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LIBRARY
PAOM 5030

JUN 1 4 1972
TREASURY DEPARTMENT

V*O*<A

pnoivi 5o<n
JUN 14 1972
TREASURY DEPARTMENT

452641

TREASURY DEPARTMENT
WASHINGTON, D.C.

FOR USE AT 11:30 A.M.
MONDAY, JULY 29, 1957

A-l

STATEMENT BY TREASURY SECRETARY
ROBERT E. ANDERSON
I take on the duties of Secretary of the Treasury with humility, for
I am aware not only of the great honor of the office and the tremendous
responsibility involved, but of the challenge I face in succeeding such an
able and outstanding man as George Humphrey.
The most I can do is pledge that I will do my utmost to serve as
Secretary of the Treasury in the continued best interest of all the people.
It would be conjectural for me to try to say precisely what I will or will
not do, or exactly how I will try to meet situations which may arise. This
will depend on what will best contribute to the general welfare of our
country and our economy in light of circumstances prevailing at any given
time.
The continued health of our economy is of vital importance not only to
the individual well-being of our people, but to our continued security in
the world. We must do everything which will help maintain that economic
well-being.
I am particularly pleased to have the continued assistance of such a
fine and able team at the Treasury. Their experience and dedication will be
of enormous value as I join the team to work collectively with my associates
for the best interests of our country.
Again, I thank the people who have taken the time to wish me well on
assuming this new office, and hope for their continued support and help,
which I shall need and welcome in the months ahead.

oOo

2
^y

RBLMSE A. M. K^KSPAPIBS,
Tuesday, July 30, 1957.
The treasury Bepartesmt announced last evening that the tenders for #1,700,000,00
or thereabouts, of 91~d*y Treasury bills to be dated August X and to mature October 31
1957, which were offered on July 25, were opened at the Federal Reserve Banks on
Jtaly 29.
The details of this issue are as follows\
total applied for
Total accepted

12,415,458,000
1,700,472,000 (includes $361,317,000 entered on s
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids: (Excepting five tenders totaling $545,000)
appro*.
High
• 99*WX Equivalent rate of diseounl/3*200* pmr annua
- 99.142 Equivalent rate of discount approx. 3*394£ per annua
Low
• 99.150 » » « » » 3.363*

w H

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

Total
Applied for

Total
Accepted

Boston
Hew York
Philadelphia
Cleveland
liehnond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Bellas
San Francisco

1
37,549,000
1,703,304,000
43,632,000
57,191,000
19,422,000
41,424,000
243,270,000
38,377,000
22,676,000
56,765,000
45,717,000
101,131,000

$
27,549,000
1,086,674,000
28,632,000
52,191,000
19,422,000
41,424,000
197,270,000
33,377,000
22,576,000
56,685,000
36,717,000
95,955,00©

$2,415,456,000

$1,700,472,000

Total

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A. M. NEWSPAPERS,
Tuesday, July 30, 1957.

A -2

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

Dr thereabouts, of 91-day Treasury bills to be dated August 1 and to mature Octobe
L957, which were offered on July 2$, were opened at the Federal Reserve Banks on
July 29.
The details of this issue are as follows:
Total applied for - $2,415,458,000
Total accepted
- 1,700,472,000

(includes $361,317,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids: (Excepting five tenders totaling $545,000)
approx.
High
- 99.191 Equivalent rate of discount/3.200$ per annum
Low
- 99.142 Equivalent rate of discount approx. 3*39h% per annum
Average - 99.150 »» " » »» « 3.363$ « '»
(92 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total
Applied for

Total
Accepted

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

$
37,549,000
1,703,304,000
43,632,000
57,191,000
19,422,000
41,424,000
248,270,000
38,377,000
22,676,000
56,765,000
45,717,000
101,131,000

$
27,549,000
1,088,674,000
28,632,000
52,191,000
19,422,000
ia, 424,000
197,270,000
33,377,000
22,576,000
56,685,000
36,717,000
9$,9$$,000

$2,4i5,458,ooo

$1,700,472,000

Total

y 1

DRAPT_

A-3

IMMEDIATE RELEASE
Tuesday. July

The Treasury's Alexander Hamilton Award for
distinguished leadership i^tlie affairs of the
\yy\s~s

~**IIA~A*AY'

Department has bgen- awarded by Secretary Anderson
to his predecessor George M. Humphrey and to
^L^

Treasury Under Secretary W. Randolph Burgess*i
is leaving the DepartmenT~*3«^r^o become permanent
representative of the United States on the NATO
Council in Paris.
The Award consists of an engraved citation and
gold medal bearing the portrait of Alexander
Hamilton, 1st Secretary of the Treasury.
Secretary Anderson said he regarded it "most
appropriate" that former Secretary Humphrey and
Under Secretary Burgess should receive the Hamilton
Award in recognizatlon of their leadership of the
^"Treasury Team" for the last four and one-half years.

^J^tyy^Cvy

TREASURY DEPARTMENT

WASHINGTON, D.C.

IMMEDIATE RELEASE
Monday, July 29, 1957

A-3

The TreasuryTs Alexander Hamilton Award for
distinguished leadership in the affairs of the
Department was awarded today by Secretary Anderson
to his predecessor George M. Humphrey and to
Treasury Under Secretary W. Randolph Burgess.
Secretary Anderson said he regarded it "most
appropriate" that former Secretary Humphrey and
Under Secretary Burgess should receive the Hamilton
Award in recognization of their leadership of the
"Treasury team" for the last four and one-half years.
Mr. Burgess is leaving the Department in August
to become permanent representative of the United States
on the NATO Council in Paris.
The Award consists of an engraved citation and
a gold medal bearing the portrait of Alexander
Hamilton, 1st Secretary of the Treasury.
0O0

immntm

RELEASE,

Wednesday. July sip 1957.

The Treasury Department announced today that final tabulation of sobmoriptionm fm
the recent exchange offering showd $3,871 million fbr the *m 3-5/8 percent certified
due December 1, 1957, $10,499 million for the 4 percent certificates due August 1, 19S
and $2,489 million fbr the 4 percent Botes due August 1, 1961. In addition, <$300 milli(
were allotted to Government Investment Accounts.
Tbm following tables show the amounts outstanding of the four issues eligible tm
exchange, and the extent to uhich they are being exchanged for the new Issues, and sub
scriptions by Federal Reserve Districts.
Eligible
Old Issues

Aug. 1 Hotes

for
Exchange

(In miHl<zms of dollars)
Exchange Subscriptions fbr Mm r Issues
4$
4$
Total
cjxrs.
Botes
Ctfs.

$12,056

|8,893

Aug. 15 Notes....

3,792

978

Oct. 1 Ctfs......

7,271

Oct. 1 Botes.....

824
$23,94o

$9,871

Unexchanged

$1,036

$11,719

1,113

3,419

373

8,638

308

6,946

323

743

775

$10,499

$2,489

$22,859

$1,084

$ 1,790

337

SUBSCBimOIS BY FEBSHAL BBSEHV1S DISTRICTS
Federal Reserve
Bistrict

3-5/8$ Ctfs.
Series S-1957

4$ Ctfs.
Series C»1958

4$ Botes
Series A-1361

Boston
Hev York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City

$
53,262,000
9,086,097,000
40 ,038,000
97
,000
,808
16
,000
32 ,110,000
223
,000
56 ,742,000
32 ,414,000
SO ,624,000
18 ,307 ,000
JLwW ,883,000
9 ,935,000
,$9,871,186,000

i 80,596,00
1,039
64 183,06
156 330,09
377,
92 069,
355
113 470,<

San Francisco
Treasury
Total
Allotted to Govt,
Inv. Accounts
Grand Total

100,000,000
$9,971,168,000

137,884,000
8,371 ,874,000
110 ,749,000
209 ,196,000
85 ,372,000
189 ,420,000
586 ,106,000
198 ,123,000
116 ,390,000
173,707,000
95 ,881,000
233 ,736,000
10 ,630,000
$10,499 ,048,000
100,000,000

$10,599,048,000

93,&?v,t

12S,592,(
92,510,001
228,344,061
4,062,<
$2,4S9,302,J
100,000,<
$2,589,302,*

TREASURY DEPARTMENT
WASHINGTON, D.C.
IMMEDIATE RELEASE,
Wednesday, July 51, 1957

A-U

The Treasury Department announced today that final tabulation of subscriptions for
the recent exchange offering showed $9,871 million for the new 3-5/8 percent certificates
due December 1, 1957, $10,499 million for the 4 percent certificates due August 1, 1958,
and $2,489 million for the 4 percent notes due August 1, 1961. In addition, $300 million
were allotted to Government Investment Accounts.
The following tables show the amounts outstanding of the four issues eligible for
exchange, and the extent to which they are being exchanged for the new issues, and subscriptions by Federal Reserve Districts.
(In millions of dollars)
Eligible
Old Issues
for
Exchange

Aug. 15 Notes....

Exchange Subscriptions for New Issues
4$
3-5/8$
4$
Total
Ctfs.
Ctfs.
Notes

Unexchanged

$12,056

$8,893

$ 1,790

$1,036

$11,719

3,792

978

1,328

1,113

3,419

373

7,271

6,638

308

6,946

325

824

743

775

$10,499

$2,489

$22,859

$1,084

$23,943

$9,871

337

SUBSCRIPTIONS BY FEDERAL RESERVE DISTRICTS
4$ Ctfs.
Series C-1958

4$ Notes
Series A-1961

40,036,000
97,464,000
16,808,000
32,110,000
223,484,000
56,742,000
32,414,000
50,624,000
18,307,000
153,883,000
9,935,000
$9 ,871,166,000

137,864,000
8,371,874,000
110,749,000
209,196,000
85,372,000
189,420,000
566,106,000
198,123,000
116,390,000
173,707,000
95,881,000
233,736,000
10,630,000
$10,499,048,000

$
80,596,000
1,039,803,000
64,183,000
156,330,000
42,377,000
92,069,000
355,668,000
113,478,000
93,290,000
126,592,000
92,510,000
228,344,000
4,062,000
$2,489,302,000

100,000,000

$9 ,971,166,000

$10,599,048,000

$2,589,302,000

Federal Reserve
District

3 -5/8$ Ctfs.
Series E-1957

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Total
Allotted to Govt.
Inv. Accounts

Grand Total

53,262,000

9 ,086,097,000

- 3-

affl»
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

be interest. Under Sections h$h (b) and 1221 ($) of the Internal Revenue Code o
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
and such bills are excluded from consideration as capital assets. Accordingly,

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

need include in his income tax return only the difference between the price pai
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. Copie
of the circular may be obtained from any Federal Reserve Bank or Branch.

- 2 -

x*Hfift

serve Banks and Branches, following which public announcement will be made by th
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 o
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 les

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

tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on August 8, 1957 , in cash or other immediately available funds
^

or in a like face amount of Treasury bills maturing

August 8, 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, an
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 princ

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

mm
l+-**C

TREASURY DEPARTMENT
Washington
A. M.
Wm RELEASE/ MBRK3MS NEWSPAPERS,
Thursday, August 1, 1957

&T-2
The Treasury Department, by this public notice, invites tenders for
$ 1,700,000,000 , or thereabouts, of
in exchange for Treasury bills maturing

-day Treasury bills, for cash and

August 8, 1957

, in the amount of

$ 1,699,581,000 , to be issued on a discount basis under competitive and non-

m
competitive bidding as hereinafter provided.
dated
August 8, 1957
, and will mature

The bills of this series will be
November 7, 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,/^«§ o!clock p.m., Eastern/^&tandaaDdxtime, Monday, August 5, 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

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, August 1, 1957

A-5

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 8, 1957
in the amount of $1,699,381,000 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 8, 1957
and will mature November 7, 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, August 5, 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 C

? ? E e £ l t i v e D i d s « Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on August 8, 1957,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing August 8, 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

RELEASE A. M. NEWSPAPERS,
Tuesday, August 6, 1957.
The Treasury Department announced last evening that the tenders for $1,700,000,000,
or thereabouts, of 91-day Treasury bills to be dated August 8 and to mature Movember ],
1957, which were offered on August 1, were opened at the Federal Reserve Banks on
August $.
The details of this issue are as follows:
Total applied for - $2,545,259,000
Total accepted
- 1,700,Oli 14,000

(includes $364,932,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Range of accepted competitive bids: (Excepting one tender of $2,000)
High - 99.178 Equivalent rate of discount approx. 3*2$2% per annua
M
n
Low
- 99.157
" "
"
3.335* "
Average - 99.164

•

HUB » 3.308$ «• «

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

Total
Applied for

Total
Accepted

Boston
New fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Kinneapolis
Kansas City
Dallas
San Francisco

1 33,708,000
1,685,943,000
48,328,000
71,121,000
19,408,000
45,006,000
337,063,000
37,733,000
29,619,000
45,809,000
43,986,000
147,535,000

£2,5^5,259,000

fl ,700,044,000

TOTAL

22,928,000
948,143,000
33,328,000
66,121,000
19,408,000
44,706,000
279,903,000
37,733,000
29,119,000
45,804,000
32,826,000
140,025,000

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A. M. NEWSPAPERS,
Tuesday, August 6. 1957.

N ^ ^ /

A-6

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

or thereabouts, of 91-day Treasury bills to be dated August 8 and to mature Novemb
1957, which were offered on August 1, were opened at the Federal Reserve Banks on
August 5.
The details of this issue are as follows:
Total applied for - $2,545,259,000
Total accepted
- 1,700,044,000
.

(includes $364,932,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids? (Excepting one tender of $2,000)
J1^ - 99.178 Equivalent rate of discount approx. 3.252* per annum
Low
- 99.157
"
II «
«
n
3.335$

Average - 99.164 " nun n 3.308* « «
(22 percent of the amount bid for at the low price was accepted)
Federal Reserve Total Total
District
Boston $ 33,708,000 $ 22,928,000
New lork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL $2,545,259,000 $1,700,044,000

Applied for

1,685,943,000
48,328,000
71,121,000
19,408,000
45,006,000
337,063,000
37,733,000
29,619,000
45,809,000
43,986,000
147,535,000

Accepted

948,143,000
33,328,000
66,121,000
19,408,000
44,706,000
279,903,000
37,733,000
29,119,000
45,804,000
32,826,000
140,025,000

-3 -

i !

or by any local taxing authority. For purposes of taxation the amount of disco

at which Treasury bills are originally sold by the United States is considered
be interest. Under Sections 454 (b) and 1221 (5) of the Internal Revenue Code
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

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

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

need include in his income tax return only the difference between the price pa
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. Copi
of the circular may be obtained from any Federal Reserve Bank or Branch.

- 2 -

mm
2 percent of the face amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank or trust
company.
Immediately after the closing hour, tenders will be opened at the Federal Re-

serve Banks and Branches, following which public announcement will be made by t
Treasury Department of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept or reject any
all tenders, in whole or in part, and his action in any such respect shall be

final. Subject to these reservations, noncompetitive tenders for $200,000 or le

without stated price from any one bidder will be accepted in full at the averag

price (in three decimals) of accepted competitive bids. Settlement for accepted

tenders in accordance with the bids must be made or completed at the Federal Re
serve Bank on August, -ig ^957 , \n cash or other immediately available funds
or in a like face amount of Treasury bills maturing August 15, 1957 Cash

and exchange tenders will receive equal treatment. Cash adjustments will be mad

for differences between the par value of maturing bills accepted in exchange an
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the

sale or other disposition of the bills, does not have any exemption, as such, a
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 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 prin

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

magma:
mm

A-i

TREASURY DEPARTMENT
Washington
A. M.
MS. RELEASE/MBRMNS NEWSPAPERS,
Thursday, August 1, 1957

5T-*
The Treasury Department, by this public notice, invites tenders for
$ 1,700,000,000 , or thereabouts, of
91 -day Treasury bills, for cash and

-~xU

in exchange for Treasury bills maturing

August 8, 1957

, in the amount of

$ 1,699,581,000 , to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided.
dated

August 8, 1957

and will mature

amount will be payable without interest.

The bills of this series will be
November 7, 1957

, when the face

They will be issued in bearer form only,

im
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99*92$. Fractions may not be used.

It is urged that tenders

Tenders will be received without deposit from

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

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
Thursday, August 1. 1957

A-5

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 8, 1957
in the amount of $1,699,381,000 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 8, 1957
and will mature November 7, 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, August 5, 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 Baruc
on August 8, 1957,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing August 8, lyof*
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value oi
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, Joes not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as sucn,
under the Internal Revenue Code of 195^. The bills ^ s u b j e c t
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 inters?. Unler Section! k5k (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the
difference between the price paid for such bills, w h e t h ® r °J\ «.
original Issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.

oOo

RELEASE A. K. NEWSPAPERS,
Tuesday, August 6, 1957.
The Treasury Department announced last evening that the tenders for 11,700,000,000,

or thereabouts, of 91-day Treasury bills to be dated August 8 and to mature Movemb
1957, which were offered on August 1, were opened at the Federal Reserve Banks on
August 5.
The details of this issue are as follows:
Total applied for - $2,545,259,000
Total accepted
- 1,700,044,000

(includes 1364,932,000 entered on a
noncompetitive basis and accepted in
fall at the average price shown below)

Range of accepted competitive bids? (Excepting one tender of f2,0O0)
High - 99.178 Equivalent rate of discount approx. 3>2$2% per annum
Low
- 99.157
"
«
«
n
*
3.335* "
Average - 99.l6lt

B H w

• " 3.308$ » "

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

Federal Reserve
District

33,708,000
1,685,943,000
48,328,000
71,121,000
19,408,000
45,006,000
337,063,000
37,733,000
29,619,000
45,809,000
43,986,000
147,535,000

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

$2,51)5,259,000

Total
Accepted
I

22,928,000
948,143,000
33,328,000
66,121,000
19,408,000
44,706,000
279,903,000
37,733,000
29,119,000
45,804,000
32,826,000
140,025,000

$1,700,044,000

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A. M. NEWSPAPERS,
Tuesday, August 6t 1957.

A-6

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

or thereabouts, of 91-day Treasury bills to be dated August 8 and to mature Novemb
1957, which were offered on August 1, were opened at the Federal Reserve Banks on

August 5.
The details of this issue are as follows:
Total applied for - $2,545,259,000
Total accepted
- 1,700,044,000

(includes $364,932,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids: (Excepting one tender of $2,000)
High - 99.178 Equivalent rate of discount approx. 3.252* per annum
Low
- 99.157
"
ti it
it
n
3.335* «
Average - 99.164

nun n 3.308*

M w

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

Total
Applied for

Total
Accepted

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

$
33,708,000
1,685,943,000
48,328,000
71,121,000
19,408,000
45,006,000
337,063,000
37,733,000
29,619,000
45,809,000
43,986,000
147,535,000

$2,545,259,000

$1,700,044,000

TOTAL

22,928,000
948,143,000
33,328,000
66,121,000
19,408,000
44,706,000
279,903,000
37,733,000
29,119,000
45,804,000
32,826,000
140,025,000

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

be interest. Under Sections 454 (b) and 1221 (5) of the Internal Revenue Code o
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
and such bills are excluded from consideration as capital assets. Accordingly,

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

the terms of the Treasury bills and govern the conditions of their issue. Copie
of the circular may be obtained from any Federal Reserve Bank or Branch.

- 2 -

final. Subject to these reservations, noncompetitive tenders for $200,000 or le

without stated price from any one bidder will be accepted in full at the averag

price (in three decimals) of accepted competitive bids. Settlement for accepted

tenders in accordance with the bids must be made or completed at the Federal Re
serve Bank on Angng-h is, 1957 , in cash or other immediately available funds
or in a like face amount of Treasury bills maturing August 15, 1957 Cash

and exchange tenders will receive equal treatment. Cash adjustments will be mad

for differences between the par value of maturing bills accepted in exchange an
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the

are subject to estate, inheritance, gift or other excise taxes, whether Federal

or State, but are exempt from all taxation now or hereafter imposed on the prin

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

TREASURY DEPARTMENT
Washington

A. M.
H2& RELEASE/ MBRK2RK NEWSPAPERS,
Thursday. August 8. 1957
•

y"\
i

f\ -^ I
/ J

(

tX)
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 15. 1957 , in the amount of
$1,700,055,000 , to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated August 15, 1957 , and will mature November 14. 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 $1,000,0
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
Daylight Saving
closing hour,/fcs& o'clock p.m., Eastern/Standard time, Monday, August 12, 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 thre
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 b
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 deal
in investment securities. Tenders from others must be accompanied by payment of

TREASURY DEPARTMENT
WASHINGTON, D.C.

RELEASE A. M. NEWSPAPERS,
Thursday, August 8, 1957

A-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 15. 1957
in the amount of $1,700,033,000 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 15, 1957,
and will mature November 14, 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, August 12, 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 August 15, 1957
in cash or other immediately available funds
or In a like face amount of Treasury bills maturing August 15, 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

THE S E C R E T A R Y OF THE T R E A S U R Y
WASHINGTON

August g9 1957

"MESSAGE TO ALL TREASURY PERSONNEL:

^As I assume the duties of Secretary of the Treasury, I would
like to express to each of you the pride and pleasure that is mine
in being associated with you.
'Former Secretary Humphrey told me of the fine support he had
from the personnel of the Department, and assured me I can expect
that cooperation to continue. I am confident that will be the case.
"Through my previous experience in the Federal Government, I am
well aware of the high quality of performance of the many devoted
people in government service. From what I have seen and heard of
Treasury personnel, I am certain that very high standards of
performance exist throughout the Department.

I share with you great

appreciation for the fine traditions and accomplishments of the
various services of the Department which we all seek to uphold and
enhance*
ff

I know all of us in the Treasury will work closely together in

the months and years ahead in the best interests of all the people.

Kaleyrfb
j

fintiu^

Secretary of the Treasury »'

FOR RELEASE 12:00 NOON
THURSDAY, AUGUST 8, 1957

ft-

Treasury Secretary Robert B. Anderson today Piiginarl a
message to all Treasury personnel expressing the "pride and
pleasure that is mine in being associated with you".
The text of Secretary Anderson's letter to all personnel
is as follows:
(Quote complete letter)

TREASURY DEPARTMENT
WASHINGTON, D.C.
FOR RELEASE 12:00 NOON
THURSDAY, AUGUST 8, 1957

A-8

Treasury Secretary Robert B. Anderson today sent a
message to all Treasury personnel expressing the "pride and
pleasure that is mine in being associated with you.
The text of Secretary Anderson's letter to all personnel
is as follows:

"August 8, 1957
"MESSAGE TO ALL TREASURY PERSONNEL:
"As I assume the duties of Secretary of the
Treasury, I would like to express to each of you
the pride and pleasure that is mine in being
associated with you.
"Former Secretary Humphrey told me of the
fine support he had from the personnel of the
Department, and assured me I can expect that
cooperation to continue. I am confident that will
be the case.
•

"Through my previous experience in the Federal
Government, I am well aware of the high quality
of performance of the many devoted people in
government service. From what I have seen and
heard of Treasury personnel, I am certain that
very high standards of performance exist throughout
the Department. I share with you great appreciation for the fine traditions and accomplishments
of the various services of the Department which we
all seek to uphold and enhance.
"I know all of us in the Treasury will work
closely together in the months and years ahead
in the best interests of all the people.
/ s / "Robert B. Anderson
"Secretary of the Treasury"

oOo

TREASURY DEPARTMENT
WASHINGTON, D.C
FOR RELEASE 12:00 NOON
THURSDAY, AUGUST 8. 1957

A-8

Treasury Secretary Robert B. Anderson today sent a
message to all Treasury personnel expressing the "pride and
pleasure that is mine in being associated with you."
The text of Secretary Anderson's letter to all personnel
is as follows:
"August 8, 1957
"MESSAGE TO ALL TREASURY PERSONNEL:
"As I assume the duties of Secretary of the
Treasury, I would like to express to each of you
the pride and pleasure that is mine in being
associated with you.
"Former Secretary Humphrey told me of the
fine support he had from the personnel of the
Department, and assured me I can expect that
cooperation to continue. I am confident that will
be the case.
"Through my previous experience in the Federal
Government, I am well aware of the high quality
of performance of the many devoted people in
government service. From what I have seen and
heard of Treasury personnel, I am certain that
very high standards of performance exist throughout
the Department. I share with you great appreciation for the fine traditions and accomplishments
of the various services of the Department which we
all seek to uphold and enhance.
- "I know all of us in the Treasury will work
closely together in the months and years ahead
in the best interests of all the people.
/ s / "Robert B. Anderson
"Secretary of the Treasury"

oOo

21
IMMEDIATE WmUMAmm,
Thursday, August 8, 1957

J] rf
n ~/

Mini i •• mil \.\\mmmmmmmmmmmmmmmmmmmmmmmmmmmmymmmmmmmmmmmim

The Treasury Department announced today that it will
invite cash tenders for $1,730,000,000, or thereabouts, of
237-day Treasury Mils to raise cash for current requirements.
The full terms of the offering will lis contained in a stats*
meat to be released Holiday morning, August 12. Tenders will
torn opened at 1:30 p.m., Eastern Skylight Saving tins, on
Wednesday, August 14, The mmw Mils will be dated sad oust
be paid for on August 21, 19$?, asd may be paid for by credit
Is Treasury Tax and Loan accounts. They will mature os
April 15, 195S
To encourage wide distribution, noncompetitive tenders
for $300,000 or less without stated price from any one bidder,
in lieu of the $200,000 limit applicable to the regular weekly
bills, sill be accepted is full at the average pries of accepts*
competitive bids. This provision enables smaller Institutions
and those sot familiar with the current movement of Treasury
bill prices to assure themselves of participation for say amount
they desire to acquire up to $300,000.

u-\ j

TREASURY DEPARTMENT

WASHINGTON, D.C.
IMMEDIATE RELEASE
Thursday, August 8, 1957

A-9

The Treasury Department announced today that it will
invite cash tenders for $1,750,000,000, or thereabouts, of
237-day Treasury bills to raise cash for current requirements.
The full terms of the offering will be contained in a statement to be released Monday morning, August 12. Tenders will
be opened at 1:30 p.m., Eastern Daylight Saving time, on
Wednesday, August 14. The new bills will be dated and must
be paid for on August 21, 1957* and may be paid for by credit
in Treasury Tax and Loan accounts. They will mature on
April 15, 1958.
To encourage wide distribution, noncompetitive tenders
for $300,000 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
$300,000.

oOo

STATUTORY DEBT LIMITATION
AS 0F....^y.31» 1957

Aug. 9, 1957

Washington,
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 suchguwanteed 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,of1946;
U.S.C., title 31, sec. 757b), outstanding at any one time. For purposes of this section the current renotion
value
any obligat
demption
value of any
issued on a discount basis which is redeemable prior to maturity at the option of the holder
shall be considered
as obligation
its face amount.
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
$2(5 » 0 0 0 , 0 0 0 , 0 0 0
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:

Treasury bills $ 26,405,784,000
Certificates of indebtedness
Treasury notes

20,472,685,000
31,069.4Q7,000 $

7 7 ,9^7 , & 7 6 , 0 0 0

BondsTreasury
Savings (current redemp. value)

80 , 783 , 286 , 750
54,273,730,760

Depositary.
Investment series
Special FundsCertificates of indebtedness
Treasury notes
Treasury bonds
Total interest-bearing

194,299,500
11,023.029,000

146,274,346,010

30 ,176,339 , 000
12 , 683 , 7 0 4 , 000
3.462.500,000

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

46,322,543,000
270,544,765,010
4 6 8 , 5 0 2 ,869

50,118,745
916,156
960,000,000

1.011,034,901
272,024,302,780

Guaranteed obligations (not held by Treasury):
Interest-bearing:
105,720,650
Debentures: F.H.A
Matured, interest-ceased
951,575
Grand total outstanding
Balance face amount of obligations issuable under above authority

106,672,225

Reconcilement with Statement of the Public Debt....Z.}b$....?.„.l...„.f.-?J,.,
(Date)
(Daily Statement of the United States Treasury,
.Y.~>£.. 3.* 1 9 5 7
,.
76ate)
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

mm/0

272,i?o»975,QQi
2.869.024,995

272,468,742,190
106.672.225
272,575.414,415
__ 444.439.410
272,130,975»005

STATUTORY DEBT LIMITATION
A_ __ July 31, 1957
AS
°F
Washington, JfeSl.i!«JSSZl
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 aucnguar*
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.j title 31, sec. 757b), outstanding at any one time. For purposes of this section the current redemption value of any obligation issued on a discount basis wnich is redeemable prior to maturity at the option of the holder
shall be considered as its face amount."
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
$275,000 ,000»000
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills
Certificates of indebtedness
Treasury notes
BondsTreasury
Savings (current redemp. value)
Depositary.
Investment series
.
Special 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:
Internat'l Monetary Fund series
Total
.

$ 26,405,784,000
20,472,685,000
31.069,407.000 $ 77,947,876,000
80 , 783 , 286, 750
54,273,730,760
194,299,500
11.023.029.000 146,274,346,010
30,176,339,000
12,683,704,000
3.462,500,000
»

46.322.543.000
270 ,544, 765• 010
468,502,869

50,118,745
916,156
960.000.000

Guaranteed obligations (not held by Treasury):
Interest-bearing:
105,720,650
Debentures: F.H.A
...
95L575
Matured, interest-ceased
_
Grand total outstanding .„
,
Balance face amount of obligations issuable under above authority,

1.011.034.901
272,024,302,780

106,672,225
272.130.975.005
2.869.024.995

Reconcilement with Statement of the Public Debt ....Z.\}z$....T.Z:?.

Z?l.

(Date)

(Daily Statement of the United States Treasury

Ju^...2i.^..i?57

)

(Date)

2,Out standingTotal gross public debt
Guaranteed obligations not owned by the Treasury.
,
Total gross public debt and guaranteed obligations.
>educt - other outstanding public debt obligations not subject to debt limitation

A-10

272,468,742.190
106.672.225
272,575,414,415
444.439,410
272,130,975,005

•

Lm*J

A
IMMEDIATE RELEASE
Friday, August 9, 1957
Fred C. Scribner, Jr., heretofore Assistant
Secretary of the Treasury, was sworn in today as Under
Secretary at a ceremony in the White House.

Treasury

Secretary Anderson held the Bible as Mr. Scribner took
the oath of office.
Personal friends of Mr. Scribner were present,
in addition to Treasury and other Administration
officials.

After the ceremony the new Under Secretary

visited briefly with President Eisenhower.
Mr. Scribner succeeds to the Treasury Under
Secretary post which has been vacant since the resignation in January, 1956, of H. Chapman Rose of
Cleveland.
Mr. Scribner is a resident of Portland, Maine.
He was sworn in as General Counsel of the Treasury
on September 22, 1955* and as Assistant Secretary
on April 18, 1957. President Eisenhower nominated
him on July 22 to be Under Secretary.

TREASURY DEPARTMENT
WASHINGTON, D.C.
IMMEDIATE RELEASE
Friday, August 9, 1957

A-ll

Fred C. Scribner, Jr., heretofore Assistant
Secretary of the Treasury, was sworn in today as Under
Secretary at a ceremony in the White House.

Treasury

Secretary Anderson held the Bible as Mr, Scribner took
the oath of office.
Personal friends of Mr. Scribner were present,
in addition to Treasury and other Administration
officials.

After the ceremony the new Under Secretary

President Elsenhower nominated

him on July 22 to be Under Secretary.

oOo

life insurance cosipanles) issued hereunder need include in his income tax return
only the difference between the price oaid for such fcills, whether on original issue
or on subsequent purchase, and the amount actually received either upon sale or re»
delation at maturity during the taxable year for which the return is made, as owJluij^
gain or loss.
Treasury Department Circular V-.o. 418, Revised, and this notice, prescribe tht
terras of the Treasury bills and govern the conditions of their issue. Copies of tht
circular may be obtained from any Federal Reserve Bank or Branch.

- 2 Treasury Department ot the amount and primm range of accepted bids*

These sub-

mitting tenders will be advised ot the aeeeptanee or rejection thereof*

The Setre*:

tary of the Treasury expressly reserves the right to aceept 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 $500,000 or less without
stated price from any one bidder will be aeeepted in full at the average price ($»
three decimals) of accepted eoiapetltive bids. Payment of• m**pt*A\ tenders a% the
prices offered siust be made or completed at the Federal Reserve Bank/in cash or
other inaaediately available funds on August 21, 1957, provided, however, any quall»
f ied depositary will be permitted to ra&ke payuant by credit in its Treasury Tax mi
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 incoae derived from Treasury bills, whether interest or gain from the sell
or other disposition of the bills, does not have any exeaqption, as such, and loss
from the sale or other disposition of Treasury bills does not have any special trot*
stent, 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 art
exempt from all taxation now or hereafter issposed on the principal or interest thtrs
by any State, or any of the possessions of the United States, or by any local taida|
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 Sec*

tions 4S4(b) and 1221(5) of the Internal Hevenue Code of 1954 the amount of discount
at which bills issued hereunder are sold is not considered to accrue until such billl
are sold, redeeiaed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury bills (other this

jiyy.
RSLBA8B A. M. NEWSPAFJSHS,
fhe Treasury iepartiaent, by this p^lim *mtlm9
$lsim9<m9om9

or thereabouts, of tOT«day fmmmy

•immm^mm^ft^
bills, * W

irtwi-'tt tftffeNt

eeun* basis under *m*j*tttAm a M neneei^etitive bidding m*- hwsjlflmir frtfrttdfr
THebills «f this series will be dated August a , I9f7, aj*.'t^HstMffM»ri& tt|
IMS,- when the faee amount will b# payable wither-ifltemfer 'tKqMrtU s^dsitii
in bearer fern only, and In denominations of $1*000*-11,000*-'$3LO*Q0P»'ii0^a0^al-^
$500,000 and #1,000,000 (maturity value)*
Terters will be received at federal leserve B&ntet and'

lm*mm?:m&WW*Wetli*

lag hour, one-thirty o'clock p.m., Eastern 0ayli#t Saving'time, Wsdn^si^yf ; li#t^
im7.

fenders: will net be received at the' Treasury ©eparteent, Washington,

tender must m

Mmk

for m even multiple of $1,000, and In' thiT case of' e a ^ e « i i v t s t i ^

ders the price offered must be expressed on the basis'©£100,''with febt"t»iirtiila
three deeimals/'e. g,, **•$*$•

fractions nay not "be used. lt:"is'uried'"%Mtc:'ieMi1iw

b# made ©it the printed ferns m& forwarded in" the special' i&vitioj** wnietf will IS
supplied by Federal-Reserve Banks or Branches on application'therefor*
Others than banking institutions will not "'be pend:tted"tb::st^Lt ie^erlleiiffl
eept for their ©wn account, fenders will "be 'received without deposit' 'trm'ikmmi&J4
perated banks and trust companies and frost responsible a^:rteognised dealers' la}l8
investment securities, Tenders from others m e t be &@cei^&niei''"by/paymeBt;-«f W^$f
cent of the faee mmmt

of TreasTiry bills applied for, unless the tenders' :: Am J M0

panled by an express guaranty ef payiaent by an incorporated bank or ttmt

oOt^^fi1

Immediately after the 'closing hour, tenders will be opened at'the federal:W>
serve Banks and Branches, following "which public announcement will'"be md® 'by:t||ffi

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A. M. NEWSPAPERS
Monday, August 12,, 1957

A-12

The Treasury Department, by this public notice, invites
tenders for $1,750,000,000, or thereabouts, of 237-day Treasury
bills, to be issued on a discount basis under competitive and
noncompetitive bidding as hereinafter provided. The bills of
this series will be dated August 21, 1957* and will mature
April 15, 1958, when the face amount will be payable without
interest. They will be issued in bearer form only, and in
denominations of $1,000, $5,000, $10,000, $100,000, $500,000
and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and
Branches up to the closing hour, one-thirty o'clock p.m.,
Eastern Daylight Saving time, Wednesday, August 14, 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 accompained 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 $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
offered mustbids.
be made
Payment
or completed
of accepted
at the
tenders
Federal
atReserve
the prices
Bank

_ 2—
in cash or other immediately available funds on August 21,
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 dur.< rig 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
oOo Bank or Branch.
obtained from any Federal Reserve

FOR RELEASE AT 10:00 A. M.
Saturday, August 10, 1957
: mmr
secretary er the Treasury w* Randolph Burgess, the Faragueyen
Aiabaseador, Senor Dr. Don Osvaldo Chaves, and bmn&r Br, Sustavo ?• A. Stem,
President of the Central Bank of Paraguay, have signed an Exchange Agree*
sent designed to support Paraguay in a comprehensive program for aehieviag
increased economic stability and freedom for trade and exchange transactions •
The Paraguayan Government proposes to establish for all transactions
a single free exchange market in which the value of Its currency unit,
i

the guarani, will be determined by basic sti>ply and dssiand factors.
In their exchange operations the Paraguayan authorities will not resist
fundamental changes dictated by market forces.
The Paraguayan Govemaeat has immimnsti* related doaestic neasnres
A
including strict control of bank credit and a fiscal poliey aimed at
achieving a balanced budget.
In connection with this new effort for the attainasnt of internal
stability and international equilibrium the Paraguayan authorities have
entered into a stane>by arrangeasnt with the International Monetary
fund* The Treasury agreement supplements this arrangement,
the Sxehaage Agreement provides that the Paraguayan authorities
any request the United states Exchange stabilisation F*ad to purchase
*

Paraguayan guaranies up to an amount equivalent to $$*$ million, should
the occasion for such purchase arise, Paraguay would subsequently
\
t

repurchase for dollars any guaranies so acquired by the Treasury.
I

h^LmWt,

<p Q Q

TREASURY DEPARTMENT
FOR RELEASE AT 10:00 A.M.
Saturday, August 10, 1957

W A S H I N G T O N , D.C.
A_13

Under Secretary of the Treasury W. Randolph Burgess, the Paraguayan
Ambassador, Senor Dr. Don Osvaldo Chaves, and Senor Dr. Gustavo F. A. Stonn,
President of the Central Bank of Paraguay, have signed an Exchange Agreement designed to support Paraguay in a comprehensive program for achieving
increased economic stability and freedom for trade and exchange transactions.
The Paraguayan Government proposes to establish for all transactions
a single free exchange market in which the value of its currency unit,
i

the guarani, will be determined by basic supply and demand factors.
In their exchange operations the Paraguayan authorities will not resist
fundamental changes dictated by market forces.
The Paraguayan Government is announcing related domestic measures
including strict control of bank credit and a fiscal policy aimed at
achieving a balanced budget.
In connection with this new effort for the attainment of internal
stability and international equilibrium the Paraguayan authorities have
entered into a stand-by arrangement with the International Monetary
Fund. The Treasury agreement supplements this arrangement*
The Exchange Agreement provides that the Paraguayan authorities
may request the United States Exchange Stabilization Fund to purchase
t

Paraguayan guaranies up to an amount equivalent to i)$.$ million, should
the occasion for such purchase arise. Paraguay would subsequently
repurchase for dollars any guaranies so acquired by the Treasury.

o 0 o

w y

KELEASE A. M. HEWSPAPE1S,
Tuesday, August 13, 19$1.

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

or thereabouts, of 91-day Treasury bills to be dated August X$ and to mature Novem
1957, which were offered on August 8, were opened at the Federal Reserve Banks on
August 12.
The details of this issue are as followss
Total applied for - 12,595,61*9,000
Total accepted
- 1,700,000,000 (includes #388,960,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Range of accepted competitive bids* (Excepting seven tenders totaling #2,135*000)
High - 99.136 Equivalent rate of discount approx. 3*kX&% per annum
Low
- 99.110
s
u
n
s
«
3.521#

Average - 99.116 n w » w « 3*k9b*% * *
(51 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total
Applied for

Total

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

$
1*2,573,000
1,714,651,000
57,790,000
72,019,000
25,557,000
42,802,000
299,532,000
27,158,000
22,058,000
67,517,000
1*4,377,000
179,585,000

32,573,000
929,331,000
42,790,000
64,569,000
25,557,000
42,802,000
236,592,000
27,158,000
22,009,000
63,077,000
38,377,000
175,165,000

.mmmmmmmmmmt^m^mtmmmtmmamtmmVmmmmmm.-*

TOTAL

12,595,649,000

#1,700,000,000

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A. M. NEWSPAPERS,
Tuesday, August 13, 1957.

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

or thereabouts, of 91-day Treasury bills to be dated August 15 and to mature Novemb
1957, which were offered on August 8, were opened at the Federal Reserve Banks on
dugust 12.
The details of this issue are as follows:
Total applied for - #2,595,61*9,000
Total accepted
- 1,700,000,000 (includes #388,960,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Range of accepted competitive bids: (Excepting seven tenders totaling #2,135,000)
Hi n

S - 99.136 Equivalent rate of discount approx. 3.4l8# per annum
Low
- 99.110
»
•• «
«
w
3.521$

»»

Average - 99.116 » " » » tt 3.k9Q% » «
(51 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

#
42,573,000
1,714,651,000
57,790,000
72,019,000
25,557,000
1*2,802,000
299,532,000
27,158,000
22,058,000
67,51*7,000
1*1*,377,000
179,585,000

#2,595,649,000

#1,700,000,000

32,573,000
929,331,000
1*2,790,000
64,569,000
25,557,000
42,802,000
236,592,000
27,158,000
22,009,000
63,077,000
38,377,000
175,165,000

- 3-

mm
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 451* (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 ofj
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 -

final. Subject to these reservations, noncompetitive tenders for #200,000 or le

without stated price from any one bidder will be accepted in full at the averag

price (in three decimals) of accepted competitive bids. Settlement for accepted

tenders in accordance with the bids must be made or completed at the Federal Re
serve Bank on August 22, 1957 , in cash or other immediately available funds

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

August 22, 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 an
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the

are subject to estate, inheritance, gift or other excise taxes, whether Federal

or State, but are exempt from all taxation now or hereafter imposed on the prin

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

07
y i

BxK&defca
TREASURY DEPARTMENT
Washington

A. M.
K2Bt RELEASE/^SKBDffiBt NEWSPAPERS,
Thursday, August 15, 1957
•

The Treasury Department, by this public notice, invites tenders for
#1,800,000,000

, or thereabouts, of

—w—

-day Treasury bills, for cash and

~m~

in exchange for Treasury bills maturing
August 22. 1957
, in the amount of
# 1,800,055,000 , to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will bs
dated

August 22, 1957

, and will mature

November 21, 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,fomv.o*clock p.m., Eastern/StoCKdaoot time, Monday, August 19, 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
WASHINGTON, D.C. N ^ V ^ X
RELEASE A.M. NEWSPAPERS,
Thursday, August 15, 1957.

A-15

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 August 22, 1957,
in the amount of $1,800,033,000, 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 22, 1957,
and will mature November 21, 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, August 19, 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 August 22, 1957,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing August 22, 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. 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 any Federal Reserve Bank or Branch.

oOo

BELBAJS A. M. HEMSPAFERS,
Thursday, August 15, 1957.
The Treasury Department announced last evening that the tenders for HiW^OCX^QQO,

or thereabouts, of 237-day Treasury bills to be dated August 21, Xf%79 **& ttisat

April 15, 1958, which were offered on August 12, were opened at the Federal Reser
on August 14.
The details of this issue are as follows!
Total applied for - 13,177,328,000
Total accepted
- 1,750,043,000

(includes $296,329,000 entered en a
noncompetitive basis and accepted la
full at the average price shown below)

Range of accepted competitive bids? (Excepting four tenders totaling $4,690,000)
Sigh
Low

- 97.470 Equivalent rate of discount aeprex. 3.343$ per
-97.202
•
»
•
»
*
k*1t$0% *

•

Average

- 97.253

•

4073* •

(49 psreent of the amount bid for at the low pries was accepted)
federal Reserve
District

Total
Applied fs#

Total
Accepted

Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Sansat; City
Dallas
fan Franciscc

1 119,737,000
1^629,083,000
127,505,000
118,562,000
77,023,000
78,740,000
405,098,000
82,681,000
95,835,000
61,210,000
157,147,000
224,707,000

13,177,328,000

$1,750,043,000

TOTAL

85,721,000

S4o,ooo,ooo
102,02«,000
50,492,000
69,748,000
70,816,000
293,719,000
68,641,000
95,733,000
53,188,000
156,790,000
123.167,000

RELEASE A. M. NEWSPAPERS,
Thursday, August 15, 1957.

The Treasury Department announced last evening that the tenders for $1,750,000,000,

or thereabouts, of 237-day Treasury bills to be dated August 21, 1957, and to matur

April 15, 1958, which were offered on August 12, were opened at the Federal Reserve
on August 14.
The details of this issue are as follows:
Total applied for - $3,177,328,000
Total accepted
- 1,750,043,000

(includes $296,329,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids: (Excepting four tenders totaling $4,690,000)
High - 97.470 Equivalent rate of discount approx. 3«843$ per annum
M
Low
- 97.202
w
«
tt
n
4.250$ »
Average - 97.253 « use « 4.173$ "

(49 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

$ 119,737,000
1,629,083,000
127,505,000
118,562,000
77,023,000
78,740,000
405,098,000
82,681,000
95,835,000
61,210,000
157,147,000
224,707,000

$3,177,328,000

$1,750,043,000

TOTAL

85,721,000
540,000,000
102,028,000
90,492,000
69,748,000
70,816,000
293,719,000
68,641,000
95,733,000
53,188,000
156,790,000
123,167,000

COTTON WASTES
(In pounds)
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 WASTE, 'WHETHER OR NOT MANUFACTURED OR OTH^RWISii
ADVANCED IN VALUEi Provided, however, that not more than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes made from cottons of 1-3/16 inches or more
in staple length in the case of the following countries: United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italys

Country of Origin

Established
TOTAL QUOTA

Total Imports
: Established s
Imports
if
Sept. 20, 1956, to % 33-1/3$ of : Sept. 20, 1956
August 131 1957
i Total Quota s to August 13, 1957
1,4U-,152

95,562

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 . « • • . . . . . .
219263

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.

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

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE
Thursday, August 15, 1957.

A-17

Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by the President»e 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 August 13, 1957
Country of Origin,

Established Quota

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

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

Country of Origin

Imports

124,060
8,883,259
600,000

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

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

if Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
2f Other than Algeria, Tunisia, and Madagascar.
Cotton, harsh or rough, of less than 3/4"
Imports Sept. 20. 19 56, to August 3. 1957
Established Quota (Global)
70,000,000

Cotton 1-1/8" or more
Imports August 1. 1956 to July ri, 1Q57. lncl*

Imports

Established Quota (Global)

9,387,635

45,656,420

Imports _
45,656,420

T ..,„ p n T n m
IMMEDIATE RELEASE
Thursday. August 15. 1Q57.
A-17

TREASURY DEPARTMENT
Washington

Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
Q
established by the President's Proclamation of September 5, 1939, fs amended
COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other than rough or harsh nnHey 3/4.1
Imports Sept. 20. 1956, to August 13T 1957
'^~
^^ °f °ri^n Established Quota Imports Country of Origin Established Quota
Egypt and the Anglo- „ ,
Egyptian Sudan . . . 783j816 - p^ay 22?
Peru
2A7!952
V*Tag??y • • • • • • •
British India . . . . .
2,003 483
124,060
5 ° ^
'*
China
1.370 791
t *?• \ . V 1 '.,' ' ' *
K6XiCO
••••.... 8'Sl'Ml 8,883,259 Netherlandf/^H- * ' „2'24°
Brazil . . . - .
'6li'/2l
600 000
Barbado^
Union of Soviet
. ,°ffbad°a.'\
Socialist Republics .
^ ^ f ^ 8 * W' I n d i e s
475jl24
Argentina
5 203
o /A.L T> .V. ,
Kait*
o^
2/0ther British W. Africa
other French A

1^-:: All " ^

871
12i
195

'388

^321
5,377
16,004

^^ •. 689

*>-w

Algeria and Tunisia .

If Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Oold Coast and Nigeria.
2f Other than Algeria, Tunisia, and Madagascar.
Cotton, harsh or rough, of less than 3/4" p- ++ , - Mli Imports Sept. 20, 19 56. to August T. 1957
T
X—--ko^on. 1-1/8" or more
' 7? ?
^
^ ^>(
Imports Au^ugQTl93gl^JulY 31. IQS'TT^T.
Established Quotation*!) imports Established Quota (Global) l^ts
70,000,000 9,387,635 45,656,^0 u96X9UD

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

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

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

5,482,509
1/ Included in total imports, column 2.
prepared in the Bureau of Customs.

Total Imports
i Established s
Imports
1/
Sept. 20, 1956, to s 33-1/3* of s Sept. 20, 1956
Total Quota ; to August 13, 1957
August 13, 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, August 15, 1957

TREASURY DEPARTMENT
Washington
A-18

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 August 3, 1957, inclusive, as follows:

Commodity
Tariff-Rate Quotas*

Period and Quantity

Unit :
of
: Imports as of
Quantity:Aug. 3, 19^7

Cream, fresh or sour ,

Calendar Year

1,500,000 Gallon

296

Whole milk, fresh or sour ,

Calendar Year

3,000,000

Gallon

565

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

200,000 Head

12,776

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

120,000 Head

13,657

July 1, 1957 Sept. 30, 1957

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

37,375,636
kk,$2Q,$33

12 mos. from
Sept. 1$, 19$6

Walnuts Calendar Year
Alsike clover seed 12 mos. from

Pound

Quota Filled

Pound 22,518,1*60

150,000,000 Pound 111,922,210
60,000,000 Pound
3$,lh9M
5,000,000

Pound 1,606,102

3,000,000

Pound

July 1, 19$1
Peanut oil 12 mos. from

80,000,000 Pound
July 1, 1957

Woolen fabrics Calendar Year

lU, 000,000 Pound Quota Filled

Absolute Quotas:
Peanuts, shelled, unshelled,
blanched, salted, prepared, or
preserved (incl. roasted peanuts, but not peanut butter)

12 mos. from
Aug. 1, 1957

Rye, rye flour, and rye meal ... 12 mos. from
July 1, 1957
Canada
Other Countries
Butter substitutes, including
butter oil, containing k$%
or more butterfat
Calendar Year
(1)

1,709,000 Pound

15,628

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

Quota Filled

1,800,000 Pound

Quota Filled

Imports for consumption at quota rate limited to 28,031,727 lbs. during the
first 9 months of calendar year.

IMMEDIATE RELEASE,
Thursday, August 15

TREASURY DEPARTMENT
Washington
A-18

The Bureau of Customs announced today preliminary figures showing the imports
for consumption of the commodities listed below witnin quota limitations from the
beginning of the quota periods to August 3, 1957, inclusive, as follows:

Commodity

Period and Quantity

Unit :
:
of
: Imports as of
Quantity:Aug. 3, 1957

Tariff-Rate Quotas:
Cream, fresh or sour

Calendar Year

1,500,000 Gallon

296

Whole milk, fresh or sour

Calendar Year

3,000,000

Gallon

565

Cattle, less than 200 lbs. each

12 mos. from
April 1, 1957

200,000 Head

12,776

Cattle, 700 lbs. or more e ach
(other than dairy cows)

July 1, 1957 Sept. 30, 1957

120,000 Head

13,657

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

37,375,636

Tuna fish Calendar Year

Uii,528,533 Pound 22,5l8,l*6o

White or Irish potatoes:
Certified seed
Other

12 mos. from
Sept. 15, 1956

Walnuts Calendar Year

Pound

Quota Filled

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

111,922,210

5,000,000 Pound

1,606,102

35,7U9,8UU

3,000,000 Pound

Alsike clover seed 12 mos. from
July 1, 1957

80,000,000 Pound

Peanut oil 12 mos. from
July 1, 1957

lU,000,000 Pound Quota Filled

Woolen fabrics Calendar Year
Absolute Quotas:
Peanuts, shelled, unshelled,
blanched, salted, prepared, or
preserved (incl. roasted peanuts, but not peanut butter)

12 mos. from
Aug. 1, 1957

Rye, rye flour, and rye meal ... 12 mos. from
July 1, 1957
Canada
Other Countries
Butter substitutes, including
butter oil, containing h$%
or more butterfat
Calendar Year

1,709,000 Pound

15,628

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

Quota Filled

1,800,000 Pound

Quota Filled

(1) Imports for consumption at quota rate limited to 28,031,727 lb3. during the
first 9 months of calendar year.

TREASURY DEPARTMENT
Washington

46
IMMEDIATE REEEK5JS,
Thursday, August 155 1957*

_19

The Bureau of Customs announced today the following preliminary
figures showing the imports for consumption from January 1, 1957, to
August 3, 1957, inclusive, of commodities for "which quotas were established pursuant to the Philippine Trade Agreement Revision Act of
1955:
i * Unit :
Commodity
Buttons

: Established Annual : of
: Imports as of
. Q u o t a Quantity
.-Quantity: August 3, 1957
807,500

Gross

U68,566

Cigars 190,000,000 Number 2,597,7U7
Coconut oil U25,600,000 Pound 100,829,k$l
Cordage 6,000,000 Pound 3,Ul8,072
(Refined 26,622,091
Sugars
(Unrefined)

1,90U,000,000

Tobacco 6,175,000 Pound 2,35u,Oi*9

Pound
1,385,1*70,309

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Thursday, August 15, 1957.

The Bureau
figures showing
August 3, 1957,
lished pursuant

A-19

of Customs announced today the following preliminary
the imports for consumption from January 1, 1957, to
inclusive, of commodities for "which quotas were estabto the Philippine Trade Agreement Revision Act of

1955:

Commodity

:
s Unit
Imports as of
: Established Annual : of
:
Quota Quantity
:Quantity August 3, 1957

Buttons

807,500

Gross

1*68,566

Cigars 190,000,000

Number

Coconut oil 1*25,600,000

Pound

100,829,1*87

Cordage 6,000,000

Pound

3,1*18,072

(Refined
Sugars
(Unrefined)

Pound

Tobacco 6,175,000

2,597,7U7

26,622,091
1,90)4,000,000

1,385,1*70,309
Pound

2,35U,OU9

TREASURY DEPARTMENT
Washington

„n
10

IMMEDIATE RELEASE,
Thursday, August 15, 1957.
A-20

The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour authorized to be entered, or withdrawn
from warehouse, for consumption under the import quotas established in the
President's proclamation of May 23, 1941, as modified by the President's
proclamation of April 13, 19l*2, for the 12 months commencing May 29, 1957,
as follows-

Country
of
Origin

:
: Wheat flour, semolina,
s
:
crushed or cracked
:
Wheat
:
wheat, and similar
:
:
wheat products
:
t
s Established :
Imports
: Sstablished :
Imports
:
Quota
:May 29, 1957, to s
Quota
: May 29, 1957s
•
iAugust 3, 1957
:
: to August 3. if
' (Bushels)
(Bushels)
(Pounds)
(Pounds)

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

795,000

r
-

—
..
_

100
—

100
100
—
mm

100
2,000

100
-

1,000
-

100
-

—

_
_
_
_
.^
^
mm

^m
_
_
_.
_
_
_
—m

_„

—

mm.

•at

mm.

