PWA Municipal Bonds 1934

Secretary of the Interior Harold L. Ickes, left, and Philip Benton, director, finance division, Public Works Administration, are shown in Washington, D.C., March 6, 1934, opening bids on five blocks of municipal bond issues the par value of which is $837,000. These securities, which were acquired by the PWA in its operations incident to the financing of non-federal public works, were the first to be offered for sale to the highest satisfactory bidder. (AP Photo)