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JUN 1
TRtfcSUBY K M * ' * 0 "
TREASURY DEPARTMENT
IN T E R O F F IC E
CO M M U N ICA TIO N
DATE
TO
MR. GASTON
FRO M
MR. BROUGHTON
April 13 t 1938
On Saturday, April 3JB, the Depar’ra^t will invite proposals
for furnishing distinctiv^s^aper^itiring 1939.
Copy for a press
statement to he released on that date is attached.
Enclosure
m & Asm r m P A m m r
Washington
í
Saturday, April 16, 1938
Press Service
Ho* 13- o
I
The Seeretary ef the Treaeury Is today Inviting proposáis for
fumishing distlnetive paper for printing currenoy and pabilo débt
seouritiee of the ünited States durlng the fiscal year 1939, blds
for vhleh wlll be oponed at the Treasury Department on May 5, 1938*
The estimated quantity requirad for ourreney is 108,138,000
sheets, or ebout 1306 tona of paper»
Mo estímate Is nade of the
re«pitremente for publio debt seeurltiee.
TREASURY DEPARTMENT
Washington
FOR RELEASE-, AFTERNOON PAPERS,
Saturday, April 16, 1938.
4715/38
Prebs Service
No* 13-0
The Secretary of the-Treasury is today inviting proposals for furnishing
distinctive paper for printing currency and public debt securities of the United
States during the fiscal year 1939, "bids for which will "be opened at the
Treasury Department on May 5, 1938.
*v
-. '■ *
The estimated quantity required for currency is 108,122,000 sheets, or
about 1306 tons of paper.
debt securities
No estimate is made of the requirements for public
I
TREASURY DEPARTMENT
Washington
P
Press Service
No. 13-1
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, April 19, 1938._______
4/18/38.
On December 22, 1936, the Secretary of the Treasury stated that,
after conferring with the Board of Governors of the Federal Reserve
System, he proposed to take appropriate action with respect to net ad
ditional acquisitions or releases of gold by the Treasury Department
whenever it was deemed advisable and in the public interest to do so.
In pursuance of that policy, the Secretary of the Treasury,
after conferring with the Board of Governors of the Federal Reserve
System, today announces that the Inactive Gold Account has been di scontinued
— oOo—
ß
w & à m a m m&mm m
Washington
POH HSL3SASI, m m x m m m i > à m m 9
Prosa Sarrio«
Tuesday, Aprii 19, 1938,_______
*718/58
The Secratary of thè Treasury announeed l&st erening tfaat thè
tendere for tlOO,GOO,GCO, or tbereabouts, of 91-day Treasury bilis, to be
dated Aprii 80 and to mature 3uly 80, 1938, uhi eh were of farad on Aprii 15,
vere oponed ut thè federai Heserre banks oa Aprii 18*
The detalle of this issile are as follonet
fotal Applied for
Total aeeepted
» 1376,161,000
* 100,480,000
Rango of aeeepted bids:
High
X»ow
Areràge prie#
(Ixeeptlng one bld of 080,000}
v. • §9*987
* 99.983
V - 99.985
Equi ral est rate approximtely 0*051 pere est
*
"
*
0.067
*
»
«
»
0.061
*
(78 pereent of thè aaiount bld for at thè low prie e iras aeeepted)
TREASURY DEPARTMENT
Washington
EOR RELEASE, MORNING NEWSPAPERS,
Tuesday, April 19, 1938.
4/18/38.
~
Press Service
No. 13-2
The Secretary of the Treasury announced last evening that the
tenders for $100,000,000, or thereabouts, Of 91-day Treasury hills, to
he dated April 20 and to mature July 20, 1938, which were offered on
April 15, were opened at the Federal Reserve hanks on April 18.
The details of this issue'are as follows:
Total applied for
Total accepted
Range of accepted bids:
High
Low
Average price
- $376,161,000
- 100,420,000
(Excepting one hid of $20,000)
- 99.987 Equivalent rate approximately 0.051 percent
- 99.983
«
n
u
0.067«
- 99.985
n
M
n
0.061
11
(72 percent of the amount hid for at the low price was accepted)
— oOo-
PRESS RELEASE
The Commissioner of Customs today announced that preliminary
reports show imports of 794,894 squares of red cedar shingles from
Canada, under the quota provisions of the Canadian Trade Agreement,
during the period January 1 to April 16, 1938.
These importations represent 86.8# of the quota established
in Executive Order No. 7828, of Febfuary 25, 1938, which limits
importations of red cedar shingles from Canada to 916,246 squares
during the first six months of the calendar year 1938.
TREASURY DEPARTMENT
Washington
Press Service
No. 13-3
FOR IMMEDIATE RELEASE,
Tuesday, April 19, 1938
The Commissioner of Customs today announced that preliminary reports
show imports of 794,894 squares of red cedar shingles from Canada, under the
quota provisions hf the Canadian Trade Agreement, during the period January 1
to April 16, 1938. ,v
These importations represent 86.8$ of the quota established in Execu
tive Order No* 7822, of February 25, 1938, which limits importations of red
cedar shingles from
Canada to 916,246 squares during the first six months of
the calendar year 1938.
>.-o0O'
TREASURY DEPARTMENT
Washirgton
EOR IMMEDIATE RELEASE,
Thursday, April 21, 1938.
Press Service
No. 13-4
Secretary Morgenthau announced today that by his direction the
Procurement Division of the Treasury Department has rejected all bids
for supplying cement for Government use which were submitted under
proposals issued March 30 and opened on April 15.
While 24 bids were submitted and there was evidence of competition
it was decided that it was not to the Government*s interest to accept
them.
oOo—
4Cancer Treatment Center— J
E.G.P.
radium element and a 200 kilowatt Xiray machine, later to he supplemented with
a 1,000,000 or more high voltage machine.
The rooms of the hospital which will
he assigned for the handling of X-rays and radium will he altered and equipped
I
for adequate protection hy the use of lead-impregnated walls and glass.
j
It is
estimated that the purchase of the radium and X-ray equipment, together with
the necessary structural alterations will cost approximately $30,000*
i
Since the
the treatment center will he on*of its authorized activities, the National Cancer I
Institute will hear these costs*
Cancer Treatment Center— ^
1*0.P.
medical centers of this country, Baltimore offers the proposed cancer treat«*
ment unit the advantage of cooperation and consultation with such famed cancer
clinics as|the Howard-Kelly Institute and with the numerous specializing sur
geons of that £&ty*
Proximity to the future home of the National Cancer I»**
stitute in Bethesda, Md., was another factor in the selection of the Baltimore
hospital*
It is about 30 miles from the B ethesda site where buildings of the
National Institute of Health are already under construction*
According to present plans, both in-patient and out-patient services
will be maintained at the new cancer treatment center.
patients will be accepted at the clinic*
Approximately 100 bed*«
The second floor of the hospital
will be devoted to the care of cancer bed-patients and to the admission of out«*
patients*
Booms in the basement will be equipped for X-ray and radium therapy,
and the pathological work of detecting cancerous tissue will be done in the re
search laboratory of the hospital*
Marine hospital patients, amenable to am
bulatory treatment, may also be sent to Baltimore, but they will have to reside
in the city at their own expense and report to the clinic for treatment*
The staff of specialists planned will include a clinical director
specially trained in cancer surgery, X-ray and radium therapy^ He will head
the cancer unit but will be responsible to the Medical Director of the hospital*
A pathologist specializing in the detection of cancerous tissue, a roentgenolo
gist skilled in deep therapy technique and a physicist with special knowledge
of radium will complete the special staff of the cancer unit, but the regular
staff of other departments of the hospital together with its numerous consult
ing specialists will at all times be available to the clinical director of the
cancer treatment center.
A sufficient number of nurses and orderlies will be
provided*
The Cancer Treatment Center will be furnished with 500 milligrams of
Cancer Treatment Center*—-2
E.G*P*
First, it will give the Public Health Service facilities for cancer therapy
which are too costly to maintain in individual hospitals for the relatively
few cancer cases reporting to a single institution for hospitalization.
By
transferring cancer cases from the 22 general hospitals of the Public Health
Service to the Baltimore unit, patients dependent upon the Public Health Serv
ice for medical care would be concentrated in a single unit devoted exclusively
to the study and application of the best methods of cancer treatment which
modern science offers*
Second, the National Cancer Institute will be enabled to carry out
one of the primary functions outlined in the provisions of the national Cancer
Act of 1937— that is, study leading to improvement in the diagnosis and treat
ment of caneer.
One of the most imperative needs for the reduction of cancer
mortality is the training of expert personnel in the use of modern methods of
treatment*
The National Cancer Institute will, in the model center at Balti
more, be able to play its part in improving medical care for cancerous pa?*
tients by teaching and demonstrating the better methods of treatment to per
sonnel of the Public Health Service and to other physicians who may take ad
vantage of an opportunity for study and observation at the Baltimore clinic*
The Marine Hospital at Baltimore, situated along the southeastern
border!»»** of
Ifyman Park, is a ^50-bed institution with adjacent
quarters for officers and nurses, a research laboratory in addition to the
laboratory for routine clinical examinations, facilities for X-ray diagnosis,
physiotherapy, dental and eye-ear-nose-and-throat clinics.
JBL&Sk.
Cancer Treatment Center
E,G,P,
K TREASURY DEPARTMENT
^ vS ,
ÍBÍiíó/H?tüíá-’s u f i c a V
For release:
Cancer patients from 22(Uy[S.i Marine Hospitals will atartly "be
afforded the care of specialists and the most recently developed treatment
facilities in a cancer center to he set ■ u p B y ^ n e ^ t l o n a l Cancer Institute
A,
in the Marine Hospital at Baltimore» Md.
Plans for the new treatment center were formulated by a special
committee composed of Assistant Surgeon General S. L. Christian^Hospital
Division of the tJJS., Public Health Service (Chairman)» Dr, Ludvig Hektoen,
Executive Director of the National Advisory Cancer Council^ Senior Surgeon
T, B. H, Anderson, U,S.P,H.S,» Dr, Max Cutler, Director of the Chicago Tu~
mour Institute and Dr, John E, firth, Director of the Tumor Institute of
--- --J
Swedish Hospital, Seattle, fash. Both of the latter »-named specialists are
consultants to the Public Health Service,
The National Advisory Cancer Council has recommended the adoption
of the plan, and it has been approved by Surgeon General Thomas Parran,
It
is expected that the lOO-bed unit with a special staff and modern X-ray and
radium therapy equipment will be in readiness by
Surgeon General Parran ¿i
the
170,773
T B H W r p n m i todayysf»
N0f
/*Sr
beneficiaries of the (j. S. Jhiblic Health Service, who, when in
need of hospital care would be hospitalized in Marine Hospitals, 37*263 are
past the age of forty-five.
It is estimated that of those over forty-five,
h,lhO will sooner or later suffer from cancer.
To give these patients the
best possible treatment is the duty of the Public Health Service,*
The establishment of the cancer treatment unit in the Baltimore
Marine Hospital will accomplish a double objective according to Dr. Parran,
TREASURY DEPARTMENT
U. S. Public Health Service
Washington
EOR RELEASE, MORNING- NEWSPAPERS,
Sunday, April 24, 1938.
4722/38
Press Service
No. 13-5
Cancer patients from 22 United States Marine Hospitals will be afforded
the care of specialists and the most recently developed treatment facilities
in a cancer center to be set up this summer by the National Cancer Institute
in the Marine Hospital at Baltimore, Md.
Plans for the new treatment center were formulated by a special committee
composed of Assistant Surgeon G-eneral S. L. Christian, head of the Hospital
Division of the United States Public Health Service (Chairman); Dr. Ludvig
Hektoen, Executive Director of the National Advisory Cancer Council; Senior
Surgeon T. B. H. Anderson, U.S.P.E.S.; Dr., Max Cutler, Director of the Chicago
Tumor
Institute, end Dr. John E. Wirth, Director of the Tumor Institute of
Swedish Hospital, Seattle, Washington.
Both of the latter-named specialists
are consultants to the Public Health Service.
The National Advisory Cancer Council has recommended the adoption of the
plan, and it ha.s been approved by Surgeon G-enoral Thomas Parran.
It is expected
that the 100-bed unit with a special staff and modern X-ray and radium therapy
equipment will be in readiness by late September.
Surgeon G-eneral Parran said today, ,{0f the 170,773 beneficiaries of the
United States Public Health Service, who, when in need of hospital care would
be hospitalized in Marine Hospitals, 37,263 are past the age of forty-five. It
is estimated that of those over forty-five, 4,140 will sooner or later suffer
from cancer.
To gi%Te these patients the best possible treatment is the duty of
the Public Health Service.f1
p
The establishment of the cancer treatment unit in the Baltimore Marine
Hospital will accomplish a double objective, according to Dr. Parran. First,
«9
it will give the Public Health Service facilities for cancer therapy which are
>,1
too costly to maintain in individual hospitals for the relatively few cancer
cases reporting to a single institution for hospitalization.
By transferring
cancer cases from the 22 general hospitals of the Public Health Service to the
Baltimore unit, patients dependent upon the Public Health Service for medical
care would be concentrated in a single unit devoted exclusively to the study
and application of the best methods of cancer treatment which modern science
offers.
Second, the National Cancer Institute will be enabled to carry out one
il
of the primary functions outlined in the provisions of the National Cancer Act
of 1937— -that is, study leading to improvement in the diagnosis and treatment
I
of cancer.
One of the most imperative needs for the reduction of cancer mor
tality is the training of expert personnel in the use of m o d e m methods of
treatment.
The National Cancer Institute will, in the model center at Baltimore,
be able to play its part in improving medical care for cancerous patients by
teaching and demonstrating the better methods of treatment to personnel of the
Public Health Service and to other physicians who may take advantage of an
opportunity for study and observation at the Baltimore clinic.
The Marine Hospital at Baltimore, situated along the southeastern border
yf
of Wyman Park, is a 450-bed institution with adjacent quarters for officers and
nurses, a research laboratory in addition to the laboratory for routine clinical
V
«
I
examinations, facilities for X-ray diagnosis, physiotherapy, dental and eye— earno se-and-throat clinics.
.
:
3
One of the important medical centers of this country, Baltimore, offers
the proposed cancer treatment unit the advantage of co-operation and consulta
tion with such famed cancer clinics as the Eoward-Kelly Institute and with the
numerous specializing surgeons of that city.
Proximity to the future home of
the National Oancer Institute in Bethesda, Maryland, was another factor in tho
selection of the Baltimore hospital.
It is about 30 miles from the Bethesda
site where buildings of the National Institute of Health are already under
construction.
According to present plans, both in-patient and out-patient services will
be maintained at the new cancer treatment center.
will be accepted at the clinic.
Approximately 100 bed-patients
The second floor of the hospital will be devoted
to the care of cancer bed-patients and to the admission of out-patients.
Rooms
in the basement will be equipped for X-ray and radium therapyt and the pathological
work of detecting cancerous tissue will bo done in the research laboratory of
the hospital.
Marine hospital patients, amenable to ambulatory treatment, may
also be sent to Baltimore, but they will have to idsido in the city at their own
expense and report to the clinic for treatment.
The staff of specialists planned will include a clinical director specially
trained in cancer surgery, X-ray and radium therapy.
He will head the cancer
unit but will be responsible to the Medical Director of the hospital.
A
pathologist specializing in the detection of cancerous tissue, a roentgenologist
skilled in deep therapy technique and a physicist with special knowledge of
radium will complete the special staff of the cancer unit, but the regular staff
of other departments of the hospital together with its numerous consulting
specialists will at all times be available to the clinical director of the cancer
treatment center.
A sufficient number of nurses and orderlies will be provided*
4
The Cancer Treatment Center will he furnished with 500 milligrams of
radium element and a 200 kilowatt X-ray machine, later to he supplemented
with a 1,000,000 or more high voltago machine.
The rooms of the hospital
which will he assigned for the handling of X-rays and radium will he altered
and equipped for adequate protection hy the use of lead-impregnated v/alls
and glass.
It is estimated that the purchase of the radium and X-ray equip
ment, together;with the necessary structural alterations will cost approxi
mately $30,000o
Since the treatment center will he one of its authorized
activities, the National Cancer Institute will hear those costs.
oOc—
OHIO
TEXAS
Robert L. Thornton,
162 Crescent Drive,
Akron.
James W. Walker,
201 South Weaver,
Gainesville,
Robert L. Cooper, Jr.,
458 Porter St. N.E.,
Warren.
William N. Dorsett,
1602 South Washington,
Marshall
OKLAHOMA
Gretzolon L. Hazen,
R.F.D. #2,
Stillwater.
William B. Hendrick,
1605 Fifth Avelie,
Fort Worth.
VIRGINIA.
OREGON
John S. Hemingway,
c/o Signa Phi Epsilon Fraternity
William H. Batts,
704 Court Street,
Portsmouth,
PENNSYLVANIA
Perry W. Crawley,
812 West 36th Str,
Norfolk.
John W. Brayer,
R.F.D. #1, Box 108,
Uniontown.
WASHINGTON
John L. Robinson, Jr.,
5710 Wellesley Avenue,
Pittsburgh, £ e e i
Chester W. Hand,
723 South Brady St.,
DuBois.
Gerard J. Judge,
1427 Prospect Ave,
Scranton.
Robert E. Brotherton,
1119 North Cedar,
Tacoma.
William F. Chamberlain,
4758 22nd Northeast,
Seattle.
Donald P. Kincaid,
-sfiSCG*-Cutter INGHAM,
Port Angeles.
WISCONSIN
Vivian G. Paul, Jr.,
Taylor Hall, Sec. "A",
Lehigh University,
Bethlehem.
RHODE ISLAND
Elmer Cornell,
50 Bowling Lane,
Bradford.
George D. Gale,
1318 John Ave.,
Superior.
Harold G. Barlow, Jr.
4785 North Tarkin St.
Whitefish Bay.
WEST VIRGINIA-^'"
Norman Hibbert,
240 Hope Street,
Bristol.
Jack Evans*
Grumpier.
»
U
MASS.
NEBRASKA
NEW YORK
William B. §m w p9
244 Hawthorn,
New Bedford.
Maurice S. Gibson,
Morrill
William C. Jones,
Madison Ave. & Dartmough St
Baldwin, L.I.
NEW JERSEY
John E. Peterson,
10 Burnap St.>
Fitchburg.
Mark C. Coleman,
1757Cambridge St.,
Cambridge.
James A. Mulcahey, Jr.,
51 Mill Street,
Westfield.
C. Edward Vautrain,
\ 1850 Northampton St.,
'^Holyoke.
Chas. C. Lutman, V S C & )
^ S C ^ C u t t e r CAYUGA,
jj
Boston.
MISSISSIPPI
William F. Rea, 3rd,
Box 774,
State College.
Seth H. Matthews, Jr.,
1406 East Beach,
Gulfport.
Robert M. Cook,
303 University Ave.,
Oxford.
Hariy J. Paletz, Jr.,
6 Hoffman St.,
Maplewood,
Thayer H. Platts,
38 Sylvan St.,
Rutherford.
Francis H. Richardson,
5 Surf Avenue,
Tottenville, L.I.
NEW YORK
Mitchel F. Wieser,
364 Powers Avenue,
Bronx, New York City.
Joseph Nathan,
80 Van Cortlandt Pk.Sq.,
Bronx, New York City.
Fernando J. Fernandez,
274 Dean Street,
Brooklyn.
Urbain S. Amyot,
194 Central Avenue,
Cohoes.
John J. Conlon,
Battery ’’B ”, 62nd CA,
Fort Totten.
Watson I*. Grant,
313 Eagle St.,
Medina.
Colonel F. Dockstader,
Fonda.
MISSOURI
Willard R. Bolton,
K.F.D. #2,
Monett.
Richard S. Garvey,
2737 Windsor,
Independence.
MONTANA
George J. Watts,
811 So. Willson Ave.,
Bozeman.
Joseph A. Chiara,
5715 7th Avenue,
Brooklyn.
Kenneth Wechsler,
2207 Avenue "U",
Brooklyn.
Charles E. Thornhill
412 Flint Street,
Greeriport, L.I.
Henry W.'Godell,
404 Montross Ave.,
Syracuse.
Walter J. Marcinowski,
721 East 175th Street,
New York City.
Adam F. Ciesinski,
1328 2nd Avenue,
Schenectddy.
Leroy A. Cheney,
9101 219th Street,
Queens Village,
George W. Michel,
1345 Decatur St.,
Brooklyn.
OHIO
Harold L. Ehlers,
121 East Pine St.,
Long Beach.
Robert H. Venn,
55-| State Street,
Westville.
Richard Noble de Callies,
125 Cumberland Street,
Brooklyn.
William E . Male,
4522 W. 30th St.,
Cleveland.
Page Risque,
720 Carroll St.,
Brooklyn.
John K. Burns,
1328 East 84th St.,
Cleveland.
ARIZONA
Norman L. Horton
1410 North 3rd St
Phoenix
ALABAMA
CONNECTICUT
GEORGIA
Olaf G. Miller,
521 12th Airem e ,
Tuscaloosa.
John Fazekas,
740 Knapps Highway,
Bridgeport.
Carl H. Stelling,
Washington Road,
Augusta.
Frank H. Beeson,
25 Caplewood Terrace,
Tuscaloosa.
Donald L. Friend,
115 West Broad St.,
Pawcatuck.
Ralph H. Stinson,
320 S. Lumpkin St.,
Athens.
William B. Carroll,
c/o Delta Sigma Phi Fraternity,
Auburn.
John J. lackulics,
60 Winfield Street,
East Norwalk.
ILLINOIS
Jack S, Terry,
1904 Aveiue ”G”,
Bessemer.
Douglas R. West,
835 Broad Street,
Bridgeport.
ARIZONA
Robert B. Gustafson,
26 West Point Terrace,
West Hartford.
Norman L. Horton,
1410 North 3rd St.,
Phoenix.
CALIFORNIA
Stanton W. Wright,
742 North Sycamore Ave.,
Los Angeles.
Stephen V. Hadley,
3833 Tampico Ave.,
Los Angeles.
Kenneth L. Peterson,
962 North Hoover,
Los Angeles.
Rbbert A. Hubbard,
605 Los Angeles Ave.,
Long Beach.
Laurence D. Bradley,Jr.,
928 South Hudson Ave.,
Lfes Angeles.
Jack Rogers,
2488 Coolidge Ave.,
Oakland.
William J. Haggard,
1344 Bonita Ave.,
Berkeley.
DISTRICT OF C0LUBMIA
Glenn E. Murphy,
1448 Minn. Ave.,S.E.,
Washington.
Chall S. Little,
3013 Ridgeway Ave.,
Rockford.
Robt. J. Nagoda, '
2100 E. 95rd St.,
Chicago•
INDIANA.
Robt. I. Hoke,
403 E. 5th St.,
Bloomington.
KANSAS
Ballard Jamieson,
1808 Newton St. N.W.,
Washington.
Francis E. Voegeli,
1452 North Waco St.
Wichita.
Ernest H. Burt, Jr.,
1413 Shepherd St.N.W.,
Washirgton.
LOUISIANA
George C. Thomas, Jr.,
U.S. Naval Hospital,
Washington.
FLORIDA
H e m y A. Groot, Jr.,
225 Confederate St.,
Jacksonville.
Dalton F. Newton,
Dunnellon.
Loren P. Higgs,
Markland Place,
St. Augustine.
Billy R. Ryan,
Box 423,
Arcadia.
Charles C. Johnson,
Box 606,
Punta Gorda.
i
I
Robert H. Lister,
502 So. St. Patrick St.,
New Orleans.
fMAINE
Thomas P.Furey,
lCo.»E" 5th Inf.|
vt.Williams.
Carl R. Kukkap
13 Colonial Ave?
Annapolis.
Jalcalm IrviiJ
MASSACHUSETTS \
Richards,!
^5 So.Main 6]
Webster K. Whiting^ Guilfol
5 Short St.
Kingham Center
Emidio G. A. DeLollis,
14 Liscombe St.,
Worcester.
Thomas A. White,
109 Elm Street,
Monson.
- 2 Sts.nley B. Morrill,
3 Lincoln Heights,
Willimantic, Conn.
Enser W. Cole, Jr.,
211 West Kerr Street,
Salisbury, N. C.
William Laurier, Jr.,
435 West 123rd Street,
New York, N. Y.
Joseph G. Bastow, Jr.,
17 Dulwich Road,
Oakland] Calif.
/
Robert A. Adams,
48 Fairfield Avenue,
Hartford., Conn.
John/R. Boardman,
R. £ 2,
Bi/dsborp, Pa.
/
/
Robert E. Morring
>6. G. Cutter Ingham
/Home is in Gloucester,Mass*
Howard L. Stone,.Jr.
Farragut Academy,
Pine Beach, N. J.
Admiral
John) Pauk J ones,
630 Marlborough Road,
Brooklyn, N.\Y.
/
Frederick J. GraMshar,
1 Lawrence Street
Ely, Minn.
/
/
Charles G. Kolodzinski,
93 Lake Street,
Northampton, Mans.
Roy Denton, Jr.,
603 West Brooks,
Norman, Old a.
William H. Plant,
\lfj.lton H. Steffen,
West Point Prep School
Si
1008 Avenue L,
Fort Scott, San Francisco, pal if.
Huntsville, ™exas
Claude B. Shaw,
j
Staunton Military Academy,!
Staunton, Va.
George Hoppock,
910 Summit Avenue,
New York, N. Y.
/
\
Henry D. Wilson,
\ 1 0 4 Hodges Lane,
Nfakoma Park, Md.
Medard Z. Bryll,
2819 \North Mulligan Avenue,
Chicagbs. 111.
George G. Gpldstein,
101 West Qpeen Street, /
Hampton,.Va.
Peter G. Ellis,
668§- St. James Avenue,
Springfield, Mans.
Robert E. Dudley,
435 McKinley Avenue, /
Kellog, Idaho
Joseph T, Devlin,
17 Ranlegh Road,
Brighton, Mass.
Glen W. Pettit,
936 North Sultana Avenue,
San Gabriel, Calif.
TREASURY DEPARTMENT
Washington
13
Jt/% FOR RELEASE^ MQUlfl^eTTSsPAJERS,
Press Service
No.
1938.
fm
The i i k i f e e
designation of candidates eligible to compete
for appointment as cadets in the United States Coast Guard Academy at
New London, Conn., was made today by Rear Admiral R. R. Waesche, Commandant
of the Coast Guard.
Other applicants will be certified from time to time during
mV/& w
the next
«-««s
«"ilWiit^as satisfying the scholastic and character requirements
_
xJqu ^ .MV**»
it’IL7.ni
.of the Service and all will then compe^lir June 'Tnexâminat ions to be
given in various parts of the country with the co-operation of the Civil
Service Commission.
Applications are now being received at Coast Guard Headquarters
wiil
fee rtoel^M
u*J-d( /V\$u
e,t a rate in excess of 100 a dayV" Due Fo -ïÈe~'rigid requirements, "Bïlly1
"L ÎS *
number slightly in excess of ££& have been accepted to date to participate
in the examination.
Successful participants in that test will be appointed
as cadets for entrance into the Academy in August, 1938, as the needs of
the Service may require.
M
t
S ms ©a,- d l H f ---rrv-rYni ‘n
n o u rtX s X 3
t-0
r,v| 1 0
'""wix m u H to take the Acad
Ja 3
& C cn
examination are
as follows:
* Loy W. A. Renshaw,
I221 North Killingsw^th. Street,
I Portland, Oregon
I J ohn Natwig,
/ 709^ Mont auk Avejiw
I Néw Londnj»gi,,tftTonn.
Vincent J. Castronovo,
2809 North Capitol Strest,
Wa^i«^fifÖn7 D. C.
»52,rold S. Górecki,
ncis Avenue,
Schenec^d.y, N. Y.
TREASURY' DEPARTMENT
Washington
FOR RELEASE, AFTERNOON'NEWSPAPERS,
Monday, April 25, 1938.___________
4-23-38
Press Service
No. 13-6
The third 1938 designation of candidates eligible to compete for appoint
ment as cadets in the United States Coast Guard Academy at New London, Conn,,
was made today by Rear Admiral R. R. Waesche, Commandant of the Coast Guard.
Other applicants will be certified from tine to time during the next five
weeks as satisfying the scholastic and character requirements of the Service and
all will then compete during the first week in June in examinations to be given
in various parts of the country with the cooperation of the Civil Service Com
mission.
Applications are now being received at Coast Guard Headquarters at a rate
in excess of 100 a day and will continue to be received until May 11.
Due to the
rigid requirements, only a number slightly in excess of 225 have been accepted to
date to participate in the examination.
Successful participants in that test
will be appointed as cadets for entrance into the Academy in August, 1938, as the
needs of the Service may require.
Listed by states, the candidates accepted from March 23 to April 20 to
take the Academy examination are as follows:
ALABAMA
Olaf G. Miller,
521 - 12th Avenue,
Tuscaloosa.
ARIZONA
Norman L. Horton,
1410 North 3rd St. ,
Phoenix.
CALIFORNIA -Cont*d
Robert A. Hubbard,
605 Los Angeles Ave*,
Long Beach.
CALIFORNIA
Laurence D. Bradley$3
Stanton W. Wright,
928 South Hudson Ave#
742 North Sycamore Ave . ,
Los Angeles.
Los Angeles.
William B. Carroll,
Jack Rogers,
c/o Delt a Sigma Phi Fraternity,
2488 Coolidge Ave*,
Stephen V. Hadley,
Auburn.
3833 Tampico Ave.,
Oakland.
Los Angeles,
Jack S# Terry,
William J. Haggard,
1904 Avenue f,Gn,
Kenneth L. Peterson,
1344 Bonita Ave.,
Bessemer.
962 North Hoover,
Berkeley#
Los Angeles.
Prank H. Beeson,
25 Caplewood Terrace,
Tuscaloosa.
CONNECTICUT
John Fazekas,
740 Knapps Highway,
Bridgeport.
Donald L. Friend,
115 West Broad St.,
Pawcatuck.
John J. Yackulics,
60 Winfield Street,
East Norwalk.
Douglas R. West,
835 Broad Street}
Bridgeport.
Robert B. Gustafson}
26 West Point Terra®©,
West Hartford.
DISTRICT OP COLUMBIA
Glenn E. Murphy,
1448 Minnesota Ave.,S.E. ’
Washington.
Ballard Janieson,
1808 Newton St., N.Wf,
Washington.
Ernest H. Burt, Jr.,
1413 Shepherd St., N.W.,
Washington.
George C. Thomas, Jr,,
U.S. Naval Hospital,
Washington.
FLORIDA
Henry A. Groot, Jr.,
225 Confederate St.,
Jacksonville.
Dalton F. Newton,
Dunnellon.
Loren P. Higgs,
Markland Place,
St. Augustine.
Billy R. Ryan,
Box 423,
Arcadia.
Charles C. Johnson,
Box 606,
Punta Gorda.
GEORGIA"
Carl R..Stalling,
Yifashington Road,
Augusta.
Ralph R. Stinson,
320 S. Lumpkin St.,
Athens.
ILLINOIS
Chall S..Little,
3013 Ridgeway Ave.,
Rockford.
Robert J * Nagoda,
2100 E . '93rd St.,
Chicago.
INDIANA
Robert I. Hoke,
403 E. 5th St.,
Bloomington.
KANSAS
Francis E. Voogeli,
1452 North Waco St.,
Wichita.
LOUIS I M A
Robert H, Lister,
502 South St. Patrick St.
New Orleans.
MAINE
Thonas P. Furey,
Co. "I" 5th Infantry,
Fort Williams.
Malcaln Irving Richards,
35 South Main St ,
Guilford.
MASSACHUSETTS *
?iebster K. Whiting,
5 Short St.,
Kingham Center.
Enidio G.A. DeLollis,
14 Liscombe St.,
Worcester.
Thonas A, White,
109 Elm Street,
Monson.
MASSACHUSETTS - Cont*d
William B. Brown,
■244 Hawthorn,
New Bedford.
John E. Peterson,
10 Burnap St.,
Fitchburg.
Mark C. Coleman,
1737 Cambridge St.,
Cambridge.
James A. Mulcahey,Jr.,
31 Mill Street,
Westfield.
Charles' €. hu.tman,USCG.
Cutter CAYUGA,
Boston
MARYLAND
Carl R. Kukka
13 Colonial Ave.,
Annapolis.
MISSISSIPPI
William F. Rea, 3rd,
Box 774,
State College.
Seth H. Matthews, Jr.
1406 East Beach,
Gulfport.
Robert M. Cook,
303 University Ave. ,
Oxford.
MISSOURI
Willard R. Bolton,
R.F.D. #2,
Monett.
Richard S. Garvey,
2737 Windsor,
Independence.
MONTANA
George J. Wa.tts,
811 So. Willson Ave.,
Bozeman.
NEBRASKA
Maurice S. Gibson,
Morrill.
✓ ■í.t
*- 3 NEW JERSEY
Harry J. paletz, Jr.,
6 Hoffnan St.,
Maplewood.
Thayer H. platts,
38 Sylvan St.,
Rutherford.
NEW YORK
Joseph Nathan,
80 Van Cortlandt pk.Sq.,
Bronx, Nevi York City.
Remando.J. Hernandez,
274 Bean Street,
Brooklyn.
Uriain S• Anyo t ,
194 Central Ave.,
Cohoes.
John J. Conlon,
Battery "B1’, 62nd CA,
Eort Totten.
Watson L. Grant,
313 Eagle Street,
Medina.
Colonel E. Dockstader,
Honda.
Kenneth Wechsler,
2207 Avenue "U",
Brooklyn.
Harold L. Ehlers,
121 Bast Pine St.,
Long Beach.
Richard Nolle de Calli es,
125 Cumberland Street,
Bro oklyn.
Page Risque,
720 Carroll St.,
Brooklyn.
William C. Jones,
Madison Ave. & Dartnough St. ,
Baldwin, L.I.
Joseph A. Chiara,
5715 - 7th Avenue,
Brooklyn»
OKLAHOMA
NEW YORK - Cent *d
Hrancis H. Richardson,, Gretzolon L. Hazen,
R.H.D. #2,
5 Surf Avenue,
Stillwater.
Tottenville, L.I.
OREGON
Mitchel H. Wieser,
John S. Hemingway,
364 Powers Avenue,
c/o Sigma }?hi Epsilon^
Bronx, New York City.
Corvallis.
Charles E. Thornhill,
PENNSYLVANIA
412 Hlint Street,
John W. Brayer,
Greenport, L.I.
R.H.D. #1, Box 108,
Henry W. Godell,
Uniontown.
404 Montross Ave.,
John L.. Robinson, Jr. ,
Syracuse.
5710 Wellesley Avenue,
Walter J. Marcinowski,i Pittsburgh.
721 E. 175th Street,
Chester W. Hand,
New York City.
723 South Brady St.,
DuBois.
Adam H. Ciesinski,
1328 - 2nd Avenue,
Gerard J. Judge,
Schenectady.
1427 Prospect Avenue,
Scranton.
Leroy A* ChejE^y
9101 - 219th Street,
Vivian G. Paul, Jr.,
Queens Village.
Taylor Hall, Sec. nA n,
Lehigh University,
George W. Michel,
Bethlehem.
1345 Decatur St.,
Brooklyn.
RHODE ISLAND
Elmer Cornell,
OHIO
50 Bowling Lane,
Robert H. Venn,
Bradford.
55g- State Street,
Westville.
Norman Hibbert,
240 Hope Street,
William E. Male,
Bristol.
4322 W. 30th Street,
Cleveland.
TEXAS
James W„ Walker,
John K. Burns,
201 South Weaver,
1328 E.84th Street,
Cleveland.
Gainesville.
Robert L. Thornton,
162 Crescent Drive,
Akron.
William N. Dorsett,
1602 South Washington,
Marshall.
Rob er t L . Co op er, Jr. ,
438 Porter St. , NE. ,
Warren.
William B. Hendrick,
1605 Hifth Avenue,
Hort Worth.
VIRGINIA
Willian H. Batts,
704 Court Street,
Portsmouth.
Perry W. Crawley,
812 West 36th St,,
Norfolk.
WASHINGTON
RobertE* Brotherton,
1119 North Cedar,
Tacoma*
William .F* Chamberlain,
4758 - 22nd Northeast,
Seattle*.
Donald P. Kincaid, USCG.,
Cutter INGHAM,
Port Angeles.
* Add. Massachusetts
C# Edward Vautrain,
1850 Northampton Sts*©etf
Holyoke.
WEST VIRGINIA
Jack Evans,
Crumpler.
WISCONSIN.......
George D. Gale,
1318 John Avenue,
Superior.
’Harold- G. Barlow, Jr.,
4785 North Tarkin Street,
Whitefish Bay.
?.
X*
Qwmta* v m n s tm s
A# f i l o s i a to u t# o f tha Unita« S ta te # , Fod erai H aaarra baule#
#r# authorl*ad and re*|aaated te raeaiya «abaeriptieaa, te »afra allot
tata
ob
tha basi# and up to tha aaounts indicata« by th# 8ecreta*y
of tb# Tra&sury te «ha foderai He®arre baaks of thè raapaetlra diatriota
io lamia allotweat ooticea, t© raoalra
for nota# allotta«, to
moka delivery of nota® on full-paid subscriptIona allottai, osi thay aay
Iseua tatari» reaaipta panilag iallaary of tha iaflaltlra notae.
2.
U t Saeratary of thè fraaaury i»ay at any tinta, or fra» Urna to
tl»a, praaorlba eapplcotitital or ameBdatory rulea tal regulationa gayara*
lag tha offering, ahich «fili ba eonsunieatad proaptXy to tha Fedaral
Beaarva ba&ke«
SHiiStiF MOB0®W'TÌfJUy, FU*,
Saarata*y of tha traaeeiy
each
to «a amount »dt exceeding one-half of the combined canltel sod
•orpins of the subserlbt&t beak or trust company.
Cash subscriptions from
all others mist be aooosrpaalad bf payment of 10 percent of the amount of
notes applied for.
the Secret ary of the treasury reserves the right to
close the books as to say or all subsoriptlons or oleases of sobserlptioas
at any tine without no ties.
t*
The Secretary of the Treasury reserves the right to reject any
subscriptions» in whole or in part» to allot leas than the amount of notes
applied for» to make allotment a in foil upon application® for anal 1er
amounts and to make reduced allotments upon» or to reject» application# for
larger amounts» or to adopt any or all of said methods or such other method#
of allotment and classification of allotments as shall be deemed by him to
ba in the public interest; and his action in any or all of these respects
shall be final.
Subject to these reservations, subscriptions in payment of
which Serlos S Collateral Trust Motes of the Corporation aro tendered will
be allotted in ft*11.
Allotment notice# will be sent out promptly upon allot
ment, and the basis of the allotment will be publicly announced.
If. FABSIST
1.
for
Payment at par and accrued interact» if say,/notas allotted on cató
subscriptions must be cm de or completed
later allotment.
on or before lay 2 , 1938, or on
In every case where payment Is not so completed, the payment
with application up to 10 percent of the amount of notas applied for shall,
upon declaration mads by the Seeretary of the Treasury in his discretion,
forfeited to tibe United States.
be
Series 3 Collateral Trust Matas of tibe
Commodity Credit Corporation, maturing May 8» 1938, will be aeoepted at par
In payment for any notas subscribed for and allotted and should accompany
the subscription
instrumentalities of the Government of the United States, and as such
they and the Income derived therefrom shall be exempt from Federal« State,
municipal, and local taxation (except surtaxes, estate, inheritance, and
gift taxes!}
and that the notea shall be lawful investments end may be
accepted as security for all fiduciary, trust and public funds the invest*
Bient or deposit of which shall bs under the authority or control of the
United States or any officer or off1cere thereof*
3«
the authorising act further provides that In the event the Commodity
Credit Corporation shall be unable to pay upon demand, when due, the principal
of, or interest on, such obligations, ths Secretary of the Treasury shell pay
to the holder the amount thereof which Is hereby authorised to be appropriated,
out of any money in the Treasury not otherwise appropriated, and thereupon to
the extent of the amount so paid the Secretary of the Treasury shall succeed
to all the rights of the holders of such obligations,
4.
The notes will be eceeptable to secure deposits of public moneys, but
will not bear the circulation privilege*
5,
Bearer notes with interest coupons attached will be issued in denomina
tions of $1,000, #3,000, 110,000 and #100,000,
The notes will not be issued in
regietered form*
in.
1,
SUBSCRIPTION AND ALLOTMENT
Subscriptions will be received at the Federal Reserve banks and branches!
and at the Treasury Department, Washington,
Banking institutions generally may
submit subscriptions for account of customers, but only the Federal Reserve banks!
and the Treasury Department are authorised to act as official agencies*
Others
than banking institutions will not be permitted to enter subscriptions sxcept
for their ©an account.
Caeh subscriptions from banks and trust companies for
their own account will be received without deposit but will be restricted in
I
ccm on m p p i r
3/4 P l ® l NOTES
Of
corporation
SERIES 0, BUI NOYEHBIS 8, 1939
Bated and bearing Interest from May 8, 1938
m m m x fw w jm r
i t o l t amp
b o t h as t o
interest
mm m m tm $*m m
the
m i f m STATES, WHICH GUARANTY IS EXPRESSED ON THE ?ACI Of Itt HOTS
Exempt both as to principal and interest from all federal, State, municipal,
and local taxation {except surtaxes, estate, inheritance, and gift taxes}*
1938
Department Circular No* 383
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, April 33, 1936.
Public Debt Service
I.
1»
QffERING Of NOTES
The Secretary of the Treasury, on behalf of the Commodity Credit
Corporation, invites subscriptions, at par end accrued Interest, from the peopl
of the United States for notes of the Commodity Credit Corporation, designated
3/4 percent notes of Series C*
The amount of the offering is #800,000,000,
or thereabouts*
XX.
1*
DESCRIPTION Of NOTES
The notes will be dated May 8, 1938, and will bear interest from
that data at the rate of 3/4 percent per annum, payable semiannually on
November 8, 1938, and on Hay 8 and November 8, 1939*
They will mature
November 8, 1939, and will not be subject to call for redemption prior to
maturity«
8*
These notes are issued under the authority of the set approved
larch 8, 1938, (Public No* 448«75th Congress) which provides that these
notes shell be fully and unconditionally guaranteed both ee to Interest sand
principal by the United States! that they shall be deemed and held to he
- a -
from bank® and trust colante® for thè ir own account fili bc receiwod without
dopasi! but «1X1 be restricted lu e&eh case te on amount »et exeseding eaehalf of thé ees&ined
eoapany.
capital and surplus of tho aubscribing baak or trust
Cash sub script ions fro» all othsrs must 1m accoœpanied ty payment
of 10 percent ofHtbe amount ef notes applied for*
Subscript Ion® in payment
of whieh Sériés B CoUatsral trust Sots# of ths Cowaodity Credit Corporation
are tendered should be accomp&nied by thè maturi»# notes.
the right 1s rsserred to close the bock® as to any or ail subscriptions or classes of subserlptions at any timo without notloo.
Subjeet to the
réservation® set forth in the officiai circolar, all cash subserlptions «ili
bs receired subject to allotment and subsoript ion® in payment of «hieh Sériés
1 Collateral trust So tes of the Oeweiity Credit Corporation are tendered «ili
be allottsd 1» fall.
P s yænt for any notes allottod on cash subserlptions a œ t be nade
or compie ted on er befere May E* ISSS* er on latsr allo huent*
ths t*ext ef the official circolar follo«**
tebasuby bbpabymbbt
vAsm wm m
fon sslsisb, m w n m mwspafbhs
-4bf1.1. .25,.nUf<i3.».... .1TT..-.
Prose Serrioe
The Seorstary of ih® Treasury, on hehalf of thè Coramodity Credit
Corporation, le today offering for suhseriptlen, through thè Federai Eeserre
banks, #200,000,000, or thereabouts, of notes of thè Commodity Credit Corpora
tion, desìgn&ted 2/4 percent notes of Serie« C.
Serie« 1 Collateral Trust
Iste» ef thè Qommodity Credit Corporation, maturing May 2, 1938, «ili he ec
cepì ed at par in paymsnt for any notes sub «crih ed for and allo tted.
The notes «ili he dated May 2, 1938, and «ili bear interest fron
that date at thè rate of 3/4 pereent per annua.
They vili nature on loreaher
2, 1939, and «111 net he subject to cali far redenmtion prior to naturitgr.
The notes «ili he fully and imcond.it ionally guaranteed hoth ae to
interest and prinoipal hy thè United States.
They «ili he exempt hoth a» te
Principal and interest from all Federai, State, sainicipal, and locai taxation
(ezcept surteses, estate, inheritanee, and gift taxes).
The notes «ili he Issued only in hearer foro «ith coupon« attached,
in denomination« of #1,000, #5,000, #10,000 and #100,000.
Suhsoriptions «ili ho rooolrod at thè Federai Beserre hahks and
hranohee, and at thè Treasury Department, Washington.
Suhseriptions «ili
not he rsceired at thè Eeeonetruetion Finance Corporation or at tho Coianodity
Crodit Corporation.
Banking institutions generaily aay suhrnit «uh«oriptions
for aeoount of cu«t onore, hut only thè Federai le serve hanks and thè Treaeury
Department are authorinsd to aot as officiai Agende«.
Cash suhscriptione
TREASURY DEPARTMENT
Washington
POE RELEASE, MORNING NEWSPAPERS,
Monday, April 25, 1938,_________
4-23-38
Press Service
No. 13-7
The Secretary of the Treasury, on behalf of the Commodity Credit Corpora
tion, is today offering for subscription, through the Federal Reserve banks,
$200,000,000, or thereabouts, of notes of the Commodity Credit Corporation,
designated 3/4 percent notes of Series C.
Series B Collateral Trust Notes of
the Commodity Credit Corporation, maturing May 2, 1938, will be accepted at par
in payment for any notes subscribed for and allotted.
The notes will be dated May 2, 1938, and will bear interest from that date
at the rate of 3/4 percent per annum.
They will mature on November 2, 1939, and
will not be subject to call for redemption prior to maturity.
The notes will be fully and unconditionally guaranteed both as to interest
and principal by the United States.
They will be exempt both as to principal and
interest from all Federal, State, municipal, and local taxation (except surtaxes,
estate, inheritance, and gift taxes).
The notes will be issued only in bearer form with coupons attached, in
denominations of $1,000, $5,000, $10,000 and $100,000.
Subscriptions will be received at the Federal Reserve banks and branches,
and at the Treasury Department, Washington.
Subscriptions will not be received
at the Reconstruction Finance Corporation or at the Commodity Credit Corporation.
Banking institutions generally may submit subscriptions for account of customers,
but only the Federal Reserve banks and the Treasury Department are authorized to
act as official agencies.
Cash subscriptions from 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 sur
plus of the subscribing bank or trust company.
Cash subscriptions from all
others must be accompanied by payment of 10 percent of the amount of notes applied
for.
Subscriptions in payment of which Series B Collateral Trust Notes of the
-
2
-
Commodity Credit Corporation are tendered should he accompanied hy the maturing
notes.
The right is reserved 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 cash subscriptions will be received
subject to allotment and subscriptions in payment of which Series B Collateral
Trust Notes of the Commodity Credit Corporation are tendered will be allotted in
full.
Payment for any notes allotted on cash subscriptions must be made or com
pleted on or before May 2, 1938, or on later allotment*
The text of the official circular follows:
COMMODITY CREDIT CORPORATION
3/4 PERCENT NOTES OF SERIES C, DUE NOVEMBER 2, 1939
Dated and "bearing interest from May 2, 1938
FULLY AND UNCONDITIONALLY GUARANTEED BOTH AS TO INTEREST AND PRINCIPAL BY THE
UNITED STATES, WHICH GUARANTY IS EXPRESSED ON THE FACE OF EACH NOTE
Exempt Loth as to principal and interest from all Federal, State, municipal» and
local taxation (except surtaxes, estate, inheritance, and gift taxes)#
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, April 25, 1938.
1938
Department Circular No. 583
Public Debt Service
I.
1.
OFFERING OF NOTES
The Secretary of the Treasury, on behalf of the Commodity Credit Cor
poration, invites subscriptions, at par and accrued interest, from the people
of the United States for notes of the Commodity Credit Corporation, designated
3/4 percent notes of Series C.
The amount of the offering is $200,000,000»
or thereabouts..
II. DESCRIPTION OF NOTES
1.
The notes will be dated May 2, 1938, and will bear interest from that
date at the rate of 3/4 percent per annum, payable semiannually on November 2»
1938, and on May 2 and November 2, 1939.
They will mature November 2, 1939, and
will not be subject to call for redemption prior to maturity.
2.
These notes are issued under the authority of the act approved March 8,
1938, (Public No. 442-75th Congress) which provides that these notes shall be
fully and unconditionally guaranteed both as to interest and principal by the
United Stales; that they shall be deemed and held to be instrumentalities of the
Government of the United States, and as such they and the income derived therefrom
2
shall "be exempt from Federal, State, municipal,- and-local taxation (except sur
taxes, estate, inheritance, and gift taxes); and that the notes shall he lawful
investments and nay he accepted as security for all fiduciary, trust and public
funds the investment or deposit of which shall he under,the authority or control
of the United States or any officer or officers thereof.
3.
The authorizing act further provides that in the event the Commodity
Credit Corporation shell he unahle to pay upon demand, when due, the principal
of, or interest on, such obligations, the Secretary of the Treasury shall pay to
the holder the amount thereof which is hereby authorized to he appropriated,
out of any money in the Treasury not otherwise appropriated, and thereupon to
the extent of the amount so paid the Secretary of .the Treasury shall succeed to
all the rights of the holders of such obligations.
4.
The notes will he acceptable to secure deposits of public moneys, hut
will not hear the circulation privilege.
5.
Bearer notes with interest coupons attached will he issued in denoninar*
tions of $1,000, $5,000, $10,000 and $100,000.
The notes will not he issued in
registered form.
III.
1.
SUBSCRIPTION AND ALLOTMENT
Subscriptions will he received at the Federal Reserve banks and branches
and at the Treasury Department, Washington.
Banking institutions generally may
submit subscriptions for account of customers, hut only the Federal Reserve hanks
and the Treasury Department are authorized to act as official agencies.
Others
than hanking institutions will not he permitted to enter subscriptions except
for their own account..
Cash subscriptions from hanks and trust companies for
their own account will he received without deposit hut will he restricted in
each case to an amount not exceeding one-half of the combined capital and surplus
- 3 -
of the subscribing bank or trust company.
Cash subscriptions from all others
must be accompanied by payment of 10 percent of the amount of notes applied for«
The Secretary of the Treasury reserves- the right to close the books as to any or
all subscriptions or classes of subscriptions at any tine without notice«
2*
The Secretary of the Treasury reserves the right to reject any sub
scriptions, in whole or in part, to allot less than the amount of notes applied
for, to make allotments in full upon applications for smaller amounts and to
make reduced allotments upon, or to reject, applications for larger amounts, 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 inter
est; and his action in any or all of these respects shall be final.
Subject to
these reservations, subscriptions in payment of which Series B Collateral. Trust
Notes of the Corporation are tendered will be allotted in full.
Allotment
notices will be sent out promptly upon allotment, and the oasis of the allotment
will be publicly announced.
IY.
1.
PAYMENT
Payment at par and accrued interest, if any, for notes•allotted on ca.sh
subscriptions must be made or completed on or before May 2, 1938, or on later
allotment.
In every case where payment is not so completed, the payment with
application up to 10 percent of the amount of notes applied for shall, upon
declaration made by the Secretary of the Treasury in his discretion, be forfeited
to the United States.
Series B Collateral Trust Notes of the Commodity Credit
Corporation, maturing May 2, 1938, will be accepted e,t par in payment for any
notes subscribed for and allotted and should accompany the subscription.
Y.
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
- 4 -
Roserve 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 nay issue interim receipts pending delivery of the definitive
notes.#.
2*
The Secretary of the Treasury may at any time, or from tine to tine,
prescribe supplemental or amendatory rules and regulations governing the offering,
which will bo communicated promptly to the Federal Reserve banks.
HENRY M0RG2NTHA.U, JR.,
Secretary of the Treasury.
— >o0o—
PRESS RELEASE
The Commissioner of Customs today announced that preliminary
reports show imports of 870,125 squares of red cedar shingles
from Canada, under the quota provisions of the Canadian Trade
Agreement, during the period January 1 to April 23, 1938.
These importations represent 95.0$ of the quota established
in Executive Order No. 7822, of February 25, 1938, which limits
importations of red cedar shingles from Canada to 916,246 squares
during the first six months of the calendar year 1938#
For the control of the current quota on importations of this
commodity, customs officers in charge at ports of entry are required
to secure telegraphic authorization from the Bureau of Customs for
acceptance of entry thereof for consumption.
If the current quota
is filled, further importations of this commodity may not be admitted
to entry for consumption until the beginning of the next quota
period on July 1, 1938.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Mondry, April 25, 1938
Press Service
No. 13-8
The Commissioner of Customs today announced that preliminary reports show
imports of 870,125
squares of red cedar shingles from Canada * under the quota
provisions of the Canadian Trade Agreement, during the period January 1 to
April 23, 1938, inclusive.
These importations represent 95.0$ of the quota established in Executive
Order No. 7822, of February 25, 1938, which limits importations of rod cedar
shingles from Canada to 916,246 squares during the first six months of the cal
endar year 1938.
For the control of the current quota on importations of this commodity,
customs officers in charge at ports of entry are required to secure telegraphic
authorization from the Bureau of Customs for acceptance of entry thereof for
consumption*
If the current quota is filled, further importations of this com
modity may not be admitted to entry for consumption until the beginning of the
next quota period on July 1, 1938.,
— oOo-
'TREASURY DEPARTMENT
Washington
Press Service
No. 13-9
FOR RELEASE, MORNING NEWSPAPERS ,
Tuesday5 April 26» 1938,________
4-25-38
Treasury Gold Receipts — (Net)
(in millions of dollars)
Newly-mined domestic ----------------— ~
Imports----- 1----- -— -----------------Miscellaneous (Secondary and other) —
J anuary-March
1938
$ 38.23 7*
-7.67 2/
3.83
$ 34.39
Total
Silver Receipts by United States Mints..and Assay Offices.- . ....
(Thousands of fine ounces)
Quarter
January-March
1938
Aggregate
to March 31
1938
December 21» 1933) — — ------------—
12 »971,6
204r470«4
Nationalized silver (Executive
Proclamation August 9, 1934) — ----
2.9
113,Q31<,4
Newly Mined domestic silver
(Executive Proclamation
Purchase Act silver (Act June 19,
1934)_____________________________
1/
2/
figures on basis -of .$35«per- fine—ounce.
Net exports.
-oOo—
10a»179.7'"'1,280 r433*l —
'ffm m m m Pám m iT
mmmmm
foi m i i s s , w m m é m m v m m ,
To»i<lay> Aprll 84» 1938*
Press Service
Secretary of th® Treasury Morgenthau announced last night that the
subscription bao)» for th® current offering of 3/4 porcent noto« of Series
0 of the Comaaodity Gredit Corporation olosed at the olose of business Ifenday,
Aprll 25, for the reoeipt of oash subeerlptlons.
Caah subseripti ons placed ln the m i l befo re IB o* d o c k ml&night,
Monday, Aprll 25, «111 be considerad as haring been enterad before the alose
of the subscription books.
The subscription books «111 alose at the aloee of buelnees Wedneeday,
Aprll 27, for the reeelpt of eubaarlptlons ln payment of «hieh Serlas B
Oollataral Trust Hotas of the Cosnodlty Credit Corporation, aaaturtng May 2,
1938, are tendered*
Any such subscriptions plaeed ln the m i l befo re 18 o* d o c k
aidnight, Wednesday, Aprll 87, «111 be eoaeidered as harlng been enterad before
the cióse of the eubeerlptlon b o d e »
¿iimouncament of the aaount of eash subeerlptlons and the basis of
alloteent «111 probably be «ade on Friday, Aprll 89*
THEASTIRY DEPARTMENT
Washington
POH RELEASE, MORNING NEWSPAPERS,
Tuesday, April 26, 1938«
____
4-25-38
Press Service
No. 13-10
Secretary of the Treasury Morgcnthau announced last night that the sub
scription hooks for the current offering of 3/4 percent notes of Series 0 of
the Commodity Credit Corporation closed at the close of business Monday, April 25,
for the receipt of cash subscriptions,
.Cash subscriptions placed in the mail before 12 o*clock midnight » Monday,
April 25, will be considered as having been entered before the close of the sub
scription books.
The subscription books will close at the close of business Wednesday,
April 27, for the .receipt of subscriptions in payment of which Series B Collateral
Trust Notes of the Commodity Credit Corporation, maturing May 2, 1938, are ten
dered.
Any such subscriptions placed in the mail before 12 o*clock midnight,
Wednesday, April 27, will be considered as having been entered before the close of
the subscription books.
Announcement of the amount of cash subscriptions and the basis of allotment
will probably be made on Friday, April 29.
— o0O'
fm & m m
mpahsmbt
HiSHIHOTOH
tos m um *, mcmwot mmvAmis,
Tuesday, April
wmmsernoe
26 , 1938 .
4/25/¿8 " --- 2S*----------------------------
Tisi Secretary of the Treasury announced last evening that the
tandera Ibr #50,000,000, or thereabouts» of 91-day Treasury bills» to
be dated April 27 and to mature July 27» 1938» vfeich «ere offered on
April 22» were opened at the federal Reserve baute on April 25*
The details of thie issue are ae follows:
Total applied 1er
Total accepted
- #158»830»000
«
50,050,000
Range of accepted bide:
High
*■ 100»
to«
Average prie#
*
-
99*987
99*991
S$alvalent rate approximately 0*051 persasi
*
*
*
0*037
*
(83 percent of the amount bid for at the low prise was accepted)
f
TREASURY- DEPARTMENT
Washington
Press Service
No. 13-11
FOR RELEASE, MORNING- NEWSPAPERS,
Tuesday, April 26, 1938._______
4/25/38.
The Secretary of the Treasury announced last evening that the tenders
for $50,000,000, or thereabouts, of 91-day Treasury hills, to be dated April
27 and to mature July 27, 1938, which were offered on April 22, were opened
at the Federal Reserve banks on April 25.
The details of this issue are as follows:
Total applied for
Total accepted
- $158,830,000
50,050,000
Range of accepted bids:
High
Low
Average price
-100
- 99.987
- 99.991
Equivalent rate approximately 0.051 percent
»
«
«
0.037
M
(83 percent of the amount bid for at the low price was accepted)
— oOo—
-
2
-
In regard to the Benjamin Franklin panel, it may be recalled that
Benjamin Franklin was the printer of the text of Indian Treaties of the
Colonial Laws and of the original Charter of the City of Philadelphia* He
was also a publisher of the Pennsylvania Gazette and was appointed Colonial
Postmaster about 1737* The Post Riders, on their weekly trips in seasonable
weather to New York, to the North, to Baltimore and the South, delivered
their postal collections to Franklin*s printing shop, near Second and Market
Place, Philadelphia*
George Harding was bora in Philadelphia in 1883. He worked in
architecture and studied at the Pennsylvania Academy of Fine Arts. For ten
years he wrote articles and made drawings for Harper*s Magazine, traveling
in Labrador, Central America, Australia, New Guinea and the Far East. During
the War he served as Captain of Engineers, detailed as one of the Official
Artists in action on the Marne, St. Mihiel and the Argonne, also the Army of
Occupation in Germany* Since that time he has devoted himself exclusively
to painting. He is Critic of Mural Decoration at the Pennsylvania Academy
of Fine Arts in Philadelphia* Mr* Harding has also executed murals, under the
Section of Painting and Sculpture, for the North Philadelphia Post Office and
murals for the Philadelphia Customs and Appraisers Stores*
Doris Lee
The two panels by Doris Lee depict Country Post and General Store and
Post Office* Miss Lee selected the subject matter because she had seen the
rural post very often and realized "the importance of the mail to rural people
She says that one of her purposes was to "try to get the earthy dignity of
country life*"
Doris Lee was born in Aleda, Illinois, February 1, 1905. Both her
aunt and her grandfather painted, which may account for her early interest in
art. She painted as a child and when she went to college specialized in painting. Graduating in 1927 she married, later going to Paris where she studied
with Andre L*Hote. Returning from Paris she went to live in Kansas City and
studied with Anthony Angorola and Ernest Lawson*
After a second trip to Europe she went to San Francisco »nfl entered
the California School of Fine Arts studying there with Lee Randolph and Arnold
Blanch. In 1931 she went to Woodstock, N* Y. and there came in contact with
a group of well known older painters* As she puts its "My formal education
ended and my real education began*“
Last year Miss Lee won the Logan Medal in the Chicago Institute* She
has also received a prize from the Worcester Museum and her paintings are
owned by the Chicago Institute, the Rhode Island School of Design, the
Metropolitan Museum and by various private collectors.
TREASURY DEPARTMENT -x O
d
sQ(\s / S /
£
«1 f H.
Washington
FOR RELEASE
m Ê m éPapers^ April 26 *38
r>urt^r
Press Service
i V i 5l
and S
m
n
r
a
l
paintings - two by George Harding
and two h»-©6ris Lee - wnMw installed in the Post Office Department Buildnorth and south el^mtor lobbies, on the sixth floor, during the
Tek end* These murals complete the decoration of this building, with the
exception of the circular wood portrait reliefs which will be placed on the
ills of the reception room of the Postmaster General*
/
OQQv
.As-'
The project to decorate the north and south elevator lobbies with
o <Ay,<> airs of mural panels, each pair by a different artist, and to decorate the
J .s,v /ante rooms and reception room of the Postmaster General with sculpture, was
begun more than three years ago. At that time the Section of Painting and
Sculpture held its first national competition and since then twenty —
Jt'gh
artists (fourteen painters and fourteen sculptors), have completed the in- *
stallation of their work*
Two sculptors, Paul Manship and William Zorach, and three painters,
Rockwell Kent, Reginald Marsh and Eugene Savage, were appointed on the ad
vice of twenty-one experts residing in different parts of the country* The
members of this advisory committee cast their votes as individuals without
conferring with each other* The remaining murals and sculpture are by
artists whose designs or models won in anonymous competition*
the names of the artists
the jury until the jury had
made
awards•
The painters whose commissions were won in this manner ares Alfred
Crimi, Karl Free, George Harding, Ward Lockwood, Frank Mechau, William C*
Palmer, Tom Lee and Doris Lee; the sculptors are: Stirling Calder, Gaetano
Cecere, Chaim Gross, Arthur Lee, Oronzio Maldarelli, Berta Margoulies,
Attilio Piccirilli, Concetta Scaravaglione, Carl L. Schmitz, Louis Slobodkin,
Heinz W a m e k e and Sydney Waugh*
George Harding
George Harding selected for the subjects of his two panels a Dispatch
Rider in the Revolutionary War and Franklin Signing the Post Receipt Book*
Dispatch riders were used in the Revolutionary War to keep Washington
in contact with separate units of his army with the movements of the various
militia forces and for carrying reports to the President on the activities of
Congress* Great care was used to avoid capture of dispatches when riding in
territory under British control* This was in addition to services carried
out in the heat of battle to keep the Commander-in-Chief informed of the
condition of the line facing the British*
TREASURY DEPARTMENT
Procurement Division
Washington
IFOR IMMEDIATE RELEASE,
■Tuesday, April 26, 1938.
Press Service
No* 13-12
The Section of Painting and Sculpture of the Procurement Division anInounced today that four mural paintings - two hy George Harding and two hy Doris
■Lee- have been installed in the Post Office Department Building in the north
land south elevator lobbies, on the sixth floor, during the week end.
These
■ murals complete the decoration of this building, with the exception of the cirI cular wood portrait reliefs which will be placed on the walls of the reception
I room of the Postmaster General.
The project to decorate the north and south elevator lobbies with pairs
I of mural panels, each pair by a different artist, and to decorate the ante rooms
I and reception room of the Postmaster General with sculpture, was begun more than
I three years ago.
At that time the Section of Painting and Sculpture held its
I first national competition and since then twenty-eight artists (fourteen painters
land fourteen sculptors), have completed the installation of their work.
Two sculptors, Paul Manship and
William Zorach, and three painters, Rock-
■well Kent, Reginald Marsh and Eugene Savage, were appointed on the advice of
■twenty-one experts residing in different parts of the country.
The members of
■this advisory committee cast their votes as individuals without conferring with
■each other.
The remaining murals and sculpture are by artists whose designs or
■nodels won in anonymous competition, with the names of the artists withheld from
fthe jury until the jury had made its awards.
The painters whose commissions were won in this manner are:
Alfred Crimi,
Karl Free, George Harding, Ward Lockwood, Frank Mechau, William 0. Palmer, Tom
Lee and Doris Lee; the sculptors are;
Stirling Calder, Gaetano Oecere, Chaim
Gross, Arthur Lee, Oronzio Maldarelli, Berta Margoulies, Attilio Piccirilli,
Honcetta Scaravaglione, Carl L. Schmitz, Louis Slobodkin, Heinz Warneke and
‘
TREASURY DEPARTMENT-. <> © a
j / w®®***
o c iff-f 1 'h v I ’Vi^' 2) i v / <
Washington
FOR KELFASE
Papers, April 26 *38
q M
Press Service
.
®mmxx &llc*
Section of Painting
The
fTfour mural paintings - two by George Harding
and Sculpture,,
and two by> Jris Lee installed in the Post Office Department Buildin^-isrthe north and south elCvator -Lobhies, on the sixth floor, during the
itfaek end* These murals complete the decoratlon-of this building, with the
exception of the circular wood portrait reliefs which will be placed on the
tils of the reception room of the Postmaster General*
i
1
(Li
yj
The project to decorate the north and south elevator lobbies with
¿airs
of
mural panels, each pair by a different artist, and to decorate the
V V
/ante rooms and reception room of the Postmaster General with sculpture, was
o «A [begun more than three years ago* At that time the Section of Painting and
t(\¥
r' i
\Sculpture held its first national competition and since then twenty-eNmer#^b
artists (fourteen painters and fourteen sculptors), have completed the in- *
stallation of their work*
Two sculptors, Paul Manship and William Zorach, and three painters,
Rockwell Kent, Reginald Marsh and Eugene Savage, were appointed on the ad
vice of twenty-one experts residing in different parts of the country* The
members of this advisory committee cast their votes as individuals without
conferring with each other* The remaining murals and sculpture are by
artists whose designs or models won in anonymous competition!
ay u
the names of the artists
the jury until the jury had
made
awards •
vyJTWt KW7? ’ g I p g f
'
., ? "
,,
The painters whose commissions were won in this manner ares Alfred
Crimi, Karl Free, George Harding, Ward Lockwood, Frank Mechau, William C*
Palmer, Tom Lee and Doris Lee; the sculptors are: Stirling Calder, Gaetano
Cecere, Chaim Gross, Arthur Lee, Oronzio Maldarelli, Berta Margoulies,
Attilio Piccirilli, Concetta Scaravaglione, Carl L* Schmitz, Louis Slobodkin,
Heinz W a m e k e and Sydney Waugh*
George Harding
George Harding selected for the subjects of his two panels a Dispatch
Rider in the Revolutionary War and Franklin Signing the Post Receipt Book*
Dispatch riders were used in the Revolutionary War to keep Washington
in contact with separate units of his army with the movements of the various
militia forces and for carrying reports to the President on the activities of
Congress* Great care was used to avoid capture of dispatches when riding in
territory under British control* This was in addition to services carried
out in the heat of battle to keep the Commander-in-Chief informed of the
condition of the line facing the British*
TREASURY DEPARTMENT
Procurement Division
Washington
FOR IMMEDIATE RELEASE,
Tuesday, April 26, 1938.
Press Service
No. 13-12
The Section of Painting and Sculpture of the Procurement Division an
nounced today that four mural paintings - two by George Harding and two “by Doris
Lee- have been installed in the Post Office Department Building in the north
and south elevator lobbies, on the sixth floor, during the week end.
These
murals complete the decoration of this building, with the exception of the cir
cular wood portrait reliefs which will be placed on the walls of the reception
room of the Postmaster General.
The project to decorate the north and south elevator lobbies with pairs
of mural panels, each pair by a different artist, and to decorate the ante rooms
and reception room of the Postmaster General with sculpture, was begun more than
three years ago.
At that time the Section of Painting and Sculpture held its
first national competition and since then twenty-eight artists (fourteen painters
and fourteen sculptors), have completed the installation of their work.
Two sculptors, Paul Manship and
William Zorach, and three painters, Rock
well Kent, Reginald Marsh and Eugene Savage, were appointed on the advice of
twenty-one experts residing in different parts of the country.
The members of
this advisory committee ca,st their votes as individuals without conferring with
each other.
The remaining murals and sculpture are by artists whose designs or
models won in anonymous competition, with the names of the artists withheld from
the jury until the jury had made its awards.
The painters whose commissions were won in this manner ares
Alfred Crimi,
Karl Free, George Harding, Ward Lockwood, Frank Mechau, William 0. Palmer, Tom
Lee and Doris Lee; the sculptors are;
Stirling Calder, Gaetano Cecere, Chaim
Gross, Arthur Lee, Oronzio Maldarelli, Berta Margoulies, Attilio Piccirilli,
Concetta Scaravaglione, Carl L. Schmitz, Louis Slobodkin, Heinz Warneke and
-
2
-
Sydney Waugh.
George Harding
George Harding selected for the subjects of his two panels a Dispatch
Rider in the Revdlutionary War and Franklin Signing the Post Receipt Book.
Dispatch riders were used in tho Revolutionary War to keep Washington in
contact with separate units of his army with the movements of the various
militia forces and for carrying reports to the President on the activities of
Congress.
Great care was used to avoid capture of dispatches when riding in
territory under British control.
This was in addition to services carried out
in the heat of battle to keep the Commander-in-chief informed of the condition
of the line facing the British.
In regard to the Benjamin Franklin panel, it may be recalled that Benjamin
Franklin was the printer of the text of Indian Treaties of the Colonial Laws and
of the original Charter of the City of Philadelphia.
He was also a publisher
of the Pennsylvania Gazette and was appointed Colonial Postmaster about 1737.
The Post Riders, on their weekly trips in seasonable weather to Hew York, to the
North, to Baltimore and the South, delivered their postal collections to Franklin1s
printing shop, near Second and Market Place, Philadelphia.
George Harding was born in Philadelphia in 1883.
and studied at the Pennsylvania Academy of Fine Arts.
He worked in architecture
For ten years he wrote
articles and made drawings for Harper*s Magazine, traveling in Labrador, Central
America, Australia, Hew Guinea and the Far East.
During the War he served as
Captain of Engineers, detailed as one of the Official Artists in action on the
Marne, St. Mihiel and the Argonne, also the Army of Occupation in Germany.
that time he has devoted himself exclusively to painting.
Since
He is Critic of Mural
Decoration at the Pennsylvania Academy of Fine Arts in Philadelphia.
Mi*» Harding
has also executed murals, under the Section of Painting and Sculpture, for the
North Philadelphia Post Office and murals for the Philadelphia Customs and
- 3 ~
Appraisers Stores*
Doris Lee
The two panels by Doris Lee depict Country Post and General Store and
Post Office.
Miss Leo selected the subject natter because she had seen the
rural post very often and realized 11the importance of the nail to rural people*11
She says that one of her purposes was to "try to get the earthy dignity of
country life.”
Doris Lee was born in Aleda, Illinois, February 1, 1905.
Both her aunt
and her grandfather painted, which nay account for her early interest in art.
She painted as a child and when 'she went to College specialized in painting*
Graduating in 1927 she married, later going to Paris where she studied with
Andre L fHote.
Returning from Paris she went to live in Kansas City and studied
with Anthony Angorola and Ernest Lawson.
After a second trip to Europe she went to San Francisco and entered the
California School of Fine Arts studying there with Lee Randolph and Arnold
Blanch.
In 1931 she went to Woodstock, U.Y. and there came in contact with a
group of well known older painters.
As she puts it*
"My formal education ended
and my real education began.1'
Last year Miss Lee won the Logan Medal in the Chicago Institute.
She
has also received a prize f.rom the Worcester Museum and her paintings are owned
by the Chicago Institute, the Rhode Island School of Design, the Metropolitan
Museum and by various private collectors.
— oOo—
TREASURY DEPARTMENT
Washington
FOR RELEASE MORNING- NEWSPAPERS
Friday,
April 29, 1938
Press Service
No. 13 - 13
Acting Comptroller of the Currency Marshall R. Diggs announced today
that the t'otal assets of the 5,256 active national hanks in the continental
United States, Alaska, Hawaii and the Virgin Islands of the United States,
on March 7, 1938, the date of the recent call for statements of condition,
amounted to $29 823 500 000, a decrease of $300 695 000, or 1.00 per cent,
from the amount reported hy the 5,266 active hanks as of December 31, 1937,
the date of the previous call, and a decrease of $225 672 000, or .75 per
cent, from the amount reported hy the 5,311 active hanks on March 31, 1937,
the date of the corresponding call a year ago.
Loans and discounts, including overdrafts, totalled $8 631 366 000, a
decrease of $182 181 000 since the previous call, hut an increase of
$156 794 000 since the March call last year.
Investments in United States Government obligations direct and fully
guaranteed amounted to $8 092 162 000, an increase of $19 289 000, or «Sv
4
per cent, since December, hut a decrease of $73 063 000, or .89 per cent,
since March a year ago.
Direct and indirect obligations held on March 7,-
1938, were $6 771 752 000 and $1 320 410 000, respectively.
Other bonds
and securities held of $3 722 727 000, which included obligations of States,
counties, and municipalities of $1 450 021 000, increased $32 605 000, or
.88 per cent, since December, but decreased $359 338 000, or 8.80 per cent,
since March 1937.
Balances with other banks and cash items in process of collection of
$7 948 081 000, including reserve with Federal Reserve banks of $4 282 582 000,
decreased $179 922 000 since December, but increased $153 975 000 since
March last year.
Cash in vault of $430 675 000 was $8 185 000 more than in
December, but $52 835 000 less than the amount held a year ago.
Total deposits on March 7, 1938, were $26 238 242 000, a decline of
$302 452 000 since December 31, 1937, and a decline of $276 868 000 since
-
March 31* 1937.
2
-
The deposits on the recent call date consisted of demand
and time deposits of individuals, partnerships, and corporations of
$11 893 101 000 and $7 531 158 000, respectively, United States Government
deposits of $495 629 000, State, county, and municipal deposits of
$2 044 926 000, postal savings deposits of $79 270 000, deposits of other
banks of $3 922 807 000, and certified and cashiers1 checks, cash letters
of credit and travelers’ checks outstanding, etc., of $271 351 000.
Deposits evidenced by savings pass books amounted to $6 650 001 000
and represented 16 092 831 accounts.
The unimpaired capital stock was $1 575 898 000, representing a par
value of $1 580 030 000.
The latter figure consisted of Class A preferred
stock of $251 833 000, Class B preferred stock of $17 210 000, and common
stock of $1 310 987 000.
Surplus of $1 106 495 000, undivided profits of $403 705 000, reserves
for contingencies of $159 292 000 and preferred stock retirement fund of
$11
970 000, a total of $1 601 462 000, increased $15 095 000 since
December and $70 131 000 since March last year.
Bills payable of $12 362 000 and rediscountsof $904
$13
000, a total of
266 000, increased $3 430 000 and $999 000 in the two and nearly
twelve month periods, respectively.
The percentage of loans and discounts to total deposits on March 7,~
1938, was 32.90, in comparison with 33.21 on December 31, 1937, and 31.96
on March 31, 1937.
-o0o~
PRESS RELEASE
The Commissioner of Customs today announced that the quota on
importations of red cedar shingles from Canada, provided for under
the Canadian Trade Agreement, and Executive Order No. 7822, of
February 25, 1938, which limited importations of this commodity
to 916,246 squares during the first six months of the calendar
year 1938, was filled on April 26, 1938.
Therefore, further importations of this commodity may not be
admitted to entry for consumption until the beginning of the next
quota period on July 1, 1938.
TREASURY ¿DEPARTMENT
Washington
EOR IMMEDIATE RELEASE,
Wednesday, April 27, 1938.
Press Service
No. 13-14
The Commissioner of Customs today announced that the quota on
importations of red cedar shingles from Canada, provided for under
the Canadian Trade Agreement, and Executive Order No. 7822, of
February 25, 1938, which limited importations of this commodity to
916,246 squares during the first six months of the calendar year 1938,
was filled on April 26, 1938.
Therefore, further importations of this commodity may not be
admitted to entry for consumption until the beginning of the next
quota period on July 1, 1938.
>o0o->*<
rnrnmrn p r e s s
h u i s s
/
/1
?r
) 3 > '
Secretary Morgenthau announced today that the following proclamation,
orders, and regulations relating to silver were revoked M k
1938t
(!)
Executive Order Me* 6814 dated August 9, 1934 aud
the amendment thereto, Executive Order Ho* 68954
dated Bovember 2, 1934,
(2)
Proclamation Bo* fifi -of August 9, 1934 (accept
certain provisions relative to seitXMeart. for
newly-mined domestic silver received by United
States linage mints under Proclamation Bo* 2067
of December 21, 1933,- as modified),
(3)
The Orders of the Secretary of the Treasury of ¿Tune
28, 1934 sad May 20, 1935,
(4)
The Silver Regulations of August 17, 1934, &»
amended*
The revoked Executive Order and Proclamation required the delivery to,
and directed the receipt by, ■the Baited States mints of silver situated in the
United States on August 9, 1934*
The revocation of the Orders of the Secretary of the Treasury eliminates
the restri estions imposed by such orders upon the importation and exportation of
silver.
The revoked regulations were issued under, and implemented, the revoked
proclamation and orders and prescribed the required reports and records rela
tive to silver holdings and transactions*
The revocations in no way affect the application of the tax on silver
transfers under subdivision 10 of sebéetelo A of title Till of the Bsvant Act
of 1926, as added by section 8 of the Silver Purchase Act of 1934*
Likewise, the revocations do not in any way affect the continued receipt
of newly-mined domestic silver under the Proclamation by the President of
December 21, 1933, as modified*
ARîJWP;mg 4 /2 0 /38
TREASURY DEPARTMENT
Washington
|
IFOR IMMEDIATE RELEASE,
[Thursday, April 28, 1938* •
Press Service
No. 13-15
Secretary Morgenthau announced today that the following proclamation,
orders, and regulations relating to.silver were revoked today, April 28, 1938;
(1)
Executive Order No. 6814 dated August 9, 1934, and
the amendment thereto, Executive Order No. 6895A,
dated November 2, 1934,
(2)
Proclamation No. 2092 of August 9, 1934 (except
certain provisions relative to settlement for newlymined domestic silver received by United States coinage
mints under Proclamation No. 206? of December 2 1 , 1933,
as modified),
(3)
The Orders of the Secretary of the Treasury of June 28,
1934, and May 20, 1935,
(4)
The Silver Regulations of August 17, 1934, as amended.
%
The revoked Executive Order and Proclamation required the delivery to,
and directed the receipt by, the United States mints of silver situated in the
United States on August 9, 1934.
The revocation of the Orders of the Secretary of the Treasury eliminates
the restrictions imposed by such orders upon the importation and exportation of .
silver.
The revoked regulations were issued under, and implemented, the revoked
proclamation and orders and prescribed the required reports and records relative
to silver holdings and transactions.
The revocations in no way affect the application of the tax on silver
transfers under subdivision 10 of schedule A of title VIII of the Revenue Act of
1926, as added by section 8 of the Silver Purchase Act of 1934.
Likewise, the revocations do not in any way affect the continued receipt
of newly-mined domestic silver under the Proclamation by the President of
December 21, 1933, as modified*
— oOo-—
TOEàSUKT D2PAR1MEST
m sm m w s
FOt U M B r A T K RSLSIS»,
Frtday, Aprii 8 9 , 1938,
Fresa Serric o
I l ~
l
C
The Secretar? of thè Treaeuzy tede? announeed thè subaeription
figaree and thè beale of alletnemt for thè off©ring of #200,000,000, or
tàereabouts, of 3/4 percont note» of Serie» 6 of thè Coraaodity Credit
%
Corporation,
Heports receired fresi thè Federai Eeaerre benho show thet cash
anhaerlptiona for thè new notes aggregete #1,839,000,000,
tiona were allotted
Suola subsorip*
*2 percent, but net lesa than #1,000 on any ere sub-
acriptica.
la additi ©a te thè cash allotment, prelimia&ry reports indicate
that »ere thaa #88,000,000 of thè #60,000,000 Serìea 8 Collateral Trust
Sotea of tha Corporation maturing May 8, 1988, bare been tendered in ex*
ehanga for thè new notea,
Further datali» a» to suhseriptiona and all etnea t# will ha
announoed whan final raporte ara receired fra» tha Federai Reserre
banka.
TREASURY DEPARTMENT
Washington
POR IMMEDIATE RELEASE,'
Eriday, April 29, 1938.
Press Service
No. 13-16
The Secretary of the Treasury today announced the subscription
figures and the basis of allotment for the offering of $200,000,000*
or thereabouts, of 3/4 percent notes of Series C of the Commodity Credit
Corporation.
Reports received from the Federal Reserve banks show that cash
subscriptions for the new notes aggregate $1,839,000,000.
Such sub
scriptions were allotted 8 percent, but not less than $1,000 on any
one subscription.
In addition to the cash allotment, preliminary reports indicate
that more than $58,000,000 of the $60,000,000 Series B Collateral Trust
Notes of the Corporation maturing May 2, 1938, have been tendered in
exchange for the new notes.
Further details as to subscriptions and allotments will be
announced when final reports are received from the Federal Reserve
banks.
— oOo—
V
Government
Securities
Gove rame ntOther
guaranteed
Securities Securities*
(000 omitted)
Totals brought forward ••••••••...... ..
$2,532,873
Ainsworth Library Fund, Walter Heed
General Hospital ......................
Unemployment Trust Fund ............. .
Railroad Retirement Account ••••........
Old-Age Reserve Account ................
Foreign Service Retirement and
Disability F u n d ..... .................
Canal Zone Retirement and Disability
Fund (1) .............................
Adjusted Service Certificate Fund ......
Alaska Railroad Retirement and
Disability Fund ••...•.•••...... .
Totals .......... ........
$ 268,983
$ 45,030
•*
10
751,665
80,000
636,100
*
**
3,262
3,588
27,900
-
-
279
**
•
$4,035,677
$268,983
#
•
$45,030
As of February 28, 1938:
Federal Farm Mortgage Corporation .......
Federal Land Banks ..... .............. .
Federal Intermediate Credit Banks ••••..«
Banks for Cooperatives.......... ......
Production Credit Corporations ....... ..
Production Credit Associations ....... ..
Joint Stock Land B a n k s ............... .
Federal Home Loan Banks ................
Home Owners' Loan Corporation.... .
50,173
63,705
54,268
4,822
1,431
1,638
20,730
1,100
6
10,000
31,095
13,885
11,073
7,351
14,177
**
$ 761,130
2,315
6,725
26,320
74,881
242
**
$197,867
$87,587
$871,613
-
Note: All trust funds may be invested in Government and Governmentguaranteed securities, and certain funds may also be Invested
in additional securities as indicated:
(1) In Federal Farm Loan Bonds;
(2) No limitations.
* Consist principally of Federal Farm Loan Bonds and Federal
Intermediate Credit Bank Debentures.
TREASURY DEPAROMENT
Washington
FOR RELEASE,
'SatsHTdayi A p r i l - 3 0 i 1 9 38.
P ress Service
No.
1)
S e c re ta ry Morgenthau re le a se d today the follow ing statem ent r e l a t i v e to the
V
amount o f Government and o th e r s e c u r i t i e s held in governmental t r u s t accoun ts and
by governmental co rp o ra tio n s and a g e n cie s:
SECURITIES HELD AS INVESTMENTS IN TRUST FUNDS AND IN ACCOUNTS OF
CERTAIN GOViERNMENTAL CORPORATIONS AND AGENCIES ON
DATES INDICATED
Fund o r Agency
Government
S e c u ritie s
Governmentguaranteed
Other
S e c u ritie s S e cu ritie s*
(000 em itted)
As of March 30, 1938:
Postal Savings System .............
$
Federal Deposit Insurance Corporation
Individual Indian Trust Funds •
#•••••*
Mutual Mortgage Insurance Fund
Federal Savings and Loan Insurance Corp. .
Civil Service Retirement and Disability Fu id
U. S. Government Life Insurance Fund (1) .
D. C. Teachers1 Retirement Fund (2) .....
Alien Property Custodian Fund ............
Panama Canal Zone Funds ( 1 ) ..... .
General Post Fund, Veterans* Administratio: i
Library of Congress Trust Fund (2) ............
D. C. Workmen’s Compensation Fund (1) ....
Longshoremen’s and Harbor Workers*
Compensation Fund (1) .............. .
German Special Deposit A c c o u n t ......... .
National Institute of Health Gift Fund ...
Comptroller of the Currency Employees*
Retirement Fund ......... ..............
Pershing Ball Memorial Fund ..............
National Park Trust Fund iZ) ....... .
9 3 7 ,4 2 2
3 5 9 ,0 9 4
4 2 ,4 5 8
1 8 ,8 5 5
8 ,7 1 5
3 8 7 ,7 9 5
7 3 4 ,8 4 2
5 ,1 0 5
3 0 ,5 6 0
1 ,8 5 0
1 ,1 0 7
JL
10
$ 1 6 6 ,8 3 4
72
1 0 1 ,9 6 7
95
5
M
B
$
20
•
4 2 ,0 6 7
2 ,1 6 1
290
1
437
11
101
3 ,9 5 7
83
-
-
705
201
12
-
-
$ 2 ,5 3 2 ,8 7 3
10
$ 2 6 8 ,9 8 3
43
$ 4 5 ,0 3 0
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Monday, May 2, 1958.
4/30/38.
Press Service
No* 13—17
Secretary Morgenthau released today the following statement relative to
|the amount of Government and other securities hold in governmental trust accounts
and by governmental corporations and agencies:
SECURITIES HELD AS INVESTMENTS IN TRUST FUNDS AND IN ACCOUNTS
OP CERTAIN GOVERNMENTAL CORPORATIONS AND AGENCIES
ON DATES INDICATED
fund or Agency
Government
Securities
Governmentguaranteed
Securities
Other
Securities*
(000 omitted)
As of March 30, 1938:
Po stal Savings System
.... .•• $
Federal Deposit Insurance Corporation ••
Individual Indian Trust funds ..........
Mutual Mortgage Insurance fund •....... *
Federal Sayings and Loan Insurance Corp.
Civil Service Retirement and Disability
fund .............................. •
U*S. Government Life Insurance fund (!)•
D. 0. Teachers* Retirement fund (2 ) .....
Alien Property Custodian fund ..........
Panama Canal Zone funds (l) ............
General Post fund, Veterans* Administra
tion .... ................
Library of Congress Trust fund (2) ..*••
D.C. Workmen*s Compensation fund (l) •••
Longshoremen*s and Harbor Workers*
Compensation fund (l) ..............
German Special Deposit A c c o u n t .... .
National Institute of Health Gift fund.*
Comptroller of the Currency Employees*
Retirement fund •...... f........... •
Pershing Hall Memorial Fund ............
National Park Trust fund. (2) .........
937,422
359,094
42,458
18,855
8,715
$ 166,834
*
72
101,967
387,795
734,842
5,105
30,560
1,850
«M
1,107
1
10
705
201
12
$2,532,873
mm
mm
20
—
mm
mm
-
95
mm
5
42,067
2,161
290
1
M
437
-
11
mm
10
10 1
3,957
83
$
• *
43
mm
mm
mm
mm
mm
mm
mm
$ 268,983
$ 45,030
2
Governnent
Securities
Governmejitguarenteed Other
Securities Securities*
(OOO omitted)
Totals brought forward
$2,532,873
Ainsworth Library Fund, Walter Reed
General Hospital
Unemployment Trust Fund
Railroad Retirement A c c o u n t ......... .
Old-Age Reserve Account
Foreign Service Retirement and
Disability Fund ••.... .............
Canal Zone Retirement and Disability,
Fond (l) ..............
Adjusted Service Certificate Fund.••••♦
Alaska Railroad Retirement and
Disability Fund ••..... ...........
Totals
$ 268,983
$45,030
10
751,665
80",000
636,100
3,262
3,588
27,900
279
$4,035,677
$ 268,983
$
$
$45,030
As of February 28, 1938:
Federal Farm Mortgage Corporation
Federal Land Banks ..................
Federal Intermediate Credit Banks .....
Banks for Cooperatives ........ .
Production Credit Corporations ........
Production Credit Associations ........
Joint Stock Land Banks .......... .
Federal Home Loon Banks *..... .
Home Owners* Loan Corporation ....•••••
Totals
Rote*
50,173
63,705
54,268
4,822
1,431
1,638
20,730
1 ,1 0 0
$ 197,867
............ .
6
10,000
31,095
13,885
11,073
7,351
14,177
—
$761,130
2,315
•*'
6,725
26,320
74,881
242
—
$ 87,587 $ 871,613
All trust funds may be invested in Government and Governmentguaranteed securities, and certain funds may also be invested
in additional, securities as indicated:
a)
In Federal Farm Loan Bonds;
(2 ) Ho limitations.
* Consist principally of Federal Farm Loan Bonds and Federal
Intermediate Credit Bank Debentures.
■oOo-
the r e q u i r e m e n t s
of the w o r k #
The m a x i m u m required rate
/
of d e l i v e r y w i l l n o t exc
Approved April
30-1938
Sealed bids
moderate-heat-of-hardening,
the
for
the
in paper
Purchase
s a c k s , Aw e r e
A
of
Portland
cement,
invited today by
P r o c u r e m e n t D i v i s i o n o f t h e T r e a s u r y D e p a r t m e n t * f o r d e l i v e r y in
Califorhia# The cement
is f o r t h e u s e
the F e d e r a l gover n m e n t
Jn that
Bids
Procurement
Division^
are
of e x e c u t i v e
departments
of
state«
to b e
at 1 0 a # m * ,
opened
at t h e
on M a y 12«
«ÆBfflSBBMMMMMSf**
Cement mills
total of 2 5 0 , 0 0 0 b a r r e l s ,
be
or for
d e l i v e r e d on a particular
month,
j
specified portions
schedule«
First month,
third month,45,000 barrels
are b e i n g a s k e d to b i d f o r e ither a
Award
is
40,000 barrels|
of this
to be made
a m o u n t to
as
the
s e c o n d m o n t h , 4 0 , 0 0 0 ta-
fourth month,50,000 barrels,
and sixth
40,000 barrels#
mills
Under
the
m a y b i d to d e l i v e r a n y o f t h e
periods
second schedule
specified
on board cars
that deliveries w i l l
months#
The
right
to
at t h e
shipping point,
extend f r o m that date
due to u n c e r t a i n t i e s
schedule
increase
i n a n y of
the
f i r s t d e l i v e r y o f c e m e n t w i l l b«|
estimated monthly requirements
schedules,but
work,this
quantities
named#
It is e s t i m a t e d t h e
required
offered,
cannot be
o r id e c r e a s e
as
to
guaranteed*
this
about
over
June
15,1938,
and
a p e r i o d of 5-jjj- t o 74-
for cement
the p r o g r e s s
are
as g i v e n in
of c o n s t r u c t i o n
a n d t h e g o v e r n m e n t r e s e r v e s the
schedule
as m a y b e n e c e s s a r y t o meet
vV<? j u A
l _ ~ - ^ aled
I è") v
tk"
"id
f o r the purchase of P ortlan d cement, m o d erate-h eat-o f-
^ardening, in paper sa ck s, f .o .b . a t m ill lo c a tio n ^ ¥ioro in v itu d buikij1
t.hp Promiroi^in-. TMviHnn
C a lifo r n ia .
Trea9iins*»£»»> a ^ ^
f o r d e liv e ry in
The cement i s f o r the use of th e /E x e cu tiv e departments of the
Fed eral Government in th a t s t a t e .
be opened a t. the Procurement D ivision a t 1
on May 1 2 ^ ,
Cu
'
Cement m ills a re beipg asked to bid f o r e ith e r t o t a l of 2 5 0 ,0 0 0 b a r r e ls or
Bids
f o r s p e c ifie d p o rtion s of th i s amount to be d eliv ered on a p a r tic u la r schedule.
Award i s to be made as the i n t e r e s t s o f the Government may d i c t a t e .
B ids w ill be asked fo r approxim ately the follow in g:
F i r s t month
Seco nd
"
Third
“
Fourths.M
iv
40.000 barrels
40.000
"
45.000
"
50.000
A
*1 0 pgoo" u
Under th e second schedule o ffe re d m ills may bid|
j Sferro
delivei
k
the
s p e c ifie d q u a n titie s ^bflfapy of the six^fc periodS^amed.
Dt i s e s tin a te d th a t f i r s t d eliv ery of cement w ill be required on board cars
a t the shipping point about June 1 5 , 1 9 5 8 , and th a t d e liv e r ie s w ill extend from
th a t date over a period o f 5g to 72 months.
The estim ated monthly requirements
fo r cement a re as given i n schedules but due to u n c e rta in tie s as to the progress
of c o n s tru c tio n work th is schedule cannot be guaranteed and th e Government reservj
the r ig h t to in cre a se or decrease t h i s schedule as may be necessary to meet the
requirem ents of the work.
The maximum required r a t e of d e liv e ry w ill not iiriwwP* exceed 3 ,0 0 0 b arrels
TEEASUET DEPARTMENT
Washington
EOE IMMEDIATE EELEASE,
Saturday, April 30, 1938
Press Service
No, 13-18
The Director of Procurement today invited sealed "bids for the purchase
of Portland cement, moderate-heat-of«-hardening, in paper sacks, f*o.b. at
mill location, for delivery in California.
The cement is for. the use of the
executive departments of the Federal Government in that state*
Bids will be opened at the Procurement Division at 10 a, m. on May 12,
Cement mills are being asked to bid for either a total of 250,000
barrels or for specified portions of this amount to be delivered on a par
ticular schedule*
Award is to be made as the interests of the Government
may dictate.
Bids will be asked for approximately the following?
First month
Second
w
Third
11
Fourth
u
Fifth
»
Sixth
K
40,000 barrels
40,000
11
45,000
50,000
11
35,000
«
40,000
11
Under the second schedule offered, mills may bid to deliver the speci
fied quantities for any of the six periods named.
It is estimated that first delivery of cement will be required on board
cars at the shipping point about June 15,1938, and that deliveries will ex
tend from that date over a period of
to ?§■ months.
The estimated monthly
requirements for cement are as given in schedules but due to uncertainties
as to the progress of construction work this schedule cannot be guaranteed
and the Government reserves the right to increase or decrease this schedule
as may be necessary to meet the requirements of the work.
The maximum required rate of delivery will net exceed 3,000 barrels
Tm m m m æmMmr
tm im m ik T E RSLSdSI,
Monday» May 8, 1938.
Press Service
Ä « Secretary of the Treasury today announced the final subscription and allot,
»ent figures with respect to the current offering of 3/4 percent notes of Series 0
of the Commodity Credit Corporation.
Subscriptions and allotments were divided among the several federal Reserve
districts and the treasury as follows s
federal Reserve
District
Boston
New Torte
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kisses City
Dallas
San Francis so
Treasury
TOTAL
Total Cash
Subscriptions
Received
$
139,107,000
1 »006 »296 »000
78,770,000
98,577,000
61,069,000
47,555,000
156,750,000
49,292,000
19,429,000
£8,541,000
28,809,000
140,641,000
8,750.000
$1,839,386,000
Telai Cash
Subscriptions
Allotted
# 10,856,000
80,584,000
6,327,000
7,945,000
4,919,000
3,916,000
11,141,000
4,046,000
1,631,000
2,525,000
2,560,000
10,994,000
700.000
1147,742,000
Total Rechange
Subscriptions
Received
(Allotted in full)
1 2,655,000
17,770,000
70,000
1,750,000
1,145,000
1,100,000
15,915,000
6,930,000
1,010,000
2,455,000
4,225,000
3,485,000
*
$58,430,000
Total
Subscription
Allotted
$ 13,511,00«
96,354,000
6,397,000
9,673,000
6,064,000
5,016,000
27,056,000
10,976,000
2,641,000
4,780,000
6,585,000
14,419,000
700t000
$806,178,000
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Monday, May 2» 1938.
Press Service
No. 13- 19
The Secretary of the Treasury today announced the final subscription
and allotment figures with respect to the current offering of 3/4 percent notes
of Series C of the Commodity Credit Corporation.
