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* I*

LIBRARY
ROOM 5030

JUN 151972
TREASURY DEPARTMENT

567546

- 2 Today's initial mailing of statistical schedules and questionnaire^
will go to some 2700 corporations in manufacturing, nonmanufacturing,
and public utility fields. A subsequent mailing will be made by the
Small Business Administration to a larger number of smaller business
firms.

Altogether, about 6,000 replies to the questionnaire are

expected.

Certain statistical schedules going to the larger enterprise

will be omitted in the case of the smaller businesses in order to
minimize their task in supplying the requested information.

oOo

0
*

FOR REI_EASE A.M. NEWSPAPERS,
Tuesday, July 3, I960.

ffl^

In studying these proposals, the Department has found it

difficult to evaluate them because of a lack of adequate statistical
information.

Mr. Scribner also said that the data are solely for the

purpose of the statistical survey and will be held in confidence.
The study is being conducted in cooperation with the Small
Business Administration to assist in effective coverage of small
business. Business and professional organizations have been consulted
in the development of the survey. The tax-writing committees of the
Congress have also been kept closely informed as to its objectives.

TREASURY DEPARTMENT
m w . t M , ' y . j , i , , , w T r " - •i>'..-o.«.«iu_ii^_iii.i«jjjM»j»j.iiJui,]iiiiiiiii^j,.i.iiMiii]. j»mjii

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_.i1Jii_lllnii^u,i.i . I , J I » » .

WASHINGTON. D.C.

FOR RELEASE A.M. NEWSPAPERS,
Tuesday, July 3, i960.

A-878

The Treasury Department today commenced a survey of thousands of
firms to obtain information on their current practices and opinions on
depreciation allowances for income tax purposes.
The purpose of the survey is to obtain additional statistical
information from a representative group of taxpayers in order to
determine how the present depreciation provisions of the tax law are
operating and what legislative changes may be appropriate. When
completed, the study is expected to secure data from about 6,000
businesses, both large and small, representing a cross section of
American industry.
Under Secretary Fred C. Scribner, Jr., in his letter of transmittal,
said that in the past two or three years many proposals for changes
in the tax laws relating to depreciation have been placed before the
Congress. In studying these proposals, the Department has found it
difficult to evaluate them because of a lack of adequate statistical
information. Mr. Scribner also said that the data are solely for the
purpose of the statistical survey and will be held in confidence.
The study is being conducted in cooperation with the Small
Business Administration to assist in effective coverage of small
business. Business and professional organizations have been
consulted in the development of the survey. The tax-writing committees
of the Congress have also been kept closely informed as to its
objectives.
Today's initial mailing of statistical schedules and questionnaires
will go to some 2700 corporations in manufacturing, nonmanufacturing,
and public utility fields. A subsequent mailing will be made by the
Small Business Administration to a larger number of smaller business
firms. Altogether, about 6,000 replies to the questionnaire are
expected. Certain statistical schedules going to the larger enterprises will be omitted in the case of the smaller businesses in order
to minimize their task in supplying the requested information.
0O0

S T A T E M E N T B Y S E N A T O R H A R R Y F, B Y R D (D. Va.), C H A I R M A N ,
JOINT C O M M I T T E E O N INTERNAL R E V E N U E TAXATION IN R E
T R E A S U R Y DEPRECIATION SURVEY, For release in morning
papers, Tuesday, July 5, i960,,
% ,

Senator Harry F, Byrd, of Virginia, Chairman of the Joint
Committee on Internal Revenue Taxation, announced today that the
Joint Committee is very much interested in the survey being conducted
by the Treasury Department on depreciation*
This survey is designed to secure information from business
and professional organizations on service lives and depreciation
practices, as well as taxpayers1 opinions on various suggestions for
changes in the depreciation provisions of the tax law. In the past,
because of the lack of information on this subject, the Congress has
encountered a great deal of difficulty in considering proper legislation
dealing with depreciation.
The Chairman stated that he has received information from the
Treasury that the survey forms are now being distributed among
participating taxpayers* He also stated that if these groups would
give full and prompt participation in the survey, it would add greatly
to its reliability and usefulness in providing a sound basis for making
revisions in the depreciation laws.

OFFICE OF THE SECRETARY OF THE TREASURY
WASHINGTON

Dear Mr.
In the past two or three years many proposals for
changes in the tax laws relating to depreciation have been
placed before Congress. In studying these proposals, the
Treasury Department has found it difficult to evaluate them
because of a lack of sufficient reliable statistical information. While we do not want to burden you, in order to determine what changes may be appropriate in this area we need more
information.
I am enclosing certain schedules and a questionnaire,
with accompanying instructions, to enable you to furnish information on your current practices and opinions on depreciation.
Your firm is one of about 6,000 businesses, both large and small,
representing a cross section of American industry included in
this survey.
The Chairman of the Joint Committee on Internal Revenue
Taxation, which is composed of the Chairmen and ranking members
from both parties of the tax-writing Committees of the Congress,
has recently announced that the Joint Committee is interested in
this survey. His statement indicated that in the past, because
of the lack of information on this subject, the Congress has encountered a great deal of difficulty in considering proper legislation dealing with depreciation. As he stated, if the groups
included "would give full and prompt participation in the survey,
it would add greatly to its reliability and usefulness in providing a sound basis for making revisions in the depreciation laws."
The purpose of the survey is solely to provide a broad
statistical basis for an up-to-date understanding of depreciation
practices within industry groups and for general classes of depreciable properties. The data requested are not designed, or

Page 2
intended, for use in the review of particular taxpayers1 depreciation allowances or tax liabilities. Although statistical
summaries will be made available to the Congress and others,
information with respect to individual companies received through
the survey will be held in confidence.
It would be greatly appreciated if you would undertake
to complete and return the questionnaire and schedules by September 1. If you should encounter any problems in supplying the
data requested, we would be glad to answer any questions or
assist you in any way which seems feasible. Please address your
written inquiries to me. In case of telephone inquiries, please
call the Chief, lax Analysis Staff, Treasury Department, at
WOrth 1J—2318 or Executive 3-61+00, extension 2318, here in Washington.
I should like to express our appreciation for your cooperation in providing the information essential to the success
of the survey.
Sincerely yours,

Enclosure

Fred C. Scribner, Jr. ^
Under Secretary of the Treasury

Budget Bureau N u m b e r 48-6001
Approval expires March 31, 1961

U. S. Treasury Department
ENCLOSURES FOR DEPRECIATION SURVEY
The objective of this survey is to ascertain the average useful life for tax purposes of
certain broad categories of depreciable assets, along with certain supplementary information
on depreciation methods and practices.
The enclosed material consists of:
1. Instructions
2. Business Activity Schedule and Schedules A and B
3. Questionnaire
The procedure for completion of the questionnaire and the use of the schedules for submitting data are explained in the instructions. Please read the instructions carefully before
beginning to compile the data requested.
If additional copies of any schedules are needed, they may be duplicated in any manner
most convenient or w e will be glad to forward additional copies. Direct requests or inquiries to address below.
Please return completed questionnaire and schedules by September 1, 1960 to:
Under Secretary of the Treasury, U. S. Treasury Department, Washington 25, D. C.

U. S. Treasory Department
Depreciation Survey

INSTRUCTIONS FOR PREPARING BUSINESS ACTIVITY SCHEDULE,
SCHEDULES A AND B, AND QUESTIONNAIRE

1. Procedure for the Completion of Business Activity Schedule. The business
activities shown in the Business Activity Schedule reflect the industrial breakdown
by which depreciation data will be classified for purposes of this survey. In order
to provide uniform reporting, please indicate the activity or activities of your
business among the fifty-four categories listed in the Business Activity Schedule.
Only these categories should be considered in determining the activities of the
business. A check is desired opposite each principal activity carried on by your
firm. In reporting this and other data in this survey, please consider your firm as
including all affiliates for which a consolidated return is filed for income tax purposes. A principal activity should generally be deemed to be one accounting for
10 percent or more of the depreciable assets of the business as a whole, including
affiliates. In some cases, an activity accounting for a smaller proportion of the
depreciable assets m a y be checked as a principal activity if it is convenient to
report data for such activity separately. As indicated in Instruction 2 below,
separate data are desired for each such principal activity, with a summary
schedule including total data for the firm.
2. Procedure for the Completion of Schedule A or B. Please furnish Schedule A or
B data for the most recent taxable year. P L E A S E R E P O R T T H E D A T A IN A C C O R D A N C E W I T H T H E BUSINESS ACTIVITIES C H E C K E D O N T H E BUSINESS ACTIVITY
S C H E D U L E . IN ADDITION, IF S C H E D U L E S A R E F I L L E D O U T F O R T W O O R M O R E
ACTIVITIES, P L E A S E FILL O U T A N D R E T U R N A S U M M A R Y S C H E D U L E M A R K E D
" T O T A L " WHICH WILL INCLUDE THE A G G R E G A T E D A T A F O R A L L T H E
ACTIVITIES O F Y O U R FIRM. If your firm has both Schedule A and B activities,
please supply summary data for each.
Schedule A is to be filled out by all manufacturing and nonmanufacturing enterpris
other than certain regulated public utilities. Schedule B is to be filled out only by
certain public utility companies.
A separate Schedule A or a Schedule B should be compiled for each activity checked
in the Business Activity Schedule which accounts for 10 percent or more of the
depreciable property. If it is convenient for you to report separately on certain
activities accounting for less than 10 percent of your depreciable assets, do so.
Data for all other activities accounting for less than 10 percent of depreciable
assets or which are not separately reported should be combined in one Schedule A
or B, with a listing of the activities so combined. In some cases it m a y be necessary
to make estimated allocations among various activities for those facilities which are
c o m m o n to more than one activity or which are general in nature. (See Instruction
5 below.)
Your summary schedule should combine the dollar amounts but not necessarily the
useful life data shown on the different schedules. For purposes of the summary
schedule, the depreciable property groups other than the standard groups which
are the same for all activities as listed on Schedule A or B, m a y be combined
in a single "All other" group. Data on the summary schedule m a y b e otherwise
arranged or combined in a manner convenient for you. Please check to determine
that the items reported on the separate activity schedules add to the totals reported
on the summary schedule.
The property to be reported in Schedules A and B is to be limited to tangible
property; intangible property such as leases, copyrights, patents and franchises
is not to be included.

Depreciable property consisting of special purpose buildings completely integrated
with equipment as a single structure (for example, structures used with an oil
refinery, a Blast furnace or by-product coke oven) should be included under the
appropriate equipment group rather than under a building group, if the life of the
structure is determined by the life of the related equipment.

- 2If there are factors in your situation which result in substantially longer or shorter
service lives than are usual for this type of property (such as a business policy of
early retirement of equipment with relatively high resale value or substantial
improvements which have extended the service life), please identify the property
and service lives involved with an appropriate notation or brief explanation.
3. Procedure for Reporting Average Life for Schedules A and B. For each group of
depreciable property listed in Schedule A or B, the average useful life assumed for
tax purposes should be indicated. Where the average life is not known, it m a y generally be approximated by dividing the gross investment less estimated salvage value
by the amount of straight line depreciation on the property. Please exclude fully depreciated assets in making this computation. Fully depreciated assets are those on
which no depreciation is takenfor the year; this does not include particular property
items in composite or group accounts which have survived beyond the average life indicated for such composite or group account unless the composite or group reserve
has reached 100 percent of the property account. If your depreciation schedules show
summaries of cost by useful life classes, the average life for a group can easily he
computed by setting up a schedule like the following:
Designated Property Group on Schedule A or B
(e.g., Power Plant Machinery and Equipment)
(1)
Useful life
when
acquired
(years)

(2)
Straight line
depreciation
rate
(%)

20
25
30

5
4
3 1/3

(3)
Depreciation
base *
(thousand
dollars)

(4)
Straight line
depreciation
(thousand
dollars)

25
83
61

1.25
3.32
2.03

169

6.60

Average rate: 6.60 divided by 169 = 3.91%.
Average useful life: 1 divided by 3.91% = 25.6 years.
Or by short-cut method: 169 divided by 6.60 = 25.6 years.
* The depreciation base would ordinarily be the gross investment, less estimated
salvage. Fully depreciated assets should be excluded.
4. Depreciable Property Groups for Schedules A and B. In Schedules A and B
certain depreciable property groups have been filled in for you. These are the same
for all activities. The remaining depreciable property groups, which depend on the
business activity, are listed on the pages immediately following Schedules A and B.
Using this list, locate the activity covered by Schedule A or B, and enter the corresponding property groups in the designated lines of the schedule.
5. Approximations Where Exact Data are Difficult to Ascertain. In the case of
firms using composite depreciation rates, or in other cases, such as those m e n tioned below, where precise data for Schedule A or B cannot be supplied without
undue time or effort, it is hoped that close approximations m a y nevertheless be
made. If an approximation is not practicable, please supply the composite or other
most nearly appropriate data which are available.
In any case where estimates or approximations are used, please identify such items
with the notation (est.) or (approx.).
If your firm is a multi-line business using certain assets in more than one principal business activity, such facilities and the depreciation thereon should be
apportioned among the different activities in the manner which under your method of

- 3cost accounting or in your best judgment appropriately reflects the amounts allocable
to each such activity. If such an estimate is not feasible, please report such facilities under the predominant activity, listing the other activities for which the
facilities are used.
Where the classification of depreciable property in your accounting system differs
from the depreciable property groups designated in the schedules here, please
estimate according to your best judgment the amounts to be reported for the property groups designated in the survey schedule. In some instances, should it prove
too difficult to separate certain of your accounts, you m a y find it convenient to
report an aggregate amount with brackets indicating the particular survey schedule
groups to which your aggregate corresponds.
As indicated in Schedules A and B, property which was used when originally acquired by you and which can be identified as such should be reported under the used
property group designated for that purpose. If certain used property items have
been modernized or rebuilt with substantial new expenditures as compared with the
original cost of the used property, only the portion of the total representing the
original cost of the used property should be so reported. If it is not feasible to
determine or estimate the portion of the cost of such items representing used
property, report such items as new or used, depending on their predominant
character.
6. Questionnaire. The accompanying questionnaire affords you an opportunity to
express your views and suggestions in important areas of depreciation policy and
practice* Most of the proposals and alternatives listed in the questionnaire are
those in which businessmen and experts in the depreciation field have shown
particular interest. The questions can generally be answered with a check, a date,
or a figure. In order to facilitate the tabulation of this information, please attach
a separate sheet of paper for those questionnaire items which call for additional
explanation or which you wish to answer more fully.

,X|sa&

m^L
U. S. TREASURY DEPARTMENT - DEPRECIATION SURVEY

FORMT.D. 2790

FOR TREASURY USE

BUSINESS ACTIVITY SCHEDULE

(REV. JUNE 1960)

HAME A N D A D D R E S S O F FIRM (Street, city, zone, State)

Please check below each principal activity of the firm as described in Instruction 1.
M A N U F A C T U R I N G (Use Schedule A)

>1)o\i

(•)

ACTIVITY

Beverages:
Soft drink

Paper and allied products

Alcoholic

Printing, publishing and
allied products

Meat products

Grain mill products and
cereal preparation

Chemicals and allied products

Oil and natural gas production
and refining

Dairy Products

Rubber, leather, plastics and
allied products

All other food products

Stone, clay and
glass products

Tobacco and related products

(•) 6td
<£z

ACTIVITY

Automobiles and other land
transportation equipment not
included in activity 20

Metal working machinery
including machine tools

Electrical machinery,
equipment and supplies

Professional, scientific and
controlling instruments,
photographic & optical good-

Machinery not included in
activities 22, 23 and 24
(State principal type)

Fabricated metal products
(State principal.type)

Other manufacturing activities
(Specify)

Gasoline service station

Automobile repair
services and garages

Primary metal products
(State principal products)

17
8

Textile mill products

Apparel and products
made from fabrics

Lumber and w o o d products, and
furniture (all materials)

18
19

Aircraft and parts

Railroad equipment including
locomotive and street cars

Shipbuilding and repairing

N O N M A N U F A C T U R I N G (Use Schedule A)

Agriculture, agricultural services,
and forestry (State principal
product or service)

Taxicabs and rental
automobiles

Local trucking and warehousing

Fishing

Other transportation not
using Schedule B

Mines, pits and quarries
(State principal product)

Radio and television
communications

Real estate operations

Wholesale trade (Specify)

42
Retail trade (Specify)

30
Hotels and theatres (Specify)

44
31

Construction

Finance and insurance

Water transportation

Automobile dealers

Service activities not included
in other classifications (Specify)

CERTAIN PUBLIC UTILITIES (Use Schedule B)
46

Gas

Railroads

Air carriers

Electric

Motor carriers

Telephone

Water

Telegraph

Oil and/or gas pipelines (Specify)

FORM T.D.

Budget Bureou Number 48-6001. Approvol 9xpit„
FOR TAXABLE YEAR ENDING
FOR TREASURY USE

U. S. TREASURY DEPARTMENT- DEPRECIATION SURVEY

2791

SCHEDULE A

(REV. JUNE 1960)

, 19.

(Note: Data should be reported for the latest taxable year)
NAME OF OFFICIAL OR REPRESENTATIVE OF FIRM TO BE CONTACTED TELEPHONE

FIRM NAME

M orch 31, 1961

NUMBER , AND NAME OF ACTIVITY COVERED BY THIS
SCHEDULE A

Use a separate Schedule A for each activity checked iri the Business Activity Schedule and for the Summary Schedule (See instruction 2)

DEPRECIABLE PROPERTY GROUPS
(See instruction 4)

1. Leasehold improvements written off over
the life of the lease

AVERAGE LIFE
(Years)
PROPERTY
ALL
ACQ'D
PROPAFTER
ERTY
12/31/53
A
B
$

TOTAL
C

GROSS INVESTMENT (At end of year)
FULLY DEOTHER PROPERTY
PRECIATED
ACQUIRED SINCE
PROPERTY
12/31/53
(No depreciation taken USING NEW
OTHER
1954 METHODS
for year)
F
E
D

DEPREC IATION CLAIM ED FOR THE YE:AR

TOTAL
DEPRECIATION
RESERVE FOR
GROSS INVESTMENT AT END
OF YEAR
H

ACQUIRED
PRIOR TO
1/1/54
G

TOTAL

PROPERTY ACOIHRirn
SINCE 12/31/53
USING
NEW 1954
OTHER
METHODS
K
J

PROPERTY
ACQUIRED
PRIOR TO
1 1 54
L

2. Portion of emergency facilities
subject to 60 month amortization
3> Property used when acquired
4. Property new when acquired
a. Bldgs. of steel, stone, or reinforced concrete
construction, including building fixture equip.
b. Buildings of cinder block, frame or sheet metal
construction, including building fixture equip.
c. Land improvements, including roads, fences,
parking lots, and landscaping
d. Power plant machinery and equipment
e. Furniture and fixtures
f. Office machines and equipment
g. Automobiles, trucks and trgilers
N O T E : For the additional depreciable property groups below, see accompanying list: Additional Depreciable Property Groups for Schedule A.
_
_

FORM T.D.

Budget Bureau Number 48-6001. Approval expires March 31, 1961
FOR TAXABLE YEAR ENDING
FOR TREASURY USE

U. S. TREASURY DEPARTMENT- DEPRECIATION SURVEY

2791

SCHEDULE A

(REV. JUNE 1960)

, 19.

(Note: Data should be reported for the latest taxable year)
NAME OF OFFICIAL OR REPRESENTATIVE OF FIRM TO BE CONTACTED TELEPHONE

FIRM NAME

NUMBER , AND NAME OF ACTIVITY COVERED BY THIS
SCHEDULE A

Use a separate Schedule A for each activity checked in the Business Activity Schedule and for the Summary Schedule (See instruction 2)

DEPRECIABLE PROPERTY GROUPS
(See instruction 4)

1. Leasehold improvements written off over
'the life of the lease

AVERAGE LIFE
(Years)
PROPERTY
ALL
ACQ'D
PROPAFTER
ERTY
12/31/53
A
B

TOTAL

GROSS INVESTMENT (At end of year)
FULLY DEOTHER PROPERTY
PRECIATED
ACQUIRED SINCE
PROPERTY
12/31/53
(No depreciation taken USING NEW
OTHER
for year) 1954 METHODS
F
E
D

DEPRECIATION CLAIMED FOR THE YEAR

ACQUIRED
PRIOR TO
1/1/54
G

TOTAL
DEPRECIATION
RESERVE FOR
GROSS INVESTMENT AT END
OF YEAR
H

TOTAL

PROPERTY ACQUIRED
SINCE 12/31/53
USING
NEW 1954
OTHER
METHODS
K
J

2. Portion of emergency facilities
subject to 60 month amortization
3. Property used when acquired
4> Property new when acquired
a. Bldgs. of steel, stone, or reinforced concrete
construction, including building fixture equip.
b. Buildings of cinder block, frame or sheet metal
construction, including building fixture equip.
c. Land improvements, including roads, fences,
parking lots, and landscaping
d. Power plant machinery and equipment
e. Furniture and fixtures
f. Office machines and equipment
g. Automobiles, trucks and trailers
N O T E : For the additional depreciable property groups below, see accompanying list: Additional Depreciable Property Groups for Schedule A

h.
i.

J.
k.
1.
m.
n.
o.
i

W &

'•':••;:•• •:':.'

PROPERTY
ACQUIRED
PRIOR TO
1/1/54
L

FORM T.D.

Budget Bureau Number 48-6001. Approval expires March 31, 1961
FOR TAXABLE YEAR ENDING
FOR TREASURY USE

U. S. TREASURY DEPARTMENT- DEPRECIATION SURVEY

2791

SCHEDULE A

(REV. JUNE 1960)

(Note: Data should be reported for the latest taxable year)
NAME OF OFFICIAL OR REPRESENTATIVE OF FIRM TO BE CONTACTED TELEPHONE

FIRM NAME

, 19.
NUMBER , AND NAME OF ACTIVITY COVERED BY THIS
SCHEDULE A

Use a separate Schedule A for each activity checked in the Business Activity Schedule and for the Summary Schedule (See instruction 2)

DEPRECIABLE PROPERTY GROUPS
(See instruction 4)

1. Leasehold improvements written off over
the life of the lease

AVERAGE LIFE
(Years)
PROPALL
ERTY
PROPACQ'D
ERTY
AFTER
12/31/53
A
B
$

TOTAL
C

GROSS INVESTMENT (At end of year)
FULLY DEOTHER PROPERTY
PRECIATED
ACQUIRED SINCE
PROPERTY
12/31/53
(No depreciation taken USING NEW
OTHER
1954 METHODS
for year)
F
E
D
$
$
$

DEPRECIATION CLAIMED FOR THE YEAR
TOTAL
DEPRECIATION
RESERVE FOR
GROSS INVESTMENT AT END
OF YEAR
H

ACQUIRED
PRIOR TO
1/1/54
G
$

TOTAL

PROPERTY ACQUIRED
SINCE 12/31/53
USING
NEW 1954
OTHER
METHODS
K
J
$

PROPERTY
ACQUIRED
PRIOR TO
1/1/54
L

2. Portion of emergency facilities
subject to 60 month amortization
3« Property used when acquired

::W-My--'-

4. Property new when acquired
a. Bldgs. of steel, stone, or reinforced concrete
construction, including building fixture equip.
b. Buildings of cinder block, frame or sheet metal
construction, including building fixture equip.
c. Land improvements, including roads, fences,
parking lots, and landscaping
d. Power plant machinery and equipment
e. Furniture and fixtures
f. Office machines and equipment
g. Automobiles, trucks and trgilers
N O T E : For the additional depreciable property groups below, see accompanying list: Additional Depreciable Property Groups for Schedule A.

;

h.
i.

J.
k.
1.
m.
n.
o.

TOTAL

Budget Bureau Number 48-6001. Approval expires March 31, 1961

SCHEDULE B

(REV. JUNE 1960)
FIRM N A M E

., 19.

(Note: Data should be reported for the latest taxable year)

ALL
PROPERTY
A

1. Leasehold improvements written off over
the life of the lease

NUMBER

NAME OF OFFICIAL OR REPRESENTATIVE OF FIRM TO BE CONTACTED TELEPHONE

PROPERTY
ACQ'D
AFTER
12/31/53
B

, AND NAME OF ACTIVITY COVERED BY THIS
SCHEDULE B

DEPRECIATION C L A I M E D F O R T H E Y E A R

GROSS INVESTMENT (At end of year)

A V E R A G E LIFE
(Years)
DEPRECIABLE PROPERTY GROUPS
(See instruction 4)

FOR TREASURY USE

FOR TAXABLE YEAR ENDING

U. S. T R E A S U R Y D E P A R T M E N T - DEPRECIATION SURVEY

FORM T.D. 2793

TOTAL

F U L L Y DEPRECIATED
PROPERTY
(No depreciation taken
for year)
D

ACQUIRED
PRIOR T O
1/1/54

TOTAL
DEPRECIATION
RESERVE F O R
GROSS INVESTM E N T AT E N D
OF Y E A R

TOTAL

OTHER PROPERTY
ACQUIRED SINCE
12/31/53
USING N E W
OTHER
1954 M E T H O D S
F
E

PROPERTY ACQUIRED
SINCE 12/31/53
USING
N E W 1954
METHODS
J

PROPERTY
ACQUIRED
PRIOR T O
1/1/54

OTHER

2. Portion of emergency facilities
subject to 60 month amortization

3. Property used when acquired

...
4. Property new when acquired
NOTE: For the additional depreciable property groups below, see accompanying list: Additional Depreciable Property Groups for Schedule B.
a.

d.
e.

•
g.

h.
i.

Budget Bureau Number 48-6001. Approval expires March 31, 1961

SCHEDULE B

(REV. JUNE 1960)

. 19.

