The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
IteftÇ».
H l
lö
•Í H 3 P H
sí. i r
(J ■S,
/r<g<mH|
vef*^ •
i'i
JUN 1 4 1972
TREASURY DEPARTM ENT
TREASURY ® â H l W
ÏÏA3ÎÏINGT0N
FOR RELEASE, M O M M O NEWSPAPERS,
21,
mTuesday,
iiw»n»yn—i
li
mimi May
hwiBiiiwhww
ii
wfcnnwr1955.
fMwi’miwiw»f
t
«»»
i:»w>u*miotm—
imiami
5/20/35
V
Press Servies
S
o
Secretary of the Treasury Margeathau. announced lest evening that the tenders
J
* l
for two series of Treasury bills, to be dated Hay 28, 1955, which were offered
on May 17, were opened at the Federal Reserve banks on Mdy SO, 1955«
Tenders were invited for the two series to the aggregate amaunt of $100,000,000,
or thereabouts, and $223,841,000 was applied for, of which 1100,035,000 was
accepted.
The details of the two series are as follow^
155-DAY TREASURY BILLS, MATURING OCTOBER 2. 1955
For this series, which was for $50,000,000, or thereabouts, the total amount
applied for was $109,289,000, of which $50,065,000 was accepted.
The accepted
bids ranged in price from 99.970, equivalent to a rate of about 0.081 percent
per annum, to 99.965, equivalent to a rate of about 0.095 percent per annum,
on a bank discount basis.
was accepted.
Only part of the amount bid for at the latter price
The average price of Treasury bills of this series to be issued
is 99.967 and the average rate is about 0.088 percent per annum on a bank dis
count basis.
275-DAY TREASURY BILLS, MATURING FEBRUARY 19. 1936
For this series, which was for $50,000,000, or thereabouts, the total amount
applied for was $114,558,000, of which $50,020,000 was accepted.
The accepted
bids ranged in price from 99.900, equivalent to a rate of about 0.152 percent
per annua, to 99.885, equivalent to a rate of about 0.152 percent per annum, on
a bank discount basis.
accepted.
Only part of the amount bid for at the latter price was
The average price of Treasury bills of this series to be issued is
99.889 and the average rate is about 0.146 percent per annum on a bank discount
basis
E
TREASURY, DEPARTMENT
Washington
POP RELEASE , MORNING- NEWSPAPERS,
Tuesday, May 21, 1955«___________
5 -2035.
Press Service
N o ,5-0
Secretary of the Treasury Morgenthau announced last evening that the tenders
for two series of Treasury hills, to he dated May 22, 1935, which were offered
an May 1?, were opened at the Eederal Reserve hanks on May 20, 1935*
Tenders were invited for the two series to the aggregate amount of
$100,000,000, or thereah nuts, and $223,841,000 was applied for, of which
$100,083,000 was accepted.
The details of the two series are as follows:
1 33—DAY TREASURY BILLS , MATURING OCTOBER 2, 19,55
Eor this series, which" was for $50,000,000, or thereabouts, the total
amount applied for was $109,289,000, of which $50,063,000 was accepted*
The
accepted hids ranged in price from 99*970, equivalent to a rate of about 0*081
percent per annum, to 99.965, equivalent to a rate of about 0*095 percent per
annum, on a hank discount basis*
price was accepted*
Only part of the amount bid for ah the latter
The average price of Treasury bills of this series to be
issued is 99*967 and the average rate is about 0,088 percent per annum un a bank
discount basis.
273-DAY TREASURY BILLS. MATURING T O R UARY 19, 1956
Eor this series, which was for $50,000,000, or thereabouts, the total
amount aoplied for was $114,552,000, of which $50,020,000 was accepted.
The
accepted bids ranged in price from 99*900, equivalent to a rate of about 0*132
percent per annum, to 99*885, equivalent to a rate of ab out 0*152 percent per
annum, on a bank discount basis.
price was accepted*
Only part of the amount, bid for at the latter
The average price of Treasury bills of this series to be
issued is 99*889 and the average rate is about 0*146 percent per annum on a
bank discount basis
OREER OF THE SECRETAS? OF THE TBEISUK
M e u á i n g the Order of t o e £tf 1954» Belaiimg to ©liver
the Order of the Secretary of the Tre&sury of June 18» 1954»
relating: to silver, issued la older to effectuate the policy ©*
the Silver Purchase Act
of 1854» sad under antn&rlty of said
Act is t e n d e d , effective
from the time of approval by the Presi
dent of this amendatory order, by adding after Section 11 thereof
the folloolag additional sections which, in the judgment of the
Secretary of the Treasury, are necessary further to effectuate
the policy of said Acts
Section it*
Importation or transportation.into the M
M
átatfOO$**-*lhcep:
1 as otherwise specific&ily provided its Section 14,
no person shall import or transport into the ©ontmeistal fhittá
States any foreign silver coin, or any other conventional pieces
or forme of silver comiaoaiy used in
m y foreign country as money
or coin, except under license issued pursuant to Section IS of
this Order*
Section X$*
Insert licenses*— The Secretary
&£ the Trmmar,
subject to such regnlatioas a® he may prescribe, acting directly
or through such- agency or agencies
0M he nay designate, may issa*-4
licenses authorising the importation or transportation into the
ft
continental United States of such silver coin or other convention
II!
'
•1
piecee or fora® of silver which he, or the designated agency, A A
satisfied^
a.
Are required to fulfill aa obligation to deliver such
silver in the continental United States, incurred or ascuned b
These additional sections read as follows:
"Section 12. Importation or transportation into the
United States:— Except as otherwise specifically provided
in Section 14, no person shall import or transport into
the continental United States any foreign silver coin, or
any other conventional pieces or forms of silver commonly
used in any foreign country as money or coin, except under
license issued pursuant to Section 13 of this Order.
"Section 13. Import Licenses:— The Secretary of the
Treasury, subject to such regulations as he may prescribe,
acting directly or through such agency or agencies as he
may designate, may issue licenses authorizing the importa
tion or transportation into the continental United States
of such silver coin or other conventional pieces or forms
of silver which he, or the designated agency, is satisfied
"a. Are required to fulfill an obligation to deliver
such silver in the continental United States, incurred or
assumed by the applicant on or before the effective date
of this Order;
Bb. Are shipped to the continental United States by,
or on behalf or with the consent of, a recognized foreign
government, foreign central bank, or the Bank for Interna
tional Settlements:
"c. With the approval of the President, for other
purposes not inconsistent with the purposes of the Silver
Purchase Act of 1934., or the Silver Agreement executed at
London on July 22, 1933"Section 14. Exempt silver coin.— Silver coins^of a
monetary value equal at the time of entry to ll(£per cent
of the market value of their silver content and United
States silver coins may be imported or transported into
the continental United States without the necessity of
obtaining a license under this Order."
f /
}
If
LkA ;;k “A »
,vA*
1)Li/UW“'
DRAFT PRESS RELEASE
As the price of silver has risen, the silver content of the
coinage of some countries has become more valuable as bullion than
in the form of coins, tending to cause its destruction and sale as
bullion.
A usual method of dealing with this problem has been to
call in silver coinage and change its silver content.
An embargo
on the export of the old silver coins is usually a necessary supple
mental measure.
Those participating in the importation into the
United States of silver coins covered by such embargoes are aiding
the violation of the laws of the country in question.
In the spirit of cooperation, the Secretary of the Treasury has,
ftweaviB with the approval of the President, an Order prohibiting,
A
except under license, the entry into the United States of foreign
silver coins and other forms of silver commonly used as money.
The Order is in line with the silver policy of the Administra
tion as set out in the Presidents Message to the Congress of May 22,
1934,6 It puts the Government into a position more effectively to
cooperate with signatories of the Silver Agreement of July 22, 1933#
and other countries whose coin may be subject to disposition for
its bullion value.
The Order is in the form of an amendment to the Order of the
Secretary of the Treasury approved by the President on June 28,. 1934*
but does not modify that Order other than by adding three new sections.
* 2 *
flies® additional Motion* road as follow®t
felted
is^Sfioallj provided
in Section U t no person shall import or transport into
th® Matineatal Uni ted States ilf foreign silver coin* or
any other conveatiotial pieces or fora» of silver commonly
used in any foreign country m m m f or coin, except under
license issued pursuant to Section 13 of this Order#
»Section 13# Imacrt Licensus*— The Secretary of the
treasury, subject to such regulations m Its S%f prescribe,
acting directly or through # ® l agency or agencies ft* he
«ay designate, nay Issue licenses sathorising the importstion or transportation into the continental felted States
of such silver coin or oth^r eeavenlienel piece® or forms
of iliver which he, or the designated agency, is satisfied»
%»
ire required to fulfill an obligation to deliver
m o k silver la the continental felted States, incurred or
ssecBed fey the applicant on or before the effective date
of this Order? 7C
Are »hipped to the continental felted States fey,
or on behalf or with the consent of, a recognised foreign
government, foreign central fe&nlc, or the Bunk for Interna
tional Settlement®t
»c* With the approval of the President, for other
purposes not Inconsistent with the purposes of the Silver
Purchase Act of 1931, or the Silver Agreement executed at
London on July 22, 1933#
»Section 14* E x - c t silver coin# " Silver o o i n s ^ T &
monetary value c^ncl at ths time of entry to 110 p e r c a E t
©f th© market value of their silver con tent end felted
States silver coins may fee imported or transported late
the ©ontinentel felted States without the necessity of
ototsinlttg e ilemage under this Order#*
» U F T V M M MUASE
Â&
the prie©
of
silver t o risen# the silver content of the
ceinag® of non# countries t a become nor® valuable es bullion ihm
la ths fona of coinsg tending to onus© its destruction and sale
bullion*
m
 m m l netta of dealing with this problem has been to
cell In silver coinage sad change its silver content*
An embargo
on the export of the old silver coisas is usually a n®cessar/ supple«*
mental measure.
Those participating in the importation into the
United States of silver coins covered to/ such embargoes are aiding
the violation of the lues of the country in question.
1m the spirit of cooperation# the Secretary of the Treasury has
|1b s mâfrwith the approval of the Presldeat/len Order prohibiting#
except under license# the entry into the Suited States of foreign
silver coins and other forms of silver commonly used as money*
The Order is la line with the silver policy of the Administra*
tien as set out in the President** Üeeemge to the Congress of May 52#
193-4*
It puts the Government into a position more effectively to
cooperate with signatories of the Silver Agreement of July 22# 1933#
aad other countries whose coin may be subject to disposition for
its bullion value.
The Order is in the form of an amendment to the Order of the
Secretary of the Treasury approved toy the President on June 28# 1934#
tout does not modify that Order other then toy adding three new sections
Th»B® additional Motion« road as foUo**i
in Section u, no j,«,»*
®ifi«OXy provided
the oontinenfcl
*»*»
«ay other conventional niee*« o / f o m ^ f e * ^ W,r solB»
?ff la « f foreign t o a n r " ^ m T t r f
0<T ° aX5r
licence i.ened per.*»! i ^ S e c t S V m J
^
tS B S
r i S t iir r ^ ”
*t **
asUn* d ir e c t!, or throng*
^ p r e s c r ib e ,
tion or transportitiS L i e S T !
of each «Uv.“ e o U £ o?Wr
of eilrer chi,,, g £
m u s «tat.»
’
“
the iaporU -
designated ageno,, 1« sstiefiedi
eaofc « i i v r 7 n ' t ^ 1^ t i ^ n S 1t o l w 08 u t ,*i0? ^
f e
£ £
IW U “ * ‘ -
-
~ s
« - ’i i k i r 2 S L S w W
govemnent, foreign « « .
S
t r &
r
*■••* » 4 « u,
fi ! J * f og?lt#<l for»i(P»
ticNftftl §©ttl#&i»stB i
purpoeM
^ » ¿
d9livw
*
^
^
for Int#3RBs**
frwidaat, for other
£ *?**« • get o f 1931, or t t e S l l w / 2 Z » f th* ! U w
2Stp
* ii$i*©®n#at ®XBCE^tnd at
£*0it&OB on ¿ttljr
•oastary v a l u e ^ u n r * ? * « ° ° i n > — Silver coins of a
of th. * r i t « S o f \ £ L *£ * * " * ? to U O ' ^ S i ^ n ?
State* silver colas J y I ^ L w E d
**5 feifed
the continental « f e l t e d S U t ^ t t ^ » ? ^
Mp0rt<M! into
obtaining a Uce.se « 4 . 7 w , 1 K *
of
» i f
As
press
m%mm
the price of stiver has rise», tha silver contest of the
coinage of> S0ii|a couatrias hug become more v&luahX« as bullion than
la the fora #f coins, tending to
bullion*
mmm
it« deg traction and s&l« &«
A «&»»£ method of dealing with this problem ha« been to
oall in Silver coinage and change its silver content*
An embargo
on the export of the old silver coins is usually & necessary supple*
menial measure*
Those participating in the importation into the
Suited States of silver coin« covered by such embargoes are aiding
the violation of the laws of the country in question,
lm the spirit of cooperation* the Secretary of the Treasury has
llSKS!? with the approval of the President7|am Order prohibiting,
except under license, the entry into the United States of foreign
silver coins and other forms of silver commonly used a® money*
The Order is in line with tha silver policy of the Administrate
tion as set out in the President*« Message to the Congress of May 22,
1934*
It puts tha a o vemment into a position more effectively to
cooperate with signatories of the Silver Agreement of July 22, 193$,
and other countries whose coin may foe subject to disposition for
its bullion value*
The Order is in the form of am amendment to the Order of the
Secretary of the Trsasury approved by the president on June 28,
mi,
but does not nodify that Order other than by adding three new sections
TREASURY DEPARTMENT
FOR IMMEDIATE RELEASE,
Monday, May 20, 1935.
Press Service
No. 5-1 .
Washington
As the price of silver has risen, the silver content of the coinage of
some countries has become more valuable as bullion than in the form of coins,
tending to cause its destruction and sale as bullion.
A usual method of dealing
with this problem has been to call in silver coinage and change its silver
content.
An embargo on the export of the old silver coins is usually a necessary
supplemental measure.
Iliose participating in the importation into the United
States of silver coins covered by such embargoes are aiding the violation of the
laws of the country in question»
In the spirit of cooperation, the Secretary of the Treasury has, with the
approval of the President, issued an Order prohibiting, except under license,
the entry into the United States of foreign silver coins and other forms
)f
silver coimnonly used as money»
The Order is in line with the silver policy of the Administration as set
out in the President's Message to the Congress of May 22, 1934.
It puts tne
Government into a position more effectively to cooperate with signatories of
the Silver Agreement of July 22, 1333, -and other countries whose coin may be
subject to disposition for its bullion value»
The Order is in the form of an amendment to the Order of the Secretary of
the Treasury approved by the President on. June28, 1934, bat aoes not modify
that Order other than by adding three new sections»
read as follows!
These additional sections
"Section IS.
,,n or transportation into ^
Except as otherwise specifically provided in S®° ^
q
foreign silver
import or transport into the continental United Stages an,,
|
coin, or any other conventional pieces or rorms Ox | ^ e°
"
^
s* n t
any foreign country as money or c o m , except under license issue j>
to Section 13 of this Order*
"Section IS.
Import licensesi— The S ^ e t a o , r e c t l ^ o i ^ t h r o u g h suoi
to such regulations as he may prescribe, actm.
r authorizing the
agency or agencies as he m y designate,
tad states of such
importation or transportation into tnc e m t i n o
.
g
whlch h
or
silver coin or other conventional pieces or forms
the designated agency, is satisfied*.
"a. Are required to fulfill an obligation to j ^ ^ c a n t
continental United States, incurred or assumed by the applicant
the effective date of this Order;
"b. Are shipped to the continental United
^ contrltbank,
with the consent of, a recognized foreign government, foreign central
or the Bank for International Settlements:
"c. With the approval of the President for
tent with the purposes of the Silver Purchase Ac »
*
Agreement executed at London on July 22, 1933*
.,
•
cj-iiTrisir’ ccntis of a monetary value
morket value of
11Section 14. Exempt silver coin* Sequal at the time of entry to 110 or more per cen
their silver content and United States silver coins *
.
J
imnorted or
,,
Q*
,.
t -i ttt-ii+■Ari ^tntes without the necessity oi
transported into the continental United State*
obtaining a license under tnis Order*
T S M S m i DEPARTMENT
Washington
ORDER OP THE SECRETARY OP THE TREASURY
Amending the Order of June 28, 1934, Relating to Silver
The Order of the Secretary of the Treasury of June 28, 1934, relating to
silver, issued in order to effectuate the policy of the Silver Purchase Act of
1934, and under authority of said Act is amended, effective from the time of
approval hy the President of this amendatory order, by adding after Sectiun 11
thereof the following additional sections which, in the judgment of the Secretary
of the Treasury, are necessary further to effectuate the policy of said Act!
Section 12.
Importation or transportation into the United.. S tat esj-— Except
as otherwise specifically provided in Section 14, no person shaa.1 import or
transport into the continental United States any foreign silver coin, or any
other conventional pieces or forms of silver commonly used in any foreign country
as money or coin, except under license issued pursuant to Section 13
oj.
this
Order*
Section 13*
Import l i c e n s e s The Secretary of the Treasury subject to such
regulations as he may prescribe, acting directly or through such agency or
agencies as he may designate, may issue licenses authorizing the importation or
transportation into the continental United States of such silver coin or other
conventional pieces or forms of silver which lie, or the designated agency, is
satisfied:
a*
*
Are required to fulfill an obligation to deliver such silver in the
continental United States, incurred or assumed by the applicant on or before
the effective date of this Order;
— £>*
Id«
Are shipped to the c ontinental United States by, or on behalf or
with the consent of, a recognized foreign government, foreign central hank,
or the Ban* for International Settlements:
c*
With the approval of the President, for other purposes not inconsistent
with the purposes of the Silver Purchase Act of 1934, or the Silver Agreement
executed at London on July 22, 1933«
Section 14.
Exempt silver ooin:-~Silver coins of a monetary value equal
at the time of entry to 110 per cent or more of the market value Oj. their
silver content and United States silver coins may he imported or transported
into the contiental United States without the necessity of obtaining a license
under this Order«
(Signed) Henry Morgenthau, Jr«
Secretary of the Treasury,
APPROVED:
Pranklin D. Roosevelt
THE WHITE HOUSE
May 20, 1935
TmkmBcr
WÁmxmmm
fOB B 1 U & S I * M Q M I ü P MEWSFJOTIS,
Prs
Moa&ay.
May 27. 1936«
"
7"'
25/36
aaorotary of ti» Treaaary Morgantbau aaaouaeod today tkat tbo
aubscription books for 13a® 1*1/2 poroent Banda of Barloa F*193# ef tka
Paitar* * Loan Corporal»!on will alosa at t&© alosa of business ^ectaesáay» May 29* 1935.
Bufcaeriptiona placad la tfea aail bafora 12 o*elack
aidaigkt* iadaeaday* May 29» »111 bo eaasidared as batía« basa antarad
totora tbe alosa of tba enbsarlptloa booka.
Tkl* offarlag »as aanounead
laat Monday by tbo Saoratary* oa beb&lf of tba Ho«a 0»aars’ Loan Gorpora*
tloa, and tba Barias F*1939 bonda may ba obtaiaed at tbia tima oaly tbrosgb
paya®»t la Borne Owaars* Loan Corporation 4 paroent loada of Serias of
1933*51.
Th* 4
paraaat boads bate been ealiad for rodeaptloa oa July 1,
1935.
fb# Saoratary fartbar stated tbat approxlmately il34*OOQt0OG
of tbe aaw boads liad besa aobsorlbad|tbíougb Frlday, May 24.
TREASURY DEPARTMENT
Washington
POR RELEASE MORNING NEWSPAPERS,
Monday* May 37, 1935«_________
5-25-35*
Press Service
No*5— 3
Secretary of the Treasury Morgenthau announced today that the subscription.
books for the 1— l/2 percent Bunds of Series P-1939 of the Home Owners* Loan
Corporation will close at the close of business Wednesday, May <-''9, 1935*
Subscriptions placed in the mail before 12 o*clock midnight, Wednesday, May >->9,
will be considered as having been entered before the close of the subscription
books*
This offering was announced last M.nday by the Secretary, on behalf of
the Home Owners* Loan Corporation, and the Series F— 1939 bonds may be Detained
at this time only through payment in Home Owners* Loan Corporation 4 percent
Bonds of Series of 1933-51.
The 4 percent bonds have been called for redemption
on July 1, 1935*
The Secretary further stated that approximately.$136,000,000 of the new
bonds had been subscribed for through Friday, May 24*
TBMS8HT
JÆPâM W S M
w
FOH mLKÂBE, M om im mïïSPAPBBÔ,
Monday, May 27, 1935,_________
5/88/38
Secretary of th© Treasury Üorgenthau announced today that
|
approximately $744,000,000 of tha Firat Liberty Loan Bonds h a w basa
exchanged for 8-7/8 pereent Treasury Bonds of 1088-80*
tion books for this offering closed last Thursday*
Tha subscrip
With approximately
#864,000,000 of tha Firsts previously exchanged for the 1-8/8 percent
Treasury Motes of Sorias A-1940, total exchanges of Firsts approximate
#1,608,000,000, or about 83 percent of the total amount outatandiag at
the time tha refunding vae announced*
Exchanges were divided as follows:
For Motos
For Bonds
#754,000,000
#468,000,000
88
First 4*s sad 4-1/4*s
110,000,000
881,000,000
78
Total
#864,000,000
#744,000,000
First 3-l/8fa
Announcement of the division of sabacriptlons for both issues among
the Federal Reserve dietriste and the Treasury will be made later*
TREASURY DEPARTMENT
Washington
Press Service
No.5-4
POR RELEASE, MORNING NEWSPAPERS,
Monday, May <7. 193o. ...._
...
5-35— 35.
"4
Secretary of the Treasury Morgenthau announced today that approximately
I $744,000,000 of the Eirst Liberty Loan Bonds have been exchanged for 2-7/8
I percent Treasury Bands of 1955-60.
The subscription hooks for this offering
■
I closed last Thursday. With approximately $864,000,000 of the Pirsts previously
I exchanged for the 1-5/8 percent Treasury Notes of Series A-1940, total
exchanges of Firsts approximate $1,608,000, or about 83 percent of the total
amount outstanding at the time the refunding was announced.
41
Exchanges were divided as followsi
__Por Notes
.
6jo Exchanged
$463,000,000
88
110.000.000,
281.000.000
72
$864,000,000
$744,000,000
Pirst 3—1/2* s
$754,000,000
Pirst 4*s and 4-1/4*s
Total
Por Bonds,
Announcement of the division of subscriptions for both issues among
the Federal Reserve districts and the Treasury will be made later
TREASURY DEPARTMENT
Washington
May 27, 1935.
^.MORAHDUM FÜR. THE PRESS
PJBCBIPYS Of SIIATBK BY THE MIHIS A 3 g j S S ^ < g g 2 ^ »
amended
(Under Executive Proclamation of December 21, 1935) ao
Week ended May 24, 1935:
Philadelphia •••••••......... * ** *
San Francisco*....................
Denver ...•••................. ** ’*4
Total for week ended May 24, 1935.^.
Total receipts through May 24, 1935«
348,663*79
8,201.95
6.207*00
363,072.74
35,930,000.00
fine ounces
»
"
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9,1^3i)
Week ended May 24, 1935:
Philadelphia..... .......... •....................
Hew York........................... ** *.....
San Francis................................
Denver........ .......... ** * *.....
Hew Orleans............ ............. . ..........
Seattle...................... |||............
Total for week ended May 24, 1935*......... .
Total receipts through May 24, 1935.
2,058*00 fine ounces
24,553.00
u
"
72,800*00
143*00
392*00
251.00
100,197.00
112,844,869.00
RECEIPTS OP GOLD BY THE MIHTS AHD ASSAY 0-g^ IQDjj.
Week ended May 24, 1935:
Philadelphia........
H ot/ York i
San Francisco
Denver .....
Hew Orleans •
Imports,_____
1,710.35
10,480,300.00
336,275.40
6,307.00
1,638.64
Total for week ended May 24, 19 3 5 .*$1 0 ,826 ,231.39
Secondary
$263,242.00
422,900.00
68,693.26
34,193.00
42,234.71
2 4 r622.61
$855,885.58
Hew
Domestic
388*57
$
207,300*00
1,365,903*55
579,959.00
407.42
2,04 T347.72
$2,358,306.26
nnT.Ti m n i m D b y f b d e h a l
— (Under
-------Secretary's
---7 Order cu
ill December 28, 1933)
Received by Federal Reserve Sanies:
Oold^Coin
27, 143. 54
$
Week ended May 22, 1935.•••••••«
30 ,347, 049. 67
Received previously.•»••••••••*•
21
Total to May 22, 1935..*«.•••••••* $30 ,374, 193.
Received hy Treasurer's Office:
000, 00
$
Week ended May 22, 1935*.... .
,00
,006«
Received previously...........
... 262,
262,,006.,00
Total to May 22, 1935............. $
o62,006.00
HOTS:
Gold bars deposited with the Hew York Assay Office
to the amount of $200,572.69 previously reported.
Gold Certificates
$
363,440*00
91.027.650.00_
$91,391,090.00
$
6,100*00
2 T136r300.00
$2,142,400.00
\
TRIAStTBf DEPARTMMT
m m t M T ok
FOB RELEASE, MORNIMG BlirSFAPIBS,
Tuesday, May 88. 1935*
Press Service
/ •^
5/27/35
Seeretary of the Treasury Morgenthau announced last evening that the
tenders for two series of Treasury bilia, to be dated May 29, 1955, which were
offered on May 84, were opened at the Federal Reserve basks on May 2?, 1955*
Tenders were invited for the two series to the aggregate amount of
1100,000,000, or thereabouts, and $188,923,000 was applied for, of which
#100,058,000 was accepted*
The details of the two series are as follows:
/
133-PAY TREASURY BILLS, MAHER BIO OCTOBER 9, 1935
For this series, which was for $50,000,000, or thereabouts, the total amount
applied for was $70,001,000, of which $30,021,000 was accepted*
The accepted bids
ranged in price from 99*974, equivalent to a rate of about 0.070 percent per
annum, to 99*962, equivalent to a rate of about 0*103 percent per annum, on a
bank discount basis*
accepted*
Only part of the amount bid for at the latter price was
© m average price of Treasury bills of this series to be issued is
99*965 and the average rate is about 0*095 percent per annum on a bank die® unt
basis*
873-PAY TREASURY BILLS* MATURING FESMTAHT 86, 1936
For this seri as, which was for $50,000,000, or thereabouts, the total amount
applied for was $118,928,000, of which $50,037,000 was accepted*
Except for one
bid of $10,000, the accepted bids ranged In price from 99*898, equivalent to a
rata of about 0*135 percent per annum, to 99*887, equivalent to a rate of about
0*149 percent per annum, on a bank discount basis*
for at the latter price was accepted*
Only part of the amount bid
©is average price of Treasury bills of this
series to be issued is 99*896 and the average rate is about 0*137 percent per
agallai on a bank discount basis
TREASURY DSPAHYÏvîSlîT
Washington
Press Service
POP RELEASEf MORNING- NEWSPAPERS,
Tuesday* May 38, 1935» ------- —
5- 27- 35.
ho. 5-5
Secretary of the Treasury Morgenthau announced last evening that the tenders
for two series of Treasury hills, to he dated May 29, 1935, which were offered on
, 4. 4.1,-.
Reserve banks on May 2 ^, 1935.
May 24, were opened at the Pederai r g o o i v u
Tenders were invited for the two series to the aggregate amount of $100,000,000,
or thereabouts, and $188,923,000 was applied for, of which $100,058,000 was
accepted.
The details of the two series are as follows:
l . ^ m i TBEASimY BILLS, MATURING 0CT0B M _ 1 ^
935.
.
*r,n 000 000,or thereabouts, the total amount
Por this series, whicn was fox $oO,OOU,uu ,
x,• i (¡¡cn aoi 000 was accepted«
applied for was $70,001,000,,of whicn $50,021,000 .
The accepted
. , + 4-n a ra^e of about 0.070 percent per
,.
•r-v'rtTn oQ-Q7d.^ eauivalent to a.ia^e ux a,
bids ranged in price irom
*> a
annum, to 99.962, equivalent to a rate of about 0.103 percent per annum, on
l
u
h
W * .
Only
«f < * —
*
M
«
»* “ '* > « « * • " •
~
—
*
•
•
+.r\ "ho ioqued is 99.96° and the
The average price of Treasury bills of this oenes
, • aPout 0 095 percent per annum on a bank discount basis,
average rate is aooux
|«.w* *
treasury b i l l s .
I ■
for $50 000,000, or thereabouts, the total amount
Por this series, which was tor
,
_ . ,.*
m ? non was accepted«
Except for one
applied for was # 118,922,000, of wnic $ » •*
, .
.
-fVfitn 99.898. equivalent to .a rato
bid of $10,000, the accepted bids rangect m Pr
.
1
. aQ 007 pauivalent to a rate of about 0.149
of about 0.135 percent per annum, to 99.887, equiv
. ,
■oercent ner annum, on a bank discount basis.
the latter price w9 s accepted.
n_lv. -art of the amount bid for at
Only par
The average price of Treasury bills of this series
to be issued is 99.896 and the average rate is about 0.137 percent per a
. bank discount basis.
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS,
Friday, May 81. 1935._ _ _ _ _ _ _ _
5/29/35
Secretary of the Treasury Morgenthau today announced the
result of the offering by the Treasury on Monday of $100,000,000,
or thereabouts, of 3 percent Treasury Bonds of 1946-48, tenders
for which were received at the Federal Reserve banks up to
3 o'clock p. a., on Wednesday, May 29.
of which $98,779,000 was accepted at prices ranging from 103-
CO
Tenders for $270,077,000 face amount of bonds were received,
down to 103-1/32,and accrued interest from December 15, 1984, to I
June 3, 1935.
Tenders were received for more than $22,000,000
et 103, and it was deemed inadvisable to allot
a
small percentage^
The average price of the bonds to be issued is about 103-4/32
and a total premium of $3,085,207 will be received.
Based on
the average priee at which the bonds are to be issued on June 8,
1985, the yield is about 2.67 percent to the earliest call date,
June 15, 1946, and about 2.71 percent to maturity, June 15, 1948.
T m S W Ï DSPARTMSITT
OiINd *■*!
Washington
OH HSLEASE, MOHHIHG'HSWSPAPSHS,
rtflay. May 311 1925»_______ .____
729/35."
Press Service
Ho* 6^6
Secretary of the Treasury Morgenthau today announced the result of the
offering hy the Treasury on Monday of $100,000,000, or thereabouts of 3
percent Treasury Bonds of 1946-48, tenders for which were received at the
federal Reserve barites up to 3 o'clock p.m., on Wednesday, May
Tenders for $270,077,000 face amount of bonds were received, of which
$98,779,000 was accepted at prices ranging from 103-26/32 down to 103-1/32,
and accrued'interest from December 15, 1934, to June 3, 1935.
Tenders
were received for more than $22,000,000 at 103, and it was deemed
inadvisable to allot a small percentage.
The average price of the bonds
to be issued is about 103-4/32, and a total premium of $3,085,307 will be
received.
Based on the average price.at which the bonds are to be issued
on June 3, 1935, the yield is about 2.67 percent to the earliest.call date,
June 15, 1946, and about 2.71 percent to maturity, June 15, 1948.
TREASURY DEPARTMENT
WASHING-TON
FOR RELEASE, MORNING- NEWSPAPERS,
Saturday« June 1« 1935»________
5/31/35
Tress Service
*•
Secretary of the Treasury Morgenthau announced last evening that the ten
ders for two series of Treasury "bills, to "be dated June 5, 1935, which were
offered on May 29, were opened at the Federal Reserve "banks on May 31, 1935*
Tenders were invited for the two series to the aggregate amount of
$100,000,000, or thereabouts, and $139,178,000 was applied for, of which
$100,023,000 was accepted.
The details of the two series are as follows:
133-DAY TREASURY BILLS. MATURING OCTOBER 16. 1935
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $67,548,000, of which $50,013,000 was accepted.,
The
accepted bids ranged in price from 99.964, equivalent to a, rate of about 0.097
percent per annum, to 99.958, equivalent to a rate of about 0.114 percent per
annum, on a bank discount basis.
Only part of the amount bid for at the latter
price was accepted.
The average price of Treasury bills of this series to be
issued is 99.961 and
the average rate is about 0.105 percent per annum on a. bank
discount basis.
273-DAY TREASURY BILLS. MATURING- MARCH 4. 1936
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $71,630,000, of which $50,010,000 was accepted.
The
accepted bids ranged in price from 99.896, equivalent to a. rate of about 0.137
percent per annum, to 99.877, equivalent to a rate' of about 0.162 percent per
annum, on a bank discount basis.
price was accepted.
Only part of the amount bid for at the latter
The average price of Treasury bills of this series to be
issued is 99.887 and the average rate is about 0.149 percent per annum on a
bank discount basis
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS,
Monday, June3, 1935._________
6/1/35
Prase Service
Secretary of the Treasury Mbrgenthau today announced that pre
liminary report» indicate that $245,393,700of Home Owner»* Loan Corpora
tion 4 percent Bonds of Series of 1933-51 h a w been exchanged for the
4-year, 1-1/2 percent bonds, Series F-1939, of the Corporation.
The
subscription books for this offering, which was made by the Secretary
cm behalf of the Home Owners* Loan Corporation, were closed May 29.
Subscriptions were divided among the several Federal Reserve dis
tricts and the Treasury as follows:
Federal Reserve
District
Total
Subscriptions
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
1 6,323,725
152,797,775
9,854,650
9,199,050
5,825,275
6,999,800
18,347,525
7,874,250
10,639,275
4,477,025
521,075
6,708,125
5,828,150
Total
$245,393,700
I
TREASURY DEPARTMENT
Washington
Press Service
No« 5-8
POR RELEASE, MORNING NEWSPAPERS,
Monday, June 3, 1935«
., ---L,
6 /I73 5
Secretary of the Treasury Morgenthau today announced that preliminary
reports indicate that $245,393,700 of Home Owners« Loan Corporation 4 percent
Bonds of Series of 1933-51 have been exchanged for the 4-year, 1-1/2 percent
bonds, Series It-1939, of the Corporation.
The subscription books for this
offering, which was m d e by the Secretary on behalf of the Home Owners« Loan
Corporation, were closed May 29«
Subscriptions were divided among the several l'edera! Reserve districts
and the Treasury as follows}
Pederal Reserve
District_______
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chi cago
St:«. Louis
Minneapolis
Kansas City
Dallas
San Erancisco
Treasury
Total
Total
Subscriptions
$
6,323,725
152,797,775
9,854,650
9,199,050
5,823,275
6,999,800
18,347,525
7,874,250
10,639,275
4,477,025
521,075
6,708,125
5,828.150
$245,393,700
TREASURY DEPARTMENT
Washington
MEMORANDUM FOR THE PRESS
J,ane 3 > 1935#
RECEIPTS OP SILVER BY THE MINTS AND ASSAY OPPICESi
(Under Executive Proclamation of December 21, 1933) as amended
Week ended May 31, 1935:
*•♦•*••••••••••••*•******
*.*..**... fine ounces
977®7G
®
San Francisco ... *........................ *' mW
Denver.•••••••••■••••••••***********
Total for week ended May 31, 1935...............
Total receipts through. May 31, 1935.
9r976!oO
oA/y oa1^
”■
‘J
3 ,
•
»n m fnn
*
*
*
n
®
n
$
i\
SILVER TRANSFERRED TO UNITED STATES:
f
(Under Executive Proclamation of August 9, 1934)
Week ended May 31, 193o:
^
233,00 fine ounce
^04 00
*
Pii.ilci(i©lpiXLcX*•••♦•••••••••***********
Hew York. ................... * ♦ *.....*....... .
San Francisco........................*.............
Denver ............................
IliClI IIII 1
Hew Orleans.•*•.••••••»•«••••••••*•••••***
tt
Ssloo
ti
H
328,00
"
"
p- pep nW
V
w
»
**
209 00
Seat tie • ••»••»•••••••••,••**•*•****
■
Total for week ended May 31, 1935 ..................
Total receipts through May 31, .....................
E3CEIPTS
^
w
n
**
*J
112,850,12. •
Of GOLD 3Y gffi! MTWTS AiiS ASSAY OgglCBS:
**
^
Week ended May 31, 1935J
_____ | ® 2 £ | t ---- - S f l f f e S » « - - - * --"
7TM 1 Z
*
.
18.520,78 $ 145.340,63
4)
1,687.00
^
YnvkP
............. f f . . . 90,765 200,00
405,000.00
96,800,00
n,«?:®
a»:»**»
.8 13 ,430 .53
D !
‘
..................
49,930.00
38,340.00
730,105.00
359,44
Eow O r l W i s .... ..................
-
fit
___ ...
39,179,72
2 ,740,72
14,270.68
85.735.69
$ 711,414.59
$1 ,730,498.94
- - - - -
Total"for'week*ended May 31, 1935...$90,845,562.54
GOLD RECEIVED 31 FEDERAL RESERVE BANKS ALP THE TREASU RER!S_,OBTICE:
(Under Secretary*s Order of December 28, 1933)
Received by Federal Reserve Banks:
Week ended Bay 29, 1935....... ••
Received p r e v i o u s l y . •
--- Gold
$
30, 374,19.
3.
f 1% Q f 4 ^ o l ~
q t ^ qi ,nqn*nn
t * ■
Total to May 29, ...............
$30,400,390.73
?9l,777,520*00
Received by Treasurer's Ofiico,
Week ended May 29, 1935........•
Received p r e v i o u s l y . ♦
Total to May 29, 1935.......
ROTE:
•
$
0
26^,006.02.
262,006.00
~
rsn.
^ m lAp’Ann'no
. 0%^Q%nn*nn
$ o ,149,7j0.0
Cold bars deposited with the Hew York Assay Office
to the amount of $200,572*69 previously reported.
TREASURY DEPARTMENT
Office of the Secretary
June U, 1935.
AMENDMENT TO THE SILVER REGULATIONS OF
AUGUST 17, 1934, AS AMENDED.
The Silver Regulations of August 17, 1934, as amended.,
are hereby further amended, effective from the time of approval by
the President of this amendment, in the following respects:
Section.2 is amended to read as follows:
,rSec. 2.
Authority for regulations.— * These regulations
are prescribed under authority of the Silver Purchase Act of 1934,
the proclamation by the President of August 9, 1934, directing the
United States mints to receive silver situated in the continental
United States on August 9, 1934, for coinage or for addition to the
monetary stocks of the United States, the Executive Order of August
9, 1934, Requiring the Delivery of Silver to the United States Mints,
and the Order of the Secretary of the Treasury of June 28, 1934, Relading to Silver, as amended by the Order of the Secretary of the
Treasury approved by the President on M a y 20, 1935.u
Section 103 is amended to road a„s follows:
»Sec. 103.
General provisions effecting licenses. —
Licenses issued pursuant to the Executive Order, the order of the Secre
tary of the Treasury dated June 28, 1934, and those regulations, shall
be no nr-transferable, and shall entitle the licensee to withhold, to
acquire and withhold, to export, or to import silver only in accordance
Tilth the conditions and limitations specified therein.
Licenses
may "be modified or revoked at any time in the discretion of the
Secretary of the Treasury.
In the event that a license is modi
fied or revoked, the Secretary of the Treasury, or the designated
agency through which the license was issued, -shall notify the
licensee "by letter mailed to the address of the.licensee set forth
in the application or to his last known address.
The licensee,
upon receipt of such advice, shall forthwith surrender his license
to the Secretary of the Treasury or the agency through which the
license was issued.
If the license has "been modified but not re
voked, the Secretary of the Treasury, or the agency through which
the original license was issued, shall thereupon issue a, modified
license.”
Section 104 is amended to read as follows!
11Sec. 104.
Procedure after issuance of license. —
When
a, license is issued under these regulations the original shall be
delivered to the applicant; and, in the case of a license to export
or import silver, a copy shall also be transmitted to the collector
of customs at the port of exportation or entry designated therein!
Provided, Thai if the applicant shall indicate in his application
that he intends to export by mail, a copy of the license shall be
sent to the postmaster at the point of mailing indicated in the
application, rather than.to the collector of customs.”
Section 105 is amended to rend a-s follows!
3 -
»Sec. 105.
Expiration of licenses.—
or to acquire and withhold,
Licenses to withhold,
silver issued under these regulations shall
expire according to the terms thereof.
Licenses to export or import
silver issued under these regulations shall expire 30 days from the date
of issuance, unless otherwise stated therein."
The following Article, containing sections 110 to 116, in
clusive, which, in the judgment of the Secretary of the Treasury, is
necessary to effectuate the policy of the Silver Purchase Act of
1934, is added after section 105:
"ARTICLE XI.
"Section 110.
IMPORTATION OF SILVER
General.— Except as otherwise specifically
provided in sections 1 U , 112, and 113, no person (other than one who
is acting on "behalf or with the consent of the United States or the
Federal Reserve Bank of New York) shall import into the continental
United States any foreign silver coin, or any other conventional
pieces or forms of silver commonly used in any foreign country as
money or coin, except under license issued pursuant to section 114
of these regulations.
"Sec. 111.
United States Silver Coin.—
United States
silver coins may be imported into the continental United States without
the necessity of obtaining a license under these regulations.
"Sec. 112.
Exempt Foreign Silver Coin. —
Foreign silver
coin of a monetary value equal at the time of entry to 110 per cent
- 4 -
or more of the market value of their silver content may he imported
into the continental United States without the necessity of obtaining
a license under these regulations.
HSec. 113.
Silver Remaining under Customs Custody.--
Foreign silver coin, or any other conventional pieces or forms of
silver commonly used as money or coin, may be imported .into the conti
nental United States without the necessity of obtaining an import license
under these regulations, provided (a) the importer files with the
Collector of Customs at the port of entry, if requested to do so by such
collector, a certificate duly certified by an officer of the country
from which such silver is exported to the effect that such silver was
or may-be lawfully exported, (b) such silver remains under customs custody
throughout the period during which it is within the. customs limits of
the continental United States, and (c) within a reasonable time after
the importation such silver is reexported or entered into the continental
United:States pursuant to an import license issued under section 114.
f,Sec. 114.
Cases in which Import Licenses are Issuable.—
The Secretary of the Treasury,
lations,
subject to the provisions of these regu
and such further regulations as he may prescribe, acting directly,
or through such agency or agencies as he may designate, may issue licenses
authorizing the importation into the continental United States of foreign
silver coin or other conventional pieces of silver commonly used in any
foreign country as money or coin, which the Secretary of the Treasury, or
the designated agency, is satisfied—
- 5 "(a) are required to fulfil an obligation to
.
deliver such, silver in the continental
United States incurred or assumed by the
applicant..on or before May 20, 1935;
ti(b) are shipped to the continental United
States by, or on behalf or with the consent
of, a recognised foreign government,
foreign central bank, or the Bank for
International Settlements;*
t»(c) are of recognized special value to collectors
of rare and unusual coin.
"The Secretary of the Treasury may, with the approval, of the
President, issue licenses authorizing the importation of such silver into
the continental United States for other purposes not inconsistent
with the purposes of the Silver Purchase Act of 193^. or the Silver
Agreement executed at London' on July 22, 1933»
"Sec. 115.
Applications.--Every application for a license under
section llh shall be made out on form TS-3^» shall be executed under oath
before an officer duly authorized to administer oaths, and shall be filed
in duplicate with the federal Reserve Bank of New York or the federal
Reserve Bank of San francisco.
If such application is executed outside
of the United States, a United States consular acknowledgment shall also
be annexed.
Upon receipt of the application and after making such investi
gation of the case as it may deem advisable, the federal Reserve Bank
shall transmit to the Secretary of the Treasury the original of the _______
* Silver will be deemed to h a c h e e n shipped to the continental United
States "with the consent of" a foreign government if there is filed wi
the application for a license a certificate duly certified by an officer
of the country from which such silver is exported to the effect that such
silver was or may be lawfully exported.
b
application, together with any supplemental information it may deem
appropriate.
The Federal Reserve "bank shall retain the duplicate of the
application for its records.
"Sec. 116.
Issuance of Licenses.— If the issuance of a license
under section lid is approved, the Federal Reserve bank which received and
transmitted the application will be advised by the Secretary of the
Treasury and directed to issue a license on form TSL-3^. One copy of each
such license shall be forwarded by the Federal Reserve bank to the Secretary
of the Treasury.
If the application is disapproved, the Federal Reserve
bank will be so advised and shall notify the applicant.
The decision of
the Secretary of the Treasury with respect to the approval or disapproval
of an application shall be final, provided that the approval of the
President shall be required prior to the issuance.of a license under the
last paragraph of section lld.M
H.Moi’genthau, Jr.
Secretary of the Treasury.
APPROVED:
FRA1TKLIH D. ROOSEVELT
THE WHITE HOUSE
June d, 1935
Payment
Payment at par and accrued interest, if any, for notes allotted hereunder must
be made on or before June 15, 1935, or on later allotment, and may be made only in
3 percent Treasury Notes of Series A-1935, maturing June 15, 1935, or in 1-5/8
percent Treasury Notes of Series B-1935, maturing August 1, 1955, which will be
accepted at par, and should accompany the subscription.
In the case of Treasury
Notes of Series B-1935 tendered in payment, coupons dated August 1, 1955, must be
attached to the notes when surrendered, and accrued interest to June 15, 1935,—
wiil be paid following acceptance of the notes for exchange.
General Prowl siona
As fiscal agents of the United States, Federal Heserve banks are authorised
and requested to receive subscriptions, to make allotments cm the basis and up to
the amounts indicated by the Secretary of the Treasury to the Federal He serve banks
of the respective districts, to issue allotment notices, to receive payment for
notes allotted, to make delivery of notes on full-paid subscriptions allotted, and
they may issue interim receipts pending delivery of the definitive notes.
The Secretary of the Treasury may at any time, or from time to time, prescribe
supplemental or amendatory rules and regulations governing the offering, which will
be communicated promptly to the Federal Reserve banks*
si®
HENRY MOROjSNOHAU, JR.,
Secretary of the Treasury.
Accrued interest at 1-5/8 percent from February 1, 1935, to June 15, 1935,
11,000 is $6.015193.
tm 3
mt m
The notes will he accepted at par during such time and under such rules and
regulation« as shall he prescribed or approved by the Secretary of the Treasury
in payment of income and profits tares payable at tbs maturity of 'fee notes.
The notes will he acceptable to secure deposits of public moneys, but will
not bear the circulation privilege.
Bearer notes with interest coupons attached will be issued in denominations
of |100, #500, #1,000, #5 ,000, #10,000, and #100,000*
The notes will not be
issued in registered form.
Application and Allotment
Applications will be received at the Federal Reserve banks and branches and
at the Treasury Department, Washington.
Banking institutions generally will handle
applications for subscribers, but only the Federal Reserve banks and the Treasury
Department are authorized to act as official agencies*
The Secretary of the
Treasury reserves the right to close the books as to any or all subscriptions or
classes of subscriptions at any time without notice.
The Secretary of the Treasury reserves the ri$jt to reject any subscription,
in whole or in part, to allot less than the amount of notes applied for, to make
allotments in full upon applications for smaller amounts and to make reduced allot
ments upon, or to reject, applications for larger amounts, to make classified allot
ments or to make allotments upon a graduated scale, or to adopt any or all of said
methods or suah other methods of allotment and classification of allotments as
shall be deemed by him to be in the public Interest $ and his action in any or all
of these respects shall be final.
will be allotted in full.
ment*
Subject to these reservations, all subscriptions
Allotment notices will be sent out proruptly upon allot
UNITED STATES OF AMERICA
1-1/2 PERCENT TREASURY NOTES OF SERIES B-1940
Dated and bearing interest from June 15, 1935
Due June 15, 1940
Interest payable June 15 and December 15
OFFERED ONLY IN EXCHANGE FOR TRMStOT NOTES OF SERIES A-1935, ÎIATORINO JUKI
15, 1935, AND TREASURY NOTES OF SERIES B-1935, MATURING AUGUST 1, 1935
1935
Départaient Circular No. 542
____
Public Debt Service
TREASURY EEPARTMENT,
Office of the Secretaiy,
Washington, June 10, 1935.
The Secretary of the Treasury, pursuant to the authority of the Second Liberty
Bond Act, approved September 24, IfIf, as amended, Invites subscriptions, at par and
accrued interest, from the people of the United States, for 1-1/2 percent notes of
the United States, designated Treasury Notes of Series B-1940, in payment of which
only Treasury Notes of Series A-1935, maturing June 15, 1935, or Treasury Notes of
Series B-1935, maturing August 1, 1935, may be tendered.
The amount of the offer
ing under this circular will be limited to the amount of Treasury Notes of Series
A-1935 and of Series B-1935 tendered and accepted.
Description of Notes
The notes will be dated June 15, 1935, and will bear interest from that date at
the rate of one and one-half percent per annum, payable semiannually, on December 15
1935, and thereafter on June 15 and December 15 in each year.
They will mature
June 15, 1940, and will not be subject to cell fop redemption prior to maturity.
The notes shall be exempt, both as to principal and interest, from all taxa
tion (except estate or inheritance taxesi) now or hereafter imposed by the United
States, any State, or any of the possessions of the United States, or by any local
taxing authority.
X
Similarly, the exemption does not apply to the gift tax, see Treasury Decision 4550.
FT'""'-w
•8*
Department are authorized to aot as official agencies.
The Secretary of the
Treasury reserves the right to close the hooks as to any or all subscriptions
or classes of subscriptions at any time without notice*
Subject to the
reservations set forth in the official circular, all exchange subscriptions
will be allotted in full.
Payment at par for any new notes allotted must be made on or before
June 15, 1935, and may be made only in Treasury notes of Series A-1935 maturing
June 15, 1935, or in Treasury notes of
eries B-1935 maturing August 1, 1935,
which will be accepted at par and should accompany the subscription*
In the
case of Treasury notes of Series B**1935 tendered in payment, coupons dated
August 1, 1933, must be attached to the notes when surrendered and accrued
interest from February 1 to June 15, 1935, on the surrendered notes will be
paid following their acceptance for exchange*
The text of the official circular follows:
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORHING KEWSPAaSRS
Monday, Juno IQ, 1935._________
6/8/35
Proas Service
NO. s~?
Secretary of the Treasury Morgen than today announced the offering of
5-year 1-1/2 percent Treasury notes of Series 8-1940 in exchange for Treasury
notes of Series A-1935 maturing June 16, 1935 and for Treasury notes of
Series B-1935 maturing August 1, 1936.
—
About |416,600,000 of the notes of Series A-1935 will mature on June 16,
and about #353,800,000 of the notes of Series B-1935 mature on August 1, 1935.
These maturing notes may now be exchanged for the new issue, the amount of
which will be limited to the amount of the maturing notes tendered and accepted
for exchange.
The offering is confined to exchange subscriptions, and cash
subscriptions will not be received.
The Treasury notes now offered will be dated June 16, 1935, and will bear
interest from that date at the rate of 1-1/2 percent per annua payable semi
annual!y.
They will mature June 15, 1940, and will not be subject to call for
redemption before that date.
The notes will be exempt, both as to principal and interest, from all taxatio
The exempt Irn, nf -imrerr. does not apply to estate or inheritance taxes or gift
taxes.
The notes will be issued in bearer form only in denominations of #100, #500,
#1,000, #5,000, 110,000 and #100,000.
Applications will be received at the federal Reserve banka and branches, and
at the Treasury Department, Washington.
Banking institutions generally will handl
applications for subscribers, but only the Federal Reserve banks and the Treasury
treasury department
Washington
POR RELEASE, MORNING NEWSPAPERS,
Monday. June 10% 1955.---------6-8— 35«
Press Service
N q *5-9
Secretary of the T r e a t y Morgenthau today announced the offering of b-year
1-1/2 percent Treasury notes of Series B-1940 in exchange for Treasury notes of
.
-r
rr i q o c ««ji fnr Treasury notes of Series B—1935
Series A-1935 maturing June 15, 19oo and to. ireasury
maturing August 1, 1935«
About $416,600,000 of the notes of Series A-1935 will mature on June 15,.
and about $353,800,000 of the notes of Series &-1935 mature on August 1, 1935.
These maturing notes may now. he exchanged for the new issue, the amount of
which will he limited to the amount of the maturing notes tendered and accepted
for exchange.
The offering is confined to exchange subscriptions, and cash sub-
scrij>tions will not "be received«
The Treasury notes now offered will be dated June 15, 1935, and will bear
interest from that date at the rate of 1-1/2 percent per annum payable semi
annually.
They will mature.June 15, 1940, and will not be subject to call for
redemption before that date*
The notes will he exempt, both as to principal and interest, from a X ta»*.
tion.
The exemption does not apply to estate or inheritance taxes or gift taxes.
The notes will be issued in bearer form only in denominations of $100, $500,
$1,000, $5,000, $10,000 and $100,000«
Applications will be received at the Federal Reserve banks and branches, a n d
at the Treasury Department, Washington.
Banking institutions generally will
handle applications for subscribers, but only the Federal Reserve banks and the
Treasury Department are authorized to act as official agencies.
The Secretary Of
— 2the Treasury reserves the right to close the hooks as to any or all subscriptions
or classes of subscriptions at any time without notice.
Subject to the reserva
tions set forth in the official circular, all exchange subscriptions will be
allotted in full.
Payment at par for any new notes allotted must be made on or before June 15,
1935, and may be made only in Treasury notes of Series A-1935 maturing June 15,
1935, or in Treasury notes of Series B-1935 maturing August X f 1935, which will
be accepted at par and should accompany the subscription.
In the case of
Treasury notes of Series B-1935 tendered in payment, coupons dated August 1, 1935,
mast bo attached to the notes when surrendered and accrued interest from February
1 to June 15, 1935, on the surrendered notes will be paid following their
acceptance for exchange.
The text of the official circular follows:
UNITED STATES OE AMERICA
1-1/2 PERCENT TREASURY NOTES OP SERIES B-1940
. •
, jf
T
r
Dated and bearing interest from June 15,
iqtk
196d
Dae June 15, 1940
Interest payable June 15 and December 15
OFFERED ONLY IN EXCHANGE FOR TREASURY 130TES OF
^19B5,
JOHE
15, 1935, AND TREASURY NOTES OF SERIES B-1935, MATURING AUGUST 1, 1935
TREASURY DEPARTMENT,
Office of the Secretary
Washington,Juno 10, 1935*
1935
Department Circular No. 542
Public Debt Service
The Secretary of the Treasury, pursuant to the authority of the Second
liberty Bond Act, approved September 24, 1917, as amended, Invites subscriptions,
at par and accrued interest, from tho people of the United States, for l-l/2
percent notes of the United States, designated Treasury Notes of Series B-1940,
in payment of which only Treasury Notes of Series A-1935, maturing June 15, 1935,
or Treasury Notes of Series B-1935, maturing August 1, 1935, may be tendered.
The amount of tho offering under this circular will be limited to tho amount of
Treasury Notes of Series A-1935 and of Series B-1935 tendered and accepted.
Description of Notes
The notes will be dated June 15, 1935, and will bear interest from that dato
at the rate of one and one-half percent per annum, payable semiannually, on
December 15, 1935, and thereafter on Juno 15 and December 15 m
each year.
They
will mature.June 15, 1940, and will not bo subject to call for redemption prior
vto maturity#
The notes shall bo exempt, both as to principal and interest, from all taxa
tion (except estate or inheritance taxes
}) now or hereafter imposed by tho
United States, any State, or any of the possessions of the United States, or by
any loca.1 taxing authority#
1 Similarly, tho exemption does not apply to tho gift tax, soe Treasury Decision
4550#
~2~
The notes will "bo accepted at par during such, time and under such lulos and
regulations as shall "be prescribed or approved "by the Secretary of the Treasury
in payment of income and profits taxes payable at the maturity of the notes*
The notes will ho acceptable to secure deposits of public moneys, but will
not bear the circulation privilege*
Bearer notes with interest coupons attached will be issued in denominations
of $100, $500, $1,000, $5,000, $10,000, and $100,000.
The notes will not be
issued in registered form*
Application and Allotment
Applications will be received at the Federal Reserve banks and branches and
at the Treasury Department, Washington*
Banking institutions generally will
handle applications for subscribers, but only the Federal Reserve banks and. the
Treasury Department are authorized to act as official agencies*
The Secretary
of the Treasury reserves the right to close the books as to any or all subscrip
tions or classes of subscriptions at any time without notice*
The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, to allot less than the amount of notes applied for, to make
allotments in full upon applications for smaller amounts end to make reduced
allotments upon, or to reject, applications for larger amounts, to make classified
allotments or to make allotments upon a graduated scale, or to adopt any or all
of said methods or such other methods of allotment and classification of allot
ments as shall bo deemed by him to be in the public interest; and his action in
any or all of these respects shall bo final*
Subject to these reservations,
all subscriptions will be allotted in full*
Allotment notices will be sent out
promptly upon allotment*
Payment
Payment at par and accrued interest, if any, for notes allotted hereunder
must he made on or before June 15, 1935, or on later allotmentj and may he made
only in 3 percent Treasury Notes of Series A-1935, maturing Juno 15, 1935, or
in 1-5/8 percent Treasury Notes of Series B-1935, maturing August 1, 1935,
which will he accepted at par, and should accompany the subscription.
In the
case of Treasury Notes of Series B-1935 tendered in payment, coupons dated
August 1, 1935, must ho attached to the notes when surrendered, and accrued
interest.to June 15, 1935,2.
*il| ho paid following acceptance of tho notes for
exchange«
General Provisions
As fiscal agents of the United States, Federal Kcsorvc hanks are authorized
and requested to receive subscriptions, to make allotmonts on tho basi- and up
to tho amounts indicated by the Secretary of the Treasury to tho Federal Eoscrve
hanks of tho respective districts, to issue allotment notices, to receive payment
for notes allottod, to make dclivory of notes on full-paid subscriptions allotted,
and they may issue interim receipts ponding delivery of tho definitive notes.
Tho Socretary of the Treasury may at any time, or from time to time,
proscribe supplemental or amendatory rules and regulations governing tho offering,
which will bo communicated promptly to tho Federal Eeservo banks.
HENRY M0EG3NTHAU, JR.,
Secretary of the Treasury*
2
Accrued interest at'l-5/8 percent from February 1, 1935,to Juno 15, 1935, on
$1,000 is $6*015193*
TREASURY DEPARTMENT
Washington
Aprii 24, 1935«
Dear Senator:
In accordance with the Committee's request during yestertoy's hearing,
I am glad to outline below a revenue measure which would provide funds f
the payment of the soldiers1 "bonus#
1.
From the standpoint of immediate feasibility no less than that of
.
our fundamental objectives, the best source of adf h ° ^ L r ? I a S c o s ind gifts,
juncture would be a system of taxes on tne receipt of inheritances and g
Such a system, supplementing our present estate and gift taxe,, Tj” 14
fit in well with the rest of our Federal tax structure; would add
balance and strength; and would not materially interfere with the present
estate.and gift taxes#
2# The program that is here suggested w-juld "be relatively simple to
formulate and to administer; yet it would "be effective.
^ ^riof» it s,
with certain qualifications, to subject all inheritances and gi.ts to a
system.of rates similar to that of the federal income tax la •
3. The result of this proposal would "be that gifts and inheritances
would bo taxed at progressive rates, and, under it, the C°a^ e s s coiad
provide for the offectivc rates to vary with the tax-paying o M M x t y of the
recipients of bequests and gifts. On very largo bequests or gifts t o i n g a
single year - one million dollars or more - i f the existing income ta.
rates aro applied, the total tax would approximate 60 percent.
4. 2o prevent tho necessity for hasty liquidation of large properties,
in order to pay the tax, it might be provided that inheritance taxes
payable in a convenient number of installments#
5. Iho preliminary estimate is that such a tax would
“ annually,
approximately $300 millions and might r,ango upward t o ^ 6 0 0 million;b annua
Our present estate tax is estimated to yield some $190 “ 41lS ! | i S a “ th a
It may bo observed that, from estate and inheritance taxes, .
England,
population of approximately ono-third that of the United S U t o * , and
smaller per capita, wealth and income, collected more than $400 million,
in death duties in the fiscal year ended Marcn 31* 193b#
Sincerely yours,
Henry Morgenthau, Jr*
Secretary of the Treasury«
Honorable Pat Harrison, Chairman*
Senate finance Committee,
United States Senate*
Washington, D#C*
TREASURY DEPARTMENT
Washington
June 10, 1935«
^.m o r a t e d u m
por
the pre ss.
RECEIPTS OP SILVER BY THE MINTS AND ASSAY OFFICE Si
Executive'pFcielaiiat ion of December 21, 1933) as amended
Week ended June 7, 1935:
Philadelphia*....... •••••••..... ...........
San Francisco ............................... | . **
Denver............... •....... ...................
Total for week ended June 7, .....................
Total receipts through June 7, ...................
...... -— — fine ounces
194,649,70
" ”
8* 832# 00
" "
203,481*70
” "
36,382,000*00
SILVER TRANSFERRED TO UNITED STATES:
_
1 ' (Under Executive Proclamation of August 9, 1954;
Week ended June 7, 1935:
2,073,00 fine ounces
II
it
6,572,00
It
it
235,00
II
tt
169,00
II
ii
501,00
II
ii
. .
438,00.
II
41
9,988.00
II
II
112,860,109.00
Philadelphia* ....... ...........
New York .......................• ••
San Francisco.................... .
Denver.... ......................
New Orleans..... . ......... *......
Seattle ...............
Total for week ended June 7, 1935...
Total receipts through June 7, 1935*
RECEIPTS OP COLD BY THE MINTS AND ASSAf OFFICES,:
New
Secondary..
.
Domestic—
Imports..
1,544*97
....... $
21,089,25 $ 315,344,22 $
Philadelphia. ...... .....
496.500,00
134,400,00
’ ..... 66,943,100,00
New York................ .
71,588,95 1,720,440,98
" .....
72,882,83
San Francisco • ....... .
34,065,00
736,765,00
31,015*00
’*.....
Denver........ »• ........ * •
60,024*71
3,276,72
16,458,41
Äow Orleans ....... .......
22.852*81 t 187*703,45
S e a t t l e ..................
1,000,375.69 $2,784,131.12
Total for week ended June 7 1 1935* •«*ij>67,084,545*49
Week ended June 7, 1935:
G-OLD RECEIVED BY ppDERAT. RESERVE BANKS AND TipsTREASURER\S P77ICS:
’"'(Under Secretary*s Order of Deccmhcr 28, 1933)
Received by Federal Reserve Banks:
Week ended June 5, 1935
,$
(fold Coin
62,469.02
30.400*390*73
,fiP!Wq 7 5
Total to Juno 5, ................. $30,462,859.70
Ecccivod previously..----
Received by Treasurer*s Office:
Week ended Juno 5, 1935*......*.
Received previously*........ .
Total to Juno 5, 1935*........... . 9
NOTES
ftn]ri Certificates
$
345,210,00
_g]_1777T520*00
$92,122,730.00
400,00
262.006*00
262,406.00
Gold bars deposited with the Now York Assay Ofiice
to the amount of $200,572.69 previously reported.
$
5,100,00
2,149,700.00
$ 2,154.800.00
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS
Tuesday. June 11, 1955.
e/io/35
Press Service
for two series of Treasury M i l s , to be dated June 12, 1956, which were offered
oa June 7» were opened at the Federal Reserve banks on June 10, 1955*
Tenders were Invited for the two series to the aggregate amount of
#100,000,000, or thereabouts, and #259,888,000 was applied for, of which
#100,089,000 was accepted.
The details of the two series are as follows:
153-DAY TREASURY BILLS, M A T T O N O OCTOBER 23* 1935
For this series, Which was for #50,000,000, or thereabouts, the total
amount applied for was #153,519,000, of which #50,009,000 was accepted.
The
accepted bids ranged in price fro® 99.970, equivalent to a rate of about 0*081
percent
per annum,
to 99*963, equivalent to a rate of about 0*100 percent per
annum, on a bank discount basis*
price was accepted.
Only part of the amount bid for at the latter
The average price of Treasury bill® of this series to be
issued is 99*963 and the average rate is about 0*096 percent per annum on a
bank discount basis*
273-DAY TREASURY BILLS, MATURING MARCH 11, 1936
For this series, which was for #50,000,000, or thereabouts, the total
amount applied for was #106,569,000, of which #80,080,000 was accepted.
The
accepted bids ranged in price from 99*895, equivalent to a rate of about 0.138
percent per annum, to 99*383, equivalent to a rate of about 0.154 percent per
annum, on a bank discount basis*
price was accepted.
Only part of the amount bid for at the latter
The average price of Treasury bills of this series to be
issued is 99*888 and the average rate is about 0*148 percent per annum on a
bank discount basis*
TREASURY DEPARTMENT
Washington
POR RELEASE, MORII DIG- NEWSPAPERS,
Tuesday, June 11. 1955»________
6— 10-35*
Press Service
>10
ÏÏOi
Secretary of the Treasury Morgciithau announced last evening that the t e n o r s
for two series of Treasury hills, to he dated June 12, 1935, which were offered
on June 7, were opened at the Pederal Reserve hanhs on June 10, 1935.
Tenders were invited for the two series to the aggregate amount of
$100,000,000, or thereabouts, and $259,888,000 was applied for, of which
$100,089,000' was accepted.
The details of the two series are as follows.
133-DAY TREASURY BILLS, MATURING- OCTOBER 23, 1935.,
Por this series, which was for $50,000,000, or thereabouts, the total
amount applied for w a s $153,319,000, of which $50,009,000 was accepted.
The.
accepted bids ranged in price from 99.970, equivalent to a rate of about 0.081
percent per annum, to 99.963, equivalent to a rate of about 0.100 percent per
annum, on a bank discount basis.
price was accepted.
Only part of the amount bid for at the latter
The average price of Treasury bills of this series to be
issued is 99.965 and the average rate is about 0.096 percent per annum on a bank
discount basis.
273-DAY TREASURY BILLS. MATURING .MARCH 11,, 1935.
l’or this scries, which was for $50,000,000, or thereabouts, the total
amount applied for was $106,569,000, of which $50,080,000 was accepted.
Tho
accepted bids ranged in price from 99.895, equivalent to a rato of about 0.138
percent per annum, to 99.883, equivalent to a rato of about 0.154 percent per
annum, on a bank discount basis.
price was accepted.
Only part of the amount bid for at tho latter
The average price of Treasury bills of this series to bo
issued is 99.888 and the average rate is about 0.148 percent per annum on a bank
discount basis.
DEBT PAYMENTS DUE JUNE 15, 1955
The following statement shows the amounts payable
to the United States by other governments on June 15, 1955,
under the terms of funding and moratorium agreements?
Funding Agreements
Interest
Principal
B elgium
Czechoslovakia
Estonia
Finland ’
France
Great B r i t a i n
Hungary
Italy
Latvia
Lithuania
Poland
Rumania
Jugoslavia
Total
$4,500,000.00
1,500,000.00
—
—
42,058,825.41
—
15,000,000.00
—
42,885.00
—
1^400,000.00
525,000.00
$2,625,000.00
286,265.00
146,422.50
19,261,452.50
75,950,000.00
55,185.08
1,245,457.50
119,609.00
107,785.67
5,582,810.00
—
—
$ 62,626,710.41$105,557,945.25
Moratorium
Agreements
$484,455.88
182,812.78
56,585.29
19,050.50
5*046,879.72
9,720,765.05
4,225.58
896,155.88
15,274.26
15,685.26
456,229.71
48,750.08
—
Total
$7,409,455.88^
1,682,812.78
522,850.29
165,455.00
64,567,157.62
85,670,765.05
57,410.66
15,141,595.28
154,885.26
164,551.92
4,059,059.71
1,448,750.08
525,660.00
$14,924,845.99 $180,909,501.65
TREASURY DEPARTMENT
Washington
payable to the
TIig following statement shows the amounts
1935, under the
United States "by other governments on June 15,
terms of funding and moratorium agreements.
Belgium
Czechoslovakia
Estonia
Finland
France
Great Britain
Hungary
Italy
Latvia
Lithuania
Poland
Rumania
Yugoslavia
TOTAL
$ 4,300,000.00
1,500,000.00
42,058,825.41
13,000,000.00
42,885.00
$
2,625,000»6)0
286.265.00
146,422,50
19,261,432,50
75,950,000,00
33,185,08
1,245,437,50
119.609.00
107,783.67
3,582,810.00
1,400,000.00
325«000»00
$62,626,710.41
Moratorium
Agreements ..
Agreements
Interest
Funding
Principal
$li03,357,945.25
$
Total
. ■
484,453,88 $ 7,409,453,88
1,682,812,78
182,812,78
322,850,29
36,585,29
165,453,00
19,030,50
64,367,137,63
3,046,879,72
85,670,765,05
9,720,765.05
37,410,66
4,225,58
15,141,593,38
896,155.88
134,883,26
15.274.26
164,351,93
13.683.26
4,039,039,71
456,229 «71
1,448,750.08
48,750o08
525,000.00
$14,924,845.99
$180,909,501.65
treasury
m
n
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS,
Wsdnesday, June 12, 1935,
Press Service
Secretary of the Treasury Morgenthau announced today (June 11)
that the subscription books for the current offering of Treasury Notes
of Series B-1940 will close at the close of business Thursday, June 13,
1935.
Subscriptions placed In the mail before 12 o'clock, midnight,
Thursday, June 13, will be considered as having been entered before
the close of the subscription books.
This offering is open only to
the holders of Treasury Notes of Series A-1935, maturing June 15,
1935, and to the holders of Treasury Notes of Series B-1935, maturing
August 1, 1935.
TREASURY DEPARTMENT
Washington
POR RELEASE, MORNING NEWSPAPERS,
Wednesday, June 12, 1935*
6-11-35*
\
Press Service
No.5-11
Secretary of the Treasury Morgcnthau announced today (June 11) that the
subscription hooks for the current offering of Treasury Notes of Series B-1940
will close at the close of business Thursday, June 13, 1935.
Subscriptions
placed in the mail before 12 o*clock, midnight, Thursday, Juno 13, will be
considered as having been entered before the close of the subscription books.
This offering is open only to the holders of Treasury Notes of Series A— 1935,
maturing June 15, 1935,.and to the h d d o r s of Treasury Notes of Series B-1935,
maturing August 1, 1935*
the past $r a n i l s the tMibed States )m
received o o w %han twice
•'. -,'i average mmti&X amount taken by the whole world during that
\Jfc.
period*
X have taken a ten month period, for, as you, doub3|less
knew, delivery istmmily made at the and of the month and those
figures are based upon deliveries#
T m figures on a monthly basis are even more significant#
Confining ourselves to actual receipts, during the past ten months
the Secretary of the treasury has acquired and received delivery of
silver averaging
more than 43*000,000 ounces a month#
Concerning the policy and purpose of the treasury Bepartaaent
in carrying cut the letter and spirit of the Silver Purchase Act of
1934, the foregoing foots speak for theme! ves#
Hof erring to your last question concerning the recent course
of the price of silver, I do not believe that the sudden and abnormal
rise of the price to eighty*ene cents in the latter part of April
was the result of the normal operation of legitimate market forces*
1 think rather that it is to bo attributed to manipulations of
speculative interests* She disappearance of this unhealty condition
and influence has been a wholesome development#
■ Vary truly yours*.
Secretary*
Honor»*)1« fcteirtc McCarran
United States Senate#
timm the total world production and 4*4 tirais the current world cut-
put cf monetary alitor*
O » tfeltsA State# agreed at the London Conference to withdraw
■S4|- million ounces of current newly m-aod silver from production «very
year«
ftm receipts of silver under the Executive Proclamation of
Bcccsher 21* 1933* aloaci more than comnXy with this Agreement« firing
th§
period frem August 1* 1934 to fey 31*. 1935* we have
acquired for monetary purpose# 401*100*000 corneas mere silver than we
agreed to by the London Agreement*
We have* in fact* withdrawn more
than twenty times a# much as we agreed to do*
$he total
m m m % of silver to he withdrawn each year b y all other
parties to the London AeresEwnt was 10*500*000«
She felted States alone
has withdrawn during the teivwaonth period 421*497*000 ounces* of forty*
foitr times morelthan the ether countries agreed in a whole year#
feder the Shenaan Act of 1890 the treasury purchased (haring the
3;,:; years of It# operation lf>8*6?5#000 ounces*
fhe treasury has jmr*
chased and received delivery of 3§ time# that amount in the ten months
that the Silver Purchase Act ha# been in operation*
Our monthly average
purchase# taring the ten xocsstha from August 1* 1934 to fey 31* 1935*
have been ten times the average monthly purchases under the Sherman Act
of 1990*
JfcaHLjjg the period 1920-1930* it ie estimated that the annual with*
d m w a l of silver for monetary purposes for the whole world* including
the felted States* averaged approximately 200*000*000 ounces.
During
Secretary of the Treasury has acquired in the tea months ending fey
31, 1935, V
purchase, 283,000,000 ounces of silver as to which
liver/ lias already “been made, and 112,850,000 ounces of silver under
the nationalisation Order of August 9, 1934*
During the sen® period
25,647,000 ounces of newly rained domestic silver have been received
under the lixecutivs Procl&mation of Beecher 21, 1933«
In the ag^e**
gate, cur sleeks of monetary silver have been increased by 421,497,000
ounces*
The extant of these purchases may better be appreciated by a
comparison of the amounts of silver which have been produced and con
sumed in the United States and in the world during the ten months frera
August 1, 1934 to May 31, 1935*
It is estimated that 25,700,000 ounces
of sliver were produced in the United States, of which 9,000,000 went
into industrial use, leaving a net of only 18,700,000 ounces*
During
the m m period the Secretary of the treasury received 16*4 times as
much silver as m s produced in the United States and 25*3 times as
much of that production as m s available for monetary use*
fh© whole world, It is estimated, produced only 156,000,000 ounces
of silver during the ten months from August 1, 1934 to fey 31, 1935,\«f
which 60,000,000 ounces were necessary for industrial use*
fhe acquit x
sitions of the Secretary of the Treasury during the same period exceeded
§!
■
1y i
■
the world production by about 366,000,000 ounces, and exceeded audh •* \
•J.,t ;|f
that production as was available for aonetary purpose by more than
338,000,000 omoes.
->A•3'A'
|\
In other words, the raoelpte of silver wore 2.7 /.!
I$r dear Senators
I
refer to your le tte r of Jane ? In which you ash m to furnish
you certain fa cts in respect to our silver purchase progs»»»
I believe yen w ill agree with ras upon reflection th at, since
the purpose and operations of the Stabilisation Port are natters of
American policy and primarily hare to do with international mashange
relations rather than domestic monetary se tters, dieenssion o f the
operation o f the fund would not he in the public in terest.
This has
been the fixed policy o f the Bepartment since the »and was established.
B a t this is generally appreciated is evidenced by the feet that no
inquiry concerning fee operation of the Stabilisation fund has cow
to the Treasury from any member
the Covernnent.
of
fee Congress or other o ffice r
of
Only those primarily interested in speculation is
silver would seriously question fee wisdom o f this p o licy.
I can. however, give you fee facts with respect to the opera
tions under the Silver Purchase Act and Proclamation relating to
newly mined silv e r.
It
is entirely
consistent *ife
the public interest
that these fa cts should he made known; and they, therefor®, fam ish
the hast M
of
answering
four questions*
la carrying out fee policy declared in the Silver Purchase A c t.
and in accordance with fee authority and direction therein given, the
TREASURY DEPARTMENT
Washington
Press Service
POR IMMEDIATE RELEASE,
Tuesday, June 11, 1935*
My dear Senator:
I refer to your letter of June 7 in which, you ask me to furnish you
certain facts in respect to our silver purchase program*
I "believe you will agree with me upon reflection
that,since
the purpose and operations of the Stabilization Pund are matters of
American policy and primarily have to do with international exchange
relations rather than domestic monetary matters, discussion of the
operation of the Pund would not "be in the public interest*
This has
been the fixed policy of the Department since the Pund was established*
That this is generally appreciated is evidenced by the fact that no
inquiry concerning the operation of the Stabilization Pund nas come
to the Treasury from any member of the Congress or other oificer of
the Government*
Only those primarily interested in speculation in
silver would seriously question the wisdom of this policy*.
I can, however, give y.u the facts with respect to the operations
under the Silver Purchase Act and Proclamation relating to newly mined
silver*
It is entirely consistent with the publié- interest that these
facts should be made known; and they, therefore, lurnish the best
means of answering your questions*
In carrying out the policy declared in the Silver Purchase Act,
and in accordance with the authority and direction therein given, the
Secretary of tlie Treasury lias acquired in the ten months ending May
31, 1935, by purchase, 283,000,000 ounces of silver as to which de
livery has already "been made, and 112,850,000 ounces of silver under
the Nationalization Order of August 9, 1934»
During the same period
25,647,000 ounces of newly mined domestic silver have “
boon received
under the Executive Proclamation of December 21, 1933.
In the aggr-e-
gate, pur stocks of monetary silver have been increased by 421,497,000
ounces»
The extent of these purchases may better be appreciated by a
comparison of the amounts of silver which have been produced and con
sumed in the United States and.in the world during the ten months from
August 1, 1934 to May 31, 1935.
It is estimated that 25,700,000 ounces
of silver were produced in the United States, of which 9,000,000 wont
into industrial use, leaving a net of only 16,700,000 ounces.
During
the same period the Secretary of the Treasury received J6.4 times as
much silver as was produced in the United States and 25.2.times as
much of that production as was available for monetary use.
The whole world, it is estimated, produced only 156,000,000 ounces
of silver during the ten months from August 1, ^.934 to May 31, 1935, of
which 60,000,000 ounces were necessary for industrial use. The acqui
sitions of the Secretary of the Treasury during the same period exceeded
the world production by about 265,000,000 ounces, and exceeded such of
that production as was available for monetary purpose by more than.
325,000,000 ounces.
In other words, the receipts of silver were 2.7
times the total world production and 4.4 times the current world out
put of monetary silver.
The United States agreed at the London Conference to withdraw
24-J million ounces of current newly mined silver from production every
year.
The receipts of silver under the Executive Proclamation of
D ecemher 21, 1933, alone, more than comply with this Agreement.
During
the ten-month period from August 1, 1934 to May 31, 1935, we have
acquired for monetary purposes 401,100,000 ounces more silver than we
agreed to hy the London Agreement.
We have, .in fact, withdrawn more
than twenty times as much as we agreed to do.
The total amount of silver to he withdrawn each year hy all other
parties to the London Agreement was 10,500,000.
The United States alone
has withdrawn during the ten-month period 421,497,000 ounces, or fortyfour times more than the other countries agreed in a whole year.
Under the Sherman Act of 1890 the Treasury purchased during the
3g- years of its operation 168,675,000 ounces.
The Treasury .•has pur
chased and received delivery of 2§- times that amount in the ten months
that the Silver Purchase Act has been in operation.
Our monthly average
purchases during the ten months from August 1, 1934 to May 31, 1935,
have been ten times the average monthly purchases under the Sherman Act
of 1890.
During the period 1920-1930, it is estimated that the annual with
drawal of silver for monetary purposes for the whole world, including
the United States, averaged approximately 200,000,000 ounces.
During
- 4
the past ten months the United States has received more than twice
the average annual amount taken by the whole world during that
period.
I have taken a ten-month period, for, as you doubtless
know, delivery is usually made a t #the end of the month and these
figures are based upon deliveries.
The figures on a monthly basis are even more significant.
Confining ourselves to .actual receipts, during the past ten months
the Secretary of the Treasury has acquired and received delivery of
silver averaging more than 42,000,000 ounces a month.
Concerning the policy and purpose of the Treasury Department
in carrying out the letter and spirit of the Silver Purchase Act of
1934, the foregoing facts speak for themselves.
Referring to your last question concerning the recent course
of the price of silver, I do not believe that the sudden and abnormal
rise of the price to eighty-one cents in the latter part of April
was the result of the normal operation of legitimate market forces.
I think rather that it is to be attributed to manipulations of
speculative interests.
The disappearance of this unhealthy -condition
and influence has been a wholesome development.
Very truly yours,
(Signed) H. MORGENTHAU, JR.
Secretary.
Honorable Patrick McCarran
United States Senate.
- 4 -
The First National Bank of Mound City, Illinois, was placed in
receivership on December 19, 1931, and disbursements, including offsets
allowed, to depositors and other creditors aggregated #119,767, which
represented 84.7 per cent of the total liabilities at date of failure.
Unsecured depositors in this case received dividends amounting to 82.57
per cent of their claims.
The First National Bank of Pepin, Wisconsin, was placed in receiver
ship on July 23, 1926 and disbursements, including offsets allowed, to
depositors and other creditors aggregated #152,245, which represented
60.5 per cent of the total liabilities at date of failure.
Unsecured
depositors received dividends amounting to 55*665 per cent of their
claims•
The First National Bank of Laredo, Texas, was placed in receiver
ship on November 30, 1931, the liabilities of the institution having
theretofore been assumed by another bank.
The Receiver was appointed
for the purpose of collecting an assessment against the stockholders for
the benefit of the purchasing bank which was the sole creditor of the
receivership and which received dividends amounting to 84*35 per cent
or the aggregate sum of #136,817.
- 3 -
The First National Bank of Florence , South. Carolina , was placed
in receivership on May 22, 1925 &nd disbursements* including offsets
allowed* to depositors and other creditors aggregated $1,282*155, which
represented 85*8 per cent of the total liabilities at date of failure.
Unsecured depositors received dividends amounting to 4-9*77 per cent of
their claims.
The First National Bank of Montezuma* Xowa* was placed in re
ceivership on September 16, 1929 and disbursements, including offsets
allowed, to depositors and other creditors aggregated $302,319, which
represented 60.9 per cent of the total liabilities at date of failure*
Unsecured depositors received dividends amounting to 57*84- per cent of
their claims*
The First National Bank of Ambrose, North Dakota* was placed in
receivership on February 29, 1930 and disbursements* including offsets
allowed, to depositors and other creditors aggregated $37,148, which
represented 37.8 per cent of the total liabilities at date of failure.
Unsecured depositors received dividends amounting to 20.96 per cent of
their claims.
The First National Bank of Arlington, Georgia, was placed in
re
ceivership on March 8, 1932 and disbursements, including offsets allowed,
to depositors and other creditors aggregated $59,642, which represented
57 per cent of the total liabilities at date of failure.
Unsecured de
positors in this case received dividends amounting to 32.55 per cent of
their claims.
-
2
-
The Billings National Bank of Billings, Oklahoma, was placed
in receivership on October 17, 1930 and disbursements, including
offsets allowed, to depositors and other creditors aggregated $142,436,
which represented 88*2 per cent of the total liabilities at date of
failure.
Unsecured depositors in this case received dividends amounting
to 85.62 per cent of their claims.
The First National Bank of Tower City, North Dakota, was placed
in receivership on December 10, 1929 and disbursements, including offsets
allowed, to depositors and other creditors aggregated $57,197, which
represented 73.7 per cent of the total liabilities at date of failure.
Unsecured depositors received dividends amounting to 62.18 per cent of
their claims.
The First National Bank of Huntsville, Tennessee, was placed in
receivership on February 9> 1933 and disbursements, including offsets
allowed, to depositors and other creditors aggregated $50,814» which
represented 70.8 per cent of the total liabilities at date of failure.
Unsecured depositors in this case received dividends amounting to 5&.7
per cent of their claims.
The First National Bank of Milton, North Dakota, was placed in
receivership on August 11, 1932 and disbursements, including offsets
allowed, to depositors and other creditors aggregated $36,016, which
represented 50.4 per cent of the total liabilities at date of failure.
Unsecured depositors received dividends amounting to 23 per cent of
their claims.
TREASURY DEPARTMENT
Washington
FOR RELEASE MORNING NEWSPAPERS
-'t
Press Service
jr-/3L
n
The Comptroller of the Currency, J.F.T. O ’Connor, has announced that
during the month of May, 1935, 14 insolvent national banks were liquidated,
the receiverships thereof being finally closed, making a total of 6$ re
ceiverships finally closed or restored to solvency since his last Annual
Report to Congress compiled as of October 31, 1934*
The First National Bank of Havensville, Kansas, was placed in re
ceivership on October 11, 1933 and all depositors and other creditors were
paid 100 per cent principal with interest in full at the legal rate
amounting to an additional dividend of 6*1857 per cent*
Total payments to
creditors, including offsets allowed, aggregated |62,006 and the stock
holders received $754 together with the assets remaining uncollected.
The Montgomery County National Bank of Cherryvale, Kansas, was
placed in receivership on May 7, 1931 and disbursements, including off
sets allowed, to depositors and other creditors aggregated $153,358,
which represented 67.2 per cent of the total liabilities at date of
failure.
Unsecured depositors received dividends amounting to 14*63 per
cent of their claims.
The Commercial National Bank of Independence, Kansas, was placed
in receivership on March 14, 1930 and disbursements, including offsets
allowed, to depositors and other creditors aggregated $4,488,385, which
represented 84.4 per cent of the total liabilities at date of failure.
Unsecured depositors received dividends amounting to 76.4115 per cent
of their claims.
TREASURY DEPARTMENT
Washington
EOR RELEASE MORNING- NEWSPAPERS,
Monday, June 17, 1935»_________
6- 1 2— 35*
Press Service
No.5-12
The Comptroller of the Currency, J.E.T. O ’Connor, has announced that during .
the month of May, 1935, 14 insolvent national hanks were liquidated, the receiveiv
ships thereof being finally closed, making a total of 65 receiverships finally
closed or restored to solvency since his last Annual Report to Congress compiled
as of October 31, 1934.
The Pirst National Bank of Havensville, Kansas, was placed in receivership
on October 1 1 , 1933 and all depositors and other creditors were paid 100 per cent
principal with interest in full at the legal rate amounting to an additional
dividend of 6.1857 per cent.
Total payments to creditors, including offsets
allowed, aggregated $62,006 grid the stockholders received $754 together with the
assets remaining uncollected.
The Montgomery County National Bank of Cherryvale, Kansas, was placed in
receivership on May 7, 1931 and disbursements, including offsets allowed, to
depositors and other creditors aggregated $153,358, which represented 67.2 per
cent of the total liabilities at date of failure.
Unsecured depositors received
dividends amounting to 14.63 per cent of their claims.
The Commercial National Bank of Independence, Kansas, was placed in receiver
ship on March 14, 1930 and disbursements, including offsets allpwed, to depositors
and other creditors aggregated $4,488,385, which represented 84*4 per cent of the
total liabilities at date of failure.
Unsecured depositors received dividends
amounting to 76.4115 per cent of their claims.
The Billings National Bank of Billings, Oklahoma, was placed in receivership
on October 17, 1930 and disbursements, including offsets allowed, to depositors
— 2—
and other creditors aggregated $142,436,. which represented 88.2 per cent of the
total liabilities at date of failure.
Unsecured depositors in.this case
received dividends amounting to 85.62 per cent of their claims.
The First National Bank of Tower City, North Dakota, was placed in receiver
ship on December 10, 1929 and disbursements, including offsets allowed, to
depositors and other creditors aggregated $57,197, which represented 73.7 per
cent of the total liabilities at date of failure#
Unsecured depositors received
dividends amounting to 62.18 per cent of their claims.
The First National Bank of Huntsville, Tennessee, was placed in receiver
ship on February 9, 1933 and disbursements, including offsets allowed, £o
depositors and other creditox's aggregated $50,814, which represented 70.8 per
cent of the total liabilities at date of failure.
Unsecured depositors in this
case received dividends amounting to 58.7 per cent of their claims.
The First National Bank of Milton, North Dakota, was placed in receivership
on August 11, 1932 and disbursements, including offsets allowed, to depositors
and other creditors aggregated $36,016, which represented 50.4 per cent of the
total liabilities at date of failure.
Unsecured depositors received dividends
amounting to 23 per cent of their claims.
The First National Bank of Florence, South Carolina, was placed in receiver
ship on May 22, 1925 and disbursements, including offsets allowed, to depositors
and other creditors aggregated $1,282,155, which represented 85.8 per cent of the
total liabilities at date of failure.
Unsecured depositors received dividends
amounting to 49.77 per cent of their claims.
The First National Bank of Monotzuma, Iowa, was placed in receivership on
September 16, 1929 and disbursements, including offsets allowed, to depositors
and other creditors aggregated $302,319, which represented 60.9 per cent of the
total liabilities at date of failure.
Unsecured depositors received dividends
amounting to 57.84 per cent of their claim.
The First National Bank of Ambrose, North Dakota, was placed in receivership
on February 29, 1930 and disbursements, including offsets allowed, to depositors
and other creditors aggregated $37,148, which represented 37*8 per cent of the
total liabilities at date of failure.
Unsecured depositors received dividends
amounting to 20.96 per cent of their claims.
The First National Bank of Arlington, Georgia, was placed in receivership
on March 8 , 1932 and disbursements, including offsets allowed, to depositors and
other creditors aggregated $59,642, which represented 57 per cent of the total
liabilities at date of failure.
Unsecured depositors in this case received
dividends amounting to 32.55 per cent of their claims.
The First National Bank of Mound City, Illinois, was placed in receivership
on December 19, 1931, and disbursements, including offsets allowed, to deposit
ors and other creditors aggregated $119,767, which represented 84.7 per cent of
the total liabilities at date of failure.
Unsecured depositors in this case
received dividends amounting to 82.57 per cent of their claims.
The First National Bank of Pepin, Wisconsin, was placed in receivership
on July 23, 1926 and disbursements, including offsets allowed, to depositors
and other creditors aggregated $152,245, which represented 60.5 per cent of the
total liabilities at date of failure.
Unsecured depositors received dividends
amounting to 55.665 per cent of their claims.
The First National Bank of Laredo, Texas, was placed in receivership on
November 30, 1931, the liabilities of the institution having theretofore been
assumed by another bank.
The Receiver was appointed for the purpose of collect
ing an assessment against the stockholders for the benefit of the purchasing
bank which m s
the sole creditor of the receivership and which received divi
dends amounting to 84.35 per cent or the aggregate sum of $136,817.
ooOoo
TREASURY DEPARTMENT
#
Washington
FOR IMMEDIATE RELEASE
m
Press Service
No. 5-13
Friday, June 14, 1935.
Bids were asked today t>y the Branch of* Public Works, Procurement Divi
sion, Treasury Department, to be opened July 19, for construction of the new
Interior Department Building.
A total of $11,110,000 was allocated for
•
the site and building, including some features not covered by the present
design.
i
The structure will be located across Rawlins Park from the present
Interior Building and will face north on Rawlins Park, continuing south to
C Street, between Eighteenth and Nineteenth Streets.
fi
The design includes a number of features novel in government buildings.
It will be the first government building in Washington, D.C., or
second floor in the Nineteenth Street side, will supplement the twenty
passenger elevators.
Four thousand four hundred windows, with an approximate area of
128,000
fi
building m
square feet, will provide the best natural lighting of any public
Washington.
Yifindows are spaced twelve feet, center to center,
as contrasted with fifteen-foot spacing in the federal Triangle buildings.
All windows face either streets or open courts under the design, unique
among government buildings here.
The property is 587 feet north and south and 382 feet east and west.
A central wing running north and south forms the cross-bar of a gridiron.
It is crossed “by six east-and-west wing^,leaving ten open courts, 50 feet in
width and 145 feet in depth.
The building is also novel among government structures in the complete
absence of columns and in the elimination of exterior ornament, to avoid con
flict with the Lincoln Memorial.
North and South entrances are'’jmhrked' ¡by
recessed porches with large posts three stories high.
The building was designed by faddy B. Wood, P.A.I.A., Washington, D.C.
architect.
Design and plans were approved by Secretary of the Interior Ickes
and by the Pine Arts Commission.
Working drawings and specifications were
prepared in the office of the Supervising Architect, Public Works Branch of
the Procurement Division, Mr. Wood having been retained as consulting archi
tect.
The design.represents a return toward the architecture of early
federal buildings.
The stylobate extends across the south front and dies away
toward the north end, on account of the difference in grades.
Above the
stylobate the building is of limestone.
The building is to be seven stories high, exclusive of basement, with
a penthouse for mechanical equipment and elevators.
top of the cornice, the other stories being setbacks.
It is five stories to the
The gross area of the
seven office floors and basement is approximately 1,139,000 square feet.
The basement includes space for a cafeteria with a seating capacity
of 1,500.
A conference hall with a seating capacity of 900 is located on the
first floor.
The hall is to be two stories in height with a balcony.
The first floor also contains a library and reading room, exhibit
gallery, offices of the guards and park police, the supply room and official
~3~
dining room«
The balance of the first floor is devoted to office units«
The library has a two story reading room with alcoves for card catalogues,
reference, special collection, etc., and with stairs leading to a balcony«
Arrangements for the library provide for shelves to hold 400,000 volumes,
with six tiers of book stacks in the basement and on first and second floors«
A pneumatic.tube system will be installed and the building will be air
conditioned«
ooOoo
vm Ê Ê m m m ia — Ê ÊlÊÊ Ê IÊÊ &
RESERVED FOR WHITE HOUSE
Medium
0 l1
Title of Picture
Artist
Home Address
"Camp Site”
Max Bachofen
Chesterland, 0.
Work of an important Ohio painter, interested in giving his best to the
Government*
Spared no expense on materials which, like the others, he had
to furnish on his own*
0 l1
"Bridge Builders"
George Snyder
Hot Springs, Ark.
Young married artist, willing to be separated from his family as long as he
was given employment* His work is distinguished by a sensitive appreciation
----of atmospheric affects*
0 11
"Portrait of Worker
William Gebhardt
Cincinnati
0.
Joseph Roy"
9
Qui©t and unassuming, this oil, of a seated figure in blue working clothes, is
an embodiment of sincerety in its acknowledgment of the digpity of labor.
Camp
Co. 879,
Fort Davis, Texas.
Co. 2763, SP-5,
Devils Den St. Pk.,
West Fork, Ark.
SP-10,
Vets. Co. 1671,
Mackinac Island,
Michigan.
Medium
Title of Picture
Artist
Wabercolor
"Camp Cooks"
Tom Rost, Jr.
Ably treated , sensitive color, competent draughtsmanship.
Home Address
Camp
Milwaukee, Yfisc.
SP-4,
Honey Creek Fkwy,
West Allis, Wise.
it
tr
jt
Bl. & Wh. Wash "6 A.M. and 10 Below Zero"
Tom Rost, Jr.
Milwaukee, Yfisc.
Dwg« —““ Group of boys ©.round stove, dressing and gobbing warm, beads of several decidedly expressive#
Pen & Ink
"Boy ab Sbove"
Douglas Taylor
Clean coirbour drawing giving impression of greab cleanliness#
New York City
Crayon
"Portrait"
Don Brown
Shreveporb, La.
Handled wibh a plasbic approach especially appealing bo sculpbors.
Bl. & Wh.
Wash Dwg# —
"Wheelbarrows"
Frank Hibeshew
Done in a colored camp; vigorous in breabmenb.
Sewickley,
Pa.
Oil
"Tenbs"
- “Eric J. Smith
‘
Wash., D. C#
Landscape excellent; regular arrangement of benbs in foreground reflecbs healbhy
condition under which bhe men live.
Oil
"Sawing Wood in Winter"
Edgar D. Hegh
Arlingbon, Mass#
C.C.C. men in cold weabher cosbume, vigorously ab work in norbh woods.
Wabercolor
"View of Secbion of Camp
Rudolph Bundasz
Roosevelb from Officers’
Quarbers"
Typical m i d w e s b e m landscape, showing acbivibies of bhe camp.
Wabercolor
"Grouse Creek ForesbFire"
J.H. Fibzgerald
A visibor bo bhe Exhibition wanted bo buy bhis wabercolor.
Cleveland,
0.
Seabble, Wash.
Disbinguished color#
Wabercolor
"Sunlight in Timber"
E.J. Fibzgerald
Seabble, Wash.
Fibzgerald resigned from C.C.C. bo accepb posibion in Alaska wibh Nabional Geologic
urvey# Men ab work in foresb, obviously impressed wibh bhe beauby of surroundings.
Wabercolor
"Barge ab bhe Narrows"
Edward Morbon
Milwaukee, Wise.
Excellent breabmenb of medium, rich in color, man wibh supplies going up river#
Wabercolor
"Hidden Lake"
Harlow Hudson
Opaque wabercolor, rich in blues and browns.
Eugene, Oregon.
Co# 251,
Wilson Dam, Ala.
Texas P-52,
Privabe Foresb Co.893
Pineland, Texas.
SP-13,
Camp Fort Ancient
Oregonia, 0.
N.Y. S-71,
Camp 63,
Lake Placid, N. Y.
Maine NP-1,
Acadia Natl. Park,
Bar Harbor, Maine
SP-8 , Roosevelb
Game Preserve State
Park, Friendship,0#
Co. 594,
Camp F-142,
Priest River,Idaho.
SP- 1 2 ,
Fort Defiance,
Tacoma, Wash.
Minn. F-l,
Co. 704,
Superior Natl. Foresb
Montana NP-1,
Glacier Natl. Park
Medium
Title of Picture
Artist
Home Address,
Oil
"Conference”
Raymond Redel
Milwaukee*: Wise*.
Group of heads depicting various types, profound in its analysis.
Oil
”C.C.C. Road Builders”
Roland Mousseau
Landscape of southwest, immense in scope, sensitive in color.
Woodstock, N. Y.
Camp
Wise. F-5,
Camp Brinks Co. 640,
Washburn, Wi sc•
C.C.C. Camp 837,
Jemez, New Mexico.
Oil
”Tool Shed”
A.Gregory Hull
Iowa City, Iowa.
Association with Grant Wood mural group reflected, but enough individuality of
approach to make it interesting.
Watercolor
"Loading Dirt in Wheelbarrow" Donald D. B a y a r d L a k e w o o d , 0.
Insistent in its swirling rhythms with several pointed studies of types included.
SP-13,
Lake Murray State Park
Ardmore, Okla.
CCC Co. 881,
Bottomless Lake State
Pk.,Roswell, N. Mex.
Oil
"C.C.C. Boys by the Sea”
Jos. I. Stepaniack
Pittsburgh, Pa.
Co. 1408,
Rich in color, individual in approach with a profound inner significance.
Camp SP-4,
Myrtle Beach, S. C.
Watercolor
"Landscape Study, Yellowstone Paul Riba
Cleveland, 0.
Wyoming GNP-l,
National Park"
Opaque watercolor masterfully handled with appreciation
Grand Teton National
for delicate nuances. Riba is recipient of fellowship in art, Cleveland Museum School. Park.