1,000

100
100
100
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

276
_
_
„

—

_,
_
m.
m.

_,
m.
m.
m.
m.

—

«,
-

_
•

IMMEDIATE RELEASE,
Thursday, August 15, 1957

TREASURY DEPARTMENT
Washington

A-20
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., 191*1, as modified by the president's
proclamation of April 13, 1942, for the i2 months commencing May 29, 1957,
as follows?

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

Wheat
Country
of
Origin

Established :

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

Imports

slice 29, 1957, *°
tAugust 3, 1957
(Bushels)
795,000

• Established
s

Quota
(Pounds)

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

100
100
100

100
2,000
100
1,000
100
-

1,000
100
100

Imports
May 29, 1957?
to August 3, 195?
(pounds)
3,815,000

276

100
100

mrjm

79^000"

i*7TO)7raj

3,815,276

r.r

HHEA5E A. H. 8BWSPAPEBS,
Tuesday, August 20, 1957,

The Treasury Department announced last evening that the tenders for $1,800,000,000,

or thereabouts, of 91-day Treasury bills to be dated August 22 and to mature November ft,
1957, which were offered on August 15, were opened at the Federal Reserve Banks on
August 19.
The details of this issue are as follows?
Total applied for - $2,353,582,000
Total accepted
- 1,800,123,000

{includes #342,263,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Bange of accepted competitive bidet (Excepting one tender of $15,000)
High - 99*163 Equivalent rate of discount approx. 3*311$ per annua
low
- 99.11*5
»
* »
»
«
Average * 99.152

3.382J& «

• « « * 3.35M • *

(4 percent of the amount hid for at the lew price was accepted)
Federal Reserve fetal Total
District
Boston $ 37,499,000 $ 25,291 ,000
»«* * « *
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. touis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL $2,353,582,000 #1,800,123,000

Applied for

Accepted

1,627,709,000
37,308,000
65,553,000
32,423,000
33,754,000
243,251,000
28,355,000
14,409,000
49,100,000
48,302,000
135,919*000

1,167,077,000
22,288,000
60,343,000
32,123,000
32,394,000
198,031,000
28,355,000
14,013,000
49,075,000
40,302,000
130,831,000

•"""••*

mwmmmmmmmmmmmmmmm*m9mmm-\mmmm9mm

TREASURY DEPARTMENT
WASHINGTON,
RELEASE A. M. NEWSPAPERS,
Tuesday, August 20, 1957.

A-21

The Treasury Department announced last evening that the tenders for $1,800,000,000,

or thereabouts, of 91-day Treasury bills to be dated August 22 and to matur

1957, which were offered on August 15, were opened at the Federal Reserve B
August 19.
The details of this issue are as follows:
Total applied for - $2,353,582,000
Total accepted
- 1,800,123,000 (includes $342,263,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Range of accepted competitive bidss (Excepting one tender of $15,000)
High - 99.163 Equivalent rate of discount approx. 3»311# per annum
Low
- 99.145
"
11 n
n
«
3.382# w
Average - 99.152 "

n w

3*3$k% * "

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

Total
Applied for

Total
Accepted

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

$ 37,499,000
1,627,709,000
37,308,000
65,553,000
32,423,000
33,754,000
243,251,000
28,355,000
14,409,000
49,100,000
48,302,000
135,919,000

$ 25,291,000
1,167,077,000
22,288,000
60,343,000
32,123,000
32,394,000
198,031,000
28,355,000
14,013,000
49,075,000
40,302,000
130,831,000

$2,353,582,000

$1,800,123,000

TOTAL

;.- „ J — - -—£•

C O

Japeii $t 1957

ln-m*,wmhtmm
fbm following traaeaotless worm m#* in direct mmi **mwmm*9% securities
ot the S e s m m s t f w Treasury iBvestaect* aed other acceustte Curls* mm moth
*M 9*X^r9 3l9$?t

*m*mm*

#W*?5MS§*S§

mXm 11,35^,500.00
mmmmmmmmtmtmmmmmmmmmmmmt
mmmmmmmmmmmmmmmmmmtmmmmm

l**tm**) w-i*.

••A.*^

*" *

*< J. iWi*<» ^'f ijj

tMjmt9 Invm&iMtnta Biauch
Mvisici* ot Smpomit*ftIsvestieasts

TREASURY DEPARTMENT
WASHINGTON, D.C.
IMMEDIATE RELEASE,_
Monday, 3e^sjpsJsjsjsjBj£7.
CUA^^
tf, /fsj
During £mt

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

oOo

y\j

54
TREASURY DEPARTMENT
WASHINGTON, D.C

IMMEDIATE RELEASE,
Monday, August 19, 1957.

A-22

During July 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 $182,398,500.

oOo

mJ y

- 11 Heartening as the flow of foreign capital into Latin America may
be, vie are all fully aware that such capital can, at the best, make
only a partial contribution to the total investment requirements
of an expanding economy. The accumulation of domestic savings
and the application of those savings in productive activity are
essential to sound economic progress. We must not lose sight
of this important fact. We should study with great care the
general conditions which are necessary to encourage domestic
private savings and to insure that these are used productively in
the domestic economy.
You and I, as ministers bearing the principal responsibility
for our governments in this field, can find real encouragement
in the current rate of development in our countries, but we must
ask ourselves, are we justified in complacency and satisfaction?
We are not. The energetic and far sighted peoples of all of our
Republics demand that we find effective ways to bring to more and
more millions of people throughout the hemisphere those standards
of living which are attainable if we make the best use of our
human and natural resources and our capital.
It is to consider ways of meeting this challenge that we are
here. It will never be simple to put together our natural resources,
labor,and capital so as to produce the requirements of a rapidly
growing population and, at the same time, raise per capita
standards. It will always be a challenging task. It requires unrelenting effort to improve technology. It requires improvement in
organization and skills. It will depend upon the people and the
leaders of each of our countries and their willingness to work, and
save, and encourage efficiency.
The delegation from my country will approach this challenge with
sincerity. We shall not underestimate the problems of the future.
None of us wishes to encourage unreasonable or impractical
expectations. But I hope that we all share the conviction that when
the time comes for us to return to our respective countries it will
be with the knowledge that each of us has made a contribution to the
discharge of our historic responsibility to make of these lands a
better home for all of our citizens
oOoand for our children, and a
better heritage for other generations of Americans.

- 10 commodities and livestock, and the special loan to the United
Kingdom which was made on a secured basis, the Bank's total of
development loans throughout the world was«^MS^F482 million during the year. Of this amount no less than f^»ecp354 million, or
73 percent of the total, was extended in Latin America. /As more
and more/economic projects are developed, the participation of
the Export-Import Fank will be intensified so as to meet expanding
needs.
- '*
The International Bank for Reconstruction and Development is
also an important source of development loans, and the
International Finance Corporation is becoming an additional
significant source. (As. far as we can see ahead, we believe that
the adequacy of capital to meet the needs of sound development is
not a question of additional institutions but the fuller utilization of those in being so as to keep pace with the expanding needs
of constructive projects as they develop.
We are, as well, providing important credits to our Latin
American neighbors, through the so-called public law 480 agreements, under which our government sells quantities of our
agricultural reserves to foreign governments for local currencies.
Under these agreements, substantial portions of the sales proceeds
are lent to the purchasing governments as additional sources of
economic development capital. Thus far the amounts allocated
for loans, or actually lent, to Latoin American countries through
this arrangement total about pseisqp25Q million.
In addition to the expansion of the technical cooperation
program in Latin America, which was announced by the United States
delegation at the Quitandinha conference in 1954, the United States
through the International Cooperation Administration continued its
program of emergency economic assistance to Latin America to help
resolve problems which were beyond the resources of the individual
countries. During the last year, a special regional fund authorized by the Congress of the United States was the source of grants
amounting to puJtTM^2 million to the Organization of American
States for malaria eradication and for improved research
facilities at the Inter-American Institute of Agricultural
Sciences in Costa Rica. This fund was also the source of loans
totalling nearly poeoojl3 million to seven countries for projects
in the fields of education, health and sanitation, and land
settlement.
All of these are encouraging developments. They are further
evidence of a wholesome trend in inter-American cooperation. But
let us always remember that economic development in a large and
complex area cannot be reduced to easy simplicity. More important
than any other factor will be the individual efforts of each
people
and their
dedication
to aown
program
of work
and
savings, and
affairs.
the orderly
management
of their
government
and
economic

- 9 -

°'

of capital formation and private investment. This can be done both
through unilateral measures, which would remove unsound tax policies
and administrative practices, and through international tax agreements.
We have been engaged in the negotiation of broad tax agreements with a number of countries. In addition to establishing rules
in these agreements by which to assure fair tax treatment, we have
sought to give recognition to so-called tax-sparing laws which seek
to encourage the inflow of capital by granting tax reduction for
limited periods of time.
v
The executive departments of our government are trying to devise
a formula by which a credit would be allowed under our laws for the
taxes given up by a country seeking to attract capital, in the same
way as a credit is given for taxes actually collected by that
country.
.
Tax agreements are, of course, a matter for negotiating between
the executive branches of %ke governments. Like ail treaties, they
must, In the United States as in many other countries, obtain the
approval of the legislative branches of government before they can
become effective. We now have several prospective treaties in varying stages of the procedure. One, which includes a credit for tax
sparing, is now under review by the .legislative bodies of the
t
signatory countries.
. ^ * ^ y ^^J^^^Ji^
A ^ ^ U ^ ^ J
We realize that much is to be done toward economic development
in Latin America. In addition to private capital, credits fey*-/*-*"•*
public institutions are important sources of capital. Many hundreds
of millions of dollars, wi-li"'be-±nvo-lved. We feel a sense of
responsibility and will participate in this development. The extent
of our effort will be determined by careful planning, by the ability
of countries to absorb capital, and by the assurance of realistic
benefits o^-the economy and the people of the Republics involved.
""* Here my country acts directly through the Export-Import Bank.
Jfou will recall the policy of the Export-Import Bank, first
announced at the Caracas Conference," and reaffirmed at the
Quitandinha conference. Our government indicated that our country
would be prepared to encourage the financing of all sound economic
development projects, including loans in the private sector, in the
best interest of the countries involved, and for which private
capital was not available. This policy has, I believe, produced
impressive results.
In the three year period ending June 30, 1957 the Bank has
authorized credits of some g»»Q^y840 million to Latin America. /JtL is
significant that more than kO percent of the Bank's total authori-^
zations In all countries during the last ten years have been made in
the Latin American Republics. Since the Quitandinha conference, the
Bank has extended in Latin America almost 2-1/2 times as much in
development loans as it had extended in the similar period before
the
in
Import
that
Latin
purchase
Conference.
Bank
America.
concentrated
of Agricultural
(During
Leaving
even
the
aside
last
more
its
fiscal
odloans
itsyear,
development
for indeed,lending
the Export-

- 8 -

££
»^ y

-'-*""' "T1~"~ BinnriT'"1 billion remained in Latin American countri
other exchange purposes.^In^connection with their total sales of
nearly ^uiii'im "jTs billion, wages and salaries were paid by these ^
companies to1 600,000 employees. Moreover, approximatelyJptg&fl
billion was paid to Latin American governments in various forms of
taxation. The revenue derived from this source became available
for the financing of highways, ports and other activities which the
Governments have undertaken.
This special study, »we believe, helped to correct one
misconception about the effect of foreign investment upon the
financial position of recipient countries; it does not, however,
tell the whole story. The advantages of foreign investment do not
end with their final effect upon the balance of payments position.
Qhief value of the investment, whether it be domestic or foreign,
lies in its capacity to increase the total national production of
the country in which it was made. This comes through increased
productivity.
We believe in my country that technical improvements and
managerial knowledge which lead to increased productivity may be
even more important to rising standards of living than growth in
the stock of capital. The shortage of managerial skills and
technical knowledge may be more real and more pressing than any
shortage of capital.
Private investment carries with it the most highly developed
technical and managerial skill. It brings to bear on the development process this essential and dynamic influence to which we
attribute so much of our own growth. Line managerial experience and
knowledge of techniques and skills required for the successful
development of resources is a prerequisite to the most effective use
of increased capital funds. The technical knowledge and managerial
skilK acquired by citizens of Latin America, both^on-the-job in
plants and enterprises financed by foreign capital as well as
through the quite remarkable number of visits to the United States
sponsored by both private enterprise and our technical cooperation^
programs, represent for this hemisphere an ever expanding fund of
what might be called managerial wealth — an asset of incalculable
value.
As we all realize, the movement of private capital cannot be
forced. Private investment flows only where the situation is
attractive. Investment opportunities throughout the free world are
so numerous that all who seek investment capital must compete for
it. Even in the most highly-developed countries there is a shortage
of savings for investment. Nevertheless, as the figures demonstrate,
the Latin American Republics have been successfully competing and
obtaining a sharply expanded flow of new capital funds. In this
they have been more fortunate than many other areas which have not
been able to devote their resources so fully to peaceful and conThe
facilitated.
end,
structive
process
governments
purposes.
ofAsprivate
you
should
know,
capital
remove
my government
tax
investment
obstacles
believes
can
thatoflie
that_toward
course
in thebeway
this

- 7 of

-*H^P^3.5 billion. In 1956, they reached the record level
of .peqn^S.S billion. About 33 percent of our total imports of
goods from foreign countries are shipped from Latin America.
The increase of United States and other foreign private
investment in Latin America has been most impressive. The flow
of private investment from the United States, as shown by our
balance of payments, has greatly increased in the past five
years. During tne first 2-1/4 years following our meeting at
Quitandinha, the figure amounts to about 4WSJW|pi.4 billion, or
more than three times the corresponding rate during a comparable
period preceding the meeting at Quitandinha. This is largely
due to very sharp expansion in direct investments, particularly
in 1956. In that year direct investments exceeded i*L>smy300
million, and total private investment amounted to more than
I should
like to refer to some aspects of the role of
1800
million.
private enterprise and private capital in the development of the
American Republics. ^It is reasonable that the governments and
people of Latin America should expect our United States investors
to whom they extend a hospitable welcome, to be constructive
members of the communities in which they operate. It is our
earnest desire that they shall be. These same investors, we
believe, are substantially determined that they shall be a factor
toward progress in human welfare.
In the field of foreign investment we think there is a danger
that undue attention may be given to the very partial figures
which appear in balance of payments statements. From these
figures it might be inferred £hat the investment of foreign
capital brings no advantage, £& balance, to the international
accounts ox the country receiving such investment. We believe
such a conclusion would be incorrect for several reasons.
First, the balance of payments data do not show the complete
picture. They do not show, for example, tiie total amount of new
investment which has taken place on behalf of private investors.
The Department of Commerce of my government made a special study
of the operations of a large group of United States enterprises
operating in Latin America. The study oovered the year 1955 and
included companies noiding nearly jHSBl^fj billion of assets in
Latin America. These companies represent about 35 percent of
all United States operations in Latin America. The study showed
that whereas the net capital those companies received from the
United States amounted to -*WB*6$I29 million, "their total
investment expenditures were about four times that amount, or
>570 million. The difference betweeifv£wo figures was
finanbed out of retained earnings, depreciation, and other sources
of funds.
The study showed further that tiie operations of these
companies resulted in direct foreign exchange income to Latin
America
and
total
remittances.
exchange
of psCMfl2.3
required
billion,
by these
or *&m.s*l
companies
billion
for their
moreoperations
than the

6- o
through 1956. In several countries the rate of growth has been
even higher.
Rarely, if ever, in history have we witnessed such a
sustained and vigorous level of prosperity as we have been enjoying recently in the free world. Indeed in this decade we
find we have a striking contrast to the world of 20 years ago.
Then trade had shrunk, prices were depressed, and economic
activity was feeble and discouraging. Today there is an increasing concern of an opposite character. In country after country,
the pressure of monetary demand is so great that inflation is
either an unpleasant reality or a constant threat.
In my country we are well aware of this fact. We are
exerting our best efforts to keep our prosperity healthy, and to
avoid the adverse effects of inflation fever. Many of you have
experienced the effects of this economic illness, and as Finance
Ministers know all too well what it brings. You know how it not
only complicates the task of the finance minister, but enters as
a disturbing factor into ail the operations of business and the
affairs of everyday life. You know how it can lead a whole
people into competitive efforts to seek protection of their assets
rather than employing them for the benefit of the community. You
know how difficv«lt it is for domestic and foreign capital to play
an effective role in productive investment when there is continual
worry and preoccupation with the dangers of a depreciating
currency. You are familiar with the exchange difficulties and
the constant tendency to excessive imports which inflation brings
in its train. You know how exports may be discouraged when price
relationships become distorted.
The United States applauds the efforts that are being made
in many of the other American Republics to deal with this menace
and to achieve greater financial stability and realistic and
freer rates of exchange. We are happy that the International
Monetary Fund has supported well conceived programs for combatting
inflation in a number of these countries. The Treasury Department
and other agencies of my government have also supported these
efforts. We recognize that foreign trade and foreign investments
is only one limited aspect of this broad program of economic
development. Inter-American transactions are themselves a
segment of the broader fabric of economic relations in the free
world.
Let me speak briefly, however, of the trade and investment
transactions between my own country and the other American
Republics. Through these transactions dollars become available
to be effectively used by our sister Republics. The flow of
these dollars is generated first, by our imports from the rest
of the American States; second, by our investments; and third,
by ourweloans
for
economic
development.
Inimpressive
each
oi these
categories
When
recorded.
Stateflrom
metwe
Latin
at
have
Quitandinha
Lerica
in recent
had
in
years
reached
1954,
reached
the
imports
the into
highest
the
annual
levels
United
rate
yet

settlement have established beyond doubt the desire and ability
of the countries of the Americas to live peacefully together.
This fact has great economic significance. The assurances
now provided by our common defense system offer us a dramatic
opportunity to give greater emphasis to those economic activities
that can better the lot of our peoples.
Military expenditures, by their very nature, act as a brake on
rising living standards, and for that reason they should be held to
a level that will provide an adequate posture of defense. All of us
in the Americas look forward to the day when a changed world
situation will permit a substantial reduction of our large military
expenditures. In the meantime, however, we must all do everything
we can to control reasonably our expenditures in this area. All of
us, I am confident, will continue to scrutinise our military
budgets in an effort to accomplish savings that would make resources
available in each of our economies for the kind of constructive
development that advances economic well being.
My third great conviction is thac the progress and welfare
of every American State is directly related to the progress and
welfare of each. None of us can ever be indifferent to the
problems and the suffering of another. Each of us has a personal
and strong interest in the welfare of each of our partners. Often
in the economic fields our problems are particularly subtle and
stubborn. Our best interests as members of this great American
community clearly lie in pursuing a policy of cooperation.
A basic aspect of this policy of cooperation is a firm
determination on the part or my country to preserve a climate that
will lead to the maintenance of a growing prosperity in the United
States, which continues to represent the largest, most stable, and
expanding market for the increasing production of the hemisphere.
To seek to avoid any return to the depressed conditions of an
earlier decade with the costly shrinkage it meant in our own
economy and with the harmful reduction of your markets is a fixed
point in the policy of my government and of our whole people.
A further aspect of this policy of cooperation relates to the
important areas of trade and investment. Needless to say, each of us
occasionally is compelled to take action on the basis of important
domestic considerations. Such departures from the general policy
should be held to an inescapable minimum and should be justified by
rigorous standards of necessity. In that way we can maintain our
basic course with respect to international economic cooperation and
maintain as well the integrity of those occasional departures from
it which legitimate national considerations require.
What are the results of our cooperative efforts during the past
four years? Today, the people of the American States are contributing more to the economic progress and well-being of the world
than at any previous time in our history. The output of goods and
1 , 1
product
year
Commission
republics.
services
in for
the
Isfor
Latin
rising
United
TheLatin
average
America
States
continuously
America
annual
and
asat
a
at
increase
4.J
wh
at
even
ol
the
percent
e,higne
rate
is
i nee
thereal
fof
timated
. ^about
! ^ "^byttie
^
three
°
^ ^j
"1 6^percent
^onomi
o n ±^3
?
a 8l"a

- kHistory has demonstrated the vital role of the competitive
enterprise system In the economic life of our hemisphere. Its
promise for the future is even greater. Just as truth flourishes
best in the climate of political freedom, so in the economic field
the system of competitive enterprise promises to yield most in
the satisfaction of man's material needs. This system produces
most of what people want most.
I hope that at this conference we can contribute to the
growth and strengthening of this system. It is wholesome that we
should explore the various Ideas presented to us. No one knows
better than a minister of finance or economy how difficult it is
to choose between alternative measures. No one knows better than
we that the fields of economy and finance are not exact sciences.
Let us, therefore, approach our discussions with the hope that
from a sincere and thoughtful exchange of views will come ways of
doing things which are perhaps better than those which any of us
alone might have brought to this conference.
This leads me to a second conviction which I hold strongly and
which has been substantiated in actual experience. This is that
there is no question Incapable of resolution if we, as reasonable
men of good will, and as the representatives of our respective
peoples, bring to bear on it the best and united effort of all of
our people.
President Eisenhower has characterized the Organization of
American States and its predecessors as "the most successfully
sustained adventure in international community living the world has
ever known." In this hemisphere we have had the courage to
approach openly many problems for which solutions had not been
found in inter-national society. Some of these problems have
found their first solution in the Americas. On other problems we
have made the greatest progress toward an eventual solution that
has yet been achieved. Why is this true? I believe that it is
because vie do not let differences of opinion divide us or breed
distrust among us. When we encounter a new problem or engage in
a new field of discussion we seek a road we can all follow and
which will ultimately bring us to our common objective.
This method of approach has been a salient part of our
cooperative effort during the past 50 yaars and against the background of history has been little short of remarkable. For
example, we developed in the Americas a hemispheric approach to
security which was sealed in the Rio Treaty of 19^7. We unanimously
agreed that an attack on any one State would be considered an attack
on all. This concept of collective security has served as a
pattern for the strengthening of the entire free world. Our
to
purpose
ourselves.
services
settle
Is
of
disputes
peace,
the
The repeatedly
Inter-American
both
between
withAmerican
successful
thePeace
rest States
Committee
of
application
theand
world
for
theand
of
peaceful
outstanding
the
among
Rio Treaty

- 3Interval of nearly three years since that meeting. We welcome
this opportunity, indeed, we feel it a responsibility, to
express to you the fundamental approach which we bring to the
questions before us. This Conference represents another important
step in the continuing evolution of a long history of economic
cooperation and business partnership. We are dealing with
fundamental and long range questions on which we can take stock and
fruitfully exchange thoughts and points of view. But we recognize
that in the economic field the march of day-to-day events and the
cumulative effect of specific decisions in business and in
government play the major role.
A country achieves material progress by developing its human
and material resources. There is no other way to do it. The
question that faces this conference, therefore, is how can our
/ countries most effectively develop their resources? At interAmerican meetings of this kind, when we consider economic
development we sometimes tend to talk as though Latin America were
one great homogeneous area. In fact, economic development of Latin
America is the sum total of the economic development of each of the
individual countries in the area.
When we examine the economic characteristics of the Latin
American countries one by one we find a natural diversity. Some
countries have limited natural resources. Others are among
the most favoured nations in the world in this respect.
Some countries are almost entirely producers of raw materials.
Others produce not only raw materials but also a wide variety of
manufactured goods. But amidst this diversity let there be
this unity: However we develop our economies, however we use our
resources or make our goods, or provide opportunities for work, let
us above all else guard freedom in all its aspects, for freedom
is indivisible.
There are certain profound convictions with which I come to
our meeting. They are convictions which I have held throughout
a lifetime. The first conviction is this: No difference exists
between us as to the objectives we seek. They are objectives
that can be defined only in terms of human well-being and progress.
We all agree that man does not exist to enhance the importance and
power of the State, as the Communists would have us believe. The
State exists for man to respect his dignity as a child of God, to
preserve his rights as an individual, and to provide opportunities
which will enable him to develop, freely and fully, in all the ways
that enrich human life and exalt its spiritual meaning and dignity.
And this is what we mean when vie speak of promoting commerce,
industry, agriculture, and development of all of our resources.
We promote them because they make for the better employment of our
better
citizens,
children,
America
greater
betterfor
homes
satisfaction
allfor
of us.
our families,
of our aspirations,
better education
in short,
foraour

- 2-

£4

It was most encouraging to me that in this eloquent address
inaugurating this Conference, President Aramburu strongly
reaffirmed the validity of these views. As practical men with
responsibility for helping to shape our nations1 economic policies,
we shall try to see our tasks as they really are, and not as we
might wish them to be. They are many, they are difficult, and
they are continuing. They are not to be dealt with by words
alone, nor can they be laid to rest once and for all by some
dramatic pronouncement at this or any other conference. Patience,
persistence, and goodwill are the qualities of mind and heart which
we must bring to our tasks.
I have talked at length with President Eisenhower about these
matters. Ke shares the conviction that direct personal contacts
and intimate exchanges between those of us who carry public
responsibilities are the surest guarantee that our efforts will
be successful and our objectives transformed into practical and
satisfactory realities.
You will all recall the unprecedented meeting of the chiefs
of state of the American Republics which took place in Panama
in July 1956, and the Inter-American Committee of Presidential
Representatives which developed from it to consider ways of
strengthening the Organization of American States in fields of
cooperative effort which directly affect the welfare of the
individual. As a result of the committee's deliberations, a series
of recommendations was drawn up and submitted to the various
chiefs of state. President Eisenhower on May 26 publicly expressed
his hope that many of the recommendations would be put into effect
as promptly as possible.
We should not regard the meeting in Quitandinha, the Conference
in Panama, or this Conference as ends in themselves. Rather, each
Conference evidences greater strides forward to our common
objectives. What is really important is the fact that we continue
to demonstrate that 21 nations collectively, forming one of the
world's most important communities, have come to the same
conviction that the welfare and progress of each member is related
to the welfare and progress of each other member. Our approach has
been, and will continue to be, that of good partners.
How then shall the ministers of finance or economy of our
governments go about the task of increasing the effectiveness of
their cooperative efforts? It would be presumptous for me, one
of the newest members of the group, to claim extensive personal
familiarity with the details of the questions which we shall
discuss. The delegation of the United States will express its
views on the matters of our agenda, and I earnestly hope you will
find them forward looking and constructive.
Before we came here, my government reviewed and considered
and
carefully
weighedthe
them
views
in the
thatlight
were of
expressed
the progress
by thewe
delegations
have made in the
1954

O^u^tr-^

TREASURY DEPARTMENT
Washington

>*1
r

j - I°

IMMEDIATE RELEASE,
Monday, August 19, 1957.

It is an honor to participate in this Conference with so many
of the ministers who deal "with the financial and economic questions
which continually arise in the conduct of Government affairs in
our American Republics, It is a particularly happy occasion to
come here as one of my first official acts as Secretary of the
Treasury.
/
/

As a Texan, who has lived/most of his life close to Latin
America, I have always had a/deep and warm personal interest in its
people, its culture, its traditions, and its progress. One of my
earliest employments was td' teach Spanish in a town near the place
where I grew up. While I must confess a neglect of the language
in the intervening years^ it is a fa\ilt I hope to correct. It is
my earnest hope that my'present duties will give me new
opportunities to visit the other American Republics and to
experience more direct and personal contacts with this great region,
and to continue and enrich the friendships which I have established
here with the delegates of these American Republics.
This Conference follows in logical succession from the
Conference at Quitandinha in 195^. I was deeply impressed by the
enthusiasm with which my predecessor, Secretary Humphrey, viewed
the Quitandinha'meeting. He was convinced at that meeting that
there was unanimity among the delegates as to the great and
inspiring objectives which we seek in this hemisphere.
These objectives are clear and can be defined simply: We
want our people all around the Americas to live better, we want
them to pursue more healthful lives, we want their lives filled
with hope, enriched with progress, and inspired toward the
improvement of standards of well being. Above all we seek these
goals while preserving the freedom of our peoples.
>-23_

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Monday, August 19, 1957*

REMARKS BY ROBERT B. ANDERSON, SECRETARY OF
THE TREASURY OF THE UNITED STATES, BEFORE
THE FIRST PLENARY SESSION OF THE ECONOMIC
CONFERENCE OF THE ORGANIZATION OF AMERICAN
STATES, BUENOS AIRES, ARGENTINA, MONDAY,
AUGUST 19, 1957
It is an honor to participate in this Conference with so many
of the ministers who deal with the financial and economic questions
which continually arise in the conduct of Government affairs in
our American Republics. It is a particularly happy occasion to
come here as one of my first official acts as Secretary of the
Treasury.
As a Texan, who has lived most of his life close to Latin
America, I have always had a deep and warm personal interest in its
people, its culture, its traditions, and its progress. One of my
earliest employments was to teach Spanish in a town near the place
where I grew up. While I must confess a neglect of the language
in the intervening years, it is a fault I hope to correct. It is
my earnest hope that my present duties will give me new
opportunities to visit the other American Republics and to
experience more direct and personal contacts with this great region,
and to continue and enrich the friendships which I have established
here with the delegates of these American Republics.
This Conference follows in logical succession from the
Conference at Quitandinha in 195^. I was deeply impressed by the
enthusiasm with which my predecessor, Secretary Humphrey, viewed
the Quitandinha meeting. He was convinced at that meeting that
there was unanimity among the delegates as to the great and
inspiring objectives which we seek in this hemisphere.
These objectives are clear and can be defined simply: We
want our people all around the Americas to live better, we want
them to pursue more healthful lives, we want their lives filled
with hope, enriched with progress, and inspired toward the
improvement of standards of well being. Above all we seek these
goals while preserving the freedom of our peoples.
A-23

- 2 It was most encouraging to me that in this eloquent address
inaugurating this Conference, President Aramburu strongly
reaffirmed the validity of these views. As practical men with
responsibility for helping to shape our nations' economic policies,
we shall try to see our tasks as they really are, and not as we
might wish them to be. They are many, they are difficult, and
they are continuing. They are not to be dealt with by words
alone, nor can they be laid to rest once and for all by some
dramatic pronouncement at this or any other conference. Patience,
persistence, and goodwill are the qualities of mind and heart which
we must bring to our tasks.
I have talked at length with President Eisenhower about these
matters. He shares the conviction that direct personal contacts
and intimate exchanges between those of us who carry public
responsibilities are the surest guarantee that our efforts will
be successful and our objectives transformed into practical and
satisfactory realities.
You will all recall the unprecedented meeting of the chiefs
of state of the American Republics which took place in Panama
in July 1956, and the Inter-American Committee of Presidential
Representatives which developed from it to consider ways of
strengthening the Organization of American States in fields of
cooperative effort which directly affect the welfare of the
individual. As a result of the committee's deliberations, a series
of recommendations was drawn up and submitted to the various
chiefs of state. President Eisenhower on May 26* publicly expressed
his hope that many of the recommendations would be put into effect
as promptly as possible.
We should not regard the meeting in Quitandinha, the Conference
in Panama, or this Conference as ends in themselves. Rather, each
Conference evidences greater strides forward to our common
objectives. What is really important is the fact that we continue
to demonstrate that 21 nations collectively, forming one of the
world's most important communities, have come to the same
conviction that the welfare and progress of each member is related
to the welfare and progress of each other member. Our approach has
been, and will continue to be, that of good partners.
How then shall the ministers of finance or economy of our
governments go about the task of increasing the effectiveness of
their cooperative efforts? It would be presumptous for me, one
of the newest members of the group, to claim extensive personal
familiarity with the details of the questions which we shall
discuss. The delegation of the United States will express its
views on the matters of our agenda, and I earnestly hope you will
find them forward looking and constructive.
Before we came here, my government reviewed and considered
carefully the views that were expressed by the delegations in 1954
and weighed them in the light of the progress we have made in the

- 3interval of nearly three years since that meeting. We welcome
this opportunity, indeed, we feel It a responsibility, to
express to you the fundamental approach which we bring to the
questions before us. This Conference represents another important
step in the continuing evolution of a long history of economic
cooperation and business partnership. We are dealing with
fundamental and long range questions on which we can take stock and
fruitfully exchange thoughts and points of view. But we recognize
that in the economic field the march of day-to-day events and the
cumulative effect of specific decisions in business and in
government play the major role.
A country achieves material progress by developing its human
and material resources. There is no other way to do it. The
question that faces this conference, therefore, is how can our
countries most effectively develop their resources? At interAmerican meetings of this kind, when we consider economic
development we sometimes tend to talk as though Latin America were
one great homogeneous area. In fact, economic development of Latin
America is the sum total of the economic development of each of the
individual countries in the area.
When we examine the economic characteristics of the Latin
American countries one by one we find a natural diversity. Some
countries have limited natural resources. Others are among
the most favoured nations in the world in this respect.
Some countries are almost entirely producers of raw materials.
Others produce not only raw materials but also a wide variety of
manufactured goods. But amidst this diversity let there be
this unity: However we develop our economies, however we use our
resources or make our goods, or provide opportunities for work, let
us above all else guard freedom in all its aspects, for freedom
is indivisible.
There are certain profound convictions with which I come to
our meeting. They are convictions which I have held throughout
a lifetime. The first conviction is this: No difference exists
between us as to the objectives we seek. They are objectives
that can be defined only in terms of human well-being and progress.
We all agree that man does not exist to enhance the importance and
power of the State, as the Communists would have us believe. The
State exists for man to respect his dignity as a child of God, to
preserve his rights as an individual, and to provide opportunities
which will enable him to develop, freely and fully, in all the ways
that enrich human life and exalt its spiritual meaning and dignity.
And this is what we mean when vie speak of promoting commerce,
industry, agriculture, and development of all of our resources.
We promote them because they make for the better employment of our
citizens, better homes for our families, better education for our
better
children,
America
greater
for
satisfaction
all of us. of our aspirations, in short, a

C w

- kHistory has demonstrated the vital role of the competitive
enterprise system in the economic life of our hemisphere. Its
promise for the future is even greater. Just as truth flourishes
best in the climate of political freedom, so in the economic field
the system of competitive enterprise promises to yield most in
the satisfaction of man's material needs. This system produces
most of what people want most.
I hope that at this conference we can contribute to the
growth and strengthening of this system. It is wholesome that we
should explore the various ideas presented to us. No one knows
better than a minister of finance or economy how difficult it Is
to choose between alternative measures. No one knows better than
we that the fields of economy and finance are not exact sciences.
Let us, therefore, approach our discussions with the hope that
from a sincere and thoughtful exchange of views will come ways of
doing things which are perhaps better than those which any of us
alone might have brought to this conference.
This leads me to a second conviction which I hold strongly and
which has been substantiated in actual experience. This is that
there is no question incapable of resolution if we, as reasonable
men of good will, and as the representatives of our respective
peoples, bring to bear on it the best and united effort of all of
our people.
President Eisenhower has characterized the Organization of
American States and its predecessors as "the most successfully
sustained adventure in international community living the world has
ever known." In this hemisphere we have had the courage to
approach openly many problems for which solutions had not been
found in inter-national society. Some of these problems have
found their first solution in the Americas. On other problems we
have made the greatest progress toward an eventual solution that
has yet been achieved. Why is this true? I believe that it is
because we do not let differences of opinion divide us or breed
distrust among us. When we encounter a new problem or engage in
a new field of discussion we seek a road we can all follow and
which will ultimately bring us to our common objective.
This method of approach has been a salient part of our
cooperative effort during the past 50 years and against the background of history has been little short of remarkable. For
example, we developed in the Americas a hemispheric approach to
security which was sealed in the Rio Treaty of 1947. We unanimously
agreed that an attack on any one State would be considered an attack
on all. This concept of collective security has served as a
pattern for the strengthening of the entire free world. Our
purpose is peace, both with the rest of the world and among
ourselves. The repeatedly successful application of the Rio Treaty
to settle of
disputes
between American
and for
the peaceful
outstanding
services
the Inter-^American
Peace States
Committee

m 5 -

settlement have established beyond doubt the desire and ability
of the countries of the Americas to live peacefully together.

-,,

This fact has great economic significance. The assurances
now provided by our common defense system offer us a dramatic
opportunity to give greater emphasis to those economic activities
that can better the lot of our peoples.
Military expenditures, by their very nature, act as a brake on
rising living standards, and for that reason they should be held to
a level that will provide an adequate posture of defense. All of us
in the Americas look forward to the day when a changed world
situation will permit a substantial reduction of our large military
expenditures. In the meantime, however, we must all do everything
we can to control reasonably our expenditures in this area. All of
us, I am confident, will continue to scrutinize our military
budgets in an effort to accomplish savings that would make resources
available in each of our economies for the kind of constructive
development that advances economic well being.
My third great conviction is that the progress and welfare
of every American State is directly related to the progress and
welfare of each. None of us can ever be Indifferent to the
problems and the suffering of another. Each of us has a personal
and strong interest in the welfare of each of our partners. Often
in the economic fields our problems are particularly subtle and
stubborn. Our best interests as members of this great American
community clearly lie in pursuing a policy of cooperation.
A basic aspect of this policy of cooperation is a firm
determination on the part of my country to preserve a climate that
will lead to the maintenance of a growing prosperity in the United
States, which continues to represent the largest, most stable, and
expanding market for the increasing production of the hemisphere.
To seek to avoid any return to the depressed conditions of an
earlier decade with the costly shrinkage it meant in our own
economy and with the harmful reduction of your markets is a fixed
point in the policy of my government and of our whole people.
A further aspect of this policy of cooperation relates to the
important areas of trade and investment. Needless to say, each of us
occasionally Is compelled to take action on the basis of important
domestic considerations. Such departures from the general policy
should be held to an inescapable minimum and should be justified by
rigorous standards of necessity. In that way we can maintain our
basic course with respect to international economic cooperation and
maintain as well the integrity of those occasional departures from
it which legitimate national considerations require.
What are the results of our cooperative efforts during the past
four years? Today, the people of the American States are contributing more to the economic progress and well-being of the world
than at any previous time in our history. The output of goods and
services is rising continuously at the rate of about three percent a
product
Commission
year
republics.
in for
thefor
Latin
United
TheLatin
average
America,
States
America
annual
and
asat
at
aincrease
whole,
4.3
even
percent
higher
is
inestimated
the
for
rates
real
thein
four
by
gross
other
the
years
national
Economic
American
1953

- 6through 1956. In several countries the rate of growth has been
even higher.
7-f
Rarely, if ever, in history have we witnessed such a
sustained and vigorous level of prosperity as we have been enjoying recently in the free world. Indeed in this decade we
find we have a striking contrast to the world of 20 years ago.
Then trade had shrunk, prices were depressed, and economic
activity was feeble and discouraging. Today there is an increasing concern of an opposite character. In country after country,
the pressure of monetary demand is so great that inflation is
either an unpleasant reality or a constant threat.
In my country we are well aware of this fact. We are
exerting our best efforts to keep our prosperity healthy, and to
avoid the adverse effects of inflation fever. Many of you have
experienced the effects of this economic illness, and as Finance
Ministers know all too well what it brings. You know how it not
only complicates the task of the finance minister, but enters as
a disturbing factor into all the operations of business and the
affairs of everyday life. You know how it can lead a whole
people into competitive efforts to seek protection of their assets
rather than employing them for the benefit of the community. You
know how difficult it is for domestic and foreign capital to play
an effective role in productive investment when there is continual
worry and preoccupation with the dangers of a depreciating
currency. You are familiar with the exchange difficulties and
the constant tendency to excessive imports which inflation brings
in its train. You know how exports may be discouraged when price
relationships become distorted.
The United States applauds the efforts that are being made
in many ot the other American Republics to deal with this menace
and to achieve greater financial stability and realistic and
freer rates of exchange. We are happy that the International
Monetary Fund has supported well conceived programs for combatting
inflation in a number of these countries. The Treasury Department
and other agencies of my government have also supported these
efforts. We recognize that foreign trade and foreign investments
is only one limited aspect of this broad program of economic
development. Inter-American transactions are themselves a
segment of the broader fabric of economic relations in the free
world.
Let me speak briefly, however, of the trade and investment
transactions between my own country and the other American
Republics. Through these transactions dollars become available
to be effectively used by our sister Republics. The flow of
these dollars is generated first, by our imports from the rest
of the American States; second, by our investments; and third,
by our loans ior economic development. In each of these
categories we have in recent years reached the highest levels yet
recorded.
When
Stateswefrom
met Latin
at Quitandinha
America hadin
reached
1954, the
imports
impressive
into the
annual
United
rate

- 7 -

of pesos 3.5 billion. In 1956, they reached the record level
of pesos 3.8 billion. About 30 percent of our total imports of
goods from foreign countries are shipped from Latin America.
The increase of United States and other foreign private
investment in Latin America has been most impressive. The flow
of private investment from the United States, as shown by our
balance of payments, has greatly increased in the past five
years. During the first 2-1/4 years following our meeting at
Quitandinha, the figure amounts to about pesos 1.4 billion, or
more than three times the corresponding rate during a comparable
period preceding the meeting at Quitandinha. This is largely
due to very sharp expansion in direct investments, particularly
in 1956. In that year direct investments exceeded pesos 600
million, and total private investment amounted to more than
Pesos 800 million.
I should like to refer to some aspects of the role of
private enterprise and private capital in the development of the
American Republics. It is reasonable that the governments and
people of Latixi America should expect our United States investors
to whom they extend a hospitable welcome, to be constructive
members of the communities in which they operate. It is our
earnest desire that they shall be. These same investors, we
believe, are substantially determined that they shall be a factor
toward progress in human welfare.
In the field of foreign investment we think there is a danger
that undue attention may be given to the very partial figures
which appear in balance of payments statements. From these
figures it might be inferred that the investment of foreign
capital brings no advantage, no balance, to the international
accounts of the country receiving such investment. We believe
such a conclusion would be incorrect for several reasons.
First, the balance of payments data do not show the complete
picture. They do not show, for example, the total amount of new
investment which has taken place on behalf of private investors.
The Department of Commerce of my government made a special study
of the operations of a large group of United States enterprises
operating in Latin America. The study covered the year 1955 and
included companies holding nearly pesos 3 billion of assets in
Latin America. These companies represent about 85 percent of
all United States operations in Latin America. The study showed
that whereas the net capital these companies received from the
United States amounted to pesos 129 million, their total
investment expenditures were about four times that amount, or
pesos 570 million. The difference between two figures was
financed out of retained earnings, depreciation, and other sources
of funds.
The study showed further that the operations of these
companies
America
and
total
remittances.
exchange
ofresulted
pesos
required
2.3
inbillion,
direct
by these
foreign
or pesos
companies
exchange
1 billion
for income
their
moreoperations
to
than
Latin
the

- 8-

This pesos 1 billion remained in Latin American countries for
other exchange purposes. In connection with their total sales of
nearly pesos 5 billion, wages and salaries were paid by these
companies to 600,000 employees. Moreover, approximately pesos 1
billion was paid to Latin American governments in various forms of
taxation. The revenue derived from this source became available
for the financing of highways, ports and other activities which the
Governments have undertaken.
This special study, we believe, helped to correct one
misconception about the effect of foreign investment upon the
financial position of recipient countries; it does not, however,
tell the whole story. The advantages of foreign investment do not
end with their final effect upon the balance of payments position.
Chief value of the investment, whether it be domestic or foreign,
lies in its capacity to increase the total national production of
the country in which it was made. This comes through increased
productivity.
We believe in my country that technical improvements and
managerial knowledge which lead to increased productivity may be
even more important to rising standards of living than growth in
the stock of capital. The shortage of managerial skills and
technical knowledge may be more real and more pressing than any
shortage of capital.
Private investment carries with it the most highly developed
technical and managerial skill. It brings to bear on the development process this essential and dynamic influence to which we
attribute so much of our own growth. The managerial experience and
knowledge of techniques and skills required for the successful
development of resources is a prerequisite to the most effective use
of increased capital funds. The technical knowledge and managerial
skill acquired by citizens of Latin America, both on-the-job in
plants and enterprises financed by foreign capital as well as
through the quite remarkable number of visits to the United States
sponsored by both private enterprise and our technical cooperation
programs, represent for this hemisphere an ever expanding fund of
what might be called managerial wealth — an asset of incalculable
value.
As we all realize, the movement of private capital cannot be
forced. Private investment flows only where the situation is
attractive. Investment opportunities throughout the free world are
so numerous that all who seek investment capital must compete for
it. Even in the most highly-developed countries there is a shortage
of savings for investment. Nevertheless, as the figures demonstrate,
the Latin American Republics have been successfully competing and
obtaining a sharply expanded flow of new capital funds. In this
they have been more fortunate than many other areas which have not
been able to devote their resources so fully to peaceful and conThe
facilitated.
end,
structive
process
governments
purposes.
of
Asprivate
you
should
know,
remove
capital
my government
taxinvestment
obstacles
believes
can
that of
that
liecourse
in
toward
thebe
way
this

- 9of capital formation and private investment. This can be done both
through unilateral measures, which would remove unsound tax policies
and administrative practices, and through international tax agreements.
We have been engaged in the negotiation of broad tax agreements with a number of countries. In addition to establishing rules
in these agreements by which to assure fair tax treatment, we have
sought to give recognition to so-called tax-sparing laws which seek
to encourage the inflow of capital by granting tax reduction for
limited periods of time.
The executive departments of our government are trying to devise
a formula by which a credit would be allowed under our laws for the
taxes given up by a country seeking to attract capital, in the same
way as a credit is given for taxes actually collected by that
country.
Tax agreements are, of course, a matter for negotiating between
the executive branches of the governments, Like all treaties, they
must, in the United States as in many other countries, obtain the
approval of the legislative branches of government before they can
become effective. We now have several prospective treaties in varying stages of the procedure. One, which includes a credit for tax
sparing, is now under review by the legislative bodies of the
signatory countries.
We realize that much is to be done toward economic development
in Latin America. In addition to private capital, credits by
public institutions are important sources of capital. Many hundreds
of millions of dollars will be involved. We feel a sense of
responsibility and will participate in this development. The extent
of our effort will be determined by careful planning, by the ability
of countries to absorb capital, and by the assurance of realistic
benefits of the economy and the people of the Republics involved.
Here my country acts directly through the Export-Import Bank.
You will recall the policy of the Export-Import Bank, first
announced at the Caracas Conference, and reaffirmed at the
Quitandinha conference. Our government indicated that our country
would be prepared to encourage the financing of all sound economic
development projects, including loans in the private sector, in the
best interest of the countries involved, and for which private
capital was not available. This policy has, I believe, produced
impressive results.
In the three year period ending June 30, 1957 the Bank has
authorized credits of some pesos 840 million to Latin America. It is
significant that more than 40 percent of the Bank's total authorizations in all countries during the last ten years have been made in
the Latin American Republics. Since the Quitandinha conference, the
Bank has extended in Latin America almost 2-1/2 times as much in
development loans as it had extended in the similar period before
the
in
Import
that
Latin
purchase
Conference.
Bank
America.
concentrated
of Agricultural
During
Leaving
even
the
aside
last
more
its
fiscal
onloans
itsyear,
development
for indeed,lending
the Export-

l y
-IOcommodities and livestock, and the special loan to the United
Kingdom which was made on a secured basis, the Bank?s total of
development loans throughout the world was pesos 482 million during the year. Of this amount no less than pesos 354 million, or
73 percent of the total, was extended in Latin America. As more
and more economic projects are developed, the participation of
the Export-Import lank will be intensified so as to meet expanding
needs.
The International Sank for Reconstruction and Development is
also an important source of development loans, and the
International Finance Corporation is becoming an additional
significant source. As far as we can see ahead, we believe that
the adequacy of capital to meet the reeds of sound development is
not a question of additional institutions but the fuller utilization of those in being so as to keep pace with the expanding needs
of constructive projects as they develop.
We are, as well, providing important credits to our Latin
American neighbors, through the so-called public law 480 agreements, un*ier which our government sells quantities of our
agricultural reserves to foreign governments for local currencies.
Under these agreements, substantial portions of the sales proceeds
are lent to the purchasing governments as additional sources of
economic development capital. Thus far the amounts allocated
for loans, or actually lent, to Latin American countries through
this arrangement total about pesos 250 million.
In addition to the expansion of the technical cooperation
program in Latin America, which was announced by the United States
delegation at the Quitandinha conference in 1954, the United States
through the International Cooperation Administration continued its
program of emergency economic assistance to Latin America to help
resolve problems which were beyond the resources of the individual
countries. During the last year, a special regional fund authorized by the Congress of the United States was the source of grants
amounting to pesos 2 million to the Organization of American
States for malaria eradication and for improved research
facilities at the Inter-American Institute of Agricultural
Sciences in Costa Rica. This fund was also the source of loans
totalling nearly pesos 13 million to seven countries for projects
in the fields of education, health and sanitation, and land
settlement.
All of these are encouraging developments. They are further
evidence of a wholesome trend in inter-American cooperation. But
let us always remember that economic development in a large and
complex area cannot be reduced to easy simplicity. More important
than any other factor will be the individual efforts of each
people
affairs.
the orderly
and their
management
dedication
of their
to aown
program
government
of work
and
and
economic
savings, and

- 11 -

t y

Heartening as the flow of foreign capital into Latin America may
be, we are all fully aware that such capital can, at the best, make
only a partial contribution to the total investment requirements
of an expanding economy. The accumulation of domestic savings
and the application of those savings in productive activity are
essential to sound economic progress. We must not lose sight
of this important fact. We should study with great care the
general conditions which are necessary to encourage domestic
private savings and to insure that these are used productively in
the domestic economy.
You and I, as ministers bearing the principal responsibility
for our governments in this field, can find real encouragement
In the current rate of development in our countries, but we must
ask ourselves, are we justified in complacency and satisfaction?
We are not. The energetic and far sighted peoples of all of our
Republics demand that we find effective ways to bring to more and
more millions of people throughout the hemisphere those standards
of living which are attainable if we make the best use of our
human and natural resources and our capital.
It is to consider ways of meeting this challenge that we are
here. It will never be simple to put together our natural resources,
labor,and capital so as to produce the requirements of a rapidly
growing population and, at the same time, raise per capita
standards. It will always be a challenging task. It requires unrelenting effort to improve technology. It requires improvement in
organization and skills. It will depend upon the people and the
leaders of each of our countries and their willingness to work, and
save, and encourage efficiency.
The delegation from my country will approach this challenge with
sincerity. We shall not underestimate the problems of the future.
None of us wishes to encourage unreasonable or impractical
expectations. But I hope that we all share the conviction that when
the time comes for us to return to our respective countries it will
be with the knowledge that each of us has made a contribution to the
discharge of our historic responsibility to make of these lands a
better home for all of our citizens and for our children, and a
oOo
better heritage for other generations of Americans.

- 4 weight packs would have suffered average decreases of $% or more while
other size packs would not have incurred such decreases. Accordingly,
the packs on which there would be average decreases of $% or more were
placed on the preliminary list and the other size packs were not.
In total, 136 commodity numbers are included on the list in full
and 224 commodity numbers have at least some but not all items included.
The fiscal 193>4 dollar value of importations of items included in
the preliminary list amounts to approximately $232,3>00,000. This
constitutes X6.$% of the total fiscal 19£4 dollar volume of importations
dutiable on the basis of value and approximately 2*3$ of the total dollar
volume of all fiscal 19$k importations.

- 3 various customs offices throughout the country, 41 of whom were called
to Washington for periods of time to aid in the study. The experience
and value information of these valuation experts around the country
were utilized extensively in the study.
Greatest care was exercised in applying the statute to the many
varied factual situations which developed in the course of the study.
Particular attention was given, wherever possible, to describing various
articles comprising a single commodity classification in such exact
terms that specific articles which would incur an average valuation
decrease of $% or more under the new procedures would be placed on the
list and articles included in the classification incurring no such
average decrease would not be placed on the list*
One example of this is the commodity description covering certain
finished coal tar products. Several thousand different imported chemical
one
items are classifiable under this/commodity description. With very careful
study it was possible to determine that 268 of such chemicals, readily
distinguishable from the others, would each have suffered average
valuation decreases of $% or more in fiscal 19$k under the new law.
These 268 items will be found on the preliminary list. On the other
hand, it was possible to ascertain that the remaining chemicals in this
large group would not suffeir such average decreases, and these items
are not on the preliminary list.
Another example of this "pin-pointing" by exact description within
a commodity classification is "Canned Beef, including Corned Beef".
Here it was found that corned, roast and brisket beef packed in certain

continue to be appraised under the old law*
The new valuation procedures are set forth in section 2 of the
Simplification Act. They will apply to the majority of United States
imports dutiable on the basis of value (ad valorem and compound duty
merchandise). Export value (the usual wholesale value in the foreign
market for trade with the United States) will become the preferred
basis of valuation under the new procedures, instead of the older
formula of the higher of export value or foreign value (foreign value
being the usual wholesale value in the foreign market for home
consumption)•
A number of changes in definition which will permit an export value
to be determined more readily are also contained in section 2.
Following the approval of the Simplification Act of 1956 on
August 2, 1956, with its provision for an excepted list, the Treasury
Department and its Bureau of Customs began a thorough-going study of
imported commodities as to which the duty in fiscal year 1954 was dependent on value. This encompassed some 2,588 different commodity
numbers or classifications covering merchandise subject to ad valorem
and compound rates of duty.

The starting point for this study was an

original survey prepared for Congress in 1955 and 1956 covering imports
of such merchandise in fiscal year 1954»

The original 20,000 samples

contained in the survey prepared for Congress were supplemented by over
6,000 additional samples in cases where it was felt that more information
was needed.
The Bureau of Customs was assisted in the compilation of the preliminary list published today by its commodity valuation experts in

J y

RELEASE A.M. NEWSPAPERS
Friday, August 23, 1957

h~y

The Treasury Department today published in the Federal Register
a preliminary list of the articles which, when imported into the U. S#,
presently
will continue to be valued for customs purposes under the/applicable
provisions of the Tariff Act of 1930 rather than under the new valuation
provisions of the Customs Simplification Act of 1956* wtai-fchey become
effective.
Pursuant to section 6(a) of the Simplification Act, an amendment
added on the Senate floor, the Act's new valuation provisions are not
to be applicable to articles whose average dutiable value the Secretary
of the Treasury finds would decrease by $% or more under the new valuation
procedures. This section of the law provides for the publication of a
preliminary list of such articles based on customs experience in the
fiscal year 1954, and today1 s list is published in compliance with that
requirement.
The Act directs that within 60 days of the publication of the
preliminary list, interested parties may present reasons for their belief
that specified additions should be made to the list pursuant to the Act.
The procedures for the presentation of such information were published
in the Federal Register on August 20, 1957*^
The preliminary list, together with any additions made thereto,
will be published as a final list. Thirty days following the date of
publication of the final list, all articles not on the final list will
be appraised under the new provisions. Articles on the final list will

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
Friday, August 23s 1957.

