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LIBRARY
ROOM 5025
NOV 9 19h4
TREASURY DEPARH,1U1T
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LIBRARY
pnnM 5030
JUN 1 5 1972
TREASURY DEPARTMENT
Uni ted States Savings Bonds Issued and Redeemed Tru-ough MaY' 19nh
(Dollar amounts in millions - rounded and will not necessarily add to totals)
____ T o ' _ · ' - " _ -... - - - - - .
%-ou ts tancffi
Amount
Amount
Amount
Issued II Redeemed Y Outstanding '£1 of Amt.Issul
--~
-
NATURED
Series A-1935 - D-1941 •••••••••• $ 5,003
29,521
Series F & G-1941 - 1952 ••••••••
$ 4,991
12
29,385
135
Unclassified ••••••••••••••••••
1,834
8,102
13,046
15,190
1l,898
5,350
5,044
5,199
5,1l7
4,464
3,866
4,046
4,,007
4,685
4,826
4,,630
4,352
4,210
3,937
3,918
3,931
3,781
4,191
821
6ll
1,558
6,906
1l,138
l2,808
9,814
4,198
3,780
3,791
3,646
3,,101
2,675
2,747
2,976
2,831
2,858
2,754
2,,515
2,283
2,088
1,938
1,746
1,534
1,194
45
622
276
1,197
1,908
2,382
2,085
1,153
1,265
1,408
1,471
1,363
1,190
1,299
1,,631
1,854
1,,968
1,876
1,837
1,,927
1,849
1,980
2,185
2,247
2,997
776
-ll
Total Series E ••••••••••••••••
Dl,657
91,545
Series H (1952 - Jan. 1957) 31 ••
H (Feb. 1957 - 1964) : ••••
3,670
6,149
Total Series H ••••••••••••••••
lJN}I.ATURED
Series E:
31
1941 •••••••••••••••••••••
1942 •••••••••••••••••••••
19L3 •••••••••••••••••••••
1944 •••••••••••••••••••••
19L5 •••••••••••••••••••••
19L6 •••••••••••••••••••••
1947 •••••••••••••••••••••
1948 •••••••••••••••••••••
19L9
0 •••••••••••••••• ••••
1950 •••••••••••••••••••••
1951 •••••••••••••••••••••
1952 •••••••••••••••••••••
1953 •••••••••••••••••••••
1954 •••••••••••••••••••••
1955 •••••••••••••••••••••
1956
1957
1958
1959
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
1960
1961
1962
1963
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
196u •••••••••••••••••••••
.
.24
.48
15.05
14.77
14.63
15.68
17.52
21.55
25.08
21.08
28.15
30.53
30 ..78
32.ll
35.40
39.57
40.78
40.52
42.21
45.77
46.96
50.54
55.58
59.43
71.51
94.52
-
40,1l2
30.47
1,495
800
2,176
5,348
59.29
86.97
9,819
2,295
7,524
76.63
Total Series E and H ••••••••••
141,476
93,840
47,636
33.67
Series J and K (1952 - 1957) .~ ••
3,713
2,l26
Wl,587
42.74
Total matured ••••••• 34,524
All Series Total unmatured ••••• 145,189
34,376
95,966
147
49,223
494370
.43
33.90
27.47
Grand Total ••••••••• 179~713
1/ Includes accrued discount.
Current redemption vdlue.
At option of owner bonds may be held and
will earn interest for additional periods
after origiLal maturity dates.
4/ Includes matured bonds which have not been
- presented for redemption.
!I
11
130~342
BUREAU OF THE PUBLIC DEBT
-
Unite4States Savinis Btinds Issued and Redeemed Through M~ 1964
(Dollar arnountain millions - rounded and will not necessarily add to totals)
AmOun't-'-'AmoUnt
'rOuts tanding
Amount
of Amt.Issued
Redeemed
Jj
Outstanding
Issued Y
Y
TURED
erles A-1935 - D-1941 •••••••••• $ 5,003
29,521
eries F & G-1941 - 1952 ••••••••
$ 4,991
12
.24
.48
29,385
135
Unclassified ••••••••••••••••••
1,834
8,102
13,046
15,190
11,898
5,350
5,044
5,199
5,117
4,464
3,866
4,046
4,&:)7
4,685
4,826
4,630
4,352
4,210
3,937
3,918
3,931
3,781
4,191
821
611
1,558
6,906
11,138
12,808
9,814
4,198
3,780
3,791
3,646
3,101
2,675
2,747
2,976
2,831
2,858
2,754
2,515
2,283
2,088
1,938
1,746
1,534
1,194
45
622
276
1,197
1,908
2.382
2,085
1,153
1,265
1,408
1,471
1,363
1,190
1,299
1,631
1,854
1,968
1,876
1,837
1,921
1,849
1,980
2,185
2,247
2,997
176
-11
Total Series E ••••••••••••••••
131,657
91,545
40,1l2
30.47
Series H (1952 - Jan. 1957) 3/ ~.
H (Feb. 1957 - 1964) : ••••
3,670
6,149
1,495
800
2,176
5,348
59.29
86.97
Total Series H ••••••••••••••••
9,819
2,295
7,524
76.63
Total Series E and H •••••• 0 • • 0
141,476
93,840
47,636
33.67
Series J and K (1952 - 1957) ••••
3,113
2,126
1:11,587
42.14
34,376
95,966
130.342
147
49,223
49.370
.43
33.90
27.41
f}'.ATURED
.eries E: ~/
194 •••••••••••••••••••••
1942
1943
•••••••••••••••••••••
•••••••••••••••••••••
1945
1946
1947
1948
1949
•••••••••••••••••••••
1944 •••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
1950 •••••••••••••••••••••
1951 •••••••••••••••••••••
1952 •••••••••••••••••••••
1953 •••••••••••••••••••••
1954 •••••••••••••••••••••
1955 •••••••••••••••••••••
1956 •••••••••••••••••••••
1957
1958
1959 •••••••••••••••••••••
1960 •••••••••••••••••••••
1961 •••••••••••••••••••••
1962 •••••••••••••••••••••
1963
1964 •••••••••••••••••••••
•••••••••••••••••••• $
. . . . . . . . . . . . . . . GI • • • • • Q
•••••••••••••••••••• Q
Total matured ••••••• 34,524
Total unmatured ••••• 145,189
Grand Total ••••
179j1713
j Includes accrued discount.
V. Current redomption volue.
At option of owner bonds may be held and
will earn interest for additional periods
after origir.al maturity dates.
~ Includes matured bonds which have not been
• presented for redemption.
All Series
0 ••••
V
BUREAU OF THE PUBLIC DEBT
15.05
14.77
14.63
15.68
17.52
21.55
25.08
27.08
28.75
30.53
30.78
32.11
35.40
39.57
40.78
40.52
42.21
45.77
46.96
50.54
55.58
59.43
71.51
94.52
-
-....
_-
United States Savings Bonds Issued and Redeer;;ed 'fhrollt;h ITun~ 1964
(Dollar amounts in millions - rounded and will not necessarily add to totals)
.......
-...--.,-....----_., --.,'- ,-_ .. __ .
- - . -'-.% Outstanct:.
Amount
Amount
Amount
Issued l/ Redeemed 1/ Outstanding g./ of Alnt.Issue
~,--
MATURED
Series A-1935 - D-1941 ••••••••••
Series F & G-1941 - 1952 ••••••••
$
5,003
29,521
$
4,991
29,393
$
l2
127
.24
.43
UN}'.A TURED
Series E: 3/
1,560
6,917
ll,151
12,831
9,830
4,206
3,189
3,802
3,657
3,lJ2
2,686
2,159
2,994
2,853
2,869
2,165
2,521
2,297
2,101
1,954
1,165
1,559
1,211
120
568
276
1,190
1,894
2,312
2,019
1,148
1,259
1,402
1,465
1,356
1,184
1,289
1,618
1,841
1,964
1,812
1,832
1,919
1,843
1,971
2,173
2,229
2,927
1,100
Unclassified ••••••••••••••••••
1,836
8,107
13,051
15,204
ll,910
5,354
5,048
5,204
5,122
4,468
3,810
4,048
4,611
4,693
4,833
4,631
4,359
4,216
3,943
3,925
3,938
3,188
4,197
1,220
551
Total Series E ••••••••••••••••
132,139
91,949
40,190
30.41
Series H (1952 - Jan. 1957) 3/ ••
H (Feb. 1957 - 1964) : ••••
3,610
6,205
1,522
801
2,119
5,398
58.56
86.99
Total Series H ••••••••••••••••
9,815
2,329
7,541
16.43
Total Series E and H ••••••••••
142,014
94,278
41,131
33.61
Series J and K (1952 - 1957) ••••
3,114
2,151
1,563
la.08
Total matured •••••••
34,524
Total unmatured •••••
l45,728
Grand Total •••••••••
180,252
1/ Includes accrued discount.
g; Current redemption value.
1/ At option of owner bonds may be held and
will earn interest for additional periods
after original maturity dates.
4/ Includes matured bonds which have not been
- presented for redemption.
34,384
96,429
l3O,813
139
.ltD
33.83
21.43
19L! •••••••••••••••••••••
1942 •••••••••••••••••••••
1903 •••••••••••••••••••••
1944 •••••••••••••••••••••
1905 •••••••••••••••••••••
19L6 •••••••••••••••••••••
1947 •••••••••••••••••••••
1948 •••••••••••••••••••••
1949
1950 •••••••••••••••••••••
0 ••••••••••••••••••••
1951 •••••••••••••••••••••
1952 •••••••••••••••••••••
1953 •••••••••••••••••••••
1954 •••••••••••••••••••••
1955 •••••••••••••••••••••
1956 •••••••••••••••••••••
1957 •••••••••••••••••••••
1958 •••••••••••••••••••••
1959
1960
1961
1962
1963
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
1964 •••••••••••••••••••••
ill Series
-ll
11
49,300
49,439
BUREAU OF THE PUBLIC DEBT
15.03
14.68
14.51
15.00
17.46
2l.w.
24.94
26.94
28.60
30.35
30.59
31.84
35.09
39.23
40.64
40.37
42.03
45.52
46.74
50.22
55.18
58.84
69.74
90.1.6
-
. uhi urc1' States SavrDgs Bonds Issued and Redeemed Through June 1964
(Dollar amounts in millions - rounded and will not necessarily add to totals)
.... . -.
._-_.. %-Outstand.1ng
Amount
Amount
Amount
Issued 1/ Redeemed 1/ Ou ts tanding ,!/ of AInt.Issued
........-...-~-
MATURED
Series A-1935 - D-1941 ••••••••••
Series F & G-1941 - 1952 ••••••••
-
~~
.
~-~-
$ 5,003
$ 4,991
29,521
29,393
1,836
8,107
13,051
1,560
6,917
11,157
12,831
9,830
4,206
3,789
3,802
3,657
3,lJ2
2,686
2,759
2,994
2,853
2,869
2,765
2,527
2,297
2,101
1,954
1,765
1,559
1,271
120
568
$
.~-.-
_._-
12
127
.24
276
1,190
1,894
2,372
2,079
15.03
.43
UN}'.A TURED
Series E: 3/
19L! •••••••••••••••••••••
1942 •••••••••••••••••••••
19L3 •••••••••••••••••••••
1944 •••••••••••••••••••••
15,204
Unclassified ••••••••••••••••••
11,910
5,354
5,048
5,204
5,122
4,468
3,870
4,048
4,6ll
4,693
4,833
4,637
4,359
4,216
3,943
3,925
3,93 8
3,788
4,197
1,220
557
Total Series E ••••••••••••••••
132,139
Series H (1952 - Jan. 1957) 3/ ••
H (Feb. 1957 - 1964) : ••••
1945
19L6
1947
19L8
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
19L9
1950 •••••••••••••••••••••
0 ••••••••••••••••••••
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
196)
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
1964 •••••••••••••••••••••
14.68
11.51
1,~8
1,259
1,402
1,465
1,356
1,184
1,289
1,618
1,841
1,964
1,872
1,832
1,919
1,843
1,971
2,173
2,229
2,927
1,100
-11
I
!
I
I
15.00
17.46
21.44
24.94
26.94
28.00
30.35
30.59
31.84
35.09
39.23
40.6b
40.37
42.03
45.52
46.74
50.22
55.18
58.84
69.74
90.16
-
91,949 -
40,190
30.41
3,670
6,205
1,522
807
2,149
5,398
58.56
86.99
Total Series H ••••••••••••••••
9,875
2,329
7,547
Total Series E and H ••••••••••
142,ol4
94,278
47,737
33.61
Series J and K (1952 - 1957) .~ ••
3,714
2,151
1,563
42.08
Total matured •••••••
34,524
Total
unr~tured
•••••
145,728
ill Series
Grand Total •••••••••
180~252
1/ Includes accrued discount.
~ Current redemption value.
At option of owner bonds may be held and
will earn interest for additional periods
after original maturity dates.
4/ Includes matured bonds which have not been
- presented for redemption.
34,384
96,429
130,813
139
49,300
49,439
•It:>
11
1:/
I
I
BUREAU OF THE PUBLIC DEBT
76.43
33.83
27.43
-
--
TREASURY DEPARTMENT
FOR IMMEDIATE RELEASE
WITHHOLDING OF APPRAISEMENT ON
BICYCLES
The Treasury Department is instructing customs field officers
to withhold appraisement of bicycles from Italy, manufactured by
Cesare Rizzato & C. s.n.c., Padova, Italy, pending a determination
as to whether this merchandise is being sold in the United States
at less than fair value.
Notice to this effect is being published
in the Federal Register.
Under the Antidumping Act, determination of sales in the United
States at less than fair value would require reference of the case
to the Tariff Commission, which would consider whether American industry was being injured.
Both dumping price and injury must be
shown to justify a finding of dumping under the law.
The allegation in this case was received on February 3, 1964.
The dollar value of imports received during the period from July
1963 to date Ims approximately $23,000.
•
TREASURY DEPARTMENT
June 1, 1964
FOR IMMEDIATE RELEASE
WITHHOLDING OF APPRAISEMENT ON
BICYCLES
The Treasury Department is instructing customs field officers
to withhold appraisement of bicycles from Italy, manufactured by
Cesare Rizzato & C. s.n.c., Padova, Italy, pending a determination
as to whether this merchandise is being sold in the United States
at less than fair value.
Notice to this effect is being published
in the Federal Register.
Under the Antidumping Act, determination of sales in the United
States at less than fair value would require reference of the case
to the Tariff Commission, whiCh would consider whether American industry was being injured.
Both dumping price and injury must be
shown to justify a finding of dumping under the law.
The allegation in this case was received on February 3, 1964.
The dollar value of imports received during the period from July
1963 to date was approximately $23,0000
FOk. M.L ::ASE A.. "1. .is ftS?A P~>t.S ,
Jww 2 , 1964.
June 1, l~h
Tuuda"
l'iES :Ll'S J;' T'l~~~...3:~.iH'S wE~KLI SILL
FF:~~l ~i<1
The l'nuury Department announc4td last evening t.hat i-'Ie t.enders Cor two ..ri.. It
t,....W7 bUle, ODe aeri•• to be an additional. i8.ue of the bill. dated Haren 5, 1__•
aDCl to. other ..rica to be dated. June 4, 1164, vh.lch were offered on ;1ay 27, were .,.
at tne i~ral ReNno Bank. on June 1. Tenden vere invit.ad fur $1,200,OO),UUU, ..
thereabout., 01 91-day bill. and for $~ij,OOO,OOO, or th6t"f.taDouta, of 182-day bill8.
The detalls of tile tvo ••rles are •• lollows:
.dA.NJE .)/ A"; t.:E ?'l\: D
COtWF.1 CTIV2 HH~:
182-day Treasury bills
mat· ur1J!k Jea.t?e r ). 18
9l-day Treasurl bUls
!ll&t~
3e2teaber ), 1964
Approx. 1.qu1y •
H1gh
Low
Ayerage
.Price
99.124
99.119
Approx. Bq11l"
Annual ate
).~S~
).485.
Price
98.1:fO
;J8.185
s
).478. 11
99.121
A.nnal lla\e
).S80S
3.)90$
3.SS" Y
Yti.18S
61.£ or tbe amount 01 91-da¥ bUls bid tor at the low orice was accepted
8JS 01 the uoUBt ot 182-day billa bld tOf' at the low r'lrice wall accepted
m.tr1ot
Aprlied For
Accepted
Hoatoa
New .tork
$ 21,236,000
1,633,504,000
27,591,000
26,129,000
9,958,000
)0,799,000
186,,698,000
35,469,000
17,687,000
21,609,000
22,180,000
$
PhUadelpbla
illneland
('(1chmood
AtlaDta
CnlC&io
St. Loui.
K1.nneapo1is
lauu City
Uall&.
San rr&rlcisco
98,m,ooo
11,1)6,000
;~f':,liod
For
1,960,000
1,S,7,614,OOO
7,61J,Ot)"J
14,014,000
1,)68,000
1.);1
8%,269,000,
12,S91,OOO f
26,129,000:
9,9$8,000:
2),000,000'
109,)98,000 t
29,191,000 I
11,212,000 r
.19,609,000 t
12,790,000,
Accepted
;;
1,960,000
112,077,000
2,256,000
11,ulO,00D
1,343,000
9,2)1,OUO
6,062,000
162,64),000
),ti19,OOO
5,627,000
10,506,000
10,291,000
65,75),000
5,3)9,000
Th.l71,QOO:
117,691,000
$1,201,854,OOO!l i1,1l6,545,OOO
),010,000
ll,4:18,ooo
4,04].,000
19,724,000
'904,,2S,000 ~
aI InclUrdea $20Sl7!&9,OOO non~petltl'f. tendera accepted at thE! aver~. price of 99.11
EI Inoludeas t53,ts48,OOO non~1.1tl'f. te.aden accepted at tIle average price of 98.lIf
Tot.&la
II
12 ,131,651,000
Ja a coupon issue of t.ne a._ length and lor tbe aame al!!lO-'11lt invested, the retUI"D.
the.. bUlB would provide y1elds of 3.56,', for tI1e)l-da.y bUla, and ).71'. tor __
182-daj' bUla. Interest rat •• on billa are quo\ed i;u terms of blink d18coUDt 1d.\b ta
return related to the face amount of the biUs pa.vab1e at utur1ty rather tbaD til
UIOunt im'est~ and thelr 1engt.n in actual. nuaber of day. r;<;~lated to • 360-daT ifill
In contraat, yields on certificates, not.ee, and bonda are computed 1.D tenta or 1IMf
on tne U01mt, 1m.ated, and relate the nUliber of day. r.a1n1ng in aD interest. ~
period to the actual nUllber of daiS in the per1od, with aer121annual COIIpOundlDC 11.
tnan one coupon ~rlod ia involved.
TREASURY DEPARTMENT
RELEASE A. M. NEWSPAPERS,
sday, June 2, 1964.
June 1, 1964
RESULTS OF TREASURY'S WEEKLY BILL OFFERING
The Treasury Department announced last evening that the tenders for two series of
asury bills, one series to be an additional issue of the bills dated March 5, 1964,
the other aeries to be dated June 4, 1964, which were offered on May 27, were opened
the Federal Relerve Banks on June 1. Tenders were invited for $1,200,000,000, or
Ireaboute, of 91-day bills and for $900,000,000, or thereabouts, of 182-day bills.
I details of the two series are as follows:
mE OF ACCEPTED
!U'ETITIVE BIDS:
High
Low
Average
91-day Treasury bills
maturing September 3, 1964
Approx. Equi v •
Price
Annual Rate
99.124
3.465%
99.119
3.485%
99.121
3.478%
Y
:
:
I
:
182-day Treasury bills
maturing December 3, 1964
Approx. Equi v •
Price
Annual Rate
98.190
3.580%
98.185
3.590%
98.185
3.589% Y
61% of the amount of 91-day bills bid for at the low price was accepted
83% of the amount of 182-day bills bid for at the low price was accepted
rAL TENDERS APPLIED FOR AND ACCEPTED BY FEDERAL RESERVE DISTRICTS:
Applied For
Acce,Eted
Acce:eted
: AEElied For
21,236,000
$
$ 17,336,000
1,960,000 $ 1,960,000
$
856,269,000
772,077 ,000
1,633,504,000
1,557,674,000
2,258,000
12,591,000
27,591,000
7,613,000
26,129,000
26,129,000
11,430,000
14,094,000
1,343,000
9,958,000
1,368,000
9,958,000 :
6,062,000
23,000,000
30,799,000
9,231,000
65,753,000
186,698,000
109,398,000
162,643,000
29,191,000
5,339,000
35,469,000
9,839,000
~eapolis
3,010,000
11,212,000
17,687,000
5,627,000
Kansas City
11,498,000
19,609,000
21,609,000
18,508,000
Dallas
4,041,000
10,291,000
22,180,000
12,790,000
!San Francisco
19,754
117 z697 2000
981. 991 z000
74 2 371 2°°0
zooo
$1,916,545,000 $904,525,000
Totals
$1,201,854,000
$2,131,851,000
Includes $205,749,000 noncompetitive tenders accepted at the average price of 99.121
Includes $53,848,000 noncompetitive tenders accepted at the average price of 98.185
On a coupon issue of the same length and for the same amount invested, the return on
these bills would provide yields of 3.56%, for the 91-day bills, and 3.71%, for the
182-daY bills. Interest rates on bills are quoted in terms of bank discount with the
return related to the face amount of the bills payable at maturity rather than the
amount invested and their length in actual number of days related to a 360-day year.
In contrast, yields on certificates, notes, and bonds are computed in terms of interest
on the amount invested, and relate the number of days remaining in an interest payment
period to the actual number of days in the period, with semiannual compounding i f more
than one coupon period is involved.
listrict
30ston
,~ew York
Philadelphia
Cleveland
lichmond
'A..tlanta
Chicago
3t. Louis
.
!I
D-12L2
td
:;T,".TE~)
Ui'ur:1J
I}1TII
FO~E 1G1';
:10N]~TA~~:Y
NET
GOLD TRANSACTIONS
COlJJ.\JTRIES AND INTE11NATIONAL INSTITUTIONS
i'iarch 31, 1964
January 1, 1964
(in millions of dollars at $35 per fine ounce)
Negative rlgures represent net sales by the
United States; positive figures, net purchases
First Quarter
1964·
Country
,\us triiJ
Brazil
Egypt
Finland
France
Germany
.....
· ..
000
0
•
•
•
•
•
•
•
•
0
•
•
0
Q
•
0
0
0
•
.0.
•
•
•
0
0
4
•
•
•
0
0
~
•
0
•
o •
•
0
•
0
0
0
•
•
.0. •
•
•
•
•
•
•
0
•
•
•
•
•
•
•
0
•
•
•
•
•
. ....
•
•
•
•
•
-5.0
-101.3
-200.0
•
•
•
•
•
•
•
-2.0
o ••••••
•
•
•
•
•
0
•
•
•
0
•
•
•
•
•
•
0
•
•
•
•
•
•
•
•
•
•
0
•
•
0
•
0
0
0
0
•
0
•
•
0
•
•
•
•
•
•
•
•
0
•
•
•
•
e
•
•
•
•
0
•
0
•
•
•
•
•
0
•
•
•
•
•
•
•
•
0
•
•••
0........
PhiliPl)ines
0
0
.0.
-.7
. .... 0........... . +200.0
•••••••
S<..11vador •••••••••
•
•
-32.1
-1.0
•
•
Israel
Iti.-ll)!
o • •
0
•••••
0
•••••••••••••
••••••••••••••
e ....... .
Sur i. n arn ••••••••••••••••••••••••••
S)rria
•••••••••••••••• " ••••••••••
0
•
0
0
0
••
000 • • •
-'(9.9
-2.2
+2.5
-2.7
Turkey ••••••••• o o . o • • • • • • • • • • • • • • • • • • • •
-1.2
United Kingdom •••••••••••••••••••••••••• +109.3
.Yugoslavia ••
-.0
0
/\11 Other
.0. Q
•••••••• 0
•••• 0
•
•
•
0
0
•
•
•
GOO •
•
•
•
•
•
•
0
0
0
•
••• 0
•••••••••
•
•
•
.00 0
.0. •
•
0
•
.0.
0
•
•
•
•
•
•
Total
•
•
•
•
•
•
•
0
-.4
-27.5
June 2, 1964
FOR IMMEDIATE RELEASE
TREASURY DEPARTMENT
(
June 2, 1964
FOR IMMEDIATE RELEASE
TREASURY DEPARTMENT
June 2, 1964
UNITED STATES FOREIGN GOLD
TP~~SACTIONS
FOR FIRST QUARTER OF 1964
During the first quarter of 1964, the net sale
of monetary gold by the United States amounted to
$27.5 million.
The Treasury's quarterly report,
made public today, summarizes net monetary gold
transactions '\vith foreign governments, central banks,
and international institutions.
(Table on reverse
side.)
The total decrease in U.S. gold stock in the
first quarter of 1964 was $46 million, including the
net sale of $18.5 million worth of gold for domestic
industrial, professional, and artistic uses.
D-1243
TREASURY DEPARTMENT
June 2, 1964
FOR IMMEDIATE RELEASE
UNITED STATES FOREIGN GOLD TRANSACTIONS
FOR FIRST QUARTER OF 1964
During the first quarter of 1964, the net sale
of monetary gold by the United States amounted to
$27.5 million.
The Treasury's quarterly report,
made public today, summarizes net monetary gold
transactions with foreign governments, central banks,
and international institutions.
(Table on reverse
side.)
The total decrease in U.S. gold stock in the
first qcarter of 1964 was $46 million, including the
net sale of $18.5 million worth of gold for domestic
industrial, professional, and artistic uses
D-1243
(OVER)
o
UNITED STATES NET MONETARY GOLD TRANSACTIONS
WITH FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS
January 1, 1964 - March 31, 1964
(in millions of dollars at $35 per fine ounce)
Negative figures represent net sales by the
United States; positive figures, net purchases
First Quarter
1964
Country
Austria
Brazil
Egypt
Finland
France
Germany
•
•
•
•
•
•
•
•
•
•
•
•
•
0
•
•
•
•
•
0
•
•
•
•
•
0
0
0
•
•
0
•
•
o • 0 •
•
•
0
•
•
•
•
•
•
•
•
•
•
•
0
0
•
•
•
•
0
00'
0
•
•
•
•
•
•
•
•
•
•
•
0
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
0
•
•
•
0 •
•
•
•
•
o
0
•
•
•
•
•
•
•
•
•
•
0
•
•
•
0
00. •
•
•
•
•
•
•
0
0
•
•
•
•
•
•
•
•
0
•
•
•
•
•
•
•
•
•
•
•
•
•
0
•
•
0
0
0
•
•
•
•
0
•
•
•
•
•
•
•
0
•
•
•
•
•
•
•
'0' •
•
0
•
•
•
•
•
0
•
0
•
•
•
•
•
•
•
•
Israel
Italy
Philippines
•
0 •
•
0
•
0
•
•
•
•
•
•
•
•
.0. 0
•
•
•
•
•
0
•
0
0
•
•
•
•
•
•
•
q
•
•
•
•
•
•
•
•
•
•
•
•
0
•
0
•
0
•
0
•
•
•
•
•
•
•
Q •
•
•
0
•
•
•
•
•
•
•
0
•
•
•
0
0
0
•
•
•
•
0
•
•
•
0
•
•
•
•••
0
••• 0
0
••• 0
0
•
Q
0
0
•
0
•••
0
0
••••••
•
•
Sal vador •
0
Surinam
Syria
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
0
•
•
•
0
•
•
0
•
0
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
0
•
•
0
•
•
•
•
•
•
•
•
•
•
00' •
•
•
Turkey
.
0. •
0
••••
0
•
0
••••••
0
•
0
United Kingdom ••••••••
Yugos lavia o.
All Other
•
0
•
0
••• 0
••••••••
0
0
0
••••
• • • 00 • • • • 00 • •
o.
0
•
0
••• 0
•• 0
•••• 0
•• 0
0
•
0
•••• 0
0
•
•
•
0
0
•
•
•
•
0
0
•
•
•
•
•
•
0
0
•
•
0
0
0
•
•
•
•
•
•
•
Q 0
0
•
•
•
•
•
0
•
•
•
•
•
•
.00 •
•
0
0
•
Total
-32.1
-1.0
-.7
-5.0
-101.3
-200.0
-2.0
+200.0
+9.9
-2.2
+2.5
-2.7
-1.2
+109.3
-.6
- .4
-2705
TREASURY DEPARTMENT
June 2, 1964
FOR IMMEDIATE RELEASE
TREASURY DECISION ON CARBON STEEL BARS
UNDER THE ANTIDUMPING ACYr
The Treasury Department has determined that carbon steel bars,
bars-shapes under 3 inches, and structural shapes 3 inches and over,
manu£actured by Western Canada Steel Limited and/or its subsidiary,
the Vancouver Rolling Mills Limited o£ Vancouver, Canada, are being,
or are likely to be, sold at less than fair value within the meaning
of the Antidumping Act.
Accordingly, this case is being referred to the United States
Tariff CommiSSion for an injury determination.
Notice of the determination and of the reference of the case
to the Tariff Commission will be published in the Federal Register.
The dollar value of imports received during the 3-month period,
November 1963 through January 1964, was approximately $824,000.
TREASURY DEPARTMENT
June 2, 1964
FOR D1MEDIATE RELEASE
TREASURY DECISION ON CARBON srEEL BARS
UNDER THE ANTIDUMPING Am
The Treasury Department has determined that carbon steel bars,
bars-shapes under 3 inches, and structural shapes 3 inches and over,
manufactured by Western Canada Steel Limited and/or its subsidiary,
the Vancouver Rolling Mills Limited of Vancouver, Canada, are being,
or are likely to be, sold at less than fair value within the meaning
of the Antidumping Act.
Accordingly, this case is being referred to the United States
Tariff Commission for an injury determination.
Notice of the determination and of the reference of the case
to the Tariff Commission will be published in the Federal Register.
The dollar value of imports received during the 3-month period,
November 1963 through January 1964, was approximately $824,000.
.. 2!'You young men are about to enter a Service which i8 both
an Anned Force and a 'tumanitarian agency -- which brandishes
the arrow of arms to all who would bring harm to our shores,
and proffers the olive branch of peace and succor to all in
danger or distress upon our waters.
It takes men of exceptional
training and character to carry out that dual mission -- as the
men of the Coast Guard have been doing with uniformly high
distinction for nearly 175 years.
In your wake lie patient, intensive hours of trial and
training
0
Ahead, lie the proud careers for which you have long
prepared and long awaited -- the unceasing challenge of furtherinl
the humane mission for which the Coast Guard is known and honored
aruong men.
I am confident that you, the Class of 1964, will more
than justify the high trust we place in you today.
Godspeed and good sailing.
000
To all of you,
'(1:.,\R¥~ fiY TaE HON(jR.ABLE DOUGlAS DILLON
,~":d~STARY 0~:'
THE l'RF..ASURY
r r,r: C\;. '!]'T GUf-,RJj ,".c~.rn::"NY CONtlENCCl1ENT CER.El-i)NIES
(.4,)c\::iT ~';UARj) AC.c\D~iY, NE\\ LONDON I CONNECTICur
r:;}'DNl.<::311!!.Y t JUN~: 3, 1964,' 1 : ('<0 ".~!., EDT
';'rh~{nl" you
/tdLdral ~~rn.i th for offering me the 0frPortunity to
say a ):~!;W words to th is di.stin~;lJished gathering.-f'
(1l'.
rr1?S lrient,
~I!t;.'!
2rr'c
~ie
honvre~
beyond measure by YOUl:- pre••net
kylOW' hotv difflculc it i.s for you to break
i-·;n:t in these ceremonies today willr...iD
~1'urHi.ilg
to
TREASURY DEPARTMENT
Washington
FOR RELEASE:
UPON DELIVERY
REMARKS BY THE HONORABLE DOUGLAS DILLON
SECRETARY OF THE TREASURY
AT
THE COAST GUARD ACADEMY COMMENCEMENT CEREMONIES
COAST GUARD ACADEMY, NEW LONDON, CONNECTICUT
WEDNESDAY, JUNE 3, 1964, 11:00 A.M., EDT
Mr. President, we are honored beyond measure by your presence
among us here today. We know how difficult it is for you to break
away from the tasks that never cease to press upon you -- as our
nation's leader in the pursuit of greater freedom and prosperity
at home, and greater peace and freedom throughout the world.
That you have chosen to take part in these ceremonies today will
remain a lasting source of pride to all of us -- and to none more
than to the young men who will soon go forth to help safeguard
travelers upon the waters and to preserve our shores from
danger.
You young men are about to enter a Service which is both
an Armed Force and a humanitarian agency -- which brandishes
the arrow of arms to all who would bring harm to our shores, and
proffers the olive branch of peace and succor to all in danger or
distress upon our waters.
It takes men of exceptional training
and character to carry out that dual mission -- as the men of the
Coast Guard have been doing with uniformly high distinction for
nearly 175 years.
In your wake lie patient, intensive hours of trial and
training. Ahead, lie the proud careers for which you have long
prepared and long awaited -- the unceasing challenge of furthering
the humane mission for which the Coast Guard is known and honored
among men.
I am confident that you, the Class of 1964, will more
than justify the high trust we place in you today. To all of you,
Godspeed and good sailing.
000
TREASURY DEPARTMENT
June 3, 1964
FOR n1MEDIA TE REIEASE
TREASURY DECISION ON RIFLE AND PISTOL PRIMERS
UNDER THE ANTIDUMPING ACT
The Treasury Department has determined that RWS Sinoxid rifle
and pistol primers from West Germany are not being, nor
like~
to
be, sold in the United States at less than fair value within the
meaning of the Antidumping Act.
Notice of the determination will
be published in the Federal Register.
The dollar value of imports of the involved merchandise received during the period from January
mately $1,500.
1964 to date was approxi-
- 3 -
and exchange tenders viII receive equal treatment.
cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the sale
or other disposition of the bills, does not have any exemption, as such, and 10S8
trom the sale or other disposition of Treasury bills does not have any special
treatment, as such, under the Internal Revenue Code of 1954.
The bills are subject
to estate, inheritance, gift or other excise taxes, whether :Federal or state, but
are exempt from a.ll taxation now or hereafter imposed on the principal or interest
thereof by any state, or any of the possessions of the United states, or by any
local taxing authority.
For purposes of taxation the amount of discount at which
Treasury bills are originally sold by the United states is considered to be interest.
Under Sections 454 (b) and 1221 (5) of the Internal Revenue Code of 1954
the amount of discount at which bills issued hereunder are sold is not considered
to accrue until such bills are sold, redeemed or otherwise disposed of, and such
bills are excluded from consideration as capital assets.
Accordingly, the owner
of Treasury bills (other than life insurance companies) issued hereunder need include in his income tax return only the difference between the price paid for euch
bills, whether on original issue or on subsequent purchase, and the amount actually
received either upon sale or redemption at maturity during the taxable year for
which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 418 (current revision) and this notice, prescribe the terms of the Treasury bills and govern the conditions of their.issue.
Copies of the circular may be obtained from any Federal Reserve Bank or Branch.
- 2 -
decimals, e. g., 99.925.
Fractions may not be used.
It is urged that tenders
be made on the printed forms and forwarded in the special envelopes which will
be supplied by Federal Reserve Banks or Branches on application therefor.
Banking institutions generally may submit tenders for account of customers
provided the names of the customers are set forth in such tenders.
Others than
banking institutions will not be per.mitted to submit tenders except for their
own account.
Tenders will be received without deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment
securities.
Tenders from others must be accompanied by payment of 2 percent of
the face amount of Treasury bills applied for, unless the tenders are accompanied
by an express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the Federal
Reserve Banks and Branches, following which public announcement will be made by
the Treasury Department of the amount and price range of accepted bids.
Those
submitting tenders will be advised of the acceptance or rejection thereof.
The
. Secretary of the Treasury expressly reserves the right to accept or reject any
or all tenders, in whole or in part, and his action in any such respect shall be
final.
Subject to these reservations, noncompetitive tenders for $200 000 or
less for the additional bills dated
ing until maturity date on
$ lOf .000 or less for the
~)
March ~ 1964
r
,(
91
oa:eo
~
days remain-
September 10! 1964 ) and noncompetitive tenders for
~
182 -day bills without stated price from anyone
(EL)
bidder will be accepted in full at the average price (in three decimals) of
cepted competitive bids for the respective issues.
&e-
Settlement for accepted ten-
ders in accordance with the bids must be made or completed at the Federal Reserv~
Banks on
June 1~1964
, in cash or other immediately available funds or
in a like face amount of Treasury bills maturing
June 1~1964
•
cash
June 3, 1964
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
TREASURY'S WEEKLY BILL OFFERING
The Treasury Department, by this public notice, invites tenders for two series
of Treasury bills to the aggregate amount of $ 2,100,000,000 , or thereabouts, tor
cash and in exchange for Treasury bills maturing
of $ 2, 101
'13 ,000
6M
, in the amount
June 11651964
, as follows:
91-day bills (to maturity date) to be issued
-..®~
,
June 11, 1964
6GO
in the amount of $ 1, 200 '~O , 000 , or thereabouts, representing an additional amount of bills dated March
12~964
and to mature September 10, 1964 , originally issued in the
@
amount of $ 900,2<&000
, the .additional and original bills
to be freely interchangeable.
182 -day bills, for $ 900, oo~oo
(m
June 1~1964
(
,or thereabouts, to be dated
, and to mature December ~ 1964
(
•
The bills of both series will be issued on a discount basis under competitive
and noncompetitive bidding as hereinafter provided, and at maturity their face
amount will be payable without interest.
They will be issued in bea.rer form only,
and in denominations of $1,000, $5,000, $10,000, $50,000, $100,000, $500,000 and
$1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
Daylight Saving
clOSing hour, one-thirty p.m., Ea.sternl~ time,
Mon~ June 8. 1964
(i»)
Tenders will not be received at the Treasury Department, Washington.
-
Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders the
price offered must be expressed on the basis of 100, with not more than three
/r;~
I·.r!i:~·
TREASURY DEPARTMENT
\\"'.'
WASHINGTON. D.C. ~ "
•'
June 3, 1964
FOR IMMEDIATE RELEASE
TREASURY'S WEEKLY BILL OFFERING
The Treasury Department, by this public notice, invites tenders
·for two series of Treasury bills to the aggregate amount of
$2,100,000,000, or thereabouts, for cash and in exchange for
Treasury bills maturing June 11, 1964,
in the amount of
$2,101,033,000, as follows:
91-day bills (to maturity date) to be issued
in the amount of $ 1,200,000,000, or thereabouts,
additional amount of bills dated March 12,1964,
mature September 10,196~originally issued in the
$900,265,000,
the additional and original bills
interchangeable.
June 11, 1964,
representing an
and to
amount of
to be freely
182-day bills, for $900,000, OOU ,
or thereabouts. to be dated
June 11, 1964,
and to mature December 10, 1964.
The bills of both series will be issued on a discount basis under
competitive and noncompetitive bidding as hereinafter provided, and at
maturity their face amount will be payable without interest, They
will be issued in bearer form only, and in denominations of' $1,000,
$5,000, $10,000, $50,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty p.m., Eastern Daylight Saving
time, Monday, June 8, 1964.
Tenders will not be
received at the Treasury De~artment, Washington. Each tender must
be for an even multiple of $1,000, and in the case of competitive
tenders the price offered must be expressed on the basis of 100,
with not more than three decimals, e. g., 99.925. Fractions may not
be used. It is urged that tenders be made on the printed forms and
forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Banking institutions generally m~y submit tenders for account of
~ustomers provided the names of the customers are set forth in such
:enders. Others than banking institutions will not be permitted to
submit tenders except for their own account. Tenders will be received
~ithout deposit from incorporated banks and trust companies and from
~espons1ble and recognized dealers 1n investment securities.
Tenders
'rom others must be accompanied by payment of 2 percent of the face
tmount of Treasury bills applied for, unless the tenders are
iccompanied by an express guaranty of payment by an incorporated bank
)r trust company.
D-1244
Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, followin~ which public
announcement will be made by the Treasury Department of the amount
and price range of accepted bids. Those submitting tenders will be
advised of the acceptance or rejection thereof. The Secretary of
the Treasury expressly reserves ttle right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect
shall be final. Subject to these reservations, noncompetitive
tenders for $200,000 or less for the additional bills dated
c-Iarch 12,1964
(91-days remaining until maturit:y date on
September 10,i964)and noncompetitive tenders for $100,000
or les8 for the 182-day bills without stated price from anyone
bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids for the respective issues.
Settlement for accepted tenders i~ accordance with the bids must be
made or completed at the Federal Reserve Banks on June 11, 1964,
in cash or other immediately available funds or in a like face
amount of Treasury bills maturingJune 11, 1964.
Cash and
exchange tenders will receive equal treatment. Cash adjustments
will be ~ade for differences between the par value of maturing
bills accepted in exchange and the issue price of the new bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and lOBS from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
u~der the Internal Revenue Code of 1954.
The bills are subject to
estate, inheritance, gift or other excise taxes, whether Federal or
State, but are exempt from all taxation now or hereafter imposed on
the prinCipal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
?or purposes of taxation the amount of discount at which Treasury
tills ~re originally sold by the United States is considered to be
i:lterest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
h2reunder are sold is not considered to accrue until such bills are
sold, redeemed or otherwise disposed of, and such bills are excluded
~rom consideration as capital assets.
Accordingly, the owner of
Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between
the price paid for such bills, whether on original issue or on
subseque:1t purchase, and the amount actually received either upon
sa:e sr r0demption at maturity during the taxable year for which the
re~urn is made, as ordlna~J gain or loss.
~reaS~0 [y=:p~rtment Circular
n~tlce prescrihe the terms of the
No. 418 (current revision) and this
Treasury bills and govern the
con11tions of their issue. Copies of the circular may be obtained from
any ~erjeral Reserve Bank or Branch.
000
- 28 -
growth •
The Sl.uae genera]. lJOint eall be put another wayt
Gontrnment
haa at its disposal a range of policy instrWD8nta that" "eed w.tlelr
ane flexibly I can help ima.ellsely in steering our econOllly towerc1
more rapid growth, tOW'U'o balance of payments equilibriwa, &I'Ui
toward price stability.
But without the cooperative efforta of
business and labor in maintaining price stability our polio.t.. will
be
ren.dered incomplete and inadequate.
with t.h.at ooopuatiOJ'1 1 •
eonfic!ent that tllis Nation can fully capitalize on ita enorIIOWI
economic potential, and continue to lead the free world 1:0
prosperity for all.
91'_.
--27
waqe and price decieiona with overall price ataW.li.ty.
We have ,k>laced much emphaeia on this appraaab
_~
1* .....
to u. to reprell8llt a natural ana needed compl. . . .t . . the aUrtun
of tiecal, tax, a.nO m.onet.ary pollet•• that we he•• ' · _ ' - d .
certainly, appropriate
stablli ty •
UN
of the uaditiooal pollcy t.n.1:rl ...... ,..
But unless Rlices remain stable and wages are kept
?t:
L _
-
24 -
?7
'--
have found ways of ruakiny this creciit available without driviA9
ahort term interest rates sharply lower..
Instead, with the
econauy expanding vigorously at r.tOme, 11iOnetary policy h •• been able
to diacharge its full .hare of the task of defending the dollar.
Our ahort-term rate utructure has been brougbt into better alignmant with those prevailing overseas, and our
l~netary autb~iti••
are n()ll1 in a. flexible position, vreliiared to meet whatevu furth_
contingencies may arise in the
b~anCG
ot paymeata.
In the relatively ah,ort apan, therefore, of le.s tIl_ three
and one-half year., both Anlerican economic policy and
taken new and dramatic turns for the better..
~ac:U_
haft
Our economy ia DO
longer un the wane -- but surely ana strongly on the riM.
AD4.,. _
now look forward, in all sober confidence, to the eontinuaUoa ...
peacetime economic recOV"Qry of qreater durability and atren9'th tbaa ia
any comparable :,tJeriod in this Cel'l.tury.
- 22 -
29
dounlec the value of the credit, wh11e
~,
the .... tt.. gr. .tly
simplifying tbe accounting prObl. . . raised by the 1962 provi.ion.
c:redit. aM qoes on to illa.trat. the ext.eftt to Wbie 1:he 1M2 ad
accelerate the recovery of capital iJPHstaant.
that, in order to have achieved effect.
Hi. . . . .y ••tiM...
UpoD ~ta.x
retun.
of capital cCIIl'PIlX'ule to tboae of the 1962 and 19M .ahre., it
proportion of equity
to have allowed an
to
total capital, or
ln1~ial
depreciation
to 57 percent of . . . .t ooet.
«
~ ~
53
- 21 tax measures ~atage
includiruJ not only the 1961 _........ }at.l~ i:ld.a , . . ••
reduction in corporate tax rates to 48 penea't.
"or example, steel c:ompaniea are Pl.ana.iD9 • 19M ~
of 25 percent in their capital ependil'l9'
progr-, .. u . - -
I'Ul~
motor vehicle makers outlays will be 20 perceat hi9"hu. and eo OIl
aero.. the whole range of A&eriean !Dd\l8t.ry.
For manufacturing as a whole, accorcU.Ar;J to the late.,
c-ne-
to ria. 13 percent above 1963 outlays, aDd the aver. . . ,.i. . los all
industries will be a tenth higbaz' t.ban laat year.
I should point out here thai: the 1964 Act .alao restore. the
investm.ent credit to the form originally
stration.
r~d
by the AdIa1a1..
The earlier requ.lrement that the Qep&'acia'tion baaU of
new investment benefi ling from the credit _
of that crei.ii t haa now been eliminated.
reduced by tbe aaout
.1-
change baa almotlt
.- 20 -
dome.tic economy, is beqinn.i.ng to MOW the
~_l.
eftecu .f . .
more active fillCal and tax pollei... compl. . .n.a by appropriate
~on~tary
polici•• , that have characterized the
,..a ••
paa~ ~
If'h. . . effects are quite apparent in inveataeftt ~119 -
key are. in terma of both our domestic growth and
payment..
..
our bIll _ _ of
Plant aa4 equipment: outlaya, you will recall, l .... lAcI off
and even declined aftar aid-1962, follCIIWiDq the break 1Ja
~
JN~,_
price. and reflectil19 wideaprearl buaine•• uncertainty.
the second quarter of last year, lea. than a year .fter t:he . .
depreciation rules and the tax credit became .rfective,
rising stronglY18nd are now
in the first quarter of 1.963.
r~nning
almoat one-aixth
they~.
hl~ ~
Further aiaeabl.e incr. . . . . are la
sight tllrough the rest of this yeu.
It . . . . .
c~ear
tllat . . . .
- 19 -
b . . beea cut in lUllf.
This has enabled WI to atautJCh the heavy
draina on our gold atoc:k.
.tack
-now
The latest figure. of
OUJ:'
ow_all gold
that .a of May 3lst our bolnings of 901d were alightly
at. ell, compared with ... 10•• of $1.7 billion in the aU.ngle year 1*.
Much of th.is improvement in our balance of paymenU a .... ,.•
• pacific .ne••urea -- the propoMd interest equalization tu on
purch. . . . of foreiqn aecuritiea,. the tying of larger proportiou
of our aid, a.nd economiea in our milit.ary apenQing abroad.
it ia due to temporary factors.
It ia cleAr that. we have
Pan of
DO ~allH
for complaceocy. fox, while we expect o\U' pilyaDOllta deficit to be
aignifi.eantly reduced thi. year, we
entirely.
alit
~ily,
CllWlOt
relax util it 1. 4U'lde4
evidence ia "c:n:amulatiD9 that we tuave
- 18 'bMn ac:compliabao in an environment of price aUtlld.l1ty.
'Whol.ple prices are no hig-her today than they w.ra s.is year.
ato.
This price stability has been of critical import.ance to eN&' _1....
of payments, and is now beqinnin9 to payoff in term. of
competitivenes8 in our export induat.riea.
~
OUr trade balane.e hal
recently improved, instead of deteriorating, .. many bad feare4.
in response to the sustained gain8 in dome.tic product.ion.
ro:r:
tM
past nine months, our trade surplus haa been runn1t19 at. an MAul
rate of $6 billion, cornpared to a rate of 1. . . than
the previous 1S months.
While
SOWle
.~
'bill!OI1 in
of this improvement !'tta\11ta " .
special and temporary factor., it also undoubtedly tefl.eeta zoeal
gains in American competitiveness.
OVerall, our balance of payments deficit baa decl1Ded ....,ly
since the middle of last year.
Sinee then, tM a:rm.ual rate . f
deficit on regular transaetions, which ~ec! IIOI'e tbaR
t:tJt
1tJ,Uitl
.-, A
-1"(.
- 17 earninqa before tax have risen sharply,
~
an UDual nlte Of
f56 billion in the first quarter of thia year, fl.7
than the llllrt quarter
or 1963
and $7 .. 7 bill1oa, _
higher than during the firat quarter of 1963..
~111. . k~
16
penJeD_,
With t:ax 1 illltU1dAtt
in the firn quarter already reflectin9 the new reduced CICICPOI'ate
tax rat•• , COl:poI:ate profit. aftax' tax•• J:'an at the
ra. of ,31.1
of 1 ••t year and more than aixty peroent higher thUl in the f1J:at
quarter of 1961.
At the same time, the recovery haa w!b\eaaed a l u p . . . ....,
riae in real take-home pay for labor -- .a evideaeeil by tile faet t:hI\
after taxes and adjustment fo-r price increases, the average weekly
take-home pay for a wage-earner with three dependent. ia
~y
tea
percent larger than it was in early 1961.
It is highly significant. that all of thette . .naw ha "aiM )aMI
- 15 until next year.
We can, however, take a readinq of the CNIIUlatiw . f. . . . .,
CNr
earlier action., including the 1~2 In ... at1Iet1t credit . . .
depreciation reform.
80
far aa our dames tic ~ i .
COIl. . . . .,
the eurrent expan..ion i . now in ita 40th month -- the 1 - . .. .
peacetime expansion in thia century eaeept for the balf-heu-ted
recovery from the depths of the great depreaicm
or
the tblrtiel.
Oros• •at.ional Product irt real terms ha. already incr"'" 'by 17
percent since the beqinninq of recovery in March of 1961.
lIde f .
months to come.
\-·illile .-till too hig-h, the unemployraent rat. hae beg\lR to
diminiah perceptibly, moving down to 5.1 p8neat in lilly,
wi th the 5.7 percent average of 1963.
~. .
. . . . tJtrl1d.D9 h.. bMa tIwI
- 14 Jay prOllOting 8Ustainec1 -jrowth and a stronger
can be and, .a it baa been developed ewer the
ecanoay, tax policy
paII't ~ . . .
oae-half year., now is an important count.ez' f _ _ l»tia to
r . . . .i o . and to inadequate gr~.
autt we clM&'ly have.
piece of unfinished busine.. to re801". before we
caR
-i.
gla.i.a that
tax policy i . fully equipped to do foro. t.be job that. any .daTt
It ia, of cour . . , far too early to ratlCh any fiDal , ......t
on the rewl ts of this year'. $11.5 billion reduct.ioa in paI'. . . .l
and corporate taxes.
1u
Some observer. have expr. . . .d ....p ..t.e .....
effects UflOIl conawaer spendin9 au
au
appear t.o :be
_&I_ate,
others are relieverl that th. tax cut has not overhea.ted the
~.
I have alwaya expected, flDC have taO stated repeaUMIly, tIIa~
tIaIa
taX
- 11 -
ahould not be taken to
•
DeW
IMWln
that we
Juw.
S\lCC • •deCI
.t.D.
...,_l.ttpj..ng
and effective eounter-cyclieal tool.
There remain, in my opinion, greet. oMtacl. . to
t.ax policy for purely counter-cycllcal purpo....
01
t;);a.e _
... chief of
th. . . obataclee ia the fact that, within our co.nat.itoutioaal
eyeua,
• 10ft9 lag t.ypic:ally intervenes between a. request for a change 18
ita preroqat.ives- whereby tax rates c.an M vu:ied w1tbou't .....
delay, the purely counter-cyclical function of tax policy will
remain outside our arsenal of economic: tools.
This
dOGS
not be us.fal.
not mean that
!to¥.
Qyc~ical
obaav.. ill
~
policy
~
fOS'tuaately, doea it _ _ t:bat. tax policy
- 12 alao subatantially reduces the
~
burd_ ............it-iII. . . . . . .
incomes are inadequate by any standard.
I tbiak i t c.. U1Ily ..
uid that the Revenue Act. of 1964 ia not only
it
giant stride forward
in our drive to secure 8el£-generat.:lnq, 10llg-rua
but is also a ulilestone in improvinq the equity
~c ~,
or
our 'tax .yat8Il.
'!'he fact is that revenue raising reforms 1n the 1964 and 1962 AatI,
taken together, totalled $1.7 billion, almottt: three time. tile
$600 million in new revenue. produced by a1.1 other reYeftue
act. .
ai.la
1940.
'Vb!le the prime purpose of our overall tax prog1!'_ i . -
pertaanen~ly
ad
higher 1. . .18, t.'le timifl9' of the program ha.s been
important in sustaining the present expansion, and 6elibarately ••
t;e must not, however, let this que lit ion of tiJd... o1INIcure tile ...,.
lying objective. of the tax program.
. . f.-t u..t tile . . . . . . .
- 11 -
also accompaniec by signi ~icant ill'Iprovements in the equity of 0Ul'
tax structure, as well as by limitations on the uae of tax haveaa
abroad.
Although these were major achievEments, they were merely fUft
steps in our integrated, long-rangE! program to stimulate the private
aeetor of the economy.
The biggest impediment to a more row*t
private sector still remained -- the high individual and corporate
iooOt'1\e tax rates, born out of wartime inflatiol'\, thAt contin.ally
preventcc the economy from reachhv; anci maintaining its full
1,.otential.
In so doing, they reduced ta:Kable in-come, held r .......
at ina(Jequate Jevels -- and thus were self-defeating in any .ffect
to restore budgetary balance.
The Revenue Act of 1964 substantially em.boc3ie. the tax Pl'0IJI'we~)ropoaed
to break the grip of these high tax rate. upon eur • • tII
Since we cesiree, at the
Ga146
time, to impr09'8 tax &q\lity, t.bat lit
- 10 "
.-
.
..
>"-
took two major lBoves to improve the climate f<* buaiDe. .
IDiCYSS
~_
that cou16 be inst! tuted without iIlly exce ••lve 1011. of r . . . . .
They were the Revenue Act of 1962, with its central proYla:l.on of •
7
~~rcent investment tax
alization of
d~iation
credit,
ana
the administrative liber-
-- both landlllaru of proqr••• in
drive to &pur the iUOdernization of our capital equipment.
they increaeeo the profitability of investment in
more than 20 percent.
DeW
OUI'
'IOfether,
equlpownt by
Thill \Vaa equivalent in terms of iDeat.1... tI
invest to a reduction in the corporate profits tax from 5;l percat
to about 40 percent.
These measures brou.ght the tax tr. .tment of inveatraent i.D tAt
United States more cl.,..ly in line with that provided by other
industrial coWltriea -- thus re.ovinq an unwarranted
inv••t over •••s -
1~t
.hila at the same time workill9 toward. a more
efficient, competitive, and ppofitable borae ec:ODOIIly.
~y
w• •
to
- 9 ~6
billion.
In the fiscal 1961-1965 period. em. ti\e .~ haBII,
eXJ:..oenai ture increases for defens., apace and ifteJ'••t w111 a1 •••
double, amounting to about $12 billion, but t:M po1iey
o~
. . ,...,,_
restraint is evident in the sharp decline in the inorea. . . . . all
other expenditures, which will total only aboUt $4 billion, ....tiUd
1 •• s than the comparable increase during the earl!_ 4-yeu
Aa we had planneo and expected, the need for
in defense and space has now levelled o1!f.
,..W.
1~
_UIp
'!'bat fact, jo.taed with
the thorough-going economy dri". 'Which President Joh:naan 1. _
forcefully spearheading, means that func."s are now bein9 freed both
to meet vi tal damestic needs such as the poverty progr_ aM to .,...
the achievement of a balance(.; budget.
space .peneling behin<: us before we could aa&ly 1apl. . .t OU" f.ll
program of tax reduction. aut rather tb.u
~i t,
we
ptI:~ly
....,..
- 8 -
the rapic1ly
exu~nding
the national debt.
~'e
8~,ace
program.
coulo not. cut down in tho. . area., but we
could -- and die! -- hold clown sharply the rate of apendinq ia
other
areas.
ThA~
record of expend i ture restraint come. through elearly . .
you compare expenditures, incurreo and planned, in the four 11...1
years from 1961 through 1965 with those of the preeedil\9' four ,..r'f
a period in which con.iderable .tress va. placed on prudeat
~
It is true that we find overall budqet expend! tures ift the 1961-65
period increasing at an average of about $4 billion a year eoapatId
to just over $3 billion a year during the earlier period.
BUt tile
hrealidmv'"!l of the increases duriIl9' the two :;)0riods is very reveaUDI.
For the fiscal 1957-61 period we find budget expenditure. fcc deflll
space,
arl{':
interest on the aebt ineraa..inq by '6.5 billion, with
eX[")endi tures in all other areas g'oing up by a nearly ttqtli"aleat
- 7 ~ifically',
tax policy -- to expand ~. role of 'tbe ,P.t'1"• • ••••
of our econoiny aa t...'e primary force in achievift9 eur H'tlOMl1
mould not lose tho op,[lOZ"tunity it presentee! of making long-A••dtH1
reforms in our tax system.
greater.
!'hue, an already lug.a t.uk. • • _
...
Ano, While the basic blueprint -- tax redtleUOft t.o ..,...
reform -- we. set forth by preald_t. Kennedy at. the ......y Mglaat...
of his Administration, concrete
Me
!'eft1 ta
were
JUMJe. . .r'11y
pi... II••1,
took years, rather than month ••
our choice of tax reduction called for expendibH."e renraiM,
.ince there would nece.sarily be a temporary laq in
P~l
........'
Yet, in 1961, there were O\I'erridinq national pr1or.t.t.iea, all of.-MI
cost money.
the
~
to brinq our miliblry . .,..... to • hi91*'
platea. of readinees, the s:pactal require. Db of t'Ite . . .1.1.. cult,
- 6 -
would be uncertain at best.
Thus, t.hey ....... to off_ 1.. . . -"flt
to the balance of payments than the path we choae.
tax
rea_t1oa.
We were convinceo that tax reduction could achieve the
~
expansion of purchasing po-W'er by freeing the privata economy frc.
high and restrictive wartilJle tax rate.. ori9'inal1y aeaig-ned to zoe. .
strong in£ lationary pressures tha.t no lonCler exiataCi.
Lower tu
we felt, would. also offer the much needed long-run stiUlulu8 to
that COlaea from adtI.eii incentives to illv.at. and to produce.
in
t\1rD,
~._
~wI
'.l"heM,
would lead to coat-cutting improvements in technology, thII
atrengthening our international competitive position and enhanaiag"
trade balance.
And greater profitability in the com.etic
~
would al.Bo encourage the employment of funds bere, instead of ......
Both of these r.sults would directly help our balanc:e of payMJ'lta,
In the ear 1y days of the Mminiatrat.iOft, therefore, and wi'"
out hesitation, we decided to employ fi8C&l policy -- and, mon
- 5 But that basic: determination p;l"<Dptly .cuMCi . . . .u.. .u,.
volving tax and expenditure policy.
to increa.. government expend! turea
came to the heart of the mett.er:
The:Dig .......at.iaa waa --tIMe
01:'
to red.. ta.a. -- or. to
whether to
~.ly
upoa twa lateat
energies of the private sector or to expiU'lO gov..-nmeIlC activity.
OUr fWldamental pcoblem in early 1961 v •• alugqiab growth ...
to allow the prl•• te ec:ODOI1y to reach full employment.
The renlt
frequent recessions.
unlesa such expenditures could be clearly jut.iii_ OIl the,ir OWA
- 4 -
4?
already substantially hiqher in nearly all ot:1lc ecNIIV1e., . . .
maintainill9 the January 1961 level of
risks.
~.rm
1Ih~te2a
ways had to be devised" and proMptly"
intereat rate., while .asurinq a ready
...at•• eataJ,.l"
.0 ...
~_
up our .....
ayail~llty
of
t.erm crecit at reallOnable rates to bol.tar 18991119' ......ue
l~
~
In ahort, the very real danqers in our balance of pIlYMllU eitut.UI
nee•• n.rily limiteif the freedom of lDOJ.l8'taJ:'y policy aDd gave it •
an outflow of capital abroad.
tfh.la meant that fiscal policy 1\ad to alltnae a luq_ . . . . . .f
the taak of eneouragin.1 and tlustaininq domes tie
~rowth.
That i.
why, from the day President Kennedy took office, we looked to
fiscal .policy
t~
move
U8
once again
--.e we are
DOW _ _
1-. - ..
ward full employment, and . . .igned it a more acti". role thaD , . .
haps ever before in our hiatory.
- 3 the dollar and to balance o~ payments equillbrita.
!.)Vera 11 long-run appraisal of our balance of payment., the 111i~eratives
are that our industry reQlain in the forefront of ••eIJr
nology, that our productivity rise fast enouqh _
••tlafy the
prices, and that our economy erackle with inv•• tment
fully coatparable, or superior, to those abroad.
o~~itl..
All of theM aft
the fruita of domestic growth -- fruita now well on theu , . , ...
ward ripening
un~er
the policies of the past three and one-half
years.
The situation that confronted us in 1961 continues -- ruled out the use of .xtremely low
aad .till
in~.t
r .....
We simply could not partra t short-term interen rate. to drep to ...
levels of earlier poatwar recessions without coartiDg . . . . . . . .
outflow of short-term cApital.
on the contrary, with ift""_t ~....
REMARKS BY THE HONORABLE DOUGLAS DII..LON
SECRETARY OF THB '1'JlEA8Ul\Y
B.t:.YORE 'l'Hlia THIRTY-FOURTH IlIA'HOHAL lIU&Dl~SS CONFERDCI
OF THE HAJlVARD " I l l " 8CBDOL
'..J
"
AT TIlE ~v COV&RlID '.l'BN!aS COURT BUILDING
HARVARL UNIVERSITY, BOSTON, MASSACHUSETTS
SATURDAY, JUKE 6, 1964, 10.25 A.M., BOT
i"hen the Kennec.'y Ad'!ninistration took office, one of the
most urgent auks confronting it was the need to rethink the role
of fisca'_
~,o.·
icy in rel.ation to all other elements of overall
economic .;:Jdcy.
That nee(; v.'as imperative both because of the l;Iersistently
S!.U9g-ish .:..:>erformance of our 6omesti,c econOUlY,
and because of till
mountinq 6efici ts in our balance of :payments, which had aeriOUIly
ero(;ec:.. confidence in the
ing outflow of go';"d.
war reeession
ve
(~O i.lar
and had cC1llsecJ. a rapidly
acealent
'¥i'ere then in the midst of our fourth pOfti
anc each of the three pxevious recessiona had
been market, by successively short.er ani! weaker rec-:>veriee.
e:',,,-" oy:;;€:nt ... as far too high.
Un-
Business inveat:ment wali wholly
TREASURY DEPARTMENT
Washington
RELEASE:
UPON DELIVERY
REMARKS BY THE HONORABLE DOUGLAS DILLON
SECRETARY OF THE TREASURY
BEFORE THE THIRTY-FOURTH NATIONAL BUSINESS CONFERENCE
OF THE HARVARD BUSINESS SCHOOL
AT THE NEW COVERED TENNIS COURT BUILDING
HARVARD UNIVERSITY, BOSTON, MASSACHUSETTS
S~TURDAY, JUNE 6, 1964, 10:25 A.M., EDT
When the Kennedy Administration took office, one of the most
'nt tasks confronting it was the need to rethink the role of
:al policy in relation to all other elements of overall economic
_cy.
That need was imperative both because of the persistently
,gish performance of our domestic economy, and because of the
.ting deficits in our balance of payments, which had seriously
.ed confidence in the dollar and had caused a rapidly accelerating
·low of gold. We were then in the midst of our fourth post-war
ssion -- and each of the three previous recessions had been
.ed by successively shorter and weaker recoveries. Unemployment
far too high.
Business investment was wholly inadequate to
lulate needed growth or to maintain the competitive posture of
ican industry in a rapidly changing world.
The great challenge was to find a new way to promote more rapid
steadier economic growth at home, and at the same time restore
idence in the dollar by whittling down and eventually eliminating
balance of payments deficit. There were many gloomy prophets
insisted this couldn't be done and conjured up an irreconcilable
lict between encouraging domestic growth and eliminating balance
ayments deficits. More rapid growth, they argued, means more
nd for everything -- including imports. Also, they claimed, the
sures it puts on the labor markets and on plant capacity lead
itably to higher prices, which both hinder exports and further
ate imports.
The fact, however, is that a strong, healthy and vigorously
nding domestic economy is essential to sustained confidence in
dollar and to balance of payments equilibrium.
For in any
all long-run appraisal of our balance of payments, the imperatives
that our industry remain in the forefront of technology, that
- 2 -
)ur productivity rise fast enough to satisfy the pressures for higher
real wages and income while maintaining stable prices, and that our
economy crackle with investment opportunities fully comparable, or
superior, to those abroad. All of these are the fruits of domestic
growth -- fruits now well on their way toward ripening under the
policies of the past three and one-half years.
The situation that confronted us in 1961 -- and still
continues -- ruled out the use of extremely low interest rates.
we simply could not permit short-term interest rates to drop to the
levels of earlier postwar recessions without courting a massive
outflow of short-term capital. On the contrary, with interest rates
already substantially higher in nearly all other countries, even
naintaining the January 1961 level of short-term rates entailed
grave risks. Ways had to be devised, and promptly, to shore up our
short-term interest rates, while assuring a ready availability of
longer term credit at reasonable rates to bolster lagging domestic
investment. In short, the very real dangers in our balance of
payments situation necessarily limited the freedom of monetary policy
and gave it a new challenge -- to facilitate investment at home
without provoking an outflow of capital abroad.
This meant that fiscal policy had to assume a larger share of
the task of encouraging and sustaining domestic growth. That is
why, from the day President Kennedy took office, we looked to
fiscal policy to move us once again -- as we are now moving -- toward
full employment, and assigned it a more active role than perhaps
ever before in our history.
But that basic determination promptly raised questions
involving tax and expenditure policy. The big question was whether
to increase government expenditures or to reduce taxes -- or, to
come to the heart of the matter: whether to rely upon the latent
energies of the private sector or to expand government activity.
Our fundamental problem in early 1961 was sluggish growth and
inadequate incentives for investment. Postwar expansionary forces
had been dissipated. Tax rates were siphoning off too much income
to allow the private economy to reach full employment. The result
Nas inadequate demand -- with increased unemployment and evermore
frequent recessions.
- 3 Larger government expenditures, if well timed, could, of
course, have boosted demand and thereby cut unemployment.
But,
unless such expenditures could be' clearly justified on their own
merits, their long-run contribution to productivity and investment
would be uncertain at best. Thus, they seemed to offer less benefit
to the balance of payments than the path we chose:
tax reduction.
We were convinced that tax reduction could achieve the necessary
expansion of purchasing power by freeing the private economy from
high and restrictive wartime tax rates, originally designed to restrain
strong and inflationary pressures that no longer existed. Lower tax
rates, we felt, would also offer the much needed long-run stimulus to
growth that comes from added incentives to invest and to produce.
These, in turn, would lead to cost-cutting improvements in technology,
thus strengthening our international competitive position and enhancing
our trade balance. And greater profitability in the domestic economy
would also encourage the employment of funds here, instead of
abroad.
Both of these results would directly help our balance of
payments.
In the early days of the Administration, therefore, and without
hesitation, we decided to employ fiscal policy -- and, more
specifically, tax policy -- to expand the role of the private sector
of our economy as the primary force in achieving our national
economic goals. We also felt that, having made this decision, we
should not lose the opportunity it presented of making long-needed
reforms in our tax system. Thus, an already large task became even
greater. And, while the basic blueprint -- tax reduction to expand
the private sector of our economy, accompanied by long overdue tax
reform -- was set forth by President Kennedy at the very beginning
of his Administration, concrete results were necessarily piecemeal,
and took years, rather than months.
Our choice of tax reduction called for expenditure restraint,
since there would necessarily be a temporary lag in Federal revenues.
Yet, in 1961, there were overriding national priorities, all of which
cost money:
the need to bring our military defenses to a higher
plateau of readiness, the special requirements of the Berlin crisis,
the rapidly expanding space program. And, of course, the interest
on the national debt. We could not cut down in those areas, but we
could -- and did -- hold down sharply the rate of spending in other
areas.
- 4 That record of expenditure restraint comes through clearly when
)u compare expenditures, incurred and planned, in the four fiscal
'ars from 1961 through 1965 with those of the preceding four years,
period in which considerable stress was placed on prudent budgeting.
: is true that we find overall budget expenditures in the 1961-65
?riod increasing at an average of about $4 billion a year compared
) just over $3 billion a year during the earlier period.
But the
~eakdown of the increases during the two periods is very revealing.
)r the fiscal 1957-61 period we find budget expenditures for defense,
)ace, and interest on the debt increasing by $6.5 billion, with
=penditures in all other areas going up by a nearly equivalent
) billion.
In the fiscal 1961-1965 period, on the other hand,
=penditure increases for defense, space and interest will almost
)uble, amounting to about $12 billion, but the policy of expenditure
'strain is evident in the sharp decline in the increases for all
:her expenditures, which will total only about $4 billion, one-third
'ss than the comparable increase during the earlier 4-year period.
As we had planned and expected, the need for increasing outlays
1 defense and space has now levelled off.
That fact, joined with
Ie thorough-going economy drive which President Johnson is so
lrcefully spearheading, means that funds are now being freed both
) meet vital domestic needs such as the poverty program and to
leed the achievement of a balanced budget.
It was necessary to get the major increases in defense and
.ace spending behind us before we could safely implement our full
'ogram of tax reduction.
But rather than wait, we promptly under10k two major moves to improve the climate for business investment
,ves that could be instituted without any excessive loss of revenue.
:ey were the Revenue Act of 1962, with its central provision of a
percent investment tax credit, and the administrative
beralization of depreciation -- both landmarks of progress in our
ive to spur the modernization of our capital equipment. Together,
ey increased the profitability of investment in new equipment by
re than 20 percent. This was equivalent in terms of incentives
invest to a reduction in the corporate profits tax from 52
rcent to about 40 percent.
These measures brought the tax treatment of investment in the
ited States more closely in line with that provided by other
dustrial countries -- thus removing an unwarranted inducement to
vest overseas -- while at the same time working toward a more
ficient, competitive, and profitable home economy. They wert
so accompanied by significant improvements in the equity of our
x structure, as well as by limitations'Jn the use of tax havens
road.
- 5 Although these were major achievements, they were merely first
teps in our integrated, long-range program to stimulate the private
2ctor of the economy.
The bigg~st impediment to a more robust
rivate sector still remained -- the high individual and corporate
1come tax rates, born out of wartime inflation, that continually
revented the economy from reaching and maintaining its full
Jtential.
In so doing, they reduced taxable income, held revenues
t inadequate levels -- and thus were self-defeating in any effort
) restore budgetary balance.
The Revenue Act of 1964 substantially embodies the tax program
= proposed to break the grip of these high tax rates upon our
:onomy. Since we desired, at the same time, to improve tax
1uity, that Act also substantially reduces the tax burden on those
Ltizens whose incomes are inadequate by any standard.
I think it
in truly be said that the Revenue Act of 1964 is not only a giant stride
Jrward in our drive to secure self-generating, long-run economic
~owth, but is also a milestone in improving the equity of our tax
!stem. The fact is that revenue raising reforms in the 1964 and 1962
:ts, taken together, totalled $1.7 billion, almost three times the
~OO million in new revenues produced by all other revenue acts since
}40.
While the prime purpose of our overall tax program is -- and
~ays has been -- the long-range stimulation of our economy to
'rmanently higher levels, the timing of the program has been
lportant in sustaining the present expansion, and deliberately so.
, must not, however, let this question of timing obscure the underring objectives of the tax program.
The fact that the Revenue Act
: 1964 is having some beneficial counter-cyclical effects should
It be taken to mean that we have succeeded in developing a new and
:fective counter-cyclical tool.
There remain, in my opinion, great obstacles to the use of
x policy for purely counter-cyclical purposes.
The chief of
ese obstacles is the fact that, within our constitutional system,
long lag typically intervenes between a request for a change in
x rates and legislative approval. Unless and until some method
worked out -- acceptable to the Congress and consistent with
s prerogatives -- whereby tax rates can be varied without undue
lay, the purely counter-cyclical function of tax policy will
main outside our arsenal of economic tools.
- 6 -
This does not mean that cyclical changes in tax policy would
not be useful. Nor, fortunately, does it mean that tax policy
is entirely impotent in moderating cyclical fluctuations today.
By promoting sustained growth and a stronger economy, tax policy
can be and, as it has been developed over the past three and
one-half years, now is an important counter force both to recessions
and to inadequate growth. But we clearly have a major piece of
unfinished business to resolve before we can claim that tax policy
is fully equipped to do for us the job that any modern economy
requires of it.
It is, of course, far too early to reach any final judgment
on the results of this year's $11.5 billion reduction in personal
and corporate taxes. Some observers have expressed surprise that
its effects upon consumer spending so far appear to be moderate;
others are relieved that the tax cut has not overheated the economy.
I have always expected, and have so stated repeatedly, that the tax
cut would not create a sudden spurt of consumer spending, but would
gather momentum gradually, with the full stimulus not being felt
until next year.
We can, however, take a reading of the cumulative effects of
our earlier actions, including the 1962 investment credit and
depreciation reform. So far as our domestic economy is concerned,
the current expansion is now in its 40th month -- the longest
peacetime expansion in this century except for the half-hearted
recovery from the depths of the great depression of the thirties.
Gross National Product in real terms has already increased by 17
percent since the beginning of recovery in March of 1961. This far
exceeds the record of the two previous recoveries. And prospects
are favorable for continued expansion for many more record-breaking
months to come.
While still too high, the unemployment rate has begun to
diminish perceptibly, moving down to 5.1 percent in May, compared
with the 5.7 percent average of 1963. More striking has been the
decline in the jobless rate for married men, which at 2.6 percent in
May is now lower than at any time since July of 1957 -- seven years
ago. The comparatively large number of teenagers entering the labor
force in recent years presents a special and very difficult problem,
but even here, the jobless rate of 15.0 percent thus far in 1964
is nearly a full percentage point below the 1963 rate.
,t_,
.,.
I
- 7 ,
Recent gains in total employment have been impressive: In
le year ending last month, jobs rose by about / 2 million to 70.8
1I1ion -- more than twice as much as the 800/million gain during
le preceding 12-month period. Increased employment and better
,e of our productive facilities have been accompanied by betterlan-average productivity gains, reflected both in higher personal
lcomes and higher profits. Indeed, the performance of profits
IS provided the best possible answer to talk of a long-term profits
lueeze and lack of investment incentives. Corporate earnings before
IX have risen sharply, reaching an annual rate of $56 billion in the
_rst quarter of this year, $1.7 billion higher than the last
larter of 1963 and $7.7 billion, or 16 percent, higher than during
le first quarter of 1963. With tax liabilities in the first quarter
ready reflecting the new reduced corporate tax rates, corporate
'ofits after taxes ran at the rate of $31.1 biTI.ion-- more than
'enty percent higher than in the same quarter of last year and
're than sixty percent higher than in the first quarter of 1961.
At the same time, the recovery has witnessed a large and steady
se in real take-home pay for labor -- as evidenced by the fact
at, after taxes and adjustment for price increases, the average
ekly take-home pay for a wage-earner with three dependents is today
n percent larger than it was in early 1961.
It is highly significant that all of these economic gains have
en accomplished in an environment of price stability. Average
olesale prices are no higher today than they were six years ago.
is price stability has been of critical importance to our balance
payments, and is now beginning to payoff in terms of increased
npetitiveness in our export industries. Our trade balance has
:ently improved, instead of deteriorating, as many had feared,
response to the sustained gains in domestic production. For the
,t nine months, our trade surplus has been running at an annual
:e of $6 billion, compared to a rate of less than $4-1/2 billion
the previous 18 months. While some of this improvement results
)m special and temporary factors, it also undoubtedly reflects real
~ns in American competitiveness.
Overall, our balance of pAyments deficit has declined sharply
Ice the middle of last year. Since then, the annual rate of
:icit on regular transactions, which averaged more than $3-1/2
lion for the past six years, and last year amounted to $3.3 billion,
been cut in half. This has enabled us to staunch the heavy
ins on our gold stock. The latest figures of our overall gold
- 8 :ock show that as of May 31st our holdings of gold were slightly
)ove those at the end of last July -- ten months with no net loss
: all, compared with a loss of $1.7 billion in the single year
)60.
Much of this improvement in our balance of payments stems from
)ecific measures -- the proposed interest equalization tax on
lrchases of foreign securities, the tying of larger proportions
: our aid, and economies in our military spending abroad.
Part of
: is due to temporary factors.
It is clear that we have no cause
lr complacency, for, while we expect our payments deficit to be
_gnificantly reduced this year, we cannot relax until it is ended
ltirely.
But happily, evidence is accumulating that we have
:urned the corner" in our balance of payments, which, like the
lmestic economy, is beginning to show the favorable effects of the
"Ire active fiscal and tax policies, complemented by appropriate
lnetary policies, that have characterized the past three years.
These effects are quite apparent in investment spending -- the
y area in terms of both our domestic growth and our balance of
yments. P13nt and equipment outlays, you will recall, leveled
'f and even declined after mid-1962, following the break in stock
ices and reflecting widespread business uncertainty.
But, by
e second quarter of last year, less than a year after the new
preciation rules and the tax credit became effective, they were
sing strongly and are now running almost one-sixth higher than
the first quarter of 1963. Further sizeable increases are in
ght through the rest of this year.
It seems clear that these
ccessive increases in planned expenditures largely reflect the
dening recognition of the new incentives implicit in the recent
x measures -- including not only the 1962 measures, but this year's
o-stage reduction in corporate tax rates to 48 percent.
For example, steel companies are planning a 1964 increase
2S percent in their capital spending programs, as are the railroads;
tor vehicle makers outlays will be 20 percent higher, and so on
ross the whole range of American industry.
For manufacturing as a whole, according to the latest Commerce-SEC
rvey, 1964 planned plant and equipment expenditures are expected
rise 13 percent above 1963 outlays, and the average rise for all
jus tries will be a tenth higher than last year.
- 9 -
I should point out here that the 1964 Act also restores the
vestment credit to the form originally recommended by the
ministration. The earlier requirement that the depreciation basis
. new investment benefiting from the credit be reduced by the amount
that credit has now been eliminated. This change has almost
ubled the value of the credit, while at the same time greatly
mplifying the accounting problems raised by the 1962 provision.
A recent study by George Terborgh of the Machinery and Allied
oducts Institute emphasizes the importance of the investment
edit and goes on to illustrate the extent to which the 1962 and
64 Acts, taken together, raise prospective after-tax returns and
celerate the recovery of capital investment. His study estimates
at, in order to have achieved effects upon after-tax returns
capital comparable to those of the 1962 and 1964 measures, it
uld have been necessary to either:
Cut corporate tax rates from 52 percent to
34 or 29 percent, depending upon the assumed
proportion of equity to total capital, or to
have allowed an initial depreciation of from
53 to 57 percent of asset cost, or to have
reduced the cost of new capital equipment by
16 percent.
It is hardly surpr~s~ng that investment activity is responding
incentives of this magnitude -- even though it will be some time
~ore the cumulative impact is fully realized -- and that investment
~nding is now spearheading the recovery.
The proportion of capital
'nding to real GNP -- GNP in terms of constant 1954 prices -- after
lpping for so long, has at last been turned around and is once again
ling, reaching 8.8 percent during the past six months .... up from
f percent in 1961 and 8.6 percent in 1962.
We expect to continue
this higher leve l, thus he 1ping our long -run growth and
Jductivity and improving our payments balance by absorbing more
our savings here at home.
The ready availability of credit has also had a favorable
luence on the growing strength of domestic investment, but we
e found ways of making this credit available without driving
rt term interest rates sharply lower. Instead, with the
nomy expanding vigorously at home, monetary policy has been able
discharge its full share of the task of defending the dollar.
- 10 )ur short-term rate structure has been brought into better alignment
lith those prevailing overseas, and our monetary authorities are
lOW in a flexib Ie pos i t ion, prepared to mee t wha tever further
:ontingencies may arise in the balance of payments.
In the relatively short span, therefore, of less than three
Ind one-half years, both American economic policy and practice have
:aken new and dramatic turns for the better. Our economy is no
_onger on the wane -- but surely and strongly on the rise. And we
:an now look forward, in all sober confidence, to the continuation
)f a peacetime economic recovery of greater durability and strength
:han in any comparable period in this century.
Equally important, the past three and one-half years constitute
1 significant watershed in the development of American economic
)olicy. For they have borne witness to the emergence, first of all,
)f a new national determination to use fiscal policy as a dynamic
md affirmative agent in fostering economic growth. Those years
lave also demonstrated, r.ot in theory, but in actual practice, how
)ur different instruments of economic policy -- expenditure, tax,
lebt management and monetary policies -- can be tuned in concert toward
lchieving different, even disparate, economic goals. In short, those
rears have encompassed perhaps our most significant advance in
lecades in the task of forging flexible economic policy techniques
:apable of meeting the needs of our rapidly changing economic scene.
Even so, much remains to be done. We dare not relax our efforts.
)f all the challenges looming ahead, the major one, I believe, is to
_nsure the continuation of cost-price stability. Our price record
:0 date is a good one; but we must now sustain it, as more rapid
~rowth absorbs the slack in our unused human and physical
"esources.
In a competitive world economy, linked by fixed rates of
domestic costs and prices must be kept in reasonable
llignment with those abrosd. This is not a problem unique to the
lnited States, for it is being faced, in one form or another, by
lir tua lly every free indus tr ia 1 ized coun try. Bu t, in our own case,
lith our payments in deficit, the range of tolerance is even
larrower.
~xchange,
New ways of meeting this challenge are being developed, here
nd abroad, through so-called incomes policies. In practice, the
lethods vary wide ly. In bas ic concept, however, they all entail
- 11 -
ome expression of the public interest in the results of the wagelargaining and price-making process, when large unions and large
:irms have a considerable degree 'of market power. In our own case,
:his approach is a purely voluntary one. It is embodied in the
rage-price guideposts developed by the President's Council of
:conomic Advisers for appraising the consistency of pattern-setting
rage and price decisions with overall price stability.
We have placed much emphasis on this approach because it seems
us to represent a natural and needed complement to the mixture
)f fiscal, tax, and monetary policies that we have fashioned.
:ertainly, appropriate use of the traditional policy instruments
'emains essential if we are to be successful in maintaining price
:tability. But unless prices remain stable and wages are kept
lithin the bounds of productivity increases, conflicts in goals
rill inevitably arise. If that happens, monetary and fiscal
>olicies, at times, will, in the quest for price stability, need
:0 be more restrictive than is consistent with rapid and sustained
;rowth.
:0
The same general point can be put another way: Government
las at its disposal a range of policy instruments that, used wisely
lnd flexibly, can help immensely in steering our economy toward
lore rapid growth, toward balance of payments equilibrium, and
·oward price stability. But without the cooperative efforts of
Jusiness and labor in maintaining price stability our policies will
le rendered incomplete and inadequate. With that cooperation I am
:onfident that this Nation can fully capitalize on its enormous
~conomic potential, and continue to lead the free world to greater
)rosperity for all.
000
POlt RlLU.SI .l.
~.
lfEWSPAPf.HS,
June 8, 196h
Tue..." J\1D8 9, 196h.
R1!',sULTS ')F
l'eL?-~·?Y '~1 .1?~KLY
fl·· LL Dr'T-RT)(1
The Treasury Department announced last evening that the tenders fGr two ser1ea
Trea.aury bUla, one series t.o be an ad::ti. 1.i ,·nal issue of tine blll$ dated March 12, U
aacl the other series to be dated June 11> 1954, wi.ieh ~re offered Oft June J, wen
opened. at the Federal lieserve Bani'S on "fune fi. Tenders w!'e invited tar $l,2iJO,~
or t,h;;>reabouts, of '11-day bUla and. for $90J,(;(:JO,0'}fJ, oz' t..hereabout.s, 01 lb2-day ~
ft. detaUs ot the two series are as follow:
WOK OF ACCEP'l'i:':D
C<7.oiPETITlVE SIns,
91-da¥ Treasury bUls
Mtur!s September 10, 1961;
Price
H.igh
Low
Average
99 .ill
99.12)
99.12$
,
:
Aprox. EqUiv.
t
A.nnual T".:ate
:
,; .4$Ol
).469%
3.!J62%
l
Y
:
:
91% or the amount of 91-day bills bid for at the low price was accepted
59% of the amount of 182-day bills bid for at the low (~c. vas accepted
Dietr1c1;
fi08iOii
New York
Philadelphia
Clevelmd
Richmond
Atlanta
Chicago
st. Louis
~inneapolis
ltans8.8 Ci ty
flal.las
San-ranciseo
toTALS
$2,264,980,CXXI
;Sl,200.710,r:x'JO!I $1,6)1..1.,554,000
$90.),240,01
aI Includes $23b.,$19,OOO noncompetitive tenders accepted at the average price of 99.11
~ Includes $64,068,000 noncampetiUve tenders accepted at. t:.he aVRage pri~e. of 98.!I On a OO\lpoft 1.~'" of the same le!\f,-'tb and tor the . . . . Ulo:mt 1nY&$t.ed,~!'e retuJlt
the.. biUa wruld IrOTide yields or 3.S4~, for t.he 91-da:.¥ bills, aDd 3.!/(%. rfl
the 182-day bUla. J.nterest rates :>n bills are quote4 in teras Gf ba/'k dis_
with the n>tum related to the lace &1'IIOuot of tbe bills pa;rable at mat~,rit,l ra*
t.han t.he .aunt invested and t,heir len::;tn in actual number of ~8 rel;·t.ed too.
36O-da.y yeu. [n cantrast, yields on cert.iticatas, notes, Gel bonds at.;;> c:>m.pUwI
in t.enu of interest. on iihe u: Junt. inYest.ed, and relate to!".. DUJlber of ., :_1 fl
in an interest payaHlt .;eriod "to t.he actul n~r 01 da.:rs in the "eri '~iJ •.;:!.thannual c:.pounding i t .'3re t{an one coupon period 1s im'olftrl.
r..u
REASURY
DEPARTMEr~l~
.EASE A. M. NEWSPAPERS,
", June 9, 19~.