Wisconsin F-9,
Watercolor
P h y s i c a l ”ExamI:nation"
Forest Flower
Portage, Wise.
Protege of Zona Gale shows his inherent talent and strength of expression in
Nicolet National Forest
this work, wilfully limited in color but wholly satisfying.
Watercolor
"Letter From Home”
Ernest Roose
Omaha, Nebr.
Co. 798, F-l-N,
Human interest touch in the suggestion of homesickness.
Nebraska Natl. Forest
Halsey, Nebr.
Wash dwg.
"Cabin Mess Hall"
Francis R. White
Cedar Rapids, la.
Co. 841,
White is now Director, Little Gallery, Cedar Rapids, Iowa. Was at one time recipient
Body, Wyoming,
of Guggenheim fellowship for study of stained glass.Three dimensional works reveal interest in light and flat
Colored
"Mr. Dykstra - Educational
Wm. A. Dolwick
Lakewood, 0.
SF-5,
(design,
crayon.
Director”
Ecola State Park,
Fine type of leadership in the C.C.C. shown in this work.
Cannon Beach, Oregon
Crayon
"At the Tool House"
Dan Rhodes
Ft. Dodge, la.
Humor and a sympathetic understanding of the negro are shown in this black and white
drawing. Rhodes painted the PWAP mural in the Navy Bldg., Washington.
Oil *
"C.C.C. Boy in Winter
Sterling B. Smeltzer Altoona, Pa.
Costume"
Red-blooded youth, an embodiment' of virility, health and well-being portrayed
against a winter background of snow covered woods and hills.
Pa. MP-1,
Gettysburg Natl.
Military Park.
Babcock State Park,
SP-3,
Clifftop, W. Va.
v ,
.
York City,
Pen 6nd ink, "Boy at Stove", Douglas Taylor, New
illson Dam, Ala,
Cray n "Portrait”, Don Brown Shreveport, La,, Private
80S, Finland, Texas*
*
1
Black and white "“heelbarroivs*, Frank Hite she ,
Sewickley, Pa», Camp Fort Ancient, Oregonia, 0 #
, Brie J, Smith, Washington, B. C., Camp
8S, Lake Placid, N# I*
*
*
Forest Co
Oil "Sawing Wood in Winter", Wager L, Hegh, Arlington,
ifes s*, Acadia National Park, Bar Harbor, Maine,
,
atercolor ".lew at Camp Roosevelt , Eudolph Bundasz,
Cleveland,
Roosevelt Game Preserve, Friendship, 0."
Ufa tercolor "Grouse Br& k Forest Fire11, J, H, Fitz
gerald, Seattle, Camp F—14k, Priest River, Idaho,
t ^
„
la ter color, Sunlight in Timber", I, J. Fitzgerald,
Seattle, State Park, Point Defiance, lash.
Watercolor "B arge at the Narrows", Edward Morton,
Milwaukee, Co, 704, Superior National Forest#
Wate color, "Hidden Lake", Harlow Hudson, Eugene, Ore,,
Glacier National Park,
'
*
**
_ ^ ^
m
®F1 "Camp site , Max Bachoien, Chesterland, 0 ,.
Fort Davis, Texas,
m
Ark,,
,011» "Bridge Bulldei s?" George Snyder, Hot Springs,
Devils Ben State Park, West Fork, Ark,
9
*
& 9
Oil "Portrait of Worker, William Gebhardt,
Cincinnati,
Veterans Company, Mackinac ZslAnd, Mich,
Pen fend ink, "Boy at $tove", Bougie s Taylor, New
Wilson Dam, Ala#
Cray n "Portrait", Don Brown Shreveport, La#, Private
Forest Co 893, Pineland, Texas#
Black and white "^heelbarrows*, Frank Hitesha ,
Sewickley, Pa., C&mp Fort Ancient, Oregonla, 0#
Oil »1onts , Eric J* Smith, Washington, D# C#, Camp
63, Lake Placid, N* Y*
*
I
Oil "Sawing Wood in Winter", Edgar D# Hegh, Arlington,
Mas a#, Acadia national. Park, Bar Harbor, Maine#
®atercolor "view at Camp Roosevelt , Rudolph Bundasz,
Cleveland,
Roosevelt Game Preserve, Friendship, 0#'*
Watercolor "Grouse Gre k Forest Fire®, J# H# Fitz
gerald, Seattle, Camp F-14P, Priest Elver, Idaho#
Watercolor, Sunlight in Timber", E# J# Fitzgerald,
Seattle, State Park, Point Defiance, Wash#
Watercolor "B arge at the Harrows", Edward Morton,
Milwaukee, Co* 704, Superior Nation: 1 Forest#
Wats color, "Hidden Lake®, Harlow Hudson, Eugene, Ore#
Glacier National Park#
\„
Oil "C&mp Site , Max Bachofen, Chesterland, 0.,
Port Davis, Texas*
m
Oil, "Bridge Builders?" George Snyder, Hot Springs,
Ark*, Devils Den State Park, West fork, Ark.
Oil "Portrait of Worker , William Gebhardt,
Cincinnati, Veterans Company^ Mackinac Isl&nd, Mich.
York City,
Pea and ink, "Boy at Stove”, Douglas Taylor, New
Wilson Dam, Ala.
Cray n "Portrait", Don Brown Shreveport, La., Private
Forest Co 895, Pineland, Texes.
Black end white ""heelbarrows®, Frank Hitesha ,
Sewickley, Pa., Camp Fort Ancient, Oregonia, Q.
Oil "Tents , Brie J. Smith, Washington, D. C., C&mp
65, Lake Placid, N. Y.
*
Oil "Sawing Wood in Winter", Edgar D. Hegh, Arlington,
Mas s., Acadia National Perk, Bar Harbor, Maine*
atercolor "View at Camp Roosevelt , Rudolph Bundasz,
Cleveland,
Roosevelt Game Preserve, Friendship, Q,"'
Watereolor "Grouse Bre k Forest Fire®, J. H. Fitz
gerald, Seattle, Camp F-142, Priest River, Idaho.
Watereolor, Sunlight in Timber", £4 J. Fitzgerald, jp
Seattle, State Park, Point Defiance, Wash*
/
f
Watereolor "B arge at the Narrows"-, Edward Morton,
Milwaukee, Co. 704, Superior Nations! Forest.
Wate color, "Bidden Lake", Harlow Hudson, Eugene, Ore*
Glacier National Park*
\
Oil "Camp Site , Max Bachof'en, Chesterland, 0«,
Port Davis, Texas.
*
Oil, "Bridge Builders?" George Snyder, Hot Springs,
Ark*, Devils Den State Park, West Pork, Ark*
.
Oil "Portrait of Worker , William Gebhardt,
Cincinnati, Veterans Company, Mackinac IsiAnd, Mich,
York City,
•iseven artists, no» working in C. Cjrf^^im».
House, at Up^Sficlusion |of
the
Museum, coneiiiaing
will. have their wo r k f W h i t e
0A m b i t of CCC work now being
J w
t
20*
1
9— —
I
Tns seioctj^M$^°Ws-S as the reauT"
vjjit. of lire. FrankXisLi^^oseveXt to the exhibit*
1«,
« § ^ “1 Si;, exposition.
The works selected for the "hits House, with the
name and hone address of the &r:iist, and. the otmp in which he ¿forked, is
in each instance!
Oil, "Conference”, Raymond Rebel, Milwaukee,
Washburn, flfis.
Camp Brinks *
Oil ”CCC Road Builders”, Roland llousseau, Woodstock,
N* I., Camp 857 Jamoz, Hew Me ico.
Oil, ”^ool hhed”, A. Gregory Hull, Iowa City, Iowa,
Lake Murray State Park, Ardmore, Okie*
Water color, ’’Lording Dirt in wheelbarrow”, Donald D*
Bayard, Lakewood, 0*, CCC Co. 881, Bottomless Lake State Park,
Roswell, Hew Mexico«
Oil, ”CC€ Boys by the S ©a”, Joseph I. Step&niack,
Pittsburgh, Pa. Co. 1408, Myrtle Beach, S~ C.
Water color, "Landscape, Yellowstone N: t.tonal Park1*,
Pitul Riba, Cle.eland, GNP**, Grand Teton national Park, Wyoming.
Water-color, "Physical examination”, F orest Flower,
Portage, Wis., Nicolet National Forest, Wla.
fatercolor, "Letter from Home”, Ernest Boose, Omaha,
Nebraska National forest, Halsey, Neb#
Wash drawing ”Catin Mess Hall”, Francis F. White,
Cedar Rapids, Iowa., Co. 841, Cooy, lyo.
Color crayon, ”Mr# jQykstre, Educational Director”,
William A. Dolxick, Lakewood, 0., hcola State Park, Cannon Beach, Or©*
Crayon «At the Tool House”, Dan Rhodes, fort Dodge,
Iowa, Gettysburg National Military Park, Penns*
Oil, «CCC Boy in Winter Costume”, Sterling B.
Smeltzer, Altoona, Pa., Babcock State Park, Clifftop, West Vs,
Watercolor, «Camp Cooks,” To® Rost, Jr., Milwaukee,
Koneyereek Parkway, West Allis, iis.
Black and white wash, «6 a.m. and 10 Below Zero”,
Tom Rost, Jr
o
'Y
TREASURY DEPARTMENT
Procurement Division
Section of Painting and Sculpture
Press Memorandum
F or Immediate Release
June 12, 1955
Twenty-six artists, now working in C, C. C. camps,
will have their work hung in the White House, at the conclusion of the
CCC art exhibit now being held &t the National Museum, conducing June 20»
The selection, made by the Painting and Sculpture
Section, Procurement Division, Treasury Department, was at the request
of Mrs. Franklin D. Roosevelt, following her recent visit to the exhibit.
Anothe group of selected works b
will be sent to the exposition at San Diego, Calif.
A
?
i
CCC artists
fi'
TREASURY DEPARTMENT
Procurement Division
Section of Painting and
Sculpture
Washington
Press Service
No. 5-14
Twenty— six artists, now working in C.C.C. camps, will have their work hung
in the White House, at the conclusion of the OCG art exhibit now being held at
the National Museum, concluding June 20*
The selection, made by the Painting and Sculpture Section, Procurement
Division, Treasury Department, was at the.request of Mrs. Franklin D. Roosevelt,
following her recent visit to the exhibit.
Another group of selected works by CGC artists will be sent to the exposition
at San Diego, California.
The works selected for the White House, with the name and home address of
the artist, and the camp in which he worked, in each instance:
Oil, "Conference", Raymond Redel, Milwaukee, Camp Brinks, Washburn, Wisconsin.
Oil, nCCC Road Builders1*, Roland Mousseau, Woodstock, N.Y. Camp 837 Jamez, New
Mexico.
_
Oil, "Tool Shed",.A. Gregory Hull, Iowa City, Iowa. Lake Murray State Park,
Ardmore, Oklahoma.
Watercolor, "Loading Dirt in Wheelbarrow", Donald D. Bayard, Lakewood, Ohio.
CCC Co. 881, Bottomless Lake State Park, Roswell, New Mexico.
Oil, "CCC Boys by the Sea", Joseph I. Stepaniack, Pittsburgh, Pa. Co. 1408,
Myrtle Beach, S.C.
Watercolor, "Landscape, Yellowstone National Park", Paul Riba, Cleveland, GNP,
Grand Teton National Park,.Wyoming•
Watercolor, "Physical Examination", Forest Flower, Portage, Wisconsin, Nicolet
National Forest,.Wisconsin.
Watercolor, "Letter from Home", Ernest Roose, Omaha, Nebraska, National Fprest,
Halsey,_Nebraska.
Wash drawing, "Cabin Mess Hall", Francis R. White,, Cedar Rapids, Iowa. Co. 841,
Cody, Wyoming.
_
Color crayon, "Mr.Dykstra, Educational Director", William A. Dolwick, Lakewood,
Ohio, Ecola State Park, Cannon Beach, Oregon.
Crayon, "At the Tool House", Dan.Rhodes, Fort Dodge, Iowa, Gettysburg National
Military Park, Pennsylvania.
Oil, "CCC Boy in Winter Costume", Sterling B. Smeltzer, Altoona, Pa. Babcock
State Park, Clifftop, West Virginia.
Watercolor, "Camp Cooks", Tom Rost, Jr., Milwaukee, Honeycreek Parkway, West
Allis, Wisconsin.
~ 2~
Black and white wash, "6 a.m. and 10 Below Zero11, Tom Rost, Jr*
Pen and ink^
Stove” , Douglas Taylor, New York City, Wilson Dam, Alabama
Crayon, Portrait” , Don Brown, Shreveport, La. Private Porest Co. 893, Pinoland
Texas*
*
Black and white “Wheelbarrows”, Prank Hiteshaw, Sewickley, Pa., Camp Port
Ancient, Orogonia, Ohio.
n«Gn?Sn,w:Sric.J *
Washington, D.C. Camp 63, Lake Placid, New York.
Sawing Wood in Winter” , Edgar D. Hegh, Arlington, Mass* Acadia National
Park, Bar Harbor, Maine.
Watercolor, "View at Can® Roosevelt", Rudolph Bundasz, Clovoland, Roosevelt
Game Preserve, Priendship, Ohio.
Watercolor, "Grouse Creek Porost Piro", J.H. Pitzgcrald, Seattle, Camp P-142,
Priest River, Idaho.
*
Watercolor, "Sunlight in Timber", E.J. Pitzgerald, Seattle, State Park,
Point Defiance, Washington.
Jatercolor, "Barge at the Narrows", Edward Morton, Milwaukee, Co. 704,
Superior National Porest.
Watercolor, "Hidden Lake", Harlow Hudson, Eugene, Oregon,Glacier National Park.
Oil, Camp Site", Max Bachofen, Chesterland, Ohio Port Davis, Texas.
Oil, "Bridge Builders", George Snyder, Hot Springs, Arkansas, Devils Don State
Park, West Pork, Arkansas*
Oil, "Portrait of Worker",William Gobhardt, Cincinnati, Veterans Company,
Mackinac Island, Michigan*
3.1 ,
" 3 W *
3Î"
S -
''Ho*
Health officers of the various States will assemble here Monday,
Lev
June 17, in the auditorium of the United States Public Health Service,
T S ® - c * U >-*7
^conference with Federal health officials.
The conference was called by Surgeon General HughiSg Cumming,under
the provisions of an Act of 1903, directing him to
annually
for a joint session of the State health representatives, for an interchange
of medical thought upon existing health problems, and to devise means for
Federal cooperation.
From the standpoint of its vital bearing upon the solution of
community health problems, the conference this year will be one of the most
important ever convened in the interest of national health betterment.
Before adjournment the conference is expected to formulate a definite
program for a broader extension of Stat^health control measures which are
to be made possible under the pendjng social security bill.
bill #8,000,000^
.
Unflyr 4his
for the purpose of assisting States,
la o&JjliUi
counties, health districts, and village# 1in maintaining adequate public
health services.
Stab Health Officers will outline to the Surgeon General and his
staff the public health needs of their respective States^ and the measure
of Federal aid thatmay| usefully^be^mployed in combating disease.
The
trailing of personnel for public health service will form one of the major
subjects for discussion.
the training program of the United
States Public Health Service will be a keynote of the Surgeon Generals
address^at the""eorfoyeaee.
¿SSSse^fi-locations to be made tdtfljg^States under
the proposed legislation will include substantial sums to train specialized
u r W o
medical experts f
o
r
4)1 community health
TREASURY DEPARTMENT
Washington
F OR IMMEDIATE RELEASE
Saturday, June 15 f 1935.
Press Service
^°* 5 - I 5
Health officers of the various States will assemble here Monday,
June 17, in the auditorium of the United States Public Health Service, for a
two-day conference with Federal health officials.
The conference was called by Surgeon General Hugh S, Cumming, under
the provisions of an Act of 1902, directing him to provide annually for a
joint session of the State health representatives, for an interchange of
medical thought upon existing health problems, and to devise means for Federal
cooperation.
From the standpoint of its vital bearing upon the solution of community
health problems, the conference this year will be one of the most important
ever convened in the interest of national health betterment.
Before adjournment the conference is expected to formulate a definite
program for a broader extension of State health control.measures which are to
be made possible under the pending social security bill.
This bill, as pa,ssed
by the House of Representatives, carries an appropriation of $8,000,000 for
the purpose of assisting States, counties, health districts, and municipal!ties
in maintaining adequate public health services.
,,
State Health Officers will outline to the •Surgeon General and his staff
the public health needs of their respective States and.the measure of Federal
aid that may be usefully employed in combating disease.
The training of per
sonnel for public health service will form one of the major subjects for dis
cussion.
The training program of the United.States Public Health Service will
be a keynote of the Surgeon General*s address.
Allocations to be made to
States under the proposed legislation will include substantial sums to train
specialized medical experts for community health work»
—
0 O0 —
TREASURY DEPARTMENT
Washington
FOR IMMEETATE RELEASE
June 15, 1935«
Presa Service
Ho©
The Treasury reeeived today the sum of $165,453,00 froa
the Government of Finland, representing the semianmal payment cf
Interest in the saoount of $146,422,50 under «he funding agreement
of May 1, 1923 and $19,030,50 as the fourth seaiannual annuity due
under the Moratorium agreeaent of May 23, 1932,
Thia payment
repreaenta the entire amount due front the Government of Finland
and was paid in cash through the Federal Reserve Bank of New York®
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE *
Saturday, June 15, 1935*
r
Press Service
No. 5 - 1 6
The Treasury received today the sum of $165,453.00 from the Govern
ment of Finland, representing the semiannual payment of interest in the
amount of $146,422.50 under the funding agreement of May 1, 1923 and
$19,030.50 as the fourth semiannual annuity due under the moratorium agree
ment of May 23, 1932.
This payment represents the entire amount due from
the Government of Finland and was paid in cash through the Federal Reserve
Bank of New York,
TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE,
Monday, June 17, 1935»
Press Service
Net market purchases of Government securities for Treasury
investment accounts for the calendar month of May, 1935, amounted
to $23,326,525, Secretary Morgenthau announced today.
TREASURY DEPARTMENT
Washington
June 1?, 1935.
MEMORANDUM FOR THE PRESS
RECEIPTS OE SILVER BY THE MINTS AND ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1933) as amended
Week ended June 14, 1935:
149,962)39 fine ounces
Philadelphia ..................
305,695,65
«
*
San Francisco ........ ...............................
6.883.00
”
M
Denver .............. ........... .
462,541.04
1
1
«
Total for week ended June 14, 1935 ................... .
36,844,000.00
“
"
Total receipts through June 14, 1935
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended June 14, 1935s
669.00 fine ounces
Philadelphia ..................................... t * t?
h
487.00
"
New York ............ ?*......... .................. :*t
if
6,740j00
**
...... .
San Francisco
597.00
”
Denver ..........
471¿00
»
New Orleans
....... .....................
553.00
"
Seattle
....... ....... «**?•••?••**»•
9,517.00
M
Total for week ended June 14, 1935
112,869,626.00
»
Total receipts through June 14, 1935 .................
RECEIPTS OF COLD BY THE MINTS AND ASSAY OFFICES:
Week ended June 14, 1935:
Iirrports
r- Philadelphia ........... .
133,,328, 200,,00
New York. ......................
148, 566,,17
San Francisco ...........
45, 723,,00
D e n v e r .............. ..........
524,,25
New Orleans ............. ......
Seattle ....... ...............
Total for week ended June 14, 1935 .... $133,523,013.42
Secondary
New..
Domestic
275,49
$'
128,800.00
1,'970,238199
686,120,00
$224,274.45
237,600¡00
65,606194
56,116)00
5 4 ,0 7 5 .5 3
63,2721,39
22,386.. 28-,
$660r079'i2Q $2,848,706.87
COLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER1S OFFICE:
(Under Secretary*s Order of December 28, 1933)
Received by Federal Reserve Banks: ,
Woek ended June 12 ....... $
Received previously.... ......... .
Total to June 12, 1935 ..............
Gold Coin
23,330,52
30.462.859.75
$ 30,486,190,27
Received by Treasurer*s Office:
Week ended June 12 .................
Received previously........ .
Total to June 12, 1935 ..... .
$
^ v #■'
...... 262.406.00
$
262,406.00
NOTE:
Gold bars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported.
Gold Certificates
$
439,970,00
92.122.730.Ö0
$ 92,562,700.00
$
$
8,90ól00
2.154.8Ó01ÒÒ
2,163,700,00
TREASURY
M P k B fflm ?
WASHINGTON
FOR M i a s i j MORNING W S E I W ,
Tuesday, Jims 18, 1985.
v H W T
Press Service
fl\:
*
Secretary of the Treasury Morgen than anno meed last evening that the ten
ders for two series of Treasury bills, to be dated Jans 19, 1935, which were
offered cm June 14,were opened at the Federal Reserve banks on June 17, 1935*
Tenders were Invited for the two series to the aggregate amount of
1100,000,000, or thereabouts, and #274,447,000 was applied for, of which
#100,072,000 was accepted.
The details of the two seriee are as follows:
135-SAY TREASURY BILLS, MATURING OCTOBER 30, 1935
For this series, which was for #60,000,000, or thereabouts, the total
amount applied for was #139,654,000, of which #50,015,000 was accepted.
The
accepted bids ranged in price from 99.980, equivalent to a rate of about 0.064
percent per annua, to 99.967, equivalent to a rate of about 0.089 percent per
annua, on a bank discount basis.
latter price was accepted.
Only part of the amount bid for at the
The average price of Treasury bills of this series
to be issued is 99.969 and the average rate is about 0.063 percent per annum
on a bank discount basis.
E73-BAY fRSABVRf BULB. MATtmim MARCH IS, 1936
For this series, which was for #50,000,000, or thereabouts, «he total
amount applied for was #134,798,000, of which #50,059,000 was accepted.
The
accepted bids ranged in price from 99.910, equivalent to a rate of about 0.119
percent per annum, to 99.892, equivalent to a rate of about 0.142 percent per
annum, os a bank discount basis.
latter price was accepted*
Only part of the amount bid for at the
The average price of Treaairy bills of this series
to be Issued is 99.898 and the average rate is about 0.134 percent par annua
on a bank discount basis
TREASURY DEPARTMENT
Washington
I FOR RELEASE, MORNING- PAPERS,
Tuesday« June 18« 1935»_____
6-17-35.
Press Service
N°#
Secretary of the Treasury Morgenthaii announced last evening that the tenders
for two series of Treasury hills, to he dated June 19, 1935, which wopo offered
on June 14, were opened at the Federal Reserve Banks on Juno 17, 1935#
Tenders wore invited for the two series to the aggregate amount of
$100,000,000, or thereabouts, and $274,447,000 was applied for, of which
$100,072,000 was accepted.
The details of the two series arc as follows:
133-DAY TREASURY BILLS« MATURING
OCTOBER 30. 1935.
For this series, which was for $5Q,000,000, or thereabouts, the total
amount applied for was $139*654*000, pf which $ 50 *013*000 was accepted.
Tke
accepted bids ranged in price from 99.980, equivalent to a rate of about 0.054
percent per annum, to 99.967, equivalent to a rate of about 0.089 percent per
annum, on a bank discount basis.
price was accepted.
Only part of the amount bid for at the latter
The average price of Treasury bills of this series to be
issued is 99.969 and the average rate is about 0.083 percent per annum on a bank
discount basis.
273-DAY TREASURY BILLS
MATURING- MARCH 18, 1936»
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $134,793*000, pf which $ 50,059,000 was accepted.
l
Tko
accepted bids ranged in price from 99.910* equivalent to a rate of about 0.119
percent per annum, to 99.892, equivalent to a rate of about 0.142 percent per
!w
annum, on a bank discount basis.
price was accepted.
Only part of the amount bid for at the latter
The average price of Treasury bills of this series to be
issued is 99.898 and the average rate is about 0.134 percent per annum on a bank
discount basis.
Y
TREASURY DEPÁRTMM*
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS,
TuoAay, June 18, 1935.
t/ii/zi
Press Service
—
Secretary of the Treasury Morgenthau announced today (June 17) that the
iwro« of Treasury Notes of Series B-1940, as a result of the exchange of Treasury
notes maturing June 18 and August 1, 1038, mounted to #738,373,400.
tion books for this issue were closed on June 13, 1038.
The subscrip
About $14,000,000 of the
notes maturing June IS, and about $18,000,000 of the notes maturing August 1, were
not exchanged.
Subscriptions and allotments were diTided among the several Federal
Reserve diatricta and the Treasury as follows:
Federal Reserve
District
Subscriptions
Received
(June Notes)
Subscriptions
Received
(August Notes)
Boston
New York
Philadelphia
Cleveland
Ri chmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
$ 7,469,600
289,051,200
10,152,200
9,518,900
21,609,900
198,000
54,252,700
7.895.700
2.938.700
4,838,200
2.387.700
10,434,500
1,943,500
$ 6,181,300
268,243,700
3,500,300
2 , 102,100
3,726,100
8,340,000
32,657,100
5,068,400
647.000
$402,690,800
$335, 682,600
Total
u<i,
3 ,68^,700-
359,800
484,100
745.000
{,83,
Total Subscrip
tions received
and allotted
$ 13,650,900
557,294,900
13,652,500
11,621,000
25,336,000
8,538,000
66,909,800
12,964,100
3,585,700
8,465,900
2.747.500
10,918,600
2.688.500
$738,373,400
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, June 18, 1935.________
6/17/35
Press Service
No. 5 - 1 9
j#
Secretary of the Treasury Morgenthau announced today (June 17) that the
issue of Treasury Notes of Series B-1940, as a result of the exchange of
Treasury notes maturing June 15 and August 1, 1935, amounted to $738,373,400.
The;subscription hooks for this issue were closed on June 13, 1935.
About
$14,000,000 of the notes maturing June 15, and about $18,000,000 of the notes
maturing August 1 , were not exchanged.
Subscriptions and allotments were di
vided among the several Federal Reserve districts and the Treasury as follows:'*
Federal Reserve
District
Subscriptions
Received
(June Notes)
Subscriptions
Received
(August Notes)
Total Subscrip
tions received
and allotted
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
$ 7,469,600
289,051,200
10,152,200
9,518,900
21,609,900
198,000
34,252,700
7.895.700
2.938.700
4, 837,200
2.387.700
10,434,500
1,943.500
$402, 0”9,800
$ 6,181,300
268,243,700
3,500,300
$ 13,650,900
557,294,900
13,652,500
11,621,000
25,336,000
8,530,000
66,909,800
12,964,100
3,505,700
0,465,900
2.747.500
10,910,600
2.680.500
$730,373,400
Total
2 , 102,100
3,726,100
8,340,000
32,657,100
5,060,400
647.000
3,623,700
359,800
484,100
745.000
$ 335,68 3,600
companies not located in a city where a Federal Reserve hank or branch is located
may, in their discretion, submit tenders by telegram, but such telegrams must be
received at the Federal Reserve bank or branch before the time fixed for closing.
Immediately after the closing hour for the receipt of tenders on June 26,
1935, all tenders received in writing or by telegraph at the Federal Reserve banks
or branches thereof up to the closing hour (12 o ’clock noon, Eastern Standard time)
will bo opened. The Secretary of the Treasury will determine the acceptable prices
offered and will make public announcement thereof as soon as possible after the
opening of tenders. Those submitting tenders will be advised by the Federal Reserve
banks of the acceptance or rejection thereof, and payment on accepted tenders must
be made as hereinafter provided.
In considering the acceptance of tenders, the
highest prices offered will be accepted in full down to the amount required; and if
the same price appears in two or more tenders and it is necessary to accept only a
pant of the amount offered at such price, tenders for smaller amounts may be
accorded preference and tenders for larger amounts prorated to the extent necessary
in accordance with the respective amounts bid for. The Secretary of the Treasury
expressly reserves the right, however, to reject any or all tenders or parts of
tenders, and to award less than the amount bid for, and any action he may take in
any such respect or respects shall bo final.
Payment
Payment for any bonds allotted on accepted tenders must be made or completed
on or before July 1, 1935, in cash or other immediately available funds, and must
include the face amount, and the premium which the bidder has agreed to pay,
•together with accrued interest on the face amount from June 15, 1935, to July 1,
1935,—
in every case where payment is not so completed, the 5 percent deposit
with application shall, upon declaration made by the Secretary of the Treasury in
his discretion, be forfeited to the United States,
General Provisions
Federal Reserve banks, as fiscal agents of the United States, are authorized
and requested to receive tenders, to make allotments as indicated by the Secretary
of the Treasury to the Federal Reserve banks of the respective districts, to issue
allotment notices, to receive payment for bonds allotted, to make delivery of bonds
on full-paid allotments, and to perform such other acts as may be necessary to
carry out the provisions of this circular. Pending delivery of the definitive
bonds, Federal Reserve banks may issue interim receipts.
The Secretary of the Treasury may at any time, or from time to time, prescribe
supplemental or amendatory rules and regulations governing the receipt of tenders
and the sale of bonds under this circular, which will be corx'.unicated promptly to
the Federal Reserve banks.
KS1IRY KORGEiJTHAU, JR.,
Secretary of the Treasury.
2
Accrued interest from June 15, 1935, to July 1 , 1935, on $1,000 face amount
is $1.311475.
-
2
-
additional income taxes, commonly known as surtaxes, and excess-profits
and war-profits taxes, now or hereafter imposed by the United States,
upon the income or profits of individuals, partnerships, associations,
or corporations. The interest on an amount of bonds authorized by
the Second Liberty Bond Act, approved September 24, 1917, as amended,
the principal of which does not exceed $5,000, owned by any individual,
partnership, association, or corporation, shall be exempt from the
taxes provided for in clause (b) above.
HThe bonds will be acceptable to secure deposits of public moneys,
and will bear the circulation privilege only to the extent -provided in
the act approved July 22, 1932, as amended. They will not be entitled
to any privilege of conversion.
“Bearer bonds with interest coupons attached, and bonds registered
as to principal and interest, will be issued in denominations of $50,
$100, $500, $1,000, $5,000, $10,000 and $100,000. Provision will be
made for the interchange of bonds of different denominations and of
coupon and registered bonds, and for the transfer of registered bonds
under rules and regulations prescribed by the Secretary of the Treasury.
“The bonds will bo subject to the general regulations of the
Treasury Department, now or hereafter prescribed, governing United
States bonds •“
As interest on the bonds issued under this circular will accrue from June 15,
1935, coupon bonds will be delivered hereunder with coupons ITos. 1 and 2, dated
Pecember 15, 1934, and June 15, 1935, respectively, detached.
Tenders and Allotments
Tenders will be received at the Federal Reserve banks and branches thereof up
to 12 o ’clock noon, Eastern Standard time, Wednesday, June 26, 1935, and unless
received by that time will be disregarded. Tenders will not be received at the
Treasury Department, Washington. Each tender must state the face amount of bonds
bid for, which must be $1,000 or any even multiple thereof, and the price offered.
The price offered must be stated exclusive of accrued interest from June 15, 1935,
to July 1, 1935; and must be expressed on the basis of 100, with fractions ex
pressed as 32ds of 1 percent, in accordance with usual practice, e.g., 103-16/32.
lenders at less than par will not bo considered.
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 in every case by a deposit of 5 percent
of the face amount of bonds bid for, except where the tender is accompanied by
an express guaranty of payment by an incorporated bank or trust company.
If the
tender is accepted, in whole or in part, the deposit will be applied toward pay
ment for the bonds, the balance to be paid as hereinafter provided.
If the
tender is rejected, the deposit will be returned to the bidder.
Tenders must be enclosed in envelopes, securely sealed, addressed to the
Federal Reserve bank, or branch, of the district, and plainly marked “ Tender for 3
percent Treasury Bonds of 1946-48“ . The Federal Reserve banks will supply printed
forms and special envelopes for submitting tenders. Incorporated banks and trust
UHI TED STATES OE AMERICA
3 PERCENT TREASURY BONDS OE 1946-48
Dated June 15, 1934, with interest from June 15, 1935
Due June 15, 1948
REDEEMABLE AT THE OPTION OE THE UNITED STATES AT PAR AND ACCRUED INTEREST
ON AND AETER JUNE 15, 1946
Interest pacatile June 15 and December 15
ADDITIONAL ISSUE
1935
Department Circular No. 544
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, June 24, 1935*
Public Debt Service
The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approved September 24, 1917, as amended, offers to the people of
the United States $100,000,000, or thereabouts, 3 percent Treasury Bonds of 1946-48,
and invites tenders therefor at not less than par and accrued interest from June 15,
1935, to July 1, 1935.
Descriution of Bonds
The bonds now offered will be an addition to and will form a part of the series
of 3 percent Treasury Bonds of 1946-48 issued pursuant to Department Circulars No.
512, dated Juno 4, 1934, and No. 541, dated May 27, 1935; will be freely inter
changeable therewith; and (with the exception that interest on the bonds issued
under this circular will accrue from June 15, 1935) are identical in all respects
therewith and are described in the following quotation from Department Circular
No. 512:
nThc bonds will be dated June 15, 1934, and will bear interest from
that date at the rate of three percent per annum, payable semiannually,
on December 15, 1934, and thereafter on June 15 and December 15 in each
year until the principal amount becomes payable. They will mature June
15, 1948, but may be redeemed at the option of the United States on and
after June 15, 1946, in whole or in part, at par and accrued interest, on
any interest day or days, on 4 months* notice of redemption given in such
manner as the Secretary of the Treasury shall prescribe. In case of
partial redemption the bonds to be redeemed will be determined by such
method as may be prescribed by the Secretary of the Treasury. Erom the
date of redemption designated in any such notice, interest on the bonds
called for reder.ption shall cease.
wThe bonds shall be exerpt, both as to principal and interest, from
all taxation now or hereafter imposed by the United States, any State, or
any of the possessions of the United States, or by any local taxing
authority, except (a) estate or inheritance taxes,i. and (b) graduated
1
Similarly, the exerpt ion does not apply to the gift tax, see Treasury
Decision 4550.
ffiust be accompanied ia every case by a deposit of 5 percent of the amount of
bonds bid for, except where tbe tender Is accompanied by an express guaranty
of payment by an incorporated bank or trust company.
If the tender Is accepted,
in whole or in part, the deposit will be applied toward payment for the bonds,
and if the tender is rejected the deposit will be returned to the bidder.
fenders should be made on the printed forms and forwarded in special
envelopes, which will be supplied by the Federal Reserve banks.
Incorporated
banks and trust companies not located in a city where a Federal Beserve bank or
branch is located, m y , ia their discretion, submit tenders by telegram.
Immediately after the closing hour for the receipt of tenders on Wednesday,
June £6, 1935, all tenders received at the Federal Beeerve banks and branches
up to the closing hour will be opened, and public announcement of the acceptable
prices will follow as soon as possible thereafter.
In considering the accept
ance of tenders, the highest prices offered will be accepted ia full down to
the amount required, and if the same price appears in two or more tenders,
and it is necessary to accept only a part of the amount offered at such price,
tenders for smaller amounts m y be accorded preference and tenders for larger
mounts prorated to the extent necessary in accordance with the respective
amounts bid for.
The Secretary of the Treasury expressly reserves the right,
however, to reject any or all tenders or parts of tenders and to award less
than the amount bid for, and any action he m y take ia any such respect or
respects shall be final*
Payment for any bonds allotted on accepted tenders must be made or completed
in cash or other immediately available funds on or before July 1, 1935, and must
include the face amount, and the premium which the bidder has agreed to pay, to
gether with accrued interest on the face amount from June 15 to July 1, 1935.
The text of the official circular follows:
TSBAsmr v w u m w T
washing tan
K>! HKUE4SI, MOHSIIiG PAFIfiS,
Monday, Juno 24» 1935._____
6-28-38.
Prase Serrice
Ho.
S'-Zo
Secretary of the Treasury »organthau is today offering to the people of the
United States an additional Issue of 3 percent treasury Bonds of 1946-48, in the
amount of #100,000,000, or thereabouts, and la inviting tenders therefor at not
lees than par and accrued interest.
The bonds will be sold to the highest bidders,
renders will be received at the Federal Reserve banks and branches thereof up to
IS o'clock noon, Eastern standard time, on Wednesday, June 26, 1936.
Tenders will
not be received at the Treasury Department, Washington.
The bonds for which tenders are now invited will be an addition to and will
form a part of the series of 3 percent Treasury bonds of 1946-48, Issued pursuant
to Department Circulars So. 812, dated June 4, 1934, and No. 841, dated May 27, 1936
they will carry the same tax exemptions, and otherwise will be identical in all
respects therewith except that Interest on the additional bonds Issued will accrue
only from June 16, 193».
The bonds will mature June 18, 1948, but may be redeemed
at the option of the United States on and after June 18, 1946.
Interest will be
payable semiannually on June 18 and Deeamber 18.
aoh tender must state the face amount of bonds bid for, which must be #1,000
or any even multiple thereof, and the price offered, which must be stated exclusive
of accrued interest and must be expressed on the basis of 100, with fractions ex
pressed as 32ds of 1 percent in accordance with the usual practice - for example,
103-16/32.
Tenders at less than par will not bs considered, and tenders not
received at a Federal Reserve bank or branch before 12 o'clock noon, Eastern
standard time, Wednesday, June 26, 1938, sill be disregarded.
Tenders will be
accepted without deposit from incorporated banks and trust companies and from
responsible end recognised dealers in investment securities.
Tenders fro® others
TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING PAPERS,
Monday, June 24, 1935»______
6-22-35*
Press Service
No*5-20
Secretary of the Treasury Morgenthau is today offering to the people of the
United States an additional issue of 3 percent Treasury Bonds of 1946-48, in the
amount of $100,000,000, or thereabouts, and is inviting tenders therefor at not
less than par and accrued interest*
The bonds will be sold to the highest bidders*
Tenders will be received at the Eederal Reserve banks and branches thereof up to
12 o*clock noon, Eastern standard time, on Wednesday, June 26, 1935*
Tenders will
not bo received at the Treasury Department, Washington*
The bonds for which tenders are now invited will be an addition to and will
form a part of the series of 3 percent Treasury bonds of 1946-48, issued pursuant
to Department Circulars No*512,dated June 4, 1934,and No* 541,dated May 27, 1935;
they will carry the same tax exemptions, and otherwise will be identical in all
respects therewith except that interest on the additional bonds issued will accrue
only from June 15, 1935*
The bonds will mature June 15, 1948, but may be redeemed
at the option of the United States on and after.June 15, 1946*
Interest will be
payable semiannually on June 15 and December 15*
Each tender must state the face amount of bonds bid for, which must be $1,000
or any even multiple thereof, and the price offered, which must be stated exclusive
of accrued interest and must be expressed on the basis of 100, with fractions ex
pressed as 32ds of 1 percent in accordance with the usual practice — for example,
103-16/32*
Tenders at less than par will not be considered, and tenders not
received at a Eederal Reserve bank or branch before 12 o*clock noon, Eastern
standard time, Wednesday, June 26, 1936, will be disregarded*
Tenders will be
accepted without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities*
Tenders from others
must be accompanied in every case by a deposit of 5 percent of the amount of
bonds "bid for, except whore the tender is accompanied "by an express guaranty
of payment by an incorporated bank: or trust company*
If the tender is accepted,
in whole or in part, the deposit will be applied toward payment for the "¡ponds,
and if the tender is rejected the deposit will be returned to the bidder*
Tenders should be made on the printed forms and for?;arded in special
envelopes, which will be supplied by the federal Reserve banks* Incorporated
banks- and trust companies not located in a city where a Federal Reserve bank or
branch is located, may,in their discretion, submit tenders by telegram*
Immediately after the closing hour for the receipt of tenders on Wednesday,
June 26, 1935, all tenders received at the Federal Reserve banks and branches
up to the closing hour will bo opened, and public announcement of the acceptable
prices will follow as soon as possible thereafter*
In considering the accept**
anco of tenders, the highest prices offered will be accepted in full down to
the amount required, and if the same price appears in two or more tenders,
and it is necessary to accept only a part of the amount offered at such price,
tenders for smaller amounts may be accorded preference and tenders for larger
amounts prorated to the extent necessary in accordance with the respective
amounts bid for*
The Secretary of the Treasury expressly reserves the right,
however, to reject any or all tenders or parts of tenders and to award less
than the amount bid for, and any action he may take in any such respect or
respects shall be final*
Payment for any bonds allotted on accepted tenders must be made or completed
in cash or other immediately available funds on or before July 1, 1935, and must
include the face amount, and the pi’cmium which the bidder has agreed to pay,.to
gether with accrued interest on the face amount from June 15 to July 1, 1935*
The text of the official circular follows!
UNITED STATES OE AJiBRX'Qa
3 PERCENT TREASURY BONES OE 1946-48
Dated June 15, 1934, with interest from June 15, 1935
Eue June 15, 1948
REDEEMABLE AT THE OPTION OE THE UNITED STATES AT PAR AND ACCRUED INTEREST
ON AND AFTER JUNE 15, 1946
Interest payable June 15 and December 15
ADDITIONAL ISSUE
1935
Departnont Circular No, 544
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, June 24, 1935,
Public Debt Service
The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approved September 24, 1917, as amended, offers to t* e
® 0
the United States $100,000,000, or thereabouts, 3 percent Treasury Bonus of 1946-48,
and invites tenders therefor at not less than par and accrued interest from June 1»,
1935, to July 1, 1935,
Description of Bonds
The bonds now offered will be an addition to and will form a part of the series
of 3 percent Treasury Bonds of 1946-48 issued pursuant to Department Circulars No,
512, dated June 4, 1934, and No. 541, dated May 27, 1935; will be freely inter
changeable therewith; and (with the exception that interest on the^boncls issued
under this circular will accrue from June 15, 1935) are identical in all respec s
therewith and are described in the following quotation from Department Circular
No. 512:
k The bonds will be doted June 15, 1934, and will bear interest from
that date at the rate of three percent per annum, payable semiannually,
on December 15, 1934, and thereafter on June 15 and December 15 in each
year until the principal amount becomes payable. They will mature June
15, 1948, but nay be redeemed at the option of the United States on and
after June 15, 1946, in whole or in part, at par and accrued interest, on
any interest day or days, on 4 months* notice of redemption given in such
manner as the Secretary of the Treasury shall prescribe.
In case of
partial redemption the bonds to be redeemed will bo determined by such
method as may be prescribed by the Secretary of the Treasury. Erom the
date of redemption designated in any such notice, interest on the bonds
called for redemption shall cease.
“ The bonds shall be exei.pt, both as to principal and interest, from
all taxation now or hereafter imposed by the United States, any State, or
any of the possessions of the United States, or by an^,- local taxing
authority, except (a) estate or inheritance taxes,A and (b) graduated
1
Similarly, the exerption does not apply to the gift tax, see Treasury
Decision 4550.
-
2
-
additional income taxes, commonly known as surtaxes, and excess-profits
and war-profits taxes, now or hereafter imposed by the United States,
upon the income or "profits of individuals, partnerships, associations,
or corporations. The interest on an amount of "bonds authorized "by
the Second Liberty Bond Act, approved September 24, 1S17, as amended,
the principal of which does not exceed $5,000, owned by any individual,
partnership, association, or corporation, shall be exempt from the
taxes provided for in clause (b) above#
HThe bonds will be acceptable to secure deposits of public moneys,
and will bear the circulation privilege only to the extent provided in
the act approved July 22, 1932, as amended. They will not be entitled
to any privilege of conversion.
nBearer bonds with interest coupons attached, and bonds registered
as to principal and interest, will be issued in denominations of $50,
$100, $500, $1,000, $5,000, $10,000 and $100,000. Provision will be
made for the interchange of bonds of different denominations and of
coupon and registered bonds, and for the transfer of registered bonds
under rules and regulations prescribed by the Secretary of the Treasury.
HThe bonds will be subject to the general regulations of the
Treasury Department, now or hereafter prescribed, governing United
States bonds.n
As interest on the bonds issued under this circular will accrue from June 15,
1935, coupon bonds will be delivered hereunder with coupons llos. 1 and 2, dated
December 15, 1934, and June 15, 1935, respectively, detached.
Tenders and Allotments
•Tenders will be received at the Pederal Reserve banks and branches thereof up
to 12 o'clock noon, Eastern Standard time, Wednesday, June 26, 1935, and unless
received by that time will be disregarded. Tenders will not be received at the
Treasury Department, Washington. Each tender must state the face amount of bonds
bid for, which must be $1,000 or any even multiple thereof, and the price offered.
The price offered must be stated exclusive of accrued interest from June 15, 1935,
to July 1, 1935; and must be ejqpressod on the basis of 100, with fractions ex
pressed as 32ds of 1 percent, in accordance with usual practice, e.g., 103-16/32.
Tenders at less than par will not be considered.
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 in every case by a deposit of 5 percent
of the face amount of bonds bid for, except where the tender is accompanied by
an express guaranty of payment by an incorporated bank or trust company.
If the
tender is accepted, in whole or in part, the deposit will be applied toward pay
ment for the bonds, the balance to be paid as hereinafter provided.
If the
tender is rejected, the deposit will be returned to the bidder.
Tenders must be enclosed in envelopes, securely sealed, addressed to the
federal Reserve bank, or branch, of the district, and plainly marked 11Tender for 3
percent Treasury Bonds of 1946-481’• The Federal Reserve banks will supply printed
forms and special envelopes for submitting tenders. Incorporated banks and trust
companies not locate:! in a city where a Federal He serve bank or branch is located
nay, in their discretion, submit tenders by telegram, but such telegrams must be
received at the Federal Reserve bank or branch before the time fixed for closing.
Immediately after the closing hour for the receipt of tenders on June 26,
1935, all tenders received in writing or by telegraph at the Federal Reserve banks
or branches thereof up to the closing hour (12 o*clock noon, Eastern Standard time)
will be opened. The Secretary of the Treasury will determine the acceptable prices
offered and will make public announcement thereof as soon as possible after the
opening of tenders. Those submitting tenders will be advised by the Federal Reserve
"banks of the acceptance or rejection thereof, and payment on accepted tenders mist
be made as hereinafter provided.
In considering the acceptance of tenders, the
highest prices offered will bo accepted in full down to the amount required; and if
the same price appears in two or more tenders and it is necessary to accept only a
part of the amount offered at such price, tenders for smaller amounts may be
accorded preference and tenders for larger amounts prorated to the extent necessary
in accordance with the respective amounts bid for. The Secretary of the Treasury
expressly reserves the right, however, to reject any or all tenders or parts of
tenders, and to award less than the amount bid for, and any action he may take in
any such respect or respects shall bo final.
Payment
Payment for any bonds allotted on accepted tenders must be made or completed
on or before July 1, 1935, in cash or other immediately available funds, and must
include the face amount, and the premium which the bidder has agreed to pay,
together with accrued interest on the face amount from June 15, 1935, to July 1,
1935.—
in every case where payment is not so completed, the 5 percent deposit
with application shall, upon declaration made by the Secretary of the Treasury in
his discretion, be forfeited to the United States.
General Provisions
Federal Reserve banks, as fiscal agents of the United States, arc authorized
and requested to receive tenders, to make allotments as indicated by the Secretary
of the Treasury to the Federal Reserve banks of the respective districts, to issue
allotment notices, to receive payment for bonds allotted, to make delivery of bonds
on full**pai& allotments, and to perform such other acts as nay be necessary to
carry out the provisions of this circular. Pending delivery of the definitive
bonds, Federal Reserve banks may issue interim receipts.
The Secretary of the Treasury may at any time, or from time to time, prescribe
supplemental or amendatory rules and regulations governing the receipt of tenders
and the sale of bonds under this circular, which will bo communicated promptly to
the Federal Reserve banks.
HE11RY M0RGE1JTHAU, JR.,
Secretary of the Treasury.
2 Accrued interest from June 15, 1935, to July 1, 1935, on $1,000 face amount
is $1.311475.
treasury department
Washington
MEMORANDUM
for
June 24, 1935
the press
■RECEIPTS OP SILVER BY THE MINTS AND ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1933) as amended
Week ended June 21, 1935:
Philadelphia......................
San Prancisco ........... . .......
Denver
Total for week ended June 21, 1935 •
Total receipts through June 21, 1935
••
951,396*24 fine ounces
it
289,662*20
R
u
12.570*16
n
it
1,253,628*60
11
it
38,098,000.00
”
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended June 21, 1935:
Philadelphia ......... ............ .
Hew York.......................
San Francisco*............... .
Denver....... .....................
Hew Orleans ......................
Seattle.............. .
Total for week ended June 21, 1935..
Total receipts through June 21, 1935
4,898*00 fine ounces
7,765*00
11
n
11,562*00
"
”
1,064*00
“
”
292*00
”
tr
421*00
"
u
26,002.00
“
,r
112,895,628.00
RECEIPTS OF GOLD BY THE MINTS AHD ASSAY OFFICES:
----■ —
—
■
Imports .
Week ended Juno 21, 1935:
Philadelphia...... .
33,401,500.00
Hew York ..................
26,391*63
San Francisco.... ...... .
34,510.00
.
Denver.....................
459*57
Hew Orleans .............
-------------- ~
Seattle....................
Total for week ended June 21, 1935*• $33,462,861*20
I
:
i
i
i
i
ft
Hew
Domestic
Secondary
676*23
$238,263*04
87,400*00
323,500*00
879,165*21
88,214*47
614,536*00
53,096*00
271*55
33,311*66
258*556.37
26*952.99
$763,338.16 $1,840,605.86
GOLD RECEIVED BY FEDERAL RESERVE BANKS AHD THE TREASURER*S OFFICE:
(Under Secretary*s Order of December 28, 1933)
Received by Federal Reserve Banks:
Gold Coin. .
Week ended Juno 19*••«»*.•••..•••*«•$ 2 1 , 9 1 6 * 9 0
Received p r e v i o u s l y . • 30*486*190*27
Total to June 19, 1935................$30,508,107*17
Received by Treasurer*s Office;
Week ended June 19*••••••*•••••••«••$
Received previously.
.... ......
Total to June 19, 1935........ ......•$
HOTS:
1,^00*00
262,406.00,
263,606.00
Gold bars deposited with the He?; York Assay Office
to the amount of $200,572.69 previously reported.
Gold Certificates,
$
312,500.00
92,562.700*00,
$92,875,200.00
$
4,400*00
2.163*700.00
$ 2,168,100.00
THEASTTHf B m R S O K T
WÀSHINGTON
FOB BSLEASEt MOBSIMl MfSPAPEBS,
Tuesday, June
1935«
Press Ssrviea
^
¿724/35
/
I
Secretary of the Treasury Morgenthau announced last evening that the tenders
for tso aeries of Treasury bills, to be dated June Ed, 1935, Shiah were offered
on June SI, were opened at the Federal Reserve banks on June Si, 1935»
Tenders were invited for the two series to the aggregate amount of
$100,000,000, or thereabouts, and $272,908,000 was applied for, of which
$100,010,000 waa accepted*
The details of the two series are as follows;
133-BAT TRKASUHT BILLS» MATURING NOTOBBR 6 , 1935
For this series, which waa for $50,000,000, or thereabouts, the total
amount applied for was $137,543,000, of which $50,000,000 waa accepted.
The
accepted bids ranged in price from 99.978, equivalent to a rate of about 0.060
percent per annum, to 99.972, equivalent to a rate of about 0.076 percent per
annum, on a bank discount basis.
price m s accepted.
Only part of the amount bid for at the latter
The average price of Treasury bills of this series to be
issued is 9 9 .9 7 4 and the average rate is about 0,070 percent per annum on a
bank discount basis.
__
» v n i r TORASTOT BILLS. MiTOR IKS IttHCH «5. 1996
■far t h U
series, whleh m
for «80,000,000, or thereabouts, the total
amount applied for t u # 1 3 5 .385,000, of whioh #80,010,000 was accepted.
The
«„opted hid. ranged In price fro. 99.911, equivalent to a rate of about 0.117
percent par annum, to 99.903, equivalent to a rata of about 0.128 percent per
utaam,on a hank discount basic.
pries m
accepted.
Only part of the amount bid for at the latter
The average price of Treasury bills of ttiia serlee to be
Issued 1. 99.907 end the average rate la about 0.123 percent per annum on a bank
discount basis«
TREASURY DEPARTMENT
Washington
Press Service
No. 5-21
for release, morning papers,
Tuesday, June 25, 1935«_____
6-24— 35.
Secretary of the Treasury Morgenthau announced last evening that the tenders
for two series of Treasury hills, to he dated June 26, 1935, which were offered
on June 21, were opened at the Federal Reserve hanks on June 24, 1935«
Tenders were invited for the two series to the aggregate amount of
$100,000,000, or thereabouts, and $272,908,000 was applied for, of which
$100,010,000 was accepted.
The details of the two series are as follows:
133-DAY TREASURY BILLS,, MATURING NOVEMBER 6.
1935.
Por this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $137,543,000, pf which $ 50,000,000 was accepted.
The
accepted bids ranged in price from 99,978, equivalent to a rate of about 0.060
percent per annum, to 99.972, equivalent to a rate of about 0.076 percent per
annum, on a bank discount basis.
price was accepted.
Only part of the amount bid for at the latter
The average price of Treasury bills of this series to be
issued is 99.974 and the average rate is about 0.070 percent per annum on a bank
discount basis.
273-DAY TREASURY BILLS. MATURING MARCH 25. 1936»
Por t M s scries, which was for $50,000,000, or thereabouts, the total
amount applied for was $L35 ,365 ,000, of which $ 50,010,000 was accepted.
The
accepted bids ranged in price from 99.911, equivalent to a rate of about 0.117
percent por annum, to 99.903, equivalent to a rate of about 0.128 percent per
annum, on a bank discount basis.
price was accepted.
Only part of the amount bid for at the latter
The average price of Treasury bills of this series to be
issued is 99.907 and the average rate is about 0.123 percent per annum on a bank
discount basis
'
TREASURY W P W m m T
WASHINGTON
FOB IMMEDIATE RELEASE,
faraday, June 27, 1935.
6/27/35
Press Service
Secretary of the Treasury Morgenthau today announced the result of
the offering by the Treasury on Monday of #100,000,000, or thereabouts,
of 3 percent Treasury Bonds of 1946-48, tenders for which were received
at the Federal Reserve banks up to 12 o’clock noon, on Wednesday, June Si,
Tenders for 11461,341,000 face amount of bonds were received, of
which #112,669,000 was accepted at prices ranging from 103-24/32 down to
103-17/32, and accrued interest from June 15 to July 1, 1935,
The
average price of the bonds to be Issued is about 103-18/32, and a total
premium of #4,005,378*13 will be received*
Based on the average price
at which the bonds are to be issued on July 1, 1935, the yield is about
2*62 percent to the earliest call date, June 18, 1946, and about 2.67
percent to maturity, June 15, 1948.
i m i «
TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASEf ’
Thursday, June 27* 1935*
Press Service
No* 5-22
Secretary of the Treasury Morgenthau today announced the result of
the offering hy the Treasury on Monday of $100,000,000, or thereabouts,
of 3 percent Treasury bonds of 1945-48, tenders for which were received
at the Eederal Reserve banks up to 12 0 »clock noon, on Wednesday, June 26*
Tenders for $461,341,000 face amount of bonds were received, of
which $112,669,000 was accepted at prices ranging from 103-24/32 down to
103-17/32, and accrued,interest from June 15 to July 1, 1935* The
average price of the bonds to be issued is about 103— 18/32,
premium of $4,005,378*13 will be received.
and a total
Based on the average price
at which the bonds are to be issued on July 1, 1935, the yield is 3-bout
2*62 percent to the earliest call date, June 15, 1946, and about 2.67
percent to maturity, June 15, 1948*
TREASURY DEPARTMENT
Washington
memorandum por
Jtay :1» 1935*
the press
RECEIPTS OP S H Y E R BY THE MINTS AND ASSAY 0PPIC3S:
(Under Executive Proclamation of December 21, 1933) as amended
Week ended June 28, 1935J
Philadelphia* **•**••...............
San P r a n c i s c o ............... ......
Denver ••••♦.*••»*••**••••».**••**•*
Total for week ended June 28, 1935...
Total receipts through June 28, 1935*
.
.
•
.
.
307^457,03 fine ounces
94,956,57 n
"
4.686*00 "
“
407,099*60 "
"
38,505,000.00 11
H
SILVER TRANSPBRRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended June 28, 1935s
703.00 fine ounces
Philadelphia • •»•.... ................ .......... .
n
14.783.00 u
New York*..... ....................................
h
h
188.00
San Prancisco ......... ........................... •
it
59,00 u
Denver * ................. ...... *...... ............
n
u
435.00
New O r l e a n s .... .......... ........................
t
i
u
192.00
Seattle ....... *........ .......•»...... *......*•
«
16.360.00 it
Total for week ended June 28, .......................
«
«
Total receipts through June 28, 1935*............... 112,911,988.00
RECEIPTS OP GOLD BY THE MINTS AND ASSAY OPPICSS:
Secondary
Week ended June 28, 1935:
, Imports---Philadelphia* .....................•$
_ 15,560,75 $186,706,94
309,700,00
New Y o r k ...... **.............. .
9,963,200.00
73,459,66
San Prancisco ................... .
281,701,20
7,548,00
Denver*.*.......... *........... .
—
~ •*
52,073,32
New Orleans ......... ........... .
17,913,95
16*050*85
Seattle*..*•.............. ...... . •_____ n.~* r...r.JE
$645,538^77
Total for week ended June 28, 1935..$10,278,375*90
New
Domestic
2,821,67
127.500.00
848,064,87
499.023.00
195,52
.3741872*33
,852,477.39
GOLD RECEIVED BY PEDERAL RESERVE BANKS AND THE TREASURER,»! OPRICE:
(Under Secretary's Order of December 28, 1933)
Received by Pederal Reserve Banks:
Gold C p i & „
Week ended Juno 26 ••*••.*.*••.*••••$
20,399,30
Received previously. .....•••••••••• * 30*508 *107*17
Total to June 26, 1935*.*••*••••••♦•• *$30,508,506.47
Gold Certificates
*§ 433,560,00
92*875*200.00
$93;*308,760.00
Received by Treasurer's Office.
G-old Coin_
Week ended June 26 «.*••••••••*••••
300,00
Received previously ••••••»•••••«•• •___ 263*606,00
Total to Juno 26, 1935«.*.... .•$
263,906.00
Gold Certificates
4,700,00
2*168*100.00
$ 2,172,800.00
NOTE:
Gold bars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported...
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS
Tuesday, July 2, 1355,________
Press Service
7/I/35
Secretary of tiie Treasury Mor^Bstitsu ssnottnced last 6 T 6Qi&§ Uhst tibie tenders
for two series of Treasury bills, to be dated July 3, 1055, which were offered on
June 28, were opened at the Federal Reserve banks on July 1, 1935.
Tenders were invited for the two series to the aggregate amount of
#100,000,000, or thereabouts, and $246,571,000 was applied for, of which
$100,007,000 was aecepted.
The details of the two series are as follows:
135-DAY TREASURY BILLS, MATURING NOVEMBER 13, 1935
For this series, Which was for $50,000,000, or thereabouts, the total amount
applied for was $88,147,000, of which #50,007,000 was aecepted.
The accepted
bids ranged in price from 99.978, equivalent to a rate of about 0.060 percent per
annum, to 99.970, equivalent to a rate of about 0.081 percent per annum, on a
bank discount basis.
accepted.
Only part of the amount bid for at the latter price was
The average price of Treasury bills of this series to be issued is
99.973 and the average rate is about 0.072 percent per annum on a bank discount
basis.
273-DAY TREASURY BILLS, MATURING APRIL 1, 1936
For this series, which was for $50,000,000, or thereabouts, the total amount
x
%
applied for was $158,424,000, of which $50,000,000 was accepted.
The accepted
bids ranged in price from 99.926, equivalent to a rate of about 0.098 percent per
annum, to 99.917, equivalent to a rate of about 0.109 pereent per annum, on a bank
discount basis.
Only pert of the amount bid for at the latter price was accepted.
The average price of Treasury bills of this series to be issued is 99.919 and the
average rate is about 0.107 pereent per annum on a bank discount basis.
TREASURY DEPARTMENT
Washington
Press Service
No. 5-23
POR RELEASE, MORNING PAPERS,
Tuesday. July 2, 1935.______
7-1-35.
Secretary of the Treasury Morgenthau announced last evening that the tenders
for two series of Treasury "bills., to "be dated July 3, 1935, which were offered
on June 28, were opened at the Eederal Reserve "banks on July 1, 1935.
Tenders were invited for the two series to the aggregate amount of $100,000,000,
or thereabouts, and $240,571,000 was applied for, of which $100,007,000 was accepted.
The details of the two series are as follows:
133-DAY TREASURY 3 ILLS « MATURING NOVEMBER 13, 1935.
for this scries, which was for $50,000,000, or thereabouts, tho total
amount applied for was $ 88,147,000, Of which $50,007,000 was accepted.
The.
accepted bids ranged in pri9e from 99.978, equivalent to a rate of about
0.060
percent per annum, to 99.970, equivalent to a rato of about 0 .0 8 1 percent por annum,
on a "bank discount "basis.
accepted.
Only part of the amuunt "bid for at the latter price was
The average price of Treasury bills of this series to be issued is
99.973 and tho average rate is about 0.072 percent per annum on a bank discount
basis.
273-DAY TREASURY BILLS. MATURING APRIL 1. 1936.
Eor this series, which was for $50,000,000, or thereabouts, tho total amount
applied for was $158,424,000, of which $50,000,000 was accoptod.
Tho accoptod bids
ranged in price from 99.926, equivalent to.a rate of about 0.098 percent por annum,
to 99,917, equivalent to a rate of about 0.Ì89 percent por annum, on a bank discount
basis.
Only part of tho amount bid for at tho latter price was apoopted.
The
average price of Treasury bills of this soriss to be issued is 99.919 suid tho
average rate is about 0.107 percent per annum on a bank discount basis.
8
.
On June 15, 1935, there was a maturity of 3# Treasury
notes of Series A-1935 in the face amount of $416,602,800*
The Secretary of the Treasury issued on that date 1-1/2# 5-year
Treasury notes of Series B-1940 in exchange ’for the maturing notes*
The new Issue of 1-1/2# Treasury notes was also offered in exchange for
the 1-5/8# Treasury notes maturing August 1, 1935» iu the face amount
e
cf $353,865,000, ntth an adjustment of interest to June 15, 1935«
The exchanges amounted to $402,721,800 fcr the notes maturing J u n e
15 and $335,688,600 for the notes maturing Angist 1, or a total
of $738,408,400»
The amount of Treasury hills outstanding on June 30, 1934,
vaa $1,404,035,000*
The amount outstanding on June 30, 1955, was
$2,052,896,000, an increase of $648,863,000«
In addition to the gross public debt there are contingent
liabilities in the form of guaranties as to principal end interest on
outataniixg obligations of the Reconstruction Finance Corporation,
Federal Farm Mortgage Corporation, and Home Owners* Loan Corporation,
£/
'cj
aggregating as of June 30, 193#, abait $4,#00,000,000*
On June 30, 1935, the average annual rate of interest on the
outstanding interest-bearing dsbt was 2*715# as coopered with an
average rate of 3*18# on the preceding June 30*
Total interest
payments
on fee debt dnrli« the year were $881,003,000 as coopered witk #75?,000,«
fcr the fiscal year 1934*
the face amount of #52B,101,600 matured*
The Treasury Issued in
exchange for these maturing notes 1-5/8$ 5-year Treasury notes of
Series A-1940, in the amount of #513,884,200.
the same time
it issued 2-7/8$ 20-25-year Treasury bends of 1055-60 in exohange
for the Fourth 4-1/4$ liberty loan bonds in m e approximate m o u n t
of #1,870,000,000, called for redemption on April 15, 1955.
The amount
of the^axehangea was #X,558,312,350#
\
On March 14, 1955, the Secretary of m e Treasury issued a
call for payment on June 15, 1955, of all outstanding First liberty
lorn bonds in the faee amount of #1,933»llO^dSd*
On April 22, m e
Secretary offered an additional issue of each of the securities
offered on March 15, 1935, namely, the 2-7/9$ Treasury bonds of 1955-60
and the 1-5/9$ Treasury notes of Series A-1940.
The amount of the
First liberties exchanged was #746,819,850 for m e Treasury bonds, and
#864,481,900 for m e Treasury notes, or a total of #1,611,301,750*
On April 13, 1935, the Secretary issued the fourth and
final call for all outstanding Fourth liberty loan 4-1/4$ bonds for
payment on October 15, 1935, in the approximate faee amount of
#1,250,000,000*
On June 3, 1936, m e Seoretaxy of the Treasury offered for
cash on a bid basis sn additional issue of #100,000,000 or thereabouts
of the 3$ Treasury bonds of 1946-48 dated June 15, 1934«
The total
faee amount of bonds sold was #98,706,000 at an average price of 103-4/52
with a total premium of #3^066,807«
This is the first time the Treasury
has offered long-term securities on a bid basis since prior to the
world war»
6
Ike September 15, 1934, financing consisted of an issue of
2-1/2# 4-year Treasury notes of Series D-1938, 1-1/2# 2-year Treasury
notes of Series 2-1936, and an additional issue of 3-1/4# Treasury
bonds of 1944-46 dated April 16, 1934«
2-1938 and the Treasury
The Treasury notes of Series
bonds of 1944-46 were offered in exchange for
Fourth Liberty Loan bonds, amounting to approximately $1,200,000,000,
called for payment on October 15, 1934«
The issue of Treasury notea
of Series 2—1938 amounted to $596,405,100, »»d the issue of Treasury
bonds amounted to $456,898,300, or a total of $1,053,303,400*
The
Treasury notes of Series 2-1936 were issued in exchsnge for 1—5/8#
Treasury certificates of Series T S 1934 maturing on September 15, 1934,
in the amount of $524,748,500,
2-1936 Issued
The amount of Treasury notes Series
in exchange was $514,066,000«
On December 15, 1934, 2-l/^6 Treasury certificates of indebtedness
of Series T 2 1934 matured on that date amounting to $992,496,500*
The
Treasury offered in exchange for these maturing certificates 1-1/B#
1- 1/2 year Treasury notes of Series B-1936, and an additional issue of
2- 1/8# Treasury notes of Series A-1939 dated June 15, 1934«
The
amount of the exchanges for the 1-1/8# Treasury notes of Series E-1936
was $210,132,500 and for the 2-1/8# Treasury notes of Series A-1939
$765,192,500, or a total of $975,325,000,
In addition, the Treasury
issued for cash 3-1/8# 15-18-year Treasury bonds of 1949-52 and 1-1/8#
1-1/2-year Treasury notes of Series £-1936*
bonds issued for cash was $491,377,100
The amount of Treasury
of Treasury notes of Series
nisQ
£-1936, $476,483,900, or a total cash subscription of $967,861,000,
On March 15, 1935, 2-1/2# Treasury notes of Series C-1935 in
i
r
1
/
5.
1
Issue date
Maturity date
Rate
Amount issuedl
sury Notes •
D - 1936
Sept. 15, 1934
Sept. 15, 1936
1 -1 /2#
D - 1938
Sept. 15, 1934
Sept. 15, 1938
2 -1 /2 #
597,000,000
A - 1939
June 15, 1934
June 15, 1939
(issued as of Dec. 15, 1934)
2 -1 /8#
765,000,000
E - 1936
Dec. 15, 1934
1 -1 /8$
687,000,000
1-5/8#
514,000,000
1-5/8#
864,000,000
1 -1 /2 #
738,000,000
A - 1940
B - 1940
June 15, 1936
(Mar. 15, 1935
Mar. 15, 1940
(
(Mar. 15, 1935
Mar. 15, 1940
(issued as of June 15, 1935)
June 15, 1935
June 15, 1940
Total notes:
#514,000,000 1
I
#4,679,000,000
Treasury Bonds:
1944-46
Apr. 16, 1934
Apr. 15, 1946
(issued as of Sept . 25, 1934)
3-1/4#
457,000,000
1949-52
Dec. 15, 1934
3-1/8#
491,000,000
2-7/8#
1,558,000,000
Sr 7/8#
746,000,000
1955-60
1946-48
Dee. 35, 1952
(Liar. 15, 1935
Mar. 25, 1960
(
(Mar. 15, 1935
Mar. 15, 1960
(issued as of June 25, 1935)
June 15, 1934
June 25, 1948
(issued as of June 3, 1935)
Total Treasury bonds:
United States Savings bonds
Total notes and bonds:
99,000,000
3#
#3,351,000,000
#
62,000,000 A
#8,092,000,000
4«
THE PUBLIC DEBT
The fiscal year 1955 d o s e d with the total gross public debt
at $28,701,000,000 compared with $27,053,000,000 on June 30, 1934, an
increase of $1,648,000,000»
The net balance in tbs general fund on
June 30, 1935, was $L,841,000,000, or a decrease from the balance on
JUne 30, 1954, of $741,000,000,
the
The Government holds net assets in
f o m of obligations which aggregated on May 31, 1935, about
$4,307,000,000, the proceeds of which tfien repaid nay be used to
retire the public debt.
Public debt retirements of $573,000,000 were made from the
sinking fund and other miscellaneous sources as required by law.
These reductions were, however, more than offset by new borrowings
mads necessary by the excess of expenditures over total receipt a»
Money market conditions during the year permitted the issue
of new debt at 15w rates of interest.
Although the public debt increased
by $1,548,000,000, the computed annual interest charge decreased more
than $90,000,000»
The following table shows the Issues of Treasury notes,
Treasury bonds, and United States Savings Bonds offered by the
Treasury during the fiscal year 1935, including refunding operations:
3.
i
Departments and
Independent
Organisations
Departments:
Agriculture
Commerce .
Interior .
justice
.
Labor
.
Navy
.
Post Office
State
.
Treasury .
War
•
1 i
usii.
»
a
:
Expenditures
:
: 1934
1935
a
• • • » . .
. . . . . .
. . . . . .
. . . . . .
• • • • . .
. . . . . .
(deficiency)
. . . . . .
. . . . . .
• • • . . .
Independent Organizations:
Agricultural Adjustment
Administration . . .
Civil Vorks Administration
. . . . . . .
Emergency Conservation
Work
. . . . . . .
Emergency Administration
of Public Works . . .
Farm Credit Adminiatration
• • • • • . .
Federal Deposit Insurance
Corporation . • . • •
Federal Emergency Relief
Administration. . . .
Reconstruction Finance
Corporation (e) • • .
Veterans Administration
All other . . . . . . .
Special Items:
Refunds of receipts . .
Interest on the public
debt
• • • • • » .
Retirement of public debt
•,•»
*
:
*
:
a
Estimate of ex*
penditures for
1938 as classified
in the 1956 Budget
349
33
88
32
12
307
52
12
204
409
898 V I S ’
43
136
33
19
436
64
19
186
-»a
596
32
161
32
19
492
82
IB
188
602
289
712
724
716
11
m
332
436
402
156
225
295
150
125
102
0>)
150
m
•
367
1,814
1,733
107
607
4£0- 1
556
547
460
64
76
132
757
360
821
573
7,105
7,376
835
573
8,581
1,582
578
106
d
(a) Departmental expenditures Include emergency expenditures an account of
public works.
(b) Includes Legislative Establishment and Executive Office.
(e) Includes expenditures on account of relief and all funds allocated to
other organizations.
(d) Excess of credits.
2*
/Miscellaneous receipts from sundry sources amounted to 1 1 7 9 ,0 0 0 ,0 0 0 ,
an increase of $18,000,000*
T otal receipts sere $ 8 8 ,0 0 0 ,0 0 0 more than the estimate
included in
1935*
the 1938 Budget submitted to the Congress in January,
Ike following statement shoes the actual receipts (in millions
of dollars) from the Tarions sources fbr the fiscal years 1934 and
1934, and 1he estimate of receipts for the fiscal year 1933 contained
in the 1936 Budget:
Actual
1934
Actual
1935
Estimate
for 1935 in
the 1936 Budget
Income tax • • •
1,099
#1,051
Miscellaneous internal
rerenue • • •
1,657
1,557
Processing taxes on
farm products • * * •
Miscellaneous
353
•
3,115
343
287
521
589
180
228
3,800
3,712
EXPENDITURES
Total expenditures during the fiscal year sere $7,376,000,000
compared with a 'botai of $7,105,000,000 during the previous fiscal year*
The following statement shows the combined general
and
emergency expenditures (in millions of dollars) for the fiscal years
1934 and 1935 classified by organization units, and the estimates of
expenditures for the fiscal year 1935 as classified in the 1936 Budget:
TREASURY DEPARTMENT?
WASHINGTON
-ftn
£d?ite>d?
RELEASE, M CftNIWS PAPERS»
-Tuesday, July 2 y 1935»
Press Service
No*
the following announcement is made today by Secretary
Morgenthau:
The Treasury d o s e d the fiscal year ended June 30, 193&,
with a deficit of $5,575,000,000 as compared with a deficit of
$3,989,000,000 fcr the fiscal year 1934»
Expenditures included
$573,000,000 for the retirement of United States obligations to meat
sinking fund and other statutory requirements, so that the deficit,
exclusive of debt retirements, was $3,002,000,000*
This amount, after
deducting the decrease in the general fund balance, the excess of trust
fund receipts over trust fund expenditures, and the amount of retirement
of national bank notes from gold increment, account far an increase
in the total outstanding gross public debt from $27,053,000,000 at the
close of the fiscal year 1934 to $2B,701,000,000 at the close of the
fiscal year 1935«
RECEIPTS
Total receipt e during the fiscal year 1935 were $3,800,000,000,
or about $685,000,000 larger than in the preceding year*
Income taxes
totaled $1,099,000,000, an increase of about $281,000,005; miscellaneous
internal revenue amounted to $1,657,000,000, an increase of $187,000,000;
customs amounted to $343,000,000, an increase of $30,000,000; WK processing
taxes on farm products amounted to $521,000,000, an increase of $168,000,000«
TREASURY DEPARTMENT
Washington
POR IMMEDIATE RELSA.SE,
Tuesday, July 2, 1935.
Press Service
No. 5-24
The following announcement is made today hy Secretary
Morgenthau:
The Treasury closed the fiscal year ended June 30, 1935,
with a deficit of $3,575,000,000 as compared with a deficit of
$3,989,000,000 for the fiscal year 1934.
Expenditures included
$573,000,000 for the retirement of United States obligations to meet
sinking fund and other statutory requirements, so that the deficit,
exclusive of debt retirements, was $3,002,000,000.
This amount, after
deducting the decrease in the general fund balance, the excess of trust
fund receipts over trust fund expenditures, and the amount of retirement
of national bank notes from gold increment, account for an increase
in the total outstanding gross public debt from $27,053,000,000 a.t the
close of the fiscal year 1934 to $28,701,000,000 at the close of the
fiscal year 1935*
RECEIPTS
Total receipts during the fiscal year 1935 were $3,800,000,000,
or about $685,000,000 larger than in the preceding year.
Income taxes
totaled $1,099,000,000, an increase of about $281,000,000; miscellaneous
internal revenue amounted to $1,657,000,000, an increase of $187,000,000;
customs amounted to $343,000,000, an increase of $30,000,000; processing
taxes on farm products amounted to $521,000,000, an increase of $168,00QCCC^
—*2*-»
and miscellaneous receipts.from sundry sources amounted to $179,0001000,
an increase of $18,000,000«
Total receipts were $88,000,000 more than the estimate included
in the 1936 Budget submitted to the Congress in January, 1935«
The
following statement shows the actual receipts (in millions of dollars)
from the various sources for the fiscal years 1934 and 1935, and
the estimate of receipts for the fiscal year 1935 contained in the
1936 Budget:
Actual
1934
Actual
1935
Estimate
for 1935 in
the 1936 Budget
$818
$1^099
$1,051
1,470
1,657
1,557
Customs
313
343
287
Processing taxes on
farm products
353
521
589
Miscellaneous
161
180
228
$3,115
$3,800
$3,712
Income tax
Miscellaneous internal
revenue
EXPENDITURES
Total expenditures during the fiscal year wore $7,376,000,000
compared with a total of $7,105,000,000 during the previous fiscal year«
The following statement shows the combined general and
emergency expenditures (in millions of dollars) for the fiscal years
1934 and 1935 classified by organization units, and the estimates of
expenditures for the fiscal year 1935 as classified in the 1936 Budget:
3
Departments and
Independent
Organizations
Departments:
Agriculture
Commerce
Interior
Justice
Labor
Havy
Post Office
State
Treasury
War
. . . . . .
. . . . . .
..........
. . . . . .
..........
..........
(deficiency)
. . . . . .
. . . . . .
...........
Independent Organizations:
Agricultural Adjustment
Administration . . .
Civil Works Administrac
tion
. . . . . .
Emergency Conservation
Work
. . . . . .
Emergency Administration
Of Public Works . . •
Farm Credit Administra
tion
...........
Federal Deposit Insurance
Corporation ........
Federal Emergency Relief
Administration . . .
Reconstruction Finance
Corporation ( c) . . •
Veterans Administration
All other
...........
Special items:
Refunds of receipts . .
Interest on the public
debt
..........
Retirement of public debt
Expenditures
*
1
Estimate of exnprifìTt.nt p . r for
1935 as classified
in the 1936 Budget
1934
1935
349
33
88
32
12
307
52
12
204
409
475
43
136
33
19
436
64
19
186
489
596
32
161
32
19
492
82
18
188
602
289
712
724
716
11
0
332
436
402
156
225
295
150
125
102
150
—
—
367
1,814
1,733
107
607
183
556
547
460
64
76
132
757
360
821
573
835
573
7,105
7,376
8,581
1,582
578
106
(A)
]
«
( a) Departmental expenditures include emergency expenditures on account of
public works.
(b) Includes Legislative Establishment and Executive Office.
(c) Includes expenditures on account of relief and all funds allocated to
other organizations.
( d) Excess of credits.
~4~
TKE PUBLIC DEBT
The fiscal year 1935 closed with, the total gross public debt
at $28,701,000,000 compared with $27,053,000,000 on June 30, 1934, an
increase of $1,648,000,000*
The net balance in the general fund on
June 30, 1935, was $1,841,000,000, or a decrease from the balance on
June 30, 1934, of $741,000,000*
The Government holds net assets in
the form of Obligations which aggregated on May 31, 1935, about
$4,307,000,000, the proceeds of which when repaid may be used to
retire the public debt*
Public debt retirements of $573,000,000 were made from the.
sinking fund and other miscellaneous sources as required by law*
These reductions were, however, more than offset by new borrowings
made necessary by the excess of expenditures over total receipts*
Money market conditions during the year permitted the issue
of new debt at low rates of interest*
Although the public debt
increased by $1,648,000,000, the computed annual interest charge
decreased more than $90,000,000*
The following table shows the issues of Treasury notes,
Treasury bonds, and United States Savings Bonds offered by the
Treasury during the fiscal year 1935, including refunding operations:
5
Issue date
Maturity date
Rate
Amount issued
Treasury Hotesî
D - 1936
Sept. 15, 1934
Sept. 15, 1936
1-1/2#
$514,000,000
D - 1938
Sept. 15, 1934
Sept. 15, 1938
2 -I/ 2#
597,000,000
A - 1939
June 15, 1939
June 15, 1934
(issued as of Dec. 15, 1934)
2 -I/ 8#
765,000,000
E - 1936
Dec.
15, 1936
I-I/ 8#
687,000,000
Mar. 15, 1940
(Mar. 15, 1935
(
Mar. 15, 1940
(Mar. 15, 1935
(issued as of June 15, 1935)
I- 5/ 8#
514,000,000
I- 5/ 8#
864,000,000
I-I/ 2#
738,000,000
A - 1940
B - 1940
June
15, 1934
15, 1935
June
June
15, 1940
$4,679,000,000
Total notes:
Treasury Bonds a
•
3-I/ 4#
457,000,000
15, 1952
3-I/ 8#
491,000,000
15, 1960
2-7/8#
1,558,000,000
15, 1960
15, 1935)
15, 1948
3, 1935)
2-7/8#
746,000,000
1944-46
Apr. 15, 1946
Apr. 16, 1934
(issued as of Sept. 15, 1934)
1949-52
Dec,
15, 1934
Dec.
15, 1935
Mar.
1955-60
(Mar.
(
(Mar.
1946-48
Mar.
15, 1935
(issued as of June
June
June 15, 1934
(issued as of June
Total Treasury bonds:
United States Savings Bonds • •
Total notes and bonds:
99,000,000
3#
$3,351,000,000
$
62,000,000
$8,092,000,000
— 6—
The September 15, 1934, financing consisted of an issue of
2—1/2$ 4-year Treasury notes of Series 33-1938, 1-1/2$ 2-year Treasury
notes of Series D-1936, and an additional issue of 3-1/4$ Treasury
bonds of 1944-46 dated April 16, 1934.
The Treasury notes of Series
33-1938 and the Treasury bonds of 1944-46 were offered in exchange for
Pourth Liberty Loan bonds, amounting to approximately $1,200,000,000,
called for payment on October 15, 1934*
The issue of Treasury notes
of Series 33-1938 amounted to $596,405,100, and the issue of Treasury
bonds amounted to $456,898,300, or a total of $1,053,303,400*
The
Treasury notes of Series 33-1936 were issued in exchange for 1-5/8$
Treasury certificates of Series T S 1934 maturing on September 15, 1934,
in the amount of $524,748,500*
The amount, of Treasury notes Series
33-1936 issued in exchange was $514,066,000*
On December 15, 1934, 2-1/4$ Treasury certificates of indebtedness
f
of Series T D 1934 matured on that date amounting to $992,496,500*
The
Treasury offered in exchange for these maturing certificates 1—l/8$
1— 1/2 year Treasury notes of Series 2J-1936, and an additional issue of
2— 1/8$ Treasury notes of Series A— 1939.dated June 15, 1934*
The
amount of the exchanges for the 1— 1/8$ Treasury notes of Series E—1936
was $210,132,500 and for the 2-l/8$ Treasury notes of Series A-1939
$765,192,500, or a total of $975,325,000*
In addition, the Treasury
issued for cash 3— l/8$ 15—18— year Treasury bonds of 1949— 52 and 1— l/8$
1—1/2 year Treasury notes of Series E-1936*
The amount of Treasury
bonds issued for cash was $491,377,100 and of Treasury notes of Series.
E-1936, was $476,483,900, or a total cash subscription of $967,861,000*
On March 15, 1935, 2-l/2$ Treasury notes of Series C-1935 in
tlie face amount of $528,101,600 matured.
The Treasury issued in
exchange for these maturing notes 1-5/8$ 5-year Treasury notes of
Series A-1940,
in the amount of $513,884,200.
At the same time
it issued 2-7/8$ 20-25-year Treasury "bonds of 1955-60 in exchange
for the Fourth 4-1/4$ Liberty Loan "bonds in the approximate amount
of $1,870,000,000, called for redemption on April 15, 1935.
The amount
of these exchanges was $1,558,312,350.
On March 14, 1935, the Secretary of the Treasury issued a
call for payment on June 15, 1935, of all outstanding First Liberty
Loan bonds in the face amount of $1,933,000,000.
On April 22, the
Secretary offered an additional issue of each of the securities
offered on March 15, 1935, namely, the 2-7/8$ Treasury bonds of 1955-60
and the 1-5/8$ Treasury notes of Series A-1940.
The amount of the
First Liberties exchanged was $746,819,850 for the Treasury bonds, and
$864,481,900 for the Treasury notes, or a total of $1,611,301,750.
On April 13, 1935, the Secretary issued the fourth and
final call for all outstanding Fourth Liberty Loan 4-l/4$ bonds for
payment on October 15, 1935, in the approximate face amount of
$1,250,000,000.
On June 3, 1935, the Secretary of the Treasury offered for
cash on a bid basis an additional issue of $100,000,000 or thereabouts
of the 3$ Treasury bonds of 1946-48 dated June 15, 1934.
The total
face amount of bonds sold was $98,708,000 at an average price of 103-4/32
with a total premium of $3,082,864.
This is the first time the Treasury
has offered long-term securities on a bid basis since prior to the
world war,
8
On June 15, 1935, there was a maturity of 3$ Treasury
notes of Series A-1935 in the face amount of $416,602,800#
The Secretary of the Treasury issued on that date l-l/2$ 5-year
Treasury notes of Series B-1940 in exchange for the maturing notes#
The now issue of 1-1/2$ Treasury notes was also offered in exchange for
the 1-5/8$ Treasury notes maturing August 1, 1935, in the face amount
of $353,865,000, with an adjustment of interest to June 15, 1935#
The exchanges amounted to $402,721,800 for the notes maturing June
15 and $335,686,600 for the notes maturing August 1, or a total
of $738,408,400.
The amount of Treasury hills outstanding on Juno 30, 1934,
was $1,404,035,000#
The amount outstanding on Juno 30, 1935, was
$2,052,898,000, an increase of $648,863,000#
In addition to the gross public debt there are contingent
li abilities in the form of guaranties as to principal and interest on
outstanding obligations of the Reconstruction Finance Corporation,
Federal Farm Mortgage Corporation, and Home Owners* Loan Corporation,
aggregating as of June 30, 1935, about $4,000,000,000.
On June 30, 1935, the average annual rate of interest on the
outstanding interest-bearing debt was 2.715$ as compared with an
average rate of 3#18$ on the preceding June 30#
Total interest payments
on the debt during the year were $821,000,000 as compared with $7 5 7 ,000,000
for the fiscal year 1934#
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
____________DURING THE MONTH OF JUNE 1935
V
Receiverships
Date of
Failures
Total
Disbursements,
Including
Offsets
Allowed:
Per cent
Total
Returns
to All
Creditors:
Per cent
Dividends
Paid
Unsecured
Depositors:
172,834
125,180
61,003
278,802
165,031
33*9
75*03
43*3
84*38
89*23
73.45
68.93
26.65
78.82
87*4
30.5
14.95179
80.3333
61.73
li*7
4
Farmers & Merchants Nat »1 Bk., Rockmart, Ga*
National Bank of Larimore, North Dakota
First National Bank, Edmore, North Dakota
Cass County Nat’l Bank, Casselton, N* Dak*
First National Bank, Mayville, N. Dak*
8-13-31
3-5-29
3— 8—30
12-10-28
6-25-29
First National Bank, Rising Star, Texas
Security Nat*l Bank, Alexandria, S* Dak* 1/
First National Bank, East Grand Forks, Minn*
Miners National Bank, Blossburg, Pa*
First National Bank, Walhalla, N. Dak*
3-12-30
1-21-33
7-28-27
7-30-29
12— 5-30
88,274
5,486
433,446
810,230
34,557
44*18
15.1
82.87
64.71
32.07
Farmers Nat*l Bank, Cross Plains, Texas
Security Nat*l Bank, Hope, N. Dak.
First National Bank, Aneta, N* Dak.
First National Bank, Brandt, S* Dak.
First National Bank, Oxford, Alabama
6-13-31
3-13-31
6-3-29
4-27-31
10-10-33
69,102
96,600
169,386
90,113
118,937
38.32
51*29
69*64
71*77
99.44
2*3
15.76
56.92
47.2
i d *7
Steele Co. Nat’l Bank, Finley, N. Dak.
First National Bank, Washington, Mo.
First National Bank, Starkweather, N. Dak.
First National Bank, Crary, N. Dak.
First National Bank, Craig, Colo.
7-27-31
11-18-32
12-17-31
5-18-31
2-18-32
99,770
521,700
47,921
38,126
179,163
49*73
71.99
61.64
46*58
84*03
22.18
68*63
44.1
31.4
U)
|
Receiver appointed to levy and collect stock assessment covering deficiency
in value of assets sold or to complete unfinished liquidation.
6 8 .6
- 5 -
The First National Bank of Washington, Missouri, was placed in re
ceivership on November 18, 1932 and disbursements, including offsets
allowed, to depositors and other creditors aggregated #5 2 1 ,700 , which
represented 71«99 per cent of total liabilities*
Unsecured depositors
received dividends amounting to 6 8 .6 3 per cent of their claims.
The First National Bank of Starkweather, North Dakota, was placed
in receivership on December 17, 1931 and disbursements, including offsets
allowed, to depositors and other creditors aggregated #4-7 ,9 2 1 , which
represented 61.64. per cent of total liabilities.
Unsecured depositors
received dividends amounting to 44-*1 per cent of their claims.
The First National Bank of Grary, North Dakota, was placed in re
ceivership on May 18, 1931 and disbursements, including offsets allowed,
to depositors and other creditors aggregated #3 8 ,1 2 6 , which represented
46.58 per cent of total liabilities.
Unsecured depositors in this case
received dividends amounting to 3 1 -4- per cent of their claims.
The First National Bank of Craig, Colorado, was placed in receiver
ship on February 18, 1932 and disbursements, including offsets allowed,
to depositors and other creditors aggregated #1 7 9 ,1 6 3 , which represented
84..03 per cent of total liabilities.
Unsecured depositors received div
idends amounting to 6 8 .6 per cent of their claims.
- 4 -
allowed, to depositors and other creditors aggregated $69,102, which
represented 38*32 per cent of total liabilities*
Unsecured depositors
in this case received dividends amounting to 2*3 per cent of their
claims •
The First National Bank of Aneta, North Dakota, was placed in re
ceivership on June 3, 1929 and disbursements, including offsets allowed,
to depositors and other creditors aggregated
69*64- per cent of total liabilities*
$169,386, which represented
Unsecured depositors received div
idends amounting to 56*92 per cent of their claims.
The First National Bank of Brandt, South Dakota, was placed in re
ceivership on April 27, 1931 and disbursements, including offsets allowed,
to depositors and other creditors aggregated $90,113, which represented
71*77 per cent of total liabilities.
Unsecured depositors received div
idends amounting to 47.2 per cent of their claims.
The Steele County National Bank of Finley, North Dakota, was placed
in receivership on July 27, 1931 and disbursements, including offsets
allowed, to depositors and other creditors aggregated $99,770, which
represented 49*73 per cent of total liabilities.
Unsecured depositors
received dividends amounting to 22.18 per cent of their claims.
The First National Bank of Oxford, Alabama, was placed in receiver
ship on October 10, 1933 and disbursements, including offsets allowed, to
depositors and other creditors aggregated $118,937, which represented
99*44 per cent of total liabilities.
Unsecured depositors in this case
received dividends amounting to 100 per cent of their claims plus inter
est amounting to 1.7 per cent.
- 3 -
The First National Bank of East Grand Forks, Minnesota, was placed
in receivership on July 28, 1927 and disbursements, including offsets
allowed, to depositors and other creditors aggregated $433,446, which
represented 82.87 per cent of total liabilities.
Unsecured depositors
in this case received dividends amounting to 80.3333 per cent of their
claims.
The First National Bank of Walhalla, North Dakota, was placed in
receivership on December 5, 1930 and disbursements, including offsets
allowed, to depositors and other creditors aggregated $34,557, which
represented 32.07 per cent of total liabilities.
Unsecured depositors
received dividends amounting to 11.7 per cent of their claims.
The Security National Bank of Alexandria, South Dakota, was placed
in receivership on January 21, 1933> the liabilities of the institution
having theretofore been assumeo. by another bank.
The Receiver was
appoint ed for the purpose of collecting an assessment against the stock
holders for the benefit of the purchasing bank which was the sole cred
itor of the receivership and which received dividends amounting to
14*95179 per cent or the aggregate sum of $5,429.
The Seeurily National Bank of Hope, North Dakota, was placed in
receivership on March 13, 1931 and disbursements, including offsets
allowed, to depositors and other creditors aggregated $96,600, which
represented 51*29 per cent of total liabilities.
Unsecured depositors
received dividends amounting to 15*76 per cent of their claims.
The Farmers National Bank of Cross Plains, Texas, was placed in
receivership on June 13> 1931 and disbursements, including offsets
The First National Bank of Edmore, North Dakota, was placed in re
ceivership on March 8, 1930 and disbursements, including offsets allowed,'
to depositors and other creditors aggregated #61,003, which represented
43*3 per cent of total liabilities*
Unsecured depositors received div
idends amounting to 26.65 per cent of their claims.
The Cass County National Bank of Casselton, North Dakota, was placed
in receivership on December 10, 1928 and disbursements, including offsets
allowed, to depositors and other creditors aggregated #278,802, which
represented 84-.38 per cent of total liabilities.
Unsecured depositors in
this case received dividends amounting to 78.82 per cent of their claims.
The First National Bank of Mayville, North Dakota, was placed in re
ceivership on June 25, 1929 and disbursements, including offsets allowed,
to depositors and other creditors aggregated #165,031, which represented
89*23 per cent of total liabilities.
Unsecured depositors in this case
received dividends amounting to 87.4 per cent of their claims.
Thd First National Bank of Rising Star, Texas, was placed in re
ceivership on March 12, 1930 and disbursements, including offsets allowed,
to depositors and other creditors aggregated #88,274, which represented
44*J8 per cent of total liabilities.
Unsecured depositors received div
idends amounting to 30.5 per cent of their claims.
The Miners National Bank of Blossburg, Pennsylvania, was placed in
receivership on July 30, 1929 and disbursements, including offsets allowed,
to depositors and other creditors aggregated #810,230, which represented
84.71 per cent of total liabilities.
Unsecured depositors received div
idends amounting to 61.73 per cent of their claims.
TREASURY DEPARTMENT
Washington
Press Service
“K. O
The Comptroller of the Currency, J.F.T. 0 1Connor, has announced that
during the month of June, 1935* 20 insolvent national banks were liquidated
the receiverships thereof being finally closed, making a total of 85 re
ceiverships finally closed or restored to solvency since his last Annual
Report to Congress compiled as of October 31* 1934-•
Total disbursements,
including offsets allowed, to depositors and other creditors of these in
stitutions exclusive of 11 receiverships restored to solvency, aggregated
#16,535*536, or an average return of 74*33 per cent of total liabilities,
while unsecured depositors alone received dividends amounting to an aver
age of 64*59 per cent of their claims.
The average time required for
liquidation of these institutions, exclusive of the 11 receiverships
restored to solvency, is found to have been 4 years and 9 months.
The Farmers & Merchants National Bank of Rockmart, Georgia, was
placed in receivership on February 13* 1931 and disbursements* including
offsets allowed, to depositors and other creditors aggregated #172,834*
which represented 88.9 per cent of total liabilities.
Unsecured depositors
received dividends amounting to 73*45 per cent of their claims.
The National Bank of Larimore, North Dakota, was placed in receiver
ship on March 5* 1929 and disbursements, including offsets allowed, to de
positors and other creditors aggregated #125,180, which represented 75*03
per cert of total liabilities.
Unsecured depositors received dividends
amounting to 68.93 per cent of their claims.
TREASURY DEPARTMENT
Washington
It® RELEASE m o r n i n g p a p e r s ,
Monday. July 8. 1935.
7-5-35
? ros® So™
Ho* b “
0
The Comptroller of the Currency, J.P.T. O'Connor, has announced that
during the month of June, 1935, 20 insolvent national hanks were liquidated,
the receiverships thereof being finally closed, making a total of 85 re
ceiverships finally closed or restored to solvency since his last Annual
Report to Congress compiled as of October 31, 1934.
Total disbursements,
including offsets allowed, to depositors and other creditors of these in
stitutions exclusivo of 11 receiverships restored to solvency, aggregated
$16,535,536, or an average return of 74.33 per cent of total liabilities,
while unsecured depositors alone received dividends amounting to an aver
age of 64.59 per cent of their claims.
The average time required for
liquidation of these institutions, exclusive of the 11 receiverships
restored to solvency, is found to have been 4 years and 9 months.
The Earners
& Merchants
National Bank of Rochmart, Georgia, was
placed in receivership on February 13, 1931 and disbursements, including
offsets allowed, to depositors and other creditors aggregated $172,834,
which represented 88.9 per cent of total liabilities.
Unsecured depositors
received dividends amounting to 73.45 per cent of their claims.
The National Bank of Larimore, North Dakota, was placed in receiver
ship on March 5, 1929 and disbursements, including offsets allowed, to de
positors and other creditors aggregated $125,180, which represented 75.03
per cent of total liabilities.
Unsecured depositors received dividends
amounting to 68«93 per cent of their claims«
-
2
-
The First National Bank of Edmore, North Dakota, was placed in re
ceivership on March 8, 1930 and disbursements, including offsets allowed,
to depositors and other creditors aggregated $61,003, which represented
43*3 per cent of total liabilities«
Unsecured depositors received div
idends amounting to 26» 65 per cent of their claims«
The Cass County National Bank of Casselton, North Dakota, was placed
in receivership on December 10, 1928 and disbursements, including offsets
allowed, to depositors and other creditors aggregated $278,802, which
represented 84.38 per cent of total liabilities.
Unsecured depositors in
this case received dividends amounting to 78.82 per cent of their claims«
The First National Bank of Mayville, North Dakota, was placed in re
ceivership on June 25, 1929 and disbursements, including offsets allowed,
to depositors and other creditors aggregated $165,031, which represented
89.23 per cent of total liabilities.
Unsecured depositors in this case
received dividends amounting to 87.4 per cent of their claims.
The First National Bank of Rising Star, Texas, was placed in re
ceivership on March 12, 1930 and disbursements, including offsets allowed,
to depositors and other creditors aggregated $88,274, which represented
44.18 per cent of total liabilities. Unsecured depositors received div
idends amounting to 30.5 per cent of their claims.
The Miners National Bank of Blossburg, Pennsylvania, was placed in
receivership on July 30, 1929 and disbursements, including offsets allowed,
to depositors and other creditors aggregated $810,230, which represented
64.71 per cent of total liabilities.
Unsecured depositors received div
idends amounting to 61.73 per cent of their claims«
— 3 —
The First National Bank: of East Grand Forks, Minnesota, was placed
in receivership on July 28, 1927 and disbursements, including offsets
allowed, to depositors and other creditors aggregated $433,446, which
represented 82.87 per cent of total liabilities.
Unsecured depositors
in this case received dividends amounting to 80.3333 per cent of their
claims.
The First National Bank of Walhalla, North Dakota, was placed in
receivership on December 5, 1930 and disbursements, including offsets
allowed, to depositors and other creditors aggregated $34,557, which
represented 32.07 per cent of total liabilities.
Unsecured depositors
received dividends amounting to 11.7 per cent of their claims.
The Security National Bank of Alexandria, South Dakota, was placed
in receivership on January 21, 1933, the liaoilities of the institution
having theretofore been assumed by another bank.
The Receiver was
appointed, for the purpose of collecting an assessment against the stock
holders for the benefit of the purchasing bank which was the sole cred
itor of the receivership and which received dividends amounting to
14.95179 per cent or the aggregate sum of $5,429.
The Security National Bank of Hope, North Dakota, was placed in
receivership on March 13, 1931 and disbursements, including offsets
allowed, to depositors and other creditors aggregated $96,600, which
represented 51.29 per cent of total liabilities.
Unsecured depositors
received dividends amounting to 15.76 per cent of their claims.