A-24

The Treasury Department today published in the Federal Register
a preliminary list of the articles which, when imported into the
U.S*, will continue to be valued for customs purposes under the
presently applicable provisions of the Tariff Act of 1930 rather
than under the new valuation provisions of the Customs
Simplification Act of 1956 when they become effective.
Pursuant to section 6(a) of the Simplification Act, an amendment added on the Senate floor, the Act's new valuation provisions
are not to be applicable to articles whose average dutiable value
the Secretary of the Treasury finds would decrease by 5$ or more
under the new valuation procedures. This section of the law
provides for the publication of a preliminary list of such articles
based on customs experience in the fiscal year 1954, and today's
list is published in compliance with that requirement.
The Act directs that within 60 days of the publication of the
preliminary list, interested parties may present reasons for their
belief that specified additions should be made to the list
pursuant to the Act. The procedures for the presentation of such
information were published in the Federal Register on August 20,
1957. The preliminary list, together with any additions made
thereto, will be published as a final list. Thirty days following
the date of publication of the final list, all articles not on the
final list will be appraised under the new provisions. Articles
on the final list will continue to be appraised under the old law.
The new valuation procedures are set forth in section 2 of the
Simplification Act. They will apply to the majority of United
States imports dutiable on the basis of value (ad valorem and
compound duty merchandise). Export value (the usual wholesale
value in the foreign market for trade with the United States) will
become the preferred basis of valuation under the new procedures,
instead of the older formula of the higher of export value or
foreign value (foreign value being the usual wholesale value in the
foreign market for home consumption).
A number of changes in definition which will permit an export
value to be determined more readily are also contained in section 2.
Following the approval of the Simplification Act of 1956 on
August 2, 1956, with its provision for an excepted list, the
Treasury Department and its Bureau of Customs began a thoroughgoing study of imported commodities as to which the duty in
fiscal year 1954 was dependent on value. This encompassed some

- 2 2,588 different commodity numbers or classifications covering
merchandise subject to ad valorem and compound rates of duty.
The starting point for this study was an original survey prepared
for Congress in 1955 and 1956 covering imports of such merchandise
in fiscal year 1954. The original 20,000 samples contained in the
survey prepared for Congress were supplemented by over 6,000
additional samples in cases where it was felt that more information
was needed.
The Bureau of Customs was assisted in the compilation of the
preliminary list published today by its commodity valuation
experts in various customs offices throughout the country, 41 of
whom were called to Washington for periods of time to aid in the
study. The experience and value information of these valuation
experts around the country were utilized extensively in the study.
Greatest care was exercised in applying the statute to the many
varied factual situations which developed in the course of the
study. Particular attention was given, wherever possible, to
describing various articles comprising a single commodity
classification in such exact terms that specific articles which
would incur an average valuation decrease of 5$ or more under the
new procedures would be placed on the list and articles included
in the classification incurring no such average decrease would
not be placed on the list.
One example of this is the commodity description covering
certain finished coal tar products. Several thousand different
imported chemical items are classifiable under this one commodity
description. With very careful study it was possible to determine
that 268 of such chemicals, readily distinguishable from the
others, would each have suffered average valuation decreases of 5$
or more in fiscal 1954 under the new law. These 268 items will be
found on the preliminary list. On the other hand, it was possible
to ascertain that the remaining chemicals in this large group
would not have suffered such average decreases, and these items
are not on the preliminary list.
Another example of this "pin-pointing" by exact description
within a commodity classification is "Canned Beef, including
Corned Beef". Here it was found that corned, roast and brisket
beef packed in certain weight packs would have suffered average
decreases of 5$ or more while other size packs would not have
incurred such decreases. Accordingly, the packs on which there
would be average decreases of 5$ or more were placed on the
preliminary list and the other size packs were not.
In total, 136 commodity numbers are included on the list in full
and 224 commodity numbers have at least some but not all items
included.

- 3 The fiscal 1954 dollar value of importations of items
included in the preliminary list amounts to approximately
$232,500,000. This constitutes 16.5$ of the total fiscal 1954
dollar volume of importations dutiable on the basis of value and
approximately 2.3$ of the total dollar volume of all fiscal 1954
importations.

0O0

- 3 -

or by any local taxing authority.

For purposes of taxation the amount of discount

at which Treasury bills are originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 ($) 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 August 29, 1957 , in cash or other immediately available funds
or in a like face amount of Treasury bills maturing August 29. 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,

u
y

TREASURY DEPARTMENT
Washington

/i "

A. M.

mm. RELEASE/ msmm. NEWSPAPERS,
Thursday, August 22, 1957
^

55c
competitive bidding as hereinafter provided.

The bills of this series will be

dated August 29, 1957 , and will mature November 29, 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 $1,000,0
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
Daylight Saving
closing hour,fdm&.o'clock p.m., Eastern/iSdJOodaaxx time, Monday, August 26, 1957 .
$2XX

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 thre
decimals, e. g., 99*92$. Fractions may not be used. It is urged that tenders

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

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
Thursday, August 22, 1957 *

A-25

The Treasury Department, by this public notice, invites tenders
for $1,800,000,000, or thereabouts, of 92-day Treasury bills, for
cash and in exchange for Treasury bills maturing August 29, 1957,
in the amount of $1,800,524,000, 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 29, 1957,
and will mature November 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 o*clock p.m., Eastern Daylight
Saving time, Monday, August 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 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 August 29, 1957,
In cash or other immediately available funds
or In a like face amount of Treasury bills maturing August 29, 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

RELEASE 10 A.M. EDT,
Monday, August 26, 1957 A"* *2- L-?

^ Secretary Robert B. Anderson today administered the oath of
office to Myles J. Ambrose of New York, N. Y., as Assistant to
the Secretary for Law Enforcement.
Mr. Ambrose, for three years Administrative Assistant United
States Attorney for the Southern District of New York, will advise
the Secretary on law enforcement policy and coordinate the operations of Treasury's enforcement agencies which include Secret Service, Bureau of Narcotics, ©uTeauoi TfastomsTinternal Revenue
Service and Coast Guard.

A
Mr. Ambrose, 31, was born in New York City and is a graduate
/

%^* h^t^j *t. vf * J

of the New Hampton School, Manhattan College, and New York Law
School. Prior to his government service, he held administrative

and management positions in private industry*\\ <J4 tiewvuX &uQ stfe
In 1954 he joined the staff of the U. S. Attorney. While in

this office Mr. Ambrose prosecuted many cases which *^'ia C^ri froii
-<.
A
Treasury enforcement agencies. During the past year he has been in
charge of a Grand Jury investigation of labor racketeering in the
New York area. This investigation resulted in the <»«iea0SS£Bk conviction of nine union leaders and employers for extortion.
The new Assistant to the Secretary is a member of the Association of the Bar of the City of New York, New York County Lawyers
Association, Guild of Catholic Lawyers, and is a Director of the
Manhattan College Alumni Society.
Mr. Ambrose is married to the former Elaine Miller of Stamford,
Connecticut. They will make their home with their four children in
Bethesda, Maryland.

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE 10 AM.M EDT,
Monday, August 26, 1957.

A-26

Treasury Secretary Robert B. Anderson today administered the
oath of office to Myles J. Ambrose of New York, N.Y., as Assistant
to the Secretary for Lav; Enforcement.
Mr. Ambrose, for three years Administrative Assistant United
States Attorney for the Southern District of New York, will advise
the Secretary on law enforcement policy and coordinate the operations of Treasuryfs enforcement agencies which include Secret
Service, Bureau of Narcotics and enforcement activities of the
Bureau of Customs, Internal Revenue Service and U. S. Coast Guard.
Mr. Ambrose, 31, was born in New York City and is a graduate
of the New Hampton School, Mew Hampton, N.H., Manhattan
College, and New York Law School. Prior to his government service,
he held administrative and management positions in private
industry in personnel and other fields.
In 1954 he joined the staff of the U. S. Attorney. While in
this office Mr. Ambrose successfully prosecuted many cases which
were developed by Treasury enforcement
agencies.
During the of
a Grand
Jury investigation
past year he has been in charge
of
York area. This investigation
labor racketeering in the New nine union leaders and employers for
resulted in the conviction of
extortion.
The new Assistant to the Secretary is a member of the
Association of the Bar of the City of New York, New York County
Lawyers Association, Guild of Catholic Lawyers, and is a Director
of the Manhattan College Alumni Society.
Mr. Ambrose is married to the former Elaine Miller of Stamford,
Connecticut. They will make their home with their four children in
Bethesda, Maryland.

0O0

RELEASE A. If. NEWSFAFERS,
Tuesday, August 27, 1957.

the Treasury Department announced last evening that the tenders for 11,800,000,WQ,

or thereabouts, of 92-day Treasury bills to be dated August 29 and to mature Hovenbergf
1957, which were offered on August 22, were opened at the Federal Reserve Banks on
August 26.
The details of this issue are as followst
Total applied for - 12,469,456,000
Total accepted
* 1,800,655,000

(includes $325,278,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids? (Excepting six tenders totaling |Jj,2Ol,O00)
High - 9°. 115 Equivalent rate of discount approx. 3.463$ per anmsi
Low
- 99.102
*
«
«
•
»
3-51W «
Average - 99-106 « « » • * 3.497$ " •
(57 percent of the amount hid for at the low price was accepted)
Federal Reserve
District

Total
Applied for

Total
Aceepted

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

1
38,508,000
1,725,227,000
614,160,000
19,356,000
Wt,91*7,000
280,168,000
27,9i»8,000
1*4,357,000
60,89lt,000
1*3,182,000
117,005,000

$
28,008,000
1,177,637,000
I8,laii,000
59,1*50,000
19,35^,000
39,11*7,000
221,308,000
27,918,000
13,671,000
58,13*1,000
29,182,000
108,^00,000

I2,li69,li56,000

#1,800,655,000

33,lai*,ooo

TOTAL

TREASURY DEPARTMENT
VmmUSmiwa&m

WASHINGTON, D.C.
ELEASE A. M. NEWSPAPERS,
kiesday, August 21, 1957.

A-27

The Treasury Department announced last evening that the tenders for $1,800,000,000

,r thereabouts, of 92-day Treasury bills to be dated August 29 and to mature Novem

.957, which were offered on August 22, were opened at the Federal Reserve Banks on
ugust 26.
The details of this issue are as follows:
Total applied for - $2,1*69,1*56,000
Total accepted
- 1,800,655,000

(includes $325,278,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bidss (Excepting six tenders totaling $li,201,000)
High - 99.115 Equivalent rate of discount approx. 3.1*63$ per annum
Low
- 99.102
»
«
«
«
i.
3.51W
Average - 99.106 » " "

" 3*k91% *'

(57 percent of the amount bid for at the low price was accepted)
Federal Reserve Total Total
District
Boston * 38,508,000 $ 28,008,000
N e w York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Lo'ui,
Minneapolis
K ^ a s City
Dallas
San Francisco

Applied for

1,725,227,000
33,l*li*,000
61*,160,0Q0
19,356,000
U*,9U7,000
280,168,000
27:91*8,00,
lU,357,Ou,
60,89l*,000
1*3,182,000
^lh™*i™

TOTAL ^2,1I69,1J1>V>,000 $1,800,65i>, COO

Accepted

' 1 7 Z'f 3 7»SS
J2»££'?2°
59,1*50,000
^'3fr!**
39,11*7,000
221,308,000
^>%*>™
ll'6l}'°2Z
* M ' ™
29,1-82,000
_10§aiOOJL000

- 3 -JTOOt

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

- 2 XKEKX

final. Subject to these reservations, noncompetitive tenders for $200,000 or le

without stated price from any one bidder will be accepted in full at the averag

price (in three decimals) of accepted competitive bids. Settlement for accepted

tenders in accordance with the bids must be made or completed at the Federal Re
serve Bank on September 5, 1957 , in cash or other immediately available funds
or in a like face amount of Treasury bills maturing September 5, 1957 . Cash

and exchange tenders will receive equal treatment. Cash adjustments will be mad

for differences between the par value of maturing bills accepted in exchange an
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the

sale or other disposition of the bills, does not have any exemption, as such, a
loss from the sale or other disposition of Treasury bills does not have any

special treatment, as such, under the Internal Revenue Code of 1951*. The bills

are subject to estate, inheritance, gift or other excise taxes, whether Federal

or State, but are exempt from all taxation now or hereafter imposed on the prin

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

BM&jaoct
TREASURY DEPARTMENT
Washington
A. M.
KSK RELEASE/ HSKNSKS NEWSPAPERS,
Tuesday, August 27, 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

ft*— w
in exchange for Treasury bills maturing
September 5, 1957
, in the amount of
$1 799 572 000 , "to be issued on a discount basis under competitive and non-

~"—W
competitive bidding as hereinafter provided. The bills of this series will be
dated September 5, 1957 , and will mature December 5, 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, yfew^ o'clock p.m., Easterny^bacriaosk time, Friday, August 50, 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
WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
Tuesday, August 27, 1957.

A-28

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 September 5, 1957,
in the amount of $1,799,572,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated September 5, 1957,
and will mature December 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 o*clock p.m., Eastern Daylight
Saving time, Friday, August 30, 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
onSeptember 5, 1957, in cash or other immediately available funds
or in a like face amount of Treasury bills maturing September 5, 1957,
Cash and exchange tenders will receive equal treatment. Jash
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

RSLSASB A. K.

A -')•

HEWSBRPBHS,

The Treasury Department announced last evening that the tenders tor #1,8OO,OO0,@0|
or thereabouts, of 91-day treasury bills to ha dated September $ and to nature
Deeesaher 5, 1957, whieh were ottmrmd on August 27, were opened at the Federal isssm
Banks on August 30.
The details of this issue are as followst
total applied for * #gf422,578,000
Total accepted
* 1,800,295,000

(includes $315,662,000 entered on a
noncompetitive basis end accepted In
full at the average price shown below)

Bange of accepted ces^etitive hides (Ixeeptiag t»© tenders totaling $130,000)
High - 99.115 Iquivaleai rate of diseouat approx, 3*$OX% per annum
Um
- 99.093
•
e e- • e
»
3»588g

Average * 99*091 • • « * * 3.57131 • •
(19 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Boston
lew fork
Philadelphia
Cleveland
Hichraond
Atlanta
Chicago
St. louis
Minneapolis
Kansas Gity
Dallas
San fr&nelse©

Total

fetal

M ^ *,
#
32,691,000
1,706,464,000

-/d

A«^BP*fl*

62,704,000
23,963,000
37,910,000
238,487,000
20,359,000
16,019,000
46,645,000
35,764,000
1^2,016,000

$
22,691,000
1,201,607,000
26,534,000
51,121,000
t3,®63,000
30,100,000
190,863,000
26,359,000
15,257,000
41,048,000
30,144,000
138*588,000

12,422,578,000

$1,800,295,000

4i,534,ooo

Total

•

*-5k
y

TREASURY DEPARTMENT
WASHINGTON, D.C.
REIEASE A. M. NEWSPAPERS,
Saturday, August 31, 19$1*

N ^ ^ j ^

A-29

The Treasury Department announced last evening that the tenders for $1,800,000,000,
or thereabouts, of 91-day Treasury bills to be dated September $ and to mature
December 5, 1957, which were offered on August 27, were opened at the Federal Reserve
Banks on August 30.
The details of this issue are as follows;
Total applied for - $2,422,578,000
Total accepted
- 1,800,295,000 (includes $315,682,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Range of accepted competitive bids: (Excepting two tenders totaling $130,000)
High - 99.115 Equivalent rate of discount approx. 3.501^ per annum
M
fl
M
n
Low
- 99.093
"
3*$BD%

Average - 99.097 " nun u 3.$11% " »
(19 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

$ 32,691,000
1,706,464,000
41,534,000
62,704,000
23,983,000
37,910,000
238,487,000
28,359,000
16,019,000
46,645,000
35,764,000
152,018,000

$ 22,691,000
1,201,607,000
26,534,000
51,121,000
23,983,000
30,100,000
190,863,000
28,359,000
15,257,000
4i,o48,ooo
30,144,000
138,588,000

$2,422,578,000

$1,800,295,000

Total

•

- 3 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 454 (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. 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 -

BE*
or in a like face amount of Treasury bills maturing September 12. 1°57
Cash
and exchange tenders will receive equal treatment. Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, does not have any exemption, as such, and
loss from the sale or other disposition of Treasury bills does not have any
special treatment, as such, under the Internal Revenue Code of 1954. The bills
are subject to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed on the principal
or interest thereof by any State, or any of the possessions of the United States,

TREASURY DEPARTMENT
Washington
A. M.
IBB. R E L E A S E ^ M M I N B NEWSPAPERS,
Thursday . September 5. IP->7
The Treasury Department, by this public notice, invites tenders for
$1,800,000,000 , or thereabouts, of 91 -day Treasury bills, for cash and

iBL?

"T3B

in exchange for Treasury bills maturing

SeDtember 12. 1957

t i n the amount of

$1.799.907.000 , "to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated September 12, 1.357 , and will mature December 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,/two o'clock p.m., Eastern'&taandaaad time, Monday, September 9, 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

100

WASHINGTON, D.C.
FOR RELEASE A.M. NEWSPAPERS,
Thursday, September 5, 1957 .

A-30

The Treasury Department, by this public notice, invites tenders
for $ l,<:iOO,000,000 or thereabouts, of 91-day Treasury bills, for
cash and in exchange for Treasury bills maturing September 12, 1957,
in the amount of $ 1,799,907,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated September 12, 1957,
and will mature December 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 o'clock p.m., Eastern Daylight
Saving time, Monday, September1 9, 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) OL' accepted

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on September 12, 1957,in cash or other immediately available funds
or in a like face amount of Treasury bills maturing September 12, 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

*yy

M U A S E A. M. MEWSFAPERS,
Tuesday, September 10, 1957*
i '"• • ••.•-•• •. -•.. •• «

The Treasury Department announced last evening that the tenders for f% ,800,000,006,
or thereabouts, of 91-day Treasury bills to be dated September 12 and to mature December 12, 1957, which were offered on -September 5, were opened at the Federal •; Resero
Banks on September 9*
The details of this issue are as followsi
Total applied for - 12,624,168,000
Total accepted
- 1,801,399,000 (includes 1427,975,000 entered on
a noncompetitive basis and accepted in
full at the average price shown belov)
flange of accepted competitive hides (Excepting 3 tenders totaling H,230,©00)
High * 99.103 Equivalent rate of discount approx* 3.549$ per annus
w
Low
- 99.094
•
" ."
"
Average - 99.096 »

3*$&k% •

" 3.5751 " •

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

Federal Reserve
District

Applied for

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

$ 43,245,000
1,857,281,000
146,080,000
$0,992,000
35,757,000
57,535,000
280,717,000
34,137,000
21,295,000
57,128,000
50,032,000
59,969,000
TOTAL

^,6214,168,000

Total
Accepted
# 29,99S,OQ0
1,176,856,001
29,741,000
80,992,000
31,007,000
52,915,000
198,867,000
34,002,000
20,295,000
55,1^8,000
35,332,000
56,269,000
#1,801,399,000

TREASURY DEPARTMENT

ip?

WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
^uesday, September 10, 1957.

A-31

The Treasury Department announced last evening that the tenders for £1,800,000,000,

)r thereabouts, of 91-day Treasury bills to be dated September 12 and to mature D

ser 12, 1957, which were offered on September 5, were opened at the Federal Reser
Janks on September 9.
The details of this issue are as follows:
Total applied for - $2,624,168,000
Total accepted
- 1,801,399,000 (includes #427,975,000 entered on
a noncompetitive basis and accepted in
full at the average price shown below)
Range of accepted competitive bids; (Excepting 3 tenders totaling $1,230,000)
-High - 99.103 Equivalent rate of discount approx* 3.549% per annum
Low
- 99.094
"
"
"
"
"
3.584% "
Average - 99.096 " " " " " 3.575% "

(65 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

1,857,281,000
46,080,000
80,992,000
35,757,000
57,535,000
280,717,000
34,137,000
21,295,000
57,128,000
50,032,000
59,969,000

$
29,995*000
1,176,856,000
29,741,000
80,992,000
31,007,000
52,915,000
198,867,000
34,002,000
20,295,000
55,128,000
35,332,000
56,269,000

52,624,168,000

$1,801,399,000

TOTAL

43,245,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 454 (b) and 1221 (5) of the Internal Revenue Code of
1954 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. 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 -

final. Subject to these reservations, noncompetitive tenders for $200,000 or le

without stated price from any one bidder will be accepted in full at the averag

price (in three decimals) of accepted competitive bids. Settlement for accepted

tenders in accordance with the bids must be made or completed at the Federal Re

serve Bank on September 19, 1957 , in cash or other immediately available funds

m
or in a like face amount of Treasury bills maturing

September 19, 1957

• Cash

365*

are subject to estate, inheritance, gift or other excise taxes, whether Federal

or State, but are exempt from all taxation now or hereafter imposed on the prin

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

Sxhxhxxxx
mmZmt\t\mA

TREASURY DEPARTMENT
Washington

A. M.

km RELEASE/ KBRXSKS NEWSPAPERS,
Thursday, September 12, 1957
____

when the face

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

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 thr
decimals, e. g., 99.925. Fractions may not be used. It is urged that tenders
be made on the printed forms and forwarded in the special envelopes which will
supplied by Federal Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account. Tenders will be received without deposit from

incorporated banks and trust companies and from responsible and recognized dea

in investment securities. Tenders from others must be accompanied by payment of

TREASURY DEPARTMENT._
WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
Thursday, September 12, 1957.

A-32

The Treasury Department, by this public notice, invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and In exchange for Treasury bills maturing September 19, 1957,
in the amount of $1,600,298,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated September 19, 1957,
and will mature December 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, September 16, 1957Tenders 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
ranee of accepted bids. Those submitting tenders will be advised of
theSaccfPtance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenaers
in whole or in part, and his action in any such respect shall be
final
SubjectPto these reservations, non-competitiye tenders or
$200 000 or less without stated price from any one bidder will be
accepted in full at the average price in three decimals) ol accepted

- 2 -

competitive bids. Settlement for accepted tenders In accordance
with the bids must be made or completed at the Federal Reserve Bank
on September 19, 1957,in cash or other immediately available funds
or in a like face amount of Treasury bills maturing September 19, 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

STATUTORY^

g ^ g p ,

AS O F

S e p t . 12,195?
Washington
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 guargnu
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 of this section the current redemption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder
shall be considered as its face amount."
The following table shows the face amount of obligations outstanding and the face amount which can still be issued under
this limitation:
$275,000,000,000
Total face amount that may be outstanding at any one time
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills
Certificates of indebtedness
Treasury notes
BondsTreasury
Savings (current redemp. value),
Depositary.
~
Investment series
Special FundsCertificates of indebtedness ,
Treasury notes.
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:
Internat'l Monetary Fund series
Total .~

I 28,155,281,000
34,077*200,000
1 7 .148.736. 0 0 0 t 7 9 , 3 8 1 , 2 1 7 , 0 0 0
80,778,271,750
54,021,401,871
193,857,500
10.883.623,000
30,667,926,000
12,578,986,000
3.462.500.000

145,877.154,121

46.709.412.000
2 7 1 » 9 6 7 »783»121
474,808,519

48,568,421
913,642
910,000,000

Guaranteed obligations (not held by Treasury):
Interest-bearing:
108,047,900
Debentures: F.H.A
W.175
Matured, interest-ceased
Grand total outstanding ...
Balance face amount of obligations issuable under above authority,

959.482.063
273,402,073,703

108.892.075
?7-ym.965.778
1.489.034,222

Reconcilement with Statement of the Public Debt ftftKS5.r...33:.!.,.^Z?..(.
(Date)

(Daily Statement of the United States Treasury,

AugUSit 2.9j...1957
(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
A-33

)
273.845.1H.010
1Q8.892.02J
273.954,003,085
ifo.037.3ffl
273,510,965,77 8

1Q3
STATUTORY DEBT LIMITATION
August 31, 1957
AS OF

-•

•

Washington, .......t.
.'.
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 of this section the current redemption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder
shall be considered as its face amount."
The following table shows the face amount of obligations outstanding and the face amount which can still be issued under
this limitation:
^^^ ^^^
,,
w
J.:
$275,000,000,000
Y
Total face amount that may be outstanding at any one time
' -"
'
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills
Certificates of indebtedness
Treasury notes
BondsTreasury
Savings (current redemp. value),
Depositary.,
Investment series
Special FundsCertificates of indebtedness
Treasury notes
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:
Internat'l Monetary Fund series
Total

$ 28,155,281,000
34,077,200,000
17.148.736.000 1

79,381,217,000

80,778,271,750
54,021.401,871
193,857,500
10,883.623,000

145.877.154,121

30,667,926,000
12,578,986,000
3.462.500.000

46.709.412,000
271,967.783.121
474,808,519

48,568.421
913,642
910,000,000

Guaranteed obligations (not held by Treasury):
Interest-bearing:
108,047,900
Debentures: F.H.A
844,175
Matured, interest-ceaSed
Grand total outstanding ._
Balance face amount of obligations issuable under above authority,

959.482.063
273,402,073,703

108.892.075

$*.^$5....3±,...rZJ.(.
(Date)
(Daily Statement of the United States Treasury, August ##3S.|....1?.5.?. 1
(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

273.510.965.778
1.489.034,222

Reconcilement with Statement of the Public Debt

A-'ii

273.845,111,010
108,892,075
273,954,003,035
^3,037,30?
273.510.965,778

-aCOTTON WASTES
(In pounds)

COTTON CARD STRIPS made from cotton having -a staple of less than 1-3/16 inches in length, COMBER (X
WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, 'WHETHER OR NOT MANUFACTURED OR OTHERWISE
ADVANCED IN VALUEi Provided, however, that not more than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes made from cottons of 1-3/16 inches or more
in staple length in the case of the following countriess United Kingdom, France, Netherlands,
Switzerland^ Belgium, Germany, and Italys
~t Established . Total Imports : Established s Imports if
Country of Origin
s TOTAL QUOTA
• Sept. 20, 1956, to % 33-1f3% of s Sept. 20, 1956
s
: Total Quota s to Sept. 10. 1957
s Sept. 10. 1957
United Kingdom
Canada
France
British India
Netherlands . . . . . . .
Switzerland . . . . . . .
Belgium
Japan
China
Egypt
Cuba
Germany
Italy

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

5,482,509 464,717 1,599,886 155,400
1/ Included in total imports, column 2.
Prepared in the Bureau of Customs •

132,625
239,690
69,627
22,775
=

1,441,152

132,625

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

25,443
7.088

;

22,775
-

TREASURY DEPARTMENT
Washington
A-3^

IMMEDIATE RELEASE,
Thursday, September 12, 1937.

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 3/4,t
Imports Sept. 20. 1956. to September 10. 1957
Country of Origin,
Egypt and the AngloEgyptian Sudan . . «
Peru • • • • . ' • • • <
British India . . . .
China .
Mexico • • • • . . . <
Brazil . . « • . • • • <
Union of Soviet
Socialist Republics
Argentina
Haiti • • • • • • • •
Ecuador . •

Established Quota

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

Country of Origin

Imports

143,670
8,883,259
600,000

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

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

1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago,
2/ Other than Gold Coast and Nigeria.
2f Other than Algeria, Tunisia, and Madagascar.
Sotton, harsh or rough, of less than 3/4"
aports Sept. 20. 19 56. to August 31. 1957

Cotton 1-1/8" or more
Imports August 1, 1957 to August 31T 1957s incl*

Established Quota (Global) Imports

Established Quota (Global) Imports _

70,000,000 10,374,522

45,656,420 2,057,999

TREASURY DEPARTMENT
Washington

, -. ,. A
ll \

IMMEDIATE .RELEASE,
Thursday, September 1 2 , 1 9 5 7 .
Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by the President'-s Proclamation of September 5, 1939, as amended

COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other ~bhan rough or harsh under 3/4"
Imports Sept. 20, 1956, to September 10. 1957
tountry of Origin, Established Quota Imports Country of Origin Established Quota Imports
igypt and the Anglo- Honduras ..... • 752 Egyptian Sudan . . •
783,816
Paraguay . . . . . . .
871
•eru
247,952
Colombia . . . . . . .
124
British India
2,003,483
143,670
Iraq . . . . . . . . .
195
China
1,370,791
British East Africa . .
2,240
Mexico
8,883,259
8,883,259
Netherlands E. Indies.
71,388
Brazil . . . . . . . .
618,723
600,000
Barbados
Union of Soviet
l/Other British W, Indies
21,321
Socialist Republics .
475,124
Nigeria
5,377
Argentina
5,203
2/0ther British W. Africa
16,004
Haiti
237
J/Other French Africa . .
689
Ecuador
.
9,333
Algeria and Tunisia •
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
2f 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 August 31. 1957
Imports August 1. 1957 to August 31, 1957, incl.
Established Quota (Global) Imports Established Quota (Global) Imports
70,000,000

10,374,522

45,656,420

2,057,999

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

Country of Origin

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

Established
TOTAL QUOTA

Total Imports
I Established .
Imports
Tf
Sept. 20, 1956, to s 33-1/3% of s Sept. 20, 1956
Sept. 10, 1957
Total Quota ; to Sept. 10, 1957

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

132,625
239,690

1,441,152

75,807

69,627

—
—
-

22,747
14,796
12,853

22,775

25,443
7.088

22,775

5,482,509

464,717

1,599,886

155,400

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

132,625

IMMEDIATE RELEASE,
Thursday. September 12, 1957.

TREASURY DEPARTMENT
Washington

•xJ--»-

A-35

Commodity

Period and Quantity

Unit :
"
of
: Imports as of
Quantity:Aug. 31, 19ft

Tariff -Rate Quotas:
Cream, fresh or sour Calendar Tear

1,500,000 Gallon

377

Whole milk, fresh or sour Calendar Year

3,000,000 Gallon

677

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

200,000 Head

13,8U8

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

120,000

Head

33,309

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

37,375,636

Pound

Quota Filled

Ul*,528,533 Pound 27,259,296
12 mos. from
Sept. 1$, 1956

Walnuts Calendar Year

156,000,000 Pound 111,922,210
60,000,000 Pound
36,55it,091
5,000,000 Pound 1,853,U*8

Alsike clover seed 12 mos. from

3,000,000 Pound
July 1, 1957

Peanut oil 12 mos. from

80,000,000 Pound
July 1, 1957

Woolen fabrics Calendar Year

1U,000,000 Pound Quota Filled

Absolute Quotas:
Peanuts, shelled, unshelled,
blanched, salted, prepared, or
preserved (incl. roasted peanuts, but not peanut butter)

12 mos. from
Aug. 1, 1957

Rye, rye flour, and rye meal ... 12 mos. from
July 1, 1957
Canada
Other Countries
Butter substitutes, including
butter oil, containing k$%
or more butterfat
Calendar Year
XT)

1,709,000 Pound

70,728

182,280,000 Pound Quota Filled
3,720,000 Pound
1,800,000 Pound

Quota Filled

Imports for consumption at quota rate limited to 28,031,727 lbs. during the
first 9 months of calendar year*

M E D I A T E RELEASE,
'hursday, September 12, 1957.

TREASURY DEPARTMENT
Washington

A-35

Unit :
of
:Imports as of
Quantity:Aug. 31, 1957

Commodity
Tariff-Rate Quotas:
Cream, fresh or sour

Calendar Year

1,500,000

Y/hole milk, fresh or sour

Calendar Year

3,000,000 Gallon

677

Cattle, less than 200 lbs. each12 mos. from
April 1, 1957

200,000 Head

13,8U8

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

120,000 Head

33,309

July 1, 1957 Sept. 30, 1957

Gallon

377

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

37,375,636

Tuna fish Calendar Year

Ui*,528,533 Pound 27,259,296

white or Irish potatoes:
Certified seed
Other

12 mos. from
Sept. 15, 1956

(1]
Pound

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

Walnuts Calendar Year

5,000,000

Pound

Alsike clover seed 12 mos. from
July 1, 1957

3,000,000 Pound

Quota Filled

111,922,210
36,55U,091
1,853,11*8

80,000,000 Pound

Peanut oil 12 mos. from
July 1, 1957

1U,000,000 Pound Quota Filled

Woolen fabrics Calendar Year
Absolute Quotas:
Peanuts, shelled, unshelled,
blanched, salted, prepared, or
preserved (incl. roasted peanuts, but not peanut butter)

12 mos. from
Aug. 1, 1957

1,709,000

Pound

70,728

ye, rye flour, and rye meal ... 12 mos. from
July 1, 1957
Canada
Other Countries
Butter substitutes, including
butter oil, containing U$%
Calendar Year
or more butterfat

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

Quota Filled

1,800,000 Pound

Quota Filled

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Thursday, September 12, 1957.

A-36

The Bureau of Customs announced today the following preliminary
figures showing the imports for consumption from January 1, 1957, to
August 31, 1957, inclusive, of commodities for which quotas were established pursuant to the Philippine Trade Agreement Revision Act of 1955:

Commodity

: Unit :
: Established Annual. : of
: Imports as of
. Q^^SL Quantity
: Quantity: Augist 31, 1957
*
•

Buttons 807,500

Gross

Cigars 190,000,000

Number

Coconut oil U25,600,000

Pound

lli*, 837,579

Cordage 6,000,000

Pound

3,826,025

(Refined
Sugars
(Unrefined
Tobacco 6,175,000

$$k,l$k
2,890,712

29,369,150
1,90U,000,000

Pound
l,U77,75l,705
Pound

2,730,562

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Thursday, September 12, 1957.

H -36

Commodity

: Unit :
: Established Annual. : of
: Imports as of
. Q u o t a Quan tity
: Quantity: Augist 31, 1957
«

Buttons 807,500

Gross

Cigars 190,000,000

Number

Coconut oil U25,600,0OO

Pound

11U,837,579

Cordage 6,000,000

Pound

3,826,025

(Refined
Sugars
(Unrefined
Tobacco 6,175,000

55U,i5U
2,890,712

29,369,150
1,90U,000,000

Pound
l,U77,75l,705
Pound

2,730,562

us A--31
M m U M BatUUS,
/ J
fbiurgday, September 12, 1957.
The Treasury Department announced today that on Monday, September IS, It
will offer for cash subscription $3 billion, or thereabouts, of public debt
securities. She offering w i n consist of $500 million, or thereabouts, of a
new 4 percent 12-year treasury bond, $1,750 million, or thereabouts, of a nev
4 percent 5-year Treasury note redeemable at the option of tilt holder on
February 15, 1960, on 3 months* advance notice, and #750 million, or thoreakouti,
of the 4 percent Treasury certificates of indebtedness of Series C-19S8, dated
end bearing Interest from August 1, 1957, and duo August 1, 1858* la addition,
up to $100 million of each of the three issues my b* allotted to Govemmnt
X&w&atffi&fit Accounts.
She new bond® will be dated October 1, 1957, and will mature October 1, 1969.
Payment of not more than 50 percent of the amount allotted on tola issue gay be
deferred until not later than October ZX, 1957. in the case of deferred payments,
accrued interest must be paid at the rate of $0.11 a day v*r $1,000 from October 1
to the dates payments are completed. Interest ¥lll b* payable on these bonds
semiannually on April 1 and October 1 in each year.
The new notes will be dated September 26, 1957, and will mature August 15,
1962. Interest will be payable on a semiannual basis on February 15, 1958, sad
thereafter each six months until the notes become payable*
Since Interest mill rm from August X, Xtm, An the case of the additional
issue of certificates of indebtedness, accrued Interest from August X, 1957, to
September 26, 1357, the date peyaient must be made, will be collected. This
Interest trill amount to about $6*0$ mr $1,000. Interest on this Issue will be
payable on i^ruary 1 and August 1, 1958.
Subscriptions for each of the three issues from commercial banks, which fbr
this purpose are defined as banks accepting demand deposits, lor their own
account, will be received without deposit, and such banks may subscribe for each
issue to an amount not exceeding 30 percent of the combined capital, surplus and
undivided profits of the subscribing banks. A payment of Z percent of the amtwat
of securities subscribed tor must be made on all other subscriptions. %m securities may be paid tor by credit in Treasury tax and loan accounts.
Commercial banks and other lenders are reoiiested to refrain from making
unsecured loans, or loans coilateralised In whole or la part by the securities
subscribed fbr, to cover the Z percent deposits required to be paid when sub*
scriptions are entered.
Any subscription addressed to a Federal Reserve Bank or Branch, or to the
Treasurer of the United States, and placed in the mall before aidnigiit, September
16, will be considered as timely.

TREASURY DEPARTMENT
WASHINGTON, D.C.
IMMEDIATE RELEASE,
Thursday, September 12, 1957.

-J7

The Treasury Department announced today that on Monday, September 16, it
will offer for cash subscription $3 billion, or thereabouts, of public debt
securities. The offering will consist of $500 million, or thereabouts, of a
new 4 percent 12-year Treasury bond, $1,750 million, or thereabouts, of a new
4 percent 5-year Treasury note redeemable at the option of the holder on
February 15, 1960, on 3 months' advance notice, and $750 million, or thereabouts,
of the 4 percent Treasury certificates of indebtedness of Series C-1958, dated
and bearing interest from August 1, 1957, and due August 1, 1958. In addition,
up to $100 million of each of the three issues may be allotted to Government
Investment Accounts.
The new bonds will be dated'October 1, 1957, and will mature October 1, 1969Payment of not more than 50 percent of the amount allotted on this issue may be
deferred until not later than October 21, 1957. In the case of deferred payments,
accrued interest must be paid at the rate of $0.11 a day per $1,000 from October 1
to the dates payments are completed. Interest will be payable on these bonds
semiannually on April 1 and October 1 in each year.
The new notes will be dated September 26, 1957, and will mature August 15,
1962. Interest will be payable on a semiannual basis on February 15, 1958, and
thereafter each six months until the notes become payable.
Since interest will run from August 1, 1957, in the case of the additional
issue of certificates of indebtedness, accrued interest from August 1, 1957, to
September 26, 1957, the date payment must be made, will be collected. This
interest will amount to about $6.09 per $1,000. Interest on this issue will be
payable on February 1 and August 1, 1958.
Subscriptions for each of the three issues from commercial banks, which for
this purpose are defined as banks accepting demand deposits, for their own
account, will be received without deposit, and such banks may subscribe for each
issue to an amount not exceeding 50 percent of the combined capital, surplus and
undivided profits of the subscribing banks. A payment of 2 percent of the amount
of securities subscribed for must be made on all other subscriptions. The securities may be paid for by credit in Treasury tax and loan accounts.
Commercial banks and other lenders are requested to refrain from mailing
unsecured loans, or loans collateralized in whole or in part by the securities
subscribed for, to cover the 2 percent deposits required to be paid when subscriptions are entered.
Any subscription addressed to a Federal Reserve Bank or Branch, or to the
Treasurer of the United States, and placed in the mail before midnight, September
16, will be considered as timely.

These meetings will aot £ol:
it will provide for full discussion and interchange
of views in connection with whatever developments may be
occurring at the time.

In addition to the President, the plan

to hold these meetings has the endorsement of the Chairman of
the Federal Reserve Board, and the others involved.

xi ^
DRAFTV

9/gT?67y-^®yteVISlON

\j/ll/57 - NAL REGION
A

STATEMENT BY SECRETARY ANDERSON,

aggffy RELEASE ^^
President Eisenhower indicated at his news conference on
September 3^ that the problem of inflation is today our major
internal economic problem, and that Government and the public,
and in fact every American, must be alert to try in every way
possible to help curb increases in the cost of living. This
is a matter which has been a subject of concern at all levels
of Government and is being studied, individually and jointly,
by various agencies in the Government.
As an added step, it is planned to hold joint discussions
of financial aspects of this and related problems, to be
participated in by the President# and Administration officials
with major responsibility in this economic area and, in
addition, the Chairman of the Federal Reserve Board. The
President has agreed to meet from time to time with this grQUD
m^fim^*****A*mA>

for an exchange of ideas and informal review of tnese .phases
of our economy.
In addition to the President, these meetings would include
the Secretary of the Treasury, the Chairman of the Federal
Reserve Board, the Chairman of the Council of Economic Advisors,
the Special Assistant to the President (for Economic Affairs)
and sometimes others.

TREASURY DEPARTMENT
IINGTON, D.C

IMMEDIATE RELEASE,
Friday, September 13, 1957.

A-38

STATEMENT BY SECRETARY ANDERSON
President Eisenhower indicated at his news conference on
September 3 that the problem of inflation is today our major
internal economic problem, and that Government and the public,
and m fact every American, must be alert to try in every way
possible to help curb increases in the cost of living. This
is a matter which has been a subject of concern at all levels
of Government and is being studied, individually and jointly,
by various agencies in trie Government.
As an added step, it is planned to hold joint discussions
of financial aspects of this and related problems, to be
participated In by the President and Administration officials
with major responsibility in this economic area and, in
addition, the Chairman of the Federal Reserve Board. The
President has agreed to meet from time to time with this group
for an exchange of ideas and informal review of these financial
phases of our economy.
In addition to the President, these meetings would include
the Secretary of the Treasury, the Chairman of the Federal
Reserve Board, the Chairman of the Council of Economic
Advisors, the Special Assistant to the President (for Economic
Affairs) and sometimes others.
These meetings will provide for full discussion and
interchange of views in connection with whatever developments
may be occurring at the time. In addition to the President,
the plan to hold these meetings has the endorsement of the
Chairman of the Federal Reserve Board, and the others
involved.
0O0

-2-

120

Humphrey, who made the counterfeit notes, plates and negatives.

*r-

operates the Christopher Publishing Company, Inc0, fcsm his home,

A
publishing school yearbooks. A native of Youngstown, Ohio, Humphrey
purchased the Worthington residence about Id months ago* He is married
and has three minor children*
Marbet, a native of Cumberland, Ohio, is//^resident and treasurer
of the Beacon Cameras, Inc., in Boston, and resides at 270 Concord Road,
Wayland, Massachusetts, a ?_ nt\m*y iuluuia.1 holing* He is married and
has three children*
Collins is employed by Marbet in his camera business and was to share
in any profits realized from the counterfeiting venture*
The three wi& be arraigned abj_uj»lJjKl4M*» today before the United
/>

States Commissioner in Boston*

J 7

The Secret Service/last nighty in Boston/smashed plans for the
wholesale counterfeiting of United States and Canadian currency and
stock of the American Telephone and Telegraph Company*
Under arrest are George W. Humphrey, 39, Mark A* Marbet, 36, and
Paul Collins, 35.
The arrests, climaxing weeks of investigation, followed the delivery

of $77,000 in counterfeit $10 and $20 Federal Reserve Notes to an underco

agent of the Secret Service who had previously bought $3,000 in these not
from Marbet*
Later agents, under the direction of Special Agent in Charge Maurice

R. Allen of the Boston District, raided the residence of Humphrey, a 15 ~
room colonial home in Worthington, Massachusetts, and seized a complete
counterfeiting plant, including presses, cameras, ink, paper and other
material* The seizure also included $4,500 in counterfeit $20 notes,

$1,000 In counterfeit $10 notes, and a large quantity of unfinished notes

Also seized were five plates for the face of $20 notes, two plates for th
face of $10 notes, five combination plates for $10 and $20 notes, and

photographic negatives for these plates, as well as negatives for Canadia
currency in denominations of $10, $20, and $50, and negatives and plates
for AT&T stock*
ft ^t<Af^^\^C^Am^

This group was also responsible far anether counterfeit $20 note
which appeared in Roxbury, Massachusetts, on July 29th, this year*
The counterfeit notes are considered very deceptive, but only a few
are known to have reached circulation*

TREASURY DEPARTMENT

122

WASHINGTON, D.C.
MEDIATE RELEASE
Friday, September 13, 1957

A-39

The Secret Service last night in Boston smashed plans for the wholesale
counterfeiting of United States and Canadian currency and stock of the
American Telephone and Telegraph Company.
Under arrest are George W. Humphrey, 39, Mark A. Marbet, 36, and Paul
Collins, 3$.
The arrests, climaxing weeks of investigation, followed the delivery
of $77,000 in counterfeit $10 and $20 Federal Reserve Notes to an undercover
agent of the Secret Service who had previously bought $3*000 in these notes
from Marbet.
Later agents, under the direction of Special Agent in Charge Maurice R.
Allen of the Boston District, raided the residence of Humphrey, a 1^-room
colonial home in Worthington, Massachusetts, and seized a complete counterfeiting plant, including presses, cameras, ink, paper and other material*
The seizure also included $h,£00 in counterfeit $20 notes, $1,000 in
counterfeit $10 notes, and a large quantity of unfinished notes. Also seized
were five plates for the face of $20 notes, two plates for the face of
$10 notes, five combination plates for $10 and $20 notes, and photographic
negatives for these plates, as well as negatives for Canadian currency in
denominations of $10, $20, and $3>0, and negatives and plates for AT&T stock.
This group was also responsible for a different counterfeit $20 note
which appeared in Roxbury, Massachusetts, on July 29th, this year.
The counterfeit notes are considered very deceptive, but only a few are
known to have reached circulation.
Humphrey, who admitted making the counterfeit notes, plates and
negatives, operates the Christopher Publishing Company, Inc., at his home,
publishing school yearbooks. A native of Youngstown, Ohio, Humphrey
purchased the Worthington residence about 18 months ago* He is married
and has three minor children.
Marbet, a native of Cumberland, Ohio, is president and treasurer of the
Beacon Cameras, Inc., in Boston, and resides at 270 Concord Road, Wayland,
Massachusetts* He is married and has three children*
Collins is employed by Marbet in his camera business and was to share
in any profits realized from the counterfeiting venture.
The three were to be arraigned today before the United States Commissioner
in Boston.
oOo

- 11 This is a problem to which I think all of us can put our
attention, but I would say that the Junio^ Chamber of Commerce
is an organization which is peculiarly adapted for that purpose
j£j£yCmy&JiA***-~l* v y c

by reason on the one hand of the high level of i***-B^*^pBacde '
^

and capability of its membership, and on the other an understanding that the business and economic wealth of a nation
can only be measured by the amount of honest and able effort
which its citizenry devotes not only to private affairs but
more importantly to public affairs.
With this thought may I leave you to your deliberations,
reminding you that within this general area of Northeastern
United States rests the history of many, many foresighted
pioneers in the business world who were so dedicated to their
home communities and their national government, always with a
stern faith in that divine guidance which seems to be so inextricably interwoven with American history.

are those who have had enough experience in the lower levels of
government to be completely familiar not only with the democratic
process but have an understanding of the people who go to make up
that process* There is altogether too little understanding that
democracy is made up of many thousands of individuals and it is
these individuals, whether they are merely voters or whether they
are members of Congress, who must be worked with as a team.
One can only achieve such experience and such knowledge by
actually getting into political affairs with mm completeness which
rather removes it from pure avocation*
What I am trying to say wdlli some, cffyewtopy to this aiidifnqfi,.
wfoioh knnwis «4M>»*ti»ioli*-i'€^^ is that it is all very well
and good to devote one's self on a more or less ephemeral basis to
public service at home or elsewhere, but the value of that service
is directly measured by the experience of the individual involved.
I think that it is high time that in the United States we prepare
people like yourselves for more than a purely amateur standing in
public service. Many, many times does one see in government a
dedicated banker or lawyer, an able engineer or economist who
enlists for service of his country but is unable to give full
value because of his inability to understand the rather simple
and always human complexities of what we call government or the
machinery of government.

- 9people as Marlon folseta whose contribution to the United
States Treasury and to the Department of Health, Education
and Welfare has been so unselfish, so wise and so farseeing*
Sef too. has Genera^Curtis contributed without stint and
with great wisdom to the solution of the myriad difficulties
created by the rapid growth of air transportation*

His

assistance to the President In an advisory capacity has been
more than mere assistance*
And we need look only to the representation in Congress
of Rochester, Hew York, our host city tonight, for further
outstanding examples of leadership at the national level*
Senators Irving Ives and Jack Javlts and Congressmen Ken
Keating and Harold Ostertag represent the finest In the
American tradition of public service*

In the session just

ended they have compiled a record of which not only their
constituents but the entire country can be very proud*
X don*t much care whether we are talking about a church
board, a hospital board, a school board, county commissioner
or state legislator, but X am talking about a willingness
for public service engendered by a wholehearted belief that
unless such public service is given, the fruits of our labor
are likely to be so dissipated that neither we nor our
famllijpes nor our neighbors may benefit thereby*

And the

world, looking to United States leadership, will suffer*

<«* Q

«•

.22S
How, as X was getting ready to talk to you this afternoon
It seemed to me that rather than taking account of these
material blessings which we have achieved under God, we had
better take inventory of the true basis upon which has
rested the past and upon which must rest the future of the
United States*
Actually, this emphasis can best be made within the
membership of such organisations as this, dedicated to public
service and dedicated to the belief In the future of individual
freedom and democracy*
But It la not enough to pay lip service to these things
or to the free enterprise system*

X am convinced, and nothing

connected with my service In Washington has changed my mind
but rather strengthened it, that the future of this country
rests upon a devoted, unselfish, and semetlmes~fraugbt~vlth~
hardship, personal service to community, to the state and to
the nation in varying capacities according to the abilities
of the individual*
X should be remiss Indeed if X discussed public service
and public servants while in this city without paying tribute
to the many outstanding men who have devoted themselves to
the United States and to its people*

Perhaps of first magnitude

Is the late George Eastman, who gave so much, not only materially
but more especially by enlightened forward thinking*

And I am

sure he would be not only proud, but extremely **• of such

- ? for responsible citizenship.
One of the best places to find such opportunities is in
your own business*
ment —

Another Is In your contribution to govern-

by which I mean everything from the White House to

your local sonlng board, finance committee or town or city
council*

?h*4*jt*Ji
Such opportunities are easily and.commonly avoided*

Any

pmn^m of conscience are easily soothed by pointing to more
personal responsibilities, or by modestly protesting lack of
the necessary aualifloations*

But I need not remind you that

without a continuing flow of able eltisens into positions of
responsibility and leadership In our local, state and national
governments, we can hardly expect to maintain the sound political
framework so vital to our economy*
There is not much use spending time on the proposition
that preoccupation with continued material prosperity can
unquestionably fee disastrous*
this*

All of history combines to show

Byt what we must remember is that we are living In a
j

world of dlametrically~oppesea Ideologies which brings about
constant attack upon our institutions of government, of
economy, of constitution, and indeed of religion*
Concomitantly, we can take great faith in the recollection
that it has always been in times of stress that we have pro*
duced most fully the truly golden ages of American history.
Whether or not modern America Is up to such a challenge depends
on us*

«• 6 —

two must go band in hand, and lt9s up to you to see to it*
As X was thinking about this coming up hero on the airplane,
X suddenly realised that to proceed as X had intended^ to give
chapter and verse of this growing economy, especially as it
affects younger business leaders and executives and professional
men, would really be carrying coals to Newcastle! or if not
that, would be thoroughly a waste of your time, and that what
you really want to hear Is how you can be of the fullest
service and effect in this changing world*
X as seriously concerned with the future of economy and
with the future of the United States If certain problems,
brought to the attention of the American public and particularly
the younger members of the American public, are not actually
met*
X think that In the midst of this prosperity and with
every indication of its continuance. It is high time to take ,
account and Inventory of precisely the things which ^U-ssasxa*^
to us and to our children all of the fruits of economic well*
being and eventually all of the fruits of freedom itself*
As President Eisenhower reminded us last January in his
economic report to the Congress, w . . . no type of economic
system offers greater opportunity for individual achievement
or places heavier responsibilities on the individual•• Xf
we are to sustain an economy vigorous and productive enough
not only to provide what we want for ourselves, but to meet
the demands placed upon us by our position of leadership in
the free world, each of us must actively seek opportunities

mm.

Too much cannot be said about this contribution to a
balanced free economy in a world faced by violent political
differences. This benefits equally the corner grocer as
well as a largo manufacturing concern, ***r * professional man
as well as one engaged in marketing, indeed sslaV everyone in
business of any sort*
As X see it, and there have been plenty of opportunities
for careful and educated appraisement, barring the outbreak
of another war which X believe all seek to avert, and must
avert, there would seem to be nothing on the horlson in a
growing population and a growing economy which would bring
about anything within the foreseeable future except t£B* >«^-^
forward pro*r... &-*»*& „rovid.d w. continue to .ct
with courage and foresight to stem any tide of threatening
inflation*
And there, in your homes, your communities and business
you are the real bulwark* Xt is upon your competent shoulders
that rests our ability as a nation to maintain a sound, fisca]
^*rtjL - - ***^J^!L2
policy so that dollars earned will be dollars*. mo* £arts of
dollars^ saved and so that all of the national and individual
accomplishments in education, in mass health and higher general
standards of living may f£e*^*e«**r~> *—**

A
These standards, of which we are so proud, and all that
go with them have little chance of expansion, Indeed of.
survival, unless we have a sound economy to €s*-m*om=^*m

The

•

if -

and market future in the United States*

People are worried

a land of apparent bounty*
Xt is stWnge Indeed that in the days when th«y6ulls are
assembled and the\bears in complete bibernatioiyand when we
can assure ourselves\aenslbly and logically Jmrnt this prosperity
has a firm basis in reality

one shojrfd hear so many cries

of concern, bordering upou%eal apprehension.
Possibly this is the resm|t

the memories of us older

people who recall the great daysspf the golden twenties and
the equally great smash of jfy29 to \31«

Perhaps more under-

standably, this fear comgflex has its b%sis in the underlying
fact, sometimes subconscious, that added \ o our real prosperity
is another false olfe based upon constant preparation for war or
preparation for/the avoidance of war*

Very possibly it is

because peacetime economy cannot be wholly devoidSpf danger
when it 1/ a peacetime economy in quotation marks ami when we
are actually engaged in an economic war and one the expense
of jrfhich beggars any military thought and planning of previous
tars, including that as recent as the Korean incident*
During the recent hearings before the Senate Finance Committee jffi

us i n

IIIIIIT

in ml 11r linn

n m

if .lie• nrrnrn ,

fnr the fwomi^|,"limid lUUlg one saw the blueprint of careful
management of debt and balancing of factors which has so
characterized the whole effort of Secretary Humphrey, Under
Secretary Burgess and now Secretary Andmrson.

- 3-

before*

As indications of this we find that outlays for church

and library construction have Increased tremendously along with
publication and circulation of books*
And all this has taken place oonourrently with the development and maintenance of defense forces literally beyond the
imagination of even the most farseelng planners of World War XX.
BUt^itis not enough for me simply to point wit£ pride-* to
what haNe been accomplished by our free economy operating under a
government sympathetic and responsive to its recurfrements.
(Particularly is this insufficient in addressing a group as well
informed as y\u on matters of eeonomlp mJf Mere boasting about
materialistic gains is best left to spokesmen for those governments whose continued existence m/ry depend upon their ability
to divert attentionVfrom the vmoXm truth*
On the contraryAl wouefd like now to emphasise the high
price which responsible^!ticons in a true democracy must continue
cheerfully to pay IfycheyNwould protect what they have achieved*
One of the anomalies oKthe whole situation, however — and
X am sure you appreciate this V- is that in times when such
iuv-i-mi as gross national produotleW, national income, per capita
disposal jincome, consumption expenditures for durable goods,
capita* goods and consumer goods, alrVindicate steady and firm
Increases* aJ^^em i^-*i~smT~fTnp~n.^^

there is

constant and ubiquitous apprehension for tbe business, economic

- 2-

132

with you for a

moment some of the more tangible evidence of what we have achieved
by way of economic benefits during this time.
First of all, Americans have kept busy.

