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LIBRARY
P™1M 5030
JUN 141972
TREASURY DEPARTMENT

- 3from 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. 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.

- 2-

———-

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 cwn account. Tenders will be received without deposit from incorpo-

rated banks and trust companies and from responsible and recognized dealers in inves
ment 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, noncompetitive tenders for $ 200,000 or less for the additional
—__n_—

bills dated

Jnly 9, 1959

, ( 91

days remaining until maturity date on

January 7, 1960 ) and noncompetitive tenders for $ 100,000 or less for the
JfPBEfJL

182

3DQQB

-day bills without stated price from any one bidder will be accepted in full

X3BQK

at the average price (in three decimals) of accepted competitive bids for the respective issues. Settlement for accepted tenders in accordance with the bids must be
made or completed at the Federal Reserve Bank on October 8, 1959 , in cash or
other immediately available funds or in a like face amount of Treasury bills maturing October 8, 1959 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
pr other disposition of the bills, does not have any exemption, as such, and loss

__________raexx

TREASURY DEPARTMENT
Washington
RELEASE A. M. NEWSPAPERS,
Thursday, October 1, 1959
The Treasury Department, by this public notice, invites tenders for two series
of Treasury bills to the aggregate amount of & 1,600.000.000 , or thereabouts, for
cash and in exchange for Treasury bills maturing ©etober 8? 1959 y
^_>y_
of % 1,601,226,000 > as follows:
_pbd

the amount

91 -day bills (to maturity date) to be issued October 8. 1959 >
in the amount of $ 1,200,000,000 , or thereabouts, representing an additional amount of bills dated July 9, 1959
and to mature

January 7. 1960

> originally issued in the

X2Q23C

amount of $ 599,992,000

, the additional and original bills

to be freely interchangeable.
182 -day bills, for $ 400,000,000 , or thereabouts, to be dated
October 8, 1959 , and to mature April 7, 196©
The bills of both series will be issued on a discount basis under competitive

and noncompetitive bidding as hereinafter provided, and at maturity their face amo
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 (maturit
value).
Tenders will be received at Federal Reserve Banks and Branches up to the closing
two
Daylight Saving
hour,/weHttKi»2bgr o'clock p.m., Eastern/aataaacbgaflctime, Monday, October 5, 1959
.
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

TREASURY DEPARTMENT
Pitt'

•,':WH"WI!!-Mm'-JJgll«mWJBM».>.liW.»HqwiJIJL».IJR.lMWi»l.ll.l»1

WASHINGTON. D.C.
RELEASE A. M. NEWSPAPERS,
Thursday, October 1, 1959.

A-641

The Treasury Department, by this public notice, invites tenders
for two series of Treasury bills to the aggregate amount of
$1,600,000,000, or thereabouts, for cash and in exchange for
Treasury bills maturing October 8, 1959, in the amount of
$1,601,226,000, as follows:
91-day bills (to maturity date) to be Issued October 8, 1959,
in the amount of $1,200,000,000, or thereabouts, representing an
additional amount of bills dated July 9, 1959,
and to
mature January 7,I960,
originally issued in the amount of
$399,992,000,
the additional and original bills to be freely
interchangeable.
182-day bills, for $400,000,000, or thereabouts, to be dated
October 8, 1959, and to mature April 7, I960.
The bills of both series will be issued on a discount basis under
competitive and noncompetitive bidding as hereinafter provided, and
at maturity their 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 Brancnes
up to the closing hour, two o'clock p.m., Eastern Daylight
Saving time, Monday, October 5, 1959. 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 bill3 applied Tor, unless the tenders are
accompanied by an express guaranty of payment by an Incorporated bank
or trust company.

- 2 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 Departmment 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 for the additional bills dated
July 9, 1959,
(91 days remaining until maturity date on
January 7, i960)
and noncompetitive tenders for $100,000
or less for the 182-day bills without stated price from any one
bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids for the respective issues.
Settlement for accepted tenders in accordance with the bids must be
made or completed at the Federal Reserve Bank on October 8, 1959,
in cash or other immediately available funds or in a like face
amount of Treasury bills maturing October 8, 1959. 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 hereunde)
need include in his income tax return only the difference between
the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon
sale or redemption at maturity during0O0
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
Federal
of theirReserve
issue. Bank
Copies
or Branch.
of the circular may be obtained from any

TREASURY DEPARTMENT
WASHINGTON. D.C N^_T1_S/
IMMEDIATE RELEASE,
Thursday, October 1, 1959.

A-642

The Treasury Department announced today that it is offering for cash subscription,
$2 billion, or thereabouts, of 5$ 4-year 10-month Treasury Notes
of Series B-1964, at par, to be dated October 15, 1959, and to
nature August 15, 1964. In addition to the amount offered for
public subscription, the Secretary of the Treasury may allocate
up to $100,000,000 of these notes to Government Investment
Accounts.
$2 billion, or thereabouts, of 245-day Treasury bills, Tax Anticipation Series, to be dated October 21, 1959, and to mature
June 22, 1960.
The subscription books will be open for the Treasury notes only on Tuesday,
October 6, 1959. The Treasury bills will be sold at auction on Wednesday,
October 14, 1959.
Treasury notes
Subscriptions to the notes from commercial banks, for their own account, and
from States, political subdivisions or instrumentalities thereof, and public pensioi
and retirement and other public funds, will be received without deposit, but subscriptions from commercial banks, for their own account, will be restricted to 50$
of the combined capital, surplus and undivided profits of the subscribing bank.
Subscriptions from all others must be accompanied by payment of 10$ of the amount
of notes applied for, not subject to withdrawal until after allotment.
In order to encourage wide distribution of the 5$ notes, subscriptions up to
a maximum of $25,000 if they are accompanied by 100$ payment at the time the subscriptions are entered will be allotted in full to all subscribers.
Any subscriptions for the notes addressed to a Federal Reserve Bank or Branch,
or to the Treasurer of the United States, and placed in the mail before midnight,
October 6, 1959, will be considered as timely.
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 deposits required to be paid when subscriptions are entered, and
banks will be required to make the usual certification to that effect.
Treasury bills
Tenders for the 245-day Treasury bills will be received at the Federal Reserve
Banks and Branches up to the closing hour, 2 o'clock p.m., Eastern Daylight Saving

- 2 -

time, on Wednesday, October 14, 1959. The bills will mature June 22, 1960, but
will be acceptable at par in payment of income and profits taxes due June 15,
1960. Full details regarding the offering of the Treasury bills will be released
for morning newspapers, Wednesday, October 7.
All subscribers to both issues are required to agree not to purchase or to
sell, or to make any agreements with respect to the purchase or sale or other
disposition of the securities subscribed for under this offering, until after mid'
night, October 6, in the case of the notes, and until after the closing hour for
tenders on October 14, in the case of the bills.
The new issues may be paid for by credit in Treasury Tax and Loan Accounts.

DAVID A. LINDSAY
General Counsel of the Treasury Department
PLACE AND DATE OF BIRTH: New York City, November 24, 1921.
FATHER: George N. Lindsay MOTHER: Eleanor V. Lindsay (deceased)
EDUCATION: Buckley School, New York City (1936).
St. Paul's School, Concord, New Hampshire (1940).
Yale University (A.B. 1943 - Phi Betta Kappa).
Yale Law School (LL.B. 1949 - Law Review).
MARRIED: Elizabeth Ann Austin, June 29, 1946.
CHILDREN: Eleanor V.; Marion A.; David A., Jr., and Edward A.
RESIDENCE: 7309 Brookville Road, Chevy Chase, Maryland.
BRIEF CAREER SUMMARY:
June, 1943 - Commissioned an Ensign, U. S. Navy Reserve.
Served on U.S.S. Koiner (DE 331) as gunnery officer,
navigator and executive officer. Went on inactive
duty in June, 1946.
March, 1949- Associated with law firm of Davis, Polk, Wardwell,
Sunderland and Kiendl, New York City.
January, 1957 - Became a member of the above law firm.
January 2, 1958 - Assistant to the Secretary of the Treasury
Department (and Head, Legal Advisory Staff)
August, 1959 - Nominated by President Eisenhower to be General
Counsel of the Treasury Department on August 25,
1959. Confirmed by the Senate on September 9,
1959, and took the oath of office on October 2, 1959.
MEMBERSHIPS AND
OTHER ACTIVITIES: Admitted to the New York Bar (1949).
Member of American Bar Association, New York
State Bar Association, and Association of the
Bar of the City ©f New York (formerly member
of Committee on Taxation, (1953-1955).
Member of Board of Education of Lloyd Harbor
School, New York (1957).
New York Young Republican Club (member of Board
of Governors, 1951-1953; Vice President, 19521953; member of Board of Advisors, 1953-1956).

•ttetober, 1959

IMMEDIATE RELEASE
Friday, October 2, 1959

A-643

Secretary Anderson today administered the oath of
office to David A. Lindsay of New York City as General
Counsel of the Treasury Department.
Friends and Treasury associates of Mr. Lindsay
were present at the swearing-in ceremony at the Treasury.
Mr. Lindsay succeeds Nelson P. Rose who resigned
as General Counsel effective October 1, 1959.
As the Chief Legal Officer of the Treasury, the
General Counsel is directly responsible to the Secretary
of the Treasury and has supervision over and coordinates
all legal work of the Department.
Since January, 1958, Mr. Lindsay has been Assistant
to the Secretary of the Treasury and Head of the Legal
Advisory Staff. He was nominated by President Eisenhower
for his new post on August 25, 1959, and confirmed by
the Senate on September 9, 1959.
Prior to coming to the Treasury Mr. Lindsay was
a member of the law firm of Davis Polk Wardwell
Sunderland and Kiendl of New York City.
(Biography attached)

oOo

TREASURY DEPARTMENT
WASHINGTON. D.C.

IMMEDIATE RELEASE
Friday, October 2, 1959

A-643

oOo

DAVID A. LINDSAY
General Counsel of the Treasury Department

PLACE AND DATE OF BIRTH: New York City, November 24, 1921.
FATHER: George N. Lindsay MOTHER: Eleanor V. Lindsay (deceased)
EDUCATION: Buckley School, New York City (1936).
St. Paul's School, Concord, New Hampshire (1940).
Yale University (A.B. 1943 - Phi Betta Kappa).
Yale Law School (LL.B. 1949 - Law Review).
MARRIED: Elizabeth Ann Austin, June 29, 1946.
CHILDREN: Eleanor V.; Marion A.; David A., Jr., and Edward A.
RESIDENCE: 7309 Brookville Road, Chevy Chase, Maryland.
BRIEF CAREER SUMMARY:
June, 1943 - Commissioned an Ensign, U. S. Navy Reserve.
Served on U.S.S. Koiner (DE 331) as gunnery officer,
navigator and executive officer. Went on inactive
duty in June, 1946.
. March, 1949- Associated with law firm of Davis, Polk, Wardwell,
Sunderland and Kiendl, New York City.
January, 1957 - Became a member of the above law firm.
January 2, 1958 - Assistant to the Secretary of the Treasury
Department (and Head, Legal Advisory Staff)
August, 1959 - Nominated by President Eisenhower to be General
Counsel of the Treasury Department on August 25,
1959. Confirmed by the Senate on September 9,
1959, and took the oath of office on October 2, 1959.
MEMBERSHIPS AND
OTHER ACTIVITIES:
Admitted to the New York Bar (1949).
Member of American Bar Association, New York
State Bar Association, and Association of the
Bar of the City of New York (formerly member
of Committee on Taxation, (1953-1955).
Member of Board of Education of Lloyd Harbor
School, New York (1957).
New York Young Republican Club (member of Board
of Governors, 1951-1953; Vice President, 19521953; member of Board of Advisors, 1953-1956).

October, 1959

- 3.v.»,«»;»xe.«e;»:t;i:«K8:«:D;i:

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. 5br 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. 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.

"2"

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 incorpo-

rated 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, noncompetitive tenders for $ 200,000 or less for the additional
bills dated July 16, 1959

, (

days remaining until maturity date on

January 14, I960 ) and noncompetitive tenders for $ 100,000 or less for the
182 -day bills without stated price from any one bidder will be accepted in full
at the average price (in three decimals) of accepted competitive bids for the respective issues. Settlement for accepted tenders in accordance with the bids must be
made or completed at the Federal Reserve Bank on October 15, 1959 , in cash or
other immediately available funds or in a like face amount of Treasury bills maturing October 15, 1959 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

TREASURY DEFARTMEKT
Washington
RELEASE A. M. NEWSPAPERS,
Tuesday, October 6. 1959
The Treasury Department, by this public notice, invites tenders for two series
of Treasury bills to the aggregate amount of $1,600,000,000 , or thereabouts, for
cash and in exchange for Treasury bills maturing October lg. 1959 , in the amount
of $1,600,122,000 , as follows:
91 -day bills (to maturity date) to be issued October 15. 1959

in the amount of $1,200,000,000 , or thereabouts, representing an additional amount of bills dated July 16, 1959

and to mature January 14, I960 , originally issued in the
amount of $401,023,000 , the additional and original bills
to be freely interchangeable.
182 -day bills, for $400,000,000 , or thereabouts, to be dated
October 15, 1959

, and to manure

April 14, I960

The bills of both series will be issued on a discount basis under competitive

and noncompetitive bidding as hereinafter provided, and at maturity their face amoun
will be payable without interest. They will be issued in bearer form only, and in

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

TREASURY DEPARTMENT
" ' " ' • T ' I.WWIIWHI

WASHINGTON. D.C.
REU2ASE A. M. NEWSPAPERS,
Tuesday, October 6_ 1959

A-644

The Treasury Department, by this public notice, invites tenders
for two series of Treasury bills to the aggregate amount of
$1,600,000,000, or thereabouts, for cash and in exchange for
Treasury bills maturing October 15, 1959, in the amount of
;
$1,600,122,000, as follows:
91 -day bills (to maturity date) to be issued October 15, 1959,
in the amount of $1,200,000,000, or thereabouts, representing an
additional amount of bills dated July 16, 1959,
and to
mature January 14, I960, originally issued in the amount of
$401,023,000, the additional and original bills to be freely
interchangeable.
182-day bills, for $400,000,000, or thereabouts, to be dated "
October 15, 1959, and to mature April 14, I960.
The bills of both series will be issued on a discount basis under
competitive and noncompetitive bidding as hereinafter provided, and
at maturity their 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, two o'clock p.m., Eastern Daylight
Saving time, Friday, October 9* 1959. 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
lenders 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.

- 2 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 Departmment 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 for the additional bills dated
July 16, 1959,
(91 days remaining until maturity date on
January 14, I960) and noncompetitive tenders for $100,000
or less for the 182-day bills, without stated price from any one
bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids for the respective issues.
Settlement for accepted tenders in accordance with the bids must be
made or completed at the Federal Reserve Bank on October 15, 1959,
in cash or other immediately available funds or in a like face
amount of Treasury bills maturing October 15, 1959. Cash and
exchange tenders will receive equal treatment. Cash adjustments
will be made for differences between the par value of maturing
bills accepted in exchange and the issue price of the new bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject to
estate, inheritance, gift or other excise taxes, whether Federal or
State, but are exempt from all taxation now or hereafter imposed on
the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to be
interest. Under Sections 454 (b) and 1221 (5) of the Internal
.Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills are
sold, redeemed or otherwise disposed of, and such bills are excluded
from consideration as capital assets. Accordingly, the owner of
Treasury bills (other than life Insurance companies) issued hereunder
need include in his income tax return only the difference between
the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon
sale or redemption at maturity during0O0
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
Federal
of theirReserve
issue. Bank
Copies
or Branch.
of the circular may be obtained from any

RELKASE < F HE&SFAPER5,
Tuesday, ctober 6, 1959.

The Treasury Department announced last evening that the tenders tot two series ot
Treasury bills, one series to be an additional issue of tile bills dated July 9, 19599 '
the other series to be dated October 8, 1959, which were offered on October 1, w#r« opi
at the Federal reserve Banks on October 5. Tenders were Invited for * 1,200,000,000, w
thereabouts, of 91-da bills and for *4Q0,©Q0,u00, or thereabouts, of 182-day bills.u •
details of the two series are as follows?
ve
£ 0? AfC&FT££
COHEIITlYl BIP6:

Fries
High
r
.ow
?©

1,2-day Treasury bills
paturing April 7, I960
7 one
Approx. Equiv.
Frice
Annual Rate

;' l-ca/ Treasury bills
•aturing January ?, I960

99.011
98.95?
98.587

Approx. Lq-uivAnnual Hate

97.644
97.625
97.635

3.913*
fe.l?6:i
4.00?^

at o

h.660$*x
~ h.69*%
k.67B%
"•sir 3 t:<5

h.3 percent of the amount of 91-day bills bid for at the low price was accepted
99 percent of the amount of 182-day bills bid for at the low price was accepted

TOTAL Ti-MBIKS A?PUiffi ¥0% AHI ACCEJTKD BY PEBKKAL y&:Wm
istrlct
Boston
ew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
ft. loT_i_
Finnesrpolis
Kansas City
lallas
5an Francisco

Applied For
* 23,568,000
1,335,814,000
25,600,000
28,481,000
11,787,00^

Accepted

23,468,000
813,714,000
15,600,000
2d,331,000
11,787,000
nQ -..-> - ,vv,--,
27,600,000
C*J, J U w , \f\J\J
157,345,00,
179,3S0,00u
17,1?2,000
17,250,000
10,761,000
iu,7ol»00u
t3,76?
sOOQ
23,767,000.
13,233,
vX>u
13,233,000
57,337,000
57,337,^)0
TJtmMS
»l,7$k,y}y,QQQ
11,200,135,000 of
,814,000 #400,101,000 5/

iBE

MSmCtS:

For

Accepted _c

| 6,Q57,Ouu
#6,057,000
^67,237,000
249,329,000
9,636,0)0
a~ k,636,000
17,73?,^uo
" 7,7S2,000
2,269,^00
2,251,000
5,064,OJO
4,464,000
55*323,000
22,993.000
Iw,au3,uoo
: 5,403,000
2,676,000
2,638,'uOO
5,6l6,000 .
5*316,000
3,^6,000
: 3,931>OG^v
§6,801,000
ce 85,301,000

_ Include? *206,78l,00Q noncompetitive tenders accentec at the average price of 98 987j
b/ Includes ^53,3^7,000 nonoroetitive tenders accepted at the average price of 97.635

UJ!\

TREASURY DEPARTMENT
WASHINGTON, D.C
.SE A. M. NEWSPAPERS,
jiesday, October 6_ 1959*

A-645

The Treasury Department announced last evening that the tenders for two series of
Ireasury bills, one series to be an additional issue of the bills dated July 9, 1959, ai
iho other series to be dated October 8, 1959, which were offered on October 1, wero oper
it the Federal Reserve Banks on October 5• Tenders wore invited for 11,200,000,000, or
-hereabouts, of 91-day bills and for $400,000,000, or thereabouts, of 182-day bills. 11
letails of the two series are as follows:
182-day Treasury bills
tANBE OF ACCEPTED
91-day Treasury bills
maturing
April 7, I960
iOMPETITIVE BIDS:
maturing January 7, I960
Approx. Equiv.
Price
Annual Rate
High
Low
Average

99*011 3.9132
98.957
98,987

4.126^
4.0072

Price
97.644
97.625
97.635

Approx. Equiv.
Annual Rate
4.6602
4.6982
4.6782

U3 percent of the amount of 91-day bills bid for at the low price was accepted
99 percent of the amount of 182-day bills bid for at the low price was accepted

,0TAL TENDERS APPLIED FOR AND ACCEPTED BY FEDERAL RESERVE DISTRICTS:
District
, Boston
. New York
. Philadelphia
j Cleveland
. Richmond
Atlanta
Chicago
• St. Louis
.Minneapolis
Kansas City
I Dallas
San Francisco
TOTALS

Applied For

Accepted

$ 23,568,000
1,335,814,000
25,600,000
28,481,000
11,787,000
28,000,000
179,350,000
17,250,000
10,761,000
23,767,000
13,233,000
57,337,000
$1,754,948,000

23,468,000
$ 6,057,000
813,714,000
567,237,000
15,600,000
9,636,000
28,331,000
17,782,000
11,787,000
2,269,000
27,600,000
5,064,000
157,345,000
55,323,000
17,192,000
10,403,000
10,761,000
2,678,000
23,767,000
5,616,000
13,233,000
3,948,000
57,337,000
86,801,000
$1,200,135,000 a/ $772,814,000

Applied For

Accepted
$ 6,057,000
249,329,000
4,636,000
7,782,000
2,251,000
4,464,000
22,993,000
5,403,000
2,638,000
5,316,000
3,931,000
85,301,000
$400,101,000 b/

/ Includes $206,781,000 noncompetitive tenders accepted at the average price of 98.987
f Includes $53*347,000 noncompetitive tenders accepted at the average prico of 97.635

-3-

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 unt
such hills 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. 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.

- 21 P
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.
All bidders are required to agree not to purchase or to sell, or to make any
agreements with respect to the purchase or sale or other disposition of any bills
two
Daylight Saving
of this issue, until afterronrettatrfcyo'clock p.m., Eastern/S&aK&ao^t time, Wednesday,
October 14, 1959 .
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 bids. Payment of accepted tenders at the prices
offered must be made or completed at the Federal Reserve Bank in cash or other immediately available funds on October 21, 1959 , 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.

_2K__&X&8
TREASURY DEPARTMENT
Washington
RELEASE A. M. NEWSPAPERS,
Wednesday, October 7, 1959

•

m
The Treasury Department, by this public notice, invites tenders for
$ 2,000,000,000 , or thereabouts, of 245 -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 designated Tax Anticipation Series, they will be
dated October 21, 1959

- Th e v

, and they will mature June 22. I960

v±11

be accepted at face value in payment of income and profits taxes due on June 15.
g6gc
I960
, and to the extent they are not presented for this purpose the face
amount of these bills will be payable without interest at maturity.

Taxpayers de-

siring to apply these bills in payment of June 15, I960
, income and profits
§83K
taxes have the privilege of surrendering them to any Federal Reserve Bank or Branch
or to the Office of the Treasurer of the United States, Washington, not more than
fifteen days before June 15, I960

, and receiving receipts therefor showing

m
the face amount of the bills so surrendered. These receipts may be submitted in
lieu of the bills on or before June 15, I960
, to the District Director of

m
Internal Revenue for the District in which such taxes are payable. The bills will
be issued in bearer form only, and in denominations of $1,000, $5,000, $10,000,
$100,000, $500,000 and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the closiD
two
Daylight Saving
hour, ^fflgoegCPE^ o'clock p.m., Eastem/SXXffXaxa time, Wednesday, October 14, 1959

^___5
Tenders will not be received at the Treasury Department, Washington. Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders the
price offered must be expressed on the basis of 100, with not more than three decimals, e. g., 38.925.

Fractions may not be used.

It is urged that tenders be made

18
TREASURY DEPARTMENT
J_1.L

.T*~m*~—~m,.,,., ,,., ,.,., mm, ijiir _.»»»«iiw.imi!iy/tffl»rj j_w»i*»miBI1»IWWIWti<MWl

••WBBaBWMMMa_______g._____.___j

WASHINGTON, D.C.

RELEASE A.M. NEWSPAPERS,
Wednesday, October 7, 1939.

A-646

The Treasury Department, by this public notice, invites tenders
for $2,000,000,000, or thereabouts, of 245-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
designated Tax Anticipation Series, they will be dated
October 21,1959, and they will mature June 22, i960.
They will be accepted at face value in payment of income and
profits taxes due on June 15, i960,
and to the extent they
are not presented for this purpose the face amount of these bills
will be payable without interest at maturity. Taxpayers desiring
to .apply these bills In payment of June 15, i960,
income
and profits taxes have the privilege of surrendering them to any
Federal Reserve Bank or Branch or to the Office of the Treasurer
of the United States, Washington, not more than fifteen days before
June 15, i960,
and receiving receipts therefor showing the
face amount of the bills so surrendered. These receipts may be
submitted in lieu Of the bills on or before June 15, i960,
to the District Director of Internal Revenue for the District in
which such taxes are payable. The bills will be issued in bearer
form only, and in denominations of $1,000, $5,000. $10,000,
$100,000, $500,000 and $1,000,000 (maturity value).
Tenders will bereceived at FederalReserve Banks and Branches
up to the closing hour, two o'clock p.m., Eastern Daylight
Saving time, Wednesday, October 14, 1959. 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

- 2 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.
All bidders are required to agree not to purchase or to sell, or
to make any agreements with respect to the purchase or sale 02? other
disposition of any bills of this issue, until after two
o'clock p.m., Eastern Daylight Saving time, Wednesday,October 14, 195
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 am
price range of accepted bids. Those submitting tenders will be advis<
of the acceptance or rejection thereof. The Secretary of the Treasur,
expressly reserves the right to accept or reject any or all tenders, •
in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, noncompetitive tenders for
$300,000 or less without stated price from any one bidder will be
accepted in full at the average price (in three decimals) of accepted:
competitive bids. Payment of accepted tenders at the prices offered
must be made or completed at the Federal Reserve Bank in cash or
other immediately available funds on October 21, 1959.provided,
;
however, any qualified depositary will be permitted to make
1
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 interests
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
Treasury
pi-escribe
gain
of
Reserve
their
or Bank
loss.
Issue.
Department
theor
terms
Branch.
Copies
ofCircular
the
of Treasury
the No.
circular
Jll8,
bills
may
Revised,
and
begovern
obtained
and
thethis
from
conditions
any
notice,
Fedol

TREASURY DEPARTMENT
...„,, i, .11

r ) 7

.I..,,,,, .,,,,,,..,1,,;, ,.„,—«•••.»>•• F- I'-iO

WASHINGTON, D.C

RELEASE A.M. NEWSPAPERS,
Wednesday, January 7, 1959

A-406

Secretary of the Treasury Robert B. Anderson today
announced a new staff^appointment and revision of duties in
the Department's tax policy activities following the
resignation of Dan Throop\Smith as Deputy to the Secretary
in charge of Tax Policy matters. / Mr. Smith's resignation
becomes effective January 15/^959.
.-., Under Secretary Fred C. Scrfbner, Jr. will have
responsibility for the over-Tall supervision of Treasury
tax matters.
Mr. David A. Lindsa^ will continue to serve as Assistant
to the Secretary and Head of the Legal Advisory Staff. He
will, in addition, take over some of the responsibilities
of Mr. Smith with respect to tax policy matte!
The Tax Analysis and the International Tax Staffs,
formerly directed/by Mr. Smith, will be directed
Henry C. Wallich_, Assistant to the Secretary, who joined the
Treasury on October 1, 1958. Mr. Wallich's other duties
include that or advisor on matters relating to debt management and longt-term tax policy.
At the7 same time the Secretary announced the appointment
of Jay W./Glasmann as Assistant General Counsel of the
Treasury/Department. He will serve also as special assistant
to Mr.^Lindsay. Mr. Glasmann was born in Ogden, Utah and
attended the Universities of Utah and Idaho State. He
received his M.B.A. degree in 1947 from Harvard Business
School and his law degree In 1950 from Harvard Law School.
Mr. Glasmann has been a partner with the Washington firm of
Ivins, Phillips and Barker. (Biographical sketch attached.)

JQ
JAY W. GLASMANN
As s 1 s t ant •» Gei^f^H^unse 1

PLACE AND DATE OF BIRTH:

Ogden, Utah, December 1, 1924.

