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PO'OM 5030
JUN 14 19/2
TREASURY DEPARTMENT
TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE,
Saturday, December 29, 1934.
Press Service
No. 4^0
Retail liquor dealers, on January 1, will "be prohibited from using unstamped
counter decanters or bar containers in serving liquors by the drink, by a ruling
today of the Alcohol Tax Unit, under provisions of Regulations 13, governing the
traffic in containers of distilled spirits.
In accordance with this ruling, District Supervisors in all field districts
of- the country were instructed to issue warnings to liquor dealers to discontinue
the practice, or be subjected to severe penalties*
On January 1, under Regulations 13, it will be unlawful to use bottles for
packaging domestic spirits, unless the containers bear certain bkwn-iat numerals,
symbols and other indicia, fully identifying the manufacturer of the bottles, the
producer of the spirits and other information required as essential to protect the
revenue*
The purchase or sale of liquor bottles, except in strict compliance with the
regulations, is prohibited.
Only a few classes have the right to obtain the
marked bottles for packaging spirits.
or wholesale dealers.
These a,re distillers, rectifiers, importers
These groups can obtain bottle supplies only upon proper
certification of the District Supervisor of the district in which the business is
1 ocated*
By recent amendment of the regulations, the effective date of the provision
relating to imported liquors was extended to March 1.
TREASURY DEPARTMENT
Washington
December 31, 1934.
MEMORANDUM FOR THE PRESS.
RECEIPTS OF SILVER BY THE MINTS:
(Under Executive Proclamation of December 21, 1933)
Week ended December 28, 1934:
Philadelphia.............................
San Francisco ........
Denver.................. ...........
Total for week ended Dec. 28, 1934.....
Total receipts throughDecember 28, 1934.....
150,478. 67 fine ounces
"
210,808. 62 M
00
'
*
**
— 122,995.
484,278.
21,243,000.
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended December 28, 1934:
Philadelphia.............................
New York ................
Denver ...................
New Orleans ......................
Seattle....................
Total for week ended Dec. 28, 1934 .....
Total receipts throughDecember 28, 1934.....
3,578, 00 fine ounces
27,101,
2f10Q
540
29,78Q_
63,105
111,062,000
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Week ended December 28, 1934:
____
Philadelphia.......................... $
Nev7 York.
.......... ............ . 13,605,900.00
San Francisco................... .
361,623.59
Denver .................... . •••••«•••
32, 344.00
New Orleans..... .....................
...
Seattle ............................. ♦• ...... ...
Total for week ended Dec. 28, 1934... $13,999,867.59
Secondary
$ 1 5 8 ,8 1 6 .1 0
3 1 1 ,7 0 0 .0 0
1 2 4 ,8 4 6 .8 3
4 0 ,3 5 1 .0 0
6 2 ,0 1 4 .4 6
20j,997 .7 5
$ 7 1 8 ,7 2 6 .1 2
New
Domestic
233.81
1,203,581.!
790,237.0
349.6
210,859.5
$ 2 ,2 0 5 ,2 4 0 .9
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER* S OFFICE:
(Under Secretary*s Order of December 28, 1933)
Received by Federal Reserve Banks:
Week ended December 26, 1934..... ..
Received previously......... .........
Total to December 26, 1934......... .
Received by Treasurer*s Office:
Week ended December 26, 1954...... .
Received previously...................
Total to December 26, 1954.....’
.......
NOTE:
Gold Coin_____
20,308.28
29,611,534.76___
$29,631,843.04
$
$
$
--258,506.00--258,506.00
Gold bars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported.
Gold Certificates
$
5 0 8 ,7 8 0 .0 0
7 9 .6 5 6 .2 2 0 .0 0
$ 8 0 ,1 4 5 ,0 0 0 .0 0
$
5 ,0 0 0 .0 0
1 .9 3 2 .6 0 0 .0 0
$ 1 ,9 3 7 ,6 0 0 .0 0
TREASURY DEPARTMENT
Washington
December 31, 1934.
MEMORANDUM FOR THE PRESS,
RECEIPTS OF SILVER BY THE MINTS:
(Under Executive Proclamation of December 21, 1933)
Week ended December 28, 1934:
Philadelphia .......................
San Francisco 1............... .......
Denver ...............................
Total for week ended Dec. 28, 1934
Total receipts through December 28, 1934
150,478.67 fine ounces
ti
210,806.62 ti
i
i
ii
122,993.00
n
484,278.29 it
ii
i
i
21,243,000.00
SILVER TRANSFERRED TO UNITED STATES:
34)
Week ended 'December 28, 1934:
Philadelphia . . . . . . . . . «
Hew York ...........................
Denver ............................
Hew Orleans ......................
• ••••
Seattle .................
Total for week ended Dec. 28, 1934 •••••
3,578.00
27,101.00
2,106.00
540.00
29,780.00
63,105.00
111,062,000.00
fine oun
|
ii
ii
n
i
t
ti
ti
ti
n
ti
ii
ii
RECEIPTS OF GOLD BY THE M I M S AND ASSAY OFFICES:
Week ended December 28, 1934:
Philadelphia
Hew York .......:
......................
San Fr anci sco ................... ... •
Denver
Hew Orleans
..... I**
Seat ole *, •,
Imports
f
13, 605,900*00
361, 623.59
32,344,00
§— *
—
Total for week ended Dec. 28^ 1934 . $13,999,867.59
Hew
Domeat ic __
233.80
Secondary
$158,816.10
311,700.00
124,846.83
40,351.00
62,014.46
20,997.73
1,203,581.13
790,237.00
349.65
210,839.39
$718,726.12
$2,205,240.97
GOLD RECEIVED BY FEDERAL RESERVE BANKS AHD THE TREASURER1S OFFICE:
(Under Secretary’s Order of December 28, 1933)
Received by Federal Reserve Banks:
Week ended December 26, 1934 ,....
Received previously '•*............ •
Total to December 26, 1934 ......
Received by Treasurer’s Office:
Week ended December 26, 1934 .....
Received previously ..............
Total to December 26, 1934 .......
HOTEi
Gold Coin
20,308.28
29,611,534.76
$29,631,843.04
$
Gold Certificates
508,780.00
79,636,230.00
$ 80,145,000.00
$
$
■ 358,506,00
$
258,506.00
Gold bars deposited with the Hew York Assay Office
to the amount of $200,572.69 previously reported'.
$
5,000.00
1,932,600.00
1,937,600.00
A?
Government .d. Corporations and Credit Agencies
I of the United States
(In millions of dollars)
Proprietary in
terests owned by
the United States
Increase
H o t . 30
1934
Oct. 31
1934
Decrease
(-)
2,308
35
14
247
97
111
42
196
14
236
2,408
(4)
I*
Financed wholly from Government funds:
Reconstruction Finance Corporation
Commodity Credit Corporation ••••*
Export-Import B a n k s .... «.......
ee eee e e e e e e e e
Public Works Administration
Regional Agricultural Credit Corporations
Production Credit Corporations .......... .
Panama Railroad Company ............
U. S. Shipping Board Merchant Fleet Corp.
War Emergency Corporations and Agencies •
Other (including crop loans) ...... .
48
13
231
103
110
* a
b
a
346
-100
- 13
4 1
4 16
- 6
4 1
+ 42
+196
4 14
-110
3,300
3^259
4 41
281
61
195
113
83
89
102
8
150
c
166
56
195
112
83
91
102
7
150
a
4115
4 5
0
4 1
0
- 2
0
4 1
0
—
Total, Group II
1,082
962
4120
Grand Total ...
4,382
4,221
4161
Total, Croup I
II,
Financed partly from Government funds
and partly from private funds:
Federal Land B a n k s ....... •.... ••
Federal Intermediate Credit Banks • Illf«M|
Federal Fazm Mortgage Corporation *
••#*e*«*
Banks for Cooperatives
•* * * * • • «
Home Loan Banks
Home Owners* Loan Corporation ...... •»«•*••{
Federal Savings & Loan Insurance Corporation
Federal Savings & Loan Associations .......
Federal Deposit Insurance Corporation ......
War Finance Corporation ...»..... .........
\
\
a.
Hot included In statements for October and prior months#
b.
Motes obtained by the U. S. Shipping Board Merchant fleet Corporation for
the sale of surplus supplies were included under the classification
"Other” for October and prior months#
e*
Less than 1/3 million dollars#
TREASURY DEPARTMENT
Washington
FOR RELEASE# M OKNIMfr1w m m &
Wednesday, January %■ 1935.
12-31-34
mm,
Press Service
No.
Secretary of the Treasury Morgenthau today Made public a combined statement
of assets and liabilities of Governmental corporations and credit agencies of the
United State® as of November 30, 1934.
Pursuant to Executive Order No. 6869 dated
October 10, 1934, the statement is published in the Daily Statement of the United
States Treasury (December 29, 1934).
It includes assets and liabilities of war
emergency corporations and agencies and other corporations not heretofore published
The report issued today shows in case of agencies financed wholly from
Government funds a proprietary interest of the United States as of November 30,
1934 of #3,300,231,049, which is an increase of #40,913,661 over the proprietary
interest reported as of October 31, 1934.
This increase includes proprietary
interest of #113,122.204 in corporations and agencies not heretofore reported*
In
the case of these wholly owned Government agencies, the proprietary Interest repre
sents the excess of assets over liabilities, exclusive of inter-agency items*
The Government *s proprietary interest in agencies financed partly from
Government funds and partly from private funds as of November 30, 1934, was
#1,082,176,333, an increase of #120,672,843 over the Government’s interest as of
October 31, 1934*
This increase includes a proprietary Interest of #211,234 in
the War Finance Corporation not heretofore reported.
In the case of these partly
owned Government agencies, the Government’s proprietary Interest is the excess of
assets over liabilities, exclusive of inter-agency items, less the privately
owned Interests*
The following tabulation shows in millions of dollars a comparison of the
proprietary interest as between November 30, 1934, and October 31, 1934:
Governmental Corporations and Credit Agencies
of the United States
(In millions of dollars)
Proprietary in
terests owned by
the United States
I*
Financed wholly from Government funds:
Reconstruction Finance Corporation ....
Commodity Credit Corporation .........
Export-Import Banks •••....... ••••••••
Public Works Administration ••••*.....
Regional Agricultural Credit Corporations
Production Credit Corporations .......
Panama Railroad Company
U* S. Shipping Board Merchant Fleet Corp*
War Emergency Corporations and Agencies
Other (including crop loans) .... .
Nov* 30
1934
Oct. 31
1934
2,308
35
14
247
97
111
42
196
14
236
2,408
48
13
231
103
110
a
b
a
346
Increase
(+)
Decrease
(-)
-100
- 13
t 1
+ 16
- 6
♦ 1
4 42
+196
+ 14
-110
i
Total, Group I .......... .
II*
3,300
3,259
+ 41
281
61
195
113
83
89
102
8
150
c
166
56
195
112
83
91
102
7
150
a
+115
+ 5
0
+ 1
0
- 2
0
+ 1
0
-
Total, Group II .............. .
1,082
962
+120
Grand Total ..................
4,382
4,221
+161
Financed partly from Government funds
and partly from private funds:
Federal Land Banks ...•••••....... ..... ***
Federal Intermediate Credit Banks
.... ••
Federal Farm Mortgage Corporation •••••....
Banks for Cooperat i v e s .............. .
Home Loan Banks ......................... . •
Home Owners* Loan Corporation •»••••••..«••»
Federal Savings & Loan Insurance Corporation
Federal Savings & Loan Associations •••••.••
Federal Deposit Insurance Corporation .....
War Finance Corporation »•••.•••••••••••••••
a*
Not included in statements for October and prior months *
b.
Notes obtained by the U. S. Shipping Board Merchant Fleet Corporation for
the sale of surplus supplies were included under the classification
"Other" for October and prior months*
Less than 1/2 million dollars*
TREASURY DEPARTMENT
Washington
FOR RELEASE,
AUERS,
Wednesday« January 2. 1925*_____
12-31-34
Press Service
No*
Secretary of the Treasury Morgenthau today made public a combined statement
of assets and liabilities of Governmental corporations and credit agencies of the
United States as of November 30f 1934*
Pursuant to Executive Order No. 6869 dated
October 10, 1934, the statement is published in the Daily Statement of the United
States Treasury (December 29, 1934)*
It includes assets and liabilities of war
emergency corporations and agencies and other corporations not heretofore published*
The report issued today shows in case of agencies financed wholly from
Government funds a proprietary interest of the United States as of November 30,
1934 of #3,300,231,049, which is an increase of $40,913,661 over the proprietary
interest reported as of October 31, 1934*
This increase includes proprietary
interest of $113,122,204 in corporations and agencies not heretofore reported*
In
the case of these wholly owned Government agencies, the proprietary interest repre
sents the excess of assets over liabilities, exclusive of inter-agency items*
The Governments proprietary interest in agencies financed partly from
Government funds and partly from private funds as of November 30, 1934, was
$1,082,176,333, an increase of |£L20,672,843 over the Government9s interest as of
October 31, 1934*
This increase includes a proprietary interest of $211,234 in
the War Finance Corporation not heretofore reported*
In the case of these partly
owned Government agencies, the Government9s proprietary interest is the excess of
assets over liabilities, exclusive of inter-agency items, less the privately
owned interests*
The following tabulation shows in millions of dollars a comparison of the
proprietary interest as between November 30, 1934, and October 31, 1934:
TREASURY DEPARTMENT
Washington
POR IMMEDIATE RELEASE,
Wednesday. January 2, 1935#
i 2-31-34*
Press Service
No* 4-1
Secretary of the Treasury Morgenthau today made public a combined statement
of assets and liabilities of Governmental corporations and credit agencies :,of the
United States as of November 30, 1934*
Pursuant to Executive Order No. 6869 dated
October 10, 1934, the statement is published in the Daily Statement of the United
States Treasury (December 29* 1934).
It includes assets and liabilities of war
emergency corporations and agencies and other corporations not heretofore pub
lished#
The report issued today shows in case of agencies financed wholly from
Government funds a proprietary.interest of the United States as of November 30,
1934 of $3,300,231|049, which is an increase of $40,913,661 over the proprietary
interest reported as of October 31* 1934#
This increase includes proprietary
interest of $113*122,204 in corporations andagencies not heretofore reported.
In
the case of these wholly owned Government agencies, the proprietary interest
represents the excess of assets over liabilities, exclusive of inter-agency items.
The Government's proprietary interest in agencies financed partly from
Government funds and partly from private funds as of November 30, 1934* was
$1,082,176,333, an increase of $120,672*843 over the Government's, interest as of
October 31, 1934#
This increase includes a proprietary interest of $211,234 in
the War Finance Corporation not heretofore reported.
In the case of these partly
owned Government agencies* the Government's proprietary interest is the excess of
assets over liabilities, exclusive of inter-agency items, less the privately
owned interests#
The following tabulation shows in millions of dollars a comparision of the
proprietary interest as between November 30, 1934, and October 31, ,,1934:
— 2—
Governmental Corporations and Credit Agencies
of the United States
(in millions of dollars)
Proprietary in—
terests own ed by
the United States
'Tov. 30
1934
Increase
(•*) t
Decrease
Oct. 31
1934
tUL
financed wholly from Government funds:
Reconstruction Finance Corporation,
Commodity Credit Corporation,...... ..*•••
Public Works Administration,,..... .......
Regional Agricultural Credit Corporations,
Production Credit C o r p o r a t i o n s . •
U.S, Shipping Board Merchant Fleet Corp.,,
War Emergency Corpora/tions and Agencies,,,
Other (including crop loans)....... .
2,308
35
14
247
97
111
42
196
14
236
2,408
48
13
231
103
110
a
b
a
346
-100
— 13
•g* 1
4 16
- 6
4* 1
4- 42
4*196
4 14
3,300
3,259
4* 41
281
61
195
113
83
89
166
56
195
112
83
91
4115
4 5
0
4 1
0
- 2
102
8
150
c
102
7
150
a
1,082
962
-no.
Financed partly from Government funds
and partly from private funds:
Federal Intermediate Credit Banks,.......*
Federal Farm Mortgage Corporation...... •#
Banks for Cooperatives
..... •
.Home Owners1 Loan Corporation.............
Federal Savings & Loan Insurance Corpora|
Federal Savings & Loan Associations,...*., 1
Federal Deposit Insurance Corporation.••••
War Finance Corporation............. •••■*.•
4
0
1
0
4120
l
Grand Total.
,
.
«
•
•
•
4,382______ 4,221
__
a*
Not included in statements, for October and prior months.
b«
Notes obtained by the U.S. Shipping Board Merchant JTleet Corporation for the
sale of surplus supplies were included under the classification 11Other11 for
October and prior months* ■
c*
Less than 1/2 million dollars.
treasury department
WASHINGTON
FOR IMMEDIATE RELEASE,
,Thursday , January 3, 1955
Press Service
<(- dU
Secretary of the Treasury Morgenthau today announced that the
additional Issue of 3-1/4 percent Treasury bonds of 1944-46, as a
result of the exchange of second-called Fourth Liberty Loan bonds,
amounted to $456,897,300.
The subscription books for this issue
were closed on October 11, 1934.
Subscriptions and allotments were
divided among the several Federal reserve districts and the Treasury
as follows:
Federal Reserve
District
Total Subscriptions
Received and Allotted
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chleago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
$ 20,098,800
134,381,300
24,179,600
62,271,900
21,968,150
10,842,300
65.578.400
38.372.400
12.235.400
25.946.550
9,010,450
20,886,500
21.125.550
Total
$456,897,300
TREASURY DEPARTMENT
Washington
Press Service
No# 4-2
EOR IMMEDIATE RELEASE,
Thursday, January 3, 1935#
Secretary of the Treasury Morgenthau today announced that the additional
issue of 3-1/4 percent Treasury bonds of 1944-46, as a result of the exchange
of second— called Fourth Liberty Loan bonds, amounted to $456,897,300*
subscription books for this issue were closed on October 11, 1934*
The
Subscriptions
and allotments were divided among the several Federal reserve districts and the
Treasury as follows:
Federal Reserve
District
Total Subscriptions
Received and Allotted
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
$ 20,098,800
134,381,300
24,179,600
62,271,900
21,968,150
10,842,300
65.578.400
28.372.400
12.235.400
25,946,550
9,010,450
20,886,500
21*125,550
Total
$456,897,300
Page 2, Press Service No____•
During the period beginning with the enactment of enabling legislation in
March, 1953, and ending with December 31, 1934, 1586 active national banks
issued $439,515,750 in preferred stock and 128 issued $16,895,276 in common stock
for the purpose of stregthening their capital structure#
The net result of the rehabilitation of the National Banking System since
March 16, 1933, is an increase in the number of active national banks, including
state banks and trust companies in the District of Columbia, from 4522 to 5490
on December 31, 1934, and an increase in deposits from $16,315,586,000 to
$20,906,176,000, or a net gain of 968 banks and of $4,590,590,000 in deposits#
During the year 1934, only one national banks failed, as compared with an average
annual failure of 298 national banks during the three years prior to 1933.
The following is a list of the national banks which consummated their
reorganization plans and were opened during the month of December, 1934.
Location
Name of Bank
Date
Frozen Deposits
California,
Coachella
Madera
First National Bank of
First National Bank
12-29-34
12- 1-34
Illinois,
Staunton
Staunton National Bank
12-29-34
597,000
Wisconsin,
Shawano
The First National Bank of
12-29-34
1.012.000
Total, 4 banks
$
254,000
506,000
2,169,000
r
TREASURY DEPARTMENT
%
Washington
}^€a^
f3
Press Service
No *f— J*
1-5-55
The close of the year 1954 brought to near completion the rehabili
tation of the National Banking System, according to announcement made today by
J. F. T. 0*Connor, Comptroller of the Currency.
Following the banking holidays in March, 1955, there were 1417 banks
under the supervision of the Comptroller which were not licensed, and these had
deposits aggregating $1,971,960,000.
The reopening of four of these unlicensed
banks during the month of December leaves only 5 unlicensed national banks yet
to be disposed of, and these all have plans approved for reorganization.
With the close of business on December 51, 1954, 1088 unlicensed banks
under the supervision of the Comptroller had been reorganized under old or new
charters or sold to other national banks, and these had deposits aggregating
$1,802,086,000; 50, with deposits of $11,204,000, had quit or left the System;
and 294, with deposits of $152,048,000, had been disapproved for reorganization
and placed in receivership.
This brought the number of banks which had been
disposed of to 1412, with deposits of $1,965,558,000, and left only 5 unlicensed
national banks, with deposits of $6,622,000, as compared with deposits of
$1,971,960,000 involved in the 1417 unlicensed banks at the end of the banking
holidays.
As stated above, all of the remaining 5 unlicensed national banks
have plans approved for reorganization; and in addition to these, 7 of the 294
banks reported above as in receivership also have plans approved for reorgani
zation.
These 7 banks have deposits aggregating $5,557,000.
TREASURY DEPARTMENT
Washington
PCR RELEASE, MORNING NEWSPAPERS,
Monday. January 7. 1935*_______
1-3—35#
Press Service
No# 4-3
The close of the year 1934 brought to near completion the rehabilitation of
the National Banking System, according to announcement made today by J# P* T#
O ’Connor, Comptroller of the Currency#
Following the banking holidays in March, 1933, there were 1417 banks under
the supervision of the Comptroller which were not licensed, and these had deposits
aggregating $1,971,960,000#
The reopening of four of these unlicensed banks
during the month of December leaves only 5 unlicensed national banks yet to bo
disposed of, and these all have plans approved for reorganization*
With the close of business on December 31, 1934, 1088 unlicensed banks under
the supervision of the Comptroller had been reorganised under old or new charters
or sold to other national banks, and these had deposits aggregating $1,802,086,000;
30, with deposits of $11,204,000, had quit ©r left the System; and 294, with
deposits of $152,048,000, had been disapproved for reorganization and placed in
receivership#
This brought the number of banks which had been disposed of tc 1412,
with deposits of $1,965,338,000, and left only 5 unlicensed national banks, with
deposits of $6,622,000, as compared with deposits of $1,971,960,000 involved in
the 1417 unlicensed banks at the end of the banking holidays#
As stated above, all of the remaining 5 unlicensed national banks have plans
approved for reorganization; and in addition to these, 7 of the 294 banks reported
above as in receivership also have plans approved for reorganization*
These 7
banks have deposits aggregating $3,537,000*
During the period beginning with the enactment of enabling legislation in
March, 1933, and ending with December 31, 1934, 1586 active national banks issued
$439,515,750 in preferred stock and 128 issued $16,895,276 in common stock for
the purpose of strengthening their capital structure*
The net result of the rehabilitation of the National Banking System since
March 16, 1933, is an increase in the number of active national hanks, including
state hanks and trust companies in the District of Columbia, from 4522 to 5490
on December 31, 1934, and an increase in deposits from $16,315,586,000 to
$20,906,176,000, or a net gain of 968 banks and of $4,590,590,000 in deposits.
During the year 1934, only one national bank failed, as compared with an average
annual failure of 298 national banks during the three years prior to 1933#
The following is a list of -the national banks which consummated their
reorganization plans and were opened during the month of December, 1934*
Location
Name of Bank
Da t9
frozen Deposits
California,
Coachella
Madera
First National Bank of
First National Bank
12-29-34
12- 1-34
Illinois,
Staunton
Staunton National Bank
12-29-34
397,000
Wisconsin,
Shawano
The First National Bank of
12-29-34
1,012*000
Total, 4 banks
$
254,000
506,000
$2,169,000
p .
VK m;’
'
Vv**-*»**»%. *'
>IU'*a A^m a ,*^
H SC '
Hpr^t v f ^
January 4, 1935*
" VA M- - ^
The number of coins executed at the mints during the calendar year 1934 was
the greatest of any year since 1919, the Secretary of the Treasury announced today.
▲ total of 358,269,353 pieces were made with a value of $25,951,750*65*
This
compares with 23,109,250 pieces executed during the calendar year 1933 with a value
of $13,136,225 and with a total of 31,375,550 pieces executed during the calendar
year 1932 with a value of $68,422,820*
,
s
JL+AA*.
In addition the mints executed 24,280,000 coins^during tie calendar year 1934,
an increase over the previous two years*
No gold coins were executed during the calendar year 1934#
one-cent pieces were coined*
In
A. total of 247,526,0
k total of 247,141 memorial half dollars were executed*
fCf
1920 a total of 738,642,000 coins were executed, the record year in the histo
of the mint for the output of coins*
The year when the value of coins was the greate
was in 1904, when coins worth $250,781,576*30 were executed*
Of this latter amount
$233,402,428 were executed in gold*
The year of least activity in the history of the mints was in 1815 when the
total value of the coinage was $20,483*
$3,175 in gold*
Ofthis amount $17,308 was in silver and
No minor coins were executed during that year*
This was also true
in 1823, the only other year in the history of the mints when no minor coins were
issued*
Prior to 1934 there were only four years in which no gold coins were issued*
These years were 1918-1919 and 1816-*1817*
The total value of all the coinage of the mints from the ysar 1793 until
December 31, 1934 amounted to $6,121,484,081*91*
The following table shows the number of pieces executed during the calendar
year 1934 and the value*
X
/ 4# s
># I
OFFICE -OSHPIU DinS0$OE'■
COINAGE EXECUTED AT TEE MINTS OF THE UNITED STATES DURING THE CLAENDAR
YEAS 1934,
/
GOLD
Value
Pieces
Denomination
N\
/
'Double
Eagles
\\
!
Iswles
j
f
\Total Gold
........
£
SILVER
Standard Silver Dollars
(
3.534,557
&3.534.557.00
Half Dollars - Regular
Maryland Memorial Half Dollars
Daniel Boone Mem. Half Dollars
Texas Memorial Half Dollars
O r e g o n Trail Mem, Half Dollars
f
1
(
1
12,977,400
25,015
10,007
205,113
7,006
6,488,700.00
12,507.50
5,003.50
102,556.50
3.503.00
!
35.439,252
8.859.813.00
Quarter Dollars
\-
Dimes
t
30,852.000
!
22.091.840.50
83.050. 350
Total Silver
3.085.200.00
j
MINOR
\
27,693,003
1,384,650.15
One Cent Bronze
247.526,000
2.475,260.00
Total Minor
275,219,003
3,859,910.15
358,269,353
25,951,750.65
Five Cent Nickel
Total Domestic Coinage
COINAGE OTHER THAN UNITED STATES,
Nicaragua
Cuba - —
Ecuador Honduras
Colombia
Panama -
1,200,000 pieces.
10,000,000
n
2,000,000
600,000
"
10,000,000
«
480,000
*
24,280,000
u
TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING NEWSPAPERS,
Sunday. January >6. 1935.
1-4-35.
Press Service
No. 4-4
The number of coins executed at the mints during the calendar year 1934 was
the greatest of any year since 1919, the Secretary of the Treasury announced today.
A total of 358,269,353 pieces were made with a value of $25,951,750.65.
This
compares with 23,109,250 pieces executed during the calendar year 1933 with a value
of $13,136,225 and with a total of 31,375,550 pieces executed during the calendar
year 1932 with a value of $68,422,820.
In addition the mints executed 24,280,000 coins for foreign nations during
thecalendar
year 1934, an' increa.se over the previous two years.
No gold coins were executed during the calendar year 1934.
247,526,000 one— cent pieces were coined.
A total of
A total of 247,141 memorial half dollars
were executed.
In
history
1919 a total of 738,642,000 coins were executed, the record year in the
of the mint for
the output of coins.
The year when the value of
the greatest was in 1904, when coins worth $250,781,576.30 were executed.
Of this
latter amount $233,402,428 were executed in gold.
The year of least activity in the history of the mints was in 1815 when the
total value of the coinage was $20,483.
$3,175 in gold.
Of this amount $17,308 was in silver and
No minor coins were executed during that year.
This was also
true in 1823, the only other year in the history of the mints when no minor coins
were issued.
issued.
Prior to 1934 there were only four years in which no gold coins were
These years were 1918-1919 and 1816-1817.
The total value of all the coinage of the mints from the year 1793 until
December 31, 1934, amounted to $6,121,484,081.91.
The following table shows the number of pieces executed during the calendar
year 1934 and the value:
coinswas
•3
COINAGE EXECUTED AT THE MINTS OE THE UNITED STATES DURING THE CALENDAR
YEAR 1934.
Pieces
Denomination'
Value
SILVER
3,534,557
$3,534,557.00
Half Dollars - Regular
Maryland Memorial Half Dollars
Daniel Boone Mem. Half Dollars
Texas Memorial Half Dollars
Oregon Trail Mem. Half Dollars
12,977,400
25,015
10,007
205,113
7,006
6,488,700.00
. 12,507.50
5,003.50
102,556.50
3,503,00
Quarter Dollars
35,439,252
8,859,813,00
Dimes
30,852,000
3,085,200.00
Total Silver
83,050,350
22,091,840.50
Five Cent Nickel
27,693,003
1,384,650,15
One Cent Bronze
247,526*000
2,475,260,00
Total Minor
275,219,003
3,859,910,15
358,269,353
25,951,750.65
Standard Silver Dollars
V
MINOR
Total Domestic Coinage
COINAGE OTHER THAN UNITED STATES
Nicaragua
Cuba.....
Ecuador .
Honduras.
Colombia#
Panama#..
1,200,000 pieces
10,000,000
n
2,000,000
"
600,000
"
10,000,000
H
480.000
n
24,280,000
I!
i^lS' A * ^
Treasury Dps&rfcsent,
Washington, >>• C . t
January V XQ54.
Office op "
Director of ihe Mint
____
PBOflQgPIOK OF POLS AMD
<o
SILVER 338...M S tTOITBP i3tAT3S_IH 1?34
(Arrivals at United states Mints and Assay Offices and at private refineries)
the Bureau of the Mint, with the cooperation of the Bureau of Mines, **»
t u m J t the following statement of the preliminary «8ttot6 of rofln^y promotion
of e o W and allvor In tho United Staten during the calendar year 193*.
Silver
Gold
Dunces
Alaska - - - - - - Alahaxna - - - - - Arizona - - - - - California---- - Colorado - - - - - Georgia - - —
Idaho
Michigan - - - —
•
Missouri - - - - - Montana - - - - - Nevada - - - - - - Hew Mexico - - - - Horth Carolina - Oklahoma - - - - Oregon - - - - - Pennsylvania - - South Carolina - South Dakota ---Tennessee - - - Texae - - - - - Utah----------Virginia - - - - Washington - - - Wyoming - - - - Philippine Islands
Puerto nioo - - -
a,951
145,234
709,963
381,740
900
88,729
49
95,577
142,494
26,720
666
32,380
557
223
481,749
531
303
137,943
529
6,714
4,726
332,974
57
118,944,900
103,300
5,085,200
24,848,700
11,260,900
31,500
3,105,500
1,700
180,033
364
4,067,305
799,644
3,309,062
46
7,536,867
529
5,000
3,354,021
2,699,480
1,120,624
9,837
52
57,833
4,004
3$45,200
4,987,300
935,200
23,300
I,
140,300
19.500
7,800
16,861,200
18,600
10,600
4,828,000
18.500
235,000
165,400
II,
654,100
68
106,022
61,450
737,908
7,091,440
78
35,181
835
226,524
Thlue l/
|
103,381
235
2,627,479
516,570
2,137,654
30
4,868,816
342
3,230
2,166,698
1,743,864
723,923
6,355
34
37,360
2,587
44
68,490
39,697
476,689
4,581,070
2,000
11
22,727
539
146,334
7
107,631,700
31,384,218
20,274,205
2,556,246
52,642,300
23,002,629
6,050,920
4,887,604
101,035,700
74,961,075
37,397,300
T o t a l s ____________ 3,075,192
Last year, 1933 - - - - Year of largest produc
tion I 1915 - - - - - -
Value 1/
Ounces
\J Gold valued in 1934 at 935.00 per fine ounce; silver at 64.6V# the purohai
rate for United Gtatas product.
To
La-
%
}
ion
e 1/
if381
235
,479
TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING NEWSPAPERS,
Press Service
Monday, January 7 . 1935*
N°* 4 - 5
1 -5 -3 5 *
PPOT>TTnTTnf7 OP GOLD AND SILVER IN THE UNITED STATES IN 1934
-
,
r i
-j - i ■inr ii- ■ ■n —;in~ in Tn *T"Ti'IT*1
*’''
^.ajpadacgsagain—
i .*»-*!mmumtm nnmm■'1^
*
•*
IJI
(Arrivals at United States Mints and Assay Offices and at private refineries)
The Bureau of the Mint, with the cooperation of the Bureau of Mines, has^
issued the following statement of the preliminary estimate of refinery production
of gold and silver in the United States during the calendar year 1934.
,570
,454
30
5,816
34 a
5,230
>,698
5,864
5,923
5,355
34
?,360
5,5B7
Ounces
Alaska - - - - - Alabama- - - - - Arizona- - - - - California - — - Colorado - - - - Georgia- - - - - Idaho- - - - - - Michigan - - - - Missouri - - - - Montana - - - - Nevada - - - - - New
Mexico - - - 3,490
North
Carolina - 9,697
Oklahoma
- - - - 5,689
Oregon
- - - 1,070
Pennsylvania
- - 50
South
Carolina
- 2,727
South
Dakota
- 539
Tennessee—
—
6,334
Texas7
Utah - - - - - - Virginia - - - - Washington - - - 0,920 WyomingPhilippine Islands
>7,300
Puerto Rico-* - - -
Gold
Value 1/
Silver
Ounces
160,033
364
4,067,305
799,644
3,309,062
46
7,536,867
529
5,000
3,354,021
2.699,480
1,120,624
9,837
52
57,833
4,004
68
106,022
61,450
737,908
7,091,440
78
35,181
835
226,524
11
Value 1/
$
103,381
235
2,627,479
516,570
2,137,654
30
4,868,816
342
3,230
2,166,698
1,743,864
723,923
6,355
34
37,360
2,587
44
68,490
39,697
476,689
4,581,070
50
22,727
539
146,334
7
- - 95,577
- -142,494
- - 26,720
666
— — — — —
- - 32,580
557
223
- -481,749
531
303
-- 137,943
529
- - 6,714
- - 4,726
- -332,974
57
^$18,944,900
103,300
5,083,200
24,848,700
11,260,900
31,500
3,105,500
1,700
— — — —
3,345,200
4,987,300
935,200
23,300
- ---- ,
1,140,300
19,500
7,800
16,861,200
18,600
10,600
4,828,000
18,500
235,000
165,400
11,654,100
2,000
-3,075,192
107,631,700
31,384,218
20,274,205
Last year, 1933 - -2,556,246
Year of largest production, 1915 — -4,887,604
52,842,300
23,002,629
8,050,920
101,035,700
74,961,075
37,397,300
- -541,283
- - 2,951
- -145,234
-- 709,963
- -321,740
900
- - 88,729
49
ITGhfil
Totals - - - - - -
i/ Gold valued in 1934 at $35. 00 per fine ounce; silver at 64*6^, the purchase
rate for United States product.
(Sea# 593 (b), Tariff Act of 1930.} tt(b) Importation
Contrary to Law.— If any person fraudulently or know
ingly imports or brings into the United States, or
assists in so doing, any merchandise contrary to law,
or receives, conceals, buys, sells, or in any manner,
facilitates the transportation, concealment, or sale of
such merchandise after importation, knowing the same
to have been imported or brought into the United States
contrary to law, such merchandise shall be forfeited
and the offender shall be fined in any sum not exceed
ing $5,000 nor less than $50, or be imprisoned for any
time not exceeding two years, or both.*
-4>
or other representation, figure, or /image on or of paper
or other material, or any cast, instrument, or other
article which is obscene or immoral, or any drug or medi
cine or any article whatever for the prevention of con
ception or for causing unlawful abortion, or any lottery
ticket, or any printed paper that may be used as a lottery
ticket, or any advertisement of any lottery* No such
articles, whether imported separately or contained in
packages with other goods entitled to entry, shall be ad
mitted to entry; and all such articles and, unless it
appears to the satisfaction of the collector that the
obscene or other prohibited articles contained in the
package were inclosed therein without the knowledge or
consent of the importer, owner, agent, or consignee, the
entire contents of the package in which such articles
are contained, shall be subject to seizure and forfeiture
as hereinafter provided: Provided, That the drugs
hereinbefore mentioned, when imported in bulk and not
put up for any of the purposes hereinbefore specified,
are excepted from the operation of this subdivision:
Provided further, That the Secretary of the Treasury may,
in his discretion, admit the so-called classics or books
of recognized and established literary or scientific
merit, but may, in his discretion, admit such classics
or books only when imported for noncommercial purposes*
"Upon the appearance of any such book or matter at
any customs office, the same shall be seized and held by
the collector to await the judgment of the district court
as hereinafter provided; and no protest shall be taken to
the United States Customs Court from the decision of the
collector* Upon the seizure of such book or matter the
collector shall transmit information thereof to the
district attorney of the district in which is situated the
office at which such seizure has taken place, who shall
institute proceedings in the district court for the for
feiture, confiscation, and destruction of the book or matter
seized* Upon the adjudication that such book or matter thus
seized is of the character the entry of tfiich is by this
section prohibited, it shall be ordered destroyed and shall
be destroyed* Upon adjudication that such book or matter
thus seized is not of the character the entry of which is by
this section prohibited, it shall not be excluded from entry
under the provisions of this section*
"In any such proceeding any party in interest may upon
demand have the facts at issue determined by a jury and aiy
party may have an appeal or the right of review as in the
case of ordinary actions or suits**
or cause to be deposited with any express company
or other ccmmon carrier* for carriage from one
State, Territory, or District of the United States
or place noncontiguous to but subject to the juris
diction thereof, to any other State, Territory, or
District of the United States, or place noncontiguous
to but subject to the jurisdiction thereof, or from
any place in or subject to the jurisdiction of the
United States, through a foreign country, to any
place in or subject to the jurisdiction thereof, or
from any place in or subject to the jurisdiction of
the United States to a foreign country, any obscene,
lewd, or lascivious, or any filthy book, pamphlet,
picture, motion-picture film, paper, letter, writing,
print, or other matter of indefcent character, or
any drug, medicine, article, or thing designed,
adapted, or intended for preventing conception, or
producing abortion, or for any indecent or immoral
use; or any written or printed card, letter, circular,
book, pamphlet, advertisement, or notice of any kind
giving information, directly or indirectly, where,
how, or of whom, or by what means any of the herein
before mentioned articles, matters, or things may be
obtained or made; or whoever shall knowingly take or
cause to be taken from such express company or other
common carrier any matter or thing the depositing of
which for carriage is herein made unlawful, shall be
fined not more than $5,000 or imprisoned not more than
five years, or both#" (Feb* 8, 1897, c* 172, 29 Stat. 512;
Feb* 8, 1905, c* 550, 35 Stat* 705; Mar* 4, 1909, c* 321,
sec* 245, 35 Stat* 1138; June 5, 1920, c* 268, 41 Stat*
1060).
(Sec* 305, Tariff Act of 1930. Immoral Articles— Importa
tion Prohibited) • *(a) Prohibition of Importations*— All
persons are prohibited from importing into the United States
from any foreign country any book, pamphlet, paper, writing,
advertisement, circular, print, picture, or drawing con
taining any matter advocating or urging treason or insur
rection against the United States, or forcible resistance
to any law of the United States, or containing any threat
to take the life of or inflict bodily harm upon any person
in the United States, or any obscene book, pamphlet, paper,
writing, advertisement, circular, print, picture, drawing,
-
2-
*C. B. C. The Tenets of the C. B. C.*
(March, 1923).
London
*C. B. C. Society and Clinic for Constructive
Birth Control*, London (no date).
♦What is Constructive Birth Control?*, London
(no date).
The magazines and hooks were taken from Mrs. Hazel Moore
upon her arrival as a passenger on the Steamship American Fanner
at New York, September 24, 1934, Declaration No. 665162.
The Bureau is of the opinion that the book ’The Rhythm of
Sterility and Fertility in Women*, by Leo J. Latz, and the leaflet
entitled *What is Constructive Birth Control?* are not prohibited
importations within the meaning of Section 305 of the Tariff Act
of 1930 or under the provisions of Section 245 of the United States
Criminal Code, in conjunction with Section 593 (b) of the Tariff
Act of 1930, and you are authorized to deliver them to the im
porter.
The Bureau is also of the opinion that the remaining booklets
and magazines are prohibited importations within the meaning of
Section 245 of the United States Criminal Code in conjunction wifli
Section 593 (b) of the Tariff Act of 1930.
All the books and magazines are being returned to you under
separate cover for appropriate disposition.
Respectfully,
JAMES H. MOYLE,
Commissioner of Customs.**
The statutes to which reference is made above are as follows:
(Criminal Code, section 245, amended.) Importing and
transporting obscene books#— "Whoever shall bring or
cause to be brought into the United States, or any
place subject to the jurisdiction thereof, from any
foreign country, or shall therein knowingly deposit
The Treasury Department today made public the folloi&ng letter
addressed to the Collector of Customs at New York and signed by the
Commissioner of Customs:
"The Collector of Customs,
New York, N. Y.
Sir:
Receipt is acknowledged of your letter of October 5,
1934 (BNH/GH 85658), transmitting the following books and
magazines under separate corer:
♦The Rhythm of Sterility and Fertility in Women*,
by Leo J. Latz, published by Latz Foundation,
Chicago (4th rev. ed. 1934)*
♦Biological and Medical Aspects of Contraception*,
edited by Margaret Sanger, published by National
Committee on Federal Legislation for Birth Control,
Inc*, Washington (1934)*
♦Therapeutic Contraception*, by Hannah M. Stone,
reprinted from the Medical Journal and Record
(March 21, 1928).
♦A Letter to Working Mothers on How to Have Healthy
Children and Avoid Weakening Pregnancies*, by Marie
Carmichael Stopes, published by Mothers* Clinic for
Constructive Birth Control, London (1934)*
♦The Birth Control News*
(March, 1934).
♦The Birth Control News*
(April, 1934).
♦The New Generation*
(May, 1931}*
♦The New Generation*
(April, 1933).
(T
TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE,
Saturday, January 5, 1935*
Press. Service
^°*
The Treasury Department today made public the following letter addressed to
the Collector of Customs at New York and signed "by the Commissioner of Customs.
.11The Collector of Customs,
New York, N*Y*
Sir:
Receipt is acknowledged of your letter of October 5, 1934 (BNH/GH
85658), transmitting the following hooks and magazines under separate
cover:
*The Rhythm of Sterility and Fertility in Women1, by Leo J. Latz,
published by Latz Foundation, Chicago (4th rev* ed* 1934)*
*Biological and Medical Aspects of Contraception*, edited by
Margaret Sanger, published by National Committee on Federal
Legislation for Birth Control, Inc*, Washington (1934)*
1Therapeutic Contraception*, by Hannah M. Stone, reprinted from
the Medical Journal and Record (March 21, 1928).
iA' Letter to Working Monthers on How to Have Healthy Children and
Avoid Weakening Pregnancies1, by Marie Carmichael Stopes, published
by Mothers1 Clinic for Constructive Birth Control, London (1934)*
*The Birth Control News*
(March, 1934)#
*The Birth Control News*
(April, 1934)*
*The New Generation*
(May, 1931)."
*The New Generation*
(April, 1933)*
*C.B*C.
The Tenets ©f the C.B.C*"1 London
(March, 1923).
*C#B.C*
Society and Clinic for Constructive Birth Control1, London
(no date).
*What is Constructive Birth Control?*, London (no date)*
The magazines and books were taken from Mrs* Hazel Mo*re upon her
arrival as a.passenger on the Steamship American Farmer at New York,
September 24/ 1934, Declaration No, 665162,
The Bureau is of the opinion that the book *The Rhythm of Sterility^
and Fertility in Women1, by Leo J* Latz, and the leaflet entitled^*What is
Constructive Birth Control?1 are not prohibited importations within the
meaning of Section 305 of the Tariff Act of 1930 or under the provisions o
Section 245 of the United States Criminal Code,, in conjunction with Section
593 (b) of the Tariff Act of 1930, and you are authorized to deliver them to
2the importer.
The Bureau is also of the opinion that the remaining Booklets and
magazines are prohibited importations within the meaning of Section 245
of the United States Criminal Code in conjunction with Section 593 (b) of the
Tariff Act of 1930.
All the books and magazines are being returned to you under separate
cover for appropriate disposition.
Respectfully,
JAMES H. MOYLE,
Commissioner of Customs*11
The statutes to which reference is made above are as follows: ■
(Criminal Code, section 245, amended*) Importing and transporting
obscene books*— '
^Whoever shall bring or cause to be brought into the
United States, or any place subject to the jurisdiction thereof, from
any foreign country, or shall therein knowingly deposit or cause to
be deposited with any express company or other common carrier, for
carriage from one State, Territory, or District of the United States
or place noncontiguous to but subject to the jurisdiction thereof,
to any other State, Territory, or District of the United States, or
place noncontiguous to but subject to the jurisdiction thereof, or
from any place in or subject to the jurisdiction of the United States,
through a foreign country, to any place in or subjectto the juris
diction thereof, or from any place in or subject to the jurisdiction
of the United States to a foreign country, any obscene, lewd, or
lascivious, or any filthy book§ pamphlet, picture, motion-picture
film, paper, letter, writing, print, or other matter of indecent
character, or any drug, medicine, article, or thing designed, adapted,
or intended for preventing conception, or producing abortion, or for
any indecent or immoral use; or any written or printed card, letter,
circular, book, pamphlet, advertisement,, or notice of any kind giving
information, directly or indirectly, where, how, or of whom, or by what
means any of the hereinbefore mentioned articles, matters, or things may
be obtained or made; or whoever shall knowingly take or cause to be
taken frem such express company or other common carrier any matter or
thing the depositing of which for carriage is herein made unlawful,
shall be' fined hot more than $5,000 or imprisoned not more than five
years, or both*" (Deb* 8, 1897, c* 172, 29 Stat. 512; Deb* 8, 1905,
c* 550, 33 Stat* 705; Mar* 4, 1909, c* 321, sec. 245, 35 Stat* 1138;
June 5, 1920, c. 268, 41 Stat. 1060)*
(Sec* 305, Tariff Act of 1930* Immoral Articles—- Importation
Prohibited). ,r(a) Prohib ition of Importations*— All persons are
prohibited from importing into the United States from any foreign
country any book, pamphlet, paper, writing, advertisement, circular,
print, picture, or drawing containing any matter advocating or urging
treason or insurrection against the United States, or forcible
resistance to any law of the United States, or containing any threat to
take the life of or inflict bodily harm upon any person in the United
States, or any obscene book, pamphlet, paper, writing, advertisement,
circular, print, picture, drawing, or other representation,. figure, or
— 3~
image on or of paper or other material, or any cast, instrument, *r
other article which is obscene or immoral, or any drug or medicine
or any article whatever for the prevention cf conception or for causing
unlawful abortion, or any lottery ticket,or any printed paper that may
be used as a lottery ticket, or any advertisement of any lottery. Ho
such articles, whether imported separately or contained in packages with
other goods entitled to entry, shall be admitted to entry; and all such
articles and, unless it appears to the satisfaction of the collector
that the obscene or other prohibited articles contained in the package
were inclosed therein without the knowledge or consent of the importer,
oy/ner, agent, or consignee, the entire contents of the package in which
such articles are contained, shall be subject to seizure and forfeiture
as hereinafter provided: Provided, That the drugs hereinbefore
mentioned, when imported in bulk and not put up for any of the purposes
hereinbefore specified, are excepted from the operation of this sub
division; Provided further, That the Secretary of the Treasury may,
in his discretion, admit the so-called classics or books of recognized
and established literary or scientific merit, but may, in his discretion,
admit such classics or books only when imported for noncommercial
purposes.
'•Upon the appearance of any such book or matter at any customs
office, the same shall be seized and held by the collector to await
the judgment of the district court as hereinafter provided; and no
protest shall be taken to the United States Customs Court from the
decision of the collector. Upon the seizure of such book or matter the
collector shall transmit information thereof to the district attorney
of the district in which is situated the office at which such seizure
has taken place, who shs.ll institute proceedings in the district court,
for the forfeiture, confiscation, and destruction of the book or natter
seized. Upon the adjudication that such book or matter thus seized is
of the character the entry of y/hich is by this section prohibited,
it shall be ordered destroyed and shall be destroyed. Upon adjudication
that such book or matter thus seized is not of the character the entry
of which is by this section prohibited, it shall not be excluded from
entry under the provisions of this section.
"In any such proceeding any party in interest may upon demand have
the facts at issue determined by a jury and any party may have an appeal
or the right of review as in the case of ordinary actions or suits."
(Sec. 593 (b), Tariff Act of 1930.) "(b) Importation Contrary to Law.—
If any person fraudulently or knowingly imports or brings into the
United States, ^r assists in so doing, any merchandise contrary to
law, or receives, conceals, buys, sells, or in any manner facilitates
the transportation, concealment, or sale of such merchandise after
importation, knowing the same to have been imported or brought into the
United States contrary to law, such merchandise shall be forfeited
and the offender shall be fined in any sum not exceeding $5,000 nor
less than $50, or be imprisoned for any time not exceeding two years,
or both."
TREASURY DEPARTMENT
Washington
January 7, 1935.
MEMORANDUM FOR THE PRESS.
RECEIPTS OF SILVER BY THE MINTS AND ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1933)
Week ending January 4, 1935:
Philadelphia............... ......
San Francisco....................
Denver ................... .
Total for week ended Jan. 4 ....
Total receipts through January 4, 1935
4?
90,323.60* fine ounces
376,685.58
"
"
______ 576.00
*»
467,385.07
21,710,000.00
"
»
M
"
"
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended January 4, 1935:
Philadelphia.............. .
New York.................... .
San Francisco ....................
Denver.............. ............
New Orleans .....................
Seattle............... .......
Total for week ended Jan. 4 ....
Total receipts through January 4, 1935
2,859.00 fine ounces
183.888.00
"
"
121.748.00
»
"
218.00
»
"
235.00
»
n
_______169.00
*»
"
309.117.00
"
"
111,371,694.00
»
"
RECEIPTS OF GOLD BY THE MINTS /FID ASSAY OFFICES:
Week ending January 4, 1935:
Imports________ Secondary
Philadelphia........................ . $ p
--$ 210,532.84
9,603,200.00
642,900.00
New York ............................
San Francisco ..................
45,675.93
98,482,92
Denver ..............................
16,150.00
15,6625.00
New Orleans ..........................
58,834.43
26,399.02
Seattle.............................. ....... .........
15.451.74
Total for week ending Jan. 4, 1935.. $9,703,860.36
$1,009,409.52
New
Domestic
$
156
8 74,794
538,814
462
185.555
$1,599,562
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER'S OFFICE:
(Under Secretary's Order of December 28, 1933)
Received
Federal Reserve Banks:
Week ended January 2, 1935..............
Received previously.... ..............
Total to January 2, 1935................ .
Received by Treasurer's Office:
Week ended January 2, 1935........ .
Received previously.•••••............... .
Total to January 2, 1935............... .
NOTE:
Gold Coin
$
59,624.80
29,631.843.04
$29,691,467.84
Gold Certificates
$
315,430.00
80.145,000.00
$80,460,430.00
$
$
$
300.00
258,506.00
258,806.00
Gold bars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported.
16,000.00
1,937,600.00
$ 1,953,600.00
TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE,
Wednesday, January 9, 1935*
Press Service
No* 4-10
A Treasury decision amending Regulations No* 3, relating to the manufacture
sale and use of denatured alcohol, incorporated in the regulations the follow
ing new provision which will facilitate the tracing and identification of the
product and give added protection to the public:
Containers of products other than completely denatured alcohol shall not
he branded as such, nor shall such products he advertised, shipped, sold, or
offered for sale as completely denatured alcohol*n
Pield officers of the Alcohol Tax Unit have heen instructed to warn
proprietors of garages, paint shops* hardware stores and other retail dealers to
discontinue immediately any practices not in strict conformity to the above
provision*
Any persons or firms failing to comply will he reported to United
States Attorneys for prosecution.
Completely denatured alcohol, a product made under Government permit and
supervision, is withdrawn tax-free for commercial purposes and its principal
use is as an anti-freeze in automobile radiators*
2
>
-
who voluntarily signs an application requesting custodial care and treatment in
accordance with the requirements of the regulations*
Upon admission ^to a narcotic farm these four classes of addicts will he
Mil ^ *
designated^as “prisonersVex-pris oners”,“probationers*, and “voluntary patients”•
An addict is defined as one who is or has heen B M t e 6 addicted tcjthe use of hahit
forming narcotic drugs to such an extent that he has lost the power of self control
with reference to his addiction*
By a narcotic 5$ is meant opium and coca leaves and the alkaloid derivatives*
!Ehe best known of these derivatives are morphine, heroin and codeine obtained from
opium tand coca/ derived from the coca plant*
1
Indian henrp and derivatives and peyote
A
in its various forms are also considered as habit-forming drugs even though there
is no
Federal law regard!
or sale.
tliiifr
Marihuanar
*
A
When a prisoner at the expiration of his sentence at a narcotic farm makes
application for further treatment it must contain an agreement to submit to
custodial care and treatment for the maximum time estimated by the Surgeon General*
Any addict, except one who is in fact an alien^may be considered for admission
to a narcotic farm for treatment and confinement as a voluntary patient upon filing
application with the Surgeon General on a prescribed form*
Janaary f|, 1935*
Secretary of the Treasury Henry Morgenthau, Jr* has approved regulations
governing the admission of persons to the United States Narcotic Farms, it was
announced today*
The regulations were formulated hy Hugh S.Ctrmming, Surgeon General of the
Public Health Service in accordance with the Act of Congress approved January 19,
?
1929.
April 1, 1935 has been set as the day for the opening of the first narcotic
farm at Lexington, Kentucky and the regulations will be effective as of that date*
The Lexington farm will accomodate approximately 1000 persons*
A
is now under way for a second narcotic farm at Fort Worth, Texas*
Construction
It is expected
that it will be completed in two years time and will be of approximately the same
size*
It is anticipated that when both farms are in operation, the Fort Worth farm
will be used primarly for th&se addicts for whom there is hope of rehabilitation,
while the Lexington farm will house hopeless addicts for the most part*
At present it is estimated that there are approximately 1800 addicts in
Federal prisons throughout the country*
The majority of these are incarcerated
in,the" Federal prison in^Leavenworth, Kansas*
Regulations regarding the eligibility of prisoners and others to the narcotic
farms are drawn up at this time in order that those departments of the Government
concerned and other interested persons may be informed as to the manner in which
persons may secure treatment for drug addiction in these institutions*
None but addicts will be considerefLeligible*
Of these^ there are four types^
as follows: 1* A person sentenced to confinement upon conviction of an offense
against the Government*
2*
A person, who, upon completion of a sentence of
confinement at a narcotic farm applies for further custodial care beyond the expira
tion of sentence*
3*
A person placed on probation by any Court of the United
States or other federal authority which has imposed as one of the conditions of such
probation that he submit himself for treatment untiljdischarged as cured*
4* A person
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Friday, January 11, 1935*
Press Service
No. 4-11
Secretary of the Treasury Henry Morgenthau, Jr* has approved regulations
governing the admission of persons to the United States Narcotic Farms, it was
announced today*
The regulations were formulated hy Hugh S. Cumming, Surgeon General of the
Public Health Service, in accordance with the Act of Congress approved January 19,
1929.
April 1, 1935 has been set as the day for the opening of the first narcotic
farm at Lexington, Kentuclcy, and the regulations will be effective as of that date*
The Lexington farm will accommodate approximately 1000 persons.
is now under way for a second narcotic farm at Fort Worth, Texas*
Construction
It is expected
that it will be completed in two years’ time and will be of approximately the same
size.
It is anticipated that when both farms are in operation, the Fort Worth farm
will be used primarily for those addicts for whom there is hope of rehabilitation,
while the Lexington farm will house -hopeless addicts for the most part*
At present it is estimated that there are approximately 1800 addicts in Federal
prisons throughout the country.
The majority of these are incarcerated in a
segregated section of the Federal prison in Leavenworth, Kansas*
Regulations regarding the eligibility of prisoners and others to the narcotic
farms are drawn up at this time in order that those departments of .the Government
concerned and other interested persons may be informed as to the manner in which
persons may secure treatment for drug addiction in these institutions*
None but addicts will be considered eligible.
four types, as follows:
1.
Of these eligibles there are
A person sentenced to confinement upon conviction of an
nffense against the Government.
2.
A person, whc, upon completion of a sentence of
-
2-
confinement at a narcotic farm applies for further custodial care "beyond the
expiration of sentence#
3*
A person placed on probation by any Court of the United
States or other Federal authority which has imposed as one of the conditions of
such probation that he submit himself for treatment until discharged as cured*
4#
A person who voluntarily signs an application requesting custodial care and
treatment in accordance with the requirement of the regulations.
Upon admission to a narcotic farm these four classes of addicts will be
designated, respectively, as '’prisoners11, "ex-prisoners", "probationers", and
"voluntary patients"#
An addict is defined as one v/ho is or has been addicted
to the use of habit-forming narcotic drugs to such an extent that he has lost
the power of self control with reference to his addiction#
By a narcotic is meant opium and coca leaves and the alkaloid derivatives#
The best known of these derivatives are morphine, heroin and codeine obtained from
opium, and cocaine derived from the coca plant#
Indian hemp (marihuana) and
derivatives and peyote in its various forms are also considered as habit— forming
drugs even though there is no Federal law regarding their use or sale#
When a prisoner at the expiration of his sentence at a narcotic farm makes
application for further treatment it must contain an agreement to submit to
custodial care and treatment for the maximum time estimated by the Surgeon General#
Any addict, except one v/ho is in fact an alien, may be considered for admis
sion to a narcotic farm for treatment and confinement as a voluntary patient upon
filing application with the Surgeon General on a prescribed form#
the depression.
The survey of the ten localities just referred to
showed that the families which had suffered the most severe decline in
income during the period 1929—1932 he*T a
frv^Cickness rate over
50$ higher than those whose economic status was not materially reduced.
Experts tell us that the annual wage loss due to illness in families
with #2,500 a year income or less is approximately #900,000,000^almost
one billion dollars taken away from purchasing power, so desperately
needing to be increased, not further lessened.
>
__
The annual cost of care
of four diseases, the flnSwiSiN^^from which we know how to control, is
estimated at #115,000,000.
"These are but a few instances indicating how much lies ahead for
us to do.
Today there is being spent by the Federal Government only about
#5,000,000 annually for its human health services —
capita.
about 4 cents per
In only 528 out of our 3,000 counties are there full-time health
services.
Local appropriations for public health have been decreased
by 20 per cent on the average since 1930.
The per capita expenditure
from tax funds for public health in 77 cities in 1934 was 58 cents as
contrasted with 71 cents in 1931. Yet we know that 1n " M
communities
e ^ u b l .ic health procedure^
jsui one-
third of the burden of preventable illness and premature death has been
.
• ft i
-
_
_
lxrtea from ^nuiiMm, women and children*
"With such evidences of the social and economic values to be at
tained through wise expenditure of effort and money in the public
health field, we ta)fe up with fresh determination the challenge of con
serving health as part of the human security program/''
-5-
have built wisely and where we can do still better.1
It is true, for
example, that since 1900 the death rate from tuberculosis has been re
duced by 60 per cent.
But leading experts tell us that with adequate
health facilities throughout the country it would be halved again.
too, with infant mortality.
So,
The death rate of babies has been cut in
half in,the last quarter century, but it could be cut in half again, if
/v
the known means of care and prevention could be made more widely avail
able.
In 1933 twenty-five states showed no decline in infant mortality.
We all vividly remember those early government reports by the United
States Children’s Bureau on this subject of infant mortality, showing
the tragically real relation between insufficient income and babies’
deaths.
Back in 1918 the Bureau’s studies of certain communities told
us that the death rate of babies in the homes where income^ was under
$450 a year was 167 per thousand, while only 64 babies out of a thousand
died in homes where income was $1,250 or more.
"The fact that the general death rate showed a slight decrease at
the end of 1933 is far from the whole picture.
Recent surveys by the
United States Public Health Service and the Milbank Fund, in ten indus-
A ~ *'■-*trial localities, show that during the period 1929-1932 the death rate
in families with no employed members or part-time wage earners increased
20 per cent, while in those families which had full-time wage earners it
declined.
Data for 1934 is not yet complete, but for the first half of
1934 the1 mortality rate in cities of 100,000 population and over is ap-
A
'
A
preciably higher than in the same period of 1933.
M
ft*
^ ’Important as^death ratej^ is the nrrarbik
r sickness rate.
This
has shown a measurable increase among those most severely affected by
(c3j
"So tonight I should like to discuss, particularly from the
economic angle, that phase of the security program with which I am
to be chiefly related, public health work and needs.
First let us
look at some facts in this health field which justly bring pride and
encouragement.
"The extraordinary achievements of research, the discoveries of
medical science and their application to the prevention and treatment
of disease, are perhaps our most dramatic and valued developments of
modern times.
There has been a decline in our general death rate, our
span of life has increased, and the toll taken by preventable disease
has been decreased.
The frightful scourges which swept away^large
groups of our population at intervals in past years, we are toloxare^)
h
substantially conquered.
"A little known but fascinating story of our national development
is that of our United States
Public Health Service, which for more than
a century has with increasing effectiveness and ability guarded our
country's borders against the entrance of pestilence, checked and pre
vented epidemics within our land, and helped build sounder and more
healthful conditions throughout the nation, in cooperation with states
and communities.
Another story which will never be told in full be
cause we will never know it in its completeness, is that of the un
selfish service of countless doctors whose effort and help, freely
given in recent dark years, have done much to prevent deaths and ill
ness and appalling suffering.
We have indeed sound grounds for pride
in progress made in conserving human life.
"But let us apply here the President's test, 'We see where we
-3 -
dependent our various responsibilities in changing the old order are.
W e ’ve long talked about our age of specialization —
the field of
education, of industry; the field of child welfare, of health, of
delinquency, of dependency —
and now we realize that our various
fields are but snail lots, separated from each other only by imaginary
lines, in one great general field where we must do joint battle for
our common cause —
security for all human beings.
"One of the country’s leading public health officials said re
cently:
’Most of our social planning and efforts have ignored
or minimized health as a specific objective. * * * * * * *
* * * * *
Only when some particular condition or occurrence
outranges the sensibilities of the mass is the public health
enthusiast able to dramatize the need for action and get some
thing done.’
I think most of us will agree with him, but I think also that most of
us have had very similar intense feelings about the neglect of, or indif
ference to, that particular field of human problems w e ’ve called our own.
I ’m sure, in my own long concentration on economic and industrial prob
lems, I ’ve often been sure that they were entirely disregarded, until
some frightful industrial accident or health hazard took place. And
in the social welfare field how often have we felt public opinion callous
to our work, unless it was aroused by same catastrophe.
"Under our President’s masterly conception of a related program we
can, and will, go forward together, pooling our special interests and
knowledge in our joint attack, and drawing strength for each part of
our program from each other.
-2-
(
f W
Washingtop., D. C
January 11, 1935
l-ll-Vf.
Speaking at the dinner of the Women’s National Democratic Club on Fri
day evening, January 11th, Miss Josephine Roche, Assistant Secretary of the
Treasury in charge of the Bureau of Public Health Service, discussed certain
economic phases of the public health situation.
She said in part:
"With whatever phase of our nationwide problems we are particu
larly concerned or responsible for helping solve, we should test our
thinking, measure our planning by the words of our President in his
message to Congress:
’We have undertaken a new order of things: yet we progress
toward it under the framework and in the spirit and intent of
the American Constitution.
* * * * * * * * * *
* The outlines
of the new economic order, rising from the disintegration of the
old, are apparent.
We test what we have done as our measures
take root in the living texture of life.
We see where we have
built wisely and where we can do still better. * * * * * * * *
* * * * * * * * *
i r@eaxi to your attention my message to the
Congress last June in which I said: "Among our objectives I
place the security of the men, women and children of the nation
first." That remains our first task; and in a very real sense
every major legislative enactment of this Congress should be a
component part of it.’
"One of the lessons we have all learned, or should have learned,
out of our coming to grips with unprecedented huaan denials and suf
fering these recent years, is how completely interwoven and inter-
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Saturday. January 12. 1935*
1-1I~»35.
Press Service
Speaking at the dinner of the Women’s National Democratic Club on Friday
evening, January 11th, Miss Josephine Roche, Assistant Secretary of the Treasury
in charge of the Bureau of Public Health Service, discussed certain economic
phases of the public health situation.
She said in part:
”With whatever phase of our nationwide problems we are particularly
concerned or responsible for helping solve, we should test our thinking,
measure our planning by, the words of our President in his message to
Congress:
’We have undertaken a new order of tilingstyyet we progress
toward it under the framework and in the spirit and intent of
the American Constitution. * * * * * * * * * * *
The outlines
of the new economic order, rising from the disintegration of the
■old, are apparent#
We test what we have done as our measures
take root in the living texture of life.
We see where we have
built wisely and where we can do still better# * * * * * * * *
* * * * * * * * *
j recall to your attention my message to the
Congress last June in which I said:
’’Among our objectives I
place the security of the men, women and children of the nation
first.”
That remains our first task; and in a very real sense
every major legislative enactment of this Congress should be a
component part of it#’
’’One of the lessons wo have all learned, or should have learned, out
of our coming to grips with unprecedented human denials and suffering these recent
years, is how completely interwoven and interdependent our various responsibilities
in changing the old order are#
W e ’ve long talked about our age of specialization
—— the field of education, of industry; the field of child welfare, oi health, of
delinquency, of dependency *-*- and now we realize that our various fields are "but
small lots, separated from each, other only hy imaginary lines, in one great
general field where we must do joint battle for our common cause
~ security for
all human beings*
" One of the country’s leading public health officials said recently:
'Most of our social planning and efforts have ignored or
minimized health as a specific objective * * * * * * * * * *
/
* * * * *
Only when some particular condition or occurrence outrages
the sensibilities of the mass is the public health enthusiast able
to dramatize the need for action and get something done*'
I think most of us will agree with him, but I think also that most of us have had
very similar intense feelings about the neglect of, or indifference to, that
particular field qf human problems we've called our <$wn*
I'm sure, in my own long
concentration on economic and industrial problems, I've often been sure that they
were entirely disregarded, until some frightful industrial accident or health
hazard took place*
And in the social welfare field how often have we felt public
opinion callous to our work, unless it was aroused by some catastrophe*
"Under our President's masterly conception of a related program we can,
and will, go forward together, pooling our special interests and knowledge in Our
joint attack, and drawing strength for each part of our program from each other*
"So tonight I should like to discuss, particularly from the economic
angle, that phase of the security program with which I am to be chiefly related,
public health work end needs.
Pirst let us look at some facts in this health
field which justly bring pride and encouragement*
"The extraordinary achievements of research, the discoveries of medical
science and their application to the prevention and treatment of diseases, are
perhaps our most dramatic and valued developments of modern times*
There has been
a decline in our general death rate, our span of life has increased, and the toll
■3~
taken "by preventable disease has "been decreased#
The frightful scourges which,
swept away large groups of our population at intervals in past years, are, we are
told,substantially conquered#
HA little known "but fascinating story of our national development is
that of our United States Public Health Service, which for more than a. century
has with increasing effectiveness and ability guarded our country’s borders
against the entrance of pestilence, checked and prevented epidemics within our
land, and helped build sounder and more healthful conditions throughout the nation,
in cooperation with states and communities#
Another story which will never be
told in full because we will never know it in its completeness, is that of the
unselfish service of countless doctors whose effort and help, freely given in
recent dark years, have done much to prevent deaths and illness and appalling
suffering#
We have ipdeed sound grounds for pride in progress made in conserving
human life#
’’But let us apply here the President’s test,
’We see where we have
built wisely and where we can do still better#’ "ft is true, for example, that
since 1900 the death rate from tuberculosis has been reduced by 60 per cent#
But leading experts tell us that with adequate health facilities throughout the
country it would be halved again#
So, too, with infant mortality.
The death rate
of babies has been cut in half in the last quarter century, but it could be cut
in half again, authorities tell us, if the known means, of care and prevention
could be made more widely available#
in infant mortality*
In 1933 twenty-five states showed no decline
We all vividly remember those early government reports by
the United States Children’s Bureau on this subject of infant mortality, showing
the tragically real relation between insufficient income and babies’ deaths#
Back in 1918 the Bureau’s studies of certain communities told us that the death
rate of babies in the homes where income was under $450 a year was 167 per thousand,
while only 64 babies out of a thousand, died in homes where income was $1,250 or
more
-4nThe fact that the general death rate showed a slight decrease at the.
end of 1933 is far from the whole picture*
Recent surveys hy the United States
Public Health Service and the Milhank Memorialfundin 10industrial localities, show
that during the period 1929—1932 the death rate in families with no employed mem
bers or part-time wage earners increased 20 per cent, while in those families
which had full-time wage earners it declined.
Data for 1934 are not yet complete,
but for the first half of 1934 the gross mortality rate in cities **f 100,000
population and over is reported to be appreciably higher than in the same period
of 1933.
11As important as the death rate is the disabling sickness rate.
This
has shown a mea.surable increase among those most severely affected by the depres
sion.
The survey of the ten localities just referred to showed, that the families
which had suffered the most severe decline in income during the period 1929—1932
had a disabling sickness rate over 5
was not materially reduced.
higher than those whose economic status
Experts tell us that the annual wage loss due to
illness in families with $2,500 a year income or less is approximately
$900,000,000 — almost one billion dollars taken away from purchasing power, so
desperately needing to be increased, not further lessened.
The annual cost of
care of four diseases, the morbidity from which we know how to control, is
estimated at $115,000,000.
,fThese are but a few instances indicating how much lies ahead for us t?
do.
Today thebe is'being spent by the federal Government only about $5,000,000
annually for its human health services —
about 4 cents per capita.
out of our 3,000 counties are there full-time health services.
In only 528
Local appropria
tions for public health have been decreased by 20 per cent on the average since
1930.
The per capita expenditure from tax funds for public,
1934 was 58 cents as contrasted with 71 cents in 1931.
health in 77 cities in
Yet we know that in
progressive communities, since the introduction of modern public, health procedure,
one— third of the burden of preventable illness and premature death has been lifted
~5~
from men, women and children*
nWith such evidences of the social and economic values to "be attained
through wise expenditure of effort and money in the public health field, we take
up with fresh determination the challenge of conserving health as part of the
human security program*11
than on other types of loans?
How far is the lending policy of banks determined by the attitude of banking
examiners toward certain types of loans?
It is expected that the results of the investigation, in the form of statistical
summaries and percentages, together with the conclusions drawn by the committee in
charge of the study will be released some time in March*
The Fourth Federal Reserve District, which includes Ohio, western Pennsylvania,
northern West Virginia, and eastern Kentucky, was selected for study because it
provides an excellent sample of business and industrial conditions throughout the
nation*
m
The Secretary of the Treasury announced today that the organization of a field
force to conduct a survey of credit availability in the Cleveland Federal Reserve
District has been completed and that the investigators are now at work in that area*
(Ehe investigation is being conducted in cooperation with the Federal Reserve
Board, the Reconstruction Finance Corporation and the Federal Deposit Insurance
Corporation#
The study is under the direction of Mr# George C# Haas, Director of
Research and Statistics of the Treasury Department and the field work is being
administered by Mr# W • H. Moore of the University of Chicago#
Mr* Charles 0#Hardy
of the Brookings Institution is acting as special advisor to the staff of the survey.
This survey is along lines similar to those followed in the investigation of
credit conditions in the Chicago Federal Reserve District which was carried out by
Professor Jacob Viner and Mr# Hardy in September#
The staff of field investigatorS|
which consists of about forty university economists, will be asked to get from the
files of banks in cities and small towns of the Cleveland Federal Reserve area 2,000
cases of small business men who have recently been refused credit by the banks or who
are being pressed to liquidate the capital indebtedness to banks which they have
incurred in the past# The staff will also be asked to procure frcta the business men
themselves another 1,000 cases in which banks have rejected credit applications or brc
pressure for the liquidation of the existing indebtedness#
Special attention will to
given to the attitude of banks toward real estate mortgage loans#
The inquiry is purely a
fact finding enterprise intended to supplement the infoi
mation obtained in the previous survey and furnish a better basis for planning Federal
banking policies#
Among the questions to which answers will be sought are?
Are persons who are rated as good credit risks unusually reluctant to borrow, anti
if so, whyT
What changes have there been in recent yearsin banks* lending practices and polic
What is the attitude of the banks to renewal of old slow working capital loans?
Have bank losses in recent years on real estate loans been proportionally greater
TREASURY DEPARTMENT
Washington
POP IMMEDIATE RELEASE,
Monday, January 14, 1935.
Press Service
No. 4-13
The Secretary of the Treasury announced today that the organization of a
field force to conduct a survey of credit availability in the Cleveland Federal
Reserve District has been completed and that the investigators are now at work in
that area.
The investigation is being conducted in cooperation with the Federal Reserve
Board, the Reconstruction Finance Corporation and the Federal Deposit Insurance
Corporation.
The study is under the direction of Mr. George C. Haas, Director of
Research and Statistics of the Treasury Department and the field work is being
administered by Mr. W.H. Moore of the University of Chicago.
Mr. Charles 0. Hardy
of the Brookings Institution is acting as special advisor to the staff of the
survey.
This survey is along lines similar to those followed in the investigation of
credit conditions in the Chicago Federal Reserve District which was carried out by
Professor Jacob Viner and Mr. Hardy in September.
The staff of field investigators
which consists of about forty university economists, will be asked to get from the
files of banks in cities and small towns of the Cleveland Federal Reserve area
2,000 cases of small business men who have recently been refused credit by the
oanks or who are being pressed to liquidate the capital indebtedness to banks which
they have incurred in the past.
The staff will also be asked to procure from the
business men themselves another 1,000 cases in which banks have rejected credit
applications or brought pressure for the liquidation of the existing indebtedness.
Special attention will be given to the attitude of banks toward real estate mort
gage loans.
The inquiry is purely a fact finding enterprise intended to supplement the
information obtained in the previous survey and furnish a better basis for planning
Federal banking policies.
Among the questions to which answers will be sought are:
M
-2Are persons who are rated as good credit risks unusually reluctant to borrow,
and if so, why?
What changes have there been in recent years in banks* lending practices and
policies?
What is the attitude of the banks to renewal of old slow working capital
loans ?
Have bank losses in recent years on real estate loans been proportionally
greater than on other types of loans?
*
How far is the lending policy of banks determined by the attitude of banking
examiners toward certain types of loans?
It is expected that the results of the investigation, in the form of statis
tical summaries and percentages, together with the conclusions drawn by the
committee in charge of the study will be released some time in March.
The Fourth Federal Reserve District, which includes Ohio, western Pennsylvania,
northern West Virginia, and eastern Kentucky, was selected for study because it
provides an excellent sample of business and industrial conditions throughout the
nation.
TREASURY DEPARTMENT
Washington
MEMORANDUM EOR THE PRESS
January 7# 19^5#
ASSAY QFPICSS:
(Under Executive Proclamation of December 21, 1933)
receipts
op s i l v e r b y t h e m i n t s a n d
Week ending January 4, 1935:
Philadelphia..... •...... ♦«...................
90,323.49 fine ounces
San Francisco.,.,...,..... ................... .
376,685.58 «
f
Denver.......... ..............................
376.00 «
(
Total for week ended Jan., 4,.................,
4 6 7 385.07 1
1
’’
Total receipts through January 4, 1935.......
21,71o)oOO*00 ”
^
SILVER TRANSPERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended January 4, 1935:
Philadelphia........
2,859.00 fine ounces
it
New York...........
183,888.00 it
it
San Prancisco..... .......................... .
121,748.00 ii
n
h
Denver.... .....................................
218.00
n
New Orleans..........................
235.00 it
Seattle.................................... ...
169*00 ti
if
n
Total^for week ended Jan. 4
.
.
«
309,117.00 tr
tt
Total.receipts through January 4, 1935....*.......,111,371*694*00 n
RECEIPTS
op g o l d b y t h e m i n t s
AND ASSAY OPEICES:
Week ending January 4, 1935:
Imports
P h i l a d e l p h i a * _____
New York .... .
9,603,200,00
San Prancisco.*..*................
' 45,675*93
D
e
n
v
e
r
.
........
16,150*00
New Orleans;............. ..........
38,834*43
Seattle«*.... .••••««...,»*........
w
Total for week ending Jan*4,1935*$9,703,860.36
Secondary
$ 210,532*84
642,900*00
98,482*92
15,663.00
26,399.02
15.431*74
$1,009,409.52
$
New
Domestic
136*61
874,794*35
538,814.00
462*04
185.355*30
$1,599,562*30
lOLD-^ C E I V E D BY,FEDERAL RESERVE BANKS AND THE TREASURER’S OPPICE:
(Under Secretary’s Order of December 28, 1933)
"
■Received by Pederal Reserve Banks:
Peek ended January 2, 1935....... ........
■Received previously.....••••.. •...,...... *
' Total to January 2, 1935*................ .
_____Gold Coin
$
59,624.80
29.631.843*04
$29,691,467*84
Received by Treasurer’s Office:
Week ended January 2 , 1935*................*, $
p r e v io u s ly ................ .•:•••• •
— . » 1v
I ^ l to January 2, 1935*. .V.. . . . . . ; . $
l0TSs
3 0 0 .0 0
258.506*00
258,806*00
Gold bars deposited with the New York Assay Office
to the amount of $200,572*69 previously reported*
Gold Certificates
315,430*00
80.145.000*00
$80,460,430.00
$
$
16,000*00
1.937.600*00
$ 1,953,600.00
During the first eleven months of the calendar year 1934, there were 5 #460
seizures of liquor for violation of Customs laws, it was announced
Bureau of the Treasury Department today*
Toy the Customs
This compares with 14,759 seizures during
the calendar year 1933 and with 23,749 seizures during the calendar year 1932*
The
largest number of seizures made^in aaiy one month was in January when 702 seizures
were made and the smallest number was in November when only 411 seizures were made*
Duty on liquor entered into consumption during the calendar year 1934 amounted
to $41,081,882 as compared with $5,741,976 in 1933 and $262,207 in 1932*
In ally
7,046,289 gallons of liquor were entered into consumption during 1934 as against
793,529 gallons in 1933 and 43,690 gallons in 1932*
The largest number of gallons
entering into consumption of any month of 1934 was December when 1,060,614 gallons
were removed from Customs warehouses, paying an estimated duty of $6,100,000*
During the year 1934 liquor and wines accounted for 13*3$ of the total duties
collected, or $41,081,882 out of a grand total of $308,143,363* During the month of
December, the duties paid on liquor accounted for 18*5^ of all duties collected*
The amount of liquor seized in the first eleven months of 1934 was 31,343 gallons,
a decrease of more than 90/6 from the 1932 figure of 315,188 gallons*
hand, the seizures of alcohol during the
M
On the other
eleven-month period of 1934 amounted to
60,398 gallons as against 33,077 gallons during the year 1932*
The following tables show the seizures of liquor and the value of seized
vehicles used in vitiations of Customs laws during the calendar years 1932,1933
and 1934 and liquor and wines entered into consumption and duties collected thereon
compared with the grand total duties for the same years*
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Monday, January 7, 1935*
Press Service
No# 4-7
During the first eleven months of the calendar year 1934, there were 5,460
seizures of liquor for violation of Customs laws, it was announced "by the Customs
Bureau of the Treasury Department today#
This compares with 14,759 seizures during
the calendar year 1933 and with 23,749 seizures during the calendar year 1932#
The
largest number of seizures made last year in any one month was in January when
702 seizures were made and the smallest number was in November when only 411
seizures were made#
Duty on liquor entered into consumption during the calendar year 1934
amounted to $41,081,882 as compared with $5,741,976 in 1933 and $262,207 in 1932#
In all, 7,046,289 gallons of liquor were entered into consumption during 1934 as
against 793,529 gallons in 1933 and 43,690 gallons in 1932#
The largest number
of gallons entering into consumption of any month of 1934 was December when
1,060,614 gallons were removed from Customs warehouses, paying an estimated duty
of $6,100,000#
During the year 1934, liquor and wines accounted for 13*3$ of the total
duties collected, or $41,081,882 out of a grand total of $308,143,363.
During the
month of December, the duties paid on liquor accounted for 18c5$ of all duties
collected#
The amount of liquor seized in the first eleven months of 1934 was
31,343 gallons, a decrease of more than 90$ from the 1932 figure of 315,188 gallons.
On the other nand, the seizures of alcohol during the eleven-month period of 1934
amounted to 60,398 gallons as against 33,077 gallons during the year 19320
The following tables snow the seizures of liquor and the value of seized
vehicles used in violations of Customs laws during the calendar years 1932, 1933
and 1934 and liquor and wines entered into consumption and duties collected thereon
compared with the grand total duties for the same years:
2~
Calendar
„
Year
Humber
of
.
Seizures
Liquor
(Gallons)
Beer
(Gallons)
1932
23,749
315,188
72,868
1933
14,759
188,755
24,498
5,460
31,345
555
1934:
(11 months)
(a)
Alcohol
(Gallons)
33,077
Value of Seized
Vehicles
$1,308,016
168,038( a)
734,341
60,398
128,378
Includes one larg;e seizures of 146,000 ]gallons in Hew
York.
1934:
January
February
March
April
May
June
July
August
September
October
November
702
505
587
537
518
442
426
442
456
434
411
2,894
5,851
5,219
3,701
1,741
1,020
3,184
3,974
569
1 ,5 5 7
1*625
170
69
32
18
77
16
58
42
17
53
3
618
8,570
7,301
224
435
13,532
8,695
967
750
10,118
9.188
$
11,451
13,055
11,122
7,632
6,706
13,438
35,666
5,094
4,544
12,393
7 .2 7 7
Still
■Sparkling
Calendar Liquor
Wines
*Wines
Year (Gallons) (Gallons) (Gallons)
1932
1933
1934
Duties on
Liquor
Other
Duties
Grand
Total
Duties
Per Cent
of Total
Duties Col
lected on
Liquor
43,690
29,505
1,146
793,529
723,303
152,910
5,741,976
282,415,811
288,157, 787
2 .0
7,046,289 3,416,612
382,284
11,081,882
267,061,481
308,143, 363
13.3
50,908 $
46,151
37,682
22,025
20,880
23,768
13,596
12,065
17,504
31,107
41,345
65.253 .
3,980*200 $ 22,326,093 $ 26,306,293
3,714,875
19.559,926
23,274,801
3,853,951
21,913,709
25,767,660
2,363,962
18,782,282
21,146,244
2,325,027
18,716,109
21,041,136
2,511,877
18,325,056
20,836,933
1,943,417
17,387,914
19,331,331
2,147,756
20,804,321
22,952,077
3,029,541
53,lu4,581
36,174,122
4,301,922
26,206,818
30,508,740
4,809,354
23,566,488
28,375,842
6 ,1 0 0 ,000* 26^328,184
32.428,184
15.1
16.0
15.0
1 1 .0
8.9
1 2 .0
1 0 .1
9.3
8.4
14.1
16.9
18.5
$
262,207 $267,751,821 $268,014, 028
0.1
1924:
January
628,685
February 582,426
March
638,642
April
394,193
May
374,985
June
417,606
July
343,732
August
388,934
September 560,190
October
791,737
November 864,545
Peoemberl,Q6Q,614
Total
483,500
442,485
381,007
243,140
289,356
266,317
140,790
125,893
179,431
236,828
270,203
3573662
7,046,289 3,416,612
id Est ima.ted
382,284
$41,081,882 $267,061,481 $308,143,363
13.3
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, January 6 , 1935.______
Press Sendee
LI ^ $
1 /7 /3 6
S ecretary of the Treasury Morgenthau announced l a s t
evening th at the tenders fo r $ 7 5 ,0 0 0 ,0 0 0 , or thereabouts,
of 182-day Treasury b i l l s , dated January 9 , 1936, and
maturing Ju ly 10, 1935, which were offered on January 4 ,
were opened at the Federal reserve banks on January 7 ,
1935.
The t o t a l amount applied fo r was $ 1 4 1 ,6 8 5 ,0 0 0 , of
which $ 7 5 ,1 8 5 ,0 0 0 was accepted.
The accepted bids ranged
in p rice from 9 9 .9 7 0 , equivalent to a ra te of about 0 .0 6
percent per annum, to 9 9 .9 8 6 , equivalent to a r a t e of
about 0*18 percent per annum, on a bank discount b a s is .
Only p art o f the amount bid f o r at the l a t t e r p ric e was
accepted.
The average p rice of Treasury b i l l s to be
issued is 9 9 .9 4 2 and the average r a te i s about 0 .1 2 per
cent per annum on a bank discount b a s is .
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, January 8. 1935o______,
1-7-35*
Press Service
No*.4-8
Secretary of the Treasury Morgenthau announced last evening that the tenders
for $75,000,000, or thereabouts, of 182-day Treasury hills, dated January 9, 1935,
and maturing July 10., 1935, which were offered on January 4, were opened at the
Federal reserve hanks on January 7, 1935*
The total amount applied for was $141,685,000, Of which $75,185,000 was
accepted*
The accepted 'bids ranged in price from 99*970, equivalent to a rate of
about 0*06 percent per annum, to 99«936, equivalent to a rate of about 0*13
percent per annum, on a hank discount basis*
the latter pric« was accepted.
Only part of the amount hid for at
The average price of Treasury hills to he issued
is 99*942 and the average rate is about 0*12 percent per annum on a hank discount
basis*
UNITED STATES DEPARTMENT OF AGRICULTURE
A G R IC U L T U R A L A D JU S T M E N T
A D M IN IS T R A T IO N
W A S H IN G T O N , D .C .
January 8, 1935*
Honorable Herbert Gaston,
Assistant to the Secretary of the Treasury,
Dear Mr, Gaston:
I am returning the proposed press release.
It has been initialed for Agriculture by Mr. Victor
A, Christgau, who is Acting Administrator in the ab
sence of Mr, Chester C, Davis, and by Mr, J, D« LeCron
Assistant to the Secretary of Agriculture, since Mr,
Wallace is away this afternoon.
Yours truly,
OJ;AM
Enclosure,
January^, 1935*
Y ^
Secretary of the Treasure Heury Morgeathau, Jr., today
announced the appointment o. 'Mfc. Oscar Johns tea, of Scott,
Mississippi, as Assistant to the Secretary of the Treasury*
Mr. Johnston is Manager of the 1933 Cotton Producers1 Pool
e3tabl/slhed by the Secretary of Agriculture.
The appointment
is made under an arrangement between the Secretary of the Treasury
and Henry A. Wallace, Secretary of Agriculture, by which Mr.
Johnston will devote a part of his time to the duties incident
to his position with the Treasury Department, but will continue
with the Department of Agriculture as Manager, 1933 Cotton Pro
ducers * Pool,
jffhe appointment with the Treasury is for a
period of three months, and is for the purpose of having fir.
Johnston make a survey and study of 'Agricultural Commodity Credits
with special reference to such commodities as are being made the
subject of credits extended by departments and agencies of the
Federal Government.
^
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, January 9, 1935*
Press Service
No-* 4-9
Secretary of the Treasury Henry Morgenthau, Jr. , today announced the appoint
ment of Oscar Johnston, of Scott, Mississippi, as Assistant to the Secretary of
the Treasury.
Mr. Johnson is Manager of the 1933 Cotton Producers’ Pool established by the
Secretary of Agriculture.
The appointment is made under an arrangement between
the Secretary of the Treasury and Henry A. Wallace, Secretary of Agriculture, by
which Mr. Johnston will devote a part of his time to the duties incident to his
position with the Treasury Department, but will continue with the Department of
Agriculture as Manager, 1933 Cotton Producers’ Pool.
The appointment with the Treasury is for a period of three months, and is for
the purpose of having Mr. Johnston make a survey and study of Agricultural
Commodity Credits with special reference to such commodities as are being made the
subject of credits extended by departments and agendas of the Federal Government.
(T. D. 4507)
Imagine Article 117 of Regu
production, ta3q?Mggnta_ jBtc^^
an A t he manufacture, sale afidj^ejof_Denat^re^
Ale olio1, eff ect ive April 1, l?3 1 j__ag__amendgd.
TREASURY DEPARTMENT
Office of Commissioner of Internal Revenue
Washingt on, D . C.
TO DISTRICT SUPERVISORS
AND OTHERS CONCERNED:
Paraprauhs 13 and 13 of Article 117 of Regulations Ho. 3, relative
to -oroduotion. taxpayment, etc., of Industrial Alcohol, and. tne manu
facture, sale and use of Denatured Alcohol, eff ective April
_
amended hy Treasury Decision Ho. 9, effective June 3, 1933, and i.ea,
ury Decision Ho. 16, effective August 2, 1933, are hereby r e s e m e ,
and the following substituted in lieu thereof:
Containers of products other than completely de
natured alcohol shall not be branded as such, nor shall
such products be advertised,, shipped, sold, or offered
for sale as completely denatured alcohol.
Supervisors shall instruct all field officersunder
their direction to warn proprietors of garages, paint
shops, hardware stores, and other retail dealers guilty
of such practices, to immediately discontinue the same,
and that any one failing to do so shall be reported to
the proper United States Attorney for prosecution.
CRAS. T. RUSSELL,
Acting Commissioner of Internal Revenue.
Approved:
January 5, 1935.
T. J. C00LIDCE,
Acting Secretary of the Treasury.
Y'tb
A Treasury decision amending Regulations No* 3, relating
to the manufacture, sale and use of denatured alcohol, incorporated
in the regulations the following new provision which will facilitate
the tracing and identification of the product and give added protection
to the publics
’•Containers of products other than completely denatured alcohol
shall not he branded as such, nor shall such products he advertised,
shipped, sold, or offer#ed for sale as completely denatured alcohol.1’
Field officers of the Alcohol Tax Unit have been instructed to
warn proprietors of garages, paint shops, hardware stores and other
retail dealers to discontinue immediately any practices not in strict
conformity to the above provision.
Any persons or firms failing to
conply will be reported to United States Attorneys for prosecution.
Completely denatured alcohol, a product made under Government
permit and supervision, is withdrawn tax-free for commercial purposes
and its principal use is as an anti-freeze in automobile radiators.
-o-
TREA SU RY
DEPA RTM ENT
Washington
January 14, 1935.
MEMORANDUM FOR THE PRESS.
RECEIPTS OF SILVER BY THE MINTS AND ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1955)
Week ending January 11, 1935:
Philadelphia....................................
San Francisco............................. *....
Denver .........................................
Total for week ended Jan. 11
Total receipts through January 11, 1955.............
179,645.59 fine ounces)
320,533.53
"
4.184 .00
i
504,363.12
22,215,000.00
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ending January 11, 1935:
Philadelphia ............ .....................
New Y o r k .................... ............ .......
San Francisco.......... ....................... •
Denver................................ *V* V.....
New Orleans ....................................
Seattle.........................................
Total for week ended Jan. 11,1935
Total receipts through January 11, 1935..............
258.600.00 fine ounces
254.867.00
"
"
39,381.00
"
"
1.443.00
n
"
375.00
»
"
1.068.00
"
”
535,734.00
111,907,000.00
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Week ending January 11, 1935:
Philadelphia............ ...........
New York .............. •...........
San F r a n c i s c o ...... ..............
Denver.... ........ .
New Orleans.................... .
Seattle.............................
Total for week ending Jan.11,1935
New
Domesti
____ Imports— -------- Secondary
319,868.33 $
598,900.00
14,741,100.00
100,428.78 1,014,3
573,774.22
53,772.00
576,1
55,107.00
45,336.72
2,665.48
40.581.58
£5J
.--- ~ '■ -— — —
$1,158,887.41 $1,617,1
$15,372,646.70
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER'S o m CE:
(Under Secretary's Order of December 28, 1933)
NOTE:
773,, 510 .,00
<H»
Gold bars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported.
, 233 ,, 940 .
o
o
ro
.00
12 ;
1 ,, 953 ,, 600,.00
.00
1 1 ;, 965 ,
o
258.806.00
258.806.00
, 460 ,, 430 .,00
o
o
b
$
OD
O
Received by Treasurer's Office:
Week ended January 9, 1935......
Received previously••••••••»•*•••
Total to January 9, 1935........
Gold Coin
42,340.85
29.691.467.84
$29,733,808.69
$
H
CD
Received by Federal Reserve Banks:
Week ended January 9, 1935......
Received previously............ .
Total to January 9, 1935.........
TREASURY DEPARTMENT
Washington
MEMORANDUM EOR THE PRESS
January 14, 1935,
RECEIPTS OF SILVER BY THE. MINTS AND ASSAY OFF'fcES:
(Under Executive Proclamation of December 21, 1933)
Week ending January 11, 1935:
.Philadelphia.... .................,.
San Erancisco...... ...............
Denver.....................
Total for week ended Jan.11.......
Total receipts through January 11, 1935
179,645.59 fine ounces
320,533.53
M
"
4,184.00
n
»
504,363.12
"
"
22,215,000.00
"
u
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
T/eek ended January 11, 1935: '
Philadelphia.........*...*......
238,600.00 fine ounces
New York ........... ........
254,867.00
,r
"
San Francisco..... **..»....*...***■.... .
39,381.00
11
11
Denver..
..... ....... .
1,443.00
n
M
New Orleans...... .....................................375.00
11
tt
Seattle,.................. ............... ....
1,068.00
"
"
Total for week ended Jan. 11, 1935#..*............... 535,734.00
1
M
Total receiptsthrough January 11, 1935............. 111,907,000.00
11
11
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Week ending January 1 1 , 1935: •
Philadelphia.
New York ......................
San Francisco....... .
Denver......................
New Orleans; ............. .
Seattle .*...........
Total for week ending Jan. 11
Imports
14,741,100.00
573,774.22
55,107.00
2,665.48
1935.V $15,372,646.70
New
Secondary
Domestic
$ 319,868.33 $
136.92
598,900.00
— ■
—
100,428.78 1,014,353.11
53,772.00
576,797.00
45,336.72
547.56
40,581.58
25,942.00
$1,158,887.41 $1,617,776.59
ftiMjE^IVED BY FEDERAL RESERVE BANKS AND THE TREASURER1S OFFICE:
(Under Secretary1s Order of December 28, 1933)
Received by Federa,l Reserve Banks:
Week ended January 9 , 1935.... .
Received previ ously...............****...
Total to January 9 , 1935...*......*.... .
Received by Treasurer^ Office:
Week^ ended January 9 , 1 9 3 5 . *
Received previously.........,...........
Total to January 9 , 1935....... .........
I0TE.
Gold Coin
42,340.85
29,691,467.84
$29,733,808.69’
$
..Gold, Certificates
"If 773,510.00
80.460.430.00
$81,233,940.00
$
$
258,806.00
258,805.00
G-old bars deposited with the New York Assay Office
to the amount of $200,572.69 previoiisly reported.
1 2 ,200.00
1 r953.600.00,
$ 1,065,800.00
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, January 15. 1935,______
1-14-35.