Subscriptions and allotments were divided among the several Federal
Reserve districts and the Treasury as follows:
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL
Total Cash
Subscriptions
Received
$
135,107,000
1,006,296,000
78,770,000
98,577,000
61,069,000
47,355,000
136,750,000
49,292,000
19,429,000
28,541,000
28,809,000
140,641,000
8,750,000
11,839,386,000
Total Cash
Subscriptions
Allotted
$ 10,856,000
80,584,000
6,327,000
7,943,000
4,919,000
3,916,000
11,141,000
4,046,000
1,631,000
2,325,000
2,360,000
10,994,000
700,000
$147,742,000
— oOo—
Total Exchange
Total
Subscriptions
Subscriptions
Received
Allotted
(Allotted in full)
$ 2,655,000
17,770,000
70,000
1,730,000
1,145,000
1 ,100,000
15,915,000
6,930,000
1 ,010,000
2,455,000
4,225,000
3,425,000
-
$58,430,000
$ 13,511,000
98,354,000
6,397,000
9,673,000
6,064,000
5,016,000
27,056,000
10,976,000
2,641,000
4,780,000
6,585,000
14,419,000
700,000
$206,172,000
m u s m r vm m m m r
vtMsm m fm
fOR PIL8AS1, m m vm KStBPAPIRS,
May 3A 196»«__________
5 /z /m
Pr««« s«rvlei
Tim Secretary of the Treasury announced last evening that the tender«
for #80,000,000, or thereabouts, of 91-day Treasury bills, to be dated
May 4 and to mature August 8, 1980, which were offered on April 89, were
opened at the federal Reserve banks on May 8»
The details of this issue are as follows)
Total applied for
Total accepted
* #109,438,000
80,021,000
Range of accepted bides
High
Low
Average price
* 100«
99*991 Equivalent rate approximately 0*036 percent
99.998
*
*
*
0*033
"
(98 percent of the amount bid for at the low price was accep ted)
s * >
R :j k
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING’NEWSPAPERS,
Tuesday, May 3, 1938.___________
5/2/38
Press Service
No. 13-20
The Secretary of the Treasury announced last evening that the tenders for
$50,000,000, or thereabouts, of 91-day Treasury hills, to he dated May 4 and to
mature August 3, 1938, which were offered on April 29, were opened kb the Federal
»
Reserve hanks on May 2*
The details of this issue are asfollows:
Total applied for
Total accepted
-
$187,632,000
50,021,000
Range of accepted bids:
High
Low
Average price
100
- 99.991 Equivalent
99.992
H
rate approximately 0,036 percent
11
,r
0.033
H
(72 percent of the amount hid for at the low price was accepted)
— oOo—
TREASURY DEPARTMENT
Commissioner of Internal Revenue Guy T. Helvering announced today
that on April 15, 1938 instructions were released to the field forces
of the Income Tax Unit of the Bureau of Internal Revenue to expedite the
audit and investigation of income tax returns filed for the calendar
years 1936 and 1937.
The Commissioner directed that field divisions undertake eorrespondence or office audits in certain selected cases where the questions in
volved appeared susceptible of discussion without the necessity for an
exhaustive investigation.
The Commissioner also authorized the heads of the thirty-eight
revenue agents1 divisions located at various points throughout the country
to issue final deficiency notices in all cases where taxpayers fail to
make a timely response to the Agents* invitation to execute an agreement
or to file a protest against proposed deficiencies.
The field men are
instructed to supply taxpayers with complete information as to the basis
of the claimed deficiencies, and to offer them every opportunity to pre
sent any evidence or argument they wish against the proposed adjustment.
These instructions are also designed to supplement the acceleration
program directed by Secretary Morgenthau more than a year ago.
To accom
plish the Secretary*s wishes, the work of audit and investigation must be
completed within fifteen months following the last date for filing for a
particular year period.
The benefits to the taxpayer and to the Government
as a result of the rule have been so apparent and so universally approved
that the Commissioner emphasized to the field forces his expectation that
the work upon the 1936 and 1937 returns be completed on time.
TREASURY DEPARTMENT
Washington
FOR RELEASE, AETESNOON NEWSPAPERS,
Thursday, M ay 5, 1938,___________ _
5/4/38
Press Service
Uo. 13-21
Commissioner of Internal Revenue Guy T. Helvering announced today that
on April 15, 1938,.instructions were released to the field forces of the Income
Tax Unit of the Bureau of Internal Revenue to expedite the audit and investiga
tion of income tax returns filed for the calendar years 1936 and 1937.
The Commissioner directed that field divisions undertake correspondence
or office audits in certain selected cases where the questions involved appeared
susceptible of discussion without the necessity for an exhaustive investigation.
The Commissioner also authorized the heads of the thirty-eight revenue
agents1 divisions loca,ted at various points throughout the country to issue
final deficiency notices in all cases where taxpayers fail to make a timely re
sponse to the Agents 1 invitation to execute an agreement or to file a protest
against proposed deficiencies.
The field men are instructed to supply taxpayers
with complete information as to tho basis of the claimed deficiencies, and to
offer them every opportunity to present any evidence or argument tney wish
against the proposed adjustment.
These instructions are also designed to supplement the acceleration pro—
gram directed by Secretary Morgenthau more than a year ago#
To a c c o m p l i s h the
Secretary*s wishes, the work of audit and investigation must be completed within
fifteen months following the last date for filing for a particular year period#
Tho benefits to the taxpayer and to tho Government as a result of the rule have
been so apparent and so universally approved that the Commissioner emphasized to
the field forces his expectation that the work upon the 1936 and 1937 returns
be completed on time.
'2-depository
T he b u i l d i n g
vised
patrol
under
floodlights# A nine
system# At night the
A
passage
of persons
foot
four turrets
steel fence
or v e h i c l e s
surrounds
t he
at
a d d e d p r o t e c t i o n to
stored# A
six foot
space#
s u p e r v i s i o n ^ r egul a t e s the!
enclosure*
This
a r e 1 2 inches
a three
foot
corridor also
connect
of t h e b u i l d i n g f r o m which
terrain in all directions#
c o r r i d o r is
the 2 3
the building#
p r o t e c t i o n is
t he c o r n e r s
surrounding
B e h i n d this
giving
surrounds
of t h e b u i l d i n g
concrete
a supers]
of t h e s t r u e t u r e m a y be p h
and f r o m . t h e
the s t o rage
or watchtowers
sentries m a y observe
to
outside walls
Behing this r e i n f o r c e d
corridor which
exterior
steel gate under guard
The
thick#
is g u a r d e d b y w a t c h m e n u n d e r
cubicles
concrete w a l k skirts
the
a two f o o t
concrete
wall
i n w h i c h the
silver
is to b
sides
and rear
of t h e
building©
cubiclesmare built
their
interior walls
are
one foot
in thickness©
in three
These
tiers, an;
c u b i c l e s measure
a p p r o x i m a t e l y 45 b y 20 f eet#
A basement under the
building
provides
building rests
follows:
space f o r
a heating
office
p o r t i o n of
system and storage
the
o f f u e l # The
o n a f o u n d a t i o n lOg- f e e t u n d e r g r o u n d l e v e l # T h e roof
i#
\
W o r k on the n e w b u l l i o n d e p o s i t o r y
has
p r o g r e s s e d to
of s i l v e r b a r s
such an extent that
by
June
1,
qt W e s t
Point,I,
it w i l l b e r e a d y f o r t h e
it w a s a n n o u n c e d
storage
today by Secretary
Morgenthau^^i
Silver
g|_0-r-', f û i4*U
r-i-viX
o.a JTn
W
J. i t - O / X i l
«V»!
shipj^rr&s
V-irir^lr
n-Vh'W
-W
J. Si.
J .
vau
Tw
are
+:T\a
to b e m a d e
" R n > KVW
fm.M, V i f L ^ n P .
f r o m the four
w fin i> 4 ^
fÿ, ¿¡4*
cj y ^ u ? , kjd iL jf [
tA-îtUk u /ü 2ji
VIL.—
n e w d e p o s i t o r ^ \ is
pj?esei
a o n e s t o r y c o n c r e t e building
'4
without w i n d o w s , l o c a t e d on a four acre
^
reservation,
and w i t h i n
500 feet
tract
on the W e s t
Point
>*
army
of the S t o r m K i n g h i g h w a y , n e a r
the
old N o r t h Gate*
/ The b u i l d i n g has
Sept em b e r j b y the
Boudin Contracting
firm submitted a low bid
At
guard rooms
this
of
the
the front
the b u i l d i n g
structure
construction
is u n d e r
C o r p o r a t i o n , N e w Y o r k City*
of
the b u i l d i n g a r e
first floor
is
obtained
l o c a t e d offices
and mexzanine*Light
a n d air ij
through skylights.The
remaindej
to t h e b u i & fing f o r .p or eons., is g a i n ed *
through a vestibule
at
front
steel lift d oor t h r ough w h i c h pass
insures
a vertical
complete
the front
checking rooms
series
of t h e
loading
The v a u l t
r e c o r d the t i m e
of o p e n i n g
The m a s t e r
is 12 l / 8
proof metals*
I n the c e n t e r
doors
is a t r u c k s p a c e
p l a t f o r m are r o l l i n g
This
32 b y 5 1 feet,Jf
steel doors
storage vault
proper*
door and
an*
This
an
are e q u i p p e d w i t h appliances w h i c h
and closing,
inches
trucks*
of the
operations*
is a g a i n g u a r d e d b y a m a s t e r v a u l t
emergency door*
flame
lift
building*
w h i c h i n t u r n l e a d to t h e
of c u b i c l e s
door
of the
Isolation for loading
B e h i n d this
i!..!— « To t h é r e a r
This
a solid composition roof©
Entrance
is
si n c e last]
of $ 5 2 8 , 0 0 0 *
•ftrrrv^vritm o n the
s e c t i o n of
been under
to p r e v e n t u n a u t h o r i z e d openift
thick and
is b u i l t
of d r i l l p r o o f and
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Monday, May 9, 1938«_________
5/5738
—
Press Service
No. 13-22
Work on the new bullion depository at West Point, N.Y., has progressed
to such an extent that it will bo ready for the storage of silver bars by
June 1, it was announced today by Secretary Morgenthan.
The new depository, which will be under the supervision of Mrs* Nellie
Tayloe Ross, Director of the Mint, is a one story concrete building without
windows, located on a four acre tract on the West Point army reservation, and
within 500 feet of the Storn King highway, near the old North Gate.
The building has been under construction since last September by the
Boudin Contracting Corporation, Now York City.
This firm submitted a low bid
of $528,000.
At the front of the building are located offices and guard rooms on the
first floor and mezzanine. . Light and air for this section of the building is
obtained through skylights.
The remainder of the structure is under a solid com
position roof.
Entrance to the offices is through a vestibule at the front of the building.
In the center of the front is a vertical steel lift door through which pass
trucks.
This insures complete isolation for loading operations.
Behind this lift is a truck space 32 by 51 feet.
To the rear of the
loading platform are rolling steel doors and checking rooms which in turn lead
to the .storage Vault proper.
This series of cubicles is again guarded by a
master vault door and an emergency door.
The vault dc^irs are equipped with appli
ances which record the time of opening and closing, to prevent unauthorized
openings.
The master door is 12 - 1/ 8 inches thick and is built of drill proof and
flame proof metads.
<"n'é':
- 2 -
The building is guarded by watchmen under a supervised patrol system*
night the exterior of the structure may.be placed under floodlights,
At
A nine
foot steel fence surrounds the building.
A steel gate under guard supervision regulates the passage of persons or
vehicles to and from the p’.closure*
The outside walls of the building are 12 inches thick*
Behind this rein
forced concrete protection is a three foot corridor which surrounds the storage
space*
This corridor also connects four turrets or w* tchtowers at the corners
of the building from which sentries nay observe the surrounding terrain in all
directions*
Behind this corridor is a two foot concrete wall giving added protection
to the 23 cubicles in which the silver is to be stored.
A six foot concrete
walk skirts the sides and rear of the building.
The cubicles are built in three tiers, and their Interior walla..ara ono foot in thickness.
These cubicles measure approximately 45 by 20 feet.
A basement under the office portion of the buildirg provides space for
a heating system and storage of fuel.
feet under ground level*
The building rests on a foundation 10-g-
The roof over all measures 172 by 258 feet*
The structure has a capacity of two billion ounces of silver» or about
70,000 tons*
— oOo—
I
- 2 -
C itie s under 25>000 Population
A b b ev ille, La* (South)
Benton, 111* (C e n tra l)
Bingham Canyon, Utah (West)
B o s s ie r , La* (South)
B rid geton , N. J . (E a st)
Brunswick, Ga. (South)
Chico, C a lif* (West)
C h illic o th e , Mo* (C e n tra l)
Chisholm, Minn* (C e n tra l)
C lin to n , Mo* (C e n tra l)
Covington, Va. (South)
Duryea, Pa* (E a st)
E llen sb u rg , Wash, (W est)'
E u fa la , A la. (South)
Eureka, Utah (West)
F a rm v ille , Va. (South)
f ra n k lin , Ohio (C e n tra l)
Gadsden, A la, (South)
Grass V alley , C a l i f . (West)
G reen field , Mass* (E a s t)
G reen v ille , A la. (South)
Houghton, Mich, (C e n tra l)
Hudson, N. Y. (E a st)
Indiana, P a. (E a st)
Ipsw ich, Mass. (E a s t)
Jackson, C a l i f . (West)
La Grande, C a lif . (West)
L am b ertv ille, N. J . (E a st)
Minden, L a. (South)
Napa, C a lif . (West)
Newark, N. Y. ( l a s t )
Normal, 1 1 1 . (C e n tra l)
Olympia, Wash. (West)
Penn Yann, N. Y. (E a s t)
S t. Helens, Ore, (West)
Som erville, N. J* (E a st)
Tooele, Utah (West)
V a lle jo , C a lif . (West)
W eatherford, Texas(South)
W illmar, Minn. (C e n tra l)
Wilmington, Ohio (Central)
Winona, Minn. (C e n tra l)
^Households with more
than one person per room
32.1
17.3
29.9
33.6
8.U
22.8
1
' A
18.9
21.0
17.9
22.0
25.9
15.^
35.1
21.8
17.3
lfc.3
39.9 (highest)
10.9
8.0
33.5
7.3
10.5
1
Á
12.2
12.3
1
K
5
7.3
22.6
5.}*
3.3
9.9
9.5
2.6 (lowest)
12.6
18.3
31.3
7.0
20.7
17.3
8.6
1 5 .6
HT
^Households with priv a te in sid e flush toi
3 1.2
W
. 2
81.9
60 .^
7 5 .0
5^.2
95.0
6 7 .2
90.7
50.9
79.2
32.7
80.6
k
u
k
29.6
80,U
56.3
7 1 .0
91.7
9^.7
1&.3
96.5
9 M
92.1
75.6
6 3.0
80.3
H7 .0
H9 .6
9 7 .5
9 3 .5
88.1
80 .5
98.0
79.0
97.0
68.6
9 6 .1
5H.6
77.3
58.6
80.1
Cities 500#000 Population
and over
Boston, Mass, (last)
Buffalo, N. Y. (East)
Chicago, 111. (Central)
Cleveland, Ohio (Central)
Detroit, Mich. (Central)
Los Angeles, Calif. (West)
New York, N. Y. (last)
Philadelphia, Pa. (last)
Pittsburgh, Pa. (last)
St. Louis, Mo. (Central)
$ Households with more
than one person per room
lU.2
B .k
16.9
12 .5
1 2 .7
10 .6
20.6
11.5
26.9
24.8
$ Households with pri*
vate inside flush toilei
95.**
97*1
91*7
95*5
91*7
9^.6
92.4
93-1*
S7*5
7 8.8
100.000-600.000 Population
Atlanta, &a. (South)
Birmingham, Ala. (South)
30 .0
2 2 .3
Cincinnati, Ohio (Central)
25.3
9.2
68.3
2 2 .1
8 5 .7
98.9
8 3.6
98.0
Columbus, Ohio (Central)
Dallas, Texas (South)
Pall River, Mass, (last)
Flint, Mich. (Central)
Grand Rapids, Mich. (Central)
Houston, Tex. (South)
Minneapolis, Minn. (Central)
Newark, N. J. (East)
New Orleans, La. (South)
Oakland, Calif. (West)
Portland, Ore. (West)
Richmond, Va. (South)
St. Paul, Minn. (Central)
Salt Lake City, Utah (West)
Seattle, Wash. (West)
Spokane, Wash. (West)
Syracuse, N. Y. (East)
Trenton, N. J. (last)
18.2
1 5 .6
5^
79*5
71.7
90.9
18.7
81.^
Ik .k
2 1 .2
9 4 .1
9 2.8
76 .8
27.9
7-2
5.9
1 7 .8
11.9
2 1 .0
7.*
9.k
5*2
11.64
93*9
94 .I
73*2
97*0
90 .U
86 .
87.6
b
97*7
8 7 .5
26.000-100.000 Population
Amarillo, Texas (South)
Lebanon, Pa. (last)
Lima, Ohio (Central)
Monroe, La. (South)
M 0ntgomery, Ala. (South)
Pittsfield, Mass. (East)
Port Huron, Mich. (Central)
Salem, Ore. (West)
Springfield, Mo. (Central)
Wichita Falls, Texas (South)
2 2 .5
9*7
6*5
29.6
3 0 .3
9*2
7*3
8 .1
20.6
22.0
8 7 .1
7 S.6
91.4
57*9
52*3
9 3.8
92.^
91*7
72.9
85*7
N.H.S.-~Housing 7
E.&.F.
7
Figures such as the above constitute a challenge to the health officer as well
as to the social engineer, according to the Survey bulletin.
Attached for the benefit of Hews Services is a list of the cities in
cluded: in the Housing Study, alphabetically by size-group, with the percentage
of households having more than one person per room; and the percentage of house
holds having a private inside MflushM toilet*
-N.H.S.— Housing 6
E.G.P.
cities, according to size, reported less than one-fourth of the families with
more than one person per room*
Shirty percent of relief families in cities of 100,000 to 500,000
population were so crowded; 23 percent in Western citiew of the same size group.
In Southern cities of this size, more than half the relief families were
crowded,
On the whole, the percentages of families with more persons than rooms
risQS as the size of the city decreases, in all areas except the Bast•
Housing in White and Colored Croups
She greatest degree of overcrowding is found in the colored popula
tions, especially in Southern cities.
canvassed had more than one person
Shere, 38 percent of the colored families
per room, as compared with 20 percent of
^
the white families.
In the last, 21 percent of colored families experienced this degree of
crowding as compared with 13 percent of white families.
In the Central section, 27 percent of colored families were crowded,
a,s compared with 15 percent of the whites.
In the West, the difference is even sharper*
Shirty percent of colored
Western families had more than one person per room, as compared with 10 percent
of white families.
race.
,,Coloredn as used in this report, includes all hut the white
i n the last, the colored population is dominantly Negro, while in 1
the West, Mexicans, Japanese and Chinese dominate the group.
She widely different situation of the colored population
with
respect
to sanitary facilities in different parts of the country and in cities of dif
ferent sizes was apparent also.
She proportion of colored households with in
side ^flush” toilet, not shared hy other families, varies from 9^ in one city
to 0 in another.
Environmental sanitation has become a routine requirement for wcivilizedM areas; by it, public health has conquered many of yesterdays plagues.
N.H.S.— Housing 5
b .g .p .
Many families may have a sufficient number of rooms Tmt be esposed
at the same time to one or more of these hazards.
In fact, it is believed that
percentages of households deficient in these fabtors would greatly exceed those
for crowding alone.
VARYING- CONDITIONS IN A R M S
Again stressing the marked differences in the housing conditions from
city to city, from area to area, and even within individual cities of the same
size and in the same State, the National Health Survey bulletin presents a se
ries of tables for each city included in the housing study, tables grouping the
data according to geographic areas, last, West, Central and South and according
to the size of the city.
In the West, 10 percent of the families surveyed were crowded; in the
Bast, 13 percent; in the Central section, 15 percent, and in the South, 25 per
cent.
Although the South’s large colored population is customarily cited as
“responsible” for all manner of adverse conditions, the Survey finds that 20
percent of the white Southern families surveyed were in crowded dwellings*
The percentage of households which either do not have
sodE inside
“flush” toilets, or if they do, must share them with other families, was 8 for
the last, 10 for the West, 13 for the Central section, and 26 for the South*
The size of the city does not appear to affect the degree of crowd
ing in the Central and Western areas; regardless of the size of the city, the
percentage of homes housing more than one person per romm is about the same.
In the Bast, the problem seems greater in the larger cities.
Bsren
in this area, 10 percent of the families in smaller cities, and 1^ percent in
cities of 100,000 to 500,000 population reported crowding.
In the South, the problem seems gfeater in the cities of less than
25,000, where 31 percent of the families reported more than one person per room
as compared with 25 percent for all Southern cities.
No group of Southern
- k -
N .H .S.— Housing
l .G .P .
it is considered that at the time of the Survey, persons in families
with annual incomes under $1,000 represented about *K) percent of the sur
veyed group*
Of these, almost one-half had been in receipt of public
assistance at some time during the year 1935*
Sixty-five percent were
in families with incomes, under $1,500 and SO percent, with annual incomes
of less than $2,000.
If these percentages of a representative group of city-dwelling
Americans speak for the nation*s urban population, it is clear that con
siderably more than ”one-third of a nation” are -unable to secure a suit
able standard of living.
The Survey points out that although some im
provement has no doubt taken place since 1935» nevertheless gradual re
covery brings gradually increasing prices.
BPersons per room*1 only P a r t i a l Story
The Public Health Service points out that information on Bpersons
per room” does not take directly into account many other aspects of de
ficient housing— such as use-over-crowding in which one room may serve as
living-room, kitchen, dining-room and bedroom for example.
Nor does it
include congestion in halls, on the streets, lack of adequate ventilation,
absence of sunlight, insufficient natural or artificial illumination,
dilapidation, fire hazards, absence of proper sanitary facilities and
other hazards which are found in many dwellings which are not wovercrowded.
Each of these factors has a bearing on the public health.
Their
relationship with accidents, infectious disease, and the normal growth of
children is widely appreciated.
N.H. S.— Housing
E.Gr.P.
-3~
These percentages may be compared with the proportion of relief and
low income families living under these conditions*
Thirty-four percent
(3*$) of the relief families had more persons in their homes than rooms; l6
percent had one and a half times as many persons as rooms; and over 10 per
cent harbored in their dwellings at least twice as many persons as there
were rooms*
In families not on^relief, but subsisting on less than $1,000 a
year, about 17 percent had more than one person per room; 7 percent had
one and one half persons per room; and 5 percent, two or more persons per
room*
Although no particularized study has been made, the drop from 3**$
in the relief group to 17$ of families experiencing crowding in this mar
ginal group may be partially explained by the presence of numbers of small
families— single persons, two-person households, broken families*
The striking contrast between crowding in the homes of the poor
and in the homes of the upper income groupsf$2,000 and over annual income),
is revealed when the above percentages are compared with the following.
Only 7 percent of the upper class homes had more household members than
rooms; about 1 percent had one and a half times as many persons as rooms,
and less than 1 percent had two or more persons per room*
Practically all families in the higher income groups, wherever the
city and whatever the size, had inside “flush” toilets which are not
shared with other families*
tMssis by no means true*
In the case of the relief or low income groups
In some cities, as shown in individual tables for
each city, the contrast is, in fact extremely marked.
The findings of the National Health Survey in respect to housing
conditions among different income groups are especially important when
2
N.H.S.-Housing
E .G .P .
The N ational H ealth Survey fin d s th i s not to be tru e f o r the country a s a whole,
although in some a r e a s , the problem remains g r e a te r in the la r g e r c i t i e s *
Of the e f f e c t o f poverty on adequate housing the N ational Health Survey
r e p o r ts :
"What income i s n ecessary under p resen t co n d itio n s to provide
decent housing, adequate n u tr itio n , s u f f ic ie n t c lo th in g , proper
medical c a r e , i s d eb atab le; but i t i s evident from these fig u re s
th a t a la rg e proportion of the population df th is country i s not
re c e iv in g incom es'adequate to insu re a su ita b le standard o f l i v
in g.
"What persons with the low est incomes w ill tend to have the l e a s t
adequate housing i s a tru ism . Thus, a v a ria tio n with income i s
to be expected ...H ow ever, the e x te n t o f th is v a r ia tio n , the s t r ik
ing d iffe re n ce s by geographic a re a and siz e of c i t y , the m anifest
p lig h t of the population on r e l i e f and unable to secure even the
rudiments o f modern c i v i l i z a t i o n — these# a re phases which cannot
f a i l to im p re ss."
The "rudiments o f modern c i v i l i z a t i o n " studied in the N ational Health
Survey a re reduced to modest term s.
housing.
The Survey i s not a d e ta ile d study of
The d ata secured were obtained as p a r t o f the socio-econom ic back
ground a g a in st which the sick ness experience of the population i s being in
v e s tig a te d .
Housing d ata secured apply to the number o f persons p er room and to
the type o f t o i l e t used by the individu al fam ily .
I t might be expected th at
modern l i f e should guarantee a t l e a s t one room to each person and an inside
"flu sh " t o i l e t f o r each fam ily .
Such i ^ i o t the c a s e .
Sixteen p ercen t of the 7 0 3 ,0 0 0 urban households liv e d in dw ellings
with more than one person per room; 6 p ercen t had more than one and a h a lf
tim es a s many persons a s rooms*
in the fam ily a s they had rooms.
About b p ercen t had tw ice as many persons
Fourteen p ercen t of these households had
no in sid e "flu sh " t o i l e t , o r , i f such a f a c i l i t y was a v a ila b le , i t was used
j o in tly with o th er f a m ilie s .
U. S. TREASURY DEPARTMENT
PUBLIC HEALTH SERVICE
N«H. S .--H ousing
E.G*P.
POS RELEASE;
Sunday, May
Copies tos
Dr, Olesen^
So marked a re the v a r ia tio n s in the housing problems of American c itie s
th a t i t i s im possible to d escrib e the n a tio n a l s itu a tio n adequately by strik in g
”av erag es” fo r the whole urban a r e a , accord in g to the U, S, P ub lic H ealth Service
in a b u lle tin issued today.
E xp erts o f the S ervice regard such d iffe re n ce s in the c h a ra c te r of the
housing problem in the United S ta te s as the most s ig n if ic a n t conclusion drawn
from housing d ata secured in the N ational Health Survey conducted in 1935-36*
This opinion i s supported by the f a c t t h a t , in one o f the S3 c i t i e s
stu d ied , Uo p ercen t o f the households canvassed had more than one person per
room, while in another c i t y , l e s s than 3 p ercen t of the fa m ilie s su ffered th is
degree of crowding.
The percentage f o r the t o t a l o f 7 0 3 ,0 0 0 households, re p re se n tin g the
p rin c ip a l geographic a re a s of the n ation and population siz e s ranging from 3*000
to 7 * 0 0 0 ,0 0 0 , was l 6 . 1 .
Wide v a ria tio n s in the p ercen tag es having d if f e re n t types o f san itary
f a c i l i t i e s ( t o i l e t s , w ater supply, e t c . ) were a lso observed.
DATA CONSISTENT ON INCOME-HOUSING RELATIONSHIP
In one r e s p e c t only, the d a ta from a l l p a r ts o f the country a re con
s is te n t:
th a t i s , in r e la tio n to income and housing co n d itio n s.
Fam ilies on a
high income le v e l seem ab le to secure adequate housing while among the r e l i e f and
low income groups, e s p e c ia lly in the co lored p opu lations, the re v e rse i s true
throughout the country.
While th is situ a tio n i s g e n e ra lly acknowledged in re s p e c t to the large
c i t i e s , the popular im pression i s th a t small c i t i e s have no crowding problem
TREASURY DEPARTMENT
U. S. Public Health Service
Washington
FOR RELEASE, A Ä M S 5 N NEWSPAPERS,
Monday, May 9, 1958.
5-7-58
Press Service
No. 1 5 - ^ 3
TREASURY DEPARTMENT
U. S. Public Health Service
Washington
■FOR RELEASE, MORNING NEWSPAPERS,
■Monday, May 9, 1958.
■5-7-38
Press Service
No. 13-23
So marked are the variations in the housing problems of American cities
■that it -is impossible to describe the national situation adequately by striking
l,,averagesM for the whole urban area, according to the U. S. Public Health Service
■in a bulletin issued today.
Experts of the Service regard such differences in the character of the
■lousing problem in the United States as the most significant conclusion drawn
■from housing data secured in the National Health Survey conducted in 1935-36.
This opinion is supported by the fact that, in one of the 83 cities
■studied, 40 percent of the households canvassed had more than one person per
■room, while in another city, less than 3 percent of the families suffered this
■Legree of crowding.
The percentage for the total of 703,000 households, representing the
Ibrincipal geographic areas of the nation and population sizes ranging from 3,000
to 7,000,000, was 16.1.
Wide variations in the percentages having different types of sanitary
liacilities (toilets, water supply, etc.) wore also observed.
DATA CONSISTENT ON INCOME-HOUSING RELATIONSHIP
In one respect only, the data fr^m all parts of the country are con
sistent:
that is, in relation to income and housing conditions.
Families on a
Pigb income level seem able to secure adequate housing while among the relief and
■ow income groups, especially in the colored populations, the reverse is true
■broughout the country.
■
While this situation is generally acknowledged in respect to the large
fities, the popular impression is that small cities have no crowding problem.
■
u
-
2
-
[The National Health. Survey finds this not to "be true for the country as a whole
klthough in some areas, the problem remains greater in the larger cities.
Of the effect of poverty on adequate housing the National Health Survey
reports:
"What income is necessary under present conditions to provide
decent housing, adequate nutrition, sufficient clothing, proper
medical care, is debatable; but it is evident from these figures
that a large proportion of the population of this country is not
receiving incomes adequate to insure a suitable standard of liv
ing.
MWhat persons with the lowest incomes will tend to have the least
adequate housing is a truism. Thus, a variation with income is
to be expected...However, the extent of this variation, the strik
ing differences by geographic area and size of city, the manifest
plight of the population on relief and unable to secure even the
rudiments of modern civilization— these are phases which cannot
fail to impress.1*
The **rudiments of modern civilization** studied in the National Health
Survey are reduced to modest terms.
housing.
The Survey is not a detailed study of
#
The data secured were obtained as part of the socio-economic back
ground against which the sickness experience of the population is being in
vestigated.
Housing data secured apply to the number of persons per room and to
the type of toilet used by the individual family.
It might be expected that
modern life should guarantee at least one room to each person and an inside
"flush** toilet for each family.
Such is not the case.
Sixteen percent of the 703,000 urban households lived in dwellings
with more than one person per room; 6 percent had more than one and a half
times as many persons as rooms.
About 4 percent had twice as many persons
m the family as they had rooms.
Fourteen percent of these households had
no
"flush** toilet, or, if such a facility was available, it was used
jointly with other families.
- 3 These percentages may "be compared with the proportion of relief and
low income families living under these conditions.
Thirty-four percent
(34$) of the relief families had more persons in their homes than rooms; 16
percent had one and a half times as many persons as rooms; and over 10 percent
harbored in their dwellings at least twice as many persons as there were rooms.
In families not on relief, hut subsisting on less than $1,000 a
year, about 17 percent had more than one person per room; 7 percent had
.
•ne and one-half persons per room; and 5 percent, two or more persons per
room.
Although no particularized study has been made, the drop from 34$
in the relief group to 17$ of families experiencing crowding in this mar
ginal group may be partially explained by the presence of numbers of small
families— single persons, two-person households, broken families.
The striking contrast between crowding in the homes of the poor
and in the homes of the upper income groups ($2,000 and over annual income),
is revealed when the above percentages are compared with the following.
Only 7 percent of the upper class homes had more household members than
rooms; about 1 percent had one and a half times as many persons as rooms,
and less than 1 percent had two or more persons per room.
Practically all families in the higher income groups, wherever the
city and whatever the size, had inside 11 flush” toilets which are not
shared with other families.
this is by n© means true.
In the case of the relief or low income groups
In some cities, as shown in individual tables for
each city, the contrast is, in fact extremely marked.
The findings of the National Health Survey in respect to housing
conditions among different income groups are especially important when
~ 4 N.H.S.— Housing
E.G.P.
it is considered that at the time of the Survey, persons in families
✓
with annual incomes under $1,000 represented about 40 percent of the sur
veyed group.
Of these, almost one-half had been in receipt of public
assistance at some time during the year 1935.
Sixty-five percent were
in families with incomes under $1,500 and 80 percent, with annual incomes
of less than $2 ,000 .
If these percentages of a representative group of city-dwelling
Americans speak for the nation’s urban population, it is clear that con
siderably more than "one-third of a nation" are unable to secure a suit
able standard of living.
Th.e Survey points out that although some im
provement lias no doubt taken place since 1935, nevertheless gradual re
covery brings gradually increasing prices.
f||| .
"Persons per room" only Partial Story
The Public Health Service points out that information on "persons
per room" does not take directly into account many other aspects of de
ficient housing— such as use-over-crowding in which one room may serve as
living-room, kitchen, dining-room and bedroom for example.
Hor does it
include congestion in halls, on the streets, lack of adequate ventilation,
absence of sunlight, insufficient natural or artificial illumination,
dilapidation, fire hazards, absence of proper sanitary facilities and
other hazards which are found in many dwellings which are not "overcrowded.
Each of these factors has a bearing on the public healtn.
Their
relationship with accidents, infectious disease, and the normal growth of
children is widely appreciated.
- 5 N,H, S. — Housing
E, G*P,
Many families may have a sufficient number of rooms hut he exposed
at the same time to one or more of these hazards.
In fact, it is believed
that percentages of households deficient in these factors would greatly ex
ceed those for crowding alone,
VARYING CONDITIONS IN AREAS
Again stressing the marked differences in the housing conditions from
city to city, from area to area, and even within individual cities of the same
size and in the same State, the National Health Survey bulletin presents a se
ries of tables for each city included in the housing study, tables grouping
the data according to geographic areas, East, West, Central and South and
according to the size of the city.
In the West, 10 percent of the families surveyed Y/ere crowded; in the
East, 13 percent; in the Central section, 15 percent, and in the South, 25
percent.
Although the South’s large colored population is customarily cited
as "responsible11 for all manner of adverse conditions, the Survey finds that
20 percent of the white Southern families surveyed were in crowded dwellings.
The percentage of households which either do not have inside "flush"
toilets, or if they do, must share them with other families, was 8 for the
East, 10 for the West, 13 for the Central section, and 26 for the South,
The size of the city does not appear to affect the degree of cro?/ding in the Central and Western areas; regardless of the size of the city, the
percentage of homes housing more than one person per room is about the same.
In the East, the problem seems greater in the larger cities.
Even
in this area, 10 percent of the families in smaller cities, and 14 percent in
cities of 100,000 to 500,000 population reported crowding.
- 6 H.H.S.— Housing
E.G.P.
In the South, the problem seems greater in the cities of less than
25,000, where 31 percent of the families reported mor$ than one person per
room, as compared with 25 percent for all Southern cities*
Ho group of
Southern cities, according to size, reported less than one-fourth of the
families with more than one person per room.
Thirty percent of relief families in cities of 100,000 to 500,000
population were so crowded; 23 percent in Western cities of the same size
group.
In Southern cities of this size, more than half the relief families
were crowded.
On the whole, the percentages of families with more persons than
rooms rises as the size of the city decreases, in all areas except the East.
Housing in White and Colored Groups
The greatest degree of overcrowding is found in the colored popula
tions, especially in Southern cities.
There, 38 percent of the colored
families canvassed had more than one person per room, as compared with
20 percent of the white families.
In the East, 21 percent of colored families experienced this degree
of crowding as compared with 13 percent of white families.
In the Central section, 27 percent of colored families were crowded,
as compared with 15 percent of the whites.
In the West, the difference is even sharper.
Thirty percent of
colored Western families had more than one person per room, as compared with
10 percent of white families.
but the white race.
” Colored” as used in this report, includes all
In the East, the colored population is dominantly Hegro.
while in the West, Mexicans, Japanese and Chinese dominate the group.
4
74
N*H. S. -^-Housing
E.G.P.
The widely different situation of the colored population with respect
to sanitary facilities in different parts of the country and in cities of
different sizes was apparent also*
The proportion of colored households with
inside ”flush!1 toilet, not shared by other families, ^varies from 94 in one
city to 0 in another.
Environmental sanitation has become a routine requirement for ” civil
ized” areas; by it, public health has conquered many of yesterday’s plagues.
Figures such as the above constitute a challenge to the health officer as
well as to the social engineer, according to the Survey bulletin.
Attached for the benefit of lews Services is a list of the cities in
cluded in the Housing Study, alphabetically by size-group, with the percent
age of households having more than one person per room; and the percentage
of households having a private inside ”flush” toilet.
Cities 500,000 Population
and over
Mass. (East)
Buffalo, N. Y. (East)
Chicago, 111. (Central)
Cleveland, Ohio (Central)
Detroit, Mich. (Central)
Los Angeles, Calif. fWest)
New York, N. Y. (East)
Philadelphia, Pa. (East)
Pittsburgh, Pa. (East)
St. Louis, Mo. (Central)
Boston,
% Households with more
than one person per room
% Households with private inside flush toilet
14.2
8.4
1 6 *9
12.5
12.7
10.6
20.6
11.5
23.9
24.8
95.4
97.1
91.7
95.5
91.7
30.0
22.3
•79.5
71.7
68.3
90.9
85.7
98.9
83.6
94.6
92.4
93.4
87.5
78.8
100,,000-600.000 Population
Atlanta, Ga. (South)
Birmingham, Ala. (South)
Cincinnati, Ohio (Central)
Columbus, Ohi 0 (Central)
Dallas, Texas (South)
Fall River, Mass. (East)
Flint, Mich. (Central)
Grand Rapids, Mich. (Central)
Houston, Tex. (South)
Minneapolis, Minn. (Central)
Newark, N. d. (East)
New Orleans, La. (South)
Oakland, Calif. (West)
Portland, Ore. (West)
Richmond, Va. (South)
St. Paul, Minn. (Central)
Salt Lake City, Utah (West)
Seattle, Wash. (West)
Spokane, Wa sh. (We st)
Syracuse, N. Y. (East)
Trenton, N. J. (East)
25.3
9.2
22.1
18.2
15 .6
'5,4
18,7
14.4
2102
27.9
7.2
5.9
17 08
11.9
21.0
7.4
9.4
5.2
11,6
98.0
81.4
94.1
92.8
76.8
93.9
94.1
73.2
97.0
90.4
86 o4
87.6
97.7
87.5
25,000~100,000 Population
Amarillo, Texas (South)
Lebanon, Pa. (East)
Lima, Ohio (Central)
Monroe, La. (South)
Montgomery, Ala, (South)
Pittsfield, Mass. (East)
Port Huron, Mich. (Central)
Salem, Ore. (West)
Springfield, Mo, (Central)
Wichita Falls, Texas (South)
22,5
9.7
6.5
29.6
30,3
9*2
7.3
8.1
20.6
22.0
87.1
78.5
91.4
57.9
52.3
93.8
92 .4 ;
91.7
72.9
85.7
2
Cities
under 25,000 Population
Abbeville, La, (South)
Benton, 111. (Central)
Bingham Canyon, Utah (West)
Bossier, La. (South)
Bridgeton, N. J. (East)
Brunswick, Ga, (South)
Chico, Calif. (West)
Chillicothe, Mo. (Central)
Chisholm, Minn. (Central)
Clinton, Mo. (Central)
Covington, Va. (South)
Duryea, Pa. (East)
Ellensburg, Wash. (Viest)
Jhifala, Ala. (South)
Eureka, Utah (Viest)
Parmville, Va. (South)
Franklin, Ohio (Central)
Gadsden, Ala. (South)
Grass Valley, Calif. (West)
Greenfield, Mass, (East)
Greenville, Ala. (South)
Houghton, Mich. (Central)
Hudson, N. Y. (East)
Indiana, Pa. (East)
Ipswich, Mass. (East)
Jackson, Calif. (Viest)
La Grande, Calif. (West)
Lambertville, N. J. (East)
Minden, La. (South)
Napa, Calif. (West)
Newark, N. Y. (East)
Normal, 111. (Central)
Olympia, Wash. (West)
Penn Yann, N. Y. (East)
St, He lens, Ore • (lie st )
Somerville, N. J. (East)
Tooele, Utah (West)
Vallejo, Calif. (West)
Yfeatherford, Texas (South)
Y/illmar, Minn. (Central)
Wilmington, Ohio (Central)
Winona, Minn. (Central)
^Households with more
than ohe person per room
32.1
17.8
29.9
33.6
8.4
22.8
7.4
18.9
2 1.0
17.9
22.0
25.9
15.4
35.1
2 1.8
17.3
14.3
39.9 (highest)
10.9
8.0
33.5
7.3
10.5
7.4
1 2 .2
12.3
14.5
7.3
22.6
5.4
3.3
9.9
9.5
2 .6 (lowest)
1 2 .6
18.3
31.8
7.0
20.7
17.3
8.6
15.6
households with private
'inside flush toilet
31.2
40.2
81.9
60.4
75.0
54.2
95.0
67.2
90.7
50.9
79.2
32.7
80.6
41.4
29.6
80.4
56.3
71.0
91.7
94.7
44.8
96.5
94.5
92.1
75.6
63.0
80.3
47.0
49.6
97.5
93.5
8 8 .1
80.5
98.0
79.0
97.0
68.6
96.1
54.6
77.3
58.6
80.1
TREASURY DEPARTMENT
Washington
FOR RELEASE MORNING- NEWSPAPERS
Thursday
May
12, 1938
PRESS SERVICE
No. 13-24
Marshall R. Diggs, Acting Comptroller of the Currency, today
announced the completion of the liquidation of 33 receiverships
during the month of April, 1938.
This makes a total of 1070 receiver
ships finally closed or restored to solvency since the Banking
Holiday of March, 1933.
Total disbursements, including offsets
allowed, to depositors and other creditors of these 1070 receiver
ships, exclusive of the 42 restored to solvency, aggregated
$407 138 261 00, or an average return of 80.27 per cent of total
liabilities, while unsecured creditors received dividends amounting
to an average of 66.62 per cent of their claims.
Dividends distrib
uted to creditors of all active receiverships during the month of
April, 1930, amounted to $2 512 090 00.
Total dividends paid and
distributions to depositors of all receiverships from March 16,1933, to April 30, 1938, amounted to $901 513 511 00.
~ 2 -
FIRST HAT IORAL BANK, BALDWIN PARK, CALIFORNIA;
This bank was placed in receivership October 22, 1931.
Depositors and other creditors received, including offsets
allowed, $178 799 00, representing 67.53$ of total liabilities
established.
Unsecured depositors received dividends aggre
gating 42$ of claims proved.
- 3 -
OGDEN NATIONAL BANK, CHICAGO, ILLINOIS:
This hank was placed in receivership October 1, 1931. Depositors
and other creditors received, including offsets allowed,
representing 57.8$ of total liabilities established.
$345 344 00,
Unsecured
depositors received dividends aggregating 43$ of claims proved.
ROSELAND NATIONAL BANK, CHICAGO, ILLINOIS:
A receiver was appointed for this bank under date of March 29,1937, for the purpose of collecting a stock assessment covering
deficiency in value of assets sold and/or completing unfinished
liquidation, depositors and creditors having been previously paid
in full by assumption of liabilities by another bank .
Dividends
paid amounted to 103.76$ of claims proved, while total disbursements
by the Receiver, including offsets allowed, aggregated $66 193 00,
representing 102.64$ of total liabilities.
Assets and stockholders1
unpaid assessments having book values in the respective aggregate
amounts of $150 922 00 and $55 291 00 and cash in the sum of
$1 842 00 were transferred to an agent elected by the shareholders.
FIRST NATIONAL BANK, MARENGO, ILLINOIS:
This bank was placed in receivership Aigust 29, 1932. Ifepositors
and other creditors received, including offsets allowed,
representing 85$ of total liabilities established.
$536 993 00,
Unsecured depositors
received dividends aggregating 81.35$ of claims proved.
FIRST NATIONAL BANK, MORRISON, ILLINOIS:
This bank was formerly in conservatorship.
in receivership Itecember 7, 1933.
It was finally placed
Depositors and other creditors
- 4 -
received, including offsets allowed, $393 400 00, representing 105$
of total liabilities established.
Begular creditors received divi
dends aggregating 100 $ principal plus an additional interest dividend
of 7,62$.
Waiver certificate holders received dividends aggregating
100$ principal plus an additional interest dividend of 7.4 $.
COMMERCIAL NATIONAL BANK, WILMINGTON, ILLINOIS:
This bank was formerly in conservatorship.
placed in receivership November 1, 1933.
It was finally
Depositors and other
creditors received, including offsets allowed, $257 704 00, repre
senting 107.83$ of total liabilities established.
Unsecured
depositors received dividends aggregating 100 $ principal plus an
additional interest dividend of 11.65$.
Assets and stockholders1
unpaid assessments having book values in the respective aggregate .
amounts of $52 237 00 and $34 888 00 and cash in the sum of $2240 00
were transferred to an agent elected by the shareholders.
•i
_ 5 ~
FIRST NATIONAL BANK, CLINTON, INDIANA:
This hank was formerly in conservatorship.
placed In receivership October 3, 1933.
It was finally
Depositors and other
creditors received, including offsets allowed,
$1 259 583 00,
representing '90..7$ of total liabilities established.
Unsecured
depositors received dividends aggregating 74.95$ of claims
proved.
6
FIRST NATIONAL BANK, CHELSEA, IOWA:
This bank was formerly in conservatorship.
placed in receivership October 30, 1933.
It was finally-
Depositors and other
creditors received, including offsets allowed,
$155 688 00, repre
senting 104 .56$ of total liabilities established.
Unsecured
depositors received dividends aggregating 100 $ principal plus an
additional interest dividend of 6 .6$.
FARMERS NATIONAL BANK, KINGSLEY, IOWA:
This bank was formerly in conservatorship.
placed in receivership October 30, 1933.
It was finally-
Depositors and other
creditors received, including offsets allowed,
seating 73,44$ of total liabilities established.
$99 870 00, repre-^
Unsecured
depositors received dividends aggregating 63.1$ of claims
proved.
L U C H NATIONAL BANK, LYNCH, KENTUCKY:
This hank was formerly in conservatorship.
placed in receivership October 3* 1933*
It was finally
Depositors and other
creditors received, including offsets allowed, $291 781 00, repre
senting 103.92$ of total liabilities established.
Unsecured
depositors received dividends aggregating 100 $ principal plus
an additional interest dividend of 13.28$.
Stockholders1 unpaid
assessments having book values aggregating $18 900 00 and
cash in the sum of $ 1 866 00 were transferred to an agent
elected by the shareholders.
WEBSTER NATIONAL BANK, WEBSTER, MASSACHUSETTS:
This "bank was formerly in conservatorship.
placed in receivership Hovember 3, 19o3.
It was finally
Depositors and other
creditors received, including offsets allowed, $1 338 603 00,
representing 101.32$ of total liabilities established.
Unsecured
depositors received dividends aggregating 100 $ principal plus an
additional interest dividend of 1.57$.
- 9 -
FIRST RATIONAL BANK, ALMONT, MICHIGAN:
This hank: was formerly in conservatorship.
placed in receivership October 9, 1933.
It was finally
Depositors and other
creditors received, including offsets allowed, $185 305 00,
representing 99.3$ of total liabilities established.
Unsecured
depositors received dividends aggregating 99 .3$ of claims proved.
LINCOLN PARK NATIONAL BANK, LINCOLN PARK, MICHIGAN:
This bank was placed in receivership February 2, 1933.
Depositors and other creditors received, including offsets allowed,
$343 868 00, representing 92.76$ of total liabilities established.
Unsecured depositors received dividends aggregating 88$ of claims
proved.
10
-
JACKSON NATIONAL BANK IN JACKSON, MINNESOTA:
This hank was placed in receivership January 16, 1933.
Depositors and other creditors received, including offsets
allowed, $262 028 00, representing 96.26jo of total liabilities
established.
Unsecured depositors received dividends aggre
gating 94.1$ of claims proved.
FIRST NATIONAL BANK, SWANVILLE, MINNESOTA:
This bank was formerly in conservatorship.
It was finally
placed in receivership December 7, 1933 . Depositors and other
creditors received, including offsets allowed, $121 726 00,
representing 62.15$ of total liabilities established.
Unsecured
depositors received dividends aggregating 30.7$ of claims proved.
FIRST NATIONAL BANK, WEST CONCORD, MINNESOTA:
This bank was formerly in conservatorship.
placed in receivership June 6 , 1934.
It was finally
Depositors and other
creditors received, including offsets allowed, $321 903 00,
representing 89.65$ of total liabilities established.
Unsecured
depositors received dividends aggregating 85.1 $ of claims proved.
- II -
NORFOLK NATIONAL BANK, NORFOLK, NEBRASKA:
This bank was placed in receivership LScember 2, 1931.
Depositors and other creditors received, including offsets
allowed,
$844 036 00, representing 92.26$ of total liabilities
established.
Unsecured depositors received dividends aggre
gating 89 .68$ of claims proved.
~
12
-
FIRST RATIONAL BARK, ROXBORO, NORTH CAROLINA:
This "bank was placed in receivership October 19, 1931.
Depositors and other creditors received, including offsets
allowed,
$533 776 00, representing 64.54$ of total liabilities
established.
Unsecured depositors received dividends aggre
gating 25.45$ of claims proved.
~ 13 -
COOLVILLE NATIONAL BANK, COOLVILLE, OHIO:
4
This "bank v/as placed in receivership March 18, 1931.
Depositors and other creditors received, including offsets
allowed,
$245 865 00, representing 70 .10$ of total liabil
ities established.
Unsecured depositors received dividends
aggregating 63.55$ of claims proved.
FIRST RATIONAL BANK, WAUSEON, OHIO:
This bank was placed in receivership
August 22, 1931.
Depositors and other creditors received, including offsets
allowed, $464 379 00, representing 76.06$ of total liabilities
established.
Unsecured depositors received dividends aggre
gating 69$ of claims proved.
- 14 -
TECUMSEH NATIONAL BANK, TECUMSEH, OKLAHOMA:
This hank was placed in receivership November 18, 1932.
Depositors and other creditors received, including offsets
allowed, $258 440 00 , representing 83.12$ of total liabilities
established.
Unsecured depositors received dividends aggre
gating 76.35$ of claims proved.
FIRST RATIONAL B A M , BURRS, OREGON:
This Bank was placed in receivership July 7, 1932.
Depositors and other creditors received, including offsets
allowed, $251 736 00, representing 87 .95$ of total liabil
ities established.
Unsecured depositors received dividends
aggregating 65 .9$ of claims proved.
16 -
FARMERS RATIONAL BANK & TRUST COMPANY, BEDFORD, PENNSYLVANIA:
This hank was formerly in conservatorship.
placed in receivership October 26, 1934.
It was finally
Depositors and other
creditors received, including offsets allowed, $827 795 00, repre
senting 106.88$ of total liabilities established.
Unsecured
depositors received dividends aggregating 100 $ principal plus
an additional interest dividend of 15.74$.
Assets and stock
holders’ unpaid assessments having book values in the respective
aggregate amounts of
$192 916 00 and $99 384 00 and cash in the
sum of $31 958 00 were transferred to an agent elected by the
shareholders.
FIRST NATIONAL BANK, HOOVSRSVILLE, PENNSYLVANIA:
This bank was formerly in conservatorship.
placed in receivership July 12, 1934.
It was finally
Depositors and other credi
tors received, including offsets allowed,
$303 312 00, represent
ing 71.91$ of total liabilities established.
Unsecured depositors
received dividends aggregating 63.85$ of claims proved.
FARMERS & MERCHANTS NATIONAL BANK, TYRONE, PENNSYLVANIA:
This bank was placed, in receivership
December 12, 1930.
Depositors and other creditors received, including offsets allowed,
$370 653 00, representing 81.62$ of total liabilities established.
Unsecured depositors received dividends aggregating 78.2$ of claims
proved.
- 17 -
FIRST RATI ORAL BARK, WOODRUFF, SOUTH CAROLINA:
This hank was formerly in conservatorship.
It was
finally placed in receivership November 10, 1933 .
Depositors
“€
and other creditors received, including offsets allowed,
157 710 00, representing 99 .87$. of total liabilities
established.
gating 100 $
of 1.4$.
Unsecured depositors received dividends aggre
principal plus an additional interest dividend
18 -
FIRST RATIONAL BANK, CHARRING, TEXAS;
This hank: was formerly in conservatorship.
placed in receivership October 14, 1933.
It v/as finally
Depositors and other
creditors received, including offsets allowed, $70 296 00, repre~
senting 83 .43$ of total liabilities established.
Unsecured
depositors received dividends aggregating 78.55$ of claims
proved.
ITASCA NAT IORAL B A M , ITASCA, TEXAS:
This bank: was placed in receivership January 2, 1932.
Depositors and other creditors received, including offsets allowed,
$108 626 00, representing 53.7$ of total liabilities established.
Unsecured depositors received dividends aggregating 30$ of claims
proved.
PLAINVIEW RATIONAL BANK, PLAINVIEW, TEXAS:
This bank was placed in receivership September 16, 1931.
Depositors and other creditors received, including offsets allowed,
$834 284 00, representing 44.23$ of total liabilities established.
Unsecured depositors received dividends aggregating 26.01$ of
claims proved.
19
OLYMPIA NATIONAL BANK, OLYMPIA, WASHINGTON:
This "bank was placed in receivership February 3, 1932.
Depositors and other creditors received, including offsets
allowed, $1 758 163 00, representing 89.03$ of total liabili
ties established.
Unsecured depositors received dividends
aggregating 68.05$ of claims proved.
FARMERS NATIONAL BANK, POMEROY, WASHINGTON:
This bank was placed in receivership May 19, 1931.
Depositors and other creditors received, including offsets
allowed, $247 073 00, representing 107.93$ of total liabili
ties established.
Unsecured depositors received dividends
aggregating 100 $ principal plus an additional interest
dividend of 16.37$.
Assets and stockholders’ unpaid assess
ments having book values in the respective aggregate amounts of
$50 148 00 and $5420 00 and cash in the sum of $1338 00 were
transferred to an agent elected by the shareholders.
-
20
-
FIRST NATIONAL BANK & TRUST COMPANY, BARABOO, WISCONSIN:
This Bank was formerly in conservatorship»
placed in receivership September 11, 1933.
It was finally
Depositors and
other creditors received, including offsets allowed, $1 233 904 00,
representing 107.8$ of total liabilities established.
Unsecured
depositors received dividends aggregating 100 /o principal plus
an additional interest dividend of 11.17$.
Assets having book
values in the aggregate amount of $57 549 00 and cash in the
sun of $ 1 1 1 00 were transferred to an agent elected by the share
holders .
FIRST NATIONAL BANK, NEILLSVILLE, WISCONSIN:
This bank was formerly in conservatorship.
placed in receivership October 26, 1933«
It was finally
Depositors and other
creditors received, including offsets allowed, $419 769 00, repre
senting 101.01$ of total liabilities established . Unsecured
depositors received dividends aggregating 100 $ principal plus
an additional interest dividend of 2 $.
INSOLVENT NATIONAL BANKS LI^JIOATBD AND FINALLY CLOSED
OR ftSSTO&SD TO SOLVENCY DURING TEE MONTH OF
APRIL, I93S
Name and Location of Bank.
Per Cent
Per Cent
Total Dis
Dividend
Total
Declared
bursements
Disbursements
to All
to Total
Including
Date of
Liabilities.
Claimants.
Offsets
Allowed.
Failure.
First Natl Bank
10 -2 2 -3 1
Baldwin Bark, Calif,
Ogden Natl Bank
Chicago, 111.
IO— I-3 I
Eoseland Natl Bank
Chicago, 111,
1j 3 — 29-37
First Natl Bank
Marengo, 111.
S— 29-32
First Natl Bank
Morrison, 111.
2) 12-7-33
Commercial Natl Bank
Wilmington, 111.
2/ 1 1 — 1 - 3 3
First Natl Bank
Clinton, Ind,
2 / 10-3-33
First Natl Bank
Chelsea, Iowa
2] 10 -30-33
Farmers Natl Bank
Kingsley, Iowa
2 j 10 -30-33
Lynch Natl Bank
Lynch, Ky.
g j 10-3-33
Webster Natl Bank
Webster, Mass.
2 j 11-3-33
First Natl Bank
Almont, Mlch•
2j 10 — 9-33
Lincoln lark Natl Bank
Lincoln £ark, Mich..
2 — 2— 33
$ US
799 00
3L5 3I& 00
Capital
Stock at
Date of
Failure.
Cash, Assets,
Uncollected Stock
Assessments, etc.
Returned to Shareholders* Asrent.
6 7.53
k2.
$ 35 000 00
57.8
^3*
200 000 00
000
$
000
66 193 00
10 2 .
IO3 .7 6
200 000 00
202 055 00
536 993 00
25.
81.35
50 000 00
000
393 UOO 00
10 5 .
10 0 . •
100 000 00
000
257 70U 00
10 7 .2 3
111.6 5
50 000 00
29 365 00
90.7
7^.95
60 000 00
000
1 259 583 00
Q \
15 5 623 00
10 H.56
10 6 .6
Uo 000 00
000
99 270 00
73.W*
6 3 .1
25 000 00
000
291 721 00
103.92
1 1 3 ,2 8
50 000 00
20 766 00
1 33ß 603 00
IOI.3 2
1 0 1 .5 7
100 00c 00
000
12 5 305 00
99.3
99.3
25 000 00
000
3^3 26s 00
92.76
88.
100 000 00
000
INSÖLVMT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
OH HHSTOHJSB TO SOLVmiY DURING THS MONTH ON
APRIL, I933-- Contd.
Hag» and Location of Banfe.
Jackson Natl Bank in
Jackson, Minn.
First Natl Bank
Swanville, Minn»
2/
First Natl Bank
West Concord, Minn. if
Norfolk, Natl Bank
Norfolk, Nebr.
First Natl Bank
ftoxboro, No. Car.
Coolville Natl Bank
Coalville, Ohio
First Natl Bank
Wauseon, Ohio
Tecanseh Natl Bank
Tecumseh, Okla.
First Natl Bank
Burns, Ore.
Farmers NB & Tr. Co.
Bedford, la.
z]
First Natl Bank
Hooversville, la.
it
Farmers & Merchants NB
Tyrone, la.
First Natl Bank
Tfoodruff, So. Car*
£/
Per Cent
Total
Total Disbursernents
Disbursement s
Date of
to Total
Including
Failure. Offsets Allowed . Liabilities.
Per Cent
Dividend
Declared
to All
Claimants.
Capi tal
Stock at
Date of
Failure.
$
ho 000
Cash, Assets,
Uncollected Stock
Assessments, etc.
Returned to Share ■
holders’ A^ent.
1-16-33 $ 262 023 00
96.26
9**.l
12-7-33
121 726 00
62.15
30.7
25 000 00
000
6— 6— 3^
321 903 00
39.65
85.1
50 000 00
000
12— 2-31
gbU 036,00
92.26
89.6s
100 000 00
000
10-19-31
333 776 00
6^.5H
25.^5
150 000 00
000
3-18-31
2U5 S65 00
70.13
63.55
25 000 00
000
3— 22-31
H6H 379 00 '
76.06
69.
50 000 00
000
11-13-32
?53 *&0 00
33.12
76.35
25 000 00
000
7-7-32
251 736 00
87-95
65.9
50 000 00
000
10-26-3*»
327 795 00
106.33
115 .7U
150 000 00
32U 25s 00
7--12-3U
303 312 00
71.91
63.35
25 000 00
000
12-12-30
370 653 00
81.62
73.2
150 000 00
000
11-10 -3 3
157 710 00
99-87
10 1. h
50 000 00
000
00
$
000
lUSVLVmf NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
OR RESTORED TO SOL'/ENCY DURING TES LOUTH OF
APRIL, 1938— Contd.
Ter Cent
Ter Cent
Total
TotaL DisDividend
Disbursements
bursements
Declared
Date of
Including
to Total
To All
Name and Location of Bank. Failure, Offsets Allowed* Liabilities» Claimants.
-
2J (*) -
$ 70 296 00
S3.H3
7S.55
$ 25 000
Cash, Assets,
Uncollected Stock
Assessments, etc.
Returned to Shareholders 1 Agent.
<a-
u
2/ lO-lU-33
0
0
First Natl Bank
Channing, Texas
Itasca Natl Bank
Itasca, Texas
Plainview Natl Bank
Plainview, Texas
Olympia Natl Bank
Olympia, Wash.
Farmers Natl Bank
Pomeroy, Wash.
First N3 & Tr. Co.
Baraboo, Wis.
First Natl Bank
Neillsville, Wis.
Capital
Stock at
Date of
Failure,
000
60 000 00
000
26.01
I25 000 00
000
89-03
68.05
I25 000 00
000
2U7 073 00
107.93
116.37
50 000 00
6*4- 906 00
2 / 9— 11-33 1 232 90*+ 00
107.s
111.17
I50 000 00
57 660 00
l^9 931 00
101.01
102.
I— 2-32
108 626 00
53.7
30.
9--I6-3I
S3U 28U 00
UU.23
2— 3— 32 1 75S 163 00
5— 19-31
2/ 10-26-33
50 000 00
000
Receiver appointed to levy and collect stock assessment covering deficiency in value of «assets sold,
or to complete unfinished liquidation.
Formerly in conservatorshin.
7 *62$ interest in full to regular creditors.
jmkfr partial interest paid to waiver certificate holders.
LIQUIDATION DATA
il
INSOLVENT NATIONAL BANKS
COMPLETELY LIQUIDATED AND FINALLY CLOSED
MONTH OF APRIL 1938
DISPOSITION OF TOTAL COLLECTIONS
DISPOSITION OF TOTAL LIABILITIES
C - Offsets Allowed
D - Unpaid Liabilities
T R E ASURY
DEPARTMENT
$ 1,075,300
$ 2,681,027
$17,579,794
6.1%
15.3%
G - Returned to Shareholders $
3 9 ,3 5 5
$ 1 .4 4 6 ,6 5 7
H - Expense o f Liquidation
*3%
9-4%
$15,309,679
ÉÜÉA
INSOLVENT NATIONAL BANKS
DISPOSITION OF COLLECTION DOLLAR (INCLUDING OFFSETS ALLOWED) IN
CLOSED RECEIVERSHIP BANKS THE LIQUIDATION OF WHICH HAD BEEN COMPLETED
TO
TREASURY
DEPARTMENT
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Monday, May 9, 1938«
Press Service
No«
Secretary Morgenthau today announced the appointment of
Roy Blough, Ph.D«, Associate Professor of the Graduate School
of Public Administration in the Department of Economics of the
University of Cincinnati, as Director of Tax Research in the
Treasury Department, the appointment to be effective June 1«
Dr. Blough is well known as a tax statistician and economist
and writer on tax problems.
Before joining the faculty of the
University of Cincinnati he was Chief Statistician of the Yfisconsin
State Tax Commission.
He was associate director of a tax study
recently completed by the Twentieth Century Fund and was co-author
of a book entitled "Facing The Tax Problem”, published by the Fund.
He has contributed numerous articles on tax problems to technical
magazines.
He is Chairman of the Committee on Social Security
of the National Tax Association and has acted as consultant to the
Social Security Board.
He participated in a study of tax problems
for the Treasury Department in August and September of last year,
under the direction of Under Secretary Magill.
— oOo—
TREASURY- DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Monday, May 9, 1938.
Press Service
No. 13-25
■
C,
t
'HHH H H H
Secretary Morgen than, today announced the appointment of Roy Blough, Ph* D. ,
Associate Professor in the Department of Economics, Graduate School of public
Administration, of the University of Cincinnati, as Director of Tax Research
in the Treasury Department, the appointment to be effective June 1.
Dr. Blough is well known as a tax statistician and economist and writer
on tax; problems.
Before joining the faculty of the University of Cincinnati
he was Chief Statistician of the Wisconsin State Tax Commission.
He was asso
ciate director of a tax study recently completed by the Twentieth Century Fund
and was co-author of the resulting book entitled ’’Pacing The Tax Problem",
published by the Fund.
technical journals.
He has contributed numerous articles on tax problems to
He is Chairman of the Committee on Social Security Legis
lation and Administration of the National Tax Association and has acted as con
sultant to the Bureau of Research and Statistics of the Social Security Board.
He participated in a study of tax problems for the Treasury Department in August
and September of last year, under the direction of Under Secretary Magill.
— oOo—
TREASÜHJT DEPa KMBNT
WäSEIMGTCK
FOH R8LSASI, M « Î H § HHÜSPAflHS
Frese Servie*
j3 -IL
The Secretary of the Treasury announced last evening that the
tenders for 150,000,000, or thereabouts, of 91-day Treasury bill«, to be
dated m y 11 and to astore August 10, 1933, which were offered m
m y
6,
were opened et the federal Reserve banks on May 9*
The dotali« of this Issue are as follows:
total applied for
Total accepted
* #311,349,000
«
80,109,000
Hange of aooepted bidet
High
la m
Average pries
(89 percent of
(Excepting one bid of #10,000}
» 99*998 Equivalent rate approximately 0*020 percent
- 99*992
*
»
*
0.082
*
99*998 w
e
e
0*029
•
the amount bid for at the lowprice was accepted)
treasury department
Washington
FOR.RELEASE, MORNING- NEWSPAPERS,
Tuesday, May 10. 1938.
5-9-38
Press Service
No, 13-26
The Secretary of the Treasury announced last evening that the tenders
for $50,000,000, or thereabouts, of 91-day Treasury hills, to he dated May 11
and to mature August 10, 1938, which were offered, on May 6 , were opened at
the Federal Reserve hanks on May 9,
The details of this issue are as follows;
Total applied for
Total accepted
- $211,547,000
50,109,000
Range of accepted bids:
.High
Low
Average price
(Excepting one hid of $10*000)
- 99.995 Equivalent rate approximately 0.020 percent
- 99.992
»
»
11
6 !032
»
- 99,993
11
'*
11
0.029
tT
(89 percent of the amount hid for at the low price was accepted)
— oOo—
IIP •
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday, March 31, 1938.
Press Service
No. 12-85
Commission of Customs James'H. Moyle today issued the following statement
showing imports of distilled liquors and wines, and duties collected thereon,
covering the month of January, 1938, with comparative figures for the months of
January, 1937, and December,-1-937, and-the- first seven-months of the fiscal years
1937 and 1938:
.
..
■
,
January
1938
December
1937
January
1937
1st 7 months,F.Y.
1938
1937
DISTILLED LIQUORS
(Proof Gallons)
Stock in Customs
Bonded Warehouses
at beginning ..•
3,807,353
4,621,995
4,944,313
3,426,042
Total Imports (Free
and dutiable)...
11,016,920
1,082,383
1,901,121
1,280,400
Available for Consumption .......
5,704,378
14,824,273
6,845,434
4,706,442
Entered into Con
sumption (a) ...
808,665
1,077,908
9,885,415
2,214,123
Stock in Customs
Bonded Warehouses
at end .........
3,618,938
4,893,270
4,621,995
4,893,270
STILL WINES
(Liquid Gallons)
Stock in Customs
Bonded Warehouses
at beginning ...
1,085,347
1,603,741
1,552,153
1,301,262
Total Imports (Free
and Dutiable) •.
.224,057
443,267
2,261,829
212,826
Available for Con
sumption .......
3,563,091
1,776,210
2,047,008
1,298,173
Entered into Consumption (a) ...
1,986,737
204,475
493,973
228,372
Stock in Customs
Bonded Warehouses
at end .........
1,570,953
1,552,153
1,068,789
1,570,953
SPARKLING WINES
(Liquid Gallons)
Stock in Customs
Bonded Warehouses
at beginning •••
200,329
324,430
137,455
357,521
Total Imports (Free
and Dutiable) •.
133,146
36,398
567,700
31,221
Available for Consumption ......
355,651
490,667
768,029
173,853
Entered into. Con*»
sumption (a) ..•
21,954
433,848
166,093
26,273
Stock in Customs
Bonded Warehouses
at end ........
333,423
147,538
333,423
324,430
DUTIES COLLEQTED ONr
Distilled Liquors $ 1,983,109 $ 5,498,625 $ 2,527,410 $24,328,496
Still Wines •..••
183,006
439,931
198,901
1,765,402
Sparkling Wines •
63,891
1,299,933
499,182
78,585
Total Duties collecton liquor ....... $ 2,230,006 $ 6,437,738 $ 2,804,896 $27,393,831
(a) Including withdrawals for ship supplies and diplomatic use.
— oOo
3,702,5861
10,106,7081
13,809,2941
10,130,7641
3,618,9381
1,637,508
1,669,725
3,307,233
2,232,410
1,068,789
216,919
360,481
577,400
429,449
I47i53|
fcfM
l,290i|l
$28,105/®
■
¡||
IMPORTS OF DISTILLED LlftUORS AND WINES AND DUTIES COLLECTED THEREON
:
:
MARCH 1138_________________________
Maroh
:
Maroh
: February
:
1938
:
1938
:
1937
:
1st 9 months , F.Y.
1938
:. 1917
|
DISTILLED LIQUORS (Proof Gallons):
Stock in Customs Bonded Warehouses at beginning
Total Imports (Free and Dutiable)
Available for Consumption
Entered into Consumption (a)
4,923,971
7$8,815
5 ,6 8 2 ,7 8 6
9 8 9 ,7 6 2
4,893,270
3 ,8 3 2 ,9 8 7
777,736
5 ,6 7 1 , 0 0 6
1,420,648
744,670
5,253,635
3,807,353
12,553,471
1 6 ,3 6 0 ,8 2 4
16,5341
1 ,3 2 8 ,0 0 0
11,619,847
1 2 , 536,1
Exported from 0uaietts--4kHat'Ody~.~
3,702,1
12 ,831!
*
m..8^1
Stook in Customs Bonded Warehouses
at end
4,684,933
4,923,971
3 ,9 1 0 , 0 8 5
4 ,6 8 4 ,9 33
3 ,910!
1 , 5 3 5 ,4 7 9
24 9 ,9 9 7
1 ,7 8 5 , 4 7 6
1,570,953
153,548
1,068,108
1,724,501
2 5 5 ,9 9 8
188,702
1,459,350
267,114
1 ,3 0 1 , 2 6 2
2 ,6 6 5 ,3 7 4
3 ,9 6 6 ,6 3 6
2 ,4 3 1 , 4 3 7
1 ,637!
2,271,1
3 ,909,21
2 ,710!
1 ,192,1
STILL WIRES (Liquid Gallons):
1 , Stook in Customs Bonded Warehouses at beginning
Total Imports (Free and Dutiable)
1
Available for Consumption
Entered into Consumption (a)
391,242
*™13 9 ""**
Stook in Customs Bonded Warehouses
at end
I
1 ,5 2 7 ,4 9 6
1,535,479
1 ,1 9 2 , 0 7 7
1 ,5 2 7 ,4 9 6
331,816
333,423
18,851
168,69 2
2 0 0 ,3 2 9
nil
352,274
2 0 9 ,110
2 0 ,0 13
25,773
6 2 5 ,9 7 4
8 2 6 ,3 0 3
4 7 2 ,7 11
440,1
352,384—
183,1
SPARKLING WINES (Liquid Gallons):
Stook in Customs Bonded Ware«
houses at beginning
Total Imports (Free and Dutiable)
Available for Consumption
Entered into Consumption (a)
I
39,4 2 3
371,239
18,850
pieman*.
ei’t ed - - m r rust oitrr g g i r r a y *
40,418
657,§
473«|
•mAoInMM
Stook in Customs Bonded Warehouses
at end
352,384
331,816
183,318
$ 2 ,4 3 3 , 9 6 2
$1,833,440
$3,265,312
$ 2 8 , 59 5,89 8
22 2,56 5
165,680
244,611
54,588
58,581
75,840
2,153,647
1,413,102
f30,743>|
2,42^1
1.420,1
$2,711,115
$2,057,701
$3 , 5 8 5 ,7 6 3
$32,162,647
$34,583!
—-2-3» 59 5 ,577"-"“ 22,145,580
$24,203,281
4S,n*,86*
$52,502,628
2^^308^07
316,548!
$290,471,254
$351,1 3 W
3!
DUTIES COLLECTED ON:
Distilled Liquors
Still Wines
Sparkling Wines
Total Duties Collected on Liquors
1Total
|1
Duties ^ColleeLed on Other
Commoditi es
I T otal Duties Colleeted
| Percent Collected- -en— Liquors
1 $2 6 ,3 0 6 ,6 9 2
10.396
8 .5$
6.89^
1196
(a) - Ineluding withdrawals for ship supplies and diplomatic use.
(Prepared by Division of Statistics and Research, Bureau of Customs)
TREASURY DEPARTMENT
Washington
Press Service
No. 13-27
FOR IMMEDIATE RELEASE,
Tuesday» May 10, 1938.
Commissioner of Customs James H. Moylo today issued the following statement
imports of distilled liquors and wines, and duties collected thereon,
c o v e r in g the month of March, 1938, with comparative figures for the months of
March, 1937, and February, 1938, and the first nine months of'the fiscal years
1937 and 1938:__________
1st 9 months, F.Y.
March
February
March
1937
1938
1937
1938
1938
show ing
DISTILLED LIQUORS
(Proof Gallons)
Stock in Customs
Bonded Warehouses
at beginning ••«.
Total Imports (Free
and Dutiable).•..
Available for Con
sumption •••«••..
Entered into Con
sumption (a).....
Stock in Customs
Bonded Warehouses
at end .........
STILL WINES
(Liquid Gallons)
Stock in Customs
Bonded Warehouses
at beginning ••••
Total Imports (Free
and Dutiable)....
Available for Con
sumption ........
Entered into Con
sumption (a) ....
Stock in Customs
Bonded Warehouses
at end ...•••••••.
SPARKLING WINES
(Liquid Gallons)
Stock in Customs
Bonded Warehouses
at beginning ....
Total Imports (Free
and Dutiable ....
Available for Con
sumption ..... .
Entered into Con
sumption (a) ....
Stock in Customs ■
Bonded Warehouses
.ot end oev'..l
>.<s«.
4,923,971
4,893,270
3,832,987
3,807,353
3,702,586
758,815
777,736
1,420,648
12,553,471
12,831,750
5,682,786
5,671,006
5,253,635
16,360,824
16,534,336
989,762
744,670
1,328,000
11,619,847
12,536,338
4,684,933
4,923,971
3,910,085
4,684,933
3,910,085
1,535,479
1,570,953
1,068,108
1,301,262
1,637,508
249,997
153,548
391,242
2,665,374
2,271,743
1,785,476
1,724,501
1,459,350
3,966,636
3,909,251
255,998
188,702
267,114
2,431,437
2,710,929
1,527,496
1,535,479
1,192,077
1,527,496
1,192,077
331,816
333,423
168,692
200,329
216*919
39,423
18,851
40,418
625,974
440,236
371,239
352,274
209,110
826,303
657,155
18,850
20,013
25,773
472,711
473,374
352,384
331,816
183,318
. 352,384
183,318
«UH.-EJO vOLliJiiOiiiuJ ON •
,
Distilled Liquors
$2,433,962 $1,833,440' $3,265,312 $38,595,898 $30,743,551
Still Wines.*.o...
222,565
165,680
244,611
2,153,647
2,425,362
Sparkling Wines ««
54,588______ 58,581_____ 75,840
1,413,102___ 1,420,128
Total Duties Col
lected on Liquors
$2,711,115 $2,057,701 $3,585,763 $32,162,647 $34,589,041
.c use.
(a) Including withdrawals for ship supplies and diplomatic
..'■»Cl o .
NORTH DAKOTA
PENNSYLVANIA (con't.)
Georg© J* Fieok,
Jamestown*
William Mathias,
716 East Grant St*,
Olyphant •
OHIO
Harold E* Har bland,
129 Chittenden Ave*,
Columbus*
Eugene V* Scott,
70 N. Prospect St*,
George B* Kantner,
218 S* Atherton St*,
State College*
William E* Wanbaugh,
104 S* Front St.,
Wormleysburg *
Akron*
Theodore S* Pattison, Jr*,
6 Huron Road,
Chillicothe*
Robert J* Thomas,
2223 Elm Street,
Youngstown*
OKLAHOMA
Charles
Liddell, Jr*,
1602 N. Beard
Shawnee*
OREGON
Clifford T* Schiel,
1903 S.E. 26th Ave*,
Portland*
PENNSYLVANIA
L* Cassius Paulson,
530 Liberty St*,
Corry*
Norman L* Forte, Jr*,
Menobe Highway,
Yiestmont, Johnstown*
Ernest C* Fusan,
67 Prospect St*,
Etna*
Harry B* Hansell,
7001 Penarth Ave*,
Upper Darby*
Robert M* Hursh, Jr*,
709 N* 3rd St.,
Harrisburg*
Charles T* Robertson,
5909 Thompston St*,
Philadelphia*
Joseph F* Bernat,
1217 Pettit St*,
Dickson City*
George M. Walsh,
RFD #1, Box 185,
Uniontown*
David E. Millotta,
Box 465,
Mt* Pleasant*
John A* O'Neill,
Milford*
RHODE -ISLAND
Henry A* Peterson, Jr*,
58 Central At © •,
North Providence*
Robert L. Holden,
47 Sowams Road,
Barrington*
SOUTH CAROLINA
Cecil E* Meree, Jr*,
81 Vanderhorst St*,
Charleston*
SOUTH DAKOTA
Alwood H* Steinmetz,
920 Park St*, No.,
Watertown*
TEXAS
Estey R. Youngblood,
206 E* Liveoak St*,
Austin*
VIRGINIA
Louis A* Haley,
348 Blue Ridge Ave
Front Royal
MINNESOTA
Emil L . Sorenson
411 W. F a rib a u lt S t .
Duluth
F re d e ric F . Ahlgren
O gilvie
MISSISSIPPI
Stephen L . Guice
2846 West Beach
B ilo x i
Eoscoe E . Bryson,
New Albany
MISSOURI
Joseph H. Dover
110 West Morrison
F a y e tte
Charles H. Ishm ael, J r .
6011 S t . John
Kansas C ity
Charles F . Clarkson
3802 S t . Ann’ s Lane
Normandy
NEBRASKA
Fran k lin V. Howard
1905 G arfield S t .
Lincoln
Lyman D. Spurlock
2525 D S t /
Lincoln
NEVADA
Lewis G. Porteous
Hazen
Richard J . Harkins
63 Summer S t .
Laconia
James J . Ryan
522 E . 4 0 th S t .
Brooklyn
NEW JERSEY
Edward A. H a lle tt
117 G arfield Ave.
Trenton
Adfur E . Maines, J r .
813 West Ave.
Medina
Lorin W. % y
Oak S tr e e t
Ramsey
A lb e rt
F e rra ri
1 0 4 C entral Ave.
Sea isle City
R u ssell L . Edgecombe
117 Lexington Ave.
Maplewood
Jack Schmutz
91 Overlook Ave.
B e lle v ille
R u sse ll F . Lewis
20 K ingsley S t .
West Grange
NEW MEXICO
Homer G. McBride
309 8 th S t .
S ilv e r C ity
F ra n cis D. Barton
216 So. Arno S t .
Albuquerque
NEW YORK
Lincoln D. Relyea
W a lk ill
NEW HAMPSHIRE
John F . Thompson, J r .
1 School Lane
T ilto n
Edmund B artos
119 Oak S t .
Brooklyn
F ra n cis S . Morris
1 Green S t .
Claremont
Eaver C. Pacuinas
13 Hamilton S t .
Amsterdam
Eugene F . BuczynskL
8 E a s t H all
Durham
Eugene R. Sims, J r .
41 Pratt S t .
New R ochelle
Marion J . Wood
110 Lee S t .
Montour F a l l s
John R. Lindroos
674 4 7th S t .
Brooklyn
George 0 . Sandberg, d
4 4 Ohio Ave.
Lakewood
Leo Mulligan
4 Wagner Ave.
Schenectady
W illiam M. Milne
RFD # 1
Mohawk
James Anderson
929 Kent Ave.
Brooklyn
John E . R u ssell
20 Browning S t .
Baldwin, L . I .
W illiam A . Woolford
62 Greenview Drive
R ochester
Pasquale Bencivenga
513 Grand S t .
Brooklyn
David Jacobs
226 R olbling S t .
Brooklyn
W alter Baginsky
2433 6th Ave.
Troy
INDIANA
Alfred H. Exton, Jr.
27 Russell St.
West Lafayette
MARYLAND
Francis W. Augustine
408 Landover Road
Landover
MASSACHUSETTS
Harry E. Butterfield,
14 Electric Ave.
Fitchburg
Frederick F. Burgmaim
940 No. Garfield Drive
Indianapolis
Frank H. Montgomery
3708 Yosemite Ave.
Baltimore
Fred E. Remig
188 Chase St.
Clinton
M. E. Darnall, Jr.
306 West Main St.
Crawfordville
Ralph M. Birmingham
2033 N. Fulton Ave.
Baltimore
John E. Day,
Phillips Academy
Andover
KANSAS
Leonard W. Canfield
Miltonvale
Robert B. Shreeve
3138 Abell Ave.
Baltimore
Joseph J. 0*Connor
39 Childs St.
Lynn
William R. Crandall
423« Shawnee St.
Leavenworth
William P. Brauns, Jr.
Fort Geo. J. Meade
Odenton
Frederick W. Schneider|
388 Water St.
Clinton
James P. Frick
1843 Wood Ave.
Kansas City
Harold F. Via
1508 Moreland Ave.
Baltimore
Albert F. Watts
4 Oak Ave.
Wakefield
KENTUCKY
Robert J. Hancock
649 S. Floyd St.
Louisville
Carl F. Bessent, Jr.
713 ttF" St.
Sparrows Point
William D. Holland
Main St.
Acton
g fv X K
Thomas W. Meushaw, Jr.
748 MoKewin Ave.
Baltimore
Richard L. Wells
15 Union St.
Randolph
MASSACHUSETTS
Paul P. Yaramovich
21 Haskell St.
Brockton
Bernard J. O fBrien
150 Lynde St.
Melros e
Gerald E. Adams
13 Perry St.
Owenton
LOUISIANA
Aubyn L. Adkins
Rte 2 Box 191
Haynesvilie
MAINE
Edward G. Ware
14 Belmont Ave
Camden
Richard L. Swift
205 Concord St.
Portland
Wilbur L. Gardella, USCG
Ossipee, Portland
Winthrop S. Duty
228 West Broadway
Bangor
Arthur E. Sterling
108 Westfield Road
Holyoke
George F. Wurzbacher
5 Charles St.
Methuen
Walter J. Kronfelt
215 Mountain Ave.
Arlington
Abraham Winograd
27 L o m e St.
Boston
Malcolm A. Wilson
385 Orchard St.
New Bedford
MICHIGAN
Harold A. Eisele
413 Thompson St.
Ann Arbor
Frederick V. W. Arens
2 Woodworth St.
Neponset, Dorchester
John H. Pickering
1213 Mason St.
Flint
ARIZONA.
Robert H. Epley
1204 - 8th St.
Dowlas
CALIFORNIA
Ray E. Wright
1400 Lincoln
Pasadena
GEORGIA
Chester P. Luke
Box 150, Ga. Tech.
Atlanta
Charles E. Johnson
1743 West Monroe St.
Phoenix
Neils H. Anderson
185 Douglas St.
San Jose
David A. Heackman
Box 143, Ga. Tech.
Atlanta
Elton S. Perry
Rte 1 Box 662
Phoenix
CONNECTICUT
Richard L. Baldwin
Coulter St.
Oakville
Robert C. HutchinsoJ
Riverside Military jj
Gainesville
James A. Grant
1144 - 10th St.
Douglas
Lawrence R. Wilcox
39 James St.
Hamden
Emmett W. Mills
109 North Jefferson
Albany
CALIFORNIA
Brady Golden
3453 Opal St •
Los Angeles
Arthur 7. Jackson
326 Prospect St*
Norwich
Stephen G. Carkeek
285 S. Euclid Ave.
Pasadena
James L. Lathrop
Mott Court
New London
Theo. B. Purvis, Jr.
4222 East 9th St.
Long Beach
H. Russell Wright, Jr.
41 Belmont St.
Hamden
Reino K. Niskenan
Ü.S.S. ALTAIR
San Diego
Arthur S. Lane, Jr.
159 Westfield Ave.
Ausonia
Jack J. Brandon
7618 Taxhoma Ave.
Ho. Los Angeles
FLORIDA
Charles J. Fendig
1412 Lorenzo Ave.
Tampa
Marshall Waller
5511 W. Washington 9
Chicago
Robert W. Reinhold
2344 - 4th Ave., No.
St, Petersburg
Guy W. Comer, Jr.
1240 East 69th St.
Chicago
Roy M. Hutchins, Jr.
1407 Pizarra St.
Coral Cables
Dugald C. Jackson II
427 No. K e n i l w o r t h A
Oak Park
Rudolph M. Miro
2202 TJniv Sta P 0
Gainesville
Michael Delich
10400 Muskegon Ave.
Chicago
Ernest E. Thornton
114 E. Smith St.
TJkiah
Cleveland C. Barry
1143 A - 14th St.
Santa Monica
Edward G. Hungeriberg,
Naval Air Station
San Diego
Thomas A. Davis
1035 Pacific Ave.
San Pedro
Charles P. Peters, Jr.
3420 Palmira
Tampa
William C. Woodbury
Windsor Hotel
Jacksonville
ILLINOIS
James R. Boren
748 S. Division St.I
Cartervilie
John R. Yan Trigt
210 DeLeon St.
Ottawa
Joseph R. Kelahan, J
2721 Edwards St.
Granite City
Richard J. Smith
2424 N. Central Paris
Chicago
TREASURY- DEPARTMENT
lf§|| i t
Washington
J
POR RELEASE, AFTERNOON NEWSPAPERS,
1938.
Press Service
The--^iisit>r938 designation of candidates eligible to compete for appoint
ment as cadets in the United States Ooast Guard Academy at New London, Conn,,
was made today by Rear Admiral R. R. Waesche, Commandant of the Coast Guard,
.
| ------------.--applicants will be certified
.
.
:;tk
during the next
If*4*
given
in various parts of the country with the cooperation of the Civil Service Conmission.
^'H '1 *■—*■*■■■... -■ ■■
1 11 - 'Q-jtiSlifil»fiV ^
s
r?rniTtrf
f- r,nent foT"*
n+
^.-4. > î' rnrrivrd
^
11- Due to the}
b 4 rV
rigid requ:
requirements, only a number slightly in excess of^MP>have been accepted to)
date* to participate in the examination.
Successful participants in that test
will be appointed as cadets for entrance into the Academy in August, 1938, as the}
needs of the Service nay require.
Listed by states, the candidates accepted from
DO
to
take the Academy examination are as follows:
M
W
W
^
a
w
>
»
w
«
w
|
)i»
"|
|
|
w
iih
»
h
i»
m
»,i»
w
w
ii
is s t k x t
Olaf G. Miller,
521 - 1 2 th Avenue,
Tuscaloosa,
Norman L. Horton,
1410 North 3rd St.,
Phoenix.
Prank H, Beeson,
25 CaplewoodfT^rrace,
Tuscaloosa.
CALIFORNIA
Stanton W. Wright,
CALIFORNIA -Cont'jj
Robert A. Hubtar|
605 Los Angeles A*
Long Beach.
Laurence D. Bradle
928 South Hudson A
Los Angeles.
....
William B. Carro^ls^*
c/o Delta Sigma Phi J
Auburn.
J^CfeT'Su Terry,
1904 Avenue MG,f,
Bessemer.
'nity,
Stephen V. Hadley,
3833 Tampico Ave.,
Angeles.
Kenneth L. Peterson,
962 North Hoover,
Los Angeles.
Jack Rogers,
2488 Coolidge Ave<
Oakland.
William J. Haggari
1344 Bonita Ave.»
Berkeley.
TREASURY DEPARTMENT
Washirg ton
FOR RELEASE, AFTERNOON NEWSPAPERS,
Wednesday, May 11» 1938. ______
o/10/38.
Press Service
No. 13— 28
The fourth 1938 designation of candidates eligible to courpet® for
appointment as cadets in the United States Coast Guard Academy at New London,
Connecticut, was made today hy Rear Admiral R. R. Waesche, Commandant of the
Coast Guard*
Additional applicants will be certified during the next three weeks
as satisfying the scholastic and character requirements of the Service, but no
applications will be considered after today for this yearAg: examinations.
All
those finally certified will compete during the first week in June in examina
tions to be given in various parts of the country with the co-oporation of the
Civil Service Commission.
Due to
the rigid requirements, only a number slightly in excess of
300 have been accepted to date to participate in the examination.
Successful
participants in that test will be appointed as cadets for entrance into the
Academy in August, 1938, as the needs of the Service may require.
Listed by states, the candidates accepted from April 20 to May 6 to
take the Academy examination are as follows:
ARIZONA
Robert H. Epley
1204 - 8th St..
Douglas
Charles E. Johnson
1743 West Monroe St.
Phoenix
Elton S. Perry
Route 1 , Box 662
Phoenix
ARIZONA
James A. Grant
1144 - 10th St.
Douglas
CALIFORNIA
Brady Golden
3453 Opal St.
Los Angeles
Stephen G. Carkeek
285 ,S.Euclid Ave*
Pasadena
(MLIFOBNIA
Theo.B. Purvis,Jr.
4222 East 9th St.
Long Beach
Reino K. Niskenan
U.S.S. ALTAIR
San Diego
Jack J. Brandon
7618 Tnxhoma Ave.
No. Los Angeles
2
CALIFORNIA
Ernest 33. Thornton
114 E. Smith St.
Ukiah
FLORIDA
Charles J. Fendig
1412 Lorenzo Ave.
Tampa
ILLINOIS
Joseph R. Kelahan.Jr.
2721 Edwards St.
Granite, City
Cleveland C. Barry
1143 A 14th St.
Santa Monica
Robert W. Reinhold
2344 - 4th Avc., N o .
St. Petersburg
Richard J. Smith
2424 N. Central Park Ave*
Chicago
Edward G. Hungèhbe rg,U •S •N .
Naval Air Station
San Diego
Roy M. Hutchins, Jr.
1407 Pizarra St.
Coral Gables
Marshall Waller
5511 W,Washington Blvd. .
Chicago
Thomas A. Davis
1035 Pacific Ave.
San Pedro
Rudolph M. Miro
2202 Univ.Sta.P.O.
Gainesville
Guy W, Comer, Jr.
1240 East 69th St.
Chicago
Ray E. Wright
1400 Lincoln
Pasadena
Charles P. Peters, Jr.
3420 Palmira
Tampa
Dugald C. Jackson,III
427 No.Kenilworth Ave.
Oak Park
Neils H. Anderson
185 Douglas St.
San Jose
William C. Woodbury
Windsor Hotel
Jacksonville
Michael Delich
10400 Muskegon Ave.
Chicago
CONNECTICUT
Richard L. Baldwin
Coulter St.
Oakville
GEORGIA
Chester P. Luke
Box 150, Ga. Tech.
Atlanta
Lawrence R. Wilcox
39 James St.
Hamden
David A. Eeackman
Box 143, Ga. Tech.
Atlanta
Arthur V. Jackson
326 Prospect St.
Norwich
Robert C. Hutchinson, Jr. M. E. Darnall, Jr.
Riverside Military Ac:ad» 306 West Main St.
Gainesville
Crawfordville
James L. Lathrop
Mott Court
New London
Emmett W. Mills
109 North Jefferson
Albany
H. Russell Wright,Jr.
41 Belmont St.
Hamden
Arthur S. Lane, Jr.
159 Westfiold Ave.
Ausonia
ILLINOIS
James R. Boren
748 8 . Division St.
Cartorville
John R. Van Trigt
210 DeLeon St.
Ottawa
INDIANA
Alfred H. Exton, Jr.
27 Russell St.
West Lafayette
Frederick F. Burgmann
940 No. Garfield Drive
Indianapolis
KANSAS
Leonard W. Canfield
Miltonvale
William R. Crandall
423rjr Shawnee St.
Leavenworth
James P. Frick
1843 Wood Ave.
Kansas City
3
KENTUCKY
Robert J. Hancock
649 S. Floyd St,
Louisville
MARYLAND
Harold P. Via
1508 Moreland Ave,
Baltimore
MASSACHUSETTS
Frederick W. Schneider
388 Water St.
Clinton
Gerald E. Adaias
13 Perry St.
Owenton
Carl P. Bessent, Jr*
713 P St.
Sparrows Point
Albert P. Watts
4 Oak Ave.
Wakefield
LOUISIANA
Aubyn L . Adki n s
Route 2, Box 191
Haynesville
Thomas W. Moushaw,Jr.
748 McKewin Ave.
Baltimore
William D. Holland
Main St.
South Acton
MAINE
Edward G. Ware
14 Belmont Ave.
Camden
Ri chard L. Swi ft
205 Concord St#
Portland
MASSACHUSETTS
Paul P. Yaramovich
21 Haskoll St.
Brockton.
Arthur E. Sterling
108 Westfield Road
Holyoke
Wilbur L. Gardella.USCG
Ossipee, Portland
George P. Wurzbacher
5 Charles St.
Methuen
Winthrop S. Duty
228 West Broadway
Bangor
Malcolm A. Wilson
385 Orchard St.
New Bedford
MARYLAND
Francis W# Augustine
408 Landover Road
Landover
Prank H. Montgomery
3708 YoSemite Ave.
Baltimore
Ralph M. Birmingham
2033 N. Pulton Ave.
Baltimore
Robert E. Shreeve
3138 Abell Ave.
Baltimore
William P. Brauns,Jr.
Port Geo. J. Meade
Odenton
Frederick V.W. Arens
2 Woodworth St.
Ncponset, Dorchester
Richard L. Wells
15 Union St-,
Randolph
Bernard J. O'Brien
150 Lynde St*
Melrose
Walter J. Kronfelt
215 Mountain Ave.
Arlington
Abraham Winograd
27 L o m e St,
Boston
MICHIGAN
Harold A. Eisele
413 Thompson St.
Ann Arbor
Harry E. Butterfield,Jr.
14 Electric Ave.
John H. Pickering
Fitchburg
1213 Mason St.
Flint
Fred E. Remig
188 Chase St.
MINNESOTA
Clinton
Emil L. Sorenson
411 W. Faribault St.
John E. Day
Duluth
Phillips Academy
Andover
Frederic F. Ahlgren
Ogilvie
Joseph J. O'Connor
39 Childs St.
MISSISSIPPI
Lynn
Stephen L. Guice
2846 West Beach
Biloxi
Roscoe E, Bryson,
New Albany
4
MISSOURI
Joseph H. Dover
110 West Morrison
Fayette
HEW'JERSEY
Albert J. Ferrari
104 Central Ave.
Sea Isle City
HEW YORK
Marion J. Wood
110 Lee St.
Montour Falls
Charles H. Ishmael,Jr,
6011 St. John
Kansas City
Russell L. Edgecombe
117 Lexington Ave.
Maplewood
John R. Lindroos
674 47th St.
Brooklyn
Charles F. Clarkson
3802 St. Ann’s Lane
Normandy
Jack Schmutz
91 Overlook Ave.
Belleville
George 0. Sandberg,Jr.
44 Ohio Ave,
Lakewood
Russell F. Lewis
20 Kingsley St.
West Orange
Leo Mulligan
4 Wagner Ave.
Schenectady
NEBRASKA
Franklin V. Howard
1905 Garfield St.
Lincoln
Lyman D. Spurlock
2525 D St.
Lincoln
NEVADA
Lewis G. Porteous
Hazen
NEW HAMPSHIRE
John F. Thompson,Jr.
1 School Lane
Tilton
Francis S. Morris
1 Green St.
Claremont
Eugene F. Buczynski
8 last Hall
Durham
Richard J. Harkins
63 Summer St.
Laconia
NEW JERSEY
Edward A. Hallett
117 Garfield Ave.
Trenton
Lor in W. Hay
Oak Street
Ramsey
NSW MEXICO
Homer G. McBride
f!09 8 th St.
Silver City
Francis D. Barton
216 So. Arno St.
Albuquerque
HEW YORK
Lincoln D. Relyea
Waikill
Edmund Bartos
119 Oak St.
Brooklyn
Eaver C. Pacuinas
13 Hamilton St.
Amsterdam
Eugene R. Sims, Jr.
41 Pratt St,
Hew Rochelle
James J. Ryan
522 E. 40th St.
Brooklyn
Adfur E. Maines, Jr.
813 West Ave.
Medina
William M. Milne
R.F.D. #1
Mohawk
James Anderson
929 Kent Ave.
Brooklyn
John E. Russell
20 Browning St.
Baldwin, L.I.
William A. Woolford
62 Greenview Drive
Rochester
Pasquale Benoivenga
513 Grand St.
Brooklyn
David Jacobs
226 Rolbling St.
Brooklyn
Walter Baginsky
2433 6 th Ave.
Troy
HORTH DAKOTA
George J. Fleck
Jamestown
5
OHIO
Harold E. Hart land
129 Chittenden Ave.
Columbus
PENNSYLVANIA
Charles T. Robertson
5909 Thompson St.
Philadelphia
TEXAS
Estey R. Youngblood
206 E. Liveoak St.
Austin
Eugene V. Soott
70 N. Prospect St.
Akron
William Mathias
716 East Grant St.
Olyphant
VIRGINIA
Louis A. Haley
348 Blue Ridge Ave.
Pront Royal
Theodore S. Patti son,Jr.
6 Huron Road
Chi H i co the
George B. Kantner
218 S. Atherton St.
State College
Robert J. Thomas
2223 Elm Street
Youngstown
William E. Wanbaugh
104 S. Prcnt St.
Wormleysburg
OKLAHOMA
Charles J. Liddell,Jr.