FATHER: Blaine V. Glasmann — MOTHER: Phyllis 0. Glasmann.
EDUCATION: Public Schools of Ogden, Utah.
Attended the University of Utah at Salt Lake City, Utah,
and Idaho State at Pocatello, Idaho.
Harvard Business School, MBA degree, 1947.
Harvard Law School, LLB degree, 1950.
MARRIED: Sharlene Brewer, Ogden, Utah, 1951.
CHILDREN: John, Reed, Jaymieand Jill.- hfy^rtne
BRIEF CAREER SUMMARY:
Served during World II as an officer in the
U.S. Naval Reserve.
1950 - Admitted to the Utah Bar.
1951 - Admitted to the District of Columbia Bar.
1951 - Associated with the law firm of Ivins,
Phillips and Barker of Washington, D. C.
1957 - Member of law firm of Ivins, Phillips
~~~
"-7V Beta Theta
and Barker.
MEMBERSHIPS:
Pi Fraternity, Utah State Bar, and
American Bar Association.
HOME:

5905 Lenox Road, Bethesda, Maryland.

Aoof«-H-f <£<—£ <y^ yryy^Y^11 y, • •)

Gckkcr f '?^

^ ^ i n u iuu__a_

^ ^

A^T^sr

-" *" _i__J_ I^r ? ^ - " ^ ^ ^ - w f e /0-oC "«-£f
/Co ^ay

3*ejarcfcjry An^rson today
as A&sistant to t!

and _!ead 0f thm

jal Advisory Staff . ^

j.ckti.

*•. Olasmaaa sacceeds 0avi_ *. ttodwy who bocaae ( K M M
_lO_______l

___L 4__Mk T w a

<~£if

Aft,,:

_____

Secretary Anderson has appointed Jay W. Glasmann m& an Assistant
to the Secretary and Head of the Legal Advisory Staff.
was administered __ig£|B___d_feB
d_y____astt^fiiir__tarx_^dei«CB:y
Ilr. Glasmann <___s__LsB__^___K/oath of office^riday morning^In s
xfcke
cermonies at the Treasury Department.

Mr. 81a

* 34, m a tani la Oajgen, trtah and attended tin
^

Utah and Idaho Stat^ y B . Wceived »_._„._

deg.ee in 1<*7 f ro_ _*_«__ B o a ^ ,
* 1950 ft. _ _ „ _ * _,„ 3 . ^ ,
^

and his law « * « « . *
^
^
^
eoaiiag ^

hll9el
t<>

Department h* was a partner in the U w f i n of _*__*.
Phillips and Barker of Washington, _, c.

The faaily

wrtdt at 5905

^ ^ ^^ ^^

(Biographical sketch attached)

IMMEDIATE RELEASE
Friday. October 9, 1959

A-647

Secretary Anderson has appointed Jay W. Glasmann an
Assistant to the Secretary and Head of the Legal Advisory
Staff.
Mr. Glasmann was administered the oath of office by
Secretary Anderson Friday morning in ceremonies at the
Treasury Department.
Mr. Glasmann succeeds David A. Lindsay who became General
Counsel of the Treasury Department on October 2, 1959. Since
January 1959* Mr. Glasmann has been an Assistant General
Counsel of the Treasury and special assistant to Mr. Lindsay.
The Legal Advisory Staff analyzes and prepares reports
on legal aspects of tax legislation and regulations, and
provides legal advice to the Secretary on tax matters.
Mr. Glasmann, 34, was born in Ogden, Utah, and attended
the Universities of Utah and Idaho State. He received his
M.B.A. Degree in 1947 from Harvard Business School and his law
degree in 1950 from Harvard Law School.

Prior to coming to

the Treasury Department he was a partner in the law firm of
Ivins, Phillips and Barker of Washington, D. C.
Mr. Glasmann is married and has two sons and three
daughters.

The family resides at 5905 Lenox Road, Bethesda,

Maryland.
(Biographical sketch attached)

JAY W. GLASMANN
Assistant to the Secretary
PLACE AND DATE OF BIRTH: Ogden, Utah, December 1, 1924.
FATHER: Blaine V. Glasmann — MOTHER: Phyllis 0. Glasmann.
EDUCATION: Public Schools of Ogden, Utah.
Attended the University of Utah at Salt Lake City, Utah,
and Idaho State at Pocatello, Idaho.
Harvard Business School, MBA degree, 1947.
Harvard Law School, LLB degree, 1950.
MARRIED: Sharlene Brewer, Odgen, Utah, 1951.
CHILDREN: John, Reed, Jaymie, Jill and Myrene.
BRIEF CAREER SUMMARY:
Served during World War II as an officer in the
U.S. Naval Reserve.
1950 - Admitted to the Utah Bar.
1951 - Admitted to the District of Columbia Bar.
1951 - Associated with the law firm of Ivins,
Phillips and Barker of Washington, D. C.
1957 - Member of law firm of Ivins, Phillips and Barker.
Jan. 1959 - Assistant General Counsel, Treasury Department.
Oct. 1959 - Assistant to the Secretary (for Tax Legislation),
and Head, Legal Advisory Staff.
MEMBERSHIPS: Beta Theta Pi Fraternity, Utah State Bar, and
American Bar Association.
HOME: 5905 Lenox Road, Bethesda, Maryland.

0O0

October, 1959

23
mimm A. K. msmmm,

t* L

f, October 10, m9.
The fsr««ii«a?y fJaparSaarofc s a a ^ « « i la»4 t i w U i tl^i ®m tenders for two
of Treasury b U l s ? om aeries to be- an additional issua of the bille dated July 16,
1959, and the cither morim to i>e <g*t*<a October 1$, 1959, vblch
October 6, were opened at tfc» r*#a*al Reserve HtJilgt cm Qetober 9.
*tt*4 for H # i€%0O® # OO§, «r tftamflNttte, of flHftqr M3L1* *i*t f«r 1400,000,000, or
i» @£ Ui«48y mm*,
mm &mUXXm mf «b» ime mmttm mm mm t*nmm%
Treasury bills
mini m
A®mFim
fe£U*
OQHPITIfXn BXBftt

m$m
Kigh
Bar

JBtt.

k.609t

•
a"
ft***

%««&»

m*m

,::KOQpUm tXm imwlmm t o t a l * £-623,000
y^?t±mtor*®y^ra
totalis $2,20>,tX30
«
percent of the mmmt mt 9X-4»y bill© bid £cr a t ih* 1<JW pric<
61 percent of the mmmmt of lASMtagr bills bid for at th© I w price m i

k.rm
l|«vwwp

99I1& ?!HHfS JUPPLXBD fOR #»:© .AGGKPCBD 'if HKBIX* KSSSKfS BlSllXGlSt
District
Hew lOflt
?hil,®delphM
Cleveland.
Atlanta
Chicago
St.

cit?
r*lla«
Sa» Trmmimo®
TOTALS

Applied. For

Accented

2411,000
TfSjSfci^ioa
27,409,000
46,411,000
19*708,000

a7*lioM09
m*6i£tn©o
19,708,000
163,052,000
fa,pt§®fooo

m9m9m

2M§S@ # o©o
I3,ftt,©0®
11,768,2201,000
Biaiii

ii__l___
81,200,093,0005/

mfM imXxvim tt»Mli6»000
* Incites m9m9W®
mammpmUUx

Acc0Di*d
SS3SSCSSL

I S^HftOOO
S64,oo5,ooo
7,620,000
11,111,000
4,742,000
4,969,000

# S*?0?,000
201,055,000
2,620,000
11,111,000
3,741,000
1^,269,000
4MS6,000
4,642,000

%ss

22,940,000
7*140,000

ijm9mm

Asalied For
tHiXSSBB nfi.gLnw •

1,968,000
7,721,000
4,885,000

m% the
9m?9®m
t«d$rxx
&t the

x9m9m
f,m f o©§
4,870,000
1400,001,ooaj/
of
of

z*
TREASURY DEPARTMENT
WASHINGTON. D.C.
RELEASE A. M. NEWSPAPERS,
Saturday, October 10, 1959.

A-648

The Treasury Department announced last evening that the tenders for two series
of Treasury bills, one series to be an additional issue of the bills dated July 16,
1959, and the other series to be dated October 15, 1959, which were offered on
October 6, were opened at the Federal Reserve Banks on October 9. Tenders were invited for $1,200,000,000, or thereabouts, of 91-day bills and for $400,000,000, or
thereabouts, of 182-day bills. The details of the two series are as follows?
RANGE OF ACCEPTED
COMPETITIVE BIDS:

91-day Treasury bills
maturing January 14, I960
Price

Approx. Equiv,
Annual Rate

182-day Treasury bills
maturing April 14, I960
Price

Approx. Equiv.
Annual Rate

High
98.945 a/
4.174*
:
97.670 b/
4.609*
Low
98.894 ""
4.375*
:
97.616
4.716*
Average
98.923
4.262*
:
97.641
4.666*
%f Excepting five tenders totaling $623,000
%f Excepting three tenders totaling $2,205,000
25 percent of the amount of 91-day bilJs bid for at the low price was accepted
6l percent of the amount of 182-day bills bid for at the low price was accepted

TOTAL TENDERS APPLIED FOR AND ACCEPTED BY FEDERAL RESERVE DISTRICTS:
District

Applied For

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

$ 22,121,000
1,337,692,000
27,409,000
46,411,000
11,619,000
19,708,000
163,052,000
22,940,000
7,460,000
24,480,000
13,929,000
71,423,000
$1,768,244,000

TOTAIS

Accepted

Applied For

Accepted

22,121,000
798,541,000
27,409,000
46,411,000
11,619,000
19,708,000
134,052,000
22,940,000
7,460,000
24,480,000
13,929,000
71,423,000

$ 5,707,000
564,005,000
7,620,000
11,111,000
4,742,000
4,969,000
66,056,000
4,642,000
1,968,000
7,721,000
4,885,000
27,651,000

$ 5,707,000
281,055,000
2,620,000
11,111,000
3,741,000
4,269,000
44,656,000
4,642,000
1,958,000
7,721,000
4,870,000
27,651,000

$1,200,093,000c/

$711,077,000

$400,001,OOOdf

c/ Includes $193,246,000 noncompetitive tenders accc;>t'»d rt the average price of 98.92;
3/ Includes £40,788,000 noncompetitive tenders accepted at the average price of 97.641

S T A T U T O R Y D E B T LIMITATION
AS O F _^___T_^_^301_1959

~ r^ ~
9,
1959
0 c t
Washington, „ V g ^ * ^*'*' -

Section 21 of Second I iberty Bond Act, as amended, provides that the face amount of
of t h ^ K andlh^ace an -nt of
j " ^ £ W

^ ^ ^ J ^ ^ p t s n ^ ^

<AW&
demption value of any obligation issued on a discount basis which is " ^ ^ " ^ ^ i n ^ O p t V v i d e s that during the period
S
^
^
^
V
t
^
^
^
^
^
^
M ^ E 5 £ f c $ % < £ & & % > * ^ be temporarily increased By
,10,

TfTwi,ng table shows the face amount of obligation, outstanding and the face amount which can still be issued under

this limitation:
Total face amount that may be outstanding at any one time
OutstandingObligations issued under Second Liberty Bond Act, as amended

$295,000,000,000
• •./§
f

Interest-bearing:
Treasury bills \ $37,128,137,000
Certificates of indebtedness
Treasury notes

20,342,643,000
4 0 .768.355.000

BondsTreasury ...
* Savings (current redemp- value)

84,778,487,350
49,721,060,652

Depositary.
Investment series

1 ? 6 ,419 , 5 0 0
8 , I T U 581.000

Special FundsCertificates of indebtedness
Treasury notes.....
Treasury bonds
Total interest-bearing
Matured, interest-ceased

98,229,135,000

142,807,548,502

8,801,440,000
15,541,272,000
20,057,HO,000
«••••
-

Bearing no interest:
United States Savings Stamps.
Excess profits tax refund bonds
Special notes of the United States:
Internafl Monetary Fund series
-.
Total

44,399.822.000
285,436,505,502
^ Z 2 , O O r , jnry

49,768,717
o2o,C*r4r
1,971,250,000

„

2.021.845.561
287,881,215,412

Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A
115,248,800
Matured, interest-ceased
735,175
Grand total outstanding
Balance face amount of obligations issuable under above authority

115.983.975
287,997,199,387
7,002,800,6l3

„

Reconcilement with Statement of the Public Debt ..?.eP.l^e£...?.9.»...i?.5?
(Date)
(Daily Statement of the United States Treasury,

.S.©nt.ej&ber...3.Q.»...19.59..
(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

)

288,296,022,037
1 1 5 . " o J.JfJ
288,412,006,012
4l4t806.625

287,997,199,387

A-649

S T A T U T O R Y D E B T LIMITATION
^SOF
SEPTEMBER 30, 1959
o
tncn
A *
AJ> Ur
,
Washington, Oct. 9.
1959
Section 21 of Second I ih rty Bond Act. as ameaded, provides that the face amount of obligations issued under authority
of that Act, and the face an, i\t 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), "shall not exceed in the aggregate $285,000,000,000
(Act of June 30, 1959; 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 optionof the holder
ghall be considered as its face amount." T h e Act of June 30, 1959 (P.L. 86-74 86th Congress) provides that during the period
beginning on July 1, 1959 and ending June 30, I960, the above limitation ($285,000,000,000) shall be temporarily increased by
$10,000,000,000.
The following table shows the face amount of obligations outstanding and the face amount which can still be issued under
I this limitation:
Total face amount that m a y be outstanding at any one time
$295,000,000,000
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills $37,128,137,000
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:
lntcrnat'1 Monetary Fund series
Total ....:

20 , 342 , 643 , 000
40.758.355.000 $ 98,229,135,000
84,778,487,350
49, 721, 060 ,652
176,419,500
8.131.581.000
8,801,44-0,000
15 , 5^1, 272 ,000
20,057,110 ,000

142,807,548,502

44.399.822.000
285,436,505,502
422,864,349

49,768,717
o26,o44
1,971,250,000

Guaranteed obligations (not held by Treasury):
Interest-bearing:
'Debentures: F.ll.A
115,248,800
ij] Matured, interest-ceased
735,175
l|||j Grand total outstanding
-"* Bain nee face amount of obligations issuable under above authority

2.021.845.561
287,881,215,412

115.983.975

-Reconcilement with Statement of the Public Debt ..?.?P.!j®^.L.39.!...l?.$?.
(Date)
(Daily Statement of the United States Treasury, ,S.Q_itejXlbeX...3.Q.,...I939.
!(5f»utstanding|| Total gross public debt
j Oil Guaranteed obligations not owned by the Treasury.
jj] Total gross public debt and guaranteed obligation*
| feduct - other outstanding public debt obligations not subject to debt limitation

287,997,199,387
7,002, 800 ,6l3

1
288,296,022,037
H5.9o3.9P5
288,412,006,012
414,806.625

287,997,199,387

A-649

Friday, October 9, 1959.
fhe fre&sury announced today that pmlimimry reports of subscript ions to the
$2 billion of 5$ 4-year 10-month Sre&sury aotes offered on October 8 aggregate
$11,123,000,000. Subscriptions have "been received fro© about 150,000 subscribers,
including about 108,000 subscribers nho entered full-paid subscriptions for $25,000
or less.
An analysis of the subscript loss received is a© follow© {$ in thousands);
Full-paid subscriptions timber Aaaount
Savings-type investors - $ 67,292
Canmereial banks
All others, including individuals
Total

107,788

67,563
605,714
940,569

Subscriptions subject to allotment
Saving-type investors 1,887 1,340,125
Cossaerclal banks
All others, including individuals
Total subscriptions

5,568
14,512
21,967

6,388,614
2,454,002
$10,182,741

129,755

ass
$11,123,310

All full-paid subscriptions of $25,000 or less were allotted in
scriptions fro® eavings*tyjie investors ware allotted 45$, but not less
on any one subscription. Cossaercial banks -were allotted B$ of amount©
but not less than $1,000 on any one subscription. All other investors
5$, but not less than $1,000 on any one subscription.

fail. Subthan $1,000
subscribed,
"vmro allotted

Total allotment of public subscriptions are estimated to amount to about $2.2
billion* In addition to the amounts allotted on public subscription, the Secret&sy
of the Treasury allotted $100 million to Government Javestaaent Accounts.
Saviags*type investors for the purpose of these allotments, a&d the amounts
subscribed (subject to allotsient}, vere as follow:
Mumber
Amount
Pension and letire&ent funds - public
and private
563
$ 271,403
Insurance Companies
344
316,411
Mitual Savings Banks
207
300,605
Savings and Lsan Associations
253
175,262
Endowment Funds
)
116,430
Fraternal Benefit Associations and )
Labor Unions* Insurance Funds
)
15,408
Credit Unions
) —
520
4,600
Other Savings Organisations (not
)
including Coisaereial Banks)
)
61,050
States, Political Subdivisions or
)
instrumentalities thereof, and
)
Public Funds
)
78,956
Total
1,887
$1,340,125

TREASURY DEPARTMENT
WASHINGTON, D.C
IMMEDIATE RELEASE,
Friday, October 9, 1959.

A-650

The Treasury announced today that preliminary reports of subscriptions to the
$2 billion of 5$ 4-year 10-month Treasury notes offered on October 6 aggregate
$11,123,000,000. Subscriptions have been received from about 130,000 subscribers,
including about 108,000 subscribers who entered full-paid subscriptions for $25,000
or less.
An analysis of the subscriptions received is as follows
Number

Full-paid subscriptions
Savings-type investors
Commercial banks
All others, including individuals
Total

107,788

in thousands):
Amount
$

67,292
67,563
805,714
940,569

Subscriptions subject to allotment
Savings-type investors
Commercial banks
All others, including individuals
Total subscriptions
Total

1,887
5,568
14,512
21,967

1,340,125
6,388,614
2,454,002
$10,182,741

129,755

$11,123,310

All full-paid subscriptions of $25,000 or less were allotted in full. Subscriptions from savings-type investors were allotted 45$, but not less than $1,000
on any one subscription. Commercial banks were allotted 8# of amounts subscribed,
but not less than $1,000 on any one subscription. All other investors were allotted
5$, but not less than $1,000 on any one subscription.

Total allotment of public subscriptions are estimated to amount to about $2.2
billion. In addition to the amounts allotted on public subscriptions, the Secretary
of the Treasury allotted $100 million to Government Investment Accounts.
Savings-type investors for the purpose of these allotments, and the amounts
subscribed (subject to allotment), were as follows:
Number
Amount
Pension and Retirement Funds - public
$ 271,403
563
and private
316,411
344
Insurance Companies
300,605
207
Mutual Savings Banks
175,262
253
Savings and Loan Associations
116,430
Endowment Funds
Fraternal Benefit Associations and
15,408
Labor Unions' Insurance Funds
4,600
520
Credit Unions
Other Savings Organizations (not
61,050
including Commercial Banks)
States, Political Subdivisions or
instrumentalities thereof, and
78;956
Public Funds
)
$1,340,125
Jotal
1,887

Draft Press Release

/"^ ' ^

f V
Technical discussions are to be held in the near future between
officials of the Governments of Ghana and the United States looking
toward the conclusion of a tax convention between the two countries
for the avoidance of double taxation of income and the elimination of
other tax obstacles to the international flow of trade and investment.
If bases for agreement are found, drafts of the proposed agreement
will be prepared and submitted to the respective governments for
consideration with a view to signing.
Interested parties in the United States desiring to present their
views on the scope and content of the proposed agreement should
submit information and suggestions promptly to Mr. Fred C. Scribner, Jr.,
Under Secretary of the Treasury, Treasury Department, Washington 25, D. C.

,v9r
\

TREASURY DEPARTMENT
WASHINGTON, D.C.

IMMEDIATE RELEASE
Monday, October 12_ 1959

A-651

Technical discussions are to be held in the near
future between officials of the Governments of Ghana
and the United States looking toward the conclusion
of a tax convention between the two countries for the
avoidance of double taxation of income and the
elimination of other tax obstacles
flow of trade and investment.

to the international

If bases for agreement

are found, drafts of the proposed agreement will be
prepared and submitted to the respective governments
for consideration with a view to signing.
Interested parties in the United States desiring
' to present their views on the scope and content of the
proposed agreement should submit information and
suggestions promptly to Mr. Fred C. Scribner, Jr.,
Under Secretary of the Treasury, Treasury Department,
Washington 25, D. C.

0O0

- 3M%raoQ__Bxxmi
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

- 2,*vd>>:fv*:-iv»>;#«tt:

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 Breaches 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 incorpo-

rated banks and trust companies and from responsible and recognized dealers in inves
ment 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, noncompetitive tenders for $ 200,000 or less for the additional
bills dated July 25, 1959 , ( 91 days remaining until maturity date on
January 21, 1960 ) and noncompetitive tenders for $ 100,000 or less for the

SET
182

*£$

-day bills without stated price from any one bidder will be accepted in full

at the average price (in three decimals) of accepted competitive bids for the respec^
tive issues. Settlement for accepted tenders In accordance with the bids must be
made or completed at the Federal Reserve Bank on October 22, 1959 , in cash or
other immediately available funds or in a like face amount of Treasury bills maturing October 22, 1959 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

xfefoacmayic

_.'>:<',#:<:#:«'i»-i»'»:4.:»,f'i.

TREASURY DEFARMSKT
Washington
RELEASE A. M. NEWSPAPERS,
Thursday, October 15, 1959

X
/ J

/
-^
(^ 5" "L

•

p_r

of $ 1,406,516,000 , as follows:
—

91 -day bills (to maturity date) to be issued October 22, 1959 ,
______

- ^

in the amount of $1,000,000,000 , or thereabouts, representing an additional amount of bills dated
and to mature

January 21,

1960

July 25, 1959

, originally issued in the

amount of $ 400,262,000
, the additional and original bills
to be freely interchangeable.
182 -day bills, for $ 400,000,000 , or thereabouts, to be dated

Tiir

— ( i s ) —
October 22, 1959

, and to mature

April 21, 1960

The bills of both series will be issued on a discount basis under competitive

and noncompetitive bidding as hereinafter provided, and at maturity their face amoun
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 closini
two
Daylight Saving
hour,/anaocWxtodJCjc o'clock p.m., Eastern/®BS&_3§!_^, time, Monday, October 19, 1959
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

TREASURY DEPARTMENT
<WfgtlliMW.HifW.1W—.IfMMWWWMWHWianiWBM

WASHINGTON. D.C.
RELEASE A. M. NEWSPAPERS,
Thursday, October 15, 1959.

A-652

The Treasury Department, by this public notice, invites tenders
for two series of Treasury bills to the aggregate amount of
$1,400,000,000, or thereabouts, for cash and in exchange for
Treasury bills maturing October 22, 1959* in the amount of
$1,406,316,000, as follows:
91-day bills (to maturity date) to be issued October 22, 1959,
in the amount of $1,000,000,000, or thereabouts, representing an
additional amount of bills dated July 23. 1959.
and to
mature January 21, i960, originally issued in the amount of
$400,262,000,
the additional and original bills to be freely
interchangeable.
. 182 -day bills, for $400,000,000, or thereabouts, to be dated
October 22, 1959. and t o mature April 21, i960.
The bills of both series will be issued on a discount basis under
competitive and noncompetitive bidding as hereinafter provided, and
at maturity their 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 toe received at Federal Reserve Banks and Branches
up to the closing hour, two o'clock p. m., Eastern Daylight
Saving time, Monday, October 19. 1959*
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.

- 2 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 Departmment 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 respeci
shall be final. Subject to these reservations, noncompetitive
tenders for $200,000 or less for the additional bills dated
July 23, 1959,
(91 days remaining until maturity date on
January 21, i960) and noncompetitive tenders for $100,000
or less for the182 -day bills without stated price from any one
bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids for the respective issues.
Settlement for accepted tenders in accordance with the bids must be
made or completed at the Federal Reserve Bank on October 22, 1959.
in cash or other immediately available funds or In a like face
amount of Treasury bills maturing October 22,1959. 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 hereunde
need include in his income tax return only the difference between
the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon
sale or redemption at maturity during the taxable year for which the
0O0
return is made, as ordinary gain or loss.
Treasury Department Circular No. 4l8, Revised, and this notice/1
prescribe
the terms
of
bills
and
thefrom
conditions
.
Federal
of theirReserve
issue.
Bank
Copies
orthe
Branch.
of Treasury
the circular
may
begovern
obtained
any

y
i

(

C •• y f'tl be iyy6

\.-<- v«jhlch pul
REISMSS A. -M. i«SPAPEBS, '''"'.' •'"' '" r"l. °'~ '"'
Thursday, October 15, 1959*
the Treasury Department annousieed last evenly that th® tenders for $2,OOO,00G,0Cl

or thereabouts, of Tfeat Anticipation Series 245~daj Treasury Mil* to be dated Octob

1959, and.'to mature June 32, I960, which were offered on October 7, itmrm opened at
Federal Reserve Banks on October 14.
The" details of this issue are as follows $
Total allied for - i|,778,955,OOQ
total accepted
- 2,000,176,000 (includes $283,022,000 enter#& on a noncompetitive basis arid accepted In fall at
'"': . ""'
the average price shown belotf) -LUh
Raisge of accepted eospetitive bidss (Excepting k tenders totaling #1,700,000)
"' High ' ' - 96.854 Equivalent rate of discount appro*. 4.623$ per'a'a*
Urn
- 96.715
»
«
•
•
«^: | j . e ^
"vflt,

J^erage

-96.745

•

»' ;•

r. V

'Cf

* r e 4.783*

(31 percent of the amount bid for at th® low price ^fes accepted)
Federal leserve total total
Blstriet

Applied for

Boston | 166,786,000 $ 103,486,000
mm York
Philadelphia
Cleveland
HiOhmOBd
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
^na®
San Francisco
'TO^::C:_

t3,7t8,955;$o© $2,000,176,000^

%\(4)Xl/.-

1,525,151,000
167,816,000
320,742,000
103,035,000
156,497,000
495,208,000
116,6O4,Q00
132,345,000
100,036,000
163,950,000
330,785,000

Accepted

642,522^600
107,216,000
224,392,000
70,180,000
106,257,000
256,823,300
" 71,814,000
81,895,000
71,331,000
131,995,000
X32.i_&„0ftr

TREASURY DEPARTMENT
WASHINGTON, D.C
5LEASE A. M. NEWSPAPERS,
tur8day, October 15, 1959.

A-653

m\ The Treasury Department announced last evening that the tenders for #2,000,000,000,

% thereabouts, of Tax Anticipation Series 245-day Treasury bills to be dated October 21
#9, and to mature June 22, I960, which were offered on October 7, were opened at the
jderal Reserve Banks on October 14.
The details of this issue are as follows:
Total applied for - #3,778,955,000
Total accepted
- 2,000,176,000 (includes #283,022,000 entered on a noncompetitive basis and accepted in full at
the average price shown below)
Range of accepted competitive bidss (Excepting 4 tenders totaling #1,700,000)
High
Low

96.854 Equivalent rate of discount approx. k.623% per annum
w
96.715
"
"
"
"
4.827$ "
"

Average

96.745

*•

4.783$

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

Total
Applied for

Total
Accepted

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

# 166,786,000
1,525,151,000
167,816,000
320,742,000
103,035,000
156,497,000
495,208,000
116,604,000
132,345,000
100,036,000
163,950,000
330,785,000

#3,778,955,000

#2,000,176,000

TOTAL

103,486,000
642,522,000
107,216,000
224,392,000
70,180,000
106,257,000
256,823,000
71,814,000
81,895,000
71,331,000
131,995,000
132,265,000

-15-

legislative enactments rather than fundamental economic factors. Some of
these enactments serve the American people well. Some of them, like the
k<*Xfli% ceiling, do not.
Prudent management of our financial affairs ~ a basic condition of
economic w e n ^ e i n g in all from countries — is certainly not beyond our
reach. All that Is nom$m& is a public understanding of what is involved
and a determination on the part of our entire people to achieve it.
We are entering what is being widely forecast as item most prosperous
period of our entire history. Within the next 2$ years, we can virtually

double the producing capacity of America* We will be creating some • 35 to
bo million new jobs to take care of our esspanding population. We will have
to develop an energy hmm to meet a demand which may well treble. We and
other advanced nations will be sharing know-how and offering a helping hand
to the 700 million people in -fie- countries who have won political independence

/6 ^
in the past 15 years.
These are darling opportunities. Barring .a serious worsening in the
international situation, 1 believe these go^ls are attainable — but only if we have the informed public opinion, the will, and the courage to maintain sound financial policies which are essential to healthy and sustainable
growth.
Because of your knowledge md background, you men can make a real
contribution to a better-informed public opinion on this subject* I hope
and believe you w i n .

~mmOOO

- ill -•-•-

O ,;
"<

therefore, because Savings Bond* by their nature more nearly reeemiile
savings accounts, it would seem that the rate of interest on the bond*
should oe more closely related to the rates paid on institutional saving*
rather than to the fluctuating rates on marketable bonds. Our statistics
show that a rate of 3-3/1$ compares very trnwrntftey with the average rata
paid over the nation b^r savings institutions, particularly since the askings
account interest or dividend rate mmy Mm revised ddwiwa«fc, whereas the
Savings Bond rate is guaranteed for the full tewa of the bond.
I realize that I hmm eove*ed a food deal of ,-gn«B^-«bift^^te«Esidtt,
and some of It may have been rather *osgh going. 1 hope ynas fdB. talse my
excursions into some of the technical aspectsmt d ^ t jaanageanent for what
they are — a tribute to the intelligence and specialised experience of
this particular audience,
1 have cited so many problems the treasury faces, both currently end £
for -the long ran, that it may appear that I m concluding on a pessimistic
note, that is not my intention,
A nation as strong and productive as the Inited States should have no
serious problem in carrying a debt the size that we have, A balanced •
budget, or at least surpluses in our good years to offset deficits in
occasional bad years, should solve many of the problems that have beset us
in the year just passed, when we have had to finance a $12-1/2 billion
deficit in the recovery period*

Problems such as the 4-1/4$ ceiling, toe

i«.i)n} competition our direct Government obligations meet from other quasigovernment obligations and tax-free bonds, are, after all, the result of

38
-13 We are grateful that tee Congress, before its adjeurweiii last month,
raised the ceiling on the interest rates we are -rtfer to pmy on Savings Bonds,
even though it would have been preferable to take the rate ceiling off
entirely, as we had reeoismeiided. As you are aware, the President mppromd
both, an- Increase in the rat® on newly-isurohased 1 and H bonds, to 3-3/4$ if
held to maturity and an toward adjustment in the rate on outstanding si and
H- bonds. In practically every instance, it is to the owners astremtage to
hold his bonds rather than cash them and purchase new Searings Bonds,
We •are aware .that there are some who believe the treasury should have
fixed a higher rate for Savings Bonds-.in, view of the current rate on marketablei
7e believe our decision was correct, andl< want to. tell you why#
Saving* Bonds are a hybrid type of- instrument, On the one hand, they
share one ^characteristic of the marketable beads, namely, that the holder
ha® a contract to pay him an agreed rate to- maturity afriah. cannot be abrogated
by the Government if and when interest rates decline* On the other hand,
the .holder, has the right to demand payment at any time 60 days after issue
with no lose of principal* This- gives Saviti^a Bonds rsuch more the character
of a savings account than of a bond. In eddltiote, thm holder of an E bond
may postpone paying any • Income tax until final rsdeaiptlon. With the extensions of Biaturity that have been granted, many holder* can postpone redemp*
tions until a time of life when they, may be in a lower tax bracket or subject
to no tax at ell.

- 12 -

_•',

the last few months. It will happen in«^&singly. in %<t. area up. 1*0 5 ,#»«•»
if we =ire compelled to concentrate our borrowing* short of 5, ymmx* by reason
~-f the legislative ptrait-jacket.
It was because the Trea_r< rv felt it nan so imperative to take sane, of
the pressure off the he _vy congestion in the under-1-year area?.that wo
decided, two weeks ago, to offer a note issue maturing in 4 yearp^and. 10 r
months and to pay a rate of 5% that assured that w© would draw |2 ( billion
of true investaaent funds into the issue. We feel tim results have been
salutary. Certainly the very short-terra rates wou .d have. horn stll?. higher
£ad we not modestly extended this $2 billion* The results would have been
even more salutary had we been able to pot some extension ...beyond five years.
Here let me say that the conmorcial bank® of t^is country did an outstanding job in marshalling md processing 130,000 separate subscriptions
for the note issue — the largest number of subscriptions to any marketable
Issue since World Vitr I,
So far, I fiave confined my discussion to marketable issues. Now a
word about Savings Bonds711 We jUs the Treasury consider our Savings Bonds
program to be the vmry heart of our efforts to manage the debt in a noninfl ^tionary nanner. Mot only $m

the, program mrm&

the nation well in

this respect but, supported by m tremendous corps of volunteers, it hm
been a powerful instrument for the teaching of thrift. Million* of American*
would not have started on the road to accumulating savings vere it not for
the payroll savings and school *tan» plans.

-11 various maturity areas that our debt extension problem is not actually a massive
one. the Treasury has, in the period ainee December, 1953, done a pretty good>b
of miniads^g growth of the debt in the uader-1-year area. The essential job in
the "' *
the period ahead — if we had the freedom to finance at/going rates of interest
over a range of maturities — is to vork toward relieving the congestion in the
l-to*^yeaar area, f hesitate to specify an exact figure, but, if, |n addition
to the extension required to keep even with the erosion caused by the passage of
time, we were able, ever the next two or three years, to move something^ of the
general magnitude of $2© biUioo out o£ the l-to-5-year area into longer matariUeai
it is our $i_dgaeiit that we would have a reasonably satisfactory structure of the
marketable debt*
This is not an easy task, teat we believe that it is of much more manageable
proportioms than many observers assume,
I would say here that we have no intention of trying to go as far as Canada,
for example, in attempting to restructure the debt.

There are very good reasons

why sesh an extensive plan, involving about k0% of their national debt, would
not be practicable here. The Secretary has indicated to the Congress that, when
we are able, through removal of the ceiling, to enter into an advance refunding
program fccyead the 5-year area, it i* our intention to do so through a series
*

•*£*-

-Til.-"

of modest and experimental steps.
The concentration of borrowing in any single area of the market, such as
we are now being forced to do, inevitably create* distortion* of rates in that
area? such distorticifis *piH over and a4waely affect the whole maa^et. txxs
That is what has been happening in the very short-term area in

4'>
-10 I mentioned before that the issue of a balanced budget received wide
popular approval because.it was felt that for the - <kjr**rz»**fit to continually
ope-ate in the red was inflationary.

It Is pertinent'to point out here

that,-If business continue* to exfNind, the 4-1/4$ interest ceiling,- if not
removed, will have, over a period "of years, the same .damaging .effect on the
economy as continued budget deficits. Bom m unbalanced -badge!'and the1
4-1A 4 * ceiling tendm- result in excessive financing- through' short-term
instruments? y H i c l v f e * ^ ^ ^

have Rrach the character of money>
d

even if not taken by the banks, «- •

Now to consider the l-to-5-year area where the Treasury is forced to
do all of its current financing beyond the very shortest maturities,
\

area, a® I havens indie ated^lsr 'al*eif_y seriously congested, md our major

^^"'" r — — — " ^ ~ " '

" ~

' ~

— '

"^ """~"

\ problem'lie*-*sriit here.-^During'the next two years, another #6 billion of
ieager-tena impeir' w i H drop down into i% as a result of-the passage of time.
•- r To mantioft one more complication, thtv heavy financing during World War
