TREASURY DEPARTMENT
WASHINGTON, D.C.

IMMEDIATE RELEASE,
Friday, May 10, 1957,

H-1351

Preliminary figures show that about
$2,988 million of the Treasury notes maturing
May 15 have been exchanged for the new
3-1/2 percent certificates maturing April 15,
1958, and 3-5/8 percent Treasury notes maturing
February 15, 1962. About $2,3^1 million were
exchanged for the new certificates and
$647 million for the new notes, leaving about
$1,167 million for cash redemption.
Further details regarding the exchange
will be announced next week after final reports
are received from the Federal Reserve Banks.

0O0

2A>
/

4 ">

RELEASE A. M. NEWSPAPERS,
Tuesday, May lk, 1957*

The Treasury Department announced last evening that the tenders for $1,700,000,0
or thereabouts, of 91-day Treasury hills to be dated May 16 and to mature August IS,

1957, which were offered on May 9, were opened at the Federal Reserve Banks on May 13
The details of this issue are as follows t
Total applied for - $2,1*87,983,000
Total accepted
- 1,700,183,000

(includes $321,135,000 entered on a
noncompetitive Sasis and accepted in
full at the average price shown below)

Range of accepted competitive bidst
High - 99*285 Equivalent rate of discount appro*. 2.829* per anma
Low
- 99.261
•
* *
*
*

2.92W

•

Average - 99.268% " see « 2#89M " •
(91 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total
Applied for

Total
Accepted

Boston
lew York
Philadelphia
Cleveland
Richmond
Atlanta
Chieago
St. Louie
Hinneapolis
Kansas City
Dallas
San Francisco

TOTAL

39,1(86,000
l,7li9 ,120,000
30,618,000
57,663,000
18,610,000
la,1*58,000
25l,3l»5,000
22,781,000
26,800,000
l»3,12i»,000
59,386.-000
H7.S89.000

I2,i»87,983,000

29,036,000
l,Ob3,lt70,000
15,618,000
57,063,000
18,610,000

Ul,U58,ooo
195,3*5,000
22,?tt,000
26,700,000
1»3,121*,000
59,386,000
Ht7.589.00Q
•1,700,183,000

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A. M. NEWSPAPERS,
Tuesday, May lU, 1957*

H-1352

The Treasury Department announced last evening that the tenders for $1,700,000,C

or thereabouts, of 91-day Treasury bills to be dated May 16 and to mature Augu

1957, which were offered on May 9, were opened at the Federal Reserve Banks on
The details of this issue are as follows:
Total applied for - $2,1*87,983,000
Total accepted
- 1,700,183,000

(includes $321,135,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids:
High
Low

- 99^285 Equivalent rate of discount approx. 2.829$ per annum
- 99.261
»
it «
it
ti
2.921$ w
n

Average

- 99.268

2.89W

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

Total
Applied for

Total
Accepted

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

39,1486,000
1,719,120,000
30,618,000
57,663,000
18,610,000
22,78U,000
26,800,000
U3,12li,000
59,386,000
11*7,589,000

29,036,000
1,01*3,1*70,000
15,618,000
57,063,000
18,610,000
la, 1+58,000
195,31*5,000
22,7814,000
26,700,000
l*3,12l*,000
59,386,000
lU7.589.000

$2,1*87,983,000

$1,700,183,000

la, li58,ooo
25i,3l*5,ooo

TOTAL

XMODIAXI BELSASB,
Tuesday, May 14, 1957.

\m/

The Treasury Department today announced the results of the current
exchange offering of 3*1/2 percent Treasury Certificates of Indebtedness
of Series B-1958, maturing April 15, 1958, and 3-5/8 percent Treasury
Notes of Series A-1962, maturing February 15, 1962, both series dated
May 1, 1957, and open to holders of $4,154,930,000 of 1-5/8 percent
Treasury notes maturing Mfcy 15.
Subscriptions fbr the two new Issues arounted to $2,998,639,000,
leaving $1,156,891,000 of the maturing notes fbr cash redemption.
Amounts exchanged were divided aaong the several Federal Reserve Districts and the Treasury as follows:
Federal Reserve Series B-1958 Series A-1962
District
Certificates
mmmMmmmmmmmmammmmmmmmm.mmmmm

MIMMMMMNMMIMHMMI*

Boston $ 51,529,000 $ 4,504,000
Hew York
1,583,555,000
Philadelphia
55,798,000
Cleveland
52,819,000
Richmond
51,908,000
Atlanta
82,069,000
Chicago
254,778,000
St. Louis
63,764,000
Minneapolis
50,309,000
Kansas City
61,508,000
Dallas
60,955,000
San Francisco
239,489,000
*~**y
3,321,000
TOTAL $2,351,388,000 $647,257,000

Botes
mmmmmmmmmmmmmmmtmmm9mmm

475,885,000
5,352,000
18,471,000
8,910,000
8,655,000
53,257,000
16,159,000
13,747,000
14,258,000
7,984,000
18,655,000
1,700,000

TREASURY DEPARTMENT

f/2£t

WASHINGTON, D.C. N^>^
IMMEDIATE RELEASE,
Tuesday, May 14, 1957.

H-1353

The Treasury Department today announced the results of the current
exchange offering of 3-1/2 percent Treasury Certificates of Indebtedness
of Series B-0L958, maturing April 15, 1958, and 3-5/8 percent Treasury
Notes of Series A-1962, maturing February 15, 1962, both series dated
May 1, 1957, and open to holders of $4,154,930,000 of 1-5/8 percent
Treasury notes maturing May 15.
Subscriptions for the two new issues amounted to $2,998,639,000,
leaving $1,156,291,000 of the maturing notes for cash redemption.
Amounts exchanged were divided among the several Federal Reserve Districts and the Treasury as follows:
Federal Reserve Series B-1958 Series A-1962
District
Certificates
Boston $ 51,529,000 $ 4,304,000
New York
1,323,335,000
Philadelphia
55,798,000
Cleveland
52,619,000
Richmond
51,908,000
Atlanta
82,069,000
Chicago
254,778,000
St. Louis
63,764,000
Minneapolis
50,309,000
Kansas City
61,508,000
Dallas
60,955,000
San Francisco
239,489,000
Treasury
3,521,000
TOTAL $2,351,382,000 $647,257,000

Notes
475,825,000
5,352,000
18,471,000
8,910,000
8,635,000
53,257,000
16,159,000
13,747,000
14,258,000
7,984,000
18,655,000
1,700,000

or by any local taxing authority.

For purposes of taxation the amount of discount

at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections li5l* (b) and 1221 (5) of the Internal Revenue Code of
195U the amount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss*
Treasury Department Circular No. hl8, Revised, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch.

- 2
tmm. \y

in cash or other immediately available funds

or in a like face amount of Treasury bills maturing May 23, 1957

Cash

and exchange tenders will receive equal treatment. Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 1951*. The bills
are subject to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed on the principal
or interest thereof by any State, or any of the possessions of the United States,

27
kttMk

TREASURY DEPARTMENT
Washington

/..*> ^ ~ Z -

IJ^

A. M.
R R RELEASE/ M8KXSK& NEWSPAPERS,
Thursday, May 16, 1957
%

The Treasury Department, by this public notice, invites tenders for
$ 1,800,000,000 , or thereabouts, of
in exchange for Treasury bills maturing

-day Treasury bills, for cash and
May 23, 1957

, in the amount of

$ 1,799,79^,000 , to be issued on a discount basis under competitive and non-

m
competitive bidding as hereinafter provided. The bills of this series will be
dated
May 23, 1957
, and will mature August 22, 1957
, when the face
amount will be payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
Daylight Saving
,
closing hour, i^tt/o clock p.m., Eastern/fifcajnbmd time, Monday, May 20. 1957

;

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

It is urged that tenders

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

TREASURY DEPARTMENT
M P - J. '..J,. ,,",• •-• •.' "..yj_. 1...1. > ,.i...

• ii,uiiU.i , ..p.n.yy,., .,,•., i j t T ^ { » r ; f . r ^ j r P ^ T w * ! L . w j _ m ^ ^

28
2Lrrrrc*l

WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
Thursday, May 16, 1957»

H-1354

The Treasury Department, by this public notice, Invites tenders
for $1,800,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing May 23, 1957,
in the amount of $1,799,794,000. to be issued on a discount basis
under competitive and non-compe£itive bidding as hereinafter
provided. The bills of this series v/ill be dated May 23, 1957,
and will mature August 22, 1957,
when the face amount will be
payable without interest• They will be issued in bearer form only,
and in denomination of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o*clock p.m., Eastern Daylight
Saving time, Monday, May 20, 1957.
Tenders will not be
received at the Treasury Department, Washington. Each tender must
be for an even multiple of $1,000, and in the case of competitive
tenders the price offered must be expressed on the basis of 100,
with not more than three decimals, e. g., 99.925. Fractions may not
be used. It is urged that tenders be made on the printed forms and
forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from Incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an Incorporated bank
or trust company.
Immediately after the closing hour, tenders will be opened at th
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or in part, and his action in any such respect shall be
accepted
final.
$200,000Subject
in
or full
lessto
without
atthese
the average
reservations,
stated price from
(in
non-competitive
three
any one
decimals)
bidder
tenders
will
of accepted
be
for

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on May 23, 1957
in cash or other Immediately available funds
or in a like face amount of Treasury bills maturing May 23, 1957.
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether Interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter Imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need Include In his income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their Issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
0O0

COTTON WASTES
(In pounds)
C

°3!2LCA??^STRIPS "•*•**».• cotton having a staple of less than 1-3/16 inches in length, COMBER
WASTE
A^AT^1^
> S I J V E R W A S T S > A N & ROVING WASTE, WHETHER OR NOT MANUFACTURED OR -OTHERWISE
ADVANCED IN VALUE* Provided, however, th£t not more than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes made from cottons of 1-3/16 inches or more
in staple length in the case of the following countriest United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italys
Established
TOTAL QUOTA

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

• e

e .

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

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

:
Total Imports
s Established s
Imports
s Sept. 20, 1956, to s 33-1/3? of s Sept. 20, 1956,
t May 14, 1957
s Total Quota ; to May 14. 1957
95,562
239,690

1,441,152

95,562

75,807
69,627
22,747
14,796
12,853

22,775

25,443
7.068

22,775

427,654

1,599,886

118,337

IMMEDIATE RELEASE,
Thursday. May

16/TQRT

^ Z L S ™ ^
Washington

On
^ ^

Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by: the President'« Proclamation of September 5, 1939, as amended
COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other than rough or harsh under 3/4"
Imports Sept. 20. 19 56. to May 14. 1957
Country of Origin, Established Quota Imports Country of Origin Established Quota Import;
Egypt and the Anglo- Honduras ...... 752
Egyptian Sudan . . .
783,816
Paraguay
J'^.'vW -••••
247,952
Colombia .
British India . . . . .
2,003,483
124,060
Iraq . .
.
hina
'
1,370,791
British East Africa . .
"***??
- • •
8,883,259
8,883,259
Netherlands E. Indies.
Brazil . . . . . . . .
618,723
600,000
Barbados
Jnion of Soviet
l/0ther British W. Indies
Socialist Republics .
475,124
Nigeria . . .
Argentina
5,203
2/0ther British W.'Africa
alt
2
* i
3"
,3/Other French Africa . .
icuador
9,333
..
Algeria and Tunisia .
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
y Other than Algeria, Tunisia, and Madagascar.
Cotton, harsh or rough, of less than 3/4" r««+t«„ i 1 /an ~imports Sept. 20, 19 56, to May 4, 195?
Imports ^ ^ ^ g t f l f f l .
Established Quota (Global) Imports Established Quota (Global imports
70,000,000 6,511,565 45,656,420 19,173,521

871
124
19?
2.240
7l!388
'
21,321
5 377
l6!o04
689

l ^ . ^ r

IMMEDIATE RELEASE,
Thursday, May 16. 1957.

**
^l

TREASURY DEPAr^-IEiJT
V/a-Mr.-ton
"

H-1355

Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by the President1^ Proclamation of September 5, 1939, as amended
COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other than rough or harsh under 3/4"
Imports Sept. 20, 19 56, to May Ik* 195?
,
Country of Origin Established Quota Imports Country of Origin Established Quota Import
Egypt and the Anglo- Honduras . . 9 . . . 752
Egyptian Sudan • . .
783,816
Peru
247,952
British India . . . . .
2,003,483
124,060
China
1,370,791
Mexico . . . . . . . .
8,883,259
8,883,259
Brazil . . . . . . . .
618,723
600,000
Union of Soviet
Socialist Republics .
475^124
Argentina . ,
5,203
Haiti
237
Ecuador
9,333
*"

Paraguay . . . . . . .
Colombia ......
.
Iraq . . . . . . . . ,
British East Africa . 9
Netherlands E. Indies.
Barbados
l/0ther British W, Indies
Nigeria
2/0ther British W. Africa
^/Other French Africa . .
Algeria and Tunisia •

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

1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago*
2/ Other than Gold Coast and Nigeria,
2rf Other than Algeria, Tunisia, and Madagascar*
Cotton, harsh or rough, of less than 3/4M n_ J^ot/ton 1-1/8M or more i _ _,__
Imports Sept. 20, 19.56,...to May__4, 19.5.7—
Imports. AugugtJ^ 1956 .to May 4, 1957, lnol»
Established Quota (Global) Imports Established Quota (Global) Imports
70,000,000 6,511,565 45,656,420 19,173,521

*fi—

COTTON WASTES
(In pounds)
COTTON CARD STRIPS made from
COMBER
>m cotton having -a staple of less than 1-3/16 inches in length, COi
WASTE, LAP WASTE, SLIVER WASTE,
, AND ROVING »VASTE,
, /WHETHER OR NOT MANUFACTURED OR 0THERVOS2
ADVANCED IN VALUE* Provided, however, that not more than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes made from cottons of 1-3/16 inches or more
in staple length in the case of the following countries: United Kingdom, France, Netherlands,
Switzerland* Belgium, Germany, and Italy*

Country of Origin

Established
TOTAL QUOTA

United Kingdom . . . . , 4,323,457
Canada
239,690
France
227,420
British India
69,627
Netherlands . . . . . . #
68,240
Switzerland . . . . . . . .
44,388
Belgium
38,559
Japan . . . . . . . . . .
341,535
China
17,322
Egypt
8,135
Cuba
6,544
Germany
76,329
Italy
21.263
5,482,509
1/ Included in total imports, column 2.
Prepared in the Bureau of Customs.

Total Imports
s Established i
Imports
Sept. 20, 1956, to s 33-1/3* of : Sept, 20, 1956,
May 14, 1957
: Total Quota ; to May 14, 1957

95,562
239,690

1,441,152

95,562

75,807

69,627
22,747
14,796
12,853

22,775

25,443
7.088

22,775

427,654

1,599,886

118,337

IMMEDIATE RELEASE,
Thursday, May 16, 1957.

TREASURY DEPARTMENT
H-1356
Washington
The Bureau of Customs announced today preliminary figures showing the imports
for consumption of the commodities listed below within quota limitations from the
beginning of the quota periods to May k, 1957, inclusive, as follows:

Commodity

Period and Quantity

Unit
Imports as of
of
Quantity May Uf 1957

Tariff-Rate Quotas:
Cream, fresh or sour

Calendar Year

1,500,000

Gallon

Dlhole milk, fresh or sour

Calendar Year

3,000,000

Gallon

Cattle, less than 200 lbs. each 12 wos* fr^rm
April 1, 1957
Cattle, 700 lbs. or more each April 1, 1957 «
(other than dairy cows)
June 30, 1957
Fish, fresh or frozen, filleted,
etc., cod, haddock, hake,
pollock, cusk, and rosefish

Calendar Year

Tuna fish Calendar Year
Hihite or Irish potatoes:
Certified seed
Other

200,000 Head
120,000

37,375,636
l*U, 528,533

150,000,000
12 mos. from
Sept. 15, 1956 60,000,000

122
300
2,870

Head

5,!ill

Pound

Quota Filled

Pound

12,5UO,107

Pound
Pound

107,673,U20
29,329,651

Walnuts Calendar Year

5,000,000

Pound

57U,7l6

Alsike clover seed 12 mos. from

2,560,000

Pound

235,8U1

80,000,000

Pound

To be
announced

Pound

7,337,561

Pound

Quota Filled

Peanut oil
Ibolen fabrics Calendar Year

July 1, 1956
12 mos. from
July 1, 1956

Absolute Quotas:
Peanuts, shelled, unshelled,
blanched, salted, prepared, or
preserved (incl. roasted pea- 12 mos. from
1,709,000
Aug* 1, 1956
nuts, but not peanut butter)
12 mos. from
Rye, rye flour, and rye meal ..
July 1, 1956
182,280,000
Canada
Other Countries 3,720,000
Butter substitutes, including
butter oil, containing U5£
Calendar Year
1,800,000
or more butterfat
"TH
(2)

Pound
Pound
Pound

(2)
182,212,91U

(2)
1,U03,U08

Imports for consumption at quota rate limited to 18,637,815 lbs. during the
first 6 months of calendar year.
Imports through M a y 13, 1957.

IMMEDIATE RELEASE,
Thursday, May 16, 1957.

TRgAjSURY DEPARTMENT
Washington

H-1356

The Bureau of Customs announced today preliminary figures showing the imports
'or consunrption of the commodities listed below within quota limitations from the
beginning of the quota periods to May !i, 1957, inclusive, as follows:

Commodity

Quantity

•
Unit
•
: Import
;s as of
:
of
Quantity :May U,, 19S7

'ar iff-Rate Quotas;
ream, fresh or sour Calendar Year

1,500,000

Gallon

122

[hole milk, fresh or sour Calendar Year

3,000,000

Gallon

300

lattle, less than 200 lbs. each 12 wo8^ fr°m„
April 1, 1957

200,000

Head

2,870

lattle, 700 lbs. or more each April 1, 1957 (other than dairy cows)
June 30, 1957

120,000

Head

5,101

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

37,375,636

Pound

Quota Filled

'una fish Calendar Year

kk,528,533

Pound

12,5UO,107

150,000,000
60,000,000

Pound
Pound

107,673,U20
29,329,651

falnuts Calendar Year

5,000,000

Pound

57U,7l6

Isike clover seed 12 nios. from
July 1, 1956

2,500,000

Pound

235,8lU

80,000,000

Pound

To be
announced

Pound

fhite or Irish potatoes:
Certified seed
Other

'eanut oil

12 TOS

12 mos. from
Sept. 15, 1956

°™

July 1, 1956
bolen fabrics • Calendar Year

(1)

7,337,5"6l

bsolute Quotas:
eanuts, shelled, unshelled,
blanched, salted, prepared, or
12 mos. from
preserved (incl. roasted peaAug. 1, 1956
nuts, but not peanut butter)

1,709,000

Pound

12 mos. from
ye, rye flour, and rye meal ..
July 1, 1956
182,280,000
Canada
3,720,000
Other Countries

Pound
Pound

utter substitutes, including
butter oil, containing h$%
or more butterfat

Calendar Year

1,800,000

Pound

Quota Filled
(2)
182,212,91U

(2)
1,U03,U08

Imoorts for consumption at quota rate limited to 18,637,818 lbs. during the
first 6 months of calendarjyear.

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Thursday, May 16. 1957.

H-1357

The Bureau of Customs announced today the following preliminary
figures showing the imports for consumption from January 1, 1957, to
May U, 1957, inclusive, of commodities for iwhich quotas were established pursuant to the Philippine Trade Agreement Revision Act of 1955:

Commodity

Buttons

: Established Annual
:
Quota Quantity
807,500

Unit
of
Quantity
Gross

Imports as of
May U, 1957
289,1*68

Cigars 190,000,000

Number

1,391,9U7

Coconut oil U25,600,000

Pound

62,529,173

Cordage 6,000,000

Pound

1,717,63U

(Refined
Sugars
(Unrefined
Tobacco 6,175,000

lU,252,927
1,90U,000,000

Pound
873,756,725
Pound

1,766,2U8

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Thursday r May 16. 1957

H-1357

The Bureau of Customs announced today the following preliminary
figures showing the imports for consumption from January 1, 1957, to
May U, 1957, inclusive, of commodities for which quotas were established pursuant to the Philippine Trade Agreement Revision Act of 1955:

Commodity

Buttons

: Established Annual
:
Quota Quantity
807,500

Unit
of
Quantity
Gross

Imports as of
May h, 1957

289,U68

Cigars 190,000,000

Number

1,391,9U7

Coconut oil 1|25,600,000

Pound

62,529,173

Cordage 6,000,000

Pound

1,717,631*

(Refined
Sugars
(Unrefined
Tobacco 6,175,000

ll*, 252,927
1,90U,000,000

Pound

873,756,725
Pound

1,766,21*8

TREASURY DEPARTMENT
-W-r
v> _'

WASHINGTON, D.C.

IMMEDIATE RELEASE,
•Monday.i April -15i 19j»?y

H in } /
During Mefoch 1957, market transactions
in direct and guaranteed securities of the
government for Treasury investment and other
accounts resulted in net purchases by the

/^V7 J*P^y 000
Treasury Department of

oOo

TREASURY DEPARTMENT

WASHINGTON, D . C

IMMEDIATE RELEASE,
Wednesday, May 15, 1957.

H-1358

During April 1957, market transactions
in direct and guaranteed securities of the
government for Treasury investment and other
accounts resulted in net purchases by the
Treasury Department of $35,384,000.

0O0

DRAFT
.M. BBffiSftl,
Thursday, May 16, 1957.

) o /^/
H- f J if 4

The Treasury Department will invite tenders for
$1.5 billion, or thereabouts, of 119-day Treasury
bills to raise cash for current requirements.

The

full terms of the offering will be contained in a
statement to be released Friday morning, May 17•
Tenders will be opened at 1:30 p.m., Eastern Daylight
Saving time, on Wednesday, May 22.
The new bills will be dated May 27, 1957, and
will mature September 23, 1957. They will be Tax
Anticipation bills, acceptable at face value in
payment of income and profits taxes due September 15,
1957.

They may be paid for by credit in Treasury Tax

and Loan Accounts.

» # _^

i^y r++±mA

MJCLA'U-)

It has been decidedN to postpone indefinitely any
offering of marketable bonds to the holders of
maturing Series P and G Savings Bonds, -gtail*? action
wars taken af tcr««€b*«gM&M^
market -wndltiorrs .»

oOo

TREASURY DEPARTMENT

WASHINGTON, D.C.

FOR USE AT 3:30 P.M. H-1359
Thurday, May 16, 1957-

The Treasury Department will invite tenders for
$1.5 billion, or thereabouts, of 119-day Treasury
bills to raise cash for current requirements. The full
terms of the offering will be contained in a statement
to be released Friday morning, May 17. Tenders will be
opened at 1:30 p.m., Eastern Daylight Saving time, on
Wednesday, May 22.
The new bills will be dated May 27, 1957, and will
mature September 23, 1957. They will be Tax Anticipation
bills, acceptable at face value in payment of income and
profits taxes due September 15, 1957- They may be paid
for by credit in Treasury Tax and Loan Accounts.
It has been decided in view of market conditions
to postpone indefinitely any offering of marketable
bonds to the holders of maturing Series F and G Savings
Bonds.

oOo

• 3 •>

estate, inheritance, gift or other excise taxes, vhether Federal or State, but are
exempt from all taxation now or hereafter imposed on the principal or interest
thereof by any State, or any of the possessions of the United States, or by any
local taxing authority.

For purposes of taxation the amount of discount at which

Treasury bills are originally sold by the United States is considered to be interest
Under Sections 454 (b) and 1221 (b) of the Internal Revenue Code of 1954 the mount
of discount at vhich bills Issued hereunder are sold is not considered to accrue
until such bills are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the owner of Treasury
hills (other than life insurance companies) issued hereunder need include in his
income tax return only the difference between the price paid fbr such bills,
whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at maturity during the taxable year fbr which
the return is made, as ordinary gain or loss.
Treasury Department Circular No. 418, Revised, and this notice, prescribe the
terms of the Treasury bills and govern the conditions of their issue. Copies of
the circular may be obtained from say Federal Reserve Bank or Branch.

* s•

41
Others than banking institutions will not be permitted to submit tenders ex*
eept fbr their aim account. Tenders will be received vithout deposit from Ineor*
porated banks and trust companies end from responsible end recognised dealers in
9 it

investment securities. Tenders from others must be accompanied by payment of 2
percent of the face amount of Treasury bills applied fbr, unites the tenders are
accompanied by an express guaranty of payment by an incorporated bank or trust
^-wmm^mm\m%wj^*mmm\mm%^w w

Immediately after the closing hour, tenders will be opened at the Federal Be*
serve Banks and Branches, following which public announcement will be made by the
Treasury Department of the amount and price range of accepted bids* Those submittia
tenders will be advised of the acceptance or rejection thereof. The Secretary of
the Treasury expressly reserves the right to accept or reject any or all tenders,
in whole or in part, and his action in any such respect shall be final. Subject to
these reservations, noncompetitive tenders fbr $300,000 or less without stated prici
from any one bidder will be accepted in fall at the average price (in three declatli
of accepted competitive bids. Payment of accepted tenders at the prices offered
must be made or completed at the Federal Reserve Bank In cash or other immediately
available funds on May 27, 1957, provided, however, any qualified depositary will
be permitted to make payment by credit in its Treasury tax and loan account fbr
Treasury bills allotted to it fbr itself and its customers up to any amount fbr ifeld
it shall be qualified in excess of existing deposits when so notified by the Federal
Reserve Bank of its District.
The income derived from Treasury bills, whether interest or gain from the salt
or other disposition of the bills, does not have any exemption, as such, and loss
from the sale or other disposition of Treasury bills does not have any special tie*
ment, as such, under the Internal Revenue Code of 1954* The bills are subject to

TREASURY DEPARTiSfe*-

RELEASE A. M. NJBWSPAHBRS,
Friday, May 17, 1957.
mmmmmmmmWmmmmmmmmmmmimmmmmMmmmmmmmmmmmmmmmmmmm9mmmiimmm9mmm

?f^ The Treasury Ifepatrtmefit, by this public notice, invites tenders for $1,500,000
£±1- 'mmm\9m9fmm^-iL X

or thereabouts, of 119-day Treasury bills, to be Issued on a discount basis under cos
petitive and noncompetitive bidding as hereinafter provided. The bills of this seri

will "be designated Tax Anticipation Series, they will be dated May 27, 1957, and the
mm ±

wlll^mature September 23, 1957. They will be accepted at face value in payment of
income and profits taxes due on September 15, 1957, and to the extent they are not
~ \y

&-y .

presented fbr this purpose the face amount of these bills will be payable vithout in*
*< •»•

mm-

tercet.at maturity* Taxpayers desiring to apply these bills in payment of September
15 f 1957,° income and profits taxes have the privilege of surrendering them to any

, Sj ,957

Federal Reserve Bank or Branch or to the Office of the Treasurer of the United Statei
OUI'

Washington, not more than fifteen days befbre September 15, 1957, and receiving re*->*>

Jim

eetpts therefor showing the face amount of the bills so surrendered. These receipts

may be submitted la* lieu of the bills on or before September 15, 1957, to the Distri
Director of Internal Revenue fbr the district in which such taxes are payable. The
bills will!be issued in bearer form only, and in denominations of $1,000, $5,000,

$10^0007'$100,©0(Ff $4&),'000 and $1,000,000 (maturity value). ciers the
v-^ *v?.u> ni4^>- not- more
Tenders will be received at Federal Reserve Banks and Branches up to Lthe closing
uz-fc^sA wiax/ tenut: iCj G ^.rdea in
hour/rone-thirty o'clock p.m., Eastern Daylight Sttving time, Wednesday^ 4fey 22, 195
ox jap^ng^e, or • y^ m$<
Tenders will not be received at the Treasury Department, Washington. Each tender mu
uchers ,..an oamwi. , M ^.tte ^w*t
be fbr an even multiple of $1,000, and in the case of competitive tenders the price
*.-iAwOt CLgposxir x c*vi>* x. o< - from

offered must be expressed on the basis of 100, with not more than three decimale,
* s>^ners inus. u. ^owiu p. ,
e.g^99.925rcftraetIofcs may not be used. It is urged that tenders be made on the
•/^parixea ^y a ,$ a„ ra K
Lnted forms and forwarded in the special envelopes which will be supplied by Feder
Reserve Banks or Branches on application therefor.

TREASURY DEPARTMENT

WASHINGTON, D.C.
RELEASE A. M. NEWSPAPERS,
Friday, May 17, 1957.