The Farmers National Bank of Cross Plains, Texas, was placed in
receivership on June 13, 1931 and disbursements, including offsets
i
- 4 -
allowed, to depositors and other creditors aggregated $69,102, which
represented 38.32 per cent of total liabilities.
Unsecured depositors
in this case received dividends amounting to 2.3 per cent of their
claims.
The First National Bank of Aneta, North Dakota, was placed in re
ceivership on June 3, 1929 and disbursements, including offsets allowed,
to depositors and other creditors aggregated $169,386, which represented
69.64 per cent of total liabilities.
Unsecured depositors received div
idends amounting to 56.92 per cent of their claims.
The First National Bank of Brandt, South Dakota, was placed in re
ceivership on April 27, 1931 and disbursements, including offsets allowed,
to depositors and other creditors aggregated $90,113, which represented
71.77 per cont of total liabilities.
Unsecured depositors received div
idends amounting to 47.2 per cent of their claims.
The Steele County National Bank of Finley, North Dakota, was placed
in receivership on July 27, 1931 and disbursements,
including offsets
allowed, to depositors and other creditors aggregated $99,770, which
represented 49.73 per cent of total liabilities.
Unsecured depositors
received dividends amounting to 22.18 per cent of their claims.
The First National Bank of Oxford, Alabama, was placed in receiver
ship on October 10, 1933 and disbursements,
including offsets allowed, to
depositors and other creditors aggregated $118,937, which represented
99.44 per cent of total liabilities.
Unsecured depositors in this case
received dividends amounting to 100 per cent of their claims plus inter
est amounting to 1,7 per cent.
- 5 -
The First National Bank of Washington, Missouri, was placed in re
ceivership on November 18, 1932 and disbursements,
including offsets
allowed, to depositors and other creditors aggregated $521,700, which
represented 71.99 per cent of total liabilities.
Unsecured depositors
received dividends amounting to 68.63 per cent of their claims.
The First National Bank of Starkweather, North Dakota, was placed
in receivership on December 17, 1931 and disbursements,
including offsets
allowed, to depositors and other creditors aggregated $47,921, which
represented 61.64 per cent of total liabilities.
Unsecured depositors
received dividends amounting to 44,1 per cent of their claims.
The First National Bank of Crary, North Dakota, was placed in re
ceivership on May 18, 1931 and disbursements, including offsets allowed,
to depositors and other creditors aggregated $38,126, which represented
46.58 per cent of total liabilities.
Unsecured depositors in this case
received dividends amounting to 31.4 per cent of their claims.
The First National Bank of Craig, Colorado, was placed in receiver
ship on February 18, 1932 and disbursements, including offsets allowed,
to depositors and other creditors aggregated $179,163, which represented
84.03 per cent of total liabilities.
Unsecured depositors received div
idends amounting to 68.6 per cent of their claims.
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
DURING THE MONTH OF JUNE 1955_____________
Receivership:
Date of
Failure:
Total
Di sbursements
Including
Offsets
Allowed:
Per cent
Total
Returns
to All
Creditors:
Per cent
Dividends
Paid
Unsecured
Depositors:
Fanners & Merchants Nat*l 3k., Roekmart,Ga. 2-13-31
National Bank oi Larimore, N. Dak.
3— 5-29
First National Bank, Elmore,, N. Dak.
3— 8-30
Cass County Nat'l Bank, Casselton,N.Dak.
12-10-28
First National Bank, Mayville, N* Dak.
6-25-29
$ 172,834
125,180
61,003
278,802
165,031
88.9
75.03
43.3
84.38
89.23
73.45
68.93
26.65
78.82
87.4
First National Bank, Rising Star, Texas
3-12-30
Security N a t fl Bank, Alexandria, S.Dak.l/
1-21-33
First National Bank, East Grand Forks,Minn.
7-28-27
Miners National Bank, Blossburg, Pa.
7-30-29
First National Bank, Walhalla, N. Dak.
12— 5-30
88,274
5,486
433,446
810,230
34,557
44.18
15*1
82.87
64.71
32.07
30.5
14.95179
80.3333
61.73
11.7
Farmers N a t Tl Bank, Cross Plains, Texas
Security N a t Tl Bank, Hope, N. Dak.
First National Bank, Aneta, N. Dak.
First National Bank, Brandt, S. Dak.
First National Bank, Oxford, Alabama
6-13-31
3-13-31
6— 3-29
4-27-31
10-10-33
69,102
96,600
169,386
90,113
118,937
38.32
51.29
69.64
71.77
99.44
2.3
15.76
56.92
47.2
101.7
Steele Co. N a t ’l Bank, Finley, N. Dak.
First National Bank, Washington, Mo.
First National Bank, Starkweather, N.Dak.
First National Bank, Crary, N. Dak.
First National Bank, Craig, Colo.
7-27-31
11-18-32
12-17-31
5-18-31
2-18-32
99,770
521,700
47,921
38,126
179,163
49.73
71.99
61.64
46.58
84.03
22.18
68.63
44.1
31.4
68.6
(1)
Receiver appointed to levy and collect stock assessment covering deficiency
in value of assets sold or to complete unfinished liquidation.
Payment
Payment at par and accrued interest, if any, for notes allotted hereunder mug
be made or completed on or before July 15, 1935, or on later allotment.
In eery
case where payment is not so completed, the pays»at with application up to 5 pare«
of the amount of notes applied for shall, upon declaration made by the Secretary o
the Treaeury in his discretion, be forfeited to the United States.
Any qualified
depositary will be permitted to make payment by credit for notes allotted to it foi
itself and its customers up to any amount for which it shall be qualified in exees
of existing deposits, when so notified by the Federal Reserve bank of its district
General Provisions
As fiscal agents of the United States, Federal Reserve banks are authorized ai
requested to receive subscriptions, to make allotments on the basis and up to the
amounts indicated by the Secretary of the Treaeury to the Federal Reserve banks of
the respective districts, to issue allotment notices, to receive payment for notes
allotted, to make delivery of notes on full-paid subscriptions allotted, and they j
issue interim receipts pending delivery of the definitive notes,
The Secretary of the Treasury may at any time, or from time to time, prescribí
supplemental or amendatory rules and regulations governing the offering, which will
be communicated promptly to the Federal Reserve banks.
I M MORGENTHA.U, JR.,
Secretary of the Treasury.
g’
S;h
*
£ -
B#aper notes with interest coupons attached will be issued in denominations of
#100, 1-500, #1,000, #5,000, #10,000, and #100,000.
The notes will not be issued in
registered fora.
Subscription and Allotment
Subscriptions will be received at the Federal Reserve banks and branches and at
the Treasury Department, Washington.
Banking institutions generally will handle
;/ applications for subscribers, but only tha Federal Deserve banks and th. Treasury
Department are authorised to act as official agencies. Applications from incorporated
banks and trust companies for their own account will be received without deposit but
will be restrictedtln each oase to an amount not exceeding one-half of the combined
capital and surplus of the subscribing bank or trust company.
Applications from all
others must be accompanied. If for more than *8,000, by payment of *8,000 or 8 percent
of the amount of notee applied lor, whichever Is the greater; and^if for *8,000 or less,
by payment In full.
The Secretary of the Treaeury reserves the right to close the
books as to any or all subscriptions or classes of subscriptions at any time without
notice.
The Secretary of the Treasury reserves the right to reject any subscription, in
whole or in part, to allot less than th# amount of notes applied for, to make allot
ments in full upon applications for smaller amounts and to make reduced allotments
upon, or to reject, applications for larger amounts, to make classified allotments or
to make allotment, upon a graduated scale, or to adopt any or all of said methods or
such other methods of allotment and classification of allotments as shall be deemed by
him to be in the public interest; and his action in any or all of those respects shall
be final.
Subject to these reservations, subscriptions for anounts up to and including
*8,000 will be given preferred allotment, and subscriptions for amounts over *8,000 will
be allotted on an equal percentage basis, but not leas than the maximum preferred allot
ment.
Allotment notices will be sent out promptly upon allotment, and the basis of the
allotment will be publicly announced.
UNITED STATES OF AÎÆOTCA
$
13?
PERCENT TREASURY NOTES OF SERIES
Due .
Dated and bearing interest fro® July 15, 1035
J.S£ |ft
■NT-""
Interest payable June 15 and December 13
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, July 8, 1935*
1935
Department Circular No* 545
Public Debt Service
The Secretary of the Treasury, pursuant to the authority of the Second Liberty
Bond Act, approved September 24, 1917, as amended, invites subscriptions, at par and
percent notes
accrued interest, from the people of the united States, for
of the United States, designated Treasury Notes of Series
9 \
The amount of the
offering is #500,000,000, or thereabouts*
Description of Notes
The notes will be dated July 15, 1935, and will bear interest from that date at
~
the rate of ©*>sjl
w y i_> 1.1"i_> ~\m
percent per annum, payable on a semiannual basis
W
i
on December 15, 1933, and thereafter on June 15 and December 15 in each year*
mature
A jlcuvJ h j I
^ VI
V iy cw g ic Mty ^ i jip 1" 1■
"T 'Jm'
They wil
. and will not be subject to cell for redemption prior to
maturity*
The notes shall be exempt, both as to principal and interest, from all taxation
1
(except estate or inheritance taxes'") now or hereafter imposed by the united States, an
State, or any of the possessions of the united States, or by any local taxing authority
The notes will be accepted at par during such time and under such rules and reguls
tions as shall be prescribed or approved by the Secretary of the Treasury in payment of
income and profits taxes payable at the maturity of the notes*
The notes will be acceptable to secure deposits of public moneys, but will not be
m,the circulation privilege*
1
Similarly, the exemption does not apply to the gift tax, see Treasury Decision 4550
for, whichever is the greater; and, if for $5,000 or lees, by payment
in full.
The Secretary of the Treasury reserves the right to close the
hooks as to any or all subscriptions or classes of subscriptions at any
time without notice*
Subject to the reservations set forth in the official circular,
subscriptions for amounts up to and including $5,000 will be given pre
ferred allotment, and subscriptions for amounts over $5,000 will be
allotted on an equal percentage basis, but not less than the maximum
preferred allotment.
Payment at par and accrued interest, if any, for the notes allotted
must be made on or before July 15, 1935, or on later allotment.
The text of the official circular follows;
ÎBEASOHT d e p a h t m e b î
Washington
TOB EELSASE,
mqrbiho hesspaekes
Monday. July B. 193S.
7-6-35«
Fret« Service
Ho,
(e
Secretary of tho Treasury Morgonthau is today offering for subscrip
tion, at par and accrued interest, through the federal Beserve banks,
♦800,000,000, or thereabouts, 4-year 5-month 1-3/8 percent Treasury
notes of Series B-1939*
Tbe Treasury notes no* offered *111 be dated July 18. 1935, and »ill
bear interest from that date at the rate of 1-3/8 percent per annus, pay
able on a semiannual basis on December IS, 1935, and thereafter on June
16 and December 15 of each year.
They , i u mature December 15, 1939, and
*111 not be subject to call for redemption before that date.
The notes
*111 be issued in bearer fora only in denominations of $100. $500, $1.000,
$5,000, $10,000 and $100,000*
The notes *111 be exempt, both as to principal and interest, from
all taxation.
The exemption does not apply to ostato or inhoritanco
taxes or gift taxes«
Applications »ill be received at the federal Keserve banks and
branches, and at the Treasury Department. Washington.
Banking institu
tions generally »ill handle applications for subscribers, but only
federal Beserve banks and the Treasury Department *111 be authorised to
act at official agencies.
Applications from incorporated banks and trust
companies for their o*n account »ill be received vithout deposit but
will be restricted in each case to an amount not exceeding one-half of
the combined capital and surplus of the subscribing bank or trust comP*tf.
Applications from all others must be aoooapanied. if for more than
»6.000, by payment of »5,000 or 5 percent of the amount of notoe applied
treasury department
Washington
foe RELEASE,
MOBHIHG HEfSPAPEES,
Press Service
J°'
Monday. July 8. 1935.____________
7-6-35«
5-26
Secretary of the Treasury Morgenthau is today offering for subscription, at
par and accrued interest, through the Federal Reserve banks* $500,000,000* or
thereabouts, 4-year 5-month 1-3/8 percent Treasury notes of Series BKL939.
The Treasury notes now offered will be dated July 15, 1935, and will bear
interest from that date at the rate of 1— 3/8 percent per annum, payable on a
semiannual basis on December 15, 1935, and thereafter on June 15 and December 15
of each year*
They will mature December 15, 1939, and will not be subject to call
for redemption before that date*
The notes will be issued in bearer form only in
denominations of $100, $500, $1,000, $5,000, $10,000 and $100,000*
The notes will be exempt, both as to principal and interest, from all taxation.
The exemption does not apply to estate or inheritance taxes or gift taxe^*
Applications will be received at the Federal Reserve banks and branches, and
at the Treasury Department, Washington*
Banking institutions generally will handle
applications for subscribers, but only Federal Reserve banks and the Treasury
Department will be authorized to act as official agencies.
Applications from
incorporated banks and trust companies for their own account will be received
without deposit but will be restricted in each case to an amount not exceeding
one-half of the combined capital and surplus of the subscribing bank or trust
company.
Applications from all others must be accompanied, if for more than
$5,000, by payment of $5,000 or 5 percent of the amount of notes applied.for,
whichever, is the greater* and, if for $5,000 or less, by payment in full.
The
Secretary of the Treasury reserves the right to close the books as tp any or all
subscriptions or classes of subscriptions at any time without notice*
_ 9 _
Subject to the reservations set forth in the official circular, subscrip
tions for amounts up to and including $5,000 will be given preferred allotment,
and subscriptions for amounts over $5,000 will be allotted on an equal percentage
basis, but not less than the maximum preferred allotment*
Payment at par and accrued interest, if any, for the notes allotted must
be made on or before July 15, 1935, or on later allotment*
The text of the official circular follows:
UNITED STATES OP AMERICA
1-3/8 PERCENT TREASURY NOTES OE SERIES B-1939
Dated and tearing interest from July 15, 1935
Due December 15, 1939
Interest payable Jane 15 and December 15
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, July 8, 1935.
1935
Department Circular No. 545
Public Debt Service
The Secretary of the Treasury, pursuant to the authority of the Second Liberty
Bond Act, approved September 24, 1917, as amended, invites subscriptions, at par
and accrued interest, from the people of the United States, for 1-3/8 percent
notes of the United States, designated Treasury.Notes of Series B-1939.
The amount
of the offering is $500,000,000, or thereabouts.
Description of Notes.
The notes will be dated July 15, 1935, and will bear interest from that date
at the rate of 1-3/8 percent per annum, payable on a semiannual basis on December
15, 1935, and thereafter on June 15 and December 15 in each year.
They will
mature December 15, 1939, and will not be subject to call for redemption prior to
maturity.
The notes shall be exempt, both as to principal and interest, from all taxa
tion (except estate or inheritance taxes~") now or hereafter imposed by the United
States, any State, or any of the possessions of the United States, or by any local
taxing authority.
Tho notes will be accepted at par during such time and under such rules and
regulations as shall be prescribed or approved by the Secretary of the Treasury
in payment of income and profits taxes payable at the maturity of the notes.
The notes will be acceptable to secure deposits of public moneys, but will not
bear the circulation privilege*
1 Similarly, theT*exemption does not apply to the gift tax, see Treasury Dec's'
~ 4550*
Bearer notes with interest coupons attached will he issued in denominations of
$100, $500, $1,000, $5,000, $10,000, and $100,000.
The notes will not he issued
in registered form«
Subscription and Allotment
Subscriptions will he received at the Federal Reserve hanks and branches and
at the Treasury Department, Washington.
Banking institutions generally will handle
applications for subscribers, but only the Federal Reserve banks and the Treasury
Department are authorised to act as official agencies.
Applications from incorpora,
ted banks and trust Companies for their own account will be received without
deposit but will be restricted in each case to an amount not exceeding one-h*lf
of the combined capital and surplus of the subscribing bank or trust company.
Applications from all others must be accompanied, if for more than $5,000, oy
payment of $5,000 or 5 percent of the amount of notes applied for, whichever is
the greater; and, if for $5,000 or less, by payment in full.
_
j.1,
qo
rl¥W"
The Secretary ox the
01’ all
Treasury reserves the right to close the books as uo an/ ox
Subscript#XGilo
or classes of subscriptions at any time without notice.
The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, to allot less than the amount of notes applied for, to make
allotments in full upon applications for smller amounts and to make reduced
allotments upon, or to reject, applications for larger amounts, to ^ k e classified
allotments or to make allotments upon a graduated scale, or to adopt any or all
of said methods or such other methods of allotment and classification of allotments
as shall be deemed by him to be in the public interest; and his action in any or
all of these respects shall be final.
Subject to these reservations, suoscnptions
* . .
¿R'nnn will bo given preferred allotment, and subfor amounts up to and including §5,000 will b g
P
scriptions for amounts over $5,000 will be allotted on an equal percentage basis,
but not less than the maximum preferred allotment .
Allotment notices will be
sent out promptly upon allotment, and the basis of the allotment will
announced#
do
p
payment
j . j.
_j.
anv ior notes allotted hereuc-doi*
Payment at par and accrued interest, it any,
» S t be made or completed on or before July 15, 1935, or on later allotment.
In
every case where payment is not so completed, the payment with application up to
5 percent of the amount of notes applied for shall, upon declaration made hy the
Secretary of the treasury in his discretion, he forfeited to the United States.
Any qualified depositary will he permitted to make payment hy credit for notes
allotted to it for itself and its customers up to any amount for which it shall he
qualified in excess of existing deposits, when so notified hy the Federal Reserve
■bank of its district#
General Provisions
As fiscal agents of the United States, Federal Reserve hanks are authorized
and requested to receive subscriptions, to make allotments on the basis and up
to the amounts indicated hy the Secretary of the Treasury to the Federal Reserve
hanks of the respective districts, to issue allotment notices, to receive payment
for notes allotted, to make delivery of notes on full-paid subscription,, allptte ,
and they may issue interim receipts pending delivery of the definitive notes.
The Secretary of the Treasury may at any time, or from time to time, prescribe
supplemental or amendatory rules and r eflations governing, the offering, which
will "be communicated promptly to the Federal Reserve hanko#
HENRY MORGENTHMT, JR.,
Secretary of the Treasury.
TREASURY DEPARTMENT
Wàshington
Press Service
No. 5 - 27
RELEASE MORNING NEWSPAPERS
Monday « July 8, 1955._________
ff^Jl5
for
Secretary Morgenthau announced today that, in response to the following
letter of invitation from Chairman Doughton of the Ways
and Means Committee of
he would appear before that Committee at 10:00
the House of Representatives,
A.M., Monday, July 8:
COMMITTEE ON WAYS AND MEANS
House of Representatives
Washington, D.C.
July 5, 1935.
Honorable Henry Morgenthau, Jr.,
Secretary of the Treasury,
Washington, D.C.
My dear Mr. Secretary:
On Monday, July 8th, at 10 A.M., the Committee
.
Means will commence public hearings on the rov
in the Message of the President of the United States to the Congress
dated June 19, 1935.
It has long been the custom for the Secretary of the Treasury
to appear as the first witness at hearings on such ^ ^ t
r e legislation as is outlined in the President's Message._ I, J * J * * £ ® ’
invite you to appear at the above hearings in the New House Offio
Building at 10 A.M. on Monday and respectfully urge i f ^ e m S h c e
in order that the Committee may have the advantage of the experi
of yourself and your Department in revenue matters.
Certain possible rate schedules which might be considered by
the Committee have been submitted to your Department for estimates
by direction of Mr. Hill, Chairman of « « S u b c o m m i t t e e on Internal
Revenue Taxes.
It would be appreciated if you will present th.se
estimates when you appear before the Committee.
Yours very respectfully5
(Signed) R. L. Doughton,
Chairman.
— oOo
TREASURY DEPARTMENT
Washington
July 8, 1935*
memqrahdum p o h the press
■RECEIPTS OP SILVER BY THE MINTS AND ASSAY CgffICES: b
(Under Executive Proclamation of December 2 1 f.1933) as amended
Week ended July 5,. 1935:
Philadelphia.
San Prancisco
Denver#......... .........................
Total for week ended July 5, 1935.........
Total receipts through July 5, 1935.••«..••
....
313,778*31fine
.....
475,950,97 tt
.... ......... 7.020,75 w
.....
796,750.03 "
....
39,302,000.00 "
ounces
w
"
J
SILVER TRAHSPERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended J u l y .5, 1935:
Philadelphia
Hew York. ...................... • •'
San Prancisco.•............... ....
Denver ».*<$.......... ...........
Hew Orleans....».......... .
Seattle ............. .
Total for week ended July 5, 1935#••
Total receipts through July 5, 1935,-
'508.00
970.00
fine
11 *
„ r ~
» «
783.00
318.00
225,00
2,804.00
112,914,792.00
RECEIPTS OP GOLD BY THE MUTTS AHD ASSAY OPPICES:
-------,
------ 1
..
Imports.
Secondary
Week ended July 5, 1935:
$
153,519, 04
49
13, 897,
Philadelphia,'. **»•..*»•*»•**••♦• $
875,900, 00
3-,104,400, 00
Hew York#.................. .
60,178, 85
112t879, 75
San Prancisco. .............. .. • *
00
45,642,
53, 397. 00
Denver #•#•*....... ............ *
99
35,603,
2, 288. 39
Hew Odeans
.... ......... ••*#,
,
~
46
,
Ü
15*828.
Seattle.•••#♦*•»#»••••• ••»*••»»#
$1,186,672.,34
Total for week ended July 5» 1935. $3,286,U62,¡63
ounces
"
n
"
" "
* 11
"
n
Hew
Domestic,
$
512,33
142,000,00
930,245,26
499,328,00
559,00
307*008,45
$1,879,653,04
GOLD RECEIVED BY PEPERAI RESERVE BANKS AHD THE. TREASURER1S OPPICI:
(Under Secretary1s Order of December 28, 1933)
Received by Pederal Reserve Banks.
.Goin
Week ended July&
_ 48,641,80
Received previously.•••••#.*.#•• 30♦508*506,47
Total to July 3, ..................$30,557,148,27
Received by Treasurer's Office:
Week ended J uly3 ,.,••••••••••••$
Received previously.•••••*»•#•••
Total to J u l y 3 , 1935....... ....#$
HOTE:
000,00
263.906,00
263,906.00
Gold bars deposited with the Hew York Assay Office
to the amount of $200,572.69 previously reported.
Gold Certificates
$
238,760,00~
93T308#760.00
$93,547,520,00
$
3,800,00
2,172*800.00
$2,176,600.00
Supplemental statement by Secretary Mor gent hau to the
Ways and Means Committee, Monday, July
19oo*
1,
I am returning the tax rate schedules submitted
to the Treasury for estimate of their probable revenue
yields.
lour eighteen schedules relating to inheritance
and gift taxes would produce yields ranging from about;
seven millions to seven hundred twenty-eight millions.
2.
Your six schedules relating to increased bracket
rates on large individual incomes would produce revenue
yields from about five millions to thirty-two and a naif
millions.
3.
Your three schedules relating to a graduated cor—
poration income tax would produce revenue yields from
about sixty^seven millions to one hundred and two millions
4.
Your suggestion relating to method of partially
removing the present total tax exemption of dividends
received by corporations would produce reyenue
approximating thirty nine million dollars.
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORN B O NEWSPAPERS,
Tuesday, m y 9. 1055.________
7/8/35
Press Serriee
<3, $
Secretary of the Treasury Morgenthau today announced that the sub«
script ion hooks for the current offering of 1-3/8 percent Treasury Notes
of Series B-1939 closed at the close of business Monday, July 8, 1935,
Subscriptions placed in the mail before IS o’clock midnight, Monday,
July 8, will be considered as hawing been entered before the close of
the subscription books.
Announcement of the amount of subscriptions and the basis of allot
ment will probably be made on Thursday, July 11.
TREASURY DEPARTMENT
<Z|l-3 **i
Washington
OR HEL3AS3, MORNING N3WSPAPERS,
qosday. July 9. 1955.
Pre3s Service
No.5-28
—8— 35*
Secretary of the Treasury Morgenthau today announced that the
subscription books for the current offering of 1-3/8 percent Treasury
Hotes of Series E-1939 closed at the close of business Monday, July 8,
1935*
Subscriptions placed in the mail before 12 o*clock midnight,
Monday, July 8, will be considered as having been entered before the
close of the subscription books«
Announcement of the amount of subscriptions and.the basis of
allotment will probably be made on Thursday, July 11*
trkastjhy d e p a r t m e n t
WARRINGTON
FOR RELEASE, MORNING N8RSPAP2BS,
Tuesday, July 9 . 1958.________
Press Service \
>6
7/8/35
Secretary of the Treasury Morgenthau announced last evening that the tender»
for two series of Treasury Mils, to be dated July 10, 1935, which were offered on
July 5, were opened at the federal Reserve banks on July 8, 1935,
Tenders were Invited for the two series to the aggregate amount of $100,000,00
or thereabouts, and $321,616,000 was applied for, of which #100,145,000 was accept«
The details of the two series are as follows:
133-DAY TKEAHJKr BILLS. M A Y t m m KOTOBgR 80. 16 3 5
Tor this series, which was for #50,000,000, or thereabouts, the total amount
applied for was $124,506,000, of w hich $50,045,000 was accepted.
The accepted bid«
ranged in price from 99.97?, equivalent to a rate of about 0.082 percent per annum,
to 99.973, equivalent to a rate of about 0.078 percent per annum, on a bank discoonl
basis.
Only part of the amount bid for at the latter price was accepted.
The
average price of Treasury bills of this series to be issued is 99.975 and the aver
rate is about 0*066 percent per annua on a bank discount basis*
273-DAY TREASURY BILLS. MATURING APRIL 8* 19$6
For this series, which was Tor $50,000,000, or thereabouts, the total amount
applied for was $X97§5i0,QO0, of which $50,100,000 was accepted*
The accepted bids
ranged in price fro® 99*956, equivalent to a rate of about 0.059 percent per annum,
to 99*936, equivalent to a rate of about 0*084 percent per annum, on a bank discount
basis.
Only part of m e amount bid for at the latter price was accepted.
The
average price of Treasury bills of this series to be issued is 99*939 and the
average rate is about 0.080 percent per annuo on a bank discount basis*
TREASURY DEPARTMENT
Washington
POP RELEASE, M O M I H G PAPERS,
Tuesday, July 9« 1935»______
7-8-35*
Press Service
No# 5-29
Secretary of the Treasury Morgenthau announced last evening that the tenders
for two series of Treasury bills, to be dated July 10, 1935, which were offered
on July 5, y/ere opened at the Federal Reserve Banks on July 8, 1935*
Tenders were i n v i $ M for the two series to the aggregate amount of
$100,000,000, or thereabouts, and $321,616,000 was applied for, of which
$100,145,000 was accepted*
The details of the two series are as follows:
133-DAY TREASURY BILLS, MATURING- NOVEMBER 20, 1935«
For this series, which was for $50,000,000, or thereabouts, the total amount
applied for was $124,306,000, of which $50,045,000 was accepted.
The accepted bids
ranged in price from 99*977, equivalent to.a rate of about 0.062 percent per annum,
to 99*^73, equivalent to a rate of about 0*073 percent per annum, on a bank discount
basis*
Only part of the amount bid for at the latter price was accepted.
The
average price of Treasury bills of this series to be issued is 99*975 and the
average rate is about 0*068 percent per annum on a bank discount basis*
273-DAY TREASURY BILLS. MATURING APRIL 8, 1936.
For this series, which was for $50,000,000, or thereabouts, the total amount
applied for was $197,310,000, of which $50,100,000 was accepted.
The accepted bids
ranged in price from 99*955, equivalent to.a rate of about 0*059 percent per annum,
to 99*936, equivalent to a rate of about 0*084 percent per annum, on a bank digcount basis*
Only part of the amount bid for at the latter price was.accepted*
The average price of Treasury bills of this series to be issued is 39*939 and tne
average rate is about 0*080 percent per annum on a bank discount basis*
— oOo
Uja
>»
<&~si**A**
V n, I
jvk
i
,Tfl I V
Si
i-3- ^
A
7 3'
Secretary Morgenthau announced today that®
■he had appointed Peter Grimm of Mew York to he gp. Assistant to the
Secretary of the Treasury.
Mr. Grimm will represent the Secretary
&£ the Treasury in
¡A»relations with agencies of the Government which are concerned with
real estate mortgage loans. These include the Federal Housing Administration, jte
the Home Owners1 Loan Corporation and the Farm Credit Administration.
Mr. Grimm has been prominent i n dew York City both in the real estate
Is*-'
field and various civic activities, especially those having to do with public
A
finances. Heis President of William A. White & Sons, a real estate corporation,
and was President of the Heal Estate Board of Few York for four years.
He was
one of the founders^ of the Citizens Budget Commission, which has been active
in studying municipal finances and introducing economies in the expenditures of
the City of Few York, ^nd until he received his present appointment was Chairman
of the Board of Trustees of that organization. He was Chairman also of the Mayor I
Committee on Taxation and the Mayor’s Committee on Additional Water Supply and
was a member of the City Planning Commission and the Mayor’s Committee on Special
Assessments. Last years he received from Columbia University the University Medal
in recognition of distinguished public servj ce|^s||SgiEl^g i-1
f ar
s a a f .y
r,,? 1 @
g
1
.........|
Hi - ' W o m l 7 f
ilnfi
n-F ''' pw Y n -rV .
Mr~ Grimm is 49 years old and was graduated from DeWitt Clinton High School
and Columbia University in Few York. He served in the Aviation Section of the
United States Army in the World War, having held the rank of Major at its close.
•
— jjS»-
TREASURY DEPARTMENT
Washington
Press Service
No* 5**30
POE RELEASE, MORNING NEWSPAPERS,
Wednesday.
lay. July
um..y 10«
xvt 1935« _____
7~9~35.
Secretary Morgenthau announced today that he had appointed Peter Grimm of
■bp York to he Assistant to the Secretary of the Treasury#
Mr* Grimm will represent the Secretary of the Treasury in relations with .
agencies of the Government which are concerned with real estate mortgage loans*
These include the Pederal Housing Administration, the Home Owners« Loan'
Corporation and the Parm Credit Administration*
Mr, Grian has 150011 prominent in Hew York City both in the real estate field
and in various civic activities, especially those having to do with public
finances.
He is President of William A. "White & Sons, a real estate corporation,
and was President of the Real Estate Board of New York for four years.
He was
one of the founders of the Citizens Budget Commission, which has "been active
in studying municipal finances and introducing economies in the expenditures of
the City of Hew Ya*; and until he received his present appointment was Chairman
of the Board of Trustees of that organization.
He was Chairman also of the
Mayor's Committee, on Taxation and the Mayor's Committee on Additional Water Supply
and was a member of the City Planning Commission and the Mayor's Committee on
Special Assessments.
last year he received from Columbia University the University
Medal in recognition of distinguished public service*
Mr* Grimm is 49 years old and was graduated from DeWitt Clinton High School
and Columbia University in New York*
He served in the Aviation Section of tno
United States Army in the World War, having held the rank of Major at it^ clo^e*
00O 00
«xact limits of application oij the above-mentioned decisions are being
fixed by the slow process of udieXal inclusion and exclusion.
There
after, if either taxpayer or (jnrerrunent took the initiative in such eases,
the statutory bar would be H i feed as in favor of the other*
The final
result would be that the taxparer would pay and the aovernment would
get the tax due, with adjustment for interest, no more and no less*
Thorough study is being Riven to this group of problems at the
present time*
a
by-product ofj thejtr solution would be to remove the
principal bar to the issuance pf ¿neral rulings by the Bureau determin
ing the year or years in which various classes of widely-held securities
of bankrupt corporations may be treated as becoming worthless for purposes
of deduction*
This would eliminate the vast duplication of effort on
the part of countless individual tjaxpayers in each establishing the
facts necessary to support his deductions*
Save la cases where there is
little or no conflict of opinion <Jr interest between various groups with
respect to the year in which a lots should be allowed, the Bureau cannot
safely make such rulings under tht present law*
An eminent Justice of the supreme Court, in declining recently an
invitation to attend a Bar Association dinner in Washington, pleaded
that duty constrained him to speaji the evening at home seeking the
leaet erroneous solution of an insoluble problem.
X am certain that
this witty remark must strike a responsive chord in the heart and mind
of anyone whose duty it has been to grapple with the perplexing problems
of tax administration
-
18-
Of more general importance and concern to the body of taxpayers,
In my Judgment, are the endless difficulties arising out of the proper
timing of certain statutory deductions and items of income,
in what
year did common stock or bonds of the X Rubber Company become worthless?
What was the proper year for accruing certain aorta of income?
when is
income constructively received by a taxpayer who ie on the cash basis?
By their very nature such problems do not lend themselves to easy or
exact determination#
Tet a short and inflexible statute of limitations
on assessment of deficiencies and claims or suits for refund render peri
lous what is at best often a matter of guesswork#
what is the result?
Sometimes the Government ie exposed to claims for refund after the
statutory period for assessment of deficiencies has run#
TTnless it can
take refuge behind the shield of estoppel, the taxpayers recover on their
claims and escape payment of taxes which were due#
On the other hand, a
taxpayer may be subject to a deficiency assessment although the statute
bars any claim to a refund#
The result has often been that taxpayers
paid a tax on the same item of income in two different years#
Most careful consideration should be given the introduction into
our statutes of limitation of a formula which would moderate their
rigidity in cases like those suggested above#
The formula might well
contain some such principle ae I believe the supreme court had in mind
in eases such as Lewis v# Reynolds and the recent much-discussed Bull
decision#
The technical difficulties of drafting a satisfactory legis
lative formula are great, but the goal is worth the effort#
Legislation
would avoid a long period of uncertainty in administration while the
The constructive amendment contained in section 506 of the Revenue
Act of 1934 is proving of great value in fair and orderly administration.
This section vests in the Secretary power to give to a regulation,
Treasury Decision, or ruling a nonretroactive effect.
It enables the
Department to revoke or modify a prior regulation or ruling which ex
perience or more mature consideration shows to be unsound or unwise,
while at the same time protecting taxpayers who have in good faith changed
their position in reliance on the old ruling from the hardships and in
equity which would so often result from the retroactive application of
the new rule.
This statutory power must be exercised with sound judg
ment and discretion.
It has been Invoked, however, in a considerable
number of oases with useful results.
A recent scholarly article in the Harvard Law Review by Professors
John Maguire and Philip rimet, entitled «Hobson’s Choice and similar
Practices in Federal Taxation«, has pointed out what fertile sources
of uncertainty and inequity ©re to be found in the vague limits of the
doctrines of election and estoppel In federal tax eases.
Many of the
problems which they discuss fall, I fear, in the category which the
late Ernst Freund described as «real« problems, i&ich, to borrow his
language, «are always insoluble.«
But it would be an irrational gospel
of despair to suggest that no substantial improvements are possible.
For instance, something can be done to define more clearly in the regula
tions those situations to which the doctrine of election is thought to
apply and to warn the taxpayer of his danger.
The Bureau la receiving en increasing number of request® from
taxpayers and their counsel for rulings which are prospective in
character, i* e., which relate to the character and extent of tax
liabilities inhering in prospective as distinguished from coasumaated
business transactions.
The established policy not to accede to such
requests seems to be the only wise one.
Occasional deviations have all
too often been productive of grief both to the Government and to tax
payers.
Refusal of such requests is not due to any lack of sympathy
for the difficulties in which such taxpayers frequently find themselves.
The need for guidance is real, since the question of potential tax
liability is becoming a growing source of uncertainty in business trans
actions.
But there is no power In administrative officials under the
law as it now stands to bind the action of their successors by issuance
of prospective rulings.
Also it is not possible to be certain that the
taxpayer, however careful and honest he may be, has supplied all the
relevant facts and the transaction when consummated m y appear to the
Bureau to be materially different than that which was ruled upon, such
rulin a, therefore, under present conditions cannot be eafely relied
upon and should rarely be made.
Serious consideration may well be given
to the possibility of changes in the law which would vest in designated
officials the power to make prospective rulings having a binding effect.
The problem at present seems to present well nigh insoluble difficulties,
not the least of which is the finding of a formula which would operate
to bind the taxpayer as well as the Government.
lb
be found In some fora of expert administrative body or bodies Inde
pendent of the tax-assessing authority,,with adequate powers of In
vestigation and fact-finding, whose determinations on valuation would
be sub.1sot to such limited Judicial review as due process may require.
Time permits only a brief comment upon the policy and procedure
In eases Involving possible "fraud with Intent to evade tax” and poten
tial criminal liability.
There have been no important changes or develop
ments recently In this field.
There has been no relaxation In the pre
cautions taken to avoid groundless prosecutions.
Cases are not referred
to the Department of Justice except after careful investigation by agents
of the Intelligence Unit and thorough review by experienced attorneys of
the Penal Division to determine whether sufficient admissible evldenes to
eonviet is available.
The fruit of this policy Is the extraordinarily
high percentage of pleaa of guilty and verdieta of conviction In tex
prosecutions, which proportion continues to run well over ninety per
cent.
It Is etill the policy of the Bureau to allow a taxpayer who has
been guilty of fraud a loeue penltentiae, provided he makes a full and
voluntary disclosure of the fraud and paya the entire deficiency, accrued
interest, and the 60$ fraud penalty#
All will condemn threats of criminal prosecution or assertion of
fraud penalties for the purpose of coercing taxpayers into paying or
agreeing to pay proposed deficiencies• Save in a few eases of jeopardy
assessments, not even a fraud penalty should be asserted, until the facts
hare been investigated, the taxpayer’s version of the matter considered,
and the evidence reviewed by competent attorneys.
It is much simpler to point to the condition than to the remedy.
X shall attempt to go no further than to outline for your consideration
Certain poeeibilitiee.
One la baaed upon the praetiae of certain Judi
cial and quaai Judicial federal tribunal, of uaing oommiaalonera or
examine» to hold hearlnge, take testimony, and prepare tentative find
ing, of fact.
This device, if introduced into the Board of fax Appeal»
procedure, would free a large part of the ties of member, for the review
of propoaed flndiaga and the writing of deeiaiona.
Another auggeatlon
which he, been made ie that the Board*, power, should be expanded ao aa
to enlarge ita dlaeration either to oonaolidate the trial of caeca invol
ving similar or Identical laauea or to order the severance for trial of
identical laauea involved in eases which contain both identical and dlssimilar laauea, where aueh ecnaclldatlon or ccvcrancc will rcault in
economy of time without endangering the substantial right, of the parties.
Still another question, worthy of consideration is the wisdom and practical
deallability of the statutory provision which makes applieabla to Board
of Tax Appeals proceeding, the rule, of evidence obtaining in the equity
court, of the Biatriet of Columbia, some of which at least are antiquated,
obscure or ill-adapted to the functions which the Board performs.
One of the most fertile sources of tax litigation, aa wall aa one
of the biggest obataelaa to quick trial of tax oases, la the problem of
valuation. By ita vary nature, with limited exception., it
of more or less expert guccework.
1 . . «attar
Court procedure and the Judicial
method at their boat land themselves but poorly to the determination of
valuation question. and consume much time.
It aeema at least possible
that a substantial improvement over present methods and procedure might
and wall trained raven«« agents» ¡Bade possible by an increase in tbs
Bureau appropriation for tbs 1936 fiscal year, will measurably facil
itate the determination of deficiencies and subsequent administrative
settlement•
•There is need for constructive proposals, both as to methods of
expediting settlement of cases before trial and the trial and disposi
tion of cases going to ths Board*
Save in the relatively few caaee
in which the Commissioner resorts to the radical procedure of Jeopardy
assessment, both assessment and collection of taxes In the cases falling
within the Board*d jurisdiction arc, as you know, suspended pending en
try of the final order*
This fact, which is practically without an
analogue in the revenue systems of other countries, is a source of dan
ger to the revenue*
The longer the delay In the entry of the final or
der determining the deficiency, the greater the danger of loss to the
Government becomes*
trader present procedure, the hearing of single
cases consumes sometimes many weeks or even months of the time of one
or more members of the Board*
Tha classic illustration in the Huntington
case, tha trial of which began in Los Angeles in early September, 1934,
and which Is not yet completed*
Virtually the only issue le the valu
ation of some hundreds of parcels of real property for estate tax pur
poses*
I am credibly Informed that there are f perhaps fifty big eases
on the Board calender which may require an average period of five to
six months apiece to try*
dicial are such delays
It is unnecessary to emphasize how preju
to efficient administration of the tax laws
and prompt collection of the public revenues*
which can only be sold at a loss because of the deflationary oftoot
on the market of the liquidation of large holdings to whleh such al
lowance is Made*
It is to be hoped that this problem May soon be
adjudicated by the Supreme Court of the United State«.
One of the ewer-acute problems of tan administration Is the ex
peditious determination of tax liabilities.
The Government, and in
many instances the taxpayer as wall, are losers if there is unreasonabl© delay.
To the extent that the necessary investigation of the
facts and consideration of legal issues will permit, prompt settlement
of doubtful cases without litigation is desirable and should be en
couraged.
While it is recognised that statistics do not tell the com
plete story and reflect at the most general tendencies, available data
indicate that there has been no reduction in the proportion of asserted
deficiencies which are settled by agreement or stipulation,
as
a matter
of fact, the Government9s policy to resist motions for ccmtinusnee in
Board eases and to facilitate the setting down of cases for hearing,
together with some decrease in the number of new cases filed, has re
sulted in a substantial reduction in the number of pending eases on the
calendar of the Board of Tax Appeals.
for hearing are settled by stipulation.
Nearly four-fifths of cases set
This includes, of course, a
large number of cases where petitions are filed for purposes of delay.
Ovar against this favorable showing, however, is the fact that the mem
bers of the Board have been so occupied with the increased number of
hearings that the number of eases tried and submitted but not decided
has shown a large increase*
It is hoped and believed that the addition
to the field forces of about seven hundred and fifty carefully selected
-11-
If this interpretation of our oira statute is sound, as we be
lieve, any question« of constitutionality must be left t© the decision
of the courts.
There is respectable judicial authority in support of
the position adopted In the regulations.
Only recently, in fact, it
has been sustained in the Court of Appeals for the Ninth Circuit, though
candor compels the admission that the Court’s discussion was to© brief
to illuminate the issues.
The decision of the Court of Appeals for the
Third Circuit in Strong v. Rogers Is not, in view of the facts of that
case, felt to be controlling or authoritative on this question.
All recognize the difficulties faced by executors and administra
tors In liquidating their estates, without serious losses, so far as
necessary to provide the cash required for payment of taxes, debts,
and expenses of administration.
It is generally appreciated that their
problems become more acute as the rates become higher.
Liberal exten
sions of time for tax payment, while helpful, do not go to the root of
the problem.
Nor does an allowance for blockage.
It is possible that
ultimately legislation may become essential which will take into account
In measuring the value constituting the base for estate tax purposes the
amount which the decedent’s property actually brings, not on forced sale,
but in the course of prudent liquidation in bona fide arms-length trans
actions, or which will even permit within limits payment in kind.
But
it goes beyond the bounds of permissible administrative interpretation
to read so much into a statute which sets up as the standard of value
"fair value at death«”
Moreover, an allowance based solely on the
size of the block is open to the charge of discrimination, where no al
lowance is made to estates holding small blocks of the same securities
i
establishing by clear and cfnpetent evidence that the market quotation
per share at a given date does not refleet the true value of the secur
ity*
Sfcrket rigging, manipulation, or similar influences other than
the natural forces of a free market may hate distorted the prices either
above or below their natural level.
But where this is the ease, the
holders of small as well as large blocks would be entitled to propor
tionate adjustments in the valuation of their securities.
That which
the regulations deny is that the mere size of the block is under the
law a relevant factor which entitles the large holder to an additional
adjustment.
This was the position originally taken by the regulations,
when
the regulations were modified about 1023, they did not in terms adopt
the contrary position, but the language used waa so ambiguous that there
grew up in the Bureau a praetiee of making some allowance based upon the
size of the block*
So far as I have been able to lesm, there were never
any standardized or precise criteria or formulae for determining the
amount of such allowance) rather it has eften depended upon the relative
skill in negotiation of Bureau representatives and taxpayers* counsel•
The new regulations ware promulgated only after full opportunity to out
side counsel to present their views.
Numerous conferences were held in
which the problem was analyzed and discussed.
The arguments pro and eon
were fully considered by the Bureau and the conclusion reached was that
the present regulations are desirable from the point of view of expedi
tious and uniform administration and that they reflect the proper inter
pretation of the statute.
They are in accord also, it may be noted, with
the express provisions of the British statute.
i© TtMws fo r doubt as to tfe* presence or ©boone# o f such reasonable
CCUS#*
A second possible change relate«» to the statutory rate of
interest oa delinquent taxes*
As you are aware, under the present lev
Interest runs <st one per cent e month shore no extension of time 1»
pfmted *| from the due dote in the e®«e of certain taxes end from ten
days after notice end d®a®nd in the ease of others*
This M # rate he«
been defended «a providing an incentive for prompt papsent of taxes*
Hhile this is no doubt true to sn extent* such an indirect sanction is
at best e poor substitute for direst eollestloa proeedure* Furthermore*
its burden beer» unequally m large numbers of «smaller taxpayers vho are
unable to pay their taxes promptly, and, for leek of information or ad*
v ise , do not seasonably apply for extensions of tine*
the high rate
also has a paralysing effect in many cases Involving large taxpayers
vhose delinquency is due to financial Involvement* legislatio n which
would reduce the interest rets in a ll cases to six per cent per annum
would not only fa c ilita te the disposition of many compromise cases but
should also eliminate a very large masher of applications for extension
of time, the administrative handling of which consignee the time o f of*
f i e l d a oat of a ll proportion to their inherent importance*
The question o f excluding allowance for blockage involves a d if*
foresee of opinion ss to the interpretation of the statutory phrases
•market value* and "fa ir msrfcet" value which, it le believed, can be
resolved only by authoritative Judicial decision*
It should be observed,
however, that the new regulations do not exclude the p ossib ility of
While
is no present inclination to deflate fro® the sub-
etanee of this established policy, much can he said for certain pro
posed changes in the law which hear a direct relation to the eomproffiise problem,
one of these relates to the twenty-fire per cent penalty
for delay in filing returns*
This penalty is unquestionably * henry
one and seems in general to be out of proportion to the seriousness of
the offense*
A taxpayer who intentionally and fraudulently understates
his income is penalized only fifty per cent of the deficiency*
she
assertion of this penalty often times is unsuccessful because of diffi
culties of proof*
a taxpayer whose return understates income because
of negligent disregard of rules end regulations is mleted only fire
per cent of the deficiency by way of penalty*
Yet a taxpayer who pre
pares a full and correct return and signs and rerifiea the same before the
due date bat who, through rare personal orersight or the carelessness of
a trusted employee, is a few days or weeks late in filing the return
with the collector must pay a penalty of twenty-fire per cent of the
total tax*
The assessment of this penalty, aoreorer, is not restrained
by difficulties of proof and is easy to sustain*
It is not felt that
so much severity is required by considerations of prompt collection of
the rerenue*
For these reasons legislature moderation of tails penalty
merits consideration, at least where the delay in filing the return
does not exceed ninety days.
Also, serious consideration should be
giren to the possibility of liberalising by a&ainl strut ire action the
concept of the "reasonable cause» which under the statute excuses the
penalty and of compromising the penalty in borderline cases where there
-?
a large proportion ©f «©©premie© eases, that the partial forgiveness
of a collectible tax claim will work to the benefit of the taxpayer
himself.
On the contrary, it m y simply operate to increase the assets
subject to claims of private creditors.
It is only in the réorganisa*
tion eases under section 77B of the Bankruptcy Act, where the claims
of all classes of creditors and the various proprietary interests in the
enterprise are dealt with in a single plan of reorganization, that it be
comes possible to determine with some certainty the equity of the settle
ment of government claims proposed and to decide, after full considera
tion of all factors, including the policy of the act to promote business
recovery, whether the publie interest will be subserved by acceptance of
the plan.
In these aa well as other cases, however, the buiden of estab
lishing sufficient reasons for acceptance by the Government of an amount
less than its full claim
is properly placed upon the taxpayers and their
représentât ires •
In these compromise cases, it must be borne in mind that the com
promise of tax claims for less than tha amount collectible involves a
loss of revenue which must be made good ultimately at the expense of
other taxpayers.
The admission of equities and hardship as relevant
factors in compromise eases, at least in the absence of fairly precise
legislative standards and criteria, would be fraught with serious dan
gers of favoritism, special influence, and other abuses,
whatever the
hardships of the present policy in individual cases, it has the merit
of Impartiality and is believed in the long run to subserve the best
interests of tha whole class of taxpayers.
Discrimination and favori
tism are the worst enemies of sound tax administration.
such exercisable only upon the basis of fis c a l considerations, v i s .,
doubt as to the lia b ility of the taxpayer or as to tho a b ility of the
Qovoraaent to collect the ta x .
"public policy” , m
So-oallod "equities* or reasons of
such, are thereby excluded from, consideration.
Insolvency, and a fo rtio ri financial stringency of the taxpayer do net
of themselves create a ground for caaprosais©, ahers by reason of statutory
preference or liens the fu ll ssiount of the tax is collectible*
the
detemination as to whether the quantum of doubt as to lia b ility or as
to c o lle c tib ility necessar/ to warrant a compromise exists in a giw n
case i s , of course, a natter of judgment end depends upon a ll the facts
sad circumstances of the case.
Responsibility for the proper exorcise
o f such jud^aent rests upon the o ffic ia ls authorised to decide compraa&s©
oases, but such judgment must be exercised within the lim its of the
interpretation placed upon the statute*
Thai the present policy is strict and that it works hardship in
seme individual oases will not be denied*
creates some hardship.
Collection of taxes always
Such hardship is no doubt aggravated at the
present time by reason of the fact that taxpayers often mist meet out
of depression incomes deficiencies incurred during the "whoopee" ora*
But It Is likewise true, particularly in many cases of corporate tax
payers, that the proximate o&use of the taxpayers* difficulties is their
own improvidence and failure to establish proper reserves for taxes*
It
i® quit© apparent, in the case of corporations at least, that an easy
easpremis© policy works on unfair discrimination against those corporations
which treat taxes os prior obligations and make adequate provision for
their payment,
ha many eases it would actually encourage cut-throat
.
competition* 4 Moreover, it is a fact that there is no real assurance, in
to field agents, and how far to mis interprétât ion or misapplication of
the regulations and instructions*
A small committee of capable and
experienced man has been set up by the Commissioner and the Assistant
General Counsel for the purpose of making this study and reporting their
findings and reeomraeadations as soon as possible*
It seems clear that little or nothing can be gained by saddling
upon a debtor struggling to avoid bankruptcy and to reestablish him
self a new tax liability which is not grounded upon any real increase
in his resources for tax payment*
Certainly it would seem that a debtor
who makes a private composition with his creditors whereby he gives up
all his property, save perhaps for such small portion as is exempt from
execution by them, and obtains thereby a canoe H a t ion or release of their
claims against him, should not be discriminated against in favor of one
who accomplishes similar results by recourse to time-oonsisaing and ex
pensive bankruptcy proceedings*
this problem of the tax consequences of
forgiveness of debt is, however, era© of considerable complexity and arises
in a number of different forms*
It should be said that say changes in
the law or its administration m e t be so safeguarded that they will not
expose tli© revenue to serious danger of evasion by unscrupulous taxpayers#
The problem of compromise of tax obligations is one of the most
difficult in the field of tax administration*
As fiduciaries whose
trust is the protection of the revenues, the officials of the Bureau
are not entitled, however much they m y as individuals sympathise with
taxpayers in their financial difficulties, to barter or give away tax
claims of the Government as though they were personal assets*
The power
to compromise vested in the Secretary by the present statute is, under
the interpretation whioh we believe to be correct, a fiscal power and as
—d—
Your Association’s Tax Committee Ime recently made very fraak,
though friendly representations to the Bureau as to certain aspects of
policy and administration with respect to which it has found widespread
dissatisfaction to exist#
Three of the more important are the treat
ment accorded to forgiveness of indebtedness as incaao, our compromise
policy, and the provisions of the nevr estate and income tax regulations
excluding the so-called blockage allowance in the valuation of securities#
With your indulgence, I shall address myself briefly to each of these
problems#
The gist of the complaint as to the treatment of forgiveness of
indebtedness seems to be that many revenue agents are placing a literal
and strained interpretation upon the regulations, with the result that
they are making adjustments to income which are not based upon a realis
tic view of the facts and create tax liabilities in many oases where
the transactions in question, though reducing taxpayers’ obligations, do
not increase their ability to pay, but leave the® in a situation similar
to that they would occupy if they had gone through bankruptcy instead of
settling with their creditors by private composition#
It is argued that
adherence to suoh a position by the Bureau creates a clog to the nation
wide writing down of debt obligations which it is generally agreed Is
an important prerequisite to recovery#
The Bureau feels that there is sufficient substance in the
representations which have been made and that the problem involved
is of suoh general importance that a thorough investigation of the
whole matter is needed#
It is first necessary to determine with some
exactitude to what extent the difficulties are due to the tax law Itself
as interpreted by judicial decisions which we must regard as controlling,
to what extent to the content of the present regulations or instructions
S&t o for t h© limited power of compromise, no power to forgive a tax
obligation exists in any Treasury official*
The section 606 closing
agreement, for instance, presupposes a proper effort to determine the
correct tax*
Congress has withheld tax obligation© from the scope of
discharge in bankruptcy and has given them priority over meet other
claims*
A loose or easy policy of collection is therefore not only
potentially highly discriminatory but disregards what seem to be plain
expressions of legislative intent to the contrary*
While the volume
of collections is important, the prime objective of governmental
polioies should be fair and non-dlscrimlnatory enforcement of the
revenue laws«
The proper application of any policy, however sound
it may bo, to a myriad of concrete oases, each more or less unique in
its facts, involves, of course, the exercise of qualities of sound
judgment and may oftentimes give rise to differences of opinion between
honest and reasonable men*
So far as inequities and hardships may be due to imperfections
in the revenue laws themselves, there is little, if anything, which
the Bureau can do about it, beyond bringing such imperfections through
proper channels to the attention of the Congress and advising as to ways
and means for their correction,
while there ie still vast room for
improvement in the revenue laws in the way of simplification and
clarification and a better distribution of the tax burden, it would
be idle and utopian to oxpeat a completely so lentiflo and equitable
tax system, assuming anyone is wise enough to tell us just what suoh a
system would be.*
BIP Wi |BilmBiPPIPIP|PWPPQ9Q -BP
-.T
•::_ --•:-
jI
HH
vy;-...”
.-isz
|$ff
3SMEM5SB1»
-
2
«
routine work leaves r e s p o n s ib le o ffic ia ls with a l l too lit t le leisure
for calm reflectio n , for seeing specific problems in their proper
relation to the larger whole, and fa r the correlation and harmonisation
of apparently con flictin g policies and procedures«
They must recognise
and constantly resist the ewer present danger of losing sight of the
forest because o f the trees«
Criticism and the olash o f ideas and points of view are the very
lifeblood of democratic government* There is need tor these things in
the fie ld of tax administration as elsewhere«
In the past the cooperation
and suggestions of th is Association and its members have been most
helpful as w ill be your continued discussion of governmental policies
end your further criticism s and suggestions«
The t i t l e of th is paper is su fficie n tly broad to include well nigh
anything in the whole fie ld of fis c a l administration«
Careful selection
and winnowing o f topics has therefore been necessary in order to keep
within reasonable lim its of time*
Since I am speaking to a "tax c lin ic " ,
i t has seemed advisable to restrict such selection largely to certain
specific problems and developments of tax administration which are im
portant from the point of view of the Bureau end the Assistant General
Counsel1b o ffice rather than to undertake to discuss larger aspects of
fis c a l p o licy, about which I could not speak with the authority of personal
knowledge or experience*
The general objective and the animating ideal o f the government's
policy is to administer and execute the revenue laws fa ir ly , bub uni
formly and without fear or favor*
It is the duby of administrators to
c o lle c t, so fa r as i t is possible, the taxes which the Congress has
imposed and to which the Government is found under the law to be entitled*
» w
. ... .
* < 1* 1* .
Wth
TREASURY DEPARTMENT
Washington
/ r e l e a s e , a f t e r n o o n imsvAp m
Press Service
¿r-2/
Address prepared for delivery by Arthur H* Kent, Assistant to the
Assistant General Counsel for the Bureau of Internal Revenue, before the
annual meeting of the Tax Clinic, American Bar Association, at Los Angeles,
t h e t r e a s u r y p o in t o f v i e w
Permit me at the outset to express appreciation for the opportunity
which the Aaerioan Bar Association has provided to present the adminis
trative point of
tax law*
v i e w
towards a few of the current problems of federal
It will be my endeavor to the best of ay ability to carry back
to Washington a fair report of the ideas and the criticisms, favorable
and adverse, which emerge in this forma today*
Recent sessions of Congress have substantially expanded the scope
of the revenue system and, in certain instances, have imposed taxes in
the administration of which the Bureau has had little or no accumulated
information or experience to guide it.
Many of the major pieces of
legislation of the past two years either contain tax provisions or in
some collateral manner affect and complicate tax administration*
One
need only mention the Agricultural Adjustment Act, the Social Security
bill, the Guffey bill, and the Public Utilities bill.
It is needless
to say that the problems of creating the necessary machinery and of
finding, training, and effectively supervising competent personnel to
meet such enlarged administrative demands are very great*
The burden
of drafting adequate interpretative and administrative regulations is
in itself a rather staggering one«
The inescapable pressure of necessary
•m&mm
vsp& tuebt
Washington
FOE IMMSBIAT1 XS£BASBt
Thursday, July XI* 1936.
Fress Servics
Secretary of the Treasury Morgenthau today announced the subscription figures and the basis of allotment for the July 15 cash offering
of 1-3/8 percent Treasury Hotes of Series B-1939.
Beports received from the Federal Reserve hanks show that subscrip
tions aggregate over $2,970,000,000.
Subscriptions in amounts up to and
including $5,000 were allotted in full, and those in amounts over $5,000
were alloted IF percent, but not less than $5,000 on any one subscription.
Further details as to subscriptions and allotments will be announced
when final reports are received from the Federal Reserve banks.
treasury department
Washington
POR IMMEDIATE RELEASE,
Thursday, July 11, 1935.
Press ^erViSe
5 ~
Secretary of the Treasury Morgenthau today announced the subscrip
tion figures and the basis of allotment for the July 15 cash offering
of 1-3/8 percent Treasury Notes of Series B-1939.
Reports received from the Federal Reserve banks show that subscrip
tions aggregate over $2,970,000,000.
Subscriptions in amounts up to and
including $5,000 wore allotted in full, and those in amounts over $5,000
.
were allotted 17 percent, but not less than $5,000 on any one subscription.
Further details as to subscriptions and allotments will.be announced
when final reports are received from the Federal Reserve banks.
inpoafs of & m
uomo
ilueb
Iwii 8ff4*
ass hires asd
m i s s m & s e m ra m so n
« * s«*i ft»»* tail«« *»• 30* 8394# If^
$
f
* #mm
*
hiwm* ( f w f «Naia*»)*
Staafc 1» fratte** Staiti W&**-»
fra»««« %% bigimlag
llÉMM
fatai I«porte (Erta «né frettati«)
#©33
Avallati® f#r SflHMolii»
Estavai i»t« Oon»ttagrti»a (a)
*«3,37*
•taafc tu fratta** Bta4*4 faro»
haute* *t #aft
3,770.033
Bay
•
t
<f«|fr
* JL«tm
aggg
« ¿va* 30# t 4*m p
*__I M 1 . M t___Jffr
distiu .*»
SflU. WWSS (Uquid fellont)»
Staafe to Ctt*t©B*r 9«ni«4 V**«'*
iteaiti «t btgia&lng
1*Ì97*141
fitti liftrti ff»c« «sé tatuili)
1*5*340
Ifitl^li ftr 9«i«aaj)tÌM
»,753,001
£atei**4 lRt» Coanu^tlw {*)
148# $02
Staak ti» frmteaa Bendai Vara1***** «t avi
1.É04»577
SfARRISO VISSE (Lt%ttU M 1 «m }ì
Eiaak in Catte** franiti VareN n m at b«gianiaf
fatai Ispiri! {fi*** aad fattati«}
Avallati* far Ctasuajrtie*
tsltraf lata Oaaaaaptia* f%|
Staafc la Saataaa fraudai Vara»
frana«« at «al
sons* eauoscfgfr si. *
otatuivi u « a n
stili Vtaaa
sparicilag Vinta
fatai frutta« «allattai a* U<t«ws
fatai frati«« Calitatti at Other
faamaditl*«
fatai frati«« Cali«atei
> » É tti ¡ M
i *» l-lwr
(«} la«ltólm gtlW aw iiil# f i r M f
PREPARED BY
DIVISION OF STATISTICS AND F
8UREAU OF CUSTOMS
TREASURY DEPARTMENT
3*4*144
f t ®
3*1,773
SlptÉ
4*435**34
5H#W
417,«0«
4,113,751
4*030*25$
0**94,004
4,435*373
8»*«44
•#*31*408
0*313*452
9,770,15$
3,000,37«
4#5*3*837
5,770,0»
4*ftM37
l#ifi0,22i
i2f«m
1*737*5®7
170 .3««
l.*7J.J01
430*350
t#104,431
*88*3*3
i,nj,7«7
l,t$0,«*5
3,9Ì4,4$t
1*453**73
830»901
4*314,757
4*544,75»
s *7®M2«
1*427*141
**830*830
1*4*4,573
l.OJO.l*
314,7*8
$#453
3*«*847
li#101
3*2 7*5
» , 47«
308*19*
*3»7<0
555#*S7
1*3*35*
475*58*
170*705
483,035
«ri.«;
335*022
338-423
304*003
330*423
49i,880
<•3^*1
5*1.455
3fr4#»3
$ »*103*000 f »*753,733
104*744
, h i ^ ìl ___ 34*804
*»3*7»70<
*9 ,174 ,714
hSt
m
^ U
w
t 7 ,033,0*3 | n^7S,305S.)M,«4*,4SSi
lillM?»
3,37»,•**
S M H
1.013,510 1*999*424
*40*434
3,o«3,7B7
8I*79*.9»9 *7.777.0*4
30,330*091
|£M
43*550
*,SU,«77
84*0*3*703
l*<32«.0*i 101,70«,422 139*943,&£
70,»3«,333
..... fli¥
*ad ilpiaaatt* a n «
204,010,773
imM i#
( I ) fmllalaHff» §#J I««t««f*
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Press Service
No 5- 3 $
Imports of distilled liquors during June
aggregated 405,033 proof gallons, a decrease of 20.9 per cent
as
compared with imports for June , 1934, according to preliminary figures
announced by the Bureau of Customs.
The report shows, however, that 443,376 proof gallons
of imported distilled liquors passed into the hands of consumer^ an
increase of 6.2 per cent over June, 1934. At the end of June there
remained in Customs bonded warehouses 3,770,053 gallons of distilled
liquors, or 25.3 per cent of 'the total amount imported during the
nineteen months since Repeal.
The following table
presents a detailed statement
of imports of distilled liquors and of wines and of duties collected
on such imports:
TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE,
Friday, July 12, 1935
Press Service
No* 5-33
Imports of distilled liquors during June aggregated 405,033
proof gallons, a decrease of 20*9 percent as compared with imports
for June, 1934, according to preliminary figures announced hy the
Bureau of Customs»
The report shows, however, that 443,376 proof gallons of
imported distilled liquors passed into the.hands of consumers,
an increase of 6»2 percent over June, 1934»
At the end of June
there remained in Custom? bonded warehouses 3,770,033 gallons of
distilled liquors, or 25*3 percent of tho total amount imported
during the nineteen months since Repeal»
The following table presents a detailed statement of imports
of distilled liquors and of wines and of duties collected on such
imports*
IMPORTS OP DISTILLED LIQUORS AND WIRES ARE DUTIES COLLECTED THEREON, JUNE, 1934,
1935, and SEVEN MONTHS ENDING JUNE 30, 1934, 1935.
•
:
Juno
:
May
:
1935(10 :1935 (c) :
Juno
1934
:Sovon Months Ending
¡Juno 30 :Juno 30
¡1935 (L) :
1934
DISTILLED LIQUORS (Proof Gallons):
Stock in Customs Bonded Ware
houses at Beginning
Total Imports (Eroe and Dutiable)
Available for Consumption
Entered into Consumption (a)
Stock in Customs Bonded Ware
houses at end
28,044
3,808*376 3,882,951 4,435^,194 4,115^751
8,291,408
511,709 4,090,255
486,880
405,033
4,213,409 4,369,831 4^946s903 8*206,006 8,319,452
417,606 4,435,973 3,790,155
561,455
443,376
STILL WINES (Liquid Gallons):
Stock in Customs Bonded Ware
houses at Beginning
Total Imports (Ereo and Dutiable)
Available for Consumption
Entered into Consumption (a)
Stock in Customs Bonded Ware
houses at end
230,001
1,627,141 1,668,226 1^673s90i 1,813,767
430,550 1,250„685 4,314,757
129,281
125,940
1,753,081 1,797,507 2,104,451 3^,064,452 4,544,758
266,317 1,459,873 2,706,624
170,366
148,502
SPARKLING WINES (Liquid Gallons):
Stock in Customs Bonded Ware
houses at beginning
Total Imports (Ereo and Dutiable)
Available for Consumption
Entered into Consumption (a)
Stock in Customs Bonded Ware
houses at end
3,770,033 3,808,376 4^539*297 37770,033 4^529,297
1,604,579 1,627,141 1,838,134 1,604,579 1,838,134
304,146
17,647
321,793
16,910
314,788
5,459
320,247
16,101
322,715
39,476
362*191
23,768
355,637
119,951
475,588
170,705
49,550
623,895
673,445
335,022
304,883
304,146
338,423
304,883
338,423
________ - j .......—
DUTIES COLLECTED ON Distilled Liquors
Still Wines
Sparkling Wines
Total Duties Collected on Liquors
Total Duties Connected on Other
Commodities
Total Duties Collected
Per Cent Collected on Liauor
$2,103,008 $2,755,792 $2,039,022 ^21,470^306 $38,644,429
184,746
211,190
332,42C 1,818,678 3,379,848'
100.032
140.434 1*013„018 1.999*426
94.804
2,387,786 3,061,78? 2,511,877 24,302,501 24,023,703
25,788,928 27,277,094 18,325,056 181,708,422 139,343,016
28,176,71430,338,881
8.5$
10.1$
205,010,932 103,366,719
.
li.Sii
(a) Including withdrawals for ship supplies and diplomatic use. (b) Preliminary,
(c) Revised.
UM
dors or parta of tenders, and to award less than the amount bid for, and any
action he may take in any such respect or respects shall be final*
Payment
Payment for any bonds allotted on accepted fcmjfers must be made or com
pleted on or before July
22,
1935, in cash or other immediately available
funds, and must include the face amount, and the premium which the bidder has
1935, to July
22,
1935*
In every case where payment is not so completed,
the 5 percent deposit with application shall, upon declaration made by the
Secretary of the Treasury in his discretion, be forfeited to the United States.
general Provisions
Federal Reserve banks, as fiscal agents of the United States, are authorize [
and requested to receive tenders, to make allotments ad indicated by the Secret*[
of the Treasury to the Federal Reserve banks of the respective districts, to issil
allotment notices, to receive payment for bonds allotted, to make delivery of
bonds on full-paid allotments, and to perform such other acts as may be necessary
to carry out the provisions of this circular*
Pending delivery of the définitif!
bonds, Federal Reserve banks may issue interim receipts.
The Secretary of the Treasury may at any time, or from time to time, pre
scribe supplemental or amendatory rules and regulations governing the receipt of
tenders and the sale of bonds under this circular, which will be commun!ceted
promptly to the Federal Reserve banks
w
1/
Accrued interest from March 15, 1935, to July
amount is £10.078125.
w m m m k w , jr.,
Secretary of the Treasury,
22,
1935, on £1,000 face
I
- 3 Tenders from others must be accompanied in every case by a deposit of 5 percent!
I
of the face amount of bonds bid for, except where the tender is accompanied by
an express guaranty of payment by an incorporated bank or trust company.
If thJ
tender is accepted, in whole or in part, the deposit will be applied toward payJ
ment for the bonds, the balance to be paid as hereinafter provided.
If the tencl
Is rejected, the deposit will be returned to the bidder.
Tenders must be enclosed In envelopes, securely sealed, addressed to the
Federal Reserve bank, or branch, of the district, and plainly marked "Tender fori
2-7/8 percent Treasury Bonds of 1985-60%
The Federal Reserve banks will supplyl
printed forms and special envelopes for submitting tenders.
Incorporated banks I
and trust companies not located in a city where a Federal Reserve bank or branch I
is located may, in their discretion, submit tenders by telegram, but such telegrj
must be received at the Federal Reserve bank or branch before the time fixed fop
closing.
Immediately after the closing hour for the receipt of tenders on July 17, 1
all tenders received in writing or by telegraph at the Federal Reserve banks or
branches thereof up to the closing hour
will be opened.
(12 o'clock
noon, Fa stern Standard time)
The Secretary of the Treasury will determine the acceptable pri I
offered and will sake public announcement thereof as soon as possible after the
opening of tenders.
Those submitting tenders will be advised by the Federal
Reserve banks of the acceptance or rejection thereof, and payment on accepted
tenders must be made as hereinafter provided.
In considering the acceptance of
tenders, the highest prices offered will be accepted in full down to the amount
required; and if the sane price appears in two or more tenders and it is neces
sary to accept only a part of the amount offered at such price, tenders for small
amounts may be accorded preference and tenders for larger amounts prorated to thl
extent necessary in accordance with the respective amounts bid for.
The Secretai I
of the Treasury expressly reserves the right, however, to reject any or all ten-
«? 2 -
a®
be prescribed by the Secretary of the Treasury. From the date
of redemption designated in any such notice, interest on the bonds
called for redemption shall cease.
The bonds shall be exempt, both as to principal and interest,
from all taxation now or hereafter imposed by the United States,
any State, or any of the possessions of the United States, or
by any local taxing authority, except (a) estate or inheritance taxes, ~
and (b) graduated additional income taxes, commonly known as surtaxes,
and excess-profits and war-profits taxes, now or hereafter imposed
by the United States, upon the income or profits of individuals, partner
ships, associations, or corporations. The interest on an amount of bonds
authorized by the Second Liberty Bond Act, approved September £4, 191?,
as amended, the principal of which does not exceed in the aggregate #5,000.
owned by any individual, partnership, association, or corporation, shall be
exempt from the taxes provided for in clause (b) above.
bonds will be acceptable to secure deposits of public moneys, and
will bear the circulation privilege only to the extent provided in the act
approved July 22, 1932, as amended. They will not be entitled to any priv
ilege of conversion*
"Bearer bonds with interest coupons attached, and bonds registered as
a*Jd interest, will be issued in denominations of #50, #100,
#500, #1,000, #5,000, #10,000, and #100,000. Provision will be made for
the interchange of bonds of different denominations ana of coupon and regis
tered bonds, and for the transfer of registered bonds under rules and regu
lations prescribed by the Secretary of the Treasury*
"The bonds •*** be subject to the general regulations of the Treasury
department, now or hereafter prescribed, governing United States bonds."
Tenders and Allotments
Tenders will be received at the Federal Reserve banks and branches thereof
up to 12 o’clock noon, Eastern Standard time, Wednesday, July 1?,
unless received by that time will be disregarded.
at the Treasury Department, Washington.
and
Tenders will not be received
Each tender must stats the face amount
of bonds bid for, which must b© #1,000 or any even multiple thereof, and the prl
offered*
The price offered must be stated exclusive of accrued interest from
March 15, 1935, to July 22, 1935; and mûrit be expressed on the basis of 100,
with fractions expressed as 32da of 1 percent, in accordance with usual prac
tice, e.g., 101-16/32.
Tenders at less than par will not be considered.
Tenders will be received without deposit from incorporated banks and trust
companies and from responsible and recognized dealers in investment securities.
¡/ Similarly, the exemption does not £p ply to the gift tax, see Treasury De
cision 4550*
'
UNITED STATES OF AMERICA
2-7/8 PERCENT TREASURY BONDS OF 1955-60
Dated and bearing interest from March 15, 1935
Due March 15, i960
REDEEMABLE AT THE OPTION OF T H E UNITED STATES AT PAR AND ACCRUED INTEREST Of! AND
AFTER MARCH 15, 1955
Interest payable March 15 and September 15
ADDITIONAL ISSUE
1935
Department Circular No, 546
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, July 15, 1935.
Public Debt Service
The Secretary of the Treasury, pursuant to the authority of the Second Liberty
Bond Act, approved September 24, 1917, as amended, offers to the people of the
United States $100,000,000, or thereabouts, 2-7/8 percent Treasury Bonds of 1955-60,
and invites tenders therefor at not less than par and accrued interest from March 15
1935, to July 22, 1935.
Description of Bonds
The bonds now offered will be an addition to and will form a part of the
series of 2-7/8 percent Treasury Bonds of 1955-60 issued pursuant to Department
Circulars No. 531, dated March 4, 1935, and No. 536, dated April 22, 1935, will
be freely interchangeable therewith, are identical in all respects therewith, and
are described in the following quotation from Department Circular No. 531:
"The bonds will be dated March 15, 1935, and will bear interest
from that date at the rate of two and seven-eighths percent per
annum,payable semiannually,,.or September 15, 1935, and thereafter
on March 15 and September 15 ,in'eaqh year until the principal amount
becomes payable. They will mature March 15, 1960, but may be redeemed
at the option of the United States on and after March 15, 1955, in
whole or in part, at par and accrued interest, on any interest day
or days, on 4 months* notice of redemption given in snob manner as
the Secretary of the Treasury shall prescribe. In case of partial
redemption the bonds to be redeemed will be determined by such method
-2-
must be accompanied in every ease by a deposit of 5 percent of the amount of
bonds bid for, except where the tender is accompanied by an express guaranty
of payment by an incorporated bank or trust company*
If the tender is accepted,
in whole or in part, the deposit will be applied toward payment for the bonds,
and if the tender is rejected the deposit will be returned to the bidder*
Tenders should be made on the printed forms and forwarded in special
envelopes, which will be supplied by the Federal Reserve banks*
banks
Incorporated
trust companies not located in a city where a Federal Reserve bank or
branch la located, may, in their discretion, submit tenders by telegram.
Immediately after the closing hour for the receipt of tenders on Wednesday,
July 17, 1935, all tenders received at the Federal Reserve banks and branches
up to the closing hour will be opened, and public announcement of the acceptable
prices will follow as soon as possible*
In considering the acceptance of tenders,
the highest prices offered will be accepted in full down to the amount required,
and if the same price appears in two or sore tenders, and it is necessary to
accept only a part of the mount offered at such price, tenders for smaller amounts
may be accorded preference and tenders for larger amounts prorated to the extent
necessary in accordance with the respective amounts bid for *
The Secretary of
the Treasury expressly reserves the right, however, to reject any or all tenders
or parts of lenders and to award less than the amount bid for, and any action he
may take in any such respect or respects shall be final*
Payment for any bonds allotted on accepted tenders must be made or completed
in cash or other immediately available funds on or before July 22, 1935, and must
include the face smsunt, and the premium which the bidder has agreed to pay, to
gether with accrued interest on the face amount from March 15 to July 22, 1935.
The text of the official circular follows:
,
v’
t
'■
.
TREASURY DEPARTMENT
fashing ton
FOB RELEASE, MORNING PAPERS,
Monday. July 15. 1935*
7*13-35
Brass S a m e ©
»to. 5 ^ 3 /
to :
7~
Secretary of the Treasury Morgenthau is today offering to the people of the
Baited States aa additional issue of 8*7/8 percent Treasury Bonds of 1955*60, ia
Un
the amount of 1100,000,000, or thereabouts, and is inviting tenders therefor at
not less than par and accrued interest*
bidders*
tli
The bonds will be sold to the highest
nc
Tenders will be received at the Federal Reserve banks and branches thereo
up to 12 o fclock aoonj Eastern standard time, oa Wednesday, July 17, 1933.
hi
Tenders
oi
will not be received at the Treasury Department, Washington.
The bonds for which tenders are now invited will be an addition to and will
form a part of the series of 8-7/8 percent Treasury Bonds of 1955-60, issued pursuai
f<
to Department Circulars No. 531, dated March 4, 1935, and No. 536, dated April 22,
W
1935; they will carry the same tax exemptions, and otherwise will be identical in a1
respects therewith.
A;
Hie bonds will mature March 15, 1960, but may be redeemed at th
option of the United States on and after March 15, 1955,
x
Interest will bs payable
m
semiannually on March 15 and September 15.
I
Each tender must state the face amount of bonds bid for, which must be #1,000
or any even multiple thereof, and the price offered, which must be stated exclusive
tb
v
of accrued interest and must be expressed on the basis of 100, with fractions ex
c
pressed ae 32ds of 1 percent in accordance with the usual practice * for example,
101-16/32.
Tenders at less than par will not be considered, and tenders not
received at a Federal Reserve bank or branch before 18 o'clock noon, Eastern
standard time, Wednesday, July 17, 1935, will be disregarded.
Tenders will be
accepted without deposit from incorporated banks and trust companies and from
responsible and reeognlxsd dealers in Investment securities.
Tenders from others
-
t
i
1
3
i
t
TBEA.STJRY DEPARTMENT
Washington
JOE RELEASE MORNING NEWSPAPERS,
Monday. July 15. 1935._________
Pr®SS ?°iYiCe
fl0’
7-13-35.
Secretary of the Treasury Morgcnthau is today offering to the people of the
United States an additional issue of 2-7/8 percent Treasury Bonds of 1955-60, in
the amount of $100,000,000, or thereabouts, and is inviting tenders therefor at
not less than par and accrued interest.
bidders.
The bonds will be sold to the highest
Tenders will be received at the Federal Reserve Banks and branches.there
of up to 12 o'clock noon, Eastern standard time, on Wednesday, July.17, 1935.
Tenders will not be received at the Treasury Department, Washington.
The bonds for which tenders are now invited will bo an addition to and will
form a part of the series of 3-7/8 percent Treasury bonds of 1955-60, issued
pursuant to Department Circulars No. 531, dated March 4, 1935, and No. 536, dated
April 22, 1935; they will carry the.same tax exemptions, and otherwise will be
identical in all respects therewith.
The bonds will mature March 15, 1960, but
may be redeemed at the option of the United States on and after March 15, 1955.
Interest will bo payable semiannually on March 15 and September 15.
Each tender must state the face amount of bonds bid for, which must be
$1,000 or any oven multiple thereof, and the prico offered, which must be stated
exclusive of aecruod interest and must be expressed on the basis of 100, with
fractions expressod as 32ds of 1 percent in accordance with the usual practice for example, 101-16/32.
Tcndors at loss than par will not be considered, and
tenders not received at a Joderal Reserve bank or branch before 12 o'clock noon,
Eastern standard time, Wednesday, July 17, 1935, will be disregarded.
T
will be accepted without deposit from incorporated banks and trust companies and
from responsible and recognizod dealers in investment securities.
Ton
others must "bo accompanied in every case "by a deposit of 5 porcent. of the amount
of bonds hid for, except where the tender is accompanied by an express guaranty
of payment by an incorporated bank or trust company*
If the tender is accepted,
in whole or in part, the deposit will be applied toward payment for the "fronds,
and if the tender is rejected the deposit will bo returned to the bidder*
Tenders should be made on the printed forms and forwarded in special
envelopes, which will bo supplied by the Federal He serve banks.
Incorporated
banks and trust companies not located in a city where a Federal Reserve, bank or
branch is located, may, in their discretion, submit tenders by telegram*
Immediately after the closing hour for the receipt of tenders on Wednesday,
July 17, 1935, all tenders received at the Federal Reserve banks and branches
up to the closing hour will bo opened, and public announcement of the acceptable
prices will follow as soon as possible.
In considering the acceptance of tenders^
the highest prices offered will be accepted in full down to the amount required,
and if the same price appears in two or more tenders, and it is necessary to
accept only a part of the amount offered at such price, tenders for smaller
amounts may be accorded preference and tenders for larger amounts prorated to the
extent necessary in accordance with the respective amounts bid for.
The
Secretary of the Treasury expressly reserves the right, however, to reject any
or all tenders or parts of tenders and to award less than.the amount bid for, and
any action he may take in any such respect
respects shall be final*
Payment for any bonds allotted on accepted tenders must be made or completed
in cash or other immediately available funds on or before July 22, 1935, and
must include the face amount, and the premium which the bidder has agreed to pay,
together with accrued interest on the face amount from March 15 to July 22, 1935*
The text of the official circular follows:
UNITED STATUS OE ATERICA
3-7/8 PERCENT TREASURY SCOTS OP 1955-60
Dated and "bearing interest from March 15, 1935
eedeemable a t
tse
option op the united
states a t
Bue March 15, 1960
par and accrued
interest on a nd
APTER MARCH 15, 1955«
Interest payable March 15 and September 15
ADDITIONAL ISSUE
1935
Department Circular No» 546
TREASURY DEPARTMENT,
Office of the Secretary
Washington,July 15,1935«
Public Debt Service
The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approved September 24, 1917, as amended, offers to the people
of the United States $1007000,000, or thereabouts, 2-7/8 percent Treasury Bonds
of 1955— 60, and invites tenders therefor at not less than par and accrued
interest from March 15, 1935, to July 22, 1935«
Description of Bonds
The bonds now offered will be an addition to and will form a part of the
series of 2-?/8 percent Treasury Bonds of 1955-60 issued pursuant to Department
Circulars No« 531, dated March 4, 1935, and No« 536, dated April 22, 1935, will
be freely interchangeable therewith, are identical in all respects therewith, and
are described in the following quotation from Department Circular No« 531:
11
The bonds will be dated March 15, 1935, and will bear interest
from that date at the rate of two and seven-eighths percent per
annum, payable semiannually, on September 15, 1935, and thereafter
on March 15 and September 15 in each year until the principal amoun
becomes payable« They will mature March 15, 1960, but may be redeemed
at the option of the United States on and after March 15, 1955, m
whole or in part, at par and accrued interest, on any interest day
or days, on 4 months* notice of redemption given in such m a n n e r a s
the Secretary of the Treasury shall prescribe« In case of partial
redemption the bonds to be redeemed will be determined by such method
_2~>
as may to proscribed by tho Socrotary of the Treasury. From the date
of redemption designated in any such notice, interest on
e
called for redemption shall cease.
.
"The bonds shall bo exempt, both as to principal and interest,
from all taxation now or hereafter imposed by the Tbitod States,
nnv Stetc or ary of tho possessions of the United States, or
-1 /
b y l w l o c a i t ^ n g authority, except (a) estate or inheritance axes yi
and (b) graduated additional income taxes, commonly
and excess-profits and war-profits taxes, now or
i rtnerby the United States, upon the income or profits of individual., P y t n o j v
ships, associations, or corporations. The interest on an amount of bonds
authorized by tho Second Liberty Bond Act, approved September 34, 1917,
as amended, the principal of which does not exceed in *ho ^
J j W ,
owned by any individual, partnership, association, or corporation, .hall
exempt from tho taxes provided for in clause (b) ahovo*
■
*
"The bonds will bo acceptable to secure deposits of public “ onoys, aid
will boar tho circulation privilege only to the extI f f t o
w
privapproved July 22, 1932, as amended. They will not be entitled to any p n v
il0g°.BcarorVbondsa;ith interest coupons -«ached, and bonds registered as
to principal and interest, will be issued in denominations of $o0, *100,
$500, $1,000, $5,000, $10,000, and $100,000. Provision
the interchange of bonds of different denominations and of coupon aid r e g s
tcrod bonds, and for tho transfer of registered bonds under rules and
gu
tions prescrihod by tho Secretary of the Treasury.
Treasury
"Ihc bonds will be subject to the general
.of.
Department, now or hereafter proscribed, governing United States bo„d
Tehders and Allotments,
i., thereof
Tenders will he received at the Federal Reserve Banks and branches thcr
p to 12 oiclock noon, Eastern Standard time, Wednesday, J-uly 17, 1935, and
Liless received hy that time will bo disregarded.
t the Treasury Department, Washington.
Tenders will not be received
Each tender nrasu state the face
f bonds bid for, which imist be $1,000 or any evon multiple thereof, and th
irico offered.
The price offered must bo stated exclusive of accrued
‘rom March 15, 1935-, to July 22, 1935; and must be expressed on the basis of 100,
d t h fractions expressed as 32ds of 1 percent, in accordance with usual,P
;ice, e.g., 101-16/32.
Tenders at less than par will not be considered. .
Tenders will bo received without deposit from incorporated banks and trust
companies and from responsible and recognised dealers in investment
ij
Similarly,
4550.
ttS exemption does noV'^ i y to the gift tax, see Treasury Decision
Tenders from others must "be accompanied in every case "by a deposit of 5 percent
V
of the face amount of bonds hid for, except where the tender is accompanied "by
an express guaranty of payment hy an incorporated hank or trust company.
If the
tender is accepted, in whole or in part, the deposit will he applied toward
payment for the bonds, the balance to he paid as hereinafter provided.
{
If the
tender is rejected, the deposit will ho returned to the bidder*
.
Tenders must he enclosed in envelopes, securely sealed, addressed to the
Federal Reserve hank, or branch, of the district, and plainly marked nTender for
2— 7/8 percent Treasury Bonds of 1955— 60H •
The Federal Reserve hanks will supply
printed forms and special envelopes for submitting tenders*
Incorporated hanks
and trust companies not located in a city where a Federal Reserve hank or branch
^> is located may, in their discretion, submit tenders hy telegram, hut such
telegrams must he.received at the Federal Reserve hank or branch before the time
fixed for closing*
1
Immediately after the closing hour for the receipt of tenders on July 17,
1935, all tenders received in writing or hy telegraph at the Federal Reserve
hanks or branches thereof up to the closing hour (12 o *clock noon, Eastern stand
ard time) will ho opened*
The Secretary of the Treasury will determine the
acceptable prices offered and will mako public announcement thereof as soon as
possible after the opening of tenders*
\
Those submitting tenders will ho advised
hy the Federal Reserve hanks of the acceptance or rejection thereof, and payment
on accepted tenders must he made as hereinafter provided*
In considering the
acceptance of tenders, the highest prices offered will he accepted in full down
I
to the amount required; and if the same price appears in two or more tenders
|
and it is necessary to accept only a part of the amount offered at such price,
tenders for smaller amounts may he accorded preference and tenders for larger
amounts prorated to the extent necessary in accordance with the respective
amounts hid for*
The Secretary of the Treasury expressly reserves the right,
9</[•«>
however, to reject any or all tenders or parts of tenders, and to award loss
than the amount "bid for, and any action he may take in any such respect or
respects shall he final«
Payment for any bonds allotted on accepted tenders must be made or com
pleted on or before July 22, 1935, in cash or other immediately available finds,
and must include tho face amount, and the premium which the bidder has agreed to
pay, together with accrued interest on the face amount from March 15, 1935, to
2]
July 22, 1935*
In every case where payment is not so completed, the 5 percent
deposit with application shall, upon declaration made by tho Secretary of the
Treasury in his discretion, be forfeited to the United States«
General Provisions
Federal Reserve banks, as fiscal agents of the United States,, are authorized
and requested to receive tenders, to make allotments as indicated by the
Secretary of the Treasury to the Federal Reserve banks of tho respective dis
tricts, to issue allotment notices, to receive payment for bonds allotted, to
make delivery of bonds on full—paid allotments, and to perform such other acts
as may be necessary to carry out the provisions of this circular*
Ponding
delivery.of the definitive bonds, Federal Reserve banks may issue interim
receipts«
The Secretary of tho Treasury may at any time, or from time to time, pro—
scribe supplemental or amendatory rules and regulations governing tho receipt of
tenders and the sale of bonds under this circular, which will be communicated
promptly to the Federal Reserve banks«
EEHBT M0RGEUTHA.U, Jr«,
Secretary of the Treasury«
intcrest from March 15, 1935, to July 22, 1935, on $1,000 face amount
is $10*078125#
2] Accrued
TREASURY DEPARTMENT
Washington
POR RELEASE, MORNING NEWSPAPERS,
Monday. July 15. 1935»__________
7-13-35*
Vtqss Service
1To* 5~ 35'
The Middle Western States have taken the loadin purchases of United
States Savings Bonds.
Reports to the Treasury Department of sales for May
show the. four leading States in that month to have Been Iowa, Missouri, Illinois
and Ohio*
Iowa, the banner State for that month, made purchases amounting to almost
twice as much as those made by the State of How York, which had dropped to fifth
place, just ahead of Pennsylvania and Minnesota*
Eor the three months of March, April and May the loading State is Illinois,
and others, in order of total sales for those three months, are New York, Ohio,
Missouri, Iowa and Minnesota*
As shorn by the cash deposits in the United States Treasury, the sale of
United States Savings Bonds for the entire country has passed the $100,000,000
mark*
As these "bonds arc sold on a discount "basis and increase in ten years,
through accumulated interest hy 33-1/3 per cent, this represents in face or
maturity value in excess of $133,000,000 or an average daily sale of approximately
$1,117,000 maturity.value*
Present sales are showing a marked tendency upward and this daily average
is being materially increased*
About as many women as men are buying these bonds*
The rural sections of
all States are ahead of the towns and cities in these purchases*
Sales of United States Savings Bonds for the first three months by States,
arranged in order of their total sales for the three months, were.
UNITED STATES SAVINGS BONDS
Sales by States
March . April and May,, 1935
Stat 0
March, 1935
$4,101,131.25
Illinois
3,210,355.25
Hew York
2,550,252.50
Ohio
2,248,968.75
Missouri
1,960,050.00
Iowa
1,646,306.25
Minnesota
1,792,500.00
Pennsylvania
2,118,131.25
Michigan
2,052,525,00
Texas
1,457,775.00
Kansas
1,296,956.25
Indiana
1,260,300.00
Nebraska
1,313,137.50
California
966,825.00
"Wisconsin
826,818.75
Massachusetts
714,656.26
Kentucky
743,362.50
North Carolina
569,006.25
Oklahoma
638,325.00
New Jersey
397,368.75
West Virginia
403,631.25
Washington
567,468.75
Tennessee
465,450.00
Virginia
413,118.75
Colorado
455,850.00
Florida
376,425.00
District of Col.
383,531.25
Oregon
421,293.75
Montana
281,456.25
Georgia
248,718.75
North Dakota
327,956.25
Arkansas
226,725.00
South Dakota
386,137.50
Maryland
329,062.50
Louisiana
216,900.00
Mississippi
175,856.25
South Carolina
193,031.25
Alabama
178,443.75
Connecticut
88,125.00
Idaho
117,506,25
Maine
106,087.50
Rhode Island
106,931.25
Utah
113,512.50
New Mexico
75,131.25
Wyoming
70,856.25
Arizona
70,143.75
New Hampshire
55,031.25
Vermont
April, 1935
$2,243,775.00
2,003,025.00
1,736,868.75
1,638,037.50
1,377,881.25
1,519,575.00
1,123,968.75
807,093.75
913,312.50
1,133,081.25
1,041,281.25
653,475.00
681,281.25
671,531.25
321,412.50
354,431.25
368,287.50
325,593.75
310,462.50
326,493.75
305,081.25
231,787.50
228,975.00
307,443.75
234,056.25
215,681.25
244,293.75
185,400.00
196,106.25
274,125.00
182,981.25
215,625.00
144,037.50
143,306.25
155,418.75
117,225.00
133,256.25
92,418.75
107,137.50
72,675.00
64,106.25
60,318.75
50,981.25
35,625.00
61,950.00
49,706.25
50,100.00
May, 1935
$1,392,750.00
934,818.75
1,091,718.75
1,429,106.25
1,791,243.75
844,875.00
863,718.75
679,556.25
587,325.00
852,243.75
864,318.75
595,256.25
420,075.00
675,468.75
271,068.75
276,131.25
220,875.00
312,900.00
168,056.25
329,493.75
297,881.25
149,793.75
197,868.75
145,050.00
169,556.25
233,437.50
166,650.00
102,581.25
230,793.75
183,318.75
155,831.25
207,150.00
114,618.75
105,506.25
104,456.25
117,937.50
63,187.50
66,300.00
51,487.50
51,768.75
47,418.75
38,381.25
33,543.75
55,068.75
26,737.50
30,450,00
21,281.25
Total
3 Months
$7,737,656.25
6,148,200.00
5,378,850.00
5,316,112.50
5,129,175.00
4,010,756.25
3,780,187.50
3,604,781.25
3,553,162.50
3,443,100.00
3,202,556.25
2,509,031.25
2,414,493.75
2,313,825.00
1,419,300.00
1,345,218.75
1,332,525.00
1,207,500.00
1,116,843.75
1,053,356.25
1,006,593.75
949,050.00
892,293.75
865,612.50
859,462.50
825, b/±3. /5
794,475.00
709,275.00
708,356.25
706,162.50
666,768.75
649,500.00
644,793.75
577,875.00
476,775.00
411,018.75
389,475.00
337,162.50
246,750.00
241,950.00
217,612.50
205,631.25
198,037.50
165,825.00
159,543.75
150,300.00
126,412.50
I
ry
State
Maturity Value
I
April, 1935
March, 1935
$
36,356.25
Nevada
28,837.50
Delaware
4,668.75
Alaska
6,318.75
Hawai i
4,068.75
Puerto Rico
356.25
Virgin Islands
Cash
Total Receipts "¿38/799.750.00
$51,733,000.00
May, 1935
$
13,068.75
19,856.25
10,087.50
6,187.50
7,031.25
375.00
$
29,737.50 $
4,668.75
10,968.75
11,512.50
11,568.75
243.75
Total
3 Months
79,162.50
53,362.50
25,725.00
24,018.75
22,668.75
975.00
¿23.767,293* 75
¿17.837.756.25
¿80.404,800.00
$31,689,725.00
$23,783,675.00
$107,206,400.00
TREASURY DEPARTMENT
Washington
POR RELEASE, MORNING NEWSPAPERS,
Monday. July 15. 1935»__________
7-13-35»
PrGSS Service
ll0# 5~ 35*
The Middle Western States have taken the loa&in purchases of United
States Savings Bonds*
Reports to the Treasury Department of sales for May
Illinois
show the.four leading States in that month to have heen Iowa, Missouri,
and Ohio»
Iowa, the Banner State for that month, made purchases amounting to almost
twice as much as those made by the State of
N ew
York, which had dropped to fifth
place, just ahead of Pennsylvania and Minnesota»
Eor the three months of March, April and May the leading State is Illinois,
and others, in order of total sales for those three months, are New York, Ohio,
Missouri, Iowa and Minnesota*
As shown by the cash deposits in the United States Treasury, the sale of
United States Savings Bonds for the entire country has passed the $100,000,000
mark*
As these bonds arc sold on a discount basis and increase in ten years,
through accumulated interest by 33-1/3 per cent, this represents in face or
maturity value in excess of $133,000,000 or an average daily sale of approximately
$1,117,000 maturity value»
Present sales are showing a marked tendency upward and this daily average
is being materially increased»
About as many women as men are buying these bonds.
The rural sections of
all States are ahead of the towns and cities in these purchases*
Sales of United States Savings Bonds for the first three months hy States,
arranged in order of thoir total sales for the three months, were:
UNITED, STATES SAVINGS BONDS
Sales by States
March, April and May. 1935.
►
>
State
March. 1935
$4,101,131.25
Illinois
3.210.356.25
New York
2.550.262.50
Ohio
2,248,968.75
Missouri
1.960.050.00
Iowa
1.646.306.25
Minnesota
1.792.500.00
Pennsylvania
2.118.131.25
Michigan
2.052.525.00
Texas
1.457.775.00
Kansas
1.296.956.25
Indiana
1.260.300.00
Nebraska
1.313.137.50
California
966.825.00
Wisconsin
826.818.75
Massachusetts
714,656.26
Kentucky
743,362.50
North Carolina
569.006.25
Oklahoma
638.325.00
New Jersey
397.368.75
West Virginia
403.631.25
Washington
567.468.75
Tennessee
465.450.00
Virginia
413.118.75
Colorado
455.850.00
Florida
376.425.00
District of Col.
383.531.25
Oregon
421.293.75
Montana
281.456.25
Georgia
248.718.75
North Dakota
327.956.25
Arkansas
226.725.00
South Dakota
386.137.50
Maryland
329.062.50
Loui siana
216.900.00
Mississippi
175.856.25
South Carolina
193.031.25
Alabama
178.443.75
Connecticut
88,125.00
Idaho
117.506.25
Maine
106.087.50
Rhode Island
106.931.25
Utah
113.512.50
New Mexico
75.131.25
Wyoming
70.856.25
Arizona
70,143.75
New Hampshire
55.031.25
V ermont
April. 1935
$2,243,775.00
2.003.025.00
1.736.868.75
1,638,037.50
1.377.881.25
1.519.575.00
1.123.968.75
807.093.75
913.312.50
1.133.081.25
1.041.281.25
653.475.00
681.281.25
671.531.25
321.412.50
354.431.25
368.287.50
325.593.75
310.462.50
326.493.75
305.081.25
231.787.50
228.975.00
307.443.75
234.056.25
215.681.25
244.293.75
185.400.00
196.106.25
274.125.00
182.981.25
215.625.00
144.037.50
143.306.25
155.418.75
117.225.00
133.256.25
92.418.75
107.137.50
72.675.00
64.106.25
60.318.75
50.981.25
35.625.00
61.950.00
49.706.25
50.100.00
May. 1935
Total
3 Months
>7,737,656.25
$1,392,750.00
6.148.200.00
934.818.75
5.378.850.00
1.091.718.75
5.316.112.50
1,429,106.25
5.129.175.00
1.791.243.75
4.010.756.25
844.875.00
3.780.137.50
863.718.75
3.604.781.25
679.556.25
3.553.162.50
587.325.00
3.443.100.00
852.243.75
3.202.556.25
864.318.75
2.509.031.25
595.256.25
2.414.493.75
420.075.00
2.313.825.00
675.468.75
1.419.300.00
271.068.75
1.345.218.75
276.131.25
1.332.525.00
220.875.00
1.207.500.00
312.900.00
1.116.843.75
168.056.25
1.053.356.25
329.493.75
1.006.593.75
297.881.25
949.050.00
149.793.75
892.293.75
197.868.75
865.612.50
145.050.00
859.462.50
169.556.25
825.543.75
233.437.50
794.475.00
166.650.00
709.275.00
102.581.25
708,356.25
230.793.75
706.162.50
183.318.75
666.768.75
155.831.25
649.500.00
207.150.00
644.793.75
114.618.75
577.875.00
105.506.25
476.775.00
104.456.25
411.018.75
117.937.50
389.475.00
63.187.50
337.162.50
66.300.00
246.750.00
51.487.50
241.950.00
51.768.75
217.612.50
47.418.75
205,631.25
38.381.25
198.037.50
33.543.75
165.825.00
55.068.75
159,543.75
26.737.50
150.300.00
30.450.00
126.412.50
21.281.25
-3-
State
Nevada
April. 1935
March, 1935
36,356.25
28,837.50
4.668.75
6.318.75
4.068.75
356.25
$
13,068.75
19,856.25
10,087.50
6,187.50
7,031.25
_______ 375.00
May, 1935
$
29,737.50 $
4,668.75
10.968.75
11,512.50
11.568.75
243.75
Total
3,Month s
79.162.50
53.362.50
25,725.00
24.013.75
22.668.75
975.00
Delaware
Alaska
Hawai i
Puerto Rico
Virgin Islands
Cash
Total Receipts :$33.799.750.00
$23.767,293.75
$17.837.756.25
$80.404.800.00
$51,733,000.00
$31,689,725.00
$23,783,675.00
$107,206,400.00
Maturity Value
TREASURY DEPARTMENT
Washington
July 15, 1935*
MEMORANDUM POP THE PRESS
ffEEEIPTS OP SILVER BY THE MINTS AND ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1933) as amended
Week ended July 12, 1935:
Philadelphia* *&•»* ^**.