(Note: Data should be reported for the latest taxable year)

FIRM NAME

FOR TREASURY USE

FOR TAXABLE YEAR ENDING

U. S. TREASURY DEPARTMENT- DEPRECIATION SURVEY

FORM T.D. 2793

NAME OF OFFICIAL OR REPRESENTATIVE OF FIRM TO BE CONTACTED TELEPHONE

NUMBER , AND NAME OF ACTIVITY COVERED BY THIS
SCHEDULE B

Use a separate Schedule B for each activity checked iri the Business Activity Schedule and for the Summary Schedule (S
ee instruction 2)
A V E R A G E LIFE
(Years)
DEPRECIABLE PROPERTY GROUPS
(See instruction 4)

ALL
PROPERTY
A

1. Leasehold improvements written off over
the life of the lease

PROPERTY
ACQ'D
AFTER
12/31/53
B

TOTAL

GROSS INVESTMENT (At end of year)
F U L L Y DEOTHER PROPERTY
PRECIATED
PROPERTY
ACQUIRED SINCE
(No depreci12/31/53
ation taken
USING N E W
OTHER
for year)
1954 METHODS
F
D
E

DEPRECIATION CLAIMED F O R T H E Y E A R

ACQUIRED
PRIOR T O
1/1/54

TOTAL
DEPRECIATION
RESERVE FOR
GROSS INVESTM E N T AT END
OF YEAR
H

P R O P E R T Y ACQUIRED
SINCE 12/31/53
TOTAL

USING
NEW 1954
METHODS
J

PROPERTY
ACQUIRED
PRIOR TO
1/1/54

OTHER

2. Portion of emergency facilities
subject to 60 month amortization

3- Property used when acquired

4. Property n e w when acquired
NOTE: For the additional depreciable property groups below, see accompanying list:

Additional Depreciable Property Groups for Schedule B.

b.
c.
d.
e.

f.
g.
X

h.
i.

«
J.
kx

i
1.

1
mr^im. A •

;:;:;:|:;:ji;:;>:;:;:|>:;:j

U. S. TREASURY DEPARTMENT - DEPRECIATION SURVEY

ADDITIONAL DEPRECIABLE PROPERTY GROUPS FOR SCHEDULE B
(Activity numbers correspond with numbers listed in Business Activity Schedule)

u
z

8«

DESCRIPTION

> m

DESCRIPTION

GAS UTILITIES

a.
b.

Structures and improvements

c.
d.
e.
f.

Production plant - natural gas.

MOTOR CARRIERS

Production plant - manufactured gas

Products extraction plant
Storage plant - underground facilities

a.
b.

Structures

c.
d.

Service cars and equipment

Miscellaneous equipment

Carrier operating property leased to others

Non-carrier operating and/or non-operating
property

Revenue equipment

Furniture and office equipment

Storage plant - local

g.
h.
i.

Transmission plant

Office furniture and equipment

Transportation equipment

Distribution plant
Miscellaneous general plant

OIL AND/OR GAS PIPE LINES

ELECTRIC UTILITIES

a.
b.

Structures

Production plant - hydraulic

Production plant - steam

Production plant - internal combustion engines

e.
f.

Transmission plant

g.
h.
i.

a.
b.
c.
d.
e.
f.

Office furniture and equipment

Transportation equipment

Vehicles and other work equipment

Other property

Boiler plant and other power production
equipment

c.
d.

Pumping equipment
Transmission and distribution system
Purification system
Transportation equipment

Communication systems

AIR CARRIERS

a.
b.

Buildings and other improvements

c.
d.
e.

Furniture, fixtures and office equipment
Airframes

g.
h.
i.

Ground property and equipment - other

Office furniture and equipment

Surface transport vehicles and equipment

Aircraft engines and propellers
Aircraft communication and navigational equipment

Miscellaneous general plant equipment

RAILROADS
a.
b.
c.

Other station equipment
Storage tanks
Delivery facilities

Structures and improvements

g.
h.

Pumping equipment
Machine tools and equipment

Miscellaneous general plant

Distribution plant

e.
f.

Line pipe, fittings and construction
Boilers

g.
h.
i.

WATER UTILITIES

Buildings

Buildings (Accounts 16, 17, 18, 19, 20, 21, 22, 29, 35)

Flight equipment - other

Passenger service equipment

TELEPHONE

Grading (depreciable)
Tunnels and bridges (Accounts 5 & 6)

a.
b.
c.

Outside plant

Buildings

Power plant machinery and transmission
systems

Wharves and docks

Vehicles and other work equipment

Communication systems, signals and
interlocks

Central office and station equipment

g.
h.

Other roadway property (depreciable)(Accounts 13 & 39)

Buildings

Steam locomotives

a.
b.

Other locomotives

Inside communication plant

Cars

Office and messenger equipment

Work equipment (Including accounts 56 & 5,7)
Mlscl. equipment (Including accounts 37, 44, 58)

e.
f.

Vehicles

Furniture and office equipment

TELEGRAPH

Outside communication lines

Work equipment

FORM T.D. 2794 (REV. 6-60)

Budget Bureau Number 48-6001 Approval expires March 31, 1961
U. S. TREASURY DEPARTMENT- DEPRECIATION SURVEY

FOR TREASURY USE

QUESTIONNAIRE
(Explain items checked where appropriate - Use separate sheet for comments)

NAME AND ADDRESS OF FIRM

For Treasury Use
Do not write in
this space

Check any of the new methods permitted under the Internal Revenue Code of 1954 for tax purposes which you
are using for any significant part of your assets.
Da.

THE DOUBLE DECLINING BALANCE

\Z\b. THE SUM OF THE YEARS- DIGITS
d. ENTER THE YEAR YOU FIRST ADOPTED ANY.OF
Qc. OTHER (Specify)
THESE METHODS 19
2. Have you elected to use the additional first-year depreciation allowance provided under the Small Business
Tax Revision Act of 1958?

Da. YES

Db. NO

c. IF "YES," PLEASE ENTER THE AMOUNT OF THIS DEDUCTION FOR THE MOST RECENT YEAR (In thousands) \

3. If a material change was made in the estimated useful lives of your depreciable assets for tax purposes since
December 31, 1953, please enter the year the change was made.
a. 19 CHECK IF THE USEFUL LIVES WERE MADE • b. LONGER Qc. SHORTER
1. If a material change was made in the estimated salvage value of your depreciable assets for tax purposes
since December 31, 1953, please enter the year the change was made.
a. 19.

CHECK IF THE SALVAGE VALUE WAS

b. INCREASED

f~\ c. DECREASED

). Do you think the present allowances for depreciation for tax purposes are reasonably satisfactory?
Da. YES Db. NO • c. DON'T KNOW
3. If, in your opinion, you should have taken more depreciation than was allowed for tax purposes in the most recent year to maintain your investment in depreciable property and to provide for obsolescence, please fill out
the following items:
a. AMOUNT YOU ESTIMATE WOULD HAVE MET YOUR REQUIREMENTS (In thousands) $
b. ACTUAL DEPRECIATION AND AMORTIZATION DEDUCTION
c. DIFFERENCE
$
7. How did your capital expenditures on depreciable property since December 31, 1953 compare with your depreciation deductions for the same period?
a. CAPITAL EXPENDITURES ON DEPRECIABLE PROPERTY SINCE 1953 (In thousands) -.. $
b. DEPRECIATION $
c. AMORTIZATION $
d. TOTAL DEPRECIATION AND AMORTIZATION SINCE 1953
e. DIFFERENCE
_
$.
). If you think your deductions for depreciation are inadequate, what are the major reasons for this opinion?
(Check

one or more

of the

following)

r—. a. USEFUL LIVES REQUIRED FOR TAX PURl_J
POSES TOO LONG

a c. CHANGE IN PRICE LEVELS

[J b. IN ADEQUATE ALLOWANCE DURING EARLY YEARS
Q d . OTHER (Specify)

I. If y o u think that the present tax treatment of depreciation should b e c h a n g e d , indicate your first choice b y entering " 1 " in the s p a c e provided a n d your s e c o n d choice b y entering " 2 " in the s p a c e provided. P l a c e a
check m a r k in the s p a c e provided for a n y of the other m e t h o d s w h i c h y o u favor. (If you so desire, please expand on any measure you favor.)

a. ALL DEPRECIABLE ASSETS GROUPED INTO BROAD-CLASS CATEGORIES WITH GENERALLY SHORTER
MINIMUM LIVES PRESCRIBED BY STATUTE.
b. FURTHER ACCELERATION DURING EARLY PART OF LIFE OF ASSET, SUCH AS TRIPLE DECLINING BAL.
c. SOME FORM OF DEPRECIATION ADJUSTMENT TO REFLECT INCREASED PRICE LEVELS (See Question 10)
d. FURTHER EXTENSION OF ADDITIONAL FIRST-YEAR DEPRECIATION ALLOWANCE
e. FREEDOM TO FOLLOW OWN JUDGMENT AS TO LIVES AND METHODS (Consistently applied)
1. ISSUE A NEW REVISED BULLETIN "F", FOR CONTINUED USE AS A GUIDE ONLY
g. LEGISLATION AUTHORIZING A DETAILED CLASSIFICATION OF ASSETS ALONG THE LINES OF BULLETIN
"F", TO BE PRESCRIBED FOR GENERAL USE SUBJECT TO A STATUTORY PERCENTAGE LEEWAY AS TO
USEFUL LIVES OR DEPRECIATION RATES
h. A SELECTIVE PROGRAM OF ACCELERATED DEPRECIATION FOR PARTICULAR INDUSTRIES OR LINES OF
BUSINESS WHICH MAY DEMONSTRATE A NEED FOR ENCOURAGEMENT IN THE N ATION AL IN TEREST (For
example, special shortened service lives for railroad equipment and rolling stock, textile machinery, or depreciable
assets used in producing for export)
i. O T H E R (Explain briefly)

FORM T. D. 2795 (REV. 6-60)

Q U E S T I O N N A I R E (Continued)
10. If you favored method (c) in question 9, which of the following alternatives would be the most suitable?

(Check one)
• a. REINVESTMENT DEPRECIATION ALLOWANCE WHICH WOULD PERMIT THE DIFFERENCE BETWEEN THE
ORIGINAL COST AND THE CURRENT REPLACEMENT VALUE OF THE OLD ASSET TO BE DEDUCTED IMMEDIATELY WITH ADJUSTMENT OF THE DEPRECIABLE BASIS OF THE NEW PROPERTY
•

b. DEPRECIATION WHICH WOULD ALLOW THE TAXPAYER TO CLAIM ANNUAL DEPRECIATION BASED ON ORIGINAL COST ADJUSTED FOR CHANGES IN THE PRICE LEVEL

• _. OTHER (Specify)

11. H o w does the amount of depreciation for book purposes compare with depreciation taken for tax purposes in
the most recent year? (Check only one)
• a. ABOUT THE SAME • b. MORE Q c. LESS
12. If there are differences, are they caused by: (Check one or more)
• a. CAPITALIZATION OF DIFFERENT AMOUNTS?

•

_. D I F F E R E N C E IN U S E F U L LIVES?

DIFFERENCE IN DEPRECIATION METHODS (For example, straight line for book and double declining balance for

\_}c. tax purposes)? IF ITEM 12c. WAS CHECKED, DO YOU SET UP DEFERRED TAX RESERVES OR MAKE OTHER
BOOK ADJUSTMENTS FOR THE CURRENT TAX DIFFERENCES RESULTING FROM THE NEW METHOD?
• (i)YES •(!!). NO
• d. PRICE LEVEL ADJUSTMENTS FOR BOOK PURPOSES?
• e. OTHER? (Specify)
13. If depreciation were liberalized along the lines you favor, would you be willing to:
a. GENERALLY CONFORM BOOK AND TAX DEPRECIATION
ACCOUNTING PRACTICES?
Q (i) YES
b. FOREGO CAPITAL GAINS BENEFITS ON DISPOSALS OF
DEPRECIABLE PROPERTY TO THE EXTENT OF DEPRECIATION PREVIOUSLY TAKEN?

Q (il) NO

• (i) YES

• (ii) NO

c. WOULD LIBERALIZED DEPRECIATION MATERIALLY
INFLUENCE YOUR INVESTMENT DECISIONS SO AS TO
INCREASE YOUR CAPITAL EXPENDITURES? (Please
explain briefly the reasons for your answer to 13c.)

\_J (i) Y E S

(ii) N O

14. D o you expect future rates of obsolescence on your depreciable property to increase significantly?
[ | a. YES Q b. NO (If "Yes,*' please explain reasons for expected change)

15. Please complete the following summary schedule on the firm's dispositions of depreciable property during the most recent year.
fPlease round the figures to the nearest thousand and adjust items so that they add to totals)

ITEM

ORIGINAL
COST

(D
a. BUILDINGS AND
STRUCTURES
b. MACHINERY, EQUIPMENT
AND OTHER
c. TOTAL
GPQ 6 85 530

ACCUMULATED
DEPRECIATION

(2)

NET
SALVAGE
AND SALES
PROCEEDS
(3)

NET GAIN OR LOSS (
REALIZED AS

CAPITAL
(4)

)

ORDINARY
(5)

AMOUNT OF
SALVAGE AND
SALES PROCEEDS
CREDITED TO
DEPRECIATION
RESERVE
(6)

thh%km A. n. m->ymz^,mm Saturday, MXy 2* I960,.

Tha treasury apartataitt aamniiead last mmt&m thatfell*taadsrs tor ti*© aariaa mt
treasury bills, om mr±m& %o bs mm additional i»suo mi tha bills datad April 7, lNO,
ar>d the ©tfear mrim to ba datad tfely 7, 1$$0, wfaiefe w#r« offsrod ©a ^tM 27# w«rt
opened at tli« FMaral Raaarv* Banks on *iuljr 1. fandar® war* inirit«d fur 11,000,000,001,
or thara&bouts, of 9l~day Mils awl imr $$QQ9QQQ9QQQ9 or ttiarsabouts, of l8*~4*y biUi,
Tha details of tkm two sisriat ars as .follows t
14HS-1 OF ACCSPfEP

romcnTin

BXSM

91~iay frmmmmry bills
»atoif*fQotobar 6, I960
Annual
frUm Bata

lit -4ay fraaamry biHa
Appro*, sn*_?7
fyiea
Annual gata

lint*

nM y

t.Tf9%

w*my

A?a**g«

99.M7
99M7

%*m%y

t*m$y
9$.m

a/
b/
56
IS

98,532
Kmptlac one tender of t2$0f0QO
Firceptinp two tenders totaling f2fS,000
of 91-day bills hU Bm at the low prlca
p«fe«fli ®i
peroaat ©f tha
of llf-day bills bl£l for at the low prico

tOUt TEWWHtS AFFLISt FOR AMF ACClPtEt II ITOIflAIft££KXfEBlSfHCTSt
Diatriet

ippliad ror

Receptee:

Applied for

Acceptad

Boston
Wav York
l_,iladalptiia
Clawslsjid

I 22,775,000
l,30li,OTtOOO
23,551,000

# 2,281,000
701,018,000
10,980,000
12,078,000

Atlanta.
Chicago
St, X4rais
Mlssieapolis
mmmm City
Sallas
San Francisco

9.932*000
lM85,000
111,799,000
17*772,000
12,193*000
32,71*0,000
•••¥iflSrfgP
$x
9m69m$9m®

12,1*75,000
73t_k97#000
8,551,000
i9*M3#ooo
9,931,000
1^,613,000
99,539,000
15,772,O00
8,753,000
26,960,000
1,130,000 y
11,000,123,000

mmm

tfc,l*3,ocx>

M32,ooo
2,379,000
85,3*J»@oo
3,052,000
14,1*96,000
9,060,000
1,7X5,000

1878,277,000

2,201,000
1*06,803,000
5,990,000
7,O78,0OO
14,632,000
2,HJ*,000
Jt0,li|8,OO0
2,552,000
2,996,000
6,860,000
1,715,000

1500,017,000^

Ja©lmd«« H6fe.»5fa0,000 ®©«a»patltiv« tosdara accepted at tha awra§m prim* mi
Includes ^33,566,000 nonesapatitiv. tenders accapted at the average priea of 98.51*
Avarafs rata on m mmpoa iasma acfuivalait*, ylald basis is 2#35# for tha 91*day bill!
and 2,88| for tha l82~day bills. Interest rata* on bills ar® quotac1 on the basil
of banletflMotiaA,with their length in actual number of days related to a 360-d*y
yaar. In aoatrast, ylalds on cartifieataa, notes, and b©fid« ara eo»putad mm tha
basis of intaraat on the invaatnaitt, with the nvmhmr of days regaining in a scaiamiBal intaraat paypsant period ralatad to tha aetuai iss_«bar of day* m tha pariah,
mw$ with aaplaiaiaal mmpmrniXBg it r-orm than oua eompon pariod ia involvad.

TREASURY DEPARTMENT
L'gg^-T-y.tfiffl- fygf^gr.-r

rr-vzvrszf-.vsr??- _a^.r_^a«a5S^JB«BEfi^.>i r v « B m « r r a > ^ a i t t K P ^ ^

WASHINGTON, D.C
RELEASE A. M. NEWSPAPERS, Saturday, July 2, I960.

A-879

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 April 7, I960,
and the other series to be dated July 7, I960, which were offered on June 27, were
opened at the Federal Reserve Banks on July 1. Tenders were invited for $1,000,000,000
or thereabouts, of 91-day bills and for $500,000,000, or thereabouts, of 182-day bills.
The details of the two series are as followst
RANGE OF ACCEPTED
COMPETITIVE BIDSt

High
Low
Average
y
of
56
18

91-day Treasury bills
maturing October 6, I960
Approx. Equiv.
Price
Annual Rate
99.1*2li y
99.h07
99.1a?

2.279$
2.31*6$
2.307$ 1/

t
s
s
t

182-day Treasury bills
maturing January $, 196l
Approx. Equiv.
Price
Annual Rate
98.60it b/
98. $6$ ~*
98.582

2.761$
2.838$
2.805$ y

Excepting one tender of $250,000
Excepting two tenders totaling $275,000
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

TOTAL TENDERS APPLIED FOR AND ACCEPTED BY FEDERAL RESERVE DISTRICTS:
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Applied For
\
22,775,000
l,30ii,297,000

23,55i,ooo
2U>ii63,000
9,931,000
16,285,000
168,799,000
17,772,000
12,193,000
32,71*0,000
7,230,000
1*6,819.000
$1,686,855,000

Accepted
12,ltf5,000
732,1*97,000
8,551,000
19,1*63,000
9,931,000
H*,6l3,000
99,539,000
15,772,000
8,753,000
26,980,000
7,230,000
hU,319_000

Applied For
\ 2,281,000
701,018,000
10,980,000
12,078,000
U,632,000
2,379,000
85,31*8,000
3,052,000
1*,1#6,000
9,060,000
1,715,000
1*1,238,000

Accepted
$ 2,281,000
1*06,803,000
5,980,000
7,078,000
l*,632,00O
2,U*1*,000
Ii0,lli8,000
2,552,000
2,996,000
6,860,000
1,715,000
16,828,000

_____M«_w»_M____>.„»«_-^nmiwiiMniii_*»

TOTALS

$1,000,123,000 c/ $878,277,000

$500,017,000 pV

y Includes $l61*,51*0,000 noncompetitive tenders accepted at the average price of 99«kl7
d/ Includes $33,566,000 noncompetitive tenders accepted at the average price of 98.582
T/ Average rate on a coupon issue equivalent yield basis is 2.35$ for the 91-day bills
"~
and 2,88$ for the 182-day bills. Interest rates on bills are quoted on the basis
of bank discount, with their length in actual number of days related to a 360-day
year. In contrast, yields on certificates, notes, and bonds are computed on tha
basis of interest on the investment, with the number of days remaining in a semiannual interest payment period related to the actual number of days in the period,
and with semiannual compounding if more than one coupon period is involved.

IMMEDIATE RELEASE,
Friday, July 1, i960.

A-880

(Joint Release With Department of State)
T. Graydon Upton, Assistant Secretary of the Treasury for
international financial matters, is heading a U. S. delegation
to Bonn, Germany, for the second meeting of the Development
Assistance Group, July 5-7* i960.
The Development Assistance Group which held its first meeting
in March of this year has as members: Belgium, Canada, Prance,
the Federal Republic of Germany, Italy, Japan, Portugal, the
United Kingdom, the United States, and the Commission of the
European Economic Community.
The Deputy Chairman of the delegation will be Edwin M.
Martin, Deputy Assistant Secretary, Bureau of Economic Affairs,
State Department; other members of the United States delegation
include: Samuel C. Waugh, President and Chairman of the
Export-Import Bank; Leonard J. Saccio, Deputy Director,
International Cooperation Administration; and Hart Perry, Deputy
Managing Director, Development Loan Fund.
The Development Assistance Group had its origin at special
economic meetings held at Paris in January i960 where a
resolution was adopted noting that certain countries intended to
consult concerning their policies of assistance to less developed
countries. The first meeting of the group was held in
Washington March 9-11* i960. The purpose of the meetings is to
discuss the means of expanding and facilitating the flow of
long-term capital funds to less developed areas, and various
aspects of cooperation in these efforts.
Representatives of the International Bank for Reconstruction
and Development and the Organization for European Economic
Cooperation will participate in certain aspects of the discussions.
0O0

IMMEDIATE RELEASE,
Friday, July l, i960.

A-880

The Development Assistance Group which held its first meeting
in March of this year has as members: Belgium, Canada, France,
the Federal Republic of Germany, Italy, Japan, Portugal, the
United Kingdom, the United States, and the Commission of the
European Economic Community.
The Deputy Chairman of the delegation will be Edwin M.
Martin, Deputy Assistant Secretary, Bureau of Economic Affairs,
State Department; other members of the United States delegation
include: Samuel C. Waugh, President and Chairman of the
Export-Import Bank; Leonard J. Saccio, Deputy Director,
International Cooperation Administration; and Hart Perry, Deputy
Managing Director, Development Loan Fund.
The Development Assistance Group had its origin at special
economic meetings held at Paris in January i960 where a
resolution was adopted noting that certain countries intended to
consult concerning their policies of assistance to less developed
countries. The first meeting of the group was held in
Washington March 9-11, i960. The purpose of the meetings is to
discuss the means of expanding and facilitating the flow of
long-term capital funds to less developed areas, and various
aspects of cooperation in these efforts.
Representatives of the International Bank for Reconstruction
and Development and the Organization for European Economic
Cooperation will participate in certain aspects of the discussions.
0O0

- 3-

X c-

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

terest. Under Sections 454 (b) and 1221 (5) of the Internal Revenue Code of 135

the amount of discount at which bills issued hereunder are sold is not consider

to accrue until such bills are sold, redeemed or otherwise disposed of, and suc

bills are excluded from consideration as capital assets. Accordingly, the owner

of Treasury bills (other than life insurance companies) issued hereunder need i

clude in his income tax return only the difference between the price paid for s

bills, whether on original issue or on subsequent purchase, and the amount actu

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.

_ -

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

serve Bsnks and Branches, following which public announcement will be made by th

Treasury Department of the amount and price range of accepted bids. Those submit

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

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 wit

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

three decimals) of accepted competitive bids. Settlement for accepted tenders in

accordance with the bids must be made or completed at the Federal Reserve Bank o
July 15, 1960 ? in cash or other immediately available funds or in a like

fciS
face amount of Treasury bills maturing

July 15, 1960

. Cash and exchange

pa?

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 los
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 subje

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

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

|
A; bidders.are required to agree not to purchase or to sell, or to make any
|A11
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 Daylight Saving time, Tuesday)
July 12, 1960.

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE, -ft-prM.

mmM'MM4\mwm®ww®wM
Tuesday, July 5, 1960

•

The Treasury Department, by this public notice, invites tenders for
$1,500,000,000 , or thereabouts, of 565 -day Treasury bills, for cash and in

lpE£

pf"~"

exchange for Treasury bills maturing

July 15, 1960
, in the amount of
$£$X
$ 2,000,876,000 , to be issued on a discount basis under competitive and noncom-

petitive bidding as hereinafter provided. The bills of this series will be date
July 15, 1960 , and will mature July 15, 1961 , when the face

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

and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the closDaylight Saving
ing hour, one-thirty o'clock p.m., Eastem/s2P85&&P§. time, Tuesday, July 12, 1960 ,

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

price offered must be expressed on the basis of 100, with not more than three d
(Wotwithstanding the fact that these bills - >
iraals, 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 suppl
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 incorporat

banks and trust companies and from responsible and recognized dealers in invest

securities. Tenders from others must be accompanied by payment of 2 percent of
I will run for 365 days, the discount rate will be computed on a bank discount |
l basis of 360 days, as is currently the practice on all issues of Treasury toiEj

TREASURY DEPARTMENT
_______E8__3S_i

WASHINGTON, D.C

IMMEDIATE RELEASE,
Tuesday, July 5, i960.

A-881

The Treasury Department, by this public notice, invites tenders
for $1,500,000,000, or thereabouts, of 365-day Treasury bills, for
cash and in exchange for Treasury bills maturing July 15. I960, in
the amount of $2,000,876,000, to be issued on a discount basis under
competitive and noncompetitive bidding as hereinafter provided. The
bills of this series will be dated July 15, I960, and will mature
July 15, 1961, when the face amount will be payable without interest.
They will be issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000 (maturity
value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty o'clock p.m., Eastern Daylight
Saving time, Tuesday, July 12, i960.
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. (Notwithstanding the fact that these bills will
run for 365 days, the discount rate will be computed on a bank
discount basis of 360 days, as is currently the practice on all
issues of Treasury bills.) 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 SSosStloS of any bills of this issue until after one-thirty
o'clock p.m., Eastern Daylight Saving time, Tuesday, July 12, I960.