June 8, 1964
RESULTS OF TREASURY'S WEEKLY BILL OFFERING
Treasury Department announced last evening that the tenders for two series ot
bills, one series to be an additi:ma1 issue of the bills dated March 12, 1964,
! other series to be dated June 11, 1964, which were offered on June 3, were
at the Federal Reserve Banks on June 8. Tenders were invited for $1,200,000,000,
~eaboutB, of 91-day bills and for $900,000,000, or thereabouts, of 182-day bills.
t.ails of the two series are as follows:
Ie
~
I
;:IF ACCEPTED
91-day Treasury bills
:i.:rIVE BIDS:
maturing September 10, 1964
igh
ow
verage
l~
1%
Price
99.128
99.123
99.125
Approx. Equiv.
Annual Rate
3.450%
3.469%
3.462%
Y
182-day Treasury billa
maturing December 10, 1964
Approx. Equiv •
Price
Annual Rate
98.209
3.543%
98.199
3.562%
98.204
3.553%
Y
of the amount of 91-day bills bid for at the low price was accepted
of the amount of 182-day bills bid for at the low price was accepted
I'END:sRS APPLIED FOR AND ACCEPTED BY FT.....DERAL RESERVE DISTRICTS:
,riet
,on
York
.adelphia
'eland
lJIlond
nta
:ago
Louis
.eapo1is
as City
Francisco
TOTALS
Ap.11ied For
$ 23,619,000
1,678,192,000
30,607,000
26,748,000
9,481,000
29,609;000
2.30,304,000
32,431,000
26,573,000
23,192,000
26,521,000
127,103,000
Accepted
$ 23,619,000
766,952,000
15,583,000
26,012,000
9,463,000
25,320,000
149,774,000
25,213,000
22,483,000
23,192,000
15,721,000
97,438,000
Applied For
$
2,515,000
1,305,440,000
9,031,000
le,619,000
2,93b,OOO
15,723,000
149,719,000
8,202,000
7,560,000
7,152,000
8,528,000
99,127,000
Accepted
$ 2,515,000
659,540,000
4,031,000
11,650,000
2,888,000
13,313,000
90,669,000
6,102,000
5,355,000
7,152,000
4,528,000
85,891,000
$2,264,980,000
$1,200,770,000 ~ $1,634,554,000
$900,240,000
-
£I
eludes $2)4,519,000 noncompetitive tenders accepted at, the average price of 99.125
eludes $64,068,000 noncompetitive tenders accepted at the average price of ?8.204
a coupon is.ue of the same length and for the same amount invested, the return on
these bills w~lld ~>ovide yields of 3.54%, for the 91-day bills, and 3.67%, for
the 182-day bills. Interest rates on bills are quoted in tems of bank: discount
ri th the retu.rn related to the face amount of the bills payable at maturity rather
t.han the amount invested and their 1en::;th in actual number of days related to a
360-day year. In contrast, yields on certificates, notes, md bonds are computed
In tenns of interest on the am::)Unt invested, and relate the number of days remaining
Ln an interest payment period to the actual number of days in the period, with semimnual cCl:lpoWlding if more than one coupon period is involved.
·
nnd exclK?.n(l;c tenders will receive equal treatment.
,',
Cash adjustments will 'be made
for differences bet'H'cen the par value of ma.turing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the sale
or other disposition of the bills, does not have any exemption, as such, and loss
fronl the Gale or other dir.position of Treasury bills does not have any special
treotm'~nt,
as such, under the Internal Revenue Code of' 1954.
The bills are subject
to estftte, inheritance, gift or other excise taxes, whether Federal or state, but
are exempt from all taxation now or herea.fter imposed on the principal or interest
thereof by any state, or any of the possessions of the United states, or by any
local taxing authority.
For purposes of ta.;u3"tion the amount of discount at which
Treasury bills are originally sold by the United states is considered to be intercst.
Under Sections 454 (b) and 1221 (5) of the Internal Revenue Code of 1954
the amount of discount at which bills issued hereunder are sold is not considered
to accrue until such bills are sold, redeemed or otherwise disposed of, and such
bills are excluded from consideration as capital a.ssets.
Accordingly, the owner
of Treasury bills (other than life insurance companies) issued hereunder need include in his income tax return only the difference between the price paid for such
bills, whether on original issue or on subsequent purcha.se, and the amount a.ctual.ly
received either upon sale or redemption at maturity during the taxable year for
which the return is made, as ordinary gain or loss.
Trea.sury Department Circular No. 418 (current revision) and this notice, prescribe the terms of the Treasury bills and govern the conditions of their.issue.
Copies of the circular may be obtained from any Federal Reserve Bank or Branch.
- 2 -
[ecima1s, e. g., 99.925.
Fractions may not be used.
It is urged that tenders
be made on the printed forms and forwarded in the special envelopes which will
be supplied by Federal Reserve Banks or Branches on application therefor.
Banking institutions generally may submit tenders for account of customers
provided the names ot the customers are set forth in such tenders.
others than
banking institutions will not be pezmitted to submit tenders except for their
own account.
Tenders will be received without deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment
securities.
Tenders from others must be accompanied by payment of 2 percent of
the face amount of Treasury bills applied for, unless the tenders are accompanied
by an express guaranty ot payment by an incorporated bank or trust company.
Immediately a.:f'ter the closing hour, tenders will be opened at the Federal
Reserve Banks and Branches, follOwing which public announcement will be made by
the Treasury Department of the amount and price range of accepted bids.
Those
submitting tenders will be advised of the acceptance or rejection thereof'.
The
secretary ot the Treasury expressly reserves the right to accept or reject any
or a.ll tenders, in whole or in part, and his action in &ny such respect shall be
final.
subJect to these reservations, noncompetitive tenders for $20.0 or
less for the additional bills dated
March 19, 1964
, (
B.ft
91
Mi
days remain-
ing until maturity date on
September 17, 1964 ) and noncompetitive tenders for
'l0MO
182 -da;y' bills without stated price from any 'one
or less for the
tiff
kiH
bidder will be accepted in full at the average
prie~
cepted competitive bids tor the respective issues.
(in three decimaJ.s) of acSettlement for accepted ten-
ders in aceordance with the bids must be made or completed at the Federal
Banks on
June .1964
Rese~
, in cash or other immediately available funds or
in a like face amount of Treasury bills maturing
June
tis
1964
•
Cash
TREASURY DEPARTMENT
Washington
June 10, 1964
FOR IMMEDIATE RELEASE,
TREASURY'S WEEKLY BILL OFFERING
The Treasury Department, by this public notice, invites tenders for two series
of Treasury bills to the aggregate amount of $ 2, 100~o , 000 , or thereabouts, for
cash and in exchange for Treasury bills maturing
June 18, 1964
XEJ
of $ 2,102,148,000 , as follows:
ill
91-day bills (to maturity date) to be issued
-m..,...",.:r.;:;.
in the amount of $
1.200~0,000
,in the amount
,
June 18, 1964
XEO
, or thereabouts, represent-
ing an additional amount of bills dated
March
~
1964
and to mature September 17. 1964 , originally issued in the
amount of $
ffl
898t~000
,the additional and original bills
to be freely interchangeable.
182 -day bills, for $ 900,000,000
, or thereabouts, to be dated
~
_J;..un;.;;.....,;e;.....1~h:~1~9_6;...4___ , and to mature __D_e_c_eID_lb":'lle=r:o=l:r7....,___1_9_6_4_.
tfU
4XQ
~
The bills of both series will be issued on a discount basis under competitive
and noncompetitive bidding as hereinafter provided, and at maturity their face
amount will be payable without interest.
They will be issued in bea.rer form only,
and in denominations of $1,000, $5,000, $10,000, $50,000, $100,000, $500,000
and
$1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
Daylight Saving
closing hour, one-thirty p.m., Ea.sternl~ time,
Monday, June 15, 1964
~
Tenders will not be received at the Treasury Department, Washington.
_
Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders tM
price offered must be expressed on the basis of 100, with not more than three
TREASURY DEPARTMENT
FOR IMMEDIATE RELEASE
TREASURY'S WEEKLY BILL OFFERING
The Treasury Department, by this public notice, invites tenders
for two series of Treasury bills to the aggregate amount of
$2,100,000,000, or thereabouts, for cash and in exchange for
Treasury bills maturing June 18, 1964,
in the amount of
$2,102,148,000, as follows:
91-day bills (to maturity date) to be issued
in the amount of $ 1,200,000,000, or thereabouts,
additional amount of bills dated March 19,1964,
mature September 17,1964priginally issued in the
$898,804,000,
the additional and original bills
interchangeable.
June 18, 1964,
representing an
and to
amount of
to be freely
182-day bills, for $900,000,000,
or thereabouts, to be dated
June 18, 1964
and to mature
December 17, 1964.
The bills of both series will be issued on a discount basis under
competitive and noncompetitive bidding as hereinafter provided, and at
maturity their face amount will be payable without interest. They
will be issued in bearer form only, and in denominations of $1,000,
$5,000, $10,000, $50,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty p.m., Eastern Daylight Saving
time, Monday, June 15, 1964.
Tenders will not be
received at the Treasury De~artment, Washington. Each tender must
be for an even multiple of $1,000, and in the case of competitive
tenders the price offered must be expressed on the basis of 100,
with not more than three deCimals, e. g., 99.925. Fractions may not
be used. It is urged that tenders be made on the printed forms and
forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Banking institutions generally may submit tenders for account of
customers provided the names of the customers are set forth in such
tenders. Others than bank1ng institutions will not be permitted to
submit tenders except for their own account. Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust company,
D-1247
- 2 -
Inunediately after the closing hour; tenders will be opened at
the Federal Reserve Banks and Branches, followin~ which public
announcement will be made by the Treasury Department of the amount
and price range of accepted bids. Those submitting tenders will be
advised of the acceptance or rejection thereof. The Secretary of
the Treasury expressly reserves the right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect
shall be final. Subject to these reservations, noncompetitive
tenders for $ 200,000 or l~AS for the additional bills dated
~!arch 19, 1964
(91-days remaining until maturit:y date on
September 17,1964)and noncompetitive tenders for ~100,000
or less for the 182-day bills without stated price from anyone
bidder will be accepted in full at the average price (in three
decimals) of accepted competit.ive bids for the respective issues.
Settlement for accepted tenders ir. accordance with the bids must be
made or completed at the Federal Reserve Banks on June 18, 1964,
in cash or other immediately available funds or in a like face
amount of Treasury bills maturi~g June 18, 1964.
Cash and
exchange tenders will receive equal treatment. Cash adjustments
will be made for differences between the par value of maturing
bills accented in exchange ond the issue price of the new bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject to
estate, inheritance, gift or other excise taxes, whether Federal or
State, but are exempt from all taxation now or hereafter imposed on
the prinCipal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills ~l~ ~riginally sold by the United States is considered to be
interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
he~eunder are sold is not considered to accrue until such bills are
sold, redeemed or otherwise disposed of, and such bills are excluded
from c0nsideration as capital assets. Accordingly, the owner of
TreasuIJ bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between
the price oaid for such bills, whether on original issue or on
subseque:',~ ;''...lrchase, and the amount actually received either upon
sale r)[' r~:ciemption at maturity during the taxable year for which the
return is made, as ordinary gain or loss.
':"'~ea2:1:.-'Y
i)r:na::"tment Circular No. 418 (current revision) and this
prescribe :he terms of the Treasury bills and govern the
conditions of their is~ue. Copies 0f the circular may be obtained froo
any Pe1eral Res~I~~ BAnk or Branch.
n~tice
000
TREASURY DEPARTMENT
June 10, 1964
FOR IMMEDIATE REIEASE
TREASURY MARKET TRANSACTIONS IN MAY
During May 1964 , market transactions in
direct and guaranteed securities of the government for Treasury investment and other accounts
resulted in net purchases by the Treasury Department of t155,753,000.00.
000
D-1248
TREASURY DEPARTMENT
June 10, 1964
FOR IMt-1EDIATE
REIEAS~
TREASURY MARKET TRANSACTIONS IN MAY
Durin? May 196h, market transactions in
direct and guaranteed securities of the government for Treasury investment and other accounts
resulted in net purchases by the Treasury Department of t155,753,OOO.OO.
000
D-1248
TREASURY DEPARTMENT
Washington
FOR RELEASE:
UPON DELIVERY
REMARKS OF THE HONORABLE DOUGLAS DILLON,
SECRETARY OF THE TREASURY
AT
PRIZE DAY CEREMONIES
GROTON SCHOOL, GROTON, MASSACHUSETTS
WEDNESDAY, JUNE 10, 1964, 10: 00 A. M., EDT
(AS DELIVERED)
This is a very special and happy occasion for me for, although
I have been back to the school many times since that Prize Day
37 years ago when Groton sent me forth into the world, this is the
first time I have been back here for Prize Day.
This is the occasion when we of an older generation pay homage to
those who are about to enter upon therrmost fruitful and
productive years. It is, of course, not always easy for one
generation to speak to another. I recall that vivid scene in
The Education of Henry Adams, in which the young Henry, not "much
more than six years old," engaged "one summer morning in a
passionate outburst of rebellion against going to school." Clinging
with all the strength in his small arms to the bottom of a staircase,
the boy was on the verge of victory, when his grandfather -- the
former President of the United States, John Quincy Adams -appeared. Silently, the old man took young Henry by the hand and
walked him nearly a mile through the hot sum of early summer to his
school. Thereby, the old President earned the lifelong admiration
of his grandson, because, in the words of The Education, "during
their long walk he had said nothing, uttered no syllable of
revolting cant about the duty of obedience and the wickedness of
resistance to law," and the boy "gave his grandfather credit for
intelligent silence."
But much as I admire that story, I cannot today be silent, for
I am convinced that one of the great needs of our nation is not for
silent, passive observers, but for active, intelligent, and
effective voices. It is of that need -- particularly in public
service -- that I wish to speak today.
- 2 You sixth formers who are graduating today have received something
very special -- the best secondary school education available in our
land. You have enjoyed the rare opportunity of working closely with
a superb faculty under the guidance and leadership of a great headmaster, John Crocker. Today, as in the past, Groton has stressed, not
only the pursuit of excellence in all things, but the importance of
public service as one of the highest of human endeavors.
It can fairly be said that never before in our history has the
need or the opportunity for public service been so great. As our
civilization grows and becomes more complex, ever
.
greater responsibilities descend upon Government at every level
upon the county court house and upon the city hall, upon our
state capitals, and upon the Federal Government in Washington.
Think of today's problems of educatiJn, or urban renewal,
in a great city such as New York or Chicago, or Philadelphia,
problems unthought of only a few years ago. Think of the
challenges posed by our exploration of outer space, an enterprise
so vast and expensive that it could only be undertaken by the
Federal GoverDment.
There has never been a more exciting or momentous time to
live -- and we Americans live at the very center of challenge and
opportunity. Yet, as the counterpart of its tremendous
opportunities, this age of nuclear weapons and supersonic travel holds
tremendous dangers as well.
There is, of course, the awesome danger
of nuclear war and world wide holocaust that we can neither ignore
or forget when we formulate or evaluate national policy.
But behind this danger is another equally fundamental.
I speak
of the danger that, in this world of dazzling and sometimes
bewildering change -- in this world of incredibly complex and
shattering events -- our courage may fade, our endurance flag, our
patience run out. And we may seek refuge in the deceptive security
of the past, or oi a single oversimplified solution, or of a
sudden rash act.
But we cannot -- and we must not -- yield to the
temptation of such easy escapes from reality.
For in the real
world alone will we find our destiny
and in that world there
is no simple answer to our problems, no single cure for our ills,
and no easy way to success.
I have, however, not the slightest doubt that we will be well
preserved against this danger, as against others, if young men of
talent, intelligence and training like yourselves do not hold back,
but take hold of the complex and difficult problems of our times
and move to the very vanguard of events in the years that lie ahead.
- 3 -
Those years hold the promise of an affluence for our people
far beyond anything we have ever known. The great challenge will
be, not merely to take part in creating that affluence, although
that is important, but to transform it into something more than
a orgy of comfort -- to make of it a springboard that can bring the
life of this nation closer to its ideals. Nowhere will that
challenge be greater -- nowhere can it be met with better result
than in public service.
As you sixth formers go out into the world this morning, I urge
you to give serious thought to public service, for its needs and its
opportunities are limitless. So, except in material ways, are its
rewards.
When I speak of public service, I mean many things. There are
the scientists probing outer space for the National Aeronautics and
Space Administration. There are the dedicated members of our
Foreign Service working in more than a hundred countries to advance
the cause of freedom as well as to protect the interests of our
country. There are the unsung toilers in our Central Intelligence
Agency. There are the city planners grappling with the mounting and
tortuous problems posed by our ever-spreading cities. There are the
judges charged with preserving our laws, our Constitution, our very
way of life. And then there are those who seek elective public
office -- the men we speak of as politicians.
I have no patience with the presumption shared by
some that the word "politician" is somehow unsavory. There has
been, and will continue to be, corruption in politics as long as
human beings are corruptible -- just as there will be in business
or in any other walk of life. But there is nothing inherently
corrupt or grimy about politics -- either in theory or in practice.
And far more than in other aspects of our national life, any taint
that may soil our political activities can only do so to the extent
that we, the people of our land, by our indifference or by our
unconcern, permit it to exist. I know of few callings of any kind
that are, on the whole, so well honored and so well served by the
men who follow it.
While I have never run for public office, I have worked actively
for many years with our elective officials -- at the county level,
in the State House in New Jersey and, for the past eleven years at
the national level, first in Paris, and then in Washington. Over
those years I have r.ome to know well many holders of political
office. I have seen the pressures under which they operate. And
I have come to know one thing -- and to know it well: our country,
- 4 in the years ahead, will be just as good, and no better, than the men
For these men not only
who serve her in elective public office.
represent the people who chose them, but have the power to influence
profoundly the thinking and conduct of their communities -- and,
ultimately, of the nation as a whole.
I fully recognize that many of you, for one reason or another,
may find it impracticable to make a career in public life. You may
find your calling in the practice of medicine or of law, or in
teaching or in the ministry. You may join the fields of banking
or of business. Excellence in all these areas is essential to the
progress of a free people.
But to those of you \vho find that you
cannot participate directly in public life, may I express the hope
that you will endeavor to share in that life by working actively in
the political vineyards.
That does not mean just once every four years when we elect
a President, but on a continuing basis at the state and local
levels. Do not shrug off your responsibility and argue that
Government is something for someone else to worry about. Local
Government is the very root and core of our national political
system.
It cannot thrive without your help and the help of men like
you. You can help shape the course of community events by helping
your elected officials.
They need and want that help badly, and in
many ways:
in the form, naturally of political contributions and
votes, but also in the form of active help at the precinct level
and, perhaps most important of all, in the form of intelligent,
friendly, and unprejudiced advice, both before and after election.
It may be that some of you will seek election to the United
States Congress, or wDl be in the forefront of help and counsel
for someone else who dues.
If either course is ever open to you,
then I fervently hope that you will take it.
In our Government of checks and balances, as you know, we
put great power in our President.
But, as you must also know, he
:an do little or nothing without the support of the Congress. And
that support does not come to a President automatically, as it does
to the leaders of Governments operating under the parliamentary
;ystem, with its requirement for strict party discipline. This,
Ln our American view, is as it should be, for otherwise the
:entralization of power would be far too great.
But it also
~mposes a heavy responsibility upon our Congress -- a responsibility
:hat will be met well or ill according to the quality of those who
lake up the Congress. We may, as we proclaim, be a nation of laws
tnd not of men, bu t we mus t never forge t tha t i t is men - - the men
'hom we e lec t - - who make our laws.
- 5 In my years in Washington I have come to know and admire many
of our Senators and Representatives. My respect for them, and the
manner in which they so ably discharge their heavy responsibilities,
is unbounded. No man could find a better way to serve his country
than through membership in one of the Houses of our Congress -and nowhere, with the exception of the Presidency, is it more
imperative that we have men and women of the highest ability.
Let no one deceive you:
Public life is hard, sometimes
frustrating, and -- as heaven and the public servant well know
it is often underpaid. Many of our public officials put in longer
and harder hours than most other citizens. And by and large their
material compensation is less for equal effort. Their life is
filled with a thousand vexations, and their work continually
hampered by one obstacle or another.
But there is also great reward.
It is not acclaim, for few
public officials are fortunate enough to receive public plaudits
or even, once they leave office, to live very long in the memories
of their constituents, let alone in the pages of the history books.
Rather, the reward of which I speak is the one of which we hear
all too often -- and experience, perhaps, all too seldom:
the
reward that comes from doing something that matters -- from
serving in a cause far greater than oneself or one's immediate
personal interests -- from serving one's country, one's ideals,
and one's fellow citizens.
There is also reward in the fact that in few pursuits, except
public service, can one come so closely in touch with the most
vital and vibrant issues and opportunities of one's time.
In this
sense, the life of a public official, while it has its long hours
of routine, is continually filled with unexpected and varied
:hallenges. Public life, as I have observed and experienced it,
is far from monotonous.
It is exciting, even thrilling. And it
is this excitement, created by the continual encounter with
?verchanging experiences, that gives to public life its zest and
3ppea 1.
Our late President John Kennedy once said, "Of those to whom
nuch is given, much is required." He also delighted in remarking
~hat, "The Greeks were right when they defined happiness as the
full use of one's powers along the lines of excellence." And there
vas in his mind -- as there is in mind today -- a close kinship
)etween those two thoughts.
For nowhere is there more required of
:hose to whom much has been given than in the public service. And
lowhere is there an occupation that offers so abundantly the sheer
lOy that comes from using one's powers to the fullest and in the
)ursuit of the most excellent purposes.
For you who leave Groton
:oday, I can think of no higher recommendation.
000
TREASURY DEPARTMENT
June 11, 1964
1-!I'i'l-iHOIDEIG OF
AP?~{.4:r:S.;C:;,;LNT
ON
APPLL JUIC::'
The 'l'reasury Department is instructing :::!ustoms i'ield officers
to Vlithhold appraiselnent of apple juice, in 46-ounce tins, from
Canad::c, rJanufactured by
Slm-~:ype
Products Limited, KelOlma, .l3rit-
ish Colwnbia, Canada, pendinG a determination as to whether this
merchandise iG beins sold in the United States at less than fair
v:llue.
r:otice to this effect is beine; published in the Federal
Und.er t1:.e fU1tidwnpinG Act, determination of sales in the
Un.:..tecl States at less than fair value v[ould require reference of
the case to the 1'arifi' Commission, which "lQuld consider
Ar,1€l'ican industry
vTaS
beinG injured.
~Thether
l)oth dumping price and in-
jury r:mst be sho'.'11 to justif"J a finding of d"UJnping under the law.
'Dhe allesation in this case was received on April
23, 1964,
and was m:::de by the firm of 'l'ree Top, Inc., Omak, Hashington.
'i"oe d.ollar value of L'Ylports received during the period from Dece:nbcr
1903 through P,pril 1964 "ras approximateJy $158,000.
TREASURY DEPARTMENT
June 11, 1964
FOR IHHEDIA'l'E
REu;AS~
\.HThHOlDING OF APPRAISENENT ON
APPLE JUICE
'The 'l'reasury Department is instructing customs f'ield of'f'icers
to withhold appraisement of apple juice, in 46-ounce tins, from
Canada, manufactured by Sun-Rype Products L1mited, Kelowna, British Columbia, Canada, pending a determination as to whether this
merchandise is being sold in the United States at less than f'air
value.
I';otice to this ef'fect is being published in the Federal
~{egister.
Under the Antidrunping Act, determination of' sales in the
Unlted States at less than fair value would require ref'erence of'
the case to the l'ariff Commission, which would consider whether
American industry was being injured.
30th dumping price and in-
jury Dust be shown to justify a f'inding of' dumping under the law.
The allegation in this case was received on April 23, 1964,
and was m:;.de by the firm of' Tree Top, Inc., Omak, Hashington.
The dollar value of' imports received during the period f'rom December 1s63 through April 1964 was approximately $158,000.
7C
TREASURY DEPARTMENT
Washington, D. C.
D-12~9
~W~1~~11, 1964
PHELIMINARY DATA ON IMPORT:' FOR CONSl,'MPTIC'N or UNMANUFACTURED LEAD AND ZINC CHARGEABLE TO THE CUOTAS ESTABLISHED
BY Pf:ES1DI!:NTIAL PROCLAMATION NO. 3257 OF SEPTElvfBF.R 22, 1958, AS MODITIED BY 'mE TAF.FF SCHEDULES CF 'rnE
lJNITli.:D STATES, WHICH BECAME EnF.CTIVE AUGUST 31, 1963.
OUAR'l';.:ru,y QUOTA PERIOD -
I\.pril
1 -
Jc:ne
30, 1964
IMPORTS -
April
1 -
June
8, 1964
ITEM 925.01ores
and materials
Country
of
Production
Lead-bearing
ITEM 925.03-
ITnl:
Uuwrought lead and
lead waste and scrap
I
I
I
:
ITEM 925.04-
925.02:
Zino-bearing ores and
materia1s
I
I
:
.
Unwrought zinc (exoept alloys
of zino and zinc dust) and
zinc waste and serap
Import.
11,220,000
A.ustra1ia
11,220,000
22,540,000
22,540,000
Belgium and
Luxemburg (total)
7,520,000
5,040,000
5,040,000
13,440,000
7,339,182
Bo1iTia
Canada
15,920,000
l4,729,904
66,480,000
66,480,000
!lerloo
16,160,000
'eru
l~,l60,OOO
36,880,000
35,578,566
70,480,000
48,207,224
6,320,000
4,39'~),J2?
12,880,000
9,818,962
35,120,000
26,561,506
3,760,000
3,161,294
5,440,000
5,43 P ,S47
6,080,000
6,080,000
Repub1io of the Congo
(formerly Belgian Congo)
0
14,980,000
So. Afrioa
14,880,000
'!ugoslaYia
.Hl other
6,560,000
oountries (total)
-See Part 2,
Append~
•• Repub~~o of South
\
'I'.EP~
29,644,'3")2
3,600,000
Italy
"Un
37,840,000
7,52! ,:
XN
'TKlC
2,843,940
to Tariff Sonedu1es •
A~~oa.
BU'RE&.U
OF
CUSTc::aas
15,760,000
13,065,130
6,080,000
6,080,000
11,840,000
17,840,000
"
~
, 11'
TRI'::ASURY DEPARTMENT
Washington, D. C.
D-12~9
rl1l~€Wkf~~ll, 1964
PhELIMINAJ~Y
Di,TA ON IMl'ORT:.o feR C(\N:::;l,'~-1PTl(N Of UNMA.NUFACTUFI:D LF.AD AND ~~INC CHA.J-!GEABLF TO THE CUOTAS ESTABLISHED
BY PH.;..ilDtNTIAl PFC:CLAMATF'N NO. 3?57 OF c;EPTEMEWR 22, 1958, AS MODITIED BY :tiE 'T'APFF SCHEDULES eli' 'rHE
lJNITl<;n STATES, WHICH BECAME EFFF,CTIVE AUGUST 31, 1963.
OUAR'r~J\LY
QUOTA PUUOD -
IMPORTS ITEM 925.01-
I,:)ril 1 - J"ne 30, 1964
April. 1 - June 8, 1964
:
S
Country
ot
Lead-bearing ores
and IDA teriala
ITEM 925.04-
IT):M 925.02-
ITEM 925.03Unwrought lead and
lead waste and scrap
t
Zino-bearing ores and
materials
Production
s
s Unwroug'ht zinc (eltOept alloys
: of zino and zinc duet) and
zinc waste and sorap
.
Import.
Au..stralia
11,220,000
1l,220,OOO
22,540,000
22,540,000
Belgium and
Luxemburg (total)
Bo1iTb.
Canada
5,040,000
5,040,000
13,440,000
7,339,182
15,<120,000
14,7291'904
66,480,000
66,480,000
Merioo
16,160,000
16,1601'000
14,>380,000
29,644,852
35,578,566
70,480,000
48,207,224
6,320,000
4,399,123
12,880,000
9,'318,962
35,120,000
26,561,506
3,700,000
3,161,294
5,440,000
5,438,847
6,060,000
6,080,000
14,880,000
yugosla...ia
All other
oountries (total)
37,840,000
36,880,000
Republio of the Congo
(formerly Belgian Congo)
-Un. So. Afrioa
7,520,000
3,600,000
Italy
Partl
7,520,000
6,560,000
2j)843~940
-See Part 2, Appendix to Tariff Sonedules •
••Republic or Soutb Afrioa.
PREPARED IN 'J:'HZ B",JREAU OF CUSTOMS
15,760,000
13,065,130
6,000,000
6,080,000
11,&40,000
17,840,000
-:' 0
-2-
COTrON WASTES
(In pounds)
COTTON CARD STRIPS made from cotton having a staple of less than 1-3/16 inches in length, COMBER
WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE
ADVANCED IN VALUE: Provided, however, that not more than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes made from cottons of 1-3/16 inches or more
in staple length in the case of the following countries: United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italy:
Established
TOTAL QOOTA
Country of Origin
:
United Kingdom ••••••••••••
Canada ••••••••••••••••••••
France ••••••••••••••••••••
India and Pakistan ••••••••
Netherlands •••••••••••••••
Switzerland •••••••••••••••
Belgium •••••••••••••••••••
Japan •••••••••••••••••••••
China •••••••••••••••••••••
Egyp t •••••••••••••••••••••
Cuba ••••••••••••••••••••••
Germany •••••••••••••••••••
Italy •••••••••••••••••••••
Other, including the U. S.
~I
Inc1uded
~~~~~~
~n
~n
B~rea~
o£
Established :
33-1/3% of:
T9taLSLu9J:.S1_=
Imports
1/
Sept. 20, 196.3,
_to.~lWL8. 1964
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
1,066,192
2.39,690
221,909
19,284
1l,249
.34,147
.3.3,511
59,000
1,441,152
Z76,400
75,807
5;,,151
.35,7.38
25,443
7,088
5,482,509
1,720,720
1,599,886
total imports. column 20
~~~
Total Imports
Sept. 20, 196.3, to
June8lL ~26k
Custo~._
22,747
14,796
12,853
.3.31,551
TREASURY DEPAR'lMENT
Washington, D. C.
IMMID lATE RELEASE
; C)
THURSDAY, JUNE 11,1964
D-1250
Prel1m1na:ty data on imports for consumption of cotton and cotton waste chargeable to the quotas established by
Presidential Proclamation No. 2351 of September 5, 1939, as amerxled, and as modified by the Tariff Schedules of the
United States which became effective August 31, 1963.
(The country designations in this press release are those specified in the appemix to the Tariff Schedules of the
United States. There is no political connotation in the use of outmoded names.)
COTTON (other than linters) (in pourxls)
Cotton urxler 1-1./8 inches other than rough or harsh under
lmPort.$ Septeaaber 20. 1963 - June B.. l%.l..
Count17 of Origip
Egypt and Sudan ••••••••••••
Peru •••••••••••••••••••••••
India and Pakistan •••••••••
China ••••••••••••••••••••••
Mexico •••••••••••••••••••••
Br. .il ....•................
Union of Sorlet
Social1at Republics ••••••
.\rgent~ •••••••••••••••••
r~t1 ••••••••••••••••••••••
Ecuador ••••••••••••••••••••
11
2/
Established Quota
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
628,215
24,045
159,692
600,000
11
871
Colombia ••••••••••••••••••••
l24
195
2.240
British East Africa •••••••••
Indonesia ani Netherlanis
New Guinea••••••••••••••••
British W. Indies •••••••••••
.igeria•••••••••••••••••••••
Br1t1sh W. Africa. ••••••••••
Other. including the U.s ....
Tobago.
Cotton 1-1/St. or more
Established Yearll Quota - 45.656.469 1bs.
Imports
Auga:a\.1~63
...~a~q~
Staple Leng!.h
1-3/Srt or more
~-5/32"
or more an::l under
l.-.3/au
::a..-1fan
752
Par~ ••••••••••••••••••••
Iraq ••••••••••••••••••••••••
~I
.fill
am
Established Quota
Horxluras ••••••••••••••••••••
8,883,259
475,l24
5,203
237
9,333
Except Barbados, Bermuda, Jamaica, Trinidad,
Except Nigeria and Ghana.
Country of Or;i;gin
Imports
314"
(Tangu:Ls)
or JlllDre and under
Allocation
Imports
39.590.778
39.590.. 778
1 .. 500.. 000
.143.24l.
7l.J88
21.321
5.3'n
16.004
!!POrts
IMMEl) lATE
TREASURY DEP AR'IMENT
Washington, D. C.
RELEA.S E
l 'I~ :)DA Y •
E l l , 1 lil14
D -1250
Preliminary data on imports for consumption of cotton am cotton waste chargeable to the quotas established by
Proclamation No. 2351 of September 5, 1939, as amerrled, am as roodified by the Tariff Schedules of the
Lilli ted States which became effective August 31, 1963 •
rr'~sidential
. "'1,,-,
country designations in this press release are those specified in the apperrlix to the Tariff Schedules of the
There is no political connotation in the use of ouUwded names.)
"n,lt>Xi States.
COTTON (other than linters) (in pounds)
Cotton under I-l/B inches other than rough or harsh under 3/4"
J:mports September 20. 1961 - June 8~ 196L.
"11
~1'
La
or OrigiE
t and Sudan ••••••••••••
?eMl •••••••••••••••••••••••
India and Pakistan •••••••••
Shi.na ••••••••••••••••••••••
~e;x:i co
•••••••••••••••••••••
3ruil •••••••••••••••••.•••
'Jnion of Sonet
Socialist Republics ••••••
4\rgent~
•••••••••••••••••
Hai ti ...................... .
Ecuador ••••••••••••••••••••
!I
Y
~tabl1shed ~ota
7B3,816
247,952
2,003,483
1,370,791
B,883,259
618,723
Imports
Country
628,215
24,045
159,692
8,883,259
fI:X),OOO
11
475,l24
5,203
~I
StI
2Yl
0
f Origin
Established Qu9ta
Honduras ••••••••••••••••••••
Paraguay ••••••••••••••••••••
Colombia.o ••••••••••••••••••
Iraq ••••••••••••••••••••••••
British East Africao ••••••••
Indonesia and Netherlands
New Guinea ••••••••••••••••
British W. Indies •••••••••••
.igeria•••••••••••••••••••••
British V. Africa. ••••••••••
other, including the U.s ....
9,333
Except Barbados, Bermuda, Jamaica, Trinidad, arxl Tobago.
El:cept Nigeria am Ghana.
cotton I-U8n or more
Established YearlY Quota - 45.656.420 Ibs.
Imports
AUKUJS~_lLl_963
-
J,unea,--J.96~
Staple Length
1-3/8" or more
1-5/32" or more an:l tmier
l-)/St. (Tangu1s)
1.-l./an or more an:l UDler
All.Dcation
Imports
)9, 590, Tl8
39,590,778
1.,500,000
143,24l
752
8'71
l24
195
2,240
71,)88
21,321
5,m
16,001.
Imports
-2-
COTTON WASTES
(In pounds)
COTTON CARD STRIPS made from cotton having a staple of less than 1-3/16 inches in length, COMBER
WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE
ADVANCED IN VALUE: Provided, however, that not more than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes made from cottons of 1-3/16 inches or more
in staple len~th in the case of the following countries: United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italy:
Established
TOTAL QOOTA
Country of Origin
United Kingdom ••••••••••••
Canada ••••••••••••••••••••
France.............
. ....
India and Pakistan. • ••••
i\ether1ands.
Switzerland..
•••
• ••
Belgium ••
Japan. • • • • • • •
• •••••
China..
•••••••••
• •••••
Eg'YP t
• ••••••••••••••••
••
Cuba. • • •
• •••••••••••••••
Gc rmany •••••••••••••••••••
1 ta 1y •••••.••••.••••••.•••
Total Imports
Established :
Imports
1/
Sept. 20, 1963, to
33-1/3% of: Sept. 20, 1963,
~ .J1.Ule8.-_1964n.
.: __ Iotg..LlliIo~t.<L.~ to .June_B. 1964
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
1,066,192
239,690
221,909
19,284
1l,249
34,147
33,511
59,000
1,441,152
Z76,400
75,807
5$,151
35,738
25,443
7,088
5,482,509
1,720,7'25J
1,599,886
22,747
14,796
12,853
Other, including the U. S.
11 Included in total imports, column 2.
~repared
in the Bureau of Customs.
D-12S0
331,551
-2-
Commodity
••
••
•
.
Period aDi Quantity
: Unit :
ImpOrte:
of
as of
: Quanti. ty: May 30, !2j
Absolute Quotas:
Butter substitutes containing
over 45% of butterfat, and
butter oil •••••••••••••••••••••••
Calemar Year
Fibers of cotton processed
but not spun •••••••••••••••••••••
12 mos. from
Sept. 11, 1963
1,000 Poum
Peanuts, shelled or not shelled,
blanched, or otherwise prepared
or preserved (except peanut
butter) ••••••••••••••••••••••••••
12 mos. from
August 1, 1963
1,709,000 PouDi
J/
Imports through June 8, 1964.
D-12S1
1,200,000 Pound
Quota Filll
Quota Filll
-
TREASURY DEPAR'lMENT
Washington
IMMED lATE RELEASE
D-1251
THURSDAY, JUNE 11, 1964
The Bureau of Customs announced todaY pre) iminar;y figures on imports tor consumption of the following commodities trom the beginning ot the respective quota
periods through MaY 30, 1964:
Conmodity
••
: Period and Quantity
••
: Uni t :
Import.
:
of
:
as of
:Quantitl: Hay 30. 12Q
Tariff-Rate Quotas:
Cream, fresh or sour ••••••••••••
Calemar Year
1,500,000 Gallon
592,017
Whole Milk, fresh or sour •••••••
Calendar Year
3,000,000 Gallon
22
Cattle, 700 1bs. or mora each
{other than dairy cows) •••••••
April 1, 1964June 30, 1964
120,000 Head
~6
Cattle less than 200 1bs. each••
12 mos. from
April 1, 1964
200,000 Heai
38,047
Fish, fresh or froZen, filleted,
etc., cod, haddock, hake, po1lock, cusk, and rosefish •••••• Calendar Year
24,861,670 Pound
Quota FW..o}/
Tuna Fish •••••••••••••••••••••••
60, 911, 810 Pound
14,496,718
114,000,000 Pound
45,000,000 Pound
Quota Filled
Calendar Year
Whi te or Irish potatoes:
Certified seed ••••••••••••••••
Other •••••••••••••••••••••••••
Knives, forks, and spoons with
stainless steal handles •••••••
J/
12 mos. from
Sept. 15, 1963
Nov. 1, 1963Oct. 31, 1964
69,000,000 Pieces
68,541,210
Quota Filled
Imports for consumption at the quota rate are limited to 12,430,834 pounds duriDg
the first six months of the calendar year.
TREASURY DEPARTMENT
Washington
[MJW lATE
RELEASE
D-1251
HURSDAY, JUNE 11, 1964
The Bureau of Customs announced toda,y prelimina.ry' figures on imports for conmptlon of the following commodities from the beginning of the respective quota
rlods through Ma,y 30, 1964:
Commodity
~lff-Rate
·:• Period and Quantity
·•
: Unit : Imports
: of
:
as of
iQuantity; May 30, 1964
Quotas:
'eam, fresh or sour ••••••••••••
Calemar Year
1,500,000 Gallon
592,017
Milk, fresh or sour.o •••••
Calendar Year
3,000,000 Gallon
22
700 1bs. or more each
(other than dairy cows) •••••••
April 1, 1964June 30, 1964
120,000 Head
826
.ttle less than 200 Ibs. each ••
12 mos. from
April 1, 1964
200,000 Head
38,047
~le
~ttle,
sh, fresh or frozen, filleted,
etc., cod, haddock, hake, pollock, cusk, and rosefish •••••• Calendar Year
24,861,670 Pound
Quota FilledY'
na Fish •••••••••••••••••••••••
Calendar Year
6O,911,870 Poum
14,496,778
ite or Irish potatoes:
Certified seed ••••••••••••••••
Other •••••••••••••••••••••••••
12 mos. from
Sept. 15, 1963
114,000,000 Pouni
45,000,000 Poun:!
68,541,210
Quota Filled
ives, forks, and spoons with
stainless steal handles •••••••
Nov. 1, 1963Oct. 31, 1964
69,000,000 Pieces Quota Filled
Imports for consumption at the quota. rate are limited to 12,430,834 pounds during
e first six months of the calendar year.
-2-
••
Commodity
••
•
Period ani Quantity
•
: Unit:
Imports :
of
as of
: Quanti tl': MAl 30. 196i,
Absolute Qyota§:
Butter substitutes containing
over 45% of butterfat, and
butter oil •••••••••••••••••••••••
Calemar Year
Fibers of cotton processed
but not spun •••••••••••••••••••••
12 mos. from
Sept. 11, 1963
1,000 Poum
Peanuts, shelled or not shelled,
blanched, or otherwise prepared
or preserved (except peanut
butter) ••••••••••••••••••••••••••
12 mo •• from
August 1, 1963
1,709,CXX> PoW1d
1,200,000 Pound
Quota Filled
Quota FUlt:!
...
!I
Imports through June 8, 1964.
D- 1251
TREASURY DEl'AR~T
Washington, D. c.
IM'Ml!DIATE RELEASE
D-1252
THURSDAY, JUNE 11, 1964
---------,-..:
-.""'-'
The Bureau ot CUstoms announeed todq prel.1m1nary ligures showing the
quantities ot wheat and m1llecf wheat produet. authorised to be entered, or
withdrawn from warehouse, tor consumption under the import quotas established
in the President's proclamation ot Mq 28, 1941, as D>d1t1ed by the President••
proelamation ot April 13, 1942, aM provided tor in the Taritt Schedules or
the United States, tor the 12 months commeneing Mq 29, 1964, as tollows:
Country
ot
Origin
:
••
••
••
Wheat
••
••
Imports
: Established ••
••
:May 29, 196.4,
Quota
••
•• ~
(Bushels)
Bushels
a,
Canada
China
Hungary'
Hong Kong
Japan
United Kingdom
Australia
Gel"llWl1'
S;rria
New ZealalXl
ChUe
Netherlands
Argentina
Italy
Cuba
France
Greece
Mexieo
Panama
795,000
19f
795,000
100
100
100
100
2,000
100
1,000
100
Uruguq
PolaIXl am Danzig
Sweden
Yugoslavia
Morva;,
Canary IslaD:is
Rumania
Guatemala
Bruil
Union ot Soviet
Soeialist Republies
1,000
100
100
Belgium
Other toreign countries
or areas
••
••
:
:
Milled wheat products
••
•:• Established
••
••
Quota
(Pounds)
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1.,000
1,000
1,000
1,000
1,000
:
Imports
:May 29, 1964,
; . , . 8. 64
Poums
lr
3,815,000
-
100
100
800,000
-
..
795,000
4,000,000
3~815,(XX) _
TREASURY
DF]lAR~'f
Wuhington, D. C.
IMMEDIATE RELEASE
D-1252
THURSDAY, JUNE 11, 19h4
.-
The Bureau of Customs announced tod81' prelim:1nary figures showing the
quanti ties of wheat and milled wheat products ~uthorized to be entered, or
withdrawn from warehouse, for consumption umer the import quotas established
in the President's proclamation ot M81' 28, 1941, as modified by the President's
proclamation ot April I), 1942, am provided tor in the Tariff Schedules of
the United States, for the 12 months commencing M&y' 29, 1964, 88 follows:
Country
of
Origin
·•••
••
·••
••
:
••
Wheat
•••
··
.
Imports
• Established
Quota
:May 29, 1964• J~ 8, l2f
••
(Bushels)
Bushels
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
Australia
Germany
Syria
New Zealan:l
Chile
Netherlanis
Argentina
Italy
Cuba
France
Greece
Mexico
Panama
Uruguay
Po lani ani Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Milled wheat products
••
795,000
795,000
100
100
100
100
2,000
100
1, (X)()
100
Rumania
Guatemala
BrazU
Union of Soviet
Socialist Republics
Belgium
Other foreign countries
or areaB
•I
Imports
•• Established ••
Quota
:May 29, 1964,
,•
e 8.
Poums
(Pounds)
.··
J11
),815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12, (X)()
1, (X)()
1,000
1,000
1, (X)()
1,000
1,000
1,000
1,000
1,000
1,000
lS24
),815,000
1,000
100
100
100
100
000,000
795,000
--""""'--
........~.'"-..... .,...-".......
L"
.,
,~,
,-
' ~
,~
.~, t
.. co,J
TREASURY DEPARTMENT
i.Jashington
IMMEDIATE RELEASE
D-1253
THURSDAY, JUNE 11, 1964
The Bureau of Customs has announced the following preliminary figures showi~
the imports for consumption from January 1, 1964, to ~1ay 30, 1964, inclusive, of
commodities under quotas established pursuant to the Philippine Trade Agreement
Kevision Act of 1955:
Commodity
Established Annual
Quota Quantity
Unit
of
Quantity
Gross
Imports
as of
May 30. 1964
Buttons •••••••••••••
680,000
Cigars ••••••••••••••
160,000,000
Number
Coconut Oil •••••••••
358,400,000
Pound
218,180,679
Cordage •••••••••••••
6,000,000
Pound
2,710,765
Tobacco •••••••••••••
5,200,000
Pound
1,896,955
91,069
6,058,370
TREASURY DEPARTMENT
Washington
MMEDIATE RELEASE
llURSDAY, JUNE 11, 1964
D-1253
The Bureau of Customs has announced the following preliminary figures showing
he imports for consumption from January 1, 1964, to ~~y 30, 1964, inclusive, of
ommodities under quotas established pursuant to the Philippine Trade Agreement
evision Act of 1955:
Commodity
Established Annual
Quota Quantity
Unit
of
Quantity
Gross
Imports
as of
May 30. 1964
uttons •••••••••••••
680,000
91,069
tgars ••••••••••••••
160,000,000
Number
oconut oil •••••••••
358,400,000
Pound
218,180,679
ordage •••••••••••••
6,000,000
Pound
2,710,765
~bacco •••••••••••••
5,200,000
Pound
1,896,955
6,058,370
TREASURY DEl>AR~T
Washington, D. C.
IMMFD IATE RELEASE
D-1254
THURSDAY, JUNE 11, 1964
The Bureau ot CUstoms announced todq prelim1nary tigures showing the
quantities ot wheat and milled wheat products authorized to be entered, or
withdrawn from warehouse, tor consumption under the import quotas established
in the President's proclamation ot Mq 28, 1941, as moditied by the Presidentt,
proclamation ot April 13, 1942, and provided tor in the Taritt Schedules ot
the United States, tor the 12 months commencing Mq 29, 196,,), &8 tollows:
Country
ot
Origin
••
••
••
••
••
••
••
:
••
Wheat
••
•
: Established
Quota
••
•:• Established
••
Quota
•
(Bushels
Canada
795,000
China
Hungary
Hong Kong
Japan
Uni ted Kingdom
100
Australia
Germany
100
S7l"ia
100
New Zealand
Chile
NetherlaDis
100
Argentina
2,000
Italy
100
Cuba
Franca
1,000
Greece
Mexico
100
Panama
Uruguq
Pol8.IXl am Danzig
Swed.en
Yugoslavia
Horwq
Canary Islands
Rumania
1,000
Guatemala
100
Brazil
100
Union ot Soviet
Socialist Republics
100
Belgium
100
Other toreign countries
or areas
8CX>,OOO--------
Milled. wheat products
I
Pounds)
795,000
3,815,000
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
3,815,000
1,224
6,252
1,000
1,000
1,000
1,000
1,000
-' .....
/'
795,000
4,000,000
--
).822,476
TREASURY DEPARmmT
Washington, D. C.
IMMEDIATE RELEASE
THll RSDA y, ,[l1 NE
11.
D-1254
1 L)h4
The Bureau 0 f Customs announced todq prellminary' figures showing the
quantities of wheat and milled wheat products authorized to be entered, or
ldthdrawn from warehouse, for consumption under the import quotas established
in the President's proclamation of Mq 28, 1941, as modified by the President's
proclamation of April 13, 1942, and provided for in the Tari.!f Schedules of
the United States, for the 12 months commencing May 29, 1963. as follows:
••
··•
Wheat
·•
• Established . Imports
•
•
Quota
:Mq 29, 196,3,
·,•
: M,28, 1 ¥
•
Country
of
Origin
Canada
Chine.
Hungary
Hong Kong
Japan
Uni ted Kingdom
Australia
Germany
Syria
New Zeala.rxi
Chile
Netherlarxis
Argsntina.
Italy
Cuba
France
(Bushels)
Bushels
795,CIJO
795,CXJJ
100
100
100
100
2,000
100
1,000
Gre~ce
Mexico
Panama
Uruguq
Polarrl and
100
Danz5..~
Sweden
Yugoslavia
Norway
Canary r 91aml!
1,000
Rumania
100
Guatemala
100
Brazil
Union of Soviet
100
Socialist RepubliCA
100
Belgium
Other foreign countries
or
·•••
••
••
Milled wheat products
•••• Established
••
••
Quota
(Poun::ls)
3,815,CIJO
24,000
13,000
13,000
8,000
75,000
1,000
5,000
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1.,000
1,000
1,000
1,000
1,000
:
Imports
-
:Mq 29, 1963,
; M,- 28, 1964
Pounds)
3,815,000
1,224
6,252
-"","",~
,:I.....~eA3
300.000
795,000
4, ()()0 , ,-oJ
3,822,476
STATEMENT OF THE HONORABLE DOUGLAS DILLON
SECRETARY OF THE TREASURY
BEFORE THE HOUSE BANKING AND CURRENCY COMMITTEE
ON H. R. 11499
10:00 A.M. EDT, THURSDAY, JUNE 11, 1964
Mr. Chairman and Members of the Committee:
I am happy to appear before you this morning in support of
H.R. 11499.
This bill would extend until June 30, 1966, the
existing authority of the Federal Reserve banks to purchase
directly from the Treasury public debt obligations up to a limit
of $5 billion outstanding at anyone time.
This authority, which would otherwise expire at the end
of this month, was first granted in its present form in 1942
for a temporary period.
It has been renewed on eleven separate
occasions since that time.
While used only very sparingly
during these past 22 years, and not at all since 1958, I strongly
share the conviction of my predecessors that maintenance of this
authority is essential to the proper and economical management
of the finances of the Government.
The value of the direct purchase authority does not rest
on its frequent or extensive use.
R~ther
it is designed to provide
protection against the inevitable uncertainties in estimates of
D-1255
- 2 -
receipts and expenditures and in our borrowing operations and
the unforeseen contingencies that can arise from time to time.
At no time in our financial planning do we look upon this
authority as a substitute for market financing or a cheap source
of funds.
But its continuing availability as a backstop for
all our Treasury cash and debt management operations both
permits more economical management of our cash position over
the years and assures our ability to provide needed funds
almost instantaneously in the event of a national
emergency~
The reasons we feel that maintenance of this authority is
essential can be summarized under three points.
First~year
in and year out it provides us with the margin of safety that
is necessary if we are to permit our cash balance to fall to
exceptionally low levels during periods of seasonally lean
revenues.
This, in turn, allows the public debt to be kept to
a minimum and saves interest costs to the Government.
During the past six months, for instance, we have succeeded
in holding the Treasury's operating cash balance down to an average
of $5.1 billion, or only about half of an average month's cash
expenditures.
That average has implied, of course, much lower
balances during some periods, as we awaited heavy receipts or
- 3 the proceeds of cash borrowings.
With budgetary and trust fund
payments running at a rate of over $10 billion per month, these
low balances could be maintained, even for brief periods, only
because as an emergency support we could count on obtaining
funds overnight, if necessary, through the authorization to
borro,,, temporarily from the Federal Reserve banks.
As recently
as this past April, it appeared possible that use of the authority
might be necessary to tide us over a short period before sizable
individual tax collections began to flow in.
did not prove necessary.
In the end, that
But without the potential ability to
borrm" directly from the Federal Reserve, it is clear that
prudence would have compelled us to enlarge our cash balance
bv borrowing additional amounts in the market at a time when
market conditions were unfavorable and interest costs had
temporarily risen.
In the second place, there is always the possibility that
erratic swings in money market conditions and sentiment may
produce disturbances of a character that would warrant postponement
of a planned Treasury borrowing.
In such instances, it is the
availability of direct access to Federal Reserve credit that
would permit us the flexibility required in such a situation to
- 4 draw on our cash and to await more propitious market circumstances.
Finally, and perhaps most crucial in an uncertain world, the
direct purchase authority is available to provide an immediate
source of funds for temporary financing should this be required
by a national emergency.
It is, unfortunately, possible to
visualize the kind of situation in which our financial markets
would be disrupted and even paralyzed at a time when large amounts
of cash had to be raised to maintain Governmental functions and
meet the emergency.
Consequently, the direct purchase authority
is a key element in all our financial planning for a national
emergency or a nuclear attack.
And this is the reason why this
authority is required for as much as $5 billion, even though in
the past little more than a
qu~rter
of
th~t
Amount has ever been
used.
Consistent with these three points, I want to emphasize
that the direct purchase authority is viewed by us as a temporary
accommodation to be used only under unusual circumstances.
The
Treasury fully agrees with the general principle that its new
securities should meet the test of the market and that purchases
of Treasury obligations by the central bank should normally be
made through that same public market.
Moreover, this direct
- 5 purchase authority should not be considered a means by which
the Treasury may independently attempt to influence credit
conditions by circumventing the authority of the Federal Reserve
to engage in open market operations in Government securities.
In that connection, it is important to emphasize that any
direct recourse by the Treasury to Federal Reserve credit under
this authority is subject to the discretion and control of the
Federal Reserve itself.
This borrowing Authority has not been abused in the past.
The accompanying table, providing details on the instances of
actual use, shows clearly that it has been used only rarely ?nd
for limited periods.
The borrowings are promptly shown on both
the weekly Federal Reserve and end of month Treasury statements,
assuring the widespread pUblicity that is the best possible
deterrent to abuse.
In addition, the Federal Reserve must include
such information in its Annual Report to the Congress.
And, of
course, this borrowing, like any other Treasury borrowing, is
subject to the debt limit.
It is a happy circumstance that we have not had to use this
authority for more than six years.
But, as an insurance policy
against financial emergency and an essential backstop to our cash
management, it must be kept available in case of need.
000
DIRECT BORROWING FROM FEDERAL RESERVE
..
BAHK~,
UMl to date
..
Calendar
Year
Days
Used
Maximum amount
at any time
. (millions)
1942
19
$422
4
6
1943
48
1,320
4
28
1944
none
1945
9
484
2
7
1946
none
1947
none
1948
none
Number of
separate time
used
Maximum number
of days used
at anyone time
1949
2
220
1
2
1950
2
108
2
1
1951
4
320
2
3
1952
30
811
4
9
1953
29
1,172
2
20
1954
15
424
2
13
1955
none
1956
none
1957
none
1958
2
207
1
2
1959
none
1960
none
1961
none
1962
none
1963
none
1964 to
date
none
Office of tDe Secretary of the Treasury
Of 1ce of Debt Analvsis
---
June 9, 1964
-
- 2 -
status of money and they would therefore be calculated to circulate
as money within the meaning of these statutes.
Other business firms
in the community could be expected to accept the certificates readily
in payment for goods and services, confident that they could be
redeemed at
any
Jewel Tea
Company
outlet, with the result that such
certificates would be constituted an additional medium of exchange,
or, in effect, money."
In its letter to the Jewel Tea Company the Treasury stated:
"We appreciate very much the courtesy of the Jewel Tea Co. and its
representatives in consulting with us on this matter and the cooperative way in which it has provided us with all necessary information
bearing upon our consideration of this question."
The Treasury is taking all possible steps to maximize the production and issuance of coins, which are already being produced and
issued at a record rate, in order to bring to an end at the earliest
possible time the existing shortage of coins in various parts of the
country.
Every effort is being made through the Federal Reserve
System to insure an equitable distribution of coins.
t;'(It:
r~,nfr,l
I:..r.~'
Tt·T~t.r:;~·'
~~~.:..
N
..
rrT';;'[":,:T::
,;y,T) (y,T':~
T1;F',AL
Tr:F!\~Tl~
'RULFS
TIle Treasury Department today advised the Jewel Tea Company of
Chicago that its proposal for issuance of 1, 5 and le cent certificates
in lieu of coins to customers would be in violation of existing provisions of law.
The Jewel Tea Company proposal involved the issuance of certificates in denominations of 1, 5, and 10 cents, bearing the legends
"Redeemable at any Jewel Food Store, Osco Drug Store or Turnstyle
Family Center in merchandise, in
~urrency,
or in COin when available
in ,.;hole dollar amounts, \I and "Not Negotiable."
Before deciding whether to go ahead with preparations for instituting its certificate system, the Jewel Tea Company requested the
opinion of the Treasury as to its legality.
The Treasury advised the company that:
"Section 336 of Title 18
of the United States Code prohibits, under penalties of fine or
imprisonment or both, the making, issuance, Circulation or payment
of obligations of a less sum than $1, 'intended to circulate as money
or to be received or used in lieu of lawful money of the United States.'
A similar prohibition exists in Section 491 of Title 18 of the United
States Code.
The combination of the fact that these certificates
would be issued and redeemed at some 250 outlets in the Chicago area
of that company) that they '.;Quld be wholly or partially redeemable
in cash and that, in spite of the legend on the certificates, there
would be no practical way of preventing the transfer of the certificates from one person to another, would tend to endow them with the
TREASURY DEPARTMENT
FOR IMMEDIATE RELEASE
CERTIFICATES FOR COINS ILLEGAL TREASURY RULES
The Treasury Department today advised the Jewel Tea Company of
Chicago that its proposal for issuance of 1, 5 and 10 cent
certificates in lieu of coins to customers would be in violation of
existing provisions of law.
The Jewel Tea Company proposal involved the issuance of
certificates in denominations of 1, 5, and 10 cents, bearing the
legends "Redeemable at any Jewel Food Store, Osco Drug Store or
Turnstyle Family Center in merchandise, in currency, or in coin when
available in whole dollar amounts," and "Not Negotiable.1!
Before deciding whether to go ahead with preparations for
instituting its certificate system, the Jewel Tea Company requested
the opinion of the Treasury as to its legality.
The Treasury advised the company that:
"Section 336 of
Title 18 of the United States Code prohibits, under penalties of
fine or imprisonment or both, the making, issuance, circulation or
payment of obligations of a less sum than $1, 'intended to circulate
as money or to be received or used in lieu of lawful money of the
United States.'
A similar prohibition exists in Section 491 of
Title 18 of the United States Code. The combination of the fact that
these certificates would be issued and redeemed at some 250 outlets
in the Chicago area of that company, that they would be wholly or
partially redeemable in cash and that, in spite of the legend on the
certificates, there would be no practical way of preventing the
transfer of the certificates from one person to another, would tend
to endow them with the status of money aGd they would therefore be
calculated to circulate as money within the meaning of these statutes.
Other business firms in the community could be expected to accept
the certificates readily in payment for goods and services, confident
that they could be redeemed at any Jewel Tea Company outlet, with
the result that such certificates would be constituted an additjonal
med ium of exchange, or, in e f fec t, money."
In its letter to the Jewel Tea Company the Treasury stated:
"We appreciate very much the courtesy of the Jewel Tea Company and
its representatives in consulting with us on this matter and the
cooperative way in which it has provided us with all necessary
information bearing upon our consideraticm of Lhi:--; Wii'·ci,·j:.'
D-1256
- 2 -
The Treasury is taking all possible steps to max~m~ze the
production and issuance of coins, which are already being
produced and issued at a record rate, in order to bring to an end
at the earliest possible time the existing shortage of coins in
various parts of the country. Every effort is being made through
the Federal Reserve System to insure an equitable distribution
of coins.
000
STATUTORY DEBT LIMITATION
Asof __~M~a~y~3~1~,~1~9Lo~'4~_____
'- ,.
- ,~
Washington,
June 15, ~
Section 21 of Second Liberty flond Act, as amended, p~ovides that the face amount ot Obligations issucd under .'lthon!
that Act, anJ the face amount of obli~ations guaranteed as to principal and interc~sc by the United States (excel't such BUlrlQ~
ohli,::ation .. as may be held by the Secretary of the Treasury), "Shall not exceed in the aggre~ate S285,OOO,OOO,000 (Act of Jilt
.\fl, 1<)5'\ lJ.S.c., titk 31, sec. 757b), outstanding at anyone time. For purposes of this section the current rcaempUOft vII.e "
.lny obli,::ation issued on a discount basis which is redeemable prior to maturity at the option of the holder shall be consid....
h
it .. face amount." The Act of November 26 1963 (P.L. 88-187 88th Congress) l?tOvides that during the period beainni
lkcemhe~ I, 1?('3, and. e~ding on June 30, 1~64, the abovt; limitati.on. shal! be temporacdy increas~d to S309,009,OOO,o~ Bec'=
of van.won,'i In the [lmln~ of revenue receipts, the publac debt lamu as Increased by the preceding sentence ,s further inc...... ,
throu;:h June 29, 1<)6.'1, by S6,OOO,000,000.
The following table shows the face amount of obligations outstanding and the face amount which can atill be i ..ued . .
(hill limit.Hion :
_
000
Total {olce .lnlOunt that may be outstanding at anyone time
,
OutSlolnJin!; obli!;ations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills _ _ _ _ _ _ _ _
Trea~ury notes _ _ _ _ _ _ _ _ _
$315
,OOO,OGD'
$52,246,013,000
67,278,985,000
Bonds Treasury _ _ _ _ _ _ _ _
Investment series _ _ _ _ _ _ _ _
88,484,341,l5O
49,223,5&;),677
5,340,629
98,814,000
24,726,000
3,552,183,000,
Certificates of Indebtedness Foreign series ___________
2lJ>,ooo,ooo
Foreign Currency series _ _ _ _ _ _
30,120,482
Treasury notes Foreign series _ _ _ _ _ _ _ _
1.58,333,423
S.,vings (Current redemption_ value) _
{:nite~ States Retirement Plan bonds _
Depositary _ _ _ _ _ _ _ _ _ _
R. E. A. series _ _ _ _ _ _ _ _ _
l4l,388,965,456
Treasury bonds -
Forci~n Currency series _ _ _ _ _
Treasury certificates _ _ _ _ _ _ _
Treasury bonds _ _ _ _ _ _ _ _ _
801, 8J1.t 817
15,197,754
20,1000,000
Special FundsCertificates of indebtedness _____
Treasury notes _ _ _ _ _ _ _ _ _
1,230,285,721
15,197,754
20,000,000
8,944,415,466
2,261,571,000
Treasury bonds _ _ _ _ _ _ _ _
3~,828,1l8,000
Total interest-bearing _____________________
~latured,
interesr-ceased
Bearing no interest:
--------------------------
United States Savings Stamps _ _ _ _
Excess profits tax refund bonds _ _ _
Internat'l ~Ionetary Fund notes ______
Internat'l DeVelop. Ass'n. notes _____
Inter-American Develop. Bank notes
55,533,079
687,856
3,164,000 ,000
164,261,000
1.50,000,000
United Nations bonds-Various programs_
~10,61,834
Total _~~_~_~_____________________
Guaranteed obligations (nOt held by Treasury):
Interest-bearing:
Debentures: F.H.A. & DC Scad. Bds. _ _
~latured, interest-ceased _ _ _ _ _ _ _
Grand total outstanding
Balance face
80 3,972,750
727 ,329
804,700,109
- -____.:..........r.-_
amountofobli~g~a~ti~o-n-s~i-s-su-a~b~l-e-u-n-d~e-r-a~bo--v-e-a-u-t-ho-r-i-ty------------------
311, 974173~~
j,025,266!-
RECONCILEMENT WITH TABLE III OF THE DAILY STATEMENT OF THE UNITED STATES TREASURY
As of
l"gy
28, 1964
Gross public ,kbt this date _~--~___::::----------------------
GUMolnteed oblj~acions not owned by Treasury
Toea! ;;ross public debt and guaranteed o b l i g a u - : · o - n - s - - - - - - - - - - - - - - - - - - DeJuce Jebe noe subject eo statutory limitation
Total debt
subje'D~ll~~'!tion
------------------
STATUTORY DEBT LIMITATION
As of
Mq
31, 1964
Washington,
JUDI 15,
196k
~ection 21 of Second Liberty nand Act, as amended, provides that the race amount of obligations issued under authority of
at Act. and the face amount of obli"ations guaranteed as to principal and interest by the United States (except such ~uaranteed
,lillations as may be held by the Secretary of the Treasury), "Shall not exceed in the aure8ate $285,000,000000 (Act of June
I, 1(51); tJ:S.C:. title 31, sec: 757b), out~tandi!,g a.t anyone time •. For purpos.u of this se~uon the currcnt redemption :va.lue of
Iy obli'::lltion Issued on a dIScount baSiS whIch IS redeemable pnor to matunty at the opuon of the holder shall be conSidered
; its face amount. t t The Act or November 26 1963 (P .L. 88-187 88th Congress) I?fOvides that during the period beginning on
~c:emher I, 1%3, and ending on June 30, 1964, the above limitation shall be temporaraly increased to $309,000,000,000. Becaun
vnrialions in the timinj\ of revenue receipts, the public debt limit as increased by the p,ecedin, sentence is further incleaaed
rou~h June 29, lC)6·i, by $6,000,000,000.
The followinjt table shows the face amount of obligations out.tandin, and the face amount which can still be Issued under
is limit.uion:
000 000 000
)tlll f.let' .Imount that may be outstandin, at anyone time
'
,
,
)uutandin.: obli,;ations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills _ _ _ _ _ _ _ _ __
$3l5
Treasury notes _ _ _ _ _ _ _ _ __
Bon.!s Tn'asury _ _ _ _ _ _ _ _ _
R. E. A. series
Inn'slment series _ _ _ _ _ _ _ _
88,484,3h1,,150
49,223,500,677
5,340,629
98,814,000
24,726,000
3,552,183,000
Certificates of Indebtedness Forei.:n !'cries _ _ _ _ _ _ _ _ _
~,OOO,OOO
Foreign Currency series _ _ _ _ _ _
30,120,482
Treasury notes Foreign series _ _ _ _ _ _ _ _
1.58,333,423
:-; .• vings (Current redemption. value) _
I'niteq States Retirement Plan bonds _
Depositary _ _ _ _ _ _ _ _ _ _
Treasury
forei~n
Treasury
Treasury
bonds Currency series _ _ _ _ _ _
certificates _ _ _ _ _ _ _
bonds _ _ _ _ _ _ _ _ _ _
801~8.3l:,817
15!191!7$4
20,000,000
Special Funds Ccrtificatcs of indebtedness _ _ _ _
Treasury notes _ _ _ _ _ _ _ _ _
Treasury bonds _ _ _ _ _ _ _ _
Total interest-bearing _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
8,944,4:1.5,466
2,261,571,000
3.),828,118,000
;\laturcd, interest-ceased _ _ _ _ _ _ _ _ _ _ _ __
nearing no interest:
Cnited Staws Savings Stamps _ _ __
El<Ceh profits lax refund bonds _ __
Inlernat'!
~lonetary
Fund notes _ _ __
Internat'! Develop. Ass'n. notes _ __
Inter-American Develop. Dank notes _ _
United :-':ations bonds - Various programs.
Total
55,533,079
687,856
3,164,000 ,000
164,261,000
150,000 ,000
42,061,834
1,230,285,721
1.5,197,754
20,000,000
45,034,104.466
307,213,551,398
379, 938,lt)0
3,576, 543, 7CIJ
311,170,033,566
uaranteed obli.l(ations (noc held by Treasury):
Imerest-bearing:
Debentures: F.H.A.&DC Scad, Dds. _ _
803,972,750
727 ,,350
804" 700,100
;\latured. interest-ceased
Grand tota! outstanding _ _ _ _ _ _ _ _ _ _ _ _ _ _ _._ _ _ _ _ _ _ _ _ __
ance face amount of obligations issuable under above authority _ _ _ _ _ _ _ _ __
311,974,733,666
3,025,266,334
RECONCILEMENT WITH TABLE III OF THE DAIL Y STATEMENT OF THE UNITED STATES TREASURY
As of
Yuay 28, 1964
s public debt this date _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
/lnteed obligations not owned by Treasury _ _ _ _ _ __
;:ross public debt and guaranteed obligation a _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
!Ct debt not subject (0 statUlory limitation _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
debt subje1j':11~~.
311,531,973,314
804,700,100
3i~, 336; 613, Iilli
361, 939,'!#1
rfl,974, 733,
00
,~
roa &ELRA5E 1. ,.,. FlEWSPApgnS,
"lIM 16, 1964.
"1Id!y.
June 1$, 1964
RF-SlJ"'Ll'b 01" TRF.A.:5:rRY'5 \'4'KElLl. BIIJ.. fjFFF:8.r1G
......w.c
'Ibe Tnasury r.partaent announced last,
\bA t.he t.endera tor t,vo ..-ill of
1'Nuur7 bills, 'loti se1"1e$ too be an additional iaRe of the bUla dated March 19, 1".
aa4 \.he otJler aeries to be dated JUM 18, 19&, 1Ibich Wl.... vll.red on Ju.ne 10, _n
opened at the Federal n.eaerft Banks Oft J _ lS. t'eAden were invited tor $l,200,~»,.
01' t.hereabout.., ot 9l-day billa and for $900,000,000, or thereabouts, of 182-cIQ bWa.
The det.a1l8 of th8 ~vo series are as tollow •
• tfJE
tccr i'TED
')r
C~~:TTfiVE
~
:
BIDS:
t
f
:
t
:
S9
perce~ ot the amount. of 91-day bi.ll8 bid tor at the low t)rice vu ...,t.4
53 perce. of the 8l?loont of 182-da,r bilia b1d tor at tl.e low price )iias "'fit.ecl
TOTAL
'l'!N'DE~
lPPLlt:n nR Ann
D1..vict
LiG
lin 10l"k
Pbiladelphia
ClJrftland
Riehaond
Atlanta
Chicago
st.
Louis
MiJmeapolia
1(auu
Cit,.
Dallas
San francisco
T0TA~)
aI
lCCFPT~~D
lpplied For
$
37,$78,000
1,S43, 212, 000
)l,16J.,0CXl
U,S4~),ooo
12,4S6,ooo
27,333,000
172,287.000
29,97$,000
19,102,000
2),115,:)00
26,)76,()QO
189,169,rm
I3I
FED:!:~
RES -RVK:JISTHTG'fS:
Accepted
$
t
!p, ~lied For
27,$78,000 :;~
2,81),000
732,lSl,OOO:
1.t2h6,OOl,~JOO
16,161,,000 t
6,149,000
.32,120,000:
14,261,000
12,4$6,000
A.ooepted
$ 2,11),0(»
nO,013,0lX)
3,lk9,()(I)
l),Jell,ooo
2,117,~
t
2,127,000
26,472,000:
lO),12S,ooo:
22,97S,OOO:
1".382,000.
22,705,000:
ll,793,OOO
108,750,000
1l,64),ooo
6,92$,000
10,61),000
48, ?SO,-
8,120,000
10,010,000
127 ,0)6,000
8,010,(10
18,966.000'
169, n4,,())O
I
$2,153,90&,000 $l,200,Lil,dOO!I
$lJSS9,6~,OOO
9,1&1l),OOO
7,lIiO,OOJ
6,OTO,~
1?,lea,~
$900,~9,~.r
Include. $234, 7V,000 noncom,pat.itiTe tenders accepted at t.tle ave~78 pd_ et ~.U6
it. 'ncl.udes $6L.,902,OOO n~:mCGl.petitiTe tenders aooepted,n. tiLe avera~~. price of 98.1.
rI r..t a coupon 1$808 or the .... leQgt.h and tor the . . . amo'mt invested, the Je\IIJ'I.
t-"
wi"
these bills would provide yields of ).S8~. tor "he 91-dai bills, an.d 3.7U,
l82-dq billa. Interest ra.tes on hUla are quoted in terms of bank di...-t
the return related. to the laee .ount o~ the billa ?ayable at matur1t, railwr"
the amount invested and their length in aetul Raber of days related t.o • ~
lear. In cont.ra.s1;, yields on ee"iticatee, aotea, and bor.ds are computed 11 tIIII
of inter~at 00 t.he am ~unt invested, and relate t.be n.lMber of days rem.1nSlIl1D.
interest 9~nt period to the actual. IJUIlt.r or ~8 in tt,. ;>eriod, wit.la,..1amual e()ll~~v nding it more than one coupon p4triod is involved.
TREASURY DEPARTMENT
R RELEASE A. M. NEWSPAPERS,
tSday, June 16, 1964.
June 15, 1964
RESULTS OF TREASURY' 3 WEEKLY BILL OFFERING
The Treasury Department announced last evening that the tenders for two series of
lasury bills, one series to be an additional issue of the bills dated March 19, 1964,
i the other series to be dated June 18, 1964, lIhich were offered on June 10, were
tned at the Federal Reserve Banks on June 15. Tenders were invited for $1,200,000,000,
thereabouts, of 9l-d.a;y bills and for $900,000,000, or thereabouts, of 182-day bills.
, details of the two series are as follows:
~GE OF ACCEPTED
Ifi'ETITIVE BIDS:
High
Low
Average
91-day Treasury bills
maturing Se,Etember 11 & 1964
Approx. Equiv.
Price
Annual Rate
99.123
3.469%
99.114
3.505%
99.ll6
3.496% Y
·•
·:
:
:
·
··•
182-day Treasury bills
maturing December 17 l. 1964
Approx. Equiv.
Price
.Annual Rate
98.192
3.576%
98.181
3.598%
98.185
3.590% !I
59 percent of the amount of 91-day bills bid for at the low price was accepted
8) percent of the amount of 182-day bills bid for at the low price was accepted
rAL TENDERS APPLIED FOR AND ACCEPTED BY FEDERAL RESERVE DISTRICTS:
District
Boston
~ew York
Philadelphia
Jleveland
Richmond
ltlanta
Jhicago
st. Louis
'1innaapolis
~ansas City
Dallas
San Francisco
TOTALS
Applied For
37,578,000
$
1,54),212,000
31,161,000
41,540,000
12,456,000
21,333,000
172,287,000
29,975,000
19,102,000
23,115,000
26,376,000
189,769,000
$2,153,9di,000
·
·
Applied For
Accepted
$
2,815,000
$ 27,578,000
1,246,003,000
7)2,157,000 :
8,149,000
16,161,000
14,261,000
32,720,000
2,127,000
12,456,000
ll, 793, 000
26,472,000 :
108,750,000
103,125,000 :
ll, 643, 000
22,975,000 :
8,925,000
15,382,000
8,120,000
22,705,000
10,070,000
18,966,000 :
:
127,038,000
169,714,000
$1,200,).a1,OOO !I $1,559,694,000
·
·
Accepted
$ 2,815,000
710,01),000
3,149,000
13,411,000
2,127,000
10,623,000
48,750,000
9,443,000
7,340,000
8,020,000
6,010,000
79,188,000
$900,949,000.]:/
Includes $234,727,000 noncompetitive tenders accepted at the average price of 99.116
Includes $64,902,000 noncompetitive tenders accepted at the average price of 98.185
On a coupon issue of the same length and for the same amount invested, the return on
these bills would provide yields of 3.58%, for the 91-day' bills, and 3.71%, for the
182-day bills. Interest rates on bills are quoted in terms of bank discount with
the return related to the face amolmt of the bills pqyab1e at maturity rather than
the amount invested and their length in actual number of days related to a 360-day
year. In contrast, yields on certificates, notes, and bonds are computed in terms
of interest on the amount invested, and relate the number of days relliaining in an
interest payment period to the actual number of days in the period, with semiannual compo'Jnding if more ilian one coupon period is involved.
'. ,
- 2 iscues of the extent to which the three quoted terms, which
are all defined by statute, may be affected by differences
incircuJTlstances of sale.
The Secretary must decide these
issues; but neither the quoted terms nor the Secretaryls
decisions with respect to the issues are affected by the
decision.
~
DRAFT PRESS RELEASE
Hr. G. d I Andelot Belin, General Counsel of tile Treasury Department,
1,pda:: made
the following statement:
There has been a goood€al of public interest in the
question of 'dhether the decision. last month of the Acme Steel
Company case by the Court of Custonffi and Paten'G Aupeals will
enforc~ent
affect the Treasury Department I s
laws.
of tl\.e antidumping
We have studied this case vdth care and Rave
c~ncluded
that it i'Jill have no effect on the handling of antidumping
\;)
{.
~es
r- . . -. _"',.~
. ~~'~
£. _;t;. L2~
1/
1:\ ttt. '~)~~/Ut.~~,J
,
7fZ-.
.
/'ZC(y'f
,--.~e Acme decision dealt onl
'\-Jas the proper basis
J
T
tt. ~-4
~
vJith the question of what
~~~
semen
of s eel imported by a
;'\
parent U. S. company from its Canadian subsidiary.
Both the
10lver and appellate courts concluded that in the particular
circumstances of the shipment involved there was an "export
value" uithin the meaning of the customs appraisement statute
and that, therefore, this value would have to be used for
ordinary customs appraisement purposes.
Under the statutory
/'.J
provisions for "export value,"
~
a'nd similar costs incurred
only in Canada are not elements of the value of the goods for
customs appraisement purposes.
The antidumping laws were not
involved or considered in the Acme case.
In determining if there is dumping, the Secretary is obliged
cy
lit,
".' '.'
.",
statute, to compare "foreign market value!! with either the
\
\
"pur.:::hase pri.:::e" in the United States or with the llexporter!s
3ales Dri:::e.
If
Under the antidumping lavl8, there are ahlays
;n')
-.
J /
i
:tl,_
a
~ ..~ ...
- -
1
"
(( -,t>l
'.
I
-
,
'J
U,~
hC~T
3TF1:L '-'P'F/"Y
';-::LL NeT AF}l:CT
1,'T'~l]r,Wi "/1 £\FnF.CaW NT
Ti:~'~
''['''_In the T1','as'l1j'
~)F.":T:::'C':~
-jee; .sinn 1 ?si: month of the Acme Steel Lompany
Departnent's enforcerner,t
0"
the antidumpinf laws,
", I
•
S. T
,''> asu r:v
TJeoartment,
TREASURY DEPARTMENT
June 16, 1964
'OR IMMEDIATE RELEASE
ACME STEEL COMPANY DECISION WILL NOT AFFECT
ANTIDUMPING ENFORCEMENT
The decision last month of the Acme Steel Company case by the
ourt of Customs and Patent Appeals will have no effect upon the
reasury Department's enforcement of the antidumping laws, G. d'Andelot
elin, General Counsel of the U. S. Treasury Department, said today.
Mr. Belin said that the Acme decision did not involve interretation of the antidumping laws.
It dealt only with the question
f ""hat was the proper basis of appraisement for ordinary customs
urposes of steel strapping imported in 1960 by a parent U. S. company
rom its Canadian subsidiary.
Both the lower and appellate courts
oncluded th2t in the particular circumstances of the shipment
nvolved there "J3S an "export value" within the meaning of the customs
ppraisemenL statute and that, therefore, this value would have to be
sed for ordinary customs appraisement purposes. Under the statutory
rovisions for "export value," selling and similar costs incurred
nly in Canada are not elements of the value of the goods for customs
ppraisement purposes.
The antidumping laws were not involved or
Jnsidered in the Acme case. There have been no imports of steel
trapping in commercial quantities since 1960.
In determining if there is dumping, the Secretary is obliged by
~atute, Mr. Belin said, to compare "foreign value" with either the
)urchase price" in the United States or with the "exporter's sales
rice." Under the antidumping laws, there are always issues of the
<tent to which the three quoted terms, which are all defined by
:atute, may be affected by differences in circumstances of sale. The
~cretary must decide these issues; but neither the quoted terms nor
1e Secretary's decisions with respect to the issues are affected by
1e Acme dec is ion.
000
1259
TREASURY DEPARTMENT
June 16, 1964
The following is the text of the Communique of the Ministers of
the "Group of Ten", issued in Paris this morning:
The representatives of the ten countries participating
in the general arrangements to borrow met at the Ministry of
Finance on 15th and 16th June 1964, under the chairmanship
of M. Valery Giscard d'Estaing. The Managing Director of the
International Monetary Fund took part in the meeting which was
also attended by the Secretary General of the Organization
for Economic Cooperation and Development, the Director General
of the Bank for International Settlement, and an observer from
the Swiss National Bank.
The members and Governors examined the studies and
analysis of the outlook for the functioning of the international
monetary system and of the probable future needs for liquidity
which they had directed the deputies to make during the course
of the year, in accordance with the decision taken in
Washington last October. After useful discussion, which
indicated a broad range of agreement, they instructed their
deputies to draft a joint statement for their consideration.
This statement will be made public during the summer and will
thus be available at the same time as the Annual Report of
the International Monetary Fund.
000
TREASURY DEPARTMENT
June 16, 1964
The following is the text of the Communique of the Ministers of
"Group of Ten", issued in Paris this morning:
The representatives of the ten countries participating
in the general arrangements to borrow met at the Ministry of
Finance on 15th and 16th June 1964, under the chairmanship
of M. Valery Giscard d'Estaing. The Managing Director of the
International Monetary Fund took part in the meeting which was
also attended by the Secretary General of the Organization
for Economic Cooperation and Development, the Director General
of the Bank for International Settlement, and an observer from
the Swiss National Bank.
The members and Governors examined the studies and
analysis of the outlook for the functioning of the international
monetary system and of the probable future needs for liquidity
which they had directed the deputies to make during the course
of the year, in accordance with the decision taken in
Washington last October. After useful discussion, which
indicated a broad range of agreement, they instructed their
deputies to draft a joint statement for their consideration.
This statement will be made public during the summer and will
thus be available at the same time as the Annual Report of
the International Monetary Fund.
000
-
:...."
0,."'
and exch3nl1c tenders will receive
equD~
Cash adjustments viII 'be made
treatment.
for differences bct'vcen the p!l.r V3.lue of ma.turing bills accepted in exchange and
the issue price of the new bills.
The income derived from TrcD..sury bills, whether interest or gain from the sale
or other disposition of the bills, does not have any exemption, as such, and loss
fronl the aale or other disposition of 'l'rensury bills does not have any special
trc[ltmr;nt,
a~
such, under the Internal Revenue Code of 1954.
The bills are subject
to estnte, inheritance, gift or other excise taxes, whether Federal or state, but
are exempt from all taxation now or hereafter imposed on the principal or interest
thereof by any state, or any of the possessions of the United states, or by any
local toxine; (luthority.
For purposes of
ta~~ation
the amount of discount at which
Treasury bills are originally sold by the United states is considered to be intercst.
Under Sections 454 (b) and 1221 (5) of the Internal Revenue Code of 19~
the amount of discount at which bills issued hereunder are sold is not considered
to accrue until such bills are sold, redeemed or otherwise disposed of, and such
bills are excluded from consideration as capital assets.
Accordingly, the owner
of Treasury bills (other thon life insurance companies) issued hereunder need
w·
elude in his income tax return only the difference between the price paid for such
bills, whether on originnl issue or on subsequent purchase, and the amount a.ctua1l1
received either upon sale or redemption at maturity during the taxable year for
which the return is
~~de,
as ordinary gain or loss.
Treasury Department Circular No. 418 (current revision) and this notice,
p~.
scribe the tenus of the Treasury bills and govern the conditions of their.issue.
Copies of the circular may be obtained from any Federal Reserve Bank or Branch.
.. 2 ..
ecimals, e. g., 99.925.
Fractions
~
not be used.
It is urged that tenders
e made on the printed forms and forwarded in the special envelopes which will
e supplied by Federal Reserve Banks or Branches on application therefor.
Banking institutions generally may submit tenders for account of customers
rovided the names of the customers are set forth in such tenders.
Others than
a.nking institutions will not be permitted to Bubmit tenders except for their
In
account.
Tenders will be received without deposit from incorporated banks
nd trust companies and from responsible and recognized dealers in investment
ecurities.
fenders from others must be accompanied by payment of 2 percent of
Ile face amount of Treasury bills applied for, unless the tenders are accompanied
y an express gua.ra.nty of payment by an incorporated bank or trust company.
Dmnediately af'ter the closing hour, tenders will be opened at the Federal
!serve Banks and Branches, following which public announcement will be made by
le Treasury Department of the amount and price range of accepted bids.
Those
Ibmitting tenders will be advised of the acceptance or rejection thereof'.
The
!creta.ry of the Treasury expressly reserves the right to accept or reject any
:' a.ll tenders, in whole or in part, and his action in any such respect shall be
lnal.
'Subject to these reservations, noncompetitive tenders for $ 20&1£00 or
~8S for the additional bills dated
19 until maturity date on
1~00
MarCh61964
,
<w
days remain..
September 24, 1964 ) and noncompetitive tenders for
GM&l
or less for the . . .day bills without stated price from any 'one
dder will be accepted in full at the average price (in three decimals) of ac ..
pted competitive bids tor the respective issues.
Settlement for accepted ten-
rs in accordance with the bids must be made or completed at the Federal
Ilks on
June 25_964
Rese~
, in eash or other immediately available tunds or
a like face amount of Treasury bills maturing
June 25~64
•
Cash
: (10
.~
\.'
TREASURY DEPARTMENT
Washington
June 17,
FOR IHMEDIATE RELEASE,
19~
XXXXXXXXXXX~
TREASURY'S WEEKLY BILL OFFERING
The Treasury Department, by this public notice, invites tenders for two series
of Treasury bills to the aggregate amount of $ 2, 100~o, 000 , or thereabouts, for
cash and in exchange for Treasury bills maturing
June
2~1964
,in the
&oo~t
of $ 2zlllt:i6,000 , as follows:
-xit--daY bills (to maturity date) to be issued
in the amount of $
1.200~0.000
June 2~1964
, or thereabouts, represent-
ing an additional amount of bills dated March
and to mature
amount of $
,
2~1964
September 24. 1964, originally issued in the
m ,the additional and original bills
900'i~000
to be freely interchangeable.
182
-day bills, for $ 900,000,000
t1f!
xtffJ
Junetiii 1964
, or thereabouts, to be dated
, and to mature
December 24, 1964
--------~~==~-------
The bills of both series will be issued on a discount basis under competitive
and noncompetitive bidding as hereinafter provided, and at maturity their faee
amount will be payable without interest.
They will be issued in bearer fom only,
and in denominations of $1,000, $5,000, $10,000, $50,000, $100,000, $500,000 ud
$1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
Daylight Saving
closing hour, one-thirty p.m., Ea.stern/~ time, Monday. Junetiil1964 _
Tenders will not be received at the Treasury Department, Washington.