San Francisco*....... .................. ...... .
Denver....... .............................. .
Total for week ended July 12, .....................
Total receipts through July 12, 1935*..... ...... .
405,793?86 fine ounces
209,845.25
H
"
6*043*00
9 "
,
621 682.11
39,923,906.94
“ *
M
"
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended July 12, 1935:
Philadelphia****•*••*•••••••••••••*
New York *.••••....................
San Francisco*.*.•*................
Denver..... ............ .....*....*
New Orleans*........
Seattle* • *................ .
Total for week ended July 12, 1935...
Total receipts through July 12, 1935.
,f,
...
416.00 fine ounces
1,804*00 "
n
6,049*00
"
"
990.00
H
“
438*00 "
n
...
*¡1
9,697.00 “
..*112,924489*00
M
■RUHEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES.:
.-»*■-' " ■■■'
*
' ■-
Francisco.... ..................
.................
:::::::..... ..........
■.
ü
»
*
_
New
, - i S ü
52,570,63 1,589,580,79
701,043.00
713,862.00
234,209,83
35,742.00
j
M
u
*
-5-,!3!,i4
- - - - 2- ’- 9
lotal^for*v,sU:’« ¿ e l j l y ’12;'. 1935!*II$1,829,045.28 $1,439,471.25 $2,386,994.47
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURERS OFFICE»
(Under Secretary*s Order of December 28, 1933)
Gold Coin .
Received "by Federal Reserve Banks:
15,226*80
Week ended July 10, 1935*..**••••
..
30,557*148.27
Received previously..... *.......
Total to July 10, 1935*...•••••••• * ..$30,572,375.07
Received by Treasurer*s Office:
Week ended July 10, 1935*••♦••••••*»$
000*00
Received previously.••*•••••••••••*•___ 263*906*00
Total to July 10, 1935**••»•••••••••.$
263,906.00
NOTE:
Gold bars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported.
Gold Certificates
$
361,750*00
93,547.520.00
$93,909,270*00 ~
$
4,400*00
2.176*600.00
$ 2,181,000.00
TREASURY DEPARTMENT
WASHINGTON
Press Service
No* 5-36*
FOR IMMEDIATE RELEASE,
Monday^ July 15 y 1935*
Net market purchases of Government securities for
Treasury investment accounts for the calendar month of
June, 1935, amounted to $8,765,500, Secretary Morgenthan
announced today*
00O 00
f
'
LIBRARY
s"
^?Om
50'3
My dear Mr* Chairman:
Receipt is acknowledged of your letter of July 3, 1935, with
which you enclosed a copy of H. R. 8654 (74th Congress, 1st Session)
and requesting any comments or recommendations that this Department may
care to make with respect to this measure. The bill provides for the
"deductibility of dividends paid or accrued by banking associations and
insurance companies on preferred stock owned by certain governmental
agencies". The measure in its present form is not entirely satisfactory
for the following reasons: In line 7 reference is made only to section
23 of the Revenue Act of 1934. This overlooks the provisions of section
203 of the Act relating to net income of life insurance companies which
also provides for certain deductions. In line 5 on page 2 of the bill,
the term "dividends" is too broad and should be qualified by excepting
therefrom any so-called distributions in liquidation which are some
times designated as "liquidating dividends". In the same line is the
expression "paid or accrued". The use of the word "accrued" has not
taken on such a meaning in connection with corporate stock that the use
of the term might be too vague and, therefore, too unsafe to be used in
a measure of this description. If preferred stock, by the terms of its
issuance, calls for the payment of a specified dividend periodically,
and the time arrives when the dividend ordinarily would be payable, but
owing to the corporation’s financial condition the dividend can not be
paid, the dividend is, in financial parlance, "accrued", but it is not
"payable" and, of course, not "paid". In lines 6 and 7 on page 2 of the
bill reference is made to "a corporation organized under any Act of
Congress". This Department would prefer to use the expression "the
United States or any instrumentality thereof exempt from Federal income
taxes".
The Comptroller of the Currency recommended in his annual
report to Congress that legislation of this nature be enacted in
order that national banks be placed on a parity with State banks, and
Chairman Jones of the Reconstruction Finance Corporation has for some
time had this matter up with this Department. After careful considera
tion, a draft of the measure that would be acceptable to this Depart
ment has been prepared.
It is thought that this draft will more fully
meet the real purposes aimed at in this legislation and, should you
so desire, could be substituted for H. R. 8654. The draft has been
prepared along the lines of section 304 of the Act of March 9, 1933,
sometimes designated as the "Emergency Banking Act", the reason being
that the apparent purpose of the bill is to cover cases where stock has
-
2
-
been subscribed for by the Reconstruction. Finance Corporation under
section 304 of that Act. If such is the purpose of the bill, it
would seem to be safer to use the definition of banks appearing^
therein. The reference there is to "any national banking associa
tion or any State bank or trust company" with the further provision
that "the term 'State bank or trust company' shall include other
banking corporations engaged in the business of industrial banking
and under the supervision of State banking departments or of the^
Comptroller of the Currency". It should also be noted that section
304 has been amended by the Act of March 24, 1933 (48 Stat.^20) so
that the term "State bank or trust Company" as used in Section 304
includes (l) "a bank or trust company organized under the laws of
any State, Territory, or possession of the United States, or the
Canal Zone"; and (2) "other banking corporations engaged in the
business of industrial banking and under the supervision of State
banking departments or of the Comptroller of the Currency",
¿he
proposed draft incorporates these changes, together with the changes
referred to in the preceding paragraph. Certain minor changes over
H.R. 8654 you will note and need not be mentioned here. Copies of
this draft are herewith attached for your consideration.
If H.R. 8654 is revised to conform to the suggested
substitute herein enclosed, this Department has no objection to
favaroble action being takin on this bill.
In the event that further correspondence relative to this
matter is necessary, please refer to IR:CC:A-286783.
Very truly yours,
Secretary of the Treasury.
Hon. Robert L. Doughton,
Chairman, Committee on toays and Means,
House of Representatives.
TREASÜHY DEPAHTMEÎ3T
mjmmam
FOR RELEASE, MQHNÏÎÎG NEWSPAPERS
Press Service
Tuesday, July 16, 1938«________
7 /IS/5 5
», ~Mmn
Tvo
w w m w i i «iwwmwiwwwwiwii wwmiiiw —iw n
S'-
Secretary of the Treasury Morgenthau announced last evening
that the tenders for #50,000,000, or thereabouts, of 273-day
Treasury bills, dated July 17, 1935, and maturing April 15, 1936,
which were offered on July 12, were opened at the Federal Reserve
banks on July 15, 1935.
The total amount applied for was #223,998,000, of which
#30,062,000 was accepted.
\
The accepted bids ranged in price
from 99.980, equivalent to a rate of about 0.026 percent per
annum, to 99.955, equivalent to a rate of about 0.059 percent
per annum, on a bank discount basis.
Only part of the amount
bid for at the latter price was accepted.
of Treasury bills to be issued is 99.961
The average price
and the average rate
is about 0.052 percent per annum on a bank discount basis.
3 7
treasury department
Washington
EOR RELEASE, MORNING NEWSPAPERS,
Tuesday, July 16. 1935»
7-15-35»
Press Service
^°* 5-37
Secretary of the Treasury Morgenthau announced last evening that the
tenders for $50,000,000, or-thereabouts, of 273-day Treasury hills, dated
July 17, 1935, and maturing April 15, 1936, which were offered on July 13,
were opened at the Federal Reserve Banks on July 15»
The total amount applied for was $22$,998,000, of which $ 50,062,000
was accepted»
The accepted bids ranged in price from 99»980, equivalent
to a rate of about 0»026 percent per annum, to 99*955, equivalent to a rate
of about 0*059 percent per annum, on a bank discount basis»
the amount bid for at the latter price was accepted.
Only part of
The average price of
Treasury bills to bo issued is 99*961 and the average rate is about 0»052
percent per annum on a bank discount basis*
TRMSVW DEPARTMENT
Washington
FOR IMIEBIATB RELEASE,
Press Service
Thursday, July 18, 1958
Secretary of the Treasury Morgan than today announced the result of
the offering by the Treasury on Monday of #100,000,000, or thereabouts,
of 8-7/8 percent Treasury Bondi of 1955-60, tenders for which were re
ceived at the Federal Reserve banks up to 18 o'clock noon, on Wednesday
July 17.
Tenders for #510,958,000 face amount of bonds were received, of
which #101,967,000 was accepted at prices ranging from 101-27/52 down
to 101-19/52, and accrued interest from March 15, 1955, to July 22,
1955.
The average price of the bonds to be issued is
and a total premium of #1,631,894.39 will be received.
Based on the
average price at which the bonds are to be issued on July 22, 1955, the
yield is about 2.77 percent to the earliest call date, March 15, 1955,
I
and about 2.78 percent to maturity, March 15, I960.
TREASURY DEPARTMENT
Washington
Press Service
No« 5-38
POP IMMEDIATE RELEASE,
Thursday, July 18,. 1935«
Secretary of the Treasury Morgenthau today announced the result of
the offering hy the Treasury on Monday of $100,‘000;000, or thereabouts,
of 2-7/8 percent Treasury Bonds of 1955-60, tenders for which were
received at the Federal Reserve banks up to 12 olclock noon, on Wednesday,
July 17.
Tenders for $510,958,000 face amount of bonds were received, of
which $101,967,000 was accepted at prices ranging from 101-27/32 down
to 101—19/32, and accrued interest from March 15, 1935, to July 22,
1935.
The average price of the bonds to be issued is slightly above
101-19/32, and a total premium of $1,631,894.39 will be received.
Based on the average price at which.the bonds are to be issued on
July 22, 1935, the yield is about.2.77 percent to the earliest call
date, March 15, 1955, and about 2.78 percent to maturity, March 15, 1960.
ooOoo
TREASURY DEPARTMENT
Washington
Pro8& Service
W v O . C- i 0
FOR IMMEDIATE RELEASE,
Thursday, July 18, 1035.
Secretary of the Treasury Morgeathau today announced the final sub
scription and allotment figures with respect to the July 15 offering of
1-3/8 percent Treasury Notes of Series B-1939.
Subscriptions and allotments were divided among the several Federal
Reserve districts and the Treasury as follows?
Federal Reserve
District
Total Subscriptions
Received
Total Subscriptions
Allotted
Boston
New York
Philadelphia
Cleveland
Ri chmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas city
Dallas
San Francisco
Treasury
$ 230,368,800
1,603,005,500
142,89?,100
154,429,700
68.912.500
81,439,800
303,853,200
72.061.500
30,866,200
54,103,300
50,641,600
177,065,500
______ 525,000
$ 40,294,300
275,007,400
24,925,700
27,666,000
12.642.500
14,710,300
57,032,100
14,225,800
6,335,000
10.840.200
11.587.200
30.876.500
90.000
12,970,169,700
$526,233,000
Total
TREASURY DEPARTMENT
Washington
Press Service
No« 5-*39
NOR IMMEDIATE RELEASE,
Thursday, July 18, 193a«
Secretary of the Treasury Morgenthau today announced
s^ soription and adiotment * * * * * *
-poet
*
t,e * 0 , 15 o f f e r s
of 1-3/8 percent Treasury Hotes of Series B-1939.
i i t rt+m(vnt.s were divided among tlie several Federal
Subscriptions and allotments were o~l v a
5serve districts and the Treasury as follows,
federal Reserve
D istrict
Total Subscriptions
Received
$
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St» Louis
Minneapolis
Kansas City
Dallas
San francisco
Treasury
Total
Total Subscriptions
A l l o t t e d ____ ____
____ _—
230,368,800
1,603,005,500
142,897,100
154,429,700
68.912.500
81,439,800
303,853,200
72.061.500
30,866,200
54,103,300
50,641,600
177,065,500
525,000.
$2,970,169,700
ooOoo
$ 40,294,300
275,007,400
24,925,700
27,666,000
12.642.500
14,710,300
57,032,100
14,225,800
6,335,000
10.840.200
11.587.200
30.876.500
90.000
$526,233,000
TREASURY DEPARTMENT
Washington
July 22# 1935.
memorandum for the press
RECEIPTS OP SILVER BY. THE MINTS AND ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1933) as amended
Week ended July 19, 1935;
Philadelphia...................................* ’'*
San Francisco......................................
Denver.................................... .........
Total for week ended July 19, 1935................ .
Total receipts through July 19, 1935^...............
286,827.09 fine ounces
309,909.76
«
11,884.00
608,620.85
40,532,527.79
SILVER TRANSFERRED TO UNITED STATES;
(Under Executive Proclamation of August 9, 1934)
Week ended July 19, 1935;
Philadelphia.................................... * **
New York............................................
San Francisco......................... ............
Denver....................... | ....................
New Orleans..................... ..................
Seattle................................. ..........
Total for week ended July 19, ......................
Total receipts through July 19, 1935................
4,289 fine ounces
it
316 t!
it
i
i
558
n
tt
353
it
440 n
tt
t
!
5,956
1!
(1
112,930,445
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES;
--- toRorts
,
Week ended July 19, 1935:
Philadelphia........... ------- $
8,872.60 $
New York .... ........... ......
3,553,500,00
271,237.18
San Francisco..................
Denve ................. .........
^
497.03
Eew Orleans.......... .........
New
Domestic
$
277.65
97,600.00
1,097,878.95
630,238.00
-r0
222,863.49
264,800.00
77,395.21
39,215.00
40,196.88
27,214.34
309,691.72
$2,135,686.32
Total for week ended July 19, 1935 $3,888,349.81 $ 671,684.92
* Note; Seattle figures are for week ending July 12. Figures for week ending
July 19 not received in time to include in above.
GOLD RECEIVED 3Y FEDERAL RESERVE BANKS AND THE TREASURERS OFFICE;
(Under Secretary’s Order of December 28, 1933)
Gold Certificates
Received by Federal Reserve B a n k s ______Gold Coin
$
503,710.00
Week ended July 1 7 .......... . .$
31,890.04
93,909,270.00
Received previously.......... . 3Qt.572,375.07—
$94,412,980.00
Total to July 17, 1935.......... $30,604,265.11
Received by Treasurer's Office;
Week ended July 17.... ......
Received previously.........
Total to July 17...............
NOTE;
400.00
263.906.00
264.306.00
Gold bars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported.
$
4,700.00
2,181.000.00
$ 2,185,700.00
jQ
,fj
0 a A»****v
1k).
The Treasury Department has been studying the problem with
reference to small coins which has been raised by the recent
enactment of sales taxes in a number of States*
Where such taxes
are on a straight percentage basis, as many of them are, there is
the problem of providing some means to enable purchasers to pay
the exact amount of the tax on small purchases or for making
change in such cases.
A number of States are considering the coinage of pieces
to meet this need and it is the belief of the Treasury Depart
ment that, if this thing is to be done, the Federal Government
should do it*
Representatives of the Department have been
discussing with the appropriate committees of the Congress the
possibility of legislation authorizing the coinage of $ mill
and 1 mill coins.
i
■t
< 4 -0
TREASURY DEPARTMENT
WASHINGTON
t
Press Service
FOR IMMEDIATE RELEASE
No. 5 - 4 0
Mondayt July 32, 1935«
The Treasury Department has "been studying the problem with reference
to small coins which has been raised by the recent enactment of sales taxes
in a number of States.
Where such taxes are on a straight percentage basis,
as many of them are, there is the problem of providing some means to enable
purchasers to pay the exact amount of the tax on small purchases or for
making change in such cases.
A number of States are considering the coinage of pieces to meet this
need and it is the belief of the Treasury Department that, if this thing is
to be done, the Federal Government sho\ild do it.
Representatives of the
Department have been discussing with the appropriate committees of the
Congress the possibility of legislation authorizing the coinage of 5 mill
and 1 mill coins*
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday^ July 23, 1935._ _ _ _ _ _
7/22/35
Press Service
vt u
>
c
-
f !
Secretary of the Treasury Morgenth.au announced last
evening that the tenders for $60,000,000, or thereabouts,
of 273-day Treasury bills, dated July 24, 1935, and matur
ing April 22, 1936, which were offered on July 19, were
opened at the Federal Reserve banks on July 22*
The total amount applied for was $160,295,000, of which
$50,015,000 was accepted*
The accepted bids ranged in price
from 92.963, equivalent to a rate of about 0*049 percent per
annum, to 99*953, equivalent to a rate of about 0*062 percent
per annum, on a bank discount basis.
Only part of the amount
bid for at the latter price was accepted*
The average price
of Treasury bills to be issued is 99.957 and the average rate
is about 0.057 percent per annum on a bank discount basis.
TREASURY DEPARTMENT
Washington
FOE RELEASE. MOEUIHG NEWSPAPERS,
Tuesday. July 23, 1955>-------7/22/35
Secretary of the Treasury Morgenthau announced last evening that the
tenders for $50,000,000, or thereabouts, of 273-day Treasury hills, dated
July 24, 1935, and maturing April 22, 1936, which were offered o n July 19,
were opened at the Eederal Reserve hanks on July 22.
The total amount applied for was $160,295,000, of which $50,015,000
was accepted.
The accepted bids ranged in price from 99.963, equivalent to
a rate of about 0.049 percent per annum, to 99.953, equivalent to a rate of
about 0.062 percent per annum, on a bank discount basis.
amount bid for at the latter price was accepted.
Only part of the
The average price of
Treasury bills to be issued is 99.957 and the average rate is about 0.057
percent per annum o n a bonk discount basis.
— oOo—
Table H I
Amount of Public Debt Due 3efore and After January 1, 1939,
Excluding Pre-War, Postal Savings and United States
Savings Bonds and Securities Issued Exclusively
to Government Agencies and Trust Funds
June
30, 1932
Amount
(in millions)
Due before January 1 , 1939
\ \&rst Li*>ert7 Bonds (I9U 7 ) called 1935
Ô
Total
Percent
of total
$ 10,870.7
1,933.2
5 . 258.8
$ IS.062.7
60.2
10.7
-2-ltl
100.0
$ 13.379.3
1.933.2
- 5 . 215.9
& 21 . 022 .U
66.0
9 .2
2U
.8
June 3 0 , 1933
Due before January 1, 1939
First Liberty Bonds (I9U 7 ) called 1935
Due after January 1 , 1939
Total
100.0
June 30, I93U
Due before January 1, 1939
First Liberty Bonds (I9U7 ) called 19 3 5
Due after January 1, 1939
Total
$ 13.U58.lt
1 . 933.2
_9,861.g
$ 25 .g5g.8
5 3 .3
7.7
39 .0
100.0
June 30, 1935
Due before January 1, 1939
First Liberty Bonds (I9U 7 ) called 1935
Due after January 1, 1939
Total
$ 10 ,000.s
16,093.9
$ 26.09U.7
33.3
61.7
100.0
Table II
Amount of Public Debt Due Within One Tear, Excluding Pre-War, Postal
Savings and United States Savings Bonds, and Securities Issued
Exclusively to Government Agencies and Trust Funds
(Daily Statement Basis)
June 30» 1932
Amount
(in millions)
Due in less than one year
Liberty Bonds
All other issues (maturity longer than
one year)
$ 3 .9^1*8
8 ,2 0 1 .3
21.8
U 5 .U
5 .9 1 9 .6
JBtg
1 8 .0 62 .7
100.0
$ 3 .3 0 7 .0
8,201.3
1 5 .7
3 9 .0
-a>5SP.i
U 5 .3
& 21.028.U
100.0
$ 3 .8 9 ^ .3
6,3>+5.8
1 5 .'U
2 5 .1
15.012.8
-59*5
$ 25.252.9
1 0 0 .0
$ 3 .7 3 ^ .7
1,335.0
1 U .3
21.025.0
80.6
$ 2 6 ,09 U . 7
100.0
&
Total
Percent
of total
June 30» 1933
Due in less than one year
Liberty Bonds
All other issues (maturity longer than
one year)
Total
June 3 0 » 193*+
Due in less than one year
Liberty Bonds
All other issues (maturity longer than
one year)
Total
June 30, 19 3 5
Due in less than one year
Liberty Bonds
All other issues (maturity longer than
one year)
Total
5.1
Table I
A v e r ^ e U a t u r ity of all Government Securities Outstanding, Excluding
Se^tT!
i
*°9tolSavlnes. and united States Savings Brads and
Securities Issued Exclusively to Government Agencie^and Trust L i d s
(weighted average to the nearest month)
Computing all securities
to final maturity date
June
June
June
June
30»
30,
30,
30,
1932
1933
1934
1935
9
8
7
8
years
years
years
years
6
1
7
7
months
month
months
months
t
Computing Libertys to
!
date actually called
! and all other securities
maturity nata
6
5
6
8
years 11 months
years 11 months
years H months
years 7 months
INTEREST BEARING PUBLIC DEBT
-
2
-
Die nine-aonth M i l e that we eell go four-fifth* into the
hand* of the b ig Hew York City bank* and the federal Reserve
banks. The rate it eo low that ordinary purchaser* simply do
not oare to bother about then.
I was unable to get a break-down on the distribution of the
notes told on July 1 5 , as the data are not yet in; but I will
send this on to you as soon as it becomes available.
In Table 17, I am presenting the total amount of Government
obligations held by the federal Reserve banks« national banks«
State member banks of the federal Reserve System, and all other
State banks that are members of the federal Deposit Insurance
System, exclusive only of mutual savings banks, as of the oall
reports of December 31* 193^« She total of Government obligat
i o n s held by all these banks aggregated b7 *2 percent of the
Interest-bearing public debt outstanding in the hands of the
public at the end of the year*
The market has been particularly favorable for really long
term bond issues only during the last few months; and you will
note that the bonds constituting our longest issue, the 2-7 /gt»
due in 1 9 ^0 * amounting to approximately $2,^00,000,000 at the
present time, have all been sold since March 1 , 1 9 3 5 . I am
hopeful that conditions will remain such that a very considerable
amount of the long-term bonds oan be sold during the coming year*
I shall be only too delighted to pay you a visit, should
you desire it, to go over the conditions of our financing.
Sincerely yours.
T* J, Goolldge
Under Secretary of the Treasury
Honorable Duncan U, fletcher,
Chairman,
Senate Committee on Banking and Currency,
United States Senate,
Bneloeures
T H E U N D E R S E C R E T A R Y OF TH E T R E A S U R Y
W A S H I N G T O N
Jaly 19. 1935
My d M r Chairman:
I am attaching herewith statistical data and charts which
throw light on the points raised in the C o m i ttee in regard to
the maturity of Government securities.
In the tables, though act in the charts, I haws left cut
of consideration the pre-war issues» for almost all of these
hare now haem paid off, and the total of them has always been
▼cry mall.
fhe charts will gire you a graphic picture of the animal
■cturities outstanding as of June 30 of each of the last four
years. I am also giving you, in Sable 1, computations of the
average maturity of all outstanding Government securities as of
June 30 of each of the last four years. Tou will understand»
of course, that all our outstanding bonds become a year shorter
in maturity each year» and, therefore» to lengthen the average
maturity is like a race against time, as the bulk of the debt
automatically becomes shorter.
She amount of the pabilo debt due within one year en each
of the same dates, together with the total debt and the percent*
ages of the total debt having a maturity of less than and more
than one year are shown in Sable II. In making this calculation,
it seemed to me advisable to show the Liberty Bond Issues sepa*
rately, rather than to include them either among the long-texm
cr short-term issues, because they have ell been called for the
puspo ce of refunding: in the charte» however» they ere l n d u d e d
with the m o u n t e of other iseuee maturing in each year.
To present another side of the tame piotare» I m showing
for June 30 of each of the last four years, in Sabi# III» the
total m o u n t of Government obligations due before January 1, 1939
and the total amount due after this date. This will indi oat# the
maouat of financing that we have accomplished with maturities
beyond this date.
FOR RELEASE, MORNING NEWSPAPERS
Sunday, July 28, 1935__________
7/24/35
Press Service
No. 5 - 4 2
The Secretary of the Treasury today made public a series of three
tables and four charts, prepared by the Division of Research and Statistics
of the Treasury Department, showing the ranges of maturity of outstanding
Government securities as of the closing dates of the fiscal years 1932,
1933, 1934 and 1935.
The tables and charts are as follows:
Table I
Average Maturity of all Government Securities Outstanding, Excluding
Pre-War, Postal Savings, and United States Savings Bonds and
Securities Issued Exclusively to Government Agencies and Trust Funds
(weighted average to the nearest month)
Computing all securities
to final maturity date
June
June
June
June
30,
30,
30,
30,
1932
1933
1934
1935
9
8
7
8
years
years
years
years
6
1
7
7
months
month
months
months
:
:
:
:
Computing Libertys to
date actually called and
all other securities to
final maturity date_____
6
5
6
8
years 11 months
years 11 months
years 4 months
years 7 months
2
Table
II
Amount of Public Debt Due Within One Year, Excluding Pre-War, Postal
Savings and United States Savings Bonds, and Securities Issued
Exclusively to Government Agencies and Trust Funds
(Daily Statement Basis)
June 30, 1932
Amount
fin millions)
Due in less than one year
Liberty Bonds
All other issues (maturity longer than
one year)
Total
Percent
of total
$ 3,941.8
8,201.3
21.8
45.4
5.919.6
32.8
$18,062.7
100.0
$ 3,307.0
8,201.3
15.7
39.0
9.520.1
45.3
¿21,028'.4
100.0
$ 3,894.3
6,345.8
15.4
25.1
15.012.8
59.5
¿25,252.9
100.0
$ 3,734.7
1,335.0
14.3
5.1
21,025.0
80.6
.$26,094.7
100.0
June 30, 1933
Due in less than one year
Liberty Bonds
All other issues (maturity longer than
one year)
Total
June 30, 1934
Due in less than one year
Liberty Bonds
All other issues (maturity longer than
one year)
Total
June 30, 1935
Due in less than one year
Liberty Bonds
All other issues (maturity longer than
one year)
Total
- 3 Table
III
Amount of Public Debt Due Before and After January 1, 1939,
Excluding Pre-War, Postal Savings and United States
Savings Bonds and Securities Issued Exclusively
to Government Agencies and Trust Funds
June 30, 1932
Amount
(in millions)
Percent
of total
$ 10,870.7
1,933.2
5.258.8
60.2
10.7
29.1
$ 18,062.7
100.0
$ 13,879.3
1,933.2
5.215.9
66.0
9,2
24.8
$ 21.028.4
100.0
$ 13,458.4
1,933.2
9,861.2
53.3
7.7
39.0
& 25.252.8
100.0
$ 10,000.8
38.3
Due before January 1, 1939
Fi^st Liberty Bonds (1947) called 1935
Due after January 1, 1939
Total
June 30, 1933
Due before January 1, 1939
First Liberty Bonds (1947) called 1935
Due after January 1, 1939
Total
June 30, 1934
Due before January 1, 1939
First Liberty Bonds (1947) called 1935
Due after January 1, 1939
To tal
June 30, 1935
Due bef or ^ January 1, 1939
First Liberty Bonds (1947) called 1935
Due after January 1, 1939
To tal
-
16,093.9
61.7
$ 26,094.7
100.0
.
INTEREST BEARING PUBLIC DEBT
Daily Treasury
DOLLARS
Statement Basis
DOLLARS
Billions
Billions
Amount Maturing by Calendar Years
Ju n e 30,1932
□ Bills
^3 Notts I Bonds
2
la
^
7
'
/ V7
V
r/i a El
DOLLARS
1933
'35
'37
'39
'41
'43
'45
'47
'49
'51
'53
55
'57
'59
Billions
¡('61
DOLLARS
Billions
Amount Maturing by Calendar Years
71
Ju n e 30,1933
□ Bills
^3 Notts | Bonds
T F
1
9
L
V
v
v
'/
V
V
* 2
y y
y
A
0 0 a vya V
1933
35
37
1 _______
39
-. i .... i .. 1 1 1 ........!
DOLLARS
DOLLARS
Billions
Billions
Amount Maturing by Calendar Years
1933
35
37
39
'41
'43
'45
'47
'49
'51
'53
'55
' 57
DOLLARS
Billions
Amount Maturing by Calendar Years
Ju n e 30,1935
PH Bills
1933
35
'43
£¿3 Notes | Bonds
'45
'47
N ot*i E xclu d es (I) Consols, (2)P o s ta l S a v in g s B onds, 131Sp ecia l obligations
is s u e d to re tirem en t fu n d s a n d Fed era l Agen cies.
not
- jo . e
_»
_ ru. T
O ffice o f the S ecretary o f the T rea su ry
Division of Research and Statistics
* E x c lu d e s r e t ir e m e n t o f Consols, P a n a m a s a n d L i b e r t y Bonds p ay ab le
f r o m ca sh on h a n d a n d a d j u s t e d to sh o w issue in J u ly o f !% X notes
m a tu r in g Decem ber IS, 1939 a n d additional issue of 2 b X bonds of 1955-60.
Ex clu d e s U. S. Savings Bonds
59
61
DOLLARS
Billions
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS
Sunday. July 28. 1955__________
7/24/55
Press Service
No. 5 - 4
The Secretary of the Treasury today made public a series of three
tables and four charts, prepared by the Division of Research and
Statistics of the Treasury Department,
ranges of maturity
of outstanding Government securities as of the closing dates of the
fiscal years 1932, 1933, 1934 and 1955 ¿w e o«t«*ygc*U
charts are as follows:
Copy
Table I
Table II
Table III
Charts
The tables and
TREASURY DEPARTMENT
WASHINGTON
FOR RELEA.SE, MORNING NEWSPAPERS
Sunday4 Jul.v 2 8 ; 1 935 , _______ i
7/24/35 ~
Press Service
Ho. 5 - 42
The Secretary of the Treasury today made public a series of three
tables and four charts, prepared by the Division of Research and Statistics
of the Treasury Department, showing the ranges of maturity of outstanding
Government securities as of the closing dates of the fiscal years 1932,
1933, 1934 and 1935.
The tables and charts are as follows:
Table I
Average Maturity of all Government Securities Outstanding, Excluding
Pre-War, Postal Savings, and United States Savings Bonds and
Securities Issued Exclusively to Government Agencies and Trust Funds
(weighted average to the nearest month)
Computing all securities
to final maturity date
June
June
June
June
30,
30,
30,
30,
1932
1933
1934
1935
i
9 years 6
8 years 1
yy years 7
8 years 7
months
month
months
months
:
:
:
:
Computing Libertys to
date actually called and
all other securities to
final maturity date
6
5
6
8
years 11 months
years 11 months
years 4 months
years 7 months
2
Table
II
Amount of Public Debt Due Within One Year, Excluding Pre-War, Postal
Savings and United States Savings Bonds, and Securities Issued
Exclusively to Government Agencies and Trust Funds
(Daily Statement Basis)
June 30, 1932
Amount
(in millions)
Due in less than one year
Liberty Bonds
All other issues (maturity longer than
one year)
Total
Percent
of total
$ 3,941.8
8,201.3
21.8
45.4
5,919.6
32.8
$18,062.7
100.0
$ 3,307.0
8,201.3
15.7
39.0
9.520.1
45.3,
$21.028;4
100.0
$ 3,894.3
6,345.8
15.4
25.1
15,012.8
59.5
$25,252.9
100.0
$ 3,734.7
1,335.0
14.3
5.1
21.025.0
80.6
$26,094.7
100.0
June 30, 1933
Due in less than one year
Liberty Bonds
All other issues (maturity longer than
one year)
To tal
June 30, 1934
Due in less than one year
Liberty Bonds
All other issues (maturity longer than
one year)
Total
June 30, 1935
Due in less than one year
Liberty Bonds
All other issues (maturity longer than
one year)
To tal
~ 3 ~
Table
III
imouht of Public Debt Due Before and After January 1, 1939,
Excluding Pre-War, Postal Savings and United States
Savings Bonds and Securities Issued Exclusively
to Government Agencies and Trust Funds
June 30, 1932
Due before January 1, 1939
Fi^st Liberty Bonds (1947) called 1935
Due after January 1, 1939
Total
Amount
(in millions)
Percent
of total
$ 10,870.7
1,933.2
5,258.8
60.2
10.7
29.1
$ 18,062.7
100.0
$ 13,879.3
1,933.2
5.215.9
66.0
9.2
24.8
$ 21.028.4
100.0
$ 13,458.4
1,933.2
9,1.31.2
53.3
7.7
39.0
& 25.252.8
100.0
$ 10,000.8
16.093.9
38.3
61.7
& 26,094.7
100.0
June 30, 1933
Due before January 1, 1939
First Liberty Bonds (1947) called 1935
Due after January 1, 1939
Total
June 30, 1934
Due before January 1, 1939
First Liberty Bonds (1947) called 1935
Due after January 1, 1939
To tal
June 30, 1935
Due be for 3 January 1, 1939
First Liberty Bonds (1947) called 1935
Due after January 1, 1939
To tal
appears in tuo or mere tenders and it is necessary to aooept only a part of the qbkj
offered at such price, tenders for smaller amounts nay be accorded preference and
tenders for larger amounts prorated to the extent necessary in accordance with the
respective amounts bid for*
The Secretary of the Treasury expressly reserves the
right, however, to reject any or all tenders or parts of tenders, and to award less
than the amount bid for, and any action he may take in any such respect or respects
shall be final*
Payment
Payment for any bonds allotted on accepted tenders must be made or completed on
or before August 5, 1038, In eaeh or other Immediately available funds, and must Inelude the face amount, and the premium which the bidder has agreed to pay, together
with aoerued Interest on the face amount from Maroh 18, 1038, to August 8 , 1038.^
In every ease where payment Is not so completed, the 8 percent depoelt with applies
tlon ahall, upon declaration made by the Secretary of the Treasury In hlB discretion
b© forfeited to the United States.
General Provisions
Federal Reserve banks, as fiscal agents of the United States, are authorized an
requested to receive tenders, to make allotments as Indicated by the Secretary of th<
Treasury to the Federal Reserve banks of the respective districts, to issue allotmen
notices, to receive payment for bonds allotted, to make delivery of bonds on fullpaid allotments, and to perform suoh other acts as may be necessary to carry out the
provisions of this circular.
Pending delivery of the definitive bonds, Federal Reseij
banks may issue Interim receipts.
The Secretary of the Treasury may at any time, or from time to time, prescribe
piemantal or amendatory rules and regulations governing the receipt of tenders and th
sale of bonds under this circular, which will be communicated promptly to the Federal
Reserve banks*
m a w ,
j r .,
Secretary of the Treasury#
hmry
~Z§.. .
U
. . . ■ A
¡ U ™ m
fPOa !to0h 18’ 193S* t0 AU8USt
1 9 3 5 • on *1.0 0 0 *»«• amount
1 Percent, in accordance with usual practice, e.g., 101-18/32.
Tenders at less tha,
par will not be considered.
Tenders will be received without deposit from incorporated banks and trust
companies and front responsible end reoognized dealers in investment securities.
Tenders from others must be accompanied in every case by a deposit of 8 percent of
the face amount of bonds bid for, except where the tender is accompanied by an
express guaranty of payment by an incorporated bank or trust company,
if the tender
is accepted, in whole or in part, the deposit will be applied toward payment for the
bonds, the balance to be paid as hereinafter provided.
If the tender is rejected,
tha deposit will bo returned to tha bidder.
Tenders must be enclosed in envelopes, securely sealed, addressed to the
Federal Reserve bank, or branch, of the district, and plainly marked "Tender for
2-7/8 peroent Treasury Bonds of 1955-80".
The Federal Reserve banks will supply
printed forme and special envelopes for submitting tenders.
Incorporated banks
and trust companies not located in a city where a Federal Reserve bank or branch
is located may, in their discretion, submit tenders by telegram, but such telegrams
must be received at the Federal Reserve bank or branch before the time fixed for
closing,
Inanediately after the closing hour for the receipt of tenders on July 31, 1935 ,
all tenders received in writing or by telegraph at the Federal Hoserve banks or
branches thereof up to the closing hour {IS o’clock boon, Eastern Standard time)
will be opened.
The Secretary of the Treasury will determine the acceptable prices
offered and will make public announcement thereof as soon as possible after the open
ing of tenders.
Those submitting tenders will be advised by the Federal Reserve bank
of the acceptance or rejection thereof, and payment on accepted tenders must be made
as hereinafter provided.
In considering the acceptance of tenders, the highest price
offered will be accepted in full down to the amount required? and if the same price
- 2 -
prescribed by the Secretary of the Treasury. From the date of re
demption designated in any such notice, interest on the bonds called
for redemption shall cease.
"The bonds shall be exempt, both as to principal and interest,
from all taxation now or hereafter imposed by the TJhited States,
any State, or any of the possessions of the united States, or by
any local taxing authority, except (a) estate or inheritance taxes,ItJ
and (b) graduated additional income taxes, commonly known as surtaxes,
and excess-profits and war-profits taxes, now or hereafter imposed
by the Uhited States, upon the income or profits of individuals, partner
ships, associations, or corporations. The interest on an amount of bonds
authorized by the Second Liberty Bond Act, approved September 24, 1917,
as amended, the principal of which does not exceed in the aggregate
#8,000, owned by any individual, partnership, association, or corporation,
Shall be exempt from the taxes provided for in clause (b) above.
"The bonds will be acceptable to secure deposits of public
moneys, * * * , £ /
They will not be entitled to any privilege of
conversion*
"Bearer bonds with interest coupons attached, and bonds registered
as to principal and interest, will be issued in denominations of i50,
#100, #500, #1,000, #5,000, #10,000, and #100,000* Provision will be
made for the interchange of bonds of different denominations and of
coupon and registered bonds, and for the transfer of registered bonds
under rules and regulations prescribed by the Secretary of the Treasury.
"The bonds will be subject to the general regulations of the
Treasury Department, now or hereafter prescribed, governing United
States bonds."
Tenders and Allotments
I
Tenders will be received at the Federal Reserve banks and branches thereof upl
to 12 o’clock noon, Eastern Standard time, Wednesday, July 31, 1955, and unless ref
ceived by that time will be disregarded.
Department, Washington.
Tenders will not be received at the Treat
Each tender must state the face amount of bonds bid for, I
which must be #1,000 or any even multiple thereof, and the price offered.
The priii
offered must be stated exclusive of accrued interest from Hareh 15, 1935, to AugustI!
1935; and must be expressed on the basis of 100, with fractions expressed as 32ds o:
X/ Similarly, the exemption does not apply to the gift tax, see Treasury Decision it
2/ The original circular contained the following further language at this point: "M
will bear the circulation privilege only to the extent provided in the act approve!
July 2 2 , 1932, as amended". This provision is now inapplicable since the circulate
privilege referred to expired July 22, 1935.
UNITED STATES OF A M I C A
2-7/8 PERCENT TREASURY BONDS OF 1955-60
Dated and bearing interest from Mar eh 15, 1935
Due March 15, i960
OT)EEMABIE AT ÎH1 OPTION OF THE UNITED STATES AT PAR AND ACCRUED INTEREST ON AND
AFTER MARCH 15, 1955
Interest payable March 15 and September 15
ADDITIONAL ISSUE
1935
Department Circular No. 547
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, July 29, 1935
Public Debt Service
The Secretary of the Treasury, pursuant to the authority of the Second Libert
Bond Act, approved September 2ft, 1917, as amended, offers to the people of the Thai
States $100,000,000, or thereabouts, 2-7/8 percent Treasury Bonds of 1955-60, and
invites tenders therefor at not lees than par and accrued interest fro® March 15,
1935, to August 5, 1935»
Description of Bonds
of 2-7/8 percent Treasury Bonds of 1955-60 issued pursuant to Department Circulars
No. 531, dated March 4, 1935, No. 536, dated April 22, 1935, and No. 546, dated
July 15, 1935, will be freely interchangeable therewith, are identical in all reaps
therewith, and are described in the following quotation from Department Circular No
531:
«The bonds will be dated March 15, 1935, and will bear interest
from that date at the rate of two and seven-eighths percent per annum,
payable semiannually, on September 15, 1935, and thereafter on March
15 and September 15 in each year until the principal amount becomes
payable. They will mature March 15, 1960, but may be redeemed at the
option of the United States on and after March 15, 1955, in whole or
in part, at par and aoorued Interest, on any interest day or days, on
4 months* notice of redemption given in such manner as the Secretary
of the Treasury Shall prescribe. In case of partial redemption the
bonds to be redeemed will be determined by such method as may be
others m»t be accompanied la ovary case by a deposit of & percent of the amount
of bonds bid for, except where the tender ie accompanied by an express guaranty
of payment by an Incorporated beak or trust company,
if the tender Is accepted,
la whole or la part, the deposit will be applied toward payment for the bonde,
and If the teader is redacted the deposit will be returned to the bidder*
Tender« should be made on the printed forms and forwarded la epeelal
envelopee, which will be supplied by the Federal Reserve beaks,
incorporated
banks end trust companies not located, in a city where a Federal Reserve bank or
branch Is located, »ay, in their discretion, submit tenders by telegram.
Immediately after the closing hour for the receipt of tenders on Wednesday,
July 31, 1936, all tenders received at the Federal Reserve
banka and branches
up to the closing hour will be opened, end public announcement of the acceptable
prices will follow as soon as possible*
In considering the acceptance of tenders,
the highest prices offered will be accepted in full down to the amount required,
and if the same price appears in two or more tenders, and it is necessary to
aocept only a part of the amount offered at such price, tenders for smaller
amounts may be accorded preference and tenders for larger amounts proratsd to the
extent necessary in accordance with the respective amounts bid for*
The
Secretary of the Treasury expressly reserves the right, however, to reject any
or all tenders or parts of tenders and to award lees then the amount bid for, end
any action he may take in any such respect or respects shall be final.
Payment for any bonds allotted on accepted tenders must be made or completed
in cash or other immediately available funds on or before august 6, 1935, cm*
must include the face amount, and the premium which the bidder has agreed to pay,
together with accrued interest on tht face amount from ^arch 16 to august 6, 1955.
Ihe text of the official circular follows:
W
l
m u r a r
ätenhington
FOB RSLSASK |tdME$$ MfflMtPdPRRS,
Monday, luly 89. 193g._______
7-27-35
Press Bereise,
ho.
ä -
FOR ]
Mond.?
17-27‘©oretaiy of the T N i n i y Morgeatheu is today offaring to the people ot the
tMltad State® an additional issu« of 8-7/8 pereant Tressury Bonds of 1955*60, ia
the anount oí #100,000,000, er thercabouts, and la inwiting tandera therefor at
aot lasa than par and accraed Interest.
hiddars.
The honda » U l he aold to the hlghest
readera »111 he received at the Federal Beaenre henke and branefcea tb$i I not
of np to 1£ o*clock noon, Pastera standard Use, ob rtedmesday, July 31, 1936,
lindere *111 not he reeeiwsd at the frensury Department, Washington.
The honds for which tendere are aow inwtted will he an addition io and will
form a pari of the series of 2-7/8 percent Treasury Bonds of 1953*60, isaued
purau&nt to Department Circular» So, 531,dated March 4,1936, So, 536, dated ápril
**» W m * *m
m * U é » Äat«* Zuly iß, 1935? they U U carry tha ssae tax exemptio
and othereise *111 he Identloal in all respeat» thereeith.
The honds will aatur«
March 16, i960, hat aay he redeemed at the Option of the United States on and afta[
March 15, 1958.
Interest will he payahle eexdennually on Marsh 15 and September
Fach tender must state the fase aaiount of honds hld for, which srnst he
#1,000 er aay even multiple thsreof, and the price offered, which must he stated
exclusive of acerued Interest and saust he expresaed on the hesls of 100, with
fraetions expressed as $11« of 1 pereent in aceordance with the usual practica »
for example, 101-16/38.
Tenders at lass thaa par will not he eonaidsred, and
tendera not receiwed at a Federal Seserre hank or brauch before IS o’clock noon,
iastem standard time, tfedneaday, Juiy 31, 1938, will he diere^irdsd.
Tender»
will he aecepted wlthout deposit fro» incorporated hanics and trust Companies and
tnm responsihle and recognlsed dealsrs ln Investment seeurlties«
Tendera fron
.11
TREASURY DEPARTMENT
Washington
FOR RELEASE MORNING- NEWSPAPERS,
Monday, July 29, 1935«________
7-27-35
Press Service
No. 5 - 4-5
Secretary of the Treasury Morgenthau is today offering to the people of the
United States an additional issue, of 2-7/8 percent Treasury Bonds of 1955-60, in
the amount1 of $100,000,000, or thereabouts, and is inviting tenders therefor at
not less than par and accrued interest.< The bonds will be sold to the highest
bidders.
Tenders will be received at the Federal Reserve banks and branches.there
of up to 12 o !clock noon, Eastern standard time, on Wednesday, July 31, 1935.
^Tenders will not be received at the Treasury Department, Washington.
The bonds for which tenders are now invited will be an addition to and will
form a part of the series of 2-7/8 percent Treasury Bonds of 1955-60, issued
pursuant to Department Circulars No. 531, dated March 4, 1935, No. 536, dated April
22, 1935, and No. 546, dated July 15, 1935; they will carry the same tax exemptions,
md otherwise will be identical in all respects therewith.
The bonds will mature
jarch 15, 1960, but may be redeemed at the option of the United States on and after
larch 15, 1955.
Interest will be payable semiannually on March 15 and September 1*5.
Each tender must state the face amount of bonds bid for, which must be
|l,000 or any even multiple thereof, and the price offered, which must be stated
ixclusive of accrued interest and must be expressed on the basis of 100, with
ractions expressed as.32ds of 1 percent in accordance with the usual practice —
or example, 101-16/32.
Tenders at less than par will not be considered, and
enders not received at a Federal Reserve bank or branch before 12
o1clock noon,
astern standard time, Wednesday, July 31, 1935, will be disregarded.
Tenders
dll be accepted without deposit from incorporated banks and trust companies and
rom responsible and recognized dealers in investment securities.
Tenders from
-
2
~
others must "be accompanied in every case "by a deposit of 5 percent of the amount
of bonds hid for, except where the tender is accompanied hy an express guaranty
of payment hy an incorporated hank or trust company«
If the tender is accepted,
in whole or in part, the deposit will he applied toward payment for the bonds,
and if the tender is rejected the deposit will he returned to the bidder.
Tenders should he made on the printed forms and forwarded in special
envelopes, which will he supplied hy the Federal Reserve hanks.
Incorporated
banks and trust companies not located in a city where a Fodoral Reserve bank or
branch is located, may, in their discretion, submit tenders hy telegram.
Immediately after the closing hour for the receipt of tenders on Wednesday,
July 31, 1935, all tenders received at the Federal Reserve hanks and branches
up to the closing hour will he opened, and public announcement of the acceptable
prices will follow as soon as possible.
In considering the acdeptance of tenders,
the highest prices offered will he accepted in full down to the amount required,
^nd if the same price appears in two or more tenders, and it is necessary to
[accept only a part of the amount offered at such price, tenders for smaller
amounts may he accorded preference and tenders for larger amounts prorated to the
extent necessary in accordance with the respective amounts hid for.
The
Secretary of the Treasury expressly reserves the right, however, to reject any
br all tenders or parts of tenders and to award less than the amount hid for, and
any action he may take in any such respect or respects shall he final.
Payment for any bonds allotted on accepted tenders must he made or completed
in cash or other immediately available funds on or before August 5, 1935, and
Bust include the face amount, and the premium which the bidder has agreed to pay,
together with accrued interest on the face amount from March 15 to August 5, 1935.
The text of the official circular follows:
UNITED STATES OF AMERICA
2-7/8 PERCENT TREASURY BONDS OF 1955-50
Dated and Bearing interest from March 15* 1935
redeemable a t
the option of
the united states a t
Due March 15, 1960
par a n d accrued
interest o n and
AFTER MARCH 15, 1955
Interest payable March 15 and September 15
ADDITIONAL ISSUE
1935
Department Circular No* 547
TREASURY DEPARTMENT
Office of the Secretary,
Washington, July 29, 1935*
Public Debt S e n d e e
The Secretary of the Treasury, pursuant to the authority of the Second Liberty
Bond Act, approved September 24, 1917, as amended, offers to the people of the United
States $100,000,000, or thereabouts, 2-7/8 percent Treasury Bonds of 1955-60, and
invites tenders therefor at not less than par and accrued interest from March 15,
1935, to August 5, 1935*
Description of Bonds
The bonds now offered will be an addition to and will form a part of the series
of .2-7/8 percent Treasury Bonds of 1955-60 issued pursuant to Department Circulars
No. 531, dated March 4, 1935, No. 536, dated April 22, 1935, and No. 546, dated
July 15, 1935, will be freely interchangeable therewith, are identical in all re
spects therewith, and are described in the following quotation from Department
Circular No. 531:
"The bonds will be dated March 15, 1935, and will bear interest
from that date at the rate of two end seven— eighths percent per annum,
payable.semiannually, on September 15, 1935, and thereafter on March
15 and September 15 in each year until the principal amount becomes
payable. They will mature March 15, 1960, but may be redeemed at the
option of the United States on and after March 15, 1955, in whole or
in part, at par and accrued interest, on any interest day or days, on
4 months1 notice of redemption given in such manner as the Secretary
of the Treasury shall prescribe.
In case of partial redemption the
bonds to be redeemed will be determined by such method as may be
-
2
-
prescribed by the Secretary of the Treasury.
From the date of re
demption designated in any such notice, interest on the bonds called
for redemption shall cease.
"The bonds shall be exempt, both as to principal and interest,
from all taxation now or hereafter imposed by the United States,
any State, or any of the possessions of the United States, or by
any local taxing authority, except (a) estate or inheritance taxes, 1/
and (b) graduated additional income taxes, commonly known as surtaxes,
and excess-profits and war-profits taxes, now or hereafter imposed
by the United States, upon the income or profits of individuals, partner
ships, associations, or corporations. The interest on an amount of bonds
authorized by the Second Liberty Bond Act, approved September 24, 1917,
as amended, the principal of which does not exceed in the aggregate
$5,000, owned by any individual, partnership, association, or corporation,
shall be exempt from the taxes provided for in clause (b) above.
"The bonds will be acceptable to secure deposits of public
moneys, * * *. 2/
They will not be entitled to any privilege of
conversion.
"Bearer bonds with interest coupons attached, and bonds registered
as to principal and interest, will be issued in denominations of $50,
$100, $500, $1,000, $5,000, $10,000, and $100,000. Provision will be
made for the interchange of bonds of different denominations and of
coupon and registered bonds, and for the transfer of registered bonds
under rules and regulations prescribed by the Secretary of the Treasury.
"The bonds will be subject to the general regulations of the
Treasury.Department, now or hereafter prescribed, governing United
States bonds."
Tenders and Allotments
Tenders will be received at the Federal Reserve banks and branches thereof up
io 12 o*clock noon, Eastern Standard time, Wednesday, July 31, 1935, and unless re
ceived by that time will be disregarded.
lepartment, Washington,
Tendors will not be received at the Treasury
Each tender must state the face amount of bonds bid for,
faich must be $1,000 or any even multiple thereof, and the price offered.
The price
iffered must be stated exclusive of accrued interest from March 15, 1935, to August
1» 1935; and must be expressed on the basis of 100, with fractions expressed as 38ds of
•1 Similarly, the exemption does not apply to the gift tax, see Treasury Decision
4550.
1 The original circular contained the following further language at this point;
and will bear the circulation privilege only to the extent provided in the act
pproved July 22, 1932, as amended". This provision is now inapplicable since the
irculation privilege referred to expired July 22, 1935.
1 percent, in accordance with usual practice, e.g., 101-16/32.
Tenders at less than
par will not be considered.
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 in every case by a deposit of 5 percent of
the face amount of bonds bid for, except where the tender is accompanied by an
express guaranty of payment by an incorporated bank or trust company.
If the tender
is accepted, in whole or in part, the deposit will be applied toward payment for the
bonds, the balance to be paid as hereinafter provided.
If the tender is rejected,
the deposit will be returned to the bidder.
Tenders must be enclosed in envelopes, securely sealed, addressed to the
Federal Reserve bank, or branch, of the district, and plainly marked "Tender for
2-7/8 percent Treasury Bonds of 1955-60".
The Federal Reserve banks will supply
printed forms and special envelopes for submitting tenders.
Incorporated banks
^.nd trust companies not located in a city where a Federal Reserve Bank or branch
is located may, in their discretion,
submit tenders by telegram, but such telegrams
must be received at the Federal Reserve bank or branch before the time fixed for
Closing.
Immediately after the closing hour for the receipt of tenders on July 3L, 1935,
all tenders received in writing or by telegraph at the Federal Reserve banks or
branches thereof up to the closing hour (12 o fclock noon, Eastern Standard time)
will be opened.
The Secretary of the Treasury will determine the acceptable prices
offered and will make public announcement thereof as soon as possible after the open
ing of tenders.
Those submitting tenders will be advised by the Federal Reserve banks
of the acceptance or rejection thereof,
as hereinafter provided.
and payment on accepted tenders must be made
In considering the acceptance of tenders, the highest prices
(offered will be accepted in full down to the amount required; and if the same price
appears in two or more tenders and it is necessary to accept only a part of the amount
offered at such.price, tenders for smaller amounts may he accorded preference and
ten d ers for larger amounts urorated to the extent necessary in accordance with the
respective amounts hid for.
The Secretary of the Treasury expressly reserves the
right, however, to reject any or all tenders or parts of tenders, and to award less
than the amount hid for,
and any action he may take in any such respect or respects
sh a ll he final.
Payment
Payment for any bonds allotted on accepted tenders must he made or completed on
or before August 5, 1935, in cash or other immediately available funds, and must in
clude the face amount, and the premium which the bidder has agreed to pay, together
with accrued interest on the face amount from March 15, 1935, to August 5, 1935, 3/
In every case where payment is not so completed, the 5 percent deposit with applicar*
tion shall, upon declaration made by the Secretary of the Treasury in his discretion,
be forfeited to the United States,
General Provisions
Federal Reserve hanks, as fiscal agents of the United States, are authorized and
requested to receive tenders, to make allotments as indicated by the Secretary of the
Treasury to the Federal Reserve hanks of the respective districts, to issue allotment
notices, to receive payment for bonds allotted, to make delivery of bonds on fullpaid allotments, and to perform such other acts as may he necessary to carry out the
provisions of this circular.
Pending delivery of the definitive bonds, Federal Re
serve hanks may issue interim receipts.
The Secretary of the Treasury may at any time, or from time to time, prescribe
supplemental or amendatory rules and regulations governing the receipt of tenders and
the sale of bonds under this circular, which will be communicated promptly to the
Federal Reserve banks.
—________________
3/
HENRY MORGENTHAU, JR,,
Secretary of the Treasury,
Accrued interest from March 15, 1935, to August 5, 1935, on $1,000 face amount
is $11,171875.
TREASURY DEPARTKEST
WASHiNGTOH
FOR RELEASE, aOHHi® X£$S?A?ERS,
¡¡¡¡¡I SERVICE
IS g g j g a . J u l r 3 0 , 19 3 5 .
Tio
s ~ ^ ||
7/29/35
Secretary of the Treasury Vorgenthau announced last
•▼«ling that the tenders for $50,000,000, or thereabouts,
of 273-day Treasury bills, dated July 31, 1985, and matur
ing April 2®, 1936, which were offered on July 26, were
opened «t the Federal Reserve banks on July 29.
The total amount applied for was $158,652,000, of which
350,000 was accepted.
The accepted bids ranged in price
from 99.963, equivalent to a rat# of about 0.049 percent per
annum, to 89.941, equivalent to a rate of about 0.078 percent
per annum, on * bank discount basis.
Only part of the amount
bid for at the latter price was accepted.
The average price
of Treasury bills to be issued is 89.946 and the average rate
is about 0.071 percent per annum on a bank discount basis.
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS
Tuesday, July 30, 1935.________
7/29/o5
Press Service
No. 5 - 4 4
Secretary of the Treasury Morgenthau announced last evening that
the tenders for $50,000,000, or thereabouts, of 273-day Treasury bills,
dated July 31, 1935, and maturing April 29, 1936, which were^offered on
July 26, were opened at the Federal Reserve banks on July 29.
The total apiount applied for was $158,852,000, of which
$50,050,000 was accepted.
The accepted bids ranged in p r i c e f r o m 99,963,
equivalent to a- ratesof about 0.049 percent per annum, to 99*941, equivalent
to a rate of n-bout 0.078 percent per annum, on a bank discount basis.
Only part of the amount bid for a.t the latter price was accepted.
The
average price of Treasury bills to be issued is 99,946 and thetaverage
rale is about 0.071 percent per annum on a bank discount basis.
— 0O 0—
TREASURY DEPARTMENT
Washington
July 29, 1935,
memorandum f or the press
•
r e c e i p t s o f s i l v e r b y t h e m i n t s a n d ASSAY OFFICES;
(Under Executive Proclamation of December 21, 1933) as amended
Week ended July 26, 1935:
Philadelphia.... ........... .......
Sah. Francisco......................
Denver.............................
Total for week ended July 26, 1935...
Total receipts through July 26, 1935.
89,730.86 fine ounces
II
II
231,974.53
II
It
57,305.00
n
II
379,010.39
II
it
40,911,538.18
SILVER TRANSFERRED TO UNITED STATES?
(Under Executive Proclamation of August 9, 1934)
Week ended July 26, 1935;
Philadelphia.... ................................ . •
New York............................... ...........
San Francisco......................................
Denver............................................ *
New Orleans................................. .......
Seattle........................ .............. .....
Total for week ended July 26, 1935..................
Total receipts through July 26, 1935................
909 fine ounces
it
13,329
«
ir
467
«
it
669
»
it
404
»
it
________ 528' »
n
16,306
»
«
112,946,751
»
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Week ended July 26, 1935:
Imports
Philadelphia.................
New York..................... $2,586,600.00
San Francisco................
29,560.36
Denver.......................
27,532.00
New Orleans................. *
3,162.15
^Seattle...........................
Total for week ended July 26th $2,646,854.51
* Note: Includes week ending July 19.
New
Domestic
$
3,778.92
47.400.00
1,695,893.79
61.757.00
1,576.20
704,764.07
$2,515,169.98
Secondary
-$ 223,841.68
275.600.00
61,417.29
366.990.00
46,101.93
41,734.76
$1,015,685.66
COLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER'S OFFICE:
(Under Secretary’s Order of December 28, 1933)
Gold Certificates
Received by Federal Reserve Banks:
Gold Coin
$
285,110.00
Week ended July 2 4 ............ $
17,536.74
94.412,980.00
Received previously........... 30,604,265.11
$ 94,698,090.00
Total to July 24, 1935.........$30,621,801.85
Received by Treasurer's Office:
Week ended July 24....... ....$
Received previously............
Total to July 24................•$
NOTE:
000
264,306,00
264,306.00
Gold bars deposited with the New York Assay Office
to the amount of $200,572.69 previously reported.
$
$
9,000.00
2.185,700.00
2,194,700.00
TREASURY D M ï M
Washington
Presa ferrico
FOR IMMEDIATS RELEASE,
Thursday, August 1, 1935
Secretary of the Treasury Morgenthau today announced the result of
the offering by the Treasury on Monday of 1100,000,000, or thereabouts,
of 2-7/8 percent Treasury Bonds of 1955-60, tenders for which were received
at the
federal Reserve
banks
up
to IE o’ clock noon, on Wednesday, Jhly 51,
Tenders for 1320,981,000 face amount of bonds were received, of which
f 106,483,000 Was accepted at prices ranging from 10J.-24/32 down to 101-17/38,
and accrued Interest from March 15, 1935, to August 5, 1935,
Only part of
the amount bid for at the latter price was accepts**, tenders for amounts
up to and
including $10,000 being
for larger
tender.
as»ouate being accepted, but not
The average price
and a total
accepted
premium
of
of
the
bonds to
t 1,663,838.14
in
fu ll, and
less than
be
25 percent
110,000
of tenders
on any such
issued is about 101-18/32,
w ill be received.
Based on the
average price at which the bonds are to be ismied on August 5, 1935, the
yield is about z*77l percent to the earliest c a ll date, March 15, 1985,
and about 2*787 Percent to maturity, Ifareh 15, I960,
TREASURY DEPARTMENT
Washington
Press Sorvicc
No« 5-45
JOR IlfED.IATI! RELEASE,
Thursdayt August 1, 1935«
Secretary of the Treasury Morgenthau today announced the result of the
offering "by the Treasury on Monday of $100,000,000, or thereat)outs, of
2~7f8
percent Treasury Bonds of 1955-60, tenders for which were received, at the
Federal Reserve hanks up to 12 o*clock noon, on Wednesday, July 31«
Tenders for $320,981,000 face amount of bonds were received, of which
$106,483,000 was accepted at prices ranging from 101-24/32 down to 101-17/32,
and accrued interest from March 15, 1935, to August 5, 1935«
Only part of
the amount hid for at the latter price was accepted, tenders for amounts up
to and including $10,000 being accepted in full, and 25 percent of tenders
for larger amounts being accepted, but not less than $10,000 on any such
tender*
Tho average price of the bonds to be issued is about 101-18/32, and
a total premium of $1,663,838.14 will be received.
Based on the average
price at which the bonds are to bo issued on August 5, 1935, the
yield is about 2*771 percent to the earliest call date, March 15, 1955,
and about 2*787 percent to maturity, March 15, 1960.
ooOoo
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
DURING THE MONTH OF JULY 1 9 5 5 _________
Receivership
Fanners National Bank, Henderson, Iowa
First National Bank, Wendell, Minn,
First National Bank, Jefferson City, Mo. 1/
First National Bank, Deer Trail, Colo.
First National Bank, Wellington, Colo.
Peoples National Bank, Shakopee, Minn.
Cedar Grove Nat*l Bank, Cedar Grove, Ind.
First National Bank, Dillonvale, Ohio.
First National Bank, Lafayette, Colo.
First National Bank, Crosty, N. Dak.
First National Bank, El Dorado Springs, Mo.
First National Bank, Cheraw, South Carolina
First National Bank, Tallassee, Ala.
First National Bank, Forman, N. Dak.
First National Bank, Rockford, Iowa.
First National Bank, Yuma, Colorado.
First National Bank, Terrell, Texas 1/
Merchants Nat*l Bank, Willow City, N.Dak.
Second Nat’l Bank in, Youngstown, Ohio 1/
i/
Date of
Failure:
7-28-33
9-25-52
8-10-35
10-13-31
1-24-35
5-13-31
9-6-33
5-15-54
5-9-32
11-1-32
9-23-29
11-14-28
5-6-50
H-24-50
2-23-29
10-16-31
7-27-31
6-27-31
11-50-31
Total
Disbursements
Including
Offsets Allowed;
$ 100,828.
112,597.
122,758.
67,375.
60,756.
149,555.
107,747.
606,742.
91,811.
42,959.
186,275.
129,891.
209,888.
65,361.
147,664.
124,985.
51,789.
53,052.
171,393.
Per cent
Total
Returns
to All
Creditors:
104.21
91.25
89.17
97.19
77.74
76.28
105.18
102.2
70.82
31.44
52.05
42.48
50.31
32.32
75.77
80.62
100.
51.22
59.57
Receiver appointed to levy and collect stock assessment covering deficiency in value of
assets sold or to complete unfinished liquidation.
Per Cent
Dividends
Paid
Unsecured
Depositors
108.162
77.7
65.18
94.55
65.6
65.75
106.52
108.83
46*19
3.96
42.7
30.04
59.465
21.14
68.26
69.
102.656
36.77
50.97
- 5-
The First National Bank of Terrell, Texas, was placed in re
ceivership on July 27, 1931, the liabilities of the institution
having theretofore been assumed by another bank*
The Receiver was
appointed for the purpose of collecting an assessment against the
stockholders for the benefit of the purchasing bank which was the sole
creditor of the receivership and which received dividends amounting to
100 per cent and an interest dividend of 2*656 per cent or the aggregate
sum of $51,739.
The Merchants National Bank of Willow City, North Dakota, was
placed in receivership on June 27, 1931, ancl disbursements, including
offsets allowed, to depositors and other creditors aggregated $53*032,
which represented 51.22 per cent of total liabilities.
Unsecured de
positors received dividends amounting to 36.77 per cent of their claims.
The Second National Bank in Youngstown, Ohio, was placed in receiver
ship on November 30, 1931, the liabilities of the institution having
theretofore been assumed by another bank.
The Receiver was appointed
for the purpose of collecting an assessment against the stockholders
for the benefit of the purchasing bank which was the sole creditor of
the receivership and which received dividends amounting to 50.97 per
cent or the aggregate sum of $171,393*
- 4 -
The F irst National Bank of Cheraw, South Carolina, was placed in
receivership on November 14* 1928, and disbursements, including o ff
sets allowed^ to depositors and other creditors aggregated $129*891*
which represented 42*48 per cent of to tal lia b ilitie s *
Unsecured
depositors received dividends amounting to 30*04 per cent of their
claims.
The F irst National Bank of Tallassee, Alabama, was placed in re
ceivership on March 6, 1930, and disbursements, including o ffsets
allowed, to depositors and other creditors aggregated $209*888, which
represented 50*31 per cent of to tal lia b ilitie s *
Unsecured depositors
received dividends amounting to 39*4^5 per cent of their claims.
The F irst National Bank of Forman, North Dakota, was placed in
receivedship on November 24* 1930* and disbursements, including o ff
sets allowed, to depositors and other creditors aggregated $63*361,
which represented 32*32 per cent of to tal lia b ilx tie s .
Unsecured de
positors received dividends amounting to 21.14 per cent of their claims.
The F irst National Bank of Rockford, Iowa, was placed in receiver
ship on February 23, 1929, and disbursements, including o ffsets allowed,
to depositors and other creditors aggregated $147*664, which represented
75*77 per cent of to ta l lia b ilitie s .
Unsecured depositors received
dividends amounting to 68*26 per cent of their claims.
The F irst National Bank of luma, Colorado, was placed in receiver
ship on October 16, 1931, and disbursements, including offsets allowed,
to depositors and other creditors aggregated $124*985* which represented
80.62 per cent of to ta l lia b ilitie s .
Unsecured depositors received
dividends amounting to 69 per cent of their claims.
- 3 -
legal rate amounting to an additional dividend of 6.52 per cent.
Total
payments to creditors, including o ffsets allowed, aggregated $107,74-7,
and the stockholders received $4,996 together with the assets remaining
uncollected.
The F irst National Bank of Dillonvale, Ohio, was placed in re
ceivership on March 15, 1934, and a ll depositors and other creditors
were paid 100 per cent principal with interest in fu ll at the legal rate
amounting to an additional dividend of 8.83 per cent.
Total payments to
creditors, including o ffsets allowed, aggregated $606,742, and the stock
holders received nothing.
The F irst National Bank of Lafayette, Colorado, was placed in re
ceivership on May 9 , 1932, and disbursements, including o ffsets allowed,
to depositors and other creditors aggregated $91,811, which represented
70.82 per cent of to ta l lia b ilitie s .
Unsecured depositors received
dividends amounting to 46.9 per cent of their claims.
The F irst National Bank of Crosby, North Dakota, was placed in re
ceivership on November 1, 1932, and disbursements, including offsets
allowed, to depositors and other creditors aggregated $42,959, which
represented 31.44 per cent of to tal lia b ilitie s .
Unsecured depositors
received dividends amounting to 3*96 per cent of their claims.
The F irst National Bank of EL Dorado Springs, Missouri, was
placed in receivership on September 23, 1929, and disbursements, in
cluding offsets allowed, to depositors and other creditors aggregated
$186,275, which represented 52.05 per cent of to tal lia b ilitie s .
Un
secured depositors received dividends amounting to 42.7 per cent of
their claims.
-
2
-
received dividends amounting to 77.7 per cent of their claims.
The F irst National Bank of Jefferson C ity , Missouri, was placed in
receivership on August 10, 1933» the lia b ilitie s of the institution having
theretofore been assumed by another bank.
The Receiver was appointed for
the purpose o f collecting an assessment against the stockholders for the
benefit of the purchasing bank which was the sole creditor of the re
ceivership and which received dividends amounting to 63*13 per cent or
the aggregate sum of $122,753.
The F irst National Bank of Deer T ra il, Colorado, was placed in
receivership on October 13, 1931, and disbursements, including o ff
sets allowed, to depositors and other creditors aggregated $67,373»
which represented 97.19 per cent of to ta l lia b ilitie s .
Unsecured
depositors received dividends amounting to 94*55 per cent of their cla ims.
The F irst National Bank of Wellington, Colorado, was placed in re
ceivership on January 24, 1933» end disbursements, including offsets
allowed, to depositors and other creditors aggregated $60,756, which
represented 77.74 per cent of to tal lia b ilitie s .
Unsecured depositors
received dividends amounting to 63.6 per cent of their claims.
The Peoples National Bank o f Shakopee, Minnesota, was placed in re
ceivership on May 13, 1931, and disbursements, including o ffsets allowed,
to depositors and other creditors aggregated $149,535, which represented
76.23 per cent of to ta l lia b ilitie s .
Unsecured depositors received
dividends amounting to 63*75 per cent of their claims.
The Cedar Grove National Bank of Cedar Grove, Indiana, was placed
in receivership on September 6, 1933» and a ll depositors and other
creditors were paid 100 per cent principal with interest in fu ll at the
TREASURY DEPARTMENT
Washington
FOR RELEASE MORNING NEWSPAPERS
:i l
ç/ y
3 ST
Press Service
33
'f U
0
The Comptroller of the Currency, J .F .T . 0*Connor, has announced that
rha-ring the month of Ju ly , 1935» 19 insolvent national banks were liquidated,
the receiverships thereof being fin a lly closed, making a to ta l of 104- re
ceiverships fin a lly closed or restored to solvency since his la s t Annual
Report to Congress compiled as o f October 31, 1934-• Total disbursements,
including offsets allowed, to depositors and other creditors of these in
stitutions exclusive of 11 receiverships restored to solvency, aggregated
$26,595,665, or an average return of 73»61 per cent of to ta l lia b ilitie s ,
while unsecured depositors alone received dividends amounting to an aver
age of 6 3 .81 per cent of their claims*
The average time required for
liquidation of these in stitu tion s, exclusive of the 11 receiverships
restored to solvency, is found to have been 4 years and 10 months*
The Farmers National Bank of Henderson, Iowa, was placed in re
ceivership on Ju ly 28, 1933, and a ll depositors and other creditors were
paid 100 per cent principal with interest in fu ll at the legal rate
amounting to an additional dividend o f 8.162 per cent.
Total payments to
creditors, including o ffsets allowed, aggregated $100,828* and the stock
holders received $4,862. together with the assets remaining uncollected.
The F irst National Bank of Wendell, Minnesota, was placed in re
ceivership on September 23, 1932 and disbursements, including offsets
allowed, to depositors and other creditors aggregated $112,597, which
represented 91.25 per cent of to ta l lia b ilitie s .
Unsecured depositors
TREASURY DEPARTMENT
Washington
m
release, morning newspapers,
Monday« August 5, 1935._________
8—2—35.
Press Service
No. 5-46
The Comptroller of the Currency, J.P.T. 0*Connor, has announced that during
the month of July, 1935, 19 insolvent national hanks were liquidated, the receiver
ships thereof being finally closed, making a total of 104 receiverships finally
closed or restored to solvency since his last Annual Report to Congress compiled
P
of October 31, 1934.
Total disbursements, including offsets allowed, to
depositors and other creditors of these institutions exclusive of 11 receiverships
restored to solvency, aggregated $26,595,665, or an average return of 73.61 per
cent of total liabilities, while unsecured depositors alone received dividends
amounting to an average of 65.81 per cent of their claims.
The average time required
for liquidation of these institutions, exclusive of the 11 receiverships restored to
solvency, is found to have been 4 years and 10 months.
The Parmors National Bank of Henderson, Iowa, was placed in receivership on
July 28, 1933, and all depositors and other creditors were paid 100 per cent
principal with interest in full at the legal rate amounting to an additional
dividend of 8.162 per cent.
Total payments to creditors, including offsets allowed,
aggregated $100,828 and the stockholders received $4,862 together with the assets
remaining uncollected.
The Pirst National Bank of Wendell, Minnesota, was placed in receivership on
ISeptembcr 23, 1932 and disbursements, including offsets allowed, to depositors and
lotner creditors aggregated $112,597, which represented 91.25 per cent.of total
liabilities*
^ s e c u r e d depositors received dividends amounting to 77.7 per cent
F "their claim#*
■
The First National Bank of Jefferson City, Missouri, v/as placed in receiver
ship on August 10, 1933, the liabilities of the institution having theretofore
teen assumed by another bank.
The Receiver was appointed for the purpose of
collecting an assessment against the stockholders for the benefit of the purchasing
"bank which was the sole creditor oi the receivership and which received dividends
amounting to 63.18 per cent or the aggregate sum of $122,758.
The lirst national Bank of Deer Trail, Colorado, was placed in receivership
on October 13, 1931, a n d disbursements, including offsets allowed, to depositors
and other creditors aggregated $67,373, which represented 97.19 per cent of total
liabilities*
Unsecured depositors received dividends amounting to 94.55 per cent
of their claims*
The First National Bank of Wellington, Colorado, was placed in receivership
on January 24, 1933, and disbursements, including offsets allowed, to depositors
and other creditors aggregated $60,756, which represented 77.74 per c<?nt of total
liabilities.
Unsecured depositors received dividends amounting to 63*6 per cent
of their claims.
The Peoples National Bank of Shakopee, Minnesota, was placed in receivership
on May 13, 1931, and disbursements, including offsets allowed, to depositors and
other creditors aggregated $149,535, which represented 76.28 per cent.of total
liabilities*
Unsecured depositors received dividends amounting to 63*75 per cent
of their claims*
The Cedar Grove National Bank of Cedar Grove, Indiana, \7as placed in receiver
ship on September 6, 1933, and all depositors and other creditors were paid 100
per cent principal with interest in full at the legal rate amounting to an
additional dividend of 6*52 per cent*
Total payments to creditors, including
offsets allowed, aggregated $107,747, and the stockholders received $4,936
together with the assets remaining uncollected.
The First National Bank of Dillonvalo;, Ohio, was placed in receivership on
March 15, 1934, and all depositors and other creditors were paid 100 per cent
principal with interest in full at the legal rate amounting to an additional
dividend of 8.83 per cent. Total payments to creditors, including offsets allowed,
aggregated $606,742, and the stocldiolders received nothing.
The First National Bank of Lafayette, Colorado, was placed in receivership on
fey 9, 19e2, and disbursements, including offsets allowed, to depositors and other
creditors aggregated $91,811, which represented 70.82 per cent of total liabilities.
Unsecured depositors received dividends amounting to 46.9 per cent of their claims.
The First National Bank of Crosby, North Dakota, was placed in receivership
on November 1, 1932, and disbursements, including offsets allowed, to depositors
and other creditors aggregated $42,959, which represented 31.44 per cont of total
liabilities.
Unsecured depositors received dividends amounting to 3.96 per cent
of their claims.
The First National Bank of El Dorado Springs, Missouri, was placed in receiver
ship on September 23, 1929, and disbursements, including offsets allowed, to
7ft
depositors and other creditors aggregated $186,275, which represented 52.05
per cent of total liabilities.
Unsecured depositors received dividends amounting
to 42.7 per cent of their claims.
4
The First National Bank of Cheraw, South Carolina, was placed in
receivership on November 14, 1928, and disbursements, including off
sets allowed, to depositors and other creditors aggregated $129,891,
which represented 42,48 per cent of total liabilities.
Unsecured
depositors received dividends amounting to 30,04 per cent of their
claims.
The first National Bank of Tallassee, Alabama, was placed in re
ceivership on March 6, 1930, and disbursements, including offsets
allowed, to depositors and other creditors aggregated $209,888, which
represented 50,31 per cent of total liabilities.
Unsecured depositors
received dividends amounting to 39.465 per cent of their claims.
The First National Bank of Forman, North Dakota, was placed in
x-eceivership on November 24, 1930, and disbursements, including off
sets allowed, to depositors and other creditors aggregated $63,361,
which represented 32.32 per cent of total liabilities.
Unsecured de
positors received dividends amounting to 21.14 per cent of their claims.
The First National Bank of Rockford, Iowa, was placed in receiver
ship on February 23, 1929, and disbursements, including offsets allowed,
to.depositors and other creditors aggregated $147,664, which represented
75.77 per cent of total liabilities.
Unsecured depositors received
dividends amounting to 68.26 per cent of their claims.
The First National Bank of Yuma, Colorado, was placed in receiver
ship on October 16, 1931, and disbursements, including offsets allowed,
to.depositors and other creditors aggregated $124,985, which represented
80.62 per cent of total liabilities.
Unsecured depositors received
dividends amounting to 69 per cent of their claims.
Tho First National Bank of Terrell, Texas, was placed in receivership
on July 27, 1931, the liabilities of the institution having theretofore been
assumed by another bank.
The Receiver was appointed for the purpose of
collecting an assessment against the stocHiolders for the benefit of the
purchasing bank which was the sole creditor of the receivership and which
received dividends amounting to 100 per cent and an interest dividend of
2»656 per cent or the aggregate sum of $51,789.
Tho Merchants National Bank of Willow City, North Dakota, was placed
in receivership on Jlme 27, 1931, and disbursements, including offsets
allowed, to depositors and other creditors aggregated $53,032, which
represented 51.22 per cent of total liabilities. Unsecured depositors
received dividends amounting to 36.77 por cent of their claims.
The Second National Bank in Youngstown, Ohio, was placed in receivership
on November 30, 1931, the liabilities of the institution having theretofore
toon assumed by another bank.
The Receiver was appointed for the purpose
of collecting an assessment against the stockholders for the benefit of
the purenasing bank which was the solo creditor of the receivership and
which recoivod dividends amounting to 50.97 por cent or the aggregate
sum of $171,393.
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
_ __________ DURING THE MONTH OF JULY 19 35
Date of
Failure:
Receivership
Farmers National Bank, Henderson, Iowa
First National Bank, Wendell, Minn,
First National Bank, Jefferson City, Mo. 1 /
First National Bank, Deer Trail, Colo,
First National Bank, Wellington, Colo.
Peoples National Bank, Shakopee, Minn.
Cedar Grove Nat*l Bank, Cedar Grove, Ind.
First National Bank, Dillonvale, Ohio.
First National Bank, Lafayette, Colo.
First National Bank, Croshy, N. Dak,
First National B ank, El Dorado Springs, Mo.
First Na,tiona.l Bank, Cheraw, South Carolina
First National Bank, Tallassee, Ala,.
First National Bank, Forman, N. Dak.
First National Bank, Rockford, Iowa.
First National Bonk, Yuma, Colorado.
First National Bank, Terrell, Texas 1
Merchants Nat»l Bank, Willow City, N.Dak.
Second Nat*l Bank in, Youngstown, Ohio 1/
j
1/
7-28-33
9-23-32
g-lO- 3 3
IO- 1 3 - 3 1
1-24-33
5-13-31
9- 6 -33
3-15-31*
5- 9-32
11- 1-3 2
9-23-29
11-14-28
3 - 6 -3 9
11-24-30
2- 23-29
10 - 1 6 - 3 1
7- 2 7 - 3 1
6- 2 7 - 3 1
1 1 -3 0 -3 1
Total
Disbursements
Inc luding
Offsets Allowed:
$ 100,S 2 S.
1 1 2 .5 9 7 .
122,758.
67.373.
60,756.
1^9.535.
10 7 ,7 U 7 .
606 ,7 U 2 .
9 1 ,8 1 1 .
te,959.
18 6 ,2 7 5 .
12 9 ,S9 1 ,
209 ,SSS.
6 3 ,3 6 1 .
147,664.
12^,985.
51,789.
53,032.
171,393.
Per cent
Total
Returns
to All
Creditors:
104.21
91.25
S9.17
97.19
7 7 .7 U
76.2S
105.1S
10 2 .2
70. S 2
31.1ft
5 2 .0 5
42.4s
50.31
32.32
75.77
so. 62
10 0 .
5 1.2 2
5 9 .3 7
Receiver appointed to levy and collect stock assessment covering deficiency in value of
assets Bold or to complete unfinished liquidation.
Per cent
Dividends
Paid
Unsecured
Depositors:
1 0 8 .1 6 2
77-7
6 3 .1 s
9 ^ .5 5
6 3 .6
6 3 .7 5
1 0 6 .5 2
1 0 8 .8 3
1+6 .9
, 3 .9 6
1*2.7
3 0 .0 !*
39-465
2 1 .¿4
6 s. 26
69*
1 0 2 .6 5 6
3 6 .7 7
5 0 .9 7
- 5-
and t r a i n i n g station:
\
A
and at Biloxi.
a large g a t h e r i n g of statesmen,
M i s s i ssippi, where
9
public officials
and
citizens f r o m the n e i g h b o r i n g States wil l p a y tribute
Ooast G u a r d
to the Ooast Guard at cer e m o n i e s at the n e w / A i r Station
r e c e n t l y e s t a b l i s h e d at. that port.
4
-tr
is that of p r e v e n t i o n of s m u g g l i n g , ^ t h e s u p p r e s s i o n of
w h i c h the S e r v i c e is d e v o t i n g its f u l l energy.
The f u n d a m e n t a l duties of the Coast
fghis day - 145 years
gen e r a l l y
Guard in
after its estab l i s h m e n t - are
similar to those w h i c h g o v e r n e d its o r i g i n -
that of l aw e n f o r cement u p o n the n a v i g a b l e » and coastal
waters of the U n i t e d States,
or r e n d e r i n g ass i s t a n c e
to life and pr o p e r t y in peril,
and of b e i n g c o n s t a n t l y
p r e p a r e d to fight in d e f e n s e of the Nation.
The passage
of time has w i t n e s s e d t h ^ s t r o n g arm of the S e r v i c e is
s u p p r e s s i n g smuggling,
piracy,
mutinies,
and other forms of. u n l a w f u l activities
slave trade
a s s o c i a t e d with
various p e r i o d s in the Nation's history;
rescues of the
the
the h e r o i c
crews of the early clippers st r a n d e d
or caught in the tempest;
and the resort to cutlass and
m u s k e t against the foe in defense of Am e r i c a n rights.
A n d so on,
t h r ough time,
and conditions,
w i t h ch a n g i n g i n s t r u mentalities
the Coast G u ard has c a rried on,
always imbue
witj^tjjjæ traditions of those of f i c e r s and m e n who
in
the years be h a n d h a v e s e e n to it that the h o n o r a b l e
r e c o r d of the Corps was tg a n a f a g ged, u n b l e m i s h e d £xsu&
EHExgsHExaixEHxisxajMifrxxx to the s u c c e e d i n g generation.
The Of f i c e r s a n d men of the Coast G u ard take
great p r i d e
in héar^long and h o n o r a b l e record,
145th a n n i v e r s a r y
h£x ü ï k x
and the
S e x x x k e w i l l be a p p r o p r i a t e l y
c e l e b r a t e d at all u n i t s of the Service.
w i l l be h e l d at N e w London,
Conn.,
M a j o r celebrations
the home of the Coast
r e n d e r i n g of assistance
to vessels in distress a n d the
saving of life and p r o p e r t y on the seas and n a v i g a b l e
waters of the U n i t e d S t a t e s and its
insular possessions;
flood relief
d e s t r u c t i o n and
in the w e s t e r n rivers;
r e m o v a l of derelicts,
gation;
and other d a n gers
to n a v i
I n t e r n a t i o n a l Ice P a t r o l in the N o r t h Atlantic;
e x t ending m e d i c a l and
vessels
wrecks,
surgical aid to U n i t e d StatTes
e n g a g e d in d e e p - s e a fisheries.
operates as a part of
As the O o ast Guard
the Navy in time of war,
of constant p r e p a r e d n e s s
ice may,
a state
is m a i n t a i n e d so that the S e r v
in the event of war or n a t i o n a l emergency,
its p l ace
and
take
imme d i a t e l y in the n a t i o n a l defense organ iza-
tion of the Nation.
To carry on the many duties of the Ooast Guard
in the Service
there w e r e / o n June 30 1935 a p p r o x i m a t e l y 500 commi s s i o n e d
officers,
600 warrant officers,
who m a n n e d
>65
and 9000 e n l i s t e d m e n
c r u i s i n g cutters and p a t r o l boats
and se v e r a l hu n d r e d s m a l l craft of the p i c k e t b o a t
and &x
343 Coast G u a r d l i f e - s a v i n g stations
type,
s i t u a t e d at
stratetic p o i n t s a l o n g the coasts,
the Great Lakes,
in Alaska.
J! v a H
*—
t
^
a
The most dr a m a t i c w o r k of the Coast
and
A
G u ard is
that of l i f e - s a v i n g an d the rescue of the shipwrecked,
the extent of w h i c h m a y be g a i n e d w h e n m e n t i o n is made
of the fact
that d u r i n g each of the pas t two y e a r s
p r o x i m a t e l y 6,000 p e r s o n s were rescued.
M i n d you,
is only one p h ase of C o a s t Guard activity.
ap
that
O n e of the
duties of the Service so firmly f i x e d in the p u b i c m i n d
A r e c i t a l of the h i s t o r y of the Coast G u ard can not
of course he re c o r d e d in a f e w h o u r s , or even in days —
it is a d a i l y r u n n i n g a c c ount of one m a j o r p h a s e of the
activities
of the U n i t e d States G o v e rnment since
and it m a y h e
stated that they are activities
w i t h heroism,
courage,
d e v o t i o n to duty,
1790,
crowded
and o f t e n self-
sacrifice.
The n a m e Coast G u a r d dates h a c k only r e c e n t l y to
J a n u a r y 38,
1915,
w h e n the old R e v e n u e — Cutter S e r vice
and the f o r m e r L i f e — S a v i n g S e r vice wer e combined,
b r i n g i n g t o g e t h e r these. two historic Services
c o m pact efficient organizaffcioi^
into one
The Coast G u a r d stands
as a g u a r d i a n along our 10,000 m i les of coast
along the shores of Alaska,
thus
Hawaii,
line,
Puerto Rico,
and the
V i r g i n Isles,
to enforce the m a r i t i m e laws of the Nation
and to assist
and to rescue life or p r o p e r t y that m a y he
peril.
Its duties embrace the p r e v e n t i o n of smuggling,
the e n f o r c e m e n t of c u s toms laws, n a v i g a t i o n laws
other laws g o v e r n i n g m e r c h a n t v e s sels
o^. rules
and motorboats;
and r e g u l a t i o n s g o v e r n i n g the anchorage
m o v e m e n t s of vessels
the Ports;
Quarantine,
and
t h r o u g h the offices of Ca p t a i n s of
of laws r e l a t i n g to oil pollution,
and neutrality;
of life d u r i n g regattas
of laws
in Alaska;
r e l ating to fisheries
immigration,
to p r o v i d e for safety
or marine parades;
for the p r o t e c t i o n of f i s h eries
c onventions
and
of regulations
of International
and the p r o t e c t i o n of
the seal herds and sea otter in the N o r t h Pa c i f i c and
B e r i n g Sea.
Among its h u m a n i t a r i a n duties are the
4
|
On A u g u s t 4th the U n i t e d States Ooast G u a r d
w i l l c e l e b r a t e its 1 4 5 t h anniversary.
F o u n d e d b y an
Act of Co n g r e s s
signed b y P r e sident W a s h i n g t o n on
August 4,
the O o ast G u a r d (then known as the
1790,
R e v e n u e G u t t e r Service)
was c r e ated to serve as the
N a t i o n ’s first armed f o rce afloat to p r o tect
the customs
revenue and to p r e s e r v e l aw and o r d e r along the ex
tensive coast line of the U n i t e d States,
the years
since then the Ooast
Guard
Throughout
has e s t a b l i s h
ed tra d i t i o n s - an e l e ment w h i c h c a n only be c rystalized
t h r o u g h y e a r s of d i s t i n g u i s h e d service -
that h a v e
s u s tained the will and c a p a c i t y of the Ooast Guard
to carry out loyally,
its r e g u l a r duties
efficiently,
and those great
and s u c c e s s f u l l y
e m e r g e n c y tasks and
m i s s i o n s w h i c h are c o n t i n u a l l y f a l ling to its lot.
The O o ast Guard enjoys the d i s t i n c t i o n and honor
of an i l l u strious r e c o r d b o t h in p e a c e
wel l tr a i n e d and d i s c i p l i n e d forces,
m i l i t a r y arts
and in war.
Its
v e r s e d in the
and a d a p t e d for p r o m p t l y m e e t i n g e m e r g e n
cies b o t h on land and on sea, have p a r t i c i p a t e d in all
m a j o r wars
in w h i c h the U n i t e d States has b e e n engaged.
In its war hi s t o r y are r e c o r d e d exploits
and a c c o m p l i s h
ments w h i c h stand out p r o m i n e n t l y a m o n g those b r i l l i a n t
chapters of A m e r i c a n w a r h i s t o r y w h i c h serve to inspire
the p r e s e n t g e n e r a t i o n w i t h the spirit of the p a t r i o t i s m
of their forebears.
TREASURY DEPARTMENT
Washington
JOE RELEASE, AFTERNOON NEWSPAPERS,
1935.
8-3-35#
Press Service
No. 5— 47
On August 4th the United States Coast Guard will celebrate its 145th Anniversary,
¡founded by an Act of Congress, signed by President Washington on August 4, 1790, the .
Coast Guard (then knoY/n as the Revenue Cutter Service) was created to serve as the
Hation *s first armed force afloat to protect the customs revenue and to preserve law
and order along the extensive coast line of the United States.
Throughout the years
since then the Coast Guard has established traditions - an element which can only be
crystalized through years of distinguished service — that have sustained the will and
capacity of the Coast Guard to carry out loyally, efficiently, and successfully its
regular duties and.those groat emergency tasks and missions which are continually
falling to its lot#
The Coast Guard enjoys the distinction and honor of an illustrious record both
in peace and in war.
Its well trained and disciplined forces, versed in the military
arts and adapted for promptly meeting emergencies both on land and on sea,.have
[participated in all major wars in which the United States, has been engaged.
In its
;war history are recorded exploits and accomplishments v/hich stand out prominently
among those brilliant chapters of American war history which serv© to inspire the
present generation with the spirit of the patriotism of their forebears.
A recital of the history of the Coast Guard cannot of course be recorded in a
few hours, or even in days — it is a daily running account of one major phase of the
activities of the United States Government since 1790, and it may be stated that
they are activities crowded with heroism, courage, devotion to duty, and often selfsacrifice.
— 2—
The name Coast Guard dates back only recently to January 28, 1915, when the old
l3venue-Cutter Service and the former Life-Saving Service were combined, thus bringing
ogethcr those two historic Services into one compact efficient organization under
L Treasury Department.
The Coast Guard stands as a guardian along our 10,000
Idles of coast line, along the shores of Alaska, Hawaii, Puerto Rico, and the Virgin
isles, to enforce the maritime laws of the Ration and to assist and to rescue life
r property that may be in peril.
Its duties embrace the prevention of smuggling,
he enforcement of customs laws, navigation laws, and other laws governing merchant
Vessels and motorboats; of rules and regulations governing the anchorage and move«
nents of vessels controlled through the offices of Captains of the Ports; of laws
Spi j h f to oil pollution, immigration, quarantine, and neutrality; of laws to pro
vide for safety of life during regattas or marine parados; of regulations for the
protection of fisheries in Alaska; of International conventions relating to fisheries
md the protection of the seal herds and sea otter in the Rorth Pacific and Bering
Sea.
Among its humanitarian duties are tho rendering of assistanceto vessels in
distress and the saving
of life and property on the seas and navigable waters of the
jUnited States and its insular possessionsjflood relief in the western rivers; des
truction and removal of derelicts, wrecks, and other clangers to navigation; Inter
national Ice Patrol in the Rorth Atlantic; and extending medical and surgical aid
personnel of
to/United States vessels engaged in deep-sea fisheries. As the Coast Guard operates
a part of the Ravy in time of war, a state of constant preparedness is maintained
so that the Service may, in the event of v/ar or national emergency, take its place
immediately in the national defense organization of the Ration.
To carry on the many duties of the Coast Guard there wore in the Service on
June 30, 1935, approximately 500 commissioned officers, 600 warrant officers, and
9000 enlisted men who manned 55 cruising cutters and patrol boats ana several hundred
— 3—
small craft of the picketboat type, and 243 Coast Guard life-saving stations.
} situated
at strategic points along the coasts, the Great bakes and in Alaska*
There are also five air stations and 40 planes in service*
The most dramatic work of the Coast Guard is that of life-saving and the
rescue of the shipwrecked, the extent of which may he gained when mention is made
of the fact that during each of the past two years approximately 6Q00 persons were
rescued*
Mind you, that is only one phase of Coast Guard activity*
One of the
duties of the Service so firmly fixed in the public mind is that of prevention, of
smuggling, to the suppression of which the Service is devoting its full energy*
The fundamental duties of the Coast Guard in this day —
145 years after its
establishment — are generally similar to those which governed its origin —
that
of law enforcement upon the navigable and coastal waters of the United States, or
rendering assistance to life and property in peril, and of being constantly .. •.
prepared to fight in defense of the Nation*
The passage of time has witnessed
this strong arm of the Service suppressing smuggling, piracy, mutinies, the slave
trade and other forms of unlawful activities associated with various periods in
the Nation*s history; the heroic rescues of the crews of the early clippers stranded
or caught in the tempest; and the resojft to cutlass and musket against the foe in
defense of American rights*
And so on, through time, with changing instrumentali
ties and conditions, the Coast Guard has carried on, always imbued with the tradi
tions of those officers and men who in the past years have seen to it that the
honorable record of the Corps was passed on unblemished to the succeeding generation*
The Officers and men of the Coast Guard take great pride in its long and
honorable record, and the 145th Anniversary will be appropriately celebrated at all
units of the Service*
Major celebrations will be held at New London, Conn*, the
hone of the Coast Guard Academy, Base Pour, and the Coast Guard Institute and
training station; at Base Six, Port Lauderdale, Plorida, Base Eleven at Oakland
¡California, and at Biloxi, Mississippi, where a l&rge gathering of statesmen,
rniblic officials and citizens from the neighboring States will pay tribute to
the Coast Guard at cerempnies at the new Coast Guard Air Station recently
established at that port»
By Admiral Harry G. Hamlet,
Commandant, U»S» Coast Guard
00O00
THEASURI DEPARTMENT
Washington
MEMORANDUM 3?OR THE PRESS
August 5, 1935^
RECEIPTS OP SILVER BY THE MINTS AND ASSAY OP?ICES:
(Under Executive Proclamation of December 21, 1933) as amended
Week ended August 2, 1935:
Philadelphia
San Francisco* •......................
Denver*....... .............. ..... ...
Total for week ended August 2, 1935...
Total receipts through August 2, 1935«
449,911*00 fine ounces
408,501*00
5,327*00
863,739*00
41,396,266.79
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended August 2, 1935
Philadelphia* ....................... .
New York
San Francis c
o
»
.
4
«
.
.
Denver ........... ........ »..... r.........
New Orleans« ..............T...... ...... T.. .
Seattle
......... ....... .........
Total for week ended A11g,1pt 2, T935 .......... .....
Total receipts through August 2, 1935 ... ....
fine ounces
it
it
h
it
it
2.010*00
n
it
ti
h
hh
ti
ti
it
h
EECEIPTS OE GOLD BY THE MINTS AND ASSAY OFFICES:
New.
Week ended August 2, 1935:
Domestic
Imports
Philadelphia**..........
$
- $182,421*97 I
317*42
Now York ********.....
6,586,700*00 224,200*00
184,100*00
38,634*38
74,791*57
San Francisco................
1,567,627*30
Denver*......................
538,111*00
34,556.00
35,520*00
27,034*68
54,513*57
New Orleans.................
144*73
372.281*22
Seattle.................. .....
------- -10.887*51
Total for week ended August 2..$6,686,925.06 $582,334.62 $2,662,581.67
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER'S OFFICE:.
(Under Secretary^ Order of December 28, 1933)
Received by Federal Reserve Banks:.______ Gold Coin
Week ended July 3l.*............$
15,887*82
Received previously.* ......... ** 30,621,801*85
Total to July 31, 1935*...........$30,637,689.67
Received by Treasurer’s Office;
Weejc ended July 31*•••«•• ••••••*$
Received previously*••••••*.....
Total to July 31, 1935.......... .$
NOTE:
Gold Certificates
$
495,490*p0
94.698,090.00
$95,193,580.00
$
264,306*00
264,306.00
Gold bars deposited with the Now York Assay Office
to the amount of $200,572.69 previously reported...
8 ,100.00
2*194,700*00
$ 2,202,800*00
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, August 6, 1986.____
8/5/86
Press Service
'
*
Secretary of the Treasury Horgenthau announced last
evening that the tenders for $50,000,000, or thereabouts,
of 273-day Treasury bills, dated August 7, 1986, and matur
ing May 6, 1936, which were offered on August 2, were opened
at the Federal Reserve banks on August 5«
The total amount applied for was $150,119,000, of whloh
$50,102,000 was accepted.
The accepted bids ranged in price
from 99.962, equivalent to a rate of about 0.050 percent per
annum, to 99.942, equivalent to a rate of about 0.076 percent
per annum, on a bank discount basis.
Only part of the amount
bid for at the latter price was accepted.
The average price
of Treasury bills to be issued is 99.947 and the average rate
about 0.070 percent per annum on a bank discount basis.