Press Service
No, 4-14.
Secretary of the Treasury Morgenthau announced last evening that the tenders
for $75,000,000, or thereabouts, of 182-day Treasury hills, dated January 16,
1S35, and maturing July 17, 1935, which were offered on Janus,ry 11, were opened
at the Federal reserve hanks on January 14, 1935*
The total amount applied for was $142,359,000, of which $75,079,000 was
accepted.
The accepted bids ranged in price from 99.960, equivalent to a rate of
about 0.08 percent per annum, to 99*914, equivalent to a rate of about 0.17
percent per annum, on a bank discount basis.
the latter price was accepted.
Only part of the amount bid for at
The average price of Treasury bills to be issued
is 99.926 and the average rate is about 0.15 percent per annum on >a bank discount
basis.
TREASURY DEPARTMENT
Washington
EOR IMEDIATE RELEASE,
Tuesday, January 15, 1935.
Press Service
No. 4-15
Market purchases of Government securities for Treasury investment
accounts for the calendar month of December, 1934, amounted to $1,200,
Secretary Morgenthau announced today.
TREASURY DEPARTMENT
Washington
POR IMMEDIATE RELEASE,
Wednesday, January 16, 1935.
Press Service
No. 4-16
During the month of December, 1334, 126 cases involving the failure
of passengers to declare merchandise acquired abroad and brought into
this country in violation of Section 497 of the Tariff Act were reported
to the Bureau of Customs, it was announced by the Treasury Department
today.
The total civil liability involved was $19,493.62*
The forfeiture*
value of the merchandise seized was $9,746.81 and the personal penalties
involved a like amount.
These figures include only the cases which were reported to the
Bureau during December and do not include those cases which may have
arisen in the field service during the month, but not yet reported.
LIQUOR SEIZURES FOR VIOLATIONS OF CUSTOMS LAIS
November and December, 1934
•
:
Gal lone Seized
5 No. of ; D istilled :
s
s Liquor : Liquors :
s
;Seizures2 and Wittes : Beer 2 Alcohol
t
Boats
s
:
; No.
Value
2 Automobile
♦
♦
| Mo.
Talus!
24
28
#4,252
6,4
2
50
4
2
1,975
555
customs service:
November
December
390
479
1,550
2,345
3
359
7,398
39,451
3
4
#1,000
15,235
@25
1
3,000
COAST GUARD
November
December
5
IMMIGRATION
November
December
13
10
62
81
8
3
13
29
-
1,770
5
TOTAL SEIZURES - Nov. 411
1,625
______________
Dec. 497______ 2,255
3
359
9,188
40,287
OTHER FEDERAL AND
LOCAL OFFICERS
November
December
20
6
* -
3
5
1,000
13.235
30
30
6,277
6.973
BT GEOGRAPHIC REGIONS
CANADIAN BORDER
November
December
5,000
2
4
90
1,326
1
3,000
18
18
1,762
1,998
1
3
200
10,235
8
4
4,100
1,925
*
am
1
4
275
1,725
-
-
am
600
1
•
16
13
16
-
357
71
3,613
MEXICAN BORDER
November
December
255
337
331
901
130
455
am
1
ATLANTIC COAST
November
December
38
95
510
814
«*
7,926
36,217
GULF COAST
November
December
17
15
296
476
3
1
521
*»
PACIFIC COAST
November
December
24
37
72
64
-
2
O W
DISTRICTS
November
December
11
-
398
-
am
540
2
«•
mg
m
m
1
•»
•
0
50
During the month of December 497 seizures of liquor were
made for the violation of Customs laws, It was announced by
the Bureau of Customs today•
This was a larger number of seizures than was reported
for any of the preceding months and comperes with 411 seizures
in Move®bar and 454. for October*
December seizures included
2,255 gallons of distilled liquor and wines, 359 gallons of
beer and 40,287 gallons of alcohol*
This compares with 1,625
gallons of distilled liquor and wines and 9,188 gallons of
alcohol seized during the previous month. The quantity of beer
end of alcohol seized was considerably larger than during any
previous month since Repeal*
More than 33,000 gallons of
alcohol represent one seizure made at New York*
Five boats valued at #18,235 and 30 automobiles valued at
#6,973 were seized during December for the transportation of
liquor, as compered with 3 boats valued at t1,000 and 30 auto
mobiles valued at #6,277 during the previous month*
The following table shows the number of seizures, the
number of gallons of beverages seized
m d the number and value
of seized vehicles for the months of November and December,
classed according to the various Ooveraraentel agencies which
made the seizures and according to the geographicel regions
where the seizures were made
LIQUOR SEIZURES FOR VIOLATIONS OF CUSTOMS LAWS
November and December, 1934
•
•
Gallons Seized
: No* of : Distilled :
•
: Liquor : Liquors :
•
:Seizures: and Wines ; Beer : Alcohol
CUSTOMS SERVICE
November
December
390
479
1,550
2,145
Boats
.No•
Value : No.
.Value
3
359
7,398
39,451
3
4
#1,000
15,235
24
28
'<r
-
825
1
3,000
-
2
-
50
-
4
2
1,975
535 * 1
COAST GUARD
November
December
5
* IMMIGRATION
November
December
13
10
* 62
81
-
20
6
-
#
-* 8
3
13
29
-
1,770
5
m
TOTAL SEIZURES - Nov. 411
Dec. 497
1,625
2,255
3
359
9,188
40,287
3
5
OTHER FEDERAL AND
LOCAL OFFICERS ^
November
December
: Automob iles*
1¥
1,000
18,235
30
30
#4,252
6,438
*
6,277
6,973 ,
BY. GEOGRAPHIC REGIONS
CANADIAN BORDER
November
December
16
13
« »
•
16
gm
357
71
3,613
1
5,000
2
4
90
1,325
1
130
455
1
3,000
18
18
1,762
1,998
1
3
200
10,235
8
4
4,100
1,925
1
4.
275
1,725
MEXICAN BORDER
November
December
255
337
ATLANTIC COAST
November
December
88
95
510
814
-
7,926
36,217
GULF COAST
November
December
17
15
298
476
3
1
521
-
-
PACIFIC COAST
November
December
24
37
72
64
•
2
•
mm
11
398
540
2
800
OTHER DISTRICTS
November
December
331
901
-
c
mm
m
-
1
a»
. *
50
1
#
3*
During the month of December 497 seizures of liquor were
made for the violation of Customs lavs, it was announced by
the Bureau of Customs today.
This was a larger number of seizures than was reported
for any of the preceding months and compares with 411 seizures
in November and 434 for October.
December seizures included
2,255 gallons of distilled liquor and wines, 359 gallons of
beer and 40,287 gallons of alcohol.
This compares with 1,§25
gallons of distilled liquor and wines and 9,188 gallons of
alcohol seized during the previous month.
The quantity of beer
and of alcohol seized was considerably larger than during any
previous month since Bepeal.
More than 33,000 gallons of
alcohol represent one seizure made at New York.
Five boats valued at #18,235 and 30 automobiles valued at
#6,973 were seized during December for the transportation of
liquor, as compared with 3 boats valued at #1,000 and 30 auto
mobiles valued at #6,277 during the previous month.
The following table shows the number of seizures, the
number of gallons of beverages seized and the number and value
of seized vehicles for the months of November and December,
classed according to the vail ous Governmental agencies which
made the seizures and according to the geographical regions
where the seizures were made.
- 1 -
OFFICE OF THE COMMISSIONER OF CUSTOMS
Sta
J A N 1 5 1935
TO MR. GASTON
FROM THE COMMISSIONER OF CUSTOMS:
(Through Assistant Secretary Gibbons)
There is transmitted herewith a statement showing data
regarding liquor seizures during the month of December, 1934,
Inclosure N o . 5168
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday. January 17, 1935«_____
1-16-35.
Press Service
4“!’?'
During the month of Decemher, 497 seizures of liquor were made for the
violation of Customs laws, it was announced "by the Bureau of Customs today?
This was a larger number of seizures than was reported for any of the
preceding months and compares with 411 seizures in November and 434 for October.
December seizures included 2,255 gallons of distilled liquor and wines, 359
gallons of beer and 40,287 gallons of alcohol.
This compares with 1,625 gallons
of distilled liquor and wines and 9,188 gallons of alcohol seized during the pre
vious month.
The quantity of beer and of alcohol seized was considerably larger
than during any previous month since Repeal.
More than 33,000 gallons of alcohol
represent one seizure made at New York.
Five boats valued at $18,235 and 30 automobiles valued at $6,973 were
seized during December for the transportation of liquor, as compared with 3 boats
valued at $1,000 and 30 automobiles valued at $6,277 during the previous month.
The following table shows the number of seizures, the number of gallons of
beverages seized and the number and value of seized vehicles for the months of
November and December, classed according to the various Governmental agencies
which made the seizures and according to the geographical regions where the
seizures were made
LIQUOR SEIZURES POE VIOLATIONS OP CUSTOMS LAWS
November and December, 1334
J(►>------- ■
---- -
jDistill edl
No. of jLiquors t
Liquor j and
l
Seizure sj Wines
jBeer
CUSTOMS SERVICE
November
December
390
479
1,550
2,145
|
i
iAlcohol : No.
7,398
39,451
3
4
-
825
1
3
359
COAST GUARD
November
December
—
5
IMMIGRATION
November
December
13
10
62
81
—
-
20
6
#*
-
8
3
13
29
-
1,770
5
—
OTHER FEDERAL AND
LOCAL OFFICERS
November
December
Automobiles
B'Dats
Gallons Seized
Value
$ 1 ,0 0 0
15,235
3,000
m
-
5 No.
Value
24
28
$4,252
6,438
M
—
2
—
—
4
2
1,975
535
50
BY G ’OGELiPEIC REGIOT S
TOTAL SEIZURES Nov.
Dec.
411
497
1,625
2.255
3
359
9,188
40.287
3
5
1 ,0 0 0
18,235
30
30
6,277
_6^73_
CANADIAN BORDER
November
December
16
13
16
-
—
357
71
3,613
—
1
5,000
2
4
90
1,325
MEXICAN BORDER
November
December
255
337
331
901
—
1
130
455
1
3,000
18
18
1,762
1,998
ATLANTIC COAST
November
December
88
95
510
814
—
-
7,926
36,217
1
3
200
10,235
8
4
4,100
1,925
GULP COAST
November
December
17
15
298
476
3
1
-
1
4
275
1,725
PACIFIC COAST
November
December
24
37
72
64
-*
2
-
—
—
—
11
398
—
540
2
—
OTHER DISTRICTS
November
December
521
***
800
1
-
50
from New Y ork City
« W l o p e r»il*a
* r*,oa an xmknamn a&raem
* * * *•
deposited in th e
♦*>«
* ** * “ *
TTmmwy on account ctf*
*a3 notbiafr enclosed with ________
* «• "
°°naoience.»
With the remittance to i d e n t i c ♦ „
th e sender.
'There
TKMBUKr W H T W r
Washington
January 17, 1955
iMMiiroa fos fHi
peiss,
fh© Secretary of the fre&sury has received, in an envelope
sailed from
$ m
torte.
City, from an unknown person, the sum of
$68,75 which has been deposited in the treasury on account of
%©ns©i©ne©**
there m i nothing enclosed vith the remittance
to identify the sender*
mmm
So
December
1934
MEMORANDUM TO:
Mr* H* E# Gaston, Assistant to the Secretary
PROM:
Forbes Watson, Section of Painting and Sculpture
SUBJECT:
Mural and sculpture proposed for the Post
Office Building, District of Columbia
I am enclosing a release on the sculpture and mural
painting for the Washington Post Office so that you may have it when
the President approves of carrying out this work, and when Secretary
Morgenthau also approves it*
Subject to your advice, I thought it would be best to
give one release on the Post Office Building and a separate release
/
on the Department of Justice Building*
The $75,000 to be expended in the Justice Building has
been approved, but the preliminary plans of the Section of Painting
and Sculpture are still incomplete#
Whereas, the preliminary plans
for the Post Office Building are ready to be announced as soon as
they receive President Roosevelt*s and Secretary Morgenthau*s approval*
a
6
XICU^-—
ft-
ujs
CL
X.XLJ
'
•
/
v y
Post Office Building Competition.__ 3
upon*
The Advisory Committee has been so planned geographically
that it includes members familiar with the work of the leading art
ists of all regions of the country.
After acting upon the decoratior
of the Post Office Building and upon those for the Department of Jus
ice Building in Washington, ijregj this particular advisory committee
will be dissolved. Newly formed advisory committees will be invited
to assist \he Section of Painting and Sculpture in carrying out othe:
i
National andfLocal painting and sculpture projects. By forming new
I
committees to advise on the requirements of each undertaking, it is
believed that the specific problems of each project can best be solw
Bor the Post Office Building thefgenera.1 subject matter to
be treated by the painters and sculptors is the History of the Post
beginning in the days when the Colonists first received their mail
from England
11 in a reputable tavern5’ and coming down to the days o
express trains , steamships and airplanes.
•*—
-anfloivnt of flra.matj.ft m
. "
T-ue p u
"^iLsuvf**
a
t
! ^riir°n'1'- •>^
•C--
o
pn i p n & a
im
■the1
nff
Knr>
nnnnt^
liritri* pin ynri.an iTrrnojaArfW
1,1 .....
part in the development o F tbQ PQr,TH
Andrew Hamilton, William Pern
Benjamin Eranklin, Abraham Lincoln -"who carried the Post Office in
his hat 55- and Samuel Osgood, first Postmaster General uaiyoff- the
c
United States Post Office.
4
Pnct. n f f i n.p. " R u i l d i n e C o r a o e t i o n
ee will probably "be as Iced to enter a limited competition.
The
designs that will result from this competition will he decided
upon hy an Executive Committee made up from the main committee,
in collaboration with the Section of Painting and Sculpture.
Initurn this decision will he submitted to Mr. Louis
A. Simon,
Supervising Architect,
to Pear Admiral C.J.Peoples,
Director of the Procurement Division and to Henry
j r t , Secretary of the Treasury.
Morgenthau
Three months after their ap
proval the appointed artists will be expected to send in their
sketches, done on a quarter scale, to the office of W e
Section
of Painting and Sculpture. These designs will be examined by thj
Advisory Committee and the Pine Arts Commission in joint sessioi
The Advisory Committee is composed of the architects
of the Post Office, Messrs Delano and Aldrich,
Post Master
General James A. Parley ( ex-officio) and a group of directors
of various museums, foundations,
commissions and societies whos
professional work brings them into close familiarity with the a
ists and the art of the country as a whole.
dividual members of the committee,
The names of the i
other than the architects an
the Post Master General are yuipoooIff withheld until after the
1
•.invited competition has been completed.
ggjjjgppr* y^Ll competing artists
designs
requested to submit unsigned
:b-Q accompanied «wi^f letters giving tne naE1|
of the artist and the identification of his design.
The let
ters will not be opened until after the designs have been voted
noMP:
'm
po
!
TDAT TIT*TJktn AWT>
T)W T?.01
\TC
l*p ffiSIT BT|l£&2»
d:
•'Tl T IT TO T
W-i. U ~ i
►
,T
-fc. J-*
0] ’^ATTTiwraT A
r~~i
Secretary SssSSpy^JIJ^liOrgenthaUijji^^jP** announced to—day th&t
a plan to embellish the main Post Office in Washington, D.C. with
murals and sculpture has been approved by President Roosevelt,
The proposal calls for an expenditure of $95, 123, 5<, and will b
executed by ten sculptors and fourteen painters.
This is the
first National project to be developed by the Seption of fainting
jvj?
and Sculpture of the Procurement Division of the Department of te
The twenty-four artists to be employed will be selected
by means of an invited competition. An advisory committee to the
Section of Painting and Sculpture has been formed to assist in
choosing the artists who will create the murals and the sculpture
for the Post Office building.
It will also advise upon the sub
ject-matter and designs of the murals and upon the material and
subjects of the sculpture.
Each member of the committee will be asked, without
communicating with any other member of the committee, to submit
a list of the twenty men and women whom he considers to be the
leading American artists. These submitted lists will be compared
with the lists already filed by the Section of Painting and Scul
ture.
Prom the combined lists the artists to do the work will
be chosen.
If there is any general unanimity among the committee
as to the best artists to be appointed the artists will be ap
pointed without competition. Those painters and sculptors about
whom there is no general unanimity of opinion among the comruitt-
TREASURY DEPARTMENT
Washington
POR IMMEDIATE RELEASE,
Thursday, January 17, 1935*
Press Service
No. 4-18
Secretary Morgenthau announced today that a plan to embellish the main
Post Office in Washington, D.C. with murals and sculpture has been approved by
President Roosevelt.
The proposal calls for an expenditure of $95,128.52 and
will be executed by ten sculptors and fourteen painters.
This is the first
national project to be developed by the Section of Painting and Sculpture of the
Procurement Division of the Treasury Department.
Tho twenty-four artists to be employed will be selected by means of an
invited competition.
An advisory committee to the Section of Painting and
Sculpture has been formed to assist in choosing the artists who will create the
murals and the sculpture for the Post Office building.
It will also advise upon
the subject-matter and designs of the murals and upon the material and subjects
of the sculpture.
Each member of the committee will be asked, without communicating with any
other member of the committee, to submit a list of the twenty men and women
whom he considers to be the leading American artists.
These submitted lists will
be compared with the lists already filed by the Section of Painting and Sculpture.
Prom the combined lists the artists to do the work will be chosen.
If there is any general ■’
unanimity among the committee as to the best
artists to be appointed the artists will be appointed without competition. Those
painters and sculptors about whom there is no general unanimity of opinion among
the committee will probably be asked to enter a limited competition.
The
designs that will result from this competition will be decided upon by an
Executive Committee made up from the mean committee, in collaboration with the
Section of Painting and Sculpture.
In turn this decision will be submitted to Mr. Louis A. Simon, Supervising
Architect, to Rear Admiral C.J. Peoples, Director of the Procurement Division,
and to Henry Morgenthau, Jr., Secretary of the Treasury.
Three months after
their approval the appointed artists will he expected to send in their sketches,
done on a quarter scale, to the office of the Section of Painting and Sculpture.
These designs will he examined hy the Advisory Committee and the Pine Arts
Commission in joint session.
The Advisory Committee is composed of the architects of the Post Office,
Messrs. Delano and Aldrich, Post master General James A. Parley (ex-officio)
and a group of directors of various museums, foundations, commissions and
societies whose professional work brings them into close familiarity with the
artists and the art of the country as a whole.
The names of the individual
members of the committee, other than the architects and the Post master General,
are withheld until after the invited competition has been completed.
All competing artists will be requested to submit unsigned designs accompan
ied by letters giving the name of the artist and the identification of his
design.
The letters will not be opened until after the designs have been voted
upon.
The Advisory Committee has been so planned geographically that it .*'"v
includes members familiar with the work of the leading artists of all regions of
the country.
After acting upon the decorations of the Post Office Building and
upon tnose for the Department of Justice Building in Washington, this particular
advisory committee will be dissolved.
Hewly formed advisory committees will be
invited to assist the Section of Painting and Sculpture in carrying out other
national and local painting and sculpture projects.
By forming new committees
to advise on the requirements of each undertaking it is believed that the
specific problems of each project can best be solved.
Por the Post Office Building the general subject matter to be treated by
the painters and sculptors is the History of the Post beginning in the days when
3the Colonists first received their mail from England "in a, reputable tavern"
and coming down to the days of express trains, steamships and airplanes*
Eminent men who have played an important part in the dramatic history of the
development of the postal service in America include: Andrew Hamilton, William
Penn, Benjamin Franklin, Ahraham Lincoln - "who carried the Post Office in his
hat" -.and Samuel Osgood, first Postmaster General of the United States Post
Office*
'TREASURY DERARTICTT
waseibgtoh
Following is the text of an address to be delivered Friday
morning, January IS, 1935* to the Conference of State Liquor Control
Administrators at Chicago, Illinois, by Arthur J. Mellott, Deputy Com
missioner of Internal Revenue, in Charge of the Alcohol Tax Unit, United
States Treasury Department:
Mr. Chairman., Members of the Conference, Ladies and Gentlemen:
It was a pleasure to meet with
yon
last year and participate
in your deliberations as you perfected your organization.
It was kind
of you to invite me to be present again and discuss with you our mutual
interests from the Federal standpoint.
I assure you the honor and your kind
ness are deeply appreciated.
The subject which I shall discuss briefly is "Problems of the
Federal Government Following Repeal, and How They Are Being Solved".
Your work, as State Liquor Control Administrators, is quite
similar to ours as agents of the Treasury Department.
We are
all charged primarily with the responsibility of regulating the liquor
traffic, to the dual end that our governments may secure their revenue,
and that those who use liquor may purchase a legal product, honestly
labeled.
Your purpose is to secure revenue for your individual common
wealths by seeing that your laws relative to taxation and licensing are
complied with.
You probably have the further purpose of administering
the system of distribution to the public so as to prevent social abuses.
In the Treasury Department our purpose is to supervise the manufacture,
sale and distribution of liquor, with, particular reference to the Federal
revenue, and to combat the illicit operators who deprive both the Federal
Government and the various States of their revenue.
Page #2
Following repeal of the lSth Amendment, the Federal Government
created the unit which I have the honor to head, centralizing all super
vision of the liquor traffic from the standpoint of Revenue, in the Treasury
Department.
The personnel of the unit consists at present of approximately
4 ,0 0 0 , about 2 / 3 of which is engaged in supervising the legitimate industry
and 1/3 in enforcement activities.
The first group, composed largely of
storekeeper—gaugers and inspectors, assisted "by a substantial group of
supervisors, auditors, and clerks, regulates production, manufacture and
distribution in aetail.
Every legally manufactured gallon is tested, weighed-,
marked and branded by a government officer, and complete record is kept so
that when it is withdrawn for consumption, the tax due may be collected.
Methods of manufacture are prescribed, to the end that the spirits or bever
ages- are produced with proper sanitary safeguards.
had marked assistance from the States.
In this we have always
Some members of the industry at
times have complained of the restrictions placed upon them by the State or
Federal governments, but in my opinion there can be little, if any, relax
ing along that line.
It is highly important, and certainly proper, for
government, both State and National to regulate strictly any industry supply
ing an article for human consumption, wholly aside from the revenue involved.
Although the work of supervising the legal industry requires a
force of approximately 2 ,6 0 0 men and women and does involve endless detail,
the difficulties surrounding the task are comparatively few and easy of
solution.
In general, substantial investment has been made in plant equip
ment, licenses and goodwill, and the responsible heads hesitato to do any
thing which will jeopardize that investment.
There is therefore comparatively
Page #:
little deliberate effort made to deprive the government of its revenue
by members of the legal industry.
There are, of course, exceptional cases,
but the possibility of withdrawal of the permit to operate, or confiscation
of the property, serves as a substantial deterrent, so deliberate cheating
by the legal industry has become almost n^n-existent.
While the legal industry as a whole is inclined to be law-abiding,
if for no other reason than an economic one, our task rf supervising it
is tremendous.
The aero VISITING of the various distilleries, breweries
and rectifying plants, to say nothing of the wholesale and retail liquor
dea.lers, is in itself quite a chore.
When you know that we not only have
to do this visiting and inspecting, but also have to keep a complete
record of every gallon made, its location, the quantity going into bond,
the taxpaid withdrawals, the collection of approximately $1 ,0 0 0 ,0 0 0 a day
in taxes, you get a fairly good conception of this] phase of the activities
of your Alcohol Tax Unit.
But supervising the legal industry and receiving from willing
and law-cabiding citizens the taxes due from them is not the whole duty of
this uni'b.
It must also aid,j or aft-en take the lead, in confbating our
mutual enemy, the bootlegger.
There are no
an impose ible task.
doubt well-meaning citizens who state that this is
Some saiy, ”The bootlegger cannot b e ’licked1.1’
say, 11He can be and he IS bed’ng ’lieked'.n
a little furtlier♦
I
Let us poor s'ue this subjtset
If tuere are thos e among you. who Gif:fer from me iIn the
ul tirnate conclusion reached, and the re. no doubt wi11 be j iXv AAa P b
*u.ii.CL0 rg i^su.4.ding -.nay ocme from a. frank discussion of the S'abject.
better
Page #4
Pew people realise how deeply entrenched and well-fortified we
found this enemy when we "began our campaign against him.
We all know that
during the decade and a half of prohibition there had "been developed the
greatest law-breaking organization and system that the world ever saw.
We know that enforcement of prohibition had progressively become less and
less effective, and that this was ©ne of the factors which brought about
the repeal of the 18th Amendment.
An army of men during prohibition had
not only mastered the details of illegally manufacturing intoxicating
liquor, but also had set up elaborate systems of sale and distribution in
violation of the law.
They had become proficient in evading arrest, by a
system of corruption and bribery.
They were so entrenched and organized
that they were able to evade the consequences of their law-violation, even
after arrest.
I need not recount this experience in detail,
story -- a sad commentary upon our generation.
matically end this traffic.
expected it to do so.
But repeal did not auto
The most sanguine among us could not have
This group of industrial criminals has no more
respect for a revenue act than for a prohibition statute.
converted.
It is a sordid
They must be exterminated.
They canno t be
This, I believe, is being done.
Many have recommended as a material aid, if not a complete
solution, that the Pederal taxes be reduced.
It shall not be rny province
to debate tnis particular question, but we in the Revenue service do not
believe tnat tnis is the solution.
rates in the world.
We already have .one of the lowest tax
Cur rate is .only 1/7 of the English rate of $14.GO
per gallon; 1/3 oi’ the Canadian rate of $7.0G, and 1/3 of most of the
European countries.
It is the view cf many of us that no tax ^eduction
short of the virtual elimination of all Federal and State taxes -would have
any effect at all cn the bootleg problem, and of course no -.one would recommend
Page #5
our going to that length*
Some people argue for a lower tax rate on the ground that it will
increase consumption of distilled liquor.
As a nation we abolished prohibition
because a majority thought it was unworkable.
But as a nation surely we
are not ready to have our G-overnment deliberately adopt a policy which
will increase the consumption of distilled spirits.
That would be contrary
to the experience of all nations and all governments which have wrestled
Y/ith this problem in the past.
The process of extermination may seem slow to many people.
Indeed,
some are prone to paraphrase the expression made famous by the gread showman,
and to state - ”A bootlegger is born every minute, but only one in twenty
dies".
This, of course, is too pessimistic a view to take.
While no
evernight miracle has taken place, distinct progress has been made*
The
courts, both State and Federal, the enforcement officers and the public in
general are taking a different attitude,
being shown.
ho longer is a maudlin sympathy
Convictions and appropriate sentences are becoming the rule
instead of the exception.
This is having a very good effect and my hat is
off to all who are responsible.
But, you say, does not the number of seizures made indicate that
there are substantial numbers violating the law?
Are they not collectively
depriving the governments, State and national, ox millions of dollars?
but is it as bad as some would have you believe?
Yes,
Let us see.
Under prohibition, we had no means for estimating the exact amount
of liquor being manufactured, smuggled in or consumed*
Guesses were made,
as varied as the coimolexions of the statisticians or the methods pursued by
them •
Today, however, we have much better means of establishing the true
Page # 6 .
situation •
We know from revenue receipts as well as from sales data that
it is daily being made more difficult for the illicit producer to
operate.
The line tracing tax payments on distilled spirits shows a steady
increase from the early part of this year onward.
Let me give you the
approximate figures in gallons:
Aoril
May
June
July
-
August
September
October
November
3,82^,000
3,929,000
3*953,000
4,l'1-1,000
December
~
~
-
H,9 3 7 ,0 0 0
6 ,2 3 1 ,0 0 0
8 ,2 5 7 ,0 0 0
8 ,^0 9 ,0 0 0
9*220,000
(The reports for November and December are based upon estimates of domestic
taxpaid withdrawals, as indicated by the sale of stamps, and final figures
may show a slight variation.)
Of course some of the increase in recent months is seasonal, but
we feel strongly that these figures point to the fact that bootlegging on
a grand scale is definitely on the way out.
If that enterprise were the
thriving industry some claim it is, the Federal government would not today
he collecting approximately $1,000,000 a day, and the State governments l/3
of that amount.
Just a word about the number of seizures and arrests.
Still
seizures made since repeal are approximately 1 1 ,0 0 0 and arrests are 2 1 ,0 0 0 #
While these figures, upon first glance, seem large, they represent a decline
of 3 7 i in seizures and 81$ in arrests by comparison with 1 9 3 2 * the last
full year under •orohibition.
The comparison so far as arrests are concerned 9
may not be entirely significant, as it includes those arrested for mere
possession, but as a whole these figures may safely be taken as a reliable
indication that bootlegging and illicit manufachiring are rapidly decreasing
Page #7.
Who is this bootlegger?
We find him belonging.to one of three
classes-- the smuggler, running rum and alcohol manufactured. abroad;
the 11shiner11,, operating a small moonshine out!it in out—o .l-the—v/ay country
places; and the racketeer, usually operating as part of a syndicate in or
close to the tenement sections of our metropolitan areas,
Hie lasu group
is our greatest menace and constitutes our most serious proolem.
Many times
he exists because of bribery and corruption, as an integral part of some
political set-up>.
He is cunning, adroit, and will stop at nothing,
he is
a real public enemy, not only defrauding both his State and federal governments,
but endangering the lives of his customers as well.
Dead rats, mice, filth
and vermin found in his product, diseased attendants to manufacture and
bottle it., are .of little concern to him.
forgery, counterfeiting of State
and federal stamps, bribery of public officers, murder of his competitors
these are his sidelines.
He is an accomplice of the kidnapper and gangster,
if not actually one himself.
one.
He is a real problem; but not an insurmountable
He will go, possibly not as spectacularly as Billinger and floyd, but
just as surely, if all of us keep up the fight.
You may be interested in a few illustrations of tne typical police
activities of our unit.
In a certain Western state a sheriff offered one
of our seasoned investigators a monthly salary to permit the operation ox a
still soon to be installed.
He protected his position as a county official
by promising that the alcohol would all be shipped out of the State.
investigator participated in the plot just long enough to see the still
Hie
Page #8.
in operation and to arrest all hands, including the sheriff.
In an eastern State, suspicion was directed against 19 persons
of unaccountably large incomes.
months.
One had made deposits of $780,000 in 18
Income tax returns had not been filed.
Complete investigation
resulted in the seizure of three illicit distilleries and. the arrest and
ultimate conviction of 40 persons.
As the third seizure was being made.,
one of the conspirators was heard to say --
"It would be better to kill
t h e ___________ Revenuers, rather than suffer this loss".
Such statements as
these are not idle threats, for v/e have had several men killed and others
wounded.
In fact there are now two investigators lying wounded in hospitals.
Along tile eastern seaboard hovered a "rummy" manned with thugs.
Up-to-date equipment had been installed so that the shore station could
send out messages advising when the coast .was clear.
Coast Guard cutters,
working in conjunction with radio technicians of the Alcohol Tax Unit Jkaa
had intercepted a message, accommodatingly left the scene and the "rummy"
was advised to land his cargo.
He was affectionately greeted by investi
gators of the Alcohol Tax Unit, while the Coast Guard cutter moved in
between him and the open sea.
State troopers located a still.
Having notified government raen,
and ascertained that it was manned by two shifts, the raid was so timed that
both shifts, together witn the "Big-shot" 'who was furnishing trnasportation
to and from "work", were all caught,.
An investigator, following a load of molasses suspected of being
intended for illicit manufacture, unv/ittingly foilowed the truck right onto
tne^premises.
He v/as one to seven, but could not retreat.
Drawing his gun,
Pago #9.
he cornered six of them, herded them into the office and »phoned for help.
Many such instances could he given, hut time will not permit.
I wish that there were not another side to this picture, hut you know as
well as I do that now and then in our own group we got baa eggs along with
the good ones.
We have summarily separated from the service several
who did not measure up to the high standard set, and must needs do raore
of it.
But as a whole we have very high type men, and all now employed are
heing required to pass rigid physical, mental and character examinations.
But, independent of the general policing activities, the
Treasury Department is taking other means of combating the bootlegger,
which we believe, will go a long way toward eliminating him.
Liquor is
made from'a certain limited number of commodities such as sugars, syrups,
molasses, corn meal, cider and oak chips.
We are now cnecking on the
producers of these commodities and on the sales which may be suspected of
going into illegal liquor.
We have compiled some very interesting statistics
showing the effectiveness of this program.
These show that still seizures
during recent weeks have decreased in the same proportion that the sales
of some of these commodities have decreased.
During the same period, the
sale of taxpaid liquor has INCREASED in the same proporti on.
Most of the
manufacturers of these commodities have cooperated splendidly and their
assistance in furnishing us correct and reliable information promptly lias
resulted in many seizures being made before production had actually gotten
underway.
Many concrete illustrations could be given but they are all along
the same general line.
Having checked the daily records of the concerns
handling such commodities, and having noted and investigated suspicious
Page #10
sales, we have in many instances made seizure of the very first lot of
alcohol produced.
This is a most effective weapon and the result "being
achieved demonstrate the wisdom of its use.
The last Congress authorized us to regulate the sale of "bottles
and other containers.
It has "been difficult to put this particular
provision of the law into effective operation, due to the fact that most users
of such containers had a substantial supply in stock on the date of the
enactment of the legislation and v/e did not feel that we could consistently
require the producers to suffer the great loss which would necessarily
have resulted had they not been able to use these.
However, the regulations
require that from and after January 1, 1935, with a few exceptions, every
bottle used for packaging distilled spirits will have blown into it a number
designating the maker of the bottle, the maker of the liquor, and a warning
against the re-sale or re-use of the bottle.
This will ultimately make it
difficult for the bootlegger to secure bottles in which to market his
product.
He will have difficulty in selling it in unmarked packages, as
the public will not knowingly use it.
This, we believe, will have a tendency
to make it harder for him to stay in his nefarious business.
We have put red strip stamps around the necks of bottles
containing legal tame-paid liquors. Bottles bearing this stamp are legal as
it indicates that the tax has been paid.
While there has been some
counterfeiting of these stamps, and while at one time they could be secured
with too much ease and freedom, they are now being serially numbered and
their sale carefully recorded.
They can be secured only by a member of
the legal industry, and truly indicate tax-payment of the package on which
they appear.
Page #11.
It was mentioned a moment ago that smuggling is one of our
problems.
In pre-repeal days it was estimated that as m u c h as 20,000,000
gallons of liquor was illegally shipped into this country annually.
Smuggling, however, is no longer a large problem.
Poliowing the creation
of the Alcohol Tax Unit, Secretary Morgenthau gave this particular problem
his personal attention.
He coordinated all of the various departments
dealing in any respect with liquor, throwing into his offensive against
smuggling the Internal Revenue Bureau, the Coast Guard, the Customs Service,
the Itelligence Unit, the Bureau of ITarcotics and the Secret Service
as well as the Alcohol Tax Unit proper.
The cooperation of Canadian and
other foreign authorities has been cheerfully given and it is believed
that smuggling of liquor has been reduced to a level which is all but
negligible,
I have mentioned that revenues have been steadily increasing.
You gentlemen are more familiar with the question of quality and price
than we are in the Treasury Department.
with distribution and sale.
is improving.
Most of you have to do firsthand
I am informed that the quality of legal liquor
I toiow that vast stocks are accumulating in bonded
warehouses for the purpose of mellowing and aging.
high, is going down in many localities.
the present rate of taxation.
the bootlegger.
The price, though still
This has been accomplished under
I do not believe that we need surrender to
Together we can, and I believe we will, "lick" him.,
Y/e all recognize the fact that the manufacture, sale and use of
alcohol as a beverage always has involved, and always will require the
solution of, many related problems.
Most of these are really yours, and
by "trial and error" you are solving t h # % * Perhaps some day we may have
Page #12.
a uniform system of control throughout the States.
undesirable.
Perhaps this is
The method peculiarly adaptable to one State may be found
wholly unworkable in another.
I do not know.
But I do know that you
gentlemen are giving these problems your earnest, honest and capable
attention, and I am sure that success will be yours.
In conclusion, may I bring you a personal message from Secretary
Morgenth.au and Commissioner Eelvering —
splendid cooperation.
they both appreciate your
Your helpfulness has made their task easier, their
accomplishments greater.
They, and all of us in the Treasury Department,
pledge you our cooperation.
We believe that through our united efforts
we can effectively regulate the traffic, eliminate the racketeer, and
re-establish respect for law and order within our states and nation.
I thank you.
ai< $
■
j
f
i
.
^5 >)C sjs
and families in sickness and in health, she serves then in their hrnses,
in health centers, in schools and In industry.
As a health teacher,
scientifically prepared, with an influence and opportunity in the com
munity held by few, she can arouse community interest for constructive
and intelligent action to promote health and prevent disease.
Dr. Winslow will tell what is being done by this splendid group of
citizens, our public health nurses, as visiting nurses, Department of
Health nurses, school nurses, industrial nurses, Red Cross nurses, and
you should be listening to his story rather than mine, over the radio.
Their services in these^dark years cannot be over valued.Governor
Lehman of New York has fittingly said:
"To them, I believe, more than to any other force in our
discouraged world belongs the credit for upholding standards of
health service.
They have been unflinching in their courageous
attach upon disease and suffering.
They have been firm in the
faith that somehow, some day, man#s humanity to man might exceed
his inhumanity."
Let us hope that their faith is soon to be Justified as we move forward to
our joint attack on the tasks ahead.
-
7-
"There is hereby appropriated, from funds in the Treasury not
otherwise appropriated, the sum of f10,000,000 for the fiscal year
ending June SO, 1936, and there is hereby authorised to be appropri
ated for each fiscal year thereafter the sum of 110,000,000 to be
allocated to the Bureau of Public Health Service to be expended as
hereinafter provided,
*
* . e e # e e * e e e * e e e
nFmm the amounts appropriated under this title, the Bureau of
the Public Health Service shall annually allot #8,000,000 to the
several States, in amounts determined on the basis of the need of
each State for such assistance, for the purpose of developing State
health services including the training of personnel for State and
local health work and for the purpose of assisting counties and/or
other political subdivision of the State© in maintaining adequate
public health programs•
Payment of any allotment, or installment
thereof, shall be made only after the Secretary of the Treasury
has made a finding of feet that there is need to m i l
available in such State
* ** *
m *
such money
e # # * # * * * *e
•From the ©Mounts appropriated under this title, #2,000,00!
shall annually be available to the Bureau of the Public Health
Service, for the further investigation of disease and problem©
on sanitation, and related matters#”
Such action is surely a challenge to all citizens, individually
and collectively, to increase private e» efforts and activity, in order
that the maximum progress in building for health may take place.
here
will be so more important role in this coming program than that of the
public health nurse, whether employed by public or private agencies#
ffl&
well say, BMsy her tribe increase•**
-6-
Concerned with individuals
economic status was not materially reduced*
Experts tell us that the
annual wage loss due to illness in families with #2,500 a year income
or less is approximately #900,000,000— almost one billion dollars taken
aw&y from purchasing power, so desperately needing to be increased,
not further lessened*
Tha annual cost of care of four diseases, the
morbidity from which we know how to control, is estimated at #115,000,000.
Obviously these facts reveal not only conditions of human suffering
and wretchedness, but economic wa3ts*
Taxpayers’ money, in the end, will
be conserved by wise and careful expend!tures for prevention of disabling
illness and the dependency whic h so often accompanies it*
As we resolutely face our second challenge, action to meet these
conditions, we can do so fortified by knowledge of sure methods of pro
gress, and by the equally heartening thought that we will go forward with
our efforts, public and private, united*
The long battle to gain nx>rs
adequate recognition of the public responsibility involved in the nation’s
health seeras to be gaining ground.
In submitting the
to Congress, our President said;
"®e pay now for the dreadful consequence of economic inse
curity and dearly*
This plan presents a more equitable and in
finitely less expensive means of meeting these costs*
afford to neglect the plain duty before ua*
We cannot
I strongly recom
mend action to attain the objectives sought in this report*H
The bill accompanying his message provides, as you know, a ten
million dollar appropriation for Public Health*
•5-
Those sections read:
ties throughout the country it would he halved again.
mortality.
So, too, with infant
The death rate of babies has been cut in half in the last quar
ter century, but it could be cut in half again, authorities tell us, if the
'Ht-f
known means of care and prevention could be made more widely a v a i l a b l e J | n
1955 twenty-five states showed no decline in infant mortality.
In progressive communities, since the introduction of modern public
health procedure, one-third of the burden of preventable illness and prema
ture death has been lifted from men, women and children*
But in only 528
out of our 5,000 counties are there full time health services.
Local ap
propriations for public health have been decreased by 20 per cent on the
average since 1950.
The per capita expenditure from tax funds for public
health in 77 cities in 1934 was 58 cents as contrasted with 71 cents in
9
1931.
The general death rate showed a slight decrease at the end of 1935, but
this is not the whole picture.
Letfs break down some death rate figures.
Recent surveys by the United States Public Health Service and the M l b a n k
Memorial Fund, in 10 industrial localities, show that during thd period
1929—1952 the death rate in families with no employed members or part-time
wage earners increased 20 per cent, while in those families which had full
time wage earners it declined.
Data for 1954 are not yet complete, but
for the first half of 1934 the gross mortality rate in cities of 100,000
population and over is reported to be appreciably higher then in the same
period of 1933.
The survey of the 10 localities just referred to showed that the fami
lies which had suffered the most severe decline in income during the period
1929-1932 had a disabling sickness rate over 50% higher than those whose
over the radio*
Others of us bars faced tbs extent and the threat of
mounting unemployment, of foreclosed farms and homes, of dosed factories,
mines and workshops,
But you who as nurses, Public Health officers, di
rectors and members of vitally important private organisations for pub
lic health, have been these mass statistics translated in terms of indivi
dual suffering, permanent physical and mental breakdown, and even death—
you can tell as no one els© the black story of the depression in terms
of under-nourished, sickly children deprived of all that it is a child’s
right to have; in terms of fathers and mothers crushed under the unbearable
strain of insecurity and want*
Ho report, I venture to say, is ever read
by you/giving mass data as to increasing death rates and sickness rates
among these groups of citizens most seriously affected by the depression,
that you do not Instantly see before you the dreary families whose health
you can do but little to safeguard against the odds of stark poverty*
The Public Health group is Justified in having a special sense of the
needlessness of much of our human waste because facts in the health field
show what extraordinary results can be achieved in conserving human health
and life.
The
mimmmMmtmy achievements of research, the discoveries of
medical science and their application to the prevention and treatment of
diseases, are perhaps our most dramatic and valued developments of modern
times*
There has been a decline in our general death rate, our span of
life has Increased, and the toll taken by preventable disease has been de
creased.
The frightful scourges which swept away large groups of our popu
lation at intervals in past years, are, we are told, substantially con
quered.
Since 1900 the death rate from tuberculosis has been reduced by 60
per cent.
But leading experts tell us that with adequate health faeili-
ia coRnmnity retardation*
Yet it is a oomson human trait to escape from
the unpleasant and to forget dark and tragic conditions at the first faint
signs of encouragement•
We must, therefore, sternly hold ouraelves and
others to a continuing recognition of the widespread and disastrous con
sequences of economic insecurity, even as we take up the second, more
pleasant hut equally exacting challenge to constructive action through ways
now opening to us.
And this action must bring both recovery and reform;
meet immediate needs and lay the ground for long-time, ever-growing social
progress.
As we eagerly start toward new trails being biased toward our goal of
human security, we naturally look for the one marked "fork Program" or
"Home Building" or "Public Health" or "Chili Welfare*, according to the
particular field ia which we have in the past functioned.
One of the les
sons we have all learned, or should have learned, out of our coming to
grips with unprecedented human denials and suffering these recent years,
is how completely interwoven and interdependent our various responsibili
ties in changing the old order are.
W e ’ve long talked about our age of
specialization— the field of education, of industry; the field of child
welfare, of health— and now w© realize that our various fields are but
small lots, separated from each other only by imaginary lines, in on® great
general field where we must do joint battle for our common cause, security
for all human beings.
Under our President’s masterly conception of a re
lated program we can go forward together, public ahd private forces, pool
ing our special interests and knowledge and drawing strength for each
part of our program from each other.
Bo one, perhaps, so accurately visualizes the interdependence of the
various phases of our security program
as you of the public health move
ment who are here today, in person, and you who are equally here in spirit
- 2-
PUBLIC HEALTH CBALLSNG^S TODAY
Address by Josephine Hoche
Assistant Secretary of the Treasury
At a Meeting of the National Organisation for Public Health Nurs
ing in New York City on Jan. 21,1935.
Last Thursday cam# the eagerly awaited security message from our
President, and with it the bill outlining concrete proposals to help
meet the human welfare goals which our people hare long visioned and
which his leadership gives us hope of actually attaining.
Security of livelihood, of homes, and against major hazards such
as illness, these goals are but a restatement in modern terms of the ob
ject and purpose for which our country was founded and for which pro
gressive spirited men and women have worked and fought through all our
history.
faate, however, rather than conservation of our human and economic
resources has been the force which has dominated our society in recent
years.
Today we are confronted by a double challenge $ our national losses
and breakdown,resultlag from the growing inequalities and insecurity of
the past decade, have thrust themselves upon the attention of even the
most indifferent and will not be longer denied,
fe are challenged first
to face these facts fully, to realize what we have permitted to develop
in our democracy.
This challenge, it would seem, has been met.
It is
difficult to believe that there are any who do not know the toll which
has been taken in human suffering, in mental and physical disability,
TREASURY DEPARTMENT
Washington
FOR RELEASE
Monday, Jan u ary L I , 1955
Press Service
1?O m 5 •*
Following is the text of an address to be delivered Monday,
January 21, 1935, at 1:30 P.M., at the luncheon of the National
Organization for Public Health Nursing, Park Lane Hotel, New York,
FOR RELEASE
Press Service
Monday. January 21, 1955
No. 5 - fct
1-19-35
Following is the text of an address to be delivered by
Miss Josephine Roche, Assistant Secretary of the Treasury, on
Monday, January 21, 1935, at 1:30 P.M., at the luncheon of the
National Organization for Public Health Nursing, Park Lane Hotel.
New York, on the topic ’’National Health Challenges Today.”
4
n
~ _ D
r *
L I J
♦
*
I
n
»i
i »
^ ,
is released for publication without further notice after delivery. \
U^u/kS
TREASURY DEPARTMENT
Washington
wntJ TjfnTvacstj1
Press Service
FOR BELLAS ,
**£ 4k L9
Monday. January
31
k ,
i9 3 o .
1-19-35.
Following is the text of an address to he delivered hy Hiss Josephine Roche,
Assistant Secretary of the Treasury, on Monday, January 21, 1935, at 1.30 P.M.,
at the luncheon of the National Organization for Public Health Nursing, <
Hotel, New Fork, on the topic "National Health Challenges Today.
Tne j t t r w i
will he broadcast hy the National Broadcasting System.
It is released foi puhlication without further notice upon delivery*
last Thursday came the eagerly awaited security message from our President,
and with it the bill outlining concrete proposals to help meet the human welfare
goals which our people have long visioned and which his leadership gives us hope
of actually attaining*
Security of livelihood, t? homes, and against major hazards such as illness,
these goals are but a restatement in m o d e m terns of the object and purpose for
which our country was founded and for which progressive spirited men and women
have worked and fought through all our history*
Waste* however, rather than conservation of our human and economic resources
has been the force which has dominated our society in recent yeais.
Today we are
confronted by a double challenge; our national losses and breakdown, resulting
from the growing inequalities and insecurity of the past decade, have thrust
themselves upon the attention of even the most indifferent and will not be longer
denied.
We are challenged first to face these facts fully, to realize what we
have permitted to develop in our democracy.
been met.
This challenge, it would seem, has
It is difficult to believe that there are any who do not know the till
which has been taken in human suffering, in mental and physical disability, in
cimmunity retardation.
Yet it is a common human trait to escape from the
unpleasant and to forget dark and tragic conditions at the first faint signs if
encouragement.
We must, therefore, sternly hold ourselves ana others to a
continuing recognition of the widespread and disastrous consequences of economic
insecurity, even as we take up the second, more pleasant but equally exacting
-
2-
challenge to constructive action through ways K0r opening to us.
And this action
must bring both recovery and reform; meet immediate needs and lay the ground for
long-time, ever-growing social progress*
As we eagerly start toward new trails being biased toward our goal of human
security, we nafriraliy look for the one marked ■TTork Program” or ttHoxne Building”
or 11Public Health” or wChild Welfare” , according to the particular field in which
we hove in the past functioned.
One of the lessons wo have all Iparned, or should
have learned, out »f our coming to grips with unprecedented human denials and
suffering these recent years, is how completely interwoven and interdependent our
various responsibilities in changing the old order are.
W e ’ve long talked about
our age of specialization— *the field of education, of industry; the field of child
welfare, of health-— and now we realize that our various fields are but small lots,
separated from each other only by imaginary lines, in one great general field
where we must do joint battle for our common cause, security for all human beings*
Under our President’s masterly conception of a related program we can go forward
together, public and private forces, pooling our special interests and knowledge
and drawing strength for each part of our program from each other*
No one, perhaps, so accurately visualizes the interdependence of the various
phases of our security program as you of the public health movement who are here
today, in person, and you who are equally here in spirit over the radio*
Others
of us haye faced the extent and the threat of mounting unempl oyment, of fore
closed farms and homes, of closed factories, mines and workshops..
But you who
as nurses, Public Health officers, directors and members of vitally important
private organizations for public health, have seen these mass statistics
translated in terms of individual suffering, permanent physical and mental break
down, and even death— you can tell as no one else the black story of the depres
sion in terms of under-nourished, sickly children deprived *f all that it is a
child*s right to have; in terms of jathers and mothers crushed under tho unbearable
strain of insecurity and want.
No report, I venture to say, is ever read by you
-3giving mas 3 data as to increasing death rates and sickness rates among these
groups of citizens most seriously affected "by the depression, that you do not
instantly see before you the dreary families vrhose health you can lo hut little
to safeguard against the odds of stark poverty*
The Public Health group is justified in having a special sense of the
needlessness of much of our human waste because facts in the healta field show
what extraordinary results can be achieved in conserving human health and life*
The achievements of research, the discoveries of medical science ano. their
application to the prevention and treatment of diseases, are perhaps our most
dramatic and valued developments of modern times#
There lias been a decline in
our general death rate, our span of life Iras increased, and the toll taken by
preventable disease has been decreased#
The frightful scourges which swept
away large groups of our population at intervals in past years, are, we are
told, substantially conquered*
Since 1900 the death rate from tuberculosis has been reduced by 60 per cent§
But leading experts tell us that with adequate health facilities throughout
the country it would be halved again*
So, too, with infant mortality*
The
death rate of babies has been cut in half in the last quarter century, but it
could be cut in half again, authorities tell us, if the known means of care
and prevention could be made more widely available.
Yet in 1933 twenty-five
states showed no decline in infant mortality*
In progressive communities, since the introduction of modern public health
procedure, one-third of the burden of preventable illness and preipature death
has been lifted from men, women and children#
But in only 528 out of our
3,000 counties are there full time health services#
Local appropriations for
public health have been decreased by 20 per cent on the average since 1930*
The per capita
expenditure from tax funds for public health in 77 cities in
1934 was 58 cents as contrasted with 71 cents in 1931#
Tile genera?- death rate showed a slight decrease at the end of 1933, but
this is not the \7hole picture.
Let*s break down some deoth rate figures#
Recent surveys by the United States Public Health Service and the Milbank
Memorial Fund, in 10 industrial localities, show that during the period 1929-*
1932 the death rate in families with no employed members or part-time
wage earners increased 20 per cent, while in those families which had full-time
wage earners it declined.
Data for 1934 are not yet complete, but for the first
half »f 1934 the gross mortality rate in cities ©f 100,000 population and over
is reported to be appreciably higher than in the same period of 1933#
The survey ®f the 10 localities just referred to showed that the familiefc
which had suffered the most severe decline in income during the period 19291932 had a disabling sickness rate over 50$ higher than those whose economic
status was not materially reduced.
Experts- tell us that the annual wage loss
due to illness in families with $2,500 a year income or less is approximately
$900,000,000— *almost «me billion dollars taken av'ay from purchasing power,
so desperately feeding bo be increased, not further lessened.
The annual cost
•f care of four diseases, the morbidity from which we know, h w
to control,
is estimated at $115,000,000#
Obviously these facts reveal not only conditions of human suffering and
wretchedness, but economic waste.
Taxpayers* money, in the end, will be
conserved by wise and careful expenditures for prevention ef disabling illness
and the dependency which so often accompanies it#
As we resolutely face our second challenge, action to meet these conditions,
we can do so fortified by knowledge of sure methods of progress, and by the
equally heartening thought that we will §• forward with our efforts, public
and private, united*
The leng battle te gain more adequate recognition of the
public responsibility involved in the nation*s health seems to be gaining
ground#
In submitting the American Flan to Congress p eur President saids
°We pay now for the dreadful consequence of economic insecurity
and dearly#
This plan presents a more equitable and infinitely less
expensive means of meeting these costs.
the plain duty "before us*
We cannot afford to neglect
I strongly r e c o m e n d action to attain the
objectives sought |g| this report*11
The bill accompanying his message provides, as yro
» a ten million
dollar appropriation for Public Health. T-.ose sections read!
°There is hereby appropriated, from funds in the Treasury not etherwise appropriated, the sum of $10,000,000 for the fiscal year ending June 30,
1936, and there is hereby authorized t*> be appropriated for each fiscal year
thereafter the sum of $10^000,000 to be allocated to the Bureau of Public Health
Service to be expended as hereinafter provided*
*****************
uProm the amounts appropriated under this title, the Bureau of the
Public Health Service shall a m m a l l y allot $8,000,000 to the several States, in
amounts determined on the basis of the need of each State f»r such assistance,
for the purpose *f developing State health services including the training «f
personnel for State and local health work and for the purpose ox assisting
counties and/or other political subdivision of the States in maintaining
adequate public health programs.
Payment of any allotment, »r installment
thereef, shall be made only after the Secretary of the Treasury has made a
finding of fact that there is nee' tc make such money available in such state*
****************
“Prom the amounts appropriated under tnis title, $2,000,000 shall
annually be available to the Bureau of the-Public Health Service, for the fur
ther investigation of disease and problems on sanitation, and related matters*0
Such action is surely a challenge to all citizens, individually and
collectively, to increase private efforts and activity, in order that the
maximum progress in building for health may take place.
There rill be no more
important rele in this coming program than that of the public health nurse.
■S***
whether employed by public or private agencies.
trite increaseJM
T7e may veil say, “May her
Concerned with individuals ani families in sickness and in
health, she serves them in their homes, in health centers, in schools and in
industry.
As a health teacher, scientifically prepared, with an influence and
•pportunity in the community held hy fey® she can arouse community interest
for constructive and intelligent action to promote health and prevent disease.
Dr* Winslow will tell what is being done by this splhudid group of
citizens, our public health nurses, as visiting nurses, Department of Health
nurses, school nurses, industrial nurses, Red Cross nurses, and you should'
be listening to his story rather than mine, aver the radio*
Their services in these recent dark years cannot be over valued*
Governor Lehman of Hew York has fittingly said:
wTo them, I believe, morcthan to any other force in •ur discouraged
world belongs the credit for upholding standards of health service* They
have been unflinching in their courageous attach upon disease and suffer
ing*
They have been firm in the faith that somehow, some day, man*s
humanity to man might exceed his inhumanity.1*
Let us hdpe that their faith is soon to be justified as we move forward to eur
joint attack on the tasks ahead*
TREASURY DEPARTMENT
Washington
MEMORANDUM FOR THE PRESS.
January El,1935.
RECEIPTS OF SILVER BY THE MINTS AND ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1933)
Week ending January 18, 1935:
Philadelphia.... .......... ................
San F r a n c i s c o ........................ .
Denver............................... .......
Total for week ended Jan. 1 8.............
Total receipts through Jan. 18, 1935.... .
201,036.46 fine ounces
264,370.18
"
"
266♦805.00
"
»
732,209.64
"
"
22,947,000.00
u
«
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended January 18, 1935:
Philadelphia......................
Ney Y o r k ...................................
San Francisco ..............................
Denver .....................................
New Orleans.............
Seattle.....................................
Total for week ended Jan. 18 ..............
Total receipts through Jan.18, 1935..........
3,529.00 fine ounces
38,335.00
30,386.00
2,634.00
427.00
486.00
75,797;00
111,983,225.00
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Week ended January 18, 1955:
Philadelphia.......................
New York ..........................
San Francisco........
Dehver............... ..............
New Orleans .......................
Seattle......... ...................
Total for week ended Jan. 18, 1935...
Imports
$
---7,760,600.00
124,922.97
33,814.00
2,076.78
......
$7,921,413.75
261,195<
888,500,
115,240.
60,925,
49,649,
25,645,
$1,401,153,
New
Domestic
$
154.
72,500.
1,096,575. 59
794,847.
669.
119,619.
$2,084,365.
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER1S OFFICE:
(Under Secretary *s Order of December 28, 1933)
Received by Federal Reserve Banks:
Week ended January 16, 1935.......
Received previously.............. .
Total to January 16, 1935....... .
Received by Treasurer*s Office:
Week ended January 16, 1935..... .
Received previously...............
Total to January 16, 1935....... .
NOTE:
Gold Coin
34,150.44
29,755,808.69
$29,767,969.13
$
500.00
258^806.00
259,306.00
Gold bars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported.
Gold Certificates
764,840.00
81,255,940.00
$81,998,780.00
$
14,500.00
1,965,800.00
$ 1,980,300.00
TREASURY DEPARTMENT
Washington
January 21, 1935.
MEMORANDUM EOR THE PRESS
RECEIPTS OE SILVER BY THE MINTS AND ASSAY OEEICSS:
(Under Executive Proclamation of December 21, 1933)
Week ending January 18, 1935:
201,036.46
Philadelphia
264,370.18
San Erancisco ...... ........... ............... ... ♦
266.803.00
Denver
732,209.64
Total for week ended Jan. 18........
22,947*000.00
Total receipts through January 18, 1935......
fine ounces
it
tl
it
it
it
n
ii
ii
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended January 18, 1935:
Philadelphia..... .....
New York ........................................
30,386.00
San Erancisco,....... .
2,634.00
Denver....... ..................................|
427.00
..... .......................•*.»•
New Orleans
486.00
Seattle.......................................
75,797.00
Total for week ended Jan. 18......... ........
Total receipts through January 18, 1935.......... . 111,983,225.00
ine ounces
it
it
it
it
n
ti
ii
ii
IT
II
ii
it
II
II
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
New
Domestic
Imports
Secondary^-.
Week ending January 18, 1935:
154.39
$261,193.31 $
Philadelphia.........................
72,500.00
... 7,760,600.00 888,500.00
N rw York
/l24*922.97 115*240.60 1,096,573.59
Cori Ftfej-ci SCO.
794,847,00
60^925.00
Denver..............................., 3 3 ^ 8 1 4 . 0 0
669.12
49^649.30
---2|076.78
New Or1cans ...........
119.619.13
Seattle....................... ........'25,645.12
Total for week ending Jan. 18, 1935, .$7,921,413.75$L,401,153.33 $2,084,363.23
OLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER *S OEEICB:
(Under Secretary's Order of December 28, 1933)
Gold Coin
Received by Federal Reserve Banks :
34,150.44
Week ended January 16, 1935...... ....»••••$
.....___ 29,733.808.69
Received previously............
Total to January 16, 1935...... .. .........$29,767,969.13
Received by Treasurer's Office:
Week ended January 16, 1935.... .
Received previ ously........ .
Total to January 16, 1935.........
NOTE:
.,...$
____
.... $
500.00
258.806.00
259,306.00
Gold bars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported.
C-old Cert if ieaten
$
764,840.00
81.233.940.00
$81,998,780.00
$
14,500.00
1.965.800.00
$ 1,980,300.00
A BILL
To amend the Second Liberty Bond Act, as amended, and for
other purposes.
Be it enacted by the Senate and House of Representatives,
of the United States of America in Congress assembled.
That the
Second Liberty Bond Act, as amended, is further amended as follows:
SBC. 1.
The first paragraph of section 1 is amended to read
as follows:
11The Secretary of the Treasury, with the approval of the
President, is hereby authorized to borrow, from time to time, on
the credit of the United States for the purposes of this Act, to
provide for the purchase, redemption or refunding, at or before
maturity, of any outstanding bonds, notes, certificates of
indebtedness or Treasury bills of the United States, and to meet
expenditures authorized for the national security and defense and
other public purposes authorized by law, such sum or sums as in his
judgment may be necessary, and to issue therefor bonds of thfc>
United States:
Provided,
that the face amount of bonds issued
under this section and section 23 of this Act shall not exceed In
the aggregate $25,000,000,000 outstanding at any one time."
SEC. 2.
The first sentence of subsection (a) of section
5 is amended to read as follows:
«In addition to the-bonds and notes authorized bysections 1, 18 and 22 of this Act, as amended, the Secretary
of the Treasury is authorized, subject to the limitation imposed
by section 21 of this Act, to borrow from time to time, on the
credit of the United States, for the purposes of this Act, to
provide for the purchase, redemption or refunding, at or before
maturity, yf any outstanding bonds, notes, certificates of in
debtedness or Treasury bills of the United States, and to meet
public expenditures authorized by law, such sum or sums as in his
judgment may be necessary, and to issu.e therefor (l) certificates
.of indebtedness of the United States at not less than par (except
as provided in section 20 of this Act, as amended) and at such rate
or rates of interest, payable at such time or times as he may pre
scribe; or, (2) Treasury bills on a discount basis and payable at
maturity without interest.n
SEC. 3.
Section 5 is further amended by striking out the
final sentence of subsection (a) thereof, reading as follows:
**The sum of the par value of sucn certificates and Tieasury
bills outstanding hereunder and under section 6 of the Eirst
Liberty Bond Act shall not at any one time exceed in the aggregate
$10,000,000,000."
SEC. 4.
Subsection (a) of section 18 is amended to read
as follows:
nIn addition to the bonds and certificates of indebtedness
and war-savings certificates authorized by this Act and amendments
— O—
thereto, the Secretary nf the Treasury, with the approx
,
n-h’hnr»*T tfPil _ suhiect to the limitation imposed “by
President, is authori:
section 21 of this Act to borrow from time to time on the credit
of the United States for the purposes of this Act, to provide for
the purchase, redemption or refunding, at or before maturity, of
any outstanding bonds, notes, certificates of indebtedness or
Treasury bills of the United States, and to meet public expendi
tures authorized by law, such sum or sums as in his judgment may
be necessary and to issue therefor notes of the United States at
net less than par (except as provided in section 20 of this Act, as
amended) in such form or forms and denomination or denominations,
containing such terms and conditions, and at such rate or rates of
interest, as the Secretary of the Treasury may prescribe, and each
series of notes so issued shall be payable at such time not less
than one year nor more than five years from the date ox its issue
as he may prescribe, and may be redeemable before maturity (at the
option of the United States) in whole or in part, upon not more
than one year’s nor less than four months' notice, and under such
rules and regulations and during such period as he may prescribe.
S3C. 5.
,rSEC. 21.
By adding a new section, as follows:
The face amount of certificates of indebtedness
and Treasury bills authorized by section 5 of this Act, certificates
of indebtedness authorized by section 6 of the Birst Liberty Bond
Act, and notes authorized by section 18 of this Act snail net
exceed in the aggregate $2.0,000,000,000 outstanding at any one time.”
- A -
SEC. 6*
"SEC. 22.
By adding a new section, as follows:
A.
The Secretary of the Treasury, with the ap
proval of the President, is authorized to issue, from time to time*
through the Postal Service or otherwise, "bonds of the United States
to he known as United States Savings Bonds.
The proceeds of the
Savings Bonds shall he available to meet any public expenditures
authorized by law and to retire any outstanding obligations of the
United States bearing interest or issued on a discount basis.
The
various issues and series of the Savings Bonds shall be in such
forms, shall be offered in such amounts within the limits of Section
1 of this Act, as amended, and shall be issued in such manner and
subject to snch terms and conditions consistent with paragraphs B
and C hereof, and including any restriction on their transfer, as
the Secretary of the Treasury may from time to time prescribe.
”B.
Each Savings Bond shall be issued on a discount basis to
mature not less than ten nor more than twenty years from the date
as of which the bond is issued, and provision may be made for re
demption before maturity upon such terms and conditions as the
Secretary of the Treasury may prescribe:
Provided, that the issue
price of Savings Bonds and the terms upon which they may be redeemed
prior to maturity shall be such as to afford an investment yield not
in excess of three per centum per annum, compounded semiannually.
The
denominations of Savings Bonds shall be in terms of their maturity
value and shall not be less than $25.
It shall not be lawful for any
- 5 -
one person at any one time to hold Savings Bonds issued during
any one calendar year in an aggregate amount exceeding $10,000
(maturity value);
HC*
'Hie provisions of Section 7 of this Act, as amended,
(relating to the exemptions from taxation “both as to principal
and as to interest of bonds issued under authority of Section 1
of this Act, as amended) shall apply as well to the Savings Bonds*
and, for the purposes of determining taxes and tax exemptions, the
increment in value represented by the difference between the price
paid and the redemption value received (whether at or before matur
ity) shall be considered as interest*
The Savings Bonds shall not
bear the circulation privilege*
nB*
The appropriation for expenses provided by section 10 of
this Act and extended by the Act of June 16, 1921, (U;S.C», title 31,
sec* 76l) shall be available for all necessary expenses under this
section} and the Secretary of the Treasury is authorized to advance,
from time to time; to the Postmaster General from such appropriation
such sums as are shown to be required for the expenses of the Post
Office Departmentj in connection with the handling of the bonds issued
under this section*
nE*
The Board of Trustees of the Postal Savings System is
authorized to permit, subject to such regulations as it may from
time to time prescribe, the withdrawal of deposits on less than
sixty days* notice for the purpose of acquiring Savings Bonds
- 6 -
which, may he offered hy the Secretary of the Treasury? and in
such cases to make payment of interest to the date of withdrawal
whether or not a regular interest payment date*
No further original
issue of bonds authorized hy Section 10 of the Act approved June
25, 1910 (U.S.C.,’ title 39, sec* 760), shall he made after July 1,
1935.
"J.
At the request of the Secretary of the Treasury the
Postmaster General, under such regulations as he may prescribe,
shall require the employees of the Post Office Department and of
the Postal Service to perform, without extra compensation, such
fiscal agency services us may he desirable and practicable in con
nection with the issue, delivery,safe-keeping, redemption and pay
ment of the Savings Bonds.”
SEC. 7.
Section 1126 of the Revenue Act of 1926 is amended by
adding at the end thereof the following:
”In order to avoid the
frequent substitution of securities such rules and regulations may
limit the effect of this section, in appropriate classes of cases,
to bonds and notes of the United States maturing more than a year
after the date of deposit of such bonds as security.
The phrase
*bonds or notes of the United States* shall be deemed, for the pur
poses of this section, to mean any public debt obligations of the
United States and any bonds, notes, or other obligations which are
unconditionally guaranteed as to both interest and principal by
the United States.”
January 21, 1935.
Representative Robert L. Doughton, Chair** of the Ways and Means Committee,
submitted the following explanation of the bill which he introduced today to amend
t/ho Second. liberty Bond Act*
The present authority of the Government to issue bonds is U n i t e d to
12,549,512,886.
The Second Liberty Bond Act in its present form carries author
ization for the issuance of *28,0CX),0uC,00o of bonds, but since #26,450,487,115 have
already been issued, the right to issue new long-term securities is very much re
stricted.
Of the more than #26,000,000,000 which have issued, there are now out
standing #15,474,847,650.
But the nearly>12,000,000,GOO which have been retired
may not be reissued without specific authority, since the authorization in the
Second Liberty Bond Act was not in the nature of a revolving fund.
It is now proposed to substitute a !ps5 ,OoU,ouJ,oCa revolving •.uthorization
aon ilil •
<ju
• 5va^ ■ U
pwc H <nthoyi tv
for the previous &
2 8 ,.OOU?-J«
xed outbox i t / .
This w —
ill give
to the. Treasury
&
authority to issue b e W e n eleven and twelve billions in bonds, which is approxi
mately equivalent to the amount of those which have been retired out of those issued under the ^£8,000,000,009 autnorization.
The bill also proposes to consolidate the two existing revolving funds re
lating to short term obligations.
At present notes may be issued to the ..mount
of #10,000,000,(XX) outstanding at any one time, and certificates of indebtedness
and Treasury bills may be outstanding in like amount.
It is proposed to substi
tute one #20,000,000,000 limitation applicable to the aggregate outstanding notes,
certificates and bills, thus affording greater flexibility in financing the re+c
+h(. rn„.„,sl]rv
quireraents oi the j.re<-.sury.
There wer*e on December 51st ^9 ,586,000,000 of notes
J-ut--LC'
outstanding, while certificates and bills aggregated $2,112,000,000.
The amend
ment proposed in this regard would not increase the total authorization for the
issuance of short term obligations.
The bill would likewise juthonze the issuance, at a discount, of United
Stores Savings Bonds maturing in from ten to twenty years, with the ho^ e£ . ^ ing
the right in the interval to receive payment from the Treasury on an ...scending
scaie of value.
it would also permit the use of Government guaranteed bonus as
security in lieu of surety bonds.
STATEMENT SHOWING PRESENT AUTHORITY TO ISSUE BONDS, NOTES, CERTIFICATES
OE INDEBTEDNESS AND TREASURY BILLS UNDER THE SECOND LIBERTY BOND ACT,
AS AMENDED, AND UNDER PROPOSED AMENDMENTS.
(December 31, 1934)
Bonds
Under present authority
Total issuable ................................ ........
Total issued
Liberty Bonds
Treasury "bonds
Balance now issuable
Total
Total
Total
Total
...... .
..... ..........
$14,948,096,150
10,503,390,965
....... .
$28,000,000,000
25,450,487,115
$ 2,549,512,885
authorized .........
$28,000,000,000
issued «••••••....«.*.. 25,450,487,115
retired .••..•.•••••••• 11,975,539,465
outstanding...........
13,474,947,650
Under proposed amendment
Total which may "be outstanding at any one time •••••••.••..» $25,000,000,000
Now outstanding
Liberty "bonds ................ ••••$ 3,194,086,650
Treasury Bonds
.... ... 10,280,861,000
13,474,947,650
Balance issuable
$11,525,052,350
Notes, Certificates of Indebtedness and Treasury Bills
Under present authority
Notes
Total which may be outstanding at any one time ........... $10,000,000,000
Now outstanding •* Treasury notes ..............
9,586,377,400
Balance issuable ........................................ $
413,622,600
Certificates of indebtedness and Treasury bills
Total which may be outstanding at any one time «••.•...••• $10,000,000,000
Now outstanding
Certificates of indebtedness ..... $ 158,300,000
Treasury bills
1,954,168,000
2,113,468,000
Balance issuable ..................................
$ 7,887,533,000
Under proposed amendments
Notes, Certificates of indebtedness and Treasury bills
Total which may be outstanding at any ono time
$20,000,000,000
Now outstanding
N o t e s .......... .................. $9,586,377,400
Certificates of indebtedness
158,300,000
Treasury bills
1,954,168,000
11,698,845,400
Balance issuable
..... ........ $ 8,301,154,600
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, January 2 2 . 1935 .
1/21/35
Press Service
V '*2 o
Secretary of the Treasury Morgsnthau announced last
evening that the tenders for $75,000,000, or thereabouts,
of 182-day Treasury bills, dated January 23, 1985, and
maturing July 24, 1935, which were offered on January 18,
were opened at the Federal reserve banks on January 21,
1935.
The total amount applied for was $232,678,000, of
which $75,129,000 was accepted. The accepted bids ranged
in price from 99.950, equivalent to a rate of about 0.10
percent per annua, to 99.921, equivalent to a rate of
about 0.16 percent per annum, on a bank discount basis.
Only part of the amount bid for at the latter price was
accepted. The average price of Treasury bills to be
issued is 99.927 and the average rate is about 0.15 per
cent per annum on a bank discount basis.
TREASURY MPARTIOTT
Washington
Vress Service
FOR RELEASE, MOR1TIUG- NEWSPAPERS,
Tuesday, January 22, 1935*
-^0# ^*20*
Secretary of the Treasury Morgenthau announced last evening that the tenders
for $75,000,000, or thereabouts, of 182-day Treasury hills, dated January 23,
1935, and maturing July 24, 1935, which were offered on January 18, were opened
at the Federal reserve hanks on January 21, 1935.
The total amount applied for was $232,573,000, of which $75,129,000 was
accepted.
The accepted hids ranged in price from 99.950, equivalent to a rate of
about 0.10 percent per annum, to 99.921, equivalent to a rate of about 0.16
percent per annum, on a bank discount basis.
the latter price was accepted.
Only part of the amount bid for at
The average price of Treasury bills to be issued
i
is 99.927 and the average rate is about 0.15 percent per annum on a bank discount
basis
ALLOCATION OF #1,000,000.00 RURAL HEALTH WORK FOND
UNITED STATES PUBLIC HEALTH SERVICE
STATE
NUMBER OF RURAL
HEAL1H PROJECTS
Counties
Central Units
USPHS
COMMITMENT
Alabama
31
1
Arizona
4
1
19,745.00
Arkansas
19
1
49,446.70
8
-
35,670.00
Delaware
Florida
Georgia
3
2
18
1
1
1
11,900.00
6,166.67
50,258.35
Illinois
-
1
3,450.00
Iowa
2
1
6,946.64
Kansas
3
1
6,790.00
Kentucky
43
1
86,855.00
Louisiana
Maine
Maryland
Michigan
18
23
22
1
1
1
1
30,400.00
3,031.00
40,470.64
37,275.91
^Minnesota
2
1
12,890.00
18
1
43,042.00
Missouri
7
1
17,195.00
Montana
1
-
2,200.00
’Nevada
-
1
1,020.00
New Mexico
6
1
13,256.66
"New York
31
1
74,185.00
North Carolina
35
1
61,450.00
1
California
Mississippi
mm
#
63,600.28
■"•North Dakota
Ohio
Oklahoma
South Carolina
15
1
21
1
4,080.00
36,326.96
1,980.00
36^766.70
Tennessee
Texas
19
9
1
1
63,444.34
27,721.47
Utah
Virginia
1
37
1
1,650.00
66,050.08
4
6
1
1
9,195.00
21,143.34
18
1
24,760.00
Washington
West Virginia
Puerto Rico
1
TOTALS
427
30
U. S. Public Health Service for Administration
-
"'I
l1 •'J; '
TOTAL
# 966,282.74
33,717.26
#1,000,000.00
Measures for health betterment that are thus promoted, include
the following:
1 - Prevention of infant mortality.
£ - Control of communicable diseases.
3 - Prevention of tuberculosis.
4 - Prevention of maternal mortality.
5 - Prevention of typhoid fever.
In the field of rural sanitation, public health authorities are
stressing the increasing importance of proper protection of milk and water
supplies.
Extension of the work of adequately inspecting these supplies
is made possible with funds now authorized.
Following is a list of States in which allotments have been made,
together with the number of county and central unit projects benefiting under
the distribution of the fund:
>
/©. //. *
-T
\
P.
v‘
Secretary of the Treasury Henry Morgenthau Jr.,announced today that
he had completely allocated the one million dollar fund granted to him by the
Federal Emergency Relief Administration to aid local communities in carrying
forward rural health projects.
Final allotments approved by the Secretary embrace rural health
projects in 427 counties of 55 States and Puerto Rico.
Allotments made to State health administrations in 30 of the States
will enable the central administrative units to provide adequate supervisorypersonnel for the community projects.
The program resulting from the allotments will provide employment
for upwards of 1,400 public health workers.
The allotment of Federal funds through the United States Public
Health Service makes it possible to carry out a great many rural health
projects that mi^ht be otherwise delayed.
Financial aid is given through State health departments for
maintenance
of existing full-time county or district health units when local
funds are insufficient or entirely lacking, and to establish many new full-tii
rural health units, on the condition that not less than fifty per cent of the
cost of any project is borne by state or local authorities.
The principle governing the expenditure of these funds is to reduce
the incidence of diseases which are preventable.
The funds will actually
be devoted to supplementing existing rural health departments with larger
qualified personnel.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Saturday, January 26, 1935*
1-25-35,
Press Service
No* 4-21
Secretary of the Treasury Henry Morgenthau, Jr., announced today that he had
completely allocated the one million dollar fund granted to him "by the Federal
Emergency Relief Administration to aid local communities in carrying forward rural
health projects#
Final allotments approved by the Secretary embrace rural health projects in
427 counties of 33 States and Puerto Rico#
Allotments made to State health administrations in 30 of the States will
enable the central administrative units to provide adequate supervisory personnel
for the community projects#
The program resulting from the allotments will provide employment for upwards
of 1,400 public health workers#
The allotment of Federal funds through the United States Public Health Service
makes it possible to carry out a great many rural health projects that might be
otherwise delayed#
Financial aid is given through State health departments for maintenance of
existing full-time county or district health units when local funds are insuffi
cient or entirely lacking, and to establish many new full-time rural health units,
on the condition that not less than fifty per cent of the cost of any project is
borne by state or local authorities#
The principle governing the expenditure of these funds is to reduce the
incidence of diseases which are preventable.
The funds will actually be devoted
to supplementing existing rural health departments with larger qualified
personnel
-
2~
Measures for health, hetterment that are thus promoted, include the following:
1
Prevention of infant mortality*
2 - Control of communicable diseases*
3 - Prevention of tuberculosis*
4 - Prevention of maternal mortality*
5 - Prevention of typhoid fever.
In the field of rural sanitation, public health authorities are stressing
the increasing importance of proper protection of milk and water supplies.
Extension of the work of adequately inspecting these supplies is made possible
with funds now authorized*
Poliowing is a list of States in which allotments have been made, together
with the number of county and central unit projects benefiting under the distri
bution of the fund:
ALLOCATION OF $1,000,000*00 RURAL HEALTH WORK FUND
UNITED STATES PUBLIC HEALTH SERVICE
Central Units
Countie:
Alabama
Arizona
Arkansas
California
Delaware
Florida
Georgia
Illinois
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Michigan
Minnesota
Mississippi
Missouri
Montana
Nevada
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
South Carolina
Tennessee
Texas
Utah
Virginia
Washington
West Virginia
Puerto Rico
USPHS
COMMITMENT
NUMBER OF RURAL
HEALTH PROJECTS
STATE
1
1
1
31
4
19
8
3
2
18
~
2
3
43
18
23
22
2
18
7
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
*4
i
i
i
i
i
i
—
i
i
i
0
1
1
1
1
6
31
35
15
1
21
19
9
1
37
4
6
18 ^
427
TOTALS
U.S. Public Health Service
30
Administration
TOTAL
$ 63,600.28
19,745.00
49,446.70
35,670.00
11,900.00
6,166.67
50,258.35
3,450.00
6,946.64
6,790.00
86,855.00
30,400.00
3,031.00
40,470.64
37,275.91
12,890.00
43,042o00
17,195.00
2,200.00
1,020.00
13,256.66
74,185.00
61,450.00
4,080.00
36,326.96
1,980.00
36,766.70
63,444.34
27,721.47
1,650.00
66,050.08
9,195.00
21,143.34
24.760.00
$966,282.74
33.717.26
$1*000,000.00
TREASURY DEPARTMENT
Washington
MEMORANDUM FOR THE PRESS
January 28, 1955.
RECEIPTS 0* SILVER BY THE Mi.NTS iu^D ASSAY OFFICES»
(Under Executive Proclamation of December £1, 1955)
Week ending January £5, 1955:
Philadelphia..................... ..............
566,820.41 fine oi
San Francisco................ ...................
555,208.56
Denver •••. •.......... ...... ....................
71.276.CX
Total for week ended January 25, 1955 ........
..........
975,504.97
Total receipts through January 25, 1955 .................. 25,920,000.00
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1954)
Week ended January 25, 1955:
Philadelphia •••••• • • • • • • • • .... .
13 576.00 fine J l
I!
New York ........••••• • • • • • • • • • • • • .
15.167 00
'll
It
San Francisco ..• • • • • • • • • .... .......
30 693.00
If
Denver ............................
1.714.00
Jl
If
New Orleans
389.00
nil
ft
Seattle .......... . . . . . . . . . . . . . . . . . .
.
558.00
«
J
l
Total for week ended January 25, 1935 ......... ...
62,077.00
tl
till
Total receipts through January 25, 1955
112.045.302.00
jL
1
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Week ending January 25, 1955:
Imports
New
Domesti®
94.
Secondary
362,474.91 $
655,300.00
142,966.40 1,686,655.
80.504.00
680,003.
49,289.78
445.
28.591.00
175*582.
$1,318,926.09 $2,541,080.
$
New York .......................
55,509,700.00
San Francisco ..................
771,212.22
Denver ..........................
69,471.00
New Orleans ....................
15,595.55
Seattle ..... ..................
.....
Total for week ending Jan. 25 $56,165,978.57
1955
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER*S OFFICE
« (Under Secretary1s Order of December 28, 1953)
Received by Federal Reserve Banks:
Gold Coin
Week ended January 23, 1935 ............. $
33,850.36
Received previously.... ................. 29,767,959.15
Total to January 23, 1935 ........... .
$29,801,809.49
Gold Certificates
$
858,290.00
81.998,780.00
$82,837,070.00
Received by Treasurer^ Office:
Week ended January 23, 1935 ........ .
Received previously.... ................$
$
259,506.00
7,100.00
1,980.500.00
Total to January 23, 1935 .............. $
259,306.00
$ 1,987,400.00
NOTE:
Gold bars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported.
TREASURY DEPARTMENT
January 28, 1935*
MEMORANDUM EOR THE PRESS
5
RECEIPTS OE SILVER BY THE MINTS AMD ASSAY OFFICES:
~~ (Under Executive Proclamation of Deceniber 2l, 1933)
.
leek ending January 25,1935s
Philadelphia.
566,820*41
335,208.56
San Francisco*..... ..........
Denver.
71.276.00
Total for week ended Jan. 25*.......... ......
973,304.97
Total receipts through January 25, 1935 .*......... 23,920,000.00
ne on
ii ij
»
It;
n
ii
ii
n
fine ounces
It
H
II
II
ill
nI
ill
ill
Sew
m e stil
394.3
,655.3
,003.1
445.3
, 582.1
,080.3
3S
H
fine ounces
ii
ii
4
ii
II
II
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended January 25, 1935;
Philadelphia ................................. .
13,576.00
Hew York...........15,167.00
San Francisco
•
30,693,00
Denver. .............................
1,714.00
ne Old
389.00
Hew Orleans.................*........ ........ *
it
Seattle.... .....................
538.00
1
it
Total for week ended Jan. 25................
62,077.00
it ill
Total receipts throughJanuary 25, 1935*.......... 112,045,302.00
n
ti
ti
It
H
ii
it
ii
it
it
n
n
ti
it
it
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Imports
Week ending January 25, 1935:
1«tj)
i*>«*m»»*■*»
Philadelphia....... .
... 55,309,700*00
Hew York ..... . •• ..........
..
771,212.22
San Francisco.........
Denver.... .................
..
69,471.00
New Orleans..... .
...
13,595.35
,*
---- .
Seattle................... ••
Total for week ending Jan* 25, 1935*$56,163,978*57
New
Domestic
Secondary
!
394.13
$ 362,474.91 $
655,300.00
142,966.40 1,686,655*86
i
680,003.00
80,304.00
445,30
49,289.78
28.591.00__ . 173.582*01
$1,318,926.09 $2,541,080*30
SOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURE R ’S OFFICE:
(Under Secretary’s Order of December 28, 1933*)
I Received hy Federal Reserve Banks:
Cold Coin
| Week ended January 23, 1935............. ... $
33,850.36
I
ii
Received p rev io u sly . ••.. ... ............... *..* 29,767,959*1.3
$29,801,809.49
| Total to January 23, 1935..... .
Received "by Treasurer's Office:
Week ended January 23, 1935.
* 1deceived previously................. ..... . . $
Total to January 23, 1935...... .
. $
$
I
ROTS:
C old Certificates
$
838,290.00
81.998,780*00
$82,837,070.00
259.306*00
259,306*00
Cold hars deposited with the Ne?/ York Assay Office
to the amount of $200,572*69 previously reported*
7,100.00
1,980*300*00.
$ 1,987,400.00
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, January 2 9 . 1935.
Press Service
H -S l
1 /2 8 /3 5
S ecretary of the Treasury Morgenthau announced l a s t
evening th at the tenders f o r $ 7 5 ,0 0 0 ,0 0 0 , or thereabouts,
of 182-day Treasury b i l l s , dated January 30, 1935, and
maturing July 3 1 , 1935, which were offered on January 25 ,
were opened a t the Federal re se rv e banks on January 28,
1935.
The to ta l amount applied fo r was $ 2 0 3 ,6 1 8 ,0 0 0 , of
rtiich $ 7 5 ,1 0 6 ,0 0 0 was accepted.
The accepted bids ranged
in p rice from 9 9 .9 6 0 , equivalent to a ra te o f about 0 .0 8
percent per annum, to 9 9 .9 2 8 , equivalent to a ra te of
about 0 .1 4 percent per annum, on a bank discount b a s is .
Only p a rt o f the amount bid f o r a t the l a t t e r p ric e was
accepted.
The average p rice o f Treasury b i l l s to be
issued i s 99.931 and the average ra te i s about 0 .1 4 per
cent per annum on a bank discount b a sis.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS.,
Tuesday, January 29, 1935.____ _
1-28-35..
Press Service
No. 4-22
Secretary of the Treasury Morgenthau announced last evening that the tenders
for $75,000,000, or thereabouts, of 182-day Treasury bills, dated January 30,
1935, and maturing July 31;, 1935;, which ?;ere offered on January 25, were opened
at the Federal reserve banks -on January 28, 1935.
The total amount applied for was $203,618,000, of which $75,106,000 was
accepted.
The accepted bids ranged in price from 99.960, equivalent to a rate of
about 0.08 percent per annum., to 99.928., equivalent to a rate of about 0.14
percent per annum, on a bank discount basis.
the latter price was accepted.
Only part of the amount bid for at
The average price of Treasury bills to be issued
is 99.931 and the average rake is about 0.14 percent per annum on a bank discount
basis
-
2-
common stock for purposes of capital strengthening.
During the month of January four unlicensed national banks
were reorganized, two from conservatorship and two from receivership. These
were as follows:
Date
______ Same and Location of Bank_________________ Reorganized
Deposits
Involved
From Conservatorship:
Woodford County National Bank, El Paso, Illinois 1-11-55
Labor National Bank, Paterson, New Jersey
1-16-35
$
173,000
3,063,000
From Receivership:
First National Bank, Cambridge, Minnesota
Ansted National Bank, Ansted, West Virginia
Total, 4 banks, with deposits of
* * * * * *
1- 5-55
1- 2-55
283,000
194,000
$3,713,000
TREASURE DEPARTMENT
Washington
FOR RELEASE
Press Service
No___________
2-2-55.
Comptroller of the Currency J. F. T. 0*Connor announced today
that at the close of business on January 31 there remained yet to be disposed
of only three unlicensed national banks, with deposits at closing aggregating
$3,280,000, and that the reopening of these three awaits consummation of plans
which have been approved for their reorganization.
The deposits involved in the three unlicensed banks is compared
with the total of $1,971,960,000 involved in the 1417 banks under the super
vision of the Comptroller which were not licensed following the banking holi
days of March, 1933.
Summarizing the activities of his office in disposing of
unlicensed banks since the banking holidays, the Comptroller stated that 1091
banks, with deposits at closing aggregating $1,805,627,000, had been reorganized
under old or new charters or sold to going national banks; 31, with deposits of
$11,513,000, either quit or left tjae National Banking System; and 292, with
deposits of $151,540,000, are now in receivership following disapproval of
plans for reorganization.
1547
There are now in receivership
banks under the supervision
of the Comptroller, including those banks which were placed in receivership
prior to March 16, 1933, and those for which receivers have been appointed since;
and these had deposits at closing aggregating $1,880,710,184.
However, pro
visions have already been made for the return of $1,016,439,935, or slightly
more than 54% of these funds to depositors.
Since March 16, 1933, 1652 active national banks have issued
$450,116,500 in preferred stock and 134 have issued $17,149,776 in
-
2
-
Since March 16, 1933, 1652 active national banks have issued
1450,116,500 in preferred stock and 134 have issued |17,149,776 in common
stock for purposes of capital strengthening*
During the month of January four unlicensed national banks
were reorganized, two from conservatorship and two from receivership*
These
were as follows:
Name and Location of Bank________________
Date
Reorganized
Deposits
Involved
From Conservatorship:
Woodford County National Bank, HI Paso,Illinois 1-11-35
Labor National Bank, Paterson, New Jersey
1-16-35
$
173,000
3,063,000
From Receiverships
First National Bank, Cambridge, Minnesota
Ansted National Bank, lasted, West Virginia
Total, 4 banks, with deposits of
* * * * * * * *
1-5-35
1-2-35
283,000
194,000
$ 3,71^,000
TREASURY DEPARTMENT
Washington
FOR RELEASE
Press Service
No___________
2-2-35.
Comptroller of the Currency J.F.T. 0fConnor announced today
that at the close of business on January 31 there remained yet to be disposed
of only three unlicensed national banks, with deposits at closing aggregating
#3 ,280,000, and that the reopening of these three awaits consummation of plans
which have been approved for their reorganization.
The deposits involved in the three unlicensed banks is compared
with the total of $1,971,960,000 involved in the 141? banks under the super
vision of the Comptroller which were not licensed following the banking holi
days of March, 1933.
Summarizing the activities of his office in disposing of
unlicensed banks since the banking holidays, the Comptroller stated that 1091
banks, with deposits at closing aggregating #1,805,627,000, had been reorganized
under old or new charters or sold to going national banks; 31, with deposits of
$11,513,000, either quit or left the National Banking System; and 292, with
deposits of #151,540,000, are now in receivership following disapproval of
plans for reorganization.
There are now in receivership 1547 banks under the supervision
of the Comptroller, including those banks which were placed in receivership
prior to March 16, 1933, and those for which receivers have been appointed since;
and these had deposits at closing aggregating #1,880,710,184.
However, pro
visions h a w already been made for the return of #1,016,439,935, or slightly
more than 54% of these funds to depositors.
2
Since March 16, 1933, 1652 active national banks have issued
$450,116,500 in preferred stock and 134 have issued $17,149,776 in common
stock for purposes of capital strengthening.
During the month of January four unlicensed national banks
were reorganized, two from conservatorship and two from receivership.
These
were as follows:
_________Name and Location of Bank
Date
Deposits
_______________ Reorganized____ Involved
From Conservatorship;
Woodford County National Bank, El Paso,Illinois
Labor National Bank, Paterson, New Jersey
1-11-35
1-16-35
$
173,000
3,063,000
From Receivership:
First National Bank, Cambridge, Minnesota
Ansted National Bank, Ansted, West Virginia
Total, 4 banks, with deposits of
1-5-35
1-2-35
283.000
194.000
$ 3,713,000
TREASURY DEPARTMENT
Washington
Press Service
No
2-2-35.
§
—
Comptroller of the Currency J.F.T. O'Connor announced today
that at the close of business on January 31 there remained yet to be disposed
of only three unlicensed national banks, with deposits at closing aggregating
$3,230,000, and that the reopening of these three awaits consummation of plans
which have been approved for their reorganization.
The deposits involved in the three unlicensed banks is compared
with the total of $1,971,960,000 involved in the 1417 banks under the super
vision of the Comptroller which were not licensed following the banking holi
days of March, 1933.
Summarizing the activities of his office in disposing of
unlicensed banks since the banking holidays, the Comptroller stated that 1091
banks, with deposits at closing aggregating $1,805,627,000, had been reorganized
under old or new charters or sold to going national banks; 31, with deposits of
$11,513,000, either quit or left the National Banking System; and 292, with
deposits of $151,540,000, are now in receivership following disapproval of
plans for reorganization.
There are now in receivership 1547 banks under the supervision
of the Comptroller, including those banks which were placed in receivership
prior to March 16, 1933, and those for which receivers have been appointed since
and these had deposits at closing aggregating $1,880,710,184.
However, pro
visions have already been made for the return of $1,016,439,935, or slightly
more than 54% of these funds to depositors.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, February 7. 1935#____
2-2-35.
Comptroller of the Currency J.E*T. O ^ n n t r
Press Service
No* 4-23
announced today that at the
close of "business on January 31 there remained yet to "be disposed of only three
unlicensed national banks, with deposits at closing aggregating $3,280,000, and
that the reopening of these three awaits consummation of plans which have been
approved for their reorganization*
The deposits involved in the three unlicensed banks is compared with the
total of $1,971,960,000 involved in the 1417 banks under the supervision sf the
Comptroller which were not licensed following the banking holidays of March, 1933*
Summarizing the activities of his office in disposing »f unlicensed banks
since the banking holidays, the Comptroller stated that 1091 banks, with deposits
at closing aggregating $1,805,627,000, had been reorganized under old or new
charters or sold to going national banks; 31, with deposits of $11,513,000,
either quit
or left the National Banking System; and 292, with deposits of
$151,540,000, are now in receivership following disapproval of plans for
reorganization*
There are now in receivership 1547 banks under the supervision of the Comp
troller, including those banks which were placed in receivership prior to March
16, 1933, and these for which receivers have been appointed since; and these had
deposits at closing aggregating $1,880,710,184*
However, provisions have already
teen made for the return of $1,016,439,935, or slightly more than 54$ of these
funds to depositors*
Since March 16, 1933, 1652 active national banks have issued $450,116,500 in
preferred stock and 134 have issued $17,149,776 in common stock for purposes of
capital strengthening*
TREASURY DEPARTMENT
Washington
MEMORANDUM FOR THE PRESS,
February 4, 1935.
RECEIPTS OF SILVER BY THE MINTS AND ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1933)
Week ending February 1, 1935:
San Francisco ................... ........ .
Denver..........
Total for week ended February 1, 1935.........
Total receipts through February 1, 1935........
321,144.37 fine ounces
616.00
”
”
321,760.37
”
”
24,242,000.00
n
”
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934).
Week ended February 1, 1935:
Philadelphia................................
34,506.00 fine ounces
o
New York.......................................
43,142.00
"
H
San F r a n c i s c o ...... .............
4,175.00
”
It
989.00
n
Denver.......................
H
New Orleans..............
534.00
”
tl
Seattle.........
750.00
”
n
Total for week endedFebruary 1,1935...........
134,096.00
”
n
Total receipts through February 1, 1935.......
112,179,398.00
n
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Week ended February 1, 1935:
Philadelphia ....................
New Y o r k ....... ................
San Francisco ................. .
Denver................. .........
New Orleans .....................
Seattle .........................
Total for week ended Feb.1,1935....