Since 1053 an average

of 06*2% of our civilian labor force has been constantly at work*
Last year this meant that an average of 65 million people were
gainfully employed at all times - an increase of 3,700,000 over
1952*

And they earned 12% more per family in 1956, after taxes

and allowance for rising prices, than they did in 1952*

specifically9

family Income la the United States averaged $5200 in 1956*
"""' More Americans than ever are enjoying the comforts and con*
venlenees which oome with Increased earning power*

Of tae4*j_fcsJ9- 10

million families which now own their own homes, 5 million have moved
in since 1952*

7orty~five an4 § million American homes have electric

refrigerators, Islilij ulgSW

million have television sets, and 5$

million have food freeaers*
Likewise more dollars are being salted away, in one form or
another, to provide the sense of security which is so essential *<>^/
the present as well as the future happiness of any family. »

sore

life insurance policies are outstanding now than in 1952; and 23%
more people are covered by health insurance*

Savings accounts of

various sorts are up 41% from 1952 to a total of 112 billion dollars;
and the number of people in this country who now own shares la
American industry is up two million to a total of m\\ million*
It is gratifying also to note in the Prosident's Economic
Report for 1956/that participation in and support of religious^
cultural and educational activities are more extensive than ever

Remarks by David W. Kendall
Assistant Secretary of the Treasury
before the Mid-Atlantic Institute
of the Junior Chamber of Commerce,
Powers
Hotel,
Rochester,
New 1**,
York1957
)noon,
Saturday,
September

f L
(pLMWi*' _ — _ _ -

fl^ndon^ Saturd&v. September 1**. 1

I am very glad Indeed'e€ this opportunity to Join you
A
here today as you meet to compare notes and ideas on ways and
means to *carry on your good work* Your efforts, individually
and through your various local organisations, to promote the
economic good health of your respective communities are worthy
of the highest praise and X welcome the chance to tell you so*
I know that everyone of us has felt the frustration of
believing very deeply In the importance of some community
project only to see it die for want of an organised effort
to promote it - for want of a first class selling job*

X know

from my own experience of a score of worthy projects which
would have suffered such a fate but for the enlightened
enthusiasm and effective hard work of the Junior Chamber*
You are effective because your organisation is based on
a sound principle - that ls«that a community will be influenced
by the active efforts and example of obviously truly publicspirited citisens*

This Is particularly true when these

citizens themselves are engngmtt in various local enterprises,
giving them an Important stake in the prosperity of the
community*
reward*

In this way, X am sure your work has its own

It is richly deserved*

Being Intimately connected with the business life of your
own communities, you are well aware of the unprecedented growth
and strength in our entire national economy which we have
experienced over the past few years.

/Wo

X would like to examine

TREASURY DEPARTMENT
Washington

134

Remarks by David W. Kendall,Assistant Secretary
of the Treasury before the Mid-Atlantic Institute
of the Junior Chamber of Commerce, Powers Hotel,
Rochester, New York, 12 o1clock noon, Saturday,
September Ik, 1957
I am very glad indeed to have this opportunity to join you
here today as you meet to compare notes and ideas on ways and
means to carry on your good work. Your efforts, individually
and through your various local orgamgations, to promote the
economic good health of your respective communities are worthy
of the highest praise and I welcome the chance to tell you so.
I know that everyone of us has felt the frustration of
believing very deeply in the importance of some community
project only to see it die for want of an organized effort to
promote it — for want of a first class selling job. I know
from my own experience of a score of worthy projects which would
have suffered such a fate but for the enlightened enthusiasm and
effective hard work of the Junior Chamber.
You are effective because your organization is based on
a sound principle -- that is, that a community will be influenced
by the active efforts and example of obviously truly publicspirited citizens. This is particularly true when these citizens
themselves are engaged in various local enterprises, giving them
an important stake in the prosperity of the community. In this
way, I am sure your work has its own reward. It is richly
deserved.
Being intimately connected with the business life of your
own communities, you are well aware of the unprecedented growth
and strength in our entire national economy which we have
experienced over the past few years. I would like to examine
with you for a moment some of the more tangible evidence of what
we have achieved by way of economic benefits during this time.
First of all, Americans have kept busy. Since 1953 an average
of 96.2$ of our civilian labor force has been constantly at work.
Last year this meant that an average of 65 million people were
gainfully employed at all times — an increase of 3,700,000 over
1952. And they earned 12$ more per family in 1956, after taxes
and allowance for rising prices, than they did in 1952.
Specifically, family income in the United States averaged $5200
A-40
in 1956.

- 2-

135

More Americans than ever are enjoying the comforts and conveniences which come with increased earning power. Of the 30
million families which now own their own homes, 5 million have moved
in since 1952. Forty-five and 1/2 million American homes have
electric refrigerators, 38-1/2 million have television sets, and
5-1/2 million have food freezers.
Likewise more dollars are being salted away, in one form or
another, to provide the sense of security which is so essential to
the present as well as the future happiness of any family.
Twenty-one percent more life insurance policies are outstanding now
than in 1952; and 23$ more people are covered by health insurance.
Savings accounts of various sorts are up 41$ from 1952 to a total
of 112 billion dollars; and the number of people in this country
who now own shares in American industry is up two million to a
total of 8-1/2 million.
It is gratifying also to note in the Presidents Economic
Report for 1956 that participation in and support of religious,
cultural and educational activities are more extensive than ever
before. As indications of this we find that outlays for church
and library construction have increased tremendously along with
publication and circulation of books.
And all this has taken place concurrently with the development and maintenance of defense forces literally beyond the
imagination of even the most farseeing planners of World War II.
During the recent hearings before the Senate Finance
Committee one saw the blueprint of careful management of debt and
balancing of factors which has so characterized the whole effort
of Secretary Humphrey, Under Secretary Burgess and now Secretary
Anderson.
Too much cannot be said about this contribution to a
balanced free economy in a world faced by violent political
differences. This benefits equally the corner grocer as well as
a large manufacturing concern, a professional man as well as one
engaged in marketing, indeed everyone in business of any sort.
As I see it, and there have been plenty of opportunities
for careful and educated appraisement, barring the outbreak
of another war which I believe all seek to avert, and must
avert, there would seem to be nothing on the horizon in a growing
population and a growing economy which would bring about anything
within the foreseeable future except more forward progress
provided we continue to act with courage and foresight to stem any
tide of threatening inflation.
And there, in your homes, your communities and business
you are the real bulwark. It is upon your competent shoulders
that rests our ability as a nation to maintain a sound fiscal
policy so that dollars earned will be dollars saved — and not
just parts of dollars saved — and so that all of the national and
individual
general standards
accomplishments
of livingin
may
education,
be preserved
in mass
and health
enlarged.
and higher

236
- 3These standards, of which we are so proud, and all that
go with them have little chance of expansion, indeed of survival,
unless we have a sound economy to meet the cost. The two must
go hand in hand, and it*s up to you to see to it.
As I was thinking about this coming up here on the airplane,
I suddenly realized that to proceed as I had intended, to give
chapter and verse of this growing economy, especially as it
affects younger business leaders and executives and professional
men, would really be carrying coals to Newcastle; or if not
that, would be thoroughly a waste of your time, and that what
you really want to hear is how you can be of the fullest service
and effect in this changing world.
I am seriously concerned with the future of economy and
with the future of the United States if certain problems,
brought to the attention of the American public and particularly
the younger members of the American public, are not actually met.
I think that in the midst of this prosperity and with
every indication of its continuance, it is high time to take
account and inventory of precisely the things which could threaten
the loss to us and to our children of all of the fruits of economic
well-being and eventually all of the fruits of freedom itself.
As President Eisenhower reminded us last January in his
economic report to the Congress," . . . no type of economic
system offers greater opportunity for individual achievement or
places heavier responsibilities on the individual." If we are
to sustain an economy vigorous and productive enough not only to
provide what we want for ourselves, but to meet the demands
placed upon us by our position of leadership in the free world,
each of us must actively seek opportunities for responsible
citizenship.
One of the best places to find such opportunities is in
your own business. Another is in your contribution to government — by which I mean everything from the White House to
your local zoning board, finance committee or town or city council.
Such opportunities are easily and somewhat commonly avoided.
Any pangs of conscience are easily soothed by pointing to more
personal responsibilities, or by modestly protesting lack of
the necessary qualifications. But I need not remind you that
without a continuing flow of able citizens into positions of
responsibility and leadership in our local, state and national
governments, we can hardly expect to maintain the sound political
framework so vital to our economy.
There is not much use spending time on the proposition that
preoccupation with continued material prosperity can unquestionably
be disastrous. All of history combines to show this. But what
we must remember is that vie are living in a world of diametrically-

opposed ideologies which brings about constant attack upon our
institutions of government, of economy, of constitution, and
indeed of religion.
Concomitantly, we can take great faith in the recollection
that it has always been in times of stress that we have produced most fully the truly golden ages of American history.
Whether or not modern America is up to such a challenge depends
on us.
Nov/, as I was getting ready to talk to you this afternoon
it seemed to me that rather than taking account of these
material blessings which we have achieved under God, we had better
take inventory of the true basis upon which has rested the past
and upon which must rest the future of the United States.
Actually, this emphasis can best be made within the
membership of such organizations as this, dedicated to public
service and dedicated to the belief in the future of individual
freedom and democracy.
But it is not enough to pay lip service to these things
or to the free enterprise system. I am convinced, and nothing
connected with my service in Washington has changed my mind
but rather strengthened it, that the future of this country
rests upon a devoted, unselfish, and sometimes-fraught-withhardship, personal service to community, to the state and to the
nation in varying capacities according to the abilities of the
individual.
I should be remiss indeed if I discussed public service
and public servants while in this city without paying tribute
to the many outstanding men who have devoted themselves to
the United States and to its people. Perhaps of first magnitude
is the late George Eastman, who gave so much, not only materially
but more especially by enlightened forward thinking. And I am
sure he would be not only proud, but extremely so, of such
people as Marion Folsom whose contribution to the United States
Treasury and to the Department of Health, Education and Welfare
has been so unselfish, so wise and so farseeing. So, too, has
General Ted Curtis contributed without stint and with great
wisdom to the solution of the myriad difficulties created by the
rapid growth of air transportation. His assistance to the
President in an advisory capacity has been more than mere
assistance.
And we need look only to the representation in Congress
of Rochester, New York, our host city tonight, for further
outstanding examples of leadership at the national level.
Senators Irving Ives and Jack Javits and Congressmen Ken Keating
and Harold Ostertag represent the finest in the American tradition
of public service. In the session just ended they have compiled a
record
of which
not only their constituents but the entire country
can be very
proud.

- 5I don't much care whether we are talking about a church
board, a hospital board, a school board, county commissioner
or state legislator, but I am talking about a willingness
for public service engendered by a wholehearted belief that
unless such public service is given, the fruits of our labor
are likely to be so dissipated that neither we nor our
families nor our neighbors may benefit thereby. And the world,
looking to United States leadership, will suffer.
Our country has always needed devoted and capable public
servants. The best public servants are those who have had
enough experience in the lower levels of government to be
completely familiar not only with the democratic process but have
an understanding of the people who go to make up that process.
There is altogether too little understanding that democracy is
made up of many thousands of individuals and It is these
individuals, whether they are merely voters or whether they
are members of Congress, v/ho must be worked with as a team.
One can only achieve such experience and such knowledge by
actually getting into political affairs with a completeness which
rather removes it from pure avocation.
What I am trying to say is that it is all very well and
good to devote one*s self on a more or less ephemeral basis to
public service at home or elsewhere, but the value of that service
is directly measured by the experience of the individual involved.
I think that it is high time that in the United States we prepare
people like yourselves for more than a purely amateur standing in
public service. Many, many times does one see in government a
dedicated banker or lawyer, an able engineer or economist who
enlists for service of his country but%is unable to give full
value because of his inability to understand the rather simple
and always human complexities of what we call government or the
machinery of government.
This is a problem to which I think all of us can put our
attention, but I would say that the Junior Chamber of Commerce
is an organization which is peculiarly adapted for that purpose
by reason on the one hand of the high level of leadership
and capability of its membership, and on the other an understanding that the business and economic wealth of a nation can
only be measured by the amount of honest and able effort which
its citizenry devotes not only to private affairs but more
importantly to public affairs.
With this thought may I leave you to your deliberations,
reminding you that within this general area of Northeastern
United States rests the history of many, many foresighted
pioneers in the business world who were so dedicated to their
home communities and their national government, always with a
oOo which seems to be so instern faith in that divine guidance
extricably interwoven with American history.

HEUEASE A. K. lWSFiIVltS#
fmosday, Se.tembsr lh Xf$l.

the Treasury Department announced last evening that the tenders for $1,600,000,000
or thereabout*, of 91-day Treasury bills to bo dated September 19 and to mature
December Xf9 1957, which wore offered on September 12, were opened at the Federal
leserve Banks on September 16.
The details of this issue are as follows}
total applied for ~
U9M$Blh90O0
fetal accepted
- 1,601,009,000

'includes #423,083,000 entered on a
noncompetitive basis and accepted la
fall at the average price shown below)

Range ot accepted competitive bidet
High
Lou

- 99.U5 Equimlent rate of discount approx* 3.501* per annua
- 99*019
«
» *
»
•
3*mk% •
*

Average

- 99 MZ

(35 percent of the amount bU

•

tor at the loir prica was accepted)

federal Reserve
Dietriet

fetal
Applied for

fotal

Boston
lew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. i**mi»
Minneapolis
Kansas City
Bellas
San Francisco

•

Total

1*0,7*3,000

i9m9m9om

50,228,000
m9if*9ooo
z99ni9om
$S9hio9ooo
Z9$9X669000
5l4»e?3,ooo

16,016,000
1*0,117,000
kk99Z$9000
1^6,1*2^000

$Z9m9m$0W

il/t

3.6331 .«

3©,7&3*000
872,968,000
35,228,000
70,6*6,00©
f£»787,00O
$t,370,000
227,866,000
ft,873,0C^
17,Sl6,000
48,187,000
Ja,*2$,000
U7,800,000

11,601,009,000

•

TREASURY DEPARTMENT
WASHINGTON, D.C.
HEIEASE A. M. NEWSPAPERS,
Tuesday, September 17, 1957.

A_j__

The Treasury Department announced last evening that the tenders for $1,600,000,000
or thereabouts, of 91-day Treasury bills to be dated September 19 and to mature
December 19, 1957, which were offered on September 12, were opened at the Federal
Reserve Banks on September 16.
The details of this issue are as follows:
Total applied for - $2, 381*, 8U*, 000
Total accepted
- 1,601,009,000 (includes #1*23,083,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Range of accepted competitive bidsj
Hi n

€ - 99.115 Equivalent rate of discount approx. 3.501# per annum
M
lev
- 99*019
»
»
«
"
3.61*1*2 «
Average

- 99.082

3.633% "

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

Accepted

Boston

% UO,793,000 % 30,793,000
*«*
1,529,318,000
Philadelphia
50,228,000
Cleveland
80,696,000
Richmond
29,787,000
Atlanta
55,1*70,000
C1110^0
295,166,000
St. Iouis
51*,873,000
Minneapolis
18,016,000
Kansas City
1*9,117,000
Dallas
1*1*,925,000
San Francisco
136,1*25,000
New

Total

#2,381*,8ll*,000 11,601,009,000

872,968,000
35,228,000
70,696,000
29,787,000
52,370,000
227,866,000
51*,873,000
17,516,000
1*8,187,000
1*2,925,000
117,800,000

September 4, 1957

I
-4.

MEHORAHPUM im m. VLABXJ& h. MuOH£
the following transactions were made in dlreet and guaranteed securities
of the Government for treasury Investments and other accounts during the stonth
of August, 1957J
Purchases $59,448,000.00
Sales 33,055,700.00
$26,392,300.00

(Sgd) Charles I. a^uaa*-

Chief, Investments Bran eh
Division of Deposits ft Investments

TREASURY DEPARTMENT

WASHINGTON, D.C.

IMMEDIATE RELEASE,
^fmiua,y, AugusT 19, 19b7T"

During m£kmr 1957, market transactions
in direct and guaranteed securities of the
government for Treasury investment and other
accounts resulted in netjpurchases by the
Treasury Department of *

oOo

TREASURY DEPARTMENT
WASHINGTON, D.C.

IMMEDIATE RELEASE,
Monday, September 16, 1957.

A-42

During August 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 $26,392,300.

oOo

• 2 -

' % e m b e r l Board of Governors of the federal Eeserve system

Henry 0. Tails , _ m
Member, House Committee on Banfcing and Currency
^^Prek^and Chairman, ^pert-Import Bank of Washington
Sinclair Heeks
Secretary of Commerce

. Delegation to the Twelfth Annual Kiting of the Fund and R ^ *

reeretery of the freasts*yT
G. Douglas Dillon, Al^erna^ Governor^ J^

^m^bf^m^mr^^i^tWSTW^Stwwlc

Affairs

W. Randolph Burgess, Temporary Alternate Governor
Under Secretary of the Treasury
Frank A. southard, Jr., fmmormry Alternate Governor
Special Assistant to the Secretary ef the Treasury,
U.S. Executive Director ef the Fund
Wallace F. Bennettj^^J)
Ifeafeer, Senate Censaittee on Banking and Currency
Dennis A* Fitzgerald
Acting Director, International Cooperation Administration
Gabriel Haage^P
Special Assistant to the President
Alfred Hayes* J?
President, Federal Eeserve lank of lew lork
John S. Hooker,^)
U.S. Alternate Eaeeeutive director, Bank and Fund
Henry Kaarns,
"'Secretary of OoBmaree for International Affairs
William mc. Martin, Jr.
Chairman, Beard of Governors of the Federal Hommrvo System
A. Willis Robertson
Member, Senate Committee on Banking and Currency
Walter Schaefer
Assistant to the Director for Finance, International
Cooperation Administration
Brent Bpmnom
Chairman, House Committee on Banking and Currency
Lynn U. Stambaugh
First Vice President and Vice Chairaaua, Expert-Iaport Bank
of Washington

-US
insert X

The Corporation has recently commenced its operations
and has to date approved four projects involving investment
by that institution of $5*3 million.

- 3-

of policies which strengthen currencies and remove foreign exchange
restrictions. To assist members in carrying out these policies the
Fund provides short-term assistance to meet temporary difficulties, and
to give them time to adjust their international positions, During the
past year assistance of this character has been substantial. Cash drawings amounted to $l*2j, billion and new stand-by credit arrangements to
$1*1 billion.

Total drawings from the International Monetary Fund have

amounted to %2.$ billion, of which $l.k billion has been repaid.

m. 2 -

Martin, Jr., Chairman of the Board of Governors of the Federal Reserve System, will participate in a panel discussion of "Current
Problems of Credit and Fiscal Policy"•
The International Bank and the International Monetary Fund now each
Save a membership of 63 countries.

The membership of the International

Finance Corporation includes $1 nations.
The Bank makes loans mr

"IT*"

the economic development of its memberjea

These loans are made from its paid-in capital, fiK from the proceeds
of sales of its securities *flF^]jW jiulu lUi

Private investors also participate

directly from time to time in 1rtnpga^PiF9il& projects^ or purchase £cas±ga
U*m*~ ifc fcuJu r i 6 i ^ £ ^ W

« ^ 4 * W ~ A**** fU******* AAsLmt*4L*4~s <mhm<0»*Cm~ H f

jj * h ^c n t l ' f t n t ' hPlio hy thflffianlriffTTTjEirn-rtitntinn has alsd rendered valuable
assistance to its members in developing sound projects and he£q»ee>4rimiMi_ii
technioal advice iir vawjeus matters related to its activities. During the
fiscal year ending June 30, 1957, the Bank authorized loans to 1$ of its
member countries qf a to£al of $388 million.
Bank has made Mum

Since its organization, the

JwliiBflJlwuii^PB totaling $3.1 billion.

The international Finance Corporation was formed in 19$6 as an affiliate of the International Bank. Its purpose is to further economic
development by investing in private enterprises in the member countries
in association with private investors in cases where sufficient private
capital is not available egsasgasfanilaiii IniPim'u

The International Monetary Fund promotes international monetary cooperation for the purpose of attaining financial stability, internally and
externally, among its members.

It provides consultation and technical

advice on both foreign exchange and monetary policies, and seeks to
encourage the free flow of international payments through the promotion

yJ ^l^^yy

ie Secretary of the Treasury. Robert B. Anderson, today announced
the United States Delegation to the Twelfth Annual Meeting of the Boards
of Governors of the International Bank for Reconstruction and Development
and the International Monetary Fund, and the First Annual Meeting of the
International Finance Corporation^ ^Jlist of delegation attached.]
Lgecretary Anderson is United States! Governor of the three international
institutions and C. Douglas Dillon, ^eputy Under Secretary of State for
Economic Affairs, is Alternate Governor*
^teUasSSUltB el«-Qev eiiioi 3"Will nice ^September 2 3 - 2 7 , 1957, at the
Sheraton park Hotel in Washington. \ At tfeaae'"sessions the Biunl;1 nfi
Governors review the activities of the respective institutions. These
meetings also provide an occasion for informal exchanges of views mm.
interna Liuiial filial gljarowray ^^r^

l£<

- ^ W A ^ M ^

At the Opening Joint Session on Monday, September 23, there w i H
be a message from the President of the United States and an address by
the Chairman, Miguel Cuaderno, Sr., of the Philippines, which will be followed
by statements by other Governors, including Secretary Anderson. Following this, the president of the Bank, Mr. Eugene R. Black, will deliver his aflj
address on the work of the Bank. On Tuesday, September 2k9 the Managing
Director of the Fund, Mr. per Jacobsson, will give his address on the work
of the International Monetary Fund. Mr. W. Randolph Burgess, Under Secretary of the Treasury, will be among those commenting on the Fund Report
at this session. On Wednesday, September 2$9 there will be a discussion
of the Bank*s ifcnnual Report, at which time a statement will be made for
the United States by Mr. Dillon. Also on September 2$. Mr. William McC.

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
Wednesday, September 18, 1957.

A-43

Secretary of the Treasury Robert B. Anderson today announced
the United States Delegation to the Twelfth Annual Meeting of the
Boards of Governors of the International Bank for Reconstruction
and Development and the International Monetary Fund, and the
First Annual Meeting of the International Finance Corporation,
September 23-27, 1957, at the Sheraton Park Hotel in Washington.
(List of delegation attached.)
Secretary Anderson is United States Governor of the three
international institutions. Mr. C. Douglas Dillon, Deputy Under
Secretary of State for Economic Affairs, is Alternate Governor.
At their sessions the Governors review the activities of the
respective institutions. These meetings also provide an occasion
for informal exchanges of views among the Governors.
At the Opening Joint Session on Monday, September 23, there
will be a message from the President of the United States and an
address by the Chairman, Miguel Cuaderno, Sr., of tiie Philippines,
which will be followed by statements by other Governors, including
Secretary Anderson. Following this, the President of the Bank,
Mr. Eugene R. Black, will deliver his annual address on the work
of the Bank. On Tuesday, September 24, the Managing Director of
the Fund, Mr. Per Jacobsson, will give his address on the work
of the International Monetary Fund. Mr. W. Randolph Eurgess,
Under Secretary of the Treasury, will be among those commenting on
the Fund Report at this session. On Wednesday, September 25, there
will be a discussion of the Bank's Annual Report, at which time a
statement will be made for the United States by Mr. Dillon. Also
on September 25, Mr. William P4cC. Martin, Jr., Chairman of the
Board of Governors of the Federal Reserve System, will participate
in a panel discussion of "Current Problems of Credit and Fiscal
Policy".
The International Bank and the International Monetary Fund now
each has a membership of 63 countries. The membership of the
International Finance Corporation includes 51 nations.
The Bank makes loans in support of the economic development of
its member countries. These loans are made from its paid-in
capital, from the proceeds of sales of its securities and from
repayments on earlier loans. Private investors also participate
directly from time to time in projects financed by the bank or

- 2 purchase from the bank obligations arising from loans already made
by the bank.
The institution has also rendered valuable assistance to its
members in developing sound projects and has made available a
variety of technical services on matters related to its activities.
During the fiscal year ending June 30, 1957, the Bank authorized
loans to 15 of its member countries of a total of $333 million.
Since its organization, the Bank has made authorizations totaling
$3.1 billion.
The International Finance Corporation was formed in 1956 as
an affiliate of the International Bank. Its purpose is to further
economic development by investing in private enterprises in the
member countries in association with private investors in cases
where sufficient private capital is not available to support worthwhile projects.
The Corporation has recently commenced its operations and has
to date approved four projects involving investment by that
institution of $5.3 million.
The International Monetary Fund promotes international monetary
cooperation for the purpose of attaining financial stability,
internally and externally, among its members. It provides consultation and technical advice on both foreign exchange and monetary
policies, and seeks to encourage the free flow of international
payments through the promotion of policies which strengthen
currencies and remove foreign exchange restrictions. To assist
members in carrying out these policies the Fund provides shortterm assistance to meet temporary difficulties, and to give them
time to adjust their international positions. During the past
year assistance of this character has been substantial. Cash
drawings amounted to $1.4 billion and new stand-by credit arrangements to $1.1 billion. Total drawings from the International
Monetary Fund have amounted to $2.5 billion, of which $1.4 billion
has been repaid.
Attachment

U. S. Delegation to the Twelfth Annual Meeting of the Fund and Bank

Robert B. Anderson, Governor,
Secretary of the Treasury
C. Douglas Dillon, Alternate Governor,
Deputy Under Secretary of State for Economic Affairs
W. Randolph Burgess, Temporary Alternate Governor,
Under Secretary of the Treasury
Frank A8 Southard, Jr0, Temporary Alternate Governor,
Special Assistant to the Secretary of the Treasury,
U« S» Executive Director of the Fund
Wallace F. Bennett, Member, Senate Committee on Banking and Currency
Dennis A. Fitzgerald, Acting Director, International Cooperation
A dmini s tra tion
Gabriel Hauge, Special Assistant to the President
Alfred Hayes, president, Federal Reserve Bank of New York
John S. Hooker, Uo Sc Alternate Executive Director^ Bank and Fund
Henry Kearns, Assistant Secretary of Commerce for International Affairs
William McC. Martin, Jr., Chairman, Board of Governors of the
Federal Reserve System
A. Willis Robertson, Member, Senate Committee on Banking and Currency
Walter Schaefer, Assistant to the Director for Finance, International
Cooperation Administration
Brent Spence, Chairman, House Committee on Banking and Currency
Lynn U« Stambaugh, First Vice President and Vice Chairman,
Export-Import Bank of Washington
Mo So Szymczak, Member, Board of Governors of the Federal Reserve
System
Henry 0. Talle, Member, House Committee on Banking and Currency
Samuel C. Waugh, President and Chairman, Export-Import Bank
of Washington
Sinclair Weeks, Secretary of Commerce

- 3-

153
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^li (b) and 1221 ($) of the Internal Revenue Code of

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

Accordingly,

the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. hl8, Revised, and this notice, prescribe
the terms of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or Branch.

- 2 -

2 percent of the face amount of Treasury bills applied for, unless the tenders
accompanied by an express guaranty of payment by an incorporated bank or trust
company.
Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the
Treasury Department of the amount and price range of accepted bids.

Those sub-

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

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

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

Settlement for accepted

tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on September 26, 1957

, in cash or other immediately available funds

m
or in a like face amount of Treasury bills maturing

September 26, 1957

• Cash

=^r
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,

1 y y

*K8Kfc
TREASURY DEPARTMENT
Washington

A-H

A. M.

sm RELEASE/ ra&xm NEWSPAPERS,
Thursday, September 19, 1957
m

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

, or thereabouts, of

— P ? —

-day Treasury bills, for cash and

in exchange for Treasury bills maturing

September 26, 1957

, in the amount of

w
$1,601,6^3,000

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

—w—
competitive bidding as hereinafter provided.
dated September 26, 1957
, and will mature

The bills of this series will be
December 26, 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, taa/o1 clock p.m., Eastern/flfcsioidarri, time, Monday, September 23. 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

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
^^^S^tiiaui'^iaiujii^i ^sii-sw^ii^Krcs^wcciw^visi-ajTVKttrjCT^trEr:

1
WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
Thursday, September 19, 1957.

A-44

The Treasury Department, by this public notice, invites tenders
for $1,600,000,000, or thereabouts, of 91-day Treasury bills, for
cash and In exchange for Treasury bills maturing September 2b, 1957,
in the amount of $1,601,643,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated September 26, 1957,
and will mature December 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 o*clock p.m., Eastern Daylight
Saving time, Monday, September 23, 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 September 26, 1957,in cash or other immediately available funds
or in a like face amount of Treasury bills maturing September 26, 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

157
IMMEDIATE RELEASE,
Wednesday, September 18. 1957.
The Treasury today announced a | Q percent allotment on subscriptions in excess of $>Q vo-b for the current cash offering of
$500 million of 4 oercent Treasury Bonds of 1969; a *3- v percent
allotment on subscriptions in excess of #J______tr_ for the current cash
offering of $1,750 million of 4 nercent Treasury Motes of Series B-1982,
and a ^~3-- percent allotment on subscriptions in excess of $ 1 CTo tr^i
for the current cash offering of $750 million of 4 percent Treasury
Certificates of Indebtedness of Series C-1958. Subscriptions for
$ 3 0 fraO or less for the bonds will be allotted in full, and subscript
*
" 'J]
tions for more than $ >0 Otn> will be allotted not less than $ > 0 01H),
'

'm «,

Subscriptions for $ 1 (SO trtrb or less for both the certificates and notaa-,.;

will be allotted in full, and subscriptions for more than $JJ___J____ wil

be allotted not less than $ 1 Ot) QrtTO. In addition to the amount allott
y

to the public, -$100 million of each of the three issues will be allotted
to Government Investment Accounts.
Reports received thus far from the Federal Reserve Banks show that ,

subscriptions total about % H6*4 H mil Lion for the bonds, $____3J____ aH
—H

for the notes and -S^^j^illion for the certificates.
Details as to subscriptions and allotments will be announced when
final renorts are received from the Federal Reserve Banks.

H-ry

w^y

TREASURY DEPARTMENT
WASHINGTON, D.C.
IMMEDIATE RELEASE, 7 CQ
Wednesday, September IS, 1957.
— in

1 •!•••

"1T1

11 1

A-45

—fcp——j«»-m-mmmm——.mmmm,mmmmmmmmimm*m

The Treasury today announced a 10 percent allotment on
subscriptions in excess of $50,000 for the current cash
offering of $500 million of 4 percent Treasury Bonds of
1969; a 23 percent allotment on subscriptions in excess of
$100,000 for the current cash offering of $1,750 million of
4 percent Treasury Notes of Series B-1962, and a 22
percent allotment on subscriptions in excess of $100,000
for the current cash offering of $750 million of 4 percent
Treasury Certificates of Indebtedness of Series C-195&.
Subscriptions for $50,000 or less for the bonds will be
allotted in full, and subscriptions for more than $50,000
will be allotted not less than $50,000. Subscriptions for
$100,000 or less for both the certificates and notes will
be allotted in full, and subscriptions for more than
$100,000 will be allotted not less than $100,000. In
addition to the amount allotted to the public, $100
million of each of the three issues will be allotted to
Government Investment Accounts.
Reports received thus far from the Federal Reserve
Banks show that subscriptions total about $4,644 million
for the bonds, $6,085 million for the notes and $3*062
million for the certificates.
Details as to subscriptions and allotments will be
announced when final reports are received from the
Federal Reserve Banks.
oOo

159

fm*4*l9ii tpptm*kmt 24, lflT.
fbm treasury Department announced loot eveninf that the tondora for $1,600,000,
or thereabouts, of 91-day Treasury bills to b* datod Sopttafeor 26 and to raatura
Booos&er 26, vy'U which mrm ott*r*4 on Smpimmw

X99 m m oponad at too M o r a l

Bosarvo Bank* on Saptnabor 23.
The dataila of this i*ou* are aa foilowaj
fotal appllod for - 12,510,309,000
Total aoooptad
- 1,601f*99,CCQ a«cl*i.doa t429,B40,GQ0 oatoxod on a
noncop^titiva baaia mod accaptad la
full at tha avorago pric© shown feoloir)
Hang* of accepted co&potitivo bida:
High
- 99.11$ r:quivalant rate of discount approx* 3.5011 par mmm
m
im
** 99.%m
* *
*
" 3.541* • •
Avorago
- J*.107
•
• •
•
• 3.53W " »
1.66 pwc*nt of the aatount bid for at the low parte* Mas accoptod)
lodoral Poaorve
District

total

Booton

mm lorfc
-iiiladolpklo
CUevoIaisd
Riohsaoi^l
Atlanta
Chicago
St. Louis
Mianoapoiis
Kansas City
Doilao
San ffra&oioo®
Total

Total
«t*»w^§*p^K»

41,0*6,000
l,6k$9?$090O0
52,672,000
79,402,000
33,274,000
43,126,00©
302,2^,000
39,735,000
17,9^4,000
52,201,000
52,x45,ooo

m«mi®op,
12,510,309,000

27,564,000
999,937,000
29,659,000
56,532,000
27,730,000
32,956,000
195,449,000
39,229,000
15,442,000
46,007,000
31,663,000

,fflW°ff
11,601,699,000

TREASURY DEPARTMENT
WASHINGTON, D.C.
REIEASE A. M. NEWSPAPERS,
Tuesday, September 2k, 1957.

v£>^/

A-46

The Treasury Department announced last evening that the tenders for $1,600,000,000
or thereabouts, of 91-day Treasury bills to be dated September 26 and to mature
December 26, 1957, which were offered on September 19, were opened at the Federal
Reserve Banks on September 23.
The details of this issue are as follows:
Total applied for - $2,^10,309,000
Total accepted
- 1,601,899,000

(includes $429,840,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids:
High - 99.H5 Equivalent rate of discount approx. 3.501^ per annum
Low
- 99.105
"
n u n
n
3.54ljg
Average - 99.107 " HUM H 3.534g "

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

Total
Applied for

Total
Accepted

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

$
41,046,000
1,649,750,000
52,672,000
79,482,000
33,874,000
43,126,000
302,295,000
39,735,000
17,984,000
52,211,000
52,145,000
145,989,000

$2,510,309,000

$1,601,899,000

Total

27,584,000
999,937,000
29,659,000
58,532,000
27,730,000
32,956,000
195,449,000
39,229,000
15,442,000
46,007,000
31,663,000
97,711,000

IMMEDIATE RELEASE,
Tuesday, Septeisfcer 2<%. 1957 •
The Treasury Department today announced the subscription and allotment figures
with respect to the current cash offering of $500 million of 4 percent Treasury Boois
of 1969, $1,750 million of 4 percent Treasury Notes of Series B-1962 and $750 million
of 4 percent Treasury Certificates of Indebtedness of Series C-19S8. The bonds will
be dated^ October 1, 1857, and the notes will be dated Septeafcer 26, 1957. The certiffc
oates of indebtedness are an additional amount of the issue dated August 1, 1957, with1
interest adjusted as of September 26, 1957.
Subscriptions and allotments were divided among the several Federal Reserve Districts and the Treasury as follows?
Treasury Bonds of 1989

Serles B-1962 Notes

Federal Reserve
District

Total Subscript
tions Received

Total Subseriptions Allotted

Total Subscriptions Received

Total Subset
tions AUottet

Boston
New Tork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Gov* Inv.Aeets.
TOTAL

$ 21,585,500
252,841,500
16,774,000
50,746,000
17,806,500
21,457,000
84,314,500
15,545,500
11#899»SQ0
15,474,500
50,802,500
57,955,500
557,500
100.000.000
1856,916,000

$ 521,175,000
2,505,150,000
265,656,000
457,052,000
248,625,000
171,545,000
796,6765000
172,65^000
152,642*000
191,497*000
512,040,000
746,15?;000
llgOOO

170,566,500
2,217,767,,000
159,924,,000
255,650,r000
116,118,,500
187,152,,500
555,959,,500
107,705,,000
79,050,,500
164,248,,500
259,597,,000
$45,701,,500
587,,500
> ^ •?.)<
$4,647,586,,000

- -£ J
16,120,9% 000

Series C-3958 Certificates

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

Total Subscriptions Received

Total Subscriptions Allotted

$ 124,744,000
1,069,194,000
175,445,000
187,880,000
119,616,000
166,657,000
436,528,000
104,655,000
97,856,000
124,917,000
175,911,000
257,521,000
125,000

$ 52,696,000
245,529,000
44,790,000
52,178,000
59,343,000
51,796,000
159,195,000
55,913,000
54,711,000
47,916,000
50,151,000
57,721,000
125,000
100.000.000
$952,f»2;0d0

«9 **m

$5,066,827,000

98,584,001
666,9S4,QQ(
82,265,00(
152,488,001
32,664,00)
60,2t7,OQj
265,515,001
61,626,01
61,689,0a
75*856,$
99,515,001
215,464*
^ : 118,O0C
100.000* 00(

$2^300,5001

TREASURY DEPARTMENT

162

WASHINGTON, D.C.
M E D I A T E RELEASE,
Tuesday, September 24, 1957.

A-47

The Treasury Department today announced the subscription and allotment figures
with respect to the current cash offering of $500 million of 4 percent Treasury Bonds
of 1969, $1,750 million of 4 percent Treasury Notes of Series B-1962 and $750 million
of 4 percent Treasury Certificates of Indebtedness of Series C-1958c The bonds will
be dated October 1, 1957, and the notes will be dated September 26, 1957. The certificates of indebtedness are an additional amount of the issue dated August 1, 1957, with
interest adjusted as of September 26, 1957.
Subscriptions and allotments were divided among the several Federal Reserve Districts and the Treasury as follows:
Treasury Bonds of 1969
Federal Reserve
District

Total Subscriptions Received

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

170,566,500
2,217,767,000
159, 924,000
253, 630,000
116, 116,500
137, 132,500
535, 959,500
107, 705,000
79, 050,500
104, 248,500
239, 397,000
545, 701,500
387,500
=, 647,586,000

Total Subscriptions Allotted
$ 21,383,500
252, 841,500
16, 774,000
30, 746,000
17, 606,500
21, 457,000
64, 314,500
15, 343,500
11, 899,500
15, 474,500
30, 802,500
57, 935,500
337,500
100, 000,000
J656,916,000

Series B-1962 Notes
Total Subscriptions Received
> 321,173,000
2,305,150,000
265, 656,000
437, 052,000
248, 625,000
171, 543,000
796, 678,000
172, 633,000
152, 642,000
191, 497,000
312,040,000
746,137,000
118,000
$6,120,944,000

Series C-1958 Certificates
Federal Reserve
District

Total Subscriptions Received

Total Subscriptions Allotted

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

$ 32,696,000
245, 529,000
44, 790,000
52, 178,000
39, 848,000
51, 796,000
139,193,000
35, 918,000
34, 711,000
47, 916,000
50, 151,000
57, 721,000
125,000
100, 000,000
^932,572,000

124,744,000
1,069,194,000
173, 443,000
187, 880,000
119, 616,000
166, 657,000
486, 528,000
104, 655,000
97, 836,000
124, 917,000
173, 911,000
237, 321,000
125,000

:;?3,066,8.?7,000

Total Subscriptions Allotted
$

98,584,000
666,954,000
82, 263,000
132, 438,000
82, 664,000
60, 227,000
265, 313,000
61, 626,000
61, 689,000
73, 856,000
99, 313,000
215, 464,000
118,000
100,
000,000
$2,000, 509^000

or by any local taxing authority.

For purposes of taxation the amount of discount

- 2 Aifift . G

m
or in a like face amount of Treasury bills maturing October 3, 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 princip*1
or interest thereof by any State, or any of the possessions of the United States,

' Q'^

*fcBfttac
TREASURY DEPARTMENT
Washington
fi&fc RELEASE^ 2 K 8 K & & NEWSPAPERS,
Thursday, September 26, 1957

A
'V

/
(

X
U

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

, or thereabouts, of

in exchange for Treasury bills maturing
$1>599*216,000

-day Treasury bills, for cash and
October 3, 1957

, in the amount of

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

m
competitive bidding as hereinafter provided.
dated October 3, 1957
and will mature

The bills of this series will be
January 2, 1958 , 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
Daylight Saving
closing hour, two o!clock p.m., Eastern/S_BJnbno± time, Monday, September 30, 195?.

m
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99*92$.

Fractions may not be used.

It is urged that tenders

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

lbb

WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
Thursday, September 26, 1957.

A-48

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 October 3, 1957,
in the amount of $1,599,216,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated October 3, 1957,
and will mature January 2, 195?
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, two o'clock p.m., Eastern Daylight
Saving time, Monday, September 30, 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 October 3, 1957,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing October 3, 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

161

FOR IMMEDIATE RELEASE
September 2&, 1957

The Bureau of Customs announced today that the absolute quota
of 8,883,259 pounds on Mexican cotton of less than 1-1/8 inches in
staple length (other than harsh or rough cotton of less than 3/4 inch
in staple length, and other than linters) was filled at the opening
moment of the quota year on September 20, 1957. Of the total amount
of such cotton presented for entry, only 7.8875 per centum was
authorized release, which amount filled the quota.
The quota of 239,690 pounds on Canadian cotton waste was also
filled at the opening of the quota; 6,996 pounds were charged
against the British Indian cotton waste quota of 69,627 pounds, and
6,915 pounds of cotton card strips were charged against the Italian
cotton waste quota of 7,088 pounds.

TREASURY DEPARTMENT
WASHINGTON, D.C.
FOR IMMEDIATE RELEASE A-49
September py, i'^'57
The Bureau of Customs announced today that the
absolute quota of 8,883,259 pounds on Mexican cotton
of less than 1-1/8 inches in staple length (other than
harsh or rough cotton of less than 3/4 inch in staple
length, and other than linters) was filled at the
opening moment of the quota year on September 20, 1957.
Of the total amount of such cotton presented for entry,
only 7.0875 per centum was authorized release, which
amount filled the quota.
The quota of 239,690 pounds on Canadian cotton
waste was also filled at the opening of the quota;
6,996 pounds were charged against che British Indian
cotton waste quota of 5>,627 pounds, and 6,9J-5 pounds
of cotton card strips were charged against the Italian
cotton waste quota of 7*06(3 pounds.
0O0

^ DRAFT

RELEASE 12 O1CLOCK NOON
MONDAY, SEPTEMBER 30, 1957

16 S

$ _
/

Treasury Secretary Anderson today administered the oath
of office to Julian B. Baird of St. Paul, Minnesota, as Under
Secretary of the Treasury for Monetary Affairs. He succeeds
W. Randolph Burgess, who left the Treasury to become permanent
representative of the United States on the NATO Council in Paris,
with the rank of Ambassador.
Mr. Baird was sworn in before a group of Treasury and other
Government officials, Members of Congress, and friends at a noon
ceremony in the Treasury.
Prior to his appointment by President Eisenhower, Mr. Baird
was Chairman of the Board of the First National Bank of St. Paul.
He has served as a member of the Federal Advisory Council of the
Federal Reserve System, on the Government Borrowing Committee of
the American Bankers Association, and as President of the
Association of Reserve City Bankers.
(Biographical sketch attached.)

TREASURY DEPARTMENT
WASHINGTON, D.C.

RELEASE 12 O'CLOCK NOON A-50
MONDAY, SEPTEM3ER 30, 1957
Treasury Secretary Anderson today administered the
oath of office to Julian B. Baird of St. Paul, Minnesota,
as Under Secretary of the Treasury for Monetary affairs.
He succeeds W. Randolph Burgess, who left the Treasury
to become permanent representative of the United States
on the NATO Council in Paris, with the rank of Ambassador.
Mr. Baird was sworn in before a group of Treasury
and other Government officials, Members of Congress,
and friends at a noon ceremony in the Treasury.;
Prior to his appointment by President Eisenhower,
Mr. Baird was Chairman of the Board of the First National
Bank of St. Paul.

He has served as a member of the Federal

Advisory Council of the Federal Reserve System, on the
Government Borrowing Committee of the American Bankers
Association, and as President of the Association of Reserve
City Bankers.
(biographical sketch attached.)

oOo

JULIAN BRADEN BAIRD
Under Secretary of the Treasury
for Monetary Affairs
Date and place of birth:

2.71
"
*
"

November 15, 1892, St. Paul, Minnesota

Education:
1893-1906 Webster School, St, Paul
1906-1910 Central High School, St. Paul
1910-I9H University of Minnesota, Minneapolis
1911-1915 Yale University-Sheffield Scientific School, Ph.3.
Business or Professional Career:
mm^mmmm9mmmm

« I««M-««-M-W«IWII

,99,9 nimHM»--«Maw-«ni<i

B--M-MM

1915-17 Employ of The National City Bank of New York, N. Y.
1919-20 Employ of The National City Company in St. Paul
1920
Entered the employ of an affiliate of The First
National Bank of St. Paul, held various positions
leading to his appointment as President in 1945,
and in 1954 was named Chairman of the Board,
resigning the latter position on September 10, 1957.
Sept. 30, 1957 - Under Secretary of the Treasury for Monetary
Affairs (interim appointment)
Directorships (held prior to appointment in Treasury Department):
The First National Bank of St. Paul
First Trust Company of St. Paul
First Service Corporation
First Bank Stock Corporation
St. Paul Ammonia Products, Inc.
Military Service:
1918 enlisted in the Army — became Second Lieutenant,
Field Artillery, Camp Funston
Positions held in Banking (prior to appointment in Treasury
Department):
President, Association of Reserve City Bankers, 1947-48
Member, Federal Advisory Council of Federal Reserve System,
Member, Federal Advisory Council of Federal Reserve System,
1955-57
Member, Government Borrowing Committee of the American Bankers
Association, 1954-57
Professional Associations (prior to appointment in Treasury
"~~-'~--——-,-^—-—•——-•--"-•
Department):
Member, Association of Reserve City Bankers
Chairman, Resources Research Committee

172
- 2 C1ub Memberships :
The Minnesota Club of St. Paul
Somerset Country Club
The Yale Club, New York
The Century Association, New York
Civic ana Charitable Affiliations (prior to appointment in
Treasury Department):
Treasurer, Minnesota Historical Society, 1939-50
Treasurer, Minnesota VJar Service Fund, 1944-46
Treasurer, Minnesota Community Research Council, 1946-51
Chairman, Minnesota Community Research Council, 1951-52
Vice President & Director, Amherst R. Wilder Foundation
Member of Executive Council, Minnesota Historical Society
Trustee, Minnesota Community Research Council, Inc.
Director, St, Paul Rehabilitation CenterVice President & Trustee, Minnesota Foundation
Vice President & Director, St. Paul Community Chest & Council,Inc.
Trustee, James Jerome Hill Reference Library
Chairman, Industrial Development Committee, St. Paul Chamber of
Commerce
Member of the Civic Educational Center Building Commission of
St. Paul
Married:
Helen Hall - November 29, 1916
Children:
Duncan K. Baird, St. Paul
John B. Barid, St. Paul
Jane Baird Evans, Oxford, England
(8 grandchildren)
Home Addre_s 3:
2150 Charlton Road., Saint Paul 18, Minnesota

September 30, 1957

i 7Q

mm**"

REPASS A. M. HEWSPAPSRS,
Tuesdayf October 1^ 1957*
The Treasury Department announced last evening that the tenders for 11,600,000,000,
or thereabouts, of 91-day treasury bills to be dated October 3, 19$1, and to nature
January 29 1958, which were offered on September 26, were opened at the Federal
Reserve Banks on September 30.
The details of this issue are as followst
Total applied for - #2,290,002,000
Total aocepted
- 1,600,194,000

(includee #354,658,000 entered on a
noncompetitive basis and accepted in
f u n at the average price shown below)

Bangs of accepted competitive bidet
High
Low

* 99*123 Equivalent rate of discount approx. 3.4691 per annua
- 99.104
»
»
«
»
«
3.5452 "
*

Average

- 99.108

•

3.526*

(60 percent of the amount bid for at the low pries 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

#
35,637,000
1,566,229,000
46,146,000
69,967,000
25,722,000
32,767,000
255,248,000
34,752,000
17,313,000
51,962,000
40,716,000
121,543,000

#2,290,002,000

#1,600,194,000

Total

25,637,000
995,429,000
26,468,000
59,967,000
15,722,000
32,067,000
190,958,000
34,752,000
17,033,000
51,962,000
34,516,000
115*663,000

•

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A. M. NEWSPAPERS,
Tuesday, October 1, 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 October 3, 1957, and to nature
January 2, 1958, which were offered on September 26, were opened at the Federal
Reserve Banks on September 30.
The details of this issue are as follows:
Total applied for - #2,290,002,000
Total accepted
- 1,600,194,000

(includes #354,658,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids:
High
low

- 99.123 Equivalent rate of discount approx. 3.k69% per annum
n
- 99.104
»
w
w
II
3.545$ M
»

Average

- 99.108

3.528#

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

Federal Reserve
District

Total
Applied for

Total
Accept ed

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

#
35,637,000
1,568,229,000
46,146,000
69,967,000
15,722,000
32,767,000
255,248,000
34,752,000
17,313,000
51,962,000
40,716,000
121,543,000

#2,290,002,000

#1,600,194,000

Total

25,637,000
995,429,000
26,488,000
59,967,000
15,722,000
32,067,000
190,958,000
34,752,000
17,033,000
51,962,000
34,516,000
115,663,000

mu
tmtw l*tbmr
the w a ^ T o f the Coast Oxmrd Am »av:
v©s and a U s v i a t i n g smf f*r'n£ whan taarric&tt©
laid waste the Louisiana coast, certainly is gratifying to $&X of us at %h& Tr*mmmry.
X a sftfifring4©»lstaat Secretary Kendall* mm
mmmyvwxmAcm of fefee Co&at Guard is assigned, ^ &**&
tiie letter a l * n * to the CQejmandant, Vice Adsiral
B?sf\SHHatf» I mi sur© tot C o m & n g & R t will see t&at it
re&e**** Kaar Admiral ttrri^ and all the
As y e n taow, fee)f#r# #*«jjitt %m tm
had S c ^ j t M n g to do with tH* affairs of the
mmmimmm9
sag fro® thin a?q*«rtan«* 1 gftitt#4 ££**
im^mmmtmn
that tte Coast Guard alttays is d e p t s d a M t
In sack an ea&srg^ney as the one Att&rijr
Our warm apprereiatxojs of your very thoug&tfui
, and all good m s ^ N t© the &*erican Sad Cross.
Sincersly,
(SIGNEDJ BOB

aeit®ral 41freNl K. Grusntftar
Pr#sid#nt, The American nations!
ted Cross
Waiihingtori, D . C,

"jr-g

fiUBuXi

The American National Red Cross
Washington, D. C.
0f f 1 i i' rrf ~"tlrr Pi wpi 4< 11L

Dear Mr. Secretary:
As the relief operation of the American Red Cross
following Hurricane Audrey comes to a close, I wish
to express my deep appreciation for the wonderful
assistance given by officers and men of the Coast
Guard who were instrumental in saving lives and
alleviating suffering caused by the storm.
To date the Red Cross has expended more than
two and one half million dollars in emergency and
rehabilitation relief. I assure you, however, our
expenditures would have been considerably in excess
of this amount had it not been for the assistance
given by the Coast Guard.
Sincerely,

s/ Alfred M. Gruenther
Alfred M. Gruenther

The Honorable Robert B. Anderson
Secretary of the Treasury
Washington 25, D. C.

177

&C*fL

farttJC****^

n*m$~4*-*m~>+^ J

TREASURY DEPARTMENT
IMMEDIATE RELEASE,
londay, September 30, 1957.

WASHINGTON, D.C.

The Treasury made public today the following letters exchanged
>y General Alfred M. Gruenther, President of the American Red Cross,
ind Secretary Anderson:
'•V

The American National Red Cross
Washington, D. C.
Dear Mr. Secretary:
As the relief operation of the American Red Cross following Hurricane Audrey comes to a close, I wish to express my
deep appreciation for the wonderful assistance given by
officers and men of the Coast Guard who were instrumental in
saving lives and alleviating suffering caused by the storm.
To date the Red Cross has expended more than two and one
half million dollars in emergency and rehabilitation relief.
I assure you, however, our expenditures would have been considerably in excess of this amount had it not been for the
assistance given by the Coast Guard.
Sincerely,
/s/ Alfred M. Gruenther
The Honorable Robert B. Anderson
Secretary of the Treasury
Washington 25, D, C.
Dear Al:
Your letter commending so generously the work of the Coast
Guard in saving lives and alleviating suffering when hurricane
Audrey laid waste the Louisiana coast certainly is gratifying
to all of us at the Treasury.
I am asking Assistant Secretary Kendall, to whom supervision
of the Coast Guard is assigned, to hand the letter along to the
Commandant, Vice Admiral Richmond. I am sure the Commandant will
see that it reaches Rear Admiral Kerrms and all the other Coast
Guardsmen of District 3, who did the good work.
As you know, before coming to the Treasury, I had something
to do with the affairs of the armed services, and from this
experience I gained the impression that the Coast Guard always
is dependable in such an emergency as the one Audrey produced.
Our warm appreciation of your very thoughtful message, and
all good wishes to the American Red Cross.
Sincerely,
/s/ BOB
General Alfred M. Gruenther
President, The American National
Red Cross
Washington,D.C.
°0o

?.o

a series date was in 1935*
The inscription In God tie Trust first appeared on
a coin of the "United States in 1161+, chiefly as a result of
increased religious sentiment aroused by the ^ivil ^ar.

8i
I'CR A.K. NEWSPAPERS
Tuesday, October 1, 1957

One dollar notes bearing the inscription In God We Trust
will be available to the public at most B4HEXX of the country's
banks beginning Tuesday, October 1.
The inscription has appeared on coins for many years,
—fait "tiiiii&iQnjLu4i^3ii»«afe
Z*iS>^V*.*/!h*S9'.-*--0mW..

th e i s s u anc e o f
but has not appeared on currency since S
national bank notes mdMwft'iBTlftULiL under the National Bank Act

of 1874.
Adoption of the inscription on present-day currency was
authorized by laartMmxfamAfllfg^ftdpfak Congress in 1955, to take
effect following a changeover in printing methods at the Bureau
of Engraving and Printing. The changeover is now in process.

The new one dollar notes are silver certificates

They bear the signatures of Robert B. Anderson, Secretary of the
Treasury, and Ivy banker Priest, Treasurer of the United Hates.
reverse
The words In God We Trust appear on t h e . « M H H N M side of the
A
notes, just a ove the large «e letters ONE.
The notes also are identifiable by *»*«^_flE2-S35K
the new designation Series of 1957o The last previous change in

TREASURY DEPARTMENT

WASHINGTON, D.C.
FOR A.M. NEWSPAPERS,
Tuesday, October 1, 1957.