Each tender,
must be for an even multiple of $1,000, and in the case of competitive tenderst~
price offered must be expressed on the basis of 100, with not more than three
TREASURY DEPARTMENT
~OR
IMMEDIATE RELEASE
TREASURY'S WEEKLY BILL OFFERING
The Treasury Department, by this public notice, invites tenders
two series of Treasury bills to the aggregate amount of
~2,100,000,OOO, or thereabouts~ for cash and in exchange for
rreasury bills maturing June L5,1964,
in the amount of
~2,111,876,000, as follows:
~or
91-day bills (to maturity date) to be issued
in the amount of $ 1,200,000,000, or thereabouts,
~dditional amount of bills dated
March 26,1964,
nature Sep tember 24, 1964,originally issued in the
~ 900,202,000, the additional and original bills
interchangeable.
June 25, 1964,
representing an
and to
amount of
to be freely
182-day bills, for $ 900,000,000,
or thereabouts, to be dated
June 25, 1964,
and to mature
December 24, 1964.
The bills of both series will be issued on a discount basis under
and noncompetitive bidding as hereinafter provided, and at
naturity their face amount will be payable without interest. They
~ill be issued in bearer form only, and in denominations of $1,000,
p5,000, $10,000, $50,000, $100,000, $500,000 and $1,000,000
(maturity value).
~ompetitive
Tenders will be received at Federal Reserve Banks and Branches
.lp to the c lOSing hour, one-thirty p.m., Eas terri Daylight Saving
eime, Monday, June 22, 1964.
Tenders will not be
~eceived at the Treasury De~artment, Washington.
Each tender must
)e for an even multiple of $1,000, and in the case of competitive
~enders the price offered must be expressed on the basis of 100,
~ith not more than three decimals, e. g., 99.925.
Fractions may not
)e used. It is urged that tenders be made on the printed forms and
'orwarded in the special envelopes which will be supplied by Federal
~eserve Banks or Branches on application therefor.
Banking institutions generally may submit tenders for account of
:ustomers provided the names of the customers are set forth in such
;enders. Others than banking institutions will not be permitted to
)ubmit tenders except for their own account. Tenders will be received
lithout deposit from incorporated banks and trust companies and from
~esponsible and recognized dealers in investment securities.
Tenders
'rom others must be accompanied by payment of 2 percent of the face
lmount of Treasury bills applied for, unless the tenders are
lccompanied by an express guaranty of payment by an incorporated bank
)r trust company.
D-1260
- 2 Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, followin~ which public
announcement will be made by the Treasury Department of the amount
and price range of accepted bids. Those submitting tenders will be
advised of the acceptance or rejection thereof. The Secretary of
the Treasury expressly reserves the right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect
shall be final. Subject to these reservations, noncompetitive
tenders for $200,0000r less for the additional bills dated
March 26, 1964,
(91~ays remaining until maturit¥ date on
September 24, 1964~nd noncompetitive tenders for ~ 100,000,
or less for the 18~day bills without stated price from anyone
bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids for the respective issues.
Settlement for accepted tenders ir. accordance with the bids must be
made or completed at the Federal Reserve Banks on June 25, 1964,
in cash or other immediately available funds or in a like face
amount of Treasury bills maturing June 25, 1964.
Cash and
exchange tenders will receive equal treatment. Cash adjustments
will be made for differences between the par value of maturing
bills accepted in exchange and the issue price of the new bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject to
estate, inheritance, gift or other excise taxes, whether Federal or
State, but are exempt from all taxation now or hereafter imposed on
the prinCipal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to be
interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills are
sold, redeemed or otherwise disposed of, and such bills are excluded
from consideration as capital assets, Accordingly, the owner of
Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between
the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon
sale or redemption at maturity during the taxable year for which the
return is made, as ordinary gain or loss.
~reasury Department Circular No. 418 (current revision) and this
notice prescribe the terms of the Treasury bills and govern the
conj~tions of their issue.
Copies of the circular may be obtained from
any rederal Reserve Bank or Branch.
000
TREASURY DEPARTMENT
(
June 17, 1964
FOR D>fr-lEDIATE RELEASE
WITHHOLDING OF APPRAISEMENT ON
BEEF STEAKS
The Treasury Department is instructing customs field officers
to withhold appraisement of l2/18-ounce beef steaks from Canada,
produced by Holiday Farms Ltd., Chippawa, Ontario, Canada, pending
a determination as to whether this merchandise is being sold in the
United states at less than fair value.
Notice to this effect is
being published in the Federal Register.
Under the Antidumping Act, determination of sales in the United
states at less than fair value would require reference of the case
to the Tariff COmmission, which would consider whether American industry was being injured.
Both dumping price and injury must be
shown to justify a finding of dumping under the law.
The allegation in this case was received on }4:arch 30, 1964, and
was made by the firm of Freezer Queen Inc., Buffalo, New York.
TREASURY DEPARTMENT
June 17, 1964
FOR IMMEDIATE RELEASE
WITHHOLDING OF APPRAISEMENT ON
BEEF STEAKS
The Treasury Department is instructing customs field officers
to withhold appraisement of 12/l8-ounce beef steaks from Canada,
produced by Holiday Farms Ltd., Chippawa, Ontario, Canada, pending
a determination as to whether this merchandise is being sold in the
United states at less than fair value.
Notice to this effect is
being published in the Federal Register.
Under the Antidumping Act, determination of sales in the United
States at less than fair value would require reference of the case
to the Tariff Commission, which would consider whether American industry was being injured.
Both dumping price and injury must be
shown to justify a finding of dumping under the law.
The allegation in this case was received on March 30, 1964, and
was made by the firm of Freezer Queen Inc., Buffalo, New York.
/~
t .
'.~ •",.
"
I
/Vd {'(I
~ C I~ (77 ~ IV ~(' 11'1',:"1 " "',
:'. oj:tJ (',. c'i ~ i" iN <v'} i f'r'....S •
J 2 16i, ')l~a •
«('\'
!
(j
1
J
Ii 11, 'J.,..., "('
&/
r~,1RfI'o/ Secretary/Jou~laS
of Dr. Emmett J. fUce of
~;e1;J
Dillon today announced the appointment
York as Deputy Director of the Treasury
Department's Office of Developing
!~
~ations. ~The
position
eftryie~ R
-5'a"1C'lT)'{ff-:\'I6 ,ooo-aY~--:;J Dr. Rice will replace Dr. Samuel Z. Westerfield
who has become Deputy Assistant Secretary of State for African Affairs.
In his nehl position, Dr. Rice will aid Secretary Dillon and
Assistant Secretary John C. Dulli tt in
affectin~
~,
110licies
th~ for~u1,q.tion
oj U. S. fi nancial
~J... ~J4«.. e~
the Developing Nations of1\ AfricaI and Asia.
~
Dr. Rice was recently under contract with the Agency for International
Deve loplTlent as Research Adviser for the Central Bank of Nigeria, a post
he assumed in
~,lovember
1962.
Before that he served for two years as an
Economist with the Federal Reserve Bank of
~ew
York and six years as
Assistant Professor of Economics at Cornell University in Ithaca, New York.
Dr. Rice majored in Business Administration at the City College of
New York, where he received a B.A. degree in 1941 and an M.B.A. in 1942.
i!e obtained a Doctor of Phi losophy degree in Economics at the University
of California (Berkeley) in 1955.
lie is Plarried to the former Lois Dixon of New York.
/
I
l
~ ...
,I
TREASURY DEPARTMENT
FOR IMMEDIATE RELEASE
DR. EMMETT J. RICE NAMED DEPUTY DIRECTOR OF
TREASURY'S OFFICE OF DEVELOPING NATIONS
Secretary of the Treasury Douglas Dillon today announced the
appointment of Dr. Emmett J. Rice of New York as Deputy Director
of the Treasury Department's Office of Developing Nations.
Dr. Rice will replace Dr. Samuel Z. Westerfield who has become
Deputy Assistant Secretary of State for African Affairs.
In his new position, Dr. Rice will aid Secretary Dillon
and Assistant Secretary John C. Bu11itt in the formulation of
U. S. financial policies affecting the developing Nations of
the middle eas t, Africa, and As ia.
Dr. Rice was recently under contract with the Agency for
International Development as Research Adviser for the Central
Bank of Nigeria, a post he assumed in November 1962. Before
that he served for two years as an Economist with the Federal
Reserve Bank of New York and six years as Assistant Professor
of Economics at Cornell University in Ithaca, New York.
Dr. Rice majored in Business Administration at the City
College of New York, where he received a B.A. degree in 1941
and an M.B.A. in 1942. He obtained a Doctor of Philosophy
degree in Economics at the University of California (Berkeley)
in 1955.
He is married to the former Lois Dickson of New York.
000
0-1261
- 6 -
'hi~~~s
-- a new effectiveness.
To you, Captain Fisher and to the men of the RELIANCE, I
extend my warmest congratualtions and best wishes as you prepare
to man this fine ship.
I well understand the pride that you
feel in yourselves, in your ship, and in your Service.
it is a pride that will
grow~
I know
deeper and/,greater in the
years ahead -- as under your capable hands, the RELIANCE carries
on\?the highest traditions of her Service and becomes in performance
as well as in name, the very symbol of the humane mission for
which the Coast Guard is known and honored among men.
you'-- God
Speed~
I wish
- 5 -
seas.
Those efforts will always be vital -- because for all
~e
marvels that man has performed during his centuries on this
earth, he may never control the weather or the sea.
But if we
cannot tame these elements, we can arm against their dangers,
we can marshall our skills, our courage, and our resources to
protect us from their unbridled onslaught.
We have done all
these things, and more, in the united States Coast Guard, which
serves always as a strong and sure lifeline for all in distress
or danger in our waters ad'- on the~. high seas.
The RELIANCE, and the men who man her, will make that
lifeline even surer and stronger -- and will extend even farther
the Coast Guard's outstretched hand of help to those in need.
She will bring to the many other important tasks of the coast Gua!
to fisheries patrol, for example, and to law enforcement ~
- 4 -
Wi th this splendid new ship and the many others that will
follow her over the next decade, the Coast Guard is entering upon
a new era of even greater service to country and humanity.
1962, as many of you know,
In
a major, new, ship-construction progrl1!ll
was approved for the Coast Guard designed to modernize its entire
fleet over a period of years.
This was part of
~.
broader program
touching the whole range of Coast Guard \'activi ties"
The RELIANCE is the forerunner of a series of new medium-
endurance cutters provided for under
~
long-range program.
This year I
construction is beginning onJ new high-endurance cutters
which will
~2i
i:,l:rt§ ~
I.
$€as.
IBJ;y. enhance the Coast Guard' s capabilities.,@ft"
The RELIANCE, therefore, is not simply an excellent
but isolated addition to the Coast Guard fleet.
In her wake
will follow many smart, new ships that -- like the RELIANCE --
will advance and augment the Coast Guard1s efforts to bring
safety and security to our shores
a~d ~~t0r~~jS
~nd
~n
-
3 -
-Harbor Wa.l2 -~~ ..~::!J.!i:e:e=::iiEBltUieE acquitted herself well in
that difficult moment, pumping shells at the attacking air fleet
throughout the encounter.
'.Plla RZT#'iUU:=E carried out patrol duty,
operating out of Pearl Harbor I
for the remainder of World War II.
This newest RELIANCE is the latest achievement in the unbroken
line of Coast Guard development and progress reaching all the
way back to 1790.
She is not only a beautiful ship, with her
clean, graceful lines, but a fine example of modern engineering
know-how~-- ~ a combination diesel engine and gas turbine
propulsion plant to drive her twin propellers, and a deck capable
of carrying the Coast Guard's new amphibious helicopter for
extended search and rescue tasks.
She can tow ocean vesselS up
to 10,000 gross tons, has a sustained speed of 18 knots and a
cruising radius of 5,000 miles at 15 knots.
- 2 -
The very name, RELIANCE, will serve not only as a constant
symbol of safety and hope in our waters, but as a constant
reminder of Wkat
~
proud
~
lies behind this fine ship:
It was more than a century ago that the Coast Guard's
(
4->\
first RELIANCE performed blockade duty .a Chesapeake Bay during
the War between the States.
The second RELIANCE, a schooner, was commissioned in 1867 --
the same year in which Secretary of State Seward purchased
vast new territory of Alaska .... f-G3'E- "bfre UtB-1 ed:Si;a1;;e.s.
_~p
~e
The new
was detailed to Alaska, and patrolled Alaskan waters on
extended cruises until 1875.
More than half a century later I
in 1927, ~ third RELIANCE'
a 125 foot cutter -- was commissioned for duty in the war against
the liquor smugglers of the Prohibition era.
After the repeal of
the 18th amendment, she performed varied duties -- and,-W • •
ADDRESS BY THE HONORABLE DOUGLAS DILLON
SECRETARY OF THE TREASURY
AT THE COMMISSIONING OF THE COAST GUARD CUTTER II RE LIANCE II
AT THE COAST GUARD BASE, GALVESTON, TEXAS,
SATURDAY, JUNE 20, 1964, 2:30 P.M.,
Captain Fisher, distinguished guests,
ladies and gentlemen:
Today we are privileged to share in the commissioning of
the Coast Guard's fine new cutter, RELIANCE.
As Secretary of the Treasury, as an American, and as
.~
who had the privilege of serving at sea during World War II,
I have a special feeling of pride and pleasure in welcoming
~is
handsome ship into a most renowned and distinguished Service.
The RELIANCE is now ready to embark upon a career as a
member of the nation's oldest continuous sea-going Service.
Wherever she cruises, whatever her mission, I know she will honor
the great traditions of the United States Coast Guard, which,
for a century and three-quarters has brought succor to seafarers
and ships in difficulty or peril.
TREASURY DEPARTMENT
Washington
FOR RELEASE:
UPON DELIVERY
ADDRESS BY THE HONORABLE DOUGLAS DILLON
SECRETARY OF THE TREASURY
AT
THE COMMISSIONING OF THE COAST GUARD CUTTER "RELIANCE"
AT THE COAST GUARD BASE, GALVESTON, TEXAS,
SATURDAY, JUNE 20, 1964, 2:30 P.M., CST
Captain Fisher, distinguished guests, ladies and gentlemen:
Today we are privileged to share in the commissioning of the
Coast Guard's fine new cutter, RELIANCE.
As Secretary
had the privilege
a special feeling
handsome new ship
of the Treasury, as an American, and as one who
of serving at sea during World War II, I have
of pride and pleasure in welcoming this
into a most renowned and distinguished Service.
The RELIANCE is now ready to embark upon a career as a
member of the nation's oldest continuous sea-going Service.
Wherever she cruises, whatever her mission, I know she will honor
the great traditions of the United States Coast Guard, which, for
a century and three-quarters, has brought succor to seafarers and
ships in difficulty or in peril.
The very name, RELIANCE, will serve not only as a constant
symbol of safety and hope in our waters, but as a constant
reminder of the proud record that lies behind this fine ship:
It was more than a century ago that the Coast Guard's
first RELIANCE performed blockade duty in Chesapeake Bay during
the War between the States.
The second RELIANCE, a schooner, was commissioned in 1867 -the same year in which Se~retary of State Seward purchased the
vast new territory of Alaska. The then new RELIANCE was detailed
~o Alaska, and patrolled Alaskan waters on extended cruises
mtil 1875.
- 2 -
More than half a century later, in 1927, a third RELIANCE -1 125 foot cutter -- was commissioned for duty in the war against
:he liquor smugglers of the Prohibition era. After the repeal
)f the 18th amendment, she performed varied duties -- and found
lerself in Pearl Harbor on that fateful morning of December 7th,
.941. The RELIANCE acquitted herself well in that difficult
loment, pumping shells at the attacking air fleet throughout the
'ncounter. She then carried out patrol duty, operating out of
'earl Harbor, for the remainder of World War II.
This fourth and newest RELIANCE is the latest achievement in
:he unbroken line of Coast Guard development and progress reaching
tIl the way back to 1790. She is not only a beautiful ship, with
ler clean, graceful lines, but a fine example of modern engineering
:now-how. She boasts a combination diesel engine and gas turbine
Iropulsion plant to drive her twin propellers, and a deck capable
If carrying the Coast Guard's new amphibious helicopter for
xtended search and rescue tasks. She can tow ocean vessels up
o 10,000 gross tons, has a sustained speed of 18 knots and a
ruising radius of 5,000 miles at 15 knots.
With this splendid new ship and the many others that will
ollow her over the next decade, the Coast Guard is entering upon
new era of even greater service to country and humanity. In
962, as many of you know, a major, new, ship-construction program
as approved for the Coast Guard,designed to modernize its entire
leet over a period of years. This was part of an even broader
rogram touching the whole range of the Coast Guard's activities.
The RELIANCE is the forerunner of a series of new mediumndurance cutters provided for under the long-range program. And
his year, construction is beginning on the first of a series of
?w high-endurance cutters which will further enhance the Coast
lard's capabilities. The RELIANCE, therefore, is not simply an
{cellent but isolated addition to the Coast Guard fleet. In her
ike will follow many smart, new ships that -- like the RELIANCE -III advance and augment the Coast Guard's efforts to bring safety
ld security to our shores and waterways and on the high seas.
Those efforts will always be vital -- because for all the
lrvels that man has performed during his centuries on this
lrth, he may never control the weather or the sea. But if we
Innot tame these elements, we can arm against their dangers,
- 3 ~
can marshall our skills, our courage, and our resources to
rotect us from their unbridled onslaught. We have done all these
lings, and more, in the United States Coast Guard, which serves
Lways as a strong and sure lifeline for all in distress or
mger in our waters or on the neighboring high seas.
The RELIANCE, and the men who man her, will make that
lfeline even surer and stronger -- and will extend even farther
le Coast Guard's outstretched hand of help to those in need.
le will bring to the many other important tasks of the Coast
lard -- to fisheries patrol, for example, and to law enforcement
new effectiveness.
To you, Captain Fisher and to the men of the RELIANCE, I
Ktend my warnest congratulations and best wishes as you prepare to
an this fine ship. I well understand the pride that you feel in
)urselves, in your ship, and in your Service. I know that it is a
ride that will grow ever deeper and ever greater in the years
lead -- as under your capable hands, the RELIANCE carries on in
le highest traditions of her Service and becomes in performance,
~ well as in name, the very symbol of the humane mission for which
le Coast Guard is known and honored among men. I wish you all -)d Speed ~
000
THE \\ llll'E HOlTSE
Vlhen I addressed the Coast Guard Academy a little
more than two weeks ago, I said that our hope for
success in the aims of peace rests upon both the
strength of our devotion to humanity and the strength
of our arms
Q
In its dual role of huma."'litarian agency and armed
force, the United States Coast Guard uniquely exemplifies those strengths -- and augments them today
with the commissioning of the new Cutter RELIANCE.
The RELLWCE will enhance the Coast Guard's humanitarian mission of ensuring the safety of all men at sea
and the ships they sail in .. ,-;gardlcss of the flags they
fly.
She will give added stamina to the Coast Guard's
ceaseless vigil in safeguarding our sea frontiers against
law breakers and illegal entries, and she will stand
ready to serve our naval forces in time of armed conflict.
a Texan, I am proud that the first of this new class
~~ Coast Guard Cutter is joining the fleet today in a
'_~-4~OUS old port on the Gulf of Mexico and that it is the
~~:::st of the new cutters la';d down in the program of
:;:1c:et modernization wJ:,icL. t)eg2.:1 l:nder the leadership
~i. President Kennedy.
I LYl ~':~:)1Jd of the men who will
:'3rve in her and I know I . ,;E:2..;, ::01" all Americans when
wish them and their offiCers :::-Ilany fine voyages filled
',":~"'::1 the sense of accomplishment and faithful discharge
0: their duties.
__ 5
MESSAGE BY PRESIDENT LYNDON B. JOHNSON
UPON THE COMMISSIONING OF
THE UNITED STATES COAST GUARD CUTTER "RELIANCE"
AT GALVESTON, TEXAS
SATURDAY, JUNE 20,1964,2:30 P.M., CST
When I addressed the Coast Guard Academy a little more than
weeks ago, I said that our hope for success in the aims of peace
rests upon both the strength of our devotion to humanity and the
strength of our arms.
~o
In its dual role of humanitarian agency and armed force, the
United States Coast Guard uniquely exemplifies those strengths -.
and augments them today with the commissioning of the new Cutter
RELIANCE.
The RELIANCE will enhance the Coast Guard's humanitarian
mission of ensuring the safety of all men at sea and the ships
they sail in regardless of the flags they fly.
She will give added stamina to the Coast Guard's ceaseless
vigil in safeguarding our sea frontiers against law breakers and
illegal entries, and she will stand ready to serve our naval forces
in time of armed conflict.
As a Texan, I am proud that the first of this new class of
Coast Guard Cutter is joining the fleet today in a famous old
port on the Gulf of Mexico and that it is the first of the new
cutters laid down in the program of fleet modernization which
began under the leadership of President Kennedy. I am proud of
the men who will serve in her and I know I speak for all
Americans when I wish them and their officers many fine voyages
filled with the sense of accomplishment and faithful discharge
of their duties.
000
MESSAGE BY PRESIDENT LYNDON B. JOHNSON
UPON THE COMMISSIONING OF
THE UNITED STATES COAST GUARD CUTTER "RELIANCE"
AT GALVESTON, TEXAS
SATURDAY, JUNE 20, 1964, 2:30 P.M., CST
When I addressed the Coast Guard Academy a little more than two
weeks ago, I said that our hope for success in the aims of peace
rests upon both the strength of our devotion to humanity and the
strength of our arms.
In its dual role of humanitarian agency and armed force, the
United States Coast Guard uniquely exemplifies those strengths -and augments them today with the commissioning of the new Cutter
RELIANCE.
The RELIANCE will enhance the Coast Guard's humanitarian
mission of ensuring the safety of all men at sea and the ships
they sail in regardless of the flags they fly.
She will give added stamina to the Coast Guard's ceaseless
vigil in safeguarding our sea frontiers against law breakers and
illegal entries, and she will stand ready to serve our naval forces
in time of armed conflict.
As a Texan, I am proud that the first of this new class of
Coast Guard Cutter is joining the fleet today in a famous old
port on the Gulf of Mexico and that it is the first of the new
cutters laid down in the program of fleet modernization which
began under the leadership of President Kennedy. I am proud of
the men who will serve in her and I know I speak for all
Americans when I wish them and their officers many fine voyages
filled with the sense of accomplishment and faithful discharge
of their duties.
000
TREASURY DEPARTMENT
(
J\J,1le
22,
1964
FOR IHI/IEDIATE RELEASE
TREASURY DECISION ON CIGAR BANDS
UNDER THE ANTIDUNPING ACT
The TreaSUljr
De~artment
has determined that cigar bands
from the Netherlands are not being, nor likely to be, sold in
the United states at less than fair value
the Antidumping Act.
~ithin
the meaning of
Notice of the determination
~il1
be pub-
lished in the Federal Register.
The dollar value of imports of the involved merchandise
received during the period June 1963 to January 1964
proximately $30,000.
~as
ap-
TREASURY DEPARTMENT
.rune
22,
1964
FOR IMMEDIATE RELEASE
TREASURY DECISION ON CIGAR BANDS
UNDER THE ANTIDUMPING ACT
The Treasury
De~artment
has determined that cigar bands
from the Netherlands are not being, nor likely to be, sold in
the united States at less than fair value within the meaning of
the Antidumping Act.
Notice of the determination will be pub-
lished in the Federal Register.
The dollar value of imports of the involved merchandise
received during the period June 1963 to January 1964 was approximately $30,000.
TREASURY DEPARTMENT
June 22, 1964
FOR IMMEDIATE RELEASE
TREASURY DECISION ON PLASTIC BABY CARRIERS (INFANSEAT)
UNDER THE ANTIDUMPING Am:
The Treasury Department has determined that plastic baby
carriers (Infanseat) from Japan, manufactured by Marui Corporation, Tokyo, Japan, are being, or are likely to be, sold at less
than fair value within the meaning of the Antidumping Act.
Accordingly, this case is being referred to the United
States Tariff Commission for an injury determination.
Notice of the determination and of the reference of the
case to the Tariff Commission will be published in the Federal
Register.
The dollar value of imports received during the year 1963
was approximately $100,000.
TREASURY DEPARTMENT
June 22, 1964
FOR IMMEDIATE RELEASE
TREASURY DECISION ON PLASTIC BABY CARRIERS (INFANSEAT)
UNDER THE ANTIDUMPING ACT
The Treasury Department has determined that plastic baby
carriers (Infanseat) from Japan, manufactured by Marui Corporation, Tokyo, Japan, are being, or are likely to be, sold at less
than fair value within the meaning of the Antidumping Act.
Accordingly, this case is being referred to the United
States Tariff Commission for an injury determination.
Notice of the determination and of the referen:!e of the
case to the Tariff Commission will be published in the Federal
Register.
The dollar value of imports received during the year 1963
was approximately $100,000.
TREASURY DEPARTMENT
(
June 22, 1964
FOR UlrvlEDIATE RELEASE
TREASURY DECISION ON BRAKE DRUMS
UNDER THE &"'ITIDUMPING ACT
The Treasury Department has determined that brake drums
from Canada, sold by Aimco Automotive Parts Company of Cooksville, Ontario, Canada, are not being, nor likely to be, sold
in the United States at less than fair value within the meaning
of the Antidumping Act.
Notice of the determination will be
published in the Federal Register.
Appraising officers are being instructed to proceed with
the appraisement of this merchandise from Canada without regard to any question of dumping.
The dollar value of imports of the involved merchandise
received during 1963 was approximately $62,000.
TREASURY DEPARTMENT
June 22, 1964
FOR mlEDIATE RELEASE
TREASURY D~ISION ON BRAKE DRUMS
UNDER THE ANTIDUMPING ACT
The Treasury Department has determined that brake drums
from Canada, sold by Aimco Automotive Parts Company of Cooksville, Ontario, Canada, are not being, nor likely to be, sold
in the United states at less than fair value within the meaning
of the Antidumping Act.
Notice of the determination will be
published in the Federal Register.
Appraising officers are being instructed to proceed with
the appraisement of this merchandise from Canada without regard to any question of dumping.
The dollar value of imports of the involved merchandise
received during 1963 was approximately $62,000.
roa
RIU.lSZ 1. }Ii. ~7 ..sPAPYRS,
J1me 2" 19tJ..
lwle 22. 19~
r-a."
RF.5UL1'S OF fREASUJtl t S 'WFDt'f JILL ;)F7itUN.J
....m..
!be treuV1 nepartaent ~ lain
thet t.te t.ender. tor two 8U'leI.,
TN..." bUla, one Hr1ea to be an addiUoul i . . - of t;.~ bUll dated March 26, lII..
and the other ..rlea ~ be dated June IS. 196h, 1Ih1ch wer-e 3ft.red on Jua 17, ...""'"
opened at the Federal i~."1"Y8 BaDlta Oft J... 12. fenders _r~ invited for $1,200,"or \herub<Nt.a, of 9l-dq billa and tor '90.1,000,000, or ti.,·:reabouta, or 182-., ~
The dnai.b of t.he two aeriee are .a toll_,
RPlf.~' ACCEr~'D
C~T 'ttnS!oo.
2h.a
9l-dq T.....vy billa
_ Mt!;ri!l S!p\'!!e!'
lpprox.
Moe
AftIBIal - -
''.is
99.U'
;'.121
92
~
)0 percent
... YOI"k
Philadelphia
CJ..~
fU . . . .
AUanta
Chi...,
st.
LeNis
Mlaneapol.ia
, ....... Cit,.
Danae
Sa
~iaoo
,:Ii.
,.4as.
3.1&1.
:t'.
1/
t
I
•
I
I
•
24, •
182-day 'l'Jteuvy bUla
mat,21:!!s Dec .....
PriaJ
98.
98.201
18.202
APP"K-
.bnMl . .
).5Di
J.Ss..
).~~
'II
of the aw.mat ot 91-.,. b1Ua \)14 for at. t.he low pr1.oe wu aoeapW
of the UiCunt of 182-d1q bUla b1d tor a'r, the low pri. . . . . . .pW
rREASURY DEPARTMENT
W'..A.SE A. M. NEHSPAPERS,
q, June 23, 1964.
June 22, 1964
RESULTS OF TREASURY I S WEEKLY BILL OFFERING
Treasury Department announced last evening that the tenders for two series of
u-y bills, one series to be an additional issue of the bills dated March 26, 1964,
:Ie otrer series to be dated June 25, 1964, which were offered on June 17, were
:i at the Federal Reserve Banks on June 22. Tenders were invited for $1,200,000,000,
~reabouts, of 91-day bills and for $900,000,000, or thereabouts, of 182-day bills.
:!tai1s of the two series are as follows:
~
OF ACCEPTED
rITIVE BIDS:
11gh
Aw
91-day Treasury bills
maturing September 24, 196L.
Approx. Equiv.
Price
Annual. Rate
99.125
3.462%
99.ll9
3.L.85%
99.12l
3.L.78%
··••
Y
lverage
182-day Treasury bills
maturing December 24, 1964
Approx. Equiv.
Price
Annual Rate
98.205
3.551%
98.201
3.558%
98.202
3.556% Y
'2 percent of the amount of 91-day bills bid for at the low price was accepted
10 percent of the amotmt of 182-day bills bid for at the low price was accepted
TENDERS
APPLIED FOR AND ACCEPTED BY FEDERAL RESERVE DISTRICTS:
.rict
Accefuted
$,L71,OOO
838,254,000
15,894,000
35,016,000
12,199,000
28,280,000
120,584,000
22,319,000
11,952,000
24,399,000
10,512,000
66,956,000
··
·
·
·
·
Francisco
Applied For
$ 45,990,000
1,473,254,000
30,894,000
43,176,000
12,199,000
31,971,000
183,464,000
27,415,000
15,792,000
25,399,000
19,592,000
112,396,000
TOTALS
$2,021,542,000
$1,200,836,000
!I
ion
York
.ade1phia
"eland
anond
Lnta
eago
Louis
teapo1is
as City
as
··
·
Applied For
$ 4,634,000
1,556,146,000
10,193,000
14,438,000
3,601,000
10,338,000
165,359,000
9,790,000
7,364,000
18,615,000
10,738,000
92,999,000
AcceEted
$ 2,911,000
766,690,000
4,943,000
8,652,000
3,576,000
7,206,000
48,550,000
7,115,000
3,364,000
8,066,000
5,730,000
33,760,000
$1,904,215,000
$900,571,000
PI
ludes $211,825,000 noncompetitive tenders accepted at the average price of 99.121
ludes $68,647,000 noncompetitive tenders accepted at the average price of 98.202
a coupon issue of the same length and for the same amount invested, the return on
bese bills would provide yields of 3.56%, for the 9l-day bills, and 3.67%, for
he 182-day bills. Interest rates on bills are quoted in terms of bank discount
ith the return related to the face amount of the bills payable at maturity rather
~an the amount invested and their length in actual number of days rel.ated to a
SO-day year. In contrast, yields on certificates, notes, and bonds are computed
l terms of interest on the amount invested, a nd relate the number of days remaining
1 an interest payment period to the actual number of da;ys in the period, with semimual compounding if more than one coupon period is involved.
STATEMENT OF THE HONORABLE DOUGLAS DILLON
SECRETARY OF THE TREASURY
BEFORE THE SENATE FINANCE COMMITTEE
ON THE PUBLIC DEBT LIMIT
10:00 A.M., TUESDAY, JUNE 23, 1964
In the absence of new legislation, the $315 billion
temporary debt limit, under which we are currently operating,
is scheduled to drop for the one day of June 30 to $309 billion
and on July 1 the limit will revert to its permanent level of
$285 billion.
The latest published figure we have for the public debt
subject to the limit is $311.9 billion as of June 18.
While
there are many cross currents in the last two weeks of June,
our best estimate is that the debt will still approximate
$312 billion on June 30.
This means that if the debt limit
is not raised before then, the outstanding debt will exceed
the limit by about $3 billion on June 30 and by more than
$26 billion on July 1 when the ceiling drops to its $285 billion
permanent level.
It is clearly imperative that these scheduled reductions
in the debt limit not be allowed to occur.
We simply cannot
put the United States Government in the impossible posture of
being unable to refinance maturing securities or to pay legal
obligations as they come due.
We can do grave damage to the
credit of the United States if we permit the debt limit
to be inadequate for even one day.
The issue goes well beyond
- 2 -
the question of sound domestic financial housekeeping to the
far greater issue of the financial responsibility or
irresponsibility of our Government.
In a world which recognizes
economic and financial strength as the essential foundation
for military and political power, we cannot permit the
slightest doubt to arise in any quarter regarding the ability
of the United States at all times to meet all of its obligations
instantly and fully.
The outlook for the public debt in fiscal 1965 is shown
in the attached table which is the same as that presented
to the House Ways and Means Committee on May 25.
The table
gives projected levels of the debt for mid-month and month-end
dates through June 30, 1965.
It reflects the usual temporary
seasonal borrowing requirements as well as the need to finance
the deficit anticipated for the year as a whole.
The debt projections shown in the table are, of course,
based on the same mechanical assumption that has been used in
past debt limit hearings:
namely, that the Treasury's operating
cash balance holds unchanged at $4.0 billion.
On this basis,
the table shows that the debt is expected to swing up to
temporary peaks of $320.5 billion on December 15 and $321.0
billion on March 15 before the usual year-end decline brought
on by the heavy June tax receipts.
- 4 regularly requested by both Democratic and Republican
Administrations, represents the minimum margin of safety
needed to cover circumstances which cannot be foreseen,
including the inescapable uncertainties in our month-to-month
projections of revenumand expenditures.
Hardly less impor-
tant, this margin of flexibility also is needed because of the
impossibility -- indeed the undesirability -- of precisely
matching the timing of our borrowing operations to our changing
cash needs.
Treasury borrowing is necessarily done in
relatively large amounts and in an orderly sequence.
These
sizable financings should be and are timed in such a way as
to avoid unnecessary market disturbance and, where possible, to
take advantage of favorable market conditions whenever they
appear.
Our borrowing operations cannot be adjusted to
passing changes in our net inflow or outflow of cash, but
rather must anticipate needs over a period of time.
The final column in the table shows the debt limit required
when we add this $3 billion safety margin to each of the
semi-monthly projections of the public debt.
It is clear from
these figures that a $324 billion debt limit is necessary to
provide adequate room for maneuver in managing our finances
responsibly and economically.
I should emphasize that our peak debt requirements are
primarily a reflection of the recurrent seasonal pattern in
our receipts and expenditures.
And it is this peak requirement
- 5 which determines the appropriate level for the debt ceiling.
As I have pointed out to your Committee before, the debt rises
substantially during the first half of every fiscal year, in
years of budget surplus as well as in years of budget deficit.
This is so because we receive only about 44 percent of our
annual revenues in the first half of each fiscal year, the
July-December period, with the remaining 56 percent flowing
in during the second half, which includes the big corporate
tax payment months of March and June.
As a result, the
Treasury always has to borrow heavily in the July-December
period but can then, depending on the state of the budget,
payoff some or all of this seasonal borrowing out of the
heavy receipts which flow in from mid-March to the end of the
fiscal year.
This means that the peak of the debt in any given fiscal
year is importantly influenced by the previous year's results.
Generally speaking, whenever we run a deficit in one year the
debt ceiling for the following year must be increased in
roughly the same degree.
Conversely, a surplus in one year
should permit a reduction in the debt ceiling for the
following year.
rule.
Fiscal 1965 is no exception to this general
Since we are incurring a substantial deficit in
fiscal 1964, a substantial increase in the 1965 debt limit
is essential in order to meet the seasonal requirements brought
- 6 on by reduced receipts prior to the heavy flow of tax payments
that begins on March 15.
Our need for a $9 billion increase
in the debt limit for fiscal 1965 rests largely on this fact
and is only influenced in a relatively minor degree by the
deficit that is projected for fiscal 1965.
Let me now turn to the fiscal background of our debt limit
recommendation.
The following table presents the fiscal
1964 and fiscal 1965 estimates of receipts by the Treasury and
of expenditures by the Budget Bureau that were released by
the President May 22 and presented to the Ways and Means
Committee on May 25.
ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES,
FISCAL YEARS 1964 AND 1965
(in billions)
January Budget Estimates
1964
1965
Current Estimates
1964
1965
Expenditures
$98.4
$97.9
$98.3
$97.3
Receipts
88.4
93.0
89.5
91.5
Deficit (-)-10.0
-4.9
-8.8
-5.8
The table shows that the deficit for fiscal 1964 is lower
than was estimated in January and that the deficit for fiscal
1965 is higher.
But the significant point is that these new
estimates for fiscal 1964 and fiscal 1965 indicate that the
- 7 -
overall two-year deficit will be $300 million less than was
originally estimated in January.
The estimate of $5.8 billion for the fiscal 1965 deficit
is some $900 million more than the $4.9 billion deficit
projected in the President's January budget message, even
though the Budget Bureau's spending estimate for fiscal 1965
has been reduced by $600 million from the earlier estimate.
This increase in the 1965 deficit is due almost entirely to
changes made by the Congress in the tax bill as compared to
the assumptions that were used by the President in his budget
message.
Most important is the fact that the tax bill went into
effect about one month later than had been assumed in the
President's budget message.
This meant that the 18 percent
withholding rate continued for one month longer than had been
projected with a consequent benefit of some $800 million to
fiscal 1964 revenues (the monthly dollar difference between
the 18 percent withholding rate and the current 14 percent
withholding rate).
But it also meant that estimated fiscal
1965 revenues will be reduced correspondingly since final net
payments on 1964 liabilities by individual taxpayers next
spring will be lowered by the same amount.
The second factor is that the Revenue Act of 1964, as
finally enacted, will result in about $500 million less revenue
- 8 -
in fiscal 1965 than had been provided in the tax bill as it
passed the House, which was necessarily used as the basis for
the revenue estimates in the budget document.
These two changes in the tax program -- together with
minor refinements in the projections of economic activity and
taxable incomes -- have reduced projected revenues for fiscal
1965 to $91.5 billion, $1.5 billion lower than the January
estimate.
But, as noted earlier, the impact of these lower
revenues on the size of the deficit has been partially offset
by the $600 million reduction in expenditures now foreseen
by the Budget Bureau.
Finally, I should like to note that the experience of
recent weeks has been somewhat more favorable than these
May 22nd projections would suggest.
well below expectations.
Expenditures are running
Should this more favorable experience
persist, we can expect to finish up fiscal 1964 with better
overall results than the table indicates.
This would leave
us with a somewhat larger cash balance on June 30th than we
had earlier expected which, in turn, would reduce our needs
for new cash financing over the next few months.
I would now like to mention briefly some broader and
longer-run considerations which form the background to this
debt limit hearing.
We are in the early stages of the
- 9 biggest tax cut our Congress has ever approved or this Nation
has ever enjoyed.
We expect this to provide a major long-term
stimulus to the economy, to put new strength into our private
business system, and to strengthen our ability to compete
in international markets.
However, I think everyone recognized,
when this approach was proposed by the Administration and
approved by the Congress, that there would be transitional
deficits that would have to be financed and that an appropriate
debt limit adjustment would be required.
In order to hold
these deficits to the minimum, both in size and time, and to
minimize the requisite increase in the debt limit
President Johnson is making a maximum effort to hold down
Federal expenditures.
We, in the Treasury Department, for our part, always have
before us, as a primary purpose, the protection of the financial
integrity of the United States.
No one is more dedicated to
responsible finance and strict expenditure control than I am.
But effective control of Federal spending cannot be achieved
by restriction at the tag-end of the expenditure process
when the bills come due.
Our bills must be paid promptly and
in full if the credit of the United States is to be maintained.
The proper place to control expenditures is in the
appropriations process and in the Federal agencies which spend
the money.
President Johnson is continuing to press for
- 10 economy in Government, so you can be confident that a reasonable
debt ceiling will not be abused.
Of course, Congress has not
yet completed action on fiscal 1965 appropriations, and
expenditure estimates at this time are necessarily tentative.
However, there is a basis for confidence, I think, in the
fact that the May 22nd estimates show expenditures for fiscal
1964 and fiscal 1965 combined to be $700 million less than was
estimated in January.
If we continue to hold Federal expenditures under control,
the outlook for decreasing the burden of our public debt is
good.
Indeed, by the end of this fiscal year, the Federal
debt is expected to amount to about 50 percent of our current
gross national product as compared to 52-1/2 percent last
year.
This is a smaller percentage than at any time since
World War II financing added so greatly to the public debt.
At the close of fiscal 1946, as you may recall, the debt was
about 127 percent of the gross national product.
With the
continued growth in the economy that is generally expected,
the ratio of the debt to GNP should fall still further during
fiscal 1965, dropping below the prewar levels of fiscal 1939
and 1940.
I think we are well started on an orderly and constructive
program that will stimulate our economic growth, protect our
financial stability at home and the key role of the dollar
- 11 abroad, and also express the fiscal responsibility of the
American people.
Under these circumstances, I strongly urge
that you approve the $324 billion temporary public debt limit
which we are requesting for fiscal year 1965 as the minimum
consistent with meeting our financial obligations and handling
the public debt in an economical and responsible fashion.
ESTIMATED PUBLIC DEBT SUBJECT TO LIMITATION
Based on constant minimum operating cash balance of $4.0 billion)
FISCAL YEAR 1965
(in billions)
Allowance to Provide Flexibility
in Financing and
for Contingencies
Total Public
Debt
Limitation
Reguired
Operating
Cash Balance
(excluding
free gold)
Public Debt
Subject to
Limitation
$4.0
$307.9
$3.0
$310.9
15
31
4.0
4.0
311.0
311.B
3.0
3.0
314.0
314.B
t 15
4.0
4.0
313.5
314.2
3.0
3.0
316.5
317.2
mber 15
mber 30
4.0
4.0
316.9
311.2
3.0
3.0
319.9
314.2
er 15
er 31
4.0
4.0
315.0
316.3
3.0
3.0
318.0
319.3
ber 15
ber 30
4.0
4.0
31B.l
317.7
3.0
3.0
321.1
320.7
ber 15
ber 31
4.0
4.0
320.5
316.0
3.0
3.0
323.5
319.0
4.0
4.0
318.9
31B.O
3.0
3.0
321. 9
321.0
4.0
4.0
319.1
318.2
3.0
3.0
322.1
321.2
15
31
4.0
4.0
321.0
315.4
3.0
3.0
324.0
318.4
15
30
4.0
4.0
319.2
315.6
3.0
3.0
322.2
318,6
4.0
4.0
316.7
317.1
3.0
3.0
319.7
320.1
4.0
4.0
319.9
313.9
3.0
3.0
322.9
316.9
1964
30
31
t
)5
ry 15
~y
31
lry 15
try 28
5
0
- 3 -
and exchange tenders will receive equaJ. trea.tment.
Cash adjustments viII be made
for differences between the par value of ma.turing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain tram the Ille
or other disposition of the bills, does not have any exemption, as such, and 1088
tram the sale or other disposition of Trea.sury bills does not have any special
treatment, as such, under the Internal Revenue Code ot 1954.
The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal or sta.te, bm
are exempt from a.1l taxation now or hereafter imposed on the principal. or interest
thereof by any State, or any of the possessions of the United states, or by any
local taxing authority.
For purposes of ta.xa.tion the amount of discount at which
Treasury bills are originally sold by the United States is considered to be interest.
Under Sections 454 (b) and 1221 (5) of the Internal Revenue Code of 1954
the amount of discount at which bills issued hereunder are sold is not considered
to accrue until such bills are sold, redeemed or otherwise disposed of, and such
bills are excluded from consideration as capital assets.
Accordingly, the owner
of Treasury bills (other than life insurance companies) issued hereunder need
a·
clude in his income tax return only the difference between the price paid for such
bills, whether on original issue or on subsequent purchase, and the amount actuall1
received either upon sale or redemption at maturity during the taxable year for
which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 418 (current revision) and this notice,
p~.
scribe the terms of the Treasury bills and govern the conditions of their.issue.
Copies of the circular may be obtained from any Federal Reserve Bank or Branch.
- 2 -
decimals, e. g., 99.925.
Fractions may not be used.
It is urged that tenders
be made on the printed forms and forwarded in the special envelopes which will
be supplied by Federal Reserve Banks or Branches on application therefor.
Banking institutions generally may submit tenders for account of customers
provided the names of the customers are set forth in such tenders.
Others than
banking institutions will not be permitted to submit tenders except for their
own account.
Tenders will be received without deposit from incorporated b8llks
and trust companies and from responsible and recognized dealers in investment
securities.
Tenders from others must be accompanied by payment of 2 percent of
the face amount of Treasury bills applied for, unless the tenders are accompanied
by an express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the FedenU
Reserve Banks and Branches, following which public announcement will be made by
the Treasury Department of the amount and price range of accepted bids.
Those
submitting tenders will be advised of the acceptance or rejection thereof. The
secretary of the Treasury expressly reserves the right to accept or reject any
or all tenders, in whole or in part, and his action in any such respect shall
final.
Subject to these reservations, noncompetitive tenders for
less for the additional bills dated
Apri~
1964
, (
$2~OO
91
~
or
days remain-
(H$C
ing until maturity date on
October 1, 1964 ) and noncompetitive tenders for
$100,000 or less for the additional bills dated January 3, 1964, (182 days r~wwg
until maturity date on December 31, 1964) without stated price from anyone
bidder will be accepted in full at the average price (in three decimals) of accepted competitive bids for the respective issues.
Settlement for accepted ten-
ders in accordance with the bids must be made or completed at the Federal. Rese~
Banks on _--.;J_u;.;".ly_,L~iTl.;;.96;:;.t1;:;.-___ , in cash or other immediately available funds or
rn}
in a like face amount of Treasury bills maturing
July k}964
----~~(~~~-----
• Cash
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
~
June 24, 1964
~~XXXXX
TREASURY I S WEEKLY BILL OFFERING
The Treasury Department, by this public notice, invites tenders for two serie.
of Treasury bills to the aggregate amount of $ 2! 100;&}f' 000
cash and in exchange for Treasury bills maturing
, or thereabouts, tor
, in the amount
July 2, 1964
(iij{
of $ 2 1 101iJij6,000 , as follows:
91 -day bills (to maturity date) to be issued
H1
_~J..;.u....l~y~2f.!'~1~9_6....4_ _ _ ,
@laX
in the amount of $ 1,200,000,000 , or thereabouts, represent-
m
ing an additional amount of bills dated
April 2, 1964
ftW
and to mature _...;:0~c;..::t:.:::;0.:::.b.;;:;.er;;;,.....;1;;;';'L....;;1;.;;;9_6_4_, originally issued in the
ffi
amount of $ 901,457,000
~
, the additional and original bills
to be freely interchanReable.
182-day bills (to maturity date) to be issued July 2, 1964, in the amount of
$900,000,000, or thereabouts, representing an additional amount of bills dated
January 3, 1964, and to mature December 31, 1964, originally issued in the amount
of $1,000,309,000, the additional and original bills to be freely interchangeab~.
and noncompetitive bidding as hereinafter provided, and at maturity their face
amount will be payable without interest.
They will be issued in bea.rer form onl1,
and in denominations of $1,000, $5,000, $10,000, $50,000, $100,000, $500,000 ~
$1,000,000 (maturity value).
'renders will be received at Federal Reserve Banks and Branches1j1p to the
Daylight Saving
.
clOSing hour, one-thirty p.m., Ea.stern/~ time,
Monday, June 29, 1964
ffij
Tenders will not be received at the Treasury Department, Washington.
Each tender
must be for an even multiple of $1,000, and in the case of competitive tende~~
price offered must be expressed on the basis of 100, with not more than three
TREASURY DEPARTMENT
June 24, 1964
OR IMMEDIATE RELEASE
TREASURY'S WEEKLY BILL OFFERING
The Treasury Department, by this public notice, invites tenders
or two series of Treasury bills to the aggregate amount of
2,100,000,000,or thereabouts, for cash and in exchange for
reasury bills maturing July 2, 1964,
in the amount of
2,101,026,000, as follows:
91-day bills (to maturity date) to be issued
n the amount of $1,200,000,000, or thereabouts,
dditional amount of bills dated April 2 , 1964 ,
ature October 1,1964, originally issued in the
901,457,000, the additional and original bills
nterchangeable.
July 2, 1964,
representing an
and to
amount of
to be freely
l82-day bills (to maturity date) to be issued July 2, 1964, in the
nount of $900,000,000, or thereabouts, representing an additional amount
f bills dated January 3, 1964, and to mature December 31, 1964,
~igina1ly issued in the amount of $1,000,309,000, the additional and
~iginal bills to be freely interchangeable.
The bills of both series will be issued on a discount basis under
Jmpetitive and noncompetitive bidding as hereinafter provided, and at
aturity their face amount will be payable without interest. They
111 be issued in bearer form only, and in denominations of $1,000,
),000, $10,000, $50,000, $100,000, $500,000 and $1,000,000
naturi ty value).
Tenders will be received at Federal Reserve Banks and Branches
to the clOSing hour, one-thirty p.m., Eastern Daylight Saving
ime, Monday, June 29, 1964.
Tenders will not be
~celved at the Treasury De~artment, Washington.
Each tender must
'~ for an even multiple of $1,000, and in the case of competitive
~nders the price offered must be expressed on the baSis of 100,
Lth not more than three decimals, e. g., 99.925. Fractions may not
! used.
It is urged that tenders be made on the printed forms and
)rwarded in the special envelopes which will be supplied by Federal
serve Banks or Branches on application therefor.
J
Banking institutions generally may submit tenders for account of
stomers provided the names of the customers are set forth in such
nders. Others than banking institutions will not be permitted to
bmlt tenders except for their own account. Tenders will be received
thout deposit from incorporated banks and trust companies and from
sponsible and recognized dealers in investment securities. Tenders
am others must be accompanied by payment of 2 percent of the face
aunt of Treasury bills applied for, unless the tenders are
companied by an express guaranty of payment by an incorporated bank
trust company,
)-1264
- 2 Immediately after the closing hour, tenders will be opened at t~
Federal Reserve Banks and Branches, following which public a~nouncement
"II be made by the Treasury Department of the amount and pr~ce range of
:~cepted bids. Those submitting tenders will be advised of the
acceptance or rejection thereof. The Secret~ry of the Treasury
expressly reserves the right to accept or reject any or all ten~ers, ~
whole or in part, and his action in any such respect shall be ftna1.
Subject to these reservations, noncompe~itive tenders for $200,?0? or
less for the additional bills dated Aprll 2, 1964, (91-day remalnlng
until maturity date on October 1, 1964) and noncompetitive tenders f~
$100,000 or less for the additional bills dated January 3~ 1964, (182
davs remaining until maturity date on December 31,1964) wlthout stated
price from anyone bidder will be accepted in full at the average price
(irl three dec imals) of accepted compe ti ti ve bids for the respec tive
issues. Settlement for accepted tenders in accordance with the bids
must be made or completed at the Federal Reserve Banks on July 2,1964,
in cash or other immediately available funds or in a like face amount
of Treasury bills maturing July 2, 1964. Cash and exchange tenders will
receive eq~al treatment. Cash adjustments will be made for
differences between the par value of maturing bills accepted in exch~~
and the issue price of the new bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and 108S from the sale or other disposition
of Treasury bills does not have any special treatment, as.such,
under the Internal Revenue Code of 1954. The bills are subject to
estate, inheritance, gift or other excise taxes, whether Federal or
State, but are exempt from all taxation now or hereafter imposed on
the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to be
interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills are
sold, redeemed or otherwise disposed of, and such bills are excluded
~rom consideration as capital assets.
Accordingly, the owner of
Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between
the price paid for such bills, whether on original issue or on
subGeque~t purchase, and the amount actually received either upon
sale 0r redemption at maturity during the taxable year for which the
return is made, as ordinary gain or loss.
~reaSJry Department Circular
n~tice prescribe the terms of the
No, 418 (current revision) and this
Treasury bills and govern the
coniitions of their issue. Copies of the circular may be obtained from
any ~eieral Reserve Bank or Branch.
000
TREASURY DEPARTMENT
June 24, 1964
FOR IMMEDIATE RELEASE
TREASURY DECISION ON COPPER SHEETS
UNDER THE
ANTIDUMPING ACJr
The Treasury Department has determined that copper in sheets
and strips whether or not in rolls or coils from Yugoslavia are
not being, nor likely to be, sold in the United states at less
than fair value within the meaning of the Antidumping Act.
Notice
of the determination will be published in the Federal Register.
Appraising officers are being instructed to proceed with the
appraisement of this merchandise from Yugoslavia without regard to
any question of dumping.
Tae dollar value of imports of the involved merchandise re-
ceived during the period from September 1, 1963, to November 30,
1963, was approximately $139,000.
TREASURY DEPARTMENT
June 24, 1964
FOR IMMEDIATE RELEASE
TREASURY DECISION ON COPPER S~S
UNDER THE ANTIDUMPING ACT
The Treasury Department has determined that copper in sheets
and strips whether or not in rolls or coils from Yugoslavia are
not being, nor likely to be, sold in the United states at less
than fair value within the meaning of the Antidumping Act.
Notice
of the determination will be published in the Federal Register.
Appraising officers are being instructed to proceed with the
appraisement of this merchandise from Yugoslavia without regard to
any question of dumping.
The dollar value of imports of the involved merchandise received during the period from September 1, 1963, to November 30,
1963, was approximately $139,000.
.JunA 25, 196L
lRD'l'
1;'1~t0T J,.~F
---------C:Q
STA~
Oli TREASURY FDAl'CIIG
In announcing its customary monthly offering of a one-year Treasury
bill, the Treasury today also said that its additional. cash requirements
for meeting expenditures during the summer are expected to be 8QRIiIioMIIMif
lower than preTiously indicated.
No further financing announcement by
the Treasury is planned until cash flows through the closing days of
the fiscal year can be evaluated.
000
D-
TREASURY DEPARTMENT
June 25, 1964
FOR IMMEDIATE RELEASE
STATEMENT ON TREASURY FINANCING
In announcing its customary monthly offering
of a one-year Treasury bill, the Treasury today
also said that its additional cash requirements for
meeting expenditures during the summer are expected
to be lower than previously indicated.
No further
financing announcement by the Treasury is planneduntil cash flows through the closing days of the
fiscal year can be evaluated.
000
D-1265
- 3 -
exeli1pt from all taxation nOvT or hereafter imposed on the principal or interest
thereof by any State, or any of the possessions of the United States, or by any
10cn1 trueinG authority.
For purposes of taxation the amount of disC01ll1t at 'Which
'l'reasury Dills arc originally sold by the United States is considered to be interee
Under Sections -1G1, (b) Dnd 1221 (5) of the Internal Revenue Code of 1954 the amouat
of disC01.ll1t D.t which bills issued hereunder are sold is not considered to accrue
until such bills are sold, redeemed or othenrise disposed of, and such bills a.re
excluded fr"lil cons:l.dcration as cnpi Gal assets.
AccordinGly, the owner of Treasury
bill:::; (othcr than life insurancc companies) issued hereunder need include in his in
come tmc rctuI'n only the difference betlleen the price paid for such bills) vlheUlcr
on oriGi.nnJ
iG~;lIe
OJ' on subsequcnt purchasc, and the amount actually received eithel
upon sale or rcuemption at maturity durinG the taxable year for which the return is
mode, as orcltnm:',r cain or loss.
1'l'CaGUl,Y
Dcpm'Lment Circular No. 418 (current revision) and this notice, :pre·
sc1'11>e the tC.nllG of the Treasury bills and govern the conditions of their issue.
Copies of the
~ircular
mo.y be obtained from any Federal Reserve Bank or Branch.
- 2 -
:' Treasury bills applied for, unless the tenders are accompanied by an express
laranty of payment by an incorporated bank or trust company.
Immediately after the c10sine hour, tenders will be opened at the Federal RerYe Banks and Branches, follmving 1Thich public announcement will be made by the
easury Department of the amount and price ranee of accepted bids.
tenders will be advised of the acceptance or rejection thereof.
ng
: the Treasury
eA~rcssly
Those submi tThe Secretary
reserves the right to accept or reject any or all tenders,
- whole or in part, and his action in any such respect shall be final.
~se
reservations, noncompetitive tenders for
$ 20~O
Subject to
or less without stated
:ice from any one bidder will be accepted in fuJ.1 at the average price (in three
)ima1s) of accepted competitive bids.
Payment of accepted tenders at the prices
:rered must be made or completed at the Federal Reserve Bank in cash or other imliately available funds on July .964.
The income derived from Treasury bills, whether interest or gain from the sale
other disposition of the bills, does not have any exemption, as such, and loss.
mthe sale or other disposition of Treasury bills does not have any special treatt, as such, under the Internal Revenue Code of 1954.
The bills are subject to
ate, inheritance, gift or other excise taxes, whether Federal or state, but are
THl5fJ3tn f:l
D~i:PN1']'1
OO1I'
iTtu:;hln~tol1
June 25, 1964
x...vz..xxxx~mxxxxxxxxxxxx==OFFERS
'j11C
Trecoury Depn.rtment, 1>~r th:to lJuhUc noticc, invitcs tenders for $ 1,OOO~1
orUlcl'c8bouts, of
COLlJ.1cl~i l:.i vo
~el·.i,e;,
$1 BILLION ONE-YEAR BILLS
358
fii)i
-dry TrcD.cury billa, to bc isrmcd on a discount basis unda
n.tl(l noncompcti ti V2 bi.ddlr1[; at) hCl'cinn.:;;-ter provided.
'rill be dutcd
July 7_64
,h,);l U1C 'fe.ce C;ilOtmt 'trIll 1>c :p8.y:::•.hle ir:i:i.holtt
The bills of this
June 3",1965 =1
, end 't-rlll mC.tul'c
inL(~n::>-L.
Thcy
~rl11
be issued in beo.l'er
:i'ol'n onl:r , ~.'11d in dcnonLi.na.'V.ol1G of :;;1,000, ;:;;j, 000, :;;10,000, :;i50, 000, :iilOO, 000, $500,~
CJ1(....
::il, 000 ,000
(E1O.tm'i, t~r vu1ue).
']?endel'S \Iil1 be l'ccej.'leu a.t FcclCJ.'~1.1 I:C;JC1'VC Dnnl;'G c~nd B:l'{U1Chec up to the clodl
Daylight Saving
110lXL', onc-':';hirt~r p.n., Eo.Gtc:;:n/"M'M,,,., tinc,
wedneSdaY~ 1, 1964
• Tcn&
'trl1l not bc received c.t thc 'l're8.::ml'Y Department, Hashil1{,rton.
En.ch tender nrust be f(
an cvcm lluJ.tip1e of :;ilJOOO J o.n<1 in thc caGC Oi~ CO;ll11ctJ.t.:i.vc tcnderG thc price offcl'ct
':m~J.:;
be e;;:prcGGcd on thc bo,c:i.::; oi' 100, 'Irlth not
Ii'l·r.C [;:ionG J:l~r
not be tlGc<1.
;'1O:;:'C
than thrce dcc:i.r.1O.1::;, e. G., 99,
It :i.G 'LU'ccd the.t tcnucx';} bc marle on the prj.nted fOl'l!l5 l1li
::.'o::.'\."C'.rc1cd :.i.n the cpecic.l cnvclopcc 'T;l'i.ch u:LlJ. bc Guppliccl by I"cdel'o.l Hcsel"Ve :&;.n.~s ~
1)::':',)1chcs on c.!>pl:tco.t:tOl1 therefor.
Dcl'lJ~in[; inctitution:..: ccnc:..'[\lJ.;jr r.K'.y subl;t:t.t tenCJ.crc
i'O).'
account ofcUS-Gomero pro'
videa the nCJ;lCG of thc cu:.)'cojnel's 8.re Get .~'o:.'l;h in such tC11clcrs.
Other3 than bankin«
institutions In.!.l not be pel';l1ittecl:;o Gubrut tcnclc:rc exccpt for their Ovm account.
Tenders 'trIll bc reccivcd lrlthout depo~.i.t i-~rom incorporated bonl.. s and truGt c()lllp8D1~
ond
:l'l'Oi.l
J'coponsible nnd rccocnized d,eo.lcJ:'G 1.n inv8stment securities.
others rrn13t be c.ecomp£.nied
b~'
pt'.:'i,lcn'::' oi.· 2 pel'cent of the face amount
Tenders fr('Jf
TREASURY DEPARTMENT
JR IMMEDIATE RELEASE
TREASURY OFFERS $1 BILLION ONE-YEAR BILLS
The Treasury Department, by this public notice, invites tenders for
,~,OOO ,000 ,000, or thereabouts, of 358-day Treasury bills, to be issued
) a discount basis under competitive and noncompetitive bidding as
-,'reinafter provided. The bills of this series will be dated July 7,
}64, and will mature June 30, 1965, when the face amount will be
:~able without interest.
They will be issued in bearer form only,
ld in denominations of $1,000, $5,000, $10,000, $50,000, $100,000,
~iOO,OOO and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up
the closing hour, one-thirty p.m., Eastern Daylight Saving time,
'dnesday, July 1, 1964. Tenders will not be received at the Treasury
partment, Washington. Each tender must be for an even multiple of
,000, and in the case of competitive tenders the price offered must
expressed on the basis of 100, with not more than three decimals,
g.,99.925. Fractions may not be used. It is urged that tenders
_ made on the printed forms and forwarded in the special envelopes
ich will be supplied by Federal Reserve Banks or Branches on
plication therefor.
I
Banking institutions generally may submit tenders for account of
provided the names of the customers are set forth in such
nders. Others than banking institutions will not be permitted to
~mit tenders except for their own account.
Tenders will be
:eived without deposit from incorporated banks and trust companies
~ from responsible and recognized dealers in investment securities.
1ders from others must be accompanied by payment of 2 percent of
= face amount of Treasury bills applied for, unless the tenders are
;ompanied by an express guaranty of payment by an incorporated bank
. trus t company.
~stomers
Immediately after the closing hour, tenders will be opened at
Federal Reserve Banks and Branches, following which public
touncement will be made by the Treasury Department of the amount and
~ce range of accepted bids.
Those submitting tenders will be advised
the acceptance or rejection thereof. The Secretary of the Treasury
~ressly reserves the right to accept or reject any or all tenders,
whole or in part, and his action in any such respect shall be final.
~~
266
-4-
-'-:-0
-
\'
b. tak.ell:
'J..
U.'-La pt'••••• (.Mel
eoi.a) u.
oei~ ~N
c.
ialprlaC ........, . . , ....
for ;.iellv.q ,_1, tb.l. 'all ...
.tt:l4
aow pro.aJ,."flle.~.""l"I_.'.lf11I_•••·_"."•••
...... wUl ......
TREASURY DEPARTMENT
June 26, 1964
FOR RELEASE A.M. NEWSPAPERS
MONDAY, JUNE 29, 1964
TREASURY TO DOUBLE COIN PRODUCTION
The Treasury today announced an intensified program to double
the nation's rate of coin production within a year and raise it by
75 percent during the next six months.
By next June, the program will boost our coin production to
an annual rate of over 9 billion new coins -- more than double
the 4.3 billion level for fiscal 1964 and triple the 3 billion
level for fiscal 1961. For the last six months of this year -normally a time of peak demand for coins -- the program will mean
a 75 percent increase in coin production over the same period last
year, a rise to 3.5 billion new coins from the 2 billion produced
in the last half of 1963.
This increased production will be distributed among the
present 5 denominations of coins in about the present ratios
roughly two-thirds pennies, one-fourth nickels and dimes, and
the rest quarters and half-dollars.
The new program will augment the Treasury's already heightened
efforts to expand the nation's coin production in the face of a
growing need for coins.
Steps already taken to expand current production of coins
include the purchase of rolled nickel strip for the making of
all five-cent coins -- thus freeing equipment for other
production -- and the inauguration of a continuous 7-day, 24-hour
production schedule at the nation's two Mints, in Denver and
Philadelphia.
These actions will increase production for the coming fiscal
year by 600 million coins, bringing total budgeted production up
to some 5 billion coins.
D-1267
- 2 To augment these measures, the following new steps will be
taken:
1.
Beginning early in July, bronze strip for
pennies will he purchas~d (in addition to the
nickel strip already being acquired for five-cent
coins), thus freeing all melting, casting and rolling
operations for the production of more silver coins.
2. New coin presses (used to imprint the design
of the coin) are being ordered for delivery early this
Fall and additional stamping machines, which can be
converted for Mint use, are being acquired from the
surplus stocks of the Department of Defense, the
General Services Administration, and private industry.
3. In December, when current orders have been
filled, the proof coin operation (the production of
special sets of coins for collectors) will be
suspended.
Those of its presses that are suitable
will be converted to allow higher speeds and will be
devoted to the production of coins for circulation.
4. As additional presses become available,
production of annealed blanks (round pieces of
metal the actual size of the coin softened to take
the die) for nickels and pennies will be temporarily
shifted to the U.S. A3say Office in San Francisco,
thus permitting the Mints to concentrate on the final
stages of the production of all coins.
5.
The Congress will be asked to continue the
1964 date on all coins indefinitely, thus eliminating
any possible incentives for keeping 1964 coins out of
circulation for speculative purposes.
Through these and other measures, the Treasury Department will
continue to seek out ways of assuring an adequate supply of
coinage with existing facilities -- pending the construction of the
new Philadelphia Mint authorized last August. This Mint will
replace the current Philadelphia Mint, and will be capable of
producing coins at a higher rate than hoth existing Mints together.
However, since funds are only now becoming available to proceed with
construction of the new Mint, its construction is nine months
behind the Treasury's original schedule -- and it will probably begin
coin production in 1967, instead of in 1966 as originally expected
by the Treasury.
000
TREASURY DEPARTMENT
(
June 26, 1964
FOR IMMEDIATE RELEASE
TREASURY DECISION ON FIAT AUTOMOBILES
UNDER THE ANTIDUMPING ACT
The Treasury Department has determined that Fiat Automobiles
from Italy are not being, nor likely to be, sold in the United
States at less than fair value within the meaning of the Antidumping
Act.
Notice of the determination will be published in the Federal
Register.
The dollar value of imports of the involved merchandise received during 1963 was approximately $11,000,000.
TREASURY DEPARTMENT
June 26, 1964
FOR DlMEDIATE RELEASE
TREASURY DECISION (!J FIAT At1.rCMOBILES
UNDER THE ANTIWMPING ArJr
The Treasury Department has determined that Fiat Automobiles
from Italy are not being, nor likely' to be, sold in the Un! ted
States at less than fair value within the meaning of the Antidumping
Act.
Notice of the determination will be published in the Federal
Register.
The dollar value of imports of the involved merchandise received during 1963 was approximately $11,000,000.
TREASURY DEPARTMENT
)R REIEASE A. M. NEWSPAPERS,
Jesdq, June 30, 1964.
June 29, 1964
RESULTS OF TREASURY' S WEEKLY BILL OFFERING
The Treasury Department announced last evening that tenders for the additional issue
2 of two series of Treasury bills, one series dated April 2, 1964 (91 days to
Lturity) and the other series dated January 3, 1964 (182 days to maturity), which were
~fered on June 24, were opened at the Federal Reserve Banks on June 29. Tenders were
Nited for $1,200,000,000, or thereabouts, of 91-day bills and for $900,000,000, or
lereabouts, of 182-day bills. The details of the two series are as follows:
11 July
~GE
OF ACCEPTED
91-day Treasury bills
182-day Treasury bills
maturing October 1, 1964
maturing December 31, 1964
Approx. Equiv.
Approx. Equiv •
Price
Annual Rate
Price
:
Annual Rate
High
99.124
3.465%
98.220
3.521%
Low
99.118
3.489%
98.214
3.533%
Average
99.121
98.217
3.479% !I
3.528%
a/ Excepting two tenders totaling $250,000
b9 percent of the amount of 91-day bills bid for at the low price was accepted
19 percent of the amount of 182-day bills bid for at the low price was accepted
·
·
)fPETITIVE BIDS:
!I
·
Y
)TAL TENDERS APPLIED FOR AND ACCEPTED BY FEDERAL RESERVE DISTRICTS:
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
;D,allas
San Francisco
TOTALS
A;eElied For
$ 21,278,000
1,408,472,000
29,078,000
34,312,000
12,862,000
29,145,000
180,159,000
33,091,000
18,621,000
25,880,000
25,352,000
95,350,000
$1,91),600,000
AcceEted
•• Applied For
11,278,000 · $
1,570,000
1,322,428,000
828,712,000
6,682,000
12,458,000
13,961,000
34,101,000
1,741,000
12,862,000
1l,139,000
25,835,000
113,028,000
115,877,000
27,029,000
10,794,000
16,001,000
5,581,000
13,6)1,000
25,570,000
9,699,000
19,042,000
70,318,000
71,300,000
$1,200,665,000 £I $1,580,572,000
$
·
·
·
AcceEted
$ 1,570,000
746,942,000
1,320,000
8,061,000
1,741,000
9,329,000
45,218,000
8,294,000
3,676,000
13,531,000
4,789,000
55,983,000
$900,454,000 ~
/; InclUdes $207,012,000 noncompetitive tenders accepted at the average price of 99.121
I. Includes $51,159,000 noncompetitive tenders accepted at the average price of 98.217
I On a coupon issue of the same length and for the same amount invested, the return on
these bills would provide yields of 3.56%, for the 91-day bills, and 3.64%, for the
l82-day bills. Interest rates on bills are quoted in terms of bank discount with
the return related to the face amount of the bills payable at maturity rather than
the amount invested and their length in actual number of days related to a 360-day
year. In contrast, yields on certificates, notes, ald bonds are computed in terms
of interest on the amount invested, and relate the number of days remaining in an
interest payment period to the actual number of days in the period, with semiannual compounding if more than one coupon period is involved •
.268
STATEMENT OF THE HONORABLE DOUGLAS DILLON
SECRETARY OF THE TREASURY
BEFORE THE
SENATE FINANCE COMMITTEE
ON H.R. 8000
10:00 A.M., EDT, JUNE 29, 1964
I am appearing before you in support of H.R. 8000, the
Interest Equalization Tax, which passed the House of
Representatives with a large majority on March 5 of this
year.
This tax was originally proposed by President Kennedy
last July in his Special Message on the Balance of Payments.
It has since been fully supported by President Johnson.
I
also favor adoption of the technical amendments suggested
in my letter to the Chairman of June 12, which have been reprinted
by your Committee.
A year ago, our balance of payments was deteriorating
sharply.
That deterioration was due almost entirely to
accelerating capital outflows, and particularly to an
unprecedented outflow of portfolio capital.
The rate at
which new issues of foreign securities were being purchased
had more than tripled in the previous 18 months, and the
volume during the first six months of 1963 reached a total of
$1 billion.
- 2 -
As a result, the deficit in our international accounts
apart from all special inter-Governmental transactions -jumped from the already high 1962 level of $306 billion
to
an annual rate of $5.3 billion in the second quarter of 1963.
If allowed to continue, that deficit would have undermined
the international stability of
the dollar.
Today our balance of payments situation is much improved,
and the dollar is strong.
Judging from data at hand, the
deficit for the fiscal year ending tomorrow, calculated on the
same basis, will be well under half that of the preceding
fiscal year.
Paralleling this improvement, confidence has been restored
in our ability to achieve a balance in our payments within
a reasonable time.
our gold stock.
This, in turn, has staunched the drain on
After declining by an average of $1.7 billion a
year over the 1958-60 period, and by roughly half that rate
during 1961 and 1962, our total gold stock today is virtually
unchanged from ten months ago -- by far the longest period of
stability during the past six years.
- 3 -
However, we must not succumb to any illusion that the
progress of the past year means the end of our long-standing
balance of payments problem or allows us in any way to relax our
drive toward equilibrium.
The hard fact is that after six
consecutive years of large deficits -- adding up to
a total of
$21-1/2 billion on the basis of regular transactions -- we face
once again this year the unhappy task of financing a sizable, even
though substantially reduced, imbalance in our payments.
Roughly half of our payments improvement for the past twelve
months can be traced directly to diminished outflows of capital
into foreign securities.
But the basic problems giving rise to
the enormous capital outflow in 1962 and early 1963 have not yet
been solved.
Were we not now to proceed with enactment of the
proposed Interest Equalization Tax, demands from abroad for
portfolio capital would once again quickly converge on our market
in a volume far larger than we could sustain.
We simply cannot
afford to pay the price such an event would exact in terms of
dangers for the dollar and losses of gold and confidence -- thus
undercutting our whole international financial position.
~eed
for the Tax
The need for the Interest Equalization Tax has arisen out
of a combination of circumstances here and abroad that led to a
- 4 rapid acceleration in foreign demands on our capital market.
In the short space of the first six months of 1963, purchases
of new foreign issues
the overwhelming bulk from other
industrialized countries
rate of $1.9 billion.
reached a seasonally adjusted annual
That was $800 million higher than the already
swollen 1962 total and three and one-half times the 1961 level.
In addition, the indications were that potential borrowers in
Europe and Japan, who had already increased their demands on
our market dramatically, were scheduling still larger borrowings
in this country.
This surging flow of foreign borrowings simply swamped the
real progress in other areas of our balance of payments.
As a
result, our overall deficit on regular transactions rose to an
annual rate of $5 billion during the first half of 1963, sharply
above the totals of $3.1 and $3.6 billion in 1961 and 1962,
respectively.
These increases, as shown by tables 1 and 2,
paralleled the swelling outflow of portfolio capital into new
foreign securities.
This rise in the outflow of portfolio capital reflected neither
financing of U. S. exports nor the more general balance of payments
needs of the borrowing countries.
On the contrary, more and more
of the new flotations in our market were designed to finance local
.. 5 ..
projects of businesses or governments in countries already
enjoying relatively strong or improving external positions.
Many of the new borrowers did not require foreign exchange,
but only desired greater amounts of fresh capital to support
their own internal growth.
Because their own capital markets
were both narrow and costly, those borrowers desiring funds
were naturally attracted by our relatively low long-term
interest rates and by the ease with which large amounts of
funds could be obtained in our well-developed market.
As a
result, a large portion of the outflow of portfolio capital,
by providing more dollars to those who simply wished to exchange
those dollars for their own currencies, was adding roughly
equivalent amounts to our deficit.
The dollars in turn were
flowing into central banks and becoming a claim on our gold.
Appraising the same facts from a European vantage point,
the most recent Annual Report of the Bank for International
Settlements reached the same conclusion.
That Report, which
is representative of responsible and official European opinion,
noted, in speaking of 1963, that
'~ •• instead
of being a net
exporter of capital, which would seem the appropriate structural
position, Europe was a large net importer of capital -- which
in the main has been flowing into reserves."
- 6 Purchases of foreign portfolio securities by Americans do
in time lead to a return flow of interest and
divid~nd
income.
But this potential return is spread over many future years,
while the entire outflow of principal is immediate.
For instance,
during both 1962 and 1963, years when the outflow of
u.s.
portfolio capital into foreign securities averaged about
$1-1/4 billion, the increase in our income from such securities
amounted to only about $50 million a year.
Clearly,
calculations of earnings possibilities many years in the future
cannot, in the situation we face, substitute for the urgent
need to protect the dollar by bringing the current portfolio
capital outflow within the limits of our immediate capacity
to lend.
The Nature of the Interest Equalization Tax
In the light of these circumstances, prompt and effective
action to reduce the outflow of portfolio capital was essential.
The proposal before this Committee is designed to achieve that
result by means of an excise tax levied on the American
acquiring directly from a -non-resident foreigner a foreign stock
or debt issue maturing in more than three years.
While the tax
is payable by the American purchaser, the impact will be
effectively passed on to the foreign issuer in reduced prices
for his securitieso
- 7 The rate of tax is graduated so that its net effect is to
increase by about one percent the annual cost of capital to a
foreigner raising money in our market, thus bringing this cost to
a level more comparable to the costs he would face abroad.
The
result for foreigners would thus be similar to an increase of
one percent in our entire structure of long-term interest rates.
Finding our market more costly, many potential foreign
borrowers will seek the funds they require at home, or in other
foreign markets, instead of aggravating the strains on our own
position.
Similarly, American investors will find the net yield
on American securities relatively more favorable than yields
provided on outstanding foreign securities purchased from foreigners,
and will tend correspondingly to reduce their purchases of such
securities.
We view the proposed tax purely as a transitional measure.
As
our own payments come into equilibrium, as the expansion in our
own economy reduces incentives to export our capital, and as the
capital markets of other advanced countries develop the capability
of more adequately meeting their internal needs, this special tax
can and should be removed.
H.R. 8000 contains a termination date
of December 31, 1965, to assure that it will not be prolonged
beyond the time of need.
At the same time, because of the urgency
- 8 )f dealing with the problem, President Kennedy proposed that
this tax become generally effective July 19, 1963, the day
following its announcement in his Special. Message on the Balance
Jf Payments.
Any other course would simply have been an open
Lnvitation for potential borrowers and lenders to accelerate their
)lans and crowd into our market before the effective date of the
:ax.
Our balance of payments most certainly could not have borne
mch a strain.
On the other hand,'making that proposed effective date known
:0
the market has permitted careful Congressional consideration
)f this important piece of legislation without the atmosphere of
laste and urgency which would inevitably have developed in the face
)f accelerating capital outflows.
The House, in approving this
)roposed date, recognized that any other course would only have
'ewarded those few who have been willing to gamble on the possibility
bat a later effective date would be enacted, at the expense of the
;reat maj ority who have already adj usted their transactions in the
~ht
of the proposed July 1963 effective date.
Transactions in foreign securities between residents of the
S. would not be subject to tax, and Americans would, of course,
e able to sell foreign securities free of tax to foreigners
n markets both here and abroad.
Thus, active trading markets in
- 9 the more than $12 billion of foreign securities already held by
Americans will be maintained, and these securities will fully
maintain their value.
The passage of time since last summer has
clearly proved that the provisions of the tax regarding outstanding
securities are workable, and that they contribute substantially
towards improving our payments position.
The proposed bill would exempt a variety of acquisitions from
foreigners where this is possible without undermining the effectiveness
of the tax and where imposition of the tax would work at cross purposes
with other objectives.
The exclusion from the tax of obligations
maturing within three years assures that the great bulk of our export
financing and normal recurring international business will not be
impeded.
Further to assure unimpeded export financing, longer-term
export paper is specifically exempted, as are bank loans made in the
ordinary course of business.
Other important exemptions would be provided for the governments
and businesses of less developed countries and for direct investment.
In addition, the President would be provided discretionary authority
:0 exempt in whole or in part new issues from a particular country
Ln those instances in which he determines that application of the
:ax would imperil, or threaten to imperil, the stability of the
- 10 international financial system.
This exemption is designed as a
kind of safety valve for use only when it can be clearly established
that, as a direct consequence of the tax, a foreign country would be
forced to take such drastic measures that international financial
stability would be imperiled.
Any such showing would be dependent
upon a highly unusual set of circumstances, and in my opinion the
Jecessary conditions are today met only by Canada.
An annex to this statement describes the provisions of the
)ill more fully, while a detailed summary and a technical explanation
)£ the bill are contained in the Report of the Ways and Means Committee
)f the House.
)alance of Payments Impact
The effectiveness of the proposed tax in reducing the outflow
)f portfolio capital -- and the key importance of this in terms of
he entire balance of payments -- is clearly revealed by the results
ince last July.
After running at a rate of $5 billion during the
ix months prior to the President's Message in July 1963, the deficit
n regular transactions dropped sharply to a rate of $1.6 billion
uring the second half of 1963 and to $700 million during the first
Jarter of 1964.
The first quarter results reflect a number of
- 11 special
f~ctors
which had the effect of substantially but
temporarily reducing the deficito
Among these was an unusual and
temporary short-term capital inflow during March that was fully
reversed early in April, thus adding to the deficit being
incurred during the current quarter.
A number of factors, including a sizable rise in exports,
have contributed to the improvement in our balance of payments
since last July.
However, the single, largest element in this
improvement is the sharp decline in net purchases of foreign
securities.
Comparing the nine months before the tax was
proposed with the nine months since that time for which full data
are available, the outflow into foreign securities dropped from
$1,985 million to $290 million at seasonally adjusted annual
rates, a reduction of $1.7 billion in the annual rate of outflow.
To some extent, these gains were exaggerated by the initial
uncertainties regarding the precise provisions of the tax.
These
uncertainties could not be expected to last, nor would this be
desirable.
Our market will not be closed.
borrow in this country and absorb the tax;
Some foreigners will
others will enter our
market in the knowledge that their issues will be exempted.
There
are clear signs that activity resumed on this basis during recent
- 12 months, and the outflow into foreign securities is therefore
expected to increase moderately.
However, the experience of the
past nine months confirms our belief that the proposed tax will
be effective in confining this outflow to substantially lower
levels than those of late 1962 and early 1963.
During the hearings before the Ways and Means Committee last
fall, the Treasury estimated that imposition of the tax would
result in an overall reduction in the net purchase of foreign
securities of $1-1/4 to $1-1/2 billion a year.
These savings
were calculated from the high levels of outflow during the six to
nine months preceding the tax.
The validity of these estimates
is now strongly supported by the figures at hand -- a savirgat an
annual rate of $107 billion in the nine months following
announcement of the proposed tax as compared to the preceding nine
months.
Such estimated savings are fully consistent with purchases
of new foreign issues at a rate of perhaps $600-$800 million a
year -- close to, but still somewhat above, the rate that would
have been considered "normal" prior to 1962..
Furthermore) such
a total would be consistent with needed progress toward
equilibrium in our balance of payments, without putting undue strain
on the international financial system.
- 13 Already a sizable number of new issues have been diverted to
European markets, where they
t~ve
been absorbed by countries in a
strong balance of payments position.
Under the stimulus of the
tax, European markets have shown that they are capable both of
handling their own
inte~nal
needs in more adequate fashion and of
meeting a larger portion of foreign needs.
I want to emphasize that an exemption for new Canadian issues
should not impair the effectiveness of the tax.
Canadian
authorities have assured us that it is their intention that Canadian
borrowing in our market will not exceed amounts necessary to
maintain reasonable equilibrium in Canada's international reserve
position.
This should mean a substantial reduction in Canadian
borrowing in this country from the exceptionally high levels of
late 1962 and early 1963 to the more normal levels that were
characteristic of earlier years.
Certainly, over the period since
the tax has been proposed, the Canadian reserve position has not
deteriorated despite a sharply lower level of borrowings in our
market.
We have, of course, also been closely following trends in
bank lending, in view of the possibility that foreign borrOwers
might seek to shift to that kind of financing.
While analysis of
- 14 detailed information supplied by the banks on their commitments
for the first five months of 1964 does not suggest any significant
direct substitution for market financing, the total volume of
short and long-term loans outstanding rose sharply in 1963 and
during the first quarter.of 1964.
The rise started early in the
spring of 1963 and became particularly noticeable during the fourth
quarter.
A good part of this increase is clearly related to the surge
in American exports over the same period.
But, in addition, it
is possible that, in adjusting to the tax, borrowers in a few
countries under balance of payments pressure -- notably Japan
have made greater use of bank loanso
While some initial reactions
of this kind are not surprising, and there are now some indications
of a leveling off of the Joan volume, future trends will clearly
require continuing surveillance.
We will promptly recommend to the
Congress appropriate changes in the bank loan exemption should it
appear that such loans are in fact being utilized to any significant
degree as substitutes for market financing.
rhe
Tax and Our Over-all Balance of Payments Program
This tax is only part -- although a crucial part -- of a
~ornprehensive
balance of payments program.
A satisfactory long-run
- ~
solution for our payments problem depends on a more vigorous and
efficient domestic economy, capable of sustained productive
expansion with stable costs and prices.
Major steps to support
this objective were taken in 1962 with the investment tax credit
and the liberalization of depreciation allowances.
They were
followed this year by thE $11.5 billion reduction in individual
and corporate tax rates.
Together with responsible wage bargaining and pricing policies,
these fiscal measures
are now strengthening our basic competitive
position at home and abroad, and our basic trade outlook is
favorable.
Greater prosperity at home, with greater profitability
of investment here relative to the returns available from foreign
investment, will reduce the incentive for direct investment
abroad and encourage the retention of funds at home where their
investment in domestic projects will create more jobs for Americans.
We have also placed great emphasis upon reducing the net
flow of dollars abroad as a result of Government
programs~
For
example, between 1960 and mid-1963, our annual rate of net
military expenditures abroad was reduced by more than $500 million.
That portion of our economic assistance provided by AID in the
form of UoSo goods and services rather than dollars has been
- 16 raised from less than one-third in 1960 to over 80 percent for
current commitments.
President Kennedy last July scheduled an ,additional reduction
of $1 billion in the annual rate of overseas Governmental
expenditures by the end of this year.
President Johnson is
determined to achieve that target.
As you can see, visible gains are being made towards solving
our basic payments problem.
But we must not permit them to be
drained away in a renewed outflow of portfolio capital.
Alternatives to the Tax
While appreciating the need to restrain the outflow of
portfolio capital, some have suggested that there are preferable
alternatives to the tax.
One would be an attempt to drive up our
entire structure of long-term interest rates by about I percento
Such a drastic tightening of credit, if possible at all, would
clearly work against all that we are trying to achieve to reduce
excessive unemployment and encourage the investment that creates
jobs and promotes efficiency.
The Interest Equalization Tax
increases the cost of our money to foreigners, just as would a
sharp increase in our own rates.
Gis~upting
But it will do so without the
effects on the entire domestic economy of an attempt to
artificially force our long-term rates to unrealistically high levels.
- 17 Another suggested alternative would abandon the market system
altogether by rationing credit to foreigners through a capital
issues committee.
Proponents of that approach have failed to suggest
what kind of criteria could be used to cut back the heavy foreign
demands for capital, or. whether any rational criteria could be
consistently applied amid the conflicting pressures from at home
and abroad that would descend upon those administering the system.
To be successful, a capital issues committee would have to be
Government controlled.
This would mean that Government
substituting case by case decisions by the Executive for the market
effects of the proposed tax -- would have to intrude itself directly
into the process of individual decision-making in a way that this
country has never found acceptable save in wartime.
Moreover,
selective rationing would clearly not be workable in the case of
outstanding securities.
There are simply too many transactions in
this area, through too many channels, to make policing practicable
on a case by case basis.
Substantial balance of payments savings
would be sacrificed and, if equal overall savings were to be achieved,
the volume of new issues would have to be held to a considerably
lower figure than is expected under the Interest Equalization Tax.
- 18 Conclusion
The Administration has proposed this temporary tax with
reluctance, but the need for action to restrain the outflow of
portfolio capital is clear.
The workability and effectiveness of
our approach have been demonstrated.
It is far preferable to any
alternative that has been suggested.
Our international competitive position is strengthening, and
other measures to achieve lasting improvement in our payments are
bearing fruit.
But these measures take time, and meanwhile our
deficit remains sizable.
Failure to enact this tax would stimulate
a resurgence of capital outflows with dire effects on our balance
of payments.
Also,such failure could only be interpreted throughout
the world as an unwillingness on the part of the U. S. to face up
to the hard decisions that are required to protect the dollar, and
so the financial health of the entire free world.
I, therefore,
strongly urge your early approval of this vitally important
legislation.