H-1360

The Treasury Department, by this public notice, invites tenders
for $1,500,000,000, or thereabouts, of 119-day Treasury bills, to
be issued on a discount basis under competitive and noncompetitive
bidding as hereinafter provided. The bills of this series bill be
designated Tax Anticipation Series, they will be dated May 27,
1957, and they will mature September 23, 1957. They will be
accepted at face value in payment of income and profits taxes due
on September 15, 1957, and to the extent they are not presented for
this purpose the face amount of these bills will be payable without
interest at maturity. Taxpayers desiring to apply these bills in
payment of September 15, 1957, income and profits taxes have the
privilege of surrendering them to any Federal Reserve Bank or
Branch or to the Office of the Treasurer of the United States,
Washington, not more than fifteen days before September 15, 1957,
and receiving receipts therefor showing the face amount of the bills
so surrendered. These receipts may be submitted in lieu of the
bills on or before September 15, 1957, to the .District Director of
Internal Revenue for the district in which such taxes are payable.
The bills will be issued in bearer form only, and in denominations
of $1,000, $5,000, $10,000, $100,000, $500,000 and #1,000,000
^maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o'clock p.m., Eastern Daylight
Saving time, Wednesday, May 22, 1957. Tenders will not be received
at the Treasury Department, Washington. Each tender must be for an
even multiple of $1,000, and in the case of competitive tenders the
price offered must be expressed on the basis of 100, with not more
than three decimals, e. g., 99.925. Fractions may not be used. It
is urged that tenders be made on the printed forms and forwarded in
the special envelopes which will be supplied by Federal Reserve
Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty ef payment by an incorporated bank
or trust company.
Immediately
the
announcement
Federal Reserve
after
will be
the
Banks
made
closing
by
and the
Branches,
hour,
Treasury
tenders
following
Department
willwhich
beofopened
public
the amount
at

- 2 and price range of accepted bids. Those submitting tenders will be
advised of the acceptance or rejection thereof. The Secretary of
the Treasury expressly reserves the right to accept or reject any
or all tenders, in whole or in part, and his action in any such
respect shall be final. Subject to these reservations, noncompetitive tenders for $300,000 or less without stated price from
any one bidder will be accepted in full at the average price (in
three decimals) of accepted competitive bids. Payment of accepted
tenders at the prices offered must be made pr completed at the
Federal Reserve Bank in cash or other immediately available funds on
May 27, 1957, provided, however, any qualified depositary will be
permitted to make payment by credit in its Treasury tax and loan
account for Treasury bills allotted to it for itself and its
customers up to any amount for which it shall be qualified in excess
of existing deposits when so notified by the Federal Reserve Bank of
its District.
The income derived from Treasury bills, whether interest or gair
from the sale or other disposition of the bills, does not have any
exemption, as such, and loss from the sale or other disposition of
Treasury bills does not have any special treatment, as such, under
the Internal Revenue Code of 1954. The bills are subject to estate,
inheritance, gift or other excise taxes, whether Federal or State,
but are exempt from all taxation now or hereafter imposed on the
principal or interest thereof by any State, or any of the possessions
of the United States, or by any local taxing authority. For purposes
of taxation the amount of discount at which Treasury bills are
originally sold by the United States is considered to be interest.
Under Sections 454 (b) and 1221 (5) of the Internal Revenue Code of
195^ the amount of discount at which bills issued hereunder are sold
Is not considered to accrue until such bills are sold, redeemed or
otherwise disposed of, and such bills are excluded from consideratior
as capital assets. Accordingly, the owner of Treasury bills (other
than life insurance companies) issued hereunder need include in his
income tax return only the difference between the price paid for suet
bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity
during the taxable year for which the return is made, as ordinary
gain or loss.
Treasury Department Circular No. 4l8, Revised, and this notice,
prescribe the terms of the Treasury bills and govern the conditions
of their issue. Copies of the circular may be obtained from any
0O0
Federal Reserve Bank or Branch.

RELEASE A. M. NEWSPAPERS,
Tu.eday, May 21,^WHMi
1957.

The Treasury Department announced last evening that the "tenders for H,8d0f800,(

or thereabouts, of 91~day Treasury bills to be dated May 23 and to mature August 22,
*

• £-<.

*^r

-•& *<

1957, which were offered on lay 16, were opened at the Federal Reserve-Banks on" May j
The details of this issue are as follows:
Total applied for - $2,531,567,000
Total accepted
- 1,900,3U7,000

(includes $310,366,000 entered o n a ^
noncompetitive basis and aeeepted in
full at the average price shown belew)

Range of accepted competitive bidst
High - 99.279 Equivalent rate of discount approx. 2.852)8 per annta
low

- 99.202 ^

s u*

•

3#l$7f

Average

- 9?.211 "'•vr-s *'!'. *pe •••••: « •

•

3.1M*

(22 percent of the amount bid for at the low priee was accepted) :
Federal Reserve
District

Total
ippliod fwr

Total

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

$ 35,6Ut,0OO
1,816,013,000
3«,$d$,000
T8,k33,«)0

Total

17,588,000
31,260,000
222,0^,000

3o,5Sl,ooo
13,275,090
60,183,000'
l£,Qil,ooo
Ui7,0l5,000
. 82,531,567,000

25,6l*,ooo

I,173,«13,OOOC

20,685,000

te,ii33,ooo
17,588,090
31,200,000
170,099,000
30,551,000
13,275,000
60,183,000 .

)5,oii,ooo
lk3,895,O00
|l,800,3U7,OOO

TREASURY DEPARTMENT
WASHINGTON, D.C. ^ ^ j ^
LEASE A. M. NEWSPAPERS,
tesday, May 21, 1957«

H~136l

The Treasury Department announced last evening that the tenders for $1,800,000,000
• thereabouts, of 91-day Treasury bills to be dated May 23 and to mature August 22,

•57* which were offered on May 16, were opened at the Federal Reserve Banks on May 20.
The details of this issue are as follows;
Total applied for - $2,531,567,000
Total accepted
- 1,800,347,000

(includes $310,366,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids:
High - 99.279 Equivalent rate of discount approx. 2.85255 per annum
M
low
- 99.202
w
w
w
w
3.l57£
Average - 99.211 » n n m » 3.1225? • "
(22 percent of the amount bid for at the low price was accepted)
Federal Reserve Total Total
District

Applied for

Boston $ 35,6lU,000 $ 25,6lL,COO
New York
1,816,013,000
Philadelphia
3U,585,000
Cleveland
78,U33,OOQ
Richmond
17,588,000
Atlanta
31,200,000
Chicago
222,099,000

St. Louis

Accepted
1,173,813,000
20,685,000
78,U33,000
17,588,000
31,200,000
170,099,000

30,55i,ooo

30,551,000

Minneapolis
13,275,000
Kansas City
60,183,000
Dallas
U5,011,000
San Francisco
lU7,Ol5,OOQ
Total $2,531,567,000 $L,800,3U7,O0O

13,275,000
60,183,000
35,011,000
lU3,895,OOQ

- 3 -

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

-2-

Those sub-

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

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

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

Settlement for accepted

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

May 31, 1957

, in cash or other immediately available funds

m
or in a like face amount of Treasury bills maturing
May 51, 1957
. Cash
and exchange tenders will receive equal treatment. Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 19Sk.

The bills

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

*Q
»'i«i»;»o:
tXXSK
TREASURY DEPARTMENT
Washington
A. M.
tSSL RELEASE/ EBEH2MB NEWSPAPERS,
Thursday, Mav 25. 1957
•

j j
1^
^
/ '
'

l ^ I '\y
\
\^y
{
^

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

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
Thursday, May 23, 1957.

H-1362

The Treasury Department, by this public notice, invites tenders
for $1,800,000,000, or thereabouts, of 90-day Treasury bills, for
cash and in exchange for Treasury bills maturing May 31,195?,
in the amount of $1,801,695,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated May 31, 1957*
and will mature August 29, 1957,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty ofclock p.m., Eastern Daylight
Saving time, Monday, May 27, 1957.
Tenders will not be
received at the Treasury Department, Washington. Each tender must
be for an even multiple of $1,000, and in the case of competitive
tenders the price offered must be expressed on the basis of 100,
with not more than three decimals, e. g., 99.925. Fractions may not
be used. It is urged that tenders be made on the printed forms and
forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submil
tenders except for their own account. Tenders will be received
without deposit from Incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tender;
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated ban]
or trust company.
Immediately after the closing hour, tenders will be opened at tl
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or In part, and his action in any such respect shall be
final. Subject to these reservations, non-competitive.tenders for
accepted
$200,000 In
or full
less without
at the average
stated price from
(in three
any one
decimals)
bidder will
of accepter
be

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Ban]
on May 31, 1957,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing May 31, 1957.
Cash and exchange tenders will receive equal treatment* Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not haw
any exemption, as such, and loss from the sale or other dispositior
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federa]
or State, but are exempt from all taxation now or hereafter imposec
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority,
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need Include In his income tax return only the
difference between the price paid for such bills, whether on
original Issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their Issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo

"5 >

hi -l^C3

RELEASE A. X. NEWSPAPERS,
'
Thursday. May 23. 1957.
vd
the Treasury Department announced last evening that tbs tenders for $1,500,000,0

or thereabouts, of Tax Anticipation Series 119-day Treasury bills to be dated May 27 i

to mature September 23, 1957, which were offered on Hay 17, were "opened at the Fsdtrt
Reserve Banks on May 22.
The details of this issue are as follows:
Total applied for - 13,688,537,000
Total accepted
- 1,500,119,000

(includes $398,935*000 entered on * * e r a l
nonconpetitivs basis and accepted in'
full at the average price shown below)

Range of accepted competitive bids: (Excepting one tender of 1200,000} ^'
High - 99*108 Equivalent rate of discount approx. 2.6981 per aanim
Low
- 99.049 ^
- s«ou, "
"

2.877* "

•

Average - 99.066 " " " • « 2.824J » "
iingj.y,

(63 percent of the amount bid for at the low price was accepted}

wiiv

" ih

Federal Reserve
District
Boston $ 148,890,000 fiJ 91,020,000
Rev Tork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL $3,688,537,000 $1,500,119,000

Total
Aftp^led for
1,681,205,000
144,849,000
256,152,000
157,1*95,000
132,565,000
458,856,000
106,635,000
106,675,000
88,090,000
173,910,000
232,915,000

Total
Accepted
625,895,000
92,699,000
121,152,000
91,684,000
63,370,000
75,506,000
40,435,000
64,290,000
43,993,000
1144,910,000
4S.l6S.000

TREASURY DEPARTMENT
'JlZZrmmTLrjmYmmmmlmm\^^^

WASHINGTON. D.C.
RELEASE A. M. NEWSPAPERS,
Hiursday, May 23, V)Sl*

H-1363

The Treasury Department announced last evening that the tenders for $1,500,000,0C

or thereabouts, of Tax Anticipation Series 119-day Treasury bills to be dated May 2

to mature September 23, 1957, which were offered on May 17, were opened at the Fede
Reserve Banks on May 22.
The details of this issue are as follows:
Total applied for - $3,688,537,000
Total accepted
- 1,500,119,000

(includes $398,935,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Range of accepted competitive bids: (Excepting one tender of $200,000)
High - 99.108 Equivalent rate of discount approx. 2.698$ per annum
Low
- 99 •0l*9
"
" "
"
"
2.877$ "
Average - 99.066 "

tf n

2.821$

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

TOTAL

Applied for

Accepted

148,890,000
1,681,205,000
144,849,000
256,452,000 ,
157,495,000
132,565,000,
458,856,000 .
106,635,000.
106,675,000
88,090,000
173,910,000
232,915,000 .

S3,688,537,000

91,020,000.
625,895,00092,699,000
121,152,000
91,684,00063,370,000
75,506,000
40,435,000.
64,290,000
43,993,000.

i44,9io,ooo45,165,000

$1,500,119,COO

This support from

;,9

so many important

sources

demonstrates that the idea is not purely academic but is one
of great practicality.

State govormHpRt* ^ with the exception of two (lovoiiiiors who
aatprtaood no opinion, ovary single one of tho 30 Ckwornoro
(or Torm r Governor*) who resp nded to tho q^osU^mielro
answered ihut the lions veto was desirable sod reportod savin as
resulting frr** use of the power#

They aloe ImHcatod that there

urns no agitation in thotr States for rebooting the ilea veto*
tho aodot State constitution of the Motional Itunictpal Loafso
contains an Itwm veto provision*
ith the adoption of tho Item veto by ttio various States,
proposals for & otssilmr provision tn tho Federal Constitution
soon developed.

Presidents of both parties, starting with

President Grant* ami including Presidents Mtym, Arthor* Wilson,
FraaHlin D # aooaevelt,-^PIio% and Eisenhower have endorsed tho
Horn veto.
Proposals to confer upon tho President tho riflht |o vote
iteste in appropriations bills have boon Introduced In nearly
every Congress since 1#?6. While action has not *>cen taken
in the past on tho proposal* the need for tho

IUNS

veto In

appropriation M i l s has increased as our budget h«s become
more co&plex.
The experience of tho States with tho I tea veto provides
evidence of its usefulness in achieving economy and efficiency
In Government operations,

I strongly reoomond adoption of sn

effective Item veto provision for tho Federal Oovernaent*

V
*J *

*m Z *»
tho ite* veto would not ilve-tho Pros 1 dont any additional
sfftnsatfvo powor.

m eoaid anHy h o M op an ttost laao aaengii

to f eons attention upon Itf front *aoa§ti 'to § two tlss kfcatoo m*4
«

Sena to tiao to reconsider It, and to ovwrrWo hto voao |fMa#s
doslrod*
This lt«a veto proposal lo not a now eno* t s A a grant*
of powor would too no Innovation in tho Agarics* political
oy*te»«

the I torn woto first apposr**! in tho Coast I to ttoa of

the Coafoderate States tn 18*1• Shortly tharoaftorr «ooo#Io
and TWnao ioelmtod thia pmmw

la tholr Coast!tatloan* % lsdooif

sfnee that fteo aany of tho older <stot** oad* with a elaffto
eaooptfoa* ewery now Sis to admitted to tho Union havo fr&fttdd *
tholr Sbovoraoro t M s powor* At proaoat* forty States fcov* tut
ecmat national provisions permitting trie uovernor to veto
Stems tn appropriation M i l e *

the Is tost lo he addal to ^ f e

into H o t wao Ifeaasaooo*which amended lta Constttatloa la
1*53 to prowtdo for ifco ttoa veto,

h**- <..-•* ~.±*r*

T e experience of the'States with tho I tea wata lad loa tee
that tt has Ho*a an offoottwa tool for oc^noay and that tho
powor has hoan judiciously used. A pall of Governors ao to
the working of the Itoa veto in tholr states* ao reported" in
hearing* s*oforo the Sana to Comities on the Jadietary is ^
Hay 1 § $ I on legislation proposing the ftan voto # tad tea tod
that thay conaldofatf ttia I too veto o dealro*4o foatwfa of

^
*

•

C*T*^4£0$
"

i^mmUJL rtm*

Statement by Secretary Humphrey Before Subceaalttee
No*' 3 of Msuao coaelttee oa tho Jadielesy oa
,
«S;-?^A,

•

appreciate thia opporteaity to .appear hsfere yoa to
testify oa

introduced by Congressman Kenneth Be Keating^ - -*
»**J# H O O * k1*A a^paaposart to^fi^s tJho Proatdoat

tho powor to vote individual Iteaa of appropriation hills*
A prohloa of aajor coaoorn to tho coagtaaa and tels^ittaiaiatr**
tion at prooaat la that of keep tag Fodaral eiqNriW.1 Intro* ander
control *ad of seeing te It teet tho dollara spent b y t h o >r
federal tievernaeat ars wall epent*
1 bailava-that this prepeeel which yaa hove ander consideration waald holp materially la thia effort*
-

Tho President la M o Utter af A p r H H o . 1957 te tho

Speaker of tho Hbaee regarding tea .19|S ledjet seguested that
aa a aoans of aeeerlao eenilaeing econaay on tee part of the
Coa§rcee ao well as tho Executive Hraaofc» action he tsUoa te
groat the President tee power te veto specif te iteae la
approprtatieae bllle*

-^.„•*•

Under tea Constitution the Free W o n t hea the responsibility
for recoaeandl^i appropriations to Congreae and tee Congress
Bakes its decisions oa an itea~£>y-Itea basis, tint the Preeldeat
la unable to deal oa an lte*t~by~ltea ^aala with epproprleteoa
hi lie voted by the Oeaoreaa*

The Preei lent at present can die*

approve only entire appropriations M i l s whteb* la aoat casee,
would risk interfering ear lonely with general Ooveiwaant function

TREASURY DEPARTMENT
Washington
Statement by Secretary Humphrey before Subcommittee
No. 3 of House Committee on the Judiciary on
H. J. Resolution 47 (item Veto), Monday, May 27,1957
I appreciate this opportunity to appear before you to
testify on H. J. Res. 47, introduced by Congressman Kenneth B.
Keating. This resolution proposes an amendment to the
Constitution by which Congress would be authorized to give the
President the power to veto individual items of appropriation bills.
A problem of major concern to the Congress and this Administration
at present is that of keeping Federal expenditures under control
and of seeing to it that the dollars spent by the Federal Government
are well spent.
I believe that this proposal which you have under consideration
would help materially in this effort.
The President in his letter of April 18, 1957 to the Speaker
of the House regarding the 1958 Budget suggested that as a means
of assuring continuing economy on the part of the Congress as well
as the Executive Branch, action be taken to grant the President
the power to veto specific items in appropriations bills.
Under the Constitution the President has the responsibility
for recommending appropriations to Congress and the Congress
makes its decisions on an item-by-item basis. But the President
is unable to deal on an item-by-item basis with appropriation
bills voted by the Congress. The President at present can disapprove only entire appropriations' bills which, in most cases,
would risk interfering seriously with general Government functions.
The item veto would not give the President any additional
affirmative power. He could only hold up an item long enough to
focus attention upon it; long enough to give the House and Senate
time to reconsider it, and to override his veto if desired.
This item veto proposal is not a new one. Such a grant
of power would be no innovation in the American political system.
The item veto first appeared in the Constitution of the Confederate
States in l86l. Shortly thereafter, Georgia and Texas included
this power in their Constitutions. Indeed, since that time many
of the older States and, with a single exception, every new State
admitted to the Union have granted their Governors this power.
At present, forty States have constitutional provisions permitting
the Governor to veto items in appropriation bills. The latest to
be added to this list was Tennessee, which amended its Constitution
in 1953 to provide for the item veto.
^,
~&
^
H-1364 ^. Y\ ^

57
- 2 The experience of the States with the item veto indicates
that it has been an effective tool for economy and that the
power has been judiciously used. A poll of Governors as to the
working of the item veto in their States, as reported in hearings
before the Senate Committee on the Judiciary in May 1954 on
legislation proposing the item veto, indicated that they considered
the item veto a desirable feature of State government. With the
exception of two Governors who expressed no opinion, every single
one of the 30 Governors (or former Governors) who responded to the
questionnaire answered that the item veto was desirable and
reported savings resulting from use of the power. They also
indicated that there was no agitation in their States for repealing
the item veto. The model State constitution of the National
Municipal League contains an item veto provision.
With the adoption of the item veto by the various States,
proposals for a similar provision in the Federal Constitution soon
developed. Presidents of both parties, starting with President
Grant, and including Presidents Hayes, Arthur, Wilson,
Franklin D. Roosevelt, and Eisenhower have endorsed the
item veto.
This support from so many important sources demonstrates that
the idea is not purely academic but is one of great practicality.
Proposals to confer upon the President the right to veto
items in appropriations bills have been introduced in nearly
every Congress since 1876. While action has not been taken in the
past on the proposals, the need for the item veto in appropriations
bills has increased as our budget has become more complex.
The experience of the States with the item veto provides
evidence of its usefulness in achieving economy and efficiency
in Government operations. I strongly recommend adoption of an
effective item veto provision for the Federal Government.

0O0

^8
ml m*

RELEASE A . M . NEWSPAPERS,
Tuesday, Hay 28, 1957.
The Treasury Department announced last evening that the tenders fer H,8OOfO00,0C
or thereabouts, of 90-day Treasury bills to be dated May 31 and to mature August 29,
1957, which were offered on May 23, were opened at the Federal Reserve Banks on May V\
The details of this issue are as follows!
Total applied for - $2#61i7,76Qt0Q0
Total accepted
- l,800f$$!if000 (includes 1286,392,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Range of accepted competitive bidsi (Excepting two tenders totaling 1300,000)
High - 99*216 Equivalent rate of discount 3.136)1 per annus
Low
- 99.185
s
t» *
*

3.260* •

Average - 99.189 • * • * approx. 3.2l*5* • •
(63 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Boston
Mew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Ste Louis

Minneapolis
Kansas City
Dallas
San Francisco

Total
Applied for
I 35,1(09,000
1,978,733,000
35,351»,000
71,519,000
10,81*6,000
3l*,332,000
21(7,672,000
25,1(82,000
9,189,000
li7,83lj,000
2l*,559,000
126,831,000
TOTAL $2,61(7,760,000

Total
Accepted
I 25,187,000
l,2U3,30lt,000
19,214,000
66,519,000
10,81(6,000
30,801,000
197,932,000
25,086,000
8,652,000
36,615,000
2U,559,000
111,806,000

H,8oo,55b,ooo

•

TREASURY DEPARTMENT
5\&ASHINGTON. D.C.
RELEASE A . M . NEWSPAPERS,
Tuesday, May 28, 1957 *

H-1365

The Treasury Department announced last evening that the tenders for $1,800,000,00
or thereabouts, of 90-day Treasury bills to be dated May 31 and to mature August 29,
1957, which were offered on May 23, were opened at the Federal Reserve Banks on May 27
The details of this issue are as follows:
Total applied for - $2,61*7,760,000
Total accepted
- 1,800,551*, 000 (includes $286,392,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Range of accepted competitive bids: (Excepting two tenders totaling $300,000)
High
Low

- 99.216 Equivalent rate of discount
v
- 99.185
"
•• "

Average

- 99.189

3«136# per annum
3.260# «
«

approx. 3.2l£#

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

Total
Applied for

Total
Accepted

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

$ 35,1*09,000
1,978,733,000
35,351^,000
71,519,000
10,8146,000
314,332,000
21*7,672,000
25,1*62,000
9,189,000
1*7,83U, 000
2l*,559,000
126,831,000

$ 25,187,000
l,2l*3,30l*,000
19,21*1*, 000
66,519,000
10,8li6,000
30,80li,000
197,932,000
25,086,000
8,652,000
36,615,000
21*,559,000
111,806,000

$2,61*7,760,000

$i,8oo,551*,ooo

TOTAL

The President has personally sent to me your fine QriwertT

contribution and has asked me to tell/you that he deeply
appreciates your patriotic motives. The money that you sent
has been placed in the general fund of the Treasury and will
be used for the purposes you request.
"Lay I add my own personal thaaks to you for your
loyal support.
G.M. HUMPHREy"

Berkeley, Calif., man sent $9.00 or $1.00 each for

himself, his wife, two daughers, four grandchildren, and one
mWSmmfmmt grandchild- He wrote the President that he was doing
this because of "your iaspiring message to the people. I
hope this small contribution may be used in some way to
protect the future of our country."

^ nL

/pw*^^

The Treasury has received^contributions
f^rnnrfl'H
totalling
$216.00by thr»

1<T

1TM

TT'

&*1

,wr

citizens supporting the budget.
edge repel

ttjfry Humphrey will ffext^ week

•"'of'the contributions^ T£e*moneyv^ill"be placeprm
Will by iJ^Ulf
t ^ general^fund
of the^r^rfsury.

The largest item was a check for
New York City artist.

$200.00 from a

The check was accompanied by a note

to the President which said MI hope that the people realize
the importance of freedom and safety, and this amount is
very cheap insurance for such a treasured possession." The
check was endorsed by President Eisenhower to be paid to
tin

UIQILI

uf LlnvOLbiilaij uf the Treasury.

jut* M

A Bowling Green, Kentucky, man sent a five.and a one
dollar bill with a news column quoting the President as
saying the per capita cost of "waging peace" is $5.88jper
person. "Here is my <49& six bucks" the man wrote "$5.&S$*
7
0
*
is too hard to mail" tin nlnlFLh This money is sent as a
reminder that the hope of the world lies with us he wrotor
)
A
it
A New York man sent a dollar bill TrwIiftirgTumtrr "as a
contribution to the budget", which the man described as
"commendable and will benefit our beloved country.^ I amj
sure you will continue to bring your budget to the attention
of the American people."

TREASURY DEPARTMENT
W A S H I N G T O N , D.C.
IMMEDIATE RELEASE,
Monday, May 27, 1957.

H-I366

The Treasury has received from the White House contributions
totalling $216.00 sent to the President by citizens supporting
the budget.
Secretary Humphrey is writing each donor:
"The President has personally sent to me your
fine contribution and has asked me to tell you that
he deeply appreciates your patriotic motives. The
money that you sent has been placed in the general
fund of the Treasury and will be used for the
purposes you request.
"May I add my own personal thanks to you for
your loyal support.
G.M. HUMPHREY"
The largest item was a check for $200.00 from a New York
City artist. The check was accompanied by a note to the
President which said "I hope that the people realize the
importance of freedom and safety, and this amount is very cheap
insurance for such a treasured possession." The check was
endorsed by President Eisenhower to be paid to the Treasury.
A Bowling Green, Kentucky, man sent a five dollar bill
and a one dollar bill with a news column quoting the President
as saying the per capita cost of "waging peace" is $5.88 per
person. "Here is my six bucks" the man wrote, adding that
"$5.88 is too hard to mail." "This money is sent as a reminder
that the hope of the world lies with us," he said.
A New York man sent a dollar bill "as a contribution to
the budget," which the man described as "commendable and will
benefit our beloved country. I am sure you will continue to
bring your budget to the attention of the American people."
A Berkeley, Calif., man sent $9.00, or $1.00 each for
himself, his wife, two daughters, four grandchildren, and "one
grandchild on the way." He wrote the President that he was
doing this because of "your inspiring message to the people.
I hope this small contribution may be used in some way to
protect the future of our country*"
nOn

or by any local taxing authority.

For purposes of taxation the amount of discount

at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections 1*51* (b) and 1221 (5) of the Internal Revenue Code of
195U the amount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets • Accordingly,
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. hl8, Revised, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch*

- 2 -

2 percent of the face amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank or trust
company.
Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the
Treasury Department of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, noncompetitive tenders for $200,000 or less
without stated price from any one bidder will be accepted in full at the average
price (in three decimals) of accepted competitive bids. Settlement for accepted
tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on June 6, 1957 , in cash or other immediately available funds
or in a like face amount of Treasury bills maturing June 6, 1957 . Cash
and exchange tenders will receive equal treatment. Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 1951*. The bills
are subject to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed on the princip*
or interest thereof by any State, or any of the possessions of the United States,

66
*:*:*«•:*«;«>:#..•

gSKHK
TREASURY DEPARTMENT
Washington

^ ^
^ ^

A / —
/

A. M.
K3K RELEASE/ MSKXXKX NEWSPAPERS,
Wednesday, May 29, 1957
m

amount will be payable without interest.

They will be issued in bearer form only,

and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
Daylight Saving
closing hour, /tSW o'clock p.m., Eastern/S*a«8W8 time, Monday, June 3, 1957

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

TREASURY DEPARTMENT

.__ 67

W A S H I N G T O N , D.C.
RELEASE A.M. NEWSPAPERS,
Wednesday, May 29, 1957.

H-I367

The Treasury Department, by this public notice, invites tenders
for $1,800,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing June 6, 1957,
in the amount of $1,800,492,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated June 6, 1957,
and will mature September 5, 1957, when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o1clock p.m., Eastern Daylight
Saving time, Monday, June 3, 1957.
Tenders will not be
received at the Treasury Department, Washington. Each tender must
be for an even multiple of $1,000, and in the case of competitive
tenders the price offered must be expressed on the basis of 100,
with not more than three decimals, e. g., 99.925. Fractions may not
be used. It is urged that tenders be made on the printed forms and
forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Others than banking Institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from Incorporated banks and trust companies and from
responsible and recognized dealers In investment securities. Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust company.
Immediately after the closing hour, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or In part, and his action in any such respect shall be
final. Subject to these reservations, non-competitive tenders for
$200,000 or less without stated price from any one bidder will be
accepted In full at the average price (in three decimals) of accepted

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bai
in
on June 6, 1957,
cash or other immediately available fundi
or in a like face amount of Treasury bills maturing June 6, 1957,
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the nen
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not hav
any exemption, as such, and loss from the sale or other dispositio
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federa
or State, but are exempt from all taxation now or hereafter impose
on the principal or Interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be Interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need Include in his income tax return only the
difference between the price paid for such bills, whether on
original Issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their Issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
0O0

I:.:T.:EDIATE R E L E A S E
Tues iay, liay 28, 1957

CO
\mJ V-/

(-1- (2X f

The Treasury Department, beginning next October 1, will
issue Series E Savings Bonds in punch-card form, at an annual
saving of $500,000 a year in printing costs.
The punch-card bonds will closely resemble the present
paper-type bonds and will have the same printed matter on both
sides as now. But while the present paper-type bonds are
7-3/U by lj.-1/ij. inches in size, the punch-card bonds
will be 7-3/8 by 3-l/U inches.
Present stocks of the paper-type E bond forms will be used
until stocks are depleted, probably "by the end of September, or for
reissues of paper-type bonds.
General approval was expressed by bond buyers, volunteer
bond salesmen, financial institutions and others consulted by
the Treasury when the money-saving change to card-type bonds was
proposed several months ago.
The ui'iiHnrflf punch-card bonds will make possible the use
of electronic data processing machines for certain Savings Bonds
procedures in the Bureau of the Public Debt, and installation
of such machines is now being arranged for

'«*&€>

ij^x.^^^^

flrJ O'^-'^

TREASURY DEPARTMENT
WASHINGTON. D.C.

IMMEDIATE RELEASE,
Tuesday, May 28, 1957.
m.mmm.mmmm.mmmmmmimmmmmmmmvn0m^mmmm,

H-1368

mm^mmmmmmmmmmmmmmmmut^mmm

The Treasury Department, beginning next October 1,
will issue Series E Savings Bonds in punch-card form, at
an annual saving of $500,000 a year in printing costs.
The punch-card bonds will closely resemble the
present paper-type bonds and will have the same printed
matter on both sides as now. But while the present
paper-type bonds are 7-3/4- by 4-1/4 inches in size, the
punch-card bonds will be 7-3/8 by 3-1/4 inches.
Present stocks of the paper-type E bond forms will
be used until stocks are depleted, probably by the end
of September, or for reissues of paper-type bonds.
General approval was expressed by bond buyers,
volunteer bond salesmen, financial institutions and
others consulted by the Treasury when the money-saving
change to card-type bonds was proposed several months ago.
The punch-card bonds will make possible the use of
electronic data processing machines for certain Savings
Bonds procedures in the Bureau of the Public Debt, and
installation of such machines is now being arranged for.
Some business firms and others issuing bonds under the
payroll savings plan will also be able to realize
economies in handling the new bonds.

oOo

RELEASE A. H. K M S P A m S ,
Tuesday. Jane U» 1957 •
The Treasury Department announced last evening that the tenders for SI,800,000,1
or thereabouts, of 91-day Treasury bills to be dated June 6 and to mature Septcsfetrj
1957, which were offered on May 29, were opened at the Federal leeerve Banks oa Juot
The details of tola issue are as followst
Total applied for - 12,^62,122,000
Total aocepted
- 11,800,01*2,000 (includes 1309,716,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Range of accepted competitive bids: (Excepting k traders totaling $1,200,OtiO)
.- \ High
^ Low

- 99*156 Equivalent rate of discount approx. 3.339$ per soon
- 99.Ua
*
* •
«
3*391.* • •

Average

- 99*11*7

•

3.371**

(85 percent of the amount bid for at the low price was accepted)
Federal Reserve
fietrict

Total
Applied for

Total
Accepted

Boston
yew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Pallas
San Francisco

33,1*20,000
l,772,19li,OOQ
35,616,000
5li,897,000
27,2147,000
37,032,000
261,078,000
29,017,000
IS,136, 000
li7,908,000
2?,681t,000
118,563,000

;
23,1*20,000
1,227,709,000
2lt,366,000
5li,llt7,OO0
27,2li7,O00
36,357,000
183,628,000
29,0li7,000
15,021,000
1*3,758,000

*2,162,122,000

fl,8OO,0h2,OO0

TOTAL

27,681J,000

107,158,000

TREASURY DEPARTMENT
71
WASHINGTON, D.C.