II in the form • of long-term bonds is bringing a very substantial volume of
such Peeurltlee, through the lip**-' of time,, down Into the Intermediate area
i^iere they appeal -ft*-adifferent jslass of Investor,

counsel of-sound debt management requires that attempts should be made
to extend this-debt while it is-still In the hands of holders who preferlong-term bonds,
m--

.•

'• *

^ i e molt hopeful mean*' that we- in the Treasury hmo been able to find

of moving toward' a more desirable pattern in the'distribution of the debt
is the %-hrance refunding technique. You will see from my discussion of the

4'J
- 9'Let me be specific. Out of i total marketable debt of $187 billion
at the present time, *76 billion, matures within one year? t6h-l/2 billion
nature* within 1 to < yearsr and *).-.6-l/2 billion matures in 5 years and
over.
Tn the v?ry short-term sector —

se<r*ritie*f naturinp vithin one year —

the problem is, of course, how to keep more and more of the debt from piling
into th4 e ?vort-terr, area.
T

f the "treasury does nothing to extend the debt as it comes due and

refunds Everything within the 1-year area, the passage of tine will increase
the velnne of under-1-year debt by more than 135 billion in the next 2 years,
raisin? the total from the current fi-ire of $76 billion to over -110 billion
ir. October, 1961.
The nroblem whiefe the Secretary of t>>e Treasurer faces is how to prevent
t^i.s from happening. Over the last few years, we have been able to live
with a svort-tera debt ib~t n m s in the neighborhood of ^70 billion; the
liquidity needs of the economy seen to justify a short-term debt of about
•>*»• sire,

f liT-ii instruments were not provided by' the Treasury, it

seems cle*r that they would be s^enlied bv other liquid market instruments
sneh as cvr-*rcial pmpor, acceptances, or time deposit*•
however, real difficulties vro-°d result if the economy had to absorb
^y
Su
&M • ?-**»' KIMW*
over * n o billion of such very short-term debt, •¥*. would, first of all,
tend to increase rates undtaly in the short-term area. In addition, the
resulting increase in the volume of liquidity instruments —
-? n r

the next thing

— would ^resent serious problems to the Federal Reserve System in

its management of the money and cre^:t needs of the economy.

H4
«. 8 -*
Withmit going too much into the technieaOitie* of the a*lter n the.,.
purpose of advance refunding is to enable the Treasury to keep long-term
inveetor* a* holders of it* seeuritle* by offering them an opportunity to
exehange fTor new securities of longer maturity before the paasage of time
bring* the maturity of their current holdings dons into the short-term area.
It i* at this point that the typioal long-term investor dispoae* of hi*
holding* and replace* them with longer-term obligation*. Too often at this
point lie will shift to investments other than Government*. We believe advanoa
refunding afford* en excellent technique for debt lengthening with a minima*
market effect,
I am sure I need not explain to this audience why the existing b-l/W
ceiling is forcing us to concentrate offerings in the under-5-year maturity
area. As we have told the Congress, we interpret this Hilling to .practically
tie our hand* in planning advance refunding*,
A* you knew, an important objective of the Treasury,in the national
interest, is to lengthen the debt whenever condition* are appropriate.
Debt lengthening is not an end in Itself, The Treasury want* to reduce to
"

•-'

•*"•

•'•

a minimum the frequency of new Treasury offering* so as to interfere a*
little as po**ible with the orderly marketing of eoreorat* and municipal
bond* end to give the wideet possible scope te the Federal Reserve for conducting an effective monetary policy. The sere paasage of >tim* constantly
shortens existing maturities. Urns, the Treasury must take advantage of
every appropriate opportunity to push out into the intenaediate and longterm areas. But, under the strictures *t preeent placed cm up

- 7Developments since that tins have underlined the pressing need for,
and the basic wisdom of, early action by the Congress to remove the pre*ent
ceiling, botn to control future inflation and to hold down the cost of
^terest on the public debt.
Those who advocat \ olding the Treasury to a rigid interest rate ceiling
argue — and I am sure mm$ -&£ $tm* sincerely believe —

that such a restric-

tion will hold down interest rates and Government borrowing cost*, llewef «A ,
this is one ef_JifeQae -paradaxeo ykieh obscurajtfre facta*
tame that^the interest rate ceiling help** to keep down interest rates. The
most important reason why it does not is that such a ceiling forces the
Treasury into the most inflationary type of borrowing — short-term borrowing.
Nothing will act more surely to raise long-texs rates for all types- of
obligations, public and private, than a lack of confidence on the part of
investors in the future purchasing power of the dollar. And nothing more
surely will undermine that confidence than continued inflationary borrowing
on the oart of the Oovemment, Confining the Treasury1 s borrowing to the
short maturity area undoubtedly creates a bias toward inflation*
So long as the present prosperity contributes to a strong demand for
credit, the effect of the interest rate ceiling is to lock the Treasury
into the one area of maturities — the area up to 5 years — which is already
seriously congested and, therefore, subject currently to excessive upward
pressure on interest rates, As a practical matter, the ceiling largely
nullifies the Treasury's ability to do advance refunding, a subject I now
want to comment upon.

— O —

Perhaps the reason why so much attentien i* centered on the Feder*!
Reserve ia/b*ee,u*»,) during the war period and up t© 1 9 & , the System was
not free to put an effective monetary peliey into operation. A* you Jtnow,
the low-intere*t rete structure and the support policies which were necessary
to maintain these rates during the war year*, however Justified at that time,
did act, particularly after the war when direct wage and price control* were
removed, to nullify monetary poUey as an anti-inflationary instrument.
We are all aware of the results. There are sincere advocate* today ef once
more fixing interest rate* by government flat, supported hy heevy Federal
Reserve purchases of Government securities. Surely our own experience, as
well as that of other nations, should warn us against such a course,
I come now to the third essential of a sound governmental financial
programi freedom of the Treasury to conduct a flexible and prudent program
for management of the public debt.
As you are aware, debt management is being hampered under present circumstances by the existence of the lol-year old interest rate ceiling of h-l/W
on off©rings of marketable Treasury issues having a maturity of 5 years or
4*
«r

more.^^he ceiling on Savings Bond ^interest rates was raised to h^Xfkit my
the last Congress, and certain technical provisions were enacted to faoilitata
Treasury refunding of outstanding debt issues in advance of maturity. The
ceiling on marks tables, however, was untouched, despite extended Congressional
hearing* and the President's statement in a special message to Congress on
August 25 that n Mo issue of greater importance has come before this seesion
of Congress.u

m.5 -

considerations, as ^ell as an informed public opinion, are primary requirements for keeping our economy on a steady upward course. Perhaps I am an
optimist, but it seems to me that we can discern progress, even if slow
progress, in these directions.
In the Government area, the achievement of monetary stability rests on
three closely inter-related factors! first, fiscal responsibility in the
sense of a balanced budget, or a budget that is at least balanced on the
average over a period of years} second, an independent Federal Reserve
System that will pursue effective monetary policy? and, third, a sound
management of the public debt, which, among ether things, requires that
the Treasury be granted appropriate latitude in carrying out debt management
policy.
The President, the Treasury, and the Federal Reserve stand firmly
together in pursuit of these objectives. I would emphasise this because
there was mounting evidence in the last Congress that the Federal Reserve
had been singled out as the main target for those advocating easy money.
As for a sound fiscal policy, the results of the recent "battle of the
budget," as it has sometimes been called, give us confidence that policies
aimed at protecting the dollar will receive widespread public support, once
there is an understanding of the real Issues that are involved. It seems
clear that public sentiment, in response to President Eisenhower1 s leadership,
tipped the scales against excessive Government spending in the last Congress,
This is a battle vdLch never ends. But, thanks to the good sense of the
American people, we can report progress on the budget front.

4Q
T?

-Ilia I have alrea^r: latitat*** the stake* a*«.M#*« The M*$t***3^?f
confidence in our mmmm

l#,-quitf pimply, ta*"$Me«-V> both

mmd:^%

sustainable ec©noMo,ir«%,and to mxr-pomAUm.of.world leadership. J£ke
the broad issues of fort^-polioy, eound w»n®y should not be mad* a peirtiMi
matter. I t far transcend* in *i»ili«j*npp,t^vq»®®tion* that can appropriataly
%f

be debate*! on a.party b****
?.

foreign financial institutions, businesses, and individuals hare a.

strong practical :intere*t in the way we handle our affairs* ihmyrmm9

effeot, looking over ..our shoulder to th@,tttta^of ,ahout^liilr billion*

in
ld

.The United State® is p. rich country. In many instancess a nj|ion can
afford mistake* in policy — even costly mistake* — end s t i H getfcsekto
shore. But loss of confidence 'la the value of the dollar is not one of these
instances.... ..It4* a different type of problem,entirely.

Tte,*ocl|^snd

economic losses sustained through serious or. prolonged erosion ptjto* eurrenoy
which is another term for serious, or prolonged, inflation — are. not @a*ily
regained,.. At host, the damage can be. repaired ..only «t,th*> co#t of a program
of austerity. The hardships and Inequities which result from inflation T ^
cannot be. readily eqmali*ed| they deeply injure-Ah* moral fiber-, of thenation.
Worst of all, if the example of many other nations means anything, we would
be in danger of losing some of our economic freedoms in a drift toward
socialism,

,£iiim

^rmT%9

^smrmi:^

At this point, let me nmy that we must recognise...flxtt that & sound
money programt* not solely a responsibility of the Government., %*f|f^aeh
on the nart of both business and liO»@r which goes lieyaBid $ust *hort-run

part ©at of our adverse balance of payment* in recent year*. These short*
term claims against ...us tend to be concentrated in the industrial nation*
of western lurope, nation* that, with the initial help of the Marshall Plan,
have now, by their own effort*, rapidly regained a position ef economic and
financial *trengta, Thia we welcome, as it buttresses the free worl4»
However, the other side of the coin is that it does create more active
competition for us in our foreign trade.
A® a nation, we have to face up to th&mm preblep* in our belaaee of
payments position. I shall not enlarge on that statement here,** this
subject was covered by Secretary Anderson two week* ago in hi* notable
address at the Annual Meeting of the International Monetary Fund in Wa»hiagton,
The point I would make is this*

that, while our peeiUon is one of

great basic strength, It is apparent that we must conduct our nation's
financial affairs in a manner that will help maintain confidence, not only
of our own eitisens but of the rest of the worlds

Any loss of confidence

in our fidelity to sound monetary principles can cause our forei^s shorttorn creditors to shift their balances with a resulting strain on our gold
reserves. This nmmd not happen and we do not expect that It will.
-, How how about here at home? Where do we stand on domestic poUeie*
which are required to protect the value of the dollar?
It is becoming evident to those of us who have been in the thick of
thing® in Washington this year that one of the greatest monetary debate*
since the days of William Jennings Sryan has been shaping up* In 1896, th*
people of this country overwhelmingly endorsed sound money and a stable
currency. Will they do so now in this new set of circumstances?

- 2-

The basic health of the American economy provide* powerful support '
for a strong currency. We have recently weathered a'recession'without
serious interruption to lon$~ter® growth "and without "the need for Government
intervention on my massive scale. Prior to the steel strike, ttoomtf had
been proceeding for liT months and new all-time records were reached 'in
Industrial production, employment, incomes, retail sales, construction, and
various other measures of economic activity. With prudent management of
our affairs, we need-have no fears as to the'strength* of the economic f drees
which underpin our currency.'
As bankers, you mod not be told that the element of confidehce is an
essential ingredient in financial matters, and that is particularly so "where
the value of money'Is concerned.' 'Vhst must we do to' continue to maintain
confidence in 'fee value of our momy both at home and' abroad?
Let rae take up the "international aspect of it briefly and then turn to
the domestic side* whether we happen'to like "it 'or not, '"tnis" nation finds
Itself a leader of the free world — economically,' financially, militarily.
The American dollar has become the most widely used currency in settling

international payments jimd dollar reserves supplement gold in support of
most of the currencies of the free world.
In'' short, we have become a world banker, '"performing the essential
function of the banker by borrowing short and lending long. Our long-term
claims arise out of our extensive private and Government loans and inveetmenta
throughout the world. The short-tens claims on us in the form of dollar
balances and short-term investments in this market arise in considerable

51
KKKARKS BT JtJlIAH B, BAIHD, W D S R SBCRgTAKT/OF THE TEEASUHSr,
AT THE mmAL MEETING OF STOCKHOLDERS OF HIB FEDERAL HSSHOT
BANK OF BOSTON, BOSTOH, MASSACHUSETTS, «JT THUHSDAT, OCS98SB 15#

'"" Two major problems are facing the people of this country today. They
are not the only problem* confronting us as a nation, but I would submit
that, in many ways, they overshadow all others in dimenajjari at the present
^ n f e
'jp=wStea*£Sat^_»«_<B --^^^---'^S^*^^^^^^--*'^*^ -^G^H^-^*rv*-^> <=Sffi*¥9^9i_r time. The solution of;:[mm$ rthnr human, problaway&pends'on our finding the
___._.
-___-__
••_•
_._-•••••••--'
^o«_fv.i".,--"'i^tsn.r sis
right answers to these two major problems*
The first Is, of course, our national security, we' are living in a
period of great international tension. We can expect that the situation
as we have known it since World War II will vary in intensity. But I believe
we must reeogaise that the cold war, in one form or another, may be with u*
for a long time.
Adequate defense in such a period is a massive job and a many-sided one.
Military power, economic strength, and world leadersMp on a number of
different fronts are all called for to an extent unprecedented in burr peacetime hi* tor^&--to-TiorH

'' *

This, then, is our first major task — national security,

the second '

is so closely linked with it t&at I have some hesitation in speaking of the
two as separable issues. But, for emphasis, it may be well to do so. Inis
second problem — and the one with which 1 am mainly concerned this morning —
is the maintenance of financial policies, or, H»r% paxteeulsjriy, fiscal,
monetary, and debt management policies, that will preserve' the purcnsiinf ^
power of our currency and thus contribute to sustainable economic growth.

jX
/

*~ v»

~* {

TREASURY DEPARTMENT
Washington
REMARKS BY JULIAN B. BAIRD, UNDER SECRETARY
OF THE TREASURY, AT THE ANNUAL MEETING OP
STOCKHOLDERS OF THE FEDERAL RESERVE BANK OF
BOSTON, BOSTON, MASSACHUSETTS, THURSDAY,
OCTOBER 15, 1959, AT 11:00 A.M. (EDT)
Two major problems are facing the people of this country today.
They are not the only problems confronting us as a nation, but I
would submit that, in many ways, they overshadow all others in
dimension at the present time. The solution of most other questions
of national significance depends on our finding the right answers
to these two major problems.
The first is, of course, our national security. We are living
in a period of great international tension. We can expect that the
situation as we have known it since World War II will vary in
intensity. But I believe we must recognize that the cold war, in
one form or another, may be with us for a long time.
Adequate defense in such a period is a massive job and a manysided one. Military power, economic strength, and world leadership
on a number of different fronts are all called for to an extent
unprecedented In our peace-time history.
This, then, is our first major task — national security. The
second is so closely linked with It that I have some hesitation in
speaking of the two as separable issues. But, for emphasis, it may
be well to do so. This second problem — and the one with which I
am mainly concerned this morning — is the maintenance of financial
policies, or, more particularly, fiscal, monetary, and debt management
policies, that will preserve the purchasing power of our currency
and thus contribute to sustainable economic growth.
The basic health of the American economy provides powerful
support for a strong currency. We have recently weathered a recession
without serious interruption to long-term growth and without the
need for Government intervention on any massive scale. Prior to
the steel strike, recovery had been proceeding for 14 months and
new all-time records were reached in industrial production, employment,
incomes, retail sales, construction, and various other measures of
economic activity, With prudent management of our affairs, we need
have no fears as to the strength of the economic forces which
underpin our currency.

A-654

- 2 -

W -y

As bankers, you need not be told that the element of confidence
is an essential Ingredient in financial matters, and that Is
particularly so where the value of money is concerned. What must
we do to continue to maintain confidence in the value of our money
both at home and abroad?
Let me take up the international aspect of it briefly and then
turn to the domestic side. Whether we happen to like it or not,
this nation finds itself a leader of the free world — economically,
financially, militarily. The American dollar has become the most
widely used currency in settling international payments, and dollar
reserves supplement gold in support of most of the currencies of
the free world.
In short, we have become a world banker, performing the essentia]
function of the banker by borrowing short and lending long. Our
long-term claims arise out of our extensive private and Government
loans and investments throughout the world. The short-term claims
on us in the form of dollar balances and short-term investments in
this market arise in considerable part out of our adverse balance
of payments in recent years. These short-term claims against us
tend to be concentrated in the industrial nations of Western Europe,
nations that, with the initial help of the Marshall Plan, have now,
by their own efforts, rapidly regained a position of economic and
financial strength. This we welcome, as it buttresses the free
world. However, the other side of the coin is that it does create
more active competition for us in our foreign trade.
As a nation, we have to face up to these problems in our balance
of payments position. I shall not enlarge on that statement here,
as this subject was covered by Secretary Anderson two weeks ago
in his notable address at the Annual Meeting of the International
Monetary Fund in Washington.
The point I would make is this: that, while our position is
one of great basic strength, it is apparent that we must conduct
our Nation's financial affairs in a manner that will help maintain
confidence, not only of our own citizens but of the rest of the
world. Any loss of confidence in our fidelity to sound monetary
principles can cause our foreign short-term creditors to shift
their balances with a resulting strain on our gold reserves. This
need not happen and we do not expect that it will.
Now how about here at home? Where do we stand on domestic
policies which are required to protect the value of the dollar?
It is becoming evident to those of us who have been in the
thick of things in Washington this year that one of the greatest
monetary debates since the days of William Jennings Bryan has been
shaping up. In 1896, the people of this country overwhelmingly
endorsed sound money and a stable currency. Will they do so now
in this new set of circumstances?

- 3As I have already indicated, the stakes are high. The
maintenance of confidence in our currency is, quite simply,
essential to both sound and sustainable economic growth and to
our position of world leadership. Like the broad issues of
foreign policy, sound money should not be made a partisan matter.
It far transcends in significance the questions that can appropriately
be debated on a party basis.
Foreign financial institutions, businesses, and individuals
have a strong practical interest in the way we handle our affairs;
they are, in effect, looking over our shoulder to the tune of
about $17 billion.
The United States is a rich country. In many instances, a
nation can afford mistakes in policy — even costly mistakes —
and still get back to shore. But loss of confidence in the value
of the dollar is not one of these instances. It is a different
type of problem entirely. The social and economic losses sustained
through serious or prolonged erosion of the currency — which is
another term for serious or prolonged inflation — are not easily
regained. At best, the damage can be repaired only at the cost of
a program of austerity. The hardships and inequities which result
from inflation cannot be readily equalized; they deeply injure the
moral fiber of the nation. Worst of all, if the example of many
other nations means anything, we would be in danger of losing some
of our economic freedoms in a drift toward socialism.
At this point, let me say that we must recognize first that
a sound money program is not solely a responsibility of the Government
An approach on the part of both business and labor which goes beyond
Just short-run considerations, as well as an informed public opinion,
are primary requirements for keeping our economy on a steady upward
course. Perhaps I am an optimist, but it seems to me that we can
discern progress, even if slow progress, in these directions.
In the Government area, the achievement of monetary stability
rests on three closely inter-related factors: first, fiscal
responsibility in the sense of a balanced budget, or a budget that
is at least balanced on the average over a period of years; second,
an independent Federal Reserve System that will pursue effective
monetary policy; and, third, a sound management of the public debt,
which, among other things, requires that the Treasury be granted
appropriate latitude in carrying out debt management policy.
The President, the Treasury, and the Federal Reserve stand
firmly together in pursuit of these objectives. I would emphasize
this because there was mounting evidence In the last Congress that
the Federal Reserve had been singled out as the main target for those
advocating easy money.

As for a sound fiscal policy, the results of the recent
"battle of the budget," as it has sometimes been called, give us
confidence that policies aimed at protecting the dollar will
receive widespread public support, once there Is an understanding
of the real issues that are Involved. It seems clear that public
sentiment, in response to President Eisenhower!s leadership, tipped
the scales against excessive Government spending in the last Congress.
This is a battle which never ends. But, thanks to the good sense
of the American people, we can report progress on the budget front.
Perhaps the reason why so much attention Is centered on the
Federal Reserve is that during the war period and up to 1951, the
System was not free to put an effective monetary policy into
operation. As you know, the low-interest rate structure and the
support policies which were necessary to maintain these rates
during the war years, however justified at that time, did act,
particularly after the war when direct wage and price controls
were removed, to nullify monetary policy as an anti-inflationary
instrument. We are all aware of the results. There are sincere
advocates today of once more fixing interest rates by government
fiat, supported by heavy Federal Reserve purchases of Government
securities. Surely our own experience, as well as that of other
nations, should warn us against such a course.
I come now to the tfiird essential of a sound governmental
financial program; freedom of the Treasury to conduct a flexible
and prudent program for Management of the public debt.
As you are aware, debt management is being hampered under
present circumstances by the existence of the 4l-year old interest
rate ceiling of 4-1/4$ on offerings of marketable Treasury issues
having a maturity of 5 years or more. At the Presidents request,
the ceiling on Savings Bond interest rates was raised to 4-1/4$
by the last Congress, and certain technical provisions were enacted
'to facilitate Treasury refunding of outstanding debt issues in
advance of maturity. The ceiling on marketables, however, was
untouched, despite extended Congressional hearings and the
Presidents statement In a special message to Congress on
August 25 that "No issue of greater Importance has come before
this session of Congress."
Developments since that time have underlined the pressing need
for, and the basic wisdom of, early action by the Congress to
remove the present celling, both to control future Inflation and
to hold down the cost of interest on the public debt.

- 5Those who advocate holding the Treasury to a rigid interest
rate ceiling argue — and I am sure many of them sincerely
believe — that such a restriction will hold down interest rates
and Government borrowing costs. Paradoxical as it seems, however,
the Interest rate ceiling does not help to keep down interest rates.
The most important reason why it does not is that such a ceiling
forces the Treasury Into the most inflationary type of borrowing —
short-term borrowing. Nothing will act more surely to raise longterm rates for all types of obligations, public and private, than
a lack of confidence on the part of investors in the future
purchasing power of the dollar. And nothing more surely will
undermine that confidence than continued inflationary borrowing
on the part of the Government. Confining the Treasury's borrowing
to the short maturity area undoubtedly creates a bias toward
inflation.
So long as the present prosperity contributes to a strong
demand for credit, the effect of the interest rate ceiling is to
lock the Treasury into the one area of maturities — the area up
to 5 years — which is already seriously congested and, therefore,
subject currently to excessive upward pressure on interest rates.
As a practical matter, the ceiling largely nullifies the Treasury's
ability to do advance refunding, a subject I now want to comment
upon.
Without going too much into the technicalities of the matter,
the purpose of advance refunding is to enable the Treasury to keep
long-term investors as holders of Its securities by offering them
an opportunity to exchange for new securities of longer maturity
before the passage of time brings the maturity of their current
holdings down into the short-term area. It is at this point that
the typical long-terra Investor disposes of his holdings and replaces
them with longer-term obligations. Too often at this point he will
shift to investments other than Governments. We believe advance
refunding affords an excellent technique for debt lengthening with
•a minimum market effect.
I am sure I need not explain to this audience why the existing
4-1/4$ ceiling is forcing us to concentrate offerings in the under5-year maturity area. As we have told the Congress, we interpret
this ceiling to practically tie our hands in planning advance
refundlngs.
As you know, an important objective of the Treasury, in the
national interest, is to lengthen the debt whenever conditions are
appropriate. Debt lengthening is not an end in itself. The Treasury
wants to reduce to a minimum the frequency of new Treasury offerings
so as to interfere as little as possible with the orderly marketing
of corporate and municipal bonds and to give the widest possible
scope to the Federal Reserve for conducting an effective monetary

- 6policy. The mere passage of time constantly shortens existing
maturities. Thus, the Treasury must take advantage of every
appropriate opportunity to push out into the intermediate and
long-term areas. But, under the strictures at present placed on us,
we are boxed in.
Let me be specific. Out of a total marketable debt of $187
billion at the present time, $76 billion matures within one year;
$64-1/2 billion matures within 1 to 5 years; and $46-1/2 billion
matures in 5 years and over.
In the very short-term sector — securities maturing within one
year — the problem is, of course, how to keep more and more of the
debt from piling into this short-term area.
If the Treasury does nothing to extend the debt as it comes due
and refunds everything within the 1-year area, the passage of time
will increase the volume of under-1-year debt by more than $35
billion in the next 2 years, raising the total from the current
figure of $76 billion to over $110 billion in October, 1961.
The problem which the Secretary of the Treasury faces is how to
prevent this from happening. Over the last few years, we have been
able to live with a short-term debt that runs in the neighborhood
of $70 billion; the liquidity needs of the economy seem to justify
a short-term debt of about that size. If liquid instruments were not
provided by the Treasury, it seems clear that they would be supplied
by other liquid market instruments such as commercial paper,
acceptances, or time deposits.
However, real difficulties would result If the economy had to
absorb over $110 billion of such very short-term debt. Such an
occurrence would, first of all, tend to increase rates unduly in
the short-term area. In addition, the resulting increase In the
volume of liquidity instruments — the next thing to cash — would
present serious problems to the Federal Reserve System in its
management of the money and credit needs of the economy.
I mentioned before that the Issue of a balanced budget received
wide popular approval because It was felt that for the Government to
continually operate in the red was inflationary. It is pertinent
to point out here that, if business continues to expand, the 4-1/4$
interest ceiling, if not removed, will have, over a period of years,
the same damaging effect on the economy as continued budget deficits
Both an unbalanced budget and the 4-1/4$ ceiling tend to result in
excessive financing through short-term instruments, which have much
the character of money, even if not taken by the banks.
Now to consider the l-to-5-year area where the Treasury is
forced to do all of its current financing beyond the very shortest

•maturities. This area, as I have indicated, is already seriously
congested, and our major problem lies right here. During the next
two years, another $8 billion of longer-term issues will drop down
into it as a result of the passage of time.
To mention one more complication, the heavy financing during
World War II in the form of long-term bonds is bringing a very
substantial volume of such securities, through the lapse of time,
down into the Intermediate area where they appeal to a different
class of investor. Every counsel of sound debt management requires
that attempts should be made to extend this debt while it is still
in the hands of holders who prefer long-term bonds.
Clearly, the most hopeful means that we in the Treasury have
been able to find of moving toward a more desirable pattern in the
distribution of the debt is the advance refunding technique. You
will see from my discussion of the various maturity areas that our
debt extension problem is not actually a massive one. The Treasury
has, in the period since December, 1953, done a pretty good job of
minimizing growth of the debt in the under-1-year area. The essential
job In the period ahead — if we had the freedom to finance at the
going rates of interest over a range of maturities -- Is to work
toward relieving the congestion in tjie l-to-5-year area. I hesitate
to specify an exact figure, but, if, in addition to the extension
required to keep even with the erosion caused by the passage of time,
we were able, over .the next two or three years, to move something of
the general magnitude of $20 billion out of the l-to-5-year area into
longer maturities, it is our judgment that we would have a reasonably
satisfactory structure of the marketable debt.
This Is not an easy task, but we believe that it is of much more
manageable proportions than many observers assume.
I would say here that we have no Intention of trying to go as
far as Canada, for example, In attempting to restructure the debt.
•There are very good reasons why such an extensive plan, involving
about 40$ of their national debt, would not be practicable here.
The Secretary has indicated to the Congress that, when we are able,
through removal of the ceiling, to enter into an advance refunding
program beyond the 5-year area, it is our intention to do so through
a series of modest and experimental steps.
The concentration of borrowing in any single area of the market,
such as we are now being forced to do, Inevitably creates distortions
of rates in that area; such distortions spill over and adversely
affect the whole market. That Is what has been happening in the
very short-term area in the last few months. It will happen
increasingly in the area up to 5 years if we are compelled to
concentrate our borrowings short of 5 years by reason of the legislativ<
strait-jacket.

59
- 8It was because the Treasury felt it was so imperative to take
some of the pressure off the heavy congestion in the under-1-year
area that we decided, two weeks ago, to offer a note issue maturing
in 4 years and 10 months and to pay a rate of 5$ that assured that