Imports
#
--------65,075,400.00
213,759.33
34,144.00
#65,323,305.33
Secondary
# 342.417.53
431,900.00
144,292.72
39,394.00
40,214.38
55.505.77
#1,031,522.40
#
New
Domestic
418.98
560,000.00
724,097.52
425,245.00
179.506.04
#1,889,267.54
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURERS OFFICE:
(Under Secretary’s Order of December 28, 1953)
Received by Federal Reserve Banks:
Week ended January 30,1935.......
Received previously............
Total to January 30, 1935.........
Received by Treasurer’s Office:
Week ended January 30, 1955......
EeceivM previously................
Total to January 50, 1935.........
Note
Gold Coin
41,326.39
29,801.809.49
#29,843,135.88
#
#
#
_____
259.306.00
259,306.00
Gold bars deposited with the New York Assay Office
to the amount of #200,572.69 previously reported.
Gold Certificates
523,970.00
82.837.070.00
#83,361,040.00
#
#
15,200.00
1.987,400.00 _
# 2,002,600.00
TREASURY DEPARTMENT
MEMORANDUM FOR TEE PRESS
February 4, 1935*
RE^IPTS OP SILVER BY THE MINTS AND ASSAY OPEICES:
(Under Executive Proclamation of December 21, 1933)
Week ending February 1, 1935:
San Francisco.......... •••••»..••.......
321,144*37 fine ounces
616.00 n
11
Denver..... ...............................
Total for week ended February 1, 1935*.... .i.
321,760.37 I
11
«
Total receipts through February 1, 1935...... 24,242,000.00 M
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended February 1, 1935:
Philadelphia
84,506.00
New York.................. I ......... .,...
43,142.00
San Francisco..................... ........
4,175.00
Denver.....................
989.00
New Orleans...... *........................
534.00
Seattle... .................
750.00
Total for week ended February 1, 1935........
134,096.00
Total receipts through February 1, 1935..... 112,179,398.00
fine ounces
»
»
11
u
"
»
,f
I
»'
11
n
n
11
,f
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
New
Week ended February 1, 1935:
ffeccuO-apy
Imports
Domestic
Philadelphia
$
$342,417.53 $
418,98
New York .........................
65,075,400.00 431,900*00
560,000.00
San Francisco...... ...........
213,759.33 144,292.72
724o097o32
Denver........... ....... ....... .
34,144©00
39,394.00
4253245o00
New Orleans*
.......... ..
40,214*38
Seattle.... .......................
---33 *.303>77
179,506*04
Total for week ended Feb. 1, 1935..... $65,323,303*33$!,031,522.40 $1,889,267.34
PPPP- RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER«S OFFICE:
(Under Secretary*s Order of December 28, 1933)
Received by Federal Reserve Banks:
G-old Coin
^9ek ended January 30, 1935........... ....$*
41,326.39
Received previously.
....... .......Js®,801,809*49
Total to January 30, 1935..................$29,843,135.88
Gold Certificates
$
523,970.00
82,837,070.00
$83,361,040.00
Received by Treasurer^ Office:
^eek ended January 30, 1935...... .........$
Received previously. ................... ...
Total to January 30, 1935.......... .......$
#
NOTE:
_______
259,306.00
259,306.00
Gold bars deposited with the New York Assay. Office
to the amount of $200,572.69 previously reported.
15,200.00
1,987,400.00
$ 2,002,600.00
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE* MORNING NEWSPAPERS*
Tuesday, February 5* 1985.___
Press Service
2/4/35
Secretary of the Treasury Morgenthau announced last
evening that the tenders for $75,000,000, or thereabouts*
of 162-day Treasury bills* dated February 6* 1935* and
maturing August 7* 1935* which were offered on February 1*
were opened at the Federal reserve banks on February 4*
1935*
The total amount applied for was $282*985*000* of which
$75,185,000 was accepted. The accepted bids ranged in price
from 99.950* equivalent to a rate of about 0.099 percent per
annum* to 99.987* equivalent to a rate of about 0.125 percent
per annum* on a bank discount basis* Only part of the maount
bid for at the latter price was accepted. The average price
of Treasury bills to be issued is 99.939 and the average rate
is about 0*120 percent per annum on a bank discount basis*
TREASURY DEPARTMENT
Washington
Eor Release, Morning Newspapers
Tuesday. February 5, 1935,_____
2/4/35
Press Service
N°* 4-24
Secretary of the Treasury Morgenthau announced last evening that
the tenders for $75,000,000, or thereabouts, of 182-day Treasury hills,
dated February 6, 1935, and maturing August 7, 1935, which were offered
on February 1, were opened at the Federal reserve banks on February 4,
1935.
The total amount applied for was $262,985,000, of which $75,185,000
was accepted.
Hie accepted bids ranged in price from 99.950, equivalent
to a rate of about 0.099 percent per annum, to 99.937, equivalent to a
rate of shout C.,125 per cent per annum, on a bank discount basis.
part of the amount bid for at the latter price was_accepted.
Only
The
ayerage price of Treasury bills to be issued is 99,939 and the average
rate is about 0.120 percent per annum &n a bank discount basis.
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING IMSPAPliS,
Saturday* February 9, 1935*
2/8/85
Press Service
Secretary of the Treasury Morgenthau announced last
evening that the traders for $75,000,000, or thereabouts,
of 182-day Treasury bills, dated Februaiy 18 and maturing
August 14, 1935, which were offered on February 6, were
opened at the Federal reserve banks on February 8, 1935*
The total amount applied for was $196,853,000, of
which $75,112,000 was accepted* The accepted bids ranged
in price from 99*965, equivalent to a rate of about 0*069
percent per annum, to 99*941, equivalent to a rate of
about 0*117 percent per annum, on a bank discount basis.
Only part of the amount bid for at the latter price was
accepted* The average price of Treasury bills to be issued
is 99*944 and the average rate is about 0*110 percent per
annum on a bank discount basis*
TREASURY DEPARTMENT
Washington
Por Release, Morning Newspapers,
Saturday. February 9. 1935.
2-8-35
Press Service
No# 4-25
Secretary of the Treasury Morgenthau announced last evening
that the tenders for $75,000,000, or thereabouts, of 132-day
Treasury hills, dated Pebruary 13 and maturing August 14, 1S35,
which were offered on Pebruary 6, were opened at the Pederal
1
reserve banks on Pebruary 8, 1935*
The total amount applied for was $196,853,000, of which
$75,112,000 was accepted*
The accepted bids ranged in price from
99*965| equivalent to a rate of about 0*069 percent per annum, to
93*941^ equivalent to a rate of about 0*117 percent per annum, on
a bank discount basis*
price was excepted*
Only part of the amount bid for at the latter
The average price of Treasury bills to be issued
is 99*944 and the average rate is about 0*110 percent per annum on a
bank discount basis.
TREASURY DEPARTMENT
Washington
(a
The Secretary of the Treasury, with the approval of the
President, has amended the Silver Regulations of August 17, 1954,
so as to make it unnecessary for persons to file reports pursuant
to such regulations with respect to the acquisition, importation,or
disposition of silver salts.
The amendment reads as follows:
"TREASURY DEPARTMENT,
Office of the Secretary
February 15, 1955.
AMENDMENT TO THE SILVER REGULATIONS OF
AUGUST 17, 1954.
The Silver Regulations of August 17, 1954,
as amended, are hereby amended in section 22 by
adding at the end thereof the following:
*(g) Silver salts.*
The regulations, as so amended, may be modified
or revoked at any time.
H.
MORGENTHAU, Jr.,
Secretary of the Treasury
APPROVED:
(Signed)
Franklin D. Roosevelt
1
TREASURY DEPARTMENT
EOR IMMEDIATE RELEASE.,
Saturday, February 16, 1935*
Washington
Press Service
No* 4-26
The Secretary of the Treasury, with the approval of the President, has
amended the Silver Regulations of August 17, 1934, so as to make it unnecessary
for persons to file reports pursuant to such regulations with respect to the
acquisition, importation, or disposition of silver salts.
The amendment reads
as follows:
"TREASURY DEPARTMENT,
Office of the Secretary,
February 13, 1935*
AMENDMENT TO THE SILVER REGULATIONS OF
AUGUST 17, 1934.
The Silver Regulations of August 17, 1934,
as amended, are hereby amended in section 22 by
* adding at the end thereof the following:
1(g) Silver salts.1
The regulations, as so amended, may be modified
or revoked at any time.
H. MORGSNTHAU, Jr.,
Secretary of the Treasury.
APPROVED:
(Signed)
Franklin D. Roosevelt
February
14, 1935."
treasury department
Washington
MEMORANDUM FOR THE PRESS.
February 11, 1935.
RECEIPTS OF SILVER BY THE MINTS:
(Under Executive Proclamation of December 21, 1933)
Week- ended February 8, 1935:
Philadelphia................ *..................
San Francisco...... ............... ...........
Denver
........................
Total for week ended February 8, 1935 .........
Total receipts through February 8, 1935.........
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended February 8, 1935:
Philadelphia, *. .................. ............
New York.......................................
San Francisco............................. .
Denver ............................ ...........
New Orleans•••••••.... ................ .
Seattle........... ............... . ............
Total for week ended February 8, 1935..........
Total receipts through February 8, 1935........
1,075,307.11 fine ounces
79,590.85 ”
12 >808.00 ”
1,167,705.94 M
25,410,000.00 n
9.307.00 fine ounces
n
16,641.00 ”
M
4.720.00 B
n
2.364.00 *
tt
259.00 ”
n
________ 515.00 ”
n
33^806.00 "
n
112,213,204.00 “
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES.:
Week ended February 8, 1935:
Philadelphia.......................
New York ........ .................
San Francisco.... ............ • •* •
Denver.............................
New Orleans....... .
Seattle••••*•••••.••*•••••••••••••
Total for week ended Feb. 8, 1935...
$
Imports
20,859.72
25,200,400.00
101,488.35
10,853.00
9,013.26
#25,342,614.33
Secondary
# 380 3727.93
T O , 900.00
129,189.83
45,817.00
60,761.02
51.667.89
#1,358,063.67
New
Domestic
#
1,586.45
532.400.00
l , 802,370.16
515.262.00
1,001.60
16.072.76
#2,868,692.97
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER’S OFFICE:
(Under Secretary’s Order of December 28, 1933)
Received by Federal
Week ended February
Received previously
Total to February
Reserve Banks:
6, 1935 .... .
........ .......
6, 1935 ......
Reeeiwd by Treasurer’s Office:
Week ended February 6, 1955 .......
Received previously •••••.«••..... .
Total to February 6, 1955
NOTE:
______Gold Coin
#
23,761.73
29.845.155.88
# 29,866,897.61
#
--- ~
..... 259,506.00
#
259,506.00
Gold bars deposited with the New York Assay Office
to the amount of #200,572.69 previously reported.
Gold Certificates _
#
409,620.00
85.561.040.00
# 83,770,660.00
#
8 ,200.00
2 .0 0 2 .6 0 0 .0 0
#
2,010,800.00
TREASURY DEPARTMENT
Washington
February 11,- 1935<
JMORAHDUM POR THE PRESS
RECEIPTS OF SILVER BY THE MINTS AMD ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1933)
Week ending February 8, 1935:- •
Philadelphia .......... •.....
1,075,307*11
San Francisco.. . . . . . ; 7 9 , 5 9 0 * 8 3
Denver.
...............
......12 „808«00
Total for week ended February 8, 1935 ........
1,167,705*94
Total receipts through February 8, 1935........
25,410,000*00
fine ounces
»
it
it
it
it
it
it
ii
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended February 8^ 1935:
Philadelphia
..... . •.
Hew Y
o
r
k
.
*
San Francisco;...........i........•
Denver.... .. i
...... ......
Hew Orleans
*
S e a t t l e . .........
Total fer week ended February 8, 1935.
Total receipts through February 8, 1935.......#
9,307*00
16,641 *00
4^720*00
2 ,364.00
259*00
515*00
33,806.00
112,'213,204*00
fine ounces
it
it
n
ii
it
it
it
ti
it
ii
ti
ii
tt
ii
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Hew
Domestic
Secondary __
Imports
leek ended February 8, 1935
1„586.45
380,727*93 $
$
20,859c72
Philadelphia
532„400 *00
709,900.00
25,200j400e00
Hew York.
129,189.83 1 ,802^370*16
101,488.35
San F r a n c i s c o ; ;
515*262.00
45,817*00
10*853.00
Denver..................
1,001*60
60,761*02
9,013*26
Hew Orleans;
, 16.072.76
31,667.89.
Seattle ......... *.......
Total for week ended Feb. 8, 1935..;. $25,342,614.33 $1,358,063*67 $2,868,692*97
RE GET'T I P BY FEDERAL RESERVE.BANKS AND THE TREASURER1S OFFICE:
(Under Secretary’s Order of December 28,1933)
GCT.D
Received* by Federal Reserve Banks:
Gold Coin
Reek ended February 6, 1935
23,761.73
Received previously;....... ............».29,843,1,55-*88
Trial to February 6, 1935............... .$29,866,897*61
Gold Certificates
$
409,620.00
83.361,040.00
$83,770,660.00
Received by Treasurer's Office?
Week ended February 6, 1935 .............$
Received previously .;...................
Total to February 6, 1935;........... ...$
_ 2j002,600*00
$2,010,800*00
ROTE:
— - - -» •*'—
259,306.00
259,306*00
Gold bars deposited with the Hew York Assay Office
to the amount of $200,572*69 previously reported*
$
8 , 200*00
1.
Since January 14th banks and dealers in foreign exchange
and gold^i have practically stopped
b u y in g
and selling gold, within
gold import and export points - which means that the.International
Gold Standard as between foreign countries and the United States
has ceased its automatic opercitron •
Z.
Thanks to the foresight of 75rd Congress, we now have a
Stabilization Fund,
3.
When we saw that'the external value of the dollar was
rapidly going out of c o n t r o l we put the Stabilization Fund to work
on a moment's notice^with the result that for the past four weeks
we have successfully managed the value of the dollar in terms of
foreign currencies.
The country can go about its business with assurance that we
are prepared to manage the external value of the dollar as long as
it may be necessary
TREASURY DEPARTMENT
Washington
February 11, 1935
STATEMENT BY SECRETARY MORGENTHAU
1.
Since January 14th hanks and dealers in foreign exchange and
gold, have practically stopped buying and selling gold, within gold
import and export points — which means that the International Gold
Standard as between foreign countries and the United States has ceased
its automatic operation.
2.
Thanks to the foresight of 73rd Congress, we now have a
Stabilization Fund.
3.
When we saw that the external value of the dollar was rapidly
.i|
going out of control, we put the Stabilization Fund to work on a moment’s
notice,with the result that for the past four weeks we have successfully
managed the value of the dollar in terms of foreign currencies.
The country can go about its business with assurance that we are
prepared to manage the external value of the dollar as long as it may be
necessary.
LIQUOR SEIZURES FOR VIOLATIONS OF CUSTOMS LAWS
December, 1934, and January, 1935
:
Gallons Seized
No* of : Distilled :
:
Liquor : Liquors
Seizures : and Wines : Beer : Alcohol
CUSTOMS SERVICE
December
January
492
431
2,172
610
359
-
COAST GUARD
December
January
5
2
IMMIGRATION
December
January
10
28
81
135
-
3
3
29
-
11
-
TOTAL SEIZURES - Dec. 510
Jan. 464
2,282
756
:
Boats
:
:
“
: No*
Value
39,853
2,364
7
3
#17,460
3,700
825
850
1
3,000
6
81
: Automobile]
s
:
t No*
Valu<
30
19
#6,88!
S,59]
3
11!
2
1
53!
7i
OTHER FEDERAL AM)
LOCAL OFFICERS
December
January
5
______
359
-
20
40,689
3,315
8
3
20,460
3,700
32
23
7,421
2,78!
BY GEOGRAPHIC REGIONS
CANADIAN BORDER
December
January
18
26
7
51
357
-
3,613
258
1
•
5,000
-
5
2
1,62!
50(
MEXICAN BORDER
December
January
337
319
901
466
1
-
455
342
1
—
3,000
*•
18
17
1,99!
1,48!
ATLANTIC COAST
December
January
96
81
814
76
36,217
2,368
3
•
10,235
-
4
3
1,92!
60'
GULF COAST
December
January
17
20
476
138
1
-
.
57
2
2
2,075
3,600
4
1
1,72!
,20
PACIFIC COAST
December
January
37
15
65
22
-
2
—
5
3
19
3
•»
402
290
OTHER DISTRICTS
December
January
-
*
•»
•
1
1
150
100
1
-
isj
During the month of January 464 seizures of liquor were
made for the violation of Customs laws, it was announced by the
Bureau of Customs today.
While this was a decline from the number of seizures (510)
during the previous month, it exceeded the number of seizures
for any other of the preceding months since May, and compares
with 411 seizures in November and 434 for October.
January
seizures included only 756 gallons of distilled liquor and wines,
and 3,315 gallons of alcohol.
This compares with 2,282 gallons
of distilled liquor and wines, 359 gallons of beer, and 40,689
gallons of alcohol seized during the previous month.
The
quantity of distilled liquors and wines seized was smaller than
during any previous month since Repeal.
Three boats valued at $3,700 and 23 automobiles valued at
$2,783 were seized during January for the transportation of
liquor, as compared with 8 boats valued at $20,460 and 32 auto
mobiles valued at $7,423 during the previous month.
The following table shown the number of seizures, the
number of gallons of beverages seized and the number and value
of seized vehicles for the months of December and January,
classed according to the various Gtovernraental agencies which
made the seizures and according to the geographical regions
where the seizures were made.
nn'--
TREASURY DEPARTMENT
Washington
EOR IljMEDIATE RELEASE,
Saturday, February 16, 1935#
Press Service
No, 4-2?
During the month of January, 464 seizures of liquor were made for the
violation of Customs laws, it was announced by the Bureau of Customs today.
While this was a decline from the number of seizures (510) during the
previous month, it exceeded the number of seizures for any other of the pre
ceding months since May, and compares with 411 seizures in November and 434 for
October.
January, seizures included only 756 gallons of distilled liquor and
wines, and 3,315 gallons of alcohol.
This compares with 2,282 gallons of
distilled liquor and wines, 359 gallons of beer, and 40,689 gallons of alcohol
seized during the previous month.
The quantity of distilled liquors and wines
llilw
seized was smaller than during any previous month since Repeal.
Three boats valued at $3,700 and 23 automobiles valued at $2,783 were
seized during January for the transportation of liquor, as compared with 8
boats valued at $20,460 and 32 automobiles valued at $7,423 during the previous
month.
The following table shows the number of seizures, the number ff gallons
of beverages seized and the number and value of seized vehicles for the months
of December and January, classed according to the various Governmental agencies
which made the seizures and according to the geographical regions where the
seizures were made.
LIQUOR SEIZURES ROE VIOLATIONS OR CUSTOMS LAWS
December, 1934, and January, 1935
: Gallons
Seized
l Boats
: Automobiles
•
•
No* of sDistilled*
i
•
Liquor : Liquors :
Alcohol
:
Seizures :and Wines: Beer
No . Value : No. Value
CUSTOMS SERVICE
December
January
492
431
2,172
610
359
mm
39,853
2,364
7
3
$17,460
3,700
0mm
-
825
850
1
-
3,000
m
6
81
-
COAST GUARD
December
January
5
2
-
IMMIGRATION
December
January
10
28
81
135
3
3
29
11
—
5
20
TOTAL SEIZURES - Dec*510
Jan* 464
2,282
756
359
-
40,689
3,315
30
19
$6,888
2,593
-
-
—
3
—
115
—
2
1
535
75
-
OTHER REDEEAL AND
LOCAL ORRICEES
December
January
r,
—
8
3
20,460
3,700
7,423
32
__2&_ 2*783
BY GEOEGRAPKIC REGIONS
CANADIAN BORDER
December
January
18
26
7
51
357
-
3,613
258
1
**
5,000
-
5
2
1,625
500
337
319
901
466
1
-
455
342
1
3,000
-
18
17
1,998
1,483
96
81
814
76
-
36,217
2,368
3
-
10,235
-
4
3
1,925
600
December
J anuary
17
20
476
138
1
-
2
2
2,075
3,600
4
1
1,725
200
COAST
December
January
37
15
65
22
—
-
5
3
19
3
-
MEXICAN BORDER
December
January
ATLANTIC COAST
December
January
—
GULE COAST
—
57
eacieic
DISTRICTS
December
January
2
-
-
-
—
-
402
290
1
1
150
100
1
-
—
—
n
other
—
150
General Provisions
As fiscal agents of the United States, Federal reserve hanks are author
ized and requested to receive subscriptions, to rnake allotments on the basis
and up to the amounts indicated by the Secretary of the Treasury to the Federal
reserve banks of the respective districts, to issue allotment notices, to
receive payment for notes allotted, to make delivery of notes on full-paid
subscriptions allotted,,and they may issue interim receipts pending delivery
of the definitive notes.
The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the
offering, which will be communicated promptly to the Federal reserve banks.
HENRY MORGEiTTHfU. JR.-,
Secretary of the Treasury.
uu
Npwfl
> T'
Saturday. Sferch 2, 1955
(There may be more complete figures on first and second day sales later this afternoon.
!
i forty-five leading
j Almost $2,000,000 worth of United States Savings Bonds w e r e i o l d
cities the first day they were placed on sale, according to preliminary reports which
Sythe rest of the
reached the Post Office Department today.Tabulations now under way fromNra«WH80BHte©9x
country
&
may
^
indicate that the grand total
exceed
$5,000,000.
j These figures represent actual cash paid on the basis of the issue price.Sjaioo*
L ____ *
v iiy value by oner-third—
if held for."ttbe—fuiA linn
nr mj iti m ir m s
<) JlAJL ,
that thp maturity v01"-? sf
i *■
tfe ■
rp'-nriw^n^iy---$G,--G0Qy
$SQ.Officials pointed out that it was difficult to measure the demand because in many
places the original supply was exhausted early in the day.
j The denominations most in demand appeared to be the $25 and $1000 ones.Reports from
postmasters indicated that purchasers of the larger units were seeking an investment
for accumulated savings.They reported that they looked for a steady sale of the smaller
denominations as soon as additional consignments have been furnished.The Bureau of En
graving is working extra shifts night and day to provide 4$flfficient amounts of this de
nomination. £ The
sales in fifteen cities to report showed that New York led, with a
total of $296,325.Sales in other cities were as follows; Chicago,$252,400;Detroit,
$185,000 ; Washington, $69,750 ;St. Louis, $62,000; Kansas City,$59,268.75; Boston,
$58,556 ; Cincinnati, $50,600Cleveland
,000;Los Angeles,$45,925 ;St. Paul,
,000 ;Toledo,$41,945.75Philadelphia, $41,075 p a n Francisco,$50,850,
-30-
TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE,
Saturday, March 2, 1935.
Press Service
No, 4-40
(There may he more complete figures on first and second day sales later this
afternoon,)
Almost $2,000,000 worth of United States Savings Bonds were sold in fortyfive leading cities the first day they were placed on sale, according to prelimin
ary reports which reached the Post Office Department today.
Tabulations now under
way from the rest of the country indicate that the grand total may exceed
$5,000,000.
These figures represent actual cash paid on the basis of the issue price '•
The maturity or face value is one-third greater.
Officials pointed out.that it
was difficult to measure the demand because in many places the original supply
was exhausted early in the day.
The-denominations most in demand appeared to be the $25 and $1000 ones.
Reports from postmasters indicated that purchasers of the larger units were seeking
an investment for accumulated savings.
They reported that they looked for a
steady sale of the smaller denominations as soon as additional consignments
have been furnished.
The Bureau of Engraving is working extra shifts night and
iay to provide sufficient amounts of this denomination.
The sales in fifteen cities to report showed that New York led, with a total
of $296,325.
Sales in other cities were as follows:
Chicago, $232,400; Detroit,
$185,000; Washington, $69,750; St. Louis, $62,000; Kansas City, $59,268.75;
Boston, $58,556; Cincinnati, $50,600; Cleveland, $48,000; Los Angeles, $45,925;
So, Paul, $42,000; Toledo, $41,943.75; Philadelphia, $41,075; San Erancisco,
$30,850.
TREASURY DEPARTMENT
Washington
■ m E A S E J g O H DELIVER
3-2-35.
Press Service
Ho. 4-4i
A speech to he delivered Monday, March 4, 1935, by the Secretary uf
the Treasury, Henry Morgenthau, Jr., as part of an Anniversary Day
broadcast,, arranged by the GolumbiaJBroadcasting System, t» review
the first two years of President Roosevelt’s Administration.
SECRETARY MORGEUTEAU: I think I can best use the time that I have on this
Anniversary Day broadcast by telling a few facts about the United.JStates-TPreasury-and what it has Veen doing in the last two years.
I want to say right at the start of my talk that during the first year of the
period under review, the Treasury was under the able leadership of the late
William H. Woodin, Secretary *f the Treasury from March, 1933,- to the e nd of that
year.
The country owes a great debt to the memory of Mr. Wvodin for wise and
heroic service during a most difficult period.
The functions and activities of the Department fall under four general heads.
Under the fix st of these are the agencies primarily concerned with bringing into
the Treasury the funds with which to meet the expenses of the Government, and with
keeping the records “
*f fiscal transactions.
These units of the Treasury birrow
money by issuing securities, collect the taxes, pay the bills and keep the books.
The second group includes the six units which have police functions.
Through their investigating activities they prvtect your Government and you from
tax evasion, from fraud and deceit, and they guard against violations of laws
enacted for the protection of the revenues and monies of the Government.
The third group consists of our manufacturing plants.
They make our coins,
print our paper currency, our bonds, our checks, our postage stamps and tax stamps.
Kiey build our public buildings.
They purchase supplies for the Government.
The protection of life and health are activities which fall under the fourth
heading.
~2~
ANNOUNCER:
This is a remarkable array cf activities for one Department of the
Government, Mr. Secretary, and I think it will he surprising to most people.
Would you mind giving us just a glimpse cf some of the work these agencies have
been doing in the last two years?
SECRETARY MORGENTHAU:
I shall he glad to#
office of the Treasurer, Mr. W.A. Julian.
Suppcse we look first into the
It is right here in this building#
The Treasurer cashes checks which are drawn on the Treasury.
one instance of the size of his job.
I will give you just
In the period of three months during which
the Civil Vforks Administration was spending its original allotment of
$400,000,000, the Treasurer cashed 58,000,000 checks drawn by that agency. Tc take
care of this sudden increase in the work of his office, the Treasurer hired a
thousand of the unemployed to run adding machines and help in clearing the checks#
The Treasurer, among his other duties, cashes the interest coupons which are
clipped from Government bonds on interest dates, and forwarded to the Treasury
for redemption#
On another flo*r is the man wild has been called the Nation’s biggest book
keeper, Daniel W. Bell, the Commissioner of Accounts and Deposits#
On his
books are kept approximately 8,000 accounts relating to the receipts, appropria
tions, and expenditures of all departments and establishments of the Government#
By centralizing this information and bringing payroll disbursing into the
Treasury, we have achieved greater efficiency and economy, and have made informa
tion more promptly available to our citizens.
I have demonstrated, my belief
---that--ire- oire^a ■fluty''"■'tor-the public to keep them currently informed as" to our-fiscal
activities.
We have expanded and clarified the Daily Treasury Statement, which
gives the assets and liabilities, the receipts and expenditures of the Govern
ment#
The Public Debt Statement has been improved both as to form and information#
3®nce each month we publish a combined statement of the assets and liabilities of
the corporations and credit agencies in which the Government has a proprietary
interest and for whose obligations it has a contingent liability#
The Public Debt Service, headed by Commissioner William S. Broughton, has
had an extraordinary record of activity in the last two years.
today stands at approximately $28,500,000,000#
The public debt
During the past two years this
office has refunded some $15,000,000,009 of the public debt and has issued aver
$7,000,000,000 of Treasury obligations for new money#
AMOUNOEE:
What do you regard as the outstanding accomplishment of Government
financing during the past two years, Mr. Secretary?
SSCEETAEY MQRGENTHAU:
There is no question about that.
The outstanding accom
plishment of the two year period has been our ability to borrow this great amount
of new money, and to refund such a large amount ©f existing debt and at the sam®
time to reduce the average rate of interest paid on the whole debt#
In the two
year period the average rate has been brought down by nearly half of one per cent.
The saving in interest to the Government by reason cf this reduction is
$120^00,000 a year.
The reason that the price of Government bonds has been
steadily going up is because the American people have a feeling of complete
confidence in their Government in Washington*
When I came to the Treasury a little ®vor a year ago, we had to pay 2-1/2
per., cent to borrow money for thirteen months#
In sharp contrast, only the other
day we borrowed money for nine months at one-sixth of one per cent*
of many pr o d s that business is better# _
This is on®
^
Before passing on to the next subject, I want to be sure to draw your atten
tion to the latest of our Treasury securities, the United States Savings bond,
which are now on sale at some 14,000 post offices*
Turning to our other source >f funds, tax collection, I want to tell you how
they have increased, due in part to better "business, and in part to the fact that
the 73rd Congress stopped up many of the holes in the revenue system.
We pursue
a fair and impartial attitude toward all tax debtors, but we are determined to
collect what is rightfully
due the Government.
We are a,lso determined t© protect
the taxpayers against unscrupulous tax lawyers and accountants who feed off the
tody of the Treasury#
The Bureau of Internal Revenue, under the direction of Commissioner Guy T.
Helvering, has made an enviable record.
of taxes.
In 1932 it cost $2,17 to collect $100
In 1934 it cost only $1.25 to collect $100 in taxes#
Included in the group of Treasury units which are concerned with fiscal
operations is the office of the Comptroller of the Currency, J.F.T. 0 ‘Cennor.
While it is n©t directly connected with financing the G-overnment, it does form an
important line of contact between the Treasury and the private banicing system of
the country#
In Mr. 0* Conner *s office was centered the work of licensing banks following
the holiday of 1933.
Since.March, 1933, the Comptroller has been faced with three
major problems, the reepening of unlicensed national banks, the distribution of
dividends t© depositors in national banks closed for liquidation, and the
strengthening of the capital structures of all open national banks#
Of the 1,400 national banks remaining unlicensed in March, 1933, it was
found possible to reorganize nearly 1,100 under old or new charters#
Splendid
progress has been made in making available to depositors substantial portions of
their deposits tied up in closed and unlicensed banks.
Through cooperation with
the Reconstruction Finance Corporaticn, the Federal Government has added more than
$400,000,000 to the capital funds of our national banks in the form of preferred •
stock, placing those institutions in better position to take care of the credit
needs of their communities and lend to deserving borrowers#
In addition t* these extraordinary duties, the Comptroller, has carried on his
regular functions of examining the national "banks, and enforcing the national
tanking laws#
-ANNOUNCER:
Will you
tell us something about the police-activities of the Depart
ment, Mr. Secretary?
SECRETARY MQRGENTHAU:
There are six Treasury units whose-job it is to protect the
revenues-and monies of the G-ovemment.
They are the Secret Service, headed by Chief W.H. Moran, the Customs Service,
under Commissioner James H. Moyle, the Coast Guard, commanded by Admiral H.G#
Hamlet, the Narcotics Bureau under Ccramis'sioner H.J. Anslinger, the Alcohol Tax
Unit, supervised by Deputy Commissioner Arthur J. Mellett, and the Intelligence
Unit of the Bureau of Internal Revenue, headed by Elmer L. Irey#
These agencies wage unceasing warfare by land and sea and air against
criminals wno conspire to cheat Uncle San>— and who, when thoy succeed in cheating
Uncle Sam, cheat you and me as well.
Our men combat a particularly vicious and
heartless breed of public enemies-*— tax evaders, counterfeiters, smugglers, bootieggers, racketeers, gamblers and dope peddlers.
Besides defrauding the Govern
ment, these criminals.sell poisonous liquvr, pass bogus money, prey on the poor
and profit by the weakness vf their fellow man.
You juave every right to be proud
•f the courage and loyalty your Treasury agents display in fighting these criminals#
ANNOUNCERS
What are some of the famous cases which they have developed or solved,
Mr. Secretary?
SECRETARY MQRGENTHAU:
I cannot, of course, go into details for obvious reasons#
To publicize their accomplishments would be to warn present and potential evil
doers#
But I can speak of cases which have been Hclesedn#
It was our Internal
Revenue agents who sent A1 Capone to the penitentiary, and jailed pretenders to
~6~
his crown in other cities.
Wh*»n I came to the Treasury there were five famous
gangsters on the Intelligence Unit’s list of ’’men to get”.
One by one they have
been eliminated— John Lazia, the A1 Capone of Kansas City, Leon Gleckman, leading
racketeer of St. Paul, Waxey Gordon, of Hew York*, leading "beer baron of the East,
Murray Humphreys of Chicago, successor to Capone, and Butch-Schultz..sf New York*
notorious liquor runner charged with many crimes*
Tile Coast Guard and Customs Service have smashed numerous rings which tried
to evade our laws*
With their aid the Narcotics Bureau has curtailed quantity
smuggling of forbidden drugs and narcotics.
The Alcohol Tax Unit has carried on
a continuous campaign against 'bootleggers and illicit distillers, and the records
s h w that it is getting results*
And this in spite of the fact that when the whale
task of collecting liquor taxes and suppressing tax evaders was given to the
Treasury following repeal, wo inherited along with it a tradition of fourteen
years of public disregard for law.
Naturally it has taken time to break down
public prejudice against enforcement activities too often tainted by corruption
and graft and to gain respect for and support of honest and straightforward efforts
to compel those who manufacture and sell liquor to pay taxes.
A whole generation
had grown up with the idea that there is nothing unpatriotic about disrespect
for liquor laws*
Wo honestly believe that we have made some progress in over
coming this prejudice on the part of the people.
The handicap of half-hearted
attempts at enforcement during Prohibition is being slowly overcome*
During the dark days of Prohibition, there was no evidence of an honest
effort at enforcement*
It is now a question of suppressing the tax—evader f’or
tne benefit of the Government and in protection of the law-abiding maker and
dealer.
With the cooperation of the public, we can and will succeed*
I have spoken of our manufacturing plants*
One of these is the Bureau of
Engraving and Printing, directed by Mr* A.W. Hall*
The Bureau prints rur currency,
-7our stamps and our bends.
They are nor engaged in printing the United States
Savings Bonds.
Another is th«* Bureau ef the Mint, under the direction of Mrs. Nellie Taylver
Ross.
It mints our coins.
The demand for coins during the last two years has
been heavier than at any time in our history.
It has recently completed the
Herculean task ef moving two and a half billion of gold from the San Francisco
mint to the mint at Denver, the largest body of the yellow metal ever to have
Veen moved so great a distance.
The duties of the Procurement Division, under Admiral C.J. Peoples, bring
it within this third greup of Treasury activities.
It supervises the construct
ion of our public buildings.
ANNOUNCER:
One more question, Mr. Secretary.
and health as a Treasury activity.
SECRETARY MORGENTHAU:
You spoke of the protection of life
To what did you refer?
The Public Health Service, under Surgeon General H.S.
Gumming, safeguards,us from the spread of disease and epidemic.
It engages in
constant research and experiment', and in the past two years had made vast
contributions to our store of medical knowledge.
Whether it be an epidemic of
dyssentery in Chicago, sleeping sickness in St. Louis, infantile paralysis in
California, or Rocky Mountain fever in some Eastern section, the Treasury doctors
are on the job.
The Coast Guard, too, has a splendid record for saving and protecting lives.
This agency, sometimes called the Red Cress rf the Sea has rescued some 12,000
persons from positions “*f peril at sea during the last two years, and has
assisted in saving property worth, millions of dollars.
March 4 News NeleasJ — 2
Many people bought bonds for their children and grand-children, as did President
Roosevelt when he purchased the first six bonds of the $25 denominations. Others
had the bonds made payable to beneficiaries by writing in the latter’s names along
with their o w n . S M M f e The majority of purchasers preferred to take the bonds with
O lajlJL
CUsUkdt Tj
them, refusing the government’s offer to safeguard them,
t
I
A
Fifty leading cities accounted for $2,895,055.50,or almost half of the total.
This figure does not give any true indication of the division of sales as
between rural and urban sections, however,because
many large cities not included
in the list of fifty bought large amounts. In general,reports indicated that the
bonds sold better in the West
than in the East.
I New York City led in sales with a total of f B H R $505,154.75.The New York
total includes sales i n i H i l p of $91,697.25 in Brooklyn,which is a separate
post office from that in Manhattan. If the New York total is divided as between the
^472,275
two post off ices, then Chicago gains first place with a total o r jB M B iBBij and De
troit
stands third with $ 415,519^5ales in some of the other large cities were
as follows: Cleveland, $105,822.50; St. Louis, $105,145.75; Boston,$97,818.75 ;
Kansas City,$94,445.75; Cincinnati, $90,575 ; Washington,D.C.,$86,288 ; Minneapolis;
$78,125 ;Toledo,$72,245.75 ; Philadelphia,$62,781.25 ;Los Angeles,$58,968.75 ;
Omaha T|58,800^^
S n S E f H ^ O O ;Denver,$45,145.75 ;Baltimore,$41,684.25 ;San Francisco,$41,575 ;
Louisville, $59,150 ;Columbus,0.,$57,556.25 ; Pittsburgh,$52,068.75 ;New Orleans,
)ayton,$28 ^145.
l Jacksonville,$28,051.25 l )
>28,200j j^ndianapoli s,$28^12^1®ilTOu$ee7ll67450^Portland,Ore .,$25,456.25.
-50-
Immediate Hews Release Monday, Maych 4, 1935
VJ u f r o pMAAtx ,'
,4 — ^
I More than $6,000,000 worth of United States Savings Bonds were sold in the
first day and a half of their sale, according to preliminary reports which reached
the Post Office Department today. Actual sales reported by 4,000 post offices
amounted to |5,520,000, but the 10,000 post offices still to be heard from are
expected to bring the total above $6,000,000*As this figure represents the
purchase price, it means that the maturity value of the bonds sold amounts to
about $8,000,000.
1 Sales would have been larger, according to Post Office officials, if the supply of bonds had not been exhausted in many jakMMMff places early on Friday, the first
day of the offering to the public. Many purchasers showed a preference for denomina
tions which were not in stock or were soon sold, the $25 and $1000 units apparently
proving the most popular.In response to specific requests for additional supplies,
^ $ 1 0,500,000
the Post Office Department has
shipped iilfl^lMQ^worth of bonds in
addition to the original consignments*
Contrary to expectations, the larger denominations seemed to be most popular
in
small towns and cities,and the $25 bond sold better in the metropolitan centers.
Post Office officials believed that the demand for $500 and $1000 bonds oeame from
people with accumulated savings, and that the smaller denominations will have a
better sale in the long run.Although preliminary reports are not detailed, it is
believed that the average amount invested will be about $200.
| The new type of savings bonds attracted all classes of customers, according to
postmasters* reports.In many small cities and towns banks and corporations took the
maximum of $10,000 which is the total any individual or corporation may buy in a
single calendar year.On the other hai3d,many women and children bought the $25 bond,
which costs $18.75, with pennies ooured out on cost office counters and windows from
A
bags and banks.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE ,
Monday, March 4, 1935.
Press Service
No. 4-42
Mere than $6,000,000 worth of United States Savings Bonds were sold in the
first day and a half of their sale, according to preliminary reports which
reached the Post Office. Department today.
Actual sales reported "by 4,000 post
offices amounted to $5$520j000, "but the 10,000 post offices still to he heard from
are expected to bring the total above $6,000,000.
As this figure represents the
purchase price, it means that the maturity value of the bonds sold amounts to
about $8,000,000.
Sales would have been larger, according to Post Office officials, if the
supply of bonds had not been exhausted in many places early on Friday, the first
day of the offering to the public.
Many purchasers showed a preference for
denominations which were not in stock or were soon sold, the $25 and $1000 units
apparently proving the most popular.
In response to specific requests for
additional supplies, the Post Office Department has shipped $10,500,000 worth of
bonds in addition to the original consignments.
Contrary to expectations, the larger denominations seemed to be most popular
in small towns and cities, and the $25 bend seld better in the metropolitan cen
ters.
Post Office officials believed that the demand for $500 and $1000 bonds
came from people with accumulated savings, and that the smaller denominations will
have a better sale in the long run.
Although preliminary reports are not detailed,
it is believed that the average, amount invested will be about $200.
The new type of savings bonds attracted all classes of customers, according to
postmasters 1 reports.
In many §mall cities and towns banks and corporations took
the maximum of $10,000 which is the total any individual or corporation may buy in
a single calendar year. On the ^ther hand, many women and children bought the $25
-2-
bond, which costs $18.75, with pennies and other c*ins pnured out on post office
counters and windows from hags and hanks*
Many people bought bonds for their children and grand—children, as did
President Roosevelt when he purchased the first six bonds of the $25 denomination.
Others had the bonds made payable to beneficiaries by writing in the latter Is
names along with their own.
The majority of purchasers preferred to take the
bonds with them, and did not avail themselves of the Government1s offer to safe
guard them.
Fifty leading cities accounted for $2,895,035.50, or almost half of the total.
This figure does not give any true indication of the division of sales as between
rural and urban sections, however, because many large cities not included in the
list of fifty bought large amounts*
In general, reports indicated that the
bonds sold better in the West than in the East.
New York City led in sales with a total of $505,134.75*
The hew York total
includes sales of $91,697.25 in Brooklyn, which is a separate post office from that
in Manhattan.
If the New York total is divided as between the two post offices,
then Chicago' gains first place with a total of $472,275 and Detroit stands third
with $413,519.
Sales in some of the other large cities were,as follows:
Cleveland,
$103,822.50; St. Louis, $103,143.75; Boston* $97,818.75; Kansas City, $94,443.75;
Cincinnati, $90,575; Washington, D.C. $86,288; Minneapolis, $78,125; Toledo,
$72,243.75; Philadelphia, $62,781.25; Los Angeles, $58,968*75; Omaha, $58,800;
Dallas, $50,800; Denver, $43,143.75; Baltimore, $41*684.25; San Francisco,
$41,375; Louisville, $39,150; Columbus, 0., $37,556.25;^Pittsburgh, $32,068.75;
New Orleans, $28,200; Dayton, $28,143.75, Indianapolis, $28,125; Jacksonville,
$28,031.25; Milwaukee, $26*450; Portland, Ore., $23,456.25
TREASURY DEPARTMENT
Washington
MEMORANDUM FOR THE PRESS.
March 4, 1955.
RECEIPTS OF SILVER BY THE MINTS AND ASSAY OFFICES2
(Under Executive Proclamation of December Q 1955)
Week ending March 1, 1935s
P h i M e l p h i a .....................
San Francisco.•
Denver............
Total for week ended March 1, 1955••
Total receipts through March 1, 1955,
831,214.34 fine ounces
352,667.68
B
«
— ... C T 1OQ
•
"
1,184,819.02
*
«
28,124,000.00
**
**
SILVER TRANSFERRED TO UNITED STATESs
'(tinder Executive Proclamation of August 9, 1934)
Week ended March 1, 1955s
Phildelphia ••••«•••••.... ••«••••
New York ...... ..................
San Francisco
Denver ••••••«•«*••......... «•••«
New Orleans .................
Seattle .......................
Total for week ended March 1, 1935.•
Total receipts through March 1, 1935
RECEIPTS OF GOLD BY THE MINTS
3.542.00 fine ounces
29,516.00
■
«
821.00
*
*
2.756.00
«
**
231.00
"
»
1.289.00
11
«
58*135.00
■
*»
112,449,526.00
"
«
AND ASSAY OFFICES:
Week ended March 1, 1955:
Philadelphia...........••«••••••«••
New York
San.Fraucisep..... ..........
atacxRwn&ianra. •Denver••••••...........
New Orleans
Seattle............................
Total, for week ended March 1, 1935:
....iBQOrtg
$
24,419.99
11,410,100.00
360,964.78
54,070.00
450.91;
#11,850,005.68
Becoflda-ry
# 320,379.77
1,085,000.00
101,465.93
40,694.00
23,940.63
28.512.58
#1,660,792.71
New .^oaestic—
# 1 0 5 . 1 8 <
74,100.00
902,185.27
658,123.00
756.36
176.409.59
#1,791,679.20
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER*S OFFICE:
(Under Secretary*s Order of December 28, 1953)
Received by Federal Reserve Banks:
Week ended F«b*h2T,1955...........
Received previously...............
Total to F«bch27, 1955............
Received by Treasurer*s Office:
Week ended Feb* £7, 1955.... .
Received previously.•••••••..... .
Total to Feb. 27, 1955......... .
Gold Coin
#
35,728.16
29t901tff2I.frE ~
#29,935,549.71
Gold Certificates
#
579,850.00
84.639.550.00
#85,2194400.00
#
#
#
000
259.806.00
259,806.00
.-
i
9,700.00
2.026.700.00
# 2,036,400.00
Note: Gold bars deposited with the New York Assay Office
to the amount of #200,572.69 previously reported.
I
TREASURY DEPARTMENT
Washington
MEMORANDUM EOR THE PRESS
March 4, 1935.
RECEIPTS OP SILVER BY THE MINTS AND ASSAY OFPICES:
(Under Executive Proclamation of December 21, 1933)
Week ending March 1, 1935:
Philadelphia... ....... .
San Erancisco... .
Denver ♦. ...... .............. ..
Total for week ended March 1, 1935..
Total receipts through March 1, 1935
831,214*34 fine ounces
352,667*68
" #
937.00
" 11
1,184,819.02
” "
28,124,000.00
" ”
SILVER TRANSPEERED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended March 1, 1935:
Philadelphia............. .
New York.......... ...............
San' Francisco,.......... .......
Denver.........................
New Orleans. ...... ....... ..... •»
Seattle '............ ...........
Total for week ended March 1, 1935..
Total receipts through Ma.rch 1, 1935
3.542.00 fine ounces
29,516.00 M
"
821.00 ’’
J
2.736.00 "
"
231.00 "
n
__ 1.289* 00 n
11
. 38,135.00 "
"
112', 449,526.00 ”
"
RECEIPTS OP GOLD BY THE MINTS AND ASSAY OFPICES':
New
Domestic
Secondary
Week ended Ma.rch 1,, 1935:
Imports
105.18
Philadelphia..L.......... .
.$
24,419.99 $ 380,379.77 $
74,100.00
1,085,800.00
New York
H ,410,100.00
902,185.27
101,465.93
San Francisco.-.................
360,964.78
638,123.00
40,694.00
Denver.................
54,070.00
756.36
23,940.63
New Orleans................... •
450.91
176.409.39_
28.512.38
Total for week ended March 1, 1935.•$11,850,005.68 $1,660,792.71 $ ,791,679.20
IOLD RECEIVED BY FEDERAL RESERVE BANKS AND..
JSSMSSJBSBil 3- OFFICE:
(Under Secretary’s Order of December 28 1933)
Received by Federal Reserve Banks:
Week ended February 27, 1935......
Received previously........... .
Total to February 27, 1935.............•
Received by Treasurer’s Office:
Week ended February 27, 1935*..... .
Received previously.
Total to February 27, 1935.............•
ROTE:
Gold Coin
$
33,728.16
29,901,821.55
$297935,549.71
Gold Certificates
$
579,850.00
84j639,550.00
$85,219,400.00
$
$
$
000
259,806.00
259,806.00
Gold bars deposited with the New York Assay Office
t» the amount of $200,572.69 previously reported.
9,700.00
2.026.700.00
$ 2,036,400.00
Maroh 4* 193S.
RETAIL LIQtTOa D
M
IHSFBCTIQHS. CHICAGO*
Five Weeks Period Ended Haroh £*
Total
of inspectIons••««•••••»*••••••«•••••«•*••*•»•*
d^SlS
Federal violations i'ound* «•*»•••»«»••*•»*••• t,««#»••*«•••••«•
1*1IS0
Aeonat collected in tax w , penalties, and offers
in oastproatlsn for Federal tiolitloa*.... *•*••••*•«•*•**#*
213*06*
Classification of Federal violationst
"T'If^lCiure"to pay special!1'feex*•••«•*••#•••*••••»*••***••*«••#
332
Failure to post special tax strap****•••••«••••••••••••«*•
unsts^pid bottles•***•**••*•••*#••••*•*•••••«#••••#•«••*•*
Undostroyed tsar stsssps*•***•«♦**#*****##****•***••*•*•••«
Unattached strip straps***********************************
Failure to destroy empty liquor bottles*••••••••*•••••••••
ito^tex paid liquor Found**********************************
Refilled bottles*•#•*♦**«***♦****#**#**•****•••***## ******
ST
Iflifl
163
101
§1
4
4
HNG/mff
^Thls is the aiaount actually oolleoted* Approximately #12,000 ad*>
ditional has been eertifled for collection to the Colleotor of Internal
Revenue*
March 4, 1933*
gm
hot
m m xispgcfxoffs,
bbbf rcm cot.
Four 'tfeefcs Period Sndsd March 2«
Total nmtd^or of inspections*•*«•••**»**•»*•«**#•***••«*••*• •
6j6D?
Federal rielatisfis found*»»»*##»a***************************
X,X9d
Aatauafc collected*
Tsxe® SHC1 penalties#*#**#*•*****••*#*•♦*•**•«****•*#**•••* $19,9X7*91
Offer* In oanproeilse* •«• «*••*•*•••**••«•*•+#* ##•##*••*••# «
Classification of Federal violations!
!f^eliure 'Co pay"Ttspeoia!lL u>
^ kx «•• •*
••••»•*••••*•*•••••••••
Failure to post special tax steep*#*#•**•••#••••*•*#•••*•*
Refilled bottles* **«##****•***«##**#***#*#***•#***###*•## •
Botfcld0 With JSS‘-;Strip staissps etbealtdd*••••••*••••*••«•• •••
TTnatbached strip steeps#**#*##******#*#**#**##*##-*#*#**#*#
bOOl* Steeps*#«*##•#•*•••*#•*•##•••••##•*•#«*•*#
Failure to destroy attached bee** stamps***•••••••*•**•••••
tTnbaxp&id alcohol********** •»*••#****•••« *•••••••*•*•••••
Failure to destroy empty liquor bottles***•••••••••«•••«•••
Beer barrel with no stamp attached**••••••••••«•*•*•***•••
Aotloa taken by golieo department?
""’iaiaber"of’*arrests
ftturedsy, February 28 # only)***
Kuaber of oases referred to Hew fork State Liquor Author
ity (through Thursday, February 2S# only)••**••••••«»••*
Violations oorroeted by Inspection m l t (through Thursday,
February 29§ only)••*«•«***•••••••««••**•••••**•#*.*#•*##
KEK}/mff
13,1 *0*00
999
IX?
44
124
98
40
100
2
4
1
90
293
1,491
TREASURY DEPARTMENT
Washington
MEMORANDUM TOR THE PRESS
March 4, 1955.
RETAil, LIQUOR DRRLRR INSPECTIONS, CHICAGO.
Five Weeks Period Ended March 2.
Total number of inspections ....................................
Federal violations found .......................................
Amount collected in taxes* penalties* ana offers
in compromise for Federal, violations .........
Glassification of Federal violations;
Failure to pay special tax ...................
Failure to post special tax stamp ...........
Unstamped bottles .......... ...... ..........
Undestroyed beer stamps ..... ................
U nattached s t r i p stamps ..................................................
Failure to destroy empty liquor bottles .....
Un-tax paid liquor found ....................
Refilled bottles .............................
9 j«j15
1 1Sf'
«a/
5, 213.08-
582
87
356
Ida
101
51
M
4
1 / "This is the amount actually collected. Approximately $12,000 ad
ditional has been certified for collection to the Collector of Internal Reve
nue.
CV
-1
r\
March 4, 1935
RETAIL LIQUOR DEALER INSPECTIONS, CHICAGO.
Five Weeks Period Ended March 2.
Total number of inspections...,.......... ............
9,315
Federal violations found....................................
1,150
Amount collected in taxes, penalties, and offers
in compromise for Federal violations.... .
Classification of Federal violations:
Failure to pay special tax......... ..................••••
Failure to post special tax stamp............ .
Unstamped bottle ...... .................................
Undestroyed beer stamps..... .................
Unattached strip stamps........... .......................
Failure to destroy empty liquor bottlee...... ......••••••
Un-tax paid liquor found•••••••••.... .
Refilled bottles ...... .............................
^5,ziz»06l
382
87
356
165
101
51
4
4
^This is the amount actually collected. Approximately $12,000 ad
ditional has been certified for collection to the Collector of Internal
Revenue•
March 4, 1935*
RETAIL LIQUOR DEALER INSPECTIONS, MEW YORK CITY.
Four Weeks Period Ended March 2.
Total number of inspections*..... ................................ 6,607
Federal violations found..........
Amount collecteds
Taxes and penalties...... ............................. .
Offers in compromise...... ............................
Classification of Federal violations:
Failure to pay special tax.......... ................. .
Failure to post special tax stamp.............. .•••••••••
Refilled bottles....................
Bottles with no strip stamps attached....... •••••••••••••
......... «•••••••
Unattached strip stamps••••••....
Unattached beer stamps.......................... •••••••••«
Failure to destroy attached beerstamps.............. ••••••
Untaxpaid alcohol••••.........
Failure to destroy empty liquor bottles*...................
Beer barrel with no stamp attached. ..........1
Action taken by police department:
Number of arrests (through Thursday, February 28, only)..*
Number of cases referred to New York State Liquor Author
ity (through Thursday, February 28, only)............ .
Violations corrected by inspection unit(through Thursday,
February 28, only)..................................... .
1,195
$16,917*61
13,170*00
665
117
44
124
92
40
106
2
4
80
363
1,461
Marsh 4, 1956*
h stail
uatioa
D im
ibspschobs,
m z
tom
cm .
Four Weeks Period Ended March 2*
Yot&l UUSSber Of inspections•«*•••*•••*•**••* ♦ **•*#•*•*****#•
6,607
FcdfU’al YloljltlOSM f01233d*A**********************************
X ,IBS
Amount collected?
TsXOS Slid ponsXtiOS***«#**•*••**##•♦##*#*♦******•**••***•* %16 ,9Xg«6X
Offers in o ooproKiisc •«•**••**#•*••***•*•*••*•*#•#*••*•#••# 1S ,170'#00
Classification of Federal violationsi
Failure ¥ o 'payspoolal tax*«•*#..***•••*•«••••••»••*••*••*
Failure to post special tax stamp****•«••«••••••••«•••«•••
Refilled bottles**•****•**•••***•••*»•*••*•*•**•»•«•*•*••»
Bottles with po atrip stamps attaehdd*••**••#*♦•••**•••♦••
tfosttached strip stamps♦•*•******•****#**••***•»**#*•****•
Ihsattaofied bass* stamps«**•*••*•*••«*#*•••••*•••••••*•*••**
Failure to destroy attached beer stamps*••*••••••«••••«•••
Untaxpaid aloobel**•••*••*••*••••*•**•••**•*••••*••*•*••*
Failure to destroy empty liquor bottles***••*•*••»••**•••••
Beer barrel with no stamp attached*•••••*»*•*•««•*•«••••«•
Act ion taken by police department*
""Tfcsaber of arrosis (i&rough Fkursday, February 28, only)•••
Humber of oases referred to Hew York State Liquor Author
ity (through Thursday, February* i®, only)••«••• •••«****•
Violations corrected by inspection unit (through Thursday,
February BS, only)#*•#*•***•••«•*••**•#*•*••*••*•••••#*•
HBKj/mff
666
117
^^4
124
22
40
106
2
4
1
80
868
1,401
TREASURY DEPARTMENT
Washington
March 4, 1935*
MEMORANDUM EOR THE PRESS
RETAIL LIQUOR DEALER INSPECTIONS, NSW YORK CITY.Pour Weeks Period Ended March 2.
Total number of inspections. * • • • • • • • * • * • * • * * •
6 t607
Eederal violations found
Amount collected:
Taxes and penalties
Offers in compromise • • • • . • • • • • • • • • • * • •
$16,917.61
13,170.00
Classification of Eederal violations:
Failure to pay special tax . . . . . .
Failure to post special tax stamp. • .
Refilled Lotties
Bottles with no strip stamps attached.
Unattached strip stamps. • • • • » » •
Unattached Leer stamps • • ..........
Eailure to destroy attached Leer stamps
Untaxpaid alcohol.
Eailure to destroy empty liquor "bottles
Beer "barrel with no stamp attached. . «
665
117
44
124
92
40
106
2
4
1
Action taken "by police department:
Number of arrests (through Thursday, February 28, only) . . . .
80
Number of cases referred to New York State Liquor -Authority
(through Thursday, February 28, only). • • • • • • • • • • •
363
Violations corrected by inspection unit (through Thursday,
February 28, only).
*1461
mmmm m ®m m m
m m m m n
7 m RELEASE, M S ® NEWSPAPERS,
Tuesday, March 5. 1938.
B/4/35
Frees Service
U
~
<~f }
^
Secretary of the Treasury Mcrgent&au announced last evening that the ten
ders for two series of Treasury M i l s * to he dated March 6, 1935, which were
offered on March 1, sere opened at the Federal reserve hanks on HareM 4, 1955 «
fenders were Invited for the two series to the aggregate amount of
#100,000,000, or thereabouts, and #,309,680,000 was applied for, of which
#100,185,000 w e accepted,
The details of the two series are as follows
188-BAT TBEA30HY BILLS. E T T OIHQ 3SPTOBKR 4, 1935
For this series, which was for #80,000,090, or thereabout*, the total
amount applied for was #188,080,000, of which 180,114,000 m e accepted,
fbe
accepted bide ranged la price from 99.988, equivalent to a rate of about 0.089
percent per annum, to 99.948, equivalent to a rate of about 0.10V percent per
annum, oa a bank discount basis.
price was accepted,
Only part of the amount bid for at the latter
The average price of Treasury bills of this series to be
issued is 99.949 and the average rate is about 0.100 peremit per annum on « bask
discount basis.
275 -DAY tBlAStrar B i n s . MAJOR M O BKCfflffigB *« |fgl
Far this series, which wee for $60,000,000, or thereabouts, the total
amount applied for was $187,560,000, of which $80,078,000 was accepted.
The
accepted bids ranged in price from 99.909, equivalent to a rate of about 0.120
percent per anna., to 99.886, equivalent to a rate of about 0.180 percent per
annas, on a bank discount basin.
price waa accepted.
Only part of the amount hid for at the latter
The average price of Treasury hills of this series to be
issued is 99.889 and the average rate i# about 0.147 percent per amuffl on a
bank di ©count basis.
TREASURY DEPARTMENT
Washington
Press Service
No. 4-43
EOR RELEASE, MORNING- NEWSPAPERS,
Tuesday. March 5» 1935* ______
3-4-35*
Secretary of the Treasury Morgenthau announced last evening that the
tenders for two series of Treasury hills, to he dated March 6, 1935, which
were offered on March 1, were opened at the Federal reserve hanks on March 4,
1935.
Tenders were invited for the two series to the aggregate amount of
$100,000,000, or thereabouts, and $309,580,000 was applied for, of which
$100,186,000 was accepted.
The details of the two series are as follows:
183-DAY TREASURY BILLS. MATURING- SEPTEMBER 4. 1935
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $152,020,000, of which $50,114,000 was accepted.
The
accepted bids ranged in price from 99.955, equivalent to a rate of about 0.089
percent per annum, to 99.946, equivalent to a rate of about 0.107 percent
annum, on a bank discount basis.
latter price was accepted.
Only part
per
of the amount bid for at the
The average price of Treasury bills of this series
to be issued is 99.949 and the average rate is about 0.100 percent per annum
on a bank discount basis.
273-DAY TREASURY BILLS, MATURING- DECEMBER 4, 1935
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $157,560,000, of which $50,072,000 was accepted.
The
accepted bids ranged in price from 99.909, equivalent to a rate of about 0.120
percent per annum, to 99.886, equivalent to
a rateof about 0.150 percent
annum, on a bank discount basis.
of the amount bid for at the lat
ter price was accepted.
Only part
per
The average price of Treasury bills of this series
te be issued is 99.889 and the average rate is about 0.147 percent per
annum on a bank discount basis.
Immediate
4Smm Release^for March 6, 1935
Thieves don*t "fall out" over United States Savings Bonds.They have already
discovered that they cannot convert this kind of loot into cash.
Because the new government securities are non-transferable, and are payable
only to the owner, Mrs. Lucy Plymack of Atlantic City quickly recovered a |100
bond after three boys snatched her handbag while she was visiting in Philadelphia.
The 13-year-old thieves kept $55 in cash, but police found the discarded government
bond near the scene of the robbery .Even had the thieves kept or destroyed the bond,
the owner could have replaced it by application to the Treasury Department.
(
treasury department
Washington
ROR IMMEDIATE RELEASE,
Wednesday, March 6, 1935.
Press Service
Ho* ^ 44
Thieves d o n U "fall out" over United States Savings Bonds.
They have
already discovered that they cannot convert this kind of loot into cash.
Because the new Government securities are non-transferable, and are
payable only to the owner, Mrs. Lucy Plyraack of Atlantic City quickly
recovered a $100 bond after three boys snatched her handbag while she was
visiting in Philadelphia.
The 13-year-old thieves kept $55 in cash, but
police found the discarded Government bond near the scene of the robeery.
Even had the thieves kept or destroyed the bond, the owner could have
replaced it by application to tho Treasury Department.
\
News Release for Thursday Morning, March 7, 1935
A warning against attempts to fingerprint purchasers of United Dtates Savings
Bonds was issued today by the Post Office Department as a result of reports that
some postmasters^n^r^aking fingerprints.
Post Office officials explained that purchasers of Postal Savings certificates
are fingerprinted for purposes of identification in case of two people of the same
name,and to prevent forgery. But there is no such requirement in the case of the new
savings bonds,which are protected against loss,theft or forgery by the fact that they
are payable only to the owner,whose name is written on the bond at the time of purchase
The transaction is also recorded on the books of the United States Treasury.
The misapprehension with respect to fingerprinting came to light in the case of the
theft of the handbag of Mrs. Lucy Plymack of Atlantic City.While visiting in Philadelphia,Mrs.Plymack was robbed of a
handbag containing cashj&nited States Savings ^ond|.
and Postal Savings certificates.The 13-year-old thieves kept the cash, but they dis
carded Mrs• Plymachfs
Wk $100 United States Savings Bond.It was found near the scene
of the robbery by police,who thought the bond had been thrown^away because the thieves
knew they could not cash it.i
ifA V
>1
cm
TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING NEWSPAPERS,
Thursday,.'March 7, 1935*,
____
3-6-35*
Press Service
Uo* 4r-45«
A warning against attempts to fingerprint purchasers of United States
Savings Bonds was issued today "by the Post Office Department as a result of
reports that some postmasters insisted on taking fingerprints*
Post Office officials exjolained that purchasers of Postal Savings
certificates are fingerprinted for purposes of identification in case of two
people of the same name, and to prevent forgery*
But there is no such require
ment in the case of the new savings "bonds, which are protected against loss,
theft or forgery "by the fact that they are payable only to the owner, whose
name is written on the bond at the time of purchase.
The transaction is also
recorded on the books of the United States Treasury*
The misapprehension with respect to fingerprinting came to light in the
case of the theft of the handbag of Mrs. Lucy Plyraack of Atlantic City.
While
visiting in Philadelphia, Mrs* Plymack was robbed of a handbag containing cash,
a United States Savings Bond and Postal Savings certificates*
The 13—year— old
thieves kept the cash, but they discarded Mrs. Plymack’s $100 United States Savings
Bond*
It was found near the scene of the robbery by police, who thought the bond
had been thrown away because the thieves knew they could not cash it*
The fact
that Mrs. Plymack had been finger-printed at the time of purchase was given as
another safeguard of her ownership*
It has also been reported that some postmasters in Brooklyn and other
Eastern cities were insistent on finger-printing*
TREASURY DEPARTMENT
FOR RELEASE, MOOTING NEWSPAPERS,
Thursday, March 7, 1936.----8/6/85
Press Service
^
Secretary of the Treasury Morgenthau announced last
night that the subscription books for the current offering
of Treasury notes of Series A-194G will close at the close
of business Fridtsf, March 8, 1985. Subscriptions placed in
the mail before 12 o'clock midnight, Friday, March 8, will
be considered as having been entered before the close of the
subscription books. This offering is open only to the
holders of Treasury notes of Series C-1985, maturing March
15, 1985.
The subscription books for the Treasury bonds of
1955-60 will remain open until further notice for the
exchange of Fourth Liberty Loan bonds called for redemp
tion on April 15, 1935.
Announcement of the amount of subscriptions for the
Treasury notes and their division among the several Federal
Reserve Districts will be made later.
TREASURY DEPARTMENT
Washington
Frees Service
No. 4-39
EOR RELEASE, MORNING NEWSPAPERS,
MONDAY. MARCH 4, 1935 » __ .___ _
3 /p./.7f
Secretary of the Treasury Morgenthau today announced an offering of
20^25 year 2-7/8 percent Treasury bonds of 1955-60 in exchange for Fourth
Liberty Loan 4-1/4 percent bonds, of 1933-38 called for redemption on
April 15, 1935 (Third-called Fourth 4~l/4,s); and 5 year 1-5/8 percent
Treasury notes of Series A-1940 in exchange for Treasury notes of Series
C-1935, maturing March 15, 1935,
The two offerings are entirely on an
exchange basis, and the issues of bonds and notes will be limited to the
amount of Third-called Fourth 4-1/4's and Treasury notes of Series C-1935,
respectively, tendered in payment and accepted.
not be received.
Cash subscriptions will
About $1,850,000,000 of nhe Fourth Liberty Loan bondo
are included in the third call for redemption on April 15, 1935, and about
$528,000,000 of the Treasury notes of Series C-1935 mature on March 15, 1935,
The Treasury bonds, now offered in exchange for Third—called Fourth
4-l/4‘s} -will be dated March 15, 1935 and will bear interest from that
date at the rate of
percent per annum payable semiannually.
Tney
will mature March 15. 1960, but may be redeemed at the option of the United
States on and after March 15, 1955.
The Treasury notes of Series A-1940, now offered in exchange for
Treasury notes of Series C-1935 maturing March 15, 1935, will be dated
March 15, 1935, and will bear interest from that date at the rate of 1-5/8
percent per annum, payable semiannually.
They will mature March 15, 1940
and will not be subject to call for redemption prior to that date.
As more specifically set fortli in the official circulars issued today, the
Treasury bonds will he exempt, both as to principal and interest, from all taxation
except estate or inheritance taxes, surtaxes, excess-profits and war-profits taxes;
the interest on bonds (issued under the Second Liberty Bond Act) up to $5,000
total principal-".amount under one ownership will be exempt from all taxation; and
the Treasury notes will be exempt, both as to principal and interest, from all
taxation except estate or inheritance taxes*
The Treasury bonds will be issued in two forms, bearer bonds with interest
coupons attached, and bonds registered both as to principal and interest, both
forms will be issued in the denominations of $50, $100, $500, $1,000, $5,000,
$10,000 and $100,000.
The Treasury notes will be issued only in bearer form
with coupons attached, and in the denominations of $100, $500, $1,000, $5,000,
$10,000 and $100,000*
Applications will be received at the Federal reserve banks and branches at
the Treasury Department, "Washington*
Banking institutions generally will handle
applications for subscribers, but only the Federal reserve banks and the Treasury
Department are authorized to act as official agencies*
Applications for Treasury bonds of 1955—60 should be accompanied by a like
face amount of Third-called Fourth 4—l/4*s tendered in payment, and applications
for Treasury notes of Series A—1940 should be accompanied by a like face amount of
Treasury notes of Series C—1935 maturing March 15, 1935 tendered in payment*
Subject to the reservations set forth in the official circulars, all excnange
subscriptions for Treasury bonds in payment of which Third— called Fourth 4—1/4*s
are tendered, and all subscriptions for Treasury notes of Series A-1940 in payment
of which Treasury notes of Series C—1935 are tendered, will be allotted in full*
Interest on Third— called Fourth 4—l/4*s tendered in payment for 2—7/8
percent Treasury bonds of 1955—60 "will be paid up to March. 15, 1935*
In the
case of coupon bonds, which must be surrendered with coupons dated April 15, 1935
and all subsequent coupons attached, this accrued interest to March 15, 1935,
will be paid to the subscriber.
procedure is necessary.
In the case of registered bonds a different
Because of the large number of registered bonds it
would not be feasible for the registered accounts to be adjusted to take acccunt
of exchanges in time to assure different payment of interest on April 15 with
respect to registered bonds which have been exchanged*
Accordingly, to all
holders of record on March 15, 1935, of registered Fourth 4—l/4*s checks will
be mailed for interest on their registered bonds covering the full six months
period from October 15, 1934 to April 15, 1935.
It will therefore be necessary
for holders to accompany the tend.er of their registered bonds for exchange with
payment of an amount equal to the interest on their bonds from March 15 to April
15, 1935.
The present offering of 2— 7/8 percent Treasury bonds of 1955—60 affords
the holders of the Third-called Fourth 4-l/4*s an opportunity to exchange their
bonds for other long term bonds of the United States.
The holders of the third
called bonds who wish to take advantage of the present exchange offering should
act promptly.
Ho further exchange sffering will be made to holders of these
called bonds, and if such bonds are not exchanged under the present offering,
they should be presented for redemption on April 15, 1935o
The texts of the official circulars follow:
2-7/8 PERCENT TREASURY BONDS OF 1955-60
Treasury Department Circular No# 531
Public Debt Service
March 4, 1935*
The Secretary of the Treasury, pursuant to the authority of the Second Liberty
Bond Act, approved September 24, 1917, as amended, for refunding purposes, invites
subscriptions from the people of the United States, for two and seven-eighths
per cent bonds of the United States, designated Treasury bonds of 1955-60, in
payment of which only Fourth Liberty Loan 4—l/4 per cent bonds of 1933—38 included
in the third call for redemption on April 15, 1935 (hereinafter referred to as
1,
Third-called Fourth 4—l/4*s) may be tendered#
Treasury bonds of 1955— 60 will
be issued at par and accrued interest, if any, and Third-called Fourth 4-1/4*s
will be received in payment at par, with an adjustment of accrued interest as of
March 15, 1935, on the Third— called Fourth 4—l/4*s so received#
The amount of
the offering will be limited to the amount of Third— called Fourth 4—l/4*s tendered
and accepted#
Fourth Liberty Loan bonds not included in the third call for
redemption on April 15, 1935, will not be accepted for exchange under this
2
circular#
Ik Pursuant to the third call for partial redemption (see Department Circular No.
525, dated October 12, 1934) all outstanding Fourth Liberty Loan 4-l/4 per cent
bonds of 1933-38 bearing serial numbers ending in 5, 6, or 7 (in the case of per
manent coupon, bonds preceded by the distinguishing letter E, F, or G-, respectively)
have been called for redemption on April 15, 1935, on which date interest on such
bonds will cease#
2_ First-called Fourth 4-l/4*s (which ceased to bear interest on April 15, 1934)
bear serial numbers ending in 9 t 0, or 1 (in the case of permanent coupon bonds
preceded by the distinguishing letter J, K, or A, respectively), Second-called
Fourth 4—l/4*s (which ceased to bear interest on October 15, 1934) bear serial
numbers ending in 2 or 8 (in the case of permanent coupon bonds preceded by the
distinguishing letter B or H, respectively), and uncalled Fourth 4—l/4*s bear
serial numbers ending in 3 or 4 (in the case of permanent coupon bonds preceded by
the distinguishing letter C or D, respectively)#
M
~2Description of Bonds
The "bonds will he dated March. 15, 1935, and will hear interest from that
A date at the rate of two and seven-eighths per cent per annum, payable semiannually,
I on September 15, 1935, and thereafter on March 15 and September 15 in each year
I until the principal amount becomes payable.
They will mature March 15, 1960, but
w may be redeemed at the option of the United States on and after March 15, 1955,
I in whole or in part, at par and accrued interest, on any interest day or days,
on four months’ notice of redemption given in such manner as tho Secretary of the
I Treasury shall prescribe.
In case of partial redemption the bonds to be redeemed
I will be determined by such method as may be prescribed by the Secretary of the
Treasury*
Trorn the date of redemption designated in any such notice, interest on
the bonds called for redemption shall cease.
The bonds shall be exempt, both as to principal and interest, from all
I taxation now or hereafter imposed by the United States, any State, or any of the
I possessions of the United States, or by any local taxing authority, except (a)
■ estate or inheritance taxes, and (b) graduated additional income taxes, commonly
I known as surtaxes, and excess-profits and v/ar—profits taxes, now or hereafter
imposed by the United States, upon the income or profits of individuals, partner
ships, associations, or corporations.
The:; interest ©n an amount of bonds
authorized by the Second Liberty Bond. Act, approved September 24, 1917, as
amended, the principal of which does not exceed in the aggregate $5,000, owned
by any individual, partnership, association, or corporation, shall be exempt from
the taxes provided for in clause (b) above.
The bonds will be acceptable to secure deposits of public moneys, and will
a bear the circulation privilege only to the extent provided in the act approved
July 22, 1932, as amended.
conversion
They will not be entitled to any privilege of
%
Bearer bonds with interest coupons attached, and bonds registered as to
orincipal and interest, will be issued in denominations ©f $50, $100, $500,
$1,000, $5,000, $10,000 and $100,000*
Provision will be made for the interchange
of bonds of different denominations and of coupon and registered bonds, and for
the transfer of registered bonds under rules and regulations prescribed by the
Secretary of the Treasury*
The bonds will be subject to the general regulations of the Treasury
Department, now or hereafter prescribed, governing United States bonds*
Application and Allotment
Applications will be received at the Pederal reserve banks and branches and
at the Treasury Department, Washington*
Banking institutions generally will
handle applications for subscribers, but only the Pederal reserve banks and the
Treasury Department are authorized to act as official agencies.
The Secretary of
the Treasury reserves the right to close the books as to any or all subscriptions
or classes of subscriptions at any tine without notice.
The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, to allot less than the amount of bonds applied for, to make
allotments in full upon applications for smaller amounts and to make reduced
allotments upon, or to reject, applications for larger amounts, to make classified
allotments or to make allotments- upon a graduated scale, or t© adopt any or all of
said methods o.r such other methods of allotment and classification of allotments
as shall be deemed by him to be in the public interest; and his action in any
or all of these respects shall be final*
subscriptions will be allotted in full.
Subject to these reservations, all
Allotment notices will be sent out
promptly upon allotment*
Terms of Payment
Payment at par and accrued interest, if any, for bonds allotted hereunder
must "be made or completed on or before March 15, 1935, or on later allotment,
and may be made only in Third-called Fourth 4~l/4’s, which will be accepted at
par with an adjustment of accrued interest thereon as of March 15, 1935, and should
accompany the subscription.
If any subscription is rejected, in whole or in part,
the Third-called Fourth 4-1/4’s tendered therewith and not accepted will be
returned to the subscriber#
Coupon bonds.-
Third-called Fourth 4-l/4*s in coupon form tendered in payment
should have coupons dated April 15, 1935, as well as all subsequent coupons
3
attached, and accrued interest from October 15, 1934, to March 15, 1935,
will be
paid to the subscribers#
Registered bonds.-
As checks for interest covering the full six months
period from October 15, 1934, to April 15, 1935, will be issued on April 15, 1935,
t® holders of record on Marchl5, 1935, of Third-called Fourth 4-l/4!s in registered
form, tenders of such registered bonds hereunder must be accompanied by payment
•f an amount equal to the interest to accrue thereon from March 15 to April 15,
4
1935.
Surrender of Third-Called Fourth 4-1/4*s on Exchange
Coupon bonds.-* Third-called Fourth 4-1/4’s in coupon form tendered in exchange
for Treasury bonds offered hereunder, should be presented and surrendered to a
Federal reserve bank or to the Treasurer of the United States, and should accompany
the application.
Coupons dated April 15, 1935, and all coupons bearing dates sub
sequent to April 15, 1935., should be attached to such coupon bonds when surrendered,
and if any such coupons are missing, the application must be accompanied by cash
5
payment equal to the face amount of the missing coupons.
The bonds must be
<3 Accrued interest at 4-1/4 per cent from October 15v, 1934, to March 15, 1935, on
$1,000 Third-called Fourth 4-1/4*s (151 days) is $17?,6304945.
4 Interest from March 15 to April 15, 1935, on $1,000 Third-called Fourth 4-*l$Js
(31 days) is $3.6195055.
2. The final coupon attached to temporary coupon bonds became due on
1920. The holders of any such temporary bfnds which are included in
call for partial redemption on April 15, 1935, will receive the past
from October 15, 1920, if such bonds are tendered for exchange under
October 15,
the third
due interest
this circular#
_ PU.
delivered at the expense and risk of the holder*
Facilities for transportation
of bonds by registered mail insured may be arranged between incorporated banks
and trust companies and the Federal reserve banks, and holders may take advantage
of such arrangements when available, utilizing such incorporated banks and trust
companies as their agents*
Incorporated banks and trust companies are not agents
of the United States under this circular*
Registered bonds.*— Third-called Fourth 4—l/4!s in registered form tendered in
exchange for Treasury bonds offered hereunder should be assigned by the registered
payee or assigns thereof in accordance with the general regulations of the Treasury
Department governing assignments for transfer or exchange in one of the forms
hereafter set forth, and thereafter should be presented aiid surrendered with the
application to a Federal reserve bank or t» the Treasury Department, Division of
Loans and Currency, Washington*
risk of the holder*
The bonds must be delivered at the expense arid
If Treasury bonds are desired registered in the same name as
the Third-called Fourth 4— l/4*s surrendered, the assignment should be toHThe
Secretary of the Treasury for exchange for Treasury bonds of 1955— 60tt; if Treasury
bonds are desired registered in another name, the assignment should be to
"The Secretary of the Treasury for exchange for Treasury bonds of 1955-60 in the
name of __________________________________P ; if Treasury bonds in coupon form are
desired, the- assignment should be to MThe Secretary of the Treasury for exchange
for Treasury bonds of 1955-60 in coupon form to be delivered to __________ ____ jr^
General Provisions
As fiscal agents of the United States, Federal Reserve banks are authorized
and requesifnct to receive subscriptions, to make allotments on the basis and up
the amounts indicated by the Secretary of the Treasury to the Federal reserve
banks of the respective districts, to issue allotment notices, to receive payment
-6for bonds allotted, to make delivery of bonds on full-paid subscriptions allotted,
]
and they may issue interim receipts pending delivery of the definitive bonds*
The Secretary of the Treasury may at any time, or from time te time,
prescribe supplemental or amendatory rules and regulations governing the offering
which will be communicated promptly to the Federal reserve banks*
HENRY MORG-SNTHAU, JR*,.
Secretary of the Treasury*
1-5/8 PERCENT TREASURY NOTES OE SERIES A-1940
Treasury Department Circular Ho. 532
Public Debt Service
March 4, 1935.
The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approved September 24, 1917, as amended, invites subscriptions,
at par, from the people of the United States, for one and five eighths percent
notes of the United States, designated Treasury notes of Series A-1940, in pay
ment of which only Treasury notes of Series C-1935, maturing March 15, 1935,
may be tendered.
The amount of the offering will be limited to the amount of
Treasury notes of Series C-1935 tendered and accepted.
Description of Notes
The notes will be dated March 15, 1935, and will bear interest from
that date at the rate of one and five-eighths percent per annum, payable semi
annually, on.September 15, 1935, and thereafter on March 15 and September 15
in each year.
They will mature March 15, 1940, and will not be subject to
call for redemption prior to maturity.
The notes shall be exempt, both as to principal and interest, from
all taxation (except estate or inheritance taxes) now or hereafter imposed
by the United States, any State, or any of the possessions of the United
States, or by any local taxing authority.
The notes v/ill be accepted at par during such time and under such rules
and regulations as shall be prescribed or approved by the Secretary of the
Treasury in payment of income and profits taxes payable at the maturity of the
notes.
The notes will be acceptable to secure deposits of public moneys, but
will not bear the circulation privilege.
-
2
-
Bearer notes with interest coupons attached will he issued in denomina
tions of $100, $500, $1,000, $5,000, $10,000 and $100,000.
The notes will not
be issued in registered form.
Application and Allotment
Applications will he received at the Federal reserve hanks and branches
and at the Treasury Department, Washington.
Banking institutions generally
will handle applications for subscribers, hut only the Federal reserve.banks
and the Treasury Department are authorized to act as official agencies.
The
Secretary of the Treasury reserves the right to close the booms as to any or
all subscriptions or classes of subscriptions at any time without notice.
The Secretary of the Treasury reserves the right to reject any sub
scription, in whole or in part, to allot less than the amount of notes applied
for, to make allotments in full upon applications for smaller amounts and to
make reduced allotments upon, or to reject, applications for larger amounts,
to make classified allotments or to make allotments upon a graduated scale, or
to adopt any or all of said methods or such other methods of allotment and
classification of allotments as shall be deemed by him to be in the public
interest; and his action in any or all of these respects shall be final.
Sub
ject to these reservations, all subscriptions will be allotted in full.
Allotment notices will be sent out promptly upon allotment.
Payment
Payment at par for notes allotted hereunder must be ma.de or completed
on or before March 15, 1935, or on later allotment, and may be made only in
2-1/2 percent Treasury notes of Series C-1935, maturing March 15, 1935, which
will be accepted at par and should accompany the subscription.
-
2-
other places was dolled upon request of the postmasters in those cities.
Although definite allocations of iDonds have not been made, as there is no limit
on their total sale, the Post Office Department distributed these new savings
bonds on the 'basis of the sale of Treasury war savings certificates.
They were
also issued in small denominations»
Many of the postmasters1 requests for an additional supply of the bonds
contained orders for the two larger denominations— the $500 and $1000 units.
Word that many people had announced their intention of buying the maximum
amount allowed to one individual in a single calendar year— $10,000
received at the Post Office Department from many sections.
has bec^n
At the station
in the Treasury Building one would-be buyer insisted on leaving his check for
$7,500, which is the cost of ten $1000 bonds at the issue
price.
Each $1000
bond costs the purchaser $750 when he buys it, and the investment increases by
one— third if held the full ten years to maturity*
i
TREASURY
Y DEPARTMENT
FOR RELEASE, MORNING- PAPERS,
Saturday, August 13, 1932,
The Secretary of the Treasury to-day made public
the following opinion of the Attorney General relating to
the circulation privilege granted certain United States
bonds under Section 29 of the Federal Home Loan Bank Actof July 22, 1932:
11August 12, 1932,
My dear Mri Secretary:
I have the honor to refer to your letter of
July 28, 1932, requesting my opinion (l) as to whether
the Treasurer of the United States shall collect onehalf of one per centum or one-fourth of one per centum
each half year upon the circulating notes issued under
Section 29 of the Federal Home Loan Bank Act of July' Ln,
1932 (Public No. 304, 72d Congress, 1st Sess.), and
(2) whether Section 29 requires bonds deposited with
the Treasurer of the United States thereunder as se
curity for the issuance of,circulating notes to be
withdrawn as such security at the expiration of three
years from the 'date of the Act,
Section 29, supra, provides:
/
That notwithstanding any provisions of
law prohibiting bonds of the United States from
bearing the circulation privilege, for a period
of three years from the date of enactment of this
Act all outstanding bonds of the United States
heretofore issued or issued during such period,
bearing interest at a rate not exceeding 3 3 / 8
per centum per annum, shall be receivable by the^
Treasurer of the United States as security for tne
issuance of circulating notes to national banking
- 2 ~
__
associations, and. upon the deposit with the
Treasurer of the United States "by a national
■banking association of any such bonds, such
association shall he entitled to receive cir
culating notes in the same manner and to the
same extent and subject to the same conditions
and limitations now provided by law in the case
of 2 per centum gold bonds of the United States
bearing the circulation privilege; except that
the limitation contained in section 9 of the Act
of July 12, 1882, as amended, with respect to
the amount of lawful money which may be deposited
v/ith the Treasurer of the United States by national
banking associations for the purpose* of withdrawing
bonds held as security for their circulating notes,
shallvnot apply to the bonds of the United States ,
to which the circulation privilege is extended by >
this section and which are held as security for
such notes# Nothing contained in this section shall
be construed to modify, amend, or repeal any law
relating .to bonds of the United States which now
bear the circulation privilege#
This statute provides for thfe issuance of cir
culating notes to national banking associations, and,
with an exception not material to your first question,
requires that such notes shall be issued in accordance
with and subject to the conditions under which are issued
circulating notes secured by 2 per centum gold bonds of
the United States#
One of the conditions under which
the latter notes are issued is that prescribed by Sec
tion 13 of the Act of March 14, 1900, c# 41, 31 Stat#
45, 49 (U*S#C#, Title 12, Sec# 542), as follows:
That every national banking association hav— ''
ing oh deposit, as provided by law, bonds of the
United States bearing interest at the rate of two
per centum per annum, issued under the provisions
of this Act, to secure its circulating notes, shall
pay to the Treasurer of the United States, in the
months of January and July, a tax of one-fourth, of
one per centum each half year upon the average
amount of such of its notes in circulation as aie
"based upon the deposit of said two per centum
bonds; and such taxes snail be in lieu of exist
ing taxes on its notes in circulation imposed by
section fifty-two hundred and fourteen of the
Revised Statutes,
Section 13 of the Act of March 14, 1900,
just Quoted, reduced the tax imposed by Section 5214
of the Revised Statutes on the average amount of notes
which each national banking association nas in circula
tion secured by 2 per centum gold bonds of the United
States from one-half of 1 per centum to one-fourth of
1 per centum semi-annually*
Since Section 29 of the
Federal Home Loan Bank Act provides that, with an excep
tion not material here, the notes issued pursuant to that
statute are to be issued upon the same conditions as are
provided by law in the case of 2 per centum gold bonds
of the United States bearing the circulation privilege,
and since it is clear that the tax upon notes based
upon the deposit of said 2 per centum bonds is now onefourth of 1 uer centum semi-annually, it seems entirely
clear that this is the rate of tax applicable to notes
issued oursuant to the provisions of the Federal Home
Loan Bank Act.
While the provisions of Section 29
which bear upon this question are so clear that re
sort to the legislative history as an aid to construe-
- u -
tion seems to be unnecessary, I have examined the
legislative history, and while there is very little
material which hears upon this particular question,
such as there is clearly supports my construction of
the statute.
(See Congressional Record, Vol. 75» No*
169, p. 15380, 72d Cong., 1st Sess. )
Your second question involves particularly
the construction of the following portion of Section
29 of the Federal Home Loan Bank Act:
* * * for a period of three years from the
date of enactment of this Act all outstanding
bonds o f .the United States heretofore issued or
issued during such period, hearing interest at
a rate not exceeding 3 3 /8 per centum per annum,
shall he receivable by the Treasurer of the
United States as security for the issuance of
circulating notes to national hanking associa
tions, and upon the deposit with the Treasurer
of the United States by a national hanking as
sociation of any of such bonds, such associa
tion shall he entitled to receive circulating
notes * * *,
The provision which exce$ffS the bonds of the United
States Ho which the circulation privilege is extended
by this section and which are held as security for such
notes1' from the limitations contained in Section 9 of
the Act of July 12, 1882, as amended, with respect to
the amount of lawful money which may be deposited with
the Treasurer for the purpose of withdrawing bonds held
- 5as security for their circulating notes must also "be
considered in connection with your second question.
The problem presented appears to me to be
whether the provisions of Section 29 require that the
circulation privilege of bonds deposited pursuant to
that section shall cease three years after the date of
the enactment of the Act or whether the Act merely means
that after three years no more of such bonds may be de
posited and accorded the circulation privilege without,
however, affecting the circulating privilege of bonds
deposited within the three-year period, leaving such
circulation privilege outstanding during the entire
remaining life of the bonds deposited.
The effect of
the first construction is, of course, to permit a tem
porary expansion of the currency which is to terminate
at the end of three years, while the effect of the latter"
construction would be to effect an expansion of the
currency which would be permanent during the life of
the bonds to which the circulation privilege was ac
corded.
It must be admitted that the language of the
statute is not entirely free from ambiguity, and, in
order to determine the intent of Congress aid construe
the language of the statute so as to effectuate that
-
6
-
intent, it seems to me proper and necessary to resort
to the legislative history of this provision.
The only
committee report which deals with the section is the
Report of the Conference Committee, in which the fol
lowing statement is made hy the managers on the part
of the House with respect to the provisions of Sec
tion 29 (H. Rep. Ho. 1775, 72d Cong., 1st Sess.):
Amendment Ho. 461 This amendment author
izes United States 'bonds hearing interest at
a rate not in excess of 3 3/8 per cent to
hear the circulating privilege for a period of
three years after the enactment of this act.* * *
A careful examination of the dehates in the Senate and
House dealing with this provision has also been made.
Several statements in the course of such dehates hy
those who may he regarded as sponsors of this legisla
tion and others throw light on the intention of Congress.
The provision for the extension of the circulation
/
privilege to the honds mentioned in Section 29 is re
ferred to as not a ‘permanent proposition1, as ’a
temporary expedient’, as ’a sound way of expanding the
currency to meet the exigencies of this particular
time’, as ’a temporary arrangement’.
It is said that
the provision Jexpires hy limitation of law’.
It is
also said that ’The whole thing terminates at the end
- 7 -
of five years * * *'».
[Changed, later to three years in
the provision as passed,]]
(For the foregoing, see
Congressional Record, Yol. 75, No, 168, p. 15301, 72d
Cong,, 1st Sess,)
Reference is also made to the three-year
provision by a mamber of the House Ranking and Currency
Committee, who was also one of the House conferees on
the Bill, as follows (Congressional Record, Yol. 75,
No. 175, p. 16113, 72d Cong., 1st Sess.):
* * * Suppose they issue $900,000,000 of
national- bank notes under this provision.
It is for three years. At the end of three
years what will happen? You will find an in
flation up to that timel and at the end of
three years it lias got Ho end, and they have
got to be called in, ancjL the contraction of a
billion-dollars, in roufid numbers, in the
currency in this country in 1935 will be upon
us, * * *.
j
'£ member of the. House, speaking against- the Bill, and .
referring to the circulation privilege- afforded to cer—
tain bonds by its provisions, said (Congressional. Rec
ord, Yol, 75, No. 175, p, 5.6111, 72d Cong,,.1st--Sess*):
* * * they would lose their circulation
privilege automatically in three years, and
thus all circulation would be retired * * *•
I find nothing in the legislative historywfhiah.Jjadicates
that it was the purpose of Congress.-in adding Jkct-iorL £9'
- g to the Federal Home Loan Bank Act to provide for a per
manent expansion of the currency beyond the three-year
period.
Reading the provisions of Section 29 in an
effort to carry out the intent of Congress as disclosed'
by the legislative history of the measure, it is my
opinion that the three-year period prescribed by Sec
tion 29 means that the bonds referred to in said section
lose the circulation privilege at the end of the threeyeav period and the notes issued upon the deoosit of
such bonds must be retired in an appropriate manner.
Respectfully,
(Signed) WILLIAM D. MITCHELL,
Attorney General.
The'~Ronarab 1 e
The Secretary*vf the {Treasury ,r
/
/
March 1, 1935,
For immediate release*
PRESS RELEASE NOTICE.
The Comptroller of the Currency, J. F. T. O ’Connor, today
announced that in accordance with the opinion of the Attorney
General dated August 12, 1932, and the Act of Congress of July
22, 1932, the circulation privilege on United States bonds
m m conferred by the Act of July 22, 1932, would expire with
respect to such bonds on July 22, 1935, that national banks will,
therefore, be required |C^ i t h e r ^ withdraw these bonds, placing
with the Treasurer of the United States lawful money in lieu
thereof, or place in substitution therefor with the Treasurer of
the United States bonds bearing the circulation privilege, namely,
2% Consols of 1930 or 2% Panama’s of 1916-1936 and 1918-1938.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Saturday, March. 2, 1935.
Press Service.
4-38
The Comptroller of the Currency, J.E.T. O'Connor, today announced that
in accordance with the opinion of the Attorney General dated August 12, 1932,
and the Act of Congress of July 22, 1932, the circulation privilege on United
States bonds conferred hy the Act of July 22, 1932, would expire with respect
to such bonds on July 22, 1935, that natibnal banks will, therefore, be
required either to withdraw these bonds, placing with the Treasurer of the
United States lawful money in lieu thereof, or place in substitution therefor
with the Treasurer of the United States bonds bearing the circulation privilege,
namely, 2fo Consols of 1930 or 2$ Panama's of 1916-1936 and 1918—1938.
be to "the Secretary of the Treasury for exchange for Treasury bonds of 1955-60"}
if Treasury bonds ere desired registered in another mane, the assignment should
be to "the Secretary of the Treasury for exchange for treasury bonds of 1955-60
in the
of
" i if treasury bonds in coupon for® or®
dssired, the assignment should be to "the Secretary of the treasury for exchange
for treasury bonds of 1955-60 in coupon form to be delivered to
General Provisions
As fiscal agents of the United States, Federal reserve banks are authorized
and requested to receive subscriptions, to make allotments cm the basis and up to
the amounts Indicated by the Secretary of the treasury to the Federal reserve
banks of the respective districts, to issue allotment notices, to receive payment
for bonds allotted, to make delivery of bonds on full-paid subscriptions allotted,
and they may issue interim receipt*» pending delivery of the definitive bonds.
>y
The Secretary of tbs treasury may at any time, or from time to time, pre
scribe supplemental car amendatory rules and regulations governing tha offering
uhieh will be communicated promptly to the Federal reserve bank#.
IOTHT HOfKJrffmU, JB*,
Secretary of the treasury
— g —
Surrender of Third-Called Fourth 4-1/4*a on Exchange
Coupon boodB.-Third-called Fourth 4-1/4*s in coupon fora tendered in exohang©
for Treasury bonds offered hereunder, should be presented and surrendered to a
Federal reserve bank or to the Treasurer of the United States, sand should accom
pany the application*
Coupons dated April lb, 1935, and all coupons bearing date©
subsequent to April 15, 1935, should be attached to such coupon bonds when sur
rendered, and if any such coupons are missing, the application must be accompanied
5
by cash payment equal to the face amount of the missing coupons*
The bonds must
be delivered at the expense and risk of the holder.
Facilities for transportation
of bonds by registered mail insured may be arranged between incorporated banks and
trust companies and the Federal reserve banks, and holders may take advantage of
such arrangements when available, utilising such incorporated banks and trust
companies as their agents*
Incorporated banks and trust companies are not agents
of the Uni ted States under this circular*
Registered bonds,-Third-oalled Fourth 4-1/4*s in registered form tendered in
exchange for Treasury bonds offered hereunder should bo assigned by the registered
payee or assigns thereof in accordance with the general regulations of the
Treasury Department governing assignments for transfer or exchange in one of the
forms hereafter set forth, and thereafter should be presented and surrendered
with the application to a Federal reserve bank or to the Treasury Department,
Division of Loans and Currency, Washington*
expense and risk of the holder*
The bonds must be delivered at the
If Treasury bonds are desired registered in the
same none as the Third-called Fourth 4-1/4*s surrendered, the assignment should
5 The final coupon attached to temporary coupon bonds became due on
X9F0* The holders of any such temporary bonds which are included in
call for partial redemption on April 15, 1935, will receive the past
from October 15, 1920, if such bonds are tendered for exchange under
October 15,
the third
due interest
this circular.
