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am•1rtization dt·duc:tion pru,·idt diu
~uhst'ction
(a), ll~ing
an amurtization Jlrriod lH·ginning with thr month follow·
in~
llw IWIIIth in wbifh tht' t·H•l·rgrnc:y fatility wu
t'<•m~
pk11·d fir llC'QUil"f'd and toding as pf tht' tnd of tht' month
within "'·hi.-!1
~u<'h
JH'Ot:larnatiun ,...., issnt'd or
wl•irb c"':rnrrt'd the:-
dat~ ~twc·ifit'd
in
~uth
"V~:ithin
L"t·nifkat«•,
whit-he,·rr i!l the ttulirr.
"(·$) Thtflt>rticnpn"·ich·dinpMllgl'llph (1}, (2),
or {3)
~h.111U
lllf' nUldt• h) filing with the ConualWiuut'r,
10
in 1urh manntr. in JU(·L fom•. aud within c:urh timt'. u
(~mmif:loiiunf'r
with tl•t• appnl\"11 of thf' !"k"<>f"t"IISry
U
tht
12
rna>·
13
tinn. Whtn "udt t'lt·c-tion liM ht•(·n M) madt>,
H
rt·gulatiou- prCSl·riLf"•l by tht' ('uu..~uU..~sitmt>r· with d1t
1.$
approl"al of tbt'
16
yte.r_~, l,eo~irming with
17
amnnization p<>riod \Ktgnn, ~hall be oomputt-d in a('loo
b~·
rc·gulatiuful prt·M·ribt•, a tflllt'mt'Dt of ::outh
~('n·l4ry,
tlifll,
rle~
undt·r
thf' tuts for aU w..uhle
thr t.u.n.l,le- y·tar in whi1.:h th('
18
rord•UJ«' with nn amortiz11linn dNIUC"tion oompntrd in
19
lltffmbnft' with tht' mdhc,d pro,·id('d in sub,..ection (a),
~
l1UI U'in~ (in liNI t•f tbt 1ix1y-mnnth pcriud prn\·itltcl
:!1
iu.-aurL subttt"li<~n) d1e (lll1tortiation ptriod srltcifircl in
2:l
t•aragmph (I), (2), ''' (:l). u lhe ,,.,. may '"·
23
"(5) JtECO!IIPt'T.\TIO!'O CW T~\X IX CA~F. OP F.l.f:C:'"
2J
TIO:'\ \'SilEI! TillS st·t~J-:C'TI0:".-1£
2:)
the in('(•nw t•r exC't'"SJ-prnfit.f tux liability ft•r a.uy tax11hlt~
tbe
adjU"-llil(·nl
uf
86
year n~ry to
gj\'t' e1Tt·~1
to Jlftl'l\Rraph (4) of this
wbtlc-ction i~ prt,·tntrd (A) nn th('l tlnte of thf t'('rtifi..
~tary n{
c.wlt of thf
W11r
tlf
thto
~retary
of the
Nuy or on the cbtf' of the Pn"!idt·nt'• rm~~;·larnation.
Whitbt'vt'f
i! thf buis of
tl10 IUJIA)t'r'w dl!t'tion
~ rar
thV. tubttctioo, vr ( R) v. ithin ouf'
undtr
from 1ucb
datr. by any Jlrovisi41n of IRw (ntht·r than thi~ parngrnph
and olhtr tlum !l('ctinn 37HI, n·la.tinrc tn t"C.1111prmnit.H),
a11 adjutiiiH"hl vf
10
tltt• lM,\. li.:tltility ,.hall
uen-rtlu~lm 1~t-
111ad.- if in mpc-rl t•f mrh 111u"'e ) t'Dr .1 nutit.-e of ckfi..
filt-d. as tlat
11
tit·nty i" mailll'd ur a daitn fur rdutul
12
raM"
13
t't'rtifi('8tt nr sm·b Jtfu(·Lmuttinu, whid•t•,·t·r ill th(' t~u!i~
J.&
ol thr
IS
thf' timt of thf' n.-ilinJ: nf 111c·h
may 1~. within nut· ·' r11r nftt·r
taxP'~·rr·~
j ...
tltt' dtth•
t,f aut·h
dt'f1iun urul•·r thi~ ..,,!~·tion.
uut~
If at
uf defiti:tncy or
16
tlu· tiline" ul t~u.-h dain1 lor rt·fun'l. th4" •uljtNm4"nl i~ F~~•
17
prr,·rntrd. rhrn thr nu•nnut
18
i1.1•d in thi"" p.1mgmph Jhllll J,.. lirniet·d tn !lit' im-rrii'C4' nr
,.r till' Juljn*'IDli'DI Anthnr-
in thf' tax J•rt·vime~l~· t!l-ll'nUim·d fur IIIIth
19
dM:'rN1~·
20
tauMP .\'f'llr "·hirh runh•
21
Jlln.,.ph (4} of this Juh~·t·linn, awl to:ud1 emnunt d&.'IU
22
}If' ~·d
23
qmr
24
mrnt.
~
IJ
frn111 thf:
f'flf'ct
of
anti r.•ll('{·tt·d. nr 1·n·tlitrd l•r rduudt'd, in the
mannrr
fiJI
•nlt·l~
tht'
a~
if it wt·rr a clt·fidrnfy or an ovtrpar·
('8!1:('
may 1~·. fur tuc·h taxahlt year and
ir OD tht date of such
('f'rtiflf~tf• or AJCh
proclamatinD.
87
,.,bj~,.·lrtltr i~ the
this
sui~Jt"t"tion,
,,f th<' pt·riod-.
basis o£ d1e
()Do
11f
ytflf
IUpl~t·r"s
tkrtion undu
nulftiut·d Lrfun: rhe upiralion
limit:ttiun upnn
Af;i<>&Hnrnt
or
fil.itt~
rlt~im
for rdund f(lr tht' hlXtlhlt• yt·nr. 'rhr ru pre,·i-
ttu~ly
drttnnin<'d "h1tll bt· nsft•rtnint·d iu nl·t-.mL.tn('(' v.ilh
""Mit111 31-\0l (d), Tbto 1111uumt tu l~t· WC'I!lt'J. and
rt~llt>t·fl'fl
undt·r
thi~
paragrnf'h in lht> umf> manDf'r .._,.
if ir "·rn-a ddilirzu·y. nr tu
thr
:illlot lll:lllllf'T
ll~
if it
I~
\\'f"rt'
n·fundrd or tTt'tlittd in
an
UH'liA)IIIfllt_
&uJI
IQ
Dt•l I~ dimini~hnl hy Dll) cnttit ur ~t•ft l~vti upon
11
Jn~·
12
••r lt~SS, otlwr lltJtll ''II' n·•uhinJC frulll thr (·flect flf
ilt·tu, iudn.Unu, tlctluniotl. rrt·tlit. t·xt·Ut}'tinn, ~iu,
13
l'~lrtiWJit'h (-I) uf thi.. "llli•t·di"n. Sudt ttlltOttnl. if ll8id.
H
'hall ""' II(• n·cm t·rtd hy " t·htilll ur ~nit fttr r('fund or
ll
suit ft•r t'rroneous rdund hawd upnn any item, indu·
16
tiun, •lt•tltH·tiou, C"rt'tlit, nt·mJ•fion. ~iu, ur lu~~. othtr
Jj
dum
1H
lilil<IIUI,:W-t:lion.
19
.. (r)
~
21
UlJ(" n·~uhiu~ fr'1•1U
11
thl" rfTrf't nf Jllfllrllmph (4) of
u •.,,,.,o,.-s.(
1) EM&ROES('\' F.\CIT.TT\' .-.\~
tL~d in
tlili iee-
tion, th<' t('nn 'tmcrgC'nl·y flldlity' u1ran!l any land,
22
building, maC'hinery, or Nfuipmrnt, or pert thereof, the
23
ooruttruction, rccorutructioo, Ncction, or installation of
2~
~·hitb wu completed afttr July 10, 1940, or which
~
a((Juirtd after such datto, and with mptet to which a
certificate under sub.ectioo (I) hal bteo made.
Vo'&:i
....
...............................
....................................
.. ...,..... ................... .......
............................... ......
llfsdltlli•' a
.....,llllllill ........... .....
1/tr • UIIIill!l •
. . . . . . . . . . . . . . . ,I) ............. .
ts
~r
: '"._ .. ~._ .. ..._
,..,..
e sf Tu
•cJJ a.. .... • .....,.
......................... ...
... _..
11117 ..... "'
16..,
11.6,
....~ ................. - - . . , _
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~.,
.......,. ......,. ,,,..............
... .......................
... .
...............
...........................
•
JQ, ......... ........,. c..;.;. ..... c-.11
n
.,..._.~w..
IIi
. _ ,............ ,...-J ........... ...
IL
. . . . . , ....;
"
... ..._ ... .._,." w••
..,~
..........,.................. .....
.,., Mtr ...................... " . ,
. . . . . . . . . . (1) ........... . , . . . . . . . .
(attrilmtaLie
tn ~ch
f:u·ilit)· ami tu
thr-
ptriud aft('r tul-h
("'•mplrotii•D or arquWtioh) wLt~·h d•)('S nnt ni•n-:-t·ot
~ul"h
acquisitinn indudt•d in
c·t·rtifit'i!.lt', hut with re"J>t'l't
to wLith 11. :-eparutc n·nifif,llt' i!l nul<lt undt"r
parn~ph
adju~IILII"OI
or the basis of
m<-h facility and ~hall llf: oou~i·lt·n-d at
:"IU l'.Xpl'Dtlituri'
(I} ...}utll nnl
"'·ith
~pt(·t to
~~
liJij)lit·d in
a n•·w ttnt"rg.. nry
fat·ilit~· .
and
"(3) Thr t'tnifh-atr l'rm·idt·d fnr ln Jllrap-aph
10
(I} t-ball baH• nu df,•rc uulra lluttlt' ht"furt' whidat>vi?r
11
uf th('
12
of !1-U(·h ronl'tnlrtion,
13
latiou, or tht• dtm• of l<IH·h
B
tieth day after th(' datf' t•f lllf'
1$
Rrvtnut Art (!( Hl40.
16
"ht}
foll•1win~
tlnlt'lll
i<ot
tb n I11U·r: (.\} The llfs;nning
r('nm~tnH·tinn,
DE.I'KtttATIO~
tret:tion, or ilbtftl·
IH"!JUi~iliou,
or (B) tht• ,ix-
tluU1tlll'nt
of thl'
St·tt~nd
lh:tttTTtus.-U tile adju....tfd
lj ba.q~ f•f tl1t ('ID('r~('llf")" (Rt'iJity ("':llllpOI('d without rtgard 10
11-1 rul•itt1ion Cf) of thlc ~Nion is in
t':l('t.P
<•f the adjn,.rrd
19 l~!lis eomputrd undrr 1<Ud1 o<ul.srt1inn, lhe deduetion pro-
20 ,·idcd by o<ectioo 23 (I) ~hall, dt·.~pitr the pro,·i~ions of ~uh21 M'tti("ln (a) of this !'t'Ciiou, ht• sllowrd with re~pect to l'liCh
22 fnlrrgrney facility a' if it~ adju~trd lwi!l "'·ere an amount
23 ff}ual to tbe amount of rnrh u:te!!l.
''(b) P..&nruT B\.
2)
Co•!T OF
t·~rTrn
FAC1LITT.-lf
!'\T.\Tfl\ m·
l~:sAll.onrzm
an amount i11 pntpt>rl)· includit.Je-
r
90
ill dao .,_ ; - ol tho tupoyor on o<COUIIt olo ,.,.
I 1110111 with nopoclln ID emergency fariUty ODd lll<h ,.,.
1 -
1o ...UW u provided in this poragrapb, thea, at dao
4 elodica ol dao
IU)Il,...
ia ita rotnm lor dao tuable , _
6 ; , . - ..... - - .. iaclnclib._
1
• (I) The omortiatioo deduction for tbe 111011111
iD whicb IUeh amount is
o1 dao
liiiOWit
10
indudible shaD (in lita
ol the deduction lor oucb mooth ,_.
t
po1e<1 uaclrr ..t.ection I•I) ,,. the omoant oo ill<laol-
10
iWo, lilt& _., dodoodioo aholl not b< ia ••'"" ol tbe
u
..~ looois o1 11ao ....rgt'DCy ,.,;uty
12
.,,.... DM>Dih (computed without regard to any onl«<i-
u
o1 tbe ...
13
atioo tloduolioa foe 111<h month). Paywenb rofemol
14
In ia thio ,.......pb ahoJI b< poymonb the IDIOIIIIII ol
15
wbidt ore -.nified, nndrr oath rtguloti- u the Pr.oi-
16
dotat _,. pmen'be, by tither tb•
17
or dao 8ecntary of lht :Sny •• oompenatioo In tbe
~·
ol Wu
18
taxpayer for the unamortizrd fC"'l of the r merpaey
13
facility ..........__
20
"(A) A """trut with tht t;nited Stoleo ;..
:!!
rolviac the .,. oltht lociUty boo boon "naiaaiH
:!2
by ita terms or by t'lncollatioo, or
23
"(B) the tupoyer bad reliODlhle ,.......
26
(either from provi11ioM of a ronlrort with thl' UDital
lit
Sto.., ia•olviac the ... ol the laMiy, or ,._
91
writtf'n or oral
II'Uide under ...._..
rt'p~ntationl!l
ity of tht> Fnil<'d Rtalf'tl) fnr tntieipaU., falan
('ODif'll("l!l
im·oh·ing
tht~ Ullf'
of the facility, ......
future (Yintraf"t~ han not hHII madt.
"(2} In
<"U<'
tht !AXJ'O)"' lo 1101 mlitlecl to oa;r
amorthAtiun d<'duttion with mPfC'l to the ellleiJelle1
fa<"ility tbt' dNiuC'tion allowablr undtr tediOD. 23 (I)
oo aff'OUnt t.t thf' month in •·him ltK'b amoaDt il .,
irK'Iudil.tk tl•all Itt" irtm'A"fd hy tcK'b amount, bat taell
10
ckdlk'Linn urr aro.unt of A~cir month llha.U DOl be inn...
11
uf tht .ftdju~~:t€'41 bct'!i:t uf thfl
12
flld of rurrh munth {t'UIIIJmlf'd "'ithout rrgard to
11
amount aU~twahle, on
14
..,.;.,. 23 (I} orthi• paragraph}.
13
•• (i) HDITMn'TIOS, }~n·., ur FAnun.-Any tu-
16 payrr
17
tiJitiMI
tal.in~t drdunioo~
Jllti'IU&Dt hi
f"HW'Ilt"IM'Y
II('('OUIII
nf
facility u of the
IIUrb
uy
month, UDder
f1)r amoniurion of ~ fa-
tbf' prm·i,ioOl$ of thit: N'd.ion mty DCJt
18 th('N'II.fh·r dt'11troy, df'moli'<h, imJ_,.ir, nr Jtrbtl:tantially altn
19
aurh
tm('lltf'D<')'
fafilitit!! without tht
("()DDtDl
in
writiac of
20 tbco: ~l'fiiU')' nf War or of the ~lary of lhf' Na.,.. Ia
21 ~ t\'fnl sut'h ronwnl
ioo.
nut gi\·tn within a prriod of aiaety
22 day1 from lht• cbtt t•f rtcti)ll of wrillfll rtqaett therftor. the
23 Btt-rtlary of War or lhe Stcrttary of the Nary, u the Nil
:14 IDly he• .boll and h• is btreby dirrctrd to purdJuo oum
Ill lotilitito ot
1
prit~
wllicb ht shall fi.l
DO(
10 u-.1 tht od-
Ill
jaotod buil bat 110110 bo ... tlwll l . In cuo oodllo<ilitioo
Olllllill o1 huildinp, or fWum nOI romovable witbont ou!J.
I
llulioiiJ ai..U, tbo -
10 wbiob tbo ame .,. of.
' fiud. tbo eupayer allaJJ h..e "" optioa 10 "poudwo oaob
1 fl<ilitieo "' tbo pri<e wbiob he wu poid btl.......mtacilitioo
8 an r-"1 10 IDY ocher penon.
'
.. (j)
Col<BIII<T 10 l'lovt8IOSH OF RlliOIECTlO!<
(i ) . -
8 No dedoadion ''"' OIIIOitiJIItion under the proviliona of this
I _... oba1J bo allowed in IDY ta10 note. the IUpo)..,
10 fiJeo with tho c-miooioooer a oipod otateDII'nt ll<bowlU
ed&ial, IUid -•tine
to the applinoti.., of, the prorisioao
Jll of ou~ (i). 8ucll llla~ment oloall h.
Jll knowledged uader oo&b by the
14 CO rwear lo
18
" (k)
rttlllDI
P"""'" ur
oicned ODd ...
I'""""' ""JWM
made by lhto rorpnnlioo under this
Pmrnn roa I>mrn:ccnmc, Jo:re.• or F.&.ctL-
17 ITY.-11 the Secntary of War or thr Secntary of the Navy
18 cenilit1 to the ~tary of the Trea•ury that a IUpoyer JUIJ.
18 jed to thr provili001 of JUbsoction (i) ha• wiUully dootroyed.
210 dru>olishrcl. im~. or altr~ oublllaatiaUy aay omrrgoa<Y
21 laeitity without b..iag fim obloiued the wrinrn 211 of the 8eoretary of War or the Srcrrtary of the Navy 10
21 ncb destruction, dPJDOlitioo, impainntnl, or altention, thea
It oueb tupoyer oloaU bo liable to a penalty in ID amouat eqaal
•
10 tho -djumd buil of IIIIth facility in the baado of tile
93
taxpa}'tr for tht• Jturpo~(' of <·uurputiug gain, In 1"-· a"~t·ssc·cl,
roUectl'41, and flltid in the same
impn-;td by
or
1
IU!'UliU'r
nJS if it were a ta'<
fhapter. 8urh JJt·nalty may bt·
thi~
J•n)('t'f'din( in ('Otlrt for tht· c:·ulll'c1.inn of tu<-h
~..e!...qod
peuah~
may I~ begun .,·ithout a,s~ .. ~mt·nt at any tirue within
t•ll<'
year after thr tlatc of <1ucb certification."
TITLE Ill SUSPENSION OF PROFIT-LIMITING PROVISIONS OF THE VINSON ACT
10 )hrda :?7, tn:l-1 (4~ ~141. 50.') S.t l'. S. (', str-. -tHt)) ,
11
tiS
umt·rult·d, hq:iuning with the
fif\t
t•ru,·j ..,, thercc•f, and
12 ~t'ttion 2 (h) nf the Act of .lunt' :!~. HI.JO (Puhlit't Xum13 bt-red H71, N.•vt·nt~·-.ixth C'onttrt·l!l, thirtl "t·8;!;ion). '-ball not
U
apply tu tuntrnc·t!J or suhrontrat:U fnr tht· rorHruction or
IS manul•t·turc t•f
au~·
ruruplt'te nnal ,.,...} or any .:\m1y nr
16 xa,·y airt·l'llh, or any portion tlu·n·uf, whirh are
li into or c·omJIItted in any tnahlr
yt•1tr to
ffl(('rt·d
wbkh the exct·s~
IS profit~ tu pruvidt·d in ~ubthaptrr B or Clmpttr 2 of th<'
19 Internal
n('\'f'UUt'
('4~e
j ...