RELEASE A. M. NEWSPAPERS,
Tuesday, June h, 1957•

H-1369

The Treasury Department announced last evening that the tenders for $1,800,000,00
or thereabouts, of 91-day Treasury bills to be dated June 6 and to mature September 5,
1957 9 which were offered on May 29. were opened at the Federal Reserve Banks on June 3
The details of this issue are as follows:
Total applied for - $2,1*62,122,000
Total accepted
- $1,800,01*2,000 (includes $309,7ii5,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Range of accepted competitive bids: (Excepting h tenders totaling $l,2OQ,RQi0)
High
Low

- 99.156 Equivalent rate of discount approx. 3•339/6 per annum
w
• 99.11*2
"
tt 11
«
«
3.39h% "

Average

- 99.ll*7

3.37W

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

Total
Applied for

Total
Accepted

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

TOTAL

33,1*20,000
1,772,1914,000
35,616,000
51i,897,000
27,21*7,000
37,032,000
261,078,000
29,01*7,000
15,1*36,000
1*7,908,000
29,681*, 000
118,563,000

$2,1*62,122,000

23,1*20,000
1,227,709,000
2l*,866,000
51*, 11*7,000
27,21*7,000
36,357,000
183,628,000
29,01*7,000
15,021,000
1*3,758,000
27,681*, 000
107,158,000

$1,800,01*2,000

72
y

IMMEDIATE RELEASE
June U, 1957

The Bureau of Customs announced today that the quotas on
Canadian wheat and wheat flour prescribed in the Presidents
Proclamation of May 28, 19Ul, as modified, were filled at the
opening moment of the quota year, 12:00 noon, e.s.t., on May 29,
1957.

TREASURY DEPARTMENT

WASHINGTON, D.C.

IMMEDIATE RELEASE,
Wednesday, June 5, 1957.

H-1370

The Bureau of Customs announced today that
the quotas on Canadian wheat and wheat flour
prescribed in the President's Proclamation of
May 28, 19^1, as modified, were filled at the opening moment of the quota year, 12:00 noon, e.s.t., on
May 29, 1957.

0O0

- 3 -

74
or by any local taxing authority.

For purposes of taxation the amount of discount

at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections 1*51* (b) and 1221 (5) of the Internal Revenue Code of
1951* the amount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss*
Treasury Department Circular No. 1*18, Revised, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch*

-2-

nc.

mm
2 percent of the face amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank or trust
company.
Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the
Treasury Department of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, noncompetitive tenders for $200,000 or less
without stated price from any one bidder will be accepted in full at the average
price (in three decimals) of accepted competitive bids. Settlement for accepted
tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on June 15, 1957 , in cash or other immediately available funds
or in a like face amount of Treasury bills maturing June 15, 1957 . Cash

StJaJ
and exchange tenders will receive equal treatment. Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 1951*. The bills
are subject to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed on the principa'
or interest thereof by any State, or any of the possessions of the United States,

/-A-/3 ? /
TREASURY DEPARTMENT
Washington
A. M.
RHK RELEASE/ MBOTOBK NEWSPAPERS,
Thursday, June 6, 1957
.
The Treasury Department, by this public notice, invites tenders for
$ 1,800,000,000 , or thereabouts, of 91 -day Treasury bills, for cash and

fee min exchange for Treasury bills maturing

June 15, 1957

, in the amount of

$ 1.802»202,000 , to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated June 15, 1957

f and wm

mature September 12, 1957 , when the face

amount will be payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
Daylight Saving
closing hour,rfraaco'clockp.m., Eastern y&xwdBKfc time, Monday, June 10, 1957
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99*92$. Fractions may not be used. It is urged that tenders
be made on the printed forms and forwarded in the special envelopes which will be
supplied by Federal Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account. Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized dealers
in investment securities • Tenders from others must be accompanied by payment of

TREASURY DEPARTMENT

mrU.l\.,t*,h>,.., >• .Jmm\LUmmmm'mm.mmmL.m,JVi.mi.,J.i V L " ' " ' T " ' »».'L * — ' '«•-'» •M'W'ff'WlW'J f I^J? WUJg lJg^.'J!J»r>-W<»-^^^ J ^l l #|i^.«*^>r W »^» W ^T^ T r r ^

WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
Thursday, June 6, 1957e

H-1371

The Treasury Department, by this public notice, invites tenders
for $1,800,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing June 13, 1957,
in the amount of $1,802,202,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated June 13, 1957,
and will mature September 12, 1957, when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty ofclock p.m., Eastern Daylight
Saving time, Monday, June 10, 1957.
Tenders will not be
received at the Treasury Department, Washington. Each tender must
be for an even multiple of $1,000, and in the case of competitive
tenders the price offered must be expressed on the basis of 100,
with not more than three decimals, e. g„, 99.925. Fractions may not
be used. It is urged that tenders be made on the printed forms and
forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from Incorporated banks and trust companies and from
responsible and recognized dealers In investment securities. Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust company.
Immediately after the closing hour, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
In whole or in part, and his action in any such respect shall be
final. Subject to these reservations, non-competitive tenders for
accepted
$200,000 In
or full
less at
without
the average
stated price from
(in three
any one
decimals)
bidder will
of accepted
be

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on June 13, 1957,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing June 13, 1957.
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954* The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed
on the principal or Interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the
difference between the price paid for such bills, whether on
original Issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
0O0

Arrangements have been made to utilize in needed positions
elsewhere in the Government service about 150 Treasury employees
whose positions have been affected by the changeover.

- 0 -

Net savings resulting from the new electronic procedures
are expected to amount to approximately $1,750,000 a year for
the General Accounting Office and about $500,000 annually
for the Federal Reserve Banks.

80
- 2 In 1953> & committee of representatives of the Treasury, General
Accounting Office and Bureau of the Budget was formed to further the
study. This committee in September 1955, recommended adoption of electronic equipment, and Secretary Humphrey and Comptroller General Campbell
concurred.
The required machines were acquired on a rental basis, and tests
of then were completed satisfactorily. They are now in regular use at
the Liberty Loan Building for the processing daily of seme 1,000,000
checks presently being paid in Washington. This workload will be increased from time to time until it reaches 1-1/2 million checks each day.
The electronic devices are capable of accurately "remembering"
essential facts about an almost unlimited number of checks, such as the
serial, numbers and amounts. These facts are "fed" into the machines, and
when the checks are received for payment, the machines either verify then
or throw them out as incorrect. The machines may be used also to provide
information at any time on checks outstanding, thereby simplifying the
reconciliation of accounts of disbursing officers.
Pa^fSSlTbsdnd reconciliation steps heretofore-followed required^put
450 employees lia the Treasury an& J00 in the General Accounting Office]
The new electronic procedures wiLj reduce the number fin the Treasury fo
about 500. Thai iiiuullliig bai/luga/will Ue divided Urflwwn pie Genera* Accounting Offi/eycsUUAi is expected to save approximately $1,700,000 a
year througiy reductions in that/off ice, and th^Federal Reserve uanfcs
will save qfcout $500,000*^^*^*/^, .

IMMEDIATE RELEASE

. . .. ^ & ° ^ >

- 0.

realization of the ideas from which the new check processing program came
was an outstanding example of how cooperative work can improve the
quality and lessen the cost of Government operations.
Use of m* new procedures for paying and reconciling Government
checks worked out under the leadership of Mr. Stickney and representatives of the Comptroller General is expected to save the Government
$2,250,000 annually.
Five Treasury employees who were associated with Mr. Stickney in
development and testing of the electronic processing-reconciliation
methods have been awarded the Treasury1 s Meritorious Civilian Honor.

They are Sidney S. Sokol, Deputy Commissioner of Accounts; Roy S. Thompso
and Peter E. Traver, Office of the Treasurer of the United States;
Richard D. Barker and William V. Thomas, Office of the Fiscal Assistant
Secretary.
Mr. Stickney began preliminary work five years ago on the idea
that complex operations having to do with the payment and reconciliation
of Government checks, of which about 330,000,000 are issued each year,
could be simplified and expedited by the use of electronic devices.

TREASURY DEPARTMENT

WASHINGTON, D.C.
IMMEDIATE RELEASE,
Monday, June 10, 1957.

H-1372

George F. Stickney, Technical Assistant to the Fiscal Assistant
Secretary of the Treasury, today received a gold medal honor award
from Treasury Secretary Humphrey for outstanding service to the
Government in the development of money-saving electronic methods of
processing Government checks.
Secretary Humphrey, in making the award, commented that
successful realization of the ideas from which the new check processing program came was an outstanding example of how cooperative work
can improve the quality and lessen the cost of Government operations.
Use of new procedures for paying and reconciling Government
checks worked out under the leadership of Mr. Stickney and
representatives of the Comptroller General is expected to save the
Government $2,250,000 annually.
Five Treasury employees who were associated with Mr. Stickney
in development and testing of the electronic processingreconciliation methods have been awarded the Treasury's Meritorious
Civilian Honor. They are Sidney S. Sokol, Deputy Commissioner of
Accounts; Roy S. Thompson and Peter E. Traver, Office of the
Treasurer of the United States; Richard D. Barker and William V.
Thomas, Office of the Fiscal Assistant Secretary.
Mr. Stickney began preliminary work five years ago on the idea
that complex operations having to do with the payment and
reconciliation of Government checks, of which about 330,000,000 are
issued each year, could be simplified and expedited by the use of
electronic devices.
In 1953, a committee of representatives of the Treasury,
General Accounting Office and Bureau of the Budget was formed to
further the study. This committee in September 1955, recommended
adoption of electronic equipment, and Secretary Humphrey and
Comptroller General Campbell concurred.
The required machines were acquired on a rental basis, and tests
of them were completed satisfactorily. They are now in regular use
at the Liberty Loan Building for the processing daily of some
1,000,000 checks presently being paid in Washington. This workload
will be increased from time to time until it reaches 1-1/2 million
checks each day.
The electronic devices are capable of accurately "remembering11
essential facts about an almost unlimited number of checks, such
is the serial numbers and amounts. These facts are "fed" into

- 2-

°"

the machines, and when the checks are received for payment, the
machines either verify them or throw them out as incorrect. The
machines may be used also to provide information at any time on
checks outstanding, thereby simplifying the reconciliation of
accounts of disbursing officers.
Net savings resulting from the new electronic procedures
are expected to amount to approximately $1,750,000 a year for
the General Accounting Office and about $500,000 annually for the
Federal Reserve Banks.
Arrangements have been made to utilize in needed positions
elsewhere in the Government service about 150 Treasury employees
whose positions have been affected by the changeover.

oOo

-—-• / y

i —'

RELEASE A. M. NEWSPAPERS,
Tuesday, June 11, 1957 .
The Treasury Department announced last evening that the tenders for $L,800,000,OQC
or thereabouts, of 91-day Treasury bills to be dated June 13 and to mature September 12
1957, which were offered on June 6, were opened at the Federal Reserve Banks on June 10
The details of this issue are as followst
Total applied for • $2,687,265,000
Total accepted
- 1,800,579,000 (includes 1365,672,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Range of accepted competitive bids;
High - 99.186 Equivalent rate of discount approx. 3.220$ per annua
Low
- 99.174
*
*
"
"
"
Average - 99.177 " "

3.268$ "

* * 3.256* » «

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

Total
Applied for

Total
Accepted

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

TOTAL

/f/flL

1*6,909,000
1,831,100,000
38,307,000
7li,ii77,000
33,930,000
53,968,000
325,978,000
31,19*4,000
23,509,000
59,960,000
39,218,000
128,715,000

12,687,265,000

36,1(89,000
1,090,225,00022,918,000
69,063,000
29,910,000
W»,33O,000
21*9,62*0,000
29,578,000
23,083,000
56,960,000
32,218,000
116,165,000

11,600,579,000

8^
TREASURY DEPARTMENT
WASHINGTON, D.C.
5LEASE A. M. NEWSPAPERS,
lesday, June 11, 1957.

H-1373

The Treasury Department announced last evening that the tenders for $1,800,000,000,
? thereabouts, of 91-day Treasury bills to be dated June 13 and to mature September 12,
?57, which were offered on June 6, were opened at the Federal Reserve Banks on June 10.
The details of this issue are as follows:
Total applied for - $2,687,265,000
Total accepted
- 1,800,579,000 (includes $365,672,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Range of accepted competitive bids:
High - 99.186 Equivalent rate of discount approx. 3.220$ per annum
lf
w
n
Low
- 99.17U
" ft

3.268$

Average - 99.177 " M n ,f ,f 3 •256$ " «
(98 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total
Applied for

Total
Accepted

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

TOTAL

1*6,909,000
1,831,100,000
38,307,000
7U,!*77,000
33,930,000
53,968,000
325,978,000
31,19li,000
23,509,000
59,960,000
39,218,000
128,715,000

$2,687,265,000

36,1*8.9,000
1,090,225,000
22,918,000
69,063,000
29,910,000
111*, 330,000
21*9,61*0,000
29,578,000
23,083,000
56,960,000
32,218,000
116,165,000

11,800.579,000

S T A T U T O R Y D E B T LIMITATION
A S oF...^L.?h.ym

CO
Was

UM«. jsssLiidsa

aggregai
(Act of June 26, 1946; U.S.C.. title 31, sec. 757b), outstanding at any one time. For purposes ofthis section the current re*
demption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder
shall be considered as its face amount." The Act of July 9, 1956,(P°Lo 678 84th Congress) provides that during the period
beginning on July 1, 1956, and ending on June 30, 1957, the above limitation ($275,000,000,000) Shall be temporarily increased
by $3,000,000,000.
T h e following table shows the face amount of obligations outstanding and the face amount which can still be issued under
this limitation:
Total face amount that may be outstanding at any one time
$ 2 7 8 » 0 0 0 9 000,000
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills $26 9 776,970 , 000
Certificates of indebtedness
Treasury note.
BondsTreasury
Savings (current redemp. value)
Depositary.
Investment series
„
Special Funds*
Certificates of indebtedness
Treasury notes
Total interest-bearing
Matured, interest-ceased
Bearing no interest:
United States Savings Stamps
Excess profits tax refund bonds
Special notes of the United States:
Internat'l Monetary Fund series
Total
:

21,78**,6l5»000
30.924.283.000

$ 79,485,868,000

80 , 795 ,622f 5 5 0
55 ,193 , H 5 , 7 8 8
209,643,000
11.202.883.000

147,401,264,338

35,958,857,000
10.177.989.40Q

46.136.846.400
2 7 3 ,023 , 9 7 8 , 7 3 8
5 2 8 , 1 5 2 j'+JO

51,133,884
928,05O
1.182.000,000

1.234 . Q6l.940
274,786,193,116

Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A
102,518,050
Matured, interest-ceased
705 ,875
v
Grand total outstanding
Balance face amount of obligations issuable under above authority

103 ,223 1925
274,889* 417,0*1
3,110,582,959

^^^^immm^^m^^^^^^^^^^m^mmK^^l^a^9Hm^amammmmmm-mmmm-9--m*v^^-%-^^

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

?........./.......
(Date)
?S5iK.v.2iL?.i.i;§.5Z.

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

H-1374

ontL OO.o ryon Qkl
iS'^'S
rwfflifiTO
^
CoilftPQ
SS^'w'oS

STATUTORY DEBT LIMITATION
31
AS O F ^ y
» -1957

0 7
'

Washington. .... J .™li.L
Section 21 of Second Liberty Bond Act, as amended, provides that the face amount of obligations issued under authority
f that Act, and the face amount of obligations guaranteed as to principal and interest by the United States (except such guaroteed obligations as may be held by the Secretary of the Treasury), "shall not exceed in the aggregate $275,000,000,000
Act of June 26, 1946; U.S.C. title 31, sec. 757b), outstanding at any one time. For purposes ofthis section the current reemption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder
hall be considered as its face amount." The Act of July 9, 1956,(PoL, 678 84th Congress) provides that during the period
•eginning on July 1, 1956, and ending on June 30, 1957, the above limitation ($275,000,000,000) Shall be temporarily increased
,y $3,000,000,000.
The following table shows the face amount of obligations outstanding and the face amount which can still be issued under
his limitation:
*otal face amount that may be outstanding at any one time
$278,000,000,000
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills $26 ,776 ,970,000
Certificates of indebtedness
Treasury notes
„
BondsTreasury
Savings (current rede imp. value)
Depositary.
Investment series
Special FundsCertificates of indebtedness
Treasury notes;
Total interest-bearing
Matured, interest-ceased
Bearing no interest:
United States Savings Stamps
Excess profits tax refund bonds
Special notes of the United States:
Internat'l Monetary Fund series
Total
.....

21,784,615,000
30.924.283.000
8 0 , 7 9 5 ,622 , 5 5 0
55,193,115,788
209,643,000
11.202.883.000
35,958,857,000
1 0 .177 .989 .400
~

79,485.868,000

147,401,264,338

4 6 . 1 3 6 .846.400
2 7 3 ,023 , 9 7 8 ,738
j*Zo , Ij-Z ,*+JO

51,133,884
928,056
1.182,000.000

GiMriuuoed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A
102,518,050
Mulured, interest-ceased
7Q5.i>'75
v
Grand total outstanding
Dalunee face amount of obligations issuable under above authority
Reconciilement with Statement of the Public Debt
(Daily Statement of the United States Treasury,

1.234.061.940
274,786,193,116

103*223,925
.2,74,669,, 412*041
3.110,582.959

May 31
1 ^ 57
yr...........\
'........<
(Date)
M a y . 3 1 » # 1-957
(Date)

)utstandingTotnl gross public debt
-•••
Guaranteed obligations not owned by the Treasury.
,
Total gross public debt and guaranteed obligations.
deduct - othef outstanding public debt obligations not subject to debt limitation

2 7 5 , 2 3 3 . VS.". 9 4 5
1Q3.??3.925
275.337.011.b7C
4^:24^2.2

274,889,417.041
H-1374

or by any local taxing authority.

For purposes of taxation the amount of discount

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

QQ
- 2 -

or in a like face amount of Treasury bills maturing June 20, 1957 . Cash
and exchange tenders will receive equal treatment. Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 195U. The bills
are subject to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed on the princip*
or interest thereof by any State, or any of the possessions of the United States,

\mJ

XSS30L
TREASURY DEPARTMENT
Washington

/2/5

A. M.
KSR RELEASE/ MKRSKKS NEWSPAPERS,
Thursday. June 15. 1957
•
The Treasury Department, by this public notice, invites tenders for
$ 1,600,000,000 9 or thereabouts, of 91 -day Treasury bills, for cash and

*W^

S»x

in exchange for Treasury bills maturing
June 20, 1957
, in the amount of
$ 1,603,807,000 , to be issued on a discount basis under competitive and non-

TOW
competitive bidding as hereinafter provided.

The bills of this series will be

dated June 20, 1957 and will mature September 19, 1957 , when the face

$5£
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99*92$* Fractions may not be used. It is urged that tenders
be made on the printed forms and forwarded in the special envelopes which will be
supplied by Federal Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account. Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized dealers
in investment securities. Tenders from others must be accompanied by payment of

TREASURY DEPARTMENT-

WASHINGTON, D.C.
RELEASE A.M.NEWSPAPERS,
Thursday, June 13, 1957 .

H-1375

The Treasury Department, by this public notice, Invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and In exchange for Treasury bills maturing June 20, 1957,
in the amount of $1,603,807,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated June 20, 1957,
and will mature September 19, 1957, when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o'clock p.m., Eastern Daylight
Saving time, Monday, June 17, 1957.
Tenders will not be
received at the Treasury Department, Washington. Each tender must
be for an even multiple of $1,000, and in the case of competitive
tenders the price offered must be expressed on the basis of 100,
with not more than three decimals, e. g., 99.925. Fractions may not
be used. It Is urged that tenders be made on the printed forms and
forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from Incorporated banks and trust companies and from
responsible and recognized dealers In investment securities. Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust company.
Immediately after the closing hour, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or In part, and his action in any such respect shall be
final. Subject to these reservations, non-competitive tenders for
accepted
$200,000 In
or full
less at
without
the average
stated price from
(in three
any one
decimals)
bidder will
of accepted
be

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on June 20, 1957,
in cash or other immediately available funds
or In a like face amount of Treasury bills maturing June 20, 1957.
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted In exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount-of discount at which Treasury
bills are originally sold by the United States is considered to
be Interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need Include In his Income tax return only the
difference between the price paid for such bills, whether on
original "issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their Issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo

IMMEDIATE RELEASE,

TREASURY DEPARTMENT
„*„ f M ™ ™
WASHINGTON

Thursday, June 13, 19^7*

g2L376

The Bureau of Customs announced today preliminary figures showing the imports
for consumption of the commodities listed below within quota limitations from the
beginning of the quota periods to June 1, 1957, inclusive, as follows:

Unit
:
of
* Imports as 0:
Quantity ; June 1, 1957

Commodity
Tariff-Rate Quotas:
Cream, fresh or sour Calendar Year

1,500,000

Gallon

Ihole milk, fresh or sour

3,000,000

Gallon

Cattle, less than 200 lbs. each

Calendar Year
12 wo3

^ fT03n
April 1, 1957

Cattle, 700 lbs. or more each April 1, 1957 (other than dairy cows)
June 30, 1957

136
3U0

200,000

Head

8,157

120,000

Head

11,097

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

37,375,636 Pound

Tuna fish Calendar Year

44,528,533 Pound

15,667,098

Pound
Pound

lll,60li,585
32,70^,194

Walnuts Calendar Year

5,000,000 Pound

830,211

Alsike clover seed 12 mos. from

2,500,000

Pound

235,814

80,000,000

Pound

14,000,000

Pound

9,172,9ii6

1,709,000

Pound

12 mos. from
July 1, 1956
182,280,000
Canada
3,720,000
Other Countries

Pound
Pound

Calendar Year

Pound

HUhite or Irish potatoes:
Certified seed
Other

150,000,000
12 mos# from
Sept. 15, 1956 60,000,000

(1
Quota Filled

July 1, 1956
Peanut oil 12 mos. from
July 1, 1956
Woolen fabrics Calendar Year
Absolute Quotas:
Peanuts, shelled, unshelled,
blanched, salted, prepared, or
12 mos. from
preserved (incl. roasted peaAug. 1, 1956
nuts, but not peanut butter)
Rye, rye flour, and rye meal ..

Butter substitutes, including
butter oil, containing h5%
or more butterfat
(1)
(2)

1,800,000

Quota Filled

(i
182,276,116

Quota Filled

Imports for consumption at quota rate limited to 18,687,8l8 lbs. during the
first 6 months of calendar year.
Imports through June 10, 1957.

IMMEDIATE RELEASE,
Thursday, June 13, 1957

TREASURY DEPARTMENT
WASHINGTON

H-1376
Q/3
The Bureau of Customs announced today preliminary figures showirfg the imports
for consumption of the commodities listed below within quota limitations from the
beginning of the quota periods to June 1, 1957, inclusive, as follows:
Unit :
of
: Imports as of
Quantity : June 1, 1957

Commodity
Tariff-Rate Quotas:
Cream, fresh or sour Calendar Year
Whole milk, fresh or sour
Calendar Year
* fro5
April 1, 1957
Cattle, 700 lbs. or more each April 1, 1957 (other than dairy cows)
June 30, 1957
Fish, fresh or frozen, filleted,
etc., cod, haddock, hake,
pollock, cusk, and rosefish
Calendar Year
Tuna fish Calendar Year
Cattle, less than 200 lbs. each

White or Irish potatoes:
Certified seed
Other
Walnuts Calendar Year

12 wo3

1,500,000 Gallon
3,000,000 Gallon
Head

8,157

120,000 Head

11,097

200,000

37,375,636

Pound

4)4,528,533 Pound

150,000,000
12 mos. from
Sept. 15, 1956 60,000,000

Alsike clover seed .c 12 mos. from
July l, 1956
Peanut oil 12 mos. from
July 1, 1956
Woolen fabrics Calendar Year

136
340

Pound
Pound

Quota Filled

(1)

15,667,098

5,000,000 Pound

111,604,585
32,70U,194
830,211

2,500,000 Pound

235,814

80,000,000

Pound

14,000,000

Pound

9,172,9h6

Absolute Quotas:
Peanuts, shelled, unshelled,
blanched, salted, prepared, or
preserved (incl. roasted pea- 12 mos. from
1,709,000 Pound
Quota Filled
Aug. 1, 1956
nuts, but not peanut butter)
tye, rye flour, and rye meal .. 12 mos. from
July 1, 1956
182,276,116(2!
182,280,000 Pound
Canada
Other Countries 3,720,000 Pound
Gutter substitutes, including
butter oil, containing k5%
Calendar Year
1,800,000 Pound
Quota Filled
or more butterfat
1) Imports for consumption at quota r.-.vte limited to 18,637,8l8 lbs. during the
first 6 months of calendar year.
2) Imports through June 10, 1957.

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Thursday9 June 13, 1957.

H-1377

The Bureau of Customs announced today the following preliminary
figures showing the imports for consumption from January 1, 1957, to
June 1, 1957, inclusive, of commodities for which quotas were established pursuant to the Philippine Trade Agreement Revision Act of 1955:

Commodity

Buttons

Imports as of
June 1, 1957

: Established Annual
:
Quota Quantity
807,500

Gross

321,869

Cigars 190,000,000

Number

1,980,172

Coconut oil 1*25,600,000

Pound

70,819,779

Cordage 6,000,000

Pound

2,211;, 581

(Refined
Sugars
(Unrefined

Pound

Tobacco 6,175,000

17,070,323
1,904,000.000

1,058,537,807
Pound

1,768,005

TREASURY DEPARTMENT
Washington

35
IMMEDIATE RELEASE,
Thursday, June 13, 1957.

H-1377

Commodity

: Established Annual
:
Quota Quantity

Buttons

807,500

Unit
of
Quantity
Gross

Imports as of
June 1, 1957

321,869

Cigars 190,000,000

Number

1,980,172

Coconut oil l|25,600,000

Pound

70,819,779

Cordage 6,000,000

Pound

2,2lU,58l

(Refined
Sugars
(Unrefined

Pound

Tobacco 6,175,000

17,070,323
1,904,000.000

1,058,537,807
Pound

1,768,005

IMMEDIATE RELEASE,
Thursday. June l^r IQ57,

TREASURY DEPARTMENT
Washington

H-1378

The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour authorized to be entered, or withdrawn
from warehouse, for consumption under the import quotas established in the
President's proclamation of May 23, 1941, as modified hy the President's
proclamation of April 13, 1942, for the 12 months commencing May 29, 1957,
as follows?
0

•

•
a
e
a

Country
of
Origin

:
:
:
:

Wheat

•
•
•
o

•
9

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

Established :
Imports
Quota
.IK~ 29, 1957,
:june 10, 1957
(Bushels)
(Bushels)
795,000

795,000

—

.=
«,

—

100
—

100
100

—
—
—
-

—

mm,

—

100
2,000
100

—
—
—

—

1,000

—

100

—

mm.

—

1,000
100
100
100
100

—

TSheat flour., semolina,
crushed or crackedI
wheat, and similar
wheat products

: Established :
Imports
2
Quota
s Kay 29, 1957
to June 10, !
(Pounds)
(Pounds)
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000,
1,000'
1,000
\ —

3,815,000
—
-

—

IMMEDIATE RELEASE,
Thursday. June 13, 1957.

TREASURY DEPARTMENT
Washington

97
H-1378

The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour authorized to be entered, or withdrawn
from warehouse, for consumption under the import quotas established in the
presidents proclamation of May 23, 1941, as modified by the president's
proclamation of April 13, 1942, for the 12 months commencing May 29, 1957,
as follows?

:
\
:
:

Wheat
Country
of
Origin

Wheat flour., semolina,
crushed or crackedL
wheat, and similar
wheat products

Imports
s Established :
:. Established :
Irnpc>rts
Quota
: May 29, 1957,
s
Quota
!l'A7 29, 1957? to \\
to June 10, 1957
:June 10 . 1957
J
(Pounds)
(Pounds)
(Bushels)
(Bushels)

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

795,000

—

100
—

100
100

—
—
—
-

—

100
2,000
100

—

1,000

„.

—

100

™.

—

—
-

—

—
-

—

3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5.000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000

3,815,000
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
"••

—
—
mm

***
mm

—

100
100

—

H00,000

795;,ooo

1,000
100
100

Ti70TO7COT

37SvT,ooo

COTTON WASTES
(In pounds)
rrSTTnw
C

PAPH

STOTPS made from cotton having-* staple of less than 1-3/16 inches in length, COMBER

^ i ^ ^

«&, « R

OR NOT MANUFACTURE!^

ADVANCED IN VALUE: Provided, however, that not more than^33-l/3+percent of the quotas shall
be filled by cotton wastes other than comber wastes made from cottons of ^ / ^
" ^ S ^ a S
in staple length in the case of the following countries: United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italys

Country of Origin

Established
TOTAL QUOTA

United Kingdom . . . • • 4,323,457
Canada
239,690
France . . .
227,420
British India
69,627
Netherlands
68,240
Switzerland .
44,388
Belgium
•
38,559
Japan • • • • • • • • • •
341,535
China
17,322

Egypt
Cuba
Germany •
Italy
5,482,509

Total Imports
s Established s
Imports
Sept. 20, 1956, to % 33-1/3* of : Sept. 20^1956,
June 10, 1957
i Total Quota : to June 10, 1957

95,562
239,690

1,441,152

—

75,807

69,627
—
—
_

95,562

22,747
14,796
12,853

f A3?
• •

o,544
76,329
21^263.