1602 N. Beard
Shawnee
OREGON
Clifford T. Schiel
1903 S.E. 26th Ave.
Portland
PENNSYLVANIA
L. Cassius Paulson
530 Liberty St.
Corry
Norman L. Porte,Jr.
Menobe Highway
Westmont, Johnstown
Ernest C. Pusan
67 Prospect St.
Etna
Harry B. Hansell
7001 Penarth Ave.
Upper Darby
Robert M. Hursh,Jr.
?09 N. 3rd St.
Harrisburg
Joseph P. Bernat
1217" Pettit St.
Dickson City
George M. Walsh
R.P.D. #1, Box 185
Uniontown
David E. Millotta
Box 465
Mt. Pleasant
John A. 0 lNeill
Milford
RHODE ISLAND
Henry A. Peterson,Jr.
58 Central Ave.
North Providence
Robert L. Holden
47 Sowams Road
Barrington
SOUTH CAROLINA
Cecil E. Mereo,Jr.
81 Vanderhorst St.
Charleston
SOUTH DAKOTA
Alwood B, Steinmetz
920 Park St., Nc.
Watertown
Dalamater Davis,Jr.
307 West 30th St.
Norfolk
Julian R. Raper
1508 Chesapeake Ave.
South Norfolk
Richard M. Hagen
Headquarters Battery
Port Monroe
William Lorber,Jr.
1602 McDaniels,
Portsmouth
WASHINGTON
Prederick R. Hoeppner
4835 Lake Wash. Blvd.
Seattle
Richard J. Schmella
Route #1,
Toppeni sh
WISCONSIN.
John S. Danner, Jr.
1326 So. 3rd St.
Watertown
Clarence J. West, Jr.
202 River Drive
Appleton
•IMPORTATIONS OF CATTLE, CREAM AND CERTIFIED SEED POTATOES
UNDER THE QUOTA PROVISIONS OF THE CANADIAN TRADE AGREEMENT
Preliminary Figures as of April 30, 1938
Customs District
__________ January 1 to April 30, 1938
“ CATTLE
: CATTLE 700# : DAIRY COWS
UNDER 175# : OR MORE
:70Q# (JR MORE
(Head)
; (Head)_____t
(Head)
CREAM
(Gal «)
TOTAL IMPORTS
Pér Cent of Quota
19,662
39,172
1,550
57.9$'______ 25.1$_________ 7.8$
4,428
0.3$
FROM CANADA
Buffalo
Chicago
Dakota
Duluth & Superior
Florida
Maine & N. H.
Massachusetts
Michigan
Minnesota
Montana & Idaho
New York
Oregon
Philadelphia
St. Lawrence
Vermont
Virginia
Washington
Total from Canada
3,409
1
1
21
29
717
8,669
4,117
143
1,453
18,560
10
1,129
8,955
929
59
159
38
96
2,243
19,503
FROM MEXICO
Arizona
El Paso
San Antonio
San Diego
Total from Mexico
376
278
448
—
1,10 2
6,165
11,095
2,233
176
19,669
FROM OTHER COUNTRIES
Puerto Rico
4,351
94
1,407
33
-
7
6
•
83
1
7
-
29
49
-
224
1,050
172
1,550
2
4,212
4,292
-
-
136
(Prepared by Division of Statistics and Research, Bureau of Customs)
The Commissioner of Customs today announced preliminary
figures for imports of cattle, cream and certified seed potatoes,
under the quota provisions of the Canadian Trade Agreement, as
of April 30, 1938, and the percentage that such imports bear to
the totals allowable under the quota provisions, as follows:
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, May 11, 1938.
Press Service
No. 13- 29
The Commissioner of Customs today announced preliminary figures for imports
of cattle, cream and certified seed potatoes, under the quota provisions of the
Canadian Trade Agreement, as of April 30, 1938, and the percentage that such im
ports boar to the totals allowable under the quota provisions, as follows:
Customs District
TOTAL IMPORTS
Por Cent of Quota
FROM CANADA
Buffalo
Chicago
Dakota
Duluth & Superior
Florida
Maine & N. H.
Massachusetts
Michigan
Minnesota
Montana & Idaho
How York
Oregon
Philadelphia
St. Lawrence
Vermont
Virginia
Washington
Total from Canada
FROM MEXICO
Arizona
El Paso
San Antonio
San Diego
Total from Mexico
SMOTHER COUNTRIES
Puerto Rico
Dec,1,1937 to
January 1 to April 30, 1938 _______ April 30,1938
CATTLE
: CATTLE 700#: DAIRY COWS :
:WHITE OR IRISH
: UNDER 175#:. OR MORE
700# OR MORE :CREAM :SEED POTATOES
(Head)
: (Head)
:
(Head)
S.(Gal) ,* . (Pounds)
l9,662
37.9$
39,172
25.1$
3,409
-
4,351
94
1,407
33
-
21
10
1
1
29
717
8,669
—
—
4,117
143
—
1 ,4o3
18,560
376
278
448
-
—
1,129
8,955
929
59
159
«
38
96
_
2,243
19,503
1,550
7.8$
7
—
29
—
83
«
—
49
-,
•—
1
7
—
—
224
1,050
—
172
1,550
1,10 2
—
-
-
—
-
28,690,011
63.8$
160,770
—
78,000
36,780
2,497,480
1,729,340
3,150,731
1,209,930
.
6
6,165
11,095
2,233
176
19,669
— o0 o-<
4,428
0.3 $
—
—
«*•*
—
2
4,212
—
4,292
18,598,340
415,316
600
40,280
761,944
10,500
28,690,011
**
_
<1
it#
v.
*7
—
-
136
-
The Secretary addresses Lieutenant Olsen:
For conspicuous heroism, skill and good judgment displayed in
the line of your duties, and on the recommendation of the Permanent
Board and the Commandant of the United States Coast Guard, I take
pleasure in presenting to you, Lieutenant Carl Olsen, under authority
granted to me by the Congress, this Distinguished Flying Cross, an
emblem of exceptional and noteworthy service to your country and its
citizens,
Z believe that the heroism and the fine officerly qualitie
you displayed in the face of great danger are typical of the devotion
to duty and to the fine ideals of the Coast Guard that have marked
your service.
I congratulate you on winning this well-deserved honor
I also congratulate you, Admiral Waesche, and you, Captain
Chalker, on the splendid morale and efficiency of the officers and
men of the flying service of the Coast Guard, displayed on many
occasions that go unmarked and typified by such exceptional deeds as
that performed by Lieutenant Olsen and his crew and shore associates.
For immediate release
Secretary Morgenthau will confer the Distinguished
FIvine C&ih
J
®
T V
© C. B. Olsen- United States Coast Guard,
!V
headquarters of the Service announced today*
Th® award, first to be pinned upon a Coast Guard
aviator under an authorizing act approved last year, was made by the
Permanent Board of the Coast Guard in recognition of a flight in storm
and darkness 300 miles to sea from the Miami^ Air Station ses» c to an
Army transport and the safe return with an Army officer in desperate need
of an operation©
The Cross will be presented at 10 a* m* in the
Secretary*s office in the presence of Treasury officials and Coast Guard
officers and men© in«diner
Assistant Secretary Stephen B. Gibbons, who
has supervision over the Coast Guard,
Rear Admiral R. R- Waesche,
Commandant of the Service, and Capt* L. T. Chalker, Chief Aviation Officer.
The recomnendation of Capt. Chalker to the
Permanent Board said that the award should be made wfor transportation
of a seriously ill Army officer from the transport REPUBLIC at sea to
Miami, Fla., in June, 1935, the lieutenant having shown extraordinary
skill and courage in piloting
his plane through darkness and storm,
and in landing, without mishap, alongside the transport in a rough sea©”
The assistance report from the Miami Air Station
to headquarters showed that.the REPUBLIC, bound for New York from Panama,
had radio
l, U©S*A©, had become critically ill
and was in need of immediate hospitalization and surgery®
more
“Plan© will contact REPUBLIC 5 a« m* tomorrow §itsl off
Hole-in-the-Wall, Florida,“ the Air Station replied*
The surgeon aboard the REPUBLIC sent another message to
the effect that even that early hour would not be soon enough and that
unless earlier contact was made, the patient would not survive*
A few minutes later the Coast Guard flying boat ARCTURUS,
with Lieut* O^sen, at the controls, took off into thick weather, with a
full load of gasoline*
Radio contatt was
maintained with the REPUBLIC
during the entire trip, despite heavy thunder and lightning storms*
After three and a half hours of flight, the REPUBLIC*s
searchlights were sighted by the
observer on the ARCTURUS
plane negotiated a successful landing in thorough seas*
and the
Maj* Gullion, on
a stretcher, and his wife were brought to the Coast Guard craft in a life
boat and the crew of the ARCTURUS lifted them aboard*
At ten minutes after midnight, the ARCTURUS came down at
Miami, where an ambulance was waiting*
The major was taken to a hospital
and a successful operation performed*
Members of the ARCTURUS* crew on the
im m m ib :
flight to the
Army transport were Aviation cKief Machinist’s Mate Axel L. Norstrand,
Radioman (first class)
M* E* Terrell and Pharmacist’s Mate B* L. Chambers*
00 OOO0OO
■I
TREASURY DEPARTMENT
Washington
llffe*
FOR IMMEDIATE RELEASE,
Wednesday, May 11, 1938.
Press Service
No. 13-30
Secretary Morgenthau will confer tho Distinguished Plying Cross tomorrow
upon Lieutenant C. B. Olsen, United States Coast Guard, headquarters of the
Service announced today.
The award, first to he pinned upon a Coast Guard aviator under an author
izing act approved last year, was made hy the Permanent Board of the Coast Guard
in recognition of a flight in storm and darkness 300 miles to sea from tho Miami
Air Station to an Army transport and the safe return with an Army officer in
desperate need of an operation.
The Cross will he presented at 10:00 A.M. in
the Secretary^ office in the presence of Treasury officials and Coa.st Guard
officers and men, including Assistant Secretary Stephen B. Gihhons, who has
supervision over the Coast Guard, Rear Admiral R. R. Waesche, Commandant of the
Service, and Captain L. T. Chalker, Chief Aviation Officer.
The recommendation of Captain Chalker to the Permanent Board said that the
award should he made "for transportation of a seriously ill Army officer from the
transport REPUBLIC at sea to Miami, Florida, in June, 1935, the lieutenant having
shown extraordinary skill and courage in piloting his plane through darkness and
storm, and in landing, without mishap, alongside tho transport in a rough sea#"
The assistance report from the Miami Air Station to headquarters showed
that the REPUBLIC, hound from New York from Panama, had radioed at dinner tine
that Major Walter Gullion, U.S.A., had become critically ill and was in need of
mnediate hospitalization and surgery.
-
2
-
•'Plane will contact REPUBLIC 5i00 A.M. tomorrow off Hole-in-the-Wall,
Florida»" the Air Station replied.
The surgeon aboard the REPUBLIC sent another message to the effect tnat
even that early hour would not "be soon enough and that unless earlier contact
was cade, the patient would net survive.
A few minutes later the Coast Guard flying boat ARCTURUS, with Lieutenant
Olsen» at the controls, took off into thick weather, with a, full load of gaso
line.
Radio contact was maintained with the REPUBLIC during the entire trip,
despite heavy thunder and lightning storms.
After three and a half hours of flight, the REPUBLIC’S searchlights were
sighted by the observer on the ARCTURUS and the plane negotiated a successful
landing in the rough seas.
Major Gullion, on a stretcher, and his wife were
brought to the Coast Guard craft in a lifeboat and the crew of the ARCTURUS
lifted them aboard.
At ten minutes after midnight, the ARCTURUS came down at Miami, where an
ambulance was waiting*
The Major was taken to a hospital and a successful oper
ation performed.
Members of the ARCTURUS* crew on the flight to the Army transport were
Aviation Chief Machinist's Mate Axel L. Eorstrand, Radioman (first class) M. E*
Terrell and Pharmacist's Mate B. L. Chambers.
— 0O 0—
IMPORTS OF DOUGLAS FIR AMD WESTERN HEMLOCK UNDER THE QUOTA PROVISIONS
OF THE -CANADIAN TRADE AGREEMENT
During the Period January 1 to April 30, 1938
(Preliminary Figures)
Customs District
TOTAL IMPORTS
Per Cent of Qjiota
:
:
:
Sawed Timber and Lumber Not Specially
DOUGLAS
WESTERN
MIXED FIR
FIR
: HEMLOCK
: & HEMLOCK
(Bd.Ft.)
: (Bd.Ft.)
: (Bd. Ft.)
40,718,472
9,687,191
12,656,306
Provided For:
: TOTAL FIR
: & HEMLOCK
: (Bd. Ft.)
63,061,969
25,2$
FROM CANADA
Alaska
Buffalo
Connecticut
Dakota
Duluth & Superior
Los Angeles
Maine & N. H.
Massachusetts
Michigan
New York
Philadelphia
St. Lawrence
Vermont
Washington
484,070
861,141
3,320,736
7,675,309
4,015,764
9,661,175
15,581
4,186,506
16,866
13,244
6,524,351
1,978
156,715
3,785,036
-
374,095
38,059
537,033
2,073,416
346,949
-
5,014,612
60,185
-
1,177,922
—
—
—
—
-
58,525
—
-
12,597,781
—
—
-
64,920
—
484,070
1,235,236
3,358,795
8,212,342
6,089,180
10,066,649
15,581
9,201,118
77,051
12,611,025
7,702,273
1,978
156,715
3,849,956
(Prepared by Division of Statistics and Research, Bureau of Customs)
The Commissioner of Customs today announced preliminary
figures for imports of Douglas fir and Western hemlock, under
the quota provisions of the Canadian Trade Agreement, during the
period January 1 to April 30, 1938, and the percentage that such
imports bear to the total allowable under the quota, as follows:
TREASURY DEPARTMENT
Washington
JOE IMMEDIATE RELEASE,
Thursday, May 12, 1938.
Press Service
No, 13-31
The Commissioner of Customs today announced preliminary figures for
imports of Douglas fir and Western hemlock, under the quota provisions of the
Canadian Trade Agreement, during the period January 1 to April 30, 1938, and
the percentage that such imports hear to the total allowable under the quota,
as follows:
Customs District
....
TOTAL IMPORTS
Per Cent of Quota
:
i
i
.
Sawed Timber and Lumber Not Specially Provided For;
: MIXED FIR î TOTAL FIR
DOUGLAS
: WESTERN
PIR
ï HEMLOCK
: & HEMLOCK : & HEMLOCK
?' (Bd.Ft.)
(Bd.Et.)
: (Bd.Ft.)
ï (Bd.Ft.)
40,718,472
9,687,191
12,656,306
63,061,969
25,2$
PROM CANADA
Alaska
Buffalo
Connecticut
Dakota
Duluth & Superior
Los Angeles
Maine & N. H,
Massachusetts
Michigan
New York
Philadelphia
St. Lawrence
Vermont
Washington
484,070
861,141
3,320,736
7,675,309
4,015,764
9,661,175
15,581
4,186,506
16,866
13,244
6,524,351
1,978
156,715
3,785,036
, ,
374,095
38,059
537,033
2,073,416
346,949
5,014,612
60,185
—
1,177,922
—
—
64,920
— oOo—
•-*
—
—
58,525
—
«12,597,781
—
—
—
—
484,070
1,235,236
3,358,795
8,212,342
6,089,180
10,066,649
15,581
9,201,118
77,051
12,611,025
7,702,273
1,978
156,715
3,849,956
TREASURY DEPARTMENT
Washington
FOR RELEASE AI*TIRNOON NEWSPAPERS
Monday,
May 16, 1938
PRESS SERVICE
No. 13 - 32
Acting Comptroller of the Currency Marshall R. Diggs announced today
that the 5,266 active national "banks in the country on December 31, 1937,
reported gross earnings for the last half of the calendar year 1937 amount
ing to $435 790 000, and expenses of $295 531 000, resulting in net earn
ings from current operations of $140 259 000, compared to $132 614 000 in
the previous six months, an increase of $7 645 000.
Adding to the net earn
ings profits on securities sold of $23 074 000 and recoveries on loans and
investments, etc., previously charged off of $44 790 000, less losses and
depreciation of $112 265 000, the net additions to profits before dividends
in the period amounted to $95 858 000, which was 6.06 per cent of the par
value of common and preferred capital stock, and 2.95 per cent of capital
funds.
Dividends declared on common and preferred capital were $54 161 000
and $4 665 000, respectively, a total of $68 826 000, representing 4.35
per cent of the total par value of capital stock.
In the calendar year 1937 the net profits of national banks before divi
dends were $228 021 000, a decrease of $85 805 000, or 27.34 per cent, over
the amount reported for the previous year.
The gross earnings from current operations aggregated $859 094 <100 ,
and the expenses $586 221 000, resulting in net earnings from current opera
tions of $272 873 000, an increase of $12 953 000, or 4.98 per cent, in the
year.
Recoveries from assets previously charged off of $171 479 000 , includ
ing profits on securities sold of $68 908 000, decreased $188 744 000, or
52.40 per cent.
Losses and depreciation charged off were $216 331 000, a re
duction of $89 986 000, or 29.38 per cent.
Dividends declared on common and preferred stock totaled $148 335 000 ,
in comparison with $136 035 000 in 1936.
The dividends were 9 .3 7 per cent
°f common and preferred capital and 4.57 per cent of capital funds»
-oOo-
TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE
Friday, May 13, 1938
PRESS SERVICE
No. 13-33.
Marshall H. Ddggs, Acting Comptroller of the Currency,
today announced that a compromise settlement has finally
■been made of all litigation, claims and counterclaims involv
ing the Receiver of the Federal National Bank! of Boston and
the Commissioner of Banks of Massachusetts in possession of
the Bancroft, Brockton, Inman, Lawrence and Salem
Companies.
Trust
Orders to this effect were entered By the
United States District Court and the Supreme Judicial
Court of Massachusetts on Wednesday, May 11th.
This settlement will permit the immediate distribution
of a 5 per cent dividend, totalling $1 091 700 00 to the
33 000 creditors of the Federal National Bank of Boston.
With the payment of this dividend creditors will have re
ceived 40 per cent of their claims in this Receivership.
Actual payment to claimants is
expected to "begin Tuesday
morning, May 17th.
At the same time suits and claims "by the Receiver of
the Middlesex National Bank of Lowell against these State
banks and the Receiver of the Federal National Bank of
Boston were settled, thus permitting all of the Receivers
involved to go forward with their litigations unhampered by
claims of other bank receivers.
TREASURY DEPARTMENT
O F F IC E O F T H E S E C R E T A R Y
C O M M IS S IO N E R
WASHINGTON
o f
A C C O U N T S A N D D E P O S IT S
May 7, 1938*
TO MR« GASTON;
During the month of April, 1938, the
following market transactions took place in
Government securities:
Total purchases ...... . $ 3,480,750
Total sales •«••••••••••
Net purchases
1,000,500
$ 2,480,250
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Mondry, May 16, 1938.
Press Service
No. 13-34
Market transactions in Government securities for Treasury investment
accounts in April, 1938, resulted in not purchases of $2,480,250, Secretary
Morgenthau announced today.
— oOo—
IMPORTS OF COMMODITIES FROM THE PHILIPPINES UNDER QUOTA.
PROVISIONS OF PHILIPPINE INDEPENDENCE ACT AND CORIACE ACT OF 1935
Preliminary Figures, as of April 30, 1938
Customs District
TOTAL IMPORTS
Per Cent of Q,uota
Chicago
Colorado
Florida
Galveston
Georgia
Hawaii
Los Angeles
Maryland
Massachusetts
Minnesota
New Orleans
New York
Oregon
Philadelphia
Puerto Rico
Rhode Island
St. Louis
San Francisco
Virginia
Washington
Wisconsin
January 1 to April 30, 1938
: REFINED
: UNREFINED
: COCONUT OIL
Ï SUGAR
:
SUGAR
:
(Pounds)
: (Pounds)
:
(Pounds)
116,818,398
26.1%
29,512,774 755,915,266
26.4$
42.2%
_
-
—
-
—
-
1,738
3,353,657
661,000
25,126,898
-
17,624,658
59,824,512
-
3,563,060
22,399
-
5,968,128
-
672,348
Mi
—
-
8,710,825
—
«
-
—
13,773
208,694
60,795,418
45,892,140
_
99,517,382
266,035,704
8,967,507
-
246,437,497
*«
—
•-
«to
_
37,014,658
_
11,834,442
-
5,870,084
97.8$
204,248
44,466
5,329
mm
-
: May 1, 1937 td
: Apr. 30. 1938]
*;
CORDAGE
:
(Pounds)
_
-
8 ,112
6,157
200,191
662,843
3,788
145,256
5,111
1,457,928
193,419
23,565
854,479
41,436
54,419
1,707,361
30,331
215,783
5,862
(Prepared by Division of Statistics and Research, Bureau of Customs)
The Commissioner of Customs today announced preliminary
figures for imports of commodities coming into the United States
from the Philippine Islands under the quota provisions of the
Philippine Independence Act, during the period January 1 to
April 30, 1938, and under the Cordage Act of 1935, during the
quota year May 1, 1937, to April 30, 1938, also the percentage
that such imports bear to the totals allowable under the quota
provisions, as follows:
TREASURY DEPARTMENT
Washington
Foil RELEASE, MORNING NEWSPAPERS,
Tuesday, May 17, 1938.__________
5^16-38 ~
Press Service
No. 13-35
The Commissioner of Customs today announced preliminary figures for
imports of commodities coning into the United States from the Philippine Islands
under the quota provisions of the Philippine Independence Act, during the period
January 1 “to April 30, 1938, and under the Cordage Act of 1935, during the quota
year May 1, 1937, to April 30, 1938, also the percentage that such imports hear
to the totals allowable under the quota provisions, as follows:
:
January 1 to April 30,
: REFINED
:
SUGAR
Customs Districts : COCONUT OIL
: (Pounds)
:
(Pounds)
•
TOTAL IMPORTS
Per Cent of Quota
Chicago
Colorado
Florida
Galveston
Georgia
Hawai i
Los Angeles
Maryland
Massachusetts
Minnesota
Hew Orleans
Hew York
Oregon
Philadelphia
Puerto Rico
Rhode Island
St. Louis
San Francisco
Virginia
Washington
Wisconsin
116,818,398
26. 1$
29,512,774
26.4$
: May 1, 1937 to
: Apr. 30, 1938
CORDAGE
:
(Pounds)
:
1938
: UNREFINED
:
SUGAR
: (Pounds)
755,915,266
42.2$
mm
—
—
-
—
-
—
—
1,738
3,353 657
661,000
25,126,898
-
-
.
8,710,825
—
—
13,773
208,694
60,795,418
45,892,140
—
»
17,624,658
59,824,512
mm
-
8,967,507
3,563,060
22,399
.
—
—
•*»
—
5,968,128
—
—
672,348
11,834,442
-
-
-oOo
99,517,382
266,035,704
-
246,437,497
«
37,014,658
«
—
5,870,084
97.8$
204,248
44,466
5,329
8,112
6,157
200,191
662,843
3,788
145,256
5,111
1,457,928
193,419
23,565
854,479
41,436
54,419
1,707,361
30,331
215,783
5,862
TREASURY DEPARTMENT
Washington
FOR RELEASE TO AFTERNOON PAPERS
Tuesday, May 17, 1938,
BUT NOT BEFORE DELIVERY.
PRESS SERVICE
No. 13-36
RESPONSIBILITIES OP PRESENT-DAY BANKING.
Speech of the Honorable Marshall R. Diggs, Acting Comptroller
of the Currency, before the Texas Bankers Association, at Port
Worth, Texas, Tuesday, May 17, 1938.
This subject, “Responsibilities of Present-Iky Banking,“ ,■has been selected.
■because it affords me latitude in dealing with the problems which confront bankers
II today .
I
The old days of trial and error are largely gone and a new period has arrived#
|&one forever, it seems, is the era of easily obtained charters, in many instances
I by people without experience, which resulted in too many banks throughout the
■ country.
For example, on June 30, 1933, there were 450 national banks in Texas.
| Today there are 450.
Out of the stress and the strain and the bitter experience of the past few
|years has come a definite obligation to supervisory agencies not only to make cer| tain that there shall never again be overbahking, but also to make certain that
I those institutions which are in operation shall conform to reasonable safeguards
I for the protection of depositors . In. spite of the restraints (and they are no more
| than reasonable) which have been put upon banks by state authorities, by the Bureau
I °f the Comptroller of the Currency, by the Federal Deposit Insurance Corporation,
I and by the Board of Governors of the Federal Reserve System, bankers today are
I almost unanimous in their efforts to meet the standards set for them.
- 2 -
Your profession today is not what it was ten years ago, or five years ago.
Your competition has changed.
rival.
The "bank across the street may not be your chief
There have been established many Governmental lending agencies and these
have.gradually become your competitors.
The farmer, the home owner, the business
man - all may today obtain money through one of these organizations . Headway has
been made by these agencies because you were not equipped to handle the business
or because you were unduly afraid of what might happen to the country as a whole.
Those who recognize the new conditions and prepare to meet today’s problems
will go forward.
Several states, including our neighbors, Arkansas, Oklahoma
and Louisiana, have organized conferences for bank officers in connection with
their universities, and the American Bankers Association has a graduate school of
barking at Rutgers University.
The world moves on with you or without you.
If
you are to keep your profession at the top, constant revaluing of affairs must
take place, and there must also be provision for proper training.
May I suggest
to your state officers that they consider the inauguration of this training here
in Texas,
This work should be in addition to that being conducted by the American
Institute of Barking, which, as you know, is doing so much for our Junior bank
employees.
We can concede without argument that you bankers are, by reason of your
profession, natural leaders in your communities . The banks are the axes around
which the business life of the public revolves»
To the extent that you meet the
responsibilities of administering to the needs of society depends the prosperity
that society.
Banks have two very definite obligations - first, to their
depositors; second, to their borrowers.
depositors.
A bank could hardly exist without its
Therefore, it owes to them a service of safety based upon care
- 3 -
exercised in the making of investments and loans.
Nor could a hank long exist
without the income received from these investments and loans.
It is not my purpose to deal at great length with the insurance of deposits
ky the Federal Deposit Insurance Corporation.
You know the provisions of the law.
fhen the hill was before Congress the argument was presented that to insure
deposits would contribute to weak and irresponsible hanking.
It was said hankers
would.feel that the weight of responsibility for the safe operation of their
institutions had been lifted from them, and since their deposits were insured,
they might invest carelessly.
The four and one-half years of deposit insurance
have proven the fallacy of such a theory . As a matter of fact, deposit insurance
has made for better banking.
You bankers still have the job of seeing that your
tanks are run wisely and safely.
the depositors in American banks.
at your door in.the morning.
Deposit insurance has restored confidence of
You need not worry about there being a line
There has not been a run on an insured bank since
January 1, 1934.
Service to depositors and service to borrowers are so closely related that
in discussing one we also talk about the other . If your duty as bankers is to
safeguard depositors* funds, then you are fulfilling that duty when you use care
and good judgment in the matter of investment securities', and when you make loans
that are properly secured and safe as to eventual repayment.
Naturally, even
the use of great care and good judgment will not always be a guarantee of safety,
hit we need not talk about the exceptions which might arise.
Let us consider investment securities first, and I ®m going to discuss this
from the standpoint of the Bureau of the Comptroller of the Currency . On February
'i5. 1936, the Comptroller of the Currency issued regulations governing t'he
- 4 -
purchase of Investment Securities and defining the term.
These Regulations affected
both national "banks and state member banks, and met with almost unanimous approval.>■
They were recognized as timely and necessary . Tie Bureau received no complaints,
but a number of inquiries were forthcoming as to whether the reference to rating
manuals meant that member banks were confined to the purchase of securities which
had a rating classification in one of the four groups according to rating services.
In answer to this, the Comptroller of the Currency stated:
"The responsibility for proper investment of bank funds now, as in the
past, rests with the Directors of the Institution, and there has been
and is no intention on the part of this office to delegate this respon
sibility to the rating services, or to intimate that this responsibility
may be considered as having been fully performed by the mere ascertaining
that a particular security falls within a particular rating classifica
tion .» END QUOTE.
It is not expected that any human agency could promulgate a set of Regulations
which would be absolutely perfect . There are those who may question the estab
lishment of any R egulations on investment securities, but these dissenters are
comparatively few and it is not believed that they have the attention of the
tankers.
The Comptroller^ Regulations were sensible and reasonable.
Any banker
who invests in securities wants to know that the securities have a market.
The
Comptroller simply defined clearly what constituted a market, and did this purely
for the guidance of the banker*
Certainly the Regulation as it pertains to
speculative securities is wise.
National banks and state member banks are
prohibited from owning stocks.
Does it not follow, then, that there should be a
prohibition on the purchase of bonds which are convertible into stock at the
°Ption of the issuer?
It is true, also that if such bonds were converted into
stocks the banks wotild be obliged to sell them immediately . How much of a
- 5 -
hardship is this prohibit ion after all?
Now then, who better than the Comptroller of the Currency would know to what
extent the ownership of off-grade bonds contributed to the failure of so many
hanks in past years?
The Comptroller’s office, as you are aware, has charge of
the liquidation of all national banks which become insolvent.
Records show that
among the assets of the insolvent banks which the Bureau has handled in the
past five or six years there were some 25,000 different issues of securities. Many
of these issues never had a market, and many were highly speculative.
The only
justification that bankers could have had for the purchase of thousands of these
issues was that they had a high yield.
G-reat effort was expended in the Comptrol
ler’s office to liquidate some of these securities.
In many cases, not only have
we been unable to find anyone who was interested in them, but we have even had
difficulty in determining anything about the securities . Depositors in closed
national banks lost heavily on such unwise purchases . It is doubtful if anyone
could prove that these Regulations were destined to affect the banks, the capital
markets, and the general economic structure of America in any other than a
beneficial way.
If such Regulations had been detrimental to the interests of
the banks and their depositors the Bureau would have been aware of it long before
this.
X re-assert that restrictions were needed, and that the strength and the
timeliness of the Regulations affecting Investment Securities have been demonstrated
repeatedly. I need only to point out to you that in the last eight or nine months,
during which the country has passed through a recession which affected and still
affects security prices, not one single national bank has been closed by reason
°f depreciation in its bond account.
As time moves on and conditions change, the
Comptroller of the Currency will keep pace with new situations by amending the
-
Regulations when necessary."
6
-
The responsibility that remains is upon the banks and
the bankers affected to see that their security investments conform as nearly as
possible.
May I call your attention to the fact that in the Texas banks, 1,609 in number,
in 1921 the total of all Investment Securities amounted to but $120,043,000 as
against deposits of $726,072,000.
By December.31, 1937, the Investment Securities
of the Texas banks, 868, or-.about half in number, had risen to $443,428,000, as
against deposits of $1,371,773,000.
This is an increase of from 16-1/2 per cent
to 32-1/2 per cent.
Now let us discuss the problems of loans.
But before I get into this, I wish
to call to your attention that in your 868 Texas banks in which you, on December
31, 1937, had total deposits of $1,371,773,000, you had $587,631,000 in Cash,
Reserves, and due from other banks.
Here you have a huge fund from which the
tanks are reaping no profit - jnoney that is crying for investment.
On the other
side, we have complaints from big business, from little business, that the banks
are not cooperating.
If this is true, the gravest responsibility the bankers have
today is_ the meeting of this need; otherwise the banks are not meeting their
second obligation - that to the borrowers.
The management of each bank knows its customers and knows the ones who have
been honest in their dealings, even though unable to meet their obligations
promptly through conditions over which they have no control, and under circum
stances with which the banker is thoroughly familiar.
Many of your applicants
for loans, no doubt cannot submit to you a satisfactory financial statement which
would justify granting an extension of credit.
However, you will surely agree
- 7 -
that in these times to say* "No" and simply decline the application may not in all
cases be enough.
When you give these matters careful thought you will further
agree that the-bankers should give these honest and industrious applicants the
benefit of your judgment and experience and should put forth your best efforts in
a sympathetic endeavor to get the loan placed in such sound and bankable’condi
tion by way of security or endorsement that such extension of credit could be
granted.
The time has come for the closest cooperation on the part of everyone in the
recovery movement'.
We should not depend too largely upon non-recurring profits
and service charges, but on the other hand lend all proper assistance to our
agricultural and industrial people.
It is not. my intention to dictate to you the loan policies of your banks,
but we must bear in mind the existent demand for a kind of credit previously
unknown to us.
This is the credit required by the small business man, the merchant,
industrialist, stockman or farmer - the man who wants to carry on, but lacks the
means of operating his business.
the farmer.
I should like to place particular emphasis on
In our state, Texas, we have many industries, many businesses, but
you and I know that Texas is largely agricultural, and largely dependent upon
agriculture for its prosperity.
Industry, business, and any other form of human
endeavor— -all have their places in the sun and all should be recognized.
But the
greatest single security for civilization, the greatest chance for emplbyment ’and
happiness will come in no other way than by a definite trend back to the farm . We
should support and encourage industry in the cities, but we have an
-
8
-
enormous responsibility to those who till the soil.
I repeat that there is no
safer, sounder economic system in the world than one founded on a proper protection»
and encouragement of the happy farm home.
It is recognized that loans of this kind require more than ordinary attention,
lie balance sheet may not he just to our liking, the ratio of quick assets to
current liabilities may not be favorable, and perhaps in the case of an industrial
loan the amount needed is larger than one bank can handle . Hat it would seem that
in cases of this description the local banks would be justified in prorating, or
buying participations, when there would accrue potential benefits to their com
munity. By making sound, bankable loans, we will contribute toward the overcoming
of our greatest problem— unemployment.
We all recognize that our Government
should not and cannot continue to assume the care of the unemployed indefinitely.
Our immediate need is that of teamwork, and I confidently believe that if
every one of us will set ourselves to the task of doing all possible to better our
local situations, the collective benefits will afford the momentum for economic
recovery and prosperity.
sibilities.
Even as a member of a team we have individual respon
We should recognize them, and forget for the time, at least, our
worId. problems and the fear of what might happen - to try to solve the problem at
üome - for after all that is the immediate objective.
The work of the Comptroller of the Currency is with results rather than with
causes. That may lead to the feeling at times that our examiners are inclined to
^ too critical rather than constructive, but I can truly say that we desire with
you to have the analysis sheet as free of criticism as possible.
It has been
n°ted that in those banks where the boards of directors are active in the .discharge
- 9 -
of their duties, namely— maintain supervision of policies and are thoroughly
familiar with the loans and investments, we usually find the assets in acceptable
order.
Management is as important as capital, as a matter of fact it is more
important, and the responsibility of maintaining capable, efficient management
rests with the directors and not with the supervisory authorities . In employing an
officer or clerk, the bank (the directors) simply makes an investment— meaning
that the officer or the clerk should render profitable service.
I fear that in instances directors of banks have come to rely too much on
the reports of examination, have possibly been inclined to look upon the examiner’s
reports as the best source of data on the safety or soundness of their bank’s
loans and investments . In a measure that is right and properf but attention is
directed to the heading of each report of examination of national banks:
"A copy of this report of examination is furnished to the Board of
Directors of the examined bank for their information and considera
tion.
The information contained therein is based upon the records
and books of the bank and upon statements made to the examiner by
officers and employees of the bank, and on data secured from other
sources believed to be reliable, and presumed by the examiner to be
correct • Much of the information in regard to the assets of the bank
is of such a character as to make it necessary for the examiner to
rely upon the good faith and assurances of his informants, and while
the examiner regards the statements so accepted by him as correct,
be is, necessarily, not in a position to guarantee the accuracy of
such part of the information as may not have been obtained at first
hand.”
I refer to this particular quotation because it is printed in very small
*
10
-
type and may be overlooked by both officers and directors when reviewing the
reports.
It should be possible for the officers and directors, because of
their knowledge of the assets, to make examinations that would be of superior
value and usefulness .
While the majority of national banks have examining com
mittees, their reports are usually found to be cursory in nature, lacking
the. detailed or itemized appraisal of assets treated with in the examiner^*
reports.
Knowledge is, power, and the more the directors know about the affairs
of their banks, the more useful they can be to the managing officers.
While the technique has undergone changes, the principle of banking remains
unchanged— is the same today as it was when the first deposit and the first loan
were made.
May I quote from a letter that the first Comptroller of the Currency,
Hugh McCulloch, addressed to all national banks in 1863:
"Let no loans be made that are not secured beyond a reasonable contin
gency.
Do nothing to foster and encourage speculation.
G-ive facilities
only to legitimate and prudent transactions.
"Distribute your loans rather than concentrate them in a few hands. Large
loans to a single individual or firm, although sometimes proper and
necessary, are generally injudicious, and frequently unsafe.
Large
borrowers are apt to control the bank; and when this is the relation
between a bank and its customers, it is not difficult to decide which in
the end will suffer.
Every dollar that a bank loans above its capital
and surplus it owes for, and its managers are therefore under the strong
est obligations to its creditors, as well as to its stockholders, to keep
its discounts constantly under its control.
"Treat your customers liberally, bearing in mind the fact that a bank
prospers as its customers prosper, but never permit them to dictate your
policy,11
mumm DXPAsmmr
WASHI8GT0H
rmt m
sA ss,
mmim n
i p
M
Press Service
3a»*»?,>. M . H*,.,1*38-_________
5/Í6/38
[I I
)1
The Secretary o f tbs Treasury announced la s t evening that the
tenders for $50,000,000, or thereabouts, of 91-day Treasury b ills , to be
dated May 18 and to mature August IT , 1938, which were offered on May 13,
were opened at the federal lesen e banks on May l i .
The details of this issue are as followst
Total applied for
Total accepted
I
- $804,464,000
*
50,869,000
Bange of accepted bids: (Excepting three bids totaling $89,000)
High
LOW
Average price
* 99.996
* 99.993
- 99.993/
Equivalent rate approximately 0.016 percent
*
*
*
0.088
*
•
*
*
0.027
*
(51 percent of the mount bid fo r at the low price was accepted)
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, May 17, 1938._______
5/16/38
Press Service
No. 13-37
The' Secretary of the Treasury announced last evening that the tenders
for $50,000,000, or thereabouts, df 91-day Treasury bills, to be dated
May 18 and to mature August 17, 1938, which were offered on May 13, were
opened at the Federal Reserve banks on May 16.
The details of this issue are'as follows:
Total applied for
Total accepted
- $204,464,000
50,269,000
Range of accepted bids: (Excepting three bids totaling $29,000)'
High
Low
Average price
-
99.996 Equivalent rate approximately 0.016 percent
99.993
"
tt
v
0.028
»
99.993/
,f
H
fl
0.027
n
(51 percent of the amount bid for.at the low price was accepted)
— oOo-
handicap can be determined.
Partially deaf persons are usually unaware of the degree of hearing loss
in each of the two ears.
Thirteen
percent of those examined reported normal
hearing in one ear and various degrees of deafness in the other.
Yet, it was
found by audiometric test that if one ear is defective for hearing direct con
versation or public address, the other ear was impaired to an equal or worse
degree in approximately three-fourths of the cases.
On the other hand, if
either ear was normal by audiometric test, the other was normal in 90 percent
of the cases.
Similarly, if either ear was defective for telephone conversa
tion, the other ear was found deaf for direct conversation or worse in S3
percent of the cases.
Deafness and Diseases of the Ear
Many significant findings will be forthcoming from the study as to the
relationship between the degree of hearing loss and the existence of diseases
aural conditions.
The preliminary analyses indicate that only one in two
ears with aural disease has normal hearing, whereas four in every five ears that
are physically normal have normal hearing.
Although deafness resulting from infections of the ear is generally sup
posed to be specific to childhood, the present study has data indicating that thi
S
factor in operative throughout life. Naturally there is a greater prevalence of
impaired hearing with advancing age, but it is believed that much more of this
may be attributable to infections than is supposed.
forthcoming technical analyses will deal with the relationship between
aural pathology and hearing loss as measured both by air conducted and bone
conducted sound.
The study will present data on the extent to which
is associated with mechanical defects of the
degeneration.
deafness
middle ear or with auditory nerve
The response of a person in a sound.-insulated booth to different tones
measures the intensity value of his hearing.
The hearing level is indicated
by the weakest intensity at which the subject can hear of the 8 pitches gen
erated by the Audiometer.
Not only can an accurate quantitative statement about the sensitivity
of the ears be made, but the social handicaps inflicted upon an individual
by defective hearing can be indicated, since the tones generated by the audio
meter are those most important in social communication— speech and music.
Responses to the four most important; intensity frequencies in hearing speech
sounds (256, 5^*2, 1024 and 2043 cycles per second) were particularly observed
in the hearing study.
Hearing Loss in Various States of Deafness
The audiogram, or graph-picture of hearing, obtained with the audio
meter shows how much hearing loss a person suffers.
Hearing loss is measured
in terms of decibels— the usual unit for measuring the loudness of sounds.
In the present hearing study, it was found that persons with normal
hearing lose from 0 to 5 decibels.
Persons who have difficulty in understand
ing speech from the platform of a public auditorium, from the stage in a
theater or in a conference between five or six people, have a hearing loss
of from 2O-25 ‘Quits of sound.
If a person cannot understand speech from two or three feet directly
in front of him, hfcsl's hearing loss is from 40 to 5® units of sound.
Those
who cannot use the telephone because speech by this means of communication
is unintelligible to them, are losing from 60 to 65 units.
The totally &eaf
have a range of loss of 8 5 to 90 units.
A chart worked out by the hearing study indicates these ranges, and
will be valuable as a diagnostic aid by which the patient*s probably social
made hearing tests of school children.
There have heen studies among pa
tients in hospitals and clinics, and among pupils in schools for the deaf.
Since 1630, the national decennial Census has recorded the number of "deafmutes’*— a term which has suffered varying definitions and relates to persons
who were born deaf or who acquired total deafness before the age of S years.
Examination of World War recruits also contributed valuable data.
All these investigations were limited as to age, sex, or to groups hav
ing severe hearing handicaps.
Ho standard measurements were set for the
classification of hearing defects of varying degress*^
Principal objectives of the present study are (l) to obtain data on
the trends of hearing loss in the general population, on the prevalence
of hearing defects of all degrees at all age levels and for both sexes
and (2) to establish ^norms’* for normal hearing.
On the basis of the
tests, it is expected that a standard— arrived at by scientific methods
of measuring—
may be set up for the recording of normal hearing.
The medical examinations were made in each city by local physicians
specialising in diseases of the ear, and were carried on in temporary clinics
set up for the purpose.
Audiometric tests were made by trained technicians
in the same clinic.
The hearing tests were made on the 2-A Audiometer, an instrument con
sidered the best available for this purpose.
The 2-A Audiometer generates
pure tones at S different frequencies, ranging from a very low to a very
high pitch.
It also has an intensity scale which is used to determine the
intensity of the tone generated.
A dial similar to a radio dial records
the intensity value of the tone.
By adjusting the controls, the intensity
can be varied by known amounts, from a value too low to be detected by the
human ear to an extremely loud level.
N.H.S.— Hearing Study
E. G.P.
for Belease:
Sunday
May 22^^, 193S
\
1.
2.
3.
4.
5•
Dr.
Mr.
Dr.
Mr.
Palmer
Perrott
Olesen
Broughton
Schwarz ^
T h e ^ . jsj Public Health Service today released the preliminary find
ings of a hearing study which constitutes the first scientific effort to
measure the hearing of a representative group of the general population
with precision instruments.
The study was made in connection with the national Health Survey, and
in cooperation with a group of prominent otologists and the Bell Telephone
Laboratories.
It was conducted in 12 of the 84 cities included in the Sur
vey— Birmingham and Montgomery, Ala., Atlanta and Brunswick, £>a., Hew Or
leans, La., Detroit, Midi., St. Paul, Minn., Brooklyn, N. Y., Cleveland,
0«, and Amarillo, Dallas and Houston, Tex.
Approximately 9*000 persons who had been canvassed by the Health
Survey in these cities were invited to have an audiometric test of their
hearing and medical examination of their ears.
The group ranged in age
from S to 90 years, and was about evenly divided as to sex.
About half
of them had reported to the National Health Survey that they were partially
or totally deaf, and the other half had reported that they suffered no
hearing impairment.
There has been considerable scientific interest in obtaining reliable
and representative data on the incidence of various types of hearing de
fects among people of all ages and both sexes.
Many cities and States have
TREASURY DEPARTMENT
U. S. Public Health Service
Washington
POR RELEASE, MORNING NEWSPAPERS,
Sunday, May 22, 1938.
'
5/20/36L
Press Service
No. 13-38
The United States Public Health Service today released the preliminary
findings of a hearing study y/hich constitutes the first scientific effort to
measure the hearing of a representative group of the general population with
precision instruments.
The study was made in connection with the National Health Survey, and
in cooperation with:a group of prominent otologists and the Bell Telephone
Laboratories*
It was conducted in 12 of the. 84 cities included in the Survey-
Birminghom and Montgomery, Ala., Atlanta and Brunswick, Ga. , New Orleans, La*,
Detroit, Mich., St. Paul, Minn., Brooklyn* N.Y., Cleveland, 0., and Amarillo,
Dallas and Houston, Tex.
Approximately 9,000 persons who had been canvassed by the Health Survey
in these cities were invited to have an audiometric test of their hearing and
medical examination of their ears.
The group ranged in age from 8 to 90 years,
and was about evenly divided as to sex.
About half of them had reported to
the National Health Survey that they were partially or totally deaf, and the
other half had. reported that they suffered no hearing impairment.
There has been considerable scientific interest in obtaining reliable
and representative data on the incidence of various types of hearing defects
among people of all ages and both soxos.
tests of school children.
Many cities and States have made
There have been studies among patients in hospitals
and clinics, and among pupils in schools for the deaf.
decennial Census has recorded the number of “deaf-mutes"
Since 1830, the national
a term which has
suffered varying definitions and relates to persons who were born deaf or who
acquired total deafness before the age of 8 years. Examination of World War
recruits also contributed valuable data.
All these investigations,were limited as to age, sex, or to groups
having severe hearing handicaps.
No standard measurements were set for the
classification of hearing defects of varying degrees.
Principal objectives of the present study are (l) to obtain data on"
the trends of hearing loss in the general population, on the prevalence of
hearing defects of all degrees at all ago levels and for both sexes and (2)
to establish ‘‘norms11 for normal hearing.
On the basis of the tests, it is
i
expected that a standard— *arrived at by scientific methods of moasuring**-may
ho set up for the recording of normal hearing.
The medical examinations were made in each city by local physicians
specializing in diseases of the ear, and were carried on in temporary clinics
set up for the purpose.
Audiometric tests were made by trained technicians
in the same clinic.
The hearing tests were made on the 2~A Audiometer, an instrument con
sidered the best available for this purpose.
The i$*A Audiometer generates
pure tones at 8 different frequencies, ranging from a very low to a very high
pitch.
It also has an intensity scale which is used to determine the intensity
of the tone generated.
value of the tone.
A dial similar to a radio dial records the intensity
By adjusting the controls, the intensity can be varied by
known amounts, from a value too low to be detected by the human ear to an
extremely loud level.
The response of a person in a sound-insulated booth to different tones
measures the intensity value of his hearing.
The hearing level is indicated
by the weakest intensity at which the subject can hear of the 8 pitches gen
erated by the Audiometer.
Not only can an accurate quantitative statement about the sensitivity
of the ears be made, but the social handicaps inflicted upon an individual by
-
3
-
defective hearing can he indicated, since the tones generated by the audio
meter are those most important in social communication— speech and music*
Responses to the four most important intensity frequencies in hearing speech
sounds (256, 512, 1024 and 2048 cycles per second) were particularly observed
in the hearing study.
Hearing Loss in Various States of Deafness
The audiogram, or graph—picture of hearing, obtained with the audio
meter shows how much hearing loss a person suffers.
Hearing loss is measured
in terms of decibels— the usual unit for measuring the loudness of sounds.
In the present hearing study, it was found that persons with normal
hearing lose from 0 to 5 decibels.
Persons who have difficulty in under
standing speech from the platform of a public auditorium, from the stage in
a theater or in a conference between five or si± people, have a hearing loss
of from 20-25 units of sound.
If a person cannot understand speech from two or three feet directly
in front of him, his hearing loss is from 40 to 50 units of sound.
Those who
cannot use the telephone because speech by this means of communication is
unintelligible to them, are losing from 60 to 65 units.
The totally deaf
have a range of loss of 85 to 90 units*
A chart worked out by the hearing study indicates these ranges, and
will be valuable as a diagnostic aid by which the patient*s probable social
handicap can be determined.
Partially deaf persons are usually unaware of the degree of hearing
loss in each of the two ears.
Thirteen percent of those examined reported
normal hearing in one ear and various degrees of deafness in the other*
Yet,
it was found by audiometric test that if one ear is defective for hearing
direct conversation or public address, the other ear was impaired to an equal
-
4
-
or worse degree in approximately three-fourths of the cases.
On the other
hand, if either ear was normal "by audiometric test, the other was normal in
90 percent of the cases.
Similarly, if either ear was defective for telephone
conversation, the other ear was found deaf for direct conversation or worse
in 83 percent of the cases*
Deafness and Diseases of the Ear
Many significant findings will he forthcoming from the study as to the
relationship between the degree of hearing loss and the existence of diseases
aural conditions.
The preliminary analyses indicate that only one in two ears
with aural disease has normal hearing, whereas four in every five ears that
are physically normal have normal hearirg.
Although deafness resulting from infections of the ear is generally
supposed to he specific to childhood, the present study has data indicatirg
that this factor in operative throughout life.
Naturally there is a greater
prevalence of impaired hearing with advancing age, hut it is believed that
much more of this may he attributable to infections than is supposed.
Forthcoming technical analyses will deal with the relationship between
a&ral pathology and hearing loss as measured both by air conducted and bone
conducted sound.
The study will present data on the extent to which deafness
is associated with mechanical defects of the middle ear or with auditory nerve
degeneration.
•*-oOo-
3 competition
competitions
will consist
of e i g h t m e m b e r s *
Charles
York City
Los Angeles,
are
Z *K1 a u d e r , P h i l a d e I p h i a f A y m a r Etobt i r ^ p #ie|
£ Philip B«Maher,Chicago
D «Clarke,New York City
They
f Paul
£ Henry R*Shepley,Boston
P«Cret,Philadelphia
; Richard
and Edward Bruce,Washington,D*C«, member
Louis
Treasury department,
as
o f the
architectural adviser*
T$e g o v e r n m e n t
winning design*
J® Neutra]
e x officio*
A«Simon,Supervising Architect
w i l l act
| Gilmore
reserves
t he r i g h t
t o p u b l i s h any
2-competition
■i||' |f
This
' H
;
;
c o m p e t i t i o n is
United States
o p e n to a n y a r c h i t e c t w h o
and w ho
registration,a
i' f '
■i
Treasury department
of qualif i c a t i o n s
w i l l be
acceptable#
.
is a c i t i z e n of the
is r e g i s t e r e d i n a n y s t a t e f
statement
'■
o r i n l i e u of
s a t i s f a c t o r y to t he
fflilj floiiipgttlrluii
»1i l l
b u '4^
*W***P*WW<»UiiKinysMMi
Drawings w i l l be
In order
of r e c o r d , a p p l i c a t i o n fo r
by letter
that
accepted until
t he n a m e s
programs
or t e l e g r a m to t h e
of e i t h e r
J u l y 26.
of all contestants
c o m p e t i t i o n m u s t b e made
Supervising A r c h i t e c t s
gij
■
D i v i s i o n , i n W a s h i n g t o n , D * C m The
v :
.,
■
envelope
shall l|
office•Procuremen
'tot W&Mi
should be m a r k e d
1
”Architect
C o m p e t i t i o n # 11
Applications
Federal building
c o p y of t h e
at C o v i n g t o n , K y # , m u s t b e
applicants
unregistered
to take
certificate
accompanied by,a
qualifications
of
of r e g i s t r a t i o n , o r i n t h e case of
qualification#Telegraphic
statement
that
t h a t t i m e the
a p p l i c a t i o n s m u s t be
a c o p y of certi f i c a t e
c o n c e p t i o n of t h e i r d e s i g n s ,
is m a d e
the
to l i m i t
on the
out,'Should have
character,
business
which demands
The
conceptions
Federal Government,the
an a r c h i t e c t u r a l
s t u d y of p r o p o r t i o n a n d
architects
of t h e
in private
the
exterior treatment
s h o u l d b e r e l a t e d to t h e e x p e c t e d c o s t * B u i l d i n g s
carrying
o r stat e m e n t of
has been mailed#
While no attempt
used
d e s i g n f o r the
a c c o m p a n i e d b y a photograph^
a r c h i t e c t s ^ t h e r e m u s t b e s u b m i t t e d at
required evidence
the
part in the
expression that
competitors
a n d the materij
c o n s t r u c t e d for'
d i v i s i o n pointer
is g o v e r n m e n t a l i&
d i g n i t y w i thout/^31 ab o r at i o n , a n d a careful
scale # ^
purpose
practice
o f the c o m p e t i t i o n is
the
o p p o r t u n i t y to
to a f f o r d to
express
their
designs
f o r the
f o r the d e s i g n of F e d e r a l b u i l d i n g s #
The
J u r y cnf A w a r d
to
judge the
tvrc
Release
to
a.mi-s.,
y.
!
^
Monday May 23,1938
|
|
il<
r
—
|...
,
Two
competitions
for
architectural
d e s i g n for
*J i
kk a Y ^ tJlA \y ^
Federal
Buildings
were
announced today by
S e c r e t a r y w » ’"■*' —
I
In the
first
competition/fhe
AA*a>H ' ^ ?
T re a su ry Department
\
is s e e k i n g
ten designs
approximately $50,000
services
small post
each»
of t h e w i n n e r s
the w i n n i n g
prepared
for
This
office
The
their designs.
This
any architect who
ten winners will receive
or
of
In this
$ 1 , 0 0 0 e a c h for
of u n l i m i t e d f o r m an d
United States^
the D i s t r i c t
t he a u t h o r
is
open to
except
employes oj
of C olumbia*
competition,if
government
a p p r o v a l of
a n d s p e c i f i c a t i o n s w i l l be
a c i t i z e n of t h e
the F e d e r a l G o v e r n m e n t
selection and
only,the
Supervising Architect*
c o m p e t i t i o n is
is
use b y the f e d e r a l
drawings
of the
costing
c o m p e t i t i o n is f o r d e s i g n
to t e r m i n a t e u p o n
designs«Working
I n t he
office* buildings
a n y d e s i g n is duplic a t e d fol
of t h a t d e s i g n w i l l receive
$ 1 0 0 f o r e a c h s u c h repartition o c c u r r i n g w i t h i n o n e y e a r of
inniiit'1hi nn
until
June
wi.il
be
In-forne
q,
q
the award*
?fpy £&* D r a w i n g s w i l l
be accepted]
29^3
g ^ I *2 "%1 ^ é ¡1
The
courthouse building
structure
at
Is $ 4 5 0 , 0 0 0 *
other c o m p e t i t i o n ^ s f o r
Covington,Ky*
consultation
services
working drawings
and specifications,
t h e b u i l d i n g * As
i n the f i r s t
specifications will
The estimated
a post
cost
office and
o f this
O n l y o n e d e s i g n f r o m e a c h c o m p e t i t o r w i l l be
c o n s i d e r e d * The w i n n e r w i l l r e c e i v e
additional for
M
$3,000 for his des i g n
during
the p r e p a r a t i o n of the
and d u r i n g the
c o n s t r u c t i o n of
competition,working drawings
be p r e p a r e d in the
a n d $3,000
office
of the
a nd
Supervising
Architect*
In the
C o v i n g t o n c o m p e t i t i o n the a u t h o r s
second and third will receive
of design*
$ 2 , 0 0 0 a n d $ 1 , 0 0 0 respectively*
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Monday, May 23, 1938»
5/20/387
Press Service
No. 13-39
Two competitions for architectural design for Federal Buildings were
announced today "by Secretary Morgenthau.
In the first competition, opening May 25, the Treasury Department is
seeking ten designs for small Post Office buildings costing approximately
$50,000 each.
This competition is for design only, the services of the.
winners to terminate upon selection and approval of the winning designs.
Working drawings and specifications will be prepared in the office of the
Supervising Architect,
The ten winners will receive $1,000 each for their designs.
This com
petition is of unlimited form and is open to any architect who is a citizen
of the United States, except employes of the Federal Government or of the
District of Columbia*
In this competition, if any design is duplicated for use by the Federal
Government the author of that design will receive $100 for each such repeti
tion occurring within one year of the award,
-Drawings will be accepted until
June 29,
The other competition, beginning June 21, is for a Post Office and
Courthouse building at Covington, Kentucky.
ture is $450,000.
The estimated cost of this struc
Only one design from each competitor will be considered*
The winner will receive $ 3,000 for his design and $ 3,000 additional for con
sultation services during the preparation of the working drawings and speci
fications,' and during the construction of the building*
As in the first com
petition, working drawings and specifications will be prepared in the office
of the Supervising Architect,
-
2
In the Covington competition'the authors of designs judged second and
third will receive $2,000 and $1,000 respectively. This competition is open
,
to any architect who is a citizen of the United States and who is registered
in any state;
or, in lieu of registration, a statement of qualifications
satisfactory to the Treasury Department will.he acceptable'.
Drawings will
he accepted until July 26*
In order that the names of all contestants shall be of record, appli
cation for programs of either competition must be made by letter or telegram
to the Supervising Architects office, Procurement Division, in Washington,
D, 0*
The envelope should be marked ‘'Architectural Competition« "
Applications to take part in the design for the federal building at
Covington, Kentucky, must be accompanied by .a photographic copy of the appli
cant^ certificate of registration, or, in the case of unregistered architects,
there must be submitted at that time the required evidence of qualification*
Telegraphic applications must be accompanied by a statement that a copy of
certificate or statement of qualifications has been mailed*
While no attempt is made to limit the competitors in the conception of
their designs, the exterior treatment and the materials used should be related
to the expected cost*
Buildings constructed for carrying on the business of
the federal Government, the division pointed out, “should have an architectural
expression that is governmental in character, which demands dignity without
undue elaboration, and a careful study of proportion and scale* “
The purpose of the competition is to afford to architects in private
practice the opportunity to express their conceptions for the design of
federal buildings*
The Jury of Award to judge the designs for the two competitions will
consist of eight members*
They are;
Charles Z. Klauder, Philadelphia*
~
Ay-mar Smbury, II, New York City;
Boston;
3 -
Philip B* Maher,.Chicago;
Gilmore D, Clarke, Hew York City;
Henry R. Shepley,
Paul P* Crot, Philadelphia*
Richard J* .Neutra, Lcs Angeles, and Edwprd Bruce, Washington, D. C. , member
ex officio*
Louis A, Simon, Supervising Architect of the Treasury Department, will
act as architectural adviser*
The Government reserves the right to publish any winning design*
~« o Og ‘
thè foregolng dato to thè Commiseioner of thè Bureau of Flsberles within th
montile after thè olose of eaeh whaling season# thè master or porson In chargJ
of any faotory «hip or land station shall bave available in hi« po««eeelo&
oopies of thè eo&traote of thè gunners and memhers of thè «reo of «ueh «hip
or station or any «hai« eateher attaehod thèreto, end eleo en aoourate aasount!
showing thè monthly pay of «ueh persone and thè factors upon which «ueh pay li]
based«
(b)
thè master or persoli in oharge of any factory «hip or
station shall permlt any offioor euthorisod to u f o m thè previsione of th*
Convention or of thè Aot or any regulatlon thereof, to ozanino and impeti any
«neh record, contraet or eooount and to mah# copio« thereof, or ezcorpts Ih«»
fremi at any tinsi «hall furnish any «neh officer with such other date or lai*
ation as aay be required by thè Seoretary of thè Treasury or thè Secretary of
Conaoroe pursuant to thè provi«iosa of tho Asti and «hall render all possiti«
assistane# to, end
fully
oooperete with, any such officer«
Art. 9« Kothing in theso regul&tlons
Shell
be eonstrued es applying to
dolphins or porpolsos, or pormitting any aot contrary to tho lana and regulatioj
of any Stato or farritory ned# for tho purpoea of givlng furti»r protestion f
whales
when
suoli laure and rogulatlone aro not leeoneletest with thè
Conventi oa
or tho fhaling Treaty Aot#
Art.
shall
9#
The
fhaling Troaty Aot and any rogulatlone »ado pursuant
therito
bo poetod in a conspicuoue and aooaeeiblo placo on each factory «hip
and at e&oh land station#
Art. 10. The Joint rogulatlone approvod Ootobor 9, 195«, issued pursuaat
to thè authority of thè fhaling Traaty Aot, are hereby euperaeded#
Secretary of Oosneree#
Secretary of thè Treasury.
Approvod:
The Presidente
•4•
season, not to sxoeed
(c)
Ealing
attached thè reto;
dolXar por day»
Inspector of whaling ln authorisod to ho prosont ot any
An
op eratIons
out
aonducted hy a faotory shipf Und atation, or
07
rooool
to addross intuirlo# to tho motor» portoli in shargo, mantara
of tho oro*, or any ©ther smployso ©f any «neh »hip, «tatioa or voosol oonetmiag
such
Operation» ;
to mensuro any wholoo taksm; and to inopoot and
«emine
any «uoh
whalos or tho parto or prodotto thoroof* fhis provisión shall not ho sonotruci
in dsregation of any ©attority oonfsrrsd apon snob inspsotors or any othtr ottiea
of tho United
States
hy any othor provisión ©f law or rogalotion#
(d) An inspootor of whaling shall ohtain and fomioh to tho propar
attthoritios sooh data and
Information as noy
ho rs^oirod pursuant to law,
and
also shall raport as sosa as prastioahls to sosh authorities tho Violation of «y|
provisión of tha Convention or of tho AOt or any
n & ú m U m
thereof.
Xt
tho
Violation imvolves tha taliag of «ay inhalo, soeh roport shall otate all tho faattf
ralativa thorato, and tho amoont of olí and othar prodoots dorivad from any atwfc
whale»
Art*
fm
(a), fha mastor or porson in atarp of sny faotory »hip or land
Station »hall keep an asomrata daily raeord of Ealing oparations lnedudlng (1)
tha manher of wheles taken and tha nushsr of whalss injured or killsd and not
roeovorod hy tho «halo estehsro; oad also tho tim and plaoa of takiag, iaJtriB«j
or klHing such whalos;
it
W
ths spsoies, ssx, and longth of osoh whalo takaö,
any «wh «tal* containa a foatns, tha laagth ana saz, if naeortaianhl». oí «j
toatus; (3) whathar any «hala taken m
produsing «ilk; an« (4) «ha aggragats
enounts of oll of oooh grade and tha quantitiss of aoal, fertilizar and s#*
pradost« dsriTsd fron «halse taten; and alao ahall fonard a raport oontaiolW
.Ä'
U)
*OT
scientific purposcs under a spettai permit issued by thè
Seeretary of Cenere: Prended, fhat, la esse of eaeh such iaq>ortetion or
exportation of any such whale er thè produci of any snob ubale, includine oli,
«est, bone, atei, et fortiliner, eompetcnt evidente tbet thè Seeretary of
Commerce ha» authorized snob i^ortatioa er «porta tion, must be presentad t©
thè Oollaetor of Custons et thè port of importation er exportation,
(b) 8y native» or Sskiaoe sngaged in whaling who ase only canoe» or other
native craft propelled
by
other»
than
by
tare or »ella, de not carry firearas, are net anploy
nativee er Hsklmes, end ere not ander eoatraet te deliver proda©
ef their whaling to any third perseas ProTided, Tfcat, in thè esse ef saeh such
importation or esportaiioa, thè Oolleetor ef Oastoas fer thè Oaetoae Colleotion
Distritt ef Alaska (He*
all other enetoms
HI) m&y
coIleotion
require, and eli other coIleetere ef sestetti foj
distrlets shall require, thè presa©tation
at
thè
port ef insertatioa or exportation of satisfactory evidente of »neh feots.
Art, 6« (a) lach
whaling
on thè ehlp or at thè
aasigned to such
»hip
or
factory
duty by
»hip and
station who »hell be
thè Seeretary
lead station «hall notify
thè Station
will begin whaling
land station
»hall haré aa
Operation«, at
ef
sneh
of
«a offiter ef thè dessi Qua
The
of thè freaeuzy.
thè Seeretary
inspector
thè
owner of
cay folto
Treasury ef thè
time
in advense
dato on
thereof
«©*i
perait an inspector ef whaling to report on thè ehip prior te Ite deperturo, of
te repert at t^he station before it begin» whaling operatlons*
(b) The master or pereon in «barge of eny factory «hip or
8
«hall previde an inspeeter of whaling witb suitabi« end adequate subsisteao* &n
accommodatlons ; end far eaeh day that such inspeetor le provided with subiti**
and accomodations ee aforeeeid, he shall pay te thè master or psrson in
ef thè factory ship or land station s pro-rata share ef thè test ef subsisting thè pereennel ef thè factory ship or land station during the
Orar Ubai»»
fi» teina
California gray
Borii fi»»
lari head
Mussai diggsr
Gray baek
Hip saek
Corno» fi» baek
Common fIssar
Common rorqual
Flabaek
fi» wMala
Harris» itela
laseteoM
fimi fla itela
Art. $• Calma, suokllng» Insatura ubate« or te yotwg of aay itela
»Mail Ma dante to Includa, amoag oters, «telai Marte a lengtb, saasured on
te lami la a atralgbt Usa Matassa t e tip of t e uppsr Ja«r aad te aotob
Mataaas te flokss of te tali« Inai thas te follovla» dlaamsioass
faat
Blue t e i Ita . . . . . . .
Ila maina.. . . . . . . . ... SO
Humpbaok wbales. • • . .............. s s
Sai wMalaa... ...
..............
40
Least rorquals « « « « « , , « « 18
Spam t e t t e . . . . . . .
Art. 4* Ezoapt aa proridnd la te follovla» artloia, t e Musila»• mi**
sapturing» kllltet pnasnsiion, sala, purcMass, shlpnsnt, traasportatlcn, carri
iaport, or sapori of aay balena or vMalaMoaa «Malo9 or ths poaaaaaloa9 sale,
puxahasn, sMlpanat, traaaportatie», carrlage, lsport, or torpori of tMn prodtietij
thereef, sMall Ma dante aonpatlMla wltM tMa toma of aald Coarsation aad per*
mltted by teaa regulations*
Art. 6. t e buatte » taking, eapturing, Milite# pontonaio», sai®,
sbipmaat, trasportaiion, oarrlags, Import, or agpte of aay righi or gray «*»
or ©f aay ealf, suaklte# testura telo, or tMa youa» of aay tela, or of
fannia tela &eeomp&&lnd by aay aolf ar tutela» »Maio, or tMa postassi©»» sal
pursMnss, sMipswat, transportatloa« earriage, import, or «pori of te P*°4u0
teroof9 SMall Ma dotte laeompatlbla wltM te toma of aald Coartati®» a»4
prohibited by teaa ra»ulatioaa, sxcspts
JOINT REOCrUTIORS
OF THE
SECRTTAHT
OF THE
THEASUHT
ABB>
TRE SICHETàHT OF COMMERCE CONCIMINO V2HALING.
Pursuant t© th© authority of tuli© Whaling Treaty Aet of May 1, 1980, 49
Stat. 1249 (0.S.G. Sup. Ili, title 16,
«MS.
901-919), to giva ©ffeot to th©
Convention between thè United State« «ad eertain other eountries Few thè
regulatlon of whaling, conclu&ed at Genera, Septewber 24, 1991, elgned on thè
part of thè United State« March 91, 1998, and effe«tire January 16, 1996, «e,
thè Seeretary of thè Treasuxy and thè Sacretary of Gemmo«, neh« and prescrivi
thè following jolnt regulatlone:
Art* 1« The proTisionB of thè Gonventlom far thè regalatlon of whaling,
thè Whaling Treaty A«t, and theae regulationa apply to all aatlonala, reacels,
and beat» of thè United State« In all thè water» of thè world, and to all
persona, Tessei», and boat» In thè United State», Ita territori»» and possess
ione, includine thè terrltortai water» thereof«
Art. 8« Fot thè purposes of theae regulatlon», baleen» or whalebone whale»
IndLwded within thè tema of thè Convention for thè regalati»» of whaling and
thè Whaling Treaty Aet »hall he deened to ineInde, anong other», thoae licted
below:
Rlght Whale»
Sei Whale»
Atlanti» rlght idiale
Aretle rlght «Male
Biscayan rlght whale
Bowhead
Great polar whale
Greenland rlght whale
Greenland «diale
Nordkaper
Horth Atlanti» righi Whal»
Morth Gap» «baia
Pacific rlght whale
Pigwy rlght whale
Southern plgny rlght whale
Southern rlght whale
1*
guapback Whale»
OP-617
— 2 —
MEMO FOR:
Art* 10*
New article*
Mr* Herbert E. Gaston
16 May, 1938.
Supersedes previous regulations»
3«
The changes that appear in the new Joint Regulations
have been decided upon in view of the experiences and information
gained by the Coast Guard during the last whaling seasoi
RECEIVED
TREASURY
1938 MAY 17
d e p t .,
PM I 25
Or Fi CE OF
ASST. SECY. GIBBONS
AD D R ESS T H E C O M M A N D A N T , U . S . COAST GUARD
A N D R EFER T O N
O
. ____
OP-617
TREASU RY DEPARTMENT
UNITED STATES COAST GUARD
WASHINGTON
16 May, 1938*
MEMORANDUM FOR:
Mr, Herbert E. Gaston.
1.
In accordance with the telephone request of Mr, Frank Rose
on May 14, 1938, a copy of the new Joint Regulations on Whaling is
forwarded*
2*
The following changes appear in the Joint Regulations
signed October 9, 1936:
Art, 3.
Added - after ’♦whales*, first line, "immature whales,
or young of any whale"; clarified method of measureieij
"measured on the level in a straight line between
the tip of the upper jaw*.
Added at end of article "Sperm whales,.,•••• ,35 ft,"
Art, 5.
Added after "whale" third line, "or the young of any
whale"; deleted in fourth and fifth line "or immature
whale"*
Art, 6(a) New article. Requires a Coast Guard officer as
Inspector and that the owner of the factory ship or
Land Station shall notify the Secretary of the Trees*
in time so that officer can join ship*
Art. 6(b) New article. Requires person in charge of factory
ship or a land station to furnish subsistence pro«*
rated to the inspector, not to exceed one dollar per
Art. 6(c) New article. Authorizes inspector to measure whales,|
to question crew and to go on board any vessel or m
engaged in whaling*
j
Art, 6 (d)New article. Requires reports and data as required If
law including violation with full data*
Art. 7 (a) New article* Requires Master to keep a daily record
of whaling with pertinent data. Also that the Mast*
shall have in his possession contracts of gunners ai
crew and an accurate account showing monthly pay* J
Art. 7 (b) New article. Requires Master to permit In sp e cto r tj
enforce regulations and to examine records, contract
etc. Master also to furnish any additional informal
as required by Secretary of Treasury and S ecre ta ry °|
Commerce*
Art. 8*
Same as Article 6 in the previous regulations*
Art. 9*
New article. Requires posting of the Whaling
Treaty Act and any regulations pertaining
thereto*
z
__ -(^
The ^oast Guard today announced^new assignments of toayL GUSTd officers!
\ p .— ....*
aboard vessels engaged in whaling.
Lieut. T. R. Midtlyng was assigned)
as an inspector aboard the whaling factory vessel FRANGO.
Lieut. W. C.
Hogan was assigned to duty as an inspector aboard the whaling vessel
ULYSSES.
Both vessels are of American registry and will operate off
the west coast of Australia.
ks
Chief Boatswain Albert Van de Venter was
assigned to inspection duty at the Coast
Alaska, being transferred from his
It was also announced that
Guard
will be a delegate to the
o
be held in London next sammo»»’ -
Guard land station at Akutan,
post of duty at Beattie.
Commander Wilfred N. Derby of the Coast
International Whaling Conference to
.
,,
Commander Derby is now in Norway making
preliminary studies in connection with the whaling problem.
-V
:1T
IN
Pursuant to the Whaling tr e a ty Act and to g ive e f f e c t to the
in te rn a tio n a l Agreement f o r the \^egu lation ofN |heling, the Secretary
o f the Treasury and the S e cre ta ry o f Commerce, with the approval of the
P re sid e n t, have issued new j o in t re g u la tio n s governing in sp ection of
C B
vessels of American registry engaged in the whaling industry. The new
regulations supersede joint tegulations of October 9,1936, and the
¡if| L
e x e rcise d by Treasury
provision s c l a r i f y and extend
customs and co a st guard o f f ic e r s ,w ith re sp e ct to the op eration s of
American whaling v e s s e ls .
The re g u la tio n s w ill have the e ffe c t of
ymore adequately \safegaard ing ithe revenue from whale o i l imports by 0
'
1
l made
more
of whaling op eration s which w ill b e jsy ste m a tic and complete on
*v
the b a sis o f the experience o f Coast Guard o f f i c e r s during the past yed
Under the new re g u la tio n s a Coast Guard o f f i c e r i s required to
be aboard whaling v e s s e ls during o p eration s as an in sp e cto r fo r the
Government.
The o f f i c e r i s authorized to go aboard any v e ssel or
u n it engaged in whaling, req u ire d a ily reco rd s of whaling with a ll
p e rtin e n t d a ta , and i s empowered to question members o f crews of vessel^
The m asters o f v e s s e ls a re required to have in t h e i r possession contr&ctj
o f gunners and crew and to fu rn ish any a d d itio n a l inform ation required
the S ecretary of the Treasury and S e cre ta ry o f Commerce.
BTTthliiTi t
Firr thri
- in., rtl ns ft,,
1 nn
qqpperative nnflffBS**10***"6’'
uvj lit y UifT , rmT lT rT rp^T rti.. rn~r^rtT7n~ntTrryi",tK
n--thi-1'-^ n tr-TTirrt
TREASURY DEPARTMENT
Washington
POR RELEASE, AFTERNOON NEWSPAPERS,
Monday, May 23, 1938.____________
5-21-38
Press Service
No. 13-40
Pursuant to the Whaling Treaty Act and to give effect to the Inter
national Agreement for the regulation of whaling, the Secretary of the Treasury
and the Secretary of Commerce, with the approval of the President, have issued
now joint regulations governing inspection cf vessels of American registry
engaged in the whaling industry.
The new regulations supersede joint regulations of October 9, 1936, and
the provisions clarify and extend the inspection function exercised by Treasury
Customs and Coast Guard officers, with respect to the operations of American
whaling vessels.
The regulations will have the effect of safeguarding more
adequately the revenue from whale oil imports by closer supervision of whaling
operations which will be made more systematic and complete on the basis of the
experience of Coast Guard officers during the past year.
Under the new regulations a Coast Guard officer is required to be aboard
whaling vessels during operations as an inspector for the Government.
The
officer is authorized to go aboard any vessel or unit engaged in whaling, re
quire daily records of whaling with all pertinent data, and is empowered to
question members of crews of vessels.
The masters of vessels are required to
have in their "possession contracts of gunners and crew and to furnish any addi
tional information required by the Secretary of the Treasury and the Secretary
of Commerce.
The Coast Guard announced today tho new assignments of its officers
aboard vessels engaged in whaling.
lieutenant T. R* Midtlyng was assigned
- 2 -
as an inspector aboard the whaling factory vessel 3TBANGO,.
Lieutenant W»C» Hogan
was assigned to duty as an inspector aboard the whaling vessel ULYSSES,
Both
vessels are of American registry and will operate off the west coast of
Australia».
Chief Boatswain Albert Van de Venter was assigned to inspection
duty at the Coast Guard land station at Akutan, Alaska, being transferred from
his post of duty at Seattle.
It was also announced that Commander Wilfred N» Derby of the Coast Guard
will bo a delegate to the International Whaling Conference to bo held in London
next month.
Commander Derby is now in Norway making preliminary studios in
connection with the whaling problem»
~~oQO'—
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Tuesday, May 24, 1928.__________
5/23/38.
Press Service
No. 13-41
The fifth and final 1938 designation of candidates eligible
to compete for appointment as cadets in the United States 0©&st Guard
Academy at New London, Connecticut, as made today by Rear Admiral R.R*
Waesche, Commandant of the Coast Guard.
All those certified since the first of the year as satisfying
the scholastic and chara.cter requirements of the Service Will compete
during the first week in June in examinations to be given in various part
of the country with the co-operation of the Civil Service Commission.
Due to the rigid requirements, only a number slightly in excess
of 900 have been accepted to participate in the examination, but the
number is twice the eligible aspirants in 1937.
Successful participants
in that test will be appointed as cadets for entrance into the Academy
in August, 1938, as the needs of the Service may require.
Listed by states, the candidates accepted since May 6 to take
the Academy examination are as follows:
- 2 ALBAMA
James H« Harper
RFD #5, Box 173,
Bessemer
CALIFORNIA
Harold 0«N«Mendenall
345 Wolf St
Oxnard
CALIFORNIA
Robert B, Henry
RFD 1, Box 276
Hollister
Leon D« McLaughlin
830 - 10th Ave
Tuscaloosa
Rodney A« Stanton
520 St« Louis Ave
Long Beach
Wm H« Helpes
5862 So« Los Angeles
Los Angeles
George Satrapa
Marion Institute
Marion
Frederick H« Kranz
1032 So«Windsor Blvd
Los Angeles
Frederick J« Grose
4315 3rd Ave
Los Angeles
Robert G. Tower
Marion Institute
Marion
John P* Cannon
El Camino Terrace
San Rafael
Wm F« Adams
2930 Walnut St
Huntington Park
Carl G« Cope
RFD #2
Inverness
Winfield S, Williams
2308 Derby St
Berkeley
Robert J« Clark
505 No 1st St
Alhambra
ARIZONA
John Sutherland
1135 East 8th St
Tucson
Andrew H. Rocca
545 Poplar St
So« San Francisco
Claude W« Drake Jr
573 Sunset Dr
Whittier
Theo A« Trembley
14420 Delano St
Van Nuys
John L« W. McGinn
536 West 5th St
Long Beach
Clayton F« Kenney
West Point Prep School
Fort Scott
Samuel W« Coffman
573 Palo Verde Place
Altadena
Walter Striebel
9816 Lawlor St
Oakland
Roswell W« Ard
3027 Kingsland Ave
Oakland
Arthur T« Burke
678 West 24th St
San Pedro
Jack C« Abert
4831 College View Ave
Los Angeles
Robert E« Wilde
1219 West 3rd St
Santa Ana
Win E« Chapline Jr
263 17th St
San Bernardino
Robert E* McAllister
822 Pacific Ave
Alameda
Stephen Grundy
337 Hazel Ave
San Bruno
Sherman K« Frick
Rte 1, Box 40-A
Mountain View
Eugene Pridonoff
4315 Griffin Ave
Los Angeles
ARKANSAS
Emil Goldberg
716 York St
Fayetteville
Marvin C« Adkins
City Park Addition
Fayetteville
CALIFORNIA
Ward Cox, Jr
655 Ulloa St
San Francisco
Stanley J. Ellis
1343 No« Edgemont St
Los Angelos
Richard H. Adams
2191 Glen Ave
Pasadena
Malcolm D, Hopkins
167 South Hoover St
Los Angeles
Arthur H* Cooke
6913 Templeton St
Huntington Park
CALIFORNIA
John S. Perrin
fest Point Prep School
Fort Scott
CQNNBCTTCIIT
William R. Schreck
244 Quinnipiac Avenue
New Haven
CONNECTICUT
James J. Coleman
224 Thames St
Grot on
Clarence 0. Nickum
339 Bast 95th St
Los Angeles
Bugene A. Gottlieb
184 Deacon St
Bridgeport
W m . C . Go rdon
Granby
■Robert 0. Loomis
634?. Stafford Ave
Huntington Park
Fletcher W. Brown Jr
15 Niles Hill Rd
New London
Fdward S. Hanzel j"
2629 Humboldt Ave I
Oakland
William S. Allan Jr
1190 Farmington Ave
West Hartford
■Robert N Gordon
1829 N. Kenmore Ave
Hollywood
Malcalm F. Griffith
284 Robbins Road
Kensington
Robert C. Parker
Sea2c TJSN USS DOBBIN
San Diego
Theron A. Pickering
John Siano
Albert 7. Quimby
Theodore C. Rapalus
Charles R. Hammond
John A. Browne Jr
Walter B. Stevenson
Cyril V. Storer
all of Admiral 'Billard
Academy, New London
Forest R. Dryden
148 Willetts Ave
New London
Joseph A. Roteili
177 Rim St
Stamford
Richard H. Pierce
8 Collins Lane
Bssex
Frederic Sinnott
87 Lincoln St
Hartford
Robert T Leary
Admiral Billard Academy
New London
QONNBCTI CUT
Woodruff ?. Sullivan Jr
22 West Town St
Norwich•
Alfred 0. 7iebran z
17 Winthrop Court
Milford
Rob e r t W. Go rham
58 W ooster St
Seymour
Francis B. Luond
Bagleville
Ralph R. DeSimons Jr
69 Fair Harbor Place
New London
Rdward R. Bergin
118 Atwater Ave
Derby
Rdward G. Coureier
49 Chestnut St
South Norwalk
Robert P . L eak
Admiral B i l l a r d Academy
Hew London
Jay J. Gonion
25 Grove St
Cos Cob
COLORADO
George Walthers
870 So. Race St
Denver
John M. Schaser
1447 So. Olarkson St
Denver
Carl M. Monroe
209 Plum Street
Fort Collins
Fred R. Carpenter, Jr
Rte 1, Box 32,
Gill
Rdward C . Burt
136 Concord St
New Haven
Gordon F. Anderson
2432 Whitney Ave
Hamden
Henry T. Hutchins
(205-020) Sea lc
ACADEMY
George J. Piontek
51 Maltby Pla.ce
New Haven
Charles Zelinsky
24 Goshen St
New London
Robert H. Nott
Admiral Billard Academy
New London
- 4 CONNECTICUT
PLORIDA
PLORIDA
Chester L* Kristopik
Kensington Boad
Kensington
William A. Norris
Box 2112, University
Gainesville
Marion H. Bradley
Chat taho oehe e
Austin P. Hubbard
15 Sholes Ave
Norwich
Mac David Hendricks
Box 54No rth Miami Beach
Charles A. Ulmschneider
62 Elmer St
Hartford
Chester W. Henry Jr
Bay Pines
St, Petersburg
William J, Boyle
33 Bigelow Ave
Thompsonville
Amos N. Harrison
R E D , Limons
DISTRICT OP COLUMBIA
Richard C. Byle
311 2nd St
Port Myers
Ernest C. Raulin, Jr
1128 Morse St N E
Washington
H, Raymond Wright Jr
1934 N W 2nd St
Miami
Jack A. Coston
1417 Belmont St N W
Washington
William R, England Jr
209 Line St
Inverness
Elwood T, Claggett
14 Air Base Squadron
Bolling Eield
Wm B. Thomas
265 21st Ave S E
St, Petersburg
Walter H, Pierce
4315 Brandywine St
William A, Rhyne
PO Box 106
Marianna
Andrew Kirk Jr
1733 No, Capital St
Willi am D. Hough Jr
1626 11R11 St S E
Willard C. Jensen
1931 Shepherd St N E
John B, McClellan
2715 Lydia St
Jacksonville
Prank H. Moore
509 Rosery Rd
Largo
W ashington
James H, Botts
604 Sheridan St N W
Washington
Gordon P, Blood
212 Upshur St N w
W ashington
Carl E, Benson
6821' N W 4th Ave
Miami
Laurence A, Madill
Kappa Sigma House
Gainesville
Glenn C, Ellis
621 51st St
West Palm Beach
Clarence H, Corbett
Chat tahoo chee
John P, Smith
Crane Hall
Gainesville
Robert E. Wieland
P. 0. Box 868
St. Petersburg
Peter D. Barnhart
330 W, University Ave
Deland
GEORGIA
Philip L, Miller
Jefferson Road
Athens
Clyde P, Carpenter
407 N. Wayne St
Milledgevi!le
William T. Rox
2266 Oglethorpe Ave
Augusta
John E, Jackson Jr
Box 105, Georgia Tech
Atlanta
Gordon L, Payne Jr
1041 E, Clifton Rd
Atlanta
Ian P, Stalker
1007 Aliéné Ave S W
Wm G, Neville
Box 85
Statesboro
GEORGIA
Win. P, McGuire, Jr.
221 W. Howard Ave.
Decatur
Leslie L. Youngblood
1815 Wrightsboro Rà,
Augusta
IDAHO
Werner J. Iller
St. Maries
Harold D. Brown
141 South 9th St.
Pocatello
ILLINOIS
Harry D. Edmiston
344 Woodlawn St.
Glencoe
INDIANA
Richard H. Turnbell
757 E. Clinton St.
Frankfort
Thomas W. Davis
PO Box 36
Young Harris
ILLINOIS
Vernon A. Phelps
4506. N. Winchester Ave. Floyd A. W. Hale, Jr,
Sellersburg
Chicago
Benjamin R. Smith, Jr.
1136 Monte Sano Ave.
Augus ta
John A. Glaser
8324 Crandon Ave.
Chicago
Price Cochran
510 Jackson St.
Douglas
Clarence E. Thurston
Chester J. Milczarek
1341 S. Kenilworth Ave. 1319 Chestnut St.
Columbus
Berwyn
Alvin G. Folger
No. Georgia College
Dahlonega
Edwin G. Clement
4121 Drexel Elvd.
Chi cago
Walter D. Sullivan
229 Badin Hail
Notre Dame
George Gannam
53 & Hopkins St s.
Savannah
William D. Learner
7200 S. Union Ave.
Chi cago
Fred A. Blackburn
727 Eas-t 4th St.
Mt. Vernon
James P. Hill
Dublin
Walter E. L. Obermeyer
138 S. Edward St.
Decatur
Joseph L. McClure, J
227 W. Williams St.
Fort Wayne
Howard I. Allen, Jr.
8250 Ridgeland Ave.
Chicago
IOWA
Paul W. Ullinan
1125 S. Grandview St
Dubuque
Robson H. C. Wright
1042 High Point Dr.
Atlanta
Carroll H. George
North Georgia College
Dahlonega
Julian C. Adams
Demorest
Ralph E. Williams
Box A6, Southwestern College
Ame rieus
Joseph M. Athon, Jr.
Shady Dale
John E, McIntyre, 2nd
Box 220, Georgia Tech
Atlanta
Alfred L. O'Connor, Jr.
9729 Ave. '»J»
Chicago
Matthew' L. Cinotto
Box 342
Ladd
Paul W. Elley
6802 Jeffery Blvd.
Chicago
Morton E. Parker
6940 Clyde Ave.
Chicago
James A. Doyle
811 S. State St.
Springfield
George W. Walter
4709 English Ave.
Indianapolis
Robert J. Nelson
2327 Baker St.
Ames
George K. O'Neill
1207 Lincoln Way
Ames
Howard L, Carlson
121 Welch Ave.
Ames
Russell E. Seiffert
615 Mill St.
Council Bluff
Lloyd A. Lyon
223 E. Bloomington S
T nwa. Hi tv
IOfA - (cont’d)
Raymond C. Hall
223 Welch St.
Ames
Paul W. Wilderson, Jr.
1130 - 63rd St.
Des Moines
KANSAS
James W. Hiner
McDonald
William C. Deitchman
543 Barnett Ave.
Kansas City
Thomas J. Gould, Jr.
225 Wilson Blvd.
Kansas City
W. E. Craig Kennedy, Jr.
4502 E. English St.
Wichita
Donald E. Klock
237 S. Green St.
Wichita
KENTUCKY
Robert W. Buffington
939 Audubon Pkwy.
Louisville
Raymond R. Heer, Jr.
425 Southwestern Pkwy.
Louisville
Ernest Gardner, Jr.
406 Riverview Terrace
Maysville
Samuel M. Logan
819 Frederica St.
Owensboro
LOUISIANA
Curtis Love
Ruston
Leonard F. J. Banowetz
4530 Chestnut St.
New Orleans
MAINE
Donald W. Weston
Madison
Everett T. Hutchinson
18 Rosemont J&re.
Portland
Frederick H. Cousins
East Blue Hill
Wilbur L. Cowley, Jr.
34 Bowlser St.
Brunswick
Alonzo G. Norton
D. U. House
Waterville
George J. Stumpp
Robert Hall
Colby College
Waterville
Bernard Spendlove
9 Middle St.
Sanford
S. Sewell Webster, Jr.
173 State St.
Augusta
MARYLAND
George T. Weschler
Pearson
John K. McGee
9119 Woodland Rd.
Silver Spring
Benjamin H. McCrackin,
64 Frost Ave.
Frostburg
Joseph J. Schiavetti
1010 Fawn St.
Baltimore.
Edward H. Long
California
Bradford E. Blake, Jr.
1804 Walnut Ave.
Mt. Washington
Baltimore
MARYLAND
Joseph R. Yates, Jr.
313 West 31st St.
Baltimore
Cha r1e s J . Mo 11 oy
124 S. Augusta Ave.
Baltimore
Charles C. Holbrook
417 College Aye»
College Park
William H. Barker, Jr.
3411 Chesley Ave.
Baltimore
William M. Nagler, Jr.
3641 Philadelphia Ave.
Baltimore
Charles E. Meginnis
1930 Linden Ave.
Baltimore
John E. Crawford, Jr.
Glencoe Inn
Glencoe
William S. Arnold, Jr.
511 Nottingham Rd.
Baltimore
Vernon C. Ranke
2239 W. Baltimore St.
Baltimore
William J. Leimkuhler
803 Belgian Ave.
Baltimore
Thaddeus P. Benicewicz
3217 Elliott St.
Baltimore
Alb er t G . Faulkn er
Smith & Virginia Aves.
Lansdowne, Bal timo
Richard C. Aldrich
3220 Overland Ave.
Baltimore
Henry V. Oheim
2703 Chesterfield Ave.
Baltimore
~ 7 -
MARYLAND - (cont'd)
Gilbert E. Kinder
Box 151
Millersville
MASSACHUSETTS
John L. McManus
86 E. Howard St.
Quincy
MASSACHUSETTS .
William R. Candy
35 Lakewood Rd.
South Weymouth
Charles M. Schorr
3017 Louise Ave.
Baltimore
Louis H. Marcoux, Jr
34 Arlington St.
New Bedford
Donald B. Anderson
105 Wellington Hill St
Mattapan
George G. Johns, Jr.
4504 White Oak Ave.
Baltimore
William N. Maher
11 Prospect St.
Florence
Charles T. Birmingham,
Jr.
75 Davis St.
Wallaston
Oskar S. Gulb rand sen
630 Melville Ave.
Baltimore
Frank D. MacDonald
47 Marion St.
Brookline
Robert T. Merrill, III
Severna Park
Mitchell M. Staszko
164 Southwick St.
Feeding Hills
MASSACHUSETTS
Robert Schreiber
57 Winn St.
Belmont
John J. Quinn
21 Lawrence Ave.
Quincy
Forrest H. Norris, Jr.
327 Springfield St.
Feeding Hills
Donald R. Phillips
21 Lewis St.
Lynn
Cyril N. Harper
44 Nahant St.
Wakefield
Lawrence J. O ’Neill
10 St. Germain St.
Quincy
Charles L. Johnson
72 Verona St.
Lynn
Walter M. Vincent
68 Arnold St.
Quincy
George E. Moore
West Street
Feeding Hills
Frederick P. Logan
291 Trafton Rd.
t Springfield
Arthur Brunette, Jr.
14 Cleveland Road
Salem
George W, Litchfield
Old Sudbury Rd.
Wayland
John F. Hall
786 Main St.
Wakefield
Henry Lisien
83 Whipple St.
Lowell
Ralph T. Stetson
31 Duncklee Ave.
Stoneham
Robert D. Lambert
Middlesex Rd.
Tyngsborough
William I. Crooker
324 Highland Ave.
Malden
Leo W. Killen
N. Liberty St.
Nantucket
Prank J. Muzzy
23 Fairview Ave.
Saugus
Philip N. Enegess
942 Westertown St.
West Newton
John D. Quirk
26 Grove St.
East Weymouth
Everett Barton
1077 Massachusetts
Ave.
North Adams
Vincent Caci
Rock Harbor Rd.
Orleans
Rayman G. Walker
30 Front St.
East Braintree
Patrick Gallo
226 Sea St.
Quincy
C. James. Auditore
277 Bradstreet Ave.
Beachmont, Revere
John A. Boston, Jr.
55 New Ocean St.
Swampscott
Frank G. Buhrig
1079 Boylston St.
Boston
James G. Bullock
35 Everett St.
Arlington
MASSACHUSETTS - (cont'd)
Richard D. Brow
Palmer Hoad
Monson
John R. Hildinger
310 S. Division St.
Ann Arbor
John M. Deslierres
16205 Lunderland Rd.
Detroit
Samuel L. Fuller
106 Fairmount St.
Lowell
George H. Cully
319 Albert Ave.
East Lansing
Frederick C. Hauck
14427 Asbury Park
Detroit
John D. Angis
453 Main St.
Clinton
Peter R. Mayor
332 Dragoon St.
Detroit
Leonard S. Burgoyne
109 S. Main St.
Berrien Springs
Cornelius E. McMullen
52 Snell St.
Pall River
Raymond S . Timm
2332 - 22nd St.
Bay City
George Magill
273 Rosedale Court
Detroit
Robert A. Sayce
1112 Greenaale Ave.
Needham
William D. Ray
6815 Forrer St.
Detroit
John E. Starr
Portland
Arthur A. Atkinson, Jr.
20 Hilltop Ave.
Lexington
Wilfred A. Fierle
5149 S. Clarendon Ave.
Detroit
Joseph W. Reale
77 Pleasant Hill Ave.
Dorchester
Delbert A. Lillrose
P. 0. Box 7
East Lansing
Charles B. MacLean, Jr.
Oak Ave.
Lunenburg
George T. Parslow
1605 Cooper St.
Muskegon
Robert E. O'Brien
2 Warwick Terrace
Winchester
Gordon F. Spooner
14870 Prevost St.
Detroit
Thomas J . Brown
21 Train Street
Dorchester
James A. Kelly
B-6, Wells Hall
East Lansing
Irwin J. Metcalfe
9 York Terrace
Brookline
Theodore J. Hennes, Jr.
1721 McClellan
Detroit
William E. Smith
13 Middle St.
G-loucester
George S. Gerken
167 Montezuma St.
Houghton
MICHIGAN
W. Wells Parish
Coopersville
Philip C. DeLong
810 Greenwood Ave.
Jackson
MINNESOTA
Donald T. Holmes
530 South 14th St.
Escanaba
Stuart K. Oliver
829 Tuscarora St.
S t. Paul
Daniel S. Teberg
1625 University Ave.
Minneapolis
Rolando H. McFarlin
215 E. 5th St.
Crookston
Thomas D. Merchant
735 E. 5th St.
St. Paul
Bernard J. McGuire
QM De t .
Fort Snelling
George L. Peterson
5701 Glenwood St.
Duluth
Albert S. Saari
Box 123
Ely
Walter E. Lischeid.
2320 E. 33rd St.
Minneapolis
Charles C. Lyford,J
OtI
\,^ +
•
QM TDet.
Port Snelling
9
MINNESOTA - (cont'd)
Michael Schermick
1311 96th Ave. W
Duluth
Stanley L. James, Jr..
Qtrs. No. 6
Fort Omaha
Pickett Lumpkin
137 Logan Ave.
Audubon
MISSISSIPPI
Leo F. McGowen
1429 N, Street
Lincoln
Thomas E. McCabe
158 Raymond Ave,.
South Orange
NEVADA
Eugene F. X. Mozier
3006 Hartford Rd.
Camden
Hayward E. Scarborough
Kinloch Plantation
Indianola
Alonzo L. Farr
Edwards
John F. Sterne
227 Holley St.
Biloxi
David W . Dana
1329 Denver St.
Boulder City
Benjamin T. Cardinal
1201 No. Virginia St.
Reno
Cedric A. Norbury, Jr.
Rural Delivery
Stockton (Stockton)
Robert M. Butler
524 Canal St.
Yazoo City
NEW HAMPSHIRE
John T. Strachon
190 Madison Ave.
Perth Amboy
MISSOURI
Winston P. Lawrence
63 Hilton St.
Manchester
Howard N. Kane
18 Walnut Terrace
Bloomfield
James W. Nadon
153 Union Ave.
Laconia
Edmund E . Sevan
879 Bellevue Ave.
Trenton
Donald T. Davidson
Univ. of Ne?/ Hampshire
Durham
Gilbert M. Bayne
329 W. Pine St.
Audubon
Frank Butterworth, Jr.
145 Wilkins St.
Manchester
James F. Kiernan
1351 Dickerson Rd.
West Englewood
Robert G. Gerrish
Tilton School
Tilton
Joseph B. Sickler
62 FairHaven Rd.
Fair Haven
Bennie Chantariski
8 Freedom
Claremont
Joseph H. Kurz
847 White Horse Pike
Hammonton
William A. Jenkins
2807 E. 35th St.
Kansas City
Howard E. Hesselberg
1308 Rosemary Lane
Columbia
Joseph P. Orlando
3417 Belt Avenue
St. Louis
Cyril H. Rogers, Jr.