TREASURY DEPARTMENT
hashington
FOR RELEASE, MORNING- NEWSPAPERS,
Tuesday. August 6, 1935»____ :___
8-5-35.
Press Service
No. 5-48
Secretary of the Treasury Morgenthau announced last evening that the
tenders for $50,000,000, or thereabouts, of 273-day Treasury bills, dated
August 7, 1935, and maturing May 6, 1936, which were, offered on August 2,
were opened at the Federal Reserve banks on August 5.
The total amount applied for was $150*119,000, of which $50,102,000
was accepted.
Thg accepted bids ranged in price from 99.962, equivalent to
a rate of about 0.050 percent per annum, to 99.942# equivalent to a rate of
about 0.076 percent per annum, on a bank discount basis.
amount bid for at the latter prico was accepted.
Only part of the
The average price of
Treasury bills to be issued is 99.947 and the average rate is about 0.070
percent per annum on a bank discount basis.
ooOoo
1
TREASURY DEPARTMENT
WASHINOTON
Press Service
FOB IMMEDIATE RELEASE,
Tuesday, August 6, 1935,
Secretary of the Treasury Morgenthau today announced that final reports
fro® the Federal Reserve hanks show that $1,610,886,550 of the First Liberty
| -\ i
Loan Bonds have been exchanged for 2-7/8 percent Treasury Bonds of 1955-60 or
for 1-5/8 percent Treasury Notes of Series A-1940.
About $1,933,000,000 First
Liberty Loan Bonds were outstanding when the exchange offering was announced
last April*
Allotments for each issue were divided among the several Federal Reserve
districts and the Treasury as follows:
Federal Reserve
Dlstriot
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Total
Bonds
Allotted
Total
Allotted
Notes
Allotted
$ 69,655,500
274,154,900
50,215,850
74,224,950
32,521,350
9,629,950
91,259,200
28,099,700
10,031,050
21,799,400
23,710,650
38,711,700
21,712,350
$ 66,661,450
515,001,850
23,311,900
63,206,150
29,967,750
3,077,500
98,077,400
12,661,050
5,223,800
7,194,800
6,405,900
25,108,450
8,582,600
$
136,316,950
789,136,750
73,527,750
137,431,100
62,489,100
18,707,450
190,036,600
40,760,750
15,254,850
28,993,600
30,116,550
63,820,150
30*894,950
$746,406,550
$864,480,000
(¡1,610,886,550
TREASURY DEPARTMENT
Washington
Press Service
No# 5-49
jOR IMMEDIATS RELEASE i
Tuesday, August 6, 1935*
Secretary of the Treasury Morgenthau today announced that final reports
from the federal Reserve hanks show that $1,610,886,550 of the Pirst Liberty
Loan Bonds have been exchanged for 3-7/8 percent Treasury Bunds of 1955-60 or
for 1-5/8 percent Treasury Notes of Series A-1940*
About $1,933,000,000 first
¡Liberty Loan Bonds were outstanding when the exchange offering was announced
last April*
Allotments for each issue were divided among the severdl federal Reserve
districts and the Treasury as follows!
federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St# Louis
Minneapolis
Kansas City
Dallas
San franciseo
Treasury
Total
Notes
Allotted
Total
Allotted
$ 69,655*500
274,134,900
50.215.850
74,224,950
32.521.350
9,629,950
91,959,200
28.099.700
10,031,050
21,799*400
23.710.850
38.711.700
21.712.350
$ 66,661,450
515,001,850
23,311,900
63,206,150
29,967,750
3,077,500
98,077,400
12,661,050
5,223,800
7,194,200
6,405,900
25,108,450
8.582,600
$
$746,406,560
$864,480,000
$1,610,886,550
Bonds
Allotted
ooOoo
136,316,950
789,136,750
73.527.750
137,431,100
62,489,100
12,707,450
190,036,600
40.760.750
15,254,850
28,993,600
30,116,550
63,820,150
30.294.950
-
2-
MEMORANDUM for the Commissioner.
In connection with the average production per deputy for the fiscal
years 1926 to 1931, which was higher than the year just closed, during
those years deputy collectors were permitted to investigate 1040 returns
up to a gross income of $25,000. T/Vhereas, in the more recent years their
activity on income tax returns has been confined to those indicating a
net income less than $5,000.
fcuty Commissioner
TR EA SU R Y DEPARTMENT
WASHINGTON
O F F IC E O F
COMMISSIONEROFINTERNALREVENUE
July 26, 1935.
ADDRESS REPLY TO
COMMISSIONER OF INTERNAL REVENUE
AND REFER TO
A&C tDC
MEMORANDUM for the Commissioner.
A review of the statistics on collections for the fiscal year 1935
indicates the largest production of the field deputy collectors since
1920, when the present system of keeping production records went into
effect, and no doubt the greatest in the history of the Bureau. The
field force assigned to the collection districts, whose duty it is to
search for delinquents, serve warrants for distraint, verify 1040-A
and certain miscellaneous tax returns, had a total production record
for the fiscal year 1935 of $81,001,961. An average of 2205 field
deputy collectors were employed during the year who produced an average
of $36,732 per deputy for the year.
The average salary of these deputy
collectors during the fiscal year 1935 was $1970 and the average travel
expense was $463.
In other words, for every $2433 invested $36,732 was
returned to the Government.
It should be stated that the field deputy
collectors in their activities covering the search for delinquent tax
payers collected and reported for assessment during the fiscal year
1935 a total of $30,747,631. The balance, approximating $50,000,000,
was secured from the serving of warrants for distraint and the verifi
cation of returns already filed.
There is given below a summary of
the production of field deputy collectors for the past sixteen years?
\
\
Fiscal
Year
Amount Coll,
on Warrants
Amount Coll.
& Assessed Delinquents &
Verifications
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
$ 2,587,085
7,033,866
9,902,306
17,081,651
22,342,407
25,471,001
50,249,181
54,047,883
41,266,037
36,562,221
33,093,710
32,896,850
25,395,182
17,400,799
26,956,636
34,941,480
$39,626,462
34,197,714
46,889,608
29,949,698
31,611,186
32,753,339
28,251,257
24,568,996
23,405,406
26,501,009
32,430,898 '
30,514,975
18,204,646
17,330,711
30,535,163
46,060,481
Total Collections
and Assessments
Ave • N o .
Deputies
Average production per
dep.per year
$42,213,547
41,231,580
56,791,914
47,031,349
53,953,593
58,224,340
78,500,438
78,616,879
64,671,443
63,063,230
65,524,608
63,411,825
43,599,828
34,731,510
57,491,799
81,001,961
2,495
2,557
2,375
2,378
2,231
2,241
2,109
1,836
1,696
1,648
1,588
1,554
1,549
1,553
1,990
2,205
$16,880
14,999
23,912
19,778
24,184
25,891
37,222
42,820
38,136
37,884
41,280
40,812
28,152
22,368
28,896
36,732
A new record la the ratslisf total amount of
return
Aeaejr ratted through tax ^examinations and a new record for efficiency on
the part of
field deputy collectors were reported to Secretary Morgenthau today
hy CoJaaiseioner ®«y 7* Helveriag of the Bureau of Internal Keveaw,
The field force of 2*305 members, whose duty is to
eearch for
elinquents, serve warrants for dietraiat , verify
(
below;
For* 1040-A
and certain ®i scellsneoue^
returns* had a total production record for the fiscal year 1935 of
$81,001,961,
The comparative figurej* for 1933 were $34,731,510 and for 1934
was $57,491,799*
11 ^
|
,.
| |
The average production per deputy in the year Juet closed was
$36,732.
The average production per deputy in 1933 was $23,368 end in
1934 was $28,89$,
Ifr
•
--- --7
/
Th® previous high mark in- total collections and assessments,
established in 1937, was $78,616,879,
8H
..
. _/
/¡'.I
/
’
* / \
I
/
/
\
In the period 1926-31 deputy collectors were permitted to
investigate * M t
f0rm 1040 Income tax returns up to a gross incoat otf $25,000*
This resulted in somewhat higher
production figure
dU
Gf the total amount collected and assesed zx
during 1935
K
a total of $30,747,631 represented the
results of a search for delinquent
taxpayers. The h; lance was secured from the serving of warrants for
distraint and the verification of returns already filed.
The average salary of the deputy collectors was $1,970 and the
average travel expense was $463*
T^e return for each $2,433
spent "by the xanrtrp
internal revenue service in this work, therefore, was $36,732.
Since 1920, when the present system of production records was
established, the highest previous year in assessments and collections was
1927, with a total of $78,616,879.
In theyears 1926 to 1931
field deputy collectors were permitted
to investigate income tax returns on Form 1040, up to a gross income of $25,000.
On this account the average returns of the field deputy dollectors were
higher for these years.
In more recent years the activities of field deputy
collectors dm income tax returns has "been confined to those xasaaxiixg
indicating a net income of less than $5,000.
Following is a summary of the the production of the field
deputy collectors for the past sixteen years;
A new record in the
S total amount of c-r^2iu*.^iw}
return
*•*wfwwssipw*'" through tax^examinations and a new record for efficiency on
the part of
field deputy collectors were reported to Secretary Morgenthau today
"by Commissioner Guy ' . Helvering of the Bureau of Internal
venue.
J/b
^h© field force of 2,205 members, whose duty,.is to
A
search for
elinquents, serve warrants for distraint, verify
•'■•Hr 1 S S J S i
Form 1040-A
and certain miscellaneous tax
returns, had a total production record for the fiscal year 1935 of
$34,731,510 and for 1934
Amount Coli*
& ASSESS©d «*•
Fiscal
Year
Amount Coll*
on farrants
Délinquants St
Verifications
1920
1921
1922
lias
1924
1925
!fii
1927
1928
1829
1950
1931
1932
1933
1934
1935
1 2,587,08s
7 #ifS l,# ® §
#39,626,462
54,197,714
46,889,608
29,949,698
31,611,186
32,7SS,S39
28,251,257
24,568,998
23,405,406
26,501,009
52,450,898
50,614,975
18,204,64$
17,330,711
30,5355,183
46,060,481
9,902,308
17,001,351
22,542,407
2S,471,001
50,249,181
54,047,883
41,266,057
36,582,221
33,093,710
32^896^850
25^595,182
17,400,799
26,968,636
34^941,480
fötal Collections Average No*
Beoutiee
and
.
#42,213,547
41,831,580
56,791,914
47,031,349
53,953,593
58,224,340
78,500,438
78,616,879
84,671,443
63,063,230
6 § ,5 2 4 ,6 0 8
6 5 ,4 1 1 ,8 2 5
4 3 ,5 9 9 ,8 2 8
3 4 ,7 3 1 ,5 1 0
5 7 ,4 9 1 ,7 9 9
8 1 ,0 0 1 ,9 6 1
2,495
2,557
2,375
2,378
2,231
2,241
2,109
1,836
1,696
1,648
1,588
1,554
1,549
1,555
1,990
2,205
Average pro
duction per dep
M
E
.
,
#16,890
14,999
23,912
19,778
24,164
25,891
37,222
42,820
58,136
37,884
41,230
40,312
23,152
22,368
28,896
56,732
, .«
On this account the average returns of the field deputy collectors were higher
for these years*
In more recent years the activities of field deputy collectors
on income tax returns has been confined to those indicating a net income of less
than $5,000»
Following is a summary of the production of the field deputy collector
for the past sixteen yearst
fiiCiiifou*i£ DIPiih. fAffi T
WASKIH GTQR
IOh IaMEDlAfl KhJutAoXj
Press Service
Thursday, August 8, 1935,
ho# 5 •
A m m record in the total amount of collections and assessments
through tax return examinations and a new record for efficiency on the part of
field deputy collectors were reported to Secretary Morgenthan today by Com
missioner Guy T# Helvering of the Bureau of Internal Revenue#
The field force of ¿»205 Members, whose duty it is to search for
delinquents, serve warrants for distraint, verify Form 104Q-A and certain
miscellaneous tax returns, had a total production record for the fiscal year
1955 of |81,001,981#
The comparative figure for 1935 mas §54,751,510 and for
1954 was $57,491,799#
The average production per deputy in the year just closed was §56,752#
The average production per deputy in 1955 was $22,538 and in 1954 was $28,898#
Of the total amount collected and assessed during the fiscal year 1955
a total of $50,747,331 represented the results of a search for delinquent tax
payers#
The balance was secured from the serving of warrants for distraint and
the verification of returns already filed#
The average salary of the deputy collectors was $1,970 and the average
travel expense m s $485#
The return for each $2,453 spent by the Internal Kevenu
Service in this work, therefore, was $38,752*
Since 1920, when the present system of production records was establish
♦
the highest previous year in assessments and collections was 1927, with a total o.
$78,813,879#
In the years 1926 to 1931 field deputy collectors were permitted to
investigate income tax returns on Form 1040, up to a gross income of $25,000#
Mr« Wright Matthews
In conformity with our telephone conversation*
X am sending you attached hereto proposed press re*»
lease*
Will you please look it over* note any chang
or corrections you wish to make* and return to me as
soon as possible*
TR EA SU R Y DEPARTMENT
W A S H IN G T O N
O FFIC E O F
COMMISSIONEROFINTERNALREVENUE
ÀUgUSt 8#
1935«
ADDRESS REPLY TO
COMMISSIONER OF INTERNAL REVENUE
AND REFER TO
MEMORANDUM FOR
Mr * Edwin 3* Fussell,
Office of the Secretary,
Treasury Department *
I think the press release prepared by you is in
excellent shape.
I note you are attaching a schedule
showing the status of this work since 1920.
If this
schedule is not to be used by the newspapers (I -have
some fear that it will not be), then it would be my
suggestion that the last paragraph in the proposed
press release beginning with the words, M In the years
1926 to 1931 ****” , should be eliminated, as this
paragraph will be confusing without the production
schedule which you have attached*
Wright Matthews,
Assistant to the Commissioner*
Fiscal
Year
Amount Coll.
on Warrants
Amount Coll.
& Assessed Delinquents &
Verifications
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
$ 2,587,085
7,063,866
9,902,306
17,081,651
22,542,407
25,471,001
50,249,181
54,047,883
41,266,037
36,562,221
33,093,710
32,896,850
25,395,182
17,400,799
26,956,656
34,941,480
$39,626,462
34,197,714
46,889,608
29,949,698
31,611,186
32,753,339
28,251,257
24,568,996
23,405,406
26,501,009
32,430,898
30,514,975
18,204,643
17,330,711
30,555,163
46,060,481
Total Collections
and Assessments
#42,213,547
41,231,580
56,791,914
47,031,349
53,953,593
58,224,340
78,500,438
78,616,879
64,671,443
65,063>J^®
65,524,608
63,411,825
43,599,828
34,731,510
57,491,799
81,001,961
Average No.
Deputies
2,495
2,557
2,375
2,578
2,231
2,241
2,109
1,836
1,696
1,648
1,588
1,554
1,549
1,553
1,990
2,205
Average production per depfl
per year
$16,880
14,999
23,912
19,778
24,184
25,891
37,222
42,820
38,136
37,884
41,280
40,812
28,152
22,368
28,896
36,732
2 -
On this account the average returns of the field deputy collectors were higher
for these years.
In more recent years the activities of field deputy collectors!
on income tax returns has been confined to those indicating a net income of less]
than $5,000.
Following is a summary of the production of the field deputy collector
for the past sixteen years:
TREASURY DEPARTMENT
WASHINGTON
FOR IMMEDIATE RELEASE
Press Service
Thursday, August 8, 1935
No* 5.
S 7 j
A new record in the total amount of collections and assessments
through tax return examinations and a new record for efficiency on the part of
field deputy collectors were reported to Secretary Morgenthau today by Com
missioner Guy T* Helvering of the Bureau of Internal Revenue.
The field force of 2,205 members, whose duty it is to search for
delinquents, serve warrants for distraint, verify Form 104Q-A and certain
miscellaneous tax returns, had a total production record for the fiscal year
1935 of $81,001,961.
The comparative figure for 1933 was $34,731,510 and for
1934 was $57,491,799.
The average production per deputy in the year just closed was $36,732. |
The average production per deputy in 1933 was $22,368 and in 1934 was $28,896.
Of the total amount collected and assessed during the fiscal year 1935
a total of $30,747,631 represented the results of a search for delinquent tax
payers.
The balance was secured from the serving of warrants for distraint and
the verification of returns already filed.
The average salary of the deputy collectors was $1,970 and the average
travel expense was $463.
The return for each $2,433 spent by the Internal Revenu
Service in this work, therefore, was $36,732.
Since 1920, when the present system of production records was establish
the highest previous year in assessments and collections was 1927, with a total d
$78,616,879.
In the years 1926 to 1931 field deputy collectors were permitted to
investigate income tax returns on Form 1040, up to a gross income of $25,000.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday, August 8, 1935»
Press Service
No* 5-50
A new record in the total amount of collections and assessments through
tax return examinations and a new record for efficiency on the part of field
Deputy Collectors were reported to Secretary Morgenthau today "by Commissioner
Guy T. Helvering of the Bureau of Internal Revenue*
The field force of 3,205 members, whose duty it is to search for delinquents,
serve warrants for distraint, verify Eorm 1040-A and certain miscellaneous tax.
returns, had a total production record for the fiscal year 1935 of $81,001,961»
The comparative figure for 1933 was $34,731,510 and for 1934 was $57,491,799»
The average production per Deputy in the year just closed was $36,732*
The
average production per Deputy in 1933 was 522,368 and in 1934 was $28,896*
Of the total amount collected and assessed during the fiscal year 1935 a
total of $30,747,631 represented the results of a search for delinquent taxpayers*
The "balance was secured from the serving of warrants for distraint and the verifi
cation of returns already filed*
The average salary of the Deputy Collectors was $1,970 and the average
travel expense was $463*
The return for each $2,433 spent "by the Internal Revenue
service in this work, therefore, was $36,732*
Since 1920, when the present system of production records was established,
the highest previous year in assessments and collections was 1927, with a total
of $78,616,879»
ooOoo
* 4 -
f r®*pectiv® amount® bid for*
Secretary of the Treasury expressly reserves the
right, however, to reject any or all tenders or parts of tenders, and to award less
than the amount bid for, and any action he may take in any such respect or
respects
shall be final,
Payment
Payment for any bonds allotted on accepted tenders must be made or completed on
or before August 19, 1935, in cash or other immediately available funds, and must indude the face amount, and the premium which the bidder has agreed to pay, together
with accrued interest on the face amount from March 15, 1935, to August 19, 1935, 3/
In every case «(here payment is not so completed, the 5 percent deposit with applies«
tion shall, upon declaration made by the Secretary of the Treasury in his discretion,
be forfeited to the United States,
General Provisions
Federal Reserve banks, as fiscal agents of the Uhited States, are authorized and
requested to receive tenders, to make allotments as indicated by the Secretary of the
Treasury to the Federal Reserve banks of the respective districts, to issue allotment
notices, to receive payment for bonds allotted, to make delivery of bonds on fullpaid allotments, and to perform such other acts as may be necessary to carry out the
provisions of this circular.
Pending delivery of the definitive bonds, Federal Reserv
banks may Issue interim receipts*
The Secretary of the Treasury may at any time, or from time to time, prescribe su
piemental or amendatory rules and regulations governing the receipt of tenders and the
sale of bonds under this circular, which will be conmunicated promptly to the l^deral
Reserve banks.
HENRY B40RGENTHAU, JR,,
Secretary of the Treasury.
3/ Accrued interest from March 15, 1935, to August 19, 1935, on $1,000 face amount
is $13,265625,
£
3
Tenders w ill 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 in every case by a deposit of 5 percent of
the face amount of bonds bid for, except where the tender is accompanied by an
express guaranty of payment by an incorporated bank or trust company*
I f the tend«
is accepted, in whole or in part, the deposit w ill be applied toward payment for thi
bonds, the balance to be paid as hereinafter provided*
I f the tender la rejeoted,
the deposit w ill be returned to the bidder*
lenders must be enclosed in envelopes, securely sealed, addressed to the
Federal Reserve bank, or branch, of the d istrict, and plainly marked "Tender for
2-?/8 percent Treasury Bonds of 1955-60"*
The Federal Reserve banks w ill supply
printed forms and special envelopes for submitting tenders.
Incorporated banks
and trust companies not located in a city where a Federal Reserve bank or branch
is located may, in their discretion, submit tenders by telegram, but such telegrams
must be received at the Federal Reserve bank or branch before the time fixed for
dosing*
Immediately after the closing hour for the receipt of tenders on August 14, 19!
a ll tenders received in writing or by telegraph at the Federal Reserve banks or
branches thereof up to the closing hour (12 o'clock noon, Eastern Standard time)
w ill be opened.
The Secretary of the Treasury w ill determine the acceptable prices
offered and w ill make public announcement thereof as soon as possible after the opei
ing of tenders.
Those submitting tenders w ill be advised by the Federal Reserve bai
of the acceptance or rejection thereof, and payment on accepted tenders must be aafli
as hereinafter provided*
In considering the acceptance of tenders, the highest pri<
offered w ill be accepted in fu ll down to th© amount required; and i f the same price
appears in two or more tenders and i t Is necessary to accept only a part of the aaot
offered at such price, tenders for smaller amounts may be accorded preference and
tenders for larger amounts prorated to the extent necessary in accordance with the
prescribed by the Secretary of the Treasury, From the date of redemption
designated in any such notice, interest on the bonds called for redemption
shall cease,
"The bonds shall be exempt, both as to principal and Interest, from
all taxation now or hereafter Imposed by the United States, any State, or
any of the possessions of the United States, or by any local taxing
authority, except (a) estate or inheritance taxes, 1/ and (b) graduated
additional Income taxes, commonly known as surtaxes^* and excess-profits
and war-profits taxes, now or hereafter imposed by the United States, upon
the income or profits of individuals, partnerships, associations, or
corporations. The Interest on an amount of bonds authorised by the Second
Liberty Bond Act, approved September 24, 1917, as amended, the principal
of which does not exceed in the aggregate $5,000, owned by any Individual,
partnership, association, or corporation, shall be exempt from the taxes
provided for in clause (b) above,
"The bonds will be acceptable to seoure deposits of public moneys,
* * *, 2/ They will not be entitled to any privilege of conversion,
"Bearer bonds with interest coupons attached, and bonds registered as
to principal and interest, will be Issued in denominations of #50, #100,
$500, $1,000, $5,000, $10,000, and $100,000, Provision will be made for
the interchange of bonds of different denominations and of coupon and
registered bonds, and for the transfer of registered bonds under rules
and regulations prescribed by the Secretary of the Treasury,
"The bonds will bo subject to the general regulations of the Treasury
Department, now or hereafter prescribed, governing United States bonds,"
Tenders and Allotments
Tenders will be received at the Federal Reserve banks and branches thereof u
to 12 o’clock noon, Eastern Standard time, Wednesday, August 14, 1935, and unless
ceived by that time will be disregarded.
Department, Washington.
Tenders will not be received at the Tre
Each tender must state the face amount of bonds bid for,
which must be $1,000 or any even multiple thereof, and the price offered.
The pr
offered must be stated exclusive of accrued interest from March 15, 1935, to Augu
19, 1935; and must be expressed on the basis of 100, with fractions expressed as
32ds of 1 percent, in accordance with usual practice, e,g,, 101-16/32,
Tenders a
lees than par will not be considered.
1/ Similarly, the exemption does not apply to the gift tax, see Treasury
Decision
2/ The original circular contained the following further language at this point:
will bear the circulation privilege only to the extent provided in the act appro?
July 22, 1932, as amended", Thlsnprovlslon le now inapplicable since the circu la
tion privilege referred to expired July 22, 1935,
UNITED STATES OF AMERICA
2-7/8 PERCENT TREASURY BONDS OF 1955-60
Dated and bearing Interest from March 15, 1955
Due March 15, i960
REDEEMABLE AT THE OPTION OF THE UNITED STATES AT PAR AND ACCRUED INTEREST ON AND
AFTER MARCH 15, 1956
Interest payable March 15 and September 15
ADDITIONAL ISSUE
1935
Department Circular No. 548
____
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, August 12, 193
Public Debt Service
The Secretary of the Treasury, pursuant to the authority of the Second Libert
Bond Act, approved September 24, 1917, as amended, offers to the people of the tfcl
States #100,000,000, or thereabouts, 2-7/8 percent Treasury Bonds of 1955-60, and
invites tenders therefor at not less than par and accrued interest from March 15,
1955, to August 19, 1955,
Description of Bonds
The bonds now offered will be an addition to and will form a part of the aeri
of 2-7/8 percent Treasury Bonds of 1955-60 issued pursuant to Department Circulara
No, 531, dated March 4, 1935, No, 536, dated April 22, 1935, No* 546, dated July 2
1935, and No, 547, dated July 29, 1935, will be freely interchangeable therewith,
are identical in all respects therewith, and are described in the following
from Department Circular No, 531:
«The bonds will be dated March 15, 1935, and will bear interest
from that date at the rate of two and seven-eighths percent per annum,
payable semiannually, on September 15, 1935, and thereafter on March
15 and September 15 in each year until the principal amount becomes
payable. They will mature March 15, 1960, but may be redeemed at the
option of the United States on and after March 15, 1955, in whole or
in part, at par and accrued interest, on any interest day or days, on
4 months1 notice of redemption given in such manner as the Secretary
of the Treasury shall prescribe. In case of partial redemption the
bonds to be redeemed will be determined by such method as may be
quotat
m % •*
case by a deposit
t
a5par cent of the «mount of bonds bid for, axeept sha
tender la eooompemled by an express guaranty of peymont by an lneorporatad bank or
trust eospeiy.
If the tender is aooepted, in whole or in part, the deposit will t<
applied toward payment for the bonds, and if the tender ia rejected the deposit »1
be returned to th® bidder*
■Pendere should be Bade on the printed forms end forwerded in special onvelopei
which will he supplied by the Federal Reserve banka.
Incorporated banks end trust
companies not located in a eity whare a Federal Reserve bade or branoh la loeated,
naayf 1a their dloerotion* submit tender® by tologrs»»
Immediately after the closing hour for the receipt of tender» on Wednesday,
¿ugust 14, 1938, all tenders received at th# Federal Reserve banks end branches up
the closing hour will ho opened, and public announement of the acceptable prices
will follow as soon as possible.
In considaring the acceptance of tendara, the
highest prices offered «ill be eeeepted in full down to the amount required, end if
the seme prise appears in two or more tenders, and it is necessary to accept only .
part of the amount offered at such price, tender, for «slier mounts may he accord
preference and tendara for larger m o u n t . prorated to the extent necessary in .coo
with the respective mounts hid for.
Ihe Secretary of the Treasury expresaly re«*
the right, however, to reject any or sll tender, cr parte of tender, and to award
than the .mount hid for, and any notion he mey take in any ouch respect or respect
shall b® final.
Payment for any bonds allotted on eoeeptod tenders must he made or empleted
in cash or otter immediately available fund, on or before August 19, 1988, end « •
include the face amount, and the premium which the bidder has agreed to pay,
together with accrued interest on th. face amount from March 18 to »gust 19. 1®»
Th® text of th® official circular follow®?
TïïSkBJKï department
Washington
FOR RELEASE, MORÜÏÏIÎG NEWSPAPERS,
Monday, August 1£. 1955«
Fr«»« Service
'Tus* $*- ît /
y\o/3£
Secretary of the Treasury Morgeathau la today offering to the people of the
Waited State» an additional issue of S-7/8 percent Treasury Bonds of 1965-60, in tj
amount of #100,000,000, or thereabouts, and is inviting tenders therefor at not lei
than par and accrued interest.
The bonds will be sold to the highest bidders. Thai
will be received at the Federal Reserve banks and branches thereof up to 1Z o,clocy
noon, Eastern standard time, on Wednesday, August 14, 1035.
Tenders will not be ry
ceived at the Treasury Department, Washington,
The bonds for which tenders are now invited will be an addition to and will
a part of the series of 2-7/8 percent Treasury Bonds of 1955-60, Issued pursuant to|
Department Circulars Mo. 651, dated March 4, 1955, Ho, 556, dated April 22, 1958,
546, dated July 15, 1935, and Ho. 547, dated July 29, 1955; they will carry the «
tax exemptions, and otherwise will be identical in all respects therewith.
The bot|
will mature March 15, 1960, but may be redeemed at the option of the United States
and after March 16, 1955.
Interest will be payable semiannually on March 15 and
September 15.
Each tender m e t state the face amount of bonds bid for, which must be #1,000
any even multiple thereof, and the price offered, which must be stated exd usive ofl
ecorued interest and must be expressed on the baste of 100, with fractions expresse!
as 324s of 1 percent in accordance with the usual practice - for example, 101-16/32]
Tenders at less than par will not be considered, and tenders not received at a
Federal Reserve bank or branch before IS o*clock noon, Eastern standard time, Wednel
day, August 14, 1925, will be disregarded.
Tenders will be accepted without deposlj
from incorporated banks and trust companies and from responsible and recognised
dealers in investment securities.
Tenders from others must bs accompanied in everyj
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
unndav. August 12. 1935._______
Press Service
No. 5 - 5 1
8/16/35
Secretary of the Treasury Morgenthau is today offering to the people of the
United States an additional issue of 2-7/8 percent Treasury Bonds of 1955-60, in tie
amount of $100,000,000, or thereabouts, and is inviting tenders therefor at not
less than par and accrued interest.
The bonds will be sold to the highest bidders,
lenders will be received at the Eederal Reserve banks and branches thereof up to 12
o’clock noon, Eastern standard time, on Wednesday, August 14, 1935.
Tenders will
not be received at the Treasury Department, Washington.
The bonds for which tondors are now invited will be an addition to and will
form a part of the series of 2—7/8 percent Treasury Bonds of 1955— 60, issued pursu
ant to Department Circulars No. 531, dated March 4, 1935, No. 536, dated April 22,
1935, No. 546, dated July 15, 1935, and No. 547, dated July 29, 1935; they will
carry the same tax exemptions, and otherwise will be identical in all respects there
with.
The bonds will mature March 15, 1960, but may bo redeemed at the option of
tho United States on and after March 15, 1955*
Interest will be payable semi
annually on March 15 and September 15.
Each tender must state tho face amount of bonds bid for, which must bo $1,000
or any even multiple thereof, and the price offered, which must be stated exclusive
of accrued interest and must be expressed on the basis of 100, with fractions ex
pressed as 32ds of 1 percent in accordance with tho usual practice - for examplo,
101-16/32.
Tenders at loss than par will not be considered, and tenders not re
ceived at a Eederal Reserve bank or branch before 12 o ’clock noon, Eastern standard
time, Wednesday, August 14, 1935, will be disregarded.
Tenders will be accepted
without deposit from incorporated banks and trust companies and from responsible
and recognized dealers in investment securities.
Tenders from others must be
accompanied in every case by a deposit of 5 percent of the amount of bonds bid for^.
-
2
-
except where the tender is accompanied "by an express guaranty of payment hy an in
corporated hank or trust company*
If the tender is accepted, in whole or in part,
the deposit will he applied toward payment for the bonds, and if the tender is re
jected the deposit will he returned to the bidder.*
Tenders should he made on the printed forms and forwarded in special envel
opes•» which will he supplied hy the Federal Reserve hanks.
Incorporated hanks and
trust companies not located in a city where a Federal Reserve hank or branch is
located, may, in their discretion, submit tenders hy telegram*
Immediately after the closing hour for the receipt of tenders on Wednesday,
¡August 14, 1935, all tenders received at the Federal Reserve banks and branches up
to the closing hour will he opened, and public announcement of the acceptable prices
will follow as soon as possible.
In considering the acceptance of tenders, the
highest prices offered will he accepted in full down to the amount required, and if
the same price appears in two or more tenders, and it is necessary to accept only a
part of the amount offered at such price, tenders for smaller amounts may he ac
corded preference and tenders for larger amounts prorated to the extent necessary
in accordance with the respective amounts hid for.
The Secretary of the Treasury
expressly reserves the right, however, to reject any or all tenders or parts of
tenders and to award less than the amount hid for, and any action he may take in
any such respect or respects shall be final*
Payment for any bonds allotted on accepted tenders must he made or completed
in cash or other immediately available funds on or before August 19, 1935, and must
include the face amount, and the premium which the bidder has agreed to pay, to-,
gather with accrued interest on the face amount from March 15 to August 19, 1935.
The text of the official circular follows:
UNITED STATES OF AMERICA
2-7/8 PERCENT TREASURY BONDS OF 1955-60
|)ated and Bearing interest from March 15, 1935.
DuaJfcirch-15,. I960..*
smEMABLE AT THE OPTION OF THE UNITED STATES AT PAR AND ACCRUED INTEREST ON AND
AFTER MARCH 15, 1955
Interest payable March 15 and September 15
ADDITIONAL ISSUE
1935
Department Circular No. 548
“
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, August 12, 1935,
Public Debt Service
The Secretary of the Treasury, pursuant to the authority of the Second Liberty
Bond Act, approved September 24, 1917, as amended, offers to the people of the
Lited States $100,000,000, or thereabouts, 2-7/8 percent Treasury Bonds of 1955-60,
and invites tenders therefor at not less than par and accrued interest from
March 15, 1935, to August 19, 1935.
Description of Bonds
The bonds now offered will be an addition to and will form a part of the
series of 2-7/8 percent Treasury Bonds of 1955-60 issued pursuant to Department
Circulars No. 531, dated March 4, 1935, No. 536, dated April 22., 1935, No. 546,
dated July 15, 1935, and No. 547, dated July 29, 1935, will be freely interchange
able therewith, are identical in all respects therewith, and are described in the
following quotation from Department Circular No. 531.
wThe bonds will be dated March 15, 1935, and will bear interest
from that date at the rate of two and seven-eighths percent per annum,
payable semiannually, on September 15, 1935, and thereafter on arc
15 and September 15 in each year until the principal amount becomes
payable. They will mature March 15, 1960, but may be redeemed at the
option of the United States on and after March 15, 1955, in whole or
in part, at par and accrued interest, on any interest day or days, on
4 months* notice of redemption given in such manner as the Secretary
of the Treasury shall prescribe. In case of partial redemption t e
bonds to be redeemed will be determined by such method as may be
2
prescribed by the Secretary of the Treasury. From the date of redemption
designated in any such notice, interest on the bonds called for redemption
shall cease.
\
“The bonds shall be exempt, both as to principal and interest, from
all taxation now or hereafter imposed by the United States, any State, or
any of the possessions of the United States, or by any local taxing
authority, except (a) estate or inheritance taxes, l/ and (b) graduated
additional income taxes, commonly known as surtaxes, and excess-profits
and war-profits taxes, now or hereafter imposed by the United States, upon
I the income or profits of individuals, partnerships, associations, or
corporations.
The interest on an amount of bonds authorized by the Second
Liberty Bond Act, approved September 24, 1917, as amended, the principal
of which does not exceed in the aggregate $5,000, owned by any individual,
partnership, association, or corporation, shall be exempt from the taxes
provided for in clause (b) above.
“The bonds will be acceptable to secure deposits of public moneys,
* * *. 2/ They will not be entitled to any privilege of conversion.
“Bearer bonds with interest coupons attached, and bonds registered
to principal and interest, will be issued in denominations of $50, $100,
$500, $1,000, $5,000, $10,000, and $100,000. Provision will be made for
the interchange of bonds of different denominations and of coupon and
registered bonds, and for the transfer of registered bonds under rules
and regulations prescribed by the Secretary of the Treasury.
“The bonds will be subject to the general regulations of the Treasury
Department, now or hereafter prescribed, governing United Stahes bondst“
Tenders and Allotments
Tenders will be received, at the Federal Reserve banks and branches thereof
up to 12 o'clock noon, Eastern Standard time, Wednesday, August 14, 1935, and.
unless received by that time will be disregarded.
ceived, at the Trea.sury Department, Washington.
Tenders will not be re-
Ea.cli tender must state the face
I amount of bonds bid. for, which must be $1,000 or any even multiple thereof, and
*
I the price offered..
The price offered must be stated exclusive of accrued in
terest from March 15, 1935, to August 19, 1935; and must be expressed on the
basis of 100, with fractions expressed a,s 32nds of 1 percent, in accordance with
usual practice, e.g., 101-16/32.
Tenders at less than par will not be considered
1/ Similarly, the exemption does not apply to the gift tax, see Treasury De
cision 4550.
2/ The original circula,r contemned, the following further language at this point:
“and will bear the circulation privilege only to the extent provided in the act
approved July 22, 1932, as amended“ . This provision is now inapplicable since
the circulation privilege referred to expired July 22, 1935.
- 3 Tenders will "be received without dt posit from incorporated banks and
trust companies and from responsible and recognized dealer's in investment
securities.
Tenders from others must be accompanied in every case by a deposit
of 5 percent of the face amount of bonds bid for, except where the tender is
accompanied by an express guaranty of payment by an incorporated bank or trust
company.
If the tender is accepted, in whole or in part, the deposit will be
applied toward payment for the bonds, the balance to be paid as hereinafter
provided.
If the tender is rejected, the deposit will be returned to the
bidder.
Tenders must be enclosed, in envelopes, securely sealed, addressed to the
Federal Reserve bank, or branch, of the district, and plainly marked “Tender
for 2-7/8 percent Treasury Bonds of 1955-60".
The Federal Reserve banks will
suuply printed forms and special envelopes for submitting tenders.
Incor
porated banks and trust companies not located in a city where a Federal Reserve
bank or branch is located may, in their discretion, submit tenders by telegram,
but such telegrams must be received at the Federal Reserve bank or branch be
fore the time fixed for closing.
Immediately after the closing hour for the receipt of tenders on August 14,
1935, all tenders received in writing or by telegraph at the Federal Reserve
banks or branches thereof up to the closing hour (12 o ’clock noon, Eastern
Standard time) will be opened.
The Secretary .of the Treasury will determine
the acceptable prices offered and will make public renouncement thereof as soon
as possible after the opening of tenders.
Those submitting tenders will be
advised by the Federal Reserve banks of the acceptance or rejection thereof,
and payment on accepted tenders must be made as hereinafter provided..
In
considering the acceptance of tenders, the highest prices offered will be
accepted in full down to the amount required; and if the same price appears in
two or more tenders and it is necessary to accept only a. part of the amount
offered at such price, tenders for smaller amounts may be accorded preference
4
and tenders for larger amounts prorated to the extent necessary in accordance
with the respective amounts hid for.
The Secretary of the Treasury expressly
reserves the right, however, to reject any or all tenders or parts of tenders,
and to award less than the amount hid for, and any action he may take in any
such respect or respects shall he final.
Pa,yment
Payment for any bonds alioted on accepted tenders must he made or completed
on or before August 19, 1935, in cash or other immediately available funds,
and must include the face amount, ‘and the premium which the bidder has agreed
to pay, together with accrued interest on the free amount from March 15, 1935,
to August 19, 1935, 3/ In every case where payment is not so completed, the 5
percent deposit with application shall, upon declaration made by the.Secretary
of the Treasury in his discretion, be forfeited, to the United States.
General Provisions
Federal Reserve banks, as fiscal agents of the United States, are
authorized, and requested, to receive tend.ers, to make allotments as indicated
by the Secretary of the Treasury to the Federal Reserve banks of the respective
districts, to issue allotment notices, to receive payment for bonds allotted,
to make delivery.of bonds on full-paid allotments, a.nd. to perform such other
acts as may be necessary to carry out the provisions of this circular.
Pending
delivery of the definitive bonds, Federal Reserve banks may issue interim re
ceipts.
The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the receipt of tenders a.nd the sale of bonds under this circular, which will be communica,ted promptly to the Federal Reserve banks.
HEITRY MORGEHTHAU, JR. ,
Secretary of the Treasury.
3/ Accrued interest from March 15, 1935, to August 19, 1935, on $1,000 face
amount is $12.265625.
Customs District
Alaska
Arizona
Buffalo
Chicago
Colorado
Connecticut
Dakota
Duluth and Superior
El Faso
Florida
Galveston
Georgia
Hawaii
Indiana
Iowa
Kentucky
Los Angeles
Maine and New Hampshire
Maryland
Massachusetts
Mi chigan
Minnesota
Mobile
Montana and Idaho
New Orleans
New York
North Carolina
Ohio
Omaha
Oregon
Philadelphia
Pittsburgh
Puerto Rico
Rhode Island
Rochester
Sabine
St* Lawrence
St, Louis
San Antonio
San Diego
San Franoisco
South Carolina
Tennessee
j
Utah and Nevada
Vermont
Virginia
Washington
Wisconsin
Total
•
S
s
i
Fiscal Year
1934
$
24,259
389,550
4,041,050
8,386,151
192,805
566,804
329,199
481,217
264,122
2,429,925
2,370,101
3,845,032
1,360,992
500,213
30,072
647,273
4,179,021
572,792
8,565,989
25,741,589
4,233,127
374,679
897,389
108,769
7,606,121
162,330,613
8,902,003
2,566,498
310,496
719,095
28,103,403
2,725,374
1,796,086
1,507,172
802,679
170,062
1,030,493
1,673,020
563,023
111,394
8,709,065
857,780
107,279
21,091
769,371
10,152,281
2,471,589
351,705
1314,889,814
•
•
j
i
Fiscal Year
1935
:
:
:
Per Cent of
Increase /
Decrease -
i
8,571
1,412,444
5,413,225
12,473,697
221,205
666,084
1,133,290
3,248,915
1,089,306
1,992,028
4,271,631
2,724,064
1,637,357
7,416,386
42,925
876,001
6,467,870
540,365
11,112,879
21,074,091
3,789,173
1,357,613
549,870
128,811
14,272,045
166,715,220
9,616,734
2,014,899
261,927
1,213,874
23,993,397
3,321,690
2,055,334
1,301,573
1,061,971
284,789
1,128,009
2,024,257
2,433,992
244,434
10,218,682
416,681
106,163
25,920
1,414,704
8,086,203
3,601,428
1,535,367
1346,997,094
64.7
/
262.6
34.0
/
/
48.7
14.7
7
17.5
7
244.3
7
575.1
312.4
/
18.0
80.2
7
29.2
20.3
7
/ i ,382.7
/
42.7
35.3
7
54.8
7
5.7
29.7
7
18.1
10.5
/
262.3
38.7
18.4
/
87.6
2.7
7
8.0
7
21.5
m
15.6
68.8
/
14.6
21.9
7
14.4
/
13.6
32.3
/
67.5
/
9.5
7
21.0
7
332.3
119.4
7
17.3
7
51.4
mm
1.0
/
22.9
83.9
7
20.4
45.7
7
336.5
/
__________
10.2
—
TREASURY DEPARTMENT
Washington
FOR B B M M £ RELEASE,
August
1935
M/f
Press Service
No • 5-52
The Bureau of Customs of the Treasury Department today
reported the duties collected during the fiscal years 1934
and 1935 by Customs districts.
This report, showing the
per cent of increase or decrease, follows*
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS,
Monday. August 12. 1935._______
8/10/35
Press Service
5-52
Tlie Bureau of Customs of the Treasury Department today reported the
duties collected during the fiscal years 1934 and 1935 hy Customs District
This report, showing the per cent of increase or decrease, follows«
~ 2 -
Customs District
Alaska
Arizona
Buffalo
Chicago
Colorado
Connecticut
Dakota
Duluth and Superior
El Paso
Florida
Galveston
Georgia
Hawaii
Indiana
Iowa
Kentucky
Los Angeles
Maine and Hew Hampshire
Maryland
Massachusetts
Michigan
Minnesota
Mobile
Montana and Idaho
Hew Orleans
Hew York
Horth Carolina
Ohio
Omaha
Oregon
Philadelphia
Pittsburgh
Puerto Rico
Rhode Island
Rochester
Sabine
St. Lawrence
St. Louis
San Antonio
San Diego
San Francisco
South Carolina
Tennessee
Utah and Nevada
Vermont
Virginia
Washington
Wisconsin
Total
•
•
: Fiscal Year
:
1934
•
•
•
•
•
$
$
24,259
389,550
4,041,050
8,386,151
192,805
566,804
329,199
481,217
264,122
2,429,925
2,370,101
3,845,032
1,360,992
500,213
30,072
647,273
4,179,021
572,792
8,565,989
25,741,589
4,233,127
374,679
897,389
108,769
7,606,121
162,330,613
8,902,003
2,566,498
310,496
719,095
28,103,403
2,725,374
1,796,086
1,507,172
802,679
170,062
1,030,493
1,673,020
563,023
111,394
0,709,065
857,780
107,279
21,091
769,371
10,152,281
2,471,589
351.705
$ 314,089,014
Fiscal Year
1935
8,571
1,412,444
5,413,225
12,473,697
221,205
666,084
1,133,290
3,248,915
1,089,306
1,992,028
4,271,631
2,724,064
1,637,357
7,416,386
42,925
876,001
6,467,870
540,365
11,112,879
21,074,091
3,789,173
1,357,613
549,870
128,811
14,272,045
166,715,220
9,616,734
2,014,899
261,927
1,213,874
23,993,397
3,321,690
2,055,334
1,301,573
1,061,971
284,789
1,120,009
2,024,257
2,433,992
244,434
10,218,602
416,681
106,163
25,920
1,414,704
0,086,203
3,601,420
1,535,367
$ 346,997,094
s
:
:
Per cent of
Increase f
Decrease '
*-■
64.7
4- 262.6
434.0
48.7
414.7
417.5
4244.3
i*
4- 575.1
4- 312.4
~
18.0
80.2
4*
29.2
20.3
4,382.7
4-1
42.7
435.3
454.8
4*
—
5.7
29.7
418.1
10.5
4* 262.3
38.7
18,4
4*
87.6
42.7
48.0
4*
21.5
15.6
68.8
4*
14.6
21.9
414.4
4—
13.6
32.3
467.5
4*
9.5
4*
21.0
44- 332.3
4- 110.4
17.3
451.4
1.0
22.9
403.9
420.4
45.7
4336.5
4♦
10.3
,
TREASURY DEPARTMENT
Washington
memorandum f o r
August 12, 1935
the press
op s i l v e r b y t h e m i n t s a n d a s s a y o f f i c e s :
(Under Executive Proclamation of December 21, 1933) as amended
receipts
Week ended August 9*- 1935«
Philadelphia ......... ..............
San Erancis.co.... .................
Denver*..••••••••••••.•••*•••■..... .
Total for week ended August 9, 1935*..
Total receipts through August 9, 1935.
475,213*00 fine ounces
273.246.00
*
"
2.775,00
« «
751.234.00
n
u
42,526,511.18
"
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended August 9, 1935:
Philadelphia «•»•*•*•**••,••*••••••
New York*...........................
San Francisco
Denver. •**••«•*....... .
.....
New Orleans.*................. .*...
Seattle*
Total for week ended August 9, 1935..
Total receipts through August 9, 1935
298*00 fine ounces
it
669*00
B
t!
7,491*00
n
II
636.00
|
II
310*00
”
II
9,404.00
112,958,165.00
M
”
"
H
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
New
Domestic
$
. 478.10
15,400*00
1,263,060.90
606,792*00
.Secondary
Week ended August 9, 1935:
Imports
$193,225.65
Philadelphia. ••••.... ....*• *lf*
24,894.52
262,300.00
New York.«.••••««•••••.....*• 25,939,000.00
66,558*84
San Francisco.••••......••••.
303,608.98
44,632.00
Denver. .......................
49,844. 00
37,885*87
New Orleans.*..*•• *..... *.**
21,294.09
Seat tie
•«*
Total for week ended August 9..$26,317,347.50 $625,896.45
241,918.46
$2,127,649.46
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER'S OFFICE:
(Under Secretary1s Order of December 28, 1933)
Received by Federal Reserve Banks: Gold Coin .
Week ended August 7***»*.••*••••••$ ~ 19,783*72
Received previously.•••••••••.... 30,637,689.67
Total to August 7, 1935........... $30,657,473.39
Received by Treasurer*^ Office:
Week ended August 7.•••*•*.•••••••$
Received previously............ . *
Total to Augmst 7, 1935........ .*•$
NOTE:
500*00
264,306.00
264,806400
Gold bars deposited with the New York Assay Office
la the amount of $200,572.69 previously reported.
Gold Certificates
$
291,190*00
95,193.580.00
$95,484,770.00
$
9,500*00
2,202,800.00
$ 2,212,300.00
UKTIffED SUITES SAVINGS BOHDS
Sales by States
„State
Total
March 1 - July ;
Illinois........................................ $
Hew York................
Ohio-.......................... .................
Missouri................ .......................
Iowa............................................
Pennsylvania......................
Kansas..........................................
Minnesota.......................................
Michigan........................................
Sexas......................................
Indiana...................................
Wisconsin........................................
Cal ifornia............ .........................
Nebraska................
Massachusetts..................
Kentucky........................................
Oklahoma..........
North C
a
r
o
l
i
n
a
.
l
j
,
West Virginia. ...... 7^.777.. .T77T.T7^T.TT.TTr.TTT.T'
Washington...... .............................
District of Columbia..............
Tennessee.......
Virginia..........*.............................
Florida.........................................
Oregon...................
Colorado........................................
North Dakota...... ..........................
Montana.........................................
Georgia..................
South Dakota....................................
Maryland.........................................
Arkansas........................................
Louisiana.....................
Mississippi................
South Carolina..................................
Alabama.............
Connecticut............
Maine..... ......................................
Idaho............................
Rhode Island....................................
New Mexico.............................
Utah............................................
Arizona..... .................
New Hampshire............ ........... ...........
Wyoming.........................................
Vermont...........................
Nevada.............................
Delaware...... ........... .••••..... ...... .
Hawaii............. ........................... ♦
Alaska..........................................
Puerto Rico..... ..............
Virgin Islands..............
9,149,287.50
6,935,250.00
6,620,737.50
6,411,431.25
6,092,362.50
4,690,818.75
4,293,543.75
4,660,743.75
4,358,025.00
4,023,281.25
3,839,550.00
3,181,518.75
2, 961,431.25
2,951,400.00
1,651,575.00
1,602,562.50
1,522,050.00
500,581.25
1,315,087.50
1,256,100.00
1,195,162.50
1,089,075.00
1,070,812.50
1,044,056.25
1,002,956.25
9 7 5 ,637.50
879,281.25
844,425.00
804,731.25
773,531.25
745,012.50
732,375.00
667,387,50
566,006.25
492,731.25
455,193.75
384,337.50
301,181.25
279,918.75
252,956.25
248,981*25
234,262.50
201,862.50
184,275.00
182,456.25
141,768.75
96,862.50
56,925.00
29,681.25
28,931.25
25,200.00
1.125.00
Total • Cash Receipts.... .........................¿96.365.587.50
Maturity Value.... .......
¿128.487.450.00
UNITED STATES SAVINGS BONDS
Sales 'by States
State
June. 1935
Illinois.............................$
New York.............................
Ohio...................
Missouri.......................
Iowa................................
Pennsylvania............. .......... .
Kansas................
Minnesota. .......
Michigan.............................
Texas...............................
Indiana..............................
Wisconsin. ...........
California.................. ...... .
Nebraska. ......
Massachusetts....................
Kentucky...........
••
Oklahoma.................. .
North Carolina....... ........... •••••
New Jersey..... .....................
West Virginia....................
Washington..... .
District of Columbia
Tennessee
Virginia
Florida
Oregon
Colorado
North Dakota
Montana
Georgia
South Dakota
Maryland
Arkansas
Louisiana
Mississippi
South Carolina
Alabama
Connect!cut
Maine
Idaho
Rhode Island
New Mexico
Utah
Arizona
New Hampshire
Wyoming
Vermont
Nevada
Delaware
Hawaii
Alaska
Puerto Rico
Virgin Islands
1,411,631.25
787,050.00
1,241,887.50
1,095,318.75
963,187.50
910,631.25
850,443.75
649,987.50
753,243.75
470,118.75
663,993. 75
867,693.75
546,937.50
442,368.75
232,275.00
257,343.75
314,550.00
168,056.25
242,306.25
261,731.25
249,506. 25
369,618.75
140,025.00
178,518.75
184,593.75
208,481.25
110,025.00
173,118.75
135,150.00
96,375.00
124,031.25
100,218.75
65,606.25
89,512.50
89,231.25
81*712.50
65,718.75
47,175.00
59,231.25
33,168.75
35,343.75
50,943.75
28,631.25
42,318.75
33,975.00
16,631 •25
15,356.25
17,700.00
3,562.50
5,662.50
3,206.25
2,531.25
... 150.00
Total cash receipts
$15,960,787.50
Maturity Value
$21,281,050.00
Approximately a~feo^al
rrr 375,000 persons paid in cash from
March 1st to July 31st, inclusive, $114,353,594.84 for $152,471,459.85
maturity value of United States Savings Bonds.
The cash sales for the
month of June amounted to $15,684,792.39 or maturity value of $20,913,086.52!
Illinois led in June sales, and the following rank in
named:
Ohio,
J- sales as
Missouri, Iowa, Pennsylvania, Wisconsin, Kansas, N ew York,
Michigan, Minnesota.
Illinois has been the banner State in the sale of United States
Savings Bonds since this offering was first made in March, arid the 'TPLher
States have taken the,.
o t1 h e r e ^ H o n - a£ fV;p pm inhm .
u
n
/
l
J
A)
<_ ^ A ±
The July .sales for the entire c o u n t r y ----nAC> ',oir
i
/
*
I/
/„ , ¥
A
4
»
J T'
"Tie daily
Sales of United States Savings Bonds for the month of June and the
first four months,by states, arranged in order of their total sales
for the four months were:
Y q .,
UNITED STATES SAVINOS BONDS
Sales Try State»
State
Total 4 months
June. 1935
Alabama.......
Alaska .............
3,206.25
Arizona ............ ...
42,318.75
Arkansas ................
65,606.25
California ........ ,... 546^937.50
Colorado ...........
Connecticut ....... ___
47,175.00
Delaware .......... .___
3,562.50
District of Columbia ... 369,618.75
Florida .......... ___ 184,593.75
Georgia .......... .___
96,375.00
Hawaii ..... .
___
5,662.50
Idaho .........
/ Illinois ........ ...
Indiana ........... ..... 636,993.75
K// Iowa .................... 963,187.50
Kansas ............ ..... 850,443.75
Kentucky ............
Louisiana.... .
UAlno „ ............ ....
59,231.25
Maryland .... .....
Massachusetts ......
u J Michigan .........
y,
Minnesota ...... .
Mississippi ....... .
x 3 Missouri ..........
Montana..........
Nebraska......... .
Nevada ..................
17,700.00
Hew Hampshire ......
Hew Jersey ..........
Hew Mexico.........
(/ New Yorlr ................ 787,050.00
North Carolina.... .
North Dakota ........
v 2- Ohio .V ........... .
Oklahoma ...........
Oregon •••«...«.... .
]/•S Pennsylvania.... ..
Puerto Bico ..... .
Bhode Island ...... .
South Carolina ......
South Dakota
Tennessee ........ .
.... 470,118.75
Texas ,T,
28'631.25
Utah ................___
15,356.25
Vermont ........ . ....
Virginia ...... .
Virgin Islands ....
Washington .........
West Virginia ••••••
^ (o Wisconsin ••...... .
Wyoming ...........
Total - Cash Beceipts .•• ..615.960.787.50
.........
28,931.25
.........
732,375.00
.........
975,637.50
.........
56,925.00
.........
6,092,362.50 4
.........
.........
667,387.50
301,181.25
.........
844,425.00
.......
96,862.50
..........
6,935,250.00,21,500,581.25
.... .
4,690,818.75 b
.........
..........
.........
.........
1,089,075.00
4,023,281.25 JO
234^262.50
141^768.75
........ 696.365.587.50
Maturity Value ......... ..621.281.050.00 ........f128.487.450.00
CPD
8-9-35
The following statement shows the
sales of
United States Savings Bonds, during June, hy States, together with £>
the total amount of
June 30«
sales for the four months^ period
ending
The figures of sales hy States are as provided hy the
Post Office Department.
The marginal figures at the left
indicate the rank of the States jfcoiKg for June sales, and the
marginal figures at the right indicate the rank of the States
during the four months* period.
TREASURY DEPARTMENT
Washington
POR I « U T S RELEASE*
Monday, August 12, 1935.
Pr®ss ? ^ ^ ice
No*
Approximately 375,000 persons paid in cash from March 1st to July 31st,
inclusive, $114,353,594.89 for $152,471,459.85 maturity value of United States
Savings Bonds.
The cash sales for the month of June amounted to $15,684,792*39
or maturity value of $20,913,086.52.
following rank in June sales as named:
Illinois led in June sales, and the
Ohio, Missouri, Iowa, Pennsylvania,
Wisconsin, Kansas, New York, Michigan, Minnesota.'
Illinois has "been the banner State in the sale of United States Savings
Bonds since this offering was first made in March.
The July cash sales for the entire country were $21,648,185.43, or
$28,864,247.24 maturity value.
The daily average of sales through July 31st
were $1,200,000*00 maturity value.
Sales of United States Savings Bonds for the month of June and the first
four months, by states, arranged in order of their total sales for the four
months were:
UNITED STATES SAVINGS BONDS
Sales
States
June, 1935
State
Illinois ...........
New York ........
Ohio *..............
Missouri ...........
Iowa ...............
Pennsylvania......
Kansas ............
Minnesota.... .
Michigan..........
Texas.... .
Indiana ............
Wisconsin .........
California........
Nebraska ..........
Massachusetts .....
Kentucky..... .
Oklahoma..........
North Carolina ....
New Jersey .........
West Virginia .....
Washington........
District of Columbia
Tennessee ..........
Virginia ..........
Florida ............
Oregon .............
Colorado ...........
North D a k o t a ..... .
Montana.... .
Georgia......... ..
South Dakota ......
Maryland......... .
Arkansas ...........
Louisiana .......... .
Mississippi ........ .
South Carolina ......
Alabama .......... *.,
Connecticut .........
Maine..............
Idaho .............. .
Rhode.Island ........
New Mexico ..........
Utah .............. .
Arizona ...... .......
New H a m p s h i r e ......
Wyoming_.............
Vermont .............
Nevada
......
Delaware . .......
Hawaii ..............
Alaska ..............
Puerto R i c o ....... .
Virgin Islands .....
Potal cash receipts .
Maturity V a l u e .....
$
1,411 ,.631,25
787,050100
1,241,887150
1,095,318^75
963,187150
910.631125
850,443175
649,987^50
753,243^75
470.118175
663,993175
867.693.75
546,937150
442.368.75
232,275loo
257.343.75
314,550loo
168,056125
242,306125
261,731125
249,506125
369,618175
140.025100
178,518175
184,593l?5
208,481125
110.025100
173.118175
135,150l00
96,375100
124,031125
100,218175
65,606125
89,512150
89.231125
81,712150
65,718175
47,175l00
59.231125
33.1681.75
35,343175
50,943175
28.631125
42.318.75
33,975.00
16.631125
15,356125
17,700l00
3,562150
5,662l50
3,206125
2,531125
150100
Total
March 1 - July 1, 1935
$
9,149,287150
6.935.250.00
6,620,737150
6,411,43ll25
6,092,362150
4,690,818175
4,293,543175
4,660,743175
4,358,025loo
4,023,281125
3,839,550l00
3,181,518175
2,961,431,25
2.951.400.00
1,651,575100
1,602,562150
1,522,050100
1,500,581125
1,359,150^00
1,315,087150
l,256,100l00
1,195,162150
1,089,075100
1,070,812150
1,044,056125
1,002,956125
975,637150
879,281125
844,425100
804.731125
773,531125
745,012150
732,375100
667,387150
566,006125
492.731125
455,193175
384,337150
301,181125
279,918175
252,956125
248,981125
234,262150
201,862.50
184,275100
182,456125
141,768175
96,862150
56,925.00
29,681125
28,931125
25,200loo
_______ l t!25;00
$ 15,960.787.50
$ 96.365.587.50
$ 21,281,050.00
$128,487,450.00
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, August 18, 1985»____
8/12/35
Press Service
«ST— *£“^
Secretary of the Treasury Morgenthau announced last
evening that the tenders for $50,000,000, or thereabouts
of 273-day Treasury bills, dated August 14, 1935, and
maturing May 13, 1936, which were offered on August 9,
were opened at the Federal Reserve banks on August 12*
The total amount applied for was $139,638,000, of
which $50,072,000 was accepted*
Except for one bid of
$50,000, the accepted bids ranged in price from 99*960,
equivalent to a rate of about 0*053 percent per annum,
to 99*941, equivalent to a rate of about 0*078 percent
per annum, on a bank discount basis*
Only part of the
amount bid for at the latter price was accepted.
The
average price of Treasuiy bills to be issued is 99*945
and the average rate is about 0*073 percent per annum
on a bank discount basis*
TREASURY DEPARTMENT
Washington
Press Service
No# 5-54
for r e l e a s e , m o r n i n g n e w s p a p e r s ,
Hhiesday# August 13. 1935«
8/12/35«
_„
Secretary of the Treasury Morgenth.au announced last evening that the tenders
for $50,000,000, or thorcahouts, of 373-day Treasury hills, dated August 14, 1935,
and maturing May 13, 1936, which wore offered on August 9, were opened at the
Federal Reserve "banks on August 12#
The total amount applied for was $139,638,000, of which $50,072,000 was
accepted.
Except for one hid of $50,000, the aocoptod bids ranged in price from
99.960, equivalent to a rate,of.about 0.053 percent per annum, to 99.941,
equivalent to a rate of about 0.078 percent per annum, on a bank discount basis.
Only part of the amount bid for at the latter price was accepted.
The average,
price of Treasury bills to be issued is 99,945 and the average rate is about 0.073
percent per annum on a hank discount basis#
ooOoo
PLACE
PWOSI
Waseca
Hastings
Minneapolis
St. Paul
St. Cloud
Marshall
Ely
Brcckenridge
P.O.
PROJECT
mimssota
P.Q. .
Ct.,H. etc.
Ct.,H. etc.
P.O. etc.
P.O.
P.O.
P.O.
Site and Building
Site and "building
Renodeling
Renodeling
Site and "building
Site and "building
Site and "building
Site and "building
MISSISSIPPI
Anory
Rev/ Albany
Lexington
Pontotoc
Routon
Pascagoula
Magnolia
Site
Site
Site
Site
Site
Site
Site
P*0*
p *0 ’
p *0*
P.O.
p#0*
and
and
and
and
and
and
and
Building
Building
Building
Building
Building
Building
Building
ÜSS0U3&
Marceline
Higginsvillo
Richmond
Kansas City
Springfield
Monott
Prcdericktov/n
Vandalia
Rennett
St. L oui s
St. Louis
(University City)
(Well st on)
P.O.
P.O.
P.O.
Ct• H. etc.
P.O. & Ct. H.
P.O.
P.O.
P.O.
P.O.
M.H.
P.O. Branch
P.O. Station
Site and Building
Site and Building
Site and Building
Building
Site and Building
Site and Building
Site ana Building
Site and Building
Site and Building
Buildings
Site and Building
Site and Building
MONTANA
Missoula
P.O. & Ct. H.
Great Palls
P.O.
Se Ct. h.
Additional land and
annex
Extension and renodeling
8PLACE
PURPOSE
PROJECT
Auburn
Fremont
P.O.
P.O. etc*
Minden
Valentine
P.0.
P*0.
Site and building
Additional land, extei
and remodeling
Site and building
Site and building
Lovelock
Agriculture & P*0* Site and buildQng
l^BEASKA..
NEVADA
NEW HAMPSHIRE
Wolfeboro
Concord
P.0.
P.O. & Ct. H.
Site and building
Extension and remodel
Penns Grove
Ocean City
Lakewood
HigLtstown
Madison
Westfield
Ridgewood
Little Falls
Fort Lee
Glen Ridge
South Orange
Millburn
P.O.
P.O.
P.0.
P*0.
P.O.
P.O.
P.O.
P.O.
P.O.
P.O.
P.O.
P.O.
Site and
Building
Site and
Site and
Site and
Site and
Site and
Site and
Site and
Site and
Site and
Site and
Doming
Portalos
P.O.
P.O.
Site and building
Site and building
NEW JERSEY
building
building
building
building
building
building
building
building
building
building
building
P W MEXICO
-9-»
PIACE
PURPOSE
PROJECT
Huntington
Jackson Heights
Hew York City
Hew York City
How York City
He?/ York City
Brooklyn
Bronxville
Scarsdal g
Poughkeepsie
Kingston
P.O.
P.0.
p.u.
I.St .
Cu. H.
Appr* Stores
P.O, & Ct. H.
P.O,
P,0,
P.0, etc.
P.O,
Site and Building
Site and Building
Remodeling
Repairs and Building
Repairs
Repairs
Repairs
Site and Building
Site and Building
Site and Building
Additional land, extension and remodeling
Sité and 'Bui-13.ing
Site and Building
Site and Building
Site and Building
Building
Site and Building
Site and Building
Extension and remodeling
Site and Building
Site.and Building
Site and Building
Site and Building
Port Edward
Canajoharie
Ticonderoga
rvxiilton
Rone
Walt on
Baldwinsville
Canandaigua
Wavorly
East Rochester
Attica
G-owanda
f
P.O,
P.O,
P.O.
P.O.
P.O. etc.
P,0,
P.O.
P.O. Ct. H.
P.O.
P.O.
P.O.
P.O.
NORTH CAROL IHA
& CT. H.
Washington
P.O.
Warrenton
Clinton
Henderson
P.O,
P.O.
P.O. etc.
RoxB'oro
Burlington
Wilmington
Sanford
Mooresville
Lincolnton
Marion
P.O.
P.O. etc.
P.O, Ct. H.
P.O.
P.O.
P.O.
P.O.
Additional land, ex
tension and remodeling
vgite and Building
Site and Building
Additional land, ex
tension and remodeling
Site and Building
Site and Building
Building
Site and Building
Site and Building
Site and Building
Site and Building
PLACE
PURPOSE
PROJECT
NORTH DAKOTA
G-rancL Porks
Bismarck
P. 0. & Ct. H.
P. 0. Ct. H.
Extension and remodeling
Extension and remodeling
Cincinnati
Eaton
Greenville
Wauseon
Lebanon
Mount Gilead
Maumee
Nelsonville
New Lexington
Georgetown
Willard
Wadsworth
Caldwell
Minerva
Granville
East Palestine
Girard
Building
P. 0. & Ct. H.
Site and Building
P. 0.
Extension and remodeling
P. 0.
Site and building
P. 0.
Site and building
P. 0.
Site and building
P. 0.
Site and building
P. 0.
Site and building
P. o. Site and building
P* 0.
Agriculture & P.0. Site and building
Site and building
P. 0.
Site and building
P. 0.
Site and building
P. 0.
Site and building
P. 0.
Site and building
P. 0.
Site and building
P. 0.
Site and building
P. 0.
Pawhuska
Table quail
Poteau
Seminole
Sulphur
Watonga
Cordell
Blackwell
P.
P.
P.
P.
P*
P.
P*
P.
OHIO
OKLAHOMA
0.
0.
0.
0.
0.
0.
0*
0. etc*
Site and building
Site and building
Site and building
Site and building
Site and building
Site and building
Site and building
Extension and remodeling
OREGON
Salem
Ontario
Portland
P. 0. etc,
P. QPostal Station A
Building
Site and "building
Site and "building
- li -
PLACE
FJRPOSE
PROJECT
PENNSYLVANIA
Philadelphia
Upper Darby
Quakertown
Ephrata
Freeland
Mahonoy City
Danville
Muncy
Ardmore
Shippensburg
Farrell
Easton
Mercershurg
State College
Somerset
Canonshurg
Beaver Falls
J ohnstown
Vandergrift
M&adville
Turtle Creek
Duquesne
Boyertown
M ~:nt Union
Ct. H.
P. 0.
P. 0.
P f 0f
P. 0.
P. 0.
P. 0.
P. 0,
P. 0,
Pf 0 ,
P, 0,
P, o.
P. 0.
P. 0.
P. 0.
P. 0.
P. 0.
P. 0.
P. 0.
P. 0.
P. 0.
P. 0,
P. 0.
P. 0.
etc.
etc.
etc.
etc.
Building
Site and "building
Site and "building
Site and "building
Site and building
Site and building
Site and building
Site and building
Site and building
Site and building
Site and building
Extension and remodeling
Site and building
Extension and remodeling
.Site and building
Site and building
Site and building
Site and building
Site and building
Extension and remodeling
Site and building
Site and building
Site and building
Site and building
RHODE ISLAND
East Providence
Narragansett Bay
Site and building
Site and buildings
P. 0.
Q. S.
Walterboro
Sumter
Anderson
Winnsboro
Florence
p O
SOUTH CAROLINA
etc.
P. 0. & Ct. H.
P. 0.
P. 0. & Ct. H.
Site and building
Additional land, extension and remodeling
Site and building
Site and building
Extension and remodeling
-
PLACE
12
PURPOSE
PROJECT
SOUTH DAKOTA
Aberdeen
Gregory
P. 0. & Ct. H.
P. 0. etc.
Site and Building
Site and building
Newport
La Follette
Sparta
Livingston
Dickson
Camden
Dresden
Memphi s
V. 0.
Site and building
Site and building
Site and building
Site and building
Site and building
Site and building
Site and building
Buildings
TENNESSEE
P. 0.
P. 0.
Agriculture & P.0.
P. 0. etc.
P. 0.
P. 0.
M. H.
TEXAS
Cooper
Jasper
Longview
Kaufman
College Station
Conroe
Lagrange
Gatesville
Quanah
Kenedy
Laredo
Midland
Eastland
Canyon
Big Spring
Brady
Goose Creek
Agriculture & P.0.
p. o;
P.
P.
P.
P.
P.
P.
P.
P.
P.
0.
0f
0.
0.
0.
0f
0.
0,
Of & Ct. H.
pi oi
P. o*
P, 0.
P. 0*
P; o;
p: o:
Site and building
Site and building
Extension and remodeling
Site and building
Site and building
Site and building
Site and building
Site and building
Site and building
Site and building
Extension and remodeling
Site and building
Site and building
Site and building
Building
Site and building
Site and building
13
PLAGE
PURPOSE
St. George
Provo
P. 0. etc.
P. 0. etc.
Site and building
Site and "building
Woodstock
P. 0.
Site and "building
Fredericksburg
P. 0. etc.
Virginia Beach
Richmond
Hopewell
Rockymount
Chri stianshur g
Charlottesville
Tazewell
Strasburg
P.
P.
P.
P.
P.
P.
P.
P.
Additional land
extension and remodeling
Site and "building
Additional stories
Site and "building
Site and "building
Site and "building
Extension and remodeling
Site and building
Site and building
PROJECT
UTAH
VERMONT
VIRGINIA
0.
P. Bldg.
0.
0.
0.
0. & Ct. H.
0.
0.
WASHINGTON
Anacortes
P. 0.
Centralia
P. 0.
Sunnyside
P. 0.
Ronton
P. 0.
Seattle
(University Sta*) P. 0.
Colville
P. 0.
Site
Site
Site
Site
Weirton
Elkins
Oak Hill
Spencer
Logan
Bluefield
Site and building
Site and building
Site and building
Site and building
Site and building
Remodeling
and
and
and
and
building
building
build-in g
building
Site and building
Site and building
WEST VIRGINIA
P. o.
Forestry
P. 0.
F. 0.
P. 0.
P. 0. & Ct. H.
14
PLACE
PURPOSE
PROJECT
WISCONSIN
Elkhorn
Oconomowoc
Prairie du Chien
Milwaukee
(Shorewood Station)
Port Washington
Rice Lake
Sturgeon Bay
Park Falls
Berlin
P. 0.
P. 0.
P. 0.
Site and Building
Site and Building
Site and Building
P.
P.
P.
P.
P.
p.
Site
Site
Site
Site
Site
Site
Cheyenne
Yellowstone Pe,rk
3?. 0. B.
P. 0.
Additional storie
Building
Nome
P. 0. & Ct. H.
Building
Hilo
P. 0, & Ct. H.
Extension and remodeling
?. 0.
Site and Building
0.
0.
0.
0.
0.
0.
and
and
and
and
and
and
Building
Building
Building
Building
Building
Building
WYOMING
ALASKA
HAWAII
VIRGIN ISLANDS
St. Thomas
ALL STATES
For minor construction and mechanical equipment projects, including
repairs, alterations and improvements to Federal Buildings through
out the country.
APPROVED:
(Signed) H, MORGENTHAU, JR
Secretary of the Treasury
(Signed) W. W. HOWES
Acting Postmaster General
TREASURY DEPARTMENT
Washington
Press Service
ho. 5 - c *$ r
Comptroller of the Currency J. 7. T* 0*Connor announced today that the total
assets of the 5>431 active national hanks in the continental United States» Alaska,
Hawaii and the Virgin Islands on June 29, 1935» the date of the last call for state*
meats of condition» aggregated $ 26>06l»360,000, which was an Increase of $ 102 ,077,000
in the amount reported hy 5>**51 active hanks as of March 4, 1935» the date of the
previous call, and an Increase of $2,159»766,000 over the amount reported hy 5,422
active hanks as of June 30, 1934, the date of the midsummer call last year.
Loans and discounts, including rediscounts, on June 29, 1935» totaled $7»365,226,
000, in comparison with $7>489*904,000 on March 4, 1935» «ad $7,694,749,000 on June
30, 193^*
Investments in United States Government obligations, direct and fully guaranteed,
amounted to $7»173»007>000, showing an increase of $52,716,000 since March 4, and an
increase of $1,169,355*000 1« the year.
Investments in such obligations reported for
the recent call comprise direct obligations of the Uhl ted States of $6,077 »724,000,
obligations of the Reconstruction finance Corporation of $187>902»000, federal farm
Mortgage Corporation bonds of $257»260,000, and Home Owners1 Loan Corporation bonds
gaaxastee&xwxtsxbettoiataxestxsB&xprinsipsl of $650,121,000.
Other bonds and securi
ties held amounting to $3 >5^3>379,000, showed an Increase of $53 »998 »000 since March
4, and an Increase of $198,478,000 in the year.
Balances due from correspondent hanks and hankers of $6,410,744,000, which in*
eluded re serve with federal reserve hanks of $3,092,178,000, were $159*947 >000 more
than on March 4, and $1,115,103,000 more than on June
30 ,
1934«
The cash in vault of
$405,513»000 showed increases in the 4 and 12-month periods of $14,085,000 and
$53»111 ,000, respectively.
The hook value of capital stock of the active national banks on June 29, 1935»
amounted to $1,809,503»000 and represented a par value of $1,813,970,000.
The jlatter
figure was composed of Claes A preferred stock of $503,914,000, Claes B preferred
stock of $21,208,000, and common stock of $1,288,848,000.
The book value of the
capital stock showed an increase of $4,764,000 since March 4, and an increase of
$71,676,000 since June 30 last year.
Surplus funds of $831 »846,000, undivided profits
TREASURY DEPARTMENT
Washington
JOR RELEASE, MORNING NEWSPAPERS,
Saturday. August 17, 1935.
--^
Press Service
No# 5-5
Comptroller of the Currenty J.f.T. O'Connor announced today that the total
assets of the 5,431 active national hanks in the continental Ifciited States, Alaska,
Hawaii and the Virgin Islands on June 29, 1935, the date of the last call for state
ments of condition, aggregated $26,061,360,000, which was an increase of $10^077,000
in the amount reported hy 5,451 active hanks as of March 4, 1935, the date of the
previous call, and an increase of $2,159,768,000 over the amount reported hy 5,422
active hanks as of June 30, 1934, the date of the midsummer call last year.
Loans and discounts, including rediscounts, on June 29, 1935, totaled
$7,365,226,000, in comparison with $7,489,904,000 on March 4, 1935, and
$7,694,749,000 on June 30, 1934.
Investments in United States Government obligations, direct and fully guaran
teed, amounted to $7,173,007,000, showing an increase of $52,716,000 since March 4,
and an increase of $1,169,355,000 in the year.
Investments in such obligations
reported for the recent call comprise direct obligations of the United Sta
$6,077,724,000, obligations of the Reconstruction finance Corporation of
$187,902,000, federal farm Mortgage Corporat ion bonds of $257,260,000, and Home
Owners* Loan Corporation bonds of $650,121,000.
Other bonds and securities held
amounting to $3,543,379,000, showed an increase of $53,998,000 since March 4, and
an increase of $198,478,000 in tho year.
Balancos due from correspondent banks and bankers of $6,410,744,000, which in
cluded reserve with Federal reservo banks of $3,092,178,000, wore ^159,947,000
than on March 4, and $1,115,103,000 more than on Juno 30, 1934.
The cash m
vault
of $405,513,000 showod increases in tho 4 and 12-month periods of $14,085,000 and
$53,111,000, respectively.
She bock value of capital stock of tho active national banks on Juno 39, 1935,
amounted to $1,809,503,000 and represented a par value of $1,813,970,000.
The
-
2-
lattor figure was composed of Class A preferred stock of $503,914,000, Class B
preferred stoek of $21,208,000, and common stock of $1,288,848,000.
The took value
of the capital stock showed an increase of $4,764,000 since March 4, and an
increase of $71,676,000 since June 30 last year.
Surplus funds of $831,846,000,
undivided profits of $297,967,000, reserves for contingencies of $143,951,000, and
preferred stock retirement fund of $3,151,000, a total of $1,276,915,000, showed
increases in the 4 and 12-month periods of $12,706,000 and $13,709,000, respectively.
Circulating notes outstanding amounted to $222,095,000, in comparison with
$627,022,000 on March 4, 1935, and $698,293,000 on June 30, 1934.
The total deposits of the active hanks, on June 29, 1935, were $22,518,541,000,
which was an increase of $502,842,000, or 2.28 per cent, since March 4, 1935, and
an increase of $2,585,881,000, or 12.97 per cent, since Juno 30, 1934.
The aggre
gate on June 29, 1935, included amounts due to hanks subject to immediate with
drawal and certified and cashiers* checks outstanding of $3,538,518,000, United
States deposits of $436,821,000, other demand deposits of $11,297,055,000 and time
deposits of $7,246,147,000.
In the total of time deposits were included postal
savings of $242,834,000, time certificates of deposit of $677,721,000, and deposits
evidenced by savings pass hooks of $5,685,539,000, the latter amount representing
14,329,550 accounts.
Postal savings in national hanks on Juno 29, 1935, showed
a decrease of $70,826,000, or 22.58 per cent, since March 4, and a decrease of
$197,948,000, or 44.91 per cont, in the year»
Bills payable of $3,989,000 and rediscounts of $654,000, a total of
$4,643,000, showed decreases in the 4 and 12-month periods of $6,124,000 and
$11,036,000, respectively.
The percentage of loans and discounts to total deposits reported as of June
29, 1935, was 32.71, in comparison with 34.02 on March 4, 1935, and 38.60 on June
30, 1934»
ooOoo
i
4
Operations by the Secret Service against counterfeiters of
revenue stamps, in turn, disclosed numerous operations in counterfeiting
of whisky labels, corporation securities and the like, which violations
were reported to appropriate authorities.
The Alcohol Tax Unit, in addition to its co-operation in the
anti-smuggling operations, concentrated its attention upon major viola
tions.
Proceedings were taken against an unusual number of large com
binations.
Indictments were obtained in thirty—five conspiracy cases
in which ten or more persons were indicted.
The total number of indict
ments obtained in all alcohol tax cases during the fiscal year was 15,537
and the number of convictions was 10,598. Sentences of imprisonment aggreuiV
gating 10, tg* years and fines aggregating^,893,197 were imposed.
The Bureau of Narcotics report
s±s& shows convictions numbering
3,065, fines aggregating ^175,043 and sentences of imprisonment aggregating
5,963 years, all figures representing marked increases over the previous
The Intelligence Unit of the Bureau of Internal Revenue, besides
co-operating with the other agencies in narcotics and alcohol cases, con
tinued to devote its attention to evasions of income taxes.
In cases given
final court disposition there were fifty convictions and one acquittal.
The incpme tax investigations resulted in recommendations of additional
taxes and penalties aggregating $20,212,161.
- 3 -
That the coordinated operations of Treasury agencies have been
measurably successful in cutting off the flow of illicit alcohol and
liquor is further indicated by the statistics on withdrawals for con
sumption of tax-paid liquor.
During the last six months, covering the
larger part of the period of concerted operations by the Treasury law
enforcement agencies,a total of 37,719,000 proof gallons of tax-paid
domestic spirits was withdrawn for consumption, as compared with 25,147,000
proof gallons during the same period in 1934.
The amount of foreign tax-
paid spirits entering consumption channels during the first six months of
1935 likewise increased.
On the Pacific Coast renewed efforts to smuggle narcotics from
the Orient also were met with coordinated action by Treasury Department
agencies.
Coast Guard cutters followed vessels from the Orient to pre
vent overboard disposition of contraband, with life preservers or other
buoyant material attached, to allow later recovery by small boats.
The
reports for the eleven months ending May 31, 1935 show that with this channel
of disposal cut off, the seizures of narcotics by customs agents were 60
per cent greater than in the same period in 1933-34.
Cooperative work by Coast Guard planes and operatives of the
Alcohol Tax Unit resulted in the location and seizure of numerous illicit
stills which might have defied detection through ordinary means.
Retail liquor dealer inspections, inaugurated by the Alcohol
Tax Unit, by uncovering the retail channels through which illicit liquor
moved, were responsible for location of illicit sources of supply in this
country.
The retail liquor dealer inspections also disclosed use of
counterfeit revenue stamps.
-
2 -
Through diplomatic channels action was taken to close to
smugglers’ activities the nearby foreign ports which were being used
as bases of supply.
As a result of these efforts most of the foreign
ports in the Western hemisphere, notably those of Cuba;
the French port of St, Pierre;
Newfoundland;
Puertos Barrios, Guatemala;
and Belize,
British Honduras, were effectively closed to smugglers’ operations.
Planes and vessels of the Coast Guard and a shore patrol made
up from Coast Guard, Customs and Alcohol Tax Unit forces operated to
prevent direct landings from foreign vessels and to intercept shipments
transferred outside the twelve mile limit to shore vessels.
Treasury
department and Canadian authorities co-operated in trailing smugglers'
vessels and in exchange of information.
As a result of the coordinated campaign seven foreign vessels,
26 domestic vessels and eleven skiffs were seized by various Treasury
department agencies during the fiscal year, with 106,504 gallons of
alcohol^
In connection with these seizures 112 persons were arrested
and 57 aliens captured.
| fiWj»...irirnm
Still more important was the success of ’the coordinated campaign
in discouraging the illegal operations by preventing deliveries of contra
band cargo.
In the last week of the fiscal year, only 15 of tKe 78 foreign
vessels listed as originally engaged in smuggling attempts were reported
hovering off the Atlantic, Gulf and Pacific Coasts, as compared with
twenty-three operating in a single week in earlier periods.
Since the
close of the fiscal year the number of foreign hovering vessels has been
further reduced.
O n l y ^ S i w e r e ' reported hovering during the week ended
ft
K;
S'-
A siumnary of reports showing the progress of the concerted
efforts of the six Treasury Department law enforcement agencies in com
batting alcohol and narcotics smuggling operations was made public today.
The six agencies are the Alcohol Tax Unit, Coast Guard, Customs,
Intelligence Unit of Internal Revenue, Narcotics and Secret Service. Their
work was co-ordinated last fall to meet an organized attempt to flood the
United States with, contraband foreign alcohol.
smuggling of alcohol a
June 30, 1935.
- — ss r—
I#
^reign vessels were used* in actual and attempted
/I
during the fiscal year which ended
A four-months check at the close of the 1934 calendar year
showed a movement of contraband alcohol toward the United States coast of
more than three-quarters of a million gallons. -Gun biTTCK^i’""5lBmkguw
t'
lii-g-Tanuunei'i
A
llujgal"cn
have. represented the evasion of more than i5Q.QQQ.j
and internal reven? A f t .
This amount of alcohol would be capable of
conversion into two and one-half times this volume of pseudo whisky.
threatened an immense incentive to operations of such allied groups of
law breakers as the counterfeiters of revenue stamps and whisky labels
and wholesale and retail traffickers in illicit beverages.
In many
instances the operations of the alcohol smugglers also included plans
for the illegal entry of aliens and smuggling of narcotics and other
contraband.
It
TREASURY DEPARTMENT
Washington
k b k e u î -Se
Press Service
No* 5-56
, -urmamouH
f nrlilGSch-Y» .U r U - S t
14 ,
jw s îa ïh r s ,
19*55«,
8-13-35
A sumrnary of reports showing the progress of the concerted efforts of the six
Treasury Department law enforcement agencies in combatting alcohol and narcotic
sm uggling operations was made public today*
The six agencies are the Alcohol Tax Unit, Coast Cfaard,. Customs, Intelligence
Unit of Internal Revemie, Narcotics and Secret Service*
Their work was co-ordinated
last Pall to meet an organized attempt to flood the United States with contraband
foreign alcohol»
Seventy— eight foreign vessels were used from time to time in actual and
attempted smuggling of alcohol during the fiscal year which ended June 30, 1935*
A four-months check at the close of the 1934 calendar year showed a movement of
contraband alcohol toward the United States coast of more than three-quarters of a
million gallons*.
This amount of alcohol would be capable of conversion into two
and one—half times this volume of pseudo whisky*
It threatened an immense incentive
to operations of shell allied groups of law breakers as the counterfeiters of revenue
stamps and whisky labels and wholesale and retail traffickers in illicit beverages*.
In many instances the operations of the alcohol smugglers also included plans for
the illegal entry of aliens and omuggling of narcotics and other contraband*
Through diplomatic channels action was taken to close to smugglers* activities
the nearby foreign ports which wore being used as bases of supply*
As a result of
these efforts most of the foreign ports in the Western hemisphere,, notably those of
Cuba; Newfoundland; the Prcnch port of St. Pierre; Puortos Barrios, Guatemala; and
Belize, British Honduras, were effectively closed to smugglers’ operat ions*,
Planes and vessels of the Coast Guard and a shore patrol made up
Guard, Customs and Alcohol Tax Unit forces operated to prevent direct
from Coast
landings
from foreign vessels and to intercept shipments transferred outside the twelve
milo limit to shore vessels. Treasury Department and Canadian.authorities cooperated
in trailing smugglers* vessels and in exchange of information.
As a result of the coordinated campaign seven foreign vessels, 26 domestic
vessels and eleven skiffs were seized hy various Treasury Department agencies
during the fiscal year, with 106,504 gallons of alcohol and smaller quantities
of other contraband.
In connection with those seizures 112 persons were arrested
and 37 aliens captured.
Still more important was the success of the coordinated campaign in discourag
ing the illegal operations hy preventing deliveries of contraband cargo.
In the
last week of tho fiscal year, only 13 of tho 78 foreign vessels listed as originally
engaged in smuggling attempts wore reported hovering off tho Atlantic, Gulf and
Pacific Coasts, as compared with twenty-three operating in a single week in earlier
periods.
Sinco the close of tho fiscal year the number of foreign hovering vessels
has been further reduced.
Only seven were reported hovering during the week ended
August TO*
That tho coordinated operations of Treasury agencies have been measurably
successful in cutting off the flow of illicit alcohol and liquor is further
.
indicated by the statistics on withdrawals for consumption of tax-paid liquor.
During the last six months, covering, the larger part of the period of concerted
operations by the Treasury law enforcement agencies, a total of 37,719,000 proof
gallons of tax—paid domestic spirits was withdrawn for consumption, as compared with
25,147,000 proof gallons during tho samo period in 1934.
The amount of foreign
tax-paid spirits entering consumption channels during the first six mont
likewise increased*
On the Pacific Coast renewed efforts to smuggle narcotics from the Orient also
were met with coordinated action by Treasury Department agencies.
Coast Guard
cutters followed vessels from the Orient to prevent overboard disposition of contra
band, with life preservers or other buoyant material attached, to allow later
recovery “by small boats,
The reports for the eleven months ending May 31, 1935 show
that with this channel of disposal cut off, tho seizures of narcotics by Customs
agents were 60 per cent greater than in the same period in 1933-34,
Cooperative work by Coast Guard planes and operatives of the Alcohol Ta£ Unit
resulted in the location and seizure of,numerous illicit stills which might have
defied detection through ordinary means.
Retail liquor dealer inspections, inaugurated by the Alcohol Tax Unit, by
uncovering tho retail channels through which illicit liquor moved, were responsible
for location of illicit sources of supply in this country.
The retail liquor
dealer inspections also disclosed use of counterfeit revenue stamps.
Operations by the Secret Service against counterfeiters of revenue stamps, in
turn* disclosed numerous operations in counterfeiting of whisky labels, corporat
ion securities and the like, which violations were reported to appropriate authori
ties.
Tho Alcohol Tax Unit, in addition to its cooperation in the anti— smuggling
operations, concentrated its attention upon major violations.
taken against an unusual number of large combinations.
Proceedings were
Indictments wore obtained
in thirty— five conspiracy cases in which ten or more persons were indicted.
The
total number of indictments obtained in all alcohol tax cases during the xiscal
year was 13,33? and the number of convictions was 10,598,
Sentences of imprison
ment aggregating 10,698 years and fines aggregating $2.,893$,197' were imposed.
The Bureau of Narcotics report shows convictions numbering 3,065, fines
aggregating $173,043 and sentences of imprisonment aggregating 5,963 years, all
figures representing marked increases over the previous year,
Tho Intelligence Unit of the Bureau of Internal Revenue, besides cooperating
with the other agencies in narcotics and alcohol cases, continued to devote its
attention to evasions of income taxes.
In cases given final court disposition
there were fifty convictions and one acquittal, Tho income tax invcstiga ions
resulted in.recommendations of additional taxes and penalties aggregating
$20,212,161*
ooOoo
TREASURY DEPARTMENT
Washington
Ï0B IMMEDIATE RELEASE
Tl1ne«iny T August 13» 1935^
Press Service
No, 5 - 5 7
Secretary of the Treasury Henry Morgenthau, Jr., and Postmaster General
L e s A. Farley today announced the selection and approval of the following 351
public building projects aggregating $59;868,000 to he paid for out of the
$60,000,000 emergency construction fund authorized under the Second Deficiency
Act approved August 12, 1935,
Last year a similar appropriation of $65,000,000 was made available under
the Emergency Appropriation Act approved June 19, 1934.
Plans and specifications
have been completed for practically all of the 358 projects authorized by the
Secretary of the Treasury and the Postmaster General under that Act,
In the selection of the new projects herein listed the Secretary of the
Treasury and the Postmaster General have been guided by the wording of the Act
which provides that “with a view to relieving country-wide unemployment'« they
’•shall endeavor to distribute the projects equitably throughout the country so
jfar as may be consistent with the needs of the public service,"
The experienced personnel of the Treasury and Post Office Departments will
take in hand immediately the work of acquiring the land where necessary and
Ipreparation of plans and specifications for new projects in order that the
greatest number of comtracts may be awarded during the coming fall and winter.
~ 2 -
PLACE
PURPOSE
PROJECT
Mobile
Evergreen
Ozark
Wetumpka
Fort Payne
Montevallo
Fayette
Tuscnmbia
M.
P.
P.
P.
P.
P.
P.
P*
Repairs
Site and
Site and
Site and
Site and
Site and
Site and
Site and
Mesa
Springerville
p # o.
Site and "building
Forestry, P.0. etc. Site and "building
Pocahontas
Springdale
Van Buren
Morrilton
Monticello
Magnolia
3?, 0.
Agriculture & P.0.
P. 0.
P* 0.
P. 0.
P. 0.
P. 0.
Site
Site
Site
Site
Site
Site
Site
Ukiah
Auburn
Vacaville
Martinez
Watsonville
P.
P.
P.
P.
P.
Selma
Santa Maria
Los Angeles
P. 0.
P. 0.
P. 0. Ct.H. etc.
Site and building
Site and building
Site and building
Site and building
Additional land and
building
Site and building
Site and building
Building
H.
0.
0.
0.
0.
0.
0.
0.
"building
building
building
building
building
building
building
ARIZONA
ARKANSAS
and
and
and
and
and
and
and
building
"building
building
building
building
building
building
CALIFORNIA
0.
0.
0.
0.
0.
- 3 ~
PLACE
PURPOSE
PROJECT
Lovclanà
Elorence
Delta
P. 0.
P. 0,
P. 0.
Site and Building
Site and Building
Site and Building
GlastonBury
Clinton
West Haven (Branch)
South Ho rwalk
Winsted
P.
P.
P.
P.
P.
Site
Site
Site
Site
Site
Harrington
P. 0.
Site and Building
Arcadia
Madison
Palm Beach
P. 0
P. 0
P. 0
Site and Building
Site and Building
Building
SwainsBoro
Blakely
CuthBert
Jackson
Collegepark
Monticello
La Payette
Je sup
Commerce
Hartwell
P. 0.
P. 0.
P. 0.
Agriculture & P.0.
P. 0.
Agriculture & P.0*
P. 0.
P, 0.
P. 0.
Agriculture & P.0.
COLORADO.
CONNECTICUT
0.
0.
0.
0, & Ct.H.
0.
and
and
and
and
and
"building
Building
Building
Building
Building
DELAWARE
FLORIDA
etc.
GEORGIA
Site
Site
Site
Site
Site
Site
Site
Site
Site
Site
and
and
and
and
and
and
and
and
and
and
Building
Building
Building
Building
Building
Building
Building
Building
Building
Building
,»
'4*-*
PLACE
PURPOSE
PROJECT
IDAHO
Payette
Idaho Palis
P.O.
P.O. etc*
Chi cago
(Northcenter)
Chicago
Lemont
LaGrange
Park Ridge
Evanston
Geneva
Marseilles
Mount Morris
Bushnell
Quincy
P.O. station
Court House
P.O,
P.O,
P.O.
P.O. etc*
P f0*
P.0,
P,0.
P.0.
P.O. & Ct. H.
Peoria
P,0*
Dwight
Marshall
Champaign
P,0.
P*0.
P.0* .
Petersburg
Staunton
Madison
Salem
PI ora
Anna
P*0.
P.O.
P,0.
P.0,
P.0*
P.O.
Gary
Delphi
Garrett
Dunkirk
Danville
PrankLin
Tell City
Batosville
Knightstown
Pendleton
P.0* etc.
P.0.
P.O*
P.0.
P.O*
P.O*
P.O*
P.O.
P.O.
P.O.
Site and building
Extension and remodeling
ILLINOIS.
& Ct* H*
Site and building
Remodeling
Site and building
Site and building
Site and building
Site and building
Site and building
Site and building
Site and building
Site and building
Additional land, exten
sion and remodeling
Additional land, demoli
tion and building
Site and building
Site and building
Additional land, exten
sion and remodeling
Site and building
Site and building
Site and building
Site and building
Site and building
Site and building
INDIANA
Site
Site
Site
Site
Site
Site
Site
Site
Site
Site
and
and
and
and
and
and
and
and
and
and
building
building
building
building
building
building
building
building
building
building
IOWA
PLACE
PURPOSE
PROJECT
Muscatine
P.0* 'etc.
Dev/itt
Waterloo
P.0.
P.0. & Ct# H.
Manchester
Leon
Pella
Missouri Valley
Jefferson
Onavra
P*0*
P.0.
P.0.
P.0.
P.0.
P.0.
Additional land, cx~
tonsion and remodeling*
Site and Uni1ding
Additional land, ex
tension and remodeling*
Site and "building
Site and "building
Site and "building
Site and "building
Site and building
Site and building
Sabetha
Kansas City
Independence
P.0.
P.0. & ct.
P.O. etc.
Eureka
McPherson
P.0.
P*0* etc
Hoisington
Saline
P.0.
P.0.
Paducah
P.0. & Ct
Morganfield
Campbellsville
Berea
Morehead
Corbin
Carrollton
P.0*
P.0.
P.O.
P.0*
P.0*
P.0#
G-rotna
Arabi
Abbeville
Baynesville
Winnsboro
Oakdale
Lcesville
P.0*
P.O*
P.0*
P.O#
P.O.
P.O.
P.O.
KANSAS
& Ct,
Site and building
Site and building
Additional land, ex
tension and remodeling*
Site and.building .
Extension and re
model ing*
Site and building
Additional land, de
molition and building*
rucKi
Extension and re
model ing
Site and building
Site and building
Site and building
Site and building
Site and building
Extension and re
modeling#
LOUISIANA
Site
Site
Site
Site
Site
Site
Site
and
and
and
and
and
and
and
building
building
building
building
building
building
building
6PLACE.
PURPOSE
PROJECT
Kenncbunk
Waterville
Millinocket
P.O,
P.O. etc.
P.O.
Site and building
Extension and remodeling
Site and building
Salisbury
Aberdeen
Baltimore
Upper Marlboro
Silver Spring
P.O. etc.
P.O,
P.O..
P.O.
Extension and remodeling
Site and building
Repairs
Site and building
Site and building
P.O.
P.O.
P.O.
P.O.
P.O.
P.O.
P.O.
P.O.
P.O.
P.O.
P.O.
Site
Site
Site
Site
Site
Site
Site
Site
Site
Site
Site
MAINE
MARYLAND
•
w
.
r-J.
o
MASSACHUSETTS,
Orange
Chicopee Palls
CMnton
Whitinsville
Concord
Ipswich
Revere
Medford
Natick
Walpole
Whitman
and
and
and
and
and
and
and
and
and
and
and
building
building
building
building
building
building
building
building
building
building
building
MICHIGAN
Chelsea
Kalanazoo
St. Joseph
Hov/ell
Saint Clair
Aina
Muskegon
Clare
Escanaba
Negauneo
River Rouge
Pcrndale
P*0*
P.O. etc.
P.O.
P.O.
P#0.
P.O.
P.O., etc.
P.O.
P.O. etc.
P.O.
P.O.
P.O.
Site and building
Site and building
Site and building
Site and building
Site and building
Building
Not determined
Site and building
Extension and remodeling
Site and building
Site and building
Site and building
\
TREASURY DEPARTMENT
Washington
Service
5-58
JOB RELEASE, MORIIIHG- NEWSPAPERS,
Monday. August 19:r 19,35.--------
8~15~35.
A
-y Wright M§jt%e^,
Addres s j:r en:Vrc for 1 4
ant to
oner of
Assistant
I the
_
^ence f02
"before the Eifth Anjiual Economy
on
Engineers at Johnsondnrg,
18, 1935.
\
^
FEDERAL m
ADMpii€?RATIOH
I appreciate this opportunity to discuss the work and policies of the Bureau
of Internal Revenue.
Taxation is certainly not the most pleasant subject hut all
of us recognize lit. great importance.
Sound public
policy demands the least
possible uncertainty in this field, and wo are striving earnestly in that direction^
I hope that what I shall say here today m y
contribute somewhat to a clearer and
’
more definite understanding that will furthor reduce the zones in which
sies arise.
ninety— five per cent of the taxpayers file their returns and make their pay
ments without quibble.