• 4 —
M 1 4 Method* or audit other ®ettode of allotaeat end e l u * m e a t t o n
•a * > « U Ho
iaami
aUotrants
by hie to to in the pohlia latere»tj and fata eetion in any
mil at timm reepeeta etoll bo final.
aoriptlofia l i U bo ellottml la ftU,
tobjeet to theoe Federation*,
op
all mb-
Ulotannt notioe* will be aant out
upon aXlotrnmtm
i^yaiat at par and t e e m e d intaroa*.,
** " * • ®
“ or
It mar, tor bonds allotted hereunder not
18. 19®, OP on later ailment, and «ay to
na&a coljr is thlrd-eallad Foams e-i/t'i, *1 sob « i U be accepted at gar with on
adjaetnaat of acemed latere* » « «
tha eubeerlptioo.
an of Ma r * IS, 19®, mi ohoold ototomy
it m y mitooriptlon l « rejeeted,
stole or la p a r * , the third.
eailad Fourth 4-1/4*® tendered ttorwlth and not accepted will to returned to the
mtomoribov*
0 o u ^ j b m 4 e e ^ i M ^ a l i e d Fourth 4*1/4*t in ompmi tom
in present
e t o » K bare coupon. dated April la, 19 ® . a* well «• « U eubtoouent ooupene
and » m t
<rf accrued intercut froa October IS, 19S4, to torch 18, l9Bg?~
h
.
m
to
.£?.$ ,ftored bacde.-Aa ebeeka for iatereet dowering the full elx nos the period
trm October IS, lost, to April IS, 19®, will to ieeued on * * « 18, 1938, to holder,
of reeerd an ferei. 18, 19®, of third-aaUed Fourth «-!/«• e in rerlatered fone, tendere of mtoh regletered bonde hereunder m»t
Odael to the interest to w a s
to neeoapeaied
by
tepstot of * o k m )
thereon fron llereh IS to April 18, 19® /
t a l S ' L ' K S S i f . * **'“ “ • *•**• “
•*!/«'■
3 the Second Liberty Bond Act, approved September 24, 191?, as amended, the prin
cipal of which does not exceed in the aggregate $5 ,0 0 0 , owned by any individual,
partnership, association, or corporation, shall be exempt from the taxes provided
for in clause (b) above*
The bonds will be acceptable to secure deposits of public moneys, and will
bear the circulation privilege only to the extent provided in the act approved
July 22, 1932, as amended*
They will not be entitled to any privilege of conversion
Bearer bonds with interest coupons attached, and bonds registered as to prin
cipal and Interest, will be issued in denominations of $50, $1 0 0 , §500, §1 ,0 0 0 ,
§5 ,0 0 0 , §1 0 ,0 0 0 and §1 0 0 ,0 0 0 .
Provision will be made for the interchange of bonds
of different denominations and of coupon and registered bonds, and for the transfer
of registered bonds under rules and regulations prescribed by the Secretary of the
Treasury.
The bonds will be subject to the general regulations of the Treasury Depart
ment, now or hereafter,prescribed, governing United States bonds*
Application and Allotment
Applications will be received at the Federal reserve banks and branches and
at the Treasury Department, Washington*
Banking institutione generally will handle
applications for subscribers, but only the Federal reserve banks and the Treasury
Department are authorised to act as official agencies.
The Secretary of the
Treasury reserves the right to close the books as to any or all subscriptions or
classes of subscriptions at any thee without notice.
The Secretary of the Treasury reserves the ri$it to reject any subscription,
la whole or in pert, to allot lees than the amount of bonds applied for, to make
allotments in full upon applications for smaller amounts and to make reduced allot
ments upon, or to reject, applications for larger amounts, to make classified
allotments or to make allotments upon a graduated scale, or to adopt any or all ot
- 8 and accepted,
Fourth Liberty Loan bonds not included in the third call for
redemption on April 16, 1936, will not be accepted for exchange under this dir*
2
”
eular*""
Description of Bonds
The bonds will be dated Mar oh 15, 1935, end will bear interest from that
date at the rate of two and seven-eighths percent per annum, payable semiannually,!
on September 15, 1955, and thereafter on March 15 and September 15 in each year
until the principal amount becomes payable*
they will mature March 15, 1960, but
may be redeemed at the option of the united States on and after March 15, 1955,
in eh ole or in part, at par and accrued interest, on any interest day or days, on
four months* notice of redemption give® in such manner as ths Secretary of the
Treasury Shall prescribe.
In ease of partial redemption the bonds to be redeemed
will be determined by such method as may be prescribed by the Secretary of the
Treasury,
from the date of redemption d e c i m a t e d in any such notice, interest on
the bonds called for redemption shall cease.
The bonds shall be exempt, both as to principal and interest, from all taxa
tion now or hereafter Imposed by the United States, any State, or any of the
possessions of the United States, or by any local taxing authority, except (a)
estate or inheritance taxes, and (b) graduated additional income taxes, commonly
known as surtaxes, and excess-profits and ear-profits taxes, now or hereafter im
posed by the United States, upon the income or profits of individuals, partnership!
associations, or corporations.
The interest on an amount of bonds authorised by
£ First-called Fourth 4-1/4*s (which ceased to bear interest on April 16, 1934)
bear serial numbers ending in 9, 0, or 1 (in the eaee of permanent coupon bonds prt
ceded by the distinguishing letter J, K, or A, respectively), Second-called Fourth
4-1/4*a (which ceased to bear interest on October 15, 1954) bear serial numbers
ending in 3 or 8 (in the case of permanent coupon bonds preceded by the distinguish
ing letter B or H, respectively), and uncalled Fourth 4-1/4*s bear serial numbers
ending in 5 or 4 (in ite case of permanent coupon bonds preceded by the distingui
ing letter 0 or D, respectively).
j
v
of jtmaQ&r-'
z~9/& p m a m ? m z A s m
Dated
bonds
or 1 9 5 5 - 6 0
, 1055
Hedeemable
Due March u H i960
and
ad interest on
September
0FFK8E0
t
JLiVWWSWW
JEJOf .4f^ jjjam BONDS
Department Circular No. 551
fnirtiiliijftm,
/ ^
March 4 t 1955.
Public Debt service
1!he Secretary of tha Treaauxy, pursuant to the authority of the Second liberty
Bond ^ct, approved September 24, 1917, as amended, for refunding purposes, invites
subscriptions from the people of the tfaited States, for two and seven-eighths per
cent bonds of the Thaited States, designated 'Treasury bonds of 1955-60, in payment
of which only Fourth liberty Loan 4-1/4 peroant bonds of 1955-38 Included in the
third call for redemption on April 15, 1935 (hereinafter referred to as Third-
X
called Fourth 4-1/4*s) may be tendered.**
Treasury bonds of 1955-60 will be
issued ct par and accrued interest, if any, mad Third-celled Fourth 4-1/4*c will
be received in payment at par, with an adjustment of accrued interest as of
March 15, 193®, on the Third—called Fourth 4— 1/4*s so received.
The amount of
the offering will be limited to the amount of Third-called Fourth 4-1/4*s tendered
l Pursuant to the third call for partial redamption (see Department Circular No.
555, dated October 12, 1934) all outstanding Fourth Liberty Loan 4-1/4 percent
bonds of 1935-58 bearing serial numbers ending in 5, 6 , or f (in the case of per
manent coupon bonds preceded by the distinguishing letter I, F, or 0, respectively)
have been called for redemption on April 15, 1955, on which date interest on
such bonds will cease.
}
i-s/8 p m c m w m & M m r w m m or
ed
skrxicb a - i m o
March. 1 5 . 1 9 3 5 „
1940
o*f%s».Qsur nriteHuesvcfo wmatm tim »>m m sd$'e<iis*
tmu^pr| I P 9 P *
Q fm fc | f M i jaS B i li t» iiii,
W h l p i ^ ^ Merck 4, 1935*
Department Circular Ho* 539
Public Debt Service
fhe Secretary of the Treasury, pursuant to tb© authority of the Recced liberty
Bond Act, approved September pa , 191?, ae amended, Invites subscriptions, at par,
from the people of the Halted states, for one and fivc~eif$iths percent notea of the
United States, designated Treasury notes of Series A-1940, in payment of which only
Treasury notes of Series C-19SH5, maturing March 15, 1935, may be tendered •
the
amount of the offering will be limited to the amount of Treasury notes of Series
0 1 9 5 5 tendered and accepted*
on of Notes
Ike notes will be dated !%reh 15, 1935, and will bear interest from that date
at the rate of one and five-eighths percent per annum, payable semiannually, on
September 13, 1935, and thereafter on Harsh 15 end September 15 in each year* ffeff
will mature March 15, 1940, and will not be subject to call for redemption prior to
maturity*
The notes shall be exempt, both as to principal and interest, from all taxa
tion (except estate or Inheritance taxes) now or hereafter imposed by the United
States, any State, or any of the possessions of the united States, or by any local
taxing authority*
The notes will be accepted at par during such time and under such rules and
regulations as shall be prescribed or approved by the Secretary of the
*3-
Internet on Third-sailed fourth 4-1/4*s tendered in payment far
&-7/S percent freeeory lon&i of X$5S-f»0 will H
1933*
pal4 up to March 15,
la tli® case of coupon beads, which must be #urreaderod with
coupons dated
15, 1935, and all so bseouasst coupons attached* tTU-c^
■^o«rtt«d I s l w l
to ISarch 15, 193^ will be ?mid*the eubaeriber.
tfc® case of registered bond® a different procedure l® asses***?,
la
Be-
oaua® of til® largo number of registored bool® it would aot be
feaaiblo for the
registered accounts to be adjusted to take aeeouat
of exchanges in tine to a®wore different payment of interest on April
fcnPt
ti.
/“>^£^7
O iC C j^ e U ^ ja t^
13 to tb®-feolder » o f refistared bonds which base been exchanged.
h W -h / C /?**7
CMjlcJca UsCt&
A
bold era ^of .registered Fourth 4-1/4 *s w i ll aaeced ieg t*1 be maltiH rriimn ~n
for interest on their registared bonds covering tbs full six months
period from October 13, X f M to April 15, 1933.
It will therefore be
neeeesary for them to accompany the tender of their registered bonds
for exchange with, payment of an amount etoal to the interest on their
bonds froa March 13 to April 13, 1935,
1'he
present offering of 2-7/a percent Treasury boat# of 1953-40
affords the holders of the Third— called Fourth 4—1/4*# an opportunity to
exchange their bond® for other long tern bonds of the United States,
the
holders of the third called bond# who wish to take advantage of the present
exchange offering should act promptly#
m further exchange offering, will be
nctnrfliod to holders of these cal led b>nde, and if such bonds are not exchanged
under the present offering, they should be presented for redemption on
April 15, 1933.
the texts of the official circulars fallows
J#
specifically
forth in the official circulars issued
today, the Treasury bond a m ill he asmspt* both as to principal and
interest* fro® all taxation* except estate or Inheritance tax®*, surtaxes*
excess-profits and war-profits texee; the interest on bonds {issued under
the iseend Liberty toad &at) up to #0* 000 total principal amount under
one os nership vi 11 he exempt fro® ell taxati on; end the Treasury no tee
m il l he exempt* both as to principal end interest* t r m ell taxation accept
estate or inheritance taxes,
1b# Treasury bonds eill he issued in two forms* bearer bonds with
interest eottpoaa at tee bed* Ihd m n & e registered both as to prioei pal and
interest; both forms m ill he issued in the denominations of ISO, #100* |00Q,
•i1,000, §5*00O* 110,000 and $100*000,
The Treasury notes will he issued
only in hearer form with coupons attached, and in the denominations of #100*
#800, 11*000* #8*000, 110,000 and #100*000*
Appliestione mill he resetred at the Federal reaere® banks and breaches
te# at the Treasury ^apartment* %nhiastan*
naming institutions generally
eill handle applications for subscribers* but only the Federal reserve banks
and the Treasury Lepartmeat art authorised Is sat as offidial agencies*
Applications for Treasury bends of 1988*00 should be aecmpanied by a
like fas# m o u n t of third-called Fourth 4~l/4fs tendered, in payment* and
application# for Treasury notes of Series 1*1940 should be accompanied by a
like face amount of Treasury notes of -arias 0*1988 m taring vnrch 18, 1958
tendered in payment,
subject to the renertatiois# set forth la the offisial
circulars, all exchange aubseripttene for Treasury bonds in payment of which
Third-called Fourth 4-1/4*a are tendered, and ail subscriptions for treasury
notes of Settee
a -1940
la payment of which Treasury notes of Series 0*1958
are tendered* will be allotted in full.
\
-aahiagton
MAA^CLM
JAAAc
fm
mmim is®4?»
wmMt, m m m % u s e
'Vv*.
4 - J S
©ecretnrgr of the Treasury Gorgesthan today aattouaead aa offering of
year £-7/9 percent treasury boade of 1985-60 in ench&nge for Fourth
Liberty Loon 4*1/4 P®re©i;t bong# of 1933-38 o t i k i for redemption on
*$♦ *9S8 (third-called fourth 4-1/4**}$ end © year l-S/8
pmmm%
-
Treasury notes of oorto® 4*194© in exchange for treasury note® of 3erlee
0*193©# maturing W
15* m
exchange bneia* aad tha
i» i
The «■» Offering® nr# entirely on an
of bool® nod not®# will be limited to
%km
mmmn% of Third-called Fourth 4-1/4*# and treasury note# of c..erica €-1135-,
respectively, tendered in pajmnt and accepted.
not b© received*
Cash subscription# M i l
4bont 11,850,000,000 of the fourth Liberty Loan bond®
ere included In the third call for redemption on 4 $ r U 15,1135, end ebont
15^,000,000 of the treasury note® of aeries 0-1135 nature os march 13,1135*
Tim Treasury bond#, new offered in exchange for Third-called Fourth
4-1/4*#, *111 be dated
MuMfe 15,
1135 am. mill beer Interest t r m % m %
date at the rate of £-7/8 percent per annum payable amiamually.
they
will maiura jsaroh 15, 1140, bat nay be redeemed at the option of the United
bate# on and after iereh IS, 1955,
the treasury note# of eerie a 4-1940, aoe offered in exchange fear
Treasury note® of
cries 0-1135 maturing Hatch 15, 1935 , will be dated
Sinreh 15, 19S9t and will bear interest from that date at the rate of 1-5/8
percent per annum, payable eemianamUy.
They will mature M
15, 1140
&&d will not be subject to call for redemption prior to that date*
Interest on Third-called Fourth 4-1/4*s tendered in payment for
£-7/8 percent Treasury bond® of 1956-60 will be paid up to March 15,
1955.
In the case of coupon bonds, whioh must ba surrendered with
coupons dated April 15, 1955, and all subsequent coupons attached,
A «eerued interest to ’.larch 15, 1955 will be paid the subscriber.
the case of registered bond® a different procedure is necessary*•
Is
Be
cause of the large number of registered bonds it would not be
feasible for the registered accounts to be adjusted to take account
of exchanges in tins to assure different payment of in
15 be the-hoIdorart*f registered bonds which haw© been esenangso*
/L ^ ea^ -dU ert\ t f W A . f sT.1 f *s£ t
axx*
C / jU U i i f O
holders^of registered Fourth 4-1/4*s^wi11 -m
be mailed checks
for interest on their registered bonds corering the full six months
period from October 15, 1954 to April 16, 1935.
It will therefore be
necessary for thereto accompany the tender of their registered bonds
for exchange with payment of an amount equal to the internet on their
bonds from March 15 to April 15, 1955*
The present offering of 2-7/8 percent Treasury bonds of 1955-60
affords the hoi date of the Third-called fourth 4-1/4*s an opportunity to
exchange their bonds for other long term bonds of the United states.
The
holders of the third called bonds who wish to take advantage of the present
exchange offering ehould act promptly.
Ho further exchange offering will be
accorded to holders of these called binds, and if such bonds are not exchanged
under the present offering, they should be presented for redemption on
April 15, 1235.
The texts of the official circulars follow;
A» more specifically »•! forth in the offieial circulars Issued
today, the Treasury bonds will b# exempt, bath a® to principal a M
interest, from oil taxation, « t f f t estate «r tnherltance taxes, surtaxes,
excess-profits sat ear-profits taxes; the interest on boats (isestet under
tbs See eat Liberty Boat set) up to #8,000 total principal amount under
one ownership will be exempt from all taxation; and the Treasury notea
will be exempt, both as to principal ant interest, from ail taxation eneept
estate or inheritance taxes*
The Treasury boots will be issued la two forms, bearer boats with
interest coupons attached, shd bonds registered both as to principal ant
Interest; both forms will be issued in the denomination® of #80, #100, 1800,
11,000, 18,000, 110,000 eat 3100,000.
The Treasury note® will be issued
only in bearer form with coupons attached, and in the denominations of #100,
#800, 11,000, #5,000, 110,000 and 1100,000.
applications will be received at the federal reserve banks and branches
and at the treasury Department, iaahlngton.
leaking institutions generally
will handle applications for subscribers, but only the federal reserve banks
and the Treasury Department are authorised to act as official agencies*
Applications for Treasury bonds of 1988-80 should be 'accompanied by a
like face ms oust of third-called Fourth 4-1/4»s tendered in payment, and
applications for treasury notes of 'Series A-1940 should be accompanied by a
like face amount of Treasury notes of Series 0-1988 maturing March 18, 1958
tendered in payment.
Subject to the reservations eet forth in the official
circulars, all exchange subscriptions for Treasury bonds in payment of which
Third-called Fourth 4-1/4’# ere tendered, and all subscriptions for Treasury
notes of Series A-1940 in payment of which Treasury notes of Series 0*1938
are tendered, will be allotted in full*
TWi&mm tiW&tmsm
Washington
f m ftjsuusx9 m m i m
m m & t , m a h o © 4 , 19 35
Secretary of the Treasury Morganthau today announced an offering of
80-88 year 5-T/i pore ©at Treasury bond© of 1986-60 in exchange for foortt
liberty loan 4-1/4 percent bond# of 1955-98 called for redemption oa
April 19, 1955 (Third-called Fourth 4-1/4*a)} and 5 year 1-5/8 percent
Treasury note# of Series ^-1940 in exchange for Treasury ante# of .-Series
0-1995, maturing March 15, 1995.
The two offerings are entirely on an
exchange basis, and the issues of bonds and notes will be limited to the
assouat of Third-called Fourth 4-1/4’# and treasury note# of
respectively, tendered la payment and accepted.
not be received.
cries G-1936,
Sash subscriptions n i l
About 11,880,000,000 of the fourth Liberty loan bonds
are included In the third ©all for redemption on April lf*lfS©* and about
1588,000,000 of the Treasury note# of Series 0*1595 siature on lurch 15,1995*
The Treasury bonde, a m
offered la exehs&ge for Third-called Fourth
4-1/4*a, will he dated */areh 15, 1555 and will bear latereet fra® that
date at the rate of f-f/8 percent per annum payable semiannually.
They
will mature laareh 15, 1960, bat may be redeemed at the apt!an of the Salted
States on and after Vareh 16, 19i55,
The Treasury note© of Series 4-1910,
m m offered in exchange for
treasury notes of Series S-1995 m luring liareh 19, 1955, will be dated
Inarch 15, 1999, and. will bear interest fro® that date at the rate of 1-6/©
percent per annum, payable aessiannually*
They will mature March 15, 1940
and will not be subject to call for redemption prior to that date.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERSf
Wednesday, February 20, 1935*
2-19-35.
Press Service
No. 4-32
Secretary of the Treasury Morgenthau visited the Bureau of Engraving today
(Tuesday) to watch the printing of the first hatch of United States Savings Bonds
that will go on sale at the postoffices on or about March
Mr. Morgenthau was told that first delivery of the new bonds will be made
within a few days.
They will then be distributed to 14,000 postoffices, where
they are to be sold over the counter for cash.
They will be on sale at all first,
second and third-class postoffices, and at all fourth-class postoffices located
at county seats.
It is expected that the postoffices will set aside separate
windows for their sale, and a,lso delegate special, officials to handle them.
Postmasters or their a.gents will aid purchasers in the sale, delivery, safekeeping,
redemption and payment of the bonds.
Secretary Morgenthau has announced that the bonds will sell for prices which
will yield a return in ten yea.rs equal to interest at slightly less than 3 per
cent compounded semi-annually.
$25 maturity value to $1000.
"bond for $750.
They will be in five denominations, ranging from
The $25 bond will sell for $18.75 and the $1000
They are cashable at any time after sixty days from the date of
issue, which shall be the first day of the 'month in which the bonds are bought^
The owner gets back only his original investment in the first year.
After the
first year, the bonds increase in value every six months.
The bond is about eight inches square.
On the face there is a, table of
redemption values which shows the redemption value of the bond at all times.
The
$100 bond, for instance, increases in value by $1 every six months after the first
year, and by $2 every six months after the seventh year.
increase in value proportionately.
The other denominations
#7*
~2~
In buying a "bond, the purchaser simply pays cash to the postmaster or his
agent.
The postmaster then writes on the face of the bond the name and address
of the owner, the date of issue and the date of sale.
No bond will be.valid
unless it bears these notations, and no bond will be payable to anybody but the
person whose name appears on it , with the exception of payments to the proper
person or agent in case of death or disability.
Attached to the bond is- a stub
which the postmaster detaches and forwards to the Treasury Department as record
of the sale.
These provisions guarantee complete protection to the owner in
event of loss or destruction, for he may replace the bond -under Treasury regula
tions.
He cannot be deprived of payment through forgery or any legal process.
The purchaser may take his bond with him, or he may leave it with the
Government for safekeeping.
f'
_
2
-
of capital increased in the twa-and~a~half and twelve-month periods $1 3 ,2 9 6 ,0 0 0
and $198,159,000, respectively,
The par value of the stock showed increases of
$1*4,326,000 and $198,700,000, respectively, in the two and a half and twelve
month periods.
Surplus funds of $837,882,000, undivided profits of $261,1491,000,
reserves for contingencies of $1141,880,000 and preferred stock retirement fund
of $2,320,000, or a total of $1,2*43,579,000, showed a decrease of $*40,198,000
since October 17, and a decrease of $70,337>000 in the year.
Circulating notes outstanding amounted to $6 5 *4,*476 ,000, in comparison with
$665,8^5,000 on October 17, 193*4, and $778,566,000 on December 30, 1933.
!Phe toted deposits of licensed banks on December 31, 193*4, were $21,676,303,000
showing an increase of $85*4,911,000, or *4.11 per cent, since October 1 7 , and an
increase of $*4,086, *421,000, or 2 3 .2 3 per cent, since December 30, the year previous.
The aggregate on December 31, 193^, included amounts due to banks subject to
immediate withdrawal and certified and cashiers1 checks outstanding of $3 ,3 6 2 ,9514,001
United States Government deposits of $887,2*40,000, other demand deposits of
$10,14-10,202,000, and time deposits of $7,015,907,000*
In the total of time deposits
were included postal savings of $3 5 0 ,6 8 6 ,0 0 0 , time certificates of deposit of
$658,502,000 and deposits evidenced by savings pass books of $5,3914,518,000, the
latter figure representing 114,0 6 9 ,6 6 5 accounts.
Postal savings in national banks
on December 3 1 , 193^> showed a decrease of $9,697,000, or 2 . 6 9 per cent, since
October 17, and a decrease of $219,793,000, or 38*53 per cent, in the year.
Bills payable of $7,3*42,000 and rediscounts of $383,000, a total of $7,725,000)
showed decreases in the two -and-a -half and twelve-month periods of $1 ,0 6 1 ,0 0 0
$714,262,000, respectively.
and
1
The percentage of loans and discounts to total deposits reported as of
December 31, 193^, was 3^*55,
comparison with 3 6 . 6 6 on October 17, 193*4, and
146.06 on December 3 0 , 1933*
- - ................
I
TREASURY DEPARTMENT
m
VJb
Washington
FOR RELEASE, MORNING NEWSpapttw!
Press Service
Comptroller of the Currency J.F.T. O'Connor announced today that the total
assets of the 5,^67 licensed national hanks operating on an unrestricted basis in
the continental United States, Alaska and Hawaii, on December 31, I93H, the date
of the last call for statements of condition, aggregated $2$,,6 2 9 ,5 8 0 ,0 0 0 , which is
an increase of $818,190,000 over the amount reported by 5,H66 licensed banks on
October 17, 193^> the date of the previous call, and an increase of $3,
.O^fo/XX)
over the amount reported by 5,159 licensed banks as of December 30, I933, the date
of the corresponding call made a year ago*
Loans and discounts, including rediscoxmts, on December 31, I93H, totaled
$7,^88,652,000, in comparison with $7»633»92H,000 on October 17, 193U, and
$8,101,156,000 on December 30, 1933*
Investments in United States Government obligations, direct an
fully
guaranteed, aggregated $6 ,960,208,000, which was an increase of $611,976,000 since
October 17, and an increase of $2,^1,061,000 in the year.
Investments in United
States Government obligations reported for the recent call comprise direct obli
gations of the United States of $6,262,109,000, obligations of the Reconstruction
Finance Corporation of $185,953,000, Federal Farm Mortgage Corporation bonds of
$183,569,000, and Home Owners' Loan Corporation bonds guaranteed as to interest
and principal of $328,577,000*
Other bonds and securities held amounting to
$3,^95,72^,000, which included Home Owners' Loan Corporation 1$ bonds of
$71,963,000 guaranteed by the United States as to interest only, showed a decrease
of $7U,Ul3,000 since October 17, but an increase of $9U,099,000 in the year*
Balances due from correspondent banks and bankers of $5,976,623,000, which
included reserve with Federal Reserve Banks of $2,525,UUS,000, were $36U,589,000
more than on October 17 last, and $1,915,805,000 more than reported on December 3;Q,
1933*
Cash in vault of $^56,^66,000 showed increases in the two-and- a -half and
twelve-month periods of $37,710,000 and $113,3^9 ,000, respectively.
The book value of capital stock of the licensed national banfcs on December 31,
193^, was $1,786,U09,000 and represented a par value of $1,788,15U,000.
The
latter figure was composed of class A preferred stock of $^-6^,752,000, class B
preferred stock of $17,178,000, and common sto.ck of $1,306,22U,000.
The book value
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Thursday. February 211 1 9 3 5 . ___
Press Service
4*^33
2^2’(y~’35»
Comptroller of the Currency J.F.T. O ’Connor announced today that the total
.assets of the 5,467 licensed national hanks operating on an unrestricted basis in
the continental United States, Alaska and Hawaii,on December 31, 1934, the date
of the last call for statements of condition, aggregated $25,629,580,000, which is
an increase of $818,190,000 over the amount reported by 5,466 licensed baaks on
October 17, 1934, the date of the previous call, and a n vincrease of $3,882,097,000
over the amount reported by 5,159 licensed banks as of December 30, 1933, the date
of the corresponding call made a year ago.
Loans and discounts, including rediscounts, on December 31, 1934, totaled
$7,488,652,000, in comparison with $7,633,924,000 on October 17, 1934, and
$8,101,156,000 on December 30, 1933#
Investments in United States Covernment obligations, direct and fully
guaranteed, aggregated $6,960,208,000, which was an increase of $611,976,000 since
October 17, and an increase of $2,491,061,000 in the year.
Investments in United
States Government obligations reported for the recent call comprise direct abli—
gations of the United States of $6,262,109,000, obligations of the Reconstruction
Finance Corporation of $185,953,000, Federal Farm Mortgage Corporation bonds of
$183,569,000, and Home Owners’ Loan Corporation bonds guaranteed as to interest
and principal of $328,577,000.
Other bonds and securities held amounting to
$3,495,724,000, which included Home Owners’ Loan Corporation 4 <jo bonds of
$71,963,000 guaranteed by the Ijnited States as to interest only, showed a decrease
of $74,413,000 since October 17* but an increase of $94,099,000 in the year.
balances due from correspondent banks and bankers of $5,976,623,000, which
included reserve with Federal Reserve Banks of -£2,525,448,000, were 4*364,589,000
|more than on October 17 last, and $1,915,805,000 more than reported on Deceniber
, 30, 1933.
Cash in vault of $456,466,000 showed increases in the1twe—and—a—half
-2,
and twelve-month periods of $37,710,000 and oil3,349,000, respectively.
The "book value of capital stock of the licensed, national hanks on December 31,
1934, was $1,786,409,000 and represented a par value of $1,788,154,000.
The latter
figure was composed of class A preferred stock of $464,752,000, class B preferred
stock of $17,178,000, and common stock of $1,306,224,000.
The hook value of
capital increased in the two and a half and twelve month periods $13,896,000
and $198,159,000, respectively.
The par value of the stock showed increases of
$14,326,000 and $198,700,000, respectively, in the two-and-*a-half and twelve-month
periods.
Surplus funds of $837,888,000, undivided profits of $261,491,000,
reserves for contingencies of $141,880,000 and preferred stock retirement fund of
$2,320,000, or a total of $1,243,579,000, showed a decrease of $40,198,000 since
October 17, and a decrease of $70,337,000 in the year*
Circulating notes outstanding amounted to $654,476,000, in comparison with
$665,845,000 on October 17, 1934, and $778,566,000 on December 30, 1933*
The total deposits of licensed banks on December 31, 1934, were $21,676,303,000
showing an increase of $854,911/000, or 4.11 per cent, since October 17, and an
increase of $4,086,421,000, or 23.23 per cent, since December 30, the year previous.
The aggregate ©n December 31, 1934, included amounts due to banks subject to
immediate withdrawal and. certified and cashiers’ cxiecks outstanding of
$3,362,954,000, United States Government deposits of $887,240,000, other demand
deposits of $10,410,202,000, and time deposits of $7,015,907,000.
In the total of
time deposits were included postal savings of $350,686,000, time certificates of
deposit of $658,502,000 and deposit's evidenced by savings pass books of
$5,394,518,000, the latter figure representing 14,069,665 accounts.
Postal sav
ings in national banks on December 31, 1934, showed a decrease of $9,697,000, ©r
2.69 per cent, since October 17, and a decrease of $219,793,000, or 38.53 per cent,
in the year*
.
Bills payable of $7,342,000 and rediscounts of $383,000, a total of $7,725,000,
showed decreases in the two*and”a—half and twelve-month periods of $1,061,000 and
$74,262,000, respectively*
The percentage of loans and/discounts to total deposits reported as of December
31, 1934, was 34*55, in comparison with 36*66 on October 17, 1934, and 46*06 ©n
December 30, 1933*
•Ne»?s Release — 2
the owner Cannot be deprived of
payment by loss, destruction, theft
ftVforgeryjpi-
l^^e^official circular also contains the table of redemption values which is
printed on t h e ^ E ^ ^ ^ e a c h bond. This shows rntmfc the value of the bond at any
time before maturity, so that the owner will know at all times how much he will
obtain if it becomes necessary to cash it in an emergency. The circular notes that
the bonds are exempt from all present or future federal,state or local taxation,
'
*%*<*d*#*t--.y
*
with the exception ol^federal ihddrae s, urtaxe
|jPo^tal Savings depositors may withdraw their savings for the purchase of United
States Savings Bonds without loss of interest.They may withdraw their ifostal
shavings certificates and exchange
same p o s u f f i c e window. The
them for the
new government securities at the
new bonds will sell at prices which will yield an
increase of value equal to a return of slightly less than 3 per cent compounded
semiannually, if held until maturity in ten years.
I
#
If
l E a c h denomination bears the
of a President.The $25 bond carries
a picture of George Washington,while the likeness of Jefferson appears on the
$50 bond,Cleveland on the $100,Wilson on the $500 and Lincoln on the $1000 unit.
. ..
m r
* |his is the d£sd^estr»4eB^ainatiLc)n».of!
V .
tsMisplaysthe picture of former President Wilson _
tUL«/v\ U 4 « f *>GS
f | I t<U UUM(P ST oJE’$0J0fr
ri f e .
News Release for Monday Morning, February 25, 1955
Many advance orders have been received at the Treasury Department for the pur
chase of the United States Savings Bonds which go on sale at postjaffices on or about
March 1. The requests have come f r S f r ^ ^ e ' S t i o n s of the county, and the amounts
asked range from the smallest denomination of $25,which costs $18.75 at issue, to th
largest unit of $1,000,which
will be sold at in issue price of $750. There have
been numerous requests for purchase of the maximum amount of $10,000 which
one
person may buy in a single ecalendar year.
Although these requests indicate public interest in a mm form of government se
curity issued
in small denominations^treasury officials point out that no advance oi
private sales
will be made. The bonds will be offered to the general public as a
.
.
x
convenient means of saving and investment, and they will m tt be on sale
j
at post^Sffices. They will be sold at about 14,000 posijoffices, which include all
first, second and third-class offices and all fourth-class offices located at county
seats.
The Post Office Department has tiTfitimfiy begun distribution of the
bonds aM/given
instructions for their sale to postraasters.lt is expected that the latter will set
aside separate windows for handling the bonds, and delegate special officials to
have charge of their sale.Postmasters and their assistants will be ready to advifw
purchasers
on any question in connection with the sale of
United States Savings Bonds.
|
The Treasury Department has sent to
postj^ffices and banks the official circular
describes the bonds^and explains how they may be
obtained, kept and redeemed.
^prefer to retain possession of their securities.They will be registered bonds,and
treasury department
Washington
Press Service
4-34
Release, Morning Newspapers,
Monday, Pehruary 25, 1935.
2-23-35.
Many advance orders have been received at the Treasury Department for
the purchase cf the United States Savings Bonds which go on sale at post
offices on or about torch 1.
The requests have come from many sections of
the country, and the amounts asked range from the smallest denomination of
$25, which costs $18.75 at issue, to the largest unit of $1,000, which will
he sold at an issue price of $750.
There have been numerous requests for
purchase of the maximum amount of $10,000 which one person may buy in a single
calendar year.
Although these requests indicate public.interest in a form of Government
security issued in small denominations, Treasury officials point out that no
advance or private sales will be made.
The bonds will be offered
general public as a convenient means of saving and investment, and they will
be on sale only at post offices.
They will be sold at about 14,000 post
offices, which include all first, second and third-class offices and all
fourth.-class offices located at county seats.
The Post Office Department has "begun distribution of the "bonds and has
given instructions for their sale to postmasters.
It is expected that the
latter will set aside separate windows for handling the bonds, and deleg
special officials to have charge of their sale.
Postmasters and their
assistants will be ready to advise purchasers on any question in connection
with the sale of United States Savings Bonds.
The Treasury Department has sent to post offices and banks the
circular setting forth the terms of the offer, and these will be available at
the Treasury Department.
This circular describes the bonds and explains how
they m y be obtained, kept and redeemed.
It points out that a purchaser may
keep them in his own possession, or, if he prefers, he may deposit tnem with
-2the Government for safekeeping.
It is "believed that owners generally will prefer to retain possession of
their securities*
They will he registered "bonds, and the owner cannot he de
prived of payment hy loss, destruction, theft or forgery.
The official circular also contains the table of redemption values which
is printed on the face of each bond.
This shows the value of the bond at any
time before maturity, so that the owner will know at all times how much he will
obtain if it becomes necessary to cash it in an emergency.
The circular notes
that the bonds are exempt from all present or future Federal, state or local
taxation, with the exception of estate or inheritance taxes and Federal income
surtaxes.
Postal Savings depositors may withdraw their savings for the purchase of
United States Savings Bonds without loss of interesti
They may withdraw their
Postal Savings certificates and exchange them for the new Government securities
at the same post office window.
T The new bonds will sell at prices which will
yield an increase of value equal to a return of slightly less than 3 per cent
compounded semiannually, if held until maturity in ten years.
Each denomination bears the portrait of a President.
The $25 bond
carries a picture of George Washington, while the likeness of Jefferson appears
on the $50 bond, Cleveland on the $100, Wilson on the $500 and Lincoln on the
$1,000 unit.
This is the first time that the picture of former President Wilson has
been used on a public debt security of the United States.
0O0- 0O0
U nited S tates S avings B onds
S eries A
TREASURY DEPARTMENT,
1935
Department Circular No. 529
P u b l ic
D ebt
O f f i c e OF THE SECRETARY,
Washington, February 26, 1986.
Se r v i c e
Offering of United States Savings Bonds, Series A
The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, approved September 24,
1917, as amended, offers for sale, to the people of the United States, through tlm Postal Service, an issue of bonds of t e
United States, designated United States Savings Bonds, Series A, which will be issued on a d^count basis, will mature
in 10 years, but will be redeemable before maturity at the option of owners. Beginning March 1, 1935, these bonds will
be on sale at post offices of the first, second, and third classes and at selected post offices of the fourth class, in amounts of
$25 (maturity value) and multiples thereof; and they will continue to be on sale until this offering is terminated by noti e
given by the Secretary of the Treasury to the Postmaster General.
Description of Bonds Offered
United States Savings Bonds, Series A, will be issued only in registered form, in denominations of $25, $50, $100, $500,
and $1,000 (maturity value), at prices hereinafter set forth, and will bear the name and address of the, owner, the date as
of which issued, and the date of maturity, which on original issue shall be inscribed thereon by the authorized postmaster
at the time of issue. All such savings bonds are to be dated as of the first day of the month in which the issue price is
received, and will mature and be payable 10 years from such issue date. They may be redeemed prior to maturity ( u
not within 60 days after the issue date), at the owner’s option, in accordance with the table of redemption values appearing
at the end of this circular, and set forth on the face of each bond. No interest will be paid on savings bonds, but the
purchase price has been fixed so as to afford an investment yield of about 2.9 percent per annum compounded semi
annually if the bonds are held to maturity. If the owner exercises his option to redeem his bond prior to maturity
the yield will be less, varying with the respective redemption values.
The savings bonds will not be transferable, and will be payable only to the owner named thereon, except in case of
death or disability of the owner or as a result of judicial proceedings, and then only in_accordancewith^regulations prescribed
from time to time by the Secretary of the Treasury. (See Treasury Department Circular No. 530, dated lebruary 25,
1935.) Savings bonds issued through a post office shall be valid only if inscribed with the owner s name and address,
dated the first day of the month in which the issue price is received, and duly delivered by an authorized postmaster;
they will bear the facsimile signature of the Secretary of the Treasury, the seal of the Treasury Department will be im
pressed thereon, and they will bear the post-office dating stamp.
The savings bonds shall be exempt, both as to principal and interest, from all taxation now or hereafter imposed by
the United States, any State, or anv of the possessions of the United States, or by any local taxing authority, except (a)
estate or inheritance taxes, and (b) graduated additional income taxes, commonly known as surtaxes, and excess-profats
and war-profits taxes, now or hereafter imposed by the United States, upon the income or profits of individuals, partner
ships, associations, or corporations. The interest on an amount of bonds authorized by the Second Liberty Bond Act,
approved September 24, 1917, as amended, the principal of which does not exceed in the aggregate $5,000, owned by any
individual, partnership, association, or corporation, shall be exempt from the taxes provided for m clause (6) above.
For the purposes of determining taxes and tax exemptions, the increment in value of savings bonds represented by the
difference between the price paid and the redemption value received (whether a t or before maturity) shall be considered
as interest.
Purchase
Savings bonds of Series A may be purchased for cash, a t post offices of the first, second, and third classes, and at
selected post offices of the fourth class, a t any time while this offer is in effect; and, subject to regulations prescribed by the
Board of Trustees of the Postal Savings System, the withdrawal of postal savings deposits, without loss of interest, will be
permitted for the purpose of acquiring savings bonds. The issue prices of the various denominations of these bonds follow:
Denomination (maturity value)
®ok
---------------- 50
K00
I
Issue price
_____________ $18. 75
‘ ............i f — — ...................... 37. 50
............................. 7 5 . 0 0
— ..................................... 375. 00
1,000::::::::::::::::::::::::::::::::::::::“ :"""---- ---- ------- - 750. 00
It shall not be lawful for any one person a t any one time to hold savings bonds issued during any one calendar year in
an aggregate amount exceeding $10,000 (maturity value).
Delivery and Safekeeping of Bonds
Postmasters from whom savings bonds may be purchased are authorized to deliver such bonds duly in serted and
dated upon receipt of the purchase price. Deliveries should not be accepted by any purchaser until he has verified that
bis name and address are duly inscribed on the face of the bond and th at the bond is duly dated the first day of the
month in which he made payment of the purchase price.
Any savings bond will be held in safekeeping by the Secretary of the Treasury if the purchaser so desires, and in this
connection the Secretary will utilize the facilities of the Federal Reserve banks as fiscal agents of the United States. I he
purchaser may arrange for such safekeeping at the time he purchases his bond or subsequently. Postmasters generally will
assist owners in arranging for safekeeping, but will not act as safekeeping agents.
2— 16691
Payment at Maturity or on Redemption Prior to Maturity
Payment of any sayings bond in accordance with its terms a t maturity, or a t the appropriate redemption value prior
to maturity (but not within 60 days after the issue date), will be made following presentation and surrender of the bond,
by registered mail or otherwise, a t the expense and risk of the owner, to the Treasury Department, Division of Loans and
Uurrency, Washington, D. C., or to any Federal Reserve bank, with the request for payment appearing on the back of the
bondduly executed by the owner and certified by any United States postmaster from whom United States Savings Bonds
may be purchased (authenticated by the imprint of his post-office dating stam p), by an executive officer of an incorporated
bank or trust company (authenticated by the impress of the corporate seal of the bank or trust company), or by any other
person duly designated by the Secretary of the Treasury for the purpose. Payment will be made by check drawn to the
order of the owner, promptly after discharge of registration a t the Treasury Department. In case of the death or dis
ability of the registered owner, instructions should be obtained from the Treasury Department, Division of Loans and
Currency, Washington, D. C., before the request for payment is executed. Postmasters generally will assist holders in
securing payment at or before maturity, but they will not make payment of savings bonds.
General Provisions
t AUbonds i®sued pursuant to this circular shall be subject to regulations prescribed from time to time by the Secretary
of the Treasury. Such regulations may require, among other things, reasonable notice in case of presentation of savings
bonds for redemption prior to maturity. The initial regulations governing savings bonds are contained in Treasury
Department Circular No. 630, dated February 25, 1935.
•
Secretary of the Treasury may designate agencies other than post offices for the sale of savings bonds of this
series, and he reserves the right to refuse to issue or permit to be issued hereunder any such savings bonds in any case
ot class of cases if he^ deems such action to be in the public interest.
The Secretary of the Treasury further reserves the
right to terminate this offer at any time, on notice to the Postmaster General.
Postmasters of the first, second, and third classes, and selected postmasters of the fourth class, under regulations
promulgated by the Postmaster General, and Federal Reserve banks, as fiscal agents of the United States, are authorized
to perform such fiscal agency services as may be requested of them in connection with the issue, delivery, safekeeping,
redemption, and payment of savings bonds.
,
The Secretary of the Treasury may a t any time or from time to time supplement or amend the terms of this circular,
information as to which will be promptly furnished to the Postmaster General and to Federal Reserve banks.
H enry M orgenthau,Jr .,
Secretary of the Treasury.
j
Table showing how United States Savings Bonds of Series A increase in value during successive half-years following
Maturity value
I ssu e
p r ic e
_
___________
$25. 00
$50. 00
$100. 00
$500. 00
$1, 000. 00
$18. 75
$37. 50
$75. 00
$375. 00
$750. 00
$18. 75
19. 00
19. 25
19. 50
19. 75
20. 00
20. 25
20. 50
20. 75
21.00
21. 25
21. 50
21. 75
22. 00
22. 50
23. 00
23. 50
24. 00
24. 50
25. 00
$37. 50
38. 00
38. 50
39. 00
39. 50
40. 00
40. 50
41. 00
41. 50
42. 00
42. 50
43. 00
43. 50
44. 00
45. 00
46. 00
47. 00
48. 00
49. 00
50. 00
$75. 00
76. 00
77. 00
78. 00
79. 00
80. 00
81. 00
82. 00
83. 00
84. 00
85. 00
86. 00
87. 00
88. 00
90. 00
92. 00
94. 00
96. 00
98. 00
100. 00
$375. 00
380. 00
385. 00
390. 00
395. 00
400. 00
405. 00
410. 00
415. 00
420. 00
425. 00
430. 00
435. 00
440. 00
450. 00
460. 00
470. 00
480. 00
490. 00
500. 00
$750. 00
760. 00
770. 00
780. 00
790. 00
800. 00
810. 00
820. 00
830. 00
840. 00
850. 00
860. 00
870. 00
880. 00
900. 00
920. 00
940. 00
960. 00
980. 00
Redemption values after the issue date:
First year_________
1 to 1)4 years______
1) 4 to 2 years....
2 to 2)4 years______
2) 4 to 3 years____
3 to 3)4 years______
3) 4 to 4 years....
4 to 4)4 years______
4) 4 to 5 years____
5 to 5)4 years______
5) 4 to 6 years_____
6 to 6)4 years______
6) 4 to 7 years....
7 to 7)4 years......
7) 4 to 8 years____
8 to 8% years______
8) 4 to 9 years____
9 to 9)4 years______
9) 4 to 10 years...
M a t u r it y
v a lu e
____
U. S . GOVERNMENT PRINTIN G O FF IC E
2— 16691
1,000. 00
TREASURY DEPARTMENT
MEMORANDUM FOR THE PRESS
February £5, 1935.
RECEIPTS OF SILVER BY THE MINTS AMD ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1933)
Week ended February 21, 1935:
Philadelphia ...... .......... 234,238.36 fine ounces
San Francisco
................ ..... ......
55,809.00
Denver ...................................... 113.152.00
Total for week ended February 21, 1935 ........ 403,179.36
Total receipts through February 21, 1935
27,833,000.00
I
11
”
M
n
”
M
n
”
SILVER TRANSFERRED TO UhlTED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended February 21, 1335
Philadelphia................. .
2,909.00 fine ounces
144,362.00
n
n
Hew Y o r k ....................
San Francisco .................
2,111.00
”
"
D e n v e r ........................
1,377.00
»
«
New Orleans ...............................
807.00
"
«
Se a t t l e ................
765.00
”
»
Total for week ended February 21, 1955 «..•••
152,331.00
n
”
Total receipts through February 21, 1935 ....112,411,338.00
n
n
1
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES;
Week ended February 21, 1935:
Imports
Philadelphia ...... ......... $
4,820.00
New Y o r k .....................
46,670,200.00
San Francisco..............
17,504.80
D e n v e r ................... .
17,916.00
New Orleans ...........
15,045.33
Seattle .... ................
...
Total for week ended Feb. 21, 1935 $46,725,486.43
New
Domestic
Secondary
66.82
$ 237,325.84 $
174', 300.00!
300.00
851,568.66
80,344.15
548,350.00
36,318.00
2,067.64
58,805.85
158.155.45
25.247.87
$ 436,541.71 $. 1,712,508.5^
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER'S OFFICE:
(Under Secretary1s Order of December 28, 1933)
Received by Federal Reserve Banks:
Week ended February 20, 1935 ....
Received previously....... .
Total to February 20, 1955 .......
$
Gold Coin
17,083.80
29.884.757.75
$29,901,821.55
Gold Certificates
$
452,930.00
84.186,620.00
$84,639,550.00
Received by Treasurer’s Office:
Week ended February 20, 1935 ••
Received previously
Total to February 20, 1935 ••••
I
$
NOTE:
$
---259,806.00
259,806.00
4,900.00
2,021.800.00
$ 2,026,700.00
Gold bars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported.
I
I
I
I
I
TREASURY DEPARTMENT
Washington
MEMORANDUM EOR THE PRESS
February 25, 1935,
RECEIPTS OP SILVER BY THE MINTS AND ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1933)
Week ending February 21, 1935:
Philadelphia..... ........................
San Francisco...............................
Denver.....................................
Total for week ended February 21, 1935.......
Total receipts through February 21, 1935......
234.238.36 fine ounces
n
55,809.00
"
n
113,132.00
"
ii
403.179.36
"
tt
27,833,000.00
w
SILVER TRANSFERRED TO UNITES STATES;
(Under Executive Proclamation of August 9, 1934)
Week ended February 21, 1935:
Philadelphia...............................
New Y o r k ..................................
San Francisco..............................
Denver.....................................
New Orleans................................
Seattle....................................
Total for week ended February 21, 1935.......
Total receipts through February 21, 1935......
2,909.00 fine ounces
n
144,362.00
n
ii
2,111.00
,f
it
1,377.00
M
n
807.00
11
it
........ 765.QO
“
ii
152,331.00
11
ii
112,411,338.00
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Week ended February 21, 1935:
_____ Imports
Philadelphia..................... $
4,820.00
New York......................... 46,670,200.00
San Francisco....................
17,504.80
Denver ..........................
17,916.00
New Orleans......................
15,045.33
Seattle............ ..............
— -Total for week ended Feb. 21, 1935..$46,725,486.43
Secondary
$237,325.84
300.00
80,344.15
36,318.00
58,805.85
23,247.87
$436,341.71
New
Domestic
$
66.82
174.300.00
851,568.66
546.350.00
2,067.64
138,155.43
$1,712,508.55
&QLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER1S OFFICE:
(Under Secretary1s Order of December 28, 1933)
Received by Federal Reserve Banks:
*
Gold Coin
Week ended February 20, 1935.......... $
17,083.80
Received p re v io u s ly l .................. 29,884,737.75
Total to February 20, 1935............ $29,901,821.55
Gold Certificates
$
452,930.00
84,186,620.00
$84,639,550.00
Received by Treasurer^ Office:
Week ended February 20, 1935.......... $
Received previously.......
Total to February 20, 1935............ $
$
■^OTE:
----259,806.00
259,806.00
Gold bars deposited with the N ew York Assay Office
to the amount of $200,572.69 previously reported.
4,900.00
2,021,800.00
$ 2,026,700.00
mmesmm
wAmimmi
FOB JMELSASB, » ! » ■ n n R A i m ,
Tuesday, February £6, 1935•
2/25/3©
Press Service
H'3s
Secretary of the Treasury Morgenthau announced last evening that the
tenders for two series of Treasury bills, to be dated February 27# 1935,
which were offered on February 22, sere opened at the Federal reserve banks
on February 25, 1935.
Tenders were invited for the two series to the aggregate amount of
#100,000,000, or thereabouts, and #289,892,000 was applied fear, of which
#100,239,000 was accepted.
s
The details of the two aeries are as follows;
182-SAY m & g O H T BILLS, M4TUBIH0 AUGUST 88, 193S
For this series, which was for #50,000,000, or thereabouts, the total
amount applied for was #120,712,000, of which #50,054,000 was accepted. The
accepted bids ranged in price from 99.961, equivalent to a rate of about
0.077 percent per annum, to 99.942, equivalent to a rate of about 0.115 per
cent per annum, on a bank discount basis.
Only part of the amount bid for
at the latter price was accepted* The average price of Treasury .bills of this
VM*'*
0 ,1 0 ^
series to be issued ie 99.948 and the average rate is about 9vl04 percent per
annum on a bank discount basis*
273-DAY TREASURY BIILS, MATURING H071M82B 27, 1935
For this series, which was for #50,000,000, or thereabouts, the total
amount applied for was #165,180,000, of which #50,183,000 was accepted. The
accepted bids ranged in price from 99.911, equivalent to a rate of about 0.117
percent par annum, to 99.872, equivalent to a rat© of about 0.169 percent per
annum, on a bank discount basis.
price was accepted.
Only part of the amount bid for at the latter
The average price of Treasury bills of this series to be
issued is 99.874 and the average rate is about 0.166 percent per annum on a
bank discount basis
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, February 26, 1935.____
2-25-35.
Prose Service
No, 4-35
Secretary of the Treasury Morgenthau announced last evening that the tenders
for two series of Treasury "bills, to "be dated February 27, 1935, which were
offered on February 22, were opened at the Federal reserve banks on February 25,
1935.
Tenders were invited for the two series to the aggregate amount of
$100,000,000, or thereabouts, and $285,892,000 was applied for, of which
$100,239,000 was accepted.
The details of the two series are as follows:
182-DAY TREASURY BILLS, MATURING AUGUST 28, 1935
For this series, which was for $50,000,000, or thereabouts, the total amount
applied for was $120,712,000, of which $50,054,000 was accepted.
The accepted
"bids ranged in price from 99.961, equivalent to a rate of about 0.077 percent per
annum, to 99.942, equivalent to a rate of about 0.115 percent per annum, on a
bank discount basis.
accepted.
Only part of the amount bid for at the latter price was
The average price of Treasury bills of this series to be issued is
99.946 and the average rate is about 0.108 percent per annum on a bank discount
basis.
273-DAY TREASURY BILLS, MATURING NOVEMBER 27, 1935
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $165,180,000, of which $50,185,000 was accepted.
The
accepted bids ranged in price from 99.911, equivalent to a rate of about 0.117
percent per annum, to 99.872, equivalent to a rate of about 0.169 percent per
annum, on a bank discount basis.
price was accepted.
Only part of the amount bid for at the latter
The average price of Treasury bills of this series to be
issued is 99.874 and the average rate is about 0.166 percent per annum on a
bank discount basis.
TREASURY DEPARTMENT
Washington
POR RELEASE, MORNING NEWSPAPERS,
Wednesday, February 27, 1935,
2-26-35,
Press Service
No* 4-36
Two people may share ownership in a United States Savings Bend, according t#
a regulation governing their sale made public today "by the Treasury Department,
The circular, which has been distributed to all banks, explains how the new Govern
ment securities may be bought f«r minors, relatives, estates, trusts and other
classes of beneficiaries.
It answers many questions which have been asked about the bonds, which will go
on sale at 14,000 postoffices on or about March 1.
The Treasury has received many
advance orders, and in many instances prospective purchasers have asked whether
they could huy bonds in the name of their children, their wives and trusts in
their charge.
Provision for such purchases and..for insuring payment to the actual
owner or his legal representative has been made in every case.
When two people buy a bond, as a husband and
written on the bond as evidence of joint ownership*
wife, the names of both are
But either person may obtain
payment without requiring the signature of the other on the application form on
the back of the bond.
In purchasing a bond for a minor who will collect the full
amount at maturity, a parent may write on the bond the name of the intended
beneficiary.
Purchasers may designate beneficiaries to whom they intend the bond to be
paid by writing in the latters* names at the time of sale*
Guardians, executors,
administrators and trustees may acquire bonds for individuals or estates in their
legal charge, and officers may buy them for their firms.
In all instances of
purchases of this kind, the relationship between buyer and beneficiary must be
written on the face of the bond.
The circular also explains the procedure to be followed in case of death or
disability of the owner* Strict regulations to safeguard the rights of the actual
owner or his heirs have been made by the Treasury Department,
•'News Release— 2
Many of the postmasters1 requests for
an additional supply of the bonds apf&
fcqmtained orders for the two larger denominations— the $500 and $1000 units. Word
that many people had anno unced their intention of buying the ~*aximum amount al
lowed to one individual in a single calendar year— $10,000— has been received at
the Post Office Department from many sections. At the station in the Treasury
Building
one
would-be buyer insisted on leaving his check for $7,500,which is
cost of ten $1000 bonds at the issue price.Each $1000 bond
costs the purchaser $750 when he buys it,and the investment increases by onethird if held the full ten years to maturity.
m
v*V
News Relsa.se for Friday Morning iS
ti/ *f3 .T"
yi£bh-»
i, - i_ W - > .r
lr^>, H--J7
President Roosevelt is scheduled to buy the first of the United States Savings
Bonds which were placed on sale today at 14,000 posj&ffices throughout the country.
The Chief Executive will buy the bond from Postmaster G e n e r S f e ^ ^ f
Secretary of the Treasury Morgenthau has told Mr. Roosevelt how this new form of
government security a f f o r d I ^ i » r - g v e Stors the first upportunity to buy this
kind of security since World War days.
As head of the Post Officedepartment, which will be the sales agency for the
new bonds, Mr. Farley will explain how they will be handled
at postbffices.He
has instructed postmasters and their staffs to give eveiy assistance to people who
wish to purchase the bonds.Although it is not known what denominations the Preside,
will buy,the
first run of all M
m k
units_$25,|50,fl00,$500 and flOOO-have
been laid aside for a presidential purchase.
The various denominations are designated by prefix letters and numbers.The first
$25 bond bears the designation of nQl» .while* +h<=. i0H n r 0 T
p
e
c
t
i
^
T
S
r
b
o
n
d
n
-n
,„
of the ^ d e n o m i n a t i o n
would be "Cl”. These designations will simplify handling of the bonds at postoffice;
during their sale and at the Treasury, where a record of each transaction will be
kept.
The Post Office Department has supplied
miTi i
tnull securitie1
to all postoffices where the bonds will be on sale.Because of the interest shown in
this new form of government obligation, however,postmasters in many cities asked
for an additional supply.The original total sent to Hew York,
Omaha,Washington
and
other places was doubled upon request of the postmasters in those cities. Although
definite allocations of bonds have not been made, as there is no limit on their
total sale,3p
the Post Office Department distributed these new savings bonds on
the basis of the sale of
-CVl
Treasury war savings certificates
eLc
*
TREASURY DEPARTMENT
Washington
Press Service
No. 4-37
pR pR
OR RELEASE, MORNING- PAPERS,
riday, March 1, 1935.______
2-28-35•
President Roosevelt is scheduled to huy the first of the United States
Savings Bonds which were placed on sale today at 14,000 post offices throughout
the country.
The Chief Executive will huy the- bond from Postmaster General
Parley today (Priday) after Secretary of the Treasury Morgenthau has told
Mr. Roosevelt how this new form of Government security affords individual
investors the first opportunity to huy this kind of security since World War
days.
The purchase at the White House Is scheduled for 10*30 A.M.
As head of the Post Office Department, which will he the sales agency f&T
the new bonds, Mr. Parley will explain ho?; they ?/ill he handled at post offices.
He has instructed postmasters and their staffs to give every assistance to
people ?/ho wish to purchase the bonds.
Although it is not known what denomina
tions the President will huy, the first run of all units— $25, $50, $100, $500
and $1000—
have been laid aside for a Presidential purchase#
The various denominations are designated by prefix letters and numbers#
The first $25 bond bears the designation of nCp.M , while the letters, L,C,D and M
are used, respectively, for the $50, $100, $500 and $1000 units.
"bond of the $100 denomination would be ,!Cl11•
Thus the first
These designations will simplify
handling of the bonds at postoffices during their sale and at the Treasury,
where a record of each transaction ?/ill be kept.
The Post Office Department has supplied securities to all post offices
where the bonds will be on sale..
of Government obligation, however,
additional supply.
Because of the interest shown in this new form
postmasters in many cities asked for an
The original total sent to New York, Omaha, Washington and
TREASURY DEPARTMENT
Washington
MEMORANDUM FOR THE PRESS.
February 18, 1955.
RECEIPTS OF SILVER BY THE MINTS;
(ifcder Executive Proclamation of December 21, 1955)
Week ending February 15, 1935s
Philadelphia .. •...... .
San Francisco
Denver......... .............
Total for week ended February 15, 1955
Total receipts through Feb. 15, 1935..
371,556.67
676,852.65
78.165.00
1,126,572.32
26,536,000.00
fine ounces
n
n
n
it
*»
n
«
H
SILVER TRANSFERRED TO UNITED STATESs
(tfader Executive Proclamation of August 9, 1934)
Week ending February 15, 1955s
Philadelphia
New York
San Francisco...... ....... .
Denver................. .
New Orleans ........... ..... .
Seattle............................
Total for week ended February 15, 1935..
Total receipts through February 15, 1955
4.650.00 fine ounces
33.016.00
8
8
1.495.00
8
8
5.615.00
8
8
675.00
8
8
________ 552.00
8
8
45.803.00
8
8
112,259,007.00
8
8
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Week ended February 15, 1935:
Imports
Philadelphia • . •
... #
6,671.25
New York • • • • • • •
54.236.100.00
San Francisco • •
58.605.84
Denver • • • • • • « • •
79.847.00
New Orleans • • • •
555.99
Seattle • • • • • • • •
Total for week ended Feb. 15,1935 . . #34,381,760.08
Secondary
# 260,987.52
308,000.00
102,913.28
47f RDQ # nn
TC
W
KO
Wt IOv • 71
vv| v
ifc
22*001.71
# 791,952.25
New
Domestic
100.70
#
1
"
an
C O O £*vQ
JL y U O & y v v v • v v
OOO y w ( O e w
QOI
1 Q
208.337.88
# 2,428,195.37
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER»S OFFICE:
(Under Secretary’s Order of December 28, 1953)
Received by Federal Reserve Banks:
Gold Coin
Week ended February 13, 1935 .......... ..#
17,840.14
Received previously ••••••••••••.......
29.866.897.61
Total to February 13, 1935
#29,884,757.75
Gold Certificates
#
415,960.00
85.770.660.00
#84,186,620.00
Received by Treasurer’s Office:
Week ended February 13, 1955 •••••...••. #
Received previously .............
Total to February 15, 1935 ............. #
■2.010.800.00
# 2,021,800.00
NOTE:
500.00
259.506.00
259,806.00
Gold bars deposited with the New York Assay Office
to the amount of #200,572.69 previously reported.
1 1,000.00
TREASURY DEPARTMENT
Washington
RSivIOttANDUM FOR THE PRESS
February 18, 1935.
RECEIPTS OP SILVER BY THE MINTS AND ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1933)
Week ending February 15, 1935:
Philadelphia*.«. .......■........... .........
371,556*67 fine ounces
San Francisco *...... .............. .......
676,852.65
n
fg
Denver* .............................. .
.....78,163*00
»
«
Total for week ended February 15, 1935...... ..
1,126,572.32
»
«
Total receipts through February 15, 1935......
26,536,000.00
»
»
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended February 15, 1935:
4,650.00 fine oun
Philadelphia..*....... ............... . ••••
it
it
New York. ..•••• *.......... *.... ......... ,.
33,016.00
ii
it
1,495.00
San Francisco ........■<......... ...........
it
n
5,615.00
D e n v e r ...... ..............................
ii
if
New Orleans ••*..... ...............
675.00
ti
tt
Seattle.......................... ..........
352*00
ti
n
45,803*00
Total for week ended February 15, 1935........«
Total receipts through February 15, 1935..... . 112,259,007.00
RECEIPTS OF GOLD BY TEE MINTS AND ASSAY OFFICES:
Week ended February 15, 1935:
Imports
Philadelphia*....... 6,671.25
New York..... ................... 34,236,100.00
San Francisco....................
58,605.84
Denver... ......
79*847.00
New Orleans.........
535*99
Seattle.... .....................
Total for week ended Feb* 15, 1935.•$34,381,760*08
New
Secondary_______ 1 omestic
$ 260,987*52 $
100*70
308,000.00
102,913.28 1,582,559*60
47,509.00
636,376*00
50,540.74
821*19
22,001*71
208,557*88
$ 791,952.25 $2,428,195*37
&0LD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER'S OFFICE:
(Under Secretary’s Order of December 28, 1933)
Received by Federal Reserve Banks:
Gold Coin
•^eek ended February 13, 1935. ...<•..•••• * $
17,840.14
Received p re v io u sly *...............................................
29,866,897.61
Total to February 13, 1935*.............. $29,884,737.75
Gold Certificates
415,960c00
$
83, 770,660*00
$84, 186,620.00
Received by Treasurer1s Office:
Week ended February 13, 1935*...........
Received p reviously* . . . * * . . . . < ................... ....
Total to February 13, 1935........ ......
$
EOTE:
$
$
500*00
259,306.00
259,806.00
Gold bars deposited with the New York Assay Office
to the amount of $200,572,69 previously reported*
11,000c00
2,010,800.00
$ 2,021,800.00
News Release— 2
It will be as easy for a purchaser to buy a bond as it mm is to obtain a
money order.He simply presents cash to the postmaster or his agent,who writes the
purchasers name and address, the date of issue and the date of sale, on the
bond]
The owner may then keep the bond, or he may turn it over to the government for
safekeeping.
The bonds are registered, and payable only to the person whose name appears on
the face of the bond.In case of death or disability, adequate provision has been
made for payment to the proper person.In case of loss^friatifr or destruction of the
bonds, the owner may replace them
—SO—
in accor<^with Treasury regulations.
News Release
(Monday Morning, February 18, 1935)
Secretary of the Treasury Morgenthau today announced that the new United
States Savings
Bonds to go on sale through the postoffices on or about March
1 would yield an interest rate of^jligltWtywwAittiiiii*
aWfcHwg«ta jwlAchJ
/\X
t “N"^{fi<inil’ll^*Hi
w i n increase In value' regularly
(2ft—
after the first year
_
aaturity in ten
_____ jsHPiHi
'3frywwwr«
M
"■SkJSk*^
Under the rate fixed by the Secretary of the Treasury,purchasers will pay
$18.75 for a $9£-h™Af $57.50 for a $50 bond, $75 for a $100 bond, $375 for a
\
A
1S00 bond and $750 for a $1000 bond.The bonds sell on a discount basis, and the
difference between the price paid at issue and the maturity value represents
accrual of interest^(gi^aigwiaaBlfiiflW^WiBW
$100 bond in
c
u
t
;
>
V
creases inwalue by $1 every six month*after the first year. After the seventh
/\
A
year it gains in value at the rate of $2 every six months. The other denomination!
___ _- r a S S d U ^ ^ ^ '
t
tiZiuxlM
increase proportionately.
_____ *•
^ U '
C*4k*kXir
These bondaTwill not be transferable, but they'awa be^r^cshrsei/ at any time after
sixty days from the date of issue. The face of each bond bears Aa table of redempH
tion values which enables the purchaser to know its
^value at all timesl
The new government securities will be on sale at approximately 14,000 postoffices. These include all first, second and third-class postoffices, and all
fourth-class postoffices located at county seats.IMSiiMiWpi^^
postoffice
department will have complete charge of the distribution of the bonds to the
public,and preparations for handling the work are under way.
It will be as easy for a purchaser to buy a bond as it is to obtain
a money order.
He simply presents cash to the postmaster or his agent,
who writes the purchaser1s name and address, the date of issue and the
date of sale, on the bond.
The owner may then keep the bond, or he may
turn it over to the government for safekeeping.
The bonds are registered, and payable only to the person whose name
appears on the face of the bond.
In case of death dr disability, adequate
provision has been made for payment to the proper person.
In case of loss
or destruction of the bonds, the owner may replace them in accordance with
Treasury regulations.
ife w s
R « l e d b 7 r ^ y T C T i d a y lj'MHi' .i i .i 'i jjj
F^V
fa 1 ? > riv i.y y n n A 8 y » ia & 5 i)>
^
—>~~fol■
$'■'1^,-^^-'^
wV
F -^
/ &f / f
,
3S*
f
• F
r
—
0
**/&*M/
Secretary of the Treasury Morgenthau today announced that the new
United States Savings Bonds to go on sale through the postoffices on or
about March 1 would yield an interest rate of 2.9 per cent compounded
semi-annually if held till maturity.
These bonds, which range in denominations from $25 to $ 1 0 0 ^ will
not be transferable, but they will be redeemed for cash on the owner1s
request at any time after sixty days from the date of issue.
The face
of each bond bears a table of redemption values which enables the pur
chaser to know its redemption value at all times.
The redemption value
will increase regularly after the first year.
Under the rate fixed by the Secretary of the Treasury, purchasers
will pay $18.75 for a bond of $25 maturity value; $37.50 for a $50 bond;
$75 for a $100 bond; $375 for a $500 bond and $750 for a $1,000 bond.
The bonds sell on a discount basis, and the difference between the price
paid at issue and the maturity value represents accrual of interest.
The
$100 bond increases in redemption value by $1 every six months after the
first year.
After the seventh year it gains in value at the rate of $2
every six months.
The other denominations increase proportionately.
The new government securities will be on sale at approximately
14,000 postoffices.
These include all first, second and third-class
postoffices, and all fourth-class postoffices located at county seats.
The ^ostoffice department //ill have complete charge of the distribution
of the bonds to the public, and preparations for handling the work are
under way.
TREASURY DEPARTMENT
Washington
ROR RELEASE, MORE DIG- 1IEWSPAF US,
Monday, February 18, 1,935.____ ^
2-16-35.
Press Service
^°* ^*^8
Secretary of the Treasury Korgenthau today announced that the new United
States Savings Bonds to go on sale through the postoffices on or shout March 1
would yield an interest rate of 2,9 per cent compounded semi-annually if held
till maturity.
These "bonds, *vhich range in denominations from $25 to $1000, will not "be
transferable, "but they v;ill "be redeemed for cash on the owner’s request at any
time after sixty days from the date of issue.
The face of each "bond bears a
table of redemption values which enables the purchaser to know its redemption
value at all times.
The redemption value will increase regularly after the
first year.
Under the rate fixed by the Secretary of the Treasury, purchasers will
$18.75 for a bond of $25 maturity value; $37*50 for a $50 bond; $75 for a $100
bond; $375 for a $500 bond and $750 for a $1,000 bond.
The bonds sell on a
discount basis, and the difference between the price paid at issue and the
maturity value represents accrual of interest.
The $100 bond increases in
redemption value by $1 every six months after the first year.
After the seventh
year it gains in value at the rate of $2 every six months. The otner denomina
tions increase proportionately.
The new government securities will be on sale at approximately 14,000
postoffices.
These include all first, second and third-class postoffices, and
all fourth— class postoffices located at county seats.
The Postoffice Department
will have complete charge of the distribution sf the bonds to the public, and
preparations for handling the work are under way.
It will be as easy for a purchaser to buy a bond as it is to obtain a
money order*
He simply presents cash to the postmaster or his agent, who
writes the purchasers name and address, the date of issue and the date of sal
on tne bond*
The owner may then keep the bond, or he may turn it $ver to the
government for safekeeping*
The bonds are registered, and payable only to the person whose name
appears on the face of the bond*
In case of death or disability, adequate
prevision has been made for payment to the proper person*
In case of loss
or destruction oi tne bonds, the owner may replace them in accordance with
TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE,
Monday, Eehruary 18, 1935#
Press Service
No# 4-29
Mrs. Nellie Tayloe Ross, Director of the Mint, said today that many
collectors of old coins, acting upon erroneous information, had written to
her in the false hope that they could dispose of their coins at more than
face value, hy communicating with the Bureau of the Mint#
11The Government pays no premium upon any issue of coins” , Director
Ross said#
”No premium list of coins, Or list of coin dealers, is publisned
hy the Government.
The Government does not undertake to determine whether or
not specific coins have special value or to decide questions of numismatics,
whether referring to coins of the United States or of foreign countries#”
TR EA SU R Y D EPARTM EN T
O F F IC fc O F T H E S E C R E T A R Y
WASHINGTON
C O M M ISSIO N E R O F
A C C O U N T S AN D D E P O S I T S
February 16, 1935.
to
r a y e eesjiaesk
MR. GASTON:
During the calendar month of January, 1935, trans
actions on the market in Government securities were as follows
for the accounts specified:
Vm S. Government Life Insurance fund:
Purchases. Treasury bonds • • • • •
$5,200,000
Collector. Panama Canal:
Purchase. Treasury bonds
• • • • •
$
220,800
Federal Deposit Insurance Corporation:
Purchase. Treasury bonds
gales. Treasury bonds
• • • • •
$6,500,000
• • • • • • •
6,500,000
SUMMARY
Grand total of Government securities
purchased on market • • • • • • • • •
Grand total of Government securities
sold on market
Ret Purchases on market in Jan.:
$11,920,800
6,500,000
$5,420,800
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASEf
Monday, February 18, 1935.
Press Service
No. 4-30
Net market purchases of G-overnment securities for Treasury
investment accounts for the calendar month of January, 1935,
amounted to $5,420,800, Secretary MOrgenthau announced today.
TREASURY DEPARTMENT
WASHINGTON
FOR REIEASF, MORNING NEWSPAPERS,
Tuesday, February 19, 1935.
Press Service
3 /
2AB/S5
Secretary of the Treasury Morgenthau announced last
evening that the tenders for $75,000,000, or thereabouts,
of 182-day Treasury bills, dated February 20 and maturing
August 21 , 1935, which were offered on February 15, were
opened at the Federal reserve banks on February 18, 1935*
The total amount applied for was $156,544,000, of
which $75,024,000 was accepted. Except for two bids total
ing $24,000, the accepted bids ranged in price from 99.956,
equivalent to a rate of about 0.870 percent per annum, to
99.935, equivalent to a rate of about 0.129 percent per
annum, on a bank discount basis. Only part of the amount
bid for at the latter price was accepted. The average
price of Treasury bills to be issued is 99.941 and the
average rate is about 0.117 percent per annum on a bank
discount basis.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Tuesday, February 19, 1935*
2/18/35.
Press Service
No* 4-31
Secretary of the Treasury Morgenthau announced last evening tnat the
tenders for $75,000,000, or thereabouts, of 182-day Treasury bills, dated
February 20 and maturing August 21, 1935, which were offered on February 15
were opened at the Federal reserve banks on February 18, 1935.
The total amount applied for was $156,544,000, of which $75,024,000
was accepted*
Except for two bids totaling $24,000, the accepted bids
6.£>f7
ranged in price from 99*956, equivalent to a
about.0-6-Q9-& percent
per annum, to 99*935, equivalent to a rate of about 0ol29 percent'vper
annum, on a bank discount basis*
latter price was accepted.
Only part of the amount bid for at the
The average price of Treasury bills to be
issued is 99*941 and the average rate is about 0*117 percent per annum on a
bank discount basis
-30-
News Release (Wednesday Morning, February 20, 1955)
c
3
T & U u
Secretary of the Treasury Morgenthau visited the Bureau of Engraving
^asy (Tuesday) to watch the printing of the first batch of United States Savings
Bonds that will go on sale at the postoffices on or about March 1.
Mr. Morgenthau was told that first delivery of the new bonds will be made within
a few days.They will then be distributed to
W & 14,000 postoffices ,where they
are to be sold over the counter for cash. They will be on sale at all first,second
and third-class postoffices, and at all fourth-class postoffices located at county
seats. It is expected that the postoffices will set aside separate windows for
their sale, and also delegate special officials to handle them.Postmasters or their
agents will
aid purchasers in the sale, delivery, safekeeping ,redemption and pay
ment of the bonds.
ii
Secretary Morgenthau
has
U /lucM XjfiAJ! UM dUf
a
"m
l
announced that the bonds will- w
U
jbergst j fltfr n
5 5
f
a
-Q.JpLjt.jaut
-They will seisin 'rive aenom-
nations, ranging from $25 maturity value to $1000. The $25 bond will sell for $18.75|
and the $1000 bond for $750. They are cashable at a$y time after sixty days from
the date of issue, which shall be the first day of the month in which the bonds are
(in the first yeggev-— ^
bought. The owner
gets backkhis original investment! After the first year,
t u
nf int^rpgt. TSpgnriRjhg gpi,p
/\
The bond is about eight inches square.
face
of the
of
^^""and tbe
On the face there is a table ol
redemption values which shows the redemption value of the bond at all times. The fid,
bond, for instance,increases in value by $1 every six Kwntiawry months after the first
year, and by $2 every six months after the seventh year.The other denominations in
crease in value proportionately.
In buying a bond, the purchaser simply pays Cash to the postmaster or his agent.
The postmaster then writes on the face of the bond the name and address of the owner
the date of issue and the date of sale.No bond will be valid unless it bears these
TREASURY DEPARTI-ENT
Washington
March 11, 1935
FMURAHPUM FUR THE PRESS
RETAIL LIQ.UOS SSALER IKSPECTIUMS. K M TUHK CITY
live Wsaks Period Ended March 9.
.
Total number of inspections* . * • • *
............
• • • • • •
Federal violations found
Amount collected:
Tames and penalties. « , « • • •
.Offers in compromise
ft 4-Oft
1,439
•
, . . . . $19,787.83
. ....
17,118.75
Classification of Federal violations:
Failure to pay special tax
Failure to post special tax stamp. • • « • • « * • • • • •
Refilled "bottles • • • • • • • • • • •
• • • • • • •
Unstamped “bottles. . . . • • • . » • • • • .......... ..
Unattached, strip stamps.
Unattached “beer stamps • • • • • • • .......... ..
Failure to destroy attached "beer stamps. . • • « • • • « *
Un-tax paid alcohol.
Failure to destroy empty liquor "bottles. • • • « « • • • •
Beer "barrel with no "beer stamp attached.
• •
• •
783
137
56
156
118
67
• •
no
• •
4
4
4
Action taken “by police d.epartment (througn Thursday, March
7, only):
Humber of arrests........
Humber of cases referred to Hew York State Liquor Authority. .
Violations corrected by Inspection Unit,
118
453
1,856
SSaroh 11 ,
RETAIL LIQUOR B
M
tfS f.
ISSPECYIOMS, CHICAGO*
Six Weeks Period Ended March @«
Toti&l UUmbST Of Inspections*•••#*••••#****•***•*•*••••#••*••
Federal violfttioixs fousd*•**•«•*••#****«•*****•*#*#***#••#•*
12,683
1 ,6 £HL
Amount collected 1b taxes, penalties, asad offers
in compromise for Federal violations*•*.••#••**••••*•*•••• #12,169*26
Classification of Federal violetlong;
n failure to pay apaoial tax*• ♦ *• ................ •••••••••••
Failure to peat special tax stamp**«••••*••«••*••••••••*••
Unstamped bottles***•#*«***#****»»#****»#*#**«•••#**•*»••*
Undestroyed beer stamps•«•••**•••*•**•••*•#•*•*»•*•*••••••
Unattached strip stamps**•••••••••*«••••••••*•••*•••••••••
Failure to destroy empty liquor bottles**••••*•*••«•••••••
tJn«*tax paid liquor found****•*•••••*•«•••*•••••••»••*«••••
Ref1 1 led bottles***•»••*•*•••***••*«•«••*•*••**•*#••*••#••
HNGr/mff
620
118
AS2
203
1 S1
31
9
TRLii&URY DLPjiRfmhPT
Washington
MEMORANDUM FOR THY PRLSS.
March 11, 1935.
RLTa IL LIQUOR DLALLR INSPECTIONS, CHICAGO.
Six Weeks Period Ended March 9.
Total number of inspections ................ .... .... .....
Federal violations found .............. ................ .
Amount collected in taxes9 penalties, and offers
in compromise for Federal violations ........ ............
Classification of Federal violations:
Failure to pay special t a x ....... ............ .............
Failure to post special tax stamp .......................
Unstamped bottles ......... ....................... ........
Undestroyed beer stamps ....................................
Unattached strip stamps ..................... ............
Failure to destroy empty liquor bottles .....................
Un-tax paid liquor found ............................
Refilled bottles .... ......................................
lb?568
I,5b4
$0.2,159*25
5b0
118
482
203
121
51
9
20
mtAswr dspabtim?
WASHINGTON
FOB 8ILSA3I* m o m m a W
«
(
Tuesday* March 12, 1935.______
SA1/K5
Press Service
n__ cr |
' ” jK
Secretary of the Treasury Morgen than announced last evening that the
tenters for two series of treasury hill#* to he dated Marsh IS, 1035* which
sere offered on March 8* were opened at the Federal reserve banks on March
11* 1935.
Tenters were incited for the two series to the aggregate amount of
$100,000*000* or thereabouts* ant ^250,337*000 was applied for* of which
#100,201*000 was accepted.
The details of the two series are as follows:
182-DAY TBB&amr BILLS, MATDRXKQ gKPTaflHBI 11* 1935
For this series* which was for $50*000,000* or thereabouts, the total
amount applied for was $129*722,000, of which $50,062,000 was accepted.
The
accepted bids ranged in price fro® 99.973* equivalent to a late of about 0*049
percent per annum* to 99.949* equivalent to a irate of shout 0*101 percent per
annua* on a bank discount basis*
price was accepted*
Only part of the amount bid for at the latter
The average price of Treasury bills of this series to be
issued Is 99*953 and the average rate is about 0*094 percent per annua on a
bank discount basis.
273-DAY T R M8UKY BILLS. M&TtfBlHQ DBOBIBBR 11* 1935
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $120*615*000* of which $50*149,000 was accepted*
The
accepted bids ranged in prise from 99.925, equivalent to a rate of about 0.099
percent per annum, to 99*887, equivalent to a rate of about 0.149 percent per
annum* on a bank discount basis.
prieewas accepted.
Only pert of the amount bid for at the latter
The average price of Treasury bills of this series to be
issued is 99*893 and the average rate is about 0*141 percent per annum on a
bank discount basis.
TREASURY EEPARTMfiUT
Washington
JOE TOaSiSB, MOENIHG HBSSRAPKBS,
,
,,
3 no 1 n r j r
Tuesday, March 12, 1935# •______
3~ll-*35.
Pr®88 ®e" ioe
UO. 4“ 51
Secretary of the Treasury Morgenthau announced last evening that the tenders
for tv.'O series of Treasury hills, to he dated March 13, 1935, which were offered
on March 8, were opened at the Federal reserve banks on March 11, 1935.
Tenders were invited for the two series to the aggregate amount of
$100,000,000, or thereabouts, and $350,337,000 was applied for, of which
$100,201,000 was accepted.
The details of the two series are as follows.
183-DAY TREASURY BUIS. MATURING SEPTEMBER 11. 1935
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $129,722,000, of which $50,052,000 was accepted.
The
accepted bids ranged in price from 99.975, equivalent to a rate of about 0.04
percent per annum, to 99.949, equivalent to a rate of about 0.101 percent per
annum, on a bank discount basis.
price was accepted.
Only part of the amount bid for at the latter
The average price of Treasury bills of this series to be
issued is 99.953 and the average rate is about 0.094 percent per annum on a bank
discount "basis#
?.7.y~T)AY TREASURY 3 ILLS . MATURING DECEMBER 11,, 1935
For this series, which was for $50,000,000, or thereabouts, the total amount
applied for was $120,615,000, of which $50,149,000 was accepted. .The accepted
bids ranged in price from 99.9 2 5 , equivalent to a.rate of about 0.099 percent per
annum, to 99.887, equivalent to a rate of about 0.149 percent per annum, on a bank
discount basis.
Only part of the amount bid for at the latter price was accepted.
The average price of Treasury bills of this series to be issued is 99.893 and the
average rate is about 0.141 percent per annum on a bank discount basis.
FIBS'? X.HXB3Y LOAN Of 1932*47
( m m a r y 28, 1936}
first 3i;*s * Original issue June 16, 1917
Amount offered for subscription . . . . . . . . . . . . . . .
Amount subscribed .................. ......................
Amount allotted * final (amount issued) . . . ..............
Amount retired on conversion to
first 4 * s ............. $568,318,450
first 4 $ * s .........
7,570,660
flrat~2nd Oonv. 4$*o .
3.492.160
$579,381,150
Amount r e d e e m e d .................. ..
Amount outstanding ................ ..
$2 ,0 0 0 ,000,000
$1,989,455,550
fu229.
51,392,226,260
first 4*s - Converted issue Hov. 15, 1917
Amount Issued on conversion from first 3 p *
Amount retired on conversion to first 4 p s .
568,318,450
547.641.750
30,676,700
Amount redeemed . . . . . . . . . . . . . .
15,674,250
Amount outstanding . . . . . . . . . . . . . . . . . . .
first 4 p s * Converted issue Key 9, 1918
Amount issued on conversion from
first f p s
. . . . . . .
7,570,550
first 4 * « ............ m * m * m
total Issued on o o n v e r e i o n ........ * .
555,212,300
Amount redeemed .......... . . . . . . . .
22,723,200
Amount outstanding .........................................$
first * Second 4 p s * Converted issue Oct. 34, 1918
Amount Issued on conversion from first 3 p e all outstanding . . . . . . . . . . . ..............
fetal amount first Liberty Lean bonds outstanding . . «
5,002,450
532,489,100
3.492.1 M
$1,932,209,950
flBSf LIBSBTT LOM BOKdS
SO?ICS or CALL fOB ISTOMPflOlt BMOBS MAtURIfT
?o Solders of f l n l
Loan Bonds of 1932-4?,ana Q_y*or» Cpn&os&gdt
Public notice is hereby given;
1. A ll outstanding first Liberty Loan bonds of 1932*47 are hereby called
for redemption on Jane 15, 1935. fhe various Issues of first Liberty Loan bonds
C all of ehich are included in this call) are as followsi
first Liberty Loan 3*1/2 percent bonds of 1932-4? (first 3-l/2,t),
dated June 15, 1917;
first Liberty Lean Converted 4 percent bonds of 1932-47 (first 4*s),
dated Fovember 15, 1917;
first Liberty Loan Converted 4-1/4 percent bonds of 1932-4? (first
4-1/4*s), datod May 9, 1918; and
first Liberty Loan Second Converted 4-1/4 percent bonds of 1932-4?
(First-Second 4-1/4»s), dated October 24, 1918.
2. Interest on all such outstanding first Liberty Loan bonds will cease on
said redemption date, June 15, 1935.
3. full Information regarding the presentation and surrender of first Lib
erty Loan bonds for redemption under this call will be given in a Treasury depart
ment circular to be Issued later.
4. Holders of first Liberty Loan bonds now called for redemption on June
15, 1935, may, in advance of that date, be offered the privilege of exchanging
all or any part of their called bonds for other interest-bearing obligations of
the United States, In which event public notice will hereafter be given.
W ® m MQBCBHTHAtl, JH.,
Secretary of the treasury
treasury department,
Washington, March 14, 1935.
TREASUHf D E P A H M H T
WASHINGTON
Secretary of the Treasury Morgenthau today announc©d that all out
standing First Liberty Loan bonds, including those of the original issue
and those subsequently issued on conversion, are called for redemption
on June 15, 1988.
The First Liberty Loan, in the
tom of 3-1/2 percent bonds, was
originally issued June 15, 1917, in the total amount of $1,989,455,550.
Subsequently three conversion privileges arose and the 3-1/2 percent
bonds were in part converted into other First Liberty Loan bonds bearing
interest at 4 or 4-1/4 percent, and the 4 percent bonds issued on conver
sion were largely converted into 4-1/4 percent bonds.
First Liberty Loan
bonds now outstanding, are divided among the four issues as follows:
I
First 3-1/2’s
#1,398,226,250
First Converted
4*s • * • » . . *
5,002,450
First Converted
4-1/4’s . . . . .
838,489,100
First-Second Converted 4-1/4*s. .
3.492,150
Total. . . . . . . . . #1,933,209,960
The text of the formal notice of call follows:
TREASURY DLPa RTMLNT
Washington
FOR IMufiLDlATi* RLLLASL
Thursday, March 14, 1935.
Press Service
No. 4 - 52
Secretary of the Treasury Morgenthat today announced that all outstanding
First Liberty Loan bonds, including those of the original issue and those subse
quently issued on conversion, are called for redemption on June 15, 1935.
The First Liberty Loan, in the form of 3-1/2 percent bonds, was originally
issued June 15, 1917, in the total amount of &1,989,455,55u.
Subsequently three
conversion privileges arose and the 5-1/2 percent bonds were in part converted
into other First Liberty moan bonds bearing interest at 4 or 4-1/4 percent, and '
the 4 percent bonds issued on conversion were largely converted into 4-1/4
percent bonds.
First Liberty Loan bonds now outstanding, are divided among the
four issues as follows:
First 3-1/2’s .............. ........
^1,392,228,250
First Converted 4 ’s ................. .
5,002,450
First Converted 4-1/4’s ...............
532,489,100
First-Second Converted 4-1/4’s ....... ...... 3,492,150
T o t a l ..... .................. 01 >933,209,950
The text of the formal notice of call follows:
FIRST LIBERTY LOAN BONDS
NOTICE OF CALL FOR REDEMPTION BEFORE MATURITY
To Holders of First Liberty Loan Bonds of 1932-47, and Others Concerned:
Public notice is hereby .given:
1. All outstanding First Liberty Loan bonds of 1932-47 are hereby called
for redemption on June 15, 1935.
The various issues of First Liberty Loan
bonds (all of which are included in this call) are as follows:
First Liberty Loan 3—l/2 percent bonds of 1932-47 (First 3-l/2’s),
dated June 15, 1917;
First Liberty Loan Converted 4 percent bonds of 1932-47 (First 4's),
dated November 15, 1917;
First Liberty Loan Converted 4-l/4 percent bonds of 1932—47 (First
4-l/4’s), dated May 9, 1918; and
First Liberty Loan Second Converted 4-1/4 percent bonds of 1932-47
(First-Second 4-l/4’s), dated October 24, 1918.
2.
Interest on all such outstanding First Liberty Loan bonds will
cease on said redemption date, June 15, 1935.
3.
Full information regarding the presentation and surrender of First
Liberty Loan bonds for redemption under this call will be given in a
Treasury Department circular to be issued later.
4.
Holders of First Liberty Loan bonds now called for redemption on
June 15, 1935, may, in advance of that date, be offered the privilege of
exchanging all or any part of their called bonds for other interest-bearing
obligations of the United States, in which event public notice will hereafter
be given.
HENRY MORGENTHAU, JR.,
Secretary of the Treasury.
Treasury Department,
Washington, -March 14, 1935.
FIRST LIBERTY LOAIT OF 1933-47
(February 28, 1935)
First 3-|:,s - Original issue June 15, 1917
..................$2 ,000,000,000
Amount offered for subscription*.... .
.................. 3.035.226.850
Amount subscribed....
Amount allotted - final (amount issued)*.. .................. $1,989,455,550
Amount retired on conversion to
First 4
^
s
*
.
.$568,318,450
First 4i*s,.......... .
7,570,550
$579,381,150
First-2nd Conv* d^^s*•...
3,493,150
. 17.848,150
597.229,300
Amount redeemed
J
___
___
|.....
$1,392,226,250
Amount o u t s t a n d i n g . ^
First 4*s - Converted issue Nov. 15, 1917
Amount issued on conversion from First 3-p*s
Amount retired on conversion to First 4-^*s
Amount redeemed*
Amount outstanding.
568,318,450
547,641,750
20,676,700
••
15,674,250
...... ......*****
First 4x ,s - Converted issue May 9, 1918
Amount issued on conversion from
First 3i*s......... ...... 7,570,550
First 4*3................. 547,641,75Q
Total issued on conversion*.......... •
Amount redeemed.. ••.•...••**•••*••••• ••
Amount outstanding. ......................
5,002,450
'*
555,212,300
22,723,200
..... ..........$
First — Second 4-^,s — C onverted issue Oct. 24, 1918
Amount issued on conversion from First 3y1s all outstanding*..............
•••»* • •
Total amount First Liberty Loan bonds outstanding* ....
532,489,100
.
3.492,150
.$1,933,209,950
March 4, 1935.
My dear Mr. Chairman:
In accordance with the understanding reached at
Saturday’s hearing I am enclosing, herewith, a report given
me hy Deputy Commissioner Mellott of the Alcohol Tax Unit
of the Bureau of Internal Revenue with relation to the civil
service status of the personnel affected hy the proviso
found in the Emergency Appropriation Act of 1935, in the
item "Collecting the Internal Revenue."
I think that you will find from this report that
there is no foundation in fact for the suggestion that these
men had been blanketed into the -former Bureau of Prohibition
without civil service examination* They had all qualified
by open competitive examination in complete accord with the
civil service rules. I believe that you will find also
that the appointment of approximately 700 of these men in^
the Bureau of Industrial Alcohol, by reinstatement, was like
wise in full compliance with the civil service rules. Your
attention is specially invited in this connection to the
quoted extract from the Attorney General’s opinion addressed
to the President on May 26, 1934, advising him that the
classified status of employees separated from the service
under the provisions of the Executive Order of June 10, 1933,
was in no wise affected by such separation.
I will very much appreciate your favorable consider
ation of the pending estimate for funds from which this per
sonnel may be compensated. Should the Committee desire
further information upon any phase of the matter I shall be
only too glad to furnish it.
Very truly yours,
(Signed) H. MORGENTKAU, JR.,
Secretary.
Honorable Carter Glass,
Chairman, Committee on Appropriations,
United States Senate.
March 2, 1935.
MEMORANDUM for the Secretary of the Treasury:
In accordance with your instructions, I submit below
a resume of the history of the Alcohol Tax Unit and its prede
cessor agencies from the standpoint of the application of the
civil service laws:
From the adoption of the Eighteenth Amendment until
April 1, 1927, the enforcement of the Prohibition laws was car
ried on by the Bureau of Internal Revenue, in a special division
known as the Prohibition Unit. By the Act of March 3, 1927,
which became effective April 1, 1927, the Porhibition Unit of
the Bureau of Internal Revenue wan abolished and until July 1,
1930, the duty of the prohibition enforcement was performed by a
separate bureau in the Treasury Department, known as the Bureau
of Prohibition. By the Act of May 27, 1930, which became ef
fective July 1, 1930, the Bureau of Prohibition was transferred
to the Department of Justice. Those of its functions, however,
which had to do with the supervision of the production and dis
tribution of alcohol for industrial and scientific uses were
transferred to a new bureau in the Treasury Department which
was given the name Bureau of Industrial Alcohol.
The Bureau of Prohibition in the Department of
Justice was abolished on August 9, 1933, pursuant to the provi
sions of the President1s Order of June 10th, effecting a general
reorganization of the Executive Departments. Its functions,
however, were continued without substantial change in a separate
division called the Alcoholic Beverage Unit.
The Executive Order of March 10, 1934, abolished the
Bureau of Industrial Alcohol in the Treasury Department and the
Alcoholic Beverage Unit in the Department of Justice, and trans
ferred their functions, records and personnel to the Bureau of
Internal Revenue. This Order became effective May 10, 1934,
and to carry out its provisions a special unit was created in
the Bureau of Internal Revenue under the name Alcohol Tax
Unit. With minor exceptions, this Unit, under the direction
of the Commissioner of Internal Revenue, is now charged with
the enforcement of all Federal liquor laws.
CIVIL SERVICE REQUIREMENTS
From the establishment of the Prohibition Unit in
the Bureau of Internal Revenue in 1920, until 1927, the ap
pointments in the Prohibition Service, with the exception of
clerical personnel, were, by special provision of law, made
without reference to the civil service rules. By the Act of
March 3, 1927, which became effective April 1, 1927, Congress
provided that all appointments should be subject to the provi
sions of the civil service laws, and provided further that the
term of office of any person in the Prohibition Service who
was not appointed subject to the civil service laws should ex
pire October 1, 1927. The number of employees in the Bureau
of Prohibition when this law became effective was approximate
ly 4,300, of whom approximately 2,600 were officers, agents,
administrators, inspectors and investigators who had been ap
pointed without regard to the civil service laws.*
Following the Act of March 3, 1927, the Civil Serv
ice Commission announced open competitive examinations for all
positions in the Bureau of Prohibition, excepting clerical
positions already held by persons with a classified civil serv
ice status. The certification of eligibles from these open
competitive examinations was not completed by the Civil Service
Commission until September, 1928, and in the meantime the Com
mission found it necessary, pending the establishment of
eligible lists, to authorize an indefinite extension of the
employment of persons then in the Bureau without civil service
status, this to be terminated in any individual case upon an
adverse finding by the Commission in respect to the incumbent’s
character. From the lists of eligibles certified by the Com
mission in September, 1928, the Department proceeded to make
*0f this number, approximately 400 were inspectors assigned to
the supervision of permittees licensed under the provisions of
the Rational Prohibition Act.