we would draw $2 billion of true investment funds into the issue. We
feel the results have been salutary. Certainly the very short-rterm
rates would have been still higher had we not modestly extended
this $2 billion. The results would have been even more salutary
had we been able to get some extension beyond five years.
Here let me say that the commercial banks of this country did
an outstanding job in marshalling and processing 130,000 separate
subscriptions for the note issue — the largest number of subscriptionsto any marketable issue since World War I.
So far, I have confined my discussion to marketable issues.
Now a word about Savings Bonds.
We in the Treasury consider our Savings Bonds program to be the
very heart of our efforts to manage the debt in a non-inflationary
manner. Not only has the program served the nation well In this
respect but, supported by a tremendous corps of volunteers, it has
been a powerful instrument for the teaching of thrift. Millions of
Americans would not have started on the road to accumulating savings
were it not for the payroll savings and school stamp plans.
We are grateful that the Congress, before its adjournment last
month, raised the ceiling on the interest rates we are able to pay
on Savings Bonds, even though it would have been preferable to take
the rate ceiling off entirely, as we had recommended. As you are
aware, the President approved both an increase in the rate on newlypurchased E and H bonds to 3-3/4$ if held to maturity and an upward
adjustment in the rate on outstanding E and H bonds. In practically
every instance, it is to the owner's advantage to hold his bonds
rather than cash them and purchase new Savings Bonds.
We are aware that there are some who believe the Treasury should
have fixed a higher rate for Savings Bonds in view of the current
rate on marketables. We believe our decision was correct, and I
want to tell you why.
Savings Bonds are a hybrid type of instrument. On the one hand,
they share one characteristic of the marketable bonds, namely, that
the holder has a contract to pay him an agreed rate to maturity which
cannot be abrogated by the Government if and when interest rates
decline. On the other hand, the holder has the right to demand
payment at any time 60 days after issue with no loss of principal.
This gives Savings Bonds much more the character of a savings account
than of a bond. In addition, the holder of an E bond may postpone

- 9paying any income tax until final redemption. With the extensions
of maturity that have been granted, many holders can postpone
redemptions until a time of life when they may be in a lower tax
bracket or subject to no tax at all.
Therefore, because Savings Bonds by their nature more nearly
resemble savings accounts, It would seem that the rate of interest
on the bonds should be more closely related to the rates paid on
institutional savings rather than to the fluctuating rates on
marketable bonds. Our statistics show that a rate of 3-3/4$ compares
very favorably with the average rate paid over the nation by savings
institutions, particularly since the savings account interest or
dividend rate may be revised downward, whereas the Savings Bond
rate is guaranteed for the full term of the bond.
I realize that I have covered a good deal of ground this
afternoon, and some of it may have been rather rough going. I
hope you will take my excursions into some of the technical aspects
of debt management for what they are — a tribute to the intelligence
and specialized experience of this particular audience.
I have cited so many problems the Treasury faces, both currently
and for the long run, that it may appear that I am concluding on a
pessimistic note. That is not my intention.
A nation as strong and productive as the United States should
have no serious problem in carrying a debt the size that we have.
A balanced budget, or at least surpluses in our good years to offset
deficits in occasional bad years, should solve many of the problems
that have beset us in the year just passed, when we have had to
finance a $12-1/2 billion deficit in the recovery period. Problems
such as the 4-1/4$ ceiling, the competition our direct Government
obligations meet from other quasi-government obligations and tax-free
bonds, are, after all, the result of legislative enactments rather
than fundamental economic factors. Some of these enactments serve
'the American people well. Some of them, like the 4-1/4$ ceiling,
do not.
Prudent management of our financial affairs — a basic condition
of economic well-being in all free countries — is certainly not
beyond our reach. All that is needed is a public understanding of
what is involved and a determination on the part of our entire people
to achieve it.
We are entering what is being widely forecast as the most
prosperous period of our entire history. Within the next 25 years,
we can virtually double the producing capacity of America. We will
be creating some 35 to 40 million new jobs to take care of our

bi
- 10 expanding population. We will have to develop an energy base to
meet a demand which may well treble. We and other advanced nations
will be sharing know-how and offering a helping hand to the 700
million people in 22 countries who have won political independence
in the past 16 years.
These are dazzling opportunities. Barring a serious worsening
in the international situation, I believe these goals are attainable
but only if we have the informed public opinion, the will, and the
courage to maintain sound financial policies which are essential to
healthy and sustainable growth.
Because of your knowledge and background, you men can make a
real contribution to a better-informed public opinion on this
subject. I hope and believe you will.

oOo

TREASURY DEPARTMENT
Washington, 0. C.

IMMEDIATE BSLEASS

A-655

SOTQAy, OCTOBER 16, 1959.

PRELIMINARY DATA ON IMPORTS FOR CONSUMPTION OF UNMANUFACTURED LEAD AND ZINC CHARGEABLE TO THE 0.U0TAS ESTABLISHED
BY PRESIDENTIAL PROCLAMATION NO. 3257 OF SEPTEMBER 22, 195*
QUARTERLY QUOTA PERIOD • October 1, 1959 - December 31, 1959
IMPORTS - October 1, 1959 - October 12, 1959
ITEM 394
ITEM 393
ITEM 392
1 Lead bullion or base bullion,
t load In pigs and bars, lead
t
* , . _ , _ •
1v
Lead-bearing ores, flue dust,x dross, reclaimed lead, scrap
: Zino-baaring ores of all kinds,: a n o la blooks, p i p , or sla&si
and mattes
: lead, antiiaonial lead, antl: except pyrites containing not 3 old and worn-out zlno, fit
; aonlal scrap lead, type metal, x
over % of lino
* only to be remanufaotured, xlno
» all alloys or combinations of :
*
dross, and zino skimmings
\
lead n.s.p.f.
xCuartarly
x
Quota
-, ,
*
• Quarterly Quota
Import*
Imports TcSarierly
: Dutiable Lead
Quota
Imports x: Quarterly
Dutiable Zinc
Q u o t a : Imports
Q u a r t: eByrWeight
l y Quota
t Dutiable. Lead
(Pounds)
(Pounds)
(Pounds)
(Pounds)
5,445,396*
10,030,000
5#063,738
23,680,000
ITEM 391

Country
of
Production

Australia
Belgian Congo

5,440,000

Belgium and
Luxemburg (total)

7,520,000

Bolivia.
Canada

5,040,000
13,440,000

3*127,377
9*283,525 15,920,000

1,070,555

66,480,000

Mexico

36,880,000

10,530,9M 70,480,000

Peru

16,16(^000

4,069,855 12,880,000

447 35,120,000

Un. So. Africa

14,880,000

6,843,800

«s> mm

Yugoslovia
All other foreign
oountrles (total)

6,560,000

37,840,000

15,760,000

2,744,7M

866,895 6,080,000

6,080,000 17,840,000

9,104,920

6,132,221
3,600,000

3,600,000

IBS •

Italy

41,96*3,780

6,320,000

233*978

3,660,761 3,760,000

17,840,000

6,080,000

TREASURY DEPARTMENT
Washington, D . C.

£.?

X&8DIATE RELEASE

FRIDAY, OCTOBER l6. 1959.

A-655

PRELIMINARy DATA ON IMPORTS FOR CONSUMPTION 0? CBGiANUFACTUiSD LEAD AND ZINC CHARGEABLE TO THE QUOTAS ESTABLISHED
BY PRESIDENTIAL PROCLAMATION NO. 3257 OF SEPTEMBER 22, 1953
QUARTERLY QUOTA PERIOD - Ooteber 1, 1959 - December 31, 1959
IMPORTS • October 1, 1959 - October 12, 1959
ITEM 391

Country
of
Production

Australia

ITEM 392
ITEM 393
ITEM 394
7 Lead bullion or base bullion,
x lead in pigs and bars, lead
Zine-baaring ores ©f all kinds,: Zinc la blocks, pig3, or slabs;
Lead-bearing ores, fluo dust,: dros3, reslaiaad lead, sera?
except pyrites containing not : old and *om-out ziao, fit
and mattes
: lead, anti-aoaial load, azvtiorer 3 ^ of zino
x only to ba reaanufactored, zinc
1 aonial scrap laad, type aatal,
dross, and zinc skisaings
x all alloys or combinations of
_
*
load n.s.p.f.
Quarterly Gaota
xGuarterly Quota
: C&aria rly (_iota
Quarterly Quota
x Dutiable. Lead
Imports : Putiabla Load
Insorta
lEpart3 1 Dutiable Zinc
By height
Isports
(Pounds)
—
(pcunciij^
(Pounds)
(Pounds)
10,080,000
5,063,738
23,680,000

Belgian Congo

Belgium and
Luxemburg (total)

„

Bolivia

5,040,000

Canada

13,440,000

Italy

Mexico

5,445,396
5,440,000
7,520,000
3,127,377
•9,283,525 15,920,000

3,600,000
233,978

3,660,761 3,760,000

14,880,000

6,843,800
15,760,000

2,744,714

866,895 6,030,000

6,080,000 17,840,000

6,132,221

3,600,000

447 35,120,000

On. So. Africa

6,560,000

37,840,000

9,104,920 ^320,000

4,069,855 12,880,000

All other foreign
oountrios (total)

41,963,780

10,530,914 70,480,000

16,160^000

66,480,000

36,880,000

Pern

Yugoslavia

1,070,555

17,840,000

6,080,000

TREASURY DEPARTMENT
Washington, D. C.
IMMEDIATE RELEASE

A-656

FRIDAY, OCTOBER l6, 1959*

PRELIMINARY DATA ON IMPORTS FOR CONSUMPTION OF UNMANUFACTURED LEAD AND ZINC CHARGEABLE TO THE QUOTAS ESTABLISHED
BY PRESIDENTIAL PROCLAMATION NO. 3257 Of SEPTEMBER 22, 195*
QUARTERLY QUOTA PERIOD - Jttly 1, 1959 - September 30, 1959
IMPORTS - July 1, 1959 - September 30, 195?
ITEM 394
ITEM 393
ITEM 392
t
x Lead bullion or base bullion,x
Lead-bearing ores, flue dust,! SS.^ClSS W, Jorap ! Zinc-bearing ores of all kinds,! Zinc in block., pig., or slab.,
x lead, antiJaonial lead, anti- x except pyrites containing not » old end wrn-out » n J » J "
and mattes
x monill scrap lead, type metal, x
over 3# of zino
I only to be M ^ a e * « f f * ' * n 0
x all alloys or combinations of x
*
<"«^«», and zino skimming.
s
lead
n.s.p.f.
x
*
__—y
-~ _ '
•• • •
Quarterly Quota
imports x
Dutiable Lead
Imports t
Dutiable Quota
Zinc
Imports tQuarterly
x By WeightQuota
Import.
T&£Z^iJ~0n5u
rouartarly
Dutiable- Lead
—*~~
(p^IdsT
founds)
(Pounds)
(Pounds)
23,680,000
10,080,000 23,680,000
10,080,000
5,440,000
5,440,000
ITEM 391

Country
of
Production

Australia
Belgian Congo
Belgium and
Luxemburg (total)

5,040,000

Bolivia.
Canada

13,440,000

Mexico

7,416,282

37,840,000

3,600,000

5,040,000
13,440,000 15,920,000

15,920,000

66,480,000

m •

Italy

7,520,000

36,880,000

36,880,000 70,480,000

70,480,000

6,320,000

5,253#640

12,874,706 35,120,000

35,120,000

3,760,000

3,75?#«26

Peru

16,160,000

16,160,000 12,880,000

Un. So. Afrioa

14,880,000

Yugoslovia

15,760,000

All other foreign
countries (total)

6,560,000

2,462,753 6,080,000

6,080,000 17#840,000

17,840,000

6,080,000

TREASURY DEPARTMENT
lashington, 0* C.
B&EDIATE RELEASE

A-656

FRIDAY, OCTOBER l6, 1959 >

PRELIMINARY DATA ON IMPORTS FOR CONSUMPTION OF UNMANUFACTURED LEAD AND ZINC CHARGEABLE TO THE QUOTAS ESTABLISHED
BY PRESIDENTIAL PROCLAMATION NO. 3257 OF SEPTEMBER 22, 195"*
QUARTERLY QUOTA PERIOD - July 1, 1959 - September 30, 1959
IMPORTS • July 1, 1959 - September 30, 1959
ITEM 394
ITEM 391
ITEM 392
t
x Lead bullion or base bullion,
x lead in pigs and bars, lead
x
*
Lead-bearing ores, flue dust,x dross, reolaisad load, scrap
: Zinc-baaring ores of all kind3,: Zino ia blooks, pigs, or slabs;
and mattes
: lead, antiaonlal load, antix except pyrites containing not : old and »ora-out zino, fit
1 only to be reaanufactured, zino
: aonial scrap load, type aatal, x
07*r 3^ of *ino
dross, and zino skiaaings
x all alloys or combinations of x
t
load n.s.p.f.
x_
»Quarterly Quota
:Quarterly Quota
Quarterly Quota
xQuarterly Quota
Inoorts : By ?elj?ht
Iaport.
Isoorts x Dutiable Zinc
x Dutiable. Lead
Imports x Dutiable Laad
(pounds)
(Pounds)
(
(Pounds)
(pounds)"
ITEM 391

Country
of
Production

Australia

10,080,000

Belgian Congo

Belgium and
Luxemburg (total)

Bolivia

5,040,000

Canada

13,440,000

Italy

Mexico

10,080,000

23,680,000

23,680,000
5,440,000

13,440,000 15,920,000

15,920,000
•

66,430,000

66,480,000

37,840,000

3,600,000

3,6oo,coo

36,880,000 70,480,000 70,480,000

6,320,000

5,253,64c

12,874,706 35,120,000 35,120,000

3,760,000

3,759,826

16,160,000 12,880,000

On. So. Afrioa

14,880,000

15,760,000

2,462,753 6,080,000

6,080,000 17,«40,000 17,840,000

6,560,000

7,416,282

36,880,000

16,160,000

All other foreigi
oountries (total)

7,520,000
5,040,000

Peru

Yugoslovia

5,440,000

6,080,000

COTTON WASTES
{In pounds)

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

Country of Origin

Established
TOTAL QUOTA
__

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

. . . . . .

fej.

1,594,053
239,690

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

1,441,152

1,398,381*

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

25,443
7.088

9 £Oj

5,482,509

* As of October 13, 1959

:
Total Imports
s Established s
Imports
Tf
• Sept. 20, 1$9", to . 33-1/356 of : Sept.-20, 19^9
: October 12. 1959
s Total Quota s to October 12, 1959

1,833,743

1,599,886

1,398,381

TREASURY DEPARTMENT
Washington, D. C.
IMMEDIATE Rg

FRIDAY,, OC.

67
A-657

16, 1959.

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"
Ymports September 20, 19 59 - October 12, 1959
Country of Origin
Egypt and the AngloEgyptian Sudan ...
J
eru
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

Imports

-»
-

8,883,259
618,000

475,124
5,203

237
9,333

—
-

Established Quota

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

752
• 871
124
195
2,240
71,388
21,321
5,377
l6,oo4
689

l/ Other than Barbados, Bermuda, Jam'aica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
Cotton 1-1/8" or more
Imports August 1, 19 59 - October 12, 1959
Established Quota (Global) - 45,656,420 Lbs.
Staple Length Allocation Imports
1-3/8" or more
39,590,778
1-5/32" or more and under
1-3/8" (Tanguis)
1,500,000
1-1/8" or more and tender
3

-"3/®" •*•*-'•

••

4*565,64S

39,590,778
1,500,000
_

4*565*642

Imports

TREASURY DEPARTMENT
Washington, D. C.

C Q
^

A-657

FRIDAY, OCTObER lb, 1959.

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 A "
Imports September 2 0 , 19 59 - October 12,' 1959
Country of Origin

Established Quota

I'V.ypt and the Anglo- Honduras 752
'•igypt,i.M.M rJiid.-m
783,816
iv.-u
247,952
i',fUu;h India
2,003,483
Chi mi
1,370,791
r'-x U:o
8,883,259
iJr.-iv. L.l.
6l8,723
Union of :;ovi.ot
i'.ueial \vX K«.:publ.LcG ...
475,124
11.". 1 \. i i nn
Arr/"ii.
5,203
'Icuruloi9,333
237

Imports
8,883,259
618,000
-

Country of Origin

Established Quota

Paraguay
Colombia
'
Iraq
British East Africa ...
Netherlands E. Indies .
Barbados
l/Other British W. Indies
Nigeria
2/0ther British W. Africa
AlgeriaFrench
and Tunisia
3/0ther
Africa ...

1/ i/Lhcr Limn Barbados, Bermuda, Jarrfaica, Trinidad, and Tobago.
' •/ Other t.han Cold Coast and Nigeria.
•;/ ot,her than Algeria, Tunisia, and Madagascar.
Cotton 1-1/8" or more
Imports August 1, 19 59 - October 12, 1959
Established Quota (Global) - 45,656,420 Lbs.
Staple Length Allocation Imports
I-3/8" or more
" 39,590,778
1-5/32" or more and under
1-3/8" (Tanguis)
1,500,000
1-l/8"
or
more
and
mider
t

39,590,778
1,500,000
.

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

Irr.^oi

-&-

COTTON WASTES
(la pounds)
COTTON CARD STRIPS made from cotton having-a staple of less than 1-3/16 inches in length, COMBER
WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE
ADVANCED IN VALUE_ Provided, however, that not more than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes made from cottons of 1-3/16 inches or more
in staple- length in the case- of the following countries! United Kingdom, France, Netherlands,
A
Switzerland, Belgium, Germany, and Italys
"1 Established i Total Imports : Established . Imports if
Country of Origin
% TOTAL QUOTA
• Sept. 20, 1 $ 9 , to s 33-1/355 of : Sept.-20, 19^9
s
: October 12. 1959
s Total Quota ; to October 12, 1959
United Kingdom
4,323,457
Canada
....
239,690
France
227,420
British India
69,627
Netherlands . . . . . . .
68,240
Switzerland . . . . . . .
44,388
Belgium
38,559
Japan
341,535
China
17,322
Egypt
.
8,135
Cuba
6,544
Germany
76,329
Italy
. 21.263
5,482,509
if Included in total imports, column 2.
Prepared in the Bureau of Customs. .
* As of October 1?, 1959

1,594,053
239,690
_.
„
_
-

1,441,152

1,398,381*

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

_.
.
_.
Z
—

25,443
7,088

1,833,743

1,599,886

-_
'

1,398,381

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 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 countries8 United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italys

Country of Origin

Established
TOTAL QUOTA

United Kingdom 4,323,457
Canada
....
France
„
British India
Netherlands . . . . . . .
Switzerland .......
Belgium . . . . . . . . .
Japan . . . . . . . . . .
China
Egypt
Cuba . •
Germany
Italy

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

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

i
Total Imports
% Established s
Imports
Tf
: Sept. 20, ljfctt, to s 33-l/3# of s Sept. 20, 1958
» Sept, 19, 1959
° Total qjuota _ to Sept. 1?, 1???

1,488,473
239,690

1,441,152

648

75,807

50,304

—

1,441,152
•

648
_.
..
-

22,747
14,796
12,853

6,580

25,443
7»088

24,935
6,58Q

1,810,630

1,599,886

1,473,315

•H
mm

TREASURY DEPARTMENT
Washington, D. C.

Jt |

IMMEDIATE RELEASE
WP-mAV, OOTOBER l6. 1959.

A-658

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 3A"...
Imports September 20, 19 5$ - September 19* 1959
Country of Origin
TCgypt and the AngloEgyptian Sudan ...
J
oru
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

8,353
10,064
8,8$3,259
618,723
327,702
—
—

Established Quota

Country of Origin

Imports

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

752
871
124
195
2,240
71,388
21,321
5,377
l6,oo4
689

1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
Cotton l^l/8" or more
Imports August 1, 1958-Jn_jr 31J 1959
Established Quota (Global) - 45,656,420 Lbs.
Staple Length
1-3/8" or more
1-5/32" or more and under

Allocation

Imports

39,590,778

1-3/8" (Tanguis)
1-1/8" or more and under

1,500,000

1-3/8"

4-_565_6A_»

TREASURY DEPARTMENT
Washington, D. C.
IMMEDIATE RELEASE
gp-roftv, OCTOBER 16. 1959.

A-658

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 September 20, 19 58 - September 19, 1959
.
Country of Origin
FV-ypt 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

8,353
10,064
8,883,259
618,723
327,702
—
—
—

Established Quota

Country of Origin

Imports

Honduras
Paraguay
Colombia
Iraq
British East Africa ...
Netherlands E. Indies .
Barbados
l/Other British W. Indies
Nigeria
2/Other British W. Africa
3/Other French Africa ...
Algeria and Tunisia ,..

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

l/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
Cotton 1-1/8" or more
Imports August 1, l$g8—July 31* 1959
Established Quota (Global) - 45,656,420 Lbs.
Staple Length
I-3/8" or more
1-5/32" or more and under
1-3/8" (Tanguis)
1-1/8" or more and' under
1-3/8"

Imports

Allocation
39,599,778

39,590,778

1,500,000

4,565.642

689

-c~>Zm~

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

Country of Origin

United Kingdom . . . . .
Canada
France
British India
Netherlands
Switzerland .......
Belgium
Japan
China
Egypt
Cuba
Gei-many
Italy

Established
TOTAL QUOTA

i
Total Imports
: Sept. 20, 1958, to
: Sept. 19, 1959

Established
33-1/3* of
Total Quota

Imports
Sept. 20, 1958
to Sept. 19. 1959

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

1,488,473
239,690
648
50,304

1,441,152

24,935

25,443
7.088

24,935
6,58Q

5,482,509

1,810,630

1,599,886

1,473,315

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

tm.

75,807

1,441,152
648

22,747
14,796
12,853

12
- 2 -

Commodity

Period

and

Quantity

Unit
of

: Imports
:
as of
Pet. 3 r i<g

bsolute Quotas;
eanuts, shelled, unshelled,
blanched, salted, prepared, or
preserved (incl. roasted peanuts but not peanut butter)...,
ye, rye H o u r , and rye meal,

utter substitutes, including
butter oil, containing k5% or
more butterfat................
ong Oil*

^Imports through October 1 2 .

12 m o s . from
August 1, 1959

1,709,000

Pound

3,800

6,606,443
134,825

Pound
Pound

Quota filli

75,851,741
1,547,995

Pound
Pound

44,169,32*)

1,200,000

Pound

Quota filli

Feb. 2, 1959 October 31, 1959
Argentina
16,633,591
Paraguay
2,231,680
Other Countries
702,000

Pound
Pound
Pound

15,777,274'
Quota filli
Quota fill*

August 5 August 3 1 , 1959
Canada
Other Countries
Sept. 1, 1959 June 30, I960
Canada
Other Countries

Calendar Year

7'1

TREASURY DEPARTMENT
Washington, D . C .
IMMEDIATE ^RELEASE,
FRIDAY, OCTOBER 16, 1959.

A-659

The Bureau of Customs announced today preliminary figures showing the imports for
>nsumption of the commodities listed below within quota limitations from the beginning
t the quota periods to October 3, 1959, Inclusive, as follows:

Commodity

Period

and

Quantity

Unit
of
Quantity

Imports
as of
Oct. 3. xm

ariff-Rate Quotas:
ream, fresh or sour......

Calendar Year

1,500,000

aole milk, fresh or sour,

Calendar Year

3,000,000 Gallon

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

attle, less than 200 lbs. each.

July 1, 1959 Sept. 30, 1959
Oct. 1, 1959 Dec. 31, 1959
12 mos. from
April 1, 1959

Gallon

120,000 Head

171

25,5981

120,000 Head
200,000 Head

30,703.

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

Calendar Year

una fish.

Calendar Year 52,372,574 Pound

36,438,£6(

12 mos. from
Sept. 15, 1958
12 mos. from
Sept. 15, 1959

114,000,000
36,000,000
114,000,000
36,000,000

Pound
Pound
Pound
Pound

79,208,
17,376,39®
62,000
27,3^

alnuts...,

Calendar Year

5,000,000

Pound

2,867,M*

eanut OH.

12 mos. from
July 1, 1959

80,000,000

Pound

Calendar Year

13,500,000

Pound

hite or Irish potatoes:
Certified seed........t
Other....

oolen fabrics,
bolen fabrics (Presidential
Proclamation 3285 - TD 54845)

May 19 - Dec.
31, 1959

36,919,874

350,000

(continued)

Pound

36,053/

TREASURY DEPARTMENT
Washington, D. C.
IMMEDIATE RELEASE,
FRIDAY, OCTOBER l6_ 1959.
The Bureau of Customs announced today preliminary figures shovi
consumption of the commodities listed below within quota limitation
of the quota periods to October 3, 1959, inclusive, as follows:

Commodity

Period

and

Quantity

5_ariff-Rate Quotas:

Whole milk, fresh or sour.

Calendar Year

1,500,000

Calendar Year

3,000,000

Cattle, 700 lbs. or more each
July 1, 1959 Sept. 30, 1959
Oct. 1, 1959 Dec. 31, 1959
Cattle, less than 200 lbs. each..

120,000
120,000

12 mos. from
April 1, 1959

200,000

Calendar Year

36,919,874

Calendar Year

52,372,574

fish, fresh or frozen, filleted,
etc., cod, haddock, hake, pol-

t
White or Irish potatoes:
12 mos. from
Sept. 15, 1958
12 mos. from
Sept. 15, 1959
Calendar Year

Woolen fabrics (Presidential
Proclamation 3285 - TD 54845)

114,000,000
36,000,000
114,000,000
36,000,000
5,000,000

12 mos. from
July 1, 1959

80,000,000

Calendar Year

13,500,000

May 19 - Dec.
31, 1959

350,000

(continued)

TREASURY DEPARTMENT
Washington, D . C.

IMMEDIATE KRELEASE,
FRIDAY, OCTOBER l6_ 1959.

A-659

The Bureau, ©f Customs announced today preliminary figures showing the ;
for
msumption of the commodities listed below within quota limitations from the beginning
t the quota periods to October 3, 1959, inclusive, as follows:

Commodity

Period

and

Quantity

Unit
of
Quantity

Imports
as of
Oct. 3. lfg

siriff-Rate Quotas:
1

ream, fresh or sour......

Calendar Year

1,500,000

aole milk, fresh or sour.

Calendar Year

3,000,000 Gallon

attle, 7 0 0 l b s . or more each
(other than dairy cows)•••••,

attle, less than 200 lbs. each..

July 1, 1959 Sept. 3 0 , 1959
Oct. 1, 1959 D e c . 31, 1959
12 mos. from
April 1, 1959

120,000 Head

200,000 Head

Calendar Year

una fish,

Calendar Year 52,372,574 Pound

alnuts...,

25,598

120,000 Head

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

hite or Irish potatoes:
Certified seed.........
Other..........
,

Gallon

36,919,874

30,703

Pound

36,053/
i

36,438,416

12 m o s . from
114,000,000
Sept. 1 5 , 1958
36,000,000
12 mos. from
114,000,000
Sept. 15, 1959
36,000,000

Pound
Pound
Pound
Pound

Calendar Year

Pound

5,000,000

79,208,750 li
17,376,3* f
62#OO0i
27,310

I
2,867,01*

eanut Oil,

oolen fabrics,
bolen fabrics (Presidential
Proclamation 3285 - TD 54845)

12 mos. from
July 1, 1959

80,000,000

Pound

Calendar Year

13,500,000

Pound

Quota fill

Pound

212,371

19 - D e c .
31, 1959

350,000

K
( <wn+."i m i ed 1

TREASURY DEPARTMENT
Washington, D . C.
IMMEDIATE
RELEASE,
FRIDAY, OCTOBER 16, 1959.

7<
A-659

The Burean 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 October 3, 1959, inclusive, as follows:

Period

Commodity

and

Quantity

\ Unit
:
of
;Quantity

Imports
as of
Oct. 3. 1959

Gallon

119

tariff-Rate Quotas:
Cream, fresh or sour......

Calendar Year

1,500,000

Whole milk, fresh or sour,

Calendar Year

3,000,000 Gallon

171

120,000 Head

25,598

120,000 Head

196

200,000 Head

30,703

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

July 1, 1959 Sept. 30, 1959
Oct. 1, 1959 Dec. 31, 1959

Cattle, less than 200 lbs. each..

12 mos. from
April 1, 1959

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

Calendar Year

36,919,874

Pound

36,438,416

Tuna fish • Calendar Year 52,372,574 Pound
White or Irish potatoes:
Certified seed.....
Other.

#••

12 mos. from
Sept. 15, 1958
12 mos. from
Sept. 15, 1959

114,000,000
36,000,000
114,000,000
36,000,000

Pound
Pound
Pound
Pound

12 mos. from
July 1, 1959

80,000,000

Pound
Quota fill©

Woolen fabrics • • Calendar Year 13,500,000 Pound
11

Woolen fabrics (Presidential
Proclamation 3285 - TD 54845)

79,208,750
17,376,390
62,000
27,310
2,867,016

Walnuts Calendar Year 5,000,000 Pound
if
'Peanut Oil

36,053,980

May 19 - Dec.
31, 1959

350,000

(continued)

Pound

212,378

- 2 -

Commodity

Period

and

Quantity

:
Unit
:
of
; Qy^ifry

Imports
as of

<M, 3, 3/ffl.

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

ye, rye flour, and rye meal,

utter substitutes, including
butter oil, containing 45$ or
more butterfat....
ung Oil,

^Imports through October 12.

12 mos. from
August 1, 1959
August 5 August 31, 1959
Canada
Other Countries
Sept. 1, 1959 June 30, I960
Canada
Other Countries

Calendar Year
Feb. 2, 1959 October 31, 1959
Argentina
Paraguay
Other Countries

1,709,000

Pound

3,800*

6,606,443
134,825

Pound
Pound

Quota filled

75,851,741
1,547,995

Pound
Pound

44,169,324*

1,200,000

Pound

Quota filled1

16,633,591
2,231,680
702,000

Pound
Pound
Pound

15,777,274*
Quota filled
Quota filled

c9A

IMMEDIATE RELEASE
FRIDAY. OCTOBER l6_ 1959.

A-660

The Bureau of Customs announced today the following preliminary
figures showing the imports for consumption from January 1, 1959, to
October 3, 1959. inclusive, of commodities for which quotas were
established pursuant to the PhilioDine Trade Agreement Revision Act

of 1955:

,.___
Commodity
n

Unit :i
Imports
: Established Annual :
:
of
:
as of
. ^ ^ Quantit_f
: Quantity : October 3. 1959

Buttons 765,000

Gross

Cigars 180,000,000

Number

Coconut oil 1*03,200,000

Pound

110,444,614

Cordage 6,000,000

Pound

3,727,193

(Refined
Sugars
(Unrefined ...
Tobacco 5,850,000

244,077
3,621,510;

63,kok,000*
1,90li, 000,000

Pound
1,840,596,000*
Pound

^Information furnished by Department of Agriculture

5,747,668

7C
I <y

IMMEDIATE RELEASE
FRIDAY, OCTOBER l6, 1959.

A-660

The Bureau of Customs announced today the following preliminary
figures showing the imports for consumption from January 1, 1959, to
October 3, 1959, inclusive, of commodities for which quotas were
established pursuant to the Philippine Trade Agreement Revision Act
of 1955:

Commodity

Established Annual
Quota Quantity

Buttons

765,000

Imports
as of
October 3> 1959
Gross

2UU,077

Cigars 180,000,000

Number

Coconut oil 403,200,000

Pound

110,1*44,614

Cordage 6,000,000

Pound

3,727,193

(Refined
Sugars
(Unrefined ...
Tobacco 5,850,000

3,621,51*U

63,404,000*
1,90b., 000,000

Pound

1,840,596,000*
Pound

information furnished by Department of Agriculture

5,71*7,668

77
m*&mw% vm
i I m H . Jfwf^ngffiftii MmfflSfffi *

mt t%m

m m*\*9fe&

9*Fgfim\m\mmmHm9&&m&

......••.....***.****..*•* *************** ******
...*....-. *.....-.-#.>... *...*••.**..***•-*** ***.*+***-*•

9.9.9.......

TREASURY DEPARTMENT
WASHINGTON. D.C.

•tf'
IMMEDIATE RELEASE,
Monday, August 17, 1959.

A-605 -

* y \A'^L * *'m»£{y &./

During \Fuly 1959, market transactions
in direct and guaranteed securities of the
government for Treasury investment and
other accounts resulted in net purchases
y
"f
° d^Tt^ • * m
by the Treasury Department of 432/194,900. -*

oOo

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

IMMEDIATE RELEASE,
Thursday, October 15, 1959.

A-66l

During September 1959, 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 $28,274,650,00.

0O0

TREASURY DEPARTMENT
WASHINGTON, D.C.
IMMEDIATE RELEASE,
Thursday, October 15, 1959 •

A-662

The Treasury Department today announced the subscription and allotment figures with
respect to the cash offering of $2 billion, or thereabouts, of 5$ Treasury Notes of Series
B-1964, dated October 15, 1959, and to mature August 15, 1964. Subscriptions from savingstype investors were allotted 45$, subscriptions from commercial banks for their own account
were allotted 8$, and all other subscriptions were allotted 5$, but not less than $1,000
on any one subscription. In accordance with the offering announcement, all subscriptions
up to a maximum of $25,000 were allotted in full where accompanied by 100$ payment at the
time of entering the subscriptions. 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
TotalL

Subscriptions
from savingstype investors
$

211,504,000
603,228,000
28,116,000
84,878,000
48,508,000
40,474,000
147,478,000
10,456,000
11,622,000
28,676,000
58,485,000
87,088,000
475,000
$1,360,988,000

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

Subscriptions
from coml. banks
for own account
$

305,745,000

2,109,587,000
299,292,000
562,488,000
287,850,000
300,937,000
907,840,000
249,736,000
147,008,000
237,306,000
319,928,000
662,683,000
-

$6,390,400,000

Subscriptions
accompanied by
100$ deposit
$ 62,078,000
410,057,000
50,060,000
46 ,464,000
42,607,000
38,412,000
99 ,788,000
45,812,000
22,515,000
49 ,122,000
27,485,000
44,471,000
2 ,165,000
$941 ,036,000

Total Subscriptions Received
$
646,420,000
4,927,470,000
412,127,000
751,983,000
413,031,000
415,367,000
1,352,505,000
328,225,000
192,722,000
335,673,000
453,034,000
893,910,000
2,711,000
-

$11,125,178,000

Subscriptions
from all others
67,093,000
804,598,000
1,
34,659,000
58,153,000
34,066,000
35,544,000
197,399,000
22,221,000
11,577,000
20,569,000
47,136,000
99,668,000
71,000
$2,432,754,000
$

Total
Allotments
$

185,690;000
948,124;000
88,463;000
132,900;000
89,935;000
83,442;,000
249,714;,000
71,585;,000
48,883;,000
81,953,,000
81,902t,000
141,987 ,000
2,393 ,000
100,000 ,000

$2,306,971,000

81
^y

PELEASE A. H. W S P A K R S ,
Tuesday, October 20, 1959.

The Treasury Bepartaent announced Xmmt evening that the tenders for two series of'
treasury bills, one series to be as additional Issue of the bills dated 4mly 23, 195fj'
and the other series to be dated October 22, 1959, which were offered on October 15, v<
opened at the Federal Reserve Banks on October 19. tenders were Invited for 11,000,1%
or thereabouts, of 91-day bills and for flt00,GOO,000, or thereabouts, of 182-day biUi.H
Xco details of the two series are as follows s
|
RAISE OF fcCeiPTEB
CQ^rBTITIfE BIIF:

182-day Treasury hills
maturing April 21. I960

91-day Treasury bills
maturing January 21, I960
Approx. Equiv.
Annual tats

Price

Approx. Equiv.
Annual Rate I
•'"'

High
Low
Average

97.7k2
97.71k
97.73©

li.071$
k.lXh$
k.099%

98.971 mf
98.96©
9S.96ii

" ' "' i ' i i - H I iniimMt.l

k.kM
k.$2t%

k.kffi

mf Except ies; one tender of 1230,000
f percent of the amount of 91-day bills bid for at the loir price was accepted
M percent of the amount of 182-day bills bid for at the low price was accepted
TOTAL TS8BEHS APPLIED FOE AMD ACCEPT1B BY FEDHAI FSSiKVE BISTfclCfSt
Applied For

District

Accepted

* Applied Ffrr
MASMMMMMMMMMNMIM

Boston
Sew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
iCansas City
Dallas
San Francisco
i'OtaXS

Accepted
I

III

!•

33,072,000
l,3ia,278,000
33,308,000
35,92l*,000
18,322,000
22,796,030
2k3,6lO,000
22,1*87, 000
12,585,000
39,160,000
19,757,000
75,^60,000

29,377 000
628,7^3 000
18,208 000
27,189 000
13,21i3 OCX)
18,523 000
121,255 000
22,187 000
9,295 000
25,110 000
19,581* 000
66_873 000

s
$
:
t
:
s
:
:
;
:
t
:

I 3,295,000
5^49,383,000
7,689,000
13,01*2,000
5,82*3,000
5,067,000
66,1*63,000
5,691,000
2,655,000
7,90k,000
6,781,000
26.210.000

1 3,295,,000
289,663j,000
2,689,,068
8,0&,1ooo
3,81*3,\1&*W
li,967,,000
1*0,123,,000
5,69«,,008
2,1*55!,000
6,8014;.008
\ www
6,281;,000
26.210,rooo

^1,897,859,000

11,000,287,000 hf

1700,026,000

f1*00,066,000 fj

b/ Includes 1258,182,000 noncompetitive tenders accepted at the average price of 9$»9
of Includes *5h,U669000 noncompetitive tenders accepted at the average price of 97•?#

^h wtrM-

TREASURY DEPARTMENT
WASHINGTON. D.C.
RELEASE A. M. NEWSPAPERS,
Tuesday, October 20, 1959.

A-663

The Treasury Department announced last evening that the tenders for two series of
Treasury bills, one series to be an additional issue of the bills dated July 23, 1959,
and the other series to be dated October 22, 1959, which were offered on October 15, were
opened at the Federal Reserve Banks on October 19. Tenders were invited for $1,000,000,00
or thereabouts, of 91-day bills and for $1*00,000,000, or thereabouts, of 182-day bills.
The details of the two series are as follows:
RANGE OF ACCEPTED
182-day Treasury bills
91-day Treasury bills
COMPETITIVE BIDS:
maturing April 21, I960
maturing January 21, I960
Price
High
Low
Average

98,971 */
98,960
98.961*

Approx. Equiv.
Annual Rate
l*.07l£
k.Xlh%
k.099i

Price
97.71*2
97.71U
97.730

Approx. Equiv*
Annual Rate

1U66£
k.522%
l*.i*90#

a/ Excepting one tender of $230,000
5 percent of the amount of 91-day bills bid for at the low price was accepted
83 percent of the amount of 182-day bills bid for at the low price was accepted
TOTAL TENDERS APPLIED FOR AND ACCEPTED BI FEDERAL RESERVE DISTRICTS:
District

Applied For

Accepted

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

\ 33,072,000
l,3la,278,000
33,308,000
35,924,000
18,322,000
22,796,000
21*3,610,000
22,1*87,000
12,585,000
39,160,000
19,757,000
75,560,000
$1,897,859,000

29,377,000 % 3,295,000
628,71*3,000
51*9,383,000
18,208,000