715 E. Big Bend Blvd.
Webster Grove
Frank C. Smiley, Jr.
6827 Montgail St.
Kansas City
Cornelius R. Wussler
218 No. 4th St.
St. Charles
NEW JERSEY
MONTANA.
Richard Finello
251 Washington Ave..
Westwood
Adrian E. Hirst
524 No. 32 St.
Billings
NEBRASKA
George U . Graham, Jr..
4212 William St.
Omaha
Joseph W* Damrow
241 Hope St.
Ridgewood
George R. Kinney
1021 Madison Ave.
Plainfield
10
NEW JERSEY (cont*d)
NEW JERSEY (cont«d)
NEW YORK
John E R Henry
1866 Boulevard
Bayonne
Irving Heir
361 Jackson Ave
Jersey City
George C Crofoot
59 De Russey St
Binghamton
John E Schlingloff
Brookside Ave
Leonardo
William H Pellett
Admiral Earragut Academy
Pine Beach
John Morello
1425 Macombs Rd
New York
Daniel S Hammond
309 E 42nd St
Paterson
Eugene A Bawden
46 Colony Ave
Park Ridge
Nicholas Senyszyn
103 Java St
Brooklyn
Roy T' Sheehey
141 Beach St
Nutley
Edward L Samuel
49 State St
Bloomfield
Edward H Donowick
176 Milner Ave
Lackawanna
Joseph T Strandwitz
323 Homestead Ave
Haddonfield
Heniy J J Roes
456 Bagley Place
Grantwood
Edward R J Bangel
1038 Abbott Rd
Buffalo
Peter Arendacs
59 Williard St
Garfield
Michael A Lynch
121 W 4th St
Bayonne
Bernard W Lohmann
8733 86th St
New York
Henry W Isleih
206 Mt Kenble Ave
Morristown
Richard C Johnson
1115 Helene Ave
Plainfield
Harold M Tundel
266 46th St
Brooklyn
George H Rohinson
RED #1
Gape May Court House
Saul Kit
94 Hamilton Ave
Passaic
Willard M Grimes Jr
117 Yiindermere Rd
Staten Island
Robert A Cox
16 Cambridge Rd
Westmont
Robert E Garnet
522 South Main St
Phi Hipsburg
Stanton J Kilburn
Little Valley
Edward J Rice
147 13th St
Avalon
Wood Robinson
212 .Cinnaminson St
Riverton
Joseph R Owens Jr
337 Richey Ave
West Collingwood
Irwin J Gershen
5 Melrose Terrace
Elizabeth
Howard S H o m e r
144 East Ave
Bridgeton
Howard S Wilson Jr
100 East Park Ave
Oaklyn
Rob ert Schmalzbach
19147 - 113th Ave
St Albans
Joseph G Straussner
2578 - 110th St
East Elmhurst L I
Harold H Niss
42 Kisco Ave
Mount Kisco
Patrick J E eff em a n
252 New Kirk Ave
Brooklyn
11
-
NSW YORK (cont’d)
NEW YORK (cont'd)
NEW YORK (cont’d)
John E Russ
832 Chilton Ave
Niagara Ralls
Harvey M Waldron Jr
222-17 92nd Rd, Queens
New York
Richard J Manner
137 Hollywood Ave
Buffalo
Robert M Woodin
1050 Ontario St
Buffalo
Leslie.Paulson
86 Sedgwick Ave
Yonkers *
Glenn J Pelham
521 Broadway
Montour Falls
Edward B Winslow
16 Glenwood St
Albany
Mathias J Quackenbush
579 N Pearl St
Albany
Robert D Elder
26 Li M e n Park
Buffalo
Harold H Reisenger
70 McClellan St
Schenectady
Isidore Solotkin
349 Crown St
Brooklyn
Robert W Hardy
231 Robinson St
North Tonawanda
Donald W Small
360 City Island Ave
New York
Kenneth T Jones
250 Hawthorne St
Brooklyn
Chester R Wheeler
RED
Chester
Harry D Smith Jr
2521 Hamburg St
Schenectady
Edgar E Enea
164 Spring St
Buffalo
Austin C Wagner
409 Bedford Ave
Mount Vernon
Erederic B Eames
65 High St
Chatham
Erancis J Dillon Jr
704 7th St
Watervliet
Charles W Scharff
Eastport
David S -DeVault Jr
20 Northhampton Rd
Amsterdam
Lawrence E Brady
8413 Woodhaven Blvd
Woodhaven
David S Hornbeck
49 North St
Monticello
Frederick G Trulan
76 Mynderse
Seneca Falls
Wm E Bellinger
60 Stowe St
Lowville
Harry E Lawrence Jr
Sullivan St
Cazenovia
Ralph Leutz
RED #3, Bay Drive
Huntington Bay Hills
Frank G Johnson
RED #2
Elmi ra
Raymond L Brownell
371 Fisher Ave
White Plains
John A Biros
181 Webber Ave
North Tarrytown
Robert 0 Norton
936 Yfoodycrest Ave
Bronx, N Y
Edwin M Tamoff
681 West 193rd St
New York
Joseph E Leopold Jr
1305 86th St
Brooklyn
Leonard Alesi
680 Hart St
Brooklyn
Gelbert P Worth
Madison St
Sag Harbor
Charles J Moore
190 7th Ave
Brooklyn
Donald H MacPherson
150 Harrison Court
West Brighton
Norwood A Stevens
77 Harlen Ave
Buffalo
-
12
-
HEW YORK (conMd)
HEW YORK (cont»d)
OHIO
Joseph. E Tomlinson
212 Euclid Ave
Syracuse
Charles C Coleman
189 8th St
Troy
Mark Deal
1118 Superior Ave
Dayton
Lee Donnelly
,192 Richmond Ave
Buffalo
Daniel J OKeefe
1318 Schenectady Ave
Brooklyn
W Stuart Stoll
2119 2nd St
Cuyahoga Palis
John Rey
Lennox Rd
Huntington
James Ryan
522 East 40th St
Brooklyn
Prancis G Reinehr
48 Woodland Ave
Columbiana
Lewis K Mies
Church St
Youngstown
HORTH CAROL IHA
Harry W Powell
16611 Pearldale Ave
Cleveland
Theodore A Heidt
72-32 66th St
Hew York
William J Mellin
239 Mosholu Parkway
Hew York
Charles H Anderson
344 80th St
Brooklyn
Wallace Christensen
38 State St
Lowville
Richard S Wilbur
1317 Arnette Ave
Durham
William B Webb
606 Gaston St
Raleigh
James L Mobley
107 Church St
Williamston
Quentin M Lewis
Marshallberg
David B Henderson
Norwood
Homan B Christie
151 Pilot St
City Island
Mendall H Long
Middletown
John E King
Spring St RED #1
Watervliet
Lucian H Whitehead Jr
2117 East 7th St
Charlotte
Edmond J Quinn
106 Horth Lee St
Rockville Centre
John H LeGwin
Box 3526, State College
Raleigh'
John E Romatowski
17 Yonkers Ave
Yonkers
William W Little
130 West Second St
Washington
Lowell M Somers
20 Highland Parkway
Kenmo re
John D Gorham Jr
603 West Main St
YTashington
Walter Kozlowski
223 Hart St
Dayton
James P Sutton
145 Lincoln Ave
Youngstown
Edward G Way
41 Hew York St
Youngstown
Charles C Walcutt
476 West 7th Ave
Columbus
Robert M McKeilar
1458 0 rchard Grove
Ave
Lakewood
Robert W Leiman
Rural Delivery
Butler
Charles H Cehrs
473 Inman St
Akron
Howard R Preas
2041 Taylor Rd
East Cleveland
Walter S Pellows Jr
97 West HorthwoodAye
Columbus
Clarke D Hain
111 West McPherson
Dayton
QHT0 (Cont {d,)
OHIO (Cont1!,)
OREGON.-
Albert Romeo
15 Breaden St
Youngstown
John B Speaker Jr
3004 Warrington Rd
Shaker Heights
Robert E McKown
505 N E 16th Ave
Portland
Lawrence
E Greenbaum
3253 Silsby Rd
Cleveland Heights
James D Luse
11326 Plessler St
Cleveland
Donald B Stocks
4.832 S E 92nd St
Portland
Paul S Obney
1280 Overlook Rd
Lakewood
Raymond J Dunphy
701 Woodbine Ave SE
Warren
Robert W Carlson
2111 N E 57th Ave
Portland
Crawford E Gordon Jr
4892 East 35tn St
Garvield Heights .
Emil Litvak
1918 Valentine Ave
Cleveland
PENNSYLVANIA
Donald W Hughe s
2255 Grandview Ave
Cleveland Heights
Larold L McClellan
3J7 Lavide Ave SE
Warren
William E Emick
210 No Howard St
!Akron
Clarence J Ledford
17 General Depot
Columbus
Robert B Rethmel.
RR #2^ Station B
!Toledo
OKLAHOMA
Guy F Ferranti
604 Sanderson St
Pottsville
Joseph % S Gromko
600 Island Ave
McKees Rocks
Robert V' Kelley
231 ‘Westmoreland Ave
Greensburg
Woodrow H McConnell
Stigler
Philip C Krause
513 - 11th Ave
Prospect Park
Jerome F Kramer
9715 Robinson Ave
|Garfield Heights
Dale W Claybaker
RR No. 2
Blackwe11
Aloys J Haytmanek
23S North Front St
Alle.ntovm
Philip A Fitter
Altus
John W Kortvejesi
1232 Girard Ave
Akron
Paul E Gardiner
319 No 8th St
Vieatherford
James E Hammerstone
257 Kleinhans Ave
Easton
George T Grottle
204 No Professor St
Oberlin
Frank E Weeks
110 | N W 16th St
Oklahoma City
James F Crosson Jr
895 So 22nd St
Columbus
LeWayne N Felts
1336 West Riverview
Rayton
George L Alexander
318 South Pine St
Ponca City
Joseph J Kavanaugh
RR #2
ICedarville
Harry C Me Cool
Boy’s Dormitory
Weatherford
Chester Haller
1623 N Bouvier St
Philadelphia
David J Hahn
1020 Maryland Ave
New Castle
George T Beemer
328 Bedford St
Clarks Summit
Robert M Fritz
5812 Hadfield St
West Philadelphia
- 14 PENNSYLVANIA (Contfd.)
PENNSYLVANIA. (Cont'd.)
PENNSYLVANIA (Confd.)
Bernard B Forbes Jr
3217 5th Ave
Beaver Falls
Anthony J Stepanitis
4 OI West Blaine St
McAdoo
Joseph E McGee
525 Brookside Ave
Yeadon
Harry A Black
1209 -Main St
Aliquippa
Michael W O ’Friel
1211 20th St
Altoona
Robert E Slack
6311 Newton Ave
Lawndale, Philadelphia
Armand E Calio
1620 E Passyunk Ave
Philadelphia
Harry A Paskovitch
Derry
David M Braun
5728 Hoffman Ave
Philadelphia
John V. Rossi Jr
1529 North 6lst St
Philadelphia
Anthony S Kubla
R D #4* Box 144
Butler
Milton S Nemsak
255 Avenue ,TBn
Palmerton
Kenneth S Paulson
530 Liberty St
Corry
Kenneth A Stansfield
402 Broad St
Emaus
George M Zins
240 South Barnard St
State College
Clyde L Olson
521 Heslep Ave
Donora
George M Derr
70S Pine St
Punxsutawney
George S Corbeil Jr
232 E Wyoming Ave
Philadelphia
Orville D Kirk
R D #2
McDonald
Victor Q Kelly
10 Enfield St
Pittsburgh
James G Delo
Main Street
New Salem
James N Moses
1322 High St
Bethlehem
Andrew Petrancio
649 South Hancock St
McAdoo
Edward S Vichosky
Brownsville
Wasil Plaskonos
242 S Tamaqua St
McAdoo
Oliver A Smith
U 4I Race St
McKees Rocks
Charles A Bruch
332 East Beech St
Hazelton
Forrest R Schussler
7243 Hilltop Road
Upper Darby
Charles E Wimsch
4638 Adams Ave
Philadelphia
Albert Frost
6504 Chew St
Philadelphia
William P High
105 Pine St
Middletown
Walter Charow
861 N Bucknell St
Philadelphia
Donald L Leman
909 South Railroad St
Portage
Robert A Finlayson
4910 Interboro Ave
Pittsburgh
Irvin Honick
657 Linden Ave
New Kensington
A Fred Hulick
46 Beech Ave
Aldan
Edward M Lielnik
R D #1
Hollidaysburg
Walter L Smith Jr
251 S 57th St
Philadelphia
John P Gregor
513 East 33rd St
Erie
- 15 ~
PENNSYLVANIA
(Cont1d .)
RHODE ISLAND (Cont»d.)
SOUTH CAROLINA (Conttd.)
Masontown
Donald B. Johnstone
9 Peckham Ave
Newport
Richard H Burton
Co Al Clemson College
Clemson
Howard A Davis
45 West Ashmead Place, N
Philadelphia
John T Little
84 Osceola Ave
Warwick
Wm T Bethea, Jr.
400 East Main St
Dillon
Karl F Robbins
416 North Main St
Masontown
SOUTH CAROLINA
Charles D Black
University of S.C.
Columbia
James E Richter
West Church
Leonard W McCormick
30 S Mount Vernon Ave
Uniontown
Richard E Parsels
South Poplar St
Hazelton
Thomas A Oliver
University of S.C.
Columbia
Robert A Burgess, Jr.
330 West Hampton Ave
Sumter
96
RHODE ISLAND
Paul G Johnson
32 Russell Ave
Newport
Henry A Pearce, Jr
12 Pike St
Wakefield
Joseph M Carey
6 Morgan St
Newport
George J Masse
71 Summer St
Central Falls
Paul C Mangan
8 Hill Top Ave
Newport
Albert J Gudeczauskas
20 Beacon St
Cranston
James R Daneker
Central Pike
North Scituate
Irving C Taylor
90 Toronto Ave
Providence
Cyrus F Carter, Jr.
The Citadel, Charleston
Moss V Davis
Box 114, The Citadel
Charleston
Charles R Carson
613 North Fant St
Anderson
Prevost Marshall
430 Marshall Ave
Anderson
John B Mayes
1926 Main St
Newberry
Charles H Cooper
526 E Washington Rd
Greenville
James E L Swofford
162 East Pearl St
Spartanburg
Milton S Holcombe
Hampton Park
Charleston
SOUTH DAKOTA
John L Donnell
Box 6045 The Citadel
Charleston
Thomas M Pinckney
Citadel Station,
Charleston
Lee A Christoffersen
723 7th Ave
Brookings
Peter B Peterson
803 - 12th Ave
Brookings
TENNESSEE
Ernest D Warlick
James R Methvin
2065 Poplar St
Murray Barracks
The Citadel, Charleston Jackson
James Monroe Parker
302 1st Ave
Dillon
Andrew W Walters
University of S. C.
Columbia
Ellis L Perry
Rte. 1, Lawrenceburg
Hamad J Smile
401 Broad St
Elizabethton
16
MAS
Robert A. Mayo
1820 Moser Ave
Dallas
Harold R. Murphree
830 Key Street
Houston
Albert B. Hall
45 Oak Grove Avenue
Brattleboro
George R, Smith
4006 R-§ Street
Galveston
Victor D. Phillips Jr
Route 7-8, R.D-D.
Waxahachie
Robert F. Hawley II
20 Canada Street
Swanton
Wortham S, Ashcroft
116 S. Vain St
Weatherford
James A. Hamphill
4633 Clay Street
Houston
VIRGINIA
Albert L. "Rasmussen
Seadrift
Billy T. Sillings
1418 Telephone Road
Houston
Wade 0. Holman
Box 2769
College Station
Frederick W. Dallas Jr
307 Hyde Park
Houston
Sam P. Leeman
811 North Crawford St
Dallas
Gene F. Wood
Box 424
College Station
Alexander J . Hart
5712 Goliad St
Dallas
John L. Carson
P0 Box 1901
College Station
Boyd J. R. Herrington
2511 Nueces St
Austin
Ollie Jack Laird
2109 H St
Galveston
John W. Dritte
PO Box 1531
College Station
Thomas C. Fitzhugh Jr
Box 1444
College Station
UTAH
Thomas L. Sicken
1216 McClelland St
Salt Lake City
Ferral J. Ogilvie
1764 Ruclid Avenue
Salt Lake City
Walter R. Curtis
143 North 3rd Hast
Provo
Rdward Chatelain
517 R. 5th St., North
Logan
George R. Sloan
384 "R" Street
Salt Lake City
W. Russell Christensen
R. J* D* #2
Tremonton
VRRMONT
Ralph R. Goss
131 Lake View Terrace
Burlington
Thomas R. Bebout
Box 89, V.P.I.
Blacksburg
John R. Schuler
Box 268, V.P.I.
Blacksburg
James K. Tyler
Box 47, Radio "WAR"
Port Myer
Norman H. Jones
Onley
Michael Rlin
V. P. I. Blacksburg
Cecil W. Page Jr
Christchurch School
Christchurch
Charles J. Pilch
Unlisted Specialist's Det.
Fort Monroe
Max C. Vidal
Hd. B ty., 51st C. A.
Fort Monroe
Henry B. Lawrence Jr
806 Washington St
Portsmouth
Philip R. Compton
410 North Lincoln St
Arlington
17 WYOMING
VIRGINIA (Con't)
Joseph H. Purnell
2620 Muffin Way
Norfolk
Robert H. Schairer
1431 Gregory Way
Bremerton
Harry P. Griffin Jr
Dillwyn
Harry A. Predrickson
P 2819 18th Avenue
Spokane
Clifford Haynes Jr
227 Wood.view Avenue
Norfolk
WASHINGTON
Arthur H. Miller
925 Isaacs Street
Walla Walla
Gordon W. Whitmore
4333 7th Avenue NP
Seattle
Carl P. Horherg
518 Past 29th St
Spokane
"Ralph Osterberg
Route 1, Shelton
Pdward L. Pry
2115 Park Road
Seattle
James C. Wilson
3010 Past Cherry St
Seattle
Russell P. Craig
705 - 30th Avenue
Seattle
William A. Whitman
4836 - 38th Avenue
Seattle
Jimmy G. Miller
Route 8, Box 345
Seattle
WPST VIRGINIA
George A. Prostinak
1311 Thompson Avenue
Moundsville
Nelhert L. Gihson
Ona
WISCONSIN
John J. Gibbons
424 Past Lloyd Street
Milwaukee
George W. Heiden
3526 North 54th Street
Milwaukee
James T. Barr
1531 South 29th St
Milwaukee
James Burkin
2950 North 12th Street
Milwaukee
Kenneth Ml Palmer
4540 North 28th Street
Milwaukee
Ray P. Smith
509 South Ashland Avenue
Green Bay
Walter W. Pichenberger
5841 W. Bluemound Avenue
Milwaukee
Pranklin G. Parker
607 Clark Avenue
Laramie
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Monday, May 23, 1938.
Press Service
No. 13-42
Tho Secretary of the Treasury today announced that, His Excellency, Mr.
D. Sicilianos, Minister of Greece, delivered check No. 35606 drawn hy tho
Federal Reserve Bank of Nov* York at the direction of the Bank of Greece for
account of the Greek Ministry of Finance, to the order of the Secretary of the
Treasury in the amount of $174,336 representing payment by the Greek Government
to the Government of the United States of 40$ of the semi-annual interest
amounting to $217,920 due on May 10 and $217,920 due on November 10, 1937, on
the 4$ loan of 1929 made to the Greek Government by the United States under
the agreement of May 10, 1929.
This amount has been received by the Treasury in the same manner as tho
payments made by the Greek Government to the United' States on account of the
amounts duo during the period from 1932 to 1936, inclusive, were received by
the United Staies, namely, without prejudice to the contractual rights of the
United States which are sot forth in Part II of the debt agreement of May 10,
1929, and in accordance with tho position of the United States a.s stated in the
aoto addressed by the Secretary of State to the Greek Minister at Washington
on February 8, 1936.
— oOo—
TiœÂStraT D w & w m m
Washington
FCE KËLSASS, M0HOTG WOTPAFEHS,
Prese Servie*
Tuesday t mMay
&i« 1958«
—MMi«r * » mi...
5/25/38
mmrnJkmmmmm ii*m............
The Secretary of the Treasury announced la s t evening that the
tenders for 150,000,000, or thereabouts, of 91-&&y Treasury M ils, to be
dated May 25 and to sature August 24, 1938, which were offered on May 20,
were opened at the 'federal Reserve ban&s on May 23«
The details of this Issue are as follows*
Total applied for
Total aooepted
fi$Ms?,ooo
Hangs of accepted bids*
(B leatin g one bid of #18,000)
High
low
Average prise
80,409,000
•
«
-
99*99$
99*990
99*994
Equivalent rate approximately 0*016 pérorait
«
*
m
m
«
*
0*02®
0.025
fSS pereent of the mount bid for at the low prise was accepted)
•
*
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, May 24, 1938._________
5/23/38.
Press Service
No. 13-43
The Secretary of the Treasury announced last evening that the tenders
for $50,000,000, or thereabouts, of 91-day Treasury bills, to be dated May 25
and to mature August 24, 1938, which were offered on May 20, were opened at
the Eederal Reserve banks on May 23.
H
The details of this issue are as follows;
Total applied for
Total accepted
Range of accepted bids:
High
Low
Average price
- $169,687,000
50,409,000
(Excepting one bid of $18,000)
- 99.996 Equivalent rate approximately 0.016 percent
- 99.993
»
»
«
0.028
n
- 99.994
11
n
11
0.025
**
(55 percent of the amount bid for at the low price was accepted)
FOR THE PRESS
D M D I A T E RELEASE
MAT 25» 1938
The President baa signed the La Follette-Bulwinki© Bill —
an Important piece of social legislation-- designed to stamp out syphilis
in this country*
The objectives, as set forth In the biil^jpWB for many
years^been advocated by Federal, State and municipal health officers.
The final enactment of this legislation is due largely to the courageous
and energetic support given by women as groups and as individuals,
throughout the United States*
0*
To tesigli M l
m ñ ìm tà&h
op p ortu n ity t o wm im t t e
r « i mA e o n tro l o f t e
9*
To
te
p rirM p lo s o f asodom d te tto o lo * tro u t-*
^ o ao ro o l diooaooa*
public odoeaUoo srograsa In * p eroiaton t
and Intonalv© « f f o r t to tooeh t e
ECTifai
te
t e t o to oXX o f t e
p oojte#
$
t e a e t e r t e i l l t i e e §Or Wu&oMmt diagnosis* distsibstieri of
ft« *
drop; to f i l stgaietens H eating qr&dteMt 4m*
of ^ M l l e ©ontrol pedaete terns# indtmtrtisX stedleaX
rwlopmmt
centers, eggenMi jacM iditr reporting «3d field S aU te«? »«rvicoa
to
lapsed patient« book, to
log m m
and poatgrsdmte
i s Us# « 1 « p t e lg le e of diagnosis* t m t m t «id
fo r p^nioia««* nurses, and field nerteera«
Jn g « i ^ State and t e a l h&altli department® w ill tm
mammm& b© dmmX&p Urn tm m d m pdm i^& m o f vemrisal dteeae
control*
1*
to provide a tndiMtf ptblle fcu&tfa staff to deal W m Mm
w m m m l ¿XmmmsiM each State aa£ Xavge eit^#
a*
to e m ti l is t e n t e e recpiring reporting of oaae®* fo lte *
up of
ant finding of exceed praena tltffdo net v o te *
texUar oook tre e tm t«
%
ftm m w&mmt o f t e a n w p i r t e p e » r l i a X eesrodiagiK otie
teete for my%MU»«
4« fb» developsant of te so re te r flw lSitlee dNNttar available
t o a v o ir pg^edLoiem- i & t e n t ^ w g e «
5* fbe aeimlnpaarib of good «paMtr treatseiit facilities «Ub
coararsiofii M m m d tornM m *
4# tt»
of free anti-HB^sMlitio drag» to all,
f t « treating e ^ d lia p tte s ia *
7*
fe wosM go « r e general ®a® of ®er«dlagm#ti® teat« in
wmtf routine jfe p te l aanwdnatteu
<*• m «.
while $14S#00Q will be used for laboratory research end statis
tical studies«
Recording to Public Health Service I t t & M t a r *
estimates so prevalence, there are several t i m e as many people
infected with syphilis and gonorrhea as those who actually receive
professional treatment at the present time*
In the najority of
these cases the infected persons fail t© recognise early signs of
the diseases«
Consequently, one of the most Important aspects of
venereal disease control is a highly developed educational progress
Every health campaign must be based on facts concerning
the prevalence of the disease to be controlled*
The social stigma
connected to the venereal diseases has vw & e it impossible for the
average health officer to obtain complete reports upon the number
of new cases in his area.
For this reason it is planned to set up
eight or ten field studies in areas representative of various sec
tions of the United States and m
intensive effort will be made to
collect morbidity reports on the incidence of syphilis and gonorrhea.
Such information accumulated over a period of years will
make it possible to follow progress of control efforts.
The actual
trend M s s # for syphilis and gonorrhea can be accurately determined
fro© year to year*
The grants to the States will be spent on projects decided
upon jointly fey the State health officers and the United States Pub
lic Health Service.
Typical projects include more and better
phs
F or immediate r e l e a s e
A p p r o v a l of the* LaFollette-Bulwinkle
b i l l to p r o v i d e Federal a s s i s t a n c e for v e n e r e & L disease
control, w h i c h wa s
w i l l accelerate
a g M s i g n e d t h i s f o r e n o o n b y t h e President,,
the n a t i o n ’s s y p h i l i s - e r a d i c a t i o n program,
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 S e r v i c e said t o d a y .
The l e g i s l a t i o n m a k e s possible
the f i r s t t i m e a s i m u l t a n e o u s and p l a n n e d
disease on f orty-e ight
State f r o n t s ,
for
attack against the|
the h e a l t h officers
pointed o u t •
The L a F o l l e t t e - B u l w i n k l e
act calls f or grants to the
for s y p h i l i s control.
of p o p u l a t i o n and
State.
Funds
several
S t a t e s and Territories
a re to be d i s t r i b u t e d on the bpsj|
the e s t i m a t e d amount
of syphilis
in each
F o r the 1 9 3 9 fiscal year the l e g i s l a t i o n authoria|
1 3 , 0 0 0 , 0 0 0 , f o r f i s c a l 1 9 4 b 4 ^ i * ^ ? ¥ 5 , 0 0 0 , 0 0 0 , a B » for the
1 9 4 1 fisc a l y e a r # 7 , 0 00,000, a n d far
the s u b s e q u e n t years suc|
amounts as C o n g r e s s m a y d e e m a d v i s a b l e .
Preliminaiy
est i m a t e s
# 3 0 ,000 w i l l be r e q u i r e d f o r edmin i s t a t i v e
the next
f i s c a l year,
indicate
that
e x p e n sesSBK^ duri1
# 1 5 0 , 0 0 0 f o r general e d u c a t i o n end
field d e m o n s t r a t i o n a c t i v i t i e s
TREASURY DEPARTMENT
U. S. Public Health Service
Washington
Press Service
No. 13-44
FOR IMMEDIATE RELEASE,
Wednesday, May 25, 1938.
Approval of the LaFollette-Bulwinkle bill to provide Federal assistance
for venereal disease control, which was signed this forenoon by the President,
will accelerate the nation!s syphilis-eradication program, the United States
Public Health Service said today.
The legislation makes possible for the first time a simultaneous and
-A
'
H |
planned attack against the disease on forty-eight State fronts, the health
officers pointed out.
The LaFollette-Bulwinkle act calls for grants to the several States and
Territories for syphilis control.
Funds are to be distributed on the basis of
population and the estimated amount of syphilis in each State.
For the 1939
fiscal year the legislation authorizes $3,000,000, for the fiscal year 1940
expenditures of $5,000,000, for the 1941 fiscal year $7,000,000, and for the
subsequent years such amounts as Congress may deem advisable.
Preliminary estimates indicate that $30,000 will be required for adminis
trative expenses during the next fiscal year, $150,000 for general education
and field demonstration activities, while $145,000 will be used for laboratory
research and statistical studies.
According to Public Health Service estimates
on prevalence, there are several times as many people infected with syphilis
and gonorrhea as those who actually receive professional treatment at the present
time.
in the majority of these cases the infected persons fail to recognize
early signs of the diseases.
Consequently, one of the most important aspects of
venereal disease control is a highly developed educational program.
Every health campaign must bo based on facts concerning the prevalence
°f the disease to be controlled.
The social stigma connected to the venereal
\
diseases has made it impossible for the average health officer to obtain complete
reports upon the number of new cases in his area.
For this reason it is planned
to set up eight or ten field studies in areas representative of various sections
of the United States and an intensive effort will be male to collect morbidity
reports on the incidence of syphilis and gonorrhea.
Such information accumulated over a period of years will make it possible
to follow progress of control efforts.
The actual trend,lines for syphilis and
gonorrhea can be accurately determined from year to year.
The grants to the States will be spent on projects decided upon jointly
by the State health officers and the Unrtpd States Public Health Service.
Typical projects include more and better laboratory facilities for blood-test
diagnosis, distribution of free anti-syphilis drugs to all physicians treating
syphilis, development of syphilis control projects through industrial medical
centers, expanded morbidity reporting and field follow-up services to bring
lapsed patients back to treatment, and postgraduate training courses in the modern
principles of diagnosis, treatment and epidemiology for physicians, nurses, and
field workers*
In general, State and local health departments will be encouraged to de
velop the following principles of venereal disea.se control:
1,
To provide a trained public health staff to deal with the venereal dis
eases in each State and large city.
2,
To enact minimum laws requiring reporting of cases, follow-up of delin
quents and finding of exposed persons who do not voluntarily seek treatment.
3,
The enactment of laws requiring premarital sérodiagnostic tests for
syphilis,
4,
The development of laboratory facilities freely ava.ilable to every physi
cian without charge,
5,
The development of good quality treatment facilities with convenient hours
- 3 -
and location*
6.
.......
The distribution of free anti-sÿphilitic drugs to all physicians treating
syphilis patients,
7.
To encourage more general use of sérodiagnostic tests in every routine
physical examination.
8.
To furnish all physicians and health, officers the opportunity to review
the principles of m o d e m diagnosis, treatment and control of the venereal dis
eases.
9.
" C#■
'’{V ;
:" V; 1 'w(
f, > fh ■
To develop the public education program in a persistent and intensive
effort to teach the facts to all of the people.
— oOo—
'
— "
first nine monl3|h/ of the current
fiscal year showed anilicrease over the corresponding period
for the fiscal year ¿9^7, in practically aljjf particulars ex
cept in the amount/of <i1H 4.es collected, t]*e Commissioner of
[Customs announced^today,
v
Le t o t a l number o f a l l e n tr ie s o f m ^ im n d is e (2 ,4 7 7 ,9 3 1 )
ms 4 ]5&^cent g r e a te r than 1 9 3 7 . Of t ^ ^ e n t r i e s which were the
ih ief so u r& a so f customs revenue, <h**flable consumption e n tr ie s
were 7 p ercen v l,,4<%ss, while warebp^Se withdrawals were 1 percent
g re a te r than durin^HJje f i r s V m n e months o f the previous f i s c a l
3 e ar.
Almost as manypkckg^es of merchandise were examined a t
ap p raisers s to r e s d u rirg ?n fees£irst nine months of 1937 as during
the previous p erio d .¿*tfth o u g h th e^v alu e o f imported merchandise
( $ 1 ,8 8 0 ,9 1 5 ,0 0 0 ) wets 8 percent le s s s,%i^n during the corresponding
period o f the previous f i s c a l y e a r .
/ Expontfs showed a large increase during the f^a^t nine months
cf the orfxrent year, the number of export declaration's^,807,858)
percent greater, and the value of exported merchandise
$2J^36,253,000) being 31 percent greater than during the f i i
in^months of the previous year. The amount of drawback allow«
n exhorted.marchandise ($9,543,553) was 33 percent in excess of
hat reported 1n 1957.
q
e
i n
g
J
f
The amount collected as Customs duties, according to the
Daily Treasury Statement ($290,471,254), showed a considerably
greater decrease than did either the number of dutiable consump
tion entries or
value of imported merchandise. Duties were
17 pei&ent less thalLduring the first nine months of 1937, the
collections in each
the months from October to March, inclusive,
being smaller than durihg. the corresponding months of the previous
year.
The number of vessels enter^higthe United States direct from
foreign countries aggregated 24,574y>ksslight increase over the
first nine months of 1937. The number ois^utomobiles, busses, and
other vehicles crossing the border during th^snurrent year was
9 percent greater and the number of persons ente^ng the country
11 perfcent greater than during the corresponding period of the
previous fiscal year.
The following table presents the information regarding sustoms
business in detail:
1937
Vessels entered direct from
foreign ports
Automobiles, busses and other
vehicles entering U.S.
Persons entering the United
States
1938
24,494
24,574
0,3
8,612,762
9,393,363
9.1
36,461,966
40,501,071
1 1 .1
Packages of merchandise
examined at appraisers
stores
1,077,565
1,061,036
Entries:
Dutiable consumption
Warehouse withdrawals
All other
TOTAL ENTRIES
295,015
292,342
1,799,920
2,387,277
274,740
296,484
1.906.807
2,477,931
1.4
5.9
3.8
2,576,762
$2,013,371,000
$2,055,049,000
$ 352,137,198
2,807,858
$2,636,253,000
$1,880,915,000
$ 290,471,254
9.0
30.9
- 8.5
£ 17.5
$7,166,876
$9,543,553
33.2
Export declarations
Value of exports
Value of imports
Duties collected
Drawback allowed
-
1.5
The Commissioner of Customs announced today that export declarat
i o n s during the first nine months (July-March) of the current fiscal
year showed an increase &f 9 per cent over the corresponding period of
fiscal^l937, and the value of exported merchandise ($2,636,253,000) was
31 per cent greater.
The following table contrasts customs operations for the two
periods:
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING'NEWSPAPERS,
Friday, May 27, 1958.___________
Press Service
No. 13—45
5-26-38
The Commissioner of Customs announced today that export declarations during
the first nine months (July-March) of the current fiscal year showed an increase of
9 per cent over the corresponding'period of fiscal year 1937, and tho value of ex
ported merchandise ($2,636,253,000) was 31 per cent greater.
The following table contrasts
customs operations for the two periods:
First 9 monthsji
Fiscal year
1937
Vessels entered direct from
foreign ports ............
Automobiles, busses and other
vehicles entering U.S. . . .
Persons entering the United
States.......... ..
24,574
0.3
8,612,762
9,393,363
9.1
36,461,966
40,501,071
11.1
1,061,036
-
1.5
295,015
292,342
1,799,920
274,740
296,484
1,906,807
—
6.9
1.4
5.9
2,387,277
2,477,931
3.8
. . .
2,576,762
. . . $2,013,371,000
. . . $2,055,049,000
. . . $ 352,137,198
2,807,858
$2,636,253,000
$1,830,915,000
$ 290,471,254
9.0
30,9
- 8.5
- 17.5
...
$
E n tr ie s :
D u tia b le co n su m p tio n • . . .
Warehouse w ith d ra w a ls
. . .
A ll o th e r . . . . . .
. . .
E N T R I E S ........
Export d e c l a r a t i o n s
Value o f e x p o r t s . .
Value o f im p o rts ...
Duties c o l l e c t e d . .
• .
..
. .
..
Drawback a llo w e d . . . .
1938
24,494
Packages o f m e rch a n d ise
examined a t a p p r a i s e r s
s to r e s ..............
total
% of Increase
or Decrease (-)
. . .
$
7,166,876
9,543,553
33.2
NEW YORK
George 0. Murati
Buffalo
OHIO
George 1. Howarth
Cleveland
OREGON
Raymond A. Tuttle
McKenzie Bridge
Charles E. Leising, Jr.
Lorain
PENNSYLVANIA
Robert Waldron
Bethlehem
(TEXAS
Benjamin P. Clark
Dallas
James W. Williams
Earmersville
VIRGINIA
Edward C. Allen, Jr.
Portsmouth
Coast Guard Headquarters,
Washington, D. C.,
May 24, 1938.
The 60th
\
1
the United States Coast Guard Academy
at New London,
June 2, 1938.
will
The program
2nd, graduating
ja class of twenty-»^??»
Athletic contests, including pulling boat m
4tive infantry drill,
ing day, ^ ô ï l tiàr^n
the annual meqtdng of the United States
Coast Guard Academy Alumni Associât
the graduated luncheon. f i The - f 0
review of the cadet hattsdiUll n M l
exe rci
Jj iTlmoi
the commencement
Mnsaste
1
the'i i" iiiii'H l|e<frgee#i>4»»d the prizes and awards won during the yea?*;
together^^fxh the diplomas to the members of the graduating class, followed
\
^¡n
."V+TT"1 *""
\
Tir'T'"I
T i111 "I1 11
1m the gimiitrrntii
Members of the graduating class
cxr-<2L^
ALABAMA
John E. D. Hudgens
Grand Bay
FLORIDA
Henry P. Kniskern, Jr.
Miami
MICHIGAN (CONTD)
Alexander W. Wuerker
Detroit
GAL IEOMIA
John A. Pritchard, Jr.
Berkeley
IOWA
James B. Weaver
Des Moines
MINNESOTA
Donald M. Morell
Grandy
Benjamin D. Shoremaker, Jr. MARYLAND
Coronado
James A. Hyslop
Silver Spring
CONNECTICUT
Winslow H. Buxton
MICHIGAN
Niantic
Arthur B. Engel
Grand Rapids
Thomas B. Sargent, Jr.
Niantic
Benjamin E. Engel
Grand Rapids
NEW JERSEY
Cornelius G. Houtsma
Hawthorne
Edwin B . Ing
Elizabeth
Arthur Pfeiffer
Demarest
For Immediate Release
twenty-three cadets will be commissioned
as sags* ensigns in the United States Coast Guard next Thursday
at New London, Conn«, in the climax of the three-day program
marking the sixtieth commencement exercises of the United States
Coast Guard Academy, headquarters of the Service announced today*
Athletic contests, including pulling boat
[ and a band concert /
and sailing races,¿5) compebitive infantry drill/lfwilT he features
of the opening day *s program May 3Mk^3l*
luncheon
and the
The graduates*
annual meeting of the United States Coast
Guardi Academy Alumni Association are scheduled for June 1 along
with the Baccalaureate Parade and Baccalaureate Service*
The formal Review of the Cadet Battalion will
eastern*
beginQ| at 1:30 o’clock (BMB^t^daylight saving time) on Thursday,
June 2, after which prizes and awards won during the year will be
presented to outstanding cadets*
United States Senator David I. Walsh of
Massachusetts, Chairman of the Senate Naval Affairs Committee,
will be the principal speaker of the Commencement Exercises, listed
for 2:15 p* m*
as si
Secretary of the Treasury
S r
m i $ S t (t a i
Stephen B. Gibbons
[fogf
o a s r+ ~
AJL/^tt~uA
n-P
j
1?, W&4 $cL&i v
r1-.pl ^rnc, c
,B
TTIPlWilill^^
cfTJ
I
6? C>4.AiSL-&Ai
¿b** ft /
S
^
'he farewell ball to the graduates
graduathat evening will wina up the
program*
l/U
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday, May 26, 1938.
Press Service
No. 13~46
Twenty-three cadets will he comissioned as ensigns in the United States
Coast Guard next Thursday at New London, Connecticut, in the climax of the
three-day program marking the sixtieth commencement exercises of the United
States Coast Guard Academy, headquarters of the Service announced today.
Athletic contests, including pulling^ boat and sailing races, competitive
infantry drill and a hand concert will he features of the opening day*s program
May 31.
The graduates1 luncheon and the annual meeting of the United States
Coast Guard Academy Alumni Association are scheduled for June 1 along with the
Baccalaureate Parade and Baccalaureate Service.
The formal Revie?/ of the Cadet Battalion will begin at 1:30 o ^ l o c k
(Eastern Daylight Saving Time) on Thursday, June 2, after which prizes and
awards won during the year will he presented to outstanding cadets.
United States Senator David I. Walsh of Massachusetts, Chairman of the
Senate Naval Affairs Committee, vail he the principal speaker of the Commence
ment Exercises, listed for 2:15 p.n.
Assistant Secretary of the Treasury Stephen B. Gihhons will present the
officers1 commissions and Rear Admiral R. R. Waeschc, Commandant of the Coast
Guard, will award the academic diplomats.
that evening will wind up the program.
Members of the graduating class are:
The farewell hall to the graduates
O
d>
11ALABAMA
I f John E . D . H u d g en s
I Grand B ay
MICHIGAN
Arthur B • Enge1
Grand Rapids
PENNSYLVANIA
Robert Waldron
Bethlehem
Benjamin F, Engel
Grand Rapids
OHIO
George E. Howarth
Cleveland
II CALIFORNIA
I John A. Pritchard,
I Berkeley
| Benjamin D .
II Coronado
Jr,
Sh o rem ak er,
B u x to n
[Thomas R , S a r g e n t ,
h li a n t i c
Jr,
FLORIDA
I Henry P, K n isk em , J r ,
II Miami
I IOWA
I [ James B, W eaver
I Des Moines
I
MARYLAND
IIJames A, Hyslop
I Silver Spring
Alexander W. Wuerker
Detroit
MINNESOTA
Donald M. More11
Grandy
ICOMECT I CUT
[Winslow H.
I lia n tic
jr .
NEW JERSEY^
Cornelius G, Houtsma
Hawthorne
Edwin B . Ing
Elizabeth
Arthur Pfeiffer
Demarest
NEW YORK
George G. Murati
Buffaio
— oOo--
Charles E, Leising, Jr,
Lorain
TEKAS
Benjamin P, Clark
Dallas
James W, Williams
Farmersville
OREGON
Raymond A, Tuttle
McKenzie Bridge
VIRGINIA
Edward C, Allen, Jr,
Po rt smouth
I.
of ticks in the woods, it behooves all persons who tramp and camp
to keep
ticks off the skin, as the best method of prevention is the avoidance of ticks
in infested regions.
# # #
- 3 *
diseases having points of similarity.
Rocky Mountain spotted fever, as with other geographically named dis
eases, is found far from the region from which it received its name.
At first
thought to be limited to the Bitterroot Valley in Montana, it was later dis
covered throughout the Rocky Mountain region, and has subsequently been shorn
to be widely dispersed throughout the United States •
In 1930 an eastern type of|
the disease was identified in several States along the Atlantic Seaboard.
In 1937 there were 7 reported cases of Rocky Mountain spotted fever,
with 4. deaths, in the District of Columbia, despite the distance from the far
Western region for which the disease was: named.
In fact, each year since and
including 1931 > when the disease began to be reported in the District, cases
and death have been recorded in this vicinity.
During 1937 there were 33 cases
and 6 deaths in Maryland, 54- cases and 9 deaths in Virginia, 27 cases and 4
deaths in North Carolina, and 1 non-fatal case in Delaware.
From these figures,)
and it is not certain that all cases of the disease were recognized, it- will
be apparent that Rocky Mountain spotted fever prevails to a sufficient extent
in the South Atlantic States to require some attention.
An officer of the Public Health Service has prepared a prophylactic
vaccine which offers considerable protection to those bitten by infected ticks«
Large quantities of this vaccine are prepared in the laboratory at Hamilton,
Montana, and many sheep herders, foresters, and others whose work requires them
to go into infested regions receive this protective inoculation.
So far, spotti
fever has not prevailed to a sufficient extent in the Eastern States to warrant
widespread use of the vaccine.
However, it is comforting to know that the
material is available in the event that an undue extension of the disease should)
make its use desirable.
As there is little that can be done to reduce the nuuM
-
legs.
2
-
If the ticks crawl up the outside of the clothing, they may be seen and
removed.
Those reaching the back of the neck should be removed as soon as they
are felt. It is a good plan to feel the back of the neck occasionally for ticks
when in an insect infested area. Women who go into the woods should wear menTs
clothing of the kind already described.
Ticks attached to the skin may be re
moved with tweezers or by the fingers and a piece of paper.
No one seems to
know of a material that can be placed on the body or in the clothing to repel
ticks.
A typical case of Rocky Mountain spotted fever develops within
5 days after a person has been bitten by an infected tick.
interval of L4 days may elapse before symptoms ensue.
3 to
In mild cases an
The illness may be inaugi
by a distinct chill, accompanied by headache, backache, sweating, redness of the)
eyes, pain in the abdomen, bones, and muscles and sometimes nosebleed and vomit4
ing.
Such a combination of symptoms causes a severe illness, some patients be
coming delirious and developing evidence of brain and spinal cord involvement.
The typical rash or eruption from which the disease takes its name
gives a mottled appearance to the skin and is most frequently seen on the wrists
and ankles, less commonly on the forehead and back.
In very severe cases the
eruption is purplish red in appearance because of the release of blood into the
spots•
The fever usually lasts two or three weeks and may remain persistently
high in severe cases.
Patients may be restless and find it difficult to sleep.
If a laboratory examination is made of the blood, it will be found that the whi
blood cells are greatly increased in number.
By means of laboratory tests it
can be determined with certainty that the disease is spotted fever and not scar
let fever, measles, typhoid fever, encephalitis, meningitis or one of the ot er
Hu
With the report of three cases of Rocky Mountain spotted fever in
nearby areas during the past week the season to be wary of ticks has again
arrived.
*
These cases do not foreshadow an attack rate above the average,
two cases having been reported by the same week last year.
But, on last
year*s precedent, the number may be expected to rise to about 4-2 on the
Eastern seaboard in the peak month of July.
The victims are likely to be lovers of the outdoors who gathered
ticks on their persons while roaming through woods and underbrush, dog lovers
who received the ticks from their pets, even householders in their own city
yards•
No cause for alarm is foreseen.
The disease is, however, a dis
turbing one against which vigilance must be exercised.
It is worth while
to know something of the habits of ticks, the methods of avoiding them,and
what to do if they are found clinging to the skin.
It will save a great deal of apprehension and mental suffering if
it is known that only a few of the persons bitten by ticks will develop spotted
fever.
Moreover, without laboratory examinations it cannot be known which
ticks will cause the disease unless, of course, the bitten person becomes ill»
Obviously the best way of avoiding tick bites is to stay out of the
woods at this time of year; but for those persons willing to take the chance
of escaping infection, some helpful advice may be given.
Clothing should be
selected which will prevent ticks from reaching and becoming attached to the
skin.
High boots, puttees, leggings, and socks may be worn over the trouser
TO:
Mr. Gaston
Attention Mr. Thornburgh
The vaccine for Rocky Mountain spotted fever is, as the
original press release stated, a prophylactic vaccine. It is used
to protect persons in advance and not for the treatment of the dis
ease once it is acquired. The problem on the Eastern Seaboard, as
Doctor Olesen^ release states, is not sufficiently serious ”to war
rant widespread use of the vaccine.” The Service is therefore re
luctant to make any statement which would encourage an unjustified
demand. The vaccine is not now readily available through our labora
tories but could be made so in the event a serious outbreak, justi
fied a change in the above stated policy. It was for these reasons
that the paragraph relating to the vaccine was placed at the end
of the release.
I
have made some slight revisions, combining the most re
cent statistics with the original paragraph three in order to give
the lead a timely turn. This necessitated moving the original
paragraphs one and two to near the end of the release.
These changes in detail have been approved, otherwise Doctor
Olesen would prefer to have the details of the original retained if
the release is to be made at all.
PSB:AEM
Philip S. Broughton
In Cnarge, Office
of Health Education
TREASURY DEPARTMENT
U. S. Public Health Service
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Sunday, May 39, 1938._________
5/27/38.
Press Service
No. 13-47
With the report of three cases of Rocky Mountain spotted fever in nearby
areas during the past week the season to be wary of ticks has again arrived#
These cases do not foreshadow an attack rate above the average, two
cases having been reported by the same week last year.
But, on last year*s
precedent, the number may be expected to rise to about 42 on the Eastern sea>board in the peak month of July.
The victims are likely fo be lovers of the outdoors who gathered ticks
on their persons while roaming through woods and underbrush, dog lovers who
received the ticks from their pets, even householders in their own city yards#
No cause for alarm is foreseen.
The disease is, however, a disturbing
one against which vigilance must be exercised.
It is worth while to know some
thing of the habits of ticks, the methods of avoiding them, and what to do if
they are found clinging to the skin.
It will save a great deal of apprehension and mental suffering if it is
known that only a few of the persons bitten by ticks will develop spotted
fever.
Moreover, without laboratory examinations it cannot be known which
ticks will cause the disease unless, of course, the bitten person becomes ill#
Obviously the best way of avoiding tick bites is to stay out of the woods
at this time of year;
but for those persons willing to take the chance of es
caping infection, some helpful advice may be given.
Clothing should be selected
which will prevent ticks from reaching and becoming attached to the skin.
boots, puttees, leggings, and socks may be worn over the trouser legs.
High
If the
ticks crawl up the outside of the clothing, they may be seen and removed. Those
«• 2
J?*
reaching the hack of the neck should he removed as soon as they are felt.
It
is a good plan to feel the hack of the neck occasionally for ticks when in an
insect infested area.
Women who go into the woods should wear men’s clothing
of the kind already described.
Ticks attached to the skin may he removed with
tweezers or hy the fingers and a piece of paper.
No one seems to know of a
material that can he placed on the "body or in the clothing to repel ticks.
A typical case of Rocky Mountain spotted fever develops within 3 to 5
days after a person has been' bitten hy an infected tick. In mild cases an in
terval of 14 days may elapse before symptoms ensue.
The illness may he in
augurated hy a distinct chill, accompanied hy headache, backache, sweating,
redness of the eyes, pain in^ihe abdomen, hones, and muscles and sometimes
nosebleed and vomiting.
Such a combination of symptoms causes a severe illness,
some patients becoming delirious and developing evidence of brain and spinal
cord involvement.
The typical rash or eruption from which the disease takes its name gives
a mottled appearance to the skin and is most frequently seen on the wrists and
ankles, less commonly on the forehead and hack.
In very severe cases the erup
tion is purplish red in appearance because of the release of blood into the spots.
The fever usually lasts two or three weeks and may remain persistently
high in severe cases.
Patients may be restless and find it difficult to sleep.
Ihe skin is over-sensitive, and there may be pain along the course of the nerves.
If a laboratory examination is made of the blood, it will be found that the
white blood cells are greatly increased in number.
By means of laboratory tests
it can be determined with certainty that the disease is spotted fever and not
scarlet fever, measles, typhoid fever, encephalitis, meningitis or one of the
other diseases having points of similarity.
Rocky Mountain spotted fever, as with other geographically named diseases,
Is found far from the region from which it received it.s name.
At first thought
to be limited to the Bitterroot Valley in Montana, it was later discovered
3
-
throughout the Rocky Mountain region, and has subsequently been shown to be
widely dispersed throughout the United States*
In 1930 an eastern type of the
disease was identified in several States along the Atlantic Seaboard.
In 1937 there were 7 reported cases of Rocky Mountain spotted fever,
with 4 deaths, in the District of Columbia, despite the distance from the far
Western region for which the disease was named.
In fact, each year since and
including 1931, when the disease began to be reported in the District, cases
and death have been recorded in this vicinity.
During 1937 there were 33 cases
and 6 deaths in Maryland, 54 cases and 9 deaths in Virginia, 27 cases and 4
deaths in North Carolina, and 1 non-fatal case in Delaware.
From these figures,
and it is not certain that all cases of the disease were recognized, it will be
apparent that Rocky Mountain spotted fever prevails to a sufficient extent in
the South Atlantic States to require some attention.
An officer of the Public Health Service has prepared a prophylactic
vaccine which offers considerable protection to those bitten by infected ticks*
Large quantities of this vaccine are prepared in the laboratory at Hamilton,
Montana, and many sheep herders, foresters, and others whose work requires them
to go into infested regions receive this protective inoculation. So far, spotted
fever has not prevailed to a sufficient extent in the Eastern States to warrant
widespread use of the vaccine.
terial
However, it is comforting to know that the ma
is available in the event that an undue extension of the disease should
make its use desirable.
As there is little that can bo done to reduce the
number of ticks in the woods, it behooves all persons who tramp and camp to
keep ticks off the skin, as the best method of prevention is the avoidance of
ticks in infested regions*
oOo—
fsm m m
mmmmm
ron mimase, m m m mwpk-pwm
" P r iB B
Service
*»i
Secretary of II» Treasury announced last evening that the tenders
foar #50,600,000, or thereabouts, of 91-day Treasury bill«, to be datad
3\ma 1 and to matara August SI, 1938, *&ieh mar» offered om May 25, ware
opened at the Federal Beserva banks on May 27«
Tbs details of this Issue are as followsi
Total applied for
Total accepted
- #196,409,000
*
50,080,000
Manga of accepted bids:
High
low
Average price
« 99*993 Equivalent rate approximately 0*020 percent'
99*993
m
m
m
0.028
*I
- 99*994
*
*
«
0*025
*
(23 percent of tbs amount bid for at the low price was accepted)
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Saturday, May 28, 1 9 3 8 « ___
5-27-38
Press Service
No. 13-48
The Secretary of the Treasury announced last evening that the tenders
for $50,000,000, or thereabouts, of 91-day Treasury hills, to he dated June 1
and to mature August 31, 1938, which were offered on May 25, were opened at
the federal Reserve hanks on May 27.
7 '
The details of this issue are as follows:
Total applied for
Total accepted
- $196,449,000
50,020,000
Range of accepted bids:
High
Low
Average price
- 99.995 Equivalent rate approximately 0.020 percent
- 99.993
«
ft
n
0.028
«
- 99.994
»
w
"
0.025
»
(23 percent of the amount hid for at the low price was accepted)
•-oOo—
-
2
-
Government
-Securities
Governmentguaranteed
.Sg.OTl,tias
Other
■Securities
(000 omitted)
Totals brought forward ••••••*.••••••••
$3,335,656
$ 268,983
$ >+5.030
6U6,900
Old-Age Reserve Account • ••*..... ..
foreign Service Retirement and
3,262
Disability fund .........
Canal Zone Retirement and Disability
fund (l) ........... ....;........
3,557
26,800
Adjusted Service Certificate fund ••
Alaska Railroad Retirement and
Disability fund
________ 309________Totals ..
$H,Ol6,U8^
$ 268,983
$ 1*5,030
As of April 10. lq^gj
federal farm Mortgage Corporation «
federal Land Banks ....... .......
federal Intermediate Credit Banks •
Banks for Cooperatives ............
Production Credit Corporations ••••
Production Credit Associations •••«
Joint Stock Land Banks ...........
federal Home Loan Banks •••...... .
Home Owners1 Loan Corporation •••••
Reconstruction finance Corporation
Inland Waterways Corporation** *. ••
Panama Railroad Company** .........
U.S. Spruce Production Corporation
Totals ..... ..............
Note:
*
-
$
$
6
10,000
29,095
13,863
11,095
7,351
12,508
57.673
63,705
56,610
M61*
1.637
1.638
2>+,955
1,100
118,020
>+.>+37
9,325
125
$
27^,089
—
«
-
$
83,918
$762.730
1.815
11,325
25,973
75,227
2U2
-
1,7>+1
$879.053
All trust funds may be invested in Government and Governmentguaranteed securities, and certain funds may also be invested
in additional securities as indicated:
(1) In federal farm Loan Bonds;
(2) No limitations*
Consist principally of federal farm Loan Bonds and federal
Intermediate Credit Bank Debentures*
** Latest figures available.
- 0 O0-
TREASÜET DEPARTMERT
Washington
POE RELEASE.
Press Service
H©«
Secretary Morgenthau released today the following statement relative to
the amount of Government and other securities held in governmental trust accounts
and hy governmental corporations and agencies*
SECURITIES HSU) AS IRVESTMERTS IN THIS? MJKDS Am i n ACCOUNTS
OP CERTAIN GOVEBHMEHTAL C0BPQRA1I0HS ARP AGENCIES
PET DATES INDICATED
Pund or Agency
Government
Securities
Governmentguaranteed
¿scuri Usa
Other
¿scuriUss*
(OOO omitted)
Postal Savings System
Pederal Deposit Insurance Corporation ••
Individual Indian Trust Punds ..........
Mutual Mortgage Insurance Pund and
Housing Insurance Pund .......... ..
Pederal Savings and Loan Insurance Corp*
Civil Service Retirement and Disability
i'und. *...*...........................
U.S. Government Life Insurance Pund (l).
D.G. Teachers* Retirement Pund (2) •*»,,
Alien Property Custodian Pund •••••••*•,
Panama Canal Zone Punds (l) ......... .
General Post Pund, Veterans* Administra
tion ................................
Library of Congress Trust Pund (2 ) •••••
D*C. Workmen*s Compensation Pund (l)
Longshoremen* s and Harbor Workers*
Compensation Pund (l) ........
German Special Deposit Account ••••*...*
Rational Institute of Health Gift Pund •
Comptroller of the Currency Employees’
Retirement Pund
Pershing Hall Memorial Pund •••••••.*•••
Rational Park Trust Pund (2) ...........
Ainsworth Library Pund, Walter Reed
General Hospital ••••••••••••*.•••••••
Unemployment Trust P u n d ....... .
Railroad Retirement Account •••••...*•••
$ 937,756
3^9*09^
*¿2 ,**71
19,786
8,715
$ 16 6 ,23 **
72
$
20
101,967
386,095
736*8*42
5,105
**2,067
2 ,16 1
30,560
290
1,850
1,10 7
1
10
10 1
3,957
10
**3
83
1,235
201
12
10
7**0,6&5
70,000
$3>335»656
$ 266,983
$ **5,Q3Q_
TREASURY DEPARTMENT
Washington
Press Service
No. 13-49
m RELEASE, MORNING NEWSPAPERS,
Wednesday, June 1, 1938._______
5-51-38
Secretary Morgenthau released today the following statement relative to the
amount
of Government and other securities held in governmental trust accounts and
by governmental corporations and agencies:
SECURITIES HELD AS, INVESTMENTS IN TRUST FUNDS AND IN ACCOUNTS
OE CERTAIN GOVERi%ffiNTAL CORPORATIONS AND AGENCIES
ON DATES INDICATED
Government
Securities
Fund or Agency
Governmentguaranteed
Securities
Other
Securities*
(000 omitted)
As of April 27, 1938:
$
937,756
349,094
42,471
Federal Deposit Insurance Corporation .
Individual Indian Trust Funds ........
Mutual Mortgage Insurance Fund and
19,786
Housing Insurance F u n d ......... .
8,715
Federal Savings and Loan Insurance Corp.
Civil Service Retirement and Disability
F u n d ........ ........................
386,095
U.S. Government Life Insurance Fund (l).
736,842
5,105
D.C. Teachers1 Retirement Fund (2) ....
Alien Property Custodian F u n d .........
30,560
Panama Canal Zone Funds (l) .......
1,850
General Post Fund, Veterans* Administra
tion .............. ................
1,107
1
Library of Congress Trust Fund (2) ....
D.C. Workmen*s Compensation Fund (l) ...
10
Longshoremen*s and Harbor Workers*
101
Compensation Fund (l) ...........
3,957
German Special Deposit Account ........
National Institute of Health Gift Fund •.
83
Comptroller of the Currency Employees*
1,235
Retirement Fund ......... ............
Pershing Hall Memorial Fund ......*....
201
National Park Trust Fund (2) ...... ....
12
Ainsworth Library Fund, Walter Reed
General Hospital .....................
10
740,665
Unemployment Trust Fund ................
Railroad Retirement A c c o u n t ...........
70,000
$3,335,656
$ 166,834
é'
72
$
20
—
101,967
—
—
-
95
-
• 5
42,067
2,161
290
1
437
11
—
-
43
10
-
—
«*>
—
'-
—
Ml
—
1T268,983
$ 45,030
-
2
-
Government
Securities
Governmentguaranteed
Securities
Other
Securities*
(OOO omitted)
Totals brought forward ..... ..........
$3,335,656
Old-Age Reserve Account .. ..........
Foreign Service Retirement and
Disability F u n d ....... ...........
Canal Zone Retirement and Disability
Fund (l) ......... ..... ....... 3 ,5 5 7
Adjusted Service Certificate Fund ...
Alaska Railroad Retirement and
Disability Fund ........ ..... .....
$ 268,983
646,900 '
$ 45,030
«
***
-
-
3,262
26,800
309
Totals .........,............. $4,016,484
$ 268,983
$ 45,030
57,673
63,705
56,610
4,864
1,637
1,638
24,955
1,100
48,020
4,437
9,325
125
$
6
10,000
29,095
13,863
11,095
7,351
12,508
—
-.
$ 762, 730
1, 815
11» 325
25, 973
75, 227
242
«
1, 741
-
274,089
$
83,918
$ 879,053
As of April 30, 1938 ;
Federal Farm Mortgage Corporation .. $
Federal Land Banks ..................
Federal Intermediate Credit Banks ...
Banks for Cooperatives...... .......
Production Credit Corporations ......
Production Credit Associations .....
Joint Stock Land B a n k s .............
Federal Home Loan B a n k s ............
Home Owners* Loan Corporation ......
Reconstruction Finance Corporation ..
Inland Waterways Corporation** .....
Panama Railroad Company ** ..........
U.S. Spruce Production Corporation ..
T o t a l s ..... ................
Note:
$
All trust funds may be invested in Government and Governmentguaranteed securities, and certain funds may also be invested
in additional securities as indicated:
(1) In Federal Farm Loan Bonds;
(2) Ho limitations,
* Consist principally of Federal Farm Loan Bonds and Federal
Intermediate Credit Bank Debentures*
** Latest figures available.
■— o0o~
(three)—
From each
L
•7© take part in the
..
i °
//,
¿L
¿rack shots 1»*
0>v.
matches * Final— «at shoo wit
regional elimination
k* digs *P k c j ?eJL fo K h & c
will 9***S*
*
!
*
%
h
ive- man
teams from each
t»
ghrMtfaMME^gp+MiiiidBaTi tin aufi* u
i
~ lk sL . Y e j p * c £ ift* 'fat*&*4*\S U/Csif
offered
by the Secretary of the Treasury
silver and
bronze
4*]
three
service
& * £ t f r fo
and^individuals
0
for gold,
medals.
Ism
f?T!T^" la.w UÜ11"
¡1a r n n i n i
I r o m l l be in charge of the
am t 11n nrr— n f —is11 x l ? '
technical phases of the preliminary and final
.38— c a l i b ^
service
matches^ ^^he
revolver.
Secretary Morgenthau has interested himself
the
development of proficient shots
agencies,
regarding
in the
personally in
ranks of the various Treasury
as teigfoligihmimmmmaxeäa* (g<5S'
such instruction
efficient
official weapon
law enforcement.
<ca in fch¡#.jMufffr».■h» .wiJl
TOMtHM.
i ^
X
W
S
P
An official
regardless
Matches
m n tflh a r
Treasury
ia ftA a h A a ^ fa m ^
team,
-taken
the
ai/ Gam
Perry, Ohicy later—in the— season.
/ at the preliminary matches
p e r/L o d
from all contenders^ <
Twill be named to compete in the National
of
Final selection of the personnel
teams
.
for
the competing
will be made not later than June 20, and
from that time until t^^rrii^hes will be
and ookohing,
/Le/uiAsCt,
L
devoted to training
(two )-—
1*
2,
Boston
Hew York
San Juan, P. R.
3, Newark
4 * Phi 1ade lphi a
5. Baltimore
Washington, D. C.
6.
Atlanta
7,
Louisville
Lexington
Cleveland
Chicago
8,
9,
10«
Hew Orleans
11.
Kansas City
12.
St. Paul
13.
Denver
14.
15.
San Francisco
Seattle
- for the Hew England States
for Hew York
— for Customs Bureau
- for Hew Jersey and Delaware
4 for Pennsylvania
for Maryland, West Virginia,
Virginia, North Carolina and
District of Columbia
for the White House Police,
Uniformed Force (Secret Service)
and Internal Revenue Bureau
— for Georgia, Florida, South
Carolina and Alabama
- for Kentucky and Tennessee
- for Public Health Service
- for Ohio and Michigan
•* for Indiana, Illinois and
Wisconsin
~ for Louisiana, Texas and
Mississippi
-* for Missouri, Kansas, Oklahoma
and Arkansas
— for Minnesota, North Dakota,
‘South Dakota, Iowa and Nebraska
'm for Colorado, Arizona, Hew Mexico,
Wyoming and Utah
— for California and Nevada
— for Oregon, Washington, Idaho and
Montana
-
(more) -o
TREASURY DEPARTMENT
Washington
F O R RELEASE, AFTERNOON NEWSPAPERS,
Monday, June 6, 1958.____________ __
6/3/38
Press Service
*°-
•
t
r i
Preli m i n a r y regional matches in eighteen
cities to select t e a m s a n d
individuals to compete for awards
as the best revolver shots i n the Treasury D e p a r t m e n t ’s law
enforcement agencies will be held July 1, Sec r e t a r y Morgenthau
announc ed tod a y .
Expert marksmen from the Bureau of Customs,
the Alcohol Tax Unit, Intelligence Unit and other agencies of
the Bureau of Internal Revenue,
the Bureau
Police,
the United States Secret Service,
of Narcotics, the Bureau of the Mint,
the White House
the Uniformed Force of the Secret Service and the Public
H e a l t h S e r v i c e ^ w i l l participate
in the elimination matches.
The latter bureau will be represented by a
team from the U n i t e d States Public Health Service Hospital at
Lexington, Ky., where narcotic addicts under sentence of the
Federal courts undergo treatment.
Among the Mint representatives
will be a team from the United States depository at Fort Knox, Ky«>
and guards from the Treasury building a n d the B u r e a u of Engraving
and Printing in Washington w i l l compete for the Uniformed Force of
the Secret Service*
Capt. Harry M. Dengler of the
‘m m k
Treasury's
Divi s i o n o f Training, executive officer for the competition, has
designated the following centers for the regional contests:
FROM:
MR* GASTON’S OFFICE
TO: R o cji$l.
PrvJT
.I n t o m l -
ue
1. Mr. Irey, Commander Thompson
2. Capt • Dengler*
For approval, please*
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Monday, June 6, 1938._______
6/3/38.
~~
Press Service
13 -5 0
Preliminary regional matches in eighteen cities to select teams and
individuals to compete for awards as the "best revolver shots in the Treasury
Department*s law enforcement agencies will be held July 1, Secretary Morgenthau
announced today.
Expert marksmen from the Bureau of Customs, the Alcohol Tax Unit,
Intelligence Unit and other agencies of the Bureau'of Internal Revenue, the
United States Secret Service, the Bureau of Narcotics, the Bureau of the Mint,
the White House Police, the Uniformed Eorce of the Secret Service and the
Public Health Service will participate in the elimination matches*
The latter bureau will be represented by a team from the United States
Public Health Service Hospital at Lexington, Kentucky, where narcotic addicts
under sentence of the Federal courts undergo treatment.
Among the Mint repre
sentatives will be a team from the United States Depository at Fort Knox,
Kentucky, and guards from the Treasury building and the Bureau of Engraving
and Printing in Washington will compete for the Uniformed Force of the Secret
Service.
Capt. Harry M. Dengler of the Treasury’s Division of Training, execu
tive officer for the competition, has designated the following centers for the
regional contests*
1.
2.
3.
4.
5.
Boston
New York
San Juan, P.R.
Newark
Philadelphia
Baltimore
~
for the New England States
for New York
for Customs Bureau
for New Jersey and Delaware
for Pennsylvania
for Maryland, West Virginia,
Virginia, North Carolina and
District of Columbia
Washington, D.C. - for the White House Police,
uniformed force (Secret Service)
and Internal Revenue Bureau
6.
Atlanta
7*
Louisville
Lexington
Cleveland
Chicago
8.
9.
10.
Ne?ir Orleans
11. .Kansas City
12*
St. Paul
13.
Denver
14.
j-5 •
San Francisco
Seattle
- for Georgia,, Florida, South
Carolina and Alabama
•“ for Kentucky and Tennessee
- for Public Health Service
- for Ohio and Michigan
- for Indiana, Illinois and
Wisconsin
- for Louisiana, Texas and
Mississippi
- for Missouri, Kansas, Oklahoma
and Arkansas
- 'for Minnesota, North Dakota,
South Dakota, Iowa and Nebraska
- for Colorado, Arizona; New Mexico,""
Wyoming and Utah
- f o r California, and Nevada
- for Oregon, Washington, Idaho and
Montana
From each service three ncrack shots11 will be selected to take part in
the regional elimination matches and on the basis of that firing five*-man.ieamrS~--''
from each agency will be designated for the finals in Washington beginning
August 1.
The respective teams will nshoot it out” for the cup offered by the
Secretary of the Treasury and the individuals for gold, silver and bronze medals*
The United States Coast Guard will be in charge of the technical phases
of the preliminary and final matches, the official weapon for which will be the
•38-*caliber-s-crvi-ce -revolver•
Secretary Morgenthau has interested himself personally in the develop
ment of proficient shots in the ranks of the various Treasury agencies, regard—
ing such instruction as essential to efficient law enforcement.
An official Treasury team, selected from all contenders in the final
matches, regardless of the service to which they belong, will be named to com
pete in the National Matches at Camp Perry, Ohio.
Final selection of the personnel for the competing teams at the pre
liminary matches will be made not later than June 20, and the period" frorr~tharfc
time- until the 'final jaatche-s will -be devoted f o-training and- coaching*
— oQo— -
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING'NEWSPAPERS,
Monday, June 6, 1938.
6/4/38“
Press Service
No. 13-51
Secretary of the Treasury Morgenthau announced today the offering,
through the Eederal Reserve Banks, of 20*25 year 2-3/4 percent Treasury
bonds of 1958-63, and of 5 year 1-1/8 percent Treasury notes of Series
A-1943, both in exchange for 2-7/8 percent Treasury notes of Series B-1938,
maturing June 15, 1938, or 2-1/2 percent Treasury notes of Series D-1938,
maturing September 15, 1938.
Exchanges will, be made par for par, and the
offering of the now bonds and of the new notes will be limited to the amount
of maturing notes of either series tendered and accepted in exchange therefor.
Cash subscriptions will not be received.
The Treasury bonds of 1958-63 now offered only in exchange for Treasury
notes naturing June 15 and September 15, 1938, will be dated June 15, 1938, and
will bear interest from that date at the rate of 2-3/4 percent per annum pay
able semiannually.
They will mature June 15, 1963, but may be redeemed at the
option of the United States on and after June 15, 1958.
issued in two forms:
The bonds will bo
bearer bonds with interest coupons attached, and bonds
registered as to both principal and interest;
both forms will be issued in
the denominations of $50,*$100, $500, $1,000,. $5,000, $10,000 and $100,000.
The Treasury notes of Series A-1943, also now offered only in exchange
for Treasury notes naturing June 15 and September 15, 1938, will be dated June
15, 1938, and will bear interest from that date at the rate of 1-1/8 percent
per annum payable semiannually.
They will mature June 15, 1943, and will not
I
-
2
-
"be subject to call for redemption before that date.
The notes will be issued
only in bearer f®j?n with coupons attached, in the denominations of $100, $500,
$1,000, $5,000, $10,000 and $100,000.
The 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 are fipeci-
fically set forth in the official circulars issued today.
Subscriptions will be received at the Federal Reserve Banks and branches,
and at the Treasury Department, Washington, and should be accompanied by a liko
face amount of either 2-7/8 percent Treasury notes of Series B-1938,.maturing
June 15, 1938, with final coupon due on June 15 detached, or 2-1/2 percent
Treasury notes of Series D-1938, maturing September 15, 1938, with final coupon
due September 15 attached.
The notes of both series will be accepted at par.
If notes of Series D-1938 are tendered for Treasury bonds, accrued interest
on such notes from March 15 to June 15, 1938 will be paid following their
acceptance;
if such notes are tendered for Treasury notes interest on the
surrendered notes will be credited from March 15 to September 15, 1938, and
interest will be charged on the new notes from June 15. to September 15, 1938,
and the difference, about $9.67 $.pr $1,000 will be paid following acceptance
of the notes.
The right is reserved to close the books as to any or all subscriptions
at any time without notice, and, subject to the reservations set forth in the
official circulars, all subscriptions will be allotted in full.
The amount of Treasury notes of Series B-1938 maturing on June 15, 1938,
is $618,056,800, and of Series D-1938 maturing on September 15, 1938, is
$596,416,100.
1
Any of these notes nay be exchanged for the Treasury bonds or
the Treasury notes, and any maturing notes not so exchanged at this time will
"be paid in cash when they mature.
IS
Special Treasury bills aggiegating $250,306,000, which nature innediately after June 15, and about $190,000,000 interest on the public debt,
which becones due on June 15, will be paid iron the Treasury*s cash balance*
The texts of the official circulars follow:
UNITED STATES OE AMERICA
2-3/4 PERCENT TREASURY BONDS OF 1958-63
Dated and Bearing interest from June 15, 1938
Due June 15, 1963
BEDEEMABLE AT THE OPTION OF THE UNITED STATES AT PAR AND ACCRUED INTEREST ON AND
AFTER JUNE 15, 1958
Interest payable June 15 and December 15
1938
Department Circular No. 584
_____
Public Debt Service
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, June 6, 1938.
1.
1.
OFFERING- OF BONDS
The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approved September 24, 1917, as amended, invites subscriptions,
at par, from the people of the United States for 2-3/4 percent bonds of the
United States, designated Treasury Bonds of 1958-63, in payment of which only
Treasury Notes of Scries B-1938, maturing June 15, 1938, or Treasury Notes of
Series D-1938, maturing September 15, 1938, may be tendered.
The amount of the
offering under this circular will be limited to the amount of Treasury Notes of
Series B-1938 and of Series D-1938 tendered and accepted.
II.
1.
DESCRIPTION OF BONDS
The bonds will be dated June 15, 1938, and will bear interest from
that date at the rate of 2-3/4 percent per annum, payable semiannually on December
15, 1938, and thereafter on June 15 and December 15 in each year until the prin
cipal amount becomes payable.
They will mature June 15, 1963, but may be redeemed t
^ the option of the United States on and after June 15, 1958, in whole or in
Ps-rt, 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
proscribe.
In case of partial redemption the bonds to be redeemed will be
2
determined by such method as nay he prescribed by the Secretary of the Treasury.
Prom the date of
redemption designated in any such notice, interest on the
bonds called for redemption 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 of the United States, or by any local taxing authority,
except (a) estate or inheritance taxes, or gift taxes, and (b) graduated addi
tional 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, ap
proved 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 bends will be subject to the general regulations of the Treasury
Department, now or hereafter prescribed, governing United States bonds.
3
III.
1.
SUBSCRIPTION AND ALLOTMENT
Subscriptions will be received, at the Federal Reserve banks and
branches and at the Treasury Department, Washington.
Banking institutions
generally may submit subscriptions for account of customers, 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
tine without notice#
2.
The Secretary of the Treasury reserves the right to reject any sub
scription, in Y/hole or in part, to allot less than the amount of bonds applied
for, to make allotments in full upon applications for smaller amounts and to
make reduced allotments upon, or to reject, applications for larger amounts,
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, all subscriptions will be allotted in full#
Allotment notices will be sent out promptly upon allotment.
IV#
X#
PAYMENT
Payment at par for bonds allotted hereunder must be made or completed
on or before June 15, 1938, or on later allotment, and may be made only in
Treasury Notes of Series B-1938, maturing June 15, 1938, or in Treasury Notes
of Series D-1938, maturing September 15, 1938, which will be accepted at par,
and should accompany the subscription.
In the case of Treasury Notes of Series
IKL938 tendered in payment, coupons dated September 15, 1938, must be attached
to the notes when surrendered, and accrued interest from March 15, 1938, to
June 15,
notes.
1938, ($6#25 per $l,000),will be paid following acceptance of the
4
V.
1.
GENERAL PROVISIONS
As fiscal agents of the United States, Eoders.1 Reserve hanks 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 oP 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 nay at any time, or from time to tine,
prescribe supplemental or amendatory rules and regulations governing the offer
ing, which will be communicated promptly to the Federal Reserve banks.
HENRY MORGENTHAU, JR.
Secretary of the Treasury.
)
UNITED STATES OF AMERICA
1-1/8 PERCENT TREASURY NOTES OF SERIES A-1943
Due June 15, 1943
Dated and “bearing interest from June 15, 1938
Interest payable June 15 and December 15
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, June 6, 1938.
1938
Department Circular No. 585
Public Debt Service
I.
1.
OFFERING OF NOTES
The Secretary of the Treasury, pursuant to the authority of the
Second Liberty Bond Act, approved September 24, 1917, as amended, invites sub
scriptions, at par, from the people of the United States for 1-1/8 percent notes
of the United States, designated Treasury Notes of Series A-1943, in payment of
which only Treasury Notes of Series B-1938, maturing June 15, 1938, or Treasury
Hotes of Series IV-1938, maturing September 15, 1938, may be tendered.
The
amount of the offering under this circular will be limited to the amount of
Treasury Notes of Series B-1938 and of Series IKL938 tendered and accepted*
II.
1*
DESCRIPTION OF NOTES
The notes will be dated June 15, 1938, and will bear interest from
that date at the rate of 1-1/8 percent per annum, payable semiannually on
December 15, 1938, and thereafter on June 15 and December 15 in each year until
the principal amount becomes payable.
They will mature June 15, 1943, 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
aH taxation (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#
2
-
The notes will he accepted at par during such time and under such
rules and regulations as shall he 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,
tut will not bear the circulation privilege,
5*
Bearer notes with interest coupons attached will be issued in denomin
ations of $100, $500, $1,000, $5,000, $10,000 and $100,000,
The notes will not
be issued in registered form,
III.
1.
SUBSCRIPTION AND ALLOTMENT
Subscriptions will be received at the Federal Reserve banks and
branches and at the Treasury Department, Washington.
Banking institutions
generally may submit subscriptions for account of customers, 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,
2,
The Secretary of the Treasury reserves the right to reject any sub
scription, in whole or in part, to allot less than the amount of notes applied
for, to make allotments in full upon applications for smaller amounts and to
make reduced allotments upon, or to reject, applications for larger amounts, or
to adopt ary or all of said methods or such other methods of allotment and
classification of allotments as shall be deemed by him to be in the public
interest; and his action in any or all of these respects shall be final.
Sub
ject to these reservations, all subscriptions will be allotted in full.
Allot
ment notices will be sent out promptly upon allotment.
IV.
1.
PAYMENT
Payment at par for notes allotted hereunder must he made or com
pleted on or before June 15, 1938, or on later allotment, and may ho made
only in Treasury Notes of Series 33-1938, maturing Juno 15, 1938, or in
Treasury Notes of Series 33-1938,maturing September 15, 1938, which will bo
accepted at par, and should accompany the subscription.
In the case of
Treasury Notes of Series 33-1938 tendered in payment, coupons dated September
15, 1938, must be attached to the notes when surrendered.
Interest from
March 15, 1938, to September 15, 1938, on the maturing notes will be credited
to subscribers, and interest from June 15, 1938 to September 15, 1938 on the
new notes will be charged to subscribers.
The difference( $9.672131 per $1,000)
will be paid following acceptance of the notes.
V. ' GENERAL PROVISIONS
1.
As fiscal agents of the United States, Federal Reserve banks‘are
authorized and requested to receive subscriptions, to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury to the
Federal Reserve banks of the respective districts, to issue allotment notices,
to receive payment for notes allotted, to make delivery of notes on full-paid
subscriptions allotted, and they may issue interim receipts pending delivery
of the definitive notes.
2.
The Secretary of the Treasury nay at any tine, or from tine to time,
prescribe supplemental or amendatory rules and regulations governing the offer
ing, which will be communicated promptly to the Federal Reserve banks.
H3NRY MORGENTHAU, JR.,
Secretary of the Treasury.
mAsmnr
WASHINGTON
m t m aisi, mmam mmBmm
Prose Service
S e c re ta ry o f th è Treasury Morgenthau annotino ed la s t n ig h t th a t thè
s u b s o rip tio n hook» f e r thè c u rre n t o ffe r in g © f 8 -3 /4 percont Treasury Bende
o f X998*63 and o f X - l/S percent Treasury Notes o f S e rie # 4*1943 « i l i olose
a t th è d o s e o f basineee Wednesday, lu n e 8 , 1938»
Sfci» o ffe r ia g ie open
o d y to th è h o ld ers o f Treasury N otes o f S e rie » 8-1938» m tu rin g ¿ha» 13,
1938, sud o f Treasury Notes o f S e rie » 8 -1 9 3 8 , m atu rin e Septaaber 1 5 , 1930.
S u b scrip tio n s fo r e ith e r Issu e addressed to a fo d e ra i Reserre
bank o r bran eh , o r to th è T reasury B epartm eat, and plaeed in thè m a il b i
fo ra 18 o *c lo c k m id n ìg h t, Wadaesday» Jfcne 8» « i l i he considered aa having
beea en tered b ifo r e th© d o s e o f th# s u b s o rip tio n hook»*
Innounc e m n t © f tho amouat o f su b s o rip tio n s and t h e ir d iv is io n
amoag th è c o v e ra i fe d e r a i Reserve d ie t r is t e « i l i he mede la t e r .
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday* June ?» 1938.
6/6/38*
Press Service
Ho* 13— 52
Secretary of the Treasury Morgenthau announced last night that the
subscription books for the current offering of 3-3/4 percent Treasury Bonds
of 1958-63 and of l-l/8 percent Treasury Notes of Series A-1943 will close
at the close of business Wednesday, June 8, 1938.
This offering is open only
to the holders of Treasury Notes of Series B-1938, maturing June 15, 1938,
and of Treasury Notes of Series B-1938, maturing September 15, 1938.
Subscriptions for either issue addressed to a Federal Reserve bank
or branch-, or to the Treasury Department, and placed in the mail before 12
o’clock midnight, Wednesday, June 8, will be considered as having been entered
before the close of the subscription books*
Announcement of the amount of subscriptions and their division among
the several Federal Reserve districts will be made later.
•oOo-
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Tuesday, June 7, 1938._________
6/6/38.
Press Service
No. l£~53
The Secretary of the Treasury announced last evening that the tenders
for $100,000,000» or thereabouts, of 91—day Treasury hills, to he dated June 8
and to mature September 7, 1938, which were offered on Juno 3, were opened at
the Federal Reserve hanks on Juno 6.
The details of this issue are as follows:
Total applied for
Total accepted
- $354,671,000
- 100,189,000
Range of accepted bids:
High
Low
Average price
- 99.998
- 99.989
- 99.990
Equivalent rate approximately 0.008 percent
«
«
'
«
0.044
«»
»
»
»»
0.040
M
(83 percent of the amount hid for at the low price was accepted)
— oOo—
(
TREASURY DEPARTMENT
Washington
FOR RELEASE MORNING NEWSPAPERS
Monday
June
13, 1938
PRESS SERVICE
No. 13-54
Marshall R. Diggs, Acting Comptroller of the Currency, today
announced the completion of the liquidation of 33 receiverships
during the month of May, 1938.
This makes a total of 1103 receiver
ships finally closed or restored to solvency since the Banking
Holiday of March, 1933.
Total disbursements, including offsets
allowed, to depositors and other creditors of these 1103 receiver
ships, exclusive of the 42 restored to solvency, aggregated
$423 172 738 00, or an average return of 80.28 per cent of total
liabilities, while unsecured creditors received dividends amount
ing to an average of 66.77 per cent of their claims.
Dividends
distributed to creditors of all active receiverships during the
month of May, 1938, amounted to $5 021 789 00.
Total dividends
paid and distributions to depositors of all receiverships from
March 16, 1933 to May. 31, 1938, amounted
to $906 535 300 00.
FARMERS & MERCHANTS NATIONAL BANK, ENTERPRISE, ALABAMA:
This Lank was placed in receivership January 11, 1932.
Depositors and other creditors received, including offsets
allowed, $441 518 00, representing 57.19$ of total liabili
ties established.
Unsecured depositors received dividends
aggregating 17.2$ of claims proved*
BENTON COUNTY NATIONAL BANK, BENTONVILLE, ARKANSAS:
This hank was placed in receivership December 16, 1930.
Depositors and other creditors received, including offsets
allowed, $438 125 00, representing 45.63$ of total liabili
ties established.
Unsecured depositors received dividends
aggregating 29 .35$ of claims proved.
FIRST RATIONAL BANK, PERRY, FLORIDA:
This hank was placed in receivership October 25, 1930.
Depositors and other creditors received, including offsets
allowed,
$249 932 00, representing 56.26$ of total liabili
ties established.
Unsecured depositors received dividends
aggregating 29 «13$ of claims proved.
5
FIRST HATI ONAL BANK, AURORA, ILLINOIS:
A receiver was appointed for this hank -under date of
August 12, 1932, for the purpose of collecting a stock assess
ment covering deficiency in value of assets sold and/or com
pleting unfinished liquidation, depositors and creditors hav
ing been previously paid in full by assumption of liabilities
by another bank.
Dividends paid amounted to 36.875$ of claims
proved, while total disbursements by the Receiver, including off
sets allowed, aggregat ed $432 432 00, representing 66.92$ of
total liabilities.
FIRST NATIONAL BANK, EARLVILLE, ILLINOIS:
This bank was formerly in conservatorship.
placed in receivership October 10, 1933.
It was finally
Depositors and other
creditors received, including offsets allowed, $245 802 00,
representing 103.35$
of total liabilities established.
Unse
cured depositors received dividends aggregating 100$ principal
plus an additional interest dividend of 5.1$.
FIRST RATIONAL BARK, LEBANON, INDIANA:
This bank was formerly in conservatorship.
finally placed in receivership August 29, 1933.
It was
Depositors
and other creditors received, including offsets allowed,
$706 579 00, representing 102.8$ of total liabilities
established.
Unsecured depositors received dividends
aggregating 100$ principal plus an additional interest
dividend of 5.22 $.
- 7 -
FIRST NATIONAL BANK, IOWA CITY, IOWA:
This bank was placed in receivership January 22, 1932.
Depositors and other creditor's received, including offsets
allowed, $1 057 880 00, representing 95.48$ of total liabili
ties established.
Unsecured depositors received dividends
aggregating 93.45$ of claims proved.
CITIZENS NATIONAL BANK, WINTERSET, IOWA:
This bank was formerly in conservatorship.
placed in receivership January 4, 1934.
It was finally
Depositors and other
creditors received, including offsets allowed, $465 667 00,
representing 90 .05$ of total liabilities established.
cured depositors received dividends aggregating 87$ of
claims proved.
Unse
~ 8 ~
FIRST NATIONAL BANK IN NESS CITY, KANSAS:
This hank was formerly in conservatorship.
It was
finally placed in receivership February 31, 1934.
Depositors and other creditors received, including
offsets allowed, $277 205 00, representing 78.497b of
total liabilities established.
Unsecured depositors
received dividends aggregating 55.1$ of claims proved.
/
WHITLEY NATIONAL BANK, COHBIN, KENTUCKY:
This hank was placed in receivership July 18, 1932.
Depositors and. other creditors received, including offsets
allowed, $234 924 00, representing 80 .58$ of total liabili
ties established.
Unsecured depositors received dividends
aggregating 70 .5$ of claims proved.
10
-
FIRST NATIONAL BANK, AVOCA, MICHIGAN:
This "bank was formerly in conservatorship.
It was finally placed
in receivership October 24, 1933. Depositors and other creditors reI"
/$$f'
ceived, including offsets allowed, $187 815 00, representing 60.3$ of
total liabilities established.
Unsecured depositors received dividends
aggregating 46.6$ of claims proved.
FIRST NATIONAL BANK, BUCHANAN, MICHIGAN:
This bank was placed in receivership October 30, 1931.
Depositors
and othor creditors received, including offsets allowed, $577 776 00,
representing 103.94$ of total liabilities established.
Unsecured
depositors received dividends aggregating 100$ principal plus an
additional interest dividend of 4.87$.
FIRST NATIONAL BANK IN MANISTIQUE, MICHIGAN:
This bank was formerly in conservatorship.
in receivership November 22, 1934.
It was finally placed
Depositors and other creditors
received, including offsets allowed, $463 005 00, representing 94.43$
of total liabilities established.
Unsecured depositors received divi
dends aggregating 87.3$ of claims proved.
MILLINGTON NATIONAL BANK, MILLINGTON, MICHIGAN:
This bank was formerly in conservatorship.
receivership October 25, 1933.
It was placed in
Depositors and other creditors received,
including offsets allowed, $103 594 00, representing 84.25 $ of total
liabilities established.
Unsecured depositors received dividends
aggregating 76.3$ of claims proved.
-
11
-
FIRST NATIONAL BANK, IRONTON, MINNESOTA:
This hank was formerly in conservatorship.
placed in receivership September 27, 1933.
It was finally
Depositors and
other creditors received, including offsets allowed, $205 097 00,
representing 103.07$ of total liabilities established.
Unse
cured depositors received dividends aggregating 100$ principal
plus an additional interest dividend of 13$.
-
12
-
FIRST NATIONAL BANK, HARTINGTON, NEBRASKA:
This "bank was placed in receivership June 1, 1932.
Depositors
and other creditors received, including offsets allowed, $255 517 00,
representing 67.89$ of total liabilities established.
Unsecured
depositors received dividends aggregating 26.5$ of claims proved.
FIRST NATIONAL BANK, LEIGH, NEBRASKA:
This bank was placed in receivership February 2, 1933. Depositors
and other creditors received, including offsets allowed, $338 500 00,
representing 105.6$ of total liabilities established.
Unsecured
depositors received dividends aggregating 100$ principal plus an
additional interest dividend of 9.0$.
FIRST NATIONAL BANK, LITCHFIELD, NEBRASKA:
This bank was formerly in conservatorship.
in receivership December 29, 1933.
Depositors and other creditors
received, including offsets allowed,
of total liabilities established.
It was finally placed
$155 304 00, representing 72.11$
Unsecured depositors received divi
dends aggregating 56.55$ of claims proved.
SECURITY NATIONAL BANK, RANDOLPH, NEBRASKA:
This bank was formerly in conservatorship.
in receivership February 13, 1934.
It was finally placed
Depositors and other creditors
received, including offsets allowed, $321 820 00, representing 94.06$
of total liabilities established.
Unsecured depositors received divi
dends aggregating 84.45$ of claims proved.
13 FIRST NATIONAL BANK, NEWARK, NEW YORK:
This hank was placed in receivership October 23, 1931 . Depositors
and other creditors received, including offsets allowed, $1 658 490 00,
representing 74.81 $ of total liabilities established.
Unsecured
depositors received dividends aggregating 70,77$ of claims proved.
NEWTOWN NATIONAL BANK, NEW YORK, NEW YORK:
This bank was formerly in conservatorship.
placed in receivership February 21, 1934.
It was. finally
Depositors and other
creditors received, .including offsets allowed, $642 763 00, repre
senting 105.7$ of total liabilities established.
Unsecured
depositors received dividends aggregating 100$ principal plus
an additional interest dividend of 8.79$.
Stockholders received
cash amounting to $2920 00.
WASHINGTON NATIONAL BANK, NEW YORK, NEW YORK:
This bank was placed in receivership June 10, 1932.
Depositors
and other creditors received, including offsets allowed, $71 423 00,
representing 107.58$ of total liabilities established.
Unsecured
depositors received dividends aggregating 100$ principal plus an
additional interest dividend of 10.305$.
cash amounting to $2970 00 ,
Stockholders received
- 14 -
FIRST NATIONAL BANK, ST. THOMAS, NORTH DAKOTA:
This hank: was placed in receivership November 6, 1931.
Depositors and other creditors received, including offsets
allowed, $106 005 00, representing 91.03$ of total liabili
ties established.
Unsecured depositors received dividends
aggregating 07.9$ of claims proved.
FIRST NATIONAL BANK, GENEVA, OHIO:
This hank was placed in receivership December 9, 1931.
Depositors and other creditors received, including offsets
allo'wed, $702 680 00, representing 90 .54$ of total liabili
ties established.
Unsecured depositors received dividends
aggregating 89.103$ of claims proved.
MONTPELIER NATIONAL BANK, MONTPELIER, OHIO:
This bank was formerly in conservatorship.
finally placed in receivership January 12, 1934.
It was
Depositors
and other creditors received, including offsets allowed,
$527 546 00, representing 105 *47$ of total liabilities
established.
Unsecured depositors received dividends aggre
gating 100$ principal plus an additional interest dividend
of 7.8$.
Stockholders received cash amounting to $11 258 00.
16 -
BURNSIDE NATIONAL BANK, BURNSIDE, PENNSYLVANIA:
This Lank was formerly in conservatorship.
placed in receivership June 26, 1934.
It was finally
Depositors and other cred
itors received, including offsets allowed, $108 383 00, represent
ing 71.71$ of total liabilities established.
Unsecured depositors
received dividends aggregating 50 .7$ of claims proved.
MILLERSVILLE NATIONAL BANK, MILLERSVILLE, PENNSYLVANIA:
This bank was formerly in conservatorship.
placed in receivership August 15, 1933.
It was finally
Depositors and other
creditors received, including offsets allowed, $360 355 00, repre
senting 68.99$ of total liabilities established.
Unsecured
depositors received dividends aggregating 50.4$ of claims proved.
FIRST NATIONAL BANK, SUTERSVILLE, PENNSYLVANIA:
This bank was placed in receivership June 10, 1932.
and other creditors received, including offsets allowed,
representing 70 .43$ of total liabilities established.
Depositors
$379 092 00,
Unsecured
depositors received dividends aggregating 68.2$ of claims proved.
FARMERS AND DROVERS NATIONAL BANK, WAYNESBURG, PENNSYLVANIA:
This bank was placed in receivership December 12, 1906 . Itepositors
and other creditors received, including offsets allowed,
representing 84.73$ of total liabilities established.
$3 076 072 00,
Unsecured
depositors received dividends aggregating 77.27$ of claims proved.
- 17 -
NATIONAL LOAN & EXCHANGE BANK, GREENWOOD, SOUTH CAROLINA:
This hank was placed in receivership May 16, 1930 . Depositors
and other creditors received, including offsets allowed,
representing 51 .39$ of
total liabilities established.
$571 473 00,
Unsecured
depositors received dividends aggregating 40 .43$ of claims proved.
-
18
-
FIRST RATIONAL BANK, CHASE CITY, VIRGINIA:
This bank: was placed in receivership October 13, 1931.
Depositors and other creditors received, including offsets
allowed,
$550 892 00, representing 98.12$ of total liabili-
ties established.
Unsecured depositors received dividends
aggregating 98 *8$ of claims proved.
- 19 -
NATIONAL B A M OB ELLEN SBUBG, WASHINGTON:
This Lank was formerly in conservatorship.
placed in receivership November 10, 1933.
It was
Depositors and
other creditors received, including offsets allowed,
$205 386 00, representing 77 .99$ o£ total liabilities
established.
Unsecured depositors received dividends
aggregating 63.7$ of claims proved.
-
20
-
FIRST RATIONAL BANK, SHINNSTON, WEST VIRGINIA:
This hank was placed in receivership May 22, 1929 .
Depositors and other creditors received, including offsets
allowed, $833 250 00, representing 86 .39$ of total liabili
ties established.
Unsecured depositors received dividends
aggregating 84.71$ of claims proved.
INSOLVENT NATIONAL BANKS UQ.UIDATüD AND FINALLY CLOSED
OE H3STOR2D TO SOLVENCY BUSING THS MONTH OF
MAY, I93S
Name ani L ocation of Bank.
Farmers & Merchants !Natl Bk
in terio ri se, A la.
Benton County N atl Bank
B e n to n v ille , Ark.
F i r s t Natl Bank
P e rry , F la .
F i r s t N atl Bank
1/
Aurora, 1 11.
F i r s t N atl Bank
1/
JS a rlv ille , 1 1 1 .
F i r s t Natl Bank
2/
Lebanon, Ind.
F i r s t Natl Bank
Iowa C ity , Iowa
C itizen s N atl Bank
2/
W in terset, Iowa
F i r s t Natl Bank in
2/
Ness C ity , Kans.
Whitley Natl Bank
Corbin, Ky.
F i r s t Natl Bank
Avoca, Mich.
F i r s t Natl Bank
Buchanan, Mich.
F i r s t N atl Bank in
2/
M anistique, Mich.
Millington Natl Bank
2/
Millington, Mich.
Date of
F a ilu r e .
I--II-32
P er Cent
T o tal
T o ta l D isDisbursements
bursements
Including
to T otal
O ffse ts A llo w e d .L ia b ilitie s*
(A)
Cash, A sse ts,
U n co llected Stock
Assessments, e t c .
Returned to Share
h o ld e rs 1 Agent.
P er Cent
Dividend
D eclared
to A ll
Claim ants.
Capi ta l
Stock a t
Date o f
F a ilu r e .
$ 1 5 0 000
000
$ UUl 5 1 8
5 7 .1 9
17 .2
I 2 - I 6- 3 O
U3 8 1 2 5
U5 . 6 3
2 9 .3 5
60 000
000
IO - 2 3 - 3 O
2 U9 9 3 2
5 6 .2 6
29.I 3
50 000
000
8—1 2 - 3 2
U3 3 1*32
6 6 .9 2
3 6 .3 7 5
3 0 0 000
000
1 0 -1 0 -3 3
2 U5
802
IO3 . 3 5
IO5 . I
50 000
000
8 — 2 9 -3 3
70 6
579
10 2 .8
IO5 . 2 2
10 0 000
000
I - - 2 2 -3 2
O5 7 830
9 5 . Us
9 3 .^ 5
10 0 000
000
6 — U -- 3 H
U6 5 6 6 7
9 O.O5
S7.