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

22,775

25,443
7.088

22,775

427,654

1,599,886

118,337

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE, H-1379
Thursday 9 -Tune 13. 1957 .
Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by/the Presidents Proclamation of September 5, 1939, as amended
COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other than rough or harsh under 3/411
Imports Sept. 20, 19 56, to June 10. 1957
Country of Origin, Established Quota Imports Country of Origin Established Quota
Egypt and the Anglo- Honduras ..... . 752
Egyptian Sudan . . .
783,816
Peru
247,952
British India . . . . .
2,003,483
China
1,370,791
Mexico'."
8,883,259
Brazil . . . . . . . .
618,723
Union of Soviet
Socialist Republics .
475,124
Argentina
5,203
Haiti
237
Ecuador
9,333

124,060
8,883,259
600,000
-

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

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

1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
^/ Other than Algeria, Tunisia, and Madagascar.
Cotton, harsh or rough, of less than 3/4" Cotton 1-1/8" or more
[mports Sept. 20. 19 56, to June 1, 1957
Imports August 1. 1956.to June 1. 1957, ind,
Established Quota (Global) Imports Established Quota (Global) Imports
70,000,000 6,996,562 45,656,420 20,851,356

~'~'°

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE, . „Q
Thursday, June 13, 1957.

tt-Ufy

Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by the Presidents Proclamation of September 5, 1939, as amended
COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other than rough or harsh under 3/4H
Imports Sept. 20. 19 56, to June 10, 1957
~"
Country of Origin Established Quota Imports Country of Origin Established Quota
Egypt and the Anglo- Honduras ..... . 752
Egyptian Sudan . . .
783,816
Peru
247,952
British India . . . . .
2,003,483
China
1,370,791
Mexico
8,883,259
Brazil . . . v . . . .
618,723
Onion of Soviet
Socialist Republics .
475,124
Argentina
5,203
Haiti
237
Ecuador
9,333

124,060
8,883,259
600,000
-

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

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

1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
jj Other than Algeria, Tunisia, and Madagascar.
Cotton, harsh or rough, of less than 3/4" Cotton 1-1/8" or more
Imports Sept. 20, 19 56, to June 1, 1957
Imports August 1. 1956,to June 1. 1957. incl*
Established Quota (Global) Imports Established Quota (Global) imports
70,000,000 6,996,562 45,656,420 20,851,356

COTTON WASTES
(In pounds)
m C
IT2L ^ ? - J S 2 ^
°"° ton h a v i n S * staple of less than 1-3/16 inches in length, COMBER
?^Fi
^ ^ S L I V E R V;ASTE > A N D R 0 V I N G W A S T E > -AETHER OR NOT MANUFACTURED OR OTHERWISE
ADVANCED M VALUE: Provided, however, that not more than 33-1/3-percent of the quotas shall
be filled by cotton wastes other than comber wastes made from cottons of 1-3/16 inches or more
in staple- length in the case of the following countries: United Kingdom, France, Netherland3,
Switzerland, Belgium, Germany, and Italys

. .
: Established
Country of Origin
, TOTAL QUOTA
—
:—L_
United Kingdom
4,323,457
Canada
239,690
France . . .
227,420
British India
69,627
Netherlands . . . . . . .
68,240
Switzerland .
44,388
Bel ium
S
38,559
Japan
341,535
China-.
17,322
Egypt
.
8,135
Cuba
6,544
**"****
76,329
Ital
y
• • 5,482,509
21.263
1/ Included in total imports, column 2.
Prepared in the Bureau of Customs.

:
Total Imports
s Established s
imports
17
s Sept. 20, 1956, to : 33-1/3* of *. Sept. 20, 1956,
:J u n e 10> 1957
t Total Quota ; to June 10, 1957
95,562
"',441,152
95 562
239,690
- ^ ^ j
?>,**
75,807
69,627
22 747
14*796
i2!853
~_
22,775
427,654
_-

22,775
Z
25,443
1,599,886
7 088

118,337

-9-

101

Peeeiai*m? Gentlemen, our country, our (kftWMrtt# and our free

MGMV

are the admiration of the world. Th«y more than warranter confidence]

~ -

'"*•.

1U^

These statements aeen to me a perverted interpretation of the events of
the past four and a half years.
In these years, we have had, and are having, a great and growing prosperity
We made a vigorous out of $10 billion In Government spending and a out
of $7-1/2 billion in taxes.
^e have removed price and wage controls, so that the public and the
Individual are freer than they were.
Prices have been more stable than in any similar period fbr many years.
A recent slight flare-up partly reflects higher costs of services and gradual
removal of rent controls. A There has been no credit inflation or general
commodity price rise*
For these four and one-half years, the Treasury has financed Itself In
non-inflationary ways and has begun to pay off the debt*
We have released from political controls the great forces of supply and
demand in the money market and have given the Fsderaj&cserve System freedom
to act in the public interest*
We do have problems. They are the problems of prosperity*

They arise

from that great confidence in the future which leads our consumers and suppliers
alike to seek ever larger additional amounts of credit with which to buy, build,
and produce more goods. This very confidence, and the reoord rates of employ*
znent and business activity which reflect it, more than demonstrate the ability
of our society to absorb declines in Government spending and the vitality of
our free enterprise economy to bring an ever higher living standard to our
people*

mL W- mJ

•7 In all these ways* gradually in the past four and one-half yea*i/we
have made real progress In this problem of handling the debt*
This is like a great campaign with many battles. Some of the battles
you win, and some of them you lose; but tfae campaign goes forward. The
objectives have been perfectly clearj they have been followed — with complete
cooperation between the Federallleaerve and the Treasury, as never before.
Our principles are right; there may be temporary set-backs, but we shall
continue to make progress*
4 W*>v§ of tft^ustfflLyl PessjffijLffn
Before closing* I want to refer to a kind of wavfc of pessimism about the
current financial situation, which seems to me unjustified.
In the public p r e s a g e find audi expressions as these %
"There is a certain amount of alarm in the country about a
possible depression ........"
*&ith all the talk of fprivate enterprise,* we are already
well along with state capitalism."
"There will be continued inflation......."
"There will be no decrease of the budget."
".....the powers that be* in Congress and out of it, will
back away from the present economy drive."
".....the type of dynamic economy we have evolved demands
continued Government spending at a high level. It is a perpetual
f

pump priming9 process....."
"The Treasury is walking into a rough proposition and is

going to sponsor a good deal of inflation.n

J.U4
Never underestimate the power of these great natural forces for the selfcorrection of excesses in our economy.
Interference with free market forces may be necessary in emergencies,
but long-continued interference leads to disruptions that inevitably cause
mere harm than good* That was precisely what occurred when the Treasury
encouraged the Federal Reserve to make money cheap and overly plentiful prior
to 1951* Although interest rates were kept low, prices sky-rocketed and our
dollar lost almost half of its purchasing power*
This Administration has released these free market forces* ™e have
stopped telling the Federal Reserve what they must do* We have given them
freedom to carry out their policies, the central core of which is allowing
the law of supply and demand to work in the market. This is the first tims
in nearly 20 years that that was true. In doing this, we have followed exactly
the recommendations made In 1950 by a Subcommittee of the Joint Committee on
the Economic Report chaired by Senator Paul DQUJM*
5* Nourish a Dynamic Economy
If you have a prosperous country with steady growth of the national income
and production* it is easier to carry the debt) Interest on the debt becomes
a smaller proportion of national income. That has happened, the reduction
of taxes in 1954 was good. The removal of price and wage controls — the
reassert ion of business confidence — have encouraged the growth In the econooy
and enjoy more of the good things of life.
which enables us to live with the debt more easily* Actually, the national
debt now is 79£ of the national Income, as compared with 136* as recently as 1946

That *eam* <JL_ii fasin' to, limmftfcs frho-dofrfrjMBfr the interest charge is a sn
proportion of the national income thai it used to be*

- 5 will find that we have cut this "floating debt" by $25
billion from 1953 to the end of 1956*
In all these ways, we have reduced the Inflationary potential of the debt*
This program of redistribution of the debt wae particularly successful
In 1954 snd 1955, when, with favoring conditions, HO billion of the debt was
stretched out into longer maturities — either bonds or notee. "in recent
months, with the capital market heavily congested with new issues, the redistribution program has slowed down and the Treasury, at the moment, has to
do its financing largely at short term*
In distributing the debt, you have to be something of an opportunist*
You have to seise the opportunities when they arise and, at other times, have
patience to wait*

Tou canft force free markets*

Meantime, we are still avoiding an inflationary Increase in the bank-held
debt and, at the same time, are still Increasing a little the bonds held by
individuals •
Am Beetore Flexible Interest Rates
Restoring flexible interest ratee is an easy phrase which covers a lot
of territory* What it means is to handle the debt in a way that allows the
natural forces of the market and monetary policies to work.

If you peg

Interest rates, you make useless the natural forces which are most effective
for controlling economic fluctuations*

If you allow the natural forces of

supply and demand to work on credit and allow the Interest rates to go up
as the pressure for funds increases, these forces will act as a brake on
expanding credit* Slowly, but surely, they will have their effect*

IDS
• 4 •*
3* i^rftN>c ¥*• 1ML)%
The debt is most dangerous when increasing amounts are held by commercial
banks, for, in that form* it adde to the money supply and can be inflationary.
F*urt.

In three ways, we have succeeded in a better distribution of the debt*
(a) Te have reduced the amount of debt held by the commercial
banks by $4 billion from December, 1952* to December, 1956*
(b) We have increased the amount held by individuals in these <re~
four years by about $1-1/2 billion* The $6 billion Increase
In holdings of £ and K Savings Bonds during the past four
years has more than offset the decline in holdings of other
Savings Bonds*
(c) We reopened the market for long-term bonds, which had been
practically closed from 1946 to 1952*
(d) We have out back what may be called the "floating debt";
that is, the debt maturing in one year, or redeemable on
demand in the hands of larger holders. I include in the
"floating debt"the F and G and the J and K Savings Bonds,
which have proved their volatility by coming in for redemption at inconvenient times* We have terminated the sale of
these bonis for that reason*
Another part of the''floating debit1 that we have terminated
is the so-called tax savings notes, redeemable at any time*
so they were demand obligations like the F and G Bonds*
If you add up these types of short-term cr demard debt* you

•1 n /
- 3 mm

JLU

action at greater or less variance from the suggestions of the Administration*
^ Success in getting the budget under control will depend on what the people
tell their representatives in Congress to do, or what the representatives
think their people want* In the last analysis, the people determine the
else of the budget* They decide by their pressures. or by their Inattention,
by what they want, and what they are willing to pay for*
2* Rffdycf the

The second recommendation of our Committee was to reduce the debt*
We have begun to do so, though It has taken about three years to meet the
inherited commitments before we could start reducing the debt* We had an
inherited deficit of #9*1/2 billion in 1953* We cut that deficit to less
than half of this amount in 1954 and 1955> end then we had a surplus in 1956}
we w i U have one in 1957} and we are budgeting for one in 1958*
This is the time, when, with high national prosperity* we should be
reducing the debt — and we are.
We are now operating under a temporary debt ceiling of $278 billion.
This is the third year in which a temporary increase in the debt limit has
been necessary to penult the Treasury to meet seasonal borrowing needs during
the year. Under the present law, the limit will return to its permanent level
of $275 billion on June 30 f 1957. To keep under this limit will call for
restraint in spending and postponement of further tax cuts until a much larger
surplus Is in sight*

108
And, fourth, is the loss of human freedomsi big government, big budgets,
big taxes, and huge financing operations cramp the freedom of the individual
citizen.
the hecommendations — and the Action
*• Control the Budget
The first recommendation of the report was to control the budget.
Have we done that? We have had our successes and our shortcomings. Sometimes
I hear critics say* "You have today the biggest budget you ever had." That
isn't so* In 1953, we inherited from President Truman a budget of $74*3
billion and a deficit of $9.4 billion. We face for the next fiscal year a
$71*8 billion budget with a surplus. Mr* Truman's budget for 1954, which he
gave out in January, 1953* was $78 billion, with a planned deficit of $10

bnii-1.. m m ^mrn, * «. bim-.rr. m*fi 9mm

mm »

$64-1/2 billion in 1955* We out taxes at the same time by $7~l/2 billion*
^ F r o m this low point, the budget has risen, partly due to the high cost of
new military equipment, partly due to adjustments of Federal salaries, partly
due to programs voted by the Congress, often larger than recommended by the
Administration*

Of course, the great problem is the military budget* We are

operating a "guns and butter" eeonosy and cannot escape it until some move
towards arms reduction becomes possible* Qn&mlm, we cannot take any chances*
While we are far from satisfied, we have made great steps in getting
the budget under control*
Further progress in better budget control depends on the cooperation of
all the people. For a large part of the budget Is not made by the President
but is given him ty the Congress. Program after program reflects Congressional

mL\m*\J

REMARKS BYW. RANDOLPH BURGESS, UNDER SECRETARY
OF THE TREASURY, TO THE GRADUATE SCHOOL OF BANKING,
AMERICAN BANKERS ASSOCIATION, AT RUTGERS TOIVEESITY,
NEff BRUNSTICK, NEW JERSEY, SiOO P.M., EDT, FRIQAI,
JUNE 14* 1957.

Nine years ago, In June, 1948, I spoke to the Graduate School of
Banking on the subject of the management of our huge national debt. At that
time, I was able to report the conclusions of a two-year study made by the
Committee on Public Debt Policy, of which I was^Bhalrman* You may recall
that this Committee published a series of pamphlets and a summary volume
entitled/ "Our National Debt*"
Tonight, after spending four and one-half years in the Treasury Department
with some responsibility for the management of the public debt, I want to tell
you what we have accomplished in putting into effect the principles cm which
our Committee agreed nine years ago*
This is particularly appropriate/ because, in recent weeks, many foolish
and unduly alarming statements have been made about the debt and our present
problems in its management. We have problems, but no crisis*
Tonight, I propose to cite the recommendations of our Committee in 1948
and summarise briefly what we have accomplished in fulfilling them*
Our Committee described,under four headings,the dangers to the American
people arising from our huge debt.
One of the dangers is dilution of the dollar: inflation*
ftL*iosT

Another is the risk of boom and busts

after you inflate, you^always deflate

The third is smothering of enterprise. With the huge debt, the amount
of taxes is large. The debt interferes with the capital markets and tends to
hold back private enterprise*

TREASURY DEPARTMENT
Washington
11 n
J. -i. w

REMARKS BY W. RANDOLPH BURGESS, UNDER SECRETARY
OP THE TREASURY, TO THE GRADUATE SCHOOL OF BANKING,
AMERICAN BANKERS ASSOCIATION, AT RUTGERS UNIVERSITY,
NEW BRUNSWICK, NEW JERSEY, 8:00 P.M., EDT, FRIDAY,
JUNE 14, 1957.
Nine years ago, in June, 1948, I spoke to the Graduate School
of Banking on the subject of the management of our huge national
debt. At that time, I was able to report the conclusions of a
two-year study made by the Committee on Public Debt Policy, of
which I was chairman. You may recall that this Committee published
a series of pamphlets and a summary volume entitled "Our National
Debt.fl
Tonight, after spending four and one-half years in the
Treasury Department with some responsibility for the management
of the public debt, I want to tell you what we have accomplished
in putting into effect the principles on which our Committee agreed
nine years ago.
This is particularly appropriate because, in recent weeks, many
foolish and unduly alarming statements have been made about the
debt and our present problems in its management. We have problems,
but no crisis.
Tonight, I propose to cite the recommendations of our
Committee in 1948 and summarize briefly what we have accomplished
in fulfilling them.
Our Committee described, under four headings, the dangers to
the American people arising from our huge debt.
One of the dangers is dilution of the dollar: inflation.
Another is the risk of boom and bust: after you inflate, you
almost always deflate.
The third is smothering of enterprise. With the huge debt,
the amount of taxes is large. The debt interferes with the capital
markets and tends to hold back private enterprise.
And, fourth, is the loss of human freedoms: big government,
big budgets, big taxes, and huge financing operations cramp the
freedom of the individual citizen.

H-1380

ill
The Recommendations —

and the Action

1. Control the Budget
The first recommendation of the report was to control the
budget. Have we done that? We have had our successes and our
shortcomings.
Sometimes I hear critics say, "You have today the biggest
budget you ever had." That isn't so. In 1953, we inherited from
President Truman a budget of $74.3 billion and a deficit of
$9.4 billion. We face for the next fiscal year a $71.8 billion
budget with a surplus. Mr. Truman!s budget for 1954., which he
gave out in January, 1953, was $78 billion, with a planned deficit
of $10 billion.
We cut the spending by $10 billion, from $74-1/2 billion down
to $64-1/2 billion in 1955. We cut taxes at the same time by
$7-1/2 billion.
From this low point, the budget has risen, partly due to the
high cost of new military equipment, partly due to adjustments of
Federal salaries, partly due to programs voted by the Congress,
often larger than recommended by the Administration. Of course,
the great problem is the military budget. We are operating a
"guns and butter" economy and cannot escape it until some move
towards arms reduction becomes possible. On national security, we
cannot take any chances.
While we are far from satisfied, we have made great steps in
getting the budget under control.
Further progress in better budget control depends on the
cooperation of all the people. For a large part of the budget is
not made by the President but is given him by the Congress.
Program after program reflects Congressional action at greater or
less variance from the suggestions of the Administration.
Success in getting the budget under control will depend on
what the people tell their representatives in Congress to do, or
what the representatives think their people want. In the last
analysis, the people determine the size of the budget. They
decide by their pressures, or by their inattention, what they want,
and what they are willing to pay for.
2. Reduce the Debt
The second recommendation of our Committee was to reduce the
debt. We have begun to do so, though it has taken about three
years to meet the inherited commitments before we could start
reducing the debt. We had an inherited deficit of $9-1/2 billion
in 1953. We cut that deficit to less than half of this amount

- 3-

in 1954 and 1955, and then we had a surplus in 1956; we will ha
one in 1957; and we are budgeting for one in 1958.
This is the time, when, with high national prosperity, we
should be reducing the debt — and we are.
We are now operating under a temporary debt ceiling of
$278 billion. This is the third year in which a temporary increase
in the debt limit has been necessary to permit the Treasury to
meet seasonal borrowing needs during the year. Under the present
law, the limit will return to its permanent level of $275 billion
on June 30, 1957. To keep under this limit will call for restraint
in spending and postponement of further tax cuts until a much
larger surplus is in sight.
3. Distribute the Debt
The debt is most dangerous when increasing amounts are held by
commercial banks, for, in that form, it adds to the money supply
and can be inflationary. In four ways, we have succeeded in a
better distribution of the debt.
(a) We have reduced the amount of debt held by the
commercial banks by $4 billion from December, 1952,
to December, 1956.
(b) We have increased the amount held by individuals in
these four years by about $1-1/2 billion. The
$6 billion increase in holdings of E and H Savings
Bonds during the past four years has more than
offset the decline in holdings of other Savings
Bonds.
(c) We reopened the market for long-term bonds, which
had been practically closed from 1946 to 1952.
(d) We have cut back what may be called the "floating
debt"; that is, the debt maturing in one year, or
redeemable on demand in the hands of larger holders.
I include in the "floating debt" the F and G and
the J and K Savings Bonds, which have proved their
volatility by coming in for redemption at inconvenient
times. We have terminated the sale of these bonds
for that reason.
Another part of the "floating debt" that we have
terminated is the so-called tax savings notes,
redeemable at any time, so they were demand
obligations like the F and G Bonds. If you add
up these types of short-term or demand debt, you
will find that we have cut this "floating debt" by
$25 billion from 1953 to the end of 1956.

^ •* ^

-4-

J-J. 3

In all these ways, we have reduced the inflationary potential
of the debt.
This program of redistribution of the debt was particularly
successful in 1954 and 1955, when, with favoring conditions,
$40 billion of the debt was stretched out into longer maturities —
either bonds or notes.
In recent months, with the capital market heavily congested
with new issues, the redistribution program has slowed down and
the Treasury, at the moment, has to do its financing largely at
short term.
In distributing the debt, you have to be something of an
opportunist. You have to seize the opportunities when they arise
and, at other times, have patience to wait. You can't force free
markets.
Meantime, we are still avoiding an inflationary increase in
the bank-held debt and, at the same time, are still increasing a
little the bonds held by individuals.
4. Restore Flexible Interest Rates
Restoring flexible interest rates is an easy phrase which
covers a lot of territory. What it means is to handle the debt in
a way that allows the natural forces of the market and monetary
policies to work. If you peg interest rates, you make useless
the natural forces which are most effective for controlling
economic fluctuations. If you allow the natural forces of supply
and demand to work on credit and allow the interest rates to' go up
as the pressure for funds increases, these forces will act as a
brake on expanding credit. Slowly, but surely,they will have
their effect. Never underestimate the power of these great natural
forces for the self-correction of excesses in our economy.
Interference with free market forces may be necessary in
emergencies, but long-continued interference leads to disruptions
that inevitably cause more harm than good. That was precisely
what occurred when the Treasury encouraged the Federal Reserve
to make money cheap and overly plentiful prior to 1951. Although
interest rates were kept low, prices sky-rocketed and our dollar
lo&t almost half of its purchasing power.
This Administration has released these free market forces. We
have stopped telling the Federal Reserve what they must do. We
have given them freedom to carry out their policies, the central
core of which is allowing the law of supply and demand to work in
the market. This is the first time In nearly 20 years that that
was true. In doing this, we have followed exactly the
recommendations
in 1950
by a chaired
Subcommittee
of the
Joint
Committee
on themade
Economic
Report
by Senator
Paul
Douglas.

-V-

114

5. Nourish a Dynamic Economy
If you have a prosperous country with steady growth of the
national income and production, it is easier to carry the debt;
interest on the debt becomes a smaller proportion of national
income. That has happened. The reduction of taxes in 1954 was
good. The removal of price and wage controls — the reassertion
of business confidence — have encouraged the growth in the
economy which enables us to live with the debt more easily and
enjoy more of the good things of life. Actually, the national
debt now is 79$ of the national income, as compared with 136$ as
recently as 1946. That means the interest charge is a smaller
proportion of the national income than it used to be.
In all these ways, gradually In the past four and one-half
years we have made real progress in this problem of handling the
debt.
This is like a great campaign with many battles. Some of the
battles you win, and some of them you lose; but the campaign goes
forward. The objectives have been perfectly clear; they have
been followed — with complete cooperation between the Federal
Reserve and the Treasury, as never before. Our principles are
right; there may be temporary set-backs, but we shall continue to
make progress.
A Wave of Unjustified Pessimism
Before closing, I want to refer to a kind of wave of pessimism
about the current financial situation, which seems to me unjustified.
In the public press and speeches, we find such expressions
as these:
"There is a certain amount of alarm in the country
about a possible depression
"
"With all the talk of 'private enterprise,! we are
already well along with state capitalism.
"There will be continued inflation "
"There will be no decrease of the budget."
" the powers that be, in Congress and out of it,
will back away from the present economy drive."
" the type of dynamic economy we have evolved
demands continued Government spending at a high level.
It is a perpetual 'pump priming' process
"
"The Treasury is walking into a rough proposition and
is going to sponsor a good deal of inflation."

-6-

115

These statements seem to me a perverted interpretation of
the events of the past four and a half years.
In these years, we have had, and are having, a great and
growing prosperity.
We made a vigorous aut of $10 billion in Government spending
and a cut of $7-1/2 billion in taxes.
We have removed price and wage controls, so that the public
and the individual are freer than they were.
Prices have been more stable than in any similar period for
many years. A recent slight flare-up partly reflects higher
costs of services and gradual removal of rent controls. But there
has been no credit Inflation or general commodity price rise.
For these four and one-half years, the Treasury has financed
itself in non-inflationary ways and has begun to pay off the debt.
We have released from political controls the great forces of
supply and demand in the money market and have given the Federal
Reserve System freedom to act in the public interest.
We do have problems. They are the problems of prosperity.
They arise from that great confidence in the future which leads our
consumers and suppliers alike to seek ever larger additional
amounts of credit with which to buy, build, and produce more goods.
This very confidence, and the record rates of employment and
business activity which reflect it, more than demonstrate the
ability of our society to absorb declines in Government spending
and the vitality of our free enterprise economy to bring an ever
higher living standard to our people.
Pessimism? Gentlemen, our country, our Government, and our
free economy are the admiration of the world. They more than
warrant and will continue to have our confidence.'

oOo

TREASURY DEPARTMENT

WASHINGTON, D.C.

RELEASE A.M. NEWSPAPERS,
Friday, June 1 4 , 1 9 5 7 .

H-1381

The Treasury Department today made public a
report of monetary gold transactions with foreign governments, central banks and international institutions for
the first quarter of 1957. The net gold inflow into the
United States in this period was $34l«5 million, with
U. S. purchases of $345*6 million, and U. S. sales,
$U«1 million,
A table showing net transactions; in detail,
by country, for the first quarter of 1957 is attached*

in
UNITED STATES GOID TRANSACTIONS WITH FOREIGN COUNTRIES
January 1, 1957 - March 31, 1957
(in millions of dollars at $35 per ounce)
Negative figures represent net sales by the
United States; positive figures, net purchases
First Quarter
1957

Country
mm\-m*mmmmmm^^m0mmmmmmmmmm^mmmmmmmmm.mimmmmm^Kemmtmmmmmm^m^9mmm^^

Afghanistan
Argentina

. •o
•••••••

••*•

Belgium

•

-$.3
10,0
3*4

Canada

•••.•••••••••.••

5.2

Denmark

........

7*0

El Salvador

-3*5

International Monetary Fund . . . . . . . .

300.0

Netherlands ...........
All Other

. . .#

Total

^. c ..

20«0
-03

$341.5

TREASURY DEPARTMENT
Washington

218

Statement by Secretary Humphrey before the
Subcommittee on Fiscal Policy of the Joint
Economic Committee, 10:00 A.M. EDT, Friday,
June 14, 1957.
Chairman Mills and members of the Subcommittee on Fiscal
'olicy of the Joint Economic Committee: I appreciate this
»pportunity to appear before you on the subject of current
mdgetary and fiscal policy developments, a subject on which you
iave already heard from numerous witnesses.
Before responding to questions I want to repeat my conviction
;hat although present tax rates are too high and the present heavy
;ax burden will, in the long-run, seriously hamper necessary
economic growth, no general tax reduction should be considered at
;he present time. The most effective tax cut that can be made to
promote healthy economic development is a reduction which will bring
Denefit to all taxpayers -- when our fiscal situation permits. By
this, I mean when we can see ahead a sufficient surplus of income
over outgo to pay for such a tax reduction. We should and will
keep working vigorously for the day in the not too distant future
when we can see such a surplus. Such a surplus does not exist
at the present time.
In this connection we must keep a close watch of our budget
position and make certain that government spending is conducted
as efficiently as is humanly possible. There is nothing new
in this goal. We must continue to follow the principles that have
guided this Administration for the past four years. We must make
every effort to live within our means and to get a dollar's
worth for every dollar that we spend.
In watching our budget we must constantly guard against
ill-considered, or dangerous, or so-called meat-axe slashing of
the budget.
As the President said in his April 18 letter to the
Speaker of the House of Representatives, actual spending in
the coming fiscal year cannot be cut by multi-billion dollar amounts
without danger to the national safety or interest or the
modification of some of the existing programs herefore authorized
by the Congress. It is not the size of any particular budget
which is our paramount concern. It is control of the upward
march of total government spending which is of greatest importance
to all of us on a long-run basis.
H-1382

"fc "

119

The biggest budget problem, as I see it, is one of seeking
out long-term savings. The problem of how much and for what we
should spend in the fiscal year 1959 — which will not end until
two years from now — is already upon us. What we must continue
to do vigilantly is to keep up not only the everlasting search
for possible reductions but the drive to make them real. We must
do this while being ever mindful of our position of leadership in
the world and the obligations which we must necessarily bear in
that regard to protect our national security.
We must balance the necessary costs of our national responsibilities with the equally necessary maintenance of a strong and
vigorous economy.
The Administration's fiscal record is a good one. The budget
in effect when we took office in 1953 produced a $9.4 billion
deficit, and the budget proposed by the prior administration for
fiscal year 1954 called for a $9.9 billion deficit. Our
Administration, with the help of the Congress, cut spending,
reducing the projected deficit for 1954 by two-thirds, or to a
final minus figure of $3.1 billion.
But for the largest tax cut in history (a $7*4 billion cut
in 1954) the budget would have been balanced in 1955. A balanced
budget was delayed for one year because it was then apparent that
the savings we then had in prospect would be sufficient before
the end of the next year not only to cover the amount of the tax
cut but to give us a balanced budget at the same time.
By fiscal 1956 we had eliminated deficits and had a balanced
budget with a surplus of $1.6 billion. We will have a surplus
in the fiscal year ending this month and the budget proposed for
fiscal 1958 also is balanced. This means that we have in prospect
a balanced budget for three consecutive years for the first time
in more than 25 years.
Federal spending was reduced from the rate of $74.3 billion
in the inherited budget of 1953 to $67.8 billion in 1954 and
$64.6 billion in 1955. Spending moved up to $66.5 billion in
1956, to an estimated $68.9 billion in the January budget for
the present fiscal year, and to a proposed $71.8 billion for 1958.
Even with the recent increases the budget for the current fiscal
year is $5.4 billion below the budget we inherited in 1953 and
is 16$ of our gross national product as compared with 21$ taken
by federal spending in 1953.

If we are successful in properly controlling the size and
spending of government, we can look forward to a continuing
period of high prosperity for our country, A major ingredient
in this high prosperity is the confidence of the American people —
confidence in themselves, in each other and, of fundamental
importance, confidence in their government.
The greatest hope for major reductions in government spending
lies in a better world situation. Some day the nations of the
world must arrive at some better and insured form of understanding
which will make it possible to reduce the large amounts of money
and energy and resources now going into making things for killing.
I confidently believe that such a better day will come.
The relationship between monetary and credit restraint and
our present high prosperity is worthy of brief comment.
One thing that can destroy not only our present prosperity
but even jeopardize our way of life is runaway inflation.
The record of this Administration in helping control
inflation has been good. The value of the dollar, which dropped
from 100 to 52^ between 1939 and January 1953, has changed only
2-l/2j£ in the past four and one-half years, compared with a
total drop of almost 48^ in the thirteen years prior to this
Administration.
The credit policy of the Federal Reserve System is an
important factor in sustaining the purchasing power of the dollar
in this time of very high use of and demand for both labor and
materials. The alternative of easy money would mean that there
would be more dollars bidding for the available supply of labor
and materials. This could only result in sharp increases in
the cost of goods. The dollar would buy less.
Mounting increases in the cost of living would bring cruel
hardship to millions of our citizens least able to protect
themselves. There would be less saving which is the source
of investment in plants and equipment which make the everincreasing jobs that we must have for our growing population.
Without increased savings -- without the confidence that money
saved would retain its value — we would have fewer of these new
jobs. Over a period of time, growing unemployment would result.
It is essential that the inflationary pressures arising from
the high prosperity that we have enjoyed for the past many months
be controlled to the greatest possible extent. Restraints on
credit involving some increases in the cost of money and the
maintenance of taxes at the present levels, at least until such
time as we have a substantial excess of income over expenditures,
are important factors which will assist in restraining a substantial increase in the cost of living.
Thank you for the opportunity to present these observations
to your Committee.