8)'1J)lirahl<' or wvuld he applic'tlhlt•
20 if the toutrutnr or rml)('(mlractor. a~ tht- ('It~ nlAy bt, wen• a
21
oorporatiun, and an~· &5tfetDltnt tn (1;1)' intu the- Tm~uury
!!2 profit in
23
24
('XC'I'S."
ur
I0 JX'r (.'('ntum. 12 p<·r
('t'UIUIII.
or R Jl('r
centum,"' thr ,.,,,. ma)· b<, of thr routrnC't pric·c•• of •ny 'IH'h
contracts 11r .. uhcnutratts shall be "'·ith(ml dfect.
!II
TITLE IV -AMENDMENTS TO INTER NAL
REVENUE CODE
SEC. 401. E ARNINGS A!'D PROFITS OF CORil() RATIOSS.
(a)
r~UI Itt fSHR:\" .\L
]b:vl:\ n:
vi We Inttnlill ltt·,·tnue Code is
('om:~-.'-\t·t·tioo
llrotnd~d
115
by ill$(·rting at
the tnd tlu·rrof the (utlowiug ntw snhsN'tion
"(I) F.rn:n· ns
} !.\nXI'\"(il'l .\\:U
Pnmns m· UF.con-
SJTto:-.- or 0 .\1\ em Los.-; ,. ,sn or Hn·un m·
T~u:-l'nr.n
10 110Sition (•ftt·r .Ft·bruar} 2~. J!H3} ,,f l'"'l""rt)· b) a ror-
ll
JtoOr&lion Wall iocr.·: ue or dt·rn'11Je iu ~nutl~o;· aud profit.f
12
(fllr auy JWriutl IK'jlinning aft1·r Ft·lomary :!!'(, 1!113) to,
13 but not h<·)"OIId, tht: ntrnt lU "hkh l'lll'h ~:tin or lu~s wn~
H
(undrr tlu• L&w "JII'IiN~l,Jr
15 dl.. ~i1iun
16 or {in tht
"'Ai
lu
tht' )ntr in "hic-h surh \<ollie or
Ulttdt') ft'C."':RRlizf'd in f'IIIIIJ.Utin~::: nt•t incumr,
t'8M'
t~( Joss) wuuM l•au• hrfu
flit
rrt~znl
17 und('r IDfh l11w if und('r !tu·h law tin· l11hi'l (iutludiug a !iul~o18 !ilituted oo~i!C) fl•r lldrnnining tlw IH'(J luul hc.•('O the fBir
19 marktt v~tl•w Clll 'hrd1 1, 1913, if bi,:hrr thAn a hll"i"
20 <Mhcrwist" dd1·nuiru•d.
Whf'rc in ddNrnining tlle adjwttd
21 ba.;i-;, USfd in <-owpuliu(' s:u<'h rt'(1•gniLed gain or Jt,..-., the
22 adjul>llllf'lll to tl1t k:s (or, in th(• tur of lu~, the lair
23 mnrket ,·alut• on 3larC'h l , 1913, if ~utb \'alu(' i!l: higher thRn
24 the ba~i~ ) i!C difTt·n·nt from thC' adju)tmfnt to !>:Uch ba~iJ
2.')
J>roP<'r
(<or ....
1'"'1"""
or drtrmuning
raming> and pn>fit•.
95
ndju~tmtont
thl'n thr L1w·r
increa$e or
rtt.·riY('I
dt·tr<·ll~!'
shall ht· IN·d in dl'ft"nnining tlw
nhm·e pro' idrd. \\'hl-re a rorpnrntiou
(aftt·r Ft·Lmary
2~.
1!113) a distril•utit.n
fn1111 a
4 t.t'coo!l oorpunuiuo "bit·h (wldt•r tit<" lur IJ•J•licablt to the-
yrtr in "hith the diitrihutinn wu n16tlt) was oc't a t.tnhlc
di,·idtud to tht·
~h~n·hnltle"'
of the M.'t,md (•orpc,rntion, tl1<"
7 amnurn nf ~ut·h di~trilmtion ~h:tll nut inNt•n:-t• tLc rnrninJ,!;~
aud pmfiu: (fnr nn~· prritHI l~·uiuninK ttht'r Fdtruar) ~1'4.
1913) of tht tiNt C'OrJIOI'ilion in thto fuUuwins: t'a!h:
10
" (I) \o t.Ud1 im·rf'aSt' sL.all 1~ mode i.n re!-JifCI
11
of llLt pan r•f
12
is tlirrt·tly ''l'l'lird in
13
in
rt"~ttt·d
Hlt'h
di .. trihntinu "bid1 {undt•r tuch law}
rt•th~t·tiou
uf tiLl'
tm.~is
of thf !ihwk
elf whkh tlu• di,trihulitlll wn!t madl'.
"{:!) ,.n 1urh intT\'tl.!t' •lu111l ht• nlllttle if (undl·r
11
15
,out·h law) tht' di!-trihutiun
16
in rt· tl('d t•l wJ,it·b th(' distrihutinn wu 1na.de to he
17
allci("Hit'tl IM.•twt·t·n "lith
ntU.'Iel
"ll~t'k
the h:uii uf thf' t-t()(·k
anti tht· l'rnpt•rty n'tt>iwd.
18 Notllin~ in thi<~ ~o:ub.,rction "htlll nfTrt:t cht• extrnt to whi<"h
19 ac<·urnu~l('(l t·nmin~ 11nd pn•fiU an· im·N'aM"<i hy reason t,f
20 incrnct' in nlnt• nf l'niJ)t:rty attnl••d hdun• lbrrh I, 1913.''
21
:!2 uwnt madt h~· f;Hir-t·ftit•U (a) 11haU I)(' 8JI}'lit'1lhll' to taxaM~·
23
)'W<
bt·giuuiu~ Rft<·r Deetmbt'r 31, 19!1~.
(c)
2S applied,
( h.;mn
PRIOR .\(.'T::::;.-Thf !nllnwiug
ft1r tiJ(' JlUI'JXI"'ts of
cJu.•
Jtl:\'('IIUC
rult~
!<h1lll be
.\ct of tfl38
Or
0
any prior Re,·enue Act as if "'u·h nllt·l Wt're a part ol •ch
~•mil1gt
tucb Act when it wu ('nac1M. in clth•nniniog the
3 and profits of a <'Orporation for
4 28. 1913:
~
.IIIII)'
)Jofriod aher
F~bnwy
Gain or loa frum the sale or oth('r cfupositioa
(aflft' Febnaory 28. 1913) ~~ P"'I"'"Y by a rorpontion
shaD iDcftue or decrease ill
t-aminff~ aud
period beginning altor t'•bruary
2~.
profits (for uy
1913) to. but not
boyood. the extonI to which ouch gain or loss wu (oodor
9 the law applkabk to the )·rar iu 111o·ltirh JUt·b salt- or dis10 position .,.., n11df.)
rt~uilt'tl
iu ntn•1.oUng ott inCOID<',
11 or (in the alst of lou) 111o'ould han- llft.'nto rtc.'OgD.itt-d unckr
12 such la111· if uudrr mch Ia•· thl" I•"' (induding a. sublotituttd
13 buiJ) lor drtermining the k>a bad bo<n the lair market
U
nlut on llurb 1. 1913, if biKht·r than a basis otbtnrist
~
ddrnnined. Wb.re in detmnininJt the adju.•ted buU uoed
16 in c.'OUtputing suc:b
ftet~iz..d
piu ur &oss. the adjLUtJDPD'
17 lu the buiJ (or, in the ("ase u! 1(~. thf! fair market value
18 on M.uda I.
19
una.
if suc·h nlu(' itc higher than tb(l bu.is}
is difTt•rtut from Lh<' adju:olruc·ut to
ltiC'h
basis prop€'r for
~ the ~ of detrmllnin~ t11naings and t'rnfits, tbto the
lattt-r adjwtml'nl !JtaiJ bt USt'd in dtttnnining the
iD('ff&M'
22 or decn'll~ aiiO\'t J.tnwidt-d. Wllt'rt' a '"'rporatioo
rt'ffiYft
21
23
(afltr }'ebruary 28, HH:J} a di!itrilmtioo from a !leOODd
24: rorponniun wb.irb (Widtr t!u• law ap111inl.blc to the yw
25 io •·hich tht dit~otribution wu nUldr) wu not a tauble
cli"idt'nd tn lhr t;lu,rdiOlclt•no of thf': t.•·foncl rnrporation, the
~<bttll
amount 1•£ Mu·h di21trihuticm
and profita (fHr
nnt
innra.<~r tlu~
an~· 1~riud bt-~inniug
4 1913) of tllf' fir¢ ('(lrpctrttinn
eaming1'
aa(t('r }~('bruary 28,
mth(" (ullmr•inl caM'S:
( 1) Xo such increa•e lihall he mode in mpect of
the pe.rt (J( •n(·b dilltribution which (under such law) it
directly IJlplicd in reduction of the
in rCtipet:t of which the
di~tribut..ion
ba..<~i.s
of the stock
'Vt'U made.
(2) :\'o audt im·rta..'lf' shall he made if (undtr such
10
lav•) thr dr,trihution
11
m;pt(·t of "·h.idt
12
bt>t,.,·rrn Mtdt t-lf~t·k
13 Xotbing in tltit
l4. accumulnu·d
»
tall-ItS
tbf' huis of the stock iD
the cllitribotinn vou made
IIUh~rttion
•·~tn1ingw
!<lmll aiTc·tt tltr rxh·ut to wbirh
and t•rnfitt
of inl"n'Ht in nlul" uf
to~ allocattd
ihr pmtltny l'f('('iHd.
~~:nd
prur!lf'rt~·
ftrt'
i.Ju·n·ucd by reason
ll'CTU.rd hdor(' llen-h 1,
16 1913.
l7
18
19
22
SEC. 40!.. TAX OF SU.\REBOLDERS OF PERSONAL SERVICE
CORI'OU.\TIONS.
The lnl('nllll Hnt·nuc C'odt1: i11 amC·lHlt>d Ly inserting
CorporationJ
23 "SEC. 3!1. API"LIC.\IIILJTY OF
24
SUPPJ.&~I£:'\T.
'11 a pt~oMl ~en·ice oorpomtion (as defined in section
is Ut'mpt uml<'r c;uch ~trtion for
25 723)
H.R.IQ.I1 3-7
&nJ
tauLic- year from
D
!Ill
the n:oe. profitl
tu.
imposrd by tmch snlwhaptrr, the pro-
t
Yiliooa of tbit 8uJ1(1)NUl'Dt 11haJI iH" ftJlJ!)inthJc with respect
I
&o eeeb ibarf,holdrr of fAith rorpc•rntinn "·ho was a ahart-
4 holder in mtb OOfJIOration on tim LUI& d.1y <•f auth taxable
6 .,_ ol the eorpon.rioo.
"8BC. -
UlfD181111Bl'TED SI'PPI.EMEST ~ NET INCOME.
"For the J"II'JIOSM of this rlmptrr, tlw trnn •undi,..
8 tribated Sappl.-nwnt A nrt im·nmr'
t
nH'AII!I
rhr ~ttpplenwnt
8 Mt iMome (u dclintd in J('(iiun 3~•3) minu, lhe amount
10 ol th• dh·idt11d~ traicl durin~ the• l:&xahlc ~-c-ar. }"'or tbt
11 pofPO!M" of thi~
11..rtion
thf" arunurct C>f di,·ic)('ucl'! pnid !'MD
12 be computed iu tlu• sanw
IJIIllllil'f 1111
J'r"' iclc·cl iu "llh~t·c·tic•n~
13 (d). (t), (f), (~). (h) , u1ool (i) nf ,..,,;.,, ~7 fur lhe
J4 ~ of thr J.a,.j(' IUrtax nrdit pru'fidl'd in lrrliOD :?i,
15 -sEC. -
St'PPLEYEST S NET ISC'OliE.
16
1'7 income' nwan~ tht• nrt im·umt', r·xc't'pt that tln·rl' !<hntl be
18 allowed
ft!l.
IUiclitinnal drdnrtinns-
19
20 t~rfor tbt taxahlf' ,yt'flr; and
21
22
(q), oontrihutiont nr gih<~, psynlt'nt uf w!Jid1 i-t nmdc ";thin
23 the tanhlt y('ar, to or for th<' u~(· uf dnut·t·s dc..aihed in
M lfdioo 23 (q) (nr the purposes thtr('iu f'ptdfi<'d, to aD
•
UDOUDI which don nut utt(·d 15 JJt"r rt'ntum of the cor-
99
pnratiun'11 ru·t iuc·mnr, l'uutpnt('d withmu the l~·ru·f'it of thi_~
2
P:nh~iun
&D1l ft'ttinn 23 (q}.
3 -sEC. Itt. CORPOR.-\TIO!\ I.!\ COllE TAXF.O TO S UARE UOLDERl'l..
"(a) (it:.."t:.l.\1.
6 S
net iutoll.e u£ a
l~t'LF..-Tb('l
pcnQoal
ondiltriba.trd SupplrmrDt
IK'n"i<'l'
('urporatiun shAll be iu-
7 cludtd in tbr grua inl'(lllll& t•f the !!.lrardwld•·l"ll in tbt'l manner
b and to thr t':\h'J1l1<' !orth in thiot 1'\uppkmtlll,
"(b) .bwn•T hc·Ln,m
10
Wn-h~·Mt'r
1~
Oeutm hc'Oli&.-Uda
who, on the 1ut day of the taublt ytv ol tbe
11 corptJI"41ion, was a tlw-rholda i.n web rorporatioo tJ.aU iJl..
1:! clnd•· in hi>~ gflrts hu·umr, as a dhidt·ud, fur the La.u.bltt
13 year in whidt ur with whith the tnxnlllr )'(•ar 1•f the oorpora.14 tion tnd:J, the amount he would ha\'1' n~·in·d u a dhidend
I$ if on Jac:h last day thrr'f' had bttn di:arihutfd by tl1e en~
16 l'ltion. and n'ffivtd
h~· the ~baJTLold<'rt, an amount equal
11 tu the undistribuh••l hupplt'rnent S ntt
IS r~.ti(tn for
19
.. (c)
~ ~T.\T£8
iii
iM'OIIIt'
of the co~
t.uahle yMr.
t'Rt:OJT Hm OuLIGATIOSII OP TilE u~TI£0
.\Sfl
J~ 1'\"BTJU'liE...'iT.U.JTII-~.-J.!o\.rh ~uc·h .b.are-
21 boldt r Will bt ailowt"d a rrtdit agailllt ntt incomr, for the
?.! J'liU1'N'lStS of 1hr tas impc*d by lt'ttion 11 13, U. 201. 204,
23 20i or 3ti2,
I
nr
his proportionate !'hat'f' of the intertst
21 8pct·ifird in 1{'(1inn 2.1) (a) (I) or (:?) whid1 i~ induded
~ in tht' grou intmnr 11f tlu.• (()rJ:IOrntiun.
100
1
" (d) Ef'PB("T
OS CAPITAl . ..\('C'ot'ST OF
PBaao..AL
8DVICB CoRPOIU.TJOS.-An anwunt <'qual lo lhe
a
IIDflt..
tribated Sappltment 8 ott inrome of the pt>nonal ......
4 cupontioa for ita tauble yrar thaU be ('<>nsid<r.d u poW
6 ill
11
of lho clooo ol such to:uLle ytar u poid-in ...,.,..
I or u a oootribatioo to capital, and thl'l aC'<'Umolated .,...
'
inp and profill u of the cl""' 11f '"'"'' luahle ytar oltall
8 be corrnpoodin«IY ft'duet>d, if
t
~u..b
amnunt or any portiCia
thereof it ftquirf'd lo be ifl'·ludrd u a
rli,·i~lt·od
in tbe
cr-
10 ~ ol the obar.holdrn.
U
"(e)
B.A818oP6ToC'K JS IIAS[)SHF~IIAREROLD.._-
12 The unowat ftqu.in-d to be- inrlutled iu thl" grosa i.ncome fi
13 the lhareholder undrr 10ubwction {b) 111hall, for the parpo11
l f ol adjuRing tho
t..il of hi. oh<·k wioh
r<~Jotd
to wbiela lho
16 diJtributioo would ha-. )....., madr (if it had bHn modo),
16
be tnated u bning bt~u reion"ju.-d l,y thr t.harcholder u a
17 cootributioo lu the (-.pital uf tl1e t'ol']lunttiuu: hut only lo
18 e:r.teot to whid:1 to~uth amuunt
jg
tilt
indudt·tl in his gross iDcome
19 in his retum, iucnast·d or dt•crt·a..;ed h)-· an_y adjustmeut ol.
20 IUch amount in the Wt dt·tennination uf the ~boWer'l
21 tu liability, made kfore the upiration of sen·n yean afttr
22 tbe date prttcribtd b,y la"· fur tiling the rttum.
23
M
" (f)
PE&Joo m· I~l.li.IT ATIO~ ns .:\MAI-:."\SllENT ~
Col.LBCTION.-Fur ptliud n{ limitntic•n un a.~ssmtnl
t1 oolled.ioo withbut 1.5Sf'S5ruent, in the
t'tlSe
aM.
uf failure to iDC:IMI
9
101
in gross income the •mount Jlmperly iududible therein
under rub>ection (b), Ito ""'tina 2i5 (d).
0
"'SEC. 395. NONRESIDENT ..\LI EN lNDI\"IDUALS AND FOREIGN CORPORATIONS.
"In the
CA..':C
of a :-;hftr<'hO!dl·r taxable under section
(a) or 231 (a), hi• di<trihuti\'e >hare of the undis-
211
tributed Supplerm·nl 8 net inc·urut of tht' rorporation req_Wred
to bf. included in tbt gntSS inct•m(' .ball be coru.idtrN u a
dhidrod l"f('('i\"td h.Y l1im frum IOlln'« within the Unittd
10 Stat...
ll "'SEC. 396. SHAREHOLDER'S TAX PAID BY CORPORAnOM.
12
Hif a per.tonal t('rvice fOfJk>ration is e:r.empt (or any
18 tuable year undl·r lll·ttion 7~:l from C:.I.t'i'SS profits tu.,
H it shall, at the time t•f filing it!l return, pay to the col-JS lector an amuunt ('(jUAI tn lht' amnunt that would be ...,
16 qoired by S<ctioo H3 (h) or se<1ioo 144 toLe deducted and
17 withht>ld by the- c.·urtNJratjon if any amount required by
18 this Supplftmt·nt to Lf indud• d in the gross income of
19 the •hareboldtr bad h<t·u. on the Ja.,t day of tht tauble
20
Jt'U
of the corporntiun, l)ttid to the !lbarcbolder in caab.
21 as a. dividend. f:)urb nnmuut ~hall b(' ooUected and paid
22 in the same
DWUit·r 8!1
23 ol that shown by tbe
thf amuunl
tup&)'OT
of t.u
due in excess
upon a return in the eaoo
~ ol a mathematical error appearing ou the face of we return."
19
103
amrndtd hy
read
8~
addiu~
at the end thrn·nf
1\
new sentence to
fnllnw1: ".\ rmnmitlt•Ut alit·n iudi\•iduaJ rllall bf'
t.Uov.td as
:1
rrt"dit agnins&
l 1hi 14X
the
am••Wll
req,Urffl by
4 SC'ctioo 396 to be ~~~d by tbe pt·nonal ~rnice corporation
of wlUt·b hf' i.t
&
tbanholdt·r with f\'2111«1 to Llt tu liability
undt·r Suppl.·nu.·ut S....
SEC. .tt'G. CUEDIT OF FOREIGN COilPOilATJON OF TAX AS
SHARtliOLDER J'l t••:tNO!'iAL SER\'ICE COR.
POR\TIO:-t.