200 000
0 00
2— 2 1 - 3U
277 2 0 5
78
. U9
5 5 .I
25
000
. 000
7— 18-32
23k
8 0 .5 8
7 0 .5
25
000
000
IO - 2 U- 3 3
187 815
6 0 .3
H6 . 6
2 5 000
000
10 - 30 -31
577 776
1 0 3 . 9^
1 0 U. 8 7
50 000
000
l l - 2 ° - 3 'i
U6 3 OO5
9 H.U3
S 7.3
50 000
000
10-25-33
1 0 3 -59 ^
Sb.25
76.3
25 000
000
1
92U
(B)
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
OS RESTORED TO SOLVENCY DURING THE MONTH OF
MAY 193S - (Conti)
Name and Location of Bank.
First Natl Bank
Ironton, Minn.
First Natl Bank
Hartington, Nebr.
First Natl Bank
Leig^i, Nebr.
First Natl Bank
Litchfield, Nebr.
Security Natl Bank
Randolph, Nebr.
First Natl Bank
Newark, N. Y.
Newtown Natl Bank
New Yolk *
Y.
Washington Natl B ank
New Yoik, N. Y.
First Natl Bank
St. Thomas, N. D.
First Natl Bank
Geneva, Ohio
Montpelier Natl 3 ank
Montpelier, Ohio
Burnside Natl B ank
Burnsi de, 1 a.
Millersville Natl Bank
Millersvilie, Pa.
Date of
Failure.
2/
Total
Disbur semen ts
Including
Offsets Allowed.
Fer Cent
Fer Cent
Dividend
Total Dis
Declared
bursements
to All
to Total
juiaDiiitie s. Clai mants.
9-27-33
$ 205 097
IO3.O7
6-1-32
255 517
67.S9
2- 2-33
33S 5OO
12-29-33
I55 30U
72.11
2— I3-3U
321 820
10-23-31
1 65g U98
2— 21 -3U
642 763
b— 10-32
Capi tal
Stock at
Date of
Fai lure.
Cash, Assets,
Uncollected Stock
Assessments, etc.
Returned to Share
holder ss A^ent.
$ 25 000
000
26.5
60 000
000
IO9.8
50 000
000
56.55
25 000
000
94.O6
84.45
50 000
000
74.81
70.77
150 000
000
IO5.7
108.79
200 000
2 920 *
71 423
IO7.58
110.305
500 000
2 978 *
11— 6-31
186 805
91.03
37.9
25 000
000
I2--9-3I
702 680
90.54
89.103
50 000
000
1— 12-3U
52? 5^6
IO5.47
107.3
60 000
6— 26-3U
108 323
7 1.7 1
50.7
50 000
000
3 — 15-33
360 355
68.99
50.4
25 000
000
IO5.6
IO3.O7
2/
W
it
if
if
if
1 1 25s *
INSOLVENT NATIONAL BANKS LIQUIDATED AND 5TNAL2J CLOSÜD
OR RESTORED TO SOLFENCY DURING W£ MONTH OB*
MAY 1938 - (Contd)
Name and Location of 3ank.
First Natl Bank
Sutersville, la.
Farmers & Drovers Natl Bk
Wayne sburg, la.
Natl Loan & Exchange Bank
Greenwood, S. C.
First Natl Bank
Chase City, Fa*
Natl Bank of
2/
Ellensburg, Wash.
First Natl Bank
Shinnston, W. Fa.
Date of
Failure•
Ter Cent
Total Dis
Total
bursements
Disbursements
to Total
Including
Offsets Allowed. Liabilities.
P er Cent
Dividend
Declared
to All
Claimants.
279 092
70.43
68.2
12-12-06
2 076 072
S1+.73
5— I6-3O
571 U73
10-13-31
Capital
Stock at
Date of
Failure.
(C)
Cash, Assets,
Uncollected Stock
Assessments, etc.
Returned to Share
holders* Agent.
$ 25 000
000
77.27
200 000
000
5I .39
U0.U3
100 000
000
650 892
98.12
98.8
100 000
OX
1 1 -10-33
205 386
77.99
63-7
50 O X
000
5— 22-29
833 250
26.39
8U.7I
90 000
000
6- 10-32
$
(*) - Cash returned to the shareholders directly by the receiver.
U
2/
- Receiver appointed to levy and collect stock assessment covering deficiency in value of assets sold,
or to complete unfinished liquidation.
- formerly in conservator shin.
INSOLVENT NATIONAL BANKS
DISPOSITION OF COLLECTION DOLLAR (INCLUDING OFFSETS ALLOWED) IN
CLOSED RECEIVERSHIP BANKS THE LIQUIDATION OF WHICH HAD BEEN COMPLETED
l,06l Receiverships Liquidated and Closed
period March 16, 1933 to May 31, 1938
TREASURY
O ffic e
of
th e
DEPARTMENT
C o m p tro lle r
MW _ _
of
th e
C u rre n cy
2,172 Receiverships Liquidated and
Closed April M , I865 to May 31, 1938
LIQUIDATION DATA
21
INSOLVENT NATIONAL BANKS
COMPLETELY LIQUIDATED AND FINALLY CLOSED
MONTH OF MAY 1938
DISPOSITION OF TOTAL LIABILITIES
DISPOSITION OF TOTAL COLLECTIONS
w jaaaiaarÄBÄ ««««HBfl
M aVaTaW
aIX
■ttmsEgggggggiSEK K
■ < Ta Ta TaVa W^WaVaW
aVaW
a Va Va fjh
|fil5JStieJSISfSIEI5IEISf£
■ r t g g g g g g iS ig f J Q M
■ f e g g g g g g 'a M
tggggggfll
A - Dividend Payments
B - Other Cash Payments
C - Offsets Allowed
$ 10,295,375
$ -4,133,523
$ 1,600,579
51.9?
20.8$
D - Unpaid Liabilities
$ 3.8U.772
$ 19,849,249
19.2$
TREASURY DEPARTMENT
Q( f i c e o f t he C o m p t r o l l e r
of t h e
8.1$
E
F
G
H
10,295,375
A, 133,523
17,156
1 >589,334
$ 16,04-0,388
64.2$
25.8%
.I t
9.9%
C u rre n cy
■
IMPORTS OF COMMODITIES FROM THE PHILIPPINES UNDER QUOTA
PROVISIONS OF PHILIPPINE INDEPENDENCE ACT AND CORDAGE ACT OF 1935
Preliminary Figures, as of May 28, 1938
Customs District
TOTAL IMPORTS
Per Cent of Quota
Hawaii
Los Angeles
Maryland
Massachusetts
New Orleans
New fork
Oregon
Philadelphia
Puerto Rico
San Francisco
Virginia
Washington
:
January 1 to May 28 . 1938
: May 1 to 28,
:
: REFINED
UNREFINED :
1938
: COCONUT OIL
:
SUGAR
SUGAR
::
cordage ;
:
(Pounds)
: (Pounds)
(Pounds) j
(Pounds)
137,509,393
30.7^
5,038
4,022,410
661,000
31,479,450
19,021,467
68,510,413
-'
4,839,720
22,399
8,275,148
-
672,348
37,797,243 962,411,494
33.8#
53.7^
99,345
1.7#
»
16,242
390,327
89,816,817
63,285,531
145,176,478
338,497,352
10,789,998
..
•
«
—
288,214,089
7,793
—
37,014,658
12,182,061
—
-
-
42,112
_
..
»
40,943
8,497
14,825,184
(Prepared by Division of Statistios and Research, Bureau of Customs)
m
The Commissioner o f Customs today announced prelim inaryfig u re s f o r im ports o f commodities earning in to th e U n ited S ta te s
from th e P h ilip p in e Is la n d s under th e quota p ro v is io n s o f th e
P h ilip p in e Independence A c t, during the p e rio d January 1 to
May 2 8 , 1938, and under the Cordage A ct o f 19 3 5 , d u rin g th e
p e rio d May 1 to 2 8 , 1938, also th e percentage th a t such im ports
bear to the t o t a ls allo w a b le under th e quota p ro v is io n s , as
fo llo w s :
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Wednesday, June 8, 1958.
6/8/38,
Press Service
No. 13-55
The Commissioner of Customs today announced preliminary figures for
imports of commodities coming into the United States from the Philippine
Islands under the quota provisions of the Philippine Independence Act, during
the period January 1 to May 28, 1938, and under the Cordage Act of 1935,
during the period May 1 to 28, 1938, also the percentage that such imports
tear to the totals allowable under the quota provisions, as follows:
Customs District
TOTAL IMPORTS
Per Cent of Quota
Hawaii
Los Angeles
Maryland
Massachusetts
New Orleans
New York
Oregon
Philadelphia
Puerto Rico
San Francisco
Virginia
Washington
:
J anuary 1 to May 28, 1938
•
'•
:UNREFINED
•
• REPINED
: COCONUT OIL:
: SUGAR
SUGAR
: (Pounds)
•
(Pounds) : (Pounds)
137,509,393
30*7$
5,038
4,022,410
661,000
31,479,450
19,021,467
68,510,413
..
4,839,720
22,399
8,275,148
—
672,348
37,797,243
33.8#
12,182,061
—
—
10,789,998
—
—
._
—
14,825,184
:
I
ï
:
May 1 to 28,
1938
CORDAGE
(Pounds)
962,411,494
53.7$
99,345
iM .
16,242
390,327
89,816,817
63,285,531
145,176,478
338,497,352
—
288,214,089
**
37,014,658
—
42,112
—
7,793
m40,943
8,497
—
TREASURY DEPARTMENT
Office of Coimnissione'r of Internal Revenue
Washington, D* C*
June 6, 1938
TO OFPICERS AND EMPLOYEES OP THE
BUREAU OP INTERNAL REVENUE:
With a view to the more expeditious settlement of contested tax
cases, a division of the Technical Staff will he established in the
Pacific Coast area effective July 1, for the purpose of finally clos
ing income- and estate- and gift-tax cases without reference to the
Bureau in Washington# „ The territorial jurisdiction of the division
will include the States of Washington, Oregon, California, Idaho,
Montana, Utah, Nevada, and Arisona, and the Territories of Alaska
and Hawaii«
Effective August 1
sions of the Staff will
jurisdiction of the New
and that of the Chicago
Indiana#
and September-1, respectively, similar divi
he established at New York and Chicago# The
-York Division will include the State of New York
Division the States of Wisconsin, Illinois, and
Broadly speaking, the field divisions of the Technical Staff will
exclusively represent the Commissioner in the determination of income-,
profits-, estate-, and gift— tax liability in all cases originating in
their respective areas in which the taxpayers have finally protested
the preliminary determination of the liability made by the revenue
agents in charge; and, jointly with representatives of the Chief
Counsel, they will have final responsibility for the disposition of
cases docketed before the Board of Tax Appeals#
If warranted by the results in the areas mentioned, additional
divisions of the Technical Staff will ultimately be established in
the remaining sections of the country#
It has been brought to my attention that many persons have re
ceived the impression that the program above outlined will result in
the transfer of employees from the Bureau to the field on a large
scale# Such is not the case# Under any plan of decentralizing the
settlement of cases involving contested tax liability, it will roE&in necessary for the Bureau in Washington, in the interest of se
curing substantial uniformity of action in the field, to conduct a
thorough post— review of all field settlements, whether inado by the
(over)
't
Under such a plan,
nbiM»n1i]fia.
the Bureau will continue its supervision and control of certain limited
types of cases. It will provide information and expert advice and serv
ice to the field, particularly in cases involving such questions as
valuation and exemption from liability. The bulk of the;personnel now
assigned to the Bureau in Washington will still be required here in ;the .
performance of these and other necessary functions*
„
“■■(Boeh m suA«1Dtajftf
*%ihe number of employees in the Bureau at the present time, exclusive
of those on the processing tax roll, is about 4,550. The best estimate
which can now- be made of the total number of employees whom it will be
necessary or advisable to transfer from .the Bureau to the field in; the
event of the .final complete decentralization of settlement work under
the plan above outlined, is approximately 650, falling .into categories .
roughly as .follows:
..* '
' t<
.
Technical advisors, conferees, engineers,^
. .-ry
Atto rnoy s•». *...
Clerks', stenographers, typists, and messengers.:. • 220
'About 40 per cent of the personnel here indicated will be required for
the Pacific,, Chicago, and Hew York Divisions mentioned above.
11
'In the selection of personnel of the several classes involved.for
transfer to the field, care will be taken to choose employees of good
records in the Bureau and with special qualifications for the duties
to be performed. In considering those qualified and available for
transfer, every possible consideration will be given to the pdrsonal
circumstances of each employee, with a view to minimizing, as far as
consistent with the establishment of an efficient field organization,,
any inconvenience or hardship which may be involved.
MVmaiW,
SOT
" J le c a u s e t h e y
home w i t h
of
th e
a c c o u n ta n ts ,
same c a l i b e r
ta x p a y e rs
have
d is p u te s
to
e n g in e e r s and
as 'were
re s p o n d e d
frnrmr—T i n c o n v e n ie n c e
th e
can d is c u s s
o th e r
a v a ila b le
in
c a s e s n e a re r
iw P s p e c ia lis ts
W a s h in g t o n ,
th e
r e a d ily
and e x p e n s e
C a p ita l,
th e ir
as
o f b r in g in g
was f o r m e r l y
th e
th e ir j —
ia
case.
"Moreover, there are already indications
of
a d e c lin e
in
t h e num ber o f
¿gji o f T a x A p p e a ls
o f th e
fro m
T e c h n ic a l S t a f f
cases
c a r r ie d
t h e a r e a w h e re
o ffic e r s
s a id
m e n t io n e d ,
”i f
w i l l u l t i m a t e l y be
th e
f i t * d iv is io n s
e s ta b lis h e d
in
in
r e s u lts
o f th e
th e
i f i th e
R evenue,
a re a s
r e m a in in g
s e c tio n s of
c o u n try *”
th a t
th e
d e v e lo p m e n t
any la r g e -s c a le
of o th e r
tra n s fe r
d iv is io n s
o u t , h o w e v e r,
w ill
o f e m p lo y e e s f r o m
not
r e s u lt
in
t h e B u re a u to
fie ld .
"Under
s e ttle m e n t
s a id ,
" it
any plan of decentralizing the
o f cases in v o lv in g
w ill
th e
in te r e s t
in
th e
fie ld ,
s e ttle m e n ts ,
R evenue
c o n te s te d
r e m a in n e c e s s a r y f o r
in
th e
a c ir c u la r
T e c h n ic a l S t a f f
T h e C o m m is s io n e r p o i n t e d
th e
d iv is io n
B u re a u o f I n t e r n a l
w a rra n te d b y th e
a d d itio n a l
B o a rd
has b ee n o p e r a t in g ,”
and e m p lo y e e s o f t h e
to d a y t h a t
th e
th e f i e l d
C o m m is s io n e r H e l v e r i n g ,
to
to
to
of
s e c u r in g
w h e th e r made b y th e
in
l i a b i l i t y , ” he
B u re a u i n
s u b s ta n tia l u n ifo r m ity
c o n d u c t a th o r o u g h
A g e n ts
th e
ta x
C h a rg e «
p o s t-r e v ie w
of
Washington,
of
a ll
action
f i© W
T e c h n i c a l S t a f f S& o r b y
F o r im m e d ia te
r e le a s e
S e c re ta x y
th a t,
upon th e
re c o m m e n d a tio n o f C o m m is s io n e r o f I n t e r n a l
R evenue H e lv e r in g ,
S ta ff
of
P a c ific
th e
th e
Los A n g e le s
l a t t e r ’ s o ffic e
Id a h o , M o n ta n a , U ta h ,
T e r r ito r ie s
o f A la s k a
d iv is io n
w i l l he
d i v i s i o n e n c o m p a s s in g t h e
C a lifo r n ia ,
th e
M o rg en t h a u a n n o u n c e d t o d a y
of
th e
T e c h n ic a l
e x te n d e d J u ly 1 to
S ta te s
o f W a s h in g t o n ,
a
Oregon
N e v a d a and A r i z o n a and
and H a w a i i .
On A u g u s t 1 a s i m i l a r T e c h M e a l S t a f f
d iv is io n
fo r
th e
ta x
lia b ilitie s
th e
S ta te
fin a l
a d m in is tr a tiv e
on in c o m e ,
p r o fits ,
e s t f e t e s and
o f New Y o r k w & l l b e e s t a b l i s h e d
And on S e p te m b e r
w i l l be
s e t up
r e p r e s e n ta tiv e
th e
S ta te s
wit hopb uiiu
of th e
of Illin o is ,
o p e r a tio n s M a rc h 1 , "
s e e k in g
to
s e t up i n
ulijifr as
W is c o n s in and
c o n t e s t th e
s e t t le m e n t
of
d iv is io n
e x c lu s iv e
in
In d ia n a .
d i v i s i o n began
M o r g e n th a u e x p l a i n e d ,
p o s itio n s
a s u r p r is in g ly
d is p u te s
in
New Y o r k C i t y .
such m a t t e r s
s h o r t o r d e r £ h a t h as r e s u l t e d
much q u i c k e r
th e
t h e Los A n g e le s
S e c re ta ry
R e v e n u e A g e n ts h a v e fo u n d
in
of
g ifts
1 a C h ic a g o
C o m m is s io n e r i n
" S in c e
p a y e rs
d e te r m in a tio n
o f C o lle c to r s
" ta x
and
c o m p le te m a c h in e r y
in
awimtea
t h a n was
f o r m e r l y possible
FROM:
MR. GASTON*S OFFICE
TO:
*. .
,
.... .
.....
1 / Commissioner Helve ring
2* Mr, Graves
For approval, please.
The Secretary would like to handle
this at his press conference
tomorrow morning.
TREASURY DEPARTMENT
Washington
3P0R IMMEDIATE RELEASE, '
Thursday, June ?, 1938.
Press Service
No# 13-56
Secretary Morgenthau announced today that, upon the recommendation of
Commissioner of Internal Revenue Helvering, the Los Angeles division of the
Technical Staff of the latter*s office will he extended July 1 to a Pacific
division encompassing the States of Washington, Oregon, California, Idaho,
Montana, Utah',"'Nevada and Arizona and the Territories of Alaska and Hawaii.
Xfn August 1 a similar Technical Staff division for the final adminis^ i r a t i v e determination of tax liabilities on income, profits, estates and
g i f t s in t h e S t a t e of New York will be established in New York City.
And on S ep tem b er 1 a Chicago division will be set up as t h e exclusive
representative of the Commissioner in such matters in the States of Illinois^'
/
Wisconsin and Indiana.
/’Since the Los Angeles division began operations March 1»n Secretary
Morg6ntb.au explained, ’’taxpayers seeking to contest the positions of Collector
/
/
.
/tpd Revenue Agents have found a surprisingly complete machinery set up m
short order that has resulted in much quicker settlement of disputes.than
was formerly possible.
’’Because they can discuss their causes nearer home with accountants,
engineers and other specialists of the same caliber as were available in
Washington, the taxpayers have responded readily to the elimination of the
inconvenience and expense of bringing their disputes to the Capital, as was
formerly the case.
’’Moreover, there are already indications of a decline in the number of •
cases carried to the Board of Tax Appeals from the area where the field
2 •*
division of the Technical Staff has been operating.H
Commissioner Helvering, in a circular to officers and employees of the
Bureau, of Internal Revenue, said today that "if warranted 07 the results in
the areas mentioned» additional divisions of the Technical Staff will ul—
timately be established in the remaining sections of the country."
The Commissioner pointed out, however, that the development of other
divisions will not result in any large-scale transfer of employees from the
Bureau to the field*
"Under any plan of decentralizing the settlement of cases involving
contested tax liability," he said, "it will rendn necessary for the Bureau
in Washington, in the interest of securing substantial uniformity of action
in the field, to conduct a thorough post-review of all field settlements,
whether made by the Technical Staff or by the Revenue Agents in Charge*
"Under such a plan, the Bureau will continue its supervision and control
of certain limited types of cases.
It will provide information and export
advice and service to the fi.old, particularly in casos involving suen questions
as valuation and exemption from liability.
The bulk of the personnel now
assigned to the Bureau in Washington will still be required here in the per—
fornance of. these and other necessary“functions.
"The number of employees, in the Bureau at the-present
of those on the processing tax roll, is about 4,550.
tim e,
exclusive
The best estimate which
can now be made of the total number of employees whom it will be necessary
or advisable to transfer from the Bureau to the field in the event of the
final complete decentralization of settlement work under the plan above out«»
lined, is approximately 650, falling into categories roughly as follows!
Technical advisors, conferees, engineers, auditors, and reviewers — 350,
attorneys — 80* olerks, stenographers, typists, and messengers — 220 *
■- '
■
.... -• 3 ~
About 40 per cent of the personnel here indicated will be required for the
Pacific» Chicago, and New York Divisions mentioned above.
»In the selection of personnel of the several classes involved for
transfer to the field, care will be taken to choose employees of good records
in the Bureau and with special qualifications for the duties to be performed*
In considering those qualified and available for transfer, every possible con*- ^
sido rat ion will be given to the personal circumstances of each employ-ear with
a view to minimizing, «as far as consistent with the establishment of an off*icient field organisation, any inconvenience or hardship which nay be involved*H
-o0o~—
ò
J
(five )— 'rnìemkSfilStìSECL^!,:
TEftpW
KJS*:
Dr. Ludvig Hektoen* of Chicago* intogBgrbjowai
as
Advisory
Cancer
w&x
is chairman
Council* "which was
Archives of Pathology
members
are
director of the National
authorized by the
edits
two scientific
thr
Dr* Hektoen
publications*
and the Journal of Infectious Diseases, Other
Dr* James Swing* of New York City;
Dr* Francis Carter Tfood,
of New York City; Dr* C*C* Little* of Bar Harbor, M e , ;
Chicago
Act,
of the National Research Council and— the Research 0aimi btanr1
JLmcrhcuu. 'M M irai1A g'3TrS"iuati<^* He
the
executive
D r - Arthur H. Compton* of
and Dr*- James 5* Conant* of Cambridge* Mass* /W^E3B35596efl8#BoSro
nrtTlnnry
The
construction and
for its operation,
l'ecoiws
fOB.s da§£ ,,iirii"
nn
. iiun.'i irr„. »mai
law provided for an appropriation of $750,000 for
OQAsA,
equipment of the Institute building and $700*000 annually
Al
fr K
X
,
1
^Ssrginning-with—the ^ ee^r-^nding—•
-~June—50y-4^.38*^)
jjp*AA^t
t>
J
ly'KvA.JXi
a.AaA
/ j
(four)-—
(No
pp )
*****
} J g £
usadr in cancerj^itudy work-
ojaeefters fo rajBto&.various ..animals ,,_***•*
» rats, cjjd?ckens, rabbits, monkeysrand dogs
Tri"IjHiui..— du’ifcy
the Public
Health
after
a
SSBl'fconnected with
distinguished
career in
medical science, said that the United States government is the first in the world
to establish a
research laboratory of the type of the Institute
In discussing
recent developments
Laboratory
^n which
^ *iv\
in research
he
referred to
experts of the Institute participated.
te******-Af^ULu*f,i
'jC*^1<C "i
m « hy
the incidence of
*aa« a reduced
will
facilities
made
permit#
Dr
by the Institute
however
to aid various
carrying out their
offered
be continued
emphasized
at the Institute
that
to
grants would be
semi-public and private
work
LIxetL phe highest cooperation would be
in promotion of tlawma activities
,
.
research institutions
M é '^ é A
where
mm
cancer
Bight
studies
#90 ,000
has been granted to
are
fellowships so
far have been authorized
have been designated for instruction
diagnosis and
treatment of thè disease. All will be in training
in
t
4Unf\
.m
.
.Jr
*'
Æ
..a.
W
A jS S& "
(three )—
M
The Public Health Service has 170,773
of
cxyuc.
treatment, w^uld
hospitalized
Y
Thomas
0f
Parran
45 —
suffer
estimated
the so-called
that
cancer
beneficiaries
who, when in need
Marine
ine IliayiirfiiW>Jrt8f»w~Sur ge on General
in
37,263'of the beneficiaries
age—
and that /4,140
are past the age
\sooner or later
from the disease.
Baltimore
4riiu_jùJLuMsÈy»,,
A
medical care for cancer«» patients
gO
S $ kt
treatment to
K
Hjlil i i Hi— t1 FTr rii» r * W and to other physicians
who may
_
H
demonstrate,- the better methods of
opportunity for study and observation,^ "^hia ""i'liiuu#
take advantage of the
^ fi,1 WWtnff 4**
^
m
Patients will NOT be
i ,
*
at
the
v
strictly eno -erf
be
into the causes, diagnosis
gè?#**
Of % oion ial
of the
treated
AA
adjacent
and
*>
Tesearch and experimentation
treatment of the disease. fT
construction,t«0
conform
to
$ P€tJ -tr*
c*
a
t-v
the type of^xarch itectu re
Health, the Ingrcitutà will
National
/Vi
be
t of Bethesda\Maryland, on^a
located a mile
tract donated
The latbv Mr . Jjflson donated
by Mrs.
Luke
WiMLsoij;
for the
Institute of Health, a^pe^rbiOJTHaf which
A
tVe land
traneferr odH^HThe^
n.
j-'oi']rw=>r^Tnrj-kn•Vih|
4tij having been accepted by the* Çbvernmei t under authorization
A
of Oppress.
The'3nstitute
two basements,
twcr
building, under present planj>will be of brick,
floors
and an
attic*
In the basements will be installed.
oJ
X-rays, high
&ito ô i
and other appratus
for research work*
A
td k
floor will be found the' liuifewli
ffidr !s headquarters,
an er.hi^ati^
Cv-*\cL ^ n e ^ ;
conference rooms- Jtafetar flooi^kill
the various 6*4**
(
?
4
facilities for tissue culture work
laboratories,
A
frequency
and pathological studies*
(more) -o-
(two)---■
Because of -the présent
of
Health, Dr*
will not
Voegtlin
cramped
quarters
expansion of the amUK. cancer
said that wide
attempted b^MsisHL Tnil'hfi«Iim11■
be
in the National Institute
until the new
campaign
structure is ready for
occupancy, although the Institute is continuing to allot funds to private
research
,
and
centers, grant
v ,
to
fellowships to competent experts for cancer studies
,.
instruction
for a
treatment of
the
diagnosis
and
selected
is the
establishment of a
Hospital
at
cancer
development in the
center
Guard, ISSÊSBBe1
»' ^ d
certain others.
its first patients sometime
likewise will be
'
center
and other
Baltimore
t
y
u
p, ”
center. Powerful
(more) -0-
#30,000.
or those
100
beds
not hospitalized,
About one gram of
radium will]
X-ray apparatus, high voltage
equipment will be installed, the
Baltimore to approximate
ready for
in the autumn, there being
treated^by Institute specialists.
allocated to the
machines
Other
?A
0
f
that the Baltimore
available for this service.
This center will not be
anmjallCyN^en n o n - S e h < i c > i ^ \ ^ m
X-T-- ■
.
’
M ^^ie ^ J^ pitaJr^ yshem ^ m ii^ ba.,..^ ' trea te .d ^ ^ ^
T^sggsmms
Institute. It will care for
,>^£ncluding members of the perchant
open to the general public# (
y -\ .
It Tih&expected
anti-cancer campaign
at the United States Marine
Baltimore, under jurisdiction of the
beneficiaries of the
farine, Coast
nixuooir_
disease.
The most immediate specific
be
À)
group of rtradneee in
A
.
arrange
total
outlay
at
Construction plans for the National
be located
in
near the Nation *s
by thef Treasury Depar tmeni\Procurement
p n -H -_ T -n Q
-K h a ■■^■^..xg.ia3tfj|r|V fl^y |.4 --î..^
construction
bids
building to
OuU? (yJLM^C
Capital, nvr? Ttimi
dr* be m
'«w.r
Division^
ionJrib^fyj 1 iüjakin
^ 'T fT l t * n p t ? d ~~~ 1.1I_11'fü^‘T !? !8'
Officials of the Procurement
that plans for the new
Cancer Institute
Colonial
in-OotoJ
Division and the Institute
typè structure 'iMufS: be
anticipate^
in form for asking
--onJtogambe r « A little over a year will be
I
..
f ox*" preliminary-««ad «eïïo'fcrnubien,
w o f *1s
required
(
be for e the building is
ready for
occupancy.
Dr. Carl Voegtlin, chief of the Institute,
campaign, embracing
of
cancer, as
approved
exhaustive
authorized
said
that the
studies into the cause, diagnosis and treatment
by the National Cancer Institute
by President Roosevelt August
act
5, 1937, iïÊiuElf^be in progress
within
eighteen months •
For many years, under the direction of the Public Health Service,
universities and private
moving SSBSSS&
centers, the
steadily. Long forward
Public health officials
cancer
research
.
activities
fe$£ that
steps
war
have
against
cancer
has been
been made, but
with the concentration of many of the anti"
O)
in the Institute there -wag- real hope of
scoui^ge ^ p ^ T w h i c h more than 600,000
persons
in this country alone* The Institute will be
control of a
are believed to be suffering
a clearing house for the
distribution of information relative to cancer, compiled by private agencies,
as
well
as a
center for
(more) -o-
the conduct of its own ,scientific
A
research.
The law provided for an appropriation of $750,000 for
construction and equipment of the Institute building and
authorized an appropriation of $700,000 annually for its
operation.
However, only $4-00,000 was appropriated for each
of the first two years.
This type o f research and study will be continued
at the Institute when facilities permit. Dr. Voegtlin,
W/ll cow *u t io
however, emphasized that grants weuld be made by the
Institute to aid various semi-public and private research
centers in carrying out their work.
The highest cooperation
is offered in promotion of such activities.
Institute officials said that $90,000 has thus far
been granted to research institutions where cancer studies
are in progress.
Tiiuu uft
¿ight
fellowships so far have been authorized for research.
Seventeen
trainees have been designated for instruction in diagnosis
and treatment of the disease.
All will be in training by
September 1.
Personnel heretofore announced by Surgeon General
Parrn for the Institute staff includes:
Dr. Ludvig Hektoen,
of Chicago, as executive director of the National Advisory
Cancer Council, which was authorized by the Act.
was chairman of the National Research Council.
Dr. Hektoen
He edits two
scientific publications, the Archives of Pathology and the
Journal of Infectious Diseases.
Other members are Dr. James
Ewing, of New York City; Dr. Francis Carter Wood, of New York
City| Dr. C. C. Little, of Bar Harbor, Me.; Dr. Arthur H.
Compton, of Chicago and Dr. James B. Conant, of Cambridge,
Mass.
the Institute and the Cancer Clinic.
The Cancer Institute building, under present plans
will be of brick, with two basements, three floors and an
attic.
In the basements will be installed X-rays, high
frequency and other apparatus for research work.
On the
first floor will be found the headquarters, an educational,
exhibit, conference rooms and genetic laboratories.
The
next two floors will house the various chemical and bio
chemical laboratories, facilities for tissue culture work
and pathological studies.
Dr. Voegtlin connected with the Public Health
Service since 1913» after a distinguished career in medical
science, said that the United States Government is the first
in the world to establish a research laboratory of the type
of the Institute.
In discussing recent developments in research he
referred to the production of brain cancers in mice by the
introduction into the brain of a minute amount of a pure
chemical substance5 to the slowing up of cancerous growth
in mice by feeding of certain deficient dietsj and to
collaborative work of the Roscoe Jackson Memorial Laboratory
at Bar Harbor, Me., and the National Cancer Institute, which
shows that the incidence of spontaneous breast cancer in
certain breeds of mice can be greatly lowered by allowing
the young mice of this strain to be nursed by mothers of a
breed which normally#has a low incidence of breast cancer.
from the Bethesda la b o ra to ry s i t e .
P a tie n ts from a l l o th er
marine h o s p ita ls w ill be tr a n s fe rre d th ere in the F a l l ,
where they w i l l have the advantage of a s p e c ia l s t a f f and
the b e st o f modem equipment.
One gram o f radium w ill be a llo c a te d to the B a l t i
more c e n te r .
High frequency machines, X -ra y apparatus and
o th er s p e c ia l equipment f o r can cer treatm en t i s now being
in s ta lle d .
A 100-bed wing i s being prepared f o r the can cer
clin ic•
Only merchant seamen, co ast-g u ard personnel and
a few oth er sim ila r groups a re tr e a te d a t the Marine h o s p ita ls .
The Public H ealth S e rv ice has 1 7 0 ,7 7 3 b e n e fic ia r ie s who, when
in need o f tre a tm e n t, a re h o sp ita liz e d in Marine h o s p ita ls .
Surgeon General Thomas Parran estim ated th a t 3 7 ,2 6 3 of the
b e n e fic ia r ie s a re p a st the age o f 4-5— the s o -c a lle d can cer
age— and th a t sooner or l a t e r U, 1 4 0 w ill s u f f e r from the
d is e a s e •
The Baltim ore h o s p ita l, th e (P . H. Sy w ill seek to
improve m edical ca re f o r can cer p a t ie n ts .
I t w ill demonstrate
the b e tte r methods of treatm en t to i t s own m edical o f f i c e r s
and to oth er p h ysicians who may take advantage o f the
opportunity f o r study and o b serv atio n .
P a tie n ts w i l l j
in Bethesda.
be tr e a te d a t the Cancer I n s t i t u te
Work th ere w ill be s t r i c t l y re se a rch and
experim entation in to the ca u se s, d iagnosis and treatm en t o f
the d is e a s e .
But th ere w ill be clo se co lla b o ra tio n between
Construction plans for the building of the National
Cancer Institute are being expedited by the Treasury Depart
ment.
Procurement Division and Institute Officials expect
that bids will be asked on the new Colonial type structure
in August.
Within little more than a year the building
should, they say, be ready for occupancy.
On the
jiven a year ago by
Mr. and Mrs. Luke I. Wilson, the Cancer Institute will under
take a wide development of research activities, heretofore
made impossible because of the cramped quarters of the National
Institute of Health.
Meanwhile the program of cancer research is being
,
vV
i t
developed along other fronts.
For years, said Dr. Carl
ji
Voegtlin, research director
the National Cancer Institute,
/
has cooperated on a small scale with universities and private
research centers.
That work has been accelerated with
made available under the National Cancer Institute Act on
August 5, 1937.
Funds have been allotted to private research
centers, fellowships have been granted to competent experts,
and instruction undertaken for selected groups of physicians
into the modern diagnosis and treatment of the disease.
Meanwhile the Service has moved to systematize its
clinical work in the cancer field by creating a cancer treat
ment .center at the Baltimore Marine Hospital, forty miles
TREASURY -DEPARTMENT
Washington
POR RELEASE, MORNING NEWSPAPERS
Sunday, June 12, 1938.
Press Service
No. 13-57
Construction plans for the ‘building of the National Cancer Institute
are being expedited by the Treasury Department*
Procurement Division and
Institute officials expect that bids will be asked on the now Colonial type
structure in August.
Within little more than a year the building should,
they say, be ready for occupancy.
On the site in Bethesda, Maryland, given a year ago by Mr. and Mrs#
Luke I. Wilson, the Cancer Institute will undertake a wide development of
research activities, heretofore made impossible because of the cramped quar
ters of the National Institute of Health.
Meanwhile the program of cancer research is being developed along
other fronts.
"For years," said Dr. Carl Voegtlin, research director, "the
National Cancer Institute, has cooperated on a small scale with universities
and private research centers.
That work has been accelerated with funds made
available under the National Cancer Institute Act on August 5, 1937« Funds
have been allotted to private research centers, fellowships have been granted
to competent experts, and instruction undertaken for selected groups of
physicians into the modern diagnosis and treatment of the disease.
Meanwhile the Service has moved to systematize its clinical work in
the cancer field by creating a cancer treatment center at the Baltimore Marine
Hospital, forty miles from the Bethesda laboratory site.
Patients from all
other marine hospitals will be transferred there in the Fall, where they will
have the advantage of a special staff and the best of modern equipment.
~
2
-
One gran of radium will be allocated to the Baltimore center.
High
frequency machines, X-ray apparatus and other special equipment for cancer
treatment is now being installed.
A 100-bed wing is being prepared for the
cancer clinic.
Only merchant seamen, coast-guard personnel and a few other similar
groups are treated at the Marine hospitals.
The Public Health Service has
170,773 beneficiaries who, when in need of treatment, are
Marine hospitals.
hospitalized in
Surgeon General Thomas Parran estimated that 37,263 of
the beneficiaries are past the age of 45 —
the so-called cancer age —
and
that sooner or later 4,140 will suffer from the disease.
The Baltimore hospital, the Public Health Service will seek to improve
medical care for cancer patients.
\ -
It will demonstrate the better methods of
treatment to its own medical officers and to other physicians who may take
advantage of the opportunity for study and observation.
Patients will not be treated at the Cancer Institute in Bethesda. Work
there will be strictly research and experimentation into the causes, diagnosis
and treatment of the disease.
But there will be close collaboration between
the Institute and the Cancer Clinic.
The Cancer Institute building, under present plans, will be of brick,
with two basements, three floors and an attic.
In the basements will be installed
X-rays, high frequency and other apparatus for research work.
On the first floor
will be found the headquarters, an educational exhibit, conference rooms and
genetic laboratories.
The next two floors will house the various chemical and
biochemical laboratories, facilities for tissue culture work and pathological
studies.
3
Dr* Yoegtlin connected with the Public Health Service since 1913»
after a distinguished career in nodical science, said that the United States
Government is the first in the world to establish a research laboratory of
the type of the Instituteé
In discussing recent developments in research he referred to the pro
duction of brain cancers in nice by the introduction into the brain of a
ninute amount of a pure chemical substance;
to the slowing up of cancerous
growth in nice by feeding of certain deficient diets;
and to collaborative
work of the Roscoe Jackson Memorial Laboratory at Bar Harbor, Maine, and the
National Cancer Institute, which shows that the incidence of spontaneous
breast cancer in certain breeds of mice can be greatly lowered by allowing
the young mice of this strain to be nursed by mothers of a breed which normally
has a low incidence of breast cancer*
This type of research and study will be continued at the Institute when
facilities permit*
Dr. Voegtlin, however, emphasized that grants will continue
to be made by the Institute to aid various semi-public and private research
centers in carrying out their work.
The highest cooperation is offered in
promotion of such activities.Institute officials said that $90,000 has thus far been granted to re
search institutions where cancer studies are in progress,
so far have been authorized for research*
nate^ fog
light fellowships
Seventeen trainees have been desig
instruction in diagnosis and treatment of the disease.
All will bo
in training by September 1*>
Personnel heretofore announced by Surgeon General Parran for the Insti
tute staff includes?
Dr, Ludvig Hektoen, of Chicago, as executive director of
the National Advisory Cancer Council, which was authorized by the Act#
Dr#
M
Hektoen was chairman of the national. Research Council.
He edits two scientific
publications, the Archives of Pathology and the Journal of Infectious Diseases*
Other members are Dr. James.Ewing, of Hew York City;
of Hew York City;
Dr. ;Francis Carter Wood#
Dr. C. C. Little, of Bar Harbor, Maine; Dr. Arthur H. Compton,
of Chicago and Dr. James B. Conant, of Cambridge, Massachusetts.
The law provided for an appropriation of $750,000 for construction and
equipment of the Institute building and authorized an appropriation of $700,000
annually for its operation.
However, only $400,000 was appropriated for each
of the first two years.
■oOo—
IMPORTS OF DOUGLAS F IR AND WESTERN HEMLOCK UNDER THE QUOTA PROVISIONS
OF THE CANADIAN TRADE AGREEMENT
D arin g th e P e rio d January 1 to May 2 8 , 1938
(P re lim in a ry F ig u re s )
Customs D is t r ic t
TOTAL IMPORTS
P e r Cent o f Quota
: Sawed Tim ber and Lumber
: DOUGLAS
: WESTERN
:
F IR
: HEMLOCK
: (B d .F t.)
: (B d .F t.)
4 5 ,1 5 3 ,1 9 8
1 0 ,0 9 3 ,1 2 8
Not S p e c ia lly P rovided Forj
TOTAL FIR
: MIXED FIR
& HEMLOCK
: & HEMLOCK
(B d. F t .)
: (B d. F t . )
1 3 ,8 6 9 ,1 0 1
69,115 ,4 27
27.6#
FROM CANADA
A laska
B u ffa lo
C onnecticut
Dakota
D u lu th & S u p e rio r
Los Angeles
M aine A N . H.
M assachusetts
M ichigan
Montana & Idaho
New York
P h ila d e lp h ia
S t . Lawrence
Vermont
Washington
484 ,07 0
897,537
3 ,3 2 0 ,7 3 6
8 ,7 8 5 ,4 9 3
4 ,9 5 9 ,5 1 3
1 0 ,8 7 0 ,9 3 0
1 9,848
4 ,2 1 7 ,0 2 4
16,866
3 ,4 8 2
1 3 ,2 4 4
6 ,5 2 4 ,3 5 1
3 5,112
181 ,61 5
4 ,8 2 3 ,3 7 7
•
483 ,32 3
38,059
592,150
2 ,2 6 0 ,0 5 3
346,949
«
5 ,0 1 4 ,6 1 2
6 0 ,185
-
1 ,1 7 7 ,9 2 2
119 ,87 5
«
-
5 8 ,525
-
13,810,576
mm
mm
484,070
1,3 8 0 ,8 6 0
3 ,3 5 8 ,7 9 5
9,3 7 7 ,6 4 3
7 ,2 1 9 ,6 6 6
11,2 7 6 ,4 0 4
19,848
9 ,231,63 6
77,051
3,482
13,823 ,8 20
7 ,7 0 2 ,2 7 3
35,112
181,615
4 ,9 4 3 ,2 5 2
(P repared by D iv is io n o f S t a t is tic s and R esearch, Bureau o f Customs)
The Commissioner o f Customs today announced p re lim in a ry
fig u re s f o r im ports o f Douglas f i r and W estern hem lock, under
th e quota p ro v is io n s o f th e Canadian Trade Agreem ent, d u rin g th e
p e rio d January 1 to May 2 8 , 193 8, and th e percentage th a t such
im ports b ear to th e t o t a l a llo w a b le under th e q u o ta, as fo llo w s :
TREASURY DEPARTMENT
Washington
m RELEASE, MORNING NEWSPAPERS,
Thursday, J~une 9, 1938«
6/8/38.
Press Service
No. 13-58
The Commissioner of Customs today announced preliminary figures for imports
of Douglas fir and Western hemlock, under the quota provisions of the Canadian
¡Trade Agreement, during the period January 1 to May 28, 1938, and the percentage
that such imports hear to the total allowable under the quota, as follows:
Customs District
TOTAL IMPORTS
Por Cent of Cfcuota
:Sawed Timber and Lumber
: DOUGLAS
! WESTERN
ï
FIR
: HEMLOCK
S (Bd.Ft.) ! (Bd.Ft.)
45,153,198
Not Specially
: MIXED FIR
: & HEMLOCK
: (Bd. Ft.)
10,093,128
13,869,101
483,323
38,059
592,150
2,260,053
346,949
M.
Provided For?
: TOTAL FIR
: & HEMLOCK
ï (Bd. Ft.)
69,115,427
27.6$
PROM CANADA
Alaska
Buffalo
Connecticut
Dakota
Duluth & Superior
Los Angeles
Maine & N. H*
Massachusetts
Michigan
Montana & Idaho
Now York
Philadelphia
St. Lawrence
Vermont
Washington
484,070
897,537
3,320,736
8,785,493
4,959,513
10,870,930
19,848
4,217,024
16,866
3,482
13,244
6,524,351
35,112
181,615
4,823,377
«Hi
M
5,014,612
60,185
«
m
*
58,525
«N*
•*
—
«to
—
13,810,576
1,177,922
Ü
119,875
«
484,070
1,380,860
3,358,795
9,377,643
7,219,566
11,276,404
19,848
9,231,636
77,051
3,482
13,823,820
7,702,273
35,112
181,615
4,943,252
' 3 s'
IMPORTS 0? DISTILLED LiaUORS
:
April
*
1938
AND
:
...»
WINES AND DUTIES COLLECTED THEREON
March
:
April
:
1 st 1 0 months,
1938
*
1937
:
1938
:
f j T]
l?fl
DISTILLED LIGUORS (Proof G a llo n s } ?
j
Stock in Customs Bonded Ware«
houses at beginning
Total Imports (Free and Dutiable)
Available for Consumption
Entered into Consumption (a)
i
-GurttmwIJQsiody
Stock in Customs Bonded Warehouses
at end
3*771*782
4,010,835
732*355
4 ,5 0 4 , 1 3 7
7 5 8 ,8 0 0
3,966,797
3 ,8 6 3 ,8 3 9
3s 706,83
13*867,5«
4,769,635
989,762
1,033,547
5,000,344
1,244,152
1,184
12,324,227
3 ,6 1 6 , 0 8 6
3,771,782
1,405,876
193,144
1 ,4 1 3 , 8 7 3
2 4 9 ,9 8 3
1 *6 6 3 ,8 5 6
1*455*535
255,998
2 5 2 ,2 3 2
8 7 1,5 9 5
16 ,4 5 6
1 6 ,18 8 ,0 6 6
17*574,42
12,489,901
1 3*733#12|
3,755,008
3 ,6 1 6 , 0 8 6
3*755*0®
1 , 1 8 9 ,6 8 9
2 6 5 ,8 4 6
1 , 2 9 8 ,3 0 4
2 ,7 3 8 ,8 9 0
4 ,0 3 7 , 1 9 4
2 ,6 5 4 , 8 0 1
STILL WINES (Liquid Gallons):
Stook in Customs Bonded Ware«
houses at beginning
Total Imports (Free and Dutiable)
Available for Consumption
Entered into Consumption (a)
from Customs CustodT-““""—
Stock in Customs Bonded Warehouses
at end
1,599*020'
2 2 3,5 7 7
_. --->^vl-^-6-29
148.
—
7>49&
1*633*57
, 5 4 4 ,6 4
2
4,178,22
2*970*24
6,Jll
1*374,895
1 ,4 0 5 ,8 7 6
1 ,2 0 1 , 6 7 4
1,374,895
1 ,201,67
299*087
2 2 ,9 6 3
322,050
278,879
18 7 ,18 8
2 0 6 ,1 7 8
220,74
39*423
318 ,30 2
18 ,8 50
38,907
226,095
589*659
795*837
47?,3M
700,055
491*513
■
433,582
SPARKLING WINES (Liquid Gallons):
Stock in Customs Bonded Ware»
houses at beginning
Total Imports (Free and Dutiable)
Available for Consumption
Entered into Consumption (a)
\Exp ort-e
^CtrBtody
Stock in Customs Bonded Warehouses
at end
18,802
~~~~~~.
479 .
....
26 ,437
R
302,769
299,447
19 9 ,6 3 4
3 0 2 ,7 6 9
133,634
$2 ,1 6 3 , 2 5 2
$2,433,962
$3*057,891
2 2 2,56 5
2 2 6 ,0 6 2
$39,755*382
2 ,3 5 0 , 4 2 1
$3 3 ,813*405
196,841
55,593
54,588
79,149
1 ,469 ,09 4
1 ,499,946
$ 2 ,4 1 5 , 6 8 6
$2,711,115
$3*363,102
$34,574,897
$37,970i070
$ 2 4 ,429*963
$26,306,692
10*396
280,326.320
$46,252,163 $314,901,217
360.419^
$398 ,383,361
DUTIES COLLECTED ON:
Distilled Liquors
Still Wines
Sparkling Wines
Total Duties Coll eat ad an Llquoi»»
2,656,713
T Total DWTe's Col 1 eoted on Other
Commodities
42.889.061
l Total Duties Colleoted
Percent Colleoted on Liquors
9*9#
7*3$
1----------------- --- -----------------,|(a) - Ineluding withdrawals for ship supplle s and diplomatic uss ♦ -■ -
^ ( P r e p a r e d by Division of Statistics and Research,
11#
9*5$
Sta
OFFICE OF THE COMMISSIONER OF CUSTOMS
JUN
81938
TO MR. GASTON
FROM THE COMMISSIONER OF CUSTOMS:
There is transmitted herewith a statement showing im
ports of distilled liquors and wines, and duties collected
thereon, covering the month of(April, 1938, with comparative
figures for the months of April,1937, and March, 1938, and the
first ten months of the fiscal years 1937 and 1938,^ which may
he suitable for press release.
Inclosure No. 17512
TREASURY DEPARTMENT
Washington
,
for r e l e a s e , MORNING NEWSPAPERS,
Friday» June 10» 1938,________
6/9/36A
Press Service
No. 13-59
Commissioner of Customs James H. Moyle today issued the following statement
showing imports of distilled liquors and wines and duties collected thereon, cover
ing the month of April, 1938, with comparative figures for the months of April,1937,
U
April
1938
[distilled l i q u o r s
|(Proof Gallons)
[Stock in Customs
I Bonded Warehouses
| at beginning ....
[Total Imports (Free
and Dutiable)....
Available for Con
sumption ........
Entered into Con
sumption (a) ....
Stock in Custpms
Bonded Warehouses
at end «••.....«»
STILL WINES
(Liquid Gallons)
Stock in Customs.
Bonded Tiarehouses
at beginning
Total Imports (Free
and Dutiable) •••
Available for Con
sumption «•.... .
Entered into Con
sumption (a) ....
Stock in Customs
Bonded Warehouses
at end
SPARKLING WINES
(Liquid Gallons)
Stock in Customs
Bonded Warehouses
at beginning ••••
®otal Imports (Free
and Dutiable) .....
Available for Con
sumption ••••...•
Entered into Con
sumption (a) ....
Stock in Customs
Bonded Warehouses
_at end ..........
DUTIES COLLECTED ON:
Uistilled Liquors
Still Wines
^«parkling Wines
^ulal Duties ColJL^cted on Liquors
March
1938
April
1937
w)
JL«/U 1
CUiU
1st 10 months F.Y.
1938
1937
3,771,782
4,010,835
3,966,797
3,863,839
3,706,839
732,355
758,800
1,033,547
12,324,227
13,867,589
4,504,137
4,769,635
5,000,344
16,188,066
17,574,428
871,595
989,762
1,244,152
12,489,901
13,733,123
3,616,086
3,771,782
3,755,008
3,616,086
3,755,008
1,405,876
1,413,873
1,189,689
1,298,304
1,633,579
193,144
249,983
265,846
2,738,890
2,544,647
1,599,020
1,663,856
1,455,535
4,037,194
4,178,226
223,577
255,998
252,232
2,654,801
2,970,241
1,374,895
1,405,876
1,201,674
1,374,895
1,201,674
299,087
278,879
187,188
206,178
220,745
22,963
39,423
38,907
589,659
479,314
322,050
318,302
226,095
795,837
700,059
18,802
18,850
26,437
491,513
499,982
302,769
299,447
199,634
302,769
199,634
$2,163,252
196,841
55,593
$2,433,962
222,565
54,588
$3,057,891
226,062
79,149
$30,755,382
2,350,421
1,469,094
$33,813,405
2,656,719
1,499,946
$2,415,686
$2,711,115
$3,363,102 $34,574,897
ship supplies and diplomatic use.
$37,970,070
TREASURY DEPARTMENT
Washington
FOR RELEASE TO AFTERNOON PAPERS
Friday, June 10, 1938,
BUT NOT BEFOIffi DELIVERY
SPEECH SCHEDULED'FOR MORNING- SESSION.
PRESS SERVICE
No . 13-60
BANK MANAGEMENT
Speech of the Honorable Marshall R. Diggs, Acting Comptroller
of the Currency, "before the District of Columbia Bankers Associa
tion, at Hot Springs, Virginia, Friday, June 10, 1938.
Your president has asked me to talk on bank management.
I presume
meant
good bank management, but inasmuch as we have both good and bad, suppose we dis
cuss them both.
Your banks in the District of Columbia are all supervised, as
you know, by the office of the Comptroller of the Currency.
This is the only
Association in the country in which all its banking members are supervised by
our office.
Consequently, I feel a special interest in you and your problems
and am most happy to discuss with you the subject chosen.
Let me say that the history of banking in the United States over the past
hundred years reflects all too clearly the sad fact that many of our troubles
had their beginning in weak and unwise management.
Recognition on the part of
Congress of bad banking conditions was the direct cause of the establishment of
the National Banking System in 1863.
Prior to this, the nation did not even have
a stable currency, and there was no coordination and no regulation of banking.
The new system did succeed in entirely stabilizing the currency, but sad to
relate, it did not correct all of the old troubles which existed.
Let us deal with some of the vexing problems which have continued to exist
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2
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over the years and with a few of the causes for their existence»
We know, of
course, that hanks are human institutions manned hy human beings and,
as such,
subject to error . We also know that hanking is a complicated business, in fact
a business all its own, one that demands experience, intelligence, and high prin
ciple if it is to succeed.
It is at this point that I make the admission that
probably much of the blame for the conditions of poor hanking in America can he
laid directly at the doorstep of the supervising authorities.
For many years we
have seen the hanking structure grow, because of the issuance of too many char
ters, to that place where some seventeen years ago, the saturation point was
reached.
Many of these hanks were manned hy individuals who had not the slightest
knowledge of banking.
Even when the saturation point was reached, neither the
authorities nor the people themselves seemed to realize the condition that existed.
This is evidenced hy the fact that in the face of numerous failures, new charters
continued to he issued.
I say again that overbahking in this country was largely responsible for the
troubles of the hanks.
Since 1921 failures of hanks came with increasing frequency.
reached an all-time peak in the depression years.
These failures
Adverse business conditions
were, therefore, responsible for the weeding out of many unneeded hanks.
We can
&11 agree that the climax came with the Banking Holiday of March, 1933, when the
weeding-out process was finally taken over hy hanking authorities.
With this
elimination, went practically all the remaining unneeded hanks, and much poor
^amk management; and with it, for the first time, came a long delayed tightening
UP on the issuance of new charters.
- 3 -
Let me analyze for you the national bank failures since the establishment
%
of the system in 1863.
subject.
We must do this in order to get the broadest view of our
2,968 national banks have failed.
In our analysis we show a total of
4,452 actual causes for these failures.
Financial depressions......................... 1 523
Incompetent management .......... ............... 1 409
Depreciation in securities....................
489
Runs on banks.................................
385
Defalcations of officers and employees........
273
Excessive loans to officers and
directors or others for their benefit........
128
Excessive investment in bank buildings........
Miscellaneous causes...........................
86
169
In many instances a bank failure was attributable to a variety of causes,
any one of which was sufficient to produce insolvency.
ment considerably.
We can brief this state
Conceding that in some cases even excellent management found
itself unable to cope with severe business depressions, we could go back and take
all the rest of the reasons and group them under one heading, "weak and unwise
management” .
In other words, here are 2,939 causes for national bank failures
during the past seventy-five years which cannot be lightly explained away.
I
believe that it could be shown conclusively that two-thirds or more of all the
national bank failures have come about either directly or indirectly by poor
management.
This belief is strengthened when we realize that there were many banks which
remained solvent in territories where failures were most prolific, and where it
- 4 -
can be clearly shown that such hanks were under the management of capable and
experienced men.
Under the strongest pressure of competition, and in the face of
adverse business conditions, these qualified men have been able to loan and invest
their banks1 funds without incurring disastrous losses.
Going even further, we can cite the 1,417 national banks which were not
allowed to reopen after the banking holiday.
Oh, yes, even though more than 1,100
of these conservatorship banks were finally allowed to reopen, we have an analysis
as to cause for them, too.
In the 1,417 banks here is what our analysis shows!
In conservatorship because
of economic conditions..........642
In conservatorship because
of weak management..............570
In conservatorship because
of mismanagement............... 205
And let me say that in the classification "weak management" we dealt with manage
ment whose integrity was not subject to question, but where the ability was
mediocre . In the classification "mismanagement" we have dealt with banks whose
condition was directly or indirectly attributable to actions including negligence,
gross negligence, and criminal violations.
So it is something for bankers to
remember that in greater part, experience, intelligence, and a proper degree of
conscience would have obviated many of the ills that have befallen banking in the
past.
Poor management which existed and which brought about so many failures is
evidenced by excessive loans, unlawful investments in stocks, unlawful real estate
loans, failure to hold directors* meetings, failure to charge off bad debts, and a
variety of other causes too numerous to mention.
These are poor banking methods
which did exist and to which no good banker either in the past or today would
su b scrib e.
- 5 -
Many changes have come to banking in the past five years . Today it is not
possible to operate a bank successfully along unscientific lines . Bankers today
have to worry about problems that never confronted them in the old days.
They
lie awake at night worrying about the relationship of money to our financial
and economic troubles, about bank credit inflation, bank reserves, bank deposit
expansion, branch banking, unit banking, chain banking, bank holding companies,
interest rates, investments, the flow of gold in and out of the country, and a
host of unanswered questions with which they are faced.
I
realize, of course, that it is the banker's responsibility today to give
thought to the many problems confronting the nation.
I do believe, however, that
there are times when you are inclined to get away from the very fundamentals of
hanking.
You should not forget that primarily your bank is a depository and a
lending agency.
There are bankers who have forgotten one of their primary func
tions, which is that of lending.
They are keeping their funds too largely in
cash or invested in securities, and as a consequence heavy borrowers are being
forced to the various Governmental agencies and the small borrowers hunt out the
loan shark.
Such shortsighted action on the part of bankers may produce further
agency competition which would be an even graver problem.
Please remember this:
If you will faithfully and courageously discharge the functions for which your
institution was originally chartered, then you will have made a tremendous contri
bution toward a well-run nation.
How and again we hear complaints that the
opportunities for service on the part of bankers have dwindled from one cause or
another.
I do not altogether agree with this.
However, I do feel these oppor
tunities for service have changed.
People occasionally refer, with moisture in their eyes, to the "good old days
-
6
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[as if they wanted to return to them, and as if we really could.
[going "back.
Time moves on with you or without you.
There is no
Furthermore, I doubt seriously
whether any present-day banker would ever want to go back to the days when second
mortgages looked like good collateral, or the days when some financial wizard
first coined the term 11secondary reserves'1 and many of the banks loaded up on
real estate bonds, special assessment bonds, and the like — securities which
looked like good investments but never were.
There have been reforms, and bankers sometime express impatience over legal
limitations and statutes which they feel are restricting them in their desire for
greater activity and larger profits.
part could help*
few bank failures.
Possibly
a philosophical attitude on your
Your banks are not doing badly today, in fact, there are very
You can give one of those same banking reforms much of the
credit for the present confidence on the part of the public.
That certain reform
is, of course, the insurance of deposits.
If you are one of those who complain about low interest yield, remember that
you have a greater degree of security today in your investments.
Remember that as
against that lower interest yield, banks have as an offset the common sense policy
of lowering interest on time deposits, and of stopping losses on checking accounts
through the medium of a decent charge.
Remember, too, that the old terrific drain
0n banks brought about by the payment of interest on demand deposits has been
completely eliminated.
The fundamentals of good banking and good bank management have never changed.
I want to discuss with you some of the factors which go to insure good management,
a&d in doing so, I am addressing myself rather specifically to the directors.
- 7 -
I feel that I am justified in doing this because it is they who are charged with
the management of a bank; and in speaking to directors I would also be talking
to the higher officers who are almost invariably members of the board.
When a
director is either appointed or elected, he is required to take an oath "that he
will, so far as the duty devolves upon him, diligently and honestly administer
the affairs of the Association, and will not knowingly violate or permit to be
violated, any of the provisions of the National Banking Laws.11 Now the Bureau of
the Comptroller of the Currency, when it receives an application for a new national
bank charter, is extremely interested before that charter is issued, in knowing
just who is to compose the board of directors —
what their qualifications are
for acting as trustees for depositors and shareholders —
if they are men of high
moral standing who can divorce themselves from their own personal interests in
the handling of the bank’s business.
These are important questions which to a
great extent determine whether that new charter will be issued.
The National Bank
Law states plainly that “the affairs of each Association shall be managed by not
less than five directors . .“ .
It does not say that the officers are to manage
the bank, and nowhere is there any indication that any other than the directors
shall be held responsible for proper functioning.
Too often, in the past, di
rectors have been more or less figureheads, knowing very little about the bank’s
affairs.
I believe it is almost proverbial that any bank which has a properly
functioning board of intelligent, conscientious directors is a well-run institution.
These directors make it their business not only to attend meetings regularly and
at these meetings to pass upon loans and security investments but also the bank’s
public relations and other details of operation.
/
If anything goes wrong with a
Lank, the directors are the on os who are held responsible.
This being true, the
(
7:
/
8
-
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Uy first factor in good "bank management demands that the directorate shall he
Carefully chosen .
There are three words which might well describe a "good0 hank officer: honest,
Japable, enthusiastic.
To amplify:
A man who is inherently honest may not he a
[onscientious executive, hut a good hanker should he hoth, a capable hanker has
lecome so only through experience and training; and how many really successful
tankers have you known who were not enthusiastic about their profession?
The proper
¡selection of officers is the most serious problem for the directors.
Alert officers and directors may benefit their institutions by studying the
proad subject of public relations.
I shall deal with it only in a brief way.
To
jny mind, if a bank is to grow and prosper this is one of the most important factors
¡to be considered.
During recent years much antagonism and prejudice has arisen
against bankers because the public knew so little of your problems and concerned
itself only with suspicion.
I believe that you should overlook no opportunity to
[educate the public properly.
To a limited extent banks are beginning to see the
importance of this.
Many of you have trust departments which need building up.
phe public is not expected to know anything about the functioning or the advantages
pi a trust department unless you tell them • In this connection I call to your
attention the importance of cultivating and educating the women in your public.
Did
[you know that the wealth of the women of this country was estimated at two hundred
land ten billions of dollars —
that they control the spending of eighty-five per
cent of the earned income of the Nation —
¡accounts stand in the names of women —
that sixty-five per cent of all savings
that they are the beneficiaries of almost
e^ghty per cent of all life insurance policies?
Continuing in the matter of relations, I should like to emphasise the fact
9
that good outside or public relations often have their beginning inside.
I know
of no better way to attain this than by giving consideration to the welfare and
the happiness which decent, livable salaries to your employees will provide, ftiis
is something for you directors to think about.
the salaries in banks.
It is one of your duties to fix
Let me read you what Hugh McCulloch, the first Comptroller
of the Currency, had to say about the personnel of a bank.
I quote:
"Pay your officers such salaries as will enable them to live
comfortably and respectably without stealing, and require of
them entire services.
dismiss him.
If an officer lives beyond his. means,
Even if his excess of expenditures can be explained
consistently with his integrity, still dismiss him.
A man cannot
be a safe officer of a bank who spends more than he earns."
(in 1863 every employee of a bank was considered an officer.' )
And conversely, let me say that much of the dishonesty among employees of
hanks in the past has been caused directly by the fact that they were not paid
adequate salaries.
I am one of those who believes that, given a fair opportunity,
the average human beingWill remain honest.
services too cheaply.
Don’t attempt to buy your employees’
In the end the bank is the sufferer, and I know of nothing
that could do more to tear down the proper outside relationship than disgruntled,
dissatisfied employees inside.
Let me tell you the story of an old man and his
wife who entered a bank one day to transact some business . The lady wasn’t familiar
with banks.
Her first remark was: "John, why do they have all of the men in little
cages?" and the reply came swiftly, "Maggie, if I had to handle a million dollars
a day on $150 a month, they would have to put me in a cage, too."
this, but there is also tragedy.
There is humor
It is the tragic side I wish to emphasize.
Many of the obligations that arise in the conduct of a bank's business are
10
covered neither "by statute or regulation.
-
Carrying out the full measure of these
moral obligations contributes just as much to the success of your institution as
does obedience to law.
In 1935, your former Comptroller, Mr. O ’Connor, was asked
to outline what, in his opinion, should constitute important items in the writing
of a code of ethics for bankers.
Let me quote the reply:
"Ethics govern our relations with our fellow man in that broad
field not covered by either Divine or Profane Law. A code of ethics
then will contemplate the moral obligations of a bank rather than its
legal rights and obligations.
The latter are covered, generally speak
ing, by law, regulations, Clearing House Association rules and the like.
The code, however, must touch on the spirit of all these, as well as
upon fundamental business principles.
A code of ethics for banks will
contain a statement of the duties owed to the customer, to the profes
sion, and to the community at large.
Generally speaking, the duties
of a banker are founded on the highest standards of patriotism, justice
and honor, and are dictated by the collective conscience of the banking
fraternity.
Bankers, the same as members of other professions, should
take the initiative in defining and interpreting those rules of conduct
by which the profession is to be judged.
Therefore, the code should be
dictated by the common mind of those responsible for the operation of
banks, and should be expressive of their ideals."
May I compliment the banking fraternity on the great work of research during
the past few years, which has been inspired to a large extent by changing methods
and changing conditions . There could be no better way by which the banking struc
ture as a whole could go forward.
I also wish to compliment bankers for the
^•uterest shown in attendance at association meetings.
The dissemination of
11
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[banking information is a most important factor if we are to have good management,
whether you he directors or officers .
It is your duty to educate yourselves in
banking principles and hanking practice.
conversant with changing conditions.
It is your duty to become thoroughly
If you put into practice the knowledge which
you gain from association with other bankers, know of their problems, you cannot
help but be better bankers.
I
would like to leave with you this thought.
ment is being tested every day of the year.
The quality of your bank manage
If that management is good, periods
of economic rest and quiet need not be and should not be times of distress.
It is
almost a certainty that such periods will come in the future as they have in the
Ipast. Will you meet them with less preparation, or will you, in the full knowledge
gained from past depressions, meet them on higher ground and with greater safe
guards?
Good management alone can determine that.
IMPORTATIONS OF CATTLE, CREAM AM) CERTIFIED SEED POTATOES
UNDER THE QUOTA PROVISIONS OF THE CANADIAN TRADE AGREEMENT
Preliminary Figures as of May 28, 1938
Customs District
January 1 to May 28, 1938
CATTLE 700#: DAIRY COWS
CATTLE
OR MORE
:700# OR MORE
UNDER 175#
(Head)
:
(Head)
(Head)
TOTAL IMPORTS
Per Cent of Quota
FROM CANADA
Alaska
Buffalo
Chicago
Dakota
Duluth & Superior
Florida
Maine & N. H.
Massachusetts
Michigan
Minnesota
Montana & Idaho
New York
Oregon
Philadelphia
St. Lawrence
Vermont
Virginia
Washington
Total from Canada
22,978
44.3%
45,445
29.2%
—
3,950
2
1
34
37
717
13
9,765
4,618
175
1,737
21,049
4,840
94
1,586
33
10
1,293
9,602
1,772
:, 59
159
43
96
2,401
21,988
654
714
561
1,929
6,618
14,140
2,421
278
23,457
1,892
9.5?
:
:
:
:
CREAM
(Gal.)
4,506
0.3?
Dec. 1,1937 to|
May 38. 1938
M I T E OR E g
SEED POTATOES]
(Pounds)
30,640, i
68.1t
160,770
32
55
79,500
40,380
2 , 497,4801
2 , 756,0
3 , 898,821|
1 , 219,2
1 8 , 759,i
415,316]
i
271
1,280
176
1,892
4,1504
40,1
761,944]
10,500]
30,640,1
IOM MEXICO
Arizona
El Paso
San Antonio
San Diego
Total from Mexico
FROM OTHER COUNTRIES
Puerto Rico
202
(Prepared by Division of Statistics and Research, Bureau of Customs)
The Commissioner of Customs today announced preliminary
figures for imports of c a ttle , cream and certified seed potatoes
under the quota provisions of the Canadian Trade Agreement, as
of May 28, 1938, and the percentage that such imports bear to
the to tals allowable under the quota provisions, as follows:
TREASURY DEPARTMENT
FOR RELEASE, AFTERNOON PAPERS,
Washington
Friday, June 10, 1936._____ __
6
/
9
/
~ .........
Press Service
• No. 13-61
The Commissioner of Customs today announced preliminary figures for imports
of cattle, cream and certified seed potatoes, under the quota provisions of the
Canadian Trade Agreement, as of May 28, 1938, and the percentage that such imports
bear to the totals allowable under the quota provisions, as follows:
Customs District
January 1 to May 28, 1938
CATTLE
: CATTLE 700#: DAIRY COWS :
UNDER 175# î
OR MORE
:700# OR MORE î
(Head)
î
(Head)
:
(Head)
:
TOTAL IMPORTS
Per Cent of Quota
PROM CANADA
Alaska
Buffalo
Chicago
Dakota
Duluth & Superior
Florida
Maine & N. H.
Massachusetts
Michigan
Minnesota
Montana & Idaho
Now York
Oregon
Philadelphia
St. Lawrence
Vermont
Virginia
Washington
Total from Canada
POM MEXICO
Arizona
21 Paso
San Antonio
San Diego
Total from Mexico
22,978
44.3$
3,950
—
2
1
34
»
37
717
13
9,765
mmß
«•
4,618
175
‘ ’•*
1,737
21,049
654
714
561
1,929
45,445
29.2$
«*
4,840
94
1,586
33
«
10
*.
1,293
9,602
1,772
59
159
45
96
•
2,401
21,988
1,892
9.5$
4
7
~
6
SDec.1,1937 to
5May 28, 1938
:WHITE OR IRISH
OREAlvi 5 SEED POTATOES
(Cal. ) :
(Pouhds)
4,506
0.3$
«M
•m
32
-
140
55
-
1
mm
7
4»
4M
—
271
1,280
*
176
1,892
‘f t
6,618
14,140
2,421
278
23,457
•j.
*
■
gROM OTHER COUNTRIES
jFuorto Rico
mb*
•Ml
2
4,215
•*
4,304
m
-
202
oOo—
30,640,289
68.1$
—
160,770
79,500
40*380
2,497,480
2,756,020
3,898,821
1,219,230
#*
—
18,759,248
.415,316
800
40,280
761,944
10,500
30,640,289"
•»
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/
Under
the
the
“P u b l i c W o r k s
P . W * A . ¿ a l l o c a t e d $ 7 5 , 1 1 ^ ® ^ to t h e
have been
completed
at a t o t a l limit
of
T r e a s u r y f o r 4 3 8 p r o j e c t s , 437
c o s t o f $ 7 5 , ^ ® C |jBBBfc*l
Ilh e last
project under
this
c o s t is $ 6 , 5 0 0 *
u n d e r whi
P r o g r a m of 1 9 3 3 ,
p r o g r a m is n o w a w a i t i n g
&m &
f
I
t
\>
t
s
limi
+
Under the $60,000,000 Act of June 22,193f^r402~
imit of cost of $60,117,425,
/>y
are
have
been
completed
at
a
cost
of
TMyffMftf
Of these,
V»3. ÒS
under contract at a total limit of cost of
two construed,
„ f/o £t o o o '
,
/2~
bids are under consideration for a limit of
and
are
« M i
awaiting bids f r o m contractors for a total limit of cost of
<
,
//
Specifications are being drawn for
projects w i t h a limit of cost
'1i L T ) ,o o © * v
projects have been allocated a
WKL
W
There are
in the drawing stage having a total 1
'/ 1 3 /
of cost of $ ! 2 , i B i * 6 0 0 * Topographical surveys are under w a y for H
projects with a total limit of cost of $ 2 , 2 * , 0 0 0 ,
8
and sites are under]
consideration for eight projects w i t h a total limit of c ost of $223,1
j?
*
*
Under the $60,000,OOOJbuilding program of Aug#,12,j
Cl
projects were allocated
jiitf~ "Timit of $60,438,482# Of these
3>4
"
& 1S M W MF
*
projects J * . have be e n completed at a cost of
I
J
^7©/j/oy<
under contract at a total limit of cost of
qpAfti» 0j
it
project»
33
4tt others
‘
O'
]
pa of topographical s u rvv e y^* These two
awaiting
latter have a cost limit of.$91,500#
Included in the 361 projects of the 1935 program
are 10 projects authorized under the Emergency Construction Program of
193j^t in w h i c h the limits of c o s t were increased u n d e r the 1935 prog?
ju
1 9 3Ò4&^ .3 ^ 5
projects
r\/ U■ •
j*
Under the Emergency Construction Program of June lj
were
allocated alP^
!imit of cost of
?
$66,250,608# Of these, 34*?have b e e n completed at a total limit o f così
i t s ; < 4 l ; /3
'
are u n d e r contract at a total limit of $ 1 j0 0 3 j04*#
trvi ife
^;/^ooO
5 at a total limit o w ^ s p w p » ^ , and
are
\2 W
d r a w i n g s are being prepared for
$4.m,ooo0
projects at a total limit of cosu
hiu
¿É&-.
iron o r
01
.a:
-f- flitofiiQti.fffli «
[Twenty-seven other
$3,572,000
are i n the
on the market
are
s p e c i f i c a t io n
stage
stage a n d are
336 projects n p n n
placed
are
‘nniifmrinri ¡iv
authorized b y the
congress
kai
1933.
Of t h e
the p u b l i c
Works
1,968 projects
Program
p r o g r a m s ls m is 3 g B 3 B 3 B &
$350,000,000©
Of
this
a u t h o r i z e d , b e g i n n i n g with
1,532 have been
five building
a total outlay
s u m $186, 0 0 0 -
Of t h e
__
of c o s t
435 projects
of $ 6 5 , 3 3 3 , 4 0 0 © W h i l e
The
of approximately
authorized under
t h e act of
^¡a\ ¿t~
the congress
unit
this
three-year
2.
¿nfc „
program
completed*
been expended©
I
_I
( A ^ 2 5 , 1 9 3 7 ,iv402 p r o j e c t s h a v e b e e n a l l o c a t e d
v
^
iffk
$70,000,000,
it also l i m i t e d expenditures
to
one— t h i r d of
sum in any twelve-month period©
Under
has
s o o n to h e
summer©
Building programs
gross
a n o u t l a y of
a n d a r e e x p e c t e d to h e p l a c e d o n t h e marketl
These
since
representing
f 8 8 o t h e r s r e p r e s e n t i n g a n e x p e n d i t u r e o f $20,800,000
in the d r a w i n g
during the
projects
completed four
this
projects
limitation
under the
,the p r o c u r e m e n t
1937 program,
under contract and has asked for construction bids
a n d is w r i t i n g s p e c i f i c a t i o n s f o r 1 6 others, A n
f o r a n aggre g a t e of $ 8 , 0 0 0 , 0 0 0 ©
'
W o r k on 105
w ith a total
limit
has
2 6 buildings
for three
other projects u n d e r the
of cost of $ 1 7 , 1 3 6 , 0 0 0 has
division
progressed
1 9 3 7 progi*anj
to the
For \Mpnday a m 1s
Two hundred and
twenty-one Federal
buildings representing an outlay of $61,000,000 were
under constiuction today o r close to the ground-breaking
stage, according to the June report received b y Secretary
Morge n t h a u from Admiral C. J* Peoples, D i rector of the
Procurement division.
more
TREASURY DEPARTMENT
Washington
FOR RELEASE,. AFTERNOON’NEWSPAPERS,.
(guesday, June 14, 1938.___________
6/13/38*
Press Service
No. 13-62.
Two hundred and twenty-one Federal "buildings representing an outlay of
$61,000,000 were under construction today or close to the ground-breaking
stage, according to the June report received "by Secretary Morgenthan from
Admiral C. J. Peoples, Director of the Procurement Division.
Twenty-seven other projects representing an outlay of $3,572,000 are
in the specification stage and are soon to "be placed on the market; 88 others
representing an expenditure of $20,800,000 are in the.drawing stage and are
expected to be placed on the market during the summer.
These 336 projects are part of the building programs authorized by the
Congress since 1933.,
Of the 1,968 projects authorized, beginning with the 1933 Public Works
Program, 1,532 have been completed.
The five building programs provided a
total outlay of approximately $350,000,000,
Of this sum' $186,000,000 has
teen expended.
Of the 435 projects authorized under the Act of August 25, 1937, a
total of 402 projects have been allocated at an aggregate limit of cost
of $65,333,400.
While the 75th Congress fixed this three-year program at
$70,000,000, it also limited expenditures to one-third of the gross sum in
any twelve-month period.
Under this limitation, the Procurement Division has completed four
projects under the 1937 program, has 26 buildings under contract and has
asked for construction bids for three, and is writing specifications for
IS others, for an aggregate of $8,000,000.
1
-
2
-
Work on 105 other projects under the 1937 program with a total limit of
cost of $17,136,000 has progressed to the drawing stage.
Sites have been chosen
for 169 more projects whose cost limit has hoen fixed at $31,986,000.
In 59
cases the Procurement Division has advertised for sites and is considering the
land parcels offered.
There are 33 additional projects not yet selected hy the Secretary of the
Treasury and the Postmaster General;
Under the law, not more than one project
nay be allocated to any Congressional district.
Projects for which sites have been selected under the 1937 Act, or which
have passed this stage, have a total limit of cost of $61,679,000.
Under the $60,000,000 Act of June 22, 1936, a total of 402 projects have
been allocated at an aggregate limit of cost of $60,117,425.
been completed at a cost of $16,043,472;
Of these, 198 have
129 are under contract at a total
limit of cost of $25,333,353, two construction bids are under consideration
for a limit of $106,000, and 12 are awaiting bids from contractors for a total
limit of cost of $1,894,600.
Specifications are being drawn for 11 projects
with a limit of cost of $1,687,000.
There are 34 in the drawing stage having a total limit of cost of
$12,113,600.
Topographical surveys are under way for eight projects with a
total limit of cost of $2,711,000, and sites are under consideration for eight
projects with a total limit of cost of $223,000.
Under the $60,000,000 building program of August 12, 1935, a total of
361 projects were allocated at an aggregate limit of $60,438,48^.
projects,326 have been completed at a cost of $35,336,934;
Of these
33 others are under
contract at a total limit of cost of $25,018,048. One project is awaiting com
pletion of topographical survey and one is in the planning stage.
latter have a cost limit of $91,500.
These two
-
3
'
Included in the 361 projects of the 1935 program are 10 projects
authorized under the Emergency Construction Program of 1934, in which the
limits of cost were increased under the 1935 program.
Under the Emergency Construction Program of June 19, 1934, a total.of
365 projects were allocated at an aggregate limit of cost of $66*250,608,
Of these, 346 have been completed at a total limit of cost of $58,925,412;
13 are under contract at a total limit of $3,146,196.
Two are on the market
at a total limit of $144,000, and drawings are being prepared for four pro
jects at a total limit of cost of $4,035,000.
Under the Public Works Program of 1933, under which the PWA allocated
$75,711,744 to the Treasury for 438 projects, 437 have been completed at a
total limit of cost of $75,705,244.
now awaiting contract award.
The last project under this program is
Its limit of cost is $6,500,
— oOo—
TREASURY DEPARTMENT
WASHINGTON
FOR BM1DIATE RELEASE,
Monday, June 13. 1938.
Press Serrios
13- t j
Secretary of the Treasury Morganthau today announced the final subscription
allotment figures with respeot to the current offering of £<»3/4 peroent Treasury
of 1958*63 and 1*1/8 peroent Treasury Sotes of Serles A*1943.
Subsorlptlons and allotaents were divlded among the sevaral federal Reserve
tríete and the Treasury as follovsi
8*3/4 FEHOEBT
Federal Reserve
Distrlet
Boston
New York
miadalphla
Cleveland
Rlohmoná
Atlanta
Chicago
St. Louls
Mlnneapolls
Sansas City
Dallas
San Francisco
Treasury
TOTAL
June notes
exohanged
# 28,896,900
405,885,800
4,758,100
5,416,500
B,708,000
3,083,900
73,070,800
18,999,800
3,8*7,100
7,831,000
5,946,900
18,356,600
3.150.800
•371,740,800
1*1/8
Federal Reserve
Distrlet
Boston
New York
Philadelphla
Cleveland
Riehmond
Atlanta
Chicago
St. Louls
Mlnneapolls
Sansas City
Dallas
San Francisco
Treasury
TOTAL
Vtmwf
June notes
exchanged
• 8,861,000
81,659,300
1,868,300
8,483,800
830,000
875,500
1,834,700
3,880,100
884,300
880,000
569,000
976,500
17.500
§ ¿6,133,600
TREASURY BONDS
OF 1958*63
September notes
exchanged
# 8,610,550
850,970,550
7,819,600
15,896,950
5,160,650
8,711,900
35,698,400
8,741,650
3,950,150
7,010,950
930,600
5,548,450
865.000
l$*?,10*)*00
Total
ixehanges
# 30,907,450
656,856,350
11,971,700
81,313,850
10,863,450
5,795,800
108,769,200
15,740,850
7,197,850
14,841,950
6,877,500
83,699,050
4.015.800
Í918,B*9,600
TREASURY NOTES OF SERIES A*1943
September notes
exchanged
• 3,3*9,000
818,617,300
3,168,900
3,160,000
379,400
441,000
3,496,700
988,400
117,700
730,800
71,000
909,400
51.000
•231,628,000
Total
exchanpee
• 8,100,000
834,276,600
4,485,800
5,583,200
609,400
716,500
5,331,400
4,748,500
372,200
1,030,800
640,000
1,883,900
68.500
*867,781,600
Total June notes exchangad • . • #607,893,800
Total September notes exchangsd. 578>737,400
Total exehanges * • • . .31,186,631,200
TREASURY DEPARTMENT
Washington
♦
FOR IMMEDIATE RELEASE,
Monday, June 13» 1938.
Press Service
No. 13-63
Secretary of the Treasury Mergenthau today announced the final subscrip
tion and allotment figures with respect to the current offering of 2-3/4 percent
Treasury Bonds of 1958-63 and 1-1/8 percent Treasury Notes of Series A-1943.
Subscriptions and allotments were divided among the several Federal Reserve
districts and the Treasury as follows:
2-3/4 PERCENT TREASURY BONDS OF 1958-63
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
TOTAL
September notes
exchanged
June notes
exchanged.
$
8,610,550
250,970,550
7,219,600
15,896,950
5,160,650
2,711,900
35,698,400
2,741,650
3,950,150
7,010,950
930,600
5,342,450
865,000
$347,109,400
$ 22,296,900
405,885,800
4,752,100
5,416,300
5,702,800
3,083,900
73,070,800
12,999,200
3,247,100
7,831,000
5,946,900
18,356,600
3,150,800
$571,740,200
Total
exchanges
$ 30,907,450
656,856,350
11,971,700
21,313,250
10,863,450
5,795,800
108,769,200
15,740,850
7,197,250
14,841,950
6,877,500
23,699,050
4,015,800
$918,849,600
1-1/8 PERCENT TREASURY NOTES OF SERIES A-1943
Federal Reserve
District
June notes
exchanged
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Loui s
Minneapolis
Kansas City
Dallas
San Francisco
Treasury ;
2,551,000
21,659,300
,1*262,300
2,423,200
230,000
275,500
1,834,700
3,820,100
254,500
200,000
569,000
976,500
17,500
36",153,600
September notes
exchanged
5,549,000
212,617,300
3,162,900
3,160,000
379,400
441,000
3,496,700
922,400
117,700
750,200
71,000
909,400
51,000
$ 231,620,000
Total
exchanges
8,100,000
234,276,600
4,425,200
5,583,200
609,400
716,500
5,331,400
4,742,500
372,200
1,030,200
640,000
1,885,900
68,500
$ 267,781,600
Total June notes exchanged . . . . . . . $607,893,800
Total September notes exchanged . . . • • 578, 737,400
631,200
Total exchanges . .
— oOo-
offerta
m
t e e 10» «»re opened et tbe federal Reserve banks on t e e 10»
Tbe d etails of fide lesee ere es followsî
fe ta l applied t e
fe ta l accepted
* #*1S,UG,000
«
100,701,000
Benge of accepted bidsî
High
low
average prise
• 100»
m
id» 990 Iqui valent rate approximately 0*009 percent
*
99,999
*
*
*
0.007
»
(90 pereeat of tbs amount bid fo r at tbe low price was accepted)
TREASURY DEPARTMENT
WASHINGTON
Press Service
No. 13-64
FOB RELEASE, MORNING NEWSPAPER,
Tuesday, Juno 14, 1958,
6/13/30
The Secretary' of the Treasury announced last evening that the
tendersfor $100,000*000, or thereabouts, of 91-day Treasury bills, to be
dated June 15 and to mature September 14, 1938, which were offered on
June 10, were opened at the Federal Reserve banks on June 13.
The details of this issue are as follows:
Total
Total
applied for
accepted
-
$415,110,000
100,701,000
Range of accepted bids: ’ ‘
High
Low
Average price
—
-
100.
99.992
99.993
Equivalent rate approximately 0.032 percent
,r
n
n
0.027
lf
(30 percent of the amount bid for at the low price was accepted)
e-
TREASURY DEPARTMENT
O F F IC E O F THE S E C R E T A R Y
WASHINGTON
C O M M IS S IO N E R O F
A C C O U N T S A N P D E P O S IT S
June 7 , 1938«
TO MR« GASTON:
D uring the month o f May» 1938» the f o l
low ing m arket tra n s a c tio n s took p lç c e in Government
s e c u ritie s :
T o ta l
s a le s .................. ..
$ 6 ,1 9 4 ,2 5 0
T o ta l purchases ................
1 ,2 9 5 ,0 0 0
N et sales • • • • • • • • • *
$ 4 ,8 9 9 ,2 5 0
TREASURY DEPARTMENT
Washington
POR IMMEDIATE RELEASE,
Wednesday, June 15, 1938.
Press Service
No. 13-65
Market transactions in Government securities for Treasury
investment accounts in May, 1938, resulted in net sales of $4,899,250,
Secretary Morgonth.au announced today.
oOo—
TREASURY DEPARTMENT
Washington
FOE IMMEDIATE RELEASE,
Wednesday, June 1 5 , 1938
Press S ervice
No*
The Treasury re c e iv e d today th e sum o f $161,935*50 from the
Government o f F in la n d , re p re s e n tin g th e sem i-annual payment o f in te r e s t
in th e amount o f $14 2,9 05*00 under th e Funding Agreement o f May 1 ,
1923, and $19 ,03 0*50 as th e te n th sem i-annual a n n u ity due under th e
M oratorium Agreement o f May 2 3 , 1932*
T h is payment re p re s e n ts th e
e n tire amount due from th e Government o f F in la n d *
The Treasury also re c e iv e d today from th e Government o f Hungary,
through th e F ed eral D eserve Bazik o f New Y o rk , $9 ,8 2 8 *1 6 in cash,
a payment on account o f th e funded indebtedness o f th e Hungarian
Government to th e U n ite d S ta te s *
as
TREASURY DEPARTMENT
MR. HEFFELFINGER
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Wednesday, June 15, 1938.
Press Service
No. 13-66
The Treasury received today the sum of $161,935«50 from the
Government of Finland, representing the semi-annual payment of
interest in the amount of $142,905.00 under the Funding Agreement
of May 1, 1923, and $19,030.50 as the tenth semi-annual annuity due
under the Moratorium Agreement of May 23, 1932.
This payment repre
sents the entire amount due from the Government of Finland.
The Treasury also received today from the Government of Hungary,
through the Federal Reserve Bank of New York, $9,828.16 in cash, as
a payment on account of the funded indebtedness of the Hungarian
Government to the United States.
— oOo-'
For Release in M orning Papers of Tuesday June 21, 1958
June 20, 1938
The intensive national program for the complete eradication
of tuberculosis, adopted
by the National Tuberculosis A s s o cia
tion, was ^endorsed,.a-à f,an historic step which ma y be as important
to tuberculosis control as was the discovery of the tubercle b a c i l l u s , 1’
Co
, Surgeon General of the United States, in
o
a letter made public today.
Dr. Thoma s P a r r a n ,
The program entails estimated expenditures of nearly
1200,000,000, including |l40,000,000 for the construction of 40,000
hospital beds for tuberculosis patients and provision for X-raying
every person who has had family contact with a known case of tubercu
losis.
The program was drafted by a committee under the chairmanship
of Homer Folks,
ation, New York,
executive secretary of the State Charities Aid A ss o c i
and was formally adopted today by the National
Tuberculosis Association at Its annual meeting in Los Angeles.
Dr.
Parran said that the proposed program was especially
timely because of the National Health Conference to be h e l d in
Washington July 18-20 under the auspices of the P r e s i d e n t ’s Interde
partmental Committee to Coordinate Health and Welfare Activities.
Among the specific problems to be considered at the National Health
Conference is the control of tuberculosis.
Dr. Parran said that it should be possible to construct a
substantial number of tuberculosis sanatorium beds in the immediate
future through allocation of Federal emergency funds.
Health Service, he
The Public
said, would be glad to join in the National Tuber-
__culosis Association in giving technical assistance to state and local j
Page 2.
tuberculosis authorities in dealing with this and other phases of
the problem.
Following is the text of Dr. P a r r a n ’s endorsement of the
program of the National Tuberculosis Association:
s>
c
0
p
p
Y
June 13, 1938
Y
Dr. J. A. Myers, President
National Tuberculosis Association
740 LaSalle Building
Minneapolis, Minnesota,
Dear Dr, Myers:
The United States Public Health Service is delighted to re
ceive the outline of a national program for tuberculosis control,
I have read this program carefully and congratulate the National
Tuberculosis Association for its scientific and statesman-like ap
proach to a great national h e alth program.
Your report very properly
points out that federal leadership and active cooperation of federal, j
state and local agencies is needed if tuberculosis is to be eliminat
ed as a major cause of death.
For the firstitime, this report brings
together a statement of the size of the problem, present deficiencies
in control efforts, and gives an indication of what the job will cost.
j
This proposed program for a national campaign against tuber
culosis comes to me at a particularly opportune time.
On July 18
to 20 there will be held in Washington a National H e a l t h Conference
to consider programs of action for meeting the nation's urgent health
needs.
Tuberculosis control is one of our first needs.
The material i
you have submitted will be extremely valuable for this conference to
consider.
It furnishes a blueprint for national action.
No o rgan
ization in the country is more competent to advi s e concerning this
problem than is the National Tuberculosis Association.
It should be possible in the immediate future to construct a
substantial number of needed sanatorium beds through allocation of
federal emergency funds.
To do this will require prompt submission
of plans.
The Public Health Service will be glad to join with your
association in providing all possible technical assistance to state
a n d local tuberculosis authorities in dealing with this or other
phases of the problem.
Tuberculosis is a battle half won;
the ways to gain com
plete control of the disease are known, we need only the means to
apply them.
It is h o p e d that the nation will have your continued
interest in making this program a reality.
Yo u r association has
taken an historic step which may be as important to tuberculosis con
trol as was the discovery of the tubercle bacillus.
Very sincerely yours
Thomas Parran
Surgeon^G-eneral
U. S. Public Health Service.
The program proposed by the National Tuberculosis Association
calls for the construction of 40,000 hospital beds at an estimated
cost, including land, buildings,
$3,500 per bed.
and equipment,
of $140,000,000, or
It estimates that these 40,000 beds will require
$30,000,000 annually for maintenance.
It proposes also the expendi
ture of approximately $5,500,000 for X-ray examination of every person
who has ha d family contact w i t h a known case of tuberculosis.
number of
The
such persons is estimated at 792,000 by the National Tuber
culosis Association.
For the convenience of correspondents who may not have seen
the news release of the National Tuberculosis Association concerning
the report
submitted today by Mr. H omer Folks,
chairman of the
committee which drafted the n a t i o n a l tuberculosis-eradication
program, the following excerpts are given herewith:
"The federal government has a more definite and compelling
interest in protecting the man-power of the country from tuberculosis
than any other unit of government.
The protection of the health of
£he people, as an exercise of police power,
tradition,
is not restricted by
custom a n d legal theory, however powerful these factors
may be in other fields.
therefore be
Federal action and federal funds should
sufficient to assure, with state and local effort, the
carrying into effect of the program above outlined.
be an innovation in federal policy.
This would not
Already the Public Works A dmi n i s
tration has assisted 67 tuberculosis hospital projects,
beds, and with an estimated cost of over $26,000,000.
and practical sense,
with 6,354
In a very real
expenditures for tuberculosis control are self-
liquidating for all time a very burdensome loss and waste from a
V
preventable cause.
Page
"Since the states differ very widely in the nature and extent
of anti-tuberculosis provisions,
local authorities,
or by both,
either by the state itself, or by
no one fixed plan of federal-state
cooperation should be laid down," Mr. Folks continued.
should be frankly opportunistic.
from the U.
"The program
The initiative and drive must come
S. Public Health Service, but its results must be secured
by persuasion and financial aid.
It would naturally confer with each
state as to what remains to be done, in putting into effect in that
state the tuberculosis provisions above outlined, and as to h o w such
provisions can most
expeditiously be brought about.
"The U. S. Public Health Service should be enabled to extend
aid to states either by grants of funds, b y detail of personnel, or
in very exceptional cases and on request, by direct operation for a
limited time of tuberculosis control activities.
"The preventive public health aspects of the control of tuberculosis, a communicable disease, and the direct and urgent federal
interest therein,
fully justify a different ratio of federal p artici
pation than is usual in other types of joint action. A larger federal
participation is probably a necessary condition of success in attain
ing the o b j e c t i v e s the release of the A m erican people from the curse
of t u b e r c u l o s i s . "
TREASURY DEPARTMENT
TJ. S. Public Health Service
Washington
EOR RELEASE, MORNING NEWSPAPERS,
Tuesday, June 21, 1938.________
6/20 /38 .
Press Service
No. 13-67
The intensive national program for the complete eradication of
tuberculosis, adopted by the National Tuberculosis Association, was ’’an
historic step which may be as important to tuberculosis control as was the
discovery of the tubercle bacillus," Dr. Thomas Parran, Surgeon General of
the United States said in a letter made public today.
The program entails estimated expenditures of nearly $200,000,000,
including $140,000,000 for the construction of 40,000 hospital beds for
tuberculosis patients and provision for X-raying every person who has had
family contact with a known case of tuberculosis.
The program was drafted
by a committee under the chairmanship of Homer Folks, executive secretary
of the State Charities Aid Association, New York, and was formally adopted
today by the National Tuberculosis Association at its annual meeting in
Los Angeles.
Dr. Parran said that the proposed program was especially timely
because of the National Health Conference to be held in Washington July 18—20
under the auspices of the President’s Interdepartmental Committee to
Coordinate Health and Welfare Activities.
Among the specific problems to
be considered at the National Health Conference is the control of tuberculosis.
Dr. Parran said that it should be possible to construct a substantial
number of tuberculosis sanatorium beds in the immediate future through allo
cation of Federal emergency funds.
The Public Health Service, he said,
would be glad to join in the National Tuberculosis Association in giving
-
2
-
technical assistance to state and local tuberculosis authorities in deal
ing with this and other phases of the■problem.
.yellowing is the text of Dr. Parran’s endorsement of the program of
the National Tuberculosis Association:
"June 13, 1938.
Dr. J. A. Myers, President
National Tuberculosis Association
740 LaSalle Building
Minneapolis, Minnesota.
Dear Dr. Myers:
The United States Public Health Service is delighted to receive the
outline of a national program for tuberculosis control. I have read this
program carefully and congratulate the National Tuberculosis Association for
its scientific and statesman-like approach to a great national health program.
Tour report very properly points out that federal leadership and active
cooperation of federal, state and local agencies is needed if tuberculosis
is to be eliminated as a major cause of death. Por the first time, this
report brings together a, statement of the size of the problem, present de
ficiencies in control efforts, and gives an indication of what the job will
cost.
This proposed program for a national campaign against tuberculosis
comes to me at a particularly opportune time. On July 18 to 20 there will be
held in Washington a National Health Conference to consider programs of action
for meeting the nation’s urgent health needs. Tuberculosis control is one of
our first needs. The material you have submitted will be extremely valuable
for this conference to consider. It furnishes a blueprint for national
action. No organization in the country is more competent to advise concern
ing this problem than is the National Tuberculosis Association.
It should be possible in the immediate future to construct a substan
tial number of needed sanatorium beds through allocation of federal emergency
funds. To do this will require prompt submission of plans. The Public Health
Service will be glad to join with your association in providing all possible
technical assistance to state and local tuberculosis authorities in dealing
with this or other phases of the problem.:
Tuberculosis is a battle half wonf the ways to gain complete control
of the disease are known, we need only the means to apply them. It is hoped
that the nation will have your continued interest in making this program
a reality. Tour association has taken an historic step which may be as im
portant to tuberculosis control as was the discovery of the tubercle bacillus.
Very sincerely yours,
Thomas Parran
Surgeon General
U. S. Public Health.Service.
3
The program proposed'"by the National Tuberculosis Association calls
for the construction of 40,000 hospital beds'at an estimated costincluding
land, buildings, and equipment, of $140,000,000, or'$3,500 per bed.
It
estimates that these 40,000 beds will require $30,000,000 annually for main
tenance.
It proposes also the expenditure of approximately $5,500,000 for
X-ray examination of.every person who has had family contact with a known
case of tuberculosis.
The number of such persons is estimated at 792,000
by the National Tuberculosis Association.