- 2 Iiufnediately after the closing hour, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcemsnt
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 wh6le. 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. Settlement for accepted tenders in accordance with
the bids must be made or completed at the Federal Reserve Bank on
July 15, i960, in cash or other immediately available funds or in a
like face amount of Treasury bills maturing July 15* I960. 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
0O0 is made, as ordinary gain or loss.
Treasury Department Circular No. 4l8, Revised, and this notice,
prescribe the terms of the Treasury bills and govern the conditions
of their issue. Copies of the circular may be obtained from any
Federal Reserve Bank or Branch.

- 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 subje

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

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

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

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
cluded from consideration as capital assets. Accordingly, the owner of Treasury

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

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

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

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
the circular may be obtained from any Federal Reserve Bank or Branch.

- 2decimals, 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 ex-

cept for their own account. Tenders will be received without deposit from incorp
rated banks and trust companies and from responsible and recognized dealers in

ment securities. Tenders from others must be accompanied by payment of 2 percent

the face amount of Treasury bills applied for, unless the tenders are accompanie
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 th

Treasury Department of the amount and price range of accepted bids. Those submit

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

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

these reservations, noncompetitive tenders for $ 200,000 or less for the additio
bills dated April 14, I960 , ( 91 days remaining until maturity date on
J5_^K
XXKX^C
October 15, 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

at the average price (in three decimals) of accepted competitive bids for the re

tive issues. Settlement for accepted tenders in accordance with the bids must be
made or completed at the Federal Reserve Bank on July 14, 1960 , in cash or
X35XXK
other immediately available funds or in a like face amount of Treasury bills maturing July 14, 1960 Cash and exchange tenders will receive equal treatment.
XXXXK
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 los

A-m
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE, ^©e-PyMTT^EDT;
Wednesday, July 6, 1960

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
cash and in exchange for Treasury bills maturing July 14, 1960 , in the amount
of $ 1,500,156,000 , as follows:

91 -day bills (to maturity date) to be issued July 14, 1960 ,
^

_____

in the amount of $1,000,000,000 , or thereabouts, representing an additional amount of bills dated April 14, 1960 ,
and to mature

October 13, 1960

, originally issued in the

amount of $ 500,024,000 , the additional and original bills
to be freely interchangeable.
182 -day bills, for $ 500,000,000 , or thereabouts, to be dated
July 14, 1960 , and to mature January 12, 1961

£___£

EES

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 a

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

denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000 (matu
value).

Tenders will be received at Federal Reserve Banks and Branches up to the closing
Daylight Saving
hour, one-thirty o'clock p.m., Eastern/SJEXKflaoal time, Monday, July 11, 1960
•
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 th
price offered must be expressed on the basis of 100, with not more than three

IMMEDIATE RELEASE,
Wednesda:/, July 6, i960.

A-882

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 July 14, i960,
in the amount of
$1,500,156,000, as follows:
91-day bills (to maturity date) to be issued July 14, i960,
in the amount of $1,000,000,000, or thereabouts, representing an
additional amount of bills dated April l4, i960,
and to
mature October 13,1960, originally issued in the amount of
$500,024,000,
the additional and original bills to be freely
interchangeable.
182-day bills, for $500,000,000, or thereabouts, to be dated
July 14, I960,
and to mature January 12, 1961.
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 Daylight
'"Saving
time, Monday, July 11, i960.
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
April l4, i960,
(91 days remaining until maturity date on
October 13, 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 July 14, i960,
in cash or other immediately available funds or in a like face
amount of Treasury bills maturing July 14, i960.
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 during0O0the 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

u?%m>*&i
H* iikMO

J-X

• * * ? 7. i*

Use treasury gepertaeat announced last owiing tfcat ttw t*ndere tor $3,500,000,000,
orfchereaboute,of Ie* Anticipation Series 2$2-day freaeary t*iU# to be deled ,feiy 13,
19BQ, and to eatm* H&nsh It, 1941, ifelefe *ere offered en **ae 30, m e opened ** t_t
Federal Reserve Banks oa
f&e detail* of tills issue ere &e follows;
Total applied for - ^,392,203,000 ^
Total accepted
* 3,^00,109,000 (iaclydee $k39,9999OQO entered on a
ooa«Rp*tttiYe basia *tA accepted in
ffedl et toe average jtriee *Bmm belee)
ffesg* of aeoepted eoapetitive bidet (Kxcoptiag oae tender of H;3QO,000}

• 98.13B Equivalent rate of discount ippwox. Z.teGl pmr

?Ugh

z.m% »*
Average
aeouai bid for at the loe price eee accepted):
Federal iieeerve
Sdatrlct
—I—W»WI>W*W^1I|IIMI

total

Total
Applied for

ni,i.^W»i

Boston
See%mm
Phil&delplila
Cleveland

J 210,315*000
i,tteVM#ooo

Atlanta
Chicago
St* Louie

Mja»447,000
"~
1,000
»,000
,000
~itift _ _ _ i A

_________

,107,000

37T,?26,000

.UO^MeV"

cor- *H*i __M*-__M1
r
U0 f 07>f€00
£9,125*000

gauge* City A
Eallaf
San FTaneieeo

t • -• r n e r of
#3,500,109,000

3^,392,203,000

IV 1 , 1 D

1/ Average rate on a eeupon less* equivalent yield b&eis ie Z*9X$ for tbeee bills.
Interest rates oa fellle ere quoted en the basis o f bank dieoeant, wlth_thelr
length In actual wmtom* of da^e related to a 360-day ym&r. la eoatreet, yield*
on certificates, notes, end ©ouds are computed oa the basis of interest oa the
invesfcusnt, with the seeker of days remaining in a eeaiemsael interest peysest
p«ri©d related to tbt actual tmtomr oS day* in tee period, end with eewianneal
oompooim$JLi% ii m&rm than one coupon period ie involved-

ulr

TREASURY DEPARTMENT
WASHINGTON, D.C.
EEIERSB

A, M. NEWSPAPERS, Thursday, July 7, I960,

A-883

The Treasury Department announced last evening that the tenders for $3,500,000,000,
or thereabouts, of Tax Anticipation Series 252-day Treasury bills to be dated July 13,
I960, and to siature March 22, 1961, which were offered on June 30, were opened at the
Federal Reserve Banks on July 6.
The details of this issue are as follows:
Total applied for
Total accepted

£4,392,203,000
3,500,109,000 (includes $439,999,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Range of accepted competitive bids: (Excepting one tender of $1,300,000)
High
Low

- 98.138 Equivalent rate of discount approx. 2.660$ per annum
- 97.972
«
n u n
«
2.897$ M
"

Average

- 98.024

2.823$ "

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

Total
Applied for

Total
Accepted

$ 179,075,000
$ 210,315,000
Boston
1,846,698,000
1,231,447,000
New York
206,775,000
192,225,000
Philadelphia
387,206,000
428,046,000
Cleveland
86,275,000
109,645,000
Richmond
174,057,000
157,107,000
577,726,000
545,io6,ooo
Atlanta
101,488,000
130,208,000
Chicago
113,575,000
110,075,000
St. Louis
107,438,000
99,125,000
Minneapolis
210,430,000
196,730,000
277,290,000
214,250,000
Kansas City
Dallas
$4,392,203,000
$3,500,109,000
San Francisco
TOTAL
y Average rate on a coupon issue equivalent yield basis is 2.91% for these bills.
Interest rates on bills are quoted on the basis of bank discount, with their
length in actual number of days related to a 360-day year. In contrast, yields
on certificates, notes, and bonds are computed on the basis of interest on the
investment, with the number of days remaining in a semiannual interest payment
period related to the actual number of days in the period, and with semiannual
compounding if more than one coupon period is involved.

U. S. DEPARTMENT OF LABOR
OFFICE OF THE SECRETARY
WASHINGTON

June 30, I960

The Honorable Robert B. Anderson
The Secretary of the Treasury
U. S. Department of the Treasury
Washington, D. C.
Dear Mr. Secretary:
You will recall that I wrote to you on December 31,
1959 suggesting the desirability of a joint exploration by
our two agencies of the problem of duplicate reporting requirements under the Welfare and Pension Plans Disclosure Act and
the regulations of the Internal Revenue Service.
I am delighted to learn that an understanding has been
reached with your staff and the Internal Revenue Service concerning this matter. The reporting arrangements set forth in the
proposed procedural statement of the Internal Revenue Service
should be helpful to employers or trustees who are required to
file reports with each of our agencies.
I am glad to give my approval to this proposal and I
want to express to you my appreciation for your fine cooperation
in achieving this result.
Sincerely yours,

THE SECRETARY OF THE TREASURY
WASHINGTON

JUL 1 WW
My dear Mr. Secretary:
Thank you for your letter of June 30, regarding
the joint exploration by representatives of the Labor
Department and the Treasury of duplicate reporting
requirements under the Welfare and Pension Plans
Disclosure Act and the regulations of the Internal
Revenue Service.
The requirement of preparing such reports in the
past has placed a burden upon employers or trustees
of organizations concerned with claiming deductions
for tax purposes of contributions under pension,
annuity, profit-sharing and stock bonus plans.
I share your pleasure in learning that the working group from the two Departments has been successful
in minimizing the duplication involved in present
reporting requirements. This has been done through
the medium of a Revenue Procedure to be issued by the
Internal Revenue Service, which allows for part of the
information required under income tax regulations to
be in the form of a copy of the organization's report
to the Labor Department's Bureau of Labor Standards
under the Welfare and Pension Plans Disclosure Act.
This letter is to notify you of my approval of
the proposals of our joint working group, and to take
this opportunity to ask you to extend to the Labor
Department's representatives my congratulations on a
job well done.
Sincerely,

Honorable James P. Mitchell
Secretary of Labor
Washington 25, D. C.

JOINT RELEASE WITH DEPARTMENT OP LABOR
FOR RELEASE A.M. NEWSPAPERS,
Monday, July 11, 1960.

A-884

Simplified procedures were jointly announced today by the
Labor and Treasury Departments which will reduce the amount of
"paper work" in preparing reports required under the Welfare and
Pension Plans Disclosure Act of 1958, and the filing of similar
information with the Internal Revenue Service.
Attached are copies of correspondence between Treasury Secretary
Robert B. Anderson and Secretary of Labor James P. Mitchell approving
the new reporting procedures.
Under these procedures a copy of the forms giving descriptive
and financial data which must be filed with the Labor Department
will be accepted by the Internal Revenue Service as part of the
information required in claiming tax deductions for contributions
under pension, annuity, or profit sharing and stock bonus plans.
Details of the new reporting procedures will appear as Revenue
Procedure 60-14 in the Internal Revenue Bulletin No. 1960-28 of
July 11, i960. Copies of the Bulletin may be purchased from the
Superintendent of Documents, TJ. S

Government Printing Office,

Washington 25, D. C , for 20 cents each.
Single copies of Revenue Procedure 60-14 may be obtained free
upon request to the IRS Public Information Division, Room 1315,
Internal Revenue Building, Washington 25, D.C., or from the Bureau
of Labor Standards, U. S. Department of Labor, Washington 25, D. C.
0O0
Attachments

TREASURY DEPARTMENT
WASHINGTON, D.C.
JOINT RELEASE WITH DEPARTMENT OP LABOR
FOR RELEASE A.M. NEWSPAPERS,
Monday, July 11, i960.

A-884

Copies of the Bulletin may be purchased from the

Superintendent of Documents, U. S

Government Printing Office,

U. S. DEPARTMENT OF LABOR
OFFICE OF THE SECRETARY
WASHINGTON

June 30, I960

cv
CNJ

IMMEDIATE RELEASE,
Priday, July 8, 1960,

A-885

Treasury and State Department representatives will
hold technical discussions with representatives of the
Government of Luxembourg looking toward the conclusion of
an income tax treaty between the two countries for the
avoidance of double taxation and the elimination of other
tax obstacles to the international flow of trade and
investment.
Interested persons in the United States who desire
to submit comments bearing on such a treaty, or
suggestions for possible inclusion in such a treaty,
should forward their views to Mr. Fred C. Scribner, Jr.,
Under Secretary of the Treasury, Treasury Department,
Washington 25, D. C.

Such submissions should be made

before September 15, i960.

0O0

IMMEDIATE RELEASE,
Friday, July 8, i960.

A-885

Such submissions should be made

before September 15, i960.

0O0

A -i y

OA)

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.x******* j*oar 12, i960.

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at ilio toitsvl l i M m Baa§» 0a 4i3y 11. Ttafttni W « W latitat tor §1,000,000,000, or :

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laMptlng «a» taator of 4tft$9O0O
pareoiife of tit® from* mi f l**#«yfeftlltbid for At tha- low prioo mm accepted
poreatit of tha mmw& mi l&2«*ay hill® bid4 to* at tsho loir prioo mm accepted

torn nnm &Pfii® *m
Ptotrtot
Boaton
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IMlAAalpfete
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T0TAIB

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t95069O0O
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y^iftBg

3079kQt»M0
3,3^9W
13,292,000

x99$$9m
39lM,OM
37900|,0@©

3 9 W#W
t 9 UM»
8,901,000

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Xwln^M fli9,701fOOO mwmm$m%i%lm t®nd#« aiwftoi At th# mmm§m miom of 9B.M
AvorafO roto on A eotspou IMTOO o<pi^«l*s* yioM baoia i» 9*BB$ im* t & 91-©Ay biXlA
mM 3.21% tor Vm l3f-doy teilli. l^orost imtAA oa bills mm quotod on %km botii
of bank dimemt^, with thalr l«nftb tu aotAAl wmomr of $mym rolatod to a 3$Mty
yoar. In ©onti^at, yUU* m @ortifieAt««9 artis, mmB bo^« aro *m*tp*UB on %hm
baala of inUroit on thm imro*tiMHat9 with Um mmhmr of &mym rowalsiig la a i«»i*
annual ir^orost pmymmTfa poriod rolatotf to th« aotmal mmbmt of &mym iu tbo pariah,
mi with ®«ianfaial ompmm&&®% if MOFO than on* eompou porioi is irrrolved.

W A S H I N G T O N , D.C.
MEASE A. M. NEWSPAPERS, Tuesday, July 12t I960,

A-886

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 April lit, i960,
and the other series to be dated July lh, I960, which were offered on July 6, were opened
at the Federal Reserve Banks on July 11. Tenders were invited for $1,000,000,000, or
thereabouts, of 91-day bills and for 1500,000,000, or thereabouts, of 182-day bills. The
details of the two series are as follows:
RANGE OF ACCEPTED
COMPETITIVE BIDS.

High
Low
Average

91-day Treasury bills
:
maturing October 13, I960
:
Approx• Equiv. :
Price
Annual Rate
2
99.373 y
99.337
99.351

2.1*80$
2,623$
2.567$ 1/

182-day Treasury bills
maturing January 12, 1961
Approx, Equiv,
Price
Annual Rate
98.10.8 b/
98.386 "
98.395

3.129$
3.193$
3.1752 1/

a/ Excepting 1* tenders totaling $1,739,000
tf Excepting one tender of $225,000
10 percent; of the amount of 91-day bills bid for at the low price was accepted
2k 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

$ 27,118,000
1,21*3,791,000
26,967,000
35,7l*l*,000
10,688,000
21,1*19,000
186^759,000
22,188,000
21,853,000
1*1,025,000
12,11*1*, 000

TOTALS

l*9,o55,ooo
11,698,751,000

Applied For

Accepted

s
:
*
*
s
2

$ 16,01*8,000
780,11*6,000
8,580,000
18,292,000
1,985,000
1*,168,000
83,61*5,000
l*,i*85,000

$ 7,21*8,000
387,1*06,000
3,580,000
18,292,000
1,985,000
3,51*2,000
37,005,000
3,985,000

l*,955,ooo
il*,ola,ooo

2,l*55s. ooo

i
*

2,506,000
38,196,000

$1,000,391,000 of

$977,01*7,000

Accepted
17,118,000
619,031,000
11,967,000
35,7kii,000
10,688,000
20,019,000
11*1,1*59,000
21,188,000
21,853,000
1*1,025,000
12,ll*l*,000
1*8,155,000

*
!

8,901,000
2,506,000
23,116,000
$500,021,000 d/

c/ Includes $2l5,97l*,000 noncompetitive tenders accepted at the average price of 99
3/ Includes $1*9,701,000 noncompetitive tenders accepted at the average price of 98.395
$/ Average rate on a coupon issue equivalent yield basis is 2.62$ for the 91-day bills
and 3.27$ for the 182-day bills. Interest rates on bills are quoted on the basis
of bank discount, with their length in actual number of days related to a 360-day
year. In contrast, yields on certificates, notes, and bonds are computed on the
basis of interest on the investment, with the number of days remaining in a semiannual interest payment period related to the actual number of days in the period,
and with semiannual compounding if more than one coupon period is involved.

July 3, I960

m* nttrt
It WAS Witt*
Of

aar n9 x$®®* i

t»
to rfish

(Signed) Robert B. Andersoa
of tHi

of the Public

1. c.

Al&chcttnaaaii.Mff 7*7-60

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

July 8, i960

Dear Mr. Kilby:
It was with genuine regret that I learned from
your note of June 28, of your plans to retire on
July 31* i960. I trust that your decision to relinquish your heavy responsibilities will be conducive
to your improved health.
I would like to take this opportunity to extend
to you my personal appreciation and commendation for
the efficient and faithful service you have rendered
the Government. The gratification which comes from
the knowledge of a long and useful service is a
reward which, I am sure, is a source of real pleasure
to you and will continue to be in the years to come.
I wish to congratulate you on your accomplishments and to wish you the very best.
Sincerely,
(Signed)
Robert B. Anderson
Secretary of the Treasury

Mr. Edwin L. Kilby
Commissioner of the Public Debt
Treasury Department
Washington, D, C.

IMMEDIATE RELEASE,
Monday, July 11, i960.
The Treasury Department today announced the retirement
of Edwin L. Kilby as Commissioner of the Public Debt.
Mr. Kilby's retirement becomes effective July 31* I960.
Treasury Secretary Robert B. Anderson in a letter to
Mr. Kilby expressed his "personal appreciation and
commendation for the efficient and faithful service you
have rendered the Government."
Mr. Kilby has served as Commissioner of the Public
Debt since January 1, 1946 and has completed 42 years of
Government service. He joined the Treasury Department's
Internal Revenue Service in r^^c-A 1°!^
and transferred to government financing operations in 1930.
Mr. Kilby was selected as one of 10 Federal officials in
i960 to receive the National Civil Service League's Annual
Career Service Award.
Mr. Kilby was born in Dennysville, Maine, July 13*
1897. He taught school and worked for the Maine Central
Railroad prior to entering the service of the Federal
Government on October 22, 1917 as a Clerk in the War
Department. He served in the United States Army in
World War I.
Donald M. Merritt, AssistgjdL-Commissloner of the
Public Debt, has been design^Pas Acting Commissioner of
the Public Debt beginning August 1.
A copy of Secretary Anderson's letter to Mr. Kilby
is attached.

Attachment

TREASURY DEPARTMENT
WASHINGTON, D.C.

IMMEDIATE RELEASE,
Monday, July 11, i960.

A-887

The Treasury Department today announced the retirement
of Edwin L. Kilby as Commissioner of the Public Debt.
Mr. Kilby's retirement becomes effective July 31* i960.
Treasury Secretary Robert B. Anderson in a letter to
Mr. Kilby expressed his "personal appreciation and
commendation for the efficient and faithful service you
have rendered the Government."
Mr. Kilby has served as Commissioner of the Public
Debt since January 1, 1946 and has completed 42 years of
Government service. He joined the Treasury Department's
Internal Revenue Service in March 1919 and transferred
to government financing operations in 1930. Mr. Kilby
was selected as one of 10 Federal officials in i960 to
receive the National Civil Service League's Annual Career
Service Award.
Mr. Kilby was born In Dennysville, Maine, July 13,
1897. He taught school and worked for the Maine Central
Railroad prior to entering the service of the Federal
Government on October 22, 1917 as a Clerk in the War
Department. He served in the United States Army in
World War I.
Donald M. Merritt, Assistant Commissioner of the
Public Debt, has been designated as Acting Commissioner of
the Public Debt beginning August 1.
A copy of Secretary Anderson's letter to Mr. Kilby
Is attached.

Attachment

T H E SECRETARY OF T H E T R E A S U R Y
WASHINGTON

July 8, i960

Dear Mr. Kilby:
It was with genuine regret that I learned from
your note of June 28, of your plans to retire on
July 31, i960. I trust that your decision to relinquish your heavy responsibilities will be conducive
to your improved health.
I would like to take this opportunity to extend
to you my personal appreciation and commendation for
the efficient and faithful service you have rendered
the Government. The gratification which comes from
the knowledge of a long and useful service is a
reward which, I am sure, is a source of real pleasure
to you and will continue to be in the years to come.
I wish to congratulate you on your accomplishments and to wish you the very best.
Sincerely,
(Signed)
Robert B. Anderson
Secretary of the Treasury

Mr. Edwin L. Kilby
Commissioner of the Public Debt
Treasury Department
Washington, D. C.

3 7

BfiuBB. A* x. wm^fmm$9

fhm Trm**mry 6AJ a rtnaat mvmammB Imt waning ttmA Urn %m&L\mm for f&,500,000f8|§L
or HMHvabotttA, of 5^-eaj tvAtmir ©HI® *• ®® G***®* t W / 2S 9 I960, aai t* datura
••
J*ly 3S* Ifil, vhlch nara often* on Ai2jr 5» »«ra mpmw&ti At the Fao*rAl ftetrv* Bank* on
M y If.
tlwi dvttil* of tills immam in m followss
total apfCUM for - B39B9$9kB$$OOB
total aooaptM
- l,SOOtf^,000

(iaoUioAa $17?,277,000 aatavwl oa a nonco»p*titiv«fcaal*and aoeapted is full
At ib* avoraga prlc© shown baiow)

tango ** ••eajpUd mptftltivv bid»r

(UMptlat two Uixiara totalis 110,000,060)

»*!_» - ;:-'6.?l0 i^ivalamt rat* of dlecoynt appro*. $.21$% par annus

u»
- M»Mf
•
a .
p
Avomft - fi.m • « • * 3.f©$jl •• • J/

•

s.mn • *

(3f ptrcotil of th© atto^ni bid for At the low pric* ®aa Accepted)
Faiaral nmmrm
district

total
A»lia4 for

Total
ftccept«4

Baatoa
Mow Tort
y>nyyir*^
ClmmtXmmi
Slfltetono

2fc,G72,O0©

§
11,260,000
l,0lil,06?,000
7,0S3,000
14,121,000
13,266,000
13,^S1»,000
27S967t,000
lS,oft,000
7,t2lt,OO0
t©,129,000
f,§7t,000

, ^MlffiS

37iATi9m

l3,O3l,ltf5,O0O

fl,S00,i9#,00p

sif3y*,oo§
Hi, 79©tooo
M9m9m®
X99kk99<m
k$9B99<m

it. loois
mmmm

i#,mo,ooo

f»0!»»lJl,OOO
fal,C&3,000
li*9fcQQ»000
3^,^,000

§Xty

$mm frajioiao©

rant

4v«ra^a rata oa A oompom %»m%m ao^lvalaafe ariali ba*ia la 3*391 tor tiiaaa bllla.
rutoraai rataa oa billa ara mjmUB os* tha baal* of bank iiaoouat, witb tbair laaft*
in actual n»b«r of Bmym ralataa to a ^0-day roar. In ooat*aai, ;rtal<8a on eatltf»
ieata*, nota®, mm ooMm mm mmtptfmB on %bm baaia of ircteraat oa mm immmtomAt
villi tat mmomit of day* maialag in A atpiAftuaal itsfearoat payaant period rtlatai
to tba actual mmtemr of dfeya in tha period, aa£ with aamianmial co»poun4in« if son
th*& oaa coupon period la involve**.

TREASURY DEPARTMENT
ra-3rarrTSTrer^srr-j«r"^^

WASHINGTON, D
RELEASE A. M. NEWSPAPERS,
Wednesday, July 13, I960.

A-838

The Treasury Department announced last evening that the tenders for $1,500,000,000,
or thereabouts, of 365-aay Treasury bills to be dated July 15, I960, and to mature
July l5> 1961, which were offered on July 5, were opened at the Federal Reserve Banks on
July 12.
The details of this issue are as follows:
Total applied for - $3,035,1*25,000
Total accepted
- 1,500,296,000 (includes 1179,277,000 entered on a noncompetitive basis and accepted in full
at the average price shown below)
Range of accepted competitive bids: (Excepting two tenders totaling $10,000,000)
High
Low

- 96.7I4.O Equivalent rate of discount approx. 3.215$ per annum
!t
M
- 96.665
"
"
»
3.289$ M tt

Average

- 96.690

3.265$ "

* 3/

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

Total
Applied for

Total
Accepted

B 11,260,000
Boston
$
86,010,000
2,076,331,000
l,Olil,069,000
New York
1*1,053,000
7,053,000
Philadelphia
11*8,1*00,000
36,121,000
Cleveland
36,866,000
13,266,000
Richmond
51,31^,000
13,li5M00
362,790,000
278,672,000
Atlanta
36,629,000
18,629,000
Chicago
19,1*1*9,000
7,22l»,OGO
St. Louis
1*5,589,000
26,129,000
Minneapolis
2l«,072,000
9,872,000
Kansas City
106,892,000
37,51*7,000
Dallas
$1,500,296,000
13,035,1*25,000
San Francisco
i
TOTAL rate on a coupon issue equivalent yield basis is 3.39$ for these bills.
1/ Average
Interest rates on bills are quoted on the basis of bank discount, with their length
in actual number of days related to a 360-day year. In contrast, yields on certificates notes, and bonds are computed on the basis of interest on the investment,
with the number of days remaining in a semiannual interest payment period related
to the actual number of days in the period, and with semiannual compounding if more
than one coupon period is involved.