3
appointments as required "by law, replacing those of the exist
ing force who had not qualified in the examination, and within
a few months had exhausted the lists of elig’i"bles in practically
all field districts. In most districts, however, it developed
that there were insufficient eligibles to fill all positions
and it "became necessary for the Civil Service Commission to
announce further examinations to meet this deficiency, from
which eligihles were certified and appointments made late in
the year 1929.
By April 30, 1930, the whole force of the Bureau of
Prohibition, consisting of about 4,750 employees, were in their
positions in full accord with the civil service rules. A
certain number of positions had been filled by the transfer of
classified employees from other government departments or by
reinstatement of classified employees, with the approval of the
Civil Service Commission, but with these exceptions the entire
personnel had qualified under the open competition examinations
conducted by the Civil Service Commission pursuant to the re
quirements of the Act of March 3, 1927.
These examinations were of the type regularly given
by the Civil Service Commission for appointments in the clas
sified civil service. For approximately 500 positions above
the grade of investigator, that is, administrators, assistant
administrators, deputy administrators, senior investigators,
attorneys and chemists, the examinations were nonassembled,
consisting of a showing by each applicant of his education,
training and experience. For all other positions the examina
tions were assembled and consisted of a mental test in three
sections calculated to determine the applicants general intel
ligence as well as his special fitness for the duties of a
prohibition officer. All candidates in the case of the non
assembled, as well as the assembled, examinations were sub
jected to a searching character investigation and to an oral
examination to determine the applicant’s personal characteristics
and address, quickness of understanding, adaptability and judg
ment. The examinations were in all particulars as strict and
comprehensive as any which had been given by the Commission up
to that time for analogous positions in any branch of the
government service. Some evidence of the difficulty of the
examinations will be found in the fact that the first of the
two tests was taken by 12,436 persons of whom only 4,504 re
ceived eligible ratings on the mental requirements, and from
- 4 -
the further fact that of this latter number 1,865 were later
declared ineligible by the Commission as a result of the
personality, character and fitness investigations.
It is to be understood, of course, that virtually
all the 2,600 non-civil service employees in the Bureau of
Prohibition at the time competed in these examinations. In
this connection, it is to be noted that only thirty per cent,
or about 800, of these old employees survived the first ex
amination and received ratings making them eligible to hold
their positions. Of those failing in the first examination,
however, almost 500 successfully completed the second exami
nation, In other words, about half the old personnel of the
Prohibition Service were ultimately able to retain their
positions under the civil service requirements imposed by the
Act of March 3, 1927.
In view of the foregoing facts it will be correct to
say that at the time the Bureau of Prohibition v/as transferred
from the Treasury Department to the Department of Justice on
July 1, 1930, its personnel was entirely a civil service
personnel, recruited in full compliance with all the laws and
regulations pertaining to the civil service system.
THE EXECUTIVE ORDER OP JUKE 10, 1953
Prom July 1, 1930, when the Bureau of Prohibition
became a part of the Department of Justice, until July 1, 1933,
appointments to positions in the Prohibition Service continued
to be made exclusively from the lists of eligibles established
by the Civil Service Commission, with the exception, of course,
of instances of transfers or reinstatements of persons with
a classified civil service status.
Until July 1, 1932, the
tendency v/as to increase the Bureau’s personnel to keep pace
with the continued efforts of the Department to give effective
enforcement to the Prohibition laws. With the enactment of
the first Economy Daw some slight reduction in the force of
field agents was made on July 1, 1932, following which the
Bureau’s total force stood at a figure of about 3,300,
By
June 30, 1933, this personnel had been reduced by normal separa
tions to 3,100. At that time, partly to meet the reduced ap
propriations available for the fiscal year 1934, and partly in
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Thursday. March 7. 1935*_______
3-6— 35*
Press Service
No. 4-46
Secretary of the Treasury Morgenthau announced last night that the
subscription books for the current offering of Treasury notes of Series A—1940
will close at the close of business Friday, March 8, 1935.
Subscriptions placed
in the mail before 12 o*clock midnight, Priday, March 8, will be considered as
having been entered before the close of the subscription books.
This offering
is open only to the holders of Treasury notes of Series C—1935, maturing March
15, 1935*
The subscription books for the Treasury bonds of 1955— 60 will remain open
until further notice for the exchange of Fourth Liberty Loan bonds called for
redemption on April 15, 1935*
Announcement of the amount of subscriptions for the Treasury notes and
S T A m k N T MfcDL B Y TuFf S E C R E T A R Y O F T H E
TREASURY ON THE ANTI-SMUOGLING BILL BEFORE THE
RAYS AND MEANS COMMITTEE OF THE HOUSE OF REPRESENTATIVES
O N M A R C H §, 1935 .
Prior
omuggling.
to P r o h i b i t i o n ,
this country was not troubled m u c h wit h
During the f o u r t e e n years
of P r o h i bition the
smuggling liquor.into the U n i t e d States f r o m all parts
developed
to very
It
liquor
serious
and
that the
appropriation for
on our revenue w o u l d be materially
opinion was
against
the r u m runners*
5-ear
1934- ^o S I S ,04-6*400*00 f o r 1935*
of
m a y be e v i d e n c e d
the Coast'Guard,
was
the world
w i t h the repeal of Prohibition,
smuggling operations and frauds
H ow widespread tnis
of
troublesome proportions.
w as g e n e r a l l y e x p e c t e d that,
reduced.
busin e s s of
reduced from
t h e .first l i n e
$25,772?950.00
F o r a time a f t e r Repeal*
c o m m e n c i n g w i t h the s p r i n g of
coasts,
proportions.
observed
off
increased
k n o w n to
tr a f f i c .
waters,
th e f i s c a l
This drastic reduct i o n resulted
Guard of those
of its law enfo r c e m e n t activities w h i c h were d i r e c t e d against
smuggling.
o.long o u r
of defense
for
from a b e l i e f that R e p e a l w o u l d l a rgely r e l i e v e the C o a s t
portions
by the fact
to
and
1934-5
such proved
liquor
their operations
t w e n t y — two.
the Coast Guard
but
case,
but,
smugglers aga in appeared
nave n o w increased to alarming
T h u s i n M a r c h 1934-? o n l y t w o
t n o coast,
to bo t h e
smuggling vessels were
b y F e b r u a r y o f t h i s year,
this number had
Thirty-nine f o r e i g n vessels are presently
to be r e g u l a r l y e n g a g e d in the i l l i c i t liquor
I n a s m u c h as t h e s e v e s s e l s a r e h o v e r i n g b e y o n d o u r c u s t o m s
they are not
subject
they carry on their smuggling
to s e i z u r e u n d e r e x i s t i n g l a w s ,
operations
and hence
almost with impunity.
2
Alcohol
This is d u e
constitutes almost the entire
to s e v e r a l t h i n g s .
I t is v e r y cheap.
duced a b r o a d a t costs r a n g i n g f r o m t w e n t y
It is h i g h l y c o n c e n t r a t e d .
be made
customs duties
I t c a n be p r o
to f i f t y c e n t s
Two and o ne-half gallons
fro m a gallon of alcohol.
d u e to t h e
cargo of t h e s e vessels.
It
enjoys
a gall o n .
of w h i s k e y can
a large p r ice differential
and internal revenue
t a x e s w h i c h a m o u n t to
# 1 3 . 3 0 o n a g a l l o n o f 1 9 0 proof.
A
s u m m a r y o f t h e m o v e m e n t s o f k n o w n a l s o h o l s m u g g l e r s f o r the
l a s t f o u r m o n t h s o f 1 9 3 4 5 i n d i c a t e s a n o u t w a r d m o v e m e n t f r o m th e
p r i n c i p a l p o r t s o f s u p p l y to the coast o f t h e U n i t e d S t a t e s , of over
t h r e e q u a r t e r s of a m i l l i o n g a l l o n s o f a l c o h o l .
A
,
would, oe a n a n n u a l m o v e m e n t o f o v e r t w o arid, a
annual internal revenue
gallon,
loss
o n this a m o u n t
w o u l d be $8,625,981.00;
per gallon,
the l oss
wo u l d be $21,564,9 5 2 . 0 0 ,
are #18,500,000.00.
I t is
a b o u t t w e n t y p er cent,
The
o f a l c o h o l , a t $ 3 .B O p e r
m a k i n g a total loss
at #9.50
o f # 30 , 190, 9:
engaged in the prevention
Guard and the B u r e a u of Customs.
a p p r o p r i a t i o n s f o r the Coast
f o r tiie B u r e a u ol C u s t o m s
million
quarter/gallons.
in customs duties,
The principal enforcement agencies
of smuggling are the Coast
At this r a t e there
Guard for 1935
Th e
a r e #18,34-6,400.00;
those
(omitting t h e r e f u n d and d r a w b a c k figures)
esti m a t e d that,
or between s even and
p r o p e r l y ch ar geable to our efforts
of these appropriations,
eight m i l l i o n dollars,
t o p r e v e n t smugjs
is
00
.
o
.J
checking
in/smuggling can hardly
The p ractical difficulties
exaggerated.
it affords
10 ,000- m i l e
Our
for
force of a b o u t
coastline w i t h the m a n y opportunities
concealment, our
10,000
men ,
the
comparatively
making the
since the advent
small Coast Guard
s e a m a n s h i p an d d a r i n g of the r u m runners,
a n d th e h i g h l y e f f i c i e n t a n d w e l l f i n a n c e d
h a v e •g r o w n u p
smuggling organizations
important factor,
smuggling legislation.
behind our customs
solution.
Tho ineffective legislative weapons
built,
at
and
present
time and time a g ain p e r m i t t e d
the
of v e s s e l s w h i c h w e r e v i o l a t i n g e v e r y p r i n c i p l e
e n f or cem en t laws,
vessels
in fact which had never
earned an honest dollar in their entire seagoing
designed,
Another,
is the i n a d e q u a c y of exist i n g a n t i -
at our d i s p o s a l for this w o r k h a v e
escape from punishment
that
of P r o h i b i t i o n , are all prime factors in
smuggling problem one difficult of
not the l east
be
life,
but had been
and used e x c l u s i v e l y for smugg l i n g into the U n i t e d
States.
To arm and
pletely wipe
e q u i p t h e C o a s t G u a r d to a p o i n t w h e r e it
out all smuggling
by sea w o uld be a n expe n s i v e
B u t it w i l l c o s t n o t h i n g t,> g i v e
to fight
under
smuggling.
thorn a d e q u a t e
com
business.
legislation w i t h which
The p r o p o s e d l e g i s l a t i o n w h i c h y o u r Comm i t t e e has
c o n s i d e r a t i o n is d e s i g n e d to d o t h i s .
ation by Congress.
could
Its
sole purpose
is
It pr o v i d e s
for no appropri
to give e nforcement officers
o f t h e G o v e r n m e n t a d e q u a t e w e a p o n s w i t n w h i c h t o f i g h t a t r a f i ic t h a t
y e a r l y is robbing the U n i t e d States
of m i l l i o n s of d o l l a r s
of r e v e n u e .
u
The
T r easury D e p a r t m e n t has s u b m i t t e d
to y o u r C o m m i t t e e
s u g g e s t i o n s f o r l e g i s l a t i J| d e a l i n g w i t h t h i s p r o b l e m .
gestions
are the product
in the various
Bureaus
of
several months
s m u g g l i n g a n d a l s o b y Dr.
o f t h e U n i v e r s i t y of M i c h i g a n L a w School.,
to r e n d e r y o u r C o m m i t t e e
Yntema are here
an expert in those phases
the m i l l i o n s
operations
of dollars
t h i s m o r n i n g a n d w i l l be g l a d
strongly u p o n y o u the importance
the
G o v e r n m e n t o f the U n i t e d
Representatives
a n y assistance possible.
I can not urge too
I n fact,
of actual
H e s s e l E. Y n t e m a
of i n t e r n a t i o n a l and m a r i t i m e laws that a r e involved.
o f t h e D e p a r t m e n t a n d Dr.
sug
of w o r k b o t h by the experts
of the D e partment w h o have had y e a r s
experience in dealing w i t h
legislation.
These
of this
e n a c t m e n t o f t h i s B i l l is i m p e r a t i v e i f t h e
S t a t e s is to w i p e
out s m u g g l i n g a n d
i n revenue lost a n n u a l l y through the
of t h e liqu. r s m u g g l e r s w h o a r e n.;w a b l e t o
illicit
trade near our shares largely because
present
a n t i - s m u g g l i n g laws.
collect
successful
carry on their
of t h e i n a d e q u a c y o f
MB
o f $ 6 4 2 , 0 0 0 , 0 0 ^ w h i c h w i l l n o w be u s e d
^
$j this
*0
& basis for debt retirement,
outstanding ^^^rest^beariag debt^s^* tbs
United S ta te s
reduced by ^6^fjOC^J , 000 oa Id ly X$
jtyjf as addition
amount of Mi^OOOfO0O on A u g u s t t h e s e counts be-ia^/tnmsferred to the
fila i jl^
of aou«iai® re^f b ia r la i ob lig ation s jph^i w ill he re tire d
resont&biah*
& the <mtsiandin; national bank notes are retired
and replaced "witj federal Reserve notes, thi^tbea/iilX disappear from
■:v-;
-\'fj*S-'iffi'! ’ f/
t h e p u b l i c debt s t a t e m e n t e n t i r e l y , ^
^S^'I^S^aSSSit^of outstanding currency should not be changed
as a result ei this program*
flationel b m k notes w i n merely be re
placed jy federal.Reserve ■notes^
D-^Cj?
i
toit
tssrctenee Qff> national bank notes against other bonds sill sccwpHih
a simplification of the currency system through th© elimination of
national feanfc note^f aa action ©ontempleted at the time of the passage
of the federal Eeservs Act*
ifore than $500,000,000 of the bands feeing
called ar# now on deposit idLlfe the Treasurer as security for this type
of currency*
the federal 8©serve beak notes authorised a# emergency currency
in the laergency Banking Act of lofeS are now in process of retirement#
'sbLJt'.h— 1.1, a.—g»a^i^3a.pci.a.-r:L .U ]...fi'nfii....
^il*&a
bank notes
will fee retired as rapidly
m
they are |>re~
„ .j h iiipwirrfTr^*-
seated to the treasury* • It Is expected that the great saJority^eilX
be cancelled within a year*
this will leave %
circulation. federal
Bsserve notes, silver certificates, and Dnited. Spates notes*
Additional
Federal Reserve notes mill fee issued to replace the national teak notea
ms they are retired, and as demand arises*
the gold certificates to
fe# delivered to the federal leaerve banks will form added reserves
against i&icfe t» is.*** Federal Reserve s s t M p ^ u ^
<&********
At the tine the gold content of the dollar m s reduced* a goM
of $£,612,000,000 m s realised*
m s placed la the Stabilisation fund*
Of this amount #1,000,000,000
Congress has appropriated
$159,000,000 for louns to industry through the Federal Reserve basks,
H 0 :m
$15,500,000 of ehiefe has been used for that purpose*
Congress
has appropriated an indefinite sum to ©set losses la Halting gold coins
estlmted at #8,000,000, and has authorized an appropriation of over
Its,000,000 for the Philippine currency
Bils leaves free gold
that tha two par cent Consols of IS50 would be called by the Treasury
oa j£#rch 11 for redemption on July
X,
IMS,
*&&
the two per cent
Fan&m Canal Loan bond* of 131S-48 «uf*d 1918-53 for redemption on
toigati
1, 1955*
About #800,000,000 of the Console and about $75,000,000
of the Panama Canal bonds are now outstanding#
These bonds bear the
eirculafcioa privilege*
In retiring these bonds, the Treasury will
use of the
fr$e gold reciting from the reduction in the weight of the gold dollar*
The Treasury proposes to issue to the federal leserve banks
of
gold certificates about equal to the bonds being retired*
m
m & m t
Th# gold
certificates will be issued under the authority of the Cold Rssarrs
Act
of 1954, and for
every
gold
certificate
so issued there will fe#
withdrawn from the general fund of the Treasury and held as security
an amount of gold equal to tbs gold certificates so issued*
By a provision of the Federal Boas loan Bank Act, enacted
July £1, 1951, all bonds of the Bolted States bearing an interest rate
of 5-5/3 per cent per annum, or less, were given the circulation
privilege for a period of three years,
li$5*
This provision expires July
W ,
At that time-, banks with circulating notes outstanding under
this temporary authorisation will have to replace the bonds, now serving
m
"h A ftTil a '*bfajb~l
\>
security, «ith lawful aooay^uo
Tbs retirement of the two- per cent Consols and the two per cant
Canal bonds, and the expiration of the temporary authorisation
j*W‘
TREASURY EEPARTME
Washington
RELEASE, MORNING- NEWSPAPERS,
Monday, March. 11, 1935.
3-9-35.
Secretary of the Treasury Morgenthau announced today (March 9) that the
two per cent Consols of 1930 would he called hy the Treasury on March 11 for
redemption on July 1, 1935, and the two per cent Panama Canal Loan bonds of
1916-36 and 1918-38 for redemption on August 1, 1935.
About $600,000,000 of
the Consols and about $75,000,000 of the Panama Canal bonds are now outstanding.
These bonds bear the circulation privilege.
In retiring these bonds, the Treasury will make use of the free gold
resulting from the reduction in the weight of the gold dollar.
The Treasury
proposes to issue to the Federal Reserve banks an amount of gold certificates
about equal to the bonds being retired.
The gold certificates will be issued
under the authority of the Gold Reserve Act of 1934, and for every gold
certificate so issued there will be withdrawn from the general fund of the
Treasury and held as security an amount of gold equal to the gold certificates
so issued.
,'
By a provision of the Federal Home Loan Bank Act, enacted July 25? 1932,
all bonds of the United States bearing an interest rate of 3-3/8 per cent
per annum, or less, were given the circulation privilege for a period of
three years.
This provision expires July 22, 1935.
At that time, banks
with circulating notes outstanding under this temporary authorization will
have to replace the bonds., now serving as security, with lawful money to
retire their outstanding notes thus secured.
The retirement of the two per cent Consols and the two per cent Panama
Canal bonds, and the expiration of the temporary authorization for issuance
of national bank notes against other bonds will accomplish a simplification
Of the currency system through the elimination of national bank notes, an
action contemplated at the time of the passage of the Federal Reserve Act.
More
than $500,000,000 of the 'bonds being called are now on deposit with the
Treasurer as security for this type of currency.
The Federal Reserve bank notes authorized as emergency currency in the
Emergency Banking Act of 1933 are now in process of retirement.
National
bank notes will be retired as rapidly as they are presented to the Treasury.
It is expected that the great majority will be cancelled within a year.
This
will leave as permanent circulation Federal Reserve notes, silver certificates,
and United States notes.
Additional Federal Reserve notes will be issued to
replace the national bank notes as they are retired, and as demand arises.
The gold certificates to be delivered to the Federal Reserve banks will form
added reserves against which Federal Reserve notes may be issued.
At the time the gold content of the dollar was reduced, a gold increment
of $2,812,000,000 was realized.
the Stabilization Fund.
Of this amount, $2,000,000,000 was placed in
Congress lias appropriated $139,000,000 for loans to
industry through the Federal Reserve banks, some $13,500,000 of which has been
used for that purpose.
Congress has appropriated an indefinite sum to meet
losses in melting gold coins estimated at $8,000,000, and has authorized an
appropriation of over $23,000,000 for the Philippine currency fund.
This
leaves free gold of $642,000,000 which will now be used as a basis for debt
retirement.
As the outstanding national bank notes are retired and replaced with
Federal Reserve notes, these items will disappear from the public debt state
ment entirely.
The total amount of outstanding currency should not be changed
as a result of this program.
by Federal Reserve notes.
National bank notes will merely be replaced
The effect on member bank reserves will be
immaterial.
oOo-oOo
TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE,
Saturday, March 9, 1935.
3/9/35
,
Press Service
No. 4-48
Secretary of the Treasury Morgenthau announced today that subscriptions
aggregating $513,000,000 have been received for the current offering of
five-year 1-5/8 percent Treasury notes, which were offered only in exchange
for Treasury notes maturing March 15, 1935.
The subscription books for
that offering closed last night.
The Secretary further stated that up to this time approximately
$555,000,000 of the Fourth Liberty Loan bonds called for redemption on
April 15, 1935, have been exchanged for the Treasury bonds of 1955-60.
The subscription books for the bond offering-will remain open until further
News Release— £
Pittsburgh,$96,937.50 $San Francisco,#95,393.75
;Milwaukee,$94,616.25 ;
Louisville,$89,343.75 5lndianapolis,$64,087,50;Buffalo,$57,837.50.
-30-
U9IT7 *o prsmoH °1
News Release Immediate, March 11, 1955
Ajl&o
<4
Almost $15,000,000 worth of United States Savings Bonds were sold in
to the Post
the first eight days of their sale, according to reports'
Office Department today.The actual total from March 1 to the close of
business last Saturday was $14,575,695.57, but
sales at
post offices which have not reported are counted on to bring the total
to at least $15,000,000.
This figure represents the purchase p|^.ce,which means that the maturity
value of the bonds disposed of is about $20,000,000. The number of purchase
was 54,726, and the average purchase
than $400.The demand for
the supply of these
was slightly more
the $500 and $1000 denominations still exceeds
units,and postmasters reported that they have many
orders on file for these bonds.
Postmasters ViiBpgfThtir^^"
amm- buying the maximum w H M
many banks and small corporations'
k
of $10,000 which one purchaser can purchase
in a single calendar year. They also jpapiSP reported that trustees and
guardians were investing funds in the bonds, as well as the managers of rel
and insurance funds for policemen and firemen.
New York City led in total sales, with $1,100,081.25 sold in Manhattan
and The Bronx, and $195,151.25 in the three boroughs of Brooklyn,Queens
and Richmond.The total Jm k for
New York JrCity was $1,295,212.
Chicago stood next with $816,654.50, and Detroit was third with $67o,674.
Sales in other large cities were as follows:Kansas City,$520,645.75 ;
Cleveland,$295,556.25 5Boston,$274,488 ;St. Louis,$252,995.50;Washington,
$209,775 ;Cincinnati,$205,157 ;Brooklyn,$195,151.25;St.Paul,$175,851.25 ;
Philadelphia,$158,812.50;Los Angeles,$154,769.75 ;Toledo,$145,987.50 ;
3HHE9 B I
Memphis,$128,851.25 ;Portland,Ore.,$119,481.25 ;Baltimore,$116,475 ;
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,'
Monday, March 11, 1935.
Press Service
No. 4-49
Almost $15,000,000 worth of United States Savings Bonds were sold in the
first eight days of their sale, according to reports to the Post Office Department
today#
The actual total from March 1 to the close of "business last Saturday was
$14,575,695.37, hut sales at post offices which have not reported are counted on
to bring the total to at least $15,000,000.
This figure represents the purchase price, which means that the maturity
value of the bonds disposed of is about $20,000,000*
The number of purchasers
was 34,726, and the average purchase was slightly more than $400.
The demand for
the $500 and $1000 denominations still exceeds the supply of these units, and
postmasters reported that they have many orders on file for these bonds.
Postmasters said that many banks and small corporations were buying the
maximum of $10,000 which one purchaser can purchase in a single calendar year.
They also reported that trustees and guardians were investing funds in the bonds,
as well as the managers of relief and insurance funds for policemen and firemen.
New York City led in total sales, with $1,100,081.25 sold in Manhattan and
The Bronx, and $195,131.25 in the three boroughs of Brooklyn, Queens and Richmond.
The total for New York City was $1,295,212.50.
Chicago stood next with
$816,634.50, and Detroit was third with $670,674.
Sales in other large cities were as follows:
Kansas City, $320,643.75;
Cleveland, $295,556.25; Boston, $274,488; St. Louis, $252,993.50; Washington,
$209,775; Cincinnati, $203,137; Brooklyn, $195,131.25; St. Paul, $173,831.25;
Philadelphia, $158,812.50; Los Angeles, $154,769.75; Toledo, $145,987.50;
Memphis, $128,831.25; Portland, Ore., $119,481.25; Baltimore, $116,475; Pittsburgh,
$96,937.50; San Francisco, $95,393.75; Milwaukee, $94,616,25; Louisville,
$89,343.75; Indianapolis, $64,087.50; Buffalo, $37,837.50.
2 PERCENT BONDS g§ THE PANAMA CANAL LOAN
SERIES Of 1916*3# AND SERIES OF 1916-38
NOTICE
S3-S&s Ho^ders Qf Jfe®
OF CALL ffQR Rin^fPimw
2 percent Bonds of the Panama Canal Loan, Series
— .1916-56 end Series of X918—38, and Otiiara Concernedi
Public notice is hereby given that all outstanding United States
8 percent bonds of the Panama Canal Loan, Series of 1916-36, dated
August 1, 1906, and Series of 1918-36, dated November 1, 1908, Issued
under authority of the Act of Congress approved Tune 28, 1902, are
called for redemption on August 1, 1935, and will cease to bear interest
on that date.
Full information regarding the presentation and surrender of the
2 percent bonds of the Panama Canal Loan, Series of 1916-36 and Series
of 1918-38, for redemption on August 1, 1935, will be given in a
treasury Deparbaent Circular to be dated April 1, 1935.
HENRY MDRGENTHAD, JR.,
Secretary of the Treasury.
TREASURY DEPARTMENT,
Washington, March 11, 1935.
I P io sfr
ommu® m
1930
w m cM o f c & & ycm aroaipttqw
To Hollars #f the 2 percent Consol a of 1930, aad Others Concerned:
1*
Public soiled is horsier given that all outstanding Halted
State» £ percent Console of 1030, dated April 1, 1900, issued under
authority of the M l of Congress approved March 14, 1900, are called
for redemption on July X, life®*
2*
v'
u ifU/
For the purpose of terminating interest^ this call ahaXX
he effective aa of April 1, 1935*
Accordingly, interest on aXX out
standing 8 percent console of 1930 will cease three months there
after, that ise on July lt 1935*
3*
full information regarding the presentation and surrender
of 8 percent Consols of 19S0 for redemption m
July 19 1935, will
he given in a Treasury Department Circular to he dated April 1,
1935.
m m r m r n m m w , jtu,
Secretary of the Treasury*
m m m m
dbpartiukt,
Washington, March 11, 1935#
Secretary of the Treasury Morgenthau announced today
tliat the two per cent Consols of 1950 had “been called for
redemption on J u l y 1, 1935, and the two per cent Panama
Canal Loan bonds of 1 9 1 6-36 and 1 9 1 8 2 5 8 had been called^
for redemption on August 1, 1935#
Announcement was made
March 9 that these calls would be made today.
The texfc/of the formal notice f
it
call
follows:
TRSASTJRY DEPARTMENT
Washington
Press Service
No* 4-50
EOS IMMEDIATE RELEASE,.
Monday, March. 11, 1935<
Secretary of the Treasury Morgenthau announced today that the two per cent
Consols of 1930 had been called for redemption on July 1, 1935, and the two per
cent Panama Canal Loan "bonds of 1916— 36 and 1918—38 had "been called for redemp
tion un August 1, 1935.
Announcement was made March 9th that these calls would
he made today*
The tents of the formal notices of call are as follows:
2 PERCENT CONSOLS OP 1930
NOTICE OE CALL EOR REDEMPTION
To Holders of the 2 percent C aisols of 1930. and Others Concerned:
1.
Public notice is hereby given that all outstanding United States 2
percent Consols of 1930, dated April 1, 1900, issued under authority of the Act
of Congress approved March 14, 1900, are called for redemption on July 1, 1935*
2*
Eor the purpose of terminating interest on Judy 1, 1935, this call shall
be effective as of April 1, 1935*
Accordingly interest on all outstanding 2
percent Consols of 1930 will cease three months thereafter, that is, on July 1,
1935.
3.' Eull information regarding the presentation and surrender of
2 percent
Consols of 1930 for redemption on July 1, 1935, will be given in a Treasury
Department Circular to be dated April 1, 1935*
HENRY MORGENTHAU, JR.,
Secretary of the Treasury*
TREASURY DEPARTMENT,
Washington, March 11, 1935«
2 PERCENT BONDS 0? THE PANAMA. CANAL LOAN
SERIES 0? 1916-36 AND SERIES 0? 1918-58
NOTICE 0? CALL NOR REDEMPTION
Tn the Holders of the 2 percent Bonds of the Panama Canal Loan, Series,of
1916— 56 and Series of 1918-38. and. Others Concerned.
Public notice is hereby given that all outstanding United States 2 percent
bonds of the Panama Canal Loan, Series of 1916-36, dated August 1, 1906, and
Series of 1918-38, dated November 1, 1908, issued under authority of thv -ic .
Congress approved June 28, 1902, are called for redemption on August 1, 1935,
and will cease to Near interest on that date.
Pull information regarding the presentation : and surrender of the 2 percent
« $
icic 7c ipir! Tories of 19X8*^38. for
bonds of the Panama Canal Loan, Series of 1316-oS H M . ^rio.
,
,
. ,
,o w
_ivi W
redemption on August 1* 1^3o, .»iXl ^
gi
to he dated April 1, 1935.
HENRY MORGENTHAU, JR.,
flopseia'nc of the Treasury.
TREASURY DEPARTMENT,
Washington, March 11, 1935.
r
l
<
*i
n a Treasury
TREASURY DEPARTMENT
Washington
MEMORANDUM FOR THE PRESS.
March 11, 1955.
RECEIPTS OF SILVER BY THE MINTS AND ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1935)
Week ending March 8, 1935:
Philadelphia.
San Francisco.....................
Denver...................... .....
Total for week ended March 8, 1935••
Total receipts through March 8, 1955
735,658.67 fine ounces
91,030.07
■
*
17.860.00
»
»
844,528.74
«
«
28,969,000.00
»
■
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ending March 8, 1935:
Philadelphia ............... ......... .
New York ...... ................. .........
San Francisco ..............
Denver .....................
New Orleans ............................
Seattle ...................................
Total for week ended March 8, 1935 ........
Total receipts through March 8, 1935
5,770.00 fine ounces
12,953.00
54,554.00
2,594.00
435.00
779.00
"
"
57,085.00
112,506,611.00
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Week ended March 8, 1935:
P h i l adelphia...........
New York
........ ...•••«•
San Francisco ...... •••••••
D e n v e r ..... ...... ...........
New Orleans
Seattle ......................
Total for week ended March 8, 19
Imports
$
32,685.00
9,279,300.00
18,048.70
26,789.00
2,954.47
-------i $9,359,775.17
New
Domestic
$
341.29
107,200.00
904,216.35
656,446.00
666.73
12.327.19
$1,681,197.56
Secondary
$ 331,098.29
816,800.00
125,481.89
36,666.00
46,940.43
31.662.26
$1,388,648.87
GOLD RECEIVED BY FEDERAL RESERVE IANKS AND THE TEEASURER’S OFFICE.
(Under Secretary’s Order of December 28, 1933,
Received by Federal Reserve. Banks:
Week ended March 6,1935•••••••••••
Received previously............. .
Total to March 6, 1935 ...........
Received by Treasurer’s Office:
Week ended March 6, 1935 •••••••••
Received previously ............ .
Total to March 6k 1935 ...........
NOTE
Gold Coin
61,328.54
29,935,549.71
| 29,996,878.25
Gold Certificates
754,270.00
V
85.219,400,QG
$ 85,973,670.00 f
$
$
6,200.00
$
2,036,400.00
£CKLiL <y300 •00
$
$
400.00
259,806.00
260,206.00
Gold bars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported.
TREASURY DEPARTMENT
Washington
KBMURAllDXJM' FUR THE PRFSS
March 11, 1935.
EBCFIPTS OP SILVER BY THE MINTS AITD ASSAY 07? ICPS:
(Under Executive Proclamation of December 21, 1933:)
»-3 i-a
Week ending March 8, 1935:
Philadelphia..... .........•......
San Francisco....... ....................
Denver..... ............................ .
otal for week ended March 8, 1935••••••.»••
otal receipts through March 8, 1935. ••••••• •
735,638.6? fine ounces
it
91,030.07
,!
tt
17.860,00
”
t
!
844,528.74
»
tt
28,969,000.00
n
'SILVER TRAHSFCRPSD TO UNITED STATUS:
(Under Executive Proclamation of August 9, 1934)
Week ending March 8, 1935:
Philadelphia .........
Hew York............. ...................*•
San Francisco............................
Denver...... .........••••*» ............*
New Orleans...................
Seattle. ..............................***
Total for week ended Mar6h 8, 1935.........
Total receipts through March 8, 1935.
5,770,00 fine ounces
12.953.00
“
”
34.554.00
”
"
.2,594.00
i
H
435.00
"
"
779.00
"
J
57.085.00
n
M
112,506,611.00
”
"
RECEIPTS OF GOLD BY THE MIFFS AHD ASSAY OFFICES:
Secondary
Imports
Week ended March 8, 1935:
$
331,098,29
5
32,683.00
Philadelphia..... .........• •••
816,800,00
9,279,300.00
Hew Y
^
r
k
*
.... .
125,481,89
18,048,70
San Francisco.•... .............
36,666.00
26,789.00
Denver.
.... .....•,
46,940.43
2,954,47
Hew Orleans
....... *
31.662,26
Seattle. .......................
$9,359,775.17
$1,388,648.87
Total for week ended March 8,1935.
Hew
Domestic
$
341,29
107.200.00
904,216,35
656.446.00
666,73
12.327.19
$1,681,197.56
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND TSF TREASURER*S OFFICE:,
(Under Secretary^ Order of December 28, 1933)
Received by Federal Reserve Banks:
______Gold,Coin
Week ended March 6, 1935............... •$
61,328,54
Received previously. «......... .29^^_5j, 549/71^
Total to March 8, 1935.. ..... ..........$29,996,878.25
Received by Treasurer^ Office:
Week ended March 6, 1 9 3 5 . 4 0 0 , 0 0
Received previously..............*.....
* 259,806.00.
Total to March 6, 1 9 3 5 . 2 6 0 , 2 0 6 . 0 0
NOTE:
Gold bars deposited with the Hew York Assay Office
to the amount of $200,572.69 previously reported.
Gold Certificates
$
754,270.00
85,219^400,00
$85,973,670.00
$
6 ,200,00
2 T036.400.00
$ 2,042,600.00
March 11, 1955*
RETAIL LIQUOR DEALER INSPECTIONS,
WBK YORK CITY
F i w Weeks Period Ended March
f*
Total number of inspections.***.**.*••.#•*•••*•*••**•••••••
Federal fiolfttions f©nnd*•#»••«•••*»••«*•.••»**»**•••••»•••
8^408
1 ,458
Amount collected i >
..•
Tax.ec and penalties**.#*•..*•#**#<***#♦#»••******•******•*
Offers in c o m p r o m i s e . * . * * * * * * * . * . . . * •****•••••
dl8,787.85
17,118*75
Classification of Federal Tiolaticns t
failure to pay speoi&l tax***•*«*..•**.*.***.*..********.
Failure to post speeial tax stamp.***«*»*•***»*»*•*»«***.
Refilled bottles*.............*•*••**••****....... *•*•••
Unstamped bottles*.•»**.*.***•**••*.*#•***»»**»**»..*****
Unattached, strip stamps*
Unattached beer stamps.*.*..»*•*•*••**••••••••*•*«•*.*«••
Failure to destroy attached beer stamps.
Un-tax paid alcohol...#
Failure to destroy empty liquor bottles
Beer barrel with no beer stamp attached.**..«••*.....#•»*
785
157
56
156
118
67
110
4
4
4
Action taken by police department (through Thursday,
March
mum
iiBiiiiwin jtennuinIhwmumwt—niww . ww niwlwnniimiMWinmiWm■in ^ nnr.— ' W H *
i[WI«MwTniMM»iiiaw iiii'«w... .
iiw iSSn^li l i ■ HH .......
lumber of arrests..*......*.........*......*.....**.*..**
Humber of cases referred to Hew fork State Liquor
Authority•*.*•*.•*#••*#•*••*..*.**#..•**•*•**#•****#•*•
Violations corrected by Inspection Unit*.••*•**««****•*••
m
HNQ/mff
118
455
1,866
-5-
anticipation of the repeal of the Prohibition Amendment, it
was found advisable to make a drastic redaction in the namber
of employees. Almost 1,400 field agents and clerks were fur
loughed at the close of business on June 30, 1933, or shortly
thereafter, of which number about 160 were subsequently rein
stated. Approximately 100 new appointments were made, and the
Bureau’s personnel in active-duty status on August 9th consisted
of slightly less than 2,000 employees of all classes.
As has been seen the Bureau of Prohibition was
abolished by Executive Order Uo. 6166, dated June 10, 1933.
This Executive Order, which became effective on August 9, 1933,
abolished or consolidated a large number of agencies in many
departments of the government, and with regard to all such
abolished agencies it contained the following provision
respecting the disposition to be made of the personnel:
"All personnel employed in connection with
the work of an abolished agency or function dis
posed of shall be separated from the service of
the United States, except that the head of any
successor agency, subject to my approval, may,
within a period of 4 months after transfer or
consolidation, reappoint any of such personnel
required for the work of the successor agency
without reexamination or loss of civil-service
status."
Pursuant to this provision the entire force of the
Bureau of Prohibition, consisting of approximately 2,000 em
ployees of all classes in active-duty status and approximately
1,240 who had previously been placed on furlough, were separated
from the service at the close of business on August 9th.
As
authorized by the Executive Order, 1,191* of this number were
reappointed on August 10th, in the Alcoholic Beverage Unit, to
which the functions of the Prohibition Service were now assigned.
During the period which intervened between August 9th and the
transfer of the personnel to the Bureau of Internal Revenue a
considerable number of those separated from the service on
August 9th were reinstated and a number of new appointments were
*Including approximately 300 clerical employees. Exact records
of the personnel transactions which occurred in the Department
of Justice during the period under discussion are not available
in the Treasury Department.
6-
raade, under special Executive authorization, without regard to
the civil service rules. In the same period upwards of 300
additional clerks and investigators were separated from the
service. On May 10, 1934, when the personnel was transferred
to the Bureau of Internal Revenue it consisted of 977 persons,
exclusive of approximately 70 who were retained in the Depart
ment of Justice, Of this number 639 were investigators or
field agents. The remainder were clerical and technical em
ployees of various classifications.
THE ALCOHOL TAX UNIT
With the repeal of the Prohibition Amendment in
December, 1933, it was determined by the President, upon the
advice of the Attorney General and the Secretary of the
Treasury, that responsibility for the enforcement of Federal
laws relating to the production and distribution of alcoholic
beverages should properly be transferred from the Department
of Justice to the Bureau of Internal Revenue and this transfer
was ultimately consummated by Executive Order No. 6639, dated
March 10, 1934, which became effective on May 10, 1934. Pending
tnis transfer it was also determined that the Treasury Depart
ment, tnrough the Bureau of Industrial Alcohol, should at once
lay plans for the enforcement of the internal revenue laws re
lating to intoxicating beverages and to recruit personnel which
could be used in enforcement work in different parts of the
country. After conference with the Civil Service Commission
it was determined by the Department that the only available
means of recruiting an experienced force would be by making
appointments, by reinstatement, from among the approximately
2,000 investigators and agents who had been separated from the
Department of Justice under the provisions of the Executive
Oruer of June 10, 1933, as above noted.
Accordingly, the
records of all such investigators and agents were carefully
examineci by the Commissioner of Industrial Alcohol and during
the period from February 1 to April 10, 1934, 698 men were
selected for appointment to the rolls of the Bureau of
Industrial Alcohol in this way, and their reinstatement was
autnorized by the Civil Service Commission, In making these
s the sole basis taken was the efficiency, character
-7-
and disciplinary records of the men and no consideration was
given to any other factor.* To aid him in passing upon these
records the Commissioner of Industrial Alcohol made use of a
committee informally designated hy him and consisting of
experienced officers selected from the Bureau of Industrial
Alcohol, the Intelligence Unit of the Bureau of Internal
Revenue, and the Alcoholic Beverage Unit of the Department
of Justice.
On May 10, 1934, under the provisions of Executive
Order Ho. 6639, the personnel of the Bureau of Industrial
Alcohol and the Alcoholic Beverage Unit of the Department of
Justice were transferred to the Bureau, of Internal Revenue
and consolidated in the Alcohol Tax Unit. Under this Order
the 698 agents who had been appointed "by the Commissioner of
Industrial Alcohol, as above indicated, were merged with the
639 investigators transferred from the Alcoholic Beverage Unit
of the Department of Justice into a single field investigative
organization.
THE PROVISION’S OE THE EI.ERG-EUCY APPROPRIATION ACT
The Emergency Appropriation Act, approved June 19,
1934, contained an appropriation of $10,000,000 for the Bureau
of Internal Revenue, to which was attached the following proviso:
"Provided, That after December 1, 1934, no
part of the appropriation made herein or hereto
fore made for the fiscal year 1935 shall be used
*Tiie reinstatement eligibility of classified employees who are
separated from the service without fault is determined by Execu
tive Order. Employees eligible for reinstatement are not listed
by the Civil Service Commission in the order of their eligibility,
and reinstatement must in any case be made upon the judgment and
opinion of the appointing officer as to the qualifications of
those eligible, subject to the approval of the Civil Service
Commission.
to pay the salary of any person formerly employ
ed as investigator, special agent, senior ware
houseman, deputy prohibition administrator, agent,
assistant attorney, assistant prohibition adminis
trator, senior investigator, deputy production
administrator, storekeeper or gauger, or any other
position in the Prohibition Bureau or Alcoholic
Beverage Unit, Department of Justice, who was
separated from the service of such Bureau or Unit
between June 10, 1933, and December 31, 1933,
while in any such position in the Treasury Depart
ment, unless and until such person shall be ap
pointed thereto as a result of an open, competi
tive examination to be hereafter held by the
Civil Service Commission,"
Although the purpose of this legislation is not evi
dent from the terms of the statute, it is to be assumed from
contemporary discussions that its framers were of the opinion,
first, that the employees of the classes enumerated had not
secured their positions in the former Bureau of Prohibition
through proper civil service examination, and, second, that the
employees of these classes who were separated from the service
under the provisions of the Executive Order of June 10, 1933,
who had not been reappointed prior to the expiration of the
four months period defined in that Order, had lost their
eligibility for reinstatement under the civil service rules
and that, therefore, the appointment of 698 of such persons in
the Bureau of Industrial Alcohol, as above described, was not
authorized by law.
As to the first of these points, it has already
been observed that the field agents who were in the service of
the Bureau of Prohibition prior to the abolishment of that
Bureau by the Executive Order of June 10, 1933, had, without
exception, received their appointments as the result of
regular open competitive civil service examinations or, in
rare instances, by transfer from positions in the classified
civil service, or by reinstatement in accordance with the civil
service rules. ' The claim has been made that the civil service
examinations to which this personnel were subjected amounted
to nothing more than so-called character tests, or, in other
words, that they were not required to pass a mental examination
but were virtually blanketed into the service. There is no
- 9 -
evidence to support this charge. The record shows no instance
of blanketing into the service. The facts with reference to
the examinations given have been set forth above, but it will
be well to add that of the persons who were employed in the
former Bureau of Prohibition prior to the establishment of
civil service requirements only 268 remained on May 10, 1934,
when the residue of the Prohibition organization was consoli
dated in the Alcohol Tax Unit of the Treasury Department,
these survivors, of course, having qualified in the meantime
on open competitive civil service examination. Of this number
132 were reinstated in the Bureau of Industrial Alcohol during
February and March, 1934, and 136 were transferred from the
Alcoholic Beverage Unit of the Department of Justice. There
is attached hereto a list of such employees.
As to the second point, that is, the charge that em
ployees of the classes enumerated who were separated from the
service by operation of the Executive Order of June 10, 1933,
unless reappointed in the Alcoholic Beverage Unit within the
four months’ period named in that order, were ineligible to
be reinstated under the civil service rules, it must be said
that this is a point which received no attention by the Depart
ment at the time 698 of these employees were reinstated in the
Bureau of Industrial Alcohol, as above described. It will be
remembered that the Executive Order of June 10th had applica
tion to a large number of agencies in various Executive Depart
ments whigh were either abolished or consolidated by its provi
sions. Thousands of employees in various branches of the
government were affected by the provisions of the Order requir
ing their separation from the service; and it was a matter of
common knowledge at the time that all such employees from what
ever agencies separated were considered not only by the appoint
ing officers in the Executive Departments generally, but by the
Civil Service Commission also, as retaining their eligibility
for reinstatement under the civil service rules without any
regard to the four months’ limitation found in the Executive
Order. The appointments were made by the Bureau of Industrial
Alcohol in good faith in accordance with the common practice
which prevailed at the time. It was not until weeks after the
consummation of- these appointments that it came to the notice of
- 10 -
the Treasury Department that the eligibility of the persons
selected for reinstatement in the Bureau of Industrial Alcohol
had been brought into question.
The merits of this contention must, of course, de
pend upon the meaning and intent of the provision of the
Executive Order of June 10th, which was quoted on page 5,
above. A construction of this provision was requested of the
Attorney General by the President following the raising of the
question during the month of May, 1934. In response to the
President's request the Attorney General, under date of May 26,
1934, rendered an opinion reading, in part, as follows:
"The language of the paragraph in question is
plain and unambiguous. It speaks for itself.
Under the provisions of the paragraph the person
nel employed in connection with any abolished
agency or function disposed of are separated from
the service, but the head of any successor agency
is authorized to reappoint within a certain period
without reexamination or loss of Civil Service
Status, any of such personnel required for the
work of the successor agency. The purpose of this
provision, as its language clearly indicates, is
to enable the head of the successor agency with
in a limited period to make reappointments from
among such personnel without regard to the Civil Serv
ice Act and Rules. Not even by the remotest
implication of the language employed can it be
said that it deprives or attempts to deprive those
who are not reappointed within the prescribed
period of the Civil Service status possessed by
them at the time of their separation from the
service,"
At least from the standpoint of the appointing officers
this is believed to dispose of any question which may have been
raised with respect to the civil service eligibility of persons
separated from classified positions pursuant to the provisions
of the Executive Order of June 10th. Such persons must be deem
ed to have retained their eligibility for reinstatement in ac
cordance with the usual civil service rules. Certainly there
can be no greater reason for questioning the status of the 698
men who were reinstated in the Bureau of Industrial Alcohol
-
11
-
under the circumstances surrounding this particular case than
to raise a similar question with regard to former classified
employees of any agency abolished by the Executive Order of
June 10th, who may have received employment, by reinstate
ment, in classified positions in other branches of the Federal
service.
Respectfully submitted,
(Signed) Arthur J. Mellott,
Deputy Commissioner of Internal Revenue.
mu&m T>w&mmr
vAtmwmm
FOR p
m
, m m i m SSKSPiftBtS,
Monday, March 18. 1935._______ _
Press Service
3 / 1 6 / 3 5 !
Secretary of the Treasury Morgeatheu announced today (March 2.8)
that the issue of Treasury Motes of Series A-1940, as a result of the
exchange of Treasury notes maturing March 15, 1935, amounted to
1513,884,200.
The suheeription books for this issue sere closed on
March 8, 1955.
Subscriptions and allotments sere divided among the
several Federal Reserve districts and the Treasury as follows;
Federal Reserve
District______
Boston
Mew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
'St• Lout 8
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Total
Total Subscriptions
Received and Allotted
I 11,318,800
315,785,600
9,349,000
14.485.900
28,403,700
7.574.100
67,471,200
7,159,600
5.680.100
8,443,900
16,634,000
80.445.900
1,132,400
$513,884,200
TREASURY DEPARTMENT
Washington
FOR RELEASE , MORNING NEWSPAPERS,
Monday, March 18, 1935.________
3/16/35
Press Service
No. 4 - 53
Secretary of the Treasury Morgenthau announced today (March 16) that
the issue of Treasury Notes of Series A-1940, as a result of the exchange
of Treasury notes maturing March 15, 1935, amounted to $513,884,200.
subscription books for this issue were closed on March 8, 1935.
The
Sub
scriptions and allotments were divided among the several Federal Reserve
districts and the Treasury as follows:
Federal Reserve
District______ _
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Total
Total Subscriptions
Received and Allotted
$11,318,800
315,785,600
9,349,000
14.485.900
28,403,700
7.574.100
67,471,200
7,159,600
5.680.100
.8,443,900
16,634,000
20.445.900
1,132,400
$513,884,200
m&mmmM
fob
~uhus&t m o m m a nmsp&vms,
Press Ssreioe
Moady, ifaroh 18, 193$,
s Tx s Ts b
^ - r y
Secretary of the Treasury Morgeathau announced today (ifareh IS)
that the subscription hooks for the current offering of 8-7/8 percent
Treasury Bonds of 1955-60, In exchange for Fourth Liberty Loan Baade
called for redemption
m April 15, 1955, will d o s e at the cloee of
business Wednesday, Msrsfe 27, W ,
Subscriptions placed in the nail
before It o'clock, Midnight, Wednesday, March 27, will be considered as
harlag been stared before the d o s e of the subscription books,
The .Secretary stated that up to this tine approximately hi,
,000,060
of the Fourth Liberty Loan Bonds called for redemption on April 15, 1955,
hare been exchanged for the new bonds,
The subscription books are being kept open for the considerable
farther period in order that all holders of the called Fourths, and par
ticularly the small holders. May hare ample opportunity to take advantage
of the exchange offering.
The attention of holders of the called Fourths was invited to the
fact that the new Treasury beside issued on exchange bear interest from
March 15 and on exchanges after that date accrued interest at 2-7/8 per
cent is charged from March 15 to the date the Fourths ere submitted.
TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING NEWSPAPERS,
Monday, March 18, 1935.________ _
3/16/35
Press Service
No*4-54
Secretary of the Treasury Morgenthau announced today (March 16) that
the subscription "books for the current offering of 2—7/8 percent Treasury
Bonds of 1955-60, in exchange for Eourth Liberty Loan Bonds called for
redemption on April 15, 1935, will close at the close of "business Wednesday,
March 27, 1935*
Subscriptions placed in the mail before 12 o ’clock,
midnight, Wednesday, March 27, will be considered as having been entered
before the close of the subscription books*
The Secretary stated that up to this time approximately $1,140,000,000
of the Eourth Liberty Loan Bonds called for redemption on April 15, 1935,
have been exchanged for the new bonds*
The subscription books are being kept open for the considerable further
period in order that all holders of the called Eourths, and particularly
the small holders, may have ample opportunity to take advantage of the
exchange offering*
The attention of holders of the called Eourths was invited to the
fact that the new Treasury bonds issued on exchange bear interest from
March 15 and on exchanges after that date accrued interest at 2—7/8.per
cent is charged from March 15 to the date the Eourths are submitted*
“I am very greatly encouraged "by the results of the co-ordinated
drive against revenue law violators made on Thursday and Friday "by the
comprising
Treasury revenue police, rthe six revenue law enforcement agencies of the
United States Treasury Department.
«We are seeking hy every means possible to rebuild respect a-cl fear
of revenue officers on the part of criminals and to teach them that the con
ditions that prevailed in prohibition days are not going to be pf^mitted to
endure.
HQur duty is to protect the Federal revenues. In doing that.are protecui?
the pocket-book of every taxpayer^ and his life and safety against a particularly
obnoxious lot of criminals. We find that these gangs which steal from the
Government and the taxpayer are pretty closely linked, together and we are linking
up revenue enforcement activities so that we can fight them more effectively.
olhjl*
.t of business
We i--'-iriLin«-in break up these criminal^ gangs and 4a rout/^Chem out
(**sC£*£
U&Am*
^
ri
usjr/£il the laws for the protection of the revnue and
ana
A
all the machinery at our command to do that.
“We have the complete co-operation of the Attorney General and the
great forces of the Department of Justipe in prosecuting vigorously the offenders
whom we arrest.
“The United forces of Government agencies are determined to meet the
challenge of these crime xyxxd syndicates and to stop the robbery of the
American peojble.11
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Monday, March 18, 1935.________
3/17/35
v
Press Service
No 4 - 5 5
STATEMENT BY SECRETARY MORGENTHAU
HI am very greatly encouraged by the results of the coordinated
drive against revenue lav/ violators made on Thursday and Friday by the
Treasury revenue police, comprising the six revenue law enforcement agen
cies of the United States Treasury Department.
”We are
seeking "by every means possible to rebuild
of revenue officers on the part
respect and fear
of criminals and to teach them that the
conditions that prevailed in prohibition days are not going to be permitted
to endure.
n0ur duty is to protect the Federal revenues.
In doing that we are
protecting thepocket-book of every taxpayer
and his life and safety against
a particularly
We find that these gangs which
obnoxious lot of criminals.
steal from the Government and the taxpayer are pretty closely linked to
gether and we are linking up revenue enforcement activities so that we can
fight them more effectively.
We are breaking up these criminal gangs and
routing them out of business and are using, and will continue to use, all
the laws for the protection of the revenue and all the machinery at our
command to do that.
,fWe have the complete cooperation of the Attorney General and the
great forces of the Department of Justice in prosecuting vigorously the
offenders whom we arrest.
f,The united forces of Government agencies are determined to meet
the challenge of these crime syndicates and to stop the robbery of the
American people,1*
TE3ASUSY DEPARTMENT
Washington
FOE IHL3DIAT3 RELEASE,
Monday, March 18, 1935.
Press Service
No. 4-56
During the month of February, 362 seizures of liquor were made for the
violation of Customs laws, it was announced by the Bureau of Customs today.
This was a decline from the number of seizures (465) during the previous
month, and represents the fewest seizures for any month since Eepeal.
Despite the
small number, February seizures compared favorably in quantity with those of earl
ier months, the quantity of distilled liquors and wines seized being exceeded
in only three of the preceding nine months, and the quantity of alcohol seized
being exceeded in only three months since Repeal.
February seizures aggregated
2,126 gallons of distilled liquor and wines, 30 gallons of beer and 10,243 gallons
of alcohol.
This compares with January seizures of 754 gallons of distilled
liquor and wines, and 3,081 gallons of alcohol.
Four boats valued at $14,950 and 28 automobiles
valued at $10,227 were
seized during February for the transportation of liquor, as compared with 3 boats
valued at $3,700, 21 automobiles valued at $2,283, and one airplane valued at
$1,850 seizod during the previous munth.
The following table snows the number of seizures, the number of gallons of
beverages seized, and the number and value of seized vehicles for the months of
January and February, classed according to the various Governmental agencies
which made the seizures and according to the geographical regions where the
seizures were made.
5
LIQUOR SEIZURES EOR VIOLAT I M OF CUSTOMS LAWS
January and February, 1935
Boats
Gcll Ji's S<
jUstiMi
iLiqu-J
No.- of s ors :
Liquor i and :
Value
Alcohol No.
SeizuresiWinesiBoer
CUSTOMS SERVICE
January
2,130
$ 3,700
1,850
4,450
Automobiles
No.
Value
17
$2?093
24
3 ?676
432
608
342
2,027
30
663
COAST GUARD
Januar y
February
2
7
**
24
d
850
9,562
d
2
10,500
1
6,500
IMMIGRATION
January
February
28
13
135
75
81
18
m
—
—
3
3
115
51
3
t*
11
-
20
-
.-
465
362
754
2,126
February
OTHER FEDERAL AMD
LOCAL OFFICERS
January
February
TOTAL SEIZURES Jan.
Feb.
-
**;
30
3,081
10,243
(3
(.1*
2
(l*
(3
4
1,850
3,700
14,950
1
*!?:
75
*■*
21
28
2,283
10.227
BY GEOGRAPHIC REJSIOITS
CANADIAN BORDER
January
February
1
24
99
-
*
J1
.
700
—
2
342
218
—
17
22
1,483
1,752
4
14,950
3
1
600
6.,500
2
3,600
—
1
3
200
1,225
1*
—
1,850
*■•**
*■*
1
**
50
24
2
48
MEXICAN BORDER
January
February
319
243
466
468
ATLANTIC COAST
January
February
81
86
76
363
*4
2,368
9.^916
GULF COAST
January
February
20
20
138
1,274
—
3
57
5
PACIFIC COAST
January
February
16
10
22
21
24
—
-
290
5
OTHER DISTRICTS
January
February.
* Airplane
5
q
4
fijl
1
100
TREASURY DEPARTMENT
Washington
POR IMMEDIATE RELEASEf
Monday, Pe111'Lili'f^""TT!, 1935.
Press Service
No. 4~g£-—
Ret market purchases of Government securities for Treasury
investment accounts for the calendar month o
f
*1935,
amounted to $«j400,00f), Secretary Morgenthau announced today.
TREASURY DEPARTMENT
Washington
ROR IMMEDIATE RELEASE,
Monday, March 18, 1935*
Press Servic
No* 4-57
Net market purchases of Government securities for Treasury investment
accounts for the calendar month of February, 1935, amounted to $1,300,000,
Secretary Mergenthau announced today*
TREASURY DEPARTMENT
Washington
March 18, 1935,
MEMORANDUM FOR THE PRl SS
RECEIPTS OF SILVER BY THE MINTS AND ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1953)
Week ended March 15, 1935:
877,944.53 fine ounces
Philadelphia ............... ••••••*............
672,846.97
"
«
San Francisco
5,195.00
"
"
Denver ............ .................... .
Total for week ended March 15, 1955 ............. .
1,555,984.50
Total receipts through March 15, 1935 .......... .
30,525,000.00
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended March 15, 1935:
3,299.00 fine ounce*
Philadelphia .......................... *.......
15,179.00
"
"
New York ............. ................. *.......
San Francisco
....................... ••
657.00
"
0
Denver ..................... .................. .
414.00
n
"
New Orleans ........ ........ ...................
395.00
"
"
Seattle
....... ................ ......... ...
Total for week ended March 15, 1935 ••••••.••••••••«*
19,944.00
Total receipts through March 15, 1955 ...••••..... ,112,526,555.00
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Week ended March 15, 1935:
Philadelphia.•«•••••••••••»••••••
New York.... .............. ....
San Francisco .••*•**•••••••*•••*
Denver...... .
New Orleans .♦•••••*••*••••••••••
S
e
a
t
t
l
Total for week ended March 15,1955
Imports_______
$
5,46£.94
2,051,000.00
30,948.00
40,579.00
568.70
e
»
$2,128,158.6$
New
Domestic.
Secondary
$527,558.58
159,000.00
99,558.13
32,098.00
48,912.48
17.146.56
970,494.95
593,600.00
28.52
176.452.10
— ~
$664,253.55$1,740
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURERS OFFICE:
(Under Secretay*s Order of December 28, 1953)
Received by Federal Reserve Banks:
Week ended March
1955.....••••
Received previously.
Total to March l$f 1935.
Received by Treasurer* s Office:
Week ended March 1 ^ 1955......
Received previously
Total to March 1 ^ 1956
Gold Certificates
$
49,054.56
29.996.878.25
$30,045,952.81
400.00
260.206.00
260,606.00
NOTE: Gold bars deposited with the New York As say
$
735,690.00
$85.975.670.0CL
$86,709,360.00
$
17,900.00
£.042.600.00$ 2,060,500.00
rjloo|?ei£^
1—
TREASURY DEPARTMENT
Washington
MEMORANDUM POl THE PRESS
March 18, 1935.
RECEIPTS OP SILVER BY THE MINTS AMD ASSAY OPPICES:
(Under Executive Proclamation of December 21, 1933)
Week ended March 15, 1935:
Philadelphia* .....................
San Prancisco .................
Denver............ ................
Total for week ended March 15, 1935*.
Total receipts through March 15, 1935
877,944.53 fine ounces
672,846.97
«
"
■5.193.00
«
«
1,555,984.50
»
”
30,525,000.00
M
n
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended March 15, 1935:
Philadelphia .......... .
New York.......... ........... .
San Prancisco.... ....•••••••......
Denver. .....................
New Orleans......... ........
Seattle* ..........
Total for week ended March 15, 1935*.
Total receipts through March 15, 1935
3,299*00 fine ounces
15,179,00
11
”
657.00
414.00
_______395,00
19,944.00
112,526,555.00
”
“
“
"
*
RECEIPTS OP GOLD BY THE MINTS AND ASSAY OPPICES:
New
Domestic
$
-----.
Week ended March 15, 1935:
Imports.
Secondary
Philadelphia*................ $
5,462,94 $327,538,58
New Y o r k .................... 2,051,000,00 139,000,00
San Prancisco......... ...*••
30,948.00
99,538.13
40,379.00
32,098,00
Denver.......................
New Orleans..................
368,70
48,912,48
Seattle..... .................
.....
17.146.36
Total for week ended Mar*15,1935$2,128,158.64 $664,233.55
970,494,95
593,600.00
28.52
176.452.10
$1,740,575*57
COLD RECEIVED BY FEDERAL RESERVE RANKS AND THE TREASURERS OPPICE:
(Under Secretary’s Order of December 28, 1933")
Received "by Pederal Reserve Banks:
G-old Coin
Week ended March 13, 1935..*.*•••*•$
49,054.56
Received previously*.••*.•••••••••• 29^996^878.25
Total to March 13, 1935........... $301045,932.81
Received hy Treasurer’s Office:
Week ended March 13, 1935*...**...•$
400.00
Received previously•»«•»••****•*.*•
260*206.00
Total to 'March 13, 1935.......... 260,606.00
NOTE:
G-old bars deposited with the New York Assay Office
to the amount of $200,572*69 previously reported.
G-old Certificates
$
735,690.00
85^973^670.00____
$86,70*9,360.00
$
17,900.00
2.042.600*00
$ 2,060,500.00
News ^eleasr for Tuesday, March 19— 2
| Kansas City,$507,562.50 ; Cleveland,$590,000 $ St. Louis,$578,225 ;
Boston, $550,868 ; Cincinnati, $275,000 ; Washington, $265,006.25 ;St.Paul,
$241,120.75 ; Philadelphia,$222,225 ; Toledo,$195,000 5 Minneapolis,$195,256
Memphis,$182,645.75 5 Baltimore,$181,125 5 Houston,$148,218.75 5 Omaha,
$147,651.25
; Portland,Ore.,$146,725 5 Dallas,$145,195.75; Milwaukee,$145,118
Denver,$155,881.25
; San Francisco, $127,000 ; Columbus,0.,$110,000 ;
Louisville,$107,581•25•
-50-
News Release for Tuesday Morning,Mari
O
U
Ck/V\ %S4JAf\
I Almost $24,000,000 worth, of United States Savings Bonds were sold
the first fourteen days since they went on sale March 1, according to
reports to the Bost Office Department today. The actual total was $25,183,
953.24, with many large cities and several thousand small offices still to
make a report of results.This figure represents purchase price,and the
maturity value of "the securities sold amounts to about $51,000,000.
j There have been 48,461 buyers, and the average purchase was about $438,
which is # $37 more than the same figure a week ago. Although this indicates
that the demand for the larger denominations still continues strong, post
masters report that the purchase of
the $25, $50 andj
$100 denominations is beginning to increase.The smaller units are more popul
in the large cities, and the larger ones in towns and small places.
places
The reports from severalNj|*B*r/indicate the popularity of the $500 and
$1000 bonds to long-time investors.At Parkersburg, West Va., the average
sale has amounted to $6,000, while the average has been $5,000 at Freeport,
Tex., and $2,500 at Conroe, Tex.
Comparative figures indicate that the bonds have sold steadily.About
---—
\ was y
$6,000,000 worth\»H*tfaisposed of the first two days,$9,000,000 the first
week and
slightly less than that the second week. Following the example
of the federal government in making its securities available to individual
investors, several cities have decided to adopt the same means of financing
their operations, and the question has been raised in several states.
I New York again led with total sales of $1,647,662.25,of which $250,637.25
were sold aMtaa* at the Brooklyn office. Chicago stood second with $1,174,33
and Detroit was third with $890,775.The sales in other large cities weres ^
TREASURY DEPARTMENT
Washington
Press Service
No. 4-58.
POR RELEASE, MORNING NEWSPAPERS
Tuesday, March 19, 193,5*_______
3-18-35.
Almost $24,000,000 worth of United States Savings Bonds were sold in the first
fourteen days since they went un sale March 1, according to reports to the Post
Office Department today.
The actual total was $23,183,953.24, with many large
cities and several thousand small offices still to make a report of results.
This
figure represents purchase price, and the maturity value of the securities sold
amounts to about $31,000,000.
There.have been 48,461 buyers, and the average purcha.se was about $438, which
is $37 more than the same figure a week ago.
Although this indicates that the
demand for the larger denominations' still continues strong, postmasters report that
the purchase of the $25, $50 and $100 denominations is beginning to increase.
The
smaller units are more popular in the large cities, and the larger ones in towns
and small places.
The reports from several places indicate the popularity of the $500 and $1000
bonds to long-time investors.
At Parkersburg, West Va., the average sale has
amounted to $6,000, while the average has been $5,000 at Ereeport, Texas, and $2,500
at Conroe, Texas.
Comparative figures indicate that the bonds have sold steadily.
About
$6,000,000 worth was disposed of the first W o days, $9,000,000 the first week and
slightly less than that the second week*
Eollowing the example of the Eederal
Government in making its securities available to individual investors, several
cities have decided to adopt the same means of.financing their operations, and
the question has been raised in several states.
~2~
Hew York again led with, total sales Of $1,647,662*25, of which $250,637*25
were sold at the Brooklyn office.
Detroit was third with $890,775*
Chicago stood second with $1,174,332*25 and
The sales in other large citiee were:
Kansas City, $507,362*50; Cleveland, $390,000; St* Louis, $378,225; Boston,
$350,868; Cincinnati, $275,000; Washington, $263,006.25; St. Paul, $241,120.75;
Philadelphia, $222,225; Toledo, $195,000; Minneapolis, $193,256; Memphis,
$182,643.75; Baltimore, $181,125; Houston, $148,218*75; Omaha, $147,631.25;
Portland, Ore., $146,725; Dallas, .$143,193*75; Milwaukee, $143,118.75; Denver,
$133,881.25; San Prancisco, $127,000; Columbus, Ohio, $110,000; Louisville,
$107,381.25.
m
m
XAS&tn&KM
wm m i M m t m m x m
T m ^ W i ^ttro^ 19,f 1955*
i / m / m l '."..
'"...
Press Service
l/- S^J
I
m r g m t h m announced last ©aiming that the
Secretary of the Treasury
Ititeg for two series of Treeimry bills, to be dated &arch SO, 1955, which
were offered on Mareb 15, were opened et the federal Bcserve banks on march
18, 1936.
leaders were invited for the two series to the aggregate amount of
.1100,000,000, or thereabouts, and 8171,976,000 was applied for, of which
$100,131,000 was aeeepted.
The details of the two series are as fellows;
ia>*rmY TKsaguflr
bxus
*
hiturihq
s x m m m is* 1956
for this series, which was for f80,000,000, or thereabouts, the total
amount applied for was #104,570,000, of which $60,195,000 was accepted*
accepted bids ranged in price
The
frm 99*965, equivalent to a rate of about 0*069
percent per annum, to 99*948, equivalent to a rate of about 0.105 percent per
annum, on a bank discount basis.
Only part of the amount bid for at the lat
ter price was accepted * The average price of Treasury bills of this seriss to
be Issued is 99*955 and the average rate is about 0*094 percent per annum on
a bank discount basis*
873-d a y
m m m m » n m m m m i m m c m m m is* 1955
for this series, which was for #50,000,000, or thereabouts, the total
amount applied for was #67,406,000, of which #50,006,000 was aeeepted*
treept
for one bid of #10,000, the aeeepted bide ranged in price from 99*901, equiva
lent to n rate of about 0*151 percent par axtms&, to 99*883, equivalent to a
rate of about 0*154 percent per annum, on a bank discount basis*
the amount bid .for at the latter price was accepted.
Only part
of
The average price of
Treasury bills of this series to be issued is 99.889 and the average rate is
about 0*147 percent per annum on a bank discount basis*
TREASURY DEPARTMENT
Washington
FOR RjiiLEASE, MORNITiG- NEWSPAPERS,
Tuesday, March 19, 1935.________
Press Service
No. 4-59
o— l o— 3o.
Secretary of the Treasury Morgenthau announced last evening that the tenders
for two series of Treasury hills, to he dated March 20, 1935, which were offered
on March 15, were opened at the Federal Reserve hanks on March 18, 1935#
Tenders were invited for the two series to the aggregate amount of
$100,000,000, or thereabouts, and $171,976,000 was applied for, of which
$100,131,000 was accepted.
The details of the two series.are as follows!
182-DAY TREASURY BILLS, MATURING SEPTEMBER 18, 1935
For this series, which was for $50,000,000, or thereabouts, the total amount
applied for was $104,570,000, of which $50,125,000 was accepted.
.The accepted
oids ranged in price from 99.965, equivalent to a rate of about 0.069 percent per
annum, to 99.948, equivalent to a rate of about 0.103 percent per annum, on a bank
discount basis.
Only part of the amount bid for at the latter price was accepted.
The average price of Treasury bills of this series to be issued is 99.953 and the
average rate is about 0.094 percent per annum on a bank discount basis*
273-DAY TREASURY BILLS, MATURING- DECEMBER 18, 1935
For this series, which was for $50,000,000, or thereabouts, the total amount
applied for was $67,406,000, of which $50,006,000 was accepted.
Except for one
bid of $10,000, the accepted bids ranged in price from 99.901, equivalent to a
rate of about 0.131 -percent per annum, to 99.883, equivalent to a rate of about
0.154 percent per annum, on a bank discount basis.
for at the latter price was accepted.
Only part of the amount bid
The average price of Treasury bills of this
series to be issued is 99.889 and the average rate is about 0.147 percent per
annum on a bank discount basis.
Painting and Sculpture for Justice and Post Office Department buildings
The names appear alphabetically, and therefore the order in the list
has no reference to the number of individual votes each received*
It has been decided to give an opportunity to a group of
painters «r»d sculptors to enter limited competitions for the remaining
11 painting and 8 sculptural commission to complete the decorations in
these two buildings. The painters and sculptors who are being invited
to enter these competitions will include all of the^painters and sculpt;
who received one or more votes of the Advisory Committee, and who are
not on the Advisory Committee* In addition to these a group of painter
and sculptors will be added by the Painting and Sculpture Section who,
in the opinion of the Section, are entitled to this privilege*
Each artist invited to compete will shortly receive
from the Painting and Sculpture Section detailed information in re
ference to the competitions. It is the earnest hope of this Section
that as many of these artists as can, will compete* The competitions
will be carried on by the Painting and Seulfiture Section* Recommendati
to the Director of Procurement of artists to do the work will be made l
the Section, in consultation with the Supervising Architect’s office,
the architects of the building in which the work is to be placed, and j
with Mr. Charles Moore, the chairman of the Fine Arts Commission in
Washington*
To assist in the selection Mr. Ernest Peixotto, the
Advisory Jury in connection with the painting competitions; and Mrs.
Anna Hyatt Huntington, Mr. Paul Manship, Mr. Maurice Sterne, and Mr.
William Zorach to act as an Advisory Jury in connection with the sculp
c ompetiti ons *
The Painting and Sculpture Section have felt that in
announcing these recommendations a full statement should be made of
the methods adopted by the Section in making the selections.
It is
inevitable in matters of artistic taste that differences of opinion
—
.... .
*
t_
i_ -t__ u
ffli-h -hhflt in making: these selections
Edward Bruce, Consulting Expert
M a r c h ^ # 1935
f
Painting; and Sculpture for Justice and Post Office Department building
Eugene Speicher, Painter
Justice Harlan F. Stone, Justice, U* S. Supreme Court
Francis Taylor, Director, Worcester Museum of Art, Worcester, Mass*
Harry Wehle, Acting Curator of Painting, Metropolitan Museum of Art*
Attorney General Cummings, Postmaster General Farley and Mr*
Frederick A* Delano acted as ex-officio members of the committee
and took no part in the selection of the artists* The members of
the advisory committee, who were either painters or sculptors, very
generously agreed to act on the committee on the tinderstanding that
such action would make them ineligible for commissions in the two
buildings*
I
No member of the committee was advised who his f ellow
members were* Each committee member was advised that his individual
votes would be kept confidential* Each member was requested to furnis
the names of the 22 painters and 10 sculptors in the United States who!
in his opinion were best fitted to carry out the painting and sculptur
for these two buildings*
Ballots have been received from all the active members
of the committee* A large number of artists throughout the country
received one or more votes* As a result of the balloting a group of
11 painters and 2 sculptors stood out, receiving at least two more
votes than any of the other painters and sculptors mentioned* With
the approval of the architects of the two buildings the Section of
Painting and Sculpture has decided to accept the recommendations of
the members of the Advisory Coimnittee and to recommend to the Director
of Procurement the appointment of these 11 painters and 2 sculptors to,
carry out 11 of the painting and 2 of the sculpture commissions in the
two buildings* The 11 painters and 2 sculptors are:
Painters
Thomas Benton
George Biddle
J. S* Curry
Rockwell Kent
Leon Kroll
Reginald Marsh
Henry Varnum Poor
Boardman Robinson
Eugene Savage
Maurice Sterne
Grant Wood
Sculptors
Paul Manship
William Zorach
Ok
fr
<r
VlAJL&y
A-^vl
fcSj'JWW ■**,
ftJ\&s£j)
WU
\j^,CLA^Jrj\^\' H
PAINTING AND SCULPTURE FOR THE JUSTICE AND
..POST OFFICE DEPARTMENT BUILDINGS
/
, IN WASHINGTON
The most important work which has "been assigned to
the Painting and Sculpture Section of the Procurement Division of
the Treasury Department is the decoration of the Justice and Post
Office Department buildings in Washington* flTQ^HOJlC7i'HT"11udj ii
It has
been decided to consider these two buildings as one project* After
conferences with officials of the Procurement Division, the Post
Office and Justice Department, with Messrs* Delano and Aldrich the
architects for the Post Office building, with Messrs* Zantzinger
and Borie^architects for the Justice Department building, and with
Mr. Charles Moore, Chairman of the Fine Arts Commission of Washington,
the painting and sculpture work in the two buildings has been divided
into 22 painting units, and 10 sculptural units. These involve the
appointing of 22 painters and 10 sculptors to carry out the work. In
order to secure for the Government the best possible contemporary art
on the sole basis of quality, the staff of the Painting and Sculpture
Section has had a large number of conferences not only with the
above-mentioned officials but also with large groups of well-knovm
artists.
As a result of these discussions an Advisory Committee
to the Painting and Sculpture Section was appointed to advise and
assist the Section in its recommendations of the artists to carry
out the work* The committee appointed was as follows*
John S. Ankeney, formerly Director of the Dallas Museum of Art, Dallas,
C* L. Borie, Jr., Architect, Justice Department Building
Homer S. Cummings, Attorney General of the United States
F* A. Delano, Chairman, National Planning Board
William A. Delano, Architect, Post Office Department Building
James A. Farley, Postmaster General of the United States
Robert Harshe, Director, Chicago Institute of Art, Chicago, Illinois
Walter S. Heil, Director, M. H. deYoung Memorial Museum, San Francisco,
Anna Hyatt Huntington, Sculptor
Bancel LaFarge, Painter
Henry Allen Moe, Secretary, Guggenheim Memorial Foundation, New York, H*
Charles Moore, Chairman, Fine Arts Commission, Washington, D. C*
William MLlliken, Director, Cleveland Museum of Art, Cleveland, Ohio
C. Powell IvHnnegerode, Director, Corcoran Gallery of Art, Washington, D*
Ernest Peixotto, President, Society of Mural Painters
Duncan Phillips, Founder of Phillips Memorial Gallery, Washington, D. C»
Henry Schnakenberg, Painter
Procurement Divi si on
Washington
Press Service
No* 4-60
POE RELEASE, MORNING NEWSPAPERS
Sunday, March 24, 1935a
o—21—3o *
The most important work which has "been assigned to the Painting and Sculpture
Section of the Procurement Division of the Treasury Department is the decoration
of the Justice and Post Office Department buildings in Washington*
decided to consider these two "buildings as one project*
It has been
After conferences with
officials of the Procurement Division, the Post Office and Justice Department
with Messrs* Delano and Aldrich the architects for the Post Office Building, with
Messrs* Zantzinger and Borie, architects for the Justice Department Building, and
with Mr* Charles Moore, Chairman of the Pine Arts Commission of Washington, the
painting and sculpture work in the two "buildings has "been divided into 22 painting
units, and 10 sculptural units*
These involve the appointing of 22 painters and
10 sculptors to carry out the work*
In order to secure for the Government the
"best possible contemporary art on the sole "basis of quality, the staff of the
Painting and Sculpture Section has had a large number of conferences not only
with the above-mentioned officials but also with large groups of well-known
artists*
As a result of these discussions an Advisory Committee to the Painting and
Sculpture Section was appointed to advise and assist the Section in its recommen
dations of the artists to carry out the work*
The committee appointed was as
follows:JohnS* Ankeney, formerly Director of the Dallas Museum of Art, Dallas, Tex*
C*L* Borie, Jr*, Architect, Justice Department.Building*
Homer S. Cummings, Attorney General of the United States*
P*A. Delano, Chairman, National Planning Board*
^
-3William A* Delano, Architect, Post Office Department Building*
James A. Parley, Postmaster General of the United States#
Robert Harshe, Director, Chicago Institute of Art, Chicago, Illinois#
Walter S. Heil, Director, M#H* deYoung Memorial Museum, San Prancisco, Cal#
Anna Hyatt Huntington, Sculptor#
Bancel LaParge, Painter*
Henry Allen Moe, Secretary, Guggenheim Memorial Poundation, Hew York, H.Y#
Charles Moore, Chairman, Pine Arts Commission, Washington, D.C#
William Millikcn, Director, Cleveland Museum of Art, Cleveland, Ohio#
C. Powell Minnegerode, Director, Corcoran Gallery of Art, Washington, D#C#
Ernest Peixotto, President, Society of Mural Painters#
Duncan Phillips, Pounder of Phillips Memorial Gallery, Washington, D.C#
Henry Schnakehberg, Painter#
Eugene Speicher, Painter#
Justice Harlan P. Stone, Justice, U.S. Supreme Court#
Francis Taylor, Director, Worcester Museum of Art, Worcester, Mass#
Harry Wehle, Acting Curator of Painting, Metropolitan Museum of Art#
Attorney General Cummings, Postmaster General Parley and Mr# Prederick A#
Delano acted as ex-officio members of the committee and took no part in the
selection of the artists#
The members of the advisory committee, who were either
painters or sculptors, very generously agreed to act on the committee on the under
standing that such action would make them ineligible for commissions in the two
buildings#
Ho member of the committee was advised who his fellow members were#
Each
committee member was advised that his individual votes would bo kept confidential#
Each member was requested to furnish the names of the 22 painters and 10 sculptors
in the United States who in his opinion were best fitted to carry out the painting
and sculpture for those two buildings*
Ballots have been received from all the active members of the committee#
large number of artists throughout the country received one or more votes#
result
A
As a
of the balloting a group of 11 painters and 2 sculptors stood out,
receiving at least two more votes than any of the other painters and sculptors
mentioned#
With the approval of the architects of the two buildings the Section
of Painting and Sculpture has decided to accept the recommendations of the mem
bers of the Advisory Committee and to recommend to the Director of Procurement the
appointment of these 11 painters and 2 sculptors to carry out 11 of the painting
3and 2 Of the sculpture commissions in the two "buildings.
The 11 painters and 2
sculptors are:
Painters
Thomas Benton
George Biddle
J.S# Gurry
Rockwell Kent
Leon Kroll
Reginald Marsh
Henry Varnum Poor
Boardman Robinson
Eugene Savage
Maurice Sterne
Grant Wood
Sculptors
Paul Manship
William Zorach
The names appear alphabetically, and therefore the order in the list has no
reference to the number of individual votes each received#
It has been decided to give an opportunity to a group of painters and sculptors to enter limited competitions for the remaining 11 painting and 8 sculptural
commissions to complete the decorations in these two buildings.
The painters and
sculptors who are being invited to enter these competitions will include all of
the painters and sculptors who received one or more votes of the Advisory
Committee, and who are not on the Advisory Committee#
In addition to these a
group of painters and sculptors will be added by the Painting and Sculpture Section
who, in the opinion of the Section, are entitlted to this privilege#
Each artist invited to compete will shortly receive from the Painting and
Sculpture Section detailed information in reference to the competitions#
It is
the earnest hope of this Section that as many of these artists as can, will
compete.
tion.
The competitions will be carried on by the Painting and Sculpture Sec
Recommendations to the Director of Procurement of artists to do the work
will be made by the Section, in consultation with the Supervising Architect’s
~4~
office, the architects of the building in which the work is to be placed, and with
Mr* Charles Moore, the chairman of the fine Arts Commission in Washington*
To assist in the selection Mr. Ernest Peizotto, the President of the society
of Mural Painters; Mr. Jonas Lie, the President of the National Academy of Design;
Mr. Bancel LaParge, Mr. Eugene Speicher and Mr. Henry Schnakenburg, have been
asked to act as an Advisory Jury in connection with the painting competitions; and
Mrs. Anna Hyatt Huntington, Mr. Paul Manship, Mr. Maurice Sterne, and Mr. William
Zorach to act as an Advisory Jury in connection with the sculpture competitions*
Tne Painting and Sculpture Section have felt that in announcing these
recommendations a full statement should be made of the methods adopted by the
Section in making the selections.
It is inevitable in matters of artistic taste
that differences of opinion will arise.
It should be pointed out that in making
these selections the members of the Advisory Committee, the staff of the Painting
and Sculpture Section, and the architects of the building, were guided by their
knowledge of the artists in this country who in their opinion were particularly
fitted to produce the best art of the kind required for the decoration of these
buildings*
In the case of the painting the work consists of large decorative
panels,.in the case of sculpture, of figures*
OFFICE OF THE COMMISSIONER OF CUSTOMS
53-21
MAR 21W
TO MR. GASTON
ACTING
FROM THEACOMMISSIONER OF CUSTOMS?
On November 10, 1930, the Bureau, at the request of the various
owners of trade-marks applied to perfumery and toilet preparations
whose trade-marks are recorded in the Treasury Department in pursuance
of the provisions of Section 526 of the Tariff Act of 1930, issued
instructions to the Collectors of Customs and others concerned
limiting the importation in passengers* baggage to one bottle of each
manufacturer, after opening the bottle and removing or obliterating
the trade-mark thereon.
The Bureau, under date of February 5, 1931, after the receipt
of a communication from the attorneys representing the Perfumery
Importers Association, issued instructions to the Collectors of
Customs and others concerned revoking its instructions of November
10, 1930, except as to ports located on the Mexican Border.
On February 7, 1935, at the request of the attorneys represent
ing the Perfumery Importers Association, the Bureau addressed a
letter to Collectors of Customs and others concerned informing them
that the instructions contained in its letter of February 5, 1931,
had been revoked, effective April 1, 1935, and, further, instructed
the officers of Customs to revert to the instructions contained in
the Bureau*s letter of November 10, 1930. A copy of C.I.E. 1547,
containing the Bureau’s instructions of November 10, 1930, as well
as a copy of the Bureau’s letters of February 5, 1931, and February 7,
1935, are inclosed.
Also inclosed is a copy of Bureau of Customs Circular Letter of
even date, addressed to Collectors of Customs and others concerned,
relative to importations in passengers* baggage of perfumery and
toilet preparations bearing trade-marks which are entitled to the
protection of Section 526 of the Tariff Act of 1930.
In order that the travelling public may be fully apprised
regarding the prohibition against the importation of trade-marked
perfumes and toilet preparations, it is earnestly requested that
the contents of the attached circular be given as much publicity
as possible. The instructions to limit the importation to one bottle
of each manufacturer are effective as of April 1, 1935.
• s -
"It slitul be understood that there is no waiver
herein against importation of perfumery for resale,
but that the above applies to tourist baggage only#*
In an accompanying letter, the attorneys state that the letter
was approved unanimously at a meeting of the Perfumery Importers
Association at which representatives of Ysrdley & Co*, Bourjois,
Coty, Poger A Cal let, ligand, Houbigsnt, Orlaa L* Legrend, and
Perftsr:« de Posine voted. It also stated that the letter has been
approved by representatives of Caron Corporation and Guar lain*
In view of the foregoing, the circular let tear of November 10,
1930, CUE 1547, is hereby revoked, except as to the Mexican border,
and you will revert to your former practice.
The present Instructions will fee applied to all imports tions
which have been detained as the result of the circular letter of
November 10, 1930.
The instructions* contained in the circular letter of November
10, 1930, remain In full fbroe and effect so far as the ports on
the Mexican border are concerned.
(Signed)
?* I. A. m » *
Commissioner of Custaas.
February 5, 1931*
To Collectors of Customs and Others Concerned:
Reference is made to a circular letter issued under date of
November 10, 1930, CIS 1547, relative to the Importation of trade
marked perfumery*
The Bureau is now in receipt of a letter dated January £0,
1931, from the Legal Department of the Perfumery Importers Asso
ciation, signed by their attorneys, iddoh reads as follows;
are informed that the enforcement of your
recent order requiring the application of Section 526
of the Tariff Act of 1930 to perfumery trademarked as
described in the statute and imported in the baggage
of passengers arriving from foreign countries has
caused serious administrative difficulties, especially
v at the Pert of Hew York*
v
"The request for the enforcement of Section 526 was
made by ue only after careful constderation and because
the protection of the law was deemed to be of vital im
portance to Asterloan dealers in foreign perfumes* We
appreciate your willingness to give the protection afford
ed by the law and regret that your efforts in that direct
ion have proved embarrassing to your administration* We
desire very much to avoid such result if It be possible
and we have accordingly decided for the time being, and
in order to give further opportunity for the study of
ways and means by which the statutory protection may be
secured with the minimum of friction, to withdraw our
request for the immediate enforcement of the law, except
with respect to the Mexican border.
"You may accordingly take this letter as embodying
our consent for the suspension for the present of the
application of raction 526, In so far as it affects
perfumery imported by passengers arriving In the United
States, with the reservation that such suspension shall
not affect the Mexican border and that Section 526 shall
be strictly enforced agdlnst passengers and others at all
points on said border. The undersigned feel that per
fumery importations through the Mexican border are not
genuine tourist traffic but commercial or illicit impor
tations which have greatly demoralized the California
retail trade in perfumery*
-
2-
p e r furriery tc a f o r e i g n c o u n t r y , u n d e r c u s t o m s s u p e r v i s i o n . at
the e x p e n s e of t h e p e r s o n s i n v o l v e d .
In the e v e n t a n importer
d o e s n o t care to e x p o r t s u c h s e i z e d p e r f u m e r y , a n d y o u a r e
u n a b l e to o b t a i n h i s w r i t t e n a s s e n t to f o r f e i t u r e , the s a m e
s h o u l d be f o r f e i t e d u n d e r the p r o v i s i o n s of S e c t i o n 607 of the
T a r i f f A c t and s o l d in a c c o r d a n c e w i t h S e c t i o n 609 t h e r e o f ,
p r o v i d e d the t r a d e m a r k l a b e l or d e s i g n c an be r e m o v e d or
o b l i t e r a t e d w i t h o u t i n j u r y t o the a r t i c l e i t self.
Otherwise,
the m e r c h a n d i s e s h o u l d be d e s t r o y e d u n d e r C u s t o m s s u p e r v i s i o n .
I n a s m u c h as the nev/ p r o c e d u r e e s t a b l i s h e d h e r e b y a p p e a r s
to be a p r a c t i c a l a n d d e s i r a b l e m e a n s of a d m i n i s t e r i n g
S e c t i o n 5 2 6 of t he T a r i f f A c t w i t h a m i n i m u m of d i f f i c u l t y , you
s h o u l d a l s o f o l l o w it, in the a b s e n c e of p r o t e s t s f r o m the
t r a d e m a r k o w n e r s , in the t r e a t m e n t of a t t e m p t e d i m p o r t a t i o n s of
perfumes m a n u f a c t u r e d by concerns other than those m e n tioned
a b o v e , a n d b e a r i n g t r a d e m a r k s e n t i t l e d to t h e p r o t e c t i o n of the
s a i d S e c t i o n 526, supra.
T h e f o r e g o i n g i n s t r u c t i o n s a p p l y to n o n r e s i d e n t s as w e l l
a s to r e t u r n i n g A m e r i c a n r e s i d e n t s . "
Circulated
b y the
Customs
Information Exchange.
Respectfully,
C. B. W E B B
Supervising
C B W :H S
Customs Agent
C.I.E.-1547
TIn c o r r e s p o n d e n c e r e f e r to
BUREAU #110768-11/10/30,
and C I E - 1 5 4 7 .*
CUSTOMS INFORMATION EXCHANGE
201 Varick Street
N e w York. N.Y.
N o v . 12,
1930
TO
CUSTOMS OFFICERS:
The following B u r e a u letter 7
# 1 1 0 7 6 8 , d a t e d N o v e m b e r 10, 1930
a n d s i g n e d b y F . X . A . E b l e , C o m m i s s i o n e r of C u s t o m s , h a s b e e n
r e c e i v e d t h r o u g h t h e o f f i c e of the D e p u t y C o m m i s s i o n e r of Customs ,
a n d p e r t a i n s to i m p o r t a t i o n s of t r a d e m a r k e d p e r f u m e r y b y r e t u r n i n g
A m e r i c a n r e s i d e n t s and n o n r e s i d e n t s :
M C e r t a i n c o l l e c t o r s of c u s t o m s h a v e b e e n a u t h o r i z e d h e r e t o
f o r e to r e l e a s e p e r f u m e r y b r o u g h t in b y r e t u r n i n g A m e r i c a n
r e s i d e n t s a n d b e a r i n g t r a d e m a r k s p r o t e c t e d b y S e c . 5 2 6 of the
T a r i f f A c t , u p o n the r e m o v a l or o b l i t e r a t i o n of the t r a d e m a r k
l a b e l or d e s i g n a p p e a r i n g on the a r t i c l e s , a n d p r o v i d e d t h e
c o l l e c t o r s w e r e s a t i s f i e d t h a t the t r a d e m a r k e d a r t i c l e s w e r e
i m p o r t e d in g o o d f a i t h b y t h e p a s s e n g e r for p e r s o n a l u s e or
g i f t s , a n d n o t f o r s al e.
R e c e n t l y , it h a s b e e n r e p r e s e n t e d to the B u r e a u b y M o c k &
B l u m , a t t o r n e y s for the p e r f u m e r y i m p o r t e r s l i s t e d b e l o w , that
the a b o v e p r a c t i c e of p e r m i t t i n g t h e i m p o r t a t i o n s of p e r f u m e r y
b e a r i n g t r a d e m a r k s p r o t e c t e d b y S e c t i o n 5 2 6 of t h e T a r i f f Act,
is i n j u r i n g t h e i r t r a d e m a t e r i a l l y :
Bourjois,Inc.
Caron Corporation
Coty, Inc.
Gabilla
Houbigant
O r i z a L. L e g r a n d , I n c
L e n t h e r i c,Inc.
L e s P a r f u m s de R o s i n e , I n c
P a r f u m e r i e R i g a u d , Inc.
Roger & Gallet
A l f r e d H. S m i t h Co.
Y a r d l e y & Co.,Ltd.
T h e r e f o r e , i n a c c o r d a n c e w i t h an u n d e r s t a n d i n g r e a c h e d with
A t t o r n e y s M o c k & B l u m , a c t i n g on b e h a l f of the a b o v e c o nce r n s ,
e a c h p a s s e n g e r h e r e a f t e r w i l l b e p e r m i t t e d to i m p o r t o n l y one
b o t t l e of e a c h of the a f o r e m e n t i o n e d m a n u f a c t u r e r s T p e r f u m e s
b e a r i n g d u l y r e g i s t e r e d and r e c o r d e d t r a d e m a r k s e n t i t l e d to the
p r o t e c t i o n of S e c t i o n 5 2 6 of the T a r i f f A c t .
T h e t r a d e m a r k in
e a c h i n s t a n c e s h o u l d be o b l i t e r a t e d a f t e r the b o t t l e h a s b e e n
opened.
D u l y p r o t e c t e d t r a d e m a r k e d p e r f u m e r y a t t e m p t e d to be
b r o u g h t i n t o the U n i t e d S t a t e s b y p a s s e n g e r s in e x c e s s of the
q u a n t i t y a u t h o r i z e d h e r e i n w i l l be sei z e d .
If y o u a r e sat i s f i e d
t h a t the f o r f e i t u r e w h i c h a c c r u e d w a s i n c u r r e d w i t h o u t w i l l f u l
n e g l i g e n c e or f r a u d y o u m a y p e r m i t the e x p o r t a t i o n of the seized
IN R E P L Y R E F E R TO
53-21
TREASU RY DEPARTM ENT
BUREAU OF CUSTOMS
OFFICE O F THE COMMISSIONER
____
WASHINGTON
ADD RESS R EPLY TO
COMMISSIONER OF CUSTOMS
February 7, 1935.
TO COLLICTOfiS OF CUSTOMS AND OTHERS CONCERNED:
1116
Instructions contained in its letter dated
February 5, 1931 (CIE 2378, dated February 7, 1931), amending the
Bureau s instructions dated November 10, 1930 (CIE 1547, dated
November 12, 1930), in respect to the treatment to be accorded
passengers in the matter of perfumery contained in their baggage
bearing trade-marks registered and recorded in conformity with
the provisions of Section 526 of the Tariff Act are hereby revoked,
effective April 1, 1935.
*
The effect of this decision is to leave in full force and
effect on and after April 1, 1935, the instructions contained
in the Bureaus letter dated November 10, 1930, referred to above.
(SIGNED) JAMES H. MOYLE,
Commissioner of Customs.
TREASU RY DEPARTM ENT
BUREAU OF CUSTOMS
OFFICE O F THE COMMISSIONER
WASHINGTON
A DD RESS R EPLY TO
COMMISSIONER O F CUSTOMS
TO COLLECTORS OF CUSTOMS AND OTHERS CONCERNED:
Tha Department’s instructions contained in its letter dated
February 5, 1931 (CIS 2378, dated February 7, 1931), amending the
Bureau’s instructions dated November 10, 1930 (CIE 1547, dated
November 12, 1930), in respect to the treatment to be accorded
passengers in the matter of perfumery contained in their baggage
bearing trade-marks registered and recorded in conformity with
the provisions of Section 526 of the Tariff Act are hereby revoked,
effective April 1, 1935*
The effect of this decision is to leave in full force and
effect on and after April 1, 1935, the instructions contained in
the Bureau's letter dated November 10, 1930, referred to above.
?*rtvm ry, in •**—* 9i om b o ttle . tearing tte » | l t l « f « i
*ft£
tvm&fi-wufk « f any *t %hm
wnmr* i t
t© » i « w i and f o r f ii lii r i,
(Signed) Fraisk D o w
Acting Q — lit>«loaer of Caotasa.