000
Table 1
u,S, Rill-once of Pn;.'Tnonts. 1960 - First quarter 196/t
(In Millions of Dollars)
1960
C\:'ITmercia1 l\~erchanc1ise Exports
':, mmercia1 lvi.crchandise Imports
Con~ercia1 Trade Balance
·>mmercia1 services, remittances & pensions
Commercial Balance 21
t'i l i tary Expenditure (net) :11
G"l I t grants and capital dollar payments
vJ'.r't capital receipts, excl. prepayments,
borrowings & fundings
Private Capital:
Transactions in foreign securities
Other long-term !J
Short-term
Unrecorded Transactions
Balance on Regular Transactions
Special Government Transactions
21
Overall Balance
Memorandum:
Gold Sales (not ~eas. adj,)
11 Excludes military
21 Excluding exports
17,545
-lIt. 723
2,822
856
3,678
1961
1963._ _ _ __
Seas.Adj.Ann.Rates
1st
2nd.
To;tal
Half
Half
19,218
18,098 20,338
-16.931
-16.428 :-17.434
2,287
1,670
2,904
1,200
1. {t84
l,3{t2
2,870
3,629
4,388
1961,
1st. ~t.r,
(Seas. Ad,i,
Ann. IW~tes~
21,880
-17.388
4,492
3,196
1.583
4,779
18,213
-.16.134
2,079
1,739
3,818
-2,712
-1,110
-2,560
-1,139
-2,375
-1,077
-2,188
-1,010
-2,360
-2,274
-886
-1,988
-762
543
516
501
388
502
445
540
-864
-1,172
-1,437
-752
-2,112
-1,784
-998
-438
-2,042
-454
-1,275
-1,913
-726
8
-1,438
-910
-1,267
-1,492
-2,716
-2,528
-772
-998
-1,111
-164
-408
-286
-432
-3,918
-3,071
-3,605
-4,998
-~,574
-3,286
-724
37
701
1,402
1,258
1,430
1,344
556
-3,881
-2,370
-2,203
-3,740
-144
-1,942
-16S
1,702
857
890
227
461
46
-1,243
17,693
1962
-II. ,/..2.:L
f2I
234
f2I
2. i/;:i:)
6,952
-560
transfers under grants.
'
and services financed by Qovernment grants and capital.
11 Excludes advances on military exports.
kI Including direct investment.
21 Includes nonscheduled receipto on GaVlt. loans, advances on military exports~ and sales of nonmarketable mediumterm securities, including' conv~r·tlble securities'of $502 million, 1st haIr 196/; $200 million, 2nd half 1963.
21 Not at annual ra~es.
Table 2
,Lonr;-Term Capital Flows in the U. S, p.,alance of PnYments I 1960 - First 92¢arter 1964
(In Wdllions of Dollars)
1960
1961
1964
1st Qtr.
1963
1962
Seas.Adj.Ann.Rates
1st
Half
D:i.rect investment:
U.S. direct investment abroad
?oreign direct investment in U.S.
(Se8e.Adj
:rotal
Amk..~.~
=1,862
-1,852
=~8~§
-1,660
-54
11
--2.2
-1,522
"",1,976
"1,714
-1,845
-1,756
-523
-1,076
-1,858
-680
-1,269
-388
::JQl
-864
-387
-910
-6
-1,172
""2,112
-438
:1",275
l2.2
201
148
203
186
204
195
176
-200
-263
-258
-312
-816
·'64
-l,OOS
g.§.2
374
140
318
284
301
::l&
-574
-651
-1,087
-1,920
-766
-1,343
-95 a
-2,107
-2,177
-2,609
-3,896
-2,480
-3,188
-2,708
-1,674
-1,654
-2,06t..
141
-1,599
73
~
-1,,533
-1,526
investment:
U.S. purchases of new issues of
foreign securities
-555
U.S. net purchases of outstanding
foreign securities
Total purchases foreign ~ecurities
Net direct investment
2nd
~(=
P0~~fo1io
Redemptions of U.S. held foreign
securities
Other U.S. long term, net
J/
Foreign long-term portfolio investments in U.S.
Net portfolio investment
Net long-term capital
11
-=.2§
~
lli
8
Vainly long-term bank loanR
(D
Source:
Survey of Current Business and Department of Commerce
ID
Table 3
Ht:Y. .]SS1l8S of Foreign Securities Purchased by U.S. Residents~_Area 1960 - First Quarter 1964
(Millions of Dollars)
1960
1961
1962
1st
Half
l2 6 J
1964
1st Qtr.
2nd
Half
Total
22l
237
457
632
1.05
737
Western Europe
24
57
195
219
53
272
Japan
15
61
101
83
57
140
27
43
60
17
107
18
102
64
95
77
~
.JL
....§L
555
523
Canada
Other Developed
11
Latin American Republics
other Less Developed
International Institutions
Total New Issues
11
y
1,076
Y
17
13
23
36
13'
35
32
67
24
--
-T.
999
270
-1,269
Australia, New Zealand, South Africa
Includes $75 million issues by Inter-American Development Bank.
Source:
91
SUrvey of Current Business and Department of Commerce.
June
29, 1964
.it132
ANNEX
GENERAL DESCRIPTION OF THE INTEREST EQUALIZATION TAX
NATURE
OF TAX
The Interest Equalization Tax is a temporary excise tax
imposed on acquisitions by Americans of foreign securities
from foreigners regardless of where the acquisition occurs.
The tax applies to foreign stock and debt obligations, both
new and outstanding. It does not apply to purchases of foreign securities by Americans from other Americans.
By bringing the costs to foreigners of raising capital
in the U. S. market more closely into line with costs prevailing in foreign capital markets, the tax will substantially
reduce the incentives to foreigners to raise capital in the
U. S. market because of lower interest rates in this country.
The higher cost to foreigners resulting from the tax, however,
is not intended to eliminate all outflows of portfolio capital;
long-term U. S. capital will remain available to those foreigners whose urgent need for such funds cannot be met on
reasonable terms in foreign capital markets.
The rate of the tax in the case of foreign debt obligations is graduated from 2.75 per cent for obligations
maturing in three years to 15 per cent for those maturing
in 28-1/2 years or more. The schedule of rates is determined so as to increase by roughly 1 per cent the cost of
borrowing to the foreigner. In the case of foreign stocks,
the rate of the tax is 15 per cent, the same as for bonds of
the longest maturity.
~.
and Outstanding Securities. The tax applies broadly to
both new stocks and debt obligations and outstanding stocks
and debt obligations. Coverage of transactions with foreigners in all of these categories is consistent with the
intent that the tax operate in a manner analogous to a general
rise in U. S. long-term interest rates, and assures that strong
incentives and opportunities will not arise for funds to flow
out through tax-free channels, undermining the effectiveness
of the tax.
NeH
- 2 -
Short-Term Obligations. No tax is imposed on the acquisition of debt obligations if the period remaining to
maturity is less than three years. This exemption will
oermit the wide variety of short-term credit transactions
~elated to international trade generally and U. S. exports
in particular to continue unaffected. Transactions in
short-term instruments occur in enormous volume and take a
wide variety of forms, but most of them relate to trade
financing and to normal, reversible shifts of funds between
markets in response to temporary needs and short-term
interest rate differentials. Since interest rates for shortterm loans in the United States can more readily be influenced
by monetary policy, without adverse effect on the economy in
general, it has been possible to bring these rates more
closely into line with those prevailing in other important
industrialized nations.
EXCLUSIONS
In addition to the basic exemptions from the tax of
acquisitions of short-term obligations and acquisitions from
other Americans, the bill provides various exclusions so as
not to interfere with certain vital national objectives, such
as the encouragement of U. S. exports, the avoidance of threats
to the stability of the international monetary system, and
the growth of less developed countries. The major categories
of exclusions are described below.
Exoort Financing. One of the best methods of reducing the
deficit in the U. S. balance of payments is to increase
exports from this country. Accordingly, the bill provides
for a series of specific exclusions for stock and debt
obligations acquired in connection with various export
transactions. These exclusions will assure that American
business firms have the ability to offer credit facilities
to their foreign customers, whether for short- or long-term
loans.
The acquisition of debt obligations is excluded from
tax if they are guaranteed or insured by the Export-Import
Bank or other U. S. Government agencies or instrumentalities.
In addition, debt obligations acquired by Americans in
- 3 connection with the sale of U. S. goods (tangible or intangible) abroad are free of the tax, as is the acquisition
of stock or debt obligations in connection with a foreign
project in which American firms partic~pate to a substantial
degree. The bill also excludes from the tax debt obligations
acquired by an American firm from foreign customers when the
proceeds are used for the installation or maintenance of
facilities to service goods sold by the American firm which
were produced, grown, or extracted in the United States. A
similar exclusion has also been provided where the U. S.
firm is engaged in selling ores or minerals in which it has
a substantial economic interest, whether or not extracted
in the United States.
Commercial Bank Loans. Commercial banks making loans in the
ordinary course of their commercial banking business would
not be subject to tax. ~bst of these loans would ordinarily
be excluded because of their short maturities, and much of
short-term bank financing of foreigners involves exports.
The exclusion, besides permitting banks to continue freely
their role in financing U. S. exports, enables them to
maintain their flexibility in meeting normal, recurring
needs for financing international business.
Eh~erience under this exclusion will be closely observed.
In order to provide detailed information as to whether the
exclusion for commercial bank loans should be continued and,
if not, the ways in which the exclusion should be changed,
the bill provides for authority to require banks to furnish
relevant data on their loans to foreigners.
International ~lonetary Stability. The bill gives the President
authority to exempt all or a portion of new security issues of
a foreign country from tax where he determines that application of tax to such securities imperils, or threatens to
imperil, the stability of the international monetary system.
Ynis is consistent with our treaty obligations to the International Monetary Fund.
Use of this exclusion would be justified only in highly
unusual circumstances.
New issues of Canadian securities are the only ones which,
under present circumstances, it is contemplated would be excluded under this provision.
- 4 Less Developed Countries o The tax is not applicable to
the acquisition of securities issued or guaranteed by less
developed countries nor to the acquisition of securities
issued by less developed country corporations. At the
present time, it is expected that this exclusion would
~pply to the securities of all Latin P~erican countries,
African countries with the exception of South Africa, Asian
countries except for Japan and Hong Kong, and to a few other
nations outside the Sino-Soviet bloc. This exclusion is
designed to help those countries with chronic capital shortages, urgent development needs, and limited ability to borrow
on normal commercial terms. The United States has long
recognized a responsibility for assisting these nations in
their struggle to achieve improved standards of living, and
application of the tax to issues of these countries would
work against these objectives o
Direct Investments o The tax is not applicable to direct
investments in overseas subsidiaries and affiliates o Direct
investment ffi€ans the acquisition of stock or a debt obligation
in a foreign corporation or partnership by an American owning
at least 10 per cent voting control after the transaction is
completed o The exclusion of these transactions is based on
the fact that the decision to make such investments is usually
grounded in such factors as market position and long-range
profitability rather than interest-rate differential so
Foreign Corporations Controlled by ~mericans and Traded Here o
The bill treats as domestic a foreign corporation traded on
an J~erican stock exchange, if trading on U.S. exchanges provides the principal market for the stock and if more than 50
percent of the stockholder s 'l:oJere .1\mericans on July 18, 1963.
Close association of these companies with the U. So justifies
their treatment as domestic companies.
Insurance ComT)anies 'l:vith Foreign Business. The bill permits
insurance companies to acquire stock and debt obligations of
foreign issuers and obligors tax free in an amount equal to
110 percent of their reserves against foreign risks in
connection with their operations in foreign countries. This
exemption is based on the fact that U.S. insurance companies
often engage in business in foreign countries through branch
- 5 operations, and in conducting this business, they receive
premiums in a foreign currency, invest the proceeds in that
currency, and are required to pay liabilities on policies in
that currency. Since the absence of an exclusion of this
character would expose the insurance companies to a foreign
exchange risk, it was believed desirable to provide this exclusion.
Labor Unions, etc. The bill exempts acquisitions by labor
unions and certain other tax-exempt organizations which hold
dues or membership fees in foreign currency for the benefit
of local members located in foreign countries. This exclusion,
as with insurance companies, avoids exposing these organizations
in the ordinary conduct of their operations to a foreign exchange risk.
Undenrriters and Dealers. To facilitate and encourage the
placement of new foreign issues abroad, American underwriters
participating in the distribution of new foreign issues would
receive a credit or refund of the tax on any sales to foreigners. Similarly, dealers maintaining markets in foreign
bonds will be given a credit or refund on such securities
purchased from foreigners and resold to foreigners within 90
days after their purchase. A similar provision has been proposed to apply to arbitrage transactions by dealers in foreign
stocks as long as the dealer sells to a foreign person on the
same day the stock is purchased. The shorter time provision
for stocks, as compared with bonds, is a recognition of the
fact that stocks could become a tax free vehicle for speculation
under any wider exclusion.
The c~edit or refund provision for underwriters and
dealers will provide incentives to place a maximum portion
of new flotations of foreign securities in foreign hands,
and will assure potential foreign buyers that an active secondary market \vill be available in this country for such new
foreign bonds as they may purchase.
Acquisitions Required by Foreign Law. The bill provides an
exclusion from tax in the case of securities acquired by an
F.merican firm doing business in a foreign country to the
extent the acquisitions are reasonably necessary to satisfy
minimum requirements relating to holdings of foreign
securities imposed by the laws of the foreign country. This
- 6 exemption is provided because some foreign countries require
foreign businesses engaged in business locally to invest a
portion of their assets in securities of that country as a
condition to doing business there.
OTHER PROVISIONS
Liability for Tax. The tax is imposed on the U. S. person
acquiring a foreign security from a foreigner. The purchaser
who is liable for the tax must file a quarterly interest
equalization tax return listing taxable purchases and enclosing payment.
Administrative Procedure. A simple administrative procedure
has been established for determining when the tax is owed. If
the U. S. purchaser is buy~ng through a U. S. broker and his
purchase confirmation does not indicate that his purchase is
subject to the tax, the confirmation is proof of his exemption
and no return is required. If the purchase is not made through
a U. S. broker, the purchaser should receive a certificate
of American ownership from the seller if the seller is a U.S.
person. The certificate is proof of the purchaser's
exemption. Stock exchanges and over the counter markets have
developed procedures which readily permit the operation of
these provisions.
Effective Date ~nd Expiration Date. The bill generally is effective with respect to acquisitions by Americans of foreign securities from foreigners made on or after July 19, 1963. This is
one day after the date Congress received the President's special
message on the balance of payments and the public announcement of the principal features proposed by the Administration
for this bill. A special effective date of August 17, 1963,
is provided for foreign securities traded on an exchange so
as to permit uninterrupted trading in foreign securities on
- 7 the exchanges, while they were adjusting their trading rules
and procedures to the requirements of the proposed bill. The
bill also exempts certain transactions which were in an
advanced stage of negotiation on July 18, 1963, since application of the tax to these transactions might have created
substantial hardships.
The tax would expire December 31, 1965.
REVENUE EFFECT
It is estimated that this bill will result in a
revenue gain of up to $30 million on an annual basis.
TREASURY DEPARTMENT
FOR IMMEDIATE RELEASE
TREASURY DECISION ON WINDOW GLASS
UNDER THE ANTIDUMPING ACT
The Treasury Department has determined that window glass,
l6-ounce through 28-ounce thicknesses, from the U.S.S.R. is
being, or is likely to be, sold at less than fair value within
the meaning of the Antidumping Act.
Accordingly, this case is being referred to the United
States Tariff Commission for an injury determination.
Notice of the determination and of the reference of the
case to the Tariff Commission will be published in the Federal
Register.
The dollar value of imports of the involved merchandise
received during the period from January 1, 1964, through
April 30, 1964, was approximately $90,000.
TREASURY DEPARTMENT
(
June 30, 1964
FUR IMMEDIATE RELEASE
TREASURY DECISION ON WINDOW GlASS
UNDER THE ANTIDUMPING ACT
The Treasury Department has determined that Window glass,
16-ounce through 28-ounce thicknesses, from the U.S.S.R. is
being, or is likely to be, sold at less than fair value Within
the meaning of the Antidumping Act.
Accordingly, this case is being referred to the United
States Tariff Commission for an injury determination.
Notice of the determination and of the reference of the
case to the Tariff Commission Will be published in the Federal
Register.
The dollar value of imports of the involved merchandise
received during the period from January 1, 1964, through
April 30, 1964, was approximately $90,000.
- 3 -
anel exchanGe tenders will receive equal treatment.
Cash adjustments will 'be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Trco.sury bills, whether interest or gain from the
Sall
or other disposition of the bills, does not have any exemption, as such, and loss
from the sale or other dispoGition of Treasury bills does not have any special
treotmr.:nt,
{l~
such, under the InternaJ. Revenue Code of 1954.
The bills are subjec1
to ectn.t.e, inheritance, gift or other excise taxes, whether Federal or state, but
are exr:mpt from all taxation now or herea.rter imposed on the principal or interest
thereof by any State, or any of the possessions of the United states, or by any
local to.xinc; authority.
For purpoGes of ta,:;:ation the amount of discount at which
TrcrJsury bills are originally sold by the United states is considered to be interest.
Under Sections 454 (b) and 1221 (5) of the Internal Revenue Code of 19~
the amount of discount at which bills issued hereunder are sold is not considered
to accrue until such bills are sold, redeemed or otherwise disposed of, and such
bills are excluded from consideration as capital assets.
Accordingly, the owner
of Treasury bills (other than life insurance companies) issued hereunder need
w-
clude in his income tax return only the difference between the price paid for suel
bills, whether on originnl issue or on subsequent purchase, and the amount actuall
received either upon sale or redemption at maturity during the taxable year for
which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 418 (current revision) and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of
their.iss~,
Copies of the circular may be obtained from any Federal Reserve Bank or Branch.
- 2 -
,ecimals, e. g., 99.925.
Fractions may not be used.
It is urged that tenders
e made on the printed forms and forwarded in the special envelopes which will
e supplied by Federal Reserve Banks or Branches on application therefor.
Banking institutions generally may submit tenders for account of customers
rovided the names of the customers are set forth in such tenders.
Others than
wing institutions will not be pennitted to submit tenders except for their
1m
account.
Tenders will be received without deposit from incorporated banks
ad trust companies and from responsible and recognized dealers in investment
ecurities.
~e
Tenders from others must be accompanied by payment of 2 percent of
face amount of Treasury bills applied for, unless the tenders are accompanied
r an express guaranty of payment by an incorporated bank or trust company.
mediately after the closing hour, tenders will be opened at the Federal
!serve Banks and Branches, following which public announcement will be made by
le Treasury Department of the amount and price range of accepted bids.
Those
lbmitting tenders will be advised of the acceptance or rejection thereof.
The
!cretary of the Treasury expressly reserves the right to accept or reject any
~
i l l tenders, in whole or in part, and his action in any such respect shall be
,nal.
Subject to these reservations, noncompetitive tenders for $ 200,000 or
~8S for the additionaJ. bills dated
g until maturity date on
lim00 or less for the
~
April ~964
,(
91
days remainX:4ID1
(¥i(
October 8, 1964
) and noncompetitive tenders for
-----.=.:;:X"~~........,."""""""'-
182 -day bills without stated price from anyone
dder will be accepted i n ' -at the average price (1n three decimals) of acpted competitive bids for the respective issues.
Settlement for accepted ten-
'rs in accordance with the bids must be mnite or comp1et.ed at the Federal
as on
Reserv~
July 9) 1964
, in cash or other immediately available funds or
----:;:...-r.C02'ii:r:.----
a. like face amount of Treasury bills maturing _ _~JU.;.;.1;;.yr....,;h#
• .,1~9..;..64_ _ _ •
Cash
t~~xM
~!~X~!~~
'ffiEl\SURY DEPARThlENT
Washington
July 1, 1964
FOR rrn<EDIATE RELEASE,
~~~ffl¥f{B88<~£09}nm
TREASURyl'S WEEKLY BILL OFFERING
The Treasury Department, by this public notice, invites tenders for two series
of Treasury bills to the aggregate amount of $ 2, 100~O z 000 , or thereabouts, for
cash and in exchange for Treasury bills ma.turing
July 9, 1964
ffi
of $ 2,100,995,000 , as follows:
tii
91 -day bills (to maturity date) to be issued
tij
in the amount of $
1,200~0,000
amount of $
October 8, 1964
Btl
900,~000
July
9~964
, or thereabouts, represent-
ing an additional amount of bills dated
and to mature
,in the amount
APriltii 1964
,originally issued in the
, the additional and original bills
to be freely interchangeable.
182 -day bills, for $ 900,000,000
Wi
, or thereabouts, to be dated
tl2!
_-.;J:::.;u::;;,;1::"Y~Mr+-:::-:;1~9:.;;6;.;:4~__ ' and to mature _J=-=an;;;,u;;;;a;;;;ry:.¥..tilir7~~1;;;,;9;..;65~_ _
The bills of both series will be issued on a discount basis under competitive
and noncompetitive bidding as hereinafter provided, and at maturity their face
amount will be payable without interest.
They will be issued in bea.rer
fOnD
only,
and in denominations of $1,000, $5,000, $10,000, $50,000, $100,000, $500,000 ~d
$1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
Daylight Saving
closing hour, one-thirty p.m., Ea.sternl~ time,
Monday, JUIYtW1964
Tenders will not be received at the Treasury Department, Washington.
_
Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders tb
price offered must be expressed on the basis of 100, with not more than three
TREASURY DEPARTMENT
OR IMMED IA TE RELEASE
TREASURY'S WEEKLY BILL OFFERING
The Treasury Department, by this public notice, invites tenders
)r two series of Treasury bills to the aggregate amount of
2,100,000,000,or thereabouts, for cash and in exchange for
bills maturing Ju ly 9, 1964,
in the amount of
2,100,995,000, as follows:
~easury
91-day bills (to maturity date) to be issued July 9, 1964,
"I the amount of $ 1,200,000,000, or thereabouts, representing an
Witional amount of bills dated April 9,1964,
and to
lture Oc tober 8,196:+,
originally issued in the amount of
900,029,000, the additional and original bills to be freely
-lterchangeable.
182-day bills, for $ 900,000,000,
or thereabouts, to be dated
and to mattlre
January 7,1965.
ly 9, 1964,
The bills of both series will be issued on a discount basis under
mpetitive and noncompetitive bidding as hereinafter provIded, and at
turity their face amount will be payable without interest. They
11 be issued in bearer for~ only, and in denominations of $1,000,
,000, $10,000, $50,000, $100,000, $500,000 and $1,000,000
aturi ty value) .
Tenders will be received at Federal Reserve Banks and Branches
to the closing hO!lr,::J!le-thil"ty ;" ,m.,
Eastern Dayl ight Saving
ne, Honday, July 6, 196'~'
Tenders will not be
:eived at the TreasurJ De~artment, WaShington. Each tender must
for an even multiple of $1,000. and in the case of competitive
1ders the price offered must; be expressed on the basis of 100,
~h not more than three decImals, e. g., 99.925.
Fractions may not
used. It is urged that tenders be made on the printed forms and
~a~ed in the special envelopes which will be supplied by Federal
lerve Banks or Branches on s'pplication therefor.
Banking instltutiors generally may submit tenders for account of
ltomers provided the names of the customers are set forth in such
Iders. Others than banking institutions will not be permitted to
lmit tenders except for their eMf') account. Tenders will be received
;hout deposit from incorporated banks and trust companies and from
~onslble and recOgn~!8C d8alerG in investment securities.
Tenders
1m others must be accompanied by payment of 2 percent of the face
lunt of Trea.sury bills applied [':)1"5 unless the tenders are
ompanied by an express g),ara:"ty of j:,a;,;rment by an incorporated bank
trust company.
1-1270
- 2 -
Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, following which public
announcement will be made by the Treasury Department of the amount
and price range of accepted bids. Those submitting tenders will be
advised of the acceptance or rejection thereof. The Secretary of
the Treasury expressly reserves the right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect
shall be final. Subject to these reservations, noncompetitive
tenders for $200,000 or less for the additional bills dated
April 9 1964,
(91~ays remaining until maturit¥ date on
October'S, 1964)
and noncompetitive tenders for $ 100,000
or less for the lS2-day bills without stated price from anyone
bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids for the respective issues.
Settlement for accepted tenders ir. accordance with the bids must be
made or completed at the Federal Reserve Banks on July 9, 1964,
in cash or other immediately available funds or in a like face
amount of Treasury bills maturing July 9,1964.
Cash and
exchange tenders will receive equal treatment. Cash adjustments
will be made for differences between the par value of maturing
bills accepted in exchange and the issue price of the new bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject to
estate, inheritance, gift or other excise taxes, whether Federal or
State, but are exempt from all taxation now or hereafter imposed on
the prinCipal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to be
interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills are
sold, redeemed or otherwise disposed of, and such bills are excluded
from consideration as capital assets. Accordingly, the owner of
Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between
the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon
sale or r~demption at maturity during the taxable year for which the
return is made, as ordinary gain or loss.
Treasury Department Circular No. 418 (current revision) and this
notice prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained frm
any Federal Reserve Bank or Branch.
000
POll
~.Lt"'"A.;io.;
A. M. JEWS?APEHS,
. . . . , . :!!1l 2. U!$.
-\un.-
!be l're&8Ur1 e~ ~ laat. ~ v..t. \be " ••• 1'8 tor 4a.,UOO,~
~tA, ot JS~ ~ b11la too be dat.ed NJ;s T. l.Jl6k, and t.o
)0, 196$, 1IIhich were offered Oft JuDe 25, .... apaed at. the hden1 h~~, &nIrI.
or
My 1.
fhe dfl1oa1la
ot
tb1s 1. . .
an as
tQUGRI
Total appU.ed tor - $2.m,$hO,CXlO
- 1,OOO.L.96,OOO U1'lc1'" $20.676,(1)0 __red JIl
a ~"tJ.y& . . . . Uld &CO'p\ed
1a f\Jll at the ~ pftoe abcM:a below)
T~tal ~
:'eOeral
i'*~.c"@
U1atri.ot
. .tii
New York
?hllad!11pb1a
Cl.nel.and
Rtobt&Gnd
At.lanta
Cr.icaf?;O
st.
Lou1s
l'tirlnMpoUe
' ..... C1V
~las
;-)ari ~800
Y
a C 'U,',1n l!!18Ue of t.he same lell<;t.t. Id'ld for the __ ~ SMuted, t.be ra-- t
tl'.~el' bills v~d ,Pr'lVide a yield of ).8$:$. r........ raW. , . "-11s ..........
ter. ..• of bank d1ae.unt, vit.h t..he ntu.m relat.ed to the face _, at of \.he billa JIll
at natur\ ty ra.ther than the lif1,:>unt 1.rlfts\ed and their l-,,~ 1D ectual rt
4
)n
I"" "
fit'"
rola~d t:J a )6:).day :tear. In cantraat., yieldfi QI'1 ~. . .~., notes, _ . . .
OQJI~';.l.ted ir. ter.',s of' 'inu~J'«et .Jil the _QlUDt. u.eet.d. uxl relat.e t.he rMIMr
remainl1\!; 1:1 a!1 int.e~.st P&~'moot. ,:.erioa to \be aotaaal sa t.... of d.a"ys io .,. ,.,..
vi'U- scm!.a"lual cam.')unrJini~ if' ;:>~~ than OM OCJQPOD period 1a u.;:,lv.j4.
TREASURY DEPARTMENT
OR RELEASE A. M. NEWSPAPERS,
hursday, July 2, 1964.
July 1, 1964
RESULTS OF TREASURY'S ONE-YEAR BILL OFFERING
The Treasury Department announced last evening that th~ tenders for $1,000,000,000,
r thereabouts, of 358-day Treasury bills to be dated July 7, 1964, and to mature June
0, 1965, which were offered on June 25, were opened at the Federal Reserve Banks on
llly 1.
The details of this issue are as followE':
Total applied for - $2,302,5hO,OOO
Total accepted
- 1,000,496,000 (iJ1C1·.1:183 $20,676,000 entered on
a noncompetitive basis and accepted
in full at the average price shown below)
Range of accepted competitive bids:
High
Low
Average
- 96.336 Equival.=:;nt ra:'o, of discount approx. 3.684% per annum
11
\I
3.694% II
- 96.327
"
"11
"
"
\I
\I
3. 691',t 11
- 96.329
"
"
"
Y
(81 perce..'l.t of the amount bid for at the loVI price was acc8pted)
Federal Reserve
District
Bost::m
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
st. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
ApElied for
$2, 3~?, S.I~O,OOO
$1,000,496,000
$
36, 50\), 000
1,%2,1)0,000
10,708,000
89,870,000
1,077 ,000
5,?35,1)(X)
2iJ6,87i.).,000
7,707,000
9,585,000
9,319,000
22, ·')2'), OOJ
TOTAL
)n
lOl,5~J,!)OO
Total
AcceEted
$
1,hOO,OOO
851,690,000
708,CX)Q
30,920,000
1,077 ,000
2,083,000
76,924,000
3,669,000
2,585,000
5,565,000
1, 83S,O())
_ 22,040,002
a coupon issue of the same length and. for the same amount invested, the return on
ithes8 bills would ?rovide a yield of 3.85>~. l:1t~re3t rates on bills are quoted in
terms of bank d.isc:)unt '..rl. th the return relater} to the face amount of the bills payable
iat maturity rather than the amount inve3ted an:~ thr'. ir l,:;mgth in actual number of days
,related to a 360-day year. In contrast, yielis on certificates, notes, and bonds are
'C~ut9d in terms of interest on the amount invested, and relate the number of days
'remaining in an interest . payment period to the actu.al n';lffiber o~' days in the period,
nth semiannual compounding if more than one ccmpon perl.od is lnvol ved.
l271
TREASURY DEPARTMENT
July 2, 1964
FOR IMMEDIATE REIEASE
WITHHOLDING OF APPRAISEMENT ON
AZOBISFORMAMIDE
The Treasury Department is instructing customs field officers
to withhold appraisement of azobisformamide from Japan pending a
determination as to whether this merchandise is being sold in the
United States at less than fair value.
Notice to this effect is
being published in the Federal Register.
Under the Antidumping Act, determination of sales in the United
states at less than fair value would require reference of the case
to the Tariff Commission, which would consider whether American industry was being injured.
Both dumping price and injury must be
shown to justify a finding of dumping under the law.
The allegation in this case was received on February
17, 1964.
The dollar value of imports received during the period from October
1963
through April
1964
was approximately $88,000.
Azobisformam!de
is a foaming agent used in the manufacture of foam plastics and foam
rubber.
TREASURY DEPARTMENT
(
July 2, 1964
FOR IMMEDIATE RELEASE
WITHHOLDING OF APPRAISEMENT ON
AZOBISFORMAMIDE
The Treasury Department is instructing customs field officers
to withhold appraisement of azobisformamide from Japan pending a
determination as to whether this merchandise is being sold in the
United States at less than fair value.
Notice to this effect is
being published in the Federal Register.
Under the Antidumping Act, determination of sales in the United
states at less than fair value would require reference of the case
to the Tariff Commission, which would consider whether American industry was being injured.
Both dumping price and injury must be
shown to justify a finding of dumping under the law.
The allegation in this case was received on February 17, 1964.
The dollar value of imports received during the period from October
1963 through April 1964 was approximately $88,000. Azobis formamide
is a foaming agent used in the manufacture of foam plastics and foam
rubber.
FOR aEIJ.:A.5E A.. M. m'iIl3fAP,JtS,
Tue!day, July 7, 1964.
the Trttuury ~fti>e.rt;nent anoO\lDOed laat. nen1ag 'to!. a" t.he . .ers tor two Mr1• .'l'rea8ur,y billa, one series t,o be an addiUoaal 1a. . ot \be laill. ",,,,,ted AprU 9, ~
and the other serie. too be dated July 9, ~, vb1eh lINtn o1'taNCl on Jul;( 1, _" ...
a' t.be ~deral ;:.:e:se1'Ve Banks on Ju.l..Y 6. 1'eDda'a . . .
tor;;1,2;JO,O'JO,0IJ0, •
thereabouts, o£ 91-day bUl. and tor $900,OCXl,ClJO, or tbereUouY, of 182-dq bllla.
The details of the two series are as tollow.
1m...
rus'"})f'
A. ~C;-' !'-r::.rl
Ci).:P;l'" nVE
i3~ns:
At:.e1ied
D1aVict.
BOiiG
t
_York
Ph Uade1~jh1a
Cleftland
Richmond
e,t.. Louis
Minneapolis
lanAB Cit.y
nellu
San l"rancisco
Total8
~
1,S70,SSh,ooo
40,51),000
2),158,000
10,)94,000
30.221,000
At.lanta
Chicago
Y
For
41,7t9,(»)Q
202,8~.000
)6,756,000
22,2)0,000
)9,511,000
)8,8$7,000
lf6 a8991 00l
$2,178,6)2,000
AO!!2teci
1
)1,&&,000
760,S19,OOO
18,21),00)
f
I
J
I
23,158,000 z
10• .l9Ia.000
26,1$9,000
lU,TS2,OOO
3O,7S6,ooo
.•
,
,
I
I
FlJAMli,103,0x)
rur
1,18),!aS fj, ()JO
11,lP?6, (f.)O
7,392,
100
l, 722,'):))
Acoe2~
j.
2,103,-
7l8,JSO,-
1),la16,-
7,)91,-
9, 7fj5,,~}J
),721,.
9,S9S,.
tOl,121,(Ji)
61,611,.
~..:, 737 ,,-l ...
>'..J"
5,)'1,0;))
11,610,000 I
U,9H4,'J)(')
)6,$17,000
9,S77.){)U
Jl.S41,OOO t
:
;
,
,._,v.
''''6
68~-")O
:
OOO
121. SBh t
$1,200. 9S8,ooo !I $I .1&14.564, I})()
5,"7,a.
S,)81,.
12,9A,9,S71,-
)4,4"'.
vt9\)O, 2Ia , OlIO
Includes $235, 791,000 none~tlt.iv. tenders Moe.,,," at \he av-<:r&.:." ?ri.oe of ".Il
Includes ;r,6~),32i:,~)OO no.ncompetitive tonden IICC8pted at ~ 8Veca,'':8 (:rice of ,.. .
'm a c,)upon i88\.~ or the oame length and tGr t.he .... ~t. itivest.&d, the
I
t~se bills would ~frov1de j1elda of ).51£. for tbe 9l-4a.Y b'Uls, and 3.66.'. t. tI
le2-<i~ C,; 1 i_a. interest ra.tes 00 billa are qu,')ted in toe,.. of bank disCO."
t.he rct,ll"n relat, d to t..lEt faee .':TtUlt of the bill.a payable .'t. mat... rlty ratblt ...
tj;e en,mt lnve3tad and t.heir 1emtt,1l in actual maber of flays reb t.ed t,o • _ _
.fear. in contrast, .y 81ds on ce:t.1ficat..e8, ....., and bODd8 aI"l1 COIIlpu.t.ecl 11 J£ i·-.tArl-'st on tne IW. ~Ul1t inVeff'ted.. and relate t.he n,abeJo of da:, s reaaininl b •
,
'
i~te~st ,::;&:t~nt~~ri:)d to tl:e actual ftDber of day- 1a t.t. r' ri,l<i, vUb •
Cl!'l:")ounct1rig if more t.t,an one c;)up':ln period 1& lDYolftd..
1'1..-
....
TREASURY DEPARTMENT
R RELEASE A. M• NEWSPAPERS,
!sday, July 7, 1964 •
July 6, 1964
RESULTS OF TREASURytS WEEKLY BILL OFFERING
The Treasury Department announced last evening that the tenders for two series ot
9&SUrY bills, one series to be an additional issue of the bills dated. Apr-';..l 9, 1964,
~ the other series to be dated July 9, 1964, which were offered on .3uly 1, were opened
the Federal Reserve Banks on July 6. Tenders were invited for $1,200,000,000, or
3reabouts, of 9l-day bills and for $900,000,000, or thereabouts, of 182-day bills.
B details of the two series are as follows:
9l-day Treasury bills
182-da.y Treasury bills
maturing October 8, 1964
maturinJ~. ,]anu}U7 Ll 1965
Approx. Equiv.
ApOl-OX. Equiv.
Price
Annual Rate
Price
Armnal Rate
99.121 a/
3.h77%
98~217 bl
--r.527%
High
Low
99.115 3.501%
98.200 3.560%
Average
99.117
3.492%
98 .. 208
3.54l.!.%
a/ Excepting one tender of $150,000; bl Excepting one tender of $100,000
b9% of the amount of 91-day bills bid-for at the low price was acc6pted
B1% of the amount of 182-day bills bid for at the low price was ru..;c,:'}pted
tfGE OF ACCEPl'ED
fLPET"lTIVE BIDS:
Y
Y
rAt TENDERS AP?LISD FOR A.lIID ACCEPTED BY FEDERAL RESERVE DISTR[CTS:
District
Bost:>n
~ew York
Philadelphia
:::leve1and
:cichmond
ltlanta
hlcago
)t. Louis
linneapo1is
Cansas City
)alIas
ian Francisco
Totals
Applied For
$ lili,729,OOO
1,570,554,000
40,51),000
23,158,000
10,394,000
30,221,000
202,804,000
36,756,000
22,230,000
39,517,000
38,857,000
118l899l0~
$2,178,632,000
Applied }i'Qr
Accepted
$ 31,629,000
760,579,000
18,273,000
23,158,000
10,394,000
26,159,000
$
1,103,450,000
11,426,000
7,392,,000
3,722,000
9,785,000
103,321 J OOO
Ih1,752,OOO
30,756,000
17,610,000
36,517,000
31,547,000
2 p lO),OOO
.
72,t5 84,OOO
$1,200,958,000 ~
8,737,000
S, 381, (NC
12,984,000
9,577.000
56,686,000
$1,414,564~OOG
,..
Accepted
2,1 0 3,000
718,9.50,000
6,426,000
7,392,000
3,722,000
9,59.5,000
61,611,000
8,047,000
5,381,000
$
lZ,9B4 t OOO
9,577 ,000
54,496,000
$9:)O~ 284,000
,
-d/
Includes $235, 791,000 noncompeti ti va tenders accepted at the aV8'!'"ag~ price of 99.117
Includes $60,328,000 noncompetitive tenders accepted at the average price of 98.208
On a coupon issue of the same length and for the sarne amount invested" t.he return. on
these bills would provide yields of 3.57%, for the 9l-day bills, and 3,,66?;.~ for the
IB2-day bills. Interest rates on bills are quoted in terms 0f hwk di.scount with
the retlh"'n related to the fa.ce G.'11ount of the bills payable a.t l'1at1);-j.t.:T :t:'''lther than
t!'ie amount invested and their length in actual number of days related to ~. 360-day
year. In contrast, yields on certificates, notes, aad t<:'ncis are compnt,ed in terms
of interest on the arr.OU!lt invested, ar,ej relate the numher of days remaining in an
interest payment period to the actual numbc;r of days i\1 1..11€ rC'r1 ::'.i~ wIth semiarmual
Compounding if more than one coupon period is invol ved~
272
-
ann.
exch::m~'~
oJ
-
tenders will receive equo.1 treatment.
for differences bct,.rcen the
p~r
Cash adjustments will 'be made
VB.lue of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived fro'll Treasury bills, whether interest or gain from the Bal
or other disposition of the bills, does not have any exemption, as such, and
1088
fronl the sale or other disposition of Treasury bills does not have any special
treotm(!nt,
8S
such, under the Internal Revenue Code of 1954.
The bills are subjec1
to e stn.te , inheritance, gift or other excise taxes, whether Federal or State, but
are exempt from all taxation now or hereai'ter imposed on the principal or interest
thereof by any state, or any of the possessions of the United states, or by any
local to..xine; a.uthority.
For purposes of ta;(ation the amount of discount at which
Treasury bills are originally sold by the United states is considered to be interest.
Under Sections 454 (b) and 1221 (5) of the Internal Revenue Code of 1954
the amount of discount at which bills issued hereunder are sold is not considered
to accrue until such bills are sold, redeemed or otherwise disposed of, and such
bills are excluded from consideration a.s capital assets.
Accordingly, the owner
of Treasury bills (other than life insurance companies) issued hereunder need
w·
clude in his income tax return only the difference between the price paid for sue:
bills, whether on original issue or on subsequent purchase, and the amount actual
received either upon sale or redemption at maturity during the taxable year for
which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 418 (current revision) and this notice, pn'
scribe the terms of the Treasury bills and govern the conditions of
their.iss~,
Copies of the circular may be obtained from any Federal Reserve Bank or Branch.
- 2 -
ecimals, e. g., 99.925.
Fractions may not be used.
It is urged that tenders
e made on the printed forms and forwarded in the special envelopes which will
e supplied by Federal Reserve Banks or Branches on application therefor.
Banking institutions generally may submit tenders for account of customers
rovided the names of the customers are set forth in such tenders.
Others than
wing institutions will not be pennitted to submit tenders except for their
account.
lin
Tenders will be received without deposit from incorporated banks
ld trust companies and from responsible and recognized dealers in investment
!curities.
Tenders from others must be accompanied by payment of 2 percent of
le face amount of Treasury bills applied for, unless the tenders are accompanied
an express gus.ra.nty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the Federal
lserve Banks and Branches, following which public 8J1llouncement will be made by
Ie Treasury Department of the amount and price range of accepted bids.
Those
lbmitting tenders will be advised of the acceptance or rejection thereof.
The
icretary of the Treasury expressly reserves the right to accept or reject any
, all tenders, in whole or in part, and his action in any such respect shall be
naJ..SubJect to these reservations, noncompetitive tenders for $ 200,000 or
Cd&)
88
for the additional bills dated
April 16
1964
b
t4rKi
,(
91
days remain-
eM)
g until maturity date on _...;O;.;C;.;t;.;;o;.;;;b~ep;;,r:"'l':"'llr-5"",,_1_9_6;...4__ ) and noncompetitive tenders for
@l)
1S8..zg00 or less for the 182 -day bills without stated price from anyone
\.WJ
@f3
dder will be accepted in full a.t the a.verage pric~ (in three decimals) of acpted competitive bids tor the respective issues.
t'8
Settlement for accepted ten-
in accordance with the bids must be mNle or complet.ed at the Federal
lk.8 on
July l&a1964
Rese~
, in cash or other immediately available funds or
eo like face amount of Treasury billa maturing
July 16, 1964
(10)
•
Cash
TIlEASURY DEPARTMENT
Hashington
FOR nlEEDIATE RELEASE,
~ffigge88tffi~~~~
TREASURY f S WEEKLY BILL OFFERING
Th'2 Treasury Department, by this public notice, invites tenders for two series
of Treasury bills to the aggregate amount of $ 2, 100 ~O, 000 , or thereabouts, for
cash and in exchanse for Trea.sury bills me.turing
July
1~1964
, in the amount
of $ 2,000~0,000 , as follows:
91 -day bills (to maturity date) to be issued
C&)
in the amount of $
1.2QO~9o.000
July
1~
1964
----~~~~)~-----
, or thereabouts, represent-
ing an additional amount of bills dated
April 16, 1964
tii)
and to mature
amount of $
October 15, 1964 ,originally issued in the
--:::..;;;;.;;.;:~W)~:;...z.....=-=--
900z~000
the additional and original bills
to be freely interchangeable.
182 -day bills, for $
900,0~00
, or thereabouts, to be dated
(M1
July
~ 1964
, and to mature
January
~ 1965
The bills of both series will be issued on a discount basis under competitive
and noncompetitive bidding as hereinafter provided, and at maturity their face
amount will be payable without interest.
They will be issued in bea.rer fom only,
and in denominations of $1,000, $5,000, $10,000, $50,000, $100,000, $500,000 Md
$1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
Daylight Saving
closing hour, one-thirty p.m., Ea.stern/~ time,
Monday. Ju~. 1964 _
Tenders will not be received at the Treasury Department, Washington.
Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders t~
price offered must be expressed on the basis of 100, with not more than three
TREASURY DEPARTMENT
FOR IMMEDIATE RELEASE
July 8, 1964
TREASURY'S WEEKLY BILL OFFERING
The Treasury Department, by this public notice, invites tenders
for two series of Treasury bills to the aggregate amount of
$2,100,000,000, or thereabouts, for cash and in exchange for
Treasury bills maturing July 16, 1964,
in the amount of
$2,000,950,000, as follows:
91-day bills (to maturity date) to be issued July 16, 1964,
in the amount of $1,200,000,000, or thereabouts, representing an
additional amount of bills dated Apri 1 16, 1964,
and to
mature October 15,1964, originally issued in the amount of
$900,050,000, the additional and original bills to be freely
interc hangeable .
182 -day bills, for $ 900 ,000 ,000,
or thereabouts, to be dated
and to mature
January 14, 1965.
July 16,1964,
The bills of both series will be issued on a discount basis under
competitive and noncompetitive bidding as hereinafter provided, and at
maturity their face amount will be payable without interest. They
will be issued in bearer form only, and in denominations of $1,000,
$5,000, $10,000, $50,000, $100,000, $500,000 and $1,000,000
(maturi ty value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty p.m., Eastern Daylight Saving
time, Monday, July 13,1964.
Tenders will not be
received at the Treasury De~artment, Washington. Each tender must
be for an even multiple of $1,000, and in the case of competitive
tenders the price offered must be expressed on the basis of 100,
with not more than three decimals, e. g., 99.925. Fractions may not
be used. It is urged that tenders be made on the printed forms and
forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Banking institutions generally may submit tenders for account of
cust0mers provided the names of the customers are set forth in such
tenders. Others than banking institutions will not be permitted to
submit tenders except for their own account. Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible aud recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
Jr trust company.
- 2 -
Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, followin~ which public
announcement will be made by the Treasury Department of the amount
and price range of accepted bids. Those submitting tenders will be
advised of the acceptance or rejection thereof. The Secretary of
the Treasury expressly reserves the right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect
shall be final. Subject to these reservations, noncompetitive
tenders for $200,000 or less for the additional bills dated
April 16,1964)
(91-days remaining until maturit¥ date on
October 15, 1964) and noncompetitive tenders for $100,000
or less for the 182-day bills without stated price from anyone
bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids for the respective issues.
Settlement for accepted tenders in accordance with the bids must be
made or completed at the Federal Reserve Banks on July 16, 1964,
in cash or other immediately available funds or in a like face
amount of Treasury bills maturing July 16, 1964.
Cash and
exchange tenders will receive equal treatment. Cash adjustments
will be made for differences between the par value of maturing
bills accepted in exchange and the issue price of the new bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the billS, does not have
any exemption, as such, and lOBS from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject to
estate, inheritance, gift or other excis~ taxes, whether Federal or
State, but are exempt from all taxation now or hereafter imposed on
the prinCipal or interest thereof by any state, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to be
interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills are
sold, redeemed or otherwise disposed of, and such bills are excluded
from consideration as capital assets. Accordingly, the owner of
T~easury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between
the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon
sale or redemption at Maturity during the taxable year for which the
return is ~de, as ordira~J ga~~ or less.
:'reasu:j' Department Circular No. 418 (r.urrent revision) and this
prescribe the terms of the Treasury bills and govern the
conjitions of their issue. Conies of the circular may be obtained from
any Peieral Reserve Bank or Branch.
n~tice
000
Fc:~o.\2nts
on issue price 2_tlQ investment rates on the
holders of the e1ic.;ib1e secUl'i ties:
-'I ~ ~
5 jJ
Notes
8/15/64
notes
8/15/G4
~
0-0
,,1
<:'"
nC\l
bonds offered i~ eydlD.n:~e to
.)-0 '-'jJ
- 7/1-'
4-7/8',-~
Notes
11/15/G4
Notes
11/15/64
2-5/8:- 1
Bonds
2/1S/G5
,J
4-5/8',~
Notes
5/15/65
FOR TlIE lJEH 410 Dorms OF AUGU.'?T 15) 1970
nts on account of $100
e price:
snbscriber- ---------- --subscriber--------------
$0.95
$1.65
$0.95
$1.85
$1.80
$0.25
xi~zte
investment yield
exchange date (1/22/64)
:tturi ty of bonds offered
xchan2e based on price
:;curities eligible for
y ------------------
lUGe
dmate minimwn reinnent rate for the
lsion period '!:,./ ----------
4.21
FOR THE rID"
lts on accoLmt of $100
price:
subscriber--------------
4-1!4uj;
$0.05
4.15%
4.16%
4.15%
4.15%
4.21
4.24
4.24
4.25
4.23
BONDS OF MAY l~, 1975-85
$0.75
$0.05
$0.90
$0.95
s~scriber--------------
$1.15
:irnate investment yield
exchange dDte (1/22/64)
rst call date or to
'i ty of bonds offered in
nge based on price of
Hies eligible for
nge
-y -----------------
4 .~') SriIV
4.25%
4.25%
imate minimum reinvestrate for the extension
d:
?:J
first call date-------mturity---------------
4.29
4.27
4.29
4.27
4.30
4.28
4.31
4.28
4.32
4.29
id to nontaxable holder or before tax. Based on mean of bid and asked prices
justed for payments on account of issue price) at 'ri~on on January 7,1964.
~
for nontaxable holder or before tax.
For explanation, see paragraph 12 above.
4.31
4.28
APPENDIX TO PARAGRAPH NO. 9
NONRECCCNITION OF GAIN OR LOSS FeR FEDZRAL INCOME TAX PURPOSES
Where a bond is offered by the Treasury with a payment (other than the accrued interest
adjustment) to the investor.
Examples:
1.
Assume that:
(a)
The fair market value of the security offered by the Treasury on the date
the subscription is s~bm1tted is $99.50 (per $100 face value).
(b)
The paymcnt to the subscriber (discount) on account of $100 issue price
is $.80.
(c)
The amortised cost basis of the security surrendered on the books of the
subscriber is $100.50 (per $100 face value). (It is assumed that the
security surrendered was bOUGht at a price above $100.50 and that the
original premium was reduced prorata over the period from purchase date
to mnturi ty. )
The sum of the fair market value of the security offered by the Treasury and
the payment to the subscriber is $99.50 + $.80 or $100.30. This is less than
the cost basis of the iSGue surrendered, therefore, no gain is recognized.
The new issue will be entered on the books of the subscriber at a cost basis
of $99.70, the cost basiS of the issue surrendered less $.80. The gain or loss
between this cost basis and the proceeds of a subsequent sale or redemption
of the new issue will be a capital gain or loss to all investors, except those
to whom the securities are stock in trade. Under present law, if the combined
time that the security surrendere~ and the new security received in exchange
were held exceeds 6 months, the capital gain or loss is long-term, otherwise
it 1s short-term.
2.
The assumptions are the same as in example 1 except that the payment
(discount) to the subscriber is now $1.20 (per $100 face value) instead of
$.80 in example 1.
The sum of the fair market value of the new secur1ty re~eived in exchange by
the subscriber plus the $1.20 p~yment (discount) is $100.70. This exceeds
the cost basis of the security surre~dered by $.20. This excess is a
recognized gain reportable for the ~~er in which the exchange takes place.
The cain is a capital gain except to those to whom the securities are stock
in trade. Under present law, if the time the security surrendered was held
exceeds 6 months, the capital gain 1s long-term, otherwise it is short-term.
The subscriber will carry the new issue received in exchange at a cost basis
equal to the basis of the issue surrend~rcd ($100.50), less the payment
($1. 20), plus the amount of the recogni zed gain ($.20) I or ($100.50
$1.20 + $.20) $ 99.50.
3.
The assumptions are the game as in eX8JTIJ)le 1, except that the cost basiS on
the books of the subscril)er, of 'the security surrendered is $99.00 (per $100
face value) instead of $100.50 in example 1.
The sum of the fair ms.rket value of the ne'l issue received in exchange by the
subscriber plus the $.80 payment (discount) is $100.30 (as 1n example 1). This.
exceeds the $99.00 cost bU5is by more than $.80. However, the amount of the
gain reportable for the year of' the exchange is $.80, since the amount of gain
recognized cannot exce~d the amount of the payment. The nature of the
recognized gain ~nd its treatment is the same as in example 2.
In this case, the subscriber will enter the new security received ~n exchange
on his books fit $99.00, the same cost basiS as th~ ~~Q~iry surrEnde~ed.
3-3/4'fo
Notes
8/15/64
5%
Notes
8/J-5j64
3-3/4%
Notes
11/15/64
4-7/wfo
Notes
1l/15/64
3-7/8%
Notes
3-5/8%
Notes
5L15L65
2L15L66
3-3/4%
Bonds
5/15/66
4'fo
Notes
8/15/66
3-5/8%
Notes
2/15/67
FOR THE rID-I 4-1/4% BONDS OF AUGUST 15, 1987-92
P~ents
on account of $100
issue price:
To subscriber --------------By subscriber --------------- $0.10
$0.05
$0.05
$0.40
$0.25
$0.10
$0.30
$0.15
$0.70
Approximate investment yield
from exchange date (7/22/64)
to first call date or to
maturity of bonds offered
in exchange based on price
of securities eligible for
exchange y ----------------- 4.24%
4.24%
4.24%
4.24%
4.25%
4.25%
4.25%
4.25%
4.25%
Approximate minimum reinvestment rate for the extension
period: ~/
To first call date ---------- 4.25
To maturity ----------------- 4.25
4.25
4.25
4.26
4.26
4.26
4.26
4.28
4.27
4.30
4.29
4.30
4.30
4.31
4.30
4.32
4.31
~ Yield~o_nontaxable
Based on mean of bid and asked prices (adjusted for payments on account
-
holder or before tax.
of issue price) at noon on July 7, 1964.
J/
Rate for nontaxable holder or before tax.
For explanation see paragraph 12 above.
13. P~nents on issue price and investment rates on the new bonds offered in exchange to holders of the eligible securities.
3-3/4%
Notes
8/15/64
5%
Notes
8/15j64
3-3/410
Notes
11/15/64
4-7/8%
Notes
11/15/64
3-7/810
3-5/810
3-3/410
Notes
5/15/65
Notes
2/15/66
Bonds
5/15/66
4%
Notes
8/15/66
3-5/810
Notes
2/]..5L67
FOR THE NEW 4% BONDS OF OCTOBER 1, 1969
Payments on account of $100
issue price:
To subscriber ---------------,,0.30
By subscriber ---------------
~o .45
$0.45
$0.80
$0.50
$0.10
$0.25
$0.65
0.30
Approximate investment yield
from exchange date (7/22/64 )
to maturity of bonds offered
in exchange based on price
of securities eligible i'or
exchange
4.06%
4.06%
4.06%
4.06%
4.08%
4.0910
4.08%
4.08%
4.0eojo
Approximate minimum reinvestment rate for the extension
period ~/ ------------------- 4.07
4.08
4.12
4.12
4.15
4.22
4.23
4.24
4.28
$1.10
$0.15
11 -----------------
FOR THE NEW 4-1/8% BONDS OF NOVEMBER 15, 1973
Payments on account of $100
issue price:
To subscriber ---------------$0.75
By subscriber ---------------
$0.90
$0.90
$1.25
$0.95
$0.55
$0.70
~pproximate
investment yield
from exchange date (7/22/64 )
to maturity of bonds offered
in exchange based on price
of securities eligible for
exchange ~ ----------------- 4.22i
------' --+.... Tn" n'i..nnun re:l.nveat-
4.22i
4.22i
4.22i
4.23'%
4.24i
4.23';(,
4.2~
4.2~
securities receiveQ 1n exchange on their books at any amount not greater the
amount at which the eligible securities surrendered by them are carried on t
books plus the amount of premium, if any, paid on the new securities, or red
by the amount of discount, if any, received by the subscriber and increased
the amount of gain, if any, which will be recognized as indicated in paragrn
12.
Computation of reinvestment rate for the extension of maturity:
A holder of the outstanding eligible securities has the option of accepting
Treasury's exchange offer or of holding them to maturity. Consequently, he
compare the interest plus (or minus) any payment, other than the adjustment
accrued interest, he will receive resulting from exchanging now with the tou
the interest on the eligible issues and what he might obtain by reinvesting t
proceeds of the eligible securities at maturity.
The income before tax for making the extension now through exchange will be t
coupon rates plus (or minus) any payment on the new issues. If a holder of t
eligible securities does not make the exchange he would receive the coupon rn
on the eligible issues to their maturity and would have to reinvest at that t
at a rate equal to that indicated in paragraph 13 below for the remaining te~
of the issues now offered, in order to equal the return (including any paymen
he would receive by accepting the exchange offer. For example, if the 3-5/8~
notes of 2/15/66 are exchanged for the 4-1/810 bonds of 11/15/73, the investor
receives 4-1/8% for the entire 9 years and 3-3/4 months plus $0.55 (per $100
value) 1r.uneciiately. If the exchange is not made, a 3-5/810 rate will be recej
until February 15, 1966, requiring the reinvestment of the proceeds of the 3·
of February 1966 at that time at a rate of at least 4.34% for the remaining 7
(lnd 9 months, all at compound interest to average out to a 4-1/810 rate for 9
and 3-3/4 months plus the $0.55 immediate payment. This minimum reinvestment
for the extension period is shovm in the table under paragraph 13. The minm
reinvestment rates for the other issues included in the exchange are also Sh01
in the table under paragraph 13.
Requirements applicable to subscriptions:
Subscriptions will be received at the Federal Reserve Banks and Branches and at
the Office of the Treasurer of the United States, Washington, D. C. 20220. Banking mstitutions generally may submit subscriptions for account of customers.
All subscribers requesting registered securities will be required to furnish
appropriate identifying numbers as required on tax returns and other documents
submitted to the Internal Revenue Service.
~nomWations
and other characteristics of new securities:
The bonds will be issued in denominations of $500, $1,000, $5,000, $10,000, $100,000
and $1,000,000 in coupon and registered forms. The bonds will be acceptable to
secure deposits of public moneys.
Recognition or nonrecognition of gain or loss for Federal income tax purposes:
A. Recognition - four eligible issues maturing August 15 and November 15, 1964
Gain or loss, if any, upon exchanges of the 3-3/4'10 notes or 510 notes due August 15,
1964, or the 3-3/4% notes or 4-7/8% notes due November 15, 1964, must be fully
recognized under the Internal Revenue Code.
B. Nonrecognition - five eligible issues maturing 1965-67
(a) General--The Secretary of the Treasury has declared pursuant to Section 1037(a)
of the Internal Revenue Code that no gain or loss shall be recognized for Federal
income tax purposes solely on account of the exchange of the 3-7/810 notes due
May 15, 1965, 3-5/8% notes due February 15, 1966, 3-3/4% bonds due May 15, 1966,
lsi notes due August 15, 1966, or the 3-5/8% notes due February 15, 1967; however,
Section 1031(b) of the Code requires recognition of any gain realized on the exchange to the extent that money (other than interest) is received by the security
holder in connection with the exchange as indicated in (b).
(b) Where the securities to be issued are offered b the Treasury with a pa ent
to the investor-- f
e falr mar et value 1 0
e securities to be issue pus
the amount paid to the investor (discount)-exceeds the cost basis to the investor
of the securities to be exchanged, such gain (but not to exceed the amount of the
payment) must be recognized and accounted for as gain for the taxable year of exchange. He will carry the new securities on his books at the same amount as he
is now carrying the old securities except that he will reduce the cost basis by
the amount of the payment and increase it by the amount of the gain recognized.
If the fair market value of the new securities plus the amount of the payment does
not exceed the cost basis of the old securities, the basis in the new securities
will be the cost basis in the old securities reduced by the amount of the payment.
(e), Where premium is paid by the subscriber--If a premium is paid by the subscrlber no gain or loss will be recognized; but his tax basis in the new securities
Will be his cost basis in the old securities increased by the amount of the
Premium.
(d) ~in to the extent not recognized under (b) (or loss), if any, upon the old
securlties surrendered in exchange will be taken into account upon the disposition
or redemption of the new securities. (See appendix to paragraph 9 attached.)
~e mean
of the bid and asked quotations on date subscriptions are submitted.
Federal estate tax option on the bonds:
The 4~ bonds of 1969 (Oct.), 4-1/8% bonds of 1973 and 4-1/4% bonds of 1987-92 will
\e ~D1e -~ par and accrued interest prior to maturity for the purpose of
U~
the proceeds in payment of Federal estate taxes but only if they are owned
thA decedent at the time of his death and thereupon constitute part of his
2
erms of the exchange (Continued) :
ecurities
to be
xchanged
% note
note
:% note
1% note
1% note
1% note
,% bond
note
1% note
E-1964
B-1964
F-1964
C-1964
C-1965
B-1966
1966
A-1966
B-1967
Payable
to
subscriber
on account
of purchase
price of
securities
to be
issued 1:/
$(0.10)
0.05
0.05
0.40
0.10
(0.30)
(0.15)
0.25
(0.70)
Amounts to be Eaid to or bl subscdbers
On account of accrued
interest to 7[221 64
Net amount
Payable
Payable
to
El
subscriber
subscriber
To be
To be
on
on
paid.
collected
securities
securities
to
from
to be
to be
subsubexchanged
issued
scriber
scriber
FOR THE 4-1i4~ BONDS OF 1987-92
$1.627747
$1.844780
2.170330
1.844780
$0.375550
0.692935
1.844780
0.900815
1.844780
0.716033
1.844780
1.573489
1.844780
0.692935
1.844780
1. 736264
1.844780
0.141484
1.573489
1.844780
$0.317033
1.101845
0.543965
1.028747
0.571291
1.301845
0.971291
Exter:..sioL
of
maturit:l
Yrs. -l!;os.
28
23 27
27 27
26
26
26 25
0
(]
9
(]
.J
3
G
."
v
0
"
r)
aounts payable by subscribers are included within parenthesis.
The following coupons should be attached to the securities in bearer form when they are
surrendered:
!%
!%
note
note
3% note
3% note
4.
E-1964 and
F-1964 and
B-1966, 4%
C-1965 and
Securities
5% note B-1964
4-7/8ajo note C-1964
note A-1966 and 3-5/8% note B-1967
3-3/4% bond 1966
Aug.
Nov.
Aug.
Nov.
Coupons to be attached
15, 1964
15, 1964
15, 1964, and subsequent
15, 1964, and subsequent
Payment:
Payment for the new securities must be completed by July 24, 1964. The new securities will be delivered July 24, 1964. T,There the table in the preceding paragraph
shows a net amount to be collected from subscribers such amount should accompany
the subscription. Where the table shows a net amount payable to subscribers the
payment will be made by the TreasurJ, if bearer securities are surrendered following their acceptance, and if registered securities are surrendered following discharge of registration in accordance with the assignments on the securities.
5.
Limitation on amount of securities to be issued:
The amount of securities to be issued under this offering will be limited to the
amount of the eligible securities tendered in exchange and accepted.
6.
Books open for subscriptions for the new securities:
The books will be open for the receipt of subscriptions f::com Ho~:g2. Ju::'~ }},
through Thursday, July 16, 1964.
Subscriptions placed in the mail by midnight,
July 16, addressed to any Federal Reserve Bank or Branch or the Office of the
Treasurer of the United States, Washington, D. C. 20220, will be.considered as
timely. The use of registered mail is recommended for the securlty holders'
protection in submitting securities to be exchanged.
If securities eligible for exchange are pledged with a State or Federal Govern-
SUPPLEMENT TO TREASURY DEPARTMENT PRESS RE,'LEASE OF JULy 8, 1964
Statement of Tenus and Conditions of the .July 1964 Advance Refunding
:) all holders of the following outstanc3jne; Treasury securities:
iption of securities
Issue date
%note E-1964
Aug.
Oct.
Aug.
Feb.
note B-1964
%note F-1964
%note C-1964
ISSUES MATURING IN 1964
1, 1961
Aug. 15, 1964
15, 1959
Aug. 15, 1964
15, 1963
Nov. 15, 1964
15, 1960
Nov. 15, 1964
ISSUES MATURING IN 1965 - 1967
Nov. 15, 1963
May 15, 1965
May 15, 1962
Feb. 15, 1966
Nov. 15, 1960
May 15, 1966
Feb. 15, 1962
Aug. 1.5, 1966
Ivlar. 15, 1963
?eb. 15, 1967
%note C-1965
%note
%bond
B-1966
1966
note A-1966
%note B-1967
Amount
outstanding
(in billions)
Remaining term
to maturity
Mos.
Yrs.
Final maturity
date
1
1
2
2
3/4
3/4
3-3/4
3-3/4
$4.1
9-3/4
6-3/4
9-3/4
3/4
6-3/4
8.0
5.7
2.9
5.8
3.5
2.0
6.0
3.9
few securities to be issued (or additional amount of an outstanding series):
Issue date
nption of securities
ond of Oct. 1, 1969
Oct. 1, 1957
8% bond of Nov. 15, 1973 July 22, 1964
4% bond of Aug. 15, 1987-92 Aug. 15, 1962
Amount
outstanding
(in bi11ion81 Interest startsl:/
July 22, 1964
.$2.5
July 22, 1964
July 22, 1964
0.4
Interest payable
Apr. 1 & Oct. 1
May 15 & Nov. 15
Feb. 15 & Aug. 15
nterest on the securities surrendered stops on July 22, 1964.
Terms of the exchange:
Exchanges will be made on the basis of equal face amounts, ",ith payments (per $100 face
amount) as follows:
Securities
to be
exchanged
14% note
note
/4% note
18% note
18% note
/8% note
/4% bond
note
>/8% note
E-1964
B-1964
F-1964
C-1964
C-1965
B-1966
1966
A-1966
B-1967
3/4~ note E-1964
note B-1964
5/4, not", 1<'_, Q~A
Amounts to be paid to or by subscribers
Payable
On account of accrued
Net amount
to
interest to 7/22/64
Payable
Payable
subscriber
on account
to
Ex
To be
To be
subscriber
of purchase subscriber
collected
paid
on
on
price of
to
from
securi ties
securi ties
securities
subsubto be
to be
to be
scriber
scriber
issued 1/
exchanged
issued
FOR THE 4% BO}IDS OF 1969
$0.703703
$1.627747
$1.224044
$0.30
1.396286
2.170330
1.224044
0.45
~~0.031109
0.692935
1.224044
0.45
0.476771
0.900815
1.224044
0.80
O.CO'jOl1
0.716033
1.224044
0.50
Q.~49445
1.221",04,4
1.573489
0.10
1. 224044
0.692935
0.25
1.162220
1.224044
1.
736264
0.65
0.049445
1.224044
1.573489
(0.30)
$0.75
0.90
" a"
FOR THE 4-1/8% BONDS OF 1973
$1.627747
2.170330
"
ca')a~c::
$2.377747
3.070330
,
C;Q?q7:,C;
Extension
of
rnaturi ty
Yr's. -1'llos.
:5 - 1-1/2
5 - 1-1/2
4 - 10-1/2
4 - 10-1/2
~ " /1)
''-'--'-I
'-'
,t 7:
7-1/2
<"
'~~,-1/2
3 - 1-1/2
2 - 7-1/2
9 - 3
9 - 3
a
_
r'I
Investment Returns in the July
1964
~dvance Refundin~
App-roxim:a-tellivestmenTyield
from 7/22/64 to l1E. tu ri ty ~1/~--':---1
4cd B d:
: 4-l~lb Bond
1~/1/69 : 4-1/8% Bond : 8/15/87-92 1/
3/
11/15/73
to first call
or maturity
Securities eliGible
for exchane;e
A-pproximate reinvestment rate
for the extension period
~
4% Bond:
4-1/4jJ Bond
10/1/69 : L~-1/8% Bond
8/15/87 -92 1/
3/
11/15/73
To first
To
call
: maturity
1964 maturities:
5%
Note" 8/15/64 • ••
3-3/4% Note 8/15/64 • ••
4-7/~~ Note 11/15/64 • ••
3-3/4% Note 11/15/64 • ••
4.06%
4.06
4.06
4.06
4.22%
4.22
4.22
4.22
4.24%
4.24
4.24
4.24
4.08%
4.07
4.12
4.12
4.08
4.09
4.08
4.08
4.08
4.23
4.24
4.23
4.23
4.23
4.25
4.25
4.25
4.25
4.25
4.15
4.22
4.23
4.24
4.28
4.247~
4.23
4.27
4.27
4.25%
4.25
4.26
4.26
4.25%
4.25
4.26
4.26
4.29
4.34
4.36
4.36
4.39
4.28
4.30
4.30
4.31
4.32
4.27
4.29
4.30
4.30
4.31
1965-67 maturities:
3-7 /fY~ Note
3-5/&/0
3-3/4%
4%
3-5/Pf/o
Note
Bond
Note
Note
5/15/65
2/15/66
5/15/66
8/15/66
2/15/67
• ••
• ••
• ••
• ••
• ••
Office of the Secretary of the Treasury
Office of Debt Analysis
1I
July
8, 1964
Yields to nontaxable holders (or before tax) on issues offered in exchange based on prices of eligible
issues (adjusted for payments on account of issue price). Prices are the mean of bid and ask quotations
at noon on July 7, 1964.
2/ Rate for nontaxable holder (or before tax).
~ Reopening of an existing security.
?ayment6
~o
~he
and by
Subscriber in the July 1964 Advance Refunding
(In dollars per $100 face value)
Amounts to be paid to or by subscribers
Price adjusument
: Accrued interest
payment
: to July 22, 1964
: Net amount to be r
1/
to be paid
Securi ties to
be exchanged
fu
~
~
fu
fu:
b --ib : b --ob : subscriber: subscriber: b --ib:
~
: 6U scr
er: su scrl. er:
2/
:
3/
: su scr er: subscrl
:
For the 4~ Bond 10/1/69
1964
Ma. turi ties:
5~
3-3/4~
4-7/8~
3-3/4~
1965-67
3-7/8~
3-5/8~
3-3/4~
4~
3-5/8~
1964
.450000
.300000
.800000
.450000
.500000
.100000
.250000
.650000
.300000
2.170330
1.627747
.900815
.692935
1.224044
1.224044
1.224044
1.224044
·716033
1.573489
.692935
1.736264
1.573489
1.224044
1.224044
.449445
1.224044
1.224044 1.162220
1.224044
.049445
Bond 11/15/73
For the 4-1/8~
1965-67
3-7/8~
3-5/8~
3-3/4~
4~
3-5/8~
.0811(
.0030:
• 2811(
Note 8/15/64 ••
Note 8/15/64 ••
Note 11/15/64 ••
Note 11/15/64 ••
Maturities:
Note 5715/65 ••
Note 2/15/66 .•
Bond 5/15/66 ••
Note 8/15/66 ••
Note 2/15/67 ••
·900000
.750000
1.250000
·900000
.950000
·550000
.700000
1.100000
.150000
2.170330
1.627747
·900815
.692935
3.070330
2.377747
2.150815
1.592935
.716033
1.573489
.692935
1.736264
1.573489
1.666033
2.123489
1.392935
2.836264
1.723489
Bond 8L15L87-92
For the 4-1L4~
Me. turi ties:
5~
3-3/4~
4-7/8~
3-3/4~
Note 8/15/64..
.050000
2.170330 1.844780
.100000 1.627747 1.844780
Note 8/15/64 ••
liJte 11/15/64..
.400000
·900815 1.844780
Note 11/15/64..
.050000
.692935 1.844780
1965-67 Maturities:
3-7/8~ Note 5/15/65..
.100000
.716033 1.844780
3-5/8~ Note 2/15/66 ••
.300000 1.573489 1.844780
3-3/4'~ Bond 5/15/66 .•
.150000
.692935 1.844780
4~
Note 8/15/66..
.250000
1. 736264 1.844780
3-5/8~ Note 2/15/67 ••
.700000 1.573489 1.844780
Office of the Secretary of the Treasury
Office of Debt Analysis
1/ Payment on account of purchase price of offered securities.
-/
2, On securities exchanged.
On securities offered.
1I
1.396286
·703703
.476771
Me. turi ties:
5~
3-3/4~
4-7/8~
3-3/4~
1964
Note 8/15/64 ••
Note 8/15/64 ••
Note 11/15/64 ••
Note 11/15/64 ••
Maturities:
Note 5/15/65 .•
Note 2/15/66 ••
Bond 5/15/66 ••
Note 8/15/66 ••
Note 2/15/67 ••
.375550
.3170
.5 439
1.1018
1.0287
.5712
1.3018
.141484
.9712
July
0,
DRJL~
PRESS RELEASE
- 2 -
subscribers with appropriately attractive opportunities, as shown in
the attached table.
The public holds $7.6 billion of the four Augustald November 1964
maturities and about
$8.4 billion is held by official accounts. These
issues are nearer to final maturity than any issues included in
previous advance refunding offers.
Consequently their holders are not
being offered the nontaxable exchange privilege that is, as has been
customary, being made available to the other five issues eligible for
this advance exchange.
The five eligible issues maturing from May 1965 to February 1967
involve $19.0 billion of public holdings.
This total is somewhat larger
than that involved in the most recent advance refunding in January but
is smaller than the total offered in September 1963.
Official accounts
hold about $6.8 billion of the 1965-1967 maturities.
The Treasury is in a position to undertake this advance refunding
operation because its immediate cash needs are much smaller than had
been anticipated earlier.
At this time, cash borrowing is being confined
to increases in the weekly bill issue, beginning with $100 million for
the issue dated July 16.
The Treasury's cash needs over the balance of
the calendar quarter will require sufficient borrowing to perm! t. additions
to the supply of Treasury bills as necessary to counter any undue downward pressure on Treasury bill yields.
Attachment
DRAFT PRESS RELEASE
7/7/64
ADVANCE REFUNDING OFFER
The Treasury today announced that the further improvement of its
cash position at the close of June makes unnecessary any substantial
cash borrowing at this time.
Instead, the Treasury is offering holders
of /¥2;&- note issues due in August and November of this year and five
other selected note and bond issues maturing from May 1965 to
February 1967 an opportunity to extend the maturity of their holdings
at attractive yields.
Three issues are being offered in exchange:
an
additional amount of the outstanding 4% bonds due October 1, 1969, a
new 4-1/8% bond due November 15, 1973, and an additional amount of the
outstanding 4-1/4% bonds due in August 1992.
The securities eligible
for exchange and those being newly offered are as follows:
Securities eligible for exchange
and their maturity dates
5% notes
3-3/4% notes
4-7/810 notes
3-3/4% notes
8/15/64
8/15/64
11/15/64
11/15/64
3-7/8% notes
3-5/8% notes
3-3/4% bonds
4% notes
3-5/8% notes
5/15/65
2/15/66
5/15/66
8/15/66
2/15/67
Securities offered in exchange
and their maturity dates
4% bonds
(reopened issue)
4-1/8% bonds
(new issue)
4-1/4% bonds
(reopened issue)
10/1/69
11/15/73
8/15/87-92
Exchange subscription books will be open for four days, July 13 -
16. Because of differences in coupon and maturity among the various
eligible issues, cash adjustments will be made to provide all
TREASURY DEPARTMENT
(
OR
~DIATE
RELEASE
ADVANCE REFUNDING OFFER
The Treasury today announced that the further improvement of its
ash position at the close of June makes unnecessary any substantial
ash borrowing a t this time. Ins tead, the Treasury is offering holders
f the four note issues due in August and November of this year and
ive other selected note and bond issues maturing from May 1965 to
ebruary 1967 an opportunity to extend the maturity of their holdings
t attractive yields.
Three issues are being offered in exchange:
n additional amount of the outstanding 4% bonds due October 1, 1969,
new 4-1/8% bond due November 15, 1973, and an additional amount of
he outstanding 4-1/4% bonds due in August 1992. The securities
ligib1e for exchange and those being newly offered are as follows:
ecurities eligible for exchange
and their maturity dates
%notes
-3/4/0 notes
-7/8% notes
-3/4% notes
-7/8% notes
-5/8% notes
-3/4% bonds
% notes
-5/8% notes
8/15/64
8/15/64
11/15/64
11/15/64
5/15/65
2/15/66
5/15/66
8/15/66
2/15/67
Securities offered in exchange
and their maturity dates
4% bonds
(reopened issue)
4-1/8/0 bonds
(new issue)
4-1/4% bonds
(reopened issue)
10/1/69
11/15/73
8/15/87-92
Ex,;hange subscription books will be open for four days, July 13-16.
ecause of differences in coupon and maturity among the various
ligib1e issues, cash adjustments will be made to provide all
lbscribers with appropriately attractive opportunities, as shawn in
he attached table.
The public holds $7.6 billion of the four August and November 1964
l~rities and about $8.4 billion is held by official accounts.
These
ssues are nearer to final rna turi ty than any is sues inc 1uded in
~vious advance refunding offers.
Consequently their holders are not
~ing offered the non taxab le exchange privilege that is, as has been
-1274
- 2 -
ustomary, being made available to the other five issues eligible for
his advance exchange.
The five eligible issues maturing from May 1965 to February 1967
nvolve $19.0 billion of public holdings. This total is somewhat
arger than that involved in the most recent advance refunding in
anuary but is smaller than the total offered in September 1963.
fficial accounts hold about $6.8 billion of the 1965-1967 maturities.
The Treasury is in a position to undertake this advance refunding
peration because its immediate cash needs are much smaller than had
een anticipated earlier. At this time, cash borrowing is being
onfined to increases in the weekly bill issue, beginning with $100
illion for the issue dated July 16. The Treasury's cash needs over
he balance of the calendar quarter will require sufficient borrowing
o permit timely additions to the supply of Treasury bills as
ecessary to counter any undue downward pressure on Treasury bill
ields.
ttachment
Payments to and by the Subscriber i.n the July
1964 Advance Retunding
(In dollars per $100 face value)
- Amoun~s to be paid to or by subscribers
Price adjustment
: Accrued interest
:
payment
: to July 22, 1964
Net amount to be paid
J./
to be paid
Securities to
be exchanged
To ib ~
::SUbS~1ber:subS~iber:SUbS:1ber:sUbS~iber:
:
~
2/
:
2/ :sub scr
er:
For the 4~ Bond
Maturi ties:
Note
14~ Note
18~ Note
14~ Note
8/15/64 ••
8/15/64 ••
11/15/64 .•
11/15/64 ••
.67 *turities:
18J Note 5/15/6 5.•
18~ Note 2/15/66.,
14~ Ibnd 5/15/66 ••
Note 8/15/66 ••
18~ Note 2/15/61.
.450000
.30CX>00
.Booooo
.450000
.500000
.100000
.250000
.650000
0
.300000
For
Maturi ties:
Note
f4~ Note
18~ Note
14~ Note
8/15/64 ••
18~ Note
'4~ Ibnd
Note
lAd
v~
Not e
2,j'1-) /16'-'j .
0
1.396286
.703703
.476T71
.716033
1. 573489
.692935
1.736264
1.573489
1.224044
1.224044
1.224044
.449445
1.224044
1.162220
.716033
1.666033
2.123489
1.392935
2.836264
1.723489
Bond 8/15/8 7-92
.692935
1.736264
1. 57j489
1. l!:X:;OOO
• 15iXYJO
~he 4-1/4~
~tur1ties:
8/15/64 ••
•v50000
~ Bote 5115/65 ••
8, J«)te 2/15/66 ..
Ibnd 5/15/66 ..
Note 8/1 r:;.j66 ••
.10(XX)t)
Note
'4~ ?t>te 8/15/64 •.
'8~ I:>te ll/15/64 .•
'4~ ?t>te U/1S/64 •.
67 Matur1ties:
4,
.100000
.30J000
• l:,rx>oo
2.170330
1.627747
.9Q0815
.692935
1.844780
1.844780
1.844780
1.844780
.716033
1.573489
1.844780
.692935
1. 736264
.375550
1.028747
·571291
1.301845
1.844780
1.844780
1.844780
1.844780
1.573489
8~ Note 2/15/£)7 .•
·7(X)()(X)
of the Secreta:-y of~t.Ee~ 7reaB'nry~
Office of !~bt Anal.,r3ie
aYDlent on acco.:mt o:t' p1.4..rdc:..:::e pr:t:~f> ;.Jf offered se~uri ties.
n securities eXCai~(~.,
n secur1 ties offer~i.
e
.28110~~
1.224044
.049445
the 4-1/~ Bond 11/15/73
1. 573489
.900000
.08ll09
.oo8011
.550000
} 7tXXXJO
~750000
1. 25()()()Q
5/15/66 .•
8/15/6(;,.
1.224044
1.224044
1. 224044
1.224044
• 9500C()
FJ/15/64 ••
2/15/66 .•
2.170330
1.627747
.9Q0815
.692935
3.070330
2. 37TI47
2.150815
1.592935
J..l/15/64 ••
ll/15/64 ..
-67 leturi ties:
lij Note 5/15/65 ••
10/1/69
2.170330
1.627747
.900815
.692935
.5(JOOOO
~
Bubscriber
.141484
·973291
Investment Returns in the
Ju~y ~964
Advance Refundine
Approximate investment yie1~
from 7/22/64 to maturity 1/
Securities eliGible
4% Bond :
: 1j.-1f4~nona
for excbane;e
10/1/6 Q : 4-1/8% Bond
8/15/87-92
3 1 / : 11/15/73
to first call
____ ~.'.__ ~_~~_
~ __ ._~
or maturity
II
Note'
3-3/4% Note
4-7/&; Note
3-3/4% Note
lI:
I
1964 ma~urities:
5%
Approximate reinvestment rate
for the extension period
gj
4% Bond :
:
4-l!4rBond
10/1/69: 4-l/eJfo Bond:
8/15/87-92 3.1
11/15/73
: To first:
To
call
:DBtur_it.;.Y_
8/15/64 • ••
8/15/64 • ••
11/15/64
11/15/64 • ••
4.06%
·..
4.06
4.06
4.06
·..
4.08
4.09
4.08
4.08
4.08
4.2C/o
4.24%
4.24
4.22
4.22
4.24
4.24
4.23
4.24
4.25
4.25
4.22
4.o&;t
4.01
4.12
4.12
4.24%
4.23
4.27
4.27
4.25%
4.25
4.26
4.26
4.29
4.34
4.36
4.36
4.39
4.28
4.30
4.30
4.25~
4.25
4.26
4.26
1965-67 maturities:
3-7/8f~ Note
3-5/&fo
Note
3-3/4% Bond
4%
Note
3-5/8f!o Note
5/15/65
2/15/66
5/15/66
8/15/66
2/15/67
•••
• ••
• ••
• ••
Office of the Secretary of the Treasury
Office of Debt Analysis
l/
4.23
4.23
4.23
4.25
4.25
4.25
4.15
4.22
4.23
4.24
4.28
4.31
4.32
4.27
4.29
4.30
4.30
4.31
July 8, 1964
Yields to nontaxable holders (or before tax) on issues offered in exchange based on prices of eligible
issues (adjusted for payments on account of issue price). Prices are the mean of bid and ask quotations
at noon on July 7, 1964.
2/ Rate for nontaxable holder (or before tax).
Reopening of an existing security.
l/
SUPPLEMENT '00
TREAsuRY'
DEPARTMENT PRESS RELEASE OF JULY 8, 1964
Statement; of Terms and Conditions of the July 1964 Advance Refunding
l.
To all holders of the following outstanding Treasur7 securities:
Descri;2t1on of securities
5~
note B-1964
3-3/4~ note F-1964
4- 7/8~ note C-1964
note
note
bond
4~
note
3-5/8~ note
2.
Issue date
ISSUES MATURlNG IN 1964
Aug. 1, 1961
Aug. IS, 1964
Oct. 15, 1959
Aug. IS, 1964
Aug. 15, 19G3
Nov. 15, 1964
Feb. 15, 1960
Nov. 15, 1964
ISSUES MATURING IN 1965 - 1967
Nov. 15, 1963
May 15, 1965
May 15, 1962
Feb. 15, 1966
Nov. 15, 1960
May 15, 1966
Feb. 15, 1962
Aug. IS, 1966
Mar. 15, 1963
Feb. IS, 1967
3-3/4~ note E-1964
3-7/8~
3-5/8~
3-3/4~
Remaining term
to maturity
Yrs.
~s.
Final maturity
date
C-1965
B-1966
1966
A-1966
B-1967
Amount
outstanding
{in billions~
-
1
1
2
2
3/4
3/4
3-3/4
3-3/4
$4.1
2.0
6.0
3.9
9-3/4
6-3/4
9-3/4
3/4
6-3/4
8.0
5.7
2.9
5.8
3.5
New securities to be issued (or additional amount of an outstanding series):
Description of securities
Issue date
4~ bond of Oct. 1, 1969
Oct. 1, 1957
4-1/8~ bond of Nov. 15, 1973 July 22, 1964
4-1/4~ bond of Aug.lS, 1987-92 Aug. 15, 1962
17 Interest
Amount
outstanding
(in billions) Interest startsll
$2.5
July 22, 1964
July 22, 1964
0.4
July 22, 1964
Interest payable
Apr. 1 & Oct. 1
May 15 & Nov. 15
Feb. 15 &Aug. 15
on the securities slurendered stops on July 22, 1964.
3. Terms of the exchange:
Exchanges will be made on the basis of equal face amounts, with payments (per $100 face
amount). as follows:
3-3/4%
5%
3-3/4%
4-7/8%
3-7/8%
3-5/8%
note
note
note
note
note
note
3-3/4~ bond
4%
note
3-5/8% note
E-l964
B-1964
F-1964
C-1964
C-1965
B-1966
1966
A-l966
B-1967
$0.30
0.45
0.45
0.80
0.50
0.10
0.25
0.65
(0.30)
Amounts to be paid to or bl subscribers
On accolmt of accrued
interest to 7L22L64
Net amount
Payable
Payable
to
El
subSCriber
Extension
flubscriber
To be
To be
collected
of
on
paid
on
maturity
to
securities
from
securities
S'\iilto be
to be
sUbissued
scriber
scriber Yrs.-Mos.
ex.chEll1i,l;ed
}~R THE4~ BONDS OF 1969
$1.224044
$0.703703
$1.627747
5 - 1-1/2
1.224044
1.396286
2.170330
5 - 1-1/2
1.224044
0.692935
$0.081109
4 -10-1/2
1.224044
0.476771
0.900815
4 -10-1/2
1.224044
0.0080ll
0.716033
4 - 4-1/2
1.224044
0.449445
1.573489
3 - 7-1/2
0.281109
1.224044
0.692935
3 - 4-1/2
1.162220
1. 736264
1.224044
3 - 1-1/2
0.049445
1.224044
2 - 7-1/2
1.573489
3-3/4%
5~
3-3/4%
4-7/8%
3-7/8%
E-1964
B-1964
F-1964
C-1964
C-1965
B-1966
1966
A-1966
B-1967
$0.75
0.90
0.90
1.25
0.95
0.55
0.70
1.10
0.15
FOR THE 4-lL8~ BONDS OF 1973
$1.627747
2.170330
0.692935
0.900815
0.716033
1.573489
0.692935
1. 736264
1.573489
Securities
to be
exch~ed
note
note
note
note
note
3-5/8~ note
3-3/4'1> bond
41>
note
3-5/8~ note
Payable
to
subscriber
on account
of purchase
price of
securities
to be
issued ];/
1'00tnote app~rs at end of table on next
~e.