-5 "

from the sale or other disposition of Treasury bills does not have any special
treatment, as such, under the Internal Revenue Code of 1954. The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal or State, but
are exempt from all taxation now or hereafter imposed on the principal or interest
thereof by any State, or any of the possessions of the United States, or by any
local taxing authority. For purposes of taxation the amount of discount at which
Treasury bills are originally sold by the United States is considered to be interest.
Under Sections 454 (b) and 1221 (5) of the Internal Revenue Code of 1954 the amount
of discount at which bills issued hereunder are sold is not considered to accrue
until such bills are sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury
bills (other than life insurance companies) issued hereunder need include in his
income tax return only the difference between the price paid for such bills, whether
on original issue or on subsequent purchase, and the amount actually received either
upon sale or redemption at maturity during the taxable year for which the return is
made, as ordinary gain or loss.
Treasury Department Circular No. 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— £1 1 1

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

It is urged that tenders be

cept for their own account. Tenders will be received without deposit from incorpo

rated banks and trust companies and from responsible and recognized dealers in i
ment securities. Tenders from others must be accompanied by payment of 2 percent

the face amount of Treasury bills applied for, 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 Re-

serve Banks and Branches, following which public announcement will be made by the

Treasury Department of the amount and price range of accepted bids. Those submit-

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

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

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

these reservations, noncompetitive tenders for $200,000 or less for the additiona
bills dated April 21, I960 , ( 91 days remaining until maturity date on
$&}
fctihft}
October 20, 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 res
tive issues. Settlement for accepted tenders in accordance with the bids must be
made or completed at the Federal Reserve Bank on July 21, I960 in cash or

other immediately available funds or in a like face amount of Treasury bills matu
ing July 21, I960 . 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 DEPARTMENT
Washington
IMMEDIATE RELEASE, 1*:00 P.M., EDT,
Wednesday, July 13. i960

•

CL^^^f

(^T
The Treasury Department, by this public notice, invites tenders for two series
of Treasury bills to the aggregate amount of $1,1*00,000,000
cash and in exchange for Treasury bills maturing

, or thereabouts, for

July 21, I960

, in the amount

of $1,1*00,1*58,000 , as follows:

~—\m—
91 -day bills (to maturity date) to be issued July 21, I960
,
in the amount of $ 1^000,000,000 , or thereabouts, representing an additional amount of bills dated April 21, I960
and to mature October 20, I960

, originally issued in the

amount of $ 1*00,11*8,000

, the additional and original bills

to be freely interchangeable.
182 -day bills, for $ 1*00,000,000
July 21, I960

, or thereabouts, to be dated

, and to mature January 19, 1961

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
Daylight Saving
hour, one-thirty o'clock p.m., Eastern/sfcamoteasi time, Monday, July 18, I960
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
:»^"TT~r^^jjr^;y'^'£^^

WASHINGTON. D.C
IMMEDIATE RELEASE,
Wednesday, July 13. I960.

A-889

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 July 21, i960,
in the amount of
$1,400,458,000, as follows:
91-day bills (to maturity date) to be issued July 21, I960,
in the amount of $1,000,000,000, or thereabouts, representing an
additional amount of bills dated April 21, I960, and to
mature October 20, i960, originally issued in the amount of
$ 400,148,000, the additional and original bills to be freely
interchangeable.
182-day bills, for $ 400,000,000, or thereabouts, to be dated
July 21, I960,
and to mature January 19, 1961.
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 Daylight
Savins
time, Monday, July 18, i960.
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
April 21, I960,
(91 days remaining until maturity date on
October 20, 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 July 21, i960,
in cash or other immediately available funds or in a like face
amount of Treasury bills maturing July 21, i960.
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 duringuOOthe taxable year for which the
return is made, as ordinary gain or loss.
Treasury Department Circular' No. 4.1.8, Revised, and this notice,
prescribe the terms of the Treasury bills and govern the conditions
of theirReserve
Issue. Bank
Copies
of the circular may be obtained from any
Federal
or Branch.

rH
CM

- 2 -

Imports
as of
July 2t ljg
Absolute Quotas:
Peanuts, shelled, unshelled,
blanched, salted, prepared or
preserved (incl. roasted peanuts but not peanut butter)...
Rye, rye floor, and rye meal*

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

Iaports through July 1 1 , I960.

1 2 mos. from
August 1, 1959
Sept. 1, 1959 June 30, I960
Canada
Other Countries
July 1, I960 June 30, 1961
Canada
Other Countries

Calendar Tear
Feb. 1, I960 Oct. 31, I960
Argentina
Paraguay
Other Countries

1,709,000

Pound

75,351,741
1,547,995

Pound
Pound

Quota Filled

140,733,957
2,872,122

Pound
Pound

88,391,6$

1,200,000

Pound

1,199,952)

17,979,151
2,223,000
704,382

Pound
Pound
Pound

11,181,84?
Quota FUli
185,254?

612,767*

r~~

TREASURY DEPARTMENT
Washington, D. C.
IMMEDIATE RELEASE
THURSDAY, JULY 14,1960

A-890
The Bureau of Customs announced today preliminary figures showing the imports for consumption of the commodities listed below within quota limitations from the beginning of the
quota periods to July 2, I960, inclusive, as follows:
Commodity

Period

:
Unit :
Imports
:
of
:
as of
: Quantity: July 2 n

and Quantity

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

Calendar Tear

Whole milk, fresh or sour,

Calendar Year

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

Cattle, less than 200 lbs. ea,

April 1, I960 June 30,1960
July 1, I960 Sept. 30, I960

1,500,000

Gallon

3,000,000 Gallon

120,000 Head

29,227

120,000 Head

12 mos. from
April 1, I960

200,000 Head

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

Calendar Year

36,533,173 Pound

21,139,d M

Tuna fish.

Calendar Year

53,448,330 Pound

22,698,061!:

White or Irish potatoes:
Certified seed
,
Other
,

12 mos. from
Sept. 15, 1959

114,000,000
36,000,000

Walnuts....

Calendar Year

5,000,000 Pound

Peanut oil.

12 mos. from
July 1, 1959
12 mos. from
July 1, I960

80,000,000 Pound

Woolen fabrics.

Calendar Year

13,500,000 Pound

Woolen fabrics Pres. Proc. 3285 and 3317
(T. D s . 54845 and 54955).

March 7 December 31, I960

Stainless steel table flatware
(table knives, table forks,
table spoons)

Nov. 1, 1959 Oct. 31, I960

80,000,000

350,000

69,000,000

29,57jff

Pound
Pound

54,945,4
4,263,8*
4,2tt,72fli

Pound

Quota F1014'

Pound

Quota Fill4

Pieces

Quota Fillet

TREASURY DEPARTMENT
Washington, D. C.

DIATE RELEASE
RSDAY, JULY 14,1960
A-890

The Bureau of Customs announced today preliminary figures showing the imports for conption of the couariodities listed below within quota limitationB from the beginning of the
ta periods to July 2, I960, inclusive, as follows:
Unit :
Imports
of
:
as of
Oumitity: July 2» I960

Commodity

Aff-Rate Quotas:
am, fresh or sour......

Calendar Year

Ie milk, fresh or sour.

Calendar Year

tie, 700 lbs. or more each
ther than dairy cows)

April 1, I960 June 30,1960
July 1, I960 Sept. 30, I960
12 mos. from
April 1, I960

tie, less than 200 lbs. ea.

1,500,000 Gallon

3,000,000 Gallon

120,000 Head

29,227

120,000 Head

200,000 Head

29,575

h, fresh or frozen, filleted
c , cod, haddock, hake, polck, cusk, and rosefish

Calendar Year

36,533,173 Pound

21,139,8292/

a fish.

Calendar Year

53,448,330 Pound

22,698,066

te or Irish potatoes:
irtilled seed
hor
,

12 mos. from
Sept. 15, 1959

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

54,945,145
4,263,828

(nuts,

Calendar Year

5,000,000 Pound

4,241,729

nut oil,

12 mos. from
July 1, 1959
12 mos. from
July 1, I960
Calendar Year

len fabrics•••••
len fabrics 'es. Proc. 3285 and 3317
T. Ds. 54845 and 54955).
inleoo steel table flatware
-ablo knives, table forks,
•ble spoonc)
<

March 7 Deceznber 3 1 , I960

80,000,000 Pound

423

80,000,000 Pound
13,500,000 Pound

350,000

Pound

Quota Filled

Nov. 1, 1959 Oct. 31, I960
69,000,CCO Pieces
Qiiot.. Fillc d
:
;
:
r
7
cue to. r5;tT7 ~ri3 ~JXl yi:y^'/7'^ yi.vV^ol ^s^oF"":'•'~r"":~;"""
J>oortrj for concur i> tion ii€~€Ko
V> 'y. ()"\
•vnrj

"~'T>

uC>,

-,, ,.-,v

*- *

- -- ,

•

^ -

- 2 -

Unit
:
Imports
of
:
as of
Quantity : July 2t 1<M

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

12 mos. from
August 1, 1959

1,709,000

Sept. 1, 1959 June 30, I960
Canada
75,851,741
Other Countries
1,547,995
July 1, I960 June 30, 1961
Canada
140,733,957
Other Countries
2,872,122

Pound

612,76?

Pound
Pound

Quota Filled

Pound
Pound

88,391,610

Butter substitutes, including
butter oil, containing 45$ or
more butterfat
Tung Oil.

Imports through July 11, I960.

Calendar Year
Feb. 1, I960 Oct. 31, I960
Argentina
Paraguay
Other Countries

1,200,000

Pound

1,199,952

17,979,151
2,223,000
704,382

Pound
Pound
Pound

11,181,845
Quota Fill
185,254

LO
rH
CM

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
THURSDAY, J U L Y 14, i 9 6 0 .

A-891

The Bureau of Customs announced today the following preliminary
figures snowing the imports for consumption from January 1, I960, to
July 2, I960, inclusive, of commodities for which quotas were established pursuant to the Philippine Trade Agreement Revision Act of
1955:

Commodity

: Established Annual
2 Quota Quantity
765,000

Buttons

Unit
of

:
:

quantity*

Gross

Imports
as of
JulV 2. I960

151,535

Cigars.•••••••••••••

180,000,000

Number

1,781,195

Coconut oil •

403,200,000

Pound

45,021,833

6,000,000

Pound

2,327,488

Pound

70,332,000*

Pound

1,$39,075,000*

Pound

, 5,761,264

Cordage....
(Refined......
Sugars
(Unrefined....
Tobacco. •••• •

1,904,000,000
5,850,000

* Information furnished by Department of Agriculture, covering total
authorizations, in terms of raw value, issued under quota through
June 13, I960.

TREASURY DEPARTMENT
Washington

IMMEDIATE RELEASE
THURSDAY, JULY 14, i960.

A-891

The Bureau of Customs announced today the following preliminary
figures showing the imports for consumption from January 1, I960, to
July 2, I960, inclusive, of commodities for which quotas were established pursuant to the Philippine Trade Agreement Revision Act of
1955:

Commodity

Imports
as of
July 2. 1960

: Established Annual
:
Quota Quantity

Buttons

765,000

Gross

151,535

Cigars

180,000,000

Number

1,781,195

Coconut oil

403,200,000

Pound

45,011,833

6,000,000

Pound

2,327,488

Pound

70,332,000*

Pound

1,839,075,000*

Cordage.•••••
(Refined. .....
Sugars
(Unrefined. ••«
Tobacco •

1,904,000,000

5,850,000

Pound

5,761,264

* Information furnished by Department of Agriculture, covering total
authorizations, in terms of raw value, issued under quota through
June 13, I960.

-"•ffliiC**

COTTON WASTES
(In pounds)

COTTON CARD STRIPS made from cotton having-* staple of less than 1-3/16 inches is len^h, COlffiER
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
Established
TOTAL QUOTA

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

•

_ v — ^ Imports
_..__.
- Established s
Imports
TJ
Total
i Sept. 20, 1959, to : 33-1/3* of : Sept. 20, 19 59
t July H , I960
s Total Quota t to July 11, 19oQ

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
21o263

1,441,152
1,982,553
239,690
75,807 131,686

1,441,152

22,216 22,216

22,747
14,796
.12,853

25,443
?.,260

25,443
7,088

25,443

5,482,509

2,403,848

1,599,886

1,566,878

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

75,807

2.260

TREASURY DEPARTMENT
Washington, D. C.
IMMEDIATE RELEASE
THURSDAY. JULY 14. iQfin.

A-4

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 _. July H f i960
Country of Origin Established Quota Imports Country of Origin Established Quota
Egypt and the Anglo- Honduras
Egyptian Sudan ........
Peru
British India
China
Mexico
Brazil
Union of Soviet
Socialist Republics ...
Argentina
Haiti
Ecuador

752
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
475,124
5,203
237
9,333

19,908
8,883,259
618,000
_.
_.
-

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 ...

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, 19 59 - July llf I960
Established Quota (Global) - 45,656,420 Lbs.
Staple Length Allocation Imports
1-3/8" or more
1-5/32" or more and under
1-3/8" (Tanguis)
1-1/8" or more and under
1-3/8"

39,590,778
1,500,000

« Q _ 77ft
jy*:w,/fe
1,500,000

4,565,6^2

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

TREASURY DEPARTMENT
Washington, D. C.
IMMEDIATE RELEASE

A-892

THURSDAY. JULY 14. 1Q60,

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 - July U . I960
Country of Origin
E.-;ypt and the AngloEr^/ntian Sudan . .,
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

19,908
-

8,883,259
618,000
—
mm

237

9,333

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 ...

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, 1959 - July llf I960
Established Quota (Global) - 45,656,420 Lbs.
Staple Length
1-3/8" or more
I-5/32" or more and under
I-3/8" (Tanguis).
1-1/8" or more and under
1-^/8"

Allocation
39,590,778
1,500,000

Imports
39,590,778
1,500,000

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

--&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 "vVASTE, 'WHETHER OR NOT MANUFACTURED OR OTHERV/ISE
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 countriesi 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.

Total Imports
Sept. 20, 1959, to
July 11, I960

Established
33-1/3* of
Total Quota

Imports
Sept. 20, 19 59
to July H , I960

1,982,553
239,690
131,686

1,441,152

75,807

22,216

22,747
14,796
12,853

22,216

25,443
2,260.
2,403,848

25,443
7.088

25,443
2.260

1,599,886

1,566,878

r—
CM

5-1

TREASURY DEPARTMENT
.Washington, D. 0.
IMMEDIATE RELEASE

A-893

THURSDAY, JULY l4_ I960.
KttLIMINARY DATA ON IMPORTS FOR CONSUMPTION 0. UNMANUFACTURED LEAD AND Z I N C l ™ M U m *
PRELIMINARY DATA ON ^ f J ^ J ^
P R Q C L A M A T I O N NO. 3257 OF SEPTEMBER 22, 1?5»

TO THIS QUOTAS' ESTABLISHED

QUARTERLY QUOTA PERIOD - V" U »960 - June 50, I960
IMPORTS • April I, I960 - June 5Q» I960
ITEM }32
Y Lead
bullion or
or base
base bullion,
aid bullion
bulU<
i lead in pigs and bars, lead
Lead-bearing ores, flue dust,, dross, r a c i a l ^ lead, scrap
ITEM 391

Country
of
Production

Australia

j all alloys or combinations of t
*

ITEM 394

ITEM 393

:
f
t
. „*„_ „-ft«. 0r all kinds,* Zino in blooka, pig«, or elab*|
: Zin £ » £ - < , ™ l ^ ^ S - ' . S d and worn-out zino, fit
dross, and zino skimmings

lead n.s.p.f.
,_JL
—
r
Imports ,0-rt.rijr
t Dutiable Zinc
o_rt.ru
a«W
«~
Dutiable. Lead
Imports T3SSraT5TO
t Dutiable Lead
PoundsJ
(Pounds)
(Pounds)
23,680,000 25,680,000
10,080,000
10,080,000

Imports

tQuarterly Quota
: By Welant
Import*
"
(PoundsJ
5,440,000

2,921,1 >t8

Belgian Congo
Belgium and
Luxemburg (total)
Bolivia
Canada

5,040,000

13,440,000

15,920,000

Peru

l6,l6Q*ooo

ie,160,000

On. So. Afrloa

14,880,000

Yugoslovia
All othor foreign
oountrios (total)

6,560,000

66,480,000

3,640,850

37,840,000

3,600,000
36,880,000

56,680,000

70,480,000

6,320,000

1,905,749
6,518,997

I2,877»902

35,120,000

55,120,000

3,760,000

3,759,964

12,880,000

15,760,000

6,080,000

17,840,000

Italy
Mexico

15,920,000

7,520,000

6,080,000

5,030,992

TREASURY DEPARTMENT
Washington, D . C.
B&SDIATE RELEASE

A-893

THURSDAY, JULY l4, I960.

PRELIMINARY DATA ON IMPORTS FOR CONSUMPTION 07 UNLIANUPACTUF3D LEAD AND ZINC CHARCSABLS TO THE QUOTAS' ESTABLISHED
BY PRESIDENTIAL PROCLAMATION NO. 3257 OF SEPTEMBER 22, 135*
QUARTERLY QUOTA PERIOD • April I, I960 - June 30, I960
IMPORTS - April I, I960 - June 30, »960

Country
of
Production

ITEM 392
ITEM 391
;
i Lead bullion or base bullion,
t
i lead in pigs and bars, lead
i Lead-bearing ores, fluo dust,: dro33, reclaimad load, scrap
:
and sattes
: lead, antisonlal load, anti: aonlal scrap load, type satal,
: all alloys or oonbinatlona of
j

tCuarterly Quota
: Dutiable. Lead
(Pounds)
Australia

10,080,000

load n.3.p»f.

tfizartarly Quota
Iaports t Dutiable Laad
"(Pounds)

10,080,000

Iaporta

ITEM 394
ITEM 393
:
*
t
t
: Zina-baaring ores of all kinds,: Zino ia blooka, pigs, or slabsj
: except pyrites containing not I: only
old and
-worn-out
zino, fit zino
to be
reaanufactured,
orer 3 ^ of zino
:
:
dross, and zino sklnzaings
:
:

tOiartarly feiota
: Dutiable Zins
(Pounds)

Inport.

5,440,000

Belgium and
Luxoaburg (total)
Bolivia

5,040,000

Canada

13,440,000

15,920,000

66,480,000

Italy
L'iliCO

Peru

I6,l6o,ooo

16,160,000

On. So. Afrioa

14,880,000

Yugoslovla
6,560,000

6,560,000

Iaports

23,680,000 23,680,000

Belgian Congo

All other foreign
oountries (total)

:Quarterly Quota
: By geljght
(Pounds)

2,921,148

7,520,000

3,640,830

37,840,000

3,600,000

1,905,749

36,880,000

56,880,000

70,480,000

6,320,000

6,318,997

12,880,000

12,877,902

35,120,000

3,760,000

3,759,964

15,760,000

6,080,000

17,840,000

6,080,000

3,050,992

00
C\J

TREASURY DEPARTMENT
Washington, D. C«
IMMEDIATE RELEASE

A-894

THURSDAY. JULY l4, i960.

PRELIMINARY DATA ON IMPORTS FOR CONSUMPTION OF UNMANUFACTURED LEAD AND ZINC CHARGEABLE TO THIS QUOTAS ESTABLISHED
BY PRESIDENTIAL PROCLAMATION NO. 3257 OF SEPTEMBER 22, 195*
QUARTERLY QUOTA PERIOD • July t, I960 - September 30, I960
IMPORTS - ju|y |, i960 - July II, I960
ITEM 394
ITEM 393
ITEM 392
: Lead bullion or base bullion,
: lead in pigs and bars, lead
:
Lead-bearing ores, flue dust,: dross, reolaimad lead, scrap
: Zlna-baaring ores of all kinds,: Zino in blooka, p i p , or slabs;
and mattes
: lead, antiaonial lead, anti: except pyrites containing *«* 8 o l d W l d *orn-out zino, fit
: only to be remanufaotured, zino
of zino
: monial scrap lead, type metal, :
over
dross, and zino skimmings
: all alloys or combinations of :
j
lead n.s.p.f.
t
:Quarterly Quota
: Quarterly Quota
:Quarterly Quota
:Quarterly Quota
Imports
: By Weight
Import*
Imports
:
Dutiable
Zinc
Imports
:
Dutiable
Lsai
1 Dutiable. Lead
(Pounds)
(Pounds)
^PoundsY
(Pounds)
ITEM 391

Country
of
Production

Australia

10,080,000

9,539,769

23,680,000

10,311,268

Belgian Congo

5,440,000

Belgium and
Luxemburg (total)

7,520,000

Bolivia,

5,040,000

3,050,552

Canada.

13,440,000

15,920,000

4,130,122

66,480,000

38,106,662

"
-

37,840,000

2,428,820

3,600,000

771,610

Italy

«E>

Mexico

36,880,000

1,262,707

70,480,000

17,178,098

6,320,000

—

399,872

35,120,000

4,050,781

3,760,000

Peru

16,160*000

2,873,710

12,880,000

Un. So.Africa

14,880,000

13,234,900

„

Yugoslovia
All other foreign
countries (total)

6,560,000

1,942,329

15,760,000

3,628,460

6,080,000

17,840,000

«B>

17,840,000

6,080,000

661,532

TREASURY DEPARTMENT
Washington, D. C.
BUSDIATE RELEASE

THURSDAY, JULY l4, i960.

A-894

PRELIMINARY DATA ON IMPORTS FOR CONSUMPTION OF UNMANUFACTOH3D LEAD AND ZINC CHARG2ABL2 TO THE QUOTAS ESTABLISHED
BY PRESIDENTIAL PROCLAMATION NO. 3257 OF SEPTEMBER 22, 195®
QIARTERLY QUOTA PERIOD • July I, I960 - Septeiaber 30, I960
IMPORTS - ju|y \f 1560 » July II, I960