121
RELEASE A. M. NEWSPAPERS,
Tuesday, June 18. 1957.

ff~v

Th. Treasury Department announce! last evening that the Wnders for $1,600,000,000

or thereabouts, of 91-day Treasury bills to be datsd June 20 and to mature Sept«ber \
1957, which were offers on June 13, were opened at the Federal Raserve Banks on June
The details of this issue are as followst
Total applied for - |2,liUi,Oii9,O0O
Total accepts
- 1,600,299,000 (includes 1373,999,000 entered on a
noncompetitive basis and aceepWd in
full at the average prise shown below)
Range of accepted competitive bidss (Excepting 5 tenders totaling £,175,000)
High - 99.160 Equivalent rat. of discount approx. 3.3232 par annus
Low
- 99.136
•
"
"
3.U18* •
Average - 99.139 " . " " 3.hOW " "
(65 percent of the amount bid for at the low price was accepted)
Federal Reserve Total Total
District

Applied for

AcccpUd

Boston t 25,1*92,000 I 25,1*92,000

E M S *
Phil.d.lphi.
Cleveland
Richmond
Atlanta
Chicago
St"2«is
Minneapolis
Kansas* City
TXHIB

San Francisco
TOTAL #2,liW»,Olt9,000 $1,600,299,000

1,618:787,000
1)3,1*59,000
6li,923,000
20,057,000
56,625,000
29l»,0O2,0OO
l ^ O O O
ll*,713,000
^»l}h°°°
U2,81»6,000
171,172,000

S'?2'S

f?'^'£2
g»2J»S5
?2'22'SS
.B'Jg'22
21*1,652,000
J7,6JO,000
S»S2'X2
2'?«2'£X
37,1*96,000
151*372,000

ELEASE A. M. NEWSPAPERS,
fresday, June 18, 1957-

H-1383

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

>r thereabouts, of 91-day Treasury bills to be dated June 20 and to mature September 19

.957, which were offered on June 13, were opened at the Federal Reserve Banks on June 1
The details of this issue are as follows:
Total applied for - $2,444,049,000
Total accepted
- 1,600,299,000 (includes $373,999,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Range of accepted competitive bids: (Excepting 5 tenders totaling $1,175,000)
High - 99.160 Equivalent rate of discount approx. 3.323$ per annum
!!
Low
- 99.136
"
»
»
«
3.4l8#
Average - 99.139

" " " " 3.404$ " "

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

Total
Applied for

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

$
25,492,000
1,618,787,000
43,459,000
64,923,000
20,057,000
56,625,000
294,002,000
47,640,000
14,713,000
44,333,000
42,846,000
171,172,000
TOTAL

$2,444,049,000

Total
Accepted
$

25,492,000
886,537,000
28,459,000
59,923,000
20,057,000
47,825,000
241,652,000
47,640,000

i4,5i3,ooo
39,333,000
37,496,000
151,372,000
$1 ,oOO,299,000

MEMQRAKDUllfflp . ffpTPi fr iffX)IiE

l 2a
-

The following transactions were made in direct and guaranteed
securities of the Government for Treasury investments and other accounts
during the month of May, 1957*
Purchases $397,977,000.00

Sales Hi^tffiMX*
$313,430,450*00
HWMMMM
m-mmmmmmmmmmmmmmmmmmmmm

C. L. Norman
Chief, Investments Branch
Division of Deposits It Investments

TREASURY DEPARTMENT

124

WASHINGTON, D.C

IMMEDIATE RELEASE,
Ifcdncoday, May 10,-3.9*3?.

"
II 1358

During kfiammi 1957, market transactions
in direct and guaranteed securities of the
government for Treasury investment and other
accounts resulted in net purchases by the

. 3/&j£h9/ *^f~Q
Treasury Department of * "

oOo

TREASURY DEPARTMENT
WASHINGTON, D.C.

IMMEDIATE RELEASE,
Monday, June 17, 1957.

H-1384

During May 1957, market transactions
in direct and guaranteed securities of the
government for Treasury investment and other
accounts resulted in net purchases by "the
Treasury Department of $313,420,450.

oOo

- 3-

or by any local taxing authority. For purposes of taxation the amount of discount
at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections l£h (b) and 1221 (5) of the Internal Revenue Code of
195k the amount of discount at which bills issued hereunder are sold is pot
considered to accrue until such bills are sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss*
Treasury Department Circular No. hl8, Revised, and this notice, prescribe
the terms of the Treasury bills ami govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch.

- 2 -

3g§x
or in a like face amount of Treasury bills maturing

June 27, 1957

. Cash

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

TREASURY DEPARTMENT
Washington

, /

r> / 2 Q <$

A. M.
K3K RELEASE/ H0HXXKX NEWSPAPERS,
Thursday, June 20, 1957
& *

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

, or thereabouts, of

in exchange for Treasury bills maturing

91 -day Treasury bills, for cash and
June 27, 1957

, in the amount of

m
$1,600,744,000

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

m—
competitive bidding as hereinafter provided.
dated
June 27, 1957
, and will mature

The bills of this series will be
September 26, 1957 , when the face

Fractions may not be used.

It is urged that tenders

Tenders will be received without deposit from

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

TREASURY DEPARTMENT
W A S H I N G T O N , D.C.
RELEASE A.M. NEWSPAPERS,
Thursday, June 20, 1957*

H-1385

The Treasury Department, by this public notice, invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing June 27, 1957*
in the amount of $1,600,744,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated June 27, 1957
and will mature September 26, 1957> when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o1clock p.m., Eastern Daylight
Saving time, Monday, June 24, 1957*
Tenders will not be
received at the Treasury Department, Washington. Each tender must
be for an even multiple of $1,000, and in the case of competitive
tenders the price offered must be expressed on the basis of 100,
with not more than three decimals, e. g., 99.925* Fractions may not
be used. It is urged that tenders be made on the printed forms and
forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust company.
Immediately after the closing hour, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, non-competitive tenders for
$200,000 or less without stated price from any one bidder will be
accepted in full at the average price (in three decimals) of accepted

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on June 27, 1957,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing June 27, 1957.
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
ov State, but are exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the
possessiois of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be Interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo

\b^

B&IEDIATE BKL8ASS,
Thursday, June 20, 1957*
She Treasury Department will invite tenders Wednesday, June 26,
for $5*0 billion, or thereabouts, of 264-day Treasury bills to raise
cash for current requirements., The full terms of the offering will
be contained in a statement to be released for morning newspapers
Monday, June 24* Tenders will be opened at 1:30 p*m*, Eastern Daylight Saving time, next Wednesday*
She new bills will be dated July 5, 195?, and will mature March 24,
1958* Ifcey will be Tax Anticipation bills, acceptable at Usee value in
payment of income and profits taxes due March 15, 1958* They may be
4^^^W*PMIW 4aft"\*r£*. ^^iv ^^^* ^fr^^fc** %P •#-•• 4nr*P* *mmW^mm*JmWmMmm9mm- JM %m/9*-w*9m\%\ ^^^••m^ «S^^#4nnafc ^^eSv«riP^vaame^MV •

To encourage wide distribution, noncompetitive tenders tmr
$400,000 or less without stated price froa any one bidder, in lieu of
the $200,000 limit applicable to the regular weekly bills, vill be
accepted in full at the average price of accepted competitive bids*
This provision enables smaller institutions and those not familiar
with the current movement of Treasury bill prices to assure themselves
of participation for any amount they desire to acquire up to $400,000*

TREASURY DEPARTMENT
WASHINGTON, D.C.
IMMEDIATE RELEASE,
Thursday, June 20, 1957*

H-1386

The Treasury Department will invite tenders Wednesday, June 26,
for $3*0 billion, or thereabouts, of 264-day Treasury bills to
raise cash for current requirements.
The full terms of the offering will be contained in a
statement to be released for morning newspapers Monday, June 24.
Tenders will be opened at 1:30 p.m., Eastern Daylight Saving
time, next Wednesday.
The new bills will be dated July 3, 1957* and will mature
March 24, 1958. They will be Tax Anticipation bills, acceptable
at face value in payment of income and profits taxes due
March 15, 1958. They may be paid for by credit in Treasury Tax
and Loan Accounts.
To encourage wide distribution, noncompetitive tenders for
$400,000 or less without stated price from any one bidder, in
lieu of the $200,000 limit applicable to the regular weekly bills,
will be accepted in full at the average price of accepted
competitive bids.

This provision enables smaller institutions

and those not familiar with the current movement of Treasury
bill prices to assure themselves of participation for any amount
they desire to acquire up to $400,000.

0O0

m 3 •
V W

mi^MmTX.*

—""

and lose from the sale or other disposition of treasury bills does no* hare
any special treatment, as such, under the Internal Revenue Code of 1954* fbm
bills are subject to estate, inheritance, gift or other excise tastes, Aether
Federal or State, but are except from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the possessions
of the United States, or by any local taxing authority* JOT purposes of teas*
tion the amount of discount at which Treasury bills are originally sold by the
United States is considered to be interest* Under Sections 454 (b) and 1221 (5)
of the Internal Revenue Code of 1954 the amount of discount at which bills
issued hereunder are sold la not considered to accrue until such bills are
sold, redeemed or otherwise disposed of, and such bills are excluded from
consideration as capital assets* Accordingly, the owner of Treasury bills
(other than life insurance companies) issued hereunder need include In his
income tax return only the difference between the price paid for such bills,
whether on original issue or on subsequent purchase, aad the amount actually
received either upon sale or redemption at maturity during the taxable year
for which the return is made, as ordinary gain or lees*
Treasury Department Circular Kb* 418, Revised, and this notice, prescribe
the terms of the Treasury bills aad govern the conditions of their Issue*
Copies of the circular may be obtained from any Federal Reserve Bank er Iraneh.

•» 2 •»

LJJ

envelopes which w i n be supplied by Federal Reserve Banks or Branches
on application therefor*
Others than banking institutions will not be permitted to submit tenders
except for their own account. Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized
dealers in investment securities* Tenders from others must be accompanied by
payment of 2 percent of the face amount of Treasury bills applied for, unless
the tenders are accompanied by an express guaranty of payment by an incorporated
bank or trust company*
Smsediately after the closing hour, tenders will be opened at the Federal
Reserve Banks and Branches, following which public announcement vill be made
by the Treasury Department of the amount and price range of accepted bids*
Those sutalttlng tenders will be advised of the acceptance or rejection thereof*
The Secretary of the Treasury expressly reserves the right to accept or reject
easy or all tenders, in whole or In part, and his action in any such respect
shall be final* Subject to these reservations, noncompetitive tenders for
$400,000 or less without stated price from any one bidder will be accepted in
full at the average price (in three decimals) of accepted competitive bids*
Payment of accepted tenders at the prices offered must be made of completed
at the Federal Reserve Bank in cash or other immediately available funds on
July 3, 1957, provided, however, any qualified depositary will be permitted
to make payment by credit in its Treasury tax and loan account for Treasury
bills allotted to it for Itself and its customers up to any amount for which
it shall be goallfled in excess of existing deposits when so notified by the
Federal Reserve Bank of its District.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such,

RELEASE A. M. NEWSPAPERS,
Monday, June 84, 1957.

. ^ AT
X^

/ /
*

/J7 C
'" / /

The Treasury Department, by this public notice, invites tenders for
$3,000,000,000, or thereabouts, of 264-day Treasury bills, to be Issued on a
discount basis under competitive aad noncompetitive bidding as hereinafter
provided* The bills of this series will be designated Tax Anticipation Series,
they will be dated July 5, 1957, and they will mature March 24, 1958* They
will be accepted at face value in payment of income and profits taxes due oa
March 15, 1958, and to the extent they are not presented for this purpose the
face amount of these bills will be payable without interest at maturity* Tax*
payers desiring to apply these bills in payment of March 15, 1958, income end
profits taxes have the privilege of surrendering them to any Federal Reserve
Bank or Branch or to the Office of the Treasurer of the Uhited States, washing*
ton, not more than fifteen days before March 15, 1958, and receiving receipts
therefor showing the face amount of the bills so surrendered* These receipts
may be submitted in lieu of the bills on or before March 15, 1956, to the Bis*
trlct Director of Internal Revenue for the district In which such taxes are
payable* The bills will be issued la bearer form only, and In denominations of
$1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, one-thirty o'clock p.m., Eastern Deyligjxt Saving time, Wednesday,
June 86, 1957* Tenders will not be received at the Treasury Department, Wash*
ington* Bach tender must be for an even multiple of $1,000, and in the case of
competitive tenders the price offered must be expressed on the basis of 100,
with not more than three decimals, e.g., 99.925* Fractions may not be used*
It is urged that tenders be made on the printed forms and forwarded in the

135
TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
Monday, June 24, 1957.

H-1387

The Treasury Department, by this public notice, invites
tenders for $3,000,000,000, or thereabouts, of 264-day Treasury
bills, to be issued on a discount basis under competitive and
noncompetive bidding as hereinafter provided. The bills of this
series will be designated Tax Anticipation Series, they will be
dated July 3, 1957* and they will mature March 24, 1958. They
will be accepted at face value in payment of income and profits
taxes due on March 15, 1958, and to the extent they are not
presented for this purpose the face amount of these bills will be
payable without interest at maturity. Taxpayers desiring to
apply these bills in payment of March 15, 1958, income and profits
taxes have the privilege of surrendering them to any Federal
Reserve Bank or Branch or to the Office of the Treasurer of the
United States, Washington, not more than fifteen days before
March 15, 1958, and receiving receipts therefor showing the face
amount of the bills so surrendered. These receipts may be
submitted in lieu of the bills on or before March 15, 1958, to the
District Director of Internal Revenue for the district in which
such taxes are payable. The bills will be issued in bearer form
only, and in denominations of $1,000, $5*000, $10,000, $100,000,
$500,000 and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o*clock p,m., Eastern Daylight
Saving time, Wednesday, June 26, 1957* Tenders will not be
received at the Treasury Department, Washington. Each tender must
be for an even multiple of $1,000, and in the case of competitive
tenders the price offered must be expressed on the basis of 100,
with not more than three decimals, e.g., 99*925* Fractions may
not be used. It is urged that tenders be made on the printed
forms and forwarded in the special envelopes which will be
supplied by Federal Reserve Banks or Branches on application
therefor.
Others than banking institutions will not be permitted to
submit tenders except for their own account. Tenders will be
received without deposit from incorporated banks and trust
companies and from responsible and recognized dealers in investment
securities. Tenders from others must be accompanied by payment of
2 percent of the face amount of Treasury bills applied for, unless
;he tenders are accompanied by an express guaranty of payment by
m
incorporated
bank
orBanks
trust
company.
Immediately
i
tnnouncement
t the
Federal
will
after
Reserve
bethe
made
closing
by and
the
hour,
Branches,
Treasury
tenders
Department
following
will be
which
of opened
thepublic
amount

- 2 and price range of accepted bids. Those submitting tenders will
be advised of the acceptance or rejection thereof. The Secretary
of the Treasury expressly reserves the right to accept or reject
any or all tenders, in whole or in part, and his action in any
such respect shall be final. Subject to these reservations,
noncompetitive tenders for $400,000 or less without stated price
from any one bidder will be accepted in full at the average price
(in three decimals) of accepted competitive bids. Payment of
accepted tenders at the prices offered must be made or completed
at the Federal Reserve Bank in cash or other immediately available
funds on July 3, 1957* provided, however, any qualified depositary
will be permitted to make payment by credit in its Treasury tax
and loan account for Treasury bills allotted to it for itself and
its customers up to any amount for which it shall be qualified
in excess of existing deposits when so notified by the Federal
Reserve Bank of its District.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not
have any exemption, as such, and loss from the sale or other
disposition of Treasury bills does not have any special treatment,
as such, under the Internal Revenue Code of 1954. The bills are
subject to estate, inheritance, gift or other excise taxes, whether
Federal or State, but are exempt from all taxation now or hereafter
imposed on the principal or interest thereof by any State, or any
of the possessions of the United States, or by any local taxing
authority. For purposes of taxation the amount of discount at
which Treasury bills are originally sold by the United States is
considered to be interest. Under Sections 454 (b) and 1221 (5)
of the Internal Revenue Code of 1954 the amount of discount at
which bills issued hereunder are sold is not considered to accrue
until such bills are sold, redeemed or otherwise disposed of, and
such bills are excluded from consideration as capital assets.
Accordingly, the owner of Treasury bills (other than life insurance
companies) issued hereunder need include in his income tax return
only the difference between the price paid for such bills, whether
on original issue or on subsequent purchase, and the amount
actually received either upon sale or redemption at maturity during
the taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained.
from any Federal Reserve Bank or
Branch.
oOo

TREASURY DEPARTMENT
Washington

139

Statement by Secretary Humphrey before the
House Committee on Post Office and Civil
Service, 11:00 A.M. EDT, Monday, June 24,

1957.
I appreciate the opportunity, which your invitation to
testify has given to me, to appear before this Committee and to
express the views of the Treasury Department on the pending bills
which would provide for general increases in pay rates established
under the Postal Pay Act.
The new schedule of pay rates for postal employees which is
included in the proposed legislation would, I am told, add more
than a billion dollars a year to postal service costs. It would
triple the size of postal deficits and require substantial
additional increases in postal rates, if the postal service is to
be put on a pay-as-you-go basis as it should be.
It is reasonable to assume that an increase of pay rates for
postal employees would be followed promptly by similar demands
for increases for other Federal employees and in military pay
rates. Demands might also follow for increases in pension payments
to retired employees. Thus we face in this legislation potential
increases in Federal expenditures of several billions of dollars
per year.
I fully recognize and pay tribute to the devoted and competent
service of our postal employees and of our hundreds of thousands
of Federal employees in other departments. We have many people
who serve their government at tremendous personal sacrifice. Over
the past four years this Administration has taken positive steps
to improve the attractiveness of Federal service through employee
pay raises and many other fringe benefits. We are also studying
ways and means of adjusting the types and levels of Federal pay
to attract the best personnel possible into Government service.
The financial program of the Administration for fiscal year
1958 does not include pay increases. Enactment of the legislation
which we are here discussing would require an increase in the tax
burden or, as an alternative, the very real possibility that the
budget for fiscal 1958 would not be in balance.
For two years now the Government has been operating within the
framework of a balanced budget with small budget surpluses.
A balanced budget and further surplus has been proposed by the
President for the coming fiscal year. Keeping the Federal budget
under control however is not something we can s,complish by giving
lip service to our objectives.

H-1388

** -/:

137
- 2 I have many times discussed the problems of inflation with
which all of us are constantly threatened, and have pointed out _
the ways in which the Government is working in the fiscal and
monetary areas to hold down the inflationary pressures operating
in our high level economy. One of the important ways in which
our Federal Government promotes price stability and sound longterm growth and prosperity for our Nation is through balanced
Federal budgets, and substantial pay increases now would not only
destroy the chance for a balanced budget but would be inflationary
and a step toward higher costs of living for everyone.
An increase in Government cost of these dimensions means just
one of two things:
1. Either an increase instead of a decrease in Federal
taxes for all the taxpayers of America; or
2. An unbalanced budget with inflationary pressures
substantially increased and higher costs of living for everyone
in this country, including in either the tax increase or the
cost of living increase all of the members of the Post Office
Department, along with all other Americans.

oOo

X 0&.

RELEASE A. M. NEWSPAPERS,
Tuesday, June 25* 1957*

-l-H

12,515,157,000
1,602,304,000 (includes $1,02,862,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bidst
High
Low

approx.
- 99.188 Equivalent rate of discount/3*212$ per annum
- 99*181
3.21*0*
«tt
n"
n«
w»
i«t
% ohn€
«

Average

- 99*183 Equivalent rate of discount approx. 3*231$ per annum
i for at the low price was accepted)

Federal Reserve
district

Total
Applied for

Total
Accepted

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

1
52,7$5,ooo
1,702,825,000
37,932,000
78,1(68,000
3l»,930,000
Ia,61*7,000
296,315,000
33,97*1,000
16,587,000
53,659,000
1*3,553,000
122,502,000

12,515,157,000

Ht602,30lt,000

TOTAL

0Jl/iW

39,550,000
956,982,000
21,376,000
71,268,000
33,98i»,OQQ
37,181,000
222,335,000
33,3714,000
llt,5H,000
1*3,1*22,000
33,213,000
95,108,000

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A . M . NEWSPAPERS,
ruesday, June 25, 19$7*

H-1389

The Treasury Department announced last evening that the tenders for $1,600,000,000,
or thereabouts, of 91-day Treasury bills to be dated June 27 and to mature September 26,
1957, which were offered on June 20, were opened at the Federal Reserve Banks on June 2l|.
The details of this issue are as follows:
Total applied for - $2,5l5,l57,000
Total accepted
- l,602,30li,000 (includes $1|02,862,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Range of accepted competitive bidss
approx.
- 99.188 Equivalent rate of discount/ 3.212$ per annum
- 99.181
»
«
"
"
3.2liO* "
»

High
Low

Average - 99.183 Equivalent rate of discount approx. 3.231$ per annum
(78 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total
Applied for

Total
Accepted

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

$
52,765,000
1,702,825,000
37,932,000
78,h68,000
3U,930,000
ia,6l47,000
296,315,000
33,97^,000
16,587,000
53,659,000
1*3,553,000
122,502,000

$2,515,157,000

$1,602,3014,000

TOTAL

39,550,000
956,982,000
21,376,000
71,268,000
33,98U,000
37,131,000
222,335,000
33,3714,000
ili,5ii,ooo
li3,'422,000
33,213,000
95,108,000

- 3 -

.•*•

or by any local taxing authority.

For purposes of taxation the amount of discount

at which Treasury bills are originally sold by the United States is considered to
be interest.

Under Sections Ii5l4 (b) and 1221 (5) of the Internal Revenue Code of

195U the amount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets.

Accordingly,

the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 1*18, Revised, and this notice, prescribe
the tenns of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch.

- 2 -

2 percent of the face amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank or trust
company.
Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the
Treasury Department of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, noncompetitive tenders for $200,000 or less
without stated price from any one bidder will be accepted in full at the average
price (in three decimals) of accepted competitive bids. Settlement for accepted
tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on July 5, 1957 , in cash or other immediately available funds
or in a like face amount of Treasury bills maturing July 5, 1957 Cash
and exchange tenders will receive equal treatment. Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of

1951A.

The bills

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

142

\>y

\l ^1' J
TREASURY DEPARTMENT
Washington

A. M.
BOfc RELEASE/ 5 © a » 2 » NEWSPAPERS,
Thursday, June 27, 1957

£$

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

, or thereabouts, of

in exchange for Treasury bills maturing
$1,603,530,000

-day Treasury bills, for cash and
July 5, 1957

, in the amount of

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

—w—
competitive bidding as hereinafter provided. The bills of this series will be
dated July 5, 1957
, and will mature
October 3, 1957
, when the face
amount will be payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
Daylight Saving
closing hour, tea/o'clock p.m., Eastern/staartaxd time, Monday. July 1. 1957

,«

It is urged that tenders

Tenders will be received without deposit from

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

TREASURY DEPARTMENT
H

• IIJ.J ..llil, ,.,. m! .^mmmrmmmJmm»mL'mmmmmmVJyi''Z\\ i'lm!m.•J}.•. ~

143

^1-JmS.t2!iZ*^J^FZmZmmmmmmm^

WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
Thursday. June 27, 1957

H-1390

The Treasury Department, by this public notice, invites tenders
for $1,600,000,000, or thereabouts, of 90-day Treasury bills, for
cash and in exchange for Treasury bills maturing July 5, 1957,
in the amount of $1,603,530,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated July 5, 1957,
and will mature October 3, 1957,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o1clock p.m., Eastern Daylight
Saving time, Monday, July 1, 1957.
Tenders will not be
received at the Treasury Department, Washington. Each tender must
be for an even multiple of $1,000, and in the case of competitive
tenders the price offered must be expressed on the basis of 100,
with not more than three decimals, e. g., 99.925. Fractions may not
be used. It is urged that tenders be made on the printed forms and
forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust company.
Immediately after the closing hour, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, non-competitive tenders for
$200,000 or less without stated price from any one bidder will be
accepted in full at the average price (in three decimals) of accepted

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on July 5, 1957,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing July 5, 1957.
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether Interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the
difference between the price paid for such bills, whether on
original Issue or on subsequent purchase, and the amount actually.
received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo

RELEASE A . M . HEWSPAPEHS,
Thqraday, Jun« 27, 1957.

-It'll

•^mmmmmmmmmmmmmm3mm9mmmmmmmmmmmmmmmmmmm.9mmmmmmmmmmmmmmm

The Treasury Department announced lastveveninif that, the tenders "for; 13 ."O00^000,0(
or thereabout**, of Tsx Anticipation Series 261-day Treasury bills to be dated July 3.
1957, and to mature March 2k, 1958, which were offered on "June "2k9 Were opened at the
Federal Reserve Banks on June 26.
The details of this issue are as follows;
Total applied for - t4,Sk$,82fc,000
Total accepted
- 3,000,001*,000 a
Range of accepted competitive bidet

tt.xcspx.3Jig znrme tenaar* to^axug *i._£uu,ut

High - 97.653 Equivalent rate of discount approx. J.200* per annua
tt
Low
- 97*389

* 1 B
s
Average
- 97.hh§
*
* *
^e
(83 percent of the aaount bid for at the low price was~tfadapted)
Federal Reserve Totalv,
District
Applied for ~
Accepted
WOTmmm%mmmmmmmmmmmmmmmmmmmmmmmmmm

««JMaMMIMMMMMMM—••

«Mmmmmm%mmMMMMMMMMm

7 g

Boston 180,630,000 $ 180,230,000
Hew Tork
2,215,035,000
Philadelphia
190,630,000
Cleveland
2S&jQJl2.Q0O
Richmond
a109»9«Cl)00
Atlanta
"lU9,98£,OO0'
Chicago
5lti4,b3U,000
St. Louis
l52,6ia,000
Minneapolis
113,926,000
Kansas City
°1,1|06,000
Dallas
220,110,000
San Francisco
353,390,000
TOTAL f a,51*$, 8214,000 $3,OOO,0Olt,G0Q

1,Q10,035»000
lSkf630,O00
296,9Ufl,Q00
93*j»£,Q0O
139,6*85,600
U27,2314,000
138,921,000
109,926,000
85,Uo6,000
218,710,000
23li,390,000

RELEASE A. M* NEWSPAPERS,
Thursday, June 27, 1957 .
Ths Treasury Department announced last evening that the tenders for $3,000,000,000,
o? thereabouts, of Tax Anticipation Series 264-day Treasury bills to be dated July 3,
1957* and to mature March 24, 1958, which were offered on June 24, were opened at the
Federal Reserve Banks on June 26.
The details of this issue are as followst
Total applied for - $4,545,824,000
Total accepted
- 3,000,004,000

(includes $368,809,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids? (Excepting three tenders totaling $1,200,000)
High - 97*653 Equivalent rate of discount approxa 3»200$ per annum
w
Low
- 97*389
w w w
«
3.560$ »
Average - 97.445

www « 3.485$ » •

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

Total
Applied for

Total
Accepted

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

$ 180,630,000
2,215,035,000
190,630,000
224,042,000
109,995,000
149,985,000

152,641,000
113,926,000
91,406,000
220,110,000
353,390,000

180,230,000
1,010,035,000
154,630,000
206,942,000
93,895,000
139,685,000
427,234,000
138,921,000
109,926,000
85,406,000
218,710,000
234,390,000

$4,545*824,000

$3,000,004,000

544,034,ooo

TOTAL

Comparison of principal Items of assets and liabilities of active national banks - Continued
(in thousands of dollars)
___-__.-------.
l „
iu l «
tt J » 1A t Increase or decrease l Increase or decrease
1
1957 '
1956 *
1956 * *glao* D<>C< 31 ' 19g6 ' BlnCa **"' ' 1956
*
*
*
* Amount
t Percent* Amount
: Percent
LIABILITIES
Seposits of individuals, partnerx .
ships, and corporations!
' „•
I
l
Demand
56,7 *7.930 59,582,3 « 5**.974.940 -2,834,418
-4.76 1,772,990
3.23
»••
27.l6U.833 26.270,576 25.322,058
894,257
3.*i0 1,842,775
7.28
Deposits of V. S. Government
1,41*3,786
2,347,519
2,442,083
-903,733
-38.50
-998,297
-40.88
»ostal savings deposits
11.771
12.751
12.847
-98O
-7.69
-1,076
-8.38
>eposits of States and political
subdivisions
7.202.638
7.467.413
7,208,503
-264,775
-3.55
-5,865
-.08
posits of banks
8,091.767
9.850,100
8.576,201 -1.758,333
-17.85
-484,434
-5.65
)ther deposits (certified and
cashiers' checks, etc.)
1.541,358
1.964,116
1.378.800
-422.758
-21.52
162.558
11.79
Total deposits
-62.264.63J 107.^4.823 99.915.U32 -5.290,740
-4.92 2,28^!651
z$t
Jills payable, rediscounts, and
other liabilities for borrowed
""""V
943,278
18,654
891.068
924,624 4,956.71
52,a0
5.86
)ther liabilities...
;•••••••
1.809,907
1.716.373
1.52e,367
93.534
5.45
287.540
18.89
s r
T<
Total liabilities, excluding
— "'
^
capital account
104.957.268 109.229.850 102.328.867 -4.272.582
-3.91 2.628.401
2.57
CAPITAL ACCOUNTS
Capital stock:
Preferred
3,791
3,929
-17
-.45
-138 -3.51
3,808
0o
T*'l
''ggffi
2.634.300
2.551.563
52.374
1.99
135.111
5.30
f
*<>**•
2.090.^5
2.o38 .108
2.555.492
52.357
1.8
134.973
\.W~
*"*!*•
4,178,293
4.138,783
3.971,001
39T510
^
207,292
5T22""
^divided profits
1,458,631
1,439.937
1.392.294
18.694
1.30
66.337
4.76
X
%
**™V ;\
;
••;•— ;••• •
233,986
255,304
259.552
-a.318
-8.35
-25.566
-9.85
Total surplus, profits and
*-*—-—
reserves
5.870.910
5.834.024
5.622.847
36.886
.63
248.063
4.4l
lATlOSt
U.
Loans
Capital
S.0ov»t
Total
capital
& disoounts
account*
liabilities
capital
eeeuritles
account.
accounts
to
tototal
and
total
to total
aqpoalta
assets
assets
U3.518.643
8.5bl.375
Percent
42.28
27.40
g.38 117.701.982
g,**72,132
Percent
HO.99
26.92
7.88
110.507.206
g,i?g>339"
Percent
40.28
28.85
8.19 -4,183.339
"OTSt
•anmw,
W&%
Minus
—». mien
-3.55
13*5
denotes
- 3.011.437
5•
8Jdecrease
*0^J5 5
2.73
*-J-—
4TbT~
• ^ m a a M M M m m m m ^ m m m m m m ^ m m . ^ m i ^ m ^ m m m i m . ^ m m m m i m m m m m m i ^ t ^ m m m . m m m . m m m m m m m m m m j m m m m m m m t ^ . ^ m » m . m ^ m m m 0 m i m m m m . m m ^ m ^ m m m

3
Statement showing comparison of principal items of assets and liabilities of active national banks
as of Mar. l4. 1957, Dec. 31, 1956 and Apr. 10, 1956
(in thousands of dollars) « .,,_.,
'

1 • 1

• • • 1 11 • 1 1

* „
,»,
» Mar. 14,

'
umber of banks

1 11

:
t

• 1 • • • 1 ••• 1 .