For the convenience of correspondents who may not have seen the
news release of the National Tuberculosis Association concerning the report
submitted today by Mr. Homer Folks, chairman of the committee which drafted
the national tuberculosis-eradication program, the following excerpts are
given herewith;
uThe federal government has a more definite and compelling interest
in protecting the nan-power of the country from tuberculosis than any other
unit of government.
The protection of the health of the people, as an
exercise of police power, is not•restricted by tradition, custom and legal
theory, however powerful these factors-may be in other fields.
Federal
action and federal funds should therefore be sufficient to assure, with
state and local effort, the carrying into effect of the program above out
lined.
This would not be an innovation in federal policy.
Already the
Public Works Administration has assisted 67 tuberculosis hospital projects,
with 6,354 beds, and with an estimated cost of over $26,000,000.
In a very
real and practical sense, expenditures for tuberculosis control are selfliquidating for all tine a very burdensome loss and waste from a preventable
cause, n
- 4 -
t
"Since the states differ very widely in the nature and extent of
anti-tuberculosis provisions, either by the state itself, or by local
authorities, or by both, no one fixed plan of federal-state cooperation
should be laid down,11 Mr. Folks continued.
opportunistic.
"The program should be frankly
The initiative and drive must come from the U. S. Public
Health Service, but its results must be secured by persuasion and financial
aid.
It would naturally confer with each state as to what remains to bo
done, in putting into effect in that state the tuberculosis provisions above
outlined, and as to how such provisions can most expeditiously be brought
about.
"The U. S. Public Health Service should be enabled to extend aid to
states either by grants of funds, by detail of personnel, or in very
exceptional cases and on request, by direct operation for a limited time
of tuberculosis control activities.
"The preventive public health aspects of the control of tuberculosis,
a communicable disease, and the direct and urgent federal interest therein,
fully justify a different ratio Of federal participation than is usual in
other types of joint action.
A larger federal participation is probably
a necessary condition of success in attaining the objective —
of the American people from the curse of tuberculosis."
- 0O 0-
the release
TR E A S U R Y D E P A R T M E N T
I N T E R O F F I C E CO M M U N ICA TIO N
date:
To
Secretary Mergenthau
f r o m
Marcus A. Harris
June 30, 1938
I n o tic e th a t the W ashington Hews tic k e r re p o rts th a t the average
ra te o f today*s Treasury h i l l issu e enables th e Treasury to pay o nly
$16,000 fo r u sin g the 100 m illio n d o lla rs f o r 90 days. T his fig u re
is a m istake as the a c tu a l cost to the Treasury is o n ly $ 4 ,0 3 5 .7 0 .
THEAS0H5T DSPAHEliBHT
Washington
tm w
i i , m m im äswspafshs
Tuesday, June E l, 1938.
'i'fio/S 8
Press SorTici
f he S e c re ta ry o f th e T reasu ry announced la s t evening th a t th e tenders
f o r $ 1 0 0 ,0 0 0 ,0 0 0 , e r th e re a b o u ts , o f 91~day Treasury h i l l s , to be dated
Ohne 88 and to n a tu re September 8 1 , 1938, which « e re o ffe re d on June 17,
« ere opened a t th e fe d e r a l He serve beaks on June 8 0 .
The d e ta ils o f t h is issu e a re as fe llo w s t
^ a l a p p lie d f o r
T o ta l aesepted
* $ 0 8 8 ,8 1 4 ,0 0 0
- 1 0 1 ,1 5 0 ,0 0 0
Hange o f aesepted hides
High
lm
Average p ris e
* 100»
• 99.996
* 9 9 .996
E q u iv a le n t r a te ap p ro xim ately 0.016 perse
»
*
*
0.016
"
(69 p ercen t o f the m ount b id f o r a t th e le w p ris e was accepted)
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, June 21, 1938._______
6/20/38. :
Press Service
No. 13-68
The Secretary of the Treasury announced last evening that the
tenders for $100,000,000, or thereabouts, of 91-day Treasury hills, to
be dated June 22 and to mature September 21, 1938, which were offered
on June 17, were opened at the Federal Reserve banks on June 20.
The details of this issue are as follows:
Total applied for
Total accepted
- $428,614,000
- 101,150,000
Range of accepted bids:
High
Low
Average price
- 100.
- 99.996 Equivalent rate approximately 0.016 percent
- 99.996
n
n
H
0.016
M
(69 percent of the amount bid for at the low price was accepted)
oOo—
-
2
-
The Board’s opinion was promulgated December 7, 1937, and the final
order was entered on March 24, 1938.
The facts elicited and the precedents set in the Mellon case
have been of great importance to the Bureau in the determination of
other cases.
As a result, deficiencies have been asserted and collections
made in amounts much larger than those involved in this case.
--oOo-
FOR RELEASE, AFTERNOON PAPERS,
Tuesday, June 21, 1938.
Commissioner of Internal Revenue Guy T. Helvering announced
today that, by agreement with representatives of the taxpayer, a
stipulation has been filed with the Board of Tax Appeals accepting
settlement in the amount of ¡$485,809.49, plus interest of approxi
mately $182,220, or a total payment of approximately $668,000, on
account of deficiencies in tax payment by the late Andrew W. Mellon
for the calendar year 1931.
The stipulation involves agreement that
no appeal^ in this case will be takn either by the Government or by
the taxpayer.
Action on the same basis h&s been taken in the cases
of the estate of R. B. Mellon, C* D. Marshall and H. H. McClintic.
Under decision of the Board of Tax Appeals a deficiency of
.$403,053.85 was found in the case of Andrew W. Mellon involving tax
liability for the year 1931.
While the Government had under consider
ation the appeal of this decision representatives of the estate of
the taxpayer conceded the principal question^ of law that would have
been involved in such an °rrflc>'l/>ov1'^-fJaa
in trVlA tflT linh41* ^
■rggulting rrom ¡pi adoption
Deficiency in Andrew W. Mellon's tax payment for the calendar
year 1931 was asserted by the Bureau of Internal Revenue in March, 1934.
Hearing of the case by the Board of Tax Appeals began in Pittsburgh on
February 13, 1935, arid was concluded at Washington on February 12, 1936.
TREASURY DEPARTMENT
Washington
"Press Service,
No. 13-69-
FOR IMMEDIATE RELEASE,
Tuesday, June 21, 1938,
Commissioner of Internal Revenue Guy T. Helvering announced today that,
ly agreement with representatives of the taxpayer, a stipulation has been filed
with the Board of Tax Appeals accepting settlement in the amount of $485,809.49,
plus interest of approximately $182,220, or a total payment of approximately
$668,000, on account of deficiencies in tax payment by the late Andrew W. Mellon
for the calendar year 1931.
The stipulation involves agreement that no appeal
in this case will be taken either by the Government or by the taxpayer.
Action
on the same basis has been taken in the cases of the estate of R. B. Mellon,
0. D. Marshall and H. H. McClintic.
Under decision of the Board of Tax Appeals a deficiency of $403,053.85
was found in the case of Andrew W. Mellon involving tax liability for the year
1931.
While the Government had under consideration the appeal of this decision
representatives of the estate of the taxpayer conceded the principal question
of law that would have been involved in such an appeal.
Deficiency in Andrew W. Mellon’s tax payment for the calendar year 1931
was asserted by the Bureau of Internal Revenue in March, 1934.
Hearing of the
case by the Board of Tax Appeals began in Pittsburgh on February 18, 1935, and
was concluded at Washington on February 12, 1936,
The Board’s opinion was pro
mulgated December 7, 1937, and the final order was entered on March 24, 1938.
The facts elicited and the precedents set in the Mellon case havo been
of great importance to the Bureau in the determinn/tion of other cases.
As a
result, deficiencies have been asserted and collections made in amounts much
larger than those involved in this case.
oOo—
ROUGH PRATT
LAS:MJR.MAG
6-20-38
J
r
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Day and Date_______________
Press Service
In Press Release N0. 13-39, May 23, 1938, there was given information
regarding two proposed competitions to he instituted by the Treasury Department,
The first competition, that i ^ the one for the snail Post Office
buildiag8,is now in progress and a large number of programs have been requested
and have been issued.
As to the second competition, namely the one for the Post Office and
Court House building at Covington, Kentucky, the time for issuance of the program
has been postponed one week, to June 28, in lieu of June 21« Furthermore, the
arrangementgiven in the earlier release has been changed in so far as it affected
$4,500 for his design, and an equal amount ($4,500) will be payable to him for
consulting services afterwards, making a total of $9,000. The competition is
open to all architects who are citizens of the United States of America!! and
who are registered in any State; Provided, that architects who are not so register!
and who are residents of states where there is no architectural registration law,
are eligible to enter this competition upon submission off)4t^ideations satisfact«.
to the Treasury Department, And it is further provided that no designs will be
accepted from any employee of the Federal Government, or the Government of the
District of Columbia,
( __ _
Up
W i t h more
Procurement
than
Division for
1,100
June
26#
o f i ts
office
"ZL
are
c o m p e t i t i o n is
and court house
The
citizens
accepted
to p r o v i d e
i n s t e a d of Jul|
a design for
the j?ost
o p e n to a l l a r c h i t e c t s who
of t h e U n i t e d S t a t e s ^ a n d . w h o
who
t o ( £ u g ^ 2,
at C o v i n g t o n , K y #
C o v i n g t o n c o m p e t i t i o n is
state.Architects
office
a large f ¿trueture^ from
b i i i M ^ competition for
latter
small post
t o d a y e x t e n d e d the
2 1 'to J u n e 2 8 # D e s i g n s w i l l b e
This
r e g i s t e r e d w i t h the
the c o m p e t i t i o n f o r
designs,Treasury officials
opening
applicants
are not
so r e g i s t e r e d
are registered
and who
i n any
a r e r e s i d e n t s of
s t a t e s w h e r e t h e r e is n o a r c h i t e c t u r a l r e g i s t r a t i o n l a w a r e a l s o
^in
e l i g i b l e u p o n s u b m i s s i o n of e v i d e n c e o f q u a l i f i c a t i o n s s a tisfa c t o r y
to the t r e a s u r y D e p a r t m e n t #
The
division also
announced
that
Covington contest would receive
#4,500
of # 3 , 0 0 0
and #4,500
services
as
originally planned,
during
specifications
the
preparation
the prize
w i n n e r i n the
for his winning
design,instea
a d d i t i o n a l f o r consult atij
of t h e w o r k i n g
drawings
and
i n s t e a d of #3,000#
S
"Second and third prlfUS.TTf~#%,0UU and
iannounced in tHS8^ ■»■■?ij ^ q1 clan
■*£-*&**'U^vIm T o n
competition »have
>epn e j o j a i ^ g e a / T t o p r o v id e t h e l a r g e r aw ard f o r t h e w i n n l h ^ ^ ^
The
buildings
first comoetition for ten designs
in the
#50,000
class w h i c h
closes
for post
J u n e 29,
o f fi c e
provides
ten
/
prizes
of # 1 , 0 0 0
designs#
e a c h to b e
a w a rded to the a u t hors
of t h e w i n n i n g
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,.
Wednesday, June 22, 1938.
Press Service
No. 13-70
With more than 1,100 applicants registered with the Procurement
Division for the competition for small Post Office designs, Treasury
officials today extended the opening of its competition for a larger
structure from June 21 to June 28.
2, instead of July 26.
Designs will "be accepted to August
This latter competition is to provide a design
for the Post Office and Court House at Covington, Kentucky.
The Covington competition is open to all architects who are
citizens of the United States and who are registered in any State*
Architects who are not so registered and who are residents of States
where there is no architectural registration law are also eligible
upon submission of evidence of qualifications satisfactory to the
Treasury Department.
The Division also announced that the prize winner in tbe
Covington contest would receive $4,500 for his winning design, instead
of $3,000 as originally planned, and $4,500 additional for consultation
services during the preparation of the working drawings and specifica
tions, instead of $3,000*
The first competition for ten designs for Post Office buildings
in the $50,000 class, which closes June 29, provides ton prizes of
$1,000 each to be awarded to the authors of the winning designs.
poo-
the passers out into the smaller cities, where they are more readily appre
hended.
So now we are laying plans for similar campaigns in other cities
of the country.
"For maiy years, I am told, only the most obvious counterfeits were de
tected at first sight but many were not recognized as worthless until they
were tendered for deposit or change at a bank.
It is not fair that the store
keeper who accepts such a bill in good faith should be mulcted and we
therefore have undertaken what, with our limited number of agents, is an
ambitious effort to educate the people who daily handle a considerable amount
of money.
"It is not ncessary to reach everyone in the United States because the
average person probably does not see a counterfeit note once in his lifetime
but retail dealers and such folk should be equipped to protect themselves.
"In New York we have been given excellent co-operation by the local
authorities, who have made available school auditoriums for evening demon.:
\ jd f 'fW H
strations by our veteran agents. Business organizations in other partB>^~
already are asking that the Secret Service take them into its confidence,
too, and before the year is up, we hope to have covered a good portion of
the United States."
00O 00
For immediate release
By closing the gap between the passing of counterfeit currency and
its detection, Treasury Agents of the United States Secret Service have
cut to a record low the spurious money in circulation in New York City,
special details working there reported today to Chief Frank J. Wilson.
Counterfeit notes turned in to the Government by banks and merchants
during the month of May totaled $8,625, as compared with $15,047 for the
same month of 1957.
For the country as a whole, $25,717 in counterfeit
currency was given up, against $56,801 such notes in May of 1957.
With some variations for shorter and longer months, there has been
a general decline since the accumulation by the Secret Service of $48,688
in counterfeit bills in January, 1957, according to Chief Wilson.
Out of an estimated 100,000 retail and service establishments in
New York City, special educational details organized in March had schooled
the proprietors of 90,594 by June 18 in the methods oiVspl^ious^currency.
5,
ca."tV
<r*f
Ka
¿¿zhrt
‘b
g
a
*
The Treasury Agents hopeuo. complete a 100 per cenWof the New York store
keepers by June 50,
"With the New York program nearing its completion," Chief Wilson explained, "I hav^called to Washington th^Supervising Agents of the fifteen
Secret Service districts across the nation to discuss the results of that
e
f
f
o
r
t
"We chose New York, as the starting place^^i^HwwiMlwiiy
,
Be ha1
it is in a city of such size that passers of counterfeit would attempt to lose
themselves.
"With the favorable trend in counterfeit reduction reported by the New
York district, we feel that we probably have succeeded in flushing some of
TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE,
Wednesday, June 22, 1938.
Press Service
No. 13-71
By closing the gap between the passing of counterfeit currency and
its detection, Treasury Agents of the United States Secret Service have
cut to a record low the spurious money in circulation in New York City,
special details working there reported today to Chief Prank J. Wilson.
Counterfeit notes turned into the Government by banks and merchants
during the month of May totaled $8,625, as compared with $15,047 for the
same month of 1937.
Por the country as a whole, $25,717 in counterfeit
currency was given up, against $36,801 such notes in May of 1937.
With some variations for shorter and longer months, there has been
a general decline since the accumulation by the Secret Service of $48,688
in counterfeit bills in January, 1937, according to Chiof Wilson.
Out of an estimated 100,000 retail and service establishments in
New York City, special educational details organized in March had schooled
the proprietors of 90,594 by June 18 in the methods of detecting spurious
currency.
Since the first of the year they had distributed 400,000 circu
lars on sjjecific counterfeits in circulation in the city.
The Treasury
Agents hope to complete a 100 percent coverage of the Now York storekeepers
by June 30.
“With the New York program nearing its completion,“ Chief Wilson
explained, “I have today closed a three-day conference at which I called
to Washington the Supervising Agents of the fifteen Secret Service districts
across the nation
to discuss the results of that effort and other matters
relating to counterfeiting.
2
-
"Fe chose Hew York as the starting place of the educational campaign
because naturally it is in a city of such size that passers of counterfeit
would attempt to lose themselves,
“With the favorable trend in counterfeit reduction reported by the
Hew York district, we feel that we probably have succeeded in flushing some
of the passers out into the smaller cities, where they are more readily
apprehended.
So now we are laying plans for similar campaigns in other
cities of the country,
“For many years, I am told, only the most obvious counterfeits were
detected at first sight but many were not recognized as worthless until they
were tendered for deposit or change at a bank.
It is not fair that the store
keeper who accepts such a bill in good faith should be mulcted and we there
fore have undertaken.what, with our limited number of agents, is an ambitious
effort to educate the people who daily handle a considerable amount of money,
"It is not necessary to reach everyone in the United States because
the average person probably does not see a counterfeit note once in his
lifetime but retail dealers and such folk should be equipped to protect
themselves,
"In Hew York we have been given excellent co-operation by the local
f
authorities, who have made available school auditoriums for evening demon
strations by our veteran agents.
Business organizations in other parts of
the country already are asking that the Secret Service take them into its
confidence, too, and before the year is up, wo hope to have covered a good
portion of the United States."
— 0O 0—
TREASURY DEPARTMENT
Washington
FOR RELEASE TO MORNING PAPERS
Saturday
June
25
1938
PRESS SERVICE
No. 13-72
Speech of the Honorable Marshall R. Diggs, Acting
Comptroller of the Currency, before the Michigan Bankers
Association, at Grand Rapids, Michigan, Friday,
June 24, 1938.
I intend to talk to you tonight about bank examinations.
a subject in which all of you, I imagine, are interested.
This is
There is not,
of course, time available to discuss all angles of examinations, but there
is time for the more pertinent features.
As you know, the law imposes certain duties upon bank supervisory
authorities*
Banks are examined by representatives of a supervisor so as
to inform that authority accurately on the condition of the bank.
This
is necessary in order that he may intelligently perform those obligations
which the law imposes upon him.
On the basis of facts disclosed by the
examination the supervisory authority determines what recommendations,
if any, he shall make to the directors of the bank, or what action it
may be necessary for him to take in the performance of his duties.
The practice lias developed of furnishing copies of examination
reports to directors for their information and consideration.
Banking
laws place upon them the responsibility for the selection and retention
of officers, for defining their duties, and for prescribing the manner
- 2 -
in which the "business of the bank shall be conducted.
In short, the
responsibility for the proper management of the bank is placed upon the
board of directors by law and that responsibility cannot be passed by them
to the officers of the bank, to the bank examiners, or to the supervising
authority.
banks.
The supervisor's duty is to execute the law relating to the
He has no place in their management.
Under our system a director,
as such, is not a full-time salaried offioer, and does not and cannot give
all his time to the bank.
While some directors are thoroughly familiar
with the affairs of their institutions, many have come to rely almost
entirely upon the examiner's report for their information on how the
business of the bank is being conducted.
It seems to me just as impor
tant for the directors of a bank to be thoroughly familiar with its
affairs in order that they may discharge their legal responsibilities as
it is for the supervisory authorities to be accurately informed concern
ing the condition of the b ank. And neither the directors nor the
supervisor are being furnished with adequate and accurate information
upon which to base their respective judgments if the reports of examina
tion do not contain all pertinent information to assist them in forming
that judgment.
I should like to direct your attention for just a moment to a fact
not properly understood or generally appreciated.
the
Currency is, of course, an individual.
The Comptroller of
He is appointed by the
President for a term of five years, and is confirmed by the Senate.
In him
Congress has vested the supervisory power over national banks
and all other banks in the District of Columbia.
In the event of a
- 3 -
vacancy in the office of the Comptroller of the Currency, or in the
event of his absence or disability, his duties are performed by the
Senior Deputy Comptroller, who becomes the Acting Comptroller of the
Currency.
The Bureau of the Comptroller of the Currency always con
tinues to function.
No Comptroller or Acting Comptroller could carry
on as the head of the office, however, without the advice and assistance"
of that highly specialised and experienced staff which goes to make up
what is known as the Bureau of the Comptroller of the Currency . The
backbone of that staff is its corps of bank examiners.
eyes and the ears of the Bureau.
Ihey are the
\ '
Ji
No supervising authority is any better"
than its corps of examiners . The National Bank Examiner is charged by;
law with the duty of making a thorough examination of all the affairs
of a bank and is required also to make a full and detailed report of
the condition of such bank to the Comptroller of the Currency .
The!
work of a national bank examiner is difficult, the hours long, the
responsibility heavy.
The men examining national banks in every sec
tion of the United States are specialists who have reached their positions
only after years of apprenticeship as assistants.
They have demonstrated
their fitness for the graver responsibility of .examiners, both by field
work and written examinations.
In examining a bank, the examiner has to rely upon its books and
records and upon statements made to him by officers of the bank; that is,
unless he has good reason for questioning the reliability of such sources
of information.
Much of the information in regard to a bank’s assets is
of such character as to make it necessary for the examiner to rely upon
the good faith and assurances of the officers.
The examiner also takes
- 4 -
cognizance of data secured from other sources which he has reason to
believe trustworthy.
Naturally, he cannot be in a position to guarantee
the accuracy of information which he does not obtain at first hand.
His
report must reflect the condition of the bank as accurately as is pos
sible, in order that it be of value to the supervising agency and to
the board of directors.
I have just stated that the examiner’s report must reflect the condi
tion of the bank as accurately as is humanly possible.
Examiners, being
human beings, are not all endowed with the same talents nor have they
identical viewpoints . The perfect bank examiner, like the perfect
doctor, lawyer, or banker, is yet to be born.
Some examiners who do a
very good job in examining a large bank in a metropolitan area could not
do nearly so well in examining the average bank, and vice versa.
In
the appraisal of a bank’s assets, the personal equation, represented
by the personal opinion of the examiner as to the value of such assets,
comes in to play.
But that opinion is based upon wide experience and
certain well established fundamentals in which he is trained . There are
325 national bank examiners who conduct in excess of 11,000 examinations
each year.
These examiners would be supermen if the Comptroller’s office
did not receive complaints.
It is very significant, however, that most
of the criticisms of examiners are made by officers or directors of
banks who have been criticised in one way er another in the examiner’s
report. After all of the facts are considered some few criticisms of
examiners are deemed by the Comptroller’s office to be justified, but
the number of justified criticisms is insignificant.
I know of no
group oi men in or out of the government service, who are more earnestly
or more intelligently doing a good joh - both for the Comptroller’s
office, to which they owe their loyalty, and for the banks examined
by them, in which they have a keen interest and sometimes a keen concern.
The examiner’s report of condition represents an individual judgment of
a man experienced in his field.
These field examiners function under the supervision of the twelve
district chief national bank examiners who are responsible to the Comptrol
ler of the
Currency for the proper examination of the banks
in their respective districts.
located
The chief.examiners are, of course, known
to you bankers who are connected with national banks . These twelve men
carry very heavy responsibilities.
It is the policy of the Comptroller’s
office to seek the advice of the district chief examiner before taking
action in any case in which the law requires the approval of the
Comptroller of the Currency.
The Comptroller often seeks the advice and
recommendations of the chief national bank examiner on matters of general
importance and interest to the banks and to his office.
When these examiners’ reports of condition reach the Comptroller’s
office in Washington they are reviewed by other men of the broadest
experience, both in examining and in supervisory work; men whose ability
has been recognized by their designation for this important work.
The
talents and viewpoints of the different examiners, are known and under
stood by these men who review the examiners’ reports, and are taken
into consideration in the analysis.
The action taken by the Comptroller’s
- 6 -
office is determined in the light of many factors other than the mere facts
disclosed by the examiners1 reports (such as the general economic condition
of the country, intimate knowledge of the talents and viewpoints of the
field examiner, etc.)
May I take this occasion to attempt to lay at rest an erroneous
idea that periodically receives publicity.
I refer to the socalled
duplication of examinations . It is true that there is more than one
federal agency which examines banks, but there are no two federal
agencies that examine the same bank . It is likewise true that insured
state nonmember banks are subject to examination by the Federal Deposit
Insurance Corporation and the state supervisory authority.
Since the
establishment of the Insurance Corporation several states have amended
their laws so that their supervising authority may accept the report .
of examination made by the FDIC in lieu of one of the examinations re
quired by state law.
Through the cooperation of federal and state
supervisors, a practical plan has been worked out to avoid inconvenience
to the barks • No national bank is subject to examination by any agency
of the government other than by the Comptroller of the Currency, and the
reports of examination made by his examiners serve the purposes of all
financial agencies of the government.
These reports of examination of
national banks are available to the Federal Deposit Insurance Corporation,
to the Federal Deserve “banks.
I daresay you are all interested in what you have seen in the press
recently of the efforts of banking authorities to arrive at a uniform plan
- 7 ~
of "bank examination.
It must "be remembered that while there have heen
changes in recent years in hanking laws and in economic conditions, the
primary function of hank supervision is still the protection of depositors1
funds. With that in mind, a plan has heen agreed upon which will he put
into operation very shortly.
In the opinion of those participating in
the discussions, the plan contains nothing to which the hanks cannot
reasonably adjust themselves * Surely it will he a great hoon to every
body when all examining agencies use the same yardstick for their work.
One important point in connection with examinations is the classifica
tion of assets.
Let me go hack a little with you.
After the hank holiday,
national Dank examiners were largely engaged in the examination of hanks
which did not receive a license to resume business.
Appraisals of assets
were made for the purpose of determining what was needed in order that
a hank might he relicensed on a sound basis.
these appraisals,
The examiners, in making
were testing the assets of these unlicensed hanks on
liquidating values rather than upon potential and intrinsic values of
going institutions. When this work was completed it was deemed advisable
to bring to the examiners» attention the fact that the yardstick they had
heen using in their work with the unlicensed hanks was not to he used
V
them in going institutions . May I quote from a letter sent to the
chief national hank examiners on October 26„ 1933, by Mr. 0»Connor, then
Comptroller of the Currency:
,fWe are all concerned in having solvent hanks hut there
is a wide distinction between the potential and intrinsic
value of assets of a going institution and liquidating values.
~ 8 -
Examiners in appraising and classifying assets of licensed
"banks will not apply liquidating values "but will appraise
on the "basis of fair values on a recovery "basis . As an
example - in dealing with bank buildings, the examiner must
realize that a bank building of a going bank has an intrinsic
value, as distinguished from present depressed values, which
combined with the element of recovery may fully substantiate
the carrying value given to it by the bank.
The same is true
of mortgages and in this connection the examiners should
familiarize themselves with the instructions given with
respect to real estate mortgages by the Federal
Insurance Corporation to its examiners.
Deposit
You will advise
examiners who are examining licensed banks of this policy
and see that it is carried out. Any examination now in
process, or any future examination, will be governed by these
instructions and where an examination has been completed,
the examiner making the report will review the report on
the above basis and rewrite such report if found necessary.
If the examiner is not now available, it may be necessary to
make a new examination on the proper basis.”
In 1934 a conference of all the federal agencies examining banks
was held in Washington . One of the purposes of this meeting was to
determine what assets should be classified as slow.
The Comptroller's
office found that in some instances reports of examinations contained
items classified as slow
the examiners which might ultimately be expected tobe
collectable.
This same condition probably existed with all the other
supervising agencies.
It was agreed and our examiners were, so
instructed that they should list as slow, loans which in their opinion
will become doubtful or worthless in whole or in part unless placed in
proper bankable shape by the bankers.
The term nslow1* is a misnomer.
It does not relate to the element of time as such.
I am perfectly
willing to concede that such a designation is not properly descriptive
of the asset classified in the slow column.
However, no other word has
been suggested that describes such asset any more accurately.
It has been argued that the presence of the slow column acts as
a deterrent to the bankers who wish to make long-term loans but will
hesitate because such loans, on account of their maturities, would be
classified as slow.
Such loans should not be so classified because
of maturities . There is nothing in the national banking laws to preclude
a banker making a long-term loan,
Hfe all know that for some time past
bankers have in fact been making long-term loans, but they have been
doing so in the customary manner of a short-term loan which they renew
from time to time.
Ihis custom did not grow out of any banking law
or any regulation of the supervising authority.
The slow column has
existed in national bank reports of condition continuously for more than
twenty years .
Skperienced, capable bankers are not frightened by the
presence of an item there.
To them the slow column is an index pointing
out danger spots and in many cases calling attention to the fact that
some borrowers need advice and counsel in order to protect their credit
(just another case where a stitch in time saves nine.)
In my opinion,
10
-
it is important that a report of examination contain a column by some
name or number in which will be included loans or portions thereof which,
because of certain unfavorable characteristics noted by the examiner,
appear to involve a substantial and unreasonable degree of risk . This
is important because there exists in such loans the possibility of future
loss to the bank unless they receive the careful and continued attention
of the bank1s management.
The slow column, or a similar column under some other name, should
be retained as it affords the directors and officers, as well as the
supervising authority, a list of loans which have retrograded from the
class of satisfactory, but have not yet become doubtful or worthless.
In other words, this column calls attention to the first evidence of
sickness or weakness in a borrowingascount.
The inclusion in this
column does not mean to the bankers that they, must proceed to liquidate
the account, but merely that they should give it their special attention
toward restoring it to a satisfactory status before matters have gone too
fax . The presence of this column acts as a check against the making of
additional loans of the same type, and is a service to both the barker
and the borrower.
A loan should not be so criticized if its ultimate
repayment seems reasonably assured in view of the sound net worth of
the maker or endorser, his earning capacity and character or the protec
tion of the collateral.
I want to give you some figures for the years 1934, 1935, the first
half of 1937 and the second half of 1937 for all national banks* showing
the percentage of their loans and discounts which the bank examiners
11
classified as slow, doubtful or loss.
-
First let us take the slow column.
In 1934, 27 per cent of the loans and discounts of all national banks were
classified as slow; in 1935 that percentage was reduced to 15 per cent; in
the first half of 1937 it was further reduced to 10.68 per cent; and in
the last half of 1937 it was again reduced to 9.81 per cent.
take the doubtful column.
Now let us
In 1934, 4 per cent of the loans and discounts
of all national banks were classified as doubtful; in 1935 that percentage
was reduced to 3 per cent; in the first half of 1937 it was further reduced
to 1.14 per cent; and in the last half of 1937 it was again reduced to
1 .06 per cent. Now the loss column.
In 1934, 3,9 per cent of the loans
and discounts of all national banks were classified as loss; in 1935 that
percentage was reduced to .8 per cent; in the first half of 1937 it was
further reduced to .65 per cent; and in the last half of 1937 it was
again reduced to .49 per cent.
Stating this in a different way, from
the year 1934 to 1937, the percentage of loans and discounts classified
as slow in all national banks was gradually reduced from 27 per cent to
9.81 per cent; the percentage of loans and discounts classified as doubt
ful was gradually reduced from 4 per cent to 1.06 per cent; and the per
centage of loans and discounts classified as loss was gradually reduced
from 2.9 per cent to .49 per cent.
These reductions in percentages were-
effected during a time when the total of loans and discounts in all
national banks had increased from $7,740 596 000 in 1934 to $8,933,216,000
in 1937.
So you see that while loans went up over a billion dollars the
percentage of criticized loans went down.
These reductions in percentages
do not mean that bank examinations have been made more lenient . At the
-
12
-
same time can it be argued that they lave been more severe?
The fact is
that our banks today are in better condition.
If an examiner’s classification of bank assets is to disclose to
the directors and the supervising authority the condition of the assets of
the bank, the classification must, of course, include two groups other than
slow.
The first of these groups is commonly known as '’doubtful” and
represents loans and portions thereof the ultimate collection of which
is doubtful, and in which a substantial loss is probable but not yet
definitely ascertainable in amount . This is a classification that should
receive the regorous treatment of the management of a bank with a view
to salvaging whatever value
aay remain. The other of these groups is
commonly known as "loss" and represents loans or portions thereof regarded
by the examiner, for reasons set forth in his comments, as uncollectable
and as an estimated loss . .Amounts so classified should be promptly
charged off by the bank.
I have heard no one contend that either the
doubtful or the loss column in the classification of assets should either
be changed or eliminated, so I will pass over these two items without
any further comment.
In recent months the Comptroller’s office in Washington has received
some inquiries as to its position on long-term working capital loans.
As
I have stated before, there is nothing in the national banking law to
preclude a bank from making a long-term loan if it wishes and, as I have
also stated, there is no reason for a long-term loan being classified by
the examiner because of the element of time involved in its maturity.
13 -
Such loans can he made upon a sound basis but they require careful study
by the banker . The customary method of making a short-term loan and renew
ing it from time to time affords the banker an opportunity to re-examine
the loan periodically.
This privilege will be lost to him on a long-term
loan unless the proper safeguards are provided.
The principles of sound banking remain unchanged. They are the same
as when the first deposit and the first loan were made.
May I quote from
a letter addressed to all national banks in December of 1863, by Hugh
McCulloch, the first Comptroller of the Currency:
"Let no loans be made that are not secured beyond a reason
able contingency.
Do nothing to foster and encourage speculation*
Give facilities only to legitimate and prudent transactions.
"Distribute your loans rather than concentage them in a few
hands . Large loans to a single individual or firm, although some
times proper and necessary, are generally injudicious, and
frequently unsafe . Large borrowers are apt to control the bank;
and when this is the relation between a bank and its customers, it
is not difficult to decide which in the end will suffer.
Every
dollar that a bank loans above its capital and surplus it owes
for, and its managers are therefore under the strongest obligations
to its creditors, as well as to its stockholders, to keep its
discounts constantly under, its control.
- 14 "Treat your customers literally, tearing in mind
the fact that a tank prospers as its customers prosper,
tut never permit them to dictate your policy."
N*H*$*
1*0.P*
-3-
births took place in hospitals* Among the 30*000 births to white women
studied* 1*200 had no medical attendant whatsoever* In the small cities
of the South* one-sixth of the deliveries to white women and nearly onehalf of the deliveries to Negro women in families with incomes under
$1*000 took place without medical supervision*"
Mr* Perrott said that the results of the National Health Survey
throw light on the problems thatjmust be solved in any national health pro
gram* He cited as of paramount importance* the health problems of maternity
and childhood and certain diseases of adult life — syphilis, pneumonia*
tuberculosis* nervous and mental diseases* and certain chronic diseases
of middle and old age*
SB
N*F* S*
- 2 -
E.G.P*
MIn small southern cities where the supply of physicians is low,
37 percent of disabling illnesses among the relief and marginal Income
groups received no medical attendance as compared with lU percent which
received no care in families with incomes of $3,000 and over*
“The attendance of illnesses of children under 13 years of age
showed even greater disparity with income, apparent in all areas, but
especially marked in the South; and the illnesses of children in families
up to the income level of $2,600 were not attended with any notably greater
frequency than those of children in relief families*
“The survey shows how hospital services received by the people diminish
as hospital facilities decrease: In cities of 100,000 population and over,
31
percent of all disabling illnesses were hospitalized; in the small oities
of the Central and Southern regions,
15
and 19 percent respectively; in the
rural areas only 9 percent were hospitalized* In the large cities of the
East, each person in the population received twice as much hospital care
as the average person in small southern cities and four times as much as
the average person in rural Georgia*
“When hospital facilities are inadequate, the frequency of hospital«»
izatlon of cases requiring surgical and emergency care - tonsillectomies,
appendectomies and accidental injuries - appears to be reduced little,
but pneumonia cases, chronic patients, and in particular deliveries receive
on the average frequent hospital care*
A
“In the large cities of the Central area, an average of
56
percent
of all live births to women in relief families occurred in hospitals; In
small cities only 15 percent* Tet in both groups of cities among women
in families with incomes of $2,000 and over, 80 percent or more of all
N.E.S
E.G*P
For Release: Evening papers, Tuesday, June 28th
(•odda^i^ d t o ,^ e ^ '^ ^ i v e r ed^-^iid «ML»»
Medical needs of^relief and marginal income families are more acute In
A
A
small cities and rural areas of this country than in large cities, George St.J*
Perrott, Administrative Director of the National Health Conference to he held
in Washington, July 18-20, said in an address prepared for delivery today to
the National Conference of Social Work in Seattle, Washington* Mr* Parrott's
address «as read to the conference hy Dr* F* A* Carmeliai of the United States
Public Health Service*
Mr* Perrott's address dealt with new findings of the National Health Sur
vey, of which he is director* The National Health Survey, conducted hy the
United States Public Health Service, covered more than three-quarters of a
million families in all parts of the United States*
The National Health Survey sought to find out who are the people and
what are the diseases that receive insufficient medical care and in what
parts of the country the facilities for providing such care are inadequate*
"It was found that the relief population and other persons of low in
come fared much better in the large cities than they did in the smaller cit
ies and rural areas, particularly in the South,w Mr* Perrott said* "Thus
in the large cities,
25
to 3^ percent of disabling illnesses among relief
families were hospitalized, as compared with about ten percent of all such
cases in the relief population in small cities in the Southern and Central
regions*
TREASURY DEPARTMENT
U. S. Public Health Service
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Tuesday, June 28, .1938.
6/27/38
Press Service
No. 13-73
Medical needs.of families on relief and of marginal income families are
more acute in small cities and rural areas of this country than in large cities,
George St.J. Perrott, Administrative Director of the National Health Conference
to be held in Washington, July 18-20, said in an address prepared for delivery
today to the National Conference of Social Work in Seattle, Washington.
Mr*
Perrott*s address was read to the conference by Dr. F* A. Carmelia of the United
States Public Health Service.
Mr* Perrott*s address dealt with new findings of the National Health Sur
vey, of which he is director.
The National Health Survey, conducted by the
United States Public Health Service, covered more than three-quarters of a
million families in all parts of the United States.
The National Health Survey sought to find out who are the people and what
are the diseases that receive insufficient medical care and in what parts of the
country the facilities for providing such care are inadequate.
RIt was found that the relief population and other persons of low income
fated much better in the large cities than they did in the smaller cities and
rural areas, particularly in the South,1* Mr. Perrott said.
,fThus in the large
cities, 25 to 34 per cent of disabling illnesses among relief families were
hospitalized, as compared with about ten per cent of all such cases in the relief
population in small cities in the Southern and Central regions.
::,rIn small southern cities where the supply of physicians is low, 37 per
cent of disabling illnesses among the relief and marginal income groups received
uo medical attendance as compared with 14 per cent which received no care in
families with incomes of $3,000 and over,
"The attendance of illnesses of children under 15 years of age showed
even greater disparity with income, apparent in all areas, but especially
marked in the South;
and the illnesses of children in families up to the
income level of $2,000 were not attended with any notably greater frequency
than those of children in relief families.
"The survey shows how hospital services received by the people diminish
as hospital facilities decrease:
In cities of 100,000 population and over,
31 percent of all disabling illnesses were hospitalized;
in the small cities
of the Central and Southern regions# 15 and 19 percent respectively;
rural areas only 9 percent were hospitalized.
in the
In the large cities of the
East, each person in the population received twice as much hospital care as
the average person in small southern cities and four times as much as the
average person in rural Georgia.
"When hospital facilities are inadequate, the frequency of hospital*ization of cases requiring surgical and emergency care - tonsillectomies,
appendectomies and accidental injuries *~ appears to be reduced little, but
pneumonia cases, chronic patients, and in particular deliveries receive on
the average less frequent hospital care.
"In the large cities of the Central area, an average of 56 percent
of all live births to women in relief families occurred in hospitals;
small cities only 15 percent.
in
Yet in both groups of cities among wonon in
families with incomes of $2,000 and over, 80 percent or more of all births
took place in hospitals.
Among the 30,000 births to white women studied,
1»200 had no medical attendant whatsoever.
In the small cities of the South,
one-sixth of the deliveries to white women and nearly one-half of the
3
deliveries to Negro women in families with incomes under $1,000 took place
without medical supervision.n
Mr. Perrott said that the results of the National Health Survey
throw light on the problems that must he solved in any national health
program.
He cited as of paramount importance, the health problems of
maternity and childhood and certain diseases of adult life —
syphilis,
pneumonia, tuberculosis, nervous and mental diseases,, and certain chronic
diseases of middle and old age.
— o0o-~
-BEOPOOEB-ig
S ta te
Alabama
Alaska
Arizona
Arkansas
C a lifo rn ia
Colorado
C onnecticut
Delaware
D is t. o f C o l.
F lo rid a
Georgia
'Hawaii
Idaho
Illin o is
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
M assachusetts
Michigan
Minnesota
M ississip p i
M issouri
w w nm ii dipeaob 9 m m m u f g s *
T o ta l
S ta te
♦ 7 2 ,2 %
Montana
2 ,7 0 1
Nebraska
Nevada
9 ,6 3 9
4 7 ,6 5 0
New Hampshire
New J e rs e y
1 0 3 ,7 9 1
1 8 ,2 2 8
New Mexico
2 6 ,5 1 8
New York
North C arolin a
5 ,2 8 3
16,860
North Dakota
Ohio
3 8 ,0 5 5
Oklahoma
77,13-4
8 ,0 8 8
Oregon
8 ,0 1 9
Pennsylvania
Rhode Islan d
1 2 5 ,2 9 9
5 9 ,3 8 0
South C aro lin a
4 3 ,5 6 4
South Dakota
Tennessee
3 1 ,9 0 9
5 7 ,3 1 8
Texas
5 0 ,8 7 1
Utah
1 3 ,4 8 6
Vermont
3 1 ,8 9 2
V irg in ia
Washington
6 9 ,6 2 3
7 7 ,2 0 6
West V irg in ia
W isconsin
4 2 ,3 2 4
Wyoming
5 4 ,1 1 9
6 7 ,3 7 6
P o rto Rico
V irg in Islan d s $949
T o ta l
#
8 ,5 7 5
2 2 ,8 3 3
2 ,4 7 5
8 ,7 7 5
7 1 ,3 2 7
9 ,0 2 3
1 9 3 ,7 2 4
8 4 ,2 5 9
1 2 ,3 4 0
1 1 0 ,7 8 4
4 6 ,3 4 2
1 6 ,0 7 7
165,082
12,062
52,522
12,420
6 6 ,6 4 4
128,950
9 ,1 8 3
6 ,2 8 6
5 8 ,9 8 3
2 5 ,3 5 8
3 2 ,2 9 7
4 5 ,3 6 8
4 ,1 4 8
3 4 ,5 8 7
For inane diate release
The United States Fublic Health Service
to the States under the
today announced allotments
Venereal Disease Control Act of 1958 of funds provided in the
Defici e n c y Bill approved Saturday night by the President.
Of the $3,000,0000 appropriated
4 f p M i
$2,400,000 will "be distributed to the States and the
remaining $600,000 will be reserved b y the Public Health Service fo:
research and investigation,
education a n d administrative expenses.
The allotments are based up o n populatioi
financial need and the scope of the venereal disease problem, as
p r o v i d e d in the Act.
These funds must be supplemented by the
States under regulations laid d!own by the Federal Government.
U nder the terms of the Act, $5,000,000
will be provided next year and $7,000,000 the following year to
Üb
inaugurate a joint Federal-State prpgram
aimed at reduction of the toll of the venereal diseases.
The proposed allotment of 1938 funds
b y States and Territories is as follows:
TREA SU RY
D E PA R TM E N T
U. S. PUBLIC HEALTH SERVICE
MEMORANDUM
d ate
fro m :
Philip S. Broughton
T0.
Mr. Gaston
Attention;
June 1 6 , 1938
Mr. Schwarz
Attached is a press release. It may be released as soon as
word has been received that the Deficiency Bill has passed, provided
the $3,000,000 for venereal disease control is left intact. In the
event that any amendment is made, no release of allotments to the
States can be made until new figures are determined.
PSBîAEM
roughton,
Office of
tion
TREASURY DEPARTMENT
U*S. Public Health Service
Washington
Press Service
Ho. 13-74
FOR IMMEDIATE RELEASE,
Monday, June 27, 1938.
The United States Public Health Service today announced allotments to the
States under the Venereal Disease Control Act of 1938 of funds provided in the
Deficiency Bill approved Saturday night by the President.
Of the $3,000,000 appropriated, $2,400,000 will be distributed to the
States and the remaining $600,000 will be reserved by the Public Health Service
for research and investigation, education and administrative expenses*
The allotments are based upon population, financial need and the scope of
the venereal disease problem, as provided in the Act.
These funds must be supple
mented by the States under regulations laid down by the Federal Government*
Under the terms of the Act, $5,000,000 will be provided next year and
$7,000,000 the following year to inaugurate a joint Federal-State program aimed
at reduction of the toll of the venereal diseases.
The proposed allotment of 1938 funds by States and Territories is as
follows:
State
Total
Alabama
$ 72,294
Alaska
2,701
Ari zona
9,639
Arkansas
47,650
California
103,791
Colorado
18,228
Connecticut
26,518
Delaware
5,283
District of Columbia
16,860
38,055
Florida
Georgia
77,134
State
Montana
Nebraska
Nevada
Nev; Hampshire
New Jersey
Nevi Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Total
$ 8,575
22,833
2,475
8,775
71,327
9,023
193,724
84,259
12,340
110,784
46,342
2
State
Hawai i
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Total
State
Total
$
8,088
Oregon
8,019
Pennsylvania
Rhode Island
125,299
South Carolina
59,380
43,564
South Dakota
Tennessee
31,909
Texas
57,318
Utah
50,871
Vermont
13,486
Vi rginia
31,892
Washington
69,623
West Virginia
77,206
Wisconsin
42,324
54,119
Wyoming
67,376
Porto Rico
Vi rgin Islands $ 949
■oOo—
$
16,077
165,082
12,062
52,522
12,420
66,644
128,950
9,183
6,286
58,983
25,358
32,297
45,368
4,148
34,587
trsastjhy
m Ȋm &sfflf
nàsmmm
ion a u
t o s *
Tuesday.
m
June
i
nwm^àMm9
mm&
88, 1958«
6/27/38
fl
m
«
i
,n,iri"
Tb» Secretary of the Treasury annotinesd Isst «vsii&g that tbs
tenders for #100,000,000, or thereabouts, of 91«dsy Treasury tills, to
be dated June 89 and to mature September 88, 1988, which were offered
<mi June 84, vare opened at the federal Besara» basics on ¿tone 8?«
Tbs details of this Issue are as follows?
Total
Total
applied fter
asssptsd
«
*
#881,444,080
100,095,000
Brass of ssssptsd bids?
HI#
Low ’
Average p rise
- 100«
* 99.996
* 99.99*
ä q u iv a le n t
*
sate approximately 0.016 p ercen t
»
*
0.ÖU
*
{ST percent of tbs amount bid for at tbs low prise was accepted)
TREASURY DEPARTMENT
Washington
Press Service
No. 13-75
POR RELEASE, MORNING NEWSPAPERS,
Tuesday, June 28», 1938,
6/27/38.
The Secretary of the Treasury announced last evening that the tenders
for $100*000,000, or thereabouts, of 91-day Treasury bills, to be dated
June 29 and to mature September 28, 1938, which were offered on June 24,
were opened at the Federal Reserve banks on June 27.
The details of this issue are as follows:
Total applied for
Total accepted
- $281,464,000
- 100,095,000
Range of accepted bids:
High
Low
Average price
-
100.
99.996 Equivalent rate approximately 0.016 percent
99.997
,f
w
n
0.011
,r
(37 percent of the amount bid for at the low price was accepted)
— oOo—
rf"
*»Computation of the tax liability is a very simple matter,»1
MIf a r e t a i l e r ^ J H S S S » ^ ?
tatwsr has
260 wine gallons of hinety proof distilled spirits in stock on July 1*
he pays a tax on ten gallons of that stock.
Inasmuch as the twenty-five
cent tax is on every gallon of one hundred proof spirits, tb
tax on ninety proof, stock would he computed by multiplying .
¿3k.m-A
r t w e n t y - r iv e i i
h im
J i i im Mil in
i ll U n i l i m j i f
ett^^gSETTbnnTfTiitiiy
1mi nt j
Tnun uni nnr l i n l f
rn ritn
This would make the tax on the ten
gallons in;$xce3s of the tax free 250 gallon stock two dollars and twenty\ ‘‘•
five cents, The same method is used in arriving at the tax on other
.¿v
■
distilled spirits of varying proofs.»1
Agents of the Alcohol Tax Unit of the Bureau of Internal Revenue,
under the direction of
t
est
Sirpp-rvf gprft’will audit the
Supervisor^
inventories submitted and w S l v e r i f y them by making inspections of the
premises containing the stock of distilled snirits^ M*»-
Penalties will be assessed against taxpayers who fail to submit^
inventories, tax returns and tax within the prescribed time. Bf forts 4 »
false inventorieyTni4"
Ä tS zaiS E L laa,
x
Release oiyReceipt.
Collector of InternaLJiivenue, today
(name')
notified
j^cludinfl^Ee retailer, whole-
saler and manufacturer, that the new floo^
tax of twenty-five cents
\
on each proof gallon of distilled spirJ^O:h excess of 250 wine gallons
goes into eiR^ect on July 1,
The,j^SXj based on the inventory which the
taxpayer must mhlsjeon that dptie, is due and payable at the office of the
Collector on or befor^JSly 31,
Brandy,
not mixVsl^with any other distilled spirit, is exempted
from the tax^^iceording to the provisions of the bill which was passed at
the las^/session of Congress,
CoHectors,
will mail Treasury
jr
^Njiame]
forpT 758 on which the return is to be made toN^ery dealer in distilled
>irit$.
The dealer must make this return with Antsyentory of his stock
^,
t ¥ r nr tint I
,u.|,| II.- t T ' & a / m r - t r s a»...... ........ ......
The distilled spitfcts subject to the floor tax.must be listed
*
sePfrately by kinds, indicating wine gallons, proof ^rntantiT nTir! proof
gallons on the inventory, ^ggr* ^ 4 C "o1AJL"
and tax forms are in triplicate.
out.
The inventory
The original and one copy of each is
to be sent to the Collector^ office, regardless of tax liability, and the
remaining copy kept by the taxpayer.
*->
\Mj
For Tuc
*8
Secretary Morgenthau
Internal
the
Revenue Helvering today
adjufefcnenlfc o n F r i d a y
Revenue Act
of 1 9 3 8 a n d
and Commissioner
completed preparations
of l i q u o r
of
for
t a x e s c h a n g e d b y the
Joint R e s o l u t i o n
683 of t h e 75t h
Congress*
The
Federal levy on all distilled
Q p o n d e<~
e x c e p t b r a n d y w i t h d r a w n from/fiii3ir"wa re h o u s e s o n a n d
July 1 will be
Revenue Act.
$2.25 per gallon,
Previously,
the tax was
Instructions
distributed
ment
t o # C o l l e c t o r s of
on J u l y ^ S f ^ T h e
under
the
terms
spiri t s
after
of the new
$2.00 p er gallon.
ha ve b e e n i s s u e d and
Internal Revenue
f l o o r stock
tax
for
foims
the assess
of twenty-five
c e n t s on
r
each
proof
g a l l o n o f ^ d i s ^ i 11 e d s p i r i t ^ in^ e x c e s s
of
Lnt resolution
g a l l o n s^he I d b y j S ny^^dpal
impo s i n g this
t a x a l s o exempted, b r a n d y
The
the
taxpayer
and
payable
Revenue
floor
is r e q u i r e d
at
the
office
o n oir b e f o r e
of
returns^
spirits
as r e t a i l e r s
( F o r m 758)
based
o n an
o n the
inventory which
effective
thft l o c a l C o l l e c t o r
d ate, ‘is due
of I n t e r n a l
J u l y 31.
purchased fr o m them
occupations
tax,
to m a k e
Collectors
who have
250 wine
frave d i s t r i b u t e ^ to a l l
special
tax
or w h o l e s a l e r s
stamps
of
on handp--whether
o r not
liable
to
covering
liquor
¿ « w h i c h w i l l be r e q u i r e d
the
dealers
the
special
inventories
tax.
their
of
TREASURY DEPARTMENT
Washington
FOR RELEASE,. AFTERNOON NEWSPAPERS,
Wednesday, June 29, 1938.
6/28/38
Press Service
No. 13-76
Secretary Morgenthau and Commissioner of Internal Revenue Holvering
today completed preparations for the adjustment on Friday of liquor taxes
changed by the Revenue Act of 1938 and Joint Resolution 683 of the 75th
Congress.
The Federal levy on all distilled spirits except brandy withdrawn from
bonded warehouses on and after July 1 will be $2.25 per gallon, under the terns
of the new Revenue Act.
Previously, the tax was $2.00 per gallon.
Instructions have been issued and forms will be distributed to Collectors
of Internal. Revenue for tho assessment on July 1 of the floor stock tax of
twenty-five cents on each proof gallon of distilled spirits in excess of 250
wine gallons held by any retail dealer and in any amount held by others, and for
sale for beverage purposes.
The joint resolution imposing this tax also ex
empted brandy*
The floor tax, based on an inventory which the taxpayer is required to
make on the effective date, is due and payable at the office of the local Col
lector of Internal Revenue on or before July 31.
Collectors will distribute to all dealers who have purchased from them
special tax stamps covering their occupations as retailers or vdiolesalers of
liquor the special returns (Form 758) with which will bo required inventories of
spirits on hand —
whether or not liable to the tax.
The distilled spirits subject to the floor tax must be listed separately
by kinds, indicating wine gallons, proof and proof gallons on the inventory,
Commissioner Helvering pointed out*
cate.
The inventory and tax forms are in tripli
The original and one copy of each is to be sent to tho Collectors office,
-
2
-
regardless of tax liability, •and the remaining copy kept by the taxpayer.
’•Computation of the tax liability is a very simple natter,” Bureau offi
cials said.
”If a retailer has 260 wine gallons of ninety proof distilled
spirits in stock on July 1, he pays a tax on ten gallons of that stock*
Inas
much as the twenty-five cent tax is on every gallon of one hundred proof
spirits, the tax on ninety proof stock would be computed by multiplying 10 by
.90, the proof of the spirits, and the result by twenty-five cents.
This would
make the tax on the ten gallons in excess of the tax free 250 gallon stock two
dollars and twenty-five cents*
The same method is used in arriving at the tax
on other distilled spirits of varying proofs.”
Agents of the Alcohol Tax Unit of the Bureau of Internal Revenue, under
the direction of their District Supervisors., will audit the inventories sub
mitted and will verify then by making inspections of the premises containing
the stock of distilled spirits.
Penalties will be assessed against taxpayers who fail to submit inven
tories, tax returns and tax within the prescribed tine.
— oOo—
TREASURY DEPARTMENT
Washington
JOE RELEASE TO AFTERNOON PAPERS
Tuesday
June
28
1938
PRESS SERVICE
No. 13— 77
Speech of the Honorable Marshall R. Diggs, Acting Comptroller
of the Currency, before the Graduate School of Banking,
Rutgers University, New Brunswick, New Jersey, Tuesday,
June 28, 1938.
It is, indeed, a pleasure to be here with you at the Graduate School.
Banking
should be recognized as a profession and I am sure the work being carried on here,
as well as that in the other state conferences, is a big step in that direction.
The Comptroller’s office is and has been sincerely interested in your work, and as
evidence of.that, our general counsel, Mr. Barse, is here again as one of your
instructors.
mended.
The study of banking problems, past and current, is to be highly com
Would that there were more schools of this kind and more bankers attending
such classes.
The future of the America we love and seek to preserve is a vital
part .of such studies as you make here.
ciation of these purposes and ideals.
Your presence is indicative of your appre
Knowledge is said to be power.
You here are
acquiring the power to mold the future of banking thought.
Commercial banking, like almost everything else, has undergone many changes
in the 75 years since the establishment of the Bureau of the Comptroller of the
Currency.
To keep pace with the times, past Comptrollers have made many recommenda
tions to Congress.
As you know, the Comptroller is the sole banking authority •
charged by law with that responsibility.
To review this series of recommendations
is like reading chanter subheadings of the development of
American banking.
As an
- 2 -
example of change, you may recall that in 1850 our government offered five million
dollars worth of Treasury notes.
The awards were to he made at rates of interest
named hy the lowest responsible bidder . About $120 000 of the notes were taken at
rates under 10 per cent.
The remaining bids ran as high as 36 per cent.
Only
recently the present efficient Secretary of the Treasury, the Honorable Henry .
Morgenthau, offered five-year obligations which returned to the investors 1-1/8
per cent, while the recent issue of Treasury bills established still another new
low for interest rates, as some of the bids offered par for the obligations.
When the national banking system was established, the assets of a bank con
sisted principally of credit instruments from business transactions.
A little
later the amount of such commercial credit among the banks* assets decreased and
the percentage of the banks* capital assets began to increase.
category we find bonds.
In this latter
When industry and transportation speeded up there came
about a reduction in the need for borrowed working capital.
Time deposits increased.
Changes in the methods of financing caused many corporations to become their own
bankers.
As we view the unwinding reel, you may recall the rapid shift in the status of
time deposits from. 1929 to 1933.
To the surprise of many bankers, time deposits
found their way out of banks about as rapidly as demand deposits.
As the market
was depressed more and more, bonds had to be converted into cash, often at great
loss, if depositors* .demands were to be met.
In retrospect,, we may observe that
if time deposits had been more truly just that, barks woul(| not have had to convert
their bonds into cash at sacrifice prices, thereby further depressing the market*
A basic change and one which, I believe, is for the better, came with the enactment
oi the deposit insurance law.
And along with it Congress provided restrictions
- 3 -
upon the withdrawal of time deposits.
Now bank runs are taking their place in the
économie museum, resting on the shelf alongside the time-demand deposit.
In a desire to assist bankers, Congress took the necessary steps for improve
ment of the quality of bonds held by banks when it extended to state member institu
tions the limitations and restrictions of the statute relating to the purchase of
investment securities by national banks.
1933.
This was written into the Banking Act of
The investment securities regulation was revised and promulgated by the
Comptroller of the Currency on February 15, 1936.
Permit me to discuss this regulation for a moment:
Although signed and issued
"by the Comptroller as Congress specified, it was, in fact, the result of consider
able study by a number of authorities.
Reserve Board were ascertained.
The views of the legal staff of the Federal
It was the desire of the Comptroller then, as how;»
to exercise this heavy responsibility for the best interests of American banking,
since the regulation itself has all the force of law and compliance with the regula
tion is mandatory.
The wide effect of the provisions of such a regulation is
glimpsed in appreciating the fact that the banks concerned hold 82 per cent of the ■
deposits of all the commercial banks of the nation.
In addition, the Federal Deposit Insurance Corporation makes use of this
regulation for state insured banks, not legally obligated, by using it as a model,
^his is possible, for the fundamental objective is to foster sound investment
principles, to curb speculative practice and unwise investments.
\
As is often the .
.
case, such principles as these are already in force in well managed banks.
This regulation was well received, according to our reports.
That it aided
in bringing about general improvement in banks1 portfolios is, I .believe, true.'
. t '.
- 4 -
However, to say that there has not been criticism is hardly realistic.
Some, of
this criticism, however, has been predicated on misinterpretations.- For example:
1.
The regulation of February 15, 1936, required that the
issue of securities be registered under the Securities Act of
1933, in order to be eligible, only in those cases in which the
law otherwise so required.
(in this connection, I could point out unregistered issues of securities in
the bond portfolios of national banks in no-*wise a violation of the regulation,
for the banks that hold such securities have the necessary data proving the
eligibility of the issue as to quality and marketability.)
2.
Neither did this regulation require that the issue be
rated in rating manuals.
Banks without securities experts, and
without the facilities for obtaining essential data, were referred
to rating manuals for their information and guidance.
3.
The 1936 regulation did not delegate to rating services
the responsibilities of the directors of a bank for investment of
a bank's funds.
Because these misconceptions persisted, although often denied, the Comptrol
ler's office has for some time had under consideration the elimination of this
reference to rating manuals . However, this action was withheld in order to
thoroughly consider the possibility of aiding, in every way under.the law, the
applying of proper credit for business needs.
Again, in order to make a revision of this regulation of widest possible
benefit, and to maintain it as an aid to sound banking, suggestions were invited,
from the Board of Governors of the Federal Reserve System, the. Federal Deposit
Insurance Corporation, and the Reconstruction Finance Corporation.
All three ox
these agencies-* with their own wide contacts, have participated in preliminarydiscussions of a revision of the Comptroller’s investment securities regulation.
While the responsibility for the regulation rests upon the Comptroller and repre
sents his views, I am happy to say that the other agencies referred to have all
concurred in the new draft which was announced in the public press yesterday.
Printed copies of the promulgated regulation are now going out to banks, the effec
tive date being Friday next, July 1.
Bear in mind the following:
1.
There axe no requirements as to the size of an issue of
securities in determining whether a security is marketable.
2.
All reference to the rating manuals is eliminated; however,
distinctly and predominantly speculative types are, of course, still
prohibited.
3.
Reference to registration of the issue under the Securities
Act is likewise eliminated.
4.
A provision is made for the purchase of securities convert
ible into stock at the option of the holder or with stock purchase
warrants attached.
This provision constitutes a statement of the
position that the Comptroller’s office has previously taken. Under
the new regulation the purchase of securities convertible into stock
at the option of the holder or with stock purchase warrants attached
is prohibited if the price paid for such security is in excess of the
investment value of the security itself, considered independently of
the stock purchase warrants or conversion feature.
If it is apparent
-
6
-
that the price paid for an otherwise eligible security fairly
reflects the investment value of the security itself and does not
include any speculative value based upon the presence of a stock
purchase warrant or conversion option, the purchase of such a
security is not prohibited*
5•
The important change in the regulation has to do with the
purchase of investment securities issued by established commercial
or industrial businesses or enterprises*
Under this new regulation provision is made for those cases in which an
established commercial or industrial business that can demonstrate its ability to
service its securities may issue investment securities which may be purchased by
national and state member banks for their own account, even though a public dis
tribution of such securities is not provided for.
In such cases it is necessary
that the debt evidenced by the security must mature not later than ten years after
the date of the issuance of the security and must be of such sound value or so ■.
secured as reasonably to assure its payment.
Also, in such cases the securities
must provide for the amortization of the debt evidenced by the securities, so that
at least 75 per cent of the principal will be extinguished by the maturity date
t>y substantial periodic payments.
It is not required, however, that there be any
amortization of the debt for the first year after the date of the issuance of the
securities.
All federal banking agencies, particularly those dealing with the small state
and national banks, were aware of the needs of small business, both for loans and
for marketing their securities.
We have worked toward this goal for many oonths
and were happy to announce this solution.
/
I will ask you to keep clearly in mind the objective being sought by this
provision.
There are, of course, many points of difference between large national
corporations and small local ones.
It is just as true with business as it is with
tanks that size and soundness are not synonymous.
This regulation aims to facili
tate the satisfaction of credit needs of sound small businesses.
The large national
corporations have means of satisfying that need which are not generally available
to small businesses.
It must also be borne in mind that we are not here talking about long term
loans to sound small businesses, but rather of the purchase of investment securi
ties issued by them.
I think that in many cases the bankers will find that the
credit needs of their local sound business can be satisfied through the making of
long term loans, or through the making of real estate loans under the provisions
of Section 24 of the Federal Reserve Act, or through a combination of both.
But
in cases where this is not feasible, some form of investment securities may be
purchased by national banks and state member banks if the securities comply with
the requirements of this nev/ provision.
An experienced banker would not make a
iong term loan without having credit data that would support the granting of such
loan.
The experienced banker will recognize the necessity for having in his files
all pertinent and essential information concerning any issue of investment securi
ties by sound small businesses under the new provision of the regulation.
Hot only
will he want it for his protection but for the information of the examiner.
The board of directors of a bank is, of course, responsible; for the proper
Iinvestment of the bank’s funds.
It is, therefore, incumbent upon them to determine
I the policy to be followed by the bank in the purchase of investment securities.
- 8 -
This policy, naturally, should he reconsidered from time to time and altered to
meet changing circumstances.
I know I am stating nothing new to you when I say
that a hank should purchase its investment securities for its own account from the
viewpoint of safety and not from the viewpoint of yield, hut I do want to reiterate
that statement.
The primary consideration is the safety of principal.
There is
and can he no justification for speculative practices or trading profits, nor for
the purchase of speculative securities.
The nature of the assets and the nature of
the liabilities of the hank, the proportion of fixed assets, the credit demands of
the bank’s customers, and the amount of the hank’s net sound capital, are all
factors which must he taken into consideration in determining upon an investment
policy.
The objectives of that policy, of course, should he to provide a bond
portfolio consisting of securities of high quality with maturities so arranged
that some bonds will fall due in each year.
There should, of course, he the proper
diversification.
While we are discussing investment securities, I think it appropriate that I
make mention of the procedure in hank examinations in connection with the valuation
of bonds and with the treatment of securities profits as agreed upon by the Federal
Examining Agencies — the Comptroller of the Currency, the Federal Deposit Insurance
Corporation, and the Board of Governors of the Federal Reserve System.
This agree«'
ment was also the subject of news of interest to all hankers in yesterday’s press.
Those of you connected with national hanks are familiar, of course, with
Groups I, II, III, and IV, as used in the valuation of securities in a national
tank examination.
Group I securities are marketable obligations in which the
investment characteristics are not distinctly or predominantly speculative.
This,
includes general market obligations in the four highest grades and unrated securi
ties of equivalent value.
Group II securities are those in which the investment
,
characteristics are distinctly or predominantly
speculative*
This includes general
market obligations in grades below the four highest, and unrated securities of
equivalent value.
Group III securities are securities in default.
t i e s are stocks.
Group IT securi
Under the examination procedure which becomes effective on July 1,
n e ith e r the appreciation nor the depreciation in Group I securities will be shown
in the report; nor will it be taken into account in determining the net sound
capital of a bank.
Securities in Group II will be valued at the average market ,
p rice for eithteen months preceding examination, and 50 per cent of the deprecia-.
lion will be deducted in computing the net sound capital in this group.
Depreciar*
ti.on in securities in Groups III and IV are classified as loss and deducted in
computing the net sound capital of the ban k . The present provisions of the
investment securities regulation requiring the amortization of premiums on securi
t i e s purchased at a price exceeding par, will be continued.
It has long been the policy of the Comptroller’s office to urge bankers to
establish and maintain adequate reserves.
This includes, of course, reserves,
against possible losses in the securities account.
of the office to require that losses be changed off.
It has likewise been the policy
So far as the bond account
of the bank is concerned, the depreciation in group 3 and 4 bonds - that is,
defaulted securities and stocks - is set up in the report of examination as an
estimated less.
losses.
Adequate reserves should be maintained for all possible future,
Such losses should be charged off as estimated by the examiner or when
determined by the bank.
Until you have done both these, all pi of its on the sale
of securities should be transferred to such reserves and should not be used for
the payment of dividends.
The revised procedure in bank examination has also made certain changes in
10
the classification of loans.
-
These changes, too, are consonant with the heretofore
established practices of the Comptroller’s office.
It must be remembered that
while there have been changes in recent years in banking laws and in economic condi
tions, the primary function of bank supervision is still the protection of the
depositors’ funds.
The revised procedure contains nothing to which the bank’s
cannot reasonably adjust themselves, and becomes effective on July 1 next.
Heretofore, national bank examiners classified assets as ’’slow” , “doubtful,”
or "loss.”
The absence of an asset of the bank from any of these classifications
meant, of course, that the asset was considered “good” by the examiner.
"slow-” has been a source of considerable misunderstanding.
The term
The term “slow” it is
"believed is not properly descriptive of the assets classified in which has been
designated heretofore as the “slow" column.
On the other hand, no other word.has
as yet been suggested that more adequately describes the assets so classified*
As
used in the examiner’s report of condition of national banks, the term “slow”
included loans which, in the opinion of the examiner, would become doubtful or
worthless in whole or in part unless placed in proper bankable shape by the bank*
The term did not relate to the element of time as such.
After July 1 next, national bank examiners will classify loans as class 1,
class 2, class 3, or class 4.
Class 1 loans will be loans or portions thereof,
the repayment of which appears assured.
criticism.
In other words, good loans, not subject to
Class 2 loans will be loans or portions thereof which appear to involve
a substantial or unreasonable degree of risk to the bank by reason of an unfavorable
record or other unsatisfactory characteristics noted in the examiner's comments.
There exists in such loans the possibility of future loss to the bank unless they
11
receive the careful and continued attention of the hank’s management*
No loan
will he so classified if ultimate repayment seems reasonably assured in view of
f.
the sound net worth of the maker or endorser, his earning capacity or character, or
the protection of collateral or other security of sound intrinsic value.
the classification that has been substituted for the old ”slow” column.
This is
Class 3
loans will be loans or portions thereof, the ultimate collection of which is doubt
ful, and in which a substantial loss is probable but not yet definitely determined .
in amount. Loans so classified should receive the rigorous attention of the manage**
ment of the bank with a view to salvaging whatever value may remain.
cation corresponds with the old 11doubtful1’ column.
This classifi
Generally speaking, about 50
per cent of the loans which are classified by the examiner as doubtful, or after
July 1 as class 3 loans, may be expected to find their way into the ’’loss” column*
Class 4 loans will be loans or portions thereof regarded by the examiner for reasons
set forth in his comments as uncollectible and as estimated losses.
tion corresponds to the old ’’loss” column.
charged off by the bank.
This classifica
Amounts so classified should be promptly
Under this revised procedure the net sound capital of .the
"bank will be determined by deducting 50 per cent of the total of class 3 loans -that is, "doubtful” loans, and all class 4 loans —
that is, "estimated losses.”
In this connection it is well to remember that in addition to the above there will
he deducted 50 per cent of the net dedpreciation in group 2 securities in making
this computation of the net sound capital of the bank.
I should like, in closing, to repeat two sentences from a 1letter of Mr. Hugh
McCulloch, the first Comptroller, sent to all national banks in December of 1863.
He said, "Pursue a straight-forward, upright, legitimate banking business. Never
12
-
be tempted "by the prospect of large returns to do anything hut what may "be
properly done under the Hational Currency Act.”
an observation.
And may I personally add
I have never heard of a national bank getting into serious
difficulties because it conducted its business within the spirit as well as
the letter of the national tanking laws .
2
Government
S e c u ritie s
Governmentguaranteed
S e c u ritie s
Other
S ecurities*
(000 om itted)
T o ta ls brought forw ard .............................
f
$3,410,250
Old-Age Reserve Account . .......................*
Foreign S e rv ice R etirem ent and
D i s a b il it y Fund . . . . . . . ........... ....
Canal Zone R etirem ent and D i s a b il it y
Fund ( l ) .......................................... ..
A djusted S e rv ice C e r t if ic a t e Fund . . .
A laska R a ilro a d R etirem ent and
D i s a b il it y F u n d ................ ..
646,900
T o ta ls ...................................................
$4 ,0 9 0 ,0 2 5
$ 269,183
' i
mm
$
44,834
•#
3,228
ft#
mm
3,538
25,800
m
91»
m
mm
-
m
309
$ 269,183
$
44,834
As o f May 3 1 , 1938*
F ed eral Farm Mortgage C o rporation . . . $
Federal Land B a n k s ............... ..
Fed eral In te rm e d ia te C re d it Banks . . .
Banks f o r Cooperatives ...........................
P roduction C re d it C orporations •«••••
P roduction C re d it A ssociation s .............
J o in t Stock Land B a h k s **« ................
Fed eral Home Loan Banks •••••«•••••••
Home Owners* Loan C o rporation
R econstructio n Finance C orporation . *
In la n d Waterways C o rp o ra tio n ** . . . . . .
U .S . Spruce P roduction C orporation • •
m
57,683
63,705
56,631
4,911
1 ,7 4 3
1,638
27,654
1,100
48,020
4,437
125
$
T o t a l s ........................................... .. $
267,647
$
Note:
tm
6
1 0 ,0 0 0
2 8 ,995
13,856
11,1 0 2
7,351
9,228
ft#
ft#
mm
$ 762,605
1,440
11,375
25,932
75,268
242
ft#
mm
ft#
ft#
ft#
8 0 ,538
$ 876,862
A l l t r u s t funds may be in v e s te d in Government and Government*.
guaranteed s e c u r it ie s , and c e r ta in funds may als o be in v e s te d
in a d d itio n a l s e c u r itie s as in d ic a te d :
(1 )
In F ed eral Farm Lean Bonds;
(2 ) No L im ita tio n s
♦Consist p r i n c i p a ll y o f Fed eral Farm Loan Bonds and Fed eral
In te rm e d ia te C re d it Bank Debentures*
* * L a te s t fig u re s a v a ila b le .
TREASURY "DEPARTMENT
WASHINGTON
FOR RELEASE, (A
“w
Press S ervice
3 'f .y
No# J3-TST
S e c re ta ry Morgenthau released, today th e fo llo w in g statem ent r e l a t i v e to the
amount o f Government and o th er s e c u r itie s h e ld in governmental t r u s t accounts and
hy governmental co rp o ratio n s and agencies:
SECURITIES HELD AS INVESTMENTS IN TRUST FUNDS AND IN ACCOUNTS
OF CERTAIN GOVERNMENTAL CORPORATIONS AND AGENCIES
ON DATES INDICATED
Government
S e c u ritie s
Fund o r Agency
Government—
guaranteed
S e c u ritie s
Qther
S e c u ritie s *
(000 om itted)
As o f May 25. 1938:
Postad Savings System ..................
$
Federal Deposit Insurance C o rp o r a tio n ...
In d iv id u a l In d ia n T ru s t Funds • • • . • • • • • »
Mutual Mortgage Insurance Fund and
Housing Insurance Fund .................. ..
F ed eral Savings and Loan Insurance Corp.
C i v i l S ervice R etirem ent and D is a b il it y
F u n d .......................................................................
U .S . Government L i f e Insurance Fund ( 1 ) .
D.C. Teachasrs* Retirem ent Fund (2 ) . . . . .
A lie n P ro p e rty Custodian Fund
Panama Canal Zone Funds ( l ) . . . . . . . . . . . .
General Post Fund, Veterans* A d m in istra
tio n ............................... .................
L ib r a r y o f Congress T ru s t Fund (2 ) . . . . .
D.C. Workmen*s Compensation Fund (1 ) . . .
Longshoremen*s and Harbor Workers*
Compensation Fund ( l ) • • • • • • • • • » . . . . • •
German S p e c ia l Deposit Account
N a tio n a l I n s t i t u t e o f H e a lth G if t Fund •
C o m p troller o f th e Currency Employees*
R etirem ent Fund • • • . * « • • . .................... . • •
Pershing H a ll Memorial Fund
N a tio n a l Park T ru s t Fund (2 ) . . . . . . . . . . .
Ainsworth L ib r a r y Fund, W a lte r Reed
934,948
349,094
42,470
19,786
10,015
380,906
737,842
5,400
30,560
1,850
$ 166,834
72
:J
ft*
■
42*067
1 ,965
ft*
290
95
5
lié
101
3,957
83
*#
$3,410 ,2 50
-
M
«
10
825,665
65,000
r
102,167
'
n
urn
20
M
1,107
1
10
1,2 3 5
198
12
1
1
437
11
-
43
10
•
«a
« ft
tàé
Mft
*4
«■ »
« ft
f t#
-
m
m
$269,183
am
$
44,834
MR. M ORGENTHAU S OFFICE TO
Mr. Magill
Mr. Gibbons
Mr. Taylor
Mr. Alexander /
Ur. Allen
/
Mr. Bartelt/
¡Mr. Batchelüer
Mr. Bolls/
Mr. Berkshire
¡Mr. Birgfeld
Mr. Broughton
Mr. Bryan
Mr. Cannon
Mr. Davis
Miss Diamond
Miss Flanagan
Mr. Graves
¡Mr, Greenberg
[Mr. Haas
¡Mr. Hall
Mr. Hanna
Mr, Harper
Mr* Heffelfinger
Mr. Oliphant
Mr. Gaston
Mr. McHeynolds
Mr. Helvering
Mr. Hester
Mr. Irey
Mr. Julian
Mr. Kilby
Mr. Lochhead
Miss Lonigar.
Mr. O ’Connor
Miss O ’Reilly
Adm., Peoples
Miss Reynolds
Mr. Rose
Mr. Sloan
Mr. Smith
Mr. Spangler
Miss Switzer
Mr. Thompson
Mr. Upham
Mr. Wilson
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Wednesday, June 29, 1938«______
6-28-38 '
Press Service
No. 13-78
Secretary Morgenth.au released today the following statement relative to the
amount of Government and other securities held in governmental trust accounts and
by governmental corporations and agencies!
SECURITIES HELD AS INVESTMENTS IN TRUST FUNDS AND IN ACCOUNTS
OF CERTAIN GOVERNMENTAL CORPORATIONS AND AGENCIES
ON DATES INDICATED •
Government
Securities
Fund or Agency
Governmentguaranteed
Securities
Other
Securities*
(000 omitted)
As of May 25, 1938:
$
Postal Savings S y s t e m ............. .
Federal Deposit Insurance Corporation ••
Individual Indian Trust Funds ..........
Mutual Mortgage Insurance Fund and
Housing Insurance F u n d ......... ....
Federal Savings and Loan Insurance Corp.
Civil Service Retirement and Disability
F u n d ....... ........................
U.S. Government Life Insurance Fund (l).
D.C. Teachers* Retirement Fund (2) .....
Alien Property Custodian Fond .........
Panama Canal Zone Funds (l) ...........
General Post Fund, Veterans* Administrat i o n ....................... .........
Library of Congress Trust Fund (2) ....
D.C. Workmen*s Compensation Fund (l) ...
Longshoremen*s and Harbor Workers*
Compensation Fund (l) ...............
German Special Deposit Account ........
National Institute of Health Gift Fund .
Comptroller of the Currency Employees*
Retirement Fund .....................
Pershing Hall Memorial F u n d ..... .... .
National Park Trust Fund (2) ..........
Ainsworth Library Fund, Walter Reed
General Hospital ........ .
.........
Unemployment Trust F u n d ...............
Railroad Retirement Account ............
934,948
349,094
42,470
$ 166,834
72
19,786
10,015
«
102,167
380,906
737,842
5,400
30,560
1,850
«
%
1,107
1
10
«
«
95
5
$
20
42,067
1,965
290
1
437
11
43
10
101
3,957
83
-
—
—
1,235
198
12
-
—
-
10
825,665
65,000
-
m
—
-
$3,410,250
$ *269,183
$ 44,834
2
-
Government
Securities
Governmentguaranteed
Securities
(000 omitted)
Other
Securities*
Totals brought forward ................
$3,410,250
Old-Age Reserve Account ...........
Foreign Service Retirement and
Disability Fund ...............
Canal Zone Retirement and Disability
Fund (1) ........................
Adjusted Service Certificate Fund ..
Alaska Railroad Retirement and
Disability F u n d ............. .
646,900
-
-
3,228
-
-
Totals .....................
$ 269,183
44,834
m
m
3,538
25,800
-
309
$4,090,025
$
.
—
-
$ 269,183
$
44,834
$
762,605
1,440
As of May 31» 1938:
Federal Farm Mortgage Corporation ..
Federal Land B a n k s ............ .,.,
Federal Intermediate Credit Banks’...
Banks for Cooperatives.... .
Production Credit Corporations .....
Production Credit As so ci actions....
Joint Stock Land Banks ** ...... .
Federal Home Loan Banks ............
Home Owners* Loan Corporation ......
Reconstruction Finance Corporation .
Inland Waterways Corporation ** ....
U.S. Spruce Production Corporation .
Totals .......................
oo.
$
$
57,683
63,705
56,631
4,911
1,743
1,638
27,654
1,100
48,020
4,437
125
$
267,647
$
-
6
10,000
28,995
13,856
11,102
7,351
9,228
—
—
—
•*
80,538
Consist principally of Federal Farm Loan Bonds and Federal
Intermediate Credit Bank Debentures.
0O 0—
—
—
All trust funds nay be invested in Government and Governmentguaranteed securities, and certain funds nay also be invested
in additional securities as indicated:
(1) In Federal Farm Loan Bonds;
(2) Ho Limitations
** Latest figures available.
11,375
25,932
75,268
242
'
$
876,862
71
/
Mrs* Nellie Tayloe Boss, Director of the United States Mint, today
announced that the contract for transporting approximately one million
"bars of silver from New York City to the Treasury Departments new Bul
lion Depository at West Point, New York, had been awarded to Peter J.
Malley, 355 W. 12th Street, New York City.
The contract, covering only the truckage, provides for payment
hy the Bureau of the Mint at the rate of fifteen and three-quarter cents
per har moved, and also stipulates that atotal of 5,000 bars he moved
each day, five days a week, and 2,500 bars he moved on Saturdays*
har of refined silver w e i ^ s 72 lbs.
A
Under the terms of the contract,
the total to he paid to Malley for truckage costs would he approximately
$157,000.
Loading operations at the Assay Office in New York will commence
first deliveries will reach the depository on ±hx±xdsizx July 6*
The
Mint estimates that approximately eight months* time will he required to
move the silver.
The Director of the Mint has arranged with the United States Coast
Guard, another Treasury agency, for the services of about 55 Coast
Guardsmen from the New York district to protect the silver while it is
in transit between New York and West Point.
The Mint has organized an
additional force of about 75 supervisors and laborers to assist in the
movement*
- flk -
TREASURY DEPARTMENT
Washington
Press Service
No. 13-79
FOR RELEASE, AFTERNOON NEWSPAPERS,
Thur sday, June 30, 1938.
6-28-38
Mrs* Nellie Tayloe Ross, Director of the United States Mint, today announced
that the contract for transporting approximately one million Lars of silver from
New York City to the Treasury Departments new Bullion Depository at West Point,
New York, had been awarded to Peter J. Malley, 355_W. 12th Street, New York City*
The contract, covering only the truckage, provides for payment by the
Bureau of the Mint at the rate of fifteen and three-quarter cents per bar moved,
and also stipulates that a total of 5,000 bars be moved each day, five days a
week, and 2,500 bars be moved on Saturdays,
pounds.
A bar of refined silver weighs 72
Under the terms of the contract, the.total to be paid to Malley for
truckage costs would be approximately $157,000.
Loading operations at the Assay Office in New York will commence on
Tuesday, July 5, and the first deliveries will reach the depository on July 6*
The Mint estimates that approximately eight months* time will be required to move
the silver*
The Director of the Mint has arranged with the United States Coast C-uard,
another Treasury agency, for the services of about 55 Coast Guardsmen from the
New York district to protect the silver while it is in transit between New York
s&d West Point*
The Mint has organized an additional force of about 75 super
visors and laborers to assist in the movement*
— oOo—
Parents, take heedl
The Public Health Service adds a final word:
'Whenever an injury
from fireworks occurs, get a doctor^as soon as possible.
and cleanse the wound, treat it w » r a suitable antiseptic.
He will open
Possibly
he may need to inject an antitoxin against tetanus, an infection so
serious that many city health departments furnish the antitoxin free.
However, when two cases of tetanus were reported in 1937, the
summaries were resumed* In the intervening years there had been
an increase in the number of State and city statutes prohibiting
the sale of fireworks, and a positive decrease in the number of spec
tacular Fourth of July catastrophes* But July days are clear, fine
days, and widespread use of automobiles increased the opportunities
for ignorance and foolhardiness in exposing children and adults to
the dangers of explosives*
Furthermore, it is an odd fact that as many accidents occur in
cities having laws prohibiting the sale of fireworks as in those with
no restrictive legislation*
The paradox is easily explained t
in those cities where prohibi
tive laws do exist, fireworks are bootlegged*
They are sold openly
in roadside stands just outside the city*s limits*
Washington, D. C*, provides a good example of this*
The sale
of explosive fireworks has been forbidden |here by law for twenty
years, yet in
1937 there
were
78
injuries reported on July Fourth.
It is only a matter of minutes, driving in any direction, to Maryland
or Virginia, where fireworks may be bought. Besides, roads in all
directions are flanked with fireworks—bannered stands*
It is so in every large city:
in St* Louis, the injury rate on
July 4 was almost forty per 100,000; ten, in Philadelphia; seven, in
Cleveland and Baltimore and Chicago; and so on across the country*
City enactments cannot, apparently, be enforced.
Where there
have been State laws, the injuries by fireworks have been relatively
few.
The plea goes out again for a safe and sane Fourth of July.
received eye injuries - some causing blindness of one or both eyes*
This record is as complete as can be made from the available inform
ation.
The fact is, however, that only 2,4.63 out of 4,292 hospitals
reported:
many more injuries were probably treated in physicians1
offices and temporary first-aid stations.
Burns from fireworks - "harmless sparklers" which began fires killed seven children.
Four boys were killed outright by gunshots.
To celebrate, someone tossed a cannon-cracker under the boat in which
three men were rowing on a New York lake.
in the bottom of the boat.
The detonation blew a hole
Two of the men were drowned.
A toy can
non exploded, killing the man who played with it.
Out in Idaho, the
stock of fireworks on a drugstore shelf exploded
ocmehew and the store
broke into flames.
ers.
Inside had been thirty people, crowding the count
Six women and girls were burned to death.
Setting off fire-crackers, torpedoes, rockets, roman candles, dis
play pieces, toy cannons, and firearms - these caused the majority of
reported major and minor injuries.
dangerous agents for a few.
Even cap-pistols and punk proved
"Harmless", as applied to fireworks,
means nothing.
Schools for the blind in this country have more than 500 children
in them who matriculated via "harmless sparklers", "baby-wakers", and
"lady-crackers"*
Between 1903 and 1916, the American Medical Association published
an annual summary of July Fourth accidents.
Their main interest had
been to rouse people to the dangers of tetanus, or lock-jaw, a compli
cation often following b u m s exposed to dirt or certain germs*
Sum
maries ceased the first year no tetanus cases were reported - in 1916*
Any day you take it, July is a month of slaughter.
From the first through the Frightful Fourth, and on to the
midnight of the thirty-first, the days in July see more lives lost
and more disabling by accident than are lost in any other month in
the year.
Just 10,200 people lost their lives last July in acci
dents - more than two-and-a-half times as many as were killed in
the Revolutionary War!
And 1,000,000 more suffered disabling acci
dents in 1937*s July - one out of every 130 men, women and children
in the nation.
Estimates show these accidents cost a total of $350,000,000 in
property and other damages.
No one puts a figure on tragic losses
which amounted to almost fourteen lives an hour, each death the re
sult of accident - by drowning, falls, excessive heat, electric shock,
food poisoning.••
And fireworks I
For a quarter of a century, watching the annual Fourth of July
tolls rise, these several, and other, national agencies have gar
nered the best available statistics to compile the history of Inde
pendence Days
the U. S. Public Health Service, the National Society
for the Prevention of Blindness, the National Fire Protective Asso
ciation, American Automobile Association, National Safety Council,
American Museum of Safety, the National Red Cross, and the American
Medical Association.
Their combined figures and comment provide a
ghastly text.
On the Fourth of July, 1937, twenty persons were killed
outright,
7,205 suffered accidents serious enough to rate newspaper space, 310
/ fH
B
ty
TREA SU I
u,
PUBI
DEPARTM E
h e a l t h servi
■
MEM<
fro m ,:
Philip S. Broughton
to:
Mr* Gaston
Attention:
M
G
G
‘ <pr
June 27, 1938
Mr. Schwarz
Attached is a release on Fourth of July accidents. By playing
up the whole month of July as accident month, referring to the work of
other agencies we have sought to give it a comprehensive slant which may
obtain it some play.
It is Don Bloch's story and I suggest that you check any details
directly with him.
PSB:AEM
Philips. Broughton
In Charge, Office of
Health Education
TREASURY DEPARTMENT
U. S. Public Health Service
Washington
EOR RELEASE, AFTERNOON NEWSPAPERS,
Friday, July 1, 1938.
6/29/38.
Press Service
No. 13-80
Any day you take it, July is a month of slaughter.
From the first through the Frightful Fourth, and on to the midnight
of the thirty-first, the days in July see more lives lost and more disabling
by accident than are lost in any other month in the year.
Just 10,200 people
lost their lives last July in accidents - more than two-and-a-half times as
many as were killed in the Revolutionary War.1 And 1,000,000 more suffered
disabling accidents in 1937*s July - one out of every 130 men, women and
children in the nation.
Estimates show these accidents cost a total of $350,000,000 in property
and other damages.
No one puts a figure on tragic losses which amounted to
almost fourteen lives an hour, each death the result of accident - by drowning,
falls, excessive heat, electric shock, food poisoning
And firev/orksi
For a quarter of a century, watching the annual Fourth of July tolls
rise, these several, and other, national agencies have garnered the best avail
able statistics to compile the history of Independence Day:
the U. S. Public
Health Service, the National Society for the Prevention of Blindness, the
National Fire Protective Association, American Automobile Association, National
Safety Council, American Museum of Safety, the National Red Cross, and the
American Medical Association.
ghastly text.
Their combined figures and comment provide a
-
On the Fourth of July, 1937, twenty persons were killed outright, 7,205
suffered accidents serious enough to rate newspaper space, 310 received eye in
juries - some causing blindness of one or both eyes.
as can be made from the available- information.
2,463 out of 4,292 hospitals reported:
This record is as complete
The fact is, however, that only
many more injuries were probably treated
in physicians* offices and temporary first-aid stations.
Burns from fireworks - "harmless sparklers" which began fires - killed
seven children.
Four boys were killed outright by gunshots.
To celebrate,
someone tossed a cannon-cracker under the boat in which three men were rowing
on a New York lake.
The detonation blew a hole in the bottom of the boat.
of the men were drowned.
it.
Two
A toy cannon exploded, killing the man who played with
Out in Idaho, the stock of fireworks on a drugstore shelf exploded and the
store broke into flames.
Inside had been thirty people, crowding the counters.
Six women and girls were burned to death.
Setting off fire-crackers, torpedoes, rockets, roman candles, display
pieces, toy cannons, and firearms - these caused the majority of reported major
and minor injuries.
Even cap-pistols and punk proved dangerous agents for a few*
"Harmless", as applied to fireworks, means nothing.
Schools for the blind in this country have more than 500 children in
them who matriculated via "harmless sparklers," "baby-wakers," and "lady-crackers!1.
Between 1903 and 1916, the American Medical Association published an
annual summary of July Fourth accidents.
Their main interest had been to rouse
people to the dangers of tetanus, or lock-jaw, a complication often following
burns exposed to dirt or certain germs.
Summaries ceased the first year no
tetanus cases were reported - in 1916.
However, when two cases of tetanus were reported in 1937, the summaries
were resumed.
In the intervening years there had been an increase in the number
3
of State and city statutes prohibiting the sale of fireworks, and a positive
decrease in the number of spectacular Fourth of July catastrophes. But July days
are clear, fine days, and widespread use of automobiles increased the opportuni
ties for ignorance and follhardiness in exposing children and adults to the
dangers of explosives*
Furthermore, it is an odd fact that as many accidents occur in cities
having laws prohibiting the sale of fireworks as in those with no restrictive
legislation*
The paradox is easily explained:
laws do exist, fireworks are bootlegged.
in those cities where prohibitive
They are sold openly in roadside
stands just outside the city’s limits.
Washington, D.C., provides a good example of this.
The sale of explo
sive fireworks has been forbidden here by law for twenty years, yet in 1937
there were 78 injuries reported on July Fourth.
It is only a matter of minutes,
driving in any direction, to Maryland or Virginia, where fireworks may be bought.
Besides, roads ..in all directions are flanked with fi reworks-bannered stands*
It is so in every large city:
4 was almost forty per 100,000;
Baltimore and Chicago;
in St. Louis, the injury rate on July
ten, in Philadelphia;
seven, in Cleveland,
and so on across the country.
City enactments cannot, apparently, be enforced.
Where there have been
State laws, the injuries by fireworks have been relatively few.
The plea goes out again for a safe and sane Fourth of July.
Parents,
take heed.*
The Public Health Service adds a final word:
fireworks occurs, get a doctor as soon as possible.
the wound, treat it with a suitable antiseptic.
Whenever an injury from
He will open and cleanse
Possibly he may need to inject
an antitoxin against tetanus, an infection so serious than many city health de
partments furnish the antitoxin free*
-f-0 0 0 — r
w:.v
12
*■
PLACE
POMPÖSE
PROJECT
Mgerton
Mayville
Viroqua
Milwaukee
Plymouth
Hew London
Hudson
Hayward
?. 0* etc*
?. O* etc*
P* 0* etc*
P.0.,Ct.H*& Cu*H*
f* 0* etc.
P* 0* etc*
P. 0. etc*
P* 0. etc.
Site and building
Site and building
Site and building
Additional stories
Site and building
Site and building
Site and building
Site and building
P# 0* etc *
Site and building
P.Ö.,Gu.H. etc.
Site and building
P. 0* etc.
Site end building
P. 0* etc,
Site and building
Wi s c o n s i n
WYOMING
Wrangell
Insular Administration Í Rehabilitation
For minor construction and mechanical equipment project®, including rS I
pairs, alterations and improvements to Federal buildings throughout P J
country*
<** XX «*
PUCE
PURPOSE
PROJECT
Jefferson City
Sweetwater
Mount Pleasant
Bolivar
P.
P.
P.
P.
0.
0*
0»
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Site
Site
Site
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Ban Augustine
Bearne
Pasadena
Austin
P.
P.
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0*
Clifton
Arlington
Refugio
Mission
Hereford
Littlefield
P» 0*
P. 0.
P. 0*
P* 0*
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Reaver
P. 0. & Agri.
Site and building
Hewport Have
Radford
Hot Springs
Grundy
F*0«
P. 0. etc.
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P* 0* etc*
Additional stories
Site and building
Site and building
Site and building
Seattle
Clarkston
Okanogan
Tacoma
P.
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P*
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Fairmont
Martinsburg
Salem
Charleston
/
P. 0* etc.
P. 0. & Ct* H.
P. 0. etc.
Ct. H.
TEMHISSEE
etc*
etc*
etc*
etc*
and
and
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building
building
building
building
JTEXAS
mBsBSSSSmm
t°
Site and building
Site and building
Site and building
Additional land,
extension and
remodeling
Site and building
Site and building
Site and building
Site and building
Site and building
Site and building
etc.
etc.
etc*
etc.
etc*
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WEST VIRGIMÜ
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Site and building
Site and building
Site and building
Remodeling
»
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PLACE
ptmposg
PROJECT
Tillamook
Bums
P, 0« etc.
P. 0, etc.
Site and building
Additional »tories
Philadelphia
Perk&sie
Downingtown
Scranton
Dunaore Branch
Ashland
tyemissing
Athens
Jenkintown
Newport
Shippensburg
Saint Marys
Laneford
Greene&stle
Beaver
Vest Newton
Girard
Brackenridge
Pittsburgh
Q. S.
P* 0* etc#
P. 0, etc*
Site and buildings
Site and building
Site and building
P,
P,
P.
P*
P.
P,
P*
P,
P*
P.
P*
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P*
P.
P,
Site and building
Site and building
Site and building
Site and building
Site m û 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
Repairs & Replacements
Bristol
P, 0* etc*
Apponaug
P. 0* etc*
PENNSYLVANIA
0*
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0,
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etc*
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etc,
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(old)
M O D I ISLAM!)
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Additional landf
démolition and
new building
Site sud building
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Charleston
Columbia
P. 0, etc*
P. 0*
Easley
Bisnopville
P. 0* etc.
P. 0. etc#
Site and building
Additional 1and,
extension and
remodeling
Site and building
Site and building
Beresford
Custer
P. 0* etc*
P, 0* etc#
Site and building
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/
SOOTH
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PROJECT
P. O*
P. 0.
P. 0,
P* 0«
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etc*
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etc*
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Ahoakie
Siler City
Madison
Red Springs
Hamlet
Concord
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0, e tc *
P. 0. etc*
P. 0*
Kings Mountain
Brevard
P. 0. etc«
P. 0. etc*
Site end building
Site and building
Site and building
Site and building
Site and building
Extension and
remodeling
Site and building
Site and building
Rugby
Lisbon
f. 0. etc»
P. 0* ete«
Site and building
Sit© and building
Miamisburg
Bluffton
Montpelier
Tallow Springs
Toledo
Perrysfeurg
Amherst
Louisville
Toronto
Hubbard
Cleveland
Chardon
P* 0« etc*
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Lindsay
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PLä CE
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f
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Montour Fall»
Honeoye Falla
lliddleport
Akron
Orchard Park
Jameatown
and
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NORTH CAROLINA
i0
NORTH DAKOTA
O/
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and
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building
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South Elver
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Station * M *
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ferry t o m
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Site and building
Site and building
Site and building
Additional land,
extension &
remodeling
Extension and
remodeling
PLACE
MISSISSIPPI
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Macon
Durant
P. 0* etc*
P* 0* etc*
Bethany
Kansas City
Eldorado Springs
Marshfield
Festus
Dexter
St. Louis*
Maplewood Branch
St. Louis,
Richmond Heights
Branch
P*
P*
P*
Ft
P.
P*
Site and Building
Site and building
MISSOURI
1
M
W
1
0.
0*
0*
0»
0*
Of
etc*
etc*
etc.
etc«
etc*
Site and building
Remodeling
Site and building
Site and building
Site and building
Site and building
P* 0*
Site and building
P* 0,
Site and building
Billing a
P«0* & Ct. H.
Extension and remodeling
Lincoln
Omaha,
Benson Station
Columbus
P.0* & Ct.H«
Extension and remodeling
P* 0*
P* 0«
Geneva
Ord
P* 0* etc#
P* 0# etc«
Site and building
Additional land, extension
and remodeling
Site and building
Site and building
'
NEBRASKA
fa <m
PiACb
FCBPOSE
FWIEOT
È i À B B à C m S E T T S Coni.
Bit* and building
Sita and building
Sii© and building
Sito «ni building
m é
m d
building
building
ss
i
|
Sii#
Hit®
Sito
3
P* 0# aio.