$2.377747
3.070330
1.592935
2.150815
1,.666033
2.123489
1.392935
2.836264
1. 723489
9 - 3
9 - 3
9 - 0
9 - 0
8
7
7
7
6
-
6
9
6
3
9
2
3.
Terms of the exchange (Continued):
Securities
to be
~changed
3-3/4% note
5~
note
3-3/4% note
4-7/8% note
3-7/8% note
3-5/8% note
3-3/4% bond
4%
note
3-5/8% note
E-1964
B-1964
F-1964
C-1964
C-1965
B-1966
1966
A-1966
B-1967
Amounts to be Eaid to or bal subscribers
On account of accrued
interest to 7 L22L64
Net amount
Payable
Payable
to
~
subscriber
subscriber
To be
To be
Extension
on
on
paid.
collected
of
securit;ies
securities
to
from
maturity
to be
to be
subSUbexchanged
issued
scriber
scriber
Yrs.-Mos.
YOR THE 4-1L4~ BONDS OF 1987-92
$1.627747
$1.844780
$0.317033
28 - 0
2.170330
1.844780
$0.375550
28 - 0
0.692935
1.844780
1.101845
27 - 9
0.900815
1.844780
0.543965
27 - 9
0.716033
1.844780
1.028747
27 - 3
1.573489
1.844780
0.571291
26 - 6
0.692935
1.844780
1.301845
26 - 3
1. 736264
1.844780
0.141484
26 - 0
1.573489
1.844780
0.971291
25 - 6
Payable
to
subscriber
on account
of purchase
price of
securities
to be
issued 1/
$(0.10)
0.05
0.05
0.40
0.10
(0.30)
(0.15)
0.25
(0.70)
11 Amounts payable by
subscribers are included within parenthesis.
The following coupons should be attached to the securities in bearer form when they are
surrendered:
3-3/4%
3-3/4%
3-5/8%
3-7/8%
4.
note
note
note
note
E-1964 and
F-1964 and
B-1966, 4%
C-1965 and
Securities
5% note B-1964
4-7/8% note C-196'.l
note A-1966 and 3-5/8% note B-1967
3-3/4% bond 1966
Aug.
Nov.
Aug.
Nov.
Coupons to be attached
15, 1964
15, 1964
15, 1964, and subsequent
15, 1964, and subsequent
Payment:
Payment for the Clew securities must be completed by July 24, 1964. The new securities will be deHvered July 24, 1964. Where the table in the preceding paragraph
shows a net amount to be collected from subscribers such amount should accompany
the subscription, Where the table shows a net amount payable to subscribers the
payment will be uade by the Trealmry, if bearer securities are surrendered following their acceptHllce, and if registered securities are surrendered :following discharge of regist"ation in accordance with the assignments on the securities.
5.
Limitation on amount of uecurities to be issued:
The amount of securities to be iE.sued under this offering will be limited to the
amount of the el:lgible sl=curities tendered in exchange and accepted.
6.
Books open for subscript:Lons for the new securities:
The books will bE' open for the receipt of subscriptions from Mondaal, July 13,
through Thursday, .Ju~:rJ~~z 1964.
Subscriptions placed in the mail by midnight,
July 16, addressed to any Federal Reserve Bank or Branch or the O:ffice of the
Treasurer of the United E,tates, WaE.hington, D. C. 20220, will be considered as
timely. The use of regiGtered. mail is reconunended for the security holders'
protection in BublLittiag secud.ties to be exchanged.
If securities eligible :for exchange are pledged with a State or Federal Government agency or authority and such securities cannot or will not be released by
such authority to the pl(,dgpr in time for use in making payment for the securities offered in this exchange, the pledgor may, nevertheless, enter a subscription.
Such subscriptions should be accompanied by a letter signed by an authorized
official of the pledgor explaining the circwnstances and, if the authority will
not release the securities, a request and authorization for the Federal Reserve
Bank, or 13"cllilM, ......... ill'lJlflmrpr of the United states (according to where the
subscI:tption is directed) to deliver the new securities to the State or Federal
authrt'ity in exchange :for the old. recurities held by such authority.
3
7.
Requirements applicable to subscriptions:
Subscriptions will be received at the Federal Reserve Banks and Branches and at
the Office of the Tre~surer of the United States, Washington, D. C. 20220. Banking institutions generally may submit subscriptions for account of customers.
All subscribers requesting registered securities will be required to furnish
appropriate identifying numbers as required on tax returns and other documents
submitted to the Internal Revenue Service.
8.
Denominations and other characteristics of new securities:
The bonds will be issued in denominations of $500, $1,000, $5,000, $10,000, $100,000
and $1,000,000 iu coupon and registered forms. The bonds will be acceptable to
secure deposits of public moneys.
9.
Recognition or nonrecognition of gain or loss for Federal income tax purposes:
A.
Recognition - four eligible issues maturing August 15 and November 15 1 1964
Gain or loss, if any, upon exchanges of the 3-3/4% notes or 5% notes due August 15,
1964, or the 3-3/4% notes or 4-7/8% notes due November 15, 1964, must be fully
recognized under the Internal Revenue Code.
B.
Nonrecognition - five eligible issues maturing 1965-67
(a) General--The Secretary of the Treasury has declared pursuant to Section 1037(a)
of the Internal Revenue Code that no gain or loss shall be recognized for Federal
income tax purposes solely on account of the exchange of the 3-7/8% notes due
May 15, 1965, 3-5/8% notes due February 15, 1966, 3-3/4% bonds due May 15, 1966,
4% notes due August 15, 1966, or the 3-5/8% notes due February 15, 1967; however I
Section 1031(b) of the Code requires recognition of any gain realized on the exchange to the exteo.t that money (other than interest) is received by the security
holder in connection with the exchange as indicated in (b).
(b) Where the securities to be issued are offered b the Treasu
to the investor--If the fair market va ue
0
e secur t es 0
the amount paid to the investor (discount)-exceeds the cost basis to the investor
of the securities to be exchanged, such gain (but not to exceed the amount of the
payment) must be recognized and accounted for as gain for the taxable year of exchange. He will carry the new securities on his books at the same amount as he
is now carrying the old securities except that he will reduce the cost basis by
the amount of the payment and increase it by the amount of the gain recognized.
If the fair market value of the new securities plus the amount of the payment doe~
not exceed the cost basis of the old securities, the basis in the new securities
will be the cost basis in the old securities reduced by the amount of the payment.
(c) Where premium is paid by the subscriber--It' a premiulU is paid by the subscriber no gain or loss will be l~cognized; but his tax basis in the new securities
will be his cost basis in the old securities increased by the amount of the
premitun.
(d) Gain to the exteot not recognized under (b) (or 106s), i f any, upon the old
securities surrendered in exchange will be taken into account upon the disposition
or redemption of the new securities. (See appendix to paragraph 9 attached.)
fJ
The mean of the bid and asked quotations on date subscriptions are submitted.
10.
Federal estate tax option on the bonds:
The 4% bonds of 1969 (Oct.), 4-1/8% bonds ot' HU5 and 4-1/4% bonds of 1987-n ,Will
be redeemable at par and accrued interest prior to maturity for the purpose 01
using the proceeds in payment of Federal estate taxes ~ut Oil~y if they are OWllea
by the decedent at the time of' his death and thereupon const;ttute part of his
estate.
ll.
fuok value of new aecurities to t,anking institutions:
-
The Comptroller of the Currency, the Board of Governors of the Feder;;,l Hetlt:nt:
System and the Federal Deposit Insurance Corporation have, ~8 filld to the eJ<.teut
that
IUtll_tt
11ft f6b61.~il in exchanges subject to nonret;ogtlltiu!l of gttill
or 10.811 -ror Federal income tax lNrposes as outlined in paragreph 9£ bl:cc;uL
lndJcated to the T'reaaury that bl:l.Jj\s under their supervision lUlty pluc:t: ti,e Helol
n;w.
t
••
4
securit ies recei veli in exchullCe on their books at any amount not greater than the
amount IIi "hich the e1ip:ib1e securities surrenuered by them are carried on their
books p1u.:i the amount of premium, if any, paid on the new securities, or reduced
by the amount of discount, if any, received by the subscriber and increased by
the amount of gain, if any, which will be recognized as indicated in paragraph 9B.
12.
Computation of reinvestment rate for the extension of maturity:
A holder of the outstanding eligible securities has the option of accepting the
Treasury's exchange offer or of holding them to maturity. Consequently, he can
compare the interest plus (or minus) any payment, other than the adjustment of
accrued interest, he will receive resulting from exchanging now with the total of
the interest on the eligible issues and what he might obtain by reinvesting the
proceeds of the eligible securities at maturity.
The income before tax for making the extension now through exchange will be the
coupon rates plus (or minus) any payment on the new issues. If a holder of the
eligible securities does not make the exchange he would receive the coupon rates
on the eligible issues to their maturity and would have to reinvest at that time
at a rate equal to that indicated in paragraph 13 below for the remaining terms
of the issues now offered, in order to equal the return (including any payment)
he would receive by accepting the exchange offer. For example, if the 3-5/8~
notes of 2/15/66 are exchanged for the 4-1/8~ bonds of 11/15/73, the investor
receives 4-1/8% for the entire 9 years and 3-3/4 months plus $0.55 (per $100 face
value) immediately. If the exchange is not made, a 3-S/8~ rate will be received
until February 15, 1966, requiring the reinvestment of the proceeds of the 3-5/8's
of February 1966 at that time at a rate of at least 4.34~ for the remaining 7 years
and 9 months, all at compound interest to average out to a 4-1/8~ rate for 9 years
and 3-3/4 months plus the $0.55 immediate payment. This minimum reinvestment rate
for the extension period is shov.1Il in the table under paragraph 13. The minimum
reinvestment rates for the other issues included in the exchange are also shown
in the table under paragraph 13.
4'1:>
3-5/8'1:>
3-3/41>
51>
3-3/41>
4-7/81>
3-7/8,%
3-5/8'1:>
3-3/4'1:>
Notes
Notes
Notes
Notes
Notes
Notes
Bonds
Notes
Notes
8/15/64
8/15/64
5 L15L65
2L15L66
5L15L66
8/15/6~
2/15/67
llL15L64
llL15L64
FOR THE NEW 41> BONDS OF OCTOBER 1, 1969
Payments on account of $100
issue price:
To subscriber --------------- $0.30
By subscriber ---------------
~0.45
$0.45
$0.80
$0.50
$0.10
$0.25
$0.65
0.30
Approximate investment yield
from exchange date (7/22/64 )
to maturity of bonds offered
in exchange based on price
of securities eligible for
exchange ~ ----------------- 4.06%
4.06%
4.06%
4.06%
4.oBi
4.0910
4.0Ef/o
4.oBi
4.oBi
Approximate minimum reinvestment rate for the extension
pedod
4.08
4.12
4.12
4.15
4.22
4.23
4.24
4.28
$1.10
$0.1.5
y -------------------
4.07
FOR THE NEW 4-1/8% BONDS OF NOVEMBER 15, 1973
Payments on account of $100
issue price:
To subscriber ---------------$0.75
By subscriber ---------------
$0.90
$0.90
$1.25
$0.95
$0.55
$0.70
Approximate investment yield
from exchange date (7/22/64 )
to maturity of bonds offered
in exchange based on price
of securities eligible for
ex-:hange
4.22%
4.22%
4.22%
4.22%
4.23'%
4.24%
4.23%
4.23%
4,23%
Approximate minimum reinvestr.:ent rate for the extension
period ~/ ------------------- 4.23
4.24
4.27
4.27
4.29
4.34
4.36
4.36
4,39
y -----------------
3-3/4~
Notes
~L15/54
5'{o
3-3/4~
_£!!Jd5!~4
Notes
ti/lS/64
Notes-
FOR THE
Payments on account of $100
issue price:
To subscriber --------------By subscriber --------------- $0.10
$0.05
$0.05
4-7 lsi
Notes
llLlS/64
~{
3-7/s~
3-5/S~
Notes
Notes
51..151..65
21.. 15 1..66
3-3/410
Bonds
5/15/66
410
Notes
8/15/66
3-5/slo
Notes
2/15/67
4-1L4i BONDS OF AUGUST lS, 1987-92
$0.40
$0.25
$0.10
$0.30
$0.15
$0.70
ApprOximate investment yield
from exchange date (7/22/64)
to first call date or to
maturity of bonds offered
in exchange based on price
of securities eligible for
exchange
4.2410
4.2410
4.24%
4.24i
4.25%
4.25%
4.25%
4.25i
4.25%
ApprOximate minimum reinvestment rate for the extension
period:
To first ce.ll date ------~--- 4.25
To maturity ----------------- 4.25
4.25
4 ?<::
'-"-'
4.26
4.26
4.26
4.26
4.28
4.27
4.30
4.29
4.30
4.30
4.31
4.30
4.32
4.31
y -----------------
Y
~
Y
.
Yield to nontaxable holder or before tax.
of issue price) at noon on July 7, 1964.
Based on mean of bid and asked prices (adjusted for payments on account
Rate for nontaxable holder or before tax.
For explanation see paragraph 12 abo,re.
APPENDIX TO PAMGMPH NO. 9
NONRECCGNrrrON OF GAIN OR LOSS FeR FEDZRAL INC01{E TAX PURPOSES
Wbere a bond is offered by the Treasury with a payment (other than the accrued interest
adjustment) to the investor.
Examples:
l. Assume that:
(a)
The fair market value of the security offered by the Treasury on the date
the subscription ill m:bm1tted is $99.50 (per $100 face value).
The payment to the subscriber (discount) on account of $100 issue price
is $.80.
(c)
The amortised cost baols of the security surrendered on the books of the
subscriber ia $100.50 (per $100 face value). (It is assumed that the
security surrendered was bought at a price above $100.50 and that the
original premium ~s reduced prorata over the period from purchase date
to mnturi ty. )
The sum of the fair market value of the security offered by the Treasury and
the payment to the subscriber is $99.50 + $.80 or $100.30. This 1s less than
the cost basis of the issuc surrendered, therefore, no gain is recognized.
The new issue will be entered on the books of the subscriber at a cost basis
of $99.70, the cost basis of the issue surrendered less $.80. The gain or loss
between this cost basis and the proceeds of a subsequent sale or redemption
of the new issue will be a capital gain or loss to all investors, except those
to whom the securities are stock in trade. Under present law, if the combined
time that the security surrenderer and the new security received in exchange
were held exceeds 6 months, the capital gain or loss is long-term, otherwise
it is short-term.
2.
The assumptions are the same as in example 1 except that the payment
(discount) to the subscriber is now $1.20 (per $100 face value) instead of
$.80 in ex~~le 1.
The sum of the fair market
valu~ of the new securjty re<'!eived in exchange by
the subscriber plus the $1.20 p~yment (discount) is $100.70. This exceeds
the cost basiS of t!1e ~;ecur.1ty SUlTC!ldered by $.20. This excess is a
recogni zed gain :rep!) ,:-tn1l 1e for the Y'~£lr in ,. .hich the exchange takes place.
The r;ain is a capital gain except to those to whom the securities are stock
in trade. Under pre.:lent 1HW, if the time the security surrendered was held
exceeds 6 months, the capital gain is long-term, otherwise it is short-tern.
The subscriber will ,~arry the new issue received in exchange at a cost basis
e9ual to the basis of the :lGsue 6urrend~rcd ($100.50), less the payment
($1.20), plus the amount of the recognized gain ($.20), or ($100.50
$1.20 + $.20) $ 99.50.
3. The assumptions arc the l;ame as In exmrrp1e I, except that the cost basiS on
the books of the subl3cri1Jer) of the security surrendered is $99.00 (per $100
face value) instead of $100.50 in example 1.
The sum of the fair mar}wt value of the neil issue received in exchange by the
subscriber plus the $.80 puyment (discount) is $100.30 (as in example 1). This
exceeds the $99.00 co:.;t bf1:.;i6 by wore than $.80. However, the amount of the
gain reportable for the year of' the exchange is $.80, since the amount of gain
recognized cannot excet:d the runowlt of the payment. The nature of the
recognized gain nnd its treatment is the same as in example 2.
In this case, the cubscriber will enter the new security rec~ived ::'n exchange
on his l.()()ks at $99.00. the same cost basis as the security surrendered.
Esttmated Ownersh~p o£ Issues Mat~ in ~964
£or July ~964 Advance RefUnding Offering
El~g~b~e
As of ~ 31, 1964
(In millions of dollars)
A5fst 15, 1964
5
: 3-37~
Note
Note
Commercial banks •••••.•••••••••••••••••••••
Mutual savings banks •••••••••••••••••••••••
Insurance companies:
$ 300
Life ••..•...•••.•••.•••••••••••••..•••.•
6
60
78
Fire, casualty and marine •••••••••••••••
66
35
November 15;~176lj:
4=77~: 3-3 ~
Note
Note
$ 3,035
151
_ 50
_2Q___ __
50
13
2).0
51
45
100
20
2).0
$ 530
108
55
25
25
60
140
20
5
40
1.L211 __ ~ __ 5~ _____ 512___
Total, held by the public ••••••••••••••••••
1,911
Federal Reserve Banks and
Government Investment Accounts ••••••••••••
Total outstand1rlg
it;'
'"
....
"
............
'"
fI
•
~
e
tJ
\J' • • •
~
15
134 _
$2,045
O:ffice of the Secretary of the Treasury
Note:
Details may not add
to
totals due to rounding.
Total
$905
15
$1,300
24
Total, insurance companies ••••••••••••••
Corporate pension funds ••••••••••••••••••••
Corporations ••••••••••••••.••••••••••••••••
Savings and loan associations ••••••••••••••
State and local general funds ••••••••••••••
State and local pension funds ••••••••••••••
All other public investors •••••••••••••••••
120
..
2,347
~ ~_739
$4,086
60
$3,867
223
135
430
70
645
75
402
_2.L~
1,808
7,623
4,154
____8.L331
$5 , 961
$15, 9~'1
1,558
_____2.t3Q:2 __
51
30
150
10
235
10
225
~
July
8,~ i?6h·~
Est~ted
Ownership of Issues Maturing ~ 1965-1967
Eligible for July 1964 Advance Refunding Ofrer1ng
As of
~
31, 1964
(In millions of dollars)
: May 15,'65 : Feb. 15,'66 : May 15,'66 : Aug. 15,'66 : Feb. 15;~7
:
3-7/~:
3-5/~
:
3-3/~
~:
3-5/~
Note
Note
Bond
Note
Note
Total
Commercial banks ••••••••••••••••••
Mutual savings banks ••••••••••••••
Insurance companies:
$2,100
115
$3,270
$1,550
49
$2,700
175
$2,010
39
$11,630
88
Li.fe •••••••••••••••••••••••••••
Fire, casualty & marine ••••••••
4
115
7
165
9
80
3
140
2
105
605
Total, insurance companies •••••
Corporate pension funds •••••••••••
Corporations ••••••••••••••••••••••
Savings & loan associations •••••••
State & local gene~ funds •••••••
State & local pension funds •••••••
All other public investors ••••••••
119
75
325
175
275
15
172
65
300
175
89
15
143
30
721
5
620
70
100
10
597
100
150
5
172
107
30
130
75
140
5
765
630
215
875
595
1,065
40
3,416
Total, held by the public •••••••••
3,920
5,095
2,540
4,135
3,301
18,992
Federal Reserve Banks and
Government Investment Accts ••••••
4,057
557
322
1,685
114
6,795
Total outstanding •••••••••••••••••
$7,977
$5,653
$2,862
$5,820
$3,475
$25,786
400
Office of the Secretary of the Treasury
Note:
Details may not add to totals due to rounding.
60
60
466
25
July
ff, ~ 1961
July 10, 19(;4
i:~m:r:COTT
COPPEK RECEIVES SPECIAL TREASURY
~ih'Al:.D
Treasury Sec:cetary Douglas DIllon today pres£l1te(j a special
citation to the Kennecott Copper Corp. for outstandins; achievement
by its employees in the 1964 Payroll Savings campui::;n.
Kentlecott President Frank R. Hilliken, who is Cha.irman of
the Secretary's Industrial Payroll Savings Committ-ee, a nationwide
group
indust'ria1 leaders t acc:pted the citation at 10 a.m.
cerenonies in Secretary Dillon's of~ice.
~21J
r)"
Kennecott .cecently completed its current campaibn, achieving
35. ~ per cent participation by its 18,147 employee.s. During the
campaign, 2,953 employees already participating in the company
payroll savings plan increased the amount of their systematic
savings.
SeCl."etary Dillon said: l\:lthout real savings in the hands
or.: the citizens oE our industrial comull.mity, we cannot accomplish
the vigorous industrial 3rowth that we envision for the future of
our nation. 'fllrough your corporate leadership, Mr-. ~vlllliken, you
and your employees at Kennecott Copper have provided an outstandilij
incentive for the kind of savings that we need, in order that we
ulaY continue to enjoy an economic climate that is Doth healthy and
steady. Through your indus try-wide leadership, you and the member.
of your I.(HJustrial Payroll Savings Committee have set a sterling
example of ~~overrnnent-business cooperation for the ,.::;ood of all of
our people.: 1
Kennecott Coppel." CO'i..-p., headquartered in New York, operate.
plants in Salt Lake Ci.ty, Hayden, Ar:iz., Hurley, d.N.,. and McGill
and East Ely, Hev. OperatiLlg as Chase Brass and Copper: Co., it
alDo has plants located at [~aterbury, Conn., and Cleveland; as the
Oakonite Co., in l'asgaic, Paterson and North Brunsv.'ick, N.J .• and
?hil1i.psdale, L.I.; as Ledgemont Laboratories, in Le:dnston, Mall.
and, as Kennecott ?.efinilF> Corp. in Baltimore.
'.::1
,
000
TREASURY DEPARTMENT
=
July 10, 1964
FOR IMMEDIATE RELEASE
KENNECOTT COPPER RECEIVES SPECIAL TREASURY AWARD
Treasury Secretary Douglas Dillon today presented a special
citation to the Kennecott Copper Corporation for outstanding
achievement by its employees in the 1964 Payroll Savings campaign.
Kennecott President Frank R. Milliken, who is Chairman of the
Secretary's Industrial Payroll Savings Committee, a nationwide
group of 29 industrial leaders, accepted the citation at 10 a.m.
ceremonies in Secretary Dillon's office.
Kennecott recently completed its current campaign, achieving
85.6 per cent participation by its 18,147 employees. During the
campaign, 2,953 employees already participating in the company
payroll savings plan increased the amount of their systematic
savings.
Secre tary Dillon sa id:
"Wi thou t real savings in the hands
of the citizens of our industrial community, we cannot accomplish
the vigorous industrial growth that we envision for the future
of our nation.
Through your corporate leadership, Mr. Milliken,
you and your employees at Kennecott Copper have provided an
outstanding incentive for the kind of savings that we need, in
order that we may continue to enjoy an economic climate that is
both healthy and steady. Through your industry-wide leadership,
you and the members of your Industrial Payroll Savings Committee
have set a sterling example of government-business cooperation for
the good of all of our people."
Kennecott Copper Corporation, headquartered in New York,
operates plants in Salt Lake City; Hayden, Arizona; Hurley, New Mexico;
and McGill and East Ely, Nevada.
Operating as Chase Brass and
Copper Company, it also has plants located at Waterbury, Connecticut,
and Cleveland; as the Oakonite Company, in Passaic, Paterson and
North Brunswick, New Jersey, and Phillipsdale, Rhode Island; as
Ledgemont Laboratories, in Lexington, Massachusetts, and, as
Kennecott Refining Corporation, in Baltimore.
000
D-12 75
,.)It
.n:L'f!..'::.,;'E A •.'~. :.:'£PA!-'V';::rl's,
Tueeda;y, July 11~, 1:/64.
lull' 13, 19&
i':E~:;
.!.'j';;":¥' 1"-i.EA3iJiiY t S W'ETKLI BILL
,;";,·;R.1'1l'
'the 'i'reaaury r..partment announced last 8ftBiDg that the tendera for tAro ..riel.
'freasury bills, one series to be an additional i _ of we b~ll. dated AprU 1.6, lJtI
and the: -:>t.her series t,".'I be dated July 16, 1964, vh10h were "ffared on July 8, ,.,. ...
at the ti"ederal 'l8SElrYe !1anka on July 13. renden .... ~rlvited for $1,2>0,000,000, •
thereabouts, ot 91-day bills an·: tor $900,000,000, QI" t.iH"'reabouts, of l82-day -'Ula.
!'he details of trk two a.eries are as followsl
&11'1£ )F .ACCF.?'fF:J'
I
C~PFT!'i'TV~:
t
BIDt:
:
.
:
Avera~e
s
19 percent. :>f the
9h perant. of the
am~unt
IDlO ':" .',
or 91-day bUla bld for at.
,,/
182-da.Y bUla bld for
t.he low ,:;ric.:.
tt;e low .irice waa aoaepW
Z1.t
ii, ns,ooo
Accer'ii8,ooo :: )
n6,664,ooo:
l,053,oeo,cJ.JO
Philadelphia
41,203,000
26,20),000:
10,,\,39.000
Cleveland
32,655,000
1),962,000
)2,6SS,OOO:
(14,489,000
4,1{)(,'Y)O
21,B2.6.,():)O
~el1ed
Distriot
~~
BOston
For._
1,495,)9u,::XP _
New York
lichmond
Atlanta
C\licago
3t.. 1,O\d.s
61,h48,OOO
217,3S6,(X)()
4'-,,236,000
Ari,lied For
;.~,
1),982,000 t
6),448,000:
140,9)6,000:
42,236,000:
waa aoaepW
lC08~d
5, 769,JOO IS;»,.
11;),844,000
5"",-
61:J,S6O,_
39,1tIf,-
1&,1.,.
a;.....
90,~
1.\,456,<).:)0
l),fS6,-
2G, 875, 000
h6,(/)2,000
18,66$,000:
:,;,699.,~
2 r,,857,000
:;~.561 ,000:
17,102,t))O
12,47:;,roo
67,elS,')OO
17,101• •
11,4TO,oaI
San Francisco
74,957 ,DC)!,)
46,)92,000:
19,647,000
TOTALS
'!2,122,2 83.000
$l,2Ol,Ul,OOO!l
"1,.< ,:rr ,171, C)·)()
$900,""ca
iUmeapo11s
I{ansu City
Dallas
BtU',-
66,60S,-
$)22,612,')00 noncor.lpet.ltive t~
:?-t M~e
priM of "J
6'!i'a/, Includes
$92,226,000 nOftC(Dpetit1ft tenders IIOCe(.)ted at t.he average
of ,...
a coupon issue of the same
for
saae tlII10unt invested,
Includes
accepted
average
pr10e
()ot
length and
the
\ha ..... '
t.bue bUla would provide yields cd 3.51'. tor the 91-da,i bills, and l.lM, ,. til
l82-dq bUls. Interest rates on bUla are quot.. in terms of bank dl...".' . .
retum related t.o the face amount of t.he b1l1a ,.,ule at matt1rl.ty rather \alia til
_aunt inYested and t.heir length in act.ua1 I
fd days relatoed to a ~ III
In contrast, yields on certificates, notee, ... 'boDds are COIRput.ed in ~ ,,11terest, QD the amount i.nvested, and reJ.at.e \be . . . . . f,)f day. remaining 1D .. 11M
~~ period to the actual rtUIIIb&r ot . , . Sa the period, vit.h Mmiamw.. , .
i f IIIOre than ~ coupon perixi is involwd.
b ..
/ ) -) C?
TREASURY DEPARTMENT
:
)R RELEASE A. M. NEWSPAPERS,
J.esdaYt July 14 , 1964.
July 13, 1964
RESULTS OF TREASURY I S WEEKLY BILL OFFERING
The Treasury Department announced last evenin~ that the tenders for two series of
reasury bills, one series to be an additional issue of the bills dated April 16, 1964,
ld the other series to be dated July 16, 1964, which were offered on July 8, were opened
, the Federal Reserve Banks on July 13. Tenders were invited for $1,200,000,000, or
lereabouts, of 91-day bills and for $900,000,000, or thereabouts, of 182-day bills.
le details of the two series are as follows:
lliGE OF ACCEPTED
JMPETITIVE BIDS:
High
Low
Average
91-day Treasury bills
maturing October 15, 1964
Approx. Equiv.
Price
Annual Rate
99.134
3.426%
99.126
3.J~58%
79.128
3. lili8% Y
182-day Treasury bills
maturing January 14, 1965
Approx. Equiv.
Price
Annual Rate
98.216
3.529%
98.198
3.564%
98.206
3.549% Y
79 percent of the amount of 9l-day bills bid for at the low price was accepted
94 percent of the amount of l82-day bills bid for at the low price was accepted
)TAL TENDERS APPLIED FOR
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTALS
A.~D
ACCEPTED BY FEDERAL RESER"I!E DISTrUCTS:
For
$
34,718,000
1,495,394,000
41,203,000
32,655,000
13,982,000
67,448,000
217,356,000
48,236,000
20,875,000
46,602,000
28,857,000
74,957,000
Acce.eted
$
24,718,000
716,664,000
26,203,000
32,655,000
13,982,000
63,448,000
140,936,000
42,236,000
18,665,000
46,392,000
19,647,000
55,567,000
$2,122,283,000
$1,201,113,000
AEI~1ied
!I
A,Ep1ied For
$
5,769,000
1,053,080,000
10,439,000
44,489,000
4,188,000
21,820,000
146,844,000
14,456,000
8,699,0tX>
17,102,000
12,470,000
67,815,000
Acce,Eted
$ 5,769,000
615,560,000
5,439,000
3),489,000
1-!,188,000
21,826,000
90,841,000
13,956,000
8,199,000
17,102,000
$1,407,177,000
$900,447 ,000 ~
11,~70,000
66,605,000
InclUdes $322,612,000 noncompetitive tenders accepted at the average price of 99.128
Ineludes $92,226,000 noncompetitive tenders accepted at the average price of 98.206
On a Coupon issue of the same length and for the same amount invested, the return on
these bills would provide yields of 3.53%, for the 9l-day bills, and 3.66%, for the
182-day bills. Interest rates on bills are quoted in terms of bank discount with the
return related to the face amount of the bills payable at maturity rather than the
amount invested and their length in actual number of days related to a 360-day year.
In contrast, yields on certificates, notes, and bonds are computed in terms of interest on the amount invested, and relate the number of days remaining in an interest
payment period to the actual number of days in the period, with semiannual compounding
if more than one coupon period is involved.
-1276
TREASURY DEPARTMENT
During June 196t, market transactions in
direct and gUdranteed sec:urities of the government :or Treasury if'vestment ar,d other accounts
resulted in net purchases by the Treasury Depart-
ment of ;lJ;HO,9:;7,500.0 IJ.
000
D-1277
TREASURY DEPARTMENT
July 14, 1964
FOR IMMEDI11TE RELEASE
TREASURY MARKET TRANSACTIONS IN JUNE
During June 1964, market transactions in
direct and guaranteed securities of the government. for Treasury investment and other accounts
resulted in net purchases by the Treasury Department of $140,987 1 500.00.
000
D-1277
-2Unit
Commodity
Period and Quantity
ImpoM
of!
as of
:Quantity:July 4. 1
Absolute Quotas:
Butter substitutes containinz
over 45;~ of butterfat, and
butter oil ••••••••••••••••••••••
Fibers of cotton processed
but not spun •.••••••••••••••.•••
?8anuts, shelled or not shelled,
blanched, Or otherwise prepared
or preserved (except peanut
butter) ••••••••••••••••••••.••••
11
Imports tll..rough July 13, 1964.
D-1278
Calendar Year
1,200,000
Poun:]
12 J:1O s • from
Sept. 11, 1963
1,000
Pound
12 mo s • from
August 1, 1963
1,709,000
Pouni
Quota
Fj
Quota
Fj
TIill:WUHY DiP AR~'ISNT
'Ilashington
D-12 78
THURSDAY, JULY 1t, 1964
---~.
The Bureau of Customs announced today preliminary figures on imports for cons'lLTIlption of the followins cO!ilJD.odi ties fror:l the beginning of the respective quota
periods through July 4, 1964:
Commodity
Uni t
Imports
of
as of
:OUantitYiJuly 4. 129
Period and Quantity
Tariff-Rate Quotas:
Cream, fresh or sour •••••••••••••
Calendar Year
1,500,000 Gallon
609,891
·.!hole Hilk, fresh or sour........
Calendar Year
3,000,000 Gallon
26
Cattle, 700 Ibs. or Dore each
(other than dairy cows) ••••••••
April 1, 1964June 30, 1964
July 1, 1964Sept. 30, 1964
120,000 Head
1,277
120,000 Head
57
Cattle less than 200 Ibs. each •••
12 mos. from
April 1, 1964
200,000 Head
45,848
Fish, lresh or frozen, lilleted,
etc., cod, haddock, ha'o<:e, pollock, cus!{, and rosefish •••••••
Calendar Year
24,861,670 Pound
14,263,268
'Tl1Ila Fish ••••••••••••••••••••••••
Calendar Year
60,911,870 Pound
17,793,706
'Jhite or Irish potatoes:
Ccrtifi2d seed •••••••••••••••••
Other ••••••••••••••••••••••••••
12 mos. from
Sept. 15, 1963
)~ni·Fes,
lorks, and spoons "lith
stainless steel handles ••••••••
11
Hov.
Oct.
1, 196331, 1964
ll.4, 000,000
Pound
45,000,000 Pound
73,785,610
Quota Filled
69,000,000 Pieces Quo ta Filled
I:7lports for consUl'-ption at the quota rate are limited to
the first nine !'10nths of the calendar year.
18,646,252 pounds during
TREASURY DEP AR'IMENT
Washington
nlMEDIATE RELEASE
THURS DA Y, JlT L Y 1 b, 1964
D-1278
The Bureau of Customs armounced today preliminary figures on imports for cons~tion of the following commodities from the beginning of the respective quota
periods through July 4, 1964:
Unit
Imports
of
as of
; Quanti tYiJuly 4, 1964
Period and Quantity
Commodity
Teriff-Rate Quotas:
Cream, fresh or sour •••••••••••••
Calendar Year
1,500,000 Gallon
609,891
',Vhole Milk, fr esh or sour ••••••••
Calendar Year
3,000,000 Gallon
26
Cattle, 700 1bs. or more each
(other than dairy cows) ••••••••
April 1, 1964June 30, 1964
July 1, 1964Sept. 30, 1964
120,000 Head
1,277
120,000 Head
57
200,000 Head
45,848
Cattle less than 200 Ibs. each •••
12 mos. from
April 1, 1964
Fish, fresh or frozen, filleted,
etc., cod, haddock, hake, pollock, cusk, and rosefish •••••••
Calendar Year
24,861,670 Pound
14,263,268
Tuna Fish •..•.•••••••.
Calendar Year
60,911,870 Pound
17,793,706
e •••••••• s.
White or Irish potatoes:
Certified seed •••••••••••••••••
Other ••••••••••••••••••••••••••
Knives, forks, and spoons with
stainless steel handles ••••••••
V Imports
12 mos. from
Sept. 15, 1963
Nov. 1, 1963Oct. 31, 1964
m,009,ooo
JJ
45,000,000 Pound
73,785,610
Quota Filled
69,000,000 Pieces
Quota Filled
Pound
for consumption at the quota rate are limited to 18,646,252 pounds during
the first nine months of the calendar year.
-2-
Commodity
Period and Quantity
Unit
ImpOj
of
as (
: QuantitYjJuly !u..
Absolute Quotas:
Butter sUbstitutes containine
over 45% of butterfat, and
butter oil •.••.••.••••••••••••••
Calendar Year
Fibers of cotton processed
but not spun ••••••••••••••••••••
Peanuts, shelled or not shelled,
blanched, or otherwise prepared
or pre~erved (except peanut
bu t ter ) .•..........••••......•..
11
Imports through July 13, 1964_
D-1278
1,200,000
Pound
12 mos. from
Sept. 11, 1963
1,000
Pound
12 mos. from
August 1, 1963
1,709,000
Pouni
Quota f
Quota F
- 2-
COTTON WASTES
(In pounds)
COTTON CARD STRIPS made from cotton having a staple of less than 1-3/16 inches in length, COMBER
WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE
ADVAl'ICED IN VALUE: PrOVided, however, that not more than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes made from cottons of 1-3116 inches or more
in staple length in the case of the following countries: United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italy:
Es tablished
TOTAL QOOTA
Country of Origin
Total Imports
Sept. 20, 1963, to
July 13, 1964
United Kingdom ••••••••••••
Canada ••••••••••••••••••••
Fr ance ••.••..•••....•.••..
India and Pakistan ••••••••
Netherlands •••••••••••
Switzerland •••••••••••
Belgium..
• •••
Japan ••••
Chi na ••••.•••••••..•••••
EgW t . . .
. •..•.......•
Cuba....
. ....
Germany..
• •••
Ita ly . . . . .
........
. ..
Established
33-1/3% of
Total Quota
Imports
11
Sept. 20, 1963,
to July 13, 196~
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
1,076.100
239,690
221,909
19,284
11,249
34.147
33,511
1,441,152
276,400
75,807
55,151
35,738
25,443
7,088
5,482,509
1,730,628
1,599,886
22,747
14,796
12,853
59,000
Other, including the U. S.
I I Included in total imports. column 20
331,551
TREASURY DEP AR'lMENT
Washington, D. C.
00 'lll lATE RELEASE
THURSDAY, JULY 16,1964
D-1279
Prel.1min.ary data on imports for consumption of cotton and cotton waste chargeable to the quotas established by
Presidential Proclamation No. 2351 of September 5, 1939, as amerrled, ani as JOOdified by the Tariff Schedules of the
United States which became effective August 31, 1963.
(The country designations in this press release are those specified in the apperrlix to the Tariff Schedules of the
United States. There is no political connotation in the UBe of outm:xied names.)
COTTON (other than linters) (in pounds)
1-1/8 inches other than rough or harsh under
~eptember 20. 19f.'~ _ .T1,11, 1 ~lQhl,
Cotton under
~rts
Cotmtry of Origin
Egypt and Sudan ••••••••••••
Peru •••••••••••••••••••••••
India and Pakistan •••••••••
China ••••••••••••••••••••••
Mexico •••••••••••••••••••••
Br'asil •••••••••••••••••••••
Union of Sorlet
Socialist Republics ••••••
IArgent~ •••••••••••••••••
Haiti ••••••••••••••••••••••
I,
Ecuador ••••••••••••••••••••
1/
.21
Established Quota
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
Established Quota
628,215
24,045
159,692
Horrluras ••••••••••••••••••••
8,883,259
600,000
British East Africa •••••••••
Indonesia and Netherlands
New Guinea ••••••••••••••••
British W. Indies •••••••••••
475,l24
5,203
237
9,333
Except Barbados, Bermtda- Jamaica- Trinidad,
Except Nigeria and Ghana.
Country of Origin
Imports
3/4"
871
Colombia ••••••••••••••••••••
l24
195
2,240
Iraq ••••••••••••••••••••••••
11
~J
Rlgeria •••••••••••••••••••••
u British V. Africa. ••••••••••
Other_ :including the U.s ....
am
Tobago •
Cotton l-1/St. or more
Established Yearly Quota - 45.656.420 Ibs.
Imports
AuguBt 1. 196;3 _
Stap1e Lengt.h
or more
l-5/32" or more am under
1-J/sn
1.-3/8"
752
••••••••••••••••••••
Par~
(Tanguis)
1-1/8" or DK)re and under
.111' ~T
';3, ' 961,
Al1ocation
Imports
.39~590.718
39,590,778
1..500.000
l48 .. 590
71,)88
21,321
5,377
16,004
Imports
TREASURY DEP AR'lllliNT
Washington, D. C.
DlWIATE RELEASE
THURSDAY, YJLY 16,1964
D-1279
Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas eatablishoc hy
f'ref.lic:<iy.tl81 ~'t'Ochmation No. 2351 of :;eptember 5, 1939, tiS Mlerrled, am as JOOdified by t.he Tariff Scheduleer. t• th,,,
Unl.tsd
which became effective August 31, 1963.
State~,
~':~- ~" .,.;; ,/? ~
~<"lsignat.ions in
L>J t9':l,; t·~i,:-c,.
this press relea..~e are t.hose specified In the app.oDl.:U..J( to the Tariff Schedules of +'bt'S
is no political cOf-;n{ltation in the use of outmoded names.)
Th'~H'e
COTTON (other than linters) (in poums)
potton un:ler 1-1/8 inches other than .rqugh or harsh Ul'Xier
~rts September c~-!26l-=-.Jl!)1l.J, ) 96/,
;;
~l ::,I .':
Iv
-."+
I~ '{J .....
n- :.1 r ~ .
l
"1"";
i!&;~;..!'
p ~ Ml:, ~
t
I h'l!? i b ,s",vr.!
1.' ,;-
Chi~
t! . . . .
M'exi.co ••
t.gl~!
UA"_
:: ,,, • .,. ....
;.
,
~
~.c
e
I .
J..'
".'
~ ~
,:> t ...id.
~
to
~B~1J_shed.><~ota
,
•
~
til "
.f
0
flo
•
II
...
~
•
~
'J W • • • •
'"
e
stan ~ ••••• > • •
•
$
. . . . . . . . . . t; •
"
T'.e . . . . . o1fl • • • • • e
Brasil •••••• '" ~
Onion of Sorlet
it •
4io}
••••••••••
Socialiat Republics ••••••
A.Jtgf!lJ]t1na.. •••••••••••••••••
Bait1 •••••••••••••••••••.••
EcP~r ••••••••••••••••••••
bI
Y
783,816
247,952
2,003,483
1,)70,791
8,883,259
618,723
~rtS
Hooc!"uras ~ ~ • ~ ... "
Par~.
24,045
f) I;t
~
•
Iraq~
•• ~~ •• ~$
I:
~sq¢. -~2.!-14
'" "" • • • • • • • • • •
ill • • • • • • • ., • • • • • •
Col.ombia. ~ ~ • .,; ..
159,692
C> • • •
••
~
e •••••••••
•••••••••••
*
British East Africa.eo •• o • • •
8,88J,259
Indonesia and Netherlands
600,000
237
New Guinea ••••••••••••••••
1/
British W. Indies •••••••••••
~I
Rlgeria •••••••••••••••••••••
s.t Britiah W. Africa. ••••••••••
Other, :including the U.s ....
9,333
Except Barbados, Benmna, Jamaica, Trinidad,
Except Nigeria am Ghana.
~~:r:-~L~:r2ri&1?
628,215
475,l24
5,203
314"
am Tobago.
Established
cotton 1-1/81' or more
Quota - 45.656.420 Ibs.
YearlY
Imports A'l\gU.IlL1_____ l...2.6~
-----1llJ v_l,~~ .1 qfJ.
S'tap1.e Length
1.-3/8" or more
1-5/32" or more a.n:I under
1-3/St. (T~s)
Allocation
39,590,778
1_500_000
T!IT9rts
39,590,778
7
"""
871
/'
l24
195
2,240
n,388
21,321
5,m
16,004
}~rt.s
-2-
COTTON WASTES
(In pounds)
COTTON CARD STRIPS made from cotton having a staple of less than 1-3/16 inches in length, COMBER
WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE
ADVANCED IN VALUE: Provided, however, that not more than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes made from cottons of 1-3/16 inches or more
in staple length in the case of the following countries: United Kingdom, France, Netherlands,
3witzerland, Belgium, Germany, and Italy:
Country of Origin
United Kingdom ••••••••••••
Canada..
••••• • •••••••
France.......
• •••••
India and Pakistan ••••••••
Netherlands ••••••••••.••••
Switzerland ••••••••.••••••
Belgium...
. •••••
Japan....
•••••
• •••••
Chi na .•...•..••.......•.•.
Eg-ypt....
. •.••.••••
Cuba....
• ••••••
Germany..
Ita ly. . . . .
. .••.••
. ....•
Es tab l i shed
TOTAL QOOTA
Total Imports
Sept. 20, 1963, to
Established
33-1/3% of
JulL~13~9~ _ _ TotllJ Quota
Imports
Sept. 20, 1963
t
_~ to~cJ~Y 13. 1964
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
1,076,100
239,690
221,909
19,284
11,249
34,147
33,511
59,000
1,441,152
'2:76,400
75,807
55,151
35,738
25,443
7,088
5,482,509
1,730,628
1,599,886
22,747
14,796
12,853
Other, including the U. S.
1/ Includpd in total imports, column 2.
Prepared in the Bureau of Customs.
D-1279
331,551
1/
TREASURY DEP AR'lNENT
Washington
lllHED lATE RELZASE
THURSDAY, JULY
16~1964
D-1280
The Bureau of Customs has announced the following preliminary figures showing
the imports for consumption from January 1, 1964, to July 4, 1964, inclusive, of
commodities under quotas established pursuant to the Philippine Trade Agreement
Revision Act of 1955:
Commodity
..
Established Annual
Quota Quantity
·
·
Unit
of
Quantity
Gross
··
·
Imports
as of
July 4, 1964
Buttons •••••••••••••
680,000
Cigars ••.•••••••••••
160,000,000
Number
Coconut oil •••••••••
358,400,000
Pound
256,809,435
Cordage •••••••••••••
6,000,000
Pound
3,559,048
Tobacco •••••••••••••
5,200,000
Pound
2,774,056
110,535
7,986,119
TREAS URY DEP AR'INENT
Washington
IMHEDIATE RELEASE
1l'HURSDAY, JULY 16-1- 1964
D-1280
The Bureau of Customs has announced the following preliminary figures showing
4. 1964, inclusive, of
commodities under quotas established pursuant to the Philippine Trade Agreement
Revision Act of 1955:
the imports for consumption from January 1, 1964, to July
Commodity
Established Annual
Quota Quantity
Unit
of
Quantity
Gross
.
Imports
as of
July 4, 1964
Buttons •••••••••••••
680,000
Cigars ••••••••••••••
160,000,000
Number
Coconut oil •••••••••
358,400,000
Pound
256,809,435
Cordage •••••••••••••
6,000,000
Pound
3,559,048
Tobacco •••••••••••••
5,200,000
Pound
2,774,056
110,535
7,986,119
TREASURY DEPARTMENT
Wa.shington, D. C.
D-1281
INlMi:DIA TI<: ;'f..LU:::E
THURSDAY,JULY 16nJi64
PHEL~
DI.TA ON IMPOHTS fOR CONSLrMPTICN OF UNMANUFACTURED LEAD AND ZINC CHARGEABLE: TO THE C.UOTAS ESTABLISHED
BY Pf.:ES1Dl:NTIAL PROCLAMATION NO. 3257 OF SEPTEMBf,R 22, 1958, AS MODITIED BY rHE TAFFF SCHEDULES CF 'I'HE
lJNITli.:D STATES, WHICH BECAME EFFF.CTIVE AUGUST 31, 1963.
OUAR'l'U\LY QUOTA PERIOD IMPORTS -
ITEM 925.01-
July 1, 1964 - September 30, 1964
July 1,1964 - July 10,1964 (01' as not.ed)
ITEM 925.04·
IT:'.:M 925.02·
ITEM 925.03-
:
I
S
Country
of
Production
Lead-bearing ores
and materials
Uuwrought lead and
lead wa.ste and scrap
I
Zino-bearing ores and
materials
I
.
Unwrought zino (exoept all~s
of zino and zinc dust) and
zinc waste and serap
Importa
A.ustralia
11, 220,OOCl
11,220,000
22,540,000
7,168,878
Belgium and
Luxemburg (total)
BoliTia
5,040,000
Canada
13,440,000
u
.... E20,878
15,920,000
4,184,760
66,480,000
66,480,000
36,880,000
16,160,000
16,]60,000
12,880,000
70,480,000
5,437,679
6,320,000
2,eOl,602
35,120,000
1,825,632
3,760,000
14,980,000
5,440,000
14,880,000
yugoslaTia
All other
oountries (total)
4,966,199
6,497,683
Republio of the Congo
(formerly Belgian Congo)
So. Afrioa
37,840,000
3,600,000
Mexioo
~·Une
7,520,000
.2,192,155
Italy
Peru
7,520,000
6,560,000
··~3,783
-See Part 2, Appendix to Tariff Sohedules.
--Republio of South Afrioa •
• -.~ports as of July 13, 19~.
15,760,000
• u8,455
6,080,000
6,080,000
17,e..o,OOO
17,840,000
6,080,000
-..
880,555
6,080,000
TREASURY DEPARTMENT
washington, D. C.
D-1281
IMME;)I.ATE }'F..LHSE
THURSDAY,JULY 16 1964
.=..:;.:..=::.=;..:::..::..:..=....l...:::....;:.-=.::=..,p""RE..;;.,.:;t·rlttNM.;;.,r,AR,..m;-y DJ\!A ON IMPORT::' feR CONSL'MPTICN OF UNMA.NUFACTURED HAD AND ZINC CHARGEABLE TO THE (:UOTAS ESTABLISHED
BY PFESIDLNTIAL PI\CCLAMATION NO. 3257 OF SEPTEMBER 22, 1958, AS MODITlED BY THE TAHFF SCHEDULES CF THE
uNITJ<:D STATES, WHICH BF.GAME ET~Jr.CTIVE AUGUST 31, 1963.
OUARTLRLY QUOTA PERIOD IMPORTS -
ITEM 925.01.
ot
Production
July 1, 1964 - July 10, 1964 (01' as noted)
ITEM 925.04·
IThM 925.02·
ITEM 925.03.
Lead-bearing ores
and materials
Country
July 1, 1964 - September 30, 1964
Umrrought lead a.rul
le&d ........ ste and. scrap
I
S
I
Zino-bearing oree and
materials
2
Umn-ought zinc "''';"_'}'!Ipt al1Gy8
of zino and zinc dud) and
zinc mLl!!te and serap
Imp..rta
11,220,000
11,220,000
AWitral1a
22,540,000
7,168,878
Belgium and
Luxemburg (total)
BolirlA
Ca.na.da
5,040,000
•• -2,192,155
13,440,000
···620,878
15,920,000
~p1:84,760
66,480,000
-
66,480,000
¥e rloo
16,160,000
feru
37,840,000
4,966,199
16,160,000
36,880,000
6,497,683
70,480,000
5,437,679
6,320,000
12,880,000
2,801,602
35,120,000
1,B25~632
3,760,000
Repub1io of the co~o
(tormer1y Belgian ango)
]A.,~eo,ooo
So. Afrioa
All1 other
oountries (total)
6,560,000
14,880,000
"043,,783
-See Part 2, Appendix to Tariff Sohedules •
••Repub11c of South Afrioa •
••• ImPorts as o~ July 13, 1964.
nn:
BUREAU OF CUSTCMS
880,555
5,440,000
Yugos1aTla
PREPARED IN
7,520,000
3,600,000
Italy
.-un.
7,520,000
15,760,000
".a,455
6,080,000
6,080,000
17,840,000
17,840,000
6,0130,000
6,080.000
TEEASURY DEPARTMENT
washington, D. C.
0-1282
,eo
IMM.r:IJIA T1<: IS.LLII.:'::E
THERSOAY ,JULY 16~M
fXEL
1I::fl: Df,TA ON IMPOHTS FeR CONSl,~,jpTICN OF UNMANUFACTURED LEAD AND ZINC CRARGEABL"E TO TP.E lUOTAS ESTABLISHED
BY Pf.:]O;SlDt:NTIAL PRC',cLAMATION NO. 3257 OF SEPTEMB~R 22, 1958, AS MODIFIED BY."HE 'T'AF.I"'F SCHEDULES CF THE
uNITli;D STATES, WHICH BECAME EFFF,CTIVE AUGUST 31, 1963.
OUARl'rnLY QUOTA PERIOD _
IMPORTS _
ITEM 925.01-
Ar~r'l 1, 1964 l~prj 1 1,
June 30. 1964
19(:;(, - June 30, 1964
:
I
I
I
Country
ot
Production
Lead-bearing ores
and materials
ITEM 925.04-
IT::<:M 925.02-
ITEM 925.03-
Uuwrought lead and
lead wa.ste and scrap
Zino-bearing ores and
materials
: Unwrought zino (exoept alloys
of zino and zinc dust) and
zinc waste and sorap
.
Import.
Australia
11,220,000
11 , 220, ooe
22,540,000
2?,540,000
Belgium and
Luxemburg (total)
BoliTia
5,040,000
5,040,000
Canada
13,440,000
12,314,036
15,920,000
15,920 1 000
66,480,000
66,480,000
Mexioo
So. Afrioa
16,160,000
16,160,000
14,i380,000
37,840,COO (
36,880,000
70,480,000
61,472,'325
6,320,000
6,316,427
12,880,000
12,878,843
35,120,000
30,297,570
3,760,000
3,758,924
5,440,000
5,438,247
6,080,000
6,080,000
14,880,000
yugoslaTia
All other
oountries (total)
37,840,000
36,880,000
Republio of the Congo
(formerly Belgian Congo)
~Un.
7,520,000
3,600,000
Italy
Peru
7,520,000
6,560,000
3,989,036
-See Part 2, Appendix to Tariff Sohedules •
••Republ~o of South Afrioa.
15,760,000
15,760,000
6,080,000
6,080,000
17,840,000
17,840,000
TF
~'::l'RY
DEPAJ'TMEN'J'
Washington, D. C.
IMMI::::JI.A n
D-,-1_2P:?
:~F.LLn.:::E
THL;RSDAY.JUlv 16 l~J/
.--~ . .LFl'i:EL~* Dl.TA ON Th1PCl-1'T:" ,",CR GONSLnAPTICN
or UNW!.Nu'FAC'T'ljPJ:D LFAD AND 3INC (-:HAJ<GEABU TO THE i. UOTA~~ f;S"',\.BLISl1EI>
BY PBESIDl:NTIAL PECCLAMAT:;:"N NC. 3257 OF' SEFTEMBFR 22, 1958, AS MODITIED !:lY '1U: TAF.FF SC\lED1Jl,t:::: CT" 'mE
DNIT1i;D STA TE3, WHICH BFCA1.iE EH']r,cTIVE AUGUST 31, 1963.
OUARl'uu,y QUOTA F'lliIOD _ April 1, 1964 - June 30, 1964
IMPORTS _ Aprn 1, 1964 - June 30, 1964
ITEM 925.01-
ITEM 925.03-
IT:<:M 925.02.
Le&i-beariDg ores
and materials
Gounby
of
Production
11,220,000
Australia
11,220,000
UDllTought lead ani
lead 'If'8.lIte and scrap
22,540,000
I
Zine-bearing ores and
materialll
Can&da
5,040,000
5,040,000
13,440,000
12,314,036
15,920j)OOO
15,,920,000
66,480,000
66,480,000
Yerioo
16,160,000
Peru
7,520,()(X)
7~520iODO
37 j)840.~OOO
37 t8~'<..),OOO
16,160,000
36,800,000
36,880,000
70,480,000
61,472,325
6, 320 JOOO
12,880,000
12,878,843
35,120,000
30,297,570
3,760,000
Republio of the Congo
(formerly Belgian Congo)
So. Afrioa
M,qeo,OOO
All other
oountries (total)
6,560,000
3,989,036
-See Part 2, Appendix to Tariff Sonedules.
--Republic of Soutb Africa.
IN THE BUREAU
or
CUSTc:t.5
5,-440.000
5,438,~7
6,000,000
6,O80,,~
14,880,000
yugoslarla.
PREP~
all~1I
of z inc and 'Zinc d.Ull t ) Imd
zinc wa.s te and :sera,
3,600,000
Italy
"Un.
s Umrrought zino (e:xoept
2:?o540,OOO
Belgium and
Luxemburg (total)
Bol1ns.
ITEM 925.04-
:
I
S
15,760,000
15,760,000
6,080,000
6,080,000
11,840,000
17,840,000
I
- 3 -
and exchange tenders will receive equal treatment.
Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the
B~'
or other disposition of the bills, does not have any exemption, as such, and loss
from the sale or other disposition of Treasury bills does not have any special
treatment, as such, under the Internal Revenue Code of 1954.
The bills are subjec
to estate, inheritance, gift or other excise taxes, whether Federal or state, but
are exempt from all taxation now or hereafter imposed on the principal or interest
thereof by any state, or any of the possessions of the United states, or by any
local taxing authority.
For purposes of taxation the amount of discount at which
Treasury bills are originally sold by the United states is considered to be interest.
Under Sections 454 (b) and 1221 (5) of the Internal Revenue Code of 1954
the amount of discount at which bills issued hereunder are sold is not considered
to accrue until such bills are sold, redeemed or otherwise disposed of, and such
bills are excluded from consideration as capital assets.
Accordingly, the owner
of Treasury bills (other than life insurance companies) issued hereunder need include in his income tax return only the difference between the price paid for such
bills,· whether on original issue or on subsequent purchase, and the amount actuall
received either upon sale or redemption at maturity during the taxable year for
which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 418 (current revision) and this notice, pre·
scribe the terms of the Treas,ury bills and govern the conditions of their .issue.
Copies of the circular may be obtained from any Federal Reserve Bank or Branch.
- 2 -
decimals, e. g., 99.925.
Fractions may not be used.
It is urged that tenders
be made on the printed forms and forwarded in the special envelopes which will
be supplied by Federal Reserve Banks or Branches on application therefor.
Banking institutions generally may submit tenders for account of customers
provided the names of the customers are set forth in such tenders.
Others than
banking institutions will not be permitted to submit tenders except for their
own account.
Tenders will be received without deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment
securities.
Tenders from others must be accompanied by payment of 2 percent of
the face amount of Treasury bills applied for, unless the tenders are accompanied
by an express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the Federal
Reserve Banks and Branches, following which public announcement will be made by
the Treasury Department of the amount and price range of accepted bids.
Those
submitting tenders will be advised of the acceptance or rejection thereof.
The
Secretary of the Treasury expressly reserves the right to accept or reject any
or all tenders, in whole or in part, and his action in any such respect shall be
final.
Subject to these reservations, noncompetitive tenders for $
April 23, 1964
less for the additional bills dated
ing until maturity date on
$ 100, OOJ or less for the
(ztij
October 22, 1964
(ttl
,(
tDl
91
:tml
20~OOO
or
~
days remain-
l
) and noncompetitive tenders for
182 -day bills without stated price from anyone
tliJ
bidder will be accepted in full at the a.verage price (in three decimals) of
cepted competitive bids for the respective issues.
B.C-
Settlement for accepted ten-
ders in accordance with the bids must be made or completed at the Federal Reserve
Banks on __c_~'_c1._1:_:_'?r.~~,~1_9_c_..-;_ _ _ , in cash or other immediately available funds or
(tt}
in a like face amount of Treasury bills maturing __--.;J;...u_~~,-~r.r:::::2::-3.r'':......,.J,:.:9:...;:6:...;:4:........_
~
cash
TREASURY DEPARTMENT
Washington
July 15,
196~
FOR IMMEDIATE RELEASE,
-(!j{~);~;i~~i£j);'~Y;*¥;::~t~h;;'-***~H~t;jH*rk:****~
:... ,~.',7_~~'''L.'...::::'~.l ,.. ,.~JL.,~'-~L.J ,_~l..
\..'L'.JI..
i.l...l.
TREASURY'S WEEKLY BILL OFFERING
The Treasury Department, by this public notice, invites tenders for two serie
of Treasury bills to the aggregate amount of $ 2 z 100 J 000 ,000
, or thereabouts, for
®
cash and in exchange for Treasury bills maturing
,in the amoun
July 23, 1964
®
of $ 2,000,693,0:]0 , as follows:
{:4~
91 -day bills (to maturity date) to be issued __J_u_l...;y_2_3~'lmI'"l_9_6_4_ __
t$J
~
in the amount of $ 1,200,000,000 , or therea.bouts, represent-
~
ing an additional amount of bills dated
and to mature
October 22, 1964
April 23, 1964
-~-'""tG1!2!"1'""---
, originally issued in the
:(j))
amount of
$ 900,793,000
the additional and original bills
tnSi
to be freely interchangeable.
182 -day bills, for $
900,000,000
----~lft}~.~-
(fi}
Jnl;l
2~196/1
--~~(~~~L~----
,or thereabouts, to be dated
,and to mature
January 21, 1965
~
The bills of both series will be issued on a discount basis under competitive
and noncompetitive bidding as hereinafter provided, and at maturity their face
amount will be payable without interest.
They will be issued in bea.rer form only,
and in denominations of $1,000, $5,000, $10,000, $50,000, $100,000, $500,000 and
$1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
Daylight Saving
clOSing hour, one-thirty p.m., Eastern/~i!OiKta time,
Monday, July 20, 1964
xHMEach tender
Tenders will not be received at the Treasury Department, Washington.
must be for an even multiple of $1,000, and in the case of competitive tenders t~
price offered must be expressed on the basis of 100, with not more than three
TREASURY DEPARTMENT
~OR
IMMEDIATE RELEASE
TREASLTRY'S WEEKLY BILL OFFERING
The Treasury Department, by this public notice, invites tenders
for two series of Treasury bills to the aggregate amount of
$2,100,OOO,OOO,or thereabouts, for cash and in exchange for
Treasury bills maturing July 23, 1964,
in the amount of
$2,000,693,000, as follows:
91-day bills (to maturity date) to be issued July 23, 1964,
in the amount of $ 1 ,200,000,000, or thereabouts, representing an
additional amount of bills dated Apr i 1 23,1964,
and to
~ture
October 22,1964, originally issued in the amount of
$900,793,000
the additional and original bills to be freely
interchangeabie.
182-day bills, for $ gOO ,000 ,000,
or thereabouts, to be dated
and to mature
January 21, 1965.
July 23,1964,
The bills of both series will be issued on a discount basis under
competitive and noncompetitive bidding as hereinafter provided, and at
maturity their face amount will be payable without interest. They
will be issued in bearer form only, and in denominations of $1,000,
$5,000, $10,000, $50,000, $100,000, $500,000 and $1,000,000
(maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the c lOSing hour, one-thirty p. m., Eas tern Day 1 ight Saving
time, Monday, July 20, 1964.
Tenders will not be
received at the Treasury De:partment, Washington. Each tender must
be for an even multiple of $1,000, and in the case of competitive
tenders the price offered must be expressed on the basis of 100,
with not more than three dec lmals, e. g., 99.925. Fractione, may not
be used. It is urged that tenders be made on the printed forms and
forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Banking institutions generally may submit tenders for account of
customers provided the names of the customers are set forth in such
tenders. Others than banking institutions will not be permitted to
submit tenders except for their own account. Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for} unless the tenders are
aCCompanied by an express guaj'~;mty of payment by an incorporated bank
or trust company.
D-1283
- 2 Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, followin~ which public
announcement will be made by the Treasury Department of the amount
and price range of accepted bids. Those submitting tenders will be
advised of the acceptance or rejection thereof. The Secretary of
the Treasury expressly reserves the right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect
shall be final. Subject to these reservations, noncompetitive
tenders for $200,000 or less for the additional bills dated
April 23,1964,
( 91 days remaining until maturit¥ date on
October 22, 1964) and noncompetitive tenders for ~lOO,OOO
or les8 for the 182-day bills without stated price from anyone
bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids for the respective issues.
Settlement for accepted tenders ir. accordance with the bids must be
made or completed at the Federal Reserve Banks on July 23, 1964,
in cash or other immediately available fundS or in a like face
amount of Treasury bills maturing July 23, 1964.
Cash and
exchange tenders will receive equal treatment. Cash adjustments
will be made for differences between the par value of maturing
bills accepted in exchange and the issue price of the new bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as such, and lOBS from the sale or other disposition
of Treasury bills does not have any speCial treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject to
estate, inheritance, gift or other excise taxes, whether Federal or
State, but are exempt from all taxation now or hereafter imposed on
the principal or interest thereof by any State, or any of the
posseSSions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to be
interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills issued
hereunder are sold is not considered to accrue until such bills are
sold, redeemed or otherwise disposed of, and such bills are excluded
from consideration as capital assets. Accordingly, the owner of
Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between
the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon
sale or redemption at maturity during the taxable year for which the
return is made, as ordinary gain or loss.
Treasury Department Circular No. 418 (current revision) and this
notice prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained from
any Federal Reserve Bank or Branch.
000
TREASURY DEPARTMENT
July 15, 1964
FOR nr:,IEDIATE RELEASE
TREASURY DECISION ON GRAY PORTLAND CEJvIENT
mmER THE ANTIDUl-1PING ACT
The Treasury Department has determined that gray portland
cement from Hexico, manufactured by Cementos California, S.
A.,
Baja California, Mexico, is not being, nor likely to be, sold
in the United States at less than fair value
of the Antidumping Act.
~ithin
the meaning
Notice of the determination will be
published in the Federal Register.
The dollar value of imports of the involved merchandise
received during the first 6 months of 1963 was approximately
$180,000.
TREASURY DEPARTMENT
TREASURY DECISION ON GHAY PORTLAND CEl-'IENT
U~IDER
THE
ANTIDill~ING
ACT
The Treasury Department has determined that gray portland
cement from Mexico, manufactured by Cementos California, S. A.,
Baja California, Mexico, is not being, nor likely to be, sold
in the united States at less than fair value within the meaning
of the Antidumping Act.
Notice of the determination will be
published in the Federal Register.
The dollar value of imports of the involved merchandise
received during the first 6 months of 1963 was approximately
$180,000.
TREASURY DEPARTMENT
July 15, 1964
FOR lMlWIATE RELEASE
TREASURY DECISION ON CAST ACRYLIC PLASTIC SHEET,
"PERSPEX," illWER THE ANTIDUMPI1'1G ACT
The Treasury Department has determined that cast acrylic plastic
sheet, "Perspex," from the United Kingdom is being, or is likely to
be, sold at less than fair value within the meaning of the Antidumping
Act.
Accordingly, this case is being referred to the United States
Tariff Commission for an injury determination.
Notice of the determination and of the reference of the case to
the Tariff Commission will be published in the Federal Register.
The dollar value of imports received during the first 6 months
of 1963 was approximately $197,000.
TREASURY DEPARTMENT
July 15, 1964
FOR IMMEDIATE RELEASE
TREASURY DECISION ON CAST ACRYLIC PLASTIC SHEET,
"PERSPEX," UNDER THE ANTIDUMPING ACT
The Treasury Department has determined that cast acrylic plastic
sheet, "Perspex," from the United Kingdom is being, or is likely to
be, sold at less than fair value within the meaning of the Antidumping
Act.
Accordingly, this case is being referred to the United states
Tariff Commission for an injury determination.
Notice of the determination and of the reference of the case to
the Tariff Commission will be published in the Federal Register.
The dollar value of imports received during the first 6 months
of 1963 was approximately $197,000.
r,JIl
"~_i
.~
r.
t..
• ' .<::.. Ar' -" ,
JalJ' 20,
!!eaday. JIll.;:- 21, 1,64.
!1)~n.!.>:J
.,
.cc A.:;:J,~Y.S
~
&ILL Al't.:rUhG
,i'~'t
"'f.
'_k.._tied
the l'rea&Nr1 ~-.;~t. emOUDOed 1u\ eftni,Qg to}••' U.
tor Wo
~
,......." bU~,)ne aeries t,o be an ad.c!1t.1fmal. 1 .... or the ldlla
AtArilllt l~
. . the other 88l'"109 to;) Oct di!ted JulJ' 2), l~, wb1eh .... offeNd en Juls 15• •,.
0f.*IW' at. th-· F.1eral. 'da1"ve 3anks 00 Jul..T 20. ~ ..... lnwlt.ed forSl,2W,\}.N,
<)J' t,.,..,ereab-:>t.t.a, ot 91~ billa and f.!1I' ·~900.0:f),OJO. or \.be ......" . or 18,..., uill
n-..
deWls
o~
tr·e t.vo SttJ"ies !'Are as
ro:u~1
tlAJt1.1!: )~ "•. ·~Ci i'!~ ".
c·:t?;rrt1vE . Y' . :
,,1th
lAw
Ayl·rtb.....
§i i'. . .pt,"'./l th.... ~18l"8 tot.al.1n& .31,)35,·00
l [ peJ"Ollbt, of t.ne IPtOUftt, of 91..-,. biU. bid tor at. tlbe 1-. price . . . IIG''''''~
1) peftJeJft\ ()f 101. aount, or 18t-de.Y bW. bid tor a\ \he 1-. pr10e ........u-d
TOTAL rKS(t•.R..<; A,'·';.3-:
D1at.r1ct.
&iIiGii
New Yark
PtiUadelph1a
ClnelarJd
;i1.~
Au.nt.&
Ch10ag0
Jt._ tcN1a
M~i.
Ianeu C1 t.;y
Halla.
Sa : 1"anc1eeo
~
y.
iI
!I
~';
:"')" A.';n A·.G"fED
!fRl!!!!
$
,~fr:
F .i'.iiAL
,:~.:,;;.RV'
,aa,ooo ~.cD:J
8l9,9lI,ooo
16.0?6.C1JO
1.1.016.000
11,511,000
.,5-..000
Ftil'
Wa.h6l,oao
l,Qg?
9,906.000
]h,l88,(kX)
1,,",,282,000
.,61),(0)
IO.M.OOC'l
)1,5-,0130
18,)00,000
". !g!.!!!.,lOO
32,069,699,3)0
:
I
I
I
D.:STJiUCU.
!:P.fl:!:!!I ,.,
•
+og!P\!!
-.. .000
918,I1'6,O'JO
"esa,ooo
,,""000
r
2S,l68 ,0 )'.)
I
....)S,Of)Q
J
lO5,7la4,ooo
:
t._,O':~
l~,bl1,O )()
11,*-000
"3<».000
14,S6I,ooo
lO.S01,OI))
•
•
t
18.. »>,00')
I
If..".00!J
J
$l,200,82S,OOO )/
9,661. 0 "))
S••,,\)JO
8,119,0;)0
ll,lSf,O)f)
147,97S,O'YJ
$l,lll;ilti,OiIO
tDClaa.- $2)7,llO.~ n~t.i." t . . . . . aeoe~ at. ~
-1'&6-
$
Al.6ei,ooa
J.ISI,·))Q
618,.... 4J
2S,16I , ') J)
4.~,jJO
8,
J.iXJ
7S,wl,l))J
1,66), ~JO
s,tW,1JC
H,", f.1J
4,)S,,1):J
1)2,,-,s,' .j)
i,9'JO,Oft, }))
t)J".t. ...
17,
Incl"'dN!!{;(j,I'~,i.)_lO nanctlZpet.1t.he t.enden acee1"-1 a\ t.be ..... ':.• pr1ee til '.13.1
.~ a aDU: ~ i88ue 1)£ tn. . . . . ~~ ~ for \be _ _ ~ lDft...... tM "WIt
tJ>eM bUt. would ~~da yWde or l.se.. r.. \be 91 jll' bille, aad ). ~ (rIt
182...,. b,lla. !n~.eNst. rat.. an billa ... quo... in ,....
di• • " wlt
t.h. ret-um l"'tl.t~ t.v fir:. t . . tI&<».lDt. at the bU.l_ PQ'8ble at. Nt.ur1t.7 ...... \Il
t.he 1llI!lOl1li" 'lnveat.d and tLea ~ 1n adual ....... or clap nlaWd \0. ,;.~
~'8"'. Tn Cl)ftt.rut. 11elda (1ft ~f1oa..., not.6s, ad boa&Ia are
III WI
of 1"t.erest. \In tot... .,:),;nt. 1tI'ftt8ted., a ..
tot.
.t daj.1t r ••• ia1lll1n I
1nWnet. ;)..,...,a~ r-vioci t.v \.t·. actual ~ et . , . in the pm:xt, 1I1th _.1"
&nIJ\Yl oca:~~ if Ikore \toM one ecNpOft peri_ t. bwo1n4.
or '**
mde
ftI_..-
CfIIIP\l--
TREASURY DEPARTMENT
~
RELEASE A. M. NEWSPAPR.B.S,
IS day, July 21, 1964.
July 20, 1964
RESULTS OF TREASURY'S WEEKLY BILL OFFERING
The Treasury Department announced last evening that the tenders for two series of
one series to be an additional issue of the bills dated April 23, 1964,
lthe other series to be dated July 23, 1964, which were offered on July 15, were
Ined at the Federal Reserve Banks on July 20. Tenders were invited for $1,200,000,000,
t,hereabouts, of 91-day bills and for $900,000,000, or thereabouts, of 182-day bills.
details of the two series are as follows:
I~urybills,
lGE OF ACCEPTED
IPETITIVE BIDS:
High
Low
Average
!l Excepting
91-~y
maturin~
Price
99.128
99.J 12
99.] 1::
Treasury bills
October 2b 1964
Approx. Equiv.
Armual Rate
182-day Treasury bills
maturing January 21 z 1965
Approx. Equiv.
Price
Annual Rate
3.596%
98.182
3.642%
98.159
98.170
3.619% !/
!I
3.L~50%
3.513%
3.503%
!I
three tenders totaling $1,335,000
31 percent of the a.r:iount 0:: 91-<:lQ.y bills bid for at the low price was accepted
13 percent of the amount cf 182-day bills bid for at the low price was accepted
TAL TENDERS APPLIED FOR AND ACCi\PTED BY FEDERAL RESERVE DISTRICTS:
District
Boston
~elf York
Philadelphia
::l.eve1and
lichmond
ltlanta
lliica~o
)to Louis
Applied For
$
44,462,000
1,497,218,000
41,076,000
22,522,Of,AJ
9,906,000
3U,168,OOO
17h,282,OOO
Accepted
$
3h,462,OOO
819,978,000
16,076,000
22,$22,000
9,906,000:
26,090,000
lo5,7~,OOO
3?,~73,(~
finneapolis
(ansas City
lallas
)BJl Francisco
142..z]9h, 000
Totals
$2,069,899,000
24,jOO,000
20, 9h2, 000
14, ?62,OOO
31,53f"OOO
30,SOl,OOO
18,300,000
76)384,000
lE,300,OOO
_
$1,2~),525,oOO
bl
Applied For
$
4,664,000
978,876,000
6,858,000
25,168,000
4,835,000
8,394,000
126,411,000
9,663,000
5,649,000
8,289,000
4,359,000
lIt? ,975,000
Accepted
$ 4,664,000
618,826,000
3,858,000
25,168,000
4,835,000
8,394,000
75,Lll,OOO
7,663,000
5,649,000
8,289,000
4,359,000
132,975,000
$1,333,141,000
$900,091,000
sf
Includes $237,310,000 noncompf~titive tenders accepted at the average price of 99.u5
InclUdes $60,605,000 noncompetiti ve tenders accepted at the average price of 98.170
On a coupon issue of the same length and :or the same amount invested, the return on
these bills would provide yields-of 3.58~, for the 9l-day bills, and 3.74%, for the
182-day bills. Interest rates on bills are quoted in tenus of bank discount with
the return related to the face amount of the bills payable at maturity rather than
the amount invested and ti.eir lenr,th in actual number of days related to a 360-day
year. In contrast, yields on certificates, notes, and bonds are computed in terms
of interest on the amount invested, and relate the number of days remaining in an
interest payment period to the actual nULloor of days in the period, wi. th semiannual compounding if more ttan one coupon period is involved.
D-1284
- 2 books closed last wesko
are not yet available.
The full results of that
Report s in hand, however,
public holders of the elAiible issues subscribed fo
ieace tbet
g\Z.~ ~"-!2.j
'$31~£ billion of the reopened 41 bonds of 1969, ov~.""11U.
~.~
of the new 4-1/8'1 bonds of 1973, and over $l.~ billion of the
lit
reopened 4-1/41. bonds of 1987-92.
A
L~~;t"~~~tIftC....,t
of-
~:·t.,-'il,
--tr----
the preltmtAary results of that refunding will be made ••••e
/,c~~, ".'" /' ,
1.
.,_.,...' ....
tlte---cl~-:o£~1IRu::ker·,flits aftern~
Treasury also noted that
801l\e
additional.· -'amount., .o.f
cash would be raised in the short-term area to meet pote6t1al
needs latel' in the summer J but the timing and form of such
addltionat financing ha~ not yet been dftermined~7
4.,4
7/20/64
Treasury Offers Additional .'11a
The Treasury this momin! anraOUDCa4 889. .al aMid_I
Itap. in its financing program for tile au.Mr.
rtf:,.;.;: Tr.aaury
The
tee.. ·.,
bill. will ba added to the OIIue_ _
weakly issues maturing from October
inclusive.
A
ty
-IJ!' tbrOUSh
17
Dee__ .,~.
offering will be divided iato equal . ...e.
maturit~'
of $100 million for aaCd;klY
Tenders for the
l-e
,
l7/ ? ~ I(-U'~I
-1jjA
strip of billa will b. received on Jrl.."
.""en
July 24. at the Federal Re ••rve Bank. and braahee . . . . .,..
Rent will be required in immediately available funda Oft
w.dn.~
July 29. at thole same location I • 'f....
In inviting tenders next Wednesday. July 22, for the
regular weekly Treasury bill auction on MOnday. July 27, the
Tre••ury will offer $2.1 billion. $100 million mora than the
amount maturingo
In addition, an announcement will be _de .,.
Thursday, July 23, of the Treasury'. plans for complettDa tbl
cycle of one-year bills maturing at monthly intervals.
The Treasury also presently expects to announce on
Wednesday. July 29, plans for further ahort-term financinl to
replace the securities maturing on Auguat lS that were not
exchanged in the advance refunding for which the subacription
TREASURY DEPARTMENT
July 20, 1964
LOR IMMEDIATE RELEASE
TREASURY OFFERS ADDITIONAL BILLS
The Treasury this morning announced several additional steps
in its financing program for the summer. A total of $1 billion
Treasury bills will be added to the outstanding weekly issues
maturing from October 15 through December 17, inclusive. The
offering will be divided into equal amounts of $100 million for
each of those weekly maturities. Tenders for the $1 billion strip
of bills will be received on Friday, July 24, at the Federal
Reserve Banks and branches, and payment will be required in
immediately available funds on Wednesday, July 29, at those same
locations. Payments by credit to Treasury Tax and Loan Accounts
will not be permitted.
In inviting tenders next Wednesday, July 22, for the regular
j,j(·ekly Treasury bill auction on 110nday, July 27, the Treasury will
rffer $2.1 billion, $100 million more than the amount maturing.
in addition, an announcement will be made on Thursday, July 23, of
che Treasury's plans for completing the cycle of one-year bills
maturing at monthly intervals.
The Treasury also presently expects to announce on Wednesday,
July 29, plans for further short-term financing to replace the
securities maturing on August 15 that were not exchanged in the
advance refunding for which the subscription books closed last
week. The full results of that refunding are not yet available.
Reports in hand, however, indicate that public holders of the
eligible issues subscribed for almost $9 billion, including over $3-1/2
billion of the reopened 4% bonds of 1969, about $4-1/4 billion at
lIle new 4-l/8/~ bonds of 1973, and over $1.1 billion of the reopened
4-1/4% bonds of 1987-92. A full report of the preliminary results
of that refunding will be made available tomorrow.
000
D-1285
- 4 -
Under Sectionc 454 (b) and 1221 (5) of the Internal Revenue Code of 1954
the
~nount
of di:;;count e.t lThich bills issued hereunder are sold is not con-
Gidered to accrue until such bil;Ls are sold, redeemed or otherwise disposed of,
and such billa are excluded from consideration as capital assets.
AccordinGly,
the mmer of Treasury bills (other the.n life insurance companies) issued hereunder need include in his income tax return only the difference between the
price paid for such 'Oills, lThether on oriGinal issue or on subsequent purchase,
and the omount actually received either upon sale err redemption at l11uturity
durine the taxable .year for which the return is made, as ordinary: gl,lin or loss.
Purchasers of a strip of the bills offered hereunder should, for tax purposes,
trute such bills on to their books on the basis of their purchase price prorated
to each of the
ten
~
outstandine issues using as a be.sis for proration
the closing marl(et prices for each of the issues on
Reserve
Bo.n1~s
_J;;..u;;l~y~~;;;9~,.,,;l;::;9;;..6;:::;.4=-_
(Federal
(~
lrill have available a list of these market prices, based on the
mean betlTeen the bid and asked quotations furnished by the Federal Reserve Bank
of Ne1f York. )
Treasury Department Circular No. 418, Revised, and this notice, prescribe
the telms of the
Treasul~
bills and govern the conditions of their issue.
Copies of the circular may be obtained from any Federal Reserve Bank or Branch.
000
-
.'
.J
-
submitttnc; tenders vriD. be :Jdvir.;cd of the o.cceptru1cc or reject:i.on thereof.
The
Secretnry of' thc Trenr.ury exprcssly reserves the riGht to accept or reject vl\Y
or all tcnders, in lTholc or :in part, end his action in any such rcspect shall
be flnal.
Honcompetitive tenders for :;; 1~00
:;; 10,000
) vii thout stntccl price from anyone bidder will be accepted in full
or less (in even multiples of
IaCa
at the averDGc p:rice (in three dcc:1Yaals) of accepted competitive bids, provided J
however, that If the totnl of noncompeti'lii ve tenders exceeds
$ 200,000,000,
~
the
Gccrete.l'Y 0f the Treasury rescrves the right to allot less than the amount
applicd for on e.
s~(;l'aiGht
pcrccntac;e bD.s:LS vr:Lth adjuot.ments ,·,here neceGso.ry to
the nc~d; hj.chcr llnlltiplc of ~;ao,ooq
n.ccord~ce
~
Scttlement for accepted tenders in
,lith thc bids must be moile or completed at the Fcderal Reserve Dank
~nro, 1 'l'rcc:.su:;.'~/
'1111c inco];1c dcrivcd
b:U.lo, uhcthcr int.erest or Gain from the
sale or othcr disposition of the l):i.lls, doeG not h::we o.ny exc:!i1ptj.on, as such,
and loss from the so.le
aI'
other disposition of 'l'r'casury bj.lls does not have
spccial tree.bllcnt, "-'.s such, unde:;: tho I11;;crnc:.1 Revenue Code of' 1054.
~
The bills
arc cubjcct to estate, inheritance, CL.::'l; or othcr c;:cise tn;(cG, nhether Federal
or State, but are
c;w~npt
:i'rolll all tw:o:l;ion n01T or hel'ez.f'ter hlposcd on the
- 2 'L'he bills
ofrcl't~c1
hC'rcullllcl' u:l1l be
pcU -LIve and nOnCO]llpct.ttive biclclinc;
0.8
j
ssued on a dicc01mt
b~1.sis
under
COl!!-
hcre.Lno.fter provided, Dnd nt mo.turi ty
their fo.ce O.l:J.ount vrill be p<.wo.,ble ,dthout intercst.
'111ey 11ill be issued in
bem'cr form only, Dnd in denominationc of *1,000, :;;5,000, ¢,10,000, ~i50,000,
4aoo, 000,
$500,000 and
;il, 000 , 000
(mo.t uri ty value).
Tenders 'rill be received at Federal Reserve Banl~s and Branches up to the
Daylight Saving
closinc; hour, one-thirty p.m., Eastern~ time, Friday, July 24, 1964
xtaaiJ
Tenders '-rill not be received at the Trea.sury Department, i1ashinc;ton.
In the
co.se of competitive tenders the p:dce offered nrost be exprcssed on the basis
of 100, uith not 1aore than three decir,1O.1s, e.g., 99.925.
be used.
Fractions may not
A si~le price muot be submitted for each unit of $10,000
, or
(Q64:
even multiple thereof.
A unit represents ~~l:, 000 face amount of each issue of
bills offered hereunder, as previously described.
It is urged that tenders be
made on the printed forms and fonrarded in the special envelopes which will be
supplied by Federal Reserve Bnnlm end Branches on application therefor.
BonkiIlE; institutions e;enerally may submit tenders for account of cuswmers
provided the names of the customers are set forth in such tenders.
others than
banl;:ing institutions lrill not be penai tted to submit tenders except for their
olm account.
Tenders will be received ,dthout deposit from incorporated banks
and trust cOTilpilllies and from responsible e.nd recoenized dealers in investment
securi ties.
Tenders from others must be accomppn:ted by payment of 2 percent
of the fnce mnount of Treasury bills applJed for, unless the tenders are accompanJed by an express guaranty of payment by an incorporated bank or trust compa
IrlUlledio.tely after the closinc:; hour, tenders will be opened at the Federal
Reserve Banks and Branches, follmring lmich public announcement will be made b~
the Treasury Department of the amount and price range of accepted bids.
Those
TREASURY DEPARTMENT
Washington
July 20, 1964
FOR IMMEDIATE RELEASE,
'l'Hi.<;j\SU1W OFFl,;n8 :)1
S'l'f~IP
BILLION
m
OF
'lr~EKLY
BILLS
'11lf':> Trcn5ury Department, by this public notice, invites tenders for addi-
Lional amounts of
of
;p
1.000kHO' 000
i ;~f;ll(>d
July
serles 0; Treasury bills to an [tg[:;recate nmOlmt
ten
----r"ffi~--
or Lhcl'('auouLs, for crl:Jrl.
, ,.Jill be in the o.!I1ountG, and ,·rill be in addition to
2~1964
the bills orJc:i.nally issued and Jilaturioc,
f!.
'il
100,000,000
100,000,000
100,000,000
100,000,000
100,000,000
100,000,000
100,000,000
100,000,000
100,000,000
100,000,000
8.S
Maturity
Dates
Original
Issue Dates
Amount of
Additionnl
Issue
'rhe additional bills will be
1964
~
April 16
April 23
April 30
May 7
May 14
May 21
May 28
June 4
June 11
June 18
follows:
Days from
JUlY. 1964
Amount
Currently
Outstonding
~in millions
1964
m=
October 15
to Maturity
October 22
October 29
November 5
November 12
November 19
November 27
December 3
December 10
December 17
~
78
85
92
99
106
113
121
127
134
141
2,102
901
900
900
900
900
900
905
901
901
c<
'1'1,000,000,000
The acldicional and orieinal bills vrj.ll be freely interchangeable.
Each tender subm:L tted mus t be in the 21J10unt of ;~10, 000, or on even ftlUltipl
~
thereof', and the amount tendered v7ill be applied to each of the above series 01
bills on the b8.sis of Ule rc.t.i.o of each series to the total of all series.
example J
2.l1
accepted tender f'or
,·rlth original date of
tjonal
u(~cl:l~'
;~50 J
000
X6Cii£C
April 16, 1964
5$109C
(Fa
,·rill be applied ::> 5,000
to the isS
xx~
to each of the o.ddi, and 05 , 000
~
.i.ssues throuch the if;sue vrith ol'iCjno.1 elate of
June 18, 1964_
;
-
~
\
TREASURY DEPARTMENT
(
'OR IMMEDIATE RELEASE
TREASURY OFFERS $1 BILLION STRIP OF WEEKLY BILLS
The Treasury Department, by this public notice, invites tenders for
ldditional amounts of ten series of Treasury bills to an aggregate
lmount of $1,000,000,000, or thereabouts, for cash. The additional bills
lill be issued July 29, 1964, will be in the amounts, and will be in
lddition to the bi lIs originally issued and rna turing, as follows:
Amount of
dditional
Issue
100, 000 , 000
100,000, 000
100,000,000
100,000, 000
100,000,000
,100,000, 000
;100, 000,000
;100, 000, 000
;100, 000,000
:100, 000, 000
Original
Issue Dates
1964
April 16
April 23
April 30
May 7
May 14
May 21
May 28
June 4
June 11
June 18
Maturity
Dates
1964
October 15
October 22
October 29
November 5
November 12
November 19
November 27
December 3
December 10
December 17
Days from
July 29, 1964
to Maturity
78
85
92
99
106
113
121
127
134
141
Amount
Currently
Outstanding
{in millions}
$2,102
901
900
900
900
900
900
905
901
901
000, 000,000
'he additional and original bills will be freely interchangeable.