7,689,000
27,589,000
13,01*2,000
13,21*3,000
5,81*3,000
18,523,000
5,067,000
121,255,000
66,1*63,000
22,1*87,000
5,69l*,000
9,295,000
2,655,000
25,110,000
7,90l*,000
19,581*,000
6,781,000
66,873»00Q
26,210,000
$1,000,287,000 b / $700,026,000

t Applied For

Accepted
$ 3,295,000
289,663,000
2,689,000
8,0l*2,0CO
3,81*3,000
1*,967,000
1*0,123,000
5,69i*,000
2,1*55,000

6, Sol*, coo
6,281,000
26,210,000 of
$1*00,066,000

— « * —

I I T I « •••nil

•

••

b/ Includes $258,182,000 noncompetitive tenders accepted at the average price of 98,961*
of Includes $51*,1*66,000 noncompetitive tenders accepted at the average price of 97.730

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

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. 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.

decimals, e. g., 99.925. Fractions may not be used.

It is urged that tenders be

rated banks and trust companies and from responsible and recognized dealers in invest
ment 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, noncompetitive tenders for $ 200,000 or less for the additional

xx&x
bills dated July 30, 1959
, ( 81
days remaining until maturity date on
mttS±
±±SA
January 28, I960
) and noncompetitive tenders for $ 100,000 or less for the
182 -day bills without stated price from any one bidder will be accepted in full

am
at the average price (in three decimals) of accepted competitive bids for the respective issues. Settlement for accepted tenders in accordance with the bids must be
made or completed at the Federal Reserve Bank on October 29, 1959 , in cash or

gig

other immediately available funds or in a like face amount of Treasury bills maturing October 29, 1959 Cash and exchange tenders will receive equal treatment.

WST
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

85
K00DQCXDEnS3CXXKH
TREASURY DEPART2-IEKT
Washington

-•— /.-

RELEASE A. M. NEWSPAPERS,
Thursday, October 22, 1959
The Treasury Department, by this public notice, invites tenders for two series
of Treasury bills to the aggregate amount of & 1.400,000,000 , or thereabouts, for
cash and in exchange for Treasury bills maturing October 29, 1359 , in the amount
of $ 1.400.217.000 , as follows:

Sr
91 -day bills (to maturity date) to be issued October 29, 1959 ,
in the amount of $1,000,000,000 > or thereabouts, represent-

W
ing an additional amount of bills dated July 50. 1959
i
and to mature January 28. 1960
> originally issued in the
amount of $ 400.798.000 > "the additional and original bills
to be freely interchangeable.
182 -day bills, for $ 400,000,000 , or thereabouts, to be dated
October 29, 1959 , and to mature April 28, 1960 .

ess

The bills of both series will be issued on a discount basis under competitive

and noncompetitive bidding as hereinafter provided, and at maturity their face amoi
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 (maturtf
value).
Tenders will be received at Federal Reserve Banks and Branches up to the closin
hour, one-thirty o'clock p.m., Eastern Standard time, Monday, October 26, 1959 ^_

£_S$
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

TREASURY DEPARTMENT
WASHINGTON. D.C.
RELEASE A. M. NEWSPAPERS,
Thursday, October 22. lQSQ,

X ^ ^ /

A- 654

The Treasury Department, by this public notice, invites tenders
-sfor two series of Treasury bills to the aggregate amount of
$1,400,000,000, or thereabouts, for cash and in exchange for
^Treasury bills maturing October 29,1959, in the amount of
$ 1,400,217,000, as follows:
91-day bills (to maturity date) to be issued October 29, 1959,
in the amount of $1,000,000,000, or thereabouts, representing an
additional amount of bills dated July 30, 1959,
and to
mature January 28,1960, originally issued in the amount of
$400,79o,000,
the additional and original bills to be freely
interchangeable.
182 -day bills, for $400,000,000, or thereabouts, to be dated
October 29, 1959, and to mature April 28, i960.
i The bills of both series will be issued on a discount basis under
3ompetitive and noncompetitive bidding as hereinafter provided, and
at maturity their face amount will be payable without interest.
They will be issued in bearer form only, and in denominations of
fl,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000 (maturity
/alue) .
Tenders will be received at Federal Reserve Banks and Branches
ip to the closing hour, one-thirty o'clock t».m., Eastern
standard time, Monday, October 26, 1959. Tenders will not be
received at the Treasury Department, Washington. Each tender must
$)e for an even multiple of $1,000, and in the case of competitive
senders the price offered must be expressed on the basis of 100,
a#ith not more than three decimals, e. g,, 99.925. Fractions may not
>e used. It is urged that tenders be made on the printed forms and
(/orwarded in the special envelopes which will be supplied by
'ederal Reserve Banks or Branches on application therefor.
Others than banking institutions will not be permitted to submit
.genders except for their own account. Tenders will be received
'ithout deposit from incorporated banks and trust companies and from
Responsible and recognized dealers in investment securities. Tenders
'rom others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
ccompanied by an express guaranty of payment by an incorporated bank
,\m? trust company.

- 2 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 Departmment 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 for the additional bills dated
July 30, 1959,
(91 days remaining until maturity date on
January 28, i960) and noncompetitive tenders for $100,000
or less for the 182-day bills without stated price from any one
bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids for the respective issues.
Settlement for accepted tenders In accordance with the bids must be
made or completed at the Federal Reserve Bank on October 29, 1959,
in cash or other immediately available funds or in a like face
amount of Treasury bills maturing October 29, 1959. 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 actually received either upon
sale or redemption at maturity during0O0
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^
Federal
of theirReserve
issue. Bank
Copies
or Branch.
of the circular may be obtained from any

87
ned at
ic
amount
will be

1BIEASK A. M. HEWSPAFSH3,
Tuesday, October 27, 1959*

The Treasury Department announced last evening that the tenders for two aeries
of Treasury bills, on® series to be an additional issue of the bills dated July JO,
1959, and the other series to be dated October 29, 1959, which were offered on
October 22, were opened at the Federal Reserve Banks on October 26. Tenders were
invited for $1,000,000,000, or thereabouts, of 91-day bills and for 1400,000,000, or
thereabouts, of 182-day bills, Tim details of the two series are as follows?
91-day treasury bills
i taarla^January 28, I960

RAMIE OF ACCEPTED
COMPETITIVE BIDSs

Price
High

99,000
98.972
98.983

XJOW

Average

Approx. Equiv,
Annual Bate
3.956$

k.m%
4.022$

182-day Treasury bills
maturing April 28, I960
^•ice

97-735 mf
97.720 I
97.726ie

Approx. Equiy. \
Animal Rate

4.4B($
I* .$100
4.499$

Excepting one tender of 1500,000
Is, wnether
, percent of the amount of 91-day bills bid for at the low price was accepted
67 percent of the amount of 182-day bills bid for at the low price was accepted
^
-cial treatment, as
The bills are sul
_ taxes, whether
TOTAI fSHDESS APPLIED FOE AW AGOEPTSD BT FEDERAL HESIR?£ DISTHIQtS}
District

Applied For

*££

Accepted

Boston
Mew fork
Philadelphia
Cleveland
Hchaiond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Frasaeiseo

|
23,739,000
1,242,606,000
27,351,000
40,034,000
12*026,000
27,045,000
181,332,000
23,239,000
9,315,000
42,017,000
13,385,000
34,661,000

,:•-./] -y

31,676,770,000

11,000,025,000b/

13,739,000
626,206,000
12,351,000
40,034,000
12,026,000
26,265,000
147,812,000
23,194,000
9,315,000
41,017,000
13,385,000
34,681,000

Applied For

Accepted

# 10,247,000
600,130,000
13,298,000
22,093,000
4,869,000
5,863,000
46,514,000
10,628,000
2,399,000
4,933,000
5,326,000
37,508,000

$ 8,847,000
281,390,000
8,298,000
15,093,000
2,239,000
5,228,000
24,322,000
10,578,000
2,399,000
4,800,000
5,311,000
32_236,000

1763,808,000 fcoo,74i,ooqo/

b/ Includes #212,110,000 noncompetitive tenders accepted at the average price of 98.$
e/ Includes #45,565,000 noncoapetitive tenders accepted at the average price of 97-72©

[p^

TREASURY DEPARTMENT
____3B___

WASHINGTON, D.C.
EIEASE A. M. NEWSPAPERS,
Tuesday,"October 27, 1959.

A-665

\
1

The Treasury Department announced last evening that the tenders for two series
if Treasury bills, one series to be an additional issue of the bills dated July 30,
$59, and the other series to be dated October 29, 1959, which were offered on
ctober 22, were opened at the Federal Reserve Banks on October 26. Tenders were
Wited for $1,000,000,000, or thereabouts, of 91-day bills and for .1*00,000,000, or
(hereabouts, of 182-day bills. The details of the two series are as follows:
km OF ACCEPTED
SJMEBTITIVE BIDS;

Price
High
Low
Average

182-day Treasury bills
maturing April. 28, I960

91-day Treasury bills
maturing January 28, I960

99.000
98.972
98.983

Approx. Equiv,
Annual Rate

Price

3.956$
4.067$
4.022$

97.735 a/
97.720
97.726

Approx. Equiv.
Annual Rate
4.48Q$
4.510$
4.499$

' Excepting one tender of $500,000
I. percent of the amount of 91-day bills bid for at the low price was accepted
' percent of the amount of 182-day bills bid for at the low price was accepted

)TAL TENDERS APPLIED FOR AND ACCEPTED BY FEDERAL RESERVE DISTRICTS:
District

Applied For

Accepted

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

$
23,739,000
1,242,606,000
27,351,000
ltO,034,ooo
12,026,000
27,045,000
181,332,000
23,239,000
9,315,000
1*2,017,000
13,385,000
34,681,000

$1,676,770,000

$1,000,025,000b/ $763,808,000

TOTALS

13,739,000
626,206,000
12,351,000
40,034,000
12,026,000
26,265,000
147,812,000
23,19l*,000
9,315,000
41,017,000
13,385,000
34,681,000

Applied For

Accepted

$ 10,21*7,000
600,130,000
7 13,298,000
22,093,000
1*,869,00Q
5,863,000
1*6,514,000
10,628,000
2,399,600
4,933,000
5,326,000
37,508,000

$ 8,847,000
281,390,000
8,298,000
15,093,000
2,239,000
5,228,000
24,322,000
10,578,000
2,399,000
4,800,000
5,311,000
32,236,000
$400,71*1,000c/

Includes $212,110,000 noncompetitive tenders accepted at the average price of 98.98
Includes $45,565,000 noncompetitive tenders accepted at the average price of 97.726

Technical discussions are to be held in the near future between
officials of the Governments of the Republic of China and the United
States looking toward the conclusion of a tax convention between the
two countries for the avoidance of double taxation of income and the
elimination of other tax obstacles to the international flow of trade
and investment. If bases for agreement are found, drafts of the
proposed agreement will be prepared and submitted to the respective
governments for consideration with a view to signing.
Interested parties in the United States desiring to present
their views on the scope and content of the proposed agreement should
submit information and suggestions promptly to Mr. Fred C. Scribner, Jr.,
Under Secretary of the Treasury, Treasury Department, Washington 25, D. C.

TREASURY DEPARTMENT
WASHINGTON. D.C.

IMMEDIATE RELEASE
Monday, October 26, 1959

A-666

Technical discussions are to be held in the near
future between officials of the Governments of the
Republic'of China and the United States looking
toward the conclusion of a tax convention between the
two countries for the avoidance of double taxation of
income and the elimination of other tax obstacles to
the international flow of trade and investment. If
bases for agreement are found, drafts of the proposed
agreement will be prepared and submitted to the
respective governments for consideration with a view
to signing.
Interested parties in the United States desiring
to present their views on the scope and content of
the proposed agreement should submit information
and suggestions promptly to Mr. Fred C. Scribner, Jr.,
Under Secretary of the Treasury, Treasury Department,
Washington 25, D. C.

oOo

Q1
%y J-

- 3 XMI__Q6Q_XX>J}_XMX
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

- c-

Mxmx Miami
de_ii_a_.s- e. g., 99.325. Fractions nay net be usei. It is urrel that tenders be
made cn the printed forms and forvar&e- in the special envelopes whicb will be
supplied by Federal Reserve Barks or Breaches on application therefor.
Others than banning institutions will not be permitted to submit tenders except for their cvn account. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in inves
ment securities. Tenders from others must be accompanied by payment of 2 percent c:
the face amount of Treasury bills applied fcr, -unless the tenders are accompanied _?
an express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the Federal Heserve Banks and Branches, following which, public announcanient 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 fcr S 200,000 or less for the additional
bills date! August 6, 1959 , ( 91 days remaining until maturity date on

_^@g
l^broscryj, 1960

1^m\%
182

)(»^

) and noncompetitive tenders for $ 100,000 or less for the

gasp

-day bills vithout stated price from any one bidder will be accepted in full

at the average price (in three decimals) of accepted competitive bids fcr the respective issues. Settlement for accepted, tenders in accordance with the bids must be
male or completed at the Federal Reserve Bank on November 5, 1959 , in cash or
other immediately available funds or in a like face amount of Treasury bills maturing November 5, 1959 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.
Tr^e income derived frcm Treasury bills, whether interest or gain from the sale
or ether disposition cf the bills, ices not have any exemption, as such, and loss

:**«it:o»iK'KM»ii'j<«

TREASURY DEPARTMENT
Washington

A ~~ i C /

RELEASE A. M. NEWSPAPERS,
Thursday, October .29, 1353
The Treasury Department, by this public notice, invites tenders for two series
of Treasury bills to the aggregate amount of &1T400.000.000 > Qr thereabouts, for
cash and in exchange for Treasury bills maturing Novemberjs. 1959 > *n

the mov

of $1,400,546,000 , as follows:
91 -day bills (to maturity date) to be issued, November 5. 1959

in the amount of $1,000,000,000 , or thereabouts, representing an additional amount of bills £ated August 6. 1959 >
and to mature _ebruary 4, 1960

, originally issued in the

W~"
amount of $400,170,000

, the additional and original bills

(x_ob
to be freely interchangeable.
182 -day bills, for $ 400,000,000 , or thereabouts, to be dated

-^$r

$ D £ —

November 5, 1959 , and to mature
May 5, 1960
•
The bills of both series will be issued on a discount basis under competitive ]

i
and noncompetitive bidding as hereinafter provided, and at maturity their 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 2T 1959 _J
Tenders will not be received at the Treasury Department, Washington. Each tender J
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

TREASURY DEPARTMENT
IT-1 • ,i, .-,-•• •. v ,--• T W I

'ff'nw^Piill^' ,y-lll_ElfrP"'- • ^ • ^ « « ^ - ' ^ ' _ _ W W » « M M " M " i

WASHINGTON. D.C.
REIEASE A. M. NEWSPAPERS,
Thursday, October 29. 1959*

A-667

The Treasury Department, by this public notice, invites tenders
for two series of Treasury bills to the aggregate amount of
$1,400,000,000, or thereabouts, for cash and in exchange for
Treasury bills maturing November 5*1959, in the amount of
$1,400,546,000, as follows:
91-day bills (to maturity date) to be issued November 5, 1959*
in the amount of $ 1,000,000,000,or thereabouts, representing an
additional amount of bills dated August 6, 1959, and to
mature February 4, i960, originally issued in the amount of
$400,170,000,
the additional and original bills to be freely
interchangeable.
182-day bills, for $400,000,000, or thereabouts, to be dated
November 5> 1959, and to mature May 5, i960.
The bills of both series will be issued on a discount basis under
competitive and noncompetitive bidding as hereinafter provided, and
at maturity their 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 2, 1959. 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.

- 2 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 Departmment 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 for the additional bills dated
August 6, 1959,
(91 days remaining until maturity date on
February 4, i960) and noncompetitive tenders for $100,000
or less for the 182-day bills without stated price from any one
bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids for the respective issues.
Settlement for accepted tenders in accordance with the bids must be
made or completed at the Federal Reserve Bank on November 5, 1959*
in cash or other immediately available funds or in a like face
amount of Treasury bills maturing November 5, 1959. 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
j
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 hereunde
need include in his income tax return only the difference between
the price paid for such bills, whether on original Issue or on
subsequent purchase, and the amount actually received either upon
sale or redemption at maturity during the taxable year for which the
return is made, as ordinary gain or oOo
loss.
Treasury Department Circular No. 4l8, Revised, and this notice,
prescribe
the terms
of
bills
and
thefrom
conditions
Federal
of theirReserve
issue.
Bank
Copies
orthe
Branch.
of Treasury
the circular
may
begovern
obtained
any

TREASURY DEPARTMENT
WASHINGTON, D.C.
IMMEDIATE RELEASE,
Thursday, October 29, 1959.

A-668

The Treasury Department announced today an optional exchange offering of
4-3/4 percent one-year certificates of indebtedness, to be dated November 15, 1959,
and to mature November 15, 1960, and 4-7/8 percent four-year Treasury notes, to
be dated November 15, 1959, and to mature November 15, 1963, open to holders of:
$7,711 million of 3-3/8 percent Certificates of Indebtedness
of Series 33-1959, maturing November 15, 1959; and
$1,184 million of 3-1/2 percent Treasury Notes of Series B-1959,
maturing November 15, 1959.
In addition, $2,000 million 4 percent Treasury Notes of Series B-1962 maturing August 15, 1962, will be eligible for exchange into the new four-year notes
only. Holders of the Series B-1962 notes have an option to effect the redemption
of such notes on February 15, 1960, upon giving notice of intention to redeem
not later than November 16, 1959.
Cash subscriptions will not be received.
Interest on the new certificates will be payable on May 15 and November 15,
1960. Interest on the new notes will be payable May 15 and November 15 in each
year until the principal amount is payable.
Exchanges will be made at par as of November 15. The coupons due on that
date on the maturing certificates and 3-1/2 percent notes maturing on November 15,
1959, should be detached and cashed when due. In the case of the 4 percent notes
of Series B-1962, interest coupons Nos. 5 through 10 should be attached to the
notes when they are surrendered, and accrued interest for these notes from
August 15, 1959, to November 15, 1959, will be paid subscribers following acceptance of the notes.
The delivery date for both new issues will be November 16.
The subscription books will be open November 2 through November 4 for this
exchange offering. Any subscription for either issue addressed to a Federal Reserve Bank or Branch, or to the Treasurer of the United States, and placed in the
mail before midnight Wednesday, November 4, will be considered as timely.
The 4-7/8 percent four-year notes maturing November 15, 1963, will be made
available in registered form, as well as bearer form. Notes in this form, however, will not be available for immediate delivery on November 16, as special
printing arrangements have to be. made for registered notes. In the interim,
notes in conventional bearer form will be available to subscribers.
The Treasury also announced that in view of the widespread interest of
individuals evidenced by their purchases of the 4-3/4 percent Treasury notes
dated July 20, 1959, maturing May 15, 1964, and the 5 percent Treasury notes
dated October 15, 1959, maturing August 15, 1964, it is arranging to make available to the holders of these issues notes in registered form. As soon as the
new registered notes are available, a further announcement will be made and instructions for presenting bearer notes for exchange for registered notes will be

A- CG'

BSUK&SE A . M . tilWSPAPUSS,
ta«gdy&yf Bevepber 3. X9l9<
The freaewy Bspartweafc aasoumed ia»i evening ^ * & tfee tetters f@r tm series tf
Treasury bills, on* teriesr t© fee as additional issue of tfee Mil® dated August 6, l^J
and the other smrimm to be deied lovestteer $9 X9$9* wfeiefe were offered on Oetobor 29,
worn opened at t&e Feeler*! leeerv® Basics on mmmhmr 2. Temters were invited for
H,OOO,OOO,0OOf or thereabouts, of 9X*4my Mil® a*»i for HJ00,000,000, or thereabout*,
of 182-day M i l s , ftie «t®tails ©f the t*f© mmrimm mm mm toXXmmt
91-nlay Treaetsry Mils
m^i^^mhmm^y.
k, Iftft),

mmt Of ACCJSPTBD
(W^ETItlfl BIDSt

Prie©

£8.971 V
98-fl*?

Hi*
LowAverage

AppPoiu Wmjmifrt
AwmmX Bat©

k*m$

l82*4ay freasury ©ills
maturing Umy 5, I960
frim

97.785
97.733
97.757

AmmmA late

k.XX$

k.um
k.k31$

mf Bxeopiing on® tender of #787,000
fO percent of tfee mmmmt of 91-4ay Mils ©ii for at ttm 2m p**** was accepted
It8 percent ©f the amount of X$2**dmy bills hU tor et tii© low prie© wa# aeeepted

torn mugs APFUEP fot Am ACCHWD M IUJHU, nssm ustixcisi
Bletriet

Applied For

Aooefiecl

Applied For

Accepted

I 1,921,000
I 1,921,000
275,1*38,000
576,038,000
m*39k9mm
2,010,000
7,010,000
xi,tm9im
11,866,000
11,166,000
399m9m®
i,86Moo
i,86tt,ooo
Atlanta
12,296,000
$,279,000
Chicago
8,679,000
t5,973,©00
52,201,000
Wt. toils
77,702,000
ajy,i99,ooo
h9*S*9M
Finneapolis
n9xm9®m
J*,85&,000
21,107*000
lansas City
1,977,000
3i*,It3l*,000
1,977,000
13f5t3,000
MXUs
i*,967,OO0
17,5lti*,O@0
5,067,000
San fraaotae©
2$9m9m
ii,82O,O0O
5,235,000
X7,5W»,00O
fO?A|^
fe,93X,W,000 |1,O0O,1O§,OO0
fc/ I732,0ii6,000
ffeOO,O3:i,O00
_,»»«Ti«
39,22?!^
y Include® 1213,657,000 notteompefciiiv® tenders accepted at the average priee of 9^
mf Include® H$ii,61*5fOO0 iwseoapetiiiv© tenders «©ees&©4 at the average priam of 97.T5T
Boston
Hew "fork
Philadelphia
Cleveland

ali,023,ooo
l,ii60,9Ot*,OOO
it,t£0,000
39,086,000
12,296,000
2$99739®m
197,999,000

ib,o23,oao

TREASURY DEPARTMENT
WASHINGTON, D.C
RELEASE A. M . NEWSPAPERS,
Tuesday, November 3, 1959^w»—^——^»

M— m

A-669

w*^*m*mmm*m***~*m*m^m^mmm**»m

The Treasury Department announced last evening that the tenders for two series o:
Treasury bills, one series to bo an additional issue of the bills dated August 6, 195!
and the other series to be dated November 5, 1959, which were offered on October 29,
were opened at the Federal Reserve Banks on November 2. Tenders were invited for
$1,000,000,000, or thereabouts, of 91-day bills and for |!*00,000,000, or thereabouts,
of 182-day bills. The details of the two series are as follows:
RANGE OF ACCEPTED
182-day Treasury bills
91-day Treasury bills
COMPETITIVE BIDS:
maturing Hay 5, I960
maturing February k, I960
Price

Approx. Equiv.
Annual Rate

Price

Approx* Equiv.
Annual Rate

«Bnaaa_i_B__>>__nc_a*_a____>

High
Low
Average

98.971 mf
98.91*7
98.951*

l*.071g
U.l66#
1*.137#

97.785
97.733
97.757

i*.3Sl#

k*Bk%
Iufc37£

a/ Excepting one tender of 1787,000
20 percent of the amount of 91-day bills bid for at the low price was accepted
1*8 percent of the amount of 182-day bills bid for at the low price was accepted

TOTAL TENDERS APPLIED FOR AND ACCEPTED BY FEDERAL RESERVE DISTRICTS:
District

Applied For

Accepted

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

TOTALS

2*1,023,000
l,l*6Q,90l*,000
27,220,000
39,086,000
12,296,000
25,973,000
197,999,000
21,187,000
13,703,000
3l*,l*3l*,000
17,5W*,0O0
57.107,000

$1,931,1*76,000

t
t
«
«
:

Applied For

U*,023,000
$ 1,921,000
576,038,000
630,39«,0Q0
17,220,000 :
7,010,000
39,086,000 :
11,866,000
12,296,000 :
l,86!*,0OO
25,973,000 •
8,679,000
11*3,199,000 :•
77,702,000
21,187,000 *
1*,850,000
13,523,000 :
1,977,000
5,067,000
26,l*3l*,000 :
17,51*1*,000 :
5,235,ooo
39,227,000 :
29_837_000

$1,000,106,000 hf

$732,01*6,000

Accepted
(' 1,921,000
275,1*38,000
2,010,000
11,866,000
1,861*,000
8,279,000
52,202,000
1*,850,000
1,977,000
1*,967,000
1*,820,000
29,837,000
$1*00,031,000 0/

V Includes $213,657,000 noncompetitive tenders accepted at the average price of 98.95
c/ Includes tkk961*5,000 noncompetitive tenders accepted at the average price of 97.751

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

income tax return only the difference between the price paid for such bills, whether

, _^

-2 -

«gEQsm»K___m__

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 invest
ment 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, noncompetitive tenders for $ 200,000 or less for the additional
bills dated August 15, 1959 , ( 91 days remaining until maturity date on
February 11, 1960 ) and noncompetitive tenders for $ 100,000 or less for the
182 -day bills without stated price from any one bidder will be accepted in full

"SET
at the average price (in three decimals) of accepted competitive bids for the respective issues. Settlement for accepted tenders in accordance with the bids must be
made or completed at the Federal Reserve Bank on November 12, 1959 , in cash or
other immediately available funds or in a like face amount of Treasury bills maturing ffovember 12. 1959 - Cash and exchange tenders will receive equal treatment.
_._>_•_'
3QESX

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

KXKmrora
L*.*-,t,«;wi:-i»;i-.,i-:#:<-:i'

TREASURY DEPART*-1WC
Washington
RELEASE A. M. NEWSPAPERS,
Thursday, November 5, 1959

.•

®^
The Treasury Department, by this public notice, invites tenders for two series
of Treasury bills to the aggregate amount of & 1.600.000,000 > Pr thereabouts, for
cash and in exchange for Treasury bills maturing November 12, 1959 , in the amount
of $ 1.600.526.000 > as follows:

j_S
91 -day bills (to maturity date) to be issued November 12, 1959 ,
in the amount of $ 1,200,000,000 , or thereabouts, represent&*
—
ing an additional amount of bills dated August 15, 1959
and to mature

February 11, 1960

amount of $400.055.000

, originally issued in the

, the additional and original bills

to be freely interchangeable.
182 -day bills, for $ 400,000,000 , Qr thereabouts, to be dated
November 12, 1959 , and to mature May 12, 1960
The bills of both series will be issued on a discount basis under competitive

and noncompetitive bidding as hereinafter provided, and at maturity their face amoun
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 (maturitj
value).
Tenders will be received at Federal Reserve Banks and Branches up to the closlnj
hour, one-thirty o'clock p.m., Eastern Standard time, Monday, November 9, 1959

$5_5
Tenders will not be received at the Treasury Department, Washington.

Each tender

must be for an even multiple of $1,000, and in the case of competitive tenders the
price offered must be expressed on the basis of 100, with not more than three

TREASURY DEPARTMENT
WASHINGTON. D.C.
RELEASE A. M. NEWSPAPERS,
Thursday, November 5, 1939.

A-670

The Treasury Department, by this public notice, invites tenders
for two series of Treasury bills to the aggregate amount of
$1,600,000,000, or thereabouts, for cash and in exchange for
Treasury bills maturing November 12, 1959,in the amount of
$1,600,326,000, as follows:
91-day bills (to maturity date) to be issued November 12, 1959,
in the amount of $1,200,000,000, or thereabouts, representing an
additional amount of bills dated August 13,1959,
and to
mature February 11,1960, originally issued in the amount of
$400,033,000,
the additional and original bills to be freely
interchangeable.
182-day bills, for $ 400,000,000, or thereabouts, to be dated
November 12, 1959,and to mature May 12, i960.
The bills of both series will be issued on a discount basis under
competitive and noncompetitive bidding as hereinafter provided, and
at maturity their 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 9,1959 . 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.

- 2 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 Departmment 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 for the additional bills dated
August 13,1959,
(91 days remaining until maturity date on
February 11, i960} and noncompetitive tenders for $ 100,000
or less for the 182-day bills without stated price from any one
bidder will be accepted In full at the average price (in three
decimals) of accepted competitive bids for the respective issues.
Settlement for accepted tenders in accordance with the bids must be
made or completed at the Federal Reserve Bank on November 12, 1959,
in cash or other immediately available funds or In a like face
amount of Treasury bills maturing November 12,1959. 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 State-s, 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 j
return is made, as ordinary gain or oOo
loss.
Treasury Department Circular No. 4l8, Revised, and this notice,
prescribe
the terms
of
bills
and
thefrom
conditions
Federal
of theirReserve
issue.
Bank
Copies
orthe
Branch.
of Treasury
the circular
may
begovern
obtained
any

10?
, p. e.

*• Cl I
& « « * * *hev that about f§bjt& Mllitt of tfee two
mt "frmmmxry ecrtliloa&aa of lartmiftwm aaf ao>tas astolag mwitiulKj1 33,
lw>lv»d t& ti» oarraot reftasiisg, aggregating IMpfc « U U © * ,
Sa_r %6a assr {_sa*9si? ©ertifioatet
fselaia about ff*OlA

BIIUOB

te> taw

S O T BUM

o
ymirr k~jfh sasraavt o a r t U U a t a

« H 4 # M f F aHlIao for €_• f b u r - y w k-7fB p&omst aota*. 15a* eetir«
&ol4Jj^gp of the TWlmiil 1ftimT¥i aaouuttag to $5 VtWIfti, aei'a ^Tr^ingf^
fsar flu uue-jw» e*rtifica**«. Abos* ^ 8 5 gtllton of tho t*o lames aatastag
SsaaHWH? 1 5 ^ C S H B I B m^rnr smmsi m&m**B&sK0m%9

Xn addition, bolder* 0/ about $1,615 atllion of thm *Mbillion of
k percent fi-timuty asta* of Scries B-19&2, Batecrlag August 33, 1962, but
» glta'uary 15, I960, upcm giving actio* of intesfcisB t©
lager than Tfoiuabtn U9

1959, ware a3*e esreha»*ed.ttartt*sua W p / S

tetsS, m'lianguMi for mm owt*ym*mt k~lfk pmtomnt oertiflcatas
to about #f*S3& silli«s sod fer tiie ftow^aai W f / 8 pejrcaBt sotea to aboat
fg,£l5 atniCD»
Final figure. rtsarttoc tte « g g w § * t_Ui b* guasuiKWHl after fisui
r*$crfee mm mmmtmmA t*m &m f*dm_t SUani'Vi

itV

103 /T^^v
TREASURY DEPARTMENT -,/7jfev
WASHINGTON, D.C. N^^>^
IMMEDIATE RELEASE,
Friday, November 6, 1959

A-671

Preliminary figures show that about $8,311 million of the two issues
of Treasury certificates of indebtedness and notes maturing November 15,
involved in the current refunding, aggregating $8,894 million, have been
exchanged for the new one-year certificates and four-year notes. Exchanges
include about $7_Ol4 million for the new one-year 4-3/4 percent certificates
and $1,297 million for the four-year 4-7/8 percent notes. The entire
holdings of the Federal Reserve, amounting to $5 billion, were exchanged
for the one-year certificates. About $583 million of the two issues maturing
November 15 remain for cash redemption.
In addition, holders of about §1,615 million of the $2 billion of
4 percent Treasury notes of Series B-1962, maturing August 15, 19^2, but
redeemable on February 15, I960, upon giving notice of intention to redeem
not later than November 16, 1959> were also exchanged. for the new 4-7/8
percent 4-year Treasury notes.
Total exchanges for the one-year 4-3/4 percent certificates amount
to about $7,014 million and for the four-year 4-7/8 percent notes to about
$2,913 million.
Final figures regarding the exchange will be announced after final
reports are received from the Federal Reserve Banks.

1 nA
mi. ^

I-

.1^

IMSASE A* _u mtsPAmm,
fusaday. November 10, X959.
The Treasury Department announced last evening that the tenders tor two seri«,
of Treasury bills, one series to be an additional issue of tha bills da tad August 13,
195*9, and the other series to be dated November 12, 1959, which were offered en
November $, were opened at tha Federal Heserve Banks on November 9. fenders were
invited far $1,200,000,000, or thereabouts, of 91-day bills and for $1*00,000,000, or
thereabouts, of 182-day bills* the details of the two series are as follows:
HAUGE OF ACCEPTED
182-day Treasury bills
91-day treasury bills
COMPETITIVE BIDS*
maturing May 12. I960
U , I960
ma
• W M M M M H * .

Approx. Equiv. *
Price

Price
High
Lew
Average

98.!
98.953

h.00k%
4.142*

97.710
97.679
97.708

Approx. Equiv.
Annual Hate

k.km
4.591*
k.5M

k6 percent of the amount of 91-day bills bid for at the low price was accepted
£8 percent of the amount of 182-day bills bid for at the lew price was accepted
TOTAL TENDERS APPLIED FOB AM) ACCEPTED Wt TOJSRAL BESEfT?E DISTRICTS)
District

Applied For

Accepted

Boston
Hew fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
SanTOTALS
Francisco

$
35,293,000
1,351,137,000
31,308,000
31,551,000
17,038,000
37,272,000
241,412,000
27,175,000
19,490,000
53,646,000
24,555,000

25,293,000
706,647,000
21,308,000
31,551,000
17,038,000
35,056,000
196,412,000
27,175,000
19,340,000
50,646,000
24,355,000
43*199,000
$l,200,020,000a/

^*i9? t oop
$1,913,076,000

t Applied For
8 3,038,000
536,757,000
8,807,000
15,528,000
2,457,000
6,472,000
61,264,000
7,020,000
2,786,000
7,535,000
5,203,000
37,759,000
8694,626,000

Accepted
# 3,038 000

m9m

000
8,807 000
15,528 000
i,4S7 000
000

6,00k
38,264 ooo
7,020 000
2,786 000
37,759,000
000
7,535
I4oo,o43,ooob/
5,188

of Includes $276,947,000 noncompetitive tenders accepted at the average prioe of 98»$j
hf Includes 150,621,000 noncompetitive tenders accepted at the average price of 97.706j

71^^*-

TREASURY DEPARTMENT

(B_Z_______

WASHINGTON, D.C
RELEASE A. M. NEWSPAPERS,
Tuesday, November 10, 1959.

A-672

The Treasury Department announced last evening that the tenders for two series
of Treasury bills, one series to be an additional issue of the bills dated August 13,
1959, and the other series to be dated November 12, 1959, which were offered on
November 5, were opened at the Federal Reserve Banks on November 9. Tenders were
invited for 51,200,000,000, or thereabouts, of 91-day bills and for $400,000,000, or
thereabouts, of 182-day bills. The details of the two series are as follows:
RANGE OF ACCEPTED
COMPETITIVE BIDS:

91-day •Preasury bills
maturing ]February 11, i960
Price

High
Low
Average

98.988
98.953
98.966

ji
j1

182-day Treasury bills
maturing May 12, I960

Approx. Equiv. «