M m ch m t& r
Boato»
P.<3* èxmm
Boston. Cheanut
Mill Branch
P* 0*
Boston, Dorehester
Center Station F* 0«
Boston,
la/aouth Bronci F* 0»
Jt* 0. aio*
E&®t Malpele
Faiaoutb
P* 0* sto♦
U1CBXGAM
Detroit
Detroit
M lm
Broason
Buchanan
Spart®.
Featou
SaadusKy
Garage
F*<3» ic Ct.il*
?. 0. ©te*
F. 0* eie*
P# 0» © t@*
P* 0. ©te*
P* 0« eie*
P* 0. ©te#
P. 0* eie*
P* 0* eie*
P* 0*
F* è .
P* 0« ©te*
P* 0* ©te#
Baiding
Franècfort
jgant t m m
iiogors City
Baieaaar
Dearborn, Boaro«
Boulevard Statico F,. 0*
Horthville,
P* 0# •tc*
Site .and building
Additlonal storici
Sito and building
Site m é building
Sii© 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
Sii© asci building
Site m é building'
imnmyrA
Celadonla
Si. Paul
Baule Centra
Kedwood Falle
Tao H&rbors
F. 0* ©tc.
F*0* & Cu.H*
F«0* eie.
F* 0* ©te*
F* o* ©te*
Site and building
Addìtlonai Storie®
Site and building
Site and building
Site and building
tmwoa
m at
POTOSÍ
Har&imsburg
Williamstown
Lexington
Carlisle
F* 0» etc*
Agr* & F* 0*
F. H, H*
F. 0* etc*
Mew Orleans
$ ©anerette
Rodesse
Ferrid&y
Carvill©
Lake Charles
Finewille
Appraisers* Stores Sits and building
Site and building
F. 0* etc*
Site and building
F* 0* etc.
Site and building
F* 0# ©tc*
Replacements
1« H.
Additional
land, extensioa
P.0* St Ct.H*
and remodeling
Sit© and building
F, 0* etc*
Wilton
Fort Kent
F* 0* etc*
F* 0* etc.
Site and building
Site and building
Denton
Baltimore,
Dundalk Branch
Baltimore
Annapolis
Oakland
F« 0« etc«
Site and building
P. 0«
Appraisers* Stores
F* 0«
F* 0« ©tc*
Site and building
Additional stories
Extension and remodeling
Site and building
North Adams
South Hadley
Millbury
Boston,
Eton©ham Branch
F, 0,
F, 0, etc*
F, 0* etc*
Extension and remodeling
Site and building
Site and building
P* 0*
Sit© and building
co»t.
1
Site and building
Site and building
Additional facilities
Site and building
LOUISIANA
MAINE
MARYLAND
MASSACHUSETTS
•*» A '**
FLAGE
PURPOSE
PROJECT
Nokosis
Nashville
Brees#
Albion
Cairo
P# 0# etc«
P# 0« etc*
P# 0» etc#
F# Ö* etc#
P#0# & Ct.H#
Site and
Site and
Sit® and
Sit© and
Exchange
Fowler
Lagrange
Marion
P# 0# etc#
P* 0* etc#
P. 0*
Sheridan
Bicknell
Boonville
Cambridge City
?•
P#
P*
F*
0*
0*
0*
0#
etc#
etc*
etc.
etc#
Site- and building
Site and building
Additional land, demoliti;»
and new building
Site and building
Site and building
Sit© and building
Sit© and building
Anamosa
Clarion
Gorydon
Forest City
P*
P#
P.
P#
0#
0#
0.
0#
etc.
etc#
etc#
etc#
Site
Site
Site
Site
Leavenworth
Burlington
Halstead
Salina
Kingman
P*0* & Ct.H.
P* 0* etc#
P# 0« etc.
P#0# & Ct.H.
P# 0# etc*
Demolition and new buiIdi»
Sita and building
Site and building
Additional stories
Site and building
Cadi 2
Franklin
Anchorage
P* 0* etc#
P* 0# etc#
F# 0# ©to#
Site and building
Site and building
Site and building
ILLINOIS Coat.
i"\
building
building
building
building
and new building
INDIANA
IONA
d
and
and
and
and
building
building
building
building
KANSAS
m m m i
I
IIMI
POSPOSE
PBGJECT
v
Guilford
Stamford
P# Q* etc*
P* 0.
Site and building
Additional land, extens.io
and remodeling
I
Middletown
P* 0* etc*
Site and building
Sebring
Milton
bake forth
Cocoa
F*
P*
P*
P*
Site
Site
Site
Site
byone
Camilla
Ashbura
Atlanta
Louisville
Home
Adel
Ball Ground
Warrenton
P* 0* etc.
P* 0. etc#
P * 0* etc*
Garage
Agr* & P* 0*
P*0*
Ct.H*
P* 0* etc*
P* 0* etc.
Agr.
P* 0*
CONNECTICUT
PLGSIBA
j
0«
0«
0*
0*
etc*
etc*
etc*
etc*
and
and
and
and
building
building
building
building
GEORGIA
k
k
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
ILLINOIS
Chicago
Appraisers1 Stores
Chicago»
Jackson Park Station
F* 0«
Homewood
P* 0« etc*
P* 0« etc*
Berwyn
Bee Plaines
P* 0* etc*
P. 0* etc.
Mimetica
Naperville
P* 0* etc*
P* 0* etc*
Oglesby
P* 0* etc.
Mount Carroll
P* 0* etc*
Chlllocothe
Minonk
P* 0* etc.
P* 0* etc*
Mason City
Additional stories
Site
Site
Site
Site
Site
Site
Site
Site
Site
Site
Site
and
and
and
and
and
and
and
and
and
and
and
building
building
building
building
building
building
building
building
building
building
building
¡M I
m m m
i& m
Foley
Lutarne,
Uba
Jacksonville
Roanoke
Carrollton
Florence
P. 0« etc*
P* 0* etc*
P* O* etc*
P. 0. etc.
P* 0* etc*
P*0* è Agr
P* 0* etc*
Site and building
Site and building
Site and building
Site and building
Site and building
Site and building
Extension and reaodsli
Tempe
P • 0* etc*
Site and building
Clarendon
DeQuesn
Little Rock
Benton
Orossett
P*G.
Agr
P* 0* etc*
P.0* è Ct.l
P. 0* etc*
P* 0* etc*
Site and building
Site and building
Extension and rasodeli
Site and building
Sit© and building
Mill Talley
Xreka
St. Helena
San Francisco
Antioch
San Leandro
Reedley
Bakersfield
Lancaster
Covina
Los Angeles*
Eagle Rock Station
Los Angeles
Culver City
Gardena
Ontario
Calexico
P. 0« etc.
P. 0* etc*
P* 0* etc*
Site and building
Site and building
Site and building
ALABAMA
à
CALIFORNIA
Denver
Colorado Springs
Rifle
p.o* è et.]
p* 0* etc*
Replacements
etc*
etc*
etc*
etc*
etc.
Site
Site
Site
Sit©
Site
■Site
and
and
and
and
and
and
building
building
building
building
building
building
P* 0*
Appraisers Stares
P. 0* etc*
F* 0. etc,
P. 0» etc.
P* 0. etc.
Site
Site
Sit®
Site
Site
Site
and
and
and
and
and
and
building
building
building
building
building
building
P*P*B* & Garage
P*0* & ft,»*
P* 0# etc.
Site and building
Extension and fseediUj
Site and building
p. 0*
p. 0*
p* 0.
p. 0*
F. O*
TREASURY DEPARTMENT
Washington
FOR RELEASE,
m
'
■
Press Service
«o.
,
4*
Secretary of the Tre&suiy Henry Morgenthau, Jr*, and Postmaster
General James A* Farley today announced the selection and approval of
280 public building projects to be paid for out of the #60*000,000
construction fund authorised under the Federal Public Buildings Appro
priation Act of IfSi*
All authorised funds have been allocated, which
include not only the allotments necessary for new projects, but also
the amount reserved for 62 projects where construction is contemplated
but where selection or character of the project are not yet determined,
reservations for ¿7 projects in areas which at present have no Post
Offices with receipts In excess of the minimum requirement of #10,000,
and the amount required for approved increases in limits of cost for
projects authorised under previous programs*
This authorisation of #60,000,000 is an augmentation of the
#70,000,000 three—year public building program provided in the Act
of August 25, 1737*
Under this enlarged program it is intended to
place under contract by June 30, 1939, approximately ¿00 Federal build
ing projects costing #70,000,000.
The necessary land for 355 of the projects selected under the
$70,000,000 authorisation is owned or has been contracted for and, where
required, the Treasury Department will issue immediately advertisements
soliciting offers of property for all new projects included in this an
nouncement.
Drawings and specifications for all projects in the enlarged
program will be started as soon
in which property is acquired*
m
practicable and in the general order
TREASURY DEPARTMENT
Washington
FOR RELEASE. MORNING NEWSPAPERS,
Saturday, July 2, 1938«_______ '
6/30/38.
’ ’
Press Service
^°* 13-81
Secretary of the Treasury Henry Morgenthau, Jr., and Postmaster •
General James A. Earley today announced the selection and approval of 280
public building projects to be paid for out of the $60,000,000 construction
fund authorized under the Federal Public Buildings Appropriation Act of 1938.
All authorized funds have been allocated, which include not only the allot
ments necessary for new projects, but also the amount reserved for 62
projects where construction is contemplated but where selection or character
of the project are not yet determined, reservations for 47 projects in areas
which at present have no Post Offices with receipts in excess of the minimum
requirement of $10,000, and the amount required for approved increases in
limits of cost for projects authorized under previous programs.
This authorization of $60,000,000 is an augmentation of the $70,000,000
three-year public building program provided in the Act of August 25, 1937.
Under this enlarged program it is intended to place under contract by June
30, 1939, approximately 400 Federal building projects costing $70,000,000.
The necessary land for 355 of the projects selected under the
$70,000,000 authorization is owned or has been contracted for and, where
required, the Treasury Department will issue immediately advertisements
soliciting offers of property for all new projects included in this announce
ment.
Drawings and specifications for all projects in the enlarged program
will be started as soon as practicable and in the general order in which
property is acquired.
PLACE
PURPOSE
PROJECT
Foley
Luverne
Elba
Jacksonville
Roanoke
Carrollton
Florence
P.O,
P.0,
P,0,
P,0,
P.O,
P.O.
P.O.
Site and building
Site and building
Site and building
Site and building
Site and building
Site and building
Extension and
remodeling
Tempe
P.O. etc.
Clarendon
DeQueen
Little Rock
Benton
Crossett
P.O,
P.O.
P.O.
P.O.
P.O.
& Agr.
etc.
& Ct, H.
etc.
etc.
■ Site and building
Site and building
Ex. and remodeling
Site and building
Site and building
Mill Valley
Yreka
St. Helena
San Francisco
Antioch
San Leandro
Reedley
Bakersfield
Lancaster
Covina
Los Angoles
Eagle Rock Station
Los Angeles
P.O,
P.O.
P.O.
P.O.
P.O.
P.O.
P.O.
P.O.
P.O.
P.O.
etc,
etc.
etc.
& Ct.H.
etc. ..
etc.
etc,
etc.
etc.
etc.
Site and building
Site and building
Site and building
Replacements
Site and building
Site and building
Site and building
Site and building
Site and building
Site and building
ALABAMA
etc.
etc,
etc,
etc.
etc,
& Agr.
etc.
ARIZONA
Site and building
ARKANSAS
CALIFORNIA
Culver City
Gardena
Ontario
Calexico
P.O.
Appraisers*
Stores
P.O, etc.
P.O. etc.
P.O. etc.
P.O. etc.
Denvor
Colorado Springs
P.P.B.& Garage
P.0.& Ct.H.
Rifle
P.O. etc.
Site and.building
Site
Site
Site
Site
Site
and
and
and
and
and
building
building
building
building
building
COLORADO
Site and building
Extension and
remodeling
Site and building
3
FLAGS
PURPOSE
PROJECT
(Guilford
Stamford
P.O. etc.
P.O.
Site and buiIcing
Additional land* exten
sion. -and remodeling
Mi&cletown
P.O. etc.
Site anc building
Lake Worth
Cocoa
P.0,
P.O.
P.0,
P.0,
Site
Site
Site
Site
Lyons
Cairi11 a
Ashburn
Atlanta
Loui svi lie
Romo
Adel
Ball Ground
Warranto:
P.O. etc.
P.O. etc.
P.0, etc.
Garage
Agr. & P. 0*
P L0* & Ct.H.
P.O. etc.
P.O. etc.
Agri. Pi P.0.
CCiMECTICUI
DELAWARE
FLORIDA
Sebring
etc.
htc.
etc.
etc.
and
and.
and
and
building
building
building
building
GEORGIA
Site and building
Site and building
Site end building
Site and building
Site and building
Extension add remodelin
Site and building
Site and building
Site and building
ILL!HOIS
Apprai sera^Stores
Gin cago
Ohi cago,
Jackson Park Station P.0.
P.O. etc.
Homewood
Berwyn
?.0. etc.
Dos Plaines
P.O. etc.
P.0, etc.
Winnetka
P.O. etc.
Hap orville
Oglesby
P »0. etc.
P.O. etc.
Mount Carroll
P.O. etc-*
ChiIlocothe
P.O. etc.
Minonk
Mason City
P.O* etc.
Addi tiorial stori o s
Site
Site
Site
Site
Site
Site
Site
Site
Si t©
Site
Site
and
and
and
and
and
and
and
and
and
and
and
building
building
building
building
building
buildiig
building
building
building
building
building
- 4 -
PLACE
PURPOSE
PROJECT
Nokomi s
Nashville
Breese
Albion
Cairo
P, 0, etc.
P. 0. etc.
P, 0, etc*
P. 0, etc.
P.0. & Gt.H.
Site and
Site and
Site and
Site and
Exchange
Jowl ex1
Lagrange
Marion
P. 0* etc.
P, ”0. etc.
P. 0.
Sheridan
Bicknell
Boonville
Cambridge City
P,
P•
P.
P.
0.
0.
0,
0.
etc.
etc.
etc.
etc.
Site and building
Site and building
Additional land, demolition
and new building
Site and building
Site find building
Site and building
Site and building
Anamo sa
Clarion
Cory don
Forest City
F* 0.
* • 0.
P. 0.
P. 0.
etc.
etc.
etc.
et c.
Site
Site
Site
Site
Leavenworth
Burlington
Heilstead
Salina
Kingman
P.0. & Ct.H,
P. '0. etc.
P. 0, etc.
P.0. & Ct.H,
P. 0* etc.
Demolition and new building
Site and building
Site and building
Additional stories
Site and building
Cadiz
Franklin
Ancho rage
P. 0. vete.
P. 0. etc*
P, 0. etc.
Site and building
Site and building
Site and building
ILLINOIS Cont.
building
buildingbuilding
building
and new building
INDIANA.
and
and
and
and
building
building
building
building
KANSAS
KENTUCKY
PLACE
PURPOSE
PROJECT
KENTUCKY Cont.
Hardinshurg
Williamstown
Lexington
Carlisle
P. 0. etc*
Agr* .& P. 0.
P* H* H*
P* 0* etc*
Site and "building
Site and building
Additional facilities
Site and building
Hew Orleans
Jeanerette
Ro de ssa
Perriday
CarviIle
Lake Charles
Pinevi lie
Apprai sers1 Stores Site and building
Site and building
P. 0* etc*
Site and building
P* 0. etc*
Site and building
P. 0* etc.
Replacements
m fi
Additional land, extension
P.0. & Ct.H.
and remodeling
Site and building
P. 0* etc.
Wilton
Port Kent
P. 0. etc«
P. 0. etc.
LOUISIAKA
MAINE
Site and building
Site and building
MARYLAND
Site and building
P. 0. etc*
Denton
Baltimore,
Site and building
Dundalk Branch P..0.
Appraisers* Stores Additional stories
Baltimore
Extension and remodeling
Annapolis
|| GJ
Site and building
P. 0* etc.
Oakland
MASSACHUSETTS
P•
North Adams
x
South Hadley P.
Millbury
P.
Boston,
Stoneham Branch
0*
0. etc.
0. etc.
Extension and remodeling
Site and building
Site and building
P. 0.
Site and Building
- 6 PLACE
PURPOSE
PROJECT
MASSACHUSETTS Cont.
Manchester
P. 0* etc.
Boston
P.0. Annex
Boston, Chestnut
Hill Branch
P. 0.
Boston, Dorchester
Center Station
P. 0.
Boston,
Weymouth Branch P. 0.
East Walpole
P. 0. etc.
Ealmouth
P. 0. etc.
Site and building
Site and building
Site and building
Site and building
Site and building
Site and building
Site and building
MICHIGAN
Detroit
Garage
Detroit
P.0. &Ct.H.
Milan
P. 0. etc.
Bronson
P. 0. etc.
Buchanan
P. 0. etc.
Sparta
P. 0. etc.
Fenton
P. 0. etc.
Sandusky
P. 0. etc.
Belding
P. 0. etc.
Frankfort
P. 0. etc.
East Tawas
F. & P. 0.
Rogers City
P. 0. etc.
Bessemer
P. 0. etc.
Dearborn, Monroe
Boulevard Station P. 0.
Northville,
P. 0. etc.
Site and building
Additional stories
Site and bui lding
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
Caledonia
St. Paul
Sauk Centre
Redwood Falls
Two Harbors
Site and building
Additional Stories
Site and building
Site and building
Site and building
Site and building
Site and building
]S0TA
P. 0. etc.
P.0. & Cu.H.
P.0, etc.
P. 0. etc.
P. 0. etc.
« 7 PLACE
PURPOSE
PROJECT
Macon
Durant
P. 0. etc.
P. 0. etc.
Site and building
Site and building
Bethany
Kansas City
Eldorado Springs
Marshfield
Eestus
Dexter
St. Loui s)
Maplewood Branch’
St. Louis,
Richmond Heights
Branch
P.
P.
P.
P.
P.
P.
Site and building
Remodeling
Site and building
Site and building
Site and building
Site and building
MISSISSIPPI
MISSOURI
0.
0.
0.
0.
0.
0.
etc.
etc.
etc.
etc.
etc.
P. 0.
Site and building
P. 0.
Site and building
Billings
P.O. & Ct. H.
Extension and remodeling
Lincoln
P.O. & Ct. H.
Extension and remodeling
Benson Station
Columbus
P. 0.
P. 0.
Geneva
Ord
P. 0. etc.
P. 0. etc.
Site and "building
Additional land, extension
and remodeling
Site and building
Site and building
MONTANA
NEBRASKA
Omaha
PURPOSE
PROJECT
Durham
Weodsville
P. 0. etc.
P. 0. etc.
Site and building
Site s.nd building
Penns Grove
Pleasantville
South River
Riverton
Carteret
Garwood
Elemington
Tfifcieck
P.
P.
P.
P.
P.
P.
P.
P.
Albuquerque
F. 0. B.
Site and building
Lynbrook
Hew York
Hew Y*rk
Station "F"
Brooklyn
Brooklyn
Station 1Sn
Flushing
Woodside Station
Tarrytown
Wappingers Falls
Middleburg
Watervliet
Lake George
Schenectady
Scotia Branch
Dannemo ra
Canastota
Frankfort
Oxford
Cortland
p. 0. etc.
Cu:stomhouse
Site and building
Repairs & Replacement
P. 0.
P. 0. & ct.
Site and building
Replacements
P. 0.
Site and building
P.
P.
P.
P.
P.
P.
0.
0.
0.
0.
0.
0.
Site
Site
Site
Site
Site
Site
P.
P.
P.
P.
P.
P.
0.
0.
0.
0.
0.
0.
Geneva
P. 0.
PLACE
HEW HAMPSHIRE
HEW JERSEY
0.
0.
0.
0.
0.
0.
0.
0.
etc.
etc.
etc.
etc.
etc.
etc.
etc.
etc.
Site
Site
Site
Site
Site
Site
Site
Site
and
and
and
and
and
and
and
and
building
building
building
building
building
building
building
building
HEW MEXICO
HEW YORK
etc.
etc.
etc.
etc.
etc.
etc.
etc.
etc.
etc.
etc.
and
and
and
and
and
and
building
building
building
building
building
building
Site and building
Site and building
Site and building
Site and building
Site and building
Additional land,
extension &
remodeling
Extension and
rem©deling
- 9 ~
PURPOSE
PROJECT
P.
P.
P.
P.
P.
P.
0.
0.
0.
0.
0.
0.
etc.
etc.
etc.
etc.
etc.
& Ct. H.
Site
Site
Site
Site
Site
Site
Ahoskie
Siler City
Madison
Red Springs
Hamlet
Concord
P.
P*
P.
P.
P.
P.
0.
0.
0.
0.
0.
C.
etc.
etc.
etc.
etc.
etc.
Kings Mountain
Brevard
P. 0. etc.
P, 0. etc.
Site and building
Site and building
Site and building
Site and building
Site and building
Extension and
remodeling
Site and building
Site and building
Rugby
Lisbon
P. 0. etc.
P. 0. etc.
Site and building
Site and building
Miamisburg
Bluffton
Montpelier
Yellow Springs
Toledo
Perrysburg
Amherst
Loui sville
Toronto
Hubbard
Cleveland
Chardon
P. 0. etc.
P. 0. etc.
P. 0. etc.
P. 0. etc.
Carage
P. 0. etc.
P. 0. etc.
P. 0. etc.
P. 0. etc.
P. 0. etc.
Garage
P. 0. etc.
Site
Site
Site
Site
Site
Site
Site
Site
Site
Site
Site
Site
Coalgate
Lindsay
Hollis
Enid
P.
P.
P.
P.
Site and building
Site and building
Site and building
Demolition and
new building
PLACE
NEW YORK Cont’d.
Montour Palls
Honetye Palls
Middleport
Akron
Orchard Park
Jamestown
and
and
and
and
and
and
building
building
building
building
building
building
NORTH .CAROLINA
v
NORTH, DAKOTA
OHIO,
and
and
and
and
and
and
and
and
and
and
and
and
building
building
building
building
building
building
building
building
building
building
building
building
OKLAHOMA
0.
0.
0.
0.
etc.
etc.
etc.
& Ct. H.
10
-
PLACES
PUBPOSE
PBOJECT
Tillamook
Burns
P. 0. etc.
P. 0. etc.
Site and building
Additional stories
Philadelphia
Perkasie
Downingtown
Scranton
Dunmore Branch
Ashland
Wyomissing
Athens
Jenkintown
Newnort
Shippenshurg
Saint Marys
Lansford
G-reencastle
Beaver
West Newton
G-irard
Prackenridge
Pittsburgh
Q. Ü
P. 0. etc.
P. 0. etc.
Site and buildings
Site and building
Site and building
P.
P.
P.
P.
P.
P.
P.
P.
P.
P.
P.
P.
P.
P.
P.
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
Site and building
Site and building
Site and building
Site and building
Pepairs & Déplacements
OHEGON
PENNSYLVANIA.
0.
0.
0.
0.
0.
0.
0.
0.
0.
0.
0.
0.
0.
0.
0.
etc.
etc.
etc.
etc.
etc.
etc.
etc.
etc.
etc.
etc.
etc.
etc.
etc.
(old)
BRODE ISLAND
Bristol
P. 0. etc.
Apponaug
P. 0. etc.
Additional land,
. demolition and
new building
Site and building
SOUTH CAROLINA
Charleston
Columbia
P. 0. etc.
P. 0.
Easley
Bishopville
P. 0. etc.
P. 0, etc.
Site and building
Additional land,
extension and
remodeling
Site and building
Site and building
•
SOUTH DAKOTA
Beresford
Custer
P. 0 . etc.
P. 0. etc.
Site and building
Site and building
11
-
PBOJFGT
PLÁCB
PUPPOS1
Jefferson City
Sweetwater
Mount Pleasant
Bolivar
p.
p.
p.
p.
San Augustine
Heame
Pasadena
Austin
Glifton
Arlington
Hefugio
Mission
Hereford
Littlefield
P.
P.
P.
P.
P.
P.
Beaver
P. 0. & Agri.
Site and Building
Newport News
Badford.
Hot Springs
Grundy
P.0.,Qt.F. & Cu.H.
P. 0. etc.
P. 0. etc.
P. 0. etc.
Additional stories
Site and Building
Site and Building
Site and Building
Seattle
Glarkston
Okanogan
Tacoma
P.
P.
P.
F.
Site
Site
Site
Site
Fairmont
MartinsBurg
Salem
Sharieston
P. 0. etc.
P. 0. & Gt. E.
P. 0. etc.
Ot . E.
TTOTTSSBB
and
and
and
and
"building
Building
Building
Building
etc.
et c .
etc.
etc.
Site
Site
S it e
Site
P. O’,
P.' 0.
"D 0.
P, 0.
et c .
etc.
etc.
etc.
0.
0.
0.
0.
0.
0.
etc.
etc.
etc.
etc .
etc.
et c .
Site and Building
Site and Building
Site and Building
Additional land,
extension and
remodeling
Site and Building
Site and Building
Site and Building
Site and Building
Site and Building
Site and Building
0.
0.
0.
0.
TSXAS
J.
»
UTAH
VIRGINIA
WASHINGTON
P.
0.
0.
0.
B.
etc.
etc.
B.
and
and
and
and
Building
Building
Building
Building
IBST VIRGINIA
Site and Building
Site and Building
Site and Building
Hemodeling
12
PROJECT
PLACE
PURPOSE
Edgerton
Mayville
Viroqua
Milwaukee
Plymouth
New London
Hudson
Hayward
Site and building
P.'O. etc.
Site and building
P.0, etc..
Site and buildirg.
P.0, etc.
P.0.,Ct.H.& Cu.H. Additional stories
Site and building
P.0. etc.
Site and building
P.0, etc.
Site and. building
P.0, etc.
Site and building
P.0, etc.
Riverton
P.0, etc.
Site and building
Wrangell
P.0.,Cu.H. etc.
Site and building
Wailuku
P.0, etc.
Site and building
Arecibo
P.O. etc.
Site and building
Insular Buildings
Insular Admn.
Rehabilitation
A
WISCONSIN
WYOMING
ALASKA
HAWAII
PUERTO RICO
VIRGIN ISLANDS
ALL STATES
For minor construction and mechanical equipment projects,
including repairs* alterations and improvements to
Federal buildings throughout the country.
BORDER INSPECTION BUILDINGS
For inspection buildings locs.ted on the Canadian and
Mexican borders for the Customs and Immigration
Services.
— 0O0—
TREASURY DEPARTMENT
WASHINGTON
FOR IMMEDIATE RELEASE
Saturday, July 2, 1938
Press Service
Ro. 13-82
.The following statement is made today by Secretary Morgenthau:
The net results of the financial operations of the Government
for the fiscal year 1938 are now available on the basis of the figures
appearing in the Daily Treasury Statement for June 30,. 1938.
Finan
cial operations of the Government for the fiscal year 1938 reflected
an increase in revenues and a decrease in expenditures as compared
with the preceding year.
Total receipts amounted to $6,242,000,000,
as compared with $5,294,000,000 in 1937; and total expenditures,
exclusive of debt retirements, were $7,701,000,000 as compared with
$8,001,000,000 in 1937.
The net deficit (excluding debt retire
ments) for the fiscal year 1938 was $1,459,000,000 as compared, with
net deficits of $2,707,000,000 for 1937 and $4,361,000,000 for 1936.
The following table shows
(l) the actual receipts end expendi
tures
for the fiscal year 1937;
(2) the actual receipts and expendi
tures
for the fiscal year 1938;
(3) the estimated receipts and
expenditures as contained in the Budget Message of last January;
and (4) the increase or decrease in 1938 actual receipts and ex
penditures as compared with the Budget estimate.
2
RECEIPTS AND EXPENDITURES
Actual for 1937 and 1938, estimates for 1938
as contained in the 1939 Budget.
(millions of dollars)
:
1937
:
Estimate
for 1938
ACTUAL
in the
: Increase (♦) :
1939
Decrease (-) : Budget
1938
:
:
:
:
:
:
Increase (*)
or decrease (-)
of 1938 actual
as compared
with Budget
estimate
Receipts:
Income tax ........... ..........
Taxes under Social Security Act .....
Taxes upon carriers and their employees
Other internal revenue ...............
Customs ............... .
Miscellaneous receipts ...............
2,158
252
_
2,188
486
210
2,635
604
150
2,285
359
209
♦
♦
+
♦
-
477
352
150
97
127
1
2,693
571
150
2,285
415
807
+
58
33
—
—
- 56
+
2
Total receipts ................ .
5.294
6.242
+ 948
6.321
-
79
510
570
i- 60
606
-
36
306
42
5
183
856
580
527
321
866
56
45
460
44
a
1
291
974
582
362
325
926
100
28
4
+
+
+
♦
+
+
*
-
154
2
6
108
118
2
165
4
60
44
17
472
30
2
294
951
584
452
310
927
98
50
+
•
+
+
+
-
12
14
5
3
23
2
90
15
1
2
22
4,297
4,661
+ 364
4,776
- 115
64
78
2,639
298
170
6
1,848
240
+ 106
- 72
- 791
- 58
155
2
1,702
216
+ 15
t
4
+ 147
■+ 24
3.079
2,264
~ 815
2,075
+ 190
1
13
134
a
1
48
♦ 113
+
5
• 87
—
+ 382
169
♦ 413
387
147
- 557
♦ 122
♦ 147
Expend!tures:
General:
Departmental ....... .......... .
Public works (including public build
ings, public highways, rivers and
harbors and flood control, reclama
tion and Tennessee Valley Authority)
Postal deficiency...............
Railroad Retirement Act ............
Social Security Act ................
National defense .............. .
Veterans* Administration ........ .
Agricultural Adjustment Program ......
Civilian Conservation Corps ..........
Interest on the public debt ........ .
Refunds ................ ...........
Other.................. ...... .
Sub-total .....................
Recovery and relief:
Agricultural aid ..................
Relief ...........................
Public Works (including work relief) .
Aid to home owners .................
Sub-total......... ...........
Revolving funds (net):
Commodity Credit Corporation .......
Farm Credit Administration........ .
Public Works Administration ........
Export-Import Bank of Washington...
Reconstruction Finance Corporation ..•
Sub-total .......
Transfers to trust accounts, etc:
Adjusted Service Certificate Fund ....
Old-Age Reserve account ........... .
Railroad retirement account ........ .
Government employee? retirement
funds (U. S. share)
Net deficit
....... .......
& Excess of credits, deduct
244
557
265
1
a
13
125
—
150
♦
9
*
X
♦ 198
a
38
♦ 207
_
385
138
+
2
+
8
—
26
73
607
- 262
596
8,001
7,701
- 300
7,409
4 292
2,707
1,459
-1,248
1,088
* 371
47
73
869
+
+
a
■f
Total expenditures (exclusive
of debt retirements).....
a
a
o
r1
Sub-total .....................
a 112
ä
18
221
a
1
a 334
- 3 Total general receipts for the fiscal year 1938 exceeded those
for 1937 "by $948,000*000.
More than half of this increase was ac
counted for hy income taxes which produced $477,000,000 more in 1938
than in 1937#
Taxes collected under the Social Security Act increased
$352,000,000, while taxes upon carriers and their employees, re
flecting taxes collected for the first time under the newly enacted
Railroad Retirement Act of 1937, amounted to $150,000,000.
ternal revenue taxes increased $97,000,000,
Other in
Customs duties, on the
other hand, decreased $127,000,000, reflecting the substantial con
traction in imports during the last six months of the fiscal year as
compared with corresponding imports during the last six months of
the fiscal year 1937, when imports were running at an unusually high
level#
The total receipts for the fiscal year 1938, which amounted to
$6,242,000,000, nearly equalled the estimated receipts for this
period as contained in the President*s'Budget Message of January 3,
1938.
Total receipts were estimated in the Budget Message as
$6,321,000,000, or approximately’$79,000,000 in excess of receipts
actually realized#
Income taxes produced $58,000,000 less than es
timated? miscellaneous internal revenue and taxes upon carriers and
their employees produced exactly the amount estimated#
Customs pro
duced $56,000,000 less than estimated; while taxes under the Social
Security Act were about $33,000,000 greater than estimated, and
miscellaneous receipts $2,000,000 greater than estimated#
The general operating expenditures of the Government amounted
to $4,661,000*000 for the fiscal year 1938 as compared with
$4,297,000,000 for the fiscal year 1937; an increase of $364,000,000#
The principal increases in general operating expenditures
were —
departmental, $60,000,000; public works (public buildings,
public highways, rivers and harbors and flood control, reclamation,
Tennessee Valley Authority), $154,000,000; expenditures under the
Social Security Act, $108,000,000; national defense, $118,000,000;
interest on the public debt, $60,000,000, and. refunds of taxes of
$44,000,000#
The increase under public works was more than offset
by decreased expenditures in similar items under nRecovery and relief1'#
The substantial increase on account of refunds of taxes occurred as the
result of an appropriation of $4,0,561,886*43 for return to certain
States of portions of Federal employers* tax collected under Title
IX of the Social Security. Act for 1936#
These items were offset by
a decrease in the general expenditures under the Agricultural
Adjustment program of $165,000,000; a decrease of $9,000,000 for
Civilian Conservation Corps and other miscellaneous items, and a
decrease under the Railroad Retirement Act of $6,000,000#
Expenditures for recovery and relief were $815,000,000 less
in 1938 than in 1937.
fication were —
The principal decreases under this classi
direct relief of $72,000,000; public highways,
$176,000,000; river and harbor work and flood control, $61,000,000;
Works Progress Administration, $424,000,000; other public works
items, $173,000,000; aid to home owners, $58,000,000#
Increases in
5 -
items classified as recovery and relief during 1938 over 1937 were ~~
reduction in interest rates on mortgages held by the Federal Farm
Mortgage Corporation and Federal Land Banks, amounting to $12,000,000;
reclamation projects, $16,000*000, and Rural Electrification Adminis
tration, $28,000,000,
In addition, there was an increase of
$94,285,404 reflecting a payment on June 30, 1938, to the Commodity
Credit Corporation from the appropriation made to enable the Secre
tary of the Treasury to restore the amount of the capital impairment
of that Corporation,
The amount of this payment was credited against
the Commodity Credit Corporation item under "Revolving Funds,"
Operations on account of revolving funds during 1938 involved
net expenditures of $169,000,000, whereas operations in these accounts
during the fiscal year 1937 produced net receipts to the Treasury
amounting to $244,000,000.
Expenditures representing transfers to trust accounts amounted
to $607,000,000 for 1938 as compared with $869,000,000 for 1937, a
net decrease of $262,000,000.
Transactions for 1938 reflected in
creases of $122,000,000 for the Old-Age Reserve Account; $147,000,000
for the Railroad Retirement Account; and $26,000,000 for Government
retirement funds, and a decrease of $557,000,000 under the Adjusted
Service Certificate Fund.
IBI
THE PUBLIC DEBT
The gross public debt on June 30, 1938, amounted to $37,165,000,000
as compared with $36,425,000,000 on June 30, 1937; an increase of
- 6 -
$740,000,000.
This is a smaller increase in the gross debt than for
any year since the period beginning July 1, 1931.
The following table
shows the manner in which the increase in the public debt is accounted
for (in millions of dollars):
Gross public debt June 30, 1938 •<••••••••••
Gross public debt June 30, 1937
$37,165
36,425
Increase ................... .......
$740
Increase is accounted for as follows:
Net deficit, excluding sinking fund
+
Excess of receipts in trust accounts,
excluding retirements of national bank
notes .......................... ,.••••••• **
Reduction in general fund balance .......... H9MB
1,459
382
337
740
The following statement shows the public debt as of June 30, 1937
and June 30, 1938, classified by character of issues, as between regular
issues sold on the market and special issues held for account of Govern
ment trust and special funds.
It should be noted tha,t although there
was a net increase of $740,000,000 in the amount of the public debt
during the year, the amount of outstanding market issues of public debt
4
securities decreased $378,000,000.
This reduction was due to'the fact
that $1,392,000,000 of gold held in the Inactive Account was trans
ferred during the year to the working balance in the general fund.
This enabled the Treasury not only to reduce its borrowings in the
market but to reduce the public debt in the hands of the public through
the retirement of Treasury bills.
7
Statement of the outstanding pufalip
debt on _June ,30» ,1937 and J\meTn30A^ I 9 M
(in millions of dollars)
Market issues
Prewar bonds
Treasury bonds
#•«*!*•
U* S# Savings bonds • »»»..**•*
Adjusted Service bonds •«*.,«
Treasury notes
Treasury bills
Matured debt on which
interest has ceased «»«•*•«
Debt bearing no interest **•«
Special issues
B
Government Life Insurance Fund
Old-Age Aoserve Account ««»•*«
Railroad Retirement account «•
Government retirement funds • •
Adjusted Service Certificate
Fund
»***»*«.«*
Unemployment Trust Fund
Postal Savings System
Federal Deposit Insurance
Corporation
1222
1222
.1938
Increase (+)
Decrease (-»1
198
19,936
800
'389
10,617
2/303
197
21,846
1,238
319
9,147
1,154
1
4- 1,910
4
438
70
tor 1,470
1,149
' 119
•506
141
448
+
22
58
34,868
34,490
-
378
500
267
+
315
523
662
66
.396
23
395
66
81
38
312
30
26
872
45
—
4
+
12
560
15
■ 95
' 85
to»
■ 10
1,557
2,675
36,425
37,165
m
4* 1,118
•f
740
CONTINGENT LIABILITIES
The contingent liabilities of the Government in the form of
guarantees as to principal and interest on outstanding obligations of
the Reconstruction Finance Corporaticm, Federal Farm Mortgage Corpora
tion* Federal Housing Administration* Home Owners* Loan Corporation*
and the Commodity Credit Corporation amounted to approximately
$4*925*000,000 on June 30, 1938 as compared with $4,743,000,000 on
June 30, 1937 „ a net increase of $182,000,000,
8
LOANS AND INVESTMENTS
The Government*8 interest in the net assets represented "by loans,
and other investments of governmental corporations and credit agencies
amounted to $4,014,000,000 as of May 31, 1938, a net increase of
$125,000,000, as compared with May 31, 1937»
FINANCING OPERATIONS
During the fiscal year 1938 tlie Treasury refunded on a lower in
terest basis four maturing issues of Treasury notes, and also refunded
an issue of Treasury notes maturing on September 15, 1938, aggregating
in all $2,763,811,500.
Maturing notes, including those maturing
September 15, 1938, amounting to $2,573,808,600 on which the annual
interest charge was $77,522,521.25, equivalent to a ratp of 2.099$,
were exchanged for new Treasury notes and Treasury bonds amounting
to $2,673,808,600 on which the annual interest charge amounts to
$58,231,228, equivalent to a rate of 2.178$.
New issues of Treasury notes. Treasury bonds and United States
Savings bonds to the public during the fiscal year 1938, amounted to
$3,624,381,550 as compared with $4,309,205,688 during the fiscal year
1937.
Hie computed rate of interest on such new issues of Treasury
notes, Treasury bonds and United States Savings bonds was 2.265$ as
compared with a computed' rate of 2.357$ for similar issues during the
fiscal year 1937.
The amount of Treasury bills outstanding decreased from
$2,303,000,000 on June 30, 1937 to $1,154,000,000 on June 30, 1938,
a decrease of $1,149,000,000»
— 9 —
The computed rate of interest on the total interest-hearing debt
increased from 2*582$ on June 30, 193? to 2*589$ on June 30, 1938*
Interest payments on the public debt increased from $866,000,000 in
1937 to $926,000,000 in 1938.
The following table shows the issues of Treasury notes, Treasury
bonds and United States Savings bonds offered by the Treasury during
the fiscal year 1938, including refunding operations:
Treasury
Notes
E-1938
B-1942
0 1 942
A-1943
!if!
1
Issue Date
Sept*
Sept,
Dec,
June .
15,
15,
15,
15,
1937
1937
1937
1938
Dec,
Sept*
Dec,
June
15,
15,
15,
15,
1938
1942
1942
1943
Bate
Amount
Issued
$ 433,460,900
342,143,300
232,375,200
i f '$
1-1/8$
267,775.600
ife
H
Total notes
*
$1 ,275,755,000
*
Treasury
Bonds
1945
1948
1958-63
Maturity
Date
Dec,
March
June
15, 1937
15, 1938
15, 1938
Dec,
15, 1945
Sept. 15, 1948
June ..15, 1963'
SM
2ffo
540,843,550
450,978,400
_ 918,780,600
Total Treasury bonds
$ 1,910,602,550
■
'United States Savings bonds (net issues)
Toted bonds and notes
438.024.000
$ 3.624.581.550
-
10
-
The major financing operations of the Treasury were limited to
four quarterly dates, on September 15 and December 15, 1937, and March
15 and June 15, 1938»
On September 15, 193?, the financing consisted of an issue of
1-1/4$ Treaiury notes of Series 1-1938, maturing on December 15, 1938;
and 2$ Treasury notes of Series B-1942, maturing on September 15, 1942,
These notes were offered at par and only in exchange for 3-1/4$ Treasury
notes of Series A-1937, maturing on September 15, 1937.
There were
outstanding on September 15, 1937, $817,483,500 of the Series A-1937
notes, of which $433,460,900 were exchanged for 1-1/4$ Treasury notes
of Series 3B-1938 and $342,143,300 were exchanged for 2$ Treasury notes
of Series B-1942.
The financing on December 15, 1937, consisted of an offering for
t
cash, at par and accrued interest of $250,000,000, or thereabouts, of
2- 1/2$ Treasury bonds of 1945, and $200,000,000, or thereabouts, of
5-year 1-3/4$ Treasury notes of Series C-1942.
The holders of
$276,679,600 outstanding 2-5/8$ Treasury notes of Series A-1938, matur
ing February 1, 1938, were offered the privilege of exchanging such
notes either for Treasury bonds or Treasury notes, the exchange to be
made par for par with an adjustment of accrued interest as of December 15*1937, and to the extent of such exchanges the offerings of bonds and
notes were subject to increase.
The amount of 2-1/2$ Treasury bonds
of 1945 issued for cash was $293,513,250 and the amount issued in ex
change for 2-5/8$ Treasury notes of Series A-1938 was $247,330,300.
The amount of 1-3/4$ Treasury notes issued for cash was $219,035,700
-
11
-
and the amount issued in exchange for 2-5/8$ Treasury notes of Series
A-1938 was $13,339,500#
On March 7, 1938j the Secretary of the Treasury offered 2-l/2$
Treasury bonds of 1948, maturing September 15, 1948, in exchange, on
the basis of par for par as of March 15, 1938, for 3$ Treasury notes
of Series C-1938, of which $455,175,500 matured on March 15, 1938#
The 2-1 /2$ Treasury bonds of 1948, issued in exchange for Treasury
notes of Series C-1938, amounted to $450,978,400#
On June 6, 1938, there were offered for issue on June 15, 1938,
2-3/4$ Treasury bonds of 1958-63 and 1-1/8$ Treasury notes of Series
A-1943, both in exchange for 2-7/8$ Treasury notes of Series B-1938,
maturing June 15, 1938, or 2-1/2$ Treasury notes of Series D-1938,
.•maturing September 15, 1938#
Exchanges were made par for par, and
the' offering of new bonds and new notes was limited to the amount of
notes of either series tendered and accepted in exchange therefor#
Where notes of Series D-1938 were tendered in exchange for.the new
notes, interest at 2-l/2$ was allowed to September 15, 1938, and in
terest at 1-1/8$ was charged from June 15th to September 15th* other
wise interest adjustments were all as of June 15, 1938*
An aggregate
of $918,780,600 of 2-3/4$ Treasury bonds of 1958-63 was issued;
$571,736,200 in exchange for 2-7/8$ Treasury notes of Series B-1938,
and $347,044,400 in exchange for 2-l/2$ Treasury notes of Series
D-1938#
The l-l/8$ Treasury notes of Series A-1943 issued amounted
to $267,775,600; of which $36,142,600 was issued in exchange for
2-7/8$ Treasury notes of Series B-1938, and $231,633,000 in
exchange for 2-1/2$ Treasury notes of Series D-1938#
«msAScrmr
m sm om m
fo n m
i
,
mmxm mmpàwm,
Press Service
Saturday» July 8, 1958»
7/1/38
\ V * E >
The Seeretary of thè Treasury announced laat evening that thè
tendere for #100,000,000, or thereabouts, of 91-day Treasury bilie, to be
datad Jfcly 6 and to saturo Ootobor 8, 1938, abiob vere offered oa lana 89,
«oro oponed at tfee Federai ReBorre banks oa July 1«
Tfeo dotallo of tblo lsouo are ao follows :
fatai appiiod for
Total accepted
* #189,753,000
* 100,001,000
Rango of accepted bids:
Eigb
low
A rerage prieo
(84 percent
« 100*
•
*
of thè
99*998
99*994
Equi vai ent rato approxiinately 0*032 percent
»
*
m
o*023
*
araount bid
for at thè
low
prie# va«
aoooptod)
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Saturday, July 2, 1938._________
7/1/38
7
Press Service
No. 13-83
The Secretary of the Treasury announced last evening that the,tenders for
$100,000,000, or thereabouts, of 91-day Treasury bills, to be dated July 6
and to mature October 5, 1938, which were offered on June 29, were opened at
the Federal Reserve banks on July 1.
The details of this issue are as follows*
Total applied for
Total accepted
- $189,753,000
- 100,001,000
Range of accepted bids;
High
Low
Average price
- 100.
- 99.992 Equivalent rate approximately 0.032 percent
- 99.994
11
11
,r
0.023
n
(84 percent of the amount bid for at the low price was accepted)
ENCLOSURE N°
17517
D WINES AND DUTIES COLLECTED THEREON
y
TREASURY DEPARTMENT
bu r e au op custo m s
GPO 116849
3,Oxo
13 38
April
*
___19Jg_ -
Hay
s
1937
*
1st 11 months, F. Y,
*
1938
1937
oc
771*782
3*755*008
749,553
4,365#639
843,488
732,355
1 ,2 3 7 , 0 1 1
4 ,9 9 2 , 0 1 9
3 ,8 6 3 ,8 3 9
1 3 ,0 7 3 ,7 8 0
1 6 ,9 3 7 , 6 1 9
18,811,433
1,213,784
13*333*389
14,946,907
4,920
8 7 1,5 9 5
16 ,4 5 6
6 ,7 8 1
86,999
3,517*231
3* £1 6 , 0 8 6
3,771,454
3 ,5 1 7 * 2 3 1
3*771*454
1*374,895.
1*405,876
193,144
1,201,674
320,714
1 *2 9 8 ,3 0 4
188,928
2,927,818
1,563,823
1,599*020
1*522,388
3,249,101
2,538
223*577
548
278,860
4,226,122
2,852,710
1*633* 579
2 *8 6 5 ,3 6 1
4,498,940
537
10 ,4 3 6
6,848
Stock in Customs Bonded Warehouses
at end
1*363*376
1*374,895
1 ,2 4 2 , 9 9 1
1*363*376
1,242,991
2 0 6 ,17 8
6 0 7 ,6 9 1
8 13,86 9
220,745
73 1,2 0 6
514,901
526,034
35
1*555
478
nouses at beginning
Total Imports (Free and Dutiable)
Available for Consumption
Entered into Consumption (a)
E-xpoiMred from Customs Custody
4, 5 0 4 , 1 3 7
3 *706,833
1 5 *104,600
93*078 -
Stock in Customs Bonded Warehouses
at end
STILL WINES (Liquid Gallons)*
Stock in Customs Bonded Ware»
houses at beginning
Total Imports (Free and Dutiable)
Available for Consumption
Entered into Consumption (a)
Escparted- from Customs Custody
197,909
SPARKLING WINES (Liquid Gallons)*
Stock in Customs Bonded Ware»
houses at beginning
Total Imports (Free and Dutiabl e)
Available for Consumption
Entered into Consumption (a)
Exp«rt«d froRi Customs Custody
3 0 2 ,7 6 9
18 ,0 3 2
3 2 0 ,8 0 1
2 3 ,3 8 8
2 9 9 ,0 8 7
2 2 ,9 6 3
322,0 5 0
2 3 0 ,7 8 1
2 6 ,0 5 2
18,802
-
Stock in Custotos Bonded Warehouses
at end
199*634)
31,147
—
....
510,461
-237,413
3 0 2 ,7 6 9
2 0 4 ,6 9 4
297,413
204,694
$ 2 ,0 8 5 ,9 7 6
$ 2 ,1 6 3 , 2 5 2
$2,985,684
$32,841,358
17 0 ,7 7 9
7 0 ,13 1
19 6 ,8 4 1
247,970
2 ,5 2 1 , 2 0 0
$36,799*08?
2 , 9 0 4 ,6 8 9
55*59 3
1*577*313
$ 2 ,4 1 5 , 6 8 6
77*367
$ 3 ,3 1 1 , 0 2 1
1 *5 39 * 22 5
Total Duties Colleoted on Liquors $2 ,3 26 ,8 8 6
$3 6 , 9 0 1 , 7 8 3
$41,281,091
300 ,3 3 4 ,9 9 8
$46 ,2 5 1 , 6 9 1 $ 3 3 7 ,2 3 6 , 7 8 1
4 4 4 4 , 6 4 1 ,0 5 2
DUTIES COLLECTED ON:
Distilled Liquors
Still Wines
Sparkling Wines
Total D ut .1& s ~-C-q 1 1etrfrW A on Othe *
Commodities
T otal_J2uties Col 1 ecied
20*006*678
422*335*564
Percent Collected on Liquors
;
22,014,277
4 2 4 ,4 2 9 ,9 6 3
9*9^
-—
♦yr*
403,359»96l—
42,940.670
(a) » Including withdrawals for ship supplies and diplomatic use.
7,2^
*w •yF*
y
•
^__(Tyepared by Division of Statistic s and Researoh , Bureau 0 f Cust ora¿7
IMPORTS OP DISTILLED LIOUORS AND WINES AND DUTIES COLLECTED THEREON
_______________ ________________May 1938
S
May
• * . 1938
__________________
*
April
*
May
*
s
1938
*
1937
*
1st 1 1 1months, F* Y.
1938
*
1937
DISTILLED LI&UORS (Proof Gallons)*
Stock in Customs Bonded Ware*
3 ,6 1 6 ,0 8 6
houses at beginning
Total Imports (Free and Dutiable)
3,771,782
3,755,008
3 ,8 6 3 ,8 3 9
3,706,839
732,355
4,504,137
1 ,2 3 7 , 0 1 1
4 ,9 9 2 , 0 1 9
13,073*780
15,104,600
1 6 ,9 3 7 , 6 1 9
18,811,439
8 7 1,5 9 5
16*456
1,213,784
É.781
13,333,389
14,946,907
86*999
93,078
3,517,231
3 ^6 1 6 , 0 8 6
3 ,7 7 1 , 4 5 4
3 ,5 1 7 , 2 3 1
3,771,454
1,374,895
188,928
1 ,4 0 5 ,87 s
19 3 ,14 4
1 ,2 9 8 ,3 0 4
2 *9 2 7 , 8 1 8
1,563,823
1,599,020
197,909
2*538
2 2 3,5 7 7
1 ,2 0 1 , 6 7 4
3 2 0 ,7 14
1 , 5 2 2 ,3 8 8
2 7 8 ,8 6 0
4,226,122
2 ,8 5 2 , 7 1 0
2 ,865,361
4 ,498,940
3 ,2 4 9 ,10 1
548
997
10 * 0 3 6
6,848
1,363,376
1 ,3 7 4 , 8 9 5
1 ,2 4 2 , 9 9 1
1,363,376
1,242,991
302,769
299,087
320,801
2 2 ,9 6 3
322,050
2 3 ,3 8 8
18,802
2 0 6 ,17 8
6 0 7 ,6 9 1
8 13,8 6 9
514 ,9 0 1
220,745
18,032
749,553
4 *3 ^ 5 ,6 3 9
Available for Consumption
Entered into Consumption (a)
Expert-ed'from 0ustems Custody
843*488
4,92©
—
Stock in Customs Bonded Warehouse s
at end
STILL WINES (Liquid Gallons)*
Stook in Customs Bonded Ware-*
houses at beginning
Total Imports (Pree and Dutiable)
Available for Consumption
Entered into Consumption (a)
Exported.from Gustome jCustedy
1,633,57?
Stook in Customs Bonded Warehouses
at end
SPARKLING WINES (Liquid Gallons)*
Stock in Customs Bonded Ware*
houses at beginning
Total Imports (Free and Dutiable)
Available for Consumption
Entered into Consumption (a)
Exported- from CuEtoae Cuetedy
-
19 9 ,6 3 4 }
3 1,14 7
2 3 0 ,7 8 1
2 6 ,0 5 2
—
.35
510,461
73 1,2 0 6
526,034
1*955 — —
.. 478
Stook in Customs Bonded Warehouseii
2 0 4 .6 9 4
297,413
204,694
* 2 ,1 6 3 , 2 5 2
$2,985,684
19 6 ,8 4 1
247,970
$3 2 ,8 4 1 , 3 5 8
2 ,5 2 1 , 2 0 0
$36,799,08?
2 ,904,689
297,413
3 0 2 ,7 6 9
$2,085,976
17 0 ,7 7 9
7 0 ,13 1
Total Duties Collected on Liquors $ 2 ,3 26 ,8 8 6
at end
DUTIES COLLECTED ON*
•a
Distilled Liquors
Still Wines
Sparkling Wines
Total Dut ies Gel looted on Otheb
Commodities
T ot *U2uties Collected
Percent Collected 0*1 Liquors
55,593
77,367
1,539,225
1,577,313
$2 ,4 1 5 , 6 8 6
$ 3 ,3 1 1 , 0 2 1
$3 6 , 9 0 1 , 7 8 3
$41,281,091
42,940,670
300,334,998
403,359,961
$444,641,052
2 0,008i678
22,014,277
$-2-2*335,564
4 2 4 *4 2 9 ,9 6 3
$4 6 *2 5 1 , 6 9 1 $ 3 3 7 ,2 3 6 , 7 8 1
(a) - Including withdrawals for ship supplies and diplomatic use*
*v "/!
7 *7“
*
___(Pfrepared by Division of Statistic s and Researoh 1, Bureau 0 f Customs)
TREASURY DEPARTMENT
Washington
Press Sorvico
No. 13-84
FOR IMMEDIATE RELEASE,
Tuesday, July 5, 1938.
Commissionor of Customs Janos H. Moyle today issued the following statement
shewing imports of distilled liquors and wines and duties collected thereon, Govern
ing the month of May, 1938, with comparative figures for the months of May, 1937,
and April, 1938, and the first eleven months of the fiscal years 1937 and 1938:
1st 11 months, F.Y.
May
April
May
1937
1937
1938
1938
1938
DISTILLED LIQUORS
(Proof Gallons)
Stock in Customs
Bonded Warehouses
3,863,839
3,755,008
at beginning ....
3,6i6,086
3,771,782
3,706,839
Total Imports (Free
and Dutiable) •. •
13,073,780
15,104,600,
749,553
732,355
1,237,011
Available for Con
18,811,439
16,937,619
sumption .......
4,365,639
4,504,137
4,992,019
Entered into Con
14,946,907
13,333,389
843,488
1,213,784
sumption (a) ...»
871,595
Stock in Customs
Bonded Warehouses
3,771,454
at end .........
3,517,231
3,517,231
3,616,086
3,771,454
STILL WINES
(Liquid Gallons)
Stock in Customs
Bonded Warehouses
1,633,579
1,298,304
at beginning ....
1,201,674
1,374,895
1,405,876
Total Imports (Free
2,865,361
2,927,818
and Dutiable) ...
188,928
193,144
320,714
Available for Con
4,498,940
1,522,388
sumption ........
4,226,122
1,563,823
1,599,020
Entered into Con
3,249,101
2,852,710
sumption (a) »..*
197,909
223,577
278,060
Stock in Customs
Bonded Warehouses
1,242,991
at end .........
1,363,376
1,242,991
1,363,376
1,374,895
SPARKLING WINES
(Liquid Gallons)
Stock in Customs
Bonded Warehouses
220,745
206,178
at beginning ...•
302,769
299,007
199,634
Total Imports (Free
510,461
607,691
and Dutiable) .*•
31,147
22,963
18,032
Available for Con
731,206
813,869
230,781
sumption ..... .
320,801
322,050
Entered into Con
526,034
514,901
23,388
sumption (a) ....
26,052
10,802
Stock in Customs
Bonded Warehouses
204,694
at end .........
297,413
297,413
302,769
204,694
duties COLLECTED ON:
$36,799,009
Distilled Liquors
$2,985,684 $32,841,358
$2,005,976
$2,163,252
2,904,609
Still Wines
170,779
2,521,200
196,841
247,970
1,577,313
1,539,225
Sparkling Wines
77,367
55,593
70,131
Total Duties Col
$41,201,091
lected on Liquors
$2,326,806
$2,415,606
$3,311,021 $36,901,783
Ta) Including withdrawals for ship supplies and diplomatic use.
oOo—
IIP -WW| K
For release
July 6,1938
The
j u r y of e i g h t m e n s
architectural designs
for
small post
began
awards
to t e n
T r e a s u r y d e p a r t m e n t fs c o m p e t i t i o n
buildings
costing not more
than $50,000
their
f r o m a t o t a l of
its w o r k t o d a y »
The
429
office
in the
c h o s e n to m a k e
designs
jurors w i l l m a k e
contributed f r o m a list
acggcbtaaft r e g i s t e r e d f o r t h e
The t en winners
selections
of 1,189
applicants
who
competition#
will
receive
awards
of $ 1 , 0 0 0 each#
ShsrsLz±sxBsz±iagxl±is±tx on
Announcement
the
awards
office
for the
will be made
Division,
building
s o o n as
at C o v i n g t o n , K y # ,
Designs w i l l be a c c e p t e d b y
u n t i l A u g * , 2# T h e w i n n e r
of
petition will receive
an a w a r d of $ 4 , 5 0 0 f o r hi s
additional $4,500 for
consultation services
of
as
second architectural competition
and court house
a l r e a d y are b e i n g r e c e i v e d #
Procurement
the w i n n e r s
are m a d e #
Applications
for a post
of
the w o r k i n g
drawings
and
specifications*
this
t he
com
design,
during the
a n d an
preparation
jjf^ M r * G a s t o n :
T h e s e d e s i g n s a r e o n display
fifth floor Bnreaunof Engraving Annex/
Mr «Simon thinks
confidential#
this
s h o u l d bl
I w i l l a r r a n g e to h a v e photos!
of w i n n i n g d e s i g n s m a d e as s o o n as
possible#
C a n t g e t a w a y f r o m t his desk,!
u n t i l t h e n o i s e f r o m the l i s t of n e w
projects subsides#
e#m#
TREASURY' DEPARTMENT
Washington
Press Service
No. 13-85
POR RELEASE, MORNING NEWSPAPERS,
Wednesday, July 6, 1958,_______
7-5-30
The jury of eight men chosen to make awards to ten architectural
designs in the Treasury Department1s competition for small post office build
ings costing not more than $50,000 began its work today.
The jurors will make their selections from a total of 429 designs con
tributed from a list of 1,189 applicants who' registered for the competition.
The ten winners will receive awards of $1,000 each.
Announcement of the
winners will be made as soon as tho awards are made.
Applications for tho second architectural competition for a post office
and court house building at Covington, Kentucky, already are being received»
Designs will be accepted by the Procurement Division until August 2.
The
winner of this competition will receive an award of $4,500 for his design, and
an additional $4,500 for consultation services during the preparation of the
working drawings and specifications.
-oOo'
TREASURY DEPARTMENT
Washington
FOR RELEASE MORNING NEWSPAPERS
Monday
July
11
1938
PRESS SERVICE
N o . 13-86
Marshall R. Diggs, Acting Comptroller of the Currency, today announced
the completion of the liquidation of 39 receiverships during the month of
June, 1938«
This makes a total of 1,142 receiverships finally closed or
restored to solvency since the Banking Holiday of March, 1933.
Total dis
bursements, including offsets allowed, to depositors and other creditors
of these 1,142 receiverships, exclusive of the 42 restored to solvency,
aggregated $443,598,221 .00, or an average return of 80.35 per cent of
total liabilities, while unsecured creditors received dividends amounting
to an average of 66.79 per cent of their claims . Dividends distributed to
creditors of all active receiverships during the month of June, 1938,
amounted to $4,660,897.00 . Total dividends paid and distributions to
depositors of all receiverships from March 16, 1933 to June 30, 1938,
amounted to $911,196,197.00 .
While 1,142 receiverships have been finally closed or restored to
solvency since the banking holiday of March 1933 as noted above, total
receiverships administered by the Office of the Comptroller of the Currency
during such period numbered 1,742, of which 600 remained in process of
liquidation as of the close of business June 30, 1938.
The distribution
States of these total national bank receiverships administered, finally
closed and in process of liquidation as of June 30, 1938, is as given in
the following tabulation:
-
2
-
INSOLVENT NATIONAL BANKS ADMINISTERED
BY OEEICE COMPTROLLER OP THE CURRENCY
PERIOD MARCH 16, 1933, TO JUNE 30, 1938
State.
Total Banks
Administered
Trusts Completely
Liquidated or Re
stored to Solvency.
Trusts still in
Process of Liqui
dation as of
June 30, 1938
Alabama
Arizona
Arkansas
California
Colorado
35
3
20
43
30
20
2
22
31
29
7
1
6
12
1
Connecticut
Delaware
District of Columbia
Florida
Georgia
1
1
19
24
23
1
1
3
21
21
0
0
16
3
2
Idaho
Illinois
Indiana
Iowa
Kansas
10
196
76
121
28
9
108
46
111
26
1
88
30
10
2
Kentucky
Louisiana
Maine
Maryland
Massachusetts
31
8
:13
15
12
19
2
1
6
3
12
6
12
9
9
Michigan
Minnesota
Mississippi
Missouri
Montana
61
59
11
42
18
28
55
8
33
13
33
4
3
9
5
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
39
2
1
50
1
35
0
0
17
1
4
2
33
0
-3 -
INSOLVENT NATIONAL BANKS ADMINISTERED
BY OFFICE COMPTROLLER OF THE CURRENCY
PERIOD MARCH 16, 1933, TO JUNE 30, 1938
Continued.
State.
Total B anks
Administered
Trusts Completely
Liquidated or Re
stored to Solvency
Trusts still in
Process of Liqui
dation as of
June 30, 1930
New York
North C a r o lin a
North D ak ota
Ohio
Oklahoma
77
28
47
75
33
?6
18
46
52
30
41
10
1
23
3
Oregon
P e n n sy lv a n ia
Rhode I s l a n d
South C a r o lin a
South D ak o ta
10
161
1
26
47
12
61
1
19
37
6
100
0
7
10
Utah
Vermont
V ir g in ia
20
73
2
9
18
16
63
1
4
7
12
10
1
5
11
Washingt on
West V i r g i n i a
W isconsin
Wyoming
21
32
45
0
18
13
28
0
3
19
17
0
I/f42
1,142
600
Tennessee
Texas
Total
- 4 -
CITY NATIONAL BANK, BESSEMER, ALABAMA:
This hank; was placed in receivership January 12,~
1931.
Depositors and other creditors received, including
offsets allowed, $512 050 00, representing 71 .34$ of total
liabilities established . Unsecured depositors received
dividends aggregating 48 .05$ of claims proved.
~ 5 ~
FARMERS NATIONAL BANK, COTTON PLANT, ARKANSAS:
This "bank was formerly in conservatorship.
finally placed in receivership March 19, 1934.
It was
Depositors
and other creditors received, including offsets allowed,
$102 130 00, representing 92 .86$ of total liabilities
established.
Unsecured depositors received dividends
aggregating 87$ of claims proved.
FIRST NATIONAL B A M , STEAMBOAT SPRINGS, COLORADO:
This hank was placed in receivership November 17, 1931.
Depositors and other creditors received, including
offsets allowed, $419 585 00, representing 80.17$ of
total liabilities established.
Unsecured depositors
received dividends aggregating 04$ of claims proved.
pim
m
national b a n k , palatka,
Fl o r i d a :
This hank was placed, in receivership December 31,1932.
Depositors and other creditors received, includ
ing offsets allowed, $940 730 00, representing 67.71$ of
total liabilities established.
Unsecured depositors
received dividends aggregating 23$ of claims proved.
- G FIRST RATIONAL BARK, BREESE, ILLINOIS:
This hank was formerly in conservatorship . It was finally placed in
receivership May 31, 1934.
Depositors and other creditors received, includ
ing offsets allowed, $210 926 00, representing 77.6$ of total liabilities
established.
Unsecured depositors received dividends aggregating 72.4$ of
claims proved.
FIRST NATIONAL BANK & TRUST COMPANY, CHICAGO HEIGHTS, ILLINOIS:
This bank was placed in receivership July 7, 1932.
Depositors and
other creditors received, including offsets allowed, $1 314 784 00, represent
ing 104.69$ of total liabilities established.
Unsecured depositors received
dividends aggregating 100$ principal plus an additional interest dividend
of 9.45$.
Assets and stockholders1 unpaid assessments having book values
in the respective aggregate amounts of $134 511 00 and $101 2G1 00 and cash
in the sum of $5954 00 were transferred to an agent elected by the share
holders.
FIRST NATIONAL BANK, LANARK, ILLINOIS:
This bank was formerly in conservatorship.
receivership November 21, 1934.
It was finally placed in
Depositors and other creditors received,
including offsets allowed, $430 023 00, representing 86.9$ of total liabilities
established.
Unsecured depositors received dividends aggregating 83.5$ of
claims proved.
FIRST NATIONAL BANK, LE ROY, ILLINOIS:
This bank was placed in receivership February 19, 1932.
Depositors and
other creditors received, including offsets allowed, $244 245 00, representing
- 9 -
100.78$ of total liabilities established.
Unsecured depositors received
dividends aggregating 100$ principal plus an additional interest dividend
of 12$.
Assets and stockholders’ unpaid assessments having book values in
the respective aggregate amounts of $130 094 00 and $16 594 00, and cash in
the sum of $2201 00, were transferred to an agent elected by the shareholders.
AMERICAN NATIONAL BANK, LINCOLN, ILLINOIS:
A receiver was appointed for this bank under date of August 15, 1934,
for the purpose of collecting a stock assessment covering deficiency in value
of assets sold and/or completing unfinished liquidation, depositors and credi
tors having been previously paid in full by assumption of liabilities by
another bank. Dividends paid amounted to 42.845$ of claims proved, while
total disbursements by the Receiver, including offsets allowed, aggregated
$306 149 00, representing 90.11$ of total liabilities.
PANA NATIONAL BANK, PANA, ILLINOIS:
This bank was placed in receivership April 1, 1930.
Depositors and
other creditors received, including offsets allowed, $625 770 00, representing
78.28$ of total liabilities established.
Unsecured depositors received divi
dends aggregating 62.83$ of claims proved.
TAYL0RVILLE NATIONAL BANK, TAIL ORVILLE, ILLINOIS:
A receiver was appointed for this bank under date of March 19, 1934, for
the purpose of collecting a stock assessment covering deficiency in value of
assets sold and/or completing unfinished liquidation, depositors and creditors
having been previously paid in full by assumption of liabilities by another
bank.
Dividends paid amounted to 26.354$ of claims proved, while total dis
bursements by the Receiver, including offsets allowed, aggregated $265.671 00,
representing 88.51$ of total liabilities.
10
-
CONTINENTAL NATIONAL BADE, INDIANAPOLIS, INDIANA:
A receiver was appointed for this baBk under date of
April 8, 1933, for the purpose of collecting a stock assessment
covering deficiency in value of assets sold and/or completing
unfinished liquidation, depositors and creditors having been
previously paid in full by assumption of liabilities by another
bank.
Dividends paid amounted to 87.6542$ of claims proved,
while total disbursements by the Receiver, including offsets
allowed, aggregated $111 677 00, representing 88.34$ of total
liabilities.
HOWARD NATIONAL BANK, KOKOMO, INDIANA:
A receiver was appointed for this bank under date of
January 22, 1931, for the purpose of collecting a stock assessment
covering deficiency in value of assets sold and/or completing un
finished liquidation, depositors and creditors having been previously
paid in full by assumption of liabilities by another bank.
Dividends
paid amounted to 23.6$ of claims proved, while total disbursements
by the Receiver, including offsets allowed, aggregated $564 996 00,
representing 78.01$ of total liabilities.
11
-
FIRST NATIONAL RANK IN HAZARD, KENTUCKY:
This hank was placed in receivership January 18, 1932.
Depositors and other creditors received, including offsets allowed,
$477 669 00, representing 72 .93$ of total liabilities established.
Unsecured depositors received dividends aggregating 70$ of claims
proved.
FIRST NATIONAL BANK, STONE, KENTUCKY:
This bank was placed in receivership March 17, 1931.
Deposi
tors and other creditors received, including offsets allowed,
$370 432 00, representing 86.12$ of total liabilities established.
Unsecured depositors received dividends aggregating 84.3$ of claims
proved.
12
-
FARMERS & MERCHANTS NATIONAL BANK, BEL AIR, MARYLAND:
This hank was formerly in conservatorship.
placed in receivership October 11, 1933.
It was finally
Depositors and other
creditors received, including offsets allowed,
$503 136 00,
representing 94.83$ of total liabilities established.
Unsecured
depositors received dividends aggregating 90.383$ of claims proved.
FIRST NATIONAL BANK OF KITZMILLERVILLE,
KITZMILLER, MARYLAND:
This bank was formerly in conservatorship.
placed in receivership May 19, 1933.
It was finally
Depositors and other creditors
received, including offsets allowed, $206 607 00, representing 92.95$
of total liabilities established.
Unsecured depositors received
dividends aggregating 93$ of claims proved.
- 13 -
LEOMINSTER NATIONAL BANK, LEOMINSTER, MASSACHUSETTS:
This hank was placed in receivership June 11, 1932.
Depositors and other creditors received, including offsets
allowed, $1 429 952 00, representing 86.81$ of total lia
bilities established.
Unsecured depositors received
dividends aggregating 82.57$ of claims proved.
14 -
FIRST NATIONAL BANK, FRAZEE, MINNESOTA:
This bank was placed in receivership September 26, 1932.
tors and other creditors received, including offsets allowed,
representing 76.68$ of total liabilities established.
Deposi
$267 855 00,
Unsecured deposi
tors received dividends aggregating 66.4$ of claims proved.
FIRST NATIONAL BANK, PARK RAPIDS, MINNESOTA:
This bank was formerly in conservatorship.
in receivership November 8, 1933.
It was finally placed
Depositors and other creditors received,
including offsets allowed, $309 407 00, representing 78.77$ of total liabili
ties established.
Unsecured depositors received dividends aggregating
74.1$ of claims proved.
FIRST NATIONAL BANK, WHITE BEAR LAKE, MINNESOTA:
This bank was formerly in conservatorship.
in receivership December 11, 1933.
It was finally placed
Depositors and other creditors received,
including offsets allowed, $305 217 00, representing 75.56$ of total liabili
ties established.
Unsecured depositors received dividends aggregating
of claims proved*
15 -
FIRST NATIONAL BANK, ALLIANCE, NEBRASKA:
This hank was placed in receivership November 3, 1931.
Depositors
and other creditors received, including offsets allowed, $2 017 844 00,
representing 83.46$ of total liabilities established.
Unsecured deposi
tors received dividends aggregating 66.6$ of claims proved.
COMMERCIAL NATIONAL BANK, COLUMBUS, NEBRASKA:
This bank was placed in receivership January 24, 1933.
and other creditors received, including offsets allowed,
representing 89.85$ of total liabilities established.
Depositors
$396 328 00,
Unsecured deposi
tors received dividends aggregating 84.05$ of claims proved.
FIRST NATIONAL BANK, SCRIBNER, NEBRASKA:
This bank was formerly in conservatorship.
receivership September 20, 1934.
It was finally placed in
Depositors and other creditors received,
including offsets allowed, $526 069 00, representing 73.45$ of total
liabilities established.
Unsecured depositors received dividends aggre
gating 56 .7$ of claims proved.
- 16 -
FIRST RATIONAL BANK, MIDLAND PARK, NEW JERSEY:
This bank was formerly in conservatorship.
placed in receivership»
September 15, 1933.
It was finally-
Depositors and other
creditors received, including offsets allowed, $413 364 00, repre
senting 91.98$ of total liabilities established.
Unsecured deposi
tors received dividends aggregating 86.15$ of claims proved.
PLEASANTVILLE NATIONAL BANK, PLEASANTVILLE, NEU JERSEY:
This bank was placed in receivership February 4, 1933.
Depositors and other creditors received, including offsets
allowed, $245 466 00, representing 59.24$ of total liabilities
established . Unsecured depositors received dividends aggre
gating 20.13$ of claims proved.
- 17 -
CRESTWOOD NATIONAL BANK, TUCKAHOE, NEW YORK:
This hank was formerly in conservatorship.
finally placed in receivership January 15, 1934.
It was
Depositors
and other creditors received, including offsets allowed,
$766 072 00, representing 101 .45$ of total liabilities
established.
Unsecured depositors received dividends aggre
gating 100$ principal plus an additional interest dividend
of 3.55$.
- 18 -
FARMERS NATIONAL BANK, SARDINIA, OHIO:
The Federal Deposit Insurance Corporation was appointed
receiver for this bank on July 25, 1935.
Depositors and other
creditors received, including offsets allowed, $287 497 00,
representing 101.63$ of total liabilities established.
Unse
cured depositors received dividends aggregating 100$ principal
plus an additional interest dividend of 2.3$.
19 -
FIRST NATIONAL BANK, MILTON, OREGON:
This bank was placed in receivership February 3, 1932.
Depositors and other creditors received, including offsets
allowed, $339 288 00, representing 63.99$ of total liabili
ties established.
Unsecured depositors received dividends
aggregating 55.8$ of claims proved.
20
-
FIRST NATIONAL BLNK, ROCKWOOL, PENNSYLVANIA:
This "bank was formerly in conservatorship.
placed in receivership April 20, 1934.
It was finally
Depositors and other
creditors received, including offsets allowed, $467 535 00, repre
senting 75.15$ of total liabilities established.
Unsecured
depositors received dividends aggregating 68.35$ of claims proved.
FIRST NATIONAL BANK, ROSETO, PENNSYLVANIA:
This bank was formerly in conservatorship.
placed in receivership January 8, 1934.
It was finally
Depositors and other
creditors received, including offsets allowed, $278 482 00, repre
senting 80.2$ of total liabilities established.
Unsecured
depositors received dividends aggregating 69.75$ of claims proved.
MAIN LINE NATIONAL BANK, WAYNE, PENNSYLVANIA:
This bank was placed in receivership October 12, 1931.
Deposi
tors and other creditors received, including offsets allowed,
$439 027 00, representing 54.2$ of total liabilities established.
Unsecured depositors received dividends aggregating 32.677$ of
claims proved.
~
21
-
NATIONAL EXCHANGE BANK, CHESTER, SOUTH CAROLINA:
This hank was placed in receivership March 9, 1933 .
Depositors and other creditors received, including offsets
allowed, $502 831 00, representing 75.19$ of total liabili
ties established.
Unsecured depositors received dividends
aggregating S3.15$ of claims proved.
-
22
~
AMERI C M NATIONAL B A M , REDE IELD, SOUTH DAKOTA:
This hank was placed in receivership December 12, ~
1930 . Depositors and other creditors received, including
offsets allowed, $398 289 00, representing 69.9$ of total
liabilities established . Unsecured depositors received
dividends aggregating 56,5$ of claims proved.
-
aa
~
FIRST NATIONAL BANK, MORFREESBORO, TENNESSEE:
This hank was placed in receivership February 1, 1932.
Depositors and-other creditors received, including offsets
allowed, $1 208 996 00, representing 83.6$ of total liabili
ties established.
Unsecured depositors received dividends
aggregating 75.047$ of claims proved.
- 24 -
CITY NATIONAL RANK & TRUST COMPANY, CORPUS CHRISTI, TEXAS:
This bank was placed in receivership November 11, 1931.
Depositors and other creditors received, including offsets
allowed, $1 509 858 00, representing 88.93$ of total liabili
ties established.
Unsecured depositors received dividends
aggregating 82.4$ of claims proved.
CITIZENS NATIONAL BANK, ODESSA, TEXAS:
This bank was placed in receivership May 19, 1931.
Deposi
tors and other creditors received, including offsets allowed,
$350 732 00, representing 72.61$ of total liabilities established.
Unsecured depositors received dividends aggregating 52.4$ of
claims proved
- 25 -
MERCHANTS & PLANTERS NATIONAL 3 ANK, DILLWYN, VIRGINIA:
This "bank was placed in receivership January 9, 1931.
Depositors and other creditors received, including offsets
allowed, $182 438 00, representing 93 .58$ of total liabili
ties established.
Unsecured depositors received dividends
aggregating 90 .8$ of claims proved.
NATIONAL BANK OK THURMOND, THURMOND, WEST VIRGINIA:
This "bank was placed in receivership February 10,-
1S31. Depositors and other creditors received, including
offsets allowed, $168 356 00, representing 55.61$ of total
liabilities established.
Unsecured depositors received
dividends aggregating 40.25$ of claims proved.
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
OR RESTORED TO SOLVENCY DURING THE MONTH OF
JUNE, 1936
me and L o c atio n o f Bank«
P e r Cent
T o ta l
T o t a l D is Disbursements
bursements
D ate o f
In c lu d in g
to T o ta l
F a i l u r e . O ffs e ts Allow ed. L i a b i l i t i e s .
P e r Cent
D ivid en d
D eclared
to A l l
Claim ants*
C a p ita l
Stock a t
Date o f
F a ilu r e *
Page
Cash, Assets,
U n c o lle c te d Stock
Assessments, etc*
Returned to Share*
h o ld e rs 1 Agent*
t y N a tl Bank
Bessemer, Ala*
1— 12-31 $ 5 1 2 050 00
rmers Natl Bank
Cotton Plant, Ark.
102 130 00
1/ 3— 19.34
rst Natl Bank
Steamboat Springs,Colo, 11-17-31
U19 585 00
tnara Natl Bank
Palatka, Fla.
12-31-32
9^0 730 00
rst Natl Bank
Breese, 111.
218 926 00
2/ 5— 31.34
rst NB & Tr. Co.
Chicago Heights,111.
7 — 7— 32 1 3 1 ^ JSk 00
rst Natl Bank
Lanark, 111.
2/ 11-21-3^
1*30 023 00
rst Natl Bank
Le Roy, 111.
2— 19-32
2U4 2U5 00
erican Natl Bank
Lincoln, 111.
306 1U9 00
U g— 15-34
m Natl Bank
Pana, 111.
4— 1— 30
625 770 00
'lorville Natl Bank
Taylorville, 111.
265 671 00
u 3— 19.34
itinental Natl Bank
Indianapolis, Ind.
111 677 00
U U— g— 33
?ard Natl Bank
Kokomo, Ind.
564 996 00
1/ 1 — 2 2 - 3 1
71.3^
U8.O5
92.86
S7 .
25 000 00
000
88 .1 7
8U.
25 000 00
000
67.71
23 .
100 000 00
000
77.3
72.U
50 000 00
000
10U.69
109.^5
200 000 00
2H1 746 00
86.9
S3 .5
50 000 00
000
50 000 00
lUg 889 00
108.7s
112.
$ 100 000 00
À
$
000
9S.11
4 2 .8 4 5
I50 000 00
000
78.28
62.83
100 000 00
000
88.51
2 6 .3 5 U
150 000 00
000
8 8 .3 U
87.6542
400 000 00
000
7 8 .0 1
23.6
200 000 00
000
I»eoxyjfiNT ttATTMgAt. BASKS IJ OUTDATED AND FINALLY CLOSED
OR RESTORED TO SOLVENCY DURING THE MONTH OF
JUNE, 1938
fan e and L ocation o f Bank#
Date o f
F a ilu r e *
P e r Cent
T o ta l D is
T o ta l
bursements
Disbursements
to T o ta l
In c lu d in g
O ffs e ts Allowed. L i a b i l i t i e s .
F i r s t N a tl Bank IN
1-18-32 $ U77 669 00
Hazard, Ky.
F i r s t N a tl Bank
370 1*32 00
Stone, Ky.
3- 17-31
Farmers & Merchants IB
2/
B el A ir , Md.
503 136 00
10-11-33
f i r s t BB o f K i t z m i l l e r v i l l e
206 607 00
K i t z m i l le r , Md,
2 / 5— I9.33
Leom inster N a tl Bank
Leom inster, Mass*
6— 11-32 1 *+29 952 QO
F i r s t N a tl Bank
9— 26-32
F ra ze e , Minn*
267 855 00
F i r s t N a tl Bank
P a rk Rapids, Minn*
2 ] n - s -~33
309 *+07 00
f i r s t N a tl Bank
W hite Bear Lake,M inn* 2 j 12 -11-33
305 217 00
f i r s t N a tl Bank
A llia n c e , Nehr*
11 -3— 31 2 OI7 SH*+ 00
Commercial N a tl Bank
Columbus, N ehr.
1— 2U-33
396 328 00
F i r s t N a tl Bank
526 069 00
S c rib n e r, N ehr.
2 / 9— 20-3*+
f i r s t N a tl Bank
U13 36*+ 00
Midland P ark , N. J*
2 / 9 - 15-33
:? le a s a n tv ille N atl Bank
P le a e a n tv ille , N. J .
2 — it— 33
2 L5 *+66 00
P e r Cent
D ividend
D eclared
to A l l
Claim ants .
C a p ita l
Stock a t
Date o f
F a ilu r e .
rage B
Cash, Assets,
U n c o lle c te d Stock
Assessments, e tc *
Returned to Share
holders* Agent*__
72*93
70.
$ 100 000 00
000
86*12
8 4 .3
50 000 00
000
9 4.83
90.383
100 000 00
000
92*95
93 -
25 000 00
000
86.81
82*57
150 000 00
000
76.68
66 .*+
30 000 00
000
73*77
7 *+.l
50 000 00
000
75.56
6*+.
25 000 00
000
83.U6
6 6 .6
100 000 00
000
8 9 .8 5
8*+.05
50 000 00
000
73.^5
5 6 .7
25 000 00
91.9s
86.15
50 000 00
5 9.24
2 0 .1 3
100 000 00
000
000
Page C
INSOLVENT NATIONAL BANKS LI^ID A T& D AND FINALLY CLOSED
OR RESTORED TO SOLVENCY DURING TES MONTH OF
JUNE, 193S
Name and L o c a tio n o f Bank.
P e r Cent
D ividend
D eclared
to A l l
C laim ants.
C a p ita l
Stock a t
Date o f
F a ilu r e .
Cash, Assets,
U n c o lle c te d Stock
Assessments, e tc .
Returned to Share
h o lders* Agent.
0
0
Crestwood N a tl Bank
Tuckahoe, N. Y .
1 /
♦Farmers N a tl Bank
S a rd in ia , Ohio
F i r s t N a tl Bank
M ilto n , Ore.
F i r s t N a tl Bank
Rockwood, Pa.
2/
F i r s t N a tl Bank
Roseto, Pa.
if
Main Line N a tl Bank
tfayne, Pa.
’♦ N a tl Exchange Bank
C h ester, S. C.
American N a tl Bank
R e d fie ld , S. D.
F i r s t N a tl Bank
M urfreesboro, Term.
C ity N a tl Bk & T r . Co.
Corpus C h r is t i, Texas
C itiz e n s N a tl 3 a nk
Odessa, Texas
Date o f
F a ilu r e .
T o ta l
Disbursements
In c lu d in g
O ffs e ts Allow ed.
P e r Cent
T o ta l D is bur sements
to T o ta l
L ia b ilitie s .
000
30
000 00
000
55.8
50
000 00
000
75.15
68.35
25
000 00
000
8 0 .2
69.75
50
000 00
000
00
5U.2
32.677
50
000 00
000
00
75.19
63.15
100 000 00
000
39 S 2S9 00
69 .9
56.5
996
00
8 3 .6
11-11-31 1 509 85s
00
350 732
00
00
101.U5
103.55
7— 25-35
237 U97 00
101.63
1 0 2 .3
2— 3— 32
339 288 00
63.99
U--20-3U
H67 535
00
1 — 8— 31+
27g
10-12-51
H39 O27
3— 9— 33
502 S31
12-12-30
2— 1— 32 1
20 S
1--15-3U $ 766 072
5- 19-31
US2 00
$ 10 0 000
Uo
000 00
000
75 -0^7
200 000 00
000
88.93
82.1»
200 000 00
000
72.61
52.U
50 000 00
000
Page D
INSOLVENT HAT IOliAL B A M S LI3PIDAT3D ÀHD PI HALLY OLOSiB
OR RSSTOR2D TO SOLVENCY DURING THF MONTH OP
JUNF, 193S
Name and Location of Bank.
Merchants & Ilanters NB
Dillwyn, Va.
Natl Bank of
Thurmond, W. Va.
1/ —
Date of
Failure.
Total
Disbursements
Including
Offsets Allowed.
1er Cent
Total Dis
bursements
To Total
Liabilities.
Per Cent
Dividend
Declared
to All
Claimants.
1-9--31
$ 182 U 3S 00
93.5S
90.8
2— IS- 31
168 356 00
55.61
U0.25
Capital
Stock at
Date of
Failure.
$ 50 000 00
50 000 00
Cash, Assets,
Uncollected Stock
Assessments, etc.
Returned to Share
holders* A^rent.
$
000
000
Receiver appointed to levy and collect stock assessments covering deficiency in value of assets
sold, or to complete unfinished liquidation.
2/ — . Formerly in conservatorship.
(*) —
Federal Deposit Insurance Corporation appointed as receiver.
(**) — . Suspended under terms of hank holiday proclamation without subsequent appointment of conservator.
TREASURY DEPARTMENT
Procurement Division - Public Buildings Branch
Washington
Press Service
No. 13-87
FOR RELEASE, MORNING- NEWSPAPERS,
Monday, July 11, 1938*
7-8-38
Dates for opening bids for the purchase of sites for Federal Buildings
authorized under the,Federal Public Buildings Appropriation Act of 1938 were
announced today by C. J. Peoples, Director of Procurement.
In every case the bids are to be opened on the date given, by the Post
master or Building Custodian.
The list fellows:
ALABAMA
City
Date
Carrollton
Elba
Foley
Jacksonville
Luverne
Roanoke
8-3
8-3
8-3
7-28
8-2
8-2
Corner Lots
120
110
120
120
120
120
x 170
x' 170
x 170
x 170
x 170
x 170
Interior Lots
145
135
145
145
145
145
X 170
X 170
X 170
X 170
X 170
X 170
ARIZONA
110 x 170
8-3
135 X
o
ri—f
Tempe
170
170
170
170
ARKANSAS
Benton
Clarendon
Crossett
DeQueen
7-27
7-27
7-29
8-1
120
120
120
120
x 170
x 170
x. 170
x 170
145
145
145
145
X
X
X
X
x
x
x
x
x
x
x
x
145
145
145
155
135
165
145
145
X
X
X
X
X
X
CALIFORNIA
Antioch
Calexico
Covina
Culver City
Gardena
Los Angeles
Lancaster
Mill Valley
8-1
8-2 ’
8-4
8-1
8— 2
8-26
8-2
8-4
120
120
120
130
110
140
120
120
170
170
170
19‘0
170
210
170
180
X 170
170
170
190
170
210
170
X 180
CALIFORNIA
City
Late
Ontario
Reedley
St. Helena
San Leandro
Yreka
8-1
8—2
8-4
8—4
8-3
Corner Lots
140
120
120
130
110
x
x
x
x
x
205
170
170
195
170
Interior Lots
165
145
145
155
135
x
x
x
x
x
205
170
170
195
170
COLORADO
Rifle
8-3
120 x 170
145 x 170
120 x 170
145 x 170.
110 x 170
135 x 170
120
110
130
120
CONNECTICUT
Gui If ord
8-4
DELAWARE
Middletown
7-29
FLORIDA
Cocoa
Milton
Lake Worth
Sebring
7-27
8-3
8-5
8—4
x
x
x
x
170
170
190
170
145 x 170
135 x 170
155 x 190
145 x 170
X
X
X
X
X
X
no X
170
170
170
170
170
170
170
135
145
145
145
145
135
135
GEORGIA
Adel ■
Ashhurn
Ball Ground
Camilla
Loui svilie
Lyons
Warrenton
8-4
8— 3
8-4
8-4
8-3
8-3
. 8-4
110
120
120
120
120
110
x
x
x
x
x
x
x
170
170
170
170
170
170
170
ILLINOIS
Albion
Berwyn
Breese
Cairo
ChiIlicothe
Des Plaines
Homewood
Mason City
Minonk
Mt. Carroll
Naperville
Nashville
8-3
8-3
8-3
8-11
7-28
8-3
7-29
8-3
8-3
8-3
7-28
8-3
120 x 170
140 x 215
120 x 170
53,000 sq.feet
120 x 170
130 x 190
120 x 170
120 x 170
120 x 170
120 x 170
120 x 170
120 x 170
145 x 170
165 x 215
145 x 170
53,000 sq.foet
145 x 170
155 x 190
145 x 170
145 x 170
145 x 170
145 x 170
145 x 170
145 x 170
3
ILLINOIS
Interior Lots
City
Date
Corner Lots
Nokomi s
Oglesby
Winnetka
8-3.
7-29
8-3
120 x 170
110 x 170
130 x 195
145 x 170
135 x 170
155 x 195
120
120
110
120
120
120
x
x
x
x
x
x
170
180
170
170
170
170
145
145
135
145
145
145
x
x
x
x
x
x
170
180
170
170
170
170
120
120
120
120
x
x
x
x
170
170
170
180
X4Ô
145
145
145
x
x
x
x
170
170 •
170
180
INDIANA
Bicknell
Boonville
Cambridge City
Fowler
Lagrange
Sheridan
8-3
8—4
8-3
8-3
8-3
8-4
IOWA
Anamosa
Clarion
Corydon
Forest City
8— 3
8— 3
8-2
8-3
KANSAS
Burlington
Halstead
Kingman
120 x 170.
120 x 170
120 x 170
8-3
8—4
8-4
145 x 170
145 x 170
145 x 170
KENTUCKY
Anchorage
Cadiz
Carlisle
Franklin
Hardinsburg
Williamstown
110
120
110
120
110
110
8-3
8-3
8-3
8— 2
8— 3
8— 4
x
x
x
x
x
x
170
170
170
170
170
170
135
145
135
145
135
135
x
x
x
x
x
x
170
170
170
170
170
170
x
x
x
x
170
170
170
170
135
135
135
145
x
x
x
x
170
170
170
170
LOUISIANA
Ferriday
J eanerette
Pineville
Eodessa
110
110
110
120
8-4
8-3
8—4
8-4
MAINE
Fort Kent
Wilton
8—4
3-1
110 x 170
110 x 170
135 x 170
135 x 170
MARYLAND
City
Date
Corner Lots
Interior Lots
Dundalk, Baltimore
Oakland
7-25
7-27
120 X 170
120 X 170
145 x 170
145 x 170
MASSACHUSETTS
Weymouth, Boston
Stoneham, Boston
Chestnut Hill, Boston
Falmouth
Mi'llhury
South Hadley
8—4
8-3
8-2
7-28
7-28
8-1
120
125
120
120
120
110
X
X
X
X
X
X
170
180
180
170
170
170
145
150
145
145
145
135
x
x
x
x
x
x
170
180
180
170
170
170
120
120
110
120
130
200
110
120
120
120
100
110
110
120
x
x
x
x
x
x
x
x
x
x
x
x
x
x
170
170
170
170
205
290
170
170
170
170
175
170
170
170
145
145
135
145
155
200
135
145
145
145
125
135
135
145
x 170
x 170
x 170
x 170
x 205
x 290
x 170
x 170
x 170
x 170
x 175
x 170
x 170
x 170
120
120
110
120
x
x
x
x
170
170
170
170
145
145
*135
145
MI CHI G M
Belding
Bessemer
Bronson
Buchanan
Dearborn
Detroit
East Tawas
Fenton
Frankfort
Milan
Northville
Rogers City
Sandusky
Sparta
8*3
8-4
8-4
8-3
8-11
8-9
8—3
8-3
8-3
8-3
8-4
8-3
8-3
8— 3
*
MINNESOTA
Caledonia
Redwood Falls
Sauk Centre
Two Harbors
8-3
8-8
8-3
8-3
x
x
x
x
170
170
170
170
MISSISSIPPI
Durant
Macon
8-3
7-28
120 x 170
110 x 170
145 x 170
135 x 170
120
120
110
120
110
125
125
145
145
135
145
135
150
150
MISSOURI
Bethany
Dexter
Eldorado Springs
Festus
Marshfield
Maplewood, St. Loui s
Richmond Hts., St. Louis
8-2
8-4
8-3
8-4
8-3
8-5
8-4
x
x
x
x
x
x
x
170
170
170
170
170
180
190
x
x
x
x
x
x
x
170
170
170
170
170
180
190
5
NEBRASKA
City
Date
Corner Lots
Interior Lots
Geneva
Ord
8-3
8-3
110 x 170
120 x 170
135 x 170
145 x 170
120 x 170
110 x 170
145 x 170
135 x 170
120
120
110
120
125
110
120
120
x
x
x
x
x
x
x
x
180
170
170
170
190
170
170
170
145
145
135
145
150
135
145
145
x
x
x
x
x
x
x
x
180
170
170
170
190
170
170
170
100
160
120
120
130
120
120
250
120
140
120
120
120
250
110
110
110
140
120
120
NORTH CAROLINA
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
175
225
170
170
205
170
170
250
170
210
170
170
170
250
170
170
170
215
170
180
125
185
145
145
155
145
145
250
145
155
145
145
145
250
135
135
135
165
145
145
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
175
225
170
170
205
170
170
250
170
210
170
170
170
250
170
170
170
215
170
180
120
120
125
120
120
120
120
x
x
x
x
x
x
x
170
170
180
170
170
170
170
145
145
150
145
145
145
145
x
x
x
x
x
x
x
170
170
180
170
170
170
170
NEW HAMPSHIRE
Durham
Woodsville
8-5
8-3
NEW JERSEY'
Carteret
Flemington
Garwood
Penns Grove
Pleasantville
Riverton
South River
Teaneck
8-4
8-3
8-5
8-3
8-4
8-3
8-4
8-4
NEW YORK
Akron
Brooklyn
Canastota
Dannemora
Flushing
Frankfort
Honeoye Falls
Jamestown
Lake George
Lynbrook
Middleburg
Middleport
Montour Falls
New York
Orchard Park
Oxford
Scotia» Schenectady
Tarrytown
Wappingers Falls
Watervliet
7-27
8-15
7-28
7-27
8-22
7-28
7-27
7-27
7-26
7-26
7-27
7-27
7-26
8-15
7-27
7-27
7-29
7-29
7-26
8-9
Aho ski e
Brevard
Hamlet
Kings Mountain
Madison
Red Springs
Siler City
8-3
8-3
8-3
8-3
8-3
8-3
8-6
6
NORTH DAKOTA
City
Date
Corner Lets
Interior Lots
Li sbon
Rugby
8-3
8-3
120 x 170
120 x 170
145 x 170
145 x 170
120
100
110
120
110
120
120
120
110
110
145
125
135
145
135
145
145
145
135
135
OHIO
Amherst
Bluffton
Chardon
Hubbard
Loui svilie
Miamisburg
Montoelier
Perrysburg
Toronto
Yellow Springs
7-28
8-3
8—2
8-3
8-3
8-3
8-3
8-3
8— 3
8-3
x
x
x
x
x
x
x
x
x
x
170
175
170
170
170
170
170
170
170
170
x
x
x
x
x
x
x
x
x
x
170
175
170
170
170
170
170
170
170
170
OKLAHOMA
Coalgate
Hollis
Lindsay
8— 3
8— 5
8-4
120 x 170
120 x 170
120 x 170
145 x 170
145 x 170
145 x 170
120 x 170
145 x 170
OREGON
Tillamook
8-3
PENNSYLVANIA
Ashland
Athens
Beaver
Brackenridge
Downingtown
Girard
Jenkintown
Lansford
Newport
Porkasie
Saint Marys
Dunmore, Scranton
Shipp en sburg
West Newton
Wyomissing
7-27
7-27
7-27
7-27
7-27
7-27
7-27
7-27
7-27
7-27
7-27
7-27
7-28
7-27
7-28
120
120
120
110
120
110
120
120
120
120
120
110
120
120
120
x
x
x
x
x
x
x
x
x
x
x
x
170
170
170
170
170
170
170
170
170
170
170
170
X 170
x 170
x 170
145
145
145
135
145
135
145
145
145
145
145
135
145
145
145
x
x
x
x
x
x
X
x
x
x
x
x
x
x
x
170
170
170
170
170
170
170
170
170
170
170
170
170
170
170
RHODE ISLAND
Apponaug
8-5
110 3t 170
135 x 170
7
SOUTH CAROLINA
City
Bi shopville
Charleston
Easley
>
Date
Corner Lots
8-3
8-5
8-3
110 X 170
250 X 250
120 X 170
Inti^rior Lots
135 X 170
250 X 250
• 145 X 170
SOUTH DAKOTA
Beresford
8—3
120 X 170
145 X 170
TENNESSEE
Bolivar
Jefferson City
Mount Pleasant
Sweetwater
8-2
8-3
8-4
8— 3
110
120
120
110
X
X
X
X
170
170
170
170
135
145
145
135
X
X
X
X
170
170
170
170
120
110
120
120
125
120
120
120
X
X
X
X
X
X
X
X
170
170
170
170
180
170
180
170
145
135
145
145
150
145
145
145
X
X
X
X
X
X
X
X
170
170
170
170
180
170
180
170
TEXAS
Arlington
Clifton
Hereford
Littlefield
Mi ssion
Pasadena
Refugio
San Augustine
8-4
8-3
8-3
8-1
8-4
8-1
8-4
8-3
UTAH
Beaver
8-4
120 X 170
145 X 170
120 X 170
110 X 170
145 X 170
135 X 170
VIRGINIA
Grundy
Hot Springs
7-26
7-29
WASHINGTON
Okanogan
Tacoma
Clarkston
8-5
8-15
8-4
120 x 170
250 x 250
120 x 170
145 x 170
250 x 250
145 x 170
WEST VIRGINIA
Martinshurg
Salem
7-29
7-26
150 x 215
1 20 x 170
175 x 215
145 x 170
-
8
-
WISGONSIN
Pity
Late
Corner Lots
Interior Lots
Edgerton
Hayward
Hudson
Mayville
New London
Plymouth
Yiroqua
8-2
8-3
8-3
8-2
8-5
8-3
8-2
120
120
120
120
120
120
120
145
145
145
145
145
145
145
x
x
x
x
x
x
x
180
170
170
170
170
170
180
x
x
x
x
x
x
x
180
170
170
170
170
170
180
WYOMING
Riverton
' 8 —3
120 x 170
— oOo-
145 x 170
-5-
of the ailment, or because they were reluctant to report it. For
the same reasons, the figures assembled by the National Health
Survey on venereal disease, hookworm, malaria, mental and nervous
diseases, and tuberculosis, present a definite under-statement of
the situation.