!':it.'t'tion :.!34 of the Intrmal Hnrnue Code (rTlatill~ to
10
l1 mdits again:J u.x of (..,1\'izu rorporatiom} is amrndrd by
12 ajM.iug 111 tlw 4'1ulllwrt•••f
13 ".\
tl
m·w
ft•rt·:~'11 tnf)'orotinn ~hall
IC'Uit·lltr tu h·At1
a.. f~olluw'll:
I.e alln\Hll u" u nt•dit
Again~(
14 iu tu llut anJOUul n·quin-..1 It~· stt·tion Btltj In be paid by
l.l the ptnonal stniCf' ,·nrpo1111ion of 1fbieh it is a tihsrt'holdtr
16
w-it!a n-sptd tu iu In Jinf,il.ity und,·r S.'I'J•kmetlt ~-"·
li SEC. 401. Cll\:\:(;Jo; OF:"" .\:\IE OF EXISTit-.:C EXCESS.PROFITS
18
19
TAX.
{•) l-iui"·LllJ'h'r
n (tf
('bapt~·r ~ of chn l 11tt-nu'tl Hevr-
:!0 nue Code it amf'Ddt'tl, f''fl·(t.i\'e F1·bruary 10, 19J9, by
~~ ltti.king out, in 1he bradin: ol mtb •ulK-&J•lt"r, '·EXC}::.'"-"'~ PI:OI'ITS T.\\' and illll<'rting 1n liru chrroor "DE-
23 Cl,.IJlED 1".\ J,rJ ; EXC'E~s I'JWFI TS T.IX", and by
0
111behapter, "aoeee-profim tu." and inM"ning in fin thereof
"deelarecl ftlae txee.profitl tu.".
(bl 8oolloa 23 1•1 (II ollhr lnt•mal Rr.-.nue Coole
clfdocrible ill romputillr not
~~
'
,.......,.., tuoo
a
iii .......... ....,;.. l'ol>rouy 10, 1939, to ,...( u follows:
DOl
"(II Fodera! inrolllf, ....,.-profit•, and uceoo-pro61o
I
tuoo (olber tbaa tho • • -· profill tax impuord by oedioo
8 108 ellhe Jlo....,e Act of 1935 (49 R..t. 10191, or by
t Mdioot 802 <I !he 11...... Act of 193~ (52 Rlol. 5671 , lllld
10 ocher tbaa !he drdu.d nla• n""'"prnli" tax im_.! by
u -w. 11001 :".
U
lliiC. .,, PI1IILICJTT
or
BBTUJtNB
or
BIIBCBAPTD •
BXCB88 PROPITS TAX.
8oolloa M (al (21 of th• Intenoal Revrnue Code io
1t
11 aiiiODdtcl by llrikin« oat ''Subebaptrn .\, B, and D <I Chap11
ter
2" aad iDit'l'ting in tit'U thf.noor •-subclaapttn A, B, D,
17 aad B of Chap.r 2".
18 1111C. 18
ftCBNJCAL AJIIINDIIIINTII.
(a) LIJOTATIO~ ON
AssEMXP.ST AND CoLLB()o
-··1
S312 oflho Inttnoal Rnrnuo COO. {rtlll-
Ill
ftOlf•.....&dioo
11
me lo period ., 6milolion on
11 tuool iii &IDtlldtd by otriking oot
and oolltdion .,
•·t:..-.,. ill lhe eue <I
t1 iaeome, Mtaae, and gift tu.es'• and inttning in lieu thereof
I& ''1b:cept iD tbe c.e of inoomt, wa.-..profilt, uoe~~-profi&l,
·-.aadlifttuoo",
1!1.'1
(h)
!"r•·•i~~ta
\n.\TF.lJ•:xT. ('HEbJT, A'Slt RRFtTsnoPTA.Da.-
::;;o
(a)
( 1)
ul thr hah·n.. J Rr\'ftlut f'.ndr
C~tr
MtirlJ ru au1hori1.\ to "hnfl·, ~ or nfaM ..1) II
llllllM"ndPd h~· "trikirlJ out •• t-:xrrt t u ulbf.nrW .......... ~
Llw in thft 11l~ ol inc"OU••·. " tatr. and
Jilt &lUI" ...
iu,q•rfiiiJ[ in li(·U lhf'~•f ·• Jo:l.l't'l'' •" othrrwiN' proYi4IM by
All.., :
"'II"TB TRUIBI&,
Clort.
'•lift.
.:.s.,
..
TREASURY DEPARTMENT
INTE:ft O ,.,.ICC C O MMUNICATION
....,.
·. t•tler 10, lMO
. .,.lU7 Moi'J. . ua.
.. t. L Wl.,.
DMDI
~:III
lllU1lL
J..")pftL
~
Ulli
Xa\U.tlld.
ll51.ll:1u
~
11 .,...,. S/4 ....
ac
l.tl
toa.n
~~~
rr•·
Ct/1:/~54)
2~
l,t:
lOC'.Zf
rtf>::Db
101 , 11
ltl,t
I p\. 11/U
1 ••• 4/32
11/1!/~M)
\\.. 1J • l4
.....
/
J~u t{a,,...
(3/1 ......
~1/IIC
14 .. lt
~1/tC
2.01
....
101.12
101.4
1 ••· 12/>a
1 ••• 4/32
~1/IC
1.02
2,04
lOl.t
101.1
1 ••• 1/32
I p<. 1/32
un.u
l .,,, le/12
n
Jl'l,
(1/10/....!!0)
u,x+-u t/4
(I
1/....!!0)
Jn,
11 1/,..•1/2 ,...
~1/4
2.01
2."
:r.u
lCl.t
1 ••• 4/32
UJ/WI ~· Jl't,
(1/U/01·59
~1/d
a.tt
1C·l.l2
1.11
1";.1,4
1 ••• 12/>3
1 ••• 4/32
n-urr..
3-I/4C
!.1&
r.11
li'Jl.t
(3/U/17_.,)
(t/15/01- !11)
100.31
n:uamsm
1:0. 21.
1?0.3)
I
1 pt.. t/32
1111/•a..•·
190
TREASURY DEPARTMENT
INTER·OFFICE COMMUNICATION
OATil
Septeaber 10, 1940
t. II&Uonal DefiDII Motu
!be pr101ng of BaUon.al Detente notet ('t'reaevr DO\ee,
•uo-.1 htuee 8er1ee,) pre .. nte IJ)eolal 4.1tt1oulUee.
!'hle
11 Moutl (1) . th17 would. prll\llla.bly be 1 . .u.e4. at tul.l7 tau.:ble,
IMle ell euhi&MiDC !reatu.r7 DOtee are hll7 t&z. exeapt, aa4
(I) U..lr 1 r1sflta 1 Talue at aaturltJ would. 'be wbJeGt to
sr--••
...aUoa - a qaeeUoo wblob would prot.blJ not ~ tl..U7 zoeIll... utll Ule aot\1&1 utvl t7 of the DOte e. M&t.1DC allowaaoe
f8r M.aJ ot the.. tao tore, we belliTI lt would be a4•1•ble \o
Itt: eo.poa rata• •• 1n41oau4 1D the tollowinc table tor
IIUtllll hhn,. notet of l, 2, 3, 4 , aa4 5 Je&rt aatur1t7 re.,..u"elf, an4 ut.laate tb.at euoh notee would prob«bl7 edl at
• Jltl4 b.... and prtalu.ae 1n41o.atec1. n ••••• u . .tee are,
tf IOU'ee, RbJeot to a auob w14er aarpa of error tbaD would
" fte 1a \be 0111 ot obllpUone alreacl7 tn.4e4 la tbe ...net.
, ...-.
h'06iile
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the . . .t.
Tbt l'n•·cdSt~:,lS.:.C:.r-:1 Ser·'
='~& • ~.ttion·w~N.uc.uion.al
Jf"V'1D ,., J'fi'"~:t,·.: m.:.u~ dt.aL & wuh a n.uaurul cruDe tyublral- <OWirct"f~umJI:. Our .a 1m I$ ru clu2Un.uc: rl'lt nunc
i1w j'U~ t•f 1h1S boo!.: Itt is 10 ~-o~fcpuJ I he rut.IIC Couou·rfricc:n
aadlorpi cbftl ~uen nonm c~.ar .annMW who Lnows his m~,- anJ
11 .alwnt • eM .akn
T.-c ktlllb ol moor-y .II'~ I&Kd. •n I~ LnuN SUtt"l rapcT and awul.
hj.'Wt IIDCXT. k~KM1l u aotd or t.dls, 1111t1dr .ac tlk ~.au ol f.apnm&
.t PriDUO, U1 VI uhanJtOD, 0 ( COan, or lhtt.al mann-, U DUde ar
L
X..ra \hnn an Phd.a&IJ'hu, Dr-ava. anJ S..n Fr.anclko
!X SccfttarY ol dw T~uurr bu •J"'"f"'"cd r!w tubhc.auoa of dm
hxikf, dlllw uchoraxd dw ow of JDo)fiOfl JIKnlrn, (.x rhe- ~of
etkaru-1 rht J"'bhc .u to rht d.ani'C" ol counccrl.:te monty anJ f~
~cchak•
Tlw U..rC\! ~r.ar.n !«n:t !Morn.:~ II p.acd"~;~l ftJt dw ·u .huMe COOf"Cf".auon
wkdin tw .ahun r«cu·N ft11m 'our roftc:c .al'k! rt.a« t&cn. \\'t arcanrrfv.l/l}lrbtlr a<(IV'C f>Miu.:lpnon an thll • t-i. ntJ'W \"ttur \t.Jnc-)" Nu00
t&OOIUI~ip
\\"ccarnndv solt\.it rh<" a»i~r.an..:e uf "II urucn• In rhi' C'ffun rn rn:,rnt
Dllllr \\."uhour )OOr hdr.anJ th.ar c•fltlUt luull""oe-r•f•Jrui!Xnr ulf1\.~,
kboolt.oarJ., &nJ 1--aol:m, our r.a•k l'ttu!J f-'C' tnofe ..J,ff,cult
Ih011 bmto kDuw~·oor ntiJPt1', nM.I C-.IDnoc ~.Jdr.iu.kd to~- UJ\llllrrf"ic
orbtlb. It ntuy co k:.arn how 10 rei I p,J mone-y lndll NJ \Ln\·
-._,lllh ol du!Un .n lon c-~h J·ur t-.,- rc-nom who unnoc .&6..-J rhc
~ beu.'* rbcr d.> aor .koo" their na.xwy.
~jew .,.rW ruin IJYm u• tim booUer will help J'OII ro .krcu NJ
-r ,:"'1' 1h11 ~I. 'Jtr, lnd'f' II 5-l'low U 11.1 1Jox. mrmh.:n Clf \"out"
t..ily,tbow It to fiMU' ftitud~. ducust If""' rh rhcm Know fOCir ~-I
{-,,hJ Jt•l·l J, ,., J..-,n.
It is o violation of low to mo.ke .-eprod.uct1ons of
._.., aahue of good. o.r .bod money. R ep.-od.uc-·
tiotu ln this hook IU'e mode u.nd..- the ou.tho.-it.,Departm.ent. The.,- mwt not he
:!;!:__T.-e-uwy
0011 DIK. boOO.i ti/27,~il)
TllB D a J'K ~of the! fM..~ of a ( ()L.,1TRFL.n One Dullu bill 1\r
w.;'lo audt Chu o,.::3tiiCTfi.U "',_, &rrt'lttd, ~OIIYk:Ccd, .1nJ ttntdiU'Ift>
Lrncnwuxtb ~arnsct.try
DUD
c,,<::r~:=. '~'hr;;'n~~".~ :,1'::;:~~:~~~~1he ;::~·. '~::=
rhu c'OWlu:rf~;tt
rortto~u
b noc lifr-hh
The~"~ ..~
nor dt.lt, dun'JI.'t
-:::n~~~U: ~~~~b~1J' '~~: i::S' :~~~,!~he~:;;
~ •~ ~~ly nouno~blco, and awtY of rh.c- squ.ucs arc filled wtda iak.
\Ndy rhC' puiM Nil, fco~rurc lw f.:-nvre l1IC J"'C1f:•lll oi \\";\.SHl\\r
TO\i arrc.an (\.'\:l.Y oa OSL OOLLU. NUs. L.ook ar dus ro==;:
unfully. S« bow ldclt1c IC it oa rht pcunr bill, bow n tuD!h •
The nn arc d~·n .. net louk nshr .11 JOU
l..uJb.JflC cbot tadc-r ol dw- counrtff.,n t.aJI p.turcd aba-ft, «8rc'f 1
wttb the~ \"oa •cU 1« ch.u cbc! 6nr &nn rbo~r en-s ..1 ~
~ noc: dc.ar .and daumcr
J...om. .11 lhc- numhc-~ on dm counccrfru bill Yoa wdl wt rUt dl
'sy;,c; T~n:'~~~c~o~~l~~~~/.~~':b,t:g'k:arrl~~~
the uw--m:ch na c!Ko nm of the IC'.IJ .IR' Munr anJ POt.-n:~. Tbc ~ lfl
~~~t~:irc~r:::,~-nu~:~'~•c·JQntcrfs:ar Comranc~kumwuh
rhot<on.a,:cruuncbcll. lW:ctnthrkrrtnOfl.lcountcrfcttt.tll•ft'Mt~
The number undct" rho:- wor•l '"1\rrn"rac.l, · ro thr r1,d1t of tbco f«tUI d
uh.iapon, 11 thr Sl Ill o\1. , , 1\IUI R h .... rrcnccJ ···In t<J lhr Jd; ol
1~ rorcro~u, ~-" dnwn I ""1 ~Ill has an IC1J.tl oumbtr ~- •
\1,
chneno.orlKn
.,.\r;s=: ~~~=t'~ . tn:•:= ': ~ ~~fc~fuA. ~;.::
1
r= ~~~~~KF"t~r.·~m'cdNl~~s~~~..::·:: ~:~~t:tBLAt'
All JCOlllM Mils .1te ,..HJOWGaumbu
nr J from a~,r.ntd "~1
phtn.
l.adl
f!atr b
Study .a11 dtutb. both ol r"au pscrure ~ .1 counttffeir bdl .ar:d of • ,_bili- 1f wd' he-Jp YOD to Ia:~ Jood IDODCT from lud
KXOW YOt"a MOSEY
5
Your Money!
Jrd, thu J111&'Jm 11 Jh.tu ~,." tbt
ptm/lon •f imp,,t,tlll /tllfllrtl •J
1\c "JJU~ oi d~ ~-cttt.ary <•I cbc TtUSUJY ;a~.an .at the lower r-i,;ht
We oa rhe front of .&11 l'nitN !'t.ltn ~['<1' IQOI'I(')'. The Ugn.atutt of che
T~~MM of the l'nucd Sutcs
on the ltM'C'I' k(t .,d,c.
dct.ul.. and how tlculy dw:y
)ooJ.\, Thcn, •houJJ JOU kC
J(oalltnf<·H h!ll, )'OU will ~ognizc 1he ~,.ru,lu~e:l .~nJ J.(~,n. By knowlnJ sooJ nconn· from t'o.aJ, )'OU wall 1-rordl yuurtdf .and othr:r). l\now
&f'I"C;&I'$
llr ..rudrttiS: a ~uinc t--all, noticu1g all m
ltrf'lDuJ, \OU \\Ill
k.~m
how gooJ
mutlt')"
v0111moat)l
I( You Ho~ndle \toney in Your \\'orli., \\'by ~ot
Reque-st Your .: \t:-.unt ~~n·t ")en icc- Offi'r to Pbcc
Your ~.1mc on in. \f.ailing Lhc hi Rc-~o.ciH: \\'.uning
:\()aiccs De~cribtng ;:\:~ Cnuntcrfeit hwc-t •' ~
Arpru~
D.
10,
l~.
l!l.litary
ceasionlll.
cluo1!1ed
contin:le in
therai&na
e of the tor~
invasion will
od to be the
;rli&ht on the
While the
was less than
s t ell in t.he
t.han on the
the previous ly
oo l nitt
I
l'
~n.
Jl lnaf )....U
).;,,)OW
~~
on "hM.h
h is
r
~-
eo carr- ied out
t r the east
:~;~rc(~l t-~il!·. ~~~~;'.u~~:~~r:~~~~~ :~~~·:::n~'t~~: 5!;,~!;,!~~
110111. hxl."uml'lc," $ 1 t.dl
m1~ht hcalr~o.-nJ to~nc
Sl1), .o~lkl1f you
ro~~~~;,j,!,~~~~~~:~co;';'~!~ !:~~-hi~~i~~ ~~~':':~~~~c: ~\i~"~,J!'~:,h
the harbors
a short
rortr••t
rflt
of J~tf~o."fk-.n or l.an.:oln on u, lDl.l shouiJ know 1har lhdc: l-oills
U~~ ,o~!tcn·J. hcco~u~e 11\c ponr.m of II.\\11 LT0\; 1\ ,alw.. vsun J. Sl ,)
bdl,ndJ \( t\~l\0 n al",ays on a '10 t"11ll. Rt-··,aro.llcu ol the rv~ ul hill,
n London.
•IOi.l.boi bcumedtnomtn.ltJon bc:.ar the umc rorrr.n, as follo"-s:
:UU.U'" •wr.an on all <1 hills. IU.r/IN .arrc:an >0 all $10 hdls.
/•lrF~ oiflY.IN on .1!1 ~! t11lb.
'.-ul• o~~.u1ono~ll$~hilb.
/«LM aJ"'"l".&A on .all"~ to11l-•.
(.r.llll.11 ~.11"1 Jn;all<'Ji. l-1lb.
/r..L,• .a~ .111 l .&II $100 bdls.
O!:brrr"r"M'.._. 1uuedhv rhcl.mrc:dSr.atnbc.an.f'OI"r.uts.u f<lllows;
SiJJ. ,,Lklfin. ~1.n:c Untl.-1' OX1 'f.JI.Ift,$10""'00.CA.m
• s widespread
~•nelt
UbriU'J
(0
nou DIR. b~oo
11
~~ 211~~>
8
Three Types of
Paper Currency
DOW f'I'UUS rbrtt lfl"tt of CutT'ftley or rwrcr __,.
.and Unued. Sur~ oocn
Frdn-.al lescnc notn, iuucd by Fo:JI(I".al R~c loanks, ~ w..Uftd t,
a:old ccn•6c•rn and other cull.<'l'.ll . Salv.-r ctna6c.arn an: Mtllttd a.,
ttlvcr ~ br rk GoTtf'1Jmrtn. lrmrJ Surn ootr:s aft' ~
notn auued by the Tft';UUJ"Y All rhrrr •)f rhnt norn or balls ~ WpJ
render for .all dcbo, 1oubhc .arM f'4'1Y.atc
['nry QO«e or btU u durtnpuhtJ lw wutJ• tdhns wht.b n-rc u D.
fT•nri ar
~· d~~e· bdl oa m f.Kc or ho!!n ~ rrpc ,,( uds 1:tt 1•
abo lhowa by rbr Cdl« ol 1n Tn.uury K•l .aAd KTl.ll DWilbcn 1\c
T~ K.al and k"'t..d numbrn ,,. Gkl r~ OD Fe*ul lttcne ao<n,
liD~ UauN .Suttt DOirt, aDd 8Uit: oo 11J~.. («tlbri:.un
Out Go,.~mmt
Feder~ R~~ notes, aaiYcr crft•ticartet,
*
.,(
Federal Reserve Notes
Fn!n-.&1 kctcn"t nocn an f.aced tn c h'"~'
br dw FNcr.al 1netw
Nab, ncb bmlr; plat IDIIU CM'D D~lfC'l IQ C&r..ul.atioo throu,8:h the 1\u!b
located io itt d11mu. J'Mrt are ll Fcdcr.al Rn«Tc di.m"''· J ,.,,, d~t
trict hu.a~1lltlM.and•lXTftrondm,s k tcr )( •be alrfubcr for IUiymbol
So: utile below
arr
""""'
t.:L'Io yc._.:
PUilADEU'HL\
ClHUAJ<O
a~o
'".t'f.~}
I
0
I
ATlAS \
CHICA«'
•
ST Wl"
H
0.\L-U
·•
)rr.W\.,.L..\Pa..IS
l.A.'"S.\.SOTT
1.\S F'IA~"'OS(Xl
...