Each tender submitted must be in the amount of $10,000, or an even
ultiple thereof, and th~ amount tendered will be applied to each of the
bove series of bills en the bas is of the ra tio of each series to the
.2...tal of all series.
(For example, an accepted tender for $50,000 will
e applied $5,000 to the issue with original date of April l6? 1964, and
5,000 to each of the additional weekly issues through the issue with
riginal date of June 18, 1964.)
The bills offered hereunder will be issued on a discount basis under
ompetitive and noncompetitive bidding as hereinafter provided, and at
aturity their face amount will be payable without interest. They will
e issued in bearer form only, and in denominations of $1,000, $5,000,
10,000, $50,000, $100,000, $500,000 and $1,000,000 (maturity value).
D-1286
- 2 Tenders will be received at Federal Reserve Banks and Branches up
the closing hour, one-thirty p.m., Eastern Daylight Saving time, Frida
July 24, 1964.
Tenders will not be received at the Treasury Departmen
Washington.
In the case of competitive tenders the price offered must
expressed on the basis of 100, with not more than three decimals, e.g.
99.925.
Fractions may not be used. A single price must be submitted
each unit of $10,000, or even multiple thereof. A unit represents
$1,000 face amount of each issue of bills offered hereunder, as
previously described.
It is urged that tenders be made on the printed
forms and forwarded in the special envelopes which will be supplied by
Federal Reserve Banks and Branches on application therefor.
Banking institutions generally may submit tenders for account of
customers provided the names of the customers are set forth in such
tenders.
Others than banking institutions will not be permitted to
submit tenders except for their own account.
Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by pAyment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust company.
Immediately aCter the closing hour, tenders will be opened at t~
Fedcrzil Reserve Banks and Branches, following which public announcement
will be made by the Treasury Department of the amount and price range
o[ accepted bills.
Those submitting tenders will be advised of the
acceptance or rejection thereof.
The Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders,
in whole or in part, and his action in any such respect shall be final.
Noncompetitive tenders for $100,000 or less (in even multiples of
$10,000) without stated price from anyone bidder will be accepted in
full at the average price (in three decimals) of accepted competitive
bids, provided, however, that if the total of noncompetitive tenders
exceeds $200,000,000, the Secretary of the Treasury reserves the right
to allot less than the amount applied for on a straight percentage
basis with adjustments where necessary to the next higher multiple of
$10,000.
Settlement for accepten tenders in accordance with the bids
must be made or completed at the Federal Reserve Bank or Branch in
cash or other immediately available funds on July 29, 1964.
The income derived from Treasury bills, whether interest or gain
from the sale or other disposition of the bills, does not have any
exemption, as such, and 10ffi from the sale or other disposition of
Treasury bills does not have any special treatment, as such, under the
Internal Revenue Code of 1954. The bills are subject to estate,
inheritance, gift or other excise taxes, whether Federal or State,
but are exempt from all taxation now or hereafter imposed on the
principal or interest thereof by any State, or any of the possessions
of the United States, or by any local taxi~ authority. FQr purposes'
- 3 -
taxation the amount of discount at which Treasury bills are originally
sold by the United States is considered to be interest.
Under Sections 454 (b) and 1221 (5) of the Internal Revenue Code
of 1954 the amount of discount at which bills issued hereunder are
sold is not considered to accrue until such bills are sold, redeemed
or otherwise disposed of, and such bills are excluded from consideration
as capital assets. Accordingly, the owner of Treasury bills (other
than life insurance companies) issued hereunder need include in his
income tax return only the difference between the price paid for such
bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity
during the taxable year for which the return is made, as ordinary gain
or loss. Purchasers of a s trip of the bills offered hereunder should,
for tax purposes, take such bills on to their books on the basis of
their purchase price prorated to each of the ten ou ts tanding issues
using as a basis for proration the closing market prices for each of
the issues on July 29, 1964.
(Federal Reserve Banks will have
available a list of these market prices, based on the mean between the
bid and asked quota tions furnished by the Federal Reserve Bank of
New York.)
Treasury Department Circular No. 418, Revised, and this notice,
prescribe the terms of the Treasury bills and govern the conditions
of their issue. Copies of the circular may be obtained from any
Federal Reserve Bank or Branch.
000
- 2 -
payments made for "know-how" beginning January 1, 1963.
On an
administrative basis, exemption would also apply in certain cases to
payments made prior to that date under an agreement.
Included would
be cases where the taxpayer had been previously notified by the
German tax authorities that payments under the agreement were exempt
from tax.
In such cases, however, the exemption would not apply to
payments made after the German tax authorities informed the taxpayer
that the exemption no longer applied.
Agreement in principle was also reached with respect to the tax
treatment of capital gains, religious, charitable, scientific and
similar institutions, the definition of a permanent establishment, and
several other matters.
The German delegation was headed by Mr. Walther Grund, State
Secretary of Finance, and the United States delegation was headed by
Mr. Stanley S. Surrey, Assistant Secretary of the Treasury.
....
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(
Ju;Ly 17, 1964
For Release Monday
Draft Press Release
Agreement in principle on modification of the income tax convention
'.
)
'~!..
'.~{.(
;-:--' r,(1 c,,, ',,'./2
':'
between Germany and the United States was reached between delegations
7 ~ L' ~'
\'~C'
\
from the two countries, it was announced today.
in Washington, D. C., were concluded on July
The meetings, held
17.
A limit of 15 percent was agreed upon in the withholding tax on
dividends flowing from corporations in one country to stockholders
,
q~ ~1 .tJ r I\. -, >,,/ ~ L~~ ;.,~".. , .~:.-(".~'{"'-:;:;'
in the other. This limit cOHi})a~:w1~1a statutory withholding tax
rate of 30 percent in the United States and 25 percent in Germany.
~special note was taken of the fact that Germany imposes a substantially
lower tax rate on the profits distributed by a corporation than on the
profits retained by it.
It was therefore decided that where profits
..-,
are distributed by a German company to a parent corporation in the
United States, the 25 percent statutory rate of tax would apply to
that portion of the distribution received by the parent corporation
which is reinvested in the subsidiary if the amount reinvested exceeds
7.5 percent of the dividend received from the subsidiary.
In effect,
the principle adopted is that an amount reinvested by a U.S. parent
company within a specified period before or after a distribution is
declared by a subsidiary would not be considered eligible for the reduced
rate of withholding tax.
The exemption in the present tax treaty accorded royalties for the
use of patents will be extended to payments for "know-how".
It was
agreed that this extended exemption would apply with respect to all
- 3 -
payments under the agreement were exempt from tax.
In such cases,
however, the exemption would not apply to payments made after the
German tax authorities informed the taxpayer that the exemption
no longer applied.
Agreement in principle was also reached with respect to the
tax treatment of capital gains, religious,
charitabl~scientific and
similar institutions, the definition of a permanent establishment,
and several other matters.
The German delegation was headed by Mr. Walther Grund, State
Secretary of Finance, and the United States delegation was headed
by Mr. Stanley S. Surrey, Assistant Secretary of the Treasury.
The meetings were held last
wee~
and were concluded last Friday,
July 17, 1964.
000
- 2 -
statutory rate of tax would apply to that portion of the
distribution received by the parent corporation which is reinveste
in the subsidiary if the amount reinvested exceeds 7.5 percent
of the dividend received from the subsidiary.
In effect, the
principle adopted is that an amount reinvested by a U. S. parent
company within a specified period before or after a distribution
is declared by a subsidiary would not be considered eligible for
the reduced rate of withholding tax.
The exemption in the present tax treaty accorded royalties fa
the use of patents will be extended to payments for "know-how".
It was agreed that this extended exemption would apply with
respect to all payments made for "know-how" beginning
January 1, 1963.
On an administrative basis, exemption would
also apply in certain cases to payments made prior to that date
under an agreement.
Included would be cases where the taxpayer
had been previously notified by the German tax authorities that
July LU, 1904
FOR IMMEDIATE RELEASE
UNITED STATES AND WEST GERMANY AGREE TO MODIFY
INCOME TAX CONVENTION
Secretary of the Treasury Douglas Dillon today announced that
S-/
an agreement in principle hat' been reached
_
€ deleg:~les1
the
United States and the Federal Republic of Germany to modify the
income tax convention now in effect between the two countries.
A limit of 15 percent was agreed upon in the withholding
tax on dividends flowing from corporations in one country to
stockholders in the other.
This limit generally supersedes a
statutory withholding tax rate of 30 percent in the United States
and 25 percent in Germany .
--
.
!Special note was taken of the fact that Germany imposes a
-'--.
substantially lower tax rate on the profits distributed by a
corporation than on the profits retained by it.
decided that where profits are distributed by a
It was therefore
/
-.-
--,
Germanl:0mpan~
to a parent corporation in the United States, the 25 percent
TREASURY DEPARTMENT
FOR IMMEDIATE RELEASE
UNITED STATES AND WEST GERMANY AGREE TO MODIFY
INCOME TAX CONVENTION
Secretary of the Treasury Douglas Dillon today announced that
an agreement in principle has been reached between the United
States and the Federal Republic of Germany to modify the income
tax convention now in effect between the two countries.
A limit of 15 percent was agreed upon in the withholding tax
on dividends flowing from corporations in one country to
stockholders in the other. This limit generally supersedes a
statutory withholding tax rate of 30 percent in the United States
and 25 percent in Germany.
Germany imposes a substantially lower tax rate on the profits
distributed by a corporation than on the profits retained by it.
It was therefore decided that where profits are distributed by a
German subsidiary to a parent corporation in the United States, the
25 percent statutory rate of tax would apply to that portion of the
distribution received by the parent corporation which is reinvested
in the subsidiary if the amount reinvested exceeds 7.5 percent of
the dividend received from the subsidiary. In effect, the principle
adopted is that an amount reinvested by a U. S. parent company
within a specified period before or after a distribution is declared
by a subsidiary would not be considered eligible for the reduced
rate of withholding tax.
The exemption in the present tax treaty accorded royalties for
the use of patents will be extended to payments for "know-how".
It was agreed that this extended exemption would apply with respect
to all paymen ts made for "know-how" beginning January 1, 1963. On
an administrative basis, exemption would also apply in certain
cases to payments made prior to that date under an agreement.
Included would be cases where the taxpayer had been previously
notified by the German tax authorities that payments under the
agreement were exempt from tax. In such cases, however, the
exemption would not apply to payments made after the German tax
authorities informed the taxpayer that the exemption no longer
applied.
D-1287
- 2 -
Agreement in principle was also reached with respect to the
tax treatment of capital gains, religious, charitable, scientific
and similar institutions, the definition of a permanent establishmen
and several other matters.
The German delegation was headed by Mr. Walther Grund, State
Secretary of Finance, and the United States delegation was headed
by Mr. Stanley S. Surrey, Assistant Secretary of the Treasury.
The meetings were held last week, and were concluded last
Friday, July 17, 1964.
000
STATEMENT OF THE HONORABLE DOUGLAS DILLON
SECRETARY OF THE TREASURY
BEFORE
SUBCOMMITTEE NO. 1
SELECT COMMITTEE ON SMALL BUSINESS
HOUSE OF REPRESENTATIVES
ON TAX-1"'XEMPT FOUNDATIONS
10 :00 A.M., EDT, JULY 21, 1964
Mr. Chairman, I apprecjate your invitation to testify before
this Subcommittee on the important question of tax-exempt charitable
foundations.
As you know, these foundations playa very significant
role in American life.
Their effect is felt in all aspects of edu-
cation, charity, sCience, medicine, the literary arts and religion.
Each year substantial sums are contributed to foundations, and the
foundations, in turn, make substantial, annual disbursements on which
many people and institutions are vitally dependent.
Because of the importance which we as a nation attach to private
philanthropy, we have promoted it by generous provisions for tax
exemption.
This privilege applies to activities of foundations as
well as to the tax deductions which are available to contributors to
foundations.
Because of this privilege it is healthy, indeed neces-
sary, that the Congress and the Administration periodically re-examine
those areas where tax exemption and tax deductions are provided.
It
is important to make sure that no one is abusing the privilege of tax
exemption, and to pu.t an end to such abuses as may be found.
For
example, study is necessary to determine whether any foundations have
been the subject of a misuse which affords unintended or undesirable
tax benefits to contributors and others; whether situations exist
- 2 where the interests of the intended beneficiaries of charitable
bounty have been unduly slighted in deference to the financial
interests of foundation contributors or those in control of foundations; whether some investment policies of certain foundations may
have been geared more to the interests of controlling private parties
than to the interests of charity; whether charity has received less
than a full dollar of value for every dollar of tax deduction and tax
exemption; and whether aUJ' foundations have engaged in business activities to the detriment of their primary charitable concern, to the
advantage of their contributors and managers, or to the disadvantage
of competing private businesss operating without tax exemption.
Both the Congress and the Treasury have studied these problem
areas in the past.
A major study resulted in important legislation
in 1950 when opportunities for self-dealing were restricted and the
unrelated business income of tax-exempt foundations was subjected to
income tax.
The Revenue Act of 1964 further restricted the oppor-
tunities for self-dealing in the case of foundations seeking to qualify
for unlimited charitable contributions, and those organizations are
now required to make substantial disbursements of their income and
contributed assets.
It is now 14 years since the major revisions of 1950 were adopted,
and it is time to see whether the legislation of chat period was adequate to the task of remedying the abuses it was designed to eliminate;
whether the legislation needs strengthening, either from a policy or
administrative point of view; and whether other abuses have developed
- 3 -
since 1950 which require correction by legislative or administrative
action.
Both the Senate Finance Corrmdttee and the House Ways and Means
Committee have requested that the Treasury Department prepare a report
on this subject, and your Subcommittee has, of course, already issued
reports calling attention to a number of possible problem areas.
The
Treasury began its current study of foundation problems in 1961.
In
its early stages the study proceeded with limitations imposed by the
priorities given to the Revenue Act of 1962 and the Revenue Act of
1964.
However, the study will be completed and our report submitted
by the end of this year.
In conjunction with the Treasury's study, in 1963 I appointed
an
Informal Advisory Committee on Foundations composed of reputable
and
responsible individuals who are associated with foundations on
a full-time, professional baSiS, lawyers and accountants who have
worked in the foundation area in their private practices, and a law
professor who has been a scholarly observer of foundations and has
written on the subject.
The Committee has met on five occasions with
Assistant Secretary Surrey, the Tax Legislative Counsel, and others
from the Treasury and Internal Revenue Service.
The purpose of these
meetings was to canvass the views of knowledgeable people on the
practices of taxpayers with respect to foundations, on the management,
investment and disbursement practices of foundations, and on various
alleged abuses and proposed remedies which have been discussed in this
- h Subcommittee's reports and elsewhere.
The Treasury found these meet-
ings valuable as a source of informed opinion, but our ultimate conclusions and recommendations will be based on all aspects of our
studies and from evidence drawn from varied sources, including, of
course, field studies by the Internal Revenue Service and data provided
by this Subcommittee.
This Subcommittee's reports contain statistics gleaned from a
study of several hundred foundations, including their asset values,
receipts, accumulations, and disbursements.
The Treasury study will
benefit from that information and from updated statistical data based
upon an extensive survey of the information returns which foundations
have filed on Form 990-A for the year 1962.
It will also benefit from
the responses to a questionnaire which we are sending to a number of
foundations requesting additional statistics and information not available from existing sources.
I would like at this point to submit for
the record a copy of this questionnaire.
Information provided by The
Foundation Directory (published by the Russell Sage Foundation) is also
being studied.
Thus, to the extent available, concrete facts and
figures will provide the background material for the Treasury's ultimate
conclusions and recommendations.
Although policy considerations will be fundamental to the Treasury's
ultimate recommendations, and to the Congress' ultimate judgments, each
policy question carries with it technical aspects which are important
to the overall statutory scheme, to equity and administrative practicability.
Treasury lawyers intend to study these technical matters in
- 5 conjunction with the Staff of the Joint Committee on Internal Revenue
Taxation so that the ultimate report will place each conclusion and
recommendation in proper perspective, indicating its linkage with related provisions of law and other relevant considerations.
As part of the Treasury's general interest in the foundation area,
and as
Mr. Caplin will tell you in greater detail, the Internal Revenue
Service has, in the last three years, stepped up its program for auditing exempt organization returns.
Whereas only approximately 2,000
exempt organization returns per year had been audited before, about
10,000 exempt organization returns were examined in fiscal year
1964.
This should bring about more widespread and fuller compliance with
existing prOvisions of law.
It will also help us to form judgments
as to which abuses can be corrected by the vigorous enforcement of
existing law and which require new legislation.
In order to provide
more meaningful information and to bring to light areas of possible
concern, the information return required of foundations was modified
recently and is undergoing continued re-evaluation.
The scope of existing law is also being determined in litigation.
Appropriate cases are being diligently litigated by the
Office of the Chief Counsel of the Internal Revenue Service and by
the Tax Division of the Justice Department.
Court decisions are
helping to mark off those areas where vigorous enforcement of exist-
ing law will carry out the Congressional objectives from those where
new action by the Congress may be necessary.
Such litigation tests
some of the judgments made in 1950 in light of the years of experience which have passed since then.
A vigorous litigation policy
- 6 is a continuous necessity if the effects of legislation are to be
reviewed on an empirical basis.
rrhis Administration has pursued such
a policy where warranted.
Both the administrative and litigation experience since 1950 will
shed light on the propriei;y of the sanctions which the law now provides in cases of abuse and outright violation of law.
The study will
examine whether, in some cases, sanctions are inadequate or misdirected,
and whether in other cases sanctions are so stringent and automatic
that courts may be reluctant to hold them applicable.
Conclusion
Privately administered philanthropy has a vital, affirmative contribution to make to a dynamic, democratic society like ours.
Ours is
a pluralistic society composed of people and groups with diverse, competing interests and ideas; it is dependent on a free market place for
these ideas and for qualified people to experiment with them.
Founda-
tions directed by private individuals, not by government, have made
great contributions in education, in science, in medicine, in fostering
an environment for the creation of ideas, for their debate, and for
experiment and innovation.
Government has contributed to this healthy
environment in many ways, not the least of which is by providing tax
benefits.
This is a cost which the Congress has always considered
worth incurring.
It is essential, however, that the cost be a measured
one - that abuses and inequitable tax advantagES claimed under the
shelter of provisions of law designed to aid philanthropy be ferreted
- 7 out and eliminated.
The 1950 amendments were expected to eliminate
abuses and undesirable private benefit cases such as those involving
self-dealing between a contributor and the foundation which he controls.
To the extent that they may not have proved fully effective,
they must be strengthened.
The study now under way will explore this
type of problem along with others.
It is our hope that we will be
able to devise recommendations which will eliminate abuses and make
for efficient, even-handed administration - this without detracting
from the policy and provisions of law which encourage society's
.
realization of the true values of modern philanthropy.
The Treasury's study is proceeding with care and impartiality.
Until it is concluded and our report is submitted to the competent
legislative committees, it would be neither desirable nor proper for
me to discuss in any detail particular issues or recommendations which
may be under consideration.
You may be sure, however, that all available
data and views, including those set forth in this Subcommittee's reports,
are being given our utmost attention.
6
tl"1.l.Gt fund), and $0.4 billion lower trust fund expenditures (mainly
rc~uctions
o.:1d
~O.l+-
G~t by
&: to.S
~ill1eB
in net e~enditures from deposit funds
bllliea Mo the L'lilitary assistance trust fund, somewhat off-
increases --Qf $Q,h '!:riB fAl., in the Federal home loan banks and
oth::r'Govcrnmcnt-sponsored enterprises" and $G;a u'P'8e in the CASI
truGt fund)j and
(2) An increase of $1.4 billion over the estimate for the nonco..:::;h adjustment items (interest a.ccruals, transactions in non-interest ..
b~o.rin3
notes i-lith the International }'bnetary Fund, and the clearing
accounts) which are deducted to arrive at total ;payments to too ;public.
5
~le:J in tho ho~ loon guaranty I>rograll1j and
on th:; :public debt. due ta
JUl ot.her
dccrc~Gc of
CC.a.l1SCC,
.Q~iha't
$73 tlillion for interest
Biebex interest rates thtm aswwned
both up"m.rd and dOvTnwrd, combined, amount to e.
$315 million.
,
...'\.d...~illiGtra.ti vc bud[;et recei:pts totaled $1 billion above the January
tax collections "lej,~C $1.1 billion over the
On e - i11o:JYI ~
c2.rlier cstir.:ates, rcflectins the delo.y in reducing the l=Stgll &w \lith-
c::;-;;,ir:xrc.c.
Individual
inCOr;le
~'f. ~ tt·~
1":..01C::1.n.::;
~
"
1953 than
f\
a son:.::;:vh.'lt higher level of persona1. inCOtlC in calendar
ac;:;~d in
mkine the Januc.ry estimates.
tn.;.: collcction~ vlcra 00.2 billion belov
too January
Corporation income
estimate. reflQQt~
&.-. "J j
C'jt.ly J,.o\1cr leve.l. ~l:'Dorate profits in calcna a r J 963" than bad
been
aE:tieipe~eel.
l1i~:-:c:r
The rCr:::.J.in.b.;:; increase in total receipts 'WilS due ,to
collections of
c~tatc
I;..;."ld gii't tn.::es ruld r.U.scell.c.ncous receipts,
l-::1:ctblly offsct by lover ton anticil)[;.ted custor.u;; c..uty collections.
C:n~oliGntcd CQsh Gtntc~~nt.--Thz
$3.7
billion reduction in the
d.:.::i'icit since thc Jan-J.ary estimate is ¢2.0 billion greater thDn the
C2.::;:...
(1::clin~
in the administrativc ~et deficit.
~ccountcd
This difference is
for by:
(1) P.n increasc of about $0.6 billion in the excess of trust fund
~~c~ipts ov~r
expenditures, reflecting ~O.2 billion hizhsr total trust
i~}~ ~cccipts than anticipated
r.::.:;:l-;;'
t.l~...;..st
(mainly increases for Oft.SI, the uncmploy·
trust i\md, Fcclcral employees retirement funds, and the hislmay
i'u..'1d, offset only in part by a decline in t~ military assistance
, Q0
.. ,,:
4
-
r-ri.:::=. .... i1y to a slovTer rate of :procurement than anticipated.
Other siz-
able recJ.uctions since Janunry w'ere:
(3) $123 uillion for
c:..i::;·cl.!r~c.;x::nts
(l~)
economic assistance, lArgely in
Amcri~;dLr- l\j~c fA/~
o/Ir()v~j
¢lOl I:lillion in the :i:,:::p,rt.me:1t of Com:ucrcc prozram5 pr1mlrlly
r~i'l(2ctin;:; So
Grc;:.,.~c:~
to La.tin
for~iJn
1mrcr level of Gn.lcs of'
.L.o:m prepcyncmt.s than
lo::n~
tlmn anticipatedJ but also
e::::j~ir'..ated..
,~~ ~lfscttinz these und other decreases are some
over t~ Jsnuary estir:c.tcs, includinG:
0948
LlilliOl1
increascs
for tile Department
0-:: J\3ricu1 ture (priLnrUy the Cc.w:uodity Credit Corpor:.tiou ), mainly
b~c:~sc
of Greater
t~~
enticipatcd redemptions of CCC loans held by
Ca.'1l:.s c.ncl hieher feed grain cne.. tabu-ceo ::production;
'~::3 lliu::;~
end fume Finance A{;ency J rcflect1n.g lo';mr mortgage sales
al1CZ i\L~ction3j
ua.:: to
~orc
$137 million for
$132 million for the Veterans Adoinistratlon, ma1nly
aC'luisitions of foreclosed ::properties and lover mortgar;e
3
'i"n:J following tabla shows the results for fiscal ycar 1964 az cam ..
:;,mrcd '-lith the estimates in
c..ocu.:;:.cn~crand
the~Ja.'1.uary 1963 an~anuary 1964 budcet
tbe: rccul-c.s f0r 1963.
FE:JZ2:'.AL FIN1\.NCES
(Fiscal years.
In billions)
1964
Cbanc;~ from
Jc.nuary 1964
est:iJnate
Janu.:l.ry
Janu::lry
1963
1963
1961j.
D.ct'l:::-:l
e stiL,::'. t.3
est:iJrnte
Actun.l
.".'21": nistrc;ti vc budget:
E:<':..jcndit,urco ••••••••
$92.6
86.4
$98.8
86.9
:t93.4
83.4
$97.1
••••••••••••
Deficit .••••••••••
-~
11.9
10.0
8.3
-1.1
113.8
122·5
122·7
120.1
-2.6
109·7
ll2.2
ll4.4
115.4
+1.1
4.0
10·3
P~c~i,ts
Con~olicl':;.tcd
89.4
-$0.1
+1.0
CD.sh
st::..tc:::-::nt:
:P2.:,.,~'.::~1J~S
to the
p~01ic •••••••••••••
P~cci?ts
~uolic
from tne
•••••••••••••
lli:c~s::;
of
pa~nt5
•••••••••
COl(1?ARISO~J
OF BUDGET RESULTS lUTH
JAlruPu'rl 1964 ESTn~ES
f.dY;::.nistra:Uve buc..(3ct. --The reduction of
$0.7 billion
in total admin-
ist.mt.ivc budGet expenditures ws the net recuJ.t of various decreases
end i::-:::--caccs compared \-lith the Ja.nuary estimates.
By :lc..r the largest decrease
vl:lS
in expenditures for the military
:..1.lilc·~::'ons of the Department of Defense (includiIl,3 militnry :f'orei~
billion
nne:;;)j J~hese e~nditures were $l.l/belov the January estimate due
assist-
2
------------~~----------------------
l'~::ult r::.3.inly
hizhcr
tl~
froLl slmrcr rates of activity tho.n anticipated in certain
enactment
of leglclation and appro~rin
estinatcd last
J~uary
lareely because the lower withhold·
in.::; rate provided in the fuvcnuc Act of 1964 took effect one month later
tl~ aS~ULlCd
bt ' n tre.~ ej
o~
0.
in the
j'Yl
bud.;;ct~ ;q~(' r-t C.e.4'ffs w;1I be..
re+UYldJ k; be
'Y1\t\.cU
~.r
m
~Jvr'l1S
0
~~ d
UVfrt{to
-ltv WtM& I'h
t/
OJ
consolidated cash bazis--including tho transactions of FCdcral~
·~ru:::.t f'uncl.a--the fiscul year 1964 deficit "ra.s ~. 7 bUlion,
bclml the e.r.l0unt toot bad
b~cn est~ted
last Januar"J.
$3.7 billion
Total cash pay-
l;1;:nts to tho public in 1964 11C:l~O ~;120.1 billion, ~2.6 billion less than
the Jo.rJJ.::J..ry cstlrn,,'1.te.
Hc:~.;:iri'~::>
from the public totaled $ll5.4 bUlion,
L'1 tc:;:r;J:; of tm natio:c.al income nccounts--incluclinc; only transactiO:1:i i·;hich llirectly
aff~ct
C'..tn"cnt production end incomes, and u.:asuring
]?l'.:.:lir.1in3.l'Y csti..oatcs indicate expenditures 01 $1l7 billion and receipts
or ~)114 billion, resulting in a fiscal year 1964 deficit of $3 billion.
7.1ic cO!::.)[l.r~s with an estit::atcd dE::ficit of
(,.L~~ e::rtir.-"'tes are subject
Co::";:J.·>:"·C~
$5.5 bi.llion last January.
to change when the ofticial De:93-rtment ot
fiGtU"es are cvaUable.)
rJmtl"! • 7/lB / 64
Afuniniztrativcly Confidential
JO:C:T STATE;,~;T 07 DOUGIAS DIIll)N, SECRETARY OF TILE TREASURY,
JUJ) KEPJUT GORDON, DIRECTOR OF 'l'llE BUREAU 07 TilE BUDGET,
O~ DUDGET RESUDTS FOR FISCAL YEAR 1~S4
The adcl.nistrative budeet totals for fiS~!ca.r 1964 show eo sub::itffi1tilll imJ?rovement over the estimates Ii8QQ 3:ft 'bl=le WQSQt last
January.
\
l~ceiuts were $1 billion higher and e~enditurcs
$0.7 billion lower than
7 b.!I. (frv
the JGllUllry estimates, reducinG the deficit fro:n the $10 billion e~cted
A
a~~ thut timG to the $8.3 billion actually incurred. The actual deficit
•
f::'1
#/.
II d. b
~~~ a~o~t
1964
in
¢3z billion less than originally estimated for fiscal year
the budget docuoeut of January 1963.
D.:::tailed fiGUres on ca.ch sourco of receipts and each agency's ex.pend1·
tUrcs arc provided in the Treasury
mon·~hly
ex:;::;nditures for June" released today.
statement of receipts and
The statement shows that admin ..
iGtrativc budget expcnditures totaled ¢97. 7 billion in fiscal year 1964
cO::l:?s.rcd with the January
1964 eztimate of $98.4 billion.
Receipts
totn,lcd ¢J9.4 billion com:parcd vith ¢88.4 billion estimated in January.
~
.. ~Z-
~
E:':iJcnditurcs haw been
cot:i=.tc "no
~"<"Jl)
t
c.r;;ar."d
lJQ$
b:i.~ou.3ht
down stea.dily sinee
the oriGinal
~:~:-;ear and .. half ago'/>...A !l'I""'~ ;t'acto., 1<1. tll1a
co;Q.:t;jrulQUS ~rcs61lre
the execu"tvFe 'branch tor in-
b"'cn
Q~anEnff!f
ip
in operations ttfid: bet-tel' uso of LOa.lpOliter; .thrOUgll these
c,ffol"t .. , .or eXlllllplt:, Fedeud ei",,"Uian
employ~ent
at the end of' fiscal
~9S1; 'Has held 1:02 tl'lbUsana. below the number or:LgiIinll;y c:ltimated, and.
Administratively Confidential
July 21, 1964
FOR HillED IA TE RELEASE
JOINT STATEMENT OF DOUGLAS DILLON, SECRETARY OF THE TREASURY,
AND KERMIT GORDON, DIRECTOR OF THE BUREAU OF THE BUDGET,
ON BUDGET RESULTS FOR FISCAL YEAR 1964
The administrative budget totals for fiscal year 1964 show
a substantial improvement over the estimates of last January.
Receipts were $1 billion higher and expenditures $0.7 billion
lower than the January estimates, reducing the deficit by
$1.7 billion from the $10 billion expected at that time to the
$8.3 billion actually incurred. The actual deficit was $3.6
billion less than originally estimated for fiscal year 1964 in the
budget document of January 1963.
Detailed figures on each source of receipts and each agency's
expenditures are provided in the Treasury monthly statement of
receipts and expenditures for June, released today. The statement
show~
that:
;:)dmini~rr;:)ri\lP
~;:)L..LUlClLt::U .1.C1~
D-1288
....
Jdiluary.
hllrlo-Pj- pvnpnil,hlrpc
Total
t-(")t-~:dQiI
~Q7
7 h;11;r.n
cash payments to tbE p'J.biic: in
- 2 -
1964 were $120.1 billion, $2.6 billion less than the January
estimate. Receipts from the public totaled $115.4 billion, $1.1
billion higher than estimated in January.
In terms of the national income accounts -- including only
transactions which directly affect current production and incomes,
and measuring receipts and expenditures on an accrual, rather
than a cash basis -- rough preliminary estimates indicate
expenditures of $117 billion and receipts of $114 billion,
resulting in a fiscal year 1964 deficit of $3 billion. This
compares with an estimated deficit of $5.5 billion last January.
(These estimates are subject to change when the official
Department of Commerce figures are available.)
The following table shows the results for fiscal year 1964 as
compared with the estimates in the January 1963 and January 1964
budget documents and the results for 1963.
FEDERAL FINANCES
(Fiscal years. In billions)
1964
1963
actual
January
1963
estimate
January
1964
estimate
Actual
Administrative budget:
Expenditures ....... .
Receipts ........... .
$92.6
86.4
$98.8
86.9
$98.4
88.4
$97.7
89.4
-$0.
Deficit .......... .
6.3
11. 9
10.0
8.3
-1.
113.8
122.5
122.7
120.1
publ ic ........... .
109.7
112.2
114.4
115.4
Excess of
payments .... , ...
-+1-
4.0
10.3
8.3
4.7
-3.
Description
Consolidated cash
statement:
Payments to the
publ ic ........... .
Receipts from the
Change
January
es tima
+1.
-2. '
- 3 -
COMPARISON OF BUDGET RESULTS WITH
JANUARY 1964 ESTIMATES
Administrative budget.--The reduction of $0.7 billion in total
administrative budget expenditures was the net result of various
decreases and increases compared with the January estimates.
By far the largest decrease was in expenditures for the
military functions of the Department of Defense (including military
foreign assistance); these expenditures were $1.1 billion below the
January estimate due primarily to a slower rate of procurement
than anticipated.
Other sizable reductions since January were:
(1)
$229 million for the National Aeronautics and Space
Administration's programs, reflecting primarily the
fact that research and development expenditures
did not increase as rapidly as had been expected;
(2)
$129 million for the Departments of Labor, State,
and Health, Education, and Welfare, combined
reflecting nonenactment or reductions in
supplemental appropriaion requests and the fact
that some proposed legislation has not yet
been enacted;
(3)
$123 million for foreign economic assistance,
largely in disbursements to Latin America under
loans already approved;
(4)
$101 million in the Department of Commerce programs,
primarily for area redevelopment and maritime
subsidies; and
(5)
$52 million, net, for the operations of the ExportImport Bank, reflecting a lower level of sales of
loans than anticipated, but also greater loan
prepayments than estimated.
Partially offsetting these and other decreases are some
increases over the January estimates, including:
$948 million
for the Department of Agriculture (primarily the Commodity
Credit Corporation), mainly because of greater than
anticipated redemptions of CCC loans held by banks and higher
fued grain and tobacco production; $137 million for the
HOUSing and Home Finance Agency, reflecting lower mortgage sales
- 4 by the Federal National Mortgage Association for its special
assistance functions; $132 million for the Veterans Administration
mainly due to more acquisitions of foreclosed properties and
lower mortgage sales in the home loan guaranty program; and
$73 million for interest on the public debt.
All other changes, both upward and downward, combined,
amount to a decrease of $315 million.
Administrative budget receipts totaled $1 billion above the
January estimate.
Individual income tax collections were
$1.1 billion over the earlier estimates, reflecting the one-month
delay in reducing the withholding tax rate and a somewhat higher
level of personal income in calendar 1963 than assumed in making
the January estimates. Corporation income tax collections were
$0.2 billion below the January estimate. The remaining increase
in total receipts was due to higher collections of estate and
gift taxes and miscellaneous receipts, partially offset by lower
than anticipated customs duty collections.
Consolidated cash statement.--The $3.7 billion reduction in
the cash deficit since the January estimate is $2.0 billion
greater than the decline in the administrative budget deficit.
This difference is accounted for by:
(1)
An increase of about $0.6 billion in the excess of
trust fund receipts over expenditures, reflecting
$0.2 billion higher total trust fund receipts
than anticipated (mainly increases for OASI, the
unemployment trust fund, Federal employees
retirement funds, and the highway trust fund,
offset only in part by a decline in the
military assistance trust fund), and $0.4 billion
lower trust fund expenctitures (mainly reductions
in ne t expend i ture s froITt depos i t funds and the
military assistance trust fund, somewhat offset
by increases in the Federal home loan banks and
other Government-sponsored enterprises, and in
the OASI trust fund); and
(2)
An increase of $1.4 billion over the estimate for
[he noncash adjustment items (interest accruals,
transactions in non-interest-bearing
notes with the International Monetary Fund, and
the clearing accounts) which are deducted to
arrive at total payments to the public.
AmlHTISTRATIVE BUDGt'T RECEIPTS Arm EXPEIJDITUREf
(Fiscal Years.
In millions)
1964
Change
1963
Descril'tion
Receipts
~y
Actual
January
budpet
Actual
f'rolT1
bUr1 17 et
sourCe
Individual income tAxes •••••••••••••••• •••• $l+7,588
Cornoration inco~e taxes .................. . ?l , 57S)
Excise tRxes •••••••••••.•••••••••••••••••••
9,915
:"iscellaneous rec ei nt s •••••••••••••••••••••
4,435
Ul other receil'ts •••••••••••••••••••••••••
3,37 2
Subtotal ............................. .
Deduct interfund trRnsactions ••••••••••••••
Net receipts ••••••••••••••••••••••••••
:.;;47,500
23,700
10,221
h,nS3
3,610
56, 8E3 9 80,084
hO c:;
513
~48
/36
23,4C!3
In,?l4
4, 04 5
3,644
+~)1,136
90,032
664
+0413
-21
-';l07
-7
+34
86,376
J8,400
1)9,368
+960
210
23
233
25
217
23
-16
-2
2,0 43
1,721
2,100
1,400
1,977
1,476
-123
+76
164
62
-22
185
365
168
171
332
133
-14
-33
-35
5,138
2,597
676
4,15 8
2,820
766
5,127
2,799
685
+9h9
48,252
1,128
4,909
1,029
317
257
770
408
50 ,900
1,141
5,530
1,114
330
415
546
385
49,7 49
1,153
5,4 0 0
1,126
332
370
547
341
-1,15 1
+12
9,895
1,133
2,75 8
10,600
1,27 4
2,800
-650
790
10,673
1,2En
2,765
-702
751
+73
+7
-35
-52
-39
Exnenditures br major arrenc;r
Legislative Branch and the Judie iary •••••••
Executive Office of the "President ••••••••••
Funds Appropriated to the ':">res ident:
Foreif,n assistance - economic ••••••••••••
Foreipn assistance - militRry ••••••••••••
International financial institutions and
Peace Corps ..••..••.••••.•.•.•..••.•.•••
Public works acceleration ••••••••••••••••
Other •.•••••••.••••.••••••••••.•••..••••.
Agricul t ure:
eee, and Foreign Assistance Pror,rams •••••
at her ••.•••.••••••.••••••••..••••••.•••••
Comrnerc e •••••••••••••••••••••••••••••••••••
-21
-101
Defense:
Military •••••••••••••••••••••••••••••••••
Civil ......•••••••.•....••...•.•.....•.•.
Health, Edu~at ion, And Helfare ........... ..
Interior •...•.•.•.•..•••....•....•..•.•....
Justice ..•.••.••••......••....•...•..•.••••
Labor •.••••••••••••••.•••••••••••••••••••••
Post Office •.•••••.•.........••.••....•.•..
Stat e .•.•••••••.•••.•...•...•..••••..•••...
Treasury:
Interest on the nublic debt ••••••••••••••
Other •••••••••.• ~ ••••••••••••••••••••••••
Atomic Energ:y Commi s s ion •••••••••••••••••••
Export-Import Bank of Hashington •••••••••••
Federal Aviation Agency ••••• ~ ••••••••••••••
-lQ~
726
-40
+12
+2
-45
+1
-44
Chanll:E
1963
Actual
Descrinticn
Expenditures by major
agenc~r
from
Actual
budget
- Continued
General Services Administratinn ••••••••••••
Housing and Home Finance Agency ••••••••••••
National Aeronautics and Soace
Administration ••••••••••••••••••••••••••••
United States Information A~ency...........
Veterans Administration ••••••••••••••••••••
Other indenendent a~encies.................
District of Columbia.......................
Allowances, undistrihuted:
Continpencies .....................••..•..
subtotal ••••••••••••••••••••••••••••••
Deduct interfund transactions ••••••••••••••
Total exnenditures ••••••••••••••••••••
Administrative budget surnlus (+) or
deficit (-) •••••••••••••••••••••••••••••••
FmERAL
January
budr,et
212
$600
349
+$45
+137
4,400
160
5,3 49
683
66
4,171
160
5,481
701
57
-229
4;464
410
~555
2,55 2
155
5,173
529
66
+132
+18
-9
250
-250
4
8
93,155
99,089
9 ,33
-755
__~5~1~3______~6~8~5______~6~6_4______-~2~1
=9=2~.=64=2====9=8~.=4=0=5====9=7=,~6=7=1=====-=7=3=4
-6,266
-10,005
-8,303
+1,702
FRO!: AND PAY',1ENTS TO THE PUBLIC
(Fisc~l Years.
In millions)
r:ECt~IPl'S
Federal receipts from the nUblic:
Administrative bud~et receints (net) ••••• $86,376
Trust and other receints (net) ••••••••••• 27,689
Deduct intragovernmental ?nd other non-cash
transactions ••••••••••••••••••••••••••••••
4.326
$88,400
30,163
$89,368
30,332
+$968
+169
4.197
4,261
+64
109,739 114,366
115,440
+1,07 4
97,1171
28,870
-734
-445
6,422
+1,406
Total Federal receints from the
public •..............................
Federal naymeI"ts to the nuhlic:
Administrative budpet ex~enditures (net).
Trust fund and other exnenditures (net) ••
Deduct intragovernrnental And other non-cash
92,642
26,5 45
transact ions ............................. .
5 .)-136
Total Fede~al naYT'lents to the
nublic ••••••••••••••••••••••••••••••• 113,751
Excess of cash ~eceiDts from or nRvrnents
to (-) the public .............. ~.· .........
-4,012
98,405
29,315
122,704
120,119
-8,338
-4,680
+3,65 8
NOTE:--Figures are rounded to nearest million and will not necessarily add to
totals.
p ...liainal'Y Sialemeal of
Receipts and Expenclilul'es of the United Siaies Govel'DlDeul
for the period from July 1, 1963 through June 30, 1964
(C.nh omiH..l, th.r.lor. d.bil. will not .dd to tobl.)
TABLE I--SUMMARY
~----
Adll11fll"tratll'l' Dud~et Fund"
FIscal
Year
Net
Net
l't:"l' e I pts
expendlture~ !
-,-
receIpts
~97 ,900
-;4,900
Estimated 1964' .... ' , ' . ,
88,400
98,405
-10,005
97,671
230,872
!29,372
30,163 ,:
,-
30,332
-8,303
_
-
~ Tp~blIC Debt
Net
,Excess of
I
expendItures I receipts or
lexpendltureS(-)
Net
$93,000
89,368
" Trust FWldS]_
J
Surplus (, I
or
delled (-)
Esllmated 1965' ... , .... ,
Actual fiscal veal' 1964
(Twelve months)
(In nlllllOns)
~
_29,315--J-
(end of
penod) ,
Balance
U'5~~~ ~317,~---S8~2OO
+848-,,~
311,800
28,870
i
8,200
!
I
I,
10
account of
, Treasurer
_rend of perlOd)
+1,462,
311,713
11,036
1
,
Actual fiscal year 1963
86,376
Actual fiscal year 1962 ..
81,409
"etual fiscal year 1961 ..
------
77,659
-
92,642 I
-6,266,
27,689
87,787 ,
-6,378
24,290-- )'
25,140
81.515
-3,856
23,583
22,791
"-,
~--=
-- -4==---
I
26,545,_
I
j
,
+1,143!
305,860!
12,116
~;;--r-_c 298,2O~
10,430
-~ --~792r-u~-;S8,971:-
6,694
j
j
TABLE II--SUMMARY OF ADMINISTRATIVE BUDGET AND TRUST FUND RECEIPTS AND EXPENDITURES
Admllll:--.tratlvc Budget Funds
Cl.lssificatwn
Fls('.d Y t',lr 1964
tu date
Trust Funds
-,----------
Fiscal Year 1964
to date
Fiscal Year 1964
estlmate~ (net)'
-----
Fiscal Year 1964
estImates (net)'
RECEIPTS
oterna! Re\'enue
Transfers to trust funds
Reimbursement frum trust fWlCis
ref\U1ds of taxes
Refwlds 'lf receIpts
2110,913,482,000
-20,539,482,000
296,727,392
-7,112,711,899
284 ,000 , 000
-6,902,000,000
......................
84,734,614,980
83,756,000,000
~2O,647, 753, 774
020,539,482,000
-296,727,392
-284,000,000
20,351,026,382
20 ,255 ,482,000
il)!'
Subtotal--:-let Internal Ren'nul'
1,310,000,000 ......................
-34,900,000 ......................
10,502,830,445
4,054,257,000
-792,000 , ......................
1,284,176,379
-32,313,290
4,046,418,595
-1,196,561
-663,621,619
Customs
,,
Refwlds of receIpts
All other,
Refurds of recelpts
lnterfWld transactlons
~et
......................
2112,198,353,262
-20 ,647,753,774
recelpts
-684 ,565,000 ,
10,395,716,000
-521,379,439
-487,960,000
89,368,078,483
88,400,000,000
30,332,477 ,388
30,163,238,000
151,508,170
65,127,496
22,926,066
165,836,000
67,257,000
24,677,000
1,639,201
495,754
............. ........
1,707,000
440,000
1,476,390,976
1,977,310,075
635.630,600
7,926,318,599
684,799,843
1,400,000,000
2,100,000,000
717,186,000
6,977,551,000
786,050,000
480,882,394
2,009,625
151,822
51,331,765
3,670,484,698
860 ,000,000
3,120,000
206,000
51,723,000
3,581,018,000
49,749,088,586
1,153,042,067
5,490,325,901
1,126,055,702
331,731,812
370,268,018
3
546,565,143
340,664,652
50,900,000,000
1,141,295,000
5,530,278,000
1,113,900,000
329,990,000
415,374,000
546,015,000
385,000 ,000
5,034,573
44,148,145
16,626,063,308
76,798,771
52,795,025
3,706,864 ,039
5,131,000
41,505,000
16,704,561,000
80,647,000
51,867,000
3,555,535,000
7,755,000
7,878,000
10,673,203,408
1,280,960,593
2,764,926,471
750,572,119
599,789,499
348,639,242
4,170,522,237
5,480,923,643
159,719,733
57,473,800
10,600,000,000
1,273,984,000
2,800,000 ,000
790,000,000
554,975,000
212,339,000
4,400,000,000
5,348,818,000
192,829,000
66,030,000
EXPE::\DITCRE::i
Leglslatl\'e Branch
fhe JudiL'lan
:xecutlre Office ()f t"lle Pr'l)~I(~kl1t
,Funds approprtated t" the Pre~ldellt
Forel~n aSslstance--nllhLl[V
Furelg-n aSslstance- -econom"u
Other, , , , , . ,
.
',\g1'lculture Departml'llt
:l)~lmer('e Dep,lftment
lelen,e Department
~hlltan
Cml ,,:," "
lealth, Educatllln, and \\ l'ifare [)"p.lrtml'llt
Menur
u~tlce
Department ..
Depdrtment
.
. ..
abor Department ,
'ost OffIce Dl'partment
. tate Department, . , . ,
fed.Sl!ry
Department
Interest on the pulll ,(' dellt
Other
• tomle
Energ'\: C'()'mm l'~~ 1< n:
('der"1 Anatiun Ac;elll'Y
,
l'neral Ser\'l('('::, A'dm\tll~tr<lt\()n
'"W::>lng and Hume flllance A,r{'I1(,\
.l.tlOnal Aeronaut Ie,...; <ind Sp.u'~ Ad;);,
'ell'rans Admlnlstr ..itl()11
ther Independent agCTlC;l>::-'
"trICt of ColumbIa,
posll funds
.
.ll\e~nment-sp~~s~;~ci en'te~pr;se~
r
" U'anees, undlStl'1lluted
terfund
trdn5:ldC'tton:--.
..
-663~621>619
.
~et expend,tures
Jmlnlstratl\,e budget surp I u~
"1'
dcfl(, I t (-)
e footnotes on page 10 __
-8,302,784,360
I
,
......................
18,487,477
575,578
36,084
360,618
-31,181,647
97,955
662,820,119
2,393,093,819
353,563,923
-589,425,690
1,856,991,700
•••••••••••••••••••••••
250,000,OOO'j ..................... .
-684,565,000 I
-521 1 379,439 .
972 670 !862,844
(cess
of tr
)
~::;t recelp~s ur expelldlture:-. (- __
"
--1-
98,404,819,ooor
18,840,000
2,223,000
36,000
362,000
29,872,000
500,000
634,404,000
2,425,137,000
395,613,000
_115,855,000
1,466,845,000
_-:'i8J196010~
7_0,_4~94_,626_r_-_ _~2~9,315,~55,000
28,B__
-~0,004,819~~k-!~~,..-~~_ _~~±__=====~~=
+848,083,000
+1,461,982,761
.~~~=-=
----
TABLE III--ADMINISTRATIVE BUDGET RECEIPTS AND ~PENDITURES--JUNE 31', 1964
2
-
Classification
RECEIPTS
Fiscal Year
1964
to date
Corresponding
month
last year
This month
Corresponding
period
fiscal year 1963
- - - - - - -1----- - - - - -
Internal Revenue:
Individual Income taxes:
Withheld - .......... . ..................... . ......
Other' . ......... _ .... . . . . . . . . . . . . . . . . . . . . . . . . . . .
,
5
' $39,218,834,540
$3,272,142,006
2 032 773 180 _'_15.,108 824 452
$2,614,239,896
2 196 050 462
$38,718,102,
14,268,878....
Total individual income taxes .. .... . . . . ... ...
4 810 200 359
5 304 915 187
54 527 658 993
52 987
Corporation income taxes ..... . .. . ... . ..... . .. . ...
Excise taxes .... ............ . ... . . . ...... . .........
6,196,182,919
1,292 692 912
5,511,462,132
1Ll ')()20?~
24,300,862,881
13,952,979,714
22,336,133,
13,409,737,
Employment taxes:
Federal Insurance Contributions Act and
Self-Employment Contributions Act 4 • • • . • . ..... - .
Railroad Retirement Tax Act . . . . . . . . . . . . . . . ...... .
Federal Unemployment Tax Act ............ ........
5 1,404,121,109
53,111,950
2 739 212
1,288,099,155
49,243,311
2 304 511
15,557,782,663
593,706,249
850 858 129
13,484,378
571,643
948 464
Total employment taxes .........................
1 459 972 272
1 339 646979
17 002 347 041
15 004 486.
...............
206 015 520
188 650 998
2414 504,630
2,187,457,
Total internal revenue ..........................
13,965,153,984
13,515,177,800
112,198,353,262
105,925,395,
..................... - ................... ,_.
117,483,446
95,366,826
1,284,176,379
1,240,537,
Miscellaneous receipts:
Interest ...........................................
Dividends and other earnings ........................
Realization upon loans and investments ...............
Recoveries and refunds .............................
Royalties ..........................................
Sales of Government property and products .............
Seigniorage ............................. .......... .
Other ................................... .......... .
111,209,971
91,169,049
-10,527,922
6,733,636
12,505,836
107,653 , 802
6,181,411
30,897,026
101,209,965
74,317,542
-7,131,286
62,005,297
63,211,011
34,089,113
4,292,045
53,961,028
946,411,576
970,206,082
754,265,007
132,932,870
77,536,626
786,802,418
68,745,284
309,518,730
.. . . . . .. . . .
355,822,811
385,954,716
4,046,418,595
4,435,613,4
Estate and gift taxes ............... ..
Customs
Total miscellaneous receipts .........
,
58)
764,782,0
859,655,4
1,075,691,8
199,656,3
123,908,6
633,425,5
44,896,0
733,597,4
14,438,460,241
13,996,499,343
117,528,948,237
111,601,546,6
238,565,873
49,429,009
9,037,387
1,400,675
218,227,269
60,485,505
7,997,956
1,632,910
5,892,077,935
808,029,996
92,831,050
22,659,057
5,399,834,5
757,233,6
89,299,7
20,192,2
.................. ...................
.................. ...................
.................. ...................
1,555
570 093
2,460
418,977
152,470,000
13,330,000
126,636,555
386,465
4,290,836
127,850,0
11,575,0
126,319,3
109,4
3,097,1
Subtotal internal revenue refunds .............
299,004,595
288,765,080
7,112,711,899
6,535,511,0
Customs .........................................
Other............................................
2,656,626
37,859
3,064,386
24,389
32,313,290
1,196,~61
35,174,9
700,9
Total refunds of receipts ....................
301,699,080
291,853,856
7,146,221,751
6,571,386,9
Transfers to trust accounts:
Federal old -age and survivors insurance trust fund 4 • • • .
Federal disabil ity insurance trust fund 4 • • . • • • . . . . • • • •
Highway trust fund ................................
Railroad retirement account .......................
Unemployment trust fund ..........................
5 1,310,546,305
593,574,804
319,900,000
53,110,394
2 169 118
1,198,840,292
89,258,863
266,900,000
49,240,850
1,885,534
14,335,126,928
5 1,056,855,734
3,519,156,642
593,319,783
846,567,293
12,351,191,0
993,762,6
3,278,697,1
571,534,0
945,367,C
Total transfers to trust accounts .................
1 779,300,622
1,606,125,541
20,351,026,382
18,140,552,4
Interfund transactions:
Interest on loans to Government-owned enterprises ....
...... .................. .
Reimbursements
Fees and other charges ...........................
44,098,981
3,124,918
648,044,385
15,108,433
468,800
499,383,.
13,623,
390,
663,621,619
513,396,
Subtotal gross receipts . . . . . . . . . . . . . . . . . . . . . . . . .
Deduct:
Refunds of receipts: 6
Internal revenue:
Applicable to budget accounts:
Individual income taxes .................. .... .
Corporation income taxes .....................
Excise taxes .................................
Estate and gift taxes ..........................
Applicable to trust accounts:
Federal old-age and survivors insurance trust fund
Federal disability insurance trust fund ...........
Highway trust [und ............................
Ra ilroad retirement account. ...................
Unemployment trust fund ...... ............... .
Total interfund transactions ......................
Total deductions ..............
.... , ..........
Net administrative budget receipts .... . . . . . . . . . . . .
34,581,304 I
2,819,357 ~
..................
--
______2!>O-'.9<JO
47,223,900
37,650,662
------------
2,128,223,603
1,935,630,060
--
12,060,869,283
12,310,236,637
EXPENDITURES
___
28,160,869,753
25,225,336,
89,368,078,483
86,376,210,
29,920,822
55,647,024
23,149,822
516,054
21,193,281
29,309
52,982
33,516
459
18,263
22,125,334
-1,044,169
19,61.2
-6, 93~
I
L egislative Branch:
Senate ............... ....... ..... . ... . .......... .
House of Representatives .... ........ , ... .......... .
Architect of the Capitol .. . ............ . ............
Botanic Garden ...... .... ...... . ... . . ... . ...........
Library of Congress .. ..... .. . . . ....... . . ...... ... .
Government Printing Office:
General fund appropriations
. ...... . ....... ...
Revol ving fund (net). .......... ...... .
. ..
.
'"
'"
Total--Legislative Branch . .... . ......... . .. .
See footnotes on pages 10 and 14
5
.
..
2,544,321
4,288,917
1,774,760
42,984
3,301,300
I
I
l
I
~ ~,:BS'837 1------657,394
12,683, 716
1
2,481,331
4,133,941
1,442,062
34, 407
],762,039
i
1,985,765
-711,743
j
11,127,805
1
1
-
---
151,508,170
-
147,al:
TABLE 1"':ADMINIST~ATIVE BUDGET RECEIPTS AND EXPENDITURES--JUNE 30, 1964--Continued
=
Class ification
EXPENDITURES- -Continued
This month
--------~--~-~~-~~-~~-+------.---
he Judiciary:
9Jpre me Court of the United States ...•..... , ........ .
Court of Customs and Patent Appeals ................ .
Customs Court .. , ................................. .
Court of Claims .,. '........................ : .. .' ..... .
Courts of appeals, district courts, and other Judicial
services ........................................ .
5,341,251
Total--The Judiciary ......................... ,.
5,724,726
Corresponding
month
last year
~~~_ _
--- -
$163,889
42,818
79,579
97,187
.. -
$160,907
42,247
78,300
95,007
1--
Fiscal Year
1964
to date
3
Corresponding
period
fiscal year 1963
-~-----t-----.:---
$2,107,933
389,209
916,538
1,107,452
$2,011,523
362,823
902,684
1,026,478
5,097,320
60,606,363
57,242,558
5,474,663
65,127,496
61,546,067
xecutive Office of the President:
Compensation of the President ...................... .
The White House Ofhce ............................ .
~ecial projects ................................... .
Executive mansion and grounds ...................... .
Bureau of the Budget ............................... .
Council of Economic Advisers ....................... .
National Aeronautics and Space Council .............. .
National Security Council ..............•.............
Office of Emergency Planning:
Emergency preparedness functions of Federal
agencies ..•........•...........................
Other .........................•.•................
Office of Science and Technology .................... .
~ecial representative for trade negotiations .......... .
Miscellaneous .................................... .
12,500
231,417
103,725
19,122
734,511
61,318
33,544
40,923
12,500
181,028
151,954
50,176
448,844
56,296
30,563
76,676
150,000
2,704,698
1,205,667
661,705
6,636,366
613,357
422,973
514,630
150,000
2,501,535
1,039,288
659,586
5,824,795
675,121
393,691
484,917
170,135
409,168
112,665
68,734
248,510
377,119
520,405
53,825
4,792,317
6,149,593
463,665
309
3,787,068
5,137,453
822,650
400,229
-130,736
Total--Executive Office of the President .•........
2,246,278
1,959,701
22,926,066
23,112,922
1,206,448
83,006
-15,864,964
11,950
7,145,569
1,028,195
-295
-1,345,238
14,048
3,617,493
21,190,006
509,190
91,125,167
181,178
59,082,961
30,002,990
389,345
-57,069,193
127,004
42,258,588
39,771.534
16,583,062
24,590
16,656,342
143,078
50,429
50,000,000
61,655,825
331,784,030
19,430,487
670,952
60,000,000
61,655,825
62,459,527
3,110,295
671,070
-6,143,942
7,721,134
195,740,964
36,501,488
104,054,778
-1,639
272,085
-2,778,542
10,819,104
257,588,137
37,762,166
71,235,231
5,505
1,891,305
-48,153,912
65,775,800
612,347,787
202,335,430
612,565,573
2,426,866
9,093,350
-46,401,735
123,984,449
006,321,952
198,314,009
630,050,819
570,014
7,915,001
338,144,868
376,522,008
1,476,390,976
1,720,754,510
26,605,582
9,412,103
2,000,000
26,372,695
40,426,897
5,629,687
10,079,753
26,077,141
13,293,759
3,000,000
35,647,142
7,304,458
13,255,711
5,005,500
222,366,233
87,353,211
65,000,000
366,763,916
178,813,234
120,901,683
62,954,311
244, 877,442
94,942,368
49,000,000
493,691,799
93,568,438
137,186,346
56,539,268
28,245,951
69,147,810
-763,532
142,286,833
-73,795,669
-317,192
108,978,143
769,010,436
-4,831,094
190,594,844
685,621,693
-2,930,625
217,156,948
171,757,685
1,977,310,075
2,043,091,577
555,301,816
548,200,593
3,453,701,052
~==~====~-~-=--~~===============t==~.==-====~~~
4,089,331,653
.~-.-- .. --~604==,=2=63~,~8~16 _______
56_8~,444~~,64
__7._
3,763,846,067
136,927
175,617,005
37,992,460
74,545,376
653,647
mds appropriated to the President:
Disaster relief ........•.•..•...........•...•.......
Emergency fund for the President ......•.............
Expansion of defense production (net) .•...............
Expenses of management improvement ...•..•..•......
Peace Corps .......•.•....•.......•.••••.•..•••.•..
International Financial Institutions:
Investment in Inter-American Development Bank .... .
9Jbscription to the International Development Assn .. .
Public works acceleration •..•..............•........
Transitional grants to Alaska ....................... .
Other ......................................•.......
Foreign assistance:
Military:
Office of Secretary of Defense:
Repayment of credit sales 7 • • • • • • • • • • • • • • • • • • • •
Other .............•...••........•....... '" ..
Department of the Army ....................... .
Department of the Navy ......................... .
Department of the Air Force ...............•.....
Agency for International Development ••.......•....
All other agencies ..............•...............
Total--Military .............................. .
Economic: 6
Development grants, generaL ................... .
Development grants, Alliance for progress ....... .
Social progress fund, Inter-American Dev. Bank ..
Slpporting assistance ........................... .
Contributions to international organizations ...... .
Contingencies ..........•..........•............
Other ......... " ............................. .
Public enterprise funds (net):
Alliance for progress, development loans •......
~evelopment loan funds ...................... .
orelgn investment guarantee fund •.............
Total--Economic .......•.....................
Total--Foreign assistance ............... , .... .
Total--Funds appropriated to the President
'iC~lture Department:
,gJ'ICultura] Research Service:
Intragovernmental funds (net) ............•.........
Other ..................... , ...... , .............. .
OOperative
state researc h
·
Xl
service
.................. .
a enSion Service .•.................................
J~mCer COoperative Service .. , ..................... .
onservatlOn Service:
Conservation
Ft
d
operat·IOns .......................... .
GOO prevention, watershed protection and other ... .
reatPlains conservation program ................ .
Conomlc Resea h S
. ......................... .
at' t'
rc
ervlce
IS ICal Reporting Service ........................ .
footnotes on page 14
........ ........
~
. .................
-21,588
.--~--------------4--------------
--------===~==~===============~~====~===~---==F==.=-===========
F=
l-
-~
3,968,251,540
.
109,794
21,477,299
186,658
1,107,410
119,924
140,760
15,207,368
110,385
742,890
87,413
35,701
191,762,407
41,608,814
79,397,237
1,207,956
8,326,066
7,142,712
1,327,200
1,185,819
1,476,432
7,884,782
6.733,312
944,396
678,645
1,098,126
96,212,097
85.025,250
11,881,54Z
10,078,186
11,170,247
I
L
L.
-
-
-
i
92,997,438
79,607,889
9,745.908
9,742,444
10,019,448
I
j'
-
~~-
-~:...:...--=-=--~-
4
TABLE III--ADMINISTRATIVE BUDGET RECEIPTS AND EXf£NDITURES--JUNE 3O.1~4--Continued
--~---_~c-=====--
Classification
EXPENDITURES--Continued
-~
_
-.---~~~-----
Thi,,;
mOllllithl_C~~~~E~~;Il~
last year
-+~~~~-
--. - -. ---- ----
.
-
--------'-
-
Fiscal Year
1964
to date
-
Correspondl
period
fiscal year 11
----------
Agriculture Department--Continued
Agricultural Marketing Service:
Marketing research and service. . . . . . . . . . . . . .. ..
Payments to States and possessions •••••••••......
Special milk program ............ , .............. .
School lunch program •...........................
Removal of surplus agricultural commodities ..... .
Intragovernmental funds (net) ................... .
Other ......................................... .
$3,565,434
23,248
12,480,917
339,901
112,442,542
821
89,177
1'2,247,561
23,368
737,516
295,012
16,726,963
2,698
59,998
."43,527,763
1,500,00l
97,476,645
180,648,481
9270,011,179
370
834,907
140,61
1,42
95,36
169,5&
131,78
Total--Agricultural Marketing Service ......... .
128,942,043
20,093,120
593,999,348
439,551
Foreign Agricultural Service ...................... .
Commodity Exchange Authority .................... .
Agricultural Stabilization and Conservation Service:
Expenses, Agricultural Stabilization and
Conservation Service ......................... .
Acreage allotments and marketing quotas ......... .
Sugar act program ............................. .
Agricultural conservation program •...............
Cropland conservation program .................. .
Emergency conservation measures •...............
Soil bank program ........................... - ..
Intragovernmental funds (net) ...•.................
1,685,322
121,563
1,569,905
83,476
19,620,290
1, 115,794
16,56
1,04'
16,028,942
116,840,243
667
87,071,359
200,542,250
9,113,026
12,005,527
289,927,029
-396,191
88,48;
95,604
12,227,006
72,145
8,883,534
173,350
-61,069
9,479,475
-10,393
1,039,921
2,237,640
3,995,585
237,485
-3,408,127
-1,289,066
77
or
76,921
210,781
3,99!
2,70]
305,37~
H,OO!
Foreign assistance and Commodity Credit Corporation:
Foreign assistance programs .................... .
Commodity Credit Corporation:
Public enterprise funds (net):
Price support and related programs and special
milk 10 • • • • • • • • • • • • • • • _ • • • • • • • • • • • • • • • • • • _
Special activities financed by C. C. C 11 • • • • • • • •
194,231, 055
124,197,744
2,089,588,077
2,091,02:
-91,933,970
-19,596,479
-354,187,096
485,627,489
3,487,696,801
-449,995,078
3,115,731
-68,671
Total--Foreign assistance and C.C.C ........ .
82,700,605
255,638,137
5,127,289,800
5,138,081
430,174
1,309,386
-1,473,207
2,167,434
7,665,056
-1,356,635
7,m
29,745,927
1,294,891
24,884,363
466,320
330,193,786
11,354,180
331,651:
10,395
13,190,728
35,562
4,241,208
8,281,583
130,578,247
142,733
39,793,962
184,203
13,873,757
225,532
-3,118,061
50,00l
10,992,240
531,884
1,805,860
60,128,514
-8,615,419
42,351,113
100,000
55,011
7,384
13,5411
Total-·Farmers Home Administration •...... _ .. .
28,498,727
23,454,275
264,479,150
295,838
Office of Rural Areas Development ...•.•...........
Office of General Counsel ......................... .
Office of Information. . . . . .. . . . . .. .. . .........•....
Centennial observance of Agriculture •...............
National Agricultural Library .............. _....... .
General administration:
Intragovernmental funds (net) .............. . ... .
Other ......................................... .
Forest Service:
Intragovernmental funds (net) .................... .
Other ......................................... .
221,731
454,945
161,419
186,559
4,024,659
1,642,327
3,m
164,359
134,324
272,192
109,605
-480
110,668
1,455,623
1,577
58
1,153
200,203
696,441
11,802
293,450
-283,505
4,304,049
241
3,423
-249,293
26,310,433
-551,067
21,411,480
-531,969
317,676,727
255
286,860
Total--Agriculture Department ................ .
382,567,716
394,586,405
7,926,318,599
7,735,260
-17,611
15,520,806
-13
7,668
-2,321,500
70,222,319
1,908,364
30,348,097
4,963,544
3,637,255
11,976,850
107,733
2,544,678
-495
39,459
123,387,345
80,517
Federal Crop Insurance Corporation:
Administrative expenses ..............•..........
Federal Crop Insurance Corporation fund (net) .....
Rural Electrification Administration:
Loans .......•.................................
Salaries and expenses •..........................
Farmers Home Administration:
Rural housing grants and loans ............. _.... _
Rural renewal. ................................. .
Salaries and expenses •..........................
Public enterprise funds (net):
Direct loan account ........................... .
Emergency credit revolving fund •..............
Agricultural credit insurance fund •............
Rural housing for the elderly, revolving fund .... .
0
Commerce Department:
General Administration:
Public enterprise funds (net).....•................
Other ......................................... .
Economic development:
Area Redevelopment Administration:
Public enterprise funds (net)................. _..
Other ..................................... _ ..
Office of Business Economics 0...................
Bureau of the Census. . . . . . . . . . . . . . . . . . . . . . . . . . ..
Business and Defense Services Administration .... .
Office of Field Services ......................... .
International activities .......................... .
Office of Trade Adjustment, ..................... .
U. S. Travel Service .......... _................ .
Total--Economic development ••••..............
See footnotes on page 14
-1,100
814,813
i
I'
1,842,706
-300 I
380,862
-580,665
9,766,034
153,630
2,792,960
429,839
300,310
1,098,402
5,849
215,418
-42,468
11,750,579
148,255
2,281,578
486,958
281,576
932,042
2,689
164,784
14,181, 779
16,005,996
I
6,79l
35,690
-155
1,848
19,392
3,993
3,387
10,()26
2
2,902
--
1
- ----- ---
'BLE 111--AE*',.ISTRATIYt BUDGET R£CEIPTS AND EXPENDITURES-- JUNE
======---' -=
- - --cc---c=c-c.
Classification
EXPENDITURES--Continued
_ _ _ _ -- _
Corresponding
nl<>nth
last year
This month
I
30, 1964--Continued
T
F1S\~16rear
II
t()
:
date
!
5
CurreSIXlnding
period
fiscal year 1963
merce Department - -C ontinued
~ieoce and technology:
Civilian industrial technology ..................... .
coast and Geodetic Survey ....................... .
Patent OIlic e •.........................•.........
National Bureau of standards:
Intragovernmental funds (net) .................. .
Other .............•...........................
Office of Technical Services" ..................... .
Weather Bureau ................................. .
$10,055
2,595,466
2.020,594
,,3,4D9
2,392,828
2.165.394
.138,124
33,336,347
27,276,906
S3,4D9
25,077,124
26,504,425
1,808,521
2,766.048
97,279
7,536,618
436,279
4,023,144
4,263
633,270
47.264,348
697,181
89,4{)5,146
-3,512,579
44,917,549
1,098,871
85,293,663
Total--Science and technology .................. .
16.834,586
198,751,324
179,382,465
rransportation:
Inland Waterways Corporation (net) ................ .
Martime Administration:
Public enterprise funds (net) ..................•.
Operating-differential subsidies .................
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bureau of Public Roads. . . .. . . . . . . . . . . . . . . . . . . . . . .
Transportation Research.........................
,oW
~~ ',,",p"d"<"" .. .. .. . . . . .. . .. .. . .. . .. ...
Total--CommerceDepartment ....................
'ense Department:
~ilitary:
6.300~897
.
~_.~5.~26,218.
I
-742,014
12.127, 052 }'
10,146.276
2,178,384
30,939
t
I
S+~
",74O.i
___
?5,570,'71
Total--Military personnel ...•................ '
1.4D6,043.779
-
n
I
Procurement:
Department of the Army ........................ i
Department of the Navy .•....................... '
Department of the Air Force....................
Defenseagencies...............................
91btotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Classification adjustment ' ..................... .
Total--Research, development, test and
evaluation ................................ .
Military construction:
gepartment of the Army ........................ .
Department of the Navy ........................ .
Defartment of the Air Force ................... .
e ense agenc ie s .............................. .
Total--Military construction ..........•.......
675,649,766
''!-
~.;~,~~
i
*=
I
1,712.933. 721
i
I
317,914,009
396,379,554'
36.535,534
1.100,939,213
t=
1,965,289,377
~' ___ '_____'-'--'-,-:,:._:
i,
350,110,1~~
I
1. 712.933.721
4,595,872,237
3.830,874,041
4,302,548,368
3,485,621,076
4,549,072,608
4,196,666,324
1,209,507,228
1,014,673,118
1-4':"'-185---':',-326---':"~11=-7~f----12=-,:"':9'::'99~,:"':50':'8=-,:"':887=
=r=
-
112.011,816
213.000,916
824,233,202
938,150,124
771,936,040 i
812,971,672
4,752,662._+-_.
1,086,664
~,558,829,032
3,757,264,125
3,071,345,043
3,058,088,202
4,698,175,569
4.682,112,602
504,23_7_,_6_34_t--_ _ _3_5-el,_1_6_9,_3_1_5
11.832,587,279
2,311,584,491,
6,044,170,191
6,958,512,696
34,812,699
16,656,465,728
.. " ..__._._"_._._.,,__._.--+_____-3_3_9_,1_00_,000_
-1L==1=5=.3=4=9=,0=80=,0=7=9=F===16=,=3=17~,=3=65=,=7=28
~. ,,]7. '71
1u
_-'C
190,103,347
133.756,221
322,147,680
36,449,414
1,334,717,130
1,578,241,260
3,721.436,335
384,428,145
1,354,424,8'79
1,429,341,325
3,300,374,264
291,423,529
~ :~~~: ~_~_~_:~_~2_.
6_8:::::::_3--l-_._._"
- l -_ _ _
6_,:_:_::
~::::
I
I
'l-
753.523.800 i
688.538,663
r-====·ci-----
7,018,822,872
--'·-c~~,-c-r_
.-
i
2,370,712,612
6,500,950,550
7,698,028,133
6,774,431
15,349,000,079
L. .~~~: ~~~ ::~_~____
I
11,848,634,246
__-_6~3~_~,~-
144,298,455.
154.485,495'
411,265,316
43,474,533
33,695,129 I
12.740.160 ~
61.509,925
8, 827. f43·
----~---
__~:~.~·7·7:J.:.059
gepartment of the Army............•............
Department of the Navy ........................ .
Defartment of the Air Force ....•..•............
e ense agencies .............................. .
25.897.545
13.057,869
26,794.046
1. 206, 324
Total--Family housing .. , ................... .
66,955.785
footnotes on page 14
4D8,094,154
684,799,843
19.752,
I
-5.966,167:
19,722,118 I
71.672,147 I
1. 268.981
~
I
--8.3;-~;-1~
_ _ -~
.-232,581,387
188,708,090
552,479,325
49, 133,862
6,714,663,998
=±====
+=
178,352,485
195,783,794
741,984,273
27,467,877
:
---------+-----------+---------
Family housing'
Civil Defense ................................... .
347,157,977
51.465,062+=_
I
438,199,111
287.761,263
362,450,271
89,073,187,
II
108,241,1~
T8tai Operation ana maintenance ............. ~90.420.235
&1btotal ................................... .
L
9,131,226
220, 676,685
134,988,576
44,121,265
1,149
I
Operation and maintenance:
Department of the Army........................
304,790,288
265.863,545
Department of the Navy.........................
Department of the Air Force 0...................
570.630.935 I
Defense agencies ..........•.. , ............. , ... r-----.~9.135~~~__ __
Research, development, test and evaluation:
Department of the Army .........................
Department of the Navy.........................
Department of the Air Force....................
Defense agencies..............................
-824,749
5,790,747
203,036,847
98,344,761
39,864,523
920,598
I
',
531.603.716
370,775.919
395,423.024
Total-- Proeu rement. . . . . . . . . . . . . . . . . . . . . . . . ..
-799,500
-1,004,613
5,477,460
11.763,358
4,114,930
1.149
___
4
Military personnel:
I
Department of the Army ........................ I
Department of the Navy.........................
Department of the Air Force •................... I
Defense agencies ............................... i
Classification adjustment: ' ............. , .. .. .. .
========~F=======~==
86.697 ,079
1,022.902,665
17.445,353
9.644,679
35. 4D7 . 034
-21.422.198
203,220,781
131,437,396
240.448,286
3.188.164
41.074,869
578.294.628
1,143,588,431
I
155,498.589
87.842,812
181,290,712
2.025,815
---
7. 928.578.rc--=---~~25.198-~---
426.657.928
202~6~4,053
______ -J_'_ _ :. ___ =-__ ~-_-,_-_=_:ccc:: ____ _
6
TABLE III--ADMINISTRATIVE BUDGET RECEIPTS AND£XPENDiTUREs-IUNE 3lJ,1964--Contlnlllll
Class ificat ion
EXPENDITURES--Continued
-----------
Corresponding
month
last year
This month
Fiscal Year
1964
to date
Cor respOnd~
period
fiscal year I!
---------
Defense Department- -Continued
Militarv- -Continued
Revoiving and management funds (net):
Public enterprise funds:
Department of the Army:
Defense housing ........................... .
Defense production guarantees ............. .
Department of the Navy:
Defense production guarantees ............. .
Other .........•.........•.•.•.............
Department of the Air Forcc--Defense
production guarantees ..................... .
Defense agencies ........................... .
Ci vil defense procurement fund ............... .
lntragovernmental funds:
Department of the Army ..................... .
Department of the Navy ..•....................
Department of the Air Force ................. .
Defense agencies ............................ .
Undistributed stock fund transactions .......••..
. ............ .
-$2.437
-34,973
-Jt37,061
-$7
-857,247
7,748
-241,530
46,325
1,095,471
36,819
-69!
-948,781
-525
-5,085
374,242
.....•.........•.•
1,421
2,671,910
-855
345
4,431
-14,039,536
-83,199,641
20,091,695
-22,977,935
-49,933,412
1----------1--151,865,159
Total--Revolving and management funds ....... .
-343,100,905
-478,745,612
16,603,306
-130,99J,745
-132,863,245
Civil:
Army:
Corps of Engineers:
Rivers and harbors and flood control ..........
lntragovernmental funds (net) .................
The Panama Canal:
Canal Zone Government. .....................
Panama Canal Company:
Public enterprise funds (net) ...............
Thatcher Ferry Bridge ....................
.
.
5,103,139,325
f===
------3,992,946,898
119,978,639
3,055,902
F=---c=----- __ -c--
3,724,763
.
.
.
~-
Total- - The Panama Canal ............... .
Other ........................................ .
Na vy - - Wildlife conservation, etc .................. .
Air Force--Wildlife conservation, etc ............ .
-41
-464,72!
-743,91~
17, 94~
-213,518
-344,750,255
-1,400,612
--~~~==~4========
49,749,088,586
==i==~
-
. ............ ,
----~-------_+-------
-1,068,922,717
F~===='-=======F==~-
Total--Military ............................. .
-82,054,549
-204,736,049
-1,717,018
-156,833,696
96,824,427
-2:
48,252,420
1,091,865,870
100,797,087
1,069,300
839,479
2,542
1,017,674
------=---::----:- - ---==1=====-'-='-"-'-'-==-c..j======
30,806,089
26,720
2,319,444
2,596,038
735
3,108,109
205,278
2,083,774
-310,650
8,364
1,716
6,321,536
5,632,832
32,579,214
36,800
2,942,671
1,718,825
27,730,713
1,290
25,498
19,314
----
F===-c= -~ --
1,592
2,177
28
--
Total--Civil ................................ .
Total--Defense Department .................. .
1,128,065
132,300,342
109,168,597
1,153,042,067
~~====~=====-~===F-======
49,380,486
5,235,439,66_8--l---___ 4,102,115,496
50,902,130,653
c-- __ _
Health, Education, and Welfare Department:
Food and Drug Administration:
..............
-134,185
61,767
Public enterprise fund (net) ...................... .
29,227
38,510,147
4,417,728
2,745,417
Other .......................................... .
Office of Education:
276,868
23,653,781
18,862,596
283,687,269
Payments to school districts ..................... .
66,241
7,070,372
50,601,125
2,131,884
Assistance for school construction ................ .
198,335
Defense educational activities .................... .
239,576,372
12,503,620
14,028,545
82,258
2,445,078
1,942,957
86,022,886
Other .......................................... .
97,593
3,694,069
2,179,641
119,907,952
Vocational Rehabilitation Administration ............. .
Public Health Service:
F======~~:~~ --~~~-=~~-~=~~~===========F-~====-======
Community health:
189,116
194,388,293
Hospital construction activities ................. .
13,692,193
18,088,660
80,615
118,191,979
Other ........................................ .
11,237,185
4,750,592
111,536
Environmental health ............................ .
140,711,965
8,755,075
13,631,891
118,798
Medical services ................................ .
123,267,934
9,961,136
11,768,439
723,596
National Institutes of Health ...................... .
906,761,334
72,499,600
97,051,456
2
Operation of commissaries, narcotic hospitals (net) .
-5,228
3,846
4,114
19,998
Emergency health activities ...................... .
19,388,371
1,677,034
632,566
10,938
Other .......................................... .
35,410,885
11,389,780
20,753,194
1------1,254,604
Total- -Public Health Service ................... .
1,538,115,536
122,729,259
173,167,507
Saint Elizabeths Hospital. .......................... .
Social Security Administration:
Operating fund, Bureau of Federal Credit Unions (net)
Other .......................................... .
Welfare Administration:
Grants to States for public assistance ............. .
Grants for maternal and child welfare ............. .
Other .......................................... .
Special institutions:
American Printing House for the Blind ............ .
Freedmen'S Hospital ............................ .
Gallaudet College ............................... .
Howard Uni\'ersity .............................. .
Office of the Secretarv:
Intragovernmental funds (net) .................... .
Other .......................................... .
To~al--Health,
Education, and Welfare Dept. .. .
-293,761
526,212
9,351,876
7,489
177,921
4,532
46,060
3,229
116,471
-339
-132
32
421,469,494
7,568,165
5,835,642
186,382,680
2,153,574
5,853,404
2,944,051,522
89,355,448
61,433,832
2,729,582
76,057
65,862
441,803
191,833
1,292,083
430,360
74,960
1,138,344
775,000
4,173,462
2,353,511
12,087,750
718
3,739
1,982
11,127
48,962
1,742,704
-23,042
809,882
-80,739
10,420,999
48
7,700
660,554,822
366,954,456
5,490,325,901
4,909,339
-
ABLE 1II __ AOI1tINISTRATIVE BUOGET AECEI_~TS_~~D EXPENDITURES--JUNE 30, 1964--Continued
===
-
---- .- -- - -.- C()r-re-,p~Jlldll1g
- - -1- ----F~cal
Classification
EXPENDITURES- -Continu~d __
This month
I- _ _
_
__
_
_
month
las~ year
_
l
7
-~==-'~=r=~======
_
Year
1964
_to date____ _
Corresponding
period
fiscal year 1963
-f---- - - - ____
lerior Department:
P blie Land Management:
uBureau of Land Management ......... , ........... , .
Bureau of IndIan AffaIrs:
publiC enterpnse fWlds (net):
Revolving fund for loans .. ,
........ _
Other ................................ Other .......... , ....................... .
National Park Service .. ' ..... , .... '
Bureau of Outdoor Recreat ion .............. .
Office of Territories:
public enterprise funds (net) ................... .
Other ........................... , ..... , ...... ,
The Alaska Railroad (net) .. , .. '. . .... , ...........
Mineral Resources:
Geological Survey .. , ' ... '
. , . , , . , , ..•...... , ,
Bureau of Mines:
public enterprise funds (net) .............. , .. , ..
Other ... ,., . ' ................ , . , .
. ..
Office of Coal Resear ch ... ' ............ , ........ .
Office of Minerals Exploration ....... , .. , .... , ... .
Office of Oil and Gas ..... , . , ........ ' . . . . . . . . . . ..
Fish and Wildlife Service:
Office of Commissioner of Fish and Wildl ife . , ... , . ,
Bureau of Commercial Fbheries:
PubliC enterprise funds (net) '" , .............. , .
Other, ....... , .... , .......................... .
Bureau of Sport Fisheries and Wild I ife . , .......... .
Water and Power Development:
Bureau of Reclamation:
Public enterprise funds (net):
Continuing fund for emergency expense,.;,
Fort Peck project, Montana ..... , .......... .
Upper Colorado River Basin fund. , ........... .
Other ... , ... " .' ........... , . , , ... , .... , .. , .. ,
,!,5, 122,097
I
I
0113,568,445
359.804
-50
15,782.086
10,238,435
141,044
4,860.923
2,028
191.329,990
110,543.324
969.030
65,343
1. 666,836
22,854
31.033,551
-942,184
2,213,018
56,490,758
657,158
3.212,936
342,751
74,346
55,375
-9.507,974
37,365,743
1,470,232
2,060,258
556,154
26,327
375.801
166,427
3,111.805
7,145.642
-1,402,298
27.166,087
65,790.800
Total--Bureau of Reclamation, ............. , ..
Bonneville Power Administration ........•.... " .. .
Southeastern Power Adm inistrat IOn ............... .
Southwestern Power Administration .. , ........ , . ' ..
Office of Saline Water ..................... ' ..... '
Secretarial Offices:
Office of the Solicitor .. ' ................ , . , ...... '
Office of the Secretuy ... ' . , .... , ... , .. , ......... .
Virgin Islands Corporation (net) .................... .
Total--Interior Department .... ' ....... '
88,783,200
I
stice Department:
Legal activities and general admimstration ......... ,. I
Federal Bureau of Investigation ... , ... , ... , ..... , ... , '
Immigration and Naturalization Service .......... , ... I
Federal Prison System:
Federal Prison Industries, Inc. (net) ....•.•.......
Other .......................................... .
Total--Justice Department ..... , ......... , ... .
Ibor Department:
Bureau of Labor Statistics ... , ...... , , ............. .
Bureau of International Labor Affairs ......... , ..... '
Manpower Administration:
Public enterprise funds (net):
Advances to employment. security administration
account, unemployment trust funG •....•... , .. .
Farm labor supply revolving fund ............... .
Manpower, development and training activities ..... .
Bureau of Apprenticeship and TraInIng ......... , .. .
Payment to the Federal extended compensation
account ....... , . , ....... , , ....•. , ............ .
Unemployment compensation for Federal employees
Ot~~~ ex-servicemen .... , ... , ....... , ... , .... , ..
5.038,687
12.160,199
5.380,889
58,083,292
135,527,256
66,323,120
4,103,588
6.244,171
-3,120,855
60.222,447
32,927,537
317,035.261
1,072,737
33,671
17,860,362
943,910
15,824,965
791.027
56,593
16,574.184
590.199
4,500.000
44,786
11,419,121
427,659
-7,434,616
-1,140.025
109.928,441
5,647,074
-85,248,149
-1,225,817
51,823.615
5,290,556
-19,358.259
. ................
-19,357,595
2,391,879
15,742,604
329,210
19,349,210
1,377,757
152,514,219
9,154,011
152,858,563
9,998,064
•••••••••••••••
Total--Manpower Administration ....... , . ' ... '
13,934,532
37,118,536
249,311,510
135,888,712
80,671
904 ,654
54,883
494.848
755.837
7,240,007
653,297
5.928,835
376,991
61,635
2,046,564
346.065
74,105
1.569,294
3.708,641
802,380
19,925.639
4.155.910
914,056
17,789,364
••••••••
••••••••••••
0
••••
eo
Labor-Management Relations:
Bureau of Veterans' Reemployment Rights ......... .
Labor-Management Services Administration " . , . " .
Wage and Labor Standards:
~ureau of Labor Standards ....................... .
Women's Bureau ................................ .
age and Hour Division ...... , ............. ' .. ' ..
1,666,091
102,8~f
I
. ................
8
TABLE III--ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES-JUNE 30r 1964--{;ontINlli
Classification
This month
EXPENDITURES--Continue d
---
Labor Department--Continued
Employees' Compensation:
Employees' compensation claims and expense s ...••.
Other ...••..••.........•.•.• " .....•.....• .......
Office of the Solicitor •.... '" .........• , " ... .0 •••••
Office of the Secretary •..........•...•...•.•. .0 ... ".
Total--Labor Department •.............••
"O"vQ
Post Office Department:
Public enterprise fund (net)--postal fund ...... . .......
State Department:
Administration of foreign affairs:
Salaries and expenses .................... . .......