A-53

One dollar notes bearing the inscription In God We
Trust will be available to the public at most of the
country1s banks beginning Tuesday, October 1.
The inscription has appeared on coins for many
years, but has not appeared on currency since the
issuance of national bank notes under the National
Bank Act of 1374.
Adoption of the inscription on present-day currency
was authorized by Congress in 1955 .< to take effect
following a changeover in printing methods at the
Bureau of Engraving and Printing. The changeover is
now 1x1 process.
The new one dollar notes are silver certificates.
They bear the signatures of Robert B. Anderson,
Secretary of the Treasury, and Ivy Baker Priest,
Treasurer of the United States. The words In God We
Trust appear on the reverse side of the notes, just
above the large letters ONEe
The notes also are identifiable by the new
designation Series of 1957. The last previous change
in a series date was In 1935.
The inscription In God We Trust first appeared
on a coin of the United States in 1664, chiefly as
a result of increased religious sentiment aroused by
the Civil War.

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

- 2-

AzmLk 183

Secretary of the Treasury expressly reserves the right to accept or reject any o
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 les

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 October 10, 1957 , in cash or other immediately available funds

BEE

or in a like face amount of Treasury bills maturing
October 10, 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, an
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 princ

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

184
ExtaBg*tx3t
kttXk
TREASURY DEPARTMENT
Washington

A. M.

mm RELEASE/ wwuawa NEWSPAPERS,
Thursday, October ^. 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> 599 > 742,000

-day Treasury bills, for cash and

October 10, 1957

, in the amount of

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

competitive bidding as hereinafter provided.
dated October 10, 1957

, and will mature

The bills of this series will be
January 9, 1958

, when the face

' ' ' /n \

Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99*92$.

Fractions may not be used.

It is urged that tenders

Tenders will be received without deposit from

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

Tenders from others must be accompanied by payment of

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
Thursday, October 3* 1957.

A-54

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 October 10, 1957,
in the amount of $1,599,742,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated October 10, 1957,
and will mature January 9, 195#,
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, two oTclock p.m., Eastern Daylight
Saving time, Monday, October 7, 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 October 10, 1957, in cash or other immediately available funds
or in a like face amount of Treasury bills maturing October 10, 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 noif or hereafter imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 195^ the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the
difference between the price paid for such bills, whether on
original Issue or on subsequent purchase, and the amount 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

Comparison of principal items of assets and liabilities of active national hanks - Continued
(In thousands of dollars) _
•
. June 6,
1301
s

:
%
t

LIABILITIES
Deposits of individuals, partnerships, and corporations:
Demand
5^.380,721
Time
27,761,505
Deposits of U. S. Government
2,049,715
Postal savings deposits
11,815
Deposits of States and political
subdivisions
7,677,687
Deposits of hanks
7.967.3^7
Other deposits (certified and
cashiers' checks, etc.)
1,446,3**!
Total deposits
ldi,295,131
Bills payable, rediscounts, and
other liabilities for borrowed
money
814,874
Other liabilities
1,937,798
Total liabilities, excluding
capital accounts
104,047,803
CAPITAL ACCOUNTS
Capital stock:
Preferred
3.791
Common
2,702,682
Total
2,70^73
Surplus
4,201,561
Jndivided profits
1,602,630
Reserres
233.503
Total surplus, profits and
reserves
6,037,694
Total
capital
accounts
8,744,lb7
.RATIOS*
U.S.Gov't
Loans
Capital
Total
capital
& ckoco-osats
oiscoxuats
liabilities
securities
accounts
1wto
> total
and
to
total
total
deposits
assets
assets
112,791.970
Percent
26.98
*2-£5
8.63

5
: Increase or decrease j Increase or decrease
Mar. l4, . JuneJO, , since M ar. l4, 1957 » since June 30, 1956
1301 ;
-WQ
Amount
: Percent * Amount
; Percent
}

56,7^7.930
27.164,833
1,443,786
11,771

5l*.1*92,378
25,760,836
3,211,507
12,852

-2,367,209
596,672
605,929
44

7.202,638
8,091,767

7,607,153
8,408,890

1,5*11,358
1,642.785
162,204,083 1Oi.13b.W1

-^.17
-111.657
2.20 2,000,669
kU97
-l,l6l,792
.37
-1,037

-.20
7-77
-36.I8
-8.07

^75.0^9
-124,420

6.60
-1.51*

70,53^
-WHtW

-93
-5-25

-95,017
-90«,9$2

-6.l6
=35

-196,444I5E7735

-U.96
H5~

150,884
1,495.210

-128,404
127,891

-I3.6I
7.07

663,990
442,588

440.07
29.60

104,957,268 102,782,495

-909.^5

-.87

1,265,308

1.23

16,008
16,008
23,268
1^3.999
-**83

.60
.59
.56
9.87
-.21

9^3.278
1,809,907

3.791
2,686,674
2,690,465
4,178,293
1,458,631
233.986

3.859
2,571.573
2,575,432
4,006,626
1,413,837
257.905

5.870.910
5.678.368
8,5bl,375
8,253.800
113.518,643
Percent
£7*40
4|.Jg
8.38
111.036.295
Percent
£7.£l
g.lb
*-?2

-68
111.109
iii.64i
19^.935
188,793
-24.tt)2

-1.76
5.10
b*&LT~
^87
13-35
-9.46

166,784
2.84
359,326
6.33
182,792Minus-.64
2.14
**90.3b7
5.94
-726,673
TSOTVlz
sign««*»»»
denotes
1.755.675
decrease.
decree,*\.-->
1.58
OO &>

Statement showing comparison of principal items of assets and liabilities of active national hanks
as of Jane 6, 1957, March l4, 1957 and Jane 30, 1956
(in thousands of dollars)

,^^-^^
1

*''•*'.iP-ji'iff

ft**'

x
*
i increase or decrease : Increase or decrease
Jane 6, . Mar. l4, , Jane 30, , 8ince Mftr. l4, 1957 * since June 30, 1956
$
;
1957 :
1957
1956 : ^omit
:Percent * Amount
:Percent
;
Itaber of banks 4,65^ **»657 ^.675 -3 -21
ASSETS
Commercial and industrial loans... 21,284,77^
20,880,138
19,688,876
404,636
1.94 1,595.898
8.11
Loans on real estate
12,093.766
12,039.813
11,623,319
53.953
.45
470.^7
4.05
All other loans, including overdrafts
16,068,008
15,957,353
15.^8,277
^g*6^
-g?
^ ? . g
^g*
Total gross loans
49,446,548'
4* , 8 7 7 , 3 * U . W . k l * 5 6 5 . 2 4 4
0 5
2.7lo,6Y6f^
Less valuation reserves
886,385
876,184
731.072
10,201
1.16
155,313 21.24
Net loans
48,566,163
48,661,126
^Wf^m
555^5
1716 2,566,76$
5^7"
U. S. Government securities:
Direct obligations
30.432,845
3i.098.l60
30.653.137
-665,315
-2.l4
-220,292
-.72
1
Obligations fully guaranteed....
3.620
4,35**
4,132
-73 * -16.86
-512 -12.3^
Total U. S. securities
30.1*3o.*tt>5
31,102,5m
30.b57.2b9
-bbb.0%
-2.14
-220,804
-.72
Obligations of States and political subdivisions
7.259.756
7.124.288
7.09^78
135.^68
1.90
165.278
2.33
Other bonds, notes and debentures. 1,675.150
1,613,360
1,736,150
6l,790
3.83
-6l,000 -3.51
Corporate stocks, including stocks
of Pederal Reserve banks
239.07**
239.585<
230.864
-511
-.21
8.210 3.56
Total securities
39.616,i<45
**6.6Y9,747
35.718,761
-469,302
-1.1?
-168.?16
-.f/i;,
Total loans and securities... 88,170,0O8
88,080,8b7
85,718,lbl
89,741"
T l O " 2.452.447
2.apCarrency and coin
i,W>)M&
1,505.396
1,178.332
-161.569
=57^
22^^*5^f™
Reserve with Federal Reserve hanks 11,494,513
11,249,926
11,052,924
244,587
2.17
440..589
J**00
Balances with other banks
9.690,359
10,710.688
11,378,290 -1,020,329
-9.53 -ljfr.951 -14.83
Total cash, balances with other
banks, Including reserve haly>,
Other Total
assets
ances
cess of
assets
andcollection
cash items in pro— 112.791.970
22,588,753
2.o32,6o§ 113.518.643
23.466,004
1.971.772 111,036,295
g3,609,5*»6
1,768,588
-877,251
-726,673
66.837
-3.74
-.64
3.69 -1,020,793
1,755.675
324,021 18.!
-1.58
V
00

183
securities decreased $100,000,000 to $1,600,000,000. 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) of
$9,300,000,000 were about the same amount as in March. The percentage of net
loans and discounts to total assets on June 6, 1957 was 43.05 in comparison
with 42.28 in March and 41.43 in June 1956.
Investments of the banks in United States Government obligations on June 6
aggregated $30,400,000,000 (including $3,600,000 guaranteed obligations), a
decrease of $660,000,000 in the period. These investments were 27 percent of
total assets. Other bonds, stocks and securities of nearly $9,200,000,000,
which included obligations of States and political subdivisions of $7,250,000,000,
were $200,000,000 more than in March. Total securities held amounting to
$39,600,000,000 decreased $475,000,000.
Cash of $1,400,000,000, reserve with Federal Reserve banks of $11,500,000,000,
and balances with other banks (including cash items in process of collection) of
$9,700,000,000, a total of $22,600,000,000, showed a decrease of $875,000,000.
Borrowed money of $815,000,000 was down $128,000,000 since March.
The capital stock of the banks on June 6 was $2,706,000,000, including
$3,791,000 of preferred stock. Surplus was $4,202,000,000, undivided profits
$1,603,000,000 and capital reserves $233,000,000, or a total of $6,038,000,000.
Total capital accounts of $8,744,000,000, which were 8.63 percent of total
deposits, were $183,000,000 more than in March when they were 8.38 percent of
total deposits.

TREASURY DEPARTMENT
Comptroller of the Currency
Washington

RELEASE A. M. NEWSPAPERS,
Friday, October 4, 1957-

j. 8 9

A-55

The total assets of national banks on June 6, 1957 amounted to

$112,800,000,000, it was announced today by Comptroller of the Currency Ray M.
Gidney. The returns covered the 4,654 active national banks in the United
States and possessions. The assets were $700,000,000 below the amount reported by the 4,657 active banks on March 14, 1957. the date of the previous
call.
The deposits of the banks on June 6 were $101,300,000,000, a decrease of
$900,000,000 since March* Included in the recent deposit figures were demand
deposits of individuals, partnerships, and corporations of $54,400,000,000,

which decreased $2,375,000,000, and time deposits of individuals, partnership
and corporations of nearly $27,800,000,000, up $600,000,000. Deposits of the

United States Government of $2,050,000,000 increased $600,000,000 in the peri
deposits of States and political subdivisions of $7,675,000,000 increased
$475,000,000, and deposits of banks amounting to nearly $8,000,000,000 showed
a decrease of $125,000,000. Postal savings were $11,800,000 and certified and
cashiers1 checks, etc., were $1,450,000,000.
Net loans and discounts on June 6 were $48,600,000,000, an increase of
$560,000,000 since March. Commercial and industrial loans of $21,300,000,000
increased $400,000,000, and loans on real estate of $12,100,000,000 were up
$50,000,000. Retail automobile installment loans increased $170,000,000 to
$3,700,000,000. Other types of retail installment loans of $1,450,000,000
increased $74,000,000. Loans to brokers and dealers in securities, and other
loans for the purpose of purchasing or carrying stocks, bonds, and other

TREASURY DEPARTMENT
Comptroller of the Currency
Washington

RELEASE A. M. NEWSPAPERS,
Friday, October 4, 1957.

A-55

The total assets of national banks on June 6, 1957 amounted to

$112,800,000,000, it was announced today by Comptroller of the Currency Ray M.
Gidney. The returns covered the 4,654 active national banks in the United
States and possessions. The assets were $700,000,000 below the amount reported by the 4,657 active banks on March 14, 1957, the date of the previous
call.
The deposits of the banks on June 6 were $101,300,000,000, a decrease of
$900,000,000 since March. Included in the recent deposit figures were demand
deposits of individuals, partnerships, and corporations of $54,400,000,000,

which decreased $2,375,000,000, and time deposits of individuals, partnerships
and corporations of nearly $27,800,000,000, up $600,000,000. Deposits of the

United States Government of $2,050,000,000 increased $600,000,000 in the peri
deposits of States and political subdivisions of $7,675,000,000 increased
$475,000,000, and deposits of banks amounting to nearly $8,000,000,000 showed
a decrease of $125,000,000. Postal savings were $11,800,000 and certified and
cashiers' checks, etc., were $1,450,000,000.
Net loans and discounts on June 6 were $48,600,000,000, an increase of
$560,000,000 since March. Commercial and industrial loans of $21,300,000,000
increased $400,000,000, and loans on renl estate of $12,100,000,000 were up
$50,000,000. Retail automobile installment loans increased $170,000,000 to
$3,700,000,000. Other types of retail installment loans of $1,450,000,000
increased $74,000,000. Loans to brokers and dealers in securities, and other
loans for the purpose of purchasing or carrying stocks, bonds, and other

securities decreased $100,000,000 to $1,600,000,000. 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) of
$9,300,000,000 were about the same amount as in March. The percentage of net
loans and discounts to total assets on June 6, 1957 was 43.05 in comparison
with 42.28 in March and 41.43 in June 1956.
Investments of the banks in United States Government obligations on June 6
aggregated $30,400,000,000 (including $3,600,000 guaranteed obligations), a
decrease of $660,000,000 in the period. These investments were 27 percent of
total assets. Other bonds, stocks and securities of nearly $9,200,000,000,

which included obligations of States and political subdivisions of $7,250,000,00
were $200,000,000 more than in March. Total securities held amounting to
$39,600,000,000 decreased $475,000,000.
Cash of $1,400,000,000, reserve with Federal Reserve banks of $11,500,000,000,

and balances with other banks (including cash items in process of collection) of
$9,700,000,000, a total of $22,600,000,000, showed a decrease of $875,000,000.
Borrowed money of $815,000,000 was down $128,000,000 since March.
The capital stock of the banks on June 6 was $2,706,000,000, including
$3,791,000 of preferred stock. Surplus was $4,202,000,000, undivided profits
$1,603,000,000 and capital reserves $233,000,000, or a total of $6,038,000,000.
Total capital accounts of $8,744,000,000, which were 8.63 percent of total
deposits, were $183,000,000 more than in March when they were 8.38 percent of
total deposits.

Statement showing comparison of principal items of assets and liabilities of active national banks
as of June 6, 1957, March l4, 1957 and June 30, 1956
(in thousands of dol3.ars)
June 6,
1957
lumber of banks

4,654

Mar. 14,
1957

June 30,
1956

Increase or decrease J Increase or decrease
since Mar. l4, 1957 } since_ June 30, 1956
Amount
jPercont 5 Amount
:Percent

^657

^.675^
-3
ASSETS
Commercial and industrial loans... 21,284,774
20,880,138
19,688,876
*K>4,636
Loans on real estate..
12,093,766
12,039,213
11.623,319
53,953
All other loans, including overdrafts
16,068,008
15,957,353
110,655
15,418,277
Total gross loans
49,44fc,5"4§
%g~JYT^ffiT~- 1 5 7 7 3 0 7 W ~
5£972ljir~
Less valuation reserves.....
gg6,385
876,184
_10,201
„ 131,072
Net loans.
4S,560,lFT Trsr-,
48,001,120
559T043 "
^5S337^oo~
U. S. Government securities:
Direct obligations.
30,432,845
31,098,l60
30,653,137
-665,315
Obligations fully guaranteed....
3,620
4,354
4,132
=.734
Total U. S. securities
"30,436,W~3XTl02TdW
Obligations of States and noliti~~~
~
cal subdivisions
7,259,75$
7,124,288
7,094,47a
135,^68
Other bonds, notes and debentures.
1,675,150
1,613,360
1,736,150
61,790
Corporate stocks, including stocks
of Federal Reserve banks........
239,074
_ 23Q» g 64
J2LL585Total securities.
39,blCfj^PPf
MO, 079,TW 35",7is,76f >9YK>2
Total loans and securities... 8871707^08"
WTosoTioT
Currency and coin
lf*40"5,881
1.505,390
1,17^7332
-101,509
Seserve with Federal Reserve banks 11,494,513
11,249,926
11,052,924
244,587
3alances with other banks.........
9,690,359
10,710,688
11,37^,290
-1,020,329
Total cash, balances with other
banks, including reserve balances and cash items in p r o 23_,466,004
23,609,546
-877,251
cess o f collection
22,588,753
Other assets.
2,032,609"
1
JTarnT^miTio^^
Total assets
112,791.970
113.518,643
111,036,295
-726,673

-21
1.9^

"""OF"
_ 1..16
"lflF
~2.l4

1.595,898
470,447

8.11
4.05

649,731
2,71b,076T
155.313.
2,555.753

4.21
5.81
21.24
" 5."57

-l6.86_
"~^2TI4

•220,292
-J^.12
•22b, scW"

-.72
-12.39
"72"

1.90
3.S3

165,273
-61,000

2.33
•3.51

8.2L0
108,31

3.56

"225,549
44i,5S9
1,687,931

-3.74
-.64

-1,020^793
124,021
1,7557675

-4.32
1.58
CO

(In thousands of dollars)
June 6, ' Mar. 14, \ June 30, Increase or decrease : Increase or decrease
since Mar. l4, 1957 . since June 30, 1956
. 1957
1957 ! 1956
"~
Amount : Percent « Amount : percent

LIABILITIES
Deposits of individuals, partnerships, and corporations;
d
23 5^.380,7a 56,7^7.930 5^.^2,378
•
27,761,505 27,164,833 25.760,836
Benoiif;rTV:--:
Deposit of U. S. Government
2,049,715
1,443,786
3.211,507
Postal savings deposits
•>' \omo
n>g15
x£ 4 ^
Deposits of States and political
mfood
subdivisions
7,677,687
7,202,638
7,607,153
S± 3
0f a S
nT t
^ ^ '^-;
7.967,3*7
8,091,767
8 *K)g S90
Other deposits (certified and
' '5
Ca
^otT,CheCfr etC°* 1.W.341 i.ifti.ya 1,642,785
mil T o t a l M d e P ° s i * s
101.295.131 i62\^47vT8j~iorn3oT^
:
Bills payable, rediscounts, and
^,™A
other liabilities for borrowed
ot££?r;;i";;; *lktSlk 9^.278 150,884
Other
liabilities
1,937,798
1,809,907
1.495.P10
erred
£ r e fTotal
3.791
3.791
3,859
liabilities, excluding
- —
CoQ
2 ! ^capital
:
•
_2,,J02,682
2,686,674
m.
^%J{D
yjx
2,571.573
accounts.......
104,047,803 104.957.268 102,782,495
taI
* ° CAPITAL ACCOUNTS
^rm?m—2^90^55—\jfirfM
U
~
"
—~2JrK^ir"•;;;
*,a>i,56i ^178,293 4,oo6,"6iT
Capital stock;
Undivided profits
1,602,630
1,458,631
1,413,837
Reserves..
233,503
233,986
257 905
Total surplus, profits and
^ "• • • ?-•
ese
*
™«
^6,037,694
5,870.910
5.678,368

S ^ ^Vl*^*?CC0Xm*S

^7P7W~T3Bl^75

g^TOSSET

Total liabilities and
~~
~—
capital accounts
112,791.970 113,518,64^ 111,036,295
HA I S
^ 2 i tJL
,_
Percent
Percent
Percent
U.S.Gov't securities to total assets
26.98
?7 lw
ov c%
Loans &.accounts
discounts
total
assets
43.05
4?* 3?
Capital
to to
total
deposits
g.63
g*fg
8 EVhi
16

•2,367,209
-*.17 -111,657
596,672
2.20 2,000,669
605,929
41.97 -1,161,792
*4
.37
-1,037
^75,049 6.60 70,534 07
-124,420
-1.54 -441,543
-95,017 -6.16 -196.41*4 -11.96
-9087952
=7g9
IP7735

-.20
7.77
-36.18
-8.07
-5.25
^[6~-

-128,iio4 -13.61 663,990 440.07
127,891
7.07
442,588

29.60

-909.^5 -.87 1,265,308 1.2
- - - 6B -1.76

—Jf^SI
~4^Z g S g g ^ .59

131,109
rarimi

5.10
Lug-

23,268
1*3.999
-*83
^66^78* 2.84

.56
19^,935
9.87
188 793
-.21
-24.1402
359,326 6.33

4.g7
13 35
-9J46

-726.673

-.64

1.58

1,755.675

NOTE: Minus sign denotes decrease.
CO
CO

UNITED STATES G0ID TRANSACTIONS WITH FOREIGN COUNTRIES
January 1, 1957 • June 30, 1957
(in millions of dollars at $35 per ounce)
Negative figures represent net sales» by the
United Statesi positive figures, ne% purchases
Country

Afghanistan
Argentina
Belgium

First
Quarter
1957
-5.3
10.0
3.U

Canada
Chile
Coleinbia
Denmark
El Salvador
France
IMP
Iran
Korea
Netherlands
Sweden
Switzerland

Second
Quarter
1957

-$.1
10.1
m

5.2

•

2.8

7.0
-3.5
300.0
m
m

—
m
m

2*9.9
-.3

Fiscal Year 1957
July 1, 1956 June 30. 1957
-$.6
115.3
6.8
19.8
2w8
28.||
7.0
-3.5

""•""""

Fiscal Tear lrf
July 1, 195$ .

June 30. lfla
$20.1
—
•
•

-33f8
699.9
••3
m

100.0
-.3
-1.9

20.0

5.0

—

•

25.0
15.2
-8.0

•
•
«*

m
m
m

lOO.fti
29.1
3.0

U.0
2.5

United Kingdom
Uruguay
Vatican City

1.0
m

Venezuela
Attorney General
of the U.S.*
All Other

-200.0

*.3
$341.5

m
&1B.U

13.1
$640.0

-.5
£116.4

* - Represents Rumanian-owned gold blocked under Executive Order, and, pursuant
to Public Law 285, 84th Congress, August 9, 1955, among assets vested mod
liquidated, their proceeds to be distributed to American claimants against
Rumania.
** - Less than 350,000.

The Treasury Department today made public a report of
monetary gold transactions with foreign governments central
banks, and international institutions for the second quarter
of 1957. In this period, the United States purchased $318.9
million worth of gold, and sold $.5 million. These transactions
brought to $659.9 million the net inflow of geld into the United
States in the first half of this year, with U. S. geld purchases
at $664.5 million and U.S. sales, $4.6 million.
In the twelve months ended June 30, 1957, net purchases of
monetary gold by the United States totaled $840.0 million.
A table showing net transactions, by country, for the first
two quarters of 1957 and for the tw» fiscal years (ended June 30)
1956 and 1957, i» attached.

TREASURY DEPARTMENT
WASHINGTON, D.C.

RELEASE A.M. NEWSPAPERS,
Monday, October 7, 1957.

~56

The Treasury Department today made public a report of
monetary gold transactions with foreign governments, central
banks, and international institutions for the second quarter
of 1957. In this period, the United States purchased $313.9
million worth of gold, and sold $,$ million. These transactions
brought to $659.9 million the net inflow of gold into the United
States in the first half of this year, with U. S. gold purchases
at $66li«5 million ani U.S. sales, $4.6 million.
In the twelve months ended June 30, 1957, net purchases of
monetary gold by the United States totaled $840.0 million.
A table showing net transactions, by country, for the first
two quarters of 1957 and for the two fiscal yosrs (ended June 30)
1956 and 1957, is attached.

197

UNITED STATES GOLD TRANSACTIONS WITH FOREIGN COUNTRIES
January 1, 1957 - June 30, 1957
(in millions of dollars at ^35 per ounce)
Negative figures represent net sale£3 by the
United Stai:.es; positive figures, net purchases

Country

Afghanistan
Argentina
Belgium
Canada
Chile
Colombia
Denmark
El Salvador
France
International
Monetary Fund
Iran
Korea
Netherlands
Sweden
Switzerland
United Kingdom
Uruguay
Vatican City
Venezuela
Attorney General
of the U.S.*
All Other

First
Quarter

Second
Quarter

1957

10,0

-.p.l
10,1

3cU

5.2

Fiscal Year 1957
July 1, 1956 June 30, 1957
-,«6
115*3
6,8
19,8

Fiscal Year 1956

July 1, 1955 June 30, 1956
#20.1

—

2~Z
28.1
7,0

—

-3*5

7*0

-3o5
-33*8

300c.O

20.0

299.9
-.3

699*9
-•3

5.0

25oO
15,2

100.0

—.3
-lo9
-

-8,0

1.0

100^3
29*1
3e0

11.0
2.5

-200.0

-.3
•331*1.5

386

^3lB0U

•1
$3U0.0

13.1
-o5
#110 o 2

* - Represents Rumanian-owned gold blocked under Executive Order, and, pursuant
to Public Law 285* 81;th Congress, August 9, 1955, among assets vested and
liquidated, their proceeds to be distributed to American claimants against
Rumania,
** - Less than .,£0,000.

198
RELEASE A. M. HEWSPAFERS,
Tuesday, October 8, 1957The Treasury Department announced last evening that the tenders for 11,600,000,5
or thereabouts, of 91-day Treasury bills to be dated October 10, 1957, and to mature
January 9, 1958, which were offered on October 3, were opened at the Federal Resero
on October 7.
The details of this Issue are as followst
Total applied for - 12,201,138,000
Total accepted
- 1,600,5146,000

(includes 1391*,167,000 entered on a
noncompetitive basis and accepted in
foil at the average price shown below)

flange of accepted competitive bids;
High
Um

* 99.126 Equivalent rate of discount appro*. 3*k$B% per mmm
- 99.106
*
«
•
•
3.537$ •
»

Average

- 99.109

•

3.52$* •

(59 percent of the amount bid for at the lew price was accepted)
Federal Reserve
District

Total
Applied for

Total
Accepted

Boston
Hew York
Philadelphia
Cleveland

Rlc&Bctid

Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

32,212,000
l,J*62,73l*,OOQ
50,533,000
76,508,000
19,818,000
li2,569,000
236,819,000
39,913,000
20,721.000
55,602,000
1*6,760,000

Mi$i?*ooo
T0TJVL

$2,201,138,000

21,612,000
998,393,000
28,ii65,ooo
69,1*58,000
19,818,000
1*0,859,000
17«,33a,000
39,913,000
19,898,000
1*9,103,000
31,760,000
106.933.000

11,600,51*6,000

TREASURY DEPARTMENT
WASHINGTON, D.C.
'JBIEASE A.M. NEWSPAPERS,
uesday, October 8, 1957»

N^<£^X

A - £7

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

r thereabouts, of 91-day Treasury bills to be dated October 10, 1957, and to matur

anuary 9, 1958, which were offered on October 3, were opened at the Federal Reserv
n October 1.
The details of this issue are as follows:
Total applied for - $2,201,138,000
Total accepted
- l,600,$k69000

(includes $39l*,l67,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids:
Hi h

S - 99.126 Equivalent rate of discount approx. 3.1*58£ per annum
Low
- 99.106
"
«
ti
n
n
3.537$ «

Average - 99.109

t»

n w » n 3.525$ « »

($9 percent of the amount bid for at the low price was accepted)
Federal Reserve Total Total
District
Boston $ 32,212,000 $ 21,612,000
New York
Philadelphia
Cleveland
Richmond
^}anta
^icag°
St. Louis
Minneapolis
Kansas City
£allas
,
San Francisco

Applied for

l,i-62,73h,000
50,533,000
76,508,000
19,818,000
1*2,569,000
236,819,000
39,913,000
2.0,721,000
55,602,000
1*6,760,000
116,91*9,000

TOTAL $2,201,138,000 $1,600,51*6,000

Accepted

998,393,000
28,1*65,000
69,1*58,000
19,818,000
1*0,859,000
17l*,33l*,000
39,913,000
19,898,000
1*9,103,000
31,760,000
106,933,000

20 U
TREASURY DEPARTMENT
Washington
RELEASE IN P.M. NEWSPAPERS,
Wednesday, October 9, 1957.
Remarks by Treasury Secretary Robert 3. Anderson
at dedication of the Sam Rayburn Memorial Library,
Bonham, Texas, Wednesday, October 9, 1957',
2:30 P.M. C.S.T.
Out of the yesterdays, out of the life of Sam Rayburn, we
come to the present moment. We dedicate a library Inspired by himj
erected not for glorification but consecrated to stimulate and
satisfy man's intellectual thirst for learning In the tomorrows.
Vie would not be content and look backward; we would labor and look
forward — for of such is the life of Rayburn.
It Is a proud moment. We are honored who are privileged to
pay tribute to a personal friend and an outstanding American. He
needs no monument. He is part and parcel of our generation. He
has given his life in service to his country. His historic
stewardship as Speaker of the House longer than any man before him
attests to the genesis of fairness that is an essential ingredient
of government by and for the people. His true memorial will abide
in their hearts.
It is altogether fitting that the site of thj.s citadel of
history and progress should be in Bonham. The Speaker is rooted
here in the rich black soil of Fannin County. Here he gained his
strength and put on the mantle of simplicity and humility. Here
he is part of the people — the cornerstone of his faith.
The affection, the confidence, and the respect of his
neighbors are responsible for his 44 years in Congress. How
appropriate that this library will be largely devoted to improving
our knowledge and understanding of the Congress of the United
States.
There the art of self-government is raised to one of its
highest expressions. In this forum is heard the voice of the two
great political parties of our time.
Often times the debates may seem to lack specific direction,
yet out of the crucible of discussion come the intellectual
alloys of our collective thinking. These materials, utilized by
the growing genius of the architects of our government, become the
p±iings and pillars of the edifice of our political thinking. Upon
this scaffolding will be laid the solid stones of our national
A-58
decision.

?n<

4- U

- 2Tho;:>e of us who now and in the future behold the completed
structure will know that, all unseen, it is supported by the
perdurable framework created by the political artisans of our
age, exemplified by men like Sam Rayburn.
In a deeper sense, however, no building of national life is
ever completed. The time never comes when we can say our work
is done. No generation can claim the privilege of dwelling in
the house of its father without accepting the responsibility of
preserving and extending It for the generation to come.
But we dedicate today a house of books, of written records.
How important they are to the past, the present, and the future.
In 1835 Alexis de Tocqueville in "Democracy in America" wrote:
"The authority which public men possess in America
is so brief and they are so soon commingled with the
ever changing population of the country that the acts
of a community frequently leave fewer traces than events
in a private family. The public administration is, so
to speak, oral and traditional. But little is committed
to writing, and that little is soon wafted away forever,
like the leaves of the Sibyl, by the smallest breeze.
"The only historical remains in the United States
are the newspapers; if a number be wanting, the chain
of time is broken and the present is severed from the
past. I am convinced that in fifty years it will be
more difficult to collect authentic documents concerning the social condition of the Americans at the present
day than it is to find remains of the administration of
France during the Middle Ages; and af the United States
were ever invaded by barbarians, it would be necessary
to have recourse to the history of other nations in
order to learn anything of the people who now inhabit
them."
No book or record is an end unto itself. They must make the
past useful to the present — the contemporary challenging to the
future. Few ideas are new but old ideas are adaptable. That
which was once regarded as imagination may find reality in a new
day.
Experiences, when recorded, do not wear out. Mental
creativeness, once inscribed, does not exhaust itself. In new
fabrics of time they are constantly reappearing, guiding,
directing — slowly but inscrutably moving each new age toward
man's enlightenment and betterment of man.
In this use of books certain currents of optimism are
discernible. I will mention only two. The first of these is the
insistent belief that the present can be improved upon. No era

- 3leed be happenstance. Here is evidence of man's faith that as an
Individual he can discern and use things of value about him. He
persists in believing that his lone personal thoughts and
neditation are worth recording. His experiences are spared
condemnation as transitory and assume an air of deathless value.
Yesterday, today and tomorrow are coalesced into a oneness by the
reposition of man's records.
A second discernible current of human optimism gleaned from
Libraries is the age-old belief that as a community man can best
govern himself. Here is the root of our constitution. This
faith in our collective judgment is the basic support of our
Congress — that magnificent instrument of our courageous resolve
bo be a government of law by people. Here we seek to keep the
balance between the well-being of the many and the imperative
creative need of the individual for the fullest freedom. Here
is need for inherent fairness. Political parties contend and
iebate, but over the long run the distillations of combined
judgments have proven sound. As our problems grow more and more
complex the people of our nation sense it and the members of our
ieliberative bodies rise to the demands.
Not all the world is free. There are some nations whose
leaders scorn the individual and the competence of communities
bo govern by the rule of law. They stifle freedom, curtail
observation and meditation. They enforce totalitarianism and
regimentation. They also burn books. They forbid the
recordings of free thought. They prostitute history. They do not
iedicate libraries of unfettered expression.
The role of records in man's affairs could go on interminably.
They are one of our most palpable links with Immortality. As
3uch, they keep before us always the sobering realization that
i>ur decisions and our actions of the fleeting present are
bomorrow's record of how we laid a restraining hand on man's
narch to a better condition, or gave him impetus.
Our separate books may be no more than records of the things
bhat describe an individualistic pattern or thought experience.
3ut brought together as the libraries of free men our books, like
great citizens, transcend themselves. They become a part of what
Mites us. As libraries our books become like a twisted skein of
nany colored threads. In such a skein it may be next to
i-mpossible to trace the course or importance of any one thread.
3ut dominant colors can be easily distinguished. So also can the
lain directions that those dominant strands follow.
Our libraries serve us in the same manner. From their massed
records, and just because they preserve so much that is so
different of man's thoughts, decisions and actions, we can see
Nearly a few main attributes and main directions.

203
- 4Thus we are enabled to find and assess our enduring
characteristics. We are reassured that whether slowly or in haste
at given times the human race has moved, in the main, steadily
from disorganization toward organization, from scarcity toward
plenty, from brutishness toward perception and appreciation,
from ignorance toward knowledge and from knowledge toward
wisdom, from fear toward security, from ceaseless tribal war
toward ceaseless efforts to achieve peace.
Our libraries assure us man has a sense of direction, a lasting, dependable sense we may all safely take, as individuals and
as nations, to guide our own conduct.
This is an important occasion. Most of what I have said
relates to the library we dedicate.
But what of the man whose name it carries?
You, his neighbors, know his virtues well. He has the deep
personal feeling for friendship. No friend is ever cast aside
because it might be expedient. He has earned the respect of his
associates in government regardless of party.
When he speaks in Congress — which is rarely — the word
passes quickly and every seat is filled. You expect him to speak
plainly — he does. He is a master of simplicity and directness.
In every sense, Sam Rayburn is most unusual in his profession.
He stands in the national spotlight representing courage and
strength, character and patriotism — the type of rugged individualist with vision who has built the state and the United
States to a pinnacle of world leadership.
It was Rudyard Kipling who spoke of one who could "walk with
kings nor lose the common touch." Such a man we honor today.
Sam Rayburn has always been close to the roots of bis greatness.
He is deeply close to his family, his friends and his home. You
haven't been around Sam Rayburn very long, anywhere he might be,
if you haven't heard him talk about Bonham, his devoted friends
in the Old Fourth district and Flag Springs, his home as a boy.
Not long ago at a Texas dinner in Washington, Speaker Rayburn
said:
"We are all just slightly removed from Flag Springs. We
all just missed being a tenant farmer or a hired hand or something.
I just missed being a tenant farmer by a gnat's heel. But
somebody was kind to me in my youth. Yes, I have come a long
way from Flag Springs. But, then, I don't feel that I have ever
been very far away from Flag Springs, either."

204
- 5 Sam Rayburn is in the business of politics. In that business,
issues and partisan differences breed differences of opinion. But
although there may be those who differ with Sam Rayburn on
political issues, there are none who question his fairness or
devotion to principle.
I remember an occasion a number of years ago when Speaker
Rayburn had passed the mark of holding the office of Speaker of
the House longer than anyone previously in history.
On the occasion marking this record tenure as Speaker of the
House, his Republican counterpart, House Minority Leader Joseph W.
Martin, Jr. of Massachusetts, rose from his chair.
"No man", his political adversary said, "could achieve such
an unusual distinction unless he was a man of fine character, of
extraordinary ability, great fairness and a parliamentarian par
excellence,
"Those are virtues which we have in our Speaker. In this hour
of confusion — of uncertainty — we have a man who has the
courage, we have a man who has the firmness to do that which is
right, to the end that our country may emerge a better country..."
If there is anything that is bipartisan in Washington it is
a uniform respect and appreciation for Sam Rayburn.
Speaker Rayburn has risen above the things that divide us to
the things that unite us in the same way that a library does, by
combining in himself a keen awareness of the main currents of
human effort and aspirations. In so doing, he has entered the
small company of men who are recognizable landmarks along
humanity's high roads, the men who have in themselves been keepers
of humanity's sense of direction.
Mr. Speaker, here among your closest friends America salutes
you.
We are grateful for the life you have so abundantly lived
among us.
Any effort of mine to reduce to expression your contributions
to our way of life and government would be to distort by
simplicity that which Is the imponderable measure of a man of
history in the lives of all generations who feel the impact of his
influence.
May it suffice here to say only that what you have been, what
you have done, what you are, belong forever to the edifice of our
society — to the inspiration of our Nation.
This building, bearing your name, we commend to the use of
man — Sam Rayburn we enshrine in the hearts of his countrymen.

0O0

205
Letter to be Read by Treasury Secretary Robert 8.
Anderson at Dedication of the Sam Rayburn
Memorial Library, Bonham, Texas, Wednesday,
October 9, 1957, 2:30 P.M. CST
RELEASE IN PM NEWSPAPERS
WEDNESDAY, OCTOBER 9, 1957
THE WHITE HOUSE
Washington
October 7, 1957
Dear Mr. Speaker:
It is a pleasure to join your friends in the dedication
of the Sam Rayburn Memorial Library.
There are few citizens who can equal your kxiowledge
of the Bouse of Representatives, and none who has
occupied the position of leadership of that body as
long as you have. It is fitting, therefore, that
this library stand as a lasting reminder of your
guiding spirit and rich experience in that great institution of self-government.
My congratulations to you on this occasion that does
honor to all the citizens of oar land.
With warm regard,
Sincerely,
/s/ Dwlght D. Eisenhower

The Honorable Sam Rayburn
Speaker of the House of Representatives
Bonham, Texas

STATUTORY, DEBT, LIMITATION
AS OF, September 30, 1957

206

Oct. 9, 1957

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
$ 2 f 2 , 0 0 0 , 000, 000
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills I 26,658,414,000
Certificates of indebtedness.
Treasury notes.
BondsTreasury
Savings (current redemp. value)
Depositary.
Investment series
Special FundsCertificates 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:
Internat'l Monetary Fund series
Total .~

35,009,885,000
19.316,954,000 $
80,772,977 ,750
53 tti^t^Wo,000
194»056,500
10.690.495.000
30,281,207 ,000
12,477 .419,000
3.462.500,000

80,985,253,000

J/tf,431,977,916

46.221.126.000
272,638,356,916
453 ,59b,92b

48,302,179
912,600
829,000t000

878.214.779
273,970,170,621

Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A
113,885,350
Matured, interest-ceased
678 1 600
Grand total outstanding
Balance face amount of obligations issuable under above authority,

114.563.950

Reconcilement with Statement of the Public Debt ...?®.I?^®^^.!!...?.9.!....„?5Z
(Date)
(Daily Statement of the United States Treasury,
September JKj, .1957
OutstandingTotal gross public debt
Guaranteed obligations not owned by the Treasury.
Total gross public debt and guaranteed obligationa
Deduct - other outstanding public debt obligations not subject to debt limitation

A-59

974,084.734.571
915,265,^9

)

274,411,983.187
274,526,5^7.137
441.812. jg
274,084,734.571

STATUTORY DEBT LIMITATION
September 30, 1957
0F

;

07
^hi.,.0., JL^mmmmJSS.

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.j title 31, sec. 757b), outstanding at any one time. For purposes of this section the current redemption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder
shall be considered as its face amount."
The following table shows the face amount of obligations outstanding and the face amount which can still be issued under
this limitation:
$275,000,000,000
Total face amount that may be outstanding at any one time
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills
Certificates of indebtedness
Treasury notes
BondsTreasury
Savings (current redemp. value)
Depositary.
Investment series
Special FundsCertificates of indebtedness
Treasury notes.
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:
Internat'l Monetary Fund series
Total

$ 26,658,414,000
35»009 , 885»000
19.316,954,000 $ 80 ,985.253 ,000
80,772,977 ,750
53.774,448,666
194,056,500
10.690.495.000 145,431.977.916
3 0 » 2 8 1 , 2 0 7 >000
1 2 , 4 7 7 ,419.000
3,462,500,000

46.221.126,000
272 ,638,356,9l6
4 5 3 »59b»920

48,302,179
912,600
829,000.000

878,214.779
273.970.170,621

Guaranteed obligations (not held by Treasury):
Interest-bearing:
113,885.350
Debentures: F.H.A
_
678,600
Matured, interest-ceased
Grand total outstanding ,„
,
Balance face amount of obligations issuable under above authority,

114,563.950
274,084.734.571
915.265.429

Reconcilement with Statement of the Public Debt ..§®E^.?^^...?5.^..i?.57.
(Date)

(Daily Statement of the United States Treasury,
i\ .

J-

S e p t e m b e r JO,...1957 j
(Date)

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

A-59

274,411,983.187
114.563,950
274,526,547.137
441.812.566
274,084,734,571

- 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 h$\x (b) and 1221 {$) 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. !tl8, 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-

^09

2 percent of the face amount of Treasury bills applied for, unless the tenders

accompanied by an express guaranty of payment by an incorporated bank or trust
company.
Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by
Treasury Department of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The

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

final. Subject to these reservations, noncompetitive tenders for $200,000 or le

without stated price from any one bidder will be accepted in full at the avera

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 R
serve Bank on October 17, 1957 , in cash or other immediately available funds
or in a like face amount of Treasury bills maturing October 17, 1957 Cash

and exchange tenders will receive equal treatment. Cash adjustments will be ma

for differences between the par value of maturing bills accepted in exchange a
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the

are subject to estate, inheritance, gift or other excise taxes, whether Federal

or State, but are exempt from all taxation now or hereafter imposed on the prin

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

o V0
g^ .&. ^

IXBSXftXXX.

TREASURY DEPARTMENT
Washington

A. M.

A - '~~i^>f'

RELEASE/ XDQE8XK& NEWSPAPERS,
Thursday, October 10, 1957

' '

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

-day Treasury bills, for cash and

2&*X

in exchange for Treasury bills maturing

October 17, 1957

, in the amount of

$ 1,600,562,000 • to be issued on a discount basis under competitive and non-

—

competitive bidding as hereinafter provided.
dated October 17, 1957
, and will mature
.

The bills of this series will be
January 16, 1958 , 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
Daylight Saving
closing hour, two ofclock p.m., Eastern/fflnnnfanrat time, Monday, October 14, 1957 .
Jm\HA
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99.925.

Fractions may not be used.

It is urged that tenders

Tenders will be received without deposit from

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

TREASURY DEPARTMENT

L«iiai^Lkg3icgwa^a.?Kg.^^a^^.r^aaa*KVATt^i?xBgr:r

WASHINGTON, D.C.
RELEASE.A.M. NEWSPAPERS,
Thursday, October 10, 1957.

A-60

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 October 17, 1957,
in the amount of $1,600,562,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated October 17, 1957,
and will mature January 16, 1958,
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, two o'clock p.m., Eastern^Daylight
Saving time,Monday, October 14, 1957Tenders 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 October 17, 1957
i n c a S h or other immediately available funds
or in a like face amount of Treasury bills maturing October 17, 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. 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 any Federal Reserve Bank or Branch.
0O0

•mQmm,

COTTON WASTES
j(In pounds)

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

Country of Origin

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

...

Established
TOTAL QUOTA

Total Imports
s Established
Sept. 20, 1956, to . 33-1/3^ of
Sept. 19. 1957
. Total Quota

Imports
Sept. 20, 1956
to Sept. 19. 1957

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

140,168
239,690

7,Q33

25,443
7.088

22,775
7,0$?

5,482,509

479,343

1,599,886

170,026

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

1,441,152

140,168

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

22,775

*Vi™*

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
Friday, October 11. 1957.

A-61

^0
y>

Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by the President'-s Proclamation of September 5, 1939, as amended
COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other than rough or harsh under 3/4"
Imports Sept. 20. 19 56. to September 19. 1957
._
Country of Origin, Established Quota Imports Country of Origin Established Quota Imports
Egypt and the Anglo- Honduras . . . . „ • 752 Egyptian Sudan . . .
783,816
Peru
247,952
British India . . . . .
2,003,483
143,670
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 . .
Netherlands E. Indies.
Barbados
l/0ther British W. Indies
Nigeria
2/0ther British W. Africa
pother French Africa . .
Algeria and Tunisia .

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

if Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
2f 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 Sept. 19. 1957
Imports August 1. 1956 to July ?1> 1957. incl.
Established Quota (Global) Imports Established Quota (Global) Imports
70,000,000

10,718,203

45,656,420

IMMEDIATE RELEASE,
Friday, October 11, 1957*

TREASURY DEPARTMENT
Washington
A-61

Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by the President »-s Proclamation of September 5, 1939, as amended
COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other ~than rough or harsh under 3/4"
Imports Sept. 20. 1956. to September 19. 1957
Country of Origin
Egypt and the AngloEgyptian Sudan . . ,
Peru .
,
British India . . . .
China
Mexico
,
Brazil . . . . . . .
Union of Soviet
Socialist Republics
Argentina
Haiti
Ecuador

Established Quota

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

Imports

143,670
8,883,259
600,000

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

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

1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
L\f Other than Algeria, Tunisia^ and Madagascar.
Cotton, harsh or rough, of less than 3/4"
Imports Sept. 20, 19 56, to Sept. 19, 1957

Cotton 1-1/8" or more
Imports August 1. 1956 to July 31. 1957. incl.

.Established Quota (Global) Imports
•k
70,000,000
10,718,203

Established Quota (Global) Imports
45,656,420 45,656,420

COTTON WASTES
XXn 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 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

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

Established
TOTAL QUOTA

Total Imports
Sept. 20, 1956, to
Sept. 19, 1957

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

140,168
239,690

22,775
7.083

25,443
7,088

22,775
7,OS3

5,482,509

479,343

1,599,886

170,026

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

Established s
Imports1/
33-V358 of s Sept. 20, 1956
Total Quota ; to Sept. 19. 1957
1,441,152 140,168
75,807

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

COTTON WASTES
(In pounds)

COTTON CARD STRIPS made from cotton havings 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
I Established s
Imports
Sept. 20, 1957, to % 33-1/32 of % Sept. 20, 1957
Oct. 8. 1957
i Total Quota ; to Oct. 8, 1957

4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,1356,544
76,329
21.263

205,878
239,690

6,915

25,443
7,088

6,915

5,482,509

459,479

1,599,886

212,793

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

1,441,152

205,878

75,807
6,996
22,747
14,796
12,853

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE, A g£j tJ
Friday, October 11, 1957.

n-^
i

Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by the President'-s Proclamation of September 5, 1939, as amended
%

COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other than rough or harsh under 3/4"
Imports Sept. 20. 1957i to October 8, 1957

Country of Origin Established Quota Imports Country of Origin Established Quota Imports
Egypt and the Anglo- Honduras ..... • 752 Egyptian Sudan . . •
783,816
Peru
247,952
British India . . . . .
2,003,483
China
1,370,791
Mexico
8,883,259
Brazil . . . : . . . .
618,723
Union of Soviet
Socialist Republics .
475j124
Argentina
5,203
Haiti
•.
237
Ecuador
9,333

8,883,259
-

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 .
Imports Sept. 20. 1957. to Sept. 28. 1957
Imports Augusft 1 T 19 57to Sept. 28, 1957 J "7^1.
Established Quota (Global) Imports Established Quota (Global) Imports
70,000,000

85,203

45,656,420

7,960,355

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
Friday, October 11, 1957.

-°2

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. 1957, to October 8, 1957
Country of Origin Established Quota Imports Country of Origin Established Quota Imports
Egypt and the Anglo- -Honduras 752
Egyptian Sudan . . .
783,816
Per
* • • •
247,952
British India
2,003,483
China
1,370,791
^xico
8,883,259
Brazil . . . . . . . .
618,723
Union of Soviet
Socialist Republics •
475^124
Argentina
5,203
Hait
i
237
Ecuador
9,333

8,883,259
-

Paraguay . . . . . . .
Colombia . . . . . . .
Iraq
British East Africa . .
Netherlands E. Indies.
Barbados
l/Other British W. Indies
Nigeria
2/0ther British W. Africa
.2/Other F r e n c n 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.
2f Other than Algeria, Tunisia, and Madagascar.
Cotton, harsh or rough, of less than 3/4" Cotton 1-1/8" or more
Imports Sept. 20, 1957, to Septt 28, I957
Imports august 1, 19 57 to Sept. 28. 1957^ w i ,
Established Quota (Global) Imports Established Quota (Global) Imports
70,000,000

85,203

45,656,420

7,960,355

^iZm

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 countriess United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italy.

Country of Origin

Established
TOTAL QUOTA

Total Imports
Sept. 20, 1957, to
Oct. 8, 1957

Established
33-1/356 of
Total Quota

Imports
Sept. 20, 1957
to Oct. 8, 1957
205,878

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
Sgypt
8,135
Cuba
6,544
Germany .
76,329
Italy . . . .
.......
21,263

205,878
239,690

6,915

25,443
7,088

6,915

5,482,509

459,479

1,599,886

212,793

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

6,996

1,441,152
75,807
22,747
14,796
12,853

- 2 -

UnTE
Commodity

of
: Imports as of
Quantity : October 8, 1957

Absolute Quotas:
Tung oil

Sept. 9 - 30, 1957
Argentina
Paraguay
Other Countries

719,156
96,U52
30,U58

Pound

Oct. 1 - 31, 1957
Argentina
Paraguay
Other Countries

980,900
131,556

Pound

ia,$kk

131,835

Quota Filled

Quota Filled
Quota Filled

IMMEDIATE R E L E A S E ,
Friday, October 1 1 , 1 9 5 7 .

TREASURY DEPAKTMENT
Washington

<~18

A-63

Unit :
of
: Imports as of
Quantity;Sept. 28, TQgy

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

1,500,000

Gallon

Whole milk, fresh or sour Calendar Year

3,000,000

Gallon

732

Cattle, less than 200 lbs. each

12 mos. from
April 1, 1957

200,000

Head

lMoli

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

July 1, 1957 Sept. 30, 1957

Head

58,91*8

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

Calendar Year

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

120,000

37,375,636 Pound

1*07

(1
Quota Filled

10i,528,533 Pound 30,03^,996
12 mos. from
Sept. 1 5 , 1957

Walnuts Calendar Year

11U,000,000
36,000,000

Pound
Pound

1,1*79,861*

5,000,000

Pound

1,989,967

3,000,000 Pound

Alsike clover seed 12 mos. from
July 1, 1957

80,000,000

Peanut oil 12 mos. from

Pound

July 1, 1957
1U,000,000 Pound Quota Filled

Woolen fabrics Calendar Year
Absolute Quotas:
Peanuts, shelled, unshelled,
blanched, salted, prepared, or
preserved (incl. roasted peanuts, but not peanut butter)

12 mos. from
Aug. 1, 1957

Rye, rye flour, and rye meal ... 12 mos. from
July 1, 1957
Canada
Other Countries
Butter substitutes, including
butter oil, containing k$%
Calendar Year
or more butterfat
TTJ
(2)

(2)
291A 2 8

1,709,000

Pound

182,280,000
3,720,000

Pound
Pound

Quota Filled

1,800,000 Pound

Quota Filled

Imports for consumption at quota rate limited to 28,031,727 lbs. during the
first 9 months of calendar year.
Imports through October 8, 1957
(Continued)

IMMEDIATE RELEASE,
Friday, October 1 1 , .1957.

TREASURY DEPARTMENT
Washington

219

A-63

Commodity

Period and Quantity

. Unit :
.
of
:Imports as of
'Quantity:Sept. 28. 1957

Tariff-Rate Quotas:
Cream, fresh or sour

Calendar Year

1,500,000 Gallon

Yftiole milk, fresh or sour

Calendar Year

3,000,000 Gallon 732

)4o7

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

200,000 Head lU,20U

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

120,000 Head 58,9U8

July 1, 1957 Sept. 30, 1957

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

37,375,636

Pound

Quota Filled

Tuna fish

Calendar Year

Uh,528,533 Pound 30,03U,996

HVhite or Irish potatoes:
Certified seed
Other

12 mos. from
Sept. 15, 1957

111*, 000,000 Pound
36,000,000 Pound
1,1*79,861*

Walnuts

Calendar Year

5,000,000 Pound 1,989,967

Alsike clover seed

12 mos. from
July 1, 1957

3,000,000 Pound

Peanut oil

12 mos. from
July 1, 1957

80,000,000 Pound

Woolen fabrics
Absolute Quotas:

Calendar Year

li*,000,000 Pound Quota Filled

Peanuts, shelled, unshelled,
blanched, salted, prepared, or
preserved (incl. roasted peanuts, but not peanut butter)

12 mos. from
Aug. 1, 1957

12 mos. from
Rye, rye flour, and rye meal ...
July 1, 1957
Canada
Other Countries
Butter substitutes, including
butter oil, containing k$%
Calendar Year
or more butterfat

(2)
1,709,000 Pound

291,128

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

Quota Filled

1,800,000 Pound

Quota Filled

H5Imports for consumption at quota rate limited to 28,031,727 lbs. during the
first 9 months of calendar year.
(2) Imports through October 8, 1?$1
(Continued)

- 2 -

Commodity

Period and Quantity

:
Unit
:
of
: Imports as of
: Quantity : October 8, 1957

Absolute Quotas:
Tung oil

Sept. 9 - 30, 1957
Argentina
Paraguay
Other Countries

719,156
96,1*52
30,1*58

Pound

Oct. 1 - 31, 1957
Argentina
Paraguay
Other Countries

980,900
131,556

Pound

Ul, 5UU

131,835

n
it

Quota Filled

Quota Filled
Quota Filled

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Friday, October 11. 1957.

A-64

The Bureau of Customs announced today the following preliminary
figures showing the imports for consumption from January 1, 1957, to
September 28, 1957, inclusive, of commodities for which quotas were
established pursuant to the Philippine Trade Agreement Revision Act

of 1955:

Commodity
Buttons

:
: Unit :
: Established Annual : of
: Imports as of
. Q^ta Quantity
:Quantity: Sept. 28, 1957
807,500

Gross

638,093

Cigars 190,000,000 Number 3,165,387
Coconut oil 1*25,600,000 Pound 133,77l*,828
Cordage 6,000,000 Pound l*,2l8,258
(Refined 3k, 712,351*
Sugars
(Unrefined

l,90l*,000,000

Tobacco 6,175,000 Pound 3,356,825

Pound
1,572,082,879

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Friday, October 1 1 , 1957.