,~.,
'r
G
Ttw knu A • n rhc rc,ctorul lunlt k'.al ua a f ~al RCK"a'C' nofc abowl
rhar 1t wu as.sucd by chc & .. rca hckr.al JleKn~ 8o~nk in rhe finr DinrKt.
The lcttct ''8'' in rhc rrewullunl K.l! anJ rhc fi~rl:' ''2.'' showr. t!ut •
t.ill ~·.t• iuu.;J from the fcJcr.at Rt:KTVc U.anl. of~"" York, .and 10 OP
chrout;h diC' bu o1 che nvrhe bank• co S..n fr.lftCiKo, whow symh:l1
kttc1' &a "L" aod di•tr4.r aUll:lbct is ·12 " The ~I bank ~~r.sl .tnd the
durri£- a11Jilbc-o oa rClk-.allctcTr nom~ .alw.an fH.A(K
nC.
~n
T his is Counterfeit Money
"
l.c.af" the
"'
r'f·
Kaow Tow Money!
London.
~-e•elt L\l>T
u ... ,.
·--·· ll
OOIJ i)IH. ~·oo.9 (9/27t~
KXOW \:01:& KOXJ:Y
12
See The Difference!
The r :;( ':rcl abo\~ lrt' from l:hotOJf'.&rlu (jf CJC'PCft to! ".JUnlttfct: .b e
aod. rwtt~cy .WJI.u ~d,, c:nLt.rcal 1<3 md.c dcfccn show IPOt'C f llmly
ru.rut\'S With the c.omcn of GL'\l·l~[ hdh. Sec die
<.omr-uc tMtc
did"C'R'DU' ~W&'dl l~ fish11C't lmcs un 1bc pulM balb campattd wuh
thote linn Ul c
tcrftU bdls
'\'ou wai.! aon(c th.u the faw lmn. bad
cltbc 6prtt, the hnn rh.ar f..mD cbc nrr or Wc:hlc design, Oft Gn.,"t IX£
todh &rC aU dcv ;utd dnnnct $osJk of rht hnn on the ( Ol'' 'TU.f[rf
t-aUs .arc Nukcn and arc SOT ck.u .and dt:.: .nu
Suady tbnr racrurn It n.:.ad.in1 dut.arx.c. bold them "' armS r;'
\'ou" 11 be able •ulktcc.l tbcdcf.:.. rsrh.u arrc.uon m.aayc.JUfttt'ffe rt db
~lOll ounrcrfcu btJis I«
rr ntC'd f,Q f'O ORLY
thnoe r•crurn nuy be dctc-m.d \\ ITU
lu•~: mulJCd rhtx ~;nbrJ""P'C'lD
IQ
rur
that thC' ddccts .bon
"A t.;. ) [1 L yr. afte F
Y-'U will hnd u nrcrnrma:w ~onuh· .IRf hdl, wuh or w thuut &IIUJI'll
h·..ngel.au.
Know Yo u.- Money!
fffl'llr~ut
.Uii•
TIL~·ay
.. w,.,,,_,
g
a
K wow Y01
14
a :umnv
Burn• or
Thuf"k~ahi:n\a.afn
do;l.ub
.1-
lcturwu.ICDtia.to~ftelcc!Ded.t.,.
the T ~ It waa ODC of m.tn)' Nib an a Nnk •~ cbcre wu
Some c.! abc bilb W"Ctt mlr ..,~bur rhty •ere n:rJ.aad bY rarw moon-.
,.m .u dlu one wu. The Treuwy lui • au.tf' of C':lf!C'l wot"en wbo h.mdlt
ln":lftC1 wnr lD fiJI' ~mpuon. Some-tUbeS new maocy is Jitta kr wlur
masfu: ~~ttm co tiC' \try aiiJhl C'Y.∋C', but chc Trns:ury CXf"<'l""':S 111.1h 1111e
ch.at rc;~l muncy h.u brdl ~ru)"C'd. bdorc cbt-y wue ll('\\' mMcT loT u
tlurGOft111mmt'• !olf'd' montY n rnn1cdon cheta« r-ape-r. thriU'OGJnt
anJ InUit dur.abk tfuc I U f'lJUtblc (IJr ('J"rf nulla hl m11k~ h Ito a,u.ast
rhe l.aw 10 make ~rtt hlc clu.r UK"J hv abc Govcmmcnt for !DOlleY,
nccrc: fur Go~rDtnl f'Ur'f'O'C'' and uno!rr <Jo,ctnmcnr su~liiOO. &r
cYm th1~ lrtoO& f'!.l~ W<.tn OUl Wll l "onit.l.nt (\1-UinJ from tun4 to lurJ,
from Nnl co hank aod. •tote h) lfl)ft' So lM T"r.uury ASb the Nnb 10
lead n IJ, \\onl, tarn, or munl.tkd htllt., 10 ~ csdun&t4 f<li'DtWoarL
T"hc-ic Nlla comt m ~)' thor bundk m.any ahovunds ol th='!l IDtl&Uhly
They aR msrn nl, a rrcoN n JUdco ol them, and eben dq .ue d.ot:rorN
t., ~"'"'liD« T1w •Ye"~F wn:_ 1 "I uk of • doiUr bill, - . r ar:d oau: ot
~J"d DIOIIC'J', .J IQUIC mocutu
So JrC"o~r n the WC'at anJ tc.d' oo p.aftl monc,. du.c rft1'J' d.ar aulliou ol
c.! lun "'
( :Mhn m from chco luds 1 tht Trr.nury co bt- dcitf'OJC4
munthofJo~nu.uy l~llC td. 'J'Ilcnowcredcstnmd
the 8ui'C';~o u( I Tntns and Prtnun,; •n v.'.nhmltoa ~ill• whose bc:c
Ullllo. 'tii..U SIN-.1·2.)0). Ul' - AW'CT&Jt' uf su.o._v..6r; f·x enry ~, o(
.-.aucu.mrJr
.1t
1\\tnl) 'II X
wDtLmg d.l.ya
Th~ ru.n.;re on
(I
1 1e
1111~
month
*
nne l"'t' ahnwt .a ~.punun· .,f th.-. nld htlla .aNH!c
he ""m:J.
Notif7 yow local police immediot~tly
if you. gift o cou.nt~tdeit bill or coin
or U yo• ••• auspiciou.s of o person
prese ntiny o Go•erAmeot cltec.k
__.. _..... _
____
_____
...-...--
_.,._...,
_..,,
,__
......
WA&NDIG NOIICR ....... - - .
.....
,. .. .
·--____
..--........,
...--
----...-ro~,.
_ ............ ... s.a..s.nlcoolico_,..
...... lor..w-ciU.nNSulftSocms.nico-
...~--·«•~m·•~·'~,~~
wwb or
allahor will
N~X~thl
rhe work ot Bwu.a cnJI'n"Cn b.lve been
"' •II wurld'• bin. .and cs.hahirtoM •inu: 111:Z
ha d•rl•u•cd rhc .aniwic work ulrh.: c11rrn ~
oll..nl'"' lDJ .and Pruuins.
a
....
......... l*daolorlr.-·
..................
.,...., .___.,
~
his __,. or low 10 «*1-'riMI
"-Y-~
a
a
Olli.J Ulli. .oo.•
i, •
~·
Have Someone ot Home tlloe Doy
You ~to Goven:amenl
Check!
a
a Forged Check
You Lose !
ort"fuJh·. ibra you "'lll how w~c co loo1 few
•C Jd'nudcd ,..hco 'VOU c.nh • \1. P,\ ch«l ftc< MR
Wt tbt dmt&.moo rwmhrr on c~ cbft l. b dw S \ \U:::. as che aumM
• rht a.ictlcabc.u ioa utd \_Sec- iiiUJtt.IUOG) f'c- tun dur ~hr tWDr Oil
thr 11.\{K t•f ~~ chcd: u the S:\\tL ... the D.&I!W on the ~..&.rd. 8c- sun:10 ·
thr BOTH •i~~:n.uufd l.I'C" in rile urM h.1nJwriun&· j~ dhau.anoo.)
\~look .u chc- curnng double .~rro.m .mJ rc.aJ rM cnalnKimlll rnnrN
011
rl'c BACt.;. Q( rhc check. lf you uko:
che~C
rrcc.umcxu
~·ou
,..,.·,
~
cfutJJwuh.1 WP..\ chcd:.
•
DOll Dlil. e.oo.e !1lf~7 ~~)
Federal Penitentiaries
r
AJ
j
to Jdr.aWl our l:
U.lftll"
rh '' ......rl~H n ~,.
•ilr hr rhe nun who mcs
Hd'C' arc
PJdUr« t •f
rwo
ol tbc1< r:-·1001, ... ru...h coofme' auny (<.~u.ntc::tfc:rcn. lrl l'J\9 rhc coum
cunnual 892 p;nom llche l: ~ ()( countcrfdtins. 2,1H of for~ffr ·lf
(.o\P"U~Dnf .. tw..k:.. (rune dlfd no> J'IV
31
KSOW \Olll \lOS[\'
1 lf.\10\ 11 ccmpuuom (rom yoadt. \ {..any C.;M;Jnurim .. wUron ..a.~
,._, JDCD or lxl)'S who hne ~ before
...
brcrt an amous (1'1.}Ubk wnb the
1 fl.J\11~ \ 11! o~irin for crime. The rnncir-1
(OJD
trrlrtrrn ddr.aud lo() m.an,·
acerun.c NJ muocy.
ttUOft
dur
rcnon• is r~ cu.:lcssnt-ss ulthr ru~hc 1ft
). RI.Ol'< l.lmsa rn rhe pu~IK. Durin.( a r«n~r ~)r"r rc-nnd luucs
tram counkrf~tr mont\· aYCr.a~ ~ rh.an Sl,t"lt\ 1,(1\l..a n..ar
4 ~\\'F.nrm.nc•faa'"ftng..arwn.rros«urwn,m.ttnrdl.tM~
Tbctt .Jrtmn o~oaounr ro Jrl()ft' ·h.an Sl,l"\'l"'.rt\1" yc.ar
Know You r Mone , !
tr
.JOnCn
2
32
IC!'OW' TOt. . KOHl'
What l• the
United State• Secret Service?
THE l"~'TT£DSTAIT.SSfCR.IT SlR.\'JCE n • Di,.-islOI!I ol~Trasury
D:ranmcnc, .aocl 11 one 41 the oldnr .ahd bdt~kno.rn bw~r
•Jft"an of dw Ndcr.al Govcmmmr. lc wucsublished ar the umr ol cbe
Cl\'11 W,u, and UIC'bf.Ur-J ICIICYtnr,··hfrh .&nni\"t1"hty oajuJy 2, 19}9. Tbe
ch~t·f dur~s u( c~
Sccrtc Sn'TJc~ a~:
Pror«rioo c•f che J'rt't1J.:nc ,( rhe llrurni Sc.arn, his (.&mily. and the
J'rctldC'nt-clccr, J'OhUI'IJ of dk \\hnC' Houte and ic.s groundJ bpbe WhJ~
Houte uaiformN J"'hCC, .& UOIC o( rtw ~rrr Sc:n-i.::t:.
SuJ'I'I'U'IOil of •he- C.)WUtfkllliiJ .1nd .&)tn".ltion Of .all paper mooty 1 coins.
boods, sU.IIIp, aod 01htr oNIJ:.ICklftl :tl tbe Uaurd 5-urrs and <Xber JOm'U'"
""""·
Su~ of cbc COWIU'ffC'UlDJ. for~. •lrcrnioo, aod fnad4lmc
acpuuoo of Uaucd Su.k-1 T~.uun c:h«h, •ad. ~c of ocher
l.aWi ~Latin& co the Ttu~WY Dtpal'tlllrftr, •• J'C'O'"ided by tbr:Cortlft'Uol
che Uau:cd Sura.
PrOC"«aoa o( the Trc.uury 1.\ualdma:. dle Bwuu ol EllpnU,J anJ
Pr1nuna:• .anJ od~ Trc.atuty b.ltldu1p .aod uft-sw-r.Ln& muncy and
l:. I.D., 'r:.D.
... 190
Sept.ellber 10, 1~ •
12100 u.
Snt!J.TICX: REPm.T
This ::Ulitary aituation report 11 iuued by tho Uilit.ar,.
Intolligonce Division, General Stat! . In vin ot the occasiontll
Wluaion or political Wor.'\&tion and of opinion it 1.8 clu:si! ied
as~.·
1.
No crowd o,eratior.a .
Oeran
Ult Ch&nlwl ports !or overseas opvattoas.
~attor.a conti.mla in
'rhere are o~ signs
tbtt an imadon or Great Britain 1a coatapla.~. )ione o! the to~
coJ.ar 1J rqarded as l!e!1n1te ~! that U. at.~t at lnvuion w11l
\e-.
2.
Air Foree Operations,
The London dock and rail net anae continued to btl t.ha
Poet ot (ienyn air attacks . 'these ~r• initiated in daylight on the
n~nina: o! t.he 9th and continued throughout the nirht.
flhile the
aaabl:r or bcd>ers sent over dw·i~ the night &rPAJ"&ntly was less than
ca the 8th-9th, severe ~e wns Wlicted . SOIII bollbs Cell in tM
heart o! the c1ty . !lritbh defenac was aore e!!ectiva than on the
~th~ but t..'l.eir claUs o! lOSliU intllc\ed are below the pntTiouaQ'
at.t&tnod pu.l':a o! the current ortan:~ive . b Ceraans also carried out
~tat.t.rtd baruslr!i reid:~ in the -.st. o! ~Land and over the eut
cout ot Scotland.
Britb~ night
ct O.t.ond, Boulocne,
1tt.&et
raids "'"
axec~J~
aden and I~.
on !lerl1n.
acai.nst the harbors
short
r.wre .u al~ a
Up to noon t.octa;· thero had been 2 a_Ierta in London.
II •• l!dit.errane.:m and .".1'r1c4ll ':hc!!t<rra oJ'_.E!r •
flo lf;l'Ound operations reportod .
.Ur •et1v1ty was widespread
but U=ited in aeope .
-
frnJ\kltn
r..
PM•nelt Libr~
OECLf:SS!fi(D
DOll Dlli. ,.oo.• <•;17,~•>
TREASURY DEPARTMENT
INTEA•OFFJCE COMMUNICATION
Y:r.
T~~;;;.·
Mr•. t~
Ia. t.Jr1
r r
:mae 'Co your neueat ot Dto•ber 2b, l':IJCJ ,
lbtrt la IUtr 11tte<.o. .•-n·evltQ 't'Or the li1Y111on Of J\e1earcb and
1Ut111.1CII a CI8QOt"i!Od.WI lht1ng, Wltb brlef 4e1Cr1pt1one , the
1t~1u
or projcote ooapleted or uo4er va,-. and tl.e nuea or
ptrton• work.lng on
eaor~,
ror the monti.l ot
Aut;U~ t
l!;lto.
...:u::;e:!::~o!u:j!::e:.o:&.~
•..U.• llatell-
Lool.r::h::w:a:·~:::::.:~!:~.=c.~
eola1M4 1A the 1ntzoo4uotol'7 DOH ' - tile ~
=~-=~t!:!.~ala::-;.-.:.~·.~:·..::.::=~:o:~~:c~r
O&lle vaa
•11117 1a ~ -li'WlaS..,
FUialle!.tl ADMZ!1f
I.
NNt--
ProJeota or 1tuU•• oe.pll!..a
1. ~re.-l.tv or ourrent denlo~
!Ja!"
::!l{t!aTcftf :::r:= on - . . ; ~11r• . : :
Kr. NurphJ, Mr. 'l"urDtr. Kl.le KJI"I
!h11 re•1ew oonta1ne4. 1D a441\1oD to aaal7118 ot -
OUI"rent eltuatlon, the tollow1nc epeolal ••u47:
Inn1tm.1nt eXJ)erlenoe ln a 1"11,.. '-4. MKet.Y.1 .. -YT•
- -
203
~
~. ~.!~~c~•!e~r!be~;f~!:fi; ;~~:·:~tt!~•
Pu.roh.adl\i Co: .;J.I81C4l oerta1n information re ardlng
rr~t::~
Fihltli'.L .l!lnlre ln tnt~ Un1te4 Btatee. -
r;.ttl:
(ll ~f~ ~::ti~~dt:: !"::•~.,~~ o~~r;~~~ 1n-~~!:z-
t:r nae r1t1ah J.; pl.re, lte 1ze!1 urc.Aaee :::.ade
by t.hell -over(E.ente 'li'lth t.:.e tnowle e or the
Co=.lellou l.i.t not tllroat;b lt1 tao1llt1ee, and
1nqu1r1el ar..e D7 t,., Co. :lllrll n or vlth ltl
r.nQ.·ledce tor t\1t<.1re
")urc.~•• ·
In tnece report•
all orJcre and dtol1nr1,.e are belrli::i ol~sU'led 1n
lo:Je tventY•flve oormod1t1 groupe deal.gned ee~oh.ll7 tOll' t:.1!' put"''OM ot th18 proJect.
'!'A.Olee
a~ovlng
ordere nb.oed through the Brlt1•1l PW"Chaaln£
Coc.:l .. lon, claultle.
rl'l! are4fot
lC,
t~
an 1-7, and were
OI):IQ!X.lty
ndcdJt:l ..
'!'liJa.ltte
n~ct1cn.
~"')
~J1
1
tl"'
().J ,
aceo
ro-e, vere
.,.7, Aut:-uet } ,
autt;; to 1n-
J.rra~
enta
.,., been
t!e a...-o to IOe':lt.. :t'roa
t!le ea.., eouroe oerlocllo lte:t.emt::ntl!l e ....ovlrt(. ooc•1t;;.;.cnte ~ aotl&~.l A;'mente tor tlle 1 ,~-,oee or
!=l"'Tldlng oap1tal 11.111Jtt nee to k__~erloAn ooz· Mlea
!n order to • pc ::~.itt> 4rl1verleA. Tbeae coo: 1t1 nto
are lleted ln tour ['ro .;.pa - \&, e:r anelon ot n.iar.t
CQao1t7, (b} pe:-l!'onnel tralnln , (a) income tax
C"lntrUr"'t1on.a, ~ {4~ Un.1\e4. titatea developaent
Ta ... ha ahOVlat§; total oa -!tal OQn;Dlt enta
OTer~U~en!e, aa or
ooata.
of t-~ rltllh and Fre e.
J .U f!7, AUt; :at '7, l , ana
V"re tranmltted
())
r,~eclal
•oaoKl.~
attentl )11 11 be in
17. were pre-red, llld
t) 1n.atNOt1Cl .
L, It ted t~·ard tie
to t.b.t' etteot ot
oapltal eu11tMoe 'ld al to 11ut;.ut.
eekl1
et&tementl l'fl crop red 1 ."M 1n.c b7 alrplMe a.'ld
airplane e:- 1t c c- ~ lea t: e- pnJalcal volu:JI ot
order• place •· del1Yer!ea
t-, and eat1.tlate :.odellftrlee an untUled Q!"._era anc1 on option.. . foe••
atatm nte 1Ye dete.il br t,
'Jt a1J1)la:.e or troe
'lt engine. A ro ;4) or ta..,les 1T1n 4e":e,Ua and
WE;arlea re ru111ng JI"C.Il&ICI or alri)laneJ .,C1 airplane ensUlu:, aa or .J 1, ~,, Au;: • t ·, l , 17,
an~'? , ver.
rr,re! , -4 v;re trAr.aaltt.ed 110co:n:lf€. to ln a r"l -f'ltlor..