Acquisition, operation and maintenance of buil dings
abroad ............. " ................. . .0 • . . • •
Intragovernmental funds (net) ............. . .0.··· .
Other ............................... '" ., .......
Total--Administration of foreign affairs ...
.0
••
0
••
International organizations and conferences:
Contributions to international organizations .. .0 • • • • •
Loans to the United Nations ................ . .......
Other ................................... .
International commissions ................... .
Educational exchange........................ . .......
Other ..................................... . .......
••••••
••••
T otal- - State Department
0
0
••
eo.o.o
•
Fiscal Year
1964
to date
Corresponding
month
last year
Correspondb
period
fiscal year 11
---------
f--------
0-5,918.857
386,785
490.903
M7,920
<4,202,987
259,837
411.149
237.627
~58,810,545
25,522,665
45,875,744
370,268,018
257,2'11
45,476.932
104.170, 70~
J
546.565,143
770,33<
-7,412,616
-6,103,965
J
144,168,567
151,91:
1,135,315
45,059
226,691
5,962,166
59,759
171,500
15,127,772
347,385
3,201,498
-1,45C
-6,005,550
89,460
162,845,224
166,84(
842,983
769,379
693.037
969,980
3,809,204
2,037,376
1,822,738
6,854,082
720,794
371,285
3,608,614
1,550,662
98,830,963
4,193,354
5,126,336
12,483,122
45,368,410
11,817,240
4,231
15, 99~
45,571
9,210
3,116,411
15,017,637
340,664,652
408,493
-1,732,862
-133,036
-5,699
152
544,732
-59,170
-135,740
-5,974
94
341,985
-2,435,632
-407,150
-58,711
574
5,283,003
-3,126
-532
-135
-1
4,624
97,583
13,544,551
3,091
1,570,128
5
97,819
2,046,511
9,098
3,944,024
10,917
26,247
536
31,935
. ................
10,719,407
31,896,388
338,917
31,853,244
138
261,396
8,469,244
109,921
5,329,600
.................
. .............
74,610,902
67,261
135,508
68,220
835,959
595,144
4,107,829
-139,747
64
484,186
372,392
4,408,663
252,693
148,451
9,009,044
5,388,576
48,545,485
-2,272
43
7,534
4,659
48,786
1,340,168
30,382,166
462,522
21,637,467
-1,633,293
351,098,641
-2,195
298,777
6,441,580
4,650,060
66,652,341
6,230,559
4,504,347
40,320,722
88,384,298
44,961,835
560, 193,2Bl
73,857
44,779
497,273
20,147
13,656,652
9,133,698
-2
16,111
7,540
8,604,272
1,291,031
4,376,178
4.615,823
1,917,182
1
S65,26:
3,890
4,30!
1,86!
13,42(
2,95~
94,5~
72,061
Treasury Department:
Office of the Secretary:
Public enterprise funds (net):
Reconstruction Finance Corp. liquidation fun d .....
Federal Farm Mortgage Corp. liquidation fu nd ....
Civil defense program fund .............. . .0 • • . • •
Intragovernmental funds (net) .............. . .0 . . • . •
Other .................................... . .......
Bureau of Accounts:
Interest on uninvested funds ............... . .......
Claims, judgments and relief acts .......... .
Government losses in shipment fund (net) ... . .0 • • . • .
Salaries and expenses ..................... . .0 •••• .
Other ................. " ................ . .......
Bureau of Customs:
Intragovernmental funds (net) ............. .
Other .................................... . .......
Bureau of Engraving and Printing:
Intragovernmental funds (net) .............. . .......
Other .................. " ................ . .......
Bureau of the Mint. ......................... . .......
Bureau of Narcotics ....................... . .......
Bureau of Public Debt. ...................... . .......
Coast Guard:
Intragovernmental funds (net) .............. . .......
Other ................................... . .......
Internal Revenue Service:
Interest on refunds of taxes ............... . .......
Payments to Puerto Rico for taxes collected .. .......
Salaries and expenses ..................... . .......
Office of the Treasurer:
Check forgery insurance fund (net) ......... . .......
Other ............................... " .. . .......
United States Secret Service ................. . .......
Interest on the public debt: 14
Public issues ............................ . .......
Special issues ........................... . .......
5,072
978,503
1,066,693
1,433
1,278,215
644,674
794,966,009
153,246,075
727,818,667
137,215,395
9,287,452,118
1,385,751,289
Total--Interest on the public debt .... '" .. .......
948,212,085
865,034,062
10,673,203,408
9,895,303
••
.0
0.0
••
0
••
••
I
Total--Treasury Department ........ " .. . .......
1,088,090,621
956,917,735
11,954,164,001
11,027,930
Atomic Energy Commission ................... . .......
242,485,076
241,253,167
2,764,926,471
2,757,875
Federal Aviation Agency:
Grants-in-aid for airports ................... . .......
Other .................................... . .......
4,986,010
61,301,332
4,441,959
53,612,052
65,247,695
685,324,424
51,493
674,817
Total--Federal Aviation Agency ............ . .......
66,287,342
58,054,011
750,572,119
726,3~
18,017,113
4,29B,027
14,248,050
2,402,283
13,691,677
4,743,991
22,123,785
4,596,260
160,BI8,336
71,218,462
-16,027,427
258,507,074
91,7711
62,502
5,707
232,419
General Services Administration:
Real property activities:
Construction, public buildings projects .. '" ..
Repair and improvement of public buildings ..
Intragovernmental funds (net) ...............
Other ....................................
See footnotes on pages 10 and 14
. ......
. ......
. ......
. ......
-
TABLE 1II--ADMfNJSTRATIVE BUDGET RECEIPTS AND EXPENDITURES-- JUNE 30, 1964--Continued
-----------
Class ificat ion
-l-~=;~;;~~:~ ~
This month
EXPENDITURES - -Continued
-
-=
FisC~h~ear
1,lst year
to date
-
9
Corresponding
period
fiscal year 1963
----
--
,eneral Services Administrat ion- -Cont inued
Personal property actIvItIes:
lntragovernmental funds (net) .....................
Other ..........................................
Utilization and disposal activities ...................
Records actIvItIes ............. : ...... : ... : ..........
Transportation and commUl1\CatlOns acttvltles ........
Defense materials actIvIt les:
public enterprise funds (net) .....................
lntragovernmental funds (net) ....................
Strategic and critical materials .............. , ...
Other ..........................................
General activities:
Public enterprise funds (net) .....................
lntragovernmental funds (net) .....................
Other ..................................... .
.
.
.
.
.
-$758,052
3,491,109
768,006
1,147,626
314,417
-':4, 255,B17
2,309,021
710,934
1,021,51'1
359,284
$33,455,905
46,469,499
9,574,633
14,554,876
4,920,125
.
.
.
.
456,183
1,295,209
410,594
1,618,462
-185,916
15,944,031
30
-859.182
22,671,105
-862
1,994,764
150,340
-2,283
1,437,959
136,009
-582,931
-618,500
1,741,337
-168,488
-700,075
1,608,634
.
.
,----- --- -
Total--General Services Administration ......... .
--- - - - - - - - - -
==- -
.
.
.
.
---------+------_:..._-'--
48,901,399
599,789,499
465,895,964
11,554,897
-63,792
24,555,033
4,489,695
710,493
3,942,009
15,276,108
-199,659
-6,898,427
1,726,969
..••..•.•....••..•
1,919,734
219,334,549
-1,799,428
235,012,399
79,959,060
5,130,371
31,409,106
283,573,515
-2,013,934
173,208,174
53,608,487
265,013
27,180,078
11,824,726
569,046,057
535,821,334
-10,595,593
-54,762,176
4,460,000
-70,820,304
-147,365,911
-139,094,640
-162,265,416
-277,044,015
-30,048,152
-65,357,769
-352,820,856
-439,309,432
-45,208,432
19,367,965
-16,798,744
149,212,786
134,950,803
178,867,002
f-----------
Total--Office of the Administrator ................ .
.
.
.
.
Total--Federal National Mortgage Association ....
------- -
45,188,335
i======~-
Federal National Mortgage Assoclation (net):
Loans for secondary market operations . . . . . . . . . . .
Purchase of preferred stock ......................
Management and liquidating functions fund .........
Special assistance functi(,ns fund ..................
40,090,613
9,698,832
14,389,420
4,651,510
47,824,217
i===,-----=_·~=c~F~c~--~~-c_- C~
lousing and Home Finance Agen('\,:
Office of the Administrator:
Public enterprise funds (net):
College housing loans .................... .
Liquidating programs ................... .
Urban renewal fund ............................
Other ........................................
Open-space land grants ..........................
Other ..........................................
-t17, 894,710
-- -------+-------'----'-_
c= = c=-~~_--,-~,__ -c= F==ccc========4========
-14,360,000
2,348,015
-18,036,167
1---------
- - - - - - - - - - -- - - -----"-----'---1-------'---'--
F================-~~==~=--=:~-=-=-=-=-~+-==-=-===========F=========~==
Federal Housing Adminbtration (net) ................ .
Public Housing Administration (net) ................. .
Total--Housing and Home Finance Agency ......... .
~ __ 18,107 ~6~ _=~--~!~474,98~
-11,960,554
-13,690,088
348,639,242
410,329,708
504,373,303
299,652,291
4,170,522,237
2,552,346,500
341,720,968
336,478,344
4,060,109,895
4,001,325,547
-34,633,854
-32,306,086
-18,128,851
76,480,071
-3,622,346
-16,838,377
103,656,359
1,393,478,139
f-------~----------- --- ----t------498,983,735
383,749,651
5,480,923,643
--86,186,773
-22,921,880
-20,676,318
1,301,281,942
361,622
F==========c~-========~~~==~===~~F===============~==============
~ational
Aeronautics and Space Administration ....
veterans Administration:
Compensation. pensions, and benefit programs ..
Public enterprise funds (net):
Olrect loans to veterans and reserves .............
Loan guaranty revol ving fund .....................
Other ..........................................
Other ............................................
.
.
.
.
Total--Veterans Administration .................. .
~.~===.*.==~~~=.=-~======~==
-14,054,168
28,696,564
-5,166,544
147,786,915
5,172,822,517
F====~
lther independent agencies:
Advisory Commission on Intergovernmental Relations ..
Alaska International Rail and Highway Commission ... .
American Battle Monuments Commission ............ .
C:ntral Intelligence Agency-construction ............ .
Cml Aeronautics Board:
Payments to air carriers ........................ .
Other .......................................... .
Civil Service Commission:
Payment to Civil Service retirement and disability
229,409
-12,137
24,851
-640
115,159
19,940
1,677,602
265,516
411,589
-640
1,826,041
1,722,419
5,356,900
826,415
6,695,229
755,956
84,122,285
10,022,669
81,856,762
9,374,166
fund ..................•................•......
62,000,000
30,000,000
Government payment for annuitants. employees
health benefits fund ............................ .
Government contribution retired employees health
9,500,000
6,789,000
14,800,000
13,200,000
Ot~:~~f.i~~ .f~~~: : : : : : : : :': : : : : : : : : : : : : : : : : : : : : : : : : :
34,988
.................
..................
f--_ _ _ _2-,__
77_4-,-,_31~ _____2_, 9'1!!~
__~_2_5~,_12_6~,_1_81_t-____2_3,_6_9_3_,7_60_
Total--Civil Service Commission ............... .
~=====2=,=7~74=,=3=16
~ommiSSion of Fine Arts .......................... .
8,188
73,958
6,482
63,362
87,078
821,088
82,208
1,045,824
-37,619,229
2,530
-26,733,725
7,469
-701,783,845
2,530
-391,550,110
2,200,000
.................
5,490,000
.-13,926,400
ommission on Civil Rights ........................
COmmISSIOn on International Rules of Judicial
Procedure ............ : .........................
EXOort-Im
F.
port Bank of Washmgton (net) . . . . . . . . . .. .
arm CredIt Administration'
Public enterprise funds (n~t):
Short-term cred it investment fund ..............
Banks for cooperatives investment fund ..........
.
.
.
.
Total--public enterprise funds ............... .
Administrative expenses ......................... .
Total--Farm Credit Administration ........... .
1,100,000
~-"'~:~~~:~~~
__
~==2,~04==7~:1=7=9~======1=1=1~,4=2=6~,1~8=1=4======7~3,=6=8=2,=7=60=
2,;;0~;~-
---
I
-B,436,400·
13,310,000
-11,979,500
1,330,500
~: : : :1:,: ~ : : : : ~-+=~ -.=_-.:=-:=c-2~'~:-:~-~ '~:~:~ :~ ~.~-.-,=-;:;~;~;::J ===:=::=:=~=:~=:=:
__
10 TABLEIII--ADMINISTRATIVE BUDGET RECEIPTS AND EXPEND'TUR~--JUM! ee,l964--Continued
Class ificat ion
Corresponding
month
last year
ThIS month
EXPENDITURES- -Cont inued
--------
Other independent agencies - -Cont inued
Federal Coal Mine Safety B()ard of Review ............ .
Federal Communications Commission ..... _ .......... .
Federal Home Loan Bank Board (net):
Federal Savings and Loan Insurance Corfj. fund ..... .
Other .......... _................................ .
Federal Maritime Commission _ . , , _ .. , .... , ____ , . , , . ,
Federal Mediation and Conciliation Service .. , . , . , . , . _ .
Federal Power Commission. , .. , , .............. , . , .. .
Federal Reconstruction and Development Planning
Commission for Alaska. ' ... _.. , .. , ........ , . , .. , , .
Federal Trade Commission ....... , ..... , ....•...... ,
Foreign Claims Settlement Commission .. , ... , . _ , , , .. ,
General Accounting Office ..... _. _. , , , . , ...... , ... , , ,
Historical and memorial commissions ........... , ... ,
Indian Claims Commission. , .... , . , , . , . , .. , .. , .. , ... .
Interstate Commerce Commission. , .......... , , , .... .
National Capital Housing Authority .................. .
National Capital Planning Commission .......... , .... .
National Capital Transportation Agency ... _ .. , , .... , . ,
National Lab:lr Relations Board .... , ............. , .. .
National Mediation Board _..... , , .. , .......... , .. , , , ,
National Science Foundation , ... ,." ................ .
Outdoor Recreation Resources Review Commission .. , ,
Participation in Interstate Federal Commissions:
Delaware River Basin Commission. ..' _ ........ , ..
Interstate Commission on the Potomac River Basin ..
President's Adv. Com. on Lab'.lr-Mgmt. Policy .... .
Railroad Retirement Board ......• , .................. .
Renegotiation Board ...... _ .................. , . , .... .
Saint Lawrence Seaway Development Corporation (net) ..
Securities and Exchange Commis-;ion . , , . , ...... _... , ,
Selective Service System ..... , . , .......... _ ..... , .. .
Small Business Administration:
Public enterprise funds (net) . , ........ , ........... .
Salar ie s and expenses .......... , .. , .............. .
Other .............••....... _....... , ....... , ... _,
Fiscal Year
- Lcorrespondinl
period
fiscal year 191
1964
to date
-----
-
S5,045
1,651,863
$4,974
1,116,328
$63,760
16,717,021
-145,073,246
64,172
209,687
646,766
1,350,468
-81,741,397
58,342
203,175
392,332
927,508
-248,099,765
-322,431
2,611,387
5,701,676
12,324,394
..................
..................
956,117
86,269
3,361,859
15,311
14,248
1,961,655
4,327
54,098
120,778
1,650,213
158,857
27,950,519
153
-20,685
12,117,728
8,800,183
45,116,087
122,936
294,478
24,378,287
38,383
735,483
981,682
22,049,363
1,939,470
310,172,286
6
2,493
2,640
152,795
129
32,441
942,153
1,912,109
5,035,091
18,735
32,827
1,962,142
-410
82,823
81,785
1,786,368
185,285
46,415,368
5,000
.................. ..................
112,514
5,069
10,127
-601,407
..................
..................
~
14,08'i
-263,M3
-118
2,14~
5,051
10,711
.............. .
11,515
804
42,293
99
268
23,518
40
1,681
2,322
20,945
1,811
206,372
87
5
laJ
199,637
156,524
1,598,873
5,794,677
199,553
149,104
1,039,052
2,897,030
2,508,699
154,131
14,336,737
40,931,856
-601
2,325
1,436
13,aJ6,
34,488,
18,472,850
1,204,524
224,231
20,160,205
2,469,943
133,906
122,996,214
8,472,654
143,662
137,408,
4,849,
149.
--
------
19,901,606
1----------- - -
------
Smithsonian Illstitution ..... , .... , .. , ....... , .... , .. ,
Subversive Activities Control Board _.... , ........ , .. .
Tariff Commission ....... , ....... _............. , ... .
Tax Court of the United States ... , ........... , .... , ..
Tennessee Va lIey Authority (net) ............ _. , ..... .
U. S. Arms Control and Disarmament Agency ......... .
Unittd States Information Agency:
Informational media guarantee fund (net) ........... .
Salaries and expenses _...... , . , ........ , ......... .
RadiO construction ...... , , , ... , ....... , .......... .
Other .......... " ....... " .. , ... , .............. , .
2,377,432
37,054
225,458
188,732
10,634,863
957,870
22,764,055
----- - -1,421,050
25,489
219,319
144,615
5,119,083
200,699
104,777
17,833,641
657,433
670,572
-152,587
16,003,559
1,280,762
523,070
1,046,709
139,747,881
12,156,829
7,347,793
1,849,
131,584,
14,755,
7,293,
Total--U. S. Information Agency ..... _.. _ ....... .
19,266,425
17,654,804
160,299,213
155,463,
Total--Small Business Administration .. _ ........ .
f==~-C
District of Columbia:
Federal payment to District of Columbia .... , ........
Advances for general expenses (repayable) ...........
Loans to District of Columbia for capital outlay ... , ...
Loans to District of Columbia (stadium fund) ..........
C~=
131,612,531
142,407,
21,789,708
348,466
2,931,835
1,927,620
59,286,671
6,190,028
20,203,
337,
2,767,
1,769,
53,448,
2,333,
~T=~~====~========~======~
United States Study Commissions .............. , ..... .
Total--Other independent agencies...............
___
19,442
170,418
774,
~~"'~~c~=~==~===============F==============4=========~
-48,318,592
-6,042,150
159,719,733
293,322,
~-.~-~-~=====--~~~~========*=============~===========
.
.
.
.
17,000,000
1,025,000
10,000,000
1,250,000
40,368,000
7,000,000
9,450,000
655,800
33,199,
7,000,
24,950,
415,
nterfund transactions (-) (See detail on page 2) ........
-47,223,900
-37,650,662
-663,621,619
-513,396,
F=~~~~F=~~~~F=~~~~*=~~~
Net administrative budget expenditures..............
9,513,444,459
7,714,594,199
97,670,862,844
92,641,797,
Administrative budget surplus (+) or deficit (-)...........
f---- ------.------
+2,796,792,178
----'--:-:=-:-=c:=-I:--=c==-:--=:===========F======:=::=;:;=;;;;=
+4,346,275,083
-8,302,784 .. 360
_6,265,586,
FOOTNOTES
Source- Prepared by the Unlted States Treasury Department, Bureau of Accounts, on the basis of reports received from disbursing,
collectIng, and admlnistratlve agencles of the Government.
'From 1965 Budget Document released January 21, 1964. Revised
estimates of admlnistrative budget receipts and expenditures for
fiscal years 1964 and 1965 were submItted to the President by the
Secretary of the Treasury and the Budget Dlrector and announced by
the White House on May 22, 1964 as follows in billions of dollars:
fiscal year 19&4: receIpts $89.5; expenditures $98.3; deficit (-) $8.8;
fIscal year 19b5: receIpts $91.5; expendItures $97.3; deficit (-) $5.8.
1 ThI~ statement IS prelimInary and based on reports from disbursir..g. collecting and admInIstratIve agencies of the Government
receIved through July 14, 1964. Final reports of Government dISburSIng, collectIng and adminIstratIve agencies. includIng certain
overseas transactIons for the year ended June 30, 1964, which It has
not beer. pOSSIble to Include in thIS statement, will be Incorporated
lr. the f,rcal statement for fiscal year 1964 to be published at a later
date.
2 Includes debt not subject to limitation, which on June 30,.1
amounted to $361,717,548. The statutory debt limitation e.tabU,
at $285 billions by act approved June 30, 1959, has been tempou
increased during the periods covered by this table. The dates'
each increase became effectIve are as follows: $293 billion'
July I, 1960; $298 billions onJuly 1,1961; $300 billions on Marc~
j 962; $308 billlOns on July I, 1962; $305 billions on Apr\ll, I
$307 billions on May 29, 1963; $309 billions on July I, 1963; ~
billions on December I, 1963; and $324 billions on June 29, 1964
3 TransactlOns cover the period July I, 1963 through June 30,
and are partIally estunated.
4 Distribution between income taxes and employment taxe~ J1
in accordance with provislons of Sec. 201 of the Social SecurIty
as amended, for transfer to the Federal Old-Ag~ and Survivor,
surance Trust Fund and the Federal Dlsability Insurance Trust F
Footnnes continued on pag
TAI!l.£ IV--TRUS'f ~e!:If!'TS AND EXPENDITURES __ JUNE 30, 1964
Classification
Corresponding
month
I t
as
y e ar
_ - - - - - - - - - - - - - - - - - - - - - - - - 4 - - - - - - - _ _ _ _ _t-_ _____ _ _ _
'islative Branch:
.
layments from general tund .................... .
)!ber ..................... .
, ludiciary:
.
fudicial survi,ors annUlty fund:
Contributions. . . . . . . . . . .
. ................. .
. .................... .
Interest on investments.
ds appropriated to the PreSident:
oreigD assistance- -military advances ........ .
oreign assistance- - economic. . .
.. ..
. ...... .
ther. . . . . . . . . . . . . . . . . . . .
Fiscal Year
19114
to <!aU
This month
RECEIPTS
~89.
. ............ .
riculture Department
............. .
mmerce Department:
~ighway trust fund:
Transfers from general fund receipts. ...........
Le SS refunds of taxes. . . . . . . . . . . . . . . . . . . . . . . . . .
Interest on investments. . . . .
....
. . . . . . . ..
:fense Department:
Militarv .............................. .
Civil: .
Payments from general fund .....................
Other ....................................... .
i1lth, Education. and Welfare Department:
Federal old-age and survivors insurance trust fund:
Transfers from general fund receipts:
Appropriated . . . . . . . . . . .
. ........
Unappropriated ...............................
Less refunds of taxe s .... .
DepOSits by States ...............................
Interest and profits on investments ................
Other ..........................................
.
.
645.013
81,624
595,159
62,941
31,493,661
105,026
64,324
4,091,004
:n9, 878, 700
702,287
243
4,477,080
719,850,460
769,082
164,273
54.797,030
949,788,003
3,624,085
127,627
51,034,531
266, 900 , 000
7: 9.ii; zi:i
3,645,793,198
-126,636,555
al,361,229
3,405.017,064
-126.319,308
14,268,227
I
'_'_'_'_'4_':_6_3_6_:4_'o_i--+ __
' ._._
......
274,841,213
3.539,517,872
3,292,965,983
834.329
I
852,644
32,633,677
28.499,085
8.300
i
52,635
5,174,835
5,549,191
I .........,;",;; s<i I
3.057,247
42,896,326
2,956,696
34,689,044
1,187,840,292 ,
14,488,596,928
-1,000,000
-152,470,000
1,166,598,174
539,044,300
2,603,613
12.466,041,002
13,000,000
-127,850,000
989,571,146
512,407,651
2,400,079
16,043,373,097
13,855,659,880
1,070,185,734
1. 006, 337,625
-1.000.000
-11.575.000
81,858,483
69,635,323
I
1
1,332,546,305
-22,000.000
I
,
........
:::~:~
I
I
i
T
1. 505.956.358
1,376,320,108 I
96.574,804
-3.000.000
00,258,863 I
-1,000,<XXl i
I
.
.
.
.
.
Other .................... .
lerior Department:
Indian tribal funds. . . . . .. ..
Payments from general fund
Other. . . . . . . . . . . . . . . . . .. . ................. .
,bor Department:
Unemployment trust fund:
Employment security administration account:
Transfers (Federal unemployment taxes):
Appropriated .. .
Unappropr iated ..... .
Less refWlds of taxes .
. .. .
Advances from general (revolving) fund ........ .
Less return of advances to the general fWld ..
State accounts--deposits by States ......... .
Railroad unemployment insurance accoWlt:
DepOSits by Railroad Retirement Board ....
Advances from railroad retirement accoWlt ...... .
Advances from general fund. . . . . . . . . . .. . ..... .
. Less return of advances to general fund ••.......
Railroad unemployment insurance adm. fund:
Deposits by Railroad Retirement Board ....
Federal extended compensatIOn account
Advances from general fund
.
Interest and profits on Investments ..
~Deer ................................... ..
...e partment:
Foreign Service retirement and disabilitv fund:
Deductions from salaries and other receipts ...
EmplOying agency contribut IOns
....... : ..
Receipts from Civil Service retirement and
~isability tWld ........... .
Otb terest on investments .. .
~ R ................... .
asury Department. ..... .
49,100
1,519
-1,307.595
-3,482,073
.
196.700.791
100.952.669
.
. f -_ _ _ _1_6_.8_5_7+-_ _ _ _~9,220
Total--Federal disabil ity insurance trust fWld ....
Total--Unemployment trust fund.
49,506
1,519
589,557
Total--Federal old -age and survivors insurance
trust fund .................................. .
Federal disability insurance trust fWld:
Transfers from general fund receipts:
Appropriated . . . . . . . . . . . .
. ............
Unappropriated ...............................
Less refunds of taxes ..........................
Deposits by States ...............................
Interest and profits on investments ................
U79.429
1,450,768
324.536.401
.
-r-------+--~~~
$179,799
1,831,310
i f - '_ . _ . _ ._ .
i
orresponding
period
fiscal yeOU' 1963
$89.360
88,092
I'
Other ............. .
C
555
162.326
319,900,000
Total--Highway trust fund ............ .
11
. . . . . . . . . . . . . . . . . .
1
1,688,821
27.635.934
3,974,118
30,206, 257
1
122.899.560
123 ,439.239
I
29.938
17,837,440
11.443.729
1,142.686
1
1,210.820,825
1,145.256,432
11.573
866.685
541,432
2.988.053
24,685
1.381,010
67,651. 590
26.060.207
10.831. 745
46.504.095
22,653.975
11.455.245
I
I
I
2.586,000 I
-281,488
-418,977 I
4.500.000 I
2.545,000
194,212
-570,093
.................
.................
. .................
20.014,069
32,497,800
854,305,736
-3,447,60'/
-4,200,836
239,705,000
-244 . 205 . 000
3,042,286.947
I
. .................
.. ........ ~66i:4071
948,338,550
125,642
-3,097,161
173,500,000
-255,411,596
3,008,933 , 538
149,798,351
37,699.000
143.330.693
35.187,000
27,465.076
29.591. 453
. ................
. ................
.................
-13,330,000 '
86,305,332
67,659,757
.................
. ................
..................
12.726.057
7,883,888
-601,407
1,972,680
1,445, 515
.................
. .................
67,572.585
61,716,442
i
664
212,608.189
133.803,638
116.425,230·
4.288,206,845
4.260.668,040
1.040
2.8031
88,833
38,738
3.367.736
3.236.583
3,298,486
3.136.093
385.359
1 507.411
339 043
26.043749
336.127
1.461.309
110 .430
16454.241
305.067
293.117
299.547
292.992
80.332
1. 369.785
18. 372
1.642.095
1
33.776
1 .331. 087
1
I
I
4.200,
1.487.377 I
i
I
2,391,879
191,107,356
12
TABLE IV-- TRUST RECEIPTS AND EXPENDITURES-- JUNE
Class ificat ion
RECEIIYI'S- -Continued
Corresponding
month
last year
This month
Atomic Energy Commission .........................
Federal Aviation Agency .............................
General Services Administration ........... , .........
National Aeronautics and Space Administration ........
.
.
.
.
-ee, "'••
. .................
..................
~80,000
..................
CeRtlnued
Correspond!
period
fiscal year I
Fiscal Year
1964
to date
~629,
312
12
. .................
500
214,196
-8
285,252
201,033
2,0
~25,000
Veterans Administration:
Government life insurance fund:
Premiums and other receipts .................... .
Payments from general fund ..................... .
Interest on investments .......................... .
National service life insurance fund:
Premiums and other receipts .................... .
Payments from general fund ..................... .
Interest on investments .......................... .
Other ........................................... .
1,546,042
6,996
32,830,976
940,557
23,037
34,214,089
16,401,438
-142,522
34,370,125
16,9
-2
35,1
42,062,763
523,275
173,839,253
103,644
34,786,051
546,937
171,039,689
142,576
481,490,338
5,969,469
176,471,453
1,855,376
476,7:
5,91
175,0:
1,81
Total--Veterans Administration ........ , ......... .
250,912,952
241,692,940
716,415,679
711,4:
83,143,034
72,866,103
979,885,732
920,71
83,150,043
72,871,962
1,383,485
378,982,857
1,117,591
327,006,230
979,941,019
62,000,000
14,592,256
419,838,372
920,8!
30,IX
13,11
362,2!
546,659,420
473,861,888
2,456,257,381
2, 247,0!
61,160,206
-8,049,812
100
73,394,511
38,405,538
10,835,312
..................
559,Q<
12,<\l
61,583,607
608,969,561
-15,649,777
100
130,127,866
. ..............
9,060,235
8,945,768
9,507,533
8,9'
Other independent agencies:
Civil Service Commission:
Civil Service retirement and disability fund:
Deductions from employees' salaries, etc .......
Payments from other funds:
Employing agency contributions ..............
Federal contribution .......................
Voluntary contributions, donations, etc .........
Interest and profits on investments .............
.
.
.
.
.
Total--Civil Service Commission
.................. . .................
Railroad Retirement Board:
Railroad retirement account:
Transfers (Railroad Act taxes):
Appropriated ............................... .
Unappropriated ............................. .
Fines and penalties ............................ .
Interest and profits on investments ............. .
Interest on advances to railroad unemployment
insurance account .......................... .
Repayment of advances to railroad unemployment
insurance account ........................... .
Payment from Federal old-age and survivors
and Federal disability insurance trust funds ... .
11,095,000
. .................
37,454,000
. ..............
421,775,000
442,132,000
421,775,000
442,1;
Total--Railroad Retirement Board ......... .
568,435,242
561,902,226
1, 192, 184, 284
1,127,8:
24,398
19,418
48,093,187
24,3:
15,212,354
12,527,208
272,163,169
253,8:
.................. ..................
17,000,000
10,000,000
.................. ..................
33,H
10,OC
-3,OC
Other ............................................ .
District of Columbia:
Revenues from taxes, etc .......................... .
Payments from general fund:
Federal contribution ............................ .
Advances for general expenses .................. .
Less return of advances to general fund ........ .
Loans for capital outlay ......................... .
Other loans and grants .......................... .
nterfund transactions (-):
Payments to employee's retirement fund receipts .....
Payments between funds:
FOASI fund to railroad retirement account ........ .
Unemployment trust fund from railroad retirement
account ..................................... .
Other ......................................... .
Total interfund transactions (-) ................ .
Net trust receipts
105,21
1,025,000
4,384,424
1,250,000
786,874
40,368,000
33,000,000
-26,000,000
9,450,000
26,431,257
1,198,562
1,096,863
14,562,638
13,3:
402,636,000
422,523,000
402,636,000
422,5l
. ................. ..................
24,9~
22,31
39,374,568
28,588,544
35,187,000
68,993,801
37,6£
31,3C
-443,209,131
-452,208,407
-521,379,439
-504,~
3,119,313,195
2,969,254;088
30,332,477,388
27,688,5:1
203,486
60,075
134,068
27,067
1,639,201
495,754
1,7:
41
84,724,063
71,968
957
217,827,894
15,602
8,633
-WO,882,394
2,009,625
151,822
673,n
1,072,138
5,860,870
-579,988
4,239,673
569,044
50,762,721
-51
45,Ti
334,225,221
2,026,829
300,371,324
2,678,537
3,645,760,507
24,724,190
3,OI6,7(
556,734
187,933
5,034,573
5,11
3,085
5,538,987
249
2,513,869
5,956
44,142,189
29,11
EXPENDITURES
Legislative Branch •.................................
The Judiciary- -Judicial survivors annuity fund ......... .
Funds appropriated to the President:
Foreign assistance--military advances .......
F,)relgn asslstance--economlc ...................... .
Other ....... " .... " .... " ....................... .
Agriculture Department:
Trust enterprise funds (net) ........................ .
Other .......................................... .
Commerce Department:
Highway trust fund - Federal-Aid Highways ......... .
Other ............................................ .
De:enso" Department:
Milltary ......................................... .
Civil: .
Trust enterprise funds {net) ..................... .
Other .......................................... .
o •••••••
1,01
1
26,11
T
TA~~E IV--TRUST RECEIPTS AND EXPENDITURES--JUNE 30, 1964--Continued
=
=
Classification
~-
~cation,
-----~--.
and Welfare Dppartment:
- - --
---~
Total--Federal uld-age and survivors insurance
trust fund ........... .
$37.808.585
Other.. ' ..
nterior Department:
Indian tribal funds ... .
Other....... , ........ .
ustice Department (net):
Alien property activities
Federal Prison System comm issary funds
,abor Department:
Unemployment trust fund.
Employment security administration account:
Salaries and expenses. Bur. of E mpl. Security.
Grants to States for unemployment compensation
and employment service admilllstration .
Payments to general fund:
Reimbursements and recoveries .............. .
Interest on refunds of taxes ............ .
Payment of interest on advances from general
(revolving) fund ....
Railroad unemployment insurance account:
Benefit payments. ' ................ .
Temporary extended unemployment benefits ..
Repayment of advances to railroad retirement acct
Payment of interest on advances from railroad
retirement account .......... .
Repayment of advances from general fund.
Railroad unemployment insurance adm. fund'
Administrative expenses ..
State accounts:
Withdrawals by States. . .. . ............. .
Reimbursements from Fed. extended compo account
Federal extended compensatIOn account:
Temporary extended unempl. compensation pa yments
Reimbursements to State accounts .......... -..... .
Repayment of advances from general fund.
Total--Unemployment trust fund
Other., ...... .
itate Department.
Foreign Service retirement and disabil ity fund
Other.... ' . . . . . . . . . . .. . ..
.:reasury Department ..... .
~tomic Energy Commission .... .
.:ederal Aviation Agency ....... .
·,eneral Services Administration:
Trust enterprise funds (net).
,I Other
. ............,...................
ouslllg and Home Finance Agency:
Fe~eral NatlOnal Mortgage Association:
oans for secondary market operations (net) ....... .
latio~ther secondary market operatIOns (net) ........... .
't al Aeronautics and Space AdministratIOn ......... .
e erans Admlllistration'
Go
.
vdernment hfe lIlsurance fund-Benefits refunds
an diVidends
National servic~ lii~ 'i~~~~~~~~ 'f'u~d-B~~~f'ii~ ...
~~~~nds and dividends. . .. . .... , ......... ' ..
Corresponding
period
fiscal year 1963
1964
to date
$24,516,262
$312,440,660
$275,423,432
................
-62, 935, 1~
48.458,421
422,523,000
13,844,583,650
1,656,527
4,196,524
402,636.000
1,244.860.189
217,890
3,940,156
422,523,000
1.194,631,065
216,426
-63,849,716
51,713,954
402,636,000
14,579,186,966
_ _ ~7,977
1.689.719,189
F=
1,645,826,911
15,284, 685~,"""84~2~=~1:,;4~,5;::2~9,'--"7~09~,~9~12~
320,506
110,677,787
19,139,000
303,419
102,376,344
19,609,000
~~ _~30,J~7, 293
122,288,764
-cc-
Federal disability insurance trust fund:
Administrative expenses--reimbursement to Federal old-age and survivors insurance trust fund.
Payments to general fund - -adm In 1st rat 1ve expenses
Beneht payments . . .....
.
Payment to Railroad Retirement Board ...
Total--Federal disability insurance trust fund
Fiscal Year
-
Federal old-age and surVI vors insurance trust fund:
Administrative expenses - Bureau of Old -Age and
Survivors Insurance ...................... .
Reimbursement of admilllstrative expenses from
Federal disabillty Insurance trust fund ., .....
Payments to general fund- -admilllstrative expenses.
Payment to Railroad Retirement Board ........... .
Benefit payments.
. ........ , .
Construction.
. ........ .
ee footnotes on page 14.
Corresponding
month
last year
This month
EXPENDITURES- -Continued
13
r
jI
65,349,370
3,577,372
1,170,678,397
19,609,000
I
1,340,545,129 I
1,259,214,140
II
130,539
38,790
832,336
549.202
8,784,307
1,297.919
8,678,568
66,085,589
66,870,786
12,066,786
995,775
340,093
-19.L257_~'~_
-3~!l§l?
52,783,427
_ _11297
31,688,528
____ ~_=lJl,226
952,973
12,906,570
11,551,602
70,490,953
412,773,479
336,419,877
63,183
6,304
54,594,261
92,825
5,604,281
73,297
................
2,934,616
3,336,553
8,296,122
-3,392
................
133,912,147
................
37,454,000
166,743,968
93,594
. ................
9,060,235
8,945,768
1,806,894
9,507,533
7,090,380
8,945,768
9,853,328
751,733
324,697
9,200,474
8,839,703
184,206,444
................
2,703,174,544
-664
2,812,637,077
-2,391,879
20,053,044
................
................
1,067,129
-2,304.877
664
325,402,030
-14,967,307
2,391,879
466,326,784
___ 2
__ 6_~7, 358. 925
276,157,079
3,706,737,988
3,815,458,528
98,355
80,605
126,051
165,597
634,047
53,914
1,897,477
46,807
30,183
599,671
26,176
1,457,194
22,158
324
7,485,890
269,109
18,487,477
575,578
36,084
7,084,788
192,866
22,677,074
125,128
19,168
-28,314
61,124
-4.423
216,470
-24,364
384,983
4,206
2,168,514
14,360,000
-20.235,733
9,466
................
-63,917,501
-8
66 ,360,304
-97,541.952
97,955
..................
-730,222,304
5,331,390
3,873,585
72,706,907
79,131,341
35,666,315
116,769
31,415,435
139,996
588,458,390
1,654,821
747,095,371
1,660,383
i
1,358.201
35,373,733
223,144
12.256
7,975,410
11 ,095,000
182,700,638
-1,244.473
b
.
66,357,624 I
3,841,295
1,251,207,209
__ )~.139,~
1'322'7~22 l~ .~0'713'181
r
!
f-
1
5
..................
TABLE IV--TRUST RECEIPTS AND EXPENDITURES-- JUNE 30,1964 Continued
14
Classification
EXPENDITURES- -Continued
Fiscal Year
1964
to date
Corresponding
month
last year
This month
Corresponding
period
fiscal year 1911
----
Other independent agencies:
Civil Service Commission:
Civil service retirement and disability fund ........
Employees health benefits fund (net) ...............
Employees life insurance fund (net) ................
Retired employees health benefits fund (net) ........
$113,953,919
2,733,098
367,533
1,168,795
$121,635,012
3,375,103
742,765
1,091,426
$1,318,273,477
-14,562,188
-49,295,742
-115,355
...............
$1,175,886
-12,326
-32,239'
-142:
118,223,347
126,844,307
1,254,300,190
1,131,178,
72,531
121,502
-428,619
-2,436,
1,247,941
92,111,936
1,128,252
90,160,001
10,890,941
1,092,451,026
9,832,
1,064,000,
...................... ..
..................
.................
.................
85
9
35,187,000
275
37,699,
93,359,963
91,288,263
Total- -Civil Service Commission
National Capital Housing Authority (net) .............
Railroad Retirement Board:
Railroad retirement account:
Administrative expenses .......................
Benefit payments, etc ................. , ........
Payment to Federal old-age and survivors and
disability insurance trust funds ...............
Advances to railroad unemployment insurance
account ...•.••.•....................•.•.....
Interest on refunds of taxes .....................
•
••••• 0
••••••••••
................
Total--Rallroad Retirement Board ...........
Other:
Trust enterprise funds (net) ............. 0······ . ··
Other. " ............................... , ........
District of Columbia .................................
Deposit fund accounts:
Food stamps issued (receipts):
Payments from general fund ......................
Receipts from sales .............................
Food stamps redeemed (pxpenditures) ................
Other deposit funds (net) ............................
1,138,529,243
1,111,533,
7,916
4,559
43,345,769
13,276
22,240
26,609,913
43,497
649,506
353,563,923
333,546,
-2,315,470
-3,757,710
6,193,597
-202,444,388
-2,317,457
-3,662,044
5,745,641
99,220,530
-28,646,274
-44,994,887
73,663,476
-589,448,004
-18,639,
-31,051"
48,602,
146,756"
Subtotal trust and deposit fund expenditures .........
2,623,481,033
2,899,838,795
27,534,882,365
26,364,812,
Government-sponsored enterprises (net):
Farm Credit Administration:
Banks for cooperatives ...........................
Federal intermediate credit banks .................
Federal land banks • • • ' 0 ' . 0 . . . . . . . . . . . . . . . . . . . . . . . . .
Federal Home Loan Bank Board:
Home loan banks ................................
Federal Deposit Insurance Corporation ..............
-29,489,000
69,595,000
-572,000
-29,705,000
96,500,000
-291,500
37,092,000
182,228,000
248,443,700
29,289,1
276,889,1
176,418,!
289,684,000
-500,000
481,640,000
2,800,000
1,572,094,000
-182,866,000
363,215,1
-160,546,1
...........
328,718,000
550,943,500
1,856,991,700
685,265,1
Interfund transactions (-) (See detail on page 12) ........
-443,209,131
-452,208,407
-521,379,439
-504,847,:
............................ . .
2,508,989,901
2,998,573,887
28,870,494,626
26,545,230,(
Excess of trust receipts (+) or expenditures (-) .........
+610,323,293
-29,319,798
+1,461,982,761
+1,143,306,1
Total Government-sponsored enterprises
Net trust expenditures
Continued from page 10.
FOOTNOTES
5 Indi vidual income taxes withheld have i)een dec rea sed $57.313,80 I
to correct estimates for the quarter ended September 30, 1963 and
prior. and 'Indi vidual Income taxes other " ha ve been inc rea 5 ed
$106,192,692 to correct estimates for the calendar years 1962, 1961
and prior. The total of the above adjustments $48,878,890 is shown
as a decrease of employment taxes under "Federal ContributIons Act
and Self-Employment Contributions Act," representing decreases in
appropriations of $46,453.b Q 4 for the Federal Old-Age and Survivors
Insurance Trust Fund, and $2,425,195 for the Federal Disability
Insurance Trust Fund.
6 Beginning with the statement for January 1962, amounts representlng refunds of prinCipal for overpayment of taxes formerly
reported net of reimbursements for trust fund accounts are now
shown on a gross baSIS. These reImbursements to Internal Revenue
Service for refunds are now included and netted with amounts shown
for transfers to the respective trust fund accounts. The distribution
of amounts by type of tax applicable to budget accounts for the month
of June is partIally estimated.
7 Represents net cash transactIons under proviSIons of Sec.
2(a) (3) of Publlc Law 85-141, approved August 14, 1957.
8 EffectIve ""Ith the month of ~1ay 1964, In order to conform with
the budget structure In I q65 Budget Document, the breakdown for
EconomIC ASSIstance has been changed from an organIzational basis
to a program basis.
9 Includes
$28.646,274 transferred to Agriculture Department,
Food Stamp Program (Sec. 32 of Act of August 24, 1935, as amended,
7 u.S.C. 612). See page 14.
10 Represents
reSIdual of gross receipts and expenditures after
reductlons for certain costs which are included in amounts shown
for speCIal actIVItIes.
I
10,
289,
I I Includes certain costs transferred from price support operati,
for which expenditures may have been made in prior years, in ad
tion to adjustments for prior months' transactions.
l2 Represents estimated adjustments to reclassify expenditures
comparability with the 1964 budget appropriation structure. Th
adjustments are made between the major categories of expenditu
and therefore, do not affect total military expenditures. Amou
shown for the respecti ve Departments represent the expenditures
recorded in books of account of the Departments and do not inei'
any adjustments for comparability.
l3 Gi ve s effect to reimbur sements collected for administrat
support furnished to other agencies amounting to approximat
$93,232,290.
14Expenditures are stated on an accrual basis.
15 Includes purchase of preferred stock in amount of $70,820,
and net borrowings from Treasury for secondary marketing ope
tions in amount of $4,460,000.
16 Includes sales in amount of $53,462,250 for the Management
Liquidating functions fund and sales in amount of $9,115,500 for
SpeCIal ASSIstance functions fund.
l? Represents changes in cash on hand, in banks held outside
Treasurer's account, deposits in transit and cash payments not
covered by vouchers processed through accounts.
lSArnounts shown for individual classifications are net of ref
of taxes. For gross amounts of administrative budget receipts
eluding Internal Revenue and also Trust fund receipts see Table
page 2 and Table IV, page II.
JUNE 30, 1964
TABLE V--INVESTMENTS IN PUBLIC DEBT AND AGENCY SECURITIES (NET)
15
-=====-=
Classification
This month
Public enterprise funds:
Commerce Department:
Federal ship mortgage insurance fund ••...•.......
War risk insurance revolving fund ..•...•..........
Federal National Mortga€je Association:
Public debt securities (management and liquidating
functions) .••..•....•...•......................
Guaranteed securities (FHA debentures) ...•........
Federal Housing Administration:
Public debt securities ..•...•...........•.........
Guaranteed securities (FHA debentures) •...........
Public Housing Administration .......•.•.............
Federal Savings and Loan Insurance Corporation ...... .
Tennessee Yalley Authority ...............••.........
Other:
Veterans Administration .......................... .
Housing and Home Administration (FHA debentures) ..
Total public enterprise funds ..................... .
Trust accounts. etc.:
Judicial survivors annuity fund ..................... .
Highway trust fund ................................ .
Foreign service retirement and disability fund •.......
Federal disability insurance trust fund ............... .
Federal old-age and survivors insurance trust fund ... .
Unemployment trust fund ........................... .
Federal National Mortgage Association:
Secondary market operations:
Public debt securities ......................... .
Guaranteed securities (FHA debentures) ......... .
Not guaranteed securities •......................
Veterans life insurance funds:
Government life insurance fund:
Public debt securities .....•....................
Not guaranteed securities ......•................
National service life insurance fund ............... .
Civil Service Commission:
Civil service retirement and disability fund ........ .
Employees health benefits fund ................... .
Employees life insurance fund .•...................
Retired employees health benefits fund •............
Railroad retirement account. ....................... .
Government-sponsored enterprises (net):
Farm Credit Administration:
Banks for cooperatives......................... .
Federal intermediate credit banks •..............
Federal land banks ............................ .
Federal Home Loan Bank Board:
Home loan banks .............................. .
Federal Deposit Insurance Corporation ............ .
Other ............................................ .
Corresponding
month
last year
Fiscal Year
1964
to date
.0125,000
100,000
-~25,
-~2,
Corresponding
period
fiscal year 1963
785,000
212,000
$3,543,000
3,153,000
777,850
3,040,300
, • -62, 577 , 750
-27,336,100
36,574,000
-10,952,000
11 ,649, 550
62,309,000
51,439,750
24,500,000
244 , 000 , 000
-4,965,000
41,321,700
2,000,000
196,000,000
123,000,000
5,170,000
...........
-.-'-'~-.-.
~--
268, 594 , 000
-10,000,000
-3,712,000
23,085,000
12,632,000
_____ ~~ _'_'''_''_'_'_'''-'-'-'-'-'-'- _ _ _ _ _ _-4---'--,2_00_
213,966,150
123,249,850
340,183,000
286,938,400
58,000
-39,371,000
1,350,000
34,369,580
172,126,049
-93,285,897
91,500
87,869,000
1,349,000
43,319,661
-133,818,143
-106,398,071
225,000
-68,715,000
1,023,000
-138,734,678
691,679,475
573,222,677
241,000
241,808,000
1,181,000
-128,893,507
-821,475,511
456,477,602
3,580,700
22,500,000
-8,935,100
19,300,000
-91,500,000
-19,389,750
-59,570,000
91,500,000
-15,423,000
59,570,000
-47,162,000
25,000,000
72,257,000
-24 , 807,000
28,137,000
31,190,000
176,196,000
173,674,000
429,661,000
696,000
941,500
-1,500,000
482,885,000
376,861,000
972,500
930,235
-1,507,000
458,766,000
184,486,000
500,000
156,202,524
Total trust accounts, etc ......................... .
1,537,021,456
Net investments. or sales (-) .••..................
1,750,987,606
253,125,000
-2,800,000
-33,357, 165
1,183,132,416
-------
68,963,000
1,073,961,000
14,425,500
55,836,235
-1,531,000
501,000
1,408,000
-78,000
-79,000
51,000
781,000
-1,933,000
-140,744,000
182,866,000
176,165,640
611,935,000
160,546,000
96,702,574
2,415,885,865
1,781,839,893
2,756,068,865
2,068,778,293
1,124,529,000
15,103,000
49,416,500
-11,000
--~-~==
1,306,382,266
-89,614,000
-- - - - ===j========
TABLE VI--SALES AND REDEMPTIONS OF" GOVERNMENT AGENCY
SECURITIES IN MARKET (NET)
'ublic enterprise funds:
Guaranteed by the United States:
Federal Farm Mortgage Corporation in liquidation ..
5200
Federal Housing Administration:
Issues (net) to government agencies ............ .
22,197,150
Issues (net) to the public ...................... .
-10,718,600
N Home Ow ners • L oan C orpora t'IOn •.................
875
ot guaranteed by the United States:
Federal National Mortgage Association
(management and liquidating functions) .......... .
Home Owners' Loan Corporation .................. .
Tennessee Yalley Authority ...................... .
rust enterprise funds:
Guaranteed by the United States:
N District of Columbia stadium fund ................ .
ot guaranteed by the United States:
Federal National Mortgage Association
444,000
(secondary market operations) .................. .
Government-sponsored enterprises (net):
Not guaranteed by the United states:
Farm Credit Administration:
Banks for cooperatives ......................•..
29,500,000
Federal intermediate credit banks •..............
-69,595,000
Federal land banks ............................ .
572,000
Federal Home Loan Bank Board:
Home loan banks .........•..................... 1--__-4_74--', 170,000
-------
Net redemptions, or sales (-)
- ~----
See footnotes on p-..ge 14.
-501.769,375
>16,900
£500
30,527.750
-236,940,650
14,450
-5,753,750
-23,871,000
1,450
50
-35,000,000
24,132,000
29,705,000
-96,500,000
291,500
I
I
~8,
700
1,441,600
-163,854,150
12,400
5,000
1,125
261,685.000
597,018.000
-38,500,000
-182,150.000
-248,364,700
-29 340,000
-277,670,000
-174,485.500
--_--~~ ::"~1-::::~:1 . ~,:;:;:::
16
JUNE 30, 1964
TABLE VII--PUBLIC DEBT RECEIPTS AND EXPENDITURES
(Includes exchanges)
Corresponding
month
last year
This month
Classification
Fiscal Year
1964
to date
Corre8pOlldlq
period
f lIeal year
-Receipts (Issues):
Public Issues:
Marketable obllgations ...... , ....... , ......... , ..
Non-marketable obligations ................... , ..
$9,418,319,000
754,903,427
1883
$10, 331 , 383,000
893,136,011
$170,967,497,500
8,517,136,436
$180,164,431,~
189,029,079,1
8,864,648,:
..........................
10,173,222,427
11,224,519,011
179,484,633,936
Special issues ... , , . , . , ...... , , ........ , " .........
Other obligations ..................................
15,180,166,417
1,205,724,740
14,093,829,232
..................
48,847,074,784
1,680,429,280
37,462,979,:
508,652,:
...........
26,559,113,584
25,318,348,243
230,012,138,000
227,000,711,:
Expenditures (retirements):
Public Issues:
Marketable obligations ............•..........•...
Non-marketable obligations ...... , ...... , ....... , .
11,017,829,539
694,287,098
10 ,951,698,947
779,867,519
167,982,551,162
7,940,484,235
172,800,564,(
8,7re,162,(
11,712,116,638
11,731,566,466
175,923,035,397
181,505,726,1
Spec ial issues. , ........ , ................. , ........
Other obligations, ...... , ..........................
13,586,849,392
1,079,221,610
12,854,468,048
76,492,675
47,OaJ,554,268
1,215,282,073
37,600,770,:
235,404 1
...............
26,378,187,640
24,662,527,190
224,158,871,740
219,341,901,1
Excess of receipts (+) or expendltures( -) ...............
+180,925,943
+655,821,053
+5,853,266,260
+7,658,810,:
Total public Issues
Total public debt receipts .......
Total public Issues
•••••••
,
,
•••••••
Total publlc debt expenditures
0
•••••••••
TABLE VIII--EF"F"ECT OF" OPERATIONS ON PUBLIC DEBT
Administrative budget surplus (-) or defic it(+) (Table III) .
Excess of trust receipts (-) or
expenditures (+) (Table IV) ...... ,. , . ................
Excess of investments (+) or sales (-) in public debt
and agency securities (Table V) .... ' . ................
Excess of sales (-) or redemptions (+) of Government
agency securities in market (net) (Tab Ie VI) ....... , , ..
Inaease (-) or decrease (+) in checks ou tstanding and
deposits in transit (net) and other acco unts ... ' . , .. , , , .
Increase (-) or decrease (+) in public deb t interest
accrued ... , .. , .. , . , , , ' .. , , . , ' ..... ....... ....... .
In('l'l'ase (,) or dC'creasc' 1-) 111 cash held outside
-$2,796,792,178
-$4,346,275,083
+$8,302,784,360
+$6,265,586,
-610,323,293
+29,319,798
-1,461,982,761
-1,143,306,
+1,750,987,606
+1,306,382,266
+2,756,068,865
+2,068,778,
-501,769,375
-806,759,300
-1,880,061,200
-1,022,012,
-1,072,228,296
-692,595,464
-1,100,155,186
+63,944,
+525,214,536
+462,084,634
-30,622,891
-185,593,
+150,419,787
+145,286,431
+347,680,029
-74,368,
+2,735,417,156
+4,558,377,770
-1,080,444,954
+1,685,782,
+180,925,943
311,531,973,313
+655,821,053
305,203,811,942
+5,853,266,260
305,859,632,996
+7,658,810,
298,200,822,
Cross i,ubli<' debt at end of pc'rlod, ..... . . . . . . . . . . . .
Guaranteed securities of Government age ncies, not owneo
by Treasury ....................... .
311,712,899,257
305,859,632,996
311,712,899,257
305,859,632,
812,991,925
606,610,375
812,991,925
606 610
T()tal public debt and guaranteed secu rlti es .............
Dc'dud: Debt not subject to statutory lim itation ........ ,
312,525,891,182
361,717,548
306,466,243,371
367,743,327
312,525,891,182
361,717,548
306,466,243,
367,743,
Total debt subject to statutory limitation ................
312,164,173,634
306,098,500,043
312,164,173,634
306,098,500,
TleaSUll'l"S account· 7 . . . . . . . . . . . . . .
...............
Inc l'l'ase (,) or dC'c /'ea&e (- ) In balance of Treasurerls
Jl'('l)Unt..... .. . . . . . . . . .
Inc rease
(+)
.
...............
or de('rease (-) in public deb t (Tablt, VII
..............
debt ;It i>q(lnning of period",.,,' ...........
abo\'l') . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
G,'"SS
'
"
,
••••
0
,
,
,
••••••••••
TABLE IX--SUPPLEMENTARY TABLE OF" RECEIPTS AND EXPENDITURES OF"
PUBLIC ENTERPRISE (REVOLVING) F"UNDS
(Included in expenditures in Table IlIon a net basis)
,,-
Fiscal year 1964 to date
Classification
Receipts
Fund s appropriated to the PreSident:
Exp ans ion of defense production .... , .................
Fo reign assistance -economic:
All iance for progress, development loans. , ........ ,
Development loan funds. ' , . , . , , . , , .... , , , .... , . , . ,
Foreign Investment guarantee fund, ......... , .. , ...
Total- - Funds appropr iated to the Pres ident , .. , , ,
l"-
Expenditures
Net receipts (-)
or expenditures
Corresponding
fiscal year 196a
Net receipts (-)
or expenditures
,070,750,788
,3161,875,956
.>91,125,167
-$57,069
17,122,627
31,709,988
4,907,649
126,100,771
800,720,425
76,555
108,978,143
769,010,436
-4,831,094
685,621,
124,491,054
1,088,773,708
964,282,653
816,21&
2,227,956,293
564,924,416
5,715,653,094
114,929,338
3,487,696,801
-449,995,078
3,115,735
-68,671
190,596
_2,900,
Agnc ulture Department:
Co mmodity Credit Corporation:
Price support, and re I ated progr ams. and
special milk
.................... ...... . .. - ...
speclal actiVities financed by C, C. C. .............
JUNE 30, 1964
17
TABLE IX--SUPPlEMENTARY TABLE Of" RECEIPTS AND EXPENDITURES Of" PUBLIC
ENTERPRISE (REVOLVING) f"UNDS--Continued
(Included in expenditures in Table ill on a net basis)
-
=
Fiscal year 1964 to date
Classification
Receipts
--
Expenditures
- ---------
Ag riculture Department- -Continued
-~-.------
Net receipts (-)
or expenditures
Corresponding
fiscal year 1963
Net receipts (-)
or expenditures
~
Federal Crop Insurance Corporation .....•••..••.•..••.
Farmers Home Administration:
Direct loan account, revolving fund ...••
Other .....•....•••.....•••••....••
.t24, 901, 001
,~23,
545,165
-n ,356,635
~7, 713,044
302,868,936
243,049,393
362,997,451
60,128,514
33,835,693
2(), 932,771
.....................
3,363,700,840
3,130,309,295
3,130,721,029
-2.321,500
5,790,747
-817,111
-495,206
9,131,226
-838,022
0
0
Total--Agriculture Department
••••••••••••
------ ___ ~76,88~086
••••••••••••••
=
commerce Department:
"=
6,494,010,136
Area Redevelopment Administration .....••....•.••.••.
2,344,400
22.899
Maritime Administration .........••••••......•.•..•..
11,382,632
17,173,379
Other .....••••••..•..•••••...•.•........•.•.•....••• 1 - -___ 818, 700_
-----~
Total--Commerce Department ....•.•.........•...
1----
55,011,918
14,545.732
17,197,868
2,652,136
7,797,997
Military:
Defense production guarantees ....•..•.•...•
Other .....••••..••••.. '" .•.•.....•••.••....•....
Civil - Panama Canal Company. , , , ..... , , _ , . , , . , __ , , , .
14,286,871
712,102
121,281,438
18,016,337
749,267
123,365,212
3,729,465
37,164
2,083,774
3,668,523
-65,047
8,364,185
ToW--Defense Department ...••.•.•.....•••.•..•.
136,280,412
142,130,817
5,850,405
11,967,661
6,984,565
6,961,622
-22,943
129,154
1.607,649
25,968,182
7,399,869
6,700,473
35,762,528
102,066,644
27,319,387
5,092,824
9,794,345
94 ,666,774
1,563,547
4,862,952
-9,507,974
105,532,999
-1,767,809
Defense Department:
0
He alth, Education, and Welfare Department ••..•..
•••••••
0
••••
0
•
- - I---
In terior Department:
Bureau of Indian Affairs •....••••••.•.•
Bureau of Mines ••.••...••..•.••.........••.••••...••
Bureau of Reclamation ..•.•..•••••••.•••••••.•..•..••
Other ..........•••..••.•••...•••
0
o •••••••••••••
Total--Interior Department .......................
r=-~25"55'B3g
60,731,540
171,849,033
111,117,492
99,120,167
Labor Department:
Advances to employment security administration
account, unemployment trust fund ..••••.••.•..•.••..
Farm labor supply revolving fund
247,139,616
3,113,312
239,705,000
1,973,286
-7,434,616
-1,140,025
-85,248,149
-1,225,817
Total--Labor Department ........................
250,252,928
241,678,286
-8,574,641
-86,473,966
546,565,143
770,334 , 766
0
•••••••••••••••••••
••••
0
••••••••••••••••
)
Po st Office Department--Postal Fund ....•••...••••••... ,
4,424,994,496
4,971,559,640
rreasury Department:
office of the Secretary ........••......••.....•.••.•..
Bureau of Accounts--Government losses in shipment fund
ofhce of the Treasurer--Check forgery insurance fund ••
Total--Treasury Department ...................... ......
2,934,831
4,798
1 - - - _532 ,423
33,337
343,715
552,570
-2,901,494
338,917
20,147
-3,794,790
536,494
-2,066
3,472,052
929,623
-2,542,429
-3,260,362
;eneral SerVices Administration .••••.••..•.....••......
592,888
9,957
-582,931
-168,457
119,262,855
2,049,911
99,581,653
28,304,973
338,597,404
250,483
334,594,053
108, 264 , 033
219,334,549
-1,799,428
235,012,399
79,959,060
283,573,515
-2,013,934
173,208, 174
53,608,487
47,730,000
..................
..................
136,318,346
156,106,095
734,145,634
659,771,738
4,460,000
-70,820,304
-147,365,911
-139,094,640
-16,798,744
149,212,786
2,203,678,024
2,515,777,790
312,099,765
382,884,617
Di rect loans to veterans and reserves ........•.•.•...•.
L~an guaranty revolving fund •....••.•..••••.••..•••.• '.
o er ..•.....•.••.•••••.••••••••••.•.•..••.••..•.•.
313,230,746
277,702,380
89,719,864
280,924,659
354,182,452
72,881,486
-32,306,086
76,480,071
-16,838,377
-86,186,773
-22,921 , 880
-20,676,318
Total--Veterans Administration ..•••.••.•.•.••.•••
680,652,991
707,988,598
27,335,607
-129,784,972
~
[0 using
and Home Finance Agency:
ofhce of the Administrator:
College housing loans .......•.•••...•.....•...•....
tiQuidating programs •••••....•.•••
~an renewal fund •.......•..•...•............••..
0
•••••••
0
•••••••
Feder~' N~iio'n';l' Nio';tg~~' ~~~~;;ti~~: •.••..••.....•••
43,270,000
70,820,304
283,684,258
295,200,736
750,944,379
510.558,951
Loans for secondary market operations .. , ...•....•..
~urchase of preferred stock ••••...•........• _... ' , _
S anagement and liquidating functions fund ••••..
peclal assistance functions fund ...•.••..•...•......
Federal
- t ra t'10n ...•.... , ••••••
b - Hous'mg Adm'mlS
P u he Housing Adm inistration •.•...••••..•...•.••••••
o ••••
0
•••••••
Total--Housing and Home Finance Agency •••••...•.
Veterans Administration:
Othe r independent agencies:
EXport-Import Bank of Washington.. . .•.•.............
Fadrro Credit Adm'IDIS
, t ra t'10n ....•••...•...•. , ••.....•.
Fe, eral Home Loan Bank Board •......•••••.•.........
Samt Lawrence Seaway Development Corporation .......
Sm
"
- ..... , ••..•....•.•• ....
T all Busine ss AdmIDlstrat1On
Uennessee Valley Authority .......................... .
fllted States Information Agency .•..•••.........•..•..
Total--Other independent agencies .......•........
-20tal--Public enterprise fund~ .. ".:....'..:~._. "--.-'-'-••....
lee footnotes on pa",e
l--a.------
I
I
-701,783,845
528,059,980
1,229,843,825
-8,436,400
5,600,000
14,036,400
-248,422,197
I
88,988,303
337,410,500
154,131
5,116,837
4,962,706
I
122,996,214
359,934,677
236,938,462
311.646,855
370,933,5,,26 ,
,59,286,671 I
~500,~ _ _ ,~7,628-i- ______ 1,046,709 I
L
i
.................
2,137,339,671
13,407,717,200
I
'
_u-
-162,265,416
-277,044,015
134,950,803
178,867,002
-391,550,110
1,330,500
-263,661,355
1. 436,609
137, 411d, 066
53,448,886
1,849,612
l.362.18(),9."'l_+=-~775-'-15~,716J"~ __ -459-22-2~700.
17, 721,048, oaBL~__ 4,-3122~O, 8~71~_____ 4~ 539,488, 253
JUNE 30, 1964
18
TABLE X--SUPPLEMENTARY TABLE OF RECEIPTS AND EXPENDITURES OF TRUST
ENTERPRISE (REVOLVING) FUNDS
(Included in expenditures in Table IV on a net basis)
_..
.============~========~~=.--~-.~--'====~====================~~============~=======
correspon~
Fiscal year 1964 to date
Classification
Net receipts (-)
or expenditures
Expenditures
Receipts
fiscal year 19 .
Net rece~ts (_:
or expen tural
-
Department of Agriculture:
Farmers Home Administration ..........•..........•.
Department of Defense - Civil:
United States Soldiers' Home .........•...••...........
Department of Justice:
Alien property activities •...•.........•.•.•.••.•..•.
Federal Prison System commiSSary funds •.•...•..••••
General Services Administration:
Records activities: National Archives trust fund ...•...
Housing and Home FinanceAgency:
Federal National Mortgage Association:
Loans for secondary market operations .•..•.••..•••
Other secondary market operations .•...•......•....
Other independent agencies:
Civil Service Commission:
Employees health benefits fund •......•.•........•.
Employees life insurance fund ...•..••..•••.•••...•
Retired employees health benefits fund •......•.....
National Capital Housing Authority ...•.•••••...•.•••.
Federal Communications Commission ...•••..........
$13,525,685
$14,094,729
$569,044
~517
127,974
133,930
5,956
9
2,607,185
2,472,715
55,390,613
2,484,313
52,783,427
11,597
31,688
511,965
487,600
-24,364
4
47,730,000
410,319,824
114,090,304
312,777,871
66,360,304
-97,541,952
. ...............
398,475,021
171,521,361
28,409,610
18,514,289
248,737
383,912,832
122,225,619
28,294,255
18,085,670
292,235
-14,562,188
-49,295,742
-115,355
-428,619
43,497
-12,326
-32,239
-142
-2,436
15
18
-730,222
1O,
~--------~~--------~--~--------~~~--------~
1,052,269,977
-42,194,394
1,094,464,371
-746,154.
Total- -Trust enterprise fund~s'.:.............................................................................~~~~~~~~4~~~~~~~d~~~~~~~~b~~:=:~~
TABLE XI--RESUME OF RECEIPTS BY SOURCES AND EXPENDITURES BY FUNCTIONS
(Figures are rounded in m1l1ions of dollars and may not add to totals)
Administrative Budget Funds
Classification
NET RECEIPTS
This
month
Same
month
last year
Trust Funds
F. Y.1964 F. Y. 1963
to
to
date
date
Same
F.Y. 1964 F.Y.I!
month
to
to
last year
date
date
This
month
18
Individual income taxes •..•••..•.•••.••.•••. " ••••••••.
Corporation income taxes •.•••••......•.•••••...••••..
Employment taxes •..•...•....•.••....•••...•..••.....
Excise taxes ....•••....••..............•..•.....••...•
Unemployment tax deposits by States •..••.••........•..
Estate and gift taxes ................................. .
Customs .•.•.•.....................•••.••.•.••..•••.
Federal employees retirement. . .... .• ....•. .... . .••.••
Interest on trust fund investments......... .••..••••..••
Veterans life insurance premiums. ....•..... ....••.•.• .
Miscellaneous receipts ....•...•••••....••.•..••......
Interfund transactions (-) .............................
$4,572
6,147
$5,087
5,451
$48,636
23,493
$47,588
21,579
964
896
10,214
9,915
205
115
187
2,392
1,252
2,167
356
-47
92
386
-38
4,045
-664
$1,459
320
32
$1,339 $16,832
267
3,519
20
3,042
1,205
4,435
-513
167
957
44
583
-443
146
876
36
737
-452
2,029
1,603
498
3,331
-521
$14
3
3
1,
1,.
3,
~~~~~--~----4---.---- .-.------#-----~~----~------~--~
Total net receipts.. ••.•........•....•...•.• ..••...
NET EXPENDITURES
National defense .•.......•••..•.•.•..•.••....•.••.....
International affairs and finance ••.•••.•••..••.•..••••.
Space research and technology ...•••••.••••.....•.••...
Agriculture and agricultural resources ...•..••.••••..•.
Natural resources ....••................•••..•...•.•..
Commerce and transportation ....•.•...•..•••...•••...
Housing and community development ••.••.••••..•••.....
Health, labor, and welfare •...•.........••.•...........
Education .....•.....••••.•.......•.......•.....•.....
Veterans benefits and services ..........•........•.....
Interest ..................................•..••......
General government ..............•..............•.•..
Deposit funds (net) •....................••.•.........•.
Interfund transactIOns (-) ............................. .
12,310
12,061
~====~
5,665
1
I
236
504
318
243
288
-150
656
111
500
955
235
-47
4,616
257
299
298
199
291
-99
370
96
385
871
168
89,368
54,150
2,156
4,171
7,095
2,481
2,979
-60
5,467
1,338
5,494
10,772
2,291
27,
86,376
3,119
2,969
30,332
==cc=~====~====~===F==
52,755
2,612
2,552
6,929
2,352
2,843
-67
4,790
1,244
5,186
9,980
1,979
85
2
218
1
486
62
(*)
(*)
(*)
44
18
335
327
2,300
68
14
305
444
2,263
(*)
(*)
42
35
496
137
3,482
1,894
22,734
2
670
2
18
-589
-521
28 870
-38
-664
-513
-443
2
100
-452
7,715
97,671
92,642
2 509
2,999
-202
1---------+-
Total net eX£t'.flditll1'Ee~"" .•....•.....•.....•......
* Less than $500,000
s~('
fuutnotes un oage 14
9,513
21,
26
JUNE 30, 1964
TABLE XII--SUMMARY OF FEDERAL GOVERNMENT CASH TRANSACTIONS WITH THE PUBLIC
=======~=~-~==~~==o=='===r=====~-=r=~--~~=~-
Classification
Corresponding
month
last year
This month
_-'----------~-----
----1------
dera! receipts from the public:
=~~{:g~: ~~~:!::~e~b:: ~~~).~. ~~~ .~a.~l~. ~1~:::::
-~--~
19
c=:o==c=====r======
Fiscal Year
1964
to date
Corresponding
period
fiscal year 1963
---~--------+------
$1~;ng;r:~;f1~
$12,060,869,283
2,969,254,088
$89,368,078,483
30,332,477,388
$~;~~;~~~;~jI
Intragovernmental and other non -cash transactions see receipt adj ustments Table XTII •••••.••••••••••• ~_---,I,-"c::lc::4-=-3!..C,8:..:1:..:4,"-,=23:..:9~t-_~-~1!..:,0::.:5:,,0,,-,-:284~,-,,6~30,,-+-_-=-4~,260~~,~97.'.:4!.>,~0~20"'-l-_ ____.:-4~,~325~,~55~3!2,~7!:!".!07
Total Federal receipts from the public •...••••••••• r~I~4~,2~85=,=,='7~3~5~,5~9~3=t=~13:;,;;9~79:;,;;83:;8~,~7~41~F~11~5~,4~3,;,9~,5~8~1~,8~5~14=~1~0;;9,~7~39~,~I94~,!o17~2
deral payments to the public:
ldmlniStrative budget expenditures (net) - see Table Ill.
9,513,444,459
7,714,594,199
97,670,862,844
92,641,797,059
rrustfund expenditures (net) - see Table IV........ .•
2,508,989,901
2,998,573,887
28,870,494,626
26,545,230,596
Intragovernmental and other non-cash transactions see payment adj ustm ents Table XTII •••••.•••••.•••• r-_---'1'-',--'7--'3~2'--,6,-=5O~,-=-89::..:3=--t-__~-=1!..:,240=,-,..
72=2:.>,....50,,2=-+--_-=-....
6-'-,4~2...2.",,07~7~,~4':'85"-1_-----.:-:::5'.c,~43:"5'-'-,~66~9"_',..!.7~84
Total Federal payments to the public .••.........•.• F=I;;0~,~2~8~9"',7~83~,4,;6;;6~t-==~9""4~7~2~,4~4~5~,~5;';84~+===='1~20~,1~1,;,9~,~27!,;9~,';9~85~1===1~1~3~,~75~1;b';;35:;7~,~87~1
(cess of cash receipts from or payments to (-) the public. F==3~,=9=95=,;,,95=2,;,,=I26==j===4=,;,,5=0=7;,,3=9:,:3~,;;1~56~+===-4~,6::,:7~9~,~69::,:8;;,,;1~33~1==~-4~,0;;;1:,:2~,~16;;;3;,;,,;;;6;;;;98
ISh borrowing from the public or re{layment (-):
Public debt increase or decrease (-) see Table vn.....
Net sales of Government agency securities in
market (net) - see Table VI.. •...•.••.•......•.••.
'Net Investment (-) in public debt and agency securities..
Other non-cash transactions - see borrowing adjustments
Table XID ••••.••• . • . • • . • • • • • • • • • • • • . • . • • • • • • • • ••
180,925,943
655,821,053
5,853,266,260
7,658,810,275
501,769,375
-1,750,987,606
806,759,300
-1,306,382,266
1,880,061,200
-2,756,068,865
1,022,012,825
-2,068,778,293
r-__-4~8'--,004:.. ::..:::,--,3:..:1"'3-+_ _ _=35::.>,:..:7.:::80::.>,-=8.:::66___+-_--=1'-,0::9:::9c.:.'0::7-=2,-",9::63=-+-_~-1~,-=0:::33::..c,.::.364:::..:.c'~17:.::.3
Total net cash borrOwing from the public or
repayment(-) •....•.....•.••..••••..•••.••••.•• F===-=1~,=1=1=6,~2=9=6~,60==1==t======1=9=1~,9=7=8~,~95=3~f=====3~,87~8~,;185~,~63;2~P=====~5~,5;7~8~,~600~,~63;;3
dgniorage .........•.•.•...•...•...•..•••.•..•..•• " p===6;,,'1=8=1;,,'4=1=8=f====4~,=2=92~,=0=91=l====6=8~,7=4=7~,5o=7=6=l=====44;;:;,,=89=7~,=23=8
Total cash transactions with the public. . . . . . • . • . . . • •
2,885,836,944
4,703,684,202
-732,784,925
1,611,414,173
ISh balances - net increase or decrease (-):
2,735,417,156
4,558,377,770
-1,080,444,954
1,685,782,614
Treasurer's account .•••••.....•.••••..••••.••••••.•
Cash held outside Treasury ...•••.•....••.•.••••••.•• ~___15O~,_41_9~,7_8_7-1_____ 14~5~,_286~,_43_1-1______
34_7~,6_00~,0_2_9-r______-_7_4~,3_6~8,_44_1
Total changes in the cash balances •.••••••.•••.••••
2,885,836,944
4,703,664,202
-732,764,925
1,611,414,173
TABLE XIII--INTRAGOVERNMENTAL AND OTHER NON-CASH TRANSACTIONS
(Showing details of amounts included as adjustments in Table
iustments applicable to receipts:
fntragovernmental transactions:
Interest on trust fund investments ..•••.••..••.••••.
Civil Service retirement - payroll deductions for
employees ••..•.•...•...•..••.••.•.••••••.••••.
Civil Service retirement - employers' share •••••••••
Other ....•.•••••..••.•...•...•.•••.•••.•.•••.•••
x:n above)
$875,992,807
$1,602,625,272
$1,466,552,213
82,543,753
82,550,761
15,558,554
72,317,672
72,323,531
25,354,713
972,604,413
972,659,700
644,328,661
914,092,519
914,192,787
985,785,728
Subtotal ..•••.•..•••.....••.•.•.••..••••••.•••.
1,137,632,538
1,045,988,724
4,192,218,047
4,280,623,248
rax refund bonds ..•..•.••••••.••.••.•.•.•..••••••••
leigniorage •••..••••...•..••.••••.••••.••••••..••••
282
6,181,418
3,813
4,292,091
8,396
68,747,576
$956,979,469
33,220
44,897,238
--~
---
1,143,814,239
1,050,284,630
4,260,974,020
4,325,553,707
1,137,632,538
1,045,988,724
4,192,218,047
4,280,623,248
47,939,682
-1,653,326
1,718,240
58,707,092
-18,419,094
-54,000,000
-22,065,050
610,562,415
268,184,970
117,000,000
103,353,974
576,707,058
119,083,409
255,000,000
82,606,925
......................................
48,004,595
-35,777,052
1,099,081,359
1,033,397,393
A~crued interest on public debt ..•••...••••••••.•••••
C ecks outstanding and other accounts ••.•••••.•••.•••
-525,214,536
1,072,228,296
_462,084,634
692,595,464
30,622,891
1,100,155,186
185,593,217
-63,944,074
Total payment adjustments ......................
1,732,650,893
1,240,722,502
6,422,077,485
5,435,'369,784
-8,396
1,099,081,359
-33,220
1,033 ']07,393
Total receipt adjustments •...•.•..•.•...•••.••.••
ljustments applicable to payments:
Intragovernmental transactions (see detail under
Apre~eiPt adjustments) •..•••......•••.•••.••••.••.••
phcable also to net borrowings:
Savings bond increment •..•.•.••••....••••...•...••
Discount on securities ..............•..•• ~ - •••••••
International Monetary Fund notes .•..••••...•••.••
Other special security issues •.••.....•.••.•••••••
Subtotal
IjUSm:ents applicable to net borrowings:
.................
De ht ISSuance representing:
Receipts - tax refund bonds ......................•.
Payments - (see detail under payment adjustments) ..
48,004,595
Tota] borrowing adj ustments (net) •....•......•...
48,004,313
_2~ __
i
-3,813
--=-35, 777~952 ~I_
;~-l8(),8~6
I-
-~---.
1,099,072,963
----
1,033.,,)4,173
--
20
TABLE XIV--COMPARATIVE STATEMENT OF ADM
S
ISTRATIVE BUDGET REC
AND EXPENDITURES BY MONTHS OF THE FISCAL YEAR 1964
(Figures are rounded In millions of dollars and may not add to totals.)
Classification
Sep- Octot~e~- ber
August
\ July
No-
De-
Janu- Febary
~~;
~~:."- ~~r;:-
May
March April
Com- EstiCumu- parable mates
latlve period
(net)
thru
F. Y. F. Y.
June
1963
1964*
June
1
RECEIPTS
Internal Revenue:
Individual Income taxes withheld $1,295 $5,607 $3,210 $1,404 ~,42!l $3,176~~,432 $6,105 $3,222 $889 ~4,837
Individual Income taxes--other .. ~
381
179 2,140
247
113
405 2,441
870
770 5,006
561
Corporation Income taxes.......
574
386 3,603
557
396 3,726
583
451 6,654
684
491
~xclr taxe~ tu················
~2,614 t39,219 !38,719
2,196
6,196
15,309
24,301
14,269
22,336
S38,a>o
14,900
24,600
~:~ U~~ 1,!~ U~ Ul~ 1,~ ~:m U~~ Ug~ ~:~~~ ~'~ g'&3~ :~'t6~ :~:m
I,m
E ~toym~n 1ft ~..............
221
175
148
158
139
150
100
184
196
422
234
'206
2:415
2: 187
2,360
sean g
es............
117
108
104
123
106
103
101
87
108
109
100
117
1,284 1,241
1,310
CMulstomlls ......... : ·ts·············
567
250
254
257
224
400
352
591
313
240
243
356
4,046
4,436
4,054
sce aneous recelp
........... f-"'::::~--==+----'::::::':+---=~~=+-~+-~::::"f-~'-+-=+--==t-"'::"~-~=f-==1t-~=+---"~~
'I
1
Gross receipts ............. 4,871
9,977 11,722 4,371 8,911 10,379 6,500 12,235 13,961 9,55910,525
14,438117,529 111,602
116,277
,
Deduct:
,
Refunds of receipts:
Applicable to budget accounts..
244
225
201
207
-31
103
-41
914 1,959 1,575 1,191
301
6,849
6,302
6,654
Applicable to trust accounts...
(*1
3 (*1
(*1
90
(*1
166
31
1 (*1 1 3,16i
1,77~ 20,~i 18,I~i 20,~~
Transfers to trust accounts.....
834 2,406 1,398
753 1,720 1,447
521 3,124 1,842 1,360
15 ~_2_6~_ _
Inhrlundtransactions .......... ~~24~5~__5_2f-_28~_ _
11~__I~__28~__00_f-_l_2O~_ _U~_ _
fi~__66_41t-__
M_3~__~_5
1
1
Total deductions ........... 1,323
2,687 1,627
971 1,780
1,576
727
4,188 3,813 2,951
4,389
8,0035,1fi3
8,04710,1486,609
6,136
2,128
28,161
25,225
27,877
12,310 89,368
86,376
88,400
~~~~=F==~=F~F==F~~~==*=~===F==~~~~
Net receipts F.Y. 1964 ......... 3,547
7,290 10,095 3,400 7,131
Comparahletotals F.Y. 1963 .... ~3,~5~66~=7~,=~~9~1~0~,05~3~3~,~Om~~7~~~2~7~~8~,3~OO~~5~,~~3~=7~,3=0=5~9~,~6~~~5~,=7~35~=6~,9=5=3~1=2~,=06=1~=8=6,~3=7=6~
..=.=.=
..=.~~~=
EXPENDITUR ES
14
Legislatl ve Branc h .............. .
5
The Judiciary .................. .
3
Executive Office of the President .
Funds appropriated to the President:
Foreign assistance-military.....
125
Foreign assistance-economic....
173 i
Other .•.•...•...•••..•••..••.. '1
22
Agriculture Department:
1
Foreign assistance programs .... ..•..
&,~;~~i.t:.~~~~t. ~.o.r.p.o.r.a.t~o~:::1
13
5
10
5
1
10
5,
1'
1
109
158
28
99
102[
146,
94
142
23
15
16
5
9
6
2
2
2
13
6
3
12
5
2
13
5
2
152
65
23
147
62
23
166
67
25
52\
200
37
85
157
35
63
150
131
148
134
37
106
141
86
154
155
54
338
217
49
1,476
1,977
636
1,721
2,043
204
1,400
2,100
717
15~1
i168 I
188
192
187
169
131
219
76
193
-116
175
31
194
-112
301
56
2,090
3,038
2,799
685
2,091
3,047
2,597
676
13
rl
1
m ~~
89'
125
~~~!
m M~i
358
263
f~ ~i~
52
76
45'
41
65
-t----+---~
--.
I
184[
154
230
53 ,
6
1,879
2,279
2,8~
Commerce Department ........... 1 75
67
48
786
Defense Department:
1=
-1=
Military:
r
'
Department of the Army........
894, 997 1,0161 1,097, 993 1,049'11,055 1,010
910 1,0581 935
1,138 12,155 11,654 12,241
Department of the Navy ........ 1,122 1,127 1,076 1,227 1,092 1,254 1,119 1,098 1,229 1,398 1,342
1,557 14,641 14,093 15,088
Department of the Air Force .. 'll,~l 1,622 1,648 1,632 1,561 1,7351,670 1,671 1,658 1,600 1,835
2,257 20,721 20,823
20,633
Defense agencIes .............. ' 162: 161
168
132
154
1631 191
170
181
155
199
193
2,028
1,460
2,788
Undistrib, stock rundtransadl<lns l
32
131
-1
19
10
28 -17
-3
8
-6
-54
-50
97....... ..... .
Civil defense ................
7 1
8 ,
9,
9,
8,
8. t,_ _1_3+-__1--jl_ _ _
9t-_8_,+--1_7-4_ _8-=-+_--=1"'
'--H-_-"2"'03"-1f_---"'150o<
07
1
H'~;::':;::~:~M'W~".;~D,,~: "~rr:;'<';I! '~:!Ii"t,~:,,:~
":; ',:~ "~; ',:~ i "~ 5'~~ ~:~ ~:~
1O~
Interior Department ..............
89
Justice Department ..............
26
Labor Department ............... '
97
Post OffIce Department ........ ··'1 -13
State Department ................ '1.
59 1
Treasury Department:
. '
Interest on the public debt ...... ' 882
Interest on refunds, etc. . ...... i
11
Other ......................... , 106
Atomic Energy Commission. . . . . . .
254
Federal Aviation Agency .......... •
55
General Services Administration ... i
39
Housing and Home Finance Agency: ,
1
b~::~l. ~a~~~~1 ~~~t~.g.e.
j~
Assn. : :
National Aeronautics and Space Adm., 270
Veterans Administration..........
467
Other independent agencies:
Export-Import Bank of Washington -241
Small Business Administration....
7
Tennessee Valley Authority ...... ,
4
Other ......................... ,
76
Interfund transactions (-) ......... , -
117
24
71.
791
41
850
11
93
229
77
53
856
865
7 , 20 .
871
96 I
215
2421
60
69
481
45
863
4
91
220
56
50 I
91
93
27
35
68:
77
30 1 -15
34
59
,
903 925
5
5
90
130
230
228
63
73
56
59
ii~
-~~I -~
-g
-~~
20i
285
465
287
437,
ml
453
372
454
355
179
9
6
8
69
-17:
32i
3'
791
-14
11
9
66
42
5
31
83
-28
16
5
71
-34
3
4
95
-28
-11
-1
-26
-80
24
67
321
25
1
1
342
462
91
25
65
22
27
99
25
-224
145
30
26
48
28
3
800
11
74
228
58
48
907
4
98
221
64
54
1,141
5,530
78
26
31
44
24
84
26
24
64
8
89
33
26
45
3
1,126
332
370
547
341
1,029
317
257
770
1,114
330
415
546
385
895
6
87
233
55
50
899
7
95
223
55
50
948
7
133
242
66
48
10,673
99
1,182
2,765
751
600
9,895
85
1,048
2,758
726
466
10,600
101
:;:
-~~ i~ . _~
-ig
-~~
-~5
-~~
317
450
359
454
452'
414'
326
448
504
499
4,171
5,481
2,552
5,173
4,400
5,349
-5
3
(, i
50
-53
9
5
65
-382
7,
4'
58
58
11
4
-1
-38
20
11
-41
-702
132
59
671
-392
142
53
489
-650
141
57
645
57
-120
-12
-15 ,
-26
-47"
.:664
....
-513
-685
92,642
98,405
-6,266
-10,005
72
~
1,173
2,800
790
555
1
1
~t~~~cntc~~:~~~S~~~b~~~d·::::···.·.: "24.~35.
I
I
117
34
21
85
29
50,900
i,
•••• : ,
-52
••
1
1
J .... : 1'0": ... ~ ..••. ::
..... :, .... ~ .. ~~~ .....