A-64

of 1955:

Commodity
Buttons

:
: Unit :
: Established Annual : of
: Imports as of
. Q^ta Quantity
:Quantity: Sept. 28, 1957
807,500

Gross

638,093

Cigars 190,000,000 Number 3,165,387
Coconut oil 1*25,600,000 Pound 133,77l*,828
Cordage 6,000,000 Pound U,2l8,258
(Refined 3U,712,35U
Sugars
(Unrefined

l,90l*,000,000

Tobacco 6,175,000 Pound 3,356,825

Pound
1,572,082,879

222
RELEASE A. K. NEWSPAPERS,
Tuesday, October 15, 1957*

& - < . $

The Treasury Department announced last evening that the tenders for ll,6oo,000#jl

or thereabouts, of 91-day Treasury bills to bo dated October 17, 1957, and to nat

January 16, 1958, which were offered on October 10, were opened at the Federal Se
Banks on October lb.
The details of this issue are as follows:
total applied for - 12,1*53,685,000
total accepted
- 1,600,537,000

(includes $l*12,l*7l*,Q00 entered on a
noncompetitive basis and accepted in
full at tho average price shown below)

Range of accepted competitive bids:
High - 99.115 Equivalent rata of discount appro*. 3.5011 par aasua
low
- 99.070
»
«
«
*
«
3.679* •

•

Average - 99.075 " « w • « 3.660* » •
(77 percent of tha amount bid for at tha low pries was accaptad)

Federal Reserve
District

total
Applied for

total
Accepted

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

TOTAL

1*5,506,000
1,70**916,000
1*3,862,000
77,279,000
22,006,000
1*3,1*1*1,000
21*6,01*7,000
1*5,781,000
17,2T6,000
51*,1*86,000
1*6,120,000
108,965.000

12,1*53,685,000

35,506,060
91*8,1*63,000
27,862,000
76,129,000
22,006,000
1*3,372,000
198,1*37,000
1*5,581,000
17,030,000
514,1*86,000
38,1*30,009
93,235.00$

11,600,537,000

TREASURY DEPARTMENT
WASHINGTON, D.C.
iljELEASE A, M. NEWSPAPERS,
Tuesday, October 15, 1957.

N^^X

A-65

The Treasury Department announced last evening that the tenders for $1,600,000,000,
>r thereabouts, of 91-day Treasury bills to be dated October 17, 1957, and to mature
January 16, 1958, which were offered on October 10, were opened at the Federal Reserve
)anks on October ll*.
The details of this issue are as follows:
Total applied for - $2,1*53,685,000
Total accepted
- 1,600,537,000

(includes $1*12,1*71*,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids:
High - 99.115 Equivalent rate of discount approx. 3.501# per annum
w
w
w
Low
- 99.070
"
*
Average - 99.075 » « « « « 3.660$

3*619% "

M w

(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

|
1*5,506,000
1,702,916,000
1*3,862,000
77,279,000
22,006,000
1*3,14*1,000
21*6,01*7,000
1*5,781,000
17,276,000
51*, 1*86,000
1*6,120,000
108,965,000

TOTAL

$2,1*53,685,000

$1 ,.600,537,000

35,506,000
91*8,1*63,000
27,862,000
76,129,000
22,006,000
1*3,372,000
198,1*37,000
1*5,581,000
17,030,000
51*,1*86,000
38,1*30,000
93,235,000

October 2, 1957

224
iSmmm

The following transactions were made In direct and guaranteed securities
of the Government for Treasury investment* and other accounts daring the month
of September, 1957s
Purchases $84,171,500.00
Sal

73,841,200,00
$10,330,300.00

0. L. Norman
/j£m>%<ty<y'
Chief, Investments Branch
Division of Deposits & Investments

MFalcone/eh 10/2/57

TREASURY DEPARTMENT

n.C.y

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

IMMEDIATE RELEASE,
Monday, Oeptcmbop l6j 1957.

•ft*#2

-iC

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

y/O, 3 Jo, >oo
Treasury Department of

A c

oOo

"^^

TREASURY DEPARTMENT

WASHINGTON, D.C.

IMMEDIATE RELEASE,
Tuesday, October 15, 1957.

A-oo

During September 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 $10,330,300.

oOo

- 3 ALPHA • -. t

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 h$h (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

228

2 percent of the face amount of Treasury bills applied for, unless the tenders

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

final. Subject to these reservations, noncompetitive tenders for $200,000 or le

without stated price from any one bidder will be accepted in full at the avera

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 R

serve Bank on Oct oner ?±. 1957 , in cash or other immediately available funds
or in a like face amount of Treasury bills maturing October 24, 1957 . Cash

and exchange tenders will receive equal treatment. Cash adjustments will be ma

for differences between the par value of maturing bills accepted in exchange a
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the

are subject to estate, inheritance, gift or other excise taxes, whether Federal

or State, but are exempt from all taxation now or hereafter imposed on the prin

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

im.L- '

AEEHAx
TREASURY DEPARTMENT
Washington

A
/\

U / . ~1

A. M.
K2R RELEASE, HQHM1NS NEWSPAPERS,
Thursday. October 17. 1057
•

The Treasury Department, by this public notice, invites tenders for
tl ,800,000,000

, or thereabouts, of

-day Treasury bills, for cash and

"135

in exchange for Treasury bills maturing
October 24. 1957
5 in the amount of
^ c:i ? n,-Q , to be issued on a discount basis under competitive and non-

—isr
competitive bidding as hereinafter provided.
dated
October 21-, 1957 , and will mature

The bills of this series will be
January 23. 1958
, when the face

m —

TS—
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

23u
TREASURY DEPARTMENT
-mUmmJu^-m^SdJ^Um'-mmSmJ-mC^

WASHINGTON, D.C
RELEASE A.M. NEWSPAPERS,
Thursday, October 17, 1937»

A-67

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 October 24, 1957*
in the amount of $1,600,512,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated October 24, 1957,
and will mature January 23, 195o,
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, two o'clock p.m., Eastern Daylight
Saving" time, ' Monday, October 21, 1957Tenders 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 October 24, 1957, in cash or other immediately available funds
or in a like face amount of Treasury bills maturing October 24, 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

7T;

BSfgDIASB RELEASE,
gSajareday, October 17, 3357*

Secretary of the Treasury cm behalf of tha Federal actional Mortgage Aseociatim mUX ottmr for cash subscription $750 aillien of 4-7/8 pereeat m. (ttnege.
®mt and U p d a t i n g ) notes of the Association to be dated October © , xmi,
and to mature June 28, 1358. The books will be open only lor one day, em
October SI.
As announced by the Association on October 15, 2357, the Treasury Department baa agreed to handle tale offering for the Association and it mAXl
utilise the facilities of the federal Reserve Beaks, aa Fiscal Agents of the
United States, ia receiving subscriptions, asking allotments, aad delivering
fteeuritiea allotted la auch tbe same manner ae public debt offerings are
handled.
Subscriptioas fro® ecasiereisl beaks, which far tale purpose are define*
aa beaks accepting demand deposits, for their mm eoeeuat, mAAX be received
without deposit, bat w O l be restricted ia each ease to aa amount aet exccsdlag one-half of the combined capital, surplus aad undivided profits of the
subscribing beak. On all other subscriptions a payment of % pereeat of ths
amount of aotes subscribed for must b* made, aot subject to withdrawal until
Although payment by Sreaeury fax aad Lean Account credit wOX aot be
permitted, arrangements have beea made between the Aeeoeiatloa aad the
treasury whereby the freasary will deposit with qualified basse, mm mmmmmt,
amounts eenal to aotes allotted to each banks tor themselves aad their ess*
tomers. Shis Is the same procedure followed ia Jsanary 1955 ia eeemeetiea
with the sale of the earlier issue of Series Iff, aotes.
Commercial beaks aad other leaders are recnested to refrain frem asking
unsecured loaas or l^gftue collateralized ia whole or ia part by the aetes
subscribed tor, to cover the 2 pereeat deposits recalled to be paid when
sabscriptioas are entered. A eertifieatiea by the subscribing beak that as
such loan has beea mads will be required en each subscription entered by i*
for account of its customers. A certification that the beak has no benefteial
interest In its customers' subscriptions, and that no customers have say
beneficial interest la the bank's own subscription, will also be reenircd.
Any subscription addressed to a Federal Reserve Bank or Branch, or to tU
Treasurer of the United States, and placed in the mail before midnight,
October 21, will be considered as timely.

IMMEDIATE RELEASE,
Thursday, October 17, 1957.

The Treasury Department announced today that on Monday, October 21, the
Secretary of the Treasury on behalf of the Federal National Mortgage Association will goffer for cash subscription $750 million of 4-7/8 percent ML (Management and Liquidating) notes of the Association to be dated October 29, 1957,
and to mature June 26, 1958. The books will be open only for one day, on
October 21.
As announced by the Association on October 15, 1957, the Treasury Department has agreed to handle this offering for the Association and it will
utilize the facilities of the Federal Reserve Banks, as Fiscal Agents of the
United States, in receiving subscriptions, making allotments, and delivering
securities allotted in much the same manner as public debt offerings are
handled.
Subscriptions from commercial banks, •which for this purpose are defined
as banks accepting demand deposits, for their own account, will be received
without deposit, but will be restricted in each case to an amount not exceeding one-half of the combined capital, surplus and undivided profits of the
subscribing bank. On all other subscriptions a payment of 2 percent of the
amount of notes subscribed for must be made, not subject to withdrawal until
after allotment.
Although payment by Treasury Tax and Loan Account credit will not be
permitted, arrangements have been made between the Association and the
Treasury whereby the Treasury will deposit with qualified banks, upon request,
amounts equal to notes allotted to such banks for themselves and their customers. This is the same procedure followed in January 1955 in connection
with the sale of the earlier issue of Series ML notes.
Commercial banks and other lenders are requested to refrain from making
unsecured loans or loans collateralized in whole or in part by the notes
subscribed for, to cover the 2 percent deposits required to be paid when
subscriptions are entered. A certification by the subscribing bank that no
such loan has been made will be required on each subscription entered by it
for account of its customers. A certification that the bank has no beneficial
interest in its customers' subscriptions, and that no customers have any
beneficial interest in the bank's own subscription, will also be required.
Any subscription addressed to a Federal Reserve Bank or Branch, or to the
Treasurer of the United States, and placed in the mail before midnight,
October 21, will be considered as timely.

yj^y

233 / V ^ W

7 ^f3^^^ y>
m

•?**

» «ik^B»y;'i'..S

T ^ ^ ^ 7 >^' > >^^
*

7-T$W

aoW^-*^^
tame-si

aoatde slated to assist' Is leu caleiU uf sg. milUefc la aaintilaiBg
stability of tlie mulisnee mtsdaolmseu U»a~1X»B» dollar aod-lho

Ambassador Sevilla-Sacass has explained that due to the cycle
of Agricultural production and export© the external payment* pesitioc , .
offiticaraguais subject to wide seasonal swings*,fltssatly*,adverse
weather cownttteoas»«4a&wlMniie> *iai^bifti>l^ovftflo#> daring X93&* here
In view of this

jsiassi Klcarasua'e eiaj

situation* Nicaragua imm entered late a $7*5 million stand**? arrenss*
meat with the International Monetary luad»

The Treasury agreement

supplements t&ls arrsniement* the Sicaraguaa Government has sXse
aadcrtahsa a series of seapeaiea measures to restrict domestic credit
and restrain government expenditures*
Ih. wmmnx

*«» tt« tmmm

ttM<h»U. 3 h 'frr>
previa.. t t a ^ m i M «»*«i-

ties may request the «•©• lxehan«e Stabilisation imm to purchase
Nlcaraguaa eerdehas up to an amount equivalent to #f million* shcaU
the occasion for auch^purcfeaacs sYiss^ Aay eoroebas so acquired sf
the Treasury would subsequently be repurchased by Hcaragaa tm deUtrt*

TREASURY DEPARTMENT
WASHINGTON, D.C.

N^>^X

RELEASE 11 A. M. E.D.T.
Friday, October 18, 19t>7.
mtmr^mmimmmmmimmmmmr- n

»i • » ! • > — i

A-69

l.-Mj*Jm> I-.^TIIJIII m f i o p — . .

Julian B. Baird, Treasury Under Secretary for Monetary
Affairs and the Ambassador of Nicaragua, Senor Dr. Guillermo
Sevilla-Sacasa, today signed a short-term exchange agreement.
The agreement with the Treasury provides that until
March 31* 195&* Nlcaraguan authorities may request the U. S,
Exchange Stabilization Fund to purchase Nlcaraguan cordobas
up to an amount equivalent to $5 million, should the occasion
for such purchases arise. Any cordobas so acquired by the
Treasury would subsequently be repurchased by Nicaragua for
dollars.
Ambassador Sevilla-Sacasa has explained that due to the
cycle of agricultural production and exports the external payments position of Nicaragua is subject to wide seasonal swings,
which have been aggravated by adverse weather conditions in 1956.
In view of this situation, Nicaragua has entered into a $7.5
million stand-by arrangement with the International Monetary Fund.
The Treasury agreement supplements this arrangement. The
Nlcaraguan Government has also undertaken a series of companion
measures to restrict domestic credit and restrain government
expenditures.

im. y

RELEASE A, M. NEWSFAfi £,
Tuesday, October 22, 19$7*

f ~\

The Treasury Department announced last evening that the tenders for |1,600 000 OSJ
or thereabouts, of 91-day Treasury bills to be dated October 2k9 1957, and to maturt
January 23, 1958, which were offered on October 17, were opened at the Federal Ressra
Banks on October 21.
The details of this issue are as follows!
Total applied for - ^2,352,766,000
Total accepted
- 1,600,993,000 (includes 1389,991,000 entered on
a noncompetitive basis and accepted in
full at the average price shown below)
Range of accepted competitive bidst (Excepting 3 tenders totaling *1,300,000)
High - 99.093 Equivalent rate of discount appro*. 3.588$ per annum
R
Low
- 99.083
n M
«
«
Average

- 99.085

3,628$ »

3.619$ "

(91 percent of the amount bid for at the low price was accepted)
Federal eserve
Iistrict

Total
Applied for

Total
Accepted

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

I 1*8,71*8,000
1,597,971,000
ljl*,692,000
71,672,000
17,836,000
36,91*1,000
235,200,000
31*,390,000
29,202,000
51*,208,000
ii5,5o5,ooo
136,1*01,000

*2,352,766,000

11,600,993,000

TOTAL

33,898,000
987,171,000
25,108,000
66,222,000
17,836,000
31*,715,000
163,120,000
31*, 390,000
27,881*,000
53,909,000
38,055,000
118.685,000

TREASURY DEPARTMENT
WASHINGTON, D.C. N s V V x
PLEASE A.M. NEWSPAPERS,
A

iasdayT October 22, 1957.

"?0

The Treasury Department announced last evening that the tenders for £1,600,000,00
P

thereabouts, of 91-day Treasury bills to be dated October 2l*, 1957, and to matu

anuary 23, 1958, which were offered on October 17, were opened at the Federal Res
anks on October 21.
The details of this issue are as follows:
Total applied for - $2,352,766,000
Total accepted
- 1,600,993,000 (includes $389,991,000 entered on
a noncompetitive basis and accepted in
full at the average price shown below)
Range of accepted competitive bids: (Excepting 3 tenders totaling $1,300,000)
wiffh

. 99.093 Equivalent rate of discount approx. 3.588$ per annum
Low
-99.083
»
«
«
«
»
3,628$
Average

-99.085

3.619$ "

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

Federal Reserve Total ?°!!L*H
District

Applied for

Boston

Philadelphia
rievsland
MeWnd
A t l "
Chicago
St ToniB

>8'7U8'~°

Accepted
*

Q M ' S E

'%l'Tr> tf'^'SS
71,672,000
17 836,000
369^1 000
235 200 000
31* 390 000

66,222,000
17,836,000
3U,7JS,000
163,120,000
31*,390,000

> >

27.8ab.000

KansasCity
5^,208,000
"*"*«
1.5,505,000
San Francisco
136.1,01,000
TOTAL ?!2,352,766,000 (1,600,993,000

,H22'Z
, •
' ^
118,685,000

«
tt

- 3 ZKXJRA
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 h$h (b) and 1221 {$) 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 dispssed 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 ————

im.y y

W
or in a like face amount of Treasury bills maturing
October 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 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,

239
BOODHOCXI
KKKKK
TREASURY DEPARTMENT
Washington

4-7/

A. M.
mil RELEASE/ HDKKESDC NEWSPAPERS,
Thursday, October 24, 1957
m

The Treasury Department, by this public notice, invites tenders for
$ 1,700,000,000 , or thereabouts, of
in exchange for Treasury bills maturing

-day Treasury bills, for cash and

October 51, 1957

, in the amount of

$ 1,699,862,000 * to be issued on a discount basis under competitive and nonto —
competitive bidding as hereinafter provided. The bills of this series will be
dated

October 51, 1957

, and will mature

amount will be payable without interest.

January 50, 1958

, when the face

They will be issued in bearer form only,

and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
closing hour,/*W8 o^lock p.m., Eastern Standard time, Monday, October 28, 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

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

<4Q

WASHINGTON, D.C.

RELEASE A.M. NEWSPAPERS,
Thursday, October 2k. 1957*

A-71

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 October 31* 1957*
in the amount of $1,699,862,000 to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated October 31, 1957,
and will mature January 30, 1958, when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o'clock p.m., Eastern Standard time,
Monday, October 28. 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 blllls 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 October 31, 1957, in cash or other immediately available funds
or in a like face amount of Treasury bills maturing October 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 have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter Imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be interest. Under Sections k5k (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold,, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his Income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
0O0

If#i$*DIATB HSLSASE,
Wednesday» October 2S» 19&7.
The Treasury today announced & 44 peraant alloti&BBt on eubecriptions for nore than 1100,000 for the eurrwni cash offering *t 4**/$$***
cent Federal Rational Mortgage Association Kota* of Saris* ML-l©58-8t
Nona of thaaa subscription* will b* allottad less than $100,000 and mrnb**
scrlptions for #100,000 and laaa will be allottad in tmXX.
Reports recalvad teom tha Federal Keserv* Banks show tnat subseriptions total about $1,644 million.
Details by Fadaral Reserve District* a* to subscriptions and
allotrsents will be announced whan final reports are reeaivaa trom im
Federal Reserve Banks.

TREASURY DEPARTMENT
WASHINGTON, D.C.

IMMEDIATE RELEASE,
Wednesday, October 25, 1957.

The Treasury today announced a 44 percent allotment on subscriptions for more than '$100,000 for the current cash offering of 4-7/8 percent Federal National Mortgage Association Notes of Series ML-1958-B.
None of these subscriptions will be allotted less than $100,000 and subscriptions for |100,000 and less will be allotted in full.
Reports received from the Federal Reserve Banks show that subscriptions total about $1,644 million.,
Details by Federal Reserve Districts as to subscriptions and
allotments will be announced when final reports are received from the
Federal Reserve Banks.

4SRELEASE A. 8. NEWSPAPERS,
Tuesday, October 29, 1957*

The Treasury Department announced last evening that tha tenders for $1,700,000,00
or thereabouts, of 91-day Treasury bills to be dated October 3X9 1957, and to naturt
January 50, 1958, which were offered on October 2k, were opened at the Federal lestm
Banks on October 28.
The details of this issue are as followst
Total applied for - $2,503,122,000
Total accepted
- 1,700,061,000

(includes 1373,449,000 entered on a
noncoKpetitive basis and accepted in
full at tha average price shown below)

Range of accepted competitive bids?
High
Low

- 99*105 Equivalent rata of discount appro*. 3.51*1* per soma
- 99.082
«
•
e
a
«
3.632* »
•

Average

- 99.085

•

3.622* •

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

Total
Applied for

Total
Accepted

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

$
33.931,000
1,753,328,000
41,233,000
83,251,000
21,133,000
34,528,000
253,323,000
31,369,000
19,990,000
50,286,000
48,326,000
132*424,000

|
32,931,000
1,096,897,000
22,933,000
73,251,000
20,896,000
31,628,000
190,743,000
29,908,000
18,258,000
46,111,000
32,514,090
103.991.000

12,503,122,000

11,700,061,000

*fOTAL

•

244
TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A. M. NEWSPAPERS,
Tuesday, October 29, 1957.

A-73

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

or thereabouts, of 91-day Treasury bills to be dated October 31, 1957, and to matu

January 30, 1958, which were offered on October 2k, were opened at the Federal Res
Banks on October 28.
The details of this issue are as follows:
Total applied for - $2,503,122,000
Total accepted
- 1,700,061,000

(includes $373,449,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids:
High - 99*105 Equivalent rate of discount approx. 3«54l$ per annum
Low
- 99.082
»
"
»
••
"
3.632$ "
Average - 99.085 »' " '" " " 3.622$ " "
(21 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total
Applied for

Total
Accepted

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

$
33,931,000
1,753,328,000
141,233,000
83,251,000
21,133,000
34,528,000
253,323,000
31,369,000
19,990,000
50,286,000
48,326,000
132,42)4,000

$
32,931,000
1,096,897,000
22,933,000
73,251,000
20,896,000
31,628,000
190,743,000
29,908,000
18,258,000
46,111,000
32,5lli,000
103,991,000

$2,503,122,000

$1,700,061,000

rOTAL

«•

245
IMMEDIATE RELEASE,
Monday, October 28, 1957.

The Treasury Department today announced the subscription and allotment
figures with respect to the current cash offering of 4-7/8 percent Federal
national Mortgage Association Notes of Series ML-1958-B. These notes will
be dated October 29, 1957, and will nature June 26, 1958.
Subscriptions and allotaente were divided among tha several Federal Reserve Districts and the Treasury as followst
Federal Reserve
District

Total
Subscriptions

Total
Allotaente

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

64,697,000
478,355,000
83,409,000
148,637,000
80,426,000
55,225,000
288,127,000
57,162,000
1*8,796,000
41,858,000
131,215,000
170,979,000
56.000

1 30,848,000
217,525,000
40,567,000
70,443,000
41,156,000
29,055,000
143,036,000
33,346,000
30,005,000
26,268,000
61,751,000
78,122,000
56.000

#1,648,942,000

$802,178,000

TOTAL

24o

TREASURY DEPARTMENT
WASHINGTON, D.C.
IMMEDIATE RELEASE,
Monday, October 28, 1957.

A-74

The Treasury Department today announced the subscription and allotment
figures with respect to the current cash offering of i*-7/8 percent Federal
National Mortgage Association Notes of Series ML-1958-B. These notes will
be dated October 29, 1957, and will mature June 26, 1958.
Subscriptions and allotments were divided among the several Federal Reserve Districts and the Treasury as follows:
Federal Reserve Total Total
District

Subscriptions

Boston $ 61*,697,000 $ 30,82*8,000
New York
478,355,000
Philadelphia
83,!|09,000
Cleveland
11*8,637,000
Richmond
80,1*26,000
Atlanta
55,225,000
Chicago
288,127,000
St. Louis
57,162,000
Minneapolis
1*8,796,000
Kansas City
41,858,000
Dallas
131,215,000
San Francisco
170,979,000
Treasury
56,000
TOTAL $1,61*8,9142,000 $802,178,000

Allotments

217,525,000
1*0,567,000
70,1*43,000
1*1,156,000
29,055,000
143,036,000
33,3lj6,000
30,005,000
26,268,000
6l,751,000
78,122,000
56,000

- 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 451* (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. 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.

•

- A *
••«

m
or in a like face amount of Treasury bills maturing
November 7, 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 princip*
or interest thereof by any State, or any of the possessions of the United States,

gaoaoaocx
TREASURY DEPARTMENT /J
Washington

/" i
(

A.M.
W§L RELEASE/ H0RN2N5 NEWSPAPERS,
Thursday, October 51, 1957

a£
$1,700,194,000 * to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated November 1. 1957 , and will mature February 6, 1958 , when the face
amount will be payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
closing hour, /&!/*% o'clock p.m., Eastern Standard time, Monday, November 4, 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

2
TREASURY DEPARTMENT
fim\iM...vwjmv,m^»j.<vij.At.uum.mMlMLm.MmKiM.w^^

WASHINGTON, D.C.

RELEASE A.M. NEWSPAPERS,
Thursday, October 31, 1957.

A-74>

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 November 7, 1957,
in the amount of $1,700,194,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated November 7, 1957,
and will mature February 6, 1958* when the face amount will be
payable without Interest. They will be Issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o^lock p.m., Eastern Standard time,
Monday, November 4, 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 bli:is 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 November 7, 1957, in cash or other immediately available funds
or in a like face amount of Treasury bills maturing November 7, 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

7.
RELEASE A. M. NEWSPAPERS,
Tuesday, November 5, 1957 *

The Treasury Department announced last evening that tha tenders for $lj7OO,O00,(3fl(
or thereabouts, of 91-day Treasury bills to be dated November 19 1957, and to nature
February 6, 1958, which were offered on October 31, were opened at the Federal Resent1
Banks on November h.
The details of this issue are as follows:
Total applied for - $2,1*75,547,000
Total accepted
- 1,700,448,000

(includes $363,733,000 entered on a
noncompetitive basis and accepted ia
full at the average price shown below)

Range of accepted competitive bids? (Excepting one tender of 1300,000)
High - 99.100 Equivalent rate of discount approx. 3.$6Q% per anna
H
tow
- 99.095
n
«
*
«
3.580# •
Average - 99.097 " w » « « 3.571*

•

(52 percent of the amount bid for at the low price was aceepted)
Federal Reserve
District

Total
Applied for

Total
Accepted

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

t
53,517,000
1,638,203,000
44,332,000
71,795,000
23,293,000
40,680,000
296,178,000
42,1^75,000
22,337,000
50,229,000
145,847,000
146,661,000

$
50,989,000
1,007,585,000
30,234,000
59,395,000
21,563,000
35,826,000
228,446,000
37,237,000
21,101,000
45,341,000
39,1*54,000
123.277,000

£2,1J75,547,000

$1,700,448,000

TOTAL

252
TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A. M. NEWSPAPERS,
Tuesday, November 5, 1957»

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

or thereabouts, of 91-day Treasury bills to be dated November 7, 1957, and to mat

February 6, 1958, which were offered on October 31, were opened at the Federal Re
Banks on November 4.
The details of this issue are as follows:
Total applied for - $2,475,547,000
Total accepted
- 1,700,448,000

(includes $363,733,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids: (Excepting one tender of $300,000)
High - 99.100 Equivalent rate of discount approx. 3.560$ per annum
Low
- 99.095
"
" n
"
"
3.580£ "

Average - 99.097 " " " " " 3.$11% " "
(52 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

$
53,517,000
1,638,203,000
44,332,000
71,795,000
23,293,000
40,680,000
296,178,000
42,475,000
22,337,000
50,229,000
146,661,000

$
50,989,000
1,007,585,000
30,234,000
59,395,000
21,563,000
35,826,000
228,446,000
37,237,000
21,101,000
45,341,000
39,454,000
123,277,000

$2,475,547,000

$1,700,448,000

45,847,ooo
TOTAL

- 3 -

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

m
or in a like face amount of Treasury bills maturing November 14, 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 princip*
or interest thereof by any State, or any of the possessions of the United States,

t-DD

Mu&ito&

/I- /

TREASURY DEPARTMENT
Washington
A. M.
EHK RELEASE/KBHMNS NEWSPAPERS,
Tuesday,flpvember5, 1957
•

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

"day Treasury bills, for cash and

November 14, 1957

, in the amount of

%w
$ 1,699,925,000 , to be issued on a discount basis under competitive and non-

m—
competitive bidding as hereinafter provided.
dated November 14, 1957
and will mature

The bills of this series will be
February 13, 1958 , when the face

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
•MUM iMt«MB™«w^

WASHINGTON, D.C

RELEASE A.M. NEWSPAPERS,
Tuesday, November 5, 1957.

A-77

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 November 14, 1957,
in the amount of $1,699,925,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated November 14, 1957,
and will mature February 13, 1958, when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o1clock p.m., Eastern Standard time,
Friday, November 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 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 November 14, 1957, in cash or other immediately available funds
or in a like face amount of Treasury bills maturing November 14 lQt
Cash and exchange tenders will receive equal treatment. Cash '
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether Interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954, The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed
on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be Interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life Insurance companies)
issued hereunder need Include In his income tax return only the
difference between the price paid for such bills, whether on
original issue or on subsequent purchase, and the amount actuallyreceived either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or
loss.
Treasury Department Circular No. 4l8, Revised, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.

oOo

STATUTORY DEBT LIMITATION
TREASURY DEPARTMENT
AS OF October Jl, 1957
FLcal Service
"
Washington, .S.?.I:..i.....i.?.5?
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 suchguM*
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 of this section the current redemption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder
shall be considered as its face amount."
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
$ 2 7 5 * 0 0 0 ,000,000
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:

Treasury bills
Certificates of indebtedness.
Treasury notes
BondsTreasury
Savings (current redemp. value)
Depositary.
Investment series
Special FundsCertificates of indebtedness ,
Treasury notes
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:
Internat'l Monetary Fund series

$ 26 , 658, 7^0 ,000
3^,692,006,000
19,412.258,000 * 80 ,7631004,000
81,424,324, 250
53.480,681,255
164,137,500
10,456.530,000

145,525.673.005

30.209,983.000
12,395.197.000
3.462,500.000

46.067,680,000
272,356,357,005
J*4l,295.000

48,356,382
912,438
780,000,000

Total .Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A
102,027.200
Matured, interest-ceased
677,875
Grand total outstanding ,m
,
Balance face amount of obligations issuable under above authority,

829.268.820
273.626,920,825

102,705,075

?7^729.625,i01
' 1.270.37155

Reconcilement with Statement of the Public Debt....0ot.r ^ 1 , 1 9 5 7
(Date)

(Daily Statement of the United States Treasury,
,.

.9?t? .31....19,57

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

A-^

/L^

)

(Date)

274,067.350.699
WgJQl&imi
274,170,055.77^
273.729.625.9OO

y \m>

STATUTORY DEBT LIMITATION
AS OF..0.9.^9^r.31....1957

TREASURY DEPARTMENT
Fiscal Service
Washington, .Jl?.I:...Z

125.7.

Section 21 of Second Liberty Bond Act, as amended, provides that the face amount of obligations issued under authority
tpf that Act, and the face amount of obligations guaranteed as to principal and interest by the United States (except such guaranteed obligations as m a y be held by the Secretary of the Treasury), "shallnot exceed in the aggregate $275,000,000,000
Act of June 26, 1946; U.S.C.j title 31, sec. 757b), outstanding at any one time. For purposes of this section the current relemption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder
iha 11 be considered as its face amount."

The following table shows the face amount of obligations outstanding and the face amount which can still be issued under
r

\his limitation:
Total face amount that m a y be outstanding at a n y o n e time

$275,000,000,000

OutstandingObligations issued under Second Liberty B o n d Act, a s a m e n d e d
Interest-bearing:

Treasury bills
Certificates of indebtedness

$ 26,658,740 ,000

Treasury notes
BondsTreasury
Savings (current redemp. value),
Depositary.
~
Investment series
Special F u n d s Certificates of indebtedness
Treasury notes
Treasury bonds
Total interest-bearing
Matured, interest-ceased

34,692,006,000
19,412,258,000 * 80,763,004,000
81,424,324,250
53.480,681,255
164,137.500
10,456,^30,000
30.209,983,000
12,395.197,000
3,462,500,000

Bearing n o interest:
United States Savings S t a m p s
Excess profits tax refund bonds
Special notes of the United States:
Internat'l Monetary F u n d series
Total .«

145,525.673.005

46,067,680,000
272,356,357,005
44l.295.ooo

48,356,382
912,438
^JLSQJOOOJOOO

829,268,820
273.626,920,825

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

102,027,200

Matured, interest-ceased

6.77,875

102,70,5.075

zZ2i22il6gi!5oo

Grand total outstanding .„
Balance face amount of obligations issuable under above authority

1,270.374,100

Reconcilement with Statement of the Public Debt .....Y.9.?..!...2A..'....hZ?.f.
(Date)

(Daily Statement of the United States Treasury
Outstanding-

.9C.„.!....2....!.....$rfJ.(.

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

•78

)

(Date)

274,067,350.699
102,705,075
274,170,055.774
440,t,429182jj:
273.729,625.9*00

- 3-

mm
r\ r* 7:

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 -

3PSx
or in a like face amount of Treasury bills maturing

November 21, 1957
Cash
X3XJ5
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,

A3UB8&X
TREASURY DEPARTMENT
Washington
A. M.
H8H RELEASE/ M 0 H M M S NEWSPAPERS,

I "

Thursflny, Woygmbftr 14, 1957
The Treasury Department, by this public notice, invites tenders for
$1,800,000.000

, or thereabouts, of

—W—

-day Treasury bills, for cash and

in exchange for Treasury bills maturing
November 21. 1957
* i n "the amount of
$1.799.72?fQQ0 » to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided.
dated

November 21, 1957

, and will mature

The bills of this series will be
February 20, 1958

, when the face

S8
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99*92$.

Fractions may not be used.

It is urged that tenders

Tenders will be received without deposit from

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

C\J mm.

TREASURY DEPARTMENT
WASHINGTON, D.C.

RELEASE A.M. NEWSPAPERS,
Thursday, November 14, 1957.

A-79

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 November 21, 1957,
in the amount of $1,799,723,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated November 21, 1957,
and will mature February 20, 1958, when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o'clock p.m., Eastern Standard time,
Monday, November 18, 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 blllls 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 November 21, 1957, in cash or other immediately available funds
or in a like face amount of Treasury bills maturing November 21, 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

RELEASE A. If. NEWSPAPERS,
Saturday, November 9, 1957»

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

or thereabouts, of 91-day Treasury bills to be dated Wevewber 14, 1S$79 and to aa

February 13, 1958, which were offered on November $, were opened at the Federal R
Banks on November 3.
The details of this issue are as followst
Total applied for - $2,646,663,000
Total accepted
- 1,700,132,000

(includes #361,008,000 entered •$.£'. J., i^
noncompetitive basis and accepted in
full at the average prise shown

Bangs of accepted competitive bids:
High
Low

- 99.129
- 99.121

Average

-99.122

Equivalent rate of discount appro*. 3.«b6£ per annua
•
*
•
" ••
•
3,477* •' •
»

•

3.473* ?«

(98 percent of the amount bid for at tne lev prise was assented)

Federal Reserve
District

Total
Applied for

Accepted

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

TOTAL

39,882,000
1,743,859,000
49,993,000
68,lS3,ooo
26,682,000
37,948,000
277,941,000
27,346,000
30,716,000
64,113,000
58,477,000
221,553,000

$2,646,663,000

t*m

£7,572,000
x9m9mi ,000
24,639,,000
56,665,,000
25,097,,000
25,117,,000
216,414,000
26,2i*6.,000
29,012,,000
60,868, 000
40,408,,000
154,337.,000

$1,700,132 ,000

•

?64

TREASURY DEPARTMENT
WASHINGTON, D.C.«
ffiLEASE A. M. NEWSPAPERS,
Saturday, November 9, 1957-

A-80

The Treasury Department announced last evening that the tenders for $1,700,000,000,
>r thereabouts, of 91-day Treasury bills to be dated November 14, 1957, and to mature
February 13, 1958, which were offered on November $, were opened at the Federal Reserve
'Janks on November 8.
The details of this issue are as follows:
Total applied for - $2,646,663,000
Total accepted
- 1,700,132,000

(includes $361,002,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids:
High - 99.129 Equivalent rate of discount approx. 3.446$ per annum
Low
- 99.121
«
it
M
«
it

3.477# «

Average - 99.122 »! M «' w « 3.473$ " «
(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

39,882,000
1,743,859,000
49,993,000
68,153,000
26,682,000
37,948,000
277,941,000
'27,346,000
30,716,000
64,113,000
58,477,000
221,553,000

$2,646,663,000

27,572,000
1,013,527,000
24,639,000
56,865,000
25,097,000
25,117,000
216,444,000
26,2ii6,000
29,012,000
60,868,000
40,i|08,000
154,337,000

$1,700,132,000

- 2 -

Unit
of
Quantity

Commodity

Imports as of
November 2. 1957

Absolute Quotas:
Tung oil

Oct. 1 - 31, 1957
Argentina
Paraguay
Other Countries

980,900
131,3>56
4L,544

Pound
Pound
Pound

Quota Filled
Quota Filled
Quota Filled

Nov. 1 - 30, 1957
Argentina
Paraguay
Other Countries

980,900
131,5^6
41,544

Pound
Pound
Pound

220,460*
Quota Filled
Quota Filled

* Imports through Nov. 13

TREASURY DEPARTME«9=
Washington

IMMEDIATE RELEASE,
FRIDAY, NOVEMBER 15.1957

A-8l

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 November 2, 1957, inclusive, as follows:

Commodity

: Unit :
:
of
: Imports as of
:Quantity: Nov. 2, 19S7

Period and Quantity

Tariff-Rate Quotas:
Cream, fresh or sour

Calendar Year

1,500,000

Whole milk, fresh or sour

Calendar Year

3,000,000 Gallon

78Ii

200,000 Head

14,866

Cattle, less than 200 lbs. each 12 mos. from
April 1, 1957
Cattle, 700 lbs. or more each
(other than dairy cows)

Oct. 1, 1957 Dec. 31, 1957

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

Gallon

120,000 Head

37,375,636

Pound

k37

47,609

Quota Filled

Tuna fish Calendar Year 44,528,533 Pound 34,923,285
White or Irish potatoes:
Certified seed
Other

12 mos. from
114,000,000 Pound
Sept. 15, 1957 36,000,000 Pound

136,600
9,946,501

Walnuts Calendar Year 5,000,000 Pound 2,193,947
Almonds, shelled, blanched,
roasted, or otherwise prepared
or preserved

Oct. 23, 1957 Sept. 30, 1958

5,000,000

Pound

4,900

Alsike clover seed 12 mos. from 3,000,000 Pound
July 1, 1957
Peanut oil 12 mos. from 80,000,000 Pound
July 1, 1957
Woolen fabrics Calendar Year 14,000,000 Pound Quota Filled
Absolute Quotas:
Peanuts, shelled, unshelled,
blanched, salted, prepared, or
preserved (incl. roasted pea12 mos. from
nuts, but not peanut butter)
Aug. 1, 1957
1,709,000
Rye, rye flour, and rye meal ... 12 mos. from
July 1, 1957
182,280,000
Canada
Other Countries 3,720,000
Butter substitutes, including
butter oil, containing k$%
Calendar Year
1,800,000
or more butterfat
(1)

Pound

(1)
738,501

Pound
Pound

Quota Filled

Pound

Quota Filled

Imports through November 13, 1957
(Continued)

26?

TREASURY DEPARTMENT
Washington

M E D I A T E RELEASE,
FRIDAY, NOVEMBER 15,1957

A-81

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 November 2, 1957, inclusive, as follows:

Commodity

Unit :
of
: Imports as of
Quantity: Nov. 2, 1957

: Period and Quantity

Tariff-Rate Quotas:
Cream, fresh or sour ,

Calendar Year

1,500,000

Whole milk, fresh or sour

Calendar Year

3,000,000 Gallon

784

200,000 Head

14,866

Cattle, less than 200 lbs. each12 mos. from
April 1, 1957
Cattle, 700 lbs. or more each
(other than dairy cows)

Oct. 1, 1957 Dec. 31, 1957

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

Gallon

120,000 Head

37,375,636

Pound

437

47,609

Quota Filled

Tuna fish Calendar Year 44,528,533 Pound 34,923,285
White or Irish potatoes:
Certified seed
Other

12 mos. from
114,000,000 Pound
Sept. 15, 1957 36,000,000 Pound

136,600
9,946,501

Walnuts Calendar Year 5,000,000 Pound 2,193,947
Almonds, shelled, blanched,
roasted, or otherwise prepared
or preserved

Oct. 23, 1957 Sept. 30, 1958

5,000,000

Pound

4,900

Alsike clover seed 12 mos. from 3,000,000 Pound
July 1, 1957
Peanut oil 12 mos. from 80,000,000 Pound
July 1, 1957
Woolen fabrics Calendar Year 14,000,000 Pound Quota Filled
Absolute Quotas:
Peanuts, shelled, unshelled,
blanched, salted, prepared, or
preserved (incl. roasted pea12 mos. from
nuts, but not peanut butter)
Aug. 1, 1957
1,709,000
Rye, rye flour, and rye meal ... 12 mos. from
July 1, 1957
Canada
182,280,000
Other Countries 3,720,000
Butter substitutes, including
butter oil, containing k$%
Calendar Year
1,800,000
or more butterfat

Pound

(l)
738,501

Pound
Pound

Quota Filled

Pound

Quota Filled

(1) Imports through November 13, 1957
(Continued}

- 2 -

Commodity

Period and Quantity

Unit
of
Quantity

Imports as of
November 2. 1957

Absolute Quotas:
Tung oil

Oct. 1 - 31, 1957
Argentina
Paraguay
Other Countries

980,900
131,556
4l,544

Pound
Pound
Pound

Quota Filled
Quota Filled
Quota Filled

Nov. 1 - 30, 1957
Argentina
Paraguay
Other Countries

980,900
131,556
41,5*44

Pound
Pound
Pound

220,460*
Quota Filled
Quota Filled

* Imports through Nov. 13

"•"tj£^

COTTON WASTES
(In pounds)
C

°3I2LCA?Dr4STRIPS made from cotton having-* staple of less than 1-3/16 inches in length, COMBER
™ * L A P WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE
ADVANCED IN VALUEi Provided, however, that not more than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes made from cottons of 1-3/16 inches or more
in staple length in the case of the- following countries: United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italyg

Country of Origin

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

Established
TOTAL QUOTA

Total Imports
i Sept. 20, 1957, to
: Nov. 13. 1957

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

406,987
239,690

5,482,509
if Included in total imports, column 2.
Prepared in the Bureau of Customs.

Established %
Imports
33-1/356 of s Sept. 20, 1957
Total Quota ; to Nov. 13, 1957
1,441,152

406,987

75,807
6,996
22,747
14,796
12,853

6,915

25,443
7.088

6,915

660,588

1,599,886

413,902

ro
en
CD

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE, , o2 CO
FRIDAY, NOVEMBER 15,1957.

C£

Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by the PresidenV-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. 1957, to November 13, 1957
Country of Origin, Established Quota Imports Country of Origin Established Quota Imports
Egypt and the Anglo- Honduras ...... 752
Egyptian Sudan . . .
783,816
Peru
247,952
British India . . . . .
2,003,483
China
1,370,791
Mexico
8,883,259
Brazil . . . v . . . .
618,723
Union of Soviet
Socialist Republics .
475*124
Argentina
5,203
Haitl
237
Ecuador
9,333

7,330
8,883,259
-

Paraguay . . . . . . .
Colombia . . . . . . .
Iraq . . . . . . . . .
British East Africa . .
Netherlands E. Indies.
Barbados .
l/0ther British W. Indies
Nigeria
2/0ther British W. Africa
pother 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.
2f Other than Algeria, Tunisia, and Madagascar.
Cotton, harsh or rough, of less than ?fa" Cotton 1-1/8" or more
Imports Sept. 20, 1957, to Nov. 2, I957
Imports August 1. 1957 to Nov. 2. 1 Q 5 7 T 1 £ C T T
Established Quota (Global) Imports Established Quota (Global) imports
70,000,000 890,042 45,656,420 14,954,369

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
FRIDAY, NOVEMBER 15,1957.

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. 1957, to November 13, 1957
' "
Country of Origin, Established Quota Imports Country of Origin Established Quota
Egypt and the Anglo- Honduras 752
Egyptian Sudan . . .
783,816
7,330
gl
Paraguay
P ™. \ •' :
„ 247,952
Colombia . . . . . . .
124
British India
2,003,483
iraq . . . . . . . . .
£95
^
•
1,370,791
British East Africa . .
2,240
*exic?
8,883,259
8,883,259
Netherlands E. Indies.
7 1 388
Brazil . . . . . . . .
618,723
Barbados
'
Union of Soviet
i/other British W. Indies
21,321
Socialist Republics .
475,124
Nigeria . .
S 377
Argentina . . . . . . .
5,203
^Other British W. Mrica
&9OoL
237
S
^
** '
i/0ther French Africa . .
689
EcuaQor
9,333
Algeria and Tunisia .
1
if Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
2f Other than Algeria, Tunisia, "and Madagascar.
Cotton, harsh or rough, of less than 3/4" Cotton l-l/S" or Pore
Imports Sept. 20, 19 5?, to Nov. 2, 1957
^ ^ ^ ^ ^ 7 ^ ^ ^ % . .
10,7,
Established Quota (Global) Imports Established Quota (Global) Imports
70,000,000 890,042 45,656,420 14,954,369

^ "

COTTON PASTES
(In pounds)
COTTON CARD STRIPS made from cotton having-a staple of less than 1-3/16 inches in length, COMBER
7<ASTE, 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 countriess United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italy.
:Established: Total Imports s Established . Imports ~lj
Country of Origin
s TOTAL QUOTA
• Sept. 20, 1957, to %
33-1/356 of : Sept. 20, 1957
i
: Nov. 13, 1957
i Total Quota ; to Nov. 13, 1957
United Kingdom
Canada
France
British India
Netherlands
Switzerland .
Belgium
Japan
China
Egypt
Cuba
Germany
Italy

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

406,987
239,690
6,996
6,915

1,441,152

5,482,509

660,588

1,599,886

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

406,987

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

25,443
7,088

6,915
'

413,902

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
FRIDAY, NOVEMBER 15, 1957.

"83

The Bureau of Customs announced today the following preliminary
figures showing the imports for consumption from January 1, 1957, to
November 2, 1957, inclusive, of commodities for which quotas were
established pursuant to the Philippine Trade Agreement Revision Act
of 1955:
- \ Unit • -~
Commodity
Buttons

: Established Annual : of
: Imports as of
: Quota Quantity
: Quantity: Nov. 2, 1957
807,500

Gross

724,106

Cigars 190,000,000 Number 3,600,612
Coconut oil 425,600,000 Pound 152,775,134
Cordage 6,000,000 Pound 4,684,344
(Refined 40,096,844
Sugars
(Unrefined

1,904,000,000

Tobacco 6,175,000 Pound 3,916,690

Pound
1,638,712,180

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
FRIDAY, NOVEMBER 15, 1957

272

A-83

The Bureau of Customs announced today the .following preliminary
figures showing the ijnports for consumption from January 1, 1957, to
November 2, 1957, inclusive, of commodities for which quotas were
established pursuant to the Philippine Trade Agreement Revision Act
of 1955:

Commodity

Imports as of
Nov. 2, 1957

:Established Annual
: Quota Quantity

Buttons

807,500

Gross

724,106
3,600,612

Cigars 190,000,000

Number

Coconut oil 425,600,000

Pound

152,775,134

Cordage 6,000,000

Pound

4,684,344

(Refined
Sugars
(Unrefined
Tobacco 6,175,000

40,096,844
1,904,000,000

Pound
1,638,712,180
Pound

3,916,690

November 4, 1957
r-. O
C iw

the following tr-^nteetlons *®re made In direct and guaranteed securities
of the Goveriwent for Treasury Investments end other accounts during the sonth
of October, 1957s
Purchases $23,16^,500.00
Sales l.S%.60Q.QQ
126,571,900,09
— m m n i ' m 1.H.1111W1 •

mm.

(Sgd) Charles X* frftuiMia

Chief, Investments Branch
Division of Deposits A Investments

TREASURY DEPARTMENT

cMr/

WASHINGTON, D.C.

IMMEDIATE RELEASE,
Tucoday, Qotobci1 lp, V&yt*

_mC£j*m
A-6w-*^

During "ir-mrih-r- 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 43"ftj33lSiJ 3^»

0O0

c7s

TREASURY DEPARTMENT
WASHINGTON, D.C.

IMMEDIATE RELEASE,
Friday, November 15, 1957.

A-84

During October 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 $26,571,900.

oOo

$* ' P

4-M

H U E A S S A. K. M2WSPAPERS #
Tuesday, November 19, X9<>7*

The Treasury department announced last evening that the tenders for ^1,800,000,0
or thereabouts, of 91-day Treasury bill* to be dated November 21, 1957* and to nsturt
February 20, 1958, which were offered on Hoveiwber Xk9 were opened at the Federal Reserve Banks on November 18.
The details of this issue are as followst
Total applied for - 12,688,297,000
Total accepted
- 1,800,622,000

(includes 1373,203,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bidsi (Excepting one tender of 150,000)
High - 99*209 Equivalent rate of discount approx. 3.1292 per annua
low
- 99.203
"
*
"
*
"

3.153$

•

Average - 99.205 • n « « « 3.ll*5* » •
(57 percent of the amount bid for at the low price was accepted)
Federal Reserve
district

Total
Applied for

Total
Accepted

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

1
38,113,000
1,835,895,000
1,7,121,000
71,11*7,000
28,586,000
59,997,000
270,616,000
32,190,000
18,01*0,000
61i,973,000
57,97l*,000
163,61*5.000

$
25,873,000
I,l6«,983,000
27,887,060
65,938,000
27,506,000
1*3,31*7,000
173,538,000
30,085,000
17,01*0,000
59,620,000
32,57l*,000
132.231,0$

12,688,297,000

11,800,622,000

TOTAL

277
TREASURY DEPARTMENT
rcy••JMWIII juimm^tmiwam9ia^tBrmmHK99Kirrmm^.^^'^^m'mM*'m,"'m''Limimj

w — — ™ — — — — — p n

WASHINGTON, D.C.
ELEASE A. M. NEWSPAPERS,
foesday, November 19, 1957 •

A-85

The Treasury Department announced last evening that the tenders for *1,800,000,000,
thereabouts, of 91-day Treasury bills to be dated November 21, 1957, and to mature
'ebruary 20, 1958, which were offered on November lk, were opened at the Federal Reerve Banks on November 18.
The details of this issue are as follows:
Total applied for - $2,688,297,000
Total accepted
- 1,800,622,000

(includes 1373,203,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids; (Excepting one tender of $50,000)
High - 99.209 Equivalent rate of discount approx. 3.129$ per annum
w
Low
- 99.203
"
"
"
"
3.153$ "

Average - 99.20$ " " " " " 3.11*5$ " "
(57 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

$$ 38,113,000
1,835,895,000
1*7,121,000
71,117,000
28,586,000
59,997,000
270,616,000
32,190,000
18,01*0,000
61*, 973,000
57,97l*,000
163,61*5,000

&
25,873,000
1,16*4,983,000
27,887,000
65,938,000
27,506,000
1*3,31*7,000
173,538,000
30,065,000
17,01*0,000
59,620,000
32,5714,000
132,231,000

$2,688,297,000

tl,800,622,000

TOTAL

B§SSDIA£E RELEASE,
Monday, November 18, 1957.

A-u

The Treasury Department announced today that on Wednesday, Soveaber SO, it
will offer for cash subscription $500 million, or thereabouts, of 3V$ percent
17-year Treasury bonds and $1 billion, or thereabouts, of 3 ^ percent^ •year fea^
ury notes. The subscription books will be open only on November 20 for these of*
tarings* In addition, up to $100 million of each of these issues may be allottei
to Government Investment Accounts.
The new bonds to be issued on cash subscriptions will be dated December g,
1957, and w i H mature November 15, 1974* interest will be payable on a semlsoMal
basis on May 15 and November 15 in each year.
TOe new notes to be issued on cash subscriptions will be dated Boveaber 29,
1957, and will mature November 1 5 , / % ^ . Interest will be payable on a imltnmiil
basis on May 15 and November 15 in each year.
Subscriptions tor the bonds and notes from commercial banks, which for this
purpose are defined as banks accepting demand deposits, for their own account, viU
be received without deposit, but will be restricted as to each subscription to n
amount not exceeding 25 percent in the case of the bonds and 50 percent ia the ejgy
of the notes of the combined capital, surplus and undivided profits of the stibtffft
lng bank, as of June 30, 1957. A payment of 10 percent of the amount of bonds eel
2 percent of the amount of notes subscribed for must be made on all other suibgM<|i
tions. The securities may be paid for by credit in Treasury tax and loan ULUUISJII
Commercial banks and other lenders are requested to refrain from making mw*
loans, or loans collateralized in whole or in part by the securities subscribe* m
to cover the deposits reouired to be paid when subscriptions are entered.
On Thursday, November 21, the subscription books will be opened tor an ottmt*
ing of 3 - W percent 1-year Treasury certificates of Indebtedness In exchange tk*
the $9,971 million of 3-5/8 percent certificates of indebtedness maturing ftsuatirl
1957. The subscription books will be open only on Hovember 21 and Boveaberttfk*
this offering.
The new certificates will be dated December 1, 1957, and will mature DiinseW <
1958. Exchanges will be made par for par on or before December 2. Coupons sett!
December 1 should be detached from the maturing certificates and cashed when 6ft*
Interest will be payable on the new certificates on June 1 and December 1, XW*
Cash subscriptions for the certificates w i H not be received.
Any subscription addressed to a Federal Reserve Bank or Branch, or to thi^ ^
Treasurer of the United States, and placed in the mail before midnight IfcindbeT*
in the case of the new bonds and notes, or before midnight Boveaber 22 in the mm
of the new certificates, will be considered as timely.

27b
TREASURY DEPARTMENT
WASHINGTON, D.C.
IMMEDIATE RELEASE,
Monday, November 18, 1957.
The Treasury Department announced today that on Wednesday, November 20, it
will offer for cash subscription $500 million, or thereabouts, of 3-7/8 percent
17-year Treasury bonds and $1 billion, or thereabouts, of 3-3/4 percent 5-year Treasury notes. The subscription books will be open only on November 20 for these offerings. In addition, up to $100 million of each of these issues may be allotted
to Government Investment Accounts.
The new bonds to be issued on cash subscriptions will be dated December 2,
1957, and will mature November 15, 1974. Interest will be payable on a semiannual
basis on May 15 and November 15 in each year.
The new notes to be issued on cash subscriptions will be dated November 29,
1957, and will mature November 15, 1962. Interest will be payable on a semiannual
basis on May 15 and November 15 in each year.
Subscriptions for the bonds and notes from commercial banks, which for this
purpose are defined as banks accepting demand deposits, for their own account, will
be received without deposit, but will be restricted as to each subscription to an
amount not exceeding 25 percent in the case of the bonds and 50 percent in the case
of the notes of the combined capital, surplus and undivided profits of the • subscribing bank, as of June 30, 1957. A payment of 10 percent of the amount of bonds and
2 percent of the amount of notes subscribed for must be made on all other subscriptions. The securities may be paid for by credit in Treasury tax and loan accounts.