Country
of
Production

Australia

ITEM 394
ITEM 392
ITEM 391
™
393
:
":' Lead bullion or base bullion, :
»
:
: lead in pigs and bars, lead
:
:
: Lead-bearing ores, flue dust,: dro33, reolaimad load, sera?
: Zino-bearing ore3 of all kinds,: Zina in blocks, pig3, or six
t
and mattes
: lead, anti&onlal load, anti: except pyrites containing not : old and trorn-out zino, fit
:
i aonial scrap load, type metal, :
over yfr of zino
* only to be remanufactursd, :
:
: all alloys or coabinationa of :
s
dross, and zino skinainj
:
:
load n.s.p.f.
:
TGua~rterly~Guota
:"£_uirtarly
Quota
:(_iart3rly
feiota
:Quarterly Quota
Import. : B? Weljght
: Dutiable. Lead
Iaports : Dutiabls Load
Ic?ort3 i Dutiable Zinc
leports
(Pounds)
(Pounds)
~~" ~
(poundsj
~~~"
(Pounds)"
""
10,080,000

9,539,769

23,680,000

10,511,268

Belgian Congo

5,440,000

Belgium and
Luxaaburg (total)

7,520,000

Bolivia

5,040,000

3,050,552

Canada

13,440,000

15,920,000

4,I3G,I22

66,480,000

58,106,662

Italy
Msxico

l6,l6oPooo

2,873,710

On. So. Africa

14,880,000

3,254,900

Yugoslavia

4ft

Peru

All other foreign
countries (total)

6,560,000

1,942,329

37,840,000

2,428,820

3,600,000

771,610

36,880,000

1,262,70? 70,480,000 17,178,098

6,320,000

12,830,000

399,872 35,120,000 4,050,781

3,760,000

15,760,000

3,628,460

6,030,000

6,080,000 17,840,000 17,840,000 6,030,000

661,552

o
}_:

'•C V_*_J

;-K

Et.J
£13

o0^
CO

LU
G_

STATUTORY DEBT LIMITATION

AS oF _L_lJ0_i960_

July1 4 , 1960

Sertlon 91 of Second I ibcrtv Bond Act, as amended, provides that the face amount of obligations issued under authority

fi^C

« J ^ , »?9 llTelZTi^Torml: S ^ f f i & K ($285,000,000,000) shall be temporarily increased by

$10,000,000,000.

L. u

.„ . .

The following table shows the face amount of obligations outstanding afld the face amount which can still be issued under
this limitation :
1295,000,000,000
Total face amount that may be outstanding at any one time
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills '. $33,4l4,8l0,000
Certificates of indebtedness
Treasury notes

1 7 , 6 5 0 , 0 6 0 ,000
51.483.384,000

$102,548,254,000

BondsTreasury
8 1 , 2k? , 2 4 7 , 1 5 0
* Savings (current redemp. value) ........ 4 7 , 5 4 3 , 7 8 6 , 1 0 5
Depositary.
Investment series

169 , 9 2 5 , 5 0 0
6.782.924.000

Special FundsCertificates of indebtedness

6,275»10o,0UU

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

135,743,882,755

11,086,755,000
27,537,385,000
-

44.899.246,000
2 8 3 , 1 9 1 , 3 8 2 , (yy

.-..-

* W i , O ^ U , C\J\J

53,109,916
779,678
2,238,000,000

Total

2.291.889.594
285,925,122,549

Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A

139,305,000

Matured, interest-ceased
536,775
Grand total outstanding
Balance face amount of obligations issuable under above authority

139,0^-L, f (y

Reconcilement with Statement of the Public Debt ..„.....\~„...^.r!.!....„^.„.V.
(Date)
(Daily Statement of the United States Treasury,
*?H£.-..2.9.t...i2§9......
(Date)
OutstandingTotal gross public debt
Guaranteed obligations not owned by the Treasury.
Total gross public debt and guaranteed obligation^
Deduct - other outstanding public debt obligations not subject to debt limitation

A-895

286.064^964.324
8,935,035»6?6

286,330,760,848
lffi1841,7(2.
286,470,602,623
405t638.299
286,064,964,324

56
S T A T U T O R Y D E B T LIMITATION
ASOF__U_3__30J.-12§0_

Julvlil

1960

Washington. 0UJ-J 1 4 , X ? Q U
Section 21 of Second Liberty Bond Act, a_ ameuded, provides that the face amount of obligations issued under authority
of that Act, and the face aisi u u 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 st any one time. For purposes of this section the current redemption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder
shall be considered as its face amount." T h e Act of June 30, 1959 (P.L. #6-74 86th Congress) provides that during the period
beginning on July 1, 1959 and ending June 30, i960, the above limitation (|2H5rOOOvOOOfOOO) shall be temporarily increased by
110,000,000,000.
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 m a y be outstanding at any one time
*P295, 0 0 0 , 0 0 0 , 0 0 0
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills $33,4l4,8l0,000
Certificates of indebtedness
Treasury notes
BondsTreasury
* Savings (current redemp. value)
Depositary.
Investment series
Special FundsCertificates of indebtedness
Treasury notes
Treasury bonds
Total interest-bearing
Matured, interest-ceased
„
Bearing no interest:
United States Savings Stamps
Excess profits tax refund bonds
Special notes of the United States:
Internat'l Monetary Fund series
Total

1 7 , 650 , 060 , 000
51.483,384.000
$102,548,254,000
8 1 , 247 , 247 ,150
47,543,786,105
l69 , 925 , 500
6.782.924.000
6,275,106,000
11,086,755,000
27,537,385,000

135,743,882,755

44.899.246,000
283,191,382,755
441,850, 200

53,109,916
779,678
2,238,000,000

Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A
139 , 305 , 000
Matured, interest-ceased
53^>i775
Grand total outstanding
Balance face amount of obligations issuable under above authority

2,291,889*594
285,925,122,549

139,841,775

Reconcilement with Statement of the Public Debt ...^TT. ?.....*. :..
(Date)
(Daily Statement of the United States Treasury,
J.V^®...2.9.?...i:?.„.9.
...
(Date)
n
OutstandingTotal gross public debt
Guaranteed obligations not owned by the Treasury.
,
Total gross public debt and guaranteed obligations.
Deduct - other outstanding public debt obligations not subject to debt limitation

A-895

286.064.964, 324
8,935,035,676

)

286,330,760,848
139*841,775
286,470,602,623
4 0 5 , 6 3 8 , 29.9
286,064,964,324

^ m? % ism

^Pkmlm #WSt%*»is**k** -fr-M mflnii iniiw _-fr ••-!•>-_ n II'MI fur mn • itl« tm |„ \mW.Mf -"* _____________£
i O B I Q i l l z n j ^ _ _ S _ _ _ H S _ C _ S £ S C ^ S ^ S ~ __i_l_! £ _ • _ _ • __B * * ' ' ••TlTi BSXz. £____H________
BBS
<*wwe *^BfS«s«iW»w ata (^ Tap twirTiigwiBiiMraWgfclHg win* ** l a p e P « « \a_tn W I W « M * g H n m i M S
W 4
A
Jt
* * # •&$»*. *>
--• - *-"
* «iii)i
I „ , , I „ ^-.... .., -jfc
aw
J. —.JMfc.
___________»
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4

€& « S » M N M § & I § & S S » ©is? « ^ ^ 8 9 E ^ * B W W I M B 8 * _ * 9H3 *wf3ffliff mwmwmkmmi Om&mwm \

isf tag 1960s

v £0

TREASURY DEPARTMENT
mr—«•"•»"•• **••>

WASHINGTON, D.C. NS

IMMEDIATE RELEASE,
Wodnoodoyi1 J W H ^ T *96frr»
JUJ£UJ , ^ S A A 1st) If CO
During Mmmf. i960, market transactions
in direct and guaranteed securities of the
government for Treasury investment and
other account s resulted in net
by the Treasury Department of

f,«tsjr,^

0O0

TREASURY DEPARTMENT

WASHINGTON, D.C.

IMMEDIATE RELEASE,
Friday, July 15, i960.

A-896

During June i960, market transactions in
direct and guaranteed securities of the
government for Treasury investment and other
accounts resulted in net sales by the Treasury
Department of $14,535,500.

0O0

V, ! i

1SIMASS i. ». kZHS?i*'.n.:, TuMdiy. July 19, X X O .

ft* Treasury Ospartnsaifcrmauscedlast swsninf *«*t ths tendsrs fortimrnmmvtm mt
Trsasury cills, one ssriss to b« &a additional I M M of ths bills dated April tX, Ifta
sad the other ssriss to bs dated July 21, 19*0, walah wmrm offsrsd on Jwiy 13, vera
mpmmd at ths Fsdaral Rsssrvs Sanks on #aljr IB. fsadsrs wmrm inritsd tor H,OO0,00M_
or thsrsabsata, mi 91-day bills mmA tor 1400,000,000, or tharsabowts, mi 182-day fcujf
The details of ths two ssriss ars as followst
^^
MIB1 Of ACCiCTSD
OOMretlTIfl IlSgi

f*les

Anaaal Hats
T.IIIIHII i iii H I T

Urn
Average

182-day Trsssury bills
aatolag Mnmmry 19. 1961 y
Approat. iq_i?;
?riom

91-day Treasury bills
Maturing Qotobsr 30, I960

99.423 s/
99.410 ~
99.417^

IIII.HII 11 mi

•

98.670
9S.*7J

2.334*

t.miy

2.603*
2.6311
2.625*1/

§f Excepting on* tand*? ef $4,268,000
9 percent of the aaount ot 91-dsy bills bid tor at tha lav pais* « i asesstsd
Ik perssat of the aaonat of 162-day bills bid for at Urn law pries was asssstsi

tcmi ttamss APnjm rot im lom^rw IT nmMi
District
Boston
lew Tork
miladslshift
gUvslaad
MXmhmoBki
Atlanta
Cfcieago
St. Louis
J*inne& polls
Ssasas City
Dallas
San Prancisoo
T0tAIJ5

Appiiad For
•
30,191,000
1,250,676,000
28,119,000
25,881,000
U,65«i,000
19*3*1,000
195,128,000
26,621,000
14,067,000
36,826,(XX)
12,019,000

mmsm

i*g£!2i

16,921,000
©40,386,000
12,719,000
SB^^*S_wJPJ» A%SSj_™ir

10,334,000
14,568,000
127,218,000
a,296,000
10,067,000
35,326,000
12,019,000

BisfMCtst

Ippllsd For
# M M « M M M W I

i 3,756,000
000
©73,981
000
4,848
000
14,167
000
12,055
000
3,745
000
93,732
000
5,618
000
4,951
000
9,690
000
3*381
000
000

rZm,m
312,3U,0M
1,618,000
5,526,000
2,094,008

2,6n,ooo
40,861,000
4,918,000
2,JA«000
4,553.000
3,381,000

b/lfwltides 1230.023,000 asassapstiti'fs tsadsrs aeesptsd at ths swsarsfs pries sf 9lM
t/Xs*lmdss 152,499,000 noassapstltiv* tenders accepted at ths mrmrmgm primm sf fl«si
y 0a s coupon Issue sf ths ssas len*to sad for ths ease amount invested, ths rmto*
on these bills would proride yields sf 2.35*, for ths 91-day bills, sal 2.70*,
for ths 182-day bills. Interest ratss on bills ars quotsd la terms sf bask all*
count with ths raters related to ths faoa amount sf ths bills paysbls at submit
rather than ths amount infested and thsir length la actual ammhcr sf days rmUB
to s 360-day ysar. la contrast, yialds sa certificates, notes, sad bonds a?s
esmpstsd in terms of interest sa ths amount invested, and relet* ths number sf
days remaining la sa iatsrsst payasnt psrlod to ths actual number sf days is H
period, with ssalsnaasl ssapssadiaK if ®ors than sas ssasoa psrisd Is ljnralwid.

TREASURY DEPARTMENT
_-., ,,

M^^^KMM^^^MM|gptei^y^isamm^maaJsm^ttte'^^

W A S H I N G T O N , D.C
HEIEASE A. M. NEWSPAPERS, Tuesday, July 19, I960,

K^89T

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 April 21, I960,
and the other series to be dated July 21, I960, which were offered on July 13, were
opened at the Federal Reserve Banks on July 18. Tenders were invited for 11,000,000,000,
or thereabouts, of 91-day bills and for 8400,000,000, or thereabouts, of 182-day bills.
Ths details of the two series are as followst
91-day Treasury bills
RAKJE OF ACCEPTED
182-day Treasury bills
maturing October 20, I960
COMPETITIVE BIDSi
maturing January 19, 1961
Approx. Equiv,
Approx. Equiv.
Price
Annual Rate
Price
Annual Rate
High
Low

99.423 a/
99.410 "
99.417

2.283*
2.334*
2.307* y

98.684
98.670
98.673

2.603*
2.631*
2.625* y

y Excepting one tender of $4,268,000
59 percent of the amount of 91-day bills bid for at the low price was accepted
14 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»
Applied For
Applied For
Accepted
Accepted
District
$3,756,000
$ 30,191,000 1 16,921,000
$ 2,358,000
Boston
673,981,000
1,250,676,000
640,386,000
312,312,000
New lork
6,848,000
28,119,000
12,719,000
1,698,000
Philadelphia
14,187,000
25,881,000
20,081,000
5,526,000
Cleveland
12,055,000
11,694,000
10,334,000
2,094,000
Richmond
3,745,000
19,362,000
14,568,000
2,631,000
Atlanta
93,732,000
195,128,000
127,218,000
40,861,000
Chicago
5,618,000
26,821,000
21,296,000
4,918,000
St. Louis
4,951,000
14,067,000
10,067,000
2,351,000
Minneapolis
9,690,000
38,828,000
35,328,000
4,553,000
Kansas City
3,381,000
12,019,000
12,019,000
3,381,000
Dallas
37,508,000
81,156,000
79,204,000
17,380,000
San Francisco
$1*00,063,000
y
TOTAIS
H_7JJ!*2J8BB
p,ooo,na,oo5
y $869,45^665
b/lncludes
$230,023,000
noncompetitive
tenders accepted
at the average
price of 99.417
c/lncludes $52,499,000 noncompetitive tenders accepted at the average price of 98.673
if On a coupon issue of the same length and for the same amount invested, the return
on these bills would provide yields of 2*35*, for the 91-day bills, and 2„70*,
for the 182-day bills • Interest rates on bills are quoted in terms of bank discount with the return related to the face amount of the bills payable at maturity
rather than the amount invested and their length in actual number of days related
to a 360-day ye&r. In contrast, yields on certificates, notes, and bonds are
computed in terms of interest on the amount invested, and relate the number of
days remaining in an interest payment period to the actual number of days in the
period, with semiannual compounding if more than one coupon period is involved.

- 3 *.i->»,o;o:<'HMv» «:• « :+:*;

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 subje

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

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

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

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
cluded 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, whe

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

upon sale or redemption at maturity during the taxable year for which the return
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.

- 2svfrKMt $«'$>?# <»:<>*<•lift:

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

It is urged that tenders be

cept for their own account. Tenders will be received without deposit from incorpo

rated banks and trust companies and from responsible and recognized dealers in i
ment securities. Tenders from others must be accompanied by payment of 2 percent

serve Banks and Branches, following which public announcement will be made by the

Treasury Department of the amount and price range of accepted bids. Those submit-

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

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

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

these reservations, noncompetitive tenders for $ 200,000 or less for the addition
bills dated

April 28, 1960

, ( 91

days remaining until maturity date on

October 27, 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
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 July 28, 1960 _, in cash or
xwSsxk
other immediately available funds or in a like face amount of Treasury bills maturing July 28, 1960 Cash and exchange tenders will receive equal treatment.

x&xxx
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 los

mmowmmmt
TREASURY
3URY DEPARTMENT
Washington
IMMEDIATE RELEASE, 4:00 P.M., EDT,

J
<^>G
x>
/ T ^ <*/ a

Wednesday, July 20, 1960 •
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, f
cash and in exchange for Treasury bills maturing July 28. 1960 , in the amount
of $ 1,401,176,000 , as follows:
91 -day bills (to maturity date) to be issued

July 28, 1960

in the amount of $1.000.000.000 > or thereabouts, representing an additional amount of bills dated

April 28. 1960

and to mature October 27, 1960
, originally issued in the
X&gx
amount of $400.225.000
> the additional and original bills
to be freely interchangeable.
182 -day bills, for $ 400,000,000 , or thereabouts, to be dated
July 28, 1960 , and to mature January 26. 1961
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
Daylight Saving
t
hour, one-thirty o'clock p.m., Eastern/6g0BB0SBd time, Monday, July 25, 1960

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

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

IMMEDIATE RELEASE,
Wednesday, July 20, i960 .

A-898

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 July 28, i960,
in the amount of
$1,401,176,000, as follows:
91-day bills (to maturity date) to be issued July 28, i960,
in the amount of $1,000,000,000, or thereabouts, representing an
additional amount of bills dated April 28, i960,
and to
mature October 27, I960, originally issued in the amount of
$400,225,000,
the additional and original bills to be freely
interchangeable.
182-day bills, for $400,000,000, or thereabouts, to be dated
July 28, I960,
and to mature January 26, 1961.
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 Daylight
Saying
time, Monday, July 25, I960.
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
April 28, i960,
(91 days remaining until maturity date on
October 27, 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 July 28, i960,
in cash or other immediately available funds or in a like face
amount of Treasury bills maturing July 28, i960.
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

I A. a. lexsrAiartS, Tw—<tey, «fal* '6. W^o»
n

• mmmmmmmm-

•

. _ • • • „ . •» . niftniiwrimi i n i m r i Bi riTunim - n n iwili mi i m l i i n i i n

^d at
the Tressary epsrt»ent announced last evening Utat the tenders for twe series 0f
treasury bills, one series to be sn additional Issue of the bills oatec *pril 23, ljfo,
and the other seriss t© be dated & O y 28, I960, sfeich were oir&r*a or. _uiy 20, were
opened
at the federal
Beservs
Banks
2f>* fenders
were invited fjar -i,^::,^.0,000;
or thereabouts,
of 91-day
bills
mod on
torJuly
J*iOQ,OGO
f00at or thereabout!.
' .:&?-day bail.
The details of the two series are as fellowst
ty such respect *
91«day Treasury bills
paturlsf Oetebsr f? f lff&
Apprex, Ee^iiv.
rice
Annual late

KASDI OT 40CSy^D
GcwinrtiE BIBS*

ncj

99.399 mf
99.m~

Tow
s^wwpee'e

S.37B*
2.ten

-i •*- -t

• | .r^asury bills
-rju:*> January 26. Iy6l
Approx. -quivT
rice.._ p^,-,^ Annual aate
I

• vii

— » » • |l»

— ! » . • • • Ml.M

ie (in th]

-•fttfectivei,
*M*feh the bi*-„

fB4» July 28, i«702Ul/
a

n a like face
ng oiie tender of 1^30,000
Cash and
^ne tender of %XJ,QO(
. tments
f theftaoustef 91-day bills bid tor at the low ppteSnfS^rS^eiipted
sereest ef the aaoBitt ef U£-d*y bills bi^:.|^r.a%^eo|)9Stt§is^wa%fi^^ted

TOTAL T&KDtlft-AttU&Il ?98 A J© ACCSFTSD BY FSP&Bai
: istriet
•'_'•'

"•"»

ail For
_l*,239f0G6
1,361*^99,000
2i>, 653 ,OC0

A_M!1
•" n i « » « n i « .

Boat
Hew Terlc
fhiladelphia
Cleveland
Richmond
Louis
Mlisn*sf»s&£*
KasWSS&tfty
alias
San Travels**

WAW

2M*s»oo©
Mttjie*
lB,fcI3»ao&
i7Mf£»<»
13,S33,«S©
10,t9T,000

30_f?5,oe©
t99n.mm

interest or
does not hav*
fiSSUJie:

13,163

7,000

,O0^ *
*fc*,^£iQQP are M ^ l *
10,1*39 _0Q© I
2Q9t$29im
•.;lW3Hs«fefter
il^i^
996$X9QQB
•^TsWfcny of *,177,(X

3*^3^iO«*Sk3t#8?y_W\
6>»?*5»tDft?hich ffe^T^jvv..
12,'46,400 s -_.-. e,3iC,0sK> siderlsMMfe

WBimkwBBB

%m9m>

t 1 (BpaBiOB&e IntefcJW»#OO0

t3ss\r$l|_aib#unt M a j f a M h
-f^^^DOO I
a^kWtQa

fl5© s/^M,3^,Wo b 11/

bilis3i*»i
such l i * M b < ^

) issue^
$3,016,00©
of Xaelndes 1190,0^,000 nenccmpssfcfctiv* takers assarted; St the averse I riee of ?9.3?2
d/ Includes f3?,?.U,00C neasosisstitivje:tenders s ^ e o t ^ st tfce average rrice of 98.635
1/ on'* -settee* issue at the Bart9 length aanrt. for J&m omm ajie*mt invested, U>e return o
these bills wonld wrcvide yields of 2JL&%vtoVmhmfl«im&:billr,
ax» 2.78|> for thi
lSt-«sy m i l s . Interest: ^stes oa^ bills^ are a>eto<3 in ter»s of basJc discount with
the return related to the faee aatenat sf the bills payable at naturity rather ^an
the mmors*r% invested mm t*slr Isnsfts in actual UM»bSr &f days relets*^to S 360-day
yssr. Jti eentrsst, yields os csrtlfiectss^>:inbtss,? mte *ond» »i« eosjjaAsd in tart*
of irtterest en the a»e«tit invested, and relate fc&e naaber of day* rejnainjj^ in *n
interest parent period ts tljs setssl number ef days in the period, with sesiannui
cestpoundliif if isore than one coupon period is involved.
3o

TREASURY DEPARTMENT

tSBtr/r*T*r^>mam**mmxn*'

O i

WASHINGTON, D.C
RSIEASE A. M. NEWSPAPERS, Tuesday, July 26, I960.

A-899

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 April 28, I960,
and the other series to be dated July 28, I960, which were offered on July 20, were
opened at the Federal Reserve Banks on July 25. Tenders were invited for 11,000,000,000,
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:
RA.N0E OF ACCEPTED
COMPETITIVE BIDS:

High
Low
Average

91-day Treasury bills
:
maturing October 27, I960
t
Approx. Equiv. :
Price
Annual Rate
:
99.399 a/
99.388 "
99.392

2.378$
2.421$
2.404$ 1/

182-day Treasury biUs
maturing January 26, 1961
Approx. Equiv.
Price
Annual Rate
98.644 y
98.630
98.635

2.682$
2.710$
2.701$ 1/

a/ Excepting one tender of $500,000
D*/ Excepting one tender of $400,000
74 percent of the amount of 91-day bills bid for at the low price was accepted
18 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
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTALS

Applied For
$
24,239,000
1,364,499,000
25,653,000
26,292,000
9,682,000
18,413,000
174,492,000
13,533,000
10,297,000
30,975,000
9,935,000
83,018,000
$1,791,028,000

Accepted
$
13,863,000
713,169,000
10,439,000
20,252,000
9,651,000
15,241,000
102,314,000
12,486,000
7,297,000
23,675,000
9,935,000
61,858,000
$1,000,180,000

Applied For
$ 5,402,000
623,549,000
13,100,000
17,837,000
6,227,000
3,036,000
65,725,000
4,318,000
3,981,000
9,846,000
2,044,000
33,280,000

Accepted
$ 4,917,ooo
311,071,
ooo
8,075,
10,886,000
6,177,000
2,207,000
29,178,000
2,818,000
1,481,000
3,889,000
1,983,000
17,467,000
000
<553 d/
c/ Includes 1190,822,000 noncompetitive tenders accepted at the average price of 99.392
y Includes $39,243,000 noncompetitive tenders accepted at the average price of 98.635
1/ On a coupon issue of the ssme length and for the same amount invested, the return on
these bills would provide yields of 2.45$, for the 91-day bills, and 2\?8$, for the
182-day bills. Interest rates on bills are quoted in terms of bank discount with
the return related to the face amount of the bills payable at maturity rather than
the amount invested and their length in actual number of days related to a 360-day
year. In contrast, yields on certificates, notes, and bonds are computed in terms
of interest on the amount invested, and relate the number of days remaining in an
interest payment period to the actual number of days in the period, with semiannual
compounding if more than one coupon period is involved.

/Wm^%i^

6b
MBDXftSK XVBMBB9
Monday, July 85, 3L»60»

X
C\*~

9
10 *

*m holder, of #.6 billion ef 4-5/ejl treasury notes siaturtog Aagust 15,
I960, and of $0.3 billion ffedemi StftoMl ltortfst* Association » / _ £ ootea
sMturlng AogNA tft, 1360, will agt be offered yra^qpftlw* ri#ats to exchange
their holdings for new securities to be offered later this wmmk. Both M t t w
lag issues will be paid off in cmslu Aiproxlaately $4.7 billiott of the tue
©staring issues fire publicly hel&#
She necessary amis will b * previded. by a new issue, or issues, of
direct fressury obligstioas otfrnm®. for cash subscription end ^y a rsdncttoa
in the Trmmxry*® cash balance, fib* new issue, or issues, t© be offered will
aggregate approximately $3 billion as agaiiist the aggregate of $10.4 billion
of securities b#to@ paid off.
Subscribers to the new Issue, or issues, 'who hold the maturing securities nay, if they wish, deposit them at tmm value in lieu of any cash tan
psyaents re$tlr*& with subscripts*. fio the extent subscribers are allotted
the new securities, the Treasury will accept the maturing securities in lieu
of cash in making final parents. Accrued Interest on the FNMA notes will
be adjusted as of August IS, the expected delivery date of the new securities*
An announcement of the terns of the new issue, or issues, will be made
later this week.

IMMEDIATE RELEASE,
.fonday, July 25, I960*

A-900

The holders of $9.6 billion of 4-3/4$ Treasury notes maturing August 15,
1960, and of $0.8 billion Federal National Mortgage Association 3-5/8$ notes
maturing August 23, 1960, will not be offered preemptive rights to exchange
t.heir holdings for new securities to be offered later this week. Both maturing issues will be paid off in cash. Approximately $4.7 billion of the two
maturing issues are publicly held.
The necessary funds will be provided by a new issue, or issues, of
direct Treasury obligations offered for cash subscription and by a reduction
in the Treasury*s cash balance. The new issue, or issues, to be offered will
aggregate approximately $9 billion as against the aggregate of $10.4 billion
of securities being paid off.
Subscribers to the new issue, or issues, who hold the maturing securities may, if they wish, deposit them at face value in lieu of any cash down
payments required with subscriptions. To the extent subscribers are allotted
the new securities, the Treasury will accept the maturing securities in lieu
of cash in making final payments. Accrued interest on the FNMA notes will

be adjusted as of August 15, the expected delivery date of the new securities.
An announcement of the terms of the new issue, or issues, will be made
later this week.

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 su

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 int

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

local taxing authority. For purposes of taxation the amount of discount at wh
Treasury bills are originally sold by the United States is considered to be
Under Sections 454 (b) and 1221 (5) of the Internal Revenue Code of 1954 the

of discount at which bills issued hereunder are sold, is not considered to ac
until such bills are sold, redeemed or otherwise disposed of, and such bills

cluded from consideration as capital assets. Accordingly, the owner of Treasu
bills (other than life insurance companies) issued hereunder need include in
income tax return only the difference between the price paid for such bills,

on original issue or on subsequent purchase, and the amount actually receive

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

- 2WMI»*Mw>'»»

71
t JL

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

It is urged that tenders be

cept for their own account. Tenders will be received without deposit from incorp
rated banks and trust companies and from responsible and recognized dealers in

ment securities. Tenders from others must be accompanied by payment of 2 percent

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

Treasury Department of the amount and price range of accepted bids. Those submit

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

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

these reservations, noncompetitive tenders for $ 200,000 or less for the additio
bills dated May 5, 1960 , (_91_ ^ays remaining until maturity date on
November 3, 1960

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

*BQ*

i.sg _aay 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 r

tive issues. Settlement for accepted tenders in accordance with the bids must be