The remaining five per cent furnish all of the complaints.
A considerable proportion of those results from misunderstanding.
Ths very
of taxation calls for firmly consistent, and impartial administration of tho laws
guided by common sense and justice.
Ho one, on mature deliberation, would suggest
lax administration of tho tax laws because that course leads inevitably and
immediately to grave injustice.
The unfairness would strike more directly
ninety-five per cent who pay without a protest than at the government, itself.
Any citizen raising an honest question with the mireau of Internal Revenue has
a right to demand that the ruling he receives shall apply to everybody,
has a right to demand that wo shall be strict with ourselves.
assuring you that we are.
I take pleasure in
Many taxpayers make errors against themselves, and
v
look for those, in examining their returns, no loss than for errors against the
government.
During the fiscal year that ended June 30, 1935 we discovered 18,779
overasscssmcnts and made refunds without the taxpayers presenting a claim of any
kind.
Some of these were small and some were largo; that makes no difference. It
is the policy of the government to give the some consideration to both the large
and the small taxpayer.
The Bureau of Internal Revenue recognizes a duty to
collect the taxes legally duo, and not a cent more.
Its function as public servant
can be discharged with cordial relations with the taxpayers, based upon confidence.
Thousands of citizens can testify that within the past two years they have been
cordially received and their cases expeditiously handled.
le are entering a p o n o d
of relatively high taxation and the Bureau of Internal Revenue feels keenly its .
obligation to reduce irritation by living up to high standards of public service.
The Bureau has nineteen thousand employees and it would be strange, indeed, if no
just cause of complaint arose, but wo are constantly improving the organization
with a view to prompt remedy for these cases.
We faced the task of closing loopholes in the statutes and bringing about a
more uniform administration.
To those who had found the loopholes or any previous
ly existing laxness advantageous, the change would naturally seem to be toward
great strictness, even excessive strictness.
Actually.the only objective is fair
ness and justice in the distribution of the tax burden.
Whore the laws grant discretionary power, the Bureau has been and will continue
to be guided by the ordinary rules of reason and common sense.
Experience tends to crystallize into definite rules and the latitude of
discretionary power is thus narrowed with resulting gain to both the taxpay r
the Bureau for it is to our common interest to arrive at prompt as well as uniform
decisions.
However, we sometimes find a taxpayer or his expert adviser- tdc* ~g
position that his return is technically correct, on its face, and therefore
should be granted a technical victory.
We, on the other hand, are guided by the
~3~
principles that apply in a court of equity, we want the truth and the facts.
We
scorn to win any technical victories, and we arc reluctant to lose them.
This policy though still challenged in some quarters accounts in no small
measure for our success in the settlement of disputed cases hy the Technical Staff.
Jew persons arc aware of what this hody of men has accomplished in the past eighteen
months#
The Technical Staff of the Bureau of Internal Revenue was organized on November
16, 1933*
It is composed of 128 men, clerical and other assistants numbering 56.
Within 18-J months the Staff alone brought to a conclusion a total of 7639 cases of .
which 4595 were settled without trial before the Board of Tax Appeals or the courts.
This means that in slightly over 60$ of the cases considered by the Technical Staff,
a basis of settlement satisfactory to both parties was found.
The additional income
and estate taxes proposed by the Government in the cases settled.by tne Staff jhich
were pending before the Board, of Tax Appeals totaled $74,269,492.02.
The settle
ments aggregated $40,721,790.71 or a ratio of 54.8$.
By way of comparison we might consider the corresponding figuies of its
predecessor organization, the Special Advisory Committee, for the last M
of its existence.
months
On May 1, 1932 the Special Advisory Committee had a substan
tially larger inventory of 9,344 cases consisting principally of docketed cases
then pending before the United States Board of Tax Appeals.
The additional inco
| and estate taxes proposed by the Government in the cases settled by the Auyisory
Committee totaled $124,362,365.71.
The settlements aggregated $37,983,434.88 or a
ratio of 30*5$#
During the past two years attorneys for the Bureau of Internal Revenue
together with members of the Technical Staff have preceded the Board of Tax Appeals
in localities where the Board had sot its docket for circuit hearings, and this
joint action has resulted in settling more than 75$ of the cases set on the circuit
-4calendars*
Cases not settled have "been tried as rapidly as the condition of
work pending before the Board would permit*
Results from the adoption of this
policy have been gratifying*
On July 1, 1933, there were 17,160 cases pending before the Board of Tax
Appeals.
From that date to Juno 30, 1935, 8,178 new cases have been filed. From
July 1, 1933 to June 30, 1935, 14,915 cases have been disposed cf, leaving pend
ing before the Board of Tax Appeals on June 30, 1935, 10,423 cases, a net decrease
of 6,737 cases or approximately 40$ in this 24 month period*
The Bureau of Internal Revenue has never before equalled this record for
satisfactory and prompt settlements*
The present compromise policy is simply that the executive officers of the
Government have no authority to compromise a valid tax for an amount less than
can be collected*
We are seeking to eradicate the evil of discrimination in the
consideration of specific cases and therefore to eliminate the basis of possible
difference in treatment of cases essentially alike*
Unquestionably, under present procedure, there is less room for the
exercise of" discretion, but on the other hand a marked unif ormity has been
developed in the application of the law*
The collapse of the stock market in 1929 had a far-reaching effect.upon the
revenues of this country and upon the administration of the taxing laws. Suddenly
we ?/ere confronted with diminishing profits with which to pay prior year taxes
against which no reserve had been maintained*
The compromise policy of the Bureau
will and should emphasize the advisability of providing for Federal tax liabili
ties promptly when the profits which form the basis of the tax arc available .
If the Government we re to waive its claims simply because the .taxpayer had
been hcgligent in not making provision to meet them when the money was in hand,
it would place a premium on such ill-advised procedure and the only possible
result would be donfusion
gone tax practitioners consider ‘both the settlement policy and the compromise
•Dolicy of the Bureau unduly severe*
I believe that the Bureau seeks nothing more
than fair adjustment under the law as enacted by Congress, and upheld by the
judiciary.
Whenever it is clear 'that a protest is just, the Bureau docs not
hesitate to concede the case outright.
As proof that there is a definite
settlement policy in the Bureau, at least ninety-five per cent of all tax disputes
are amicably adjusted.
If the settlement program of the Bureau were unreasonably
severe, the temper of the American people being what it is, no such result could
be achieved.
Wo hear some criticism of our administration o f Section 104 of the Revenue Act
of 1932 and corresponding sections of prior Acts. These sections provide for a
high tax upon corporations formed or availed of to avoid the imposition of the
individual surtax upon their shareholders through the medium of permitting gains
and profits to accumulate instead of dividing or distributing thorn.
The fact
that a corporation is a nero holding or investment company, or that the gains
and prefi ts of any corporation are permitted to accumulate beyond the reasonable
needs of the business is evidence of a purpose to avoid taxes.
intends to apply the Acts as they are written.
their application beyond the intent of Congress.
The Bureau
It has no purpose to extend
Congress did not lay down a
definite rule as to what is regarded as "reasonable needs of the business" in
measuring corporate surplus.
The Bureau of Internal Revenue is unable to state
a definite rule except that the determination is dependent upon the facts and
circumstances of each case.
Corporations against which tnc nighor ta^es may be
imposed arc given full opportunity to present evidence to the Bureau to overcomo
any appearance of the purpose to avoid surtax and, of course, under the lav; have
the right to have the issue settled by the Board of Tax Appeals and the courts.
The cases are handled by trained Civil Service employees who are instructed that
their responsibilities to the taxpayer and the Government are equal«
Ho operating corporation accumulating surplus and using it in the business
in which it is engaged should be apprehensive#
As an illustration, a manufacturing
company setting up a reasonable surplus for the purpose of acquiring material,
offsetting a fluctuation in wage scale, carrying the proper amounts to offset
accounts payable, or accumulating a reasonable reserve to pay present indebted
ness, would not be taxed under Section 104 of the law of 1932 for accumulating
an unreasonable surplus.
It would bo an entirely different matter, however, if
it accumulated these surpluses for the purpose of purchasing stocks, bonds, and
securities of other corporations.
The following is a tjqpical example where in the opinion of the Bureau taxes .
should be assessed under the provisions of Section 104 of the Revenue Act of 1932.
A corporation was organized with a total capital stock of $200,000.
Its earnings
for two years were in excess of $5,000,000 and no dividends were declared during
the two-year period.
In this case the Bureau will, other things being equal,
assess the company 50$ of the undistributed income under the provisions of Section
104.
At present many corporations are finding it necessary to work out new
schedules of depreciation.
Experience is demonstrating that many of the deduc
tions used during the past twelve years were too high.
As a result, we find
plants and properties which for tax purposes have been depreciated between seventy
and one— hundred per cent, while their owners will admit that actually the
depreciation sustained is nearer thirty to fifty per cent, if that much.
Obviously, in the case of a property that has already been allowed almost total
depreciation, the Bureau cannot grant additional deductions that might exceed
one—hundred per cent.
Virtually all of the taxpayers affected grant the justice O-l.
this position, but some few of them complain of the burden of working out new
-7schcdulos.
I readily admit the 'burden, especially in the eases whore present
rofits are snail.
Hov/over, the fault goes hack to that period when 'because
profits wore larger it was the custom to seek high depreciation allowances.
Every possible deduction was eagerly sought, and that practice has brought about
the present difficulty.
permits.
not
Wo are now trying to bo as lenient as oux responsibility
In cases whore there are no presont profits, or but snail ones, we are
the now schedules at once, particularly where it is apparent that
they would not disclose additional taxes, or that the tax disclosed would be out
of proportion to tho cost.
That is the best we can do, under the law.
In the
future, the schedules that track the facts about depreciation will justify their
cost. This problon goes right back to tho simple proposition that no one can cat
his cake and have it y also»
One of our nost difficult problons has been tho settlonent of disputes about
the year in which a claim for deduction shall be allowed.
based upon bad debts, business losses or expense items,
The claims arc usually
lor a long period of
tine it has been the custom of some tax practitioners to attempt to uso
deductions twice.
They would first contend for allowance of tho deduction in one
year, and then after the statute of limitations had run against that year, assort
that an honost mistake had boon made, and request,that the deduction bo allowed
a second tine for some year then open and pending.
This has forced tho Bureau
employees to demand the most meticulous examination of such claims, and now we
sometimes hear complaint about the detailed information requested.
Within the
past few years the courts have invoked the principles of equity in such cases.
.
The Bureau would welcome a binding rule that both sides must live up to a barga
fairly and openly m d e .
Whether such a rule is set up by statute or court deci-
sion it is necessary to solve this problem*
— 8—
Our responsibility to all the taxpayers requires that we closely examine
transactions between husbands and wives or between other individuals in close
relationship in order that wo may discover claims for losses that have no basis
in fact*
The law gives taxpayers the benefit of a deduction for a loss realized,
but does not intend that an individual may benefit through fictitious losses
established by sham transactions#
We patiently hear any individual’s explanations
and are anxious to have taxpayers establish the reality of their transactions,
but
we cannot close our eyes to losses that are utterly fictitious#
Our attention
to this typo of case has, within a relatively short period, resulted in the
collection of many millions of dollars of additional taxes, and this oy agreements
with taxpayers*
concern*
No taxpayer whose transaction is real need have the slightest
The men who initiate these cases are Civil Service employees and that is
also true of the men who subsequently review the record*
In no instance is the
taxpayer denied the right of having the record reviewed in the Bureau of Internal
Revenue and his case determined finally by the Board of Tax Appeals and the
courts*
There is widespread misunderstanding of the intent of the statute which
authorizes extension of time for paying taxes*
Evidently many persons aie undor
the impression that the convenience of the taxpayer is a major factor in passing
upon such requests*
In a large number of cases where applications for extensions of time aie
made, general creditors have been given priority by the applicant over the Govern
ment for business and credit purposes, despite the.fact that under the law
federal taxes have priority oyer general creditors*
The Bureau cannot postpone
collections merely on request*
The law provides in express terms that extension may be grafted only ix case
the taxpayer.would suffer undue hardship if compelled to meet the liability on
the duo do.to*
~9~
Our present policy is the outgrowth of past experience over a long period,
which proved costly to the Government and discriminatory as between taxpayers#
Of necessity, each appli cat ion. must he supported by a complete statement of the
taxpayer^ financial condition#
The position of.the Bureau in this regard is
no more exacting than that of the business world#
Bor years it has been the duty of the Bureau of Internal Revenue to enforce
the laws levying income taxes upon nonresident foreigners and foreign corporat
ions doing business in this country#
But in the past, little effort was made to search for such taxpayers#
Bureau depended largely upon the voluntary filing of returns#
The
The Revenue Act.
of October 3, 1917 first provided that every person doing business as a broker
shall, when required by the Commissioner, render a correct information return
showing the names of customers for whom such person has transacted any business
with such details as to profits, losses, or other information as the Commissioner
m y require*
act#
Similar provisions have been carried into every subsequent revenue
The provisions of the acts requiring brokers to file information returns
were not enforced until October 1933, at which time instructions wore promulgated
by the Bureau requiring brokers to file information returns for the years 1929
to 1932, inclusive* and for subsequent years#
Such information returns disclosed
many nonresident aliens and foreign corporations who failed to file income tax
returns reporting.profits on sales of stocks, securities, and commodities within
the United States#
A considerable number of those liable for tax, upon notice, filed returns
and paid the taxes due#
However, a great many thought that taxing nonresident
aliens and foreign corporations was something new in the United States, although
thousands of aliens and foreign corporations had voluntarily filed returns
and paid taxos#
-
10-
It is not the policy of the Bureau of Internal Revenue in seek "broad discre
tionary powers "but to carry out the orders of Congress with the utmost fidelity
to the letter and spirit of the law.
That is our proper function, and to this
end we reduce our experience to rules as rapidly as their fairness is demonstra
ted.
We are not the partner of the legislative "branch of the Government "but the
servant and agent of the Congress*
The income tax is not easily administered, anywhere.
Realizing this, wo
arc constantly examining our ovm procedure with a view to simplification.
We
must "be on guard against the temptation to demand information out of proportion
to the amount of taxes involved.
Such demands have "been made, but with broader
■understanding by the puolic of the policies oi the Bureau, cooperation is
increasing, and the effect is certain to be a wholesome decrease in minor irrita
tions*
Our task is to collect the taxes, not waive them, or overlook them*
Our
policy is to ask for the facts; wc do not admire technically beautiful paper
work, no matter how clover*
The citizen who desires to pay his taxes, and not
one cent more than he legally owes, will find that the Bureau of Internal Revenue
considers his problem, with precisely the same point of view and is ready to
serve him to that end*
The Commissioner of Internal Revenue and I arc deeply concerned about
justice for the ninety-five per cent of taxpayers who never file a claim or
protest*
Wo are determined that their returns shall be audited with due consi
deration for the fact that most of thorn could not afford to employ counsel to
|
recover the amounts that they may overcharge themselves*
The Secretary of the
Treasury lias announced his policy that all taxpayers shall receive equal justice,
and with it courteous consideration*
tion, and will continue to do so*
That policy guides the present Acuiinistra
Upon it we base our appeal to tho public for
the ooopqration and confidence necessary to proper administration of the Ro&crhl
tax laws*
00O00
- 4 -
BACK
-
The back is printed in green*
The design comprises the obverse
and reverse sides of the Great Seal of the United States as adopted by the
Congress in 1782*
The reverse of the Great Seal is on the left center and
carries the Latin words "ANHUIT COEPTIS" and "NOVUS ORDO SECLQRUM".
obverse of the Great Seal is on the right center*
The
The impressions of the
obverse and reverse of the Great Seal are enclosed by a circular cycloid line
pattern and ornamental acanthus leaf scroll work*
Below the reverse side are
the words "The Great Seal", and below the obverse are the words "of the United
States"*
The outer portion of the note consists of the usual conventional
geometrical lathe design, with the title "The United States of America" in
white-faced Roman letters across the top of the note in the lathe work*
The
words "One Dollar" in similar lettering appear in the lower panel of lathe work,
their
having a ruled tint on jbfc* face. In each comer is a large white-faced
numeral "1", and extending across this figure is the word "One" in white Roman
lettering*
Between the reverse and obverse of the Great Seal is the word
"One" in a ruled face Roman letter having a ruled shadow*
proximately 1 7/8" long and 11/16" in height.
This word is ap
A small cycloid pattern is used
to furnish a lacelike edging in the inner edges of the lathe work.
- 5 -
»The pyramid on the reverse sign ifie s strength and duration.
The eye over
i t , with the motto *Annuit Coeptis’ (Prosper our Endeavors), alludes to the
many signal interpositions of Providence in favor of the American Cause.
The
date underneath is that of the Declaration of Independence and the words under
i t sign ify the beginning of the new American Era, which commenced from that
date.”
Following is a more detailed description of the face and back designs:
FACE -
The face of the series 1955, $1 Silver C e rtifica te , printed in
black, is similar to the present series 1954 design now in circulation with
the following changes:
The large ruled face "ONE” has been removed from the note and is replaced
with the words "One Dollar" in Roman letterin g having a graduated ruled faee
with a ruled shadow approximately 1" below the top edge of the note.
th is , in black Roman letterin g, is the wording "Washington, D. C ." .
Below
On the
le f t of the portrait, across the Gothic letterin g, a shaded figure "1" is en
graved , taking the place of the blue surface-printed figure "1" on the present
issue.
Space is provided below on either side of the portrait to permit of
the printing of the signatures of both the Secretary of the Treasury and the
Treasurer of the United States from steel engraved dies at the time the notes
are being numbered and sealed.
The Treasury Seal is reduced to 5/8" in
diameter, an
printed in blue across the words "Washington, D. C . " , on the right side of the
note.
The serial numbers have been reduced in size and are printed in blue in the
same positions as on the series 1954 note.
The words "Series of 1955" appear
farther to the le ft in the upper left-hand corner, and farther to the right in
the lower right portion of the note.
-
2
-
Above the eye is the Latin motto, "Annuit Coeptis", rendered as ”He (God)
favored our undertakings.”
The motto at the bottom is "Novus Qrdo Seclorum”
and is translated as "A new order of the ages.”
symbolize an all-seeing Deity.
The eye and triangular glory
The pyramid is the symbol of strength and its
unfinished condition denotes the belief of the designers of the Great Seal that
there was still work to be done.
Both the mottoes on the reverse of the seal
are condensations of excerpts from Virgil’s Aeneid.
The first committee on the Great Seal was formed on the afternoon of
July 4, 1776, and consisted of Benjamin Franklin, Thomas Jefferson and John Adams,
The Great Seal as finally adopted was largely the work of Charles Thomson,
Secretary of Congress, and William Barton, a private citizen of Philadelphia.
The design was officially adopted on June 20, 1782, by Fundamental Law.
The
Great Seal was again ratified after the Constitution was adopted in 1789.
The only previous use of the reverse of the Great Seal, according to
Treasury records, was in 1882, when a centennial medal was issued by the United
States mint to celebrate the 100th anniversary of the Great Seal’s adoption.
The Fundamental Law which established the Great Seal includes the following
description of the reverses
”A Pyramid unfinished.
In the zenith an Eye in a Triangle, surrounded with
a Glory, propers over the Eye these words, ’Annuit Coeptis.’
”0n idle base of the Pyramid the numerical letters, MDCCLXXYI, and underneath,
the following Motto, ’Novus Ordo Seclorum.’”
The explanation of the reverse design written at the time by Mr. Barton, one
of the designers, is:
TREASURY DEPARTMENT
WASHINGTON
FOR IMMEDIATE RELEASE,
Thursday, August 15, 1955,
Press Service
No.
Secretary Morgenthau today announced that production of a new $1 Silver
Certificate is under way at the Bureau of Engraving and Printing.
The new certificate is of the same size as currency now in circulation,
the
signatures
but represents changes both ii/method of printing/and in design.
The new certificate is not yet ready for issue and ample notice will be
given before it is put into circulation.
The important change in the face of the new certificate deals with the
signatures on the notes.
method of printings The signatures of the Secretary of the Treasury and of the
Treasurer of the United States, instead of being printed with the rest of the detypographically
sign, will be/over-printed later, from steel dies, when the bills are numbered
and sealed.
There are a number of minor changes in the design of the face.
The design of the back of the note presents for the first time, on any
money issued by the United States, a representation of both the obverse and re
verse of the Great Seal of the United States, first adopted in 1782, prior to
the adoption of the Constitution.
The obverse of the Great Seal is the familiar American eagle with a shield,
grasping an olive branch in one talon and «arrows in the other talon, surmounted
by thirteen stars and the Latin motto HE Pluribus Unum."
The reverse of the Great Seal, used for the first time on money, shows an
unfinished pyramid, surmounted by an eye in a triangular glory.
The pyramid
bears in Roman numerals the year of the Declaration of Independence, 1776.
TREASURY DEPARTMENT
Washington.
FOR IMMEDIATE RELEASE,
Thursday, August 1 5 f 1935*
Press Service
^°*
Secretary Morgen than today announced that production of a new $1 Silver
Certificate is under way at the Bureau of Engraving and Printing«
She new certificate is of the same size as currency npw in circulation,
but represents changes both in the method of printing signatures and in design«
The now certificate is not yet ready for issue and ample notice will he
.given before it is put into circulation*
The important change in the face of the new certificate deals with the
-method of printing signatures on tne notes»
The signatures of the Secretary of the
Treasury and of the Treasurer ox the United States, instead of being printed with
-the rest of the design, will be topographically over-printed later, from steel
dies, when the bills are numbered and sealed*
There arc a number of minor-changes
in the design of the face«
/ The design of the back of the note presents for the first time, on any
/
money issuod by the United States, a representation of both the obverse and revorse
of the Great Seal of the United States, first adopted in 1782, prior to tnc
adoption of the Constitution«
The obverse of the Great Seal is the familiar American eagle with a shield,
'- : v
,
.
v .
. w
|' I
grasping an'olive branch in one talon -and arrows in the'other talon, surmounted
by thirteen stars and the Latin motto ME Pluribus Uhurn«w
The reverse of the Great Seal, used for the first time on money, shows an
unfinished pyramid, surmounted by an eye in a triangular glory*
The pyramid
bears in Roman numerals the year of the Declaration of Independence, 1776«
-2Above the eye is the Latin motto, "Annuit Coeptis” , rendered as “Ho (God)
favored onr under takings#11
The motto at the ’bottom is “Nevus Ordo Scclorum“
and is translated as "A new order of the ages#“
symbolize an all-seeing Deity#
The eye and triangular glor$
The pyramid is the symbol of strength and/its
■unfinished condition denotes the belief of the designers of the Great Seal that
there was still work to be done#
Both the mottoes.on the reverse of the seal
are condensations of excerpts from Virgil*s Aonoid#
The first committee on the Groat Seal was formed on the afternoon of
July 4, 1776, and consisted of Benjamin Franklin, Thomas Jefferson and John Adams#
The Great Seal as finally adopted was largely the work of Charles Thomson,
— Secretary of Congress, and William Barton, a private citizen of Philadelphia#
The design was officially adopted on Juno 20, 1782, by Fmdamontal Law#
Great Seal
Wot S
The
in ratified after the Constitution was adopted in 1789#
The only previous use of the reverse of the Great Seal, according to
Treasury records, was in 1382, when a centennial medal was issued by the United
States mint to celebrate the 100th anniversary of the Great'Seal1s adoption#
The Fundamental Low which established the Great Seal includes the following
description of the reverse:
“A Pyramid unfinished«
In the zenith an Eye in a Triangle, surrounded with
a Glory, proper! over the Eye those words, #Annuit Coeptis*#
“On the base of the Pyramid the mime pi cal letters, HDCCLXXVI, and underneath,
the following Motto,
, "
Utfovun Ordo Soclorura* 1,1
..
The. explanation of the reverse design written at t o
one of the designers, is:
time by Mr# Barton,
"The pyramid on the revers
i-rength ?md duration.
The eye
over it, with the motto ’Annuit Coeptis’ (Prosper our Endeavors)x alludes to
gs,; '
\
the many signal interpositions of Providence in favor of the AmericaïxC;lause
The date underneath is that of the Declaration of Independence and the words-,
under it signify the beginning of the new American Era, which commenced from
that date,11
Eollowin-.; is a more detailed description of the face and back de'signs:
FACE
-
The face of the series 1935, $1 Silver Certificate,, printed i»\
black, is similar to the present series 1934 design now in circulation with
the following changes:
The large ruled face 110113" has been removed from the note and is replaced
with the words "One Dollar" in Roman lettering having a graduated ruled face
with a ruled shadow approximately 1" below the top edge of the note.
Below
this, in.block Roman lettering, is the wording "Washington, D. C«".
On the
left of the portrait, across the Oothic lettering, a shaded figure "1" is
engraved, taking the place of the blue surface-printed figure "1" on the
present issue.
Space is provided below on either side of the portrait to per
mit of the printing of the signatures of^both the Secretary of the Treasury
and the Treasurer of the United States from steel on rravect dies at the time
the notes are being numbered and scaled. Tin; frugsury :v.:r.l is reduced to
.¿W:
I •v-,Vf;
5/8" in diaixe ter,.... and "printed, in blue-across, the ver ds ’(Washington, B. C.",
on the right side of the note.
and ^reword’s "S
corne r,
The serial numbers have been reduced in size
- 4 -
BACK
-
The back is printed in green.
The design comprises the obverse
and reverse sides of the G-re-1 Seal of the United States as adopted by the
Congress in 1782.
The reverse of the Greet Seal is on the loft center and
carries the Latin words »ASHUIT COEPTIS" and "ROVUS ORDO SSCIDRUM".
obverse of the Great Seal is on thu right center.
The
The impressions of the
obverse and reverse of the Great Seal are enclosed by a circular cycloid line
pattern’and ornamental acanthus leaf scroll work.
Below the reverse side are
the words "The Great Seal", and below the obverse are the words "of the United
The outer portion of the note consists of „the usual conventional
-germretr real -1 a the design, with
C*“
States'*.
LG ti
"Th.e Un ìted Sta
noto in
the top of the :
words "One Boiler" in similar
;tering appe or i:n the lo
work, having a ruled tint on t
,r fa ce.
faced numeral "1", and extendi
aero ss this fig or e x s t.
Roman lettering.
rer se and 0*bver O'e of the
Between the
"One" in a ruled face Roman lc
proxiratoly 1 ?/8" long and 11
>V» ha.vine:
In cac.ll corner
rule!d shadow
in.hei Tiltr.
A srna.11 c;
used to furnish a. lecelikc edging in the inner edges of the lathe work.
ooOoo
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday, August 18, 1935.
Press Service
¿T-& o
Secretary of the Treasury Morgen than today announced the result of the
offering by the Treasury on Monday of $100,000,000, or thereabout», of 2-7/8
percent Treasury Bonds of 1985-60, tenders for which were received at the
Federal Reserve banks up to 12 o'clock noon, on Wednesday, August 14*
Tenders for $147,264,000 face amount of bonds were received, of which
$93,465,000 was accepted at prices ranging from 101-6/32 down to 100-21/32,
and accrued interest from March 15, 1935, to August 19, 1935*
The average
price of the bends to be issued is about 100-25/32, and a total premium
of $780,275.03 will be received.
Based on the average price at which
the bonds are to be Issued on August 19, 1935, the yield Is about 2.822
percent to the earliest call date, March 15, 1953, and about 2.829 per
cent to maturity, March 15, I960.
TREASURY DEPARTMENT
Washington
Press Service
No. 5-60
foe i m m e d i a t e r e l e a s e ,
Thursday, August 15, 1935.
Secretary of the Treasury Morgenthau today announced the result of the
offering hy the Treasury on Monday of $100,000,000,
o r
thereabouts, of 2-7/8
percent Treasury Bonds of 1955-60, tenders for which were received at the
federal Reserve hanks up to 12 o'clock noon, on Wednesday, August 14.
Tenders for $147,264,000 face amount of bonds wore received, of which
$98,465,000 was accepted at prices ranging from 101-8/32 down to 100-21/32,
and accrued interest from March 15, 1935, to August 19, 1935.
The average
price of.the bonds to bo issued is about 100-25/32, and a total premium
of $780,275.03 will bo received.
Based on the average price at which
the bonds are to bo issued on August 19, 1935, the yield is about 2,822
percent to the earliest call date, March 15, 1955, and about 2.829 percent
to maturity, March 15, 1960*
00O 00
dumber of Airplanes and Passenger Entries at the
Various Border Pistristes Fleca! fears 1930*1935 inclusive
Customs Pistrict
Maine
Vermont
St* Lawrence
Massachusetts
Connecticut
Hew fork
Bochester
Buffalo
Ohio
Michigan
Chicago
Duluth
Dakota
Montana
Oregon
Washington
Northern Bordar
San Francisco
Los Angeles
San Diego
Arizona
SI Paso
San Antonio
Southern Border
Alaska
Puerto lie#
Florida
Other Distri^nr
1930
07
36
ie
*
433
«•
310
28
349
•
100
2!
•
674
2033
ee
46
1498
161
267
V 874
2846
64
285
2122
2471
7350
Maine
(1)134
Vermont
19
St* Lawrence
14
Massachusetts
J
fr
Connecticut
Hew fork
F5SBE
*
Boehester
Buffalo
367
Ohio
84
Michigan
£83
*
Chicago
*
Duluth
158
Dakota
Montana
48
Oregon
Washington
2019
Northern Border"
3678
San Francisco
Los Angeles
208
San Diego
4814
Arizona
260
SI Paso
430
aAAA
Ran Antonio
rmrr
9378
63
Alaska
PuertoHieo
927
Florida
5415
6405
Other Pi atrista
19461
(1) 1stlasted*
Airplanes
1931
1932
51
106
68
*
•
404
*
349
IS
430
*
•
244
58
OS
648
2376
•
m
1052
99
318
851
2320
78
252
1682
2012
6708
66
60
82
4
*
341
172
16
376
*
•
i§
4690
73
326
mmñ
7848
133
1160
8010
9303
20907
48
148
52
24
208
29
7
•
321
m
1130
39
130
436
1735
49
248
1300
1597
5049
29
650
46
•
697
2900
3595
18
670
22
55
78
8
•
1763
35
119
512
2429
61
154
1319
1534
5913
m£\
*
*
*
1935
18 1
429
14
«*•
372
1950
373
151
*
1934
396
•
240
20
150
1
6
409
8
«
324
1717
Passengers
(1)102
207
158
104
111
155
•»
*
*
483
539
ee
Cfr
517
215
44
57
259
201
1558
3756
1933
7448
67
658
7872
8597
18945
28
121
124
1
m
776
274
13
163
9
790
19
•
520
£843
m
2597
90
874
.... sana ..
5884
52
1049
10019
11120
19847 7
Jpr
1
380
1
171
18
117
•>
3
338
9
1
139
1427
«»
53
636
216
195
472
1572
114
225
1234
1573
4572
77
275
94
*
•
754
192
19
132
»
4
637
23
200
2407
*
10S
1297
607
155
13
76
2
53?
81
«.
477
1870
1
259
396
129
197
444
"142j T
219
222
1301
1742
503?
49
454
55
11
de
832
<*
131
10
78
•
4
943
45
*
1632
4244
1
823
941
276
640
3083
nnil
5860 k"" 6492
150
45?
1105
1359
1121?
15802
17618
12472
20789
28354
The number of airplanes bringing passengers to this country
from abroad, after a successive decline from 1930 to 1934, showed
an increase during the past fiscal year of 10 per cent, 5,037 planes
arriving during the fiscal, year 1935, as compared with 4,572 in 1934,
and 7,350 in 1930*
The number of passengers carried per plane has
risen to a marked degree during the past six years.
In 1930 less
than three passen^rs per plane were reported, while in 1935, the
number of passengers arriving numbered six per plane,
m
increase
of more than 100 per cent in the number of passengers per plane.
The following table presents a statement of the number of
airplanes and the number of passengers arriving by plane in each
Customs District for each fiscal year from 1930 to 1935, inclusive.
(2 )
/P
r - 6 /
7>—
The fiscal year 1935 witnessed further growth in airplane
passenger traffic between the United States and foreign countries,
28,354 passengirs arriving item abroad by airplane during the
past year, an increase of 7,625 passengers, or 36.8 par cent over
the preceding fiscal year, it was announced by the Bureau of
Customs today.
The number of passengers arriving in this country by airplane
in 1935, greatly exceeded that for any previous year,
the largest
number previously reported being 20,907 in the fiscal year 1931.
More than half of the passen^rs reported (55.7 per cent)
arrived in this country
in the Florida Customs District, 15,802
passengers entering the country in Florida during the fiscal year
1935, as compared to 11,217 in 1934.
Passengers arriving in
districts adjacent to the Canadian Border numbered 4,244 during
the past fiscal year, an increase of 76.3 per cent over the 2,407
reported during 1934.
Along the Mexican Border, 6,492 passengers arrived in the
United States by airplane during the fiscal year 1935, as compared
with 5,850 during 1934.
M i l e the arrivals along the Mexican Border
in 1935 exceeded those for either of the two preceding years, they
were considerably smaller than during the fiscal years 1930, 1931,
and 1932*
The Mexican Border is the only portion of the country
where a smaller number of passengers arrived by airplane in 1935
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Friday, August 16, 1935«
Press Service
No« 5-61
fhe fiscal year 1935 witnessed further growth in airplane passenger
traffic between the United States and foreign countries, 28,354 passengers
arriving from abroad by airplane during the past year, an increase of
7,625 passengers, or 36.8 per cent over the preceding fiscal year, it
was announced hy the Bureau of Customs today*
The number of passengers arriving in this country "by airplane in
1935, greatly exceeded that for any previous year, the largest number
previously reported being 20,907 in the fiscal year 1931*
More than half of the passengers reported (55*7 per cent) arrived
in this country in the Florida Customs District, 15,802 passengers
entering the country in Florida during the fiscal year 1935, as compared
to 11,217 in 1934.
Passengers arriving in districts adjacent to tho
Canadian Border numbered 4,244 during the past fiscal year, an increase
of 76*3 per cent ovor tho 2,407 reported during 1934.
Along the Mexican Border, 6,492 passengers arrived in the United
States by airplane during tho fiscal year 1935, as compared with 5,850
during 1934.
While tho arrivals along the Mexican Border in 1935
exceeded those for cither of the two preceding years, they were
considerably smaller than during the fiscal years 1930, 1931 and 1932.
The Mexican Border is the only portion of tho country whore a
snailor.number of passengers arrived by airplane in 193o than
in 1930.
Eho number of airplanes bringing passengers to this country
from abroad, after a successive decline from 1930 to 1934, showed
an increase during the past fiscal year of 10 per cent, 5,037 planes
arriving during the fiscal year 1935, as compared with 4,572 in 1934
and 7,350 in 1930.
The number of passengers carried per plane has
risen to a marked degree during the past six years.
In 1930 loss
than throe passengers per plane wore reported, while in 1935, the
number of passengers arriving numbered six per plane, an increase
of more than 100 per cent in the number of passengers per piano.
The following table presents a statement of the number of
airplanes and tho number of passengers arriving by plane in each
Customs District j£>* each fiscal year from 1930 to 1935, inclusive*
5
Number of Airplanes and Passenger Entries at the
Various Border Districts: Fiscal Years 1930-1935 inclusive.
Custons District
Maine
Vermont
St. Lawrence
Massachusetts
Connecticut
Hew York
Rochester
Buffalo
Ohio
Michigan
Chicago
Duluth
Dakota
Montana
Oregon
Washington
1930
67
35
16
433
**
310
28
349
100
21
674
Northern Border
San Francisco
Los Angeles
San Diego
Arizona
El Paso
San Antonio
2033
46
1498
161
267
374
Southern Border
Alaska
Puerto Rico
Florida
Other Districts
2846
64
285
2122
2471
7350
Maine
Vermont
St• Lawrence
Massachusetts
Connecticut
Hew York
Rochester
Buffalo
Ohio
Michigan
Chicago
Duluth
Dakota
Montana
Oregon
Washington
(1)134
19
14
552
367
84
283
158
48
2019
Northern Border
3678
San Francisco
Los Angeles
208
San Diego
4814
Arizona
260
El Paso
430
3666
San Antonio
Southe-fU Border 9378
Alaska
63
Puerto Rico
927
Florida
5415
Other Districts
6405
19461
Airplanes
1932
1931
51
106
68
404
349
18
430
244
58
ft
648
2376
1052
99
318
851
2320
78
252
1682
2012
6708
66
60 ‘
82
4
341
172
16
376
18
429
14
372
1933
22
55
78
8
396
240,
20
150
1
6
409
8
-
1934
48
148
52
.ft
2
380
1
171
18
117
-
rt
Ó
1935
24
208
29
7
321
155
13
76
*2
537
21 ,
ft
477
324
338
9
1
139
1950
1763
35
119
512
1717
1130
39
130
436
1427
53
636
216
195
472
1870
2429
61
154
1319
1534
5913
1735
49
248
1300
1597
5049
1572
114
225
1234
1573
4572
1425
219
222
1301
1742
5037
49
454
55
11
—
832
—
131
10
78
4
943
45
1632
1
259
395
129
197
444
Passengers
207
(1)102
104
158
155
111
ft
539
483
ft
517
215
57
44
201
259
29
650
373
46
151
1558
697
2900
3756
m*
ft
4690
3595
18
73
670
326
2359
3565
7448
.7848
67
133
1160
658
8010
7872
28
121
124
1
776
274
13
168
9
790
19
520
77
275
94
754
192
19
132
2843
2597
90
374
2823
5884
52
1049
10019
2407
108
1297
607
755
308S
150
1105
11217
4244
1
823
941
276
640
3811
6492
457 83
1359
15802
8597
18945
11120
19847
12472
20729
17618
28354
9303
20907
(l) Estimated.
00O 00
ft
4
637
23
200
TREASURY DEPARTMENT
Washington
August 19, 1935«
MEMORANDUM POP THE PRESS
» M M M B OF SIITCH BY THE MIM S AM) ASSAY
(Under Executive Proclamation of December 21, 1933;.as amenaea
Week ended August 16, 1935.:
149,972*13 fine ounces
Philadelphia* *•••••*••#•*•••••• ..•••••••••**•♦**♦**
515,729,12 *
n
San Erancisco •••••••«..........
1*399*00
Denver## • • • • • # • • * • • • • • • • • • • * * • • — F ccn ion
Total for week ended August 16, 1935.......<........
iq*Vn
Total receipts through August 16, 1935*...... .......
>
*
SILVER TRANSEERRED TO UNITED STATES^,
_
(Under Executive Proclamation of August 9, 1934;
Week ended August 16, 1935:
Philadelphia*
New York .......................................
San Erancisco..................... ........ ** * *'
Denver# .......... ••...................*........
New Orleans.................... .......... ** ** *
Seattle..................... .
Total for week ended August 16, 1935...........
Total receipts through August 16, 1935*........
232,00 fine ounces
it
2,337,00 n
tt
559,00 ti
h
456,00 n
it
471,00 h
ti
. 215,00. n
H
4,270.00 it
II
,962,385.00 it
RECEIPTS OE GOLD BY THE MINTS AND ASSAY OEEICES:
Week ended August 16, 1935:
Imports
Philadelphia# ................ .$
9,153,23
New Y
o
r
k
*
5,106,300,00
San Erancisco#••••••««...... .
439,868,45
Denver#.............. ...... •••
255,159*00
New O r l e a n s .... ............ .
. 3,066,26
Seattle
Total for week ended August 1 6 *#$5,913,546*94
New
Domestic
$
3,616,52
101.900.00
1,410,333,59
550.197.00
1,510,98
458.917*48
12^526,475*57
Secondary
$196,839,73
174,600*00>
58,156,25
34,423,00
55,780,53
15.937*77
$535,737.28
GOLD RECEIVED BY ESDERAL RESERVE RANKS AND THE TREASURER'S. OEEICE:
(Under Secrotary!s Order of December 28, 1933)
Received by Eederal Reserve Ranks: Gold Coin,
Week ended August 14«.•••••••••*•*$
,545,04
Received previously *•••••*...••.», 30*657,473#39
Total to August 14,.1935.••••..•••$30,679,018*43
Received by Treasurer*s Office:
Week ended August 14#............*$
Received previously«r * .
Total to August 14, 1935#.••••••.#$
NOTE:
Gold Certificates
$
236,470,00
95.484,770*00
$95,721,240.00
$
264.806.00
264.806.00
Gold bars deposited with the New York Assay Office
in the amount of $200,572.69 previously reported.
2,700,00
2,212.300*00
$ 2,215,000*00
TREASURY DEPARTMENT
Washington
p-ppqq Service
^
¿^2
m
IMMEDIATE RELEASE,
Monday, August 19, 1935.
Net market purchases of Government securities for Treasury investment
accounts for the calendar month of July, 1935, amounted to $33,425,000,
Secretary Morgenthau announced today.
00O 00
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tnesdy, August 20, 1935.
8/19/35
Press Service
Secretary of the Treasury Morgenthau announced last evening
that the tenders for $50,000,000, or thereabouts, of 273-day
Treasury M i l s dated August 21, 1935, and maturing May 20, 1936,
idiich were offered on August 16, were opened at the Federal Re
serve banks on August 19*
The total amount applied for was $123,036,000, of which
$50,045,000 was accepted*
The accepted bids ranged in price
from 99*960, equivalent to a rate of about 0*053 percent per
annum, to 99*934, equivalent to a rate of about 0*087 percent
per annum, on a bank discount basis.
Only part of the amount
bid for at the latter price was accepted*
The average price
of Treasury bills to be issued is 99*988 and the average rate
is about 0*082 percent per annum on a bank discount basis*
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS.»
Tuesday. August 20. 1935,_______
8/19/35.
Press Service
^°* 5-63
Secretary of the Treasury Morgentliau announced last evening that the
tenders for $50,000,000, or thereabouts, of 273-day Treasury hills, dated
August 21, 1935, and maturing May 20, 1936, which were offered on
August 16, were opened at the Federal Reserve hanks on August 19.
The total amount applied for was $3.23,036,000, of which $50,045,000
was accepted.
The accepted bids ranged in price from 99*960
to a rate of about 0*053 percent per annum, to 99*934
equivalent to a rate
of about 0*087 percent per annum, on a bank discount basis.
the amount bid for at the latter price was accepted.
equivalent
Only part of
The average price of
Treasury bills to be issued is 99*938 and the average rate is about 0*082
percent per annum on a, bank discount basis.
,oo0oo
- 4 in accordance with the respective amounts hid for.
The Secretary of the Treasury
expressly reserves the right, however, to reject any or all tenders or parts of
tenders, and to award less than the amount hid for, and any action he nay take in
any such respect or respects shall he final.
Payment
Payment for any bonds allotted on accepted tenders must he made or completed onI
or before September 3, 1935, in cash or other immediately available funds, ■andr-isftst
• i- n g ln ^
■pay.
th ° f a c e
p r e m iu m ,
if
any ,
vfiirh
th n ■Tnhrlr.r■Iviw
In every case where payment is not so completed, the 5 percent deposit with
the application shall, upon declaration made by the Secretary of the Treasury in his
discretion, he forfeited to the Federal Farm Mortgage Corporation.
General Provisions
Federal Reserve hanks, as fiscal agents of the United States, are authorized and
requested to receive tenders, to make allotments as indicated by the Secretary of thJ
Treasury to the Federal Reserve hanks of the respective districts, to issue allot
ment notices, to receive payment for bonds allotted, to make delivery of bonds on
full~paid allotments, and to perform such other acts as may he necessary to carry
out the provisions of this circular.
Pending delivery of the definitive bonds,
Federal Reserve hanks nay issue interim receipts.
The Secretary of the Treasury may at any time, or from time to time, prescribe
supplemental or amendatory rules and regulations governing the receipt of tenders
and the sale of bonds under this circular, which will he communicated promptly to
the Federal Reserve hanks.
EBERT MOEGEtJTHAU, JR.,
Secretary of the Treasury
1
Tenders will "be received without deposit iron incorporated banks and trust
companies and from responsible and recognized dealers in investment securities.
Tenders from others must be accompanied in every case by a deposit of 5 percent of
the face amount of bonds bid for, except where the tender is accompanied by an ex
press guaranty of payment by an incorporated bank or trust company.
If the tender
is accepted, in whole or in part, the deposit will be applied toward payment for
bonds, the balance to be paid as hereinafter provided.
tj
If the tender is rejected,
the deposit will be returned to the bidder.
Tenders cast tie enclosed in envelopes, securely sealed, addressed to the
Federal Reserve hank, or branch, of the district, and plainly narked "Tender for
1-1/2 percent bonds of 1939 of the Federal F a m Mortgage Corporation" .
The Federal
Reserve banks will supply printed forns and special envelopes for submitting tender
Incorporated banks and trust companies not located in a city whore a Federal Re
serve bank or branch is located nay, in their discretion, submit tenders by telegra
but such telegrams oust be received at the Federal Reserve bank or branch before tJ
time fixed for closing.
Immediately after the closing hour for the receipt of tenders on August 28,
1935, all tenders received in writing or by telegraph at the Federal Reserve banks
or branches thereof up to the closing hour (12 o*clock noon, Eastern standard tine)
will be opened.
The Secretary of the Treasury will determine the acceptable prices
offered and will make public announcement thereof as soon as possible after the
opening of tenders.
Those submitting tenders will be advised by the Federal Reservi
banks of the acceptance or rejection thereof, and payment on accepted tenders must
be made as hereinafter provided.
In considering the acceptance of tenders, the
highest prices offered will be accepted in full down to the amount required; and if
the same price appears in two or more tenders and it is necessary to accept only a
part of the amount offered at such price, tenders for smaller amounts may be ac
corded preference and tenders for larger amounts prorated to the extent necessary
J
and the income derived therefrom shall he exempt from Federal, State, municipal,
local taxation (except surtaxes, estate, inheritance, and gift taxes).
Section 16(a) of that act contains the following provisions: "The first s c r j
Of the eighth paragraph of section 13 of the Federal Reserve Act, as amended, j
J
thor amended by inserting before the semicolon after the words 'Section 13(a) of
this Act' a comma and the following: 'or hy the deposit or pledge of Federal F a *
Mortgage Corporation bonds issued under the Federal Farm Mortgage Corporation Act'
Thus, the bonds are legally acceptable to secure 15-day borrowings from the Federal
Reserve banks.
Section 4 of the Federal Farm Mortgage Corporation Act, as amended, also pro
vides as follows:
* * * Such bonds shall be fully and unconditionally guaranteed
Doth as to interest and principal by the United States and such guaranty shall be
expressed on the face thereof, and such bonds shall be lawful investments, and may
Do accepted as security, for all fiduciary, trust, and public funds the investment
or deposit of which shall be under the authority or control of the United States or
a-ny officer or officers thereof,
m
the event that the Corporation shall be unablel
to pay upon demand, when due, the principal of, or interest on, such bonds, the
Secretary of the Treasury shall pay to the holder the amount thereof which is horet,
authorised to be appropriated, out of any moneys in the Treasury not otherwise
appropriated, and thereupon to the extent of the «mount so paid the Secretary of the
Treasury shall succeed to all the»
a.
x vne rignts
n-F
^
of the Holders of such bonds, * * *»*
Tenders and Allotments
Tenders will bo received at the Federal Reserve banks and branches thereof up
to 13 o'clode noon, Eastern standard time, Wednesday, August 28, 1935, and unless
received by that time will be disregarded.
Treasury Department, Washington.
Tenders will not bo received at the
Each tender m s t
state the face amount of bonds
bid for, which must be $1,000 or any even multiple thereof, and the price offered.
The price offered m s t bo expressed on the basis of 100, with fractions expressed
no 32ds of 1 percent, in accordance with usual practice, e.g., 100-16/32.
FEDERAL FARM MORTGAGE CORPORATION
1-1/2 PERCENT BONDS OF 1939
Dated September 3, 1935
Dae September 1, 1939
Interest payable March 1 and September 1
I
FULLY AND UNCONDITIONALLY GUARANTEED BOTH AS TO PRINCIPAL AND INTEREST BY THE UNITED I
STATES OF AMERICA AS EVIDENCED BY THE STATEMENT OF THE SECRETARY OF THE TREASURY I
ON EACH BOND
___________ __
Ij
Exempt both as to principal and interest from all Federal, State, municipal, and
local taxation (except surtaxes, estate, inheritance, and gift taxes)
1935
Department Circular No. 549
____
Public Debt Service
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, August 26, 393a
The Secretary of the Treasury, on behalf of the Federal Farm Mortgage Corpora- I
tion, offers to the people of the United States $100,000,000, or thereabouts, 1-1/2 I
percent bonds of 1939 of the Federal Farm Mortgage Corporation, and invites tenders ■
therefor, through the Federal Reserve banks.
Description of Bonds
I
The bonds will be dated September 3, 1935, and will bear interest from that datil
at the rate of one and one-half percent per annum, payable on a semiannual basis on
March 1, 1936, and thereafter semiannually on September 1 and March 1 in each year
until the principal amount becomes payable.
They will mature September 1, 1939, and I
will not be subject to call for redemption prior to maturity.
Bearer bonds with interest coupons attached will be issued in denominations of I
$100, $500, $1,000, $5,000, $10,000 and $100,000.
registered form.
The bonds will not be issued in
j|
Provision will be made for the interchange of bonds of different
denominations at any Federal Reserve bank or at the Division of Loans and Currency o|
the United States Treasury, Washington, D. C., and through any other agency desig- |[
nated for the purpose by the Federal Farm Mortgage Corporation.
These bonds are issued under the authority of the Federal Farm Mortgage Cor
poration Act, approved January 31, 1934, as amended, which provides that these bondi
2 -
from responsible and recognized dealers in investment securities*
Tenders from
others must be accompanied in every ease by a deposit of 5 percent of the face
Amount of bonds bid for( except where the tender is accompanied by »n express
guaranty of payment by an incorporated bank or trust company.
If the tender is
accepted, in whole or in part, the deposit will be applied toward payment for
the bonds, and if the tender is rejected the deposit will be returned to the
bidder*
Tenders should be made on the printed f o m s and forwarded in special envelop«!
which will be supplied by the Federal Reserve banks*
Incorporated banks and trust
companies not located in a city where a Federal Reserve bank or branch is located,
may, In their discretion, submit tenders by telegram*
Immediately after the closing hour for the receipt of tenders on Wednesday,
August 28, 1905, all tenders received at the Federal Reserve banks and branches up
to the closing hour will be opened, and public announcement of the acceptable pri©
will follow as soon as possible*
In considering the acceptance of tenders, the
highest prices offered will be accepted in full down to the amount required, and i
the same price appears in two or more tenders and it is necessary to accept only a
part of the amotnt offered at such price, tenders for smaller amounts may bs ac
corded preference and tenders for larger amounts prorated to the extent necessary
in accordance with the respective amounts bid for.
The Secretary of the Treasury
expressly reserves the right, however, to reject any or all tenders or parts of
tenders, and to award less than the amount bid for, and any action he may take in
any such respect or respects shall be final*
Payment for any bonda allotted on accepted tenders must bs made or completed
in cash or other immediately available funds on or before September 5, 1935* ■emd
.«n*
The text of the official circular follows:
^
_________________________________
if any, r H AV-+hir bld*vr
TREASURY-D E P A R m N T
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Monday. August 26, 1955,
Press Service
\
d
, 5“- (* 4
The Secretary of the Treasury, on behalf of the Federal Farm Mortgage
Corporation, la today offering to the people of the Baited States #100,000,000,
or thereabouts, 1-1/8 percent bonds of 1930 of the Federal Farm Mortgage Corpora
tion, and is inviting tenders therefor through the Federal. Reserve banks*
bonds will be sold to the highest bidders*
The
Tenders will be reoeived at the
Federal Reserve banks and branches thereof up to 18 o* clock noon, Eastern
standard time, on Wednesday, August 88, 1935.
Tenders will not be received
at the Treasury Department, Washington.
The bonds for which tenders ere invited will be dated September 3, 1935,
and will mature September 1, 1939.
deinption prior to maturity.
They will not be subject to call for re-
They will be fully and unconditionally guaranteed
both as to interest and principal by the United States, and will be exempt
both as to ¿ringlpal and interest from Federal, State, municipal and local
taxation (except surtaxes, estate, inheritance and gift taxes).
Bearer bonds
with interest coupons attached will be issued in denominations of #100, #600,
#1,000, #5,000, #10,000 and #100,000.
Each tender must state the face amount of bonds bid for, which must be
#1,000 or any even multiple thereof, and the price offered, which must be ex
pressed on the basis of 100, with fractions expressed as 32da of 1 percent in
accordance with the usual practice - for example, 100-16/38.
Tenders not re
ceived at a Federal Reserve bank or branch before IS o’clock noon, Eastern
x
standard time, Wednesday, August S3, 1935, will be disregarded.
Tenders will
be accepted without deposit from Incorporated banks and trust companies and
TREASURY DEPARTIRENT
Washington
Press Service
Ho. 5-64
FOR RELEASE, MORNING NEWSPAPERS,
Monday. August 26, 1935_._______
The Secretary of the Treasury, on behalf of the Eederal Earm Mortgage
Corporation, is today offering to the people of the United States $100,000,000,
or thereabouts, l-l/2 percent bonds of 1939 of the Eederal Earm Mortgage.Corpora
tion, and is inviting tenders therefor through the Eederal Reserve banks.
bonds will be sold to the highest bidders.
The
Tenders will be received at the
Federal Reserve banks and branches thereof up to 12 o ’clock noon, Eastern
standard time, on Wednesday, August 28, 1935.
Tenders will not be received
■at the Treasury Department, Washington.
The bonds for which tenders are invited will be dated September 3, 1935,
and will mature September 1, 1939.
demption prior to maturity.
They will not be subject to call for re
They will be fully and unconditionally guaranteed
both as to interest and principal by the United States, and will be exempt
both an to principal and interest from Eederal, State, municipal and local
taxation (except surtaxes, estate, inheritance and gift taxes).
Bearer bonds
with interest coupons attached will be issued in denominations of $100, $500,
$1,000, $5,000, $10,000 and $100,000.
Ea.ch tender must state the face amount of bonds bid for, which must be
$1,000 or any even multiple thereof, and the price offered, which must be ex
pressed on the basis of 100, with fractions expressed as 32ds of 1 percent m
accordance with the usual practice - for example, 100-16/32.
Tenders not re
ceived at a Eederal Reserve bank or branch before 12 o ’clock noon, Eastern
standard time, Wednesday, August 28, 1935, will be disregarded.
Tenders will
be accepted without deposit from incorporated bank® and trust companies and
from responsible and ipcognized dealers in investment securities,
Tenders from
others must he rccompanied in every case hy a deposit of 5 percent of the fane
amount of bonds hid for, except where the tender is accompanied hy an express
guaranty of payment hy an incorporated hank or trust company.
If the tender is
accepted, in whole or in part, the deposit will he applied toward payment for
the bonds, and if the tender is rejected the deposit will he returned to the
bidder.
Tenders should he made on the printed forms and forwarded in special en
velopes, which will he supplied hy the Federal Reserve hanks.
Incorporated
banks and trust companies not located in a city where a Federal Reserve bank
or branch is located, may, in their discretion, submit tenders hy telegram.
Immediately after the closing hour for the receipt of tenders on Wednes
day, August 28, 1935, all tenders received at the Federal Reserve hanks and
branches up to the closing hour will he opened, and public announcement of the
acceptable prices will follow as soon as possible.
In considering the accep
tance of tenders, the highest prices offered will he accepted in full down to
the amount required, and if the same price appears in two or more tenders and
it is necessary to 'accept only a part of the amount offered at such price,
tenders for smaller amounts may he
accorded preference and tenders for larger
amounts proraked to the extent necessary in accordance with the respective
amounts hid for.
The Secretary of the Treasury expressly reserves the right,
however, toxeject any or all tenders or parts of tenders, and to a,ward less
than the amount hid for, and any action he may take in any such respect or
respects shall he final.
Payment for any bonds allotted on accepted tenders must he made or com
pleted in cash or other immediately available funds on or before September 3,
1935.
The text of the official circular follows:
»
FEDERAL FARM MORTGAGE CORPORATION
1-1/2 PERCENT BONDS OF 1939
Dated September 3, 1935
3>ie September 1, 1939
Interest payable March. 1 and September 1
FULLY AND UNCONDITIONALLY GUARANTEED BOTH AS TO PRINCIPAL AND INTEREST BY THE UNITED
STATES OF AMERICA AS EVIDENCED BY THE STATEMENT OF THE SECRETARY OF THE TREASURY
ON EACH BOND
Exempt both as to principal and interest from all Federal, State, municipal, and
local taxation (except surtaxes, estate, inheritance, and gift taxes)
1935
Department Circular No* 549
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, August 26, 1935.
Public Debt Service
The Secretary of the Treasury, on behalf of the Federal Farm Mortgage Corpora
tion, offers to the people of the United States $100,000,000, or thereabouts, 1-1/2
percent bonds of 1939 of the Federal Farm Mortgage Corporation, and invites tenders
therefor, through the Federal Reserve banks*
Description of Bonds
The bonds will be dated September 3, 1935, and will bear interest from that date
at the rate of one and one-half percent per annum, payable on a semiannual oasis on
March 1, 1936, and thereafter semiannually on September 1 and March 1 in each year
until the principal amount becomes payable*
They will mature September 1, 1939, and,
will not be subject to call for redemption prior to maturity*
Bearer bonds with interest coupons attached will be issued in denominations of
$100, $500, $1,000, $5,000, $10,000 and $100,000.
registered form.
The bonds will not be issued in
Provision will be made for the interchange of bonds of different
denominations at any Federal Reserve bank or at the Division of Loans and Currency of
the United States Treasury, Washington, D. C., and through any other agency desig
nated for the purpose by the Federal Farm Mortgage Corporation*
These bonds are issued under the authority of the Federal Farm Mortgage Cor
poration Act, approved January 31, 1934, as amended, which provides that these bonds
[ndtho income derived therefrom shall he exempt from Federal, State, municipal, and
local taxation (except surtaxes, estate, inheritance, and gift taxes).
Section 16(a) of that act contains the following provisions: "The first sentence
If tho eighth paragraph of section 13 of the Federal Besorve Act, as amended, is fur
ther emended by inserting before the semicolon after the words 'Section 13(a) of
L
Act' a comma and tho following: 'or by the deposit or pledge of Federal Farm
Lrtgago Corporation bonds issued under the Federal Farm Mortgage Corporation Act'."
L
the bonds arc legally acceptable to secure 15-day borrowings from the Federal
[Reserve banks©
Section 4 of tho Federal Farm Mortgage Corporation Act, as amended, also prolidos as follows: "* * * Such bonds shall be fully and unconditionally guaranteed
loth as to interest and principal by the United States and such guaranty shall be
g r o s s e d on the face thereof, and such bonds shall be lawful investments, and may
L
accepted as security, for all fiduciary, trust, and public funds the investment
or deposit of which shall be under tho authority or control of the United States or
L r officer or officers thereof.
In the event that the Corporation shall bo unable
to pay upon demand, when due, the principal of, or interest on, such bonds,
Secretary of the Treasury shall pay to the holder the amount thereof which is hereby
Iauthorized to be appropriated, out of ary moneys in the Treasury not otherwise
appropriated, and thereupon to the extent of the amount so paid tho Secretary of the
Treasury shall succeed to all the rights of the holders of such bonds. * *
Tenders and Allotments
Tenders will be received at the Federal Reserve banks and brandies thereof up
to 12 o’clock noon, Eastern standard tine, Wednesday, August 28, 1935, and unless
received by that time will be disregarded*
Treasury Department, Washington.
Tenders will not bo received c-t
Each tender must state the face amount of
lid for, which must be $1,000 or any even multiple thereof, and the price offered.
The price offered oust be expressed on tho basis of 100, with fractions expressed
as 32ds of 1 percent, in accordance with usual practice, c.g., 100-16/32.
3
Tenders will "be received without deposit fron incorporated banks and trust
companies and from responsible and recognized dealers in investment securities*
Tenders from others must be accompanied in every case by a deposit of 5 percent of
the face amount of bonds bid for, except where the tender is accompanied by an ex
press guaranty of payment by an incorporated bank or trust coipany.
If the tender
is accepted, in whole or in part, the deposit will be applied toward payment for the
bonds, the balance to be paid as hereinafter provided.
If the tender is rejected,
the deposit will be returned to the bidder.
Tenders must be enclosed in envelopes, securely sealed, addressed to the
Federal Reserve bank, or branch, of the district, and plainly marked "Tender for
1-1/2 percent bonds of 1939 of the Federal Farm Mortgage Corporation" •
The Federal
Reserve banks will supply printed forms and special envelopes for submitting tenders*
Incorporated banks and trust corpanies not located in a city where a Federal Re
serve bank or branch is located may, in their discretion, submit tenders by telegram,
but such telegrams must be received at the Federal Reserve bank or branch before the
tine fixed for closing.
Immediately after the closing hour for the receipt of tenders on August 28,
1935, all tenders received in writing or by telegraph at the Federal Reserve banks
or branches thereof up to the closing hour (12 o !clock noon, Eastern standard time)
will be opened.
The Secretary of the Treasury will determine the acceptable prices
offered and will make public announcement thereof as soon as possible after the
opening of tenders.
Those submitting tenders will be advised by the Federal Reserve
banks of the acceptance or rejection thereof, and payment on accepted tenders must
be made as hereinafter provided.
In considering the acceptance of tenders, the
highest prices offered will be accepted in full down to the amount required; and if
the same price appears in two or more tenders and it is necessary to accept only a
part of the amount offered at such price, tenders for smaller amounts may be ac
corded preference and tenders for larger amounts prorated to the extent necessary
- 4 in accordance with the respective amounts hid for.
The Secretary of the
Treasury expressly reserves the right, however, to reject any or all tenders
or parts of tenders, and to award less than the amount M d
for, .and any action
he m?.y take in any suchicspect or respects shall he final.
Payment
Payment for any bonds allotted on accepted tenders mast he made or com
pleted
on or before September 3, 1935, in cash or other immediately available
funds.
In every ease where payment is not so completed, the 5 percent dep
with the application shall, upon declaration made by the Secretary of the
Treasury in his discretion, he forfeited to the federal V *
Mortgage Corpora-
tion.
Sonera! Provisions
Federal Reserve banks, as fiscal agents of the United States, are
authorized and requested to receive tenders, to make allotments as indicated
by the Secretary of the Treasury to the Federal Reserve hanks of the respec
tive districts, to issue allotment notices, to receive payment for bonds
allotted, to make delivery of bonds on full-paid allotments,, and to perform
each other acts as may be necessary to carry out the provisions of this
circular.
t
•
a
o-p p-io
1p-Firn tivc "bone's.
Pending delivery
of
tne r
definitive
oom.-, Federal Reserve "banks
may issue interim receipts.
The Secretary of the Treasury may at any time, or from time to tine,
prescribe supplemental or amendatory rules and reflations governing the
receipt of tenders and the sale of bonds under this circular, which will
be communicated promptly to the Federal Reserve banks.
h e h r y m o r g e e t h a u , JR.»
Secretary of the Trep.sury.
TREASURY DEPARTMENT
Washington
August 26, 1935.
r n m m m PQR THE PRESS,
W3CEIPTS OF SILVER BY THE MINTS A MD ASSAY OFFICES;.
(Under Executive Proclamation of December 31, 1933) as amended
Week ended Augast 23, 1935*
Philadelphia.......................... ...... *
*.... f
San Erancisco......................... .
D e n v e r ................ ........... ............... .
Total for week ended August 23, 1935....... .
Total receipts through August 23, 1935.«..... .
1,074,847.98 fine ounces
215,898.64
” 11
22.007»00
" 9
1,312,753.62
B "
44,506,000.00
* 11
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended August 23, 1935:
Philadelphia. • •• •.... . •............. .
Hew York ... *.................... * * * •
San Erancisco .................. •••••■
Denver .......... .............. .
Hew Orleans..........................
Seattle............. .......... .
Total for week ended August 23, 1935...
Total receipts through August 23, 1935.
745*00* fine ounces
382.00
123.00
876.00
341.00
541.00
3,008.00
112,965,393.00
11
"
*
11
”
"
*
"
”
"
n
*
’*
"
RECEIPTS OE GOLD BY THE MINTS AIID ASSAY OFFICES:
Imports
Secondary
Week ended August 23, 1935:
|
12,083.12
$195,319.69
Philadelphia................. *
6,343,000.00 293,100.00
Hew York.
14,822.84
52,348.54
San Erancisco.............. •••
29,347,00
Denver ».»•«••*•••«•»*•••••••••
29,210.97
42,717,65
Hew Orleans................. .
----1 5 .554.34
Seattle........................
Total for week ended August 23.. $6,399,116.93 $628,387.22
New .
Domestic
$
376,07
130.900.00
801,295,75
567.808.00
253,36
718,907.81
$2,219,540.99
GOLD REOEIVED BY FEDERAL RESERVE BATIKS AIID THE TREASURER'S PEE ICE:
(Under Secretary*s Order of December 28, 1933)
Received by Federal Reserve Banks:
Gold Coip. ,,
Week ended August 2 1 . • • •
$
15,786.68
Received previously.•#••••••..*••• 30.679.018.43
Total to August 2
1
.
.
.
$30,694,805.11
Received "by Treasurer’s Office:
Week ended August 21......... .
$ -* — ~
“* ~
Received previously.
...... .
264.806.00
Total to August 2
1
»
.
•
$
264,806.00
HOTE:
Gold "bars deposited with the Hew York Assay Office
in the amount of $200,572.69 previously reported.
Gold Certificates
$
379,140.00 ~
95.721,240.00
$96,100,380.00
$
2,500,00
2.215.000,00
$ 2,217,500.00
TREASURY DEPARTMENT
WASHINGTON
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday. August 27. 1935,
8/26/35
P r M i S m _.
r
5 j T 1®*
- f ^
b
f
Secretary of the Treasupy Morgenthau announced laat
eyening that the tenders fop $50,000,000, op thereabouts,
of 278-day Treasury bills, dated August 28, 1935, and
maturing May 27, 1936, which were offered on August 28,
were opened at the Federal Reserve banks on August 26.
The total amount applied for was $84,157,000, of whieh
$50,000,000 was accepted.
The accepted bids ranged in price
from 99.942, equivalent to a rate of about 0.076 percent per
«mum, to 99.885, equivalent to a rate of about 0.152 percent
per annum, on a bank discount basis.
Only part of the amount
bid for at the latter price was accepted.
The average price
of Treasury bill, to be issued is 99.904 and the average rate
is about 0.127 percent per annum on a bank discount basis.
TREASURY DEPARTMENT
Washington
Press Service
No. 5-65
for rel e a s e , mor ning n e w s pap ers,
Tuesday« August 27, 1955,------8/26/35.
Secretary of the Treasury Morgenthau announced last evening that the
tenders for $50,000,000,
or thereabouts, of 273-day Treasury hills, dated
August 28, 1935, and maturing May 27, 1936, which were offered on August 23,
were opened at the Federal Reserve hanks on August 26.
The total amount applied for was $84,157,000,
was accepted.
of which $50,000,000
The accepted bids ranged in price from 99.942, equivalent
to a rate of about 0.076 percent per annum, to 99.885,
equivalent to a
rate of about 0.152 percent per annum, on a bank discount basis.
of the amount bid for at the latter price was accepted.
of Treasury bills to be issued is 99.904
0*12?
The average price
and the average rate is about
percent per annum on a "bank discount basis.
ooOoo
Only part
TREASURY DEPARTMENT
Washington
fOR IMMEDIATE RELEASE.,
Thursday, August 29., 1935*
Press Service
No* 5-66
Secretary of the Treasury Morgenthau today announced the
result of the offering by the Treasury on Monday of $100,000,000,
or thereabouts, of 1-1/2 percent bonds of 1939 of the Federal
Paro Mortgage Corporation, tenders for which were received at
the Federal Reserve banks up to 12 o'clock noon, on Wednesday,
August 28*
Tenders for $85,592,000 face amount of bonds were received,
of which $85,252,000 was accepted at prices ranging from 100 down
to 98»
The average price of the bonds to be issued is approxi,
nately 99.
Based on the average price at which the bonds are to
be issued on September 3, 1935, the yield is about 1.762 to
maturity, September 1, 1939.
ESS.
M i OF vgsgiLB
Par Cant
Increase
in
Number
Dlraet from Foreign Fort*
Foreign vessel#
Dome#tie vaaaala
Total
par a— t
Increase
la
1934
1988
18,487
11,066
¡»¡488
18,891
5.8
4*8
2.5
*0,5
m
ip t
IS
Via other Dosaaatio Porta to IM*
Foralga vaaaala
Domestic vaaaala
Total
5,3*7
*•54*
7,549
5,285
*•54*
7,085
-0.8
1 *»8
3,5
«1,5
17,0
4,3
Via Other Domestic Porta with
Residue Cargo to Uala&e
Foreign Vessels
Domestic vaaaala
Total
4,141
*•902
7,043
4,0*8
*.877
5,905
— *.7
0^9
«4*1
From I&terooaetal Porta
Domestic vaaaala only
5,95*
8,931
-0.02
"' Domestic vessels only
3,80?
s ,m
1S.5
10,1
rom Coastwise Porta
Dc»naatlar vaaaala onlr
13,180
13,537
2.9
•8,0
*4,955
39,561
*5,70*
41.530
3.0
4.,*
5¡7
,*
-j>9
•5
,hS?.S
•3.9
•3
fro» Porta la Hoaaontigaou*
Territory
. .
.... -.
gr«aftlsM
,
Foreign vaaaala
Bossestie vaaaala
Total
££,&$
Hates (-) den©tee decreases
PREPARED BY
DIVISION OF STATISTICS AND RESEARCH
BUREAU OF CUSTOMS
TREASURY DEPARTMENT
4
m
à dotal!** «tateiaMit of tha mato*r of aatraaea» of m u l i
for took of tba post too fiscal paar» and of tfa* ino rea»«» or
décrassas Í» tkoir m% tonna«» folios»i
\X
.
J
Il
Foraig» r»©s*i©~©at©rlag dixact froa fbreiga pori» showad *7
allgb tly largar rate of inoreas a botb in nimbar and la tosrnag* 4 aa
di« dos*a«t|e v i i m I c so entarad.
Tb© nimbar of f©raiga va««©*»
b*lij$ O S pittami «ad tb# tonna*» 2.0 par o©»t grattar thaa darla*
ih© preoadlag ftsoal year.
/
Lj Bafora proceading
\
/
I
on thalr homeward voyage, vasa«!© e&gagad la
i©r©:lga tred© m y go to «©a» othar por* tfcaa tb© popi ©f fi* * t
**rlf*X ©Itbor to la da cargo doatln©« far abroad y& t© di©©borgo
tb© |©ls»c© ©f thalr Incorningcargo.
Tb©
am ter ©f ©§©©©l© prò*
©©•«4« t© othar porta t© l©d©\©arfO »©a ©Ugfctly groater «hila
I
thoB ©i procaadln*
\
/
to dlaobarg© rabidi» ejav'Q «ai© sligh tly am U«r
\
/
I
¡
durili« tb© fiscal yotr 1955 thau darla* tb© pravlou© risosi year* I
Snob «assai* ara, of cenar©©, ©Iraad/ includad
«itb tbo»© ©atarla* i
dlr©«^ froa foraign porta ©ad t W r nuabdr «ad tonno*© la signiflcaat
©aly 4© ©a ori««*©© ©f tb»
motivity
foraign va*sala ara
i
Lui©«
of foralga trado.
\
froa ©erryidg oargo«© boti©©©
port^ la tb© tbftltod status ©ad ita pda©©«©ioa©* gessai© ©atarla*
froa In te rco sta l porty'and froa nonoontiguous terrl^oxy
oorryiag bondad cap
ve »«©la.
ead
tbo«©
*• ooaatui©©« ara tb©r©for©» ©xolualyaly doso©tic
/
I substaatial i a m a i eppe&rod la tb» Tassai© ©atorad froa
£
I
ÌV
eoatlguoua torritory ©ad froa cornatale© porta orar tb© nuabor ©atorad%
i
/
pr©rio«« y©«r» «bll© tb©
auabar
antera« froa intarcoaatal porta
I
( y
i
I
Tto «nabar of Tassala antaria« through tha rarioua anata«
bonaaa of « a (Mitad atetes aggragatad 67,03* auring tha flaaal
jaar of X « » , an tuercas*
of 8.7 jar aaat ovar tha total fbr
tha precedine flaaaX yeer («4,6»), tha Boraaa of C o a t o a s ------^ tfl
to<5«jr.
.<^0
Tha t a n »antering" j*. u*ed bjr Costeas offlotaXa J-„ - - M
whist,tantalo nt in flaa j-u l
rafa** te tha filia« of
oartala
spedilo
¡ioeuaects wlth tha C o U a e t o r of Gnatoma m t h l a a short tica after
tha arrlra! of tha Tassai at a port.
¿11 tassai*, ahathar of
forai«* or domastia ragiatry, arrióla« i* tbis country dlroot
froa
i c r ,i 8*
parto ara
reqalrad
to
aaka
entry at a eoateahons*.
I* additian, a U forai«* tassala plytn« bota*** ¿marina* porta
far tha pnrpoaa aithar of aaanrl*« further aargo or of naladla«
residua oorgo, ara raqui rad to aaka aatry at aaoh port o f aall.
kaarleaa tassala
lf ragia tarad fsr farai«* trada, or If thay
***** aay foralca cargo la bond, ara liVewise raquired to malm
a*try at oaah part of aall.
1h# total BUBbor of tasaals aataria« dlraat froa foralgn
porta durln« tha paat flaaaX peor ota 88,830, a* lnaraaaa of
8.4 par cent otar tha n a d a r of aaah ráesela darla« tha proriona
flaaal yaor.
The not tonsega of «has* toaseis ahosa a* <■■»»»«ea
otor tha prarioua yoar from 61,898,886 darla« 1884, to 68,446,38*
darla« 1888, a* lacrease of 1.4 par aaat.
TREASURY DEPARTMENT
Washington
Press Service
No. 5-67
EOR RELEASE, MORNING PAPERS
Friday» August 30, 1935.
The number of vessels entering through the various custom
houses of the United States aggregated 67,032 during the fiscal
year of 1935, an increase of 3.7 per cent over the total for the
preceding fiscal year (64,636), the Bureau of Customs announced
today.
The tern "entering", as used by Customs officials, refers to
the filing of certain specific docunents with the Collector of
Customs within a short time after the arrival of the vessel at a
port.
All vessels, whether of foreign or domestic registry, ar
riving in this country direct from foreign ports are required to
make entry at a customhouse.
In addition, all foreign vessels
plying between American ports for the purpose either of securing
further cargo or of unlading residue cargo, are required to make
entry at each port of call.
American vessels if registered for
foreign trade, or if they carry any foreign cargo in bond, are
likewise required to make entry at each port of call.
The total number of vessels entering direct from foreign ports
during the past fiscal year was 28,938, an increase of 5.4 per pent
over the number of such vessels during the previous fiscal year.
The net tonnage of these vessels shows an increase over the previous
year from 61,599,596 during 1934, to 62,44^,382 during 1935, an
increase of 1.4 per cent.
A detailed statement of the number of entrances of vessels
for each of the past two fiscal years and of the increases or
decreases in tlieir net tonnage follovs.
2
ENTRANCES
NUMBER OF VESSELS
Per Cent
Increase
in
Number
Per Cent
Increa.se
in
Tonnage
1934
1935
15,487
11.968
27,455
16,391
12.547
28,938
5.8
4.8
5.4
2.5
-0.6
1.4
Via, Other Domestic Ports to Ladj
Foreign vessels
Domestic vessels
Total
5,327
2,342
7,669
5,283
2.642
7,925
-0.8
12.8
3.3
-lv6
17.0
4.3
Via. Other Domestic Ports with
Residue Cargo to Unlade
Foreign vessels
Domestic vessels
Total
4,141
2.902
7,043
4,028
2.877
6,905
-2,7
-0.9
-2.0
-4,1
-3.6
-3.9
From Intercoastal Ports
Domestic vessels only
5,932
5,931
-0.02
From Ports in Noncontiguous
Territory
_________ _____
Domestic vessels only
3,357
3,776
12.5
10.1
13,180
13,557
2.9
-2.0
24,955
39.681
64,636
25,702
41.330
67,032
3.0
4.2
3.7
.2
.9
.6
From Coastwise Ports
Domestic vessels only
Grand Total
Foreign vessels
Domestic vessels
Total
Note:
(-) denotes decreases
.3
l*o co
Direct from Foreign Ports
Foreign vessels
Domestic vessels
Total
7
5
/l«
**">»* tB«»V»M««T«ftfl » » » M p l
The appointment of Stewart Berkshire of ®1 Paso
Texas» as Deputy Commissioner of Internal levsnus in charge of the
Alcohol fax Unit» effective Sept« 1» was announced today«
The appointment was made hy
Guy T« Helvering» Commissioner
of the Bureau. of Internal Revenue» with the approved of
Secretary
of the Treasury Morgenthau«
Ur« Berkshire succeeds Arthur J« Mellett ¿ a . Ur« llellott has
been in charge of the Alcohol Tax Unit since lAaiirgisiiatif the
establishment of the present set-up«
the President» Ur. Mellott
Sx
Under the appointment of
assumes a position as a member of the
Board of ^ax Appeals«
Ur« Berkshire has been chief attorney of the Alihafc
Alcohol Tax ^nit during the past year.
Previously he was a member of
the staff of the feneral Counsel ef the treasury Department«
Mr« Berkshire is 44 years of age« He practiced law in
SI Paso for eighteen years before coming to VaAington
SKXhRSSK
##
D. C. t in 1933*
TREASURY DEPARTMENT
Washington
Press Service
No. 5-68
FOR RELEASE, MORNING Pa PERE
Saturday, August 31, 1935.
The appointment of Stewart Berkshire of El Paso, Texas, as
Deputy Commissioner of Internal Revenue in charge of the Alcohol
Tax Unit, effective September 1, was announced today.
The appointment was made by Guy T. Helvering, Commissioner
of the Bureau of Internal Revenue, with the approval of Secretary
of the Treasury Morgenthau.
Mr. Berkshire succeeds Arthur J. Mellott.
Mr. Mellott has
been in charge of the Alcohol Tax Unit since the establishment of
the present set-up.
Under the appointment of the President, Mr.
Mellott assumes a position as a member of the Board of Tax Appeals.
Mir. Berkshire has been chief attorney of the Alcohol Tax Unit
during the past year.
Previously he was a member of the staff of
the General Counsel of the Treasury Department.
Mr. Berkshire is 44 years of age.
He practiced law in El Paso
for eighteen years before coming to Washington, D. C., in x933.
ooOoo
TREASURY DEPARTMENT
Washington
c ° ? ,Rf LEAS^
m o r n in g n e w s p a p e r s ,
Saturday. August 31. I 93K.
8/30/36
---- ~~”
Press Service
S -
b
?
Secretary of the Treasury Morgenthau announced last
evening that the tenders for $50,000,000, or thereabouts,
of 273-day Treasury bills, dated Septasber 4, 1985, and '
maturing June 3, 1986, ifeieh were offered on August 28,
were opened at the Federal Reserve banks on August 30.
The total amount applied for was $163,683,000, of whi(
$50,046,000 was accented. The accents k»,*
F
ihe accepted bids ranged in pric
from 99.909, equivalent to a rate of 0 120 »«,. +
o x
0,120 Percent per annu
to 99.870,
to , r .t,
ibout 0 > m parcmt
•m » . , o. . b a t
b„l,. O H , p.rt of th. » , » ,
bid for at the latter nrire ... ..
. ,
price was accepted. The average pries
of Treasury bill, to be issued is 99.885 and the average rat
1» about 0.151 percent per annum on a bank discount basis.
treasury department
Washington
Press Service
No. 5~*69
Î0R RELEASE, MORNING NEWSPAPERS,
Saturday. August 31 « 19^5»----- —
Secretary of the Treasury Morgenthau announced last evening that the
tenders for $50,000,000, or thereabouts, of 273-day Treasury hills, dated
September 4, 1935, and d u r i n g dune 3, 1936, which were offered on August
28, were opened at the federal Reserve banks on August 30.
ihe total amount applied for was $163,683,000, of which $50,046,000
was accepted.
.The accepted bids ranged in price from 99.909, equivalent
to a rate of 0.120 percent per annum, to 99.870, equivalent to a rate of
about 0.171 percent per annum, on a bank discount basis.
amount bid for at the latter price was accepted.
Only pa
The average price of
.... x- -u. issued is 99.885 and the average rate is about 0.151
Treasury hills to he issued is
percent per annum on a hank discount basis.
ooOoo
5
payee or the assignee thereof to "The Secretary of the Treasury for exchange for
treasury Notes of Series 01939", in accordance with the general regulations of th
Treasury Department governing assignments for transfer or exchange, and thereafter
should he presented and surrendered with the subscription to a Federal Reserve ba
or to the Treasury Deportment, Division of Loans and Currency, Washington.
If the!
Treasury notes are to be delivered for the account of other than the registered
payee or the assignee thereof, the assignment should be to "The Secretary of the
HENRY MORGENTmU, JR.,
Secretary of the Treasury.
risk of the holder*
VI*
GENERAL PROVISIONS
it
1.
as
fiscal agents of the United States, Federal Reserve hanks are authorize!
and requested to receive subscriptions, to make allotments on the basis and up to
I
'O
the amounts Indicated by the Secretary of the Treasury to the Federal Reserve banks!
UwJEW
of the respective districts, to Issue allotment notices, to receive payment for not*
allotted, to make delivery of notes on full-paid subscriptions allotted, and they
1
may Issue interim receipts pending delIvory of the definitive notes.
Be
The Secretary of the Treasury may at any time, or from time to tir% pre- j
scribe supplemental or amendatory rules and regulations governing the offering, vhlj
will be consnunicated promptly to the Federal Reserve banks*
HENRY MORGENTE&U, JR*,
Secretary of the Treasury*
I
- 4 2.
i Z f l H W subscriptions. - Payment for notes allotted on exchange subscriptio
may be made only In Fourth-called Fourth 4 - 1 / 4 * which ,111 be accepted at par, and
.hould aooompany the subscription.
1
On all exchanges, Interest on Fourth-called Fourth
4-1/4’s will be paid in full to October 15. 1935. on which date interest on all Fourthcalled Fourth *-l/4'a .ill cease,
ouch jmyment. will be made, i„ the case of coupon
1
bonds,through payment of coupon, dated October 15, 1935, when due, which coupon, should
be detached by holders before presentation of the bonds for exchange, and, in the case "
of registered bonds, through the ism,, of interest checks for final interest due Octo
ber 15, 1935, in accordance with the assignments on the bonds surrendered.
F.
1.
SURRENDER OF FOURiJH-CALDgD FOURTH 4-1/4 *S OH KTCHAHOK
coupon bond*. - Fourth-called Fourth 4-1/4* s in coupon f o m tendered in exchanj
for Treasury notes offered hereunder, should be presented and surrendered with the sub-1
serlption to a Federal Reserve bank or to the Treasurer of the United States,
coupons '
dated April 15, 193«, and all coupon, bearing dates subsequent to April |g,
be attached to such coupon bond, when surrendered, and if any such coupons are missing,
the subscript ionmust be accmpanied by cash payment equal to the face «count of the
missing coupons.- The bonds must be delivered at the expense and risk of the holder.
Facilities for transportation of bond, by registered mail insured may be arranged be
tween incorporated banks and trust companies and the Federal Reserve banks, and holders
may take advantage of such arrangements when available, utilising such incorporated
bank, and trust cmpani,. as their agents.
Incorporated bank, and trust companies are
not agents of the united states under this oircular.
2.
Rggistered bonds. - Fourth-called Fourth 4-1/4*s in registered f o m tendered
in exchange for Treasury notes offered hereunder should bo assigned by the registered
lie
attaohed to temporary coupon bonds became due on October 15 19P0
The holder# of any such temporary bonds which « m
,
vowooer is, I9£0.
for redemption on October S
will
1 ! min the fourtfc 8115 tinGl
iqpo if sunk vn a
a
* 1935, will receive the pest due interest from October 15
19S0, if such bonds are tendered for exchange under this circular.
October 15,
- 3 -
Caah subscript Ions from all othsrs must be accompanied, if for more than 18,000, b;
payment of #8,000 or 5 percent of the amount of notes applied for, whichever is tto
greater: and, if for #8,000 or less, by payment in full.
!Sht Secretary of the
Treasury reserves the right to close the booke as to any or all subscriptions or
classes of subscriptions at any time without notice.
2#
The Secretary of the Treasury reserves the right to reject any subscripts
in whole or in part, to allot less than the amount of notes applied for, to make
allotment! in full upon applications for smaller amounts and to make reduced allot
merits upon, or to reject, applications for larger amounts, or to adopt any or all
of said methods or such other methods of allotment and elaasi float ion of allotments
ae shall be deemed by him to be in the public Interest; and his action in any or &1
of these respects shall be final.
Subject to these reservations, cash subscription
for amounts up to and including #8,000 will be given preferred allotment, and cash
subscriptiona for amounts over #8,000 will be allotted on an equal percentage
basis, but not less than the maximum preferred allotment; and exchange subscrip
tions will be allotted in full.
Allotment notices will be sent out promptly upon
allotment, end the basis of the allotment will be publicly announced.
IT.
1*
Tm m
OF PABIJNT AM) ISSUE
Cash subscript lone. - Payment at par and accrued interest, if any, for
notes allotted on cash subscriptions must be made or completed on or before Septem
ber 16, 10SB, or on later allotment.
In every case where payment ie not so com
pleted, the payment with application up to 8 percent of the amount of notes applied
J L «fen, upon figuration n d . by # » Secretary of the Treasury
ba forfaited to the United State..
dl,er*ti<m
Any qualified depo.ltary will ha permitted to
^ . n t by credit for note, allotted to it for ifolf and Ita cu.tomar. up
t0 any amount for which it shall b. qualified In axee.a of exictine 8ept.lt«,
when co notified by the Federal Heaerre bank of It. district.
called bonds for 10-12 year 2-3/4 percent Treasury Bonds of 1945-47, which offering is set forth in Department Circular No. 550, issued simultaneously with this
circular.
II.
1.
DESCRIPTION CF NOTES
The notes will be dated September 16, 1935, and will bear Interest from
that date at the rate of 1-1/2 percent per annum, payable on a semiannual basis on
March 15 and September 15 in each year.
They will m ture March 15, 1939, and will
not be subject to call for redemption prior to maturity.
2.
The notes shall be exempt, both as to principal and interest, from all taxa
tion (except estate or inheritance taxes, or gift taxes) now or hereafter imposed
by the United States, any State, or any of the possessions of the United States, or
by any local taxing authority.
3.
,
The notes will be accepted at par
time and under such rules and
regulations as shall be prescribed or approved by the Secretary of the Treasury in
payment of income and profits taxes payable at the maturity of the notes.
4.
The notes will be acceptable to secure deposits of public moneys, but will
not bear the circulation privilege.
5.
Bearer notes with interest ooupons attached will be issued in denominations
of $50, #100, $500, $1,000, #5,000, $10,000 and $100,000.
The notes will not be
issued in registered form.
III.
1.
SUBSCRIPTION AND AIX0TOT3T
Subscriptions will be received at the Federal Reserve banks and branches
and at the Treasury Department, Washington.
Banking institutions generally will
handle applications for subscribers, but only the Federal Reserve banks and the
Treasury Department are authorized to act as official agencies.
Cash subscriptions
fro® incorporated banks and trust companies for their own account will be received
without deposit but will be restricted in each case to an amount not exceeding onehalflr of the combined capital and surplus of the subscribing bank or trust company.
UNITED STATES OF AMERICA
1-1/2 PERCENT TREASURY HOTES OF SERIES C-1939
Dated and bearing interest from September 16, 1935
Due March 18, 1939
Interest payable March 15 and September 15
OFFERED FOR CASE AND IN EXCHANGE FOR FOURTH-CALIJSD FOURTH LIBERTY LOAN BONDS
1935
Department Circular No, 551
TREASURY d e p a r t m e n t ,
Office of the Secretary,
Washington, September 3, 1935
Public Debt Sertice
I*
1,
OFFERING OF NOTES
The Secretary of the Treasury, pursuant to the authority of the Second Libert
Bond Act, approved September 24, 191?, as amended, invites subscriptions from the
people of the Uhited States, for 1-1/2 percent notes of the United States, designated
Treasury Notes of Series C-1939,
2,
Cash subscriptions are invited at par and accrued Interest,
The amount of
the issue for cash will be #500,000,000, or thereabouts,
3,
Exchange subscriptions, in payment of which only Fourth Liberty Loan 4-1/4
percent Bonds of 1933-38 included in the fourth and final call for redemption on
October 15, 1935 (hereinafter referred to as Fourth-called Fourth 4-1/4’s) may be
I
tendered, are invited at par.
The amount of the issue upon exchange subsetiptlons
will be limited to the amount of Fourth-called Fourth 4-1/4* s tendered and accepted.
Fourth Liberty Loan Bonds not included in the fourth and final call for redemption on
October 15, 1935, all of which have previously bean called for redemption and on which
interest has ceased, will not be accepted for exchange under this circular,
4,
In addition to the exchange offering under this circular, holders of Fourth-
called Fourth 4-1/4*s are offered the privilege of exchanging all or any part of such
JL Pursuant to the fourth and final call for redemption (see Department Circular
539, dated May 13, 1935) all outstanding Fourth Liberty Loan 4-1/4 percent Bonds
1933-38 bearing serial numbers ending in 3 or 4 (in the case of permanent coupon
preceded by the distinguishing letter G or D, respectively) have been called for
demption on October 15, 1935, on which date interest on such bonds will cease.
Ho,
of
bonds
re
2.
Registered bonds. - Fourth-called Fourth 4-1/4*s in registered form tenderei
in exchange for Treasury bonds offered hereunder should be assigned by the registerei
payee or the assi&iee thereof, in accordance with the general regulations of the
Treasury Department governing assignments for transfer or exchange, in one of the
forms hereafter set forth, and thereafter should be presented and surrendered with
the subscription to a Federal Reserve bank or to the Treasury Department, Division
of Loans and Currency, Washington.
risk of the holder.
The bonds must be delivered at the expense and
If Treasury bonds are desired registered in the same name as thi
Fourth-called Fourth 4-1/4*s surrendered, the assignment should be to "The Secretary
of the Treasury for exchange for ^1*0& sur y 13onds of
, if Ih^S8L8Xi3^y boüids are
desired registered in another name, the assignment should be to "The Secretary of th<
Treasury for exchange for Treasury Bonds of 1945-47 in the name of
if Treasury bonds in coupon form are desired, the assignment should be to "The Secret
of the Treasury for exchange for Treasury Bonds of 1945-47 in coupon form to be
delivered to
VI.
1.
GENERAL PROVISIONS
As fiscal agents of the United States, Federal Reserve banks are authorized
and requested to receive subscriptions, to make allotments on the basis and up to the
amounts indicated by the Secretary of the Treasury to the Federal Reserve banks of th
respective districts, to issue allotment notices, to receive payment for bonds
allotted, to make delivery of bonds on full-paid subscriptions allotted, and they may
issue interim receipts pending delivery of the definitive bends.
2.
The Secretary of the Treasury may at any time, or from time to time, pre
scribe supplemental or amendatory rules and regulations governing the offering which
will be communicated promptly to the Federal Reserve banks.
HENRY MORGENTHAU, JR.,
Secretary of the Treasury.
- 4 Payment for any bonds allotted under this circular may be made only in Fourth-called
Fourth 4-1/4*s, which will be accepted at par, provided that payment of the premium
by reason of any increase in the issue price shall be made in cash or other Immed
iately available funds.
The bonds tendered in payment, and the premium, if any,
should accompany the subscription*
On all exchanges, interest on Fourth-called Fourth 4-1/4*s will be paid in
full to October 15, 1935, on which date interest on all Fourth-called Fourth 4-1/4»s
will cease«
Such payments will be made, in the case of coupon bonds» through pay
ment of coupons dated October 15, 1935, when due, which coupons Should be detached
by holders before presentation of the bonds for exchange, and, in the case of
registered bonds, through the issue of interest checks for final interest due
October 15, 1935, in accordance with the assignments on the bonds surrendered«
V«
SURRENDER OF FOURTH-CALLED FOURTH 4-1/4 *S OH EXCHANGE
Coupon bonds« - Fourth-called Fourth 4-1/4* s in coupon fora tendered in ex
change for Treasury bonds offered hereunder, should be presented and surrendered with
the subscription to a Federal Reserve bonk or to the Treasurer of the United States.
Coupons dated April 15, 1936, and all coupons bearing dates subsequent to April 15,
1936, should be attached to such coupon bonds when surrendered, and if any such
coupons are missing, the subscription must be accompanied by cash payment equal to
Z
the face amount of the missing coupons«**"
and risk of the holder.
The bonds must be delivered at the expense
Faoilibias for transportation of bonds by registered mall in«
sured may be arranged between incorporated banks and trust companies and the Federal
Reserve banks, and holders may take advantage of such arrangements when available,
utilising such incorporated banks and trust companies as their agents«
Incorporated
banks and trust companies are not agents of the united States under this circular*
Z Ihe final coupon attaohed to temporary coupon bonds became due on October 15, 1920.
The holders of any such temporary bonds which are included in the fourth and final cal
for redemption on October 15, 1935, will receive the past due Interest from October 15
1920. if such bonds are tendered for exchange under this circular«
The bonds will be acceptable to secure deposits of public moneys, but wî&no!
be
bear the circulation privilege and will not/entitled to any privilege of conversion.
3.
4.
Bearer bonds with interest coupons attached, and bonds registered as to prii$.
cipal and interest, will be issued in denom&nat ions of $50, $100, $500, $1,000, $5,0
$10,000 and $100,000*
Provision will be made for the interchange of bonds of differ^
denominations and of coupon and registered bonds, and for the transfer of registered
bonds^under rules and regulations prescribed by the Secretary of the Treasury*
5*
The bonds will be subject to the general regulations of the Treasury Depart
ment, now or hereafter prescribed, governing Ufcited States
bonds*
III. SUBSCRIPTION AND ALLOTMENT
1.
Subscriptions will be received at the Federal Reserve banks and branches and
at the Treasury Department, Washington*
Banking institutions generally will handle
applications for subscribers, but only the Federal Reserve banks and the Treasury Depar tment are authorized to act as official agencies*
2*
The Secretary of the Treasury reserves the right to reject any subscription
in whole or in pert, and to close the books as to any or all subscriptions at any
time without notice; and any action he may take in these respects shall be final*
Subject to these reservations, all subscriptions will be allotted in full*
Allot
ment notices will be sent out promptly upon allotment*
IV.
1*
TERMS OF PAYMENT AND ISSUE
Treasury bonds offered under this circular will be issued at par, or at
such increased issue price as may be fixed by public announcement in the case of
bonds issued upon subscriptions tendered to a Federal Reserve bank or brahoh or to
I
the Treasury Department after the time stated in the announcement.
The effective
time for any increase which may be made in the issue price will be after the date
of the announcement and in no event earlier than September 10, 1935*
Any such
announcement fixing an increase in the issue price and the time when such increase
becomes effective will be communicated promptly to the Federal Reserve banks*
-
2
-
effective as to subscriptions tendered after the time, not earlier than September 14,
1935, fixed in the announcement*
I
3*
In addition to the exchange offering under this circular, holders of Fourtl
called Fourth 4-1/4*s are offered the privilege of exchanging all or any part of suj]
called bonds for 3-1/2 year 1-1/2 percent Treasury Notes of Series C-1939, which
offering is set forth in Department Circular No. 551, issued simultaneously with th^
circular.
II. DESCRIPTION OF BONDS
1.
The bonds will be dated September 16, 1935, and will bear interest from th^j
date at the rate of 2-3/4 percent per annum, payable on a semiannual basis on iferch
and September 15 in each year until the principal amount becomes payable.
They will
mature September 15, 1947, but may be redeemed at the option of the United States on
and after September 15, 1945, in whole or In part, at par and accrued interest, on
any interest day or days, on 4 months* notice of redemption given In such manner as
the Secretary of the Treasury shall prescribe.
In case of partial redemption the
bonds to be redeemed will be determined by such method as may be prescribed by the
Secretary of the Treasury.
From the date of redemption designated in any such notit
interest on the bonds called for redemption shall cease.
2.
The bonds shall be exempt, both as to principal and interest, from all taxfl
tion now or hereafter imposed by the United States, any State, or any of the posses
sions of the United States, or by any local taxing authority, except (a) estate or
inheritance taxes, or gift taxes, and (b) graduated additional Income taxes, common]
known as surtaxes, and excess-profits and war-profits taxes, now or hereafter imposi
by the United States, upon the income or profits of individuals, partnerships, assoi
tions, or corporations.
The interest on an amount of bonds authorized by the Secon
Liberty Bond Act, approved September 24, 1917, as amended, the principal of which d
not exceed in the aggregate $5,000, owned by any individual, partnership, associate
or corporation, shall be exempt from the taxes provided for in clause (b) above.
UNITED STATES OP AMERICA
2-3/4 PERCENT TREASURY BONDS OF 1945-47
D«t«a and bearing interest from September 1«, 1935
Due September 18, ;
RHJEffllABLE a t t h e o p ti o n of t h e u n i t e d s t at e s a t p a r a n d a c c r u e d i n t e r e s t o n a n d af J
SEPTEMBER 15, 1945
11
Interest payable March 15 and September 15
OFFERED ONLY IN EXCHANGE FOR FOURTH-CALLED FOUR'S! LIBERTY LOAN BONDS
1935
Department Circular No, 550
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, September 3, id
Public Debt Serrice
I.
I.
EXCHANGE OFFERING OF BONDS
The Secretary of the Treasury, pursuant to the authority of the Second Libert
Bond Act, approved September 84, 1917, ae amended, for refunding purposes, invites
subscription" from the P®°Pl» <* »he United States for 2-3/4 percent bonds of the UhU
States, designatsd Treasury Bonds of 1945-47, in payment of which only Fourth Liberty]
Loan 4-1/4 percent Bonds of 1933-38 included in the fourth and final call for redempti
on October 15, 1935 (hereinafter referred to ae Fourth-called Fourth 4-1/4>s) may be
tendered.“
The amount of the offering will be limited to the amount of Fourth-cell«
Fourth 4-1/4'e tendered and accepted.
Fourth Liberty Loan Bonds not included in the
fourth and final call for redemption on October 15, 1935, all of which have previously
been oalled for redemption and cm which inherent has ceased, will not be accepted for
exchange under this circular.
2.