Commercial banks and other lenders are requested to refrain from making unsecured
loans, or loans collateralized in whole or in part by the securities subscribed for,
to cover the deposits required to be paid when subscriptions are entered.
On Thursday, November 21, the subscription books will be opened for an offering of 3-3/4 percent 1-year Treasury certificates of indebtedness in exchange for
the $9,971 million of 3-5/8 percent certificates of indebtedness maturing December 1,
1957. The subscription books will be open only on November 21 and November 22 for
this offering.
The new certificates will be dated December 1, 1957, and will mature December 1,
1958. Exchanges will be made par for par on or before December 2. Coupons dated
December 1 should be detached from the maturing certificates and cashed when due.
Interest will be payable on the new certificates on June 1 and December 1, 1958.
Cash subscriptions for the certificates will not be received.
Any subscription addressed to a Federal Reserve Bank or Branch, or to the
Treasurer of the United States, and placed in the mail before midnight November 20
in the case of the new bonds and notes, or before midnight November 22 in the case
of the new certificates, will be considered as timely.

- 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 \x$\x (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 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 -

final. Subject to these reservations, noncompetitive tenders for $200,000 or le

without stated price from any one bidder will be accepted in full at the averag

price (in three decimals) of accepted competitive bids. Settlement for accepted

tenders in accordance with the bids must be made or completed at the Federal Re
serve Bank on November 29, 1957 , in cash or other immediately available funds
or in a like face amount of Treasury bills maturing November 29, 1957 Cash

and exchange tenders will receive equal treatment. Cash adjustments will be mad

for differences between the par value of maturing bills accepted in exchange an
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the

are subject to estate, inheritance, gift or other excise taxes, whether Federal

or State, but are exempt from all taxation now or hereafter imposed on the prin

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

TREASURY DEPARTMENT
Washington

pv-:"

K0K RELEASE/ HSKKIHS NEWSPAPERS, / ' 0 /
Thursday, November 21, 1957

5J
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 November 29, 1957 , in the amount of

sgr^
$ 1,800.664,000 , to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated November 29, 1957 , and will mature February 27, 1958 , when the face

^T*
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,
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
closing hour,/*W» o'clock p.m., Eastern Standard time, Monday, November 25, 1957,.

Tenders will not be received at the Treasury Department, Washington. Each tende
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 thr
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
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 dea

in investment securities. Tenders from others must be accompanied by payment of

RELEASE A.M. NEWSPAPERS,
Thursday, November 21, 1957.

A-87

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 November 29, 1957,
in the amount of $1,800,664,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated November 29, 1957,
and will mature February 27, 1958, when the face amount will be
payable without interest. They will be Issued in bearer form only,
and In denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o*clock p.m., Eastern Standard time,
Monday, November 25, 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 basiis 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 bll'Js 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 November 29, 1957, in cash or other immediately available funds
or in a like face amount of Treasury bills maturing November 29 191
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 speeial 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 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

TREASURY DEPARTMENT
Washington
STATEMENT BY SECRETARY OF THE TREASURY ANDERSON
BEFORE SELECT COMMITTEE ON SMALL BUSINESS, HOUSE
OF REPRESENTATIVES, NOVEMBER 21, 1957

MR. CHAIRMAN AND MEMBERS OF THE COMMITTEE:
Your invitation to appear before this Committee gives me a
welcome opportunity to express my deep-felt and long-time interest
in the welfare and the needs of small business. Small and
independently owned and managed businesses are fundamental to the
American economy. Our great economic growth and our high standard
of living have been based upon new production processes and
improvements in efficiency, as well as on the availability of
capital to provide machinery and equipment. We need to have as
many centers of economic initiative as possible to give the
greatest opportunity for new ideas and new techniques to be
developed.
Each separate business in the country provides one more element
in our system of competition. Fair competition — and the
avoidance of any semblance of cartel or trust arrangements — have
been important features in our economic development. We must
continue to expand our competitive economic system. The ready
opportunity for new businesses to be formed and to grow is a major
element in a competitive system.
In our approach to the problems of small business, certain
broad principles should be kept in mind. We are required by the
very principle of self-government to exercise judgment and
discretion. We must understand the impact on our entire economy
of the decisions we make. And we must make those decisions with
the welfare of the whole community in mind.
A soundly growing economy provides abundant opportunities not
only for established firms to expand and prosper, but also for new
businesses to be safely started. In this respect, Federal policies
that promote confidence on the part of investors, businessmen, and
consumers, and that encourage the spirit of free enterprise by
preserving and strengthening competition, constitute in a broad
sense the most powerful aid that can be given small business.
A-88

- 2 This Administration's recognition of the importance of"""'
maintaining a healthy and progressive small business population
has been evidenced in many ways. In 1953 legislation was enacted
establishing the Small Business Administration, the first
Government agency in our history devoted exclusively to financial
assistance and many other forms of aid to small business. This
Agency now has about 50 regional, branch and sub offices in
continental United States, Alaska, Hawaii and Puerto Rico. The
extent of its financial assistance to thousands of small
businesses is indicated by the fact that through October 31, 1957
it has approved over 8,000 business loans aggregating more than
$374,000,000. In addition, it conducts technical assistance
programs covering a broad range of small business problems. It
provides counseling services on financial and general management
matters, on the development of new products and markets and on
Government procurement contracts. It prepares and distributes
publications dealing with the management problems of small firms.
It issues other publications dealing with Government purchases
and specifications. It consults and cooperates with other
Government departments and agencies to make sure that small
business receives a fair proportion of Government purchases and
contracts for supplies and services. These activities in the
field of technical assistance are probably of at least as much
value to small business as the loans granted.
In addition to the Small Business Administration, various
services of the Department of Commerce, the Atomic Energy
Commission, General Services Administration, and the Department of
Labor actively assist small business. Special small business
programs have been set up in these agencies and also in the
Department of Defense, the International Cooperation Administration,
the Federal Trade Commission, and the Antitrust Division of the
Department of Justice.
To maintain a continuing study of small business problems, to
develop new programs and to coordinate the activities of departments and agencies in this field, the President on May 31, 1956
appointed a special Cabinet Committee on Small Business. This
Committee after careful study made a report to the President
listing fourteen recommendations. On July 15, 1957 in replying
to a letter from The Honorable Jere Cooper concerning tax
recommendations for small business in the budget message, the
President made reference to all of these recommendations of the
Cabinet Committee and their present status. Copies of the
President's letter are being made available for the members of
the Committee and the record. Some of the recommendations have
already been carried out, specifically: (l) a thorough review
of Government procurement policies and practices by a task force
established
byexpected
the
Administrator
ofamendments
General
Services
Administration
a
for
laws
comprehensive
the
which
primary
is
purpose
recommendation
to
ofbo
assisting
followed
for
small
by a business,
legislative
to the resulting
procurement
proposalin

- 3-

••' 'y

<-<

V_J

- \

in the near future; (2) the issuance of a Government-wide
regulation prescribing policies and procedures with respect to
advance or progress payments to small suppliers; (3) an amendment
to the Renegotiation Board's regulations with respect to subcontracting; (4) a Conference on Technical and Distribution
Research for the benefit of small business which was held in
Washington in September; and (5) a study by the Bureau of the
Budget for the purpose of simplifying the reports and statistics
required of small business. Legislative proposals with respect
to other recommendations are now before the Congress.
In considering the question of adequate financing for small
business, I am impressed with the fact that there appear to be a
number of channels through which credit is now available. These
include the private banking system, insurance companies, factors
and other finance companies, suppliers, state and local development
credit corporations, and in special fields agencies such as the
Fish and Wildlife Service of the Department of the Interior. In
addition, the Federal Reserve Banks still have authority to make
business loans under Section 13(h) of the Federal Reserve Act.
Finally, the Small Business Administration exists for the purpose
of providing financial assistance which is not otherwise available
on reasonable terms.
In appearing before the Senate Banking and Currency
Subcommittee on Small Business on June 20, 1957, Mr. Martin,
Chairman of the Federal Reserve Board, agreed that the Board would
undertake a study of the whole problem of financing small business
for the purpose of determining where the gaps are, if any, and how
those gaps can best be filled. We have conferred with the Federal
Reserve authorities and have been advised that the study which
they are undertaking will be extremely thorough and will develop
not only facts as to the actual use of credit facilities but
also the attitudes and experience of both lending institutions and
small business recipients of or candidates for financial
assistance. I think it is highly desirable that such a study be
made and I am glad that It is under way, because there is a broad
area in which I believe additional facts are needed to arrive at
intelligent and constructive conclusions. Until these facts are
fully developed, I feel that it would be premature for the
Treasury to take a position with respect to the creation of new
institutions or the establishment of new programs.
I have charged Assistant Secretary of the Treasury Laurence
Robbins with the responsibility for the participation of the
Treasury Department in the small business field, and for keeping
me fully informed. Mr, Robbins for the past three years has
served as the Secretary's designee on the Loan Policy Board
of the Small Business Administration, and has attended and taken
part regularly in the meetings of the Cabinet Committee on Small
Business,
a
member of
although
that Committee.
the Secretary
I assure
of the
you
Treasury
that the
isTreasury
not officially

~ QA
<^ O ""^

- 4Department will follow with the keenest interest the progress of
the Federal Reserve study, and I believe that the information
developed by your Committee will be particularly timely in
view of this study, the studies of the Cabinet Committee on Small
Business and the activities of the Small Business Administration.
We will cooperate in every way possible to the end that sound and
constructive solutions of the small business problems may be
found.

0O0

TREASURY DEPARTMENT
~mm^.mmv*xji>wuj*..>".*i.ii.mmumiiwm\m!wmmiw>mm

WASHINGTON, D
IMMEDIATE RELEASE,
Friday, November 22, 1957»

A-89

The Treasury today announced a 2$% allotment to savings-type
investors and a 12$ allotment to all other subscribers for the current
cash offering of $1 billion, or thereabouts, of 3-3/4 percent Treasury
Notes of Series C-1962. Subscriptions for $10,000 or less will be
allotted in full. Subscriptions for more than $10,000 will be allotted
not less than $10,000.
Reports received thus far from the Federal Reserve Banks show
that subscriptions total about $7,780 million. Details by Federal Reserve Districts as to subscriptions and allotments will be announced
when final reports are received from the Federal Reserve Banks.
Reports of subscriptions for the 3-7/8 percent Treasury Bonds of
197lj will be received and analyzed on Monday, and the basis of allotment on those subscriptions will be announced Monday afternoon,
November 2$.

38iJ

f\-.H

RELEASE A. ¥. NEWSPAPERS,
Tuesday, Sovember 26, 1957.

The Treasury Department announced last evening that the tenders for #1,800,000,000
or thereabouts, of 90-day Treasury bills to be dated November 29, 1957, and to mature
February 27, 1958, which were offered on November 21, were opened at the Federal Reserve
Banks on November 2$.
The details of this issue are as follows:
Total applied for - $2,430,201,000
Total accepted
- 1,800,564,000

(includes 1326,809,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids:
High - 99.222 Equivalent rate of discount 3.112£ per annum
Low
- 99.20?
•
B
«
t»

3.172*

•

Average - 99*210 * « n « approx. 3»l58# vmr annum
(93 percent of the amount bid for at the low price was accepted)
Federal Reserve
District

Total
Applied for

Total
Accepted

Boston
Hew Tork
Philadelphia
Cleveland
Richmond
Atlanta
Chieago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

243,813,000
23,991,000
15,233,000
61,987,000
44,429,000
168,931*000

31,822,000
1,118,861,000
20,207,000
77,933,000
17,826,000
40,101,000
200,183,000
23,991,000
15,183,000
59,902,000
42,429,000
152.126,000

#2,430,201,000

$1,800,564,000

33,122,000
1,659,148,000
39,347,000
79,133,000
18,026,000

43,o4i,ooo

TOTAL

4Su

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A. M. NEWSPAPERS,
Tuesday, November 26, 1957

A-90

The Treasury Department announced last evening that the tenders for $1,800,000,000,
or thereabouts, of 90-day Treasury bills to be dated November 29, 1957, and to mature

February 27, 1958, which were offered on November 21, were opened at the Federal Reserve
Banks on November 25.
The details of this issue are as follows:
Total applied for - $2,430,201,000
Total accepted
- 1,800,564,000 (includes $326,809,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Range of accepted competitive bids:
High
Low
Average

- 99.222 Equivalent rate of discount 3.112* per annum
M
ft
- 99.207
" "
3.172* "
"
- 99.210

approx. 3.158* per annum

(93 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
$ 33,122,000
1,659,148,000
39,347,000
79,133,000
18,026,000
43,041,000
243,813,000
23,991,000
15,233,000
61,987,000
414,429,000
168,931,000
TOTAL #2,430,201,000

Total
Accepted
$

31,822,000
1,118,861,000
20,207,000
77,933,000
17,826,000
140,101,000
200,183,000
23,991,000
15,183,000
59,902,000
42,129,000
152,126,000
$1,800,564,000

RMJEASE.
Monday, Koreaber p. 3J^7.
a E6* eJJLotwwt to
aad a 20$ allotawart to ell
of $500 million, or thereabouts, of 3*7/8 percent Treasury Bonds of 1974.
Subscriptions for $10,000 or 1 M M nili bo allotto* la full. Subscription*
t*r more than $10,000 will bo allotted not less than $10,000.
nvestors whose subscript ions are given m *>% t!3ot*
is

(not Ifwto^fm

total about $5,816 stUUsm. Details by Federal Reserve Die-

4^
REASURY DEPARTMENT
WASHINGTON, D.C.
IMMEDIATE RELEASE,
Monday, November 25, 1957.

A-91

The Treasury today announced a 26$ allotment to savings-type investors
and a 10$ allotment to all other subscribers for the current cash offering
of $500 million, or thereabouts, of 3-7/8 percent Treasury Bonds of 1974.
Subscriptions for $10,000 or less will be allotted in full. Subscriptions
for more than $10,000 will be allotted not less than $10,000.
The savings-type investors whose subscriptions are given a 26$ allotment are as follows:
1. Pension and retirement funds - public and private
2. Endowment funds
3. Common trust funds
4. Insurance companies
5. Mutual savings banks
6. Fraternal benefit associations and labor unions1
insurance funds
7. Savings and loan associations
8. Credit unions
9. Other savings organizations (not including commercial banks)
Reports received thus far from the Federal Reserve Banks show that
subscriptions total about $3,816 million. Details by Federal Reserve Districts as to subscriptions and allotments will be announced when final
reports are received from the Federal Reserve Banks.

- 3 > y

KJ>

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 -

3S3c
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,

43J

4KBKSc
TREASURY DEPARTMENT
Washington

J
A

y^f' O

A. M.
X8R RELEASE/ HEFJHHB NEWSPAPERS,
Wednesday. November 27, 1957
The Treasury Department, by this public notice, invites tenders for
$1,800.000.000

, or thereabouts, of

— W —

-day Treasury bills, for cash and

in exchange for Treasury bills maturing December 5, 1957
, in the amount of
$1,800,991,000 , to be issued on a discount basis under competitive and non-

—W—
competitive bidding as hereinafter provided. The bills of this series will be
dated December 5, 1957
, and will mature March 6, 1958
, when the face
amount will be payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
closing hour,/tec o'clock p.m., Eastern Standard time, Monday, December 2, 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

Tenders will be received without deposit from

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

RELEASE A.M. NEWSPAPERS,
Wednesday, November 27, 1937.

A-92

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 December 5, 1957
in the amount of $1,800,991,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated December 5, 1957,
and will mature March 6, 1958,
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, &1Q,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o'clock p.m., Eastern Standard time,
Monday, December 2. 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 recognised 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 December 5, 1957, in cash or other imediately available funds
or in a like face amount of Treasury bills maturing December 5, 19571
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The Income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 195^-* ®ie 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

A -•••

Btura&^i B U R S E ,
Vtemmmmy* Sovertber 87, 1957.
ftaa Treasury Bepartsamt t o o ^ announced the mfa*eri$tim m&

allotment figure* yn%

respect to the cash offering of $500 asillioa, or t-mrmhm&*t of ZW/8 peraKt Treas

BoM© of 1974, maturing ftoveafcar IS, 1974. eubaeriptioaa from s«vlag®~typ© SsvMl
wr© allottad 26 percent, and all othar p&acripUoaa ware allotted 10 pareaat* la
addition, $100 million ware allotted to Ooveraswat tweatiaesii Ammmtm*
Subscriptions ana allotiaent mm
amd tha Treasury m

Federal Eeaerve
Bigrtrict
Boston
How forfc
Philadelphia
Clevelaail
?».v ciifijoncl

divided man® the mmmrmX Federal

M*tgi%%

foHowB
Subscription®
from tw&injg*-* Subscriptions

$139,612,500
489,070,000
9,405,000
42,389,500
30,087,000
21,847,000
83,118,000
4,440,000
5,079,000
9,236,000
6,285,000
42,366,000

$883,175,000

$ i03,o&a,aoo
1,304,988,000
125,5C^,$00
155,836,500
82,S83#S00
133,137,000
40£,848,0Q0
78,4^7,000
4G,g9©,500
58,943, 600
149,3S5,000
5^0,413,000
82,000

$2,933,833,500

& ,mVm*Wf 99*fW

n,m§m
44,100,500

S7.HI
iQOf0Q$fti

$3,816,808,300
Subscriptlone ia exceas

of *lM<

^ \j y

TREASURY DEPARTMENT
Vmrr."/^-rt^.fr'.s

TK™rmsr:w y-ysiT1 W P F T ;

wnwjm.':njnr^PTOgga-r:

WASHINGTON, D.C.
IMMEDIATE RELEASE,
>geclnesday, November 27, 1957.

A-93

The Treasury Department today announced the subscription and allotment figures vith
respect to the cash offering of $500 million, or thereabouts, of 3-7/8 percent Treasury
Bonds of 1974, maturing November 15, 1974. Subscriptions from savings-type investors
were allotted 26 percent, and all other subscriptions were allotted 10 percent. In
.addition, $100 million were allotted to Government Investment Accounts.
Subscriptions and allotment were divided among the several Federal Reserve Districts
and the Treasury as follows:
1

Ipederal Reserve
JDistrict
JBoston
Wew York
Philadelphia
[Cleveland
"pichmond
Quanta
"fchicago
St. Louis
Minneapolis
feansas City
ftallas
tan Francisco
treasury
Government Investment Accts.
Total

Subscriptions
from savingstype investors
$139,612,500
499,070,000
9,405,000
42,389,500
20,927,000
21,247,000
83,118,000
4,440,000
5,079,000
9,236,000
6,285,000
42,366,000
$883,175,000

To-tal
Subscriptions
from all others
103,022,000

Subscriptions
Received
242,634,500

Total
Allotments *

1 ,304,968,000

1 ,804,038,000

125,309,500
155,836,500
82,993,500
113,137,000
402,849,000
78,427,000
40,299,500
56,943,500
149,353,000
320,413,000
82,000

134,714,500
198,226,000
103,920,500
134,384,000
485,967,000
82,867,000
45,378,500
66,179,500
155,638,000
362,779,000
82,000

$ 48,218,000
268,709,500
15,555,000
28,574,000
15,145,000
20,230,000
65,083,500
11,607,500
5,943,000
9,165,500
17,924,500
44,100,500
57,000

100,000,000

$2,933,633,500

•Subscriptions for $10,000 and less allotted in full.
allotted not less than $10,000.

$3,816,808,500

$650,313,000

Subscriptions in excess of $10,000

IWmWXmWkt RKLEASE,
jftaSaaeday, joves^er 27, 1957.

Treasury Deportment today announced the subscription and aliotaent figure* %*M
respect to the cash offering of $1 billion, or thereaboute, of 3-3/4 pereeat Trmmmay
Hate© of Series C-4BS2, maturing November U9 m®. Subscriptions tmm savings-type la
veators wre allotted 25 pereeat, and all other «ubecriptions were allotted 12
In addition, $100 million mm allotted to Goveniwent Xaveataasit Accounts.
Safceeriptioas aad allotments were divided among the aeveral Federal

Dit-

Philadelphia
Cleveland
Hici2aonsi
Atlanta
<
7fo"f<?a0>

at. Louie
l&n&eajpolis
City
Ban Francisco
IJreaeury
Goversaeiit In**
veetanettfc Accta
Uotal

fro®
type iiryeetore

Subecripftiona
from all ethers

$ 85,151,000
385,766,000
1,301,000
32,847,000
28,077,000
8,561,000
78,480*000
1,372,000
3,748,000
5,331,000
7,486,000
10,210,000
500,000

$661,320,000

202,250,000
5,020,042,000
285,035,000
513,433,000
284,041,000
282,807,000
039,254,000
205,455,000
127,802,000
168,000,000
315,951,000
880,017,000
15,000

$7,124,000,000

•subscriptions for Slo,000 ana leee allotted ia full,
**0,000 allotted mt lees then $10,000.

Total
^becrlptloaa
$

fetal

347,410,000
3,416,406,000
285,326,000
545,600,000
313,018,000
285,248,000
917,714,000
EOS,827,000
130,050,000
174,251,000
325,417,000
050,236,000
515,000

$ 53,675,000
465,271,000

$7,705,090,000

$x9xu9mM

70,6SMH
42,308,096
37,382,004
124?210,efl|
20,032,00$
Mi
25,539,v
40,m,(
103,658,

Subsariptioaa ia excess Of

5ui

TREASURY DEPARTMENT
»«W'V'«^rrer»"'^»ra«wuiM^^

WASHINGTON, D.C.
A-94
IMMEDIATE RELEASE,
Wednesday, November 27, 1957.
The Treasury Department today announced the subscription and allotment figures with

respect to the cash offering of $1 billion, or thereabouts, of 3-3/4 percent Trea

Notes of Series C-1962, maturing November 15, 1962. Subscriptions from savings-ty

vestors were allotted 25 percent, and all other subscriptions were allotted 12 pe
In addition, $100 million were allotted to Government Investment Accounts.
Subscriptions and allotments were divided among the several Federal Reserve Districts and the Treasury as follows:
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Government Investment Accts.
Total

Subscriptions
from savingstype investors

Subscriptions
from all others

$ 85,151,000
395,766,000
1,391,000
32,247,000
28,077,000
2,561,000
78,480,000
1,372,000
3,748,000
5,351,000
7,466,000
19,219,000
500,000

262,259,000
3 ,020,642,000
283,935,000
513,433,000
284,941,000
282,687,000
839,234,000
205,455,000
127,202,000
168,900,000
315,951,000
820,017,000
13,000

$661,329,000

$7 ,124,669,000

Total
Subscriptions
Received
$

347,410,000
3 ,416,408,000
285,326,000
545,680,000
313,018,000
285,248,000
917,714,000
206,827,000
130,950,000
174,251,000
323,417,000
839,236,000
513,000
-

$7 ,785,998,000

Total
Allotments
$

53,673,000
465,271,000
35,240,000
70,820,000
42,608,000
37,382,000
124,210,000
26,962,000
17,859,000
23,539,000
40,726,000
103,638,000
158,000
100,000,000

$1,142,066,000

*§ub script ions for $10,000 and less allotted in full. Subscriptions in excess of
#30,000 allotted not less than $10,000.

IJiHaiATE ESLSA5E,
Wednesday. Noves^cr 21. 1057,
The Treasury today annetineed the «ub«eription end alletaent ti&rtmm
with respect to the current offering of 8*2/4 ?•*«•»* treasury Certifi*
cates of Indebtedness of Series B-40S0, maturing December X9 10S0, epee
to holders of Treasury Certifieatee of Indebtedness ef aeries S-ISS7,
loathing Deeegfeer 1, 1957* Of the aetwiag eerUfieetee, $140,047,000
were left for cash redemption.
Subscriptions and allotments mm divided easa* the
Districts end the Treaaary aa fellows*
Seservo
tiaa^rxcii
Boston $ ftf$uM90tl0
Hew Tork
Philadelphia
Cleveland
Kiehsend
Atlanta
Chieage
St* Lotiis
Minneapolis
Kansas City
Dallas
San Franciseo
TOTAL $0,050,550,000

Total subscriptions
Eteeoivoa ana iaiiewoa
0,155,010,000
55,070,000
52,700,000
11,005,000
31,571,00©
041,520,000
55,224,000
40,550,000
55,110,000
20,470,00©
91,455,000

TREASURY DEPARTMENT
Esamssaara

mmmnwmm

WASHINGTON, D.C.

II1ZEDIATE RELEASE,
Wednesday, November 27, 1957.

A-95

The Treasury today announced the subscription and allotment figures
with respect to the current offering of 3-3/4 percent Treasury Certificates of Indebtedness of Series D-1958, maturing December 1, 1S58, open
to holders of Treasury Certificates of Indebtedness of Series E-1957,
maturing December 1, 1957. Of the maturing certificates, ^140,647,000
were left for cash redemotion.
Subscriptions and allotments were divided among the several Federal
Reserve Districts and the Treasury as follows:
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL

Total subscriptions
Received and allotted
w

27,322,000
9,153,510,000
33,879,000
52,709,000
11,906,000
31,371,000
241,520,000
53,224,000
49,352,000
38,526,000
20,479,000
91,435,000
25,308,000

$9,850,539,000

r,Q3

RELEASE A. ¥. HEWSPAFglS,
Tuesday, Deeember 3, 1957.

The Treasury Department announced last evening that the tenders for $1,800,000,000

or thereabouts, of 91-day Treasury bills to be dated December 5, 1957, *nd to mat

March 6, 1958, which were offered on November 21, were opened at the Federal Rese
on December 2.
The details of this Issue are as followst
Total applied for - |2,655,2X1,000
Total accepted
- 1,800,110,000

(includes §336,832,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids?
High - 99.220 Equivalent rate of discount approx. 3.086* per annua
tow
- 99.212
"
*
u
*
n
3.H7#
Average - 99.215

* " • " 3.105* • "

(10 percent of the amount bid for at the low price was aeeepted)

Federal Reserve
District

Total
Applied for

Total
Aeeepted

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

TOTAL

12,655,217,000

32,513,000
1,787,7l*9,QOO
39,998,000
63,760,000
21,803,000
37,871,000
319,180,000
37,550,000
25,676,000
1*1,155,000
1*7,130,000
200,832*000

30,1*63,000
1,098,179,000
19,752.000
62,227,000
19,813,000
33,221,000
21*8,327,000
3!*,5O5,Q0O
25,396,000
1*0,355,000
28,230,000
159.61*2,000

$1,000,110,000

r~ r* A

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A. V. NEWSPAPERS,
Tuesday, December 3, 1957.

A-96

The Treasury Department announced last evening that the tenders for $1,800,000,000,
or thereabouts, of 91-day Treasury bills to be dated December 5, 1957, and to mature
March 6, 1958, which were offered on November 27, were opened at the Federal Reserve Banks
on December 2.
The details of this issue are as follows:
Total applied for - $2,655,217,000
Total accepted
- 1,800,110,000

(includes $336,832,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids:
High - 99.220 Equivalent rate of discount approx. 3.086* per annum
n
Low
- 99.212
"
"
"
"
Average - 99.215 " " " " " 3.105* "

3*111%

••

(10 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

1*7,130,000
200,832,000

30,1*63,000
1,098,179,000
19,752,000
62,227,000
19,813,000
33,221,000
21*8,327,00,.
31*,505,OOo
25,396,000
1*0,355,000
28,230,000
159,61*2,000

$2,655,217,000

$1,800,110,000

32,513,000
1,787,71*9,000
39,998,000
63,760,000
21,803,000
37,871,000
319,180,000
37,550,000
25,676,000

iii,i55,ooo

TOTAL

TREASURY DEPARTMENT
Washington

510

RELEASE 6 P.M. EST,
Monday, December 2. 1957.

REMARKS BY TREASURY SECRETARY ROBERT B. ANDERSON
BEFORE ANNUAL DINNER OP THE ADVERTISING COUNCIL,
BILTMORS HOTEL, NEW YORK, NEW YORK, MONDAY,
DECEMBER 2, 1957.
This period in history is a major opportunity that we
as individuals have to contribute to the improvement of man's
well-being. In our time we may well help to determine for many
generations to come the form in which people can best be governed.
This truly is an age of responsibility.
One key to the success of our nation, in its government
and in its economic life, has been the willingness and ability
of the American people to accept self-discipline and responsibility.
Our generation can be no exception.
We in America do not accept the alien philosophy which
places the source of power in a dictator or in a monolithic state.
Here, each new generation grows up in the knowledge that the power
to govern and to act rests with our millions of free individual
citizens.
This is freedom — at a far end of the scale from the
regimented existence of a dictatorship. But with this freedom
go heavy responsibilities, resting on each one of us individually
and on every group participating in our national life. It rests
upon businessmen, workers, farmers, investors, housewives — and
government. All of us must rise above the transient and trivial
to follow a course of action designed to provide necessary
security as well as to better the lot of all of our people.
Such a course is not easy. It demands living with facts
as they are. We cannot subscribe completely to the cliche that
"history repeats itself." Such a doctrine has its limitations.
We must make hard choices based on a multitude of complexities,
none of which can be pushed aside or considered apart from the
others.
There is much discussion these days about such things as the
course of our Government in meeting its many responsibilities
and financing them. I believe we must be governed by sensible

A-97

rr :i
- 2 flexibility. First, we must be realists. We must not operate
from pat or doctrinaire positions. We must judge our problems in
the light of conditions as they exist. Decisions will have to be
based upon the best collective judgment that can be brought to
bear upon our problems in view of all the information available
at the time we have to decide.
Maintaining a balanced budget is of great importance to our
national welfare. So also is keeping our expenditures within
reasonable and prudent limits, we must do everything we can to
continue to achieve a budgetary balance and to insure that
expenditures are in order of priority for our national good and
within the framework of a sound economy. But we cannot indulge
in prejudgment of the collective determinations of the executive
departments and the Congress nor adhere to absolute rigidity.
Ours is the more difficult task of using judgment and reason. We
must try to fathom the future needs of our country, the course
of our economy, and try to be practical and objective in the
multitude or separate decisions we make.
I want to make it quite clear that we at the Treasury are
never going to take any positions which are inimicable to the
defense of our country as such defense is determined by the
people responsible in that field. But, in the same breath, I
would say that a strong defense can only be maintained over an
unknowable period of time by a strong economy.
Our military and our economic strength are inseparable.
The Communist world would welcome the neglect by us of either.
What are the prospects for our economy remaining strong
in the months and years ahead?
We all spend a good deal of our time looking at the various
items which go into the plus and minus side of the ledger of
our economic health. It is generally agreed that some phases
of our economy are going through a period of readjustment. But
we have made great readjustments in our economy in recent years
without serious impact on our total economy.
I am confident that today we have the basic ingredients
for a healthy and growing economy which can continue to provide
not only security but an improving standard of living for
future generations of.our people.
I think times like these demand that both the Government
and individuals of our nation use disciplined reason.
I repeat, I am confident that this Nation will continue
to exercise that measure of prudence, discipline, and enlightened
judgment which will assure us both a strong and adequate defense
and a strong and virile economy for the imponderable future.

t^>3
v_- o v^

- 3 Instinctively we know this: as a Nation we have lived
with the responsibilities of self-government for nearly 200 years.
We have met the challenge of war and of an uneasy peace. We have
faced up to the problems of civil strife, of economic insecurity,
of technological change, and a host of others, as they have
developed.
At times, events have permitted us to act slowly. Mistakes
could be corrected from time to time.
But we are not living in such a period today. The
relatively quiet years which ushered in the present century seem,
almost as remote in 1957 as the classic age of Greece and
Rome.
What then is the basic reason why today we must — each
of us — exercise high responsibility?
It is this.
In our modern age of international tension and rapid
technological change, we must have the responsibility to see to
it that our two basic strengths — military and economic —
flourish side by side. An adequate military posture must be
backed up by a production mechanism which is not only basically
strong, but is also quickly adaptable to each new scientific
advance. We must keep our windows open on the world — to
paraphrase Peter the Great's remark about the 'West.
Our world today is one of progress and change. Our
competitive system encourages innovation -- a constant seeking
to find better techniques, to use new processes, to probe new
frontiers of knowledge. The spur of competition is one of our
most precious assets, and it Is one which no directed economy
can duplicate. But to match the results of ruthless, statecontrolled planning, we must put our hearts and souls into
developing the full potential of our free economy.
A singular aspect of a competitive and dynamic economy
results from the willingness of free people to save and invest
a part of their earnings.
Let us look at savings, first historically and then to
gauge some measure of its importance to our productive system
and to our way of life.

- kIn the beginning, in fact up until about I850, muscle
power of animals and humans accounted for almost two-thirds of
the work done in the American economy. Inanimate sources, such
as steam, wind and falling water, accounted for the remainder.
Today the need for actual muscle power of either humans
or animals has been drastically curtailed. Almost all of the
actual productive work energy of the country comes from
machines under the management and watchful care of skilled
people. Yet even with this substantially decreased need for
actual human work energy, our citizens are incomparably better
off in both working conditions and living standards than they
were a century ago.
Our productive machinery was largely built from savings.
They came first from Europe. Then they were set aside out of
hard-won earnings along our Eastern seaboard and helped finance
the West, Now every area in this country is a source of
investment funds and most families are making enough money to
set aside some part of It in savings. The average family
income today is well over $5,000.
A quick look at some of the figures on capital growth
in this country points up clearly the vital position of savings
in our free American economy.
Estimates have been made -- very rough estimates, for the
early years — of the gross capital investment of private
businesses and individuals in this country beginning with the
period just after the Civil War, In the total span of 90 years
covered by these estimates, gross private domestic investment
amounted to about $1,075 billion — more than one trillion
dollars.'
A third of this total — about $375 billion — was
invested in the period up through 1929. The thirties and
World War II, together, added another $125 billion.
But some measure of the tremendous expansion of our
industrial potential in the years since World War II can be
gained from the fact that over half of our total gross private
investment since the Civil War — about $575 billion — occurred
in the twelve years 1946-1957. Higher costs and prices, to be
sure, have played a part. But in these same twelve years, the
physical volume of production went up 65 percent and total
civilian employment increased by about one quarter.
Of this total investment of $575 billion, over $3^0 billion
went into business plant and equipment and more than
$^5 billion went into improving our farms — more farm
structures, more mechanical equipment, improved production
processes, A record $135 billion, approximately, went into

v> w y

- 5 residential construction — and the dollar amounts here, of
course, tell only a small part of the story of improved
living conditions.
These figures on the growth of our economy during the
past century, and in recent years, are often taken more or less
for granted. We tend to forget that this phenomenal expansion
had to be financed primarily from savings -- by diverting part
of the business and personal income stream from current
spending into savings and investment channels. In the twelve_
postwar years which I previously mentioned — 1946 through
1957 -7 almost one-third of the total flow of savings —
about $175 billion — represented personal savings alone. The
millions of individual decisions to save and invest which
lie behind this total constitute a basic source of our economic
power.
The product of saving is by no means exclusive to the
field of materialistic productivity. It is translatable as well
into all forms of better living.

y'7
As a further result of/personal savings, home ownership has
increased tremendously in ;che past decade, and non-farm ownership
has increased by almost ^4* percent in just the past four years.
Last year, 60 percent of the total dwelling units in use
were owner-occupied. Three-fourths of all families — or
technically speaking, spending units — surveyed by the Federal
Reserve this spring had accumulated liquid assets or marketable
securities. These assets mean increased security for families
and individuals.
Savings mean opportunities for better education. They
provide for increased travel and for leisure time. As man learns
to work more efficiently, to utilize new and expanding sources
of energy, to create better machines for productivity, he channels
more of the total of human energy into the real purposes of
humankinds inventiveness, creativeness, and the use of his
intellectual competence in the fields of the arts and the
philosophies.
Because of our concern with the management of the national
debt, we in the Treasury have a particular responsibility and
concern in personal savings because we are the guardians of
a crucial sector of individual investment — the Savings Bonds
program. More than $41 billion of our S and H Savings Bonds are
outstanding at the present time and we estimate that this
represents 40 million owners — almost a quarter of the population
of the country.
The importance of these holdings from the point of view
of
the Treasury
cannot
benational
overstated.
Theythey
represent
about
holdings
15 percent
— of
wethe
have
entire
found
that
thedebt
average
and
E-bond
are
purchaser
steady

holds onto his bond for about 7-1/2 years. The continued growth
of the program through World War II and through the rapidly
shifting conditions of the past decade is the best testimony
I know of that the Savings Bond type of security meets a genuine
need. Regular saving has become a pattern for millions of
families. Not only has it been a contribution to the national
welfare but saving has been translated to mean more security,
better education for children, home ownership, and to meet
countless other individual needs.
The features of liquidity, guaranteed redemption values, and
ease of purchase through payroll deduction or other plans, make
Savings Bonds a particularly good investment for the small saver
in a changing world of variable markets. While there have been
net redemptions of E and H bends during the past year, there is
evidence that the trend toward increasing redemptions Is leveling
off. What is even more significant, sales of the small
denomination bonds — $200 or under — have been maintained
at record high level at all times.
I should like to take this opportunity to express the
gratitude and the appreciation of the Nation for the contribution
of the Advertising Council toward America's program for saving.
While the full dimensions of this contribution are difficult
to measure, it has been estimated that the total value of
advertising time and space devoted to this program since 1942
is close to $1 billion. Currently, this contribution Is
estimated to be running at more than $50,000,000 per year.
To this effort you have given your best talents and made
the widest use of your contacts for development and display.
You have encouraged millions of families to save. You have made
saving an investment, a symbol of patriotic service. Our
appreciation for your past services is not only real and heartfelt — it conforms to the definition of "gratitude" as
"a lively anticipation of favors yet to come."
In this age of responsibility, what you have done and
what you will do is a rich measure of devotion to self-government.
All of us in Government, in industry, in labor, and as
individuals, must do as well. Prudence ,vill never be out of
fashion. Savings and thrift will never be outmoded. Enlightened
judgment will always be at a premium but will eternally be indispensable to the preservation of freedom and liberty.
Our course is clear: in our high-energy civilization we
must work and save, explore and invest, improve and create,
always with one purpose in mind — that the lot of individual
people is bettered.
History is replete with the story of those who have failed.
oOo
The future will be assured by the
extent to -which we succeed.

• 3MmAmm

l a n d H bonds for Inveatora otter than

511
Am^MvmX*

will \m laeved only toy Federal Unserve Banks orferatushesor
at the Bmasury* but as m s the case with Series J ani l bonds,
subscriptions will be accepted by eomerelal banks throughout
tiie eo*ti*twy for forwarding to the Federal Reserve bank
of their district for issuance of the bonds.

0OO0

^10
- 2 year.

Th& Treasury pointed out that the lower limit will

permit the satisfaction of real demands for a security of the
savings bond type without opening up the £ and It bonds to
large Investors.

The Treasury also pointed out that the

original baby bonds (Series A through D) which preceded the
present E bond, had similar rights of ownership by small
investors otter than individuals.
Series £ bonds are the heart of the Treasury's program
to encourage thrift throughout the nation among small
Investors, and have also been very loportant In helping the
Treasury to place more of the public debt in the hands of
real savers. Series E bonds now being sold accrue interest
at the rate of 3-lA# P&r annum (compounded semi-annually)
when held S years and 11 months to maturity, with a somewhat
lesser rate of Interest If redeemed before maturity.
Series M bonds, on the other hand* are issued at par
and mature at par, and pay Interest by check semi-annually
with rates eoseparable to the £ bonds on early redemption.
Series H bonds pay 3*1/1$ Interest If held for their full
10 years to maturity.

The minimum denomination E bond is

$25 maturity value, (issue prise $18.75) and on the H bond, it

is 000.
M i e s of Series E bonds in the flseal year *t^mm June 30,
1957, amounted to #3.9 billion, and sales of Series II bonds*

of Series I and H bonds outstanding. *^ «M~ X***< **f^> »

BRAFT OF aJLLBASS

The Treasury Department announced today an enlargement
of the group of small Investors permitted to buy limited
amounts of Series £ and H savings bonds.
These bonds are now available only to individuals,
personal trust accounts, and employee savings plans.
Effective January 1, 195$* any Investor, otter than commercial
banks, will be permitted to buy up to $10,000 per year
(maturity value) of Series & or Series H savings bonds. The
same annual purchase limit applies now to Individuals.
The Treasury announced that It was taking this step to
fill a gap In the savings bonds program which was created
last April by the discontinuance of sales of Series J and K
savings bond®. Since that time small investor groups, other
than individuals, have not had available to them any Government
security with guaranteed protection against market fluctuations.
The Treasury has had a considerable demand In the last few
months for securities of this type from a large number of
small Institutional groups, sueh as labor unions, fraternal,
civic, service, patriotic, and veteran organisations, eleemosynary
institutions, and local and state government bodies,
Under the new plan starting In January, anyone who was
eligible to buy Series J and K savings bonds when they were
on sale will now be eligible to buy Series £ and H bonds* but
within a $10,000 limit per year for each series, as compared
with the annual purchase limit on J and K bonds of $200,000 per

TREASURY DEPARTMENT
IMMEDIATE RELEASE,
Wednesday, December k. 1957.

WASHINGTON, D.C.
A-98

The Treasury Department announced today an enlargement of
the group of small investors permitted to buy limited amounts
of Series E and H savings bonds.
These bonds are now available only to individuals, personal
trust accounts, and employee savings plans. Effective
January 1, 1958, any investor, other than commercial banks, will
be permitted to buy up to $10,000 per year (maturity value) of
Series E or Series H savings bonds. The same annual purchase
limit applies now to individuals.
The Treasury announced that it was taking this step to
fill a gap in the savings bonds program which was created last
April by the discontinuance of sales of Series J and K savings
bonds. Since that time small investor groups, other than
individuals, have not had available to them any Government
security with guaranteed protection against market fluctuations.
The Treasury has had a considerable demand in the last few
months for securities of this type from a large number of
small institutional groups, such as labor unions, fraternal,
civic, service, patriotic, and veteran organizations, eleemosynary
institutions, and local and state government bodies.
Under the new plan starting in January, anyone who was
eligible to buy Series J and K savings bonds when they were
on sale will now be eligible to buy Series E and H bonds, but
within a $10,000 limit per year for each series, as compared
with the annual purchase limit on J and K bonds of $200,000 per
year. The Treasury pointed out that the lower limit will
permit the satisfaction of real demands for a security of the
savings bond type without opening up the E and H bonds to large
investors. The Treasury also pointed out that the original
baby bonds (Series A through D) which preceded the present E bond,
had similar rights of ownership by small investors other than
individuals.
Series E bonds are the heart of the Treasury's program
to encourage thrift throughout the Nation among small investors,
and have also been very important in helping the Treasury to
place more of the public debt in the hands of real savers.
Series E bonds now being sold accrue interest at the rate of
3-l/4ft per annum (compounded semi-annually) when held 8 years
and 11 months to maturity, with a somewhat lesser rate of
interest if redeemed before maturity.

qi q

Series H bonds, on the other hand, are issued at par and
mature at par, and pay interest by check semi-annually with rates
comparable to the E bonds on early redemption. Series H bonds
pay 3-1/4$ interest if held for their full 10 years to maturity.
The minimum denomination E bond is $25 maturity value, (issue
price £18.75) a n d o n ^ e H bond, it is $500.,
Sales of Series E bonds in the fiscal year ended June 30,
1957, amounted to $3.9 billion, and sales of Series H bonds,
$.7 billion. There are now $41.5 billion of Series E and H bonds
outstanding, an ail-time high.
Series E and H bonds for investors other than individuals
will be issued only by Federal Reserve Banks or branches or
at the Treasury, but as was the case with Series J and K bonds,
subscriptions will be accepted by commercial banks throughout
the country for forwarding to the Federal Reserve bank of their
district for issuance of the bonds.

0O0

-3-

hi.

or by any local taxing authority. For purposes of taxation the amount of discount
at which Treasury bills are originally sold by the United States-is considered to
be interest. Under Sections k$k (b) and 1221 {$) of the Internal Revenue Code of
193>h 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. 4lB, 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 -

final. Subject to these reservations, noncompetitive tenders for $200,000 or le

without stated price from any one bidder will be accepted in full at the averag

price (in three decimals) of accepted competitive bids. Settlement for accepted

tenders in accordance with the bids must be made or completed at the Federal Re
serve Bank on December 12, 1957 , in cash or other immediately available funds
or in a like face amount of Treasury bills maturing December 12, 1957 Cash

and exchange tenders will receive equal treatment. Cash adjustments will be mad

for differences between the par value of maturing bills accepted in exchange an
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the

are subject tq estate, inheritance, gift or other excise taxes, whether Federal

or State, but are exempt from all taxation now or hereafter imposed on the prin

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

TREASURY DEPARTMENT
Washington

A. M.
KSR RELEASE/MEHNXNS NEWSPAPERS,
Thursday. December 5. 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

December 12. 1957

, in the amount of

$ 1,802,221,000 , to be issued on a discount basis under competitive and non-

m
competitive bidding as hereinafter provided.
dated December 12, 1957
, and will mature

The bills of this series will be
March 13, 1958
, when the face

25
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders
the price offered must be expressed on the basis of 100, with not more than three
decimals, e. g., 99*92$. Fractions may not be used.

It is urged that tenders

Tenders will be received without deposit from

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

TREASURY DEPARTMENT

519

^.pjm^.isrr*P'**nKrrmnMi^^

WASHINGTON, D.C

RELEASE A.M. NEWSPAPERS,
Thursday, December 5* 1957.

A-99

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 December 12, 1957,
in the amount of $1,802,221,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated December 12, 1957,
and will mature March 13, 1958,
when the face amount will be
payable without interest. They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o'clock p.m., Eastern Standard time,
Monday, December 9, 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 December 12, 1957An cash or other immediately available funds
or in a like face amount of Treasury bills maturing December 12, 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 195^. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal
or State, but are exempt from all taxation now or hereafter imposed
on the principal or Interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to
be Interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include In his income tax return only the
difference between the price paid for such bills, whether on
original Issue or on subsequent purchase, and the amount 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

- 2-

mJC

In addition to Mr. Coughran's work with the Bank of America,
he has been a Director and member of the Executive Council of the
World Affairs Council of Northern California; Secretary of Coramonwealtt
Club of California; Vice President and Director of World Trade
Association of San Francisco; Director of Bankers' Association for
Foreign Trade; and a member of Advisory Committee to Department of
Commerce (export).
an^*TlL me;
, and€)S«mFranc
Mr. Coughran married /^/*re*€_£*->
They have

^L-

#f & ^ ^ /^

Their home i s x
\

^/^ ^ ^

\>j A*

> /€

/S)

/*>- i,/9>i7

3 ^ /* ^

S%&-/i/**r'"

^U^tiS^frt

TOM B COUGHRAN
Assistant Secretary of the Treasury

Mr. Coughran was born in Visalia, California, on March 18,
1906, the son of W*Mm*> 4.imfii/€*&eft.^^r^

He ls a

gradual

of -teiaftdr Stanford University, where he received an A. B. degree
in economics in 1927.
From 1927 until his appointment as Assistant Secretary,
Mr. Coughran was with the Bank of America, San Francisco (with the
exception of a period of military leave, from May, 1942 to February,
1946).

He held several branch managerships with the Bank of America

before becoming its Vice President and Manager of International
Banking Department in October, 19^6. Mr. Coughran held this position
when he was Uumtid an Assistant Secretary of the Treasury ASSESS*
-appalntaegfcJL by President Eisenhower on November 6, 1957- He took
the oath of office on

P-**-*wk*^ i*f^ /ft/ 7'

During his service in the Army he performed duty in Washington,
D. C , Alaska, England, France, and Germany.

He was discharged as

a Lieutenant Colonel.
Mr. Coughran's responsibilities as manager of the Bank of
America's International Banking Department involved personal relationships with fiscal authorities of many foreign countries, central
banks, and private banks and firms. They brought him into contact
also with such international organizations as the International
Bank, International Monetary Fund and Export-Import Bank, and with
the United States Treasury.

He has traveled widely.

DRAFT

IMMEDIATE RELEASE,
Wednesday, December 4, 1957.

/ (hi

Secretary Anderson today administered the oath of
office to Tom B. Coughran of California as an Assistant
Secretary of the Treasury.

Mr. Coughran will £aare e^*^^-**'^^

I8?nynrn*1>i*n *ffi ffiM^ *** Treasury's international finance .

operl^^^^
/

6 /^^

^^-^/.^H

An interim appointment of Mr. Coughran as Assistant

Secretary was made by the President last month.
Friends and Treasury associates of Mr. Coughran were
present at the swearing-in ceremony.
Mr. Coughran is a resident of Berkeley, California,
where he was Vice President of the Bank of America and
manager of its international banking department.
(Biographical sketch attached.)

523
TREASURY DEPARTMENT
WASHINGTON, D.C.

IMMEDIATE RELEASE,
Wednesday, December 4, 1957.

A-100

Secretary Anderson today administered the oath
of office to Tom B. Coughran of California as an
Assistant Secretary of the Treasury*

Mr. Coughran

will supervise the Treasury's international finance
operations, a responsibility formerly exercised by
Andrew N, Overby, who resigned as Assistant Secretary
last January.
An interim appointment of Mr. Coughran as
Assistant Secretary was made by the President last
month.
Friends and Treasury associates of Mr. Coughran
were present at the swearing-in ceremony.
Mr. Coughran is a resident of Berkeley, California,
where he was Vice President of the Bank of America and
manager of its international banking department.
(Biographical sketch attached.)

TOM B. COUGHRAN
Assistant Secretary of the Treasury

524

Mr. Coughran was born in Visalia, California, on March 18,
1906, the son of William L. and Rose B. Coughran. He is a
graduate of Stanford University, where he received an
A.B. degree in economics in 1927,
From 1927 until his appointment as Assistant Secretary,
Mr. Coughran was with the Bank of America, San Francisco (with the
exception of a period of military leave, from May, 1942 to
February, 1946). He held several branch managerships with the
Bank of America before becoming its Vice President and Manager
of International Banking Department in October, 1946. Mr. Coughran
held this position when he was appointed an Assistant Secretary
of the Treasury by President Eisenhower on November 6, 1957. He
took the oath of office on December 4, 1957.
During his service in the Army he performed duty in
Washington, D.C, Alaska, England, France, and Germany. He was
discharged as a Lieutenant Colonel.
Mr. Coughran's responsibilities as manager of the Bank of
America's International Banking Department involved personal
relationships with fiscal authorities of many foreign countries,
central banks, and private banks and firms. They brought him
into contact also with such international organizations as the
International Bank, International Monetary Fund and Export-Import
Bank, and with the United States Treasury, He has traveled
widely.
In addition to Mr. Coughran's work with the Bank of America,
he has been a Director and member of the Executive Council of the
World Affairs Council of Northern California; Secretary of
Commonwealth Club of California; Vice President and Director of
World Trade Association of San Francisco; Director of Bankers'
Association for Foreign Trade; and a member of Advisory
Committee to Department of Commerce (export).
Mr. Coughran married Florence Montgomery on March 29, 1930.
They have a daughter, Jane, who Is in her second year at
Stanford University.
Their home is in Berkeley, California.

December 4, 1957.

The sales goal for Series E and H Savings Bonds in calendar
1958 will be %.l billion.
Campaigns to increase payroll savings purchases of Savings Bonds
will be conducted in 33 major metropolitan centers.
"Share in America" campaigns in behalf of Savings ^onds will
take place in 200 other cities.
Conferences along the lines of the one flH in Washington will

be held ***M next week in St. louis for volunteer leaders of the Middle "*es
and the week following in San Francisco for volunteers of the Pacific Coast
area.

States.
He participated in a conference of

volunteer State chairmen

<m***KAX.Cm*< > l+->.» l.&U £^*^**mUX. *~~m~jL—
from 20 States with representatives
of the Treasury and its Savings Bonds
ieh1

Division on the 1958 Savings Bonds sales program. The eonference took
place at the Statler hotel. It was announced that:

Secretary Anderson warmly commended t e work of the Savings Bonds
volunteer leaders, saying he knew of no greater contribution
anyone could mke to the welfare of this country. America's productive
organization — the greatest in history — came about directly, he said,
through the willingness of people to save a part of their incomes
for investment in productive enterprises.

TREASURY DEPARTMENT
WASHINGTON, D.C
RELEASE 6 P.M. E.S.T,
Wednesday, December 4, 1957.

A-101

Treasury Secretary Anderson stressed the importance of the
United States Savings Bonds program to the continued growth and
expansion of the American economy, in brief remarks today before
a group of top-ranking Savings Bonds volunteers representing
Eastern and Southern States.
He participated in a conference of volunteer State chairmen
from 20 States with advisory committee chairmen and representatives
of the Treasury and its Savings Bonds Division on the 1958 Savings
Bends sales program. The conference took place at the Statler
hotel. It was announced that:
The sales goal for Series E and PI Savings Bonds
in calendar 195o will be ip4.7 billion.
Campaigns to increase payroll savings purchases
of Savings Bonds will be conducted in 33 major
metropolitan centers.
"Share in America" campaigns in behalf of Savings
Bonds v;ill take place in 200 other cities.
Conferences along the lines of the one in Washington will
be held next week in St. Louis for volunteer leaders of the
Middle West and the week following in San Francisco for volunteers
of the Pacific Coast area.
Secretary Anderson warmly commended the work of the Savings
Bonds volunteer leaders, saying he knew of no greater contribution
anyone could make to the welfare of this country. America's
productive organisation — the greatest in history — came about
directly, he said, through the willingness of people to save a
part of their incomes for investment in productive enterprises.

oOo

fc-

528

$100 note on Federal Reserve Bank of
Dallas, Series 1950, check letter "E»,
face plate No. 4, back plate No. 102.

Coastal Cities - $20 note on Federal Reserve Bank of Boston,
Series 1950A, check letter MP", face plate
Nos. 14, 17, 41, 417 or 1417, back plate
Nos. 8, 9, 49, 84, or 849.
$10 note on Federal Reserve Bank of
San Francisco, Series 1950, check letter
"H", face plate No. 9 or 90, back plate
Nos. 7, 14, 17, 41, 141, 417, 1417.
In addition to these notes, the public should be on the alert for any
new counterfeits which may appear.
The Secret Service advises that if a counterfeit is received,
hold the note, try to delay the passer and telephone the police. If
the passer leaves, write down his description and the license number
of his car if he is observed entering a car and also note descriptions
of any accomplices if he is observed in company with others.

-3 -

529

$10 note on Federal Reserve Bank of New York,
Series 1950A, check letter "P", face plate
No. 244, back plate No. 1589.

#20 note on Federal Reserve Bank of Chicago
Series 1950A, check letter »B», face plate
No. 136, back plate No. 815.

Southeast - $20 note on Federal Reserve Bank of Atlanta,
Series 1950A, check letter "C, face plate
No. 198, back plate No. 389.

Central Area - $10 note on Federal Reserve Bank of Chicago,
Series 1950A, check letter "K", face plate
No. 268, back plate No. I467.

$20 note on Federal Reserve Bank of Atlanta,
Series 1950A, check letter "H", face plate
No. 126, back plate No. 829.

$10 note on Federal Reserve Bank of Chicago,
Series 1950A, check letter "J", face plate
No. 324, back plate No. 1621.
Southwest - $20 note on Federal Reserve Bank of Richmond,
Series 1950A, check letter "B", face plate
No. 182, back plate No. 855.