made or completed at the Federal Reserve Bank on August 4. 1960 >

in casn or

other immediately available funds or in a like face amount of Treasury bills mat
ing August 4, 1960 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 los

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE, 4:00 P.M., EDT,

A-7°l

Wednesday, July 27. 1960
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, fo
cash and in exchange for Treasury bills maturing August 4, 1960 , in the amount
of $ 1,400,556,000 , as follows:
91 -day bills (to maturity date) to be issued August 4, I960 ,
______

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

May 5. I960

and to mature November 5, 1960 , originally issued in the
amount of $400,014,000 , the additional and original bills
to be freely interchangeable.
182 -day bills, for $400,000,000 , or thereabouts, to be dated
August * ? . 1 9 6 Q

and t0

raatu

February JfeJ-961-

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

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

denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000 (mat
value).

Tenders will be received at Federal Reserve Banks and Branches up to the closing
Daylight Saving
hour, one-thirty o'clock p.m., Eastern/STttByftarata: time, Monday, August 1. 1960
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 t
price offered must be expressed on the basis of 100, with not more than three

TREASURY DEPARTMENT
y.,,,,1

. ini .1 .HI... I,, ,., , ,, ,,r

,,u

nvlm,„,m,f

,.,

,V],i,yi,,u!^ijTpy*iiTHmKinmnmA.vmjmLMim

WASHINGTON. D.C.
IMMEDIATE RELEASE, .
Wednesday, July 27. I960.

A-901

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 August 4, I960,
in the amount of
$1,400,536,000, as follows:
91-day bills (to maturity date) to be issued August 4, i960,
in the amount of $1,000,000,000, or thereabouts, representing an
additional amount of bills dated May 5, I960,
and to
mature November 3, 1960> originally issued in the amount of
$400,014,000, the additional and original bills to be freely
interchangeable'.
182 -day bills, for $400,000,000, or thereabouts, to be dated
August 4, i960, and to mature February 2, 1961.
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 Daylight
Saving
time, Monday, August 1, i960. — 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
May 5, I960,
(91 days remaining until maturity date on
November 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 August 4, 196*0,
in cash or other immediately available funds or in a like face
amount of Treasury bills maturing August 4, i960.
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
0O0
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

__3__,jjj^jMij^iuj^5_rr'.:^

WASHINGTON, D.C
IMMEDIATE RELEASE,
Thursday, July 28, 1960.

A-902

The Treasury will borrow $8-3/4 billion, or thereabouts, on August 15,
1960, and reduce its cash balance by about $1-1/2 billion, for the purpose of
paying off in cash $9.6 billion of 4-3/4$ Treasury Notes maturing August 15,
1960, and $.8 billion Federal national Mortgage Association 3-5/8$ Notes maturing August 23, 1960. The $8-3/4 billion to be borrowed will be obtained from
the issue of:
$7-3/4 billion, or thereabouts, of H-l/2 month 3-1/8$ Treasury
Certificates of Indebtedness, at par, to be dated August 15,
1960, and to mature August 1, 1961. Interest to be payable
February 1 and August 1, 1961.
$1 billion, or thereabouts, of additional 3-7/8$ Treasury Bonds
of 1968, at par and accrued interest to August 15, 1960.
The 3-7/8$ Treasury Bonds of 1968 are outstanding in the amount of $320
million; were issued on June 23, 1960, and will mature on May 15, 1968. Interest on such bonds is payable November 15, 1960, and semiannually thereafter
on May 15 and November 15.
Subscriptions to the new Certificates of Indebtedness and Bonds will be
received, subject to allotment. Payment for the securities may be made in cash,
or Treasury Notes of Series C-1960, maturing August 15, 1960, which will be accepted at par, in payment or exchange, in whole or in part, for the Certificates
of Indebtedness and Bonds subscribed for, to the extent such subscriptions are
allotted by the Treasury.
In addition, in order to afford the holders of the 3-5/8$ FNMA Notes maturing August 23, 1980, an opportunity to reinvest the proceeds of their notes,
the Secretary of the Treasury, on behalf of the Federal National Mortgage Association, offers to purchase such notes on August 15, 1960, at par and accrued
interest, to the extent to which subscriptions from the holders thereof to the
new Treasury Certificates of Indebtedness and Bonds are allotted by the Treasury,
and the proceeds from the par amount of the Notes are applied to the payment, in
whole or in part, of the new securities.
The subscription books will be open for the 3-l/8$ Certificates of Indebtedness and the 3-7/8$ Treasury Bonds of 1968, only on Monday, August 1, and Tuesday,
August 2, 1960.
Any subscriptions for the Certificates or Bonds with the required deposits
addressed to a Federal Reserve Bank or Branch, or to the Treasurer of the United
States, and placed in the mail before midnight, August 2, 1960, will be considered
timely.
The new issues may not be paid for by credit in Treasury Tax and Loan Accounts.

- 2 -

The Treasury will enter subscriptions subject to allotment for the 3-7/8$
Treasury Bonds of 1968, in the amount of approximately $100 million, for
Government Investment Accounts which, it administers. Subscriptions for these
accounts for the 3-1/8$ Certificates maturing August 1, 1961, will not exceed
about $10 million. Such accounts hold about $8 million of the maturing 4-3/4$
Treasury Notes due August 15, 1960.
Other details concerning the new issues are as follows:
5-1/8$ Certificates of Indebtedness, maturing August 1, 1961
Subscriptions to the 3-1/8$ certificates from commercial banks, for their
own account, will be restricted in each case to an amount not exceeding 50 percent of the combined capital, surplus and undivided profits of the subscribing
bank.
Subscriptions to the 3-1/8$ certificates from commercial and other banks
for their own account, Federally-insured savings and loan associations, States,
political subdivisions or instrumentalities thereof, public pension and retirement and other public funds, international organizations in which the United
States holds membership, foreign central banks and foreign States, dealers who
make primary markets in Government securities and report daily to the Federal
Reserve Bank of New York their positions with respect to Government securities
and borrowings thereon, Government Investment Accounts, and the Federal Reserve
Banks will be received without deposit.
Subscriptions to the 3-1/8$ certificates due August 1, 1961, from all others
must be accompanied by payment of 2$ (in cash, or Treasury Notes, maturing
August 15, 1960, at par, or Federal National Mortgage Association Notes maturing
August 23, 1960, tendered for purchase, at par) of the amount of certificates
applied for not subject to withdrawal until after allotment.
The Secretary of the Treasury reserves the right to reject or reduce any
subscription, to allot less than the amount of certificates applied for, and
to make different percentage allotments to various classes of subscribers; and
any action he may take in these respects shall be final. Subject to these
reservations, all subscriptions from States, political subdivisions or instrumentalities thereof, public pension and retirement and other public funds, international organizations in which the United States holds membership, foreign
central banks and foreign States, Government Investment Accounts, and the Federal
Reserve Banks, will be allotted in full. The basis of the allotment of all other
subscriptions will be publicly announced, and allotment notices will be sent
out promptly upon allotment.
All subscribers 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 certificates of this issue, until after midnight August 2, 1960.
Commercial banks in submitting subscriptions will be required to certify
that they have no beneficial interest in any of the subscriptions they enter
for the account of their customers, and that their customers have no beneficial
interest in the banks' subscriptions for their own account.

- 3 -

3-7/8$ Treasury Bonds of 1968
Subscriptions to the additional 3-7/8$ Treasury Bonds of 1968 from commercial banks, for their own account, will be restricted in each case to an
amount not exceeding 25 percent of the combined capital, surplus and undivided
profits of the subscribing bank.
Subscriptions to the 3-7/8$ Treasury Bonds of 1968 from commercial and
other banks for their own account, Federally-insured savings and loan associations, States, political subdivisions or instrumentalities thereof, public
pension and retirement and other public funds, international organizations in
which the United States holds membership, foreign central banks and foreign
States, dealers who make primary markets in Government securities and report
daily to the Federal Reserve Bank of New York their positions with respect to
Government securities and borrowings thereon, Government Investment Accounts,
and the Federal Reserve Banks will be received without deposit.
Subscriptions to the 3-7/8$ Treasury Bonds of 1968 from all others must
be accompanied by payment of 20$ (in cash, or Treasury Notes, maturing August
15, 1960, at par, or Federal National Mortgage Association Notes maturing
August 23, 1960, tendered for purchase, at par) of the amount of bonds applied
for not subject to withdrawal until after allotment.
The Secretary of the Treasury reserves the right to reject or reduce any
subscription, to allot less than the amount of bonds applied for, and to make
different percentage allotments to various classes of subscribers; and any
action he may take in these respects shall be final. The basis of the allotment will be publicly announced, and allotment notices sent out promptly upon
allotment.
Commercial banks in submitting subscriptions will be required to certify
that they have no beneficial interest in any of the subscriptions they enter
for the account of their customers, and ^hat their customers have no beneficial
interest in the banks' subscriptions for their own account.

juj^

yrMW^t

*. x.60.

" 1 b 3

V^mm&mfa. Aug.^gtLJSut
The Treasury Baparir^i-t ait tuu need last evtiviag that the issuers for two series of
Trt>as^ry bills, one series to bfc an additi^oal issue oi the bills ciat©d y.my S, I960,,
and trie other mrtm to ho ;ate- Aufvtst 4, I960,fev.ichwere offered on July 27, wears
opened at the cj.-.-^t^i Bessrv*) mnm on kmmpm% X. tenters were invited for *1»000,000,08
or thereabouts, of 91-day bill & mnn tor 'fioo, 000, r*0C, or thsrssbeute, of l't?-d*y bills.
The details of t.ne teo earit* are *s follows t
IA mi 0F ACCSPTEl 91-day Treasury hills * lit-tey Treasury bllie
GW?rz iTTIt %1P * *. mXMTlm
Ssrswtwr 3, 1?60
?
Raturlaff February 2, 196l
'""'"'"Approir'ri^lv. i
'
" ' hyrov, tmiy^ ,
Price
Aiinvml ftate ?
yrioe^
Annual J^it;
t

High
99.172
2,080f
t
9S.792
Z.%9%
lew
99J5S
2.1561
i
9S.77S
2.U7J&
Average
99.tj6l
?.131;* 1/
%
fi.?St
2.1*09$ 1/
S$ percent of the »#«_* of 91-day bllie bid for m% the Ion price was accepted
35 psresnt of the amount of l§2«tey bills b M for at the low priee was accepted
TOTAi T*A SF- A.-ll.i ;'0k AM* 4CC\FZ«' 5i F u ^ M L E K &*; "joTRICTfi*
Bietriet Allied For
Accepted
i Applied for
Accepted
Boston' ' —
/
M,«;W
I i,&8t,6§o"
"^175CL,ooo
mrs
l,39?,lltf,OvO
600,729,000 i 703,665,000
302,300,000
12,d>li,000
i
6,Oii5,o*'A/
9S5,Q00
Philadelphia
28,SSfc»00Q
17,b53,OuO
f
12,01*1,000
io,2ia,ooo
Cleveland
26,398,000
9,999,000 i
li,2li9,uoo
2,199,000
tlefeond
ll,9t$ff00G
13,650,Quo t
l,ii25>,OOG
3,330,000
Atlanta
VL*9k509OQQ
131,110,000 i
93,212,0-uo
36,122,000
12,698,000 t
2,907,000
2,907,000
Chicago
1S?,>60,OX)
&,yijiJ0Q f
^,$27,000
2,027,000
St. Louie
13,798,000
32,j36,000 t
13,19^,000
11,795*000
Kinasapoli*
13, ^3,000
10,022,000 i
2,618,000
2,618,000
Kansas City
3^,936,000
>3,H13,000 I
23.5U.000
rallae TOTALS ff^BE^oo
10,5-22,000 £i,-./U>,lo!4,Q0Qa/
San Francisco
52_Q71xOOQ
Jmeludes ,"18?,168,000 noncompetitive
tenters acre;-ted at the average price of 99.1*61
Ineludee :%Q9230,000 noncompetitive tender® accented at the average price of 93.782
On a coupon issue of the mnm length *>nd for the «ai??® amount invented, the return on
these M i l s would provide yi^y of 2.17?, for the 9l~my bills, a.nd 2.l»7,l, £®* **»'
IS?-day bill*, jnter«'~t ^u&f o:; bills are quoted in t~rms of bank discount with
the return related to the "&rv er*>t r>i of f»?io bills playable at maturity r**ther than
the arotmt invested «nd tneir len™t>< in jctvt L mmhmr of dayt related to a 360-4*y
j*--r, in contrast, ;•!'>! © or. r_tr fic3t*.s«, note*., and bonds are c:^piited in teiwi
o? Interest on the * ":w.* inmettd, and relate the natber of d&ys reiiaining in *R
interest payment porioo to the actual v ^ _r of days in the period, wit^j semiannual
compound: &ft if «, r than one coupon period ia . -.volvoo •

IOTIIS

mmXm

TREASURY DEPARTMENT
^I_^^l«l^»Wff»Wll3f>0>^«»BCB^Mg--TI-'a»-J

78
WASHINGTON, D.C.
A-903

jELE-VHE A. H . NEWSPAPERS, Tuesday, August 2 . I960.

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 May 5, I960,
and the other series to be dated August k, I960, which were offered on July 27, were
)pened at the Federal Reserve Banks on August 1. Tenders were invited for $1,000,000,000,
3P 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.
E&NGE OF ACCEPTED
COMPETITIVE BIDS:

High
Low
Average

91-day Treasury bills
maturing November 3, I960
Approx* ISGJOIVT
Price
Annual Rate

182-day Treasury bills
maturing February 2, 1961
"""*""
"
Approx. Equiv,
Annual Rate
Price

99.1*72
99.16$
99.461

98.792
98.778
98.782

2.(
2.156$
2.131$ 1/

2.389$
2.1*17$
2.1*09$ 1/

85 percent of the ©mount of 91-day bills bid for at the low price was accepted
35 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 J
District
Boston
Hew lork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas Gity
Dallas
San Francisco
TOTALS

Applied For
|T22,9bJ4,000
1,397,11*9,000
28,551*,00G
18,398,000
11,92*9,000
16,1*50,000
187,560,000
13,798,000
13,663,000
35,836,000
10,522,000
52,071,000

iiP_o^93li7ooo

Accepted

Applied For

Accepted

n,6S2,ooo J TTffltfS&r- * i,68I*,ooo
703,865,000
680,729,000 J
302,300,000

12,85u,000 s
17,558,000 s
9,999,000 t
13,650,000 t
138,110,000 t
12,698,000 8
8,513,000 :
32,536,000 t
10,022,000 8
51,81*3*000 i
W9000,1911,000 a/

6,01*5,000

i2,oia,ooo

i*, 21*9, 000
1*,1*25,000
93,212,000
2,907,000
1*,527,000
13,195,000
2,618,000
39,036,000

985,000
10,21*1,000
2,1*99,000
3,330,000
36,122,000
2,907,000
2,027,000
11,795,000
2,618,000
23,511,000
$1*00,019,000

l%/ Includes $187,168,000 noncompetitive tenders accepted at the average price of 99»l*6l
$1 Includes 1:1*0,230,000 noncompetitive tenders accepted at the average price of 98.782
iff/ On a coupon issue of the same length and for the same amount invested, the return on
these bills would provide yields of 2_17$, for the 91-day bills, and 2.1*7$, for the
182-day bills. Interest rates on bills are quoted in term, of bank discount with
the return related to the face amount of the bills payable at maturity rather than
the amount invested and their length in actual number of days related to a 360-day
year. In contrast, yields on certificates, notes, and bonds are computed in terms
of interest on the amount invested, and relate the number of days remaining in an
interest payment period to the actual number of days in the period, with semiannual
^^i^i-nH-ing if more than one coupon period is involved.

*£*:»*:•:* #.*:•/•.£**+**/.

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 subje

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

are exempt from all taxation now or hereafter imposed on the principal or intere
thereof by any State, or any of the possessions of the United States, or by any

local taxing authority. Fbr 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 amo

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
cluded 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, whe

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

- 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 Breaches on application therefor.
Others than banking institutions will not be permitted to submit tenders ex-

cept for their own account. Tenders will be received without deposit from incorp

rated banks and trust companies and from responsible and recognized dealers in i

ment securities. Tenders from others must be accompanied by payment of 2 percent

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

Treasury Department of the amount and price range of accepted bids. Those submit

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

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

these reservations, noncompetitive tenders for $200,000 or less for the addition
bills dated May 12, 1960 , ( 91 days remaining until maturity date on
November 10, 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
2££dx)c

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 August H, 1960 , in cash or
____
K3u£jL

other immediately available funds or in a like face amount of Treasury bills maturing August 11, 1960 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 los

TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE, 4rO0^;M. T EDT, '

,
/L

CI Q

wvxiMA«.•'•«•>'•C'M'K^it:*:*;*:*

Wednesday, August 5, 1960
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,

cash and in exchange for Treasury bills maturing August 11. 1960 > in the amoun
of $ 1,591,048,000 , as follows:
91 -day bills (to maturity date) to be issued August 11, 1960 *

_______

*fcf

in the amount of $ 1,100,000,000 , or thereabouts, representing an additional amount of bills dated May 12, 1960

w
and to mature November 10, 1960
__.

, originally issued in the
.

amount
of $ 404,989,000
, the additional and original bills
to
be freely
interchangeable.
182-day bills, for $ 500,000,000 , or thereabouts, to be dated

________

__|gj

August 11. 1960 > and to mature February 9, 1961
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
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 (mat
value).

Tenders will be received at Federal Reserve Banks and Branches up to the closin
Daylight Saving
hour, one-thirty o'clock p.m., Eastern/fitaaafewril time, Monday. August 8. 1960
.'
3fcx_a&
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

82
TREASURY DEPARTMENT
tr:-iu..i.,n:"r.7arr--!TTT\

,< »i.i.i«„..n"".."i. JJJ...I,I,I..WI..,...„.I, I„ > . I J J _ _ _ . : J U I I " . . I W » I J I . 1 I « I I « . I I [ I ^ ^

WASHINGTON. D.C.
IMMEDIATE RELEASE
Wednesday, August 3, I960
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 August 11, i960, in the amount of
$1,591,048,000, as follows:
91-day bills (to maturity date) to be issued August 11, I960,
in the amount of $1,100,000,000, or thereabouts, representing an
additional amount of bills dated May 12, i960,
and to
mature November 10, i960,originally issued in the amount of
$404,989,000,
the additional and original bills to be freely
interchangeable.
182-day bills, for $ 500,000,000, or thereabouts, to be dated
August 11, I960, and to mature February 9, 1961.
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__t°_ the closing hour, one-thirty o'clock p.m., Eastern Daylight
Saving time, Monday, August 8, I960.
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
May 12, I960,
(91 days remaining until maturity date on
November 10, 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 August 11, i960,
in cash or other immediately available funds or in a like face
amount of Treasury bills maturing August 11, I960. 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
0O0
return is made, as ordinary gain or loss.
Treasury Department Circular No. 4l8, Revised, and this notice,
prescribe the terms of the Treasury bills and govern the conditions
of their issue. Copies of the circular may be obtained from any
Federal Reserve Bank or Branch.

TREASURY DEPARTMENT
!3v.'-.iW_ilff^„_«.™yi.....,.«'.y^^

WASHINGTON, D.C
IMMEDIATE RELEASE,
Friday, August 5, 1960.

A-905

Reports received from the Federal Reserve Banks show that subscriptions
total about $17,377 million for the offering of $7,750 million, or thereabouts,
of 3-1/8 percent Treasury Certificates of Indebtedness of Series C-1961, due
August 1, 1961, and about $5,178 million for the additional offering of $1,000
million, or thereabouts, of 3-7/8 percent Treasury Bonds of 1968, due May 15,
1968, included in the Treasury's current financing.
The Treasury will allot in full all subscriptions for the certificates,
totaling about $6,282 million, from States, political subdivisions or instrumentalities thereof, public pension and retirement and other public funds,
international organizations in which the United States holds membership, foreign
central banks and foreign States, Government Investment Accounts, and the Federal Reserve Banks, as provided in the offering circular. On subscriptions for
the certificates received subject to allotment, the Treasury announced a 13 percent allotment. Subscriptions for $25,000 or less will be allotted in full.
Subscriptions for more than $25,000 will be allotted not less than $25,000.
Reports received thus far from the Federal Reserve Banks show that subscriptions
for the certificates total about $5,903 million from commercial banks for their
own account and $5,192 million from all others.
On the additional offering of $1,000 million, or thereabouts, of 3-7/8 percent : Treasury Bonds of 1968, the Treasury announced a 25 percent allotment to
savings-type investors and Government Investment Accounts, a 20 percent allotment to commercial banks for their own account, and a 15 percent allotment to
all other subscribers. Subscriptions for $5,000 or less will be allotted in
full. Subscriptions for more than $5,000 will be allotted not less than
$;5,000. Subscriptions for the 3-7/8 percent Treasury Bonds include $1,181
million from savings-type investors, $100 million from Government Investment
Accounts, $2,708 million from commercial banks for their own account, and $1,190
million from all others.
The savings-type investors whose subscriptions were given a 25 percent allotment are as follows:
Pension and Retirement Funds—public and private
Endowment Funds
Common Trust Funds under Regulation F of the Board of Governors of the
Federal Reserve System
Insurance Companies
Mutual Savings Banks
Fraternal Benefit Associations and Labor Unions1 insurance funds
Savings and Loan Associations
Credit Unions
Other Savings Organizations (not including commercial banks)
States, Political Subdivisions or instrumentalities thereof, and Public Funds
Details by Federal Reserve Districts as to subscriptions and allotments will
ts are received from the Federal Reserve Banks.

nmu

k.v. ytmnnm.

Tttwto.. A M - * 9. 1*0.

the Treasury fN^artsaest announced x*»% mmtdm «*•* **• tef»£«i*a f«r tiro ssriss of
frs&swar M i l s , one series to be an m4Al%iomX Ssmmm mt Urn U l l s Hm%m€ my W9 i$fa§
•ai tii© other eerie* %m be iated August 32, B 6 ® , wbieb were offeree* «a August 3, vert
opened at the Federal leeerre a u t o ©f* Aapset I. foniere were Atarita©1 for #1,100,000,811
or thereaboute, mt flntay b i l U and far 1500,000,000, or thereabouts, of l__-day blUi.
the detaile of the two eerie* are ae follow*t
lifHtay t m w i y Ml)*
tl*^y Treaairy bille
E A » I or Aocirtir

eoMPitxrifi

BITS*

llpe*. Ifaiir*
Pile*
Aataaal late

f?i#*
Low
Average

99MX y

tariff

B.vn
t.nm y

99*hk®totalinf
of the
of the

M^ftoH l^wyqr f! MX
Frlco

Approx. BquivT
Annual Kate

m.7%7

1550,000
of 91-day bills M i tow at the low prie« mm
mi l S M q r bllie bid for at the low price mm

fOTAI* TMWSK* AFlUtt FOR ASP ACC£l*-& ST F « « A L MUHUEft M O T U C T S ,

fork
ffcil*d*iphU
C level ars!

Atlanta
Cbioafo
St. Ionia
MiMmmpmXiM
%&xmmm City
CtUtft
San Francisco

fm-kts

AtmliUmmi F o r

*,Jil5,I*?3,0©0
t&,S$3»000
3tt,ms,o@@
10f|#t,08®
f4,4?t,O0O

14M3M*
iMftijOoo
17,1,52,000
37»#M0»

Allied For-

sao,^6,ooo
11,563,000
tf ,015,W

t,3i?*0@0
tt,nMoo
10B,606,000
13,961,000

i*k9m9®m
%9m9m®
m9i$s9m®

6 9 J|h 9 0Q0

xt,m9tm
f,ll?0,O0©
3,129,000
81,0,0,000
l«,20fe,000
10,911,00©
f,tlt,0®@

Aeeeoted
381,918,000
l,3?tt,000

u9m9m
i9kn9m
i,W,O0O

ia,$iofo®o

k9m9m
39m9om
%99kk9m

y lnoludte tltt,5JF $®0® %%mmm$mmixm
tratart accepts at ttie average prise
of 99.U&
_,?12,000
y ImXmB** 13? ,tT? ,000 nemostpetitiire tenders accepted at the avorago price of F&.fJT
V O a * ©oitpom Umm of the aaase H**tft mm for item mmm momfo invested, the return ea
thmmm bills womiJ provide yielrfg offf•f§H,for tn« 91-day M i l e , and 1.5**, for tot
iSt^ajr bills, interest ratea oa bill* are quoted in %*mm mt bank discount with
the return related, to tlse f&ce agftount ©f ttie ©ilia payable at Maturity rather tt&aa
the amount invests and their length im actual nutter of d&ye related to a 360-day
year. In contrast, yielda on certificatea, m%mm9 mm momAm are eewputed in tetei •
of Interest on the mount inveeted, and r«lat© the nuwber of daya reraaining Is aa |
intereet paysieiit period to the aetual wmtmr of ^ayn io tfeo period, witfe eeiiiajfflaii
oowpoiaadlnf if more than one moupom pmri*4 Am imoXwmM.

TREASURY DEPARTMENT
HIIIIII

-IMUHMUEi

•"'•"'"fflliWMJiwufyt'iri

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

MEASE A. M. NEWSPAPERS, Tuesday, August 9, I960.

A „o 0 6

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 May 12, I960,
and the other series to be dated August 11, I960, which were offered on August 3, were
opened at the Federal Reserve Banks on August 8. Tenders were invited for 11,100,000,000
or thereabouts, of 91-day bills and for 1500,000,000, or thereabouts, of 182-day bills.
The details of the two series are as follows.
RANGE OF ACCEPTED
COMPETITIVE BIDS:

High
Low
Average

91-day Treasury bills
maturing November 10, I960
Approx. Equiv.
Price
Annual Rate
99.1&L y
99.U3U
99.hk0

2.172$
2.239$
2.215$ y

182-day Treasury bills
maturing February 9, 1961
Approx. Equiv,
Price
Annual Rate