&lr<:ran 1nduatl'1, botl:.
r:•
- J A tat;le allowing tbe 1tatu of lroa M4 •'-1
purotl! ••• by the e r1 t.1Bh Eap1n, vu PHJl&NII
ae of JulJ' 31, 1440, .nd vae tn.naaltiW4 so
tbe Seore~rJ on Aut,-ult 16.
- 4 -
::..:r. :gu:!! ;;..:::1~;:~~~·
:-oru:? •:.~
pla118~ epe~oatlou ..a
oern1ng aTa1lab1Uty of the
uter1ale tor the John B. P1•t.g•~·~
vl\h reapcat to poealbie • • 1
.,
t. _
Mr. Raaa
12.
At tho reque
t
ot Under 8eoret&I"J' hU oa .M&•I 28,
:r~=~l-;~d;:u~;:J~~::~:-:;'~U: :!Lr~t=--,.._
O.pany, Dea .oinee, Iova, to Bea.ator IIU'rllll, . . . ..,._
~~ ~":!o::!-~~lif.'t:Jldi'H'I:Z.R;'I:
ltOu.ee ot
.~epreuntatiTea
on
:Cugu~~
291 .a4 vu traM•
•ltted to the Un4er Beoret&.r'7 on Aucul
II.
1
'
:JO, - Xr.
11\U"phJ
ProJeota or etud.iea UDbr V&J
;~,F.e~~~t~rr!:l~:.•a.;:Dt'J!r :=.'Her=.~
n~aente
to eeouri'tlie neoe11&17 4ata. - IUae EJN
2.
'·
~r~!~~~r:~~~;t:t:r-! 1 ~:::r7IrH~'! &!~•8:J!.•
'·
:!~!!.·~~1:r&:·:le. t.t~ :!::rth:~ !'&~ s:~t
5·
Chart e.nd annotatl~:u v1th re~peot to tlw taotora 1A-
r!:;n:!~fd'~~-·~:e:!e~r .!:~i~:l il!UlYarfEe'1rapb1o
~!r .
work. -
"'TW"'l\er
'· t,~~:~1 ~~ :~~~;~~~ ex£~ 1:: s:;~:l~ - !£'!.·~
4
1.
Xeaon.ndtm coapari~ and oontraJtlnc; var Ed ~preaaloe
4eflclt-t1ntlnclr: • - Kr. Y.urph1
•. :-oon~~ =r~*iP~!:.im'~n~~~a·ae~·1~n~: P!!::;0
war. - J..r.
4
•·~
9. Jln1te4 5ta.tu 8fty1n • Bonde -
An an~re1a ot tao tore
•Jnlted Statu eav1ne:• bondtl,
u a £"\l.l~e to t'Jtcre erperlf'nce. - •~. Oonra4
ill'iO't'I'ii£" reae;cptlona of
- 5 A ae orandu. 1a bein{ pre Jared ln oonneoUon w1Ul a
reaue~;t ot .n '"r Bec.-et ~ .aell or JUAe 24, on ta.
41ttr1bJt1on Itt\~ the Yarloua claeaea ot 1JI.Yea£0re of
licrea..• i'!. .J.:l~ a1n euarantae4 pybiio dibi alaoe
~-m·, , --xr~ii>li'Y. )!J.·.
•. 'te'l ue
I.
5•
J.;r.
PUriii
or atu41ea oo.a.:pbted
:~nt•;er~;· ~!i?JrJ~,:~i§!t ~::·~J:d
i"!5;;};
t?ift"!it"""
re-ueet c t t .e Jttlce ot t;nder Seoretnr:r Bell on
A•· 1st C."
Au.: t It,
6.
)'r...,joot
TUrner,
EP1t1ml!.t...•.!
~
-
vaa tr3Jl• · t~ed to
r . .a,rlYer
r. iiettelt1n-er on
In conneot1 n vlt,l oonelt.era~on ot tbe propoaed Second
Aot of 1-:.o• , f~tle I, J::J:oeaa l-rot1ta "ax, a
F.&T&n~e
111.r er ot revP.nue eetlr~tee lhte<O below , were prepared.
tor uae of""'l'iU.tet.nt Beo:-ef'eey Sullivan. - .r. v •.Jonnell,
•: • • !.eahey
(l)
A p~'"ella11a~ eatlaate ot revenuea to be 4erln4 troa
thD ln•c:ote (; ~ tnl plan tor lm::lotl~ an e.xocaa protita t•r: val ...,npareJ. at tl11 req-Jent ot A.ae1atan.t eoretarw lll1Yan on .1.117 '~' aM vu tmnsa1tted to hl•
1n a e or- ndw otat~:ll'" LJ!.t tlu· 11t1ro.ate vaa bue4 on
t.::.e 1)1 .. u of Jl.llJ .L''+, &.''lu vaa tor t.··u· calea.1ar )'llar
l9lkJ I :111 .. ,.... 1t . 't X l1~111tlet .
(~)
;,. tentative eatlaate or tw.e net Jleld fro:~. aD e.z.oe11
ro!ita t.u ero1tt1n ;pt1onal Mt.•o... J ot oo putlng
tnne 1t te~ to AII1Btnnt Seare..,.
ta.T. 11 ,•)111 tll: v
~.:ll1v .1 on Au oU~t l·, 1n a e JO:Ottndu:J atatllll: the
eat1n.~"' d roa1 11 t1llt7 tor the Ol\lentL&r yea.r 194o,
ellOW'anee tor r 1 . ..~. tant reliu.otlona
an'- the eatl ..
t ~ 11 · ... 1 1 1 1.
ln 1 h .., .1. ., nl
- 6 (')
!be ootlaAto or ,......... to bo Qrift4 n- *
:!!g~r~:~·:;•:li:e!!:! ~~:.~~~~L~
....
1noome 'tuea to be expected. tb11 nYiae4 • H ate u oc.parable to tbe ••Uaa'- 4Her1be4
tme.ib.telJ' a'boYe u (Zl, and wu Vuaalt-a to
A.Pletant aeoretar7 8ullban 1D
or AugUst a.
(~)
Chit·- .........
*
A atatcent vu prapan<l tor 1aooi"Uaa la
record of the p~llo bearl.nga 1D NIPODN to a
aueetlon b7 Repreeentatl"Ye !\a)'lloa4 s . Kolaoueb.
g11'1ng the reaeona tor eXJ)eote4 4eor.aaea 1a
1noo• e tax reoelpte aa a 1"111\llt ot tJ:ae leYJ11ll fll
an exoeaa proflta tax. The ataUMDt val 1:ii"'I.Dea 1tt.ed to Anlatant 8eoret.rr ~ullban on Aupat 12.
(5)
£at1aatea of groea and Det J1Al4a wn PJ:"''1l&&'M at
the recueet of Aal1at&nt 8eoreta17 a.lll•aa •
Au;gUet 16, ana ve~.. tra.n.n1tte4 to tl1a Cll"allt •
t.:a.t ~teo, on t~ baall of a 'Pl'OPOee4 proYleloD
allot~~ oorporatlona to aeleot 'Uwlr eU'IUap 1D
anr throe o~t or rwr reara rr. . 19)6 throqh 19)9
rat••er than t •.elr earnlnge or tM entire tour ,..,.,
1n computlnt: toe exoe11 pro~lta tu ore41t 1n tbe
·uue pe rlo~ .
<•>
Jtillatea or
roea and net )'1el4e were prepared at
the rettuett or Auletant Secretary BulllvaD on
Aut~ut
16, nt! were "ranem1tte4. to hW orall7 on
ate, on t.llf 'baaU ot a propoee4 proT111on
lllowl . t.llr.lOI" t1one n.av1ns: a G.et1oU 1n one or
· 'r~ ,-eU'I o~ t..:e tour-rear ball period to oount
ti.&"
=
:~~!:!t ~t;~:· t z;~Z:Jt 1~:~._1:_::-:;~:f.
(7}
In &nt1o1 t1 m .:Jt require ~nu 1n oonneoUon vltb.
t ~ ref;'Ort or t .e &.~Doo 1ttee on tt"axat1on of thl
i.Cid.:...lttae "n .a ·• and l:eana , three eett.-te1 were
,.reparee on the follOW1nt baaee:
a)
~
1.n the baslo 4 peroent rate ot arecU'
on 1 vee~ c '"lltel to oeru.lt E pe:raent on 'Ow
!lnt 1U1on .ollare or lnV!. 1ted oapU:&l aM
oerc~t on tbe eeoond a1111oa dollare of
lnYeated ac 1 tal:
6
b}
Per .,.ttl.n 1 pe.1rcent ln pa14.-1.n oa;:>1tal and
?ald.-in a:.wnlue to be 4eduotec1 trom eaml.nl•
J• ..:-o.:e •, l1.o t10cn of ti~e e>Ceu protlte tax;
- 7 (o)
Pem1tt1n
one dot1aU ,.... of .,. -
:J:~~.:; ~:.:~:1:: ;:.r; ~-=u:.:r
1940 lnoo ... vere 1noreue4 b7 10 ,...._.
20 peoroent, and 25 peroeat, NIJIM'tlftb:
(S)
Eat1•tu or reduotloa 1A " " - , . _ 'Sill
~1;!_~ ::J~~t:: ::::M.~t.=
Seoreta1"7 BulllYIA an Aut."\llt 1f, M -
'buU
or tho propoaal b7 tbo a~t- • falatl•
ot the -:0101n1tt.e OD are and. lleau to ralae
bae1o lnveet.ed capital ore41t • ' - • troa ',.,.....
to 5 prroent s.nd fraa 4 pera._.t to 6 :PIIJ"OCt• ,._
*
epeotlYel,-.
(9)
eaU.mt te vu a.ade at 'the l"''queet of Aula~
Secreta.rr 5ull1vaa on A\lg'\lat 21, u4 vu traaeAn
e1 ttew. to hl.m orall7 on tha' date, of tibe ,....._.
tee" at eatl.a:ate~ lnoae lenle ror tM Nleca4ayear lql;o, or • p:oopoeal ln. the •o41t1e4 report,
or tr.e .. u o ..:Ut:ee on TaxaUon of the C-.1ttM
\,.!n Vaya ana , ••n• vhloh would lower U. aueae
prQf'lta e. olna exe:tPtlon troa 5, 000 to $3, 000
~r corpoMtlon.
(lC)
An eaUJUte VC!.I ttat:.e at tbe requeet of .A8a1etaat
Se<n·ett•rr Sull1van on Au uet 21, Mld wae traM•
a.ltted to hla orall7 on that date, of tt. ".,.... ef•
teat. t eatillated. lncoae leYela tor tb.t oaleDd.ar
r~ar 144o, l)t a pro :>011&1 ln the aocUn.ed repor1:
ot tne
o.wo ...:::ltue on Taxation ot co. c,_,ucee
p~-ofltl
• .,eo1t1o
on War• and
;.~an•
per oornoret1 m.
(11)
at-
v .. 1c~1 wou.l4 ra1M \ihe exoeee
exesa~t1on
troa 15,000 Co 120, 000
An e1Jt1aate waa pre-oared at the Nqueat ot Aaale'-t
Secl'etary tiulllvan on A\IL'lll't 21, and wu 'CraMaU'Ce4
to h1DI orall7 on that Q.ate, ln oonneoUJn w1tb. ct.
ao41t1ed 'llan ot the 8uboou1ttH on !aut1oa ot ._
Cou 1t tee on ita.,_.• and Meana, ot tbe nnmae loa e.
at eo;rtl::.atad lnoomt levele tor 'the oaleDCl&r ,.. .
ljlK), lt ~er the ln""-'ated. oapltal opUoa C!le • ._
cen pro~l t1 ored1 t ven tlf"\lftd a'C 8 perNn'C •
t.h~ 1"1ret 'iOO. )()0 ot 1nTtete4 oe,p1tal and. 6 pei"Mn't
:m. the bal.'U\Ot .
209
- 8 (12)
...stlaa~ee vt:.:-e prepared at tae request or
Aea1etant SecretAry 8ulllvan on Au -.Jet 21 .n4
vera transmitted to h1ll Grall,- on that date
1n conneo'Clon wl 'th tbe modlt1e4 J)lM or t.~e '
8ubcoan1tteo on TI!Utat1on or t~1e \Jo;:nJ.ttee on
V.,ya ana .ean1, or the troee and net exoeu
prot1 te tax l1a't.111 tie a tor t.;;ut oalendar r~.r:r
191;a, tt t.:.1e ratee ot ,a, 50, and 75 r-rcent
~ere aubat\.tuted. "tor t!le r t a at 25, 30, Alkl
IK> peroe::t, reapeotlnlJ" ,
El:tisatea l:'CH prepare4 at the recucat or
Aaalat&ftt 8eoretarr Sull1Yan. on Au uot 22, a.n4
vere tranaaitted to h1l1 orall7 on that date, or
troea an1 nat ylelC , troo a propoaed tlat ~ percent 1ncreaae 1n t.bft corporation lnooae tu:.
!:etL'1!l tee vere !'repared at the requeat or
A&a1atant eoreb.rJ 8ull11'&n on Au ~at 22, and
vc:-e tr&nlllltted to h1a orall7 011 AU."121t 23, or
roaa ana. ..et JleU at eatlutod. 1noo:B lenla
tor tll8 o&lendar rear 1940, tro:1 an exoe.. prorlta
tax pla."l v 1oh would allow an • )Dill protlu
oredlt of 8 peroent on tbe 1nYeeted oapltial, u1rc
the !reaau17 det1n1t1one and bracket rate. eaplore4
1n the ort.; lnal 1nvutecl capl tal plan.
(15)
eatlllate vat pre-pared at the request of
An
Alll•t&nt Ecoretary 8ull1van on Auguet 2:;, and
trane~1tte4 to him oraU7 on tbat date, ot
~ reYen\ae etfeot, at eetla&ted 1nooa.e level•
for th8 oalen4Ar 71ar 1940, ot re4uo1:a..; the excee• prot1t1 t u epeo1t1o ore41 t tr:a 5, 1)00 to
a_.~ ~bo!:'.oonr.eot1on vlth t e !'l&n 4eeor1bed 1n
, ...
1
(16)
Ietlaatea were prc.i)ared at the roqueet ot
Alela,;~.m.o Re-ore• ry tiulllvan on A.J.~>:uat 24, and
were tra., ..~1tted to illll orall1 on Aucuet 25, of
rr?ea and net exoeu }?l'0~1te tax llabllltlea, at
eett..ted 1no011tt level• to:" 'the calendar 1•ar l~lKl.
01:,.:~:·:!.,~~~~ ~~~~ ~t~:J~~.::r;;:f~
!:
in the inat.anoe of
.l&.er ratra were to bo
1
0
~11e4
cororatlonfl ual-Tl£' the a•erage e&mlnf'l DLthod, in
ad4.1 tlon to a penal t7 tax on euch oo~oratione or
11. 1 oereent of t11e1r nonul t&x net 1ftoj e . Tbe
&;~eoitto or.dit vae to l::~ 15, 100. 'JUll reepect to
the invested ol&">ltlll "Jl.an t11e TreAIW"J 4et1n1t1one
were toll owe~.
ta •
- 9 (17)
!l )
An eat1qte wu prepared at \he nQUeat ot
Aas1etant looret r1 5ull1Tan on Auv.uat 25, and
vaa tranamlt ted to ht.m orallr on that 4.aW, ot
the rennue erteot, lt, en the baala or uw pl.aa
deacr~ed ln (16) boTe, the eaoaea p1otlh tu:
1 ealtlo ore lt '-!enre4uce4 tl'OI.I 5,000 to ~.ooo.
At the re ue t or Aaa1atant 8eo"t&J"7 Sull11'&D
~:1 ~
t h a aohelule or tax rat.. vu vorkK
out on the CO • l.n&tl:a Dlu MDUOM4 1A (16)
an'! (17) abon, butvhlch, arterreduo~ne U.
;;:e;;;:,:r:~~l:: t~~ :0~ :!::=w~ 0 =~~:f
plan onr t.."'le orl lnal propoal\l b7 one peroen.t,
woulC ~1el4 rbout 975 allllone more 'than tne
plan ort lrlally 4.l'l.tte4. In aW1U1on, eaUJutea
ot groas ann .•et yl.el ... a at eat.la.ted lnoa~~e lenll
tor t.:e oalen_:.ar J••r 1-l;o were prepared. The
schc-:le of ratu llll.l. t:le eaU~~at.ea were trana1tU4 :-ell7 to the Aaalatant oee~ret rr on
.1~
(l )
,.
EaU
t
,.
tea ,·ore
prenare~
et the rec:rut8t ot
Ac: let 't
oretMr, Sul.l11'an on Auguat 25, an4
were tn ur.a.ltted to h.1a ornll.7 on t.u.at date, ot
t."TOBI ~ aet yle:u based on the fiOhedJle ot tv:
~ tee
ntlonoe 1n (15) abon, e.n.. a. .\11111116 a
lr) ~eroent 1:1orc •• 1n c1)mal t u net 1noome ot
e ch ool"'JO!' U ~;: .
)
(21)
An eetlnate val ~l"C'.,are-4 , and vae 'ranaDiU:ed
o~allJ to Ale! eta 1t SeoretarJ BulUYan oa
relp?nee to i11.1 rec:ue•t ot tha'
Au ·11t ... , 111l
1a::e, l t the
:ercentare 1:toreaGe of the • aoe11
~~r!!:.~:t ~~ft. ~~ ~~:;·:~=-~~~!:! ~~
u
oJ
:-e4 vlth t~ baae
er1o~ .
- 10 -
'"2)
Tentatln eat12atea 0 40 g.roea exoesa prot1ta t
l1ab111t1ee a~ of t."le net tax, w re prepared
on tae bade ot eJt1aate4 oale..uar rear 19~
J. :101111 levels. and were trana11lttc~ t:o Aulat nt
8ooret f"1 6-:.U.llYan oa Au.ruat 27, 1 a -a: orandua
a
a.lzlnt; the ttaln pro'flalona ot the prc"))ule
, r veJ. bJ tJ:l8
"or an exeeaa l)roflta tax b1ll
:oe.: ~ttee
(2))
,_,n
e:sa e lil Means >n AUoJ
t
e.
At t.1o requeat ot Aulltant 8eoreta.17 L.u..Uvan
on A~ :uat 27, estlll&tea vere PH]')ared, :\1.1. wore
trana 1 tted to . .14 on tn.at ~ate 1n a ae;aorandum
ehowlnt eatlnated groea and net Jltl6.a , at
eaUQ&ted calendar nar 111Kl lnco=e lenla, of
'tl'lc exoeae
rotita \ax bill ae propoeed bJ tue
;~·;t:~t~ne:tLi.:: ~:OJ. ~r·~~·!~· t~-~~r
I :IC01fie4 arb1tra.1"7 &IJ\IAptl )M U
tO l.DO:"e'UO ln
Mt Ulooae ot eaoh oorporatlon oYer the eatl.aatea
tor the oal.e-:1uar rear l ~lk-.
I]'.
t't~te
P:t"OJeeia Ot'
ot tho
at~laa
,;:'ider V&'l
rev~nue
1.
An
?.