Annual Rate
;1

Price

::
i
i

97.730
97.679
97.708

4.004$
k.lM2%
4.089*

Approx. Equiv.
Annual Rate

4.49(#
k.591%
k.53k%

46 percent of the amount of 91-day bills bid for at the low price was accepted
£8 percent of the amount of 182-day bills bid for at the low price was accepted
TOTAL TENDERS APPLIED FOR AND ACCEPTED BY FEDERAL RESERVE DISTRICTS:
District

Applied For

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

$ 35,293,000
'1,351,137,000
31,308,000
31,551,000
17,038,000
37,272,000
241,412,000
27,175,000
19,490,000
53,646,000
24,555,000
43,199,000
$1,913,076,000

TOTALS

Accepted

Applied For

Accepted

25.293,000
708,647,000
21,308,000
31,551,000
17,038,000
35,056,000
196,412,000
27,175,000
19,340,000
50,646,000
24,355,000
43,199,000

$ 3,038,000
536,757,000
8,807,000
15,528,000
2,457,000
6,472,000
61,264,000
7,020,000
2,786,000
7,535,000
5,203,000
37,759,000

$ 3,038,000
265,657,000
8,807,000
15,528,000
2,457,000
6,004,000
38,264,000
7,020,000
2,786,000
7,535,000
5,188,000
37,759,000

$1,200,020,000a/

$694,626,000

$400,o43,OOOb/

mf Includes $276,947,000 noncompetitive tenders accepted at the average price of 98.966
of Includes $50,621,000 noncompetitive tenders accepted at the average price of 97.708

o
UJ

o lii
> u.or

l— V_>_J
tU^jCO

oo *"
>n
.—
_2

_»
<c

2C
UJ
I—
OS

<
a.
CD

!'~\

LU
Q

>r>
CO

<c
UJ

STATUTORY DEBT LIMITATION
AS OF ^ ^ O B m j l ^ l o ^

' r -N
j v. 1

Washington, " u v * i U ' 7 < ; 7 _
Section 21 of Second Liberty Bond Act, as amended, provides that the face amount of obligations'issued undei• awhwity
of that Act, and the face am »,nt of obligations guaranteed as to pnncipa 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 W « £ « J2,85,000,000 000
(Act of June 30, 1959; U.SSC., title 31, sec. 757b), outstanding at any one time. For purposes of this section the current redemption value of any ob igation issued on a discount basis which is redeemable prior to maturity at the.option of the holder
shall be considered as its face amount." The Act of June 30, 1959 (P?L* 8(r74 8^h C o n g r e s s ) » • « * • • ^ J ^ L ^ J J ^
beginning on July 1, 1959 and ending June 30, I960, the above limitation ($285,000,000,000) shall be temporarily increased by
$10,000,000,000.
The following table shows the face amount of obligations outstanding and the face amount which can still be issued under
this limitation:
Total face amount that may be outstanding at any one time
$295*000,000,000
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills $39,129,906,000
Certificates of indebtedness
Treasury notes
Bonds-

20,342,643,000
43.l4l.373.000

Treasury...
* Savings (current redemp. value)...

84,769,733,350
49,433,618,221

Depositary.

190 , 724, 500

Investment series
Special FundsCertificates of indebtedness
Treasury notes
Treasury bonds
Total interest-bearing
Matured, interest-ceased

$102,613,922,000

7.824.190.000

l42, 218,266,071

8,221,57^**000
15,317,287,000
20,057,110,000
.

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

43.595.971.000
288,428,159,071
379,492,450

49,960,233
825,338
1,981,250,000

Total

2.032.035.571
290,839,687,092

Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A
117,761,700
Matured, interest-ceased
709,600
Grand total outstanding
Balance face amount of obligations issuable under above authority

. i

118.471.300
20:0 , 9 ^ 8 , 1 5 8 . 392
4 , 0 4 l , 841,608

ur r, u October 31, 1959
Reconcilement with Statement of the Public Debt...
(Daily Statement of the United States Treasury,

(Date)
...Z^Jf?]^? 3P.» .1959
(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

)

291,253,050,40$
118,471*300
291,371,521,705
4 l ^ , ^6^t ffi-2

290,958,158,392
A-673

ID7
JL <y i

S T A T U T O R Y D E B T LIMITATION
ASOF_OCTO^J11J25?

.
Nov -in
19W
Washington. ^OV. j Q . X V ^ y
Section 21 of Second Liberty Bond Act, as amended* provides that the face amount of obligations issued under authority
iof that Act, and the face am "iu 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 $285,000,000,000
(Act of June 30, 1959» 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 optionof the holder
shall be considered as its face amount." The Act of June 30, 1959 (P.L. 86-74 86th Congress) provides that during the period
| beginning on July 1, 1959 and ending June 30, i960, the above limitation ($285,000,000,000) shall be temporarily increased by
$10,000,000,000.
The following table shows the face amount of obligations outstanding aod the face amount which can still be issued under
this limitation:
Total face amount that may be outstanding at any one time
$295 000 000 000
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills _ $39,129,906,000
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:
Intcrnat'l Monetary Fund series
Total

20,342,643,000
43.l4l[373.000
84 , 769, 733 , 350
49,433,618,221
190 , 724 , 500
7.824.190,000
8,221,574,000
15,317,287,000
20,057,HO,000
_

$102,613,922,000

l42,218,266,071

43.595.971.000
288,428,159,071
379,492,450

49,960 , 233
825,338
1,981,250,000
:

Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A
117 , 76l, 700
Matured, interest-ceased
709,600
Grand total outstanding
Balance face amount of obligations issuable under above authority

2.032.035.571
290,839,687,092

118.471.300
290.958.158.392
4,04l,84l 608

„

c u r, u.- u u October 31, 1959
Reconcilement with Statement of the Public Debt
.....:..„
I
•
(Date)
(Daily Statement of the United States Treasury,
9?.£9£e£...29..„..i2.5?.
. ...
(Date)
titstandingTotal gross public debt
„
„
!Guaranteed obligations not owned by the Treasury.
Total gross public debt and guaranteed obligations.
:duct - other outstanding public debt obligations not subject to debt limitation

)

291,253,050,405
118.471.300
291,371,521,705
^13.363.^13

290,958,158,392
A-673

- 3 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 Ro. 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.

- 2 decimals, e. g., 99.925. Fractions may not be used.

It is urged*-tha% tenders be

txsA
at the average price (in three decimals) of accepted competitive bids for the respective issues. Settlement for accepted tenders in accordance with the bids must be
made or completed at the Federal Reserve Bank on November 19, 1959, in cash or
other immediately available funds or in a like face amount of Treasury bills maturing November 19, 1959 • 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 j
or other disposition of the bills, does not have any exemption, as such, and loss

. ! !

TREASURY DEFART2-IEI.T
Washington
RELEASE A. M. NEWSPAPERS,
Thursday, November 12, 1959

h-<°y

November 19, 1959 >

in the amount of $ 1,200,000,000 , or thereabouts, represent-

—i

jjsp

ing an additional amount of bills dated August 20, 1959 ,
and to mature

February 18, 1960

, originally issued in the

amount of $ 400,268.000 , the additional and original bills
to be freely interchangeable.
182 -day bills, for $ 400,000,000 , or thereabout9, to be dated
November 19, 1959 , and to mature May 19, 1960 •

JHt

£x£x

The bills of both series will be issued on a discount basis under competitive
and noncompetitive bidding as hereinafter provided, and at maturity their face amount
i
will be payable without interest. They will be issued in bearer form only, and in
1

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 16, 1959 j
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
^>rice offered must be expressed on the basis of 100, with not more than three

*fc\_ «*L a_U

TREASURY DEPARTMENT
IH•••.«• T J '),•••' J U.JH I H I wn.» i

..,.^11,11111 .,LIH..|UWUI|,|W...1,J||.U. •^•...••••ixmMUllUllHmMIMIIIHIlllll

IHMIIHMW—IMIIMIIIIIIIIII «

••Ill I

WASHINGTON. D.C.
RELEASE A. M. NEWSPAPERS,
Thursday, November 12, 1959.

A-674

The Treasury Department, by this public notice, invites tenders
for two series of Treasury bills to the aggregate amount of
$1,600,000,000, or thereabouts, for cash and in exchange for
Treasury bills maturing November 19* 1959, in the amount of
$1,600,399,000, as follows:
91 -day bills (to maturity date) to be issued November 19, 1959,
in the amount of $1,200,000,000, or thereabouts, representing an
additional amount of bills dated August 20, 1959, and to
mature February 18, i960,originally issued in the amount of
$400,268,000,
the additional and original bills to be freely
Interchangeable.
182-day bills, for $400,000,000, or thereabouts, to be dated
November 19, 1959,and to mature May 19, i960.
The bills of both series will be issued on a discount basis under
competitive and noncompetitive bidding as hereinafter provided, and
at maturity their 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 15, 1959. 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.

-2 Immediately after the closing hour, tenders will be opened sit
the Federal Reserve Banks and Branches, following which public
announcement will be made by the Treasury Departmment 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 respec
shall be final. Subject to these reservations, noncompetitive
tenders for $200,000 or less for the additional bills dated
August 20, 1959, (91 days remaining until maturity date on
February 18, i960) and noncompetitive tenders for $ 100,000
or less for the 182-day bills without stated price from any one
bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids for the respective issues.
Settlement for accepted tenders in accordance with the bids must be
made or completed at the Federal Reserve Bank on November 19, 1959,!
in cash or other immediately available funds or In a like face
amount of Treasury bills maturing November 19,1959. 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 exclude!
from consideration as capital assets. Accordingly, the owner of
Treasury bills (other than life insurance companies) issued hereundi
need include in his income tax return only the difference between j
the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon J
sale or redemption at maturity during the taxable year for which thj
return Is made, as ordinary gain or oOo
loss.
Treasury Department Circular No. 4l8, Revised, and this notice
prescribe
the terms
of
bills
and
thefrom
conditions
Federal
of theirReserve
issue.
Bank
Copies
orthe
Branch.
of Treasury
the circular
may
begovern
obtained
any .

TREASURY DEPARTMENT
Washington

•i -f

xi2

FOR IMMEDIATE RELEASE,
FRIDAY, NOVEMBER 13, 1959.

A-675

TheHBureau of" Customs-announced today preliminary figures showing the
quantities of wheat and wheat flour authorized to be entered, or withdrawn
from warehouse, for consumption under the import quotas established in the
President's proclamation of May 23, 1941* as modified by the President's
proclamation of April 13, 1942, for the 12 months commencing May 29, 1?59,
as follows?

•
•
«

Country

Iheat

•

of
Origin

«
•

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

Established s
Imports
ilia:" 29 , 1959? to
Quota
^November 9, 1959
(Bushels)
(Bushels)
795,000
—
-

5
ISheat flour., semolina,
s
crushed or cracked
s
wheat, and similar
t
wheat products
•
• Established s
Imports
t
Quota
s May 29, 1%,
to Nov. 9, 19
(Pounds)
(Pounds)

1,000

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

«_.

795,000
_,_

100
-

100
100
_

100
2,000
100 "
1,000
-

100
._
—
mm

_.
mm.

100
100

,„_

—

3,815,000
_
mm

mma

4ii

„

«,
_
—
—
mm

—

TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
FRIDAY, NOVEMBER 13, 1959.

li 3
A-675

The "Bureau of .ustoms announced today preliminary figures showing the
quantities of wheat and wheat flour authorized to be entered, or withdrawn
from warehouse, for consumption under the import quotas established in the
President's proclamation of May 28, 194l, as modified by the president's
proclamation of April 13, 1942, for the 12 months commencing May 29, 1%9,
as follows?
!

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

Wheat
Country
of
Origin

Established
Quota
(Bushels)

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

795,000
_

Imports
29, 1959s to
November £__ 1959 _
(Bushels)

Established
Quota

795,000

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

(Pounds)

Imports
May 29, 1959?
to Nov. 9, 195$
(Pounds)
3,815,000

411

100
100
100
100

"795,000

4700"07T50U

3,8l5,)ill

TREASURY DEPARTMENT
Washington
u. Q

IMMEDIATE RELEASE
FRIDAY, NOVEMBER 13, 1959 -

A-676

The Bureau of Customs announced today the following preliminary
figures showing the imports for consumption from January 1, 1959, td
October 51, 1959, inclusive, of commodities for which quotas were
established pursuant to the Philippine Tr#le Agreement Revision Act
of 1955:

: Established Annual
: Quota Quantity

Commodity
Buttons* ••

•....

765,000

Unit
of
Quantity
Gross

Imports
as of
October 31. 1959
245,901

Cigars........

130,000,000

Number

3,730,169

Coconut Oil.........

403,200,000

Pound

126,059,236

Cordage*•••••....•.•

6,000,000

Pound

4,032,913

(Refined.
Sugars
(Unrefined....
Tobacco* •••••••

63,404,000*
1,904,000,000

Pound
1,840,596,000*

5,850,000

Pound

^Information furnished by Department of Agriculture

5,747,708

"*» .4. •,>

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE
FRIDAY, NOVEMBER 13, 1959.

A-676

The Bureau of Customs announced today the following preliminary
figures showing the imports for consumption from January 1, 1959, i#
October 31, 1959, inclusive, of commodities for which quotas were
established pursuant to the Philippine Trade Agreement Revision Act
of 1955:

Commodity

: Established Annual £ Unit
:
Imports
: Quota Quantity
:
of
:
as of
5
,
s Quantity s October 31* 1959.

Buttons 765,000 Gross 245,901
Cigars 180,000,000 Number 3,730,169
Coconut Oil 403,200,000 Pound 126,859,236
Cordage «*• 6,000,000 Pound 4,032,913
(Refined. 63,404,000*
Sugars
(Unrefined.*.*

1,904,000,000

Pound

Tobacco * 5,850,000 Pound 5,747,708

information furnished by Department of Agriculture

1,840,596,000*

6
M

- 2 -

Commodity

Period

j- i- y

and

Quantity

Unit
:
Imports
of
:
as of
Quantity :Oct. 31. lffo

Absolute Quotas:
Peanuts, shelled, unshelled,
blanched, salted, prepared, o r
preserved (incl* roasted peanuts but not peanut butter)....
Rye, rye flour, and ryo meal.

Butter substitutes, including
butter oil, containing k5% or
more butterfat
*
Tung Oil,

* Imports through November 9*

12 mos* from
August 1, 1959
Sept. 1, 1959 June 30, I960
Canada
Other Countries

Calendar Year
Feb. 2, 1959 Oct. 31, 1959
Argentina
Paraguay
Other Countries
Nov. 1, 1959 Jan. 31, I960
Argentina
Paraguay
Other Countries

1,709,000

Pound

75,851,7iil
1,547,995

Pound
Pound

50,636,2Lj

1,200,000

Pound

Quota Fill

53M

*•

16,633,591
2,231,680
702,000

Pound
Pound
Pound

Quota FIB
Quota FUJj
Quota Fill

5,525,000
74L,000
234,000

Pound
Pound
Pound

1,644,96!
Quota Fil
186,87(

TREASURY DEPARTMENT
Washington, D. C.

IMMEDIATE RELEASE
FRIDAY, NOVEMBER 1^. 1959.

A-677

The Bureau of Customs announced today preliminary figures showing the imports for I
-consumption of the commodities listed below within quota limitations from the beginning
of the quota periods to October 31, 1959, inclusive, as follows:

Imports
as of
Oct. 31, ij
Tariff-Rate Quotas;
Cream, fresh or sour......

Calendar Year

1,500,000

ole milk, fresh or sour,

Calendar Year

3,000,000 Gallon

Oct. 1 , 1959 Dec. 31, 1959

120,000 Head

1 2 m o s . from
April 1, 1959

200,000

Cattle, 7 0 0 l b s . o r more each
(other than dairy c o w s ) .
Cattle, less than 200 l b s . each..

Gallon

12;

m
4,:

Head

30,88!

Fish, fresh o r frozen, filleted,
etc., cod, haddock, hake, p o l lock, cusk, and rosefish.......

Calendar Year

36,919,874

Pound

Quota Filjj

T u n a fish,

Calendar Year

52,372,574

Pound

43,114,35|

White o r Irish potatoes:
Certified seed.........
Other

12 mos* from
Sept. 15, 1959

114,000,000
36,000,000

Pound
Pound

62,00f
438,20^

Walnuts...,

Calendar Year

5,000,000

Pound

2,962,50lJ

Peanut oil,

12 mos. from
July 1, 1959

80,000,000

Pound

Calendar Year

13,500,000

Pound

W o o l e n fabrics,
Woolen fabrics (Presidential
Proclamation 3285 - TD 54845)

May 19 - Dec.
31, 1959

4
Quota Fill"

y
350,000

(continued)

Pound

247,0!,

218
TREASURY DEPARTMENT
Washington, D. C.
IMMEDIATE RELEASE
TODAY, NOVEMBER 13, 1959.

A-677

The Bureau of Customs announced today preliminary figures showing the imports for
onsumption of the commodities listed below within quota limitations from the beginning
t the quota periods to October 31, 1959, inclusive, as follows s
,.

j
:
8

Commodity

Period

and

Quantity

: Unit
s
of
: Quantity

Imports
as of
Oct. 31. 1959

Tariff-Rate Quotas:
128

Cream, fresh or sour.. Calendar Year 1,500,000 Gallon

182

Whole milk, fresh or sour.* Calendar Year 3,000,000 Gallon
Cattle, 700 lbs* or more each
(other than dairy cows).........

Oct. 1, 1959 Dec. 31, 1959

120,000

Head

4,309

Cattle, less than 200 lbs* each** 12 mos. from
I
April 1, 1959

200,000

Head

30,886

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

36,919,874

Pound

runa fish ...* Calendar Year 52,372,574 Pound
nfhite or Irish potatoes:
Certified seed
*
Other
*

••

12 mos. from
Sept. 15, 1959

Quota Fillec
43,114,352

114,000,000
36,000,000

Pound
Pound

tfalnuts Calendar Year 5,000,000 Pound

62,000
438,208
2,962,504

'eanut oil ...*... 12 mos. from
July 1, 1959

80,000,000

Pound

foolen fabrics.... ••• Calendar Year 13,500,000 Pound

Quota Pill©
<ool ,1 fabrics (Presidential
Proclamation 3285 - TD 54845)

May 19 - Dec.
31, 1959

350,000

(continued)

Pound

247,651

- 2 -

Commodity

Period

and

Quantity

:
Unit J
Imports
:
of
j
as of
: Quantity :Oct. ?lt 1Q5J

Absolute Quotas*
Peanuts, shelled, unshelled,
blanched, salted, prepared, or
preserved (incl. roasted peanuts but not peanut butter)...,
Rye, rye flour, and rye meal.

Butter substitutes, including
butter oil, containing k5% or
more butterfat
Tung Oil,

* Imports through November 9*

12 mos. from
August 1, 1959
Sept. 1, 1959 June 30, I960
Canada
Other Countries

Calendar Year
Feb. 2, 1959 Oct. 31, 1959
Argentina
Paraguay
Other Countries
Nov. 1, 1959 Jan. 31, I960
Argentina
Paraguay
Other Countries

1,709,000

Pound

53,800*

75,851,741
1,547,995

Pound
Pound

50,636,215*

1,200,000

Pound

Quota Fillej

16,633,591
2,231,680
702,000

Pound
Pound
Pound

Quota Fill*
Quota Fill©
Quota Fillet

5,525,000
741,000
234,000

Pound
Pound
Pound

1,644,965*
Quota Fillet
186,870*

—

COTTON WASTES
(In pounds)

119

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

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

Total Imports
. Established s
Imports
Tf
Sept. 20- 195&^to : -33-1/26 of : Sept. 20, 1959
November '9»
Total Quota ; to November 9, 1959

4,323.457
. a
239,690
. e
227,420
e .
69,627
. a
68,240
. a
44,388
38,559
.
a
341,535
. a
17,322
. a
8,135
a .
6,544
. .
76,329
21.263

1,667,259
239*690

5,482,509

1,906,949

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

1,441,152 1,398,381
75,807
22,747
14,796
.12,853

25,443
7.088
1.599.886

1,398,381

TREASURY DEPARTMENT
Washington, D. C.
IMMEDIATE RELEASE 1/U A-678

FRIDAY, NOVEMBER 13, 1959*

* ^^

\ 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 3A"__
Imports September 20, 1959 - November 9. 1959
Imnorts

Country of Origin Established Quota Imports Country of Origin Established Quota
Egypt and the Anglo- Honduras 752
Egyptian Sudan
783,816
Peru
•
247,952
British India
2,003,483
China
1,370,791
Mexico
8,883,259
Brazil !
618,723
U-ion of Soviet
Socialist Republics ...
475,124
Argentina
5,203
237
Haiti
Ecuador'!!!!!!!!!!""!".
9,333

Paraguay
Colombia ..........
Iraq
British East Africa .. .
8,883,259
Netherlands E. Indies .
618,000
Barbados
^
l/other British W. Indies
Nigeria
2/0ther British W. Africa
3/Other French Africa ...
Algeria and Tunisia ...

1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
Cotton 1-1/8" or more
Imports August 1, 1959 - November 9, 1959
Established Quota (Global) - 45,656,420 Lbs.
Staple Length Allocation Imports
1-3/8" or more
1-5/32" or more and under

39,590,778

1-3/8" (Tanguis)
l-__/8" or more and under
I-3/8"

1,500,000

> ,5 65 .,642

/*_565_64Jg

• Bfl
124
195
2,240
71,3oo
21,321
5,377
16,004
609

TREASURY DEPARTMENT
Washington, D. C.
IMMEDIATE RELEASE
FRIDAY, NOVEMBER 13, 1959.

A-678

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 September 20, 1959 - November 9, 1959
Country of Origin
F'i'yvk s.nd 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

Country of Origin

Established Quota

Honduras
Paraguay
Colombia
Iraq
British East Africa ...
8,883,259
Netherlands E. Indies .
618,000
Barbados
1/Other British W. Indies
—
Nigeria
2/0ther British W. Africa
—
3/Other French Africa ...
—
Algeria and Tunisia ...

1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago,
2/ Other than Gold Coast and Nigeria.
3/ Other than Algeria, Tunisia, and Madagascar.
Cotton 1-1/8" or more
Imports August 1, 1959 - November 9, 1959
Established Quota (Global) - 45,656,420 Lbs.
Staple Length Allocation Imports
.1-3/8" or more
39,590,778
1-5/32" or more and under
1-3/8" (Tanguis)
1,500,000
-1-1/8" or more and under
1-3/8"
4,565.642

39,590,778
1,500,000
A.*** *,.o

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

Imports

•

COTTON WASTES
(In pounds)
COTTON CARD STRIPS made from cotton having-a staple of less than 1-3/16 inches in length, COHBER
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

Established
TOTAL QUOTA

United Kingdom
4,323,457
Canada
.
239,690
France . . . . . . .
. .
227,420
British India . . . . . .
69,627
Netherlands . . . . . . .
68,240
Switzerland . . . . . . .
44,388
Belgium
38,559
Japan . . . . . • „ . . . . .
341,535
China
17,322
Egypt
.
8,135
Cuba
6,544
Germany
76,329
Italy . . . .
21,263
5,482,509
1/ Included in total imports, column 2.
Prepared in the Bureau of Customs.

Imports
Total Imports
Established %
Sept. 20. 1 9 5 9 ^ 0 % 33-1/3* of : Sept, 20, 1959
Total Quota ; to November 9» 1959
November 9, 1959
1,667,259
239,690

1,441,152

1,398,381

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

25,443
7,088
1,906,949

1,599,886

1,398,381

TREASURY DEPARTMENT
Washington, St C.

I £_ i_

IMMEDIATE RELEASE

FRIDAY, NOVEMBER 13 , 1959.

A-679

PRELDCNAKr DATA ON ISSPORf 3 FOR CONSUMPTION OF DNMANUFACTUBED LEAD AND ZINC CHARGEABLE TO THE G0OTAS ESTABLISHES
BY PRESIDENTIAL PROCLAMATION NO. 3257 Of SEPTEMBER 22, 195*
QUARTERLY QUOTA PERIOD • October 1, 1959 - December 31, 1959
IMPORTS - October 1, 1959 - November 9, 1959
ITEM 394
ITEM 393
ITEM 392
3 Lead bullion or base bullion,
1 lead in pigs and bar3, lead
$
*
Lead-bearing ores, flue dust,J dross, raolaimad lead, scrap
s Zine-baaring ores ©f all kinds,: Zino la blooks, pigs, or slabs;
and aattes
: lead, aatiaonlal lead, antls except pyrites containing not 1: old
zino, fit zino
onlyand
to worn-out
be reaanufaetured.
: aonial scrap lead, typo aatal, :
oyer 3^ of «la°
dross, and zino sklanings
* all alloys or combinations of 1
t:Quarterly Quota
load n.s.p.f.
t
„_
Quarterly Quota
t&aarterly
Quota
:Quarterly Quota
Imports
By Weight
Imports
luraorta x Dutiable Zinc
t Dutiable- Lead
Imports 1 Dutiable Lead
(Pounds')
IPoundsJ
(Pounds)
ITEM 391

Country
of
Production

Australia

10,080,000

8,234,896

23,680,000 10,529,186
5,440,000

Belgian Congo
Belgium and
Luxsaburg (total)

7,520,000

Boltvi*

5,040,000

3,202,804

Canada

13,440,000

15,920,000

5,010,732

66,480,000

65,780,440

Italy
Mexico
Peru

l6,l6o#ooo

9,231,256

Oh. So. Afrioa

14,880,000

6,843,800

Yugoslovia
All other foreign
countries (total)

6,560,000

928,416

391,164

37,840,000

19,605,793

3,600,000

36,880,000

33,H9»754

70,480.000

37,497,065

6,320,000

12,880,000

3,530,959

35,120,000

8,854,505

3,760,000

15,760,000

14,552,504

6,080,000

17,840,000

6,080,000

223,978
756,200

6,080,000

TREASURY DEPARTMENT
Washington, 0. C.

12 j

IMMEDIATE RELEASE

FRIDAY, NOVEMBER 13, 1959,

A-679

PRELIMINARY DATA ON IMPORTS FOR CONSUMPTION 07 DNMANUFACTUR3D LEAD AND ZINC CHARGUBLE TO THE QUOTAS ESTABLISHED
BY PRESIDENTIAL PROCLAMATION NO* 3257 0? SEPTEMBER 22, 195«
QUARTERLY QUOTA PERIOD - Ootober 1, 1959 - December 31, I959
IMPORTS - ootober 1, I959 - November 9, 1959
ITEM 391

Country
of
Production

Australia

ITEM 392
ITEM 393
ITEM 394
T Lead bullion or base bullion,
I
*
s lead in pigs and bars, lead
g
%
% Lead-bearing ore3, fluo dust,j dross, reoUiasd load, scrap
: Zine-baaring ores of all kinds,: Zino ia blocks, pigs, or slabs?
*
and aattes
: lead, anttaonlal load, antl: except pyrites containing not s old and _ora-sut zino, fit
j only to be reaanufactured, zino
s
s aonial scrap load, type aatal, t
over 3 ^ of _ino
dross, and zinc skiaaings
*
i all alloys or combinations of x
*
. „
---•-,,
*. , ,,
*9afl P«s.p.f.
t
|
{Quarterly &sota
:Quarterly Quota
:£iartarly
__ota
sOiartarly
laports :
Dutiable Laad
_SDort3 1
Dutiable __ota
Zinc
InDorts ; By geight
Isports
(Pounds}" "~
t Dutiable. Lead
...---. "(Pounds)
~~
~"*
(poundsf
(Pounds)
10,080,000
8,234,896
23,680,00010,529,186

Belgian Congo

5,440,000

Belgium and
Luxemburg (total)

7*520,000

Boltvi*

5,040,000

3,202,804

Canada

13.440,000

13,440,000

15,920,000

5,010,732

66,480,000

65,780,440

Italy
Mexico
Peru
Un. So. Africa

36,880,000
16,160,000

9,231,256

14,880,000

6,843,800

Yugoslovia
All other foreign
countries (total)

12,880,000

15,760,000
6,560,000

928,416

6,080,000

391,164

37,840,000

19,605,793

3,600,000

33,119,754

70,480,000

37,497,065

6,320,000

223,978

3,530,959

35,120,000

8,854,505

3,760,000

756,200

17,840,000

14,552,504
6,080,000

$,030,000

6,080,000

• E *

i<^

^'U

t^^pmwm^mmw a»p w ?
District
Boston,
R w York
Olwelaad
Atlanta
Chicago
8%. X0Ui*
Dallas

Total

9K1959 &rtl£S>
B»1B89 M U M
omtrnm Bcchaaged
$ 44,938,000
449,749,000
38,718,000
95,*9M*0
9,477,090
15,363,000
li8,ll§,000
21,138,000
tt,9g*,000
14,091,000
6,307,000
19,313,000

$ 98*994,000
179,963,000
18,853,000
10,-383,000
11,413,000
17,872,000
78,073,000
If #865*000
14,270,000
84,882,000
19,178,000
IS,84?,000
I II iii.iin

#871,171,00)

• .n II

•!»<

linn mi

|4S7,781,00O

not,sg4,ooo
739,986,000
43,225,000
93,972,000
37,073,000
88,778,000
189,085,000
78,983,000
45,414,000
99,382,000
85,757,000
100,039,000
., _ ?9 # 3M f 00O

$1,683,438,000

$ 874,068,910
1,388,888,009
100,804,989

m,mm
57,988,0*
31,0114*
483,4
U3,S
82,3
88,158,989
48,861,990
34S,i8©f0®8
+3*018,380,0*

*,j)jtV

;

U&5EDIATE RELEASE,
-Jrldav. November 13, 1959.

||K*PKk*p**
j

The Treasury Department today announced the results of the current exchange
offering of 4-3/4 percent one-year Treasury Certificates of Indebtedness of Serifs
C-1960, and 4-7/8 percent four-year Treasury Kotee of Series C-1963, both to be
dated November 15, 1959, open to holders of $7,710,556,000 of 3*3/8 percent Certif.
icates of Indebtedness of Series E-1959 and $1,183,574,000 of 3-1/2 percent Treasury
Jtotes of Series B-1959, both maturing KOvember 15. Subscriptions for the new
Amounted to $8,365,812,000, leaving $528,318,000 of the maturing issues for cash _•
demption. Of this amount $305,777,000 are the certificates and $222,541,000 arith
notes •_._Ss^
In addition, holders of $1,683,438,000 of the $&,000,387,000 of 4 pereeat
Treasury DJotes of Series B-1962, maturing August 15, 1962, but redeemable on Fetru
ary 15, 1960, upon giving notice of intention to redeem not later than November 16
1959, exchanged them for the new note©, making total exchanges for the 4-7/8 perces
four-year Treasury notes $3,012,390,000.
Amounts exchanged were divided between the two new issues and among the several
Federal Beserve Districts and the Treasury as follows:
4-3/4^ TREASURY CyTIFXCATSS OF XmWimWBS OF SERIES C-1960
Federal Reserve B-1959 Certifi- B-1959 Notes Total Exchangee
District
cates Exchanged
Exchanged
for C-1960 Certs.
lirLlli

, I,, 1 . 1 , 1 1 1 1 ,

m.ifii m

HI, .n. j j i i - j

-|M-TJT

ruir.i.n

in mi n n ' i n u m mii^n nn.ir- •

T-r

n m i w T ' J T ^ K I I • n i n JILI

Boston $ 73,285,000 $ 37,206,000 $ 110,491,000
New York
5,908,245,000
198,475,000
Philadelphia
46,426,000
15,071,000
Cleveland
51,568,000
23,330,000
Richmond
14,767,000
12,272,000
Atlanta
37,248,000
14,911,000
Chicago
173,027,000
89,176,000
St. Louis
71,811,000
17,524,000
27,993,000
16,576,000
Kansas City
41,764,000
23,416,000
19,023,000
20,018,000
55,167,000
33,884,000
15,264,000
1,393,000
$6,533,608,000 $503,252,000 $7,036,860,000

-mi

iriumirr

... . _n «

-—•

6,106,720,000
61,497,000
74,898,000
27,039,000
52,159,000
262,203,000
89,335,000
44,569,000
65,180,000
39,041,000
89,051,000
14,677,000

" — '

REASURY DEPARTMENT
:,,,

I.I.,_IJI , fujwjji'..! -•\\..,>.<..>j,jwm>„<<jimu)uim.'KLjnwim.in^

WASHINGTON, D.C.
MEDIATE RELEASE,
riday, November 13, 1959.

A-680

itolt '^ie Treasury Department today announced the results of the current exchange
suffering of 4-3/4 percent one-year Treasury Certificates of Indebtedness of Series
mtjj-1960, and 4-7/8 percent four-year Treasury Notes of Series C-1963, both to be
Upted November 15, 1959, open to holders of $7,710,556,000 of 3-3/8 percent Certificates of Indebtedness of Series E-1959 and $1,183,574,000 of 3-1/2 percent Treasury
(flutes of Series B-1959, both maturing November 15. Subscriptions for the new issues
mounted to $8,365,812,000, leaving $528,318,000 of the maturing issues for cash redemption. Of this amount $305,777,000 are the certificates and $222,541,000 are the
^.otes.
I|

>••

^
In addition, holders of $1,683,438,000 of the $2,000,387,000 of 4 percent
ll'reasury ITotes of Series B-1962, maturing August 15, 1962, but redeemable on February 15, I960, upon giving notice of intention to redeem not later than November 16,
.959, exchanged them for the new notes, making total exchanges for the 4-7/8 percent
. 'pur-year Treasury notes $3,012,390,000.
Amounts exchanged were divided between the two new issues and among the several
federal Reserve Districts and the Treasury as follows:
4-5/4$ TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES C-1960
federal Reserve E-1959 Certifi- B-1959 Notes Total Exchanges
district
cates Exchanged
Exchanged
for C-1960 Certs.
f

loston
lew York
Philadelphia
Cleveland
Richmond
Atlanta
fchicago
fet. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury

•

$
73,285,000
5,908,245,000
46,426,000
51,568,000
14,767,000
37,248,000
173,027,000
71,811,000
27,993,000
41,764,000
19,023,000
55,167,000
13,284,000

•

••

$ 37,206,000
198,475,000
15,071,000
23,330,000
12,272,000
14,911,000
89,176,000
17,524,000
16,576,000
23,416,000
20,018,000
33,884,000
1,593,000

TOTAL $6,533,608,000 $503,252,000 $7,036,860,000

110,491,000
6,106,720,000
61,497,000
74,898,000
27,039,000
52,159,000
262,203,000
89,335,000
44,569,000
65,180,000
39,041,000
89,051,000
14,677,000

4-7/8^ TREASURY NOTES OF SERIES C-1965
Federal Reserve
District

E-1959 Certificates Exchanged

B-1959 Notes
Exchanged

B-1962 Notes
Exchanged

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

$ 44,938,000
448,749,000
38,728,000
35,888,000
9,477,000
19,363,000
162,115,000
21,182,000
22,568,000
24,091,000
6,307,000
29,313,000
8,452,000

$ 26,894,000
179,953,000
18,253,000
19,283,000
11,412,000
17,872,000
79,073,000
19,863,000
14,270,000
24,682,000
14,201,000
16,178,000
15,847,000

202,224,000
739,986,000
43,223,000
93,272,000
37,073,000
23,776,000
182,085,000
72,863,000
45,414,000
39,382,000
25,757,000
100,039,000
78,344,000

$ 274,056,000
1,368,688,000
100,204,000
148,443,000
57,962,000
61,011,000
423,273,000
113,908,000
82,252,000
88,155,000
46,265,000
145,530,000
102,643,000

TOTAL

$871,171,000

$457,781,000

$1,683,438,000

$3,012,390,000

Total Exchanges
for C-1963 Notes

mWmmA,

mmmm,

m****** mmmmm XI, X$$9*
The frmmmitry Befmrteent mmnmod 3*iV#f»«if)f 'that ttm tenders tor tiro series
of MaiftBp bills, os*e mmrim to hm ma siaiUoasi Issue of- Urn bills 4ated 4ag«at 20,
Jft, and tne othar eerie© to
#**«*>.:•
2 # f j wfrich were offer*! ea
12, Mere ope
S on ^om^OBT 16.- fenders w i
vit»d fop H,200,0QQ,000, or thereabout*, a£ 91-d*y billa an* tor ^400,000,000, or
tiaereafeoute, oi* 182-day bills.
stalls
: b © series'are &s follows}
I82~4ay Treasury bills
l.s
:
:Xn
v
*«
faying ^ . M > I960
-"
•
___ j_£S!£___L -'* 2,i il^iij- ill
*»al feats

,*rioe
$(881
J ve#ege

*J
98.905

k.®
4.332*

gg uro tenders totaling ttS6j
S*eef*tt«8 four teatem
the about i
s.-day billstold.;
66 pare,
the aaount mf i82n$ay bills b M foi

fnayal m%m
9?.628 bf
S'7.590
;?.602

k.$m
4.7671
4.744,1

g accepted
-# was accepted
r8ZC88i

riot

fCCtgjjaKt
31,464,000
786,224,000
23,962,0)0
32,883,000
14,806,000

.ceptsd:

i ii,b2b,000
275,420,000
2,869,000
21^20?
16,207,000
40,000
*tlante
74t,ooo
5,616,000
G&lS»§«
2S,?«*,oeo
,000
31,yO2,00O
St. Louis
108,366,000
3,395,000
5,766,000
Minneapolis
11,023,000
136,000
2,445,000
mmmm 0 1 %
62,
£6,000
6,236,000
•Dallas
22,776,000
,
lltfMgg
Dkl,Q00
rrssolseo
11x522
rSM,7fct«0OQ il,2GO,325,O0C&A ^03,246,000
0,U3,08&#
39,527,000
tmlwAtm #247,221,000 mmompmtiUm tenders aeeepied at the average .*riee of #.fl^ft
Includes 153,624,000 i*MKMp8tttl*» tenders asespted at the average price of >? .602
itss lofts
l%llsstelphia

ppllM For<wwg>
42,241,000
I,3f$,3tli,000
33,^62,000
32,883,000
14,806,000
26,875,000
m,366,000
28,001,000
11,023,000
65,834,000
22,776,000

# 7,524,000
6C

TREASURY DEPARTMENT
WASHINGTON, D.C.
MWkSH A. M. NEWSPAPERS,
^Tuesday, November 17, 1959.

A-6&X

I
I)

I
The Treasury Department announced last evening that the tenders for two series
it Treasury bills, one series to be an additional issue of the bills dated August 20,
L959, and the other series to be dated November 19, 1959, which were offered on
Uffoveinber 12, were opened at the Federal Reserve Banks on November 16. Tenders wers
|Lnvited for 41,200,000,000, or thereabouts, of 91-day bills and for 1400,000,000, or
thereabouts, of 182-day bills. The details of the two series are as follows;
^jRANQE OF ACCEPTED 91-day Treasury bills 182-day Treasury bills
"COMPETITIVE BIDS:
maturing February 18, I960
s
maturing May 19. I960
Approx. Equiv* t Approx. Equiv.
Price
High
Low
Average

Animal Hate

Price

4.213*
4.399*
4.332*

t
t
J

97.628 b /
97.590
97.602

98.935 a/
98.888
98.905

Annual Rate
4.692*
4.767*
4.744*

\f Excepting two tenders totaling $250,000
\f Excepting four tenders totaling $1,210,000
!6 percent of the amount of 91-day bills bid for at the low price was accepted
6 percent of the amount of 182-day bills bid for at the low pries was accepted
mid. TENDERS APPLIED FOR AND ACCEPTED BT FEDERAL RESERVE DISTRICTS?
District

Applied For

Accepted

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

$
42,241,000
1,395,324,000
33,962,000
32,883,000
14,806,000
26,875,000
148,366,000
28,001,000
11,023,000
65,834,000
22,776,000
73_65l,000

$1,895,742,000

$1,200,325, OOCjc/: $803,246,000

TOTALS

s Applied For
8

31,464,000 • $ 7,524,000
786,224,000
609,500,000
23,962,000
9,869,000