Fourth-called Fourth 4-1/4*s will be received on exchange at par, and 8-3/4
peroent Treasury Bonds of 1945-47 will be issued at par, with the right reserved by
the Secretary of the Treasury to Increase the issue price by public announcement
V
“ 4 tiaal 8611 for redemption (see Department Circular
4“t8d
13• 1935) a U outstanding Fourth Liberty Loan 4-1/4 peroent Bonds
1033-38 bearing aerial numbers ending in 3 or 4 (in the ease of permanent coupon
preceded by the distinguishing letter 0 or D, respectively) have been called for
demption on October 15, 1935, on which date interest on each bond# will cease.
1™
No.
of
bonds
re-
«qui right is reserved to close the hooks as to any or all subscriptions or classes of subscriptions at any time without notice, either with
respect to the cash offering of treasury notes or with respect to the
exchange offerings of either treasury bonds or treasury notes, or both.
Ho further exchange offering will be made to the holders of the
Fourth-called fourth 4-1/4’s, and if such bonds are not now exchanged,
they should he presented for redemption on October 15, 1935, in accordance
with the provisions of treasury Department Circular So. 539, dated May 13,
1935.
the texts of the official circulars follow:
-
2-
fhe Treasury bonds and the Treasury notes will be accorded the same
exemptions from taxation as are accorded other Issues of Treasury bonds and
Treasury notes, respectively, now outstanding, these provisions being
specifically set forth in the official circulars issued today«
Applications will be received at the Federal Reserve banks and branches,
and at the Treasury Department, Washington.
Banking institutions generally
will handle applications for subscribers, but only Federal Reserve banks and
the Treasury Department are authorized to act as official agencies«
With respect to cash subscriptions for Treasury notes, applications from
incorporated banks and trust companies for their own account will be received
without deposit but will be restricted in each case to an amount not exceeding
one-half of the combined capital and surplus of the subscribing bank or trust
company.
Applications from all others Mist be accompanied, if for more than
#5,000 by payment of #5,000 or 5 percent of the amount of notes applied for,
whichever is the greater; and if for #5,000 or less by payment in full«
With respect to exchange subscriptions for either bonds or notes, applica
tions should be accompanied by a like face amount of Fourth-called Fourth
4-1/4*s tendered in payment.
Such bonds will be received on exchange at par
and interest thereon will be paid in full to October 15, 1905, the date all
Fourth-called Fourth 4-1/4 *a cease to bear interest.
Both the 2-3/4 percent
Treasury bonds of 1945-47 and the 1-1/2 percent Treasury notes of Series 0-1939
will be issued at par, with the right reserved to the Secretary of the Treasury
to increase the issue price of the bonds by public announcement effective as to
subscriptions tendered after the time fixed by the Secretary, which time will be
after the date of the announcement and in no event earlier than September 10,
1936
TREASURY DEPARTMENT
Washington
FOR RELEASE MORNING NEWSPAPERS
Tuesday, September 3* 1935
Press Service
So* 5~~ ~]0
Secretary of the Treasury Morgenth&u today announced an offering of
10-12 year 2-3/4 percent Treasury bonds of 1945-47 and of 3-1/2 year
1-1/2 percent Treasury notes of Series 0-1939, both in exchange for
Fourth Liberty Loan 4-1/4 percent bonds of 1933-38 called for redemption
on October 15, 1935 (Fourth-called Fourth 4-1/4Ts}, and at the same time
invited cash subscriptions at par for $500,000,000, or thereabouts, of
the Treasury notes»
About $1,250,000,000 of the Fourth Liberty Loan
bonds are included in the fourth and final call for redemption on October
15, 1935.
The Treasury bonds now offered in exchange for Fourth-called Fourth
4-l/4fs will be dated September 16, 1935 and will bear interest from that
date at the rate of 2-3/4 percent per annum payable semiannually.
They
will mature September 15, 1947, but may be redeemed at the option of the
Ohited States on and after September 15, 1945.
The Treasury notes of Series C-19S9 now offered for cash subscription
and in exchange for Fourth-called Fourth 4-1/4’s, will be dated September
16, 1935 and will bear interest from that date at the rate of 1-1/2 percent
per annum payable semiannually.
They will mature March 15, 1939 and will
not be subject to call for redemption before that date.
The Treasury bonds will be issued in two forms, bearer bonds with
interest coupons attached, and bonds registered both as to principal and
interest; both forms will be issued in denominations of #50, |100, $500,
$1,000, #5,000, $10,000 and #100,000.
The Treasury notes will be issued in
the same denominations but only in bearer fora with coupons attached.
TREASURY DEPARTMENT
Washington
5 0 E RELEASE, MORNING NEWSPAPERS,
Tuesday« September 3« 1935»
8— 31— 35»
Secretary of the Treasury Morgenthau today announced an offering of 10-12
year 2-3/4 percent Treasury bonds of 194&-47 and of 3-1/2 year 1-1/2 percent
Treasury notes of Series C-1939, both in exchange for Fourth Liberty Loan 4-1/4
percent bonds of 1933-38 called for redemption on October 15, S935 (fourth-called
Fourth 4— l/4*s), and at the same time invited cash subscriptions at par for
$500,000,000, or thereabouts, of the Treasury notes.
About $1,250,000,000 of the
Fourth liberty Loan bonds are included in the fourth and final call for redemption
on October 15, 1935»
The Treasury bonds now offered in exchange for Fourth-callod Fourth 4-1/4's
will be dated September 16, 1935, and will bear interest from that date at the
rate of 2-3/4 percent per annum payable semiannually.
They will mature September
15, 1947, but may be redeemed at the option of the United States on and after
September 15, 1945»
The Treasury notes of Series C-1939 now offered for cash subscription and
in exchange for Fourth-called Fourth 4-l/4's, will be dated September 16, 1935
and will bear interest from that date at the rate of 1—1/2 percent per annum
payable seminannually.
They will mature March 15, 1939 and will not bo subject
to call for redemption before that- date»
The Treasury bonds will be issued in two forms, bearer bonds with
interest coupons attached, and bonds registered both as to principal and inter s ,
both forms will be issued in denominations of $50, $100, $500, ¡pi,000, $5,000,
$10,000 and $100,000.
The Treasury notes will be issued m
but only in bearer form with coupons attached»
the same denominations
Iho Treasury bonds and the Treasury notes will bo accorded tho same
exemptions from taxation as are accorded other issues of Treasury bonds and
Treasury notes, respectively, now outstanding, these provisions being specifically
set forth in tho official circulars issued today.
Applications will be received at the federal Reserve banks and branches,
and at tho Treasury Department, Washington.
Banking institutions generally
will handle applications for subscribers, but only federal Reserve banks and the
Treasury Department are authorized to act as official agencies.
With respect to cash subscriptions for Treasury notes, applications from
incorporated banks and trust companies for their own account will be received
without deposit but will be restricted in each case to an amount not exceeding
one-half of the combined capital and surplus of the subscribing bank or trust
company.
Applications 'from all others must be accompanied, if for more than
$5,000 by payment of $5,000 or 5 percent of the amount of notes applied for,
whichever is the greater; and if for $5,000 or less by payment in full.
With respect to exchange subscriptions for either bonds or notes, applica
tions should be accompanied by a like face amount of fourth-called fourth
4-1/4«s tendered in payment.
Such bonds will be received on exchange at par
and interest thereon will be paid in full to October 15, 1935, the date all
fourth-called fourth 4-1/4»s cease to bear interest.
Both the 2-3/4 percent
Treasury bonds of 1945-47 and the 1-1/2 percent Treasury notes of Series C-1939
will bo issuod at par, with the right reserved to the Secretary of the Treasury
to increase the issue price of the bonds by public announcement effective as to
subscriptions tendered after the time fixed by the Secretary, which time will
be after the date of the announcement and in no event earlier than September 10,
1935*
The right is reserved to close the "books as to any or all subscriptions
or classes of subscriptions at any time without notice, either with respect to
the cash offering of Treasury notes or with respect to the exchange offerings
of either Treasury bonds or Treasury notes, or both.
Ho further exchange offering will be made to the holders of the Fourthcalled Fourth 4-1/4*s, and if such bonds are not now exchanged, they should be
presented for redemption on October 15, 1935, in accordance with the provisions
of Treasury Department Circular No. 539, dated May 13, 1935*
The texts of the official circulars follows
UNITED STATES OF A M I G A
2-3/4 PERCENT TREASURY BONDS OF 1945-47
Dated and "bearing interest from September 16, 1935«
Due September 15, 1947
Interest payable March 15 and September 15
TREASURY DEPARTMENT
Office of the Secretary,
Washington, September 3,1935.
1935
Department Circular.No. 550
Public Debt Service*
I.
1.
EXCHANGE OFFERING OF BONDS
The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approved September 24, 1917, as amended, for refunding purposes,
invites subscriptions from the people of the United States for 2— 3/4 percent bonds
of the United States, designated Treasury bonds of 1945-47, in payment of which only
Fourth Liberty Loan 4-1/4 percent Bonds of 1933— 38 included in the fourth and final
call for redemption on October 15, 1935 (hereinafter referred to as Fourth-called
Fourth 4-l/4*s) may be tendered*
The amount of the offering will be limited to the
amount of Fourth-called Fourth 4-l/4*s tendered and accepted.
Fourth Liberty Loan
bonds not included in the fourth and final call for redemption on October 15, 1935,
all of which have previously been called for redemption and on which interest has
ceased, will not be accepted for exchange under this circular.
2*
Fourth-called Fourth 4-1/ 4 Js will, be received on exchange at par, and 2-3/4
percent Treasury Bonds of 1945-47 will be issued at par, with the right reserved by
the Secretary of the Treasury to increase the issue price by public announcement
1 Pursuant to the fourth and final call for redemption (see Department Circular No.
539, dated May 13, 1935) all outstanding Fourth Liberty Loan 4-1/4 percent Bonds of
1933-38 bearing serial numbers ending in 3 or 4 (in the case of permanent coupon
"bonds preceded by the distinguishing letter C or D, respectively) have been called
for redemption on October 15, 1935, on which date interest on such bonds will cease*
2
-
effective as to subscriptions tendered after the time, not earlier than Septem
ber 10, 1935, fixed in the announcement.
3.
In addition to the exchange offering under this circular, holders of
Fourth-called Fourth 4-1/4’s are offered the privilege of exchanging all or any
part of such called bonds for 3-1/2 year 1-1/2 percent Treasury Notes of Series
C-1959, which offering is set forth in Department Circular No. 551, issued
simultaneously with this circular.
II.
1.
DESCRIPTION OF BONDS
The bonds will be dated September 16, .1935, and will bear interest from
that date at the rate of 2-3/4 percent per annum, payable on a semiannual basis
on March 15 and September 15 in each year until the principal amount becomes
payable.
They will mature September 15, 1947, but may be redeemed at the option
of the United States on and after September 15, 1945, in whole or in part, at par
and accrued interest, on any interest day or days, on 4 months’ notice of re
demption given in such manner as the Secretary of the Treasury shall prescribe.
In case of partial redemption the bonds to be redeemed will be determined by such
method as may be prescribed by the Secretary of the Treasury.
From the date of
redemption designated in any such notice, interest on the bonds called for re
demption shall cease.
2.
The bonds shall be exempt, both as to principal and interest, from all
taxation now or hereafter imposed by the United States, any State, or any of the
possessions ofyfdie United States, or by any local, taxing authority, except (a)
estate or inheritance taxes, or gift taxes, and (b) graduated additional income
taxes, commonly known as surtaxes, and excess-profits and war—profits taxes, now
or hereafter imposed by the United States, upon the income or profits of individ
uals, partnerships, associations, or corporations.
The interest on an amount of
bonds authorized by the Second Liberty Bond Act, approved September 24, 1917, as
amended, the principal of which does not exceed in the aggregate ¿5,000, owned
by any individual, partnership, association, or corporation, shall be exempt from
the taxes provided for in clause (b) above.
3.
The bonds will be acceptable to secure deposits of public moneys, but will
^not bear the circulation privilege and will not be entitled to any privilege of
conversion.
4.
Bearer bonds with interest coupons attached, and bonds registered as to
principal and interest, will be issued in denominations of $50, $100, $500, $1,000,
$5,000, ^10,000 and $100,000.
Provision will be made for the interchange of bonds
of different denominations and of coupon and registered bonds, and for the transfer
of registered bonds, under rules and regulations prescribed by the Secretary of
the Treasury.
5.
The bonds will be subject to the general regulations of the Treasury De
partment, now or hereafter prescribed, governing United States bonds.
III.
1.
SUBSCRIPTION AND ALLOTMENT
Subscriptions will bo received at the Federal Reserve banks and branches
and at the Treasury Department, Washington.
Banking institutions generally will
handle applications for subscribers, but only the Federal Reserve banks and the
Treasury
2.
Department are authorized to act as official agencies.
The Secretary of the Treasury reserves the right to reject any subscrip
tion, in whole or in part, and to close the books as to any or all subscriptions at
any time without notice; and any action he may take in these respects shall be
final.
Subject to these reservations, all subscriptions will be allotted in full.
Allotment notices will be sent out promptly upon allotment.
IV.
1.
TERMS OF PAYMENT AND ISSUE
Treasury bonds offered under this circular will be issued at par, or at
such increased issue price as may be fixed by public announcement in the case of
ponds issued upon subscriptions tendered to a Federal Reserve bank or branch or
|to the Treasury Department after the time stated in the announcement.
The effec
tive time for any increase which may be made in the issue price will be after the
pte of the announcement and in no event earlier than September 10, 1935.
Any such
kiouncement fixing an increase in the issue price and the time when such increase
ecomes effective will be communicated promptly to the Federal Reserve banks.
4
pavment- for any bonds allotted under this circular may be mane only in Fourth—called
Fourth 4-1/4»s, which’will be accepted at par, provided that payment of the premium
by reason of any increase in the issue price shall be made in cash or other immed
iately available funds.
The bonds tendered in payment, and the premium, if any,
should accompany the subscription.
I
2.
On all exchanges, interest on Fourth-called Fourth 4—1/41s will be paid in
full to October 15, 1955, on which elite interest on all Fourth-called Fourth 4-1/4»s
will cease.
Such payments will be made, in the case of coupon bonds, through pay
ment of coupons dated October 15, 1955, when due, which coupons should be detached
by holders before presentation of the bonds for exchange, and, in the case of
registered bends, through the issue of interest chocks for final interest due
October 15, 1935, in accordance with the assignments on the bonds surrendered.
V.
1.
SURRENDER OF FOURTH-Ca l LED FOURTH 4-1/4» s ON EXCHANGE
Coupon bones. - Fourth-called Fourth 4-1/4’s in coupon form tendered in ex
change for Treasury bonds offered hereunder, shoula be presented and surrendered
with the subscription to a Federal Reserve bank or to the Treasurer of the United
States.
Coupons dated April 15, 1936, and all coupons bearing dates subsequent to
April 15, 1936, should be attached to such coupon bonds when surrendered, and if any
such coupons are missing, the subscription must be accompanied by cash payment equal
g
to the face amount of the missing coupons.
The bonds must be delivered at the
expense and risk of the holder. ■ Facilities for transportation of bonds by regis
tered mail insured may be arranged between incorporated banks and trust companies
ana the Federal Reserve banks, and holders may take advantage of such arrangements
Iwhen available, utilizing such incorporated banks and trust companies as their
agents.
Incorporated banks ana trust companies are not agents of the United States
under this circular.
Z
The final coupon attached to temporary coupon bonds became due on October 15,1920.
The holders of any such temporary bones which are included in the fourth and final
call for redemption on October 15, 1955, will receive the past cue interest from
October 15, 1920, if such bonds are tendered for exchange under this circular.
2.
Registered bonds
Pourth~called Fourth 4-1/4!s in registered form
tendered in exchange for Treasury bonds offered hereunder should "be assigned by the
registered payee or the assignee thereof, in accordance with the general regulations
of the Treasury Department governing assignments for transfer or exchange, in one of
the forms hereafter set forth, and thereafter should bo presented and surrendered
with the subscription to a Federal Reserve bank or to the Treasury Department,
Division of Loans and Currency, Washington*
expense and risk of the holder,
The bonds must be delivered at the
If Treasury bonds are desired registered in the
same name as the Fourth-*called Fourth 4-l/4!s surrendered, the assignment should
be to "The Secretary of the Treasury for exchange for Treasury Bonds of 1945-47";
if Treasury bonds are desired registered in another name, the assignment should be
to "The Secretary of the Treasury for exchange for Treasury Bonds of 1945— 47 in the
name of
" ; if Treasury bonds in coupon form are desired, the
assignment should be to '‘The Secretary of the Treasury for exchange for Treasury
Bonds of 1945-47 in coupon form to be delivered to ___________________
„! •
VIC GENERAL PROVISIONS
1.
As fiscal agents of the United States, Federal Reserve banks are
authorized and requested to receive subscriptions, to make allotments on the basis
and up to the amounts indicated by the Secretary of the Treasury to the Federal
Reserve banks of the respective districts, to issue allotment notices, to receive
payment for bonds allotted, to make delivery of bonds on full-paid subscriptions
allotted, and they may issue interim receipts pending delivery of the definitive
bonds..
2.
The Secretary of the Treasury may at any time, or from time to time, pre
scribe supplemental or amendatory rules and regulations governing the offering
which will be communicated promptly to the Federal Reserve bankso
•
HENRY MORGENTHAU, JR. 9
Secretary of the Treasury.
UNITED STATES OE AMEBICA
1-1/2 PEBCENT TEEASUBY NOTES OE SEBIES C-1939
Dated and bearing interest from September 16, 1935
Due March 15, 1939
Interest payable March 15 and September 15
0 PEEKED FOB CASH AND IN EXCHANGE FOB FOUBTH-CALLSD FOUBTH LIBEBTY LOAN BONDS
TEEASUBY DEPABTMSNT,
Office of the Secretary,
Washington, September 3, 1935.
i
1935
Department Circular No* 551
Public Debt Service
I
I,
1.
OFEEBING OE NOTES
The Secretary of the Treasury, pursuant to the authority of the Second Liberty
Bond Act, approved September 24, 1917, as amended,
invites subscriptions from the
people of the United States, for l-l/2 percent notes of the United States, designated
Treasury Notes of Series C-1939.
2.
Cash subscriptions are invited at par and accrued interest.
The amount of
the issue for cash will be $500,000,000, or thereabouts.
3.
Exchange subscriptions,
in payment of which only Fourth Liberty Loan 4-l/4
!percent Bonds of 1933-38 included in the fourth and final call for redemption on
October 15, 1935 (hereinafter referred to as Fourth-called Fourth 4-l/4»s) may be
1
tendered, are invited at par.
The amount of the issue upon exchange subscriptions
till be limited to the amount of Fourth-called Fourth 4-l/4»s tendered and accepted.
Fourth Liberty Loan Bonds not included in the fourth and final call for redemption on
October 15, 1935, all of which have previously been called for redemption and on whicn
interest has ceased, will not be accepted for exchange under this circular.
4.
In addition to the exchange offering under this circular, holders of Fourth-
called Fourth 4-1/4«s are offered the privilege of exchanging all or any part of such
1 Pursuant to the fourth and final call for redemption (see Department Circular
539, dated May 13, 1935) all outstanding Fourth Liberty Loan 4-1/4 percent Bonds
1933-38 bearing serial numbers ending in 3 or 4 (in the case of permanent coupon
preceded by the distinguishing letter C or D, respectively) have been called for
demption on October 15, 1935, on which date interest on such bonds will cease#
No,
of
bonds
re
z
called bonds for 10-12 year 2-3/4 percent Treasury Bonds of 1945-47, which offer
ing is set forth in Department Circular No. 550, issued simultaneously With this
circular.
II.
1.
DESCRIPTION OF NOTES
The notes will be dated September 16, 1935, and will bear interest from
that date at the rate of 1-1/2 percent per annum, payable on a semiannual basis on
I
March 15 and September 15 in each year.
They will mature March 15, 1939, and will
not be subject to call for redemption prior to maturity.
2.
The notes shall be exempt, both as to principal and interest, from all taxa
tion (except estate or inheritance taxes, or gift taxes) now or hereafter imposed
|!by the United States, any State, or any of the possessions of the United States, or
Uby any local taxing authority.
3.
The notes will be accepted at par during such time and under such rules and
regulations as shall be prescribed or approved by the Secretary of the Treasury in
payment of income and profits taxes payable at the maturity of the notes,
jj
4.
The notes will be acceptable to secure deposits of public moneys, but will
not bear the circulation privilege.
5.
Bearer notes with interest coupons attached will be issued in denominations
of $50, $100, $500, $1,000, $5,000, $10,000 and $100,000.
The notes will not be
Issued in registered form.
III.
1.
SUBSCRIPTION /aN D ALLOTf-IENT
Subscriptions will be received at the Federal Reserve banks and branches
and at the Treasury Department, Washington.
Banking institutions generally will
'handle applications for subscribers, but only the Federal Reserve banks and the
^Treasury Department are authorized to act as official agencies.
Cash subscriptions
|from inco
without d
Ihalf of t
I Cash subscript ions from all others must be accompanied,
if for more than $5,000*; by
payment of $5,000 or 5 percent of the amount of notes applied for, whichever is the
greater; and, if for $5,000 or less, by payment in full.
The Secretary of the
I Treasury reserves the right to close the books as to any or all subscriptions or
I ^classes of subscriptions at any time without notice.
2.
The Secretary of the Treasury reserves the right to reject any subscription,
in whole or in part, to allot less than the amount of notes applied for, to make
allotments in full upon applications for smaller amounts and to make reduced allot
ments upon, or to reject, applications for larger amounts, or to adopt any or all
I of said methods or such other methods of allotment and classification of allotments
as shall be deemed by him to be in the public interest; and his action in any or all
*of these respects shall be final.
Subject to these reservations, cash subscriptions
for amounts up to and including $5,000 will be given preferred allotment, and cash
subscriptions for amounts over $5,000 will be allotted on an equal percentage
^asis, but not less than the maximum preferred allotment; and exchange subscripI tions will be allotted in full.
Allotment notices will be sent out promptly upon
allotment, and the basis of the allotment will be publicly announced.
IV.
1.
TEEMS OP PAYMENT AND ISSUE
Cash subscriptions. - Payment at par and accrued interest,
if any, for
notes allotted on cash subscriptions must be made or completed on or before Septem
ber 15, 1935, or on later allotment.
In every case where payment is not so com
pleted, the payment with application up to 5 percent of the amount of notes aoplied
for shall, upon declaration made by the Secretary of the Treasury in his discretion,
be forfeited to the United States.
Any qualified depositary will be permitted to
¡make payment by credit for notes allotted to it for itself and its customers up
|to any amount for which it shall be qualified in excess of existing deposits,
when so notified by the Pederal Reserve bank of its district.
I
i
-
2,
k
-
Exchange subscriptions, - Payment for notes allotted on exchange subscriptions
¡nay be made only in Fourth-called Fourth H-l/U's, which will be accepted at par, and
should accompany the subscription.
On all exchanges, interest on Fourth-called Fourth
lp-l/^4*s will be paid in full to October 1 5 , 1935> on which date interest on all Fourthcalled Fourth fy-l/U’s will cease.
Such payments will be made, in the case of coupon
bonds, through payment of coupons dated October 1 5 , 1935; when due, which coupons shoul
be detached by holders before presentation of the bonds for exchange, and, in the case
of registered bonds, through the issue of interest checks for final interest due Octo
ber 1 5 ; 19 3 5 » in accordance with the assignments on the bonds surrendered.
V.
1»
SURRENDER OF FOURTH-CALLED FOUHTE 4— l/U *S OH EXCHANGE
Coupon bonds. - Fourth-called Fourth H-l/U’s in coupon form tendered in exchange
for Treasury notes offered hereunder, should be presented and surrendered with the sub-?
scription to a Federal Reserve bank or to the Treasurer of the United Stales.
Coupons
dated April 15; 1936 ; and all coupons bearing dates subsequent to April 15s1936,
shoulc
bo attached to such coupon bonds when surrendered, and if any such coupons are missing,
biie subscription must bo accompanied by cash payment equal to the face amount of the
2
Hissing coupons.
The bonds must be delivered at the expenso and risk of the holder.
Facilities for transportation of bonds by registered mail insured may bo arranged be
tween incorporated banks and trust companies and the Federal Reserve banks, and holders
nay tako advantage of such arrangements when available, utilizing such incorporated
and trust companies as their agents.
Incorporated banks and trust companies are
iot agents of the United States under this circular.
2.
Registered bonds. - Fourth-callod Fourth U~l/hfs in registered form tendered
P exchange for Treasury notes offered hereunder should be assigned by the registered
1 1110 final coupon attached to temporary coupon bonds became due on October 1 5 , 1920.
N holders of any such temporary bonds which are included in the fourth and final call
or redemption on October 1 5 , 19 3 5 , will receive the past due interest from October 1 5 ,
920, if such bonds are tendered for exchange under this circular.
payee or the assignee thereof to "The Secretary of the Treasury for exchange for
Treasury Notes of Series C-1939", in accordance with the general regulations of the
Treasury Department governing assignments for transfer or exchange and thereafter
should be presented and surrendered with the subscription to a Federal Reserve bank
or to the Treasury Department, Division of Loans and Currency, Washington»
If the
Treasury notes are to be delivered for the account of other than the registered
payee or the assignee thereof, the assignment should be to ’’The Secretary of the
Treasury for exchange for Treasury Notes of Series C-1939 to be delivered to
_____________________________M.
The bonds must be delivered at the expense and
risk ®f the holder.
VI.
1.
GENERAL PROVISIONS
As fiscal agents of the United States, Federal Reserve banks are authorized
and requested to receive subscriptions, to make allotments on the basis and up to
the amounts indicated by the Secretary of the Treasury to the Federal Reserve banks
of the respective districts, to issue allotment noties, to receive payment for notes
[allotted, to make delivery of notes on full-paid subscriptions allotted, and they
may issue interim receipts pending delivery of the d-'finitiv
2.
h/otcs.
The Secretary of the Treasury may at any time, or from time to time, pre
scribe supplemental or amendatory rules and regulations governing the offering, which
twill be communicated promptly to the Federal Reserve banks.
HENRY MORGENTEAU, JR.,
Secretary of the Treasury.
IMPORTS 07 D IS T IL L E D L ia u O R S AND VINES''AN D D U T IE S COLLECTED THEREON
July, 1934, 1935» »»4 Eight Month* Ending July 31, 1934, 19 3 5
DISTILLED LIQUORS (Proof Oallons):
Stook in Customs Bonded War**
houses at beginning
Total Imports (free and Dutiable)
Available for Consumption
Entered into Consumption (a)
St 00k in Customs Bonded Ware
houses at end
STILL VINES (Liquid Oallons)»
Stook in Customs Bonded Ware
houses at beginning
Total Imports (free and Dutiable)
Available for Consumption
Entered into Consumption (a)
Stoek in Customs Bonded Ware
houses at end
SPARKLING WINES (Liquid Oallons) 1
Stook in Customs Bonded Ware
houses at beginning
Total Imports (free and Dutiable)
Available for Consumption
Entered into Consumption (a)
Stook in Customs Bonded Ware
houses at end
DUTIES COLLECTED ON Distilled Liquors
Still Wines
Sparkling Wines
1
1
»
* 1935
t
s
*
July
t
•
(•) t
193d
*
June
1
m s
3,770,300
324,2^2
3 ,80 8,330
500,858
4 ,5 2 9 ,2 9 7
33 9 ,0 8 3
4 ,2 9 4 ,5 6 2
4 ,3 0 9 ,18 8
4,868,380
433,913
538,888
3 ,860,649
Eight Months Ending]
July 3 1 , t July 3 1 I
1935
*
1934 1
28,044]
8,630,491
343,732
4,115,751
4,710,301
8,826,052
4,965,403
3,770,300
4,524,648
3 ,860,649
4,524,648]
1,597,1«
1 ,6 2 7 ,1 4 1
1,838,134
1 5 0 ,5 8 7
146,478
271,477
1,813,767
1,421,765
4,586,234
1,7*7,735
1,773,«19
2 ,1 0 9 ,6 1 1
3,235,532
1 4 6 ,1 5 2
17«,471
140,790
1,633,949
4,816,235
2,847,414
1 ,6 0 1 ,5 8 3
1,597,1«
1,968,821
1,601,583
1,968,821
3 0 4 ,0 5 1
3 0 4 ,1 4 6
338,423
3 5 5 .8 3 7
49,550
6,414
310,465
1 9 ,0 1 0
1 9 ,1 6 8
127,728
643,063
3 2 3 ,1 5 6
6 9 2 ,6 13
19,105
357,591
13,596
4 8 3 ,3 6 5
12,434
1 8 5 ,3 3 4
348,618
298,031
3 0 4 ,0 5 1
3*3,995
2 9 8 ,0 3 1
343,995
* 2,073*704
180,892
♦ 2 , 5 6 3 ,8 2 4
218,798
$ 1 ,688,529
72.9««
_
112,338
175,382
79,506
8,658,535
4,133,887
230,001
♦23,999.537 $20 ,332,958
2 ,0 3 3 ,5 6 6
3,555,230
1,098,808
2,078.932
Total Duties Collected on Liquors
Total Duties Collected on Other
Commodities
2 ,3 2 7 ,5 0 0
2,894,960
1,9*3, « 7
27,383,813
25,281,750
17,387,914
208,590,405 156,730,930
Total Duties Collected
29,7U,393
28 ,1 7 8 ,7 1 4
19,331,331
235,722,316 182,698,050
7.8*
10.3*
10.1i»
Per Cent Collected on Liquors
(a) Ineluding withdrawal* for ship suppli** and diploaatio us*.
PREPARED BY
OF STA TISTICS
AMD :
BUREAU OF CUSTOMS
TREASURY DEPARTMENT
RCH
27,131,9H
(*) Revised.
11.9^
2 5 ,9 6 7,12 0
14.2$
U1TITED STATES SAVfflNGS BONDS
ARE OH SALE AT
•5“ - ? /
Monday morning release
A
■--- -—
fhe volume of
■------- -----—
imported distilled liquors entering
consumption* and duty collections on liquor, continue to show
increases over corresponding months of 1934, its is shown hy
a Bureau of Customs report for July«
iilim im
In view of
heavier duty collections on other
commodities, however, liquor tfcmstoy collections
represent a much smaller percentage of total collections than
in similar periods of a year ago.
The following statistics cover the months of June and July,
1934 and 1935, anc> the eight-month periods ending July 31, 1934, and
July 31, 1935.
W
TREASURY DEPARTMENT
Washington
POR RELEASE, I W t * NEWSPAPERS,
Monday, September 2, 1935«
8— 31— 35#
Press Service
-^°* 5— 71
The volume of imported distilled liquors entering consumption, and duty
collections on liquor, continue to show increases over corresponding months of
1934, it is shown hy a Bureau of Customs statistical report for July#
In view of heavier duty collections on other commodities, however, liquor
collections represent a much smaller percentage of total collections than in
similar periods of a year ago.
The following statistics cover the months of June and July, 1934 and 1935,
and the eight— month periods ending July 31, 1934, and July 31, 1935#
IMPORTS OF DISTILLED LIQ.UOR3 AND WINES AND DUTIES COLLECTED THEREON
July, 1934, 1935, and Eight Months Ending July 31, 1934, 1935
:
:
June
:
:
: 1935 ( c) :
July
1935
Distilled Liquors (Proof Gallons}
Stock in Customs Bonded Ware3,770,300
houses at Beginning
Total Imports (Free and Dutiable) 524,262
4,294,562
Available for Comsumption
433,913
Entered into Comsumption (a)
Stock in Customs Bonded Ware3, 860,649
houses at end
Still Wines (Licuid Gallons):
Stock in Customs Bonded Warehouses at beginning
Total Imports (Free and
Dutiable)
Available for Consumption
Entered into Consumption (a)
Stock in Customs Bonded Warehouses at end
Sparkling linos (Liquid Gallons):
Stock in Customs Bonded 'Warehouses at beginning
Total Imports (Free and
Dutiable)
Available for Consumption
Entered into Consumption (a)
Stock in Customs Bonded Warehouses at end
DUTIES -COLLECTED ON Distilled Liquors
Still Wines
Sparkling Wines
Total Duties Collected on
Total Duties Collected on
Commodities
July
1934
:
:
3,808,330 4,529,297
339,083
500,858
4,309,188 4, 868,380
343,732
538,888
4,115,751
4,710,301
8,826,052
4,965,403
28,044
8,630,491
8,658,535
4,133,887
3, 770,300 4,524,648
3, 860, 649
4,524,648
1,597,148
1,627,141 1,838,134
1,813,767
230,001
150,587
1,747,735
146,152
271,477
146,478
1,773,619 2,109,611
140,790
176,471
1,421,765
3,235,532
1,633,949
4.586.234
4.816.235
2, 847,414
1, 601,583
1,597,148 1,968,821
1,601,583
1,968,821
304,051
304,146
338,423
355,637
49,550
6,414
310,465
12,434
19,010
323,156
19,105
19,168
357,591
13,596
127,728
483,365
185,334
643,063
692,613
348,618
298,031
304,051
343,995
298,031
343,995
$ 2,073,704 $2,563,824$1,688,529 $23,999,537$20,332,958
218,798
175,382
2,033,566 3,555,230
180,892
112,338
79,506
1,098,808
2,078,932
_____72,984
Liquors 2,327,530 2,894,960
Other
27,383,813 25,231,750
Total Duties Collected
1,943,417
17,387,914
— 331,331
29,711,393
23,176,714
Per Cent Collected on Liquors
(a )
(c)
Eight Months Ending
July 31, : July 31,
:
1934
1935
7.84
10.3$
10.1$
Including withdrawals for ship supplies and. diplomatic use.
Revised.
27,131,911 25,967,120
208,590,405
______ 156,730,930
182,69 8,050
235,722,316
11.5$
14.2$
TREASURY DEPARTMENT
Washington
September 3, 1935*
MEMORANDUM FOR THE PRESS
RECEIPTS OP SILVER BY THE MINTS AND ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1933) as amended
Week ended August 30, 1935:
Philadelphia...#..................................
San Francisco.............................. ...... .
Denver
..... .
Tutal for week ended August
30,• 1935........ •».....
0
Total receipts through August 30, 1935..............
149,962.70 fine ounces
355,084.29
.... 4 *455« QO
509*501.99
. .
^
M
It
If
45,015,000*00 11
SILYER TRANSFERRED .TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended August 30, 1935:
Philadelphia...... ....#.......................... .
487.00 fine ounces
New York...... ............ ........................
3,283*00 u
San Francisco,.................................• •••
146*00 11
Denver.............. ................... .
807.00
New Orleans.... ........................... *.......
321*00 ”
Seattle......... ......... .......... .............. .. :______351*00 11
Total for week ended August 30, 1935.».............
5,395*00 11
Total receipts through August 30, 1935..............
112,9120,788.00 11
RECEIPTS OF COLD BY THE MINTS AND ASSAY OFFICES:
Week ended August 30, 1935:
Imports
P h i l a d e l p h i a * $
4,717.79
New York ...................... 2,059,900.00
San Francisco.......
233,135*17
Denver...........
50,959.00
Now Orleans.«.••.....»»«.<•»*.
16,288.10
Seattle.........
Total for week ended August 30.*$2,374,000*06
Secondary,
Domusgfemc^
$136,861.45 $
2,182.4s
160,500.00
235,600.00
69,683.44
1.824,259.74
42,296.00
520,405*00
38,316.29
917.81
15,046.24
332*990.42
$462,703.42 $2,916,355.43
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER1S OFFICE:
(Under Secretary’s Order of December 28, 1933)
Received by Federal Reserve Banks:
Gold Coin
Week ended August 28.•••••.••••••• $
21,111*34
Received previously..••..••..•••«« 30,694,805.11
Total to August 28.......
$30,715,916*45
Received by Treasurer’s Office:
Week ended August 28*..... .
$ - - - - - Received previously....•••••••••••
264,806.00
Total to August 28..••.••••••••••. $
264,806*00
NOTE:
Gold bars deposited with the New York Assay Office
in the amount of $200,572*69 previously reported.
Gold Certificates
299,640*00
96.100,380*00
$96,400,020*00
$
$
4,300*00
2.217.500*00,
$ 2,221,800.00
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Wednesday, September 4, 1935»
9/3/35
Press Service
Secretary of the Treasury Morgenthau today announced
that the subscription books for the offering of 1-1/2 per*
cent Treasury Notes of Series 0-198.9 closed at the close
of business Tuesday, September 3, 1935, for the receipt of
cash subscriptions«
Cash subscriptions placed in the mail
before 12 o ’clock midnight, Tuesday, September 3, will be
is'
considered as having been entered before the close of the
subscription books«
The subscription books for this offering of notes, and
the subscription books for 2*3/4 percent Treasury Bonds of
1945*47, will remain open until further notice for the re
ceipt of subscriptions for which payment is to be tendered
in Fourth-called Fourth Liberty Loan bonds«
f
Announcement of the amount of cash subscriptions and
the basis of allotment will probably be made on Friday,
September 6*
TREASURY DEPARTMENT
Washington
FOE EELEASE, MOBBING KEWSPAPEES,
Wednesdayr September 4,,1935«__
9-3-35»
Pr®®®
Secretary of the Treasury Morgenthau today announced that the subscription
hooks for the offering of 1-1 ¡2 percent Treasury Notes of Series 0-1939
at the close of business Tuesday, September 3, 1935, for the receipt of cash
subscriptions.
Cash subscriptions placed in the mail before 13 o'clock midnight,
Tuesday, September S, will be considered as having been entered before the close
of the subscription books»
The subscription books for this offering of notes, and the subscription
books for 3-3/4 percent Treasury Bonds of 1945-47, will remain open until
notice for the receipt of subscriptions.for which payment is to be tendered in
Eourth-called Fourth Liberty Loan bonds»
Announcement of the amount of cash subscriptions and the basis of allotment
will probably be made on Friday, September 6 *
ooOoo
I
INSOLVENT NATIONAL B A M S LIQUIDATED AND FINALLY CLOSED
DURING THE MONTH OF AUGUST 1935___________
Receivership s
First National Bank, Waubay, South Dakota
First National Bank, Warsaw, North Carolina
First National Bank, Grafton, North Dakota
First National Bank, Fairchild, Wisconsin
1/ Farmers & Merchants Nat*l Bk., Roseville,111*
The Nat'l Bank of, La Grange, North Carolina
First National Bank, Harlem, Montana
First National Bank, Hankinson, No* Dakota
First National Bank, Minnewaukan, No* Dakota
First National Bank, Beallsville, Ohio
First Nat*l Bank, Litchville, No* Dakota
First Nat*l Bank, Washburn, North Dakota
Drovers Nat*l Bank, East St*Louis, 111.
First Nat*l Bank, Edgeley, North Dakota
First National Bank, Mott, North Dakota
First National Bank, Dexter, Missouri
First National Bank, Brighton, Colo.
First Natfl Bank, Carrington, N* Dakota
First Nat*1 Bank, Checotah, Oklahoma
1/ Exchange Nat*l Bank, Hastings, Nebr.
First Nat*l Bank, Goodwin, So. Dakota
First Nat*l Bank, Haleyville, Alabama
1/
“
Date of
Failure:
8-20-26
12-17-31
5-25-27
8-18-31
12-31-31
1-11-32
1-21-32
9-28-31
1-6-28
9-26-33
6-30-30
9-29-30
5-22-24
1-31-27
5-23-34
10-23-31
12-2-31
3-26-28
12-1-27
1-2-34
12-17-30
12-17-26
Total
Disbursements
Including
Offsets Allowed:
$
76,629.
26,223*
547,797.
75,935.
93,125*
15,782«
141,691.
85,234*
154,445.
140,679.
110,364.
92,772.
618,254.
287,532.
571,852*
288,912.
155,065.
258,965*
229,891*
700.
144,603.
93,315 *
Per cent
Total
Returns
to All
Creditors;
40.03
55.42
62.73
51.53
94.06
24.47
59.95
53.28
89.27
105.88
64.57
65.55
87*72
105.05
99.82
81.68
54.43
69.35
86.72
.69
45*38
59.94
per Cent
Dividends
paid
Unsecured
Depositors
20.67
24.6
57.47
42.01
30.0761
4.63
31.666
23.22
83.47
107.05
56.7
43.17
82.622
105.99
100 .
55.06
37.85
50*5
77.12
-09*88
44.35
Receiver appointed to levy and collect stock assessment covering deficiency in value of
assets sold, or to complete unfinished liquidation.
to 50.5 per cent of their claims*
The First National Bank csf Haleyville, Alabama, in receivership Decem
ber 17, 1926j disbursements, including offsets allowed, to depositors and
other creditors aggregated #93,315, which represented 59.94- per cent of
total liabilities.
Unsecured depositors received dividends amounting to
44*35 per cent of their claims.
The First National Bank of Goodwin, South Dakota, in receivership
December 17, 1930; disbursements, including offsets allowed, to depositors
other creditors aggregated #144,603, which represented 45*32 per cent
of total liabilities.
Unsecured depositors received dividends amounting
to 9.88 per cent of their claims.
The First National Bank of Checotah, Oklahoma, in receivership Decem
ber 1, 1927; disbursements, including offsets allowed, to depositors and
other creditors aggregated #229,891, which represented 86.72 per cent of
total liabilities.
Unsecured depositors received dividends amounting to
77.12 per cent of their claims.
The Exchange National Bank of Hastings, Nebraska, in receivership
January 2, 1934; the liabilities of the institution having theretofore
been assumed by another bank.
The Receiver was appointed for the purpose
of completing unfinished liquidation.
82*622 per cent of their claims*
The First National Bank of Washburn, North Dakota, in receivership
September 29, 1930; disbursements, including offsets allowed, to depositors
other creditors aggregated $92,772, which represented 65*55 per cent
of total liabilities.
Unsecured depositors received dividends amounting to
43.17 per cent of their claims.
First National Bank of Mott, North Dakota, in receivership May 23,
1934; disbursements, including offsets allowed, to depositors and other
creditors aggregated $571,852, which represented 99*82 per cent of total
liabilities.
Unsecured depositors received dividends amounting to 100 per
cent of their claims.
The First National Bank of Brighton, Colorado, in receivership
December 2, 1931; disbursements, including offsets allowed, to depositors
and other creditors aggregated $155,065, which represented 54*43 per cen^
of total liabilities.
Unsecured depositors received dividends amounting
to 37.85 per cent of their claims.
The First National Bank of Dexter, Missouri, in receivership
October 23, 1931; disbursements, including offsets allowed, to depositors
and other creditors aggregated $288,912, which represented 81.68 per cent
of total liabilities.
Unsecured depositors received dividends amounting
to 55.06 per cent of their claims.
The First National Bank of Carrington, North Dakota, in receivership
March 26, 1928; disbursements, including offsets allowed, to depositors
and other creditors aggregated $258,965, which represented 69*35 per cent
of total liabilities.
Unsecured depositors received dividends amounting
The First National Bank of Hankinson, North Dakota, in receivership
September 28, 1931; disbursements, including offsets allowed, to depositors
and other creditors aggregated $85,234-, which represented 53.28 per cent
of total liabilities.
Unsecured depositors received dividends amounting to
23.22 per cent of their claims*
The First National Bank of Beallsville, Ohio, in receivership Sept
ember 26, 1933; depositors and other creditors were paid 100 per cent prin
cipal with interest in full amounting to an additional dividend of 7.05 per
cent.
Total payments to creditors, including offsets allowed, aggregated
$140,679 and the stockholders received $638 together with the assets remain
ing uncollected.
The First National Bank of Edgeley, North Dakota, in receivership
January 31, 1927; disbursements, including offsets allowed, to depositors
and other creditors aggregated $287,532, which represented 105.05 per cent
of total liabilities*
Unsecured depositors received 100 per cent and a
portion of the interest accrued on their claims amounting to an additional
dividend of 5.99 per cent.
The First National Bank of Litchville, North Dakota, in receivership
June 30, 1930; disbursements, including offsets allowed, to depositors and
other creditors aggregated $110,364, which represented 6 4 *5 7 per cent of
total liabilities.
Unsecured depositors received dividends amounting to
56.7 per cent of their claims.
The Drovers National Bank of East St. Louis, Illinois, in receiver
ship May 22, 1924; disbursements, including offsets allowed, to depositors
and other creditors aggregated $618,254, which represented 87.72 per cent of
total liabilities.
Unsecured depositors received dividends amounting to
-
2-
First National Bank of Grafton* North. Dakota* in receivership
May 25, 1927) disbursements, including offsets allowed* to depositors and
other creditors aggregated $547,797, which represented 62*73 per cent of
total liabilities.
Unsecured depositors received dividends amounting to
57.47 per cent of their claims.
The Farmers & Merchants National Bank of Roseville, Illinois, in re
ceivership December 31, 1 9 3 1 , the liabilities of the institution having
theretofore been assumed by another bank.
The Receiver was appointed for
the purpose of collecting an assessment against the stockholders to cover
a deficiency in the assets sold.
Disbursements during receivership, in
cluding offsets allowed, aggregated $9 3 ,1 2 5 which represented 9 4 .0 6 per
cent of total liabilities.
The National Bank of La Grange, North Carolina, in receivership January 1 1 , 19 3 2 ) disbursements, including offsets allowed, to depositors and
other creditors aggregated $15,782, which represented 24*4 7 per cent of
total liabilities.
Unsecured depositors received dividends amounting to
4*6 3 per cent of their claims.
The First National Bank of Harlem, Montana, in receivership January 21,
1 9 3 2 ; disbursements, including offsets allowed, to depositors and other
creditors aggregated $1 4 1 ,6 9 1 , which represented 59 *9 5 per cent of total
liabilities.
Unsecured depositors received dividends amounting to 31.666
per cent of their claims.
The First National Bank of Minnewaukan, North Dakota, in receivership
Januaiy 6 , 1928; disbursements, including offsets allowed, to depositors
and other creditors aggregated $1 5 4 ,4 4 5 , which represented 8 9 .2 7 per cent
of total liabilities.
Unsecured depositors received dividends amounting
to 8 3 *4 7 per cent of their claims.
The Comptroller of the Currency, J.F.T. O'Connor, today announced the
completion of the liquidation of 22 receiverships during August, 1935, mak
ing a total of 126 receiverships finally closed or restored to solvency since
his last Annual Report to Congress dated October 31, 1934»
Total disburse
ments, including offsets allowed, to depositors and other creditors of these
institutions exclusive of 11 receiverships restored to solvency, aggregated
$30,805>406, or an average return of 73*63 per cent of total liabilities,
while unsecured depositors received dividends amounting to an average of
63*31 per cent of their claims.
The First Rational Bank of Waubsy, South Dakota, in receivership
August 20, 1926; disbursements, including offsets allowed, to depositors
and other creditors aggregated $76,629* which represented 40*03 per cent of
total liabilities.
Unsecured depositors received dividends amounting to
20.67 per cent of their claims.
The First Rational Bank of Warsaw, North Carolina, in receivership
December 17* 1931* disbursements, including offsets allowed, to depositors
and other creditors aggregated $26,223, which represented 55*42 per cent
of total liabilities.
Unsecured depositors received dividends amounting
to 24*6 per cent of their claims.
The First National Bank of Fairchild, Wisconsin, in receivership
August 18, 1931* disbursements, including offsets allowed, to depositors
and other creditors aggregated $75*935* which represented 51*53 per cent
of total liabilities.
Unsecured depositors received dividends amounting
to 42.01 per cent of their claims.
TREASURY DEPARTMENT
jI
,
FOR RELEASE, MORNING NEWSPAPERS,
Monday, September 9, 1935»
9-5-35.
Washington
Press Service
^°*
The Comptroller of the Currency, J.F.T. 0 ‘C6nnor, today announced the
!
completion of the liquidation of 22 receiverships during August, 1935, mak
ing a total of 126 receiverships finally closed or restored to solvency since
his last Annual Report to Congress dated October 31, 1934.
Total disbursements,
including offsets allowed, to depositors and other creditors of these institu
tions exclusive of 11 receiverships restored to solvency, aggregated $30,805,406,
or an average return of 73.63 per cent of total liabilities, while unsecured
depositors received dividends amounting to an average of 63.31 percent of their
claims.
The First National Bank of Waubay, South Dakota, in receivership August
20 , 1926; disbursements, including offsets allowed, to depositors and other
creditors aggregated $76,629, which represented 40.03 per cent of total liabi
lities.
Unsecured depositors received dividends amounting to 20.67 per cent
of their claims.
The First National Bank of Warsaw, North Carolina, in receivership
December 17, 1931; disbursements, including offsets allowed, to depositors and
other creditors aggregated $26,223,which represented 55.42 per cent of total
ft
liabilities.
Unsecured depositors received dividends amounting to 24.6 per cent
of their claims.
The First National Bank of Fairchild, Wisconsin, in receivership August 18,
I | 1 1931; disbursements, including offsets allowed, to depositors and other creditors
1 aggregated $75,935, which represented 51.53 per cent of total liabilities.
1 Unsecured depositors received dividends amounting to 42.01 per cent of their
I
1
1 claims.
The First National Bank of Grafton, north Dakota, in receivership May 25,
1927; disbursements, including offsets allowed, to depositors and other creditor
aggregated $547,797, which represented 52,73 per cent of total liabilities*
Unsecured depositors received dividends amounting to 57,47 per cent of their
claims*
The Farmers & Merchants national Bank of Roseville, Illinois, in receiver
ship December 31, 1931, the liabilities of the institution having theretofore
been assumed by another bank.
The Receiver was appointed for the purpose of
collecting an assessment against the stockholders to cover a deficiency in the
assets sold.
Disbursements during receivership, including offsets allowed,
aggregated $93,125 which represented 94,06 per cent of total liabilities*
The national Bank of LaGrangc, north Carolina, in receivership January 11,
1932; disbursements,including offsets allowed, to depositors and other creditors
aggregated $15,782, which represented 24,47 per cent of total liabilities*
Unsecured depositors received dividends amounting to 4,63 per cent of their
claims*
The First national Bank of Harlem, Montana, in receivership January 21,
1932; disbursements, including offsets allowed, to depositors and other
creditors aggregated $141,691, which represented 59,95 per cent of total liabili
ties.
Unsecured depositors received dividends amounting to 31,666 per cent of
their claims.
The First national Bank of Minnewaukan, north Dakota, in receivership
January 6 , 1928; disbursements, including offsets allowed, to depositors and
other creditors aggregated $154,445, which represented 89,27 per cent.of total
liabilities.
Unsecured depositors received dividends amounting to 83,47 per
cent of their claims
**3«*
The First National Bank of Hankinson, North Dakota, in receivership
September 28, 1931} disbursements, including offsets allowed, to depositors and
other creditors aggregated $85,234, which represented 53*28 per cent of total
liabilities*
Unsecured depositors received dividends amounting to 23*22 per cent
of their claims*
The First National Bank of Beallsville, Ohio, in receiversnip September 26,
1933; depositors and other creditors were paid 100 per cent principal with
interest in full amounting to an additional dividend of 7*05 per cent*
Total
payments to creditors, including offsets allowed, aggregated $140,679 and.the
stockholders received $638 together with the assets remaining uncollected*
The First National Bank of Edgeley, North Dakota, in receivership January
31, 1927/ disbursements, including offsets allowed, to depositors and other
creditors aggregated $287,532, which represented 105*05 per cent of total liabi
lities*
Unsecured depositors received 100 per cent and a portion of the interest
accrued on their claims amounting to an additional dividend of 5*99 per cent*
The First National Bank of Litchville, North Dakota, in receivership June
30, 1930; disbursements, including offsets allowed,.to depositors and other
creditors aggregated $110,364, which represented 64*57 per cent of total liabili
ties*
Unsecured depositors received dividends amounting to 56*7 per cent of
their claims*
The Drovers National Bank of East St* Louis, Illinois, in receivership May
22 , 1924; disbursements, including offsets allowed, to depositors
and
other creditors aggregated $618,254, which represented 87*72 per cent
of total liabilities *
Unsecured depositors received dividends amounting to
- 4 -
82.622 per cent of their claims.
The First National Saule of Washburn, North Dakota,
September 29, 1930; disbursements,
in receivership
including offsets allowed, to depositors
and other creditors aggregated $92,772, which represented 65.55 per cent
of total liabilities.
Unsecured depositors received dividends amounting to
43.17 per cent of their claims.
The First National Bank of Mott, North Dakota,
in receivership May 23,
1934; disbursements, including offsets allowed, to depositors and other
creditors aggregated $571,852, which represented 99.82 per cent of total
liabilities.
Unsecured depositors received dividends amounting to 100 per
cent of their claims.
The First National Bank of Brighton, Colorad.0 , in receivership
December 2, 1931; disbursements, including offsets allowed, to depositors
and other creditors aggregated $155,065, which represented 54.43 per cent
of total liabilities.
Unsecured depositors received dividends amounting
to 37.85 per cent of their claims.
The First National Bank of Dexter, Missouri, in receivership
October 23, 1931; disbursements,
including offsets allowed, to depositors
and other creditors aggregated $288,912, which represented 81.68 per cent
of total liabilities.
Unsecured depositors received dividends amounting
to 55.06 per cent of their claims.
The First National Bank of Carrington, North Dakota, in receivership
March 26, 1928J disbursements,
including offsets allowed, to depositors
and other creditors aggregated $258,965, which represented 69,35 per cent
of total liabilities.
Unsecured depositors received dividends amounting
~5~
to 50«5 per cent of their claims«
The First National Bank of Haleyville, Alabama, in receivership December 17,
1926; disbursements, including offsets allowed, to depositors and other creditors
aggregated $93,315, which represented 59*94 per cent of total liabilities«
Unsecured depositors received dividends amounting to 44«35 per cent of their
claims«
The First National Bank of Goodwin, South Dakota, in receivership December
17, 1930; disbursements, including offsets allowed, to depositors and other
creditors aggregated $144,603, which represented 45«38 per cent of total liabili
ties«
.Unsecured depositors received dividends amounting to 9*88 per cent of their
claims«
The First National Bank of Checotah, Oklahoma, in receivership December 1,
1927; disbursements, including offsets allowed, to depositors and other creditors
aggregated $229,891, which represented 86«72 per cent of total liabilities«
Unsecured depositors received dividends amounting to 77.12 per cent of their
claims«
The Exchange National Bank of Hastings, Nebraska, in receivership January
2, 1934; the liabilities of the institution having theretofore been assumed by
another bank«
liquidation*
The Receiver was appointed for the purpose of completing unfinished
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
DURING THE MONTH OF AUGUST 1935
_______
Receivership:
1/
1/
Date of
Failure:
8- 2O-26
First National Bank, Waubay, South Dakota
First National Bank, Warsaw, North Carolina
12 - 1 7 - 3 1
First National Bank, Grafton, North Dakota
5-25-27
8-I 8- 3 I
First National Bank, Fairchild, Wisconsin
Farmers & Merchants N a t ’l Bk., Roseville,111. I 2- 3 I-3 I
I-II-3 2
The N a t 11 Bank of, La Grange, North Carolina
I- 2 I-3 2
First National Bank, Harlem, Montana
9 - 28-31
First National Bank, Hankinson, No. Dakota
1 - 6-28
First National Bank, Minnewaukan, No. Dakota
First National Bank, Beallsviile, Ohio
9-26-33
6-30-30
First Nat'l Bank, Litchville, No. Dakota
9 - 29-3 O
First Nat'l Bank, Washburn, North Dakota
5-22-24
Drovers N a t ’l Bank, East St. Louis, 111.
First Nat'l Bank, Edgeley, N 0rth Dakota
I-3 I-2 7
5- 23- 31+
First National Bank, Mott, North Dakota
IO- 23-3 I
First National Bank, Dexter, Missouri
First National Bank, Brighton, Colo.
12- 2- 3 I
3-26-28
First N a t ’l Bank, Carrington, N. Dakota
First N a t ’l Bank, Checotah, Oklahoma
12- I-2 7
1 - 2- 3H
Exchange N a t ’l Bank, Hastings, Nebr.
First Nat'l Bank, Goodwin, So. Dakota
I2-I 7 - 3 O
I2 -I 7-26
First N a t ’l Bank, Haleyville, Alabama
1/
Total
Di sbur semen t s
Including
Offsets Allowed:
$
76 ,629 .
26,223.
547,79775,935.
93,125.
15,7S2.
141,691.
3 5 ,234 .
154,445.
140,679.
110,364.
92,772.
618,254.
287,532.
571,S52 .
288 .9 1 2 .
1 5 5 ,065 .
252 ,965 .
229 ,8 9 1 .
700 .
14 4 ,603 .
9 3 ,3 1 5 .
Per cent
Total
Returns
to All
Creditor
Per cent
Dividends
Paid
Unsecured
Depositors:
40.03
55.42
62.73
5 I .53
9 4 .O6
24.47
20.67
59.95
53.28
S9.27
31.6 6 6
23.22
105.88
10 7.0 5
5 6 .7
U 3 .1 7
82.622
105.99
64.57
6 5.55
87.72
10 5.0 5
99-82
81.68
54.43
69.35
86.72
.69
4 5 .3 s
59.94
Receiver appointed to levy and collect stock assessment covering deficiency in value of
assets sold, or to complete unfinished liquidation.
24.6
57-47
42.01
3O.O76I
4.6^
83-47
100
.
55.06
3 7 .S5
50 .5
77-12
-o -
9.88
4 4 .35
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, September 6, 1936«_ _ _ _
Press Service
9/5/35
Secretary of the Treasury Morgenthau today announced the
subscription figures and the basis of allotment for the cash
offering of 1*1/2 percent Treasury Notes of Series C-1939*
Reports received from the Federal Reserve banks show that
cash subscriptions aggregate over $1,270,000,000*
Subscrip-
tions in amounts up to and including $5,000 were allotted in
full, and those in amounts over $5,000 were allotted 40 per
cent, but not less than $5,000 on any one subscription*
Further details as to subscriptions and allotments will
be announced when final reports are received from the Federal
Reserve banks*
As previously announced, the subscription books for these
note8, and for the 2-3/4 percent Treasury Bonds of 1945-47,
will remain open until further notice for the receipt of sub
scriptions for which payment is to be tendered in Fourthcalled Fourth Liberty Loan bonds*
TREASURY DEPARTMENT
Washington
Press Service
No. 5 - 74
FOR RELEASE, MOREIRQ NEWSPAPERS,
Friday. September 6, 1935._____
9/5/35
Secretary of the Treasury Morgenthau today announced the subscription
figures and the basis of allotment for the cash offering of 1-l/S percent
Treasury Rotes of Series C-1939.
Reports received from the Federal Reserve banks show that cash sub
scriptions aggregate over $1,270,000,000.
Subscriptions in amounts up to and
including $5,000 wore allotted in full, and those in amounts over $5,000 were
allotted 40 percent, but not less than $5,000 on any one subscription.
Further details as to subscriptions and allotments will be announced
when final reports are received from the Federal Reserve banks*
As previously announced, the subscription books for these notes, and for
the 2— 3/4 percent Treasury Bonds of 1945— 47, will remain open until further
notice for the receipt of subscriptions for which payment is to bo tendered in
Fourth-called Fourth Liberty Loan bonds.
oOo—
TREASURY DEPARTMENT
Washington
MEMORANDUM EOR THE PRESS
September 9, 1935*
RECEIPTS OP SILVER BY TEE MINTS AND ASSAY OFFICES:
(Under Executive Proclamation of December 21, 1933) as amended
Week ended September 6 f 1935:
Philadelphia*
.............. •. ••
San Erancisco....... .............. .............
Denver* ............. .................. .
Total for week ended September 6, 1935*..........
Total receipts through September 6, 1935*........
fine ounces
it
298,369,92 "
it
11.670,00 .#
u
310,039*92 ”
tt
45,325,000.00 11
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended September 6, 1935:
Philadelphia.....................................
164*00 fine ounces
ii
New Y o r k .... ......
570,00 ”
San Erancisco.... ...............................
15*00 ”
Denver...........................................
314,00 11
New Orleans ..........
257*00 ”
Seattle ............. .................. .......... ...........105*00 "
Total for week endedSeptember6, 1935*...........
1,425*00 M
Total receipts throughSeptember 6, 1935*........
112,972,471*00 w
RECEIPTS OF C-OLD-BY THE MINTS AND ASSAY OEEICES:
Weck ended September 6, 1935:
Imports __
Philadelphia.................... $
19,470,40
New York........................ 8,243,900,00
San Francisco...................
277,986.09
Denver..........................
28,592*00
New Orleans....................
1,564*34
Seattle........ .
Total for week ended September 6 •*$8,571,512*83
New .
Domo, st in. .
$
• 24,78
67,900,00
1,335,562.44
480,983,00
103.03
391T929*50
$2,276,502.75
Secondary
$176,611,76
655,800,00
46,778.01
19,766.00
30,538*80
11*791*01
$941,285.58
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER'S OEEICE:
(tinder Secretary’s "br<?er of December 28, 1933)
Received by Federal Reserve Banks:
Week ended September 4,*........ * $
Received previously*•••»•••••*..••
Total to September4«• • • • • *.... . $
Gold Coin
14,447,74
30*715*916*45
30,730,364*19
Received by Treasurer’s Office:
Week ended September 4 *.........* • $
Received previously*••*.....•....
Total to September 4 t*............ ?
~ ~
264*806*00
264,806*00
NOTE:
Gold bars deposited with the New York Assay Office
in the amount of $200,572*69 previously reported.
Gold Certificates
$
325,170^00
96.400*020,00
$ 96,725,190.00
$
$
3,200,00
2*221*800.00
2,225,000*00
TREASURY DEPARTMENT
Washington
J
I
-I,
RELEASE, MORNING NEWSPAPERS,
Tuesday, September 10, 1955«
PressJ3ervioe^
FOR
5
"
£[
*7 S
9/9/35
Secretary of the Treasury Morgenth.au today announced the final subscript ion and allotment figures with respect to the cash offering of 1-1/2
percent Treasury Notes of Series
C -1 9 3 9 .
cash offering were closed September
{1
The subscription books for the
3 , 1935,
Subscriptions and allotments were divided among the several Federal
Reserve districts as follows:
Federal Reserve
Di stri ct_________
Total Subscriptions
Received___________ _
Total Subscriptions
Allotted____________ __
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t, Louis
Minneapolis
Kansas City
Dallas
San Francisco
$
79,385,100
696,757,250
35.419.500
51.603.500
26.080.900
42,037,350
164,002,350
18.639.900
9,082,000
8,299,000
19.828.500
123,450,000
I 31,964,850
278,986,750
14.302.000
20.768.500
10,580,400
17.169.500
66,145,750
7,547,400
3.795.000
3,447,200
8.219.000
49.508.000
$1,274,565,350
$512,434,350
Total
TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING NEWSPAPERS,
Tuesday. September 10, 1935».
9-9-35»
Press Service
No» 5-75
Secretary of the Treasury Morgenthau today announced the final subscription
and allotment figures with respect to the cash offering of 1-1/2 per cent
Treasury Notes of Series C-1939»
The subscription books for the cash offering
were closed September 3, 1935.
Subscriptions and allotments wore divided among the several Federal Reserve
districts as follows:
Federal Reserve
District
Total Subscriptions
Received
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St» Louis
Minneapolis
Kansas City
Dallas
San Francisco
$
Total
79,385,100
696,757,250
35.419.500
51.603.500
26.080.900
42,037,350
164,002,350
18.639.900
9.082.000
8.299.000
19.828.500
123,430.000
$1,274,565,350
Total Subscriptions
A l l o t t e d __________
$
31,964,850
278,986,750
14.302.000
20.768.500
10,580,400
17.139.500
66,145,750
7,547,400
3.795.000
3,447,200
8.219.000
49.508.000
$512,'434,350
TREASURY DEPARTMENT
Washington
FOB RELEASE, MORNING NEWSPAPERS,
Tuesday, September IQ, 1955#
9/9/35
“
Pp o s s
Service
S"
C
Secretary of the Treasury Morgenthau announced today that
subscriptions aggregating $480,000,000 had been received up to
the close of business yesterday in response to the offering on
last Tuesday of Treasury bonds and Treasury notes in exchange
for Fourth-called Fourth Liberty Loan bonds, called for redemp
tion on October 15, 1935«
Approximately $180,000,000 of the called bonds have been
exchanged for 8-3/4 percent Treasury Bonds of 1945-47, and
approximately $300,000,000 for the 1-1/2 percent Treasury Notes
of Series 0-1939»
Th« subscription books for both offerings will remain o p »
until further notice.
TREASURY DEPARTMENT
Washington
JOE E3LEASE, MOSSING NEWSPAPEES,
Tuesday. Soutombor 10. 1955.
9-9-35*
preqs SQr_1(!a
No. M
Secretary of the Treasury Mergenthau announced today that subscriptions
aggregating $480,000,000 had been received up to the close of business yesterday
m
response to the offering on last Tuesday of Treasury bonds and Treasury notes
in exchange xor Fourth-called Fourth Liberty Loan bonds, called for redemption
on October 15, 1935*
Approximately «^180,000,000 of the called bonds have been exchanged for
2-3/4 percent Treasury Bonds of 1345-47, and approximately $300,000,000 for the
1-1/2 percent Treasury Notes of Series 0*1939.
The subscription books for both offerings will remain open until further
notice*
ooOoo
IREASUEY DEP ARMENT
Washington
FOI RELEASE, MORNING NIWSPAPERS,
Tuesday, September 10, 1985#
Press Service
r - 7 7
9/9/35
Secretary of the Treasury Morgenthau announced last
evening that the tenders for $50,000,000, or thereabouts,
of 273-day Treasury bills, dated September 11, 1935, and
maturing June 10, 1936, which were offered on September 6
were opened at the Federal Reserve banks on September 9*
The total amount applied for was $158,384,000, of
which $50,031,000 was accepted*
The accepted bids ranged
in price from 99*902, equivalent to a rate of about 0*129
percent per annum, to 99*851, equivalent to a rate of
about 0*196 percent per annum, on a bank discount basis*
Only part of the amount bid for at the latter price was
accepted*
The average price of Treasury bills to be
issued is 99*866 and the average rate is about 0*176 per
cent per annum on a bank discount basis.
TREASURY DEPARTMENT
Washingt on
EOR RELEASE, MORNING NEWSPAPERS,
Tuesday,•*' September
10*
'
»«■'■■■....
. 1935*
I.-».-»
9-9-35.
Press Service
No. 5-77
Secretary of the Treasury Morgenthau announced last evening that the
tenders for $50,000,000, or thereabouts, of 275-day Treasury bills, dated
September 11, 1935, and maturing June 10, 1936, which were offered on September
6, were opened at the Eederal Reserve banks on September 9,
.
The total amount applied for was $158,384,000, of which $50,031,000
was accepted*
The accepted bids ranged in price from 99*902, equivalent to a
rate of about 0*129 percent per annum, to 99*851, equivalent to a rate of about
0*196 percent per annum, on a bank discount basis*
for at the latter price was accepted*
Only part of the amount bid
The average price of Treasury bills to be
issued is 99*866 and the average rate is about 0*176 percent per annum on a bank
discount basis*
ooOoo
Under supervision of the Alcohol Tax Unit at the close of the year,
Mr* Mellott1s report showed, were 262 distilleries, 207 warehouses for
alcohol and other distilled spirits
1106 wineries and bonded
wine storerooms, 702 breweries, 383 rectifying plants, 4,510 wholesale liquor
dealers, 40 denaturing plants, 68 bonded dealers in specially denatured alcohol,
4,155 bonded manufacturers using specially denatured alcohol, 5,966 hospitals,
laboratories and other institutions using tax free alcohol and 404,228 retail
liquor dealers and malt liquor dealers.
The Unit's chemical laboratory at Washington, 0, C., and fourteen branches
throughout the country during the fiscal year examined 83,701 samples of spirits,
liquor, denatured alcohol, medicinal and toilet preparations, etc., an increase
of nearly 50 per cent over operations of the previous year.
(
The Alcohol Tax Unit is one of the six Treasury department law enforcement
agencies included in the coordinated campaign against alcohol and liquor smugglin
inaugurated by the department a year ago.
It is now pngrcH-H n "
retail liquor dealer inspections^ in 91
J
cities with more than 100,000 population, using unemployed men from relief rolls,
trained and directed by inspectors from the regular force of the Unit.
Mr. Mellott, as Deputy Commissioner of the Bureau of Internal Revenue, was
placed in charge of the Alcohol Tax Unit when it was organized May 10, 1934,
taking over duties formerly exercised by the Bureau of Industrial Alcohol and a
portion of the duties of the Department of Justice.
Mr. Mellott resigned, effective September 1, to assume new duties as^member
of the United States Board of Tax Appeals, under Presidential appointment.
Stewart Berkshire, who has been chief attorney for the Alcohol Tax Unit,
i
has succeeded Mr. Mellott in the position of Deputy Commissioner of the Bureau
of Internal Revenue, in charge of the Alcohol Tax Unit.
Treasury Department
Washington, D. C.
D
0
tf
FOR RELEASE, AFTERNOON NEWSPAPERS,
^¡VQ 'S’
Wr r j n q grl 11j " , H rqi t r m> rr Aj 1
_
i> A
i
l ^
?
T M a l T r»+.+
■y/J^f^Pointing to a steady increase in liquor tax collections, Arthur J •
who headed the Alcohol Tax Unit from its organization until a few days ago, sees
bootlegging disappearing from the list of American problems*
In a final report to Secretary of the Treasury Morgenthau, giving an account
of his stewardship, Mr. Mellott says:
t!it
is believed that bootlegging is definitely on the way out.
During the
fiscal year 1955 collections of liquor taxes aggregated $411,021,772.35.
Compar
ison of the collections made during the months of February to July, inclusive,
is as follows:
Increase
Percent
Amount
1,934
( t
Feb.
a March
* April
11May
a June
itJuly
**TOTAL,
^ (p)
6 mos.
Preliminary.
$ 26,923,886
32,216,685
23,130,129
31,566,887
36,482,006
40.804.155
$ 30,074,737
36,070,541
35,315,796
40,225,858
43,332,039
(d )49.562.213
$ 3,150,851
3,853,856
9,185,667
8,658,971
6,850,033
8.758.064
11.7
12.0
35.2
27.4
18.8
$194,125,748
$234,581,190
$40,457,442
20.8
*
Mr* Mellott in his final report also cites statistics indicating the scope
and effectiveness of the law enforcement operations of the Alcohol Tax Unit.
These figures covering the fiscal year which ended June 3 0 , 1935, are:
Stills seized • • • • • • ................. •
Mash destroyed (gallons). • • • . . . . « . »
Alcohol and spirits seized (gallons). • • • •
Automobiles and trudks seized • • » • • • • •
Value of property seized. • • . . * . « « . •
Persons arrested. . . . . . . « . • • • • • •
Arrest cases made • • • • • • • • • • • • • •
Arrest cases terminated • .......... . . . .
81.5 percent convictions, aggregating . . . .
Total sentences imposed (days). . . . . . . .
Average sentence (days) • • • • • • • • « . •
Aggregate fines • • • • • • • « « . . . • • •
Average fine . . . ........... . • • • • • •
16,988
5,220,656
880,772
4,821
$ 5,656,296
34,807
15,792
13,641
11,121
4,071,392
509
$ 3,032,751
$
354.21
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Friday, September 13» 1935«_______
9-11-35.
Press Service
No. 5-78
Pointing to a steady increase in liquor tax collections, Arthur J. Mellott,
who headed the Alcohol Tax Unit from its organization until a few days ago, sees
bootlegging disappearing from the list of American problems.
In a final report to Secretary of the Treasury Morgenthau, giving an account
of his stewardship, Mr. Mellott says:
MIt is believed that bootlegging is definitely on the way out.
During the
fiscal year 1935 collections of liquor taxes aggregated $4-11,021,772.35.
Com
parison of the collections made during the months of February to July, inclusive,
is as follows:
1934
$
«»Feb.
««March
»«April
««May
’’June
'«July
"TOTAL,
"(p )
6 mos.
26,923,886
32,216,685
26,130,129
31,566,887
36,482,006
40,804*155
»194,123,748
1935
$
30,074,737
36,070,541
35,315,796
40,225,858
43,332,039
( o H 9 , 562,219
$234,581,190
Amount
1
Increase
Percent
3,150,851
3,853,856
9,185,667
8,658,971
6,850,033
8,758,064
11.7
12.0
35.2
27.4
18.8
21.5
$40,457,442
20.8
Preliminary.«’
Mr. Mellott in his final report also cites statistics indicating the scope
effectiveness of the law enforcement operations of the Alcohol Tax Unit.
Those
figures, covering the fiscal year which ended June 30, 1935* are:
Stills s
e
i
z
e
d
,.,.#.. . . . , . . . #.#. . . . . #.
Mash destroyed (gallons)...... .......... .
••••••»*•.
Alcohol and spirits seized (gallons).............#. ..#.
Automobiles and trucks seized.................. .
Value of property seized................. .
Persons arrested. •• ........
Arrest cases made...............................
Arrest cases terminated..
.
*
.
•
•
•
1
3
,
81.5 percent convictions, aggregating..................
Total sentences imposed (days)..... .
Average sentence (days.... .
Aggregate fines
Average fine»«...A*».... $
' 15,988
3,220,656
880,772
4,821
$5,656,296
34,807
15,792
6
4
1
11,121
4,071,392
309
$3,032,7^1
354*21
- 2-
1
Under supervision of the Alcohol Tax Unit at the close of the year,
Mr. Mellott*s report showed, were 262 distilleries, 207 warehouses for alcohol and
¡¡other distilled spirits,
1,195 wineries and bonded wine storerooms', 702
breweries, 3$3 rectifying plants, 4., 510 wholesale liquor dealers, 4-0 denaturing
plants, 63 bonded dealers in specially denatured alcohol, 4-,155 bonded manufacturers
using specially denatured alcohol, 5,966 hospitals, laboratories and other in
stitutions using tax free alcohol and 404-,283 retail liquor dealers and malt
liquor dealers.
The Unit*s chemical laboratory at Washington, D.C., and fourteen branches
through out the country during the fiscal year examined 33,701 samples of spirits,
liquor, denatured alcohol, medicinal and toilet preparations, etc., an increase of
nearly 50 per cent over operations of the previous year.
The Alcohol Tax Unit is one of the six Treasury Department law enforcement
agencies included in the coordinated campaign against alcohol and liquor smuggling
inaugurated by the Department a year ago.
,
It is now setting in motion retail liquor dealer inspections in 91 cities with
more than 100,000 population, using unemployed men from relief rolls, trained and
directed by inspectors from the regular force of the Unit.
Mr. Mellott, as Deputy Commissioner of the Bureau of Internal Revenue, was
placed in charge of the Alcohol Tax Unit when it was organized May 10, 1934-,
taking over duties formerly exercised by the Bureau of Industrial Alcohol and a
portion of the duties of the Department of Justice.
Mr. Mellott resigned, effective September 1, to assume new duties as a member
of the United States Board of Tax Appeals, under Presidential appointment.
Stewart Berkshire, who has been chief attorney for the Alcohol Tax Unit, has
succeeded Mr. Mellott in the povsition of Deputy Commissioner of the Bureau of
Internal Revenue, in charge of the Alcohol Tax Unit.
ooOoo
USshingtoa
.. _________
FOR RB3J&SB, HOMIHO HMSPAPERS,
Thursday. Septeafeer XBt 1935« .....
Press Service
/^^nCt
^
•j
9/ 1 1/ 3 5
Secretary of the Treasury Morgeathan aanoBaeod las* * 1 ^ * thRt
subscription book» for the current offering of Tree^ry Rotes of Series
C-19S9 will close at the d o s e of business Saturday, Septes*er 14, 1988.
This offering is open only to the holders of yourth-eaUed fourth liberty
X^an bonds, called for red-ption on October 15, 1955, the cash subscrip
tion book, for this issue of notes hawing closed on September 5, 1935.
Exchange subscriptions placed in the nail before 15 o'clock, midnight,
Saturday. Soptember 14, «ill be considered as hawing been entered before
the close of the subscription books.
The subscription books for the 2-3/4 percent Treasury Bond, of
X 9 M - « , Whleh are also open only to holders of th. fourth-called
Fourth Liberty Loan bonds, will remain open until further notice.
TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING NEWSPAPERS,
Thursday, September 12, 1935o
9-11-35.
Press Service
No* 5-79
Secretary of the Treasury Morgenthau announced last night that the subscript
ion hooks for the current offering of Treasury Notes of Series C-1939 will close
at the close of business Saturday, September 14, 1935*
This offering is open
only to- the holders of Eourth-called Fourth Liberty Loan Bonds, called for
redemption on October 15, 1935, the cash subscription books for this issue of
notes having closed on September 3, 1935*
Exchange subscriptions placed in the
mail before 12 o*clock, midnight, Saturday, September 14, will.be considered as
having been entered before the close of the subscription books*
The subscription books for the 2-3/4 percent Treasury bonds of 1945-47,
which are also open only to holders of the Fourth-called Fourth Liberty Loan
bonds, will remain open until further notice*
ooOoo
TREA SU RY DEPARTM ENT
O F F IC E O F T H E S E C R E T A R Y
/
W A S H IN G T O N
C O M M IS S IO N E R OP
A C C O U N T S A N D D E P O S IT S
September 14, 1935*
TO MR, GASTON;
Baring the month of August the following market
transactions took place in Government securities for
investment accounts:
Total purchases • • • • • • < >
$35,439#100
Sales ♦ • • • • * • « • * • •
Net purchases:
*"“*
#35,439,^00
j
M..' ~
‘
T REASURY DEPARTMENT
Washington
Press Service
No# 5
POP IMMEDIATE RELEASE,
Monday, -August 19 y 1935«
M cJ
i(sy
Het market purchases of Government securities for Treasury investment
accounts for the calendar month of
, 1935, amounted to
3
Secretary
announced today.
ooOoo
0
I fr o
TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE,
Monday, September 16, 1935.
Press Service
No. 5-80
Net market purchases of Government securities for Treasury'investment
accounts for the calendar month of August, 1935, amounted to $35,439,100,
Acting Secretary Coolidge announced today.
ooOoo
»
f*ust ismmmt w m - avuti i
•' I
i
I
'
/ %
I
Sfitte»à rata* ^ W tiM fc r ia N r iili «*■*» n ri« » w t« as* «««U m M *
o* or atta* «M M ar I» , l * » i » «*•*»«• of m m m t i v O v a airw m y
» i f f i r r h r ^ - . —
^
'
"
fm&s&stt tx&AXtitnsxta
mti»m o f U * coaKlooiooor o f Om u m «
faohia&toa., p, C.
optmPor
l i , lia s .
to mmmmm m mmm mù mmm ommmm%
m m m lo ymPUoPoS Poàoo for jromr lafonotioa mi ¿pldoM# »
lotto? £*«• «b*
« i l ì ì H é p li« SM« ootifyia* tPo
®w!if| ©f tfe» IVWUNKI «tot «« cotoPor li» lisi» «MI P»Uoi Sfotto
*IU «•«•§ In Po Poooò Pr ¡provi*!©©• of *Po tromty «f tifi Poto«©*
0«HMftfty «•* «io ttmitoi stotoo provisi!*«, for «©at~f«*©r©S~»otl©a
lo roopoot of m ® % w m «ttloo*
lo &o«or4o»e« witP «io proviolooo of oootào» 8 of «io lotto*
fro» tPo rrooldoat ymPUoPoft lo f J . iffii ©né of ooetloo ptu of too
fariff jMit of Itii Ìf*S* i f U f h «io roioooi rotto « «*ty pr#?!*©*
for io IP* trodo
oooeloftoi urliti «io ftol^ttuBMfcnrs
Hoooooio Solo» |f*t* «TO00|, «siti f#*»* tftit), ooi M N t t (f*P*
o m i l » ©ili oof Po »ppilooPlo to pmétomu of O m o i r importo*
dirotti? or ioélrootly, tf «fttoso<l for eooomoptlom or oittkdrooa fra©
«mroPouso for «o b o h o U « » o » «a* oftor cotoPor li» I I « » suoi prò*moto -cUi. Po © t o m o * otti #*tf ot tPo reto© proooriìw^ lo «io
Toriff m% of liti, omPJoot to a*jr aoéifiootlo* of o««P rotoo mofor
©Otti©© WSt of tPo M t «
(Signed) James H Moyte
tooMioolooor of Cuotooo*
|xoooart «otto* oo otto©*©* aioot .«arto* ài
<■#
Fo llow ing i s the t e x t o f a tre a su ry -D ecision,
based upon the fo re g o in g l e t t e r :
I
V’
V
T H E W H IT E H O U S E
W A S H IN G TO N
My dear Mr. S e c r e ta r y :
With re fe re n ce to my l e t t e r addressed to you on
Ju ly 8 , 1935, and In p a r t ic u la r to S e c tio n two o f th a t
l e t t e r concerning the a p p lic a tio n o f d u tie s proclaim ed
in the trade agreements w ith the Belgo-Luxemburg Economic
Union, H a it i and Sweden, you are hereby n o t i f i e d th a t on
October 15, 1935, the U n ited S ta te s w i l l cease to be
bound by the p r o v isio n s o f A r t ic le V I I o f the T reaty o f
F r ie n d s h ip , Commerce and Consular R ig h ts between Germany
and the U n ite d S t a t e s , sign e d December 8 , 1923, p ro v id in g
fo r m o st-fa v o re d -n a tio n treatm ent in r e s p e c t o f customs
d u tie s .
You w i l l p le a se cause t h is n o t i f i c a t i o n to be pub
lis h e d in an e a r ly is s u e o f the weekly Treasury D e cisio n s
S in c e r e ly y o u rs,
Henry Morgenthau, J r
S e c r e ta r y o f the Treasury
The A ctin g S e c r e ta r y of the Treasury
today made p u b lic the fo llo w in g l e t t e r from the
pr e s id ent J Iwge Lhci1 With
¡Mill 11
| 11 ■'I I
""uf ■'■ »»■ toaaBary
treasury department
Washington
POR IMMEDIATE RELEASE
Monday. September 16, 1935.
Press Service
Ho*. 5 - 8 1
The Acting Secretary of the Treasury today made public the following
letter from the President:
11September 15, 1935*
My dear Mr* Secretary:
With reference to my letter addressed to you on July 8,, 1935, and
in particular to Section two of that letter concerning the application
of duties proclaimed in the trade agreements with the Belgo-Luxemburg
Economic Union, Haiti and Sweden, you are hereby notified that on
Octooer 15, 1935, the United States will cease to be bound by the provi
sions of Article VII of the Treaty of Priendship, Commerce and Consular
Rights between Germany and the United States, signed December 8, 1923,
providing for most-favored-nation treatment in respect of customs duties.
You will please cause this notification to be published in an early
issue of the weekly Treasury Decisions.
Sincerely yours,
_
_
The Honorable
Henry Morgenthau, Jr.,
Secretary of the Treasury."
(Signed) FRANKLIN D. ROOSEVELT
Following is tne text of a Treasury Decision based upon the foregoing
letter:
"TREASURY DEPARTMENT,
Office of the Commissioner of Customs,
Washington, D.C.
September 16, 1935.
TO COLLECTORS OP CUSTOMS AND OTHERS CONCERNED:
There is published below for your information and guidance a letter
from the President, dotted September 15, 1935, notifying the Secretary
of the Treasury that on October 15, 1935, the United States will cease
to^be bound by provisions of the treaty of 1923 between Germany and the
United States providing for most— favored—nation treatment in respect of
customs duties.
-
2
-
In accordance with the provisions of section 2 of the letter from
the President published in T*D* 47785 and of section 350 of the Tariff
Act of 1930 (T*D* 47117), the reduced rates of duty provided for in the
trade agreements concluded with the Bclgo-Luxembcrg Economic Union
(T.D# 47600), Haiti (T.D. 47667), and Sweden (T.D. 47785), will not he
applicable to products of Germany imported directly or indirectly, if
entered for consumption or withdrawn from warehouse for consumption on
and after October 15, 1935«
Such products will be assessed with duty
at the rates prescribed in the Tariff Act of 1930, subject to any modi
fication of such rates under Section 336 of the Act»
(Signed) James ÏÏ. Moyle
Commissioner of Customs*'*
— -oOo—
TREASURY DEPARTMENT
Washington
MEMORANDUM POR THE PRESS
September 16, 1935«
RECEIPTS OP SILVER BY THE MUTTS AND ASSAY GPP ICES:
(Under Executive Proclamation of December 21, 1333) as amended
Week ended September 13, 1935;
Philadelphia........................................
San Francisco......................................
Denver.............................................
Total for week ended September 13, 1935.............
Total receipts through September 13, 1935c.........
597,287.26 fine ounces
171, 6 6 0 d 3 »
6^285c00
775,232.39
46,101,000.00
SILVER TRANSFERRED TO UNITED STATES;
(Under Executive Proclamation of August 9, 1934)
Week ended September 13, 1935:
Philadelphia. ................. .................. .
New Y o r k ......................................... .
San Fran cisco......................................
Denver..............................................
Now Orleans .......................................
Seattle.................................... ..... .. 4
Total for week ended September 13, 1935............
Total receipts through September 13. 1935............
172o00 fine ounces
10,352.00 »
"
239.00
592.00
492.00
112.00
11,959.00
112,984,430.00
RECEIPTS OP CULP BY THE MINTS AND ASSAY OP?ICES:
Week ended September 13, 1935:
Imports
Philadelphia.......
New York..........
San Francisco.....
Denver.... ........
Now Orleans.......
Seattle...........
Total for week ended September 13..$6,827,699.56
Secondary
$194,114.07
119,700.00
43,679.46
32,452.00
56,115.84
11,395.21
$457,456.58
$
New
Domestic
3,816.12
381,200.00
976,710.30
673,475.00
— — —. — —
543,107.46
$ 2,578^308.88
-Q.QUP RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURERS OFFICE:
(Under Secretary*s Order of December 28, 1933)
Received by Federal Reserve Banks: Cold Coin
I T ,3 0 9 ..44
50,730, 364« 19
>$30,741,,6 7 3 . 63
T
f
Received by Treasurer's Office:
A
Week ended September 11........
#
Received previously...........
Total to September 11#...,.... ...$$
NOTE:
350. 00
264,>806 o00
265,,156. 00
Cold bars deposited with the New York Assay Office
in the amount of $200,572.69 previously reported.
Cold Certificates
$
354,200.00
96,725,190.00
$97,079,390.00
$
4,200.00
2,225,000.00
$ 2,229,200.00
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, September 17, |g §§L
9-16-38.
---------
serrlott
^
^
^ ~ a D*—
Aotlug Secretary of the Treasury Coolidge announced today that
subscriptions aggregating #739,000,000 had been received up to the
close of business yesterday in exchange for Fourth-called Fourth
Liberty Loan bonds, called for redemption on October 15, 1935.
Approximately #331,000,000 of the called bonds have been ex
changed for 2-3/4 percent Treasury Bonds of 1945-47, and approx
imately #423,000,000 for the 1-1/2 percent Treasury Notes of Series
C-1939.
!Hie subscription books for the Treasury notes closed last
Saturday, but the books for
open until further notice#
offering of bonds will remain
TREASURY DEPARTMENT
Washington
POR RELEASE, MORNING NEWSPAPERS,
Tuesday «..September 17. 1935.
9— 16— 35.
Press Service
No. 5— 82
Acting Secretary of the Treasury Coolidge announced today that-subscriptions
aggregating $759,000,000 had heen received up to the close of business yesterday
in exchange ior Fourth— called Fourth Liberty Loan bonds, called for redemption
on October 15, 1935.
Approximately $331,000,000 of the called bonds have been exchanged for
2-3/4 percent Treasury bonds of 1945-47, and approximately $428,000,000 for
the 1-1/2 percent Treasury Notes of Scries 0-1939.
The subscription books for the Treasury notes closed last Saturday, but
the books for the offering of bonds will remain open until further notice.
0 0 O00
%
TREASURY DEPARTAIT
Washington
Press Service
^ B 3
FOR RELEASE, MORNIHG NEWSPAPERS,
Tuesday, September 17* 1935* J
9 / 16 / 11
.......
!
!S
\
V
\\
a
Acting Secretary of the Treasury Coolidge announced
last evening that the tenders for $50,000,000, or there
abouts, of 273-day Treasuiy bills, dated September 18,
1985, and maturing June 17, 1936, which were offered on
September 13, were opened at the Federal Reserve bank#
on September 16*
&■
The total amount applied for was $149,286,000 ^ / o
ahich $60,015,000 was accepted.
in price from
9 9 * 9 0 9 ,
f
The accepted bids range
equivalent to a rate of 0#120 per'V.
cent per annum, to 99*838, equivalent to a rate of about
\ â
0*220 percent per annum, on a bank discount basis*
Onlyn
1 *
V
part of the amount bid for at the latter price was accepted. \
The average price of Treasury bills to be issued is 99*8|>^
and the average rate is about 0*198 percent per annum oh
bank discount basis*
TREASURY DEPARTMENT
♦
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Tuesday, September 17. 1935,
9— 16— 35•
T
Press Service
No* 5— 83
Acting Secretary of the Treasury Coolidge announced last evening that the
tenders for ¿¡>50,000,000, or thereabout s, of 273-day Treasury hills, dated September
0
18, 1935, and maturing June 17, 1936, 1
which were offered on September 13, wore
opened at the Federal Reserve banks on September 16.
The total amount applied for was $149,236,000, of which $50,015,000 was
accepted*
The accepted bids ranged in price from 99.909, equivalent to a rate of
0.120 percent per annum, to 99.833, equivalent to a rate of about 0.220 percent per
annum, on a bank discount basis.
price was accepted.
Only part of the amount bid for at the latter
The average price of Treasury bills to be issued is 99.850
and the average rate is about 0.198 percent per annum on a bank discount basis.
ooOoo
Incoine Tax Unit
./ /
/
/
./ . ■
A & a result of the investigations conducted/by Interns/LXe venue
Agents dining tie fiscal year lw55, income taxes not^xepctfted volun
tarily by indlmdualg and corporations in the total sum of |
iCfor Assessment. This amount exceeds
$276,008,250.07 were recos
that,recomend4d for any year/since .WSi&nd. ls/in excess 6i the
amount rep©rt€jj“ for 1934 by Ip2,497,Y84.il.
Claims ror refund numbering 15,587 involving alleged overpay
ments in the aggregate amount of $55,594,957.27 were considered by the
field forces. As a result it was recommended that overassessments be
approved in the total sum of |4,040,941.17, while the amount of
$31,354,016.10 was recommended for rejection. As an incident to the
examination of cases considered upon the basis of claims for rerun
by taxpayers, deficiency assessments in the amount of $5,045,861. ito
were recommended. Considering the whole project developed as a result
of the filing of claims, a potential gain of $1,002,920.69 is produced
There were 2,436 agents engaged in the work of investigating
income tax eases during the year and the average tax recommended
per agent amounted to $103,949*30«
^
^Many taxpayers through misapprehension of certain provisions
of the law err innocently in their reports, and with respect of
this type of,citizen there is but little difficulty in negotiating
settlements^ '
----- ^
other cases, however, the questions involved are occasion
ally highly controversial and trial of the issues before the
United States Board of Tax Appeals and the courts cannot be avoided.
In some instances it appears that cases are litigated by taxpayers
solely for the purpose of delaying the date of the payment. '
The average cost for each revenue agent, including salary
and all overhead costs, such as rent, supervision, supplies, etc.,
amounted to $3,924.00 during 1955, which figure compared with the
amount produced, $109,949.00, indicates a return of more than
$28.00 for each dollar spent in the employment oi revenue agents*
dxv_
F o r r e l e a s e , S/h
(\
Thursday; m o r n i n g -nev»,spfej»ers.
w
n^o
!
*«/
^ c
income t a x cases by
I n v e s t i g a t i o n s ofyylnternal
R e v e n u e agents during
the f i s c a l y e a r 1935 r e s u l t e d Q m
resulted,) in recommendations
of a s s e s s m e n t s a g g r e g a t i n g $ 2 7 6 , 0 0 8 , 2 5 0 . 0 7 in a d d i t i o n
•
to taxes rep o r t e d v o l u n t a r i l y by i n d i v i d u a l s and
corporations,
Guy T. Helv e r i n g ,
In t e r n a l Revenue,
announced
exceeds t h a t r e c o m m e n d e d for
is in excess of the
C o m m i s s i o n e r of
today.
■‘■his amount
a ny yea r since 1931 and
amount r e p orted for 1934 by $72,497,784,
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Thursday, September 19. 1935#•
9-17-35*
Press Service
No.5-84
Investigations of income tax cases hy Internal Revenue agents during the.fiscal
year 1935 resulted in recommendations of assessments aggregating $276,008,250*07 in
addition to taxes reported voluntarily "by individuals and corporations, Guy T*
Helvering, Commissioner of Internal Revenue, announced today.
This amount exceeds
that recommended for any year since 1931 a.nd is in excess of the amount reported for
1934 hy $72,497,784.11. .
Claims for refund numbering 13,587 involving alleged overpayments in the
aggregate amount of $35,394,957.27 were considered hy the field forces.
As a result
it was recommended that overassessments he approved in the total sum of $4,040,941.17
while the amount of $31,354,016.10 was recommended for rejection.
As an incident to
the examination of cases considered upon the basis of claims for refund hy taxpayers,
deficiency assessments in the amount of $5,043,861o86 were recommended.
Considering
the whole project developed as a result of the filing of claims, a potential gain of
$1,002,920.69 is produced.
There were 2,436 agents engaged in the work of investigating income tax cases
during the year and the average tax recommended per agent amounted to $109,949*00.
11Many taxpayers through misapprehension of certain provisions of the law err
innocently in their reports, and with respect of this type of citizen there
is hut little difficulty in negotiating settlements’1, Commissioner Helvcring
said*
”In other cases, however, the questions involved are occasionally highly
controversial and trial of the issues before the United States Board of Tax
Appeals and the courts cannot he avoided. • In some instances it appears that
cases are litigated hy taxpayers solely for the purpose of delaying the date
of payment*n
The average cost for each revenue agent, including salary and all overhead
costs, such as rent, supervision, supplies, etc.,- amounted to $3,924.00 during 1935,
which figure compared with the amount produced, $109,949.00, indicates a return of
more than $28.00 for each dollar spent in the employment of revenue agents*
oooOooo
01- 6/1
î\
,\
f,
\ \
’
\
n»st m m t m
\\
vi
\\
raw s.
K
«
\
« f ta o r'rootaoat m l i m i A i t a t o r c o to to r i f ,|fÉ |è
It# o p p ilo o l i oa o f r ta o o ta roto# o f t a t f o it o t U o t o â « M o r tìp § ó
#lprootaati‘'''to t i t prognato o f o e r to ta eountrioo* '
X
\
J kJ
mumm
w a u w t ,
O ff to# O f tftâ CO&H&lOOiOIWr o f C oito« » ,
t. 0.
ê o p to ta o r 10 , i o t a .
to co x u o fo a i or «
»
om » «nuns coi*ssr**b :
ta Xottoro tairoeota to tao âoorotory of tao froftoory o»
üoptotaor lB, ii§§» tiw mwlâoü «taifloi oootioa ra* of M i lot
tar Of taiy i f ptailofcta ta f.S. êffm t fcy Mrootiot tait ta#
dotioo proeiotata Im «oiusootioo «Ita ta* trota «grootaoto otta tao
tai«o~lux»tamrft loowKio Pota** ( f . ô. êfiôû}* Botti (T,P* 4?0êf|»
noi Voodoo
tmt) to oppilo* fra» tao ioto taof boemo» of«
footiro uatii foxworjr l, tata, to roopoot of ortioloo ta* grotta,
prtauoo «r oooofootoro of ta* foltaoiag oountrioo;
Cottota
ft# fêotaortatao
Freaoo i taoitatao Moorto}
ota ito oooitalotoé ool~
oftioo, «emoly, itao-cttao,
totagooior, Rotatali,
svltaorlota «ta
taoo&toaotota
meuKtirn
Gutaoloupe, àforttaitito,
ota Oal«M*
(Signed) James H. Moyle
Otaülooitaor o f Cooton*.
m*~$m §ÉKM
-—■T?
M
{JJ Ck*&J&m^^Jßisjr «ta.
Immediate Release
Tk.Â-Â-'\.--
.....
.m
H
t ,
(DAnr^'
„ \.
V
***#*)
,* ,■{!.% 'd ** i
1 r
i'vV
JW*>
^-’ i
ri
Under
direction
Treasury Decision has been
of t h e
issued
President,
affecting
trade
t he
following
agreement
rates:
TREASURY D E P A R T ) ® !
Washington
FOR IMMEDIATE RELEASE,
Thursday, September 19, 1935.
Press Service
Ho. 5-85
Under direction of the President, the following Treasury Decision has been
issued affecting trade agreement rates:
ii
TREASURY DEPARTMENT
Office of the Commissioner of Customs,
Washington, D.C.
September 18, 1935#
TO COLLECTORS OF CUSTOMS AND OTHERS CONCERNED:
In letters addressed to the Secretary of the Treasury on September 18, 1935,
the President modified section one of his letter of July 8, published in T«D«47785
by directing that the duties proclaimed in connection with the trade agreements
with the Belgo—Luxemburg Economic Union (T.D* 47600), Haiti (T.D. 47667), and
Sweden (T.D. 47785) be applied from the date they became effective until January 1
1936, in respect of articles the growth, produce or maxiufacture of the following
countries:
Canada
France (including Algeria) and
its assimilated, colonies,
namely, Indo-China, Madagascar,
Reunion, Guadeloupe, Martinique,
and Guiana,
The Netherlands
Spain
Switzerland and Liechtenstein
(Signed)
James H. Moyle
Commissioner of Customs'1
J* Frank Cantwell, Manager,
Indianapolis Home Show,
Chamber of Commerce Bldg*,
Indianapolis, Indiana*
-3-
Clark C. Wren,
National Association of Ice Industries,
872 National Press Bldg*,
Washington, D. C.
W* C. Tenwick, Dist* Rep.,
Iron Fireman Manufacturing Co*,
2910 Rising Sun Road,
Ardmore, Pennsylvania.
E. D. Doty,
Frigidaire Sales Corporation,
Dayton, Ohio.
W. L. Carver, Secretary,
Wallpaper Institute,
19 West 44th Street,
New York, New York.
Ivan K. Strasburger, Branch Manager,
Chamberlain Metal Yfeatherstrip Co., Inc.,
932 New York Ave., N.W.,
Washington, D. C.
T. B. Munroe, Vice President,
The Celotex Company,
919 N. Michigan Avenue,
Chicago, Illinois.
S. L. Johnston, Merchandising Manager, Finishes Division
E. I. du Pont de Nemours '& Co.,
Wilmington, Delaware •
, E. J. Mehren, President,
Portland Cement Association,
33 West Grand Avenue,
Chicago, Illinois.