Tentative Pk".,\{or •
et!"eotn ot tlle bill : . F.. 1 ,
7bth Cor. reaa, F'lr-st&eaoion-r&'Dill p~ 14.1ng tor an
exolee tax on retall etoree) 11 1n p )0011 ot prep ~ Uon ror t~.~ D1v1e1on ot Lax Reeearoh . - Y.r. Leahe7
~
etat1at1ol'll J?t:{lf'_'\! 11'1 0.)2'1.-
~i!;i~"~:.C,;:~t:,~ ~:' o&~:!~J7n!"-}~~e~:1~!!
11
aD4 txohallLD Cc
1eeton, rre be11'!.w. reY1eveC1 1n accordance v1th re"'Ueete bJ tffi 'DTYTtTOD O~·ae.rah ,n
lul7 1 aOC 17. - r. Leabe7
At ti :.e rec 1eat ot t:.1e
1Y1a1on o"' Tax
!:!~"~
·vrdah'~JX'b!"a!~ly;a
co
.eee~
o::
Ii' ~!~f r:;~:;~:u
.. ,a..'llea other than 11Jlt 1nauranoe eo a::11ea
~le
und~r ~ot1vn 2( 7 ot the Internal rteYenue Code were
We taxable 1n tbe e ame m.AJmer •• atook 1ne'..lranee
oo;:-:;an1el ot..~r ti.an llf'e 1nauranoe com aniea taxable
under &eotlon 2o4, and at the aa:.:e t1u tbe exemption
eotlon 101 \ll) were reatr1ottt to local ~tual
oo=""'zm1u o' t 1e ae.sos~:nnt t)'l)e. - I r. Leahe7
un~er
6. In connectl.:.n wlt... oonelO.eratlon of the :propoted •s.oond
.ennue Act of 1Q4j11 , reTenue eltl!'!'l!'tee are belng pre-
tnoee
pared ln aidlU·)n to
.1·. O•Oonnell, I •· · Lea!&e7
7. 1 etud3' or t
11 belng
114.
c011Pletea
duri ng Augut . -
;;e .roT111one or t!.e lien~ Act or 1940
e to deteNl.ce the nee4. tor reTldng
1tudlea preTloual7 ...... tor L.:.;..•oTltl(;; t.-a •tho<!e ot
i:I!!'i~~~i·"'~ tro• apeolneo. taxee. - SG. J~ lt,
I.
l.
Projeotg. or etudlee ocr~plated
~~o~~nc!L ~~ i~n~'ii\:d'\!":Jrt:,.:t.~t!:nA~t
and 12. - • .r.
... .
a 1, . r • .a.!At~lt, )..ra.
5
~. Hr. Chen'a.UX1
-l""h
'l'beee c;: rae a O'XIte1ne4, ln a 4U1on to analyela ot
Qe current altuatlon, apeolal atudlea aa toU011a:
{1)
Ae':ual tonnage o·Jtput ot eteel eaoll week b7
dlatrlote, and t:;le steel lni..ot oapAo1t7 b7
....1!"1-rlot:• {11 01 :m ,um of AlL uet ")). - l.r. Daa;U,
·r. S ltu.
( -)
A.et1vlt) ln t.he ehlpbulldlnt lnduetry ae retleoted
1D 9" e tor. .at:• ot aerchant Teeeele un4er oonatruo-
i:~oran
(')
Aa
.t.1 n~~~ 5r:•- ~~~o~it~~r:~!.!.:ux
1n ;;•
r11 ~ ot t~ old r&-... 1n4e~ ot 1.D4uatr1al
- "'J-.1. ) wlth the new 1n4e~
'01'0 ... tl • ( 1
- 1< -
(1935-39•1 >0) , v1tb
epeo1~
ret.renoe to ob.uc••
1n the rel&t1 ve l•portanoe or eolto'ttd 0011poneate
a::J.ovn in a chart 1n meaorand\111 ot Auguet 12. Kr. Illl.t:.~1 t, 1 r•. H.,-
2'
:~i.f~1~~ ~~:::0~ I:-u~t1 :lJI;~~
'Sl"'i""•"'T.ait"•n, 1.111 Kat;e4om
,.
At the r-equeat of the Seoreta.rr, a table 1t pnpe..rM.
eaoh week e\GO.Arit.ln£
ot 2£troleu ~roduote
J4-
•r.or•
ec••an~~~d eora.p 1 ee , lra11 bi UDlie 8tat.e'to
Taii&n, t.i<e iJ, L:Y .L, !p&in, an4 Great Br1ta1.n, at 1Ddicated by depar~urt po:r.'tll 't8 reported daily b7 tbl
orttce ot l ero!4nt . t-....p l!ovemen'te.
'1'1\e
tablu, vlth
~e~l==~· t~~~ 1;~:~· o~:l:~~~~1:·:2~· 1~~· .!I·
2r.'n-
t?IIOtlnl:y, to Auleta.."lt &eontal"J' Guton tor toe
~d ot 11r ottlolale. - l118 lalleJ
Beoreta:"J'
'·
J. Maor~~ vu prepared, and vu tracaa1tte4 to
Aulttant ~eoretar" uton on AlibUit a, ""&l"dlng the
5·
COOQ1lllt10na were a:a.le o! da11J ouotatlone on uleote4
:!;:~1~~:~f~:ng~~ii~&~uote . eorap
lron. feD4
e;:rn~!! 1iriufo':.'. ·~;~'e~ :;:~~!!fro:.,:n ttli;::..
~
ae_o U'~~-exc.•Qi!• att•toHa.! a• well
u ot;wr data or t"'l:A eoret!trr 1 a. r
o • -
)l.r,
6.
.;heY:-&
6eereU.r1
At Cle re~~eao. of tbe
on ~·t 13, an anal)'lh
vaa
or tte Tr1--..?ntl.!u::-hal B~l1ne11 ._,.lev tor Jul7,
c.a!ie
and vaa tranuu~e
'r, ""at: l t
7
p
oeonh.r7 on Aut(U.at 16. -
tnrue:a,ot
An 1n-ve1t1;: atl )ft val 11ade to deterlline t::W
!'f' thf! r- v111on or the IJ:it index or 1ndu1tr a pr u;{Jon
sa .;.el!earcb. an~1oa o.i1vil1on oeeutatl.ona of
following:
(l)
Pl'QI..>IloU ... n e .!!valent o! nev or4eTI. - ar, Da&~1t,
1.Ua l.a~~t:all
(2)
AdJust ~t ut 1ndex of ealea to a 1~35·39 ba... ~ - tau:,U,
Ul K<all
01
:'
e~~:!rele;!aoi~t~e:Yo~T~=~ : i1~£~~~!
1
'r1 . : &1
- l) -
II.
1.
Projeott or atudiee UDder vq
tft!u: or untilled oNera .
.ln. atte=pt 11 'bel~ a.a!e 'to 1apro•e OUl" lllforaaUOG aD
t:.~o~::do!nu;!~a~~:r~~.~~~:i.: o~l'-
b'. tl~!t, 11•• 3.utall
f.
•
Foroee dete-ra1nW trend.a ot baalo !eoclltz pri!!l.
Thi• proJect lnTOlYet a atl.ld7 of (1) \bll toroea uterm1n1ng general oo~odl t1 p:a-loe!i r..nd ( 2) \be toroea
deterc1n1nG the prlcea or 1nd:1v1dual oo.ocUtlea.
1tlth rr:tpect to (1), general oo~~mo41tr prloea, aa
anal7l11 11 ln proceu o! 41tpar1 t1ee between 4eaaD4
and pt«.l:ctlon ae a baa1o price taotor vllloh, UDder
exceta1Yr va.r denano, •ltht lead to 1ntlat1oa.. ror
uae ln tZ h analrale tva ln4exet or 4e::.&Dd are beiziC
conetruoted: An tndex or ex;port 4nan1 vh1oh tlCPrteeea
t=1:t
=
~~oi~:.~ro~~~:~:~~~=-1;n
p~:eat
wlu:to, ·..:.~c.o 11 part or the prvJeot on aeaeurea ot
conaw::.£r buy1Jlt Usted ae ltlm 3 below.
itlt.b NIJ»Ct tO ~~:, ·,r1Ce8 Of 1nd1•14ual 00-odlt111 1
thlpeentt or a £1Yen co•~ t1 , or del1Yer1ea to aontu.:a4!'rl', are t en &I a eaaure or deoand, to be
oompare! v1tb pt«uoUon. Ten bu1a a~d1t1ee ban
been aeleated tc:ttatlnlJ tor atu4J, and th1a vork
11 1n proo ea . - r . i.l~1t , Kra. Kay, );.r. Sa1th,
t.lu P. at lJ, -.111 ~e~rn
).
J:e!"~ruree
c r aon•uoer bu.:r1nc •
t1Sro~e~41 : ~e!a~~.v~~! ~~;~:J::.~ro~':!::!:..
ln te~...s or 1Jhya1oal Yoluoe of purcnaaea, erter correct•
1r.g tGr the erteot ot ab.aap:l 1n pr1oe on thl IPJIIIlftnt
.!.e:::land; and ( .:) an. 1Q4e~ to t.:ef>I".J.l"l ohangee 1n total
oo~e; expell41tu-ee, 1r. 4olla.r Yol~ . !bell t"·o
1nd1cee v1ll 111
leO£<:u.t our pre11nt •1r.U:z ot aaba,•
tDe •ornue• or aanutaot-...re~ ~oooe lnto v.&r1oua coneu:pt10A chalmell.
vb1ch 1a e.e•J -ne4 to r.ce;.ll'tl
Dur1r-t; A\.:.i.~tt at lea on a monthl7 bu1a were al1101t
comple te4 on 1n~1v1duU oc~onenu ot tvo Pll1a10al
"olwae 1ndeua or oonaumer bu11f1G, one ocrreoted ror
the et~rot ot ,.,rloe cheJ\gea, an4 tne other oorreot;ed
both tor the etreot ot ..·1oe ohl\tf:ll an4 tor the ett.at
ot C!lan£:11 1n ;latl~n.: 1 1r.oau. The we1gllt1ng ot 1:b1
1ft411'1du.l oocponenta rema1a.e to be tone. la ad4111oa
vU.b reapoot to tM index or oonau.er IJPtn4.1"""-a 111 •
dollar volur;w, aubatantlal prograaa hal bHa a.4e 1a
48nlcp1ng 1nd.1V1d.oal aerlea, 1n 4etezoa1a1Drs tbelr
aul tab111 tJ' ror lnolualon and tbe neoeeaarJ
'l'he purpooe 18 to oover u l.argt aa PQ111bll a PI"OPGI"Uon ot the Duro~aea of ultlaate OODMaln. Wr. Wag;it, 14• t a;, Y..laa 3utall, Xr. 8a1UI
a4J•'-••·
'· i:i'; ~t;t,"!;I}\~'~ prt••• a
Floe taeton
fhl• ""'r<..jcot 111 pe:tterned after the general e'tud.J of
prlcu and nrlce taotora, 1913 to 19?2, u.dl 1a Oot.ober,
but dealt Ylth elx 1ndlv1dual ba.to a-.od11:Ua - wheat,
cotton, hoga , ateel, copper, an4 ~1no. b
proJeot 11
4ea1gne4 to <leterolno t•~• prlnclpal prloe taoton utoch.ted ttlth the wartime rlae and aubaeoueat oollapae
of )'rloea Of ti.'leBt OCIC:Iaodltlea. - Kr. Dagi'C, Kn. WaJ
s.
In~x-
or cCG: odU.
atooke .
'fhl• proJ~at 1e dealgned to de1'elop a oo.pa.lte l.DIIx
or baelo oo::mod.1t7 etock.a u a Muure ot one l..aportaAt
factor ln the ganttral prloe leYel. StooU ot al~-.
iaportent lnduatrlal aaterl.ala , ex;preued 1n ter.. ot
tt.elr net o1'ftot on !)rices, are bllns: o011p1led tor \hie
index. - J-:ra.
•·1\1
6. InStY ot f> od_A lnvrntorle•.
A ~tter 1n4e:x ot 1nnntor1ea ot t1n1ahl4 goode 1a nwde«
u AD 1nd1oat1on ot bu.ala.eu c.a.ladJUit.. nt•, vlth a breakdown aa between 1nTentor1ee ot nn1•ba4 £004• hel4 b7
-.nufaot-.;rer• and tuoae bel4 b7 otnera. AD atteiiJ)t to
4enlo1) auoh an 1ndex 1a under va:r. - Mr. 1)agg1t, Klaa
Rutall
7,
In~ey-
of buzln, on deferred paY!!tonta.
A etud1 of the •olume ot 1natalll:.ent bu71Dg and oonll.t:l.el· credit hu nearl1 been ooapl ted. 'l'hle atu47 11
4el1 ned eTentuall7 to provide a a011thl1 index ot tbt
YOlu::e of bU71A6' on deterred P&J'I'Inta, vh10h d tlaea 1a
M 1....-.ortant bua1nl81 factor. I1; la 1D abeJaAOa at;
praaent , oendln.F;' ~;>ubl 1oat1on ot a nav atud.J bJ tba l)epart.~nt or Co: :.eroe. - 1:rr. kar
£.
~~k.lram:oy..iqtlone o,t.! ~ ''"- 1n6.ex o! 1lh.. ultr1&1
ProJect w... e ..arte4 during J.aroh. ana. tor completion
haa been aYaltlnc the "'" r. ..:.t no .•thl.J ln:!ex v!lich vu
releau4 in A:1.0guet . ~~ project 11 4eel&.:::e4 to dct-
YelO? n lnaex or induetr1al pi"'O(;I.Jotlon that v111 1n41oate week 'bJ veu. the approxiwlte lenl ot tne r-tW t·"''· It vlll include a larger number ot veeklJ aer1ee"
t ..:e;.l are inol~.We~ in any current 'buelneu 1nd1cu
with -wei nt1-,; a ~.- I a1 .nal a4JUtt: •nte approX1~t1Jlt
~?~~~~~ t:--e n .. ic n . - ).r. D~l t, ~ •• F.utall,
reo
~.
J.r1
t ~ · .• t a to de'Cel'Ql."le n
fr-lll t ae , '"'"'1l''"= .: or
eroe
u
c
lo to t e ol
1t1t "lon
rl&lll£ erparta .-,r · •."''leUII
pro J t1, eoran iN , lllJ\ aorap eteel, trOQ t..:e ''n1tel!
!tatee to ""ap.e , tne ? , , , , , S~a1n , a:--. \;Hat art·-111 .,
u 1 ~u; n by C.ep . tare e .. tte ranted.. J ont.nlJ 1tat1l 101
vtre oc; 1le4, on t e .:c=:.eroo olt:ae1tioatlon -1evelope4
'by thilll D1Y1e1)n, f'ro:a JanUaJ7 l"t137 to July 19:...,. A
•ecornnd~ ia in nreparat1on el.. r¥1:1(', the Coa;.oeroe eol'lal
chOI :" , v1th an explMatlon ot 41VeJl'enoea 1n trte C~ro•
aJ'I.Q Treasu.-wr aertea . - , • llati 1t, •. n . !~&)'
l.
~J:!l t
f'i ~c:or
1)0:11.
J.ndunr, .
\'ll11 proJect la c..:.ealt; 4 to obtain o~ol'tnt tl ":Jft ·:m
a uaaor.all:;o-a .J~ate'-l bu1a tM' ~ r&!alne; t • Ch.tlook
tor 1~.: b~r pro JOt1o • ~""'t1onal vork -•U been 4one
t-,ward aore accurate 1e1oer.1na'tlon. or aeaao ..al tren •·
vnteh Ma lnTolTed obta111l.ns ne 4ata ror earlier yean. ).r• .11 -bit, ~:c.
~
,.ct~az:lal
:::.
Problea:a
:fl·OJt'Cts or e't
lea oompla'te4
I.
.u
the telepn..meu. "'' eat or r . IIi , c. ~nn)', ot 'the P..A,
on A:· !'t "" , t 1.e.. Wft& prepared an •ortlU\tlon act.edule
llD a aerial bor.:
'uue or '"'47,5QC, to be repaid vlt.-.ln
25 181U'f vlth t'no coupon rate 'I'U7lnS on each prlnol'O 1
U.'tJ.1'1tJ' but v1t 1 to 1 ~rlnolpal anc. lnur. .t P..,.~nta
IPDr<lXt~tel co 1a a11 eacb rear . Thl aot.e;:U• vaa tranaaltted to t ,-, ~.~enn 'b7 euenger on At:,_nt b . - )....·. r-wn
A 1'0 ort on a propooo4 b111 "' -1111 ._ ..., ._. . .
.,..UOg and cla.,.1f1oaUOD ot eleftl U - ~
lerrtoo of \ho UnHo4 Btdoo, 0114
:~~~=r:~·~::
p_.. rz:liio
r.·=-:.:',::.:r.r
-=~,...,.
ac--o1 ..
111•101on on Auj,-uot 2 1D a ~H... A4a1D10tra:lft Aao1otant "' ... leon~. - . . . . . . .
II.
ProJocto ozo atu.Uaa-...,
~:·~~· -•-L'.!!c0..01'1'11 !!!'!'!!! ...,.... . .
!bora 1o pen41ng botoro tbe B - ot .&ewuwo tbll
utter ot aJ)':>roYlnt" regulat1ona v1~ .,..,.., to Clll
optional benetltft payable ~r U. OlYll a.m• a.Ure~:~ent Aot. l.lurlng Auguet tbe Ca.pboller le8ua1
4eo14ed that a oaah retund ot Yol1111\u7 ••VllMU..
would not be ,.r<lloa1blo un4or \ho Aot. 0111 . _ 'll..la
ot th.lo 4oc1olon and otber 1 D f - - - B.... at
Aotuar1oo 1o nc. doo141ng vbotbar to - - ~
Uoae. - ! r . Reath
IF.~!! ~ %~~!n~:!\.;•aet:::H :f &1:!11
I!jiloyeoo. 1
A Uret draft o! the o :;.apter on •rlAalloiJtC
11 ln procee or f). eparat1on. - ;.r. Reach
Jl!.l1_t~~atf':t tor 41t1an Gcwe~l
... nu•
m"m••
fbe State Dcoart ent lu\a reau11ted. aa11t1'C. . . lD 4eY111ns a retire ent eyetea tor ••"PlO,... ot 'tM
Haltlan Flt~olll Bervloe. Coo:;Mtratlon vlllbl glnD
thl Flaoal :. creeentetlve ot iia1t1 lD 'Uia'C ooa'C eatla&ttl \.'111 be m-••~"Pllred on the buU ot 4a'Ca a\daliW
and plano will bo ou oaU4 tor t1D&DOI.DB ""'
f'ae vork la ln ..,r~oeu. - xr. !Wash
.,..too.
Ottoer Pro Jeata or 81iu41ft
1'nuurr Bulletin.
•ata wore P""l'U"~ tor tho Aueuot 1a- ot • • hl:Wiill
011 anrago 71e1do or long-tora ,........,,._.. u411J.t1>CJ'8d! CC%1>0rate bondJ. - Y.1!1 EJft
~!.~lwan~~~~!~~~:;{!:~ ~~r~~'T;~'X::a;S::..••
111 Evre
pual Report ot t1e 8e_oretm ot t.brl !!!atm.
llanuac r1r t for the Annual Report tor t» t1eoal ,_,.
19J60 , both tor the rei:.llar teatUNI ot U. ftlpoi"C aal
!~~t;~~a~~;f~.r:! 1 ~~o:i;!:~··~·u!~~--ot
the fll&ter1al 11 ro1nc torvard. - Hr. MurpbJ,
W111 ··eatertM
'·
Correspondence .~
ReT>l1on "tre nre"Dared to letter. reoe1're4 on .u J••'t-elat;1n.c; to t ~ vorlt ot tl» iJ11'1a101l, 1114 leU:en
drafied e!aevl.le.""e l!nd IU'bn.1ttt4 to tbl D1ri.a1oa tor
tr.at ""Ur'Qit ve1-e rerleved. - X1a• 10bener, tu.1 U. ler,
a~ lt~r
bera l t the atart in approprla'- t1el4a of
vort.