(Data on venereal diseases, hookworm and malaria
are not given for these reasons).
The estimates of the Survey on mental and nervous illness
and on tuberculosis are also limited by the fact that, in many
families, relatives had been placed in institutions long before the
Survey year, for which information was sought. The Public Health
Service estimates that, had all institutionalized cases of mental
or nervous disease been reported, the estimate of days disability
would have been in the neighborhood of some 300,000,000 days per
year, rather than the quoted figure of 133 ,000 ,000 .
For example, the data indicate that in the economic burden
expressed in lost days, excluding the sufferer from earning a living,
supporting a family, caring for husband and children, or preparing
for adult life, nervous and mental diseases rank first in magnitude.
These conditions also rank first in importance in the number of
invalids, but as causes of death, they rank only seventh, and in
the number of cases, tenth*
Rheumatism (and this term includes chronic rheumatism,
gout, neuralgia, neuritis, and lumbago), ranks first in importance
as to the number of cases (approximately 7,000,000)* These ailments
axe fourteenth on the list of chronic causes of death, but second
in importance as to the number of days lost (nearly 100,000,000),
and second in the number of invalids (about 150,000)*
Heart diseases, ranking third in the nunber of days lost,
rank first in the number of deaths, second in the number of cases,
third in the estimated number of invalids.
Cancer and other tumors, ranking second in the number of
deaths, ranks sixth in the number of days lost, ninth in the number
of invalids, and thirteenth in the number of cases* The amazing
discrepancy between the rank of these conditions as to cause of
death and to the number of invalids is in part explained by the
fact that cancer kills relatively quickly, the average duration
after onset being about two years, whereas many other chronic
diseases incapacitate their victims for 10, 20, or more years.
Relatively few cases of cancer were reported to the Survey,
it is believed, either because informants did not know the nature
-3-
Almost one—half of the deaths from chronic disease occur
before the age of 6$;
46 percent
occur during the ages 15-64, a
period of life normally associated with vigorous, productive
adulthood*
The findings of the Survey are even more significant
in showing that 87 percent of living persons with chronic ailments
are in this same life period, that almost three-fourths of the
invalid population are under 65 years of age.
Thus, the total
burden of chronic disease, so far as the national case—load is
concerned, f,is not so much a problem of old age as one of maturity
and the so-called productive years.”
The duration of chronic disabling illness among relief
and marginal income families, as well as the average number of days
lost per person, and the frequency rate of these conditions are
markedly greater than among families with incomes of $3,000 and
over.
The average number of days lost is almost three times as
great among families on relief as among those in the upper income
group, and twice as great among families with incomes under $1,000*
The frequency rate of chronic illness in the relief group
was found to be 87 percent in excess of that for the upper income
group, and among families having an income of less than $1,000,
42 percent
in excess.
The vast figures of the National Health Survey tell us
that no one chronic condition can be named of first importance
from every viewpoint.
One may take the most lives, another result
in the greatest amount of disability, another claim the greatest
number of invalids, another the largest number of cases.
female organs, tuberculosis (all forms), diabetes mellitus, diseases
of the gallbladder and liver, other diseases of the circulatory
system, chronic tonsillitis and other throat affections, ulcers
of the stomach and duodenum, diseases of bladder and urethra,
chronic diseases of the skin, anemia, chronic appendicitis, chronic
diseases of the eye, chronic diseases of the ear, chronic pleurisy,
diseases of the prostate and male genito-urinary organs.
(Permanent
orthopedic impairments and defects of vision or hearing are con
sidered in separate bulletins.)
Chronic diseases have long been cited as primarily a
problem of old age. A significant finding of the National Health
Survey is that chronic disease is far from a problem of old age
alone. Half of the persons for whom chronic ailments were reported
in the Survey were under 45 years of age.
A distinction must be made between the presence of
chronic disease and invalidism resulting therefrom. True, the
number of chronic invalids rises sharply after the age of 50, but
chronic disease "is present in the population in great volume long
before it reaches such an advanced stage as to result in invalidism.”
Data from the Survey show that chronic disease appears at early
ages, a fact suggesting the necessity for early attention to such
conditions in order to preserve life and prevent future invalidism.
The Survey indicates that at the age of 20, about 80
persons out of every 1,000 at that age have a chronic disease; at
age 40, over 200; at 60 years, about 350; and over 500 out of
every 1,000 at the age of 80 years. These estimates reveal that
the burden of chronic disease in the population is a cumulative one.
/
TREASURY DEPARTMENT
U« S. Public Health Service
Washington
FOR RELEASE,
W
Sunday, July 10, 1938
Chronic diseases, permanent orthopedic impairments, and
serious defects of vision or hearing affect at least 23,000,000
persons in the United States — more than one in six* Almost a
billion days are lost from work or usual human activity annually
because of these conditions.
ith these estimates, the United States Public Health
(>»■ 1 ffì 1 4 f
n^
h from the National
PS
Health Survey, to the grave significance of one of the foremost
problems to be dealt with in the National Health Conference called
by the Presidents Interdepartmental Committee for July 18-20.
The bulletin, on "The Magnitude of the Chronic Disease
Problem in the United States,” bases its estimates on the vast data
assembled by the National Health Survey on the health status of
nearly three million Americans, distributed through every major
geographic area of the country, representing all age groups and
every economic group. It is primarily concerned with the prevalence
of certain diseases which are present either continuously or
recurrently among the sufferers, and to a degree severe enough to
handicap. The ailments considered in this study in the order of
their prevalence arei rheumatism, heart diseases, arteriosclerosis
and high blood pressure, hay fever and asthma, hernia, hemorrhoids,
varicose veins, chronic bronchitis, nephritis and other kidney
diseases, sinusitis, cancer and other tumors, diseases of the
TREASURY DEPARTMENT
U. S. Public Health Service
Washington
POR RELEASE, MORNING NEWSPAPERS,
Sunday, July 10, 1938.__________
7-8-38
Press Service
No. 13-88
Chronic diseases, permanent orthopedic' impairments, and serious defects
of vision or hearing affect at least 23,000,000 persons in the Unitod States —
more than one in six«
Almost a billion days are lost from work or usual human
activity annually because of these conditions.
With these estimates, the United States Public Health Service will call
attention in a bulletin from the National Health Survey, to tho grave signifi
cance of one of the foremost problems-to be dealt with in the National Health
Conference called by the President^ Interdepartmental Committee for July 18-20.
The bulletin, on ttThe Magnitude of the Chronic Disease Problem in tho
United States,bases its estimates on tho vast data assembled by tho National
Health Survey on tho health status of nearly three million Americans, distri
buted through every major geographic area of the country, representing all ago
groups and every economic group.
It is primarily concerned with the prevalence
of certain diseases which are present either continuously or recurrently among
the sufferers, and to a degree severe enough to handicap.
sidered in this study in the order of their prevalence are!
The ailments con
rheumatism, heart
diseases, arteriosclerosis and high blood pressure, hay fever and asthma, hernia,
hemorrhoids, varicose veins, chronic bronchitis, nephritis and other kidney dis
eases, sinusitis, cancer and other tumors, diseases of the female organs, tuber
culosis (all forms), diabetes mellitus, diseases of the gallbladder and liver,
other diseases of the circulatory system, chronic tonsillitis and other throat
affections, ulcers of the stomach and duodenum, diseases of bladder and urethra,
chronic diseases of the skin, anemia, chronic appendicitis, chronic diseases of
the eye, chronic diseases of the ear, chronic pleurisy, diseases of the prostate
and male genito-urinary organs •
(permanent orthopedic impairments and defects
of vision or hearing are considered in separate bulletins.)
Chronic diseases have long been cited as primarily a problem of old age.
A significant finding of the national Health Survey is that chronic disease is
far from a problem of old age alone.
Half of the persons for whom chronic ail
ments were reported in the Survey were under 45 years of age.
A distinction must be made between the presence of chronic disease and
invalidism resulting therefrom.
True, the number of chronic invalids rises
sharply after the age of 50, but chronic disease uis present in the population
in great volume long before it reaches such an advanced stage as to result in
invalidism.** Data from the Survey show that chronic disease appears at early
ages, a fact suggesting the necessity for early attention to such conditions
in order to preserve life and prevent future invalidism.
•
The Survey indicates that at the age of 20, about 80 persons out of every
1,000 at that age have a chronic disease; at age 40, over 200; at 60 years, about
350; and over 500 out of every 1,000 at the age of 80 years.
These estimates
reveal that the burden of chronic disease in the population is a cumulative one.
Almost one-half of the deaths from chronic disease occur before the age
of 65; 46 per cent occur during the ages 15-64, a period of life normally asso
ciated with vigorous, productive adulthood.
The findings of the Survey are even
more significant in showing that 87 per cent of living persons with chronic ail
ments are in this same life period, that almost three-fourths of the invalid
population arc under 65 years of age.
Thus, the total burden of chronic disease,
so far as the national case-load is concerned. His not so much a tiroblen of old
- 3 -
age as one of maturity and the so-called productive years.,f
The duration of chronic disabling illness among relief and marginal in
come families, as well as the average number of days lost per person, and the
frequency rate'of these conditions are markedly greater than among families with
incomes of $3,000 and over.
The average number of days lost is almost three
tines as great among families on relief as among those in the upper income group,
and twice as groat among families with incomes under $1,000.
The frequency rate of chronic illness in the relief group was found to be
87 per cent in excess of that for the tipper income group, and among families
having an income of less than $1,000, 42 per cent in excess.
The vast figures of the national Health Survey tell us that no one chronic
Condition can be named of first importance from every viewpoint.
One may take
the most lives, another result in the greatest amount of disability, another
claim the greatest number of invalids, another the largest number of cases.
For example, the data indicate that in the economic burden expressed in
lost days, excluding the sufferer from earning a living, supporting a family,
caring for husband and children, or preparing for adult life, nervous and mental
diseases rank first in magnitude.
These conditions also rank first in importance
in the number of invalids, but as causes of death, they rank only seventh, and in
the number of cases, tenth.
Rheumatism (and this term includes chronic rheumatism, gout, neuralgia,
neuritis, and lumbago), ranks first in importance as to the number of cases
(approximately 7,000,000).
These ailments are fourteenth on the list of chronic
causes of death, but second in importance as to the number of days lost (nearly
- 4
100,000,000), and second in the number of invalids (about 150,000),
Heart diseases* ranking third in the number of days lost, rank first in
the number of deaths, second in tho number of cases, third in the estimated
number of invalids.
Cancer and other tumors, ranking second in the number of deaths, ranks
sixth in tho number of .days lost, ninth in the number of invalids, and thirteenth
in the number of cases.
The amazing di scrcpancy between the rank of theso con
ditions as to cause of death and to the number of invalids is in part explained
by the fact that cancer kills relatively quickly, the average duration after
onset being about two years, whereas many other chronic diseases incapacitate
their victims for 10,20, or more years.
Relatively few ca.sos of cancer were reported to the Survey, it is believed,
either because informants did not know the nature of the ailment, or because they
were reluctant to report it.
3For the sarno reasons, the figures assembled by tho
National Health Survey on venereal disease, hookworm, malaria, mental and nervous
diseases, and tuberculosis, present a definite,under-statement of the situation.
(Data on venereal diseases, hookworm and malaria are not given for these reasons).
Tho estimates of the Survey on mental and nervous illness and on tubercu
losis aro also limited by the fact that, in many families, relatives had been
placed in institutions long before the Survey year, for which information was
sought.
The Public Health Service estimates that, had all institutionalized
cases of mental or nervous disease been reported, the estimate of days disability
would have been in the neighborhood of some 300,000,000 days per year, rather
than the quoted figure of 133,000,000.
— o0o-~
-
2—
Chronic cases in low income families received a smaller amount of
medical care outside of the hospital than did those in the upper
economic classes*
About one-tenth of the hospital cases reported to the
Survey were cases of these major chronic diseases (exclusive of
tuberculosis and mental disease)*
of the hospital patient days*
They accounted for one-fifth
Among families with incomes over
$3*000 in large cities, 10 percent of all chronic cases were
attented by a private duty nurse in the home*
The chronic sick
in the upper income brackets received an average of 68 days of
bedside nursing care*
Among chronic cases in relief families,
bedside nursing care by a private duty nurse was negligible*
About 6 percent of all chronic cases in relief families received
visiting nursing service, although practically all of such cases
were in the large cities*
Even those having a visiting nurse*s
attention received an average of only 12 visits*
The amount of medical care received by the sick in the
various economic groups differs widely throughout the country.
For example, between 25 and 35 percent of the cases of sickness
among relief groups in large cities were given hospital care,
while only 10 percent of such cases were hospitalized in small
cities throughout the Southern and Central regions*
In small cities, where there are few physicians, 37
percent of disabling illness among the relief and marginal income
groups failed to receive any medical attention*
Again, in areas
where there are meagre hospital facilities, few cases of disabling
TREASURY DEPARTMENT
U. S. Public Health Service
Washington
FOR RELEASE
Monday, July 11, 193$
Costs of necessary medical services in chronic illness,
immediate wage losses due to disabilities of long duration, and the
ultimate effect of a serious chronic disease on employability are
These anas other findings are emphasized in a bulletin
released yes4iBA«flp^by the U. S* Public Health Service, based upon
recent stud
>y the National Health Survey on the problems of
chronic diseases in the United States.
The burden of chronic disease costs falls most heavily
on those least able to bear it - the two-fifths of the population
in the lower economic groups.
Persons among families on relief,
according to the bulletin, lose an average number of days greater
than that among the income group of #3,000 and over, at a three
to one ratio.
Among families whose incomes are under #1,000, the
ratio is two to one.
Among the relief population, chronic illness
occurs at a rate 87 percent in excess of that for the upper income
groups; among the marginal income group, 42 percent in excess.
Other findings of the National Health Survey presented at
the recent National Conference of Social Work in Seattle, Washington
show that the medical care of the major chronic diseases is less
in quantity for the relief and low income groups.
The proportion of cases of cancer, rheumatism, diabetes,
and the cardiovascular-renal diseases receiving hospital care was
uniformly lower among the relief and marginal income families than
in the high income group, in all small cities, except in the East.
TR E A S U R Y
DEPARTMENT
U. S. PUBLIC HEALTH SERVICE
MEMORANDUM
date
from :
Philip S. Broughton
T0:
Mr. Gaston
July 7, 1938
I am forwarding herewith two releases, with the recommendation
that they be released successively on July 10th and 11th, as indicated.
They review the essential points of news interest in the Bulletin of
the National Health Survey on Chronic Diseases in the United States,
which should be available in mimeographed form on Saturday or Monday.
PSB îAEM
Health Education
TREASURY DEPARTMENT
U. S. Public Health Service
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Monday, July 11, 1938.
8-9-38
Press Service
No. 13-89
Costs of necessary medical services in chronic illness, immediate wage
losses due to disabilities of long duration, and the ultimate effect of a serious
chronic diseaso.on employability are important considerations in the problem of
social security.
These and other findings are emphasized in a bulletin to be released
by the U. S. Public Health Service, based upon recent studies by the National
Health Survey on tho problems of chronic diseases in the United States.
The burden of chronic disease costs falls most heavily on those leant able
to bear it - the t?/o-fifths of the population in the lower economic groups.
Per
sons among families on relief, according to the bulletin, lose an average number
of days greater than that among the income group of $3,000 and over, at a three
to one ratio.
one.
Among families whoso incomes are under $1,000, the ratio is two to
Among the relief population, chronic illness occurs at a rate 87 per cent
in excess of that for the upper iiicome groups; among the marginal income group,
42 per cent in excess.
Other findings of the National Health Survey presented ab the
recent
National Conference of Social Work in Seattle, Washington, show that the medical
care of the major chronic diseases is less in quantity for the relief and low in
come groups.
The proportion of cases of cancer, rheumatism, diabetes, and the cardiovascular-renal diseases receiving hospital care was uniformly lower among the
relief and marginal income families than in the high income group, in all small
cities, except in the East.
Chronic cases in low income families received a
smaller amount of nodical care outside of the hospital than did those in tho upper
economic classes
-
2
-
About one-tenth cf the hospital cases reported- to the Survey were cases of
these major chronic diseases (exclusive of tuberculosis and mental disease)•
accounted for one—fifth of the'hospital patient days,
They
Among families with incomes
over $3,000 in large cities, 10 per cent of all chronic cases were attended by a
private duty nurse in the home.
The chronic sick in. the upper income brackets re
ceived an average of 68 days of bedside nursing care.
Among chronic cases.in re
lief families, bedside nursing care by a private duty nurse was negligible.
About
6 per cent of all chronic cases in relief families received visiting nursing ser
vices, although practically all of such cases were in the large cities.
Even those
having a visiting nurse*s attention received an average of only 12 visits.
The amount of medical care received by the sick in the various economic
groups differs widely throughout the country.
For example, between 25 and 35 per
cent of the cases of sickness among relief groups in large cities were given hospi
tal care, while only 10 per cent of such cases were hospitalized in small cities
throughout the Southern and Central regions.
In small cities, where there are few physicians, 37 per cent of disabling
illness among the relief and marginal income groups failed to receive any medical
attention.
Again, in areas where there are meagre hospital facilities, few cases
of disabling illness are hospitalized, regardless of income.
In rural areas, only
9 per cent of all cases of sickness serious enough to incapacitate the patient for
one week or longer, received hospital caro.
Emergency cases —
tions requiring surgery —
facilities.
such as acute appendicitis, accidents, and other condi
appear to receive hospital caro in spite of inadequate
But the Survey has found that cases of penunonia, of chronic disease,
and of childbirth, receive less hospital care where hospital facilities arc not
adequate.
Medical science holds that such conditions as these require skilled, ex
pert care such as the hospital can provide, if a favorable outcome is to be ex
pected.
— oOo—
* 8 «
la whole or la part, to « H o t le ss than thè amount of aotes applied for, to aake allo
* * * * * 1» tn 11 upon application® for smallar amount s and to raake reduced allotaeats
uP°n »
to rejeot, application® for largar amounts, or to adopt any or all of sali
aethods or ®aeb other aethods of allotaemt and classification of allotments a® «bali
be d#€Ka®d by
to be la thè publlo interest; and bis action la any or all of theti
re spoeta »ball be final#
Allotasnt aotleo® olii be soat out proaptly upon allotment,
and tb® basi® ef thè allotment wlll be pabliely anaounceà.
IT#
1#
VàM m
2*ymm% at par and aeerued interest» if aay9 far notes allotted hereunder
ansi be aade or eosgilsted oa or boforo July 80, 1988, or oa lator allotaeat.
la
every case where payment is not so completed, tbo payaent wltb application «p te 10
poreeet of tbo amount of aotes applied for «ball, upon dssleratlea mede by tb®
Seeretary of tbe Treasury la bis dlseretloa, be forfeited to tbe Bfcited State®*
T# W
1#
A®
H
PBOfISXO!©
fiscal stenta of tbo tfolted State®, federai Heserve banks are autborized
and requested to reeelvo subseriptions, t© make allotments oa tbe basi® and up to tb#
amount® iadleated by tb® Seeretary of tbe Treasury t© tbe federai Hsserve banks of tu
respective distriets, to leene allotment aotlee®, to reo ©Ire payment for aotes allott
to make delivery of a ©tee on full*»pald sobesslptlou® allotted, and tbey ssay leene
Interim reeelpts psndlng delivery of tbe definitive note®#
8#
The Seeretary of timi Treaouiy aay at any timo, or fresa timo to timi, pre~
seribe supplemental or aaeadatcry m i e ® and regala tioae goveraiag tbe offerlng, edalob
olii be ooManicated promptly to tbe federai Heaerve baaks#
,
finoty w m w m m m#,
Seeretary ©f tbe Treasury.
~ü m
posse»aion thereof, or hy aay State, eotmty, annicipaiity, or locai taxing authority.
These notes shall ha l&wful investsmnts, and aay ho accepted as securlty, for all
fiduciary, trust, and pabilo fonda thè invastaeat or deposit of which shall he under
thè authority or control of thè United States or any oflicer or offieere thoreof.
3* The authoriaing aet lUrther provides that in thè event thè Reeonstrustica
fittene# Corporati©a «hall ho un&ble to pay upon demand, vhea duo, thè principal of
or intorost on aotoe issued hy it, tho Seeretary of tho Treaeury shall pay tha aaount
thereof, vhieh la etntboriaed 1» he appropriated, out of aay moneys in thè freasnry not
othervíse appropriated, and thereupon to thè esctent of thè smonta so paid thè Secreta^
of thè Treaeury #«11 aaeceed to ai tho rights of tho holdore of sueh notes.
4* Tho noto# vili ho aeceptehlo to eoetiro deposita of publie moneys, hot vili
ttot bear tha eirealstion privile®»*
5. Starar notes vith interest coapone attached sdii he ieeaed in deaoainations o
#1,000, #9,000, 110,000 end #100,000* The notes vili mot he ieeued in registered fora
in . suBscRimcii ¿m àujowm
1. Smhecrlptione «ili he reeelved et thè foderai Reserve haaks and branches and
et thè freasary Department, Washington. Banking institutions generally may
miad*
«uh
eerlptlone for aocount of a» tornarti, hot cnly tho foderai Reserve benha and thè fresati]
Department ere autborised to set aa officiai agencies. Others than banking institutio:
vili not he permitted to ontor suhscriptions exeept fOr their ovn account. Subseripti
froa banks and trust scapasi## for thoir ove account vili ho recoived vithout deposit
hot vili he restileted in each case to an aaoant not oxcooding one-half of tho combine
capitai and surplus of thè auhscrihing hank or trust company. Suhscriptions from all
othora must ha accompaniod hy payment of 10 poreont of tho amara* ©f notos applicd for
Tha Seeretary of thè froaeury reserve# thè right to doso thè booka aa to aay or all
subserlptlons or claaaoa of auhsariptlona at any tima vithout notice.
2»
Tha Seeretary of tho Treeaury reserre# tho right to rejeet eay euhscriptioa,
m m nm m m m
? /8 r n i f
noto
ot
wmmm
& m m
»,
corporation
mm
w
so, 1941
Dated and hearing interest from July 20, 1938
FOLLY AND O H O O U D I T K m L L T 0OARAMTOD 1 « AS TO INY8TOT AND PRINCIPAL 87 O S U N I »
S T A » , W O T QUARANTT IS K O m S S I B OH THX PACI 0F EAGH N0TK
Sxempt both as te principal and interest from all taration {execpt surtaxcs, «state,
Inferitane«, and gift texce) now or hercaftcr lmposed by thè United States, by any
ferri tory, dependency, or posseseion thereof, or by any State, eounty, municipali ty,
or loeal tcxlng authority
dspaétobnt ,
Office of thè Secretary,
Washington, Jhly U , 1938.
m sàm m
1938
Department Cireular Ho» 888
____
Potile Debt Sorti««
i*
1«
QWfmm m
notes
fhe Secretary of thè Treasury, on beh&lf of thè Reconstruction Finanee Corpo«
tlon, intites subscriptions, at par and acerued interest, from thè people of thè Unitsd
States for notes of thè Reconstruo tion Finano« Corporation, designai od 7/8 porcent not
of Seri«« 8«
thè amount of thè offe ring 1« #800,000,000, or thereabouts.
xz# oasoRimcH
1*
of noto
The noto* «ili be d&tod July 80, 1938, and vili baar interest from that date
at thè rate of 7/8 poreont por annosi, payablo semi annua lly on Jasnary 20 and Jhly 20
in each yaar until thè principal smount becomee paymble.
They «ili mature July 20,
1941, and «ili not be subjeot to «all for rodemption prior to maturi ty.
£.
The note« «ili be issued under authority of an act of Congress (fcaown as
^Reconstruction Finanoe Corporation Act*1) approrcd January 82, 1932, as emcndsd and
supplcmented, ? Mch protidcs that thè noto« shall bc fully and unconditi onally
guaranteed both a« to intorest and principal by thè United States and «neh guaranty
shall be expressed on thè face thareof$ and that they «hall he esempi both as to pria*
eipal and interest from all taxation (exeept surtaxas, astate, inheritanoe, and gift
taxes) no« or hareaftor lmposed by thè United States, by any ferritory, dependency, m
for their own account will be reeelred without deposit bet will
be restrioted le each, ease te an «menât net exceeding one-half et
the combined capital and surplus of the subseribint bask er trust
company, subscript ions from all ethers must be aeaemptimtsd by
payment of 10 percent of the amount of motes applied for*
the right is reserved to close the books es to
scriptions or classes of subseriptloss at
my
my
or all sub«
tima without settee*
Subject to the reservations set forth is the official circular, all
subscriptions will be reeeired subject to allotment* Payment for any
notes allotted mast be mede or completed on or boforo July SO, 193S*
or on later allotment.
the tent of the official circular follows$
TRtASOHT V & m m S T
Mmk
fOB
ra&ASSt
m
w
n
m
lagton
bewspapkrs ,
Boato. Jul> 11. 1988.
7-9-38
fwi
smi«»
Ite. |3-cjo
The Secret&ry of thè Treasury, oa befealf of th© B«constinoti©»
Finance Corporation, is today offorine fot subscription, et por «ad
accrued interest, through thè Tederei leserre banks, #£00,000,000,
or thereabeuts, of sotes of thè Beeonstrustios Finance Corporation,
designaied
7/8
peroent sotes of Serle« 1* thè sotes «ili he dated
July SO, 1936, and «111 bear interest fres that date et thè rete ©f
7/8
pereset per anno» payable eemiennually. They «111 mature es
July £0, 1941, end «ili set he subj©et te sali far redanption prior to
maturity. They «ili ha leeeod only is bearor forai «ith eoupons attaehed,
in danoainationa of #1,000, #0,000, #10,000 and #100,000.
The sotoe «ili bo fblly and uncondit lonally guaranteed belli ae to
istoroet and principal by thè United States. They «ili bs ex««pi both
es to principal and interest fres all taratiom (ereept tartaree, estate,
inheritanca, and gift tare«} new or hereafter imposta by thè United States,
by eay Territory, depandency, or possossion thoroof, or by aay Stato,
eounty, municipality, or locai tarine suthority.
Subscriptione «ili bo rocoirod at Hi# foderai Becere© banks and
branohes,
m&
at thè Treasury Department, Washington. Subscriptions
«ili net bo rocoirod at thè Esconstruction flnaaco Corporation. Banking
institutions generally may subait eubecriptions for account of castomare,
hot only tha foderai Basare# banka emd thè froasary Department ere anthorieed
to aot ae off!aial agencies. Subscriptions frota banks and trust compañías
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Monday, July 11* 1938.__________
7-9-38
Press Service
No. 13-90
The Secretary of the Treasury» on behalf of the Reconstruction Finance
Corporation» is today offering for subscription, at par and accrued interest,
through the Federal Reserve banks, $200,000,000, or thereabouts, of notes of the
Reconstruction Finance Corporation, designated 7/8
per cent notes of Series No
The notes will be dated July 20, 1938, and will bear interest from that date at
the rate of 7/8
per cent per annum payable semiannually*
They will mature on
July 20, 1941, and will not be subject to call for redemption prior to maturity*
They will be issued only in bearer form with coupons attached, in denominations
of $1,000, $5,000, $10,000 and $100,000*
The notes will be fully and unconditionally guaranteed both as to interest
and principal by the United States*
They will be exempt both as to principal
and interest from all taxation (except surtaxes, estate, inheritance* and gift
taxes) now or hereafter imposed by the United States, by any Territory, dependency,
or possession thereof, or by any State, county, municipality, or local taxing
authority.
Subscriptions will be received at the Federal Reserve banks and branches,
and at the Treasury Department, Washington*
at the Reconstruction Finance Corporation.
Subscriptions will not be received
Banking institutions generally may
submit subscriptions for account of customers, but only the Federal Reserve banks
and the Treasury Department are authorized to act as official agencies.
Sub-*
scripticns from 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
- 2 -
company.
Subscriptions from all others must be accompanied by payment of 10
per cent of the amount of notes applied for.
The right is reserved-to close the books as to any or all subscriptions
or classes of subscriptions at any tine without not ice.
Subject to the
reservations set forth in the official circular, all subscriptions will be
received subject to allotment.
Payment for any notes allotted must oe made
or completed on or before July 20, 1938, or on later allotment.
The text of the official circular follows:
’
RECONSTRUCTION FINANCE CORPORATION'
7/8 PERCENT NOTES OF SERIES N, DUE JULY'20, 1941
Dated and bearing interest from July 20, 1938
FULLY AND UNCONDITIONALLY GUARANTEED BOTH AS TO INTEREST AND PRINCIPAL BY THE UNITED
STATES, WHICH GUARANTY IS EXPRESSED ON THE FACE OF EACH NOTE
Exempt both as to principal and interest from all taxation (except surtaxes, estate,
inheritance, and gift taxes) now or hereafter imposed by the United States, by any
Territory, dependency, or possession thereof, or by any State, county, municipality,
or local taxing authority
1938
Department Circular No* 588
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, July 11, 1938*
Public Debt Service
I.
1.
OFFERING OF NOTES
The Secretary of the Treasury, on behalf of the Reconstruction Finance Cor
poration, invites subscriptions, at par and accrued interest, from the people of the
United States for notes of the Reconstruction Finance C o r p o r a t i o n , designated 7/8
percent notes of Series N*
The amount of the offering is $200,000,000, or there
abouts*
II.
1.
DESCRIPTION OF NOTES
The notes will be dated July 20, 1938, and will bear interest from that
date at the rate of 7/8 percent per annum, payable semiannually on January 20 and
July 20 in each year until the principal amount becomes payable*
They will nature
July 20, 1941, and will not be subject to coll for redemption prior to maturity*
2*
The notes will be issued under authority of an act of Congress (known as
^Reconstruction Finance Corporation Act,r) approved January 22, 1932, as amended and
supplemented, which provides that the notes shall be fully and unconditionally guar
anteed both as to interest and principal by the United States and such guaranty shall
be expressed on the face thereof; and that they shall be exempt both as to principal
and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes)
now or hereafter imposed by the United States, by any Territory, dependency, or
■- 2 -
•;•*........
possession thereof, or by m y State, comity, municipality, or local taxing authority,
These notes shall he lawful investments-, and nay he accepted as security, for all
fiduciary, trust, and public funds the investment err deposit of which shall he under
the authority or control of the United States or any officer or officers thereof*
3^
The authorizing act further provides that in the event the Reconstruction
Finance Corporation shall he unahle to pay upon demand, when due, the principal of
or interest on notes issued hy it, the Secretary of the Treasury shall pay the
amount thereof, which is authorized to he appropriated, out of any moneys in the
Treasury not otherwise appropriated, and thereupon to the extent of the amounts so
paid the Secretary of the Treasury shall succeed to all the rights of the holders
of such notes.
4.
The notes will he acceptable to secure dejjosits of public moneys, hut will
not hear the circulation privilege*
5.
Bearer notes with interest coupons attached will he issued in denominations
of $1,000, $5,000, $10,000 and $100,000.
The notes will not he issued in registered
form.
III.
1.
SUBSCRIPTION AND ALLOTMENT
Subscriptions will he received at the Federal Reserve hanks and branches
and at the Treasury Department, Washington*
Banking institutions generally nay sub**
nit subscriptions for account of customers, hut only the Federal Reserve hanks and
the Treasury Department are authorized to act as official agencies.
Others than
hanking institutions will not he permitted to enter subscriptions except for their
own accottnt*
Subscriptions from hanks and trust companies for their own account
will he received without deposit hut will he restricted in each case to an amount
not exceeding one—half of the combined capital and surplus of the subscribing hank
or trust company.
Subscriptions from all others must he accompanied hy payment of
10 percent of the amount of notes applied for.
The Secretary of the Treasury re
serves the right to close the hooks as to any or all subscriptions or classes of
-.3 subscriptions at any tine without notice.
2.
The Secretary of the Treasury reserves the right to reject any subscrip
tion, in whole or in part, to allot less than the amount of notes applied for, to
make allotments in full upon applications for smaller amounts and to make reduced
allotments upon, or to reject, applications for larger amounts, or to adopt any or
all of said methods or such other methods of allotment and classification of allot
ments 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«
Allotment notices will be sent out
promptly upon allotment, and the basis of the allotment will be publicly announced,
IV.
1.
PAYMENT
Payment at par and accrued interest, if any, for notes allotted hereunder
must be made or completed on or before July 20, 1938, or on later allotment.
In
every case where payment is not so completed, the payment with application up to
10 percent of the amount of notes applied for shall, upon declaration made by the
Secretary of the Treasury in his discretion, be forfeited to the United States.
V.
1.
GENEBAL PROVISIONS
As fiscal agents of the United States, Federal Reserve banks are author
ized and requested to receive subscriptions, to make allotments on the basis and
up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve
banks of the respective districts, to issue allotment notices, to receive payment
for notes allotted, to make delivery of notes on full-paid subscriptions allotted,
and they may issue interim
2.
receipts pending delivery of the definitive notes.
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.
I
Ave*,
Salvatore
Grillo
,101 Park S & h
k k
,
New York
Hubert Ripley and A.B.Le Boutillier
4 5 B r ornile Id -St*,
Eldredge
Snyder,
Samuel A.Marks,
101
1 2 t h St*,
0 .Morrison,
John T.Haneman
,
■v ,; ■ '
67
1 4 4 E.
3 0 t h St*
M . R i g h t o n ' S w i c e g o o d , (two ) 4 0 5 E*
Chicago*
New York
71st St*,
I•
N e w Yor k City*
N e w Y o r k City*
333 N . M i c h i g a n Ave*,
P r a n k W e h r le, 2 1 5 W *
Clarence
Park Ave*,
City#
City*
Brooklyn*
, N e w Y o r k City*
*.
•;.1
5 4 t h St* N e w Y o r k City«
E d w a r d D.Stone^p, a n d M o r r i s Ketch/^m,
Rockefeller Plaza,New Y ork
City*
Hays,Simpson and Hunsicker,7829 Euclid Ave*,Cleveland*
T h e y are :
S
A r t h u r F . D e a m , O x B o w Inn,
*
Theodore Fletcher,
Saug&tuck,Mich#
R.D.No#!
*/ C a r l F . G u e n t h e r , 1 2 2 7
Prospect Ave#
C l e v e l a n d pfflÿ
*
J o h n E . M i l l e r , 1 0 5 2 3 A s h b u r y A v e # , C l e v e l a n d jJS®
1/
T.Marshall Rainey
y
F r a n c i s W .Roudebush, 654 M a d i s o n Ave*, N e w Y o r k City.
*
H a r v e y S t e v e n s o n and E a s t m a n Studds
101 Park Ave#, N e w Y o r k City#
^
Theo*.B a l l o w W h i t e , A r c h i t e c t s
204 E.Fourth St#,Cincinnati#
Two designs b y Mr »Guenther,
awards,
Wilmington,Del#
w h i c h also
chose
another design
B l d g # ,P h i l a d e l p h i a #
were
chosen b y
the
j u r y of
submitted b y Messrs
Miller
and Guenther*
S e l e c t i o n of t h e w i n n i n g d e s i g n s w a s m a d e b y a lury
and Paul P.Cret,
w h i c h i n c l u d e d C h a r l e s Z . K l a u d e r / P h i l a d e l p h i a j A y m a r E m b u r y II., N M
a n d G i l m o r e D. C l a r k e , N e w Y o r k C i t y ;
Shepley,Boston
, Richard
J.Neutra,Los Angeles
W a s h i n g t o n , D # C | » :L o u i s A . S i m o n ,
Department,
a c t e d as
P h i l i p B . M a h e r , C h i c a g o ; H e n r y R*
and E d ward Bruce,
Supervising Architect
of
t he T r e a s u r y
architectural adviser*
In a d d i t i o n to
choosing
jury v o t e d h o n o r a b l e m e n t i o n to the
the prize w i n n i n g
following:
designs,
the
TREASURY DEPARTMENT
Washington
EOR RELEASE, AFTERNOON NEWSPAPERS,
Tuesday, July 13» 1938.__________
7/11/38.
~—
Press Service
No. 13-91
Winners of the ten $1,000 awards in the Treasury Department archi
tectural design nation-wide competition for small Post Office buildings
costing approximately $50,000 were announced today by Secretary Morgenthau.
They are:
Arthur F. Deam, Ox Bow Inn, Saugatuck, Michigan
Theodore Fletcher, R.F.D. No. 1, Wilmington, Delaware
Carl F. Guenther, 1227 Prospect Ave., Cleveland, Ohio:
John E. Miller, 10523 Ashbury Ave., Cleveland, Ohio
T. Marshall Rainey, 204 E. Fourth St., Cincinnati, Ohio
Francis W. Roudebush, 654 Madison Ave., New York, Now York
Harvey Stevenson and Eastman Studds, 101 Park Ave., New York,N.Y
Thao. Ballow White, Architects Building, Philadelphia, Penna*
Two designs by Mr. Guenther, were chosen by the ¿jury of awards, which
also chose another design submitted by Messrs. Miller and Guenther.
All designs remained anonymous until awards were made.
Selection of the winning designs was made by a jury which included
Charles Z. Klauder and Paul P. Cret, Philadelphia;
Gilmore D. Clarke, New York, New York;
Aymar Embury, II. and
Philip B. Maher, Chicago;
Henry R.
Shepley, Boston, Richard J. Neutra, Los Angeles and Edward Bruce, Washington,
D.C.
Louis A. Simon, Supervising Architect of the Treasury Department,
acted as architectural adviser.
2
In addition to choosing the prize-winning designs, the jury voted
honorable mention to the following:
Salvatore G-rillo, 101 Park Ave. , Hew York, Hew York
Hubert Ripley and A. B. Le Boutillier, 45 Bromfield St.,
Hew York, Hew York
Eldredge Snyder, 101 Park Ave. , Hew York, Hew York
Samuel A. Marks, 333 H. Michigan Ave., Chicago, Illinois
Prank Wehrle, 215 W, 12th St., Hew York, Hew York
Clarence 0. Morrison, 67 - 71st St., Brooklyn, Hew York
John T. Hanoman, 144 E. 30th St., Hew York, Hew York
M. Righton Swicegood, (two) 405 E. 54th St., Hew York, Hew York
Edward D. Stone and Morris Ketchum, Rockefeller Plaza,
Hew York, Hew York
Hays, Simpson and Hunsicker, 7829 Euclid Ave., Cleveland, Ohio
Each of the winners and those receiving honorable mention will be
officially informed by the Secretary of the Treasury.
— oOo—
H is to ry o f I t e p ro d u ctio n ozi a commercial «ca le d a to * f rom
l$ lk when
B n g lish s o ld lo r* gaped th & t a Germán ze p p e lin thoy had p terco d w ith in c s n d ia ry b u llé is d ld a o t take f i r e .
TJpon e n try o f thè U n ited S ta to * lu to
thè War, 1$ 1917# i t e la rg e -s c a le p ro d u ctio n b eg in l a th is c o u n try ,
By
1923» a p la n t in F t . Worth could tu ra out a m iI li o n cubie fo o t o f h e llu n
every month.
U n ite d S ta te * h a * Bouree* o f w o rld 1* g re s te s t supply o f
thè gas*
Baeed on thè f a e t th a t i t h a * a c o e ffic ie n t o f s o lu b ilit y about
h a lf th a t o f ziltro g e n , 1 * tw ic e a * d i f fu s ib le , use o f h s liu a has, «inco
19 2 1 #been proposed f o r tre a tm e n t o f dreaded "bende”, o r oaieeon d i soase,
s u ffe re d by d ir e r s , tu n n e l w orkers, and those engagsd in o th e r eng ineer
in g o p e ra tlo n s o liere men so rk in eompressed a ir #
Successe* w ith d o *
coapre asi on o f « h it * r a te and g u in ea p lg s h a * encouraged s c ie n tis ta te
t r y i t on man*
As
y
c a r r i ed on e u rre n tly
ts In th ie f ie l d a rs bsing
The helium-oxygen mixture i t administered u ntil the original caute of
obstructed breathing ~ bronchial apata, acuta lary n g itis, or tracheal
compression - hat been relieved.
It it essential that there be no nitrogen leak into the gaa
mixture during its administration to the patient. To prevent this,
end keep the actual concentration of helium and oxygen desired, a special
hood tent «hloh fite up around the neck hat been devised. This device
alto permits the gat to be given under very lev pressure, an advantage to
the patient, since helium le absorbed at a slow rate in the lunge.
Doctor Barach's statement en titled "The Therapeutic Öse of Helium"
is obtainable from the Ö.S. Public Health Service on request.
Backgrounds
Discovered in the sum In 1868 by means of the spectroscope, helium
was obtained from the mineral clavelte in 189**, A year later It was
found to be a constituents? the atmosphere - one part in 200,000«
Hext to hydrogen the lightest gas known« it is found chiefly in
devait#, monaslte, fergusonite, brdggerite, samarskite, thorianite,
end euxanite. Within recent years It has been found to occur in certain
natural gases evolved from mineral springs deep In the earth under immobile
sedimentary deposits. It was discovered, in 190?, that Kansas had helium*
containing natural gases sufficient for commercial development.
Helium is unsocial, won't mix with any second element. In 1903*
however, it emerged from radium via radioactive disintegration * which was
the world's first true transmutation of elements«
70r those with moor chronic ¿«than there 1« newhope in helium.
An approximate four-to-one mixture of helium and oxygen gases,
administered in & specially devised hood tent, has given patients very
favorable relief, according to a
summary
released today by the 0, S.
Public Health Service. Sudden or gradual relief from dyspnea (difficult
or labored breathing) which aecosspanlee certain asthmatic cases, was
obtained in 90 percent of 5** cases treated in Hew York, Similar results
are reported at the Kayo clinic, mid
from
hospitals in San Francisco,
Cincinnati, and Washington, 0, C.
The therapeutic use of helium mixed with oxygen was first reported
in
V Doctor Alvan X*. Barach, of Columbia College of Physicians
and Surgeons, Hew York, who prepared the Public Health Service summary.
Because of its lightness * about one-*seventh as heavy as nitrogen - the
gat mixture may be moveid through constricted throat and nasal passages
at a pressure about half that required for air or nitrogen-oxygen mix*
turee.
Although cot proposed as a cure for asthma, helium is now pre
scribed «here an effective ventilation of the lunge, at least effort to
the patient, is necessary to end severe asthma which no longer respond«
to adrenalin treatment» It has even been found useful in terminating
certain cases of severe asthma.
Where patients suffered from obstructive dypsnea, the new mixture
has been used effectively to overcome Is«ions in the larynx and track**«
Major throat operations have been avoided in some of these cases. It
has been successfully used «here it was necessary to give anaesthesia
and the patient was suffering from severe respiratory obstruction.
TREA SU RY
D E PA R TM E N T
U. S. PUBLIC HEALTH SERVICE
MEMORANDUM
date
fro m :
Philip S. Broughton
to:
Mr» Gaston
July 2, 1938
Attention: Mr» Schwarz
Attached is a story on the therapeutic use of helium to be
released at your discretion.
PSBsAEM
In Charge, Office of
Health Education
TREASURY DEPARTMENT
U.S. Public Health Service
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Wednesday, July 13, 1938,
7-11-38
— —
Press Service
jj0. 13-92
For those with near chronic asthma there is new hope in helium.
An approximate four-to-one mixture of helium and oxygen gases, administered
in a specially devised hood tent, has given patients very favorable relief, accord
ing to a summary released today by the U. S. Public Health Service.
Sudden or
gradual relief from dyspnea (difficult or labored breathing) which accompanies
certain asthmatic cases, was obtained in 90 per cent of 54 cases treated in Nov/
York.
Similar results are reported at the Mayo clinic, and from hospitals in
San Francisco, Cincinnati, and Washington, D.C.
The therapeutic use of helium mixed with oxygen was first reported in
1934, by Doctor Alvan L. Barach, of Columbia College of Physicians and Surgeons,'
New York, who prepared the Public Health Service summary.
Because of its light
ness — about one— seventh as heavy as nitrogen — the gas mixture may be moved
through constricted throat and nasal passages at a pressure about half that re
quired for air or nitrogen-oxygen mixtures.
Although not proposed as a cure for asthma, helium is now proscribed where
an effective ventilation of the lungs, at least effort to the patient, is necessaify
to end severe asthma which no longer responds to adrenalin treatment.
It has even
been found useful in terminating certain cases of severe asthma.
Where patients suffered from obstructive dyspnea, the new mixture has been
used effectively to overcome lesions in the larynx and trachea.
operations have been avoided in some of these cases.
Major throat
It has been successfully
used where it was necessary to give anaesthesia and the patient was suffering
from severe respiratory obstruction.
The helium-oxygen mixture is administered
-
2-
~
until the original cause of obstructed breathing - bronchial spasm, acute laryn
gitis* or tracheal conpression - has been relieved*
It is essential that there.bo no nitrogen leak into the gas mixture during
its administration to the patient*
To prevent this, and keep the actual concen
tration of helium and oxygen desired, a special hood tent which fits up around
the neck has been devised*
This device also permits the gas to be given under
very low pressure, on advantage to the patient, since helium is absorbed at a
slow rate in the lungs*
Doctor Barach*s statement entitled ”The Therapeutic Use of Helium” is ob
tainable from the U.S* Public Health Service on request.
Backgrounds
Discovered in the sun in 1868 by means of the spectroscope, holiun was ob
tained from the mineral cleveite in 1894*
A year later it was found to be a
constituent of the atmosphere - one part in 200,000*
Next to hydrogen the lightest gas known, it is found chiefly in cleveite,
nonazito, fergusonite, broggerite, sanarskite, thorianite, and euxanite.
Within
recent years it has been found to occur in certain nature?! gases evolved from
mineral springs deep in the earth under immobile, sedimentary deposits*
It was
discovered, in 1907$ that Kansas had helium-containing natural gases sufficient
for commercial development*
Helium is unsocial, won*t mix with any second element.
In 1903, however,
it emerged from radium via radioactive disintegration - which was the world*s first
true transmutation of elements*
History of its production on a commercial scale da,tes from 1914 when
English soldiers gaped that a German zeppelin they had piorced with incendic?ry
- 3 -
bullets did net take fire.
Upon entry of the United States into the War, in
1917, its large-scale production began in this-country.
By 1925, a plant in
3Pt. Worth could turn out a million cubic feet of helium every month.
United
States has sources of world*s greatest supply of the gas.
Based on the fact that it has a coefficient of solubility about half that
of nitrogen, is twice as diffusible, use of helium has, since 1923,. been pro
posed for treatment of dreaded nbendsH, or caisson disease, suffered by divors,
tunnel workers, and those engaged in other engineering operations where men work
in compressed air.
Successes with decompression of white rats and guinea pigs
has encouraged scientists to try it on nan.
As yet unreported experiments in
this field are being carried on currently in Washington, D.C, and in Hew York.
— oOo—
rm&vm m&mMmT
w ém m m m
Im m i & S l , MOHSflNG HB1S8PAP8BS»
Tuesday, July 12. 1938.
7/Í1/38
Pr««« Service
Secretary of the Treasury Morgenthau armounced la*t nlght that the
subscription books for tb® curre»-I offering of 7/® percent nota« of Series
H of the Keconstruetion Ftn&nce Corporation closod at the oíos® of bosta®««
Mondayf JUly 11.
Subsorlptions addressed to & Federal Reserve tea! or branch, or
to the Treasury Department» and placed lo the malí befare IB o*dock midnight, Monday, .Tuly 11» dll be considerad as baving beso enterad before
the do«® of the subscription books.
ánnounceraant of the amount of subscription« and the basis of allot«
aant will probably be moda on Frióay, July IB,
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, July 12, 1938. _______
7-11-38
Press Service
No. 13-93
Secretary of the Treasury Morgenthau announced la.st night that the sub
scription books for the current offering of 7/8 percent notes of Series N of
the Reconstruction Finance Corporation closed at the close of business Monday,
July 11.
Subscriptions addressed to a Federal. Reserve bank or branch, or to the
Treasury Department, and placed in the nail before 12 o^lock midnight, Monday,
July 11, will be considered as having been entered before the close of the sub
scription books.
Announcement of the amount of subscriptions and the basis of allotment
will probably be made on Friday, July 15.
Trnsunr dspai^ nt
WASH3K0TCK
for
mmmn-, ucmmo mmmm¡s9
preee Service
Tuesday, July 12, 1958.
7/ii/áé—
----------The Secretary of the Treasury aunouneed last evening tfcat the
tendere for #100,000,000, er thareabouts, of 92«dey Treasury billa, to
be dated July 13 and to maturo Oetober 13, 1938, whieh «ere offered on
July 8, «ere oponed at the Federal Reserve bonica on July 11*
The detalle of thle issue are as follones
Total applied for
Total aeeepted
* #210,024,000
- 100,214,000
Bango of aeeepted bidet
High
lew
Averaga priee
* 99*999
* 99*989
* 99*990
Squivalent rato approximately 0.020 peres
*
*
»
0.043
w
•
*
m
0.038
•
(37 per cent of the amount bid fo r at the lo« priee «as aeeepted)
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING- NEWSPAPERS,
Tuesday, July 13, 1938, ,
_____
Press Service
No. 13-94
7/11/38.
The Secretary of the Treasury announced last evening that the
tenders for $100,000,000, or thereabouts, of 93-day Treasury bills, to
be dated July 13,' and to mature October 13, 1938, which were offered on
July 8, were opened at the Federal Reserve banks on July 11.
The details of this issue are as follows:
Total applied for
Total accepted
- $210,024,000
- 100,214,000
Range of accepted bids:
High
Low
Average price
— 99.995
* 99,989
« 99,990
Equivalent rate approximately 0,020 percent
»
«
»
0,043
u
11
11
0,038
,f
(87 percent of the amount bid for at the low price was accepted)
— 0O 0
Suggested for news release as excerpts.
TREASURY DEPARTMENT
FOR RELEASE TO NEWSPAPERS
Thursday morning, July 14, 1938
PRESS SERVICE
No. 13-95
LEGISLATIVE DEVELOPMENTS IN THE
FIELD OF BANKING.
Excerpts from the address of Honorable Marshall R. Diggs,
Acting Comptroller of the Currency, Before the North
Carolina Bankers Association, at Chapel Hill, University
of North Carolina, July 13, 1938.
Acting Comptroller of the Currency Marshall R. Diggs, in reviewing
recent legislative developments in the field of banking, before
the North Carolina Bankers Association today, pointed outi
1*
’’Today there are only 70 national banks which have not
taken advantage of the statutory method of relieving shareholders
of the double liability provision.”
All others have availed themr-
selves of this provision of the Banking Act of 1935 which provided
for the giving of notice of the termination of such liability.
In this connection, he pointed out that ”in order to compen
sate for the termination of the double liability of shareholders
of national banks, the requirement that before the declaration
of any dividend upon common stock, national banks must carry
not less than 10 per cent of their net profits of the preceding
half-year to their surplus fund until the same shall equal 20
per cent of the bank’s capital, has been changed to provide for
the creation of a surplus out of earnings to the amount of the
common capital of the bank.
This 100 per cent surplus, once
established, is a more substantial protection to the depositors
and creditors of national banks as well as to the Federal Deposit
Insurance Corporation, than the old assessment liability which
experience taught was only partially recoverable.
2.
National banks are no longer closed corporations, owned
by a few individuals . The trend has been changed:
"Today the stock of most national banks is held by a large
number of individuals, each holding a much smaller percentage of
the bank’s shares of stock.
.
.
The Banking Act of 1933 gave
minority stockholders the power to cumulate their votes, thus
enabling them to obtain representation upon the bank’s board of
directors.
The Act of 1935 still further clarified the situation
in connection with trust powers.”
3.
Following the passage of the Emergency Banking Act which
permitted the issuance of preferred stock, most of which, as
- 3 ~
issued by national banks, was purchased by the Reconstruction
Finance Corporation, has to a considerable extent been retired!
"The most of the preferred stock that was issued by national
banks was, of course, purchased by the Reconstruction Finance
Corporation, and as of June 30 last, slightly over 50 per cent
of such stock has been retired through earnings, recoveries, or
through the issuance of common stock to take its place."
4.
"The Comptroller’s office is proud of its record of
effecting the reorganization of the 1,417 national banks, which
were not relicensed immediately after the banking holiday," Mr.
Diggs said in reference to powers under the Emergency Banking Act.
"Such reorganization is binding upon all stockholders, depositors
and creditors."
5.
nThe Comptroller of the Currency has found it necessary
on only two occasions to invoke the provisions of the law through
which executive officers of banks have been lemoved from office
by order of the Board of Governors of the Federal Reserve System."
"Loans to executive officers of a bank are limited to $2500 00
subject to the approval of a majority of the entire board of
directors of the bank.
The law provides for the removal of
- 4-
executive officers for accepting loans in excess of this amount,
after warning from the Comptroller in the case of national hanks,
or the Federal Reserve Agent in the case of state member hanks."
6.
"Recent legislation extended the jursidiction of the
Federal courts and the Federal Bureau of Investigation to attempts
to commit robbery, larceny or burglary of any member of the Fed
eral Reserve
System or any bank insured by the Federal Deposit
Insurance Corporation."
I*3*
TREASURY DEPARTMENT
Washington
FOR RELEASE TO NEWSPAPERS
Thursday morning, July 14, 1938
PRESS SERVICE
No. 13-95A
LEGISLATIVE DEVELOPMENTS IN THE
FIELD OF BANKING.
Excerpts from the Address of Honorable Marshall R. Diggs,
Acting Comptroller of the Currency, Before the North
Carolina Bankers Association, at Chapel Hill, University
of North Carolina, July 13, 1938.
To he with you here at your annual hankers1 conference is, indeed,
a pleasure.
The Comptroller’s office has been and is greatly interested
in the schools and conferences being held throughout the country, and I
am glad to be here in North Carolina, which has pioneered in this movement, and to have an opportunity to see at first hand one of the larger
state conferences.
The story of banking down through the years paces the history of
civilization.
Banking, public and private, has played major roles in
the developments of nations, through the financing of wars, the under
writing of ne?/ developments, and cushioning the effects of major disasters.
Banks have helped to blaze new trails across economic wastes and to
furnish the motive power for climbing the mountains to new achievements.
There is scarcely an outstanding activity in the developments of the
~ 2 -
arts, of inventions, or explorations where banking has not aided.
Basically, of course, banking has grown because it offers a
medium of convenient exchange of credits.
It has become more complex
as modern life has become complicated and business grown more intricate.
As long as living remained comparatively simple, the banking processes
were few.
himself.
At the first, each banker was more or less a law unto
Specific regulation of banking technique has come about in
the interest of democracy.
As banking progressed, it was but natural that certain abuses
developed, making it desirable for both state and federal government
to lay down rules and regulations for the protection of the public.
While these rules and regulations may, in some instances, have circum
scribed the banker, they have also protected him, and not infrequently
have opened new avenues for investment and profit.
In America, banking has progressed somewhat differently than
elsewhere in the world.
We have a dual system, consisting of both state
and national banks - a system which .has sometimes been criticized and
often praised.
The banking history of the various states has largely
reflected the economic developments and the views of the legislators
m
these states.
However, with the development of travel and transporta*
tion, banking practices in both the state and national systems have
tended toward greater uniformity.
Only recently, the three federal
- 3 -
agencies and the state authorities have agreed on a similar procedure
in the classification of loans and the valuing of investment securities.
This, undoubtedly, is a big step forward.
The 75 years’ history of the office of the Comptroller of the
Currency records in its annals many changes in banking practices.
On
the shelves of the office in Washington are the bound volumes of all
the reports of the past comptrollers.
These are yearly stories of
national banking, telling of the progress and the mistakes.
In fact,
to peruse these pages is to find an annotated history of our national
development.
New laws and revisions of old laws have frequently been
recommended by these comptrollers, alert as most of them have been to
the needs of banking and its service to America.
And you will find
these recommendations in their annual reports to Congress.
Considering
the many changes of the past few years in the national banking system,
the more important have related first, to the organization of banks;
second, to their powers and functions; third, to the legislation
designed to protect the public in its dealingswith banks.
In the realm of legislation the principal enactments affecting
the organization of banks were the McFadden Act of 1927 and the Banking
Act of 1933.
No new national bank can be organized with a capital of
less than $50 000, and the capital required is increased according to
the population of the place where the bank is located, the maximum
being $200 000.
The Banking Act of 1935 added the further requirement
- 4 -
that a bank must have a paid-in surplus equal to 20 per cent of its
capital as a condition precedent to the authorization of such hank to
commence business.
Important changes have been made with refenrece to the rights and
liabilities of shareholders of national banks.
Prior to June 16, 1933,
shareholders of national banks were subject to the double liability,
which meant that in addition to the hazard of losing their original
investment in the stock of the bank, they could also, in the event of
insolvency, be called upon to pay an assessment equal to the par value
of that stock.
The Banking Act of 1933 relieved shareholders from
this double liability with respect to shares of stock of national banks
issued subsequent to June 16, 1933.
The Banking Act of 1935 later
provided a means whereby the shareholders of all national banks could
be relieved of the double liability feature attaching to stock issued
on or prior to June 16, 1933, provided the banks gave notice of the
termination of such liability.
Today there are only 70 national banks
which have not taken advantage of this statutory provision.
Shortly before the adjournment of the recent session of Congress,
a law was enacted making it possible for the Federal Deposit Insurance
Corporation, as a creditor of a closed state bank whose insured deposits
it had paid, to waive the liability of stockholders of such state bank.
However, the waiver cannot effect the rights of other creditors of the
banks . This law placed state banks on a parity with national banks
5
insofar as the liability of shareholders for assessment is concerned,
where such liability would inure to the benefit of the insurance'corpora
tion.
Because of certain provisions in the constitutions of some of
the states, an absolutely uniform rule with respect to stockholders1
liability lies in the remote future.
The requirement that national banks, before declaring any dividend
upon common stock, must carry not less than 10 per cent of their net
profits of the preceding half-year to their surplus fund until the same
shall equal 20 per cent of the bank’s capital, has been changed to
provide for the creation of a surplus out of earnings to the amount of
the common capital of the bank.
This change has been made in order to
compensate for the termination of the double liability of shareholders
of national banks.
The 100 per cent surplus, once established, offers
a more substantial protection to the depositors and creditors of
national banks, as well as to the FDIC, than the old assessment liability
which experience taught was only partially recoverable.
Until recent years, national banks had a tendency to be closed
corporations, their stock being held by relatively few individuals, but
today the number of stockholders is greatly increased, each holding a
much smaller percentage of the bank!s shares.
In many national banks
there are still a few holders of large blocks of stock, and a combina
tion of these stockholders often dominates the policies of the bank.
The Banking Act of 1933 enabled minority stockholders to obtain repre
sentation upon the board of directors of a national bank by authorizing
‘
- b -
cumulative voting for directors.
This xorovision of the law gives a
shareholder the right to multiply the number of shares he owns by the
number of directors to be elected, and to cast the resultant total of
votes all for one candidate, or to distribute them on the same principle
among as many candidates as the shareholder shall desire*
The Banking Act of 1935 contains provisions that prevent the board
of directors of a bank voting stock held by the bank as sole trustee
in order to perpetuate themselves . It provides that in the election
of directors the bank shall not vote shares of its own stock which it
holds as sole trustee, except in conformity with the specific directions
of the donor or beneficiary of the trust under the authority of the
trust instrument.
The Banking Act of 1933 also required that holding company affiliates
controlling the stock of national banks must obtain a permit from the
Board of Governors of the Federal Reserve System before they may vote
such stock, except in the case of voting a bank into voluntary liquida
tion.
The granting or withholding of such permit lies within the
discretion of the Board of Governors, and before such permit can be
granted the holding company affiliate must agree to the requirements
set forth in the statute relating to examinations and the building up
of reserves.
The Emergency Bahking Act of March 9, 1933, contained several very
~ 7 -
far-reaching provisions.
One had to do with the issuance of preferred
stock hy national "banks, and another had to do with the reorganization
of national "banks which were not relicensed after the hanking holiday.
At that time it was not possible, as you all well know, to sell common
stock of national hanks.
This was true because of the liability attach
ing to the ownership of such stock, as well as to the lack of public
confidence due to the situation prior to the banking holiday.
Many
banks were in dire need of capital strengthening which could be provided
only through the issuance of a class of stock which was not subject to
the double liability then existing, and which would have features that
would make it attractive.
Most of the preferred stock that was issued
by national banks was, of course, purchased by the Reconstruction
Finance Corporation, and as of June 30 last, slightly over 50 per cent
of such stock had been retired through earnings, recoveries, or through
the issuance of common stock to take its place.
The Emergency Banking Act gave to national banks the power to
reorganize on a plan satisfactory to specified percentages of depositors
and creditors, provided such plan was approved by the Comptroller of
the Currency as fair and equitable and in the public interest.
Such a
reorganization is binding upon all stockholders, depositors, and cred
itors.
The Comptroller's office is justly pr®rud
of its record in
effecting the reorganization of most of the 1,417 national banks which
-
8
-
were not relicensed immediately after the hanking holiday.
An analysis of the causes of the hanking crisis of 1933 revealed
the necessity for some corrective legislation.
As a result we find
certain provisions in the Banking Act of 1933 and the Banking Act of
1935 limiting the interlocking control and the interlocking business
activities of the member hanks of the Federal Reserve System and their
affiliates, and subjecting such affiliates to supervision.
They also
contain provisions limiting and supervising interlocking personnel,
including directorates between banks.
The Public Utility Act further
limited interlocking personnel between banks and public utilities, and
between banks and registered holding companies.
Among the most important features of the legislation affecting
the powers and functions of banks is granting and expansion of the
fiduciary powers of national banks to correspond with similar powers of
state banks . Prior to 1913, national banks did not have power to
undertake fiduciary duties and not until 1918 did they have adequate
powers to carry on a trust business.
ihere has been an increasing
tendency for the public to appoint banks to act in fiduciary capacities
and in recent years there has been an enormous' expansion both in the
business of private trusts and corporate trusts.
To keep pace with these
opportunities, and to enable national banks to be available for this
type of public service, appropriate provisions were included in the
Acts of December 23, 1913, and September 26, 1918.
These laws gave to
- 9 -
national banks approximately the same fiduciary powers as those
enjoyed by state banks, such powers to be obtained only by grant of
the Board of Governors of the Federal Reserve System and under regula
tions prescribed by said Board, and to be surrendered pursuant to the
same authority.
Although the powers granted by the above laws were
adequate, there was a practical limitation upon the business which
could be
accepted by national banks until the Act of February 25,«*
1927, because prior to that date the charters of national banks were
granted for only a limited period of time.
The Act of June 3, 1864,
allowed the continuation of national banks for a period of twenty
years.
Between. June 3, 1864, and July 1, 1922, it was necessary for
a national bank to have its charter extended every twenty years.
On
July 1, 1922, Congress enacted a law allowing the continuation of
national banks for a period of ninety-nine years.
Subsequently, the
McFadden Act of February 25, 1927, provided for continuous succession
of national banks . Thus national banks with fiduciary powers can now
undertake the administration of trust estates regardless of the length
of time necessary to execute them.
The latest available figures show
that 1,551 out of 5,299 national banks were exercising fiduciary powers
under grants of authority from the Board of Governors of the Federal
Reserve System.
The extent of the development of the trust service of
national banks can be seen from the fact that slightly less than 136,000
individual trusts with assets aggregating over nine and one-half billion
>
10
-
dollars were being administered by these 1,551 banks.
About half of
this number of banks administered nearly 16,000 corporate trusts and
acted as trustees for note and bond issues amounting to ten and one-half
billion dollars.
Another important development relative to the extent of the powers
of banks which are members of the Federal Reserve System pertains to
the relationship between banks and stockholders . The Banking Act of
1933 prohibited a bank from acting as agent or medium for nonbahking
corporations, firms, .and individuals in making loans to brokers on the
security of stocks, bonds, or other investments.
banks to divorce their stock affiliates.
The same act required
Certain unsound and speculative
practices arose in connection with the purchase by some banks of securi
ties for their own account, as well as in dealing in and underwriting
securities and stocks.
The McFadden Act, the Banking Act of 1933, and
the Banking Act of 1935 limited the activities of national banks in
purchasing investment securities for their own account and prohibited
dealing in and underwriting securities, except in certain exempted secu
rities.
The investment securities regulation, effective July 1, 1938,
is the second revision of the original regulation prescribed by the
Comptroller of the Currency subsequent to the x>assage of the McFadden
Act, and it is hojjed that such regulations will stimulate the greater
use of funds of banks in meeting the credit needs of sound business,
while at the same time keeping speculative securities out of the banks*
11
-
portfolios.
I need not recall to your minds the result of competition between
banks for funds, ?/hich resulted in gradually increasing the rate of
interest paid upon both demand and time deposits.
This dangerous prac
tice has been eliminated by the enactment of laws pertaining to payment
of interest on deposit accounts . The Board of Governors of the Federal
Reserve £$rstem has been authorized to regulate the rate of interest that
may be paid by member banks on time and savings deposits.
The member
banks are prohibited from paying interest upon demand deposits.
Similarly,
the Federal Deposit Insurance Corporation has been directed to prohibit
by regulation the payment of interest on demand deposits in insured non
member banks, and has been authorized to regulate the rates of interest
or dividends which may be paid by insured nonmember banks on time and
savings deposits.
Under the regulations promulgated by these boards,
no insured bank, whether member or nonmember, may pay time deposits
before maturity except under certain conditions therein specified.
There also has been legislation which has served to aid the banker
in making and protecting real estate loans.
One of the most far reaching
of such laws is the Act creating the Federal Housing Administration for
the purpose of insuring real estate loans and mortgages.
By virtue of
this legislation, banks were given a profitable outlet for funds in
Insured loans to the benefit of the heavy goods industries.
Under the
same legislation bunks were enabled to aofce insured loans on homes .
12
-
Mortgages contained in their portfolios, which complied with the
regulations of the Federal Housing Administration, could likewise be
insured, and these mortgages, insured under Title II of the Federal
Housing Act, were exempted from some of the limitations imposed upon
real estate loans by Section 24 of the Federal Reserve Act,
The socalled Industrial Loans Act was a means whereby banks'were
encouraged to make working capital loans to established industries or
commercial businesses.
Under that legislation member banks were author
ized to make industrial loans which were approved by the Industrial
Advisory Committee and by the Federal Reserve Bank of the particular
district, having obtained in advance a commitment from the Federal
Reserve Bank either to purchase or discount the obligations.
In such
cases the lending bank must obligate itself for 20 per cent of any
loss sustained, but it may keep the loan if it sees fit and thus profit
thereby . All operations of the Federal Reserve Bark under this provi
sion of law are subject to regulation by the Board of Governors of the
Federal Reserve System.
It issued its regulation in reference to this
matter and placed no restrictions upon the Federal Reserve Banks beyond
those prescribed in the law itself, and placed the administration of
this provision of law in the respective Federal Reserve Banks and in
persons residing in and familiar with the problems of such Federal
Reserve District.
Approximately 140 million dollars is available for
the purpose of making these working capital loans for established commer
cial and industrial businesses.
13 -
You, as bankers, will recall that under the provisions of the
McFa&den Act of February 25, 1927, a national bank could invest only
25 per cent of its capital and surplus, or one-half of its savings
deposits, whichever was the greater, in real estate loans.
Such loans
could run no longer than five years and could not exceed 50 per cent
of the value of the real estate . The Banking Act of 1935 permitted
national banks to make real estate loans up to 60 per cent of the
appraised value of the real estate and for a term of not more than
ten years if the loan is secured by an amortized mortgage or deed of
trust,- uider the provisions of which the installment payments are
sufficient to amortize 40 per cent or more of the principal of the
loan within ten years.
*
Even more important is the change whereby such
loans can be made in an aggregate amount not exceeding the paid-in
*
capital and unimpaired surplus, or 60 per cent of the amount of its
time or savings deposits, whichever is greater.
The recent .legislation on the subject of loans has given considera
tion to the depositing public as well as to the banks . The Board of
Governors of the Federal Reserve System is empowered to regulate the
marginal requirements on loans to brokers for the purpose of purchasing
stock registered on national securities exchanges.
Loans to executive
officers of a bank are limited to $2,500 and are subject to the approval
of a majority of the entire board of directors.
Laws have been enacted
providing for the removal of executive officers of banks for accepting
loans in excess of $2,500, and for the removal of officers and directors
14 -
of 'banks for the continued violation of law or refusal to discontinue
unsafe or unsound practices in conducting the business of the bank,
after warning from the Comptroller of the Currency in the case of na
tional banks, or the Federal Reserve Agent in the case of state member
banks.
It is gratifying to be able to state that the Comptroller of
the Currency has found it necessary on only two Occasions to invoke
the provisions of this sectioncf the law.
We cannot discuss legislative changes effecting the powers and
functions of banks without at least referring to that provision of the
Act of
August 23, 1935, authorizing the Board of Governors of the
Federal Reserve System to change the requirements as to reserves to
be maintained by member banks against demand, or time deposits so as to
regulate credit expansion or contraction.
The Board of Governors may
change such reserve requirements by increasing them to double the
amount required by the law in force on the date of the enactment of
the Banking Act of 1935.
Similarly one must call attention to the law establishing the
Federal Open Market Committee to regulate open market operations.’ This
Committee consists of all members of the Board of Governors of the
Federal Reserve System and five representatives of the Federal Reserve
Banks . It is given power to regulate open market operations of the
Federal Reserve Banks.
Other recent significant legislation increasing the power of
- 15 -
national "banks is found, in the Act of June 25, 1930, permitting such
hanks to pledge their assets to secure deposits of a state or its
political subdivisions in like manner as state hanks are permitted to
pledge their assets . This statute was intended to place national hanks
on a par with state hanks in this regard.
The most important legislation designed to protect both the hankers
and the public is the federal Deposit Insurance Corporation provisions
of the B anking Acts of 1933 and 1935.
But there has been other recent legislation which should not he
overlooked, such as the extension of the jurisdiction of the federal
Courts and the federal Bureau of Investigation to attempts to commit
robbery, larceny, or burglary of any member bank of the federal Reserve
System or any bank insured by the federal Deposit Insurance Corporation;
the extension of such jurisdiction to the crimes of embezzlement, abstrac
tion, and misapplication of funds by officers of insured banks, (whether
or not they are members of the federal Reserve System); and the facili
tating of prosecutions under those statutes by the Act providing for
the admissibility in evidence of writings and records made in the regular
course of business.
These socalled criminal provisions afford bankers
and the public additional protection such as was not theretofore avail
able and we believe this fact is recognized and appreciated by all
bankers affected thereby.
May I give you one example of the effective
ness of this particular added protection for the banker and the public.
You will recall that one Anthony Chebatoris was just recently executed
in Michigan for a murder committed in connection with a bank robbery.
16
This execution was carried out hy federal officials under the authority
of this law, despite the fact that capital punishment has been abolished
in the State of Michigan for a period
of one hundred and eight years.
One other person has been convicted of murder in connection with bank
robbery and is under death sentence.
He has not been executed as he has
filed a writ of certiorari to the United States Supreme Court.
But, as before stated, the outstanding protective legislation of
recent times is the law insuring deposits of each depositor in insured
banks up to $5,000 as well as trust deposits up to the same amount. This
legislation virtually eliminates the danger of 'hums,” the fear of which
had haunted bankers for years. It reassured the public, created confidence
in banks, and discouraged the hoarding of money.
Bank deposits showed
a very decided increase after the enactment of this law•
This review of the legislation of recent years does not purport
to cover all legislation in the field of banking . It has only been
possible to give a thumbnail sketch of what appear to be the most
important legislative enactments, particularly those relating to national
banks.
However, even such a review necessarily leads to the conclusion
that the progress which has been made in banking has evolved steadily,
and surely, out of the vast experience of the past . The most lasting
progress in any field of endeavor has come through just such a develop
ment . In banking, as in the law, precedents have and will continue to
serve a very useful purpose as guide posts for those who are attempting
to build a foundation for banking which will withstand the onslaughts
■%
r
:
J
r > *fj,
VI ><' h, i lt
I■ :I
I
" 17 ~
of economic catastrophies and yet enable the hanks to amply serve
I
the nation in times of prosperity.
We are all interested in further
developments in the field of hanking.
T»7e are all striving to the end
that hanks shall he so operated as to provide an adequate circulation
of the capital of this country, to provide a safe deiDository for the
savings of the people, and to provide an ample return to the hanker
upon his investments and for his services.
In the last analysis, however, attaining those objectives requires
I
sound, competent management . Such management cannot he legislated.
can he provided only by the hankers themselves.
I
Conferences such as
you have here will unquestionably give us better hank management.
It
IMPORTATIONS OF CATTLE, CREAM AND CERTIFIED SEED POTATOES
UNDER THE QUOTA PROVISIONS OF THE CANADIAN TRADE AGREEMENT
Preliminary Figures as of July 2, 1938
Customs District
TOTAL IMPORTS
Per Cent of Quota
FROM CANADA
Alaska
Buffalo
Chicago
Dakota
Duluth & Superior
Florida
Maine & N. H.
Massachusetts
Michigan
Minnesota
Montana & Idaho
New York
Oregon
Philadelphia
St. Lawrence
Vermont
Virginia
Washington
Total from Cahada
FROM MEXICO
Arizona
El Paso
San Antonio
San Diego
January 1 to July 2, 1938
CATTLE î CATTLE 700# DAIRY COWS
700# OR MORE
UNDER 175# : OR MORE
(Head)
:
(Head)
(Head)
4,584
0.3$
30,949,374 |
68.8$p1
—
•
47
55
—
•
*■
—
r■
160,770 I
** ■
109,500 1
40,380 1
2,497,480 1
2,917,394 1
3,944,554 |
1,273,410 I
28,395
54.7$
47,759
30.7$
*
4,467
113
4,889
94
1,650
33
17
1,369
10,033
2,270
59
159
55
97
2.587
23,312
23
398
1,795
265
2,676
4,219
4,323
6,939
14,682
2,518
308
24,447
*
—
—
•*
—
—
*■
-
—
1
47
42
1,066
50
12,305
5,060
308
-
2.888
26,347
751
736
561
2,048
FROM OTHER COUNTRIES
Puerto Rico
2,676
13.4$
CREAM
(Gal.\
Dec.1,1937 to 1
July 2. 1938
WHITE OR IRISH
SEED POTATOES 1
(Pounds)
4
25
7
158
1
2
'1
~I
18,774,846 I
■
415,316 I
@00 I
40,280 1
761,944 I
12r700 I
30,949,3741
261 -------- —
(Prepared by Division of Statistics and Research, Bureau of Customs)
*I
"I
1
1
Die Commissioner of Customs today announced preliminary
figures for imports of cattle, cream and certified seed potatoes,
under the quota provisions of the Canadian Trade Agreement, as of
July 2, 1938, and the percentage that such imports bear to the
totals allowable under the quota provisions, as follows;
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
'
Wednesday, July 13, 1938.
Press Service
No. 13-96
The Commissioner of Customs today announced preliminary figures for imports
of cattle, cream and certified seed potatoes, under the quota provisions of tho
Canadian Trade Agreement, as of July 2, 1938, and the percentage that such imports
hear to the totals allowable under the quota provisions, as follows:
Customs District
January 1 to July 2, 1938
CATTLE 700#: DAIRY COWS
CATTLE
:700# OR MORE
UNDER 175# : OR MORE
(Head)
(Head)
:
(Head)
:
TOTAL IMPORTS
Per Cent of Quota
FROM CANADA
Alaska
Buffalo
Chicago
Dakota
Duluth & Superior
Florida
Maine & N.H.
Massachusetts
Michigan
Minnesota
Montana & Idaho
New York
Oregon
Philadelphia
St. Lawrence
Vermont
Virginia
Washington
Total from Canada
FROM MEXICO
Ari zona
El Paso
San Antonio
San Diego
Total from Mexico
FROM OTHER COUNTRIES
Puerto Rico
28,395
54.7$
47,759
3C.7#
4,467
113
1
47
#•
42
1,066
50
12,305
-
4,889
94
1,650
33
17
1,369
10,033
2,270
59
159
55
97
2,587
23,312
6,939
14,682
2,518
308
24,447
5,060
308
2,888
26,347
751
736
561
*•
2,048
—
— oOo—
:
:
:
2,676
13.4#
•
•
•
•
CREAM :
(Cal.) î
4,584
0.3#
Doc.1,1937 to
July 2, 1938
WHITE OR IRISH
SEED POTATOES
(Pounds)
30,949,374
68.8#
—
160,770
158
1
23
—
398
1,795
265
2,676
47
55
—
—
2
4,219
4,323
109,500
40,380
2,497,480
2,917,394
3,944,554
1,273,410
«M»
18,774,846
415,316
800
40,280
761,944
12,700
30,949,374
—
—
—
—
—
—
*"*
261
m
m
4
25
7
IMPORTS OF DOUGLAS FIR, WESTERN HEMLOCK AND RED CEDAR SHINGLES
UNDER THE QUOTA PROVISIONS OF THE CANADIAN TRADE AGREEMENT
Preliminary Figures as of July 2, 1938
$
January 1 to July 2, 1938
: Sawed Timber & Lumber Not Specially Provided For
: DOUGLAS : /WESTERN V .MIXED FIR : TOTAL FIR
FIR
: HEMLOCK : •& HEMLOCK : & HEMLOCK
Customs Districts :
: (Bd.Ft.) î (Bd.Ft.) : (Bd. Ft.) : (Bd. Ft*)
53,188,699
12,613,770
Alaska
486,130
1,017,194
Buffalo
3,320,736
Connecticut
10,182,098
Dakota
Duluth and Superior 5,700,659
•
Galveston
Los Angeles
11,941,629
98,958
Maine and N. H.
5,741,810
Massachusetts
54,875
Michigan
Minnesota
8,300
Montana and Idaho
New York
13,244
8,243,483
Philadelphia
St. Lawrence
35,112
Vermont
217,915
Washington
6,126,556
aw
637,729
38,059
704,112
2,393,905
TOTAL IMPORTS
Percent of Quota
16,659,051
a
• July 1 & t
1938
:
: RED CEDAR
: SHINGLES
: (Squares)
82,461,520
33.04
104,331*
FROM CANADA
-
346,949
•
6,518,932
152,349
-
1,617,222
•
204,513
a»
•
•
58,525
•
-
•
16,600,376
150
*
486,130
1,654,923
3,358,795
1 0 ,886,210
8,094,564
12,347,103
98,958
12,260,742
207,224
8,300
16,613,620
9,860,705
35,262
217,915
6,331,069
-
3,797
31,276
11,299
14,456
2,000
m
492
8,225
4,115
75
•
1,200
27,446
♦Quantity allowable under quota for last six months of the calendar year 1938, not
yet announced.
(Compiled by the Division of Statistics and Research, Bureau of Customs)
The Commissioner o f Customs today announced p re lim in a ry
fig u re s fo r im ports o f Douglas f i r , W estern hemlock and re d cedar
s h in g le s , under th e quota p ro v is io n s o f th e Canadian Trade Agree
m ent, as o f J u ly 2 , 1938, and th e percentage th a t such im ports
b ear to th e to ta ls a llo w a b le under th e quota p ro v is io n s , as fo llo w s
TREASURY DEPARTMENT
Washington
FOR RELEASE, AFTERNOON NEWSPAPERS,
Thursday, July 14, 1938.
7-13-38
“ — —
Press.Service
No. 13-97
Tho Commissioner of Customs today announced preliminary figures for imports
of Douglas fir, Western hemlock and red cedar shingles, under the quota provisions
of the Canadian Trade Agreement, as of July 2, 1938, and the percentage that such
imports bear to the totals allowable under the quota provisions, as follows;
Customs Districts
TOTAL IMPORTS
Percent of ^uota
January 1
Sawed Timber & Lumber
5 DOUGLAS :
WESTERN
*
FIR
:
HEMLOCK
; (Bd. Ft.);
(Bd.Ft.)
53,188,699
to July 2, 1938
Not Specially Provided For
: MIXED FIR : TOTAL FIR
: & HEMLOCK ; & HEMLOCK
; (Bd.Ft.)
;
(Bd.Ft.)
12,613,770)
16,659,051
637,729
38,059
704,112
2,393,905
—
346,949
«
6,518,932
152,349
-
:
:
:
;
:
July 1 & 2
1938
BED CEDAR
SHINGLES
(Squares)
82,461,520
33.0#
104,381*
FROM CANADA
Alaska
Buffalo
Connecticut
Dakota
Duluth & Superior
Galveston
Los Angeles
Maine and N.H.
Massachusetts
Michigan
Minnesota
Montana & Idaho
New York
Philadelphia
St. Lawrence
Vermont
Washington
486,130
1,017,194
3,320,736
10,182,098
5,700,659
**
11,941,629
98,958
5,741,810
54,875
—
X*
-
—
8,300
13,244
8,243,483
35,112
217,915
6,126,556
fjft
—
—
58,525
1,617,222
—
204,513
16,600,376
—
150
—
—
486,130
1,654,923
3,358,795
10,886,210
8,094,564
12,347,103
98,958
12,260,742
207,224
8,300
16,613,620
9,860,705
35,262
217,915
6,331,0.69
«
3,797
4M
31,276
11,299
14,456
2,000
»
4*
492
8,225
4,115
75
~
4M
1,200
27,446
^Quantity allowable under quota for last six months of the calendar year 1938, not
yet announced.
TRlÀSCTKÏ DSPARïMERT
Washington
m m u m srusass ,
Thursday, J u ly H , 1958«
Press Servie»
for
S e cretary of th e
Treasury Morgenthau today announoed th e sub-
s c rip tio n fig u re s end the hasts o f a llo tm e n t f o r th e o ffe rtn g o f
# £ 0 0 ,0 0 0 ,0 0 0 , o r th e re u b o u ts , o f
?/& percent notas o f S tr ie s H O f th e
R econstructio n Finance C o rp o ratio n *
R eports rocelvoft from th e F éd éral R eserre b&nks show th a t
au b ecriptio n » aggregate $£,625,000,000.
S u b s e rip tio n s ware a llo tt e d 8 per«
s e n t, b at not le a s than # 1 ,0 0 0 on any one s u b s c rip tio n .
F a r d e r d e ta ils as to s u b s e rip tio n s and a llo tm s n ts w lll be
âsnouneed wben f i n a l re p o rts a re re c e lre d from th e F éd éral Reserve banks.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE, ’
Thursday, July 14, 1930,
Press Service
No. 13-90
Secrotary of the Treasury Morgenthau today announced the subscription
figures and the basis of allotment for the offering of $200,000,000, or there
abouts, of 7/C porcent notes of Series N of the Reconstruction Finance Cor
poration.
Reports received from the Federal Reserve banks show that subscriptions
aggregate $2,625,000,000.
Subscriptions were allotted G percent, but not less
than $1,000 on any one subscription.
Further details as to subscriptions and allotments will be announced
when final reports are received from the Federal Reserve banks.
— oOo—
Th©s aaoÄ o© dalist
a
winner
o f th e match
g o ld mental# th e second» t h ir d
medals
w i l l re c e iv e
and fo u r th h ig h men w i l l re c e iv e
w h ile th e f i f t h to te n th
h ig h men w i l l re o e iv e
s ilv e r
bronze
m edals.
i
The match w i l l be show^ w ith th e re g u la tio n fo u r-in c frh
s e rv ic e
b a r r e l re v o lv e r w ith fix e d fr o n t and r e a r
s ig h ts *
A
At
1 :3 0
P* M.»
August
2» th e S e c re ta ry 's In d iv id u a l
Match f o r h ig h score and ran k w i l l be shot by a l l co m p etito rs*
Arms and medals w i l l be
th e same
as in th e m orning
m atch*
MM A
The
team match
f o r th e S e c re ta ry 's
Cup w i l l
be
shot by
f i v e - man teams from each agency as s e le c te d by th e
L^jginAugust 3 a t 9 a«m«L>
team o a p ta in s ^ The s e rv ic e rep resen ted by th e w inning team
w ill
have custody
match •
o f th e
S e c re ta ry 's
The Bureau o f Customs
o f th is
tro p h y *
T reasu ry T a rg e t matoh
s ilv e r and bronze
scores
a
fro m August
team o f s ix
in possession
team w i l l re c e iv e gold
s ilv e r medals
and ^ o f th e th ir d
Ohio# b eg inning
August
Enforcement agents
were
w i l l be h eld August
4
w ith gold#
as follows:
(WBN
5 to
20
and
fro m these
te n
men w i l l be s e le c te d to re p re s e n t th e
Treasu ry Departm ent in th e N a tio n a l
tournament
now
annual
medals as th e p r iz e • The te n men having th e h ig h est
A
fo r th e v a rio u s matches w i l l be d e ta ile d
f o r fu r th e r in s tru c tio n
com petito rs
team
u n t il th e n e x t
medal s •
i The
aggregate
is e
Members o f th e w inning
medals# those o f th e second
b r onze
team
Cup
championship matches
at
^
qualifying
foxr the Treasury
Camp Perry#
A lcoh ol
Tax U n it,
l,6 6 9 i
Bureau o f th e M in t, 1 ,5 9 6 ;
r
Bureau o f H a rc o tic s ,
1 ,5 1 3 ;
S e c re t
1 ,5 5 8 ;
TO iite House P o lic e , l,6 5 1 i
S e rv ic e ,
Uniform ed Force
Bureau o f In te r n a l Revenue, 1 ,3 9 4
S e rv ice
(B aro o tio s Force
" A g e n ts ^ f ollovred
^
orders
o f th e S ecret S e rv ic e ,
and P u b lic H e a lth
a t L ex in g to n , Ky• , )
T ra in in g f i n th e use o f
¡¡fe*
1 ,5 8 8 ;
1»S^1*
^ T re a s u ry
s m a ll-arms)
by
S e c re ta ry M o rg en th ay,early
h is
a d m in is tra tio n to» t h f i..ü f f ee*i^^ th a t
a l l law enforcem ent
/*
o ffic e r s o f th e Departm ent, re q u ire d to c a rry arm s, should
■j$Vû/v>.
be tra in e d by th e Q J .S j Coast Guard to q u a lify ^ a s e x p e rt marksmen.
A & w o ie d *V tnÿ^mo success o f Treasu ry agents
in
4
d ep artm ental
and n a tio n a l
p is t o l
c o m p e titio n , groups
=r
o f F e d e ra l, S ta te and M u n ic ip a l law enforcem ent o ffic e r s
A j-> V . , .
^
have a p p lie d fo r and are re c e iv in g in s tru c tio n by th e Coast
in th e use o f su» 11-arm s.
S e c re ta ry Morgenthau
•
F o llo w in g a
a u th o rize d
the
number o f
^
req u ests
tr a in in g o f non—Treasu ry
OhJU
i
p e rs o n n e l, la eluded /fmong th o se under
U ite d
n
S tates Supreme C ourt P o lic e ,
S e rv ic e ,
h J 9 W
s h e r iffs * o ffio e s , M f c
la w
enforcem ent
Match
fo r
t h a t tim e
th e
annual
A
th e U n ited
S ta te s F o re s try
p o lio e departm ents
and o th er
th e
s ta rt
S e c re ta ry* s
at
9 k a *m ., August
I n d iv id u a l R e s tr icted
‘will be shot by all competitor!
anc
A
Officers who have won medals in any of
8core
h ig h
o f th e v a rio u s
Mi members o f th e
tr a in in g
ag e n cies•
The 1938 matches w i l l
Tv
2, 1938. At
agencies
T reasu ry
matches p re v io u s ly h e ld w i l l n o t be e lig ib le
¡5
to re c e iv e
Guard
medals
Af
-s i
in
&
Æ
*fj
// •
/
Treasury Department,
V.
Washington«
For Release
Friday,
Afternoon
July
Press
Newspapers,
No.
15, 1938«
Fifty
four
of the most
expert
August
assemble
shooting
iiiiiiiitflrtit,
a
feature of the
training
$\
use of
revolver
law enforcement agencies
marksmen of the
will
Service
firearms authorised
Harold
by
Secretary
1, 1938,
program in the
M Morgenthau
assista
N. Graves,
the Secretary of the Treasury, today announced
were
of Customs,
Mint,
selected
to represent
the
3B0HBHK
Bureau
Alcohol Tax Chit, White House Police, Bureau of the
Secret
Service,
of the Secret
Service,
Bureau of Narcotics, Uniformed
Bureaujof Internal Revenue
Force
and the
Public Health Service*
In the preliminary
matches
g p a B B n e g a a M H Q f : of New York City
Texas, both
shot high
of the
soores
round the JttK
L« E« Echols,
and E.L. Ballinger, of Rl Paso,
six-man team of the Bureau of Customs,
of
291
out of a possible
Bureau of Customs
law enforcement agencies
as followss
■famrifrZT
team
was
with a^whai- of
300. Ba
ahead
the qualifying
of
other
1,727, other
teams
standing
TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE,
Thursday, July 14, 1938.
Press Service
'No. 13-99
Eifty-four of the most expert revolver marksmen of the Treasury
Department*s law enforcement agencies will assemble in Washington on
August 1, 1938, to compete in the third annual small arms shooting
tournament, a feature of the training program in the use of firearms
authorized hy Secretary Morgenth.au«
Harold N. Graves, Assistant to the Secretary of the Treasury,
today announced the contestants who wore selected to represent the Bureau
of Customs, Alcohol Tax Unit, White House Police, Bureau of the Mint,
Secret Service, Bureau of Narcotics, Uniformed Force of the Secret Service,
Bureau of Internal Revenue and the Public Health Service.
In the preliminary matches L. E. Echols, of New York City and E.L.
Ballinger, of El Paso, Texas, both of the six-man team of the Bureau of
Customs, shot high scores of 291 out of a possible 300.
In the qualifying
round the Bureau of Customs team was ahead of other law enforcement agencies
with a score of 1,727, other teams standing as follows:
Alcohol Tax Unit
.... .
White House Police
Bureau of the Mint
1 *669
1,651
.... .
1,596
Secret Service
1,588
Bureau of Narco tics
1,558
Uniformed Force of the Secret Service ...
1,513
Bureau of Internal Revenue
1,394
.......
Public Health Service (Narcotics Force
at Lexington, Kentucky) ............
1,361
2
-
Training of Treasury•agents in the use of small-arms followed
orders by Secretary Morgcnthau early in his administration, directing
that all law enforcement officers of the Department, required to carry
arms, should he trained hy the United States Coast Guard to qualify them
as expert marksmen.
As a result of the success of Treasury agents in departmental and
national pistol competition, groups of Federal, State and Municipal law
enforcement officers have applied for and are receiving instruction hy the
Coast Guard in the use of small-arms.
Following a number of requests
Secretary Morgcnthau authorized the training of non-Treasury personnel.
Among those under training are members of the United States Supreme Court
Police, the United States Forestry Service, sheriffs’ offices, police de
partments and other law enforcement agencies.
Capt. Harry M. Dengler, of the Intelligence Unit, Bureau of
Internal Revenue is executivo officer of the tournament and has served in
that capacity in all matches since they were inaugurated hy Secretary
Morgenthau.
The 1938 matches will start at 9:00 A.M. » August 2, 1938.
At that
time the Secretary*s Individual Restricted Match for high score and rank
will he shot hy all competitors of the various agencies.
Officers who have
won medals in any of the annual Treasury matches.previously hold will not
he eligible to receive medals in this particular competition.;
The non-medalist winner of the natch will receive a gold medal, the
second, third and fourth high men will receive silver medals, while the
fifth to tenth high men will receive bronze medals.
The match will he shot
with the regulation four-inch barrel service revolver with fixed front and
- 3 -
rear sights.
...
At 1:30 P.M., August 2, the Secretary*s Individual Match for high
score and rank will he shot hy all competitors.
Arms and medals will he
the same as in the morning match.
The team natch for the Secretary*s Cup will he shot hy five-nan
teams from each agency as selected hy the team captains, on August 3 at 9:00
A.M.
The service represented hy the winning team will have custody of the
Secretary’s Cup until the next annual match.
now in possession of this trophy.
The Bureau of Customs team is
Members of the winning team will receive
gold medals, those of the second team silver medals and those of the third
team hronze medals.
Members of the fourth, fifth and sixth teams, respectively,
will receive second division gold, silver and hronze medals.
The Treasury Target match will he held August 4, with gold, silver and
hronze medals as the prizes.
The ten men having the highest aggregate scores
for the various matches will he detailed for further instruction from August
5 to 20 and from those ten competitors a team of six men will ho selected
to represent the Treasury Department in the National championship matches
at Camp Perry, Ohio, beginning August 21.
Enforcement agents qualifying for the Treasury tournament were as
follows:
Name
1*
Station
Preliminary
Score
Bureau of Customs
1.
2.
3.
4#
5.
6*
L.
E*
A,
?•
M.
W,
E* Echols
L«. Ballinger
W. Quick
Up Chapman
R. Rogers
J# Osmer
New York
El Paso
New York
Seattle
Everett
New York
Total
291
291
238
286
286
285
1727
Total
287
286
275
275
273
273
1669
Total
285
280
280
271
268
267
1651
Total
280
277
264
260
258
257
1596
Alcohol Tax Unit
1.
2,
3.
4.
5«
6#
A. L« Melo che
K. A* Wilson
J. M« Schooley
L* D# Parker
John Alles
W. D# Schroeder
Phoenix
San Francisco
Denver
Roswell
Los Angeles
Newark
White House Folice
1.
2,
3.
4.
5.
6*
R* Gr, Ford
J* J# Gash
E» L. Warden'
H. W, Franci s
Earl Reynolds
R. P. Hallion
Washington
it
il
it
it
ii
Bureau of Mint
1.
2«
3.
4*
5.
6*
R*
E,
J,
F.
L.
Gr0
Smi th
J* Mosser
D. Jamison
L* Wallace
0* Reppert
Martin
San Francisco
Philadelphia
Denver
Denver
New York
New York
~ 4 ~
Name
5,
jp
w
H
ft
■
m
6.
4.
5.
6.
8.
Kansas City
San Francisco
Chicago
Fort Knox
New York
Seattle
Total
275
272
271
263
257
250
1588
W.
F.
J.
A. D*
I . J.
K. c .
G. %
c.
Frey
Kelly
Caswell
Joroslow
Budd
Davis
Total
273
262
257
257
255
254
1558
Total
266
265
253
251
246
232
1513
Total
257
252
243
233
220
189
1394
Total
237
236
233
225
225
205
1361
Chicago
Chicago
New York
San Francisco
Dallas
New York
F.
K.
B.
m
W.
B.
J.
B.
c. P.
R. F.
Arnold
J ohnson
Mansell
Beck
Hornor
Stille
Washington
u
it
it
it
it
Bureau of Internal Revenue
1.
2.
3.
4.
5.
6.
9.
B. Cline
T. Berdner
L. Schaetzel
B. Vaughan
McNally
lately
Uniformed Force (Secret Service)
1.
2.
3.
4.
5.
6.
I®
W.
J.
H.
A.
G.
W.
Narcotics
1.
2.
3.
7.
Preliminary
Score
Secret Service
1.
2.
3.
4.
5.
6.
l>
Station
F.
L.
F.
A.
J.
0.
A.
A.
A.
C.
J.
T.
Boss
Barr
Baldwin
Cheasty
Duffy
Neal
Washington
it
New York
New York
Washington
it
hiblic Health Service
1.
2.
3.
4.
5.
6.
C.
J.
s.
B.
A.
S.
H.
H.
C.
B.
K.
A.
Sledd
Pruitt
Gilliam
Morton
Thompson
Grybyck
Lexington
it
it
tt
ii
it
- 5
@FedFRASER