98.774 2.425$
9Q.7U2
98.757

2.488$
2.1£8$3/

a/ Excepting two tenders totaling $550,000
o"7 percent of the amount of 91-day bills bid for at the low price was accepted
33 percent of the amount of 182-day bills bid for at the low price was accepted
TOTAL TENDERS APPLIED FOR AM) ACCEPTED BY FEDERAL RESERVE DISTRICTS:
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTALS

Applied For
I
2lj,2l5,000
1,425,473,000
26,563,000
34,015,000
10,367,000
2^,674,000
161,236,000
15,961,000
17,1*52,000
37,652,000
10,716,000
38,259*000

Accepted
111, 215,000
794,173,000
11,563,000
29,015,000
8,367,000
22,974,000
108,606,000
13,961,000
14,452,000
3\x, 452,000
10,71*6,000
37,759,000
,00$ y

Applied For
B 5,658,000
580,928,000
6,37li,000
17,725,000
9,470,000
3,229,000
84,020,000
4,093,000
4,20li,000
10,944,000
2,212,000
28,129*000

Accepted

1~ 5,658,ooo
381,918,000
1,374,000
12,725,000
7,470,000
2,979,000

ia,52o^ooo

4*093,000
3,204,000
8,94ii,000
2,212,000
27*929,000
f7F6^Bo755o
15ooJ, 020^00 c/
y Includes $188,539,000 noncompetitive tenders accepted at the average price of 99.440
{/'Includes $37,277,000 noncompetitive tenders accepted at the average price of 98.757
if On a coupon issue of the same length and for the same amount invested, the return on
these bills would provide yields of 2.26$, for the 91-day bills, and 2.52$, for th©
182-day bills. Interest rates on bills are quoted in terms of bank discount with
the return related to the face amount of the bills payable at maturity rather than
the amount invested and their length in actual number of days related to a 360-day
year. In contrast, yields on certificates, notes, and bonds are computed in terns
of interest on the amount invested, and relate the number of days remaining in an
interest payment period to the actual number of days in the period, with semiannual
compounding if more than one coupon period is involved.

rLO

bb
- 2 initiative at the 1958 annual meeting of the World Bank in New
Delhi and the 1959 annual meeting in Washington, and in the
intervening period, in moving the project closer to reality.
In the fall of 1959 active negotiations were undertaken by the
Executive Directors of the International Bank. In January, I960,
the Executive Directors submitted the present Articles of Agreement
to member Governments for action.
Legislative action in the U. S, was completed by the Congress
early in July. The Congress authorized the President to accept
U. S. membership in IDA with a subscription of $320.29 million and
appropriated $73,666,700 to pay the first installment on the U. S.
subscription. This payment is to be made within thirty days after
IDA begins operations.

0O0

FOR RELEASE 12:30 P.M., E.D.T.
Tuesday. August 9, I960

A-907

Secretary of the Treasury Robert B. Anderson today signed
the Articles of Agreement of the International Development
Association (IDA) on behalf of the United States. Mr. Anderson
acted in his capacity as U. S. Governor of the International Bank
for Reconstruction and Development (World Bank), of which the new
Association is to be an affiliate.
The IDA is designed to complement the World Bank by providing
development financing in less-developed countries on terms which
are more flexible and bear less heavily on the balance of payments
than the terms of conventional loans. IDA is to have initial
subscriptions from its members totaling $1 billion, payable over
a 5-year period. Of this, the U. S. subscription is $320 million.
Seventeen other economically strong members are to subscribe a total
of $443 million, payable in gold or freely convertible currency, and
the balance is to be subscribed by the less developed members, largely
in their own currencies. The Articles of Agreement also provide a
means whereby one member may under appropriate circumstances transfer
to IDA the local currency of another member.
Membership in the IDA is open to the 68 member countries of
the World Bank, and becomes effective as soon as member countries
whose subscriptions amount to 65# of the $1 billion total accept
the IDA Articles of Agreement, but not prior to September 15. It
is hoped that the 65# figure will be achieved by that date, so that
IDAfs entry into force under the terms of the Agreement could be
formally announced at the annual meeting of the Board of Governors
of the World Bank in Washington late in September. Financial
operations by the agency could start shortly thereafter.
Also signing the IDAfs Articles of Agreement today were Canada
and Honduras. As a result of today*s actions, subscriptions now
amount to 43.1$ of the $1 billion total. Legislative action has been
completed by a substantial number of other countries, thus opening
the way for additional signatures in the near future.
The new organization is the outgrowth of a U. S. suggestion
originally put forward early in 1958 by Senator A. S. Mike Monroney
of Oklahoma. At President Eisenhowerfs request, Secretary Anderson,
Under Secretary of State Dillon, and other U. S. officials took the

FOR RELEASE 12:30 P.M., E.D.T.
Tuesday, August 9. I960

A-907

Secretary of the Treasury Robert B. Anderson today signed
the Articles of Agreement of the International Development
Association (IDA) on behalf of the United States. Mr. Anderson
acted in his capacity as U. S. Governor of the International Bank
for Reconstruction and Development (World Bank), of which the new
Association is to be an affiliate.
The IDA is designed to complement the World Bank by providing
development financing in less-developed countries on terms which
are more flexible and bear less heavily on the balance of payments
than the terms of conventional loans. IDA is to have initial
subscriptions from its members totaling $1 billion, payable over
a 5-year period. Of this, the U. S. subscription is $320 million.
Seventeen other economically strong members are to subscribe a total
of $443 million, payable in gold or freely convertible currency, and
the balance is to be subscribed by the less developed members, largely
in their own currencies. The Articles of Agreement also provide a
means whereby one member may under appropriate circumstances transfer
to IDA the local currency of another member.
Membership in the IDA is open to the 68 member countries of
the World Bank, and becomes effective as soon as member countries
whose subscriptions amount to 65% of the $1 billion total accept
the IDA Articles of Agreement, but not prior to September 15. It
is hoped that the 65$ figure will be achieved by that date, so that
IDA's entry into force under the terms of the Agreement could be
formally announced at the annual meeting of the Board of Governors
of the World Bank in Washington late in September. Financial
operations by the agency could start shortly thereafter.
Also signing the IDA'S Articles of Agreement today were Canada
and Honduras. As a result of today's actions, subscriptions now
amount to 43.1$ of the $1 billion total. Legislative action has been
completed by a substantial number of other countries, thus opening
the way for additional signatures in the near future.
The new organization is the outgrowth of a U, S. suggestion
originally put forward early in 1958 by Senator A. S. Mike Monroney
of Oklahoma. At President Eisenhower's request, Secretary Anderson,
Under Secretary of State Dillon, and other U. S. officials took the

- 2 initiative at the 1958 annual meeting of the World Bank in New
Delhi and the 1959 annual meeting in Washington, and in the
intervening period, in moving the project closer to reality.
In the fall of 1959 active negotiations were undertaken by the
Executive Directors of the International Bank. In January, I960,
the Executive Directors submitted the present Articles of Agreement
to member Governments for action.
Legislative action in the U. S. was completed by the Congress
early in July. The Congress authorized the President to accept
U. S. membership in IDA with a subscription of $320.29 million and
appropriated $73,666,700 to pay the first installment on the U. S.
subscription. This payment is to be made within thirty days after
IDA begins operations.

oOo

- 3 -

B_a^%xiroxmiB

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 subje

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

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

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

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

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

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

- 2 U > i
decimals, e. g., 99.925.

Fractions may not be used.

It is urged that tenders^iie

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 own account. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of
the face amount of Treasury bills applied for, unless the tenders are accompanied by
an express guaranty of payment by an incorporated bank or trust company.
immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the
Treasury Department of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The Secretary
of the Treasury expressly reserves the right to accept or reject any or all tenders,
in whole or in part, and his action in any such respect shall be final. Subject to
these reservations, noncompetitive tenders for $ 200,000 or less for the additional

&h
bills dated ffay 19? I960
, (
91 days remaining until maturity date on
November 17. I960 ) and noncompetitive tenders for $ 100,000 or less for the

J___f

~ W "

182 -day bills without stated price from any one bidder will be accepted in full
2(£2X)
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 August 18, I960 , in cash or
other immediately available funds or in a like face amount of Treasury bills maturing August 18, I960 Cash and exchange tenders will receive equal treatment.

fjg)
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

E-OTOTOT.
TOf^^lMmijX)

TREASURY DEPARE-IEI.T
Washington
IMMEDIATE RELEASE, 4:00 P.M., EDT
Wednesday. August 10. I960 •

ted
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, f

cash and in exchange for Treasury bills maturing August 18, I960 ., in the amoun
of $1,600,257,000 , as follows:
91 -day bills (to maturity date) to be issued August 18, I960 ,

-xpgp

W
in the amount of $ 1,100,000,000 , or thereabouts, representX^&.

ing an additional amount of bills dated May 19 _ I960

and to mature November 17, I960 , originally issued in the
YcwA
amount of $ 500.040,000
, the additional and original bills
to be freely interchangeable.
182 -day bills, for $500.000.000 t

thereabouts, to be dated

August 18, I960 , and to mature February 16, 196l
*3_JB5

_5&i_5

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

will be payable without interest. They will be Issued In bearer form only, and i

denominations of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000 (mat
value).

Tenders will be received at Federal Reserve Banks and Branches up to the closing
Daylight Saving
hour, one-thirty o'clock p.m., Eastern/afcewtecd time, Monday. August l5T I960

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 t
price offered must be expressed on the basis of 100, with not more than three

IMMEDIATE RELEASE
Wednesday, August 10, i960

A-908

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 August 18, i960, in the amount of
$1,600,257,000, as follows:
91-day bills (to maturity date) to be issued August 18, I960,
In the amount of $1,100,000,000, or thereabouts, representing an
additional amount of bills dated May 19, i960,
and to
mature November 17, I960, originally issued in the amount of
$500,040,000,
the additional and original bills to be freely
interchangeable.
182-day bills, for $ 500,000,000, or thereabouts, to be dated
August 18, I960, and to mature February 16, 1961.
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 tp_the closing hour, one-thirty o'clock p.m., Eastern Daylight
Saving time, Monday, August 15, i960.
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
May 19, I960,
(91 days remaining until maturity date on
November 17, i960) and noncompetitive tenders for $ 100,000
or less for the lo2-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 August 18, i960,
in cash or other immediately available funds or in a like face
amount of' Treasury bills maturing August 18, I960. 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
0O0
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

3
CD

TREASURY DEPARTMENT
Washington, D. G.

S3
A-909

IMMEDIATE RELEASE

Thursday T

August 11. I960

„__«.__. OH __«« — J - - K ^ ^ ^ r ^ r . ^ " "* -B-BIABUSBD
QUARTERLY QUOTA PERIOD - ^ l y I. I960 - 6opto»b.r 30, 1*0
IMPORTS - July I, I960 - August 8, I960
IT-M 39_1_
Country
of
Production

J liad in pigs and
Load-boaring ores,
and mattos

Quarterly Quota
Putlabia Load
(Pounds)
Australia

10,080,000

ITEM 394
ITEM 393
IT£M ypi
I
V Load 'bullion or baso bullion, T
bars, load i kinds.I Zino In blooka, pigs, or slabs!
flu. dust,, dross, r j j l ^ d W , scrap
: Z l n o ^ g , ™ i & ^ U / ' . old and worn-out zino, fit
* lead, antImonlal load, antlJ except P J " ™
*
o n l y t 0 b , Mi_anufacturod, zino
j aonlal sorap load, typo _*tal, t
o~or W or n n o
^
dross, and rino skimnings
t all alloysload
or combinations
of x
n.s.p.f.
tQuarterly Quota.
iQiartarly Quota
: OuaPta'riy Quota
Imports t By W»l*ftt
Imports
Importa
t
Dutiable
21na
Imports i Dutlabls Load ___
(Pounds)
\Pounds) — • —
(Pounds)
10,080,000

23,680,000

13,555,651
5,440,000

2.30M72

Belgian Congo
7,520,000

Belgium and
Luxemburg (total)
Bolivia

5,040,000

Canada

13,440,000

MM5,I50
I3,M»0,000

15,920,000

\2,W»W

66,480,000

Italj

66,480,000 37,840,000

8,065,426

3,600,000

771,610

36,880,000

8,03M,269 70,480,000

H6,250,03»» 6,320,000

U72,501

1,791,862 35*120,000

139,536

Poru

9,121,225 12,880,000

10,830,085 3»76o,ooo

16,160,000

Un. So. Afrloa

14,880,000

m,880,000

Moxloo

15,760,000

I0,6I9,3"»0

Yugoslavia
All othor forolgn
oountrios (total)

6,560,000

2,911,371 6,080,000

6,080,000 17#840,000

I7,8»»0,000

6,080,000

2,717,818

TREASURY DIPART-SKT
Washington, D. C.
I-ISDIATE RELEASE

A-909

Thursday, August 11, I960

JSr*~

PRELIMrNART DATA ON I-PORTS FOR CONSUMPTION OF TEC__TOFACTUB_D LEAD AJND ZINC CHARG_ABLS TO THS QUOTAS ESTABLISHED
BY PRZSIDSHTIAL PROCLAMATION NO. 3257 0? SEPTEMBER 22, 1953
QUARTERLY QUOTA PERIOD • July I, I960 - Septeaber 30, I960
IMPORTS - July I, I960 - August 8, I960
ITEM 3?4
ITEM 393
j Lead bunion or base bullion,' ':
i lead in pigs and bars, load
t
Lead-boariag ores, fluo dust,? dro3S, raolai-sd lead, scrap
i Zino-bsariag oraa ©f all kind3,: Zino la blooks, pigs, or slabs;
: lead, aatiscalal load, antls except pyrites containing not : old and -TBm-out zino, fit
and sattas
l only to bo rsaanufacturad, zino
orar 3^ of _ino
i aoaial scrap load, typs _atal, t
dross, and zinc sklnaiinga
j all alloys or ccabinatlona of s
i
load n.s.p.f.
:
iguarvsrly Guota
:&sartarly __ota
sG_artsr!y Quota
s&iartarlyfeista
___oris
Inports s By "a«i bht
lEoorts t Dutiable Zinc
[sports : Dutiabls Lsai ____
i D-tl-olo-.lfQsd^
"(pounds]
""(Pounds]
~~ "~ ~~°^PoSidsJ"
ITEM

Country
of
Production

Australia

10,080,000

391

10,080,000 23,680,000

13,555,651
5,440,000

2,304,872

66,480,000 37,840,000

8,063,426

3,600,000

771,610

Belgian Congo
Belgium and
Luxsaburg (total)

7,520,000

Bolivia

5,040,000

Canada

13,440,000

4,445,15©
i3,44o,ooo 15,920,000

12,451,942 ^$,480,000

Italy

Hsxioo

36,880,000

8,034,269 70,480,000

46,250,034 6,320,000

472,501

1,791,862 35,120,000

10,830,085 3»76o,ooo

139,336

17,840,000

2,717,813

Peru

16,160,000

9,121,225 12,880,000

Un. So. Africa

14,880,000

Yugoslovia
All other foreign
countries (total)

6,560,000

15,760,000

10,619,340

2,911,371 6,080,000

6,080,000 17,840,000

6,080,000

J15

--£COTTON WASTES
"(In pounds)

<fr

COTTON CARD STRIPS made from cotton having* staple of less than ^A^ ^=^ in ^ngth^.COMBER
WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANOFACTDRED OR OIlEMIto
ADVANCED IN VALUE: Provided, however, that not more t h a n ^ l ^ p e r c e n t 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
Established
TOTAL QUOTA

Country of Origin

4,323,457
United Kingdom • « *
239.690
0
o
«
Canada . . . .
227,420
.
o
France . . . . . . •
69.627
British India . • .
68,240
Netherlands . . . .
44.388
Switzerland . . . .
38,559
Belgium
341,535
Japan • • • • • • •
17>322
China . . . • •• • • e» •e •.
8,135
Egypt o • o • . • • . • »
.
.
.
6,544
Cuba 0 • • «
. . .
e • .
76,329
Germany....
...
21.263
Italy
5,482,509
• . . »

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

Total Imports
s Established %
Imports
1/
Sept. 20, 19 59, to % 33-1/35& of : Sept. 20, 19 59
August 8_ I960
t Total Quota % to August 8, 1 9 6 0 —
2,014,947
239,690
131,686

1,441,152

75,807

22,216

22,747
14,796
12,853

22,216

25,443
?,?6Q

25,443
7.088

25,443
2r260

2,436,242

1,599,886

1,566,878

(So

TREASURY DEPARTMENT
Washington, D. C.
IMMEDIATE RELEASE

A-910

Thursday, August 11, I960

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/V'
Imports September 20, 19 59 ** August 8, 1960
Country of Origin
Egypt and the AngloEgyptian Sudan . . .
Peru
British India
China
Mexico
Brazil
Union of Soviet
Socialist Republics ...
Argentina
Haiti
Ecuador

Established Quota

783.816
2V7.952
2,003,^83
1,370,791
8,883,259
618,723
475,12^
5,203
237
9,333

Imports
Honduras
•
19,908
8,883,259
618,000
m
•
•
-

Established Quota

Country of Origin

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 „..

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, I9 60 - August 8_ 1960
Established Quota (Global) - 45,656,^20 Lbs.
Staple Length
1-3/8" or more
1-5/32" or more and under
1-3/8" (Tanguis)
1-1/8" or more and under
1-3/8"

Allocation
39,590,778

Imports
39,590,778

1,500,000

447,173

h,565,6k2

4,430.023

Imports

752
871
124
195

752

2,240
71,388

21,321
5,377
16,00^

689

•

124
•
Mi

«.

•
•
«.

TREASURY DEPARTMENT
Washington, D. C.
IMMEDIATE RELEASE

A-910

Thursday, August 11, i960

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 59 - August 8, 1960
~
Country of Origin
Egypt and the AngloEgyptian Sudan
Peru
British India
China
Mexico
Brazil
Union of Soviet
Socialist Republics ...
Argentina
Haiti
Ecuador

E_3tablished Quota
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
^75,12^
5,203
237
9,333

Imports

19,908
8,883,259
618,000

Country of Origin

Established Quotsi

Honduras
Paraguay
Colombia
Iraq
British East Africa ...
Netherlands E. Indies .
Barbados
1/Other British W. Indies
Nigeria
2/0ther British W. Africa
_3/0ther 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, I9 60 - August 8 t I960
Established Quota (Global) - 45,656,420 Lbs.
Staple Length
Allocation
1-3/8" or more
1-5/32" or more and under
1-3/8" (Tanguis)
1-1/8" or more and under
1-3/8"

39,590,778
1,500,000
^,565,642

Imports
39,590,778
447,173
4,430,023

752

Imports

752

• 871

124
195
2,240
71,388
21,321

124
0

5,377

—

16,004

—

689

~£COTTON WASTES
(In pounds)
COTTON CARD STRIPS made-from cotton having staple of less ^^
WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER ^ O T ™ A C T U ^ U Uit
ADVANCED IN VALUEs Provided, however, that not mo re ^ a n 33-1/3 perce nt of tn q
be filled by cotton wastes other than comber wastes made from cottons of 1 >fu> i Netherlands,
in staple length in the case- of the- following countries-. United Kingdom, France, Netn r_
,
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

1 T o t a l I m p o r t s : Established t
Importm
V
\ Sept. 20, 19 59, to j 33-1/3* of i Sept. 20,,19 59
Aiiist 8. I960
i Total Quota ; to August 8, 1960 _
1,441,152

1,441,152

75,807

22,216

22,747
14,796
12,853

22,216

25,443

25,443
7.088

25,443
2.260

2,436,242

1,599,886

1,566,878

2,014,947
239,690
131,686
m>

Japan . . . . . . . . . . ^ > { H
China .
Egypt
Cuba
Germany
Italy . . . .

•••

Z'???
°Aff

6,544
?a
26
. . . . . . _—?1?
?
5,482,509

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

- 2 -

Commodity

Period and Quantity

Unit
X<
Imports
or
:
as of
Quantity: July 30. lj

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

Rye, rye flour, and rye meal.

Butter substitutes, including
butter oil, containing 45$ or more
butterfat.........................
Tung Oil,

Imports through Augast 8, I960.

12 mos. from
August 1, 1959
12 mos. from
August 1, I960

1,709,000

Pound

1,709,000

Pound

July 1, I960 June 30, 1961
Canada
140,733,957
Other Countries
2,872,122

Pound
Pound

106,506,47

Calendar Tear

Pound

1,199,95

Pound
Pound
Pound

12,327,4QaotaPill!
185,25

1,200,000

Feb. 1, I960 Oct. 31, I960
Argentina
17,979,151:
Paraguay
2,223,000
Other Countries
704,382

612,76

TREASURY DEPARTMMT
Washington, D. C.
IMMEDIATE RELEASE
Thursday, August 11, i960

A-911

QQ
W v..

The Bureau of Customs announced today preliioinary figures showing the imports for con-^
sumption of the commodities listed below within quota limitations from the beginning of $he«
quota periods to July 30, I960, inclusive, as follows:
<

Unit
: Imports
of
:
as of
Quantity sJuly 30. Iff

Commodity

Tariff-Rate Quotas
Cream, fresh or sour........ Calendar Tear
Whole milk, fresh or sour........... Calendar Year

1,500,000

Gallon

3,000,000

Gallon

120,000

Head

Cattle, less than 200 lbs. each 12 mos. from
April 1, I960

200,000

Head

31,42

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

Calendar Year

36,533,173

Pound

26,201,37s'

Tuna fish,

Calendar Year

53,448,330

Pound

26,754,8*

12 mos. from
114,000,000
Sept. 15, 1959 36,000,000

Pound
Pound

4,279i--"

12 mos. from
July 1, I960

80,000,000

Pound

Walnuts.......

Calendar Year

5,000,000

Pound

4,596,59,,

Woolen fabrics.

Calendar Year

13,500,000

Pound

Quota Fill,

Woolen fabrics Pres. Proc. 3285 and 3317
(T. D s . 54845 and 54955)....

March 7 December 31, I960

Stainless steel table flatware
(table knives, table forks,
table spoons)

Nov. 1, 1959 Oct. 31, I960

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

White or Irish potatoes:
Certified seed.••
••••••
Other
Peanut oil.

•

••

July 1, I960 S3pt. 30, I960

4,19

-A
350,000

69,000,000

Pound

\
Quota Fill.

Pieces

Quota Fil^

Imports for consumption at the quota rate are limited to 27,399,879 pounds during the
first nine months of the calendar year.
(over)

TREASURY DEPARTMMT
Washington, D. C.
AEDIATE RELEASE

ftiursday, August 11, i960 A-911
I,, The Bureau of Customs announced today preliminary figures showing the imports for conception of the commodities listed below within quota limitations from the beginning of the
)ta periods to July 30, I960, inclusive, as follows:

ijj : : Unit : Imports
l,
Commodity

: Period
:

and

Quantity

:
:

of
:
as of
Quantity 3 July 30. I960

tiff-Rate Quotas
m, fresh or sour Calendar Year 1,500,000 Gallon 72
>le milk, fresh or sour ••••• Calendar Year 3,000,000 Gallon 3-43
ttie, 700 lbs. or more each
)ther than dairy cows)
1

July 1, i960 Sept. 30, I960

itle, less than 200 lbs. each..... 12 mos. from
;
April 1, I960
}h, fresh or frozen, filleted,
ic, cod, haddock, hake, pol2|i)ck, cusk, and rosefish

Calendar Year

120,000

Head

4,191

200,000

Head

31,429

36,533,173

Pound

26,201,37$L

jjia fish Calendar Year 53,448,330 Pound 26,754,852
Lte or Irish potatoes:
,Mified seed..
|her

12 mos. from
Sept. 15, 1959

inut oil.......................... 12 mos« from
July 1, I960

114,000,000
36,000,000

Pound
Pound

80,000,000

Pound

54.945,145
4,279,610

,aiuts Calendar Year 5,000,000 Pound 4,596,595
^ilen fabrics Calendar Year 13,500,000 Pound Quota Filled
len fabrics 'es. Proc. 3285 and 3317
r(T. Ds. 54845 and 54955)

March 7 December 31, I960

tinless steel table flatware
-able knives, table forks,
j/ble spoons)

Nov. 1, 1959 Oct. 31, I960

350,000

69,000,000

Pound

Quota Filled

Pieces

Quota Filled

jjlmports for consumption at the quota rate are limited to 27,399,879 pounds during the
' first nine months of the calendar year.
(over)

- 2 -

Commodity

Period and Quantity

Unit
5
Imports
oT.
:
as of
Quantity: July 30. lj

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 45$ or more
butterf at
......
Tung Oil,

Imports through August 8, I960.

12 mos. from
August 1, 1959
12 mos. from
August 1, I960

1,709,000

Pound

1,709,000

Pound

612,7.

July 1, I960 June 30, 1961
Canada
140,733,957
Other Countries
2,872,122

Pound
Pound

106,506,4?

Calendar Year

Pound

1,199,95

Pound
Pound
Pound

13,327,4*
Quota Fille
I85,2f

1,200,000

Feb. 1, I960 Oct. 31, I960
Argentina
17,979,151;
Paraguay
2,223,000
Other Countries
704,382

101
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Thursday, August 11, I960

A-912

The Bureau of Customs announced today the following preliminary
figures showing the imports for consumption from January 1, I960, to
July 30, I960, inclusive, of commodities for which quotas were established pursuant to the Philippine Trade Agreement Revision Act of

1955:

: : Unit : Imports
Commodity
: Established Annual
:
Quota Quantity
Buttons..

765,000

:
of
:
as of
; Quantity ; July 30a I960
Gross

l6o,8lU

Cigars 180,000,000 Number 2,217,295
Coconut oil......... 1*03,200,000 Pound 51,539,229
Cordage, 6,000,000 Pound 2,522,181
(Refined 95, 991, 000*
Sugars
(Unrefined

1,90U, 000,000

Pound
1, 810, 076,000*

Tobacco 5,850,000 Pound 6,412,111

* Information furnished by Department of Agriculture, covering total
authorizations issued under quota through July 30, I960.

TREASURY DEPARTMENT
Washington
-t, VJ £_

IMMEDIATE RELEASE
Thursday. August 11. i960

A-912

1955:

: : Unit : Imports
Commodity
: Established Annual
:
Quota Quantity
Buttons

s
of
5
as of
: Quantity : July 30, I960

765,000

Gross

l6o,8lli

Cigars 180,000,000 Number 2,217,295
Coconut oil , U03,200,000 Pound 51,539,229
Cordage.... 6,000,000 Pound 2,522,181
(Refined e 95,991,000*
Sugars
(Unrefined

1,90^,000,000

Pound
1,810,076,000*

Tobacco 5,850,000 Pound 6,412,111

* Information furnished by Department of Agriculture, covering total
authorizations issued under quota through July 30, I960.

- 2 " >

l»
Allotments b y investor classes were as follows:

3-1/84 Certificates
"
i b i e s , political suSstiTiaigiiS or iasfcraae^tAUtie* thereof,