M fg tk
M M f
6^21
Ca I
n
MAR 21
D
JU-40
m
mm* §w ^ u?,
to 0®&$Gf0ti car § t » S JU8B OSKXfiS CO^K&sm>:
Bef©renew le made %# C *I.B. 1385/35, dated February 9, 1935*
publishing * letter approved by the Commissioner of Customs on
February 7, 1935, relative to importations la paasongera1 baggage
of perfumery bearlag triide-aarks which are eatItled to the protec
tion ©f Section 525 of the tariff dot of 1990.
She Collectors of Customs located on seaboard and border port*
are requested to bare the following mimeographed and inserted in tie
panpatlete "United State* Customs Information for Fasseager* from
O w r » i fi and "United State® Customs Information for Persons Enter
ing the United State® from Canada |pd Mexico?
Merchandise including perfumery l&teh at the
time of eatry into the United State* bear® a trade-mar*
registered and recorded is conformity with the provisions
of Section 588 of the tariff Act of 1930 is prohibited
importation and is subject to eeiaure and forfeiture
to the United States unless the written consent of the
trade-mark owner is filed at the thee of eatry* the
following named owners of perfumery trade-marks have
filsd written content to the importation of perfumery bearing
their registered and recorded marks by returning American
residents to the extent of one bottle of each manufacturer
by each passenger, subject to the condition that the trade
mark be obliterated or destroyed and that the bottle be
opened prior to its release to the passenger?
Bourjois, Inc*
Caron Corporation
Coiy, Inc.
Koubigant, Inc.
Art so h* hegramd, lac.
Chanel, lac.
he* Farfoms de Bosine, Inc,
Eager and Oallet
fsyddoy^aiijd^UBbfiny § I
f?trdr.
Lanvins Perfume, lac*
Guerilla, lac.
Lionel trading Company
TREASURY DEPARTMENT
WASHINGTON
FOR I M E B M T E RELEASE,
3-atmidayr-Mar ch
1935
W
p
Press Service
j s v n 3Lo-*-v
11-> >
Secretary of the Treasury Morgenthau announced
-60
today that up to this time subscriptions aggregating
XpZ&mfidO, Cr&i have been received for the current
offering of 2-7/8 percent Treasury Bonds of 1955-60,
which are offered only in exchange for Fourth Liberty
Loan Bonds called for redemption on April 15, 1935.
As previously announced, the subscription books
for this offering will close at the close of business
Wednesday, March 27, 1935.
TREASURY DEPARTMENT
Washington
RELEASE, MORNING- NEWSPAPERS,
Monday, March 25, 1935.____
3/23/35
Press Service
No. 4 - 6 2
Secretary of the Treasury Morgenthau announced today that up to thin
time subscriptions aggregating $1,332,000*000, have been received for the
current offering of 2-7/8 percent Treasury Bonds of 1955-60, which are
offered only in exchange for Fourth Liberty Loan Bonds called for redemption
on April 15, 1935.
As previously announced, the subscription books for this offering will
close at the close of business Wednesday, March 27, 1935.
TREASURY DEPARTMENT
Washington
March 25, 1955,
MEMORANDUM 10R THE PRESS
RECEIPTS OF SILVER BY THE MINTS AND ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1955)
Week ended March 22, 1955:
300,240.06 fine od
Philadelphia..... .................••*................••
250,062.21 "
San Francisco
4,152.00 "
Denver .... ........................................ .
554,454.27 "
Total for week ended March 22, 1955 •••••••••••••••••.•••««
Total receipts through March 22, 1935 ••••••••.••••••••««*. 31,079,000*00
SILV.tR TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended March 22, 1955:
2.559.00 fine on
Philadelphia ....... ............... ......... ....... .
32.472.00 ”
New York .......................... ...... .
17.615.00 "
1
San Francisco ............. ......... .
1.161.00 "
1
Denver ........ .............. ................. ........ .
481.00 "
1
New Orleans ................. .............................
534.00 "
1
Seattle .»•«•••»*•»*•••••••••»»••••••••••••••*••*•••••**•
—
Total for week ended March 22, 1935
54,822.00
Total receipts through March 22, 1935 ..... ......... ......112,581,377.00
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Imports
Week ended March 22, 1935
Philadelphia
2,595,400.00
New York
255,766.70
San Francisco
55,066.00
Denver .....
18,858.37
New Orleans •
• • • • ••••••
Seattle
Total for week ended March 2^,1935 2,925,091.07
%
Cm
Secondary
$189,139.81
207,600.00
80.569.00
48.361.00
56,509.71
22,786.48
$604,966.00
New
Domestic
$
63.84
155.500.00
1,205,212.09
550.111.00
3,213.35
153.555.14,
$2,067,433.4C
GOLD RECEIVED, BY FEDERAL RESERVE BANKS AND, THE, TREASURER’S OFFICE:
(Under Secretary^ Order of December 28, 1933)
Received by Treasurers Office:
Week ended March 20, 1935 ••.•••••• $
t • •••
Received previously
Total to March 20, 1935
$
NOTE:
Gold Certificates
$
446, 330.,00
86,709, 360.,00
$87,155, 690,
o
o
Gold Coin
Received by Federal Reserve Banks:
25,699.02
Week ended March 20, 1935 ...
Received previously •••.•••»•».*..«. 50,045.952.81
Total to March 20, 1935 ....... .
$30,071,631.85
7 ?000,,00
2.060, 500,,00
$ 2,067, 500,,00
$
260,606.00
260,605.00
Gold bars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported.
TREASURY DEPARTMENT
Washington
March 25, 1935.
MEMORANDUM FOR THE' FHESS
PTnrreTPTS OP 3IT,VSR BY THE MINTS AND ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1933)
Week: ended March 22, 1935:
Philadelphia ..........-.... .....
San Prancisco ....................
Denver .......... ................
Total for week ended March 22, 1935 .
Total receipts through March 22, 1935
.. 300,240.06 fine ounces
..
250,062.21 "
"
...
4.152’OQ ”
*'
..
554,454.27 ”
"
31,079,000.00
"
n
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended March 22, 1935:
Philadelphia.... ............................
New York ....................................
San Prancisco ..............................
Denver ..................................... ..
New Orleans ............... .................
Seattle .....................................
Total for week ended March 22, 1935 ...........
Total receipts through March 22, 1935 .........
2,559.00 fine ounces
32,472.00
”
11
17,615*00
M
"
1,161.00
»
*
481.00
n
"
__ 534.00
11
M
'54,822.00
"
"
112,581,377.00
”
"
RECEIPTS OP SOLD BY THE MINTS AND ASSAY OPPICSS;
Imports____
Week ended March 22, 1935:
$
-Philadelphia............... .
2,595,400.00
New Y o r k ................... •
255,766.70
San Prancisco . ..............*
55,066.00
Denver ......................
18,858.37
New Orleans .................
Seattle ..................... ......... ......—
Total for week ended March 22,1935 $ 2,925,091.07
Secondary
$189,139.81
207,600.00
80.569.00
48.361.00
56,509.71
22.786.48
$604,966.00
New Domestic
$
63.84
155,500j00
1,205,212.09
550,111.00
3,213.33
155.333.14
$2,067,433.40
GOLD RECEIVED BY PEDERAL RESERVE BANKS AND THE TREASURER1S OFFICE:
(Under Secretary’s Order of December 28, 1933)
Received by Treasurer’s Office:
Week ended March 20, 1935 ....... $
Received previously ........... . ....260,606.00.
Total to March 20, 1935 ......... $
260,606.00
NOTE:
$
$
Gold bars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported.
o1
o
Gold Certificates
446, 330,,00
$
709, 360.,00
$ 87, 155, 690.
co
CO
Received by Pederal Reserve Banks:
Gold Coin_
Week ended March 20, 1935 ....... $
25,699*02
Received previously ............
30,045,932,81
Total to March 20, 1935 ........ . $30,071,631.83
7, 000;,00
060, 500.,00
2,067,500.00
March 25* 1935*
RETAIL LIQUOR M lLJJl XgSPICfIOM> IFF TOM CITT.
Sevan Meeks Period Ended March 23*
T o ta l noaber oF inspections***•***••***»•**•****•••*»••♦ **•#•
.11*595
Federal. v io la lio n s found** # * * • • • • • • * » • * * * * * * • « • • • * « • • • * • * • • * •
1*062
lisoast collected*
Taxes unci penalties*••«**••••••*•••*••••*••*•#•*••*• .*o». 125*156*02
Off®r8 In ocapr
#♦***.* #22*999*95
Classification of Federal violations:
Failure to pay special tax.*.••••»•***•«. ** *•**§•«*et««» ***
Failure to post special tax st&ap•#•••*•• #•**•«**«*••*#•
RefIliad bottles#****♦*******#•#•••* *****
Snat&aped bottles.....
# ##* •♦-•#*# a am*a
Unattached atrip staaps.****......*....* s e e .#•#. » # • • » # » * # # ***
flnatt&ohed hear st&Kips************-*****»*
# # * ♦ * ♦ •#• ***
Failure to destroy attached hear ats ape*•♦ « * • * * * $ * * * « » * *
Ms?*tax paid alcohol*••••••••«•••*••*•»**• m mm mm m * m mm mm m mm ♦**
Failure to destroy eapty liquor bottles*•• • * « * « * a a # m Mf# # i# ••*
Baer barrel with no hear stamp attached*•-a e a e e e e e e e e * e a- m»•*
fSs^tax paid wine•**•••*•••••«••••«••••••• mm# ♦ a a a, # * « * #,-# a # ***
1*036
156
93
204
144
129
114
6
4
a12
lW
M
*
2
lotion taken tar police department (through Thursday* March
I £ Z i5 3 »
Busber oT* arrests* •#•**•*####**•-•*•-•*•#•«*••##•«******* * • •*
Muaber of cases referred to lew Fork State Liquor Authority
Flotation# corrected by Inspection U
n
i
t
*
.
,
HNG/mff
193
623
2*511
TREASURY BEPABmEETT
Washington
March 25, 1935.
KE M O R A U D U M F O R THE PRESS
PP.TfiTT, T.TQTTOR DEARER IUSPECTIOUS. HER YORK CITY
Seven Weeks Period Ended March 23
Total number of inspections
Federal violations found
Amount collected:
Taxes and penal.ties .......................... n............. *
Offers in compromise .........................................
Classification of Federal violations:
Failure to pay special t a x ............... .................. .
Failure to post special tax stamp ...................... .....
Refilled bottles ..............................
Unstamped bottles ..............................
Unattached strip stamps ........................
Unattached beer.stamps ........................
f Failure to destroy attached beer stamps ......................
Un-tax paid alcohol ...................................
Failure to destroy empty liquor bottles............. .........
Beer barrel with no beer stamp attached ......................
Un-tax paid wine ............... ............................ *
Action taken by police department (through Thursday. March
21, only):
Humber of arrests ............................................
Humber of cases referred to Hew York State Liquor Authority ...
Violations corrected by Inspection Unit ......................
11,595
1,882
$ 25,456.02
$ 22,998.75
1,036
158
^5
204
1-4
123
114
6
12
2
1'^
623
2,511
March 25, 1935*
m a rnsraenoML Chicago.
tight leeks Period Ended March 23 ,
t&taL a m b e r of i a s p w U o a ® .... .......... ..... ..........
Federal vloXttlsot foissd*•**•*«•*****•*«••****** ••
17,290
2,352
imomt collected la taxes* penalties, and of fere
la eoapronise for Federal violations**............ .....
lel&iglfAc&tioa of Federal violations*
Failure to pay special ta x **#**#•»**.*«.**
Failure to post special tax stamp........* * * • * . * « * » * . . . . * « •
Unstamped bottles #*■.***#• t •«»**«« «# »# a«««»t
Undestroyed beer stamps.......... ........
Unattached atrip stamps*******.*•*.*«***.. *.# *.••••••«**•**
Failure to destroy empty liquor bottles... **»•*****•*•*•* •#
®»-tax paid liquor found*.*** ....... .
************** ***
Sefilled bo ttlmm* *•»*»•*..**.*....* **..*** *
Rectifier*****•*.»*•.«•. *.***** ***. *«* ***
Apparent un-tax paid wine..... .
*********** ******
HHG/mff
#27,683*37
79$
184
784
291
149
$2
14
63#
9
U
TREASURY DEPARTMENT
Washington
MEMORANDUM FOR THE PRESS
March 25, 1935.
RETAIL LIQUOR DEALER INSPECTIONS, CHICAGO
Eight Weeks Period Ended March 23.
Total number of inspections ................... ....................
17,290
Federal violations found ..........................................
2,352
Amount collected in taxes, penalties, and offers
in compromise for Federal violations .................... ....... $ 27,683-*37
Classification of Federal violations:
Failure to pay special tax ...... ..............................
Failure to post special tax s t a m p ..................
Unstamped bottles .................................
Undestroyed beer stamps ........................................
Unattached strip stamps ........................................
Failure to destroy empty liquor bottles .... ....................
Un-tax paid liquor found .......... .....■■......................
Refilled bottles ............................'..................
Rectifier ......................................................
Apparent un-tax paid wine ......................................
795
184
784
291
149
52
14
63
9
11
treasury
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Press Service
Tuesday, March 28, 1935.
Secretary of the Treasury Morgenthau announced last evening that the tenders
for two series of Treasury bills, to be dated March 27, 1036, which were offered
on March 22, were opened at the Federal Reserve beaks on March gg, 1038.
Tenders were invited for the two series to the aggregate amount of
1100,000,000, or thereabouts, mid #228,518,000 was applied for, of which
#100,150,000 was accepted.
The details of the two series are as follows:
182-DAY TREASURY BILIB. M^TUHIHO 8gPrF.MBBB 25. 1038
For this series, which was for #80,000,000, or thereabouts, the total amount
applied far was #108,329,000, of which #80,079,000 was accepted.
Except for one
bid of #10,000, the accepted bids ranged in price from 99.980, equivalent to a
rate of about 0.079 percent per annua, to 99.938, equivalent to a rate of about
0.127 percent per annum, on a bank discount basis.
The average price of Treasury
bills of this series to be issued is 99.945 and the average rate is about 0.109
percent par annum, on a bank discount basis.
272-DAY TREASURf BIX&S, MTEffiffE DECEMBER 24, 1935
For this series, which was for #80,000,000, cur thereabouts, the total amount
applied for was #117,188,000, of which #50,071,000 was accepted.
The accepted
bids ranged in price from 99.895, equivalent to a rate of about 0.139 percent per
annum, to 99.853, equivalent to a rate of about 0.195 percent per annum, on a bank
discount basis.
Only part of the amount bid for at the latter price was accepted.
The average price of Treasury bills of this series to be issued Is 99.884 and the
average rate is about 0.180 percent per annum on a bask discount basis.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, March 26/ 1935._____ _
3—25—35*
Press Service
No* 4-63
Secretary of the Treasury Morgenthau announced last evening that the tenders
for two series of Treasury hills, to he dated March 27, 1935, which were offered
on March 22, were opened at the Eederal Reserve hanks on March 25, 1935*
Tenders were invited for the two series to the aggregate amount of
$100,000,000, or thereabouts, and $225,515,000 was applied for, of which
$100,150,000 was accepted.
The details of the two series are as follows*
182-DAY TREASURY BILLS, MATURING SEPTEMBER 25, 1935.
Eor this series, which was for $50,000,000, or thereabouts, the total amount
applied for was $108,329,000, of which $50,079,000 was accepted.
Except for one
"bid of $10,000, the accepted bids ranged in price from 99*960, equivalent to a
rate of about 0.079 percent per annum, to 99*936, equivalent to a rate of about
0*127 percent per annum, on a bank discount basis*
The average price of Treasury
bills of this series to be issued is 99*945 and the average rate is about 0*109
percent per annum on a bank discount basis.
272-DAY TREASURY BILLS, MATURING DECEMBER 24. 1935.
Eor this series, which was for $50,000,000, or thereabouts, the total amount
applied for was $117,186,000, of which $50,071,000' was accepted.
The accepted
bids ranged in price from 99.895, equivalent to a rate of about 0.139 percent per
annum, to 99.853, equivalent to a rate of about 0.195 percent per annum, on a
Dank discount basis.
accepted.
Only part of the amount bid for at the latter price was
The average price of Treasury bills of this series to be issued is
99.864 and the average rate is about 0.180 percent per annum on a bank discount
basis*
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TREASURY DEPARTMENT
Washington
FUR RELEASE, MORNING- NEWSPAPERS,
Wednesday, March 27, 1955o______
3-26-35.
Press Service
No. 4-64
A letter complaining that President Roosevelt was allowed to truy United
States Savings Bonds at ’’bargain prices1’ was received by the Post Office
Department today.
The writer expressed surprise that President Roosevelt
paid only $112.50 for six bonds of the $25 denomination.
She was informed
that no special consideration was given to the President, as he paid the
regular issue price of $18.75 for a bond which will return him $25 at
maturity,
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__
FOE EELEASE, m E S ^ , THURSDAY*
March 28, 1935*
Forty major cities sold $1,869,088*25 worth of United States Savings Bonds
for the week ending March 23, according to reports to the Post Office Department
today*
On the basis of this report officials estimated that sales in 14,000
unreporting post offices will raise the weekly total to approximately $4,000,000#
As sales to March 16th totaled about $24,000,000,the total disposed of in
20 business days amounted to $28,000,000*
This represents the purchase price
which means that the maturity value of the bonds already sold is more than
$37,000,000*
The securities are still selling better in the west and south and in the
east*
Postmasters reported that the demand for the $1000 and $500 denominations
had slackened somewhat and that the smaller units were selling better than before.
It is believed that many small investors were numbered among last weeks^purchasersJ
New York City has sold the most bonds, with a total of $1,955,250, of which
$274,762*50 was sold in Brooklyn*
Detroit is third with $979,649*25*
Chicago stands second with $1,453,409, while
The sales in other large cities to March 23rd A
have been as follows* Kansas City, $603,712*50; St* Louis $569,892$ Cleveland,
$426,712*50} Boston, $423,431*25; Washington, D#C* $324,543*75; St# Paul,
$296,214*50; Cincinnati, $269,493*75; Minnesota, $249,225*00; Baltimore,
$244,931*25; Omaha, $223,612*50; Memphis, $208,012.50; Toledo, $192,000; Houston,
$191,343.75; Milwaukee, $184,485*75; Dallas, $159,168*75; Denver, $156,431.25;
Louisville, $133,293*75; Columbus, Ohio, $119,700; Indianapolis, $112,406*25;
Dayton, $99,112*50; New Orleans, $97,931*25; Eichmond, $90,206*25; Des Moines,
$89,643*75; Newark, N*J* $88,712.50; Eochester, $69,693*75; Oklahoma City,
$63,000; Akron, $58,997; Ft. Worth, $58,125; Jersey City, $55,563*75; Providence,
$51,675.00*
TREASURY DEPARTMENT
Washington
FOR RELEASE MORNING NEWSPAPERS,
Thursday, March 28. 1935._______
3-27-35.
Press Service
No. 4-65
Forty major cities sold $1,869,088.25 worth of United States Savings Bonds
for the week ending March 23rd, according to reports to the Post Office Department
today.
On the Basis of this report officials estimated that sales in 14,000 unreporting post offices will raise the weekly total to approximately $4,000,000.
As sales to March 16th totaled about $24,000,000, the total disposed of in 20
"business days amounted to $28,000,000.
This represents the purchase price which
means that the maturity value of the bonds already sold is more than $37,000,000.
The securities are still selling better in the west and south and in the east.
Postmasters reported that the demand for the $1000 and $500 denominations had
slackened somewhat and that the smaller units were selling better than before.
It is believed that many small investors were numbered among last week’s pur
chasers.
New York City has sold the most bonds, with a total of $1,955,250, of which
$274,762.50 was sold in Brooklyn.
Detroit is third with $979,649.25.
have been as follows:
Chicago stands second with $1,453,409, while
The sale? in other large cities to March 23rd
Kansas City, $603,712.50; St. Louis, $569,892; Cleveland,
$426,712.50; Boston, $423,431.25;.Washington, D.C., $324,543.75; St. Paul,
$296,214,50. Cincinnati, $269,493.75; Minnesota, $249,225.00; Baltimore,
$244,931.25; Omaha., $223,612.50; Memphis, $208,012.50; Toledo, $192,000; Houston,
$191,343.75; Milwaukee, $184,485.75; Dallas, $159,168.75; Denver, $156,431.25;
Louisville, $133,293.75; Columbus, Ohio,.$119,700; Indianapolis, $112,406.25;
Layton, $99,112.50; New.Orleans, $97,931.25; Richmond,$90,206.25; Des Moines,
$89,643.75; Newark, N.J., $88,712.50; Rochester, $69,693.75; Oklahoma City,
963,000; Akron, $58,997; Ft. Worth, $58,125; Jersey City, $55,563.75; Providence,
$51,675.
A p ril X$ 1935*
m gm xom * m xm m *
?® tal number
of
J \
Inspections. . . * * * . * .........**********...................... *.
Federal v io latio n s f o i a l ..................................................................
2*68*
Amount c o lle cte d in tase#* p e n a ltie s, and offer#
in compromise fo r Federal v i o l * t i o a a ............* *.« tM#431*X3
Federal.vioMtionsi
Failure to pay special tax*..*...**..... v a * •**#-*» a * « » * * « # e ♦ # e
Failure to post special ter stamp* ....*• Ilf | ) | * * * # « « * « » « .*•# « #
Unstamped bottles..... .......... .
a-* *♦■*-# * %#. a %.* * # ♦ *
ftadestroyed bear stamps.,,.....,.....*... * # « # # * ♦ * # « # * # * # * * * *
Unattached strip stamp#***.*..... *.*.*, 4 * * e v e * * * * * * * ♦ * a * » *
Failure to doetroy empty liquor bottles* # #: * #* til»# «#tt #*t*m
Unites: paid liquor found**********.**.*. **•»■* »»**«*##»»»§
1H&oi. bottles** •**• *********,,. ****** -#®# *#«**■*»*♦#♦*■** *#
Beatifler*•••«***•**#»*»*#**•*«**#,***». ♦ *■a
a«#
Apparent mates paid wise**.*,*...*.*.*,*.*. a •#» m#. * s # # * a ## * «
Breaking seal detained packages*...... ..
HNG/mff
a -* • # * « # « # # # # « # * *-
W
2S9
S92
329
155
53
15
S3
15
as
a
RETAIL LIQUOR DEALER INSPECTIONS. CHICAGO
Uine weeks Period Ended March. 30
Total number of inspections* * • • • • • • * • • • • •
*,* *. •
federal violations found* • • . • • • • • • « • • • • • • • • *
Amount collected in taxes, penalties, and offers in compromise
for federal violations • • • • • • • • • * • • • * • • • • • •
Classification of federal violations?
failure to pay special tax * •. • • • • • • • • • • • « • « • •
failure to post special tax stamp* .• * . • • • • • • • • •,.*.*
Unstamped Lotties •
Undestroyed Leer stamps • • • • • • * • • • ' • • * • • • • '
Unattached strip stamps • . • • • • • • • • • • • • « • • • #'
failure to destroy empty liquor Lotties • • • • • • • • • • •
Un-tax paid liquor found • . * • • • • • , , • * • • * . • • ♦ •
Refilled Lotties • • • • • • • • • • • • • • • • • • • • • • •
Rectifier. • • • . . • ♦ • . . . . ........ . . . • . * • • •
Apparent untax paid wine • • . • • • • • • • • • • • • • • * •
Breaking seal detained packages . • • • • • • • • • « • • • «
19,526
2,684
$34,431*13
904
209
892
329
155
53
15
83
15
28
2
April 1, 1935.
n®P*:$??TP.m * Hit
Weeks
t o t a l number of laap ectloaa#. »»*»..*•
#
12,910
* » * * • * « # #■m-$fe#
2,030
* ■» « « * «*•*#.* *►
■# mm-♦ #•*
FlMlsr&l fTtolatloUfi fOUIliCi* ,*,*•»*.«**»•»*«***
tax©# $ysct pemeltlee* ****** ************************** *##*** 119,860.17
Off ©yIS it&. Compromise* * * * » ******»#*«• .**#*•■*#*#»*** ♦ *.****#*
5 #£5X0*35
i^EMSSSiSSMsSBhwSiL,.
Failure to pisy spoetel test*••••♦••*»*««♦••*».•*»**»****••
lfU 0
Failure to poet special tax stamp♦*#■**•*■»■«•»•■**♦* -****** ♦*
Eefillee b o ttles * * * -*»* *.*♦*.# ■** * *a*. m « a-* ##»* * #* * * * * * * a•<##* * *;#:
Uust£i3ip©<3 b o ttle s #•**.*** #**j* * » %* * * * ***.#*»*******.♦*#.*# * * * *
Sastt*ch*<l strip stamps# *•*****#*#'* #*****#♦#**♦**'*■#**■**##
feattaebe^ beer stamps *****«*#*#**.**#%* ************ ****** ♦
169
77
153
167
Failure to destroy miteebei beer stamps*...........•***«*
iao
Oa-t&x p a ii aleohol* m m «-* ♦ * ♦ * ♦##i#ti# ♦ m%**♦♦♦♦*♦ » a * «•#
H
Failu re to de&tray empty liquor bo t i l e s * ..... «»* »** •* •• *•
Beer b arrel with mo beer stamp ait&etied #•*«•••••*#•••*#**
6
4
17
flu»tex paiit rime* ##*•**##*.#■#*«#••#♦•**•*♦##***» * **•#•****♦
4
Action
tBkvn
Humber of arrests #**•*■.***»♦**■♦***#***♦*»*##*»»*#***** ***
lumber of eases referred to lex fork State liquor litlmr*
# *•
ity***«**6»i*»********«*************** *•«*•*»*»#*•***'***«
♦
Violations ©arrested by Imspeetloa Halt******** 111 atiltl'li
H9G/*ff
193
2,89*
TREASURY DEPARTMENT
Washington
April 1, 1935*
MEMORANDUM FOR THE PRESS:
RETAIL LIQ.UOR DEALER INSPECTIONS. NEW YORK CITY
Eight: weeks Period Ended March 30#
Total number of inspections • • • • • • • • • • • • • « • * * •
Federal violations found • * • • • • • • » * » * * • • • • • • *
Amount collected:
Taxes and penalties • * - • • • • • • • « • • * • • • * • • • •
Offers in cumpromise • • • • « • • • * • • • • • • • * • • •
glassification of Federal violations:
Failure to pay special tax* . . . • • , • • • • • *
Failure to post special tax stamp , * • • • • • • •
Refilled bottles........... « • • • • • • • • • * •
Unstamped bottles • • . • • • • * • • • • • * , • •
Unattached strip stamps • • * . • • • • • • • • • •
Unattached boer stamps* • • • • • • • • • • • • • ,
Failure to destroy attached beer' stamps « * • • • •
Un**tax paid alcohol • * • • • * • • • • . • • • • *
Failure to destroy empty liquor bottles • • • « • •
Beer barrel with no beer stamp attached • • • * • «
Un-tax paid wine. •
,
,
•
•
•
*
•
•
*
•
.
•
•
•
•
*
•
*
,
•
*
*
*
•
•
•
•
•
•
•
•
•
,
•
•
•
•
•
•
*
•
•
*
,
«
•
*
,
•
*
Action taken by police department (through Thursday, March 28,
Pftly)»
Number of arrests* . . . . . . . . .................... * ,
Numoer of cases referred to New York State Liquor Authority*
Violations corrected by Inspection Unit* * » • • • * • * • •
12,940
2,080
$27,860*17
$25,810*35
1,140
169
77
223
153
167
120
6
4
17
4
193
715
2,892
TREASURY DEPARTMENT
Washington
MEMORANDUM FOR THE PRESS
April 1, 1935.
RECEIPTS OF SILVER BY THE MINTS AND ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1933)
Week ended March 29, 1935:
149,759.94 fine ounces
531,117.60
"
"
14.678.00
"
"
695,555.54
"
11
31,775,000.00
"
"
Philadelphia ••••••»..•.........................
San F r a n c i s c o .... ........... .
Denver........... *.................
Total for week ended March 29, 1935 •
Total receipts through March 29, 1935
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended March 29, 1935:
1.494.00 fine ounces
M
3.715.00
«
n
923.00
"
it
662.00
"
n
384.00
»
ti
457.00
w
it
7.615.00
B
Philadelphia ........ .........*......... .
New York
.......... ••••••••••••••••••••••••••
San Francisco .......................
Denver ......... .
New O r l e a n s .... ............... .......... .
Seattle ••••••••••......... .••.•••••••••••••
Total for ?/eek ended March 29, 1935 ............
Total receipts through March 29, 1935 ...... .
tt
M i <xr
j^ 4 V i-
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Week ended March 29, 1955:
Philadelphia .........................
New York..........
6,287,600.00
San Francisbo ......
Denver .......................... *
New Orleans•••••••••••••••••••••
Seattle ••••••••••••••••••••♦••••
Total for week ended March 29, 1935
Imports---
$
153,162.56
44,320.00
398.40
~~---$6,485,480.96
Secondary
New Domestic^
$ 190,893.77 $
63.84
383,700.00
162,700.00
83,492.51
505,365.59
36,440.00
587,897.00
44,785.09
186.56
29.120.54
46.672._89_
$ 768,431.91 $1,302,885.88
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER’S OFFICE:
(Under Secretary’s Order of December 28, 1933)
Received by Federal Reserve Banks:
Week ended March 27, 1935 ••«•...«
Received previously ••••••••••••••
Total to March 27, 1935 ••••••••..
Gold Coin__
$
77,621.86
50,071,651.85
$30,149,253.69
Received by Treasurer’s Office:
Week ended March 27, 1935 ••.••
Received previously
$
Total to March 27, 1935 •••••••
$
NOTE:
---------260.606.00
260,606.00
Gold bars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported.
Gold Certificates
$
548,130.00
87.155.690.00
$87,703,820.00
$
9,300.00
2.067.500.00
$ 2,076,800.00
TREASURY DEPARTMENT
Washington
MEMORANDUM POR THE PRESS
April 1, 1935«
5CSIPTS OP SILVER BY THE MINTS AND ASSAY OPPICES:
(Under Executive Proclamation of December 21, 1933)
Week ended March 29, 1935:
149,759.94 fine ounces
Philadelphia..... ..............................
it
San Prancisco .................................
531,117.60
t
i
Denver.................. ......................
14,678.00
Total for week ended March 29, 1935........ .
695,555.54
Total receipts through March 29, 1935.............31,775,000.00
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended March 29, 1935:
Philadelphia.................
New York...........................,
San /Prancisco.......................
Denver ......••••...................
New Orleans........................
Seattle.............................
Total for week ended March 29, 1935...
Total receipts through March 29, 1935.
1.494.00 fine ounces
3.715.00
923.00
662.00
384.00
,
__ 437.00
7,615.00
'112,588,992.00
EECEIPTS OP GOLD BY THE MINTS AND ASSAY OPPICES:
New
Week ended March 29, 1935:
Philadelphia,......
New York
San Prancisco ....
Denver......... ...
New Orleans........
Seattle..... .
Total for week ended March 29,
Secondary
Imports
Domestic
63.84
$190,893.77
$
...... $
----...... 6,287,600.00 383,700.00
162,700.00
83,492.51
505,365.59
153,162.56
......
..... .
44,320.00
36,440.00
587,897.00
.......
398.40
44,785.09
186.56
29,120.54
46,672.89
1935..$6,485,480.96 $768,431.91 $1 ,302,885.88
GOLD RECEIVED BY PEDERAL RESERVE BANKS AND THE TREASURER'S QPPIOE:
(Under Secretary's Order of December 28, 1933)
Received hy Pederal Reserve Banks:
Gold Coin
Week ended March 27, 1935;..........$
77,621.86
Received previously.................^30,071,631.83
Total to March 27, 1935............. $30,1497253.69
Gold Certificates
$
548,130.00
87,155,690.00
$87,703,820.00
Received "by Treasurer's Office:
Week ended March 27, 1935.....
$
Received p rev io u sly .
Total to March 27, 1935........
NOT]
260,606.00
260,606.00
Gold hars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported.
9,300*00
2,067,500.00
$ 2,076,800.00
^he sales in other large cities were as follows? Kansas City, ^BB,168.75;
St. Louis, $502,975; Cleveland, $484,387.;50; Boston, $460,500; Philadelphia,
Brooklyn , $351,206.25; Cincinnati, $308,943.50;
Los Angeles, $305,212; Minneapolis, $304,218*75; Omaha, $236,893.75; Baltimore,
$278,118.75; Milwaukee, $245,137.50; Pittsburgh, $244,100.75; Toledo, $224,312.50
Memphis, $214,143.75; Portland, Ore., $207,550; Houston, $202,593.75; Dallas,
$200,550; Denver, $198,225; San Francisco, $167,700; Columbus, Ohio, $151,087.,50;
Louisville, Ky. $145,725; Indianapolis, $138,750; Hew Orleans, $113,381.25;
Dayton, $109,068.75; Des Moines, $101,887.50; Newark, N.J. $101,006.25#
News Release
for Tuesday Morning, April 2, 1955
) Sales of United States Savings Bonds during March totaled $58,012,982,
■■■MM
#
according to reports to the Post Office Department today* Since this fi
gure represents
Hie purchase price,the maturity value of the bonds sold
amounts to more than $50,600,000*The bonds first went on sale on March 1.
The number of buyers was approximately
70,000-The average amount in
vested was $505.15. The average investment has been increasing steadily
since the bonds were made available to investors, the $505.15 figure
contrasting with earlier sapp averages of $458 and $401. Although the ^500
and $1000 denominations are still popular, postmasters reported that the
$100 unit was increasing in popularity.
Postmasters reported increasing demand and interest in these
^govern
ment securities.The sale for the last week of March was more than $|, 000,000
qorth, and there were more than 15,000 buyers. According to reports, there
have been many inquiries by people who expect to buy in the future.
Although New York City led in total sales, the banner town of the country
was Mount Sterling, Ky., which has a population of 4,550.The postmaster there
reported sales of $100,000, with forty-four purchasers. The town of Laurinbur*
N.C.,with a population of 5,512, accounted for $75,000 worth.One purchaser
bought $45,000 worth for various members of his family,and there were eleven
other buyers.
| Hew York City's total was $2,267,718.25, of which $551,206.25 was sold in
Brooklyn.Chicago stands second with $1,715,528, and Detroit third with
$1,091,155.50,
m i
,Tuesc
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesda;/, April 2, 1935* _____ ,
4-1-35,
Press Service
No, 4-66
Sales of United States Savings Bonds during March totaled $38,012,982, accord
ing to reports to the Post Office Department today.
Since this figure represents
the purchase price, the maturity value of the "bonds sold amounts to more than
$50,600,000*
The "bonds first went on sale on March 1,
The number of buyers was approximately 70,000.
was $503,15,
The average amount invested
The average investment has been increasing steadily since the bonds
were made available to investors, the $503,15 figure contrasting with earlier
weekly averages of $438 and $401,
Although the $500 and $1000 denominations are
still popular, postmasters reported that the $100 unit was increasing in popularity.
Postmasters reported increasing demand and interest in these new Government
securities.
The sale for the last week of March was more than $10,000,000 worth,
and there were more than 15,000 buyers.
According to reports, there have been many
inquiries by people who expect to buy in the future.
Although New York City led in total sales, the banner town of the country was
Mount Sterling, Kentucky, which has a population of 4,350.
reported sales of $100,000, with forty-four purchasers.
The
postmaster there
The town of Laurinburg,
North Carolina, with a population of 3,312, accounted for $75,000 worth,.
One pur
chaser bought $45,000 worth for various members of his family, and there were eleven
other buyers.
New York CityTs total was $2,267,718*25, of which $351,206.25 was sold in
Brooklyn.
Chicago stands second with $1,713,328, and Detroit third with
$1,091,135.50.
/
-
2~
The sales in other large cities were as follows:
Kansas City, $735,168.75;
St. Louis, $502,975; Cleveland, $484,387.50; Boston, $460,500; Philadelphia,
$429,543.75; Washington, $376,425; St. Paul, $356,400; Brooklyn, $351,206.25;
Cincinnati, $308,943.50; Los Angeles, $305,212; Minneapolis, $304,218.75; OmahA,
$286,893.75; Baltimore, $278,118.75; Milwaukee, $245,137.50; Pittsburgh, $244^100.75;
Toledo, $224,312.50; Memphis, $214,143.75; Portland, Ore., $207,550; Houston^
$202,593.75; Dallas, $200,550; Denver, $198,225; San Francisco, $167,700;
Columbus, Ohio, $151,087.50; Louisville, ICy., $145,725; Indianapolis, $138,750;
Hew Orleans, $113,381.25; Dayton, $109,068.75; Des Moines,$101,887.50; Newark, N.J.
$101,006.25.
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, April 2, 1935._____
Pr#ss Service
4A /85
Secretary of the Treasury Morgenthau announced
last evening that the tenders for $50,000,000, or there
abouts, of 272-day Treasury bills, dated April 8 and
maturing December 31, 1935, which were offered on March
29, were opened at the Federal Reserve banks on April 1,
1935.
The total amount applied for was $119,428,000, of
which $50,018,000 was accepted. The accepted bids ranged
in price from 99.900, equivalent to a rate of about 0.132
percent per annum, to 99.867, equivalent to a rate of
about 0.176 percent per annum, on a bank discount basis.
Only part of the amount bid for at the latter price was_
accepted. The average price of Treasury bills to be
issued is 99.882 and the average rate is about 0.157 per
cent per annum on a bank discount basis*
TREASURY DEPARTMENT
Washington
POR RELEASE, MORNING NEWSPAPERS,
Tuesday, April 2, 1935.
4 /I7 3 5
Press Service
No. 4 - 6 7
Secretary of the Treasury Morgenthau announced last evening that the
tenders for $50,000,000, or thereabouts, of 272-day Treasury bills, dated
April 3 and maturing December 31, 1935, which were offered on March 29, were
opened at the Federal Reserve banks un April 1, 1935.
The total amount applied for was $1^9,428,000, of which $50,018,000
was accepted.
The accepted bids ranged in price from 99.900, equivalent
to a rate of about 0.132 percent per annum, to 99.867, equivalent to a rate
of about 0.176 percent per annum, on a bank discount basis.
amount bid for at the latter price was accepted.
Only part of the
The average price of Treasury
bills to be issued is 99.882 and the average rate is about 0.157 percent per
annum on a bank discount basis.
TREASURY DEPARTMENT
WASHINGTON
Press Service
U'bH
FOR IMMEDIATE RELEASE,
Tuesday, April 2» 1935 s
Secretary of the Treasury Morgenthan today announced that
preliminary reports indicate that *1,689,669,300 of fourth
Liberty Loan Bonds
oalled
for redemption on April 18, 1935, hare
been exchanged for the 8-9/8 Percent Treasury Bonds of 1986-80.
Subscriptions were divided among the seweral Federal Resorts
districts and the Treasury as follows:
Total
Federal Reserve
District
Ottbsoriptlons
|
Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
at* Louis
Minneapolis
Kansas City
Dallas
San Hrancisco
Treasury
57,941,300
868,337,700
82.356.700
105,492,300
38,681,100
18,476,250
177,486,150
46.601.700
81,227,530
38,815,450
16,246,900
49,259,350
38f747.850
11,659,589,300
Total
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Tuesday, April 2, 1935*
Press Service
No. 4-68
Secretary of the Treasury Morgenthau today announced that preliminary
reports indicate that $1,559,569,300 of Fourth Liberty Loan Bonds called
for redemption on April 15, 1935, have been exchanged for the 2-7/8 percent
Treasury Bonds of 1955-60*
Subscriptions were divided among the several Federal Reserve districts
and the Treasury as follows:
Federal Reserve District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Total
Total Subscriptions
$
57 ,941 ,300
868 ,337 ,700
82 ,256 ,700
105 ,492 ,300
38 ,681 ,100
18 ,476 ,250
177 ,486 ,150
46 ,601 ,700
21 ,227 ,550
38 ,815 ,450
16 ,245 ,900
49 ,259 ,350
38 *747 ,850
$1,559,569,300
«* * •* « #* ♦ffi
Total naaber of i a s p e c t i o n s . ..
Feeler©1 viols.tioas found* **«*«•
x * «. X X .* * « « * X ».
1,422 "
***
*#
214
tount collected!
fares ssd penalties»* ••**.*** «*»****»*#**»#*<•■■*«•»**** ***'■** *
Offers la eoffiprosd.se...............
c3,24^1.5^
2 gQS0*QG
Collect!oss |>©iidti&§j.#«#♦**#*•********•>«♦**•» ♦-a******?-**** ■»»**♦
435*t 7
ClassIfleatloa of Federal. violstlpiti
I d l o x s to pffiy special t&s«»#•••*'•*«»*•**•*#•****«•-*******
F&ilare to post special tea stamjp****#*****♦*•»•*«»**♦***•
'SmsitiiffijpKiNil Isottlee•#****#♦**##*-♦** *«*.**#*.♦#*>**♦*** **** ■**•*#
tI4$
3®
WTidestroyed b eer staispe*«'*.»*##»*.*■*■.*«*■* •.**#•**♦**** ***#*•■♦■#
Caattacfeed strip
**»»#• *#■.#*#*#♦ *•#*<**•»•****##♦**♦ *•
Beer containers with no beer st&ffip attached. *•*****»».♦** *
BefiXX@d bottles *•*••»*•••«*»••»•*»*«»••*•«*************♦♦
Miscellaneous, referred t ©mforc«»eat squed*..........**#
^ett
?4rr!
12
10
.-dmilja.
HNG/mff
0 / J E KAS\*
a
v
- g a U -
l *
J|
W
V
^
r ,
C*^4A.
A 0j4 L k l i h
y
vtu.
l l |>
u w
T6*
u t - u M
t
4
U
^
I
-
i
1
•
April 1# 1935*
Total auiaber of inspections.*** ## + * # * #
****#»•
* ftft ft ft ft •*ft ft #ft ft ft
Federal violetioiis fftftftt*...................................................
eolletttftflt
Taxes aid penalties,*♦♦**»*•**.*•*♦*•«****-******•*»•***♦*
Offers 1b ftftKovftNSjft****.*#**. #♦.**•*•*••*•*••*•♦*********
Cblleetlons pending* * ft ft S ft ft ft ft * ♦ ♦ %ft
L i.
****
■ f t f t ft -ft f t ft ft *
1*4-22
214
P»24M I
2 ,000*00
4 3 5 .9 7
v io lfttlo g d U
Lure to p«y special tax*. *• *•.• •*«•#>** *»»*****.. ***# •**
m s
Failure to post sp&olfti tax elsftg>**•*.********************
ff&eisisped bottle®»**.*#**«*»***«**“ **»**»*«*«*#»**#**,,*f
30
5
Badestroked beer staapft. **•#«.#»»• * *»****.»*»**■*»#*»♦#**» * *
Unattached strip at*ftpftft%ftftft-ftaft.♦ft.##ftft#ftftftftftft'#ftftftftftftftft-ft-ftftftft
12
Beer oanteiaers with so beer sl&ap attached*-*#»***♦*******
Ref1X1©d bottles#♦#■*******■*•»**#**♦****■*■****.#-.#*#•********■•
m®celleiieou9t referred t eaforceaeat fttpaft#r«■* * #* •#-* # ♦ * # * *
HNG/aff
9
2
1
10
TREASURY DEPARTMENT
■Washington
PUR IUIdSDIATE RKLUASI!,
Tuesday, April 2, 1935*
Press Service
4-*69
Arthur J. Mellott, Deputy Commissioner of Internal Revenue, in charge
of the Alcohol Tax Unit, announced today the following results of an
inspection of retail liquor establishments in Washington which was .
completed by Treasury revenue police during the week of March 2&-29#
1,422
Total number of inspections
Federal violations found • • • • • • • • • * « •
........
• • •
Amount collected:
Taxes and penalties. « • • • • • • » • • • • • • • • • • • •
Offers in compromise
Collections pending • * • • • • • • • • » . » • • • • • • • • «
Classification of Federal violations:
Failure to pay special tax. . . • • • • # • • * • • • • « • • •
Failure to post special tax stamp • • • . • • • « • • • • • •
Unstamped bottles • • . • • • • • • • • • • • • » • • • » • •
Undestroyed beer stamps • • • • • • • ............ . . . . .
Unattached strip stamps
Beer containers with no beer stamp attached . « • • * * • • •
Refilled bottles
Miscellaneous, referred to enforcement squad, • • . • • * . *
214
$3,248.59
.2,080*00
435*97
145
30
5
12
1
10
MAR 3 0 ll&l
Bear Mr* IcCaslia*
X a® gl&d to tear® this opportunity to acknowledge the
receipt of your latter o f March 20, lo55# addressed to the
fhresident* with 'kbieh wbm enclosed a voluntary contributloo
of $$£ toward defraying the costs of the Goveraseat*
X note
fros jour letter that your income tout return this year did not
■s!iow any tax liability bub that nevertheless you feel that you
should contribute to the expense of providing the protection
.fipwi o th e r advantages c h id * you r e c e iv e frost th e Government*
Giving effect to your desire X have directed that y w
remittance be deposited in the Treasury ©s a voluntary donation
to the Baited States*
In accepting this gift on behalf of the Government* per
mit to to express ay admiration both of your patriotic attitude
m d of the practical way in which you have given e x p r e s s i o n to
it*
Sincerely yours*
fU t . J . C o o ^
Signed) *
A c ting
Mr* C* H* McCeslint
12 th m d fr a n k lin S t r e e t s *
Oakland, California*
m/ws/tuto
Secretary of the Treasury*
-
2
-
"Oakland, California,
March 20, 1935.
•Franklin D. Roosevelt,
President of the U.S.A.,
Washington, D.C.
Mr. President:
•My income tax blank this year showed that I would not be required to
pay any tax. I am inclosing a check that was a voluntary contribution
toward government costs and was returned for the reasons mentioned in the
enclosed letter.
•Being in business * I realize that whether or not business is good,
overhead charges must be met. Like my gas bill the cost of Government
goes on and on. I am conducting a business in Oakland, California and
raising an ever increasing family, all under the most desirable circum
stances and protection of government. It is not in my makeup to shift the
cost of that protection on to others.
Therefore, please overrule the rules
and use this check to help pay the bills.
Very truly yours,
(Signed) C. H. McCASLIN"
"Internal Revenue Service
San Francisco, Calif•,
March 19, 1935.
•Mr. C. H. McCaslin,
Oakland, California.
My dear Mr» McCaslin:
tEnclosed please find your check for $35.00 made out to
of Internal Revenue for this year*s Income Tax.
the Department
tyour return reports *No tax due* and it will be impossible for me to
obey your instructions in your xind letter of March 15th telling me to accei
the check without argument.
Il appreciate more than I can say your attitude in the matter but under
the rules it would be impossible for me to obey your instructions.
fWith best wishes, I am
Very cordially yours,
(Signed) JOHN V. LEWIS
Collector."
TREASURY DEPARTMENT
Washington
Press Service
Mo. 4 - ~
0
H'j. {(\ ^ £
The following correspondence m s made public today by Secretary
A
« Mar* 3 0 , 1935.
Dear Mr. McCaslini
*1 am glad to have this opportunity to acknowledge the re
ceipt of your letter of March 20, 1935, addressed to the President,
with which was enclosed a voluntary contribution of $35 toward de
fraying the costs of the Government. I note from your letter that
your income tax return this year did not show any tax liability
but that nevertheless you feel that you should contribute to the
expense of providing the protection and other advantages which you
receive from the Government.
•Giving effect to your desire I have directed that your re
mittance be deposited in the Treasury as a voluntary donation to
the United States.
•In accepting this gift on behalf of the Government, permit
me to express my admiration both of your patriotic attitude and of
the practical way in which you have given expression to it.
Sincerely yours,
(Signed) T. J. C O O U D G E
Acting Secretary of the Treasury.5
Mr* C. H. McCaslin,
Oakland, California.M
TREASURY DEPARTMENT
Washington
Press Service
No. 4-70
PUR IMMEDIATE RELEASE,
Thursday, April 4, 1935.
The following correspondence was made public today "by Acting Secretary
Coolidge
uMar. 30, 1935.
Dear Mr. Mafiaakin:
I am glad to have this opportunity to acknowledge the receipt of your
letter of March 20, 1935, addressed to the President, with which was enclosed
a voluntary contribution of $35 toward defraying the costs of the Government.
I note from your letter that your income tax return this year did not show any
tax liability but that nevertheless you feel that you should contribute to the
expense of providing the protection and other advantages which you receive from
the Government.
Giving effect to your desire I have directed that your remittance be
deposited in the Treasury as a voluntary donation to the United States.
In accepting this gift on behalf of the Government, permit me to express
my admiration both of your patriotic attitude and of the practical way in which
you have given expression to it.
Sincerely yours,
(Signed)
T.J.
COOLIDGE
Acting Secretary of the Treasury.
Mr. C.H. McCaslin,
Oakland. California.n
HOakland, California,
March 20, 1935*
Franklin D. Roosevelt,
President of the U.S.A.,
Washington, D.C.
Mr. President:
My income tax "blank this year showed that I would not "be required to pay
any tax* I am inclosing a check that was a voluntary contribution toward
government costs and was returned for the reasons mentioned in the enclosed
letter*
Being in business, I realize that whether or not business is good, over
head charges must be met. Like my gas bill the cost of Government goes on
and on. I am conducting a business in Oakland, California and raising an
ever increasing family, all under the most desirable circumstances and protec
tion of government.
It is not in my makeup to shift the cost of that protection
on to others. Therefore, please overrule the rules and use this check to help
pay the bills*
Very truly yours,
(Signed)
C.H. McCASLIN”
nInternal Revenue Service
San Francisco, Calif.,
March 19, 1935.
Mr. C.H. McCaslin,
Oakland, California*
My dear Mr. McCaslin:
Enclosed please find your check for $35.00 made out to the Department of
Internal Revenue for this year’s Income Tax.
Your return reports ’Ho tax due’ and it will be impossible for me to
obey your instructions in your kind letter of March 15th telling me to accept
the check without argument*.
I appreciate more than I can say your attitude in the matter but under
the rules it would be impossible for me to obey your instructions*
With best wishes, I am
Very cordially yours,
(Signed)
JQHH V. LEWIS
Collector.11
Press Service
No . tf. ^
I
FOR RELEASE, MORNING NEWSPAPERS,
Friday, April 5, 1935*
The average investment in United States Savings Bonds is ranch higher
in sinall cities and rural communities than in large centers* according to
a study of the March sales.
The survey also shows that western and southern
cities are making much larger individual investments than eastern cities*
The average investment in fifty large cities was $487*10, as against an
average o** $503*15 for the country.
PurchasSJf'ini these fifty cities comprised
yOj
^ 7 , 9 1 8 of the total of approximately J^OOO buyers.
Sales in these fifty
cities, which usually account for half of the regular Post Office business,
amounted to $13,600,724*75, while the nationwide total for March was
$38,012,928.
Oklahoma City had the largest average investment with $1,044. . Kansas
City was second with $997, and Houston a close third with $974.
average investment was $154 in Springfield, Ohio.
The lowest
The average purchases in
these fifty cities were as follows:
Oklahoma City, $1044; Kansas City, $997; Houston, $974; Richmond, Va.,
$850; Omaha, $755; Dallas, $704; St. Paul, $694; Atlanta, $667; Des Moines,
$648; Memphis, $594; Minneapolis, $570; Ft. Worth, $533; Toledo, $532,
Rochester, $530; St. Louis, $484; Portland, Ore., $481; Detroit,
^
New Orleans, $472;
Louisville,
Baltimore, $476; Buffalo, $472;/Philadelphia, $471; Denver, $467;/Chicago,
San Francisco, $455;
$464;Jersey City, $460; Newark, $457;/Columbus, Ohio, $453*
Los Anpeles ;417; Providence ,416 ; Brooklyn, $409;
Cincinnati, $432; Seattle, $429;/Cleveland, $408; Nett York, $407; Bosto ,
\ ■
Indianapolis, $381;
$406; Oakland, $405; Pittsburgh, $392;/Dayton, Ohio, $380; New Haven, $366,
Syracuse, $363;
Milwaukee, $365;/ix*ta,H«.jtiBlxxy
Hartford, $357; Akron, $355; Albany,
$314; Washington, $298; Harrisburg, $276; Nashville, $242; Springfield, Ohio,
$154*
■
■
1
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, April 5 t 1935*__________
4-4-35.
Press Service
No, 4-71
The average investment in United States Savings Bonds is much higher in small
cities and rural communities than in large centers, according to a study of the
March sales*
The survey also shows that western and southern cities are making
much larger individual investments than eastern cities*
The average investment in fifty large cities was $487*10, as against an
average of $503*15 for the country*
Purchasers in these fifty cities comprised
27,918 of the total of approximately 70,000 huyers*
Sales in these fifty cities,
*
which usually account for half of the regular Post Office Business, amounted to
$13,600,724.75, while the nation-wide total for March was $38,012,928*
Oklahoma City had the largest average investment with $1,044*
was second with $997, and Houston a close third with $974.
investment was $154 in Springfield, Ohio*
Kansas City
The lowest average
The average purchases in these fifty
cities were as follows:
Oklahoma City, $1044; Kansas City, $997; Houston, $974; Richmond, Va*, $850;
Omaha, $755; Dallas, $704; St. Paul, $694; Atlanta, $667; Des Moines, $648;
Memphis, $594; Minneapolis, $570; Ft. Worth, $533; Toledo, $532; Rochester, $530;
St. Louis, $484; Portland, Ore., $481; Detroit, $479; Baltimore, $476; Buffalo,
$472; New Orleans, $472; Philadelphia, $471; Denver, $467; Louisville, $465;
Chicago, $464; Jersey City, $460; Newark, $457; San Francisco, $455; Columbus,Ohio,
$453.
Cincinnati, $432; Seattle., $429; Los Angeles, $417; Providence, $416;
Brooklyn, $409, Cleveland, $408; New York, $407; Boston, $406; Oakland, $405;
Pittsburgh, $392; Indianapolis, $381-; Dayton, Ohio, $380; New Haven, $366;
Milwaukee, $365; Syracuse, $363; Hartford, $357; Akron, $355; Albany, $314;
Washington, $298; Harrisburg, $276, Nashville, $242; Springfield, Ohio, $154.
TREASURY DEPARTMENT
WASHINGTON
ITil;
April 3, 1935*
Mr* Donald D* Shepard,
c/o Mr* A* W* Mellon,
Mellon National Bank Building,
Pittsburgh, Pa*
I
Sir:
Reference is made to Bureau letter dated March 8, 1933, in which
you were advised that "The A* W* Mellon Educational and Charitable
Trust" is entitled to exemption under the provisions of Section 103(6)
of the Revenue Act of 1932 and the corresponding provisions of the
Revenue Act of 1928; and that contributions made thereto are deducti
ble in computing the net income of individual donors in the manner
and to the extent provided by Section 23(n) of the Revenue Act of
1932 and the corresponding provisions of the Revenue Act of 1928*
Those conclusions were based upon information which you had furnished
by letters dated February 25, 1933 and March 5, 1933*
It now appears that no consideration was given to the question
whether the instrument dated December 30, 1930, was sufficient as a
matter of law to establish a valid charitable trust*
It further
appears that the information furnished by you was incomplete and mis
leading, in that it failed to disclose the nature, magnitude and true
purpose of the so-called trust*
On the basis of evidence now on file, it is the view of this of
fice that "The A* W* Mellon Educational and Charitable Trust" is not
a trust organized and operated exclusively for the purposes set forth
in Section 23(n) of the Revenue Act of 1932, and corresponding pro
visions of other revenue acts*
Accordingly, the above-mehtinned
Bureau letter dated March 8, 1933, is hereby rescinded*
By direction of the Commissioner*
Respectfully,
(Signed)
CHARLES T* RUSSELL*
Deputy Commissioner.
THIRD (Continued)
Its gifts to charity and for educational purposes are
but trifling and incidental, compared with its main function as
a holding trust for Mr* Mellon*s art works where they will not be
subject to either gift or inheritance taxes#
It has received
pictures valued at over $10,000,000*00, and also 10,000 shares of
Pullman Company stock valued at $507,500*00 in four tax yearse
It is apparent that the gifts to charity are a small price to pay
for the past and prospective exemption privilege*
The intent of Congress in providing for this exemption
was doubtless to encourage those who would provide for public needs
in educational, religious, charitable or scientific lines*
These pi
tes have not been available for public instruction or i n s p e c t ! o n Y o u r agents have been refused access to them0
Only after service of a summons could I learn their location*
It
now appears that those pictures presented to the trust during 1950
and 1931 are located in a room in the Corcoran Art Gallery, the use
of which was extended to Mr* Mellon as a personal favor*
We can not
yet learn where the pictures given in 1932 valued at $6,000,000*00
are located*
We have been able to get no evidence of any public or
semi-public exhibition of these pictures or any charitable or edu
cational use outside of the Mellon family*
The powers of the trustees are unsupervised and unlimited#
The lack of frankness in seeking the ruling and the same lack of
frankness now leads me to believe that this trust is part of the
Mellon plan of tax avoidance and perhaps of evasion^
The function
of this trust in such plan is to get the beneficial use of this
valuable art collection to the next generation without gift or
inheritance tax, and with deduction from income tax, and the use
of the forms of a charitable trust is but a mask to that purpose#
In any event the trust has not, in my opinion, operated
as intended by statute and exemption should be withheld until it is
so operated*
Assistant General Counsel
for the
Bureau of Internal Revenue#
2
December 30, 1930
June 5, 1931
March 30, 1932
$ 800,000*00
3,241,250*00
6,065,400o00
Instead of being, as the letter would lead to believe, a
comparatively small trust with cash of $45,000*00 and some incidental
personal property not significant enough to detail, it was in fact a
trust of very unusual size*
The letter detailed expenditures of $9,596*00 for charitable
purposes and $4,613*42 for educational purposes and 10£ for taxes* It
gave no impression that there was also an unexpended and permanent
capital of over $10,000,000*00*
Moreover, the failure to include this
large item, though going into great detail as to the smaller, con
cealed the major purpose of the trust which was not to make gifts to
charity but to hold title to the Mellon art collection.
SECOND
It is doubtful if the trust was organized for good faith
charitable or educational purposes*
The use indicates that it was to take over legal title, or
appearance of title of some of the Mellon art objects*
The trustees
were A* W« Mellon himself, his son Paul Mellon and his tax attorney
D* D* Shepard*
There was a purpose to keep control in A* W* Mellon’s
hands.
It is significant that, apart from his immediate family, the
only other trustee associated with the trust was distinguished, not
as an art expert, but as a tax expert*
When considered in connection with the way the trust has
actually operated, this strange set-up is strongly suggestive that the
purpose of the trust was that in which the sole stranger to the donor’ s
blood is especially skilled, and would be most useful*
This would be
tax avoidance*
third:
Whatever the covert purpose of the trust, it has not been
operated exclusively for charitable, religious, scientific, literary
or educational purposes, as required by Section 103 of the Revenue
Act of 1932*
January 22, 1935
MEMORANDUM FOR THE COMMISSIONER:
Re:
A* W* Mellon
Charitable & Educational Trust
The study of the income tax case of A* W* Mellon leads
to a study of this trust because in his petition to the Board of
Tax Appeals he claims credit for gifts to this trust of $3,241,250*00
in 1931*
A ruling to hold this trust exempt was applied for by
letter of Donald D* Shepard dated March 5, 1933 and received March 6,
1933*
The ruling requested was prepared and initialed March 7, 1933,
and dated and mailed March 8, 19330
The elapsed time indicates that
no independent investigation was made by the Bureau and that the
ruling was made in sole reliance upon the letter of Mro Shepard*
In view of the information now in hand, I suggest recon
sideration and probably revocation of the ruling of March 8, 1933
that the A* W* Mellon Charitable 3c Educational Trust is exempt under
the provisions of Section 103 (6) of the Revenue Act of 1932 and
corresponding provisions of Act of 1928, and that it would not be
required to file returns of annual income and that contributions to
it are deductible in computing net income of individual donors*
Grounds for the suggested revocation are:
First:
Second:
Third:
The ruling appears to have been obtained by a
concealment of material facts*
The trust was not organized exclusively for
charitable and educational purposes*
It has not been operated during any of these
years exclusively for charitable and educational
purposes*
FIRST
The letter of Mr* Shepard conceals the nature, magnitude
and true purpose of this trust*
He states that it received from
gifts a total of $45,255*19 and says, ”In addition the trust re
ceived by way of gift for educational purposes tangible personal
property of considerable value*n
As a matter of fact, in addition to the cash the trust
had then received from A* W* Mellon pictures valued at over
$10,000,000*00 as follows:
-
2-
The exemption referred to in this letter does not apply to
taxes levied under other titles or provisions of the Revenue Acts
of 1928 and 1932 except in so far as the exemption is granted
expressly under those provisions to corporations enumerated in
section 103o
Any changes in your organization or method of operation must
be imriBdiately reported to the collector of internal revenue for
your district in order that the effect of such changes upon your
present exempt status may be determinedo
^
Since your organization is entitled to exemption under the
provisions of section 103(6) of the Revenue Act of 1932 and the
corresponding provisions of the Revenue Act of 1928 it follows
that contributions made thereto are deductible in computing the
net income of individual donors in the manner and to the extent
provided by section 23(n) of the Revenue Act of 1932 and the cor
responding provisions of the Revenue Act of 1928*
A copy of this letter is being transmitted to the collector
of internal revenue for your district*
By direction of the Commissioner*
Respectfully,
(Signed)
W* T* Sherwood*
Acting Deputy Commissioner.
COPY
March 8, 1933*
IT:E:RR
LK
The A* W* Mellon Educational and Charitable Trust,
c/o Mr, Donald D« Shepard,
Investment Building,
Washington, D* C*
Sirs:
Reference is made to evidence submitted for the use of the
Bureau in determining the status of your organization for Federal
income tax purposes*
The evidence discloses that your organization was formed dur
ing 1930 for the purpose of aiding such religious, charitable,
scientific, literary and/or educational purposes as in the judgment
of the trustees shall be in furtherance of public welfare and tend
to promote the well-doing or well-being of mankind, and/or to or
for the use of the United States, any state, territory, or any
political subdivision thereof, or the District of Columbia, for
such exclusive public purposes as the trustees shall determine*
The purposes for which funds in your hands may be used are limited
to the purposes for which you were organized.
It is shown that
disbursements of the trust since its organization have been made
for educational purposes, charitable purposes and to organizations
which are engaged in charitable activities*
Scholarships have
been given and provided for and all funds have been used in further
ing the purposes for which your organization was formed*
You have
no capital stock and none of your income inures to the benefit of
any private manber or individual, it being specifically provided
that no part of the trust established, whether principal, income
or accumulations, be distributed to or inure to the benefit of
the donor or his heirs or personal representatives or to any of
the trustees or other successors in the trust*
Based on the foregoing it is held that your organization is
entitled to exemption under the provisions of section 103(6) of
the Revenue Act of 1932 and the corresponding provisions of the
Revenue Act of 1928*
You are not therefore required to file
returns of annual income for 1930 and subsequent years with
respect to each of which you retain your nontaxable status*
-3-
The amount expended by the Trust on account of these scholarships to
date has been $4,103*00*
In addition, the Trust in its educational activities has paid the
school expenses of one medical student at the University of Pittsburgh,
which is in effect a one year scholarship*
The Trust found it de
sirable to take this action because the medical student was in his
senior year and would have been forced to abandon his career because
of financial reverses of his family*
The Trust will be very glad to furnish the Bureau of Internal
Revenue with such other information as it may desire*
Respectfully,
THE A. W* MELLON EDUCATIONAL AND CHARITABLE TRUST.
by
(Signed)
D* D* Shepard
Trustee*
-
2-
With respect to disbursements of the Trust, on account of its
charitable activities, it may be said that the sum of $6,250*00 was
expended from January 1, 1931 to December 31, 1932 for the relief of
destitute boys and young men, such relief consisting of providing
shelter, meals, shoes and clothing, medical attention and transpor
tation, when necessary, for these boys and young men to their homes.
The trust also assisted in procuring positions,■both permanent and
temporary, for these charges*
Further information as to the number
of boys and young men granted relief, and the number of positions
secured for!them will be supplied, if desired*
It has been the ob
ject of the Trust, in all such cases, to make these unfortunates
self-supporting and the activities of the Trust have been directed
towards this end*
In addition to this work, the Trust in January, 1952, assisted
in the transportation to Pittsburgh of a large number of unemployed
men who came to Washington from, that city as a part of "Father Cox*s
Unemployment Army", and were left destitute in this city*
In addition to the above activities carried on directly by the
Trust, it has made a number of contributions to charitable institu
tions*
Such institutions are:
Trustee*
Do C* Chapter, American Red Cross*
Central Union Mission, Inc*, Washington, D* C*
Volunteer of America, Inc*, District of Columbia*
Save the Children Fund*
Russian Mat Hated War Veterans*
With respect to educational activities, the Trust has created two
scholarships, one being established at Yale University to be held by a
graduate of Clare College, Cambridge, England, and the other scholarship
was established at Clare College, Cambridge, to be held by a graduate of
Yale University,
These scholarships embrace a two year course of
study at Clare College, Cambridge, England, and a similar course of
study at Yale University*
The purpose of the Yale-Clare scholarship,
as set forth in a plan worked out by the Trustees of the Trust, reads:
"To promote relationships of friendship and
understanding between England and the United States,
to encourage a mutual expression of interest in the
life and thought of both nations, to advance the
cause of education by the exchange of ideas of edu
cational methods, to create a special tie between
Cambridge and Yale*"
DONALD D. SHEPARD
Investment Building
Washington. D. C,
V1
11
)o
Telephone National 5084 ^ 3
Cable Address, Rokeby*
^
March 5, 1933*
Commissioner of Internal Revenue,
Washington, D. C.
Attention: Rules and Regulations,
____________ Income Tax UnitQ
Si r :
Reference is made to my letter of February 25, 1933, enclosing
copy of The A* W. Mellon Educational and Charitable Trust agreement.
You are advised that since The A* W. Mellon Educational and
Charitable Trust was organized it has been operated exclusively for
charitable and educational purposes*
The total cash receipts of
the Trust from December 30, 1930 to December 31, 1932, as shown by
the audit statement of December 31, 1932, amounted to $45,255.19,
made up as follows:
Receipts from gifts
#45,000.00
Interest on daily bank balances
255.19
Total receipts to Dec. 31, 1932 #45,255*19.
In addition, the Trust received b y w a y of gift for educational pur
poses tangible personal property of considerable value.
The total disbursements of the Trust during this period, as shown
by the audit report, amounted to #14,210*02, of which #9,596.50 was ex
pended for charitable purposes; #4,613*42 for educational purposes;
and 10$f for Federal tax on checks.
No monies of the Trust was dis
bursed for salaries, and in fact the Trust had no overhead expenses
other than the sum of #10*42 for multigraphing scholarship prospectus.
Investment Building
7/ashington, D* C*
Telephone National 3084
Cable Address, Rokeby
February 25, 1933*
Commissioner of Internal Revenue,
Washington, D. C.
S i r ;
In accordance with the request of lip, F* R* Leary, I have to
enclose herewith copy of Deed of Trust between Andrew Wo Mellon,
party of the first part, and Andrew W* Mellon, Paul Mellon and
Donald D* Shepard, as Trustees, parties of the second part,
creating a Trust known and designated as nThe A* W* Mellon
Educational and Charitable Trust"o
I understand that a copy of this Deed of Trust is desired in
connection with the audit of the income tax return of the Honorable
Andrew
W*
Mellon for the year 1930®
When this instrument has
served its purpose, kindly have the same returned to me*
Yours very truly,
(Signed)
Enclosure
D* D* Shepard*
[She Bureau has also taken the position which is "being maintained in a pro
ceeding "before the Board of Sax Appeals,that donations of art objects of great
value said to have been made by Mr# Andrew W# Mellon to the A .W . Mellon Chatitable
9
and Educational Trust during the calendar year 1931^ were not deductable for
income taxation purposes from Mr# Andrew
It. Mellon’s income for that year, since
no evidence has at any time been presented to the Bureau that if such donations
were made they were actually made for educational and charitable purposes#
^ If Mr# Mellon should, during the present calendar year or in any future year,
make irrevocable gifts of money or of objects of art or of any other things of
value to a genuine public educational or charitable purpose, he will be entitled
to claim, and will be grantecLthe right to make any and all of the deductions
on £ & account of such gifts which are allowable under the existing laws#”
The following are copies of the documents to which references have been
made above*
FOR RELEASE
MORNING NEWSPAPERS
Sunday, April 7, 1935*
Guy T. Helvering, Commissioner of Internal Revenue, today made public a file
of correspondence and a memorandum o f the Assistant General Counsel for the Bureau
of Internal Revenue relating to eligibility for tax exemption of the A*W* Mellon
Charitable and Educational Trust*
In making public these records, Mr# Helvering
issued the following explanatory statement:
nNewspaper articles and editorials within the last two days rev^l material
misconceptions of the facts of the position and rulings of the Bureau of Internal
Revenue with respect to the taxability of the A.W. Mellon Charitable and
Educational Trust and the right of Mr® Andrew W • Mellon
to claim deductions
from income for tax purposes on account of donations made by him to this Trust*
It has been asserted
that ^ b y a sudden reversal of decision the Treasury
^
‘Ko'CLt
Department holds that the projected gift by Andrew W. Mellon of $50,000,000 for
A
a National Gallery of Art would not be exempt from taxation, and it is stated
that this ruling placej the project in serious jeopardy*
u_
Neither the Treasury Department nor the Bureau of Internal Revenue has
~ ik
V
V‘ 3
announced any
ruling nor
any o(a>to decision be»ft made*
|
A
The ruli
rulings made
by the Bureau of Internal Revenue and the Treasury Department have been solely
on the questions!) (l) of the liability to taxation of the A*W* Mellon Charitable and
Educational Trust, and (2) as to the right of Andrew W® Mellon to claim deductions
from income for taxation purposes on account of donations made to the A*W. Mellon
Charitable and Educational Trust*
f/As to the first, the Bureau has held, in a letter to Mr. Donald D* Shepard,
a Trustee of the A*W* Mellon Educational and Charitable Trust, that this trust
is not a trust organized and operated exclusively for educational and charitable
A
taxation*
This letter rescinds a Bureau letter ..dated March 8, 1933, finding^on
the basis of evidence then before the Bureau that the Trust would be exempt from
such taxation*
■■■■■in
purposes and that- therefore, it is not entitled to claim exemotion from incane
TREASURY DEPARTMENT
Washington
FOR RELEASE ,MORNING- NEWSPAPERS,
Sunday, April 7. 1935._________ *
4—6— 35*
Press Service
No. 4-72
Guy T. Helvering, Commissioner of Internal Revenue, today made public a file
of correspondence and a memorandum of the Assistant General Counsel for the Bureau
of Internal Revenue relating to eligibility for tax exemption of
the A.W. Mellon
Charitable and Educational Trust.
In making public these records, Mr. Helvering
issued the following explanatory statement :
“Newspaper articles and editorials within the last two days reveal material
misconceptions of the facts of the position and rulings of the Bureau of Internal
Revenue with respect to the taxability of the A.W. Mellon Charitable and
Educational Trust and the right of Mr. Andrew W. Mellon to claim deductions from
income for tax purposes on account of donations made by him to this Trust*
"It has been asserted that by a sudden reversal of decision the Treasury
Department holds that the projected gift to the Nation by Andrew W. Mellon of
$50,000,000 for a National Gallery of Art would not be exempt from taxation, and
it is stated that this ruling places the project in serious jeopardy*
"Neither the Treasury Department nor the Bureau of Internal Revenue has
announced any ruling or made any decision that the projected gift of a National
Art Gallery would not be exempt from taxation.
The rulings made by the Bureau
°f Internal Avenue and the Treasury Department have been solely on the questions
) of the liability to taxation of the A.W. Mellon Charitable and Educational’
^ust, and (2) as to the right of Andrew W. Mellon to claim deductions from
income for taxation purposes on account of donations made to th« A.W. Mellon
Charitable and Educational Trust*
"As to the first, the Bureau has held, in a letter to Mr. Donald D. Shepard.
-2a Trustee of the A.W. Mellon Educational and Charitable Trust, that this trust
is not a trust organized and operated exclusively for educational and charitable
purposes, as prescribed by the Statute, and that, therefore, it is not entitled
to claim exemption from income taxation*
This letter rescinds a Bureau letter
dated March 8, 1933, finding, on the basis of evidence then before the Bureau,
that the1 Trust would be exempt from such taxation*
The Bureau has also taken the post ion which is being maintained in a pro~
ceeding before the Board of Tax Appeals, that donations of art objects of
great value said to have been made by Mr* Andrew W* Mellon to the A*W* Mellon
Charitable and Educational Trust during the calendar year 1931 were not
deductible for income taxation purposes from Mr. Andrew Y!• Mellon*s income for
that year, since no evidence has at any time been presented to the Bureau that
if such donations were made they were actually made for educational and charitable
purposes*
"If Mr. Mellon should, during the present calendar year or in any future
year, make irrevocable gifts of money or of objects of art or of any other
things of value to a genuine public educational or charitable purpose, he will
be entitled to claim, and will be granted, the right to make any and all of
the deductions on account of such gifts which are allowable under the existing
laws*"
The following are copies of the documents to which references have been
made above:
/
-3-
DONALD D. SHEPARD
Investment Building
Washington, D. C.
Telephone National 30&U
Cable Address, Rokeby
February
25, 1933-
Commissioner of Internal Revenue,
Washington, D. C.
Sir:
In accordance with the request of Mr. F. R. Leary, I have to
enclose herewith copy of Deed of Trust between Andrew W. Mellon,
party of the first part, and Andrew W. Mellon, Paul Mellon and
Donald D. Shepard, as. Trustees, parties of the second part,
creating a Trust known and designated as "The A. W. Mellon
Educational and Charitable Trust".
I understand that a copy of this Deed of Trust is desired in
connection with the audit of the income tax return of the Honorable
Andrew W. Mellon for the year 1930*
When this instrument has
served its purpose, kindly have the same returned to me.
Yours very truly,
(Signed) D. D. Shepard.
Enclosure
DONALD D. SHEPARD
Investment Building
Washington, D. C.
Telephone National 30SU
Cable Address, Rokeby.
March 5 , 1 9 3 3 .
Commissioner of Internal Revenue,
Washington, D. C.
Attention: Rules and Regulations,
__________Income Tax Unit.______
Sir:
Reference is made to my letter of February 25, 1933* enclosing
copy of The A. W. Mellon Educational and Charitable Trust Agreement*
You are advised that since The A. W. Mellon Educational and
Charitable Trust was organized it has been operated exclusively for
charitable and educational purposes. The total* cash receipts of
the Trust from December 30> 1930 to December 31> 193^» as shown by
the audit statement of December Jl, 193^» amounted to $^-5»255»19»
made up as follows:
Receipts from gifts
^
Interest on daily bank balances
$^5*000.00
Total receipts to Dec* 31* 193^
$^-5>255*19*
235*19
In addition, the Trust received by way of gift for educational pur
poses tangible personal property of considerable value.
The total disbursements of the Trust during this period, as shown
by the audit report, amounted to $lU,210.02, of which $9 »596*50 was ex
pended for charitable purposes; $4,613*^2 for educational purposes;
and 10 <
p for Federal tax on checks. No monies of the Trust was dis
bursed for salaries, and in fact the Trust had no overhead expenses
other than the sum of $10.U2 for multigraphing scholarship prospectus.
Yfith respect to disbursements of the Trust, on account of its
charitable activities, it may be said that the sum of $6,250.00 was
expended from January 1, 1931 to December 31t 193^ f°r the relief of
destitute boys and young men, such relief consisting of providing
shelter, meals, shoes and clothing, medical attention and transpor
tation, when necessary, for these boys and young men to their homes.
The trust also assisted in procuring positions, both permanent and
temoorary, for these charges. Further information as to the number
of boys and young men granted relief, and the number of positions
secured for them will be supplied, ii desired. It has been t e o
ject of the Trust, in all such cases, to make these unfortunates
self-supporting and the activities of the Trust have been directed
towards this end.
In addition to this work, the Trust in January, 193^1 assisted
in the transportation to Pittsburgh of a large number of unemployed
men who came to Washington from that city as^a part of Father Pox s
Unemployment Army11, and were left destitute in this city.
In addition to the above activities carried on directly by the
Trust, it has made a number of contributions to charitable institu
tions. Such institutions are:
D. C. Chapter, American Red Cross.
Central Union Mission,. Inc., Washington, D. C.
Volunteer of America, Inc., District of Columbia.
Save the Children Fund.
Russian Mutilated War Veterans.
With resnect to educational activities, the Trust has created two
scholarships," one being established at Yale University to be held by a
graduate of Clare College, Cambridge, England, and the other scholarship
was established at Clare College, Cambridge, to be held by a graduate o
Yale University. These scholarships embrace a two year course o
study at Clare College, Cambridge, England, and a similar course of
study at Yale University. The purpose of the Yale-Clare scholars ip»
as set forth in a plan worked out by the Trustees of the Trust, read. .
"To promote relationships of friendship and
understanding between England and the United States,
to encourage a mutual expression of interest in the
life and thought of both nations, to advance the
cause Of education by the exchange of ideas of edu
cational methods, to create a special tie between
Cambridge and Yale."
-6-
The amount expended "by the Trust on account of these scholarships to
date has been $U,1 0 3 .0 0 .
In addition, the Trust in its educational activities has paid the
school expenses of one medical student at the Univeristy of Pittsburgh,
which is in effect a one year scholarship. The Trust found it de
sirable to take this action because the medical student was in his
senior year and would have been forced to abandon his career because
of financial reverses of his family.
The Trust will be very glad to furnish the Bureau of Internal
Revenue with such other information as it may desire.
Respectfully,
THE A. W. MELLON EDUCATIONAL AND CHARITABLE TRUST.
by
(Signed) D. D. Shepard
Trustee.
-7-
COPY
March 8>, 1933*
IT:E:RR
LK
The A. W. Mellon Educational and Charitable Trust,
c/o Mr. Donald D. Shepard,
Investment Building,
Washington, D. C.
Sirs:
Reference is made to evidence submitted for the use of the
Bureau in determining the status of your organization for Federal
income tax purposes.
The evidence discloses that your organization was xormed dur
ing 1930 for the purpose of aiding such religious, charitable,
scientific, literary and/or educational purposes as in the judgment
of the trustees shall be in furtherance of public welfare and tend
to promote the well-doing or well-being of mankind, and/or to or
for the use of the United States, any state, territory, or any
political subdivision thereof, or the District of Columbia, for
such exclusive public purposes as the trustees shall determine.
The purposes for which funds in your hands may be used are limited
to the purposes for which you were organized. It is shown that
disbursements of the trust since its organization have been made
for educational purposes, charitable purposes and to organizations
which are engaged in charitable activities. Scholarships have
been given and provided for and all funds have been used in further
ing the purposes for which your organization was formed. You have
no capital stock and none of your income inures to the benefit of
any private member or individual, it being specifically provided
that no part of the trust established, whether principal, income
or accumulations, be distributed to or inure to the benefit of
the donor or his heirs or personal representatives or to any of
the trustees or other successors in the trust.
Based on the foregoing it is held that your organization is
entitled to exemption under the provisions of section 103(6 ) of
the Revenue Act of 1932 and the corresponding provisions of the
Revenue Act of 1928. You are not therefore required to file
returns of annual income for 193^ and subsequent years with
respect to each of which you retain your nontaxable status.
-8-
The exemption referred to in this letter does not apply to
taxes levied -under other titles or provisions of the Revenue Acts
of 1928 and 19 32 except in so far as the exemption is granted
expressly under those provisions to corporations enumerated in
section 1 0 3 .
Any changes in your organization or method of operation must
!e immediately reported, to the collector of internal revenue for
your district in order that the effect of such changes upon your
present exempt status may he determined.
Since your organization is entitled to exemption under the
provisions of section 103(6) of the Revenue Act of 1932 and the
corresponding provisions of the Revenue Act of 1928 it follows
that contributions made thereto are deductible in computing the
net income of individual donors in the manner and to the extent
provided by section 23(n) of the Revenue Act of 1932 and the cor
responding provisions of the Revenue Act of 1928*
A copy of this letter is being transmitted to the collector
of internal revenue for your district.
By direction of the Commissioner.
Respectfully*
(Signed) ft. T. Sherwood.
Acting Deputy Commissioner.
-
9-
January 22, 1935.
m m M m m
for the commissioner:
He:
A. W. Mellon
Charitable & Educational Trust
The study of the income tax case of A. W. Mellon leads
to a study of this trust because in his petition to the Board of
Tax Appeals he claims credit for gifts to this trust of $3,241,250.00
in 1931#
A ruling to hold this trust exempt was applied for by
letter of Donald D. Shepard dated March 5, 1933 and received March 6,
1933*
The ruling requested was prepared and initialed March 7, 1933,
and dated and mailed March 8, 1933.
The elapsed time indicates that
no independent investigation was made by the Bureau and that the
ruling was made in sole reliance upon the letter of Mr. Shepard.
In view of the information now in hand, I suggest recon
sideration and probably revocation of the ruling of March 8, 1933
that the A. W. Mellon Charitable & Educational Trust is exempt under
the provisions of Section 103 (6) of the Revenue Act of 1932 and
corresponding provisions of Act of 1928, and that it "would not be
required to file returns of annual income and that contributions to
it are deductible in computing net income of individual donors.
Grounds for the suggested revocation are:
First:
The ruling appears to have been obtained by a
concealment of material facts.
Second:
The trust was not organized exclusively for
charitable and educational purposes.
Third!
It has not been operated during any of these
years exclusively for charitable and educational
purposes.
FIRST
The letter of Mr. Shepard conceals the nature, magnitude
and true purpose of this trust.
He states that it received from
gifts a total of $45,255.19 and says, ,TIn addition the trust re
ceived by way of gift for educational purposes tangible personal
property of considerable value.,f
As a matter of fact, in addition to the cash the trust
had then received from A. W. Mellon pictures valued at over
$10,000,000.00 as follows*
~10~
December 30, 1930
June 5, 1931
March 30, 1932
$ 800,000*00
3,241,250*00
6,065,400.00
Instead of being, as the letter would lead to believe, a
comparatively small trust with cash of $45,000*00 and some incidental
personal property not significant enough to detail, it was in fact a
trust of very -unusual size.
The letter detailed expenditures of $9,596*00 for charitable
purposes and $4,613.42 for educational purposes and 10# for taxes. It
gave no impression that there was also an unexpended and permanent
capital of over $10,000,000*00.
Moreover, the failure to include tnis
large item, though going into great detail as to the smaller,^con
cealed the major purpose of the trust which was not to make gifts to
charity but to hold title to the Mellon art collection.
SECOND
It is doubtful if the trust was organised for good faith
charitable or educational purposes.
The use indicates that it was to take over legal title, or
appearance of title of some of the Mellon art objects* The trustees
were A* W. Mellon himself, his son Paul Mellon and his tax attorney
D. D. Shepard.
There was a purpose to keep control in A. W. Mellon s
hands.
It is significant that, apart from his immediate ^family, the
only other trustee associated with the trust was distinguished, not
as an art expert, but as a tax expert*
When considered in connection with the way the trust has
actually operated, this strange set—up is strongly suggestive that the
purpose of the trust was that in which the sole stranger to the donor s
blood is especially skilled, and would be most useful. This would be
tax avoidance*
THIRD
Whatever the covert purpose of the trust, it has not been
operated exclusively for charitable, religious, scientific, literary
or educational purposes, as required by Section 103 of the Revenue
Act of 1932.
-li
lts gifts to charity and for educational purposes are
hut trifling and incidental, compared with its main function as
a holding trust for Mr. Mellon’s art works where tney will not he
subject to either gift or inheritance taxes. It has received
pictures valued at over $10,000,000.00, and also 10,000 shares of
Pullman Company stock valued at $507,500.00 in four tax years.
It is apparent that the gifts to charity are a small price to pay
for the past and prospective exemption privilege.
The intent of Congress in providing for this exemption
was doubtless to encourage those who would provide for public needs
in educational, religious, charitable or scientific lines.
These pictures have not been available for public instruc
tion or inspection. Your agents have been refused access to them.
Only after service of a summons could I learn their location,
now appears that those pictures presented to the trust during1930
and 1931 are located in a room in the Corcoran Art Gallery, the use
of which was extended to Mr, Mellon as a personal favor. We can no
yet learn where the pictures given in 1932 valued at $6,000,000.00
are located. We have been able to get no evidence of any public or
semi-public exhibition of these pictures or any charitable or edu
cational use outside of the Mellon family.
The powers of the trustees are unsupervised and unlimited.
The lack of frankness in seeking the ruling and the same lack of
frankness now leads me to believe tnat this trust is 'pa.Tt of the
Mellon plan of tax avoidance and perhaps of evasion. The function
of this trust in such plan is to get the beneficial use of this
valuable art collection to the next generation without gift or
inheritance tax, and with deduction from income tax, and the use
of the forms of a charitable trust is but a mask to that purpose.
In any event the trust has not, in my opinion, operated
as intended by statute and exemption should be withheld until it is
so operated.
Respectfully submitted,
ROBERT H. JACKSON
Assistant General Counsel
for the
Bureau of Internal Revenue.
TREASURY DEPARTMENT
WASHINGTON
April 3, 1935.
Mr. Donald D. Shepard,
c/o Mr, A, W, Mellon,
Mellon National Bank Building,
Pittsburgh, Pa.
Sir:
Reference is made to Bureau letter dated March 8, 1933, in which
you were advised that ’’The A. W. Mellon Educational and. Charitable
Trust" is entitled to exemotion under the provisions of Section 10 k )
of the Revenue Act of 1932 and the corresponding provisions of tne
Revenue Act of 1928; and that contributions made thereto are deducti
ble in computing the net income of individual donors in ne manner
and to the extent provided by Section 23(n) of the Revenue Act ox
1932 and the corresponding provisions of the Revenue Act oi
#
Those conclusions were based upon information which you
by letters dated Pebruary 25, 1933 and March 5, 193 .
It now appears that no consideration was given
Qnea|i^h
whether the instrument- dated December 30, 1930, was su lcieiu a
matter of law to establish a valid charitable trust. It f^ t h e
appears that the information furnished by you was incomplete and
leading, in that it failed to disclose the nature, magnitude and true
purpose of the so-called trust.
On the basis of evidence now on file, it jjfc the
of this of
fice that "The A. W. Mellon Educational and Charitable Trus
Wb
a trust organized and operated exclusively for the purposes se
in Section 23(n) of the Revenue Act of 1932, and corresponding pro
visions of other revenue acts. Accordingly, the above-mentioned
Bureau letter dated March 8, 1933, is hereby rescinded.
By direction of the Commissioner.
Respectfully,
(Signed)
CHARLES T. RUSSELL?
Deputy Commissioner,
TREASURY DEPARTMENT
Washington
April 8, 1935,
memorandum f or the press
RECEIPTS OF SILVER BY THE MINTS AND ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1933)
Week ended April 5, 1955:
••••••.••..... .......
820,566.33 fine ounces
Philadelphia ...
4 ,8 1 9 .5 6
*
n
San Francisco •• ........... !!!!!!!.!!............
!!!!!!!!!!!!!!!...................
1
0
.8
1
2
.0
0
n
n
Denver
Total for week ended April 5, 1955 .................. .
»
"
Total receipts through April 5, 1955 ................ 52,611,000.00
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended April 5, 1935:
Philadelphia.......................... ...... .
New York ........ ....................... .
San Francisco ............................ .....
1.333.00 fine ounces
2.418.00
”
"
293.00
B
125.00
"
"
422.00
”
572.00
”
"
5,163.00
D e n v e r .... ............. ........ .........
New Orleans
S e a t t l e ....... •«••••••••••••••••*••••••......
Total for week ended April 5, 1935 ...... .........
Total receipts through April 5, 1935 ..............
112,594,155.00
KECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Week ended April 5, 1935:
Imports
13,420.96
14,503,900.00
,
36,048.45
.
52,141.00
.
15,415.01
$
Seattle .»»•»••••••••••••••••••
Total for week ended April 5, 1935 $14,620,925.42
Secondary
$ 150,766.82
591,100.00
113,901.87
42,859.00
47,209.13
18.601.23
$ 964,438.05
New
Domestic
$
662.58
140,100.00|
801,854.15
533,696.00
2,135.4j
201.247J
$1,684,675.'/
nm/n ■RFr.ETVEB BY FEDERAL RESERVE BANKS AND THE TREASURER’S OFFICE:
(Under Secretary’s Order of December 28, 1933)
Gold Coin
Received by Federal Reserve Banks:
$
33,012.15
Week ended April 3, 1935 ••••..
Received previously ••••••••••• 30.149.253.69
Total to April 3, 1935 •••••••• $30,182,265.84
Received by Treasurer’s Office:
Week ended April 3, 1935 ...
Received previously ••••••••
Total to April 3, 1935
NOTE:
700.00
260,606.00
261,306.00
Gold bars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported.
Gold Certificates_
$
516 ,620.00
87,703 .820.00
$88,220 ,440.00
$
11,700.00
2.076.800.00
$ 2,088,500.00
TREASURY DEPARTMENT
Washington
m b m o r ATOHM
?OH TUB PBBSS
Aprl'L 8 ’ 1S35,
B3C2IPTS UF SILVER BY THS MINTS AMD ASSAY .OFFICES:
(Under Executive Proclamation of December 21, 1933)
Week ended April 5, 1935:
Philadelphia................ ........■
......
San Francisco . •••...... .......................
Denver •...... ............................
Total for week ended April 5, 1935 ...............
Total receipts through April 5, 1935 . .*.... .. ...
820,566.33 fine ounces
4,819.56
n
”
10.812.00
9
*
836,197.89
n
11
32,611,000.00
H
11
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended April 5, 1935:
Philadelphia ........ .........*’•■
New York ........................j
San Francisco ...... *•.... .
Denver ......... . •*.... .
New Orleans .....................
Seattle ..... ..........
Total for week ended April 5, 1935 .
Total receipts through April 5, 1935
1,333.00 fine ounces
ti
n
2,418.00
ii
it
293.00
ti
1!
125.00
ii
tt
422.00
ii
ti
572.00
ii
!
!
«
5,163.00
it
If
112,594,155.00
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Imports
Week ended April 5, 1935:
_____
$
13,420.96
Philadelphia ..................
14,503,900.00
New York .*■.... ...........
36,048.45
San Francisco .............
52.141.00
Denver...... *.......
15.415.01
New Orleans ...........
Seattle ...............
Total for week ended April 5, 1935 $ 1 4 ,6 2 0,925o 42
Secondary
$ 150,766.82
591,100.00
113,901.87
42,859.00
47,209.13
18.601.23
$ 964,438.05
New
Domestic
$
662.38
140.100.00
801,834.15
538.696.00
2,135.49
201.247.77
$1,684,675.79
GOLD RECEIVED 3Y FEDERAL RESERVE RINKS AND THE TREASURER’S OFFICE:
_
(Under Secretary’s Order of December 28, 1933)
Received by Federal Reserve Banks: ____Gold Coin
Week ended April 3, 1935 »..••• $
33,012.15
Received previously
Total to April 3, 1935 ....... $30,182,265.84
Received by Treasurer’s Office:
Week ended April 3, 1935 ...... $
Received previously ..........
Total to April 3, 1935 ........ $
NOTE;
700.00
260,606.00 _
261,306.00
Gold bars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported.
Gold Certificates
$
5 1 6 ,6 2 0 .0 0
J3 7 .7 0 3 .8 2 0 .0 0
$ 8 8 ,2 2 0 ,4 4 0 .0 0
$
11,700.00
2.076.800.00
$ 2,088,500.00
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, April 9« 1985*
4/8/36
Press Service
-^">3
"
Secretary of the Treasury Morgenthau announced last
evening that the tenders for $50,000,000, or thereabouts,
of 273-day Treasury bills, dated April 10, 1935, and
maturing January 8, 1986, which were offered on April 5,
were opened at the Federal Reserve banks on April 8, 1985.
The total amount applied for was $109,147,000, of
which $50,062,000 was accepted. The accepted bids ranged
in price from 99*898, equivalent to a rate of about 0*185
percent per annum, to 99*857, equivalent to a rate of
about 0.189 percent per annum, on a bank discount basis*
Only part of the amount bid for at the latter price was
accepted. The average price of Treasury bills to be
issued is 99*867 and the average rate is about 0*176 per
cent per annum on a bank discount basis*
TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING NEWSPAPERS,
Tuesday, April 9, 1935.________
4/8/35
Press Service
^°*
^
Secretary of the Treasury Morgenthau announced last evening that the
tenders for $50,000,000, or thereabouts, of 273-day Treasury hills, dated
April 10, 1935, and maturing January 8, 1936, which were offered on April 5,
were opened at the Federal Reserve hanks on April 8, 1935*
The total amount applied for was $109,147,000, of which $50,062,000
was accepted*
The accepted bids ranged in price from 99*898, equivalent to
a rate of about 0.135 percent per annum, to 99*857, equivalent to a rate of
about 0*189 percent per annum, on a bank discount basis*
amount bid for at the latter price was accepted*
Only part of the
The average price of
Treasury bills to be issued is 99.867 and the average rate is about 0*176
percent per annum on a bank discount basis.