- y'\S

- 2 plans were formulated for a concerted investigation which subsequently
resulted in the capture of the plant.
m&mt, *iex^4^ &**. ******

A r - ^ A ***^

Chief-Bau'ghifta»-#fe€k4^6 that to detect counterfeit money it is first
necessary to become thoroughly familiar with the workmanship on genuine
currency. For example, study the portraits. In the genuine, the portrait
stands out distinctly from the oval background, the eyes appear lifelike,
the background is a fine screen of regular lines. In the counterfeit,
the portrait is dull, smudgy or unnaturally white, the oval background
is dark, lines irregular and broken, the portrait usually merges into
the background. If a bill is suspected of being counterfeit, compare
it with a known genuine bill of the same denomination. In most cases
the defects will then be readily apparent.
In issuing warnings on counterfeit notes, the Secret Service
describes the notes by denomination, type of note (Federal Reserve,
Silver Certificate, United States) Federal Reserve Bank on which drawn,
check letter, face plate number, and back plate number. The check letter
and face plate number are found on the face of the note in the lower
right hand corner. The back plate number appears on the reverse in the
lower right hand corner.
Notes which have been circulating by geographical areas are described
as follows:
Northeast - $20 note on Federal Reserve Bank of New York,
Series 1950A, check letter HM", face plate
No. 143 or 43, back plate No. 134 or 34.

PRESS

A^M^n,,

531
Ghrtef U. E. Baughman of the U. S.. Secret Servicepfctyd'ay lui*uad~an
S&mAs&er

a±e~j3

*&•#*»***•*£ yK3£<><
"7

^rchants and otheiy money 1»wnnlfl«ir^ to be on guard against

passers of counterfeit money, particularly during the Christmas season.f*yi
Counterfeit riotfe passers, Chief Baxrghmag, ftafa&fr-ggb, are^opportunists
who are quick toxtake advantage of the Christmas shewing rush, crowded

stores and extra heljkemployed by merchants ancjl/iie warned that the unwar
\ \. ''
V *
/'
may find their complacency costly.
J
Chief Baughman repo\ts\hat counterfeit money confiscated by the
Secret Service in the fisc\l ye&£ ^51

was 200$ more than for the

previous year and that the n\m>€r d£ arrests for counterfeiting almost
doubled.
He oWfcgp
that
le\twentyXwo
counterfeiting
plants were
captured, new issues o^^ounter\eits contxsme to appear and that at
this season of the v€ar it is molfc important "foj* the public to be extra
vigilant to avoig falling victim t\ the counterfeiter. Chief Baughman
s±ates"th£t j/fie Secret Service with^its small force of (agents is-uncter
pros ourOy^f a heavy w©*4c load and he Wges the public to j.oin in a
A
\ \
conceded effort to suppress counterfeiting by shutting off the
jcqrunt erf enters? source of revenue, the ijisuspecting victim.
,3SJL*mm^hsif counterfeits originating from abroad also
represent a serious menace as demonstrated not long ago by the capture of
a counterfeiting plant in France which was stocked with paper sufficient
to produce $4,500,000 in U. S. currency. This seizure followed a conference called by Chief Baughman at Heidelberg, Germany, with military
authorities and French Police Officials to discuss the widespread traffic
in counterfeit $10, $20, and $100 notes in Europe. At this conference

!' « f*V

531

—
/{
/1;(?-~
t V "

Merchants, cashiers and other* money handlers were aletted today by Chief
U. E. Baughman of the Ua b. Secret Se -vice to be on guard against passers
of counterfeit money,particularly during the Christmas shopping season.
Counterfeit note passers, Chief Ejf^guman said, are opportunists who are
quick to take advantage of the Christmas shopping rush, with its crowded
stores and extra help. He warned that tiose who fail to take a good look
currency
a t iiuiiiiiiBiiiuiii Jj, handed them may find their complacency costly*
Counterfeit money seized by the Secret Service in fiscal year 195>7
was 200 per cent greater than in the previous year, the Chief reported,
and the number of arrests for counterfeiting almost doubled. lAhile twfe^y-two
counterfeiting plants were captured, he daid, new issues of counterfeit notes

continue to appear. Al!'"rt'i1il1'ir>iii>w'tM mw t Experience shows that at this sea
of the year it is most important that the public be extra vigilant, he said.
The Secret Service m th its small force of agents has a heavy

BXSEX TO

load, the Chief pointed out, and he called upon the public to join in
a concerted effort to supxess ©unterfeiting by shutting off the counterfeiters* source of revenue, the unsuspecting victim©

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
Sunday, December 8, 1957.

A-102

Merchants, cashiers and other money handlers were alerted
today by Chief U, E. Baughman of the U. S. Secret Service to be
on guard against passers of counterfeit money, particularly
during the Christmas shopping season.
Counterfeit note passers, Chief Baughman said, are
opportunists who are quick to take advantage of the Christmas
shopping rush, with its crowded stores and extra help. He
warned that those who fail to take a good look at currency handed
them may find their complacency costly.
Counterfeit money seized by the Secret Service in fiscal
year 1957 was 200 percent greater than in the previous year,
the Chief reported, and the number of arrests for counterfeiting
a3>most doubled. While twenty-two counterfeiting plants were
captured, he said, new issues of counterfeit notes continue to
appear. Experience shows that at this season of the year it is
most important that the public be extra vigilant, he said. The
Secret Service with its small force of agents has a heavy work
load, the Chief pointed out, and he called upon the public to
join in a concerted effort to suppress counterfeiting by shutting
off the counterfeiters' source of revenue, the unsuspecting
victim.
Counterfeits originating from abroad, the Chief said, also
represent a serious menace as demonstrated not long ago by the
capture of a counterfeiting plant in France which was stocked
with paper sufficient to produce $4,500,000 in U.S. currency.
This seizure followed a conference called by Chief Baughman at
Heidelberg, Germany, with military authorities and French
Police Officials to discuss the widespread traffic in counterfeit
$10, $20, and $100 notes in Europe. At this conference plans
were formulated for a concerted investigation which subsequently
resulted in the capture of the plant.
The Secret Service points out that to detect counterfeit
money it is first necessary to become thoroughly familiar with
the workmanship on genuine currency. For example, study the
portraits. In the genuine, the portrait stands out distinctly
from the oval background, the eyes appear lifelike, the background is a fine screen of regular lines. In the counterfeit,
the portrait is dull, smudgy or unnaturally white, the oval
background is dark, lines irregular and broken, the portrait

34
- 2usually merges into the background. If a bill is suspected of
being counterfeit, compare it with a known genuine hill of the
same denomination. In most cases the defects will then be
readily apparent.
In issuing warnings on counterfeit notes, the Secret Service
describes the notes by denomination, type of note (Federal
Reserve, Silver Certificate, United States) Federal Reserve
Bank on which drawn, check letter, face plate number, and back
plate number. The check letter and face plate number are found
on the face of the note in the lower right hand corner. The
back plate number appears on the reverse in the lower right
hand corner.
Notes which have been circulating by geographical areas are
described as follows:
Northeast - $20 note on Federal Reserve Bank of New York,
Series 1950A, check letter "M", face plate
No-. 143 or 43, back plate No. 134 or 34.
$10 note on Federal Reserve Bank of New York,
Series 1950A, check letter "P", face plate
No. 244, back plate No. 1589.
$20 note on Federal Reserve Bank of Chicago,
Series 1950A, check letter "B", face plate
No, 13D, back plate No. 815.
Southeast - $20 note on Federal Reserve Bank of Atlanta,
" '
Series 1950A, check letter "C", face plate
No. 198, back plate No. 389.
Central
Area

$10 note on Federal Reserve Bank of Chicago,
Series 1950A, check letter "K", face plate
No. 268, back plate No. 1467.
$20 note on Federal Reserve Bank of Atlanta,
Series 1950A, check letter "H", face plate
No. 126, back plate No. 829.
$10 note on Federal Reserve Bank of Chicago,
Series 1950A, check letter "J", face plate
No. 324, back plate No. 1621.

SjmJ

- 3Southwest - $20 note on Federal Reserve Bank of Richmond,
Series 1950A, check letter "B", face plate
No. 182, back plate No. 855.
$100 note on Federal Reserve Bank of Dallas,
Series 1950, check letter "E", face plate
No. 4, back plate No. 102.
Coastal
Cities

- $20 note on Federal Reserve Bank Of Boston,
Series 1950A, check letter "P", face plate
Nos. 14, 17, 41, 417 or 1417, back plate
Nos. 8, 9> 49, 84, or 849.
$10 note on Federal Reserve Bank of San Francisco,
Series 1950, check letter "H", face plate
No. 9 or 90, back plate Nos. 7, Ik, 17, 41,
141, 417, 1417.
In addition to these notes^ the public should be on the
alert for any new counterfeits which may appear.
The Secret Service advises that if a counterfeit is received,
hold the note, try to delay the passer and telephone the police.
If the passer leaves, write down his description and the license
number of his car if he is observed entering a car and also note
descriptions of any accomplices if he is observed in company with
others.

0O0

IMMEDIATE RELEASE
WgiiKggx Saturday, December 7, 1957

't 3

(Hold for 10:00 am)
tW^m\*)n*M-W3rim^^

QlPUt WO« ICS- 7

the Treasury Department today rescinded an order issued
Hovember l»t 1957 under which eleven Customs collection districts
were abolished sad the positions of Collector of Customs in such
districts terminated, effect ire December 31, 1957. Toe original
order ems Intended to effect economies la the administration of
SJHHSJB'

Swmmovms'Sjews

Wjsma

^0*A\f*mw s^n#nwjss1 e

ftepreseatatlv* groups from m number of tlte headquarters
porta affected by the order have strongly urged that the anticipate!
economies would he outweighed by adverse effects which they felt
the order would have on existing ports development plans, lavelvlaf
many millions of dollars.
In view of these representations, aad aside from any custom*
considerations, a decision has been reached to rescind the
consolidation order.

TREASURY DEPARTMENT
WASHINGTON, D.C.
IMMEDIATE RELEASE,
Saturday, December 7, 1957*

A-103

The Treasury Department today rescinded an order
issued November 19, 1957 under which eleven Customs
collection districts were abolished and the positions
of Collector of Customs in such districts terminated,
effective December 31, 1957. The original order was
intended to effect economies in the administration of
the Bureau of Customs.
Representative groups from a number of the headquarters ports affected by the order have strongly
urged that the anticipated economies would be outweighed by adverse effects which they felt the order
would have on existing ports development plans,
involving many millions of dollars.
In view of these representations, and aside from
any customs considerations, a decision has been
reached to rescind the consolidation order.

oOo

6c
BEXIASK k. ¥. NEVSPAFEBS,
Tuesday, December 10, 1957-

The treasury Department announced last evening that the tenders for ll,800f000f^(
or thereabouts, of 91-day Treasury bills to be dated December 12, 1957, and t© matron
March 13, 1958, which were offered on December $9 were opened at the Federal Eeservt
Banks OB December 9*
The details of this Issue are as followsi
Total applied for - $2f8ll9ii83,000
Total accepted
- 1,802,1*19,000

Range of accepted competitive bids:
High
Low

- 99*2hB Equivalent rate of discount appro*. 2.91$$ per asm
- 99.21*2
*
•
*
•
»
2.999% •
•

Average

- 99.2lili

•

2.991JS *

(Mi percent of the mount bid for at the Ion price was accepted)

Federal Heserve
District

Total
Applied for

Total
Accepted

Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Lots is
Minneapolis
Kansas City
Dallas
San francIsco

TOTAL

1*5,731,000
1,885,1*02,000
143,972,000
81,539,000
3G,76Ji,000
62,57*4,000
319,335,000
1*0,171,000
19,928,000
57,329,000
60,li8>,000
X6k ,253,000

12,811,1483,000

21,208,000
1,136,51*9,000
27,1*20,000

ia,35ii,ooo
27,837,000
li9,6Oli,000
2^4,092,000
3li,90it,000
19,628,000
i*7,07li,000
32,222,000
120.019,000
11,802,1*19,000

A^A~~^**J»y"'

538

TREASURY DEPARTMENT
WASHINGTON, D.C.
|pASE A.M. NEWSPAPERS,
luesday, December 10, 1957.

A-I0I4.

The Treasury Department announced last evening that the tenders for $1,800,000,000,
>r thereabouts, of 91-day Treasury bills to be dated December 12, 1957, and to mature
(arch 13, 1958, which were offered on December 5, were opened at the Federal Reserve
lanks on December 9.
The details of this issue are as follows:
Total applied for - $2,811,1*83,000
Total accepted
- 1,802,kl9,000

(includes $1422,268,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids:
High - 99.2li8 Equivalent rate of discount approx. 2.91$% per annum
Low
- 99.21*2
"
»'
«
«
••

2.999%

Average - 99.2l|l* " " » « « 2.991$ " «
(kk 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*5,731,000
1,885,1*02,000
1*3,972,000
81,539,000
30,761*, 000
62,57*1,000
319,335,000
1*0,171,000
19,928,000
57,329,000
60,1*85,000
161*, 253,000

$2,8ll,l|83,000

21,208,000
1,136,51*9,000
27,1*28,000
1*1,851*, 000
27,837,000
l*9,60i*,000
21*14,092,000
3l*,90l*,000
19,628,000
1*7,071*, 000
32,222,000
120,019,000

$1,802,1*19,000

STATUTORY DEBT LIMITATION
AS OF ... .November J O A 1957

Dec. 10, 1957

Washington,
tr.l7.jt,
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 of this section the current re*
demotion value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder
shall be considered as its face amount."

Treasury bills
Certificates of indebtedness.
Treasury notes
BondsTreasury
Savings (current redemp. value)
Depositary.
Investment series
Special FundsCertificates 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:
Internat'l Monetary Fund series ,
Total .~

$ 26 , 659 ,843,000
3 4 , 692,006,000
2 0 . 597 , 502,000 I
81, kX9 ,844 , 050
53 ,227 ,647,223
155,299 , 500
10.344,027,000
30,131,994,000
12,391,336,000
3.462.500.000

81,9^9,351,000

145 ,146 ,817 , 773

45.985.830.000
273 , 081,998,773
421,294,078

49,437.049
908,694
754.000,000

Guaranteed obligations (not held by Treasury):
Interest-bearing:
102,916,700
Debentures: F.H.A
»
667,800
Matured, interest-ceased
_
Grand total outstanding ...
,
Balance face amount of obligations issuable under above authority,

804,345,743
274,307.638,594

1021 $84,500
g.74.411.223.094
588.776,906

Reconcilement with Statement of the Public Debt ...?.?V„?^.e£...?.9.*...J-?5?
(Date)
(Daily Statement of the United States Treasury, .?°y®!$£jr...?.?..^..i?^

)

(Date)

A-105

274,746,849,754
103 f 584,500

274,850,434,254
439 T 211,160
274,411,223.094

5<iQ
STATUTORY DEBT LIMITATION
AS O F . . J ° : ^ ? . ? £ J O . W57
Washi08ton,

...i*i:..iy.im.

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 sucbguaranteed obligations as m a y be held by the Secretary of the Treasury), ''shall not exceed in the aggregate $275,000,000,000
(Act of Ju" e 26, 1946; U.S.C., title 31, sec. 757b), outstanding at any one time. For purposes of this section the current redemption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder
shall be considered as its face amount."
The following table shows the face amount of obligations outstanding and the face amount which can still be issued under
this limitation:
Total face amount that m a y be outstanding at any one time
$275,000,000,000
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:

Treasury bills $ 26 ,659 , 843 , 000
Certificates of indebtedness

3 4 , 692 , 006 , 000

Treasury notes

20,597,502,000 t

BondsTreasury
Savings (current redemp. value)

81,419 ,844,050
5 3 ,--27 ,647 , 2 2 3

Depositary.

81,949,351,000

155,299,500

Investment series

10,344,027.000

Special FundsCertificates of indebtedness

30,131,994,000

Treasury notes
Treasury bonds
Total interest-bearing

12,391,336,000
3,462,500.0QQ

Matured, interest-ceased

1 4 5 , l 4 6 ,817 ,773

45,985,830,000
273,081,998,773

„

421,294,078

Bearing no interest:
United States Savings Stamps

49,437,049
908,694

Excess profits tax refund bonds
Special notes of the United States:

754,000,000

Internat'l Monetary Fund series
Total

804,345,743
274,307,638,594

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

102,916,700
667,800

••jLOlii^iSOQ
274,411,223t094
588,776,906

Grand total outstanding
Balance face amount of obligations issuable under above authority,
Reconcilement with Statement of the Public Debt ...^£Y^:!^H....?.9.»...i?57
(Data)

(Daily Statement of the United States Treasury

NoVOmter

29. #> 1 9 5 7

(Date)

OutstandingTotal gross public debt
Guarunteed obligations not owned by the Treasury.
Total gross public debt and guaranteed obligations.
Deduct - other outstanding public debt obligations IUX sublet to iL-bt limitation

V-10S

274,746.649,754
103,5841 f00
274,550,43-r ,254
Vv^211 1 lo0
274,411,233.094

- 3-

341

mm
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 h$\x (b) and 1221 {$) of the Internal Revenue Code of
1954 the amount of discount at which bills issued hereunder are sold is not
considered to accrue until such bills are sold, redeemed or otherwise disposed of
and such bills are excluded from consideration as capital assets. Accordingly,
the owner of Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity during the
taxable year for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 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 -

u/io

2 percent of the face amount of Treasury bills applied for, unless the tenders a
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

December 19, 1957

• in cash or other immediately available funds

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

December 19. 1957

« Cash

55*
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,

A
AJSSA

•
TREASURY DEPARTMENT
Washington

A. M.
E2& RELEASE/ K0HKB8* NEWSPAPERS,
Thursday, Tter^mhPr 12, 1957

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

competitive bidding as hereinafter provided. The bills of this series will be
date

<* December 19. 1957 , and will mature March 20. 1958 when the face

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

and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
closing hour,/fcBBC ofclock p.m., Eastern Standard time, Monday, December 16, 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

incorporated banks and trust companies and from responsible and recognized dea

in investment securities. Tenders from others must be accompanied by payment of

TREASURY DEPARTMENT
i r a ^ s ^ ? ^ - iresremrota^^

WASHINGTON. D.C.

RELEASE A.M. NEWSPAPERS,
Thursday, December 12, 1937.

A-106

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 December 19, 1957,
in the amount of $1,600,444,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated December 19, 1957,
and will mature March 20, 1958, wn en the face amount will be
payable without interest. They will be Issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o!clock p.m., Eastern Standard time,
Monday, December 16, 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
ranee of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
exoresslv 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
Sublect to these reservations, non-competitive tenders for
1*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 December 19, 1957, In cash or other immediately available funds
or in a like face amount of Treasury bills maturing December 19, 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 195^ the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills
are sold, redeemed or otherwise disposed of, and such bills are
excluded from consideration as capital assets. Accordingly, the
owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his Income tax return only the
difference between the price paid for such bills, whether on
original Issue or on subsequent purchase, and the amount 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)
COTTON CARD STRIPS made from cotton having -m staple of less than 1-3/16 inches in length, COMBER on
WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, 'WHETHER OR NOT MANUFACTURED OR OTHERWISE
ADVANCED IN VALUEs Provided, however, that not more than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes made from cottons of 1-3/16 inches or more
in staple length in the case of the following countries % United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italyg
Established
TOTAL QUOTA

Country of Origin

United Kingdom
Canada
France
British India
Netherlands
Switzerland
Belgium
Japan
China
Egypt
Cuba

Germany
Italy

Total Imports
Sept. 20, 1957, to
Dec. 10. 1057

Established
33-1/3* of
Total Quota

Imports
Sept. 20, 1957
to Deo. 10. 1957

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

406,987
239,690

6,915

25,443
7.088

6,915

5,482,509

660,58a

1,599,886

413,902

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

1,441,152

406,987

75,807
6,996
22,747
14,796
12,853

oZ9€*C9fLZ

«flr'9$9'S*

^r€'9€6

OOQ'OOO'Oi

"gfriodnff (l^qoTO) *%onb psqsTiq^sg s^oosH (T«qoTf» *V>no peqsTio^sg
•four 'IttT *(* -AQM o^ J.S6T *T itofay- s^odmf UM '01 '*>M °* ;*&6T "OZ -**»S «V9«1
jo^ toot * M w y ^ T U Q ^ 0 Q 7
uy£ u m n S S G I J 0 *qanoj so us.reu. •uoW><>••reos^ep-eH ptre '^-psfunj, ^TJOSTV iraq^ -loq^O /T
•Bf^oSTM owe ^S^OQ pxoo ireqq. Jaq^Q /2
•oS^qoj, pire 'p^ppif.*! 'Bopsnref 'spnauag <sop*q.rea ireqq. -Jaq^O /T
• *Tspmj pre wTJaJJTV - £££'6 ' * * ' 1 ! ! ! f0pBn°3
689
* * «o"WV qouoJi JoqiO/T
zS'S • * BTjaSTN - TZl'M • soTTqndoH OTT*Toos

L£Z

* T%|*JJ

sop*q.n?a 000*009 €z£*8T9 ..... TT2«Ja
88£'tZ,
•soTpui «a spuviaaq^oN
6&'£88 r 8
6SZ*£88*8
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OV?*?
* * « O T J T V ^s^3 qsfTF^S
T6L OLi I
« U TMD
££
. . . . . . . . . bwi
£8«7<eOO*2
. . . . . B T p u I qsWJfl
^x
• • *Tqnro-[oo
Z$6'L7Z
. . . . . . . . . • njoj
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. . . . . . . XroftBJBd
<££</,
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^
. . . . . . s^onpuoH
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JO
0
s^odmi nonb poqsTiq^sa U^TJO jo A^UTIOO s^ooST **>*0 peqsTWSI '«W«>
W™ *
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H V ^ J a P u n qsjlBq J O q^0-1 u*q^-•»q^o saqou* 8/1-1 ^v^p. uo^oo
(spunod uf) (9J9^UTI u^q^. aaq^o) NOIIOO
r
popuoore SB '6€6T $ Jsqsrs^dos jo uoT^^reioojj s-.^xspTsoaa&qv<«q poqsriq^so
s^onb oq% oq. aiq^oSj^qo eye** uo^oo pin? uo^oo jo uop^damsuoo aoj s^iodorp uo B ^ p AJSupnTTOJd
^Qi-v *i£6l 'it «i©qro©oaa 'AispseupsM

'asvaian aiviaawwi
iNawiHVjaa AHfisvani.

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
Wednesday, December 11, 1957

t•
A-107 4>-

•

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, 19^7, to December 10, 1957
Country of Origin, Established Quota Imports Country of Origin Established Quota Imports
Eg

Slind t^€^1°- / Honduras ...... 752
Egyptian Sudan . . .
783,816
7,330
Paraguay . . . . . . .
er
£
V •• :
^7,952
Colombia .
British India . . . . .
2,003,483
Iraq
. . .
J ^
1,370,791
British East Africa . .
Mexico . . . . . . . .
8,883,259
8,883,259
Netherlands E. Indies.
Brazil . . . . . . . .
618,723
600,000
Barbados
Union of Soviet
l/Other British W. Indies
Socialist Republics .
475,124
Nigeria . . . .
Argentina
5,203
2/0ther British W. Africa
2
5;ait^ •
37
i/Other French Africa . .
Ecuador
•
9,333
Algeria and Tunisia .
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
2f Other than Algeria, Tunisia•. and Madagascar.
Cotton, harsh or rough, of less than 3/4" Cotton 1-1/8" or more
Imports Sept. 201 l???, %o NOT. 30, 1957
I ^ t T l ^ H ^

871
124
19£
2,240
71 388
21,321
5 377
16^004
689
I

Established Quota (Global) Imports Established Quota (Global) Sports
70,000,000 936,345 ,r Ac* iort
y
'
*
**>*1*'

45,656,420

27,614,829

-2COTTOK WASTES
{In pounds)
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 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 countriest United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italys

Country of Origin
—

: Established
% TOTAL QUOTA
s

United Kingdom . . . . .
4,323,457
Canada
239,690
France
227,420
British India
69,627
Netherlands
68,240
Switzerland . . . . . . .
44,388
^1^ium
- 38,559
Japan
341,535
China
17,322
Egypt
.
8,135
Cuba
6,544
Germany
76,329
ItaiY
„ 21,263
5,482,509 660,588 1,599,886 413,902
1/ Included in total imports, column 2.
Prepared in the Bureau of Customs.

:
Total ImportslEstablished %
Imports
i Sept. 20, 1957, to : 33-1/356 of : Sept. 20, 1957
"s D e c * 10/l957
1 Total Quota ; to Dec. 10. 1957
406,987
239,690
6,996
_
-

6,915

1,441,152

406,987

75 «07
22 747
Ik 196
12^853
.

25,443
7,088

6,915

- 2: -

Unit
Commodity

Period and Quantity

of
Quantity

: Imports as of
: November 30, 1957

Absolute Quotas:
Nov. 1 - 3 0 . 1957
Argentina
Paraguay
Other Countries

980,900
131,556

Dec. 1 - 31, 1957
Argentina
Paraguay
Other Countries

980,900
131,556

*1V

* •

_!.

mmJ^** 9

No imports as of December 10.

•"*-**+ m** 1

kl,$hk

Ul,5UU

Pound
Pound
Pound

78U,771
Quota Filled
Quota Filled
#

Quota Filled
Quota Filled

IMMEDIATE RELEASE,
Wednesday, December 11, 1957

TREASURY DEPARTS
Washington

j HP y

A-108

Unit :
of
: Imports as of
Quantity: Nov. 30. 1957

Commodity
Tariff-Rate Quotas:
Cream, fresh or sour

Calendar Tear

1,500,000

Idfhole milk, fresh or sour

Calendar lear

3,000,000 Gallon 8lU

Cattle, less than 200 lbs. each 12 mos. from
April 1, 1957
Cattle, 700 lbs. or more each
(other than dairy cows)

Gallon

k$0

200,000 Head 15,3*4*

Oct. 1, 1957 Dec. 31, 1957

120,000

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

37,375,636

Head

109,596

Pound

Quota Filled

Tuna fish Calendar Year UU,528,533 Pound 38,071,07U
Ihite or Irish potatoes:
Certified seed
Other

12 mos. from
Sept. 15, 1957

11^,000,000 Pound
36,000,000 Pound

29,713,810
21,762,802

Walnuts Calendar Year 5,000,000 Pound 2,301,2bl
Almonds, shelled, blanched, Oct. 23, 1957 - 5,000,000 Pound 3U2,629
roasted, or otherwise prepared
Sept. 30, 1958
or preserved
Alsike clover seed 12 mos. from 3,000,000 Pound 19,966
July 1, 1957
Peanut oil 12 mos. from 80,000,000 Pound
July 1, 1957
Woolen fabrics Calendar Year lli,000,000 Pound Quota Filled
Absolute Quotas:
Peanuts, shelled, unshelled,
blanched, salted, prepared, or
preserved (incl. roasted pea12 mos. from
nuts but not peanut butter) ... Aug. 1, 1957
Rye, rye flour, and rye meal ... 12 mos. from
July 1, 1957
Canada
Other Countries
Butter substitutes, including
butter oil, containing k$%
Calendar Year
or more butterfat
,

1,709,000

Pound

182,280,000 Pound
3,720,000 Pound
1,800,000

Pound

833,501

Quota Filled

pEDlATE RELEASE,
3dnesday, December 11, 1957.

TREASURY DEPARTMENT
Washington

A-108

The Bureau of Customs announced today preliminary figures showing the importc
for consumption of the comrrodities listed below within quota limitations from the
beginning of the quota periods to November 30, 1957, inclusive, as follows:

Commodity

Period and Quantity

Unit :
of
: Imports as of
Quantity: Nov. 30> 1957

Tariffjtete Quotas:
Cream, fresh or sour

Calendar Year

1,500,000

Whole milk, fresh or sour ,

Calendar Year

3,000,000 Gallon

81U

200,000 Head

15,3UU

Cattle, less than 200 lbs. each12 mos. from
April 1, 1957
Cattle, 700 lbs. or more each
(other than dairy cows)

Oct. 1, 1957 Dec. 31, 1957

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

120,000

37,375,636

U50

Gallon

Head

109,596

Pound

Quota Filled

Tuna fish Calendar Year ?4*,528,533 Pound 38,071,07U
White or Irish potatoes:
Certified seed'
Other

12 mos. from
Sept. 15, 1957

llU,000,000 Pound
36,000,000 Pound

29,713,810
21,762,802

lalnuts Calendar Year 5,000,000 Pound 2,301,2ljl
Almonds, shelled, blanched, Oct. 23, 1957 - 5,000,000 Pound 3^2,629
roasted, or otherwise prepared
Sept. 30, 1958
or preserved
Alsike clover seed 12 mos. from 3,000,000 Pound 19,966
July 1, 1957
Peanut oil 12 mos. from 80,000,000 Pound
July 1, 1957
Woolen fabrics Calendar Year Ik,000,000 Pound Quota Filled
Absolute Quotas:
Peanuts, shelled, unshelled,
blanched, salted, prepared, or
preserved (incl. roasted oea12 mos. from
nuts but not peanut butter) ... Aug. 1, 1957
1,709,000 Pound
Rye, rye flour, and rye meal ... 12 mos. from
July 1, 1957
Canada
182,280,000 Pound
Other Countries
3,720,000 Pound
Butter substitutes, including
butter oil, containing Uy
Calendar Year
1,800,000 Pound
or more butterfat
(Continued)

833,501

Quota Filled

- 2-

Commodity

Period and Quantity

Unit
of
Quantity

•
* Imports as of
:

78U,771
Quota Filled
Quota Filled

Quota Filled
Quota Filled

: November 30, 1957

Absolute Quotas:
Nov. 1 - 3 0 , 1957
Argentina
Paraguay
Other Countries

980,900
131,556

Ul,5UU

Pound
Pound
Pound

Dec. 1 - 31, 1957
Argentina
Paraguay
Other Countries

980,900
131,556
ki,$kk

Pound
Pound
Pound

No Imports as of December 10.

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE,
Wednesday, December 11, 1957*

A-109

The Bureau of Customs announced today the following preliminary
figures showing the imports for consumption from January 1, 1957, to
November 30, 1957, inclusive, of commodities for which quotas were
established pursuant to the Philippine Trade Agreement Revision Act
of 1955:

Commodity

Buttons

:
: Unit
Established Annual:
of
: Imports as of
. Q u o t a Quantity : Quantity : November 30, 1957
807,500

Gross

753,093

Cigars 190,000,000 Number 3,898,112
Coconut oil 1*25,600,000 Pound 165,313,879
Cordage 6,000,000 Pound k,795,679
(Refined kk,3kl,36$
Sugars
(Unrefined

1,90U,000,000

Tobacco 6,175,000 Pound U,839,U63

Pound
1,636,920,923

TREASURY DEPARTMENT
Washington

A-109

IMMEDIATE RELEASE,
Wednesday, December 11, 1957*

Commodity

Imports as of
November 30, 1957

;Established Annual
: Quota Quantity

Buttons

807,500

Gross

Cigars 190,000,000

Number

Coconut oil U25,oOO,000

Pound

Cordage 6,000,000

Pound

(Refined
Sugars
(Unrefined
Tobacco 6,175,000

753,093
3,898,112
165,313,879
U, 795,679
hk,3kl,36$

l,90ii,000,000

Pound

1,636,920,923
Pound

U,839,^63

^56

-//

RELEASE A. M. raSFAPSRS,
Tuesday, December 17, 1957*

The Treasury Department announced last evening that the tenders for 11,700,000,000
or thereabouts, of 91-day Treaeury bills to be dated December 19, 1957, and to mature
March 20, 1958, which were offered on December 12, were opened at the Federal Reserve
Bank® on December 16.
The details of this issue are as follows:
Total applied for - 12,31*7,738,000
Total aeeepted
- 1,700,31*0,000

(includes 1398,962,000 entered on a
noncompetitive basis and aeeepted In
full at the average price shown below)

Range of accepted competitive bids:

(Excepting it tenders totaling 1515,000)

High
Low

- 99*22$ Equivalent rate of discount approx. 3.066$ per annua
- 99.202
•
«
«
•
»
3.157$ «
"

Average

- 99.206

*•

•

3*lhO%

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

Total
Applied for

Total
Aeeepted

Boston
Sew York
Philadelphia
Cleveland
Elc!»ond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

12,31*7,738,000

#1,700,3*40,000

37,61*5,000
1,521,865,000
1*1,51*1,000
73,9814,000
26,729,000
66,880,000
279,19l*,00Q
**9,57l*,000
18,035,000
50,1*73,000
l*2,60i*,QOO
139,19l*,OOQ

TOTAL

37,61*5,000
976,662,000
21,51*1,000
68,981,000
26,729,000
65,1*50,000
209,l51t,000
i*9,57i*,000
18,035,000
1*6,81*3,000
l»2,6Ol*,O00
137.119,000

^uvj

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
Tuesday, December 17, 1957*

A-110

The Treasury Department announced last evening that the tenders for $1,700,000,000,
or thereabouts, of 91-day Treasury bills to be dated December 19, 1957, and to mature
March 20, 1958, which were offered on December 12, were opened at the Federal Reserve
Banks on December 16.
The details of this issue are as follows:
Total applied for - $2,31*7,738,000
Total accepted
- 1,700,31*0,000

(includes $398,962,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

i Range of accepted competitive bids: (Excepting 1+ tenders totaling $515,000)
High - 99.22$ Equivalent rate of discount approx. 3.066$ per annum
Low
- 99.202
»
«
"
"
"
Average

- 99.206

3.157$ "
3.ll*0# «

"
tt

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

Federal Reserve
District

Total
Applied for

Total
Accepted

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

$
37,61*5,000
1,521,885,000
1*1,51*1,000
73,981*,000
26,729,000
66,880,000
279,19l*,000
l*9,57l*,000
18,035,000
50,1*73,000
1*2,6014,000
139,1914,000

$2,3147,738,000

$1,700,31*0,000

TOTAL

'37,61*5,000
976,662,000
21,5hl,000
68,981,000
26,729,000
65,1450,000
209,151*,000
l49,57l*,000
18,035,000
1*6,8143,000
142,6014,000
137,119,000

Bwtaiw 4» 1957

irw ,fa

mum. :
MtMMMMiwi.

„*• * h I h ?

teUow

**»»••««»•• *•*• nad. in dir..t and gttarsntMd

Mnr

iH..

of Beveaber, 19$?:
Sales
179,044,000.00
Il,?72.1?0tQO
t67,27M50.00

C L. Sermon

°^^^y <Mef, Investments Sraneh
Mvtslon of deposits h Investments

TREASURY DEPARTMENT
WASHINGTON, D.C.

IMMEDIATE RELEASE,

' hfotcmber
During Ocfeobsr 1957, market transactions
in direct and guaranteed securities of the
government for Treasury investment and other
accounts resulted in net "pui'etewBcc by the
Treasury Department of $Q6jji)71j9QQ-.

oOo

5^Q

TREASURY DEPARTMENT
WASHINGTON, D.C.

IMMEDIATE RELEASE,
Monday, December 16, 1957.

A-lll

During November 1957, market transactions
in direct and guaranteed securities of the
government for Treasury investment and other
accounts resulted in net sales by the
Treasury Department of $67,271,850.

0O0

- 3-

438ft °~

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

be interest. Under Sections 1*51* (b) and 1221 (5) of the Internal Revenue Code
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
and such bills are excluded from consideration as capital assets. Accordingly,

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

the terms of the Treasury bills and govern the conditions of their issue. Copie
of the circular may be obtained from any Federal Reserve Bank or Branch.

- 2

~6i
2 percent of the face amount of Treasury bills applied for, unless the tenders
accompanied by an express guaranty of payment by an incorporated bank or trust
company.
Immediately after the closing hour, tenders will be opened at the Federal Re-

final. Subject to these reservations, noncompetitive tenders for $200,000 or le

without stated price from any one bidder will be accepted in full at the averag

price (in three decimals) of accepted competitive bids. Settlement for accepted

tenders in accordance with the bids must be made or completed at the Federal Re
serve Bank on December 26, 1957 , in cash or other immediately available funds
or in a like face amount of Treasury bills maturing December 26. 1957 Cash

TBSf

sale or other disposition of the bills, does not have any exemption, as such, a
loss from the sale or other disposition of Treasury bills does not have any

special treatment, as such, under the Internal Revenue Code of 1951*. The bills

are subject to estate, inheritance, gift or other excise taxes, whether Federal

or State, but are exempt from all taxation now or hereafter imposed on the prin

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

- I'

Bxfcttdcm
TREASURY DEPARTMENT
Washington
A. M.
E0R RELEASE/ MHEMNS NEWSPAPERS,
Thursday, December 19, 1957

35
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 December 26, 1957 , in the amount of

w^
$1,601,601,000 , to be issued on a discount basis under competitive and noncompetitive bidding as hereinafter provided. The bills of this series will be
dated December 26, 1957 , and will mature March 27, 1958 , 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,
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
closing hour,/tS&i£ o'clock p.m., Eastern Standard time, Monday, December 25, 1957,.

1R.
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 thr
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
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 dea

in investment securities. Tenders from others must be accompanied by payment of

TREASURY DEPARTMENT
Ul'mHUMmarmmJI,,rt1^mj,mmmmmuma^farluwM!M

WASHINGTON, D.C.

RELEASE A.M. NEWSPAPERS,
Thursday, December 19, 1957.

A-112

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 December 26, 1957,
in the amount of $1,601,601,000 to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated December 26, 1957,
and will mature March 27, 1958,
when the face amount will be
payable without interest. They will be Issued In bearer form only,
and in denominations of $1,000, $5,00Q, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o'clock p.m., Eastern Standard time,
Monday, December 23, 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 acoordance
with the bids must be made or completed at the Federal Reserve Bank
on December 26, 1957,in cash or other immediately available funds
or in a like face amount of Treasury bills maturing December 26, 19'
Cash and exchange tenders will receive equal treatment. Cash
adjustments will be made for differences between the par value of
maturing bills accepted in exchange and the issue price of the new
bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 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

564
- 2 commanded the American section of the prisoner-of-war
interrogation system for AFHQ in the North African and
Sicilian campaigns. Drafted by the OSS for a mission in
Yugoslavia, he was trained by the RAF in Palestine as a
parachutist, and sent into Slavonia, Yugoslavia, as commanding
officer of an OSS unit.

He returned to the United States in

December 1945 and was separated from the service in May 1946
with the rank of lieutenant colonel. Mr. Flues is presently
a colonel in the Military Intelligence Branch, United States
Army Reserve, and is a member of the American Legion.
In addition to his law practice, Mr. Flues has been a
trustee of the First Congregational Church, Toledo, and
chairman of its religious education board.

He has been

active in Lucas County (Ohio) civic organizations and a
member of that county's Republican Executive Committee.
Mr. Flues married Anne Louise Jamieson of Toledo in
1947.

They have two daughters, Jane Sidney, aged

eight, and Marguerite Jamieson, aged seven. Their home is
at 2732 Talmadge Road, Ottawa Hills, Toledo, Ohio.

0O0

December 20, 1957

A. GILMORE FLUES
Assistant Secretary of the Treasury

565

Mr. Flues was born in Saginaw, Michigan, on August 30,
1903, the son of Frederick W. Flues and Jane Gilmore Flues.
In 1904 he moved with his parents to Toledo, Ohio, where he
attended the public schools. He also attended Lake Forest
Academy, Lake Forest, Illinois, and in 1926 he received an
A.B. degree from Princeton University.

He received his

L.L.B. degree from Harvard Law School in 1929. The same year
he was admitted to the Ohio bar and began the practice of law
in Toledo as an associate in the law firm of Marshall,
Melhorn, Marlar and Martin.

He is a member of the American

Bar Association and of the Ohio State and Toledo Bar Associations.
From 1937 until his appointment as Assistant Secretary of
the Treasury, Mr. Flues was a member of the law firm of
Ohlinger, Kiles, Wolf and Flues in Toledo (with the
exception of military service from April 1942 to May 1946).
Mr. Flues was appointed an Assistant Secretary of the Treasury
by President Eisenhower on December 13, 1957. He took the
oath of office on

pdL^-Jk

;

/fl*?*

Mr. Flues was commissioned a captain in the Army Air
Force in April 1942, and after training as a combat intelligence
officer, he saw service in Egypt with the British Eighth Army
as a liaison and intelligence officer.

Later he organized and

IMMEDIATE RELEASE,
Friday, December 20, 1957.

A-

113

Secretary Anderson today administered the oath of office
to A. Gilmore Flues of Ohio as an Assistant Secretary of the
Treasury.
Mr. Flues will have supervision over the Bureaus of
Customs and Narcotics, as well as the United States Coast
Guard and Secret Service, responsibilities formerly exercised
by David W. Kendall. Mr. Kendall resigned as Assistant
Secretary on December 15 of this year to join the Washington
law firm of Cummings, Sellers, Reeves and Connor.
An interim appointment of Mr. Flues as an Assistant
Secretary was made by the President on December 13, 1957.
Friends and Treasury associates of Mr. Flues were present
at the swearing-in ceremony.
Mr. Flues is a resident of Toledo, Ohio, where he has
practiced law since 1937 (with the exception of four years
military service), and where he was a member of the law firm
of Ohlinger, Kiles, Wolf and Flues.

5
K^(Biographical

sketch attached.)

TREASURY DEPARTMENT
WASHINGTON, D.C.
IMMEDIATE RELEASE,
Friday, December 20, 1957.

A-113

Secretary Anderson today administered the oath
of office to A. Gilmore Flues of Ohio as an Assistant
Secretary of the Treasury.
Mr. Flues will have supervision over the Bureaus
of Customs and Narcotics, as well as the United States
Coast Guard and Secret Service, responsibilities
formerly exercised by David W. Kendall. Mr. Kendall
resigned as Assistant Secretary on December 15 of this
year to join the Washington lav/ firm of Cummings,
Sellers, Reeves and Connor.
An interim appointment of Mr. Flues as an
Assistant Secretary was made by the President on
December 13, 1957.
Friends and Treasury associates of Mr. Flues
were present at the swearing-in ceremony.
Mr. Flues is a resident of Toledo, Ohio, where
he has practiced law since 1929 (with the exception
of four years military service), and where he was a
member of the law firm of Ohlinger, Koles, Wolf and
Flues.
(Biographical sketch attached.)

A. GILMORE FLUES
Assistant Secretary of the Treasury
Mr. Flues was born in Saginaw, Michigan, on August 30,
1903, the son of Frederick W. Flues and Jane Gilmore Flues.
In 1904 he moved with his parents to Toledo, Ohio, where he
attended the public schools. He also attended Lake Forest
Academy, Lake Forest, Illinois, and in 1926 he received an
A.B. degree from Princeton University. He received his
L.L.B. degree from Harvard Law School in 1929. The same year
he was admitted to the Ohio bar and began the practice of law
in Toledo as an associate in the law f J:?n\ of Marshall,
Melhorn, Marlar and Martin, He is a member of the American
Bar Association and of the Ohio State and Toledo Bar Associations.
From 1937 until his appointment as Assistant Secretary
of the Treasury, Mr. Flues was a member of the law firm of
Ohlinger, Koles, Wolf and Flues in Toledo (with the exception of military service from April 1942 to May 1946).
Mr. Flues was appointed an Assistant Secretary of the Treasury
by President Eisenhower on December 13, 1957. He took the
oath of office on December 20, 1957.
Mr. Flues was commissioned a captain in the Army Air
Force in.April 1942, and after training as a combat intelligence officer, he saw service in Egypt with the British Eighth
Army as a liaison and Intelligence officer. Later he organized and commanded the American section of the prisoner-ofwar interrogation system for AFHQ in the North African and
Sicilian campaigns. Drafted by the OSS for a mission in
Yugoslavia, he was trained by the RAF in Palestine as a
parachutist, and sent into Slavonia, Yugoslavia, as commanding officer of an OSS unit. He returned to the United States
in December 1945 and was separated from the service in May
1946 with the rank of lieutenant colonel. Mr. Flues is
presently a colonel in the Military Intelligence Branch, United
States Army Reserve, and is a member of the American Legion.
In addition to his law practice, Mr. Flues has been a
trustee of the First Congregational Church, Toledo, and
chairman of its religious education board. He has been
active in Lucas County (Ohio) civic organizations and a
member of that county's Republican Executive Committee.
Mr. Flues married Anne Louise Jamieson of Toledo in
1947. They have two daughters, Jane Sidney, aged eight,
and Marguerite Jamieson, aged seven. Their home is at
December 20, 1957
2732 Talmadge Road, Ottawa Hills, Toledo, Ohio.

RELEASE A. M. NEWSPAPERS,
Tuesday, December 2k, 1957.

h-"

rgQ
w

Tha Treasury Department announced last evening that the tenders for 11,700,000 OQft
or thereabouts, of 91-day Treasury bills to be dated December 26, 1957, and to nature
March 27, 1958, which were offered on December 19, were opened at the Federal Reserve
Banks on December 23*
The details of this issue are as followst
Total applied for - 12,1*16,033,000
Total accepted
- 1,700,1814,000

(includes 1387,3814,000 entered on a
noncompetitive basis and accepted in
full at the average prise shown below)

Range of accepted cospetitive bids:
High - 99.213 Equivalent rate of discount approx. 3*113$ per annw
Low

- 99.195

•

3.185$

Average - 99.198 • • « • » 3*llk% • •
(hi percent of the amount bid for at the low price was aeeepted)
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

37,U7,000
1,586,902,000
1*7,773,000
79,191,000
32,659.000
1*2,265,000
250,581,000
li5,788,000
16,018,000
1*9,855,000
1*5,560,000
182,021,000

12,1*16,033,000

36,117,000
1,051,009,000
27,003,000
614,1914,000
25,126,000
31,136,000
180,663,000
1*2,788,000
114,700,000
104,193,000
33,560,000
1149,695,000

$1,700,1814,000

RELEASE A . M . NEWSPAPERS,
Tuesday, December 24, 1957.

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

or thereabouts, of 91-day Treasury bills to be dated December 26, 1957, and to mat

March 27, 1958, which were offered on December 19, were opened at the Federal Rese
Banks on December 23.
The details of this issue are as follows?
Total applied for - $2,416,033,000
Total accepted
- 1,700,184,000

(includes $387,384,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids;
High - 99.213 Equivalent rate of discount approx. 3.113$ per annum
Low
- 99,19$
"
n
II
H
M
3.185$
Average - 99.198 " " s« " « 3.174$

w H

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

Federal Reserve
District

Total
Applied for

Total
Accepted

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

$
37,417,000
1,586,902,000
47,773,000
79,19li,000
32,659,000
42,265,000
250,581,000
45,788,000
16,018,000
h9,855,000
45,560,000
182,021,000

$
36,117,000
1,051,009,000
27,003,000
64,194,000
25,126,000
31,136,000
180,663,000
42,788,000
14,700,000
414,193,000
33,560,000
149,695,000

$2,416,033,000

$1,700,1814,000

TOTAL

- 3-

mxK
/
^

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 h$h (b) and 1221 {$) of the Internal Revenue Code of
V)$h 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 -

final. Subject to these reservations, noncompetitive tenders for $200,000 or le

without stated price from any one bidder will be accepted in full at the averag

price (in three decimals) of accepted competitive bids. Settlement for accepted

tenders in accordance with the bids must be made or completed at the Federal Re
serve Bank on January 21 1958 , in cash or other immediately available funds
or in a like face amount of Treasury bills maturing January 2. 1958 • Cash

and exchange tenders will receive equal treatment. Cash adjustments will be mad

for differences between the par value of maturing bills accepted in exchange an
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the

or State, but are exempt from all taxation now or hereafter imposed on the prin

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

67''
TREASURY DEPARTMENT
Washington

y ^

/ /

A. M.
KSK RELEASE/ MBKKXNK NEWSPAPERS,
Thursday, December 26, 1957

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

~*w

in exchange for Treasury bills maturing January 2. 1958
, in the amount of
$1,599,694,000 , to be issued on a discount basis under competitive and non-

-W
competitive bidding as hereinafter provided. The bills of this series will be
dated January 2, 1958 , and will mature April 5, 1958 m when the face

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

and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
one-thirty
closing hour, Mf& o'clock p.m., Eastern Standard time, Monday, December 50, 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

incorporated banks and trust companies and from responsible and recognized dea

in investment securities. Tenders from others must be accompanied by payment of

TREASURY DEPARTMENT

674

WASHINGTON, D.C.
RELEASE A.M. NEWSPAPERS,
Thursday, December 26, 1957.

A-115

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 January 2, 1958,
In the amount of $1,599,694,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated January 2, 1958,
and will mature April 3, 1958,
when the face amount will be
payable without interest. They will be Issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o'clock p.m., Eastern Standard time,
Monday, December 30, 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
ranee of accepted bids. Those submitting tenders will be advised of
the acceptance or rejection thereof. The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders
in whole or in part, and his action in any such respect shall be
final
Subject to these reservations, non-competitive tenders for
4200 000 or l© 33 without stated price from any one bidder will be
accepted i n f U n at the average price (in three decimals) of accepted

- 2 competitive bids. Settlement for accepted tenders in accordance
with the bids must be made or completed at the Federal Reserve Bank
on January 2, 1958,
in cash or other immediately available funds
or in a like face amount of Treasury bills maturing January 2, 1958.
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

TREASURY DEPARTMENT
WASHINGTON, D.C.

RELEASE A.M. NEWSPAPERS,
Friday, December 27, 1957.

A-116

The Treasury Department today made public a report of
monetary gold transactions with foreign governments and central banks for the third quarter of 19$1. In this period, the
United States purchased $21»9 million worth of gold, and sold
$3«0 million. These transactions brought to $678,9 million the
net inflow of gold into the United States in the first nine
months of this year, with U. S. gold purchases at $686,5 million and U« S. sales, $1.6 million.
A table showing net transactions, by country, for the first
three quarters of 1957 is attached.

U1OT3D STATES GOLD TRANSACTIONS ivITH FOREIGN CCUJITRELS
January 1, 1957 - September 30, 1957
C^jjrcillions of dollars at $35 per fine ounce)
^egative figures represent net sales by the"
—J3S£Jig<LStates; positive figures, net purchases
,
p
-Sqpgfey

'
,

First
Quarter
1957

Second
Quarter
1957

Third
Quarte:
1957

Afghanistan ;-,3 ^ ^
Argentina !09o ioel i5o0
Belgium ............. 3^

Canada • . . $.2 —
Ch

ile . . o „ — 2.8

Denmark • ••...•...... 7.0
El Salvador -3,5
Indonesia . . — — _2e0
International Monetary Fund ..... 300.0 29909 -„1
Iran «>>» -03
Netherlands ••••• 20.0 5»0
Philippines • • — — 699
Vatican City. ...... — 1.0
All Other -.3 * -.7

Total

_ Less th?n -50,000

^341*5

-J>31804

.A8,9

677
RELEASE A. M. NEWSPAPERS,
tuesday, December 31, 1957 *

The Treasury Department announced last evening that the tenders for 11,700,000,000
or thereabouts, of 91-day Treasury bills to be dated January 2 and to mature April

1958, which were offered on December 26, were opened at the Federal Reserve Banks o
December 30.
The details of this issue are as follows *
Total applied for - #2,388,282,000
Total accepted
- 1,700,438,000

(includes 1367,958,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids?
High
Low

- 99,312 Equivalent rate of discount approx. 2.122% per annum
- 99.298
"
»
»
«
*
2.777% w
"

Average

- 99.304

2.1$2%

(92 percent of the amount bid for at the low price was accepted) *r

"
/

Federal Reserve
District

Total
Applied for

Total
Accepted

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

|
52,304,000
1,613,828,000
43,020,000
66,872,000
18,169,000
34,308,000
300,053,000
37,260,000
16,631,000
12,675,000
ii2,495,000
120,667,000

$
49,604,000
1,077,573,000
28,020,000
65,297,000
16,984,000
29,178,000
207,532,000
32,850,000
16,231,000
39,122,000
34,936,000
103,111,000

*2,388,282,000

11,700,438,000

TOTAL

TREASURY DEPARTMENT
WASHINGTON, D.C.
RELEASE A . M . NEWSPAPERS,
Tuesday, December 31, 1957.

A-117

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

or thereabouts, of 91-day Treasury bills to be dated January 2 and to mature April
1958, which were offered on December 26, were opened at the Federal Reserve Banks
December 30.
The details of this issue are as follows:
Total applied for - $2,388,282,000
Total accepted
- 1,700,438,000

(includes $367,958,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)

Range of accepted competitive bids:
High
Low

- 99.312 Equivalent rate of discount approx. 2.122% per annum
M
- 99.298
"
"
"
"
2.777% "
"

Average

- 99.304

2.752% "

(92 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

$
52,304,000
1,613,828,000
43,020,000
66,872,000
18,169,000
34,308,000
300,053,000
37,260,000
16,631,000
42,675,000
42,495,000
120,667,000

$
49,604,000
1,077,573,000
28,020,000
65,297,000
16,984,000
29,178,000
207,532,000
32,850,000
16,231,000
39,122,000
34,936,000
103,111,000

C2,388,282,000

tl,700,438,000

TOTAL

JV>

A-" ^

Julian B« -aird, Under Secretary of the Treasury, Seas? Don
A
Mssusl Tello, the Ambassador of l**ieo, and 3enor i*n Ernesto
ernandeas Hurtado. of ghe l^ank oi Mexico, today algae* an extension
of the existing stabilisation agreement between tbm United States
and Mexico*
The Vi'c-c." -<v;. is designed to assist Sfeotico by providing up to
a mximn

aaount of $75 million, if the occasion for use should

arise, or exchane sta ilisstion op r^tioos to aid in preserving
111X100*3 exchange system free from restriotlons on -xtjscnts. Any
pesos acti.iired by the Xreasury in these operations would subsequently
be repurchased by Mexico for do liars «T\ By today's action the
is continued for a two-year mr; oc, until December 31, 195^1 it will,
as in the past, be operated In close coordination with the activities
of the international Monetary lund#

357

IMMEDIATE RELEASE,
Monday, December 30, 1957.

A-118

Julian B. Baird, Under Secretary of the Treasury,
and Senor Don Manuel Tello, the Ambassador of Mexico,
and Senor Don Ernesto Fernandez Hurtado, manager of
the Bank of Mexico, today signed an extension of the
existing stabilization agreement between the
United States and Mexico.
The Agreement is designed to assist Mexico by
providing up to a maximum amount of $75 million, if
the occasion for use should arise, for exchange
stabilization operations to aid in preserving Mexico's
exchange system free from restrictions on payments.
Any pesos acquired by the Treasury in these operations
would subsequently be repurchased by Mexico for
dollars.
By today's action the agreement is continued for
a two-year period, until December 31, 1959. It
will, as in the past, be operated in close coordination
with the activities of the International Monetary Fund.

0O0

f Treas.
HJ

U.S. Treasury Dept.
—

Treas.
[ HJ
10

,
z

TT S

TreasuryJDePil

.Ai3__ _____3r^—
AUTHOR

—

„ j^g^eases

Full text of Press Releases of the United States Department of the Treasury : Volume 111

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