puklic pension sad x^ireassfc and other public funds, international organizations is ifeieh the United States bote* neaImztmg, fkreipt eestssl banks asal fbreigB States, and
Federal Beserve Banks • • • • • • • • • • • • • • • • • • • •

$8,2?6,SlS,<J(j0

AH otters _j*^fff§ff|
®>tal
Government Investment Accounts ...........••»• S_,S88^0g&
Grand _\ytal
3-7/Sf. Bonds
Savings-tH®
. . . • . * . . . . . . . . * . • • •
Cotsniereial banks _ • • • • • • • • • • • • • • • • • • • • •
#Oi QVkWFB
Total
Qe^rasttrfc Jnvestsieisfc j^eouists ... , , %5 fPP?*lJ§
Grand Total

$7,820,877,081
$7,829,1037005
.
c__>\__7 'm
548,677,890
j^tffifSt
$1,045,112,000

y_,070,112,

oi
B_4EDIAS?E w$Msn,
Friday, August IE, 1960 <
!Ehe treasury Department today announced the subscription and aHotaeat figures
vith resect to the current offering of $7,750 million, or thereabouts, of 5-1/8J
Treasury Certificates of Sadebtecbaess of Series C-1961, Qm An^ast 1, 1961, end i%x
the additional offering of $1*000 million, or thereabouts, of 3-7/8$ ^remmry Beads
of 1068, due Jfay 15, 1368.
Subscriptions for the certificates fro© States, polities! ml^rtmim** or instrumentalities thereof, public pension and retirsaent and other pakHc tmLU,
International organisations in uti&ea the United States holOs a«tl>ersl*ip, forei$s
central banks and foreign tfcates, Qomrmiim* Inveslafteat Accounts, and the federal
Reserve Banks were allotted in fall. ®mot&$fctem& fro® • & others were al&ofctea I
13 percent.
Subscriptions for the bonds from sairtags^type imm&om and Qovonmmt Investment Accounts were allotted 25 percent, subscriptions from cosiKtereial banks for their
o m account w r e allotted 20 percent, and subscriptions from all others were allotted
IS percent.

Subscriptions and allotments wre divided among the several Federal Reserve Bistricts and the freasury as foUonsi

cumwmmm or immm%ms
______

Federal fteserve
District

tions Received

$ 358,589,000
11,548,910,000
252,410,000
Cleveland
823,833,000
ftichmond
350,570,000
Atlanta
376,321,000
Chicago
1,608,076,000
St. Louis
887,939,000
Minneapolis
151,712,000
ISansas City
284,445,000
Bellas
239,635,000
San Francisco
1,187,803,000
Treasury
2,289,000
Govt.I&v.Accts.
8,826,000
Boston
Hew Torfe

!Totals

$17,388,698,000

Mel
Allotments

0?otal Subscrip- _V>tai
tioms Heceived JULiotSBei&s

$ 55,596,000
6,530,954,000
44,307,000
108,260,000
77,749,000
80,483,000
226,291,000
71,875,000
34,673,000
80,901,000
44,713,000
286,803,000
.672,000
8,826,000

333,848,000
2,583,795,000
1X5,211,000
211,221,500
175,465,500
201,074,000
642,608,500
125,664,500
83,017,500
183,f58,S00
XT7^3,000
508,7^,000
6,702,000
100,000,000

74,994,500
467,616,500
23,995,
45,682,
37,776,000:
41,088,500
139,647,001
26,524,500
17,092,000
27,0S4,i&&
56,065,3$
106,276,500
1,411,000
25r000»0Q|

$7,889,103,000

$5,183,109,000

$1,070,112,000

TREASURY DEPARTMENT
_^Mjj.i_a_ui_<iiii_.MiLa

•••

| ,|,

WASHINGTON, D.C.
IiMMEDIATE RELEASE,
Friday, August 12, I960.

A-913

The Treasury Department today announced the subscription and allotment figures
with respect to the current offering of $7,750 million, or thereabouts, of 3-1/8$
Treasury Certificates of Indebtedness of Series C-1961, due August 1, 1961, and for
the additional offering of $1,000 million, or thereabouts, of 3-7/8$ Treasury Bonds
of 1968, due May 15, 1968.
Subscriptions for the certificates from States, political subdivisions, or instrumentalities thereof, public pension and retirement and other public funds,
international organizations in which the United States holds membership, foreign
central banks and foreign States, Government Investment Accounts, and the Federal
Reserve Banks were allotted in full. Subscriptions from all others were allotted
13 percent.
Subscriptions for the bonds from savings-type investors and Government Investment Accounts were allotted 25 percent, subscriptions from commercial banks for their
own account were allotted 20 percent, and subscriptions from all others were allotted
15 percent.
Subscriptions and allotments were divided among the several Federal Reserve Districts and the Treasury as follows:

Federal Reserve
District

CERTIFICATES OF INDEBTEDNESS
SERIES C-1961
Total
Total Subscriptions Received
Allotments

$ 352,529,000
Boston
11,542,910,000
New York
252,410,000
Philadelphia
823,833,000
Cleveland
330,570,000
Richmond
376,321,000
Atlanta
1,608,076,000
Chicago
287,939,000
St. Louis
151,712,000
Minneapolis
284,445,000
Kansas City
239,635,000
Dallas
1,127,203,000
San Francisco
2,289,000
Treasury
8,826,000
Go vt. Inv. Ac ct s.
Totals

$17,388,698,000

TREASURY BONDS OF 1968
Total Subscrip- Total
tions Received
Allotments

$ 55,596,000
6,539,954,000
44,307,000
206,260,000
77,749,000
80,483,000
296,291,000
71,875,000
34,673,000
80,901,000
44,713,000
286,803,000
672,000
8,826,000

$ 333,848,000
2,383,795,000
115,211,000
211,221,500
175,465,500
201,074,000
642,608,500
125,664,500
83,017,500
123,852,500
177,943,000
502,706,000
6,702,000
100,000,000

$ 74,994,500
467,616,500
23,993,000
45,622,500
37,778,000
41,028,500
139,647,000
26,524,500
17,092,000
27,064,500
36,063,500
106,276,500
1,411,000
25,000,000

$7,829,103,000

$5,183,109,000

$1,070,112,000

- 2-

105
Allotments by investor classes were as follows:

3-7

Certificates
States, political subdivisions or instrumentalities thereof,
public pension and retirement and other public funds, international organizations in which the United States holds membership, foreign central banks and foreign States, and
Federal Reserve Banks
All others
Total
Government Investment Accounts . . . .
Grand Total

Bonds
Savings-type . .
Commercial banks
All others • . .

$6,276,316,000
1,543,961,000
$7,820,277,000
8,826,000
^7,829,105,000

$
Total

Government Investment Accounts
Grand Total

313,989,500
542,677,500
188,445,000
$1,045,112,000
25,000,000
<>1,070,112,000

10?
TREASURY DEPARTMENT
Washington
STATEMENT BY T. GRAYDON UPTON, ASSISTANT SECRETARY
OF THE TREASURY, BEFORE THE SENATE FOREIGN RELATIONS
COMMITTEE, ON THE PRESIDENT'S PROPOSAL FOR LATIN
AMERICA, 10:00 A.M., EDT, MONDAY, AUGUST 15, 1960.

Mr. Chairman:
I am happy to appear on behalf of the Treasury Department in support of the President's proposal for Latin
America. The Treasury has a deep interest in our financial
relations with Latin America. As you know, the Treasury
Department presented to the Congress last year recommendations
for the formation of the Inter-American Development Bank,
which the Congress approved. It is anticipated that the
Inter-American Development Bank will take an active role in
the implementation of the program which is being presented to
you.
We see this program as a major and significant step in
the evolution of the historic close relations among the
American Republics. As the President's Message indicated,
what is envisaged here is a direct approach to some of the
problems of the average man in Latin America. We are confident that the Latin American countries wish to direct their
own efforts increasingly to this objective, and the purpose
of our program is to supplement and encourage these additional
steps. We would cooperate with individual Latin American
countries in their own efforts to provide for the individual
citizen. He needs such things as improved community facilities
and an opportunity to work land which is not now being used
productively. We expect that under the authorization being
requested, we should be able to extend our assistance in such
areas as pilot and self-help housing and vocational education.
Measures of this type will, as the President said, "help our
Latin American neighbors accelerate their efforts to strengthen
the social and economic sttucture of their nations and improve
the status of their individual citizens."
While we will press forward with our efforts to assist
constructive economic development activities, the new program
A-91U

-2-

1QQ

would seek to assist in spreading the benefits of economic
growth. The proposal is supplemental to the long history of
our previous efforts taken to promote economic and industrial
development through loans for dams, power, airports, railroads, and factories.
The U.S. program, including the present proposal, can
'be considered as providing support for the broad objectives
of Operation Pan America, which was conceived some two years
ago by President Kubitschek of Brazil. There is, however,
some difference of emphasis. President Eisenhower's proposal
would promote democratic freedom by giving particular atten, tion to social aspects of the Latin American problem and to
the objective of spreading the benefits of economic growth
and advancing the status of individual people in these
nations.
In considering this new endeavor, it is necessary to
recognize the special place of the American Republics in
their historical association with the United States and the
particular importance to us of these neighboring countries
in the southern parts of this hemisphere. We have a long
history of a special political relationship with the American
Republics. More recently that special relationship has been
highlighted in the economic and financial field by the establishment of the Inter-American Development Bank. The proposal
now before you represents our belief that the time has come
to underline this relationship still further and with particular stress upon the status of the individual citizen and his
opportunity for advancement. Economic development by itself
does not fully meet the need in Latin America to promote
growth with social stability.
In our relations with leaders of Latin American countries we have sensed an increasing note of urgency about
the importance of stressing activities which would contribute directly and relatively quickly to the economic
and social progress of individual citizens. During most of
the postwar years Latin America has concentrated on the
development of industries and other directly productive
economic areas. Our neighbors have come to us for financial

- 3 support for these activities, and, as is well known, they
have obtained large amounts of financing. Great strides
have been achieved in general economic progress. Indeed
during many of the postwar years the growth of the gross
national product in many Latin American countries has proceeded more rapidly than in most other parts of the world.
It is evident that the United States and the international institutions have been doing a great deal toward
advancing economic development in Latin America. We expect
to be doing even more through the Inter-American Development
Bank. The Export-Import Bank has been particularly active
in Latin America, and of its total current loans about $1.5
billion, or 45 percent, pertain to this area. (The total
loans of the Bank include non-development loans, particularly
to European countries; therefore Latin America's share of
development loans is even higher.) The World Bank has some
21 percent, or almost $800 million, of its current loans
in Latin America. The International Monetary Fund has given
repeated and active support to overcoming the exchange problems
of Latin American countries. At present it has more than
$415 million in short-term credits outstanding to these
countries. Furthermore, there is, of course, a very large
investment of private American capital south of our border
totaling approximately $9 billion in the other American
Republics. About 31 percent of our total private foreign
investments are situated in Latin America.
Nevertheless, there are many problems remaining in
Latin America. Some of these have their roots in political
and social history, in degree and type of economic activity,
in climate, and many other factors. One of the major problems
is the extremely rapid rate of increase in population. It
has been estimated that in the case of a few countries, the
population may as much as triple by the end of this century.
Without improved facilities for utilization of land and
settlement of a growing population on new land, there is
a movement to the cities, where the increasing numbers put
a very heavy strain on community facilities.

- 4JL JL w

In struggling with these problems, the Latin countries
have faced many difficulties due to the over-all limitations
on available resources and the many competing demands for
their use. These countries have also found impediments in
the way of mobilizing effectively their financial, human
and physical means to organize and carry out advancement in
these fields. We all recognize I am sure, that there is
v
everywhere tremendous competition for available resources
and savings. But such competition is more acute when the
total production of a country is limited and when its
population is rapidly increasing.
A special problem in many Latin American countries
has been the development of financial policies to enable
currencies to be strengthened and inflation to be brought
under control. Deficit financing on an excessive scale
and rapid inflation have driven capital abroad and have
distorted the pattern of savings and their effective use.
Inflation has brought its usual consequences of speculative
investment and of particularly heavy burdens for the large
groups of the community who are least able to protect
themselves against the threat to real incomes which inflation presents. In recent years an increasing number of
Latin American countries have recognized the need for
ending the vicious cycle of inflation if they are to
survive economically and progress socially. It is gratifying that several countries have recently seen considerable
success in their stabilization efforts. In due course, as
savings are encouraged and capital markets develop, the
social values of a stable currency are increasingly
demonstrated.
I have listed some of the factors which, I believe
create an urgent demand for the proposals envisaged by this
legislation. If this program is approved, we shall be able
to work with the countries of Latin America by providing
financing to supplement the investment of additional domestic
resources in the direction which many of their leaders increasingly believe requires a higher priority.

- 5 In the implementation of this program we propose to
be flexible. We will seek to concentrate our efforts, in
cooperation with Latin American countries, in the particular
situations and areas where our assistance will be most
valuable and effective. As Mr. Dillon has indicated, it
is expected that the Inter-American Development Bank will
become the principal institution for administering loans
under the special program for Latin America. The InterAmerican Development Bank was organized only this year
and it will not officially open its doors for loans for
another six weeks. But its potential for promoting
economic progress in Latin America has, I feel, already
been demonstrated by the practical and cooperative
atmosphere which surrounded the work of building the
structure of the Bank and by the high quality of the Bank's
Board of Directors and Management.
In the ultimate analysis, we can provide seed capital,
technical assistance, and assist in meeting some of the
more drastic needs in some areas. The over-all problems
are so large, and so complex, and are so intimately related
to the institutions and the economic and social capacities
and capabilities of each country, that only the Latin
American people themselves, and particularly their leaders,
can effectively deal with them. In the utilization of land,
and in the various areas of public administration and public
finance, I believe they realize increasingly the challenges
before them and wish to face up to them. Through the
present proposal we can give encouragement and emphasis to
an approach — directed straight to the heart of the problem
the simple needs of the common man in Latin America. I
sincerely hope that this Congress, so many members of which
have shown themselves cognizant and actively interested in
Latin America, will give its support to this proposal.

mwm

°\ I z>

A. n. m'SPAFSRS, Tuesday, August 16, I960.

The treasury Department announced last evening that the tender* for two tori** ef
Treasury bills, one series to be an additional issue mi the bills dated Hay 19, ]Jj6o,
and the other series to be dated August 18, I960, whieh were offered on August 10, vare
opened at tho federal Beeerre Basks on August 15. feadere were invited for tl,100,OOOJ
or thereabouts, of 91-day bills and for 1500,000,000, or thereabouts, of 182-day bills.
The details of the two series are as followst
ld2-day treasury bills
91-dsy treasury bills
uim m ACCI
waturiag February 1$. jMk
maturing SJorwiber 17, i960
tmmtHIVE i
Approx. Equiv;
Approx. Equiv.
Price
Price
Annual Solo
Annual Rats
n u n • ii

Low
Average

i i m ii i.ilgfiiii

i IIIIIJ. Miiiiiirj Jiuru

99.U*5
99.UX7
99*k$k

i iiiligiLii.il ii.y T M I .

2.196%
2.306jf
2.278^1 y

90.700 y
98.663
98.675

2.5711,

2.m%

2.62X11/
ff fixooptlac two tenders totaling £1,700,000
6 percent of the amount of 91-day bills bid for at the loir priee was accepted
Ii percent of the amount of l82<«day bills bid for at the lew price was accepted
f0?Ai fglfCiUtS ATFUID TOR AW ACCEFfHJ if IWBUt KS8ERTE DITOUBlSi
District

Applied Tor
fmmmmmmm/mmmmmmmmmmmmmm

Sew Tork
Philadelphia
Cleveland
Hichnsond
Atlanta
St. Louis
Minneapolis
Senses City
Dallas
Sen Francisco
TOTALS

25,303,000
l,li31,2l5»QOG
27,61*7,000
33,135,000
9,001,000
17,527,000
1S5,018,00O
20,668,000
12,396,000
la,63l*,000
11,705,000
1*0*387.000

li,855,«6;o6o

Accepted
I
15,298,000
750,215,000
17,61*7,000
33,135,000
9,001,00©
17,107*000
132,038,000
19,668,000
12,296,000
ta,63liv000
31,705,000

>*t?8TiOT y
ti,i0o,isi",606

Applied for
i § 9 j0,ooo
752,72fc 000
12 ,063 000
9 >9h3 000
5 ,039
U ,679 000
72 ,516 000
It•317 ooo
3 378 000
11 021,000
000
5
31,609,000

m;m:m

Accepted
% 6,355.000
363,12* 000
12,063 000
9,91*3 000
000
3,039
000
3,979
000
«7,556 000
*,317 000
3,8fe6 000
U,278 000
5,021
29,609*000

ms^my

y Includes 1230,765,000 noncompetitive tenders accepted at the average pries of 99*«tt
y Includes Cl47,326,000 noncompetitive tenders accepted at the average priee of 98,67$
if On a coupon issue of the mmkm length and for the ease amount invested, the return ea
these bills would provide yields of 2.32&, for the 91-day bills, sad 2.69*, for tha
182-day bills. Interest rates on bills are quoted in terns of baafe discount with
the return related to the faee amount of the bills payable at maturity rather then
the amount invested aad their length in actual number of days related to a 360-daj
year. In contrast, yields on certificates, notes, and bonds are computed in tans
of interest on the arourrt invested, and relate the number of days rewainiflf in aa
interest parent period to the actual nussber of days in the period, with aeaiannsal
compounding if morm than one coupon period is involved*

TREASURY DEPARTMENT
113
WASHINGTON, D.C.
gSgjLSE A. M. NEW5PAPBRS, Tuesday, August 16, I960.

A-915

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 May 19, I960,
and the other series to be dated August 18, I960, which were offered on August 10, were
opened at the Federal Reserve Banks on August 15. Tenders were invited for $1,100,000,000
or thereabouts, of 91-day bills and for $500,000,000, or thereabouts, of 182-day bills.
The details of the two series are as follows:
182-day
Treasury bills 91-day Treasury bills
RANGE OF ACCEPTED

COMPETITIVE BIDS:

High
Low
Average

maturing November 17, I960
Approx. Equiv.
Price
Annual Rate

99.W6
99.10.7
99.121.

2.196#
2.306^
2.2782

maturing February 16, 196l
Approx. Equiv,
Price
Annual Rate
98.700 y
98.663
98.675

2.5712
2.61.52
2.6212 y

y Excepting two tenders totaling $1,700,000
76 percent of the amount of 91-day bills bid for at the low price was accepted
k 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
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTALS

Applied For
1
2?, 303,000
1,1*31,215,000
27,62.7,000
33,135,000
9,001,000
17,527,000
185,018,000
20,668,000
12,396,000
lil,63li,00Q
11,705,000
1,0,387,000
$1,855,636,000

Accepted
15,298,000
750,215,000
17,61*7,000
33,135,000
9,001,000
17,107,000
132,038,000
19,668,000
12,296,000
Ul,63l*,000
11,705,000
1*0,387,000
,100,131,000 y

Applied For
$ 6,355,000
752,72i*,000
12,063,000
9,91*8,000
5,039,000
l.,679,000
72,556,000
1*,317,000
3,81*6,000
11,378,000
5,021,000

Accepted
t 6,355,000
363,12l*,000
12,063,000
9,91*8,000
3,039,000
3,979,000
1*7,556,000
1,317,000
3,81*6,000
11,278,000
5,021,000
29,609,000

KooTSFT^o y

b/ Includes $230,765,000 noncompetitive tenders accepted at the average price of 99.1*21*
of Includes $1*7,326,000 noncompetitive tenders accepted at the average price of 98.675
y On a coupon issue of the same length and for the same amount invested, the return on
these bills would provide yields of 2.322, for the 91-day bills, and 2.692, for the
182-day bills. Interest rates on bills are quoted in terms of bank discount with
the return related to the face amount of the bills payable at maturity rather than
the amount invested and their length in actual number of days related to a 360-day
year. In contrast, yields on certificates, notes, and bonds are computed in terms
of interest on the amount invested, and relate the number of days remaining in an
interest payment period to the actual number of days in the period, with semiannual
c o m p o u a ^ S i ^ JBST^ t n a n one coupon period is involved.

...............
MWWMItMMMMMMMMMP

f^Jvy

115
TREASURY DEPARTMENT
—-,^.n„'r' IIBflU WHH'1i_IIWiMJ-UIWMA-rrmWMniA^V<^""-**^™,.imM9W»m,m

«n.

_____•__•_•___•—•——_——a

WASHINGTON, D.C.

*-f^

IMMEDIATE RELEASE,
-J'rdday.--July~_5_ i960.

A-Q§#-

During &m& i960, market transactions in
direct and guaranteed securities of the
government for Treasury investment and other
accounts resulted in net «sies by the Treasury
Department of % 3^535* §00.-

0O0

TREASURY DEPARTMENT
WASHINGTON. D.C.

IMMEDIATE RELEASE,
Monday, August 15, i960.

A-916

During July i960, market transactions In
direct and guaranteed securities of the
government

for Treasury investment and other

accounts resulted In net purchases by the
Treasury Department of $35>523*600.

0O0

STATUTORY DEBT LIMITATION

ASOFJ1^^__1960_

- j I t o n . A^g. li,1960

Section 21 of Second Liberty Bond Act, as tended P - i d ^
of that Act, and the face -meant of o b h g a " ™ £ ™ ^ " " S £ 1 ), -shall not exceed in the aggregate'$285,000,000,000
anteed obligations as may be held by the Secretary of the rreasury;, sow» u i M i r B __ M 0f ,.£& section the current re-

$8,000,000,000
The following table shows the face amount of obligations outstanding and the face amount which can .till 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
Interest-bearing:
Treasury bills $36,426,620,000
Certificates of indebtedness.....
Treasury notes
BondsTreasury
* Savings (current redemp. value)
Depositary.
RoE«A. series
Investment series
Special FundsCertificates of indebtedness
Treasury notes
Treasury bonds
Total interest-bearing
»
Matured, interest-ceased

$ 2 9 3 0 0 0 000 00C
V 7Jt
»
•

17,650 ,060 , 000
51.549.663.000

$105,626,343,000

8l,238,6l4,950
ty,350
,7°4,729
139,578,500
••
465,000
6.681.937.000

135,411,390,179

6,329.135,000
10,331,098,000
27_537.3Q5» 0 0 °
......

44.197.6l8.000
285,235,351,179
378,497,576

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

51,101,676
771,72"
2,268,000,000
-

2.319.873.405
287,933,722,160

Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.A
.~
132,728,700
Matured, interest-ceased
1,461,075
Grand total outstanding
Balance face amount of obligations issuable under above authority
,

u nu.

„. July 31, I960
Reconcilement with Statement of the Public Debt
(Daily Statement of the United States Treasury,

134.189.775
,

:
(Date)
?.!i9^.„??JM..125?.
(Date)

.„

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

A-917

288.0^71?H* '^4,932,088^065

)

288,338,271,036
1 34fl89.77_l
288,472,460,811
4fl4~ 548.876
288,067,911,935

S T A T U T O R Y D E B T LIMITATION
A S 0 F

_JlMJl

U S

I960

Washington.

1 D * ,1900

(ACt or June _u, lyjVi u»o.v_,f u u c jif B C L I /p/o/, uuiaiamiiug »«• «>i/ w..s, ......v. » ~^ purposes wi „»..» ~~-»-~.. »..w -~.------

dcmption 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, I960 (P.L. 86-564 86th Congress) provides that during the period
beginning on July I, I960 and ending June 30, 1961, the above limitation ($285,000,000,000) shall be temporarily increased by
$8,000,000,000.
The following table shows the face amount of obligations outstanding and the face amount which can atill be issued under
this limitation :
Total face amount that may be outstanding at any one time
$293,000,000,000
OutstandingObligations issued under Second Liberty Bond Act, as amended
Interest-bearing :
Treasury bills $36,426,620,000
Certificates of indebtedness.....
Treasury notes
BondsTreasury.....
,
* Savings (current redemp. value)
Depositary.
R.E.A. series
Investment series
Special FundsCertificates of indebtedness
Treasury notes
Treasury bonds
Total interest-bearing
Matured, interest-ceased
Bearing no interest:
United States Savings Stamps
Excess profits tax refund bonds
Special notes of the United States:
Internat'l Monetary Fund series
Total

17,650,060,000
51.549.663.000

$105,626,343,000

8 l , 238 , 6l4 , 950
47,350,794,729
139,578,500
465,000
6.681.937.000
6,329,135,000
10,331,098,000
27,537,3.85,000

135,411,39°.179

44.197.6l8.000
285,235,351,179
378,497,576
i

51,101,676
771,729
2,268,000,000

Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.ll.A
132,728,700
Matutcd, interest-ceased
1,461,075
Grand total outstanding
Balance face amount of obligations issuable under above authority,.

2.319.873.405
287,933,722,160

134.189.775
288.067.911.935
4>932,088,065

Reconcilement with Statement of the Public Debt ..?* *
(Daily Statement of the United States Treaswy,

(Date)
Y.^^...?S.t».?3S9.
(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
n

A-917

288,338,271,036
134,189.775
288,472,460,811
4 0 4 1 548,8?6
288,067,911,935

from the sale or other disposition of Treasury hills does not have any special

treatment, as such, under the Internal Revenue Code of 1954. The hills are subje