_
_,
Dec. 31,

ifcwa---_s«^_w^a--saM»-a^iBSMS»s»,SMS*-»«a«-«-^^

' . ,A
t Apr. 30,

mmmmmmito+mmmmmmmmmi&m-mm

'Increase or decrease ' Increase or decreas
t since Dec. 31. 1956 . since AprvOO. 195b

' 1956 ' | 1956^ » ^ W t
4.689

•

-2

ftm\U* t; JS-jglWpWK

4,657

4,659

-32

20,880,138
12.039.813

21,146,983
12,065,945

18,874,974
11,286,775

-266,845
-26,132

-1.26 2,005,164
-.22
753.038

15,957,353
48,877,364
876.184
"45.661.126

15,868,946
49.681.874
833.542
48.243.332

15,063,581
45,225.330
709.330
44.516,666

88,407
-204.370
42.642
-247,515

.56
893,772
-.42 3,651.974
5.12
166.854
-.51 3.485.156

31.098,160
31.675,780
4,354
4,305
31.165.514
31.686,683
"~~
7.124,288
7.025.220
1,613,360
1,561,566

31.872.384
4,073
31.87M57

-577.620
49
-577.571
—
99,068
51,794

ASSETS

oomercial and industrial loans....
oans on *•** ••*»*•
11 other loans, including over******
Total gross loan
Less valuation reserves
»•* I***"
. S. Government securities}
j*??8* obligations
Obligations full7 guaranteed
Total U. S. securities
bligatlons of States and political subdivisions
ther bonds, notes aad debentures..
orporate stocks, including stocks
of Federal Beserve banks
Total securities
Total loans and securities....
arrency and coin...
sserve with Federal Reserve banks.
•lances with other banks
Total
cash,
balances
with
other
therTotal
assets
banks,
ances
cess of
assets
and
including
collection.
cash
items
reserve
in probal-

239,585
46,679,747
88.080,8b7
1.5p5.390
11,249,926
10,710.688
113.518.643
23,466,004
1.971.772

236.5a
46.503,392
88.751.724
1,706,507
11,467,048
13.908.942
117.701.982
27.082,497
1.867.761

7,111,377
1,866,784

228,840
3.064
41.683.458" -453.645
8$,5$$,458
-676.857
1.456.627
-201,117
11,403,498
-a7,122
10.378.336 -3.198.254
* w
**164.011
? tr
110.507.206
23,238.461
1.669.287
-3.6l6.493
-4.183,339

10.62
6.67
5.93
\m~
23.52
r$T

-1.82 -774,224 -2.43
l.i4
28i
g 00
-I.82—=77T3§—m$$r?
—*1.4l
12.911
.18
3.32 -OCT hok .11 «
*»••»** *•>•:*>
1.30
10.745
4.70
-1.55 -l.663.7li
^TW*
..75 2,481 469
TW~
33779
4T7o3
5735"
-1.89 -1531572 -1 35
-82.99
332.352 3.20
ZKtZZ
22£_*2£
-13.35
-3.59
& J ? 3,011,437
WzM
227 «?43 ?•*>
2^73—
Itt?Q«

*« - aand other securities decreased $130,000,000 to $1,700,000,000. Other loans,
including loans to fanners, loans to banks, and other loans to individuals
(repair and modernization and installment cash loans, and single-payment loans)
were $9,300,000,000, an increase of three percent since December• The percentage
of net loans and discounts to total assets on March 14, 1957 was 42.28 in corapariso
with 40*99 in December and 40.28 in April 1956.
Investments of the banks in United States Government obligations on March Ik,
1957 aggregated $31,100,000,000 (including $4,300,000 guaranteed obligations), a
decrease of $600,000,000 in the period. These investments were 27 percent of
total assets. Other bonds, stocks and securities of nearly $9,000,000,000, which
included obligations of States and political subdivisions of $7,100,000,000, were
$150,000,000 more than in December. Total securities held amounting to
$40,100,000,000 decreased $400,000,000.
Cash of $1,500,000,000, reserve with Federal Reserve banks of $11,300,000,000,
and balances with other banks (including cash items in process of collection) of
$10,700,000,000, a total of $23,500,000,000, showed a decrease of $3,600,000,000.
Borrowed money of $943,000,000 was up $900,000,000 since December.
The capital stock of the banks on March 14, 1957 was $2,690,000,000, including
$3,791,000 of preferred stock. Surplus was $4,178,000,000, undivided profits
$1,459,000,000 and capital reserves $234,000,000, or a total of $5,871,000,000.
Total capital accounts of $8,561,000,000, which were 8.38 percent of total
deposits, were $89,000,000 more than in December when they were 7.88 percent of
total deposits.

TREASURY DEPARTMENT
Comptroller of the Currency
Washington

RELEASE A.M. NEWSPAPERS, H-l^QP
Monday, July i. I Q S 7

*< £ Q
lJ

The total assets of national banks on March 14, 1957 amounted to
$113,500,000,000, it was announced today by Comptroller of the Currency Ray M.
Gidney. The returns covered the 4,657 active national banks in the United
States and possessions. The assets were $4,200,000,000 below the amount reported by the 4,659 active banks on December 31 • 1956, the date of the previous
call.
The deposits of the banks on March 14 were $102,200,000,000, a decrease of
$5,300,000,000 since December. Included in the recent deposit figures were
demand deposits of individuals, partnerships, and corporations of $56,700,000,000,
which decreased $2,800,000,000, and time deposits of individuals, partnerships,
and corporations of $27,200,000,000, up $900,000,000. Deposits of the United
States Government of $1,500,000,000 decreased $900,000,000 in the period; deposits
of States and political subdivisions of $7,200,000,000 decreased $300,000,000,
and deposits of banks amounting to $8,100,000,000 showed a decrease of $1,800,000,OC
Postal savings were $11,800,000 and certified and cashiers' checks, etc., were
$1,550,000,000.
Net loans and discounts on March 14, 1957 were $48,000,000,000, a decrease
of $250,000,000 since December. Commercial and industrial loans of $20,900,000,000
decreased more than $250,000,000, and loans on real estate of $12,000,000,000
were about the same amount as in December. Retail automobile installment loans
increased $48,000,000 to $3,550,000,000. Other types of retail installment loans
of $1,375,000,000 decreased $88,000,000. Loans to brokers and dealers in securities, and other loans for the purpose of purchasing or carrying stocks, bonds,

TREASURY DEPARTMENT
Comptroller of the Currency
Washington
^

RELEASE A.M. NEWSPAPERS,
Monday, July l f 3QR7

H-1392

ported by the 4,659 active banks on December 31, 1956, the date of the previous
call.
The deposits of the banks on March 14 were $102,200,000,000, a decrease of
$5,300,000,000 since December. Included in the recent deposit figures were

demand deposits of individuals, partnerships, and corporations of $56,700,000,0

which decreased $2,800,000,000, and time deposits of individuals, partnerships,
and corporations of $27,200,000,000, up $900,000,000. Deposits of the United

States Government of $1,500,000,000 decreased $900,000,000 in the period; depos
of States and political subdivisions of $7,200,000,000 decreased $300,000,000,

and deposits of banks amounting to $8,100,000,000 showed a decrease of $1,800,
Postal savings were $11,800,000 and certified and cashiers1 checks, etc., were
$1,550,000,000.
Net loans and discounts on March 14, 1957 were $48,000,000,000, a decrease

of $250,000,000 since December. Commercial and industrial loans of $20,900,000,
decreased more than $250,000,000, and loans on real estate of $12,000,000,000
were about the same amount as in December. Retail automobile installment loans

increased $48,000,000 to $3,550,000,000, Other types of retail installment loan
of $1,375,000,000 decreased $88,000,000. Loans to brokers and dealers in se-

curities, and other loans for the purpose of purchasing or carrying stocks, bon

;

-+-0,1

and other securities decreased $130,000,000 to $1,7A0,000,000. Other loans,
including loans to farmers, loans to banks, and other loans to individuals
(repair and modernization and installment cash loans, and single-payment loans)
were $9,300,000,000, an increase of three percent since December. The percentage
of net loans and discounts to total assets on March 14, 1957 was 42.28 in comparison
with 40.99 in December and 40.28 in April 1956.
investments of the banks in United States Government obligations on March 14,
1957 aggregated $31,100,000,000 (including $4,300,000 guaranteed obligations), a
decrease of $600,000,000 in the period. These investments were 27 percent of
total assets. Other bonds, stocks and securities of nearly $9,000,000,000, which
included obligations of States and political subdivisions of $7,100,000,000, were
$150,000,000 more than in December. Total securities held amounting to
$40,100,000,000 decreased $400,000,000.
Cash of $1,500,000,000, reserve with Federal Reserve banks of $11,300,000,000,
and balances with other banks (including cash items in process of collection) of
$10,700,000,000, a total of $23,500,000,000, showed a decrease of $3,600,000,000.
Borrowed money of $943,000,000 was up $900,000,000 since December.
The capital stock of the banks on March 14, 1957 was $2,690,000,000, including
$3,791,000 of preferred stock. Surplus was $4,178,000,000, undivided profits
$1,459,000,000 and capital reserves $234,000,000, or a total of $5,871,000,000.
Total capital accounts of $8,561,000,000, which were 8.38 percent of total
deposits, were $89,000,000 more than in December when they were 7.88 percent of
total deposits.

Statement showing comparison of principal items of assets and liabilities of active national hanks
as of Mar. l4, 1957, Dec* 31, 1956 and Apr. 10, 1956
(in thousands of dollars)
l
:
I Mar. 14, 1 Dec. 31,
:
1957
:
195&

:
: Apr. 10,
:
1956

^^^^_^_^^^^^^_^^^^^^_^^^__^_________^___-___________fc_—_fc____ta_fc—>_-_-_-1____BB—_—^

mber of banks
4,657
ASSETS
wnnercial and industrial loans.... 20,880,138
>ans on real estate
12,039.813
LI other loans, including overdrafts
15,957,353
55otal gross loans
48,877,304
Less valuation reserves......
876,184
Het loans
48,661,120
, S. Government securities}
Direct obligations
31,098,160
Obligations fully guaranteed
4,354
Total U. S. securities..
3l.lQg.5l4
bligations of States and political subdivisions
7.124,288
ther bonds, notes and debentures..
1,613,360
orporate stocks, including stocks
of Federal Bessrve banks
239,585
Total securities
"W&ljTlW
Total loans and securities.... SS.OSO.Sbf
urrency and cola
1,505,353
eserve with Federal Eessrve banks. 11,249,926
alances with other banks
10.710,688
Total cash, balances with other
banks, including reserve balances and eaah it en 8 in pro. .. .
ceas of collection.
23,45o,004
ther assets
179717^2
Total assets
113,518,643

M59

*&$

J Increase or decrease s Increase or decrease
:since Dec. 31, 195o t since Apr. 10, lS5b
: .Amount
g Percent * Amount
g Percent
-32
-2

21,146,983
12,065,945

18,374,974
11,286,775

-266,845
-26,132

-1.26
-.22

2,005.164
753.038

10.62
6.67

15,86s,946
49,081,874
833,542
4S!,24S,332

15,063,58!
45,225,330
703,330
547515,000

M***0!
-2p4,570"~
42,642
=§41,212

.56
- ^ 2
5.12

893.772
3.*>5l»974""
166,854
3,4S5,120"

5*93
8.08
23.52

-1.82
1.14

-774,224
281

-2.43
6.90

•^02
i.4i
3.32

~=77TW

n^BMWMmmm^mt—•••.

12,911
-253.424

.18
•13.58

1.30
-1.05

10,745
•1,003,711
2,4^17409"

4.70
-2.44
2.90
3.35
•1.35
3.20

31.675,780
4,305
3l,bSQ,oS5
7,025,220
1,561,566
236,5a
40.5557552
§8.75*772**
1,706,507
11,467,048
13.5S8.942

31,872,384
4,073
3MCT5T
7,111,377
1,866,7S4

-577,620
49
-577.571
99.068
51,794

228,840
3.064
41,083,jigs
-423,VVT^
85,55-^453
-b70.857
1^56,627
-201,117
11,403,498
-217,122
10,378,336 -3.198,254

.
.,* .
27.0S2.497
23,238,461 -3,6lS,493
l.bSVioIT&G^Sf
104,011
117,701.982 110,507.206 -4,183,339

-U.79
-1.89

JJsj'oT

-S2.99

-153.572
332.352

._I3.35
5TBT

.227,543
302.
3.011,437

-3.55

TT8T

.98
2.73

.
:

it*** ik

_
n^% 71 i

«i#\

(In thousands of dollars)
Increase or decrease l Increase or decrease
*
1957
* I95!
*
556
! Since

Des

Amount

1956

! s^ce Apr. 10. 1956

1 Percant :

Amount

: Percent

LIABILITIES
)eposits o f individuals, partner...
ships, a n d corporationsj
en
Vs™*&- & 7^7.930 59.5S2.34S" 54,974,940 -2,834,418 -4.76 1,772,990 W.23
. „ ^ne#;«**;••;:
:
27.164,833 26,270,576 25.322.05g
894,257
3.40 1.342.775
7.2s
)eposits of u. S. Government
1.443,786
2,347,519
2,442,083
-903.733
-38.50
-998,297
-40.88
ostal savings deposits
11,771
13,751
i 2 ,gk 7
^ S Q .7.69
-1 076 -8.38
Jeposits of States and political
°
subdivisions..
7,202,638
7.467.413
7,208,503
-264,775
-3.55
-5,865
-.08
eposits 't^f*************
8.091,767
9.850,100
8,576,201 -1.758,333
-17.85
-484,434 -5.65
ither deposits (certified and
cashiers' checks, etc.)
1.541.353
1,964.116
1,378,800
-422.758
-21.52
162,558 11.79
102.204,033 10^.494.^23 99.915.^32 -5.290.7^
-4.92 2.2S8.65T
d®
1 4 „ 5to*al J«P»«1*«
lllls payable, rediscounts, and
other liabilities for borrowed
on6
* f;••••;•• 943,278 18,654 891.068 924,624 4,956.71 52,210 5.86
^her liabilities.
1.809.907
1,716.373
1.522.367
93.534
5.45
287 540
18 89
r
i £
Total liabilities, excluding
'' '
----*capital account
104.957.26S 109,229,850 102,328.867 -4,272.582
-3.91 2.623.401
2.57
CAPITAL ACCOUNTS
~"~
apital stock:
Preferred
3,791
3,929
-17
-.45
-138 -3.51
3 ,g 0 8
Qoa
ftr: 2,686,6j4: 2.634.300 2.551.563 52.374 1.99 135.111 £?o
Iotal
V ^S0>^5
2.633.108
2.555.492
52.357
1.93
134797T~
STsV
lia8
^P
»*.17S,293
4,138,783
£97^001397510
.95 ""207,292
TiT
ndivided profits
1.U58.631
l.439,937
1,392.294
18,694
1.30
66337
4*76
^serves.....
233.986
255.304
259.552
-21.318
-8.35 -25,566 -9.S?
3,?
Total surplus, profits and
—
——
ZlUZ.
reserT9B
B: lttau8
J> J
A!TI03:
U.S.Gov't
Loans
Cental
Total
capital
&5.870.910
accounts
discounts
liabilities
capital
securities
accounts
accounts
to
5.834.024
tototal
and
to
total
total
deposits
assets
5.622,847
assets113.513.643
6.5ML.3YJ
36.886
Percent
42.28
27»40
8.3S.63
117.701.932
8,472,132
248,063
Percent
40.99
26*92
7.884 110.507.206
4i
"*g,17d.339
percent
40.28
28.85
8.19"—-4,183,339
iwvn§97241 **•&
-3.55
177)5
— denotes
- 3.011.4T7
•
381*015
decrease IlETrk
*-n ^*

S.J

IMMEDIATE EEIEASE_
Concern wad* uxpicaacCl Ly the Treasury Department, tedsy over

A
an apparent increase in the practice of "upjeweling" of imported
watch movements. Representations have been made to the Department
that the practice is increasing substantially and the evidence
which the Department has been gathering independently since last
fall seems to confirm this view.
The recent developments are being called to the attention of
an interdepartmental committee which has been studying the terminology
of the duty provisions of the Tariff Act of 1930 relating to watch
movements and parts.
Upjeweling involves the importation of watch movements with 17
or fewer jewels at a duty of $3*85 or less, and the addition of more
jewels to the movements before their sale in this country. This
practice makes it possible to avoid the $10.75 duty rate applicable
to movements containing more than 17 jewels at the time of importation.
The Treasury Department and other interested agencies called to
the attention of Congress in 1955 and 1956 a deficiency in the provisions of the Tariff Act of 1930 which makes the upjeweling practice
possible. It is the Treasury Departments view that the situation can
be corrected only through legislation.
To date in this session of Congress the Treasury has not renewed
its proposal for corrective legislation, pending the interdepartmental
committee's studies. The Department stated today that it hoped substantial increases in tko import/atecm (m£ wevawfliiiL3_fui upjemiliii^
would not force it to take further action on upjeweling legislation
while the study of the interdepartmental committee is under way.

TREASURY DEPARTMENT

WASHINGTON, D.C.
IMMEDIATE RELEASE,
Thursday, June 27, 1957.

H-1393

•••M———iaiwaa.mOTMMHWMMWWIMIH—ammmimwnmmmmmmwmmmmm•_—.

The Treasury Department is concerned over an apparent
increase in the practice of "upjeweling" of imported watch
movements. Representations have been made to the
Department that the practice is increasing substantially
and the evidence which the Department has been gathering
independently since last fall seems to confirm this view.
The recent developments are being called to the
attention of an interdepartmental committee which has
been studying the terminology of the duty provisions of
the Tariff Act of 1930 relating to watch movements and
parts.
Upjeweling involves the importation of watch
movements with 17 or fewer jewels at a duty of $3.85 or
less, and the addition of more jewels to the movements
before their sale in this country. This practice makes
it possible to avoid the $10.75 duty rate applicable to
movements containing more than 17 jewels at the time of
importation.
The Treasury Department and other interested agencies
called to the attention of Congress in 1955 and 1956 a
deficiency in the provisions of the Tariff Act of 1930
which makes the upjeweling practice possible. It is
the Treasury Department's view that the situation can
be corrected only through legislation.
To date in this session of Congress the Treasury has
not renewed its proposal for corrective legislation,
pending the interdepartmental committee's studies. The
Department stated today that it hoped substantial increases
in this practice would not force it to take further action
on upjeweling legislation while the study of the interdepartmental committee is under way.
oOo

RELEASE A. M. IffiWSPAPIBS,
Tuesday, Jnfr 2, 19S7.

•"

The Treasury Department announced last evening that the tenders for $1*600.000,(
or thereabouts, of 90-day Treasury bill* to be dated July 5 and to a&ture October 3,
1957, which were offered on June 27, were opened at the Federal Reserve Bank* on
July 1.
The detail* of this issue are as follows*
Total applied for - *2,313#809,000
Total accepted
- 1,600,197,000

(includes $31*6*187*000 entered on a
nonconpetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids*
High

- 99.199 Equivalent rate of discount 3.20lgf per annua

Low

- 99*185

Average

- 99*190 Equivalent rate of discount spprox. 3 • 238*1 per annu

3.260*

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

Federal Reserve
District

Total
Applied for

Total
Aocpimm

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

• 33,31*6,000
1,562,779,000
U»,213,000
70,19k,000
18,167,000
30,119,000
263, 671*, 000
la,5i8,ooo
17,682,000
57,682,000
39,726,000

#2,313,809,000

$1,600,197,000

TOTiL

23,01*6,000
91(8,192,000
29,013,000
62,79U,000
18,117,000
28,119,000
205,97b,000
lil,li93,000
17,062,000
56,832,000
36,326,000
133,209,000

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A. M. NEWSPAPERS,
Tuesday, July 2. 1957.

N^^j^/

H-139U

The Treasury Department announced last evening that the tenders for $1,600,000,000,
or thereabouts, of 90-day Treasury bills to be dated July 5 and to mature October 3,
1957, which were offered on June 27, were opened at the Federal Reserve Banks on
July 1.
The details of this issue are as follows:
Total applied for - #2,313,809,000
Total accepted
- 1,600,197,000

(includes $3146,187,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids:
High - 99.199 Equivalent rate of discount 3.20l# per annum
Low
- 99.185
"
" "
"

3-260£ »

Average - 99.190 Equivalent rate of discount approx. 3»238£ per annum
(65 percent of the amount bid for at the low price was accepted)
Federal Reserve Total Total
District

Applied for

Boston $ 33,31*6,000 $ 23,016,000
New York
1,562,779,000
Philadelphia
U*,213,000
Cleveland
7O,19U,O0O
Richmond
13,167,000
Atlanta
30,119,000
Chicago
263,6?li,000
St. Louis
141,518,000
Minneapolis
17,682,000
Kansas City
57,682,000
Dallas
39,726,000
San Francisco
13h,709,OQO
TOTAL $2,313,809,000 $1,600,197,000

Accepted
91*8,192,000
29,013,000
62,79U,000
18,117,000
28,119,000
205,97U,000
Ul,U93,000
17,082,000
56,832,000
36,326,000
133,209,000

- 3 -

warn

159

or by any local taxing authority* For purposes of taxation the amount of discount
at which Treasury bills are originally sold by the United States is considered to
be interest.

Under Sections U5U (b) and 1221 (£) of the Internal Revenue Code of

195U the amount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of ^
and such bills are excluded from consideration as capital assets.

Accordingly,

the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 1*18, Revised, and this notice, prescribe
the terms of the Treasury bills ami govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch*

- 2 *> CO
JL mj y

Sfift
and exchange tenders will receive equal treatment. Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 19SU* The bills
are subject to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed on the principal
or interest thereof by any State, or any of the possessions of the United States,

^"4>iT4»:w«e

TREASURY DEPARTMENT
Washington

A. M.
RSK RELEASE/ \WB83SSL NEWSPAPERS,
Wednesday, July 5, 1957
•

?.<

The Treasury Department, by this public notice, invites tenders for
$ 1,600.000,000 » or thereabouts, of 91 -day Treasury bills, for cash and
in exchange for Treasury bills maturing July n 19S7 > ^n the amount of

$ 1,611,405,000 , to be issued on a discount basis under competitive and non-

competitive bidding as hereinafter provided. The bills of this series will be
dated July 11, 1957 , and will mature October 10. 1957 9 when the face

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

and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
Daylight Saving
closing hour,/xwa o'clock p.m., Eastern/J*a_ftiQ^ajPixtime, Monday, July 8, 1957
.<

SESx
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders

the price offered must be expressed on the basis of 100, with not more than t
decimals, e. g., 99.92$. Fractions may not be used. It is urged that tenders

be made on the printed forms and forwarded in the special envelopes which wil
supplied by Federal Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account. Tenders will be received without deposit from

incorporated banks and trust companies and from responsible and recognized de
in investment securities• Tenders from others must be accompanied by payment

TREASURY DEPARTMENT
:s^r:-xaT,:TJr^«rr3revr.r3Pv

WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
Wednesday, July 3, 1957.

H-1395

The Treasury Department, by this public notice, invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing July 11, 1957*
in the amount of $1,611,405,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated July 11, 1957,
and will mature October 10, 1957,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty ofclock p.m., Eastern Daylight
Saving time, Monday, July 8, 1957.
Tenders will not be
received at the Treasury Department, Washington. Each tender must
be for an even multiple of $1,000, and in the case of competitive
tenders the price offered must be expressed on the basis of 100,
with not more than three decimals, e.g., 99.925. Fractions may not
be used. It is urged that tenders be made on the printed forms and
forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from Incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust company.
Immediately after the closing hour, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, non-competitive tenders for
$200,000 or less without stated price from any one bidder will oe
accepted in full at the average price (in three decimals) oi accepted

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on July 11, 1957,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing July 11, 1957.
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actually.
received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo

J. W -.

RELEASE A . M . NEWSPAPERS,
fuesday, July 9, 1957.

The Treasury Department announced last evening that the tenders 'for $1*600,600,00
or thereabouts, of 91-day Treasury bills to be dated July 11 and to nature^October 10,
<rvce of
w
1957, which were offered on July 3, were opened at the Federal Reserve Banks on July 8
The details of this issue are as followss
Total applied for - $2,l*08,l?it,000
Total accepted
- l,600,00ii,000

(includes $366,762,000 entered eh a >
noncompetitive basis and accepted in
full at the average price shown below) ^

Range of accepted competitive bids:
High - 99.206 Equivalent rate of discount apprexf 3.141$ per annua
Low
- 99.195
•
*
"
Average - 99#1?8 " « «
(99 percent of the amount bid for at the low Drice was accented )are
Federal Reserve
District

Total
Applied for

Accepted"1
m>

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

3fc,001,000

1,674 ,5n,«00
l»l,7l»8,000
73,159,000
17,918,000
52,528,000
235,01*8,000

laA

% * 22,311,000
*1,00%,919,000
25,933,000
59,881,000
17,568,000
hk ,671,006

.7h,m,<xx>J

16,666,000
62,53li,000
31,318,000
115.898,000

1*2,325,000
16,516,000
58,050,000
28,60k,000
10lj,733,000

*2,i|08,19b,000

U,6oo,ooU,ooo

5li,T85,ooo

TOTAL

TREASURY DEPARTMENT 16:
EEBSHBS&sn

WASHINGTON, D.C.
J5ASE A . M . NEWSPAPERS,
ssday, July 9, 1957 .

H-1396

The Treasury Department announced last evening that the tenders for $1,600,000,000,
thereabouts, of 91-day Treasury bills to be dated July 11 and to mature October 10,
57, which were offered on July 3, were opened at the Federal Reserve Banks on July 8.
The details of this issue are as follows:
Total applied for - $2,408,194,000
Total accepted
- 1,600,004,000

(includes $386,762,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids:
High
Low

- 99.206 Equivalent rate of discount approx. 3.l4l# per annum
w
- 99.195
«
«
n
«
3.18556 "
"

Average

- 99.198

3.17l£

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

Total
Applied for

Total
Accepted

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

$
3l*,ooi,ooo
1,672,591,000
Ul, 71*8,000
73,159,000
17,918,000
52,528,000
235,01*8,000
5U,785,000
16,666,000
62,53ii,000
31,318,000
115,898,000

$
22,311,000
l,00lj,919,00O
25,933,000
59,881,000
17,568,000
Wj,671,000
17U,lt93,000
1*2,325,000
16,516,000
58,050,000
28,60li,000
10U,733,000

$2,l»08,19l*,000

$1,600,00U,000

TOTAL

- 3-

nm.

164

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

- 2 -

2 percent of the face amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank or trust
company.
Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the
Treasury Department of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, noncompetitive tenders for $200,000 or less
without stated price from any one bidder will be accepted in full at the average
price (in three decimals) of accepted competitive bids. Settlement for accepted
tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on July 18, 1957 j in cash or other immediately available funds
or in a like face amount of Treasury bills maturing July 18, 1957 Cash
and exchange tenders will receive equal treatment. Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 19J>4. The bills
are subject to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed on the principal
or interest thereof by any State, or any of the possessions of the United States,

.ttzmizwrnmi

1 ? r.
/

TREASURY DEPARTMENT
Washington

A. M.
B0& RELEASE/ M0BOSCK8a NEWSPAPERS,
Thursday, July U , 1957

m
The Treasury Department, by this public notice, invites tenders for
$1,600,000,000 9 or thereabouts, of 91 -day Treasury bills, for cash and
in exchange for Treasury bills maturing July 18, 1957 , in the amount of
I 1,600,596,000 * to be issued on a discount basis under competitive and non-

xfeSJc
competitive bidding as hereinafter provided.

The bills of this series will be

dated Julv 18. 1957 » and will mature October 17, 1957 , when the face
amount will be payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
Daylight Saving
closing hourj/^tHQc o'clock p.m., Easterr^Sdjanriaaxk time, Monday, July 15, 1957
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99.925• Fractions may not be used. It is urged that tenders
be made on the printed forms and forwarded in the special envelopes which will be
supplied by Federal Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account. Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized dealers
in investment securities. Tenders from others must be accompanied by payment of

TREASURY DEPARTMENT

167

••"— "^—-i«^r.-»>—-w ^-^^_iJSrS!^l.*.". y.L.}\TST£m.*t!R\L. C.t"." A T ? * J f T W * . P ' . T.V.'T

WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
Thursday, July 11, 1957.