Bertram B. Caddie, Secretary,
Copper and Brass Research Association,
420 Lexington Avenue,
New York, New York.
L. 0. Taylor, Vice President,
Shevlin Pine Sales Company,
500 First National—Soo Line Bldg.,
Minneapolis, Minnesota.
Jesse R. Smith, Washington Counsel,
Armstrong Cork Company,
Otis Bldg.,
Washington, D. C.
>
-
2-
S. M. Eaton
Southern Pine Association,
721 Transportation Bldg,,
Washington, D, C,
J. M. Allingham,
Southern Pine Association,
721 Transportation Bldg.,
Washington, D. G.
<3^ J. F. McNamara, Sales Manager,
International Nickel Company,
67 Wall Street,
New York, New York,
John D. Biggers, President,
Libby-Owens-Ford Glass Company,
Nickolas Building,
Toledo, Ohio.
4§j?. Walter Kohler, Jr.,
Kohler Company,
Kohler, Wisconsin.
Mr. Rogers,
Republic Steel Corporation,
Cleveland, Ohio.
A. Plankinden,
Briggs Manufacturing Company,
Detroit, Michigan.
Jack Calahan, General Sales Manager,
Briggs Manufacturing Company,
Detroit, Michigan.
Mr. Werner,
Reynolds Metal Corporation,
19 Rector Street,
New York, New York.
C. N. Berghorn, Secretary,
Manufacturers Section and Director of Exhibits,
American Gas Association,
420 Lexington Avenue,
New York, New York.
Jordan Pugh,
Structural Clay Products Inc.,
Canton, Ohio.
Russell G. Creviston, Manager,
Advertising and Sales Promotion,
Crane Company,
836 South Michigan Avenue,
Chicago, Illinois*
Marshall Adams,
American Radiator & Standard Sanitary Corp*,
40 W. 40th Street,
New York, New York*
H. M. Shackleford, Advertising and Sales Promotion Mgr•
Johns-Manville, Inc•
22 East 40th at Madison Avenue,
hew York, New York.
Reese Mills,
Westinghouse Electric
200 East 5th,
Mansfield, Ohio*
& Mfg. Co.,
fUtok Thomson,
Sherwin Williams Co*,
101 Prospect Ave*,
Cleveland, Ohio*
J* F. Quinlan, Mgr*,
New American Home Demonstration Plan,
General Electric Company,
570 Lexington Avenue,
New York, New York*
~tn~i Herbert U. Nelson, Executive Secretary,
National Association of Real Estate Boards,
22 West Monroe Street,
Chicago, Illinois.
I* N. Tate, Vice-President and Secretary,
Weyerhaeuser Sales Company,
1st National Bank Building,
St. Paul, Minnesota.
is«» George W. Dulany, Jr., Vice President,
National Lumber Manufacturers Association,
111 West Monroe Street,
Chicago, Illinois*
H. H. Hobart, Vice President,
Curtis Companies, Inc.
114 South Second Street,
Clinton, Iowa.
% e
durable
goods
industry was
represented
as f o l l o w s :
'Lj-¿x.^t.tf# iV\
\AJ £xx
"¿..ja.-1
lOt,
Â'-
T u s ,
Friday,
a
4
/ p
/V£--t^3^‘Â4^'-'<-'''û
I'
í
^
s--e(,
qp$i/ 3if
As the r e s u l t of a c o n f e r e n c e
of 33 r e p r e s e n t a t i v e s
of the d u r able goods i n d u s t r y in the T r e a s u r y B u i l d i n g today
ind
a H o u s i n g D i s p l a y C o n f erence w a s
fJ
J
fl-p-jriyi,nx-
a
h
organized, w i t h the p u r p o s e of
y
a n e w and p o w e r f u l stimu l u s to h o u s i n g
c o n s t r u c t i o n and m o d e r n i z a t i o n .
Ru s s e l l
G.
C r e v i s t o n of the Crane Company,
w a s elected chairman of the
Chicago,
c o n f erence and M a r s h a l l A d a m s of the
inner i can R a d i a t o r and Stand a r d S a n i t a r y C o r p o r a t i o n of N e w Y o r k
wa s elected vice chairman.
Mr.
Creviston
a n n o u n c e d that plans w e r e d i s c u s s e d for
a series of c o u n t r y - w i d e e x h ibits to d e m o n s t r a t e m o d e r a t e cost
housing, m a t e r i a l s and m o d e r n a p p l iances and equipment.
The
conference wa s held at the
Ass i s t a n t to the S e c r e t a r y of the Treasury.
call of F e ter Grimm,
Other government
r e p r e s e n t a t i v e s p r e s e n t were S t e w a r t Me Donald, f e d e r a l H o u s i n g
¿XL--"
Administrât:^
H e n r y G u t hrie
Riegelman,
gOT.
William
G.
Flanders, D e p u t y A d m i n i s t r a t o r
of the f e d e r a l H o u s i n g A d m i n i s t r a t i o n ;
assistant
to Mr.
Grimm,
and
Harold
and Dr. ^rnst H a h n ,
rr-^r fpiry-Ajopartnnni .
all
TREASURY DEPARTMENT
I
I
Washington
"FOR RELEASE, MORNING NEWSPAPERS,
Friday, September 20, 1935.
9-19-35
Press Service
No. 5-86
As the result of a conference of 33 representatives of the durable goods
Kindustry in the Treasury Building today, a Housing Display Conference was organized,
with the purpose of providing a new and powerful stimulus to housing construction
and modernization.
Russell G. Creviston of the Crane Company, Chicago, was elected chairman of
the conference and Marshall Adams of the American Radiator and Standard Sanitary
Corporation of New York was elected vice chairman*
Mr. Creviston announced that plans were discussed for a series of country-wide
exhibits to demonstrate moderate cost housing, materials and modern appliances and
equipment.
The conference was held at the call of Peter Grimm, Assistant to the Secretary
' of the Treasury.
Other government representatives present were Stewart McDonald,
I Federal Housing Administrator, William G. Flanders, Deputy Administrator and Henry
Guthrie of the Federal Housing Administration; Harold Riegelman, Special Assistant
Counsel, Treasury Department, and Dr. Ernst Kahn, housing export.
There was agreement that the under-supply of housing in the United States was
large and that in the coming year,., no less than 750,000 housing units would be built
in the United States.
Dr. Kahn gave it as his judgment that if the experience in Germany in a similar
situation was a criterion the existing shortage would demand creation of housing
I units in excess of that number.
f
Considerable importance was attributed to the fact that not less than half of
all the building activities in this country during a given year took place in
'2*
communities of five thousand and less«
The permanent home shows could not he
expected to reach a great many of these small communities because of their isolation
Considerable discussion ensued on plans to create a motor caravan housing show«
It is expected that no less than :
nine permanent housing shows will be set up
immediately*
Tne duraole goods industry was represented as follows:
Russell G« Crcviston, Manager,
Advertising and Sales Promotion,
Crane Company,
836 South Michigan Avenue,
Chicago, Illinois«
Marshall tAdams.,
American Radiator & Standard Sanitary
Corp«
40 West 40th Street,
Rew York City«
H*M* Shackleford, Advertising and
Sales Promotion Manager,
Johns-Manville, Inc«
22 East 40th at Madison Avenue,
‘
Ifovr York City*
Reese Mills,
Westinghouse Electric & Mfg« Co«
200 East 5th,
Mansfield, Ohio«
Mr* .Thomson,
Sherwin Williams Company,
101 Prospect Avenue,
Cleveland, Ohio«
J •P • Quinlan, Manager,
Rew American Home Demonstration Plan,
General Electric Company,
570 Lexington Avenue,
Rew York City
Herbert U« Weison, Executive Secretary,
Hat!anal Association of Reel Estate Boards,
22 West Monroe Street,
Chicago, Illinois«
I«R* Tate, Vice-President & Secretary,
Weyerhaeuser Sales Company,
First Rational Bank Bldg«,
St*' Paul, Minnesota*
George W* Dulany, Jr« Vice President,
Rational Lumber Manufacturers Association,
111 West Monroe Street,
Chicago, Illinois«
H*H. Hobart, Vice President,
Curtis Companies, Inc«
114 South Second Street,
Clinton, Iowa«
S*M. Eaton,
Southern Pino Association,
721 Transportation Bldg«,
Washington, D*C*
J •M* Allingham,
Southern Pine Association,
721 Transportation Bldg«,
Wash!ngton, D .C .
J«F. McWamara, Sales Manager,
International ITickel Company,
67 Wall Street,
Rev/ York City«
John D* Biggers, President,
Libby*-Owens~Ford Glass Company,
Rickolas Building,
Toledo, Ohio«
Walter Kohler, Jr«
Kohler Company,
Kohler, Wisconsin«
^^Stigers,
Republic Steel Corporation I
Cleveland, Ohio«
A* Plankinden,
Briggs Manufacturing Company,
Detroit, Michigan.
Jack Calahan, General Sales Manager,
Briggs Manufacturing Company,
Detroit, Michigan.
Mr* 7/erner,
Reynolds M g tal C orporat ion,
19 Rector Street,
New York City.
C.N. Borghorn, Secretary,
Manufacturers Section and Director of
Exhibits,
American Gas Association,
420 Lex ington Avenue,
New York City.
Jordan Pugh,
Structural Clay Products Inc.
Canton, Ohio.
Clark C. Wren,
National Association of Ice Industries
872 National Press Bldg.,
Washington, D.C.
W.C. Tonwick, Dist. Rop.,
Iron Fireman Manufacturing Co.
2910 Rising Sun Road,
Ardmore, Pennsylvania.
E.D. Doty,
Frigidaire Sales Corporation,
Dayton, Ohio.
W*L. Carver, Secretary,
Wallpaper Institute,
19 West 44th Street,
N e w ,York City.
Ivan K. Strasburger, Branch Manager,
Chamberlain Metal Weatherstrip Co.Inc.
932 New York Avenue, N.W.
Washington, D.C.
T.B. Munroo, Vice President,
The Celoton Company,
919 N. Michigan Avenue,
Chicago, Illinois.
S.L. Johnston, Merchandising Manager,
Finishes Division,
E.I. duPont de Nemours Co.,
Wilmington, Delaware.
E.J. Mohron, President,
Portland Cement Association,
33 YiTest Grand Avenue,
ChicagG, Illinois.
Bertram B. Caddie, Secretary,
Copper and Bra.ss Research Assn.
420 Lexington Avenue,
New York City.
L.O. Taylor, Vice President,
Shevlin Pine Sales Company,
500 First National-Soo Line Bldg.
Minneapolis, Minnesota.
Jesse R. Smith, Washington Counsel,
Armstrong Cork Company,
Otis Building,
Washington, D.C.
J. Frank Cantwell, Manager,
Indianapolis Home Show,
Chamber of Commerce Bldg.,
Indianapolis, Indiana.
ooOoo
/ F o r m Ô919-A
Sentembe:
«¿l*__vi__n _ on A---.____Z__ — a
Comparative Statement of Income Aaxes Collected
TREASURY D EPAR TM E N T
IntS pnal R e v en u e B u r e au
inrouiäfr and C ollecwô'ns U nit
Revised June, 1934
D IS T R I C T S
|
_
_______ L L
"I
Deposited
Deposited
1st. Undeposits d Eat • Undepo site]
ßept. 1-20, 1934 JSept. 1-20, 1935 Sept. 1-20, 193'i Sept.1-20, 1935|
F
$
f "
Total
Total
1935
i^
\
Arizona,
Arkansas,
1st C a lifo r n ia ,
\
366,949J11
575,901;. 07
56,812J61
125,130105
151,918J50
5,459,075197
258,888.55
Njleai^
\
I
Clear
6,993,669434
0
b
*
«
H
Alabama,
5,146,126i78
6,277,2181.80
Clelpf
Clear
910,559i27
1,467,045.44
Clea^
Clear
3,298,034J77
4,860,237*90
Clear,
Clear
2,914,120Jl4
5,307,297.23
Clear ■
'709,457]92
1,444,815.15
Clear
Clear
Clear
1,005,329.13
1,463,150*08
Clear
Clear
532,Oil]30
854,563132
Clear
Clear
68,855j84
130,986.07
11,397,039 ill
624,575]68
16,575,684197
1,092,715.36
2,013,824]99
731,327Ì88
8th C a lifo r n ia ,
Colorado,
\Clear
Connecticut,
Delaware,
1st Illinois,
¡ft Illinois,
fentucky,
ouisiana,
laryland, including Dist.
of Columbia,
lassachusetts,
innesota.
ississippi,
(Missouri,
kMissouri,
(New Jersey,
ikNew Jersey,
j ¡wMexico,
Clear
L
Clear
Clear
3,^02,729j 36
1,020,7321.34
Clear
Clear l
1,^20,732134
Clear
Clear
|',604,605*83
845,972i50
1,219,233j.13
Clear
Clear
477,458.66
669,179.64
4,986,143177
Clear
74 , 219,233] 13
/ 669,179j 64
Clear
.\
\Clear
\plear
9,233,478^65
11,370,482^40
Clear
Clear
4,986,143Ì77
9,233,478^65
Clear
C*Lear
l i ; 370,482]40
3,636,681]53
8,793,991j01
2,196,941410
1,779,477400
89,578411
2,751,984472
1,205,125481
297,272^29
1,099,703*19
7,518,072*55
56,460135
2,500,083^00
tpJk
Cleaif
Clear
2,500,083j00
157,508159
Clear
Clear
157,508,59
4,324,907*58 ;
1,685,777111
Clear
Cle^r
Clear
Clear
4,324,907.58
1,685,777^11
Cleat*
Clear
241,413.41
Clear*
793,588*78
241,413141
793,588*78
226,596.35 !
496,866¿75 j
\Glear
Clear
Clear
Clear
1,438,226.74 |
9,713,433*64 |
Clear
Clear
Clear
Clear
Clear\
Clear
Clear
Clear 1
1,227,565*20
Clear
Clear
28th New York,
2,872,273416
Clear
Clear
North Carolina,
2,562,488495
43,543489
4,096,894.37
3,542,115195
71,579*84
Clear
Clear
Cleaif
Clear
3,999,797*03
1,377,989*40
Clear
Clear
Clear
Clear
911,620*07
Cleaif
Clear)
Clear
Clear
Clear
Clear
2,461,722.15
904,827]76
557,955104
4,259,440.03
1,210,239418 !
Clear
5,624,189*60
2,064,766*69
|
Clear
■
540,179*65
Clear
Clear
8,856,414496
11,187,592*77
1,110,101]05
Clear
Clear
Clear
Clear
Clear
Clear
Clear
Cleaif
Clear
863,037*21
4,186,774.94
Rhode Island,
1,305,218493
South Carolina,
461,567401
53,274]45
1,177,125442
7,080,911.|86
1,599,56545
448,385]10
88,334.56
1,602,742.10
Clear
Cle$ir
/
Clear
Clear
Clear
1,467,146Ì49
1,513,270487
2,300,255.60
Clear
.Ulear
2,499,813.^73
Clear
/ Clear
156,411]08
95,842485
Clear
Vermont,
252,475.187
176,935.155
Virginia,
1,894,859483
Clear
Clear
600,070*02
2,484,069.34
1,172,332.^55
Clear)
Clear
671,538.23
1,176,954.95
Clear
Clear
1,644,415.16
109,1 2 3 ]20
2,367,567.93
Clear
Clear
174,117.$2
Clear
Clear
W ashington, including
Alaska,
W est Virginia,
Wisconsin,
Wyoming,
/j
Clear
273,812477
23d Pennsylvania,
Utah,
J
1,0^2,715136
Clear
21st New York,
South Dakota,
/
J
1
Clear
Clear
Clear
Philippine Islands,
T otal,
Ì
3 >562,7291.36
Clear
12th Pennsylvania
/
Clear
3,431,997*70 !
1st Pennsylvania,
j
1/463,^50108
/ 854^563.32
130^986107
16,57$,684197
Clear
Clear
Clear
2,397,263.62
673,751485
Oregon,
4,860,23?190
5,307,297*23
1,444,8^5115
Clear:
Clear
Clear
Oklahoma,
6,277,218 *80
1,467,045144
1,604,605.83
3,180,315400
30,041,369 ,'36
15,321,939,07
North Dakota,
258,888.5$
6,993,669.^4
Clear
94,008.77
4,073,245¿00
33,610,649.82 ;
22,795,092.05 S
14th New York,
575,90110?
125,130¿05
Clear
367,805]52
!
]
1,241,946]07
121,434413
I
'
I
428,914469
247,463449
I Hampshire,
Clear
Clear
1160,359,334.20
V
Cleat)
|
(L&gSi/
;
_[•
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Sunday« September 22, 1935»_____
9-21-35.
Press Service
No. 5-87
Income tax collections totalling $226,352,401*47 for the first twenty days
of September v/ere announced yesterday by Commissioner Guy T. Helvering of the
Bureau of Internal Revenue*
The announcement was based on telegraphic reports
from Collectors in all districts*
The collections compare with a total of $160,359,334*20 for the corresponding
period in 1934#
By districts, the collections were as follows!
Deposited
Sept* 1-20, 1934
Alabama
$
Arizona
Arkansas
1st California
6th California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
l^t Illinois
8th Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland, Including Dist*
of Columbia
Massachusetts
Mi chigan
Minnesota
Mississippi
1st Missouri
6th Missouri
Montana
366,949.11
56,812.61
151,918.50
5,459,075.97
5,146,126.78
910,559.27
3,298,034.77
2,914,120.14
709,457,92
1,005,329.13
532,011,30
68,855.84
11,397,039,11
624,575.68
2,013,824,99
731,327,88
367,805,52
1,241,946,07
845,972.50
477,458,66
3,636,681,53
8,793,991,01
2,196,941,10
1,779,477,00
89,578,11
2,751,984,72
1,205,125.81
121,434.13
Deposited
Sept. 1-20, 1935
$
575,901,07
125,130,05
258,888,55
6,993,669,34
6,277,218,80
1,467,045.44
4,860,237,90
5,307,297,23
1,444,815,15
1,463,150.08
854,563,32
130,986,07
Æ6,575,684,97
1,092,715,36
3,302,729,36
1,020,732,34
756,264,50
1,604,605,83
1,219,233.13
669,179,64
4,986,143,77
9,233,478,65
11,370,482,40
2,500,083,00
157,508,59
4,324,907,58
1,685,777.11
241,413.41
Continued
Deposited
Septo 1-30, 1934
Deposited
Sept. 1~20, 1935
Nebraska
Nevada
New Harrrpshire
1st New Jersey
5th New Jersey
New Mexico
1st New York
2nd Nov/ York
3rd New York
14th New York
21st New York
28th New York
North Carolina
North Dakota
1st Ohio
10th Ohio
11th Ohio
18th Ohio
Oklahoma
Oregon
1st Pennsylvania
12th Pennsylvania
23rd Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
1st Texas
2nd Texas
Utah
Vermont
Virginia
Washington, including
Alaska
West Virginia
Wisconsin
Wyoming
Philippine Islands
$
$
600,070,02
671,538,23
1,644,415.16
109,123.20
- -------
1,172,332,35
1,176,954,95
2,367,567.93
174,117.52
TOTAL
$160,359,334.20
$226,352,401.47
428,914.69
247,463,49
297,272,29
1,099,703,19
7,518,072,55
56,460,35
3,180,315.00
30,041,369,36
15,321,939.07
2,397,263.62
673,751.85
2,872,273.16
2,562,488,95
43,543.89
2,461,722,15
904,827.76
557,955.04
4,259,440.03
1,210,239.18
273,812.77
8,856,414.96
863,037,21
4,186,774.94
1,305,218.93
461,567.01
53,274.45
1,177,125.42
1,467,146,49
1,513,270,87
156,411,08
95,842.85
1,894,859,83
793,588,78
226,596*35
496,866*75
1,438,226,74
9,713,433,64
94,008,77
4,073,245,00
33,610,649,82
22,795,092,05
3,431,997,70
1,227,565,20
4,096,894,37
3,542,115,95
71,579,84
3,999,797,03
1,377,989,40
911,620,07
5.624.189.60
2,064,766,69
540,179,65
11,187,592,77
1,110,101.05
7,080,911,86
1,599,565,15
448,385,10
88,334,56
1,602,742,10
2.300.255.60
2,499,813,73
252,475,87
176,935.55
2,484,069,34
TREASURY DEPARTMENT
Washington
MEMORANDUM FOR THE PRESS
September 23, 1935*
RECEIPTS OE SILVER BY THE MIN TS AND ASSAY OFFICES:
(Under Executive Proclamation cf December 21, 1933) as amended
I Week ended September 20, 1935:
P h i l a d e l p h i a * ........ ......
314,432.55 fine ounces
I San Francisco ... .......... ..... ........... ......
235,445.77
•'
"
D
e
n
v
e
r
.
. .r ............ ..... .
______ 1,524*00
”
”
551,402*32
”
n
Total for week ended September 20, 1935........... .
Total receipts through September 20, 1935«......... *
46,652,000*00
11
11
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
Week ended September 20, 1935:
Philadelphia . . . . . . . . . . . . . . .. .
•
New York*....
■*■*.........,.;........ ....... ............ •
San Francisco......... ..... . . ...... .... .... . •»
Denver ...... ..... ...................... ..........
New Orleans.... •. .... .,..... . ...... *«*.......... . ....
I,
Seattle.'................... ............. .....
•..
I Total for week ended September 20, 1935............
I Total receipts through September 20, 1935....... .
176*00 fine ounces
2,382« 00
11
”
7,795*00
259.00
205o00
10,817*00
112,995,247.00
n
*
"
11
%
RECEIPTS OF GOLD 3Y THE MINTS AND ASSAY OFFICES:
I Week ended September 20, 1935s
Imports
Philadelphia*............... '.....$
13,465*83
New York*....*
...... .
21,595,300 *.00
San F r a n c i s c o * . .
37,820«47
Denver*......... ............,.......
32,626*00
New Orleans..•....................
21,637*04
Seattle.
............................ *
~ ~
~
^
Total for week ended September 20*«$21,700,849*34
Secondary
$198,386*68
334,200.00
57,844*74
36 ,.639©00
30,997*41
22.119*30
$680,,187*13
New
Domestic
$
1,103,31
109,700.00
1,459,932.45
598,137*00
342,477.94
#2,511,350*70
GOLD RECEIVED BY FEDERAL RESERVE RANKS AND THE TREASURER'S OFFICE:
(Under Secretary’s Order of'December 28, 1933)
I
■
Received by Federal Reserve Banks: Gold Coin
Week ended September 18*.......,..$
36,541936
Received previously........ ...... 30,741*673*63
Total to September 18..... ....... $30,778,214.99
Received by Treasurer’s Office:
Week ended September 1 8 . . , . . * $
V Received p r e v i o u s l y . .
I Total to September 1'3*.......... .,.$
■
m
NOTE:
- ~ - - 265,156*00
265,156.00
Gold Certificates
$
256,530.00
97,079.390.00
$97,335,920.00
$
3,400.00
2,229,200*00
$ 2,232,600.00
Gold bars deposited with the New York Assay Office
in the amount of $200,572*69 previously reported*
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, September 24, 1955.
«/¿3/3S
Press Service
f
'
H
Acting Secretary of the Treasury Coolidge announced today
that approximately $367,000,000 of Fourth-called Fourth Liberty
Loan bonds, called for redemption on October 16, 1933, have
been exchanged for 2-3/4 percent Treasury Bonds of 1945-47.
With approximately $429,000,000 of the called bonds ex
changed for Treasury Notes of Series C-1959, on which the sub
scription books dosed September 14, total exchanges to date
aggregate $796,000,000.
TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING NEWSPAPERS,
Tuesday, September 24, 1935.
9-23-35.
Pross Service
No. 5-88
Acting Secretary of the Treasury Coolidge announced today that approximately
$367,000,000 of Fourth-called Fourth Liberty Loan bonds, called for redemption
on October 15, 1935, have been exchanged for 2-3/4 percent Treasury Bonds of
1945-47.
With approximately $429,000,000 of the called bonds exchanged for Treasury
Notes of Series C—1939, on which the subscription books closed September 14, total
exchanges to date aggregate $796,000,000«
ooOoo
TREASURY DEPARTMENT
Wae hingt on
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, September 24. 1985.
9/23/35
Press Service
Acting Secretary of the Treasury Coolidge announced
last evening that the tenders for $50,000,000, or there
abouts, of 273-day Treasury bills, dated September 25, 1935,
and maturing June 24, 1936, which were offered on September
20, were opened at the Federal Reserve banks on September 23.
The total amount applied for was $114,836,000, of
which $50,040,000 was accepted.
The accepted bids ranged
in price from 99.856, equivalent to a rate of about 0.190
percent per annum, to 99.811, equivalent to a rate of
about 0.249 percent per annum, on a bank discount basis.
The average price of Treasury bills to be issued is 99.827
and the average rate is about 0.228 percent per annum on
a bank discount basis.
TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING NEWSPAPERS,
Tuesday, September 24, 1935«. __
9-23-35.
;r Press Service
No# 5-89
Acting Secretary of the Treasury Coolidge announced last evening that
the tenders for $50,000,000, or thereabouts, of 273-day Treasury bills, dated
September 25, 1935, and maturing Juno 24, 1936, which wore offered on September
20, were opened at the Eederal Reserve banks on September 23#
The total amount applied for was $114,836,000, of which $50,040,000 was
accepted#
The accepted bids ranged in price from 99#856, equivalent to a rate
of about 0*190 percent per annum, to 99o811, equivalent to a rate of about 0*249
percent per annum, on a bank discount basis#
The average price of Treasury bill
to be issued is 99*827 and the average rate is about 0*228 percent per annum on
a bank discount basis#
ooOoo
aaâ California*
liv«
»111 ha haaded hy Régional Rupe raison»*
idll aeet h ara tomorro» (Moaday) for & aaalc of istaaeira tralalas oaâor
M * # ParrotVe administrative ataff*
régional haadijuartar»» and %
Ifcay »111 thon ratura to thalr
Oatofear IB* fc$ 1®
**fi
enuma ratons at wocrlr*
A housa*»1»o^hous© oasvaao o f f5O|0OO fCmilia» la ou iatagm l
part o f tlsa w m&m*
®am* rotors ara raady to aturt rlngiar doorfcella la
Dotrolt aaxt aaakf a» tha local a«t-up la t&ts City ha» haen ccmplatad
la adraaoa la orâar to act a» a proriag-grouad for tha proposad
aad tâchâtes! datai 1 o f tha aurray*
Rugi«8*1 Saparti «ors w lll taka part
la tha flr a t sia*iars.tâag doae la Octroi t during thalr
swéc
o f tralalas
hare*
ïùom attend!»g the conférence tossorro» ara« Mr* Ferrott,
Bireetor of tha Surveys Br* Haary F* Vaughn* Detroit Ccwsdaaioaar of
Health | Br* B* R* Speaeer, of tha Rati osai Institut* of Health! Ml**
Mary 1* Sut tâter* xmproeentlng Mi*3 Bocheî dort; Tihfcitts* Fteld Mrectors
Prof* a . *• Hedrlch of loha» Hapfciae uairaraity* régional superviser
for tho Mlcjaigaa areas Chsi’la» Suffi <ald* Michigan State Bupeyfîser* *®Ml
former Hoglcmal Kuperviaor for tha Rhticsaal îMamployosat Caaausi
William M&ddaa, Datrolt City Superviser; B* R* Harper* personnel director;
R* H* Brittan, coâlag ami edlting cMaff Kenneth S. MeOill. Karl 8* R®13aaa
Kllaabeth Morrieoa aaâ Mlrl&a Bt#ap--»ragio*»®1 aupervi«or» for tha
romain! ng st&tes*
tÜÄtäf Ä
S
w m m serviee
Ä
Pebiic Health m m % . m
To*
City Bdltore
Detroit New«
Detroit free Preae
Detroit Times
B es
0 . ß * HKALTH S
Peleaee;
«
i
Sun day, Septsaber £9*
»
®
TO BK HK ä DQOARTKRS FOB
V • 8« HKAITH mJHTOt
G* St# Job» Perrott, PriBetpel Statietlelaa of the 0* S# Public
Health Service, arrived her# Saturday, with an admlaietrative etaff, to
astabilsh teroporury head^uartere et 318 Käst Jaffbreoa Avenue for the
0# S* Health Inveatory to etart her» Hoaday#
f^e survey will he uadertekea hy the T&ited State» Public Health
Service, ia Charge of Joeephia# Boehe, ä »b latent oeoretary ot the
Treasury, s»& surgecm öeaeral Kugh S* Guamimg#
A föderal projeet ander
the Worte» Proben» Adasial»trat loa, it 1» dealgaed to «ngege an average
persoaael ot 3t500# eith eaploywwat for 8,000 to 7,000 persoae at the
peak of the »urvey#
The jmrpoae of the projeet ia to study eeleoted
ereaa ia alneteen »tote» for the eollectloa of data leadlag to eaitrd
and preveß tloa of ehroalo diseases aad to deteroialag the effecte of
current illaesa aad crippliag haadieepe o b uueaployeeiit.
Oo-operetiag with Stato and City Health Departments, the survey will study aiaoteen »täte»:
läaesachusette, Hew York, (Mo, Pena-
aylvaaia, Hew Jersey, Maryland, Virginia, Georgia, Alabama, Louielniia,
Texaa, Michigan, Illlaoia, Minnesota, Missouri, Otah, Oregoa, Washington
•2»
and California*
Five areas will be beaded by Begional Supervisors, who
will meet here tomorrow (Monday) for a week of intensive training under
Mr, Parrott*s administrative staff#
They will then return to their
regional headquarters, and by October 15, it is hoped, will have the
enumerators at work#
A house-to-house canvass of 750,000 families is an integral
part of the survey#
Enumerators are ready to start ringing doorbells in
Detroit next week, as the local set-up in this city has been completed
in advance in order to act as a proving-ground for the proposed method
and technical detail of the survey#
Regional Supervisors will take part
in the first enumerating done in Detroit during their week of training
here#
Those attending the conference tomorrow are:
Perrott
Director of the Survey? Dr. Henry F. Vaughn, Detroit Commissioner of
Health? Dr. R. R. Spencer, of the National Institute of Health? Miss
Mary E. Switzer, representing M a s Roche; Clark Tibbitts, Field Director;
Prof# A. W. Hedrich of Johns Hopkins University, regional supervisor
for the Michigan area? Charles Duffield, Michigan State Supervisor, and
former Regional Supervisor for the National Unemployment Census;
William Madden, Detroit City Supervisor; D# R. Harper, personnel director;
R. H. Britten, coding and editing chief? Kenneth S. McGill, Earl S. Bellman,
Elizabeth Morrison and Miriam Steep— regional supervisors for the
remaining states# N
TREASURY DEPARTMENT
Public Health Service
To 5
City Editors
Detroit News
Detroit Free Press
Detroit Times
Re
U* S. HEALTH SURVEY
Release:
Press Service
Sunday, September 29.
/V
DETROIT TO BE HEADQUARTERS FOR U* S. HEALTH SURVEY
G. St. John Perrott, Principal Statistician of the U. S. Public
Health Service, arrived here Saturday, with an administrative staff, to
establish temporary headquarters at 318 East Jefferson Avenue for the
U. S* Health Inventory to start here Monday«
The survey will be undertaken by the Uhited States Public Health
Service, in charge of Josephine Roche, Assistant Secretary of the
Treasury, and Surgeon General Hugh S. Cumming.
A Federal project under
the Works Progress Administration, it is designed to engage an average
personnel of 3,500, with employment for 6,000 to 7,000 persons at the
peak of the survey*
The purpose of the project is to study selected
areas in nineteen states for the collection of data leading to control
and prevention of chronic diseases and to determining the effects of
current illness and crippling handicaps on unemployment«
Co-operating with State and City Health Departments, the sur«
vey will study nineteen states:
Massachusetts, New York, Ohio, Penn
sylvania, New Jersey, Maryland, Virginia, Georgia, Alabama, Louisiana,
Texas, Michigan, Illinois, Minnesota, Missouri, Utah, Oregon, Washington
The n i n e t e e n s t ates in w h i c h studies w i l l be
carried on,
officials,
in c o - o p e r a t i o n w i t h State and C i t y h e a l t h
are M a s s a c h u s e t t s ,
N e w Jersey, M a r y l a n d ,
Texas, M i c h i g a n ,
Virginia,
.
f a m ilies is. an integral part
Ohio, Penns y l v a n i a ,
Georgia, Alabama,
Illinois, M i n n e s o t a ,
W a s h i n g t o n and Cali f o r n i a
wil l
N e w York,
Missouri,
A house-to-house
of the
and
regional
s u p e r visors
in this w o r k d u r i n g a w e e k of tr a i n i n g there.
of their own t erritories,
to
to organize
in P e t r o l h.mdDLl--he
t ■y.*'v■
D —i—r e ct o r ^ R t t y
'""will r e m a i n
^etroit^headquarters
d i r e c t i o n and: of the
1h e y
start about O c t ober 15.
D'hose s
M.r'
Oregon,
canvass of 750,000 ±&
w i l l then retu r n to their regional h e a d q u arters,
canvasses
Utah,
survey. S i m s i a i E i s C a n v a s s e r s
start o p e r a t i o n s in D e t r o i t next week,
w i l l take p a r t
Louisiana,
tMfti11..l»Mnrtivlm m m m t
for
canvass and r e c eipt and. coding of returns.
ihe final fetep of t a b u l a t i o n of
returns w i l l be c o n d ucted in N e w
York.
S c h e d u l e d to attend the D e t r o i t
con f e r e n c e o p e ning Monday
1
S e l e c t i o n of Detroit, Mich.,
of the U n i t e d S t a t e s H e a l t h I n v e n t o r y during
for h e a d q u a r t e r s
the p e r i o d of
canvass and coding of re t u r n s wa s a n n o u n c e d t o d a y ^ b y M i s s
ShsxpxE^sxi^xxhiEkxxxiixxi&xyxxxEX
Josephine ^oche,
A s s i s t a n t S e c r e t a r y of the
t r e a s u r y in charge
of P u blic Heal'
The project,
i n v olving intensive
studies of
selected c o m m u n i t i e s in n i n e t e e n states, w i l l be f o r m a l l y launched
w i t h a m e e t i n g at D e t r o i t
supervisors,
on Monday,
S e p t e m b e r 30,
of
regional
in charge of the five g e o g r a p h i c a l areas^ in w h i c h
the n i n e t e e n states are grouped.
G. St.
John Perrott,
p r i n c i p a l s t a t i s t i c i a n of the
U n i t e d S t a t e s P u b l i c H e a l t h Service, w i l l
D e t r o i t S a t u r d a y w i t h an a d m i n i s t r a t i v e
h e a d q u a r t e r s at 318 H a s t
set up h e a d q u a r t e r s
at
staff, w i t h t e m p o r a r y
J e f f e r s o n Avenue.
The s u r v e y a
Progress ^ d m i n i s t r a t i o n ^ i s
federal p r o j e c t u n d e r t h e W o r k s
des i g n e d to engage an average personnel
3,500, w i t h empl o y m e n t for 6,000 to 7,000 persons at the peak.
N i n e t y per cent of these w i l l be taken f r o m reli e f rolls.
purpose
is to study the selected areas for the
l e a d i n g to control
d e t e r m i n i n g the
upon unemployment.
c o l l e c t i o n of dat a
and p r e v e n t i o n of chronic di s e a s e s and
effects of current illness and
The
to
cri p p l i n g h a n dicaps
g&m -
5T"V*
L
¡1 3
Miss
Josephine H 0 che, A s s i s t a n t S e c r e t a r y of the
press
T r e a s u r y in charge of Public Health, w i l l hold a ^ c o n f e r e n c e in her
office in the T r e a s u r y E n d i n g
Sept.
26
T h e p u r p o s e of the
at 5 o ’clock p. m. Thu r s day,
conf e r e n c e
for the U n i t e d S t a t e s H e a l t h Inventory,
of Sunday,
Sept.
i
is to discuss further p l ans
for use in n e w s papers
29.
I
TREASURY DEPARTMENT
Washington
MEMORANDUM FOR THE PRESS
September 25, 1935.
Miss Josephine Roche,. Assistant Secretary of the Treasury in charge
of Public Health, will hold a press conference in her office in the
Treasury Building at 3 o*clock p#m*, Thursday, September 26*
The purpose
of the conference is to discuss further plans for the United States Health
Inventory, for use in newspapers of Sunday, September 29th*
TREASURY DEPARTMENT
Washington
EOR RELEASE, AFTERNOON NEWSPAPERS,
Thursday» September 26» 1935#
9— 25-35#
Press Service
No. 5-90
Selection of Detroit, Michigan, for headquarters of the United States Health
Inventory during the period of canvass and coding of returns was announced today "by
Miss Josephine Roche, Assistant Secretary of the Treasury in charge of the Public
Health Service and by Surgeon General Hugh S. Cumming#
The project, involving intensive studies of selected communities in nineteen
states, will be formally launched with a meeting at Detroit on Monday, September 30,
Of regional supervisors, in charge of the five geographical areas in which, the nine
teen states are grouped#
G-# St. John Porrott, principal statistician of the United States Public Health
Service, will set up headquarters at Detroit Saturday with an administrative staff,
with temporary headquarters at 318 East Jefferson Avenue#
The survey is a Eederal project under the Works Progress Administration and is
designed to engage an average personnel of 3,500, with employment for 6,000 to
7,000 persons at the peak#
Ninety per cent of these will be taken from relief rolls#
The purpose is to study the selected areas for the collection of data leading to
control and prevention of chronic diseases and to determining the effects of current
Illness and crippling handicaps upon unemployment#
The nineteen states in which studios will bo carried on, in co-operation with
State and City health officials, a re Massachusetts, Now York, Ohio, Pennsylvania,New Jersey, Maryland, Virginia, Georgia, Alabama, Louisiana, Texas, Micnigan,
Illinois, Minnesota, Missouri, Utah, Oregon, Washington and California.
house canvass of 750,000 families is an integral part of the survey.
A house-to-
Canvassers
will start operations in Detroit next week, and regional supervisors will take part
— 3~
in this work during a week of training there*
They will then return to their
regional headquarters, to organize canvasses of their own territories, to start
about October 15»
Detroit will remain headquarters for direction of the canvass and receipt of
coding of returns*.
The final step of tabulation of returns will be conducted in
Hew York#
Scheduled to attend the Detroit conference opening Monday ■ ares
Mr«.Perrott, Director of the Survey; Dr. Henry F. Vaughn, Detroit Commissioner
of Health; Dr* R*R. Spencer, of the Rational Institute of Health; Miss Mary.E*
Switzer, representing Miss Roche; Clark Tibbitts, Field Director; Prof* A*W*
Hedrich of Johns Hopkins University, regional supervisor for the Michigan area;
Charles Duffield, Michigan State Supervisor, and former Regional Supervisor for the
Rational Unemployment Census; William Madden, Detroit City Supervisor; D*R* Harper,
personnel director; R.H* Britten, coding and editing chief; Kenneth S. McG-ill,
Earl S. Bellman, .'Elizabeth Morrison and Miriam Steep— -regional supervisors for the
remaining states#
00O 00
late
^■■SECTION
ptfocur^iffèi^Pi^i^lon
r
* * *
* * * * * * *
ri'liMG M D
„jjt^aR. * •
#
SCULPTURE^
.
_
^ ida¿l^b^«¥Ns^^P,
^íSffâ^Ë^S!B^^E,
l
'
Ijr“”^ s|cs|c5|e^cj|<^:^:ì|ej|e^!j|c^c
_ -. -5i^*»
*
s|c *
*
j,-
TREASURY RELipi^lffiT P R ^ R C T
By Executive Order of the-’Pre.aiCl.e'
nL dated July 24, 1935, the amount of
¡$530,784 was transferred frnm
n
nj.c »w —
. i under the Emergency Relief
Appropriation Act of 1935 to the Treasury Department, Procurement Division*
These
funds are to be used for the decoration of Federal buildings with paintings and
sculpture and, following the terms of the Emergency Relief Appropriation Act, ninety
fjffl
/relief rolls^ TrhtdT -him par nnr.t
per cent of the artists doing this work m i s t o e
Ijin^ ........ 1 i111 ■ - 1inTTm ..fir"" 1111 I>■I IitTT"
The Treasury Relief Art Project has for its purpose the relief of artists
capable of meeting tttO'Bft standards of painting and sculpture set up for Fédéral
buildings by the Section of Painting and Sculpture*
It h as divided 4%s~artists
i,nt,Q—two c1a s «ifioa tionsj
’Sfc.^^peryising artists capable of originating and
v ^executing murals and sculpture of a high standard,
j
jfcgsi stant artists capable of efficiently follow"#^ 1ing the guidance of lh&i£j»±iwt supervisors*
The artists receive the professional skilled wages set up by the Works
^
Progress Administration*
Artists to carry out easel paintings, m urals_ and .sejjulbtur-e-for Feder&l
buildings'^T&vajoeen appointed, or contacted, in Alabama, California, C o n n e c t ^ ^ t ^ “
Flor^rda, Illinois, KenEt^sJQ^Massachusetts, Maryland, Minnesota, New Me:
York, Ohio, Pennsylvania, V e m & w t ^ ^ s h i n g t o n
/
Forty-five artists have been definj^e^Cappointed and started work under
thè Treasury Reliefs
Project anii^cne preliminaries necessary^grore making ap-
on in the cases of 114 other*..artists*
IPIpll
/
work's
eiLthe
Sectioir
consists
of
murals
and
sculpture
de
While i&G main
phintment# are being acte
s'bgnec
easel pictures
OHIO- P o s t o f f i c e s at C a n t o n and at E S t a t i o n and
W e s t Par k Station,
B
Cleveland.
H
V E R M O N T - R u t l a n d P o s t office.
WASHINGTON-
B
S e a t t l e M a r i n e Hos p i t a l .
W I S C O N S I N - S ^ e y b o g a n P o s t o ffice.
In a d d i t i o n to the
sjcs^isxsxsxkskHgxiaksH
f o r e g o i n g list EMfcXKixxfesxæxfcSKiï
a r t ists have "been engaged or contacted for ease
p a i n t i n g s in a n u mber of localities,
p a i n t i n g s are in the planning
and ? Œ 3EgigK:fcxxsxsximx?± m u r a l
stage in a number
of other states.
F o r t y - f i v e artists have been d e f i n i t e l y a p p o i n t e d and have
started
and p r e l i m i n a r i e s are "being acted u p o n in the cases of 114 other
artists.
artists.
The pr o j e c t e v e n t u a l l y w i l l employ between 450 and
500
.y
or,
I
P*
Æ,t
y
WÆ
Br
. W**._A
/ #
4
Cw
■
' \.f.*/ a,.A
n
»
Frid a y
y
a
'
7Î
Â
)
?!
{
jtshr
public
S e l e c t i o n of t h i r t y - s e v e n «Kiaaeal b u i l d i n g s
fourteen states
and the D i s t r i c t
of Columbia,
w i l l receive mural p a i n t i n g s u n d e r the
in
®x which xxtlxtx
T r e a s u r y d e p a r t m e n t £x£
R e l i e f A rt Project, w as a n n o u n c e d today by Olin Dov;s, in
charge of the project.
A r t i s t s a l r e a d y are w o r k i n g u p o n
murals
in
¿[_0 g;i_gn.s for
inxixxx£sHX3s£h.szKxs£s[ttS$
the
b u i l d i n g s listed
tas±E by states as follows:
CALIFORNIA-
P o s t o f f i c e s at B e v e r l y Hills,
Claremont,
Compton, H u n t i n g t o n Park, S a n £ ernando and Centura.
C O N N E C T I C U T - P o s t o f f i c e s at G r e e n w i c h and Seymour;
Nev*7 L o n d o n Coast Guard Academ§r0
D I S T R I C T OF C O L U M B I A - H o w a r d Univ e r s i t y .
ILLINOIS- P o s t o f f i c e s at C h icago and Eas t Alton;
Chicago ^ a r i n e Hospital.
I N D I A N A - I n d i a n a p o l i s Postoffice.
K E N T U C K Y - Lou i s v i l l e Postoffice;
Louisville
M a rine Hospital.
M A S S A C H U S E T T S - P o s t o f f i c e s at Canton,
N antucket,
Chicopee,
P r o v i n e e t o w n and S p r i ngfield.
1
M I N N E S O T A - H o p k i n s Postoffice.
N E W JERSEY- Cr a n f o r d P o s t office.
N SW Y O R K .
P o s t o f f i c e s at H u d s o n Falls,
Mt. K i s c o and Port Wash i n g t o n ;
Stapleton.
Marine
Johnson City
H o s p i t a l s at B u f f a l o and
J
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Friday, September 27, 1935»_______ _
9-25— 35*
Press Service
No* 5-91
Selection of thirty— seven public buildings in fourteen states and the District
of Columbia, which will receive mural paintings under the Treasury Department
Relief Art Project, was announced today by Olin Dows, in charge of the project*
Artists already are working upon designs for murals in the buildings listed by
states as follows:
CALIFORNIA —
Post Offices at Beverly Hills, Claremont, Compton, Huntington
Park, San Fernando and Ventura*
CONNECTICUT —
Post Offices at Greenwich and,Seymour; New London Coast Guard
Academy*
DISTRICT OF COLUMBIA —
ILLINOIS —
INDIANA —
Howard University*
Post Offices at Chicago and East Alton; Chicago Marine Hospital*
Indianapolis Post Office*
EENTUCKY —
Louisville Post Office; Louisville Marine Hospital*
MASSACHUSETTS —
Post Offices at Canton, Chicopee, Nantucket, Provincetown
and Springfield*
MINNESOTA —
Hopkins Post Office*
NEW JERSEY —
NEW YORK —
Cranford Post Office.
Post Offices at Hudson Falls, Johnson City, Mt. Kisco and Port
Washington; Marine Hospitals at Buffalo and Stapleton.
OHIO —
Post Offices at Canton.and at E Station and West Park Station, Cleveland
VERMONT —
Rutland Post Office*
WASHINGTON —
WISCONSIN —
Seattle Marine Hospital*
Sheybogan Post Office*
In addition to the foregoing list, artists have been engaged or contacted for
easel paintings in a number of localities, and mural paintings are in the planning
stage in a number of other states,
Forty-five artists have been definitely
appointed and have started work and preliminaries are being acted upon in the
cases of 114 other artists.
The project eventually will employ between 450 and 500
artists*
By Executive Order dated July 24, 1935, the amount of $530*784 was transferred
under the Emergency Relief Appropriation Act of 1935 to the Treasury Department,
Procurement Division.
These funds are to be used for the decoration of Federal
buildings with paintings and sculpture and, following the terms of the Emergency
Relief Appropriation Act, ninety per cent of the artists doing this work must be
taken from relief rolls*
The Treasury Relief Art Project has for its purpose the relief of artists
capable of meeting standards of painting and sculpture set up for Federal buildings
by the Section of Painting and Sculpture.
It has divided its artists into two
classifications; — supervising artists capable of originating and executing murals
and sculpture of a high standard, and.assistant artists capable of efficiently
following the (.guidance of supervisors.
The artists receive the professional skilled wages set up by the Works
Progress Administration*
ooOoo
PAINTING AND SCULPTURE
September 21, 1935.
MEMORANDUM TO:
FROM :
SUBJECT:
Mr. Edwin B. Fuss el,
Treasury Department*
Forbes Watson
Re : Section of Painting
& Sculpture Exhibition*
I herewith submit a release about the
forthcoming exhibition to be held by the Section
of Painting and Sculpture.
Forbes Watson,
Section of Painting & Sculpture
2
On October 16, 1934, the Section of Painting and Sculpture was
organized in the Procurement Division of the Treasury Department,
Its pur
pose is to secure suitable painting and sculpture of the best quality for the
embellishment of public buildings and also to stimulate the development of art
in this country.
The purpose of the proposed exhibition is to give the public and
the artists an opportunity to see exactly what the Treasury Department’s Section
of Painting and Sculpture has accomplished during the first year of its activi
ties,
Since a number of artists will be unable to dispense with their studies
at this time, it will be impossible to show everything that the artists have
done under the Section of Painting and Sculpture but, judging from the re
sponses already received from the artists, a comprehensive idea of what has
been done will be gained from the exhibition.
These studies and scale models are of murals and sculptures which
will be installed in buildings all over the country.
them are now at work carrying them out in full scale.
The artists who made
Some of the murals and
sculptures in their final dimensions are more than half completed and, during
the course of the coming year, will be installed in the places for which they
were designed.
(x
sub s t i t u t e for fourth p a r a g r a p h
The exhibit of May,
1954,
in the Public W o r k s X X of A r t ¡Project,
Depa r t m e n t
d i s p l a y e d the w o r k of artists
set up in the T r e a s ury
u n d e r the l e a d e r s h i p of E d w a r d Bruce,
m s r k s d m a r k i n g an e x p e r i m e n t i n the encou r a g e m e n t
in an y country,
resulted
This project,
of art u n t r i e d
in 15,6 6 3 c o m p leted w o r k s of art b e i n g
execu t e d in a great v a r i e t y of m e d i a by 3,500 a r t i s t s wo r k i n g
e v e r y p a r t of the U n i t e d States*
11,
1933,
T h e project,
came to a close A p r i l 28, 1934.
in
beginning December
Ijmirediai^jaalÆ i&se.
TREASURY DEPARTMENT
1—
^
7!
i~
c^»
\ f
'
I
SE/TIfN OF^AIJTIN/ |ND jdlfcpTlME
Procurement Divisj^ojar
\Jr
ic.^f?s^s_Branch
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
TREASURY DEPARTMENT, SECTION OF PAINTING AND SCULPTURE
TO HOLD NATIONAL EXHIBITION
Plans were announced today by the Treasury Department, Section of
Painting and Sculpture, for an exhibition of mural studies and sculpture models
done by artists in all parts of the United States to be held in the Corcoran
Museum of Art, Washington, D* C*, through the courtesy of the Museum*s Trustees
beginning Tuesday, October 29th*
After the mural studies and the scale models have been assembled at
the Corcoran Gallery, the Section of Painting and Sculpture*s advisory commit
tees will meet October 17, 18 and 19 to decide upon the winners of the national
competition for the Post Office and Justice Department buildings in Washington*
These works, together with examples of the work done for other competitions,
will then be arranged as an exhibition which will open to the >?*ress on October
28th, preceding the public opening on the following day*
Not since the national exhibition which the Treasury Department’s
Public Works of Art Project held in the same Gallery April to May, 1934, has
the public been offered so comprehensive an opportunity to study the results
of the Government’s cooperation with the artists of America*
will be remembered that when Edward Bruce set up the Public- WOhke
of Art Project in the -Treasury Department, the Government-^rtiirted on an entire**
ly/new experiment in the encouragement of art, an experiment new not only in
this country, but untried in any other country.
15,663 completed works
As a result of that experiment
art Were executed in a great
3,500 artists-Working in every part of the United States.
4>f media by
The Public Works
1
TREASURY DEPARTMENT
Washington
FOR HELhA.SE, MURIT BIG NEWSPAPERS,
^ Sunday, September 29. 1935._____
9-26-35.
Press Service
No. 5-92
TREASURY DEPARTMENT, SECTION UP PAINTING AND SCULPTURE
___________
TO HOLD NATIONAL EXHIBITION______________
Plans were announced today by the Treasury Department, Section of Painting and
Sculpture, for an exhibition of mural studies and sculpture models done by artists
in all parts of the United States to be held in the Corcoran Museum ox Art,
Washington, D.C., through the courtesy of the Museum’s Trustees, beginning Tuesday,
October 29th.
After the mural studies and the scale models have been assembled at the Corcoran
Gallery, the Section of Painting and Sculpture’s advisory committees will meet
October 17, 18 and 19 to decide upon the winners of the national competition for
the Post Office and Justice Department buildings in Washington.
These works,
together with examples of the work done for other competitions, will then be
arranged as an exhibition which will open to the press on October 23th, preceding
the public opening on the following day.
Not since the national exhibition which the Treasury Department’s Public
Works of Art Project held in the same Gallery April to May, 1934, has the public
been offered so comprehensive an opportunity to study the results of the Govern
m ent’s cooperation with the artists of America.
The exhibit of May, 1934, displayed the work of artists in the Public Works
#
of Art Project, sot up in the Treasury Department under the leadership of Edward
Bruce.
This project, marking an experiment in the encouragement of art nntried
in any country, resulted in 15,663 completed ?/orks of art being executed in. a
great variety of media by 3,500 artists working in every part of the United States.
The project, beginning December 11, 1933, came to a close April 28, 1934.
~2~
On October 16, 1934, the Section of Painting and Sculpture was organized in
the Procurement Division of the Treasury Department*
Its purpose is to secure
suitable painting and sculpture of the best quality for the embellishment of
public buildings and also to stimulate the development of art in this country»
The purpose of the proposed exhibition is to give the public and the artists
an opportunity to see exactly what the Treasury Department^ Section of Painting
and Sculpture lias accomplished during the first year of its activities»
Since a
number of artists will bo unable to dispense with their studies at this time, it
will be impossible to show everything that the artists have done under the Section
of Painting and Sculpture but, judging from the responses already received from the
artists, a comprehensive idea of what has been -done will bo gained from the
exhibition»
These studies and scale models arc of murals and sculptures which will be
installed in buildings all over the country*
at work carrying them out in full scale*
The artists who made them are now
Some of the. murals and sculptures in their
final dimensions are more than half completed and, during the course of the coming
year, will be installed in the places for which they were designed*
OOOOQ
>4«»
nineteen siâfcee selected for this study
the survey progresses,
^Similar arrangements will be made with city and county authorities^ O u X ),
"t'ffii
i
ka.e* tint these nation-wide force»
engaged in safe-guarding the public health will go forward united in this
new attack on human suffering— an integral part of the President*s con
structive program to meet the needs of human welfare*
0
-3~
U4
Mg the extent to
particular!^ interest!
idiich sueh ailments as heart diseases, rheumatism, diabetes, cancer
and digestive disturbances prevail— and the effect of such illness on
unemployment.
TTh ■ linn ni rii lr\f-r-rJ'*—
canmunicable diseases, physical
disabilities such as blindness, deafness, loss of limbs and other crippling
We want",",te know w h a t me diesi fan ilit Idi- h
handicaps.
labi e
uuMÉejpf' ttocB perse»» 1Brftfcwfr'ed. The more we know about sickness,
the more chance there is of preventing and curing it, and since informa
tion regarding the extent and severity of chronic diseases and handicaps
is so meager,
the collection of éBroiMèie matsrial in
this survey.
jry will
/
be made of the medical and nursing facilities available thi'uugUuut the
inumli 1 j 1 ~ Records of sick benefit associations and hospitals will be
studied for data on disabling illness among indistrial employes and to
determine the geographical distribution of chronic diseases*
A third phase of the National Health Inventory will be the
correlation of data gathered on illnesses of seven days or more during
the last twelve months, with data previously obtained by the Public
Health Service in an extensive examination of the effect of chronic and
other ailments on the capacity of the family to remain self-supporting.
|
ae-*h|TJnformation sought is not available in any of the
regularly collected records of national, state or local health departmentsy
is natural^that the United States Public Health Servic^receiv^ the
# $
utmost co-operation from the health authorities of every one of the
b
■8m
of a representative section of the population in the following states:
Massachusetts, New York, Ohio, New Jersey, Pennsylvania, Maryland
Virginia, Georgia, Alabama, Louisiana, Texas, Missouri, Illinois, Michigan,
Minnesota, Oregon, Washington, Utah and California*
As a Federal project, under the Woiks Progress Administration
the National Health Inventory will engage an average personnel of 3,500,
with a peak employment of 5,000 to 6,000 persons*
The purpose of the
survey is to gather information not now available to Federal and State
health authorities, and which, it is hoped, will form the basis for
specific recommendations for the control and prevention of chronic
diseases*
A house-to-house canvass of 750,000 faudites— selected as re
presentative of the general populaticm— will be the first step in the
collection of data in the Inventory*
On or about Ocotber 15, enumerators
will begin their calls in 95 cities and towns*
The fullest co-operation
of the public is vital to the success of the Health Inventory*
All answers given to the enumerators will be regarded as
strictly confidential*
No facts learned in the homes will be repeated
to any other family; and when the records are complete, all information
that no preson could possibly be
identified,
1■
Press Service
treasury d e p a r m e k p
Public Health. Service
7
NATIONAL HEALTH INVENTORY
By Josephine Roche
C
Assistant Secretary of the Treasury
in Charge of the Public Health Service
Plans for a proposed National Health Inventory, to include
nineteen states, have been completed by the United States Public Health
in Detroit with the regional supervisors*
This survey of
national health is an important part of our concerted program for the
conservation of a great national resource*— »the public health*
Of
wider scope than surveys hitherto made, such a study will provide us
with many facts and figures not now available, on current illness,
chronic diseases, physical impairments«— and their economic results*
As a financial investment, nothing gives a quicker return, nor
one more out of proportion to the amount of money laid out, than a wise
expenditure for public health*
Earlier and more restricted surveys than
the one now on foot, have indicated a tremendous economic waste due to
sickness throughout the country*
Experts tell us that the annual sick
ness cost in families with #2,500 a year income or less, is approximately
#2,400,000,000— of which a staggering sum, #900,000,000 represents wage
loss, and #1,500,000,000 goes for medical care*
Much of this waste is
avoidable, but to avoid it, we must know the causes*
Bierefore, the
United States Public Health Service, co-operating with state and city
health departments, decided to invest #3,400,000 in a Health inventory
TREASURY DEPARTMENT.
Washington
FOR RELEASE,. BURNING NEWSPAPERS, Sunday, September 29, 1935*
9-26-35.
Press Service
No* 5-93
NATIONAL HEALTH INVENTORY
By Josephine Roche
Assistant Secretary of the Treasury
in Charge of the Public Health Service
Plans for a proposed National Health Inventory
to include nineteen states,
have been completed by the United States Public Health Service, and will be put into
operation Monday with a meeting of the administrative staff in Detroit with the
regional supervisors*
This survey of national health is an important part of our
concerted program for the conservation of a great national resource — - the public
health.
Of wider scope than surveys hitherto made, such a study will provide us
with many facts and figures not now available, on current illness, chronic diseases,
physical impairments— *and their economic results*
As a financial investment, nothing gives a quicker return, nor one more out
of proportion to the amount of money laid out, than a wise expenditure for public
health*
Earlier and more restricted surveys than the one now on foot, have
indicated a tremendous economic waste due to sickness throughout the country.
Experts tell us that the annual sickness cost in families with $2,500 a year income
or less, is approximately $2,400,000,000— *>of which a staggering sum, $900,000,000
represents wage loss, and $1,500,000,000 goes for medical care*
is avoidable, but to avoid it, we must know the causes*
Much of this waste
Therefore, the United
States Public Health Service, co-operating with state and city health departments,
decided to invest $3,400,000- in a Health Inventory of a representative section of
the population in the following states;
Massachusetts, New York, Ohio, New Jersey,
Pennsylvania, Maryland, Virginia, Georgia, Alabama, Louisiana, Texas, Missoni*
Illinois, Michigan, Minnesota, Oregon, Washington, Utah and California*
As a Federal project, under the Works Progress Administration, the national
Health Inventory will engage an average personnel of 3,500, with a peak employment
of 5,000 to 6,000 persons* ■ The purpose of the survey is to gather information not
now available to Federal and State health authorities, and which, it is hoped, will
form the basis for specific recommendations for the control and prevention of
chronic diseases*
A house— to—house canvass of 750,000 families— selected as representative of
the general population— will be the first step in the collection of data in the
Inventory*
On or about October 15, enumerators will begin their calls in 95 cities
and towns*
The fullest co-operation of the public is vital to the success oi the
Health Inventory*
All answers given to the enumerators will be regarded as strictly confidential*
Ho facts learned in the homes will be repeated to any other family; and when the
records are complete, all informatipn will bo summarized in such a way that no
person could possibly be identified*
Of particular interest is the extent to which such ailments as heart diseases,
rheumatism, diabetes, cancer and digestive disturbances prevail——and the effect of
such illness on unemployment.
Information is also desired on communicable diseases,
physical disabilities such as blindness, deafness,, loss of limbs and other crippling
handicaps*
The more we know about sickness, the more chance there is of preventing
and curing it, and since information regarding the extent and severity of chronic
diseases and handicaps is so meager, the collection of material in this survey will
be invaluable*
In addition to the house— to—house canvass, an inventory will be made of the
medical and nursing facilities available in the surveyed areas.
Records of sick
benefit associations and hospitals will be studied for data on disabling illness
among industrial employes and to determine the geograpnical distrioution of chronic
diseases*
A third phase of the National Health Inventory will he the correlation of data
gathered on illnesses of seven days or more during the last twelve months, with
data previously obtained by the Public Health Service in an extensive examination
of the effect of chronic and other ailments on the capacity of the family to remain
self-supporting«
Information sought is not available In any of the regularly collected records
of national state or local health departments*
It is natural, therefore, that the
United States Public Health Service should be receiving, as it is, the utmost
co-operation from the health authorities of every one of tho nineteen states
selected for this study*
Similar arrangements will be made with city and county
authorities, and, as the survey progresses, these nation-wide forces engaged in
safe-guarding the public health will go forward united in this new attack on
human suffering— an integral part of the President^ constructive program to meet
the needs of human welfare*
00O 00
TREASURY DEPARTMENT
Washington
MEMORANDUM EQR THE PRESS
September 30, 1935*..
RECEIPTS OE SILVER BY THE MINTS AND ASSAY PEEICES:
(Under Executive Proclamation of December 21, 1933) as amended
Week ended September 27, 1935;
Philadelphia.................. ....................
San F r a n c i s c o ........... .......... ¿.............
Denver................................
Total for week ended September 27, 1935.............
Total receipts through September 27, 1935...........
600,057.19 fine ounces
894^189*36 11
n
11,378.00 n
n
1,505,624.55 u
"
48,158,000.00 n
11
SILVER TRANSFERRED TO UNITED STATES;
(Under Executive Proclamation of August 9, 1934)
Week ended September 20, 1935;
Philadelphia............................ .
New York
.... ....... .
.
San F r a n c i s c o ........... ................. .
Denver .....................................
New Orleans.......................... .......
Seattle................ .............. .......
Total for weelp ended September 27, T935......
Total receipts through September 27, 1935«....
fine
it
ii
rim
«
«
it
n
it
h
it
»
ii
U
it
h
RECEIPTS OF GOLD BY THE MINTS AND ASSAY OFFICES:
Week ended September 27, 1935;
Imports
Philadelphia ........... ....... ..$
9,893.73
New Y o r k . .... ... .......... 76,067,000.00
250,019.94
San Francisco........ ............
Denver...........................
32,737.00
New Orleans.............
2,127.08
Seattle*.................. .
~ ~
~
Total for week ended September 27..$76,361,777.75
New
Secondary
Domestic
$195,760.54 $
1,262.00
55,600*00
252,800.00
39,774.71
1,292,367.52
71,392.00
609,105.00
28,285.89
427,20
16,095.20
530.367.99
$604,108.34 $2,489,129.71
RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER *S OFFICE;
(Under Secretary’s Order of December 28, 1933)
Received by Federal Reserve Ranks:
Gold Coin
Week ended September 25......... $
10,872.26
Received previously..... .......
30.778,214.99
Total to September 25...........'^30^789,087.25
Received by Treasurer’s Office;
Week ended September 25......... $
Received previously........... .>
Total to September 25........... $
NOTE;
300.00
265,156.00
265,456.00
Gold bars deposited with the New Yo,rk, Assay Office
in the amount of $200,572.'-69 previously reported.
G-old Certificates
$
359,210.00
97,335,920.00
$97,695,130.00
$
4,800.00
2,232,600.00
$ 2,237*490.00
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Tuesday, October 1» 1935»____
9/30/35
Press Service
S ' W
Acting Secretary of the Treasury Coolidge announced
today that approximately $397,000,000 of Fourth-called
Fourth Liberty Loan bonds, called for redemption on October
15, 1935, have been exchanged for 2-3/4 percent Treasury
Bonds of 1945-47*
With approximately $429,000,000 of the called bonds
exchanged for Treasury Notes of Series C-1939, on which
the subscription books closed September 14, total exchanges
to date aggregate $826,000,000*
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday» October 1» 1935e_______
9-30-35.
Press Service
No. 5— 94
Acting Secretary of the Treasury Coolidge announced today that approximately
$397,000,000 of Fourth-called Fourth Liberty Loan bonds, called for redemption on.
October 15, 1935, have been exchanged for 2-3/4 percent Treasury Bonds of 1945—47,
With approximately $429,000,000 of the called bonds exchanged for Treasury
Notes of Series C— 1939, on which the subscription books closed September 14, total
exchanges to date aggregate $826,000,000.
ooOoo
TRMSTJHT M
O
T
T
WASHINGTON
Press Si
FOR RELEASE, MORNING NEWSPAPERS
Tuesday, October 1, 1935,______
9/ 50/55
Acting Secretary of the Treasury Coolidge announced last evening that the
tenders for two series of Treasury hills, to he dated October 2, 1955, which
were offered on September 2?, Were opened at the Federal Reserve hanks on
September 50, 1955,
Tenders were invited for the two series to the aggregate amount of
#100,000,000, or thereabouts, and $2*70,112,000 was applied for, of which
$100,110,000 was accepted.
The details of the two series are as follows:
166-DAY TREASURY BILLS, MATURING MARCH 16, 1956
For this series, which was fhr $50,000,000, or thereabouts, the total
amount applied for was $108,794,000, of which $50,107,000 was accepted.
Ifce
accepted bids ranged in price from 99,991, equivalent to a rate of about 0,020
percent per annum, to 99.901, equivai «it to a rate of about 0.215 percent per
annum, on a bank discount basis.
The average price of Treasury bills of this
series to be issued is 99.912 and the average rate is about 0.191 percent per
annum on a bank discount basis
275-DAY f
M U m m BILLS, MOTORING JOLT 1, 1956
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was #161,518,000, of which $50,005,000 was accepted.
The
accepted bids ranged in price from 99.840, equivalent to a rate of about 0.211
percent per annum, to 99.797, equivalent to a rate of about 0.268 percent per
annum, on a bank discount basis.
price was accepted.
Only part of the amount bid for at the latter
The average price of Treasury bills of this series to be
issued is 99.808 and the average rate Is about 0.253 percent per annum on a
h*nk- discount basis.
TREASURY DEPARTMENT
Washington
RELEASE, MORNING NEWSPAPERS,
Tuesday, October 1 . 1935.
9-30-35.
Press Service
No. 5-95
Acting Secretary of the Treasury Coolidge announced last evening that the
tenders for two series of Treasury tills, to te dated Octoter 2, 1935, which were
offered on September 27, were opened at the Federal Reserve banks on September 30,
1935.
Tenders were invited for the two series to the aggregate,amount of $100,000,000,
or thereabouts, and $270,112,000 was applied for, of which $100,110,000 was accepted.
The details of the two series are as follows:
166-DAY TREASURY BILLS, MATURING MARCE 16, 1936
l’Or this series, which was for $50,000,000, or thereabouts, the total amount
applied for was $108,794,000, of which $50,107,000 was accepted.
•<<**»S
ranged m
The accepted bids
price from 99.991, equivalent to a rate of about 0.020 percent per annum,
to 99.901, equivalent to a rate of about 0.215 percent per annum, on a bank discount
basis.
The average price of Treasury bills of this series to be issued is .99*912
and the average rate is about 0.191 percent per annum on a bank discount basis.
573-DAY TREASURY BILLS, MATURING JULY 1. 1936
For this series, which was for $50,000,000, or thereabouts, the total amount
applied for was ¿¡>161,318,000, of which $50,003,000 was accepted.
ranged m
^
The accepted bids
price from 99.840, equivalent to a rate of about 0.211 percent per annum,
9^.797, equivalent to a rate of about 0.268 percent per annum, on a bank discount
basis.
Only part of the amount bid for at the latter price was accepted.
The
average price of Treasury bills of this series to be issued is 99.808 and the
1<r average rate is about 0.263 percent per annum on a bank discount basis.
ooOoo
1X0448
íf. %
ì
0
Úwna%*r*mt\lmM H m lo tto # fa r » ïkmmm*
wmymmt i l %m%®mX # f o tamtfffcp ê f f»®üt npo» tfc* #*|#rtoW o« ©f }pM N£
# ÿ « WmmÀ&k ûm\&*9é
%m Sorti#** W% mt tfc* f o r i f f l o t t f 1t$0*
io llo o t o r * o f
iaotrm otoii to m qftttft H om i& H io» « f o a m o * o f
t» ü l« r Ingwvtod â ir t o H r
trm É M I o ft« ? iM r iy â«ar*
o ffto r
o f tM *
tm
wo«fcìf ?ro*« iii,3f Boototono
g M iiO f émtmmtim %mrmf%m # f m a i o f t e l i o r gon gt p i l i o r
fco»to*oä a o i l à i ro l# o r &mm% o f e o tta io rra tliiftg <to^r $0 ì*® e o ü o o H â .
Boi*o»il o f ® *H *et«¿ cn v u rto rfo ttia e t a t i# * o l Hi# tin # o f « n iif ro ^ o iro á.
ffliifiî s&Axnc&$¥»
c e n t i $t imi
fp
f t t K t i f W i i f* i t
ti
er » ? »
'%%*
á # errici
Bmrrnm io I» fofotyt of officimi iofomotlen «l;leîi ««tabiiehes
Ih» i t o m H » fo rilo » t i n i & lw » ^ r o r | N * i | H t k i* ià«r aooniAg of; tk e
Of fooiio» BÒ§ of tfeo tariff
M$
of ÌtS0# io M & g fai! or
■ feotioooà tu ' ta tto » og^pnHM fron» B o n ita #
mmm%
pemm%
m
m
Tm
o f tao tarnte p è i or taotaota 0 $ tao
tino
n O i *&#r«l*sn41*« i« «fS&M &tè I# I f S g o tta
0*S fi# ®or ì£tta$r
o f ta ilo r *
%»m%
from StanmriK* « ¡ f i l m iigoottg or inêi?#o$tf§ «ftor tatst?
i Ä I ofttâf tao taHiomttó» #f tait doeiorottom in ta» w#*É&e fro#s«*ty
Soot«!#»»* #111 %# tafcjoot to tao pornoot of on» 1ormili«« tai io* ofool
to I m tañoijr or groat p^lê or lootowoi mpo» tu# «»porta Ho» taoroof» to
to âotomiisoé or «oHaoita roi êooloroé Moromfior*
tin talo * o f im ita r I n e r i t a fr o * Soo^yrlr p ft# ? ta ir t# ta jr t a it a r
p it tin o t i# » $ f ta i# âooifttm tiom la ta » o o o id r ifo o o n n ? À o isio m » « M U
io «u#fs#»á®á pÄti/is^ a»Ha»»lto& or lot rnrntm.Iion «aft ánOlafatlMi of tao
oosan t o f Hi# tom àia o r g ra n i p aid o r to n to n o t a n i ta o rot# o r
o f tuo
M ?ir to W ooliooim i« à étp##li- o f too
eooiit
iii^ émtr
&*%oé io ^ooorio.moo w ità io#
fot# oOfll 'Ho to^iroi üf Ife# tin« of oo%3^r* fm# fmoti #f
S»port#»
H im tO t-li fet r ^ o r to i.
to
o f tmotmm#*
mmm%
i%t-mi%
Wm Bmmm.
\
- I& sl) limns H. Moyle
«<5£/*íit ? / W S 6
* " ■ • * S E P 2 8 1935
(Signed) L J, Coolidgfl
H a t t u ; ¡ I WM trtuMfy«
t o t a ls * to&or o f C orf orno
IMMEDIATE RELEASE
Tk
Decision
issued, h y
with
approval
the
the
Treasury:
Following
is
the
J e m e s H. M o y l e ,
of
T.
text
of a t r e a s u r y
Commissioner
1. G o o l i d g e , A c t i n g
of
Customs
Secretary
of
TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE
Wednesday, October 2, 1935.
Press Service
No. 5 — 96
Poliowing is the text of a Treasury Decision issued hy James H. Moyle, Comrmissioner of Customs, with the approval of Tp J. Coolidge, Acting Secretary of the
Treasury;
“TO COLLECTORS OP CUSTOMS AND OTHERS CONCERNED;
“The Bureau is in receipt of official information which establishes to its
satisfaction that a Bounty or grant,/ within the meaning of the provisions of Sec
tion 303 of the Tariff Act of 1930, is "being paid or bestowed on butter exported
from Denmark.
11The amount of the bounty paid or bestowed at the present time on such
merchandize is estimated to be Danish Krone 0.3986 per kilogram of butter.
“Butter from Denmark, imported directly or indirectly, after thirty days
after the publication of this declaration in the weekly Treasury Decisions, will b
subject to the payment of countervailing duties equal to the bounty or grant paid
or bestowed upon the exportation thereof,, to be determined or estimated and de
clared thereafter*
“Entries of butter imported from Denmark after thirty days after publica
tion of this declaration in the weekly Treasury Decisions shall be suspended pend
ing estimation or determination and declaration of the amount of the bounty or
grant paid or bestowed and the rate or amount of the countervailing duty to be
collected. A deposit of the estimated countervailing duty calculated in accord
ance with the above-mentioned rate shall be required at the time of entry. The
facts of each importation shall be reported promptly to the Bureau of Customs.“
oOo—
0
TREASURY DEPARTI PJUT
Wa$hinhtun
memorandum for the p r
-1SS
October 7, 1935.
RECEIPTS OF SILVER BY THE MINTS AMD ASSAY OFFICES,:
(Under Executive Proclamation of December 21, 1933) as.amended
Week ended October 4, 1935:
Philadelphia .......................................... 160,894.24 fine ounces
San F r a n c i s c o .........
313,426.96
1
14,119.00
D e n v e r ........
Total for week ended October 4, 1935 .................... 488,440.20
Total receipts through October 4, 1935 ......... .*...48,646,000.00
SILVER TRANSFERRED TO UNITED STATES:
(Under Executive Proclamation of August 9, 1934)
•iS»
Week ended October 4, 1935:
fine ounce:
Philadelphia
...... . ............... ......... .
...
New York ..............................
308.00
San Francisco .......... ................... ..........
——
597.00
Denver ................................................
Hew Orleans .......................
446.00
Seattle
........ ....... ..... •.................... .
146.00
Total for week ended October 4, 1935 .............
1,497.00
113,000,486.00
Total receipts through October 4, 1935............
RECEIPTS OF GOLD BY THE MINTS ADD ASSAY OFFICES:
m
Week ended October 4, 1935:
Imports
Philadelphia..............
$
3,789.10
103,032,600.00
New York ................
San F r a n c i s c o .... .......
356,910.82
Denver ...... ...........
16,981.00
New Orleans ..............
549.89
Seattle
.................
~ — — —
Total for week ended October4 $103,410,830.81
Secondary
New Domestic
$204,563.34 $
288.37
305,100.00
----50,597.71 1,379,624,79
22,935.00
510,876.00
54,124.24
169.89
15,973,42
530,605.24
$653,293.71 $2,421,564.29
GOLD RECEIVED BY FEDERAL RESERVE BANKS AND THE TREASURER1S OFFICE:
(Under Secretary's Order of December 28, 1933)
Received by Federal Reserve Bank
Gold Coin
Week ended October 2 ......... f$
22,638.78
Received previously .........
30,789,087,25
Total to October 2 ........
$30,811,726.03
V»
Received by Treasurer's Office:
Week ended October 2 ......
$
Received previously .......
Total to October 2 ..... .
$
000. 00
265,456. 00
265,456.00
Note: Gold bars deposited with the New York Assay Office
in the amount of $200,572.69 previously reported.
Gold Certificate:
$
281 ,060. 00
97,695 ,130. 00
$97,976 ,190. "oo
$
4 ,700. 00
2, 237 ,400. 00
$ 2,242 ,100. 00
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
DOBING THE MONTH OF SEPTEMBER
1935
____________________
Receivership:
Fort Collins National Bank, Fort Collins, Colo*
First National Bank, Ballston Spa, N* Y* 1/
Craig National Bank, Craig, Colorado
First National Bank, Ryder, North Dakota
Provident National Bank, Waco, Texas 1/
Citizens National Bank, Streeter, North Dakota
First National Bank, Plaza, North Dakota
Citizens National Bank, Wessington, S* D*
First National Bank, Mendon, Ohio
First National Bank, Scobey, Montana
National Exchange Bank, Waukesha, Wisconsin 1/
First National Bank, Mathis, Texas
First National Bank, Prattville, Alabama
First National Bank, Pitsburg, Ohio 1j
First National Bapk, Naper, Nebraska
First National B|nk, Fan Hook, North Dakota
First National Bank, Parshall, North Dakota
First National Bank in, Gallup, New Mexico
Date of
failure:
2-23-33
2-2-33
2-18-32
8-8-31
3—26—27
3-10-30
8-8-31
10-3-32
11-11-30
7-14-31
1-27-33
10-15-31
6-1-31
2-13-33
12-12-30
8-8-31
8—8—31
12-19-33
Total
Di sbursements
including
Offsets Allowed;
$
246,421*00
89,048*00
150,015*00
62,027.00
281,643*00
107,035*00
82,346*00
87,485*00
197,168*00
97,728.00
175,428.00
67,777.00
280,072.00
22,472.00
46,636,00
70,780.00
90,675.00
760,392.00
per Cent
Total
Returns
to All
Creditors:
102.57
100*02
44.41
43.14
93.333
42.61
44.48
40.36
73.65
37.46
78.18
84.35
36.6
107.
82.45
29.08
50.45
100.34
per Cent
Dividends
Paid
Unsecured
Depositors:
109.333
112.5
14.55
16.518
93.353
10.86
3.333
4,57
67.8
1.37
78.52
84.18
13.9
107.23873
70,35
10,
24.45
100.
1/ Receiver appointed to levy and collect stock assessment covering deficiency in value of assets
sold, or to complete unfinished liquidation*
The First National Bank of Par shall, North Dakota, in receivership
August 8, 1931; disbursements, including offsets allowed, to depositors
and other creditors aggregated $90,67$, which represented $0.4$ per cent
of total liabilities*
Unsecured depositors received dividends amounting
to 24*45 per cent of their claims*
The First National Bank in Gallup, New Mexico, in receivership
December 19, 1933; disbursements, including offsets allowed, to depos
itors and other creditors aggregated $760,392, which represented
100*34 per cent of total liabilities*
Unsecured depositors received
dividends amounting to 100 per cent of their claims*
-4-
The First National Bank of Prattville, Alabama, in receivership
June 1, 19315 disbursements, including offsets allowed, to depositors
and other creditors aggregated #280,072, which represented 36,6 per cent
of total liabilities. Unsecured depositors received dividends amounting
to 13*9 per cent of their claims.
The First National Bank of Pitsburg, Ohio, in receivership Febru
ary 13, 1933, the liabilities of the institution having theretofore been
assumed by another bank.
The Receiver was appointed for the purpose of
collecting an assessment against the stockholders to cover a deficiency
in the assets sold.
Dividends of 100 per cent were paid with interest
in full amounting to an additional dividend of 7*23373 per cent.
Dis
bursements during receivership, including offsets allowed, aggregated
$22,472 and the stockholders received $1,814 together with the assets
remaining uncollected.
The First National Bank of Naper, Nebraska, in receivership Decem
ber 12, 1930; disbursements, including offsets allowed, to depositors and
other creditors aggregated $4 6 ,6 3 6 , which represented 82.45 p@r cent of
total liabilities.
Unsecured depositors received dividends amounting to
70.35 per cent of their claims.
The First National Bank of Van Hook, North Dakota, in receivership
August 8, 1931; disbursements, including offsets allowed, to depositors
and other creditors aggregated $70,780, which represented 29*08 per cent
of total liabilities.
Unsecured depositors received dividends amounting
to 10 per cent of their claims*
The Citizens National Bank of Wessington, South Dakota, in receiver
ship October 3, 1932; disbursements, including offsets allowed, to depos
itors and other creditors aggregated $87,485, which represented 40.36 per
cent of total liabilities.
Unsecured depositors received dividends amount
ing to 4.57 per cent of their claims.
The First National Bank of Mendon, Ohio, in receivership November 11,
1930; disbursements, including offsets allowed, to depositors and other
creditors aggregated $197,168, which represented 73.65 per cent of total
liabilities.
Unsecured depositors received dividends amounting to
67.8 per cent of their claims.
The First National Bank of Scobey, Montana, in receivership July 14,
1931; disbursements, including offsets allowed, to depositors and other
creditors aggregated $97,728, which represented 37.46 per cent of total
liabilities.
Unsecured depositors received dividends amounting to
1.37 per cent of their claims.
The First National Bank of Mathis, Texas, in receivership October 15,
1931; disbursements, including offsets allowed, to depositors and other
creditors aggregated $67,777, which represented 84*35 per cent of total
liabilities.
Unsecured depositors received dividends amounting to
84.18 per cent of their claims.
The National Exchange Bank of Waukesha, Wisconsin, in receivership
January 27, 1933, the liabilities of the institution having theretofore
been assumed by another bank.
The Receiver was appointed for the pur
pose of collecting an assessment against the stockholders to cover a
deficiency in the assets sold.
Disbursements during receivership, in
cluding offsets allowed, aggregated $175,428 which represented 78.18 per
cent of total liabilities.
-
2-
The First National Bank of Ryder, North Dakota, in receivership
August 8, 1931; disbursements, including offsets allowed, to depositors
and other creditors aggregated $62,027, which represented 4-3*14- per cent
of total liabilities.
Unsecured depositors received dividends amounting
to 16,518 per cent of their claims.
The Craig National Bank of Craig, Colorado, in receivership Febru
ary 18, 1932; disbursements, including offsets allowed, to depositors
and other creditors aggregated #150,015, which represented 44— 41 per cent
of total liabilities.
Unsecured depositors received dividends amounting
to 14*55 per cent of their claims.
The Provident National Bank of Waco, Texas, in receivership March 26,
1927, the liabilities of the institution having theretofore been assumed
by another bank.
The Receiver was appointed for the purpose of collect
ing an assessment against the stockholders to cover a deficiency in the
assets sold.
Disbursements during receivership, including offsets al
lowed, aggregated #281,643 which represented 93*333 per cent of total
liabilities.
The Citizens National Bank of Streeter, North Dakota, in receivership
March 10, 1930; disbursements, including offsets allowed, to depositors
and other creditors aggregated #107,035, which represented 42.61 per cent
of total liabilities.
Unsecured depositors received dividends amounting
to 10.86 per cent of their claims.
The First National Bank of Plaza, North Dakota, in receivership
August 8, 1931; disbursements, including offsets allowed, to depositors
and other creditors aggregated #82,346, which represented 44*48 per cent
of total liabilities.
Unsecured depositors received dividends amounting
to 3.333 per cent of their claims.
The Comptroller of the Currency, J.F.T. O ’Connor, today announced the
completion of the liquidation of 18 receiverships during September, 1935#
mefrj ng a total of 144 receiverships finally closed or restored to solvency
since his last Annual Report to Congress dated October 31# 1934*
Total
disbursements, including offsets allowed, to depositors and other creditors
of these institutions exclusive of 11 receiverships restored to solvency,
aggregated $33,720,608.00, or an average return of 72.56 per cent of total
liabilities, while unsecured depositors received dividends amounting to
an average of 61.05 per cent of their claims.
The Fort Collins Rational Bank, Fort Collins, Colorado, in receiver
ship February 23, 1933# depositors and other creditors were paid 100 per
cent principal with interest in full amounting to an additional dividend
of 9.333 per cent.
Total payments to creditors, including offsets allowed,
aggregated $24.
6 ,4.21 and the stockholders received $1,815 together with
the assets remaining uncollected.
The First National Bank of Ballston Spa, New York, in receivership
February 2, 1933, the liabilities of the institution having theretofore
been assumed by another bank.
The Receiver was appointed for the purpose
of collecting an assessment against the stockholders to cover a deficiency
in the assets sold.
Dividends of 100 per cent were paid with interest
in full amounting to an additional dividend of 12.5 per cent.
Disburse
ments during receivership, including offsets allowed, aggregated $89,048
and the stockholders received $3#957 together with the assets remaining
uncollected.
m m
TREASURY DEPARTMENT
Washington
POR RELEASE, MORNING NEWSPAPERS,
Friday, October 11, 1935
10/7/35
~~
Press Service
No. 5 - 9 7
The Comptroller of the Currency, J.F.T. O ’Connor, today announced the
completion of the liquidation of 18 receiverships during September, 1935,
making a total of 144 receiverships finally closed or restored to solvency
since his last Annual Report to Congress dated October 31, 1934.
Total
disbursements, including offsets allowed, to depositors and other creditors
of these institutions -exclusive of 11 receiverships restored to solvency,
aggregated $33,720,608.00, or an average return of 72.56 per cent of total
liabilities, while unsecured depositors received dividends amounting to
an average of 61.05 per cent of their claims.
The Fort Collins National Bank, Fort Collins, Colorado, in receiver
ship February 23, 1933; depositors and other creditors were paid 100 per
cent principal with interest in full amounting to an additional dividend
of 9.333 per cent.
Total payments to creditors, including offsets allowed,
aggregated $246,421 and the stockholders received $1,815 together with
the assets remaining uncollected.
The First National Bank of Ballston Spa, New York, in receivership
February 2, 1933, the liabilities of the institution having theretofore
been assumed by another bank.
The Receiver was appointed for the purpose
of collecting an assessment against the stockholders to cover a deficiency
in the assets sold.
m
Dividends of 100 per cent were paid with interest
full amounting to an additional dividend of 12.5 per cent.
Disburse
ments during receivership, including offsets allowed, aggregated $89,048
and the stockholders received $3,957 together with the assets remaining
uncollected.
i
&
2
The First National Bank of Ryder, North Dakota, in receivership
August 8, 1931; disbursements, including offsets allowed, to depositors
and other creditors aggregated $62,027, which represented 43.14 per cent
of total liabilities.
Unsecured depositors received dividends amounting
to 16.518 per cent of their claims.
The Craig National Bank of Craig, Colorado, in receivership Febru—
ary 18, 1932; disbursements, including offsets allowed, to depositors
and other creditors aggregated $150,015, which represented 44.41 per cent
of total liabilities.
Unsecured depositors received dividends amounting
to 14.55 per cent of their claims.
The Provident National Bank of Waco, Texas, in receivership March 26,
1927, the liabilities of the institution having theretofore been assumed
by another bank.
The Receiver was appointed for the purpose of collect-*
ing an assessment against the stockholders to cover a deficiency in the
assets sold.
Disbursements during receivership, including offsets al
lowed, aggregated $281,643 which represented 93.333 per cent of total
liabilities*
The Citizens National Bank of Streeter, North Dakota, in receivership
March 10, 1930; disbursements, including offsets allowed, to depositors
and other creditors aggregated $107,035, which represented 42.61 per cent
of total liabilities.
Unsecured depositors received dividends amounting
to 10.86 per cent of their claims.
The First National Bank of Plaza, North Dakota, in receivership
August 8, 1931; disbursements, including offsets allowed, to depositors
and other creditors aggregated $82,346, which represented 44.48 per cent
of total liabilities.
Unsecured depositors received dividends amounting
to 3.333 per cent of their claims*
The Citizens National Bank of Wessington, South Dakota, in receiver
ship October 3, 1932; disbursements, including offsets allowed, to depos
itors and other creditors aggregated $87,485, which represented 40.36 per
cent of total liabilities.
Unsecured depositors received dividends amount
ing to 4.57 per cent of their claims.
The ifirst National Bank of Mendon, Ohio, m
receivership November 11,
1930, disbursements, including offsets allowed, to depositors and other
Cxeditors aggregated $197,168, which represented 73.65 per cent of total
liabilities.
Unsecured depositors received dividends amounting to
67.8 per cent of their claims.
The First National Bank of Scobey, Montana, in receivership July 14,
1931; disbursements, including offsets allowed, to depositors and other
creditors aggregated $97,728, which represented 37.46 per cent of total
liabilities.
Unsecured depositors received dividends amounting to
1.37 per cent of their claims.
The First National Bank of Mathis, Texas, in receivership October 15,
1931; disbursements, including offsets allowed, to depositors and other
creditors aggregated $67,777, which represented 84.35 per cent of total
liabilities.
Unsecured depositors received dividends amounting to
84.18 per cent of their claims.
The National Exchange Bank of Waukesha, Wisconsin, in receivership
January 27, 1933, the liabilities of the institution having theretofore
been assumed by another bank.
The Receiver was appointed for the pur
pose of collecting an assessment against the stockholders to cover a
deficiency in the assets sold.
Disbursements during receivership, in
eluding offsets allowed, aggregated $175,428 which represented 78.18 per
cent of total liabilities.
- 4 -
The First National Bank of Prattville, Alabama, in receivership
June 1, 1931; disbursements, including offsets allowed, to depositors
and other creditors aggregated $280,072, which represented 36.6 per cent
of total liabilities.
Unsecured depositors received dividends amounting
to 13.9 per cent of their claims.
The First National Bank of Pitsburg, Ohio, in receivership Febru
ary 13, 1933, the liabilities of the institution having theretofore been
assumed by another bank.
The Receiver was appointed for the purpose of
collecting an assessment against the stockholders to cover a deficiency
in the assets sold.
Dividends of 100 per cent were paid with interest
in full amounting to an additional dividend of 7.23873 per cent.
Dis
bursements during receivership, including offsets allowed, aggregated
$22,472 and the stockholders received $1,814 together with the assets
remaining uncollected.
The First National Bank of Naper, Nebraska, in receivership Decem
ber 12, 1930; disbursements, including offsets allowed, to depositors and
other creditors aggregated $46,636, which represented 82.45 per cent of
total liabilities.
Unsecured depositors received dividends amounting to
70.35 per cent of their claims.
The First National Bank of Van Hook, North Dakota, in receivership
August 8, 1931; disbursements, including offsets allowed, to depositors
and ooher creditors aggregated $70,780, which represented 29.08 per cent
of total liabilities.
Unsecured depositors received dividends amounting
to 10 per cent of their claims.
The First National Bank of Parshall, North Dakota, in receivership
August 8, 1931; disbursements, including offsets allowed, to depositors
and other creditors aggregated $90,675, which represented 50.45 per cent
of total liabilities.
Unsecured depositors received dividends amounting
to 24.45 per cent of their claims.
The First National Bank in Gallup, New Mexico, in receivership
December 19, 1933; disbursements, including offsets allowed, to depos
itors and other creditors aggregated $760,392, which represented
100.34 per cent of total liabilities.
Unsecured depositors received
dividends amounting to 100 per cent of their claims.
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
DURING THE MONTH OF SEPTEMBER
________________________ 1 9 3 5 ________________
Receivership;
Fort Collins National Bank, Fort Collins, Colo.
First National Bank,
Ballston Spa, N.Y. 1/
Craig National Bank,
Craig, Colorado
First National Bank,
Ryder, North Dakota
Provident National Bank, Waco, Texas 1J
Citizens National Bank, Streeter, North Dakota
First National Bank, Plaza, North Dakota
Citizens National Bank, Se'saingtdnr S. D.
First National Bank,
Mendon, Ohio
First National Bank,
Scohey, Montana
National Exchange Bank, Waukesha, Wisconsin 1/
First National Bank, Mathis, Texas
First National Bank, Prattville, Alabama
First National Bank, Pitsburg, Ohio 1 f
First National Bank, Naper, Nebraska
First National Bank, Van Hook, North Dakota
First National Bank, Par shall, North Dakota
First National Bank in, Gallup, New Mexico
1] Receiver
Date of
failure:
2-23-33
2- 2 - 3 3
2-18-32
S-S-31
3-26-27
3-10-30
8- 8 - 3 1
10-3-32
H - l l -3 0
7-1^31
1-27-33
10 -1 5 - 3 1
6- 1 - 3 1
2-13-33
12 -12 -3 0
8- 8 - 3 1
S-S-31
12-19-33
Total
Disbursements
Including
Offsets Allowed;
$
2U6.U21.00
S9,OUg.OO
150,015.00
6 2 ,0 2 7 .0 0
281,6U3.00
107,035.00
B2 ,3 U 6 .0 0
8 7 ,^8 5 .0 0
197,168.00
97,728.00
175,U23.00
6 7 ,7 7 7 .0 0
2 8 0 ,0 7 2 .0 0
2 2 ,U7 2 .0 0
U 6 ,6 36 .0 0
70,730.00
90,675.00
76 0 ,3 9 2 .0 0
Per Cent
Total
Returns
to All
Creditors;
102.57
100.02
UU.Ul
U 3 .1 U
93*333
U2 . 6 1
UU.Us
U0 .3 6
73.65
3 7 .U6
7 8 .1 8
8U .3 5
3 6 .6
107*
8 2 .U 5
2 9 .0 8
5 0 .U 5
1 0 0 .3 U
Per Cent
Dividends
Paid
Unsecured
Depositors;
109.333
112.5
iu .5 5 '
16 .5 18
93*333
10. S6
3.333
H. 5 7
6 7 .8
1.37
78.52
SU.18
13.9
107.23873
70.35
10 .
2 U.U 5
10 0 .
appointed to levy and collect stock assessment covering deficiency in value of assets
sold, or to complete unfinished liquidation.
TREASURY DEPARTMENT
Washington
* I
FOR RELEASE, HORSING NEWSPAPERS,
Tuesday. October 8, 1935»
Press Service
[ti
Acting Secretary of the Treasury Coolidge announced
today that the subscription books for the current offer
ing of 2-8/4 percent Treasury Bonds of 1845-47, in exchange
for Fourth Liberty Loan bonds called for redemption on
October 15, 1835, will close at the close of business Friday,
,v
- •:;v
October 11, 1985.
>; ...
' '
.
.
Subscriptions placed in the mail before
.
12 o'clock, midnight, Friday, October 11, will be considered
W
as having been entered before tbe close
o f
the subscription
books»
It was further announced that subscriptions for the
Treasury bonds now approximate $431,000,000 . Including
$429,000,000 exchanged for the 1-1/2 percent Treasury Notes
of Series C-1939, a total of approximately $860,000,000
of the Fourth-called Fourth Liberty Loan bonds have been
exchanged to date.
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, October *8, 1935.______
10-7-35
Press Service
5-98
Acting Secretary of the Treasury Coolidge announced today that the sub
scription hooks for the current offering of '2-3/4 percent Treasury Bonds of 1945-47,
in exchange for Fourth Liberty Loan bonds called for redemption on.October 15,
1935, will close at the close of business Friday, October 11, 1935.
Subscrip
tions placed in the mail before 12 o ’clock, midnight, Friday, October 11, will be
considered as having been entered before the close of the subscription books.
It was further announced that subscriptions for the Treasury bonds now
approximate $431,000,000.
Including $429,000,000 exchanged for the 1—l/2 percent
Treasury Notes of Series C— 1939, a total of approximately $860,000,000 of the
Fourth-called Fourth Liberty Loan bonds have' been exchanged to date.
m&smrr d em o te
Washington
mmsm
fair himss,
® ® ers,
Tuesday, Qotober 8, 1956»______
10/7/35
Press Service
#**
*•»<— hi II1» ■MiaMWaMMMWMi* *««'*> rr««0MMuiiMMMr11«««»«tew»
»1» UMiftiwww.
# 5
Acting Secretary of the Treasury Coolldge announced last evening that the
tenders for two series of Treasury bills, to be dated October 9, 1955, which
**
were offered on October 4, were opened at the Federal Reserve banks on October 7,^
1935«
Tenders were Invited for the two series to the aggregate amount of
#100,000,000, or thereabouts, and $ 3 1 5 ,78 4,0 0 0 was applied for, of which
#100,051,000 was accepted«
The details of the two series are as follows:
159-DAY TR1AS0HT BILLS. MATURING MARCH 16, 1956
For this series, which was for #50,000,000, or thereabouts, the total
amount applied for was #170,699,000, of which #50,006,000 was accepted.
The
#
accepted bids ranged in price from 99.934, equivalent to a rate of about 0.149
easel
percent par annum, to 99.981, equivalent to a rate of about 0.179 percent per
annum, on a bank discount basis.
latter price was accepted.
Only part of the amount bid for at the
J,
wl
The average price of Treasury bills of this series
to be issued is 99.984 and the average rate is about 0.171 percent per annum
on a bank discount basis.
875-PAY TREASURY BILLS, MATOIHO JULY 6, 1956
For this series, «hioh «as for #50,000,000, at tliereebouta, the total Mount
applied for was #145,085,000, of which #60,086,000 was accepted.
accept for one
bid of #10,000, the accepted hide raBgad In prlo. from 00.841, equivalent to a
rate of about 0.810 percent per annua, to 00.815, equivalent to a rate of about
0.847 percent par annum, on a bank discount basis.
for at the Utter price was accepted,
^
^
Only part of the Mount bid
the average price of Treasury bills of this
. --
______
m
series to be Issued is 99.833 and the average rate Is about 0.355 percent per
m»
on a bahkf discount basis.
d
fllll is*«
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Tuesday, October 8» 1935»______
10-7-35
Press' Service
No. 5-99
Acting Secretary of the Treasury Coolidge announced last evening that the
tenders for two series of Treasury hills, to he dated October 9, 1935, which were,
offered on October 4, were opened at the Federal Reserve hanks on October 7, 1935.
Tenders were invited for the two series to the aggregate amount of
$100,000,000, or thereabouts, and $315,724,000 was applied for, of which
$100,031,000 was accepted.
The details of the two series are as follows:
159-DAY TREASURY BILLS. MATURING MARCH 16, 1936
For this series, which was for $50,000,000, or thereabouts, the total amount
applied for was $170,699,000, of which $50,006,000 was accepted.
The accepted bids
ranged in price from 99.934, equivalent to a rate of about 0.149 percent per annum,
to 99.921, equivalent to a rate of about 0.179 percent per annum, on a bank dis
count basis.
Only part of the amount bid for at the latter price was accepted.
Ite average price of Treasury bills of this series to be issuod is 99.924 and the
average rate is about 0,171 percent per annum on a bank discount basis.
273-DAY TREASURY BILLS, MATURING JULY 8, 1936
For this series, which wa,s for $50,000,000, or thereabouts, the total amount
applied for was $145,025,000, of which $50,025,000 was accepted.
Except for one
bid of $10,000,.the accepted bids ranged in price from 99,841, equivalent to a
rate of about 0.210 percent per annum, to 9R.&13,.equivalent to a rate of about
0,247 percent per annum, on a bank discount basis.
at the latter price was excepted.
Only part of the amount bid for
The average price of Treasury bills of this
series to be issued is 99,823 and the average rat6 is about 0.233 percent per
cannum on a, bank discount basis.
— oOo—
@FedFRASER