:I..... :~
~
2~
~~~~~~+==P==+==+==+==+~T=~==~~~~+=~
Net expenditures F.Y. 1964 ..... '7,863
8,m5
7,8158,778
7,784 8,2898,492
7,521 7,871 7,9m
7,511
9,513
97,671
Comparable totals F. Y. 1963 .... i 7,252
8,541
7,327 8,524
8,070
6, 7~ 7, 806 7,590
7,470
7,715
92,642
1,015 +2,279·5,377
-652
+528 -2.277 -1,322r-1,375
.2,797
-8,303
+542 +1,857 -1,854,
+4,348
-6,266
Surplus (-) or deficit (-) F. Y. 1964
~,316
Comparable results F. Y. 1963 ..... ;-3,686
:;'f-'('
footnnte In page 10
1,452 +2,727 -5,494 -1,042
7,572 8,013
+514
2,~9
+788 2,400
-516
i
,., Less than 5500,000.
.
For sale by the Superintendent of Documents, U. S. Government Printing Office, Washington, D. C. 20402
SubScflptlOn pflce $6.00 per year (domestic), $11. 00 per year additional (foreign mailing), includes all issues of daily Treasury statements
and the Monthly Statement of ReceIpts and Expenditures of the U. S. Government. No single copies are sold.
TREASURY DEPARTMENT
FOR IMMEDIATE RELEASE
July 21, 1964
PRtLIMINARY RESULTS OF TREASURY'S ADVANCE REFUNDING
The Treasury Department today announced that about $9,248 million of subscriptions
have been received from public holders of the nine eligible outstanding issues for the
three issues of bonds included in the Department's current advance refunding.
This is
34.7% of the total of $26,615 million of the outstanding issues held by the public.
In
'addition official accounts subscribed for $26 million.
Subscriptions include $3, 726 million for the 4 percent bonds of 1969 (Oct.),
$4,354 million for the 4-1/8 percent bonds of 1973, and $1,194 million for the 4-1/4
percent bonds of 1987-92.
Following is a breakdown of securities to be exchanged for the securities to be
issued (in millions):
ELIGIBLE FOR EXCHANGE
Amounts
Securities
3-3/4% notes, E-1964
5% notes, B-1964
3-3/4% notes, F-1964
4-7/8% notes, C-1964
3-7/8% notes, C-1965
3-5/8% notes, B-1966
3-3/4% bonds, 1966
4% notes, A-1966
3-5/8% notes, B-1967
Total
4%
Bonds
1969
SECURITIES TO BE ISSUED
4-1/4%
4-1/8%
Bonds
Bonds
Total
1987-92
1973
$ 4,086
2,045
5,961
3,867
7,977
5,653
2,862
5,820
3 z475
$ 634
289
161
250
400
942
293
178
579
344
367
205
232
766
1,303
327
308
502
$41,746
$3,726
$4,354
$
Total
unexchanged
196
197
145
118
188
146
18
151
35
$1,174
853
511
600
1,354
2,391
638
637
lzl16
$ 2,912
1,192
5,450
3,267
6,623
3,262
2,224
5,183
2 z359
$1,194
$9,274
$32,472
$
Details by Federal Reserve Districts as to subscriptions will be announced later.
D-1290
-2Treasury for information about its law enforcement agencies
and agents and, at the same time, to serve as a general
reference work.
"Treasury Agent" is available at 30 cents a copy from
the Superintendent of Documents, U.S. Government Printing
Office, Washington, D.C., 20402.
FOR RELEASE: Ao M., NEWSPAPERS
SUNDAY, JULY 26, 1964
TREASURY ANNOUNCES BOOKLET, "TREASURY AGENT," ON ITS
LAW ENFORCEMENT AGENCIES
The Treasury Department today announced publication of
a 40-page booklet -- entitled "Treasury Agent" -- describing
the work of each of the Treasury's seven law enforcement
agencies:
the Customs Agency Service, the U.S. Coast Guard's
Intelligence Division, the UoS. Secret Service, the Bureau of
Narcotics, and the Internal Revenue Service's Intelligence,
Alcohol and Tobacco Tax, and Inspection Divisions.
"Treasury Agent" briefly recounts the history and explains
the principal tasks of each Treasury law enforcement agency -and through illustrative cases tells the story of the Treasury
Agent, his job and the skills and techniques it requires.
Re-
placing a 1957 pamphlet on the same subject, "Treasury Agent"
is designed to answer the numerous requests received by the
TREASURY DEPARTMENT
July 22, 1964
FOR RELEASE A.M. NEWSPAPERS
SUNDAY! July 26 , 1964
TREASURY ANNOUNCES BOOKLET, "TREASURY AGENT,"
ON ITS LAW ENFORCEMENT AGENCIES
The Treasury Department today announced publication of a
40-page bookle t - - ent i tied "Treas ury Agent" - - describing the work
of each of the Treasury's seven law enforcement agencies: the
Customs Agency Service, the U. S. Coast Guard's Intelligence
Division, the U. S. Secret Service, the Bureau of Narcotics, and
the Internal Revenue Service's Intelligence, Alcohol and Tobacco
Tax, and Inspection Divisions.
"Treasury Agent" briefly recounts the history and explains the
principal tasks of each Treasury law enforcement agency -- and
through illustrative cases tells the story of the Treasury Agent,
his job and the skills and techniques it requires. Replacing a
1957 pamphlet on the same subject, "Treasury Agent" is designed
to answer the nu~erous requests received by the Treasury for
information about its law enforcement agencies and agents and, at
the same time, to serve as a general reference work.
"Treasury Agent" is available at 30 cents a copy from the
Superintendent of Documents, U. S. Government Printing Office,
Washington, D. C., 20402.
000
- 3 -
and exchange tenders will receive equal treatment.
Cash adjustments will be madE
for differencps between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the sa
or other disposition of the bills, does not have any exemption, as such, and loss
trom the sale or other disposition of Treasury bills does not have any special
treatment, as such, under the Internal Revenue Code of 1954.
The bills are subje
to estate, inheritance, gift or other excise taxes, whether Federal or state, but
are exempt from all taxation now or hereafter imposed on the principal or interes
thereof by any state, or any of the possessions of the United states, or by any
local taxing authority.
For purposes of taxation the amount of discount at which
Treasury bills are originally sold by the United states is considered to be interest.
Under Sections 454 (b) and 1221 (5) of the Internal Revenue Code of 1954
the amount of discount at which bills issued hereunder are sold is not considered
to accrue until such bills'are sold, redeemed or otherwise disposed of, and such
bills are excluded from consideration as capital assets.
Accordingly, the owner
of Treasury bills (other than life insurance companies) issued hereunder need include in his income tax return only the difference between the price paid for sue
bills,' whether on original issue or on subsequent purchase, and the amount actual
received either upon sale or redemption at maturity during the taxable year for
which the return is made, a.s ordinary gain or loss.
Treasury Department Circular No. 418 (current revision) and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their.issue.
Copies of the circu1a.r may be obtained from any Federal Reserve Bank or Branch.
- 2 -
decimals, e. g., 99.925.
Fractlons may not be used.
It is urged that tenders
be made on the printed forms and forwarded in the special envelopes which Will
be supplied by Federal Reserve Banks or Branches on application therefor.
Banking institutions generally may submit tenders for account of customers
provided the nn"I"'s of the customers are set forth in such tenders.
Others than
banking institutions will not be permitted to submit tenders except for their
own account.
Tenders will be received without deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment
securities.
Tenders from others must be accompanied by payment of 2 percent of
the face amount of Treasury bills applied for, unless the tenders are accompanlel
by an express guaranty of payment by an incorporated bank" or trust company.
Immediately after the closing hour, tenders will be opened at the Federal
Reserve Banks and Branches, following which public announcement will be made by
the Treasury Department of the amount and price range of accepted bids.
Those
submitting tenders will be advised of the acceptance or rejection thereof.
The
secretary of the Treasury expressly reserves the right to accept or reject any
or all tenders, in whole or in part, and his action in any such respect shall be
final.
Subject to these reservations, noncompetitive tenders for $200 000 or
tu)
less for the additional bills dated
ing until maturity date on
$ 100 , 000 or less for the
(illY)
A;pri 1 30, 1964
October 29, 1964
«tt)
,(
91
days remain·
(Itq
) and noncompetitive tenders for
~l§)
-day bills without stated price from anyone
182
~n)
bidder will be accepted in full at the average price (in three dec1ma.ls) of accepted competitive bids for the respective issues.
Settlement for accepted ten-
ders in accordance with the bids must be made or completed at the Federal ReservE
Banks on
tlL'>-:OJ! J~?::;(
~~--~<~'2Z~)~------
,
in cash or other immediately available funds or
in a like face amount of Treasury bills maturing _ _ _
J_u..;1;;':::.:Tr:3:;:;0:"l,~1_~:_"G_/_-__ •
(xi}
cash
· Exhibit Z-A
TREASURY DEPARTMENT
Washington
~July
FOR IMMEDIATE RELEASE,
--( [-. .. ,X:::>e:>::1:":::
-, ~ ~~~ ~ ~ :-. [J~1"jr- -.
~r.
~
(L
~
~
p - { ' - ' p o -'C Dc-
\ ' '-"'__ "
,,}\.,,---,'.
\
22, 1964
[J4t_pqr~r
A.J....I\._L ]'".\.}. . ~"\
TREASURY'S WEEKLY BILL OFFERING
The Treasury Department, by thi s public not ice , invites tenders for two serj
of Treasury bills to the aggregate amount of $ 2, 100,000,000 , or thereabouts, f(
@)
cash and in exchange for Treasury bills matvring _....;;J.....U.....l""'y---,3~""0~_1_96_4_ _ , in the
smO\;
of $ 2 , 001,550.000 , as follows:
600
91 -day bills ( to maturity date) to be issued
~
July 30, 1964
-----~~~)-------
in the amount of $ 1,200,000,000 , or thereabouts, represent-
&&>
ing an additional amount of bills dated
and to mature
amount of $
A~ri 1
3&, 1964
October 29, 1964 , originally issued in the '
---""'6M~"-;""'--
900,~000/
,the additional and original bills
p(an additional $100,,000 000 .,ill be auctior
to be :rreely interchangeable. July 24 and vli 11 be outstanding July
182-day bills, for
{)£hl
~
$ 900,00~00
, or thereabouts, to be dated
,~
July 3~964
, and to mature . . . ;J;..;an;;;;;;.. ;.....u a;..;r~Y~~~8~_1_9_6_5_ _
The bills of both series will be issued on a discount basis under competitivi
and noncompetitive bidding as hereinafter provided, and at maturity their face
amount,will be payable without interest.
They will be issued in bearer form only
and in denominations of $1,000, $5,000, $10,000, $50,000, $100,000, $500,000 and
$1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
Daylight Saving
closing hour,
on~-thirty
p.m.,
Easterzy':;~
time, Monday, July 27, 1964
(XNi1
Tenders will not be received at the Treasury Department, Washington.
Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders thE
price offered must be expressed on the basis of 100, with not more than three
TREASURY DEPARTf\.1ENT
=
=2:~
FOR IMMEDIATE RELEASE
TREASURylS WEEKLY BILL OFFERING
The Treasury Department, by this public notice invit
tenders
for two series of Treasur:l bills to the aggregate a~ount o~s
$2,100,000,000, or thereabouts for c~sh and i
h
f
n
exc
ange
Treasury bills maturil1iYC Ju 1-\,' 30. 1964.
in the amount ofor
$2,001,550,000, as follows:
J
J
91-day bills (to maturity date) to be issued July 30, 1964, in the
amount of $1,200,000,000, or thereabouts, representing an additional
amount of bills dated April 30, 1964, and to mature October 29, 1964,
originally issued in the amount of $900,482,000 (an additional
$100,000,000 will be auctioned July 24 and will be outstanding July 29),
the additional and original bills to be freely interchangeable.
182 -day bills for $ 900,000,000,
or thereabouts, to be dated
July 30, 1964,
and to mature January 28, 1965.
j
The bills of both series will be issued on a discount basis under
competitive and noncompetitive bidding as hereinafter provided, and at
maturity their face amount will be payable without interest. They
will be issued in bearer form only, and in denominations of $1,000,
$5,000, $10,000, $50,000, $100,000, $500,000 and $1,000,000
(maturi ty value).
Tenders will be received at Federal Reserve Banks and Branches
to the closing hour-/ one-thirty p.m., Eas tern Dayl ight Saving
time, Monday, Ju ly 2 I , 1964.
Tenders will not be
received at the Treasury De~artment, Washington. Each tender must
be for an even multiple of $1,000, and in the case of competitive
tenders the price offered must be expressed on the basis of 100,
with not more than three decimals, e. g., 99.925. Fractions may not
be used. It 1s urged that tenders be made on the printed forms and
forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
up
Banking institutions generally may submit tenders for account of
customers provided the names of the customers are set forth in such
tenders. Others than banking institutions will not be permitted to
submit tenders except for their own account. Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust company.
D-129l __
- 2 ImmedlateJ.Y a.fu? i' r.'·,i' C l\)s Irw hOU1'. tenders will be opened at
the FederA.i :;,"! ~',?'i.'F"'-~ l! ,1\;0, s.cd '~r':"ip :'\c cc,. foll owin~ which public
announcem("nt wU.l 1::0 '":',9d ~ 1~:~ (,'r,'" ':' i'ec ~u r-:y Dp.partinen t of the amount
and price range of accepted bids. Those submitting tenders will be
advised of' the a,:cept.;;lnc,:~ \)7' rejeC'tton thereof. The Secretary of
the Treasury ex.1)Y"€'3;'; LV :reserves thE' right to accept or reject any or
all tenders, in whC'le or In part, an'! his action in any such respect
shall be final,
Sub,l~<?t to tha~'S rese:rvatlons, noncompetitive
tenders for $/00 0:10 I)P le~f; fnr the additional bills dated
Apr i 1 30 1964 ,
(~ t ~<iay~ rel.ma:tnin g until maturi t;y date on
October 29, 1964~ ann nc'n(;()mpetit~ve tenders for ~100~OOO
or less for the 1~2-day bills without stated price from anyone
bidder will b~ ~ccept~d in full at the average price (in three
decimals) of e.~ceptE'i1 cnmpet:tt~h!e bids for the respective issues.
Settlement f0r' accepted t r.>nde1:"s ir. accordance with the bids must be
made or completed ,:}t the Feder'al Heserve Banks on July 30, 1964,
in cash or other 1.J'1'lJt1cdiat81y available funds or in a like face
amount of Treasury billa maturing
J1J.ly 30,1964.
Cash and
exchange tenders w:1.1J rf':ce1 v(' equaJ treatment. Cash adjustments
will be made for differences between the par value of maturing
bills accepted in exchange and thp' ~lf33Ue price of the new bills.
j
ThE: '~n,. ~ome dcr~.ved from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, does not have
any exemption, as SUCh, and loas from the sale or other disposition
of Treasury bills does not have any special treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject to
estate, inheritance. gift or other excise taxes, whether Federal or
state, but are exemr-t:: f'rcnm all taxation now or hereafter imposed on
the prinCipal or interest tlAer80f by any state, or any of the
possessions of th~ UniLed States, or by any local taxing authority.
For purpOSf'S of taxation th;:; anV)llnt of discount at which Treasury
bilJ 3 at¥': origina11 y ~old l-~y tb'3 Un·tted states is considered to be
interest.. Under ,sections 4':;14 (b) and 1221 (5) of the Internal
Revenue Code of 19~.l~ the amou.nt of dlrscount at which bills issued
hereunder are ';old ts not considered to accrue until such bills are
sold, rede~rned or ,')the~,N18e dl SPOf3E'('I of, and such bills are excluded
from consideration as eapital <issets. Accord:tngly, the owner of
Treasury bills (other than l:1fe insurance companies) issued hereunder
need inc lude :tn his incomf~ tax return only the difference between
the price paid for such bills. whether on original issue or on
subsequent purchase, and the amount actually received either upon
sale or rf.'dEmptlon at maturity during the taxable year for which the
return is made, as oI'cUnar'J gain or 1083.
Treasury Department C1 rcu~ar No. 418 (current revision) and this
notice prescribe the terms of' the Treasury bills and govern the
conditions of their issue, COp1~3 of the circular may be obtained from
any Federal Reserve Bank or Branch.
Draft Release for July 22 (Date to be coordinated with IMF Action
and Release)
TREASURY ANNOUNCES RENEWAL OF STAND-BY ARRANGEMENT
WITH INTERNATIONAL MONETARY FUND
Secretary of the Treasury Douglas Dillon announced today that
the United States has renewed its stand-by arrangement with the
International MJnetary Fund to run for another year.
The stand-by
will again be in an amount of $500 million.
One-half of the $500 million available under last year's
stand-by arrangement was drawn by the United States in two amounts
of $125 million each in February and May of this year.
stand-by restores
~.
amount of $500
m~fl
The new
for further drawingsi.
It is expected that the proceeds of U. S. drawings will be
used principally for the same purposes as the drawings under the
previous stand-by.
These drawings enable other members to continue
in effect to use their holdings of dollars to make repayments to
the IMF.
The new stand-by arrangement is expected to be sufficient
to cover presently foreseeable needs over the corning year.
(Previous releases and background are attached)
Attachments:
Treasury announcement of
Excerpt from IMF Release
Treasury announcement of
Treasury announcement of
original stand by - July 17, 1963
of July 18, 1963
First Drawing - February 13, 1964
Second Drawing - May 28, 1964
I
TREASURY DEPARTMENT
FOR IMMEDIATE RELEASE
TREASURY ANNOUNCES RENEWAL OF STAND-BY ARRANGEMENT
WITH INTERNATIONAL MONETARY FUND
Secretary of the Treasury Douglas Dillon announced today
that the Urlited States has renewed its stand-by arrangement with
the International Monetary Fund to run for another year.
The
stand-by will again be in an amount of $500 million.
One-half of the $500 million available under last year's
stand-by arrangement was drawn by the United States in two amounts
of $125 million each in February and May of this year.
The new
stand-by restores the amount available for further drawings to
$500 million.
It is expected that the proceeds of U. S. drawings will be
used principally for the same purposes ~ the drawings under the
previous stand-by.
These drawings enable other members to
continue in effect to use their holdings of dollars to make
repayments to the IMF.
The new stand-by arrangement is c>:pected
to be sufficient to cover presently foreseeable needs over the
coming year.
(Previous releases and background are attached)
Attachments:
Treasury announcement of
Treasury announcement of
Excerpt from IMF Release
Treasury announcement of
D-1292
Second Drawing - May 28, 1964
First Drawing - February 13, 1964
of July 18, 1963
original stand-by - July 17, 1963
000
TREASURY DEPARTMENT
May 28, 1964
FOR RELEASE: A.M. NEWSPAPERS
FRIDAY, MAY 29, 1964
TREASURY ANNOUNCES SECOND U. S. DRAWING
FROM THE INTERNATIONAL MONETARY FUND
Secretary of the Treasury Douglas Dillon announced
today a second drawing of foreign currencies equivalent
to $125 million by the U. S. from the International
Monetary Fund. This drawing, like the first drawing on
February 13, 1964, is being made under the standby arrangement for $500 million which was announced July 18, 1963.
After this drawing, $250 million will still remain available
under the one year standby arrangement.
The U. S. drawing is being made in Deutschemarks and
French francs in amounts equivalent to $70 million and
$55 million, respectively. The drawing will replenish
currencies previously used out of Treasury stocks to
facilitate repayments by members to the Fund and will
cover contemplated requirements for this purpose over the
next few months. By this drawing the U. S. obtains
currencies from the Fund which it can sell for dollars to
other members for their use in making repayments to the
Fund. Other members can therefore continue, in effect,
to use their dollar holdings to settle their obligations
to the Fund.
(Previous releases and background are attached)
000
D-1238
TREASURY DEPARTMENT
February 13, 1964
FOR RELEASE:
A.M. NEWSPAPERS
FRIDAY, FEBRUARY 14,1964
TREASURY ANNOUNCES FIRST U. S. DRAWING FROM IMF
Secretary of the Treasury DOtlf',~?~ Dillon announced today that
the United States has made its first drawing of foreign currencies
from the International Monetary Fund.
The drawing is being made
under the sumc:by agreement flJr $')()O million which was announced
bv President K('nnedy Ll hie; Balance of Payments t-1essage last
Julv 18.
The value of the curreltLic~ drawn is equivalent to
S125m ill ion.
The SecretarY said that the drawing was designed to meet c1
special situation in the Fund 1 s operations anticipated last July,
and is intended to facilitate repayments by other nations to the
Fund.
The Secretary explained that foreign countries over the
past several years have been repaying more dollars to the
International ~onetary Fund than the Fund has been paying out in
new drawings.
As a result. the FundI s holdings of dollars nm"
equal the alllmnt which the United States has paid into the Fund
in dollars as part of its quota.
At this point, the Fund under
its ru les can no longer accept doll ars in r('pavmen t.
Repavmen t
must instead be either in guld or in other convertible currencies
of which the Fund holds less than the normal quota.
The United
States wi 11 draw such currenc ies frllm the Fund and se 11 them for
dClllars tel uther members flir their use in making repayments to thE'
Fund.
In this way, other members '-'Ii 11 be able to continue, in
e[[('ct, to use their dnllctr holdings to settle their obligations
tll the Fund.
The United States drctwing will be mctde primarily in
Deutschenlctrks ",nd French francs -- in equctl ZWlllunts.
A smnll
portion, equivalent to sr).) million, \vill, however, be in
Italian lire til replace lire silid [rum existing Treasury stlICks
in JctnUClry til enab Ie Fund members tn m,lke several small repClvments
to the Fund in lire at that time.
The present drawing does nut
relate tll ,lnv c;ingle repavment hv aI1l)tlwr country but is designed
to cover a n\lmner of transactillTlS vdlich arc expected tn Like
place in the cllming weeks.
(10(1
D-1132
EXCERPT FROM INTERNATIONAL MONETARY FUND ,
PRESS RELEASE, WASHINGTON, D.C., JULY 18, 1963
"The International Monetary Fund has entered into a stand-by
arrangement that authorizes the United States to draw the
currencies of other members of the Fund up to an amount equal to
$500 million during the next 12 months. The quota of the
United States in the Fund is $4,125 million, of which $1,031
million has been paid in gold. The amount of the stand-by
arrangement represents a little less than half the amount the
United States could draw on a virtually automatic basis under
Fund prac t ice.
"The United States has not previously made use of the Fund's
resources. Drawings of U. S. dollars from the Fund by other
members have amounted to approximately $4.2 billion since the
Fund's operations began in 1947. In recent years, Fund policy
has encouraged drawings in non-dollar currencies and repayments
to the Fund in U. S. dollars. This policy has provided
assistance in financing the U. S. balance of payments deficit.
As a result of repayments, the Fund's dollar holdings are now
almost at the subscription level, which is 75 per cent of quota or
about $3 billion, and the Articles of Agreement prevent repayment
to the Fund with U. S. dollars beyond tha t leve 1. In the se
circumstances the stand-by arrangement, which is available for
general balance of payments needs, is intended to facilitate
repayments by other members. This would be accomplished through
U. S. drawings of other convertible currencies, which would be
sold to Fund members for dollars and used by them to make
repayments to the Fund."
000
TREASURY CEPARTMENT
WASHINGTON. D.C.
Background
July
u.s.
17, 196)
Stand-by Arran,.ment with the
International__~netacy Fund
The United States has just obtained agreement of the International
Monetary Fund (IMF) to a stand-by arrangement 1n the amount of $500 million for a period of one year, beginning July 22, 196). Since the amount
requested is well within the U.S gold tranche (of $1,0)1.25 million) at
the IMF, the proposed arrangement doea not raise any problems 1n relation
to IMF policies on drawings.
The principal use of the stand-by arrangement foreseen by the United
States is for operations to facilitate solution of a technical problem
jointly faced by the Fund, many of its members with drawings outstanding,
and the United States. This is the problem of repurchases at the Fund by
countries which hold their official foreign ex~hange balances largely or
exclusively in U.S. dollars.
The Articles of Agreement of the Fund prevent the Fund from accepting
holdings of any currency above 75 per cent of that country's quota except
through the ini tiati ve of 1ha t count.ry to make a drawing of other currencies.
From the tiIoo the IMF first t)f'~rtn operations until quite recently, the U.S.
dollar holdings of the Fund were well helow 75 per cent of too U.S. quota,
because most drawings (as well as repurchases) at the Fund were in U.S.
dollars and cumulative rep1lrchases did not rf'ach the level of cumulative
drawings. In the past fOllr year" the pnwiou8 8i tuation for Fund hold··
ings of U. S. dollars has been substantially changed, especially since the
lMF drawi ng of the equi va 1 (mt of $1, ') billion by the United Kingdom in
August-September 1961. nr"t, t.he volume of repurchases ::tt the Fund, while
never reaching the cumula.Uv8 a.mount of drawings, has bee!) much higher since
195f3 than at any time before; a relativAly large proportion of these hiGher
repurchases has continued to be mrtdo with U.S. dollars. Second, with the
ar::hievement of convertibili ty by the maln European currencies, a significant portion of new drawings from the Fund have utilized these currencies.
As a result, the Fund's holdings of U.S. dollars have been fairly close to
75 per cent of the IJ. S. quota sincn July 1 C)62 and since the end of April
196) those holdinRs havo ~!Bn practically at 75 per cent.
0
For countries holr11ng offi~i:J.l P!sprves in U.S. dollars, t.hls sit.\];tlion presents a difficulty when they ",r\.sh t.o m::lke repurchases at the Fund.
T~ Fund's ability to accept U.S. dollars in repurchase is practically nil
owing to the 75 per cent of quota cOn:'ltraint. Countries wishing to n~pay
t.hP. Fund C::ln offer other convcrtib}p cllrrenci88 or gold to dischargA their
rf~PlJrchase obI igations.
It ie very doubtful that a net. transfer of Gold
to U,,' Fund 1s desirable at present from the viewpoint of the international
paymentr. mechanism as a whole. A130~ in order to offer other convertihle
currencies in repurchase, too countries concerned often need to undert.ake
i)r1mlnl~tratlvf-l arrangements that are unusual and unfamiliar to them, and
3l1ch currencies must usually be purchased (against dollars) at prices
a 00 If.) pa r •
( OVER)
-2Under the stand-by arrangement, the United States will be able to
make available to countries wishing to ~ke repurchases from the Fund,
using dollars, a simple and effective facility for obtaining other convertible currencies which the Fund can a:cept in repurchase. In outline, the mechanism will be as follows:
1.
learning that a given Flmd member wishes to make a
repurchase, would otherwise use U.S. dollars for the
purpose, and would like to avail itself of this facility,
the Fund staff will contact tn8 U.S. authorities.
2.
For value on the date of the repurchase transaction, the
U. S. will draw other convert~bJe currencies (pursuant to
appropriate consultations thrl)egh the Fund) equivalent to
the value of the repurchase.
3.
The U.S. will sell for U.S. dollars, the currencies drawn
from the Fund to the repurch~:)ing member, which will execute
the repurchase by transfe!"ring them to the Fund and taking
back the appropriate amount of lts own currency. The sale
of other convertible currencjps by the U.S. to the repurchasing member is envisaged a~ b€i~b at par.
4.
The net re~ult of the tr2nSd(;tion will be that the Fund's
holdings of the other convert" tIe currencies drawn by the
U.S. will be the "arne as hefore, sinC'e they will leave the
Fund and immediately be retlJrned by the repurchasing member.
The Fund S holdings of th" rqnrchasing member's currency
will be reduced and those holdings of U.S. dollars will be
increased by the amOlmt of U.e tr~msaction.
~pon
t
The stand-by amount of $500 rn.llL()n '.S calculated to be sufficient
to cover presently foreseeable repurcntiSE>S, using U.S. dollars as the
starting point, over the coming year. 4t the same time, the mechanism
described above is to he only a facility to be available to interested
Fund members at their option. Countrie3 will, of course, continue to
have the option, if they choose, to pt.r~b::lse gold from the United States
for making rf~Durchases from the Fund c,r for any other monetary purpose.
Countries ~ll also continue to have the 0ption of obtaining other convertible cun'~ncies for making rep\irch,,'3PJ from the Fund by purchasing
those currencies in the market against dollars or through arrangements
wi th the central banks concernrd. \ii th 'jr wi ~,hout the assistance of the
Federal Reserve Bank of New York.
- 3 -
exelilpt from all to.;::ut10n nov' or hereafter impoGed on the principal or intereGt
thereof by any State, or any of the possessions of the United States, or by any
local tn...'CinC [tuthori ty.
For purposes of taxation the amount of discoW1t at '''hich
Treasury ollIs are originally sold by the United states is considered to be intcrcG
Under Section:::; 1S~: (b) ond 1221 (5) of the Internal Revenue Code of 1954 the r.tlTIount
of discount £l.t ,,,hic11 bills issued hercW1der are sold 1s not considered to accrue
until such bills are sold, redeemed or othenrise disposed of, and such bills are
c~ccluded
frclll1 consideration us capi l:.al asscts.
AccordinGly, the owner of Treasury
billa (other than life insurance companies) issued hereunder need include in his in'
come tnx l'ctUl'l1
on oriGi.nnl_
onl~r
j.8~;UC
the difference
bet'\'1C,~en
the price paid for such bills) vrheLhcr
or on subsequent purchase, and the amount actually received cithe
upon sale or redemption at maturity durinc; the taxable year for which the return is
ll1::ldc J
[t:J
orc1 i.nitl~r Caln or 10G3.
'J'rCaGU1",Y DcpnrLmcnt Circular No. 418 (current revision) and this notice, pre:::;crihe the tC.l111G of the Treo.sury b:Uls and govern the conditions of their issue.
Copie:::; of the
r~irculur
mo.y be obtained from any Federal Reserve Bank or Branch.
- 2 -
~
-
of Trcusury bills applied for, unless the tenders are accompanied by an express
guaranty of payment by an incorporated bank or trust company •
•
JRiijlglw:xgcX1RzX¥t!CJ:.P'SlIxxk'l xtx.:X:P!J!•••x.x"nXX1;.):UXl'tlqV~~U
~1Fa1.¥1lCw!~lQUjc~1I~JE~~
T
-T'¥:~~~!-¥O~OOOQ{~
~
Inunediately after the closine; hour, tenders will be opened at the Federal Reserve Danks and Branches, follmfinc 1-,hich public announcement will be made by the
Treasury Department of the amount and price ranee of accepted bids.
ting tenders vTill be advised of the acceptance or rejection thereof.
Those submitThe Secretary
of the Treasury eA~rcssly reserves the rieht to accept or reject any or all tenders,
in whole or in part, and his action in any such respect shall be final.
Subject to
these reservations, noncompetitive tenders for $ 200,000
or less without stated
~
price from any one bidder \-lill be accepted in full at the average price (in three
decimals) of accepted competitive bids.
Payment of accepted tenders at the prices
offered must be made or completed at the Federal Reserve Bank in cash or other immediately available funds on ___~A~u~gu~st~4~,~1~9~6~4~.~_~~~~~~~mu~ogom~~makk~!d
**
The income derived from Treasury bills, whether interest or gain from the sale
or other disposition of the bills, does not have any exemption, as such, and loss
from the sale or other disposition of Treasury bills does not have any special treatment, as such, under the Internal Revenue Code of 1954.
The bills are subject to
estate, inheritance, gift or other excise taxes, whether Federal or state, but are
( Notwi thstanding the fact th
these bills will run for ~
days, the discount rate "n
computed on a bank discount
basis o:f 360 days, a.s is cu
ly the practice on all issu
Treasury bills.)
Tn.l~.sm rY D~I:r1\.m'I12IlT
iT(~Ghin:::;ton
July 23, 1964
'J'lw Tl'cc.::mry Deportmcnt, u;r thin
or thcr(:ohouts, of
361
---"i£k~"
:---
puhl~i.c
noticc, invites tcnderG for ~llJOOO~,
-dr.y TreD.sury bills, to be iSfJUeo. on a
cOl.ll)etitive nnd noncompetitivo bidcUnS 0.:, hereinn.:i·ter provided.
~cr.icr~ vill be elated
August
1rlll ue
:j'oro')
Cl1l~.
iL:.
.. 1964
----=-~~~~---------p[",~··[I.b~_e
onl~r, [I.na in denOliUno.t::.ollG of
::a, 000, 000
vil.hOll-L
:;a,ooo,
The~;
ba.sis und.1
The bills of this
, ond 1rlll )l12.tUl'e
inl,c~n::JL.
d1scotur~
~rlll
July 31, 1965
----~~~~----
be iGGued in bco.rcl
:/),000, :;>10,000, :;;50,000, :;>100,000, ~500,(
(rllatu:dt~r value).
'l'endcj.'s vi1l bo l'ecc.i."lcd [l,t Fcclc1.'C'.l r:(;::;Ol'V(: nclrll;:.~.; end B:L'C1l1C!lcC up to the clof.dnl
Daylight Saving
Thursday, July 30, 1964
llOt':L', onc-thil'J,,~r p.r'I., F.2.::;tc:;:n/~·GiNe,
Tcndcl
1Iill not be received c.t thc 'l'reaGury Depnrtmcnt, Ho.shincton.
Each tender. must be :COl
n.n even rmJtiple of :;il,OOO, o.no. in the caGe m.~ cO;ill)et:i.t,~i.ve tender::> the price offered.
:.1H::;J~
be c;::pl'cGGed on the bO.G:i.::>
FlT.cL:i.onr;
i:}n::r
not be uGed.
It
o~:
100, irltb not
:i.:J Ul'Ced
J'10I'C
"[;11on three dccir.w.ls, e. C.,
aa.
tll::-.t tenO.cr,::; be nude on the printed i'OI~:l'J rulC
:;:·0:"·,.r:::.rc1.ecJ. :i.n thc GPCCiLl envelopeG '.!Jri.ch 1Tnl be: Gupl'l~~e(l by Ii'cdcl'o.l liese7'Ve J3c.n.l~s 01
~:"'~'Jlches
on c:ppl:Lco.tiol1 therefor.
ECl1kLnC inGtit.ution:..;
ccnc:"c,ll~r 1.1C'.y c;UUl;t:i..t
vided the n£lJ:lCS of the CUGtO;HCl'S
al'C
:i·OJ.'
[l.ccount of customers Pl'O-
Get .l·o::: Lh in such tel1clcl's.
inst:ttutions lr.i.:'J. not, be pel';nittecl GO Gubnit
J
tenc.1cl'c
J~cncl::;rc
e;ccept
:['01'
Otllel's thon bankinG
their ovm account.
Tenders 1r111 be rcceived lrlt.hout depoc.i.t J.~l'om incorporated lmnl~s and trust companies·
o.nd :L"roi.l J:esponslblc and recoGnized deolc:cs in invcstincn"L secul'ities.
others mttGt bc r.ccoTil]?2.nieo.
11:'," Pt·.:Tj.lcnJ~
oi' 2 pel'cent of the facc amount
Tenders from
TREASURY DEPARTMENT
FOR IMMEDIATE RELEASE
TREASURY OFFERS $1 BILLION ONE-YEAR BILLS
The Treasury Department, by this public notice, invites tenders
for $1,000,000,000, or thereabouts, of 36l-day Treasury bills, to be
issued on a discount basis under competitive and noncompetitive
bidding as hereinafter provided. The bills of this series will be
dated August 4, 1964, and will mature July 31, 1965, when the face
amount will be payable without interest. They will be issued in
bearer form only, and in denominations of $1,000, $5,000, $10,000,
$50,000, $100,000, $500,000 and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, one-thirty p.m., Eastern Daylight Saving
time, Thursday, July 30, 1964. Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99.925. Fractions may not be used.
(Notwithstanding the fact that these bills will run for 361 days, the
discount rate will be computed on a bank discount basis of 360 days,
as is currently the practice on all issues of Treasury bills.)
It is urged that tenders be made on the printed forms and forwarded
in the special envelopes which will be supplied by Federal Reserve
Banks or Branches on application therefor.
Banking institutions generally may submit tenders for account of
customers provided the names of the customers are set forth in such
tenders. Others than banking institutions will not be permitted to
submit tenders except for their own account. Tenders will be
received without deposit from incorporated banks and trust companies
and from responsible and recognized dealers in investment securities.
Tenders from others must be accompanied by payment of 2 percent of
the face amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust company.
Immediately after the closing hour, tenders will be opened at the
~deral Reserve Banks and Branches, following which public announcement
will be made by the Treasury Department of the amount and price range
of accepted bids. Those submitting tenders will be advised of the
acceptance or rejection thereof, The Secretary of the Treasury
D-1293
~pressly reserves the ~ight to accept or reject any or all tenders,
in vJhole ur in part, and hlS action in any such respect shall be
final.
Subject to these reservations, noncompetitive tenders for
$200,000 or less without stated price from anyone bidder will be
accepted in full at the average price (in three decimals) of accepted
competitive bids.
Payment of accepted tenders at the prices offered
must be made or completed at the Federal Reserve Bank in cash or
other immediately available funds on August 4, 1964.
The income derived from Treasury bills, whether interest or gain
from the sale or other disposition of the bills, does not have any
exemption, as such, and loss from the sale or other disposition of
Treasury bills does not have any special treatment, as such, under
the Internal Revenue Code of 1954. The bills are subject to estate,
inheritance, gift or other excise taxes, whether Federal or State,
but are exempt from all taxation now or hereafter imposed on the
principal or interest thereof by any State, or any of the possessions
of the United States, or by any local taxing authority.
For purposes
of taxation the amount of discount at which Treasury bills are
originally sold by the United States is considered to be interest.
Under Sections 454 (b) and 1221 (5) of the Internal Revenue Code of
1954 the amount of discount at which bills issued hereunder are sold
is not considired to accrue until such bills are sold, redeemed or
otherwise disposed of, and such bills are excluded from consideration
as capital assets. Accordingly, the owner of Treasury bills (other
than life insurance companies) issued hereunder need include in his
income tax return only the difference between the price paid for such
bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity
during the taxable year for which the return is made, as ordinary
gain or loss.
Treasury Department Circular No. 418 (current revision) and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue.
Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
000
TREASURY DEPiJ\RTMENT
a
=
waiJ
EM·A
FOR IMMEDIATE RELEASE
July 24, 1964
REPORI' 010' SlTBSCRIPrIONS FOR CURRENT ADVANCE REFUNDING
The Treasury Department armounced tod.ay the results of the current advance refunding offer of:
4% Treasury Bonds of 1969 (Oct.) (reopened issue),
4-1/f3C!, Treasury Bonds of 1913, and
4-1/4% Treasu...-y Bonds of 1987=92 (reopened issue),
in exchange for:
3-3/4% Treasury Notes of Series E-1964, due August 15, 1964,
5% Treasury Notes of Series B-1964, due August 15, 1964,
~3/4% Treasury Notes of Series F-1964." due November 15 1964 ,
~7 / 8% Treasury Notes of Series C-1964, due November 15, 1964,
3-7/8% Treasury Notes of Series C=1965, due May 15, 1965,
3-5/8% Treasury Notes of Series B-1966, due February 15, 1966,
3-3/4% Treasury Bonds of 1966, due May 15, 1966,
4% Treasury Notes of SerIes A~1966J due August 15, 1966, and
3-5/8% Treasury Notes of Series B-1967, due February 15, 1967.
Subscriptions were divided among the Federal Reserve Districts and the Treasury as
. follows:
FEDERAL RESERVE
DISTRICT
Boston
New York
H11lade1phia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapoli s
Kansas City
Dallas
),11 Francisco
Treasury
4% BONDS
OF 1969
$
112,556,500
1,718,785 J 500
86,280,500
268,792,000
93,793,500
138,028,000
634,852,000
168,372 p 500
90,692,000
159,586,000
121,181,500
125, 875;()OO
8,558,000
4=1/8% BONDS
OF 1973
$ 246,340,500
2,090,186,000
153,946,000
140 y 263,500
44 5 999,000
63:188,500
622,146,000
89,053,500
110,738,000
118.,789,000
114,626,500
5:!6,778 1 500
16 J 962,500
4-1/4% BONIS
OF 1987-92
$
57,279,000
869,444,000
2,772,000
17,607,000
1,944,000
19,711,000
75,939,000
6,937,500
6,684,000
2,049,000
3,706,000
128,985,000
1,355,000
Total
$
416,176,000
4,678,415,500
242,998,500
426,662,500
140, 736,500
220,927,500
1,332,937,000
264,363,500
208,114,000
280,424,000
239,514,000
801,638,500
26,875,500
-~-.-~---=-""",-
Totals
$3,727,353,?OOO
$4, , 358 J 017 J 50O
$1,194,412,500
$9,279,783,000
FolloWing is a table show'ing an &xlalysi5 of subscriptions by investor classes.
D-1294
(OVER)
..,
-t...-
SUMMARY OF AMOUNr AND NUMBER OF SUBSCRIPl'IONS
IN JULy 1964 ADVANCE REFUNDING
~EIVED
(Dollar Amounts in Millions)
4% Bonds
of 1969
Amount No. Sub.
y
5,500
13,364
627
668
3,442
7,846
$1,172
1,990
$9,253
41,045
525
1,611
4,094
$4,354
19,884
$3,727
19,171
$3,727
231
4,926
3,084
Goverrunent
Accounts
19,835
1,091
1,204
All others ~/
$
$
TOTAL
Amount No. Sub,
311
20
2,583
2,392
Y
Amount No. Sub.
8,207
Commercial Banks
(Own account)
Grand Totals
Amount No. Sub.
10,864
7,880
Totals
4-1/4% Bonds
of 1987-92
160
131
Indi vi duals
4-1/ai Bonds
of 1973
$
$
4
22
26
$4,358
$1,194
$9,279
Includes partnerships and personal trust accounts.
yl Includes insurance companies, mutual savings banks, corporations exclusive of commercial banks, private pension and retirement funds, pension, retirement and
other funds of State and local governments, and dealers and brokers.
aELf~':;E
roa
A.. :4. k:";~:l"hP:'J.3,
July
S.turdab .Jul,)' 25, 196},l.
24, 1164
The Treasur,i i)epartment announced lallt • .,..ntng that tenders for 'l.ddt.tioD8l. aountl
of ten aeries of 'treasury bUla to an A4gregate aoout of tl,OOO,OOO,ooO, or tbereabo)11
to be issued July 29, 1 ~ll, which vere ottered on .Jal7 20, were opt"ned at tHe P'ecleral :
Berve Banks on JUli' 24. Te.e amount ot accepted t.endera vill be equally divided "0lI.l, 1
ten regular weekly iSBues of outstanding TreasUTY bUIs uturill;!, October 15, 1964, t.o
OecemiJer 17, 1964, inclusive. The details of t.he ofterin)~ are 3.5 follows:
Total applied for - $2,147,)00,000
Total acoepted
1,000,8)0,000
--~
(includes
14,000,000
entered on a nonCOllpetitive
buia aDd accepted 1a lull at the averq. price
ahcM1 below)
liANOE 0F ACCEPTfi:D
CO:1PE1iTT'V:: [Hw:
,:>rice
High
Low
93.]41<-;'
Average
98.92:1
3.478.
, .3.518%
96.933
" 3.50S}
I
," 55h ot
!I
t.lle amount oid for at t he low price va. accepted
Boston
tin lork
PhUadelphin
Cleveland
JUcmond
AQ::Jlied For
Accented
.
$ 20,000,000
1,819,850,000
"
10,800,000
Chicago
St. Louis
Alnne_pollA
Kansas .:1 ty
Dallas
San Francisc:;.
15,000,000
H70,.3$O.OOO
5,600,000
130,000
S,lOIJ,OOO
130,000
400,000
20.),000
137,120,000
61',620,JOO
15,100,000
Atlanta
!I
Approximate equiftlent annual rat. of dlscoUllt baNd
on 109.6 daza (average nuaber of da'y8_ to matur1tl)
3,7$0,000
2,770,000
1,750,000
1,770,000
1,770,000
10,610,000
125,000,000
26 ,.lii}) ,000
550,000
6,160,000
I $2,141 ,.):XJ,OOO
.~Jn a COUPOl1 is:O't.:8 of t',(' sane leTl,~trJ as the average for the Lllls 311- 1 for tne 8~
8.i-n-')unt invest~J, t:e return rm Ulese bills would provide a .tif:~ld ',)1 3o")j;~. IDter~8t
rat(8)Il "Uls are .::ploted tn ttSr;:~s of ban.":; diacollnt witt. the ret.;;r" r~lated to thf:.
fa~ ~~'nillt of t..:'S' 1)ills paya~le at maturity ratriEJr t.t.an the aA01.mt invested and
t!':~.l.r len~:t!; in a.ct u.a 1 ::',l..'7IV(:r of days related to a J60-Jat lEur.
c.,_ c>t1traet, Tit ld
?u certificates, notes, and bonds are computed in terzu or ulter":st on tne uount.
lHvested" arlC relate "the nUillber or days remaining in an interest ;>4J;yt0ut period ttl
tile act.U8...L :hilH.)O.!" of.ia/13 .l!l t.ne oeM ad, with seJllialltlWll CoaflOun iin", i r- mOre than :)c
coupe!: !'.eriQu
i~
i
(JVolved.
TREASURY DEPARTMENT
Foa iiELEASE A. M• NEWSPAPERS,
Saturday, July 25, 1964.
July 24, 1964
RESULTS OF OFFERING OF $1 BILLIOli STRIP OF TR.EASlTi1.Y BILLS
The Treasury Department announced last evening that tenders for additional amounts
often series of Treasury bills to an aggregate amo1l1lt of $1,000,000,000, or thereabouts,
to be issued July 29, 1?64, which were offered on July 20, were opened at the Federal Reserve Banks on July 24. The amount cf accepted tenders will be equally divided among the
ten regular weekly issues of outstanding Treasury bills maturing October 15, 1964, to
December 17, 1964, inclusive. The details of the offering are as follows:
Total applied for - $2,147,300,000
Total accepted
1,000,830,000
aANGE OF ACCEPTED
COMPETITI VE BIDS:
Price
(includes $4,000,000 entered on a noncompetitive
basis and accepted in full at the average price
snown below)
Aprroximate equivalent annual rate of discount based
on 109.6 days (average number of days to maturity)
High
98.941-
Low
98.929
3.L.78,i
3.518;£
98.933
3. 505:i
Average
55i
~/
of tIle amount bid for at the low price was accepted
TCTAL TENDE:\s A?.PLI.t:D FOn AND ACCEPT ~D B1 FEDErlAL rtESEliVE DISTRICTS:
Applied For
Acce,Eted
28,000,000
15,000,000
$
$
1,819,850,000
870,350,000
10,800,000
5,800,000
5,100,000
15,100,000
130,000
130,000
200,000
400,000
67,620,000
137,120,000
1,750,000
3,7S0,000
550,000
2,770,000
1,770,000
1,770,000
6,160,000
10,610,000
125,000 z000
26z400 zOOO
$1,000,8.30,000
$2,147,3()0,000
TJTA.LS
On a coupon issue of the same length as the average for the bills and for the same
amount invested, the return on these bills would provide a yield of 3.59%. Interest
rates on bills are quoted in terms of bank discount with the return related to the
face amount of the bills payable at maturity rather than the amount invested and
tteir len~tIl in actual nurr.ber of days related to a 360-daJ year. Ir. contrast, yields
on certiflcates, notes J and bonds are computed in terms of interest on tne amount
invested, and relate the number of days remaining in an interest ~aym~nt period to
the actual number of days in the period, with semiannual compounding lf more than one
coupon period is involved.
District
Boston
New York
Philadelphia
Cleveland
rtichrnond
Atlanta
Chicago
St. Louis
;'linneapolis
Kansas City
Dallas
San rranciscc
Y
D-l?C)S
!t' ~ '"A.
..v
" f..f
~'ue ti<.iaj, .J uly 2E , 1 $'64 •
.' ):i :.-;'
_.I~.
Z't~
TN~,sury
U
1-
July 27, .1 ~6k
IIIIt _
>~Fl~H..rJ
e:·~,,~or.it. tl.."H10U-'1cwd lEU1t GYQ11.ing L..,at. tote tendars tor ,'-.. J ~,,·rJ..es ~t
bills, ~'f'~ S.®ri~Sr.i~ L~ an adoiti·;,nal, is8'1.te .;)f ~i. hUla dated A r.ll )J, l~
and t". ~W .•r ~ri&S
be ".;' !;.!<d July ),1, 1]64. wl,ich Here 1ff.reel on Jill.,' ,2, were
:'anks on J\.UJ
;"rder. \\''tint invited for l,Z,)'"J};),')
or W.ereaO()ut..3, (}.r .1-d4l.i bl~ls ",'l'h: for~9J~#J!{), J ,,). :)t' Lt,-'!nJabout.a, of i ~;'~)"'J hIli
.'he l:tt\aila -:Jf tie t~:;) $,f'ies lA~ Af~ !ollOW1iJS
oiJened.t.t
t,")
;n.
:..rje'e~;i~r&l"':,9M'e
-.
>1-0&)' 'reuUf';' b:
!O"lat.urins ~,(;t.(~t.'fil" 29,
n.5
19th
. 9t1.1a!
::if',i'l
)10.182
9t!.184
i,in.
,36
P81"'C.f!rrt
11
(x."~"C"..'nt.
In... 11111• • APfIrDI . . All . . ., • • II•••' .FMLI • • 1111 ••
APi,l1ed for
.;.'
"itJW' on;
1,2I~6,ooo
1,1.• 61,460,000
"(1.;'.),100,\),)0
81,~~.OOO
2.~.l.I,).»
!,2,687,()))
2,6h),ooa
S,639,OOO
8,m,0(X)
;tdlf4c.:el;:. 1(,1
.~l<-'w lan:1
tlCl',: .. und
:.tl&nta
9,St9,OOO
Cl': i ~!~~:tJ
,t.
), f46, 000
102,)76,00\)
Hi, 06$,000
li)..,:i.f;',
'} , 36b,tJOO
17,256,000
9,Jlh,OCKJ
169,6U,~
~1.8B9,021,'JOO
Lnc1:i.d.ts"213,J~·:;,;>J:,; r},'c,;m~~~t.,~·t1ve
2, (I'})I , ;'1.)()
37,)f.6,·YJJ
;) ,h8L"
(,)}J
),281, XJ.)
i6,lS6,).)O
4,216,~
i~.j,le6. :.xx>
--~
Wnderu aQceptfJd at. t.t,. ~ralF~. ;r:e;;e ·:>f ;9.12
:nelt,·i~s ",.1,1.1;, :;,X) FI;JnC;l:li>~!'trt t he tef.'l~~re aace;,t4td at 1..h. &ft1"a\'1t ?,.:~ ·)f j'~.1e4
r, ... (;O',)~ j ~5.;e or ,-,'e IJ{l""'(! :l.e:1lfth w.--t{) f;;;f' t.he awre amoIJnt imrute<i, .: ft rst.1.U"ft •
~~,I'>.s. !)lll~ \,F,;,,:'(l (,;]1j'.le'"c ,jii!\lf.fJ ()f 3.')~.. 1. i'')l" '(,tEe ~a-4&,} b~~l., and·,.(V"
~)'2 .. :j":j l'·:le.
<nt.er<.'st raU.H:i ,.1'1 alil" ale quotf;(i in ~naa of bank ,;I~i3C')J.~"
Ear"
tli\h
""'h b·'l
.... r--.,
·· • ..-ab'",:I- _ ....... -.1,:
~ .... ·("--r .....
;l
...LV _\P..... \.........
. ....
.
t>~ a!{~-:'...ir\t l;l\r~:')t-:;~~ ~U'~1 tie l.r lenJtl. in act.ual n'....b4Jr of daJ8 relate"j r..) a J:'-,:~
.t'!,~.
C>:;~"f.r2.r;t, '.~!!la$.)r. ~J!o:rt'd·1.c~H8, l'1tY• • , md 0--:;nQ& ant 0QIIIl;i' '/m in ~
.'
.
t
t
~. '."~ ..~~~·l
:,.. e N~ ;- . :3" i.;", st D., and relate Vi. n ,J",~r of
re1: allll'1t: i~ Rr.
i.,-.t~~;:;:t ,_,r;, ,~·,tri -d t...' c,. '-' llC-t.~ f'H.ar.ber ~t ~. in ...he ~r1~. \. W': !'I(f·i1ilf1:-~n.al o;r j',:~?;:--l.,:~U: ~~ 1:'(l ;;':Aj;", (lift CO:'<"'):: period 18 inv:iLYe4.
'- ,·,".t'·r··
.... ~,'ITI'
... '"~..,.~
.,\
"~>\It'",(>
~·,,;·L ... \o: .... f.t ..."p.~
t·",
:;
tiJ - /2 Y~
.
.:
&0•
t..>.~
~"'
,'~t UL
.....
..
.....
..L"'~Vv
D£n,j·
.....,.!
~.t . . .
J..~
~_~
_'a
~·(",'/.~v
TREASURY DEPARTMENT
FOR RELEASE A. M. NEWSPAPERS,
~sday,
July
28, 1964.
July 27, 1964
RESUL'fS OF TREASURY' 5 WEEKLY BILL OFFERING
The Treasury Department announced last evening that the tenders for two series of
~asury bills, one series to be an additional issue of the bills dated A?ril 30, 1964,
and the other series to be dated July 30, 1964, which were offered on July 22, were
opened at the Federal Reserve Banks on July 27. Tenders were invited for $1,200,000,000,
or thereabouts, of 91-day bills and for $900,000,000, or tbereabouts, of 182-day bills.
The details of the two series are as folIous:
RANGE OF ACCEPTED
C~TITIVE
91-day Treasury bills
maturin~ October 29~ 1964
Approx. Equiv •
Price
ArulUal Rs. te
99.124
3.465%
99.119
3.48.5%
99.122
3.47.5%
BIDS:
High
Low
Average
!I
·
·
·
·
··
Ib2-day Treasury bills
maturin~ January 28~ 196.5
Approx. Equiv.
Price
Annual Rate
98.188
3.58M~
98.182
3.596%
98.1B4
3.591%
!I
38 percent of the amount of 91-day bills bid for at the low price was accepted
17 percent of the amount 01 lo2-day bills bid for at tile 1(\\) !Jrice was accepted
TOTAL TENDERS APPLIED FOR MiD ACCEPTED BY FEDERAL HESEHVE DI.:51'l",ll:;'.s:
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas Cit~
Dallas
San Francisco
TOTALS
a/
t/
!I
Applied For
Accepted
$
$
3li,249,ooo
1,672,564,000
36,101,000
19,147,oOG
9,175,(X)O
26,331,000
18.5,uoo,ooO
29,654,000
20.680,000
29,627,000
18,.543,000
121,919,000
$2, 203, 39(), 000
13,849,000
881,264,000
16,051,000
19,147,000
9,17S,000
21,711,000
118,160,000
22,710,000
13,150,000
27,507,000
9,92),000
41,739,000
·
Applied t<"ul'
$
3,2~6,OOO
1,461,1.:60,000
8,29)1,000
81, PoL ,,)Of)
j
2, 04J, 0J0
1,~VJ,OOO
:
·
102,3'/6,000
1B,06S,oOO
5,364,000
17,256,000
9,)ll,000
169,611,000
•
$1,200,)86,ooo!l $1,889,027,000
Accepted
$ 1,246,000
740,700,000
2,099,000
42,687,000
2,64),000
5,639,000
37,366,000
5,484,000
),281,000
16,156,000
4,276,000
40,186,000
$901,763,000 ~
Includes $213,354,000 noncompetj tive tenders accepted at tl e d'h;ra~e P?ce of 99.122
Includes $57,315,000 noncompetitive tenders accepted at the a~erage pr~ce of 98.184
On a coupon issue of the same length and for the same amoWlt :uwested, the return on
these bills would provide yields of 3.55%, for the 9l-day bills, and 3.71%, for the
182-~ bills. Interest rates on bills are quoted in terms of bank discount with
the return related to the face amount of the bills payable at maturity rather than
the amount invested and their length in actual number of days !'P1at.ed to a 360-day
year. In contrast, yields on certificates, notes, md bonds are computed in terms
of interest on the amount invested, and relate the number of days remaining in an
interest payment period to the actual number of days in the period, with seni.~ual compounding i f more than one coupon period is involved.
D-1296
- 3 -
and exchange tenders will receive equal treatment.
Cash adjustments will be made
for differences between the par value of maturing bills accepted in exchange and
the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from the sale
or other disposition of the bills, does not have any exemption, as such, and loss
from the sale or other disposition of Treasury bills does not lLave any special
treatment, as such, under the Internal Revenue Code of 1954.
The bills are subject
to estate, inheritance, gift or other excise taxes, whether Federal or state, but
are exempt from all taxation now or hereafter imposed on the principal or interest
thereof by any state, or any of the possessions of the United states, or by any
local taxing authority.
For purposes of taxation the amount of discount at which
Treasury bills are originally sold by the United states is considered to be interest.
Under Sections 454 (b) and 1221 (5) of the Internal Revenue Code of 1954
the amount of discount at which bills issued hereunder are sold is not considered
to accrue until such bills are sold, redeemed or otherwise disposed of, and such
bills are excluded from consideration as capital assets.
Accordingly, the owner
of Treasury bills (other than life insurance companies) issued hereunder need include in his income tax return only the difference between the price paid for such
bills,. whether on original issue or on subsequent purchase, and the amount actually
received either upon sale or redemption at maturity during the taxable year for
which the return is made, as ordinary gain or loss.
Treasury Department
Ci]~ular
No. 418 (current revision) and this notice, pre-
scribe the terms of the Treasury bills and govern the conditions of their.issue.
Copies of the circular may be obtained from any Federal Reserve Bank or Branch.
- 2 -
decimals, e. g., 99.925.
Fractions may not be used.
It is urged that tenders
be made on the printed forms and forwarded in the special envelopes which will
be supplied by Federal Reserve Banks or Branches on application therefor.
Banking institutions generally may submit tenders for account of customers
provided the names of the customers are set forth in such tenders.
Others than
banking institutions will not be permitted to submit tenders except for their
own account.
Tenders will be received without deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment
securities.
Tenders from others must be accompanied by payment of 2 percent of
the face amount of Treasury bills applied for, unless the tenders are accompanied
by an express guaranty' of payment by an incorporated bank or trust company.
Dmnediately after the closing hour, tenders will be opened at the Federal
Reserve Ballks and Branches, following which public announcement wi1l be made by
the Treasury Department of the amount and price range of accepted bids.
Those
submitting tenders will be advised of the acceptance or rejection thereof.
The
secretary of the Treasury expressly reserves the right to accept or reject any
or all tenders, in whole or in part, and his action in any such respect shall be
final.
Subject to these reservations, noncompetitive tenders for
less for the additional bills dated
ing until maturity da.te on
$10 IJ. lJOO
or less for the
(:2:0)
j'/jay
l'TOVr.::r:1bC;(t~) J.964
7, 19640
, (
(xtl
$200~O
91
or
(
days remain-
(w
) and noncompetitive tenders for
l;32 -day bills without stated price from anyone
(XL)
bidder wi1l be accepted in full at the average price (in three decimals) of accepted competitive bids for the respective issues.
Settlement for accepted ten-
ders in accordance with the bids must be made or completed at the Federal Reserve
Banks on
in cash or other immediately available funds or
(£21
in a like face amount of Treasury bills maturing
i:"'Ll['L':,0'"
0)
l~364
----~~(~~~)------
Cash
Exhibi~
b')
a-A
)
TREASURY DEPARTMENT
W~\shington
FOR IMMEDIATE RELEASE,
July 29, 1:'6·1
.
,""'
.....
, .-,.'!"'(....
'. - ._,,....
}..-,"-.'.... ~
L. ,...._,..,:)~..,.,\""I'_},"'!'
.. l~_-{I'\'I-J~~I~~\¥!-..""J'~}d"('"\",
\_'r"\..l'!:"'\..'~\.~j'c."",C{~}~'"~\
. ./\~X~}~.Cv~
TREASURY'S WEEKLY BILL OFFERING
The Treasury Department, by this public notice, invites tenders for two serie
of Treasury bills to the aggregate amount of $ 2,100,000,000 , or thereabouts, for
cash and in exchange for Treasury bills
mat~ring
~
August 6, 1964
--""--"JI":~:';;r.- - -
,in the amoun
of $ 2, ~oo, 702,000 , as follows:
(w)
31 -day bills ( to maturity date) to be issued
('£1
August 6JOOt1964
\,b\)
in the amount of $ 1,200) 000,000 , or thereabouts, represent-
iMd
ing an additional amount of bills dated
and to mature
amount of $
Novembe~5!
90013~0001
1964
_..;}..;.;~a;;.,y,--7.....,~1....9..;6__4_ __
.
eM
,originally issued in the
the additional and original bills
additional $100,086,000 will be issued
to be freely interchangeable.
July 29, 1964)
~
182
6ft}
-day bills, for $
900,0~00
August 6, 1964
~
Tan
I
,or thereabouts, to be dated
,and to mature
:F'ebruari&M' 1965
The bills of both series will be issued on a discount basis under competitive
and noncompetitive bidding as hereinafter provided, and at maturity their face
amount,will be payable without interest.
They will be issued in bearer form only,
and in denominations of $1,000, $5,000, $10,000, $50,000, $100,000, $500,000 and
$1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
Daylight Saving
cloSing hour, on~-thirty p.m., Ea.stern/~ time, Monda,y, August 3, 1964
6f51
Tenders will not be received at the Treasury Department, Washington.
Each tender
must be for an even multiple of $1,000, and in the case of competitive tenders the
price offered must be expressed on the basis of 100, with not more than three
TREASURY DEPARTMENT
July 29, 1964
~R
IMMEDIATE RELEASE
TREASURY'S WEEKLY BILL OFFERING
The Treasury Department, by this public notice, invites tenders
for two series of Treasury bills to the aggregate amount of
$2,100,000,000,or thereabouts, for cash and in exchange for
, Treasury bills maturing Augus t 6,1964,
in the amount of
$2,100,702 ,000, as follows:
91-day bills (to maturity date) to be issued August 6, 1~6~, in
f $1 200 000 000 or thereabouts, representing a0 addltlonal
amQun t 0 f b' l' 1 ~ d' ted May' 7 1964 and to ma ture November 5, 1964,
amoun t 0
1
~
a
"
.'
1
. . all issued in the amount of $900,393,000 (an addltlona
..
~~~~~~86,boo will be issued July 29, 1964), the additional and orlglnE
bills to be free 1y in tere hangeab Ie.
18~day bills, for $900,000,000,
or thereabouts, to be dated
Augus t 6, 1964,
and to mature
February 4, 1965.
The bills of both series will be issued on a discount basis under
competitive and noncompetitive bidding as hereinafter provided, and at
m~urity their face amount will be payable without interest.
They
will be issued in bearer form only, and in denominations of $1,000,
$5,000, $10,000, $50,000, $100,000, $500,000 and $1,000,000
(maturi ty value).
Tenders will be received at Federal Reserve Banks and Branches
Eas tern Day 1 igh t Saving
time, Monday, Augus t j , 1964.
Tenders will not be
received at the Treasury De:rartment, Washington. Each tender must
be for an even multiple of $1,000, and in the case of competitive
tenders the price offered must be expressed on the basis of 100,
with not more than three decimals, e. g., 99.925. Fractions may not
be used. It is urged that tenders be made on the printed forms and
fornarded in the special envelopes which will be supplied by Federal
~serve Banks or Branches on application therefor.
up to the c losing hour), one-thirty p. m.,
Banking institutions generally may submit tenders for account of
customers provided the names of the customers are set forth in such
'tenders. Others than banking institutions will not be permitted to
submit tenders except for their own account. Tenders will be received
Without deposit from incorporated banks and trust companies and from
N~onsible and recognized dealers in investment securities.
Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
aCCompanied by an express guaranty of payment by an incorporated bank
Dr trus t company.
D-1297
- 2 Immediately after the closing hour, tenders will b2 opened at
the Federal Reserve Banks and Branches, followin~ which public
announcement will be made by the Treasury Department of the amount
and price range of accepted bids. Those submitting tenders will be
advised of the acceptanc~ or rejection thereof. The Secretary of
the Treasury expressly reserves the right to accept or reject any or
all tenders, in wh:ile or ~,... part) and his action in any such respect
shall oe ftnal.
r.'v·qe reservations, noncomp~.,t>itlve
tenders fc'- :-~ ~jdlt10nal bills
'i::'1
Nay /, 1 '1,).,
c(.·;.~ __ '3_..lnt11 maturit¥ d
;\ (W0~ he r
~ . J " ,'"' ' .1 ve tende rs for ~101
or less for the
'-:"~J':; '.~l~; without stated price fr.n arlj J~.e
bidder will be ac·~e[Jted 1-j ftll.j at the average price (~c; th~'e",
decimals) of accer)ted CO(.,),,:t:ti'lc bids for the respective issues.
Settlement for accepted tpnders i~ accordance with the bids must be
made or completed at the Federal Reserve Banks on Augus t 6, 1964,
in cash or other immediat.ely available funds or in a Itke race
amount of Treasury bllls m3.turing August 6, 1964. Cash and
exchange tenders wil':' re~ei va equal treatment. Cash adjustments
will be made for dlffc~·:l"'.'S between the par value of maturing
bills accepted in exchal~·. dod the issue price of the new bills.
The income derived from Treasury bills~ whether interest or
gain from the sale or other disposition of the billS, does not have
any exemption, as such, and lOBS from the sale or other disposition
of Treasury bills does not have any speCial treatment, as such,
under the Internal Revenue Code of 1954. The bills are subject to
estate, inheritance, gift or other excise taxes, whether Federal or·
State, but are exempt f~om all taxation now or hereafter imposed on
the principal or interest thereof by any state, or any of the
possessions of the United states, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States is considered to be
interest. Under Sections 454 (b) and 1221 (5) of the Internal
Revenue Code of 1954 the amount of discount at which bills ~ssued
hereunder are sold is not considered to accrue until such bills are
sold, redeemed or otherwise disposed of, and such bills are excluded
from consideration as capital assets. Accordingly, the owner of
Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax return only the difference between
the price paid for such bll1s, whether on original issue or on
subsequent purchase, and the amount actually received either upon
sale or redemption at maturity during the taxable year for which the
return is made, as ordinary gain or loss.
Treasury Department Circular No. 418 (current revision) and this
notice prescribe the terms of the Treasury bills and govern the
conditions of their issue. Copies of the circular may be obtained from
any Federal Reserve Bank or Branch.
000
TREASURY DEPARTMENT
July 29, 1964
FOR IMMEDIATE RELEASE
TREASURY DECISION ON COLD-ROLLED STEEL SHEETS
UNDER THE ANTIDUMPING ACT
The Treasury Department has determined that cold-rolled
steel sheets, oiled or unoiled, in various sizes and thicknesses,
from England, manufactured by John Summers & Sons Ltd., Shot ton ,
Chester, England, are not being, nor likely to be, sold in the
United States at less than fair value within the meaning of the
Antidumping Act.
Notice of the determination will be published
in the Federal Register.
Appraising officers are being instructed to proceed with
the appraisement of the above described merchandise from England
without regard to any question of dumping.
The dollar value of imports of the involved merchandise recei ved from September 1963 to February 1964 was apprOXimately
$847,000.
TREASURY DEPARTMENT
FUR IMMEDIATE REIEASE
TREASURY DECISION ON COLD-ROLLED STEEL SHEETS
UNDER THE ANTIDUMPING ACT
The Treasury Department bas determined that cold-rolled
steel sheets, oiled or unoiled, in various sizes and thicknesses,
from England, manufactured by John Summers & Sons Ltd., Shotton,
Chester, England, are not being, nor likely to be, sold in the
United States at less than fair value within the meaning of the
Antidumping Act.
Notice of the determination will be published
in the Federal Register.
Appraising officers are being instructed to proceed with
the appraisement of the above described merchandise from England
without regard to any question of dumping.
The dollar value of imports of the involved merchandise received from September 1963 to February 1964 was approximately
$847,000.
TREASURY DEPARTMENT
•
roR
IMMEDIATE RELEASE
July 29, 1964
TREASURY ANNOUNCES AUGUST REFUNDING TERMS
AND PLANS FUR MARCH TAX BILL OFFERIrl}
The Treasury will borrow $4 billion, or thereabouts, through the issuance of
la-month 3-:/8% Treasury notes, at par, dated August 15, 1964, for the purpose of
~png off ln cash $4.1 billion of the following Treasury securities maturing
August 15, 1964:
$1,198 million of 5% notes of Series B-1964, dated October 15, 1959; and
$2,910 million of 3-3/4% Treasury Notes of Series E-1964, dated August 1,
1961.
The Treasury also announced that it plans to offer $1 to $1-1/2 billion March
tax bills later in August.
The new 18-month 3-7/8% notes being offered now will be dated August 15, 1964,
and will mature February 15, 1966. Interest will be payable semiannually on
February 15 and August 15, 1965, and on February 15, 1966. The notes will be made
available in registered as well as bearer form. Payment and delivery date for the
notes will be August 17.
Subscriptions will be received subject to allotment. All subscribers requesting registered notes will be required to furnish appropriate identifying numbers
as required on tax returns and other documents submitted to the Internal Revenue
Service. Payment may be made in cash, or in 5% Treasury Notes of Series B-1964
or 3-3/4% Treasury Notes of Series E-1964, which will be accepted at par, in payment or exchange, in whole or in part, for the Treasury Notes subscribed for, to
the extent such subscriptions are allotted by the Treasury.
The subscription books will be open only
~
Monday, August 3.
Any subscriptions with the required deposits addressed to a Federal Reserve
&nk or Branch, or to the Treasurer of the United States, and placed in the mail
before midnight, August 3, 1964, will be considered timely.
The new issue may not by paid for by credit in Treasury Tax and Loan Accounts.
Subscriptions from commercial banks, for their own account, will be restricted
in each case to an amount not exceeding 50 percent of the combined capital (not including capital notes or debentures), surplus and undivided profits of the subscribing
bank.
Subscriptions from commercial and other banks for their own account, Federallyinsured savings and loan associations, States, political subdivisions or instrumentalities thereof, public pension and retirement and other public funds, international
organizations in which the United States holds membership, foreign central banks and
foreign states, dealers who make primary markets in Government securities and report
~lly to the Federal Reserve Bank of New York their positions with respect to Government securities and borrowings thereon, Government Investment Accounts, and the Federal Reserve Banks will be rece i ved without depos it •
D-1298
-2Subscriptions from all others must be accompanied by payment of 210 (in cash,
or Treasury Notes of Series B-1964 or Series E-1964, maturing August 15, 1964, at
par) of the amount of notes applied for not subject to withdrawal until after allot-
ment.
The Secretary of the Treasury reserves the right to reject or reduce any subscription, to allot less than the amount of 3-7/810 notes applied for, and to make
different percentage allotments to various classes of subscribers; and &IlY action
be may take in these respects shall be final. Subject to these reservations, and
~e submission of a written certification by the subscriber that the amount of the
subscription does not exceed the amount of the two eligible securities owned or
contracted for purchase for value, at 4 p.m., Eastern Daylight Saving time, July
29, 1964, all subscriptions from States, political subdivisions or instrumentalities thereof, public penSion and retirement and other public funds, international
organizations in which the United States holds membership, foreign central banks
and foreign States, Government Investment Accounts, and the Federal Reserve Banks,
will be allotted in full; Provided, however, wben any such subscriber elects to
~ter any subscription which does not carry the certification as to ownership of
~e maturing securities, any and all subscriptions received from the subscriber
will be allotted on the basis of the allotment to be publicly announced. The
basiS of the allotment of all other subscriptions will be publicly announced, and
&~tment notices will be sent out promptly upon allotment.
All subscribers are required to agree not to purchase or to sell, or to make
with respect to the purchase or sale or other disposition of any of
the 3-7/8cJ, notes until af'ter midnight August 3, 1964.
~ ~eements
Commercial banks in submitting subscriptions will be required to certify that
they have no beneticial interest in any of the subscriptions they enter for the
~count of their customers, and that their customers have no beneficial interest
in the banks' subscriptions for their own account.
DRAFT PRESS RELEASE
Treasury
~~esched.lles
Brazilian Obligations
Secretary of the Treasury Douglas Dillon and the
Ambassador of Brazil, Juracy Magalhaes, today signed an
amendment to the Exchange Agreement of May 1961 between
the Treasury, the Government of Brazil, and the Banco do Braltl
The amendment signed today provides for a postponement
of $25.3 million in princillal repayments due 1'"0 the Trealury,
under the tenus of the Ap-..,reement t in the remainder of 1964.
Repayment will be effected hy Brazil in monthly installments,
beginning i.n January 196.'5 and v1ith full .'eepayment completed
in December 1966.
T.le rescheduling
of Brazil's obligattons to the Treasury
supplements the multilateral rescheduling and refinancing
of certain debt obllgatiol1S agreed betweer "Grazil and nine
"'"/
b" countr-i es, i .DC1 U di
. i •. ague Cl_.u.·
_ ng t h e Un i te(1 States, as
announcer' in Paris on Jl\ly 1.
TREASURY DEPARTMENT
July 30, 1964
FOR IMMEDIATE RELEASE
TREASURY RESCHEDULES BRAZILIAN OBLIGATIONS
Secretary of the Treasury Douglas Dillon and the
Ambassador of Brazil, Juracy Magalhaes, today signed an
amendment to the Exchange Agreement of May 1961 between the
Treasury, the Government of Brazil, and the Banco do Brasil.
The amendment signed today provides for a postponement
of $25.3 million in principal repayments due to the Treasury,
under the terms of the Agreement, in the remainder of 1964.
Repayment will be effected by Brazil in monthly installments,
beginning in January 1965 and with full repayment completed
in December 1966.
The rescheduling of Brazil's obligations to the Treasury
supplements the multilateral rescheduling and refinancing of
certain debt obligations agreed between Brazil and nine
"Hague Club" countries, including the United States, as
announced in Paris on July 1.
000
D-1299
F\)i ;t;',L;\AS£ A.. .'. ..:;.vS :;.,!, ~;" {3,
Friday, Jul. )1. 19<?4.
'fhe TNllsur, ;}erartment annoUJl~d. last eTeDlng that the tenders tor n,ooo,ooo,OO
or thereabouts, of )61-day 'i'reaBur.1 bills to be dated August 4, 1964, and to _t. .
Jul,)' 31, 1965, 1I1rich vere oltered Otl Jul.1 2), were 0llened at the Federal l ... ne .....
on Jul.l )0.
The detaUs of t;d, iS8ue are as follo-ws:
.D-
Total applipd for - $2,079,802,000
Total accepted
- 1,000,212,000
rt.an~e
(include. $20,937,000 entered on a
COIlpetiti YQ basis and accepted in full
at tl'le ,nera,:;e price sh.own bfilow)
of accepted comf~titive t>ids:
iiigtJ
iA:>w
Averae;e
-
76.362
96.339
;:'qHiv'a..lent rate of dil5co'mt approx. 3.626'( per amua
16.346
It
M
!t
.i
It
.r
U
II
"
lJ
(,37t of tho 3Molmt bid for at the 10v price
Total
Federal ~(ea~rve
Di81.rict
do. ton
$
~hllad.lph1a
~nneapoliB
lanaas City
9,760,000
5,760,000
178,5)),000
102,27),000
7,845,000
6,21S,ooo
8,(5),000
lS,92S,OOO
;.I·allas
San Francisco
..
),844,000
14,851,,000
6,hlS,ooo
Louie
accepted)
769,348,000
12,487,000
ll,d54,ooo
9,245,000
iUchmond
97 ,(4),000
~2,079,802,ooo
9,245,000
),315,000
8,053,000
6,925,000
60,89~IOOO
.$1,000,212,000
:)n a coupon issue of trle same leJligtn and for the same &;lX)unt invested, the nt.una OJ
these t;llls 'Would ;:>roviJe a field of 3.80~. Interest rates on 0111s are quoted 1a
terma of ~'\Qn" disco'<nt vitn t::e l'leturn relat.ed to t.ne face amouut of the billa .., .
at :»at uri tor rather 't.1UlL t ~tC a71lount invested and their lengti1 in actual nl.llli:ler 01 •
related to a )6':)-d.a.) Jur. In contrast, y1elda on ~rtifieate8, notea, and boDda aJ
COIri~uted in ter,-ns Df intel'est on trJe ru"o<mt invested. and relate tr~ nu.":loer of .11
remainin:< u: an int~re:st ~a.:lr,ent period to ttl(i actual aumoer of cia'yS 1.11 tAle period,
wit!J sQlniaanua.l OOll.i::;oandin.:, ii' more than one coupon period is involved.
TuO.L
!I
21,~.OOO
22,487,000
Atlanta
Chicago
"
•
forlcee,pted
1,687,798,000
i1leveland
•
•
Total
~:eplled
!iewtork:
st.
Wiifj
.3.651. ~
)'.644:'
TREASURY DEPARTMENT
FOR RELEASE A. H. NEWSPAPERS,
July 31, 1964.
!!ictay,
July 30, 1964
RESTJLTS OF TREASURY'S ONE-YEAR BILL OFFERING
The Treasury Department announced last evening that the tenders for $1,000,000,000,
lor thereabouts, of 361-day Treasury bills to be dated August 4, 1964, and to mature
J~y 31, 1965, which were offered on July 23, were opened at the Federal Reserve Banks
on July 30.
The details of this issue are as follows:
Total applied for - $2,079,802,000
Total accepted
- 1,000,212,000
(includes $20,937,000 entered on a noncompetitive basis and accepted in full
at the average price shown belovl)
Range of accepted competitive bids:
96.362 Equivalent rate of discount approlC. 3.628~ per annum
II
II
II
3.651~ II
96.339
"
"
"
II
II
96.346
"
" 3.644'h
" " "
(37% of the ~nount bid for at the low price 1.Jas accepted)
Hi.gh
Low
Average
Y
Total
Total
Accel)ted
AEElied For
3,844,000
$
$ 21,844,000
769,348,000
1,687,798,000
12,487,000
22,487,000
11,854,000
14,854,000
9,245,000
9,245,000
5,760,000
9,760,000
102,273,000
178,533,000
3,315,000
6,415,000
6,215,000
7,845,000
8,053,000
8,053,000
6,925,000
15,925,000
60 z893.z 000
97.zo43.z000
$1,000,212,000
$2,079,802,000
TOTAL
!I On a coupon issue of the same length and for the same anlOunt invested, the return on
these bills would provide a yield of 3.80%. Interest rates on bills are quoted in
terms of bank discount with the return related to the face amount of the bills payable
at maturity rather than the amount invested and their length in actual number of days
related to a 360-day year. In contrast, yields on certificates, notes, and bonds are
computed in terms of interest on the amount invested, and relate the n~~ber of days
remaining in an interest payment period to the actual number of days in the period,
with semiannual compounding if more than one coupon period is involved.
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlantll
Chicago
st. Louis
Minneapolis
Kansas City
Dallas
San Francisco
D-1300
_
United States Savings Bonds Issued and Rede.ped Through JulY 1964
(Dollar amounts in millions - rounded and will n~ neceaRarily add to totals)
..... -------.Amount- -~Airiounf---------Amo-unt----- %-Outstandi
Outstanding ,£/ of Amt.Issu
Issued 1/ Redeemed -1/
'
;·:ATURSD
Series A-1935 - D-1941 •••••••••• $ 5,003
29,521
Series F & G-1941 - 1952 ••••••••
$
4,991
29,399
.24
12
$
.41
122
UN}:ATURED
Series E: 3/
14.97
14.61
Unclassified ••••••••••••••••••
1,837
8,111
13,056
15,215
ll,915
5,358
5,053
5,209
5,127
4,473
3,874
4,054
4,615
4,698
4,841
4,645
4,365
4,224
3,951
3,933
3,946
3,796
4,206
1,627
497
1,562
6,926
1l,174
12,855
9,847
4,215
3,798
3,811
3,667
3,122
2,695
2,770
3,009
2,874
2,880
2,775
2,538
2,310
2,il2
1,969
1,782
1,582
1,330
207
545
275
1,185
1,882
2,360
2,069
1,144
1,256
1,398
1,461
1,352
1,179
1,284
1,606
1,825
1,961
1,870
1,827
1,91.3
1,838
1,964
2,164
2,214
2,876
1,419
-48
Total Series E ••••••••••••••••
132,626
92,355
40,274
30.37
Series H (1952 - Jan. 1957) 3/ ••
H (Feb. 1957 - 1964) : ••••
3,670
6,266
1,526
839
2,liJ,5
5,427
58.45
86.61
Total Series H ••••••••••••••••
9,936
2,365
7,572
76.21
Total Series E and H ••••••••••
142,562
94,720
47,846
33.56
Series J and K (1952 - 1957) ••••
3,716
2,188
19!J!
•••••••••••••••••••••
1942
•••••••••••••••••••••
19L3 •••••••••••••••••••••
1944 •••••••••••••••••••••
19L5 •••••••••••••••••••••
1946
1947
1948
19L9
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
•••••••••••••••••••• 0
••••••••••••••••••••• 1
•.........••..•..• · .• i
!
0 •••••••••••••• ••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
•••••••••••••••••••••
196u •••••••••••••••••••••
34,524
Total matured •••••••
146,278
Total
unr~tured
•••••
ill Series
180,802
Grand Total •••••••••
1/ Includes accrued dlscount.
2/ C~rrent redemption vG1ue.
1/ At option of owner bonds may be held and
will earn interest for additional periods
after original maturity dates.
~/ Includes matured bonds which have not been
presented for redemption.
I
34,390
96,908
131,298
1:/
14.41
I
I
I
15.51
17.36
21.35
24.86
26.84
28.50
30.23
30.43
31.67
34.80
38.85
40.51
40.26
41.86
45.29
46.52
49.94
54.84
58.32
68.38
87.22
--
1,528
41.12
134
49,374
49,508
33.75
27.38
BUREAU OF THE PUBLIC DEBT
.39
=-'
United States Savllir;s Bends Issued and Redeemed ThrouGh July 1964
(Dollar amount~ in millions - rounded and will not necessarily add to
:=-_
',"
•
'.
"Series E: 3/
1942
19L3
19lili
1945
1946
1947
1948
19iJ9
1950
1951
1952
1953
1954
1955
1956
1957
12
I
122
.24
.l!l
'I
••••••••• s
.........
•••••
••••
~~,qj
~c
Q
••
..,
'"
'1II_)''J
....
I)
~
,<;
..
~
""~~.,+.:.Q
J:
()
~
.'
11
\~~~r.~.~c<il
*!JI(:~"'$
....
1,e:'7
I:
{)Cl8~
1,
1
~)<!!(I~."'C:4-
. . . a't.l
• • • &.0'"'''' . . . . . . . 8 ' ' . . . . . 411
••
~.J~
?
••
.....
o ••
~
••
~.,.3.y
'i:.e$.&"'0.('
••••••••
. . . . fIo
"i<a.:.
iI
••
we
~"O.*o&.Ja(j."'.4
1
i
'
l
!
II
• • • • • • • • • • • • • ..... "'e-<ltQ.e
• • • • .,(10 . . .
90"'.·.1 . . . \10$ • •
•••••••••••
~
• • • •,'.}.tW\Il~
I,
I,
I
••••••
4I.e-O;.OI1I~-£~t'O!"Qo"J
••
. . . . . . . . . . . ~ac.~.'I:~!toelt&.C>
••••
$~~'lli4i'.~e
•••••••••
....
r. . .
,
1,
)~
~
•••••.•••
• • • fl •
"
. . . . . . ., •
.oG.Il • • • •
$
"
('
(>
....
••
.';;'
•••
0
•••••••••
3,667
3,122
2,695
h,054
L,615
3,009
4,698
1,,841-
2,874
2,880
3,951
~
••
5,127
4,473
3,874
4,365
4,224
•••••••
"'''
3,811
I
1
4,215
3,798
rJ,209
i.+,645
. . . . . . . . . . . . . e..I\:1 .. ~ • • • •
..
IS,215
1l,915
r;. J./':l5R
5,053
i
c(Oj1lt\~
4ilQ.~"' • • ~O?.
11,174
12,855
9,847
L,056
~
• • • '-,:ae.~"'~IiI.~(#,~tt>G.'~1"'9l
~et4l~O~-.) • •
1,562
6,926
·3',111
" t;:,
1958
~<lI.$.6.:l'
e
1959
1960
1961
~
15'62
,.~.,.,~.".Q
s''','''t:~.(f,¥>
1963
1961J
Unclassified ••••••• ~
2,770
3,933
f
!
I
~
'I
j
i
Total Series E
e •••
0
u.""" .. e (
Series H (1952 - Jan. 1957 I
H (Feb. 1957 - 19b~)
Total Series E ••••
)./
lI~.Ll
15.51
17 .36
21.35
1,256
1,398
24.B6
26.84
28.50
30.23
30.h3
31.67
1,461
1,352
1,179
1,284
34.80
38.85
1,606
1,825
1,961
ho.51
2,538
2,310
1,827
1,913
4l.R6
45.29
2,112
1,969
1,964
46.52
49.94
1,838
2,164
2,214
2,816
5!L.84
1,419
545
-48
5R.32
68.38
87.?2
132,626
92,355
40,214
30.37
3,610
1,526
6,266
839
2,115
5,U27
9,936
2,365
7,572
94 , 720
47 , 846
4,206
1,627
497
i__________~~--------+-________--~l__---------
..
~ ••••
u n . H H O ••
eR E. and H
,
l4.61
40.26
1,782
1,582
1,3.30
207
3,9h6
3,796
14.97
275
1,185
1,882
2,3W
2,069
1,l44
1,870
2,775
,
To t a 1 Seri
$
--' . _.-==1f=-========t==============::l=:==========-
::=~~~
UN}'.A TURED
19L!
~- )
Iy.~;-; :-f:~:fy-:~!:n':n~-ul!~°f~~~~
11ATURED
'
4,991
series A-1935 - D-1941 eo.
$ $
:,0(;;)
.
Series F & G-1941 - 1952 ... _, '" , .
2(' , c' ,'1
29,399
H
t0t2,'
1
J.4'-, Cb'?
/ ~
!
58.45
86.61
76.21
-+________~~__________~l1 ________
__
~i_ _ _ _ _ _ _ _
.0........ ", ,1..,
j
I
!
33 56
I
·
I ~~7=~~~~~~~~==~:==~~~
3,7:_c
2,188
l:/ 1,~28
\
41.12
Fl
Series J and 1: (:952 - 19)7) ......
P======F======*===============--='iota
mature"
.......
I 34,524
34,390
134
I
,'\9
All Series To tal
1 J.16~ 278
96,908
49,374
l
33.75
u.nr7'.a t1....rf'C1
u . oe
CraI~d Tot.al ~~ .... H.
l
; 180,802
131,298
49,508
27.38
":"1Jr-I-n-c1-u-d-e-s-a::::c::::c=ru=e~d discO-un·~t-..---'.i=======i:======t========::±==::::::=:=~·~
y. Current redemption
Y At option of owner
veoluefi
bcndp ;';1ny b6 '1eld nnd
for a0cJltional periods
will earn int-{;re~t
after original rna turi ty cia tes ..
Includes matured bonds which hav~ not been
.Ii presented
for redemption.
BUREAU OF THE PUBLIC D£BT
@FedFRASER