32,883,000 •
21,207,000
14,806,000
1,640,000
25,705,000 »
6,416,000
102,366,000
67,742,000
28,001,000
5,786,000
11,023,000 3
3,395,000
62,834,000 3
6,336,000
22,776,000 3
8,056,000
58,281,000 t
55,775,000

Accepted
$

4,424,000
275,420,000
2,869,000
16,207,000
1,640,000
5,616,000
31,902,000
5,786,000
2,445,000
6,236,000
8,041,000
39,527,000
$4OO,113,OO0d/

/ Includes $247,221,000 noncompetitive tenders accepted at the average price of 98.905
/ Includes $53,624,000 noncompetitive tenders accepted at the average pries of 97.602

129

November 2, 1959
MEMORANDUM TO MR. MARTIN L. M3QRE:
The following transactions were made in direct and guaranteed securities
of the Government for Treasury investments and other accounts during -the month
of October 1959*.
Purchases $43,002,000.00
Sales 1.921.000.00
NET PURCHASES

4^081,000.00

TREASURY DEPARTMENT
iC. iLi

WASHINGTON. D-C

r
IMMEDIATE RELEASE,
Thursday > Oslubur 15r^959.

*J____L
A^aol

During sdm^^twW 1959, market transactions
in direct and guaranteed securities of the
government for Treasury investment and other
accounts resulted in net purchases by the
Jft/i, 0ff, OOO
Treasury Department of tnftjiifl7ijmft fin

oOo

'i 5 i i
-L. y

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

IMMEDIATE RELEASE,
Monday, November l6, 1959.

A-682

During October 1959* 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 $4l,08l,000.

oOo

-\ 0 )
J~ ^ •*-

- 3 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, hut
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. 418, Revised, and this notice, prescribe the
terras 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- J

decimals, e. g., 99.925. Fractions nay 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 Breeches on application therefor.
Others than banking institutions will not be permitted to submit tenders except for their cwn account. Tenders will be received without deposit fron incorp.
rated banks and trust companies and from responsible and recognized dealers in invest
ment 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

bills dated

August 27, 1959
* i y*

February 25, 1960

ps$

( 90

days remaining until maturity date on

X_3Q

) and noncompetitive tenders for $ 100,000 or less for the

XS5$

181 -day bills without stated price from any one bidder will be accepted in full
at the average price (in three decimals) of accepted competitive bids for the respective issues. Settlement for accepted tenders in accordance with the bids must be
made or completed at tne Federal Reserve Bank on Hovember 27, 1959

, in cash or

other immediately available funds or in a like face amount of Treasury bills maturing Hovember 27, 1959

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 frcm Treasury bills, whether interest or gain from the sale
or other disposition cf the bills, does not have any exemption, as such, and loss

1 QQ
JL w w

TREASURY DEPARTMENT
Washington
RELEASE A. M. NEWSPAPERS, ;

Thursday, Hovember 19, 1959
X&*

•

The Treasury Department, by this public notice, invites tenders for two series
of Treasury bills to the aggregate amount of $ 1,600,000,000 > or thereabouts, for

m
cash and in exchange for Treasury bills maturing
of $ 1,599,940,000 , as follows:

November 27, 1959 , in the amount

£*
90 -day bills (to maturity date) to be issued Hovember 27, 1959 ,
in the amount of $ 1,200,000,000 , or thereabouts, representing an additional amount of bills dated
and to mature

August 27, 1959

February 25, 1960 , originally issued in the

amount of $ 400,042,000 , the additional and original bills
to be freely interchangeable.
181 -day bills, for $ 400,000,000 , or thereabouts, to be dated
ip±A
3 ^
November 27, IS59 , and to mature
May 26, I960

The bills of both series will be issued on a discount basis under competitive
and noncompetitive bidding as hereinafter provided, and at maturity their 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 23, 1959 _•
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

TREASURY DEPARTMENT

WASHINGTON. D.C.
RELEASE A. M. NEWSPAPERS,
Thursday, November 19, 1959*

A-683

The Treasury Department, by this public notice, invites tenders
for two series of Treasury bills to the aggregate amount of
$1,600,000,000, or thereabouts, for cash and in exchange for
Treasury bills maturing November 27*1959* in the amount of
$1*599*9^0,000, as follows:
90-day bills (to maturity date) to be issued November 27* 1959*
In the amount of $1,200,000,000, or thereabouts, representing an
additional amount of bills dated August 27,1959*
and to
mature February 25, 1960,originally issued In the amount of
$400,042,000,
the additional and original bills to be freely
interchangeable.
181-day bills, for $400,000,000, or thereabouts, to be dated
November 27, 1959*and to mature May 26, i960.
The bills of both series will be issued on a discount basis under
competitive and noncompetitive bidding as hereinafter provided, and
at maturity their 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 23, 1959. 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.

- 2 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 Departmment 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 for the additional bills dated
August 27, 1959. (90 days remaining until maturity date on
February 25, I960) and noncompetitive tenders for $100,000
or less for the lol-day bills without stated price from any one
bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids for the respective issues.
Settlement for accepted tenders in accordance with the bids must be
made or completed at the Federal Reserve Bank on November 27* 1959*
in cash or other immediately available funds or in a like face
amount of Treasury bills maturing November 27*1959. Cash and
exchange tenders will receive equal treatment. Cash adjustments
will be made for differences between the par value of maturing
bills accepted in exchange and the Issue price of the new bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject to
estate, inheritance, gift or other excise taxes, whether Federal or
State, but are exempt from all taxation now or hereafter imposed on
the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to be
interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills are
sold, redeemed or otherwise disposed of, and such bills are excluded
from consideration as capital assets. Accordingly, the owner of
Treasury bills (other than life insurance companies) Issued hereunder
need include in his income tax return only the difference between
the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon
sale or redemption at maturity during the taxable year for which the
return is made, as ordinary gain or oOo
loss.
Treasury Department Circular No. 4l8, Revised, and this notice,
prescribe
Federal
of theirReserve
Issue.
the terms
Bank
Copies
of
orthe
Branch.
of Treasury
the circular
bills
may
and
begovern
obtained
thefrom
conditions
any

T O H O L D E R S O F U. S. SAVINGS B O N D S O F SERIES F A N D G
ISSUED IN 1948 A N D M A T U R I N G IN 1960

^ - •*.

EXCHANGE PRIVILEGE • Holders of Series F and Series G savings bonds maturing fironi January 1 through December 1,
J960, are offered the privilege, during the P E R I O D F R O M N O V E M B E R 23 T O 30, 1959, of exchanging them with interest
adjustments to December 15, 1959, for 4 % % marketable Treasury notes (in registered or bearer form) dated July 20, 1959,
^maturing May 15, 1964; now outstanding in the amount of $4,184 million. Exchange adjustments will be fixed to provide a
return on the notes equivalent to approximately 1% more than the F and G bonds would earn for their remaining life. From
that point until maturity on May 15, 1964. the return on the notes will be approximately 4.81%. The Treasury notes will be
priced at $99% per $100.
PRESENTATION FOR EXCHANGE Subscriptions for exchange MUST BE RECEIVED BY OR PLACED IN THE MAILS
to a Federal Reserve Bank or branch or the Treasury Department in Washington not later than N O V E M B E R 30, 1959,
accompanied by the bonds maturing from January 1 through December 1, 1960, to be exchanged, together with any cash
difference necessary to make up the next higher $1,000 multiple (the lowest denomination of the new notes).
| Marketable Treasury notes are subject to fluctuations in prices at which they may be sold. Holders of Series
F and G bonds desiring a security not subject to market fluctuations may exchange them at maturity for Series
(
E or H bonds with interest at 3 % % if held to maturity.
C O N S U L T Y O U R L O C A L B A N K O R F E D E R A L R E S E R V E B A N K F O R F U R T H E R DETAILS.

TREASURY DEPARTMENT

,/yjfev

WASHINGTON, D.C. \s^_^X
A-68U
IMMEDIATE RELEASE,
Thursday, November 19, 1959
The Treasury Department announced today the following offerings of
public debt obligations:
$2,000 million, or thereabouts, for cash, of 320-day
Treasury bills to be dated December 2, 1959,
and to mature October 17, i960.
Series F and G savings bonds issued in 1948, and
maturing in i960 ($1,600 million outstanding),
may be exchanged during period from November 23
to November 50, at face value, with certain interest and other adjustments to December 15, 1959,'
for 4-3/4$ Treasury notes, dated July 20, 1959,
maturing May 15, 1964, to be issued at 99-3/4$
and accrued interest to December 15, 1959.
The Treasury also made a preliminary announcement concerning a proposal to permit holders of Series E savings bonds, and unmatured Series
F and J savings bonds to exchange them, effective January 1, i960 and
thereafter, for Series H savings bonds, subject to deferral of gain on
the exchange for Federal income tax purposes.
TREASURY BILLS
The $2,000 million of 320-day Treasury bills will be offered for
cash on an auction basis to cover the current requirements of the Treasury.
This is the fourth and final step in the Treasury's program for the
establishment of a pattern of one-year maturities on quarterly dates in
January, April, July and October, which was initiated on April 1, 1959,
Tenders for the Treasury bills will be received at the Federal Reserve
/.So

Banks and branches up to the closing hour at & o'clock PM, Eastern Standard
Time, on Tuesday, November 24, 1959* The bills will be dated December 2,
1959, and will mature October 17, i960.

- 2 All subscribers to this issue of Treasury bills are required to
agree not to purchase or to sell, or to make any agreements with respect
to the purchase or sale or other disposition of the Treasury bills for
which tenders are submitted under this offbring, until after the closing
hour for tenders on November 24. The bills may be paid for by credit in
Treasury tax and loan accounts.
Full details regarding the offering of these 320-day Treasury bills
are being released at this time.
EXCHANGE OFFERING TO HOLDERS OF SERIES F AND G SAVINGS BONDS, ISSUED
IN 1948 AND MATURING IN i960.
r

The Treasury also announced that it is offering to the holders of
approximately $1,600 million of Series F and G savings bonds issued in
1948, which mature in i960, an opportunity to exchange them at their

face amount, with certain interest and other adjustments as of December 15

1959, for 4-3/4$ Treasury notes, dated July 20, 1959, maturing May 15, 196
to be issued at a price of 99-5/4$. These 4-3/4$ Treasury notes will
constitute an additional amount to the $4,l84 million of such notes now
outstanding (including $2,666 held by the Federal Reserve Banks and
Treasury Investment accounts), and which were issued on July 20, 1959*
Interest is payable on the notes on May 15 and November 15.
The subscription books for exchanges of the Series F and G savings

bonds maturing in i960 will be open only during the period from November 2
toNovember 30, 1959,, inclusive. Any subscription addressed to a Federal

- 3Reserve Bank or branch, or to the Treasurer of the United States, and
placed in the mail before midnight Monday, November 30, 1959, will be
considered timely.
The delivery date for the 4-3/4$ Treasury notes will be December 15,
1959• The notes will be made available in registered form, as well as
bearer form. Notes in registered form, however, may not be available for
immediate delivery on December 15, as special printing arrangements have
to be made for registered notes. In the interim, notes in conventional
bearer form will be available to subscribers.
Exchanges of Series F and G savings bonds maturing in i960, will
be made on the basis of equal face amounts and will be allotted in full.
Since holders of the Series F and G bonds will receive interest on the

new notes at the rate of 4-3/4$ from November 15, 1959, interest adjustment
will be made as follows: All subscribers will be charged accrued interest

on the 4-3/4$ notes from November 15, 1959, to December 15, 1959, ($4.00 pe
$1,000), and will be credited with the discount on the issue price of the
notes ($2.50 per $1,000).
The Series F and G bonds will be accepted in the exchange at amounts
set forth in the offering circular. These exchange values have been fixed
to provide the holders of such bonds an investment yield approximately 1$

more than otherwise would accrue from December 15, 1959, until their respect

maturity dates, less an amount equal to the interest which will accrue on th
4-3/4$ Treasury notes during the corresponding period. The effect of these
adjustments will also provide for the 4-3/4$ Treasury notes an investment

yield of approximately 4.81 percent per annum from the respective maturity d

of the Series F and G bonds to May 15, 1964, the maturity date of such notes

- 4 -

1 A "T
S-;

-A.

The lowest denomination of the 4-3/4$ Treasury note is $1,000. Holders
of smaller denomination Series F and G bonds may exchange them for the
next higher multiple of $1,000 upon payment of any cash difference.
Full details of this offering to holders of Series F and G bonds

appear in the official circular being released at this time, and which wil
be- available at banking institutions on Monday, November 23. Holders may
consult their local banks for further information after that time.
EXCHANGE OF SERIES E, F, AND J FOR SERIES H SAVINGS BONDS
The Treasury further announced that regulations will be issued in
December, under which holders of outstanding Series E savings bonds,
r

and unmatured Series F and J savings bonds, effective on January 1, i960,
and thereafter, may exchange them at current redemption values for Series
bonds, and have the privilege of treating the increase in redemption value
(to the extent not previously included in gross income) in excess of the

amount paid for such Series E, and unmatured Series F or J bonds, includabl

in gross income in the taxable year in which the Series H bonds are finall

redeemed or disposed of, or in the taxable year of final maturity, whichev

is earlier. Exchanges of Series E and unmatured Series F and J savings bon

under these conditions are authorized in the law requested by the Treasury

and enacted by the Congress during its last session, approved September 22
1959.
The offering circular will contain a provision with respect to this
exchange, reading as follows:

_ 5"Pursuant to the provisions of section IO37 (a) of the Internal
Revenue Code of 1954 as added by Public Law 86-346 (approved
September 22, 1959), the Secretary of the Treasury hereby declares that no gain or loss shall be recognized for Federal income tax purposes upon the exchange with the United States of the
Series E, F and J savings bonds solely for the Series H savings
bonds. Gain or loss, if any, upon the obligations surrendered in
exchange will be taken into account upon the disposition or redemption of the new obligations."
The effect of this proposed action by the Treasury will permit many
persons who hold amounts of Series E and unmatured Series F and J bonds

on which the interest earnings are reflected in the increase in redemption
value from date of issue until maturity, or earlier redemption prior to
maturity, to exchange them for Series H current income bonds on which interest is payable each six months by check issued to the bondowner.
Presently, persons redeeming their Series E, F and J savings bonds
to purchase Series H bonds are required to include the increase in value

(difference between cost and redemption value) in their income tax returns

in the years in which the transactions occurred, unless such increment has
been included previously in their gross income. Under the proposed exchanges effective after January 1, i960, payment of income taxes on the
increase in value may be deferred until the Series H bonds are finally
redeemed or disposed of, or until the taxable year of final maturity,
whichever is earlier.
Exchanges of the Series E and unmatured Series F and J bonds for
Series H bonds will be authorized without regard to the annual limitation
of $10,000 of Series H bonds which may be purchased under current
regulations.

- 6-

Series H savings bonds are issued at par. They are dated the first
day of the month in which payment is received and mature ten years thereafter. Interest is payable on a graduated basis and is equivalent to a
rate of 3-3/4$ if the bonds are held until maturity. The bonds are issued
in denominations of $500, $1,000, $5,000, and $10,000. For each $100 of
investment, interest is paid amounting to $2.25 for the first year, $3.60
for the second year, and $4.00 for each year thereafter until maturity.
Further details governing the exchange and instructions to bondowners

are now being prepared, and will be released near the middle of December 19
at which time additional information may be obtained from local banking
institutions.
Series H savings bonds are issued only at Federal Reserve Banks and
branches, and at the Treasury Department in Washington.

oOo

UNITED STATES OF AMERICA

4-3/4 PERCENT TREASURY NOTES OF SERIES A-1964
Dated July 20, 1959, with interest from December 15, 19$9 Due May X5, X96k
Interest payable May lf> and November lf>

ADDITIONAL ISSUE
1959 TREASURY DEPARTMENT,
Department Circular No. 1034

OFFICE OF THE SECRETARY,
Washington, November 19, X9$9.

Fiscal Service
Bureau of the Public Debt
I. OFFERING OF NOTES
1. The Secretary of the Treasury, pursuant to the authority of the Second

Liberty Bond Act, as amended, invites subscriptions, at 99-3/4 percent of the
face value, for notes of the United States, designated 4-3A percent Treasury
Notes of Series A-1964* in exchange for a like face amount of United States

Savings Bonds of Series F and G maturing in the calendar year I960, which wil
be accepted at exchange values set forth in Section IV, PAYMENT. Holders of

Series F and G bonds aggregating less than an even multiple of $1,000 maturit

value (the lowest denomination of notes available) may exchange such bonds wi

payment of the difference in cash to make up the next higher $1,000 multiple*

Interest on the notes will be adjusted as of December 15, 1959, and an adjust
in favor of subscribers representing the discount from the face value of the

notes, will be made as set forth in Section IV, PAYMENT, hereof. The amount o

the offering under this circular will be limited to the amount of securities,
together with cash adjustments, tendered in exchange and accepted. The books
will be open only on November 23 through November 30 for the receipt of subscriptions for this issue.
II. DESCRIPTION OF NOTES
1. The notes now offered will be an addition to and will form a part of

'", A ")

the U-3/4 percent Treasury Notes of Series A-196U issued pursuant to Department

Circular No. 1029, dated July 20, 1959, will be freely interchangeable therew

and are identical in all respects therewith except that (i) interest on the n

to be issued under this circular will accrue to subscribers from December 15,

1959, and (ii) the notes will also be available registered as to principal an
interest, subject to delivery of definitive registered notes as set forth in
Paragraph 1 of Section VI, and provision will be made for the interchange of
coupon and registered notes, and for the transfer of registered notes, under

rules and regulations prescribed by the Secretary of the Treasury. Subject to

the provisions for the accrual of interest from December 15, X959, on the not

now offered, and to the provisions relating to their availability in register

form, the notes are described in the following quotation from Department Circ
No. 1029:
M

l. The notes will be dated July 20, 1959, and will bear interest
from that date at the rate of 4-3/4 percent per annum, payable on a
semiannual basis on November 15, 1959, and thereafter on May 15 and
November 15 in each year until the principal amount becomes payable.
They will mature May 15, 1964, and will not be subject to call for redemption prior to maturity.

2. The income derived from the notes is subject to all taxes
imposed under the Internal Revenue Code of 1954« The notes 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.

"3. The notes will be acceptable to secure deposits of public
moneys. They will not be acceptable in payment of taxes.
n

k. Bearer notes with interest coupons attached will be issued
in denominations of $1,000, $5,000, $10,000, $100,000, $1,000,000,
$100,000,000 and $500,000,000. * * *

»5. The notes will be subject to the general regulations of the
Treasury Department, now or hereafter prescribed, governing United
States notes."
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and Branches

and at the Office of the Treasurer of the United States, Washington. Banking

institutions generally, and paying agents eligible to process bonds under Treasu

Department Circular No. 888, Revised, may submit exchange subscriptions for acc

of customers, but only the Federal Reserve Banks and the Treasury Department are
authorized to act as official agencies.
2. The Secretary of the Treasury reserves the right to reject or reduce
any subscription, and to allot less than the amount of notes applied for; and

any action he may take in these respects shall be final. Subject to these reservations, all subscriptions will be allotted in full* Allotment notices will be
sent out promptly upon allotment*
IV. PAYMENT
1. Payment for the face amount of notes allotted hereunder must be made on
or before December 15, 1959, or on later allotment, and may be made only in a

like face amount of United States Savings Bonds of Series F and Series G maturin

from January 1 to December 1, I960, inclusive, and any cash difference necessary

to make up an even $1,000 multiple, which bonds and cash should accompany the su

scription, together with the net amount of any interest to be collected from the

subscriber. The Series F and G. bonds will be accepted in the exchange at amount

set forth hereunder for the respective months of maturity. These exchange values

have been fixed to provide the holders of such bonds an investment yield approxi
mately 1% more than otherwise would accrue from December 15, 1959, until their

respective maturity dates, less an amount equal to the interest which will accru
on the k-3fk% Treasury notes during the corresponding period* The effect of
these adjustments will also provide for the k-3/k% Treasury notes an investment

yield of approximately 4«8l percent per annum from the respective maturity dates
of the Series F and G bonds to May 15, 1964, the maturity date of such notes.

All subscribers will be charged the interest from November 15, 1959, to December

1959 ($U«00 per $1,000) on the notes allotted. Other adjustments'with respect

to bonds accepted in exchange will be made as set forth in the following tabl

which also show the net amounts to be paid to or collected from subscribers f
each $100 (face amount) of bonds accepted in exchange.
(a) Series F bonds.—The exchange values of Series F bonds, the differences
between such values and the offering price of the k-3fk% notes, the interest

which will accrue on such notes and the total amounts to be collected from ho
of Series F bonds per

(face amount) are as follows:

Charge for
differences
Exchange
F bonds
between $99.75
values
maturing
(offering price
of F bonds
on the first
per $100 of
per $100 (face
day of
notes) and
amt.)
exchange values
of bonds
COL. 1
January
February
March
April
May
June
July
August
September
October
November
December

I960.. $99.84
i960.. 99.52
I960.. 99.20
I960.. 98.92
I960.. 98.60
I960.. 98.28
I960.. 97.96
I960.. 97.68
I960.. 97.36
I960.. 97.04
I960.. 96.76
I960.. 96.10*

1/ Total
amounts TO BE
Interest to be
COLLECTED FROM
charged on
SUBSCRIBERS
notes per
per $100 (face
$100 (face amt.) amt.) of F bonds
of F bonds
accepted
(COLS. 2 plus 3)

COL. 2
$-0.09
0.23
0.55
O.83
1.15
1.47
1.79
2.07
2.39
2.71
2.99
3.31

COL. 3

COL. 4

$0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40

$0.31
0.63
0.95
1.23

1.55
1.87
2.19
2.47
2.79
3.11
3.39
3.71

1/ In addition, for each $100, or multiple or fraction thereof, between the face
amount of Series F bonds submitted and the face amount of notes subscribed (to
next higher multiple of $1,000) the subscriber must pay $100.15 ($99.75 issue
price plus $.40 accrued interest).
(b) Series G bonds.—The exchange values of Series G bonds, the differences
between such values and the offering price of the 4-3/W notes, the accrued
interest to be credited on the G bonds, the interest which will accrue on the
notes and the total amounts to be paid to or collected from holders of Series
bonds per $100 (face amount) are as follows:

Charge for
differences
between
G bonds
Exchange
$99.75 (offermaturing
values of
ing price
in I960 G bonds per
per $100
on the first $100 (face
of notes)
day of
amt.)
and exchange values
of bonds
COL. 1

COL. 2

January
%99.9k
$-0.19
February
99.83
-0.08
March
99.72
0.03
April
99.62
0.13
May
99.51
0.24
June
99.41
0.34
July.
99.30
0.45
August
99.19
0.56
September
99.08
0.67
October....... 98.98 .....
0.77
November...... 98.87
0.88
December
98.77
0.98

Interest
Interest
to be
to be
credited on charged on
notes per
G bonds
$100 (face
per $100
(face amt.) amt.) of
G bonds
COL. 3

COL. 4

$1.15
0.94
0.73
0.52
0.31
0.10
3/
0.94
0.73
0.52
0.31
0.10

fro.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40
0.40

.
.
•
.
.
,
.
.
.
.
.
,

l/ Total amounts
per $100 (face amt.)
of G bonds accepted
2/ TO
BETPAID TO
SUBSCRIBERS
(Cols. 3
minus 2
and 4)

TO BE COLLECTED FROM
SUBSCRIBERS
(Cols. 2
and k
minus 3)

COL. 5

COL. 6

$0.91*
0.62
0.30
0.01
0.33
0.64
0.95
0.02
0.34
0.65
0.97
1.28

l/ In addition, for each $100, or multiple thereof, between the face amount of Series G
bonds submitted and the face amount of notes subscribed (to next higher multiple of
$1,000) the subscriber must pay $100.15 ($99.75 issue price plus $.40 accrued interest)
2/ The net amount to be paid to subscribers will be paid following acceptance of the
"" bonds by the agency through which the exchange is made,
3/ Interest will be paid to January 1, i960, on bonds maturing July 1, I960, in regular
course on January 1, I960, by checks mailed by the Treasury Department. As these
checks will include unearned interest for the period from December 15, 1959, to
January 1, i960, each subscriber who tenders these bonds will be required to make an
interest refund of $0.10 per $100 (face amount). The above amount in Col. 6 of $0.95
includes such refund.
2. Any qualified depositary will be permitted to make payment by credit in
its Treasury Tax and Loan Account for any cash payments authorized or required to
be made under this circular for notes 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.

. 6 ;3. Series F and G bonds tendered in exchange must bear appropriate requests for payment in accordance with the provisions of Treasury Department Circular No. 530, Eighth Revision, as amended, or the special endorsements provided
for in Treasury Department Circular No. 888, Revised.

In any case in which

notes in bearer form, or registered notes in another name, are desired, requests
for payment must be supplemented by specific instructions signed by the owner
who signed the request for payment. An owner's instructions for bearer or registered notes may be recorded on the surrendered bonds by typing or otherwise recording on the back thereof, or by changing the existing request for payment
form to conform to, one of the two following forms:
(a) I am the owner of this bond and hereby request exchange for
4-3/4$ Treasury Notes of Series A-1964 in bearer form to be
delivered to (insert name and address of person to whom delivery is to be made).
(b) I am the owner of this bond and hereby request exchange for
4-3/4$ Treasury Notes of Series A-1964 registered in the name
of (insert exact registration desired - see Section V, REGISTRATION OF NOTES),
V. REGISTRATION OF NOTES
1. Treasury notes may be registered only as authorized in Treasury Department Circular No. 300, Revised, as supplemented.

Registration in the name of

one person payable on death to another is not authorized.

Registered Treasury

notes may be transferred to a purchaser only upon proper assignment. Treasury
notes registered in the form nA or B'" may be transferred only upon assignment
by or on behalf of both, except that if one of them is deceased, an assignment
by or on behalf of the survivor will be accepted.

Treasury notes are not re-

deemable before maturity at the option of the owners, but they may be sold in

- 7 the market at prevailing prices.
VI. GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal Reserve Banks are

authorized and requested to receive subscriptions, to make allotments on the b

and up to the amounts indicated by the Secretary of the Treasury to the Federa

Reserve Banks of the respective Districts, to issue allotment notices, to rece

payment for notes allotted, to make delivery of notes on full-paid subscriptio

allotted, and they may issue interim receipts pending delivery of the definiti
notes. Registered notes are expected to be available for delivery by December
1959. However, should they not be printed by that date subscribers may upon
specific request obtain an interim receipt pending delivery of the definitive
notes.
2. The Secretary of the Treasury may at any time, or from time to time,

prescribe supplemental ov amendatory rules and regulations governing the offer
ing, which will be communicated promptly to the Federal Reserve Banks.

Julian B. Baird,
Acting Secretary of the Treasury.

EXTRACT FROM PUBLIC LAW 86 - 3^6"
86th CONGRESS, H. R. 9035
September 22, 1959

23?

AN ACT
To permit the issuance of series E and H United States savings bonds at
interest rates above the existing maximum, to permit the Secretary of the
Treasury to designate certain exchanges of Government securities to be
made without recognition of gain or loss, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
TITLE I - IN GENERAL
* * *

TITLE II - INCOME TAX TREATMENT OF CERTAIN
EXCHANGES' OF UNITED STATES OBLIGATIONS
SEC. 201 (a) Part III of subchapter 0 of chapter 1 of the Internal
Revenue Code of 1954 (relating to common nontaxable exchanges) is amended
by adding at the end thereof the following new section:
"SEC. 1037- CERTAIN EXCHANGES OF UNITED STATES OBLIGATIONS.
"(a) GENERAL RULE.-When so provided by regulations promulgated by the
Secretary in connection with the issue of obligations of the United States,
no gain or loss shall be recognized on the surrender to the United States
of obligations of the United States issued under the Second Liberty Bond
Act in exchange solely for other obligations issued under such Act.
"(b) APPLICATION OF SECTION 1232."(1) EXCHANGES INVOLVING OBLIGATIONS ISSUED AT A DISCOUNT.In any case in which gain has been realized but not recognized
because of the provisions of subsection (a) (or so much of
section IO3I (b) as relates to subsection (a) of this section),
to the extent such gain is later recognized by reason of a disposition or redemption of an obligation received in an exchange
subject to such provisions, the first sentence of section 1232(a)
(2)(A) shall apply to such gain as though the obligation disposed
of or redeemed were the obligation surrendered to the Government
in the exchange rather than the obligation actually disposed of
or redeemed. For purposes of this paragraph and section 1232,
if the obligation surrendered in the exchange is a nontransferable
obligation described in subsection (a) or (c) of section 454—
"(A) the aggregate amount considered, with respect
to the obligation surrendered, as gain from the sale
or exchange of property which Is not a capital asset
shall not exceed the difference between the issue
price and the stated redemption price which applies
at the time of the exchange, and
"(B) the issue price of the obligation received in
the exchange shall be considered to be the stated redemption price of the obligation surrendered in the

d. "

,, '

"exchange, increased by the amount of other consideration (if any) paid to the United States as a part
of the exchange.
"(2) EXCHANGES OF TRANSFERABLE OBLIGATIONS ISSUED AT NOT
LESS THAN PAR.--In any case in which subsection (a) (or so much
of section 1031 (b) or (c) as relates to subsection (a) of this
section) has applied to the exchange of a transferable obligation
which was issued at not less than par for another transferable
obligation, the issue price of the obligation received from the
Government in the exchange shall be considered for purposes of
applying section 1232 to be the same as the issue price of the
obligation surrendered to the Government in the exchange, ,
increased by the amount of other consideration (if any) paid
to the United States as a part of the exchange.
"(c) CROSS REFERENCES. "(l) For rules relating to the recognition of gain
or loss in a case where subsection (a) would apply
except for the fact that the exchange was not made
solely for other obligations of the United States,
see subsections (b) and (c) of section 1031.
"(2) For rules relating to the basis of obligations of the United States acquired in an exchange
for other obligations described in subsection (a),
see subsection (d) of section 1031-"
(b) The table of sections forepart III of subchapter 0 of chapter 1
of the Internal Revenue Code of 1954 is amended by adding at the end
thereof the following:
."SEC. IO37. CERTAIN EXCHANGES OF UNITED STATES OBLIGATIONS."
(c) Section IO3I (b) of such Code (relating to gain from exchanges
of property not solely in kind) is amended by striking out "the provisions
of subsection (a), of section 1035(a), or of section 1036(a)," and inserting in lieu thereof "the provisions of subsection (a), of section 1035(a),
of section 1036(a), or of section 1037(a),".
(d) Section 1031(c) of such Code (relating to loss from exchanges of
property not solely in kind) is amended by striking out "the provisions of