Jur!llb A
aDd
J5 r
:at 1o., letten weft reot1w4 1D 13M D1.S.o1oA
wore handled 11:11 reQu1re4.
5·~·
Chart• are tlrel)ared and continually 'bi'OU6tll up to date
tor uae 1n -c~oran... a ar.~ 1n o~rt book.l oa. I'PII01al tl.&b-
~:t::U~~~).~:ZO:o:~o~~~~~o on~P~~Pr.':!:'t:'
the .:l"e ""l,.lO Seotl~n under the IUPJf'1'1110D ot Jlr. 8aAJ'U.
A Stat1at1o 1 re· ort on tht vork or tho Grapb1o a.ot1on
tor the ont:-.. 11" .l'.l;~t 1a attached.
l ort C'MI'Pl"ted h the O"'l'hlC leettoo, Dl•hloo or
a .. earch aM 1\Att•tlc•, 4u.rta,: J,u,u•t 19'l0
Por Dhhloo
""'., .0,..
...
of I 6 I
~
!tt.al ct..rt• co.plfltl>d
JoM )OOt cMrl• CCMipltolM
~t!:illlS !i! }g:
!1!111
dll" I
) M..S ehtt.rt books 'brou.t:ht up to dat.
ill etMr ebllrte 'bi'O\Io(bl W to dAte
!IIS:Ill!W5U
total Jo'N
r=..
1
ht.el Ja'be
,_\olrof·
ltplh••
Coatact prlote
klarr•oU
!lllu.l!l.u
ht.el jobs
lilaMr or.
Lett4n11• cople•
411 ather coph·•
'••
otbere
II
2
I'
2
n
b62
lT(t)
Ctt•••>
"'
~~
JO
lOll
fotal
bf7
17
..
••
.,,.
170
I,S
10)
I)
n6
2)&
12,)7&
lOb
71
"
100
71
66
'I
96
12,~
lllllll.aJ.
fo\l.lJall.
. .btraf111110 plates
~
!1\al jobs
f
1)1
Prtaont:
Ill'. Bell
J.:r. Gaston
Ur. Haas
::r. SulUnn
~ . 'iraves
:.:r. Chuberlaln
J.:r. 3uckle7
::r. Cochran
:.:r. Thoapaon
l.:r. Foley
l!r. Schwarz
:.:rs !J.ots
IJI.Jr:
Good aornin6, eYoPJI>od,r.
Did you (Boll) bow oboat tbat
menage to Bell)?
(llu41ltc
tlobp
Yes . I thoupt •• would be 011t ot tho ...Ut
ot tbot time.
!llapaon:
J.:rs. Ron ":!!!.feral.ul011 to ate .....ill• I llan a _...... llaN
durin;: the
approYln.1 tllat. llr. Gutoa ~Ito tllat, utwlthatanill.n,; tho glllaral o - ' i l that eull
apecitlc coso be ol....a willa ;rw.
I han eoae ca.11110111 tor Cooot llaoP4 oftl·
cera and included oro Tolleboa lmd llolq,
which I thought 70u would ...t to alp, U4
llr. Goo ton 1&71 it ;rou oro £olD.~ to alp thoee,
ill talrnus to tho other otllom, ;rw wpt
to ai;;n th• all.
Put 1t on l!o(q' 1 dtat u4 I lllll alp 1t 1illea
I get a ellanco.
Dan?
rou bow tho arbt - t -!!.,••11~
711terdo7. 'l'h11 aol'llllalt 1e tuiat-
ot couru,
2t3
- 2 -
!fl~hb~
m
;r~h~~bing down to routine, it
":he ..ailroad F.etire:ent Board, you m.., l"tcall
when ne had those c:m.!erccea oTer hei-e the '
-rrea.a:.z....... u.i! the rate wasn't hi{;b. enou~" on
t he ~.ai1road T:etire::ent 1ot. \.e thou;;h(1t
cuc-'>t to be nino and a b&U.
H.!:. Jr:
I don' t remember .
Boll :
Latimer contended that it 1a nearer ai%. The;
now cac.e out with a report U.Ji::.:; it ou;!bt to
be eleven and a halt. 'The lunda are coiD.b to
be short acain. There ia nothing to do about
it but juat let it rlde .
r.r.Jr:
Ch yu, La timer .
Bell:
You re;;.e:>ber that big oon!eronee we had here .
E .~. Jr :
And I asked him who he •• wcrldng tor.
Boll:
!: ith Fehle and all thou tell on - ::el17, ra thor.
! thcu: ht ::rou :Ucht nnt to tall about that .
To< I - ~tell, depending upon this tax bill,
wil.o.1 aee. I han kept the ""rnln,; free.
Harold~
The ~'r.edish airplanes are ccdng up •t•in . I
hoar indireetlv that tha L""' ia go~ to tr;
aoain to •et the ana I thou;;ht TOU m:;ht nnt
tO call Jlidze l·atteraon in!orally a.nd au
~<hethor his attitu<le had e~ed •
• ,Jr:
~ ·lclley:
.Also, the ~wed.iah !aa.bter haa asked to no at.
I didn ' t !mow that. I !mow that whatever tho
lor.cr do.m Jten in the if'fJ1 uite will be routed
thrOUCh Jullge Pa tteraon 1 I offlce &Ilytr&1 OU the
Slledi ah planes.
2114
- 3 E.J:.Jr:
Bl:ckle;:
llo, I don't nnt to call hi:l u; .
l..nd 1re are havin.; a conference at U:'JO this
the P.fC and the Britiac. on tlnan~;~il~~Len~~·i. !lri't,~t o" ht to
1:0:-n~ r.~ th
t .!!. Jr :
f.ell no;-c, what about Packard - Jud;:e Fattoroon?
Folq:
I am ready, !!r . Secretar7.
! .!!. Jr :
!ole;:
•'hr don't we do
a~ut
it no• 'llllllt .-e are t&llin&
the ?ritish? \hat is the ai tuatlon?
The co"'!.tractint o!tieer out at ~ytc:1 baa
re!~ocd to si;;n the contract and Jud:e Pattereon can o:U..: a ~roYt, he can't !i ;n {he co!).tract in the flrat instance. 6ow, he would
like to have a letter !roa the Eri tish 1.:.baasad.or ;:hich con!' irma the earlier informal
un3.ersta.nain;; between Lord EeaTerbrook and
Kenntd; and 70uraolt and I ban a dratt ot
aatia!&ctorr dth rou,
that here. It that
I will clear it with Patteraon and then I
thiaA: we should &in it to J<r. Punil and ult
hilll to use hls good otricea with Loth!&n to
t•t it ai;;ned at once.
1a
H .~. Jr :
l'urvia io here and I toU hlnrou were
handli~
it, so after rou lean htrt, I think it you
=~~~~e~·£; ~l~l ty~~:·it ~dJ~.~·~o~.
J
iolej:
That
v:.Jr :
l'urYia knows that you are handlinj; it.
did you ~:•t the 250?
11&018
a
j;OOd
idea.
:here
Fro::. the recorda . J.:ead uld 200 and r~u eald
250 but it fi~rea out C,OOO. I thin.( there
are ' 3, 000 firm and 5, 000 conditional. Eight
225
- 4 -
tll>es ZSO ;:;akes two r.l.llion dcllora, llhlc'h h
the mount w~c!:. h.u bua aet &ai!e.
E.r . Jr:
t;onJer!ul. !:T stho::~&tics are all right. 11111
jou aee t,_ t t'hrou~?
Foley:
Yea. I think thia h good tor us, too, beeauu
it cot. this thine into --
H.>. Jr:
It
Folej:
Yea , it certeinly ,..s.
H.t.Jr :
T.ell1 n bae tbe e~no, but rou saw what Bonerbrook aaid. I 1.e~t b&c~ at hl:!, :ou know u4
I uked how lllllch and he odd, "'.e will b.ko that
up after the •ar ia over. •
\I&S
kind of sketchy.
Tho.t ns this last J'&ra:raph; it loans it up to
you. But thls will gin both 1ouraolt and Pattaraon the protection 7ou OUf:ht to ban •
H.::. Jr:
• ell, rou tUe the bit1at1n in the naao o!
tolng after P..>."Yis, will rou?
Yea, I will aee thla 1o all rlcht with PatteroOI\
and thh la w~t he wanto, and theo I will 1•t
Furvia to aee Lotbian •
H.r .Jr:
..bert did :.:rs . Cor~:enthau cet the Wormatlon
that tho De;.ooer atio headquarter• ban adopted
thio as their official button?
;;aaton:
r:o tho;· ban adopted ona wll!c]l h ao:anhat
like a shield, ..nh rod and wll1 to buttou and
a blue bo•der.
I aant ::>.be up to the D-crato o! !lew York,
who aaid it was thot but button thot nor
had .
22s
- 5 G&ston:
'l'hla :wl tace::l. or the ~.Uer ' a Ca::c.ittee Dl
ln ;reaterda7 and add ~1 !:an &do?tei thb
other ont .
E.~·. Jr :
Foley:
No, but evor,body llkea it.
BJI. Jr:
Th&t b wh&t thor aald.
is "::xped.lter. •
nota:
::he h .
Slllllnn:
llar7 Eaton' • tltlt
Borrow her !or thla bill, wUl 1""• tor about
• •••k?
.•hUe •• are on polltloa, I tllou~t ..U
llooor4
be lntereated to mow tho l'lllla
t ...
la carrying ln aenn lno~ta
1\epubllo artlclt on Willldo, npt on tho
front page.
•t
I
Could I Just nitch on thh a Illata!
thou;,h t - I would gln ;rou U.. to anup lt
it 'JOU thought ••u ot lt. I - t to all
across. I can' t uk Ur. Stlaoa to • - &114
to lq
see :e, but I want to uk h1a
ott on tho tax bill r .... now on, no .,...
letters, nothing.
pl-•
I don't think it h DOOIIIU'7 -
·
Yea , lt 11, it the thin& llappena tllat I thl..t
11 goln• to llappen. I - · t-ult h1a t o onr an~ than crl tlolao h1a, llllt I thaa&bt I
could alk acrooa tho a - t.
Ul rlcht.
·..hs t do 'JOU thlnk'l
Sullivan:
,,ell, &:I I goin~ to
thia Tll tb. ;ou?
! .r .Jr:
t .. , but I just want to walk onr there ata
Sullivan:
I want to tal/. to you be!ore ;;ou go onr there.
R.~.Jr :
.. ill :rou?
Ye~,
~11llivan:
r .r . Jr:
Buckley:
a cbl.nce to to over
to~.
Sullivan:
:. ',Jr:
•
taU<
hal't
sir.
.e can do that
ri~ht
a!ter t!:!s ::eetJ.n&.
!Ught.
I bne ;;ot a ::!>ole llot o! things !:•re . PurTb
I han cot a
~h.ie dfuc~n0 ~h~ 0t!:"he;~~h
toe.
I ~ao hopin~ he r.ould go to this meetin6 thlo
morning, but it co!l!lich with his neetinil with
Secretary Stillson.
r:~ht .
r .::.Jr:
That is
B::ctle;r:
But llr. Dewar .Ill be there.
R.". Jr:
J.re :rou clear?
B::ctloy:
E.!!. Jr:
Yeo.
Eow ~ ,;.lliaon en::;inu did the;r cleliver l.aot
week.?
Baas:
:'wenty-eij;ht.
r.:.!.:r:
That is t~e createst exa:T,>l• o! oLe atop !orurd and tr.o ste;:: haclr:nrd ! lr:ncnr.
'!:au:
The)" are still sticking to their estimate ot
There were 6G or thou 1'-·10's.
zso.
228
~
- 7 -
R.:.'. Jr :
\.bat elae do you know, Gtorce?
Eaas :
Tba t is all. I ~.... tot thooe ""'plo::;zoent
!li:iz:•ea t!::.ere, too, tCJr rou. ':he7 are
cluned out oa. the •. rlcht ones, 10U notice
there, on the f - 36's.
a
!iniahea~
E.!!. Jr:
The;t are
Eaas:
The;r e.re finished .
r .r . Jr:
~~r~~d~ou ml;_;ht be Fla7in0 uound ;;ith thlo
Haas:
I dict't unaerate.nd.
!.!.'. ~r:
.ell, this
price it.
Eaas :
All right.
3ell:
::otet':'
n.., l:aticnol De!OI:!e bond, h011' to
:!.!'. Jr:
2ell:
tua~le?
E. r . Jr:
No - .,.n, a ~or::al tax.
aaid on the Iilli.
Eell:
You ae.id 1t would. be eubject t o taxu .
~-~'.Jr :
~u~ Ject
Eell:
To all taxes .
!!.~"'• .!r:
Yu eub 'ect to oll te.xu . And ;·!"' J:d&Jlt t&i:e
a l~ok a{ a ~ bond, tho olC-!<~hlone4 tl.nt,
Haas:
v.oll , theee onlr go !he years, the De!anee .
Ian' t that what I
to --
and 2;, and see h011' far we caul:;. to ·
229
- 0 !.l~. Jr :
Yea, t:atio::.a.l !;etenae roul! bt fiTe 7eara.
Baas:
let .
R.l.'. Jr:
But I t:!
l:lnd .
F.aaa:
I aee .
H.l~. Jr:
And at l.r. nell ' a urgent request , i n order to
do thh , I r>ay drop hll! the notes - bills
ood let tloe:a rtm of!. 3ell his Juot been &!tor
:::1e t&j ar.a nii;ht on it.
~t
unt to a ell IOC:e or the oU
Poll:
I haYe eertalnlr beer.
E.:O:. Jr:
/,11 ri;;ht,
:.:r.
puahl~
rou.
Frohosor Chamberlain?
~ecreta..ry,
we han a lttter that llr. • Gonrnor
h&rr iaon o! the f eder&l itae"t wroh to 70U Oil
the :ueotion of rocitllceeo for relief. J.fter I
a;.l:eC: with J . Bell - it contait.a a at& tem.ent
aa to t!le purroae o: tht J.ct • purpoae of tht
Ordtr ,... to 1r oteet tho !udl !rca the ponib1llt:; of :UsafPropriation b7 the ilrndors
that the
thr?uzh coercio!l or Orren, and
T.
::ifo~:·!~ ~;it;t 1 i:to t:J:a:!re ~t•Poll;r
Ht 11&11
that r.ould be a."l aCe(j,ua te reason. He baa other
points in thlt record.
excha.ncts don' t get lnto Gerran hudl.
::ow
we thou;ht thlt probobl:T the wile thin!:
to ~o, 1! you !l&Ye no objtctlon, would bt to
al.::pl;r •rite hiD az:d uk !WI - wri tt h1.a a
or
note ln your nu.• ana •1 tht nut
for rou to tell hi:> tho nut t!ao hi • to l.uhlngton to come 4om and ae• •• about
thla re:Uttance probl• and not to - and than
wa will file in our recorda tho otat...,.t to
the offeet th&t n don' t accept hb lnhr•
rretat!on of the Order, but n thought 1t
a.,. ·
230
- 9 -
wa:: ~ian • ! C.lcl ver1 :u.ch • wiaer ::t.ot to
ata.rl any contention rltb h1a on the purpoaea
o! the Or1er a.t thla tlu, 11h1ch we think
""uld be un!ort\ma te.
B.r.Jr:
Ir you will ..,.ito a letter, I will aicn lt,
Cha:::.ber'n:
I don ' t think it is r.eceaaarr to write •
letter . ..ell, rou eoula wri h • letter saying
that stU.;cti.J:.e wuen be 11 down, he could co:;w
~\:.aii~ ::e. Tbat would be • take no poai t1 on
B••: • .!r:
Boll:
It
)"OU
will write a letter, I will
o!&;~~
lt.
t.~;;~n!l~4~ ~::i~·~e.!:·.e'!ni"tmtt
~~ t~·"':t~rret::.r t~!~.! ~:u~~~=r~0
and I think aOllt of the bo)'a feel he
stepped his bounds.
OT&r•
Foley:
Eernatoin and the laW)"trs !ttl quite otron;).y
tl.at it is an ~roper co111trucHon of tht
Crl.er .
Btll:
I don't think he !ntoodod that and I thiDit
he llould rather withdraw tho lettar rather
than G•t into a long, length)" oorrupondooco.
Foley:
That is the thine to do .
~er ' n:
I think it •ould
E.r.Jr:
I 110u1an•t do that.
Cha.:ber 'n:
I! wo can rut this nato !a our !Uu to tho
efteet that •e don't aooopt thio, I oboal4
thir.k it would eonr uo aDd it would bt .aoh
bettor than gettinG !ato a logal fipt .
wo l:IOre tnoo ••
I would just aekDowlod£0 it and toll Ilia to
231
- 10 dro;> b ..~d ••• rrofeaaor Clwlborlain
hl.:l or:-lain it to h!J::.
x.:::•.:rr:
CJw::ber' n:
ana
let
":'bat ia nat Pro!raaor Clw:lborlain had 1n
llll.~:d.
! oil::;>l7 Woult.n' t tot into an~art:~~UDt with
tho purposes of tho Act, al..clp explain tho
purposes of the !ct aa f'a.r ae can.
In that connection, l:r. Secret&.rt, I haTe a
little t".O:O on thia roHo! quntlon •hich 11
cotUng prottf hot . I IUpJ>OII JOU noticed 1n
the ~rnln;I 7llllea a atateamt to the e.tteat
that tho Ger:::ana - ca:Un: !,.... t.aahiJI&ton n.o lermans !:ad co:s:oandoorod 611% ot food
surr-lieo in unoccupied franco. I don' t 1111..
what tho outhorit;r of t hat 11. I will call
up so::lo o! the St&te Dopertllont, U that h
eo, it would be ""ybo a prottr ool'iou tb1JIC,
but I do think you llll.&bt bo intonated 1n
knouing" that I bad a poroonal lAt\G' Ol' ban
ooen a i'eraonal lottor trCD on 1ndbidllll 1llul
no in ~-oos durin;; tho 48-llov
to tho o~!ect that the G.-- llllh4 -~
tvo or three thouaand truck 1Mb ot ~
!r01:1 Lj>or.a durin;: that t!u. ICIII, tllit 1a
intereatin•, I han hl&l'4 • pt a ~ Ual
of infoi"Cil tion here and thoro aballt tha - t
or stu!! they han taken out, ana tho utllo4& •
..,..u.,
H.!':. Jr:
.:ben do ;rou tlllllt to got tocothu
Chaaber•n:
: nould like to • &D7 tllu 1n tile aut • JOUl•
bly tooorro• would bo bettor tball tll4q fOl'
:lf o
!J!, Jr:
11:00 o' clock'?
ll :OO o' clock t01:1orr...
Gil
itt
2J2
- ll E.l!. Jr:
r,nl you brin~ with :rou whoenr 1e worldnc
witll you on there thllll:a?
That ia whHt ..x-. -• · . Jr:
.rou -.hoever ia 'O'Cri:int
t,'
on tneae t;unga'l
.. 111 7ou brin>
with
J'OU
..;.1o10ber'n :
Yea, I will . I would like to brin'
and have ..:r. Bell and ..:r. Cochran •
r:·. Jr:
..bere is rr. r.bite?
.:r. thlte,
I aar. hln raaterda;".
Cba:lber' n:
I don't kn...-.
E.I!'.Jr:
.Ul rit ht?