BI fHE PK£'SXP$M O f THE V8ET&& S&tfflSS
a
Of A M M C A
FBmmmim
iSSHl&Sf toy Proolftssft.’t i o a o f U»- tw © »ty-*flr»t dtgr o f B*eoob*r*
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?roeX&ms.ao» of ti» ttlflAfe
«* Ave»»t, W * »
tM United states eois&g* aiats &r# d iraeto to receive for ooi^s#
ti(l addition to tbo aoaot«*y ntneiui o f t2» United States Silvas
atyadi ottbooQOMst to leoanfeer 'Si# 1338 tram natural mymiX® in t o
i n f i l l Stab*# « « f pine* ©object to the ju risd ictio n t o r e o f j t o
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stay seen to require#
jD t# ¥S&SVQBEt fia & to t o t Juft in te re sts of t o United States
xmy&m ftartiwr t o i f t o b t o of said FraoUantlon of t o t o a t y - f i r s t
day of Uocotor* I t i S f by virtue of t o jpsnwr in m vm Ud h? t o
se ts o f Songs*** e l t o in said f t o t o * t i o % and o t o r leg isla tio n
designated for m tio m l m oror/» nad by virtue of a l l o t o r authority
la m m stcd|
tsjr pl&o#
if
ftor
m t to Ik# jo rlo d ie tio ft t y p § if # t&e doduotloa
and ««n ictft parfomod I f Ik* Sovaraoa&t s®®31
atoadferd ailtat doll&rt, oilvar oortlfieat*#, air isyr #iii«tr
e -fit or
of t e ik tt# t S tate# Ha# mo&at&r? »#Im# o f
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cook ded&olioft o f
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tuito*
IS H f l i t s S5*&20if I kora karatml# ««l H f kii&d sod garst##
Ik# ##i%E o f Ik# HfeStaf S t& te I# I# o ff ted *
'
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f / C A M U f
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lO tk do? o f i f f U ( i t ik# t*^ r #f <w
l o i i ftiaataao fcuadrad and tk lrtp » f ira#
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fiftp -o l& ttu
sad
—
,
b
if M
mmtmm m
« bk
warn s t if f s m mmxca
4 mmuumoM
f l U U J , if Proclamation of % m ts?o*ity*firot day #f
ilooe&tor* 1 9 3 3 #
^jT # f lu # to t*
modified fcy W t w X m m & i m . #f ll# sl*tlt
ifeo Waited §t®S#o ooiaago m ini* « i«
directed to rooolr# f o r ooto&s# s M addition to tfe* ssaon#*
tttfy stoott* of tko Sklted Stole* « U w
to £#o«siO#r if* lf33 f 3^
mined ic&fteejuo&t
sotora! deposits in tit# United
S t ^ « # or m y plaoo outjoot to tfco Jariodiotioa thereof;
f M E M & g , inch & m G l m ® - % i m m
m
to roeooatioa or further aodifioiitioa
tfc# UnitOd St«t#o ®ay «o
m
siodifitd i« oufejoet
m % m interest of
t# rsqoiro*
fSSUPQBlf finding tlttt Ht# lntor*«to of Uio
I01f
M l t « d Stotoo refair# fnrtiier modification of o&id P r o c U «otioo of tit# twenty-first day of hecoG&ftr* 1 9 3 3 t %
rirtuo
of tfc# PO'^tr to me rested Oy the oot| of Congress oiled to
raid Proolea*Uo&* aad oilier legislation dooiganted for
national rteortty, and t y U r i n e of oil ether authority to
®# vested*
it m m i i
i. m m m m ,
i
M
m
of the m m m
Stiffs of AMIXiCA, do proclaim ©ad diroot that with respect
lo oil it Ivor received ty * Hat tod States ooiftago slat
i^ior the prortoloii# of Ido Proclamation of the tweatyfirot day of lleeeafetr, *933 S g 9
sued *lst* subject to
regulation^ prescribed hereundtr by the Boorotary of the
froiumry, 1$ sot lifted feat been nin#d on or after jprif
10* 1939 *
tfm astern! deposite |s th* m $t«& Stale# or
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Wednesday, April 10, 1955.
Press Service
No. 4 - 74
The President today issued a proclamation amending his proclamation
of December 21, 1953, with respect to coinage of silver so as to provide
that the
seigniorage on newly mined domestic silver presented to
the mints for coinage shall be
per cent instead of 50 per cent
as provided in the proclamation of December 21, 1933.
The new rate of
seigniorage will be applied to all silver mined on and after today,
^^rU^JZ
Wednesday, April 10, 1935.
The effect of the proclamation will be to increase the net^ g g e.
.
■_
riniri hr tibn miiir^r for newly mined domestic silver from approximately
64.6 cents per fine ounce to
cents per fine ounce.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Wednesday, April 10, 1935.
Press Service
No. 4 - 7 4
p
The President today issued a proclamation amending his proclamation of
December 21, 1933, with respect to coinage of silver so as to provide that
the seigniorage on newly mined domestic silver presented to the mints for
coinage shall he
45
per cent instead of 50 per cent as provided in the
proclamation of December 21, 1933*
The new rate of seigniorage will be
applied to all silver mined on and after today, Wednesday, April 10, 1935*
The effect of the proclamation will be to increase the net amount
returned for newly mined domestic silver from approximately 64*6 cents per
fine ounce to approximately
71
cents per fino ounce.
BY THE PRESIDENT OF THE UNITED STATES OF AMERICA
A PROCLAMATION
WHEREAS, by Proclamation of the twenty~first day of December, 1933,
as modified by Proclamation of the ninth day of August, 1934, the United
States coinage mints are directed to receive for coinage and addition to the
monetary stocks of the United States silver mined subsequent to December 21,
1933 from natural deposits in the United States or anyplace subject to the
jurisdiction thereof; and
WHEREAS, such Proclamation as so modified is subject to revocation
or further modification as the interest of the United States may seem to
require•
NOW, THEREFORE, finding that the interests of the United States require
further modification of said Proclamation of the twenty-first day of December,
1933; by virtue of the power in me vested by the act
of Congress cited in
said Proclamation, and other legislation designated for national recovery,
and by virtue of all other authority in me vested;
I,
FRANKLIN D. ROOSEVELT, PRESIDENT of the UNITED STATES of AMERICA,
do proclaim and direct that with respect to all silver received by a
United States coinage mint under the provisions of the Proclamation of the
twenty—first day of December, 1933, which such mint, subject to regulations
prescribed hereunder by the Secretary of the Treasury, is satisfied has been
mined On or after April 10, 1935, from natural deposits in the United States or
any place subject to the jurisdiction thereof, the deduction for
seigniorage and services performed by the Government shall be 45
per cent'and there'shall be returned therefor in standard silver
dollars, silver certificates, or any other coin or currency of
the United States, the monetary value of the silver so received
(that is, $1,2929/
a fine ounce), less such deduction of
45
per cent,
Hotice is hereby given that I reserve the right by virtue of
the authority vested in me to revoke or modify this proclamation
as the interest of the United States may seem to require.
IN WITNESS WHEREOF I have hereunto set my hand and caused the
seal of the United Sta/fces to be affixed.
BONE at the City of Washington this 10th day of April,
in the year of our Lord nineteen
,
hundred and thirty-five, and of
(SEAL)
the Independence of the United
State's of America the one hundred
and fifty-ninth,
FRANKLIN D. ROOSEVELT
By the President:
CORDELL HULL
Secretary of State,
FOUBTE LIBERTY LQAH 4-1/4 PERCENT BONDS OF 1933-38
HO TIPS Off FOURTH AND FINAL CALL FOB HEDSMPHQN BEFORE MA1U3&TY
To Holders of Fourth Liberty Loan 4-1/4 percen t Bonds of 1933-38, and.,0thg£5.
Concerned;
Public notice is hereby givens
1. All outstanding Fourth Liberty Loan 4-1/4 percent bonds of 1953-38
(Fourth 4-1/4’e) bearing serial numbers the final digit of which is 3 or 4
(such serial numbers in the ease of permanent coupon bonds being prefixed by
the corresponding distinguishing letter C or D, respeotirely), are hereby called
for redemption on October 15, 1935, on whioh date interest on such bonds oalled
for redemption will ceases
2. Full information regarding the presentation and surrender of Fourth
4-1/498 for redemption under this call will be given in a Treasury Department
Circular to be issued latere
3. Holders of Fourth 4-1/4’s now called for redemption on October 15, 1935,
may, in advance of that date, be offered the privilege of exchanging all or any
part of their called bonds for other interest-bearing obligations of the United
States, in which event public notice will hereafter be given#
*
Treasury Department,
Washington, April 13, 1935.
? HENRY MORCBENTHAD, JR.,
Secretary of the Treasury
fBMMM
imdokimi
?rm& Servian
F08 HSUS&S^r? P.M^SRJNDAY,
H
1,^-
"
T ^
Secretary of til© treasury lorgeatteu today announced the © & H
of til© telasca of the Fourth Liberty
b~l/l percent tends of
1933-3$ for redemption on October 15, 1935#
Lo&a tends included la this fourth end
the Fourth Liberty
tlml cell for redemption,
aaouatiug to about #1,250,000,000, are those bearing aerial numbers
ending
in the digit 3 or 4*
Bends of the Fourth Liberty Loan were originally issued under
dot# of October 24, 1913, in the wouasit of about #6*965*000,000.
0ubeequtmi to their issue, end prior to the first call for partial
redemption, which wan mad# oa October 12, 1933,
ef these bonds wore retired#
mmrXy 1700,000,000
The first three calls for partial re-
mru, laavirig about $1,250,000,003 outataaiios.
Of the #5,003,000,000
of bead, in.ym.ad to the first three ealla, shout #4,315,300,000 wars
exchsaged for other interest-bearing obligations, sad about #320 ,000,000
•ore h a w bean paid in cash.
Host of the reaainiag 13*8,000,000 "ill be
redeemed on April 15 or shortly thereafter*
the S*eretm*y stated that it is probable that prior to October 15,
1935, holders of the Fourth Liberty Loan tends included in the fourth
and final call for redoaptioa may be offered the privilege of ewsteaglag those tends for otter interest-tearing obligation® of the United
States*
'Bit tent of the formal notice of call 1® me follows t
TREASURY DEPARTMENT
Washington
FOR RELEASE, 7 P.M. SUNDAY,
April 14. 1 9 5 5 o ________
4—13*^35•
Press Service
No. 4-75
• Secretary of the Treasury Morgenthan today announced the call of the balance
of the Fourth Liberty Loan 4—1/4 percent bonds of 1933—38 for redemption on October
15, 1935.
The Fourth Liberty Loan Bonds included in this fourth and final call for
redemption, amounting to about $1,250,000,000, are those bearing serial numbers
ending in the digit 3 or 4.
Bonds of the Fourth Liberty Loan were originally issued under date of October
24, 1918, in the amount of about $6,965,0^0,000*
Subsequent to their issue, and
prior to the first call for partial redemption, which 7/as made on October 12,1933,
nearly $700,000,000 of these bonds were retired.
The first three calls for partial
redemption paved the way for the retirement of about $5,000,000,000 more, leaving
about $1,250,000,000 outstanding.
Of the $5,000,000,000 of bonds included in the
xirst tnrec calls, about $4,315,000,000 were exchanged for other interest-bearing
ooliga,ti jns, and about $320,000,000 more have boon paid in cash.-
Most of. the
remaining $3o5,000,000 will be redeemed on April 15 or shortly thereafter.
The Secretary stated that it is probable that prior to October 15, 1935,,
bolders of the Fourth Liberty Loan bonds included in the fourth and final call for
redemption may bo onered the privilege of exchanging those bonds for other interest;
scaring obligations of the United States*
The text of the formal notice of call is as follows:-
-2FOURTH LIBERTY LOAN 4~l/4 PERCENT BONDS OF 1933-38
FOURTH AND FINAL CALL FOR REDEMPTION BEFORE MATURITY
.
Tp. Holdoxs^SO p u r t h L iberty_..Loaryj^lj^jporccnt Bonds of 1933-38. and others
Concerned:
~~
"
-----'------ -—
Public notice is hereby given:
!•
All outstanding Fourth Liberty Loan 4-1/4 percent bonds of 1933-38
(Fourth 4~l/4*s) bearing serial numbers the final digit of which is 3 or 4 (such
serial numbers in the case of permanent coupon bonds being prefixed by the
corresponding distinguishing letter C or D, respectively), are hereby called for
redemption on October 15, 1935, on which date interest on such bonds called for
redemption will cease#
2.
Full information regarding the presentation and surrender of Fourth
4-1/4*s for redemption under this call will be given in a Treasury Department
Circular to be issued later.
3#
Holders of Fourth 4—l/4*s now called for redemption on October 15, 1935,
may, in advance of that date, be offered the privilege of exchanging all or any
part of their called bonds for other interest-bearing obligations of the United 8fe£es
in which event public notice will hereafter be given.
HENRY MORGENTHAU, JR.,
Secretary of the Treasury.
Treasury Department,
Washington, April 13, 1935.
TREASURY DEPARTMENT
Washington
April 15, 1935*
MEMORANDUM PQR THE PRESS
BECEIPTS OP SILVER BY THE MINTS AND ASSAY OFFICES:,
(Under Executive Proclamation of December 21,. 1933)
Week ended April 12, 1935s
P
h
i
l
a
d
e
l
p
h
i
a
*
,043,661*21 fine ounces
San Prancisco* .................«..
387,602*79
,f
11
Denver.________________________________________
, 7.417*00
<*
n
Total for week ended April 12, 1935*..... .
1,438,681*00
M
11
Total receipts through April 12, 1935*..........**34,049,000*00 n
11
SILVER TRANSPERR3D TO UNITED STATES;
(Under Executive Proclamation of August 9,1934)
Philadelphia
....................
2,292*00 fine ounces
it
New York,.... * . • . , .1-.i
'll 1.*
p r a h .nn
w
n
RAn.nn
w
San Francisco*... .... .... ..............
11
D e n v e r . ............ ...............
d.n.nn
i*
..... .
6«runn
«■ n
New Orleans•
it
563.00
*
Seattle. .••••«...••.. ••••........................
i
t
6,755.00
11
Total for week ended April 12, 1935..... .
i
t
”
Total receipts through April 12, 1935««•••••* **•*112,600,910*00
AND.ASSAY OFFICES:
RECEIPTS OP GOLD BY THE MINTS .
Imports'
Week ended April 12, 1935:
......
$
1$,068*48
$
Philadelphia.
New York.................... ....... 35,990,300,00
......
f 27)888*88
San Prancisco..... .
Denver........ ,......... . .......
79)717.00
New Orleans. .............
.... .
2)447.86
S03/ttl© *•« •••+•••• +•«*•#••• •.... ’.
~ --Total for week ended April 12, 1935*.$36,110,422.22 $
New
Domestic
Secondary
2,677*00
312,168*32 $
60,000*00
377,700*00
77)943.54 2, 061,480*90
534)749*00
46)566*00
l)549*86
76)127*06
2l)025.68
28)365*08
918,870.00 $2, 681,432*44
GOLD pjsc:IIVED BY PEDEBAL RESERVE BANKS AND THE TREASURER1S QEPICE:
(Under Secretary1^ Order of Decemher 28, 1933)
Received hy Federal Reserve Banks:
G-old Coin .
Week ended April 10, 1 9 3 5 . . . . . . . . . 2 6 , 8 2 9 * 1 7
Received p r e v i o u s l y * ..'30*182,265*84
Total to April 10, 1935...... .....#30,209,095*01
Received hy Treasurer^ Office;.
Week ended April 10, 1935*...!....,
Received previously*».«*•*.*.**..**
Total to April 10, 1935*........ .
ROTE:
$
000,00
261*306.00
$ 261,306.00
G-old Certificates
654,700*00
88.220*440*00
#88,875,140*00
$
$
4,400*00
2.088.500*00
$ 2,092,900.00
G-old bars deposited with the New York Assay Office
to the amount of $200,572*69 previously reported*
TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE,"
Monday, April 15, 1935*
Press Servi
No* 4-77
Net market purchases of Government securities for Treasury investment
accounts for the calendar month of March, 1935, amounted to $41,049,000,
Secretary Morgenthau announced today*
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING MiSPAPERS,
Tuesday, April 16, 1935*
Press Service
4/lb/m
Secretary of the Treasury Morgenthau announced last
evening that the tenders for $60*000,000, or thereabouts,
of 273-day Treasury bills, dated April 17, 1935, and matur
ing January 15, 1936, which were offered on April 12, were
opened at the Federal Reserve banks on April 15, 1935*
The total amount applied for was $124,413,000, of which
$50,020,000 was accepted* The accepted bids ranged in price
from 99*884, equivalent to a rate of about 0*153 percent
per annum, to 99*860, equivalent to a rate of about 0*185
percent per annum, on a bank discount basis* Only part of
the amount bid for at the latter price was accepted. The
average price of Treasury bills to be issued is 99*866
and the average rate is about 0.176 percent per annum on
a bank discount basis*
TKEASUEY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday« April 16, 1935*
4—lo—35*
Press Service
No* 4-78
Secretary of the Treasury Morgenthau announced last evening that the
tenders for $50,000,000, or thereabouts, of 273-day Treasury hills, dated
April 17, 1935, and maturing January 15, 1936, which were offered on April
12, were opened at the Federal Reserve Banks on April 15, 1935*
The total amount applied for was $124,413,000, of which $50,020,000
was accepted*
The accepted bids ranged in price from 99*884, equivalent to
a rate of about 0*153 percent per annum, to 99*860, equivalent to a rate of
about 0*185 percent per annum, on a bank discount basis*
amount bid for at the latter price v/as accepted*
Only part of the
The average price of
Treasury bills to be issued is 99*866 and the average rate is about 0*176
percent per annum on a bank discount basis*
TREASURY DEPARTMENT
Washington
Press Service
No* 4-79
EUR IMMEDIATE RELEASE,
Wednesday, April 17, 19o5<
The Secretary of the Treasury, with the approval of the President, yesterday
(April 16, 1935) issued regulations governing the acquisition by the Mints of
silver under the President's Proclamation of April 10, 1935*
These regulations, which revoke the regulations issued on December cO, 1933,
set up the procedure for the receipt of newly-mined domestic silver delivered to
the coinage mints pursuant to the Proclamation of December 21, 1933, as amended
by the Proclamations of August 9, 1934 and April 10, 1935*
The new regulations are similar to the old regulations except that provision
is also made for the receipt of silver mined on or after April 10, 1935, for which
silver a seigniorage of only 45$ instead of 50$ is deducted*
~x
TB2AST3EY DEPAETM31IT
Washington
Press Service
POE IMMEDIATE E3LEASY,
Thursday, April 18, 1935<
Ho. 4-80
During the month of March, 672 seizures of liquor were made for the violation
of Gusturns laws, it was announced by the Bureau of Customs today.
This was the largest number of such seizures reported since January, 1934,
and represented an increase of 307, or 84.1 per cent over the number of liquor
seizures during the previous month.
Although the quantity of distilled liquors
and wines seized during March was slightly smaller than during the preceding
mmtii, almost twice as much alcohol was seized as in Pebruary; the quantity of
alcohol seized in March exceeded that for each munth since Sepeal, except in
December, 1934, when 40,639 gallons were reported.
March seizures aggregated
1,843 gallons of distilled liquor and wines, 44 gallons of beer and 20,095 gallons
of alcohol, as compared with Pebruary seizures of 2,102 gallons of distilled
liquor and wines, 30 gallons of beer and 10,243 gallons of alcohol.
Sight boats valued at $10,510, and 31 automobiles valued at $4,714 were
seized during March for the transportation of liquor, as compared with 4 boats
valued at $14,950 and 31 automobiles valued at $10,952 seized during the previous
month.
Almost two thirds of the seizures were made along the Mexican border, and
must of the remainder were in the Gulf and Atlantic Coast regions.
In addition. Customs r%<r-Fi
ring March for the
roo ri za
violation of Alcohol Tax Laws, in which 155 gallons of alcohol, 411 gallons
of distilled liquors, 6 automobiles,flfijjj stills with a capac ity of 6,205
pailons, and 1 large cutting plant wore acquired*
Sor•e of the stills were
destroyed at time of seizure, and the "balance of the s,eiscores were turned
over to Internal Revenue'officers for prosecution.
The following table shows the number of seizures, the number of gallons
of beverages seized and the number and value of seize; L vehicles for the months
of February and March, classed according to tne vari-.ris Oovernraental agencies
which made the seizures and according
seizures were made.
geograpni,cal regions where the
LIQUOR SSIZURES FOR V IOLATIOM S OF CUST OMS LAWS
February and March, 1935
:
Gallons Seized
i Boats
iAutomobiles
•
No* of : Distilled ••
•
•
t
Liquor : Liquors ••
•
•
Seizures : and Wines : Beer : Alcohol : No, Value : No,
Value
CUSTOMS SERVICE
February
March
344
640
2,001
1 *686
7
24
30
44
663
13,186
2
5
$4,450
5,010
26
25
$4,301
3*215
10,500
-
1
6,500
COAST GUARD
February
March
2
9,562
2
-
12
-
-
18
15
-
ft#
IMMIGRATION
February
March
14
19
77
65
February
—
March
11
TOTAL SEIZURES, Feb. 365
Mar. 672
92
4
3
-
151
37
OTHER FEDERAL AND
LOCAL OFFICERS
mm
6,882
2,102
30
10,243
1,843
44
20.095
BY GEOGRAPHIC RECIONS
CANADIAN BORDER
February
March
2
mm
1
19
5
18
99
419
MEXICAN BORDER
February
March
243
426
469
593
2
1
218
303
ATLANTIC COAST
February
Mirch
88
114
773
793
1
9,916
12,187
81
1,839
416
3
18
5
7,120
10
21
24
|T
24
32
6
GULF COAST
February
March
PACIFIC COAST
February
Iferch
21
if f
O
5,500
A
%.
14,950
8 10,510
1
M
4
1
—
6
fa
3
31
31
1.462
10,952
4.714
1
1
700
600
_
22
ft#
:23
1,752
952
1
6,500
10
14,950
1,500
-
mm
6
9,000
7
-
1,950
3,162
mm
mm
mm
mm
OTHSH DISTRICTS
February
]_
March
8
4
5
—
-
1
66
m
»m,
mm
50
mm
iHH. :
$p -UHl'
m
is th* i s m price) sill be paid
o f fly fft l^yhBEly
%&
follosiag acceptance
bflf*4ip ©a flCEdhasgs*
ipplisaticms will be m s i w w i at the Federal B s s s m basks and brwuliiw and
f%
TytNiOTfy BepaaiaBmt#
8««H«g institutions generally will
handle applications for subscribers, but only the M t n l Haat r w banka and the
T w u a i y Wapartnant a n authorised to M b aa offloial agmelca.
Applications for Treasurytoad* of 1858-60 or Treaaary notes of Series
should to oocaspowte* to • M S * toco mount of first Liberty loan bonds tendered
to payment*
Coupon bonds so tendered should b a m the June IS, 1955, and all sub-
aapimt coupon* attached, and aoftotoxad bonds should to assigned aa provided to
the offloial circulars,
Subject to the w i a w H I n a i ato forth to too official
ciroulara, all eatohaage subscriptions for Treasury bonds and Treasury notes to
psymut of white first liberty toon bonds a m tendered, e U l to allottod to toll*
The present offerings of 1 4 / 1 far cent Treasury tends of I t o t o and of
1>4^I far a n d Treasury notes of Sartos M U M S , afford the holders of first
liberty teen bonds called tor redsnp U an an tons 1 % 1985* an opportunity to
ortosnce their salted hands eltosr tor ettsr lang t o m hands of toe Salted Stats*,
or tor toertor t o m Treasury notes, alto interest adjustment* es of tone 15, 1955*
tea date the first liberty tean bends cease to hear interest* tow holder* of tbs
called tends too tosh to take advantage of either exchange offering, should act
promptly.
to further exchange offering e U l to nado to the heteere of toe eaUe*
first Liberty town bonds, and if sate bonds a m not esehanasd at this Una, to«
should he smssnted tor mdeuptinit on tone 15, 1888, la accordance with the pro
visions of Department Clreular Me* W e
dated April 22, 1926*
tow teats of the official circulars tor toe eartetmg* offerings fall net
respects with such notes, with which they will he freely interchangeable * The
notes ere dated 1 arch 15* 1955, end boar Interest free that date at the rate of
l«*S/a per
cent per annum, payable semiannually*
They will nature March 1 % 1S40,
end will set he subject to call for redaction prior to that date*
y$K§ Kwriiii
thie
gy§ ehe i
Hffide
offering « t n ffany the sane tea
y^ytei8of the ffyoe eerie# of
they
fhsa-a
part*
the Treasury tenia will he leaned in two feme* hearer head# with interest
coupons attached, end bonds registered hath ae to principal and Inteswetj both
I h n will he leaned in the denominations of |S0* 1100* tSQG, H,00Q, #5*000,
#10*000 and #100*000*
The Treasury notes will he teemed in the ease denanSaetimi
hot only In hearer foam with coupons attached*
first liberty Im m bonds of any earies will be reeelwed on exchange *t 9*^#
wad both the JMfyfr per cent Treasury henda of 1855*50 and. the 1-5/8 par went
Treasury notoe of Meries 1-1040 will h» issued at per* with the right f m w d
by the Secretary of the Treasury to increase the leone price of either the tada
or the notes, or hath* by public aaneaeeene&t effective ae to anheeriptione
tendered after the tine fined by the Secretary* which tine will be after the
of the announcement eekd in me ewent earlier ttsan April $9* 1955*
internet adjustments will he wade as of d a m 15* 1985*
isU
0a all anahaaM
The subscriber will ha
credited with interact far the ffcU adn months* period endian
Smm
15*
m
9ifft
liberty loan hoods tendered in enchant** end will he charged with accrued l e M M *
fawn March 15 to lime IS on the
Mtfo
per cent franeany bonds
me the
P*r ^
treasury notes Issued on exchange* the difference (lees any parenton by » • « » of
tm m m m m m m
Wm
w m *mMkm9 m W W &
m rwa n> , * r a a « • > * »
n
■** //" f /
4 /8 0 /5 8
* Tn i ■ ■ ii11 nates of Boriss
both 1*
of S roar *■*/* var • « * S******* « *• * ®* ■ * °* p
... ... . __ ___ _
of
far Hast ttbofty *■«* ■*“ • 01 “ »
ssmIjwi®*
series csllod flw w t s ^ t * * * «* * " * *“»
m m m
te^ er^ «*d m « M to M M *» on*
m***lsM**» *UX**» *****
M
**"* w
f t l M
« M » M * M i O •* tb.
tat 1 M
fir st
„ « .
<f *i
W
M
^
,t t M 0 M , ° *
af tbe K n o t Bensortod *•*/*• « * ^ M 8***86
**
0—
a . * . « « . n - n —
**
« * « / * . - • » " * “
A__..
~
,
f - ,« *_ M^sauee - m bo an addition to m 4 tw l
« .. f n M « bonis m sf**™ 4 *»
!0 «
. jsrt of tbs sorfos of
prmont to tapnrtnont
in 1 1 W * .
yh*
__.* !rw r 7
for oont
bonis of M S M 8 tsso*4
*>• ***0 *■ *•* ,ter*,l 4* MM*
I t b snob borfs, oltb o b i * tboy • »
***
*• “ •“ »
„ ... j - i M i saa boor intonoofc fton tbst * * » ok tbs
bonds a m datad t o w ^ *&*
,
__ -■ .1- f w
nature *swb 18» M
• .. tn. optice of tbs Bitted Sbstos on m& sftor * n w b w »
ssdsssod «t tbs of***» «
^
«
rrjur^ t to — oftl bo on addition to and «**
Tbs trosoaiy notos nine sf***1"4 *“ o w i w w s
_
M « r »
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Monday,<April 22, 1955.________
4-20-35#"
~~
Press Service
No. 4— 81
Secretary of the Treasury Morgenthau today announced the offering of
additional issues of 20-25 year 2-7/8 per cent Treasury bonds of 1955-60 and of
5 year 1-5/8 per cent Treasury notes of Series A-1940, Loth in exchange for First
Liberty Loan bonds of any series called for redemption oq June 15, 1935.
Each
issue will be limited to the amount of First Liberty Loan bonds tendered and
accepted m
payment, and cash subscriptions will not be received#
About $1,933,000,000 of the First Liberty Loan bonds are now
outstanding,
as follows: $1,392,226,250 of the original First 3-l/2*s, $5,002,450 of the First
Converted 4*s, $532,489,100 of the First Converted 4-l/4*s and $3,492,150 of the
First-Second Converted 4-l/4*s - all of which are called for redemption on June
»
, and are now exchangeable, at the option of holders, either for the
20-25 year Treasury bonds or for the 5 year Treasury notes.
The Treasury bonds now offered in exchange will be an addition to and will
form a part of the series of 2-7/8 per cent Treasury bonds of 1955-60 issued
pursuant to Department Circular No. 531, dated March 4, 1935.
They are identical
‘n all lespects with such bonds, with which they will be freely interchangeable.
The bonds are dated March 15, 1935, and boar interest from that date at the rate
°f 2-7/8 per cent per annum payable semi-annually.
They will mature March 15,
°» hut may be redeemed at the option of the United States on and after March
T5, 1955,
The Treasury notes also offered in exchange will bo an addition to and will
a part of Series A-1940 of 1-5/8 per cent Treasury notes issued pursuant to
Department Circular No. 532, dated March 4, 1935.
They are identical in all
respects with such notes, with which they will ho freely interchangeable*
The
notes are dated March 15, 1935, and hear interest from that date at the rate of
1—5/8 per cent per annum, payable semi-annually*
They will mature March 15, 1940,
and will not he subject to call for redemption prior to that date*
The bonds and notes of this additional offering will co.rry the same tax
exemptions as the bonds and notes of the same series of which they will form a
par t*
The Treasury bonds will be issued in two forms, bearer bonds with interest
coupons attached, and bonds registered both as to principal and interest; both
forms will be issued in the denominations of $50, $100, $500, $1,000, $5,000,
$10,000 and $100,000*
The Treasury notes vail be issued in the same denominations
but only in bearer form with coupons attached*
first Liberty Loan bonds of any series will be received on exchange at par.,
and both the 2-?/8 per cent Treasury bonds of 1955-60 and the 1— 5/8 per cent
Treasury notes of Series A—1940 will be issued at par, with the right reserved
by the Secretary of the Treasury to increase the issue price of eitner the oonds
or the notes, or both, by public announcement effective as to suoscriptions ten
dered after the time fixed by the Secretary, which time will be.after the date
of the announcement and in no event earlier than April 29, 1935*
interest adjustments will be made as of June 15, 1935.
On all exchanges
The subscriber will be
credited with interest for the full six months* Period ending June 15, on first
Liberty Loan bonds tendered in exchange, and will bo charged with accrued interest
from iferch 15 to June 15 on the 2-7/8 per cent Treasury bonds or the 1-5/8 per
cent Treasury notes issued on exchange*.
The difference (less any premium by
reason of an increase in the issue price) will be paid to subscribers following
acceptance of first Liberty Loan bonds on exchange*
— O—•
Applications trill "be received at the Federal Beserve hanks and branches and
at the Treasury Department, Washington*
Banking institutions generally will
handle applications for subscribers, but only the Federal Beserve Banks and the
Treasury Department arc authorized to act as official agencies*
Applications for Treasury bonds of 1955— 60 or Treasury notes of Series A—1940
should be accompanied by a like face amount of First Liberty Loan bonds tendered
in payment*
Coupon bonds so tendered should have the June 15, 1935, and all sub
sequent coupons attached, and registered bonds should be assigned as provided in
the official circulars*
Subject to the reservations set forth in the official
circulars, all exchange subscriptions for Treasury bonds and Treasury notes in
payment of which First Liberty Loan bonds arc tendered, will be allotted in full*
The present offerings of 3—7/8 per cent Treasury bonds of 1955—60 and of
1-5/8 per cent Treasury notes of Series A—1940, afford the holders of First
Liberty Loan bonds called for redemption on June 15, 1935, an opportunity to
exchange their called bonds either for other long term bonds of the United States,
Dr for shorter term Treasury notes, with interest adjustments as of June 15, 1935,
the date the First Liberty Loan bonds cease to bear interest*
The holders of the
called bonds who wish to take advantage of either exchange offering, should act
promptly*
Bo further exchange offering will be made to the holders of the called
First Liberty Loan bonds, and if such bonds arc not exchanged at this time, they
should bo presented for redemption on Juno 15, 1935, in accordance with tne pro
visions of Department Circular Bo* 535, dated April 32, 1935*
The texts of the official circulars for the exenange offerings follow;
UNITED STATES OF A F R I C A
2-7/8 PERCENT TREASURY BONDS OP 1955-60
Dated and "bearing interest from March 15, 1935
Dae March 15, 1960
REDEEMABLE AT' THE OPTION OE THE UNITED STATES AT PAR AND ACCRUED INTEREST ON AND
AFTER MARCH 15, 1955
Interest payable March 15 and September 15
ADDITIONAL ISSUE
OFFERED ONLY IN EXCHANGE FOR FIRST LIBERTY LOAN BONDS CALLED
FOR REDEMPTION ON JUNE 15, 1935
1935
Department Circular No. 536
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, April 22, 1935.
Public Debt Service
I.
EXCHANGE OFFERING OF BONDS
n w M N n! M ? retary 0f the Treasuir. pursuant to the authority of the Second
liberty Bond Act, approved September 24, 1917, as amended, for refunding purposes
f °m the pe°pie °f the united
f - 2-?/8 s
a
oLv first
t
de®lgaated Treasury Bonds of 1955-60, in payment of which
l Ss n v V r r ? f n
0f any serles- called for redemption on June 15,
Treasur-Nn
W * 4 of the additional issue of 2-7/8 percent
first p j ?13: 01 1955-60 under this circular will he limited to the amount of
iirst Liberty Loan bonds tendered and accented.
First Liberty Loan bonds will be received on exchange at par, and 2-7/8
r
‘s : r
3r?* °i i955-so wm
p -, * 4 $
S
ment e f f e c H v o T °f
JTreasury to increase the issue price by public announceApril 29
tendered after the time, not earlier than
nients will -h *
^
announcement• 0n all exchanges, interest adjust
ments will be made as of June 15, 1935.
•
June 15
3°ndS °f the Pirst literty Loan called for redemption on
2-7/8 nercpnt *rp ^ WhlC^ ’ ^nder the te™ s of this circular, may be exchanged for
/b PGrcent Treasury Bonds of 1955-60, follow:
3-1/2 percent bonds of 1932-47 (first 3-1/2>s) dated June 15, 1917
converted 4 percent bonds of 1932-47 (first 4's) dated November 15, 1917
Converted 4-1/4 percent bonds of 1932-47 (first 4-1/4's) dated May 9, 1918
Second Converted 4-1/4 percent bonds of 1932-47 (First-Second 4-l/4 ts)
dated October 24, 1918
Liberty
®f’
aaJlge offering under this circular, holders of first
bonds are offered tne privilege of exchanging all or any part of such
- 2 called bonds for 5—year 1—5/8 percent Treasury Notes of Series A—1940, which offer
ing is set forth, in Department Circular No, 537, issued simultaneously with this
circular.
II.
DESCRIPTION OF BONDS
1,
The "bonds now offered will be an addition to and will form a part of the
series of 2-7/8 percent Treasury Bonds of 1355-60 issued pursuant to Department
Circular No. 531, dated March 4, 1935, are identical in all respects therewith,
will be freely interchangeable, and are described in the following quotation
from said Circular No, 531:
The bonds will be dated March 15, 1935, and will bear interest from
that date at the rate of two and seven—eighths percent uer annum, payable
semiannually, on September 15, 1935, and thereafter on March 15 and Septem
ber 15 in each year until the principal amount becomes payable. They will
mature March 15, 1960, but may be redeemed at the option of the United
States on and after March 15, 1955, in whole or in part, at par and accrued
interest, on any interest day or day&, on 4 months1 notice of redemption
given in such manner as the Secretary of the Treasury shall prescribe. In
case of partial redemption the bonds to be redeemed will be determined by
such method as may be prescribed by the Secretary of the Treasury. From
he date of redemption designated in any such notice, interest on the bonds
called for redemption shall cease.
Tne bonds snail be exempt, both as to principal and interest, from
all taxation now or nereafter imposed by the United States, any State, or
any of the possessions of the United States, or by any local taxing authority,
except (a) estate or inheritance taxes, and (b) graduated additional income
axes, commonly known as surtaxes, and excess-profits and war-profits taxes,
now^or hereafter imposed by the United States, upon the income or profits of
individuals,' partnerships, associations, or coroorations. The interest on
an amount of bonds authorized by the Second Liberty Bend Act, approved
September 24, 1917, as amended, the principal of which does not exceed in
e aggregate $5,000, owned by any individual, partnership, association,
or corporation, shall be exempt from the taxes provided for in clause (b)
above,
. .
.
-K^e ^on(^s>
acceptable to secure deposits of public moneys, and
W1
ear the circulation privilege only to the extent provided in the act
approved July 22, 1932, as amended. They will not be entitled to any
privilege of conversion,
, .Bearer bonds with interest coupons attached, and bonds registered as to
?T>1n ^ Pai and in^erest» will be issued in denominations of $50, $100, $500,
j i 00, $5,000, $10,000, and $100,000. Provision will be made for the interange of bonds of different denominations and of coupon and registered
°n
^or
transfer of registered bonds under rules and regulations
prescribed by the Secretary of the Treasury,
The bonds will be subject to the general regulations of the Treasury
epartment, now or hereafter prescribed, governing United States bonds."
III.
SUBSCRIPT!01J AID ALLOTMENT
1* Subscriptions will be received at the Federal Reserve banks and branches
and at the Treasury Department, Washington. Banking institutions generally will
handle applications for subscribers, but only the Federal Reserve banks and the
Treasury Department are authorized to act as official agencies. Tire Secretary of
the Treasury reserves the right to close the books as to any or all subscriptions
or classes of subscriptions at any time without notice.
2.
The Secretary of the Treasury reserves the right to reject any sub
scription, in whole or m part, to allot less than the amount of bonds applied
l0r>
allotments in full upon subscriptions for smaller amounts and to
make reduced^allotments upon, or to reject, subscriptions for larger amounts, to
ma£e classified allotments or to make allotments upon a graduated scale, or to
adopt any or all of said methods or such other methods of allotment and classifi
cation of allotments as shall be deemed by him to be in the public interest; and
his action in any or all of these respects sliall be final. Subject to these
reservations, all subscriptions will be allotted in full. Allotment notices will
oe sent out promptly upon allotment*
IV.
TERMS OF PAYMEIT AID ISSUE
1.
Treasury bonds offered under this circular will be issued at par, or at
such increased issue price as may be fixed by public announcement in the case of
oonds issued upon subscriptions tendered to a Federal Reserve bank or branch or
ireasury Apartment after the time stated in the announcement. The
e!>:eCt^ e !ime f0r any increase which may be made in the issue price will be
alter the date of the announcement and in no event earlier than'April 29, 1935.
Any such announcement fixing an increase in the issue price and the time when
sucn increase becomes effective will be communicated promptly to the Federal Reserve onks. Payment for any bonds allotted under this circular may be made only
. Jirst Liberty Loan bonds of any series, which will be accepted at par, provided
S
parent of the premium by reason of any increase in the issue price shall be
qhn-m^S provided ln the next following paragraph. The bonds tendered in payment
snould accompany tne subscription.
.
fe^ rest adjustment a s .of June 15. 1935. - Subscribers will be credited
exchan^ereS/i
to
1935» on Sirs? Liberty Loan bonds tendered in
($7 i r v r * andAfldd °e charSe(i with accrued interest from March 15 to June 15, 1935.
The’n e t ^ r
°n 2~7/8 percent Treasury Bonds of 1955-60 issued on exchange,
issue* n/ ™ ere? % a^ JUStment per ^ i 000 principal amount on account of the various
$3
Loan_^onds follows; First 3-1/2fs - $10.3125; First 4*s adjustmentT T^ ^ ( 4 3
g^-fr-Second 4-1/4*s - $14.0625. Shis net interest
Paid to cn-h
anV premium by reason of an increase in the issue price) will be
circular
scribers following acceptance of First Liberty Loan bonds under this
V.
SURREIDER OF FIRST LIBERTY LQA1T BOYDS 01T EXCHANGE
change for^S°a ^°ndf* *T •Firs't Liberty Loan bonds in coupon form tendered in exwith the csn'K 6
0a ° °ffere<^ hereunder, should be presented and surrendered
States
ronSCrip^1?nJt2 a :Fedoral Reserve bank or to the Treasurer of the United
pons
ed June 15, 1935, and all coupons bearing dates subsequent to
- 4 June 1-J, 1935, should he attached to such coupon bonds when surrendered, and if
any sucn coupons are missing, the subscription must be accompanied by cash payment equal to the face amount of the missing coupons.l
ThUbonds must be
leered at the expense and risk of the holder. Facilities for transportation of
bonds by registered mail insured may be arranged between incorporated banks and
trust companies and the Federal Reserve banks, and holders may take advanta.se
of sucii arrangements when available, utilizing such incorporated banks and trust
companiesas therr agents. Incorporated banks and trust companies are not agents
of the United States under this circular.
^0£±stereh Sonds-* ~ J’irst Liberty Loan bonds in registered form tendered
in exchange for Treasury bonds offered hereunder should be assigned by the realsjMj fo P^7ee or the assignee thereof, in accordance with the general regulations
n-p l-bl reascL5*y Department governing assignments for transfer or exchange, in one
orms iereafter set forth, and thereafter should be presented and sur—
r^n^ere with^ the subscription to a Federal Reserve bank or to the Treasury De~
0f Loans and Currenc7» Washington, D. C. The bonds must be
tArtlES*!at *5? 6Xpense and risk of the holder. If Treasury bonds are desired
, 1,
n ^ same name as tne First Liberty Loan bonds surrendered, the
W f e R f f l ' . V i ! ! 1? St*™***:' of the Treasury for exchange for Treasury
assi™ner,g=n m ’/ V ® a a J D o n d s are desired registered in another name, the
Bond! nf ^ q ^ n d-beh °
T 6 Seoretar” P the■Treasury for exchange for Treasury
Bonds of 1955-60 m the name of ___ ______________
Treasury
the T r h ,°0Upen f0rml,are lesired,' the assignment should be to "The Secretary of
f t Treasury for exchange for Treasury Bonds | SK“ "W in
& Scoupon
§ « S form to be
1955-SO
delivered to
i
VI.
3E85BAL PROVISIONS
^ 1:^s^ad aSen^s of the United States, Federal Reserve banks are author*
1 eg aesiea# _rece^ve suoscriptions, to make allotments on the basis and
lndicatef
tlle Secretary of the Treasury to the Federal Re. ..-r ? 5 / e respective districts, to issue allotment notices, to receive
r ^°ads allotted> to make delivery of bonds on full-paid subscriptions
^onds
* an
^sslle ^-n terhn receipts pending delivery of the definitive
i7 Pri
ur tn
serve
pres c r i b o ^ h S1
e0retf f °f
at any time, or from time to time,
which will h ? b el?entax °r amendatory r u g s and regulations governing the offering
0i.juu.nicated promptly to the Federal Reserve banks.
HENRY HOROSNTHAU, JR.,
Secretary of the Treasurv
Loan
June
such
such
bPr^lnai C0Up0Js attached to temporary coupon bonds of the First Liberty
15 i Q ? n ^ aS f°ilows: Fi^st 41 s ~ M e m b e r 15, 1919; First 4-1/4»s tprmnr* °* J;1r!^-Sec ond 4“d/4,s - December 15, 1920. The holders of any
bonL ^
^°nas Wl11 receive tke past due interest to June 15, 1935, if
nds are tendered for exchange under this circular.
UNITED STATES OE AMERICA
1-5/8 PERCENT TREASURY NOTES OP SERIES A-1940
Dated and "bearing interest from March 15, 1935
Due March 15, 1940
Interest payable March 15 and September 15
ADDITIONAL ISSUE
OPPERED' ONLY IN EXCHANGE POR PIRST LIBERTY LOAN BONDS
CALLED POR REDEMPTION ON JUNE 15, 1935
1935
Department Circular No* 537
---Public Debt Service
I.
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, April 22, 1935
EXCHANGE OPPERING OF NOTES
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approved September 24, 1917, as amended, invites subscriptions
from the people of the United States for 1-5/8 percent Treasury notes of the United
States, designated Treasury Notes of Series A-1940 f in payment of which only First
Liberty Loan bonds, of any series, called for redemption on June 15, 1935, may be
tendered. The amount of the additional issue of 1-5/8 percent Treasury Notes of
Series A-1940 under this circular will be limited to the amount of First Liberty
Loan bonds tendered and accepted.
2. First Liberty Loan bonds will be received on exchange at par, and 1-5/8 per
cent Treasury Notes of Series A-1940 will be issued at par, with the right re
served by the Secretary of the Treasury to increase the issue price by public an
nouncement effective as to subscriptions tendered after the time, not earlier than
•tT
fixed in the announcement, On all exchanges, interest adjustments
will be made as of June 15, 1935.
3. The outstanding bonds of the First Liberty Loan called for redemption on
an<^ which, under the terms of this circular, may be exchanged for
-0/8 percent Treasury Notes of Series A-1940, follow:
3-1/2 percent bonds of 1932-47 (First 3-1/2's) dated June 15, 1917
Converted 4 percent bonds of 1932-47 (First 4»s) dated November 15, 1917
Converted 4-1/4 percent bonds of 1932-47 (First 4-1/4*s) dated May 9 , 1918
Second Converted 4-1/4 percent bonds of 1932-47 (First-Second 4-l/4»s)
dated October 24, 1918
Libe t"n fddition to the exchange offering under this circular, holders of First
°^n "k°n<^s ai\e offered the privilege of exchanging all or any part of such
forth - p
f°r 2~7'8 Percent Treasury Bonds of 1955-60, which offering is set
ln department Circular No. 536, issued simultaneously with this circular.
-
II.
2
-
DESCRIPTION OP NOTES
1. i.x^.6 notes now offered will be an addition to and will form a part of the
series of 1-5/8 percent Treasury Notes of Series A —1940, issued pursuant to De
partment Circular No. 532, dated March. 4, 1935, are identical in all respects
therewitn (except that the additional denomination of $50 will be made available),
will be freely intercnangeaole, and are described in the following quotation from
said Circular No. 532:
The notes will be dated March 15, 1935, and will bear interest
from that date at the rate of one and five-eighths percent per annum,
payaole semiannually, on September 15, 1935, and thereafter on March
15 and September 15 in each year. They will mature March 15, 1940,
and will not be subject to call for redemption oorior to maturity.
,TTne notes shall be exempt, both as to principal and interest,
from all taxation (except estate or inheritance taxes) now or hereafter
imposed by the United States, any State, or any of the possessions of
the United States, or by any local taxing authority.
uTne notes will be accepted at par during such time and under such
rules and regulations as shall be prescribed or aunroved by the Secretary
of the Treasury in payment of income and profits taxes -payable at the
maturity of the notes.
The notes will be acceptable to secure deposits of public moneys,
but will not bear the circulation privilege.’*
2.
Bearer notes with interest coupons attached will be issued in denomina
tions of $50, $100, $500, $1,000, $5,000, $10,000, and $100,000. The notes will
not be issued in registered form.
III.
SUBSCRIPTION AND ALLOTMENT
1. ^ Subscriptions will be received at the Eederal Reserve banks and branches
and at the Treasury Department, Washington. Banking institutions generally will
andle applications for subscribers, but only the Pederal Reserve banks and the
neasury Department are authorized to act as official agencies. -The Secretary
0
treasury reserves the right to close the books as to any or all subscrip
tions or classes of subscriptions at any time without notice.
2.
The Secretary of the Treasur reserves the right to reject any subscripin
or
in part, to vallot
the amount of notes amolied for,
a. w o w less
\ji i c mi than
nl wnole
1 - J__
I---- ------------w J v ^
,
. . . l / i i o _O u i U U U W U -L U U 1/ C J3 CXJ'UX.
,°
allotments in full upon subscriptions for smaller amounts and to make re—
^ Ce >a^°^'inen'ts upon, or to reject, subscriptions for larger amounts, to moke
iassified allotments or to make allotments upon a graduated scale, or to adopt
ay or all of said methods or such other methods of allotment and classification
act-^ ’ ;&ettts as sk&il be deemed by him to be in the public interest; and his
uon in any or all of these respects shall be final. Subject to these reserva?ns’
subscript ions will be allotted in full. Allotment notices will be sent
Promptly upon allotment.
tion
I
'
- 3 IV.
TERMS OE PAYMENT A 1TD ISSUE
1, ireasury notes offered under this circular will he issued at par, or at
such increased issue price as may he fixed Dy public announcement in the case of
notes issued upon subscriptions tendered to a Federal Reserve bank or branch or
to the ^Treasury ^Department after the time stated in the announcement * The
effective time for any increase whibh may be made in the issue price will be
after the date of the announcement and in no event earlier than April 29, 1935.
Any such announcement fixing an increase in the issue price and the time when
such increase becomes effective will be communicated promptly to the Federal
Reserve banks. Payment for any notes allotted under this circular may be made
onl^- in First Liberty Loan bonds of any series, which will be accepted at par,
provided tnat payment of the premium by reason of any increase in the issue
price snail be made as provided in the next following paragraph. The bonds
tendered in payment should accompany the subscription.
.
iutprest adjustment as of June 15. 1935. - Subscribers will be credited
witn interest in full to June 15, 1935, on First Liberty Loan bonds tendered in
exchange, and will be charged with accrued interest from larch. 15 to June 15,
1935 ($4.0625 per $1,000), on 1-5/8 percent Treasury Notes of Series A-1940
issued on exchange. The net interest adjustment per $1,000 principal amount on
account of the various issues of First Liberty Loan bone
follows: First 3-l/2*s $13.4375;^First 4 Ts - $15.9375; First 4-1/4*s and First-Second 4-1/4*s - $17.1875,
I
ne^__interest adjustment (less any premium by reason of an increase in the
issue price) will be paid to subscribers following acceptance of First Liberty
Loan bonds under this circular.
V.
SURRENDER OF FIRST LIBERTY LOAN BONDS ON EXCHANGE
, ^* Coupon Bonds. — First Liberty Loan bonds in coupon form tendered in
exc ange for^ treasury notes offered hereunder, should be presented and sur—
subscription to a Federal Reserve bank or to the Treasurer
o
ne United States. Coupons dated June 15, 1935, and all coupons bearing dates
su sequent to June 15, 1935, should be attached to such coupon bonds when surrendered, and if any such coup on! are missing, the subscription must be accomanied by cash payment equal to the face amount of the missing com?ons.~
The
onds must be delivered at the expense and risk of the holder. Facilities for
ranwportation of bonds by registered mail insured may be arranged between inrpora ed banks and trust companies and the Federal Reserve banks, and holders
y a-£e advantage of suen arrangements when available, utilizing such incor—
pora ed banks and trust companies as their agents. Incorporated banks and trust
companies are not agents of the United States under this circular.
1
W
Tne/ lnal C0'4P°ns attached to temporary couoon bonds of the First Liberty Loan
|||ame due as follows: First 4*s - December 15, 1919; First 4-1/4*s - June 15,
^O^First-Secoiid 4-l/4*s - December 15, 1920. The holders of any such ten?onds wil1 receive the past due interest to June 15, 1935, if such bonds
are tendered for exchange under this circular.
4
jfe&istered Bonds. — First Liberty Loan bonds in registered form ten
dered in exchange for Treasury notes offered hereunder should be assigned by the
registered payee or the assignee thereof, in accordance with the general regula
tions of the Treasury Department governing assignments for transfer or exchange,
to nThe Secretary of the Treasury for exchange for Treasury Notes of Series
> ^ud. thereafter should be presented and surrendered with the subscrip
tion to a Federal Reserve bank or to the Treasury Department, Division of Loans
and Currency, Washington, D. C. If the Treasury notes are to be delivered for
the account of other than the registered payee or the assignee thereof, the
assignment snould be to T1The Secretary of the Treasury for exchange for Treasury
llotes of Series A-1940 to be delivered to
,f, The
bonds must be delivered at the expense and risk of the holder.
VI.
GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal Reserve banks are
authorized and requested to receive subscriptions, to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury to the
Federal Reserve banks of the respective districts, to issue allotment notices,
to receive payment for notes allotted, to make delivery of notes on full-paid
subscriptions allotted, and they may issue interim receipts pending delivery
of the definitive notes.
2. The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the offer
ing which will be communicated promptly to the Federal Reserve banks.
HENRY MORGENTHAU, JR.,
Secretary of the Treasury
-
6
-
POR REGISTERED BOT7DS
(Por coupon "bonds use P o m PD 1435)
TREASURY DEPARTMENT
Public Debt Service
P o m PD 1436
?<m
Use separate f o m for eacn issue
OSADVICS TO ACCOKPAHT flEST LIBSETY
pSISTEEBD fOEK PEESSITEI)
POR RSDEi.PT IOil 017 JURE 15, 1935
To tlie Pederal Reserve Bank o f _________________________ *
Treasury Department, Division of Loans and Currency, Washington, D.,C.:
Pursuant to the provisions of Treasury Departnent Circular Ho. J H L ,
the under^signed presents and surrenders herewith for
-------- ■* “
V-/
I
&
W
T 0
iq«
*
# fr.ce amount of Pirst Liberty Loan
redemption on June 15, 1935, <+>_, _ -- --- — — ’
April 22. 1935.
"bonds in registered form, inscribed in the name o f ---------------------------and duly assigned to "Tlie Secretary of the Treasury for redenptionu , as follows:
Title of issue:
(Use short title - see note)
ITunber of "bonds
Denomination :
Serial numbers of bonds
: Race amount^
: $
$50
100
500.
1 ,0 0 0
. 5,000
1 0 ,0 0 0
50,000
1 0 0 ,0 0 0
Total
and requests that remittance covering payment of principal and final interest
do
f /. warded to the undersigned at the address indicated below.
Signature ______________________________
Race (please print) ----------------------Address in f u l l ________________________ ~ "
Dat e _________________
Hote:
Pirst
first
first
first
_____
The titles of the four issues of first Liberty Loan honds^follou^
Title.
J. . RTT7"
Liberty Loan 3yfa bonds of 1932-47
Pirst 4 ^
Liberty Loan Converted 4?o bonds of
hi8
Liberty Loan Converted 4 $
1932-47
j ^ X s e c o n d 4's
Liberty Loan Second-Convertea 4-4p5 bonds of 1.,32-47
FOR coupon BORDS
(For registered ‘bonds use Form PD 1436)
TREASURY I1JPARTMEET
Public Debt Service
Form PD 1435
Use separate form for each issue
FORM OF ADVICE TO AC COMPARY FIRST LIBERTY M
BOiJDS III COUP PIT FORM PRESENTED
FOR REDEMPTIOR OK JURE 15, 1935
To the Federal Reserve Bank o f __ _____________ ____,
or
Treasurer of the United States, Washington, D . C .:
Pursuant to the provisions of Treasury Department Circular Ro. 535
, dated
, the undersigned presents and surrenders herewith for
April 22, 1955
redemption on June 15, 1935, $_____________, face amount of First Liberty Loan
bonds in coupon form, with coupon due December 15, 1935, and all subsequent
coupons attached, as follov/s:
Title of issue:
(Use short title - see note)
Ruriber of bonds
: Denomination :
Serial numbers of bonds
Pace amount
$50
100
500
1 ,0 0 0
5,000
1 0 ,0 0 0
100,000
Total
and requests that remittance covering payment therefor be forwarded to tne unm
signed at the address indicated below.
Signature__________________________________ _
Ramie (please print) ___________________________ Address in f u l l _______________________________ •
Date
Rote:
First
First
First
First
■
The titles of the four issues of First Liberty Loan bonds follow:
Title
Short Title
Liberty Loan 3--$ bonds of 1932-47
First 3-0*3
First 4*s
Liberty Loan Converted 4$ bonds of 1932-47
First 4^*s
Liberty Loan Converted 4^fo bonds of 1932-47
First-Second
Liberty Loan Second-Converted 4i$ bonds of 1932-47
^
prcnaid. Registered bonds "bearing restricted assignments may be forwarded by
registered nail, but registered bonds bearing unrestricted assignments should
be forwarded by registered mail insured or by express. Facilities for trans
portation of bonds by registered mail insured may be arranged between incor
porated banks and trust companies and the Federal Reserve banks, and holders
may take advantage of such arrangements when available, utilizing such incor
porated banks and trust companies as their agents. Incorporated banks and trust
companies are not agents of the United States under this circular.
IV.
TIME
of p r e s e n t a t i o n of c a l l e d b o n d s f o r r e d e m p t i o n
1. In order to facilitate the redemption of First Liberty Loan bonds on
June 15, 1935, any such bonds should be presented and surrendered in the manner
herein prescribed well in advance of that date, but not before May 15, 1935.
Such early presentation by holders will assure prompt payment of principal when
due. This is particularly important with respect to registered bonds, for pay
ment cannot be made until registration shall have been discharged at the
Treasury Department.
2. It will expedite redemption if the bonds are presented to Federal Re
serve banks, or branches, and not direct to the Treasury Department.
3. As hereinbefore provided: (l) coupons due June 15, 1935, should be de
tached from ary permanent coupon bonds when such bonds are presented for re
demption on that date, such coupons to be collected when due; and (2) final in
terest due on any registered bonds will be paid with the principal amount.
TV FIRST LIBERTY LOAN BONUS CALLED FOR REDEMPTION ON JUNE 15. 1955. ARE
TO BE PRESENTED FOR EXCHANGE FOR 2-7/8
T O W m A S Q F X BONDS OF 19$5d5Q»
INSTRUCTIONS GIVEN IN TREASURY DEPARTMENT CIRCULAR HQ* 536 SHQUIP BE FOLLOTOi4.
TF TO BE PRESENTED FOR 1-5/8 PERCENT TREASURY NOTES Qg.SERIES A-194Q, INSTHfflk-
TTONS GIVEN TN TREASURY DEPARTMENT CIRCULAR NO, 557 SHOULD.BE FOLLOWED; IF TCLLS
PRESENTED FOR REDEMPTION ON JUNE _15. INSTRUCTIONS CgVSN IN THIS CIRCULAR SHOULD
BE FOLLOWED.
V . GENERAL PROVI SIOKS
1. Any further information which may be desired regarding the redemption of
First Liberty Loan bonds under this circular may be obtained .from any Federal Re
serve bank or branch, or from the Treasury Department, Washington, D. C., where
copies of the Treasury Departments regulations governing a s s i g n m e n t s also may
be obtained.
2. As fiscal agents of the United States, Federal Reserve banks are authori^cd and requested to perform any necessary acts under this circular, The Secretary of the Treasury may at any time, or from time to time, prescribe suppl enental
or amendatory rules and regulations governing the matters covered by this circular
which will be communicated promptly to Federal Reserve banks.
HENRY M0RG2NTHAU, JR.,
Secretary of the Treasury
to provide for adjustments or refunds on account of such missing coupons as maysub sequent ly be presented.!.
4. Presentation and surrender of registered bonds. - First Liberty Loan
bonds in registered form must be assigned by the registered payees or assigns
thereof, or by thHLr duly constituted representatives, in accordance with the
general regulations of the Treasury Department governing assignments, in the
form indicated in the next paragraph hereof, and thereafter should be presented
and surrendered to any Federal Reserve bank or branch, or to the Division of
Loans and Currency, Treasury Department, Washington, D. C., for redemption on
June 15, 1935. The bonds must be delivered at the expense and risk of holders
(see par. 8 of this section) and should bo accompanied by appropriate written
advice (see Form ?. D. 143S attached hereto). In all cases checks in payment of
principal and final interest due will be mailed to the address given in the form
of advice accompanying the bonds surrendered.
5. If the registered payee, or an assignee holding under proper assignment
from the registered payee, desires that payment of the principal and final in
stallment of interest be made to him, the bonds should be assigned by such
payee or assignee, or by a duly constituted representative, to " The Secretary
of the Treasury for redemption". If it is desired, for any reason, that payment
be made to some other person, without intermediate assignment, the bonds should
be assigned to ,rThe Secretary of the Treasury for redemption for the account
of ___________________________" , inserting the name and address of the person
to whom payment is to be made. A representative or fiduciary should not assign
for payment to himself individually, unless expressly authorized to do so by
the instrument under which he is acting; he may, however, assign for payment 'to
himself in his representative or fiduciary capacity.
6. Assignment in blank or other assignment having similar effect, will "be
recognized, but in that event payment will be made to the person surrendering
the bond for redemption, since under such assignment the bond becomes in effect
payable to bearer. Assignments in blank or assignments having similar effect
should be avoided, if possible, in order not to lose the protection afforded "by
registration.
7. Final interest duo on June 15, 1935, on registered bonds of the First
Liberty Loan will be paid with the principal in accordance with the assignments
on the bonds surrendered. Transfers and exchanges involving registered bonds
will be permitted up to the close of business on Hay 31, 1935, but not after
that date,
8. Transportation of bonds. - Bonds presented for redemption
circular must be delivered to a Federal Reserve bank or branch, or
Treasury Department, Washington, D. C., at the expense and risk of
Coupon bonds should be forwarded by registered mail insured, or by
under this
to the
the holder.
express
!L First 4 ’s, First 4-l/4ls, and First-Second 4-1/4*s were originally issuA
in temporary form. The final coupon attached to such temporary bonds became due|
on December 15, 1919, June 15, 1920, and December 15, 1920, respectively. The
holders of any such temporary bonds will receive all past due interest to
15, 1935, when such bonds are redeemed pursuant to the call. Any coupons now
attached to such temporary bonds should be detached and collected in regular
course.
XI.
OPTIONAL EXCHANGE OFFEHI1KL
1. Holders of First Liberty Loan bonds, called for redemption on .Turin
1935, are offered the privilege, for a
limited period beginning April 22,
1955f of exchanging all or any part of their called bonds, either. 41 } for_____
2-7/8 percent Treasury Bonds of 1955-60, or (2) for 5-year 1-5/8 percent______ _
Treasury Notes of Series A-1940f both bonds and notes being dated and bearing
interest from March 15f 1955.__________________________________________________
____ 2. Full information concerning the optional e x c h a n g e o f f e r i n g o f T reasu ry
beads is set forth in Treasury Department Circular No* 536, and full information j
concerning the optional exchange offering of 'Treasury notea is set forth in
Treasury Department Circular No. 557. both circulars beinff dated April 22, 1935.
As the privilege of exchanging First Liberty Loan bonds will be accorded for n
limited period only and may be terminated at anv time without notice, holders
of First Liberty Loan bonds who desire to take advantage of either offering
should act promptly, following the instructions given in the Treasury depart
ment circulars referred to abovef conies of which mav be obtained from any____
Federal Reserve bank or branch, or from the Treasury Departmentr Washington, ft. c.l
III.
Pursuant to the call for redemption, as set forth, in Section I of this cir
cular, the following rules and regulations are hereby prescribed to govern the
presentation and surrender of First Liberty Loan bonds for redemption on June 15,
1935:
1. Payment of called bonds on June 15, 1955. - Holders of any outstanding
Pirst Liberty Loan bonds will be entitled to have such bonds redeemed and paid
at par on June 15, 1935, with interest in full to that date. After June 15,
1935, interest will not accrue on any Pirst Liberty Loan bonds.
2. Presentation and surrender of coupon bonds. - Pirst Liberty Loan bonds
in coupon form should be presented and surrendered to any Federal Heserve Dank
or branch, or to the Treasurer of the United States, Washington, 3). C., for re
demption on June 15, 1935. The bonds must be delivered at the expense and risk
of holders (see par. 8 of this section) and should be accompanied by appropriate
written advice (see Porn P. D. 1435 attached hereto). Checks in payment of
principal will be mailed to the address given in the form of advice accompanying
the bonds surrendered.
3. Coupons dated June 15, 1935, which become payable on that date, should
be detached from any Pirst Liberty Loan bonds before such bonds are presented foi
ledemption on June 15, 1935, end such coupions should be collected in regular
course when due. All coupons pertaining to such bonds bearing dates subsequent
to June 15, 1935, must be attached to any such bonds when presented for re&emp*-^
tion, provided, however, if any such coupons are missing from bonds so presen^ea
for redemption the bonds nevertheless will be redeemed, but the full face amoun
of any such missing coupons will be deducted from the payment to be made on account of such redemption, and any amounts so deducted will be held in the Treas <y|
REDEMPTION OE EIRST LIBERTY LOAN BONDS
1935
Department Circular No, 535
~7-rX
____
w
TREASURY EEPARTICENT,
Office of the Secretary,
Washington, April 22, 1935
Public Debt Service
To Holders of Eirst Liberty Loan Bonds of 1932-47, and Others Concerned;
I.
NOTICE OE CALL EOR REDEMPTION 3EE0RE MATURITY
On March 14, 1935, the following public notice of call for redemption was
given:
To Holders of Eirst Liberty Loan Bonds of 1932-47, and Others Concerned:
Public notice is hereby given:
1, All outstanding Eirst Liberty Loan bonds of 1932-47 are hereby
called for redemption on June 15, 1935. The various issues of Eirst
Liberty Loan bonds (all of which are included in this call) are as follows:
Eirst Liberty Loan 3-1/2 percent bonds of 1932-47 (Eirst 3-l/2,s),
dated June 15, »1917;
Eirst Liberty Loan Converted 4 percent bonds of 1932-47 (Eirst 4's),
dated November 15, 1917;
Eirst Liberty Loan Converted 4-1/4 percent bonds of 1932-47 (Eirst
4-l/4Ts), dated May 9, 1918; and
Eirst Liberty Loan Second Converted 4-1/4 percent bonds of 1932-47
(Eirst-Second 4-l/4!s), dated October 24, 1918.
2. Interest on all such outstanding Eirst Liberty Loan bonds will
cease on said redemption date, June 15, 1935.
3. Full information regarding the presentation and surrender of Eirst
Liberty Loan bonds for redemption under this call will be given in a
Treasury Department circular to be issued later.
4.
Holders of Eirst Liberty Loan bonds now called for redemption on
June 15, 1935, may, in advance of that date, be offered the privilege of
exchanging all or any part of their called bonds for other interest-bearing
obligations of the United States, in which event public notice will here
after be given.
Treasury Department,
Washington, March 14, 1935.
HENRY HORGENTEAU, JR.,
Secretary of the Treasury.
FOB RELEASE MORNING NEWSPAPERS. MONDAY, APRIL 22, 1935«
REDEMPT IOH OF FIHST LIBERTY LOAN BONDS
TREASURY DEPARTMENT,
Office of tlie Secretary,
Washington, April 22, 1935
1935
Department Circular No. 535
Public Debt Service
To Holders of First Liberty Loan Bonds of 1932-47, and Others. Concerned:.
I, NOTICE OF CALL FOR REDEMPTION BEFORE MATURITY
On March 14, 1935, the following public notice of call for redemption was
given:
To Holders of First Liberty Loan Bonds of 1932-47. and Others Concerned!
Public notice is hereby given:
1. All outstanding First Liberty Loan bonds of 1932-47 are^hereby
called for redemption on June 15, 1935. The various issues of liirs
Liberty Loan bonds (all of which are included in this call) are as follows:
First Liberty Loan 3-1/2 percent bonds of 1932-47 (First 3-l/2*s),
dated June 15, 1917;
First Liberty Loan Converted 4 percent bonds of 1932-47 (First 4*s),
dated November 15, 1917;
First Liberty Loan Converted 4-l/4 percent bonds of 1933-47 (First
4-1/4*s), dated May 9, 1918; and
First Liberty Loan Second Converted 4—l/4 percent ponds oi 1932-47
(First-Second 4—l/4*s), dat'd Octoocr 24, 1918*
2. Interest on all such outstanding First Liberty Loan bonds will
cease on said redemption date, June 15, 1935.
3. Full information regarding the presen bation and surrender of Firot
Liberty Loan bonds for redemption under this call will.be given in a- Treasury
Department circular to be issued later.
4. Holders of First Liberty Loan bonds now called for^redemption on
June 15, 1935, may, in advance of that date, be offered tne privilege of^
exchanging all or any part of their called bonds for other interest—bearing
Obligations of the United States, in which event public notice will heroaftor
he given.
h easury Dopar tment,
Washington, .March 14, 1935<
HENRY HQRGSNTHAU, JR.,
Secretary of the Treasury«
II.
OPTIONAL EXCHANGE OFFERING.
1. Holders of Eirst Liberty Loan bonds, called for redemption on June 15,
1935, are offered the privilege, for a limited period beginning April 22, 1935,
of exchanging all or any part of their called bonds, either (l) for 3-7/8
percent Treasury Bonds of 1955-60, or (2) for 5-year 1-5/8 percent Treasury Notes
Of Series A—1940, both bonds and notes being dated and bearing interest from March
15, 1935.
2. Full information concerning the optional exchange offering of Treasury
bonds is set forth in Treasury Department Circular No. 536, and full information
concerning the optional exchange offering, of Treasury notes is set forth in
Treasury Department Circular No. 537, both circulars being dated April 22, 1935.
As the privilege of exchanging First Liberty Loan bonds will be accorded for a
limited period only and may be terminated at any time without notice, holders
of First Liberty Loan bonds who desire to .take advantage of either offering
should act promptly, following the instructions given in the Treasury Department
circulars referred to above, copies of which may be obtained from any Federal
Reserve bank or branch, or from the Treasury Department, Washington, D.C.
III.
RULES AND REGULATIONS GOVERNING REDEMPTION OF FIRST LIBERTY LOAN BONDS
Pursuant to the call for redemption, as set forth in Section I of this cir
cular, the following rules and regulations are hereby prescribed to govern the
presentation and surrender of First Liberty Loan bonds for redemption on June 15,
1935!
1. Payment of called bonds on June 15» 1935. — Holders of any outstanding
First Liberty Loan bonds will be entitled to havo such bonds redeemed and paid
at par on June 15, 1935, with interest in full to that date. After June 15, 1935
.Interest will not accrue on any First Liberty Loan bonds.
2. presentation and surrender of coupon bonds. - First Liberty Loan bonds
in coupon form should be presented and surrendered to any Federal Reserve bank
or branch, or to the Treasurer of the United States, Washington, D.C., for re
demption on June 15, 1935. The bonds must be delivered at the expense and risk
of holders (see par. 8 of this section) and should be accompanied by appropriate
written advice (see Form P.D. 1435 attached hereto). Checks in payment of
principal will be mailed to the address given in the form of advice accompanying
the bonds surrendered.
3. Coupons dated June 15, 1935, which become payable on that date, should
detached from any First Liberty Loan bonds before such bonds are presented for
redemption on June 15, 1935, and such coupons should be collected in regular
course when due. All coupons pertaining to such bonds bearing dates subsequent
to June 15, 1935, must be attached to any such bonds when presented for redemp1 int provided, however, if any such coupons are missing from bonds so presented
for redemption the b.nds nevertheless will be redeemed, but the full face amount
_ p- an7 such missing coupons will be deducted from the payment to bo made on ac
count of such redemption, and any amounts so deducted will be held in the Treasury
do
I
to provide for adjustments or refunds on account of such missing coupons as may
subsequently be presented# JL
4# Presentation and surrender of registered bonds# - First Liberty Loan
bonds in registered form must be assigned by the registered payees or assigns
thereof, or by their duly constituted representatives, in accordance with the
general regulations of the Treasury Department governing assignments, in the
form indicated in the next paragraph hereof, and thereafter should be presented
and surrendered to any Federal Reserve bank or branch, or to the Division of
Loans and Currency, Treasury Department, Washington, D.C., for redemption on
Jime 15, 1935. The bonds must bo delivered at the expense and risk of holders
(see par. 8 of this section) and should be accompanied by appropriate written
advice (see Form P.D. 1436 attached hereto).. In all cases checks in payment of
principal and final interest due will be mailed to the address given in the form
of advice accompanying the bonds surrendered.
5.
If the registered payee, or an assignee holding under proper assignment
from the registered payee, desires that payment of the principal and final in
stallment of interest be made to hii&, the bonds should be assigned by such
payee or assignee, or by a duly constituted representative, to ^The Secretary
pf the Treasury for redemption11• If it is desired, for any reason, that payment
be made to some other person, without intermediate assignment, the bonds should
be assigned to ”The Secretary of the Treasury for redemption for the account
of __________________________ inserting the name and address of the person
to whom payment is to be made. A representative or fiduciary should not assign
for payment to himself individually, unless expressly authorized to do so by
the instrument under which he is acting; he may, however, assign for payment to
himself in his representative or fiduciary capacity.
6. Assignment in blank or other assignment having similar effect, will bo
recognized, but in that event payment will be made to the person surrendering
the bond for redemption, since under such assignment the bond becomes in effect
payable to bearer. Assignments in blank or assignments having similar effect
should bo avoided, if possible, in order not to lose the protection afforded by
registration.
7. Final interest due on June 15, 1935, on registered bonds of the First
Liberty Loan v/ill be paid with the principal in accordance with tlie assignments
on the bonds surrendered. Transfers and exchangees involving registered bonds
will bo permitted up to the close of business on May 31, 1935, but not after
that date*
8. transportation of bonds. — Bonds presented for redemption under this
circular must be delivered to a Federal Reserve bank or branch, or to the
Treasury Department, Washington, D.C., at the expense and risl£ of the holder.
Qoupon builds should be forwarded by registered mail insured, or by express
l. First 41s, First 4-1/4*s, and First-Second 4-1/4*s were originally issued
in temporary form. The final coupon attached to such temporary bonds became due
on December 15, 1919, June 15,/ 1920, and December 15, 1920, respectively. The
holders of any such temporary bonds will receive all past due interest to June
15, 19^5, when such bonds are redeemed pursuant to the call. Any coupons now
attached to such temporary bonds should be detached and collected in regular
course*
-4prepaid* Registered bonds bearing restricted assignments may be forwarded by
registered mail, but registered bonds bearing unrestricted assignments should
Be forwarded by registered mail insured or by express. Facilities for trans
portation of bonds by registered mail insured may be arranged between incor
porated banks and trust companies and the Federal Reserve banks, and holders
may take advantage of such arrangements when available, utilizing such incor
porated banks and trust companies as their agents. ' Incorporated banks and trust
companies are not agents of the United States under this circular.
IV.
TIME OF PRESENTATION OF GALLED BONDS FOR REDEMPTION
1* In order to facilitate the redemption of First Liberty Loan bonds pn
June 15, 1935, any such bonds should be presented and surrendered in the manner
herein prescribed ?/ell in advance of that date, but not before May 15, 1935#
Such early presentation by holders will assure prompt payment of principal when
duo* This.is particularly important with respect to registered bonds, for pay
ment cannot be made until registration shall have boon discharged at the Treasury
Department.
2* It will expedite redemption if the bonds are presented to Federal Reserve
banks,.or branches, and not direct to the Treasury Department.
‘
,.1
3. As hereinbefore provided: (1) coupons due June 15, 1935, should be
detached from any permanent coupon bonds when such bonds are presented for redemp
tion on that dado, such coupons to be collected when due; and (2) final interest
duo on.any registered bonds will be paid with the principal amount.
4.
IF FIRST LIBERTY LOAN BONDS CALLED FOR REDEMPTION ON JUNE 15, 1935, ARE
TO BE PRESENTED FOR EXCHANGE FOR 2-7/8 PERCENT TREASURY BONDS OF 1955-60, INSTRUCT
IONS GIVEN IN TREASURY DEPARTMENT CIRCULAR NO. 536 SHOULD BE FOLLOWED; IF TO BE
PRESENTED FOR 1-5/8 PERCENT TREASURY NOTES OF SERIES A-1940, INSTRUCTIONS GIVEN IN
TREASURY DEPARTMENT CIRCULAR NO. 537 SHOULD BE FOLLOWED; IF TO BE PRESENTED FOR
REDEMPTION ON JUNE 15, INSTRUCTIONS GIVEN IN THIS CIRCULAR SHOULD BE FOLLOWED.
V.
GENERAL PROVISIONS
1* Any further information which may be desired regarding the redemption of
First Liberty Loan bonds under this circular may be obtained from any Federal Re
serve bank or branch, or from the Treasury Department, Washington, D.C., where
bopies of the Treasury Departments regulations governing assignments also may be
obtained*
2# As fiscal agents of the United States, Federal Reserve banks are author
ized and requested to perform any necessary acts under this circular. The Secretary
of the Treasury may at any time, or from time to time, prescribe supplemental or
amendatory rules and regulations governing the matters covered by this circular,
wnich will be communicated promptly to Federal Reserve banks.
HENRY MORGENTKAU, JR.,
Secretary of the Treasury*
FOR COUrt fQSDp
(For registered bonds use Form FD 1436)
TREASURY DEPARTt'EUI
Public Debt Service
Form PD 1435
4
tJse separate form for each issue
FORM OF ADVICE TO ACCOMPANY FIRST LIBERTY LOAN BONDS IN COUPON FORM PRESENTED
FOR REDEMPTION ON JUNE 15, 1935
fo the Federal Reserve Bank o f _________________ , _ »
or
Treasurer of the United States, Washingtont D *C •l
Pursuant to the provisions of Treasury Department Circular No* 535, dated
April P | 1935, the undersigned presents and surrenders herewith for redemption
on Juno 15, 1935, $ _____________ , face amount of First Liberty Loan bonds in
coupon form, with, coupon due December 15, 1935, and all subsequent coupons
attached, as follows:
Title of issue:______ .„ _ _ _ ________
(Use short title ~ sec note)
Number of bonds
Denomination
~
Face amount
___________ ,_ ,
_____
Total
and requests that remittance covering.payment therefor
-------.~
~
1
!
1
; i
i
i
i
i
i
$50
100
500
1,000
5,000
10,000
100,000
Serial numbers of bonds t
be forwarded to the under
signed at the address indicated below*
Name (please print)_______________ — ----- *---- - —
Address in f u l l ___,______ ________ •------- - -------
Note*
First
First
First
First
The titles of the four issues of First Liberty Loan bonds follow.
Title
Short Title
Liberty Loan 3-|$ bonds of 1933-47
First 3| s
Liberty Loan Converted 4$ bonds of 1933-47
r
Liberty Loan Converted 4-g$ bonds of 1933-47
4 S ,
Liberty Loan Second-Converted
bonds of 1932-47
First-Second
s
6 FOR REGISTERED b o n d s
(For coupon bonds us e Form PD 1435)
TREASURY DEPARTMENT
Public Debt Service
Form PD 1436
Use separate form for each issue
FORM OF ADVICE TO ACCOMPANY FIRS'T LIBERTY LOAM BONDS IN REGISTERED FORM PRESENTED
FOR REDEMPTION ON JUNE 15, 1935
To the Federal Reserve Bank of
or
Treasury Department, Division of Loans and Currency, Washington, D,C,:
Pursuant to the provisions of Treasury Department Circular No* 535, dated
April 22, 1935, the undersigned presents and surrenders herewith for redemption
on June 15, 1935, $______ ___________, face amount of First Liberty Loan bonds in
registered form, inscribed in the name o f ____________________________________ _
_ and duly assigned to “The Secretary of the Treasury for re
demption”, as follows:
Title of issue:_______._______ __________
(Use short title - see note)
Number of bonds:
:
:
:
1
:
„ _ __:
Serial numbers of bonds
Denomination
$50
100
500
1,000
5,coo
10,000
50,000
100,000
Face amount
$_______t_____
—
:
:
T o t a l _____:________________
^ _ ..
... .
_ __ _ _ _
?
________
and requests that remittance covering payment of principal and final interest be
forwarded to the undersigned at the addiess indicated below.
Signature _ ______
Name (please print)
Address in full
Date
Note:
First
Firs't
First
First
The titles of the four issues of First Liberty Loan bonds follows:
Title
Short Title
First 3p;*3
Liberty Loan 3Jf|t bonds of 1 9 3 2 -4 7
First 4 1s
Liberty Loan Converted 4$ bonds of 1 9 3 2 -4 7
First 4^*s
Liberty Loan Converted
bonds of 1 9 3 2 -4 7
First-Second 4x*s
Liberty Loan'Second-Converted 4;z$ bonds of 1932 !-47
TREASURY DEPARTMENT
Washington
April 22, 1935.
MEMORANDUM FOR THE PRESS
RECEIPTS OF SILVER 3Y THE MINTS AND ASSAY ORE ICES:
(Under Executive Proclamation of December 21,1933)
Week ended April 19, 1935s
Philadelphia........ ..........................
149,983.67 fine ounces
San F
r
a
n
c
i
s
c
o
.
346,934.13
Denver ••»»••»••••«••••••»• •»•»••• ••»•••»•••«•*« *
., .$♦340.00
Total for week ended April 19, 1935*............ .
502,257.80
Total receipts through April 19, 1935..••••••••••• 34,552,000.00
SILVER TRANSFERRED TO UNITED STATES:
(Under' Executive" Proclamation of Angust 9, 1934)
Week ended April 19, 1935:
Philadelphia.••...••.... ..........
New York.
San Francisco.
Denver ....... .
New Orleans
Seattle
Total for week ended April 19, 1935*.
Total receipts through April 19, 1935
1,212.00 fine ounces
2,910*00
" ,f
63.300.00
11 n
506.00
11 **
405.00
” ”
________ 458.00
t
»
68.771.00
n 11
112,669,681.00
" "
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
New
____
Secondary
Domestic
Imuort-S
Week ended April 19, 1935:
..... $
6,929.37 $ 214,287.34 $.
148.44
Philadelphia.
..... 53,543,800.00
374,700.00
29,400.00
New York
.....
131,088.39
1,061,873.07 123,892.11
San Francisco
59,825.00
33,637.00 573,871.00
Denver..................... .....
......
318.14
47,600.24
728.86
New Orleans........
~ _____25,247.66 229,792.48
Seattle.»•«••■••*•«••••••••• .....
Total for week ended April 19, 1935..$53,741,960.90 $1,757,345.31 $957,832.89
GOLD RECEIVED BY FEDERAL RESERVE .RANKS AND THE 'TREASURER1S OFFICE:
(Under Secretary*s Order of Decemher 28, 1933)
Received "by Federal Reserve Banks:
Gold Coin .,
Week ended April 17, 1 9 3 5 ....• • « • • • $
2 9 ,3 9 9 .3 4
Received p r e v i o u s l y . 30 ,2 0 9 , 0 9 5 .0 1
Total to April 17, 1 9 3 5 .• • • • • • • • « • ,$ 3 0 ,2 3 8 ,4 9 4 .3 5
Received "by Treasurer*s Office:
Week onded April 17, 1935....••••••$
200.00
Received p r e v i o u s l y . .
261.3PG.00
Total to April 17, 1935............... 261,506.00
NO'TE:
Gold bars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported.
Gold Certificates
$
444,480.00
88,875.140.00
$89,319,620.00
$
10,700,00
2,092,900.00
$*2,103,600.00
treasury m m m m f
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS
Tuesday, April If, 1935*_____
4/22/85
Pr
“
lee
Secretary of the Treasury Morgenthau announced last
evening that the tenders for $50,000,000, or thereabouts,
of 278-day Treasury bills, dated April 24, 1985, and matur
ing January 22, 1986, which were offered on April 19, were
opened at the Federal Reserve banks on April 22, 1935*
The total amount applied for was $115,059,000, of which
$50,155,000 was accepted* The accepted bids ranged in price
from‘99*885, equivalent to a rate of about 0*152 percent per
annum, to 99*865, equivalent to a rate of about 0*178 per
cent per annum, on a bank discount basis. Only part of the
mount bid for at the latter price was accepted* The
average price of Treasury bills to be issued is 99*872
and the average rate is shout 0*169 percent per annum on
a bank discount basis*
TREASURY DEPARTMENT
Washington
ph eh;
Press Service
No* 4^2
OR RELEASE, MORNING- NEWSPAPERS,
uesday* April 23* 1 9 3 5 * _____
4-22-35*
Secretary of the Treasury Morgentnau announced, last evening that the tenders
for $50,000,000, or thereabouts, of 273-day Treasury bills, dated April 24, 1935,
and maturing January 22, 1936, which were offered on April 19, were opened at the
Pederal Reserve Banks on April 22, 1935*
The total amount applied for ?/as $115,059,000, of wnich $50,155,000 was
accepted*
The accepted bids ranged in price from 99*885^ equivalent to a rate
of about 0*152 percent per annum, to 99*865, equivalent to a rate of about 0*178
percent per annum, on a bank discount basis*
at the latter price was accepted*
Only part of the amount bid for
The average price of Treasury bills to be
issued is 99*872 and the average rate is about 0*169 percent per annum on a bank
dismount basis
STATEMENT OP SSCIGTARY MQRGEHTHAU
Before the Senate finance Committee, April 23, 1935*
Your Committee has under consideration a number of "bills proposing plans for
settlement of the World War veterans adjusted service certificate claims*
I shall
not attempt to go into the merits of any of these "bills or to analyze them in detail,
believing that to be a service that can best be performed by other officers of the
Government*
'The Treasury is, however, deeply interested in any problems which in
volve additional or earlier expenditure of public funds than those for which careful
preparation has already been made in budget and financing plans*
I believe it is true of all the so-called bonus settlement plans which you have
had under consideration that each one of them calls for greater or earlier payments
from the Treasury than were contemplated in the original adjusted service certifi
cate plan and payments during the fiscal year 1936 for which no provision lias been
made in the budget of that year*
All of the financial plans made by the Treasury for the coming year have been
based on adherence to the President’s budget*
Moreover, the credit of the United
States Government depends very largely, in my opinion, upon scrupulous adherence
to the President’s program*
I don’t think we can continue to enjoy the present
favorable rates and favorable market for the sale of Government securities if new
expenditures are incurred which go far beyond the limits of those which have already
been outlined*
A material decline in the market price of Government securities,
which would be very likely to result from large expenditures outside the budget,
would work a grave injustice upon all purchasers of Government securities, and would
tend to slow up the whole recovery program*
The Treasury, therefore, would view with great concern the enactment of any
bill which calls for large additional expenditures, without compensating additional
taxes* It seems to us of the utmost importance that if any adjusted service certifi
cate settlement calling for increased expenditures, or for earlier expenditures than
those already taken into account, should be enacted1
* Congress should make provision
for raising revenues sufficient to cover the additional expenditures in the year or
years ,in which they are to be incurred*
If it should bo thought desirable to seek new sources of revenue for this pur
pose, the Treasury would bo glad to offer its suggestions*
—- oo 0 oo —
V/:i£RLA5,
December,
1933,
of August,
States
by P r o c l a m a t i o n o f t h e
as m o d i f i e d b y P r o c l a m a t i o n s o f trie n i n t h d a y
1934# a nd the
t e n t h da y
of April,
193$,
th e U n i t e d
c o i n a g e m i n t s a r e d i r e c t e d to r e c e i v e f o r c o i n a g e
a d d i t i o n to tn e m o n e t a r y s t o c k s o f th e
mined
twenty-first day of
s u b s e q u e n t to D e c e m b e r
in tne U n i t e d States
thereof;
21 ,
193 3 ,
United States
and
silver
from natural deposits
o r a n y p l a c e s u b j e c t to
tne j u r i s d i c t i o n
and
hilEREAS, such Proclamation as so modified is subject
to revocation or further modification as the interest of the
United States may seem to require.
NO-., TilEHJilFOHE, f i n d i n g t h a t
United States require
the i n t e r e s t s o f the
f u r t h e r m o d i f i c a t i o n o f said P r o c l a m a
tion of the twenty-first d a y of December,
o f t h e p o w e r i n me v e s t e d
193 3 ;
by virtue
b y the a c t of Congress cited in
sai d P r o c l a m a t i o n ,
and other legislation designated
nati o n a l recovery,
and
for
b y v i r t u e o f a l l o t h e r a u t h o r i t y i n me
vested;
I,
F R A N K L I N D. R O O S E V E L T ,
o f AL1BRICA,
P R E S I D E N T o f the U N I T E D S T A T U S
d o p r o c l a i m a n a d i r e c t t h a t w i t h r e s p e c t to a l l
s i l v e r r e c e i v e d b y a. U n i t e d S t a t e s
coinage mint u n d e r the pro
visions
t w e n t y - f i r s t d a y o f December,
1933,
b y the
o f the P r o c l a m a t i o n o f t ne
w h i c h ouch mint,
Secretary of
after April
24-,
the Treasury,
193$,
any place subject
to
s u b j e c t to r e g u l a t i o n s p r e s c r i b e d h e r e u n d e r
is
s a t i sfied has
been mined on or
from natural deposits in the United States
the j u r i s d i c t i o n
t hereof,
the d e d u c t i o n f o r
or
seigniorage
— 0
ana
services
cent a n d
performed
there
the
silver
less
certificates,
of t h e U n i t e d S t a t e s ,
so r e c e i v e d
Notice
this
silver
s u c h d e d u c t i o n of
virtue
Government
s h a l l be
shall be r e t u r n e d t h e r e f o r
silver dollars,
or c u r r e n c y
by the
(that
4.0
pe r
in standard
or a n y o t h e r c o i n
the m o n e t a r y value
of
is, £ 1 .2929/ a f i n e ounc e ) ,
p e r cent.
is h e r e b y g i v e n t h a t I r e s e r v e
of the a u t h o r i t y v e s t e d i n me
p r o c l a m a t i o n as the
4.0
the r i g h t b y
to r e v o k e
or m o d i f y
i n t e r e s t of the U n i t e d S t a t e s m a y
seem to require.
I N W I T N E S S WliEReOF I h a v e h e r e u n t o
caused the
seal of the U n i t e d S t a t e s
D O N E at
the C i t y o f W a s h i n g t o n
to
this
se t m y h a n d a n a
be a f f i x e d .
22th
d a y of
a p r i l , i n the y e a r o f o u r L o r d
n i n e t e e n hundred and thirty-five,
and
of the I n d e p e n d e n c e
Unit e d States of America
hundred and fifty-ninth.
/Seal/
F R a N K L I N D.
B y the President:
CORDELL
HULL,
S e c r e t a r y of State.
of the
t he on e
ROOSEVELT.
TBSASOxt tm o m m r
vukMim'SiH
m u m m A M t m m i m itiflM i
m$m tMkimt tt. |g§S*___
Fras# Serais©
i7 $ m
aoretary af tbs Treasury Mertsstbaa auasaaeed today tb*t la ret© ©imp offering last Monday ©f Treasury beads **d Treasury not&o,
la sxsbange far lira© Liberty L©»» beads ©ailed tor r * & m p * i m m
Jmo
IB§ 19$&, aubseriptieae aegragadiaf #fX0t000,000 hoi boon reseieed
up to ©be ©lot# sf buoinooo Mwrftay.
too aubaariptioa book* tor both
offerluge w U l romoin ©pea until further aetiae#
the Searetery stated that approximately H68|000»06t of the Tirot
Liberty Loan beads bad b o m exchanged fur the 1-fi/B p a r e n t Treasury Hataa
of
arias
a ~194G
at I M M » «
cod $305,000,000 far tba »*?/5 percent Treasury Beads
TREASURY ESFARTMEHT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Monday. April 59, 1935.
4/27-35.
Press Service
Ho. 4-83
Secretary of the Treasury Morgenthau announced today that in response
to the offering last Monday of Treasury bonds and Treasury notes, in exchange
for First Liberty Loan bonds called for redemption on June 15, 1935, subscrip
tions aggregating $910,000,000 had been received up to the close of business
Saturday.
The.subscription books for both offerings will remain open until
further notice.
The Secretary stated that approximately $605,000,000 of the First
Liberty Loan bonds had been exchanged for the 1-5/8 percent Treasury note*
of Series A-1940 and $305,000,000 for the 3-7/8 percent Treasury bonds of
1955-60.
TREASURY DEPARTMENT
Washington
MEMORANDUM EOR THE PRESS
April 22,1935.
RECEIPTS OP SILVER BY THE MINTS AND ASSAY QPPICES:
~ (Under Executive Proclamation of December 21f 1933}
Week ended April 19, 1935s
Philadelphia*
San Prancisco*
Denver*
Total for week ended April 19, 1935..*#
Total receipts through April 19, 1935*•
....
149,983*67 fine ounces
....
346,934*13
n "
....________5*340*00
" n
....
502,257*80
" "
.... 34,552,000*00
M tt
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended April 19, 1935:
_■
Philadelpnia........ *..........................
2.910.-00
San Prancisco*.. .•*••••♦*......................
ijenver
...........
405.00
fine ounces
i
u
Seattle ............ ................................. .
Total for week ended April 19, 1935*.............
nn
112,669,681*00
Total receipts through April 19, 1935....... .
^ R E C E I P T S OP GOLD BY THE MINTS AND ASSAY OFFICESS
New
Domestic
Week ended April 19, 1935:
Imports
$
148.44
Philadelphia.......................$
6,929*37 $ 214,287*34
2U,400*q0
New York
...... ................. 53,543,800*00
37^2S&ffi.
*123,892.11*^
San Prancisco ••«..••.....••*•....
131,088*39x 1,061,873*
573,871.00
Denver.
.... ....
59,825.00
33,637*00
728.86
318*14
47,600*24
New Orleans............ ..........*
229.792*48
Seattle*
.............
.**,—
__ 25 f247*66.
Total for week ended April 19, 1935**$53,741,960*90* $1,757,345.31 $957,832*89
c^ K e? r e c e i v e d b y p b d e r a l
(Under Secretaries Order of Decemher 28, 1933)
Received "by Pederal Reserve Bapfe:
Q-old Coin
Week ended April 17, 1935.......*•»$
29,399*34
Received previously................ 30.209.095*01
Total to April 17, 1935........... $30,238,494.35
Received "by Treasurer*s Office?
Week ended April 17, 1935*.••t•••♦*$
Received previously..*••••••♦••••• »
Total to April 17, 1935........... $
200*00
261 »30y*_00
261,506.00
Gold "bars deposited with the New York Assay Office
to the amount of $200,572*69 previously reported*
Cold Certificates
$
444,480*00
_88_, 875.140*00
$89,319,620*00
$
10,700*00
2,092.900*00
$*2,103,600.00
l
.GOLD
Philadelphia
New York
San Francisco
Denver
New Orleans
S e attle
Totals
New Domestic
Secondary
Imports
$214,287.34
374,700.00
131,088.39
33,637.00
47,600.24
25.247.66
$826,560.63
6,929.37
|53,543,800.00
123,892.11
59,825.00
318.14
|53,734,764.62
$
148.44
29,400.00
1,061,873.07
573,871.00
728.86
229.792.48
$ 1,895,813;85
GOLD RECAPITULATION
Imports
Secondary
New Done s t i c
Total
Total Receipts to Date (Approx
$53,734,764.62
826,560.63
1.895.815,85
56,457,139.10
1,720,234,000.00
TREASURY DEPARTMENT
Washington
MEMORANDUM FOR THE PRESS:
April 29
1935%
RECEIPTS OF SILVER BY THE MINTS AND ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1933)
Week ended April 26, 1935:
Philadelphia*••••••.... - *- - - ~
San F
r
a
n
c
i
s
c
o
*
....... .
.... ........ .......
Denver
Total for week ended April 26, 1935*.......... .....
Total receipts through April 26, 1935*...»..... .
fine ounces
60,059*59
7,644*00
67,703*59
34,619,000*00
tt
ti
ii
n
n
ii
it
n
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended April 26, 1935:
Philadelphia*
...... ....... .. •
New Y o r k .... .....................
San F
r
a
n
c
i
s
c
o
.
•
Denver.... ................ ............. ....... . •
New Orleans...................................
Seattle.............................
Total for week ended April 26, 1935*...... *..... .
Total receipts through April 26, 1935***...••••••*•
18,167*00
21,054,00
10,178*00
136,00
344*00
380,00
50,259*00
112,719,940*00
i ine ounces
ii
it
ii
n
n
ii
it
it
ii
n
ii
n
ti
n
‘RECEIPTS OP GOLD BY THE MINTS AND ASSAY QPBICES:
New
Domestic
Secondary
Imports_________
Week ended April 26, 1935:
Philadelphia*•••••••••••••••
$
466,66
$
8,980,93 $ 318,291,49
New York*•*•••••••••••••••••
191.700.00
26,652,700,00
348,600,00
1,012,072,55
San Prancisco.... .
6,572,50
88,634,64
Denver*
543.988.00
.....
40,895.00
54,765,00
2 , 021,88
New Orleans*
.....
16,497,15
38,316,51
Seattle........ ...... .
211*492,08
.... .
.......