H-1397

The Treasury Department, by this public notice, invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing July 18, 1957,
in the amount of $1,600,396,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated July 18, 1957,
and will mature October 17, 1957,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o'clock p.m., Eastern Daylight
Saving time,Monday, July 15, 1957.
Tenders will not be
received at the Treasury Department, Washington. Each tender must
be for an even multiple of $1,000, and in the case of competitive
tenders the price offered must be expressed on the basis of 100,
with not more than three decimals, e. g., 99.925. Fractions may not
be used. It is urged that tenders be made on the printed forms and
forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust company.
Immediately after the closing hour, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, non-competitive tenders for
$200,000 or less without stated price from any one bidder will be
accepted in full at the average price (in three decimals) of accepted

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on July 18, 1957j
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing July 18, 1957.
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch*
0O0

169

- 38 ~

and for the really substantial amount of time which ha
has contributed in working on soma of our problems*
I am certain that we made progress in certain areas
last yew 1 because of your help and advice*

Those of

us in the Treasury and in the Revenue Service look
forward to a continuation of the very pleasant marking
arrangements whieh we have had with this Seetlon of
the Aaeriean Bar Association*
welcomed the opportunity to discuss, all
too b^efly, ifbim of our tjp6c problems from the
gofirnment |(olnt of vie/* fe are indeed charged/with

If I ' /
i. difficult although Aost im or*^4nt responsibility*
ir e need/the help off all ^rho through educat/on and
training understand the re/ponsibility wiich Is ours
and the essential contribution whieh Hie men and women

- 37given honorable and responsible positions ia carsBunlty
activity. Our people have * job to do and they ere
doing It well. They have undertaken a nest vital
responsibility and are entitled to the credit and
recognition which their responsible positions merit*
luring the past year, as was the ease in the
preoe#ding years* we have called upon the offices
and assksrs of your Association for a substantial
amount of advice and assistance. . e have appr*clat*d
your reeoi^endatlons and suggestions concerning
personnel, procedures, and the solutions ef probleaa
which nere causing difficulty for tejtpayers or for
the Service. I a~, particularly grateful to your
retiring Ghalfoan, t»ve Richmond, for his willingness
to respond to the sainy calls whieh I wade upoa ten,

36 -

171
and pressing as bard as we can for authority to up-grade
our people* to add further attraction to service with
the Eevenue Servicee
Something more than this is needed, however, if our
people are to remain in the Service. They need more
recognition on the community level of the task which
they are undertaking and the responsibilities which they
have*
I am sure that if you will think for just a moment
about the situation in your own cities and towns you will
agree with this* We can receive effective assistance from
you if you and others would give Internal Revenue employees
a word of encouragement when they are entitled to itj would
see that our people * when eligible, have an opportunity to
join service elubsf^ommunlty groups. -ta^BE-^a*^ and are

172

- 35 happy to say they have been successful in bringing
able young men into the Revenue Service.
New and expanded training programs are now in
operation covering top executives as well as new

employees. Management programs inelude courses for
Regional Coaaeissloners and their assistants, for
Directors, aad for Agents and other personnel
in the District offices. Because of the difficulty

U »- mm. ^ ~ - H

-**

C-_-

«,

the Service is giving courses in typing and shorthand
and letter writing*

The well led and well planned

program^now in operation will result inyl^better
trained personnel and better service to the American
taxpayers. Commissioner Harrington has also fixed
^ — — *

career steps ifc-iitfKgfor
M - i s M l l g for those wj
within the Service

~ 85~A •
who are capable and qualified* We hope and bull-mil
by continuing the improvements which Commissioner
Harrington and his staff have made within the Service.

• 34 Internal Revenue Service, but to add to and strengthen
that morale. The Revenue Service is working on this
problem with vigorous recruiting programs, competing
with business organizations for the best possible young
men and women. The Service cannot offer those coming
from our colleges today the same dollar and fringe
benefits which business can offer, but it can and does
offer a genuine opportunity to be of service and to
grow expert in an absorbing and challenging field*
Not only has the vigorous recruiting program been
going on in the legal field as I have outlined, but men
from other areas of the Revenue Service have gone to
our colleges and universities setting forth the
attractions of their particular departments. I am

- 32 -

176
as club dues, entertainment, travel, maintenance of
automobiles, yachts, and airplanes, maintenance of
company-supported residences, branch offices in resort
cities, etc.

177
«* 31 **
is to continue* But too many taxpayers are building up
an expense account economy — spending money and
charging it to business purposes ~~ money which they
would not think of spending if the tax rates were not
as high as they are at the present time* From the many
cases of questionable claims that have come to sty
attention, I am inclined to believe that there are a
few businessmen, quite a few businessmen, who would
never think of treating a partner or their stockholders
the way they treat poor old Uncle Sam.
The Commissioner is taking note of this problem*
In a recent notice which went to all field agenf%»
pointed out that the Service has been taking a close
look at expense deductions esMbsaL involving such items

-30'

8,$hat

178

area is causing the greatest difficulty at

the present time in the checking and auditing of

t
taxpayers1 returns? jlMany areas cause problems, and
it Is hard to say which one is the greatest.

Certainly,

one of the greatest is the handling of expense account
deductions from gross income, mm

and the regulations

can establish guidelines for the taxpayer, but In the
last analysis such determinations are largely a natter
of conscience, of business morality.

Here, again, we

need ^jp^l^^fmn
(sponsible tax practitioners.
The Revenue Service has no disposition to deny
honest and legitimate expenses as deductions. It is
clearly recognised that in many U n a s of business, travel
and limited entertaining are essential if the business

program will be given an opportunity to work on a
broad variety of legal problems arising in connection
with the many varied activities of the Revenue Service*
I am most appreciative of the assistance which
was given to us in this program by the law school
officials throughout the country. We shall be
repeating this program this year and I hope In the
years to come.

- 28 -

ItfQ

out to th. U. ..hool. to fatmu. pW.p..ti™ *ff^*
at*dwnts. Over 800 law sehool senlore made application
for consideration. The applications of 76 were approved
and they were offered positions in the Service*
We eeeurcd an outstanding group of young lawyere.
Beet of all, the group appointed comes from 48 different
law schools and 88 different states. The etates having
three or more lawyers accepted are Massachusetts,
New York, Ohio, Pennsylvania, Texas and Wisconsin.
Law schools with more than two graduates in the group
are Cincinnati, Columbia, Harvard, New Tork University,
Texas and Wisconsin. Five of the men accepted hold
advanced degrees. The lawyere accepted under this

• 27 •

ley

from all over the country Into the Internal Revenue
Service. I am delighted to report here today for the
first time on the success of the first year of our
operation under this honor type program.
Last fall the Means <***a*j*- of 4m

law saheels

were asked to present to their students
the opportunities available for lawyers In the Internal
Revenue Service. We made it elear that we were
particularly Interested in honor-graduates, thoee in
the upper ten percent of their class or who had served
on the Law Review, and who had taken special tax eoureee
Regional Counsels of the Revenue Service and some
of the most experienced men from Washington were sent

- 26 •
JCJI

pmUlUU Is there increasingly more

y\
\r>

opportunity for lawyers in the Internal Revenue Service,
and is anything being done to build up the legal
department in the Revenue Service? 1ft* answer is
yes to both questions. I have served in the Treasury
with John Potts Barnes of Chicago as Chief Counsel
of the Internal Revenue Service, and also with
Kelson Rose of Cleveland, Ohio* They are both excellent/
sHSPtax lawyers andjiiqil mjiuts. -3eBi Barnes made
a great contribution while he was with the Service
andlfiSiln Rcee is doing the same*
The General Counsel's Of flee in the Treasury and
the Chief Counsel's Office have cooperated in attempting
to bring representative and outstanding young lawyers

This Isglslation, which would be applicable only
against those who have been In default, would give us
i

1
an additional and effeetive enforcement tool* It is,
of course, for the Ways and Means Committee end the
Finance Committee and then the Congress tc determine
whether or not they believe the legislation is
advisable.

m 24 *

184
dlsoloeing in its title that it represents taxes
collected and held in trust for the United States.
The money from such aoeount would be subject to
withdrawal only for payment to the United States.
A notified employer who fails to comply with the
requirements of the notification would be guilty of
a miedemeanor and there would be no requirement that
wilfulness or wrongful Intent be proved to establieh
the crime.
District Directors would be given authority,
once they were satisfied that the employer subject tc
the more rigorous regulations would oomply without
being forced to make special deposits, to authorize
the employer to discontinue the making of auoh deposits.

* 23 •

*7&<?

be proven. There are many times however when, although

it is quits apparent that the violations are intention
we cannot sustain the burden of proving willfulness.
to pron*. u. »ith _ mm*umiAmAa^mm
employers who fall to deposit on the due date or fail
to remit following deposit, we have asked the 6.
to consider legislation t*ululi \w£ki\ provide that
"v.

MM-

a tmlm. tO «

*A to J.i*lH-

deposits and subsequent payment, the District Director
may notify the employer that beoauss of *£.
«s» failure
failurt
A
>to_J,eposJrt^*Adrtreait) the employer must thereafter

weekly, or at such other less frequent time as specifie

in the m9mmm}9mmtm^mmmmm.

pUo. th.

amount of withheld taxes in a separate bank account,

186
- 22 •
Accounts are closed cither by collection of the
amounts due or by writing off the balance as uncollectible*
The six-year write-off by the Internal Revenue Service
-m

amounts to-only one-tenth of one percent of the six
years collection* This is the true index of the
effectiveness cf any collection organisation and compares
favorably, I em told, with the collection reeerd of the
most efficient private collection agencies.
This record does not minimize the faot that at the
end of 1956 there were i mii:Hc.Fca»r-»4i*lf mm In
far withheld taxes in the hands of employers* Most of
them, to be sure, were

"Z^h*^

Criminal remedies are now qpi* and the Service can
prosecute and convict employers when willfulness can

187
jimtmmmmU. / W H ^
<£. Why does the Service not take more vigorous
y | action against those wbJhave withheld inoeme or
social security taxes from empleyeea and failed to
pay tJmn cii to the United States?
/

There is ssieh misunderstanding of the degree
of compliance in this field* Over $88 billion in
employment taxes and withheld income taxes were
collected in the calendar year 1955 and the aggregate
figur. for th. laet eix years is $139 billion. The
tax delinquency account for withheld taxes for the
six-year period prior to 1956 repreeente only one
percent of the total collection of such taxes for the
latest full calendar year and approximately ene-fifth
of one percent of the total for the last six years*

TREASURY DEPARTMENT
Washington

RELEASE ON DELIVERY
Excerpts fromAremarks by Fred C. Scribner,Jr,,
Assistant secretary of the Treasury, before
the Section of Taxation, American Bar Association
at the Waldorf Astoria Hotel, New York, N.Y.,
'
1:00 P.Li. EDT Friday, July 12, I957

n /

183
TREASURY DEPARTMENT
Washington
RELEASE ON DELIVERY

H-1398

Excerpts from question-and-answer remarks by
Fred C. Scribner, Jr.* Assistant Secretary
of the Treasury, before the Section of
Taxation, American Bar Association, at the
Waldorf Astoria Hotel, New York, New York,
1:00 P.M. EDT Friday, July 12, 1957
Q. Why does the Internal Revenue Service not
take more vigorous action against those employers
who have withheld income or social security taxes
from employees and then failed to pay over such
taxes to the United States?
There is much misunderstanding of the degree of compliance
in this field* Over $28 billion in employment taxes and withheld
income taxes were collected in the calendar year 1955 and the
aggregate figure for the last six years is $139 billion. The
tax delinquency account for withheld taxes for the six-year
period prior to 1956 represents only one percent of the total
collection of such taxes for the latest full calendar year and
approximately one-fifth of one percent of the total for the last
six years.
Accounts are closed either by collection of the amounts due
or by writing off the balance as uncollectible. The six-year
write-off by the Internal Revenue Service amounts to only onetenth of one percent of the six years collection. This is the
true index of the effectiveness of any collection organization and
compares favorably, I am told, with the collection record of the
most efficient private collection agencies.
This record does not minimize the fact that at the end of
1956 there were 350,000 accounts for withheld taxes in the hands
of employers. Most of them, to be sure, were small.
Criminal remedies are now provided by statute and the Service
can prosecute and convict employers when willfulness can be proven.
There are many times however when, although it is quite apparent
that the violations are intentional, we cannot sustain the burden
of proving willfulness.
To provide us with an additional means of dealing with
employers who fail to deposit on the due date or fail to remit
following deposit, we have asked the Congress to consider

- 2 additional legislation. The requested legislation would provide
that following a failure to comply with the statutory provisions
requiring deposits and subsequent payment, the District Director
may notify the employer that because of such failure the employer
must thereafter weekly, or at such other less frequent time as
specified in the notice, place the amount of withheld taxes in a
separate bank account, disclosing in its title that it represents
taxes collected and held in trust for the United States. The
money from such account would be subject to withdrawal only for
payment to the United States.
A notified employer who fails to comply with the requirements
of the notification would be guilty of a misdemeanor and there
would be no requirement that wilfulness or wrongful intent be
proved to establish the crime.
District Directors would be given authority, once they were
satisfied that the employer subject to the more rigorous
regulations would comply without being forced to make special
deposits, to authorize the employer to discontinue the making of
such deposits.
This legislation, which would be applicable only against
those who have been in default, would give us an additional and
effective enforcement tool. It is, of course, for the Ways and
Means Committee and the Finance Committee and then the Congress
to determine whether or not they believe the legislation is
advisable.
Q. Is there increasingly more opportunity for
lawyers in the Internal Revenue Service, and is
anything being done to build up the legal department
in the Revenue Service?
The answer is yes to both questions# I have served in the
Treasury with John Potts Barnes of Chicago as Chief Counsel of
the Internal Revenue Service, and also with Nelson Rose of
Cleveland, Ohio. They are both excellent tax lawyers and able
students of the law. Barnes made a great contribution while he
was with the Service and Rose is doing the same.
The General Counsel's Office in the Treasury and the Chief
Counsel's Office have cooperated in attempting to bring
representative and outstanding young lawyers from all over the
country into the Internal Revenue Service. I am delighted to
report here today for the first time on the success of the
first year of our operation under this honor type program.
Last fall the Deans of the country's law schools were asked
to present to their students the opportunities available for
lawyers in the Internal Revenue Service. We made it clear that

- 3we were particularly interested in honor graduates, those in the
upper ten percent of their class or who had served on the Law
Review, and who had taken special tax courses.
Regional Counsels of the Revenue Service and some of the
most experienced men from Washington were sent out to the law
schools to interview prospective appointees. Over 3°0 law school
seniors made application for consideration. The applications
of 76 were approved and they were offered positions in the
Service.
We secured an outstanding group of young lawyers. Best of
all, the group appointed comes from 45 different law schools and
28 different states. The states having three or more lawyers
accepted are Massachusetts, New York, Ohio, Pennsylvania, Texas
and Wisconsin. Law schools with more than two graduates in the
group are Cincinnati, Columbia, Harvard, New York University,
Texas and Wisconsin. Five of the men accepted hold advanced
degrees. The lawyers accepted under this program will be given
an opportunity to work on a broad variety of legal problems
arising in connection with the many varied activities of the
Revenue Service.
I am most appreciative of the assistance which was given to
us in this program by the law school officials throughout the
country. We shall be repeating this program this year and I
hope in the years to come.
Q. What area is causing the greatest difficulty
at the present time in the checking and auditing of
taxpayers' returns?
Many areas cause problems, and it is hard to say which one
is the greatest. Certainly, one of the greatest is the handling
of expense account deductions from gross income. The statutes
and the regulations can establish guidelines for the taxpayer,
but in the last analysis such determinations are largely a
matter of conscience, of business morality. Here, again, we need
the help of responsible tax practitioners.
The Revenue Service has no disposition to deny honest and
legitimate expenses as deductions. It is clearly recognized
that in many lines of business, travel and limited entertaining
are essential if the business is to continue. But too many
taxpayers are building up an expense account economy — spending
money and charging it to business purposes -- money which they
would not think of spending if the tax rates were not as high
as they are at the present time. From the many cases of
questionable claims that have come to my attention, I am inclined
to believe that there are a few businessmen, quite a few businessmen,
whothe
would
of treating
a partner
or* their stockholders
waynever
they think
treat poor
old Uncle
Sam.

132
- 4 The Commissioner is taking note of this problem. In a recent
notice which went to all field agents he pointed out that the
Service has been taking a close look at expense deductions
involving such items as club dues, entertainment, travel,
maintenance of automobiles, yachts, and airplanes, maintenance of
company-supported residences, branch offices in resort cities, etc.
Q. What do you think of the Internal Revenue
Service?
One does not work along with the Internal Revenue Service
without becoming impressed with the very effective job which the
Service is doing with the relatively few people available. I
do not mean to imply that perfection has been reached by the
Revenue Service or that all of our people are doing the most
effective job imaginable, or that there is not much which we need
to do to improve the administration of our tax laws. We can and
we will improve.
Commissioner Harrington, who is doing a superb job, is
doing everything possible not only to maintain the increasingly
high morale which is apparent in the Internal Revenue Service,
but to add to and strengthen that morale. The Revenue Service is
working on this problem with vigorous recruiting programs,
competing with business organizations for the best possible young
men and women. The Service cannot offer those coming from our
colleges today the same dollar and fringe benefits which business
can offer, but it can and does offer a genuine opportunity to be
of service and to grow expert in an absorbing and challenging
field.
Not only has the vigorous recruiting program been going on
in the legal field as I have outlined, but men from other areas
of the Revenue Service have gone to our colleges and universities
setting forth the attractions of their particular departments.
I am happy to say they have been successful in bringing able young
men into the Revenue Service.
New and expanded training programs are now in operation
covering top executives as well as new employees. Management
programs include courses for Regional Commissioners and their
assistants, for District Directors, and for Agents and other
personnel in the District offices. Because of the difficulty in
many areas of securing competent clerical help the Service is
giving courses in typing and shorthand and letter writing. The
well led and well planned programs now in operation will result
in better trained personnel and better service to the American
taxpayers. Commissioner Harrington has also fixed career steps
of promotion for those within the Service who are capable and
qualified. We hope, by continuing the improvements which
people,
and
Service.
Commissioner
pressing
to add
Harrington
asfurther
hard asattraction
we
and can
hisfor
staff
to
authority
service
have made
with
to within
up-grade
the Revenue
the
our
Service,

193
- 5Something more than this is needed, however, if our people
are to remain in the Service. They need more recognition on the
community level of the task which they are undertaking and the
responsibilities which they have.
I am sure that if you will think for just a moment about the
situation in your own cities and towns you will agree with this.
We can receive effective assistance from you if you and others
would give Internal Revenue employees a word of encouragement
when they are entitled to it; would see that our people,when
eligible, have an opportunity to join service clubs, and
community groups, and are given honorable and responsible positions
in community activity. Our people have a job to do and they are
doing it well. They have undertaken a most vital responsibility
and are entitled to the credit and recognition which their
responsible positions merit.
During the past year, as was the case in the preceding years,
we have called upon the offices and members of your Association
for a substantial amount of advice and assistance. We have
appreciated your recommendations and suggestions concerning
personnel, procedures, and the* solutions of problems which were
causing difficulty for taxpayers or for the Service. I am
particularly grateful to your retiring Chairman, Dave Richmond,
for his willingness to respond to the many calls which I made
upon him, and for the really substantial amount of time which he
has contributed in working on some of our problems. I am certain
that we made progress in certain areas last year because of your
help and advice. Those of us in the Treasury and in the Revenue
Service look forward to a continuation of the very pleasant
working arrangements which we have had with this Section of the
American Bar Association.
0O0

IMMEDIATE RELEASE,
TREASURY DEPARTMENT
4 Q 4
Friday, July 12, 1 9 5 7
Washington
&
H-I399
The Bureau of Customs announced today preliminary figures showing the imports
for consumption of the commodities listed below within quota limitations from the
beginning of the quota periods to June 29, 1957* inclusive, as follows:
Unit :
of
: Imports as of
Quantity :June 291 1957

Commodity
Tariff-Rate Quotas:
Cream, fresh or sour ,
IShole milk, ftesh or sour ,

Calendar Year
Calendar Year

1,500,000 Gallon
3,000,000 Gallon

200,000 Head
Cattle, less than 200 lbs. each 12 mos. from
April 1, 1957
120,000 Head
April 1, 1957 Cattle, 700 lbs. or more each
June 30, 1957
(other than dairy cows)
Fish, £resh or frozen, filleted,
etc., cod, haddock, hake,
37,375,636 Pound
Calendar Year
pollock, cusk, and rosefish
Calendar Year
44,528,533 Pound
Tuna fish *
White or Irish potatoes:
12 mos. from
150,000,000 Pound
Certified seed
Sept. 15, 1956
60,000,000 Pound
Other
Calendar Year
5,000,000 Pound
Walnuts
Alsike clover seed
12 mos. from
2,500,000 Pound
July 1, 1956
Peanut oil 12 mos. from
80,000,000 Pound
July 1, 1956
Woolen fabrics Calendar Year
14,000,000 Pound
Absolute Quotas:

195
U27
10,879
17,956

(D
Quota Filled
17,764,752
111,912,085
3U,507,86l
1,354,926
235,8lli

11,165,940

Peanuts, shelled, unshelled,
blanched, salted, prepared, or
preserved (incl. roasted pea- 12 mos. from
1,709,000 Pound
Quota Filled
nuts, but not peanut butter)
Aug. 1, 1956
Rye, rye flour, and rye meal .. 12 mos. from
(2)
July 1, 1957
182,280,000 Pound
174,960,031
Canada
3,720,000 Pound
Butter substitutes, including
Other Countries
butter oil, containing U5%
1,800,000 Pound
Quota Filled
Calendar Year
or more butterfat
(1) Imports for consumption at quota rate limited to 18,657,818 lbs. during the
first 6 months of calendar year#
(2) Imports through July 9, 1957.

TREASURY DEPARTMENT
V/ashington

IMMEDIATE RELEASE,
Friday, July 12, 1957

iqr;
^
H-1399
The Bureau or customs announced today preliminary figures showing the imports
for consumption of the commodities listed below within quota limitations from the
beginning of the quota periods to June 29, 1957, inclusive, as follows:
i a

Unit
:
of
: Imports as of
Quantity :June 29, 1957
Tariff-Rate Quotas:
Cream, fresh or sour Calendar Year

1,500,000 Gallon

195

Whole milk, fresh or sour Calendar Year

3,000,000 Gallon

1*27

Cattle, less than 200 lbs. each 12 mos. from
April 1, 1957

200,000 Head

10,879

Cattle, 700 lbs. or n»re each April 1, 1957 (other than dairy cows)
June 30, 1957

120,000 Head

17,956

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

37,375,636 Pound

Tuna fish • Calendar Year

44,528,533 Pound

White or Irish potatoes:
Certified seed
Other

12 mos. from
Sept. 15, 1956

Walnuts Calendar Year
Alsike clover seed 12 mos. from

(1)
Quota Filled
17,76U,752

150,000,000 Pound
60,000,000 Pound
5,000,000 Pound

111,912,085
3U,507,861
1,35U,926

2,500,000 Pound

235,8lU

July 1, 1956
Peanut oil 12 mos. from

80,000,000

Pound

14,000,000

Pound

July 1, 1956
Woolen fabrics Calendar Year

11,165,940

Absolute Quotas;
Peanuts, shelled, unshelled,
blanched, salted, prepared, or
preserved (incl. roasted pea12 mos. from
nuts, but not peanut butter)
Aug. 1, 1956
Rye, rye flour, and rye meal .. 12 mos. from
July 1, 1957
Canada
Other Countries
Butter substitutes, including
butter oil, containing 45£
Calendar Year
or more butterfat

1,709,000 Pound

Quota Filled
(2)
174,960,031
£

182,280,000
3,720,000

Pound
Pound

1,800,000 Pound

Quota Filled

\V) Imports for consumption at quota rate limited to 18,687,818 lbs. during the
first 6 months of calendar year*
(2) Imports through July 9, 1957*

*mm2—

COTTON WASTES
(In pounds)

136

COTTON CARD STRIPS made from cotton having-* staple of less than 1-3/16 inches in length, COMBER
WASTE, LAP WASTE, SLIVER WASTE, AND ROVING 7/ASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE
ADVANCED IN VALUE: Provided, however, that not more than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes made from cottons of 1-3/16 inches or more
in staple length in the case- of the following countries.- United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italy.

Country of Origin

Established
TOTAL QUOTA

Total Imports
Sept. 20, 1956, to
July 109 1957

Established 2
Imports
33-1/3? of : Sept. 20, 1956
Total Quota : to July 10, 1957

United Kingdom . . . . .
4,323,457
Canada
.
239,690
France . . .
227,420
British India .
69,627
Netherlands
68,240
Switzerland .
44,388
Belgium
38,559
Japan
341,535
China
17,322
Egypt
. . .
8,135
Cuba
6,544
Germany
76,329
Italy
21.263

95,562
239,690

22,775

25,443
7.088

22,775

5,482,509

427,654

1,599,886

118,337

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

1,441,152

95,562

75,807

69,627
22,747
14,796
12,853

TREASURY DEPARTMENT
Washington

^3?

IMMEDIATE RELEASE,
Friday, July 12, 1957

H-1400

Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by the President1^ Proclamation of September 5, 1939, as amended
COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other than rough or harsh under 3/411
Imports Sept. 20. 1956. to July 10. 1957
Country of Origin, Established Quota Imports Country of Origin Established Quot.a Imports
Egypt and the Anglo- Honduras ..... . 752
Egyptian Sudan . . .
783,816
Peru
247,952
British India . . . . .
2,003,483
China
1,370,791
Mexico
8,883,259
Brazil . . . . . . . .
618,723
Union of Soviet
Socialist Republics .
475^124
Argentina
5,203
Haiti
237
Ecuador
9,333

124,060
8;883,259
600,000
-

Paraguay . . . . . . .
Colombia
Iraq
British East Africa . .
Netherlands E. Indies.
Barbados
l/0ther British W. Indies
Nigeria
2/0ther British W. Africa
2/other French Africa . .
Algeria and Tunisia .

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

1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
2/ Other than Algeria, Tunisia, and Madagascar.
Cotton, harsh or rough, of less than 3/4" Cotton 1-1/8" or more
[mports Sept. 20. 1956, to June 29» 1957""
Imports August 1. 1956,to June 29. 1957. ind#
Established Quota (Global) Imports Established Quota (Global) Imports
70,000,000 8,223,371 45,656,420 21,137,549

TREASURY DEPARTMENT
Washington

. MH
loo

IMMEDIATE RELEASE,
Friday, July 12, 1957

H-1400

Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by the Presidentf-s Proclamation of September 5, 1939, as amended
COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other ~than rough or harsh under 3/4"
Imports Sept. 20. 1956. to July 10. 1957
Country of Origin Established Quota Imports Country of Origin Established Quota
Egypt and the Anglo- Honduras 752
Egyptian Sudan . . .
783,816
Peru .
247,952
British India . . . . .
2,003,483
China
1,370,791
Mexico
8,883,259
Brazil . . . . . . . .
618,723
Union of Soviet
Socialist Republics .
475^124
Argentina
5,203
Haiti
237
Ecuador
9,333

124,060
8;883,259
600,000
-

Paraguay . . . . . . .
Colombia . . . . . . •
Iraq . . .
.
British East Africa . .
Netherlands E. Indies.
Barbados
l/0ther British W. Indies
Nigeria
2/0ther British W. Africa
2/0ther French Africa . .
Algeria and Tunisia •

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

1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
2/ Other than Algeria, Tunisia, and Madagascar.
Cotton* harsh or rough* of less than 3/4>f Cotton 1-1/8" or more _
Imports Sept. 20. 19 56, to June 29, 1957
Imports August 1. 1956.to June 29. 1957. incl*
Established Quota (Global) Imports Established Quota (Global) Imports
70,000,000

8,223,371

45,656,420

21,137,549

-*-

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

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

Established
TOTAL QUOTA

Total Imports
Sept. 20, 1956, to
July 10. 1957

Established
33-1/3* of
Total Quota

Imports
Sept. 20, 1956
to July 10, 1957
95,562

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

95,562
239,690

22,775

25,443
7.088

22,775

5,482,509

427,654

1,599,886

118,337

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

1,441,152
75,807

69,627
22,747
14,796
12,853

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Friday. July 12. 1Q57

iss
H-1401

The Bureau of Customs announced today the following preliminary
figures shoving the imports for consumption from January 1, 1957, to
June 29, 1957* inclusive, of commodities for which quotas were established pursuant to the Philippine Trade Agreement Revision Act of
1955:

Commodity

: Established Annual
: Quota Quantity

Buttons

807,500

Imports as of
June 29, 1957
Gross

36l,kk8

Cigars 190,000,000

Number

2,052,322

Coconut oil ^25,600,000

Pound

8^,052,259

Cordage 6,000,000

Pound

2,643,078

(Refined
Sugars
(Unrefined
Tobacco 6,175,000

22,275,756
1,90^,000,000

Pound
1,205,307,991
Pound

2,153,3^3

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Friday, July 12, 1QS7

200

H-1401

The Bureau of Customs announced today the following preliminary
figures showing the imports for consumption from January 1, 1957, to
June 29, 1957, inclusive, of commodities for which quotas were established pursuant to the Philippine Trade Agreement Revision Act of
1955:

Commodity

Imports as of
June 29, 1957

: Established Annual
: Quota Quantity

Buttons

807,500

Gross

361,448

2,052,322

Cigars 190,000,000

Number

Coconut oil U25,600,000

Pound

84,052,259

Cordage 6,000,000

Pound

2,643,078

(Refined
Sugars
(Unrefined
Tobacco 6,175,000

22,275,756
1,904,000,000

Pound

1,205,307,991
Pound

2,153,3^3

S T A T U T O R Y D E B T LIMITATION
AS

OF.-..J?S»HL29.i

1957

Washington, ,.yJ1.^..12.9....±?.2,,(

mption
shall be considered
beginning on July
by $3,000,000,000.
. 7.^e. ^°^ o w » n g table shows the face amount of obligations outstanding and the face amount which can still he issued under
this limitation:
Total face amount that may be outstanding at any one time
$278,000,000,000 • 00
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills $ 23 ,419,831.000
Certificates of indebtedness
Treasury notes
„
BondsTreasury
Savings (current redemp. value)
Depositary.,
,. Investment series
Special Funds*
Certificates of indebtedness
Treasury n o t e s ^ . ^
Treasury bonds.....
Total imereIFbe~arihg
.
Matured, interest-ceased

20,472,6851000
30 . 973 >457, 000
80,789 , 270.550
jr\r, 6 2 2 , 0 0 1 , 1 2 7
195. 9^8,000
11.135.3^3,000
„...

Bearing no interest:
United States Savings Stamps
Excess profits tax refund bonds
Special notes of the United States:
Jtaternat'l Monetary Fund series
...