subsection (a), of section 1035(a), or-of section 1036(a)," and inserting
in lieu thereof "the provisions of subsection (a), of section 1035(a), of
section 1036(a), or of section 1037(a),".
(e) Section I03I (d) of such Code (relating to basis in the case of
exchanges of property held for productive use or investment) is amended
by striking out "this section, section 1035(a), or section 1036(a),"
each place it appears in the first and second sentences thereof and Inserting In lieu thereof "this section, section 1035(a), section 1036(a),
or section 1037(a),".
SEC, 202. Section 4(a) of the Public Oebt Act of 194l, as amended
(31 U.S.C.,sec. 742a), is amended by striking out "under the Internal
Revenue Code, or laws amendatory or supplementary thereto" and inserting
in lieu thereof "except as provided under the Internal Revenue Code of 1954V.
SPJC. 203. The amendments made by this title shall be effective for
taxable years ending after the date of enactment of this Act.
Approved September 22, 1959 •

y -.,

Series F and G Savings bonds maturing in i960 outstanding:
October 31, 1959
Series F (redemption value) $319,755,309
Series G (face amount) -1,292,291,000
$1,612,046,309
July 31, 1959 (face amounts by months of maturity - in millions)
Months Series F Series G
January ——————. $30.2 $155-1
February — —— - 16.4 83.8
March 15.5 78.6
April 10.6 64.0
May 10.7 58.2
June 11.8 76.O
July 197-3 541.6
August - 9-7 52.5
September • 9-3 52.6
October 8.6 52.1
November 7^9 \€>.6
December - 13-8 65.2
Total $341.8 $1,326.4

- 3

local taxing authority.

_br purposes of taxation the amount of discount at which

Treasury bills are originally sold by the United States is considered to be int

Under Sections 454 (b) and 1221 (5) of the Internal Revenue Code of 1954 the am

of discount at which bills issued hereunder are sold is not considered to accru

until such bills are sold, redeemed or otherwise disposed of, and such bills ar

excluded from consideration as capital assets. Accordingly, the owner of Treasu

bills (other than life insurance companies) issued hereunder need include in hi

come tax return only the difference between the price paid for such bills, whet

on original issue or on subsequent purchase, and the amount actually received e

upon sale or redemption at maturity during the taxable year for which the retur
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
circular may be obtained from any Federal Reserve Bank or Branch.

- 2 XKEXXXKXXBBKXXE

-< n
J-y ->

All bidders are required to agree not to purchase or to sell, or to make any

agreements with respect to the purchase or sale or other disposition of any bil

of this issue, until after one-thirty o'clock p.m., Eastern Standard time, Tues
xx$x
November 24, 1959
•
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 subm

ting tenders will be advised of the acceptance or rejection thereof. The Secre

of the Treasury expressly reserves the right to accept or reject any or all te

in whole or in part, and his action in any such respect shall be final. Subjec

these reservations, noncompetitive tenders for $400,000 or less without stated

price from any one bidder will be accepted in full at the average price (in th

decimals) of accepted competitive bids. Payment of accepted tenders at the pri

offered must be made or completed at the Federal Reserve Bank in cash or other

mediately available funds on December 2, 1959 , provided, however, any qualifi

depositary will be permitted to make payment by credit in its Treasury tax and

account for Treasury bills allotted to it for itself and its customers up to a
amount for which it shall be qualified in excess of existing deposits when so
fied 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 l

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 sub
to estate, inheritance, gift or other excise taxes, whether Federal or State,

are exempt from all taxation now or hereafter imposed on the principal or inte

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

1r4

•:•;«:+'!-:CO>M:« >>*.«•:•:

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE,
;<i:i»;#;«»,*:>»;*«:»14:«{<^*:«:i:Hvf^:<i.«:*:tt:+:=f

Thursday, November 19, 1959

p*
The Treasury Department, by this public notice, invites tenders for
$ 2,000^00.000 > or thereabouts, of

320

-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 December 2, 1959

, and will

m
mature
October 17, 1960
, 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, Tuesday, November 24, 19

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

It is urged that tenders be mad<

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 excel
for their own account. Tenders will be received without deposit from incorporated
banks and trust companies and from responsible and recognized dealers in investmen'
securities. Tenders from others must be accompanied by payment of 2 percent of th<
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.

TREASURY DEPARTMENT

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

IMMEDIATE RELEASE,
Thursday, November 19, 1959*

A-685

The Treasury Department, by this public notice, invites tenders
for $2,000,000,000. or thereabouts, of 320-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 December 2,19*Band will mature October 17, i960, 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, Tuesday, November 2k, 1959.
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.
All bidders are required to agree not to purchase or to sell,
or to make any agreements with respect to the purchase or sale or
other disposition of any bills of this issue, until after one-thirty
o'clock p.m., Eastern Standard time, Tuesday, November 24, 1959.

- 2 Immediately after the closing hour, tenders will be opened at th
Federal Reserve Banks and Branches, following which public announce-',
ment 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 $400,000 or less without stated price from any one bidder will
be accepted In full at the average price (in three decimals) of
accepted competitive bids. Payment of accepted tenders at the prices
offered must be made or completed at the Federal Reserve Bank in cash
or other immediately available funds on December 2, 1959*
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 th
Internal Revenue Code of 1954. The bills are subject to estate,
inheritance, gift or other excise taxes, whether Federal or State, bu
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, or by any local taxing authority. For purposes of
taxation the amount of discount at which Treasury bills are original!}
sold by the United States Is considered to be interest. Under
Sections 454 (b) and 1221 (5) of the Internal Revenue Code of 195J th.
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 capita
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 amc-uru
actually received either upon sale or redemption at maturity during
the taxable year for which the return is made, as ordinary gain or io
oOo Revised, and this notice,
Treasury Department Circular No. 4l3,
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.

IMMEDIATE RELEASE,

m$m Treasury Wm^mrtmmt mmmmoma today tJaat on th* basis ©f fvtUatitry
mportm fcoiaar* of $15? ailliaa of tha remaining $3*7 miZXion of outstanding
kf frmmmmy mtmm of Series B~19^ (ori^mXXy

immmo\ in tfea mmmt

$S Gillian} ham eaereiead thm opti©a *• ^«^«® tfcatr uote* on fate***? 15,
!$»€©, at |>air and accrued iaterast ©n that data. !S» aotea ware Issued ©a
September 26, X9$J, and will mature on August 1$, 1962.
Bolder© of $1,634 jailiioii of the sotts took aava*»ta#* of ttom offering *e
exchange thalr mtmm tor 4*f/8# freaasry mtms ©f Serias C-1965, dated
Bovmmbmr X%9 1959* «®d ma^irU^ Wovmmmr X$, X96%. mm hooka w »
thie exchange on Jteveaiber S through Ifovember 4*

o$mn tor

With the redea^tion on

Wmhrvmy If, I960, #f $lf? jaimsii of mm mtmm of Senas B-19^# tha amount
of the issue remaining outstanding for redemption on August 15, 1962, will
be $160 million.
notice of intention to redeem on February IS, i960* &uat have bees givtn
An writing iUvmot&y to aay Itedaral leserve Bmk or Branch or to tha Qttim of
the $reaawar of the United States, or placed in the mail prior to midnight
Hoveaiber 16, 1959' A mtiom my not be revoked.

The note* to mm redeemed o»

lebruary 1>, I960, will be stamped to ahov that they are payable on that d*t«>
and the coupons maturing after that date, attached to the notes, have been
cancelled*

0O0

1 C?7
*£-- \y i

TREASURY DEPARTMENT
WASHINGTON, D.C.
IMMEDIATE RELEASE,
Monday, November 23, 1939

A-686

The Treasury Department announced today that on the basis of preliminary
reports holders of $157 million of the remaining $317 million of outstanding
kfo Treasury Notes of Series B-1962 (originally issued in the amount of
$2 billion) have exercised the option to redeem their notes on February 15,
I960, at par and accrued interest on that date. The notes were issued on
September 26, 1957. and will mature on August 15, 1962.
Holders of $1,684 million of the notes took advantage of the offering to
exchange their notes for 4-7/8/0 Treasury Notes of Series C-I963, dated
November 15, 1959, and maturing November 15, 1963. The books were open for
this exchange on November 2 through November k. With the redemption on
February 15, i960, of $157 million of the notes of Series B-1962, the amount
of the issue remaining outstanding for redemption on August 15, 1962, will
be $160 million.
Notice of Intention to redeem on February 15, i960, must have been given

in writing directly to any Federal Reserve Bank or Branch or to the Office of
the Treasurer of the United States, or placed in the mail prior to midnight
November 16, 1959. A notice may not be revoked. The notes to be redeemed on

February 15, I960, will be stamped to show that they are payable on that date
and the coupons maturing after that date, attached to the notes, have been
cancelled.
0O0

2SQ
RELEASE A. H. NEWSPAPERS,
Tuesday, November 2k9 1959.

the Treasury Department announced last evening that the tenders for tiro series of
Treasury bills, one series to be an additional issue of the bills dated August 27, 195j
and the other series to be dated Moveaber 27, 1959, which were offered on Hbvenber 19,
were opened at the Federal Reserve Banks on Novsaber 23. Tenders were invited for
• 1,200,000,000, or thereabouts, of 90-day bills and for 11400,000,000, or thereabouts, c
181-day bills. The details of the two series are as follows:
MICE OF ACCEPTED
COMPETITIVE BIDS?

High
Low
Average

90-day Treasury bills
maturing February 2$, I960

181-day Treasury bills
Maturing May 26, I960

Approx. Equiv.
Price
Annual Rate

Price

98.945 i*.220*
98.925
98.930

97.694
97.656
97.675

4.30G*
4.279$

Approx. Equiv.
Annual Rate
4.5871
1.662*
li.625*

80 percent of the amount of 90-day bills bid for at the low pries was accepted
77 percent of the amount of 181-day bills bid for at the low price was accepted

TOTAL TEND1ES APPLIED FOR AMD ACCEPTED BY FEDERAL RESERVE DISTRICTS!
District

Applied For

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

I 33,772,000
1,441,090,000
27,693,000
27,153,000
18,606,000
27,77k90QQ
20li, 929,000
17,232,000
9,989,000
53,740,000
17,865,000
76,770.000

22,772,000
826,090,000
9,643,000
22,153,000
16,606,000
26,971*,000
133,629,000
16,601,000
9,549,000
42,740,000
17,865,000
55_1*60_000

$1,956,613,000

f1,200,082,000 %J

TOTALS

Accepted

t Applied For

Accepted

$ 7,337,000
55k,198,OQO
*
7,907,000
:
13,814,000
s
ii,585,000
*
5,037,000
J
61,233,000
*
6,396,000
:
1,864,000
8
6,713,000
t
5,605,000
f
51,499,000

I 7,087,000
290,318,006
2,907,000
8,814,000
2,585,000
1»,237,000
26,433,000
6,396,000
1,864,000
6,313,000
5,605,000
37.399,000

$726,188,000

#1*00,058,000 b/

is/ Includes *?21,567,000 noncompetitive tenders accepted at the average price
b/ Includes 1x5,583,000 noncompetitive tenders accepted at the average price of 97.675

/)i4\ U)-T« W

TREASURY DEPAR
mumrvrajn.g,.

_I._P_J.IM_.

W A S H I N G T O N , D.C.
RELEASE A. M. NEWSPAPERS,
November 24, 1959.

A-687

the Treasury Department announced last evening that the tenders for two series of
Treasury bills, one series to be an additional issue of the bills dated August 27, 1959,
and the other series to be dated November 27, 1959, which were offered on November 19,
were opened at the Federal Reserve Banks on November 23. Tenders were invited for
$1,200,000,000, or thereabouts, of 90-day bills and for $400,000,000, or thereabouts, of
181-day bills. The details of the two series are as followss
181-day Treasury bills
90-day Treasury bills
RANGE OF ACCEPTED
maturing
May 26, I960
maturing February 25, I960
COMPETITIVE BIDSs
Price

Approx* Equiv,
Annual Rate

Price

Approx. Equiv<
Annual Rate

k.$m%
97.694
4.220$
98.945
High
97»656
4.662$
4.300$
98.925
Low
97.675
4.625$
4*279$
98.930
Average
80 percent of the amount of 90-day bills bid for at the low price was accepted
77 percent of the amount of 181-day bills bid for at the low price was accepted

TOTAL TENDERS APPLIED FOR AND ACCEPTED BI FEDERAL RESERVE DISTRICTS:
District

Applied For

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

I 33,772,000
l,ii4l,090,000
27,693,000
27,153,000
18,606,000
27,7714,000
204,929,000
17,232,000
9,989,000
53,740,000
17,865,000
76,770.000
$1,956,613,000

Accepted

% Applied For

% 7,337,000
22,772,000
554,198,000
826,090,000
7,907,000
9,6143,000
13,814,000
22,153,000
4,585,000
16,606,000
5,037,000
26,97l|,000
61,233,000
133,629,000
6,396,000
16,601,000
1,864,000
9,549,000
6,713,000
1*2,740,000
5,605,000
17,865,000
51,499,000
55,460,000
$1,200,082,000 a/ $726,188,000

Accepted
$ 7,087,000
290,318,000
2,907,000
8,814,000
2,585,000
4,237,000
26,433,000
6,396,000
1,864,000
6,313,000
5,605,000
37,499,000
$400,058,000 b/

mf Includes $221,567,000 noncompetitive tenders accepted at the average pr
tf Includes Ih5,583,000 noncompetitive tenders accepted at the average price of 97.675

i n
\«

SSLEASE A. _u i^SPAPESS,
Wednesday, November 25. 1959.

•

The Treasury Department announced last evening that the tenders for f2,000,000,00€

or thereabouts, of 320-day Treasury bills to be dated December 2, 1959, and to m
October 17, I960, which were offered on November 19, were opened at the Federal
Banks on November 24.
The details of this issue are as follows:
Total applied for - 13,964,626,000
Total accepted
- 2,000,255,OCX)

(includes $393,847t000 entered on a
noncompetitive basis and accepted in
fall at the average price shown below)

Range of accepted competitive bids: (Excepting five tenders totaling 1725,000)
High - 95.835 Equivalent rate of discount approx. 4.686$ per annum
Low
- 95.651
*
•
»
•
«
4.893$ •
Average - 95.68©

« * * « 4.860$ •

(74 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

$ 183,442,000
1,512,443,00©
195,017,000
350,683,000
129,121,000
225,988,000
463,396,000
131,951,000
148,091,000
117,519,000
198,688,000
308,287,000

13,964,626,000

#2,000,255,000

TOTAL

49,542,000
708,222,000
124,717,000
170,143,000
87,021,000
131,670,000
255,042,000
78,591,000
105,091,000
74,119,000
110,330,000
105,767,000

TREASURY DEPARTMENT

WASHINGTON, D.C.
ffiLEASE A. M. NEWSPAPERS,
fednesday, November 25, 1959

A-688

The Treasury Department announced last evening that the tenders for $2,000,000,000,
>r thereabouts, of 320-day Treasury bills to be dated December 2, 1959, and to mature

fctober 17, I960, which were offered on November 19, were opened at the Federal Reserve
tenks on November 24.
The details of this issue are as follows:
Total applied for - $3,964,626,000
Total accepted
- 2,000,255,000

(includes $393,847,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Range of accepted competitive bidet (Excepting five tenders totaling $725,000)
High
Low

- 95.835 Equivalent rate of discount approx. 4.686$ per annum
M
- 95.651
«
n
it
« 4.893$ tt tt

Average

- 95.680

4.860$ •

(74 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

$ 183,442,000
1,512,443,000
195,017,000
350,683,000
129,121,000
225,988,000
463,396,000
131,951,000
148,091,000
117,519,000
198,688,000
308,287,000

$3,964,626,000

$2,000,255,000

TOTAL

49,542,000
708,222,000
124,717,000
170,143,000
87,021,000
131,670,000
255,042,000
78,591,000
105,091,000
74,119,000
110,330,000
105,767,000

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 sub
to estate, inheritance, gift or other excise taxes, whether Federal or State,

are exempt from all taxation now or hereafter imposed on the principal or inte

therebf by any State, or any of the possessions of the United States, or by an

local taxing authority. For purposes of taxation the amount of discount at whi

Treasury bills are originally sold by the United States is considered to be in

Under Sections 454 (b) and 1221 (5) of the Internal Revenue Code of 1954 the a

of discount at which bills issued hereunder are sold is not considered to accr

until such bills are sold, redeemed or otherwise disposed of, and such bills a

cluded from consideration as capital assets. Accordingly, the owner of Treasur

bills (other than life insurance companies) issued hereunder need include in h

income tax return only the difference between the price paid for such bills, w
on original issue or on subsequent purchase, and the amount actually received

upon sale or redemption at maturity during the taxable year for which the retu
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 o
the circular may be obtained from any Federal Reserve Bank or Branch.

- 2 -

decimals, e. g., 99.925. Tractions nay not be used. It is urged that ^tenders b
male on the printed forms and forwarded in the special envelopes which will be
supplied by Federal Reserve Banks or Breaches on application therefor.
Others than banking institutions will not be permitted to submit tenders ex-

cept for their cvn account. Tenders will be received without deposit from incor

rated banks and trust companies and from responsible and recognized dealers in

ment securities. Tenders from others must be accompanied by payment of 2 percen

the face amount of Treasury bills applied for, unless the tenders are accompani
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 submi

ting tenders will be advised of the acceptance or rejection thereof. The Secret

of the Treasury expressly reserves the right to accept or reject any or all ten

in whole or In part, and his action In any such respect shall te final. Subject

these reservations, noncompetitive tenders for $200,000 or less for the additio
bills dated September 3, 1959 , ( 91 days reniaining until maturity date on
-PS*
mprnttf.
March 3* I960
) and noncompetitive tenders for $100,000 or less for the

3HSI
182

i££*

-day bills without stated price from any one bidder will be accepted in full

*xx*

at the average price (in three decimals) of accepted competitive bids for the respective issues. Settlement for accepted tenders in accordance with the bids must b
made or completed at the Federal Reserve Bank on December 3, 1959 , in cash or

txsA
other immediately available funds or in a like face amount of Treasury bills maturing December 3, 1959 Cash and exchange tenders will receive equal treatment.
AEXmt.
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 lo

IfiEt___la____tx
1 QA
^w

TREASURY DEPARTMENT
Washington
RELEASE A. M. NEWSPAPERS,
Wednesday, November 25, 1959

•

The Treasury Department, by this public notice, invites tenders for two series

of Treasury bills to the aggregate amount of $1,500,000,000 , or thereabouts, f

xtek
cash and in exchange for Treasury bills maturing December 3. 1959

, in the amount

of $1,500,051,000 , as follows:
91 -day bills (to maturity date) to be Issued December 3, 1959

in the amount of $1,100,000,000 , or thereabouts, representing an additional amount of bills dated September 3, 1959

and to mature March 3, I960 , originally issued in the

m:
amount of $400,283,000
to be freely interchangeable.

, the additional and original bills

182 -day bills, for $400,000,000 , or thereabouts, to be dated
£X£X
pjgjp
December 3, 1959
, and to mature June 2, I960

The bills of both series will be issued on a discount basis under competitive

and noncompetitive bidding as hereinafter provided, and at maturity their fac

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

denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000 (ma
value).

Tenders will be received at Federal Reserve Banks and Branches up to the closi

hour, one-thirty o'clock p.m., Eastern Standard time, Monday, November 30? 1959
_._c.Y
5_KXX

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
price offered must be expressed on the basis of 100, with not more than three

RELEASE A. M. NEWSPAPERS,
Wednesday, November 25, 1959.

A-689

The Treasury Department, by this public notice, invites tenders
for two series of Treasury bills to the aggregate amount of
$1,500,000,000, or thereabouts, for cash and in exchange for
Treasury bills maturing December 3, 1959, in the amount of
$1,500,051,000, as follows:
91-day bills (to maturity date) to be issued December 3, 1959,
In the amount of $1,100,000,000, or thereabouts, representing an
additional amount of bills dated September 3,1959, and to
mature'March 3, I960,
originally issued in the amount of
$400,283,000,
the additional and original bills to be freely
interchangeable.
182-day bills, for $400,000,000, or thereabouts, to be dated
December 3* 1959, and to mature June 2, i960.
The bills of both series will be issued on a discount basis under
competitive and noncompetitive bidding as hereinafter provided, and
at maturity their 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 30, 1959. 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 bill3 applied for, unless the tenders are
accompanied by an expresB guaranty of payment by an incorporated bank
or trust company.

2 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 Departmment 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 for the additional bills dated
September 3,1959, (91 days remaining until maturity date on
March 3, I960)
and noncompetitive tenders for $100,000
or less for the 182-day bills without stated price from any one
bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids for the respective issues.
Settlement for accepted tenders in accordance with the bids must be
made or completed at the Federal Reserve Bank on December 3, 1959,
in,cash or other immediately available funds or in a like face
amount of Treasury bills maturing December 3, 1959. 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 Federa.1 or
State, but are exempt from all taxation now or hereafter imposed on
the principal or.interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to be
interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 195^- the amount of discount at which bills issued
hereunder are sold Is not considered to accrue until such bills are
sold, redeemed or otherwise disposed of, and such bills are excluded
from consideration as capital assets. Accordingly, the owner of
Treasury bills (other than life Insurance companies) issued hereunder
need Include in his income tax return only the difference between
the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon
sale or redemption at maturity during the taxable year for which the
return is made, as ordinary gain or oOo
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.

Ifetogaday, Noveaocr %%

ig®

Ihe Treasury Department announced today that It has received informatics
from banking institutions and other sources that many holders of the Series t
and § savings bonds which aature is I960 and which may be exchanged for 4-j/ty
Treasury notes will not be able to complete all the detail requirements neeetaq
to enable the* to file their subscriptions by November ]J0, 1959, the final dttt
amt by the Treasury for the receipt of subscriptions. In many cases it is
necessary for holders of Series ? and Q bonds to obtain signatures of trustee!
or other officials, or to await meetings of trustees or cowaittees before tot
exchange can be consuisBaated. In worn cases, holders of Series ¥ mm 0 boods
may be away from horae and do not have access to their bonds, which aay he
lodged in safe deposit boxes at their places of residence.
In view of this situation, the Treasury will permit holders of the SeriM
f and Q savings bonds who are unavoidably delayed is coapletlng their subscriptions, to file with Federal Beserve Banks and Branches or the treasurer of the
mxtmtl States or place in the raail before midnight Monday, _fove_iber 30, a Ifttti
of Intent stating that they propose %o enter an exchangs subscription and outlining the reasons which account for their inability to complete their subscris
tion and delivery of the Series F and 0 bonds to be exchanged by that date.
In such oases the subscribers will have until the close of business Decease* )A\
X959* to collate their subscription* and to auhmlt the bonds to be exchanged.
When any subscription la delayed, this say result is soae delay beyond
December 15 in delivery of the k--$/hj, Treasury notes.
Tbo Treasury announced on Soveaber 19, 1959. that the subscription soeli
would om open during the period of ifeves&ar 2^ to Kovaafeer 50, during which
tiase holders of Series F and a savings bonds which mature ia i960 aay exchaa**
the® at their face aaomt, with certain interest and other adjustments, as mt
December X$9 1959, t®t torn h»3fkf Treasury notes dated Jaly 20, 1959. aaturiB|
mmy 1>, 196a, to be issued at a price of 9 9 - V ^ .

FOR IMMEDIATE RELEASE,
Wednesday, November 25, 1959

The Treasury Department announced today that it has received information
from banking institutions and other sources that many holders of the Series F
and G savings bonds which mature in i960 and which may be exchanged for k-^fkcf>
Treasury notes will not be able to complete all the detail requirements necessary
to enable them to file their subscriptions by November 50, 1959, the final date
set by the Treasury for the receipt of subscriptions. In many cases it is
necessary for holders of,Series F and G bonds to obtain signatures of trustees
or other officials, or to await meetings of trustees or committees before the
exchange can be consummated. In some cases, holders of Series F and G bonds
may be away from home and do not have access to their bonds, which may be
lodged in safe deposit boxes at their places of residence.
In view of this situation, the Treasury will permit holders of the Series
F and G savings bonds who are unavoidably delayed in completing their subscriptions, to file with Federal Reserve Banks and Branches or the Treasurer of the
United States or place in the mail before midnight Monday, November 30, a letter
of intent stating that they propose to enter an exchange subscription and outlining the reasons which account for their inability to complete their subscription and delivery of the Series F and G bonds to be exchanged by that date.
In such cases the subscribers will have until the close of business December 10,
1959; to complete their subscriptions and to submit the bonds to be exchanged.
When any subscription is delayed, this may result in some delay beyond
December 15 in delivery of the k-j/kfi Treasury notes.
The Treasury announced on November 19, 1959, that the subscription books
would be open during the period of November 23 to November 30, during which
time holders of Series F and G savings bonds which mature in i960 may exchange
them at their face amount, with certain interest and other adjustments, as of
December 15, 1959> for the k-^/k% Treasury notes dated July 20, 1959, maturing
May 15, 1964, to be issued at a price of 99-3A/&.

1 QQ

A -<: f (

A. «. ija»S;_HHB,

hJSSSx
last evysiiing ttet tlte tender® for two series
of Treasury bllla, one series to be an additional Issue of ta* ©ills dated September i
19S99 ana the other series to be dated Hmm*%mmmr 3, U S 9 , *sisa wars offered on
Hovss&er f$9 %mm opomd at th® FSdsr&l Reserves mm® m Bmrnwiomr 30. TeMers were
Invito for 11,10®,©©©,©®®, or thsrsabosto,. of #L«dqr sills and tor liiOO, 000,000, or
tfasrsafeonts, of ItiMtoy sills, fhs dstails of the two series are as follows
HilJE Of AGQEPfSD
GQMP8TITXVS BISSs

9X«tfft]r

bills

Approx. Equiv.

• BsjslT*

an©*

Ms
9M75a/

High
LOW

mf
Of
%
39

k.k$n
k.$m
kSms
$L k9Q ®m

9i.my
91m

s«6o6jl

msm

k.rnn

k.fl7l

!fixo®£»tisg four tsndsrs totaling
9
9
a m p t i o g two tenders totaling $310,000
osreent of the amount mf 91*i»y sills mU for at fee low prise wan
percent of tfe* submit of l & M s y sills bi4 for at fee low pries was

torn mmm

Afruw mn km AGCSPCT if ran

District

Applied For

Boston

i
ia,i?6fo©©
1,372,26$,$00
30,6^,000
3k9m90QO
16,810,€;0C
26,2^0,000
183,612,000
i®,«_a,©@q
9,921,1100
31,796,000
17,1*97,000

i__

VJ_M>I#

sow xorx
Philadelphia
Cleveland
Richmond
AUanta
Chisago
St* I/mis
Minneapolis
Kansas City
Dallas
San Franciaco
fOTAlS

,«MTM»
H,B2t,171,OO0

m9x769om

*m9m9®o®
IS#695,000
3li,2itO,000

Ub,ai@#.ooo
2t*,8S©,00®
" ^ • • " V Jf WMPfc^fr Jj' im*mWTwW

16,931,000
1,911,000
2h,796,000
17,1*97,000
$M0O,071,©OGte/

mf inslndss
H O O ^ j2_oniM»s§M»titlvs
OOt
#200,761,000
tenders
f/ lasladss #35,607,00©

BBSBRIB

xnsnacisi

Applied For

Accepted

•

i 5,901,000

5,901,000

$m9m9<m
$,112,000
35,1*71,000
3,ifii,ooo

39m9Q0®

2bk,kik,ooo
3,111,000
27,1*21,000
3,101,000
2,960,000
33,061,000
3,32$fOO0
2,S06,0OO
Jfr,635,GQ0
2,806,000

60,065,000
3,325,000
i*,306,000
5,035,000
a6_5it_€g
2,806,000
f?33fiio6#oo© mw9m9wi§
at the avsrsfs pries of
at th© average prist of

<fc£(~ ff

TREASURY DEPARTMENT
WASHINGTON, D.C
REIEASE A. M. NEWSPAPERS,
Tuesday, December 1, 1959*

A-691

The Treasury Department announced last evening that the tenders for two series
of Treasury bills, one series to be an additional issue of the bills dated September 3
1959, snd the other series to be dated December 3, 1959, which vers offered on
November 25, were opened at the Federal Reserve Banks on November 30. Tenders were
invited for $1,100,000,000, or thereabouts, of 91-day bills and for $1*00,000,000, or
thereabouts, of 182-day bills* The details of the two series are as follows:
RANGE OF ACCEPTED
182-day Treasury bills
91-day Treasury bills
COMPETITIVE BIDS;
maturing June 2, I960
maturing March 3, I960
Rrice
High
Low
Average

98,875 */
98.853
98.862

Approx. Equiv.
Annual Bate
l*.l*5l*
1*.538*
1*.501£

Price
97.51*0 bi
97.5H*
97.527

Approx* Equiv*
Annual Bats

kM6%
1*.917#
1*.891£

mf Excepting four tenders totaling $1,1*90,000
hf Excepting two tenders totaling #310,000
90 percent of the amount of 91-day bills bid for at the low prioe was accepted
39 percent of the amount of 182-day bills bid for at the low price was accepted
TOTAL TENDERS APPLIED FOB AND ACCEPTED BY FEDERAL RESERVE DISTRICTS i
District

Applied For

Accepted

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

& 18,176,000
1,372,265,000
30,695,000
3l*,2i*0,000
16,810,000
26,250,000
183,812,000
16,931,000
9,922,000
31,796,000
17,1*97,000
63,777.000
$1,822,171,000

18,176,000
725,665,000
18,695,000
3J*,2hO,000
H*,810,000
2l*,850,000
13l*,212,000
16,931,000
8,922,000
2l*,796,000
17,1*97,000
61,277.000
$l,100,071,000c/

8 Applied For
t 5,901,000
568,62i*,000
8,112,000
35,1*71,000
3,181,000
3,568,000
60,065,000
3,325,000
1*,306,000
5,035,000
2,806,000
33,012,000
•733,1*06,000

Accepted
$ 5,901,000
281*,1|U*,000
3,112,000
27,1*21,000
3,181,000
2,968,000
33,065,000
3,325,000
2,806,000
1*,635,000
2,806,000
26,512,000
$U00,ll*6,00Cd/

Includes $200,762,000 noncompetitive tenders accepted at the average prios of 98.862
Includes $35,607,000 noncompetitive tenders accepted at the average pries of 97.527

i /n
IMMEDIATE RELEASE,^
Friday. November-ffi, 1959.

*' ^

ZU .

/ <?,
U
L-

Treasury Secretary Robert B. Anderson today announced the
appointment of Alfred H. Von Klemperer as Assistant to the Secretary,
to become effective December 1, 1959.
Mr. Von Klempererfs principal duties will be to serve as deputy
to T. Graydon Upton, Assistant Secretary of the Treasury, who
supervises the Treasuryfs International Finance operations, and who
serves as U. S. Executive Director of the International Bank for
Reconstruction and Development.
Mr. Von Klemperer has served with the Federal Reserve Bank of
New York in foreign exchange matters and as a foreign analyst. He
was also closely connected with the Bank's relations with the
International Monetary Fund, International Bank, and Export-Import
Bank. Following this service Mr. Von Klemperer joined J.P. Morgan
and Company where he has been engaged in carrying out important
activities in the foreign department, specializing in recent years
in Latin American relationships and problems.
Born in Austria,
/ Mr. Von Klemperer came to the United States in 1937, served as
a Lieutenant in the U.S. Army during World War II. ^//ffflffflftyfr
He attended New York University and Columbia University, and the
American Institute of Banking.
Mr. Von Klemperer is a resident of Mill Neck, Long Island,
New York.

He is married to the former Nancy Logan.

They have three

children.

He has been active in civic affairs on Long Island where

he served as Treasurer of his local village of Plandome.
oOo

TREASURY DEPARTMENT
WASHINGTON, D.C.

IMMEDIATE RELEASE,
Monday, November 30. 1959*

A-692

Treasury Secretary Robert B. Anderson today announced
the appointment of Alfred H. Von Klemperer as an Assistant
to the Secretary, to become effective December 1, 1959.
Mr. Von Klempererfs principal duties will be to serve
as deputy to T. Graydon Upton, Assistant Secretary of the
Treasury, who supervises the Treasury's International
Finance operations, and who serves as U. S. Executive
Director of the International Bank for Reconstruction and
Development.
Mr. Von Klemperer has served with the Federal Reserve
Bank of New York in foreign exchange matters and as a
foreign analyst. He was also closely connected with the
Bank's relations with the International Monetary Fund,
International Bank, and Export-Import Bank. Following this
service Mr. Von Klemperer joined J. P. Morgan and Company
where he has been engaged in carrying out important
activities in the foreign department, specializing in recent
years in Latin American relationships and problems.
Born in Austria, Mr. Von Klemperer came to the United
States in 1937, and served as a Lieutenant in the U. S. Army
during World War II. He attended New York University and
Columbia University, and the American Institute of Banking.
Mr. Von Klemperer Is a resident of Mill Neck, Long Island,
New York. He is married to the former Nancy Logan. They have
three children. He has been active in civic affairs on
Long Island where he served as treasurer of his local village
of Plandome.

0O0

- 3•WJ»-'^a-A3u_w>flaAguufl_t

_.. i __