28*950,17
'$1,961,741.17
Total for week ended April 25, 1935.*$26,725,645,58 $ 877,557,81
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER,*S OFFICE^
~(Under Seer etary *s Order of December 28, 1933)
Received by Federal Reserve Banks: _____ Gold Coin
Week ended April 24, 1935*.•••••$
21,793,84
Received previously..*••»••••••» 30*258*494,35
Total to April 24, 1935...... ..$30,260,2S8*T9~
Received by Treasurers Office:
Week ended April 24, 1935,*....*$
000*0©
Received previously............. 261*506,00
Total to April 24, 1935,.•••••♦•$
261,506.00
NOTE:
*
. Gold Certificates
$
324,050,00
89*319*620,00
$89,643,670,00 *"
$
1 0 , 1 0 0 ,0 0
2.103,600,00
$ 2,113,700.00
Gold bars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported.
A n error appeared in last week*s statement of gold receipts, consisting of a
transposition of the figures in Secondary and New Domestic gold as received
n
at the San Prancisco Mint.
ares
The corrected figures for the week ending April 22
GOLD
Imports
Philadelphia
New York
San Prancisco
Denver
New Orleans
Seattle
Totals
$
New
Domestic
Secondary
6,929,37
53,543,800,00
123,892,11
59,825,00
318,14
$214,287,34
374,700,00
131,088,39
33,637,00
47,600.24
25,247.66
$
$53,734,764.62
$826,560.63
$1,895,813.85
148,44
29,400*00
1,061,873.07
573,871,00
728.86
229.792,48
TREASURY DEPARTMENT
Washington
M,i.p
Tuesday, April B0» 1985._____
4/29/35
i m RELEASE,
Press Service
isf' o' f
Secretary of tbs Treasury Morgenthau announced last
evening that the tenders for $50,000,000, or thereabouts,
of 273-day Treasury bills, dated May 1, 1935, and maturing
January 29, 1936, which were offered on April 26, were
opened at the Federal Reserve banks on April 29, 1935*
The total amount applied for was $218,212,000, of
which $50,085,000 was accepted* Except for one bid of
$30,000, the accepted bids ranged in price from 99.887,
equivalent to a rate of about 0.149 percent per annum,
to 99.884, equivalent to a rate of about 0.153 percant
per annum, on a bank discount basis. Only part of the
amount bid for at the latter price was accepted. The
average price of Treasury bills to be issued is 99.884
snd the average rate is about 0.153 percent per annum on
a bank discount basis.
7
§
TREASURY DEPARTMENT
Washington
FOR RELEASE, M0RNI1TG NEWSPAPERS,
Tuesday, April 50, 1 9 3 5 * ____ _
4— 203o
Press Service
1'To. 4— 84
Secretary of the Treasury Morgenthau announced last evening that the
tenders for $50,000,000, or thereabouts, of 273-day Treasury bills, dated
May 1, 1935, and maturing January 29, 1936, which were offered on April 26,
were opened at the Federal Reserve Banks on April 29, 1935*
The total amount applied for was $213,212,000, of which $50,085,000
was accepted.
Except for one bid of $30,000, the accepted bids ranged in
price from 99*887, equivalent to a rate of.about 0*149 percent per annum,
to 99*384, equivalent to a rate of about 0*153 percent per annum, on a bank
discount basis*
accepted*
Only part of the amount bid for at the latter price was
The average price of Treasury bills to bo issied is 99*884 and
the average rate is about 0*153 percent per annum on a bank discount basis*
TREASURY D1PA1TM1HT
Washington
FOR RELEASE, MORNING PAPERS,
Tuesday, April 30# 1935»
4/29/35
Press Service
Storetary of the Treasury Morgenthau announced last night
that the subscription books for the current offering of Treasury
Motes of Series A-1940 will close at the close of business Thurs
day, May 2, 1935« Subscriptions placed in the mail before 12
ofclock, midnight, Thursday, May 2, will be considered as having
been entered before the close of the subscription books. This
offering is open only to the holders of First Liberty Loan bonds,
called for redemption on June 15, 1935.
The subscription Books for the Treasury Bonds of 1955-60,
which are also open only to holders of First Liberty Loan bonds,
will remain open until further notice*
Announcement of the amount of subscriptions for the Treasury
notes and their division among the: several Federal Reserve dis
tricts will bs made later*
TREASURY DEPARTMENT
W,ashingtun
FOR RELEASE, MORNING. PAPERS,
'Tuesday. April 30. 1935,
4-29-35,
Press Service
No, 4-85
Secretary of the Treasury Morgen than announced last night that the
subscription hooks for the current offering of Treasury Notes of Series A—1940
will close at the close of business Thursday, May 2, 1935,
Subscriptions
placed in the mail before 12 o 1clock, midnight, Thursday, May 2, will be
considered as having been entered before the close of the subscription books.
This offering is open only to the holders of First Liberty Loan bonds, called
for redemption on June 15, 1935,
The subscription books for the Treasury Bonds of 1955-60 which are also
open only to holders oi First Liberty Loan bonds, will remain open until
further notice,
Amiouncement of the amount of subscript!021s for the Treasury Notes and
their d iv isio n among the several Federal Reserve districts will be made later.
TREASURY DEPARTMENT
Washington
POR RELEASE ,APTERNGON NEWSPAPERS,
>gtNf Tuesday, April 30, 1935*
Press Service
No* 4— 86
Secretary of the Treasury Morgenthau announced today that Customs receipts
increased approximately $3,000,000 for the nine-month period of this fiscal year
* (ending March 31, 1935) over the previous year*
The increase in Customs receipts
has been consistent since the middle of Pebruary of this year and on April 23rd
receipts were approximately $12,000,000 over those of the previous fiscal year*
Attached is a tabulation of total duties collected for the first nine months of
fiscal year 1935, as compared with first nine months of fiscal year 1934, by
Customs districts, giving the per cent of increase or decrease of each district;
[ also, an analysis of these data*
ji
It will be noted that in the three largest districts there has been a decrease
New York 3*3 per cent, Philadelphia 20*9 per cent, and Massachusetts 29*4 per cent;
while in other of our rather large districts there has been an increase, Chicago
District an increase of 51*2 per cent, New Orleans 40*1 per cent, and Los Angeles
39*3 per cent*
A very great per cent of increase is found in many of the smaller
districts, namely, Indiana with an increase of 4,692 per cent, which may be attrib
uted to the heavy imports of liquor, Duluth with an increase of 709 per cent,
which is partially attributable to importations of wheat, and many others*
The Mexican Border districts all show decided increases, as follows:
San
Antonio 417 per cent, El Paso 365 per cent, Arizona 228 per cent, and San Diego
128 per cent*
The Wisconsin District also has a notable increase of 275 per cent*
The grand total for all districts shows an increase of approximately 11 per cent,
f* according to reports submitted to the Bureau by the Collectors of Customs*
DUTIES COLLECTED, 3Y CUSTOMS DISTRICTS
Eine Months Ending March 31, 1934, and 1935
llino Months jlline Months: Amount of
:Amount of :
E.Y.
1934 :E.Y.
1935: Decrease : Increase :
Alaska
$
11,983 $
5,918 $
6,065
Arizona
280*344
921,199
640,855
Buffalo
3,111,541
3,532,387
420,846
Chicago
6,165,380
3,158,618
9,323,998
Colorado
132,014
167,726
35,711
435,109
514,013
78,904
ti ^Connecticut
^ Dakota
252,227
736,780
484,554
Duluth and Superior
361,328
2,923,929
2,562,602
El Paso
145,322
676,200
530,873
Florida
1,853,944
1,398,140
455,804
halveston
2,174,112
2,625,074
450,961
'4.,;
Georgia
3,690,982
2,000,178
1,690,805
Hawaii
974,073
1,232,069
257,996
Indiana
124,601
5,971,796
5,847,196
Iowa
19,482
34,105
14,623
Kentucky
441,538
690,228
248,691
Los Angeles
3,168,099
4,413,574
1,245,474
Maine and 11.H.
433,627
380,749
52,877
\ Maryland
6,848,601
8,572,418
1,723,817
^Massachus e11 s
22,170,944 15,648,262
6,522,682
Michigan
3,423,085
2,867,582
555,503
Minnesota
260,090
690,625
430,535
Mobile
685,710
407,890
277,819
Montana and Idaho
98,212
115,319
17,106
^New Odoans
6,866,019
9,617,233
2,751,214
4
^New York
129,686,037 125,451,078
4,234,959
llorth Carolina
6,465,917
7,008,505
542,588
Ohio
1,905,783
1,567,236
338,547
Omaha
249,726
202,358
47,368
Oregon
579,684
877,504
297,820
Philadelphia
23,163,834 18,316,585
4,847,249
Pittsburgh
1,945,531
2,447*724
502,192
Puerto Rico
1,258,935
1,485,967
227,032
Rhode Island
1,232,599
903,472
329,127
Rochester
622,692
743,737
121,045
Sabine
120,900
197,656
76,756
St. Lawrence
809,452
895,599
86,147
1 St. Louis
1,343,645
1,414,859
71,214
375,461
1/ >||San Antonio
1,943,568
1,568,108
San Diego
74,394
169,638
95,243
San Erancisco
5,826,794
7,127,991
1,301,197
South Carolina
670,518
308,759
361,759
Tennessee
93,184
60,309
32,875
Utah and ITevada
18,270
20,524
2,254
1 ^Vermont
557,828
900,335
342*507
Yirginia
8,547,132
6,476,463
2,070,669
i Washington
1,962,863
2,622,115
659,251
Wisconsin
280.785
1.054.470
773.685
$ of Difference
W w
^ . Total
$251.920.331$257.663 f844
$21,824,108 $27,567,620
—
+
4
4
4
4
4
4
4
4
•»«
4
4
4
4
4
4
4*
4
4
4
4
**
4
«*»
4.
4
•«*
4
4
4
4
4
4
4
4
4
4
4
4
50,6
228,6
13,5
51,2
27,1
18.1
192,1
709.2
365,3
24,6
20,7
45,8
26,5
4,692,7
75,1
56,3
39,3
12,2
25,2
29,4
16,2
165,5
40,5
17.4
40,1
3,3
8,4
17,8
19,0
51,4
20,9
25.8
18,0
26,7
19,4
63,5
10,6
5,3
417,6
128,0
22,3
54,0
35,3
12,3
61,4
24,2
33.6
275,5
10.9
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, May 5, 1955.___________
5-2-55.
Press Service
During April more than $23,000,000 cash was paid into Post Offices
throughout the country for the purchase of United States Savings Bonds.
Ap
proximately 30,000 persons bought an average of $576 each of these bonds
last month.
As the bonds are sold on a discount basis and increase in 10 years,
through accumulated interest, by 33-1/3 per cent, this April sale represents
a maturity value of approximately $50,600,000.
March 1st marked the inauguration of this new form of Government securities
and to May 1st there had been sold in maturity value, approximately $81,000,000,
or a daily average of about $1,327,000.
The
sales were materially less than those for March.
This shrinkage
was ai^icipatld by Treppttfy officials, for ^ ^ ^ e a s o A that m^fch accwmul^ed savings,
doi^tless, were conjy^rted into ^av^igsB^iads as soon akjsifey were male available.
New York City with a total sale of $1,501,556.25, of which $230,081.25 was
sold in Brooklyn, again headed the major cities in the month*s sale of Savings
Bonds.
Chicago was again second, selling $757,075, but Kansas City, with a
sale of $461,287.50, deplaced Detroit for third place.
April sales in other large cities were as follows:
Philadelphia, $224,850;
Boston, $146,006.25; St. Louis, $318,112.50; Detroit, $247,931.25; Cleveland,
$262,293.75; Los Angeles, $164,040; San Francisco, $47,981.25; Pittsburgh,
$172,350; Cincinnati, $152,493.75; Baltimore, $110,493.75; Milwaukee, $251,337.50;
Washington, D. C., $215,681.25; Buffalo, $72,168.75; St. Paul, $265,780.25;
Indianapolis, $117,056.25$ Newark, $40,012.50; Denver, $150,995.75; Dallas,
$54,018.75; Seattle, $85,268.75; Oklahoma City, $27,057.50; Omaha, $172,725;
Des Moines, $106,951.25; Portland, Oregon, $144,900; Louisville, $106,781.25;
Rochester, $10,050; Columbus, $85,757.50; New Orleans, $45,556.25; Toledo,
$95,918.75; Richmond, Virginia, $54,145.75; Providence, $50,506.25; Memphis,
$69,075; Dayton, $77,562.50; Hartford, $12,562.50; Nashville, $15,051.25;
Houston, $53,850; Syracuse, $17,250; New Haven, $25,793.75; Akron, $46,368.75
Fort Worth, $53,175; Springfield, Ohio, $17,287.50; Oakland, California,
$50,543.75; Harrisburg, Pennsylvania, $10,931.25.
TREASURY DEPARTMENT
Washington
POR RELEASE, MORNING NEWSPAPERS,
Friday* May 3, 1 9 3 5 . _______
During April more than $23,000,000
Press Service
No* 4~87
cash was paid into Post Offices throughout
the country for the purchase of United States Savings Bonds.
Approximately 39,000
persons Bought an average of $576 each of these Bonds last month*
As the Bonds are sold on a discount Basis and increase in 10 years, through
accumulated interest, By 33~1/3 per cent, this April sale represents a maturity
value of approximately $30,600,000.
March 1st marked the inauguration of this new form of Government securities
and to May 1st there had Been sold in maturity value, approximately $81,000,000,
or a daily average of aBout $1,327,000*
Rev/ York City with a total sale of $1,501,556*25, of which $250,081*25 was
sold in Brooklyn, again headed the major cities in the month*s sale of Savings
Bunds*
Chicago was again second, selling $757,075, But Kansas City, with a sale of
$461,287*50, deplaced Detroit for third place*
April sales in other large cities were as follows:
Philadelphia, $224,850;
Boston, $146,006.25; St. Louis, $318,112.50; Detroit, $247,931.25; Cleveland,
$262,293.75; Los Angeles, $164,040; San Prancisco, $47,981*25; PittsBurgh,$172,350;
Cincinnati, $152,493*75; Baltimore, $110,493*75; Milwaukee, $251,337.50; Washington,
D.C., $215,681.25; Buffalo, $72,168.75; St. Paul, $265,780.25; Indianapolis,
$117,056.25; Newark, $40,012.50; Denver, $150,993.75; Dallas, $54,018.75; Seattle,
$83,268.75; Oklahoma City, $27,037.50; Omaha, $172,725; Des Moines, $106,931.25;
Portland, Oregon, $144,900; Louisville, $106,781.25; Rochester, $10,050; ColumBus,
$83,737.50; New Orleans, $45,356.25; Toledo, $93,918.75; Richmond, Va. $34,143.75;
Providence, $30,506.25; Memphis, $69,075; Dayton, $77,362.50; Hartford,$12,562.50;
Nashville, $13,031.25; Houston, $53,850; Syracuse, $17,250; New Haven, $23,793.75;
Akron, $46,368.75; Port Worth, $53,175; Springfield, Ohio, $17,287.50; Oakland,
California, $30,543.75; HarrisBurg, Pennsylvania, $10,931.25.
PUBLIC
OF INCRE4SB IK THE ISSUE
PRICE OF 2-7/8 PERCENT TREASURY BONDS OF 1955-60
To Holders of First Liberty Loan Bonds 9 and Others Concerned:
public announcement is hereby made that, pursuant to the right
reserved by the Secretary of the Treasury under Department Circular
No. 5 3 6 , dated April 2 ? , 1955, inviting subscriptions for 2-7/8 per
cent bonds of the United States, designated Treasury Bonds of 1955-60
in exchange for First Liberty Loan bonds of any series, the issue
price of such 2-7/8 percent Treasury Bonds of 1955-60 is increased
to 100-1/2, effective as to subscriptions tendered after May 7, 1935*
The increased issue price shall not be offestive as against sub
scriptions duly tendered on or before May 7, 1935, including sub
scriptions received by mail at the Federal Reserve banks and the
Treasury Department, Washington, D. C., enclosed in envelopes post
marked prior to midnight May 7, 1935*
This public announe©ment Shall be communicated promptly to
the Federal Reserve banks*
HENRY MGRQENTHAXJ, JR.,
Secretary of the Treasury*
Treasury Department,
Washington, May 3, 1935*
D£PAim®JT
WASHINGTON
treasoht
FOR RELEASE, H O M I N G NlWSPAPS&S,
CT^p'V
T>t?*p a t '*?TfITifeW^
Press Servlet
Saturday. May 4* 1935#
■."ar— ■•"■••""■■i"1■■'-"' ......—— Washington
5/3/35
T O R R E L E A S E , M O R IIT JO N E W S P A P E R S ,
S a t 'u t d a . gscrstary ■of ; the Treasury
m
P re ss, S e rv in g
Morgsnthau announced today (May 3) that
the iaaua price of the 2*7/® percent Treasury Bonds of 1955-50 will be
Secretary of the Treasury Mor gen than. announced today (May 3j th^Ju
increased to 100-1/8, affective aa to subscriptions tendered after mid•the issue price of the 2-7/8
p e r c e n t Treasury Bonds of■1955— 60 will bey
night of May 7, 1935. The bonds of thia series are being issued only
increased to 100-1/2. effective as to subscriptions t e n d e r e d after midia exchange for First Liberty Loan bond a of any series, and the sub-
n ig h t
of
M ay
7,
1935*
The
bonds
of
th is
s e rie s
a .re
b e jn r
issu e d
o n ly
acription books will remain open until further notice,
in
exchange
fo r
F irs t
L ib e rty
Loan
bonds
cf
any
s e rie s ,
and
zhL
Gr.b o . c r i i > -
As a r e m i t of the increase in the issue price of the Treasury
tio n
books
w ill
re m a in
open u n t i l
fu rth er
n o tice ,
bonds, a premium of #.50 per #100 will be charged on exchangee where
As
a
re su lt
of
th e
in cre a se
in
th e
issu e
p ric e
n f
th e
Tx ^
lutv
.
subscriptions ere tendered on and after Wednesday, May 8. Sub scripbo nas, a premium ot #. 50 per u;iOO wi 11 be r*ha$fied on, aychandes wherem^uih—■
tions made on or before May 7, 1935, Including edbecriptioae received
scriptions are tendered on and after Wednesday, May- 8.
Subserigtjom«»
by sail, and postmarked prlcp to midnight Tuesday, May 7, 1935, will
made on or before"
7:. vogr.
n o iu d m s , s u b s ,c r l'
r e c e i v e d b y m a i 1»
be eligible for exchange on the par for par basis#
id p o s t ~
m~a--------rk e d ,• uieni
- * . !**&**.» T u e s d a y , - M a x 'K 1 3 3 5 , w i l l b e e l i g i b l e
The o f f ic ia l public mmmnommX follow s:
fo r
exchange
The
►
on
th e
o ffic ia l
par
fo r
p u b lic
p a r b a s is .
announcenent
fe llo w s ;
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNUG- NEWSPAPERS,
Saturday, May 4, 1935._________
5-3-35
Press Service
4-88
Secretary of the Treasury Morgenthau announced today (May 3) that
the issue price of the 2-7/8 percent Treasury Bonds of 1955-60 will "be
increased to 100-1/2, effective as to subscriptions tendered after mid
night of May 7, 1935,
The "bonds of this series are "being issued only
in exchange for First Liberty Loan bonds of any series, and the subscrip
tion books will remain open until further notice.
As a result of tthe increase in the issue price of the Treasury
bonds, a premium of $,50 per $100 will be charged on exchanges where sub
scriptions are tendered on and after Wednesday, May 8,
Subscriptions
made on or before May 7, 1935, including subscriptions received by mail,
and postmarked prior to midnight Tuesday, May 7, 1935, will be eligible
for exchange on the par for par basis.
The official public announcement follows:
p u b l i c B m m w c m m f OF INCREASE IN THE ISSUE
PRICE OF 2-7/8 PERCEN11 TREASURY BONDS OF 1955-60
To Holders of First Liberty Loan Bonds, and Others Concerned:
Public announcement is hereby made that, pursuant to the right
reserved by the Secretary of the Treasury under Department Circular No. 536,
dated April 22, 1935, inviting subscriptions for 2-7/8 percent bonds of
the United States, designated Treasury Bonds of 1955—60, in exchange for
First Liberty Loan bonds of any series, the issue price of such 2-7/8 per
cent Treasury Bonds of 1955-60 is increased to 100-1/2, effective as to
subscriptions tendered after May 7, 1935.
The increased issue price
shall not be effective as against subscriptions duly tendered on or be
fore May 7, 1935, including subscriptions received by mail at the Federal
Reserve banks'and the Treasury Department, Washington, D. C., enclosed in
envelopes postmarked prior to midnight May 7, 1935,
This public announcement shall be communicated promptly to the
Federal Reserve banks.
HENRY MORGSUTHAU, JR.,
Secretary of the Treasury.
Treasury Department,
Washington, May 3, 1935.
TREASURY DEPARTMENT
Washington
AI MEMORANDUM PGR THE PRESS
May 6. 1935.
| BECEIPTS OP SILVER 3Y THE MINTS AND ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1933)
Week ended May 3, 1935:
Philadelphia.
yL
San Francisco...................
Denver. ....................... .
Total for week ended May 3, 1935*.
Total receipts through May 3, 1935
- - - - - - fine ounces
it
169.407.73 »
»
■ 4 t492.00 »
It
173.899.73 n
It
34,793,860.34 "
SILVER TRANSFERRED TO UNITED STATES;
(Under Executive Proclamation of August 9, 1934)
Week ended May 3, 1935:
Philadelphia........
New York
San Francisco .......
Denver ....
New Orleans
Seattle ...
Total for week- ended May 3, 1935*.
Total receipts through May 3, 1935
5.174.00 f ine ounces
726.00 it
721.00 tt
47,00 it
254.00 n
1.019.00 tt
7.941.00 ti
112,727,881.00 tt
HBOSIPISO? SOLD BY THE HINTS AND ASSAY OYBICSS:
New
Week ended May 3, 1935:
Imports,
____ Secondary
Domestic
Philadelphia.................. ,$
3,795,09 $193,528,39 $ 1,712,51
New York.-..................... . 17,529,900,00 423,200.00 234,900,00
San Francisco........... .
334,962.04 100,515,14 617,851,06
Denver............ .............
21,763.00 51,686,00 621,494,00
New Orleans......... ...........
...... .29,334,96
212,08
Seattle..... ...................
.........
16.816.06
61,561.76
Total for week ended May 3, 1935..$17,890,420,13 $815,080.55$1,537,731.41
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER >S OFFICE:
(Under Secretary* s Order of December 28, 1933)
w
■
Received by Federal Reserve Banks: _____G-old Coin
25,698,52
Week ended May 1, 1935.... . •. •• $
Received previously ............ 50,260.288,19
Total to May 1, 1935........... $30,285,986.71
Received by Treasurer*s Office;
Week ended May 1, 1935........ . $
~ --Received p r e v i o u s l y , 261,506.00
Total to May 1, 1935........... $
261,506.00
NOTE:
G-old bars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported.
G-old Certificates
487,260,00
89.643.670.00
$90,130,930.00
$
$
8 ,100,00
2.113.700,00
$ 2t!2l#80G.00
tm so irr DSPAH'nmrr
w a m m m
fob relsass,
u a m t m HWSPdPBRS,
Press Service
Monday* May 0, 1938•
7-^f
sA/ac
Secretary of the ’Treasury Iforgenthau announced today that sub
scriptions aggregating $1,446,000,000 bad been received up to the o1qb »
of business Saturday la response to the offering of Treasury bond# and
Treasury notes in exchange for First Liberty Loan bonds called for re
demption on Fuse 15, 1955.
Approximately $861,000,000 of the First
Liberty Loss bonds have been exchanged for the X-&/8 percent Treasury
notes of ssrlss A-1940, on which tfes subscription boohs dosed last
Thursday,
The exchangei of th« W r i t Liberty Loin tend# for Use 8-7/8
percent Treasury Bondi of 1965-dO amount to approximately 1 585,000,000.
The Secretary called attention to the fact that the iesue price
of the Treasury bands will bo inerossod to 100-1/2, effective so to
sobierlptioni tendered after Midnight of Hay 7, 1955.
innouneesoat of
the increase in prise m i node public Saturday morning,
the oubiorlp-
tioM books for the offsring of Treasury bonds will remain open until
further notice*
TREASURY DEPARTMENT
Washington
EUR RELEASE, MORNING NEWSPAPERS,
Monday, May 6, 1935,____________
Press Service
No. 4-89
Secretary of the Treasury Morgenthau announced today that subscriptions
aggregating $1,446,000,000 had been received up to the close of business
Saturday in response to the offering of Treasury bonds and Treasury notes in
exchange for Eirst Liberty Loan bonds called for redemption on June 15, 1935,
Approximately $861,000,000 of the Eirst Liberty Loan bonds have been exchanged
for the 1— o/8 percent Treasury Rotes of Series A—1940, on which the subscrip
tion books closed last Thursday#
The exchanges of the Eirst Liberty Loan bond
for the 2-7/8 percent Treasury Bonds of 1955— 60 amount to approximately
$585,000,000,
The Secretary called attention to the fact that the issue price of the
Treasury bonds will be increased to 100-1/2, effective as to subscriptions
tendered after midnight of May 7, 1935.
was made public Saturday morning.
Announcement of the increase in price
The subscription books for the offering
of Treasury bonds will remain open until further notice.
TREASURY DEPARTMMT
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, May 7, 1935._______
5/6/36
Press Service
~.¥~9o
Secretary of the Treasury Morgenthau announced last
evening that the tenders for $50,000,000, or thereabouts,
of 273-day Treasury bills, dated May 8, 1935, and maturing
February 5, 1936, which were offered on May 3, were opened
at the Federal Reserve banks on May 6, 1935®
The total amount applied for was $165,006,000, of
which $50,091,000 was accepted. The accepted bids ranged
in price from 99.975, equivalent to a rate of about 0.033
percent per annum, to 99.881, equivalent to a rate of about
0.157 percent per annum, on a bank discount basis. Only
part of the amount bid for at the latter price was accepted.
The average price of Treasury bills to be issued is 99.885
and the average rate is about 0.152 percent per annum on a
bank discount basis.
TREASURY DEPARTMENT
Washington
Press Service
No# 4-90
FOR RELEASE, MORNING'NEWSPAPERS,
Tuesday, May 7, 1935*___________
5*-6—35,
Secretary of the Treasury Morgenthau announced last evening that the
tenders for $50,000,000, or thereabouts, of 273-day Treasury bills, dated
May 8, 1935, and maturing February 5, 1936, which were pffered on May 3,
were opened at the Federal Reserve Banks on May 6, 1935#
The total amount applied for was $165,006,000, of wfrich $50,091,000
was accepted#
The accepted bids ranged in price from 9 9 * 9 7 5 , equivalent
to a rate of about 0#033 percent per annum, to 99#881, equivalent to a rate
of about 0 * 1 5 7 percent per annum, on a bank discount basis#
the amount bid for at the latter price was accepted#
Only pari, of
The average price of
Treasury bills to be issued is 9 9 *885 and the average rate is about 0 * 1 5 2
percent per annum on a bank discount basis*
,»
Mat
*
-
2
-
ments of power from the companies, but, if it should not do so, the contract
rates shall be subject to an equitable adjustment.
(g)
The Gowrnment reserves full liberty at any time to build and
operate an electric power plant of its own in New York City if it should
decide to do so,
(5)
The companies concede that the rates under the new contracts are
reasonable and adequate to cover the cost of the service plus a reasonable
profit,
(4)
The books of the companies will be open at all times to repre
sentatives of the Federal Government and of the State and City of New York
to permit determination of the relation of the rates charged to the Govern-
i »
ment to those to other consumers.
In entering into the new contracts, each of the companies concerned
/\
| p W t h e principle of a single consolidated contract for all service
m
to Government establishments for which the Treasury Procurement Division^
acts as buying agent.
The advantage to the Government of the b lanket form of
contract covering all Government establishments served by a single operating
company is that it permits the application of quantity rates, based on a
large volume of current, which are similar to the rates in effect for large
industrial users of electricity.
The Treasury Department since early in
1954 has been negotiating with Consolidated Gas and its subsidiaries in an
•»
effort to obtain these quantity rates, based on the principle that the Govern
ment is a single user of electric energy.
Consolidated Gas and its companies
«»
had consistently refused to grant this concession until after it had become
publicly known that the construction of a Government power plant in New York
City was under serious consideration.
«»
Secretary Morgenthau announced today that he had given his approval
to^new^contracts for supplying electric current to Government offices and
A
establishments in New York City which will result in annual
of
approximately $200,000, or more than Sfifyto the Government. ^S^ntracts
..
far the fiscal years 1935 and 1936 with the four city
companies controlled by the Consolidated Gas Company and for the fiscal
year 1936 with the two Westchester County companies.
Each of the contracts is based on an outline.of a rate plan submitted
by Floyd J. Carlisle, Chairman of the Board of the Consolidated Gas Company
to Admiral C. J. Peoples, Director of Procurement of the Treasury Department
through Admiral E. E. Bakenhus of the Navy Department, who has carried on
negotiations with the power companies on behalf of the Treasury Department.
The contracts for 1935 are retroactive and will apply to all current
consumed during the present fiscal year.
It has been estimated by the Pro
curement Division that, on the basis of the contracts in force up to June
30th of last year, the cost to the Federal Government for electric current
in New York City this fiscal year would^amount to $572,439.
cost under the
The estimated
c o n t r a i l s $36§,475, representing a saving of
$203,964, or about 35-2/3 per cent, for the fiscal year 1935.
The Treasury Department has incorporated into the contracts, with
the agreement of the electric companies, four new conditions not contained
in the outline proposal made by Chairman Carlisle in January.
These
conditions in substance are.
(1)
The Government is not obligated to purchase its entire r e q u i r e - ^
X
TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE,
Wednesday, May 8, 1935*
Pres s Service
No* 4-91
Secretary Morgenthan announced today that he had given his approval
to the signing of new contracts for supplying electric current to Government
offices and establishments in New York City which will result in annual
savings of approximately $200,000, or more than 35$, to the Government*
The contracts are for the fiscal years 1935 and 1936 with the four city
companies controlled by the Consolidated Gas Company and for the fiscal
year 1936 with the two Westchester County companies*
Each of the contracts is based on an outline of a rate plan submitted
by Floyd J# Carlisle, Chairman of the Board of the Consolidated Gas Company
to Admiral C#J# Peoples, Director of Procurement of the Treasury Department
through Admiral R#E* Bakenhus of the Navy Department, who has carried on
negotiations with the power companies on behalf of the Treasury Department#
The contracts for 1935 are retroactive and will apply to all current
consumed during the present fiscal year#
It has been estimated by the Pro
curement Division that, on the basis of the contracts in force up to June
30th of last year, the cost to the Federal Government for electric current
in New York City this fiscal year would amount to $572,439* The estimated
cost under the new contracts is $368,475, representing a saving of
$203,964, or about 35-2/3 per cent, for the fiscal year 1935*
The Treasury Department has incorporated into the contracts, with
the agreement of the electric companies, four new conditions not contained
in the outline proposal made by Chairman Carlisle in January#
These
conditions in substance are:
a)
The Government is not obligated to purchase its entire require-
ments of power from the companies, but, if it should not do so, the contract
rates shall be subject to an equitable adjustment.
(2)
The Government reserves full liberty at any time to build and
operate an electric power plant of its own in New York City if it should de
cide to do so.
(3)
The companies concede that the rates under the new contracts are
reasonable and adequate to cover the cost of the service plus a reasonable
profit,
(4)
The books of the companies will be open at all times to representa
tives of the Federal Government and of the State and City of New York to permit
determination of the relation of the rates charged to the Government to those
to 0 ther consumers.
In entering into the new contracts, each of the companies concerned will
accept the principle of a single consolidated contract for all service to
Government establishments for which the Treasury Procurement Division acts as
buying agent.
The advantage to the Government of the consolidated form of
contract covering all Government establishments served by a single operating
company is that it permits the application of quantity rates, based on a large
volume of current, which are similar to the rates in effect for large industrial
users of electricity.
The Treasury Department since early in 1934 has been
negotiating with Consolidated Gas and its subsidiaries in an effort to obtain
these quantity rates, based on the principle that the Government is a single
user of electric energy.
Consolidated Gas and its companies had consistently
refused to grant this concession until after it had become publicly known that
the construction of a Government power plant in New York City was under serious
consideration
Hone of the Government establishments in How York City has had any
contract for electric current since June 30, 1934, when 176 separate con
tracts for that many different federal buildings and establishments expired#
In each of these 176 contracts the same rates had been applied as if each
contract represented a separate user of electric current*
Substantially*
these same rates had been in effect to federal establishments for more than
twenty years#
In response to calls for bids, after months of negotiation by the
Procurement Division with Consolidated Gas and its subsidiaries, the
operating companies on July 20, 1934, submitted bids on the old basis
virtually identical with the contracts previously in effect, refusing to
recognize the Government as a single buyer for all its establishments#
The
Procurement Division rejected these bids, and, since July 1 , 1934, service
has been furnished without contract and without payment, pending further
negotiations#
Late last year Consolidated Gas and its various subsidiaries made
known their definite refusal to execute the blanket contracts which the
Government sought#
On January 21st of this year, however, Chairman Carlisle
of Consolidated Gas submitted an outline of a plan conceding the Governments
contention and offering the rates incorporated into the present cob-tracts#
I want to take this opportunity to express the
appreciation and thanks of the people and tax-payers
of the City of New York for the cooperation and help
which we received from the Federal Government, par
ticularly from President Roosevelt and Secretary
Morgen thau.*
I believe this is the first time that
a Municipality has received such encouragement and
the results speak for themselves*
-
2
-
The situation insofar as the servicing for
public buildings and public purposes is concerned is
settled for t he year 1925. ' The city has an additional
responsibility and that is the rates to the consumers.
The arrangements mayx
do not preclude the city taking such
action as j^/may be a d v i s ^ r t o protect the consumers at
this time.
Our total saving is a little over two million
four hundred thousand less than their bids on
December 1 7 t h
T he following statement was made by Mayor LaGuardia
After conferring with Secretary Morgenthau I
have decided to accept the new bids of the Consolidated Gas
Company and have instructed the Commissioner to execute
contracts for service for the year 1 9 5 5 . ^ Like the Federal
i 9
contracts the rates are retroactive to January 1, 1935.
The bids submitted by the Consolidated Gas Company on
December 17, 1934 for the 1935 service were rejected.
rates obtained by the city for ?ud^KxisxiiGt±xgx»x
The
public
building lighting and power are comparable to the bids submitted
to the Federal government and our saving will amount to
#1,092,965.20 or about 36.0 6%.
The saving in our street
lighting system is about $692,554.00.
m
There is a corresponding
reduction of cost of current.
^ave assuj3ie<^
the entire servicing of street lighting and the greater portion
of the charges is for personnel and material.
We have succeeded
in obtaining for the first time a break-down of the street
lighting costs and are now in a position to study them very
carefully.
The city specifications embodied
become k n o w n as the Federal clauses stated by
what have
Mr. M o rgenthau
#8>
May 8 , 1935
The following statement was ma.de by Mayor LaGuardiaj
After conferring with Secretary Morgenthan I have deciaed to
accept the new bids of the Consolidated Gas Company and have instructed .
Commissioner Davidson to execute contracts for service for the year 1935.
Like the Federal contracts the ra.tes are retroactive to January 1 *
1935.
The bids submitted by the Consolidated Gas Company on December 17,
1934 for the 1935 service were rejected.
The rates obtained by the City
for public building lighting and power are comparable to the bids sub
mitted to the Federal Government and our saving will amount to $1,092,965,20,
or about,36,06$,
$692,554,00,
The saving in our street lighting system is about.
There is a corresponding reduction of cost of current.
The companies assume the entire servicing of street lighting and
the greater portion of the charges is for personnel and material.
We have
succeeded in obtaining for the first time a break-down of the street .
lighting costs and are now in a position to study them very carefully«
The City specifications embodied what have become known as the
Federal clauses stated, by Mr. Morgenthau today.
The situation insofar as the servicing for public buildings and
■public purposes is concerned is settled for the year 1935,
The City has an
additional responsibility and that is the rates to the consumers.
The
arrangements do not preclude the City taking such action as may be advis
able to protect the consumers at this time.
Our total saving is a little over two million four hundred thousand
less than their bids on December 17.
I want
to take this opportunity to express the appreciation
and thanks of the people and tax-payers of the City of New York for
the cooperation and help which we received from the Federal Government,
particularly from President Roosevelt and Secretary Morgenthau.
I
"believe this is the first time that a Municipali ty.has received such
encouragement and the results speak for themselves.
ERMSETHT DEPARTMENT
WASHBKSTON
FOR RELEASE, MORNING NEWSPAPERS,
Monday, May 15, 1935,
press Service
5/11/35
Secretary of the Treasury Morgenthau announced today that
subscriptions aggregating #678,000,000 had been race!Ted up to the
close of business Saturday for the 2-7/8 percent Treasury Beads of
1955-60, offered only in exchange for First Liberty Loan bonds of any
series.
With 1863,000,000 of the First Liberty Loan bonds exchanged
for Treasury Notes of Series A-1940, the total of Firsts exchanged to
date is approximately #1,541,000,000, or about 80 percent of the out
standing First Liberty Loan,
The subscription books for the Treasury bonds, which have
been issued at 100-1/2 since last Wednesday, will remain open until
further notice
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Monday. May 131 1935,___________
5-11-35.
Press Service
No. 4-92
Secretary of the Treasury Morgenthau announced today that subscriptions
aggregating $678,000,000 had been received up to the close of business
Saturday for the 3-7/8 percent Treasury Bonds of 1955— 60, offered only in
exchange for First Liberty Loan bonds of any series.
With $863,000,000 of
the First Liberty Loan bonds exchanged for Treasury Notes of Series A—1940,
the total of Firsts exchanged to date is approximately $ 1,541,000*000, or
about 80 percent of the outstanding First Liberty Loan.
The subscription books for the Treasury bonds, which Pave been issued
at 100—l/2 since last Wednesday, will remain open until further notice.
-3-
paicl unsecured depositors amounted to 9*>42 per cent of their claims*
The First National Bank of Sanborn, North Dakota was placed
in receivership on April 10, 1929 and disbursements, including off
sets allowed, to depositors and other creditors amounted to $71,871,
^iich represented 91*23 per cent of the total liabilities at date
of failure*
Unsecured depositors in thi s case received dividends
amounting to 86 per cent of their claims*
The First National Bank of Malvern, Iowa was placed in receivership on December 10, 1926 and disbursements, including off
sets allowed, to depositors and other creditors aggregated
$228,221 which represented 82.32 per cent of the total liabilities
at date of failure.
Unsecured depositors received 73*76 per cent
of their claims.
The First National Bank of Berwyn, Oklahoma^was placed
in receivership on November 6, 1930^and disbursements, including
offsets allowed, to depositors and other creditors amounted to
$38,434. which represented 78.90 per cent of the total liabilities
at date of failure.
Unsecured depositors received 30.7 per cent
of their claims.
Jbr
creditors were paid 100 per cent principal with interest in full
at the legal rate amounting to an additional dividend of 5*413 Per
cent*
Total payments to creditors, including offsets allowed, ag
gregated $102,636 and the stockholders received $3,934 together with
the assets remaining uncollected.
The Kosse National Bank of Kosse, Texas was placed in
receivership on September 18, 1933>and all depositors and other
creditors were paid 100 per cent principal with interest in full
at the legal rate amounting to an additional dividend of 10.84 per
cent.
Total payments to creditors, including offsets allowed, ag
gregated $24,314 and the stockholders received $5,368 together
with the assets remaining uncollected.
The Farmers National Bank of Trafalgar, Indiana was
placed in receivership on September 23, 1931^and all depositors
and other creditors were paid 100 per cent principal with inter
est in full at the legal rate amounting to an additional dividend
of 6.95 per cent.
Total payments to creditors, including offsets
allowed, aggregated #107,643 and the stockholders received #1,669
together with the assets remaining uncollected.
The First National Bank of Blythe, California's placed
in receivership on August 12, 1931 ^and disbursements, including
offsets allowed, to depositors and other creditors aggregated
#232,436 which represented 61.61 per cent of the total liabili
ties at date of failure.
However, secured and preferred creditors
received a considerable portion of these disbursements and dividends
TREA SU RY DEPARTM ENT
COMPTROLLER OF THE CURRENCY
WASHINGTON
A D D RESS R EPLY TO
••C O M PTRO LLER O F T H E C U R R E N C Y ”
For release on Monday. May 15, 1935.
I §
The Comptroller of the Currency,
J. F. T. 0* Connor,
announced that hereafter monthly statements would he issued showing
the receiverships closed during the month.
During the past two
years monthly statements were issued showing the opening of conser
vatorship hanks.
The last conservatorship hank was opened in Febru
4f0
ary, 1935.
During the month of March, 1935^the receiverships of 8
insolvent national hanks were finally closed reducing the number
of national hank receiverships to 1539 as of the close of business
March 31, 1935.
The terminations for April will he released as soon
as available.
The First national Bank of Ansonia, Ohio, was placed in
receivership on August 15, 1933 and all depositors and other credit
ors were paid 100 per cent principal with interest in full at the
legal rate amounting to an additional dividend of 5.776 per cent.
I It
Total payments to creditors, including offsets allowed, aggregated
$85,534 and the stockholders received $7,210 together with the
assets remaining uncollected.
v
The First National Bank of Beason, Illinois^was placed in
receivership on September 29, 1933^and all depositors and other
TREASURY DEPARTMENT
^ kg
Washington
OR RELEASE MORNING- NEWSPAPERS,
unday, May 13, 1935*
Press Sen
The Comptroller of the Currency, J.P.T.- O ’Connor, announced
that hereafter monthly statements would he issued showing the^
receiverships closed during the month*
Paring the past two
years monthly statements were issued showing the opening of conser
vatorship hanks*
The last conservatorship hank was opened in jehru*
ary, 1935*
During the month of March, 1935, the receiverships of 8
insolvent national hanks were finally closed reducing the number
of na.tional bank receiverships to 1539 as of the close of business
March 31, 1935. The terminations for April will he released as soon
as available.
Tile Pirst Rational Bank of Ansonia, Ohio, was placed in
receivership on August 15, 1933 and all depositors and other credit
ors were paid 10 0 per cent principal with interest in full at the
legal rate amounting to an additional dividend' of 5.776 per cent.
Total payments to creditors, including offsets allowed, aggregated
$85,534 and the stockholders received $7,210 together with the
assets remaining uncollected. .
The Pirst Rational Bank of Beacon, Illinois was placed in
receivership on September 29, 1933 and all depositors and other
_ o _
creditors were paid 10 0 per cent principal with interest in full at the
legal rate amounting to an additional dividend of 5,413 per cent.
Total
payments to creditors, including offsets allowed, aggregated $102,636 and
the stockholders received $3,934 together with the assets remaining un
collected.
The Kosse National Bank of Kosse, Texas was placed in receivership
on September 18, 1933 and all depositors and other creditors were paid 100
per cent principal with interest in full at the legal rate amounting to an
additional dividend of 10,84 per cent.
Total payments to creditors, in
cluding offsets allowed, aggregated $24,314 and the stockholders received
$5,368 together with the assets remaining uncollected.
The Farmers National Bank of Trafalgar, Indiana, was placed in
receivership on September 23, 1931 and all depositors and other creditors
were paid 10 0 per cent principal with interest in full at the legal rate
amounting to an additional dividend of 6,95 per cent.
Total payments
to creditors, including offsets allowed, aggregated $107,643 and the
stockholders received $1,669 together with the assets remaining uncol
lected.
The First National Bank of Blythe, California was placed in re
ceivership on August 12, 1931, and disbursements, including offsets
allowed, to depositors and other creditors aggregated $232,436 which
•
represented 61,61 per cent of the total liabilities at date of failure.
However, secured and preferred creditors received a considerable portion
of these disbursements and dividends paid unsecured depositors amounted
to 9,42 per cent of their claims.
The First National Bank of Sanborn, North Dakota was placed in re
ceivership on April 10, 1929, and disbursements, including offsets allowed,
to depositors and other creditors amounted to $71,871, which represented
91,23 per cent of the total liabilities at date of failure.
Unsecured
depositors in this case received dividends amounting to 86 per cent of
their claims.
The First National Bank of Malvern, Iowa, was placed in receivership
on December 10, 1926, and disbursements, including offsets allowed, to
depositors and other creditors aggregated $228,221,. wiiich represented 82,32
per cent of.the total liabilities at date of failure.
Unsecured depositor
received 73,76 per cent of their claims.
The First National Bank of Berwyn, Oklahoma, was placed in receiver
ship on November 6 , 1930, and disbursements, including offsets allowed,
to.depositors and other creditors amounted to $38,434, which represented
78,90 per cent of the total liabilities at date of failure.
depositors received 30,7 per cent of their claims.
Unsecured
TREASURY DEPARTMENT
Washington
^
MEMORANDUM FOR THE PRESS
13 » 1935#
RECEIPTS OP SILVER BY THE MINTS AND ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1933) as amended
Week ended May 10, 1935s
Philadelphia*
San Francisco............ .
Denver..... i.................. .. • *
Total for week ended May 10, 1935...
Total.receipts through May 10, 1935*
499,829.57 fine ounces
182,088,18
B
”
5*012,00
”
”
686,929.75
11
“
35,480,000.00
11
.SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended May 10, 1935:
Philadelphia .......... .
i........
New York............. ..............
San Francisco..... .
Denver*
........ ............. . • •
New Orleans............. .......... .
Seattle..... ....... ............. *•
Total for week ended May 10, 1935*...
Total receipts through May 10, 1935*•
1.727.00 fine ounces
1.137.00
”
11
997.00
n
n
434.00
”
*
627.00
"
n
________389.00
B
H
5.311.00
n
11
112,733*192.00
"
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
..... ~ ----L " n ....
New
ts
Secondary Domes^c
Week ended May 10, 1935:
....
r
11,516,18
$295,911,84
$
” ^ 0 0
Philadelphia *....... .
....
6,170,000,00
401,500,00
New York.
8,891.13
73,851.021,438,490,06
San Francisco ........... ....
.....
82,044.00
43,823.00
Denver •
..... ...
.....
529,67
75,562,08
New Orleans...........
.....
_______
30.298.48
165*218,^
Seattle......... .........
1935.$6,272,980.98*
$920,946,42
$2,210,111*40
Total for week ended May 10,
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER1S OFFICE:
(Under Secretary's Order of December 28, 1933)
Received by Federal Reserve Banks:
Week ended May 8 , 1935..........
Received previously....... •••»«
Total to May 8 , 1935...........
Received by Treasurer's Office;
Week ended May 8 , 1935........ .
Received previously.••••*•••»...
„ Total to May 8 , 1935............
NOTE:
____ Gold Coin
$
27,412.94
30,285,986.71
$30,313,399.65
$
$
000,00
261,506.00
261,506.00
Gold bars deposited with the New York Assay Office
to the .amount of $200t572,6P previously reported.
i T 389,,700,,00
90,,130,,930,>00
$90, 520,,630,>00
7,,800,,00
2,,121,,800,>00
$ 2 ,129,,600,,00
$
TREASURY DEPARTMENT
May 13, 1935.
Washington
Press Service
No. 4-93
Following is the text of a radio address hy Henry Morgenthau, Jr.,
Secretary.of the Treasury, to he delivered over a joint hook-up of the
National Broadcasting Company and Columbia Broadcasting System, at
10:00 P.M., Eastern Standard Time, Monday, May 13, 1935. It is for
release after delivery has actually begun and no portion or synopsis of
its contents may be given out in advance.
THE AMERICAN DOLLAR.
It is my purpose, tonight, to state a few simple facts which, I hope,
will contribute to a clearer understanding of the monetary policy of the
United States.
of money.
I shall not enter into complicated discussion of the theory
I shall merely tell you what was done....why,...and the effect.
In order to examine the record in logical sequence, it is necessary
to review, briefly, the background of our present problems.
Foreign trade
has, from the beginning, been an important factor in the business of the
American people.
During the eighteen years immediately preceding the out
break of the World War, we exported thirty-one billion dollars worth of
merchandise, almost all of which was paid for with goods and services that
we received.
The net gold movement to us was relatively small, amounting
to $174,000,000.
Foreigners invested in the United States, during those
eighteen years, two billion dollars; Americans invested abroad, one billion
dollars.
At the out-break of the World War, the American people owed the
world three billion dollars more than foreigners owed us.
That was what
the ledger showed on July 1, 1914.
With the beginning of the World War, a tremendous change took place.
From July of 1914 to the end of 1922, we exported forty-seven billion dollars
worth of merchandise.
Much of this was paid for with goods, services and
gold, but there remained due us a balance of 19 billion dollars, for which
we took mostly promises to pay.
-
Now note the contrast.
2
-
In the previous 18-year period, with our country
one of the world*s attractive fields for capital investment, we drew in about
one billion dollars net from abroad, but when we became a creditor nation,
the net outflow of capital reached nineteen billion dollars in the eight
years between the beginning of the World War and the end of 1922.
Nor did we stop there.
We continued to export more than we imported,
thus accumulating an additional two and a half billions of dollars of net
foreign investment by the end of 1929.
If we deduct from the grand total of our loans and investments abroad
all of the loans and credits that foreigners have here and then examine
the status of our net foreign investment, we find that an amount equal to
two-thirds of it is today in partial or complete default.
There you have the background, from an American point of view, when in
1931 things headed toward a crisis all over the world.
Credit and currency
difficulties which had been spreading throughout Europe came to a head in
the Spring of that year.
gold payments.
On September 21, 1931, Great Britain suspended
Norway, Sweden, and Denmark followed within a week.
acted in December.
Japan
Other nations either went off gold or took equivalent
action to control their foreign exchange.
As the nations went off gold, the value of their currencies in inter
national exchange dropped sharply, and our customers found it difficult to
get dollars with which to pay for American products.
They could trade with
each other to some extent, but they bought from us only what they could not
do without.
The physical volume of world export trade dropped about one-
fourth from 1929 to 1932, but our exports dropped almost one-half in the
same period.
During 1932, England increased her share of the world trade hy 16
percent over the previous year; and Japan "by 29 percent.
To say that we
merely shared in world-wide misfortune is not entirely accurate, "because
our share included an additional penalty for remaining on the old gold
standard.
While total world export trade declined, those countries which promptly
went off gold increased their share of what remained.
Some of the countries became alarmed because they could see the bottoms
of their gold bins.
called home.
They and others exerted pressure to have foreign credits
Sometimes these credits responded by going in the other direction
just as fast as they could travel.
Gold was stampeding from country to
country, always leaving the place where it was needed, and rarely doing its
new hosts any good.
In January of 1932, gold began to leave the United States in alarming
amounts.
This was fair notice to all concerned that our turn was next.
The
panic was knocking at our door, but nothing effective was done to avert it.
Europeans knew that we could not maintain our currency at the old gold level
without a further ruinous deflation of our prices, trade, and industrial
activity.
Eacing that crisis, the previous Administration stubbornly refused
to take action, evidently under the impression that that was a proud achieve
ment, when it was obviously economic suicide*
Foreigners had left here more than a billion dollars to enjoy our high
interest rates and prospects of quick profits.
Seeing what was happening,
they judged that it was high time to take this money home.
and the panic was on.
We could not offer them their defaulted paper when
they called for their money.
was not in default.
They did so,
We could not even offer them their paper that
We had let them have the money on long-term loans; and
they had short-term loans here.
Our long-term paper was not due, while
their short-term loans could he collected and their stocks sold.
demand gold for every dollar due, and that is what they did.
They could
Thus it
happened that, in the first six months of 1932, we witnessed the incredible
spectacle of gold going out of the v/orld’s greatest creditor nation on every
ship.... nearly all of it to nations that were in our debt.
Still hothing
effective was done to avert the disaster.
Stupendous as the gold movement was, we could not ship fast enough to
meet the demand, and speculators took advantage of the situation to sell
the dollar.
They were not all foreigners, either.
However, the citizenship
of these snipers is not important since their dominant trait is an utter
lack of patriotism or loyalty to any nation.
They would sell civilization
itself short if they could, and for all they knew at that time, they might
have been doing so.
Our loss of gold, added to the calamity of declining trade, falling
commodity prices, and widespread unemployment, caused bewilderment and then
panic.
The disaster swept over our country with the fury of a hurricane.
Within a few months our financial structure was in a state of collapse.
In the month of February, 1933, and up to the time President Roosevelt tookoffice, about half a billion dollars in gold and nearly two billion dollars
in currency were withdrawn from our banks.
individually, but by whole states at a time.
this Administration came into office.
They were closing, not
That was the situation when
On taking his oath, Mr. Roosevelt
assumed both the duties of President and receiver for a concern...the
richest on earth....but on that tragic day face to face with insolvency.
We were headed for disaster unless the run on the banks could be stopped,
and our gold reserves reassembled.
Both objectives were promptly achieved.
The President’s Proclamation closed the banks, ending the run, and the gold
was ordered into the custody of Uncle Sam under penalties.
met the domestic emergency.
that ended the outward flow.
Those two acts
An embargo on gold exports was declared and
This effectively took us off the old gold
standard and the dollar began to adjust itself to the realities of the world
situation.
In going off gold, we were not the first, we were the thirty-first.
The operation was completed in January of 1934 when the dollar was revalued
and set at 59.06 percent of its former gold content.
have enjoyed the soundest currency in the world.
Since that time we
It is, in fact, so sound
that we find gold flowing back into this country to take refuge in our
dollar; not to pay balances but to find safety.
Some of the same sharp
shooters who personally conducted the flight of gold from this country
during 1932 and the first two months of 1933. are now bringing it back.
But let us return to the record and see what our new dollar did for
our foreign trade.
I shall take all three of the commonly used yardsticks
and apply them.
First:
Measured in physical volume, the United States increased its
export trade during 1934 as compared with both 1932 and 1933.
Second: Measured in dollar value the United States increased its
foreign trade in 1934 as compared with 1932 and 1933*
And, finally: Measured by percentage share in the physical volume of
total world trade, we again show an increase over both 1932 and 1933.
This is the more remarkable because the volume of our agricultural
exports was declining.
-
6
-
In I93U we shipped one-third less cotton than in 1932; "but--- we got
seven percent more money for it.
We also got a higher price for our wheat, "but the drought can account
for most of the increase.
Our wheat exports have also been affected by quotas and embargoes.
Some of our former customers prefer, for reasons of national policy, to
grow their own wheat, regardless of price.
Because of these unusual factors, I can not trace with accuracy and
fairness the full effect of our monetary policy upon agricultural exports.
A better test is offered by manufactured goods.
The physical volume of all our finished manufactures exported in I93U
increased 37 percent compared with
1932;
semi-manufactures increased ^7
percent in the same period.
To be concrete, let us take a specific article, such as the automobile.
In I9 3O we exported 238,000 cars.
In 1 9 3 2 , with our country one of the very
few remaining on the old gold standard, we exported 65,000 cars.
In 1933
under the Roosevelt monetary program our exports shot up to 107,000 cars.
Last year they more than doubled; they came right back to where they had
been in
1930*
During the disastrous period of declining sales, the world still wanted
American automobiles but it could not get the dollars to pay for them.
Nothing startling developed in the way of foreign competition; our dollar
prices had not gone up; and quality remained just as good, or improved.
We simply had an interim during which we could not sell because the
dollar was too high in relation to other world currencies; this Administra
tion lowered the gold content of the dollar and the foreign market is
being restored to our automobile manufacturers with such rapidity that
the benefits are already nation-wide.
Some people have been telling you that there simply could not be any
benefit in restoring trade by bringing our money into reasonable relation
with the other moneys of the world,
I decided to get the answer to that
question from the manufacturers themselves.
They ought to know best,
X
asked the executive heads of twenty-nine large representative firms whose
products are a cross-section of our industry to tell me:
First:
Whether they are getting any more foreign trade.
Second:
Whether employment in their plants has increased.
Then, I examined their published reports to find out whether they were
making any profits.
Here are the combined answers.
To the first question.... whether they are getting any more foreign trade
•..•they answer “yes11 •
In 1934, which was the first full year under the
Roosevelt monetary program, their export sales were 59 percent greater than
in 1932.
To the second question,.whether the number of their employees has
increased.... they also answer '’yes11.
Two hundred and four thousand more men
and women were working in their plants during 1934 than in 1932, an increase
of 34 percent.
To the third question....whether they are making any money....the
answer is again "yes”•
Their combined loss in 1932 was one hundred and
twenty-one million dollars; their combined profits for 1934 were in excess
of one hundred and twenty-eight million dollars.
their losses and earnings on domestic sales also.
These figures include
Domestic sales followed
substantially the same course as their foreign sales,
Fnen foreign sales
hit rock bottom so did domestic sales; and when foreign sales recovered
under the Roosevelt monetary program, domestic sales recovered with them.
So there you have the testimony of the "best qualified witnesses.
Under the monetary policy of this Administration, they lifted them
selves out of a deficit in excess of one hundred million dollars to earnings
in excess of one hundred million dollars; and employment increased "by more
than 2 0 0 ,0 0 0 .
There are many indications that world trade will continue to increase.
Our monetary policy in relation to foreign trade is not intended to capture
"business, "but merely to protect our normal share.
So far from engaging
in a competitive devaluation race with the other nations, we hold out to
them a currency of such steadiness that the normal tendency may very well
"be for the rest of the world to move gradually toward practical exchange
stabilization.
If that can "be achieved, the final step should come easily
and almost of its own accord.
Unless somebody rocks the boat that would
be the natural course.
In estimating the future of our foreign trade in relation to our
monetary policy, we may as well face the question whether we wish to sell
abroad vast quantities of goods that the buyers can not pay for, unless we
lend them the money.
Of course, if we want more paper there are plenty of
international bankers to arrange the details.
during the roaring twenties.
We felt rich on that paper
Now we know better.
In place of paper, under the operation of our new monetary policy,
we have been receiving large shipments of gold and silver.
Some of it came
to settle trade balances, and some represents capital seeking refuge in
our sound currency.
Various economists will tell you tha.t this policy is
likely to end our foreign trade; that first we strip the world of gold and
then our foreign tra.de dies.
3ut we are not stripping the world of gold.
We
have more gold than ever "before, hut the world supply of monetary gold is
also increasing rapidly.
Production now proceeds at the rate of about
one billion dollars annually, and will continue to increase.
nations are restoring their reserves.
The great
Meanwhile, percentages of the total
held by the various nations show no alarming changes.
We had 41.7 percent
of all the monetary gold in 1922 and no1? we have 38.8 percent.
8.4 percent in 1922 and now she has 24.8.
Prance had
fireat Britain lost gold heavily
before she suspended gold payments in 1931, but since then has increased
her share from 5.2 percent to 7.2 percent.
With increasing gold production, and hundreds of millions of dollars
worth of the yellow metal being brought out of hiding, surely some of it
can be used to pay balances.
We are also endeavoring to restore silver to
greater usefulness as a monetary metal.
It is the money of a large part of
the ’world’s population.
Objection to our course is sometimes based upon the assertion that we
would bring vast quantities of the world’s gold and silver here, only to be
locked up in the United States Treasury--- the phrase commonly used is that
the gold and silver thus become sterile.
swell our monetary reserves.
At least, however, it goes to
Loans in default are not very good backing
for currency; indeed they might, without undue asperity, be described as
also sterile.
If we must choose between the two, this Administration
elects payment of international balances in monetary metals.
You have heard the argument that we should stabilize by declaring
that we will not change the present gold content of the dollar.
Some even
go so far as to say that the other nations would certainly follow, if we
took the lead.
If we launched out alone on such a course, it would put us
right ba.ck where we were in 1932, and offer a. tempting invitation for the
others not to follow, "but a.gain to take advantage of our disadvantage.
We realize the importance of world prosperity, and will evade no
opportunity to a.ssist in that direct ion. ... except the ever-present
opportunity to donate prosperity at our own expense.
In conclusion, I should like to summarize this statement hy saying:
Yirst: You have an absolutely sound dollar.
Second:
The monetary policy of this Administration rescued us from
chaos; held the fort through the most trying period of our recovery program
and is now the spearhead as we advance steadily toward our goal.
Third:
Of the grea/fc trading nations that revalued their currencies,
we were the last, until quite recently, when "Belgium joined us.
The world should know that when it is ready to seek foreign excha.nge
stabilization, Washington will not be an obstacle.
Our position was that
of an innocent bystander who suffered untold loss in a fight tha.t he did
not start, and from which he could not escape.
Why should ,ttq be singled
out and admonished that the moral duty to restore order is primarily ours?
"Before we make any commitments, we must be sure that ^e will not lose what
we have just regained.
We are not unwilling to stabilize.
However, if
the great trading nations elect to continue under the present absence of
rules we are no longer at a disadvantage.
than was necessary and
wq
We revalued our currency no more
can go either way.
Our hands are untied.
May 13, 1935
Treasury Department
The following data, to which reference is made in Secretary Morgonthau's radio address of
May 13, are for release simultaneously with the address.
Domestic Sales, Export Sales, Profits and Employment, I9 3 I-I9 3 U.
Summary of Reports From Twenty-nine Companies
:
r
:Number of"
:
Percent:
:employees
:Value of:
:Value of
Percent:
export:Published:
as of
Total
Percent
:domestic Percent: expert :Percent
of
:
to
:
profits*:December
of
sales
of
:
sales
:
of
: sales
19
31
<
total
:
(mill.
$):
3
1
st
1931
(mill.$)
1
9
3
1
:(mill.$):
1931
•(mill. •$)
:
:
:(thous.\
•
•
1931
1932
1933
193^
3 ,U75
2,380
100.0
68,5
2,571
3,220
7 U.0
92.7
2Gb
181
209
100.0
68.6
79.2
287
108.7
r—3T- v; •Si'.rv
3.739
100.0
7.1
68.5
7 b.U
93,8
7*1
2,780
2,561
3,507
7 .5
8.2
77*u
121.0 d/
39.1
128.1
6 77
1 0 0 .0
592
87.*+
732
796
108.1
117.6
* Profits "before dividends
d/ Deficit
Reports from the following companies are included in this tabulation:
National Cash Register Co.
Allied Chemical and Dye Corp.
National Supply Co. of Delaware
Allis-Chalmers Mfg. Co.
Pepperell Manufacturing Co.
American Rolling Mill Co.
Remington Rand, Inc.
Anaconda Copper Mining Co.
Sherwin-Williams Co.
Armour and Co.
Socony-Vacuum Oil Co.
Bethlehem Steel Corp,
Standard Oil Co. of California
Burroughs Adding Machine Co.
Sterling Products, Inc.
Cannon Mills Co.
Swift and Co.
Chrysler Corp.
Texas
Gulf Sulphur Co.
General Electric Co.
Underwood
Elliott Fisher Corp,
Ingersoll-Rand Co.
United
States
Rubber Co.
International Business Machines Corp.
United
States
Steel Corp.
International Harvester Co,
Westinghouse
Electric
& Mfg. Co.
Johns-Manville Corp.
Youngstown Sheet & Tube Co.
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, May 14, 1935*______
5/13/15
Press Service
U
^
Secretary of the Treasury Morgenthau announced last evening
that the tenders for $50,000,000, or thereabouts, of 272-day
Treasury bills, dated May 15, 1935, and maturing February 11,
1936, which were offered on May 10, were opened at the Federal
Reserve banks on May 13, 1^5*
The total amount applied for was $160,256,000, of which
$50,255,000 was accepted* The accepted bids ranged in price
from 99*902, equivalent to a rate of about 0*130 percent per
annum, to 99.S89, equivalent to a rate of about 0*147 percent
per annum, on a bank discount basis* Only part of the amount
bid for at the latter price was accepted* The average price
of Treasury bills to be issued is 99*892 and the average rate
is about 0.143 percent per annum on a bank discount basis*
TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING- NEWSPAPERS,
Tuesday. May 14, 1935#
5-13^35*
Press Service
No. 4— 94
Secretary of the Treasury Morgenthau announced last evening that the
tenders for $50,000,000, or thereabouts, of 272-day Treasury hills, dated
May 15, 1935, and maturing Pebruary 11, 1936, which were.offered on May 10,
were opened at the■Federal Reserve Banks on May 13, 1935.
The total amount applied for was $160,256,000, of which $50,255,000
was accepted*
The accepted bids ranged in price from 99*902, equivalent
to a rate pf about 0*130 percent per annum, to 99*889, equivalent to a rate
of about 0*147 percent per annum, on a bank discount basis.
the amount bid for at the latter price was accepted.
Only part of
The average price of
Treasury bills to be issued is 99*892 and the average rate is about 0*143
percent per annum on a bank discount basis*
•mussm
B f f it B K I T
WASHINGTON
fOR RELEASE, MORNKG NMSPAPSRS,
Wednesday* m y 15. 1980,________
PMM Serv ice
i / - f 5
g/U/SS
Secretary of the Treasury Moyganthan announced today (May 14)
that the subscription hooka for the current offering of S-T/8 percent
Treasury Bonds of 1958-60, in exchange for First Liberty Loan bonds sailed
for redemption on M
day, May 23, 1933,
15, 1936, will close at the close of business Thurs
Subscriptions placed in the mall before 18 ofclock, Mid
night, Thursday, Hey 83, will he considered ae having been entered before
the close of the subscription books*
As announced yesterday, about 80 percent of the outstanding
First Liberty Loan bonds have already been exchanged*
The aibscription
books are being kept open for the additional period in order that all
holders of the called bonds, and particularly the small holders, may
have ample opportunity to take advantage of the exchange offering*
TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING NEWSPAPERS,
Wednesday, May 15, 1935*________
5*~14*-»35*
Press Service
No* 4-95
Secretary of the Treasury Morgenthau announced today (May 14) that the
subscription hooks for the current offering of 2-7/8 percent Treasury Bonds
of 1955— 60, in exchange for Eirst Liberty Loan bonds called for redemption
on June 15, 1935, will close at the close of business Thursday, May 23, 1935*
Subscriptions placed in the mail before 12 o'clock, midnight, Thursday,
May 23, will be considered as having been entered before the close of the
subscription books#
As announced yesterday, about 80 percent of the outstanding Eirst
Liberty Loan bonds have already been exchanged*
The subscription books
are being kept open for the additional period in order that all holders
of the called bonds, and particularly the small holder?, may have ample
opportunity to take advantage of the exchange offering*
to depositors and other creditors aggregated $145*859 which represented
54*8 per cent of the total liabilities at date of failure*
However,
secured and preferred creditors received a considerable portion of
these disbursements and dividends paid unsecured depositors amounted
to 29*28 per cent of their claims.
- A depositors received 33*65 per cent of their claims.
The Globe National Bank of Denver, Colorado, was placed in receiver
ship on October 1, 1925, and disbursements, including offsets allowed, to
depositors and other creditors aggregated $3 *5 ^9 ,5&2 , which represented
76.5 per cent of the total liabilities at date of failure.
Unsecured de
positors received 62.539 per cent of their claims.
The First National Bank of Langdon, North Dakota, was placed in re
ceivership on April 23, 1931* the liabilities of the institution having
theretofore been assumed by another bank.
The Receiver was appointed for
the purpose of collecting an assessment against the stockholders for the
benefit of the purchasing bank which was the sole creditor of the receiver
ship and which received dividends amounting to 17.28 per cent or the
aggregate sum of $10 ,003*
The Prineville National Bank of Prineville, Oregon, was placed in
receivership on September 1, 1931, and disbursements, including offsets
allowed, to depositors and other creditors amounted to $ 98 ,54-0 * which
represented 89 .4- par cent of the total liabilities at date of failure.
Unsecured depositors in this case received dividends amounting to
74-.95 per cent of their claims.
The First National Bank of Fairview, Missouri, was placed in re
ceivership on September 7, 1930, and disbursements, including offsets
allowed, to depositors and other creditors amounted to $54->665 , which
represented 71*8 per cent of the total liabilities at date of failure.
Unsecured depositors received 51*4- par cent of their claims.
The First National Bank of Redmond, Oregon, was placed in receiver
ship on February 12, 1931* and disbursements, including offsets allowed,
The First National Bank of Unionville, New York, was placed in re
ceivership on October 5, 1931 and disbursements, including offsets allowed,
to depositors and other creditors aggregated $54-2,052, which represented
81.6 per cent of the total liabilities at date of failure.
Unsecured
depositors in this case received dividends amounting to 79.906 per cent
of their claims.
The New Georgia National Bank of Albany, Georgia, was placed in re
ceivership on January 4> 1928 and disbursements, including offsets allowed,
to depositors and other creditors aggregated #923,270, which represented
73*9 per cent of the total liabilities at date of failure.
Unsecured
depositors received dividends amounting to 44.48 per cent of their claims.
The First National Bank of Champlain, New York, was placed 1 n re
ceivership on March 19, 1931, and disbursements, including offsets allowed,
to depositors and other creditors aggregated #992,529, which represented
78.3 per cent of the total liabilities at date of failure.
Unsecured
depositors received 77.434 per cent of their claims.
The First National Bank of Bouses Point, New York, was placed in
receivership on March 19, 1931, and disbursements, including offsets
allowed, to depositors and other creditors aggregated #581,713, which
represented 79*6 per cent of the total liabilities at date of failure.
Unsecured depositors in this case received dividends amounting to
79*086 per cent of their claims.
The Heed City National Bank of Beed City, Michigan, was placed in
receivership on May 2, 1929, and disbursements, including offsets allowed,
to depositors and other creditors aggregated #110,339, which represented
46.8 per cent of the total liabilities
at date of failure.
Unsecured
claims and received participation certificates in certain trusteed assets
for the remaining 50 per cent of their claims.
The First National Bank of Chickasha, Oklahoma, was placed in re
ceivership on July 5 , 1934- and on April 26, 1935, the bank was restored
to solvency.
All depositors and other creditors received 100 per cent
principal payment.
The First National Bank of Columbus, New Jersey, was placed in re
ceivership on December 15, 1933, and all depositors and other creditors
were paid 100 per cent principal with interest in full at the legal rate
amounting to an additional dividend of 8.5 per cent.
Total payments to
creditors, including offsets allowed, aggregated $164.,331 and the stock
holders received $20,137 together with the assets remaining uncollected.
The Farmers & Merchants National Bank of Lake City, South Carolina,
was placed in receivership on October 18, 1926 and disbursements, includ
ing offsets allowed, to depositors and other creditors aggregated
$99,732, which represented 66 per cent of the total liabilities at date
of failure.
Unsecured depositors received dividends amounting to 53.71
per cent of their claims.
The First National Bank of Kerkhoven, Minnesota, was placed in re
ceivership on January 6 , 1931 and disbursements, including offsets allowed,
to depositors and other creditors aggregated $7 5 ,19 2 , which represented
84.8 per cent of the total liabilities at date of failure.
Unsecured
depositors received dividends amounting to 80.35 per cent of their claims.
TREASURY DEPARTMENT
Washington
FOR RELEASE MORNING NEWSPAPERS,
Monday, May 20, 1935*
Press Service
The Comptroller of the Currency, J*F*T. 0*Connor, announced that
during the month of April, 1935> the receiverships of 13 insolvent
national banks were liquidated and finally closed and 4 receiverships
were restored to solvency*
During the same month, Receivers were ap
pointed for 2 national banks formerly in voluntary liquidation resulting
in a net reduction of 15 receiverships for the month and leaving a total
of 1524 national bank receiverships as of the close of business April 30,
1935.
The Citizens National Bank of Eureka, Kansas, was placed in re
ceivership on February 23, 1934 and on April 2, 1935> the bank was restored
to solvency*
The secured and preferred creditors were paid 100 per cent
principal and the unsecured depositors were paid 70 per cent of their claims
and received participation certificates in certain trusteed assets for the
remaining 30 per cent of their claims*
The National Bank of Wyoming, Illinois, was placed in receivership
on October 25, 1933 and on April IB, 1935> the bank was restored to sol
vency*
The secured and preferred creditors were paid 100 per cent princi
pal and the unsecured depositors were paid 60 per cent of their claims and
received participation certificates in certain trusteed assets for the re
maining 40 per cent of their claims*
The Farmers National Bank of Aledo, Illinois, was placed in receiver
ship on October 30, 1933 and on April 4, 1935 > the bank was restored to
solvency.
The secured and preferred creditors were paid 100 per cent
principal and the unsecured depositors
were paid 50 per cent of their
TREASURY DEPARTMENT
Washington
f OR RELEASE MORNING- NEWSPAPERS,
Monday, May 20 . 1935.
5/15/35
Press Service
No. 4 — 96
The Comptroller of the Currency, J.E.T. O ’Connor, announced that during
the month of April, 1935, the receiverships of 13 insolvent national hanks
were liquidated and finally closed -and 4 receiverships were restored to sol
vency.
During the same month, Receivers were appointed for 2 national hanks
formerly in voluntary liquidation resulting in a net reduction of 15 receiver
ships for the month and leaving a total of 1524 national hank receiverships
as of the close of business April 30, 1935.
The Citizens National Bank of Eureka, Kansas, was placed in receiver
ship on Ecbruary 23, 1934 and on April 2, 1955, the oank was restored to
solvency.
The secured and preferred creditors were paid 100 per cent princi
pal and the unsecured depositors were paid 70 per cent of their claims and
received participation certificates in certain trusteed assets for the
remaining 30 per cent of their claims.
The National Bank of Wyoming, Illinois, was placed in receivership on
October 25, 1933 and on April 18, 1935, the hank was restored to solvency.
The secured and preferred creditors were paid 100 per cent principal and the
unsecured depositors were paid 60 per cent of their claims and received par
ticipation certificates in certain trusteed assets for the remaining 40 per
cent of their claims.
The Earners National Bank of Aledo, Illinois, was placed in receiver
ship on October 30, 1933 and on April 4, 1935, the hank was restored to
solvency.
The secured and preferred creditors were paid 100 per cent
principal and the unsecured depositors were paid 50 per cent of their claims
and received participation certificates in certain trusteed assets for the
remaining 50 per cent of their claims*
The First National Bank of Chickasha, Oklahoma, was placed in receiver
ship on July 5, 1934 and on April 26, 1935, the hank was restored to solvency*
All depositors and other creditors received 100 per cent principal payment*
The First National Bank of Columhus, New Jersey, was placed in receiver
ship on December 15, 1933, and all depositors and other creditors were paid
100 per cent principal with interest in full at the legal rate amounting to
an additional dividend of 8*5 per cent.
Total payments to creditors, in
cluding offsets allowed, aggregated $164,331 and the stockholders received
$20,137 together with the assets remaining uncollected*
The Farmers & Merchants National Bank of Lake City, South Carolina,
was placed in receivership on October 18, 1926 and disbursements, including
offsets allowed, to depositors and other creditors aggregated $99,732, which
represented 66 per cent of the total liabilities at date of failure*
Unse
cured depositors received dividends amounting to 53*71 per cent of their
claims*
The First National Bank of Kerkhoven, Minnesota, was placed in receiver
ship on January 6, 1931 and disbursements, including offsets allowed, tp
depositors and other creditors aggregated $75,192, which represented 84*8
per cent of the total liabilities at date of failure*
Unsecured depositors
received dividends amounting to 80*35 per cent of their claims*
The First National Bank of Unionville, New York, was placed in re
ceivership on October 5, 1931 and disbursements, including offsets allowed,
to depositors and other creditors
aggregated $542,052, which represented
- 3 -
81*6 per cent of the total liabilities at date of failure.
Unsecured deposi
tors in this case received dividends amounting to 79*906 per cent of their
claims*
The New Georgia National Bank of Albany, Georgia, was placed in receiver
ship on January 4, 1928 and disbursements, including offsets allowed, to de
positors and other creditors aggregated $923,270, which represented 73*9
per cent of the total liabilities at date of failure.
Unsecured depositors
received dividends amounting to 44*48 per cent of their claims*
The first National Bank of Champlain, New York, was placed in receiver
ship on March 19, 1931, and disbursements, including offsets allowed, to
depositors and other creditors aggregated $992,529, which represented 78*3
per cent of the total liabilities at date of failure.
Unsecured depositors
received 77*434 per cent of their claims*
The first National Bank of Rouses Point, New York, was placed in re
ceivership on March 19, 1931, and disbursements, including offsets allowed,
to depositors and other creditors aggregated $581,713, which represented 79*6
per cent of the total liabilities at date of failure.
Unsecured depositors in
this case received dividends amounting to 79*086 per cent of their claims*
The Reed City National Bank of Reed City, Michigan, was placed in
receivership on May 2, 1929, and disbursements, including offsets allowed,
to depositors and other creditors aggregated $110,339, which represented
46*8 per cent of the total liabilities at date of failure.
Unsecured
depositors received 33*65 per cent of their claims*
The Globe National Bank of Denver, Colorado, was placed in receivership
on October 1, 1925, and disbursements, including offsets allowed, to deposi
tors and other creditors aggregated $3,589,582, which represented 76*5 per
4
cent of the total liabilities at date of failure*
Unsecured depositors re
ceived 62*539 per cent of their claims#
The Pirst National Bank of Langdon, North Dakota, was placed in receiver
ship on April 23., 1931, the liabilities of the institution having theretofore
been assumed by another bank*
The Receiver was appointed for the purpose of
collecting an assessment against the stockholders for the benefit of the
purchasing bank which was the sole creditor of the receivership and which re
ceived dividends amounting to 17*28 per cent or the aggregate sum of $10,003*
The Prinevillo National Bank of Princville, Oregon, was placed in re
ceivership on September 1, 1931, and disbursements, including offsets allowed,
to depositors and other creditors amounted to $98,540, which represented 89*4
per cent of the total liabilities at date of failure*
Unsecured depositors
in this case received dividends amounting to 74*95 per cent of their claims*
The Pirst National Bank of Pairviow, Missouri, was placed in receiver
ship on September 7, 1930., and disbursements, including offsets allowed, to
depositors and other creditors amounted to $54,665, which represented 71*8
per cent of the total liabilities at date of failure*
Unsecured depositors
received 51.4 per cent of their claims.
The Pirst National Bank of Redmond, Oregon, was placed in receivership
on Pebruary 12., 1931, and disbursements, including offsets allowed,* to de
positors and other creditors aggregated $145,859 which represented 54*8 per
cent of the total liabilities at date of failure*
However, secured and pre
ferred creditors received a considerable portion of these disbursements and
dividends paid unsecured depositors amounted to 29*28 per cent of their claims*
The hook value of capital stock of the active national hanks on March U,
1935> was $1>S0U,739,000 and represented a par value of $1,806,*&8,000.
The
latter figure was comprised of Class A preferred stock of $**92,685,000, Class B
preferred stock of $19,389*000, and common stock of $1,29**,37**,000.
The hook
value of the capital stock increased in the 2 and 12 -month periods $1 8 ,330,000
and $150,809,000, respectively.
Surplus funds of $83**,878,000, undivided profits
of $283 ,5 5 7 ,000, reserves for contingencies of $1 ^3 ,728,000 and preferred stobk
retirement fund of $2 ,0**6 ,000, or a total of $1 ,26**,209 >000 , showed an increase of
$20,630,000 fcince December 3 1 , hut a decrease of $2,**2 3 ,000 in the year.
Circulating notes outstanding amounted to $627,022,000, in comparison with
$65^,1*56,000 on December 31, 193**, and $790,037,000 on March 5 , 193 I*.
The total deposits of the active hanks on March **, 1935, were $22,015,699,000,
!:
-
—
T *r • - — s
— *
>
--
rn cu w
j ,
x.
xua
e tg g r o
tate on March **, 1935* included amounts due to hanks subject to immediate with
drawal and certified and cashiers1 checks outstanding of $3>6**0,**11,000, United
States Government deposits of $727,603,000, other demand deposits of $10,5**2,1**0,000, and time deposits of $7 >105 >5*^5>000.
In the total of time deposits are in
cluded postal savings of $3 13 *660 ,000, time certificates of deposit of $660 ,613,000
and deposits evidenced by savings pass hooks of $ 5 ,509 ,15 2 ,000, the latter amount
representing 1^,305*253 accounts.
Postal savings in national hanks on March **,
1935* showed a decrease of $37*026,000, or 10. 5 6 per cent, since December 3 1 ,
$
a decrease of $2 3 7 *^3 2 *0 0 0 , or **3 «0 g percent^in the year.
Bills payable of $10,**2 7 ,000 and rediscounts of $3**0,000, a total of
$10,767>000, showed an increase of $3,0**2,000 since December, hut a decrease of
$Ul,952>000 since the spring call in 193^*
The percentage of loans and discounts to total deposits reported as of March
1935* was 3^.02, in comparison with 3**. 5 5
March 5* 193**>
on December
3 1 , 1 9 3 **, and U2.0**. on
€
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS
Press Service
No. u
i
4
£
%ft
Comptroller of the Currency J. F. T. 0*Connor announced today that the
total assets of the 5,^51 active national hanks in the continental United
States, Alaska and Hawaii on March *4-? 1935> the date of the last call for state
ments of condition, aggregated $2 5 ,959 ,283 ,000, which is an increase of
$329>703>000 over the amount reported by the 5>*±67 active hanks on December 31,
193 ^> the date of the previous call, and an increase of $3>018,110,000 over the
amount reported hy the 5,293 active hanks as of March 5 , 193 U, the date of the
spring call made a year ago.
Loans and discounts, including rediscounts, on March *±, 1935, totaled
$7>^89,90^,000, in comparison with $7, *±88 ,652 ,000 on December 3 1 , 193 *±, and
$7,899,279,000 on March 5* 193^* '
notfl- in thin
^
nr> thnt -*^0 j[^>ans of national hanks showed an increase of
$1,252,000 in the period from December 3 1 , 193*4- to March *1-, 1935*
This is the
v
N
first increase made between calls since October 2 5 , 1933*
Investments in United States Government obligations, direct and fully
guaranteed, amounted to $7 ,12 0 ,2 9 1 ,000, which was an increase of $160 ,083,000
since December 31* and an increase of $1,712,9*±3>000 in the year.
Investments
in such obligations reported for the recent call comprise direct obligations
of the United States of $6,283,866 ,000, obligations of the Reconstruction
Finance Corporation of $187,608,000, Federal Farm Mortgage Corporation bonds of
$212,9^6,000, and Home Owners* Loan Corporation bonds guaranteed as to both
interest and principal of $*±35,871,000.
Other bonds and securities held amount
ing to $3,^89,381,000, including Home Owners* Loan Corporation bonds guaranteed
by the United States as to interest only, showed a decrease of $6,3*±3,000 since
December 3 1 , tut an increase of $60,938,000 in the year.
Balances due from correspondent banks and bankers of $6,250,797,000, which
included reserve with Federal reserve banks of $2,772,766,000, were $27*±,17*±,000
more than on December 3 1 , and $1,722,116,000 more than on March 5 , 193*±.
The
cash in vault of $391 ***28,000 was $65,038,000 less than on December 31, tut
$33*126,000 more than the amount held March 5 last year.
t h e a s tj r y d e p a r t m e n t
Washington
Press Service
No.4~98
EUR RELEASE, APTERUOON NEWSPAPERS,
Wednesday, May 22, 1935#
Comptroller of the. Currency
O'Connor announced today that the total
assets of the 5,451 active national hanks in the continental United States,
Alaska, and Hawaii on March 4, 1935, the date of the last call for statements of
condition, aggregated $35,959,283,000, which is an increase of $329,703,000 over
the amount reported hy the 5,467 active hanks on December 31, 1934, the date
of the previous call, and an increase of $3 ,0 1 8 ,1 1 0 ,0 0 0 over the amount
reported hy the 5,293 active hanks as of March 5, 1934, the date of the spring
call made a year ago.
loans and discounts, including rediscounts, on March 4, 1935, totaled
$7,489,904,000, in comparison with $7,488,652,000 on December 31, 1934, and
$7,899,279,000. on March 5, 1934,
-
Doans of national banms showed an
-»
1-7-1
-1
QTZ/I
4- r\
V'pTl
4*.
$1,252,000 in the period from December 31, 19o4 to Marcn <±,
1 9 3 5 #
I S
first increase made "between calls since October 25, 1933.
Investments in United States Government obligations, direct and fully
guaranteed, amounted to $7,120,291,000, which was an increase of $160,083,000
since December 31, and an increase of $1,712,943,000 in the year. Investments
in such obligations reported for the recent call comprise direct obligations
of the United States of $6,283,866,000, obligations of the Reconstruction
Finance Corporation of $187,608,000, federal farm Mortgage Corporation bonds
of $212,946,000, and Home Owners' Doan Corporation bonds guaranteed as to both
interest and principal of $435,871,000.
Other bonds and securities held
amounting to $3,489,381,000, including Home Owners' Doan Corporation bonds
guaranteed by the United States as to interest only, showed a decrease of
$6,343,000 since December 31, but an increase of $60,938,000 in the year.
Balances due from correspondent banks and bankers of $6,250,797,000, which
included reserve with Federal reserve banks of $2,772,766,000, were $274,174,000
more than on December 31, and $1,722,116,000 more than on March 5, 1934*
The
cash in vault of $391,428,000 was $65,038,000 less than.on December 31, but
$33,126,000 more than the amount held March 5 ..last year*
The book value of capital stock of the active national banks on March 4,
1935, was $lj804,739,000 and represented a par value of $1,806,448,000.
The
latter figure was comprised of Class A preferred stock of $492,685,000, Class B
preferred stock of $19,389,000, and common stock of $1,294,374,000*
The book
value of the capital stock increased in the 2 and 12-month periods $18,330,000
and $150,809,000, 'respectively.
Surplus funds of $834,878,000, undivided profits
of $283,557,000, reserves for contingencies of $143,728,000 and preferred stock
retirement fund ■of $2,046,000, or a total of $1,264,209,000, showed an increase cf
$20,630,000 since December 31, but a decrease of $2,423,000 in the year*
Circulating notes outstanding amounted to $627,022,000, in comparison with
$654,456,000 on December 31, 1934, and $790,037,000 on March 5 , 1934*
The total deposits of the active banks on March 4, 1935, were $22,015,699,000
showing an increase of $339,396,000, or 1.57 per cent, since December 31, and
an increase of $3,225,212,000, or 17.16 per cent, since March 5, 1934.
The
aggregate* on March 4, 1935, included amounts due to banks subject to .immediate
withdrawal and certified and cashiers* checks outstanding of $3,640,411,000,
United States Government deposits of $727,603,000, other demand deposits of
$10,542,140,000, and time deposits of $7,105,545,000.
In the total of time
deposits aie included postal savings of $313,660,000, time certificates of
deposit of $660,613,000 and deposits evidenced by savings pass books of
t:iG latter amount representing 14,305,253 accounts. Postal savm g o m national banks un Earch 4, 1935,showed a decrease of $37,026,000, or 10.56
per cent, since December 31, and a decrease of $237,432,000, or 43.08 per cent,
m the year.
■
*
*
4n
a
paya-!:)le
$10*427,000 and rediscounts of $340,000, a total of
sil0wed an Increase of $3,042,000 since December, but a decrease of
$41,952,000 since the spring call in 1934.
4 Percjntages_of loans and discounts to total deposits reported as of March
,7 1935, was 34.02, in comparison with 34.55 on December 31, 1934, and 42.04 on
March 5, 1934.
*
eXo8« the books as to any or all subscriptions at any time without notice*
Applications for tbs 1-1/8 percent bonds of Oerlss F-1939 of tbs Homs
Owners * Loan Corporation should b# accompanied by a Ilka fans amount of
tbs called 4 percent bonds tendered in payment.
should have tbs
Coupon bonds so tendared
January L, .1936 ,. and ell subsequent coupons attached,
t ^
and registered bonis should be assigned as provided in the official
circular.
Jubject to the reservations set forth in the official circular all
subscriptions for the 1 -1/2 percent bonds, in payment of which the called
4 percent bonds are tendered, sill be allotted in full.
Interest on the
called 4 percent bonds tsndcred and accepted on exchange will be paid in
full on July 1, 193b.
Pursuant to public notice given today by the Home Owners * Loan
Corporation, all outstanding 4 per©ant bonds of Marias of 1933-31 of the
Corporation are called for redemption os July 1, 1935.
of these bonds sre outstanding.
About 1385,000,000
mm
The offering now announced affords the
holders of these called bonds an opportunity to acquire a like principal
amount of the new bands on s par for par exchange basis, with interest
if-
|U/veA^~
in full on the exchanged^boads for the currant half-year period.
The text of the official circular followss
m
•e r e a s u h t D W A j m m t
Washington
Press Service
Ho*
FOR RELEASE, MOBHIHO PAPERS,
Monday, 'My SO, 1935,
5/18/38"
u^GC
file Secretary of the Treasury, on behalf of the Home Owners * Loan
Corporation, today announced an offering of 4-year 1-1/2 percent bonds of
the Home Owners* Loan Corporation of Series F-1939, in payment of A i e h
only Hogs Owners’ Loan Corporation 4 percent bonds of Series of 1933-51 called
for redemption on July 1, 1935, may be tendered.
The present offering is
strictly on an exchange basis, and will be limited to the amount of the called
4 percent bonds tendered and accepted.
Cash subscriptions will not be re
ceived, but to the extent the called 4 percent bonds are not exchanged at
this time, an additional amount of the 1-1/2 percent bonds may subsequently
be offered for cash
The bonds nom offered will be dated June 1, 1955, and will bear interest
from that data at the rate of 1-1/2 percent per annum, payable semiannually.
They will mature in four years on June 15, 1939, end will not be subject to
call for redemption prior to maturity*
and interest by the United States, and, as more specifically stated in the
offering circular, they will be exempt both as to principal and interest from
all Federal, State, and local taxation (except surtaxes, estate, inheritance,
and gift taxes) now or hereafter imposed.
Bearer bonds with interest coupons attached will be issued in denominations
of #25, ISO, #100, #500, #1,000, #5,000, #10,000 and #100,000; they will not
be issued in registered fora*
Applications will be received at the Federal Reserve banks and branches
and at the Treasury Department, fushiagtoa, B* C*
The right is reserved to
TREASURY DEPARTMENT
Washington
POR RELEASE, MORNING PAPERS,
Monday7 May 20, 1935*
5-18— 35*
Press Service
No.4—99
The Secretary of the Treasury, on behalf of the Home Owners1 Loan Corporation,
today announced an offering of 4—year l-l/2 percent bonds of the Home Owners* Loan
Corporation of Series E—1939, in payment of which only Home Owners1 Loan Corporation
4 percent bonds of Series of 1933-51 called for redemption on July 1, 1935, may be
tendered*
The present offering is strictly on an exchange basis, and will be
limited to the amount of the called 4 percent bonds tendered and accepted#
Cash
subscriptions will not be received, but to the extent the called 4 percent bonds
are not exchanged at this time, an additional amount of the 1-1/2 percent bonds
may subsequently be offered for cash#
The bonds now offered will be dated June 1, 1935, and will bear interest
from that date at the rate of l-l/2 percent per annum, payable semiannually# They
will mature in four years on June 15, 1939, and will not be subject to call for
redemption prior to maturity.
The bonds
Yri.ll be fully and unconditionally guaranteed both as to principal
and interest by the United States, and, as more specifically stated in the offering
circular, they will be exempt both as to principal and interest from all Eederal,
State, and local taxation (except surtaxes, estate, inheritance, and gift taxes)
now or hereafter imposed.
Bearer bonds with interest coupons attached will be issued in denominations
of $25, $50, $100, $500, $1,000, $5,000, $10,000 and $100,000; they will not be
issued in registered form.
~2~
Applications will "be received at the Federal Reserve hanks and branches and
at the Treasury Department, Washington, D.C.
The right is reserved to close the
hooks as to any or all subscriptions at any time without notice.
Applications for the l~l/2 percent bonds of Series F-1939 of the Home Owners*
Loan Corporation should he accompanied by a like face amount of the called 4
percent bonds tendered in payment•• Coupon bonds so tendered should have the
January 1,. 1936,. and all subsequent coupons attached, and registered bonds should
be assigned as provided in the official circular*
Subject to the reservations set forth in the official circular all subscriptions for the 1-1/2 percent bonds, in payment of which the called44 percent bonds
are tendered, will be allotted in full*
Interest on the called 4 percent bonds
tendered and accepted on exchange will be paid in full on July 1, 1935*.
Pursuant to public notice given today by the Homo Owners* Loan Corporation,,
all outstanding 4 percent bonds of Series of 1933—51 of the Corporation are
called for redei^Jtion on July 1, 1935*
outstanding.
About $325,000,000 of these bonds are
Tkc offering now announced affords the holders of these called
bonds an opportunity to acquire a like principal amount of the new bonds on a par
for par exchange basis, with interest in full on the exchanged 4 percent bonds
for the current half-year period*
The text of the official circular followsj
TREASURY DEPARTMENT
Washington
May 20, 1935.
MEMORANDUM FOR TEE PRESS
RECEIPTS OP SILVER BY THE MINTS AND ASSAY UP?ICES:
(Under Executive Proclamation of December 21, 1933) as amended
Week ended May 17, 1935:
P h i l a d e l p h i a . ........ .............
- - - - - San Francisco ..... .......................
80,861.27
Denver...... .........................................
6 a046.00
Total for week ended May 17, 1935...................
86,907.27
Total receipts through May 17, 1 9 3 5 . ........ 35,567,000.00
fine ounces
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SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended May 17, 1935:
••
,
,
Total for week ended May 17, 1935.. .............. • . •
........................... ............... . . .
Total receipts through May 17 1
459,00
3,521.00
6,700.00
173.00
357.00
270.00
11 480.00
IT? 744 672.00
fine ounces
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RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Secondary
Imports
Week ended May 17, 1935.
7,635.74 $ 235,001,51
Philadelphia............... ..... $
299,200.00
New York . .... ... ......... ... ..... 10,914,800.00
S a n F r a . n e i s f ' . O . . . . . . . . . . . . . . .....
104,271.77
458 j 206.07
40^520,00
.....
63,204.00
Denver .............. ...................................... ...
39,193,78
14,126.21
New Orleans. . . ...... ...... .....
25.693.35
Seattle.. ..................
Total for week ended May 17, 1935. . $11 , 457 , 972.02 $ 743,380.41
New
Domestic
345,98
84,500,00
1 ,268,352.58
" 806^907,00
2,754,36
189.900.85
$2 , 352 , 760.77
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER1S OFFICE:
(Under Secretary1s Order of December 28, 1933)
Received by Federal Reserve Banks:
Gold Coin
Week ended May 15, 1935........• $
33,650,02
Received previously.......... .. 30,313,399.65
Total to May 15, 1935.......... $30^347,049.67"
Gold Certificates
$
507,020,00
90,520,630.00
$91,027,650.00
Received by Treasurer’s Office:
Week ended May 15, 1935....... . $
Received previously.
Total to May 15, 1 9 3 5 * . • $
$
6,700,00
_ 2.129,600.00
$ 2,136,300.00
NOTE:
500,00
361,506.00
262,006.00
Gold bars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported.
@FedFRASER