30.59^.778.000
12 ,76?.9*9 »000
3 .462,500t000

74,865,973.000

1^,7^2,562,677

46,827.227.000
268»435,762f6??
525.462,610

511034,456
923.394
1,068,000,000

f<*ai ~

1,119,957,850
270,081,183.137

Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A
106,434,150
Matured, interest-ceased
703»800
Grand total outstanding
„
.
Balance face amount of obligations issuable under above authority

1 0 7 »137 .950
M

270* 188 ,321. 087
„.'........
7 *811.678.913

June 30, 1957
Reconcilement with Statement of the Public Debt
(Dote)
(Daily Statement of the United States Treasury,
.^*JSS?S...SS*...3|25Z.
Dut standingTotal gross public debt
„
M
Guaranteed obligations not owned by the Treasury......,M
Total gross public debt and guaranteed obligations.......
Deduct - other outstanding public debt obligations not subject to debt limitation

H-1402

J
—.
—

270.527 .171.897
107 • 1,37 • 950
270.O3*'"'.jOy 9OrVf
W5»988»760
270,188,321,08?

STATUTORY

DEBT

LIMITATION

AS O F !?Sfl?.Ji?.s...i957

2 Q p

Washington,
JM3...12.9..J$$2
Section 21 of Second Liberty Bond Act, as amended, provides that the face amount of obligations issued under authority
of that Act, and the face amount of obligations guaranteed as to principal and interest by the United States (except such «uartoteed obligations as may be held by the Secretary of the Treasury), "shall not exceed In the » « » « » i»7< nr£innrrwin
Met of June 26, 1946; u/s.C, title 31, sec. 757b{ outstanding at any one « i m e ? " o r p jpZVo^^^^^

WsAiVA}'w("aDdendin8 on}™30,1957, 'heabov<; "^ w7^*^&ul:,i"s^
The following table shows the face amount of obligations outstanding and the face amount which can still he Issued under
this limitation:
Total face amount that m a y be outstanding at any one time
$278 000 0 0 0 0 0 0 00
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills $ 23 ,419 . 831, 000
Certificates of indebtedness
Treasury notes
BondsTreasury
Savings (current redemp. value)
Depositary.
Investment series
Special Funds*
Certificates of indebtedness
Treasury notes
Treasury bonds
Total interest-bearing
Matured, interest-ceased
Bearing no interest:
United States Savings Stamps
Excess profits tax refund bonds
Special notes of the United States:
Intcrnat'l Monetary Fund series

20 .472 ,6851000
30.973.457.000 $
80 ,789.270 , 550
54,622,001,127
195 . 948 , 000
11,135 . 343 .000
30,594,778,000
12 , 769 .949 , 000
3.462,500.000

74,865,973.000

146 , 742 , 562 , 677

46,827,227,000
268,435,762,677
5 2 5 »462, 6 l 0

51.034,^56
923.394
1,068,000,000

TotaI

1,119,957,850
270,081,183,137

Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A
106,434,150
Matured, interest-ceased
703.800
Grand total outstanding
lalance face amount of obligations issuable under above authority
June 30, 1957
Reconcilement with Statement of the Public Debt
(Daily Statement of the United States Treasury,

107.137.950
M

;

(Date)
e

J?M}. ...28;,. 1 § , 5 Z

Islandingrotai gross public debt
Guaranteed obligations not owned by the Treasury.
rota I gross public debt and guaranteed obligations.
duct - other outstanding public debt obligations not subject to debt limitation

H-1402

270 .188 .321.087
7 . 811. 678 m 913

...

270,527.171.897
107 • 137 . 950
270 .63^.309 » W 7
W5.988i?6Q
270,188,321,087

2&r7
low Schools iapreomwod (hg)

Boston Collogo
Boston VtAff.

(ft)

1
1
1
2
2

5
1
C<
Detroit
3
1
Duko
1
1
mo. Hot*. fkAv. 1
f
2

Illinois

team City

it
1
1
1
I
I
1
1
2
1
2

Utah

5
So* ^otbodlot
9ta JotW

UtOB
Vlrgialo
Wisconsin
Tolo

t
1
1
1
1
1
1
1
1
3
2
2
1
1
1
1
7

-I
76

»7 Umjt.
tO tBO tWB.

la otfitb

lad

Tot* Vt&w.
lvanio

1
1
t
1

20«

/ / •"

'H
Doportaogit aaiaOiiuood todaty

- 7c/ j

oooaoooful fooiilto

of it* rirjMitAr»erui

of lao othool /

g n d u t l n g cl&ooo* ft** poolttar* la tha Offlea of C M o f Coooaol off
tha Internal nevorawj Sorvioo*
toot fall, ttto Tra^aWafy DopaartMnt (Soraaool Coaaaool and tho Chlof
COBOOOI

of tho Kovoftoo Sortioo aolead tho oOa&otonoo of doono of 1mm

schools threafhoot tho emititrT In roofoitlag taw studmto oho
in tho uppor tott pgroant of tho grodiaOtlof o l « o N I or oho M M
of tho Board of Xdltor* of tho Loo Korloo ondt hod tobara to* conrsoa in

JP^iX Pt^K
•mwm^m-m.

~o*a*^0*'**^*l*^oPoo*»Vw'[ I

^l"^"a"a"aO"BoT

jj"P"aiW^

oObOOOof

thil

O P " W a a a » W P a O ^^"OF

iBtorrloini ooro hold throughout tho oot28tiyt 00 ooll 00 at tha hood*
oooarWn ofCLoo lafrftiililliiiitaio ttmi rooraoaavfcaftl'foo of tiB hoadaooaftan
^^•^ovnaa^av

la^^aia*** m\w

^so^aa* *oa>iaw^Bw^pr

Haaaapa*

w^r^ow^aa^aj^p^aaaaja™.^ ^ p a W ^ a a w i ^oa»*B^aaw

<a. ^*^o"a"^^^ ^aor^a^^anaaa* ^o^ojaw^a^isav w

va^^aw7

^a^^aw

m\*-i9my-m\mW

wv^a^^aw^aaowao^a»^Bwaa»

^a^oja^av ~

office visited _.l aw schools where the- interest was sufficient.
Seventy-six of the applicants have been offered positions,
the list containing graduates of 1+5 different law schools and resi
of 28 different States.
•gg*yy»*+»TT7r l g 7x Tiff 11- • fTftW

The lawyers joining

the Internal Revenue Service under

this program will have the opportunity of working on legal problems
of broad variety arising in con1

M O t S m nith tho mnj actlvitta.9 mt

is hopod that many of tho appolntooo will doolda to aofco o

Oovortmet oorvloo*
JL

t
1

TREASURY DEPARTMENT

205

WASHINGTON, D.C.

IMMEDIATE RELEASE,
Friday, July 12, 1957.

H-1403

The Treasury Department announced today the successful
results of its recent program of recruiting honor members of law
school graduating classes for positions in the Office of Chief
Counsel of the Internal Revenue Service.
Last fall the Treasury Department General Counsel and the
Chief Counsel of the Revenue Service asked the assistance of
deans of law schools throughout the country in recruiting honor
students who were in the upper ten percent of the graduating
classes or who were members of the Board of Editors of the Law
Review and had taken tax courses in law school.
More than 300 law students made application under this
program. Interviews were held throughout the country3 as well
as at the headquarters office in Washington, and representatives
of the headquarters office visited law schools where the interest
was sufficient. Seventy-six of the applicants have been offered
positions, the list containing graduates of 45 different law
schools and residents of 28 different States.
The lawyers joining the Internal Revenue Service under this
prpgram will have the opportunity of working on legal problems
of broad variety arising in connection with the many activities
of the Service. It is hoped that many of the appointees will
decide to make a career of Government service.
The Treasury Department is particularly appreciative of the
assistance given in this honor student recruiting program by the
deans of the law schools throughout the country and hopes that
the program can now be conducted on an annual basis.
Attached is a roster of approved applications produced
by the program, showing the distribution among law schools and
States of legal residence.

206

- 2Law Schools Represented (45)
m.m^mmmmm.^^mmmmmmmmmmm»m.^mmm*mmm^mmwm^mm^imi*mmmm*mmmmm>mmwmmmmmmmm*mmmmmm

Alabama
Arizona
Arkansas
Boston College
Boston Univ.
Cincinnati
Cleveland Marshall
Columbia
Detroit
Dickinson
Duke
Emory
Pordham
Geo. Wash. Univ.
Georgetown
Harvard
Idaho
Illinois
Indiana
Iowa
Kansas
Kansas City
Kentucky
Louisville
Montana
Nebraska
New York Univ.
North Carolina
Northwestern
Notre Dame
Oklahoma
Pennsylvania
So. Methodist
Stetson
St. Johns
Temple
Texas
UCLA
Utah
Villanova
Virginia
Washburn
Washington
Wisconsin
Yale

i
i
i
2
2

5
1

3
1
1
1
1
2
2
2

4
1
1
1
1
1
1
1
2
1
2

5
2
1
1
1
1
1
1
1
1

Alabama
Arizona
Arkansas
California
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Maryland
Massachusetts
Michigan
Minnesota
Missouri
Montana
Nebraska
New York
North Carolina
Ohio
Oklahoma
Pennsylvania
Texas
Utah
Virginia
Wisconsin
Unestablished

1
1
1
2
1
1
1
2
2
1
2
2
2

1
1
2
1
1
12

3
7
1

5
4
2
1

9
1

76
Schools represented by LL.M.
degrees in addition to the LL.B.
degrees included above:»»

Columbia
Georgetown
New York Univ.
Pennsylvania

2
2
1
1
1
1

7
1

76
oOo

i
i
2
1

207

J
A

RELEASE A. M. WEWSPAPERS,
Tuesday, July *i6. 1957*

The Treasury Department announced last evening that the tenders for 11,600.000,0c
or thereabouts, of 91-day Treasury bills to bo dated July 18 and to mature October 17,
1957 * which were offered on July 11, were opened at the Federal Reserve Banks on July
The details of this issue are as follows:
Total applied for - $2,719,490,000
Total aocepted
- 1,601,037,000

(includes 1410,457,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids? (Excepting one tender of $11,000)
High - 99*229 Equivalent rate of discount approx. 3.050* per annum
Low
- 99.216
»
s
a
n
e
Average - 99.218 » * * « a 3#092*

3.102* «

•

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

Total
Applied for

Total
Accepted

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

TOTAL

/h[s

1*11,078,000
l,9l*l*,703,000
la,808,000
66,063,000
21,287,000
U9,351,000
256,29*4,000
ltl,lt22,000
27,225,000
52,71*1,000
l*5,761»,ooo
128,751**000

$2,719,1*90,000

28,73l*,OO0
1,008,376,000
18,723,000
60,1*83,000
18,555,000
1*3,198,000
17l*,381(,000
36,967,000
25,825,000
1(5,652,000
37,219,000 ...
102,921,000

11,601,037,000

TREASURY DEPARTMENT
WASHINGTON, D.C.
PLEASE A. M. NEWSPAPERS,
ruesday, July 16, 1957.

H-lWi

The Treasury Department announced last evening that the tenders for $1,600,000,000,
or thereabouts, of 91-day Treasury bills to be dated July 18 and to mature October 17,

1957, which were offered on July 11, were opened at the Federal Reserve Banks on July 15.
The details of this issue are as follows:
Total applied for - $2,719,1*90,000
\ol accepted
- 1,601,037,000

(includes $1*10,1457,000 entered on a
noncompetitive basi^i and accepted in
full at the average price shown below)

Range of accepted competitive bids: (Excepting one tender of $11,000)
uiffh - 99.229 Equivalent rate of discount approx. 3.050J& per annum
£ f
- 99.216
•
• •
3.102* •
Average

- 99.218

•»

3.092?!

(1*0 percent of the amount bid for at the low price was accepted)
Federal Reserve Total Total
Diatrict

Applied for

«„+„ $ l*U,078,00O * 28,73lt,000
Sew York

Accepted

1,91*703 000

1,008,376,000

?SlSelPhia

ja,808,000

18,723.000

Cleveland

D-I,.W/»W*

'°£'°°°
21,287,000

S'SS'SS
18,555,000

SSS?

U9 351000

1*3,198,000

SiS; sass sas
Kansas City
San Francisco

TOTAL

^ 761* 000
128*7gh,00Q
$2,719,1*90,000

37,219,000
102,921,000
$1,601,037,000

"
n

MEMORANDUM TO MR. MARTTN Le MOORE

209

The following transactions were made in direct *»,* « *. *
securities of the Government for TreasurJ investm^tt^ J f a f ^ n t e e d
x
X T e a s u r y inv
during the month of June, 1957,
estments and other accounts
Purchases
$25,711,000o00
Sales
9.897.800.0Q
$15,813,200,00

Co £0 Norman
Chief, Investments Branch
Division of Deposits & Investments

TREASURY DEPARTMENT
WASHINGTON, D.C
2 10

//- t/d
IMMEDIATE RELEASE,
Monday, Juno 17> 195?.
Qd*J*j» /s-y /*<&

H-438*

During/^fey 1957, market transactions
in direct and guaranteed securities of the
government for Treasury investment and other
accounts resulted in net purchases by the
Treasury Department of fr\] \, 'I ""'i "rri

0O0

211
TREASURY DEPARTMENT
WASHINGTON, D.C.
IMMEDIATE RELEASE,
Monday, July 15, 1957,

H-1405

During June 1957, market transactions
in direct and guaranteed securities of the
government for Treasury investment and other
accounts resulted in net purchases by the
Treasury Department of $15,813,200.00.

oOo

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

- 2 •

m
or in a like face amount of Treasury bills maturing
July 25, 1957
. Cash
and exchange tenders will receive equal treatment. Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 195U. The bills
are subject to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed on the principal
or interest thereof by any State, or any of the possessions of the United States,

214
*KR8fc
TREASURY DEPARTMENT
Washington
A. M.

RELEASE/

MnaBtt

jL~J - / v .'x /

NEWSPAPERS,

Thursday, July 18, 1957

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

m or thereabouts, of

in exchange for Treasury bills maturing

-day Treasury bills, for cash and

July 25, 1957

in the amount of

$ 1,600,^12,000 , to be issued on a discount basis under competitive and non-

m—
competitive bidding as hereinafter provided.
dated
July 25, 1957
, and will mature
amount will be payable without interest.

The bills of this series will be
October 2k, 1957 , when the face

They will be issued in bearer form only,

and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
Daylight Saving
closing hour, *»/o'clock p.m., Eastern/»3Ba&eBa time, Monday, July 22, 1957

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

It is urged that tenders

Tenders will be received without deposit from

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

Tenders from others must be accompanied by payment of

TREASURY DEPARTMENT
rrr^sc:

WASHINGTON. D.C.
RELEASE A.M. NEWSPAPERS,
Thursday. July 18, 1957.

.
H

1406

=Ja°„Lnr^eS^LTu"fntroJ

PS^OJ

» incorporate, ^

or trust company.
mediately after the closing hourj^^" S^i^an^ce!*16
Federal Reserve Banks and Branches loil ^ S ^ ^
^ ^
ment will be made by the Treasury JJP tenders will be advised of
range of accepted bids
Those S U M X Z Z X &
o f t h e TreaS ury
the acceptance or rejection thereoi. i
o r &11 t e n d e r 3
expressly reserves the right to accept o
j r e s p e c t shall be
in whole or in part, and his action in * y compet itive tenders for
final. Subject to these ^ervatlons^on any one bidder will be
$200,000 or less without stated price irom a y
l s ) o f accep ted
accepted in full at the average price {xn zm

- 2 competitive bids. Settlement for accepted tenders In accordance
with the bids must be made or completed at the Federal Reserve Bank
on July 25, 1957,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing July 25, 1957.
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be Interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo

'216

rf-i<t*7

•« JUly IS, 1957 .
'**%*' vfcl 'y

vpzei Lrrn
s in accordance
<* tY>-al Reserve Bank
She Treasury Department announced today that subscription books will'bt s
opened on Monday, July 22, tor reftmding the Treasury nortec tad certificates •
of Indebtedness maturing August 1, August 15 a d October 1. the *m\**\**g&
offering will include a 3-5/8 percent 4-mnth certificate of latafetedness, *
4 percent one-year certificate of indebtedness, end a 4 peroent 4*year Treasury
note redeenable at the option of the holder on August 1, 1959, on three moths'
advance notice.
.t^
whetue'-.« Interest or
She 2-3/4 percent Treasury notes aaturiag August 1 sol the £ percent kave
Treasury notes aaturing August 15 will he eligible tor frchany for say of f c i o n
the three new issues*
:
* * ^
*\cl I
O
*** ^ l 1 • 3s*e euoject
She S-l/4 percent certificates of ittatebtedness dor Ortob*r 1 aad the ra ^
1-1/2 percent Treasury notes due October 1 will be eligible fbr errhanffr into d
either the 4 percent one-year certificates or the 4 pen cent 4*year notes.
~, .. \ . »: s . c L — ^ u
'City.
Exchanges will he made per for par in the d§fc of the 9*$7§^taiifitpfc^
notes
D11IS
Bttturiog August lj at par with an adjustment of ^ s a S w * JM*?$^^
In
s are
Interest
will
be paidnotes
cm December
1957, in
the case
of the
Z percent
maturing1,August
15,the
irM^mt; ^l^iAflyiil cfcte.
eertificate. nafcuring
On the other
two1;nev
tlficates
October
andissues,
at par interest
with an *ji1JiiitJftrC i f ^ w a l i l C ^ w
February11In
and
taffist
1 In
y ~ rpercent
.
October
the
case of
theeach
1-l/B
notes 1b m ^
w h e t h e r on
-5

Cash subscriptions will not he received. However,
Treasury reserves the right to allot tip to $100,000*000
'yj. J
new Issues at par to Goverraaent Investment Accounts*
She subscription hooks will he open July 22 through $tiy
change offering* toy subscription fbr any of the three is
Federal Reserve Bank or Branch, or to the Treasurer of the
placed in the mail befbre midnight Wednesday, July £4, will
tiaely.

TREASURY DEPARTMENT
WASHINGTON, D.C.
B4MEDIATE RELEASE,
Thursday, July 18, 1957.

H-1U07

The Treasury Department announced today that subscription books will be
opened on Monday, July 22, for refunding the Treasury notes and certificates.
of indebtedness maturing August 1, August 15 and October 1- The exchange
offering will include a 3-5/8 percent 4-month certificate of indebtedness, a
4 percent one-year certificate of indebtedness, and a 4 percent 4-year Treasury
note redeemable at the option of the holder on August 1, 1959, on three months1
advance notice.
The 2-3/4 percent Treasury notes maturing August 1 and the 2 percent
Treasury notes maturing August 15 will be eligible for exchange for any of
the three new issues.
The 3-1/4 percent certificates of indebtedness due October 1 and the
1-1/2 percent Treasury notes due October 1 will be eligible for exchange into
either the 4 percent one-year certificates or the 4 percent 4-year notes.
Exchanges will be made par for par in the case of the 2-3/4 percent notes
maturing August 1; at par with an adjustment of interest as of August 1 in
the case of the 2 percent notes maturing August 15, and the 3-1/4 percent certificates maturing October 1; and at par with an adjustment of interest as of
October 1 in the case of the 1-1/2 percent notes maturing October 1.
Interest will be paid on December 1, 1957, in the case of the 4-month certificate. On the other two new issues, interest will be paid semiannually on
February 1 and August 1 in each year.
Cash subscriptions will not be received. However, the Secretary of the
Treasury reserves the right to allot up to $100,000,000 of each of the three
new issues at par to Government Investment Accounts.
The subscription books will be open July 22 through July 24 for this exchange offering. Any subscription for any of the three issues addressed to a
Federal Reserve Bank or Branch, or to the Treasurer of the United States, and
placed in the mail before midnight Wednesday, July 24, will be considered as
timely.

218
RELEASE A. M. NEWSPAPERS, \J^ [^{ "
Tuesday, July 23 * 1957 *

The Treasury Department announced last evening that the tenders for $1,600,000,000
or thereabouts, of 91-day Treasury bills to be dated July 25 and to mature October 2k,
1957, which were offered on July 18, were opened at the Federal Reserve Banks on July 2
The details of this issue are as follows:
Total applied for - $2,279,1°8.000
Total accepted
- 1,600,387*000

(includes $363,U.3fOOO entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids:
High - 99.2i*l Equivalent rate of discount approx. 3.003:* per annum
ff
Low
- 99.179
w
w
«
*
3.214836

Average - 99.202 " pun « 3.158$ " •
(20 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total
Applied for

Total
Accepted

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

M,lt21,000
l,62l», 701,000
35,23l»,000
U8,5o6,ooo
17,9i»2,000
36,737,000
219,827>000
28,739,000
16,131,000
U8,08b,000
36,071,000
122,715,000

#2,279,108,000

3b,lt21,000
1,015,085,000
25,13i»,000
18,506,000
17,91*2,000
36,737,000
170,827,000
28,739,000
16,131,000
1*8,079,000
36,071,000
122,715,000

11,600,387,000

TREASURY DEPARTMENT

?1Q

WASHINGTON, D.C. NJC^-^X
RELEASE A. M. NEWSPAPERS,
Tuesday, July 23, 1957.

H-1U08

The Treasury Department announced last evening that the tenders for $1,600,000,000,
or thereabouts, of 91-day Treasury bills to be dated July 25 and to mature October 2U,
1957, which were offered on July 18, were opened at the Federal Reserve Banks on July 22
The details of this issue are as follows:
Total applied for - $2,279,108,000
Total accepted
- 1,600,387,000

(includes $363,Uii3,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids:
High - 99.2iil Equivalent rate of discount approx. 3.003>6 per annum

LOW

- 99.179

3.214835 w

Average - 99.202 « n n n it 3.l58g "

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

Total
Applied for

Total
Accepted

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

l*l*,l*21,000
l,62l|,701,000
35,23U,000
1*8,506,000
17,91*2,000
36,737,000
219,827,000
28,739,000
16,131,000
l48,081*,000
36,071,000
122,715,000

$2,279,108,000

3l*,l*21,00O
1,015,085,000
25,13l*,000
1*8,506,000
17,91*2,000
36,737,000
170,827,000
28,739,000
16,131,000
1»8,079,000
36,071,000
122,715,000

$1,600,387,000

220
3MEDIATE RELEASE
July .22, 1957

The Bureau of Customs announced today that the absolute
quota of 182,280,000 pounds on Canadian rye, which opened on
July 1, 1957, as prescribed in the President's Proclamation
of June 27, 1957, was filled on July 19, 1957.
Thus far no entries have been filed under the absolute quota
of 3,720,000 pounds of rye allocated to "Other Countriesft.

IMMEDIATE RELEASE,
Monday, July 22, 1957.

H-1409

The Bureau of Customs announced today that
the absolute quota of 182,280,000 pounds on
Canadian rye, which opened on July 1, 1957* as
prescribed in the Presidents Proclamation of
June 27, 1957, was filled on July 19, 1957.
Thus far no entries have been filed under
the absolute quota of 3,720,000 pounds of rye
allocated to "Other Countries."

oOo

or by any local taxing authority.

For purposes of taxation the amount of discount

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

15$
or in a like face amount of Treasury bills maturing August 1, 1957

• Cash

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

224
TREASURY DEPARTMENT
Washington

/
/

A. M.
mS. RELEASE/ M&HI$I*g NEWSPAPERS,
Thursday, July 25, 19^7
The Treasury Department, by this public notice, invites tenders for
1,700,000,000 , or thereabouts, of 91 -day Treasury bills, for cash and
in exchange for Treasury bills maturing

August 1, 1957

, in the amount of

$1,701,993,000 , to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated August 1,> 1957 , and will mature October 31, 1957 , when the face
amount will be payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, 410,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
Daylight Saving
f
closing hour, tm/o clock p.m., Eastern/fltomwfomrt time, Monday, July 29, 1957
an}
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99.925. Fractions may not be used. It is urged that tenders
be made on the printed forms and forwarded in the special envelopes which will be
supplied by Federal Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account. Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized dealers
in investment securities. Tenders from others must be accompanied by payment of

X^ASURY_pEPARTFVIE N T

225

WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
Thursday, July 25. 1957.

H-1410

The Treasury Department, by this public notice, Invites tenders
for $1,700,000,000, or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing August 1, 1957,
in the amount of $1,701,993,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated August 1, 1957,
and will mature October 31, 1957, when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denomination of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o*clock p.m., Eastern Daylight
Saving time, Monday, July 29, 1957.
Tenders will not be
received at the Treasury Department, Washington. Each tender must
be for an even multiple of $1,000, and in the case of competitive
tenders the price offered must be expressed on the basis of 100,
with not more than three decimals, e. g., 99.925. Fractions may not
be used. It is urged that tenders be made on the printed forms and
forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
without deposit from Incorporated banks and trust companies and from
responsible and recognized dealers In investment securities. Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust company.
Immediately after the closing hour, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement will be made by the Treasury Department of the amount and price
range of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or In part, and his action in any such respect shall be
final
Subject to these reservations, non-competitive tenders for
±200 000 or
less without
stated price from
any one
bidder will
be
accepted
in full
at the average
(in three
decimals)
of accepted

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on August 1, 1957,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing August 1, 1957.
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted In exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter Imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo

221
- 2 The signature of Robert B. Anderson, who becomes Secretary
of the Treasury on July 29, upon the resignation of Secretary
Humphrey, will WF=piscOT$ on the new notes.

Treasury officials

explained that placing of the notes in circulation would have
to be delayed until October to permit the production of an
adequate supply for all sections of the country.
Secretary Humphrey and Secretary - designate Anderson
visited the Bureau of Engraving and Printing, together, and
watched the first sheets of the new currency come off the new
presses.

RELEASE
The Bureau of Engraving and Printing of the Treasury
Department today began printing a new series of one dollar
notes bearing the inscription "in God We Trust."

The notes

will be placed in circulation beginning October 1.

An Act of Congress approved by the President on July 11,
Cerium,

1955, provided that the inscription - long shown on oiruc —
should become a part oflthe design of United States currency.
It was agreed that the changes should be made in connection with
the installation in the Bureau of Engraving and Printing of Jiew
high-speed rotary intaglio presses, using the dry-print method
(WUyiy-

and producing 32 notes to the sheet. ^Presses naad hui'itomrmi'i
have been limited to wet-process printingi in sheets of only
18 notes each.
Two of the new high-speed presses have now been installed
and are in operation.

Six more are to be added.

She jjres&es,

breHrt in JliifelailU^gT^ 1^^
fin. • I*H) j iir'ltilliij HneMnsrYViW&m$W&*^* B of Jtew York City.
The inscription "in God We Trust" on the new one dollar
notes appears just above the large word ONE on the reverse
(green) side of the notes, which are silver certificates.

has not yet been determined when other denominations bearing the
inscription will be produced.

TREASURY DEPARTMENT
WASHINGTON, D.C.
IMMEDIATE RELEASE,
Thursday, July 25, 1957.

H-1411

The Bureau of Engraving and Printing of the Treasury
Department today began printing a new series of one dollar notes
bearing the inscription "In God We Trust." The notes will be
placed in circulation beginning October 1.
An Act of Congress approved by the President on July 11,
1955, provided that the inscription ~- long shown on coins -should become a part of the design of United States currency. It
was agreed that the changes should be made in connection with the
installation in the Bureau of Engraving and Printing of new highspeed rotary intaglio presses, using the dry-print method and
producing 32 notes to the sheet. Older presses have been limited
to wet-process printing, in sheets of only 18 notes each.
Two of the nev; high-speed presses have now been installed and
are in operation. Six more are to be added.
The inscription "In God We Trust" on the new one dollar notes
appears just above the large word ONE on the reverse (green) side
of the notes, which are silver certificates. It has not yet been
determined when other denominations bearing the inscription will
be produced.
The signature of Robert B. Anderson, who becomes Secretary
of the Treasury on July 29, upon the resignation of Secretary
Humphrey, will appear on the new notes. Treasury officials
explained that placing of the notes in circulation would have to
be delayed until October to permit the production of an adequate
supply for all sections of the country.
Secretary Humphrey and Secretary-designate Anderson visited
the Bureau of" Engraving and Printing, together, and watched the
first sheets of the new currency come off the new presses.

oOo

IMMEDIATE RELEASE,
Friday, July 26, 1957.

/
/

Preliminary figures shov that about $22.8 billion of the flour
issues involved in the current refunding, aggregating $23.9 billion,
have been exchanged for the nev issues. Exchanges include $9.9
billion for the nev 5*5/8 percent certificate due December 1, 1957,
$10.5 billion for the 4 percent certificate due August 1, 1953, and
$2.5 billion for the 4 percent note due August 1, 1961. Exchanges
for these issues by all others than the Federal Reserve System amounted
to $2.0 billion, $3.9 billion and $2.5 billion, respectively.
The unexchanged portion of the outstanding issues sgftuiaptijfl
about $1.1 billion, approximately evenly divided betveen the three
maturity dates, August 1, August 15 and October 1.
In addition to the amounts issued on exchange, the Treasury
allotted $100,000,000 of each of the nev issues to Government Invest*
ment Accounts.

C o \*s

TREASURY DEPARTMENT
WASHINGTON. D.C.
IMMEDIATE RELEASE,
Friday, July 26, 1957,

H-1412

Preliminary figures show that about $22.8 billion
of the four issues involved in the current refunding,
aggregating $23.9 billion, have been exchanged for
the new issues. Exchanges include $9.9 billion for
the new 3-5/8 percent certificate due December 1, 1957,
$10.5 billion for the 4 percent certificate due
August 1, 1958, and $2.5 billion for the 4 percent
note due August 1, 1961. Exchanges for these issues
by all others than the Federal Reserve System amounted
to $2.0 billion, $3.9 billion and $2.5 billion,
respectively.
The unexchanged portion of the outstanding issues
totaled about $1.1 billion, approximately evenly divided
between the three maturity dates, August 1, August 15
and October 1.
In addition to the amounts issued on exchange, the
Treasury allotted $100,000,000 of each of the new
issues to Government Investment Accounts.

0O0

Treas.
HJ
10
.A13P4
v.110
Treas.
HJ
10
.A13P4

U.S. Treasury Dept.
Press Releases

U.S. Treasury Dept

AUTHOR

Press Releases

BORROWER'S NAME

^ ) ^A.Li:
rnz

PHONE
NUMBER

U.S. TREASURY LIBRARY

1 0031482

Full text of Press Releases of the United States Department of the Treasury : Volume 110

FRASER