Clwlber ' n:
And I Juat """ted to eay that we are coin~ to
aee . r . Alpband, French Financial :.ttache, thia
mornin;;, who is going to bring u~ to ue this
question of the French - the var1oua french
Er::.basaiea, you re~ember, that ,.. put to rou
and ;rou took up with the l'reaident . T.o have
rot the answer., o! courat , aa to the E:.hau7
here.
Aa to t.ne others, 'We haven' t . You
re:emer ;rou bad the re!ueal !r01:1 the fl'eaidant
to let thea. uae tle aoner tor rn~aaies outaide of this countrr.
l:r . Berle, aa you know disagreed with that
position. !le think a the7 ou~ht to be allo1·;ed
tbe none:;, tenerally.
! .!!. Jr:
\.e can't --
Cb~Jaber'n:
I will call h.i.."' again and l'e rill eiaplT hen
to atoll with h.iA on that point.
Then we have tho quution that we took "P
tilth '"OU, sir, of the p&Tin~ - allorlng the
Franc~ to draw on their account here to
!or about ..soc,ooo r.orth or coupons l'lhlc
r:r
- 12 -
roa aemed to be ln !&vor of, but on which
;rou got no Mrc !r0111 t!le President. Shall
go ahead 0:1 that?
n
B.t.Jr:
SUJ>poain& ue san that until toaorraw J:.Oro.llli•
Cbel:lber' n:
All ri&ht, we lrlll just hold up on that.
Sc!Drarz:
The Tl.r.es on Sunr.a7 had o piece in which the:r --
E.:!. Jr :
I sari that.
Sclnrz :
Attributed to Treaaur;r 1e11e otutt about nl&tlon
paollne.
E.J:. Jr:
vh, oviaUon ;:aooline?
Yes.
I didn't see that, attributed to Treuur;r.
Schwarz:
Improperly so . I talked to Uuckhohll
fa;-_ afternoon. He wrote it . He sara
taaed to so mn;r people on tha atuff
cot coc!uud. Our 01111 belief la that
tr;~ to coTer up hh aource.
rooterthat he
that ha
he wae
B.!.!.Jr:
r.hcl:hohll has aOl:l& &OQd oourcu thou 4qa.
Sclma.rt:
lie had one yeaterda1
B.lr. Jr:
! didn' t see that .
Sc!Drart:
Ee lidn' t tet t~e atorr, but he had a toed
souree.
Gaston:
Colonel !.:axwell was uci ted about that Sada1
otor;r and m.nted to lalow ll tha !roa&ur;r had
civ011 1t out. I explained to hia a t happ...od.
SaturC-a1 there waa
&
011
tho ilritiah tankl.
1t017 about acrt.p ir011 .
234
- 13 Coo ton:
Yea.
H.I'. Jr:
Someboq is doin& a lot or talking.
Coaton:
::e is
~;ettin:
£,\..Jr:
~~
that is where he h
~atcr.:
Yea .
Scllnr&:
That is &11.
Coch."&I::
Al;lwld l!Ot:ld like an appolntunt to F•:- !Us
resreets to you while he is dM!:l.
E. ' . Jr:
\Hll rou tell
Cocllran:
I will.
it oTOr &t State, I think,
getti~
it?
J:cr.aTI
B.".Jr:
I will see him.
Cochran:
..\nd Archle and l!r. 'ten are aitin& in '=J rooc.
f .r . Jr:
Tl.e;· r.ill just baH to walt. l:c!a; knon that
! just can t .
Cochran:
You ;:.a; have seen that F01U'Dh r hu lett tbe
Bt.nk or Franco and baa been •de President
or tbe irer.ch reil1:&1• · dtllchanttr took
his place . Eo na tnder :to'Yernor OTer then .
i .l'. Jr:
Is that all,
Cochran:
Yes, air.
~rle?
H.t'.:r:
You are roint; to stay behind?
Sullinn:
Yes .
~.l'. Jr:
td?
Folq:
I have the papers on ocrap lrou.
B.II. Jr:
I~~;. ··~0~i}~ :~l!:a;• first and then acrap
Foley:
Yea.
B.ll. Jr :
Vood .
Gut on:
I "&ocld like to talk to you oomotlu about
LJI. Jr:
tr. G... ton, I tou.d>t a rO&I' &U~"4 action fOI'
about ?!! years an~ kept Jf1G tell._ llltact
the cllt!iculties of the presentation ot
Coast Guar~ le~;isbtlon frc the Budj;et to
the Pruideut. :It turno down thh "'"'"'
bill and ai.:l:ll beeauu, ! thillk, nobody
talked to hll> about it at all; lt •• juat
lald on hia ~esk cold by ll&rol4 Saith, ·.,
go to a lot or trouble to ••u the ptoplt
In the Bud;;et on propoal tiona and get the
all unl ted on lt. Thor Dllkt a reca....naatlon
and f.arold S:U th juat oondt lt onr by
measen;er to the Prealdent, wltbout utt reo-mend& bon at all and he Juat taku a qUick
r.lonee ana we are just stopped troa an;r -and let you ~;o about 50:'· Ho had 1t tl.nll.J
ln hla tdnd tlat • - day he h cow to
take lt onr luto tho 11&17. I han laue lt
tor 72 :raara, but ,-ou can not ~:et a bettor
raeeptlon than a t :rou han cot, bH&Itll
he hua aln;ra thOUj;ht ill hl'lll t»t acae
aa,- 1t would be part of tho 1&17.
lluton:
I thlM '""" or thou thluco - U we oOIIl.A
get aollo •7 of h&Yl.Dc a ohanoe to talk to
h1a about 1t - ll&rol d Saith appal'llltl:r ue111't
Mke an:r argwaeut. i!e juat oii141 1t to hia
and 1t la all juat aot04 ..uon, 01'111 wiota
•• are backed 1.00:' bJ' tho 1&17, 01'111 whlll
the 1:a1'7 crlglnaho thou attora.
2Jil
- 15 -
r.".Jr:
!:.an;' a time\i..r . Bell l.'as talk.ln.. to t~e Preailen.t over 4., ;ears whe..1. I r.aaA'~ t'\en. 1.::1.
Bell:
'!ou are rij;ht.
ljaaton:
I know tht.t .
!!.l!. Jr:
"'..c. I
Eoll:
Yu, sir.
~;&ston:
~1., •• j•u t doesn ' t kr.os all7thia;: about t!lou
t.l.:. s .
" ' \Jr:
And {
01 't bow nen tho h'f] h chin•
0 :rou
tlu, ui """'"'1.1le- crosa, either .
I ris!>t or wron;':'
ri~ht?
tr~e,
Gaston:
I il:la;;ine tbet io
P. ,l' ,Jr:
The only sur::estion 1 hAve, have you enr t&ke:"l
lli~ain Cal &ben out to lunch and talked to
Coston:
!!o, I !l&nn•t. ! thoa;:llt it lll,>ht be a tood
ilea.
",,·.:r:
tell, I make a ou;estion that ~ take lWl
out. ,2-at the;,· do to us, ! d.on t know.
~a ton:
All right, it would be no harm.
r.r.Jr:
fut : certainl:r han dono ner:rthllll: ! can.
\'.ithout bela;: too i>codest, I aon•t thiDk
an;rbod• else eoula ben kopt the Coast Guar4
!roc b~inz cobbled up, bec&UIO the President
na all sot . He no all aot to take tho
thh:.
';a.aton:
Yes .
too .
Tho;{ have gotte:1 klOl~.c .
- 16 -
r. '. lr :
He won' t m.iaa the.:n.
':l!o;r !:&n gotte:>
£,\'.Jr:
'iaator. :
~11
alo~ .
rig1::t? T'Mt ia t!lo oulr th!ll£ 7ou 2n
zot7 !ou a:-e lue!..7 thert h a Coaat Guard.
I thlnk tho !doa ho !a phyin• t.lth now it
takin; it over int o tho Doparb,;;nt of Ca:~
merce .
r .r . Jr :
No, you are i7r0llb on that.
Gaston:
'ooll, the( sa1 that our at tho ~et - tho7
~oep telllno ua that U.q can't cOllliier t !lia
thln-; of opli ttin; up 7'ur ~.nication and
l!arine Inspection becaw.e ot the ceneral idM
and the possibility o! creating a ~ooarb.ent
or 7ra.nsportation e.nd :l&kint; & Depar'bent o!
several tb.ea .
You' ve said that
'irans!1ortation in the Cotnerce Depa.r~ent .
f . ·. Jr:
Tho Ju1tot is just a difterent poraon.
Guton:
I don't knoa a'bout tbt; .:ll.n aota, I
&UUS .
.ho~ t!cor ~·t out of tha Budzet, tl>o7 oro just
a t.i!tere::1t person .
Ctaton:
e hau boon doing prottr ~ell onr at tl>e
Bud•et, but I guoos it dooon ' t do an;r ~:ood .
r .".Jr:
J.:an;r a time I have seen tho l'ruid~t talco a
blue poncll and cut o!f •-bodr' a pot
hobbj.
!lut i! l:r. Ceoton and ::r. Fole7 and l:r. Sulllnn and l!r , Boll and J:ra. llots 1rould plea at
ata;, plua the Stenot)'Pt MD .
_coN F 19-E-N rfAt
l.\6,")00
SoU \o Oo•n·clal C:)XIt'O.I
PurobasM fro. coaercl&l oooc:.r1u
~15.000
lo Ule O?U Mrk•t• eterllq u1M fu• .. b1Ual n.te of li. 0.}-1/ll to
GpeD. Mrktt sterllac
~:.: ~:~~:!::•· 'fnnuoUou of tbe nporU.ac \ub 1a
.t01.000
SoU to co.enial ccmc.r..
Pvcb.at. . f r • oo.erc!al c:tac•n•
Ia •
.QQ,OOQ
\AU urllet. Uw c.....41.u Iollar eoaUIIU4 to w..tea, ololl.ac
or tr5/d. Tett.r4q'a tl.ul nte vat trl/t$•
Ttl"f
at • thcoat
.....!.~~i~~i;::!~. •::_:1=:!.!o~b:..o;:;".r;o.h~~-...
. . otbu 0'11Z"1'eooltt cloM4 u
...... -..
follWII
1v1 .. frMO
Llra
. .lcb.-rlc
Maioaa , .. .
cou to U.• . .u-.~ .._ et .,....,_,..._ Bdo
t.b• tlrst col4 tru. ... u • u.at w -.., ett..W willa tiiM --'1'1'•
•• 10U St. 750 .ooo 1o
...."'. Juk ·~ .,..a ..........,
'-k uto •lob U.h cot• ... -,18M&.
...... Sa ....... "
. . hat• J)epu'W•t torwvtel ' ' .. • -'1e ....,,.. Mat 1M .._.
..
..u,... ........ " " - -
laOtft-.
.................
- ·for
1. ,....,.
Mlt to U.. v. $70.000
- 2-..GeN-FfDENT iAL
-·
Short Polltha
S!aort. Puttha
~
_!.~!.!._tl_
••""~tft\!!....!!._
......
• 2.399·')0()
~.JJO,)()()
171.?00 (Loll&)
c-4&
J.t.Ua J,a.rlca
~-
Ce•r ide
Cl
'"'rs
)13.?00
3·~·')0()
,)()()
nz.J'I'I.'lOO
• 1."&1.000
•·563,000
1~.000
lLoll&)
Jll.ocn
J.75Q o'l00
1,')20,')00
~
$11,151),')00
D.cl'Mnla
Short 'Potltl!!
'
9l,,ll00
767.;)00
)) , 000 (D.or••• l.a
Loq htlt.lclll}
6.8 .?00
(laor-.tt)
219 , ')()0 (hcu•..tt)
71 , 'XIO Uocnut)
~u
........,
.1.29'1. 100
•lalltae4 poslUoa 1a recht•Ht ...., opu aarbt thr Uac.
lor 110111 uuplaio..S. reaaoa. Ute atue laUoaal ..._ 414 a'lt. rece1n pl4
114 dhu quo\~t.Uou fro• loa~ tofq,
Ia t.oo4oo, the :Prlct fh:... for e,ot. tUnr ad•uc-. 1/164 to 2}-1/l!.l. ~~
r.,rwa.rt ~tattoa ro.. )/164 to 2)-7/lbd. . lt vw nport... frM lon!.all ilult Milt
lpiC'IlleU.-e ~ for f"u.tut ...11,..1'7 took plaot. !bt Iollar ~uhaln.h " "
tz.Su aat ~- 501 respeeU••l¥·
~
h'ltt u4 ltanua1
t
rr..fV7'• parchatt
. . ut ..... t orlc.t hr fonlp llh'tr - • •r:.Maprl at ~ J/"1.
prlot tor foulp .u....r V&t aho ~ at 351·
Yt ...S.t \hrH ~urc:b.attt of tll•tr totaHac )25,?00 ~•• uAer t.bt llh.r
hrc.U~t Ut , all of •lddll coosltted. of o., prodiJOUoa fr911 fortlp ooatr1tto
t or fot'VN'4 4elht1'7•
lo~~Gr&ble
lerlt. Cochrane
!tdudcal AsahU.at \o
.)rpar*at of !ne.PU7
••1D«'OD,
D.
\M
Seue\.N'7
c.
t.r Wr. Cochraaes
L:r . t. l'elUn, peraoa&l.l.T Do• to .. tw ~ ,_..,, h
a proalMA\ Poll• i.Ddu•tr1&l.ht, behtc a.u-a ol tM loar4. ,.,...
sld.ID.\ u4 Director ot annal t.por~t corponU.ou 1a Polu4.
After the lmaaloD of Polud. Wr. Wallis• u4 hh f-.117
••• to laut&DDe, htherlaad, .-here 1w h aow ni141Jtc.
Wr. !fellln baa b.h per.oal aooou\ • •
~. . . .
Yorlr:.
1..r• ...,... A
CN.htd.l of Qat M ae _ . _ . . to dp
..._., oa blbal.f or llh lelc1P part_,., Mr.
w. ~.
t.a
IMMCUOD with \he &CIOOWI\ at !be CllaM Jla\u.J. ..U fll ....
01'7 ot hw Yorlr: eaUUMI
•Mr.
W, Dlllo,rt,
_..w a . 1.•
• · hllhs bu reqQe 1 te4 !2w a... laU-.1 ..U H ,,_..,_. tree
accout the -..o-' or $6,000.• to ~. JW.-1....llr.
wUb I. P. Xorpz~. & ~. ,.,__. ot Mr. Dello,.• e ..lclatlo-.l1t 7 hi• acc01Ult • • bloc1Dt4. 'b7 tM pnolu&Uoa of tM
bea14&t ot the ~ted. ftahe. Ooa..-tl1'1 lbl Cllall laU-.1
luk ot the Ol\.7 of ••• York qplled. to U.. ~ ...... lull
l!llo .... ot ~
...... 15•>. .,....... 114J. ••~ BilK or &ae cu., ot ... TOI'lr: . . ..,.,_. ..,, U. ~
.....,.,._, bat oot llpPJ'0.-.4. \ll,elr appltodl• M tit... ..S.. ,.,..a•
Dello,..••
'*'
...,.. I aak tlaat )"0'& IE:1a4lJ' reoeulW \M .....,. 61dda
au.-1 a..M fll \M Ol'T fll ...
ran ... , ..... lifer t r • .... Dello.rt ' • . . . . . . wltlt. . . . . . . . . .
ttl 16,000.- to till acCI01Utot ot Mr. ..w .. till~ 1. •· ..,.. . A a..-;r.
tltiob ... DOt 'b. .D \10011»4. !bh __,. h ....... U ~ M
. . tnuport&tioa or W:r. lelll...... ~. t..S.l.r .. a.-k . . . .
Ml II'Mt peniedoa to !be Cba•
"''"' .......
.... _.J.e; CoobraM
1 WOQ14 -.. wrr cratefllal.
.s1.tea u4 U:orabe •
w ,.. tw .,....., ..- , . .
of - ·
'n\llMdper.--1~
.u
. .. (2)
c
,
0
'I"'B CHA.SI IA.fiOJt.U lUI.
T
of \be Cit7 of ••• Yor k
J'ew Torlt
4·..-.· 19, 19'oo
Ia
"Pl.TU.I pl•• n.tu to
11r. Jpa.n Zol tonkl
,UYhor to the Poll lb. ._'buq
11& -.!1 Street
Its York Cit7
Jt.J~UCt.&l
~
Mr. Z.Oltonk11
ID aecor61.oce with yov r equ•et , • u. noloat.ac M...-.
wtua a cop7 of the ltun of JUM 1 &4c1HsiH. to u '07 Mz-. t .
t.lli n, IAu..ue, Swhaerlaa4.
!hit leiter r.tne to a cable
~At
ontar r ecetn d. oa
XI.)' 1~ froa 1'1lle7 »-no,.. , throqb. tbe iDU,_4.1.aQ of \he . . . .
OutoD&l.e Vawlohe, Z..Ce&GDe , Sriherlu4, wberei.Jr. . . -..re iAatAO \M.
\0 U)U. t.:a. aeccn~~~.t ot ltlle7 Dlillo,. u4 '9&7 J .P. Mo:'PD u4 Capaq for &eco11At of Leo.POl4 •111•• \be UIOU\ of t6,000 . • ..U
&ppUcat1oD. w t.be h,.ral l.e•rn lluk o• *7 15. nr Jo. 1;4J, u4
ader tau of JG.D~ 5, .,. •re 14!~4 \.bat U. l'n&IU'J' ~t.at
W AOt appro•ed ov &i'Pl1c&Uon h effect t.b.h ~t. !hie
tru..:Uoa 'bon l~ral. leeern llulc: lo , 6~.
..
Zoo.
( • ) Jolla J . llcCl_,
SMod n oe hu14.ut
c
0
r
T
Dlar Sin:
I teD\ JQU \i:U'OQCII the laDqu Ollta\O.alt -.a.l.. .._
1\Ut. Ma7 a telt.;:rua
1.
~1••• t.ru.ater froa tbe aconat Mr.
111.1.qt1
Sptocl&l 1.1'. d.a t.hoa.-..4 4ollaz't \o 1M . . . . . .
o! 1Ao?Ol4 Wdlht at J.P. Korpa ~. . . .
Tork.
Pl• .. caltla 'Leolt014 w.nt... IIDa.n.-11 •
a.. . .,
.,..Sal
!b.e JlaDqlle Ce.Dton&U f.w!ohe let •
1M
IDC'.li!OD ot thh truater h U~4 ..,.._. . ol \M ..........
tf Jlouneb 'b7 the O.raD you . at to )la•n
Jlllld..S...
•*
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TREASURY DEPARTMENT
INTER OFFICE COMMUNICATION
•o. of s:bt..n• $ Proco•b of loalJLal. Talu $ Proco.U of
Sold
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UITii M [ MI AUY.
WAIMINCTON, D.C.
September lOth, 1940
i>ear ,/r • .Jeeretary,
I enclose hftrt;:1n 'for your
perao~
and. eeeret 1ntormat1on a copy
t the latest report
r~calved
trom
London on the military e1tuat1or.
BelteYe
11'1',
Ver<J
Th~
Honourable
Henry Morg"ntha·J , Jr .,
United States "'reiJeury,
Waeh1ngt.or., D.
c.
e1neerely yoUI"e,
2b0
281
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or t.he ht.eat report reoeln4 fNm
London on the m1Uterr
altuet.io~ .
Bellen c;.e,
Dear
a:r.
!Jeereter7,
Vert aincerelr youra ,
'l'he Honoura'b, e
Henry
~orre:nthau,
Jr . ,
U'nlt.ed Jtdee Treu ;-y,
Waehlngton,
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c.
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